DENVER--(BUSINESS WIRE)--August 04, 2026--
SSR Mining Inc. (Nasdaq/TSX: SSRM) ("SSR Mining" or the "Company") reports consolidated financial results for the second quarter ended June 30, 2026. In addition, the Board of Directors declared a quarterly cash dividend of $0.03 per common share payable on September 11, 2026 to holders of record at the close of business on August 14, 2026. This dividend qualifies as an 'eligible dividend' for Canadian tax purposes.
-- Consolidated operating results from continuing operations: Second
quarter 2026 production was 101,959 gold equivalent ounces at
consolidated cost of sales of $1,775 per payable ounce and all-in
sustaining costs ("AISC") of $2,622 per payable ounce.(1) In the first
half of 2026, the Company produced 211,873 gold equivalent ounces at
consolidated cost of sales of $1,749 per payable ounce and AISC of $2,521
per payable ounce. Year-to-date results are well aligned with full-year
2026 production guidance of 450,000 to 535,000 gold equivalent ounces and
the Company's expectations of a second-half weighted production profile.
Full-year AISC is trending towards the top end of SSR Mining's 2026
guidance, as the Company capitalizes on its strong liquidity position to
accelerate capital investments in support of mine life extension
initiatives across the portfolio.
-- Financial results from continuing operations: In the second quarter of
2026, SSR Mining reported net income and adjusted net income attributable
to SSR Mining shareholders of $137.0 million, or $0.66 per diluted share.
In the second quarter of 2026, operating cash flow was $115.6 million and
free cash flow was $50.3 million. In the first half of 2026, operating
cash flow was $420.5 million and free cash flow was $299.1 million.
-- Completed strategic refocus to the Americas: On June 24, 2026, SSR
Mining closed the sale of its 80% ownership stake in the Çöpler
mine and related properties in Türkiye (collectively,
"Çöpler") for approximately $1.49 billion in cash
consideration. Subsequently, on July 17, 2026, the Company closed the
sale of its 20% ownership stake in the Hod Maden development project (the
"Hod Maden Project") for an uncapped 4.0% net smelter return royalty
("NSR") on 100% of the Hod Maden Project. These transactions completed
SSR Mining's strategic refocus to a free-cash-flow-focused Americas gold
and silver producer anchored by its long-lived operations in the United
States.
-- Capital Returns: In the second quarter of 2026, SSR Mining completed a
total of $337.8 million in share buybacks through the repurchase of 10.4
million shares. Year-to-date, SSR Mining has repurchased 12.9 million
shares for a total of $409.2 million in capital returns, or an effective
yield of nearly 8%. On June 15, 2026, the Company announced approvals for
an additional $500 million for share repurchases, of which $109.2 million
has been returned to shareholders to July 31, 2026. Additionally, on
August 4, 2026, the Board declared a quarterly cash dividend of $0.03 per
share to be paid on September 11, 2026. Since 2021, SSR Mining has
returned nearly $900 million to shareholders through the repurchase of
more than 32 million shares and over $170 million in dividends.
-- Cash and liquidity position: As of June 30, 2026, SSR Mining had a cash
and cash equivalent balance of $1,783.0 million and no long-term debt
outstanding.
-- Revolving credit facility extended: On July 31, 2026, SSR Mining
amended its existing revolving credit facility (the "Facility"). The
Facility now matures on July 31, 2030 and capacity was increased from
$400 million to $600 million. Under the terms of the expanded Facility,
amounts borrowed will incur variable interest at the Secured Overnight
Financing Rate plus an applicable margin ranging from 1.75% to 2.5%, an
improvement over the prior facility margin of 2.00% to 2.75%.
-- Development & exploration in the Americas: SSR Mining continues to
advance key brownfield organic growth projects across the portfolio,
including Buffalo Valley at Marigold, Cortaderas at Puna, and Porky at
Seabee. These projects represent low-cost, high-return development
opportunities and have the potential to meaningfully extend the mine
lives at each asset. On June 29, 2026, SSR Mining closed an approximately
C$5 million strategic investment to acquire 9.9% of Phenom Resources
Corp.'s ("Phenom") outstanding shares on an undiluted basis. SSR Mining
also entered into a Framework Agreement which grants SSR Mining the right
to acquire a 15% interest in Phenom's Dobbin Project in Nevada for an
additional $4 million. Phenom has defined a more than 2 kilometer long
and 200 meter wide gold-in-soil anomaly supported by strong chip sampling
results across the target area. Exploration drilling to test for
potential Carlin-style gold mineralization at the Dobbin project
commenced early in the third quarter of 2026.
Rod Antal, Executive Chairman of SSR Mining, said, "We have now completed the strategic repositioning of our business to the Americas. Anchored by our long-lived Marigold and CC&V operations in the USA, our focus on delivering sustainable free cash flow and best-in-class capital returns is a clear differentiator amongst the peer group.
Operationally, our second quarter results were aligned with our expectations and have the business tracking well against full-year production guidance targets. As we have stated throughout the year, we expect a stronger second half of production and free cash flow across the portfolio.
I am pleased with SSR Mining's current strategic position. We are actively returning capital to shareholders through continued buybacks and our reinstated dividend program, while delivering strong operating results and advancing organic growth initiatives to extend the mine lives at each of our operations. I look forward to a strong finish to 2026 as we reinforce our position as a leading mid-cap gold producer."
