SSR Mining Inc. Files 2023 Annual Report on Form 10-K

TL;DR

<b>SSR Mining Inc. has submitted its 2023 annual report (10-K) detailing financial performance and operational information.</b>

AI Summary

SSR MINING INC. (SSRGF) filed a Annual Report (10-K) with the SEC on February 27, 2024. SSR Mining Inc. filed its 2023 Form 10-K on February 27, 2024. The report covers the fiscal year ending December 31, 2023. The company's former name was Silver Standard Resources Inc., with a name change on July 14, 1995. SSR Mining Inc. is classified under SIC code 6795 for Mineral Royalty Traders. The filing includes financial data for the fiscal years 2021, 2022, and 2023.

Why It Matters

For investors and stakeholders tracking SSR MINING INC., this filing contains several important signals. This 10-K filing provides a comprehensive overview of SSR Mining's financial health and operational activities for the 2023 fiscal year, crucial for investors assessing performance and future prospects. The document contains detailed financial statements, risk factors, and business descriptions, offering insights into the company's strategic direction and potential challenges in the mining sector.

Risk Assessment

Risk Level: medium — SSR MINING INC. shows moderate risk based on this filing. The company's financial performance and future outlook are subject to the inherent risks of the mining industry, including commodity price volatility and operational challenges, as detailed in the 10-K filing.

Analyst Insight

Investors should review the detailed financial statements and risk factors in the 10-K to understand SSR Mining's current financial position and potential future performance.

Key Numbers

• 2023-12-31 — Fiscal Year End (Conformed period of report)
• 2024-02-27 — Filing Date (Filed as of date)
• 156 — Public Document Count (Conformed document count)
• 6795 — SIC Code (Standard Industrial Classification)

Key Players & Entities

• SSR MINING INC. (company) — Filer name
• 0000921638 (company) — Central Index Key
• SILVER STANDARD RESOURCES INC (company) — Former company name
• 6900 E LAYTON AVE, SUITE 1300 (company) — Business address
• DENVER (company) — Business address city
• CO (company) — Business address state
• 80237 (company) — Business address zip
• 303-391-3060 (company) — Business phone

FAQ

Industry Context

SSR Mining Inc. operates in the mining sector, specifically focusing on mineral royalty trading as indicated by its SIC code.

Regulatory Implications

As a publicly traded company, SSR Mining Inc. is subject to the reporting requirements of the U.S. Securities and Exchange Commission (SEC), including the filing of annual reports on Form 10-K.

What Investors Should Do

1. Review the detailed financial statements for the fiscal year ended December 31, 2023.
2. Analyze the risk factors section to understand potential challenges and uncertainties.
3. Compare the 2023 financial performance with previous years (2021, 2022) to identify trends.

Key Dates

• 2023-12-31: Fiscal Year End — Reporting period for the 10-K
• 2024-02-27: Filing Date — Date the 10-K was filed with the SEC

Year-Over-Year Comparison

This filing is the 2023 annual report (10-K), providing updated financial and operational data compared to previous filings.

Key Financial Figures

• $73.3 million — , 2023, the pler leach pad inventory of $73.3 million represented 19% of pler's total invento
• $32.1 million — t ("MPP&E") related to the leach pad of $32.1 million represented 1.0% of pler's total MPP&E
• $1,064 — d equivalent ounces at cost of sales of $1,064 per gold equivalent ounce and AISC of $
• $1,326 — 4 per gold equivalent ounce and AISC of $1,326 per gold equivalent ounce. For the full
• $1,141 — d equivalent ounces at cost of sales of $1,141 per gold equivalent ounce and AISC of $
• $1,461 — 1 per gold equivalent ounce and AISC of $1,461 per gold equivalent ounce. Full-year pr
• $408.8 million — are, inclusive of impairment charges of $408.8 million primarily resulting from impairment of
• $127.1 m — e. Adjusted attributable net income was $127.1 million, or $0.59 per diluted share. In t
• $0.59 — table net income was $127.1 million, or $0.59 per diluted share. In the fourth quarte
• $203.2 million — uarter of 2023, operating cash flow was $203.2 million and free cash flow was $144.4 million.
• $144.4 million — s $203.2 million and free cash flow was $144.4 million. For the year ended December 31, 2023,
• $411.4 million — are, inclusive of impairment charges of $411.4 million primarily resulting from impairment of
• $276.5 m — e. Adjusted attributable net income was $276.5 million, or $1.29 per diluted share. For
• $1.29 — table net income was $276.5 million, or $1.29 per diluted share. For the year ended D
• $421.7 million — ember 31, 2023, operating cash flow was $421.7 million and free cash flow was $198.3 million.

