Executive Summary / Key Takeaways

• Strategic Reorientation and Growth: SSR Mining is actively transforming its portfolio, highlighted by the accretive Cripple Creek & Victor (CC&V) acquisition, which rapidly paid back its initial upfront cost, and significant organic growth initiatives across its Americas assets, positioning the company for increased scale and free cash flow.
• Operational Resilience and Efficiency: Despite the Çöpler incident and temporary disruptions at Seabee, SSRM's diversified asset base in the Americas (Marigold, CC&V, Puna, Seabee) demonstrated strong operational performance and free cash flow generation, underscoring the company's ability to execute and optimize its mines.
• Turkish Rebound Catalyst: The potential restart of the Çöpler mine, coupled with the advancement of the high-quality Hod Maden copper-gold project, represents a significant, unpriced upside catalyst, although the Çöpler timeline remains uncertain and subject to ongoing regulatory approvals.
• Robust Financial Health: The company maintains a strong liquidity position of over $900 million, providing ample flexibility to manage ongoing Çöpler remediation costs, fund growth projects like Hod Maden, and navigate market volatility.
• Favorable Commodity Tailwinds: Operating in a supportive commodity cycle with strong gold and firm silver prices, SSRM is well-positioned to leverage its production growth and operational efficiencies for enhanced earnings and shareholder value.

The Resilient Core: SSR Mining's Strategic Evolution and Operational Edge

SSR Mining Inc. ($SSRM), a precious metals mining company with roots tracing back to its incorporation in 1946 as Silver Standard Resources, has strategically evolved into a diversified producer of gold doré, copper, silver, lead, and zinc concentrates across the United States, Türkiye, Canada, and Argentina. This transformation, marked by its 2017 rebranding, underscores a broader, multi-commodity focus designed to enhance scale and portfolio resilience. The company operates as a mid-tier player within the global precious metals landscape, competing with industry giants like Newmont Corporation , Barrick Gold Corporation , Agnico Eagle Mines Limited , and Kinross Gold Corporation .

The broader industry currently benefits from robust gold prices, often exceeding $3,300 per ounce, and firm silver prices, driven by persistent geopolitical and economic uncertainties, as well as significant central bank gold purchases. These tailwinds create an environment of "asymmetric upside" for producers, offering strong earnings leverage to higher metal prices. However, the sector is also contending with inflationary pressures, particularly impacting capital costs for new projects, and the ongoing need for operational efficiency to maintain margins. Indirectly, trends like global electrification and AI-driven demand for certain metals could further bolster demand for copper, a key by-product for SSRM's Hod Maden project.

SSRM's competitive edge is not rooted in a singular, proprietary processing technology but rather in its integrated operational know-how, advanced geological modeling, and disciplined project execution. This "technological differentiation" manifests in several ways: its ability to consistently extend mine lives through brownfield exploration, optimize existing processing facilities for record throughputs, and efficiently bring new reserves into production. For instance, the company's expertise in geological modeling and infill drilling is critical for de-risking early production years at projects like Hod Maden and converting resources into reserves at Marigold's Buffalo Valley. Its operational teams demonstrate a strong capability in process optimization, as evidenced by Puna's record throughputs, translating directly into higher metal recovery and lower unit costs. This focus on continuous improvement and meticulous project planning allows SSRM to maintain competitive operating costs and extend the economic viability of its assets, even against larger rivals who may benefit from greater economies of scale.

Against its peers, SSRM's geographical diversity offers a distinct advantage in mitigating regional risk concentration, a factor that can significantly impact companies with more concentrated asset bases. While larger competitors like Newmont and Barrick (GOLD) possess superior scale and often faster innovation cycles in broad technological applications, SSRM's agility in targeted exploration and development allows for quicker project deployment in specific, high-potential regions. For example, its ability to rapidly integrate and optimize an acquisition like CC&V demonstrates a nimbleness that can be a competitive differentiator. However, SSRM generally trails these larger players in overall operational scale, financial robustness (e.g., profitability and cash flow consistency), and market influence, making it more sensitive to market downturns and geopolitical shifts. Agnico Eagle (AEM), known for its stability, often exhibits superior operational execution and lower costs, while Kinross (KGC) demonstrates strong cost controls. SSRM's strategic response involves leveraging its regional expertise and asset diversification to carve out sustainable value.

