SSR Mining Reports Third Quarter 2026 Results

SSR Mining Inc. (SSRM) reported third-quarter 2026 financial results on 2 November 2026, following market close, with the full release made available on 3 November. The company produced 103,585 gold-equivalent ounces (GEOs) during the quarter, recording a consolidated cost of sales of $1,755 per ounce and an all-in sustaining cost (AISC) of $2,527 per ounce. For the first nine months of the year, production totaled 315,459 GEOs at an AISC of $2,523 per ounce.

The company maintained its full-year 2026 production guidance of 450,000–535,000 GEOs but noted that full-year AISC is expected to trend approximately 10% above the upper end of its 2026 guidance range. Net income attributable to shareholders from continuing operations was $94.8 million, or $0.46 per diluted share, while adjusted net income reached $130.7 million, or $0.64 per diluted share. Operating cash flow stood at $106.0 million, with free cash flow at $5.8 million. Before changes in working capital, operating cash flow was $211.0 million and free cash flow was $110.8 million.

SSR Mining’s balance sheet remains strong, with $1.6 billion in cash, no long-term debt, and total liquidity of $2.2 billion. The company repurchased $193.6 million worth of shares (6.2 million shares) in the third quarter, bringing year-to-date buybacks to more than $530 million (16.6 million shares). A quarterly dividend of $0.03 was also declared.

The release recapped several strategic developments rather than announcing new ones. These include the exit from Türkiye, involving the sale of Çöpler and the swap of Hod Maden for a 4.0% uncapped net smelter return (NSR); the 13 October Marigold Technical Report Summary, which outlines 4.6 million ounces of reserves, a 20-year mine life, and a $3.3 billion NPV5%; and the pending all-cash acquisition of Roxmore Resources and Converse for an equity value of approximately $464 million.

SSR Mining Inc. (SSRM) revised its cost guidance downward, shifting from a projection of hitting the upper end of its range to an expectation of running approximately 10% above that upper end. This adjustment represents a $244/oz increase on a production base of roughly 490,000 ounces, equating to approximately $120 million in annualized free cash flow, or about 1.6% of market capitalization. This figure represents nearly 40% of the free cash flow generated in the first nine months. Relative to the ex-Çöpler comparator, the miss stands at approximately 19–23%.

Free cash flow conversion weakened significantly during the quarter. Despite a record realized gold price of $4,247/oz, the company generated $5.8 million of free cash flow on $447.7 million in revenue, resulting in a 1.3% free cash flow margin. Even excluding a $105 million working capital drag, free cash flow was $110.8 million, or 24.7% of revenue. This performance contrasts with management’s statement that the company expects robust free cash flow into year-end.

Headline production guidance also faces challenges, as the maintained target requires asset-level performance that current numbers do not support. Marigold must produce 2.5–3.5 times its Q3 output in Q4 to meet its own range. Management’s framing of producing 65% of second-half output in Q4 results in a number approximately 11% below that range. The consolidated floor of 450,000 ounces is only reachable if Marigold, CC&V, Seabee, and Puna all perform simultaneously, leaving essentially no cushion.

The company maintains a strong balance sheet with $1.55 billion in cash, zero debt, and $2.2 billion in liquidity, alongside an aggressive buyback program. Net income from continuing operations was $94.8 million, essentially flat year-on-year against $93.9 million, despite a 21% higher gold price. Adjusted net income grew 29% due to a widening add-back to reported income, which increased from $7.3 million to $35.9 million in a year. This $35.9 million in adjustments equals 38% of reported continuing net income.

SSR Mining Inc. (Nasdaq/TSX: SSRM), headquartered in Denver, Colorado, describes itself as the third-largest gold producer in the United States. Following its 2026 exit from Türkiye, the company operates as a four-mine, Americas-only producer.

• Cripple Creek & Victor (Colorado, USA, 100%): open-pit heap leach, alkalic low-sulfidation epithermal deposit in a diatreme. Acquired from Newmont 28 February 2025 for $100 million upfront plus up to $175 million contingent. Two valley leach facilities, ~120-day leach cycle, 52% metallurgical recovery, 17 haul trucks. 2.7 moz reserves, 4.8 moz M&I, 2.0 moz Inferred. FY2026 guidance 125,000–150,000 oz at AISC $1,780–$1,850/oz.
• Marigold (Nevada, USA): open-pit heap leach. 4.63 moz reserves, 20-year life to 2050, LOM AISC $2,062/oz, NPV5% of $3.3 billion at $3,948/oz consensus gold. Buffalo Valley first production 2029.
• Seabee (Saskatchewan, Canada): underground gold mine, 96.5% recovery, mill grade 6.72 g/t in Q3. Growth via Santoy and Porky.
• Puna (Jujuy, Argentina): silver-lead-zinc open pit and mill, ~20% of 2026 production weighting. Growth via Chinchillas laybacks, Molina and Cortaderas.

Portfolio focus is ~90% USA/Canada by net asset value per the investor presentation. 2026 guidance: 450,000–535,000 GEOs. Growth pipeline: Buffalo Valley (2029), Converse/Roxmore (2033), Porky/Santoy, Cortaderas, plus a 15% joint-venture interest in Phenom's Dobbin project and a 9.9% equity stake in Phenom Resources.