SSRM — SSR Mining Inc.

SSR Mining Q4 2025 Earnings Call Summary

1. Key Financial Results and Metrics

• Q4 Production: 120,000 gold equivalent ounces.
• Q4 All-In Sustaining Cost (AISC): $22.50 per ounce ($202 per ounce excluding Çöpler costs).
• Q4 Sales: 117,000 gold equivalent ounces at an average realized price of $4,142 per ounce.
• Net Income: $181 million ($0.84 per diluted share); adjusted net income was $190 million ($0.88 per diluted share).
• Full Year Production: 447,000 gold equivalent ounces, exceeding guidance.
• Full Year AISC: $1,923 per ounce, at the top end of guidance.
• Free Cash Flow: $106 million in Q4; $252 million for the full year, with over $400 million excluding working capital changes.
• Cash Position: Ended Q4 with $535 million in cash and over $1 billion in liquidity.

2. Strategic Updates and Business Highlights

• Share Buyback Program: Board approved a buyback of up to $300 million, re-establishing a key component of capital allocation.
• Strong Performance: Notable production from Cripple Creek and Victor mine and Puna operations, both exceeding guidance.
• Technical Reports: Released reports for Cripple Creek and Victor (12-year mine life, $824 million NPV) and Hod Maden (expected $1.7 billion NPV, 39% IRR).
• Brownfield Growth Projects: Advancing projects across the portfolio, with significant capital investment planned for 2026.

3. Forward Guidance and Outlook

• 2026 Production Guidance: Expected production of 450,000 to 535,000 gold equivalent ounces.
• 2026 AISC Guidance: Expected to be between $2,360 and $2,440 per ounce (excluding Çöpler costs).
• CapEx for 2026: Total expected gross spend of $150 million, with up to $15 million per month allocated to Hod Maden.
• Puna Production Guidance: Anticipated 6.25 million to 7 million ounces of silver in 2026, with AISC of $20 to $22 per ounce.

4. Bad News, Challenges, or Points of Concern

• Çöpler Operations: Currently not operational, incurring cash care and maintenance costs of $20 million to $25 million per quarter.
• AISC Pressure: Higher-than-expected royalty costs and share-based compensation impacted AISC, which was at the top end of guidance.
• Production Timing Adjustments: Changes in production schedules at Marigold and Puna due to blending requirements and operational adjustments may affect short-term output.

5. Notable Q&A Insights

• Marigold Production: Guidance for 2026 production was confirmed as conservative, with blending strategies in place to optimize recovery.
• Hod Maden Construction Decision: Ongoing early site works; no specific timeline for a formal construction decision was provided, but groundwork is progressing.
• Puna's Future: The potential for extending operations beyond 2028 is contingent on successful drilling at Cortaderas and Chinchillas.
• CC&V Expansion: Future production increases depend on obtaining necessary permits for mine expansion and optimizing existing resources.
• Sustaining CapEx at Marigold: Increased spending in 2026 is seen as a strategic investment for long-term value, not indicative of ongoing higher CapEx in subsequent years.

Overall, SSR Mining demonstrated strong financial performance in Q4 2025, with strategic initiatives aimed at growth and shareholder returns, although challenges remain in certain operational areas.