Introduction & Market Context
SSR Mining (NASDAQ:SSRM) Inc. reported a significant financial turnaround in its first quarter 2025 results presentation released on May 6, 2025. The gold and silver producer demonstrated substantial year-over-year improvements across key financial metrics while advancing strategic growth initiatives, including the recent acquisition of the Cripple Creek & Victor (CC&V) mine that positions the company as the third-largest gold producer in the United States.
The company’s diversified portfolio now spans six key assets across multiple jurisdictions, with operations in the United States, Canada, Argentina, and Türkiye. This geographic diversification, combined with a strong balance sheet, provides SSR Mining with a solid foundation for sustainable growth and cash flow generation.
As shown in the company’s global asset distribution:
Quarterly Performance Highlights
SSR Mining delivered consolidated production of 103,805 gold equivalent ounces (GEOs) in Q1 2025, at a cost of sales of $1,312 per ounce and all-in sustaining costs (AISC) of $1,972 per ounce. The company reported revenue of $316.6 million, representing a 37.5% increase from $230.2 million in the same period last year.
Net income for the quarter reached $54.4 million, a dramatic improvement from the $358.2 million loss reported in Q1 2024. Adjusted net income attributable to shareholders was $61.6 million ($0.30 per share), compared to $22.5 million ($0.11 per share) in the prior-year period.
The company generated strong cash flow with $84.8 million from operating activities and free cash flow of $39.3 million, compared to $24.6 million and negative $9.4 million, respectively, in Q1 2024.
The detailed financial results demonstrate the company’s improved performance across multiple metrics:
Detailed Financial Analysis
SSR Mining maintained a robust financial position with $319.6 million in cash and cash equivalents as of March 31, 2025, and a net cash position of $89.6 million. Total available liquidity stood at $820 million, including an undrawn $500 million revolving credit facility, providing ample resources to support growth initiatives and capital commitments.
The company’s operational performance varied across its portfolio. The Marigold mine in Nevada produced 38.6 thousand ounces of gold at an AISC of $1,765 per ounce, with production expected to be weighted toward the second half of 2025 as waste stripping at Red Dot continues. The newly acquired CC&V mine contributed 11.3 thousand ounces of attributable gold production at an AISC of $1,774 per ounce for the period from February 28 to March 31, 2025.
The Seabee operation in Canada delivered 26.0 thousand ounces of gold at an AISC of $1,374 per ounce, benefiting from positive grade reconciliation in the Santoy 9 zone with processed grades of 9.0 g/t. Meanwhile, the Puna operation in Argentina produced 2.5 million ounces of silver at an AISC of $13.16 per ounce.
For 2025, SSR Mining has provided guidance indicating continued growth, as illustrated in the following production and cost projections:
Strategic Initiatives
The acquisition of the CC&V mine in Colorado represents a significant strategic milestone for SSR Mining. Completed on February 28, 2025, this transaction positions the company as the third-largest gold producer in the United States. The mine is expected to contribute 90 to 110 thousand ounces of gold production for the period from February 28 to December 31, 2025, at an AISC of $1,800 to $1,840 per ounce.
As shown in the CC&V asset overview:
In Türkiye, SSR Mining continues to work with authorities to advance the required permits for the restart of the Çöpler mine, which remains in care and maintenance. The company incurred $35.8 million in care and maintenance costs during Q1 2025, including $20.6 million in cash costs. Once regulatory approvals are reinstated, initial operations would consist of processing a combination of stockpiled ore and ore mined from Çakmaktepe.
Simultaneously, SSR Mining is advancing the development of the Hod Maden project in Türkiye, with $12.2 million spent on initial site establishment activities during Q1 2025. Attributable growth capital expenditures for this project are expected to total between $60 and $100 million in 2025.
The company is also exploring opportunities to extend the mine life at its Puna operation, focusing on the Chinchillas and Cortaderas areas, as illustrated in the following operational overview:
At the Marigold mine, operations are progressing in line with expectations as Red Dot waste stripping continues. The company’s 2025 production guidance for Marigold remains approximately 55 to 60% weighted to the second half of the year.
The Seabee operation continues to benefit from high-grade ore, with exploration and development work ongoing at both the Santoy and Porky targets:
Forward-Looking Statements
For the full year 2025, SSR Mining expects to produce 320 to 380 thousand ounces of gold and 8.00 to 8.75 million ounces of silver, resulting in total gold equivalent production of 410 to 480 thousand ounces. This represents a 10% year-over-year increase in gold equivalent production. Cost of sales are projected to be $1,375 to $1,435 per ounce, with AISC of $1,890 to $1,950 per ounce.
The company’s strong financial position, with $820 million in total available liquidity, provides a solid foundation to support its growth initiatives and capital commitments. Key priorities for 2025 include the integration of CC&V, advancing Çöpler towards restart, progressing the Hod Maden project, extending Puna’s mine life, and advancing the Buffalo Valley project at Marigold.
With its diversified portfolio of long-lived assets, focus on free cash flow generation, and strategic growth initiatives, SSR Mining appears well-positioned to deliver value to shareholders while navigating the challenges and opportunities in the precious metals sector.
Full presentation:
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