Financial and Operating Summary
A summary of the Company's consolidated financial and operating results for the three and six months ended June 30, 2026 and June 30, 2025 are presented below:
Three Months Ended Six Months Ended
(in thousands,
except per share
data or otherwise
stated) June 30, June 30,
----------------- ---------------------- -------------------------
2026 2025 2026 2025
----------------- --------- ------- --------- --------
Financial Results
Revenue $ 443,798 $405,455 $1,025,576 $ 722,073
Cost of sales $ 173,672 $162,948 $ 368,791 $ 299,589
Operating income $ 191,676 $168,076 $ 492,131 $ 274,892
Net income (loss) $ 92,435 $ 80,362 $ (22,717) $ 134,808
Net income
from
continuing
operations $ 137,014 $131,983 $ 387,686 $ 216,538
Net income
(loss) from
discontinued
operations $ (44,579) $(51,621) $ (410,403) $ (81,730)
Net income
attributable to
SSR Mining
shareholders from
continuing
operations $ 137,014 $131,983 $ 387,686 $ 216,538
Basic net
income per
share
attributable
to SSR Mining
shareholders
from
continuing
operations $ 0.66 $ 0.65 $ 1.87 $ 1.07
Diluted net
income per
share
attributable
to SSR Mining
shareholders
from
continuing
operations $ 0.66 $ 0.61 $ 1.82 $ 1.01
Adjusted net
income
attributable to
SSR Mining
shareholders from
continuing
operations (1) $ 137,014 $138,303 $ 387,686 $ 228,291
Basic adjusted
net income
per share
attributable
to SSR Mining
shareholders
from
continuing
operations
(1) $ 0.66 $ 0.68 $ 1.87 $ 1.13
Diluted
adjusted net
income per
share
attributable
to SSR Mining
shareholders
from
continuing
operations
(1) $ 0.66 $ 0.64 $ 1.82 $ 1.06
Cash provided by
operating
activities from
continuing
operations $ 115,619 $150,702 $ 420,457 $ 269,926
Cash provided by
(used in)
operating
activities of
discontinued
operations $ (15,317) $ 6,854 $ (55,665) $ (30,033)
Cash provided by
operating
activities $ 100,302 $157,556 $ 364,792 $ 239,893
Cash provided by
(used in)
investing
activities $1,399,476 $(68,219) $1,313,207 $(220,000)
Cash provided by
(used in)
financing
activities $ (340,524) $ 7,856 $ (418,743) $ 10,531
Continuing
Operating
Results
Gold produced (oz) 75,601 90,966 157,915 166,835
Gold sold (oz) 73,919 90,739 157,812 168,447
Silver produced
('000 oz) 1,661 2,849 3,399 5,354
Silver sold ('000
oz) 1,506 2,534 3,339 4,909
Lead produced
('000 lb) (2) 7,131 13,877 15,293 25,365
Lead sold ('000
lb) (2) 7,304 12,058 16,221 24,111
Zinc produced
('000 lb) (2) 963 1,125 1,987 1,883
Zinc sold ('000
lb) (2) 889 1,279 1,627 1,541
Gold equivalent
produced (oz)
(3) 101,959 120,191 211,873 223,987
Gold equivalent
sold (oz) (3) 97,822 116,736 210,814 220,843
Average realized
gold price ($/oz
sold) $ 4,301 $ 3,336 $ 4,550 $ 3,151
Average realized
silver price
($/oz sold) $ 74.24 $ 35.24 $ 83.88 $ 33.90
Cost of sales per
gold equivalent
ounce sold (3) $ 1,775 $ 1,396 $ 1,749 $ 1,357
Cash cost per gold
equivalent ounce
sold (1,3) $ 1,637 $ 1,282 $ 1,623 $ 1,247
AISC per gold
equivalent ounce
sold (1,3) $ 2,622 $ 1,858 $ 2,521 $ 1,807
Financial
Position From
Continuing
Operations June 30, 2026 December 31, 2025
----------------- -------------------- ----------------------
Cash and cash
equivalents $ 1,783,042 $ 515,561
Current assets $ 2,469,303 $ 1,287,265
Total assets $ 4,279,290 $ 6,093,898
Current
liabilities $ 252,238 $ 618,356
Total liabilities $ 887,716 $ 1,779,644
Working capital
(4) $ 2,217,065 $ 668,909
(1) The Company reports non-GAAP financial measures including adjusted net
income (loss) attributable to SSR Mining shareholders from continuing
operations, adjusted net income (loss) per share attributable to SSR
Mining shareholders from continuing operations, cash costs and AISC per
ounce sold to manage and evaluate its operating performance at its
mines. See "Non-GAAP Financial Measures" at the end of this press
release for an explanation of these financial measures and a
reconciliation of these financial measures to net income (loss), net
income (loss) per share attributable to SSR Mining shareholders from
continuing operations, and cost of sales, which are the most comparable
GAAP financial measures. Cost of sales excludes depreciation,
depletion, and amortization.
(2) Data for lead production and sales relate only to lead in lead
concentrate. Data for zinc production and sales relate only to zinc in
zinc concentrate.
(3) Effective January 1, 2026, the Company calculates gold equivalent
ounces ("GEOs") using a fixed silver-to-gold ratio of 63:1. In prior
periods, GEOs were calculated multiplying the silver ounces by the
ratio of the silver price to the gold price, using the average closing
commodity prices for the period. The Company does not include
by-products in the GEO calculations. GEOs sold may not re-calculate
based on amounts presented in this table due to rounding.
(4) Working capital is defined as current assets less current liabilities.
Marigold, USA
For the three months ended June 30, 2026 and 2025, Marigold produced 31,059 and 35,906 ounces of gold, respectively. For the six months ended June 30, 2026 and 2025, Marigold produced 68,789 and 74,492 ounces of gold, respectively. During the second quarter of 2026, Marigold reported cost of sales of $1,980 per payable ounce and AISC of $3,044 per payable ounce.
Full-year production at Marigold remains strongly weighted to the second half as higher grades drive increased production, with approximately 65% of second half production expected in the fourth quarter. Full-year AISC at Marigold are trending towards the top-end of the Company's 2026 guidance range, and sustaining capital is expected to remain elevated in the third quarter due to the timing of spend on fleet replacements and upgrades. 2026 growth capital guidance at Marigold has been increased from $48 million to $65 million as the Company plans to accelerate spend to facilitate longer-term growth, particularly at Buffalo Valley.
SSR Mining continues to advance growth initiatives across Marigold, including Buffalo Valley, with an updated life of mine plan expected by the end of 2026. Ongoing exploration and evaluation of other brownfield targets, including New Millennium, Marigold North, and DG80, continues as SSR Mining evaluates additional pathways for longer-term growth.
Three Months
Ended Six Months Ended
June 30, June 30,
----------------- ---------------- ------------------
Operating Data 2026 2025 2026 2025
----------------- ------- ------- ------- -------
Gold produced (oz) 31,059 35,906 68,789 74,492
Gold sold (oz) 29,720 35,589 69,229 75,997
Ore mined (kt) 4,324 3,425 9,271 8,781
Waste removed (kt) 17,044 20,912 36,550 41,367
Total material
mined (kt) 21,368 24,337 45,821 50,148
Strip ratio 3.9 6.1 3.9 4.7
Ore stacked (kt) 4,324 3,426 9,271 8,782
Gold grade stacked
(g/t) 0.28 0.62 0.27 0.44
Average realized
gold price ($/oz
sold) $ 4,284 $ 3,337 $ 4,548 $ 3,104
Cost of sales
($/oz gold sold) $ 1,980 $ 1,584 $ 1,885 $ 1,515
Cash costs ($/oz
gold sold) (5) $ 1,979 $ 1,586 $ 1,884 $ 1,516
AISC ($/oz gold
sold) (5) $ 3,044 $ 1,977 $ 2,657 $ 1,864
(5) The Company reports the non-GAAP financial measures of cash costs and
AISC per ounce of gold sold to manage and evaluate operating
performance at Marigold. See "Cautionary Note Regarding Non-GAAP
Financial Measures" at the end of this press release for an explanation
of these financial measures and a reconciliation to cost of sales,
which is the comparable GAAP financial measure. Cost of sales excludes
depreciation, depletion, and amortization.
Cripple Creek & Victor, USA
For the three months ended June 30, 2026, and 2025, Cripple Creek & Victor ("CC&V") produced 27,725 and 44,062 ounces of gold, respectively. For the six months ended June 30, 2026 and 2025, CC&V produced 66,023 and 55,344 ounces of gold, respectively. During the second quarter of 2026, CC&V reported cost of sales of $1,561 per payable ounce and AISC of $1,995 per payable ounce.
