Ssr Mining Reports First Quarter 2026 Results
SSR MINING | PAGE 1
News Release
May 5, 2026
SSR MINING REPORTS FIRST QUARTER 2026 RESULTS
DENVER - SSR Mining Inc. (Nasdaq/TSX: SSRM) ("SSR Mining" or the “Company") reports consolidated financial results
for the first quarter ended March 31, 2026.
• Consolidated continuing operating results: First quarter 2026 production was 109,914 gold equivalent ounces at
consolidated cost of sales of $ 1,727 per payable ounce and all -in sustaining costs (“AISC”) of $ 2,433 per payable
ounce.(1) The first quarter operating results were well aligned with Company expectations and SSR Mining remains on
track for full-year 2026 production guidance of 450,000 to 535,000 gold equivalent ounces .
• Çöpler sale: On March 4, 2026, SSR Mining announced a binding memorandum of understanding to sell its 80%
ownership stake in the Çöpler mine and related properties in Türkiye (collectively, “Çöpler”) to Cengiz Holding A.S.
(“Cengiz”) for $1.5 billion in cash (the "Çöpler Transaction"). Subsequently, on March 24, 2026, the Company signed a
definitive share purchase agreement formalizing the terms of the Çöpler Transaction. Çöpler is now classified as a
discontinued operation in the Company’s financial reporting. The Çöpler Transaction is expected to close before the
end of the third quarter of 2026.
• Financial results: In the first quarter of 2026, the Company reported net income attributable to SSR Mining
shareholders from continuing operations of $25 2.5 million, or $1.1 6 per diluted share , and adjusted net income
attributable to SSR Mining shareholders from continuing operations of $250.1 million, or $1.15 per diluted share. In the
first quarter of 2026, operating cash f low from continuing operations was $ 299.6 million and free cash flow from
continuing operations was $210.8 million. Inclusive of costs incurred at Çöpler in the quarter, operating cash flow was
$264.5 million and free cash flow was $175.2 million.
• Cash and liquidity position from continuing operations: As of March 31, 2026, SSR Mining had a cash and cash
equivalent balance of $634.1 million and total liquidity of $1,134.1 million, inclusive of the Company’s undrawn revolving
credit facility and accompanying accordion feature . During the quarter, the Company announced the redemption of its
Convertible Notes, which resulted in holders exercising rights to convert the Convertible Notes into SSR Mining common
shares. As a result, the aggregate principal amount of $230.0 million of Convertible Notes was converted to 13.1 million
common shares and the Company paid approximately $2.6 million in cash to redeem unconverted Convertible Notes,
to fund required payments in connection with the conversion and redemption , and for other related costs incurred
through the conversion and redemption process. As of March 31, 2026, SSR Mining had no significant long -term debt
outstanding. In addition, during the quarter, SSR Mining made a $87.5 million contingent payment related to the Carlton
Tunnel at CC&V.
• Capital returns: On February 13, 2026, SSR Mining’s Board of Directors approved a share buyback program of up to
$300 million and, on March 31, 2026, the Company received regulatory approval for its Normal Course Issuer Bid
(“NCIB”). Subsequent to the quarter, SSR Mining completed approximately $300 million in share buybacks through the
repurchase of 9.2 million shares. Since 2021, SSR Mining has now repurchased 29.2 million shares at an average price
of $21. 06 per share, delivering significant per share value accretion to shareholders . Total capital return ed to
shareholders since the start of 2021 is approximately $775 million.
SSR MINING | PAGE 2
• Hod Maden: Following the sale of Çöpler, SSR Mining’s interest in the Hod Maden development project remains under
strategic review. While this process is ongoing, SSR Mining expects to incur minimal capital costs. In the first quarter of
2026, SSR Mining made $30.6 million in growth capital investments at Hod Maden. An update on the Hod Maden
strategic review is expected before the end of the third quarter.
• Development & exploration: SSR Mining continues to advance key brownfield organic growth projects across the
portfolio, including Buffalo Valley at Marigold, Cortaderas at Puna, and Porky at Seabee. These projects represent high-
return development opportunities and have the potenti al to meaningfully extend the mine lives at each asset. SSR
Mining remains on track to spend $35 million on growth exploration and resource development initiatives in 2026 as it
aims to identify and advance growth targets across its portfolio.
