SSR Mining's 2024 Q4: Unpacking Contradictions on Çöpler Production, Remediation Costs, and Hod Maden Development

These are the key contradictions discussed in SSR Mining Inc.'s latest 2024Q4 earnings call, specifically including: Production Capacity at Çöpler, Remediation Costs Timeline, Çöpler Mine Restart Conditions, Seabee Mine Production Expectations, and the Impact of Çöpler on Hod Maden's Development:



Strong Financial Performance:
- SSR Mining reported attributable net income of $0.03 per diluted share in Q4 and adjusted net income of $0.10 per diluted share.
- The strong performance was driven by solid operating results and a year-over-year increase in consolidated reserves, despite challenges at Çöpler.

Consolidated Reserves Growth:
- The company's consolidated reserves totaled 8 million gold equivalent ounces at the end of 2024, excluding contributions from CC&V or Hod Maden, representing a 3% year-over-year increase.
- This growth was primarily due to successful resource development drilling and reserve conversion, with minimal impact from metal price changes.

Operational Resilience and Expansion:
- Marigold achieved 5 million ounces of life of mine gold production and recorded a 14% year-over-year increase in reserves.
- This was attributed to the successful declaration of a 523,000 ounce maiden reserve for the Buffalo Valley deposit and ongoing brownfield exploration.

Cripple Creek and Victor Acquisition:
- SSR Mining announced the acquisition of Cripple Creek and Victor Mine from Newmont, expected to contribute immediate free cash flow.
- The acquisition aligns with the company's strategy to increase scale, free cash flow, and portfolio diversification, with integration planning underway.

Çöpler Incident and Recovery:
- SSR Mining made progress advancing Çöpler's restart plans, with the site now safe and no environmental contamination recorded.
- The company is working closely with Turkish authorities to complete necessary closures and final remediation plans, seeking permission for a restart.