SSR Mining(US:SSRM)2025-08-05 22:02Financial Data and Key Metrics Changes - The company reported production of 120,000 gold equivalent ounces in Q2 2025, a more than 15% improvement over Q1 2025 [10] - All-in sustaining costs (AISC) in Q2 were $2,068 per ounce, or $18.58 per ounce excluding care and maintenance costs at Copler [10] - Operating cash flow was $158 million and free cash flow was $98 million during the quarter, maintaining total liquidity of over $900 million [12] Business Line Data and Key Metrics Changes - Marigold produced 36,000 ounces in Q2 at an AISC of $19.77 per ounce, with expectations for a stronger Q4 production [15] - Cripple Creek and Victor (CC and V) produced 44,000 ounces of gold at an AISC of $13.39 per ounce, generating nearly $85 million in free cash flow since acquisition [17] - Seabee produced 11,000 ounces of gold at an AISC of $2,708 per ounce, impacted by power interruptions due to forest fires [19] - Puna produced 2.8 million ounces of silver at an AISC of $12.57 per ounce, with an initial three-year extension of operations at Chinchillas [20] Market Data and Key Metrics Changes - The company continues to evaluate growth opportunities at Buffalo Valley and New Millennium, with feasibility studies underway [16] - The gold to silver ratio year-to-date has been higher than forecasted, affecting the positive impacts from Puna's strong first half [20] Company Strategy and Development Direction - The company aims to advance the restart of the Copler mine and has made progress with engineering plans and design documents [5][6] - The Hot Maden project is being advanced towards a construction decision, with $29 million spent year-to-date [7][11] - The company is focused on organic growth initiatives across its portfolio, including Buffalo Valley, New Millennium, and various targets at Seabee and Puna [8] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in meeting full-year targets and generating free cash flow in the second half of the year [23] - The company is committed to Turkey and sees significant value in both the Copler asset and the Hot Maden project [41] - Progress has been made in discussions with regulators regarding the restart of the Copler mine, although a definitive timeline is not yet available [36][40] Other Important Information - The company recorded approximately $37 million in care and maintenance costs at Copler during the quarter, impacting net income figures [11][12] - Future reclamation and remediation costs related to the Copler incident are estimated between $250 million to $300 million, with a recent revision increasing the estimate by approximately 4% [13] Q&A Session Summary Question: Potential for CC and V to exceed guidance - Management indicated that CC and V is tracking to plan and remains comfortable with guidance despite strong Q2 performance [28] Question: Technical review and mine life improvement for CC and V - The purpose of the upcoming technical report is to provide updated information on reserves, with future growth opportunities being evaluated [30][32] Question: Status of discussions with regulators regarding Copler - Management reported good progress with regulators and stakeholders, with significant advancements in construction plans for the storage facility [36] Question: Timeframe for Copler restart - Management refrained from providing a specific timeline for the restart, emphasizing the importance of making progress without unnecessary pressure [40][42] Question: Permitting status at Copler - The company will revert to the 2014 Environmental Impact Assessment (EIA) with a throughput rate of 6,000 tons per day upon restart, with plans for future updates to the EIA [44]