Ssr Mining Reports Second Quarter 2025 Results
SSR Mining Inc. PAGE 1
News Release
August 5, 2025
SSR MINING REPORTS SECOND QUARTER 2025 RESULTS
DENVER - SSR Mining Inc. (Nasdaq/TSX: SSRM) ("SSR Mining" or the “Company") reports consolidated financial results
for the second quarter ended June 30, 2025.
• Operating results: Second quarter 2025 production was 120,191 gold equivalent ounces at cost of sales of $1,396 per
payable ounce and all-in sustaining costs (“AISC”) of $2,068 per payable ounce, or $1,858 per payable ounce exclusive
of costs incurred at Çöpler in the quarter. (1) Year-to-date, the Company produced 223,987 gold equivalent ounces at
cost of sales of $1,357 per payable ounce and all-in-sustaining costs of $2,024 per payable ounce, or $1,807 exclusive
of costs incurred at Çöpler during the year. The Company remains on track for full-year 2025 guidance of 410,000 to
480,000 gold equivalent ounces from its Marigold, CC&V, Seabee and Puna operations at consolidated cost of sales of
$1,375 to $1,435 per payable ounce and AISC of $2,090 to $2,150 per payable ounce.
• Financial results: In the second quarter of 2025, SSR Mining reported net income attributable to SSR Mining
shareholders of $ 90.1 million, or $ 0.42 per diluted share and adjusted net income attributable to SSR Mining
shareholders of $ 110.1 million, or $ 0.51 per diluted share. For the second quarter of 2025, SSR Mining generated
$157.8 million in operating cash flow and $98.4 million in free cash flow. Over the same period, operating cash flow and
free cash flow before working capital adjustments totaled $196.0 million and $136.6 million, respectively.
• Cash and liquidity position: As of June 30, 2025, SSR Mining had a cash and cash equivalent balance of $ 412.1
million and total liquidity of $912.1 million inclusive of the Company’s undrawn revolving credit facility and accompanying
accordion feature. In the second quarter of 2025, SSR Mining received $44.4 million in business interruption insurance
proceeds associated with the Çöpler Incident.
• CC&V integration: In the first full quarter of operations within the SSR Mining portfolio, CC&V produced 44,062 ounces
of gold at cost of sales of $1,116 per payable ounce and AISC of $1,339 per payable ounce. The CC&V integration has
continued to progress positively, with the mine generating nearly $85 million in mine site free cash flow since the close
of the acquisition. CC&V remains on track for full -year guidance metrics , and a technical report for CC&V based on
existing Mineral Reserves remains on track for publication in 2025.
• Çöpler update: The Company continues to work closely with the relevant authorities in Türkiye to advance the restart
of the Çöpler mine, including progressing various engineering plans and design documents. During the second quarter
of 2025, the Company recorded a n increase t o the reclamation and remediation costs associated with the Çöpler
incident. The revised estimate reflects an increase of $12.9 million above the previously disclosed estimated reclamation
and remediation cost range of $250 to $300 million provided in the first quarter of 2024. The revision in estimate reflects
the Company's advancement of the engineering and construction design of the East S torage Facility and the
advancement of the studies for the permanent closure of the heap leach pad. While SSR Mining remains confident and
SSR Mining Inc. PAGE 2
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.
• Puna mine life extension: SSR Mining has continued to advance opportunities to extend the Puna mine life, including
pit laybacks at the Chinchillas pit , processing of stockpiles, and advancing exploration and engineering work at
Cortaderas. Based on the work currently completed at Chinchillas, SSR Mining expects that 2026 silver production at
Puna will be between 7 and 8 million ounces, an increase against the 2023 Puna Technical Report Summary (“TRS”).
Production in 2027 and 2028 is expected to average approximately 4 million ounces of silver. The Company will continue
to evaluate opportunities to extend the mine life at Puna, including advancing studies on the Cortaderas deposit.
• Development & exploration: During the second quarter of 2025, $16.2 million was spent at Hod Maden as engineering
and initial site establishment efforts continued to progress, bringing year-to-date spend to $29.1 million at the project.