Rod Antal, Executive Chairman of SSR Mining, said, “The first quarter of 2026 marked a significant milestone for our
business with the definitive agreement to sell our ownership in Çöpler for $1.5 billion in cash. This transaction, together with
last year’s extremely successful acquisition of Cripple Creek & Victor, positions SSR Mining firmly in the Americas and re -
establishes our Company as a leader in free cash flow generation. In the first quarter, we generated $300 million in operating
cash flow and $211 million in free cash flow. Subsequent to quarter-end, we returned $300 million to shareholders through
our share buyback program. Looking ahead, we are in the strongest financial position in our company’s history. We expect
our low-risk, free cash flow leading Americas-focused platform to support a premium valuation as we regain our position as
a leading mid-cap gold producer.”
SSR MINING | PAGE 3
Financial and Operating Summary
A summary of the Company's consolidated financial and operating results for the three months ended March 31, 2026 and
March 31, 2025 are presented below:
(in thousands, except per share data or otherwise stated) Three Months Ended
March 31,
2026 2025
Financial Results
Revenue $ 581,778 $ 316,618
Cost of sales $ 195,119 $ 136,641
Operating income $ 300,381 $ 106,784
Net income (loss) $ (115,152) $ 54,446
Net income from continuing operations $ 250,181 $ 89,174
Net income (loss) from discontinued operations $ (365,333) $ (34,728)
Net income attributable to SSR Mining shareholders from continuing operations $ 252,476 $ 85,701
Basic net income per share attributable to SSR Mining shareholders from continuing operations $ 1.23 $ 0.42
Diluted net income per share attributable to SSR Mining shareholders from continuing operations $ 1.16 $ 0.40
Adjusted net income attributable to SSR Mining shareholders from continuing operations (1) $ 250,077 $ 88,474
Basic adjusted net income per share attributable to SSR Mining shareholders from continuing operations (1) $ 1.22 $ 0.44
Diluted adjusted net income per share attributable to SSR Mining shareholders from continuing operations (1) $ 1.15 $ 0.41
Cash provided by operating activities from continuing operations $ 299,608 $ 116,701
Cash provided by (used in) operating activities of discontinued operations $ (35,119) $ (34,365)
Cash provided by operating activities $ 264,489 $ 82,336
Cash used in investing activities $ (86,269) $ (151,781)
Cash provided by (used in) financing activities $ (78,219) $ 2,675
Continuing Operating Results
Gold produced (oz) 82,314 75,869
Gold sold (oz) 83,893 77,708
Silver produced ('000 oz) 1,739 2,505
Silver sold ('000 oz) 1,833 2,374
Lead produced ('000 lb) (2) 8,162 11,489
Lead sold ('000 lb) (2) 8,917 12,053
Zinc produced ('000 lb) (2) 1,024 758
Zinc sold ('000 lb) (2) 737 262
Gold equivalent produced (oz) (3) 109,914 103,805
Gold equivalent sold (oz) (3) 112,993 104,185
Average realized gold price ($/oz sold) $ 4,770 $ 2,935
Average realized silver price ($/oz sold) $ 91.79 $ 32.47
Cost of sales per gold equivalent ounce sold (3) $ 1,727 $ 1,312
Cash cost per gold equivalent ounce sold (1,3) $ 1,611 $ 1,206
AISC per gold equivalent ounce sold (1,3) $ 2,433 $ 1,749
Financial Position From Continuing Operations March 31, 2026 December 31, 2025
Cash and cash equivalents $ 634,086 $ 524,750
Current assets $ 3,668,884 $ 1,287,121
Total assets $ 5,946,734 $ 6,093,898
Current liabilities $ 688,673 $ 618,357
Total liabilities $ 1,517,971 $ 1,779,644
Working capital (4) $ 2,980,211 $ 668,764
(1) The Company reports non-GAAP financial measures including adjusted net income (loss) attributable to SSR Mining shareholders from continuing operations ,
adjusted net income (loss) per share attributable to SSR Mining shareholders from continuing operations, cash costs and AISC per ounce sold to manage and
evaluate its operating performance at its mines. 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), and cost of sales, which are the most comparable GAAP financial measures. Cost
of sales excludes depreciation, depletion, and amortization.
(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) Effective January 1, 2026, the Company calculates gold equivalent ounces (“GEOs”) using a fixed silver -to-gold ratio of 63:1. In prior periods, GEOs were
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. GEOs sold may not re-calculate based on amounts presented in this table due to rounding.
(4) Working capital is defined as current assets less current liabilities.
SSR MINING | PAGE 4
Marigold, USA
For the three months ended March 31, 2026 and 2025, Marigold produced 37,730 and 38,586 ounces of gold, respectively.
During the first quarter of 2026, Marigold reported cost of sales of $1,813 per payable ounce and AISC of $2,365 per payable
ounce.
