THIRD QUARTER 2023
HIGHLIGHTS (1)
- ATTRIBUTABLE AND ADJUSTED ATTRIBUTABLE DILUTED EARNINGS PER
SHARE OF $0.07 AND $0.26, RESPECTIVELY
- QUARTERLY PRODUCTION OF 192,195 GOLD EQUIVALENT OUNCES AT COST
OF SALES OF $1,095 AND AISC OF $1,289 PER OUNCE
- YEAR-TO-DATE PRODUCTION OF 495,668 GOLD EQUIVALENT OUNCES AT
COST OF SALES OF $1,173 AND AISC OF $1,516 PER OUNCE
- REMAIN ON TRACK FOR THE LOW-END OF CONSOLIDATED PRODUCTION
GUIDANCE OF 700,000 GOLD EQUIVALENT OUNCES
- QUARTERLY OPERATING CASH FLOW AND FREE CASH FLOW OF $135.3
MILLION AND $87.8 MILLION, RESPECTIVELY
- QUARTERLY OPERATING CASH FLOW AND FREE CASH FLOW BEFORE WORKING
CAPITAL ADJUSTMENTS OF $142.4 MILLION AND $94.9 MILLION,
RESPECTIVELY
- YEAR-TO-DATE 2023 CAPITAL RETURNS NOW TOTAL APPROXIMATELY $88.5
MILLION; ON TRACK FOR A MINIMUM FULL-YEAR CAPITAL RETURNS YIELD OF
3.6%
- ACCESSED FIRST ORE FROM THE ÇAKMAKTEPE EXTENSION PROJECT DURING
THE THIRD QUARTER, FIRST PRODUCTION DELIVERED IN LATE SEPTEMBER IN
LINE WITH GUIDANCE; EXPLORATION CONTINUES WITH AIM TO EXPAND
MINERAL RESERVES AND RESOURCES
- PRODUCTION GUIDANCE TO BE RELEASED IN Q1/24 OUTLINING
INITIATIVES TO DRIVE PRODUCTION GROWTH FROM EXPANSION PROJECTS
- INITIAL HOD MADEN INFILL DRILLING COMMENCES WITH AIM TO DE-RISK
PRODUCTION RAMP-UP; POSITIVE RESULTS INCLUDE 90 METERS AT 16.5 G/T
GOLD AND 1.56% COPPER
- SEABEE EXPLORATION CONTINUES TO ILLUSTRATE MINE LIFE EXTENSION
POTENTIAL AT THE PORKY TARGETS, INCLUDING 5.6 METERS AT 46.1 G/T
GOLD
- CONTINUED EXPLORATION AT THE CORTADERAS TARGET AT PUNA RETURNS
190 METERS AT 155 G/T SILVER AND 10.6% ZINC
- MARIGOLD EXPLORATION RESULTS EXPECTED TO OFFSET DEPLETION;
ANALYSIS OF FUTURE GROWTH PATHWAYS AT NEW MILLENNIUM AND INITIAL
MINERAL RESOURCES AT BUFFALO VALLEY ADVANCING
- CONTINUED NON-CORE ASSET RATIONALIZATION PROGRAM WITH THE
DIVESTITURE OF THE SUNRISE LAKE EXPLORATION PROPERTY
SSR Mining Inc. (NASDAQ/TSX: SSRM, ASX: SSR)
("SSR Mining" or the “Company") reports consolidated financial
results for the third quarter ended September 30, 2023. In
addition, the Board of Directors declared a quarterly cash dividend
of $0.07 per common share payable on December 11, 2023 to holders
of record at the close of business on November 13, 2023. This
dividend qualifies as an 'eligible dividend' for Canadian tax
purposes.
This press release features multimedia. View
the full release here:
https://www.businesswire.com/news/home/20231030550829/en/
Figure 1. Long section looking north
showing highlight intercepts from drilling at the Porky West
target. (Photo: Business Wire)
Rod Antal, Executive Chairman of SSR Mining, said, “The third
quarter of 2023 featured strong operating and financial results
that were well aligned to our forecasts, including record
production from Marigold and record throughput at Puna. In
addition, first ore from Çakmaktepe Extension was accessed late in
the quarter, and the project is on track to deliver initial
production of 10,000 to 15,000 ounces in the fourth quarter of 2023
as planned. The results to date continue to put us on track for the
lower-end of our production guidance in 2023.
As we work towards a strong finish to the year, we have also
committed a substantive effort towards the advancement of refreshed
technical reports for both Marigold and �pler. To ensure we best
align the reoptimized production profiles at each asset with the
growth trajectory of the overall portfolio, we now expect to
release the results of this ongoing technical work alongside our
guidance forecasts and updated Mineral Reserves and Resources in
February 2024. The interim analysis of the work completed to-date
is revealing initial positives with respect to replacing and
expanding our Mineral Reserve and Mineral Resource base through
recent exploration success.
At Çakmaktepe Extension in particular, continued exploration
success has pointed to potential growth beyond the current Mineral
Reserves at the mine. This increased scale has led to the
re-evaluation of prior plans to heap leach the project’s oxide ore
at recovery rates averaging approximately 60%. We are currently
conducting trade-off studies evaluating the benefit of installing
additional grinding and leaching capacity in the �pler processing
facility to meaningfully improve gold recoveries. This value
accretive pathway has the potential to increase the profitability
of Çakmaktepe Extension, but will result in a delayed ramp up to
full production levels from the mine until late 2026 given the
potential addition of this incremental processing equipment.
As a result of the ongoing efforts to optimize our portfolio,
the business is entering a three-year growth capital investment
period, particularly at Hod Maden and �pler, and we expect
adjustments to the production and cost profile over the upcoming
three- to five-year period as compared to prior life of mine plans.
While initial work to-date indicates that mine resequencing and
optimization activities across the portfolio will drive 2024
production that is lower than 2023 levels at higher costs, annual
gold production will grow as development projects at Hod Maden,
Marigold and �pler are completed. We are excited by the
high-return growth opportunities on the horizon as we continue to
expand both the production levels and net asset value of our
portfolio.” (1) The Company reports non-GAAP financial measures
including adjusted attributable net income, adjusted attributable
net income per share, cash generated by operating activities before
working capital adjustments, free cash flow, free cash flow before
changes in working capital, total cash, net cash (debt), cash costs
and all-in sustaining costs (“AISC”) per ounce sold (a common
measure in the mining industry), to manage and evaluate its
operating performance at its mines. See "Cautionary Note Regarding
Non-GAAP Financial Measures" for an explanation of these financial
measures and a reconciliation of these financial measures to the
most comparable GAAP financial measures.
Third Quarter 2023 Highlights: (1)
(All figures are in US dollars unless otherwise noted)
- Strong quarterly operating performance: The Company
delivered third quarter 2023 production of 192,195 gold equivalent
ounces at Cost of sales of $1,095 per gold equivalent ounce and
AISC of $1,289 per gold equivalent ounce. Year-to-date production
is 495,668 gold equivalent ounces at Cost of sales of $1,173 per
gold equivalent ounce and AISC of $1,516 per gold equivalent ounce.
The Company continues to track towards the lower-end of its
production guidance in 2023.
- Solid financial results including robust free cash flow
generation: Attributable net income in the third quarter of
2023 was $15.2 million, or $0.07 per diluted share, reflecting
one-time tax expenses associated with the previously announced
increase of the corporate income tax rate in Türkiye from 20% to
25%. Adjusted attributable net income was $53.0 million, or $0.26
per diluted share. For the nine months ended September 30, 2023,
attributable net income was $119.8 million, or $0.57 per diluted
share, and adjusted attributable net income was $149.4 million, or
$0.70 per diluted share. In the third quarter of 2023, operating
cash flow was $135.3 million, or $142.4 million before working
capital adjustments, and free cash flow was $87.8 million, or $94.9
million before working capital adjustments. Free cash flow is
expected to remain strong in the fourth quarter of 2023, though
sales are expected to lag production into year-end given the impact
of the holiday season on metal shipments.
- Balance sheet continues to support organic growth
initiatives: As of September 30, 2023, SSR Mining had a total
cash balance of $437.8 million, reflecting $14.4 million in
dividends paid to shareholders and $35.8 million in debt repayments
made in the third quarter of 2023. SSR Mining has now extinguished
the outstanding balance on its term loan and exited the third
quarter of 2023 with a non-GAAP net cash position of $206.9 million
and total available liquidity of $937.8 million, supporting the
Company’s growth capital commitments over the coming three-year
reinvestment period. Subsequent to the quarter, the Board declared
a quarterly cash dividend of $0.07 per share to be paid on December
11, 2023. Including the fourth quarter 2023 dividend, the Company
is expected to return a minimum of $102.7 million in capital
returns in 2023, or a 3.6% yield.
