SSRM — SSR Mining Inc.

SSR Mining Inc. Q1 2026 Earnings Call Summary

1. Key Financial Results and Metrics:

• Revenue: Nearly $600 million.
• Gold Equivalent Production: 110,000 ounces at all-in sustaining costs (AISC) of $2,433 per ounce.
• Free Cash Flow: Over $210 million, increasing cash position to $634 million with zero debt.
• Net Income: $1.16 per diluted share; adjusted net income was $1.15 per diluted share.
• Share Repurchase: $300 million completed post-quarter, totaling over 29 million shares repurchased since 2021 at an average price of $21 per share.

2. Strategic Updates and Business Highlights:

• Çöpler Mine Sale: Announced a definitive agreement to sell Çöpler for $1.5 billion, expected to close by Q3 2026. This sale is part of a strategic repositioning towards a focused Americas-based gold and silver production model.
• Operational Performance: Strong performance from Marigold and Cripple Creek & Victor (CC&V), with CC&V generating approximately $325 million in mine site free cash flow since its acquisition.
• Growth Initiatives: Plans to update the life-of-mine plan for Marigold, with ongoing evaluations for brownfield growth opportunities at Puna and Seabee.

3. Forward Guidance and Outlook:

• Production Expectations: Anticipate 55% to 60% of full-year production in the second half of 2026, with higher sustaining capital expenditures expected in Q2 and Q3.
• Cost Management: Ongoing focus on operational efficiency and cost control, particularly in light of rising fuel prices.
• Future Cash Flow: Continued free cash flow generation expected to enhance capital allocation flexibility for growth and shareholder returns.

4. Bad News, Challenges, or Points of Concern:

• Cost Pressures: AISC at Marigold expected to peak in 2026 due to increased capital spending on fleet replacements and higher royalty costs driven by gold prices.
• Weather Impact: Seabee's production was affected by extreme cold, leading to temporary downtime and higher costs.
• Regulatory Approvals: The completion of the Çöpler sale is contingent on regulatory approvals, which could pose delays.

5. Notable Q&A Insights:

• Hod Maden Review: The strategic review is ongoing, considering options from project development to potential sale, but no timeline was provided for a decision.
• Buyback Strategy: Management is evaluating future buyback opportunities post-Çöpler sale closure, with a focus on holistic capital allocation.
• Carlton Tunnel Payment: The $87.5 million payment made during Q1 was for a milestone achieved by Newmont, with another similar payment pending based on future permitting approvals.
• Fuel Price Sensitivity: A $10 increase in oil prices could lead to a $7 to $10 increase in AISC, highlighting the importance of the hedging program in managing costs.

Overall, SSR Mining Inc. reported a strong Q1 2026 with solid financial performance and strategic initiatives aimed at enhancing shareholder value while navigating potential cost pressures and regulatory challenges.