SSR Mining Swings to Profit Amid Revenue Surge, Çöpler Remains Offline

TL;DR

**SSR Mining is back in the black with strong revenue growth, but the Çöpler incident is still a major wildcard for future performance.**

AI Summary

SSR Mining Inc. reported a significant financial turnaround for the nine months ended September 30, 2025, with net income attributable to shareholders soaring to $214.3 million, a stark contrast to the net loss of $266.8 million in the prior year. Revenue for the nine-month period increased substantially to $1.11 billion from $672.4 million in 2024. For the three months ended September 30, 2025, revenue was $385.8 million, up from $257.4 million in the same period of 2024, and net income attributable to shareholders was $65.4 million, compared to $10.6 million in 2024. Operating income for the nine-month period reached $259.1 million, reversing an operating loss of $356.7 million in 2024. The company's cash and cash equivalents increased to $409.3 million as of September 30, 2025, from $387.9 million at December 31, 2024. Key business changes include the temporary suspension of operations at Seabee for two weeks in Q2 2025 due to forest fires and the ongoing suspension of operations at Çöpler since February 13, 2024, following a significant heap leach pad slip. Risks highlighted include commodity price volatility, macroeconomic conditions like inflation and foreign currency fluctuations, and physical risks at mine properties. The strategic outlook involves advancing development projects as market conditions permit.

Why It Matters

This significant financial rebound, with a net income of $214.3 million for the nine months, signals a potential turning point for SSR Mining, especially after the substantial loss in the prior year. For investors, the improved profitability and cash position could indicate a more stable outlook, despite the ongoing operational suspension at the critical Çöpler mine. Employees at other sites like Marigold, CC&V, Seabee, and Puna benefit from the company's stronger financial health, though those at Çöpler face continued uncertainty. Customers and the broader market will observe how SSR Mining manages its production capacity without Çöpler, potentially impacting global gold and silver supply. Competitively, the company's ability to generate strong revenue and profit without a key asset demonstrates resilience, but the long-term impact of Çöpler's closure remains a significant overhang.

Risk Assessment

Risk Level: high — The company faces high risk primarily due to the indefinite suspension of operations at the Çöpler Gold Mine since February 13, 2024, following a significant heap leach pad slip. This incident has a material adverse effect on the company's financial position, results of operations, and cash flows, as stated in the filing. Additionally, the company's revenue and profitability are substantially dependent on volatile gold, silver, lead, and zinc prices, which are beyond its control.

Analyst Insight

Investors should closely monitor updates regarding the Çöpler mine's potential resumption and the associated costs and liabilities. While the current financial performance is strong, the long-term impact of Çöpler's closure and the inherent commodity price volatility warrant a cautious approach. Consider the company's ability to sustain profitability from its other operations.

Financial Highlights

revenue

$1.11B

operating Margin

23.4%

net Income

$214.3M

eps

$1.00

cash Position

$409.3M

revenue Growth

+64.7%

Key Numbers

• $1.11B — Revenue (for the nine months ended September 30, 2025, up from $672.4 million in 2024)
• $214.3M — Net income attributable to SSR Mining shareholders (for the nine months ended September 30, 2025, reversing a $266.8 million loss in 2024)
• $65.4M — Net income attributable to SSR Mining shareholders (for the three months ended September 30, 2025, up from $10.6 million in 2024)
• $259.1M — Operating income (for the nine months ended September 30, 2025, reversing a $356.7 million operating loss in 2024)
• $409.3M — Cash and cash equivalents (as of September 30, 2025, up from $387.9 million at December 31, 2024)
• 203,001,139 — Common shares outstanding (as of October 31, 2025)
• $0.31 — Diluted EPS (for the three months ended September 30, 2025, up from $0.05 in 2024)
• $1.00 — Diluted EPS (for the nine months ended September 30, 2025, reversing a ($1.32) loss in 2024)
• $286.4M — Net cash used in investing activities (for the nine months ended September 30, 2025, up from $103.6 million in 2024)
• $299.8M — Net cash provided by operating activities (for the nine months ended September 30, 2025, reversing a $54.8 million use in 2024)

Key Players & Entities

• SSR Mining Inc. (company) — registrant
• Çöpler Gold Mine (company) — mine operation in Erzincan, Türkiye, with suspended operations
• Marigold mine (company) — mine operation in Nevada, USA
• Cripple Creek & Victor Gold Mine (company) — mine operation in Colorado, USA
• Seabee Gold Operation (company) — mine operation in Saskatchewan, Canada, with temporary suspension
• Puna Operations (company) — mine operation in Jujuy, Argentina
• The Nasdaq Stock Market LLC (regulator) — exchange where common shares are listed
• Toronto Stock Exchange (regulator) — exchange where common shares are listed
• Securities and Exchange Commission (regulator) — filing recipient
• British Columbia (regulator) — jurisdiction of incorporation

