SSR Mining Q4 2025 Earnings Transcript Highlights

Key Financial and Operational Highlights

We concluded the year 2025 on an exceptionally positive trajectory, achieving full-year production levels that surpassed the midpoint of our established guidance range while generating in excess of $100 million in free cash flow during the fourth quarter alone. Consequently, we wrapped up the year holding $535 million in cash reserves alongside total liquidity exceeding $1 billion. Drawing from the operational guidance released alongside today’s financial disclosures, we anticipate this substantial free cash flow generation to persist throughout 2026. In light of this outlook, and considering our assessment that the current share price fails to fully capture the intrinsic value of our comprehensive portfolio, we are delighted to reveal that our board of directors has greenlit a share repurchase initiative capped at $300 million.

It’s worth recalling that share repurchases have historically formed a cornerstone of our capital allocation strategy, and we take great satisfaction in reinstating this mechanism once more. Prior to advancing to the subsequent presentation slide, allow me to emphasize several pivotal catalysts and achievements accomplished since our third-quarter update, while also touching upon forthcoming prospects. Firstly, we must underscore the outstanding fourth-quarter performance from our cornerstone operations at Cripple Creek & Victor Mine and Puna, where both sites not only surpassed their annual guidance thresholds but also produced remarkable free cash flow contributions.

Particularly at Puna, the operation outperformed its production targets for the third year running, establishing new benchmarks for tonnes processed in both the final quarter and across the entire year—a truly outstanding accomplishment. Secondly, we unveiled two comprehensive technical report summaries, each underscoring assets capable of generating sustained free cash flow over extended periods, thereby fortifying our overall portfolio. The Cripple Creek & Victor technical report summary, issued in November, delineated an inaugural twelve-year mine life blueprint featuring an $824 million net present value at prevailing consensus metal prices, complemented by nearly 7 million ounces of additional resources beyond the proven reserves; this configuration offers considerable flexibility for substantial extensions of the mine’s operational lifespan well into the future.

In January, we further released a technical report summary for the Hod Maden development initiative, spotlighting a $1.7 billion net present value coupled with a 39% internal rate of return based on consensus metal pricing. I will delve deeper into this shortly. Thirdly, we have steadfastly progressed a suite of promising brownfield expansion projects throughout our asset base, details of which I will elaborate on presently. Evidently, 2025 marked a highly prosperous year, positioning us ideally to sustain and amplify this momentum heading into 2026.

Strategic Growth Opportunities Across the Portfolio

Shifting to Slide four, our enterprise encompasses a series of highly promising growth initiatives. These opportunities embody potential for cost-efficient, high-yield expansions that promise to deliver substantial shareholder value. For 2026, we have earmarked considerable capital expenditures enterprise-wide, with a significant share directed toward propelling these growth prospects further along their developmental trajectories. We eagerly anticipate furnishing more intricate details on these endeavors, encompassing both Marigold and Puna, throughout the upcoming year.

Now, directing attention to Slide five, let’s concentrate on the Hod Maden project. In January, we disseminated a technical report summary for this development endeavor. The document unequivocally validates Hod Maden as among the premier undeveloped copper-gold ventures within the industry, and we are genuinely exhilarated to include an asset of such caliber within our holdings.

For context, Hod Maden constitutes an underground copper-gold operation situated in northeastern Türkiye. Access to the mine will occur via a solitary surface portal, with ore extraction employing a blend of longhole stoping techniques and cut-and-fill methodologies. The associated processing facility is engineered for a nominal daily throughput of roughly 2,200 tonnes, featuring life-of-mine average head grades of 7.6 grams per tonne gold and 1.3% copper content. The facility is configured to yield a premium-grade single concentrate, with anticipated life-of-mine recovery rates averaging 87% for gold and 97% for copper.

Proceeding to the ensuing slide, several standout elements from the technical report summary merit attention. Hod Maden distinguishes itself through its substantial scale, top-tier grades, and first-quartile all-in sustaining costs, collectively positioning it to yield impressive free cash flows prospectively. On a fully owned 100% basis, output is projected to average 240,000 gold equivalent ounces annually across the initial three years, escalating to 220,000 gold equivalent ounces over the first five years. Under consensus metal price scenarios, the project is forecasted to produce average annual free cash flow amounting to $328 million; at a gold price of $4,900 per ounce, this figure surges to approximately $500 million per year.

The pathway to execution for Hod Maden has been substantially de-risked courtesy of extensive engineering efforts and preparatory site activities undertaken since our preliminary investment, augmented by ongoing early-stage site preparations. Encompassing earn-in obligations and milestone disbursements, SSR Mining’s residual capital commitment is projected at $470 million, which we plan to finance through our robust liquidity and prospective free cash flow streams. We project a construction timeline of 2.5 to 3 years post-project sanctioning decision. We harbor immense enthusiasm for Hod Maden and anticipate delivering further progress reports in due time.

