Q3 2025 SSR Mining Inc Earnings Call

November 4, 2025

Hello, everyone. Thank you for joining today's conference call to discuss SSR Mining's third quarter financial results.

Alex Hunchak: Thank you, operator, and hello, everyone. Thank you for joining today's conference call to discuss SSR Mining's third quarter financial results. Our consolidated financial statements have been presented in accordance with the US GAAP. These financial statements have been filed on EDGAR and SEDAR, and they are also available on our website. There is an online webcast accompanying this call, and you will find the information to access the webcast in this afternoon's news release and on our corporate website. Please note that all figures discussed during the call are in US dollars, unless otherwise indicated. Today's discussion will include forward-looking statements, so please read the disclosures in the relevant documents. Additionally, we will refer to non-GAAP financial measures during our discussion and in the accompanying slides. Please see our press release for information about the comparable GAAP method, measures.

Our consolidated financial statements had been presented in accordance with U S. GAAP.

Speaker #3: Hello , everyone , and welcome to SSR mining s third Quarter 2025 conference call . This call is being recorded . At this time , for opening remarks and introduction , I would like to turn the call over to Alex Hunchak from SSR mining .

These financial statements have been filed on Edgar and SEDAR and they are also available on our website.

There is an online webcast accompanying this call and you will find the information to access the webcast in this afternoon's news release and on our corporate website.

Speaker #3: Please go ahead .

Please note that all figures discussed during the call are in U S dollars unless otherwise indicated.

Speaker #4: Thank you . Operator . And hello everyone . Thank you for joining today's conference call to discuss SSR Mining's third quarter financial results .

Today's discussion will include forward looking statements. So please read the disclosures in the relevant documents.

Speaker #4: Our consolidated financial statements have been presented in accordance with US GAAP . These financial statements have been filed on Edgar and Cdaa , and they are also available on our website .

Additionally, we will refer to non-GAAP financial measures during our discussion and in the accompanying slides.

Rod Antal: We're closing off some of those technical aspects for the regulators to approve it, and that will be the key to getting the approval to start the operations. As it happens more recently, and particularly you've seen it in the press, so it's nothing that is not public, there has been definitely a higher level of public support for a reopening. Very marches, a lot of senior local folks supporting a reopening in the press and on TV and within the media more generally. That actual uptick has actually more naturally occurred because of the fact that the community, the local community in particular, are hurting around economic activity with the mine shut. It's probably a coincidence in timing, but it really doesn't have a bearing on the— It helps, but it's not the driver of getting the government to give us the approval.

Please see our press release for information about the comparable GAAP metric measures.

Speaker #4: There is an online webcast accompanying this call , and you will find the information to access the webcast in this afternoon's news release and on our corporate website .

Rod Antal executive Chairman will be joined by Michael Sparks, Chief Financial Officer, and Bill Mcnevin EVP operations and sustainability on today's call I will now turn the line over to Rod.

Alex Hunchak: Rod Antal, Executive Chairman, will be joined by Michael Sparks, Chief Financial Officer, and Bill MacNevin, EVP, Operations and Sustainability on today's call. I will now turn the line over to Rod.

Speaker #4: Please note that all figures discussed during the call are in US dollars , unless otherwise indicated . Today's discussion will include forward looking statements , so please read the disclosures in the relevant documents .

Great. Thanks, Alex and good afternoon to you all.

Rod Antal: Great. Thanks, Alex, and good afternoon to you all. Our Q3 results have us tracking to close out the year in the lower half of our production guidance, where we continue to expect a stronger Q4. Our full-year all-in sustaining costs are trending towards the high end of annual guidance, and this is largely due to the impacts of higher gold prices on royalties, as well as the share price performance over the year-to-date, impacting share-based compensation calculations. Generally, the Q3 results were in line with our expectations. Before working capital adjustments, we generated $72 million of free cash flow, and we maintain a very healthy cash and liquidity profile to support the continued investment in growth opportunities across the business. We also made great progress on a number of other initiatives in the quarter.