FAQ

Risk Factors

• Çöpler Mine Suspension [high — operational]: Operations at the Çöpler mine have been suspended since February 13, 2024, due to a significant heap leach pad slip. This suspension has a material impact on the company's production and financial performance, with ongoing efforts to address the situation and resume operations.
• Seabee Mine Forest Fire Impact [medium — operational]: The Seabee mine experienced a temporary suspension of operations for two weeks in Q2 2025 due to forest fires. While operations have resumed, such events highlight the physical risks to mine properties and potential disruptions to production.
• Commodity Price Volatility [high — market]: The company's financial results are significantly influenced by the fluctuating prices of gold and silver. A sustained downturn in commodity prices could negatively impact revenue, profitability, and the carrying value of assets.
• Macroeconomic Conditions [medium — market]: Inflationary pressures and foreign currency fluctuations pose risks to operating costs and the reported financial results. Changes in interest rates and overall economic stability can also affect demand and investment in the mining sector.
• Environmental and Permitting Risks [medium — regulatory]: The mining industry is subject to stringent environmental regulations and permitting requirements. Failure to comply with these regulations or obtain necessary permits can lead to operational disruptions, fines, and reputational damage.

Industry Context

The gold and silver mining industry is characterized by high capital intensity, cyclical commodity prices, and significant regulatory oversight. Companies like SSR Mining operate in a competitive landscape where operational efficiency, exploration success, and responsible environmental management are crucial for sustained profitability. Recent trends include a focus on optimizing existing assets and navigating geopolitical and environmental risks.

Regulatory Implications

SSR Mining faces substantial regulatory scrutiny related to environmental protection, mine safety, and permitting processes across its global operations. Compliance with evolving environmental standards and obtaining timely permits are critical for maintaining operational continuity and avoiding penalties. The incident at Çöpler highlights the severe consequences of failing to manage operational and environmental risks adequately.

What Investors Should Do

1. Monitor resolution of Çöpler mine suspension
2. Assess impact of commodity price fluctuations
3. Evaluate operational resilience
4. Analyze cost management and inflation impact

Key Dates

• 2024-02-13: Çöpler Mine Heap Leach Pad Slip — Led to the ongoing suspension of operations at the Çöpler mine, significantly impacting production and financial performance.
• 2025-09-30: End of Nine Months Reporting Period — Reported significant financial turnaround with net income of $214.3 million and revenue of $1.11 billion, compared to a loss and lower revenue in the prior year.
• 2025-Q2: Seabee Mine Temporary Suspension — Operations at Seabee were suspended for two weeks due to forest fires, highlighting operational risks.

Glossary

Heap Leach Pad

A constructed area where crushed ore is placed, and a solution (typically cyanide and water) is applied to dissolve and extract valuable metals like gold. (A slip on the heap leach pad at the Çöpler mine led to its operational suspension, a critical event for SSR Mining.)

Depreciation, depletion, and amortization

Non-cash expenses that represent the reduction in the value of tangible assets (depreciation), natural resources (depletion), and intangible assets (amortization) over time. (These are significant non-cash expenses that affect reported net income but do not involve cash outflows.)

Equity income (loss) of affiliates

The portion of the net income or loss of companies in which SSR Mining has a significant influence but not control, recognized on the income statement. (This line item reflects the performance of SSR Mining's investments in joint ventures or associated companies.)

Non-controlling interest

The portion of equity in a subsidiary that is not attributable to the parent company (SSR Mining). (This affects the net income attributable to SSR Mining shareholders by representing the share of profit or loss belonging to other owners.)

Year-Over-Year Comparison

SSR Mining has demonstrated a significant financial recovery compared to the prior year. Revenue for the nine months ended September 30, 2025, surged by 64.7% to $1.11 billion from $672.4 million in 2024, driven by improved operational performance and potentially higher commodity prices. Net income attributable to shareholders swung from a substantial loss of $266.8 million to a profit of $214.3 million. Operating income also reversed from a significant loss to a gain of $259.1 million. While cash reserves have increased to $409.3 million, the company continues to face operational challenges, notably the ongoing suspension at Çöpler, which remains a key risk factor.