For the remainder of the year, CC&V's production is expected to be approximately 50 to 55% weighted to the fourth quarter. Full-year AISC at CC&V are expected to trend towards the top of the Company's 2026 guidance range due to modest increases in sustaining capital spend on equipment components and general site improvement initiatives. Growth capital guidance in 2026 has been increased from $55 million to $60 million due to the timing of spend on the expansion of VLF2.
SSR Mining continues to evaluate opportunities to improve the longer-term production and cost profile at CC&V, including the potential for future Mineral Reserve conversion opportunities. As of year-end 2025, CC&V hosted 4.8 million ounces of Measured and Indicated gold resources and 2.0 million ounces of gold Inferred Mineral Resources in addition to 2.7 million ounces of gold Mineral Reserves.
Three Months
Ended Six Months Ended
June 30, June 30,
----------------- ---------------- ------------------
2025
Operating Data 2026 2025 2026 (6)
----------------- ------- ------- ------- -------
Gold produced (oz) 27,725 44,062 66,023 55,344
Gold sold (oz) 28,499 44,800 66,746 56,100
Ore mined (kt) 3,726 3,441 7,097 5,265
Waste removed (kt) 6,134 4,880 11,654 6,451
Total material
mined (kt) 9,860 8,321 18,751 11,716
Strip ratio 1.6 1.4 1.6 1.2
Ore stacked (kt) 3,761 3,519 7,036 5,378
Gold grade stacked
(g/t) 0.46 0.50 0.45 0.45
Average realized
gold price ($/oz
sold) $ 4,397 $ 3,336 $ 4,636 $ 3,282
Cost of sales
($/oz gold sold) $ 1,561 $ 1,116 $ 1,487 $ 1,212
Cash costs ($/oz
gold sold) (7) $ 1,430 $ 1,105 $ 1,396 $ 1,199
AISC ($/oz gold
sold) (7) $ 1,995 $ 1,339 $ 1,802 $ 1,427
(6) For the six months ended June 30, 2025, all metrics represent the
period from February 28, 2025, the closing date of the CC&V
acquisition, to June 30, 2025.
(7) The Company reports the non-GAAP financial measures of cash costs and
AISC per ounce of gold sold to manage and evaluate operating
performance at CC&V. See "Cautionary Note Regarding Non-GAAP Financial
Measures" at the end of this press release for an explanation of these
financial measures and a reconciliation to cost of sales, which is the
comparable GAAP financial measure. Cost of sales excludes depreciation,
depletion, and amortization.
Seabee, Canada
For the three months ended June 30, 2026 and 2025, Seabee produced 16,817 and 10,998 ounces of gold, respectively. For the six months ended June 30, 2026 and 2025, Seabee produced 23,103 and 36,999 ounces of gold, respectively. During the second quarter of 2026, Seabee reported cost of sales of $1,721 per payable ounce and AISC of $2,358 per payable ounce.
Seabee's second half production is expected to be 55 to 60% weighted to the fourth quarter of 2026 due to higher grades, and the Company continues to trend towards the bottom-end of full-year production guidance. AISC in 2026 are expected at the top-end of the Company's guidance range and are expected to be lowest in the fourth quarter. Sustaining capital spend is expected to be approximately equally weighted between the third and fourth quarters. Growth capital guidance for Seabee in 2026 has been increased from $15 million to $35 million to further advance the Porky West project in the second half of the year.
SSR Mining is continuing to advance exploration and resource development activities at both Santoy and Porky as potential avenues for Mineral Reserve growth and mine life extension. Near-mine drilling at Santoy is targeting higher grades at depth to further improve the production profile while the evaluation of Porky as a potential new mining front continues.
Three Months
Ended Six Months Ended
June 30, June 30,
----------------- ---------------- ------------------
Operating Data 2026 2025 2026 2025
----------------- ------- ------- ------- -------
Gold produced (oz) 16,817 10,998 23,103 36,999
Gold sold (oz) 15,700 10,350 21,837 36,350
Ore mined (kt) 106 66 187 148
Ore milled (kt) 112 68 188 158
Gold mill feed
grade (g/t) 4.95 5.22 4.17 7.38
Gold recovery (%) 96.5 96.6 95.7 97.0
Average realized
gold price ($/oz
sold) $ 4,158 $ 3,335 $ 4,292 $ 3,048
Cost of sales
($/oz gold sold) $ 1,721 $ 1,785 $ 2,210 $ 1,145
Cash costs ($/oz
gold sold) (8) $ 1,721 $ 1,786 $ 2,211 $ 1,145
AISC ($/oz gold
sold) (8) $ 2,358 $ 2,708 $ 3,396 $ 1,754
(8) The Company reports the non-GAAP financial measures of cash costs and
AISC per ounce of gold sold to manage and evaluate operating
performance at Seabee. See "Cautionary Note Regarding Non-GAAP
Financial Measures" at the end of this press release for an explanation
of these financial measures and a reconciliation to cost of sales,
which is the comparable GAAP financial measure. Cost of sales excludes
depreciation, depletion, and amortization.
Puna, Argentina
For the three months ended June 30, 2026 and 2025, Puna produced 1.7 and 2.8 million ounces of silver, respectively. For the six months ended June 30, 2026 and 2025, Puna produced 3.4 and 5.4 million ounces of silver, respectively. During the second quarter of 2026, Puna reported cost of sales of $28.77 per payable ounce and AISC of $29.52 per payable ounce.
Production at Puna is expected to be relatively evenly split between the third and the fourth quarter of 2026. AISC in 2026 are expected to trend towards the top-end of the Company's full-year guidance range largely due to inflationary pressures. Growth capital guidance for 2026 at Puna has been increased from $18 million to $20 million as SSR Mining plans to advance opportunities to extend operations at Chinchillas.
SSR Mining continues to evaluate a number of potential growth projects at Puna, including additional laybacks at the Chinchillas pit, potential new development at the Melina open pit target adjacent to Chinchillas, and continued advancement of the Cortaderas project.
Three Months
Ended Six Months Ended
June 30, June 30,
------------------- ---------------- ------------------
Operating Data 2026 2025 2026 2025
------------------- ------- ------- ------- -------
Silver produced
('000 oz) 1,661 2,849 3,399 5,354
Silver sold ('000
oz) 1,506 2,534 3,339 4,909
Lead produced ('000
lb) 7,131 13,877 15,293 25,365
Lead sold ('000 lb) 7,304 12,058 16,221 24,111
Zinc produced ('000
lb) 963 1,125 1,987 1,883
Zinc sold ('000 lb) 889 1,279 1,627 1,541
Gold equivalent sold
('000 oz) (9) 23,903 25,997 53,002 52,396
Ore mined (kt) 299 475 372 1,102
Waste removed (kt) 1,939 1,592 4,078 2,681
Total material mined
(kt) 2,238 2,067 4,450 3,783
Strip ratio 6.5 3.4 11.0 2.4
Ore milled (kt) 491 492 1,000 946
Silver mill feed
grade (g/t) 111.15 186.62 111.65 182.38
Lead mill feed grade
(%) 0.73 1.36 0.77 1.29
Zinc mill feed grade
(%) 0.24 0.26 0.23 0.23
Silver mill recovery
(%) 94.7 96.5 94.7 96.5
Lead mill recovery
(%) 89.9 94.0 89.6 94.3
Zinc mill recovery
(%) 36.7 39.6 38.4 39.6
Average realized
silver price ($/oz
sold) $ 74.24 $ 35.24 $ 83.88 $ 33.90
Cost of sales ($/oz
silver sold) $ 28.77 $ 15.03 $ 27.20 $ 15.26
Cash costs ($/oz
silver sold) (10) $ 22.30 $ 9.98 $ 21.03 $ 10.45
AISC ($/oz silver
sold) (10) $ 29.52 $ 12.57 $ 26.02 $ 12.85
(9) Effective January 1, 2026, the Company calculates GEOs using a fixed
silver-to-gold ratio of 63:1. In prior periods, GEOs were calculated
multiplying the silver ounces by the ratio of the silver price to the
gold price, using the average closing commodity prices for the period.
