Ssr Mining Reports Third Quarter 2025 Results
SSR Mining Inc. PAGE 1
News Release
November 4, 2025
SSR MINING REPORTS THIRD QUARTER 2025 RESULTS
DENVER - SSR Mining Inc. (Nasdaq/TSX: SSRM) ("SSR Mining" or the “Company") reports consolidated financial results
for the third quarter ended September 30, 2025.
• Operating results: Third quarter 2025 production was 102,673 gold equivalent ounces at cost of sales of $ 1,585 per
payable ounce and all-in sustaining costs (“AISC”) of $2,359 per payable ounce, or $2,114 per payable ounce exclusive
of costs incurred at Çöpler in the quarter. (1) Year-to-date, the Company produced 326,940 gold equivalent ounces at
cost of sales of $1,430 per payable ounce and all-in-sustaining costs of $2,131 per payable ounce, or $1,905 exclusive
of costs incurred at Çöpler. SSR Mining expects full-year 2025 production in the lower half of the 410,000 to 480,000
gold equivalent ounce guidance range. Reflecting the impacts of higher-than-expected gold prices on royalty costs and
SSR Mining’s strong share price performance on share-based compensation, the Company is trending to wards the
upper end of its consolidated cost guidance ranges for 2025.
• Financial results: In the third quarter of 2025, SSR Mining reported net income attributable to SSR Mining shareholders
of $65.4 million, or $0.31 per diluted share and adjusted net income attributable to SSR Mining shareholders of $68. 4
million, or $0.32 per diluted share. In the third quarter of 2025, operating cash flow was $57.2 million and free cash flow
was negative $2.4 million , largely driven by inventory movements at Marigold and CC&V, as well as prepayments
associated with development activities at Hod Maden . Accordingly, operating cash flow and free cash flow before
working capital adjustments totaled $132.1 million and $72.5 million in the third quarter, respectively.
• Cash and liquidity position: As of September 30, 2025 , SSR Mining had a cash and cash equivalent balance of
$409.3 million and total liquidity of $ 909.3 million, inclusive of the Company’s undrawn revolving credit facility and
accompanying accordion feature.
• Hod Maden: During the third quarter of 2025, $17.1 million was spent at Hod Maden as engineering and initial site
establishment efforts continued to progress, bringing year -to-date spend to $44.4 million at the project. SSR Mining
remains on track for full -year Hod Maden development capital spend of $60 to $100 million . The Company expects to
provide an updated life of mine plan and construction decision for Hod Maden in the coming months.
• Çöpler update: SSR Mining continues to work closely with the relevant authorities in Türkiye to advance the restart of
the Çöpler mine. While SSR Mining remains confident and committed to restarting operations, at this time, the Company
is not able to estimate or predict when and under what conditions operations will resume at Çöpler.
• Development & exploration: During the third quarter of 2025, SSR Mining continued to advance key brownfield growth
projects across the portfolio, including Buffalo Valley at Marigold, Cortaderas at Puna, and Porky at Seabee. These
projects represent potential low-cost mine life extension opportunities at each operation and are supported by ongoing
near-mine and regional exploration activity across the portfolio. In addition, an updated life of mine plan and technical
report for CC&V based exclusively on Mineral Reserves remains on track for publication in 2025.
SSR Mining Inc. PAGE 2
Rod Antal, Executive Chairman of SSR Mining, said, “Our third quarter operating results were generally aligned to our
internal plans, and we continue to expect that a solid fourth quarter will bring us within consolidated 2025 production
guidance.
Our teams have been hard at work advancing a number of key deliverables, including an initial technical report for CC&V
that we expect will showcase a more than 10 -year mine life based on Mineral Reserves. At Hod Maden, efforts across the
various work streams including engineering, initial site establishment activity and market engagement on major work
packages are well progressed, moving us closer to finalizing an updated life of mine plan and capital estimates. Hod Maden
remains one of the most compelling and highest returning undeveloped copper -gold projects in the sector and has the
potential to generate exceptional free cash flow once in production.
We have numerous growth opportunities across the portfolio , particularly in Türkiye where we continue to advance
requirements towards a restart of operations at Çöpler. Together with the Hod Maden investment decision, we look forward
to showcasing the significant potential upside ahead for our shareholders.”