Yes third quarter results have us tracking to close out the year in the lower half of our production guidance.

Speaker #4: Additionally , we will refer to non-GAAP financial measures during our discussion and in the accompanying slides . Please see our press release for information about the comparable GAAP measures .

We continue to expect a stronger fourth quarter.

Our full year all in sustaining costs are trending towards the high end of annual guidance and this is largely due to the impacts of higher gold prices on royalties as well as the share price performance over the year to date impacting share based compensation calculations.

Speaker #4: Rodney Antal Executive Chairman will be joined by Michael Sparks Chief Financial Officer and Bill Mcnevin , EVP , Operations and Sustainability . On today's call .

Speaker #4: I will now turn the call over to Rod .

Speaker #5: Thanks , Alex , and good afternoon to you all . Our third quarter results have us tracking to close out the year in the lower half of our production guidance , where we continue to expect a stronger fourth quarter .

Generally the third quarter results were in line with our expectations.

Before working capital adjustments, we generated $72 million of free cash flow and we maintain a very healthy cash and liquidity profile to support the continued investment in growth opportunities across the business.

Speaker #5: performance over the year to date , impacting share based compensation calculations . Generally , the third quarter results were in line with our expectations before working capital adjustments .

We also made great progress on a number of other initiatives in the quarter.

Michael Sparks: That's it for me, Rod. Thanks for taking my questions.

The Cripple Creek and Victor Technical report should be ready for publication in the coming weeks.

Rod Antal: The Cripple Creek & Victor Technical Report should be ready for publication in the coming weeks. This will provide our initial view of the potential at Cripple Creek, where the Technical Report will feature Mineral Reserves that are aligned with the already in progress Amendment Fourteen expansion permit. At Hod Maden, we have now spent $44 million advancing the project this year and remain on track for our full-year growth capital guidance of $60 to 100 million. A key milestone of the work this year will be the comprehensive update included with the new Technical Report. This will form the basis of the project and construction decision in the coming months. To this end, Hod Maden remains one of the most compelling undeveloped copper-gold projects in the entire sector, and work completed to date reinforces our view of extremely attractive asset returns.

Rod Antal: Great. Thanks, Ovais.

This will provide our initial view of the potential at Cripple Creek with a technical report will feature mineral reserves that are aligned with the already in progress Amendment 14 expansion permit.

Operator: Once again, if you have a question, please press star then one. The next question comes from Don DeMarco with National Bank Financial. Please go ahead.

[Analyst] (National Bank Financial): Thank you, operator. Rod and team, thank you for taking my call. First off, yeah, encouraging to hear what you just mentioned about the high level of public support for the reopening. To my first question, I think I'll turn to Hot Maden. Of course, as you mentioned, there's a go-forward decision that's pending in the coming months. Looking at the guidance, you've reiterated guidance, but it seems like you might be tracking the low end of the range. Is there any items that may have been in the scope this year that's going to be carried into 2026?

At Horn Mountain, we have now spent $44 million advancing the project this year and remain on track for our full year growth capital guidance is $60 million to $100 million.

A key milestone of the work this year will be.

The comprehensive update included with a new technical report.

This will form the basis of the project and construction decision in the coming months.

To this end on Madden reminds one of the most compelling undeveloped copper gold projects in the entire sector.

Rod Antal: You're talking in particular in terms of the spend at Hot Maden?

[Analyst] (National Bank Financial): Yeah, that's right. You're at $44 million year-to-date. I think guidance is $60 to 100 million. It seems that you're on a pace to kind of hit the lower end of that range.

And work completed to date reinforces our view extremely attractive asset returns.

Across the rest of the portfolio, we have continued to make great progress in advancing organic development projects, including Buffalo Valley at Marigold.

