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- **Q3 Financial Resilience**: $72M free cash flow supports $409M liquidity, offsetting higher royalties. 
- **Operational Momentum**: Marigold/CC&V driving Q4 production, despite Seabee grade challenges. 
- **Strategic Focus**: Independent project timelines for Hod Maden and Çöpler, disciplined M&A in core geographies.

**【CEO Summary Section】**
- Q3 2025 production of 103,000 gold equivalent ounces, tracking to the lower half of full year guidance (410,000-480,000 oz). Higher royalties and share-based compensation push AISC to the top of guidance range. Free cash flow before working capital adjustments was $72 million, supporting $409 million in cash and $900 million in total liquidity.

**【CFO Financial Commentary】**
- Q3 revenue of $420 million, with Non-GAAP EPS of $1.08 exceeding expectations. Strong cost control achieved 5% YoY decline in operating expenses. Free cash flow generation supports Hod Maden's $17 million Q3 capital spend, aligning with $60-100 million full year growth capital guidance.

**【Operations Update】**
- Marigold (36,000 oz, AISC $1,840/oz) and Cripple Creek & Victor (30,000 oz, AISC $1,756/oz) drove Q3 performance. Buffalo Valley at Marigold and Cortaderas at Puna showed promising drill results for mine life extensions. Hod Maden advanced $17 million in pre-construction activities, with a construction decision expected in coming months.

**【Q&A Highlights】**
- Q4 production strength expected from Marigold and CC&V, with ore blending strategiesU management to mitigate fines impact. Seabee's lower grades due to Gap Hanging Wall development, with Q4 production improving incrementally. Çöpler restart discussions with Turkish regulators ongoing, independent of Hod Maden's construction decision. M&A strategy remains disciplined, focused on core jurisdictions (Canada, US, Argentina, Turkey).

SSR Mining Inc.(SSRM)-20251105-2025 Q3 Earnings call transcript

- **Strong Financial Performance**: Q2 free cash flow of $98 million; total liquidity $900 million.
- **Project Milestones**: CC&V generated $85M free cash flow in 4 months; Puna mine life extended to 2028.
- **Challenges**: Seabee production impacted by forest fires; Çöpler restart uncertain with $372.9M reclamation costs.
- **Growth Catalysts**: CC&V technical report release; Hod Maden construction decision pending.

**【Management Opening Remarks】**
- Q2 2025 highlighted strong operational performance with consolidated free cash flow of $98 million, driven by the Americas platform.
- Çöpler mine in Turkey advanced engineering plans for East storage facility, though no definitive restart timeline.
- Puna mine life extended by 3 years to 2028; Hod Maden project advanced with $29 million year-to-date capital expenditure.
- Key second-half catalysts include CC&V technical report release and Hod Maden construction decision.

**【CFO Financial Commentary】**
- Q2 production: 120,000 gold equivalent ounces (+15% vs. Q1), AISC $2,068/oz (excluding Çöpler costs).
- Free cash flow: $98 million; total liquidity: $900 million.
- Revised reclamation costs for Çöpler increased by $12.9 million to $372.9 million.
- CC&V generated $85 million free cash flow in 4 months post-acquisition.

**【Operations Update】**
- **Marigold**: Q2 production 36,000 oz; AISC $1,977/oz. Full-year guidance maintained despite higher royalties.
- **CC&V**: Q2 production 44,000 oz; AISC $1,339/oz. Technical report expected to outline growth potential.
- **Seabee**: Q2 production 11,000 oz; AISC $2,708/oz due to forest fire-related downtime. Full-year production expected to trend lower.
- **Puna**: Q2 silver production 2.8 million oz; AISC $12.57/oz. Cortaderas study ongoing for long-term growth.

**【Q&A Highlights】**
- **CC&V Guidance**: Tracking to plan; evaluating growth opportunities post-Amendment 14 approval.
- **Çöpler Restart**: Reverting to 2014 EIA (6,000 tpd throughput) upon restart; no definitive timeline.
- **Hod Maden**: Progressing towards construction decision with $29 million spent YTD.


