SSR Mining Announces Closing of Cripple Creek & Victor Acquisition
SSR Mining (SSRM) has completed the acquisition of the Cripple Creek & Victor (CC&V) gold mine from Newmont for an initial cash payment of $100 million, with potential additional milestone-based payments of up to $175 million. The transaction closed on February 28, 2025, positioning SSR Mining as the third largest gold producer in the USA.
CC&V's gold Mineral Reserves increased significantly to 2.4 million ounces as of December 31, 2024, up 85% from 1.3 million ounces in 2023. The mine also reports 0.8 million ounces of Measured and Indicated Resources and 0.9 million ounces of Inferred Resources. Production and free cash flow from CC&V will be attributable to SSR Mining starting March 1, 2025, with full-year 2025 guidance expected by the end of Q1.
SSR Mining (SSRM) ha completato l'acquisizione della miniera d'oro Cripple Creek & Victor (CC&V) da Newmont per un pagamento iniziale in contante di 100 milioni di dollari, con potenziali pagamenti aggiuntivi basati su obiettivi fino a 175 milioni di dollari. La transazione si è conclusa il 28 febbraio 2025, posizionando SSR Mining come il terzo produttore d'oro più grande negli USA.
Le riserve minerarie d'oro di CC&V sono aumentate significativamente a 2,4 milioni di once al 31 dicembre 2024, con un incremento dell'85% rispetto a 1,3 milioni di once nel 2023. La miniera riporta anche 0,8 milioni di once di risorse misurate e indicate e 0,9 milioni di once di risorse stimate. La produzione e il flusso di cassa libero da CC&V saranno attribuibili a SSR Mining a partire dal 1° marzo 2025, con le previsioni per l'intero anno 2025 attese entro la fine del primo trimestre.
SSR Mining (SSRM) ha completado la adquisición de la mina de oro Cripple Creek & Victor (CC&V) de Newmont por un pago inicial en efectivo de 100 millones de dólares, con pagos adicionales potenciales basados en hitos de hasta 175 millones de dólares. La transacción se cerró el 28 de febrero de 2025, posicionando a SSR Mining como el tercer productor de oro más grande en EE. UU..
Las reservas minerales de oro de CC&V aumentaron significativamente a 2,4 millones de onzas al 31 de diciembre de 2024, un incremento del 85% respecto a 1,3 millones de onzas en 2023. La mina también reporta 0,8 millones de onzas de recursos medidos e indicados y 0,9 millones de onzas de recursos inferidos. La producción y el flujo de caja libre de CC&V serán atribuibles a SSR Mining a partir del 1 de marzo de 2025, con la guía para todo el año 2025 esperada para finales del primer trimestre.
SSR Mining (SSRM)은 Newmont로부터 Cripple Creek & Victor (CC&V) 금광을 1억 달러의 초기 현금 지급으로 인수 완료했으며, 최대 1억 7500만 달러의 추가 이정표 기반 지급이 가능합니다. 거래는 2025년 2월 28일에 마감되어 SSR Mining을 미국에서 세 번째로 큰 금 생산업체로 자리매김했습니다.
CC&V의 금 광물 매장량은 2024년 12월 31일 기준으로 240만 온스로 크게 증가했으며, 이는 2023년 130만 온스에서 85% 증가한 수치입니다. 이 광산은 또한 80만 온스의 측정 및 표시 자원과 90만 온스의 추정 자원을 보고하고 있습니다. CC&V의 생산 및 자유 현금 흐름은 2025년 3월 1일부터 SSR Mining에 귀속되며, 2025년 전체 연도에 대한 가이드는 1분기 말까지 예상됩니다.
SSR Mining (SSRM) a finalisé l'acquisition de la mine d'or Cripple Creek & Victor (CC&V) auprès de Newmont pour un paiement initial en espèces de 100 millions de dollars, avec des paiements supplémentaires potentiels basés sur des jalons pouvant atteindre 175 millions de dollars. La transaction a été clôturée le 28 février 2025, positionnant SSR Mining comme le troisième plus grand producteur d'or aux États-Unis.
Les réserves minérales d'or de CC&V ont considérablement augmenté à 2,4 millions d'onces au 31 décembre 2024, soit une augmentation de 85 % par rapport à 1,3 million d'onces en 2023. La mine rapporte également 0,8 million d'onces de ressources mesurées et indiquées et 0,9 million d'onces de ressources inférées. La production et le flux de trésorerie disponible de CC&V seront attribués à SSR Mining à partir du 1er mars 2025, avec des prévisions pour l'année entière 2025 attendues d'ici la fin du premier trimestre.