Rod Antal: Yeah. Look, I think—sorry, Michael was going to say something, but I'll jump in. He paused for a second. We'll actually probably be more towards the midpoint of that guidance range. Yeah, it's sort of a ramp-up, a normal type of, as you would expect, there's a ramp-up of spend. The committed spend that we have for the work that we wanted to get through this year is well advanced. We're on track to spend what we had allocated to the project. It just happens to be the timing of the cash out the door.

Rod Antal: Across the rest of the portfolio, we have continued to make great progress in advancing organic development projects, including Buffalo Valley and Marigold, Porky at Seabee, and Cortaderas at Puna. We're seeing some very encouraging results from the summer drill campaigns across all of these targets, where we hope to emulate the initial success of adding the initial three years of mine life extension at Puna. Bill will speak more of this later in the call. And lastly, we continue to make good progress at Çöpler and remain fully committed to a restart. We are in close communication with the relevant government authorities as we seek approvals to bring the mine back online. Overall, it was a solid quarter and as expected, with good progress made on a number of initiatives across the portfolio.

Pulque at Seabee and quota Darius at Puna.

We're seeing some very encouraging results from the summer drill campaigns across all of these targets, where we hope to emulate the initial success of adding the initial three years of mine life extension in Pune.

Bill will speak more of this later in the call.

Michael Sparks: I see. Okay. Was there anything else on that?

And lastly, we continue to make good progress at Jetblue and very mindful incubator to erase that.

Rod Antal: No, look, the work's actually gone along very well. The effort that we put in this year was all predicated on using that information for the comprehensive update to the tech report, which is all coming together. That is really the basis of what we'd be using to make a project approval decision to move forward. Everything's moving along on track in those regards, and I'm really pleased with the work that's been done at the site.

We are in close communication with the relevant government authorities as we seek approvals to bring the mine back on line.

Overall, it was a solid quarter.

As expected with good progress made on a number of initiatives across the portfolio.

So now I'm going to call turn the call over to Michael to bring you through the quarter three financials, starting on slide number four.

Rod Antal: Now I'm going to turn the call over to Michael to bring you through the Q3 financials, starting on slide 4.

Thank you Rod and good afternoon, everyone.

Michael Sparks: Thank you, Rod, and good afternoon, everyone. In Q3, we produced 103,000 gold equivalent ounces at an all-in sustaining cost of $2,359 per ounce or $2,114 per ounce, excluding costs incurred at Çöpler during the quarter. For the full year, production of 327,000 gold equivalent ounces is in line with plan, and we are on track to finish within our full-year guidance of 410,000 to 480,000 gold equivalent ounces, albeit in the lower half of that range. As Rod noted, higher than forecasted royalty costs and share-based compensation, coupled with production in the lower half of guidance, is pushing our AISC towards the top end of our full-year cost guidance range.

In the third quarter, we produced 103000 gold equivalent ounces at an all in sustaining costs of $2359 per ounce for 2000 and $114 per ounce excluding costs incurred at trippler during the quarter.

[Analyst] (National Bank Financial): Thank you. We'll look forward to that go-forward decision. Will there be a mine plan that's published at around the same time? Is the go-forward decision tied into Cöpler in any way? Do you first want to see the Cöpler mine restarted before you commit to building another mine in the country? Just two parts of that question, asking about the report and the potential connection with Cöpler.

For the full year production of 327000 gold equivalent ounces is in line with plan and we are on track to finish within our full year guidance of 410 to 408 480000 gold equivalent ounces, albeit in the lower half of that range as rod noted higher than forecasted royalty costs and share based.

<unk>, coupled with production in the lower half of guidance is pushing our ASC towards the top end of our full year cost guidance range.

Rod Antal: Yeah. Yeah. Well, look, it'll be a comprehensive refresh of the technical report, Don, which we'll publish.

We ended the quarter in a strong financial position with $409 million in cash and total liquidity of over $900 million.

[Analyst] (National Bank Financial): Thank you.

