SSR Mining Files Q2 2024 10-Q

TL;DR

SSR Mining dropped its Q2 10-Q. Check financials.

AI Summary

SSR Mining Inc. reported its second quarter 2024 results, ending June 30, 2024. The company's financial statements and disclosures are contained within this 10-Q filing. Specific financial figures and operational details for the period are detailed within the document.

Why It Matters

This filing provides investors with the latest financial performance and operational status of SSR Mining Inc., crucial for understanding the company's current health and future prospects.

Risk Assessment

Risk Level: medium — As a mining company, SSR Mining is subject to commodity price volatility, operational risks, and regulatory changes, which can significantly impact its financial performance.

Key Numbers

• 2024 Q2 — Reporting Period (Indicates the second quarter of 2024 as the focus of the filing.)
• 12/31 — Fiscal Year End (Specifies the company's fiscal year concludes on December 31st.)

Key Players & Entities

• SSR Mining Inc. (company) — Filer of the 10-Q
• 20240630 (date) — End of the reporting period
• 20240731 (date) — Filing date
• SILVER STANDARD RESOURCES INC (company) — Former company name

FAQ

Key Financial Figures

• $250.0 — months and are expected to cost between $250.0 to $300.0 million, including legal cont
• $300.0 m — are expected to cost between $250.0 to $300.0 million, including legal contingencies, m
• $1,357 — d equivalent ounces at cost of sales of $1,357 per payable ounce and all-in sustaining
• $2,116 — and all-in sustaining costs ("AISC") of $2,116 per payable ounce. During the second qu
• $1,244 — nces at a consolidated cost of sales of $1,244 per ounce and AISC of $1,789 per ounce.
• $1,789 — f sales of $1,244 per ounce and AISC of $1,789 per ounce. First half 2024 production f
• $9.7 m — lders in the second quarter of 2024 was $9.7 million, or $0.05 per diluted share, incl
• $0.05 — nd quarter of 2024 was $9.7 million, or $0.05 per diluted share, including $30.6 mill
• $30.6 million — , or $0.05 per diluted share, including $30.6 million in care and maintenance costs incurred
• $7.5 m — lders in the second quarter of 2024 was $7.5 million, or 0.04 per diluted share, after
• $358.3 million — d a cash and cash equivalent balance of $358.3 million and available borrowings of $399.6 mill
• $399.6 million — 8.3 million and available borrowings of $399.6 million under its revolving credit facility. At
• $5.0 million — ation for the sale, SSR Mining received $5.0 million in cash. SSR Mining may also receive up
• $37.5 million — cash. SSR Mining may also receive up to $37.5 million in contingent payments payable in cash.

Filing Documents

• ssrm-20240630.htm (10-Q) — 2066KB
• 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
• 0000921638-24-000145.txt ( ) — 8967KB
• ssrm-20240630.xsd (EX-101.SCH) — 50KB
• ssrm-20240630_cal.xml (EX-101.CAL) — 86KB
• ssrm-20240630_def.xml (EX-101.DEF) — 222KB
• ssrm-20240630_lab.xml (EX-101.LAB) — 600KB
• ssrm-20240630_pre.xml (EX-101.PRE) — 444KB
• ssrm-20240630_htm.xml (XML) — 1522KB

- FINANCIAL INFORMATION

PART I - FINANCIAL INFORMATION

FORWARD-LOOKING STATEMENTS

FORWARD-LOOKING STATEMENTS 2 PLER INCIDENT AND SECOND QUARTER 2024 SUMMARY 3

FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA

ITEM 1. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA 6 Condensed Consolidated Statements of Operations (unaudited) 7 Condensed Consolidated Statements of Cash Flows (unaudited) 8 Condensed Consolidated Balance Sheets (unaudited) 9 Condensed Consolidated Statements of Changes in Equity (unaudited) 10 Notes to Condensed Consolidated Financial Statements (unaudited) 12

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 30 Business Overview 30 Consolidated Results of Operations 30 Results of Operations 35 Liquidity and Capital Resources 40 Non-GAAP Financial Measures 43 Critical Accounting Estimates 51 New Accounting Pronouncements 51

