SSR Mining Inc. (Nasdaq/TSX: SSRM, ASX: SSR) (“SSR Mining” or
the “Company”) reports consolidated financial results for the
fourth quarter and full-year ended December 31, 2024, as well as an
update on the February 13, 2024 incident at the �pler mine (the
“Ç�pler Incident”).
Fourth Quarter and Full-Year 2024 Results: (1) (All
figures are in U.S. dollars unless otherwise noted)
- Operating results: Fourth quarter 2024 production was
124,154 gold equivalent ounces at a consolidated cost of sales of
$1,295 per payable ounce and all-in sustaining costs (“AISC”) of
$1,857 per payable ounce. For the full year 2024, the Company
produced 399,267 gold equivalent ounces at a consolidated cost of
sales of $1,307 per payable ounce and AISC of $1,878 per payable
ounce. As operations at �pler remain suspended following the
Ç�pler Incident, SSR Mining’s full-year AISC included $60.8 million
in cash care & maintenance costs at �pler, or $155 per ounce
of gold equivalent sold. Full-year 2024 production from Marigold,
Seabee and Puna totaled 371,061 gold equivalent ounces at cost of
sales of $1,317 per payable ounce and AISC of $1,542 per payable
ounce. SSR Mining recognized two significant production milestones
in 2024, including 5 million ounces of life of mine gold production
from Marigold, achieved on December 30, 2024, as well as record
full-year silver production at Puna.
- Financial results: In the fourth quarter of 2024, SSR
Mining reported net income attributable to SSR Mining shareholders
of $5.6 million, or $0.03 per diluted share, while adjusted net
income attributable to SSR Mining shareholders was $21.3 million,
or $0.10 per diluted share. Under U.S. GAAP, care and maintenance
costs are included in adjusted net income. For the fourth quarter
care and maintenance costs totaled $35.9 million, or $0.18 per
diluted share. Net income (loss) attributable to SSR Mining
shareholders for the full year of 2024 was $(261.3) million, or
$(1.29) per diluted share, reflecting approximately $272.9 million
in incurred and anticipated reclamation and remediation costs,
$114.2 million in non-cash impairment charges, and $108.7 million
in total care and maintenance costs incurred as a result of the
�pler Incident. Adjusted net income attributable to SSR Mining
shareholders for the full year of 2024 was $57.6 million, or $0.28
per diluted share, after adjusting for non-recurring items largely
related to the �pler Incident. In the fourth quarter of 2024, SSR
Mining generated $95.0 million in operating cash flow and $56.4
million in free cash flow. For the full-year 2024, SSR Mining
generated $40.1 million in operating cash flow, while free cash
flow was $(103.4) million, inclusive of the aforementioned care and
maintenance costs as well as $127.6 million spent on reclamation
and remediation efforts at �pler.
- Cash and liquidity position: As of December 31, 2024,
the Company had a cash and cash equivalent balance of $387.9
million and total liquidity of $887.5 million inclusive of its
revolving credit facility and accompanying accordion feature. At
the end of the fourth quarter of 2024, the Company had no
borrowings outstanding under the revolving credit facility,
exclusive of de minimis letters of credit, and was in compliance
with its covenants.
- Mineral Reserves & Mineral Resources (“MRMR”): Total
Proven and Probable gold equivalent Mineral Reserves as of December
31, 2024 were 8.0 million ounces, up 3% on a year-over-year basis
due in part to the declaration of an initial 523,000 ounces of gold
Mineral Reserves at Marigold's Buffalo Valley deposit, as well as
other Mineral Resource conversion and minor changes to metals price
assumptions. SSR Mining increased the gold and silver price
assumptions used in the calculation of 2024 Mineral Reserves at
Marigold and Puna by approximately 3%, from $1,450 per ounce gold
in 2023 to $1,500 per ounce in 2024, and from $18.50 per ounce
silver in 2023 to $19.00 per ounce in 2024. Mineral Reserve gold
price assumptions at �pler and Seabee of $1,450 and $1,600 per
ounce, respectively, were unchanged. Total Measured and Indicated
gold equivalent Mineral Resources as of December 31, 2024 were 5.2
million ounces, down 1% on a year-over-year basis. Metals price
assumptions used in the calculation of Mineral Resources were
unchanged from 2023. SSR Mining’s consolidated 2024 MRMR figures
exclude the Hod Maden project and the recently announced CC&V
transaction (discussed below).
- Marigold operations: In 2024, Marigold produced 168,262
ounces of gold, in line with its full-year guidance, at cost of
sales of $1,457 per payable ounce and AISC of $1,711 per payable
ounce. As planned, the fourth quarter of 2024 was Marigold’s
strongest, with gold production of 59,702 ounces at cost of sales
of $1,406 per payable ounce and AISC of $1,638 per payable
ounce.
- Seabee operations: In 2024, Seabee produced 78,545
ounces of gold at cost of sales of $960 per payable ounce and AISC
of $1,515 per payable ounce. Due to forest fires in the vicinity of
the mine, operations at Seabee were suspended for more than 50
days. No employees were injured and the Seabee process plant and
Santoy mine were not materially impacted. Operations were fully
reinstated on October 11, 2024, and in the fourth quarter of 2024
Seabee produced 27,811 ounces of gold at cost of sales of $816 per
payable ounce and AISC of $1,214 per payable ounce. Full-year 2024
production exceeded Seabee’s revised guidance range at costs below
guidance, driven by processed grades that averaged 9.7 g/t in the
fourth quarter.
- Puna operations: In 2024, Puna produced 10.5 million
ounces of silver, a record for the operation and meeting the top
end of the mine’s previously increased full-year guidance range, at
cost of sales of $16.14 per payable ounce and AISC of $15.56 per
payable ounce. In the fourth quarter of 2024, silver production was
3.0 million ounces at cost of sales of $15.84 per payable ounce and
AISC of $16.06 per payable ounce.
- �pler update: As of December 31, 2024, all of the heap
leach material displaced in the �pler Incident had been removed
from the Sabırlı Valley and moved to temporary storage locations.
Reclamation and remediation spend in 2024 totaled $127.6 million,
and the forecasted spend on �pler remediation and containment work
from April 1, 2024 onwards remains unchanged at $250.0 to $300.0
million.
- Hod Maden: Throughout 2024, engineering studies and site
preparation activities continued as the Company advances the Hod
Maden project through to a construction decision. In 2024, a total
of $42.1 million was spent at Hod Maden, including approximately
$14.0 million in the fourth quarter. The Company expects to provide
information on its anticipated 2025 capital spend at Hod Maden with
its annual guidance, which is expected within the first quarter of
2025.
- Sale of the non-core San Luis project: On May 23, 2024,
the Company announced that it had closed the sale of the San Luis
project to Highlander Silver Corp for which it received $5.0
million in cash on closing, and an additional up to $37.5 million
in future cash contingent payments. A 4.0% net smelter return
(“NSR”) royalty on the project was also issued to SSR Mining
concurrently with closing of the transaction.
- CC&V acquisition: On December 6, 2024, the Company
announced it had entered into a definitive purchase agreement to
acquire the Cripple Creek & Victor Gold Mine (“CC&V”) in
Colorado for $100 million in upfront cash consideration and up to
$175 million in additional milestone-based payments. The CC&V
transaction is aligned with SSR Mining’s long-stated focus on free
cash flow generation, while continuing to diversify the portfolio
through the acquisition, operation and development of long-lived,
high return assets. SSR Mining expects to provide the 2025 outlook
for CC&V with its annual guidance following the close of the
CC&V acquisition, which is expected within the first quarter of
2025.
(1)
The Company reports non-GAAP financial
measures including adjusted net income (loss) attributable to SSR
Mining shareholders, adjusted net income (loss) per diluted share
attributable to SSR Mining shareholders, free cash flow, cash costs
and all-in sustaining costs (“AISC”) per ounce sold (a common
measure in the mining industry), to manage and evaluate its
operating performance at its mines. See “Cautionary Note Regarding
Non-GAAP Financial Measures” for an explanation of these financial
measures and a reconciliation of these financial measures to the
most comparable GAAP financial measures.
Update on the �pler
Incident
On February 13, 2024, SSR Mining Inc. and its subsidiaries
suspended all operations at its Ç�pler property, in Türkiye, as a
result of a significant slip on the heap leach pad. Nine employees
lost their lives in connection with the �pler Incident. The
Company continues to support the employees, families, and community
members impacted by the �pler Incident.