The Company does not include by-products in the GEO calculations. GEOs
sold may not re-calculate based on amounts presented in this table due
to rounding.
(10) The Company reports the non-GAAP financial measures of cash costs and
AISC per ounce of silver sold to manage and evaluate operating
performance at Puna. See "Cautionary Note Regarding Non-GAAP Financial
Measures" at the end of this press release for an explanation of these
financial measures and a reconciliation to cost of sales, which is the
comparable GAAP financial measure. Cost of sales excludes
depreciation, depletion, and amortization.
Conference Call Information
This news release should be read in conjunction with the Company's Quarterly Report on Form 10-Q for the quarter ended June 30, 2026, filed with the U.S. Securities and Exchange Commission (the "SEC") and available on the SEC website at www.sec.gov or www.ssrmining.com.
-- Conference call and webcast: Tuesday, August 4, 2026, at 5:00 pm EDT.
Toll-free in U.S. and Canada: +1 (833) 752-3757
All other callers: +1 (412) 652-1234
For the webcast: ir.ssrmining.com/investors/events
-- The webcast will be available on our website. Audio replay will be
available for two weeks by dialing:
Toll-free in U.S. and Canada: +1 (855) 669-9658, replay code 3272681
All other callers: +1 (412) 317-0088, replay code 3272681
Dividend Declaration
On August 4, 2026 the Board of Directors declared a quarterly cash dividend of $0.03 per common share, payable on September 11, 2026 to shareholders of record at the close of business on August 14, 2026.
This dividend is designated as an 'eligible dividend' for Canadian income tax purposes.
The dividend payment applies to holders of SSR Mining's common shares, which trade on Nasdaq and the Toronto Stock Exchange under the symbol SSRM. Payments to Canadian shareholders will be made in Canadian dollars based on the exchange rate on the record date as reported by the Bank of Canada. Payments to other shareholders will be made in U.S. dollars and will be subject to applicable withholding taxes.
About SSR Mining
SSR Mining Inc. is a free-cash-flow-focused gold and silver mining company and the third-largest gold producer in the United States. SSR Mining has a diversified portfolio of operating, development and exploration assets across the Americas, including four operating mines in the USA, Canada, and Argentina. In 2026, SSR Mining is expected to produce between 450,000 and 535,000 Gold Equivalent Ounces. The Company is headquartered in Denver, Colorado and is listed under the ticker symbol SSRM on the Nasdaq Stock Market and the Toronto Stock Exchange.
For more information, please visit: www.ssrmining.com.
Cautionary Note Regarding Forward-Looking Information and Statements:
Except for statements of historical fact relating to us, certain statements contained in this news release constitute forward-looking statements, forward-looking information, future oriented financial information, or financial outlooks (collectively "forward-looking information") within the meaning of applicable securities laws. Forward-looking statements and information may be contained in this document and our other public filings. Forward-looking statements and 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", other similar expressions, as well as statements written in the future tense or that are not historical facts.
Forward-looking information and statements in this news release include any statements concerning, among other things: forecasts and outlook; preliminary cost reporting in this document; guidance; our operational and development targets and catalysts and the impact of any suspensions on operations; growth initiatives; the results of any gold reconciliations; the ability to discover additional oxide gold ore; the generation of free cash flow and returning cash to shareholders, including via share repurchases or dividends; matters relating to proposed exploration; communications with local stakeholders; maintaining community and government relations; our joint venture governance and operations; negotiation and completion of transactions; commodity prices; Mineral Resources, Mineral Reserves, conversion of Mineral Resources, realization of Mineral Reserves, and the existence or realization of Mineral Resource estimates; the development approach; the timing and amount of future production; the timing of studies, announcements, and analysis; the
timing of construction and development of proposed mines and process facilities; capital and operating expenditures; economic conditions; availability of sufficient financing; exploration plans; receipt of regulatory approvals; timing and impact surrounding suspension or interruption of operations as a result of regulatory requirements or actions by governmental authority; 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.
Such forward-looking statements and information are subject to various risks and uncertainties and based on a number of material factors and assumptions which could cause actual results and experience to differ materially from anticipated results or expectations expressed in this news release, including, but not limited in any manner to, those disclosed from time to time in our reports filed with the SEC on EDGAR, including the "Risk Factors" section of our most recent Annual Report on Form 10-K and subsequent Quarterly Reports on Form 10-Q, as applicable, and the Canadian securities regulatory authorities on SEDAR+, and include: the inherent speculative nature of exploration results; the ability to explore; local and global political and economic conditions; governmental and regulatory requirements and actions by governmental authorities, including changes in government policy, government ownership requirements, changes in environmental, tax and other laws or regulations and the interpretation thereof; communications with local stakeholders; maintaining community and governmental relations; status of negotiations of current and future joint ventures and their governance and operations; weather conditions at our operations; commodity prices; the ultimate determination of and realization of Mineral Reserves; existence or realization of Mineral Resources; the development approach; availability and receipt of required approvals, titles, licenses and permits; sufficient working capital to develop and operate the mines and implement development plans; access to adequate services and supplies; foreign currency exchange rates; interest rates; access to capital markets and associated cost of funds; availability of a qualified work force; ability to negotiate, finalize, and execute relevant agreements; the Company's ability to efficiently integrate acquired mines and businesses and to manage the costs related to any such integration, or to retain key technical, professional or management personnel; lack of social opposition to our mines or facilities; lack of legal challenges with respect to our properties; the timing and amount of future production; the ability to meet production, cost, and capital expenditure targets; timing and ability to produce studies and analyses; capital and operating expenditures; economic conditions; availability of sufficient financing; the ultimate ability to mine, process, and sell mineral products on economically favorable terms; and any and all other timing, exploration, development, operational, financial, budgetary, economic, legal, social, geopolitical, regulatory and political factors that may influence future events or conditions. While we consider these factors and assumptions to be reasonable based on information currently available to us, they may prove to be incorrect.
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 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. 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.
