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Jun 30, 2025
SSR Mining Q2 2025 Earnings Report
SSR Mining reported its second quarter 2025 earnings.
Key Takeaways
SSR Mining reported strong financial and operational results for the second quarter of 2025, with significant increases in revenue, net income, and cash flow compared to the previous year. Gold equivalent production also saw a notable increase, and the CC&V integration progressed positively, contributing substantial free cash flow.
Second quarter 2025 gold equivalent production increased to 120,191 ounces, up from 76,102 ounces in Q2 2024.
Revenue for Q2 2025 was $405.5 million, a significant increase from $184.8 million in Q2 2024.
Net income attributable to SSR Mining shareholders was $90.1 million, or $0.42 per diluted share, compared to $9.7 million, or $0.05 per diluted share, in Q2 2024.
Operating cash flow reached $157.8 million, and free cash flow was $98.4 million in Q2 2025.
Revenue by Geographic Location
Forward Guidance
SSR Mining maintains its full-year 2025 guidance for gold equivalent ounces, cost of sales, and AISC. Production is expected to be weighted towards the latter half of the year for Marigold and Puna, while Seabee's production is targeted at the low end of its guidance due to operational suspensions.
Positive Outlook
- Full-year 2025 guidance for gold equivalent ounces remains on track at 410,000 to 480,000 ounces.
- Marigold's full-year 2025 production guidance is 160,000 to 190,000 ounces of gold.
- Puna's full-year 2025 production guidance is 8.00 to 8.75 million ounces of silver.
- CC&V's production guidance for February 28, 2025 to December 31, 2025, is 90,000 to 110,000 ounces of gold.
- Puna's mine life extension opportunities are being advanced, with 2026 silver production expected to be between 7 and 8 million ounces.
Challenges Ahead
- Seabee's full-year 2025 production is targeted at the low end of its guidance (70,000 to 80,000 ounces) due to power interruptions from forest fires.
- Marigold's production is expected to be approximately 55-60% weighted to the fourth quarter.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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