Rod Antal: Remember when we acquired the asset. There was a technical report available at the time, but we said that we wanted to do the work to ensure that what was contained therein is a project that we can actually deliver to. The effort around the time since we acquired it has been going through all of the technical components around flow sheets, process flow sheets, all the MET models, the geoMET models, the geotechnical work around the site. It's a complex site from that perspective. Moving forward with the early stage, some of the earthworks and civil works that are going on right now, to ensure when we look at the critical path tasks to get the project underway and on schedule once we finally release the new schedule, we've got a head start on it.

Michael Sparks: We ended the quarter in a strong financial position with $409 million in cash and total liquidity of over $900 million. Our strong balance sheet ensures capacity to fund our numerous growth initiatives across the portfolio, which includes Hod Maden, where we incurred another $17 million in capital during the quarter. We are very excited about the progress of Hod Maden and look forward to sharing an updated life of mine plan and construction decision for the project in the coming months. Let's move on to our quarterly financial results on slide 5. In Q3, we sold 105,000 gold equivalent ounces at an average realized gold price above $3,500 per ounce.

Our strong balance sheet ensures capacity to fund our numerous growth initiatives across the portfolio, which includes hot Madden, where we incurred another $17 million in capital during the quarter.

We are very excited about the progress of hot Madden and look forward to sharing an updated life of mine plan and construction decision for the project in the coming months.

Let's move on to our quarterly financial results on slide five.

In the third quarter, we sold 105000 gold equivalent ounces at an average realized gold price above $3500 per ounce.

Net income attributable to SSR mining shareholders was $65 4 million or <unk> 31 cents per diluted share. While adjusted net income was $68 4 million or 32 cents per diluted share.

Michael Sparks: Net income attributable to SSR Mining shareholders was $65.4 million or 31 cents per diluted share, while adjusted net income was $68.4 million or 32 cents per diluted share. As highlighted in the table, free cash flow from this quarter was impacted by working capital movements, particularly inventory movements at Marigold and CC&V, as well as prepayments associated with development activities at Hod Maden. Accordingly, free cash flow before changes in working capital was $72 million, highlighting our strong margins despite continued investment in growth initiatives across the portfolio. Now over to Bill for an update on the operations, starting on slide six.

As highlighted in the table free cash flow in this quarter was impacted by working capital movements, particularly inventory movements at Marigold, and CCM b as well as prepayments associated with development activities at hard Madden occur.

Rod Antal: As I mentioned, all of that goes into the update, as well as then the sort of market work around going out to market and getting new pricing in today's dollars for the project itself. All going very well, as I mentioned. In terms of the dependency, I guess, around the project decision itself on Cherbler, I've said all along we're treating them as mutually exclusive from that point. It's an entirely different project in an entirely different region of Türkiye that has a completely different set of stakeholder groups. If you remember, the project is fully permitted, and that's really important. We're not waiting on any permits. The efforts on the ground around ensuring we have good community relations and good social support have been going along with the project development itself because they're a completely different group.

Accordingly free cash flow before changes in working capital was $72 million highlighting our strong margin. Despite continued investment in growth initiatives across the portfolio now.

Now over to Bill for an update on the operating operations starting on slide six.

Thanks, Michael.

First with EHS. This.

Bill MacNevin: Thanks, Michael. I'll first start with the EHSS. We continue to advance initiatives aimed at ensuring our purpose and values are reflected in everything we do. I'll share some examples of this. We've seen improvements in how we're applying risk review and mitigation in both our planning and field execution. There's also been great progress on integrating progressive closure into our life of mine plans, which has the potential to reduce overall costs to the business. Now on to slide 7, for Marigold. In Q3, Marigold produced 36,000 ounces of gold at an AISC of $1,840 per ounce. These results were in line with plan, and we continued to expect a strong Q4, albeit slightly below our initial expectations for the period. As we advance mining at Red Dot Phase 2, we have encountered a consistent grade profile aligned with our internal models.

