SSR Mining (SSRM) Q1 2025 earnings summary

Executive summary

• Q1 2025 production reached 104,000 gold equivalent ounces at AISC of $1,972/oz, or $1,749/oz excluding Çöpler, with strong operational delivery and nearly $40 million in free cash flow.

• Revenue rose 37.5% year-over-year to $316.6M, net income attributable to shareholders was $58.8M ($0.28–$0.29/diluted share), and adjusted net income was $61.6M.

• Successful integration and completion of the CC&V acquisition, contributing to results and making the company the third largest U.S. gold producer.

• Çöpler operations remain suspended following the 2024 incident, with $35.8M in care and maintenance costs and no timeline for restart.

• Strong liquidity position with $319.6M in cash, net cash of $89.6M, and total liquidity over $800M.

Financial highlights

• Q1 2025 revenue: $316.6M, up from $230.2M in Q1 2024; operating income was $66.9M, compared to a loss of $376.4M in Q1 2024.

• Net income attributable to shareholders: $58.8M ($0.28–$0.29/diluted share); adjusted net income: $61.6M ($0.29–$0.30/share).

• Operating cash flow: $84.8M; free cash flow: $39.3M; free cash flow before working capital: $59.4M.

• Cash and cash equivalents at quarter-end: $319.6M; total available liquidity: $820M.

• No dividends declared during the quarter.

Outlook and guidance

• 2025 production guidance: 410,000–480,000 gold equivalent ounces; AISC: $2,090–$2,150/oz, or $1,890–$1,950/oz excluding Çöpler.

• Marigold: 160,000–190,000 oz gold at AISC $1,800–$1,840/oz; CC&V: 90,000–110,000 oz gold at AISC $1,800–$1,840/oz; Seabee: 70,000–80,000 oz gold at AISC $1,710–$1,750/oz; Puna: 8.00–8.75M oz silver at AISC $14.25–$15.75/oz.

• Growth capital at Hod Maden expected at $60–$100M for 2025; $12.2M spent in Q1.

• Çöpler operations remain suspended; no estimate for restart.

• Liquidity is considered sufficient for the next 12 months without new borrowings.