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Technical Study

SSR Mining Announces Initial 12 Year Life of Mine Plan for CC&V With an NPV5% of $824M and Potential for Further Mineral Reserve Conversion

By The Northwire Desk — AI Analysis Nov 10, 2025 · 19:45 SSRM · 29.18 SSR Mining Inc.
SSRM · Price

Executive Summary

  • SSR Mining released the 2025 Technical Report Summary (TRS) for the Cripple Creek & Victor Gold Mine (CC&V), showing a 12‑year mine life with an after‑tax NPV₅% of $824 M at base gold prices and up to $1.5 B at $4,000/oz.
  • The acquisition’s implied after‑tax transaction IRR exceeds 100%, driven by the $100 M upfront cash payment already repaid through mine‑site free cash flow.
  • CC&V now holds 4.8 M oz Measured & Indicated Resources plus 2.0 M oz Inferred Resources, supporting future growth beyond the current reserve base of 2.8 M oz.

Key Details

  • Production Guidance (2025): 90‑110 k oz gold attributable to SSR; 28 k oz attributable to Newmont (Jan 1–Feb 28).
  • After‑tax NPV₅%: $824 M at consensus gold price $3,240/oz; rises to ~$1.5 B at $4,000/oz.
  • Mine Life & Reserves: 12‑year LOM for reserves, total mine life 26 years (2.8 M oz reserves).
  • Three‑Year Production (2026‑2028): 424 k oz gold; average annual production 141 k oz.
  • Operating Cash Flow (3‑yr avg): $196 M at consensus prices; $235 M at $4,000/oz.
  • Free Cash Flow (3‑yr avg): $128 M at consensus; $168 M at $4,000/oz.
  • Mineral Resources: 4.8 M oz Measured & Indicated; 2.0 M oz Inferred (exclusive of reserves).
  • Gold Price Assumptions for Reserves/Resources: $1,700/oz (reserves) and $2,000/oz (resources); unchanged from Dec 31 2024.
  • Transaction Economics: Upfront cash $100 M (Feb 28 2025) + up to $175 M contingent payments; total potential outlay $275 M. Implied IRR > 100%.
  • 2025 Production to 30 Sep 2025: 85,165 oz gold produced; $115 M after‑tax free cash flow generated.
  • Operating Metrics (Life of Mine): Total material mined 373 Mt; ore 226 Mt; waste 146 Mt; strip ratio 0.65:1; average daily mining rate 85 ktpd; stacking rate 52 ktpd; ore grade stacked 0.39 g/t Au; gold recovery 51.6%.
  • Capital & Cost Summary (2025‑2030): Total operating cash flow $587 M (2026‑28) and $761 M (2026‑30); total capital costs $203 M (2026‑28) and $283 M (2026‑30).
  • Cost per Ounce (GAAP): Cost of sales $1,799/oz; cash cost $1,800/oz; AISC $2,051/oz (2026‑28).
  • Equipment Fleet: 17 haul trucks, 2 front‑end loaders, 2 hydraulic shovels.
  • Royalty Structure: NSR royalties 0.5 %–10 % (average 5 %).
  • Contingent Payments Detail: $87.5 M payable on final approval of Amendment 14 (leach pad expansion); up to $87.5 M payable upon regulatory relief for Carlton Tunnel water‑flow issues.
  • Closure Cost Sharing: If total closure costs exceed $500 M, SSR will fund 10 % and Newmont 90 %. Projected reclamation cost $517 M.

Notable Quotes

“The transformational acquisition of CC&V established SSR Mining as the third largest gold producer in the United States… The results from this initial Technical Report Summary demonstrate a transaction IRR in excess of 100%, a truly exceptional outcome with meaningful growth potential for the operation still ahead.” – Rod Antal, Executive Chairman, SSR Mining.

Read the original news release →

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