We continue to advance initiatives aimed at ensuring our purpose and values are reflected in everything we do.

I will share some examples of this.

We've seen improvements in how we're applying risk review and mitigation.

They are planning and field execution.

There has also been great progress on integrating progressive closure into a loss of mine plans.

Has the potential to reduce the overall cost of the business.

Now onto slide seven from our email.

In the third quarter Marigold produced 36000 ounces gold and I think providing 40 per ads.

This is a result.

In line with plan and we continue to expect strong fourth quarter, albeit slightly below our initial expectations for the period.

Rod Antal: We're not attaching a dependency on Cherbler to the Hot Maden decision.

As we have advanced mining at Red dog types too.

Michael Sparks: Okay. Thank you for that. Just as a final question, if we just take a step back, a question about your strategy. I mean, certainly, you've got a lot of organic opportunities within the portfolio, and then there's potential other growth levers with respect to M&A. Can you share any bias, whether for potential growth or how your strategy looks ahead over the next, say, five or so years?

In Canada, the consistent grade profile aligned with our internal models.

However, the oil has had more funds than expected.

Bill MacNevin: However, the ore has had more fines than expected, resulting in the need for additional blending to ensure pad recovery performance. Our technical teams at both Marigold and CC&V have been working collaboratively this year to improve ore body knowledge, focusing on processing planning. Through these efforts, we're improving our approach to ore blending at Marigold, to ensure that we appropriately deal with the finer ore we are encountering. With respect to growth, we're advancing work on Buffalo Valley deposit with the goal of fully integrating the project into the Marigold life of mine plan. This work is progressing positively so far, and we expect Buffalo Valley will provide a meaningful mine life extension opportunity for Marigold, and potentially complement our mineral reserve growth at New Millennium. Now, on to slide 8 for CC&V.

Resulting in the need for additional blending to ensure pad recovery performance.

Our technical teams at both Marigold and Seabee have been working collaboratively this year to improve ore body knowledge.

Focusing on processing planning.

Rod Antal: Really no change, Don. I think we've always been fairly transparent around the criteria that we look at from an M&A perspective. M&A can be everything from strategic to bolt-on acquisitions like we had with Cripple Creek & Victor. There are a number of criteria that we look for, and it needs to fit within those criteria for it to be a strategic fit. We've always been very true to that, and we'll continue to follow that because I think it does provide a discipline to the way we look at the business. No change at all. Building on the core jurisdictions we have, building on the platforms that we've got in Canada, US, Argentina, and Türkiye, is sort of a first-order of priority for us, and then looking for those value-accretive opportunities that might be available from time to time. Look, we'll stay true to that.

Through these efforts, we're improving our approach to all blending at Marigold.

To ensure that we appropriately deal with the final <unk> camera.

With respect to growth.

We are advancing work on Buffalo Valley deposit with the goal of fully integrating the project into the Marigold mine plan.

This work is progressing positively sofa, and we expect bump leadbelly will provide a meaningful mine life extension opportunity for Mario.

And potentially complement our mineral reserve growth at new millennium.

Now on to slide <unk>.

<unk> had a solid quarter producing another 30000 ounces dealt with and I think of $7 56 per ads.

Bill MacNevin: CC&V had a solid quarter, producing another 30,000 ounces of gold with an AISC of $1,756 per ounce. Key to highlight is the miners have now generated nearly $115 million in asset level free cash flow since acquisition, an incredible result, given the $100 million in upfront consideration we paid for the asset earlier this year. The CC&V technical report is well on track for completion within Q4, and we're excited to showcase the initial mineral reserve earning life of mine plan, for which CC&V has clearly established itself as a core operation in our portfolio. We expect this technical report will showcase a 10+ year life of mine, and also highlight significant mineral resource upside to further extend the mine life.

Key to haul a lot is the minus an NAV generated nearly $115 million and asset level free cash flow since acquisition and incredible result, given the 100 million in upfront consideration, we paid for the asset earlier this year.

