SSR Mining (SSRM) Q2 2025 earnings summary

Executive summary

• Q2 2025 production reached 120,191 gold equivalent ounces at a cost of sales of $1,396/oz and AISC of $2,068/oz; year-to-date production was 223,987 gold equivalent ounces at AISC of $2,024/oz.

• Net income attributable to shareholders was $90.1M ($0.42/diluted share); adjusted net income was $110.1M ($0.51/diluted share).

• Operating cash flow for Q2 was $157.8M, with free cash flow of $98.4M; cash and equivalents stood at $412.1M, total liquidity at $912.1M as of June 30, 2025.

• CC&V integration completed, generating nearly $85M in mine site free cash flow since acquisition.

• Çöpler mine remains suspended; reclamation and remediation cost estimate increased to $312.9M.

Financial highlights

• Q2 2025 revenue was $405.5M, up from $184.8M in Q2 2024; operating income for Q2 was $162.9M, net income $90.1M, and adjusted net income $110.1M.

• Average realized gold price was $3,336/oz, and silver price was $35.24/oz in Q2 2025.

• Q2 2025 AISC per gold equivalent ounce sold was $2,068, compared to $2,116 in Q2 2024.

• Free cash flow for Q2 2025 was $98.4M; operating cash flow before working capital adjustments was $196.0M.

• Received $44.4M in business interruption insurance proceeds related to the Çöpler incident.

Outlook and guidance

• Full-year 2025 production guidance: 410,000–480,000 gold equivalent ounces at consolidated cost of sales of $1,375–$1,435/oz and AISC of $2,090–$2,150/oz.

• Marigold: 160,000–190,000 oz gold at cost of sales $1,530–$1,570/oz, AISC $1,800–$1,840/oz.

• CC&V: 90,000–110,000 oz gold at cost of sales $1,470–$1,510/oz, AISC $1,800–$1,840/oz.

• Seabee: Production targeted at low end of 70,000–80,000 oz guidance due to Q2 suspension.

• Puna: 8.00–8.75M oz silver at cost of sales $12.50–$14.00/oz, AISC $14.25–$15.75/oz.