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Sep 30, 2024
SSR Mining Q3 2024 Earnings Report
SSR Mining's financial performance was impacted by the Çöpler incident and temporary suspension of Seabee operations, resulting in lower production and increased costs.
Key Takeaways
SSR Mining reported a net income attributable to shareholders of $10.6 million, or $0.05 per diluted share, despite challenges at Çöpler and Seabee. Adjusted net income was $6.4 million, or $0.03 per diluted share. The company spent $48.3 million on Çöpler remediation in Q3, bringing the total since April 1 to $103.3 million. They held $334.3 million in cash and cash equivalents.
Third quarter 2024 production was 97,429 gold equivalent ounces with operations at Çöpler remaining suspended.
Net income attributable to SSR Mining shareholders in the third quarter of 2024 was $10.6 million, or $0.05 per diluted share.
As of September 30, 2024, the Company had a cash and cash equivalent balance of $334.3 million and total liquidity of $834.0 million.
Remediation spend in the third quarter totaled $48.3 million, bringing total remediation spend since April 1, 2024 to $103.3 million.
SSR Mining
SSR Mining
SSR Mining Revenue by Geographic Location
Revenue by Geographic Location
Marigold Revenue
CapyFin.comSeabee Revenue
CapyFin.comPuna Revenue
CapyFin.com Forward Guidance
Marigold remains on track for full-year 2024 production guidance of 155,000 to 175,000 ounces of gold. Full-year 2024 production guidance for Seabee is now 65,000 to 70,000 ounces of gold . Full-year 2024 production guidance at Puna has been increased to 10.0 to 10.5 million ounces of silver.
Positive Outlook
- Marigold remains on track for full-year 2024 production guidance of 155,000 to 175,000 ounces of gold.
- Full-year 2024 production guidance for Seabee is now 65,000 to 70,000 ounces of gold.
- Full-year 2024 production guidance at Puna has been increased to 10.0 to 10.5 million ounces of silver.
- Marigold expects full-year mine site cost of sales of $1,450 to $1,480 per payable ounce and AISC of $1,650 to $1,680 per payable ounce in 2024.
- Puna has unchanged mine site cost of sales of $16.50 to $18.00 per payable ounce and AISC of $14.75 to $16.25 per payable ounce.
Challenges Ahead
- Operations at Çöpler remained suspended following the Çöpler Incident on February 13, 2024.
- Operations at Seabee were suspended on August 21, 2024 due to forest fires in the vicinity of the mine.
- Marigold reflecting increased royalty and maintenance components costs.
- Cost pressures are expected to persist into 2025.
- At this time, we are not able to estimate or predict when and under what conditions we will resume operations at Çöpler.
Revenue & Expenses
Visualization of income flow from segment revenue to net income