SSR Mining(SSRM)2024-11-06 21:17Production and Operations - Third quarter 2024 production was 97,429 gold equivalent ounces, with year-to-date production totaling 275,113 gold equivalent ounces at a consolidated cost of sales of $1,312 per ounce and all-in sustaining costs (AISC) of $1,886 per ounce[13]. - Marigold operations produced 48,189 ounces of gold in Q3 2024, with a full-year production guidance of 155,000 to 175,000 ounces[17]. - Seabee operations produced 10,252 ounces of gold in Q3 2024, with full-year production guidance now set at 65,000 to 70,000 ounces[18]. - Puna operations achieved silver production of 2.9 million ounces in Q3 2024, with full-year production guidance increased to 10.0 to 10.5 million ounces[19]. - The company continues to advance the Hod Maden project, spending approximately $10.9 million in Q3 2024[20]. - The Çöpler mine's operations remain suspended, with a potential restart anticipated within 20 days once necessary regulatory approvals are obtained[9]. - Çöpler produced only 4,714 ounces of gold in Q3 2024, a significant decrease from 56,768 ounces in Q3 2023, with year-to-date production at 26,541 ounces compared to 163,873 ounces last year[29]. - Seabee produced 10,252 ounces of gold in Q3 2024, down 48% from 19,824 ounces in Q3 2023, and year-to-date production was 50,734 ounces compared to 52,020 ounces in the same period last year[25]. - Puna produced 2.9 million ounces of silver in Q3 2024, an increase from 2.6 million ounces in Q3 2023, with year-to-date production at 7.5 million ounces versus 6.9 million ounces last year[27]. Financial Performance - Net income attributable to SSR Mining shareholders in the third quarter of 2024 was $10.6 million, or $0.05 per diluted share, with adjusted net income of $6.4 million, or $0.03 per diluted share[14]. - For the three months ended September 30, 2024, SSR Mining reported revenue of $257,356,000, a decrease of 33.2% from $385,390,000 in 2023[21]. - The cost of sales for the same period was $138,281,000, down 35.6% from $214,670,000 in 2023[21]. - SSR Mining's net income for Q3 2024 was $6,251,000, compared to a net loss of $7,245,000 in Q3 2023[21]. - Cash provided by operating activities before changes in working capital was $13,898,000 in Q3 2024, compared to $141,892,000 in Q3 2023[21]. - The company reported a net income (loss) attributable to shareholders of $(266.8) million for the nine months ended September 30, 2024, compared to $123.5 million for the same period in 2023[52]. - Free cash flow for the three months ended September 30, 2024, is reported at $(34.1) million, while for the same period in 2023, it was $87.8 million[54]. - Cash provided by operating activities for the three months ended September 2024 was $(1,349) thousand, compared to $135,256 thousand for the same period in 2023[55]. - Cash provided by operating activities before changes in working capital (non-GAAP) for the nine months ended September 2024 was $22,772 thousand, down from $336,235 thousand for the same period in 2023[55]. Costs and Expenditures - The company incurred $29.8 million in care and maintenance costs at Çöpler during Q3 2024[14]. - The expected mine site cost of sales for Marigold in 2024 is projected to be between $1,450 and $1,480 per payable ounce[24]. - AISC for Marigold is anticipated to be between $1,650 and $1,680 per payable ounce in 2024, with increased costs attributed to higher royalty costs and maintenance[24]. - Full-year 2024 production guidance for Seabee is now 65,000 to 70,000 ounces of gold, with mine site cost of sales projected at $1,135 to $1,165 per payable ounce and AISC at $1,725 to $1,755 per payable ounce[26]. - Full-year 2024 production guidance for Puna has been increased to 10.0 to 10.5 million ounces of silver, with unchanged mine site cost of sales of $16.50 to $18.00 per payable ounce and AISC of $14.75 to $16.25 per payable ounce[28]. - During Q3 2024, Seabee reported a cost of sales of $1,280 per payable ounce and AISC of $2,301 per payable ounce, reflecting $7.7 million in care and maintenance expenses during a temporary suspension of operations[25]. - Puna's AISC for Q3 2024 was $15.37 per payable ounce, with a cost of sales of $16.06 per payable ounce, showing a year-over-year increase in efficiency[27]. - Total cost of sales (GAAP) for the nine months ended September 30, 2024, was $360,764,000, compared to $584,607,000 for the same period in 2023, representing a decrease of approximately 38.3%[47]. - Cash costs (non-GAAP) for the nine months ended September 30, 2024, totaled $329,472,000, down from $554,876,000 in 2023, indicating a reduction of about 40.7%[47]. - Total AISC (non-GAAP) for the nine months ended September 30, 2024, was $518,621,000, compared to $755,459,000 in 2023, reflecting a decrease of approximately 31.4%[47]. Liquidity and Debt - As of September 30, 2024, the company had a cash and cash equivalent balance of $334.3 million and total liquidity of $834.0 million[15]. - As of September 30, 2024, total cash was $334,341,000, a decrease from $492,494,000 as of December 31, 2023, representing a decline of approximately 32%[39]. - The company's total debt as of September 30, 2024, was $230,000,000, unchanged from December 31, 2023, while net cash (debt) decreased to $104,341,000 from $261,574,000, a reduction of about 60%[39]. - Total liquidity, including cash and cash equivalents, restricted cash, and borrowing capacity, was $834,341,000 as of September 30, 2024, down from $992,494,000 at the end of 2023, indicating a decrease of approximately 16%[40]. - The company has a $400 million credit facility that remains undrawn, with an additional $100 million accordion feature available[39]. Risks and Forward-Looking Statements - Key risks include local and global political and economic conditions, regulatory changes, and potential impacts from global pandemics on mining operations[33]. - Forward-looking statements regarding production timelines, operational targets, and financial outlooks are subject to various risks and uncertainties that could materially affect actual results[34]. - The company does not intend to update forward-looking information unless required by law, highlighting the speculative nature of such statements[36]. General and Administrative Expenses - General and administrative expenses totaled $17,564,000, which includes stock-based compensation[46]. - General and administrative expenses for the nine months ended September 30, 2024, totaled $48,139,000, down from $52,366,000 in 2023, indicating a reduction of about 8.7%[47].