Seabee mine to resume operations in October

DENVER - SSR Mining (NASDAQ:SSRM) Inc. (NASDAQ:SSRM, TSX:SSRM, ASX:SSR) has announced that its Seabee operations are expected to restart in the second half of October following a period of closure due to nearby wildfire activity. The company expressed its gratitude towards the employees who remained on-site to manage the situation and the Saskatchewan Public Safety Agency (SPSA) for their efforts in protecting the infrastructure.

The Seabee mine was evacuated on August 21, 2024, but did not suffer material impact from the fires. However, some remote equipment including power poles, piping, and exploration equipment incurred damage. With the reduced risk of fire, employees have been authorized to return and commence repairs.

SSR Mining plans to provide an updated production and cost guidance for Seabee as part of its third quarter 2024 financial results.

The press release also included a cautionary note regarding forward-looking information, which constitutes statements that are not historical facts but are based on certain key expectations and assumptions by the company. SSR Mining advises against placing undue reliance on these forward-looking statements due to various risks and uncertainties that could cause actual results to differ materially from anticipated results.

The company's forward-looking statements include forecasts, the impact of operational suspensions, future production timelines, and other factors that may influence future events or conditions.

Investors and stakeholders are reminded that forward-looking information is subject to change, and the company undertakes no obligation to update any forward-looking information except as required by law. The information is based on a press release statement from SSR Mining Inc.

In other recent news, SSR Mining Inc. highlighted its second quarter financial results and addressed the Copler incident. The firm reported Q2 production of 76,000 gold equivalent ounces at an all-in sustaining cost of $2,116 per ounce, a figure elevated by the Copler incident's expenses. Despite the setbacks at Copler, SSR Mining's Marigold, Seabee, and Puna operations are performing well and are expected to meet their full-year guidance.

The company remains financially robust, with a cash balance of $358 million, even after a $55 million remediation expenditure due to the Copler incident. SSR Mining is actively engaged in remediation efforts at Copler and is in ongoing discussions with Turkish authorities regarding the mine's restart.

These developments come as the company aims to complete the Copler site's remediation by the end of the third quarter and is fully committed to resuming operations there, pending necessary permits. Despite the significant impact of the Copler incident on the company's financials, SSR Mining's other operations continue to contribute positively to its financial position. The firm's full-year production and cost guidance remain unchanged for Marigold, Seabee, and Puna operations.

InvestingPro Insights

As SSR Mining Inc. (NASDAQ:SSRM) navigates the aftermath of the wildfires and prepares to restart operations at the Seabee mine, investors are closely monitoring the company's financial health and market performance. According to InvestingPro data, SSR Mining currently has a market capitalization of approximately $1.22 billion. Despite a challenging period marked by operational suspensions, the company's revenue growth over the last twelve months as of Q2 2024 stands at an impressive 12.65%. This indicates resilience in revenue generation, which could be a positive sign as operations resume.

Moreover, the company's Price/Book ratio as of Q2 2024 is 0.39, which suggests that the stock may be trading at a low valuation relative to its book value. This could be an attractive entry point for value investors, especially considering that SSR Mining is expected to grow its net income this year, as highlighted by one of the InvestingPro Tips. Additionally, the company's dividend yield is currently 4.67%, which may appeal to income-focused investors looking for steady returns amidst market volatility.

Investors seeking more detailed insights can find additional InvestingPro Tips that provide a comprehensive analysis of SSR Mining's financial metrics and stock performance. Currently, there are 15 additional tips available on InvestingPro that can help investors make informed decisions about their investments in SSR Mining. To explore these insights, visit https://www.investing.com/pro/SSRM.

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