SSR Mining Reports First Quarter 2026 Results

• Earnings Performance: SSR Mining reported Q1 2026 net income of $252.5 million ($1.16 diluted EPS) and gold equivalent production of 109,914 ounces. Revenue reached $581.8 million, up significantly from Q1 2025.
• Çöpler Divestiture: The company formalized a definitive agreement to sell its 80% stake in the Çöpler mine (Turkey) to Cengiz Holding A.S. for $1.5 billion cash. Closing is expected by end of Q3 2026, subject to regulatory approvals.
• Capital Management: $230 million in Convertible Notes were converted into 13.1 million common shares, effectively eliminating this debt obligation. Approximately $300 million in share buybacks (9.2 million shares) were completed following the NCIB approval.
• Liquidity: Cash and cash equivalents stand at $634.1 million with total liquidity of $1.134 billion including undrawn credit facilities.
• Operational Updates: Marigold, CC&V, Seabee, and Puna operations are within guidance ranges. Çöpler is suspended pending sale. Hod Maden interest is under strategic review with minimal capital costs expected during this period.

• Confirmation of Prior Catalysts: The definitive sale agreement for Çöpler was announced in late March/early April 2026 (NewsId 102349, 94544). This Q1 report confirms the transaction is proceeding as planned without material changes to terms.
• Debt Elimination: The conversion of $230 million convertible notes removes a significant overhang and dilution risk that was anticipated in February 2026 (NewsId 96709). This strengthens the balance sheet materially but was expected.
• Capital Return Execution: Completion of the $300 million buyback program demonstrates management's commitment to returning capital, aligning with the strategy shift post-Çöpler sale.
• Strategic Shift: The move to place Hod Maden under "strategic review" signals a potential pause on development capex ($469 million required previously) until the Çöpler proceeds are realized or a partner is found. This reduces near-term cash burn risk but delays growth visibility.
• Verdict: While the financial results are strong, the primary value drivers (sale and debt conversion) were priced in during March/April 2026. This news confirms execution rather than introducing new surprises.

• Overview: SSR Mining is a gold and silver producer with operations in the Americas (USA, Canada, Argentina) and Turkey (suspended). The company is pivoting to focus on high-margin assets in stable jurisdictions following the Çöpler sale.
• Flagship Projects:
  • Cripple Creek & Victor (CC&V), USA: High-grade underground mine acquired from Newmont. 12-year life of mine plan with $824M NPV5%.
  • Marigold, USA: Open-pit heap leach operation in Nevada.
  • Seabee, Canada: Underground gold mine in Saskatchewan.
  • Puna, Argentina: Silver-gold underground mine in Jujuy.
• Development: Hod Maden (Turkey) is a high-grade copper-gold project currently under strategic review with an NPV5% of $1.66B at consensus prices.