SSR Mining(US:SSRM)2025-11-04 21:16Production and Sales - Third quarter 2025 production was 102,673 gold equivalent ounces with a cost of sales of $1,585 per payable ounce and all-in sustaining costs (AISC) of $2,359 per payable ounce[1] - Year-to-date production reached 326,940 gold equivalent ounces at a cost of sales of $1,430 per payable ounce and AISC of $2,131 per payable ounce[1] - For the three months ended September 30, 2025, the company produced 29,821 ounces of gold, with a total year-to-date production of 113,165 ounces since the CC&V acquisition[9] - Seabee produced 9,118 ounces of gold in Q3 2025, down from 10,252 ounces in Q3 2024, with year-to-date production of 46,117 ounces compared to 50,734 ounces in the same period last year[11] - Puna produced 2,409,000 ounces of silver in Q3 2025, a decrease from 2,885,000 ounces in Q3 2024, with year-to-date production of 7,764,000 ounces compared to 7,531,000 ounces last year[13] - Gold sold during the three months ended September 30, 2025, was 74,268 ounces, a decrease from 63,052 ounces sold in the same period of 2024[38] - Silver sold during the three months ended September 30, 2025, reached 2,656,819 ounces, compared to 2,785,411 ounces in the prior year[38] - The company sold 7,565,557 ounces of silver during the nine months ended September 30, 2025, compared to 6,933,096 ounces in the same period of 2024, representing a growth of 9%[39] Financial Performance - Net income attributable to SSR Mining shareholders for Q3 2025 was $65.4 million, or $0.31 per diluted share, with adjusted net income of $68.4 million, or $0.32 per diluted share[1] - SSR Mining's total revenue for Q3 2025 was $385.8 million, up from $257.4 million in Q3 2024[5] - The company reported a diluted net income per share of $0.31 for the three months ended September 30, 2025, compared to $0.05 in the same period of 2024[41] - For the nine months ended September 30, 2025, SSR Mining's adjusted net income per diluted share was $1.12, a significant increase from $0.18 in the prior year[41] - The company experienced a free cash flow of $(2.4) million for the three months ended September 30, 2025, compared to $(34.1) million in the same period of 2024[46] - Cash provided by operating activities before changes in working capital for the nine months ended September 30, 2025, was $433.0 million, up from $22.8 million in the same period of 2024[47] Costs and Expenses - The average realized gold price for Q3 2025 was $3,503 per ounce sold, compared to $2,531 in Q3 2024[5] - Seabee reported a cost of sales of $2,185 per payable ounce in Q3 2025, significantly higher than $1,280 in Q3 2024[11] - The all-in sustaining cost (AISC) for CC&V was $1,756 per ounce sold in Q3 2025, compared to $1,536 in the previous year[9] - AISC for Seabee was reported at $3,003 per ounce sold in Q3 2025, up from $2,301 in Q3 2024[11] - Total cash costs (non-GAAP) are expected to range from $554 million to $679 million[37] - All-in sustaining costs (AISC) are projected to be between $786 million and $921 million[37] - Cost of sales (GAAP) is anticipated to be between $563 million and $689 million[37] - Cash cost per ounce (non-GAAP) is expected to be between $1,350 and $1,410[37] - All-in sustaining cost per ounce (non-GAAP) is projected to be between $1,890 and $1,950[37] - Total cost of sales (GAAP) for the three months ended September 30, 2025, was $165,682,000, a decrease from $138,281,000 in the same period of 2024[38] - Cash costs (non-GAAP) for the three months ended September 30, 2025, totaled $151,466,000, compared to $126,185,000 in the prior year, reflecting an increase of approximately 20%[38] - Total AISC (non-GAAP) for the three months ended September 30, 2025, was $246,622,000, up from $198,547,000 in the same period of 2024, indicating a year-over-year increase of about 24%[38] - The cost of sales per gold ounce sold for the nine months ended September 30, 2025, was $1,430, compared to $1,028 for the same period in 2024, reflecting a 39% increase[39] - The cash cost per gold equivalent ounce sold for the nine months ended September 30, 2025, was $1,312, compared to $1,198 in 2024, indicating a 10% increase[39] Liquidity and Capital Expenditures - As of September 30, 2025, SSR Mining had cash and cash equivalents of $409.3 million and total liquidity of $909.3 million[1] - The company spent $17.1 million on Hod Maden in Q3 2025, with total year-to-date spending of $44.4 million, and expects full-year development capital spend of $60 to $100 million[1] - The company's net cash position improved to $179.3 million as of September 30, 2025, compared to $157.9 million at the end of 2024[31] - Total liquidity reached $909.3 million as of September 30, 2025, up from $887.9 million at the end of 2024[32] - The company has a borrowing capacity of $400 million on its credit facility, with an additional $100 million accordion feature available[32] Operational Updates and Future Outlook - SSR Mining is advancing key brownfield growth projects, including Buffalo Valley at Marigold and Cortaderas at Puna, which are expected to extend mine life at each operation[1] - The company remains committed to restarting operations at the Çöpler mine but cannot currently estimate when operations will resume[1] - The company continues to work closely with authorities in Türkiye to advance the restart of the Çöpler mine, which has been suspended since February 2024[15] - Gold production guidance for 2025 is projected to be between 320,000 and 380,000 ounces[37] - Silver production guidance for 2025 is estimated at 8.00 to 8.75 million ounces[37] - A technical report for CC&V is on track for publication in 2025[9] - Future production and operational targets are contingent on various factors, including regulatory approvals and market conditions[25] Shareholder and Community Relations - The company emphasizes the importance of cash costs and AISC for assessing operating profitability and cost structure[34] - The company is focused on maintaining community and government relations as part of its operational strategy[24] - Forward-looking statements indicate potential risks related to global economic conditions and regulatory changes that may impact operations[23]