SSR Mining Announces the Sale of Its 20% Equity Interest in Hod Maden

SSR Mining has entered a definitive agreement to sell its 20% ownership and operatorship of the Hod Maden development project in Türkiye to Lidya Mines. In return, SSR receives an uncapped 4.0% Net Smelter Return (NSR) royalty on 100% of the project, with Royal Gold holding a fixed‑price call right on 2% of that NSR for $160 million. The transaction is structured “as‑is, where‑is” with no post‑closing indemnities from SSR and no further funding obligations – Lidya will hold 85% and fund development. The deal is expected to close in Q3 2026, pending Turkish regulatory approval, and completes SSR’s strategic pivot to an Americas‑only platform following the $1.5B Çöpler sale.

This sale is the logical conclusion of the strategic review flagged after the Çöpler divestment and was anticipated. However, the outcome – swapping the 20% stake for a perpetual royalty – materially de‑risks the company. SSR invested approximately $243 million in Hod Maden and was facing a further ~$182 million in capex (20% of the $910 million remaining). The royalty eliminates that capital call and may deliver a net present value at least as high as the stake under reasonable price scenarios: the project’s after‑tax NPV₅% was $1.66 billion (consensus) and $2.91 billion (spot). A 4% NSR could be worth $200‑300 million, likely exceeding a market sale of a minority, development‑stage interest burdened by Turkish sovereign risk.
With the transaction, SSR becomes a pure Americas producer: no Turkish operational exposure, zero debt, $634 million cash, and a third‑largest US gold mine (CC&V) that has already recouped its acquisition cost. The deal should be viewed positively as it crystallizes hidden value, removes a large funding overhang, and reinforces the free‑cash‑flow story. The rating is Material – Positive because it delivers a clean, value‑enhancing exit from a non‑core, capital‑intensive asset, well ahead of any cash‑burn phase.

SSR Mining is a gold‑silver‑copper producer now focused entirely on the Americas. Following the sale of Çöpler and now Hod Maden, the portfolio consists of:
- Cripple Creek & Victor (CC&V) – Colorado, USA: flagship asset, acquired February 2025 for $275 million total consideration (up to $175 million contingent). 12‑year reserve life, after‑tax NPV₅% $824 million (consensus), already generated $325 million in cumulative free cash flow, exceeding the purchase cost.
- Marigold – Nevada, USA: open‑pit gold mine (160‑190 koz/year), with growth potential from Buffalo Valley and near‑mine high‑grade discoveries.
- Seabee – Saskatchewan, Canada: underground gold mine (70‑80 koz/year), development‑heavy in 2026 but with resource expansion upside.
- Puna – Argentina: silver operation (7‑8 Moz silver/year), exceptional margins at $90/oz realized silver price, record throughput in Q1 2026.
Combined 2026 production guidance is 450,000‑535,000 gold‑equivalent ounces.