Cautionary Note Regarding Non-GAAP Measures
We have included certain non-GAAP performance measures throughout this document to assist in understanding our financial results. These performance measures are employed by us to measure our operating and economic performance internally and to assist in decision-making, as well as to provide key performance information to senior management. We believe that, in addition to measures prepared in accordance with GAAP, certain investors and other stakeholders will find this information useful to evaluate our operating and financial performance; however, these non-GAAP performance measures do not have any standardized meaning. These performance measures are intended to provide additional information and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with GAAP. Our definitions of our non-GAAP financial measures may not be comparable to similarly titled measures reported by other companies. These non-GAAP measures should be read in conjunction with our condensed consolidated interim financial statements.
Total Cash, Total Debt, Net Cash (Debt), Total Liquidity, Cash costs, AISC per ounce sold, adjusted net income (loss) attributable to SSR Mining shareholders, free cash flow, and mine site free cash flow are Non-GAAP Measures with no standardized definition under U.S. GAAP.
Non-GAAP Measure -- Total Cash, Total Debt, Net Cash (Debt) and Total Liquidity
Total cash, Total debt, and Net cash (debt) are used by management and investors to measure the Company's underlying operating performance. The Company believes that these measures are useful measures for shareholders as they help evaluate liquidity, available cash, and the Company's financial position. The Company believes that liquidity and available cash will be sufficient to sustain the operational needs of the Company for the next twelve months.
Total cash is calculated as Cash and cash equivalents plus Restricted cash and Total debt is calculated as the face value of the Company's Convertible Notes plus other current debt. Net debt is calculated as Total cash less Total debt.
The following table provides a reconciliation of cash and cash equivalents to Total cash, Total debt, and Net cash:
As of
------------------------------- --------------------------------------
(in thousands) June 30, 2026 December 31, 2025
------------------------------- --------------- -------------------
Cash and cash equivalents
from continuing operations
(GAAP) $ 1,783,042 $ 515,561
Restricted cash $ -- $ --
----------- --- --------------
Total cash from continuing
operations (non-GAAP) $ 1,783,042 $ 515,561
Face value of Convertible
Notes $ -- $ 230,000
Other current debt $ -- $ --
----------- --- --------------
Total debt from continuing
operations (non-GAAP) $ -- $ 230,000
Net cash (debt) from continuing
operations (non-GAAP) $ 1,783,042 $ 285,561
Total liquidity is calculated as Cash and cash equivalents plus Restricted cash and borrowing capacity under current revolving credit facilities, including accordion features. As of June 30, 2026, no borrowings were outstanding on the Company's $400 million credit facility with a $100 million accordion feature.
The following table provides a reconciliation of Cash and cash equivalents to Total liquidity:
As of
------------------------------- --------------------------------------
(in thousands) June 30, 2026 December 31, 2025
------------------------------- --------------- -------------------
Cash and cash equivalents
from continuing operations
(GAAP) $ 1,783,042 $ 515,561
Restricted cash $ -- $ --
----------- ---------------
Total cash from continuing
operations (non-GAAP) $ 1,783,042 $ 515,561
Borrowing capacity on credit
facility $ 400,000 $ 400,000
Borrowing capacity on
accordion feature of credit
facility $ 100,000 $ 100,000
----------- ---------------
Total liquidity from continuing
operations (non-GAAP) (11) $ 2,283,042 $ 1,015,561
(11) Excludes letters of credit. As of June 30, 2026 and December 31, 2025,
the company had $0.5 million in letters of credit. Inclusive of these
letters of credit, total liquidity from continuing operations is
$2,283.5 million as of June 30, 2026 and $1,016.0 million as of
December 31, 2025.
Subsequent to the quarter, the Facility was increased from $400 million to $600 million. The increased Facility does not have an accordion feature. Based on the total cash from continuing operations and inclusive of this increased revolving credit facility, total liquidity from continuing operations total $2,383.0 million.
Non-GAAP Measure - Cash Costs and AISC
Cash Costs and All-In Sustaining Costs ("AISC") per payable ounce of gold and respective unit cost measures are non-U.S. GAAP metrics developed by the World Gold Council to provide transparency into the costs associated with producing gold and provide a standard for comparison across the industry. The World Gold Council is a market development organization for the gold industry.
The Company uses cash costs per ounce of precious metals sold and AISC per ounce of precious metals to monitor its operating performance internally. The most directly comparable measure prepared in accordance with GAAP is cost of sales. The Company believes this measure provides investors and analysts with useful information about its underlying cash costs of operations and the impact of by-product credits on its cost structure. The Company also believes these are relevant metrics used to understand its operating profitability. When deriving the cost of sales associated with an ounce of precious metal, the Company includes by-product credits, which allows management and other stakeholders to assess the net costs of gold and silver production.
AISC includes total cost of sales incurred at the Company's mining operations, which forms the basis of cash costs. Additionally, the Company includes sustaining capital expenditures, sustaining mine-site exploration and evaluation costs, reclamation cost accretion and amortization, and general and administrative expenses. This measure seeks to reflect the ongoing cost of gold and silver production from current operations; therefore, growth capital is excluded. The Company determines sustaining capital to be capital expenditures that are necessary to maintain current production and execute the current mine plan. The Company determines growth capital to be those payments used to develop new operations or related to projects at existing operations where those projects will materially benefit the operation.
The Company believes that AISC provides additional information to management and stakeholders that provides visibility to better define the total costs associated with production and better understanding of the economics of the Company's operations and performance compared to other producers. In deriving the number of ounces of precious metal sold, the Company considers the physical ounces available for sale after the treatment and refining process, commonly referred to as payable metal, as this is what is sold to third parties.
