SSRM

SSR Mining Inc. Q1 2026 Filing Summary

Business Context and Reporting Period

This Form 10-Q covers the quarterly period ended March 31, 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 quarter was defined by the full inclusion of the Cripple Creek & Victor (CC&V) mine in results and the classification of the Çöpler mine in Türkiye as "held for sale" and "discontinued operations" following a definitive agreement to sell the asset for approximately $1.5 billion.

Key Financial Metrics

Material Changes vs. Prior Period

• Revenue Surge: Revenue increased 83.7% year-over-year, driven by a 62.5% increase in the average realized gold price ($4,770/oz vs. $2,935/oz) and a 182.7% increase in the realized silver price. The full quarter of production from the CC&V acquisition also contributed significantly.
• Discontinued Operations Impact: The company reported a net loss of $365.3 million from discontinued operations, primarily due to a $338.2 million write-down of the Çöpler disposal group to fair value less costs to sell. This non-cash charge resulted in a consolidated net loss despite strong continuing operations.
• Debt Elimination: The company fully discharged its $229.8 million 2019 convertible notes through conversion to common shares (13.1 million shares issued) and redemption of the remaining balance, eliminating interest expense associated with this instrument.
• Cost Structure: Cost of sales increased 42.8% to $195.1 million, reflecting higher volumes and the inclusion of CC&V. However, All-In Sustaining Costs (AISC) per gold equivalent ounce sold increased 39.1% to $2,433, largely due to higher sustaining capital and lower mill feed grades at Seabee and Puna.

Outlook, Risks, and Management Commentary

• Çöpler Divestiture: The sale of the 80% interest in the Çöpler mine is expected to close in Q3 2026, subject to regulatory approvals. The transaction is anticipated to generate approximately $1.5 billion in cash.
• Share Repurchases: Subsequent to the quarter end, the company initiated a Normal Course Issuer Bid (NCIB) and purchased 9.2 million shares for $300.0 million.
• Legal Proceedings: The company is defending against securities class actions in the U.S. and Canada related to the 2024 Çöpler incident. Additionally, a lawsuit was filed in March 2026 regarding the Carlton Tunnel discharge permit at CC&V, seeking a declaratory judgment that no permit is required.
• Liquidity: Management maintains a strong liquidity position with $634.1 million in cash and no outstanding borrowings under its credit facility. The company expects cash flows to be sufficient for operational needs for the next 12 months.

Investor Verification Checklist

• Çöpler Sale Closing: Verify the timeline and regulatory status of the $1.5 billion Çöpler divestiture expected in Q3 2026.
• CC&V Permitting: Monitor the outcome of the lawsuit regarding the Carlton Tunnel discharge permit and potential impacts on remediation liabilities.
• Commodity Price Sensitivity: Assess the sustainability of the current high gold and silver prices which drove Q1 revenue growth.
• Seabee and Puna Grades: Review future production guidance given the significant decline in mill feed grades at Seabee (-66.7%) and Puna (-36.9%) which impacted unit costs.
• Share Count: Confirm the net impact on share count from the 2019 Note conversions (13.1M shares) versus the subsequent share repurchases (9.2M shares).