SSR Mining Files Q3 2024 10-Q

TL;DR

SSR Mining's Q3 2024 10-Q is in. Check financials for latest performance.

AI Summary

SSR Mining Inc. filed its 10-Q for the period ending September 30, 2024. The company reported its financial performance and operational highlights. Key financial data and operational metrics for the third quarter and year-to-date periods of 2024 are detailed within the filing.

Why It Matters

This filing provides investors with the latest financial and operational data for SSR Mining, crucial for understanding the company's performance and future outlook in the mining sector.

Risk Assessment

Risk Level: medium — As a mining company, SSR Mining faces inherent risks related to commodity prices, operational challenges, and regulatory environments.

Key Players & Entities

• SSR Mining Inc. (company) — Filer of the 10-Q
• 20240930 (date) — End of the reporting period
• 20241106 (date) — Filing date

FAQ

Key Financial Figures

• $250.0 — nment work is estimated to cost between $250.0 to $300.0 million and take a total of 2
• $300.0 million — is estimated to cost between $250.0 to $300.0 million and take a total of 24 to 36 months to
• $48.3 million — complete. In the third quarter of 2024, $48.3 million was spent on remediation activities at
• $103.3 million — emediation spend since April 1, 2024 to $103.3 million. The initial design of the heap leach
• $1,312 — nces at a consolidated cost of sales of $1,312 per ounce and all-in sustaining costs (
• $1,886 — and all-in sustaining costs ("AISC") of $1,886 per ounce. The Company's year to date A
• $49.2 million — he Company's year to date AISC includes $49.2 million in cash care and maintenance costs, or
• $179 — and maintenance costs, or approximately $179 per gold equivalent ounce, of which $41
• $41.5 million — 179 per gold equivalent ounce, of which $41.5 million was incurred at pler and $7.7 million w
• $7.7 million — $41.5 million was incurred at pler and $7.7 million was incurred at Seabee. Financial resu
• $10.6 m — olders in the third quarter of 2024 was $10.6 million, or $0.05 per diluted share, incl
• $0.05 — d quarter of 2024 was $10.6 million, or $0.05 per diluted share, including $29.8 mill
• $29.8 million — , or $0.05 per diluted share, including $29.8 million in care and maintenance costs incurred
• $9.6 million — maintenance costs incurred at pler and $9.6 million at Seabee. Adjusted net income attribut
• $6.4 m — olders in the third quarter of 2024 was $6.4 million, or $0.03 per diluted share, afte

Filing Documents

• ssrm-20240930.htm (10-Q) — 2151KB
• 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
• 0000921638-24-000190.txt ( ) — 9361KB
• ssrm-20240930.xsd (EX-101.SCH) — 53KB
• ssrm-20240930_cal.xml (EX-101.CAL) — 90KB
• ssrm-20240930_def.xml (EX-101.DEF) — 269KB
• ssrm-20240930_lab.xml (EX-101.LAB) — 630KB
• ssrm-20240930_pre.xml (EX-101.PRE) — 475KB
• ssrm-20240930_htm.xml (XML) — 1572KB

- FINANCIAL INFORMATION

PART I - FINANCIAL INFORMATION

FORWARD-LOOKING STATEMENTS

FORWARD-LOOKING STATEMENTS 2 PLER INCIDENT AND THIRD 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) 10 Condensed Consolidated Statements of Changes in Equity (unaudited) 12 Notes to Condensed Consolidated Financial Statements (unaudited) 14

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 32 Business Overview 32 Consolidated Results of Operations 32 Results of Operations 37 Liquidity and Capital Resources 42 Non-GAAP Financial Measures 45 Critical Accounting Estimates 53 New Accounting Pronouncements 53

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK 54

CONTROLS AND PROCEDURES

ITEM 4. CONTROLS AND PROCEDURES 54

- OTHER INFORMATION

PART II - OTHER INFORMATION

LEGAL PROCEEDINGS

ITEM 1. LEGAL PROCEEDINGS 54

RISK FACTORS

ITEM 1A. RISK FACTORS 55

UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS

ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS 55

DEFAULTS UPON SENIOR SECURITIES

ITEM 3. DEFAULTS UPON SENIOR SECURITIES 55

MINE SAFETY DISCLOSURES

ITEM 4. MINE SAFETY DISCLOSURES 55

OTHER INFORMATION

ITEM 5. OTHER INFORMATION 56

EXHIBITS, FINANCIAL STATEMENT SCHEDULES

ITEM 6. EXHIBITS, FINANCIAL STATEMENT SCHEDULES 57

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"). Nine employees lost their lives in connection with the pler Incident. Following the pler Incident, the Company focused on four key priorities: (1) the recovery of our missing colleagues; (2) containment of the incident and remediation of the site; (3) the investigation into the root cause of the incident; and (4) preparing for the restart of the pler mine. With respect to our missing colleagues, all nine individuals have been recovered and returned to their families and we continue to support the families and the community members impacted by the pler Incident. All the planned containment infrastructure, including a grout curtain, coffer dam, and buttress, as well as pumping systems and the Sabrl creek diversion, has been successfully installed and is proving to be effective. Public statements from Turkish government officials continue to reiterate that there has been no recordable contamination to local soil, water or air in the sampling locations. In partnership with the Turkish authorities, the Company has continued to progress the remediation at the site. To date, over 16 million tonnes (approximately 86%) of the displaced heap leach material has been moved to temporary storage locations, including substantially all the displaced material 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. We are continuing discussions with Turkish government officials around the final remediation plan, including the approval and construction of the east storage facility, which will permanently store the displaced material. The pler remediation and containment work is estimated to cost betw

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 September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Revenue $ 257,356 $ 385,390 $ 672,431 $ 1,001,030 Operating costs and expenses: Cost of sales (1) 138,281 214,670 360,764 584,607 Depreciation, depletion, and amortization 30,443 55,990 91,852 147,727 General and administrative expense 19,016 17,539 45,329 52,369 Exploration and evaluation 11,364 14,886 32,850 39,386 Reclamation and remediation costs 2,414 2,173 280,146 6,519 Impairment charges 369 2,637 114,599 2,637 Care and maintenance 39,374 — 84,339 — Other operating expense (income), net 7,058 30 19,219 406 Operating income (loss) 9,037 77,465 ( 356,667 ) 167,379 Other income (expense): Interest expense ( 2,942 ) ( 4,080 ) ( 9,702 ) ( 14,099 ) Other income (expense) 8,575 11,378 17,310 36,799 Foreign exchange gain (loss) ( 7,521 ) ( 22,997 ) ( 7,558 ) ( 57,358 ) Total other income (expense) ( 1,888 ) ( 15,699 ) 50 ( 34,658 ) Income (loss) before income and mining taxes 7,149 61,766 ( 356,617 ) 132,721 Income and mining tax benefit (expense) ( 869 ) ( 68,893 ) 7,641 11,707 Equity income (loss) of affiliates ( 29 ) ( 118 ) ( 471 ) ( 293 ) Net income (loss) 6,251 ( 7,245 ) ( 349,447 ) 144,135 Net loss (income) attributable to non-controlling interest 4,306 22,404 82,615 ( 24,297 ) Net income (loss) attributable to SSR Mining shareholders $ 10,557 $ 15,159 $ ( 266,832 ) $ 119,838 Net income (loss) per share attributable to SSR Mining shareholders Basic $ 0.05 $ 0.07 $ ( 1.32 ) $ 0.58 Diluted $ 0.05 $ 0.07 $ ( 1.32 ) $ 0.57 (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

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