Filing Documents

• ssrm-20250930.htm (10-Q) — 2465KB
• 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) — 24KB
• 0000921638-25-000197.txt ( ) — 11056KB
• ssrm-20250930.xsd (EX-101.SCH) — 55KB
• ssrm-20250930_cal.xml (EX-101.CAL) — 96KB
• ssrm-20250930_def.xml (EX-101.DEF) — 274KB
• ssrm-20250930_lab.xml (EX-101.LAB) — 645KB
• ssrm-20250930_pre.xml (EX-101.PRE) — 493KB
• ssrm-20250930_htm.xml (XML) — 2201KB

- FINANCIAL INFORMATION

PART I - FINANCIAL INFORMATION

FORWARD-LOOKING STATEMENTS

FORWARD-LOOKING STATEMENTS 2

FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA

ITEM 1. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA 4 Condensed Consolidated Statements of Operations (unaudited) 5 Condensed Consolidated Statements of Cash Flows (unaudited) 6 Condensed Consolidated Balance Sheets (unaudited) 7 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 36 Business Overview 36 Consolidated Results of Operations 36 Results of Operations 41 Liquidity and Capital Resources 47 Non-GAAP Financial Measures 49 Critical Accounting Estimates 57 New Accounting Pronouncements 58

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK 59

CONTROLS AND PROCEDURES

ITEM 4. CONTROLS AND PROCEDURES 59

- OTHER INFORMATION

PART II - OTHER INFORMATION

LEGAL PROCEEDINGS

ITEM 1. LEGAL PROCEEDINGS 60

RISK FACTORS

ITEM 1A. RISK FACTORS 60

UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS

ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS 60

DEFAULTS UPON SENIOR SECURITIES

ITEM 3. DEFAULTS UPON SENIOR SECURITIES 61

MINE SAFETY DISCLOSURES

ITEM 4. MINE SAFETY DISCLOSURES 61

OTHER INFORMATION

ITEM 5. OTHER INFORMATION 62

EXHIBITS, FINANCIAL STATEMENT SCHEDULES

ITEM 6. EXHIBITS, FINANCIAL STATEMENT SCHEDULES 63

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, 2024, filed with the Securities and Exchange Commission ("SEC") on February 18, 2025 ("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 and in our previously filed Quarterly Reports on Form 10-Q, including those discussed in the "Business," "Risk Factors," "Forward-Looking Statements" and "Management's Discussion and Analysis of Financial Con

- FINANCIAL INFORMATION

PART I - FINANCIAL INFORMATION 3

FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA

ITEM 1. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA 4 SSR Mining Inc. Condensed Consolidated Statements of Operations (unaudited, in thousands except per share) Three Months Ended September 30, Nine Months Ended September 30, 2025 2024 2025 2024 Revenue $ 385,839 $ 257,356 $ 1,107,912 $ 672,431 Operating costs and expenses: Cost of sales (1) 165,682 138,281 465,271 360,764 Depreciation, depletion, and amortization 28,218 30,443 85,068 91,852 General and administrative expense 40,228 19,016 90,757 45,329 Exploration and evaluation 10,376 11,364 24,044 32,850 Reclamation and remediation costs 7,135 2,414 81,305 280,146 Impairment charges of long-lived and other assets — 369 — 114,599 Care and maintenance 37,291 39,374 110,813 84,339 Other operating expense (income), net 13,576 7,058 ( 8,455 ) 19,219 Operating income (loss) 83,333 9,037 259,109 ( 356,667 ) Other income (expense): Interest expense ( 3,584 ) ( 2,942 ) ( 11,180 ) ( 9,702 ) Other income (expense) 5,269 8,575 17,799 17,310 Foreign exchange gain (loss) ( 12,837 ) ( 7,521 ) ( 29,082 ) ( 7,558 ) Total other income (expense) ( 11,152 ) ( 1,888 ) ( 22,463 ) 50 Income (loss) before income and mining taxes 72,181 7,149 236,646 ( 356,617 ) Income and mining tax benefit (expense) ( 14,950 ) ( 869 ) ( 44,321 ) 7,641 Equity income (loss) of affiliates ( 139 ) ( 29 ) ( 425 ) ( 471 ) Net income (loss) 57,092 6,251 191,900 ( 349,447 ) Net loss (income) attributable to non-controlling interest 8,349 4,306 22,397 82,615 Net income (loss) attributable to SSR Mining shareholders $ 65,441 $ 10,557 $ 214,297 $ ( 266,832 ) Weighted average common shares Basic 202,783 202,140 202,660 202,209 Diluted 217,464 202,447 217,018 202,209 Net income (loss) per share attributable to SSR Mining shareholders Basic $ 0.32 $ 0.05 $ 1.06 $ ( 1.32 ) Diluted $ 0.31 $ 0.05 $ 1.00 $ ( 1.32 ) (1) Excludes depreciation, depletion, and amortization. The accompanying notes are an integra

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