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK 52

CONTROLS AND PROCEDURES

ITEM 4. CONTROLS AND PROCEDURES 52

- OTHER INFORMATION

PART II - OTHER INFORMATION

LEGAL PROCEEDINGS

ITEM 1. LEGAL PROCEEDINGS 52

RISK FACTORS

ITEM 1A. RISK FACTORS 53

UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS

ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS 53

DEFAULTS UPON SENIOR SECURITIES

ITEM 3. DEFAULTS UPON SENIOR SECURITIES 53

MINE SAFETY DISCLOSURES

ITEM 4. MINE SAFETY DISCLOSURES 53

OTHER INFORMATION

ITEM 5. OTHER INFORMATION 54

EXHIBITS, FINANCIAL STATEMENT SCHEDULES

ITEM 6. EXHIBITS, FINANCIAL STATEMENT SCHEDULES 55

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 following the pler Incident was the recovery and return of our lost colleagues to their families. As of June 10, 2024, the nine individuals who were lost as a result of the pler Incident were recovered. The Company, in partnership with the Turkish authorities, has also been progressing on containment and remediation efforts. All of the necessary containment infrastructure, including the grout curtain, coffer dam, and buttress, as well as pumping systems and the Sabrl Creek diversion, is successfully in place. Additionally, SSR Mining currently expects to complete the removal of all displaced heap leach material resulting from the pler Incident from the Sabrl Valley into temporary storage locations by the end of the third quarter of 2024. To date, over 13 million tonnes of displaced heap leach material has been moved, including over 9 million tonnes from the Sabrl Valley. As part of the remediation work, the heap leach pad will be permanently closed, and heap leach processing will no longer take place at pler. The containment and remediation activities are expected to be implemented over a period of 24 to 36 months and are expected to cost between $250.0 to $300.0 million, including legal contingencies, material movement and construction costs. Public statements from the Turkish government have continued to affirm that there has been no recordable contamination to local soil, water or air in the sampling locations being monitored. SSR Mining continues to work closely with the relevant authorities to secure the required permits for the east storage facility and for the restart of the pler mine. Once all necessary regulatory approvals, including the environmental impact asse

FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA

ITEM 1. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA 6 SSR Mining Inc. Condensed Consolidated Statements of Operations (unaudited, in thousands except per share) Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 Revenue $ 184,841 $ 301,026 $ 415,075 $ 615,640 Operating costs and expenses: Cost of sales (1) 96,582 170,640 222,483 369,937 Depreciation, depletion, and amortization 23,011 44,641 61,409 91,736 General and administrative expense 13,452 16,291 26,313 34,832 Exploration and evaluation 11,255 13,975 21,486 24,500 Reclamation and remediation costs 2,414 2,173 277,732 4,346 Impairment charges — — 114,230 — Care and maintenance 30,556 — 44,965 — Other operating expense (income), net ( 3,149 ) 377 12,161 375 Operating income (loss) 10,720 52,929 ( 365,704 ) 89,914 Other income (expense): Interest expense ( 2,105 ) ( 4,959 ) ( 6,760 ) ( 10,019 ) Other income (expense) 4,968 12,369 8,735 25,421 Foreign exchange gain (loss) 876 ( 21,176 ) ( 37 ) ( 34,361 ) Total other income (expense) 3,739 ( 13,766 ) 1,938 ( 18,959 ) Income (loss) before income and mining taxes 14,459 39,163 ( 363,766 ) 70,955 Income and mining tax benefit (expense) ( 11,727 ) 83,388 8,510 80,600 Equity income (loss) of affiliates ( 268 ) ( 175 ) ( 442 ) ( 175 ) Net income (loss) 2,464 122,376 ( 355,698 ) 151,380 Net loss (income) attributable to non-controlling interest 7,229 ( 47,510 ) 78,309 ( 46,701 ) Net income (loss) attributable to SSR Mining shareholders $ 9,693 $ 74,866 $ ( 277,389 ) $ 104,679 Net income (loss) per share attributable to SSR Mining shareholders Basic $ 0.05 $ 0.37 $ ( 1.37 ) $ 0.51 Diluted $ 0.05 $ 0.35 $ ( 1.37 ) $ 0.49 (1) Excludes depreciation, depletion, and amortization. The accompanying notes are an integral part of the Condensed Consolidated Financial Statements. 7 SSR Mining Inc. Condensed Consolidated Statements of Cash Flows (unaudited, in thousands) Six Months Ended June 30,

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View this 10-Q filing on SEC EDGAR