SSRM

SSR Mining Inc. 10-Q Summary: Q2 2026

Business Context and Reporting Period

This report covers the quarterly period ended June 30, 2026. SSR Mining Inc. is a precious metals mining company with operations in the United States (Marigold, Cripple Creek & Victor), Canada (Seabee), and Argentina (Puna). The reporting period is significantly impacted by the divestiture of the Çöpler mine in Türkiye and the deconsolidation of the Artmin (Hod Maden) project, both classified as discontinued operations.

Key Financial Metrics (Six Months Ended June 30, 2026)

Note: Debt balance is zero following the conversion of 2019 Notes to equity in Q1 2026.

Material Changes vs. Prior Period

• Revenue Growth: Revenue increased 42.0% year-over-year, driven by a 44.4% increase in the average realized gold price and a 147.4% increase in the average realized silver price. This offset a 6.3% decrease in gold ounces sold.
• Discontinued Operations Loss: The net loss from discontinued operations widened significantly to $410.4 million (from $81.7 million in 2025). This was primarily due to a $337.4 million loss on the divestiture of Çöpler and a $17.5 million loss on the deconsolidation of Artmin.
• Cost Structure: Cost of sales increased 23.1% due to the full-period inclusion of the Cripple Creek & Victor (CC&V) mine and higher costs at Puna and Marigold. However, cost per gold equivalent ounce sold increased 28.9% to $1,749.
• Liquidity Surge: Cash and cash equivalents increased by $1.27 billion, primarily due to the $1.495 billion proceeds from the sale of Çöpler.
• Share Repurchases: The company repurchased and cancelled 10.4 million shares for $337.8 million during the quarter.

Guidance, Outlook, and Risks

• Dividend Reinstatement: The Board approved the reinstatement of a quarterly dividend of $0.03 per share in Q2 2026, though no dividends were declared during the six-month period.
• Capital Structure: The company is debt-free regarding its 2019 Notes. It maintains a $400 million revolving credit facility (amended in July 2026 to $600 million with maturity extended to 2030) with no outstanding borrowings as of June 30, 2026.
• Legal Proceedings:
  • Carlton Tunnel: SSR Mining and Newmont filed a lawsuit against the Colorado Water Quality Control Division regarding discharge permits. A motion to dismiss was filed by defendants in June 2026.
  • Securities Litigation: The U.S. securities class action regarding the Çöpler incident was dismissed with prejudice in July 2026; plaintiffs have 30 days to appeal. Canadian securities actions remain pending.
• Operational Risks: Continued exposure to commodity price volatility, foreign exchange fluctuations (specifically the Argentine Peso), and inflationary pressures on operating costs.

Investor Verification Checklist

• Divestiture Accounting: Verify the final tax implications and cash settlement details of the Çöpler sale and Artmin deconsolidation.
• Cost Inflation: Monitor the trajectory of All-In Sustaining Costs (AISC), which rose 39.5% year-over-year to $2,521 per gold equivalent ounce, driven by lower grades and higher sustaining capital.
• Legal Outcomes: Track the appeal status of the U.S. securities class action dismissal and the progress of the Carlton Tunnel litigation.
• Share Count: Confirm the impact of the 10.4 million share repurchases and the 13.1 million shares issued via 2019 Note conversion on future earnings per share.
• Argentina Exposure: Assess the impact of Argentine inflation and currency devaluation on the Puna operation's reported costs and cash flows.