SSR Mining (SSRM) Q3 2025 earnings summary

Executive summary

• Q3 2025 production reached 102,673 gold equivalent ounces at a cost of sales of $1,585/oz and AISC of $2,359/oz; year-to-date production was 326,940 gold equivalent ounces at a cost of sales of $1,430/oz and AISC of $2,131/oz.

• Net income attributable to shareholders was $65.4 million ($0.31/diluted share); adjusted net income was $68.4 million ($0.32/diluted share).

• Revenue for Q3 2025 was $385.8 million, up 49.9% year-over-year, driven by higher gold and silver prices and the CC&V acquisition.

• Operating cash flow for Q3 2025 was $57.2 million; free cash flow was negative $2.4 million, mainly due to inventory movements and prepayments for development.

• Cash and cash equivalents stood at $409.3 million, with total liquidity of $909.3 million as of September 30, 2025.

Financial highlights

• Q3 2025 revenue: $385.8 million (+49.9% YoY); operating income: $83.3 million; adjusted EBITDA: $110.5 million.

• Q3 2025 net income attributable to shareholders: $65.4 million; adjusted net income: $68.4 million.

• Free cash flow for Q3 2025 was negative $2.4 million; free cash flow before working capital adjustments was $72.5 million.

• Average realized gold price in Q3 2025 was $3,503/oz.

• Q3 2025 AISC per gold equivalent ounce sold was $2,359; cash cost: $1,449.

Outlook and guidance

• Full-year 2025 production is expected in the lower half of the 410,000–480,000 gold equivalent ounce range.

• Costs are trending toward the upper end of consolidated cost guidance due to higher gold prices and share-based compensation.

• Hod Maden development capital spend for 2025 is projected at $60–$100 million, with an updated life of mine plan and construction decision expected soon.

• Technical report for CC&V, based on Mineral Reserves, is on track for publication in 2025.

• Liquidity position is sufficient for the next twelve months without new borrowings.