In partnership with the Turkish authorities, the Company has
worked to remediate the site. As of December 31, 2024, all of the
displaced heap leach material in the Sabırlı Valley has been moved
to temporary storage locations. As part of the remediation work,
the heap leach pad will be permanently closed, and heap leach
processing will no longer take place at �pler. Public statements
from Turkish government officials have consistently confirmed that
there has been no recordable contamination to local soil, water or
air in the sampling locations resulting from the displaced heap
leach material.
Following the �pler Incident, the Company commissioned Call
& Nicholas, Inc. (“CNI”), an international mining consulting
firm that specializes in geological engineering, geotechnical
engineering, and hydrology, to conduct an independent review of the
heap leach failure at �pler. After analysis of the engineering
design, construction, and operation of the heap leach facility, and
comprehensive reverse-engineering of the failure, CNI determined
that the most likely cause of the �pler Incident was a
deeply-rooted flaw in the third-party engineered design of the heap
leach pad. The review found that in the third-party engineered
design, the assessment of the test data overestimated the shear
strength properties of the liner system at the base of the heap
leach, which inflated the calculated factor of safety values in the
third-party engineered design. This error resulted in insufficient
shear strength along the liner interface to support the as-designed
heap leach facility. CNI also determined that in all material
respects, the heap leach pad construction and operation was carried
out in conformance with the issued-for-construction engineered
design parameters. In addition, CNI’s review did not find any
substantiation that excess water, ground vibrations from blasting,
nor stacking beyond the design caused the event.
As previously disclosed, on August 20, 2024, a local court
issued a decision cancelling the Ç�pler mine’s environmental impact
assessment, which was approved in 2021 (the “2021 EIA”). The
Turkish Ministry of Environment, Urbanization and Climate Change
filed an appeal of the decision, and the Company filed a
simultaneous intervener appeal as well. On February 11, 2025, the
Turkish Council of State affirmed the finding of the lower court.
As previously disclosed, with the cancellation of the 2021 EIA, the
operating guidelines at �pler revert to those outlined in the
Company’s prior Environmental Impact Assessment, which was issued
in 2014 (the “2014 EIA”). Among other operating considerations, the
2014 EIA prescribes a lower throughput rate for the sulfide plant
operations of 6,000 tonnes per day, as compared to 9,000 tonnes per
day under the 2021 EIA.
SSR Mining continues to work closely with the relevant
authorities to advance the restart of the �pler mine. When all
necessary regulatory approvals, including the operating permits,
are reinstated, it is anticipated that initial operations at �pler
could restart within 20 days and would consist of processing a
combination of stockpiled ore and ore mined from Çakmaktepe, while
the remediation work continues. At this time, we are not able to
estimate or predict when and under what conditions we will resume
operations at �pler.
For additional information on the �pler Incident, including a
discussion of the associated risks, see the Company’s Annual Report
on Form 10-K for the year ended December 31, 2024 filed on February
18, 2025.
Financial and Operating Highlights
A summary of the Company's consolidated financial and operating
results for the three and twelve months ended December 31, 2024 and
December 31, 2023 are presented below:
Three Months Ended
Twelve Months Ended
(in thousands of US dollars, except per
share data)
December 31,
December 31,
2024
2023
2024
2023
Financial Results
Revenue
$
323,187
$
425,897
$
995,618
$
1,426,927
Cost of sales
$
153,040
$
219,340
$
514,032
$
804,147
Operating income (loss)
$
34,382
$
(297,623
)
$
(322,285
)
$
(130,244
)
Net income (loss)
$
(3,135
)
$
(264,360
)
$
(352,582
)
$
(120,225
)
Net income (loss) attributable to SSR
Mining shareholders
$
5,555
$
(217,845
)
$
(261,277
)
$
(98,007
)
Basic net income (loss) per share
attributable to SSR Mining shareholders
$
0.03
$
(1.07
)
$
(1.29
)
$
(0.48
)
Diluted net income (loss) per share
attributable to SSR Mining shareholders
$
0.03
$
(1.07
)
$
(1.29
)
$
(0.48
)
Adjusted net income attributable to SSR
Mining shareholders (2)
$
21,266
$
127,077
$
57,591
$
276,494
Basic adjusted net income per share
attributable to SSR Mining shareholders (2)
$
0.11
$
0.62
$
0.28
$
1.35
Diluted adjusted net income per share
attributable to SSR Mining shareholders (2)
$
0.10
$
0.59
$
0.28
$
1.29
Cash provided by operating activities
before changes in working capital (2)
$
89,623
$
216,922
$
112,395
$
554,406
Cash provided by operating activities
$
94,979
$
203,159
$
40,130
$
421,725
Cash used in investing activities
$
(39,560
)
$
(59,050
)
$
(143,116
)
$
(339,261
)
Cash provided by (used in) financing
activities
$
2,308
$
(24,450
)
$
6,918
$
(182,256
)
Operating Results
Gold produced (oz)
89,178
178,677
275,013
590,264
Gold sold (oz)
86,320
172,917
279,121
585,171
Silver produced ('000 oz)
2,970
2,759
10,500
9,688
Silver sold ('000 oz)
2,709
2,830
9,642
9,920
Lead produced ('000 lb) (3)
15,409
13,814
53,703
45,772
Lead sold ('000 lb) (3)
14,276
13,758
49,631
48,640
Zinc produced ('000 lb) (3)
687
1,322
3,641
7,127
Zinc sold ('000 lb) (3)
531
1,992
3,121
8,166
Gold equivalent produced (oz) (4)
124,154
211,226
399,267
706,894
Gold equivalent sold (oz) (4)
118,220
206,310
393,216
704,594
Average realized gold price ($/oz
sold)
$
2,603
$
1,976
$
2,381
$
1,950
Average realized silver price ($/oz
sold)
$
31.53
$
23.23
$
29.16
$
22.82
Cost of sales per gold equivalent ounce
sold (4)
$
1,295
$
1,064
$
1,307
$
1,141
Cash cost per gold equivalent ounce sold
(2, 4)
$
1,203
$
1,008
$
1,200
$
1,083
AISC per gold equivalent ounce sold (2,
4)
$
1,857
$
1,326
$
1,878
$
1,461
Financial Position
December 31, 2024
December 31, 2023
Cash and cash equivalents
$
387,882
$
492,393
Current assets
$
1,029,034
$
1,196,476
Total assets
$
5,189,020
$
5,385,773
Current liabilities
$
218,877
$
170,573
Total liabilities
$
1,242,159
$
1,081,570
Working capital (5)
$
810,157
$
1,025,903
(2)
The Company reports non-GAAP
financial measures including adjusted net income attributable to
SSR Mining shareholders, adjusted net income per share attributable
to SSR Mining shareholders, cash provided by operating activities
before changes in working capital, cash costs and AISC per ounce
sold to manage and evaluate its operating performance at its mines.
Cost of sales excludes depreciation, depletion, and amortization.
AISC includes the cash component of care and maintenance costs. See
“Non-GAAP Financial Measures” at the end of this press release for
an explanation of these financial measures and a reconciliation of
these financial measures to net income (loss), cost of sales, and
cash generated by operating activities, which are the most
comparable GAAP financial measures.
(3)
Data for lead production and
sales relate only to lead in lead concentrate. Data for zinc
production and sales relate only to zinc in zinc concentrate.
(4)
Gold equivalent ounces are
calculated multiplying the silver ounces by the ratio of the silver
price to the gold price, using the average London Bullion Market
Association (“LBMA”) prices for the period. The Company does not
include by-products in the gold equivalent ounce calculations.
(5)
Working capital is defined as
current assets less current liabilities.
Marigold, USA
Three Months Ended
Twelve Months Ended
December 31,
December 31,
Operating Data
2024
2023
2024
2023
Gold produced (oz)
59,702
82,794
168,262
278,488
Gold sold (oz)
58,250
81,173
167,669
275,962
Ore mined (kt)
7,343
3,705
27,690
21,846
Waste removed (kt)
17,271
25,793
72,028
74,800
Total material mined (kt)
24,615
29,499
99,718
96,646
Strip ratio
2.4
7.0
2.6
3.4
Ore stacked (kt)
7,343
3,705
27,690
21,846
Gold grade stacked (g/t)
0.42
0.43
0.28
0.45
Average realized gold price ($/oz
sold)
$
2,601
$
1,971
$
2,438
$
1,950
Cost of sales ($/oz gold sold)
$
1,406
$
1,095
$
1,457
$
1,047
Cash costs ($/oz gold sold) (6)
$
1,408
$
1,097
$
1,459
$
1,049
AISC ($/oz gold sold) (6)
$
1,638
$
1,170
$
1,711
$
1,349
(6)
The Company reports the non-GAAP financial
measures of cash costs and AISC per ounce of gold sold to manage
and evaluate operating performance at Marigold. See “Cautionary
Note Regarding Non-GAAP Financial Measures” at the end of this
press release for an explanation of these financial measures and a
reconciliation to cost of sales, which are the comparable GAAP
financial measure. Cost of sales excludes depreciation, depletion,
and amortization.