SSR Mining Inc. PAGE 3
Financial and Operating Summary
A summary of the Company's consolidated financial and operating results for the three and nine months ended
September 30, 2025 and September 30, 2024 are presented below:
(in thousands, except per share data or otherwise stated)
Three Months Ended
September 30,
Nine Months Ended
September 30,
2025 2024 2025 2024
Financial Results
Revenue $ 385,839 $ 257,356 $ 1,107,912 $ 672,431
Cost of sales $ 165,682 $ 138,281 $ 465,271 $ 360,764
Operating income (loss) $ 83,333 $ 9,037 $ 259,109 $ (356,667)
Net income (loss) $ 57,092 $ 6,251 $ 191,900 $ (349,447)
Net income (loss) attributable to SSR Mining shareholders $ 65,441 $ 10,557 $ 214,297 $ (266,832)
Basic net income (loss) per share attributable to SSR Mining shareholders $ 0.32 $ 0.05 $ 1.06 $ (1.32)
Diluted net income (loss) per share attributable to SSR Mining shareholders $ 0.31 $ 0.05 $ 1.00 $ (1.32)
Adjusted net income attributable to SSR Mining shareholders (1) $ 68,354 $ 6,360 $ 240,003 $ 36,325
Basic adjusted net income per share attributable to SSR Mining shareholders (1) $ 0.34 $ 0.03 $ 1.18 $ 0.18
Diluted adjusted net income per share attributable to SSR Mining shareholders (1) $ 0.32 $ 0.03 $ 1.12 $ 0.18
Cash provided by operating activities before changes in working capital (1) $ 132,050 $ 13,810 $ 433,020 $ 22,772
Cash provided by operating activities $ 57,155 $ (1,348) $ 299,802 $ (54,849)
Cash used in investing activities $ (63,602) $ (35,094) $ (286,355) $ (103,556)
Cash provided by (used in) financing activities $ 10,196 $ 13,942 $ 20,727 $ 4,610
Operating Results
Gold produced (oz) 75,212 63,155 242,047 185,835
Gold sold (oz) 74,268 63,052 242,715 192,801
Silver produced ('000 oz) 2,409 2,885 7,764 7,531
Silver sold ('000 oz) 2,657 2,785 7,566 6,933
Lead produced ('000 lb) (2) 11,152 15,005 36,517 38,294
Lead sold ('000 lb) (2) 13,089 14,304 37,199 35,355
Zinc produced ('000 lb) (2) 1,103 878 2,986 2,954
Zinc sold ('000 lb) (2) 954 660 2,496 2,589
Gold equivalent produced (oz) (3) 102,673 97,429 326,940 275,113
Gold equivalent sold (oz) (3) 104,549 96,143 325,440 274,996
Average realized gold price ($/oz sold) $ 3,503 $ 2,531 $ 3,259 $ 2,281
Average realized silver price ($/oz sold) $ 41.92 $ 30.05 $ 36.72 $ 28.23
Cost of sales per gold equivalent ounce sold (3) $ 1,585 $ 1,438 $ 1,430 $ 1,312
Cash cost per gold equivalent ounce sold (1,3) $ 1,449 $ 1,312 $ 1,312 $ 1,198
AISC per gold equivalent ounce sold (1,3) $ 2,359 $ 2,065 $ 2,131 $ 1,886
Financial Position September 30, 2025 December 31, 2024
Cash and cash equivalents $ 409,332 $ 387,882
Current assets $ 1,206,074 $ 1,029,034
Total assets $ 5,907,813 $ 5,189,020
Current liabilities $ 501,007 $ 218,877
Total liabilities $ 1,763,320 $ 1,242,159
Working capital (4) $ 705,067 $ 810,157
(1) The Company reports non-GAAP financial measures including adjusted net income (loss) 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 mo st comparable GAAP financial
measures.
(2) 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.
(3) Gold equivalent ounces (“GEOs”) are calculated multiplying the silver ounces by the ratio of the silver price to the gold price, using the average closing commodity
prices for the period. The Company does not include by-products in the GEO calculations.
(4) Working capital is defined as current assets less current liabilities.
