SSR Mining Inc. Files 10-Q for Q1 2024, Reporting on Operations and Financials

TL;DR

<b>SSR Mining Inc. has submitted its Q1 2024 10-Q report, detailing operational and financial performance for the period ending March 31, 2024.</b>

AI Summary

SSR MINING INC. (SSRGF) filed a Quarterly Report (10-Q) with the SEC on May 8, 2024. SSR Mining Inc. filed its 10-Q for the period ending March 31, 2024. The filing covers the first quarter of 2024, with a fiscal year end of December 31. Key dates include the reporting period from January 1, 2024, to March 31, 2024. The company's business address is 6900 E Layton Ave, Suite 1300, Denver, CO 80237. The filing references specific segments such as Pler, Marigold, Seabee, and Puna.

Why It Matters

For investors and stakeholders tracking SSR MINING INC., this filing contains several important signals. This 10-Q filing provides investors and analysts with the latest financial statements and operational updates for SSR Mining Inc. for the first quarter of 2024. The detailed information within the report is crucial for understanding the company's current financial health, performance of its mining segments, and any significant events or risks impacting its business.

Risk Assessment

Risk Level: medium — SSR MINING INC. shows moderate risk based on this filing. The filing is a standard quarterly report (10-Q), which typically contains routine financial and operational data. However, specific operational incidents like the 'Copler Incident' mentioned in the data suggest potential medium-level risks that require further investigation into their financial and operational impact.

Analyst Insight

Investors should review the detailed financial statements and segment performance in the 10-Q to assess the impact of the Copler Incident and overall operational efficiency.

Key Numbers

• 2024-03-31 — Reporting Period End Date (CONFORMED PERIOD OF REPORT)
• 2024-05-08 — Filing Date (FILED AS OF DATE)
• 2024-01-01 — Quarter Start Date (Reporting Period)
• 2023-03-31 — Prior Year Q1 End Date (Comparison Period)

Key Players & Entities

• SSR MINING INC. (company) — FILER
• 2024-03-31 (date) — CONFORMED PERIOD OF REPORT
• 2024-05-08 (date) — FILED AS OF DATE
• 6900 E LAYTON AVE, SUITE 1300 (address) — BUSINESS ADDRESS STREET 1
• DENVER (location) — BUSINESS ADDRESS CITY
• CO (state) — BUSINESS ADDRESS STATE
• 80237 (zip_code) — BUSINESS ADDRESS ZIP
• Copler Incident (event) — ssrm:CoplerIncidentMember

FAQ

Risk Factors

• Copler Incident [medium — operational]: The filing references an incident at Copler, with data points related to Leach Pad Inventory, Property, Plant and Equipment, and Inventories for the period.

Key Dates

• 2024-03-31: Quarterly Report End Date — Marks the end of the reporting period for the 10-Q filing.
• 2024-05-08: Filing Date — Date the 10-Q was officially filed with the SEC.
• 2024-01-01: Quarter Start Date — Beginning of the reporting period for the Q1 2024 10-Q.
• 2023-03-31: Prior Year Quarter End Date — Provides a comparative point for year-over-year analysis.

Key Financial Figures

• $250.0 — iation work is expected to cost between $250.0 to $300.0 million on a 100% basis, in a
• $300.0 million — k is expected to cost between $250.0 to $300.0 million on a 100% basis, in addition to the app
• $25.0 million — basis, in addition to the approximately $25.0 million incurred to-date. The remediation effor
• $1,331 — was 34,680 ounces and cost of sales of $1,331 per ounce sold and all-in sustaining co
• $1,430 — and all-in sustaining costs ("AISC") of $1,430 per ounce sold. At Seabee, production w
• $859 — was 23,773 ounces and cost of sales of $859 per ounce sold and AISC of $1,416 per o
• $1,416 — ales of $859 per ounce sold and AISC of $1,416 per ounce sold. Puna produced 1,914,805
• $16.87 — 5 ounces of silver and cost of sales of $16.87 per ounce sold and AISC of $15.61 per o
• $15.61 — es of $16.87 per ounce sold and AISC of $15.61 per ounce sold. An additional 21,827 ou
• $287.1 m — t loss in the first quarter of 2024 was $287.1 million, or $1.42 per diluted share, incl
• $1.42 — quarter of 2024 was $287.1 million, or $1.42 per diluted share, inclusive of the imp
• $114.2 million — long-lived and other assets at pler of $114.2 million and estimated future reclamation and re
• $250.0 million — and remediation costs of approximately $250.0 million related to the pler Incident, which rep
• $22.5 m — income in the first quarter of 2024 was $22.5 million, or $0.11 per diluted share. In t
• $0.11 — t quarter of 2024 was $22.5 million, or $0.11 per diluted share. In the first quarter

