SSR Mining: Sigue siendo una de mis principales opciones para el año 2026, tras un aumento del 200%.

The gold sector's 2025 performance was nothing short of electrifying, with SSR Mining (SSRM) emerging as a standout performer. Despite a 200% rally in its stock price, the company's strategic momentum, undervalued multiples, and alignment with macroeconomic tailwinds position it as a compelling long-term play for 2026. This analysis unpacks the catalysts driving SSR Mining's outperformance and why its rally has room to run.

2025 Performance: A Rally Fueled by Gold and Strategic Boldness

SSR Mining's 2025 stock surge was catalyzed by two megatrends: a 70% rise in gold prices and a transformative acquisition. Gold's ascent, driven by inflationary pressures and central bank demand, directly boosted SSR's revenue and margins. Equally pivotal was the acquisition of the Cripple Creek & Victor (CC&V) mine in Colorado, which solidified SSR Mining's status as the third-largest U.S. gold producer. This move not only diversified its asset base but also insulated it from operational risks following the Copler mine failure in Turkey.

Financially, SSR Mining delivered robust results in Q3 2025, reporting $65.4 million in net income and $409 million in cash, with total liquidity exceeding $900 million. While the stock dipped 9% post-earnings due to conservative guidance and rising royalty costs, the company's full-year production guidance of 410,000–480,000 gold equivalent ounces-up 10% year-over-year- reinforced confidence in its operational resilience.

Strategic Growth Catalysts: Diversification, ESG, and Cost Discipline

SSR Mining's 2026 outlook hinges on three pillars: asset diversification, ESG leadership, and cost optimization. The CC&V acquisition exemplifies its strategy to reduce geographic risk while enhancing production capacity. With assets spanning the Americas and Turkey, SSR is now better positioned to navigate geopolitical and operational volatility.

Equally critical is its focus on sustainability. The company's commitment to lower-carbon technologies and ESG compliance aligns with investor priorities, particularly as institutional capital increasingly prioritizes climate-conscious portfolios. This not only mitigates regulatory risks but also enhances long-term value creation-a key differentiator in a sector grappling with decarbonization pressures.

Operationally, SSR Mining has demonstrated discipline in managing all-in sustaining costs, which, despite rising gold prices, remain within annual guidance ranges. This cost control, combined with exploration-driven growth, supports a trajectory toward 50% higher sustainable production by 2025.

Valuation: A Discounted Peer in a Premium Sector

SSR Mining's valuation multiples suggest it remains attractively priced relative to peers. As of 2025, the stock trades at a P/E ratio of 20.3x, significantly below the industry average of 28.5x. Similarly, its EV/EBITDA multiple of 10.7x lags the sector average, reflecting a discount to its intrinsic value. A recent DCF analysis further underscores this, estimating an intrinsic value of $110.94 per share-implying the stock is undervalued by 71.3%.

While the company's P/NAV ratio isn't explicitly stated, its strong liquidity profile and asset base suggest a favorable valuation. In a sector where silver miners trade at 0.76–0.88x P/NAV, SSR Mining's gold-focused peers command higher multiples, amplifying its relative appeal.

Risks and Mitigants

Critics may point to Q3's 9% stock decline as a red flag, citing unmet revenue expectations and cautious guidance. However, these short-term headwinds are offset by SSR Mining's $900 million liquidity buffer and its ability to leverage rising gold prices. Rising royalty costs and inflationary pressures remain risks, but the company's cost management and operational scale provide a buffer.

Conclusion: A 2026 Buy for Growth and Value

SSR Mining's 2025 rally was justified by gold's surge and strategic acquisitions, yet its valuation still reflects a discount to peers. With a diversified asset base, ESG-driven growth, and disciplined cost structure, the company is well-positioned to capitalize on 2026's expected continuation of gold's bull market. For investors seeking a blend of growth and value in the precious metals sector, SSR Mining remains a top-tier candidate.