Additionally, SSR Mining continued to advance exploration and development activities across its portfolio in the quarter.
Rod Antal, Executive Chairman of SSR Mining, said, “The second quarter of 2025 was another period of strong operational
performance. Pleasingly, CC&V delivered well against expectations in its first full quarter in our portfolio , and the mine has
now generated approximately $85 million in asset-level free cash flow in the four months since its acquisition, a remarkable
outcome. With an updated technical report for CC&V also expected this year, we are excited to provide our initial view of
the longer-term potential of the asset and further demonstrate the benefits of this accretive transaction.
In Türkiye, initial development activities continued at Hod Maden, while efforts at Çöpler remain focused on advancing
requirements towards a restart.
Lastly, through our continued drive to deliver organic growth across the portfolio, we are pleased to announce the near-term
extension of operations at Puna. This update provides a meaningful improvement over Puna’s prior life of mine plan , and
we view this extension as a first step in highlighting the continued and future upside at the asset through further development
at Chinchillas and at Cortaderas.”
SSR Mining Inc. PAGE 3
Financial and Operating Summary
A summary of the Company's consolidated financial and operating results for the three and six months ended June 30, 2025
and June 30, 2024 are presented below:
(in thousands, except per share data or otherwise stated) Three Months Ended
June 30, Six Months Ended
June 30,
2025 2024 2025 2024
Financial Results
Revenue $ 405,455 $ 184,841 $ 722,073 $ 415,075
Cost of sales $ 162,948 $ 96,582 $ 299,589 $ 222,483
Operating income (loss) $ 108,885 $ 10,720 $ 175,776 $ (365,704)
Net income (loss) $ 80,362 $ 2,464 $ 134,808 $ (355,698)
Net income (loss) attributable to SSR Mining shareholders $ 90,075 $ 9,693 $ 148,856 $ (277,389)
Basic net income (loss) per share attributable to SSR Mining shareholders $ 0.44 $ 0.05 $ 0.73 $ (1.37)
Diluted net income (loss) per share attributable to SSR Mining shareholders $ 0.42 $ 0.05 $ 0.70 $ (1.37)
Adjusted net income attributable to SSR Mining shareholders (1) $ 110,074 $ 7,489 $ 171,647 $ 29,999
Basic adjusted net income per share attributable to SSR Mining shareholders (1) $ 0.54 $ 0.04 $ 0.85 $ 0.15
Diluted adjusted net income per share attributable to SSR Mining shareholders (1) $ 0.51 $ 0.04 $ 0.80 $ 0.15
Cash provided by operating activities before changes in working capital (1) $ 196,016 $ (23,102) $ 300,970 $ 8,962
Cash provided by operating activities $ 157,841 $ (78,132) $ 242,646 $ (53,501)
Cash used in investing activities $ (68,503) $ (31,684) $ (222,753) $ (68,462)
Cash provided by (used in) financing activities $ 7,856 $ 1,488 $ 10,531 $ (9,332)
Operating Results
Gold produced (oz) 90,966 42,400 166,835 122,680
Gold sold (oz) 90,739 40,470 168,447 129,749
Silver produced ('000 oz) 2,849 2,731 5,354 4,646
Silver sold ('000 oz) 2,534 2,489 4,909 4,148
Lead produced ('000 lb) (2) 13,877 13,291 25,365 23,289
Lead sold ('000 lb) (2) 12,058 12,385 24,111 21,050
Zinc produced ('000 lb) (2) 1,125 859 1,883 2,076
Zinc sold ('000 lb) (2) 1,279 1,419 1,541 1,929
Gold equivalent produced (oz) (3) 120,191 76,102 223,987 177,691
Gold equivalent sold (oz) (3) 116,736 71,190 220,843 178,864
Average realized gold price ($/oz sold) $ 3,336 $ 2,378 $ 3,151 $ 2,160
Average realized silver price ($/oz sold) $ 35.24 $ 30.22 $ 33.90 $ 27.01
Cost of sales per gold equivalent ounce sold (3) $ 1,396 $ 1,357 $ 1,357 $ 1,244
