SSR Mining(SSRM)2025-03-31 10:59Production and Costs - Fourth quarter 2024 production was 124,154 gold equivalent ounces at a consolidated cost of sales of $1,295 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 $1,307 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 $1,711 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 $15.56 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 $1,326 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 $1,146 in Q4 2023[23]. - The average cost of sales per gold equivalent ounce sold in 2024 was $1,307, compared to $1,141 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 $0.03 per diluted share, while adjusted net income was $21.3 million, or $0.10 per diluted share[2]. - Full-year 2024 net income attributable to SSR Mining shareholders was $(261.3) million, or $(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, 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, compared to $127,077,000 in Q4 2023, a decrease of 83.3%[12]. - SSR Mining reported a net income attributable to shareholders of $5,555,000 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, compared to $276,494,000 for the same period in 2023[54]. - Free cash flow for Q4 2024 was $56,406,000, down from $144,370,000 in Q4 2023, while the twelve-month free cash flow was $(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 $387.9 million and total liquidity of $887.5 million[2]. - As of December 31, 2024, total cash was $387,882,000, 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, down from $992,494,000 in 2023, marking a decrease of about 10.6%[44]. - The company has no outstanding borrowings on its $400 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 $127.6 million on reclamation and remediation efforts at Çöpler in 2024, with forecasted future spend of $250.0 to $300.0 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 $70,189,000 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 $100 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, 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, a decrease from $5,385,773,000 as of December 31, 2023[12]. - General and administrative expenses in Q4 2024 were $17,558,000, 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 $2,603 in Q4 2024 from $1,976 in Q4 2023, a rise of 31.6%[12]. - The average realized gold price for Q4 2024 was $2,230 per ounce sold, significantly higher than $1,989 in Q4 2023[23]. - The average realized silver price for Q4 2024 was $31.53 per ounce sold, compared to $23.23 in Q4 2023[19].