Ssr Mining targets lower half of 410,000-480,000 gold equivalent ounces guidance as Çöpler restart progresses

Earnings Call Insights: SSR Mining Inc. (SSRM:CA) Q3 2025

MANAGEMENT VIEW

* Executive Chairman Rodney Antal stated that "our third quarter results have us tracking to close out the year in the lower half of our production guidance, where we continue to expect a stronger fourth quarter." He noted that "full year all-in sustaining costs are trending towards the high end of annual guidance, and this is largely due to the impacts of higher gold prices on royalties as well as the share price performance over the year-to-date impacting share-based compensation calculations." Antal highlighted $72 million of free cash flow before working capital adjustments and emphasized "a very healthy cash and liquidity profile to support the continued investment in growth opportunities across the business."
* Antal announced progress on the Cripple Creek & Victor technical report, expected for publication in the coming weeks, and shared that at Hod Maden, $44 million has been spent this year, with a comprehensive update and construction decision anticipated soon. He described Hod Maden as "one of the most compelling undeveloped copper-gold projects in the entire sector."
* Updates on organic development projects included positive results from summer drill campaigns at Buffalo Valley, Porky, and Cortaderas, aiming to emulate the initial 3-year mine life extension at Puna. Antal also reiterated commitment to restarting Çöpler, stating, "We are in close communication with the relevant government authorities as we seek approvals to bring the mine back online."
* CFO Michael Sparks reported, "In the third quarter, we produced 103,000 gold equivalent ounces at an all-in sustaining cost of $2,359 per ounce or $2,114 per ounce, excluding costs incurred at Çöpler during the quarter." Sparks confirmed "production of 327,000 gold equivalent ounces is in line with plan, and we are on track to finish within our full year guidance of 410,000 to 480,000 gold equivalent ounces, albeit in the lower half of that range." The company ended the quarter with $409 million in cash and total liquidity of over $900 million.
* Executive Vice President of Operations & Sustainability William MacNevin provided operational highlights, including 36,000 ounces of gold at Marigold with an AISC of $1,840 per ounce, 30,000 ounces at CC&V with an AISC of $1,756 per ounce, 9,000 ounces at Seabee with an AISC of $3,003 per ounce, and 2.4 million ounces of silver at Puna at an AISC of $1,354 per ounce.

OUTLOOK

* Antal indicated, "we continue to expect a stronger fourth quarter" and reaffirmed that "production of 327,000 gold equivalent ounces is in line with plan, and we are on track to finish within our full year guidance of 410,000 to 480,000 gold equivalent ounces, albeit in the lower half of that range."
* Sparks stated, "higher-than-forecasted royalty costs and share-based compensation, coupled with production in the lower half of guidance is pushing our AISC towards the top end of our full year cost guidance range."
* The company expects Buffalo Valley to provide a meaningful mine life extension opportunity for Marigold, and a construction decision at Hod Maden is expected in the coming months.

FINANCIAL RESULTS

* Sparks reported, "we sold 105,000 gold equivalent ounces at an average realized gold price above $3,500 per ounce. Net income attributable to SSR Mining shareholders was $65.4 million or $0.31 per diluted share, while adjusted net income was $68.4 million or $0.32 per diluted share."
* Free cash flow before changes in working capital was $72 million, with $409 million in cash and over $900 million in total liquidity at quarter end.
* Specific operational results included $115 million in asset level free cash flow from CC&V since acquisition, and $17 million in capital spent at Hod Maden in the quarter.

Q&A

* Ovais Habib, Scotiabank: Asked about the source of expected Q4 strength and whether Marigold production could spill into Q1. Antal responded, "Predominantly, it was coming from Marigold. As we've talked about before, a stronger fourth quarter was always sort of set up that way to be the primary difference to quarter 3."
* Habib inquired about Seabee's lower grade. MacNevin answered, "Seabee in the quarter had a good quarter increasing the amount of development we were doing, which is our focus... we had an increased proportion of material from the Gap Hanging Wall and some of that material came in at lower grade than we had expected."
* Habib asked about Çöpler's status and community support's influence. Antal clarified, "It's less about the last point of your question... There has been definitely a higher level of public support for a reopening... but it really doesn't have a bearing on the -- it helps, but it certainly -- it's not the driver of getting the government to give us the approval."
* Don DeMarco, National Bank Financial: Asked whether Hod Maden's spending would meet guidance and if the project is tied to Çöpler. Antal replied, "We'll actually probably be more towards the midpoint of that guidance range... In terms of the dependency... on Çöpler, I've said all along, we're treating them as mutually exclusive from that point."
* DeMarco asked about the company's growth strategy. Antal responded, "Really no change, Don. I think we've always been fairly transparent around the criteria that we look at from an M&A perspective... building on the core jurisdictions we have... and then looking for those value-accretive opportunities."

SENTIMENT ANALYSIS

* Analysts' tone was neutral to slightly positive, focusing on operational follow-through, project timelines, and concerns about Çöpler's restart. Habib and DeMarco pressed for clarity but did not express strong skepticism.
* Management maintained a confident and measured tone, with Antal stating, "we are keen to showcase a bright future for each of those assets and their upside potential."
* Compared to the previous quarter, the sentiment remained steady, with continued focus on operational progress and project milestones. Management's tone in both prepared remarks and Q&A was consistently confident and factual.

QUARTER-OVER-QUARTER COMPARISON

* Guidance language shifted from broadly in line to specifying the lower half of the full-year production range for 2025.
* Strategic focus remained on advancing key projects, but there was increased emphasis on finalizing technical reports for Cripple Creek & Victor and Hod Maden, as well as the anticipated restart of Çöpler.
* Analysts maintained a similar focus on operational performance and project timing, with slightly more detailed questions on project interdependencies and capital allocation.
* Key metric changes included lower quarterly gold equivalent production and higher all-in sustaining costs compared to Q2, which management attributed to royalty and compensation effects.
* Confidence in project execution and restart plans remained, with no significant shift in overall tone or strategic priorities.

RISKS AND CONCERNS

* Management highlighted higher gold prices impacting royalty costs and share-based compensation as drivers for elevated all-in sustaining costs.
* Operational challenges included handling fines at Marigold and lower-than-expected grades at Seabee, with mitigation efforts centered on ore blending and increased underground development.
* Uncertainty remains around the timing of the Çöpler restart, with regulatory approval still pending.
* Analysts raised concerns about production timing, project spending at Hod Maden, and the pace of approvals for key assets, but management reiterated ongoing progress and communication with authorities.

FINAL TAKEAWAY

SSR Mining is guiding toward the lower half of its full-year production range while maintaining strong cash and liquidity positions and advancing major projects. The company is progressing on technical reports for key assets and remains focused on organic growth and the anticipated Çöpler restart, with management expressing confidence in both operational performance and strategic discipline through the end of the year.

Read the full Earnings Call Transcript [https://seekingalpha.com/symbol/ssrm:ca/earnings/transcripts]

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* SSR Mining Inc. (SSRM:CA) Q3 2025 Earnings Call Transcript [https://seekingalpha.com/article/4837937-ssr-mining-inc-ssrm-ca-q3-2025-earnings-call-transcript]
* SSR Mining: A High-Momentum Gold Play Ahead Of Q3 Earnings [https://seekingalpha.com/article/4833538-ssr-mining-a-high-momentum-gold-play-ahead-of-q3-earnings]
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