For the three months ended December 31, 2024 and 2023, Marigold
produced 59,702 and 82,794 ounces of gold, respectively. For the
three months ended December 31, 2024, Marigold reported cost of
sales of $1,406 per payable ounce and AISC of $1,638 per payable
ounce.
For the twelve months ended December 31, 2024 and 2023, Marigold
produced 168,262 and 278,488 ounces of gold, respectively. For the
twelve months ended December 31, 2024, Marigold reported cost of
sales of $1,457 per payable ounce and AISC of $1,711 per payable
ounce. In addition, Marigold achieved a significant milestone of 5
million ounces of life of mine gold production on December 30,
2024.
Seabee, Canada
Three Months Ended
Twelve Months Ended
December 31,
December 31,
Operating Data
2024
2023
2024
2023
Gold produced (oz)
27,811
38,757
78,545
90,777
Gold sold (oz)
26,350
32,050
81,070
83,610
Ore mined (kt)
90
117
365
443
Ore milled (kt)
92
122
366
445
Gold mill feed grade (g/t)
9.66
10.14
6.93
6.62
Gold recovery (%)
97.2
97.0
96.4
96.7
Average realized gold price ($/oz
sold)
$
2,632
$
1,988
$
2,362
$
1,965
Cost of sales ($/oz gold sold)
$
816
$
666
$
960
$
991
Cash costs ($/oz gold sold) (7)
$
817
$
666
$
961
$
992
AISC ($/oz gold sold) (7)
$
1,214
$
916
$
1,515
$
1,427
(7)
The Company reports the non-GAAP financial
measures of cash costs and AISC per ounce of gold sold to manage
and evaluate operating performance at Seabee. See “Cautionary Note
Regarding Non-GAAP Financial Measures” at the end of this press
release for an explanation of these financial measures and a
reconciliation to cost of sales, which are the comparable GAAP
financial measure. Cost of sales excludes depreciation, depletion,
and amortization.
For the three months ended December 31, 2024 and 2023, Seabee
produced 27,811 and 38,757 ounces of gold, respectively, with the
temporary suspension of operations at Seabee offset by strong
grades of approximately 9.7 g/t in the fourth quarter of 2024. For
the three months ended December 31, 2024, Seabee reported cost of
sales of $816 per payable ounce and AISC of $1,214 per payable
ounce.
For the twelve months ended December 31, 2024 and 2023, Seabee
produced 78,545 and 90,777 ounces of gold, respectively. For the
twelve months ended December 31, 2024, Seabee reported cost of
sales of $960 per payable ounce and AISC of $1,515 per payable
ounce.
Puna, Argentina
Three Months Ended
Twelve Months Ended
December 31,
December 31,
Operating Data
2024
2023
2024
2023
Silver produced ('000 oz)
2,970
2,759
10,500
9,688
Silver sold ('000 oz)
2,709
2,830
9,642
9,920
Lead produced ('000 lb)
15,409
13,814
53,703
45,772
Lead sold ('000 lb)
14,276
13,758
49,631
48,640
Zinc produced ('000 lb)
687
1,322
3,641
7,127
Zinc sold ('000 lb)
531
1,992
3,121
8,166
Gold equivalent sold ('000 oz) (8)
31,900
33,393
114,095
119,423
Ore mined (kt)
750
545
2,328
1,926
Waste removed (kt)
1,337
1,377
5,900
6,240
Total material mined (kt)
2,087
1,921
8,228
8,166
Strip ratio
1.8
2.5
2.5
3.2
Ore milled (kt)
489
450
1,862
1,728
Silver mill feed grade (g/t)
194.0
196.7
181.0
181.1
Lead mill feed grade (%)
1.48
1.46
1.37
1.27
Zinc mill feed grade (%)
0.18
0.26
0.20
0.34
Silver mill recovery (%)
97.3
96.9
96.9
96.3
Lead mill recovery (%)
96.3
95.7
95.6
94.3
Zinc mill recovery (%)
36.3
51.6
44.2
54.6
Average realized silver price ($/oz
sold)
$
31.53
$
23.23
$
29.16
$
22.82
Cost of sales ($/oz silver sold)
$
15.84
$
14.07
$
16.14
$
16.49
Cash costs ($/oz silver sold) (9)
$
11.47
$
10.32
$
11.64
$
12.64
AISC ($/oz silver sold) (9)
$
16.06
$
15.51
$
15.56
$
15.37
(8)
Gold equivalent ounces are calculated
multiplying the silver ounces by the ratio of the silver price to
the gold price, using the average LBMA prices for the period. The
Company does not include by-products in the gold equivalent ounce
calculations.
(9)
The Company reports the non-GAAP financial
measures of cash costs and AISC per ounce of silver sold to manage
and evaluate operating performance at Puna. See “Cautionary Note
Regarding Non-GAAP Financial Measures” at the end of this press
release for an explanation of these financial measures and a
reconciliation to cost of sales, which are the comparable GAAP
financial measure. Cost of sales excludes depreciation, depletion,
and amortization.
For the three months ended December 31, 2024 and 2023, Puna
produced 3.0 million and 2.8 million ounces of silver,
respectively. For the three months ended December 31, 2024, Puna
reported cost of sales of $15.84 per payable ounce and AISC of
$16.06 per payable ounce.
For the twelve months ended December 31, 2024 and 2023, Puna
produced 10.5 million ounces of silver and 9.7 million ounces of
silver. Production in 2024 was a record in Puna’s more than 15-year
operating life and met the top end of the mine’s previously
increased full-year production guidance range. For the twelve
months ended December 31, 2024, Puna reported cost of sales of
$16.14 per payable ounce and AISC of $15.56 per payable ounce.
Ç�pler, Türkiye (amounts presented on 100% basis)
Operations at �pler were suspended following the �pler
Incident. During the suspension, care and maintenance expense has
been recorded which represents depreciation and direct costs not
associated with the environmental reclamation and remediation
costs.
Three Months Ended
Twelve Months Ended
December 31,
December 31,
Operating Data
2024
2023
2024
2023
Gold produced (oz)
1,665
57,126
28,206
220,999
Gold sold (oz)
1,720
59,694
30,382
225,599
Ore mined (kt)
—
1,223
266
4,501
Waste removed (kt)
—
7,533
3,571
25,197
Total material mined (kt)
—
8,756
3,837
29,698
Strip ratio
—
6.2
13.4
5.6
Ore stacked (kt)
—
182
184
813
Gold grade stacked (g/t)
—
1.24
1.17
1.36
Ore milled (kt)
—
710
343
2,733
Gold mill feed grade (g/t)
—
2.55
2.39
2.56
Gold recovery (%)
—
88.2
78.9
87.5
Average realized gold price ($/oz
sold)
$
2,230
$
1,989
$
2,103
$
1,945
Cost of sales ($/oz gold sold)
$
3,921
$
1,160
$
1,192
$
1,191
Cash costs ($/oz gold sold) (10)
$
4,419
$
1,146
$
1,222
$
1,175
AISC ($/oz gold sold) (10)
$
18,051
$
1,535
$
3,814
$
1,433
(10)
The Company reports the non-GAAP financial
measures of cash costs and AISC per ounce of gold sold to manage
and evaluate operating performance at Ç�pler. See “Cautionary Note
Regarding Non-GAAP Financial Measures” at the end of this press
release for an explanation of these financial measures and a
reconciliation to cost of sales, which are the comparable GAAP
financial measure. Cost of sales excludes depreciation, depletion,
and amortization.
Mineral Reserves and Mineral Resources (“MRMR”) for Year-End
2024
The following information should be read in conjunction with
Item 2. Properties in the Company’s Annual Report on Form 10-K for
the year ended December 31, 2024 filed on February 18, 2025 and the
Technical Report Summaries for each of our material properties
included as exhibits to our Annual Report on Form 10-K.