Filing Documents

• ssrm-20240331.htm (10-Q) — 1536KB
• separationagreement-aw0320.htm (EX-10.1) — 51KB
• amendmenttoea-fefarid03202.htm (EX-10.2) — 15KB
• amendmenttoea-msparks03202.htm (EX-10.3) — 15KB
• exhibit311certificationsec.htm (EX-31.1) — 10KB
• exhibit312certificationsec.htm (EX-31.2) — 9KB
• exhibit321certificationsec.htm (EX-32.1) — 4KB
• exhibit322certificationsec.htm (EX-32.2) — 4KB
• exhibit95minesafetyinforma.htm (EX-95) — 21KB
• 0000921638-24-000115.txt (&nbsp;) — 7590KB
• ssrm-20240331.xsd (EX-101.SCH) — 48KB
• ssrm-20240331_cal.xml (EX-101.CAL) — 93KB
• ssrm-20240331_def.xml (EX-101.DEF) — 192KB
• ssrm-20240331_lab.xml (EX-101.LAB) — 560KB
• ssrm-20240331_pre.xml (EX-101.PRE) — 411KB
• ssrm-20240331_htm.xml (XML) — 1189KB

- FINANCIAL INFORMATION

PART I - FINANCIAL INFORMATION

FORWARD-LOOKING STATEMENTS

FORWARD-LOOKING STATEMENTS 2 PLER INCIDENT AND F IR ST QUARTER 202 4 SUMMARY 3

FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA

ITEM 1. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA 5 Condensed Consolidated Statements of Operations (unaudited) 6 Condensed Consolidated Statements of Cash Flows (unaudited) 7 Condensed Consolidated Balance Sheets (unaudited) 8 Condensed Consolidated Statements of Changes in Equity (unaudited) 9 Notes to Condensed Consolidated Financial Statements (unaudited) 11

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

ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS 27 Business Overview 27 Consolidated Results of Operations 27 Results of Operations 31 Liquidity and Capital Resources 35 Non-GAAP Financial Measures 38 Critical Accounting Estimates 43 New Accounting Pronouncements 43

