SSR Mining (SSRM) Q3 2024 earnings summary

Executive summary

• Third quarter 2024 production totaled 97,429 gold equivalent ounces, with Çöpler operations suspended due to the February incident and Seabee temporarily halted by forest fires, but now restarted.

• Net income attributable to shareholders was $10.6 million ($0.05 per diluted share); adjusted net income was $6.4 million ($0.03 per diluted share), reflecting significant care and maintenance costs at Çöpler and Seabee.

• Operating cash flow was negative at $(1.3) million, and free cash flow was $(34.1) million for the quarter.

• Remediation at Çöpler is ongoing, with $48.3 million spent in Q3 and total remediation spend since April 1, 2024 reaching $103.3 million; full remediation is estimated at $250–$300 million over 24–36 months.

• Cash and liquidity remain strong, with $334.3 million in cash and $834.0 million in total liquidity at quarter-end.

Financial highlights

• Q3 2024 revenue was $257.4 million, down from $385.4 million in Q3 2023.

• Net income attributable to shareholders was $10.6 million, compared to $15.2 million in Q3 2023.

• Adjusted net income was $6.4 million, down from $53.0 million in Q3 2023.

• Operating cash flow was $(1.3) million, compared to $135.3 million in Q3 2023.

• Average realized gold price was $2,531/oz and silver price was $30.05/oz in Q3 2024.

Outlook and guidance

• Marigold full-year 2024 production guidance reaffirmed at 155,000–175,000 ounces of gold; cost of sales guidance raised to $1,450–$1,480/oz and AISC to $1,650–$1,680/oz due to higher royalties and maintenance costs.

• Seabee full-year 2024 production guidance revised to 65,000–70,000 ounces of gold, with cost of sales of $1,135–$1,165/oz and AISC of $1,725–$1,755/oz.

• Puna full-year 2024 silver production guidance increased to 10.0–10.5 million ounces, with cost of sales of $16.50–$18.00/oz and AISC of $14.75–$16.25/oz.

• Çöpler restart timing remains uncertain due to regulatory and legal challenges; remediation and permitting efforts continue.