SSR Mining Inc. Q4 2025 Earnings Call Summary

Production in 2025 exceeded the guidance midpoint, driven by record processing volumes at Red and exceptional recovery performance at Cripple Creek and Victor (CC&V).

Generated $252 million in free cash flow for the full year, supporting a strong liquidity position of over $1 billion to fund both growth capital and shareholder returns.

Re-established a $300 million share repurchase program based on management’s view that the current share price does not reflect the intrinsic value of the diversified portfolio.

Successfully integrated CC&V generating more than $200 million in minefield free cash flow in 2025, more than doubling the original $100 million acquisition cost.

Promoted the Hod Maden project with a Technical Report Summary (TRS) confirming its position as a high quality, first quartile copper-gold asset with an IRR of 39%.

Implemented a sophisticated « sustainable vs. unsustainable » ore mixing strategy at Marigold to alleviate historical stockpile problems and optimize gold recovery.

Maintained a conservative reserve price assumption of $1,700 per gold ounce, prioritizing margin preservation over increasing volume through lower limits.

The production guidance for 2026 is 450,000 to 535,000 gold equivalent ounces. CC&V’s production is expected to be 50-55% weighted for the second half of the year, while Seabee’s production is expected to be around 60% weighted for the second half.

Expect a formal construction decision from Hod Maden following joint venture reviews, and early site work is currently being funded at approximately $15 million per month.

The $150 million capital investment, planned for 2026, includes Marigold’s major fleet replacements and scrubber platform expansions to support long-term transportation needs.

Red’s strategic focus is to evaluate the mine and Cortaderas underground deposit to significantly extend the mine’s life beyond the current 2028 forecast.

Expects to release updated Marigold TRS within 18 months to integrate Buffalo Valley and New Millennium deposits into long-term production profile.

Çöpler will continue to operate and maintain, with estimated cash costs of $20 million to $25 million per quarter, while regulatory discussions about the heap extraction facility continue.

The all-in sustaining cost (AISC) for the year 2025 reached the upper end of the guidance, due to the higher-than-forecast royalty costs tied to the rise in the price of gold and share-based compensation.

Marigold’s 2026 AISC is expected to be the highest in the first half of the year, reflecting a 70% emphasis on investments in equipment and process plant improvements.

Seabee’s operations will focus on underground development in the first half of 2026 to improve stop availability, leading to a production-heavy fourth quarter.