- Revolving credit facility extended: On August 15, 2023,
the Company announced that its existing revolving credit facility
(the “Second Amended Credit Agreement”) was increased from $200
million to $400 million, with an additional accordion feature of
$100 million. The Second Amended Credit Agreement has a renewed
term of 4 years, and now matures on August 15, 2027. Under the
terms of the increased facility, amounts that are borrowed will
incur variable interest at the Secured Overnight Financing Rate
plus an applicable margin ranging from 2.00% to 2.75%. The expanded
facility will provide the Company with flexibility for working
capital and other general corporate purposes.
- Ç�pler planned maintenance completed; Çakmaktepe Extension
delivers first production in the third quarter: Gold production
was 56,768 ounces in the third quarter of 2023 at Cost of sales of
$1,190 per ounce and AISC of $1,378 per ounce. Planned maintenance
in the �pler sulfide plant was completed in the third quarter of
2023, and no further planned maintenance is expected until the
fourth quarter of 2024. First ore from the Çakmaktepe Extension
project was accessed late in the third quarter of 2023, and initial
production from the mine was received at quarter’s end, in line
with expectations.
- Record quarterly production at Marigold: Gold production
of 83,272 ounces in the third quarter of 2023 was a record at Cost
of sales of $980 per ounce and AISC of $1,106 per ounce. During the
third quarter of 2023, newly acquired haul trucks intended for
stripping activities at Red Dot were reassigned to ore mining in
the Mackay pit as the Company focused on the delivery of 2023
guidance. This resequencing is likely to result in delayed access
to first ore from Red Dot to the second half of 2024, deferring the
associated production into 2025 and 2026.
- Seabee production recovers, grades and throughput to improve
further in the fourth quarter: Gold production was 19,823
ounces in the third quarter of 2023 at Cost of sales of $1,026 per
ounce and AISC of $1,382 per ounce. Seabee is on track for further
production and cost improvement in the fourth quarter of 2023, as
grades are forecasted to average between 6.0 g/t and 7.0 g/t in the
quarter.
- Puna delivers record quarterly operating performance:
Silver production in the third quarter of 2023 was 2.6 million
ounces at Cost of sales of $15.23 per ounce of silver and AISC of
$13.04 per ounce of silver. Quarterly process plant throughput
averaged nearly 4,900 tonnes per day, a record for the mine.
- Exploration programs continue to showcase growth potential
across the portfolio: SSR Mining’s significant investment in
exploration activities across its operations has continued to yield
success indicating potential for Mineral Reserve and Mineral
Resource growth across the portfolio. At Seabee, regional
exploration activities have focused on the Porky West and Petunia
targets with more than 80 holes drilled in 2023, including 46.1 g/t
gold over 5.6 meters at Porky West. At Puna’s Cortaderas target,
nine holes have returned assay results since the March 2023
exploration update from the mine, including a 190 meter intercept
of 155 g/t silver and 10.6% zinc (479 g/t AgEq). SSR Mining has
also commenced an infill drilling campaign at Hod Maden with the
aim to de-risk the ramp up of initial mining at the project,
expected in 2027. The three holes with assays returned to date
include a highlight intercept of 90 meters at 16.5 g/t gold and
1.56% copper, reiterating the world class nature of the Hod Maden
orebody.
- High-return development projects expected to drive
meaningful production growth over the three- to five-year
period: SSR Mining is currently reviewing its forward-looking
production profile ahead of 2024 and multi-year guidance that will
be announced in the first quarter of 2024. A number of low capital
intensity, high-return organic growth projects, including Hod
Maden, the Red Dot deposit at Marigold and the grind and leach
circuit for Çakmaktepe Extension, are expected to drive future
production growth. Advancing these projects effectively, as well
the resequencing of waste stripping at Marigold and the transition
to mining of the Gap Hanging Wall ore body at Seabee, is expected
to bring 2024 production below 2023 levels at higher costs.
- Non-core Sunrise Lake exploration property divested:
Subsequent to quarter’s end, SSR Mining announced a definitive
agreement to sell its Sunrise Lake Property (“Sunrise Lake” or the
“Property”) in exchange for a 4.0% net smelter return (“NSR”)
royalty on the Property. Under the terms of the agreement, at any
time until commencement of construction activities, 2.0% of the NSR
royalty can be repurchased by Honey Badger for total consideration
of $10 million.
Financial and Operating Highlights
A summary of the Company's consolidated financial and operating
results for the three and nine months ended September 30, 2023 and
September 30, 2022 are presented below:
Three Months Ended
Nine Months Ended
(in thousands of US dollars, except per
share data)
September 30,
September 30,
2023
2022
2023
2022
Financial Results
Revenue
$
385,390
$
166,627
$
1,001,030
$
841,656
Cost of sales
$
214,670
$
106,452
$
584,607
$
424,900
Operating income
$
77,465
$
(35,064
)
$
167,379
$
150,901
Net income
$
(7,245
)
$
(28,372
)
$
144,135
$
115,251
Net income attributable to SSR Mining
shareholders
$
15,159
$
(25,793
)
$
119,838
$
100,256
Basic net income per share attributable to
SSR Mining shareholders
$
0.07
$
(0.12
)
$
0.58
$
0.48
Diluted net income per share attributable
to SSR Mining shareholders
$
0.07
$
(0.12
)
$
0.57
$
0.46
Adjusted attributable net income (2)
$
53,040
$
(13,533
)
$
149,417
$
119,234
Adjusted basic attributable net income per
share (2)
$
0.26
$
(0.07
)
$
0.73
$
0.57
Adjusted diluted attributable net income
per share (2)
$
0.26
$
(0.07
)
$
0.70
$
0.55
Cash generated by operating activities
before changes in working capital (2)
$
142,350
$
(23,666
)
$
337,484
$
212,703
Cash generated by operating activities
$
135,256
$
(52,226
)
$
218,566
$
42,799
Cash used in investing activities
$
(48,470
)
$
(12,238
)
$
(280,211
)
$
(69,983
)
Cash used in financing activities
$
(46,672
)
$
(121,951
)
$
(157,806
)
$
(238,634
)
Operating Results
Gold produced (oz)
159,863
76,462
411,587
368,972
Gold sold (oz)
161,227
72,035
412,254
375,543
Silver produced ('000 oz)
2,645
2,738
6,930
6,008
Silver sold ('000 oz)
2,852
2,234
7,090
5,766
Lead produced ('000 lb) (3)
10,403
11,390
31,957
27,582
Lead sold ('000 lb) (3)
11,707
9,169
34,882
28,255
Zinc produced ('000 lb) (3)
1,577
1,590
5,805
4,940
Zinc sold ('000 lb) (3)
1,454
1,050
6,174
5,546
Gold equivalent produced (oz) (3)
192,195
106,919
495,668
441,164
Gold equivalent sold (oz) (3)
196,088
96,885
498,284
444,827
Average realized gold price ($/oz
sold)
$
1,913
$
1,691
$
1,925
$
1,836
Average realized silver price ($/oz
sold)
$
21.99
$
16.75
$
23.14
$
19.82
Cost of sales per gold equivalent ounce
sold (4)
$
1,095
$
1,099
$
1,173
$
955
Cash cost per gold equivalent ounce sold
(2, 4)
$
1,046
$
1,051
$
1,114
$
891
AISC per gold equivalent ounce sold (2,
4)
$
1,289
$
1,901
$
1,516
$
1,331
Financial Position
September 30, 2023
December 31, 2022
Cash and cash equivalents
$
437,675
$
655,453
Current assets
$
1,157,979
$
1,376,435
Total assets
$
5,749,660
$
5,254,657
Current liabilities
$
166,145
$
279,252
Total liabilities
$
1,156,545
$
1,128,458
Working capital (5)
$
991,834
$
1,097,183
(2) The Company reports non-GAAP financial measures including
adjusted attributable net income, adjusted attributable net income
per share, cash generated by operating activities before changes in
working capital, 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) attributable to SSR
Mining shareholders, Cost of sales, and cash generated by operating
activities, which are the most comparable GAAP financial measures.
Cost of sales excludes depreciation, depletion, and
amortization.
(3) 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.
(4) Gold equivalent ounces are calculated by multiplying the
silver ounces by the ratio of the silver price to the gold price,
using the average London Bullion Market Association (“LBMA”) prices
for the period. The Company does not include by-products in the
gold equivalent ounce calculations.
(5) Working capital is defined as current assets less current
liabilities.
