SSR Mining Inc.
Materials · Gold
Structural: post-Copler SSRM is a 3-asset Americas gold/silver producer (Marigold + Seabee + CC&V) with Puna silver optionality and a still-suspended Turkish flagship. CC&V acquisition from $NEM (closed Feb 2025) shifts production mix toward US-domiciled, lower-jurisdictional-risk ounces.
Gold tape at multi-year highs masks a balance sheet rebuild and $250M+ Copler remediation drag.
- CC&V adds ~170koz/yr US gold production, immediately accretive on FCF at spot gold; integration risk modest given operating asset
- Marigold + Seabee free-cash positive at current gold prices; combined ~300koz steady-state
- Puna silver leverage - Chinchillas + Pirquitas pit complex hits record throughput, $SLV beta with byproduct lead/zinc credits
- Copler restart optionality is binary upside; Turkish regulators approved tailings construction restart late 2025
- Net cash balance sheet post-CC&V deal financing; no near-term refi wall
- Copler remediation costs still accruing; class-action settlements + Turkish criminal cases unresolved
- Single-asset Turkish exposure was 50% of pre-disaster production - restart timeline keeps slipping
- CC&V is a mature heap-leach asset with declining grades; reserve life under 10 years without exploration win
- Gold-tape dependency - fully unhedged; any $AU pullback compresses FCF before Copler comes back
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