SSR Mining(SSRM) - 2025 Q2 - Quarterly Results

SSR MINING REPORTS SECOND QUARTER 2025 RESULTS The company reported strong Q2 2025 results driven by the new CC&V mine, despite ongoing challenges at Çöpler Q2 2025 Key Financial and Operational Metrics | Metric | Q2 2025 Value | | :--- | :--- | | Production | 120,191 gold equivalent ounces | | All-in Sustaining Costs (AISC) | $2,068 per payable ounce | | AISC (excl. Çöpler costs) | $1,858 per payable ounce | | Net Income (attributable) | $90.1 million | | Diluted EPS | $0.42 | | Adjusted Net Income (attributable) | $110.1 million | | Adjusted Diluted EPS | $0.51 | | Operating Cash Flow | $157.8 million | | Free Cash Flow | $98.4 million | - The company maintains its full-year 2025 guidance of 410,000 to 480,000 gold equivalent ounces at a consolidated AISC of $2,090 to $2,150 per payable ounce from its Marigold, CC&V, Seabee, and Puna operations[1] - As of June 30, 2025, SSR Mining held a cash balance of $412.1 million and total liquidity of $912.1 million[1] - The company also received $44.4 million in business interruption insurance proceeds related to the Çöpler Incident during the quarter[1] - The newly acquired CC&V mine produced 44,062 ounces of gold at an AISC of $1,339 per ounce and generated nearly $85 million in mine site free cash flow since its acquisition[1][2] - The estimated reclamation and remediation cost for the Çöpler incident was increased by $12.9 million, bringing the revised estimate above the previous $250-$300 million range[1] - A restart timeline for the mine remains uncertain[1] - SSR Mining announced a mine life extension at Puna, expecting 2026 silver production to be between 7 and 8 million ounces, an increase compared to the 2023 Technical Report Summary[1][4] Consolidated Financial and Operating Results The company's financial and operational metrics show substantial year-over-year improvement in revenue and profitability Consolidated Financial Results (in thousands, except per share data) | Financial Metric | Q2 2025 | Q2 2024 | H1 2025 | H1 2024 | | :--- | :--- | :--- | :--- | :--- | | Revenue | $405,455 | $184,841 | $722,073 | $415,075 | | Operating Income (loss) | $108,885 | $10,720 | $175,776 | $(365,704) | | Net Income (loss) attributable | $90,075 | $9,693 | $148,856 | $(277,389) | | Diluted Net Income (loss) per share | $0.42 | $0.05 | $0.70 | $(1.37) | | Adjusted Net Income attributable | $110,074 | $7,489 | $171,647 | $29,999 | | Diluted Adjusted Net Income per share | $0.51 | $0.04 | $0.80 | $0.15 | | Cash provided by operating activities | $157,841 | $(78,132) | $242,646 | $(53,501) | Consolidated Operating Results | Operating Metric | Q2 2025 | Q2 2024 | H1 2025 | H1 2024 | | :--- | :--- | :--- | :--- | :--- | | Gold produced (oz) | 90,966 | 42,400 | 166,835 | 122,680 | | Silver produced ('000 oz) | 2,849 | 2,731 | 5,354 | 4,646 | | Gold equivalent produced (oz) | 120,191 | 76,102 | 223,987 | 177,691 | | Average realized gold price ($/oz) | $3,336 | $2,378 | $3,151 | $2,160 | | Average realized silver price ($/oz) | $35.24 | $30.22 | $33.90 | $27.01 | | AISC per gold equivalent ounce sold ($) | $2,068 | $2,116 | $2,024 | $1,789 | Financial Position (in thousands) | Balance Sheet Item | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Cash and cash equivalents | $412,104 | $387,882 | | Total assets | $5,795,877 | $5,189,020 | | Total liabilities | $1,710,266 | $1,242,159 | Operational Review This section provides a detailed performance breakdown of the company's key mining assets Marigold, USA Marigold's gold production increased year-over-year, with full-year output weighted towards the fourth quarter Marigold Operating Performance | Metric | Q2 2025 | Q2 2024 | | :--- | :--- | :--- | | Gold produced (oz) | 35,906 | 25,691 | | Cost of sales ($/oz) | $1,584 | $1,542 | | AISC ($/oz) | $1,977 | $2,065 | - Full-year 2025 production guidance for Marigold is maintained at 160,000 to 190,000 ounces of gold with an AISC of $1,800 to $1,840 per ounce[7] - Production for the remainder of the year is expected to be approximately 55-60% weighted to the fourth quarter[7] Cripple Creek & Victor, USA The newly acquired CC&V mine delivered strong production at low costs in its first full quarter of operation CC&V Operating Performance (Q2 2025) | Metric | Q2 2025 | | :--- | :--- | | Gold produced (oz) | 44,062 | | Cost of sales ($/oz) | $1,116 | | AISC ($/oz) | $1,339 | - Guidance for the period of February 28 to December 31, 2025, is 90,000 to 110,000 ounces of gold at an AISC of $1,800 to $1,840 per ounce[10] - Sustaining capital in the second half of 2025 is expected to be 75% weighted to the third quarter, causing AISC to peak in Q3[10] Seabee, Canada Seabee's Q2 production and costs were negatively impacted by power