SSR Mining (SSRM) hat den Erwerb der Goldmine Cripple Creek & Victor (CC&V) von Newmont für eine anfängliche Barzahlung von 100 Millionen Dollar abgeschlossen, mit potenziellen zusätzlichen milestone-basierten Zahlungen von bis zu 175 Millionen Dollar. Die Transaktion wurde am 28. Februar 2025 abgeschlossen, wodurch SSR Mining als drittgrößter Goldproduzent in den USA positioniert wird.
Die Gold-Mineralreserven von CC&V stiegen zum 31. Dezember 2024 erheblich auf 2,4 Millionen Unzen, was einem Anstieg von 85% gegenüber 1,3 Millionen Unzen im Jahr 2023 entspricht. Die Mine berichtet außerdem von 0,8 Millionen Unzen an gemessenen und angezeigten Ressourcen sowie 0,9 Millionen Unzen an geschätzten Ressourcen. Die Produktion und der freie Cashflow von CC&V werden ab dem 1. März 2025 SSR Mining zugeordnet, wobei die Prognosen für das gesamte Jahr 2025 bis Ende des ersten Quartals erwartet werden.
- Positions SSRM as third largest US gold producer
- 85% YoY increase in gold reserves to 2.4M oz
- Additional 1.7M oz in combined M&I and Inferred Resources
- Immediate free cash flow generation starting March 2025
- Flexible payment structure with milestone-based payments
- Additional $175M in potential future payments required
- Technical report and mine plan still pending
- Integration costs and risks not disclosed
Insights
SSR Mining's $100 million acquisition of Newmont's Cripple Creek & Victor gold mine represents a transformational transaction that immediately elevates the company's market position to become the third largest gold producer in the United States. The deal structure - featuring modest upfront cash with up to $175 million in milestone-based payments - demonstrates prudent capital deployment while securing meaningful production scale.
The asset's 2.4 million ounces of gold Mineral Reserves marks an
The transaction's immediate impact on cash flow (effective March 1, 2025) creates near-term financial benefits, though investors should await the forthcoming 2025 guidance for quantification of production contributions and operating costs. This acquisition diversifies SSR Mining's portfolio while maintaining focus on tier-one mining jurisdictions, potentially reducing geopolitical risk exposure across the company's asset base.
Management's commitment to publish a technical report within 12 months indicates confidence in the asset's value proposition while providing a reasonable timeline for detailed operational planning. For investors, this acquisition represents a significant step-change in SSR Mining's production profile, free cash flow generation potential, and competitive positioning within the North American gold sector.
The CC&V acquisition provides SSR Mining with an established operating mine featuring significant scale advantages. The dramatic
From an operational perspective, this transaction leverages SSR Mining's demonstrated expertise in optimizing mature gold operations. The company now faces integration challenges including potential operational philosophy adjustments, workforce retention considerations, and alignment of mining methodologies.
The timing for publishing a comprehensive technical report and life of mine plan within 12 months indicates a deliberate approach to operational assessment rather than immediate wholesale changes. This provides operational continuity while allowing SSR management to identify efficiency opportunities and capital allocation priorities.
The mine's established infrastructure in the well-known Cripple Creek mining district offers advantages through reduced development capital requirements compared to greenfield projects. The consolidated 4.1 million ounces of gold resources (across all categories) provides a substantial foundation for production planning, though recovery rates, processing capacities, and mining sequencing details will be critical components of the forthcoming technical documentation.
With CC&V's production and cash flow attribution beginning March 1, 2025, SSR's operational teams have immediate responsibility for performance optimization, creating near-term opportunities to implement best practices across the expanded portfolio.
CC&V is expected to meaningfully increase SSR Mining’s scale, free cash flow and portfolio diversification, and positions the Company as the third largest gold producer in the
With the closing of the Transaction, production and free cash flow from CC&V are attributable to SSR Mining effective March 1, 2025. The Company anticipates reporting consolidated full-year 2025 production and cost guidance, including attributable guidance for CC&V, before the end of the first quarter.
Rod Antal, Executive Chairman of SSR Mining, said, “We are thrilled to welcome CC&V and its team to SSR Mining. This transaction adds another long-lived, free cash flow generative asset to the portfolio, and we look forward to showcasing our longer-term plans for the operation.”
About SSR Mining
SSR Mining is listed under the ticker symbol SSRM on the Nasdaq and the TSX. The Company expects to remain listed on the ASX under the ticker symbol SSR until market close on April 7, 2025.
For more information, please visit www.ssrmining.com.
