SSR Mining (SSRM) Q3 2024 earnings summary

Executive summary

• Q3 2024 production totaled 97,429 gold equivalent ounces, with Çöpler operations suspended after the February incident and Seabee temporarily halted by forest fires; Seabee resumed in October.

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

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

• Remediation at Çöpler is ongoing, with $48.3 million spent in Q3 and total remediation costs since April 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 million in total liquidity at quarter-end.

Financial highlights

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

• Attributable net income per share was $0.05; adjusted net income per share was $0.03.

• Operating cash flow was negative $1.3 million; free cash flow was negative $34.1 million.

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

• AISC per gold equivalent ounce sold was $2,065, up from $1,289 in Q3 2023.

Outlook and guidance

• Marigold is on track for 2024 production guidance of 155,000–175,000 oz gold, but with higher costs expected to persist into 2025.

• Seabee full-year 2024 production guidance revised to 65,000–70,000 oz gold at AISC of $1,725–$1,755/oz due to temporary suspension.

• Puna full-year 2024 silver production guidance increased to 10.0–10.5 million oz, with cost guidance unchanged.

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

• Guidance on 2025 capital spend at Hod Maden will be provided with annual 2025 guidance.