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK 44

CONTROLS AND PROCEDURES

ITEM 4. CONTROLS AND PROCEDURES 44

- OTHER INFORMATION

PART II - OTHER INFORMATION

LEGAL PROCEEDINGS

ITEM 1. LEGAL PROCEEDINGS 44

RISK FACTORS

ITEM 1A. RISK FACTORS 45

UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS

ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS 45

DEFAULTS UPON SENIOR SECURITIES

ITEM 3. DEFAULTS UPON SENIOR SECURITIES 45

MINE SAFETY DISCLOSURES

ITEM 4. MINE SAFETY DISCLOSURES 45

OTHER INFORMATION

ITEM 5. OTHER INFORMATION 46

EXHIBITS, FINANCIAL STATEMENT SCHEDULES

ITEM 6. EXHIBITS, FINANCIAL STATEMENT SCHEDULES 47

FORWARD-LOOKING STATEMENTS

FORWARD-LOOKING STATEMENTS Certain statements contained in this report (including information incorporated by reference herein) are "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended (the "Securities Act"), and Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), and are intended to be covered by the safe harbor provided for under these sections. Forward looking statements can be identified with words such as "may," "will," "could," "should," "expect," "plan," "anticipate," "believe," "intend," "estimate," "projects," "predict," "potential," "continue" and similar expressions, as well as statements written in the future tense. When made, forward-looking statements are based on information known to management at such time and/or management's good faith belief with respect to future events. Such statements are subject to risks and uncertainties that could cause actual performance or results to differ materially from those expressed in the Company's forward-looking statements. Many of these factors are beyond the Company's ability to control or predict. Given these uncertainties, readers are cautioned not to place undue reliance on forward-looking statements. Forward-looking statements include, without limitation, the types of statements listed under the heading "Forward-Looking Statements " in Part I, Item 1. Business of the Company's Annual Report on Form 10-K for the year ended December 31, 2023 filed with the Securities and Exchange Commission ("SEC") on February 27, 2024 ("Form 10-K"). The forward-looking information and statements in this report are based on a number of material factors and assumptions, including, but not limited to the factors discussed in the Form 10-K, including those discussed in the "Business," "Risk Factors," "Forward-Looking Statements" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" sections of the Form 10-K

- FINANCIAL INFORMATION

PART I - FINANCIAL INFORMATION 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"). Our primary focus at pler continues to be the recovery and return of our five missing colleagues to their families. Currently, recovery efforts are targeted in the Sabrl Valley, from which SSR Mining currently expects to complete the removal of all displaced heap leach material resulting from the pler Incident into temporary storage locations by the end of the third quarter of 2024. Concurrently, containment efforts have been completed alongside the removal of the displaced material with the installation of grout curtains, coffer dams, buttresses, pumping systems and the ongoing installation of diversion channels in the Sabrl Valley. In parallel with the recovery and containment work, the Company is progressing a remediation plan following comprehensive consultation and evaluations with various Turkish government agencies, ministries, independent experts and external consultants. The remediation plan will be submitted for government approval in the second quarter of 2024 and will include, among other things, the construction of a permanent storage facility for the displaced heap leach material. Once constructed, the storage facility will be capable of containing the approximately 18 to 20 million tonnes of displaced material in an area referred to as the East Storage Facility. The remediation work is expected to cost between $250.0 to $300.0 million on a 100% basis, in addition to the approximately $25.0 million incurred to-date. The remediation efforts are expected to be implemented over a period of 24 to 36 months. As part of the remediation work, the heap leach pad will be permanently closed and no further heap leach processing will take place at pler. In order to restart operations,

FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA

ITEM 1. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA 5 SSR Mining Inc. Condensed Consolidated Statements of Operations (unaudited, in thousands except per share) Three Months Ended March 31, 2024 2023 Revenue $ 230,234 $ 314,614 Operating costs and expenses: Cost of sales (1) 125,901 199,297 Depreciation, depletion, and amortization 38,398 47,095 General and administrative expense 12,861 18,541 Exploration and evaluation 10,231 10,525 Reclamation and remediation costs 275,318 2,173 Impairment charges 114,230 — Care and maintenance 14,409 — Other operating expenses, net 15,310 ( 2 ) Operating income (loss) ( 376,424 ) 36,985 Other income (expense): Interest expense ( 4,655 ) ( 5,060 ) Other income (expense) 3,767 13,052 Foreign exchange gain (loss) ( 913 ) ( 13,185 ) Total other income (expense) ( 1,801 ) ( 5,193 ) Income (loss) before income and mining taxes ( 378,225 ) 31,792 Income and mining tax benefit (expense) 20,237 ( 2,788 ) Equity income (loss) of affiliates ( 174 ) — Net income (loss) ( 358,162 ) 29,004 Net loss (income) attributable to non-controlling interest 71,080 809 Net income (loss) attributable to SSR Mining shareholders $ ( 287,082 ) $ 29,813 Net income (loss) per share attributable to SSR Mining shareholders Basic $ ( 1.42 ) $ 0.14 Diluted $ ( 1.42 ) $ 0.14 (1) Excludes depreciation, depletion, and amortization. The accompanying notes are an integral part of the Condensed Consolidated Financial Statements. 6 SSR Mining Inc. Condensed Consolidated Statements of Cash Flows (unaudited, in thousands) Three Months Ended March 31, 2024 2023 Operating activities Net income (loss) $ ( 358,162 ) $ 29,004 Adjustments for: Depreciation, depletion, and amortization 38,398 47,095 Reclamation and remediation costs 252,851 2,173 Deferred income taxes ( 22,817 ) ( 1,977 ) Stock-based compensation ( 3,942 ) 2,047 Equity (income) loss of affiliates 174 — Change in fair value of mar

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