interruptions from regional forest fires Seabee Operating Performance | Metric | Q2 2025 | Q2 2024 | | :--- | :--- | :--- | | Gold produced (oz) | 10,998 | 16,709 | | Cost of sales ($/oz) | $1,785 | $1,150 | | AISC ($/oz) | $2,708 | $1,626 | - Q2 production was impacted by power interruptions caused by forest fires, which have since been resolved with no damage to the site[13] - Full-year 2025 production is now targeted at the low end of the previously issued guidance of 70,000 to 80,000 ounces of gold[14] Puna, Argentina Puna delivered increased silver production at lower costs and announced a mine life extension into 2028 Puna Operating Performance | Metric | Q2 2025 | Q2 2024 | | :--- | :--- | :--- | | Silver produced ('000 oz) | 2,849 | 2,731 | | Cost of sales ($/oz silver) | $15.03 | $16.10 | | AISC ($/oz silver) | $12.57 | $15.19 | - Full-year 2025 guidance is maintained at 8.00 to 8.75 million ounces of silver at an AISC of $14.25 to $15.75 per ounce[17] - The Puna mine life has been extended, with 2026 silver production now expected to be between 7 and 8 million ounces and 2027-2028 production expected to average 4 million ounces[18] Çöpler, Türkiye Operations at Çöpler remain suspended with an increased remediation cost estimate and an uncertain restart timeline - Operations at Çöpler have been suspended since the incident on February 13, 2024, with no production in Q2 2025[19][20] - The company recorded an adjustment of $62.9 million for reclamation and remediation costs in Q2 2025, with the revised total estimated cost now at $312.9 million[21] - While committed to restarting operations, the company cannot currently estimate when or under what conditions operations will resume at Çöpler[22] Corporate Information and Disclaimers This section provides details for the investor conference call and contains important forward-looking statements Conference Call Information The company scheduled a conference call and webcast to discuss the Q2 2025 results on August 5, 2025 - A conference call and webcast to discuss Q2 2025 results is scheduled for Tuesday, August 5, 2025, at 5:00 pm EDT[26] Forward-Looking Statements This section outlines the inherent risks and uncertainties associated with the report's forward-looking information - The news release contains forward-looking information subject to various risks and uncertainties, and undue reliance should not be placed on these statements[27][28] - Key risks include political and economic conditions, regulatory changes, and uncertainties stemming from the Çöpler incident[28] Non-GAAP Financial Measures This section provides detailed reconciliations of GAAP results to key non-GAAP financial performance metrics Reconciliation of Net Cash and Total Liquidity The company details its non-GAAP Net Cash and Total Liquidity, which stood at $182.1 million and $912.1 million respectively Net Cash and Total Liquidity (in thousands) | Metric | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Cash and cash equivalents | $412,104 | $387,882 | | Total Debt | $230,000 | $230,000 | | Net Cash (Debt) | $182,104 | $157,882 | | Total liquidity | $912,104 | $887,882 | Reconciliation of Cash Costs and AISC This section reconciles the GAAP measure 'Cost of sales' to the non-GAAP metrics of Cash Costs and AISC by mine Q2 2025 AISC Reconciliation Summary (in thousands) | Item | Consolidated Total | | :--- | :--- | | Cost of sales (GAAP) | $162,948 | | Cash costs (non-GAAP) | $149,699 | | Total AISC (non-GAAP) | $241,447 | H1 2025 AISC Reconciliation Summary (in thousands) | Item | Consolidated Total | | :--- | :--- | | Cost of sales (GAAP) | $299,589 | | Cash costs (non-GAAP) | $275,394 | | Total AISC (non-GAAP) | $446,920 | Reconciliation of Adjusted Net Income GAAP net income is reconciled to adjusted net income by excluding special items like the Çöpler incident costs Reconciliation of Net Income to Adjusted Net Income (in thousands) | Metric | Q2 2025 | Q2 2024 | | :--- | :--- | :--- | | Net income attributable (GAAP) | $90,075 | $9,693 | | Effects of the Çöpler Incident | $52,179 | — | | Insurance proceeds (Çöpler) | $(35,527) | — | | CC&V transaction costs | $4,958 | — | | Adjusted net income (Non-GAAP) | $110,074 | $7,489 | Reconciliation of Free Cash Flow Operating cash flow is reconciled to the non-GAAP measure of free cash flow, which totaled $98.4 million in Q2 2025 Reconciliation to Free Cash Flow (in thousands) | Metric | Q2 2025 | Q2 2024 | | :--- | :--- | :--- | | Cash provided by operating activities (GAAP) | $157,841 | $(78,132) | | Expenditures on mineral properties, plant, and equipment | $(59,455) | $(38,176) | | Free cash flow (non-GAAP) | $98,386 | $(116,308) | | Free cash flow before changes in working capital (non-GAAP) | $136,561 | $(61,278) |