SSR Mining
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SSR Mining (SSRM) investor relations material

SSR Mining Q4 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q4 2025 earnings summary17 Feb, 2026

Executive summary

  • 2025 gold equivalent production reached 447,207 ounces, exceeding guidance midpoint, with strong Q4 operating cash flow of $172 million and free cash flow of $106 million; year-end cash totaled $535 million.

  • Board approved a $300 million share buyback program, reflecting confidence in free cash flow and portfolio value.

  • Strong operational results at CC&V and Puna, both exceeding full-year guidance and delivering exceptional free cash flow.

  • Mineral reserves at year-end 2025 totaled 11 million gold equivalent ounces, up nearly 40% year-over-year, driven by acquisitions and resource development.

  • Advanced key growth projects, including Hod Maden and brownfield opportunities at Marigold and Puna.

Financial highlights

  • Q4 2025 net income attributable to shareholders was $181.5 million ($0.84/diluted share); adjusted net income was $190.5 million ($0.88/diluted share).

  • Full-year 2025 net income was $395.8 million ($1.85/diluted share); adjusted net income was $430.5 million ($2.01/diluted share).

  • 2025 revenue was $1.63 billion, with operating income of $202.3 million.

  • Full-year operating cash flow was $471.9 million; free cash flow was $241.6 million (over $400 million excluding working capital changes).

  • Cash and cash equivalents at year-end were $534.8 million; total liquidity was $1.03 billion.

Outlook and guidance

  • 2026 production guidance: 450,000–535,000 gold equivalent ounces, a 10% increase over 2025, from Marigold, CC&V, Seabee, and Puna.

  • 2026 AISC expected at $2,360–$2,440/oz ($2,180–$2,260/oz excluding Çöpler care and maintenance); cost of sales at $1,560–$1,640/oz.

  • Growth capital spend in 2026 projected at $115 million, mainly for leach pad expansions and exploration.

  • Hod Maden early works capital up to $15 million/month until construction decision.

  • Production and AISC are expected to be weighted to the second half of 2026 for Marigold and CC&V.

Share buyback impact on growth project funding
Reserve growth from higher commodity price assumptions
Ongoing Çöpler care & maintenance cost impact
Hod Maden: Justify pre-decision $15M/month spend
Marigold: What is the new 5-year production profile?
Puna: Explain 2026 silver production guidance change
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Frequently asked questions

SSR Mining Inc engages in the operation, acquisition, exploration, and development of precious metal resource properties. The company produces gold and silver from assets located in North America, South America, and Turkey. It is headquartered in Denver, Colorado, and its shares are listed on the NASDAQ.

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