SSR Mining (SSRM) Q4 2024 earnings summary

Executive summary

• Full-year 2024 production reached 399,267 gold equivalent ounces at AISC of $1,878/oz, impacted by Çöpler suspension and care & maintenance costs.

• Announced acquisition of Cripple Creek & Victor (CC&V) Gold Mine for $100 million upfront and up to $175 million in milestone payments, adding a sixth key asset.

• Net loss attributable to shareholders was $(261.3) million, driven by Çöpler incident-related charges, but adjusted net income was $57.6 million, or $0.28 per diluted share.

• Significant milestones included 5 million ounces of life-of-mine gold at Marigold and record 10.5 million ounces of silver at Puna.

• Operations at Seabee were fully reinstated after forest fire-related suspension, with 78,545 oz gold produced in 2024.

Financial highlights

• FY 2024 revenue was $995.6 million; net loss attributable to shareholders was $(261.3) million; adjusted net income was $57.6 million.

• Q4 2024 net income was $5.6 million ($0.03/share); adjusted net income was $21.3 million ($0.10/share).

• Cash and cash equivalents at year-end were $387.9 million; net cash position of $157.9 million; total liquidity of ~$890 million.

• Q4 operating cash flow was $95 million; full-year free cash flow was $(103.4) million, impacted by Çöpler-related costs.

• Average realized gold price in 2024 was $2,381/oz; average realized silver price was $29.16/oz.

Outlook and guidance

• Consolidated 2025 cost and production guidance, including CC&V, to be released after transaction closes.

• Key 2025 priorities: CC&V integration, advancing Hod Maden, extending Puna's life, and progressing Çöpler restart.

• Remediation and reclamation spend at Çöpler expected to be $250–$300 million, with remaining spend over several years.

• Çöpler restart timing remains uncertain; initial operations could resume within 20 days of permit reinstatement, at reduced throughput per 2014 EIA.

• Marigold, Seabee, and Puna expected to generate strong asset-level free cash flow in 2025.