A History of Resilience and Strategic Growth

SSR Mining's journey has been marked by both significant challenges and strategic advancements. The most profound challenge emerged on February 13, 2024, with the Çöpler Incident in Türkiye, a major heap leach pad slip that led to an immediate suspension of operations. The company's response was swift and comprehensive, focusing on the recovery of missing colleagues, site containment, root cause investigation, and preparing for a restart. By Q3 2024, all nine missing individuals were recovered, and containment infrastructure proved effective with no recordable contamination. An independent review by Call & Nicholas Inc. (CNI) in Q4 2024 attributed the incident to a "deep-rooted flaw in the third-party engineering design" of the heap leach pad, specifically an overestimation of shear strength properties, rather than operational non-conformance. This finding provided critical clarity as the company embarked on extensive remediation efforts, initially estimated at $250 million to $300 million.

Despite the Çöpler setback, SSR Mining's other assets demonstrated remarkable resilience and growth. In 2024, Puna achieved a record 10.5 million ounces of silver production, and Marigold celebrated a significant milestone of 5 million ounces of life-of-mine gold production. The company also made strides in brownfield exploration, notably declaring a 523,000-ounce maiden mineral reserve at Marigold's Buffalo Valley deposit, a testament to its ongoing investment in organic growth.

A pivotal strategic move was the acquisition of the Cripple Creek & Victor (CC&V) gold mine from Newmont Corporation (NEM), finalized on February 28, 2025, for $100 million upfront and up to $175 million in milestone payments. This acquisition was a deliberate step to enhance SSR Mining's scale, free cash flow, and portfolio diversification. The integration proved "extremely smooth," with CC&V generating nearly $85 million in free cash flow within its first four months, effectively paying back the initial upfront consideration and solidifying its role as a core asset. Concurrently, the company streamlined its market presence by voluntarily delisting from the Australian Securities Exchange (ASX) on April 8, 2025.

Operational Performance and Financial Strength

SSR Mining's Q2 2025 results underscore the strength of its diversified portfolio, even as Çöpler remains offline. Consolidated revenue surged by 119.4% year-over-year to $405.5 million, driven primarily by a 124.2% increase in gold ounces sold and a 40.3% rise in the average realized gold price. This translated into a robust operating income of $108.9 million, a remarkable 915.7% increase from the prior year, and attributable net income of $90.1 million, up 829.3%. Year-to-date, revenue reached $722.1 million, a 74% increase, with attributable net income of $148.9 million.

Marigold (USA) delivered a strong Q2 2025, producing 35,906 ounces of gold at an AISC of $1,977 per ounce. Revenue increased by 95.1% to $118.8 million, and operating income grew by 74.3% to $58.8 million. The mine's production profile is expected to be second-half weighted, with Q4 being the strongest. However, Marigold faces persistent cost pressures from higher royalty expenses due to strong gold prices and elevated OEM component costs, which are anticipated to continue into 2025. The development of the 523,000-ounce maiden reserve at Buffalo Valley and ongoing work at New Millennium are key to extending Marigold's mine life.

Cripple Creek & Victor (USA), in its first full quarter under SSRM's ownership, proved to be an exceptional performer. It produced 44,062 ounces of gold at an impressive AISC of $1,339 per ounce, contributing $149.9 million in revenue and $51.2 million in operating income. The mine generated nearly $85 million in free cash flow in just four months, rapidly recouping the initial $100 million acquisition cost. This rapid payback validates the strategic rationale for the acquisition. The company plans to release an initial technical report and life of mine plan for CC&V in Q3 2025, which will be a foundational step for delineating future growth and upside.

Seabee (Canada) experienced a temporary two-week suspension in Q2 2025 due to forest fires, impacting production to 10,998 ounces of gold at an elevated AISC of $2,708 per ounce. Despite the disruption, operations resumed on June 13, 2025, with no damage to the property. The company expects production for the remainder of the year to trend towards the lower end of its full-year guidance, with grades at or near reserve levels. Exploration at Santoy and Porky targets continues to evaluate mine life extension opportunities.

