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, with strong operational and financial performance and significant free cash flow.

• Revenue for Q2 2025 rose 119% year-over-year to $405.5M, driven by the CC&V acquisition and higher gold prices.

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

• Integration of Cripple Creek & Victor (CC&V) completed, generating nearly $85M in mine site free cash flow since acquisition.

• Çöpler operations remain suspended due to the 2024 incident; remediation cost estimate increased to $312.9M.

Financial highlights

• Q2 2025 revenue was $405.5M, up from $184.8M in Q2 2024; operating income was $108.9M.

• Adjusted net income for Q2 2025 was $110.1M; diluted EPS was $0.42, adjusted diluted EPS was $0.51.

• Free cash flow for Q2 2025 was $98.4M; operating cash flow was $157.8M.

• Cash and equivalents at June 30, 2025: $412.1M; total liquidity: $912.1M.

• 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 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 AISC $1,800–$1,840/oz; CC&V: 90,000–110,000 oz gold at AISC $1,800–$1,840/oz.

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

• Puna: 8.00–8.75M oz silver at AISC $14.25–$15.75/oz; mine life extension initiatives underway.

• Growth capital at Hod Maden expected at $60–$100M in 2025.