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Dec 31, 2022
SSR Mining Q4 2022 Earnings Report
SSR Mining reported strong fourth-quarter results, including solid operating performance and free cash flow.
Key Takeaways
SSR Mining reported a solid fourth quarter with attributable net income of $93.9 million, or $0.43 per diluted share, and adjusted attributable net income of $25.6 million, or $0.12 per diluted share. The company delivered fourth-quarter production of 182,655 gold equivalent ounces at a cost of sales of $1,064 per gold equivalent ounce and AISC of $1,358 per gold equivalent ounce. Strong fourth-quarter operating cash flow was $118 million, with free cash flow of $97 million.
Delivered fourth quarter production of 182,655 gold equivalent ounces at cost of sales of $1,064 per gold equivalent ounce and AISC of $1,358 per gold equivalent ounce.
Attributable net income in the fourth quarter was $93.9 million, or $0.43 per diluted share, and adjusted attributable net income was $25.6 million, or $0.12 per diluted share.
Fourth quarter operating cash flow was $118.1 million with free cash flow of $96.7 million.
Closed the acquisition of an additional 30% ownership in Kartaltepe.
SSR Mining
SSR Mining
Forward Guidance
SSR Mining announced 2023 production guidance of 700,000 to 780,000 gold equivalent ounces at consolidated cost of sales of $1,055 to $1,115 per gold equivalent ounce and AISC of $1,365 to $1,425 per gold equivalent ounce.
Positive Outlook
- 2023 production guidance of 700,000 to 780,000 gold equivalent ounces.
- Çöpler is expected to produce 240,000 to 270,000 ounces of gold
- Marigold is expected to produce 260,000 to 290,000 ounces of gold
- Seabee is expected to produce 100,000 to 110,000 ounces of gold
- Puna is expected to produce 8.0 to 9.0 million ounces of silver
Challenges Ahead
- Marigold’s cost profile is expected to largely reflect the 2023 production profile, with first half costs above the full-year guidance range and the lowest cost periods in the third and fourth quarters.
- Seabee’s production is expected to be 55% weighted to the second half of the year, as processed grades are expected to be lowest in the first and second quarters of 2023 before improving in the second half.
- Cost of sales and AISC are expected to be highest in the first half of the year, particularly in the first quarter, reflecting the concentration of capital spend associated with the Seabee ice road.
- Çöpler’s production profile is approximately 55% weighted to the second half of 2023, reflecting a second half weighted grade profile and the planned maintenance shutdown in the second quarter of 2023.
- Puna is expected to be 50 to 55% weighted to the second half of 2023, driven largely by grades that peak in the third quarter, while tonnes processed are targeted to remain at approximately 4,500 tonnes per day throughout the year.