SSR Mining Reports 37.5% Revenue Increase and Net Income Turnaround in Latest Quarter

SSR Mining Inc. reported significant financial improvements in its latest quarterly results, with revenue for the three months ended March 31, 2025, reaching $316.6 million, a 37.5% increase from $230.2 million in the same period last year. The company achieved a net income of $54.4 million, compared to a net loss of $358.2 million in the prior year, marking a turnaround in profitability. This positive shift was driven by a 42.4% increase in the average realized gold price and a 46.4% rise in the average realized silver price, despite a 13% decrease in gold ounces sold due to the suspension of operations at the Çöpler mine following a significant incident in February 2024.

The company’s operational costs also saw notable changes. Total operating costs increased by 8.5% to $136.6 million, primarily due to the acquisition of the Cripple Creek and Victor Gold Mine (CC&V) and higher costs at the Marigold and Puna mines. Notably, reclamation and remediation costs plummeted by 98.4% to $4.3 million, down from $275.3 million in the previous year, as the prior period included substantial costs related to the Çöpler Incident. Additionally, SSR Mining did not record any impairment charges in the latest quarter, contrasting sharply with the $114.2 million impairment recorded in the same quarter of 2024.

Strategically, SSR Mining completed the acquisition of CC&V from Newmont Corporation on February 28, 2025, for $100 million in upfront cash and potential milestone payments of up to $175 million. This acquisition is expected to enhance the company's scale and free cash flow. The CC&V mine contributed $34.9 million in revenue during the quarter, with a net income of $10.1 million attributed to SSR Mining shareholders. The acquisition has led to a restructuring of the company's operational segments, now including five reportable segments, reflecting the integration of CC&V.

Operationally, SSR Mining produced 75,869 ounces of gold and 2.5 million ounces of silver during the quarter, with gold equivalent production slightly increasing by 1.9% year-over-year. The company reported a decrease in gold sold, primarily due to the suspension of operations at Çöpler, while silver sales increased significantly. The average realized gold price rose to $2,935 per ounce, and the average realized silver price reached $32.47 per ounce, contributing to improved revenue figures.

Looking ahead, SSR Mining remains cautious but optimistic about its future performance. The company has $319.6 million in cash and cash equivalents as of March 31, 2025, and is not currently reliant on external borrowing. However, the ongoing impact of the Çöpler Incident and market conditions will be closely monitored. The company anticipates that the integration of CC&V will further bolster its financial position and operational capabilities in the coming quarters.