2026 Production and Cost Guidance Overview

Turning to Slide seven, I now pass the discussion to Michael. Thank you, Rod, and greetings to everyone this afternoon. Looking ahead to 2026, we project output ranging from 450,000 to 535,000 gold equivalent ounces across our Marigold, Cripple Creek & Victor, Seabee, and Puna sites. All-in sustaining costs are anticipated to fall between $2,360 and $2,440 per ounce, or $2,180 to $2,260 per ounce when excluding the care and maintenance expenditures at Çöpler.

Although Çöpler remains idle, we continue to forecast quarterly cash care and maintenance outlays of $20 million to $25 million. Aggregate growth capital expenditure is slated to reach $150 million in 2026, predominantly funding leach pad expansions at Marigold and Cripple Creek & Victor, in conjunction with sustained exploration and resource delineation efforts across our global portfolio. At Hod Maden, capital commitments are expected to approach $15 million monthly, supporting engineering advancements, access road construction, and site readiness preparatory to a definitive construction go-ahead.

Should the joint venture endorse a construction greenlight, we will revise our growth capital projections for the project accordingly. Transitioning to our fourth-quarter performance as depicted on Slide eight, we realized 120,000 ounces of gold production at an all-in sustaining cost of $2,150 per ounce—or $2,002 per ounce absent Çöpler-related costs. Sales in the period totaled 117,000 gold equivalent ounces at a realized gold price averaging $4,142 per ounce. Attributable net income to SSR Mining shareholders stood at $181 million, equating to $0.84 per diluted share, while adjusted net income registered $190 million or $0.88 per diluted share.

Over the full 2025 year, production reached 447,000 gold equivalent ounces, eclipsing the midpoint of our annual guidance. As noted in our third-quarter review, elevated royalty obligations linked to robust gold pricing, alongside heightened share-based compensation, propelled full-year all-in sustaining costs to the upper boundary of our consolidated range. Excluding Çöpler impacts, full-year all-in sustaining costs settled at $1,923 per ounce, squarely within guidance parameters.

Free Cash Flow and Liquidity Strength

Proceeding to Slide nine, the tabulated data illustrates quarterly free cash flow of $100 million and $252 million for the full year. Absent working capital fluctuations, 2025 full-year free cash flow exceeded $400 million. These outcomes are particularly commendable given our concurrent investments in portfolio-wide growth projects. We concluded the quarter with a fortified balance sheet, boasting $535 million in cash and total liquidity surpassing $1 billion.

This financial fortitude, paired with our 2026 free cash flow projections, underpins ongoing growth investments while instilling confidence in launching the $300 million share repurchase authorization. Historically, buybacks have anchored our capital allocation and shareholder value creation playbook. From 2021 through 2024, we acquired 20 million shares at an average of $15.76 per share. The 2019 convertible notes, carrying a $17.61 conversion price, amplified the value accrued to remaining shareholders via these repurchases.

Our legacy of opportunistic buybacks, reinforced by today’s program announcement, reaffirms our dedication to fostering per-share metric appreciation for investors. I now transition to Bill for insights into fourth-quarter operations and 2026 guidance commencing on Slide 10.

EHSS Progress and Mineral Reserves Update

Thank you, Michael. I begin with our environmental, health, safety, and sustainability framework. 2025 represented a landmark year in fortifying our EHSS protocols and their enterprise-wide deployment. Advancements encompassed enhanced risk assessments, critical control implementations, and safety risk mitigation strategies. We integrated closure activities into life-of-mine frameworks to accelerate execution and curtail expenditures, complemented by elevated community engagement and development initiatives.

As detailed today, our expansion agenda spans greenfield ventures and brownfield enhancements at every operation. Prioritizing safe production and rigorous EHSS adherence remains paramount to facilitating this uptick in activity and propelling these opportunities forward successfully. Advancing to Slide 11, our year-end mineral reserves tallied 11 million gold equivalent ounces, emblematic of the breadth and durability inherent in our diversified operational platform.

This reflects a near-40% year-over-year escalation, propelled chiefly by integrating Cripple Creek & Victor and Hod Maden into consolidated figures, alongside modest contributions from drilling successes and reserve model refinements. Our 2025 reserve pricing remains prudently conservative at $1,700 per ounce gold and $20.50 per ounce silver. We additionally command nearly 15 million measured, indicated, and inferred gold equivalent ounces poised for prospective reserve accretion portfolio-wide.

Even more notably, we have steadfastly upheld a depletion replacement track record. Since 2020, as charted on the slide’s right, we have more than offset annual depletion prior to factoring accretive mergers and acquisitions. Incorporating M&A impacts, reserves have expanded approximately 46% since 2020—an exemplary result safeguarding our portfolio’s leverage to favorable gold and silver market dynamics for years ahead.

Marigold Operation Review and Outlook

Slide 12 addresses Marigold. Fourth-quarter output comprised 43,000 gold ounces at $2,089 per ounce all-in sustaining cost, aligning with expectations as Marigold’s peak 2025 production phase. Technical advancements in orebody characterization and processing optimization have ripened sufficiently for seamless integration into operational planning.