The Company remains on track for f ull-year 2026 production guidance for Marigold of 170,000 to 200,000 ounces of gold
at mine site cost of sales of $1,720 to $1,790 per payable ounce and AISC of $2,320 to $2,390 per payable ounce.
Production at Marigold remains approximately 55 to 60% weighted to the second half of 2026. Sustaining capital spend at
Marigold totaled $21.0 million in the first quarter and remains on track with full-year guidance of $106 million, with sustaining
capital expected to increase in the second and third quarters due to the timing of spend on fleet replacements and upgrades.
Accordingly, AISC are now expected to peak in the second quarter of 2026.
SSR Mining is advancing growth initiatives across Marigold, including Buffalo Valley, with an updated life of mine plan
incorporating these potential growth opportunities expected over the next 12 months. Ongoing exploration and evaluation
of other brownfield targets, including New Millennium, Marigold North, and DG80, continues in support of longer-term growth
and mine life extension.
Three Months Ended
March 31,
Operating Data 2026 2025
Gold produced (oz) 37,730 38,586
Gold sold (oz) 39,509 40,408
Ore mined (kt) 4,947 5,356
Waste removed (kt) 19,506 20,455
Total material mined (kt) 24,453 25,811
Strip ratio 3.9 3.8
Ore stacked (kt) 4,947 5,356
Gold grade stacked (g/t) 0.26 0.33
Average realized gold price ($/oz sold) $ 4,748 $ 2,899
Cost of sales ($/oz gold sold) $ 1,813 $ 1,453
Cash costs ($/oz gold sold) (5) $ 1,813 $ 1,454
AISC ($/oz gold sold) (5) $ 2,365 $ 1,765
(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.
SSR MINING | PAGE 5
Cripple Creek & Victor, USA
For the three months ended March 31, 2026, and 2025, CC&V produced 38,298 and 11,282 ounces of gold, respectively.
During the first quarter of 2026, CC&V reported cost of sales of $1,431 per payable ounce and AISC of $1,658 per payable
ounce. The strong first quarter at CC&V drove mine site revenue of $187 million and mine site free cash flow of more than
$120 million, bringing total mine site revenue and free cash flow attributable to SSR Mining since the mine’s acquisition in
2025 to approximately $637 million and $325 million, respectively.
The Company remains on track for f ull-year 2026 production guidance for CC&V of 125,000 to 150,000 ounces of gold at
mine site cost of sales of $1,420 to $1,490 per payable ounce and AISC of $1,780 to $1,850 per payable ounce. Sustaining
capital is expected to increase in the second and third quarters of 2026.
SSR Mining continues to evaluate opportunities to improve the longer-term production and cost profile at CC&V, including
the potential for future Mineral Reserve conversion opportunities.
Three Months Ended
March 31,
Operating Data 2026 2025 (6)
Gold produced (oz) 38,298 11,282
Gold sold (oz) 38,247 11,300
Ore mined (kt) 3,371 1,824
Waste removed (kt) 5,520 1,571
Total material mined (kt) 8,891 3,395
Strip ratio 1.6 0.9
Ore stacked (kt) 3,276 1,859
Gold grade stacked (g/t) 0.45 0.36
Average realized gold price ($/oz sold) $ 4,815 $ 3,067
Cost of sales ($/oz gold sold) $ 1,431 $ 1,590
Cash costs ($/oz gold sold) (7) $ 1,372 $ 1,571
AISC ($/oz gold sold) (7) $ 1,658 $ 1,774
(6) For the three months ended March 31, 2025, all metrics represent the period from February 28, 2025, the closing date of the C C&V acquisition, to March 31,
2025.
(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 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.
SSR MINING | PAGE 6
Seabee, Canada
For the three months ended March 31, 2026 and 2025, Seabee produced 6,286 and 26,001 ounces of gold, respectively.
Operations at Seabee continue to focus on underground development to support increased production in the second half
of the year. During the first quarter of 2026, Seabee reported cost of sales of $3,462 per payable ounce and AISC of $6,053
per payable ounce. First quarter AISC reflect the timing of spend associated with the winter road, and the mine remains on
track for full-year production guidance of 60,000 to 70,000 ounces of gold at mine site cost of sales of $1,480 to $1,550 per
payable ounce and AISC of $2,170 to $2,240 per payable ounce. Production from Seabee is expected to be strongest in
the fourth quarter of 2026 due to higher grades.
SSR Mining is advancing exploration and resource development activities at both Santoy and Porky as potential avenues
for Mineral Reserve growth. Near-mine drilling at Santoy is targeting higher grades at depth to further improve the production
profile while the evaluation of Porky as a potential new mining front continues.