SSR Mining reported its updated MRMR as of December 31, 2024,
reflecting depletion that occurred through mining activity,
stockpile changes, new Mineral Reserves and Mineral Resources
delineated through drilling activity, Mineral Resource conversion
and minor changes to metals price assumptions used in the
calculation of Mineral Reserves. SSR Mining continues to advance
exploration and resource development activities at each of its
assets, and this data will be incorporated into MRMR statements as
the accompanying technical work so dictates.
As per Subpart 1300 of Regulation S-K, the Company’s year-end
2024 MRMR are presented on an attributable basis, reflecting the
Company’s ownership interest in each material property. See the
Company’s Annual Report for more information.
- Commodity price assumptions largely unchanged: SSR
Mining’s gold and silver price assumptions used in the calculation
of Mineral Reserves at Marigold and Puna increased 3%, from $1,450
per ounce gold in 2023 to $1,500 per ounce in 2024, and from $18.50
per ounce silver in 2023 to $19.00 per ounce in 2024. The gold
Mineral Reserve prices of $1,450 per ounce and $1,600 per ounce
used at �pler and Seabee, respectively, were unchanged from 2023
to 2024, as were the lead price of $0.90 per pound and zinc price
of $1.05 per pound. Mineral Resource prices of $1,750 per ounce of
gold, $22.00 per ounce of silver, $0.95 per pound of lead, $1.15
per pound of zinc and $3.95 per pound of copper were unchanged from
2023.
- CC&V acquisition: In the fourth quarter of 2024, the
Company announced it had entered into a definitive purchase
agreement to acquire the CC&V Gold Mine. The closing of this
transaction is expected within the first quarter of 2025. As a
result, CC&V’s Mineral Reserves and Mineral Resources were not
included with the Company’s MRMR for the year ended December 31,
2024.
- Hod Maden: SSR Mining has not reflected the Hod Maden
Mineral Reserves and Mineral Resources into its consolidated MRMR.
On an attributable basis reflecting SSR Mining’s forecasted 40%
ownership, Hod Maden hosted 0.98 million ounces gold and 114.8
million pounds copper in Proven and Probable Mineral Reserves.
- Proven and Probable Mineral Reserves: Gold Proven and
Probable Mineral Reserves as of December 31, 2024 were 7.6 million
ounces, excluding any contribution from Hod Maden or CC&V, up
4% or 0.3 million ounces as compared to year-end 2023. SSR Mining
declared an initial Mineral Reserve of approximately 523,000 ounces
of gold at Marigold’s Buffalo Valley deposit, providing potential
mine life extension opportunity at Marigold. This Mineral Reserve
growth was partially offset by mined depletion and the removal of
heap leach processing at �pler. Total Proven and Probable gold
equivalent Mineral Reserves as of December 31, 2024 were 8.0
million ounces.
- Measured and Indicated Mineral Resources: Gold Measured
and Indicated Mineral Resources as of December 31, 2024 were 4.4
million ounces, excluding any contribution from Hod Maden, up 9% or
0.4 million ounces as compared to year-end 2023. Total gold
equivalent Measured and Indicated Mineral Resources were 5.2
million ounces.
- Inferred Mineral Resources: Gold Inferred Mineral
Resources as of December 31, 2024 were 2.3 million ounces, down 14%
or 0.4 million ounces as compared to year-end 2023. Total gold
equivalent Inferred Mineral Resources were 2.6 million ounces.
SSR Mining Attributable Mineral Reserves and Resources as of
December 31, 2024 (11)
Gold
y/y
Silver
y/y
Lead
Zinc
AuEq (12)
y/y
koz
%
koz
%
Mlb
Mlb
koz
%
Total P+P Reserves
7,567
4%
25,640
(4%)
111
17
7,970
3%
Total M&I Resource (13)
4,398
9%
46,354
(30%)
70
341
5,242
(1%)
Total Inferred Resource
2,264
(14%)
16,689
(20%)
2
212
2,614
(16%)
(11)
Refer to Item 2. Properties in the
Company’s Annual Report for asset level detailed summary by asset.
MRMR are shown as attributable to SSR Mining only. As of December
31, 2024, SSR Mining owns 80% of the �pler district. Hod Maden and
CC&V Mineral Reserves and Mineral Resources are not included in
SSR Mining’s consolidated MRMR tables as of year-end 2024.
(12)
All gold equivalent ounces (GEO or AuEq)
figures are based on the above-mentioned commodity prices. Metal
equivalence is calculated for the respective and applicable metals
as follows: GEO = Au oz + ((Ag oz * Ag price) + (Pb lb * Pb price
per pound) + (Zn lb * Zn price per pound) + (Cu lb * Cu price per
pound)) / (Au price per ounce).
(13)
Measured and indicated Mineral Resources
are shown exclusive of Mineral Reserves.
Hod Maden 40% Attributable Mineral Reserves and Resources as
of December 31, 2024 (14)
Gold
koz
Copper
Mlb
AuEq (15)
koz
Total P+P Reserves
980
115
1,233
Total Inferred Resource
92
8
111
(14)
Refer to Item 2. Properties in the
Company’s Annual Report for asset level detailed summary of Hod
Maden. As of December 31, 2024, SSR Mining’s ownership in Hod Maden
is 10%. MRMR shown in the above table based on 40% attributable to
SSR Mining to reflect interest available to SSR Mining upon
completion of earn-in structured cash milestone payments.
(15)
All gold equivalent ounces (GEO or AuEq)
figures are based on the above-mentioned commodity prices. Metal
equivalence is calculated for the respective and applicable metals
as follows: GEO = Au oz + ((Ag oz * Ag price) + (Pb lb * Pb price
per pound) + (Zn lb * Zn price per pound) + (Cu lb * Cu price per
pound)) / (Au price per ounce).
Conference Call Information
This news release should be read in conjunction with the
Company’s Annual Report on Form 10-K for the year ended December
31, 2024, filed with the U.S. Securities and Exchange Commission
(the “SEC”) and available on the SEC website at www.sec.gov or
www.ssrmining.com.
- Conference call and webcast: Tuesday, February 18, 2025, at
5:00 pm EST.
Toll-free in U.S. and Canada:
+1 (844) 763-8274
All other callers:
+1 (412) 717-9224
For the webcast or to register for
expedited access to the call:
ir.ssrmining.com/investors/events
- The webcast will be available on our website. Audio replay will
be available for two weeks by calling:
Toll-free in U.S. and Canada:
+1 (855) 669-9658, replay code 1783400
All other callers:
+1 (412) 317-0088, replay code 1783400
About SSR Mining
SSR Mining is listed under the ticker symbol SSRM on the Nasdaq
and the TSX, and SSR on the ASX.
Cautionary Note Regarding Forward-Looking Information and
Statements:
Except for statements of historical fact relating to us, certain
statements contained in this news release (including information
incorporated by reference herein) constitute forward-looking
information, future oriented financial information, or financial
outlooks (collectively “forward-looking information”) within the
meaning of Section 27A of the Securities Act of 1933, as amended
(the “Securities Act”), and Section 21E of the Securities Exchange
Act of 1934, as amended (the “Exchange Act”), and are intended to
be covered by the safe harbor provided for under these sections.
Forward-looking information may be contained in this document and
our other public filings. Forward looking information relates to
statements concerning our outlook and anticipated events or results
and, in some cases, can be identified by terminology such as “may”,
“will”, “could”, “should”, “expect”, “plan”, “anticipate”,
“believe”, “intend”, “estimate”, “projects”, “predict”,
“potential”, “continue” or other similar expressions concerning
matters that are not historical facts, as well as statements
written in the future tense. When made, forward-looking statements
are based on information known to management at such time and/or
management’s good faith belief with respect to future events. Such
statements are subject to risks and uncertainties that could cause
actual performance or results to differ materially from those
expressed in the Company's forward-looking statements. Many of
these factors are beyond the Company's ability to control or
predict. Given these uncertainties, readers are cautioned not to
place undue reliance on forward-looking statements.
The key risks and uncertainties include, but are not limited to:
local and global political and economic conditions; governmental
and regulatory requirements and actions by governmental
authorities, including changes in government policy, government
ownership requirements, changes in environmental, tax and other
laws or regulations and the interpretation thereof; developments
with respect to global pandemics, including the duration, severity
and scope of a pandemic and potential impacts on mining operations;
risks and uncertainties resulting from the incident at �pler
described in our Annual Report on Form 10-K for the year ended
December 31, 2024; and other risk factors detailed from time to
time in our reports filed with the Securities and Exchange
Commission on EDGAR at www.sec.gov, the Canadian securities
regulatory authorities on SEDAR at www.sedarplus.ca and on our
website at www.ssrmining.com.
