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 the Çöpler suspension and care & maintenance costs.

• Net loss attributable to shareholders was $(261.3) million, driven by $272.9 million in reclamation/remediation, $114.2 million in impairments, and $108.7 million in care & maintenance from the Çöpler Incident.

• Adjusted net income for 2024 was $57.6 million, or $0.28 per diluted share, after excluding non-recurring items related to Çöpler.

• Cash and cash equivalents stood at $387.9 million, with total liquidity of $887.5 million and no outstanding borrowings on the credit facility.

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

Financial highlights

• Full-year revenue was $995.6 million; Q4 revenue was $323.2 million.

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

• Q4 operating cash flow was $95.0 million; full-year operating cash flow was $40.1 million, with free cash flow of $(103.4) million due to Çöpler-related costs.

• Full-year cost of sales per gold equivalent ounce was $1,307; AISC per gold equivalent ounce was $1,878.

• Net cash at year-end: $157.9 million; total liquidity: $887.5 million.

Outlook and guidance

• 2025 guidance for CC&V and Hod Maden capital spend to be provided with annual guidance in Q1 2025.

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

• Remediation and containment spend at Çöpler from April 2024 onward forecasted at $250–$300 million.

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

• Key 2025 priorities include CC&V integration, advancing Çöpler restart, and progressing Hod Maden project.