Reflecting prior notations on ore blending imperatives to optimize pad leach recoveries, the Marigold mine schedule has been recalibrated to incorporate durable and non-durable ore mixes judiciously. Moreover, elevated gold prices have prompted pit phase expansions and waste dump relocations to preserve ounce accessibility. Although these refinements alter the production cadence, five-year ounce totals at Marigold remain substantially consistent with the 2024 technical report summary.

For 2026, Marigold guidance projects 170,000 to 200,000 gold ounces at $2,320 to $2,390 per ounce all-in sustaining cost. Output weighting tilts 55% to 60% toward year-end halves. First-half costs will exceed annual averages due to production phasing and sustaining capital, concentrated 70% upfront. Sustaining capital budgets $108 million, targeting fleet renewals, component overhauls, and process plant enhancements to buttress near-term haulage demands and unlock prospective mine life extensions.

Advancement persists on Trenton Canyon, Buffalo Valley, and New Millennium initiatives, with SSR Mining targeting their incorporation into a refreshed Marigold technical report summary within 18 months.

Cripple Creek & Victor Performance

Slide 13 covers Cripple Creek & Victor. The site logged another stellar quarter with 39,000 gold ounces at $1,596 per ounce all-in sustaining cost. Enhanced-than-anticipated leach recoveries boosted quarterly volumes, culminating in full-year attributable production of 125,000 ounces—surpassing the 110,000-ounce guidance ceiling. Notably, CC&V contributed over $200 million in mine-site free cash flow in 2025, a stellar return relative to the prior year’s $100 million acquisition premium.

November’s technical report summary outlined a twelve-year mine life anchored on 2.8 million reserve ounces, with nearly 7 million additional measured, indicated, and inferred resources furnishing long-term extension upside. Paired with Marigold’s platform, this cements our status as the United States’ third-largest gold producer. SSR Mining now stewards over 6 million U.S. mineral reserve ounces, plus 7 million measured and indicated resources and 2 million inferred, all at conservative pricing distant from spot levels.

2026 CC&V metrics mirror technical report summary contours: 125,000 to 150,000 ounces at $1,780 to $1,850 per ounce all-in sustaining cost, priming robust free cash flow recurrence. Production skews 50% to 55% second-half weighted, with early-year costs elevated versus annual norms.

Seabee and Puna Operational Updates

Slide 14 spotlights Seabee. Echoing third-quarter themes, fourth-quarter emphasis on underground advancement and Gap Hanging Wall’s lower-grade ore contributions yielded 9,000 ounces at $3,433 per ounce all-in sustaining cost. 2026 priorities underground development to enhance stope readiness, targeting 60,000 to 70,000 ounces—60% second-half biased, peaking in Q4.

All-in sustaining cost guidance spans $2,700 to $2,400 per ounce, front-loaded owing to production profile and winter road-timed expenditures. Porky progress yielded a maiden 200,000-ounce reserve declaration at year-end. Recent Santoy drilling excites near-term high-grade pursuit via drilling and development. 2026 regional exploration endures.

Slide 15 details Puna’s banner year, topping guidance for the third straight occasion. Record quarterly and annual tonnes underpinned Q4’s 2.1 million silver ounces at $18.39 per ounce all-in sustaining cost. Full-year $14.24 per ounce all-in sustaining cost undercut guidance, fueling over $250 million mine-site free cash flow. Puna’s outsized role persists, with post-2028 extensions viable via Chinchillas and Cortaderas expansions.

2026 forecasts 6.25 to 7 million silver ounces at $20 to $22 per ounce all-in sustaining cost. Pursuit intensifies for Chinchillas pit expansions and Molina northeast appraisal. Cortaderas underground drilling triumphs spur engineering to quantify enduring Puna augmentation.

Closing Remarks and Q&A Transition

Solid operational delivery aligns precisely with projections, ushering 2026 from financial strength amid horizon catalysts. Year-on-year production growth, potent free cash flow, and portfolio growth milestones position us advantageously, with disclosures slated over 12 to 18 months. Operator, please commence questions.

Q&A Session Excerpts

Our inaugural query originates from George Beatty of UBS. Good evening. Appreciating the time and robust Q4. Commencing with Marigold: viewing 21 to 23 million tonnes stacked at 0.4 grams per tonne, and Q4’s 0.35 grams, calculations align with guidance ceiling. Could you elaborate? Any conservatism embedded in the 170,000 to 200,000-ounce band?

Deferred to Bill. Extensive technical groundwork has informed an updated mine schedule incorporating precise blending protocols for durable and non-durable ores, meticulously outlined in forward planning. Thus, guidance faithfully mirrors anticipated delivery.

Understood, with stacking permutations accompanying. Referencing the technical report—dated though it may be—next two years profiled 0.3 grams per tonne. Given prior discourse, anticipate incrementally elevated grades next year versus current?