Forward-looking information and statements in this news release
include any statements concerning, among other things: all
information related to the Company’s Ç�pler operations, including
timelines, outlook, preliminary costs, remediation plans, and
possible restart plans; forecasts and outlook; preliminary cost
reporting in this document; timing, production, operating, cost,
and capital expenditure guidance; our operational and development
targets and catalysts and the impact of any suspensions on
operations; the results of any gold reconciliations; the ability to
discover additional ore; the generation of free cash flow and
payment of dividends; matters relating to proposed exploration;
communications with local stakeholders; maintaining community and
government relations; negotiations of joint ventures; negotiation
and completion of transactions; commodity prices; Mineral
Resources, Mineral Reserves, conversion of Mineral Resources,
realization of Mineral Reserves, and the existence or realization
of Mineral Resource estimates; the development approach; the timing
and amount of future production; the timing of studies,
announcements, and analysis; the timing of construction and
development of proposed mines and process facilities; capital and
operating expenditures; economic conditions; availability of
sufficient financing; exploration plans; receipt of regulatory
approvals; timing and impact surrounding suspension or interruption
of operations as a result of regulatory requirements or actions by
governmental authority; and any and all other timing, exploration,
development, operational, financial, budgetary, economic, legal,
social, environmental, regulatory, and political matters that may
influence or be influenced by future events or conditions.
Such forward-looking information and statements are based on a
number of material factors and assumptions, including, but not
limited in any manner to, those disclosed in any other of our
filings on EDGAR and SEDAR, and include: any assumptions made in
respect of the Company’s Ç�pler operations; the inherent
speculative nature of exploration results; the ability to explore;
communications with local stakeholders; maintaining community and
governmental relations; status of negotiations of joint ventures;
weather conditions at our operations; commodity prices; the
ultimate determination of and realization of Mineral Reserves;
existence or realization of Mineral Resources; the development
approach; availability and receipt of required approvals, titles,
licenses and permits; sufficient working capital to develop and
operate the mines and implement development plans; access to
adequate services and supplies; foreign currency exchange rates;
interest rates; access to capital markets and associated cost of
funds; availability of a qualified work force; ability to
negotiate, finalize, and execute relevant agreements; the Company's
ability to efficiently integrate acquired mines and businesses and
to manage the costs related to any such integration, or to retain
key technical, professional or management personnel; lack of social
opposition to our mines or facilities; lack of legal challenges
with respect to our properties; the timing and amount of future
production; the ability to meet production, cost, and capital
expenditure targets; timing and ability to produce studies and
analyses; capital and operating expenditures; economic conditions;
availability of sufficient financing; the ultimate ability to mine,
process, and sell mineral products on economically favorable terms;
and any and all other timing, exploration, development,
operational, financial, budgetary, economic, legal, social,
geopolitical, regulatory and political factors that may influence
future events or conditions. While we consider these factors and
assumptions to be reasonable based on information currently
available to us, they may prove to be incorrect.
Such factors are not exhaustive of the factors that may affect
any of the Company’s forward-looking statements and information,
and such statements and information will not be updated to reflect
events or circumstances arising after the date of such statements
or to reflect the occurrence of anticipated or unanticipated
events. Forward-looking information and statements are only
predictions based on our current estimations and assumptions.
Actual results may vary materially from such forward-looking
information. Other than as required by law, we do not intend, and
undertake no obligation to update any forward-looking information
to reflect, among other things, new information or future events.
The information contained on, or that may be accessed through, our
website is not incorporated by reference into, and is not a part
of, this document.
Qualified Persons
The scientific and technical information concerning our mineral
projects in this news release have been reviewed and verified by a
“qualified person” under subpart 1 of Regulation S-K 1300 (“S-K
1300”). For a description of the key assumptions, parameters and
methods used to estimate mineral reserves and mineral resources
included in this news release, as well as data verification
procedures and a general discussion of the extent to which the
estimates may be affected by any known environmental, permitting,
legal, title, taxation, sociopolitical, marketing or other relevant
factors, please review the Technical Report Summaries for each of
the Company’s material properties, which are available under the
Company’s corporate profile on EDGAR at www.sec.gov.
Cautionary Note to U.S. Investors
This news release includes terms that comply with reporting
standards in Canada under National Instrument 43-101 – Standards of
Disclosure for Mineral Projects (“NI 43-101”), including the terms
“Mineral Reserves” and “Mineral Resources”. NI 43-101 is a rule
developed by the Canadian Securities Administrators that
establishes standards for all public disclosure an issuer makes of
scientific and technical information concerning mineral projects.
The standards of NI 43-101 differ significantly from the
requirements of the SEC. Accordingly, information concerning
mineral deposits set forth herein may not be comparable with
information made in accordance with U.S. standards.
Cautionary Note Regarding Non-GAAP Financial Measures
We have included certain non-GAAP financial measures to assist
in understanding the Company’s financial results. The non-GAAP
financial measures are employed by us to measure our operating and
economic performance and to assist in decision-making, as well as
to provide key performance information to senior management. We
believe that, in addition to conventional measures prepared in
accordance with GAAP, certain investors and other stakeholders will
find this information useful to evaluate our operating and
financial performance; however, these non-GAAP performance measures
– including total cash, total debt, net cash (debt), cash costs,
all-in sustaining costs (“AISC”) per ounce sold, adjusted net
income (loss) attributable to SSR Mining shareholders, cash
generated by (used in) operating activities before changes in
working capital, free cash flow, and free cash flow before changes
in working capital – do not have any standardized meaning. These
performance measures are intended to provide additional information
and should not be considered in isolation or as a substitute for
measures of performance prepared in accordance with GAAP. Our
definitions of our non-GAAP financial measures may not be
comparable to similarly titled measures reported by other
companies. These non-GAAP measures should be read in conjunction
with our consolidated financial statements.
Non-GAAP Measure – Net Cash
Net cash (debt) are used by management and investors to measure
the Company's underlying operating performance. The Company
believes that net cash (debt) is a useful measure for shareholders
as it helps evaluate liquidity and available cash.
The following table provides a reconciliation of cash and cash
equivalents to net cash:
As of
(in thousands)
December 31, 2024
December 31, 2023
Cash and cash equivalents
$
387,882
$
492,393
Restricted cash
$
—
$
101
Total Cash
$
387,882
$
492,494
Face Value of 2019 Convertible Notes
$
230,000
$
230,000
Other Debt
$
—
$
920
Total Debt
$
230,000
$
230,920
Net Cash (Debt)
$
157,882
$
261,574
In addition to net cash and net debt, the Company also uses
Total liquidity to measure its financial position. Total liquidity
is calculated as Cash and cash equivalents plus Restricted cash and
borrowing capacity under current revolving credit facilities,
including accordion features. As of December 31, 2024, no
borrowings were outstanding on the Company’s $400 million credit
facility with a $100 million accordion feature.
The following table provides a reconciliation of Cash and cash
equivalents to Total liquidity:
As of
(in thousands)
December 31, 2024
December 31, 2023
Cash and cash equivalents
$
387,882
$
492,393
Restricted cash
$
—
$
101
Total cash
$
387,882
$
492,494
Borrowing capacity on credit facility
$
400,000
$
400,000
Borrowing capacity on accordion feature of
credit facility
$
100,000
$
100,000
Total liquidity*
$
887,882
$
992,494
* Excludes $0.4 million in letters of
credit. Inclusive of these letters of credit, total liquidity is
$887.5 million.
Non-GAAP Measure - Cash Costs and
AISC
Cash Costs and All-In Sustaining Costs (“AISC”) per payable
ounce of gold and respective unit cost measures are non-U.S. GAAP
metrics developed by the World Gold Council to provide transparency
into the costs associated with producing gold and provide a
standard for comparison across the industry. The World Gold Council
is a market development organization for the gold industry.
The Company uses cash costs per ounce of precious metals sold
and AISC per ounce of precious metals to monitor its operating
performance internally. The most directly comparable measure
prepared in accordance with GAAP is cost of sales. The Company
believes this measure provides investors and analysts with useful
information about its underlying cash costs of operations and the
impact of byproduct credits on its cost structure. The Company also
believes it is a relevant metric used to understand its operating
profitability. When deriving the cost of sales associated with an
ounce of precious metal, the Company includes by-product credits,
which allows management and other stakeholders to assess the net
costs of gold and silver production.
AISC includes total cost of sales incurred at the Company's
mining operations, which forms the basis of cash costs.
