SSR Mining Reports Third Quarter 2025 Results
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SSR Mining reported its third-quarter 2025 financial and operational results. - Production: Produced 102,673 gold equivalent ounces (GEOs). - Costs: All-In Sustaining Costs (AISC) were $2,359 per GEO. Cost of sales was $1,585 per GEO. - Financials: Generated revenue of $385.8 million, net income of $65.4 million (EPS of $0.31), and operating cash flow of $57.2 million. The company reported negative free cash flow of ($2.4 million) for the quarter. - Guidance: The company maintained its full-year 2025 production guidance of 410,000 to 480,000 GEOs but stated it now expects production to be in the lower half of this range. - Project Updates: - Çöpler, Türkiye: The mine remains suspended. The company continues to work with Turkish authorities on a potential restart but cannot provide an estimated timeline. - Hod Maden, Türkiye: Development is progressing, with $17.1 million spent in Q3. An updated life-of-mine plan and a formal construction decision are expected in the coming months.
The third-quarter results are materially negative. This report represents a significant reversal from the strong performance in the second quarter and raises serious concerns about cost control and cash flow generation from the company's operating assets.
- Cost Blowout: AISC of $2,359/oz is a significant miss, coming in well above the top end of the full-year guidance range of $2,090-$2,150/oz and substantially higher than Q2's $2,068/oz. This indicates severe cost pressures across the operating portfolio.
- Negative Free Cash Flow: After generating a very strong $98.4 million in free cash flow in Q2, burning cash in Q3 is a major disappointment. This undermines the narrative that the Americas-based assets could comfortably fund the Çöpler care/maintenance costs and growth projects.
- Production Decline: Production of 102,673 GEOs is a 15% sequential decline from Q2 (120,191 GEOs) and is also below Q1 production. This slowdown, combined with high costs, led to the poor financial outcome.
- De Facto Guidance Reduction: While full-year guidance was technically maintained, the statement that production will be in the "lower half of the range" is a soft guidance cut. This confirms that the operational momentum seen in Q2 has stalled.
Progression Analysis: The company's strategy since the Çöpler incident in early 2024 has been to pivot towards its Americas assets, highlighted by the acquisition of the Cripple Creek & Victor (CC&V) mine. - Q2 2025 results seemed to validate this strategy perfectly. CC&V had an exceptionally strong first full quarter, generating $85 million in free cash flow and nearly paying back its upfront acquisition cost in just four months. This led to very strong company-wide free cash flow and a positive market reaction. - The Q3 results shatter this positive narrative. The sharp drop in production, the spike in costs, and the return to negative free cash flow suggest the Q2 outperformance may have been a one-off event. It raises questions about the stability and profitability of the current operating base, which is supposed to be the bridge until Çöpler is restarted.
The core problem, the Çöpler suspension, remains unresolved with no timeline for a restart. These weak Q3 results now add a second major concern: the health and predictability of the remaining operations.
SSR Mining is a mid-tier precious metals producer. Following a catastrophic incident and subsequent suspension at its former flagship Çöpler gold mine in Türkiye in February 2024, the company has pivoted to rely on its four currently operating mines: 1. Marigold (USA): Gold mine in Nevada. 2. Cripple Creek & Victor (CC&V) (USA): Gold mine in Colorado, acquired in February 2025. 3. Seabee (Canada): Gold mine in Saskatchewan. 4. Puna (Argentina): Silver mine.
The company's key development asset is the Hod Maden gold-copper project, also in Türkiye, which it is advancing towards a construction decision. The restart of the Çöpler mine remains the company's top priority and biggest uncertainty.