SSR Mining (SSRM) Q4 2025 earnings summary

Executive summary

• 2025 gold equivalent production reached 447,207 ounces, exceeding guidance midpoint, with strong Q4 operating cash flow of $172 million and free cash flow of $106 million; year-end cash totaled $535 million.

• Board approved a $300 million share buyback program, reflecting confidence in free cash flow and portfolio value.

• Strong operational results at CC&V and Puna, both exceeding full-year guidance and delivering exceptional free cash flow.

• Mineral reserves at year-end 2025 totaled 11 million gold equivalent ounces, up nearly 40% year-over-year, driven by acquisitions and resource development.

• Advanced key growth projects, including Hod Maden and brownfield opportunities at Marigold and Puna.

Financial highlights

• Q4 2025 net income attributable to shareholders was $181.5 million ($0.84/diluted share); adjusted net income was $190.5 million ($0.88/diluted share).

• Full-year 2025 net income was $395.8 million ($1.85/diluted share); adjusted net income was $430.5 million ($2.01/diluted share).

• 2025 revenue was $1.63 billion, with operating income of $202.3 million.

• Full-year operating cash flow was $471.9 million; free cash flow was $241.6 million (over $400 million excluding working capital changes).

• Cash and cash equivalents at year-end were $534.8 million; total liquidity was $1.03 billion.

Outlook and guidance

• 2026 production guidance: 450,000–535,000 gold equivalent ounces, a 10% increase over 2025, from Marigold, CC&V, Seabee, and Puna.

• 2026 AISC expected at $2,360–$2,440/oz ($2,180–$2,260/oz excluding Çöpler care and maintenance); cost of sales at $1,560–$1,640/oz.

• Growth capital spend in 2026 projected at $115 million, mainly for leach pad expansions and exploration.

• Hod Maden early works capital up to $15 million/month until construction decision.

• Production and AISC are expected to be weighted to the second half of 2026 for Marigold and CC&V.