Three Months Ended
March 31,
Operating Data 2026 2025
Gold produced (oz) 6,286 26,001
Gold sold (oz) 6,137 26,000
Ore mined (kt) 81 82
Ore milled (kt) 76 90
Gold mill feed grade (g/t) 3.00 9.00
Gold recovery (%) 93.7 97.3
Average realized gold price ($/oz sold) $ 4,633 $ 2,934
Cost of sales ($/oz gold sold) $ 3,462 $ 890
Cash costs ($/oz gold sold) (8) $ 3,466 $ 890
AISC ($/oz gold sold) (8) $ 6,053 $ 1,374
(8) 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.
SSR MINING | PAGE 7
Puna, Argentina
For the three months ended March 31, 2026 and 2025, Puna produced 1.7 and 2.5 million ounces of silver, respectively.
During the first quarter of 2026, Puna reported cost of sales of $ 25.91 per payable ounce and AISC of $23.14 per payable
ounce. Ore in the first quarter of 2026 was largely sourced from surface stockpiles as mining operations were focused on
waste stripping at Chinchillas. The average realized silver price in the first quarter of 2026 was $91.79 per ounce, driving
mine site revenue of $179 million and mine site free cash flow of over $120 million, further reinforcing Puna as one of the
highest-margin primary silver mines globally.
The Company remains on track for f ull-year 2026 production guidance for Puna is 6.25 to 7.00 million ounces of silver at
mine site cost of sales of $22.30 to $24.30 per payable ounce and AISC of $20.00 to $22.00 per payable ounce. Production
at Puna remains approximately 50 to 55% weighted to the first half of 2026. AISC are expected to remain above the full -
year guidance range in the second quarter, largely reflecting the expected sustaining capital spend profile which remains
more than 75% weighted to the first half of the year.
SSR Mining continues to advance a number of potential growth projects at Puna, including additional laybacks at the
Chinchillas pit, potential new development at the Melina open pit target adjacent to Chinchillas, and continued evaluation of
the Cortaderas project. The Company expects to provide an update on Puna’s life of mine extension opportunities over the
next 12 months.
Three Months Ended
March 31,
Operating Data 2026 2025
Silver produced ('000 oz) 1,739 2,505
Silver sold ('000 oz) 1,833 2,374
Lead produced ('000 lb) 8,162 11,489
Lead sold ('000 lb) 8,917 12,053
Zinc produced ('000 lb) 1,024 758
Zinc sold ('000 lb) 737 262
Gold equivalent sold (oz) (9) 29,100 26,477
Ore mined (kt) 73 627
Waste removed (kt) 2,140 1,089
Total material mined (kt) 2,213 1,716
Strip ratio 29.4 1.7
Ore milled (kt) 509 454
Silver mill feed grade (g/t) 112.1 177.8
Lead mill feed grade (%) 0.81 1.21
Zinc mill feed grade (%) 0.23 0.19
Silver mill recovery (%) 94.8 96.6
Lead mill recovery (%) 89.3 94.5
Zinc mill recovery (%) 40.3 39.6
Average realized silver price ($/oz sold) $ 91.79 $ 32.47
Cost of sales ($/oz silver sold) $ 25.91 $ 15.51
Cash costs ($/oz silver sold) (10) $ 19.98 $ 10.97
AISC ($/oz silver sold) (10) $ 23.14 $ 13.16
(9) Effective January 1, 2026, the Company calculates GEOs using a fixed silver-to-gold ratio of 63:1. In prior periods, GEOs were 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. GEOs sold may not re-calculate based on amounts presented in this table due to rounding.
(10) 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.
SSR MINING | PAGE 8
Conference Call Information
This news release should be read in conjunction with the Company’s Quarterly Report on Form 10-Q for the quarter ended
March 31, 2026, 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, May 5, 2026, at 5:00 pm EDT.
Toll-free in U.S. and Canada: +1 (844) 752-3757
All other callers: +1 (412) 652-1234
For the webcast: ir.ssrmining.com/investors/events
• The webcast will be available on our website. Audio replay will be available for two weeks by dialing:
Toll-free in U.S. and Canada: +1 (855) 669-9658, replay code 6278811
All other callers: +1 (412) 317-0088, replay code 6278811
About SSR Mining
SSR Mining is listed under the ticker symbol SSRM on the Nasdaq and the TSX.
For more information, please visit: www.ssrmining.com.
E-Mail: [email protected]
Phone: +1 (888) 338-0046