Ç�pler, Türkiye
(amounts presented on 100% basis)
Three Months Ended
Nine Months Ended
September 30,
September 30,
Operating Data
2023
2022
2023
2022
Gold produced (oz)
56,768
3,733
163,873
125,763
Gold sold (oz)
58,694
2,591
165,905
132,862
Ore mined (kt)
915
70
3,278
1,754
Waste removed (kt)
7,448
406
17,664
11,715
Total material mined (kt)
8,363
476
20,942
13,469
Strip ratio
8.1
5.8
5.4
6.7
Ore stacked (kt)
289
—
631
210
Gold grade stacked (g/t)
1.47
—
1.40
0.87
Ore milled (kt)
618
64
2,022
1,320
Gold mill feed grade (g/t)
2.92
2.27
2.56
2.91
Gold recovery (%)
85.1
86.0
87.2
87.1
Average realized gold price ($/oz
sold)
$
1,928
$
1,641
$
1,930
$
1,864
Cost of sales ($/oz gold sold)
$
1,190
$
118
$
1,202
$
948
Cash costs ($/oz gold sold) (6)
$
1,167
$
160
$
1,186
$
928
AISC ($/oz gold sold) (6)
$
1,378
$
14,972
$
1,397
$
1,351
(6) 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 �pler. See "Non-GAAP Financial Measures"
for an explanation of these financial measures and a reconciliation
to Cost of sales, which are the comparable GAAP financial measure.
Cost of sales excludes depreciation, depletion, and
amortization.
For the three months ended September 30, 2023 and 2022, �pler
produced 56,768 and 3,733 ounces of gold, respectively. For the
nine months ended September 30, 2023 and 2022, �pler produced
163,873 and 125,763 ounces of gold, respectively. Third quarter
2023 Cost of sales of $1,190 per ounce and AISC of $1,378 per ounce
reflected normal course costs associated with the planned
maintenance of the sulfide plant that was completed in the
quarter.
The Çakmaktepe Extension project accessed first ore in the third
quarter of 2023, and subsequently delivered first production in
late September 2023. Çakmaktepe Extension remains on track to
produce 10,000 to 15,000 ounces of gold in the fourth quarter
2023.
Marigold, USA
Three Months Ended
Nine Months Ended
September 30,
September 30,
Operating Data
2023
2022
2023
2022
Gold produced (oz)
83,272
52,236
195,694
131,793
Gold sold (oz)
83,103
49,744
194,789
132,681
Ore mined (kt)
7,732
4,279
18,141
13,200
Waste removed (kt)
16,329
15,922
49,007
56,286
Total material mined (kt)
24,061
20,201
67,148
69,486
Strip ratio
2.1
3.7
2.7
4.3
Ore stacked (kt)
7,732
4,279
18,141
13,200
Gold grade stacked (g/t)
0.45
0.59
0.46
0.54
Average realized gold price ($/oz
sold)
$
1,908
$
1,692
$
1,923
$
1,797
Cost of sales costs ($/oz gold sold)
$
980
$
1,079
$
1,027
$
1,077
Cash costs ($/oz gold sold) (7)
$
981
$
1,081
$
1,029
$
1,078
AISC ($/oz gold sold) (7)
$
1,106
$
1,444
$
1,423
$
1,482
(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 Marigold. See "Non-GAAP Financial
Measures" for an explanation of these financial measures and a
reconciliation to Cost of sales, which are the comparable GAAP
financial measure. Cost of sales excludes depreciation, depletion,
and amortization.
For the three months ended September 30, 2023 and 2022, Marigold
produced 83,272 and 52,236 ounces of gold, respectively. For the
nine months ended September 30, 2023 and 2022, Marigold produced
195,694 and 131,793 ounces of gold, respectively. Third quarter
2023 Cost of sales were $980 per ounce and AISC were $1,106 per
ounce.
During the third quarter of 2023, newly acquired haul trucks
intended for stripping activities at Red Dot were reassigned to ore
mining in the Mackay pit as the Company focused on the delivery of
2023 guidance. This resequencing is likely to result in delayed
access to first ore from Red Dot to the second half of 2024,
deferring the associated production into 2025 and 2026.
Seabee, Canada
Three Months Ended
Nine Months Ended
September 30,
September 30,
Operating Data
2023
2022
2023
2022
Gold produced (oz)
19,823
20,493
52,020
111,416
Gold sold (oz)
19,430
19,700
51,560
110,000
Ore mined (kt)
108
108
326
307
Ore milled (kt)
105
101
323
295
Gold mill feed grade (g/t)
6.17
6.07
5.29
11.84
Gold recovery (%)
96.5
97.3
96.5
98.2
Average realized gold price ($/oz
sold)
$
1,884
$
1,693
$
1,915
$
1,849
Cost of sales ($/oz gold sold)
$
1,026
$
908
$
1,192
$
485
Cash costs ($/oz gold sold) (8)
$
1,027
$
910
$
1,193
$
486
AISC ($/oz gold sold) (8)
$
1,382
$
1,304
$
1,742
$
735
(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 "Non-GAAP Financial Measures"
for an explanation of these financial measures and a reconciliation
to Cost of sales, which are the comparable GAAP financial measure.
Cost of sales excludes depreciation, depletion, and
amortization.
For the three months ended September 30, 2023 and 2022, Seabee
produced 19,823 and 20,493 ounces of gold, respectively. For the
nine months ended September 30, 2023 and 2022, Seabee produced
52,020 and 111,416 ounces of gold, respectively. Improved
production resulted in third quarter 2023 Cost of sales of $1,026
per ounce and AISC of $1,382 per ounce.
SSR Mining continues to invest significantly in near-mine and
regional exploration at Seabee as the Company seeks to extend the
existing Mineral Reserve life of the operation. In 2023, drilling
at the Porky West and Petunia targets has been a focus for the
resource development team. In Seabee’s 2021 Technical Report
Summary, Porky West hosted approximately 8,000 ounces of Indicated
Mineral Resources and approximately 73,000 ounces of Inferred
Mineral Resources. Since that time, exploration has focused on
step-out and expansion drilling across the greater Porky target
area with success.
At present, mineralization at Porky West has been identified to
500 meters of vertical depth and remains open down plunge.
Incorporating both Porky West and the Petunia target,
mineralization has been identified along 1,250 meters of strike and
remains open in both directions. Initial analysis of ongoing
technical work indicates the potential for a positive updated
resource for the Porky targets. If exploration and initial economic
studies are successful, the targets have potential as a new
underground mining area for the Seabee operation.
Highlights from 2023 drilling at the Porky targets include (see
Figure 1) (see Table 1 for full assay results) (all intercepts true
width and uncut):
- GAS-23-289: 46.1 g/t Au over 5.6 meters from 242.0
meters
- GAS-23-243: 26.0 g/t Au over 5.5 meters from 193.0
meters
- GAS-23-283: 19.0 g/t Au over 4.4 meters from 190.0
meters
- GAS-23-194: 9.4 g/t Au over 8.3 meters from 350.2
meters
Puna, Argentina
Three Months Ended
Nine Months Ended
September 30,
September 30,
Operating Data
2023
2022
2023
2022
Silver produced ('000 oz)
2,645
2,738
6,930
6,008
Silver sold ('000 oz)
2,852
2,234
7,090
5,766
Lead produced ('000 lb)
10,403
11,390
31,957
27,582
Lead sold ('000 lb)
11,707
9,169
34,882
28,255
Zinc produced ('000 lb)
1,577
1,590
5,805
4,940
Zinc sold ('000 lb)
1,454
1,050
6,174
5,546
Gold equivalent sold ('000 oz) (9)
34,861
24,850
86,030
69,284
Ore mined (kt)
522
544
1,381
1,396
Waste removed (kt)
1,356
2,228
4,864
6,617
Total material mined (kt)
1,878
2,772
6,245
8,013
Strip ratio
2.6
4.1
3.5
4.7
Ore milled (kt)
445
431
1,278
1,223
Silver mill feed grade (g/t)
192.7
206.5
175.6
159.9
Lead mill feed grade (%)
1.14
1.29
1.21
1.11
Zinc mill feed grade (%)
0.32
0.43
0.37
0.42
Silver mill recovery (%)
96.0
95.8
96.0
95.6
Lead mill recovery (%)
93.4
92.7
93.8
92.5
Zinc mill recovery (%)
49.9
38.9
55.4
43.7
Average realized silver price ($/oz
sold)
$
21.99
$
16.75
$
23.14
$
19.82
Cost of sales ($/oz sold)
$
15.23
$
15.47
$
17.45
$
17.82
Cash costs ($/oz silver sold) (10)
$
12.33
$
13.33
$
13.57
$
13.31
AISC ($/oz silver sold) (10)
$
13.04
$
15.91
$
15.31
$
15.32
(9) Gold equivalent ounces are calculated multiplying the silver
ounces by the ratio of the silver price to the gold price, using
the average LBMA prices for the period. The Company does not
include by-products in the gold equivalent ounce calculations.
(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 "Non-GAAP Financial Measures"
for an explanation of these financial measures and a reconciliation
to Cost of sales, which are the comparable GAAP financial measure.