The following tables provide a reconciliation of Cost of sales to cash costs and AISC:
Three Months Ended June 30, 2026
--------------- ------------------------------------------------------------------------
(in thousands,
unless Total From
otherwise Continuing
noted) Marigold CC&V Seabee Puna Corporate Operations
--------------- -------- -------- ------- ---------- ----------- -----------
Cost of sales
(GAAP) (12) $ 58,843 $ 44,488 $27,016 $ 43,325 $ -- $ 173,672
By-product
credits $ (63) $ (3,828) $ (25) $ (7,760) $ -- $ (11,676)
Treatment and
refining
charges $ 39 $ 82 $ 23 $ (1,983) $ -- $ (1,839)
------- ------- ------ --------- ------- ----------
Cash costs
(non-GAAP) $ 58,819 $ 40,742 $27,014 $ 33,582 $ -- $ 160,157
------- ------- ------ --------- ------- ----------
Sustaining
capital and
lease related
expenditures $ 30,869 $ 12,267 $ 9,359 $ 9,614 $ -- $ 62,109
Sustaining
exploration and
evaluation
expense $ -- $ -- $ -- $ -- $ -- $ --
Reclamation cost
accretion and
amortization $ 788 $ 3,838 $ 647 $ 1,261 $ -- $ 6,534
General and
administrative
expense and
stock-based
compensation
expense (13) $ -- $ -- $ -- $ -- $ 27,649 $ 27,649
------- ------- ------ --------- ------- ----------
Total AISC
(non-GAAP) $ 90,476 $ 56,847 $37,020 $ 44,457 $ 27,649 $ 256,449
======= ======= ====== ========= ======= ==========
Gold sold (oz) 29,720 28,499 15,700 -- -- 73,919
Silver sold (oz) -- -- -- 1,505,858 -- 1,505,858
Gold equivalent
sold (oz) (14) 29,720 28,499 15,700 23,903 -- 97,822
Cost of sales
per gold ounces
sold $ 1,980 $ 1,561 $ 1,721 N/A N/A N/A
Cost of sales
per silver
ounces sold N/A N/A N/A $ 28.77 N/A N/A
Cost of sales
per GEO sold
(14) $ 1,980 $ 1,561 $ 1,721 $ 1,813 N/A $ 1,775
Cash cost per
gold ounce
sold $ 1,979 $ 1,430 $ 1,721 N/A N/A N/A
Cash cost per
silver ounce
sold N/A N/A N/A $ 22.30 N/A N/A
Cash cost per
GEO sold (14) $ 1,979 $ 1,430 $ 1,721 $ 1,405 N/A $ 1,637
AISC per gold
ounce sold $ 3,044 $ 1,995 $ 2,358 N/A N/A N/A
AISC per silver
ounce sold N/A N/A N/A $ 29.52 N/A N/A
AISC per GEO
sold (14) $ 3,044 $ 1,995 $ 2,358 $ 1,860 N/A $ 2,622
Six Months Ended June 30, 2026
--------------- ------------------------------------------------------------------------
(in thousands,
unless Total From
otherwise Continuing
noted) Marigold CC&V Seabee Puna Corporate Operations
--------------- -------- -------- ------- ---------- ----------- -----------
Cost of sales
(GAAP) (12) $130,477 $ 99,234 $48,261 $ 90,819 $ -- $ 368,791
By-product
credits $ (128) $ (6,156) $ (40) $ (16,627) $ -- $ (22,951)
Treatment and
refining
charges $ 108 $ 131 $ 64 $ (3,977) $ -- $ (3,674)
------- ------- ------ --------- ------- ----------
Cash costs
(non-GAAP) $130,457 $ 93,209 $48,285 $ 70,215 $ -- $ 342,166
------- ------- ------ --------- ------- ----------
Sustaining
capital and
lease related
expenditures $ 51,874 $ 19,387 $24,758 $ 14,359 $ -- $ 110,378
Sustaining
exploration and
evaluation
expense $ -- $ -- $ -- $ -- $ -- $ --
Reclamation cost
accretion and
amortization $ 1,580 $ 7,675 $ 1,121 $ 2,307 $ -- $ 12,683
General and
administrative
expense and
stock-based
compensation
expense (13) $ -- $ -- $ -- $ -- $ 66,130 $ 66,130
------- ------- ------ --------- ------- ----------
Total AISC
(non-GAAP) $183,911 $120,271 $74,164 $ 86,881 $ 66,130 $ 531,357
======= ======= ====== ========= ======= ==========
Gold sold (oz) 69,229 66,746 21,837 -- -- 157,812
Silver sold (oz) -- -- -- 3,339,149 -- 3,339,149
Gold equivalent
sold (oz) (14) 69,229 66,746 21,837 53,002 -- 210,814
Cost of sales
per gold ounces
sold $ 1,885 $ 1,487 $ 2,210 N/A N/A N/A
Cost of sales
per silver
ounces sold N/A N/A N/A $ 27.20 N/A N/A
Cost of sales
per GEO sold
(14) $ 1,885 $ 1,487 $ 2,210 $ 1,714 N/A $ 1,749
Cash cost per
gold ounce
sold $ 1,884 $ 1,396 $ 2,211 N/A N/A N/A
Cash cost per
silver ounce
sold N/A N/A N/A $ 21.03 N/A N/A
Cash cost per
GEO sold (14) $ 1,884 $ 1,396 $ 2,211 $ 1,325 N/A $ 1,623
AISC per gold
ounce sold $ 2,657 $ 1,802 $ 3,396 N/A N/A N/A
AISC per silver
ounce sold N/A N/A N/A $ 26.02 N/A N/A
AISC per GEO
sold (14) $ 2,657 $ 1,802 $ 3,396 $ 1,639 N/A $ 2,521
(12) Excludes depreciation, depletion, and amortization.
(13) General and administrative expense for the three and six months ended
June 30, 2026 included $10.3 million and $30.7 million, respectively,
in share based compensation expense.
(14) Effective January 1, 2026, the Company calculates GEOs using a fixed
silver-to-gold ratio of 63:1. The Company does not include by-products
in the GEO calculations. GEOs sold may not re-calculate based on
amounts presented in this table due to rounding.
Three Months Ended June 30, 2025
--------------- -----------------------------------------------------------------------
(in thousands,
unless Total From
otherwise Continuing
noted) Marigold CC&V Seabee Puna Corporate Operations
--------------- -------- ------- ------- ---------- ----------- -----------
Cost of sales
(GAAP) (15) $ 56,376 $50,003 $18,473 $ 38,096 $ -- $ 162,948
By-product
credits $ (33) $ (501) $ (15) $ (12,146) $ -- $ (12,695)
Treatment and
refining
charges $ 92 $ -- $ 23 $ (669) $ -- $ (554)
------- ------ ------ --------- ------- ----------
Cash costs
(non-GAAP) $ 56,435 $49,502 $18,481 $ 25,281 $ -- $ 149,699
------- ------ ------ --------- ------- ----------
Sustaining
capital and
lease related
expenditures $ 11,770 $ 6,656 $ 8,762 $ 4,023 $ -- $ 31,211
Sustaining
exploration and
evaluation
expense $ 1,447 $ -- $ -- $ -- $ -- $ 1,447
Care and
maintenance
(16) $ -- $ -- $ 234 $ -- $ -- $ 234
Reclamation cost
accretion and
amortization $ 691 $ 3,838 $ 555 $ 2,545 $ -- $ 7,629
General and
administrative
expense and
stock-based
compensation
expense (17) $ -- $ -- $ -- $ -- $ 26,634 $ 26,634
------- ------ ------ --------- ------- ----------
Total AISC
(non-GAAP) $ 70,343 $59,996 $28,032 $ 31,849 $ 26,634 $ 216,854