Cash cost per gold equivalent ounce sold (1,3) $ 1,282 $ 1,192 $ 1,247 $ 1,137
AISC per gold equivalent ounce sold (1,3) $ 2,068 $ 2,116 $ 2,024 $ 1,789
Financial Position June 30, 2025 December 31, 2024
Cash and cash equivalents $ 412,104 $ 387,882
Current assets $ 1,147,390 $ 1,029,034
Total assets $ 5,795,877 $ 5,189,020
Current liabilities $ 480,832 $ 218,877
Total liabilities $ 1,710,266 $ 1,242,159
Working capital (4) $ 666,558 $ 810,157
(1) 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 fi nancial measures to net income
(loss), cost of sales, and cash generated by operating activities, which are the most comparable GAA P 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 pri ce, using the average London Bullion Market
Association (“LBMA”) 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
June 30,
Six Months Ended
June 30,
Operating Data 2025 2024 2025 2024
Gold produced (oz) 35,906 25,691 74,492 60,371
Gold sold (oz) 35,589 25,450 75,997 62,319
Ore mined (kt) 3,425 7,474 8,781 13,196
Waste removed (kt) 20,912 18,778 41,367 39,365
Total material mined (kt) 24,337 26,252 50,148 52,561
Strip ratio 6.1 2.5 4.7 3.0
Ore stacked (kt) 3,426 7,474 8,782 13,169
Gold grade stacked (g/t) 0.62 0.20 0.44 0.17
Average realized gold price ($/oz sold) $ 3,337 $ 2,391 $ 3,104 $ 2,203
Cost of sales ($/oz gold sold) $ 1,584 $ 1,542 $ 1,515 $ 1,417
Cash costs ($/oz gold sold) (5) $ 1,586 $ 1,542 $ 1,516 $ 1,418
AISC ($/oz gold sold) (5) $ 1,977 $ 2,065 $ 1,864 $ 1,690
(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 June 30, 2025 and 2024, Marigold produced 35,906 and 25,691 ounces of gold, respectively.
For the six months ended June 30, 2025 and 2024, Marigold produced 74,492 and 60,371 ounces of gold, respectively.
During the second quarter of 2025, Marigold reported cost of sales of $ 1,584 per payable ounce and AISC of $ 1,977 per
payable ounce.
Full-year 2025 production guidance for Marigold is 160,000 to 190,000 ounces of gold at mine site cost of sales of $1,530
to $1,570 per payable ounce and AISC of $1,800 to $1,840 per payable ounce. For the remainder of the year, Marigold’s
production is expected to be approximately 55-60% weighted to the fourth quarter.
SSR Mining Inc. PAGE 5
Cripple Creek & Victor, USA
(For the six months ended June 30, 2025, all metrics represent the period from February 28, 2025 to June 30, 2025, the period for which
the Company was entitled to the economic benefits of CC&V following the acquisition)
Three Months Ended
June 30,
Six Months Ended
June 30,
Operating Data 2025 2024 2025 2024
Gold produced (oz) 44,062 — 55,344 —
Gold sold (oz) 44,800 — 56,100 —
Ore mined (kt) 3,441 — 5,265 —
Waste removed (kt) 4,880 — 6,451 —
Total material mined (kt) 8,321 — 11,716 —
Strip ratio 1.4 — 1.2 —
Ore stacked (kt) 3,519 — 5,378 —
Gold grade stacked (g/t) 0.50 — 0.45 —
Average realized gold price ($/oz sold) $ 3,336 — $ 3,282 —
Cost of sales ($/oz gold sold) $ 1,116 N/A $ 1,212 N/A
Cash costs ($/oz gold sold) (6) $ 1,105 N/A $ 1,199 N/A
AISC ($/oz gold sold) (6) $ 1,339 N/A $ 1,427 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 expl anation 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 June 30, 2025, CC&V produced 44,062 ounces of gold . Reflecting the closing of the CC&V
acquisition during the first quarter of 2025, CC&V produced 55,344 for the period from February 28, 2025 and June 30,
2025. Inclusive of the 28,000 ounces of gold produced in the first two months of 2025, first half production from CC&V
totaled 83,344 ounces of gold. During the second quarter of 2025, CC&V reported cost of sales of $1,116 per payable ounce
and AISC of $1,339 per payable ounce.