Additionally, the Company includes sustaining capital expenditures,
sustaining mine-site exploration and evaluation costs, reclamation
cost accretion and amortization, and general and administrative
expenses. This measure seeks to reflect the ongoing cost of gold
and silver production from current operations; therefore, growth
capital is excluded. The Company determines sustaining capital to
be capital expenditures that are necessary to maintain current
production and execute the current mine plan. The Company
determines growth capital to be those payments used to develop new
operations or related to projects at existing operations where
those projects will materially benefit the operation.
The Company believes that AISC provides additional information
to management and stakeholders that provides visibility to better
define the total costs associated with production and better
understanding of the economics of the Company's operations and
performance compared to other producers.
In deriving the number of ounces of precious metal sold, the
Company considers the physical ounces available for sale after the
treatment and refining process, commonly referred to as payable
metal, as this is what is sold to third parties.
The following tables provide a reconciliation of Cost of sales
to cash costs and AISC:
Three Months Ended December
31, 2024
(in thousands, unless otherwise noted)
�pler
Marigold
Seabee
Puna
Corporate
Total
Cost of sales (GAAP) (16)
$
6,744
$
81,898
$
21,507
$
42,891
$
—
$
153,040
By-product credits
$
(80
)
$
(29
)
$
(13
)
$
(13,610
)
$
—
$
(13,733
)
Treatment and refining charges
$
938
$
154
$
43
$
1,793
$
—
$
2,927
Cash costs (non-GAAP)
$
7,601
$
82,023
$
21,537
$
31,074
$
—
$
142,235
Sustaining capital expenditures
$
3,609
$
12,411
$
7,623
$
4,958
$
—
$
28,601
Sustaining exploration and evaluation
expense
$
—
$
272
$
—
$
—
$
—
$
272
Care and maintenance (17)
$
19,344
$
—
$
1,663
$
—
$
—
$
21,008
Reclamation cost accretion and
amortization
$
493
$
722
$
1,164
$
7,475
$
—
$
9,855
General and administrative expense and
stock-based compensation expense
$
—
$
—
$
—
$
—
$
17,558
$
17,558
Total AISC (non-GAAP)
$
31,048
$
95,429
$
31,987
$
43,507
$
17,558
$
219,528
Gold sold (oz)
1,720
58,250
26,350
—
—
86,320
Silver sold (oz)
—
—
—
2,708,581
—
2,708,581
Gold equivalent sold (oz) (19)
1,720
58,250
26,350
31,900
—
118,220
Cost of sales per gold ounces sold
$
3,921
$
1,406
$
816
N/A
N/A
N/A
Cost of sales per silver ounces sold
N/A
N/A
N/A
$
15.84
N/A
N/A
Cost of sales per gold equivalent ounce
sold
$
3,921
$
1,406
$
816
$
1,345
N/A
$
1,295
Cash cost per gold ounce sold
$
4,419
$
1,408
$
817
N/A
N/A
N/A
Cash cost per silver ounce sold
N/A
N/A
N/A
$
11.47
N/A
N/A
Cash cost per gold equivalent ounce
sold
$
4,419
$
1,408
$
817
$
974
N/A
$
1,203
AISC per gold ounce sold
$
18,051
$
1,638
$
1,214
N/A
N/A
N/A
AISC per silver ounce sold
N/A
N/A
N/A
$
16.06
N/A
N/A
AISC per gold equivalent ounce sold
$
18,051
$
1,638
$
1,214
$
1,364
N/A
$
1,857
Three Months Ended December
31, 2023
(in thousands, unless otherwise noted)
�pler
Marigold
Seabee
Puna
Corporate
Total
Cost of sales (GAAP) (16)
$
69,259
$
88,920
$
21,338
$
39,822
$
—
$
219,340
By-product credits
$
(849
)
$
(55
)
$
(13
)
$
(15,310
)
$
—
$
(16,227
)
Treatment and refining charges
$
—
$
157
$
28
$
4,685
$
—
$
4,869
Cash costs (non-GAAP)
$
68,410
$
89,023
$
21,353
$
29,197
$
—
$
207,982
Sustaining capital expenditures
$
21,398
$
4,453
$
6,774
$
3,293
$
—
$
35,918
Sustaining exploration and evaluation
expense
$
—
$
872
$
—
$
—
$
—
$
872
Reclamation cost accretion and
amortization (18)
$
427
$
609
$
1,239
$
11,302
$
—
$
13,578
General and administrative expense and
stock-based compensation expense
$
1,384
$
—
$
—
$
114
$
13,582
$
15,080
Total AISC (non-GAAP)
$
91,619
$
94,957
$
29,365
$
43,906
$
13,582
$
273,429
Gold sold (oz)
59,694
81,173
32,050
—
—
172,917
Silver sold (oz)
—
—
—
2,830,057
—
2,830,057
Gold equivalent sold (oz) (19)
59,694
81,173
32,050
33,277
—
206,194
Cost of sales per gold ounces sold
$
1,160
$
1,095
$
666
N/A
N/A
N/A
Cost of sales per silver ounces sold
N/A
N/A
N/A
$
14.07
N/A
N/A
Cost of sales per gold equivalent ounce
sold
$
1,160
$
1,095
$
666
$
1,197
N/A
$
1,064
Cash cost per gold ounce sold
$
1,146
$
1,097
$
666
N/A
N/A
N/A
Cash cost per silver ounce sold
N/A
N/A
N/A
$
10.32
N/A
N/A
Cash cost per gold equivalent ounce
sold
$
1,146
$
1,097
$
666
$
877
N/A
$
1,008
AISC per gold ounce sold
$
1,535
$
1,170
$
916
N/A
N/A
N/A
AISC per silver ounce sold
N/A
N/A
N/A
$
15.51
N/A
N/A
AISC per gold equivalent ounce sold
$
1,535
$
1,170
$
916
$
1,319
N/A
$
1,326
(16)
Excludes depreciation, depletion, and
amortization.
(17)
Care and maintenance expense only includes
direct costs not associated with environmental reclamation and
remediation costs, as depreciation is not included in the
calculation of AISC.
(18)
During the fourth quarter of 2023, the
Company identified an adjustment of $10.5 million related to 2023
asset retirement cost depreciation, which was erroneously excluded
from Puna's AISC calculation. The Company recognized the total
adjustment in the fourth quarter of 2023 and the impact to prior
periods was not material. The adjustment only impacts the AISC
calculation and does not impact Reclamation and remediation costs
or Net income (loss) attributable to SSR Mining shareholders in the
Company's Consolidated Statements of Operations.
(19)
Gold equivalent ounces are calculated
using the silver ounces produced or sold multiplied by the ratio of
the silver price to the gold price, using the average LBMA prices
for the period. The Company does not include copper, lead, or zinc
as they are considered by-products. Gold equivalent ounces sold may
not re-calculate based on amounts presented in this table due to
rounding.
