SSR Mining(SSRM) - 2025 Q1 - Quarterly Report

Financial Performance - Revenue for Q1 2025 increased to $316,618,000, up 37.5% from $230,234,000 in Q1 2024[17] - Operating income for Q1 2025 was $66,892,000, compared to an operating loss of $376,424,000 in Q1 2024[17] - Net income attributable to SSR Mining shareholders was $58,781,000 in Q1 2025, a significant recovery from a net loss of $287,082,000 in Q1 2024[17] - Basic net income per share attributable to SSR Mining shareholders was $0.29 in Q1 2025, a recovery from a loss of $1.42 in Q1 2024[17] - The net income for the three months ended March 31, 2025, was $54.4 million, compared to a net loss of $358.2 million for the same period in 2024[27] - Net income attributable to SSR Mining shareholders for the three months ended March 31, 2025, was $94,136 thousand, compared to a net loss of $267,725 thousand in the same period of 2024[52] - Adjusted attributable net income for the same period was $61.6 million, a significant increase of 173.5% compared to $22.5 million in 2024[110] - For the three months ended March 31, 2025, net income attributable to SSR Mining shareholders was $58.8 million, compared to a loss of $287.1 million for the same period in 2024[174] Cash Flow and Liquidity - Cash and cash equivalents decreased to $319,612,000 as of March 31, 2025, down from $387,882,000 at the end of 2024[22] - The company reported net cash provided by operating activities of $84,805,000 for Q1 2025, compared to $24,631,000 in Q1 2024[20] - Cash provided by operating activities for the three months ended March 31, 2025, was $84.8 million, significantly higher than $24.6 million in 2024[176] - Free cash flow for the three months ended March 31, 2025, was $39.3 million, compared to a negative free cash flow of $9.4 million in the same period of 2024[176] - Cash used in investing activities surged to $154.3 million, an increase of $117.5 million, mainly due to the acquisition of CC&V[152] Assets and Liabilities - Total assets increased to $5,644,508,000 as of March 31, 2025, compared to $5,189,020,000 at the end of 2024[22] - Total liabilities rose to $1,640,900,000 as of March 31, 2025, up from $1,242,159,000 at the end of 2024[22] - The company’s retained earnings increased to $172,146,000 as of March 31, 2025, up from $113,365,000 at the end of 2024[22] - As of March 31, 2025, total equity amounted to $4,003.6 million, an increase from $3,946.9 million as of December 31, 2024[27] - The company had a total debt balance of $228,822,000 as of March 31, 2025, consistent with the previous quarter[92] Acquisitions - SSR Mining acquired Cripple Creek and Victor Gold Mine for $100 million in upfront cash and up to $175 million in milestone-based payments[39] - The acquisition of CC&V is expected to enhance the company's scale, free cash flow, and portfolio diversification[39] - The acquisition of CC&V contributed $34.9 million in revenue and $10.1 million in net income for the three months ended March 31, 2025[49] - The company incurred $6.8 million in transaction and integration costs related to the acquisition during the three months ended March 31, 2025[52] - Total assets acquired in the CC&V acquisition amounted to $513,223 thousand, with total liabilities of $269,025 thousand, resulting in net assets of $244,198 thousand[46] Operational Highlights - The company operates five mining operations across the United States, Türkiye, Canada, and Argentina, producing gold doré and various metal concentrates[28] - Gold produced decreased by 5.5% to 75,869 ounces, and gold sold decreased by 13.0% to 77,708 ounces, primarily due to the suspension of operations at the Çöpler property[110] - Gold production at Marigold increased by 11.3% to 38,586 ounces in Q1 2025, with revenue rising by $40.5 million or 52.8%[132] - Silver production increased by 30.8% to 2,505,000 oz compared to 1,915,000 oz in the same period last year[139] Costs and Expenses - The cost of sales increased by $10.7 million, or 8.5%, to $136.6 million, attributed to the acquisition of CC&V and higher costs at Marigold and Puna[115] - General and administrative expenses increased to $23.9 million in Q1 2025 from $12.9 million in Q1 2024, primarily due to share-based compensation expenses rising to $9.4 million[117] - Exploration and evaluation costs decreased to $6.9 million in Q1 2025 from $10.2 million in Q1 2024, attributed to reduced drilling activity[118] - Care and maintenance costs rose to $35.8 million in Q1 2025 compared to $14.4 million in Q1 2024, reflecting a full quarter of costs post-Çöpler Incident[120] Incident Impact - The company suspended operations at the Çöpler mine due to a significant incident, with no current estimate for resuming operations[30] - The Çöpler Incident has led to the permanent closure of heap leach processing, significantly impacting the company's operations and financial condition[108] - The effects of the Çöpler Incident included reclamation costs of $11.2 million and remediation costs of $261.7 million for the three months ended March 31, 2024[174] Market and Shareholder Information - SSR Mining's common shares are listed on the Toronto Stock Exchange and Nasdaq under the symbol "SSRM" and have voluntarily delisted from the Australian Securities Exchange[29] - The effective income tax rate for the first three months of 2025 was 14.3%, up from 5.4% in the same period of 2024[74] - The company has been involved in multiple securities class actions alleging violations of the Exchange Act, with ongoing litigation as of the report date[186][188]