Cost of sales excludes depreciation, depletion, and
amortization
For the three months ended September 30, 2023 and 2022, Puna
produced 2.6 million and 2.7 million ounces of silver, respectively
with the year-over-year increase primarily driven by higher mill
feed grade. For the nine months ended September 30, 2023 and 2022,
Puna produced 6.9 million and 6.0 million ounces of silver,
respectively. Third quarter 2023 Cost of sales of $15.23 per ounce
of silver sold and AISC of $13.04 per ounce of silver sold were in
line with expectations.
Since the release of positive exploration results from Puna in
March, 2023, SSR Mining has continued exploration across both the
Chinchillas and Pirquitas properties targeting potential mine life
extensions for the operation. A focus of the 2023 drilling campaign
is the Cortaderas target located approximately seven kilometers
west of the Pirquitas processing facility, which has potential as a
new development pathway for Puna over the medium-term.
Reinterpretation of historical drill results suggested an area of
mineralization directly adjacent to the existing Cortaderas
deposit, and drilling in 2023 has confirmed the presence of
high-grade silver and zinc mineralization in this area now referred
to as Cortaderas Hangingwall. Of the nine holes with assay data
returned, seven intersected the north-dipping Cortaderas
Hangingwall target, and mineralization has currently been
identified over a strike length of 450 meters. The target remains
open along trend.
Highlights from 2023 drilling at Cortaderas include (see Figure
2) (see Table 2 for full assay results) (all intercepts core length
and uncut):
- DDH-406: 155 g/t Ag and 10.6% Zn (479 g/t AgEq) over 190
meters from 230 meters
- Including: 332 g/t Ag and 22.8% Zn (1,020 g/t AgEq) over 53
meters from 276 meters
- DDH-400: 391 g/t Ag and 2.2% Zn (388 g/t AgEq) over 33
meters from 596 meters
- And: 3,325 g/t Ag and 0.7% Zn (2,719 g/t AgEq) over 4 meters
from 385 meters
- DDH-405: 198 g/t Ag and 4.0% Zn (291 g/t AgEq) over 45
meters from 495 meters
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
September 30, 2023, 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: Wednesday, November 1, 2023, at
5:00 pm EDT.
Toll-free in U.S. and Canada:
+1 (800) 319-4610
All other callers:
+1 (604) 638-5340
Webcast:
http://ir.ssrmining.com/investors/events
- The conference call will be archived and available on our
website. Audio replay will be available for two weeks by
calling:
Toll-free in U.S. and Canada:
+1 (855) 669-9658, replay code 0374
All other callers:
+1 (412) 317-0088, replay code 0374
Dividend Declaration
On November 1, 2023 the Board of Directors declared a quarterly
cash dividend of $0.07 per common share, payable on December 11,
2023 to holders of record at the close of business on November 13,
2023. This dividend qualifies as an 'eligible dividend' for
Canadian income tax purposes.
The dividend payment applies to holders of SSR Mining’s common
shares, which trade on the Toronto Stock Exchange and the Nasdaq
under the symbol SSRM, and to holders of its CHESS Depositary
Interests ("CDIs"), which trade on the Australian Securities
Exchange under the symbol SSR. Each CDI confers a beneficial
interest in one common share. Therefore, CDI holders are entitled
to a dividend calculated on the same basis as the holders of SSR
Mining’s common shares.
SSR Mining has sought and been granted a temporary waiver of
certain of the ASX Settlement Operating Rules. Under the authority
of the waiver, the processing of conversions of common shares to
CDIs, or CDIs to common shares, lodged on or after or after
November 10, 2023, will be deferred until after the record date of
November 13, 2023. The key dates with respect to the dividend are
as follows:
Last date for processing requests to
convert CDIs into common shares and to convert common shares into
CDIs before the record date for the dividend
November 9, 2023
CDIs trade on the ASX on an ex‐dividend
basis
November 10, 2023
Common shares trade on the TSX and Nasdaq
on an ex‐dividend basis
November 10, 2023
Record date for the dividend
November 13, 2023
Processing recommences for requests to
convert CDIs into common shares and to convert common shares into
CDIs
November 14, 2023
Common share dividend payment date (in
Canada and the United States)
December 11, 2023
Payment of dividend to CDI holders (in
Australia)
December 12, 2023
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. For CDI holders, payments will be made in
Australian dollars, and it is expected to be based on the
prevailing exchange rate sourced from the wholesale foreign
exchange market on or around 5 business days after the record
date.
About SSR Mining
SSR Mining Inc. is a leading, free cash flow focused gold
company with four producing operations located in the USA, Türkiye,
Canada, and Argentina, combined with a global pipeline of
high-quality development and exploration assets. Over the last
three years, the four operating assets combined have produced on
average more than 700,000 gold-equivalent ounces annually. SSR
Mining is listed under the ticker symbol SSRM on the NASDAQ and the
TSX, and SSR on the ASX.
Sampling and Analytical Procedures
All Porky drilling samples completed since May 28th, 2023 were
sent to ALS Geochemistry in Vancouver, Canada which is an
accredited laboratory independent of SSR Mining. SSR Mining
conducts routine QA/QC analysis on all assay results, including the
systematic utilization of certified reference materials, blanks,
field duplicates, analytical duplicates and umpire laboratory check
assays. Mean results of the spot checks were consistent with those
reported. Sampling interval was established by minimum or maximum
sampling lengths and geological and/or structural criteria. ALS
prepares a crusher/rotary splitter combo, crushing to 70% less than
2 mm, rotary splitting off 1 kg, and pulverizing split to better
than 85% passing 75 microns. Fire assay with Atomic Absorption
finish was completed on a 50 g aliquot to produce gold analytical
results with a 0.01 g/t gold detection limit. Fire assay with
gravimetric finish was prepared on those samples with greater than
10 g/t gold result, with a 0.05 g/t gold detection limit.
All Porky drill samples prior to May 28th, 2023 were assayed by
SSR Mining's onsite non-accredited assay laboratory, which is not
independent from SSR Mining. Duplicate check assays were conducted
at site as well as at ALS Laboratories, Winnipeg, which is
independent from SSR Mining. Mean results of the spot checks were
consistent with those reported. Sampling interval was established
by minimum or maximum sampling lengths and geological and/or
structural criteria. Seabee’s site lab typically prepares two
hundred-gram samples that were pulverized until greater than 80
percent passed through a 150-mesh screen. Thirty-gram pulp samples
were then analyzed for gold by fire assay with gravimetric finish
(0.01 g/t gold detection limit).
All drill samples of Cortaderas surface drilling program were
analyzed at Alex Stewart Laboratories (“ASL”), Argentina. SSR
Mining’s drill and geochemical samples were collected in accordance
with accepted industry standards. SSR Mining conducts routine QA/QC
analysis on all assay results, including the systematic utilization
of certified reference materials, blanks, field duplicates,
analytical duplicates and umpire laboratory check assays. Sampling
interval was most commonly 1 meter, using geological and/or
structural criteria. ASL crushed each sample to 80% passing 2 mm
and a 200 g split was pulverized to better than 95% passing 106
microns. A four-acid multi-element analysis with a MS finish, using
a 0.2 g sample, was used to produce Ag, Pb and Zn analytical
results. For all Ag results >200 ppm, or Pb and Zn results
>10,000 ppm, a four acid overlimit method (optic) was completed
using a 0.2 g sample size. For all Ag results >2000 ppm a
gravimetric analytical method was completed using 0.3 g sample
size.
All drill samples in respect to the Hod Maden drilling program
were analyzed at ALS Laboratories (“ALS”) in İzmir and SGS
Laboratories in Ankara, Türkiye. SSR Mining’s drill and geochemical
samples were collected in accordance with accepted industry
standards. SSR Mining conducts routine QA/QC analysis on all assay
results, including the systematic utilization of certified
reference materials, blanks, field duplicates and umpire laboratory
check assays. The sampling interval was most commonly 1 meter,
using geological and/or structural criteria. The analysis method of
the drilling conducted by SGS Ankara is performed for trace
multi-element (ICP 40B) and trace gold (FA 303) in order to detect
the gold concentrate between 0.01 and 100 ppm (30 g fire assay).
The analysis method of the drilling conducted by ALS Chemex Izmir
is performed for trace multi-element (ME-ICP 61a) and trace gold
(Au-AA25) in order to detect the gold concentrate between 0.01 and
100 ppm (30 g fire assay). All samples from drilling completed
since June 2023 were analyzed by ALS Chemex İzmir for trace
multi-element (ME-MS61) 4 acid digestion with ICP-AES & ICP-MS
analysis for 48 elements and trace gold (Au-AA24) in order to
detect the gold concentrate between 0.005 and 10 ppm (50 g fire
assay).