======= ====== ====== ========= ======= ==========
Gold sold (oz) 35,589 44,800 10,350 -- -- 90,739
Silver sold (oz) -- -- -- 2,534,393 -- 2,534,393
Gold equivalent
sold (oz) (18) 35,589 44,800 10,350 25,997 -- 116,736
Cost of sales
per gold ounces
sold $ 1,584 1,116 $ 1,785 N/A N/A N/A
Cost of sales
per silver
ounces sold N/A N/A N/A $ 15.03 N/A N/A
Cost of sales
per GEO sold
(18) $ 1,584 1,116 $ 1,785 $ 1,465 N/A $ 1,396
Cash cost per
gold ounce
sold $ 1,586 1,105 $ 1,786 N/A N/A N/A
Cash cost per
silver ounce
sold N/A N/A N/A $ 9.98 N/A N/A
Cash cost per
GEO sold (18) $ 1,586 1,105 $ 1,786 $ 972 N/A $ 1,282
AISC per gold
ounce sold $ 1,977 1,339 $ 2,708 N/A N/A N/A
AISC per silver
ounce sold N/A N/A N/A $ 12.57 N/A N/A
AISC per GEO
sold (18) $ 1,977 1,339 $ 2,708 $ 1,225 N/A $ 1,858
Six Months Ended June 30, 2025
--------------- -----------------------------------------------------------------------
(in thousands,
unless Total From
otherwise CC&V Continuing
noted) Marigold (19) Seabee Puna Corporate Operations
--------------- -------- ------- ------- ---------- ----------- -----------
Cost of sales
(GAAP) (15) $115,102 $67,968 $41,604 $ 74,915 $ -- $ 299,589
By-product
credits $ (71) $ (714) $ (40) $ (23,255) $ -- $ (24,080)
Treatment and
refining
charges $ 158 $ 5 $ 66 $ (344) $ -- $ (115)
------- ------ ------ --------- ------- ----------
Cash costs
(non-GAAP) $115,189 $67,259 $41,630 $ 51,316 $ -- $ 275,394
------- ------ ------ --------- ------- ----------
Sustaining
capital and
lease related
expenditures $ 23,439 $ 7,667 $20,510 $ 5,977 $ -- $ 57,593
Sustaining
exploration and
evaluation
expense $ 1,674 $ -- $ -- $ -- $ -- $ 1,674
Care and
maintenance
(16) $ -- $ -- $ 234 $ -- $ -- $ 234
Reclamation cost
accretion and
amortization $ 1,363 $ 5,117 $ 1,388 $ 5,804 $ -- $ 13,672
General and
administrative
expense and
stock-based
compensation
expense (17) $ -- $ -- $ -- $ -- $ 50,529 $ 50,529
------- ------ ------ --------- ------- ----------
Total AISC
(non-GAAP) $141,665 $80,043 $63,762 $ 63,097 $ 50,529 $ 399,096
======= ====== ====== ========= ======= ==========
Gold sold (oz) 75,997 56,100 36,350 -- -- 168,447
Silver sold (oz) 4,908,738 -- 4,908,738
Gold equivalent
sold (oz) (18) 75,997 56,100 36,350 52,396 -- 220,843
Cost of sales
per gold ounces
sold $ 1,515 1,212 $ 1,145 N/A N/A N/A
Cost of sales
per silver
ounces sold N/A N/A N/A $ 15.26 N/A N/A
Cost of sales
per GEO sold
(18) $ 1,515 1,212 $ 1,145 $ 1,430 N/A $ 1,357
Cash cost per
gold ounce
sold $ 1,516 1,199 $ 1,145 N/A N/A N/A
Cash cost per
silver ounce
sold N/A N/A N/A $ 10.45 N/A N/A
Cash cost per
GEO sold (18) $ 1,516 1,199 $ 1,145 $ 979 N/A $ 1,247
AISC per gold
ounce sold $ 1,864 1,427 $ 1,754 N/A N/A N/A
AISC per silver
ounce sold N/A N/A N/A $ 12.85 N/A N/A
AISC per GEO
sold (18) $ 1,864 1,427 $ 1,754 $ 1,204 N/A $ 1,807
(15) Excludes depreciation, depletion, and amortization.
(16) Care and maintenance expense only includes direct costs not associated
with environmental reclamation and remediation costs, as depreciation
is not included in the calculation of AISC.
(17) General and administrative expense for the three and six months ended
June 30, 2025 included $6.4 million and $15.8 million, respectively,
in share based compensation expense.
(18) In prior periods, GEOs were calculated multiplying the silver ounces
by the ratio of the silver price to the gold price, using the average
closing commodity prices for the period. The Company does not include
by-products in the GEO calculations. GEOs sold may not recalculate
based on amounts presented in this table due to rounding.
(19) CC&V data represents the period from February 28, 2025, the closing
date of the CC&V acquisition, to June 30, 2025.
The following table provides a reconciliation of our projected cost of sales to projected cash costs and projected AISC used in the calculation of full-year projected 2026 cost guidance:
Total From
(operating guidance 100% Continuing
basis) (20) Marigold CC&V Seabee Puna Corporate Operations
-------------------------- -------------- -------------- -------------- ---------- ---------- --------------
Gold Production koz 170 -- 200 125 -- 150 60 -- 70 -- -- 355 -- 420
Silver 6.25 --
Production Moz -- -- -- 7.00 -- 6.25 -- 7.00
-------------- -------------- -------------- ---------- ---------- --------------
Gold Equivalent
Production koz 170 -- 200 125 -- 150 60 -- 70 95 -- 115 -- 450 -- 535
-------------- -------------- -------------- ---------- ---------- --------------
Gold Sold koz 170 -- 200 125 -- 150 60 -- 70 -- -- 355 -- 420
6.25 --
Silver Sold Moz -- -- -- 7.00 -- 6.25 -- 7.00
Gold Equivalent
Sold koz 170 -- 200 125 -- 150 60 -- 70 95 -- 115 -- 450 -- 535
Cost of Sales
(GAAP) $M 292 -- 358 178 -- 224 89 -- 109 141 -- 168 -- 700 -- 859
By-Product
Credits and
Treatment &
Refining
Charges $M -- (1) -- (35) -- (36)
-------------- -------------- -------------- ---------- ---------- --------------
Cash Cost
(non-GAAP) (21) $M 292 -- 358 177 -- 223 89 -- 109 106 -- 133 -- 664 -- 823
Sustaining
Capital
Expenditures
(22) $M 108 34 42 18 -- 202
Reclamation
Cost Accretion
&
Amortization $M 3 15 2 2 -- 22
General &
Administrative
Expense $M -- -- -- -- 65 -- 70 65 -- 70
Share-Based
Compensation
Expense (23) $M -- -- -- -- 50 -- 60 50 -- 60
-------------- -------------- -------------- ---------- ---------- --------------
AISC (non-GAAP)
(21) $M 403 -- 469 226 -- 272 133 -- 153 126 -- 153 115 -- 130 1,003 -- 1,177
Cost of Sales per 22.30 --
Ounce (GAAP) $/oz 1,720 -- 1,790 1,420 -- 1,490 1,480 -- 1,550 24.30 -- 1,560 -- 1,640
Cash Cost per Ounce 17.00 --
(non-GAAP) (21) $/oz 1,720 -- 1,790 1,410 -- 1,480 1,480 -- 1,550 19.00 -- 1,480 -- 1,560
AISC per Ounce 20.00 --
(non-GAAP) (21) $/oz 2,320 -- 2,390 1,780 -- 1,850 2,170 -- 2,240 22.00 -- 2,180 -- 2,260
(20) Amounts presented on 100% basis. Figures may not add due to rounding.
