SSR Mining (SSRM) Q4 2025 earnings summary

Executive summary

• 2025 gold equivalent production reached 447,207 ounces, exceeding guidance midpoint, with strong Q4 performance at CC&V and Puna driving results.

• Net income attributable to shareholders was $395.8M for 2025, with adjusted net income at $430.5M ($2.01/diluted share); Q4 net income was $181.5M.

• Year-end cash and equivalents stood at $535M, with total liquidity of $1.03B.

• Board approved a $300M share buyback program, reflecting confidence in future cash flows and growth prospects.

• Mineral reserves increased nearly 40% year-over-year to 11M gold equivalent ounces, driven by acquisitions and higher price assumptions.

Financial highlights

• 2025 revenue was $1.63B, up from $995.6M in 2024; operating income rose to $362.4M from a loss of $352.6M.

• Q4 2025 net income attributable to shareholders was $181.5M; adjusted net income was $190.5M.

• Operating cash flow for 2025 was $471.9M; free cash flow was $241.6M.

• Consolidated cost of sales for 2025 was $1,472/oz GEO; AISC was $2,153/oz GEO.

• Total liquidity at year-end was $1.03B, including undrawn credit facilities.

Outlook and guidance

• 2026 production guidance is 450,000–535,000 GEOs, a 10% increase year-over-year, with cost of sales expected at $1,560–$1,640/oz and AISC at $2,360–$2,440/oz.

• Sustaining capital spend in 2026 is $202M, with growth capital at $115M (excluding Hod Maden); $35M allocated to exploration and resource development.

• Çöpler remains on care and maintenance, incurring $35–$40M in quarterly costs.

• Production weighted to H2 2026; AISC expected to peak in H1 due to capital outlays.

• Hod Maden early works to continue at up to $15M/month until construction decision.