Filing Documents

• ssrm-20231231.htm (10-K) — 4647KB
• exhibit43descriptionofther.htm (EX-4.3) — 5KB
• exhibit1011employmentagree.htm (EX-10.11) — 123KB
• exhibit19ssrmininginsidert.htm (EX-19) — 46KB
• exhibit21subsidiaries2023.htm (EX-21) — 33KB
• exhibit231consentofindepen.htm (EX-23.1) — 2KB
• exhibit232consentofqualifi.htm (EX-23.2) — 26KB
• exhibit233consentofqualifi.htm (EX-23.3) — 6KB
• exhibit234consentofqualifi.htm (EX-23.4) — 6KB
• exhibit235consentofqualifi.htm (EX-23.5) — 6KB
• exhibit236consentofkarthik.htm (EX-23.6) — 5KB
• exhibit237consentofbrandon.htm (EX-23.7) — 5KB
• exhibit311certificationpur.htm (EX-31.1) — 10KB
• exhibit312certificationpur.htm (EX-31.2) — 9KB
• exhibit321certificationpur.htm (EX-32.1) — 4KB
• exhibit322certificationpur.htm (EX-32.2) — 4KB
• exhibit95minesafetyinforma.htm (EX-95) — 21KB
• exhibit97-ssrminingxincent.htm (EX-97) — 19KB
• image_0.jpg (GRAPHIC) — 68KB
• image_01.jpg (GRAPHIC) — 30KB
• ssrm-20231231_g1.jpg (GRAPHIC) — 110KB
• ssrm-20231231_g2.jpg (GRAPHIC) — 504KB
• ssrm-20231231_g3.jpg (GRAPHIC) — 47KB
• ssrm-20231231_g4.jpg (GRAPHIC) — 96KB
• ssrm-20231231_g5.jpg (GRAPHIC) — 127KB
• ssrm-20231231_g6.jpg (GRAPHIC) — 220KB
• ssrm-20231231_g7.jpg (GRAPHIC) — 29KB
• 0000921638-24-000047.txt (&nbsp;) — 20269KB
• ssrm-20231231.xsd (EX-101.SCH) — 92KB
• ssrm-20231231_cal.xml (EX-101.CAL) — 154KB
• ssrm-20231231_def.xml (EX-101.DEF) — 486KB
• ssrm-20231231_lab.xml (EX-101.LAB) — 1036KB
• ssrm-20231231_pre.xml (EX-101.PRE) — 800KB
• ssrm-20231231_htm.xml (XML) — 2738KB

BUSINESS

ITEM 1. BUSINESS 5 Introduction 5 Segment Information 5 Principal Products 5 Competition 6 Environmental, Social and Governance 7 Human Capital 9 Available Information 10

RISK FACTORS

ITEM 1A. RISK FACTORS 11

UNRESOLVED STAFF COMMENTS

ITEM 1B. UNRESOLVED STAFF COMMENTS 39

CYBERSECURITY

ITEM 1C. CYBERSECURITY 40

PROPERTIES

ITEM 2. PROPERTIES 42

LEGAL PROCEEDINGS

ITEM 3. LEGAL PROCEEDINGS 95

MINE SAFETY DISCLOSURES

ITEM 4. MINE SAFETY DISCLOSURES 95 PART II

MARKET FOR REGISTRANT'S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASE OF EQUITY SECURITIES

ITEM 5. MARKET FOR REGISTRANT'S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASE OF EQUITY SECURITIES 96

RESERVED

ITEM 6. RESERVED 99

MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

ITEM 7. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS 100 Business Overview 100 Consolidated Results of Operations 101 Results of Operations 105 Liquidity and Capital Resources 109 Non-GAAP Financial Measures 113 Critical Accounting Policies and Estimates 121 New Accounting Pronouncements 124 Risks and Uncertainties 124

