SSR Mining Issues Notice of Redemption for Convertible Notes
SSR Mining Cleans Balance Sheet as Gold Gains Fuel Massive Buyback and Debt Redemption
The most recent news (February 18, 2026) announces that SSR Mining is redeeming its 2.50% Convertible Senior Notes due 2039. The company will redeem the full outstanding principal of $227,495,000 on March 20, 2026. Holders have the option to convert their notes into common shares until March 19, 2026, at a rate of 56.7931 shares per $1,000 principal (an effective conversion price of approximately $17.61 per share). Given the recent stock price of $35.30, it is highly anticipated that all holders will elect to convert, leading to the issuance of approximately 13 million common shares. This follows the February 17, 2026, announcement of record full-year 2025 results and a new $300 million share buyback program.
- Balance Sheet De-leveraging: The redemption effectively removes nearly $228 million in debt. While this will be settled primarily through share issuance (conversion), it eliminates interest obligations and future debt maturity risks.
- Dilution Mitigation: The 13 million shares to be issued represent approximately 6% dilution. However, the concurrent $300 million share buyback program (roughly 8.5 million shares at current prices) is designed to offset a significant portion of this dilution over the next 12 months.
- Financial Strength: Settlement of the Make-Whole Premium and accrued interest in cash/shares indicates high liquidity. The company ended 2025 with $534.8 million in cash and over $1 billion in total liquidity.
- Operational Momentum: The redemption is a "cleanup" move following a year where SSR Mining exceeded production guidance (447k GEO) and grew mineral reserves by 40% to 11 million ounces. It signals management's confidence that the current production profile (excluding the suspended Çöpler mine) is self-sustaining.
SSR Mining is a mid-tier precious metals producer with operations in the USA, Canada, and Argentina. - Flagship Project (Current): Marigold (Nevada, USA), a large-scale open-pit heap leach operation with a 35-year history. - Flagship Project (Future): Hod Maden (Türkiye), a high-grade copper-gold development project with a 39% IRR and an AISC estimate of $590/oz. - Other Assets: Seabee (Canada), CC&V (Colorado, USA), and Puna (Argentina). The Çöpler mine in Türkiye remains on care and maintenance following a 2024 incident.