SSR Mining's Q1 Free Cash Flow Surges to $39.3mln, Expected Growth in 2025.

SSR Mining reported Q1 2025 adjusted free cash flow of $39.3 million, a significant improvement from a $9.4 million outflow in the same quarter last year. The company generated $84.8 million in operating cash flow, up 244% YoY, driven by a higher realized gold price and lower remediation expenditures. SSR Mining ended the quarter with $319.6 million in cash and cash equivalents and $819.6 million in total liquidity.

In its latest quarterly report, SSR Mining (SSRM) showcased a robust financial performance in Q1 2025, marking a significant turnaround from the previous year. The company reported an adjusted free cash flow of $39.3 million, a substantial improvement from the $9.4 million outflow in the same quarter last year [1]. This strong performance was driven by a higher realized gold price and lower remediation expenditures.

SSRM's operating cash flow also surged, reaching $84.8 million, a 244% year-over-year increase. The company ended the quarter with a healthy balance of $319.6 million in cash and cash equivalents and a total liquidity of $819.6 million. These figures reflect the company's strategic financial management and its ability to capitalize on the current gold market conditions.

The company's acquisition of the Cripple Creek & Victor (CC&V) mine in March 2025 is expected to position SSRM as the third-largest gold producer in the United States. This acquisition is anticipated to be accretive across key per-share metrics, including net asset value (NAV), gold production, mineral reserves, and free cash flow. The CC&V mine is projected to produce approximately 170,000 ounces of gold annually, contributing to SSRM's total gold production of 320,000-380,000 ounces for 2025 [1].

However, SSRM continues to face challenges, particularly with the Çöpler mine in Türkiye, which remains suspended following a heap leach failure in February 2024. The company is recording care and maintenance expenses for the mine, which represent depreciation and direct costs not associated with environmental reclamation and remediation costs. SSRM spent $5 million on remediation and $35.8 million on care and maintenance in the first quarter, with $20.6 million of these costs included in its all-in sustaining cost (AISC) metrics [1].

Despite these challenges, SSRM's full-year consolidated AISC is projected to be $1,890-$1,950 per payable ounce in 2025, a 3% increase at the midpoint. This projection indicates the company's commitment to maintaining a competitive cost structure.

In comparison, AngloGold Ashanti (AU) has also reported strong performance in Q1 2025, with gold production increasing 22% year-over-year to 720,000 ounces. The company's acquisition of Egyptian gold producer Centamin added the Sukari mine to its portfolio, contributing to this growth. AU's gold production for 2025 is projected at 2.9-3.225 million ounces, indicating year-over-year growth of 9-21% [1].

SSRM's stock has surged 84.5% year-to-date, while AU has gained 125%. SSRM is currently trading at a forward 12-month earnings multiple of 7.29X, lower than its five-year median, while AU is trading at a forward 12-month earnings multiple of 10.49X, higher than its five-year median [1]. AU offers a dividend yield of 0.96 and a payout ratio of 18.55%, while SSRM does not currently pay any dividends.

In conclusion, SSR Mining's Q1 2025 performance demonstrates the company's ability to capitalize on the current gold market conditions. However, the ongoing suspension of operations at the Çöpler mine remains a key concern. Both SSRM and AU are well-positioned to benefit from the ongoing rally in gold prices, but AU's lower cost structure and stronger year-to-date price performance make it a more compelling investment choice.

References:
[1] SSRM vs. AU: Which Gold Mining Stock Shines Brighter in 2025? - TradingView. Retrieved from [https://www.tradingview.com/news/zacks:b6d763e99094b:0-ssrm-vs-au-which-gold-mining-stock-shines-brighter-in-2025/](https://www.tradingview.com/news/zacks:b6d763e99094b:0-ssrm-vs-au-which-gold-mining-stock-shines-brighter-in-2025/)