There were no adverse material results detected and the QA/QC
indicates the information collected is acceptable, and the database
can be used for further studies.
Qualified Persons
The scientific and technical information concerning our mineral
projects in this news release have been reviewed and approved by a
“qualified person” for purposes of Subpart 1300 of Regulation S-K
(“SK-1300”) and National Instrument 43-101 – Standards of
Disclosure for Mineral Projects (“NI 43-101”). Specifically, the
scientific and technical data in this news release relating to: (i)
resource development activity at the Seabee property has been
reviewed and approved by Jeffrey Kulas, P.Geo., Manager, Resource
Development; (ii) exploration activity at the Puna Project has been
reviewed and approved by David Gale, P.Geo., Senior Manager,
Exploration; and (iii) exploration activity at the Hod Maden
Project has been reviewed and approved by Rex Brommecker, P.Geo.,
Senior Vice President, Exploration; each of whom is a qualified
person for purposes of SK-1300 and NI 43-101. For a description of
the key assumptions, parameters and methods used to estimate
mineral reserves and mineral resources for SSR Mining Inc.’s
material properties included in this news release, as well as data
verification procedures and a general discussion of the extent to
which the estimates may be affected by any known environmental,
permitting, legal, title, taxation, sociopolitical, marketing or
other relevant factors, please review the Technical Report
Summaries for each of the Company’s material properties which are
available at www.sec.gov.
Drill Result Tables
Table 1: All drill holes completed at the
Porky targets between August 2022 and August 2023.
Hole ID
From (m)
To (m)
Interval (m)
Gold (g/t Au)
GAS-22-176
293.2
298.3
4.9
1.2
GAS-22-177
310.0
313.0
2.7
0.0
GAS-22-178
343.6
345.0
1.3
0.4
GAS-22-180
305.0
314.7
9.5
0.7
GAS-22-181
303.0
317.0
13.6
4.9
GAS-22-182
343.4
347.5
3.9
1.6
GAS-22-183
346.0
355.0
7.5
19.9
GAS-22-184
304.0
324.9
15.0
0.5
GAS-22-185
325.0
331.0
5.0
0.9
GAS-22-186
359.0
364.0
4.2
1.3
GAS-22-187
382.4
384.0
1.2
2.0
GAS-23-188
309.4
315.8
5.9
5.9
GAS-23-189
339.0
341.6
2.2
2.6
GAS-23-190
311.0
316.0
4.5
5.1
GAS-23-191
262.7
265.7
2.7
0.3
GAS-23-192
300.0
305.3
4.3
0.5
GAS-23-193
329.0
331.0
1.5
0.3
GAS-23-194
350.2
359.7
8.3
9.4
GAS-23-195
344.6
347.8
3.0
0.1
GAS-23-196
326.0
329.0
2.9
3.6
GAS-23-197
355.3
358.3
2.4
3.5
394.9
402.8
6.5
3.6
GAS-23-198
342.4
347.0
4.2
1.6
GAS-23-199
374.9
380.6
4.8
6.4
GAS-23-200
252.0
255.1
2.2
4.2
GAS-23-201
217.6
225.0
5.9
5.3
GAS-23-202
337.4
340.0
2.3
3.7
GAS-23-203
327.3
332.3
4.4
4.9
GAS-23-204
341.6
352.7
9.1
6.4
GAS-23-205
358.0
364.0
4.4
4.0
419.0
423.0
2.9
2.0
GAS-23-206
369.0
374.0
3.5
0.9
GAS-23-208
374.0
379.0
4.1
11.2
GAS-23-209
426.0
430.0
2.9
2.3
GAS-23-210
357.0
358.6
1.4
4.5
GAS-23-211
385.0
388.0
1.9
0.7
406.4
411.6
3.3
1.5
GAS-23-213
383.6
388.6
3.9
2.3
GAS-23-214
349.1
352.0
2.4
2.1
GAS-23-216
341.0
344.0
2.4
0.2
381.0
386.0
4.1
3.9
GAS-23-217
290.0
297.0
6.4
11.3
GAS-23-218
379.8
387.0
4.7
0.5
431.1
434.0
1.9
3.6
GAS-23-219
243.5
251.0
5.8
0.2
GAS-23-221
407.0
414.0
5.5
1.6
GAS-23-226
357.0
361.1
3.2
2.3
GAS-23-227
348.0
352.0
3.0
0.1
GAS-23-228
304.6
311.4
5.4
0.1
GAS-23-229
313.4
317.0
2.5
6.5
GAS-23-230
360.0
362.3
1.5
2.0
GAS-23-231
317.3
319.9
2.2
11.7
GAS-23-232
193.6
201.1
6.4
0.1
GAS-23-233
205.5
211.3
4.8
0.1
GAS-23-234
229.0
263.0
24.9
2.4
GAS-23-235
260.0
270.0
6.8
4.6
GAS-23-236
201.0
207.0
5.2
3.5
GAS-23-237
217.0
223.4
5.5
1.0
GAS-23-238
216.3
230.0
10.9
5.4
GAS-23-240
112.0
118.3
4.5
2.7
150.0
161.0
7.8
5.5
GAS-23-241
117.0
120.0
2.5
15.2
GAS-23-242
155.0
160.0
3.9
1.9
GAS-23-243
193.0
202.0
5.5
26.0
GAS-23-244
106.0
109.0
1.4
0.5
158.0
166.0
3.7
2.8
GAS-23-245
138.0
143.0
3.7
4.9
GAS-23-246
158.0
169.8
8.3
2.0
GAS-23-247
128.6
139.1
8.8
5.5
GAS-23-248
222.6
226.6
3.2
1.5
GAS-23-249
193.0
201.6
7.6
2.4
GAS-23-250
235.0
248.0
10.6
0.7
GAS-23-252
262.0
286.5
18.8
4.1
GAS-23-253
210.6
218.0
5.8
2.2
GAS-23-254
221.0
225.0
3.1
2.7
GAS-23-255
85.0
90.0
2.2
0.9
GAS-23-256
99.0
101.0
0.9
2.9
GAS-23-259
117.0
121.0
1.2
1.9
196.0
198.0
0.6
6.3
GAS-23-261
170.0
173.1
1.9
2.1
GAS-23-262
172.1
177.8
4.9
2.3
GAS-23-263
218.0
224.0
5.3
3.2
GAS-23-264
400.5
407.0
4.5
3.0
GAS-23-265
406.0
411.0
4.0
5.7
GAS-23-266
376.0
380.0
2.9
1.5
GAS-23-267
353.0
355.7
2.2
0.8
GAS-23-268
335.0
338.0
2.5
5.8
GAS-23-269
426.0
428.0
1.4
0.7
GAS-23-272
397.0
402.0
3.5
1.4
442.0
445.0
2.1
1.2
GAS-23-273
341.4
347.0
5.2
5.1
GAS-23-274
378.5
389.0
8.9
2.1
GAS-23-275
438.0
447.0
6.7
1.7
GAS-23-278
487.0
496.3
6.5
1.9
GAS-23-281
239.0
241.9
2.2
6.7
GAS-23-283
190.0
195.0
4.4
19.0
GAS-23-285
314.4
317.4
1.9
0.4
GAS-23-287
176.0
178.0
1.9
0.2
GAS-23-288
290.0
294.0
2.8
1.9
GAS-23-289
242.0
249.0
5.6
46.1
GAS-23-291
352.8
355.0
1.7
1.0
GAS-23-300
169.5
170.8
0.9
2.8
Notes: All Porky West and Petunia drilling intercepts reflect
true width intersections. Results are uncut, reported at a 0.3 g/t
Au cut-off and include a maximum of three meters internal
dilution.
Table 2: All drill holes completed at
Cortaderas between April 2023 and September 2023.