For the period of February 28, 2025 to December 31, 2025, production guidance for CC&V is 90,000 to 110,000 ounces of
gold at mine site cost of sales of $1,470 to $1,510 per payable ounce and AISC of $1,800 to $1,840 per payable ounce. For
the remainder of the year, CC&V’s production is expected to be evenly weighted between the third and fourth quarters.
Sustaining capital in the second half of 2025 is expected to be 75% weighted to the third quarter, with AISC exp ected to
peak in the third quarter accordingly. A technical report for CC&V based on existing Mineral Reserves remains on track for
publication in 2025.
SSR Mining Inc. PAGE 6
Seabee, Canada
Three Months Ended
June 30,
Six Months Ended
June 30,
Operating Data 2025 2024 2025 2024
Gold produced (oz) 10,998 16,709 36,999 40,482
Gold sold (oz) 10,350 15,020 36,350 43,470
Ore mined (kt) 66 115 148 219
Ore milled (kt) 68 103 158 218
Gold mill feed grade (g/t) 5.22 5.40 7.38 5.99
Gold recovery (%) 96.6 95.5 97.0 96.0
Average realized gold price ($/oz sold) $ 3,335 $ 2,355 $ 3,048 $ 2,169
Cost of sales ($/oz gold sold) $ 1,785 $ 1,150 $ 1,145 $ 959
Cash costs ($/oz gold sold) (7) $ 1,786 $ 1,152 $ 1,145 $ 960
AISC ($/oz gold sold) (7) $ 2,708 $ 1,626 $ 1,754 $ 1,488
(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 June 30, 2025 and 2024, Seabee produced 10,998 and 16,709 ounces of gold, respectively.
For the six months ended June 30, 2025 and 2024, Seabee produced 36,999 and 40,482 ounces of gold, respectively.
During the second quarter of 2025, Seabee reported cost of sales of $ 1,785 per payable ounce and AISC of $ 2,708 per
payable ounce.
Production during the second quarter of 2025 was impacted by power interruptions caused by forest fires to the north of the
mine. The power supply to the site was restored on June 13, 2025, and there was no damage to the site as a result of the
fires. In support of the emergency recovery and relief efforts for communities impacted by this year’s forest fires across
northern Saskatchewan & Manitoba, SSR Mining made a donation to the Canadian Red Cross. This donation was matched
by the Government of Canada through a program designed to maximize the impact of support to those affected by the fires.
Due to the suspension of operations in the second quarter and a concerted effort to prioritize underground mine development
over the remainder of the year, full-year 2025 production at Seabee is targeted at the low end of the mine’s previously issued
production guidance of 70,000 to 80,000 ounces of gold.
SSR Mining Inc. PAGE 7
Puna, Argentina
Three Months Ended
June 30,
Six Months Ended
June 30,
Operating Data 2025 2024 2025 2024
Silver produced ('000 oz) 2,849 2,731 5,354 4,646
Silver sold ('000 oz) 2,534 2,489 4,909 4,148
Lead produced ('000 lb) 13,877 13,291 25,365 23,289
Lead sold ('000 lb) 12,058 12,385 24,111 21,050
Zinc produced ('000 lb) 1,125 859 1,883 2,076
Zinc sold ('000 lb) 1,279 1,419 1,541 1,929
Gold equivalent sold ('000 oz) (8) 25,997 30,720 52,396 49,115
Ore mined (kt) 475 668 1,102 931
Waste removed (kt) 1,592 1,519 2,681 3,029
Total material mined (kt) 2,067 2,187 3,783 3,960
Strip ratio 3.35 2.30 2.43 3.30
Ore milled (kt) 492 470 946 887
Silver mill feed grade (g/t) 186.6 186.3 182.4 168.5
Lead mill feed grade (%) 1.36 1.34 1.29 1.25
Zinc mill feed grade (%) 0.26 0.18 0.23 0.22
Silver mill recovery (%) 96.5 97.0 96.5 96.7
Lead mill recovery (%) 94.0 95.7 94.3 94.9
Zinc mill recovery (%) 39.6 46.4 39.6 48.0
Average realized silver price ($/oz sold) $ 35.24 $ 30.22 $ 33.90 $ 27.01
Cost of sales ($/oz silver sold) $ 15.03 $ 16.10 $ 15.26 $ 16.41
Cash costs ($/oz silver sold) (9) $ 9.98 $ 11.38 $ 10.45 $ 11.75
AISC ($/oz silver sold) (9) $ 12.57 $ 15.19 $ 12.85 $ 15.36
(8) GEOs are calculated multiplying the silver ounces by the ratio of the silver price to the gold price, using the average LBMA pri ces for the period. The Company
does not include by-products in the GEO 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 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 June 30, 2025 and 2024, Puna produced 2.8 and 2.7 million ounces of silver, respectively. For
the six months ended June 30, 2025 and 2024, Puna produced 5.4 and 4.6 million ounces of silver, respectively. During the
second quarter of 2025, Puna reported cost of sales of $15.03 per payable ounce and AISC of $12.57 per payable ounce.