In 2026, in an effort to limit the impact of gold and silver price
volatility, SSR Mining will fix its gold to silver ratio for the
purposes of GEO calculations to 63:1. See "Assumptions" earlier in the
endnotes of this press release for additional information.
(21) The Company reports non-GAAP financial measures including cash costs
and AISC per ounce sold to manage and evaluate its operating
performance at its mines. Cost of sales excludes depreciation,
depletion, and amortization. Total AISC includes G&A costs and
share-based compensation.
(22) Refer to "2026 Capital Guidance" table within the press release titled
"SSR Mining Reports Full-Year Results and 2026 Operating Guidance"
dated February 17, 2026 for a breakdown of sustaining capital
expenditures.
(23) Share-based compensation guidance uses a reference price of
approximately US$32.50 per share.
Non-GAAP Measure - Adjusted Net Income (Loss) Attributable to SSR Mining Shareholders
Adjusted net income (loss) attributable to SSR Mining Shareholders and adjusted net income (loss) per share attributable to SSR Mining Shareholders are used by management to measure the Company's underlying operating performance. We believe these measures are useful for shareholders to assess the Company's operating performance. The most directly comparable financial measures prepared in accordance with GAAP are net income (loss) attributable to SSR Mining shareholders and net income (loss) per share attributable to SSR Mining shareholders. Adjusted net income (loss) attributable to SSR Mining shareholders is defined as net income (loss) adjusted to exclude the after-tax impact of specific items that are significant, but not reflective of the Company's underlying operations, including the impacts of impairment charges. Adjusted net income (loss) per share attributable to SSR Mining shareholders is defined as Adjusted net income attributable to SSR Mining shareholders divided by the corresponding Weighted-average shares used in the calculation of net income (loss) per share during the period.
The following table provides a reconciliation of Net income (loss) attributable to SSR Mining shareholders to Adjusted net income (loss) attributable to SSR Mining shareholders and Net income (loss) per share attributable to SSR Mining shareholders to Adjusted net income (loss) per share attributable to SSR Mining shareholders:
Three Months Ended Six Months Ended
(in thousands of
US dollars,
except per share
data) June 30, June 30,
----------------- -------------------- -----------------------
2026 2025 2026 2025
----------------- ------- ------- -------- -------
Net income (loss)
attributable to
SSR Mining
shareholders
(GAAP) $ 97,286 $ 90,075 $ (9,164) $148,856
Net income
(loss)
attributable
to SSR Mining
shareholders
from
discontinued
operations
(GAAP) $(39,728) $(41,908) $(396,850) $(67,682)
------- ------- -------- -------
Net income
attributable to
SSR Mining
shareholders from
continuing
operations
(GAAP) $137,014 $131,983 $ 387,686 $216,538
Interest
saving on
Convertible
Notes, net of
tax $ -- $ 1,247 $ 916 $ 2,479
------- ------- -------- -------
Net income used in
the calculation
of diluted net
income per share
from continuing
operations $137,014 $133,230 $ 388,602 $219,017
------- ------- -------- -------
Weighted-average
shares used in
the calculation
of net income
(loss) per share
Basic 208,014 202,774 206,823 202,598
Diluted 209,167 216,989 213,221 216,691
Net income per
share
attributable to
SSR Mining
shareholders from
continuing
operations
Basic $ 0.66 $ 0.65 $ 1.87 $ 1.07
Diluted $ 0.66 $ 0.61 $ 1.82 $ 1.01
Adjustments:
CC&V
transaction
and
integration
costs $ -- $ 4,958 $ -- $ 11,753
Income tax
impact
related to
above
adjustments $ -- $ 1,362 $ -- $ --
------- ------- -------- -------
Adjusted net
income
attributable to
SSR Mining
shareholders from
continuing
operations
(Non-GAAP) (24) $137,014 $138,303 $ 387,686 $228,291
======= ======= ======== =======
Adjusted net income per share
attributable to SSR Mining shareholders
from continuing operations (Non-GAAP)
Basic $ 0.66 $ 0.68 $ 1.87 $ 1.13
Diluted (25) $ 0.66 $ 0.64 $ 1.82 $ 1.06
(24) During the three months ended June 30, 2026, the Company revised its
calculation of adjusted attributable net income (loss) to no longer
exclude (i) inflation-related tax impacts in Argentina and (ii)
changes in the fair value of marketable securities associated with
investments that economically offset foreign exchange losses resulting
from the devaluation of the ARS. The adjustments were historically
excluded due to the significant volatility associated with Argentina's
inflationary environment and the resulting fluctuations in tax
expense. Based on recent economic data, management concluded that
these impacts are no longer reflective of unusual or non-recurring
economic conditions. Accordingly, the Company removed the adjustments
from its non-GAAP measure and revised prior-period amounts to conform
to the current-period presentation. The change increased adjusted
attributable net income (loss) by $11.3 million and $15.0 million for
the three and six months ended June 30, 2026, respectively, and by
$3.5 million and $7.8 million for the three and six months ended June
30, 2025, respectively.
(25) Adjusted net income (loss) per diluted share attributable to SSR
Mining shareholders from continuing operations is calculated using
diluted common shares, which are calculated in accordance with GAAP.
Non-GAAP Measure - Free Cash Flow From Continuing Operations, Cash Flow From Operating Activities From Continuing Operations Before Changes in Working Capital, Free Cash Flow From Continuing Operations Before Changes in Working Capital, and Mine Site Free Cash Flow
The Company uses free cash flow and mine site free cash flow to supplement information in its condensed consolidated financial statements. The most directly comparable financial measure prepared in accordance with GAAP to free cash flow is cash provided by operating activities and the most directly comparable financial measure prepared in accordance with GAAP to mine site free cash flow is mine segment revenue. The Company believes that in addition to measures prepared in accordance with GAAP, certain investors and analysts use this information to evaluate the ability of the Company to generate cash flow after capital investments and build the Company's cash resources and, with respect to one of mine segments, to evaluate the cash generated from a mine. The Company calculates free cash flow by deducting cash capital spending from cash generated by operating activities. The Company does not deduct payments made for business acquisitions. The Company calculates mine site free cash flow by deducting cost of sales, exploration, evaluation, and reclamation expenditures, cash care and maintenance, capital expenditures and taxes from revenue from a particular segment.
The following table provides a reconciliation of cash provided by operating activities to free cash flow:
Three Months Ended Six Months Ended
(in thousands of
US dollars) June 30, June 30,
----------------- -------------------- -----------------------
2026 2025 2026 2025
----------------- ------- ------- -------- -------
Cash provided by
operating
activities from
operations
(GAAP) $100,302 $157,556 $ 364,792 $239,893
Cash provided
by (used in)
operating
activities
from
discontinued
operations
(GAAP) $(15,317) $ 6,854 $ (55,665) $(30,033)
------- ------- -------- -------
Cash provided by
operating
activities from
continuing
operations
(GAAP) $115,619 $150,702 $ 420,457 $269,926
Expenditures
on mineral
properties,
plant and
equipment
from
continuing
operations $(65,285) $(42,942) $(121,361) $(75,505)
------- ------- -------- -------