SSR Mining Inc. PAGE 4
Marigold, USA
Three Months Ended
September 30, Nine Months Ended
September 30,
Operating Data 2025 2024 2025 2024
Gold produced (oz) 36,273 48,189 110,765 108,560
Gold sold (oz) 37,318 47,100 113,315 109,419
Ore mined (kt) 3,379 7,151 12,160 20,347
Waste removed (kt) 20,112 15,392 61,479 54,757
Total material mined (kt) 23,491 22,543 73,639 75,104
Strip ratio 6.0 2.2 5.1 2.7
Ore stacked (kt) 3,379 7,151 12,161 20,347
Gold grade stacked (g/t) 0.35 0.36 0.42 0.24
Average realized gold price ($/oz sold) $ 3,502 $ 2,546 $ 3,235 $ 2,351
Cost of sales ($/oz gold sold) $ 1,673 $ 1,573 $ 1,567 $ 1,484
Cash costs ($/oz gold sold) (5) $ 1,673 $ 1,575 $ 1,568 $ 1,486
AISC ($/oz gold sold) (5) $ 1,840 $ 1,828 $ 1,856 $ 1,749
(5) 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 September 30, 2025 and 2024, Marigold produced 36,273 and 48,189 ounces of gold,
respectively. For the nine months ended September 30, 2025 and 2024, Marigold produced 110,765 and 108,560 ounces
of gold, respectively. During the third quarter of 2025, Marigold reported cost of sales of $ 1,673 per payable ounce and
AISC of $1,840 per payable ounce.
SSR Mining Inc. PAGE 5
Cripple Creek & Victor, USA
(For the nine months ended September 30, 2025, all metrics represent the period from February 28, 2025 to September 30, 2025, the
period for which the Company was entitled to the economic benefits of CC&V following the acquisition).
Three Months Ended
September 30, Nine Months Ended
September 30,
Operating Data 2025 2024 2025 2024
Gold produced (oz) 29,821 — 85,165 —
Gold sold (oz) 27,950 — 84,050 —
Ore mined (kt) 6,923 — 12,188 —
Waste removed (kt) 2,496 — 8,947 —
Total material mined (kt) 9,419 — 21,135 —
Strip ratio 0.4 — 0.7 —
Ore stacked (kt) 7,020 — 12,398 —
Gold grade stacked (g/t) 0.40 — 0.42 —
Average realized gold price ($/oz sold) $ 3,505 $ — $ 3,356 $ —
Cost of sales ($/oz gold sold) $ 1,394 $ N/A $ 1,272 $ N/A
Cash costs ($/oz gold sold) (6) $ 1,381 $ N/A $ 1,260 $ N/A
AISC ($/oz gold sold) (6) $ 1,756 $ N/A $ 1,536 $ N/A
(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 CC&V.
See "Cautionary Note Regarding Non -GAAP Financial Measures" at the end of this press release for an explanation of these fi nancial 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 September 30, 2025, CC&V produced 29,821 ounces of gold. Reflecting the closing of the
CC&V acquisition during the first quarter of 2025, CC&V produced 85,165 ounces of gold for the period from February 28,
2025 to September 30, 2025. Inclusive of the 28,000 ounces of gold produced in the first two months of 2025, year-to-date
production from CC&V totaled 113,165 ounces of gold. During the third quarter of 2025, CC&V reported cost of sales of
$1,394 per payable ounce and AISC of $ 1,756 per payable ounce. A technical report for CC&V remains on track for
publication in 2025.
SSR Mining Inc. PAGE 6
Seabee, Canada
Three Months Ended
September 30, Nine Months Ended
September 30,
Operating Data 2025 2024 (7) 2025 (8) 2024 (7)
Gold produced (oz) 9,118 10,252 46,117 50,734
Gold sold (oz) 9,000 11,250 45,350 54,720
Ore mined (kt) 85 56 233 275
Ore milled (kt) 83 56 241 274
Gold mill feed grade (g/t) 3.46 6.10 6.04 6.01
Gold recovery (%) 95.1 95.9 96.7 96.0
Average realized gold price ($/oz sold) $ 3,503 $ 2,479 $ 3,138 $ 2,232
Cost of sales ($/oz gold sold) $ 2,185 $ 1,280 $ 1,351 $ 1,025
Cash costs ($/oz gold sold) (9) $ 2,184 $ 1,281 $ 1,351 $ 1,026
AISC ($/oz gold sold) (9) $ 3,003 $ 2,301 $ 2,002 $ 1,655
(7) On August 21, 2024, the Company temporarily suspended operations at Seabee due to forest fires in the vicinity of the mine. M ining operations resumed at
Seabee on October 11, 2024.
(8) During the second quarter of 2025, the Company temporarily suspended operations at Seabee for approximately two weeks due to power interruptions caused
by forest fires to the north of the mine. Seabee resumed operations on June 13, 2025.
(9) 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 September 30, 2025 and 2024, Seabee produced 9,118 and 10,252 ounces of gold,
respectively. For the nine months ended September 30, 2025 and 2024, Seabee produced 46,117 and 50,734 ounces of
gold, respectively. During the third quarter of 2025, Seabee reported cost of sales of $ 2,185 per payable ounce and AISC
of $3,003 per payable ounce. Operating results in the third quarter reflected the concerted effort to prioritize underground
mine development, as well as lower than expected grades in the quarter.
