SSR Mining (SSRM) Q1 2025 earnings summary

Executive summary

• Q1 2025 production reached 103,805 gold equivalent ounces at a cost of sales of $1,312/oz and AISC of $1,972/oz, or $1,749/oz excluding Çöpler costs.

• Net income attributable to shareholders was $58.8M ($0.28/diluted share); adjusted net income was $61.6M ($0.29/diluted share), reversing a $287.1M loss in Q1 2024.

• Operating cash flow was $84.8M, with free cash flow of $39.3M; before working capital adjustments, $105.0M and $59.4M, respectively.

• The CC&V acquisition closed on February 28, 2025, contributing to results and expanding U.S. gold production scale.

• Çöpler mine remains on care and maintenance following the 2024 incident; no timeline for restart.

Financial highlights

• Revenue for Q1 2025 was $316.6M, up from $230.2M in Q1 2024, driven by higher gold and silver prices and the CC&V acquisition.

• Operating income was $66.9M, compared to a loss of $376.4M in Q1 2024.

• Cash and cash equivalents at March 31, 2025 were $319.6M; total liquidity was $819.6M.

• Free cash flow improved to $39.3M from negative $9.4M year-over-year.

• Adjusted net income rose to $61.6M from $22.5M year-over-year.

Outlook and guidance

• 2025 production guidance: 410,000–480,000 gold equivalent ounces at cost of sales of $1,375–$1,435/oz and AISC of $2,090–$2,150/oz; excluding Çöpler, AISC is $1,890–$1,950/oz.

• Marigold: 160,000–190,000 oz gold at AISC $1,800–$1,840/oz; production weighted to H2 2025.

• CC&V: 90,000–110,000 oz gold at AISC $1,800–$1,840/oz for the period post-acquisition.

• 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 exploration/resource development spend expected at $58M; growth capex $100–$140M, mainly at Hod Maden.