SSR Mining Reports Second Quarter 2025 Results
Executive Summary
- SSR Mining reported Q2 2025 consolidated net income of $90.1 M ($0.42 per diluted share) and adjusted net income of $110.1 M ($0.51 per diluted share).
- Produced 120,191 gold‑equivalent ounces in the quarter at a cost of sales of $1,396/oz payable and AISC of $2,068/oz payable (or $1,858 excl. Çöpler costs).
- Updated guidance: full‑year 2025 production of 410–480 k gold‑equivalent ounces; cash and liquidity of $912.1 M including a $400 M revolving credit facility.
Key Details
- Operating Results – Consolidated
- Q2 2025 production: 120,191 GEOs (gold equivalent ounces).
- Cost of sales: $1,396 per payable ounce; AISC: $2,068 per payable ounce ($1,858 excl. Çöpler).
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YTD production to 30 Jun 2025: 223,987 GEOs at $1,357 cost of sales and $2,024 AISC ($1,807 excl. Çöpler).
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Financial Results – Consolidated
- Net income attributable to shareholders: $90.1 M; diluted EPS $0.42.
- Adjusted net income: $110.1 M; adjusted diluted EPS $0.51.
- Operating cash flow (GAAP): $157.8 M; free cash flow: $98.4 M.
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Cash & cash equivalents: $412.1 M; total liquidity (incl. undrawn credit facility and accordion): $912.1 M.
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CC&V Integration
- First full quarter post‑acquisition produced 44,062 oz gold at $1,116 cost of sales and $1,339 AISC.
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Generated ~$85 M mine‑site free cash flow since acquisition; on track for full‑year guidance.
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Çöpler Update
- Reclamation & remediation cost estimate increased by $12.9 M to $312.9 M (previous range $250–$300 M).
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No timeline provided for restart; continued engineering and design work underway.
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Puna Mine Life Extension
- Anticipated 2026 silver production: 7–8 M oz (up from 2023 TRS).
- Expected 2027‑28 average production: ~4 M oz.
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Ongoing pit laybacks, stockpile processing, and exploration at Cortaderas.
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Seabee Operations
- Q2 impacted by forest‑fire power interruptions; operations resumed 13 Jun 2025.
- Donation to Canadian Red Cross (matched by Government of Canada).
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Full‑year 2025 production guidance now targeted at low end of prior range (70–80 k oz gold).
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Marigold Operations
- Q2 gold production: 35,906 oz; cost of sales $1,584/oz; AISC $1,977/oz.
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Full‑year 2025 guidance: 160–190 k oz GEOs; cost of sales $1,530–$1,570/oz; AISC $1,800–$1,840/oz.
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Liquidity & Debt
- No borrowings outstanding on $400 M credit facility (accordion feature $100 M).
- Convertible notes face value: $230 M; total debt unchanged at $230 M.
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Net cash (debt): $182.1 M as of 30 Jun 2025.
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Cash Flow Reconciliation Highlights
- Cash provided by operating activities (GAAP) Q2 2025: $157.8 M.
- Capital expenditures on mineral properties, plant & equipment: $(59.5 M).
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Free cash flow (non‑GAAP) Q2 2025: $98.4 M.
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Adjusted Net Income Adjustments
- CC&V acquisition integration costs: $4.96 M.
- Çöpler incident effects (reclamation, remediation, contingencies): $52.18 M.
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Insurance proceeds received for Çöpler incident: $(35.53 M).
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Conference Call
- Date & time: 5 pm EDT, 5 Aug 2025; webcast available on SSR Mining website.
Notable Quotes
“The second quarter of 2025 was another period of strong operational performance… CC&V delivered well against expectations in its first full quarter… we are excited to provide our initial view of the longer‑term potential of the asset.” – Rod Antal, Executive Chairman, SSR Mining.