SSR Mining Inc. (SSRM) Q2 2025 Earnings Call Transcript

- **Strong Q1 Performance**: $39M free cash flow and 10% YoY production growth. 
- **CC&V Integration Success**: 39,300 oz Q1 production; 2.4M oz reserves (+85% YoY). 
- **Hod Maden Momentum**: $12M spent in Q1; Q3 2025 technical report to guide construction. 
- **Copler Restart**: Regulatory approvals progressing; no timeline disclosed. 


**【CEO Opening Remarks】**
- Q1 2025 marked a strong start with $39 million in free cash flow and successful integration of Cripple Creek & Victor (CC&V). 
- Full-year 2025 production guidance increased by 10% YoY, driven by 10 months of CC&V contribution. 
- Key priorities include advancing Hod Maden towards construction, extending Puna's mine life, and progressing Copler restart approvals. 

**【CFO Financial Highlights】**
- Q1 production: 104,000 gold equivalent ounces at AISC of $1,972/oz (excluding Copler costs). 
- Free cash flow: $39 million; cash reserves: $320 million post-CC&V acquisition. 
- Capital spend: $12 million on Hod Maden; full-year guidance of $60-100 million. 

**【Operations Update】**
- **Marigold**: 39,000 oz produced at $1,765/oz AISC; Buffalo Valley reserve expansion underway. 
- **CC&V**: 39,300 oz Q1 production; Newmont's 2024 reserves at 2.4 million oz (+85% YoY). 
- **Seabee**: 26,000 oz at $1,374/oz AISC; grade reconciliation positive but normalized for 2025. 
- **Puna**: 2.5 million oz silver produced; Chinchillas layback and Cortaderas exploration ongoing. 
- **Hod Maden**: $12 million spent on site development; Q3 2025 technical report expected. 

**【Q&A Key Takeaways】**
- **CC&V**: Q3 2025 technical report to detail life-of-mine plan; market excited by 2.4M oz reserves. 
- **Hod Maden**: Capital spend to ramp up post-Q3; 2022 feasibility study still relevant with 10-15% inflation adjustment. 
- **Copler**: Restart approvals progressing; independent from Hod Maden project. 


SSR Mining (SSRM)-6 May 25-2025 Q1 Earnings call transcript

- **Strategic Acquisition**: CC&V acquisition to enhance scale and free cash flow, with immediate contribution post-integration.
- **Record Production**: Puna achieved 10.5 million oz silver (YoY +14%), Marigold reached 5 million oz life-of-mine gold.
- **Financial Strength**: $388 million cash, $890 million liquidity; Q4 free cash flow $56 million.
- **Çöpler Progress**: Sabirli Valley cleared; restart discussions with regulators, with potential 20-day timeline post-permitting.
- **Cost Management**: 2024 AISC $18.78/oz (excluding care/maintenance); 2025 cost pressures noted at Marigold and Seabee.

**【Management Opening Remarks】**
- Alex Hunchak opened the call, noting the one-year anniversary of the Çöpler incident and acknowledging the team's resilience in 2024. He highlighted the acquisition of Cripple Creek and Victor (CC&V) and the strong financial results for the year.

**【CEO Summary Section】**
- **Acquisition of CC&V**: Announced the strategic acquisition of Newmont's CC&V mine, which will enhance scale, free cash flow, and portfolio diversification. Integration planning is underway, with updated guidance to follow post-closing.
- **Reserve Growth**: Consolidated reserves increased 3% YoY to 8 million gold equivalent ounces, driven by Marigold's 14% YoY reserve growth (523,000 oz maiden reserve at Buffalo Valley). Metal price assumptions remained conservative.
- **Operational Milestones**: 
  - Marigold reached 5 million oz life-of-mine production; Puna achieved record 10.5 million oz silver production.
  - Çöpler reclamation costs totaled $128 million in 2024, with Sabirli Valley cleared and discussions ongoing with Turkish authorities.
- **2025 Priorities**: Focus on delivering a CC&V technical report, advancing Hod Maden toward construction, and evaluating life extensions at Puna (Chinchillas, Cortaderas) and Marigold (Buffalo Valley, New Millennium).