Hole ID
From (m)
To (m)
Interval (m)
Ag (g/t)
Pb (%)
Zn (%)
AgEq (g/t)
DDH-400
158.0
180.0
22.0
5
0.0
1.6
56
Including
158.0
164.0
6.0
3
0.0
2.5
85
201.0
224.0
23.0
22
0.1
2.5
101
Including
203.0
208.0
5.0
27
0.2
3.5
141
271.0
279.0
8.0
100
0.1
8.1
342
Including
271.0
276.0
5.0
142
0.1
11.5
487
284.0
303.0
19.0
34
0.0
2.9
121
Including
286.0
293.0
7.0
71
0.0
5.6
239
345.0
349.0
4.0
38
0.0
2.9
126
385.0
389.0
4.0
3,325
0.1
0.7
2,719
Including
386.0
388.0
2.0
6,517
0.2
1.0
5,319
395.0
412.0
17.0
65
0.1
1.4
100
427.0
431.0
4.0
30
0.0
1.2
65
596.0
629.0
33.0
391
0.0
2.2
388
Including
608.0
623.0
15.0
811
0.0
2.4
737
Including
613.0
623.0
10.0
1,098
0.1
3.5
1,005
633.0
645.0
12.0
24
0.1
2.0
87
DDH-401
172.0
182.0
10.0
44
0.0
2.9
131
197.0
203.0
6.0
25
0.1
1.9
85
244.0
260.0
16.0
83
0.2
4.5
216
342.0
346.0
4.0
360
0.0
1.1
329
Including
344.0
345.0
1.0
1,127
0.1
2.4
993
351.0
357.0
6.0
58
0.1
2.1
119
417.0
420.0
3.0
42
0.1
5.0
198
527.0
543.0
16.0
74
0.1
3.3
169
Including
540.0
542.0
2.0
288
0.3
5.1
408
DDH-402
88.0
94.0
6.0
31
0.3
3.8
156
Including
89.0
91.0
2.0
58
0.7
7.5
310
147.0
152.0
5.0
34
0.1
5.1
194
Including
147.0
149.0
2.0
67
0.1
11.1
417
170.0
173.0
3.0
86
0.1
6.8
291
187.0
203.0
16.0
51
0.3
4.5
196
208.0
229.0
21.0
46
0.1
4.7
191
Including
215.0
225.0
10.0
76
0.1
7.6
311
256.0
259.0
3.0
21
0.0
2.0
81
273.0
278.0
5.0
55
0.2
5.5
227
296.0
303.0
7.0
32
0.0
3.0
123
DDH-403
281.0
287.0
6.0
63
0.3
7.4
297
Including
281.0
282.0
1.0
249
0.1
25.1
1,015
307.0
310.0
3.0
11
0.7
3.4
140
317.0
320.0
3.0
21
1.7
9.3
368
329.0
340.0
11.0
35
0.3
5.5
215
DDH-404
258.0
270.0
12.0
29
0.0
3.6
140
300.0
332.0
32.0
49
0.2
7.7
296
Including
309.0
313.0
4.0
221
1.4
35.7
1,374
And Including
327.0
329.0
2.0
134
0.2
17.3
673
360.0
365.0
5.0
3
0.1
0.6
147
492.0
507.0
15.0
69
0.0
1.4
102
515.0
534.0
19.0
37
0.0
2.0
94
538.0
546.0
8.0
53
0.1
2.9
139
552.0
558.9
6.9
21
0.1
2.4
99
DDH-405
129.0
133.0
4.0
29
0.1
3.3
135
181.0
198.0
17.0
38
0.1
2.8
124
Including
189.0
192.0
3.0
129
0.4
7.6
362
222.0
229.0
7.0
15
0.1
1.6
66
289.0
292.0
3.0
38
0.1
3.2
135
312.0
335.0
23.0
220
0.2
3.2
251
Including
315.6
322.4
6.8
193
0.7
8.2
330
471.0
480.0
9.0
25
0.0
1.8
81
495.0
540.0
45.0
198
0.1
4.0
291
Including
507.0
518.0
11.0
639
0.2
7.1
753
Including
507.0
508.9
1.9
2,442
0.8
17.5
2,565
563.0
569.0
6.0
12
0.3
2.8
107
DDH-406
230.0
420.0
190.0
155
0.3
10.6
479
Including
276.0
329.3
53.3
332
0.5
22.8
1,020
And Including
374.4
383.4
9.0
406
0.2
26.7
1,195
426.0
440.0
14.0
36
0.1
3.6
147
DDH-413
165.2
169.0
3.8
19
0.9
4.4
185
287.0
297.0
10.0
11
0.3
1.9
81
303.0
376.0
73.0
26
0.0
3.9
149
334.0
352.0
18.0
54
0.0
6.3
248
DDH-421
116.6
124.0
7.4
241
0.4
7.7
393
Notes: Significant intervals are reported using a 50 grams per
tonne (g/t) silver equivalent (AgEq) cut-off and with a maximum 3
meters of contiguous dilution. All intercepts are core width
intervals.
Silver equivalent values are calculated using the following
metal prices: Silver (Ag) price of $22 per troy ounce, Lead (Pb)
price of $0.95 per pound, and Zinc (Zn) price of $1.15 per pound.
Metallurgical recoveries for the Cortaderas deposit were used in
the calculation of AgEq values (recoveries at Cortaderas are
assumed at 81% for silver, 100% for lead and 90% for zinc).
Figures presented in this table may not add due to rounding.
Table 3: All drill holes completed from
Hod Maden infill drilling campaign as of September 30, 2023.
Hole ID
From (m)
To (m)
Interval (m)
Au (g/t)
Cu (%)
End of Hole (m)
HTD-238
256
282
26
18.5
3.24
449
Including
259
275
16
27.0
3.74
304
311
7
1.0
1.35
327
340
13
2.9
1.33
Including
327
328
1
17.0
1.34
347
350
3
1.5
1.19
354
372
18
2.9
1.92
HTD-239
162
252
90
16.5
1.56
314
Including
162
180
18
63.0
2.02
HTD-240
174
177
3
1.3
0.89
280
195
256
61
18.8
2.26
Including
197
230
33
30.8
2.86
Notes: All Hod Maden drilling intercepts reflect core length
intersections. Results are uncut, reported at a 1 g/t Au cut-off
and include a maximum of three meters internal dilution.
Figures presented in this table may not add due to rounding.
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 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. The key risks and uncertainties
include, but are not limited to: 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; developments with respect to global
pandemics, including the duration, severity and scope of a pandemic
and potential impacts on mining operations; and other risk factors
detailed from time to time in our reports filed with the Securities
and Exchange Commission on EDGAR and the Canadian securities
regulatory authorities on SEDAR.
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; timing,
production, operating, cost, and capital expenditure guidance; our
operational and development targets and catalysts and the impact of
any suspensions on operations; the results of any gold
reconciliations; the ability to discover additional oxide gold ore;
the generation of free cash flow and payment of dividends; matters
relating to proposed exploration; communications with local
stakeholders; maintaining community and government relations;
negotiations of joint ventures; 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; renewal of NCIB program; 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 information and statements are based on a
number of material factors and assumptions, including, but not
limited in any manner to, those disclosed in any other of our
filings on EDGAR and SEDAR, and include: the inherent speculative
nature of exploration results; the ability to explore;
communications with local stakeholders; maintaining community and
governmental relations; status of negotiations of joint ventures;
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; 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 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.
Qualified Persons
The scientific and technical information concerning our mineral
projects in this news release have been reviewed and approved by a
“qualified person” under S-K 1300. For details on the “qualified
persons” approving such information, a description of the key
assumptions, parameters and methods used to estimate mineral
reserves and mineral resources for SSR Mining Inc.’s material
properties included in this news release, as well as data
verification procedures and a general discussion of the extent to
which the estimates may be affected by any known environmental,
permitting, legal, title, taxation, sociopolitical, marketing or
other relevant factors, please review the Technical Report
Summaries for each of the Company’s material properties which are
available at www.sec.gov.
Cautionary Note to U.S. Investors
This news release includes terms that comply with reporting
standards in Canada under National Instrument 43-101 – Standards of
Disclosure for Mineral Projects (“NI 43-101”), including the terms
“Mineral Reserves” and “Mineral Resources”. NI 43-101 is a rule
developed by the Canadian Securities Administrators that
establishes standards for all public disclosure an issuer makes of
scientific and technical information concerning mineral projects.
The standards of NI 43-101 differ significantly from the
requirements of the SEC. Accordingly, information concerning
mineral deposits set forth herein may not be comparable with
information made in accordance with U.S. standards.
Cautionary Note Regarding Non-GAAP Financial Measures
We have included certain non-GAAP financial measures to assist
in understanding the Company’s financial results. The non-GAAP
financial measures are employed by us to measure our operating and
economic performance and to assist in decision-making, as well as
to provide key performance information to senior management. We
believe that, in addition to conventional 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 consolidated
financial statements.
Cash costs, AISC per ounce sold, adjusted attributable net
income (loss), free cash flow, and net cash are Non-GAAP Measures
with no standardized definition under U.S GAAP.
Non-GAAP Measure – Net Cash and
Liquidity
Net cash and net debt are used by management and investors to
measure the Company's underlying operating performance. The Company
believes that net cash is a useful measure for shareholders as it
helps evaluate liquidity and available cash.