Year Ended December 31,
2024
(in thousands, unless otherwise noted)
�pler
Marigold
Seabee
Puna
Corporate
Total
Cost of sales (GAAP) (20)
$
36,215
$
244,312
$
77,846
$
155,659
$
—
$
514,032
By-product credits
$
(425
)
$
(113
)
$
(64
)
$
(50,271
)
$
—
$
(50,873
)
Treatment and refining charges
$
1,322
$
420
$
145
$
6,889
$
—
$
8,776
Cash costs (non-GAAP)
$
37,112
$
244,619
$
77,927
$
112,277
$
—
$
471,935
Sustaining capital expenditures
$
15,977
$
37,561
$
31,808
$
16,794
$
—
$
102,140
Sustaining exploration and evaluation
expense
$
—
$
1,690
$
—
$
—
$
—
$
1,690
Care and maintenance (21)
$
60,813
$
—
$
9,376
$
—
$
—
$
70,189
Reclamation cost accretion and
amortization
$
1,965
$
2,943
$
3,690
$
20,938
$
—
$
29,536
General and administrative expense and
stock-based compensation expense
$
—
$
—
$
—
$
—
$
62,885
$
62,885
Total AISC (non-GAAP)
$
115,867
$
286,813
$
122,801
$
150,009
$
62,885
$
738,375
Gold sold (oz)
30,382
167,669
81,070
—
—
279,121
Silver sold (oz)
—
—
—
9,641,677
—
9,641,677
Gold equivalent sold (oz) (23)
30,382
167,669
81,070
114,095
—
393,216
Cost of sales per gold ounces sold
$
1,192
$
1,457
$
960
N/A
N/A
N/A
Cost of sales per silver ounces sold
N/A
N/A
N/A
$
16.14
N/A
N/A
Cost of sales per gold equivalent ounce
sold
$
1,192
$
1,457
$
960
$
1,364
N/A
$
1,307
Cash cost per gold ounce sold
$
1,222
$
1,459
$
961
N/A
N/A
N/A
Cash cost per silver ounce sold
N/A
N/A
N/A
$
11.64
N/A
N/A
Cash cost per gold equivalent ounce
sold
$
1,222
$
1,459
$
961
$
984
N/A
$
1,200
AISC per gold ounce sold
$
3,814
$
1,711
$
1,515
N/A
N/A
N/A
AISC per silver ounce sold
N/A
N/A
N/A
$
15.56
N/A
N/A
AISC per gold equivalent ounce sold
$
3,814
$
1,711
$
1,515
$
1,315
N/A
$
1,878
Year Ended December 31,
2023
(in thousands, unless otherwise noted)
�pler
Marigold
Seabee
Puna
Corporate
Total
Cost of sales (GAAP) (20)
$
268,628
$
289,063
$
82,898
$
163,558
$
—
$
804,147
By-product credits
$
(3,523
)
$
(154
)
$
(54
)
$
(56,773
)
$
—
$
(60,504
)
Treatment and refining charges
$
—
$
666
$
101
$
18,649
$
—
$
19,416
Cash costs (non-GAAP)
$
265,105
$
289,575
$
82,945
$
125,434
$
—
$
763,059
Sustaining capital expenditures
$
50,982
$
79,151
$
32,994
$
13,193
$
—
$
176,320
Sustaining exploration and evaluation
expense
$
—
$
983
$
—
$
—
$
—
$
983
Reclamation cost accretion and
amortization (22)
$
1,709
$
2,628
$
3,347
$
13,598
$
—
$
21,282
General and administrative expense and
stock-based compensation expense
$
5,479
$
—
$
—
$
246
$
61,721
$
67,446
Total AISC (non-GAAP)
$
323,275
$
372,337
$
119,286
$
152,471
$
61,721
$
1,029,090
Gold sold (oz)
225,599
275,962
83,610
—
—
585,171
Silver sold (oz)
—
—
—
9,920,262
—
9,920,262
Gold equivalent sold (oz) (23)
225,599
275,962
83,610
119,423
—
704,594
Cost of sales per gold ounces sold
$
1,191
$
1,047
$
991
N/A
N/A
N/A
Cost of sales per silver ounces sold
N/A
N/A
N/A
$
16.49
N/A
N/A
Cost of sales per gold equivalent ounce
sold
$
1,191
$
1,047
$
991
$
1,370
N/A
$
1,141
Cash cost per gold ounce sold
$
1,175
$
1,049
$
992
N/A
N/A
N/A
Cash cost per silver ounce sold
N/A
N/A
N/A
$
12.64
N/A
N/A
Cash cost per gold equivalent ounce
sold
$
1,175
$
1,049
$
992
$
1,050
N/A
$
1,083
AISC per gold ounce sold
$
1,433
$
1,349
$
1,427
N/A
N/A
N/A
AISC per silver ounce sold
N/A
N/A
N/A
$
15.37
N/A
N/A
AISC per gold equivalent ounce sold
$
1,433
$
1,349
$
1,427
$
1,277
N/A
$
1,461
(20)
Excludes depreciation, depletion, and
amortization.
(21)
Care and maintenance expense only includes
direct costs not associated with environmental reclamation and
remediation costs, as depreciation is not included in the
calculation of AISC.
(22)
During the fourth quarter of 2023, the
Company identified an adjustment of $10.5 million related to 2023
asset retirement cost depreciation, which was erroneously excluded
from Puna's AISC calculation. The Company recognized the total
adjustment in the fourth quarter of 2023 and the impact to prior
periods was not material. The adjustment only impacts the AISC
calculation and does not impact Reclamation and remediation costs
or Net income (loss) attributable to SSR Mining shareholders in the
Company's Consolidated Statements of Operations.
(23)
Gold equivalent ounces are calculated
using the silver ounces produced or sold multiplied by the ratio of
the silver price to the gold price, using the average LBMA prices
for the period. The Company does not include copper, lead, or zinc
as they are considered by-products. Gold equivalent ounces sold may
not re-calculate based on amounts presented in this table due to
rounding.
Non-GAAP Measure - Adjusted Net Income
(Loss) Attributable to SSR Mining Shareholders and Adjusted Net
Income (Loss) Per Share Attributable to SSR Mining
Shareholders
Adjusted attributable net income (loss) and adjusted
attributable net income (loss) per share are used by management to
measure the Company's underlying operating performance. We believe
this measure is also useful for shareholders to assess the
Company’s operating performance. The most directly comparable
financial measures prepared in accordance with GAAP are net income
(loss) attributable to SSR Mining shareholders and net income
(loss) per share attributable to SSR Mining shareholders. Adjusted
net income (loss) attributable to SSR Mining shareholders is
defined as net income (loss) adjusted to exclude the after-tax
impact of specific items that are significant, but not reflective
of the Company's underlying operations, including the expected
impacts of �pler Incident; inflationary impacts on tax balances;
transaction, integration; and other non-recurring items.
The following table provides a reconciliation of Net income
(loss) attributable to SSR Mining shareholders to adjusted net
income (loss) attributable to SSR Mining shareholders:
Three Months Ended
Twelve Months Ended
(in thousands of US dollars, except per
share data)
December 31,
December 31,
2024
2023
2024
2023
Net income (loss) attributable to SSR
Mining shareholders (GAAP)
$
5,555
$
(217,845
)
$
(261,277
)
$
(98,007
)
Interest saving on 2019 notes, net of
tax
$
—
$
—
$
—
$
—
Net income (loss) used in the calculation
of diluted net income per share
$
5,555
$
(217,845
)
$
(261,277
)
$
(98,007
)
Weighted-average shares used in the
calculation of net income (loss) per share
Basic
202,403
203,566
202,258
204,714
Diluted
202,877
203,566
202,258
204,714
Net income (loss) per share attributable
to SSR Mining shareholders (GAAP)
Basic
$
0.03
$
(1.07
)
$
(1.29
)
$
(0.48
)
Diluted
$
0.03
$
(1.07
)
$
(1.29
)
$
(0.48
)
Adjustments:
Effects of the �pler Incident (24)
$
1,013
$
—
$
320,994
$
—
Reclamation costs (25)
$
14,310
$
—
$
14,310
$
—
Impairment charges (26)
$
—
$
338,097
$
369
$
340,734
Devaluation of ARS (27)
$
—
$
26,074
$
—
$
26,074
Changes in fair value of marketable
securities
$
(927
)
$
(3,656
)
$
(7,676
)
$
(4,221
)
Loss (gain) on sale of mineral properties,
plant and equipment
$
—
$
(1,610
)
$
—
$
—
Transaction and integration costs (28)
$
1,698
$
(406
)
$
1,698
$
—
Income tax impact related to above
adjustments
$
232
$
(9,041
)
$
1,440
$
(9,826
)
Foreign exchange (gain) loss and
inflationary impacts on tax balances
$
(615
)
$
(4,536
)
$
(12,267
)
$
(16,907
)
Impact of income tax rate change in
Türkiye
$
—
$
—
$
—
$
37,170
Other tax adjustments (29)
$
—
$
—
$
—
$
1,477
Adjusted net income (loss) attributable to
SSR Mining shareholders (Non-GAAP)
$
21,266
$
127,077
$
57,591
$
276,494
Adjusted net income per share attributable
to SSR Mining shareholders (Non-GAAP)
Basic
$
0.11
$
0.62
$
0.28
$
1.35
Diluted (30)
$
0.10
$
0.59
$
0.28
$
1.29
(24)
The effects of the �pler Incident
represent the following unusual and nonrecurring charges: (1)
reclamation costs of $9.0 million and remediation costs of $209.3
million (amounts are presented net of pre-tax attributable to
non-controlling interest of $54.6 million); (2) impairment charges
of $91.4 million related to plans to permanently close the heap
leach pad (amount is presented net of pre-tax attributable to
non-controlling interest of $22.8 million); and (3) contingencies
and expenses of $11.3 million (amount is presented net of pre-tax
attributable to non-controlling interest of $2.8 million). Refer to
Note 3 to the Consolidated Financial Statements for further details
related to the impact of the �pler Incident.
(25)
Represents revisions in cost estimate
assumptions associated with water management and tailings storage
facilities at Puna that have no substantive future economic value.
See Note 7 to our Consolidated Financial Statements for further
information.