Rod Antal: I think it's good practice, and it means that when we bring something to market that we like, you know that it has gone through a fairly rigorous due diligence process, and it fits on strategy.

Let's say seen Big Technical report is well on track for completion within the fourth quarter.

To showcase the initial mineral reserve life of mine plan.

Michael Sparks: Okay. Well, great. Thank you very much. That's all for me. Thank you again for taking my questions, and good luck with Q4.

<unk> has clearly established itself as a core operation in that portfolio.

Rod Antal: Great. Thanks, Don. Appreciate it.

We expect this technical report, we will showcase a 10 plus year lots of money.

Operator: This concludes the question-and-answer session and today's conference call. You may disconnect your lines. Thank you for participating, and have a pleasant day.

And also highlight significant mineral resource upside to further extend the mine life.

The key bottleneck to burning these mineral resources to reserves.

Bill MacNevin: The key bottleneck to converting these mineral resources to reserves is the advancement of permitting for additional heap leach capacity, and our teams are working hard to set us on the right path for success for decades to come. Now on to Seabee. Seabee had a challenging quarter, producing 9,000 ounces at an AISC of $3,003 per ounce. These results reflected our continued focus on underground development, as we noted in Q2, as well as some lower grade than expected grades. We expect production to improve incrementally in Q4, but we remain focused on prioritizing underground development into year-end as we aim to improve available stope inventory moving forward.

The instrument of permitting for additional heap leach capacity.

And our teams are working hard to set up set us on the right path to success for decades to come.

Now I wanted to say that.

<unk> had a challenging quarter producing non SaaS announces it nicely.

Trade per ounce.

These results reflected our continued focus on underground development as we noted in quarter two.

As well as some lower than expected growth.

We expect production to improve incrementally in the fourth quarter, but we remain focused on prioritizing underground development into year end as we aim to improve available stope inventory moving forward.

Work at bulky targets continues.

Bill MacNevin: Work at Porky targets continues, and we had some good success with the drill bit this summer, as we aim to improve confidence in the existing mineral resources of the project, and also test further opportunities for growth. We're excited about the potential here and look forward to providing updates to the market next year. On to Puna on slide 10. Puna continued its track record of solid performance in the third quarter, producing 2.4 million ounces of silver, an AISC of just $1,354 per ounce. With the initial extension to Chinchillas operations announced in the third quarter, we are working to advance other opportunities to extend mining at Chinchillas, while also continuing to evaluate the Cortaderas target. We're excited about the potential here, and we'll provide further updates as warranted. On to slide 11.

And we had some good success with the drill bit this summer as we aim to improve confidence in the existing mineral resources at the project and also test further opportunities to crop.

We're excited about the potential here and we look forward Boeing updates to the market next year.

On the phone or on slide 10.

And it continued its track record of solid performance in the third quarter, producing two 4 million ounces of silver and I think of just $30 50 Boe per ounce.

With the initial extension to chase operations announced in the third quarter.

We are working to advance other opportunities to extend mining at Chinchillas.

While also continuing to evaluate Dakota their stock.

We're excited about the potential here and.

We will provide further updates as warranted.

On to slide 11.

Lastly, at Hoffmann, we spent $78 million on engineering and solid establishment work in the quarter.

Bill MacNevin: Lastly, at Hod Maden, we spent $70 million on engineering and site establishment work in the quarter. Year to date, we have spent $44 million advancing pre-construction activities project, and remain on track for our full year guidance range of $60 to 100 million in growth capital. Our technical teams have continued to advance an updated technical report for the project as we move towards a construction decision in the coming months. And the results continue to demonstrate an incredibly compelling project that could represent one of the highest margin projects in the sector once in production.... We look forward to providing more detail on these initiatives to the market in the coming months. Now I'll turn back to Rod for closing remarks.

Year to date, we have spent $44 million advancing pre construction activities project.