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

ITEM 7A. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK 125

FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA

ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA 129

CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE

ITEM 9. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE 182

CONTROLS AND PROCEDURES

ITEM 9A. CONTROLS AND PROCEDURES 182

OTHER INFORMATION

ITEM 9B. OTHER INFORMATION 182

DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS

ITEM 9C. DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS 182 PART III

DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE

ITEM 10. DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE 183

EXECUTIVE COMPENSATION

ITEM 11. EXECUTIVE COMPENSATION 183

SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS

ITEM 12. SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS 183

CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR INDEPENDENCE

ITEM 13. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR INDEPENDENCE 183

PRINCIPAL ACCOUNTANT FEES AND SERVICES

ITEM 14. PRINCIPAL ACCOUNTANT FEES AND SERVICES 183 PART IV

EXHIBITS, FINANCIAL STATEMENT SCHEDULES

ITEM 15. EXHIBITS, FINANCIAL STATEMENT SCHEDULES 184

FORM 10-K SUMMARY

ITEM 16. FORM 10-K SUMMARY 186

SIGNATURES

SIGNATURES 187 1 PART I pler Incident On February 13, 2024, SSR Mining Inc. and its subsidiaries (collectively, "SSR Mining," or the "Company") suspended all operations at its pler property as a result of a significant slip on the heap leach pad (the "pler Incident"). The Company is not, at this time, able to estimate or predict when and under what conditions it will resume operations at pler. Description of pler . The pler property is comprised of the pler Mine, Greater akmaktepe Mine, and associated processing facilities ("pler"). Both pler Mine and Greater akmaktepe Mine are open pit gold mines located along the Tethyan belt in east-central Trkiye's Erzincan Province. pler contains oxide and sulfide ores that are mined concurrently and processed through its two separate processing circuits. Gold contained in oxide ore is recovered through heap leach processing to produce gold dor with a minor by-product of copper concentrate, while gold sulfide mineralization is subjected to pressure oxidation and carbon-in-leach processing, to produce gold dor. SSR Mining owns 80% of pler through a joint venture. For further information on pler, including its ownership structure, see Item 2. Properties under the heading "pler Property, Erzincan Province, Trkiye." pler constitutes a single reporting segment for the Company, as do Marigold, Puna, and Seabee, each of the Company's three other mines. pler has historically represented a significant portion of the Company's production, contributing 220,999 gold equivalent ounces in 2023, which represented 31% of the Company's total gold production in 2023. It is unknown at this time what the full impact the pler Incident will be on future operating results, cash flows, and gold and other mineral production of the Company. The scope and timing of mine plans and sequencing, future production and other work at pler will need to be reassessed and evaluated, including when operations will resume. For financial information of the

BUSINESS

ITEM 1. BUSINESS Introduction SSR Mining Inc. and its subsidiaries (collectively, "SSR Mining," or "Company") is a precious metals mining company with four assets located in the United States, Trkiye, Canada and Argentina. The Company is primarily engaged in the operation, acquisition, exploration and development of precious metal resource properties located in Trkiye and the Americas. The Company produces gold dor as well as copper, silver, lead and zinc concentrates. The Company has $492.4 million in cash and cash equivalents as of December 31, 2023, to support its growth pipeline. In this report, "SSR Mining," the "Company," "our," "us" and "we" refer to SSR Mining Inc. together with its affiliates and subsidiaries, unless the context otherwise requires. All currency references herein are in United States dollars ("USD") unless otherwise indicated. References to "CAD" or the use of the symbol "C

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View this 10-K filing on SEC EDGAR