SSR Mining Inc. PAGE 7
Puna, Argentina
Three Months Ended
September 30, Nine Months Ended
September 30,
Operating Data 2025 2024 2025 2024
Silver produced ('000 oz) 2,409 2,885 7,764 7,531
Silver sold ('000 oz) 2,657 2,785 7,566 6,933
Lead produced ('000 lb) 11,152 15,005 36,517 38,294
Lead sold ('000 lb) 13,089 14,304 37,199 35,355
Zinc produced ('000 lb) 1,103 878 2,986 2,954
Zinc sold ('000 lb) 954 660 2,496 2,589
Gold equivalent sold ('000 oz) (10) 30,281 33,091 82,725 82,195
Ore mined (kt) 367 648 1,469 1,578
Waste removed (kt) 1,833 1,535 4,513 4,564
Total material mined (kt) 2,199 2,183 5,983 6,142
Strip ratio 5.0 2.4 3.1 2.9
Ore milled (kt) 506 486 1,452 1,372
Silver mill feed grade (g/t) 155.94 190.54 173.17 176.32
Lead mill feed grade (%) 1.09 1.46 1.22 1.33
Zinc mill feed grade (%) 0.25 0.19 0.24 0.21
Silver mill recovery (%) 95.0 97.0 96.1 96.8
Lead mill recovery (%) 92.1 96.0 93.6 95.3
Zinc mill recovery (%) 39.0 43.5 39.4 46.6
Average realized silver price ($/oz sold) $ 41.92 $ 30.05 $ 36.72 $ 28.23
Cost of sales ($/oz silver sold) $ 16.80 $ 16.06 $ 15.80 $ 16.27
Cash costs ($/oz silver sold) (11) $ 11.58 $ 11.66 $ 10.85 $ 11.71
AISC ($/oz silver sold) (11) $ 13.54 $ 15.37 $ 13.09 $ 15.36
(10) GEOs are calculated multiplying the silver ounces by the ratio of the silver price to the gold price, using the average closing commodity prices for the period. The
Company does not include by-products in the GEO calculations.
(11) 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 ex planation 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 September 30, 2025 and 2024, Puna produced 2.4 and 2.9 million ounces of silver, respectively.
For the nine months ended September 30, 2025 and 2024, Puna produced 7.8 and 7.5 million ounces of silver, respectively.
During the third quarter of 2025, Puna reported cost of sales of $16.80 per payable ounce and AISC of $13.54 per payable
ounce.
SSR Mining Inc. PAGE 8
Çöpler, Türkiye
(amounts presented on 100% basis)
Operations at Çöpler were suspended following the February 13, 2024 incident at the Çöpler mine (the “Çöpler Incident”).
During the suspension, care and maintenance expense has been recorded which represents depreciation and direct costs
not associated with the environmental reclamation and remediation costs.
Three Months Ended
September 30, Nine Months Ended
September 30,
Operating Data 2025 2024 2025 2024
Gold produced (oz) — 4,714 — 26,541
Gold sold (oz) — 4,702 — 28,662
Ore mined (kt) — — — 266
Waste removed (kt) — — — 3,571
Total material mined (kt) — — — 3,837
Strip ratio — — — 13.4
Ore stacked (kt) — — — 184
Gold grade stacked (g/t) — — — 1.17
Average realized gold price ($/oz sold) $ — $ 2,510 $ — $ 2,095
Cost of sales ($/oz gold sold) $ N/A $ 1,073 $ N/A $ 1,028
Cash costs ($/oz gold sold) (12) $ N/A $ 1,080 $ N/A $ 1,030
AISC ($/oz gold sold) (12) $ N/A $ 5,266 $ N/A $ 2,959
(12) 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 Çöpler.
See "Cautionary Note Regarding Non -GAAP Financial Measures" at the end of this press release for an ex planation 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.
The Company continues to work closely with the relevant authorities in Türkiye to advance the restart of the Çöpler mine.
While SSR Mining remains confident and committed to restarting operations, at this time, the Company is not able to
estimate or predict when and under what conditions operations will resume at Çöpler. For additional information on the
Çöpler 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, and the Company’s Quarterly Reports on Form 10-Q for the quarter
ended March 31, 2025, filed on May 6 , 2025, the quarter ended June 30, 2025, filed on August 5, 2025, and the quarter
ended September 30, 2025, filed on November 4, 2025.