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Overview of SSR Mining Inc. (SSRM)
SSR Mining Inc., formerly known as Silver Standard Resources, is a Vancouver-based mining company that specializes in the exploration, development, and production of precious metals. Listed under the ticker symbol SSRM on both the NASDAQ Capital Market and the Toronto Stock Exchange, the company is a prominent player in the global mining industry. SSR Mining’s core focus lies in the extraction of gold and silver, commodities that hold significant value in global markets due to their industrial and investment demand.
Core Operations and Geographic Footprint
SSR Mining operates a diversified portfolio of mining assets across North and South America. Its primary operational sites include:
- Marigold Mine: Located in Nevada, U.S., this gold mine is a cornerstone of SSR Mining’s operations, contributing a significant portion of its gold production.
- Seabee Gold Operation: Situated in Saskatchewan, Canada, this operation underscores the company’s presence in the Canadian mining sector.
- Puna Operations: Based in the Jujuy Province of Argentina, this joint venture (75% owned and operated by SSR Mining) focuses on silver production through the Pirquitas operation and the Chinchillas development project.
These geographically diverse operations provide SSR Mining with a balanced portfolio that reduces exposure to region-specific risks and enhances its ability to capitalize on varying market conditions.
Business Model and Revenue Streams
SSR Mining generates revenue primarily through the extraction, processing, and sale of precious metals. Gold production constitutes the majority of its revenue, with the Marigold Mine serving as the flagship asset. Silver production, primarily derived from the Puna Operations, complements its revenue mix, offering exposure to a secondary but highly valuable commodity. The company also maintains a portfolio of feasibility-stage projects and exploration properties, which serve as potential avenues for future growth and resource expansion.
Competitive Strengths
SSR Mining’s competitive advantages stem from several key factors:
- Experienced Management Team: The company boasts a team of seasoned mine-builders and operators with proven expertise in managing complex mining operations.
- Operational Efficiency: SSR Mining emphasizes safe and efficient production practices, ensuring high standards of workplace safety and environmental stewardship.
- Strong Financial Position: With a robust balance sheet, the company is well-equipped to invest in growth opportunities and navigate market challenges.
- Geographic Diversification: By operating across multiple countries, SSR Mining mitigates geopolitical and regulatory risks, ensuring greater stability in its operations.
Industry Context and Challenges
SSR Mining operates within the broader precious metals mining industry, which is influenced by factors such as commodity price volatility, regulatory frameworks, and environmental considerations. The company faces competition from other mining firms but differentiates itself through its operational expertise, diversified asset base, and focus on sustainable production practices. While challenges such as fluctuating demand for gold and silver and geopolitical risks persist, SSR Mining’s strategic approach positions it to adapt effectively to changing market dynamics.
Exploration and Growth Potential
Beyond its operational mines, SSR Mining maintains a robust portfolio of feasibility-stage projects and exploration properties throughout the Americas. This diversified asset base provides the company with opportunities to expand its resource base and sustain long-term production. By leveraging its technical expertise and financial resources, SSR Mining is well-positioned to unlock value from these assets over time.
Conclusion
SSR Mining Inc. is a significant player in the precious metals mining industry, with a focus on gold and silver production across North and South America. Its diversified operations, experienced management team, and strong financial foundation underscore its ability to navigate the complexities of the mining sector. By maintaining a balanced portfolio of operational mines and exploration projects, SSR Mining continues to deliver value to stakeholders while contributing to the global supply of precious metals.
SSR Mining Inc. (NASDAQ/TSX: SSRM) reported consolidated financial results for 2022, achieving attributable net income of $194.1 million, or $0.89 per diluted share. The company produced 623,819 gold equivalent ounces at a cost of sales of $985 per ounce. In Q4 2022, production totaled 182,655 ounces with a cash flow of $118 million. SSR Mining declared a quarterly cash dividend of $0.07, reflecting a yield of approximately 5.0%. The company anticipates a production target of 700,000 ounces for 2023, aiming for continued growth with significant investments in Çöpler's Çakmaktepe Extension and Marigold's Red Dot projects.
