SSR Mining (SSRM) Q2 2024 earnings summary

Executive summary

• Q2 2024 production totaled 76,102 gold equivalent ounces at a cost of sales of $1,357/oz and AISC of $2,116/oz, with Çöpler operations suspended following the February 13, 2024 incident.

• Marigold, Seabee, and Puna operations performed well and remain on track for full-year guidance, with second half production expected to be up to 60–70% weighted to Q4.

• Net income attributable to shareholders was $9.7 million ($0.05/share); adjusted net income was $7.5 million ($0.04/share).

• Free cash flow was negative $116.3 million, reflecting remediation costs and suspended operations at Çöpler.

• Cash and cash equivalents stood at $358.3 million, with total liquidity of $858.4 million as of June 30, 2024.

Financial highlights

• Q2 2024 revenue was $184.8 million, down from $301.0 million in Q2 2023.

• Operating income for Q2 2024 was $10.7 million, compared to $52.9 million in Q2 2023.

• Net income attributable to shareholders was $9.7 million ($0.05/share), down from $74.9 million ($0.37/share) in Q2 2023.

• Adjusted net income for Q2 2024 was $7.5 million ($0.04/share), compared to $75.1 million ($0.37/share) in Q2 2023.

• Operating cash flow was negative $78.1 million in Q2 2024, compared to positive $80.3 million in Q2 2023.

Outlook and guidance

• Marigold, Seabee, and Puna remain on track for full-year production and cost guidance, with 2024 production guidance of 340,000–380,000 gold equivalent ounces.

• Marigold: 2024 guidance of 155,000–175,000 oz gold at cost of sales $1,300–$1,340/oz and AISC $1,535–$1,575/oz.

• Seabee: 2024 guidance of 75,000–85,000 oz gold at cost of sales $990–$1,030/oz and AISC $1,495–$1,535/oz.

• Puna: 2024 guidance of 8.75–9.50 million oz silver at cost of sales $16.50–$18.00/oz and AISC $14.75–$16.25/oz.

• Çöpler restart timing and conditions remain uncertain, pending permit approvals and ongoing discussions with Turkish authorities.