And on track for our full year guidance range of $60 billion to $100 billion in growth capital.

Our technical teams have continued to advance an updated technical report for the project as we move towards a construction decision in the coming months.

And the results continue to demonstrate an incredibly compelling project that could represent one of the highest margin projects sector once in production.

We look forward to providing more detail on these initiatives to the market in the coming months.

Now I'll turn it back to Rob for closing remarks.

Alright, Thanks, Michael Thanks Bill.

Progress in the quarter was solid on a number of fronts and we're well positioned for a strong close to the year with consolidated production along two are for your guidance.

Rod Antal: Great. Thanks, Michael. Thanks, Bill. Progress in the quarter was solid on a number of fronts, and we're well-positioned for a strong close to the year with a consolidated production aligned to our full-year guidance. We're making great progress at key projects across the portfolio, and we've updated technical reports for Cripple Creek and Victor, and Hod Maden on the horizon, where we are keen to showcase a bright future for each of those assets and their upside potential. And of course, with continued efforts towards a restart at Çöpler, we firmly believe SSR Mining still represents a compelling value proposition moving forward. So with that, I'll turn the call over to the operator for any questions.

We're making great progress K projects across the portfolio and with updated technical reports Cripple Creek, and Victor and hard Madden on horizon.

Where we are keen to showcase a bright future for each of those assets and their upside potential.

And of course with continued efforts towards a restart a joke.

We firmly believe SSR mining still represents a compelling value proposition moving forward.

So with that I'll turn the call over to the operator for any questions.

Thank you in Toronto.

I'll now begin the question and answer session and joins a question you May Press Star then one on your telephone keypad.

Operator: Thank you, Mr. Antal. We will now begin the question-and-answer session. To join the question queue, you may press Star, then one on your telephone keypad. You will hear a tone acknowledging your request. If you're using a speakerphone, please pick up your handset before pressing any keys. To withdraw your question, please press Star then two. The first question comes from Ovais Habib with Scotiabank. Please go ahead.

You'll hear tone acknowledging your request if you are using a speakerphone. Please pick up your handset before pressing any key and then Kelly.

A question. Please press Star then two.

The first question comes from <unk> <unk> with Scotia Bank. Please go ahead.

Hi, Robert and team and congrats.

Congrats on a pretty good quarter.

Ovais Habib: Hi, Rod and team, and congrats on a pretty good quarter. A couple of questions from me. Just first one, starting off with your expectations of Q4. Now, as you guys said, Q4 is expected to be a strong quarter. Is this basically strength coming from Marigold and CC&V? And then just a follow-up question to that, in terms of Marigold, and the fines you are encountering at Red Dot, based on how much you can blend, could some of that production expected in Q4 spill into Q1 of next year?

Couple of questions from me just.

First one is starting off with.

And your expectations of Q4.

Now as you guys said Q4 is expected to be a strong quarter.

Is this basically strength coming from Marigold and <unk> and then just a follow up question to that in terms of my goal.

And the fine you are encountering at Red Dot.

Based on how much you can blend could some of that production.

And then Q4 spend into Q1 of next year.

Yes, thanks of ice.

I'll answer some of the questions of bills and micro can go ahead and add any other color sorry, if ive Shaw.

Rod Antal: Yeah, thanks, Ovais. I'll answer some of the questions of Bill, and Michael can go ahead and add any other color if I feel. You answered your first question around Q4. Yes, that was right. Predominantly, it was coming from Marigold. As we've talked about before, a stronger Q4 was always sort of set up that way to be the primary difference to, you know, Q3. And I think Cripple Creek itself will be more of what you've seen.

Your answer to your first question around the quarter for years that was raw predominantly was coming.

Marigold.

As we've talked about before a stronger fourth quarter was always sort of set up that way.

To be the primary difference to quarter three.

And.

Cripple Creek itself will be more of what you are saying.

And then.

From the answer to your question around the defined.

