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SSR Mining(SSRM) - 2024 Q4 - Annual Results
SSRMSSR Mining(SSRM)2025-03-31 10:59

Production and Costs - Fourth quarter 2024 production was 124,154 gold equivalent ounces at a consolidated cost of sales of 1,295perpayableounceandall−insustainingcosts(AISC)of1,295 per payable ounce and all-in sustaining costs (AISC) of 1,857 per payable ounce[2]. - For the full year 2024, SSR Mining produced 399,267 gold equivalent ounces at a consolidated cost of sales of 1,307perpayableounceandAISCof1,307 per payable ounce and AISC of 1,878 per payable ounce, including 60.8 million in cash care & maintenance costs at Çöpler[2]. - Marigold operations produced 168,262 ounces of gold in 2024 at a cost of sales of 1,457 per payable ounce and AISC of 1,711perpayableounce[4].−Punaoperationsachievedrecordsilverproductionof10.5millionouncesin2024atacostofsalesof1,711 per payable ounce[4]. - Puna operations achieved record silver production of 10.5 million ounces in 2024 at a cost of sales of 16.14 per payable ounce and AISC of 15.56perpayableounce[4].−GoldproducedinQ42024was89,178ounces,downfrom178,677ouncesinQ42023,representinga5015.56 per payable ounce[4]. - Gold produced in Q4 2024 was 89,178 ounces, down from 178,677 ounces in Q4 2023, representing a 50% decrease[12]. - AISC per gold equivalent ounce sold for Q4 2024 was 1,857, an increase from 1,326inQ42023,representingariseof401,326 in Q4 2023, representing a rise of 40%[12]. - Cash costs for gold sold in Q4 2024 were reported at 4,419 per ounce, compared to 1,146inQ42023[23].−Theaveragecostofsalespergoldequivalentouncesoldin2024was1,146 in Q4 2023[23]. - The average cost of sales per gold equivalent ounce sold in 2024 was 1,307, compared to 1,141in2023,reflectinganincreaseofapproximately151,141 in 2023, reflecting an increase of approximately 15%[52]. Financial Performance - In the fourth quarter of 2024, net income attributable to SSR Mining shareholders was 5.6 million, or 0.03perdilutedshare,whileadjustednetincomewas0.03 per diluted share, while adjusted net income was 21.3 million, or 0.10perdilutedshare[2].−Full−year2024netincomeattributabletoSSRMiningshareholderswas0.10 per diluted share[2]. - Full-year 2024 net income attributable to SSR Mining shareholders was (261.3) million, or (1.29)perdilutedshare,reflectingapproximately(1.29) per diluted share, reflecting approximately 272.9 million in reclamation and remediation costs due to the Çöpler Incident[2]. - Revenue for Q4 2024 was 323,187,000,adecreaseof24.2323,187,000, a decrease of 24.2% from 425,897,000 in Q4 2023[12]. - Adjusted net income attributable to SSR Mining shareholders for Q4 2024 was 21,266,000,comparedto21,266,000, compared to 127,077,000 in Q4 2023, a decrease of 83.3%[12]. - SSR Mining reported a net income attributable to shareholders of 5,555,000forQ42024,asignificantimprovementfromanetlossof5,555,000 for Q4 2024, a significant improvement from a net loss of 217,845,000 in Q4 2023[54]. - Adjusted net income attributable to SSR Mining shareholders for the twelve months ended December 31, 2024, was 57,591,000,comparedto57,591,000, compared to 276,494,000 for the same period in 2023[54]. - Free cash flow for Q4 2024 was 56,406,000,downfrom56,406,000, down from 144,370,000 in Q4 2023, while the twelve-month free cash flow was (103,404,000)comparedto(103,404,000) compared to 198,303,000 in 2023[56]. Cash and Liquidity - As of December 31, 2024, SSR Mining had a cash and cash equivalent balance of 387.9millionandtotalliquidityof387.9 million and total liquidity of 887.5 million[2]. - As of December 31, 2024, total cash was 387,882,000,downfrom387,882,000, down from 492,494,000 as of December 31, 2023, representing a decrease of approximately 21.2%[43]. - Total liquidity as of December 31, 2024, was 887,882,000,downfrom887,882,000, down from 992,494,000 in 2023, marking a decrease of about 10.6%[44]. - The company has no outstanding borrowings on its 400millioncreditfacility,whichincludesa400 million credit facility, which includes a 100 million accordion feature[44]. Mineral Reserves and Resources - Total Proven and Probable gold equivalent Mineral Reserves as of December 31, 2024 were 8.0 million ounces, up 3% year-over-year[3]. - SSR Mining's total Proven and Probable Mineral Reserves as of December 31, 2024, were 7.57 million ounces of gold, reflecting a 4% increase year-over-year[29]. - The company reported a 9% increase in Measured and Indicated Mineral Resources for gold, totaling 4.4 million ounces as of December 31, 2024[29]. - SSR Mining's total Measured and Indicated (M&I) Resources decreased to 4,398,000 ounces of gold as of December 31, 2024, from 4,034,000 ounces as of December 31, 2023[58]. Reclamation and Remediation - The Company spent 127.6milliononreclamationandremediationeffortsatC\co¨plerin2024,withforecastedfuturespendof127.6 million on reclamation and remediation efforts at Çöpler in 2024, with forecasted future spend of 250.0 to 300.0million[4].−TheimpactoftheC\co¨plerIncidentresultedinatotalimpairmentchargeof300.0 million[4]. - The impact of the Çöpler Incident resulted in a total impairment charge of 91.4 million related to plans to permanently close the heap leach pad[54]. - The company reported a care and maintenance expense of 70,189,000in2024,comparedto70,189,000 in 2024, compared to 21,282,000 in 2023, indicating a significant increase[52]. Acquisitions - SSR Mining announced the acquisition of the Cripple Creek & Victor Gold Mine for 100millioninupfrontcashandupto100 million in upfront cash and up to 175 million in milestone-based payments[4]. - SSR Mining announced a definitive purchase agreement to acquire the CC&V Gold Mine, with the transaction expected to close in Q1 2025[28]. Operational Metrics - Cash provided by operating activities for Q4 2024 was 94,979,000,comparedto94,979,000, compared to 203,159,000 in Q4 2023, a decrease of 53.3%[12]. - Total assets as of December 31, 2024, were 5,189,020,000,adecreasefrom5,189,020,000, a decrease from 5,385,773,000 as of December 31, 2023[12]. - General and administrative expenses in Q4 2024 were 17,558,000,upfrom17,558,000, up from 15,080,000 in Q4 2023, an increase of 16.5%[51]. Market Conditions - Average realized gold price per ounce sold increased to 2,603inQ42024from2,603 in Q4 2024 from 1,976 in Q4 2023, a rise of 31.6%[12]. - The average realized gold price for Q4 2024 was 2,230perouncesold,significantlyhigherthan2,230 per ounce sold, significantly higher than 1,989 in Q4 2023[23]. - The average realized silver price for Q4 2024 was 31.53perouncesold,comparedto31.53 per ounce sold, compared to 23.23 in Q4 2023[19].