Cautionary Note Regarding Forward-Looking Information
Except for statements of historical fact relating to us, certain statements contained in this news release constitute forward-looking information, future oriented financial information, or financial outlooks (collectively “forward-looking information”) within the meaning of applicable securities laws. Forward-looking information may be contained in this document and our other public filings. Forward-looking information relates to statements concerning our outlook and anticipated events or results and, in some cases, can be identified by terminology such as “may”, “will”, “could”, “should”, “expect”, “plan”, “anticipate”, “believe”, “intend”, “estimate”, “projects”, “predict”, “potential”, “continue” or other similar expressions concerning matters that are not historical facts.
Forward-looking information and statements in this news release are based on certain key expectations and assumptions made by us. Although we believe that the expectations and assumptions on which such forward-looking information and statements are based are reasonable, undue reliance should not be placed on the forward-looking information and statements because we can give no assurance that they will prove to be correct. Forward-looking information and statements are subject to various risks and uncertainties which could cause actual results and experience to differ materially from the anticipated results or expectations expressed in this news release.
Forward-looking information and statements in this news release include any statements concerning, among other things: forecasts and outlook relating to the Transaction, timing and realized value and benefits of the development of the Cripple Creek & Victor property, including timing of exploration, construction and production, realization of Mineral Reserves, and the existence or realization of Mineral Resource estimates; available liquidity resulting from the Transaction, value and timing of compensation relating to the milestone payments, the satisfaction of the permitting related to the extension of the life of mine at CC&V; and any and all other timing, exploration, development, operational, financial, budgetary, economic, legal, social, environmental, regulatory, and political matters that may influence or be influenced by future events or conditions.
The above list is not exhaustive of the factors that may affect any of the Company’s forward-looking information. You should not place undue reliance on forward-looking information and statements. Forward-looking information and statements are only predictions based on our current expectations and our projections about future events. Actual results may vary from such forward looking information for a variety of reasons including, but not limited to, risks and uncertainties disclosed in our filings on our website at www.ssrmining.com, on SEDAR at www.sedarplus.ca, on EDGAR at www.sec.gov and on the ASX at www.asx.com.au and other unforeseen events or circumstances. Other than as required by law, we do not intend, and undertake no obligation to update any forward-looking information to reflect, among other things, new information or future events. The information contained on, or that may be accessed through, our website is not incorporated by reference into, and is not a part of, this document.
Information Regarding CC&V
All information related to CC&V’s 2023 Mineral Reserves and Mineral Resources is derived solely from Newmont Corporation’s (“Newmont”) press release (“Newmont Announces 2023 Mineral Reserves for Integrated Company of 136 Million Gold Ounces with Robust Copper Optionality of 30 Billion Pounds”) dated February 22, 2024, and all information related to CC&V’s 2024 Mineral Reserves and Mineral Resources is derived from Newmont’s press release “Newmont Reports 2024 Mineral Reserves of 134.1 Million Gold Ounces and 13.5 Million Tonnes of Copper”, dated February 20, 2025, and the Annual Report on Form 10-K of Newmont, filed with the SEC on February 21, 2025 (collectively, the “Newmont Disclosures”). You should closely review the Newmont Disclosures in their entirety to learn about the risk, considerations and qualifications to which this information is subject. We have not independently verified the information derived from the Newmont Disclosures. These “historical estimates” (as such term is defined in National Instrument 43-101 – Standards of Disclosure for Mineral Properties (“NI 43-101”)) are provided solely for information purposes and have not been independently verified by SSR Mining. These historical estimates are based on work completed and estimates prepared by Newmont, they are not current and should not be treated as SSR Mining’s current estimates of Mineral Reserves or Mineral Resources at CC&V.
Newmont’s Mineral Reserves and Mineral Resources for 2024 were based on a gold price assumption of
Newmont has not prepared a technical report summary in accordance with the requirements of Subpart 1300 under Regulation SK of the Securities Act of 1933 and the Securities Exchange Act of 1934 or a technical report in accordance with the requirements of NI 43-101, and Mineral Resources and Mineral Reserves have not been calculated in accordance with NI 43-101. As a result, the production estimates made by SSR Mining are based on the Newmont Disclosure and have not been prepared, reviewed or verified by an independent, third-party qualified person and no such qualified person has done sufficient work to classify the Newmont Disclosures as Mineral Resources or Mineral Reserves as prescribed by Subpart 1300 or NI 43-101 and SSR is not treating the historical estimate as current Mineral Resources or Mineral Reserves for purposes of Subpart 1300 or NI 43-101.
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E-Mail: invest@ssrmining.com
Phone: +1 (888) 338-0046
Source: SSR Mining Inc.
FAQ
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