SSR Mining Reports 30.2% Revenue Decline Due to Çöpler Incident

SSR Mining Inc. reported a significant decrease in revenue for the year ended December 31, 2024, falling to $995.6 million from $1,426.9 million in 2023, a 30.2% decline. This decrease was primarily attributed to a 52.3% reduction in gold ounces sold, largely due to the suspension of operations at the Çöpler property in Türkiye following a heap leach pad failure (the Çöpler Incident) on February 13, 2024. The decrease was partially offset by increases in average realized gold and silver prices of 22.0% and 27.8%, respectively. The Çöpler Incident resulted in the loss of nine employees' lives.

Cost of sales also decreased significantly, dropping 36.1% to $514.0 million in 2024 compared to $804.1 million in 2023, mirroring the decline in gold sales. Depreciation, depletion, and amortization expenses fell by 39.2% to $130.2 million, reflecting lower gold equivalent ounces sold. However, reclamation and remediation costs surged to $296.9 million in 2024, a 3,313.1% increase from 2023's $8.7 million, primarily due to the Çöpler Incident. The Company also recorded $120.3 million in care and maintenance costs in 2024, related to the suspended operations at Çöpler and a temporary closure at the Seabee mine due to nearby forest fires.

Strategic developments during the year included the acquisition of a 10% interest in the Hod Maden gold-copper project in Türkiye and an agreement to acquire the Cripple Creek & Victor Gold Mine in Colorado. The Company also completed the sale of the San Luis project in Peru, retaining a 4% net smelter return royalty. As of December 31, 2024, SSR Mining employed approximately 2,300 full-time and 1,200 contract employees across its operations. Approximately 32% of the workforce was unionized.

The Çöpler Incident led to the permanent closure of the heap leach pad and cessation of heap leach processing at Çöpler. As of December 31, 2024, all displaced heap leach material had been moved to temporary storage. The Company is collaborating with Turkish authorities on remediation efforts and anticipates a 20-day restart of initial operations at Çöpler, processing stockpiled and newly mined ore, once regulatory approvals are reinstated. However, the timing of the Çöpler restart remains uncertain. The Company also faced legal challenges related to the Çöpler Incident, including securities class actions in the United States and Canada.

SSR Mining's outlook is impacted by the ongoing uncertainty surrounding the Çöpler mine's restart and the associated remediation costs. The Company believes its current liquidity is sufficient to meet its operational needs and commitments for at least the next twelve months, but this is subject to various risks and uncertainties, including the ultimate cost of remediation and potential legal liabilities. The Company declared no dividends in 2024, having suspended dividend payments following the Çöpler Incident. The resumption of dividends and share repurchases is also uncertain.