(26)
For the year ended December 31, 2024,
impairment charges are related to remote equipment damaged due to
forest fires at Seabee. For the year ended December 31, 2023,
impairment charges represent $279.3 million related to �pler
mineral properties and exploration and evaluation assets (amount is
presented net of pre-tax attributable to non-controlling interest
of $69.8 million), $49.8 million related to Seabee goodwill, $9.0
million write-off of capitalized cloud computing arrangement
(amount is presented net of pre-tax attributable to non-controlling
interest of $0.8 million), and $2.6 million related to supplies
inventories during the year ended December 31, 2023. See Note 8 to
the Consolidated Financial Statements for further details.
(27)
Represents the foreign exchange net loss
due to the measures implemented by the Argentine government during
the fourth quarter of 2023 which included foreign exchange losses
due to the official ARS exchange rate change, foreign exchange
gains related to the conversion of a portion of export proceeds at
a market exchange rate, and the foreign exchange loss on the
utilization of blue chip swaps to convert ARS to USD and manage
currency risk. See Currency Risk in Item 7A. Quantitative and
Qualitative Disclosures About Market Risk for further details.
(28)
For the year ended December 31, 2024,
represents the transaction costs of $1.7 million related to the
CC&V transaction, which is expected to close in the first
quarter of 2025.
(29)
Represents charges related to a one-time
tax imposed by Türkiye to fund earthquake recovery efforts, offset
by a release of an uncertain tax position during the year ended
December 31, 2023.
(30)
Adjusted net income (loss) per diluted
share attributable to SSR Mining shareholders is calculated using
diluted common shares, which are calculated in accordance with
GAAP. For the three months ended December 31, 2024, $1.2 million
interest saving on 2019 Notes, net of tax, and potentially dilutive
shares of approximately 13.0 million were excluded from the
computation of diluted loss per common share attributable to SSR
Mining shareholders as they were antidilutive. For the three months
ended December 31, 2023, $1.2 million interest saving on 2019
Notes, net of tax, and potentially dilutive shares of approximately
12.9 million were excluded from the computation of diluted loss per
common share attributable to SSR Mining shareholders as they were
antidilutive. These interest savings and shares were included in
the computation of adjusted net income (loss) per diluted share
attributable to SSR Mining shareholders for the three months ended
December 31, 2024 and 2023. For the year ended December 31, 2024,
$5.0 million interest saving on 2019 Notes, net of tax, and
potentially dilutive shares of approximately 12.9 million were
excluded from the computation of diluted loss per common share
attributable to SSR Mining shareholders in the Consolidated
Statement of Operations as they were antidilutive. 0.3 million
shares were included in the computation of adjusted net income
(loss) per diluted share attributable to SSR Mining shareholders
for the year ended December 31, 2024. For the year ended December
31, 2023, $4.9 million interest saving on 2019 Notes, net of tax,
and potentially dilutive shares of approximately 12.9 million were
excluded from the computation of diluted loss per common share
attributable to SSR Mining shareholders in the Consolidated
Statement of Operations as they were antidilutive. These interest
savings and shares were included in the computation of adjusted net
income (loss) per diluted share attributable to SSR Mining
shareholders for the year ended December 31, 2023.
Non-GAAP Measure - Free Cash Flow, Cash
Flow From Operating Activities Before Changes in Working Capital,
and Free Cash Flow Before Changes in
Working Capital
The Company uses free cash flow, cash flow from operating
activities before changes in working capital, and free cash flow
before changes in working capital to supplement information in its
condensed consolidated financial statements. The most directly
comparable financial measures prepared in accordance with GAAP is
cash provided by operating activities. The Company believes that in
addition to conventional measures prepared in accordance with US
GAAP, certain investors and analysts use this information to
evaluate the ability of the Company to generate cash flow after
capital investments and build the Company's cash resources. The
Company calculates free cash flow by deducting cash capital
spending from cash generated by operating activities. The Company
does not deduct payments made for business acquisitions.
The following table provides a reconciliation of cash provided
by operating activities to free cash flow:
Three Months Ended
Twelve Months Ended
(in thousands of US dollars, except per
share data)
December 31,
December 31
2024
2023
2024
2023
Cash provided by operating activities
(GAAP)
$
94,979
$
203,159
$
40,130
$
421,725
Expenditures on mineral properties, plant,
and equipment
$
(38,573
)
$
(58,789
)
$
(143,534
)
$
(223,422
)
Free cash flow (non-GAAP)
$
56,406
$
144,370
$
(103,404
)
$
198,303
We also present operating cash flow before working capital
adjustments and free cash flow before working capital adjustments
as non-GAAP cash flow measures to supplement our operating cash
flow and free cash flow (non-GAAP) measures. We believe presenting
both operating cash flow and free cash flow before working capital
adjustments, which reflects an exclusion of net changes in
operating assets and liabilities, will be useful for investors
because it presents cash flow that is actually generated from the
continuing business. The Company calculates cash generated by (used
in) operating activities before changes in working capital by
adjusting cash generated by (used in) operating activities by the
net change in operating assets and liabilities. The Company also
calculates free cash flow before changes in working capital by
deducting cash capital spending from cash flow from operating
activities before changes in working capital.
The following table provides a reconciliation of cash provided
by operating activities to cash generated by (used in) operating
activities before changes in working capital, and free cash flow
before changes in working capital:
Three Months Ended
Twelve Months Ended
(in thousands of US dollars, except per
share data)
December 31,
December 31
2024
2023
2024
2023
Cash provided by (used in) operating
activities (GAAP)
$
94,979
$
203,159
$
40,130
$
421,725
Net change in operating assets and
liabilities
$
(5,356
)
$
13,763
$
72,265
$
132,681
Cash provided by (used in) operating
activities before changes in working
capital (non-GAAP)
$
89,623
$
216,922
$
112,395
$
554,406
Expenditures on mineral properties, plant,
and equipment
$
(38,573
)
$
(58,789
)
$
(143,534
)
$
(223,422
)
Free cash flow before changes in working
capital (non-GAAP)
$
51,050
$
158,133
$
(31,139
)
$
330,984
Supplemental Mineral Reserve and Mineral
Resource Information
The following table provides a reconciliation of MRMR between
December 31, 2024 and December 31, 2023. The Company believes this
information provides investors and analysts with useful information
associated with changes in Mineral Reserves and Mineral Resources
as compared to the prior year period. This information is meant to
supplement information available in Item 2. Properties in the
Company’s Annual Report. (31)
Gold
Silver
Lead
Zinc
Copper
Gold Equivalent
koz
koz
Mlb
Mlb
Mlb
koz (32)
Total P+P Reserves as of December 31,
2023
7,275
26,806
113
20
27
7,764
Mining depletion in 2024
(279
)
(11,244
)
(66
)
(8
)
—
(466
)
Impact of �pler Incident
(49
)
—
—
—
(27
)
(109
)
Changes due to commodity price
102
134
—
—
—
96
Additions and model adjustments
518
9,945
64
5
—
686
Total P+P Reserves as of December 31,
2024
7,567
25,640
111
17
—
7,970
Total M&I Resource as of December 31,
2023 (33)
4,034
66,218
196
404
30
5,307
Changes due to commodity price
—
—
—
—
—
—
Impact of �pler Incident
—
—
—
—
(30
)
(69
)
Additions and model adjustments
363
(19,864
)
(127
)
(62
)
—
4
Total M&I Resource as of December
31, 2024
4,398
46,354
70
341
—
5,242
Total Inferred Resource as of December 31,
2023
2,642
20,932
24
227
24
3,121
Changes due to commodity price
—
—
—
—
—
—
Impact of �pler Incident
—
—
—
—
(24
)
(54
)
Additions and model adjustments
(378
)
(4,243
)
(22
)
(15
)
—
(454
)
Total Inferred Resource as of December
31, 2024
2,264
16,689
2
212
—
2,614
(31)
MRMR are shown as attributable to SSR
Mining only. SSR Mining owns 80% of the �pler district. Figures
may not add due to rounding.
(32)
All gold equivalent ounces (GEO) figures
are based on the above-mentioned commodity prices. metal
equivalence is calculated for the respective and applicable metals
as follows: AuEq = Au koz + ((Ag koz * Ag price) + (Pb klb * Pb
price per pound) + (Zn klb * Zn price per pound) + (Cu klb * Cu
price per pound)) / (Au price per ounce).
(33)
Measured and indicated Mineral Resources
are shown exclusive of Mineral Reserves.
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For more information, please visit www.ssrmining.com E-Mail:
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