The following table provides a reconciliation of cash and cash
equivalents to net cash:
As of
(in thousands)
September 30, 2023
December 31, 2022
Cash and cash equivalents
$
437,675
$
655,453
Restricted cash
$
100
$
33,653
Total cash
$
437,775
$
689,106
Short and long term portion of term
loan
$
—
$
70,000
Face value of 2019 convertible note
$
230,000
$
230,000
Other debt
$
906
$
1,797
Total debt
$
230,906
$
301,797
Net cash (debt)
$
206,869
$
387,309
In addition to net cash and net debt, the Company also uses
Total liquidity to measure its financial position. 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 September 30, 2023, 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)
September 30, 2023
December 31, 2022
Cash and cash equivalents
$
437,675
$
655,453
Restricted cash
$
100
$
33,653
Total cash
$
437,775
$
689,106
Borrowing capacity on credit facility
$
400,000
$
200,000
Borrowing capacity on accordion feature of
credit facility
$
100,000
$
100,000
Total liquidity
$
937,775
$
989,106
Non-GAAP Measure - Cash Costs and
AISC
The Company uses cash costs per ounce of precious metals sold 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 it is a relevant metric used
to understand its operating profitability and ability to generate
cash flow. When deriving the Cost of sales associated with an ounce
of precious metal, the Company includes by-product credits. Thereby
allowing management and other stakeholders to assess the net costs
of gold and silver production. In calculating cash costs per ounce,
the Company also excludes the impact of specific items that are
significant, but not reflective of its underlying operations.
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,
expansionary capital and non-sustaining expenditures are excluded.
Certain other cash expenditures, including tax payments and
financing costs are also excluded.
The Company believes that AISC represents the total costs of
producing gold and silver from current operations and provides the
Company and other stakeholders with additional information about
its operating performance and ability to generate cash flows. It
allows the Company to assess its ability to support capital
expenditures and to sustain future production from the generation
of operating cash flows.
When 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 September
30, 2023
(in thousands, unless otherwise noted)
�pler
Marigold
Seabee
Puna
Corporate
Total
Cost of sales (GAAP) (11)
$
69,830
$
81,464
$
19,939
$
43,437
$
—
$
214,670
By-product credits
$
(1,307
)
$
(26
)
$
(16
)
$
(12,987
)
$
—
$
(14,336
)
Treatment and refining charges
$
—
$
50
$
24
$
4,717
$
—
$
4,791
Cash costs (non-GAAP)
$
68,523
$
81,488
$
19,947
$
35,167
$
—
$
205,125
Sustaining capital expenditures
$
9,100
$
8,683
$
6,212
$
4,593
$
—
$
28,588
Sustaining exploration and evaluation
expense (13)
$
1,156
$
1,009
$
—
$
(3,371
)
$
—
$
(1,206
)
Reclamation cost accretion and
amortization
$
427
$
708
$
692
$
765
$
—
$
2,592
General and administrative expense and
stock-based compensation expense
$
1,668
$
—
$
—
$
43
$
15,853
$
17,564
Total AISC (non-GAAP)
$
80,874
$
91,888
$
26,851
$
37,197
$
15,853
$
252,663
Gold sold (oz)
58,694
83,103
19,430
—
—
161,227
Silver sold (oz)
—
—
—
2,852,065
—
2,852,065
Gold equivalent sold (oz) (12)
58,694
83,103
19,430
34,861
—
196,088
Cost of sales per gold equivalent ounce
sold
1,190
980
1,026
1,246
N/A
1,095
Cash cost per gold ounce sold
1,167
981
1,027
N/A
N/A
N/A
Cash cost per silver ounce sold
N/A
N/A
N/A
12.33
N/A
N/A
Cash cost per gold equivalent ounce
sold
1,167
981
1,027
1,009
N/A
1,046
AISC per gold ounce sold
1,378
1,106
1,382
N/A
N/A
N/A
AISC per silver ounce sold
N/A
N/A
N/A
13.04
N/A
N/A
AISC per gold equivalent ounce sold
1,378
1,106
1,382
1,067
N/A
1,289
Three Months Ended September
30, 2022
(in thousands, unless otherwise noted)
�pler
Marigold
Seabee
Puna
Corporate
Total
Cost of sales (GAAP) (11)
$
306
$
53,684
$
17,894
$
34,568
$
—
$
106,452
By-product credits
$
5
$
(33
)
$
(21
)
$
(8,448
)
$
—
$
(8,497
)
Treatment and refining charges
$
—
$
123
$
56
$
3,663
$
—
$
3,842
Cash costs (non-GAAP)
$
311
$
53,774
$
17,929
$
29,783
$
—
$
101,797
Sustaining capital expenditures
$
6,299
$
15,881
$
7,055
$
3,445
$
—
$
32,680
Sustaining exploration and evaluation
expense
$
383
$
1,626
$
—
$
1,820
$
—
$
3,829
Care and maintenance (14)
$
31,067
$
—
$
—
$
—
$
—
$
31,067
Reclamation cost accretion and
amortization
$
415
$
526
$
703
$
432
$
—
$
2,076
General and administrative expense and
stock-based compensation expense
$
215
$
—
$
—
$
70
$
12,429
$
12,714
Total AISC (non-GAAP)
$
38,690
$
71,807
$
25,687
$
35,550
$
12,429
$
184,163
Gold sold (oz)
2,591
49,744
19,700
—
—
72,035
Silver sold (oz)
—
—
—
2,234,323
—
2,234,323
Gold equivalent sold (oz) (12)
2,591
49,744
19,700
24,850
—
96,885
Cost of sales per gold equivalent ounce
sold
118
1,079
908
1,391
N/A
1,099
Cash cost per gold ounce sold
160
1,081
910
N/A
N/A
N/A
Cash cost per silver ounce sold
N/A
N/A
N/A
13.33
N/A
N/A
Cash cost per gold equivalent ounce
sold
160
1,081
910
1,199
N/A
1,051
AISC per gold ounce sold
14,972
1,444
1,304
N/A
N/A
N/A
AISC per silver ounce sold
N/A
N/A
N/A
15.91
N/A
N/A
AISC per gold equivalent ounce sold
14,972
1,444
1,304
1,431
N/A
1,901
(11) Excludes depreciation, depletion, and amortization.
(12) Gold equivalent ounces are calculated by multiplying the
silver ounces by the ratio of the silver price to the gold price,
using the average LBMA prices for the period. The Company does not
include by-products in the gold equivalent ounce calculations. Gold
equivalent ounces sold may not add based on amounts presented in
this table due to rounding.
(13) During the three months ended September 30, 2023, the
Company reclassified Sustaining exploration and evaluation expense
to Sustaining capital expenditures at Puna. These costs had been
appropriately capitalized in prior periods, but had been reported
as expense rather than capital in the AISC table. The update to the
presentation for these costs did not impact the AISC per ounce
calculation.
(14) Care and maintenance expense in the AISC calculation only
includes direct costs, as depreciation is not included in the
calculation of AISC.
Nine Months Ended September
30, 2023
(in thousands, unless otherwise noted)
�pler
Marigold
Seabee
Puna
Corporate
Total
Cost of sales (GAAP) (15)
$
199,425
$
199,970
$
61,476
$
123,736
$
—
$
584,607
By-product credits
$
(2,674
)
$
(99
)
$
(41
)
$
(41,463
)
$
—
$
(44,277
)
Treatment and refining charges
$
—
$
509
$
73
$
13,964
$
—
$
14,546
Cash costs (non-GAAP)
$
196,751
$
200,380
$
61,508
$
96,237
$
—
$
554,876
Sustaining capital expenditures
$
26,313
$
73,994
$
26,220
$
9,900
$
—
$
136,427
Sustaining exploration and evaluation
expense
$
3,271
$
815
$
—
$
—
$
—
$
4,086
Reclamation cost accretion and
amortization
$
1,282
$
2,019
$
2,108
$
2,295
$
—
$
7,704
General and administrative expense and
stock- based compensation expense
$
4,095
$
—
$
—
$
132
$
48,139
$
52,366
Total AISC (non-GAAP)
$
231,712
$
277,208
$
89,836
$
108,564
$
48,139
$
755,459
Gold sold (oz)
165,905
194,789
51,560
—
—
412,254
Silver sold (oz)
—
—
—
7,090,205
—
7,090,205
Gold equivalent sold (oz) (16)
165,905
194,789
51,560
86,030
—
498,284
Cost of sales per gold equivalent ounce
sold
1,202
1,027
1,192
1,438
N/A
1,173
Cash cost per gold ounce sold
1,186
1,029
1,193
N/A
N/A
N/A
Cash cost per silver ounce sold
N/A
N/A
N/A
13.57
N/A
N/A
Cash cost per gold equivalent ounce
sold
1,186
1,029
1,193
1,119
N/A
1,114
AISC per gold ounce sold
1,397
1,423
1,742
N/A
N/A
N/A
AISC per silver ounce sold
N/A
N/A
N/A
15.31
N/A
N/A
AISC per gold equivalent ounce sold
1,397
1,423
1,742
1,262
N/A
1,516
Nine Months Ended September
30, 2022
(in thousands, unless otherwise noted)
�pler
Marigold
Seabee
Puna
Corporate
Total
Cost of sales (GAAP) (15)
$
125,985
$
142,841
$
53,319
$
102,755
$
—
$
424,900
By-product credits
$
(2,726
)
$
(96
)
$
(97
)
$
(37,017
)
$
—
$
(39,936
)
Treatment and refining charges
$
—
$
301
$
262
$
11,029
$
—
$
11,592
Cash costs (non-GAAP)
$
123,259
$
143,046
$
53,484
$
76,767
$
—
$
396,556
Sustaining capital expenditures
$
20,778
$
45,431
$
26,316
$
8,085
$
—
$
100,610
Sustaining exploration and evaluation
expense
$
2,111
$
6,577
$
—
$
1,984
$
—
$
10,672
Care and maintenance (17)
$
31,067
$
—
$
—
$
—
$
—
$
31,067
Reclamation cost accretion and
amortization
$
677
$
1,596
$
1,053
$
1,295
$
—
$
4,621
General and administrative expense and
stock- based compensation expense
$
1,670
$
1
$
11
$
233
$
46,507
$
48,422
Total AISC (non-GAAP)
$
179,562
$
196,651
$
80,864
$
88,364
$
46,507
$
591,948
Gold sold (oz)
132,862
132,681
110,000
—
—
375,543
Silver sold (oz)
—
—
—
5,766,165
—
5,766,165
Gold equivalent sold (oz) (16)
132,862
132,681
110,000
69,284
—
444,827
Cost of sales per gold equivalent ounce
sold
948
1,077
485
1,483
N/A
955
Cash cost per gold ounce sold
928
1,078
486
N/A
N/A
N/A
Cash cost per silver ounce sold
N/A
N/A
N/A
13.31
N/A
N/A
Cash cost per gold equivalent ounce
sold
928
1,078
486
1,108
N/A
891
AISC per gold ounce sold
1,351
1,482
735
N/A
N/A
N/A
AISC per silver ounce sold
N/A
N/A
N/A
15.32
N/A
N/A
AISC per gold equivalent ounce sold
1,351
1,482
735
1,275
N/A
1,331
(15) Excludes depreciation, depletion, and amortization.
