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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.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.
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