SSR Mining(US:SSRM)2026-02-17 23:02Financial Data and Key Metrics Changes - The company generated more than $100 million in free cash flow in Q4 2025, finishing the year with $535 million in cash and over $1 billion in liquidity [4][16] - Full year production of 447,000 gold equivalent ounces exceeded the midpoint of guidance, with a full year AISC of $1,923 per ounce, comfortably within guidance [14][15] - Free cash flow totaled $252 million for the full year, with over $400 million when excluding changes in working capital [16] Business Line Data and Key Metrics Changes - Marigold produced 43,000 ounces of gold in Q4 2025, with AISC of $2,089 per ounce, and is expected to produce between 170,000-200,000 ounces in 2026 [20][21] - CC&V produced 39,000 ounces of gold in Q4 2025, with AISC of $1,596 per ounce, and is expected to produce 125,000-150,000 ounces in 2026 [24][25] - Puna exceeded its production guidance for the third consecutive year, producing 2.1 million ounces of silver in Q4 2025, with AISC of $1,839 per ounce [28] Market Data and Key Metrics Changes - The company holds 11 million ounces of gold equivalent mineral reserves, up nearly 40% year-over-year, driven by the incorporation of CC&V and Hod Maden [19] - Mineral reserve price assumptions remained conservative at $1,700 per ounce for gold and $20.50 per ounce for silver [19] Company Strategy and Development Direction - The company announced a share buyback program of up to $300 million, indicating confidence in its portfolio value [4][17] - Significant capital investment is planned for 2026, focusing on growth opportunities across the business, particularly in brownfield projects [8][12] - The Hod Maden project is highlighted as a key asset with a $1.7 billion NPV and a 39% internal rate of return, with ongoing early site works [9][11] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about continued free cash flow generation in 2026 and the potential for year-on-year production growth [4][30] - The company is well-positioned to capitalize on growth initiatives and maintain strong financial health despite market fluctuations [30] Other Important Information - The company has a strong focus on environmental, health, safety, and sustainability (EHSS) initiatives, which are integral to its operational strategy [18] - The company is advancing multiple growth projects, including the Buffalo Valley and New Millennium projects, which may be integrated into future technical reports [22][80] Q&A Session Summary Question: Can you provide more color on Marigold's guidance? - Management indicated that the guidance range of 170,000-200,000 ounces is a good indication of expected delivery, with updated plans considering blending requirements [33][34] Question: What silver prices are needed for Puna to extend operations beyond 2028? - Management noted that ongoing work at Chinchillas and Molina, along with current silver prices, supports the potential for extended operations [43][46] Question: What is the timeline for a construction decision on Hod Maden? - Management stated that site work is ongoing, and while a timeline cannot be set, progress is being made towards a construction decision [51][52] Question: Why is the guidance for Puna's silver production lower than previously stated? - Management explained that the timing of ounces has changed due to ongoing work at Chinchillas, but production levels are expected to be maintained at a higher level for longer [61][68] Question: What is the plan for CC&V's resource acceleration? - Management indicated that the mine extension is contingent on obtaining necessary approvals, with plans to optimize and convert additional resources into production [98][100]