(16) Gold equivalent ounces are calculated by multiplying the
silver ounces by the ratio of the silver price to the gold price,
using the average LBMA prices for the period. The Company does not
include by-products in the gold equivalent ounce calculations. Gold
equivalent ounces sold may not add based on amounts presented in
this table due to rounding.
(17) Care and maintenance expense in the AISC calculation only
includes direct costs, as depreciation is not included in the
calculation of AISC.
Non-GAAP Measure - Adjusted Attributable
Net Income (loss)
Adjusted attributable net income (loss) and adjusted
attributable net income (loss) per share are used by management to
measure the Company's underlying operating performance. We believe
this measure is also 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
attributable net income (loss) 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 impairment charges; inflationary impacts on
tax balances; transaction, integration, and SEC conversion
expenses; and other non-recurring items.
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:
Three Months Ended
Nine Months Ended
(in thousands of US dollars, except per
share data)
September 30,
September 30,
2023
2022
2023
2022
Net income attributable to SSR Mining
shareholders (GAAP)
$
15,159
$
(25,793
)
$
119,838
$
100,256
Interest saving on convertible notes, net
of tax
$
—
$
—
$
3,693
$
3,677
Net income used in the calculation of
diluted net income per share
$
15,159
$
(25,793
)
$
123,531
$
103,933
Weighted-average shares used in the
calculation of net income and adjusted net income per share
Basic
203,878
207,983
205,101
210,986
Diluted
203,878
207,983
217,902
223,543
Net income per share attributable to SSR
Mining shareholders (GAAP)
Basic
$
0.07
$
(0.12
)
$
0.58
$
0.48
Diluted
$
0.07
$
(0.12
)
$
0.57
$
0.46
Adjustments:
Foreign exchange loss (gain) (18)
$
—
$
11,577
$
—
$
19,733
Pitarrilla transaction costs
$
—
$
1,561
$
—
$
1,561
Artmin transaction and integration
costs
$
30
$
—
$
406
$
—
SEC conversion costs
$
—
$
—
$
—
$
1,255
Impairment of other assets
$
2,637
$
—
$
2,637
$
—
Change in fair value of marketable
securities
$
555
$
37
$
(565
)
$
3,836
Loss (gain) on sale of mineral properties,
plant and equipment
$
560
$
(128
)
$
1,610
$
1,213
Income tax impact related to above
adjustments
$
(815
)
$
(382
)
$
(785
)
$
(2,045
)
Foreign exchange (gain) loss and
inflationary impacts on tax balances (18)
$
(1,631
)
$
(11,850
)
$
(12,371
)
$
(18,020
)
Impact of income tax rate change in
Türkiye
$
37,170
$
—
$
37,170
$
—
Other tax adjustments (19)
$
(625
)
$
11,445
$
1,477
$
11,445
Adjusted net income attributable to SSR
Mining shareholders (Non-GAAP)
$
53,040
$
(13,533
)
$
149,417
$
119,234
Adjusted net income per share attributable
to SSR Mining shareholders (Non-GAAP)
Basic
$
0.26
$
(0.07
)
$
0.73
$
0.57
Diluted
$
0.26
$
(0.07
)
$
0.70
$
0.55
(18) Effective January 1, 2023, the Company no longer adjusts
for the effects of foreign exchange gains and losses.
(19) Represents charges related to a one-time tax imposed by
Türkiye to fund earthquake recovery efforts, offset by a release of
an uncertain tax position.
Non-GAAP Measure - Free Cash
Flow
The Company uses free cash flow, cash flow from operating
activities before changes in working capital, and free cash flow
before changes in working capital to supplement information in its
condensed consolidated financial statements. The most directly
comparable financial measures prepared in accordance with GAAP is
cash provided by operating activities. The Company believes that in
addition to conventional measures prepared in accordance with US
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. The
Company calculates free cash flow by deducting cash capital
spending from cash generated by operating activities.
The following table provides a reconciliation of cash provided
by operating activities to free cash flow:
Three Months Ended
Nine Months Ended
(in thousands of US dollars, except per
share data)
September 30,
September 30,
2023
2022
2023
2022
Cash provided by operating activities
(GAAP)
$
135,256
$
(52,226
)
$
218,566
$
42,799
Expenditures on mineral properties, plant,
and equipment
$
(47,456
)
$
(39,825
)
$
(164,633
)
$
(91,317
)
Free cash flow (non-GAAP)
$
87,800
$
(92,051
)
$
53,933
$
(48,518
)
We also present operating cash flow before working capital
adjustments and free cash flow before working capital adjustments
as non-GAAP cash flow measures to supplement our operating cash
flow and free cash flow (non-GAAP) measures. We believe presenting
both operating cash flow and free cash flow before working capital
adjustments, which reflects an exclusion of net changes in
operating assets and liabilities, will be useful for investors
because it presents cash flow that is actually generated from the
continuing business. The Company calculates cash flow from
operating activities before changes in working capital by adjusting
cash provided by operating activities by the net change in
operating assets and liabilities. The Company also calculates free
cash flow before changes in working capital by deducting cash
capital spending from cash flow from operating activities before
changes in working capital.
The following table provides a reconciliation of cash provided
by operating activities to free cash flow before changes in working
capital:
Three Months Ended
Nine Months Ended
(in thousands of US dollars, except per
share data)
September 30,
September 30,
2023
2022
2023
2022
Cash generated by (used in) operating
activities (GAAP)
$
135,256
$
(52,226
)
$
218,566
$
42,799
Net change in operating assets and
liabilities
$
7,094
$
28,560
$
118,918
$
169,904
Cash generated by (used in) operating
activities before changes in working capital (non-GAAP)
$
142,350
$
(23,666
)
$
337,484
$
212,703
Expenditures on mineral properties, plant,
and equipment
$
(47,456
)
$
(39,825
)
$
(164,633
)
$
(91,317
)
Free cash flow before changes in working
capital (non-GAAP)
$
94,894
$
(63,491
)
$
172,851
$
121,386
View source
version on businesswire.com: https://www.businesswire.com/news/home/20231030550829/en/
SSR Mining: F. Edward Farid,
Executive Vice President, Chief Corporate Development Officer Alex
Hunchak, Director, Corporate Development and Investor Relations
SSR Mining Inc. E-Mail: invest@ssrmining.com Phone: +1 (888)
338-0046
To receive SSR Mining’s news releases by e-mail, please register
using the SSR Mining website at www.ssrmining.com.
SSR Mining (ASX:SSR)
Historical Stock Chart
From Nov 2024 to Dec 2024
SSR Mining (ASX:SSR)
Historical Stock Chart
From Dec 2023 to Dec 2024
