SSR Mining(SSRM)2025-05-06 20:12Production and Cost Metrics - SSR Mining reported first quarter 2025 production of 103,805 gold equivalent ounces at a cost of sales of $1,312 per payable ounce and all-in sustaining costs (AISC) of $1,972 per payable ounce[4]. - The company announced 2025 production guidance of 410,000 to 480,000 gold equivalent ounces with consolidated cost of sales expected to be between $1,375 and $1,435 per payable ounce[7]. - Marigold's production guidance for 2025 is set at 160,000 to 190,000 ounces of gold, with mine site cost of sales projected between $1,530 and $1,570 per payable ounce[10]. - Cripple Creek & Victor produced 11,282 ounces of gold from February 28 to March 31, 2025, with a cost of sales of $1,590 per payable ounce and AISC of $1,774 per payable ounce[12]. - Seabee produced 26,001 ounces of gold in Q1 2025, a 9.2% increase from 23,773 ounces in Q1 2024[15]. - Puna produced 2,505,000 ounces of silver in Q1 2025, a 30.8% increase from 1,915,000 ounces in Q1 2024[18]. - Full-year 2025 production guidance for Seabee is set at 70,000 to 80,000 ounces of gold with AISC of $1,710 to $1,750 per payable ounce[16]. - Full-year 2025 production guidance for Puna is projected at 8.00 to 8.75 million ounces of silver with AISC of $14.25 to $15.75 per payable ounce[19]. - Seabee's AISC per payable ounce decreased to $1,374 in Q1 2025 from $1,416 in Q1 2024[15]. - Puna's AISC per payable ounce improved to $13.16 in Q1 2025 from $15.61 in Q1 2024[18]. Financial Performance - The company generated net income attributable to SSR Mining shareholders of $58.8 million, or $0.28 per diluted share, and adjusted net income of $61.6 million, or $0.29 per diluted share in Q1 2025[5]. - SSR Mining's total revenue for Q1 2025 was $316.6 million, compared to $230.2 million in Q1 2024, reflecting a significant year-over-year increase[5]. - The company reported operating cash flow of $84.8 million and free cash flow of $39.3 million in the first quarter of 2025[5]. - Average realized gold price increased to $2,934 per ounce sold in Q1 2025, up 41.8% from $2,070 in Q1 2024[15]. - Average realized silver price rose to $32.47 per ounce sold in Q1 2025, a 46.3% increase from $22.18 in Q1 2024[18]. - The company reported a cash cost per gold ounce sold of $1,454 in Q1 2025, compared to $1,333 in Q1 2024, reflecting an increase of approximately 9.1%[41]. - AISC per gold equivalent ounce sold in Q1 2025 was $1,972, up from $1,569 in Q1 2024, marking an increase of about 25.7%[41]. - The company reported a net cash position of $89,612 thousand as of March 31, 2025, down from $157,882 thousand at the end of 2024, indicating a decrease of approximately 43.2%[33]. - Free cash flow for the three months ended March 31, 2025, was $39,298,000, a recovery from a negative free cash flow of $9,404,000 in Q1 2024[45]. - Cash provided by operating activities for Q1 2025 was $84,805,000, up from $24,631,000 in Q1 2024, indicating improved operational efficiency[46]. Liquidity and Capital Expenditures - As of March 31, 2025, SSR Mining had a cash and cash equivalent balance of $319.6 million and total liquidity of $819.6 million, including an undrawn revolving credit facility[4]. - The company anticipates sustaining capital expenditures of $119 million for 2025, which includes various operational costs[39]. - The company has a borrowing capacity of $400 million under its credit facility, with no borrowings outstanding as of March 31, 2025[34]. - The company spent $12.2 million on development and exploration activities at Hod Maden during the first quarter of 2025[4]. - The company included $9.4 million in share-based compensation expense in general and administrative expenses for Q1 2025[41]. Operational Challenges - Çöpler operations were suspended following an incident in February 2024, impacting production and costs[20]. - The company continues to work on the restart of the Çöpler mine, with no material capital expenditures expected until operations resume[40]. - The effects of the Çöpler Incident resulted in expenses of $1.3 million in Q1 2025, compared to significant reclamation and remediation costs totaling $218.3 million in Q1 2024[43].