Full-year 2025 production guidance at Puna is 8.00 to 8.75 million ounces at cost of sales of $12.50 to $14.00 per payable
ounce of silver and AISC of $14.25 to $15.75 per payable ounce of silver. Puna’s production over the remainder of 2025 is
expected to be approximately 55% weighted to the third quarter.
SSR Mining has continued to advance opportunities to extend the Puna mine life, including pit laybacks at the Chinchillas
pit, processing of stockpiles, and advancing exploration and engineering work at Cortaderas. Based on the work currently
completed at Chinchillas, SSR Mining expects that 2026 silver production at Puna will be between 7 and 8 million ounces,
an increase against the 2023 Puna TRS. Production in 2027 and 2028 is expected to average approximately 4 million
ounces of silver. The Company will continue to evaluate opportunities to extend mine, including advancing studies on the
Cortaderas deposit.
SSR Mining Inc. PAGE 8
Çöpler, Türkiye
(amounts presented on 100% basis)
Operations at Çöpler were suspended following the February 13, 2024 incident at the Çöpler mine (the “Çöpler Incident”).
During the suspension, care and maintenance expense has been recorded which represents depreciation and direct costs
not associated with the environmental reclamation and remediation costs.
Three Months Ended
June 30,
Six Months Ended
June 30,
Operating Data 2025 2024 2025 2024
Gold produced (oz) — — — 21,827
Gold sold (oz) — — — 23,960
Ore mined (kt) — — — 266
Waste removed (kt) — — — 3,571
Total material mined (kt) — — — 3,837
Strip ratio — — — 13.4
Ore stacked (kt) — — — 184
Gold grade stacked (g/t) — — — 1.17
Average realized gold price ($/oz sold) — — — $ 2,013
Cost of sales ($/oz gold sold) N/A N/A N/A $ 1,019
Cash costs ($/oz gold sold) (10) N/A N/A N/A $ 1,020
AISC ($/oz gold sold) (10) N/A N/A N/A $ 2,507
(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 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 ,
including progressing various engineering plans and design documents.
During the second quarter of 2025, the Company recorded an adjustment of reclamation and remediation costs associated
with the Çöpler incident of $62.9 million, comprised of $9.4 million related to reclamation costs and $53.5 million related to
remediation costs. The revised estimate is now $312.9 million, an increase of $12.9 million above the previously disclosed
estimated reclamation and remediation cost range of $250.0 to $300.0 million. The revised estimate reflects the Company's
advancement of the engineering and construction design of the permanent storage facility and the advancement of the
studies for the permanent closure of the heap leach pad. As part of the heap leach pad closure planning, the Company will
conduct further field investigations to confirm the integrity of the heap leach pad liner. This will entail exposing and inspecting
sections of the heap leach pad liner. Following completion of the liner inspection, the Company will use the findings to refine
and update the closure plan for the heap leach pad. These studies and inspections may result in revisions to the scope of
work, estimated costs, and overall timelines related to the heap leach pad closure.
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 quarters
ended March 31, 2025, filed on May 6, 2025, and June 30, 2025, filed on August 5, 2025.