**【CFO Financial Commentary】**
- **Q4 2024 Results**: 
  - Production: 124,000 gold eq oz at AISC of $18.57/oz (excluding care/maintenance costs).
  - Financials: GAAP net loss of $0.03/diluted share; adjusted net income of $0.10/diluted share. Operating cash flow of $95 million, free cash flow of $56 million.
  - Liquidity: $388 million in total cash, net cash position of $158 million, and $890 million in total liquidity.
- **Full Year 2024**: 
  - Production: 399,000 gold eq oz at AISC of $18.78/oz (excluding $178 million in care/maintenance costs).
  - Free Cash Flow: $56 million in Q4, $192 million annualized.
  - Impact of CC&V: Expected to contribute immediate free cash flow post-integration, with $100 million upfront consideration payback at current gold prices.

**【Operational Updates】**
- **Çöpler**: Remediation costs $128 million in 2024; Sabirli Valley cleared. Independent review by CNI identified engineering flaws as the cause of the incident. Discussions with regulators continue for restart approval (potential 20-day timeline post-permitting).
- **Marigold**: Q4 production 60,000 oz at AISC $1,711/oz; 2025 cost pressures from royalty expenses and supply chain challenges.
- **Seabee**: Q4 production 28,000 oz (above guidance) at AISC $1,214/oz; 88% M&I resource growth at Porky targets.
- **Puna**: Record 10.5 million oz silver production at AISC $15.56/oz; evaluating Chinchillas laybacks and Cortaderas potential.

**【Q&A Highlights】**
- **Seabee Outlook**: Bill MacNevin noted Q4 outperformance unlikely to repeat, but 2025 production expected to remain strong with grade variability.
- **Çöpler Restart**: Regulatory approvals hinge on finalizing closure plans for the east storage facility and heap leach pad. No new EIA required; 2025 EIA submission planned.
- **Hod Maden**: Development independent of Çöpler; technical studies and project financing discussions ongoing.
- **Remediation Costs**: Michael Sparks indicated 2025 spend will be lower than 2024 ($128 million), with long-term liability estimate unchanged at $250-300 million.


SSR Mining Inc. (SSRM) Q4 2024 Earnings Call Transcript

SSR Mining (SSRM)-6 Nov 24-2024 Q3 Earnings call transcript

SSR Mining (SSRM)-31 Jul 24-2024 Q2 Earnings call transcript

SSR Mining (SSRM)-8 May 24-2024 Q1 Earnings call transcript

- **COPLER incident severity**: Nine personnel missing; operations suspended indefinitely.
- **Financial impact**: $73M impairment charge expected in Q1; dividend and buyback program halted.
- **Containment challenges**: Costs and material recovery details remain uncertain.
- **Insurance process**: Claims filed, but no coverage specifics disclosed.

**【Management Opening Remarks】**
- Alex Hunchak provided an overview of the COPLER incident and financial results, noting the company's liquidity position of $492 million in cash with no near-term debt maturities.
- Rodney Antal emphasized the tragic loss of nine personnel and the ongoing search and rescue efforts at the COPLER site.

**【CEO Commentary】**
- The COPLER incident resulted in the suspension of operations, with immediate focus on stabilizing the heap leach pad and containing the spill.
- SSR Mining has suspended its quarterly dividend and share buyback program due to financial uncertainty.
- A potential $73 million impairment charge related to 19% of COPLER's gold inventory is expected in Q1 2024.

**【Q&A Highlights】**
- Insurance claims are in process, but no details on coverage were disclosed.
- Containment efforts are ongoing, with costs and material recovery challenges still unclear.
- The impairment charge includes both oxide and sulfide inventory at COPLER.


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