SSR Mining reported full-year 2022 production of 624,000 gold equivalent ounces with a cost of sales of $985 per ounce. The 2023 production guidance is set at 700,000 to 780,000 ounces, with cost of sales projected between $1,055 and $1,115 and AISC between $1,365 and $1,425 per ounce. The company plans to increase its exploration budget by 50% to enhance resource development, targeting a stable production average of 700,000 ounces annually through 2025. CEO Rod Antal emphasized robust free cash flow generation and increased capital returns to shareholders, anticipating significant production growth and continued operational strength.
SSR Mining Inc. (NASDAQ/TSX: SSRM) announced its fourth quarter and full year 2022 consolidated financial results news release on February 22, 2023, before markets open. A conference call and webcast discussing these results will take place on the same day at 5:00 PM EST. Investors can join the call by dialing +1 (800) 319-4610 for U.S. and Canada or +1 (604) 638-5340 for international callers. The call will also be archived on their website for future access. SSR Mining operates four producing gold assets in the U.S., Türkiye, Canada, and Argentina.
SSR Mining Inc. (NASDAQ/TSX: SSRM) has appointed Ms. Karen Swager to its Board of Directors, bringing 28 years of industry experience. Currently, she serves as Senior Vice President, Supply Chain at Mosaic Company, where she oversees materials movement and safety initiatives. Ms. Swager holds a Bachelor’s and Master’s in metallurgical engineering and an MBA, enhancing the Board with her extensive operational and supply chain expertise. Chairman Michael Anglin expressed optimism about her contributions to the company’s future, particularly in operations and safety management.
SSR Mining Inc. (NASDAQ/TSX: SSRM) announced promising drilling results from 377 diamond drill holes at its Seabee property in Saskatchewan, focusing on the Santoy Mine Complex. These results from September 2021 to November 2022 exhibit high-grade gold intercepts, including 29 g/t Au over 2.1 meters. The exploration indicates potential for future open-pit development at the Porky targets. The company aims to extend mineral reserves while exploring new opportunities, with the 2021 Technical Report highlighting an annual production capacity of approximately 96,000 ounces of gold.
SSR Mining has released promising exploration results from the Marigold mine in Nevada, showcasing significant gold intercepts including 4.2 g/t Au over 26 meters and 2.7 g/t Au over 17 meters at the New Millennium target. These results follow drilling of 316 holes completed between October 2021 and August 2022. The exploration aims to extend the mine's life and enhance the current production profile. An updated Technical Report Summary is anticipated in 2023, with the potential for growth in Mineral Reserves and Resources at Marigold.
SSR Mining (NASDAQ: SSRM) reported a third-quarter net loss of $25.8 million, or $0.12 per share, with a notable adjusted EPS loss of $0.07. Production reached 106,919 gold equivalent ounces, though year-to-date production totaled 441,164 ounces at costs of $955 per ounce and AISC of $1,331. Despite challenges, the company announced that it has restarted its Çöpler operations and targets full-year production of 620,000 - 655,000 ounces. SSR Mining closed the Pitarrilla project sale and plans to consolidate its operations with a new 30% joint venture interest acquisition.
SSR Mining announced the acquisition of an additional 30% interest in the Kartaltepe Mining Joint Venture for $150 million, increasing its ownership in the Çöpler District to 80%. The transaction is expected to create synergies, enhance cash flow, and increase exposure to valuable exploration assets, including the Çakmaktepe Extension. This strategic move is funded by proceeds from non-core asset sales, with expectations of continued resource growth and an improved mine life cash flow.
SSR Mining Inc. (NASDAQ: SSRM) will release its third quarter 2022 financial results on November 8, 2022, before market opening. The company will host a conference call on the same day at 5:00 pm EST to discuss the results, inviting investors, media, and the public to participate. The call will be available via a webcast and will be archived for later access. SSR Mining focuses on free cash flow generation from four producing assets across the USA, Türkiye, Canada, and Argentina, collectively producing approximately 794,000 gold-equivalent ounces in 2021.
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