Puna (Argentina) delivered another excellent quarter, producing 2.85 million ounces of silver at a competitive AISC of $12.57 per ounce. Revenue increased by 15.3% to $102.2 million, and operating income grew by 39.2% to $53.6 million. The mine has successfully developed a plan for an initial three-year extension of operations at Chinchillas through 2028, with further studies ongoing at Cortaderas for longer-term growth. However, the weakening Argentine Peso against the USD resulted in a foreign exchange loss of $10.2 million in Q2 2025, impacting ARS-denominated assets.

The Hod Maden (Türkiye) copper-gold project continues to advance towards a construction decision, with $29 million in capital expenditure year-to-date in 2025. Management considers it "one of the most attractive, underdeveloped copper gold projects in the sector." The company is conducting infill drilling to de-risk the early years of the mine and is progressing financing options. While the 2022 feasibility study remains the economic basis, investors should account for a 10% to 15% annual inflation rate on the capital estimate to reflect current costs. Importantly, Hod Maden's development is structured independently of Çöpler, with no direct linkage to its restart timeline.

Financially, SSR Mining maintains a robust liquidity position, with over $900 million in total liquidity and $412.1 million in cash and cash equivalents as of June 30, 2025. Management is confident this liquidity is sufficient to cover operational needs for the next twelve months, including the remaining Çöpler remediation costs, which are estimated between $250 million and $300 million and will be incurred over several years. The 2019 Notes were reclassified to current debt due to a holder redemption right in April 2026, but the company remains in compliance with its debt covenants.

Outlook, Guidance, and Risks

SSR Mining's 2025 operating guidance projects production of 410,000 to 480,000 gold equivalent ounces, representing a more than 10% year-over-year increase on a mid-board basis. Consolidated AISC is guided at $2,090 to $2,150 per payable ounce, or $1,890 to $1,950 per ounce excluding Çöpler care and maintenance costs. The initial capital spend for Hod Maden is forecast at $60 million to $100 million for 2025.

The most significant near-term catalyst remains the potential restart of the Çöpler mine. While the company is making "good progress" with Turkish authorities on engineering plans for the East Storage Facility and heap leach pad closure, a "definitive time line for a restart" cannot yet be provided. Initial operations, upon receiving necessary permits, could restart within 20 days, but would revert to the 2014 EIA, limiting throughput to 6,000 tonnes per day. A future EIA refresh will be pursued for higher rates. Further field investigations for the heap leach pad closure may lead to revisions in scope, costs, and timelines for the estimated $250 million to $300 million remediation.

Key risks include the inherent uncertainty surrounding the Çöpler restart timeline and potential for further cost revisions. Macroeconomic and geopolitical conditions, such as inflation and foreign exchange fluctuations (particularly the weakening Argentine Peso), could impact operational costs and profitability. At CC&V, ongoing permitting efforts for the Carlton Tunnel water discharge could result in a material adjustment to liabilities. The company also faces potential exposure to OECD Pillar Two taxes (estimated $0 to $10 million for 2025) and is a defendant in securities class actions and wage/hour litigation related to the Çöpler Incident.

Conclusion

SSR Mining stands at a pivotal juncture, demonstrating robust operational performance and strategic growth initiatives that position it favorably within the precious metals sector. The successful integration and rapid payback of the CC&V acquisition, coupled with organic growth at Marigold, Seabee, and Puna, highlight the strength of its Americas platform and its operational expertise. This diversified and resilient core provides a strong foundation, generating significant free cash flow and maintaining a healthy liquidity position to fund both ongoing remediation efforts at Çöpler and the promising Hod Maden project.

While the timeline for Çöpler's restart remains an uncertainty, the company's diligent progress on remediation and regulatory engagement, alongside its commitment to developing Hod Maden, signals a strong intent to unlock substantial value in Türkiye. The company's "technological differentiation" through operational optimization and resource development is key to extending mine lives and controlling costs, enhancing its competitive standing against larger peers. With a clear strategic roadmap, a strong balance sheet, and favorable commodity price tailwinds, SSR Mining presents a compelling investment thesis centered on its resilient, cash-generative assets and the potential for a significant rebound from its Turkish operations. Investors should closely monitor developments at Çöpler and the progress of the Hod Maden project as key indicators of future value creation.