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Sep 30, 2025
SSR Mining Q3 2025 Earnings Report
SSR Mining reported consolidated financial results for the third quarter ended September 30, 2025.
Key Takeaways
SSR Mining reported a strong third quarter in 2025, with significant increases in revenue, net income, and adjusted net income compared to the previous year. Gold equivalent production was 102,673 ounces, with an AISC of $2,359 per payable ounce. The company is trending towards the upper end of its consolidated cost guidance ranges for 2025, driven by higher gold prices and strong share price performance. Development activities at Hod Maden are progressing, and an updated life of mine plan is expected soon. The restart of Çöpler mine operations remains uncertain.
Third quarter 2025 gold equivalent production was 102,673 ounces, with an AISC of $2,359 per payable ounce.
Net income attributable to SSR Mining shareholders was $65.4 million, or $0.31 per diluted share, and adjusted net income was $68.4 million, or $0.32 per diluted share.
Operating cash flow was $57.2 million, with free cash flow at negative $2.4 million, primarily due to inventory movements and prepayments for Hod Maden development.
The company maintains a strong cash and liquidity position of $409.3 million and $909.3 million, respectively, as of September 30, 2025.
Revenue by Geographic Location
Forward Guidance
SSR Mining expects full-year 2025 production to be in the lower half of the 410,000 to 480,000 gold equivalent ounce guidance range. The company is trending towards the upper end of its consolidated cost guidance ranges for 2025. An updated life of mine plan and construction decision for Hod Maden are expected in the coming months, and a technical report for CC&V based on Mineral Reserves is on track for publication in 2025. The restart of Çöpler mine operations remains uncertain.
Positive Outlook
- Full-year 2025 production expected in the lower half of the 410,000 to 480,000 gold equivalent ounce guidance range.
- Trending towards the upper end of consolidated cost guidance ranges for 2025 due to higher gold prices and strong share price performance.
- Hod Maden development capital spend remains on track for $60 to $100 million for full-year 2025.
- Updated life of mine plan and construction decision for Hod Maden expected in coming months.
- Updated life of mine plan and technical report for CC&V based exclusively on Mineral Reserves remains on track for publication in 2025.
Challenges Ahead
- Inability to estimate or predict when and under what conditions operations will resume at Çöpler.
Historical Earnings Impact
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