SSR Mining(US:SSRM)2025-11-04 21:02Financial Performance - Revenue for Q3 2025 reached $385.8 million, a 50% increase from $257.4 million in Q3 2024[17] - Operating income for the nine months ended September 30, 2025, was $259.1 million, compared to a loss of $356.7 million in the same period of 2024[17] - Net income attributable to SSR Mining shareholders for Q3 2025 was $65.4 million, significantly up from $10.6 million in Q3 2024[17] - Total revenue for the nine months ended September 30, 2025, was $1,107,912,000, a significant increase compared to $672,431,000 for the same period in 2024, reflecting a growth of approximately 64.5%[74] - Net income for the three months ended September 30, 2025, was $57.1 million, an increase of 813.3% compared to $6.3 million for the same period in 2024[144] - For the nine months ended September 30, 2025, net income attributable to SSR Mining shareholders was $214.3 million, a recovery from a net loss of $266.8 million in 2024[101] Cash and Liquidity - Cash and cash equivalents increased to $409.3 million as of September 30, 2025, from $387.9 million at the end of 2024[22] - The company reported a net cash provided by operating activities of $299.8 million for the nine months ended September 30, 2025, compared to a cash used of $54.8 million in the same period of 2024[20] - Cash used in investing activities for the nine months ended September 30, 2025, was $286.4 million, an increase of $182.8 million from $103.6 million in 2024, primarily due to $106.0 million for the acquisition of CC&V and $59.6 million in higher capital expenditures[203] - Cash provided by financing activities was $20.7 million for the nine months ended September 30, 2025, compared to $4.6 million in 2024, mainly due to a $9.8 million decrease in common share purchases and cancellations[204] Assets and Liabilities - Total assets grew to $5.9 billion as of September 30, 2025, compared to $5.2 billion at the end of 2024[22] - Total liabilities increased to $1.76 billion as of September 30, 2025, from $1.24 billion at the end of 2024[22] - The fair value of cash and marketable securities as of September 30, 2025, was $459.9 million, with total liabilities at $178.5 million[104] - Reclamation and remediation liabilities increased to $633.1 million as of September 30, 2025, compared to $326.6 million in the same period of 2024[90] Operational Updates - The company suspended operations at the Çöpler mine due to a significant incident, with no current estimate on when operations will resume[36] - SSR Mining temporarily halted operations at the Seabee mine for approximately two weeks due to power interruptions caused by forest fires, resuming on June 13, 2025[35] - The company has not resumed operations at Çöpler since the incident in February 2024, impacting overall production and revenue generation[66] - Care and maintenance expenses for Q3 2025 were $37.291 million, reflecting ongoing costs associated with the suspension of operations at Çöpler[68] Acquisitions and Investments - The Company acquired Cripple Creek and Victor Gold Mine for $100.0 million in upfront cash and up to $175.0 million in milestone-based payments, expected to enhance scale and free cash flow[47] - The total purchase price for the acquisition of CC&V amounted to $247.7 million, including $105.96 million in cash consideration and $141.76 million in contingent consideration[51] - The Company became liable for milestone-based payments totaling up to $175.0 million in connection with the acquisition of CC&V during the nine months ended September 30, 2025[205] Production and Sales - Gold sales contributed $260.1 million in Q3 2025, up 63% from $159.6 million in Q3 2024, while silver sales increased by 33% to $108.0 million[83] - Gold produced increased by 19.1% to 75,212 ounces for the three months ended September 30, 2025, compared to 63,155 ounces for the same period in 2024[144] - The company reported provisional metal sales of 5.3 million ounces of silver at an average price of $38.28 per ounce as of September 30, 2025[84] Expenses and Costs - The cost of sales for the same period was $165.682 million, up from $138.281 million in 2024, indicating a rise of about 20%[66] - General and administrative expenses for Q3 2025 were $40.228 million, which is a new expense category introduced as operations at Çöpler ceased in February 2024[66] - Care and maintenance costs for the nine months ended September 30, 2025 were $110.8 million, an increase from $84.3 million for the same period in 2024, reflecting direct costs and depreciation during operational suspensions[161] Foreign Exchange and Taxation - The company reported a foreign exchange loss of $12.837 million for Q3 2025, compared to a loss of $7.521 million in Q3 2024, indicating a worsening in foreign exchange impacts[66] - The consolidated effective income tax rate for the first nine months of 2025 was 18.7%, significantly higher than 2.1% for the same period in 2024[97] - Foreign exchange loss for the nine months ended September 30, 2025 was $29.1 million, significantly higher than $7.6 million for the same period in 2024, primarily due to the weakening of the ARS against the USD[168]