SSR Mining Q3 2025 presentation: Revenue surges 50% amid portfolio diversification

Introduction & Market Context

SSR Mining Inc. (NASDAQ:SSRM) reported substantial financial improvements in its third quarter 2025 results, with revenue increasing nearly 50% year-over-year despite operational challenges at some of its mining properties. The company’s diversified portfolio strategy appears to be paying dividends, particularly through the successful integration of the CC&V mine acquired earlier this year.

The gold and silver producer maintains its position as the third-largest U.S. gold producer, with operations spanning four countries and a strong balance sheet to support ongoing growth initiatives. While the stock has remained relatively stable following the earnings release, the company’s presentation highlights significant financial progress and strategic developments.

Quarterly Performance Highlights

SSR Mining produced 102,673 gold equivalent ounces (GEOs) in Q3 2025, up from 97,429 ounces in the same period last year. This production came from its diversified portfolio of mines across the United States, Canada, Argentina, and Turkey.

As shown in the following quarterly results overview:

The company’s operations delivered mixed results across its portfolio:

• Marigold (Nevada): 36.3 koz gold at a cost of sales of $1,673/oz and AISC of $1,840/oz
• CC&V (Colorado): 29.8 koz gold at a cost of sales of $1,394/oz and AISC of $1,756/oz
• Seabee (Canada): 9.1 koz gold at a cost of sales of $2,185/oz and AISC of $3,003/oz
• Puna (Argentina): 2.4 Moz silver at a cost of sales of $16.80/oz and AISC of $13.54/oz

The Çöpler mine in Turkey remains on care and maintenance, with costs totaling $37.3 million during the quarter. The company continues to evaluate pathways toward restarting this operation.

Detailed Financial Analysis

SSR Mining’s financial performance showed remarkable improvement in Q3 2025 compared to the same period last year. Revenue reached $385.8 million, up 49.9% from $257.4 million in Q3 2024. Net income attributable to shareholders jumped to $65.4 million ($0.32 per basic share), compared to just $10.6 million ($0.05 per share) in the prior-year period.

The company’s financial strength is illustrated in the following comprehensive overview:

The balance sheet remains robust with $409.3 million in cash and cash equivalents as of September 30, 2025, maintaining a net cash position of $179.3 million. Total available liquidity stands at $909.3 million, including an undrawn $400 million revolving credit facility and a $100 million accordion feature.

Operating cash flow reached $57.2 million for the quarter, though free cash flow was slightly negative at -$2.4 million. However, before working capital adjustments, Q3 operating cash flow was $132.1 million with free cash flow of $72.5 million, indicating strong underlying operational performance.

Strategic Initiatives and Growth Projects

SSR Mining continues to advance several strategic initiatives across its portfolio. The company’s global footprint and key priorities are outlined in the following overview:

A significant highlight is the successful integration of the CC&V mine, acquired in February 2025. The acquisition has already generated nearly $115 million in mine site free cash flow since closing, validating the company’s M&A strategy. The CC&V operation continues to perform well, as shown in the detailed mine results:

The company is also making progress on the Hod Maden copper-gold project in Turkey, with $17.1 million spent during Q3 2025, bringing the year-to-date investment to $44.4 million. Full-year 2025 attributable growth capital expenditures for this project are expected to total between $60 and $100 million. SSR Mining anticipates providing an updated life of mine plan and construction decision for Hod Maden in the coming months.

At Marigold, the company continues to advance drilling and engineering studies at Buffalo Valley and New Millennium, evaluating organic growth and mine life extension opportunities. Despite some challenges with ore blending requirements affecting Q4 expectations, the mine continues to be a cornerstone asset:

Forward-Looking Statements

SSR Mining expects its full-year production to be in the lower half of its guidance range of 410,000 to 480,000 gold equivalent ounces, according to statements made during the earnings call. This reflects some of the operational challenges faced, particularly at Marigold with ore blending requirements and at Seabee with lower than expected grades.

The company remains focused on several priorities for the remainder of 2025, including:

• CC&V integration and publication of a technical report
• Advancing the Hod Maden project toward a construction decision
• Extending Puna’s mine life
• Advancing Buffalo Valley at Marigold
• Portfolio-wide exploration
• Working toward restarting the Çöpler mine

During the earnings call, Executive Chairman Rod Antal emphasized the company’s value proposition, stating, "We firmly believe SSR Mining still represents a compelling value proposition moving forward." He particularly highlighted the potential of the Hod Maden project, describing it as "one of the most compelling undeveloped copper-gold projects in the entire sector."

With its strong balance sheet, diversified portfolio, and strategic growth initiatives, SSR Mining appears well-positioned to navigate current operational challenges while advancing its longer-term growth objectives.

Full presentation:

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