Rod Antal: And then, from the answer to your question around the fines, yes, it certainly presents us with the necessity to handle them differently in terms of their placement and having available more durable material to be able to blend. So, that is what we're working through at the moment on how we get the best result for Marigold for the last quarter by managing through the ore placement. In some regards, where we don't have durable ore available, we'll stack that ore on the higher portions of the leach pad. But where we do, we're obviously stacking on the new leach sill that Bill mentioned last quarter that we completed. So, that's the...

Yes, it certainly presents us with.

Ben.

Necessity to handle them differently in terms of the placement.

And having a violable more durable material to be out of Blaine. So.

That is what we're working through at the moment on how we get the.

The best result for our primary goal for the last quarter.

Managing through the.

The old the old placement in some regards where we don't have durable or available, we'll stack that or on the higher portions of the leach pad.

But where we do we're obviously is taking on the new light so that bill mentioned last quarter that we completed so that's.

That's the that will be the Takeda, finishing strongly at marigold for quarter four.

Rod Antal: That will be the key to finishing strongly at Marigold for Q4.

Okay and thanks for the color on that and then just at Seabee, obviously grade came in lower than expected.

Ovais Habib: Okay, and thanks for the color on that. And then just at Seabee, obviously, grade came in lower than expected. Again, was this a negative reconciliation issue, or were you not able to access the stope or stopes that you were expecting to mine from in Q3? I was a little bit. I didn't really understand, you know, the justification on the lower grade.

Again was this negative reconciliation issue or we are not able to access.

Stope ore stopes that you were expecting to mine from in Q3.

I was a little bit but didn't really understand.

The justification of the lower grade.

I'll hand that one over to bill.

Rod Antal: Yep. I'll hand that one over to Bill.

Yeah.

Sandy in the quarter had a had a good quarter increasing in man of development. We would note which is our focus so we do have more available.

Bill MacNevin: Yeah. Ovais, Seabee in the quarter had a good quarter, increasing the amount of development we were doing, which is our focus, so we do have more available stope material. At the same time, we did have some of the material - we had an increased proportion of material from the Gap Hanging Wall, and some of that material came in at lower grade than what we had expected. So that was, that happens at some times, but that were the drivers.

Material at the same time, we did have.

Some of the.

Material, we had an increased proportion of material from the gap hanging wall and some of that material came in at lower grade than what we had expected.

So that was that happens at some times, but.

Those are the drivers.

And based on the development that you've done obviously, you are expecting a better kind of Q4 and better understanding of the stopes that you have in hand kind of going into <unk>.

Ovais Habib: Based on the development that you've done, obviously, you're expecting a better kind of Q4 and better understanding of the stopes that you have in hand, kind of going into 2026?

Yes, we still have we still had some mode.

Bill MacNevin: Yeah, we still have, we still have some more, a lot of development focus ahead of us for Q4 as well. We will continue to work diligently in both Gap Hanging Wall and Santoy to get the best out of the ore body that we can. There's no, there's no- there was no surprises in what we found, so to speak.

Sort of development focus ahead of us for Q4, as well and we will continue to work diligently in.

Gap hanging wall and central it gets the best that appeal body that we can.

Not theirs.

No surprises in what we fans so to speak.

Sure.

Okay. Thanks for that.

And then just my last question I guess on chop floor. Rod you mentioned you guys are having discussions with regulatory bodies in and things seem to be progressing any any kind of.

Ovais Habib: Okay, thanks for that. And then just my last question, I guess, on Çöpler. Rod, you mentioned, you know, you guys are having discussions with the regulatory bodies and, and, you know, things seem to be progressing. Any kind of... You know, again, is it more on the remediation side or on the, on the restart side that, you know, the focus has been? And obviously, I'm guessing you guys are pushing pretty hard on the restart side. But what I'm trying to understand is also, is there any community support that you guys are getting right now, that is, you know, let's say, you know, pushing the regulators to make some sort of a decision, you know, moving into 2026?

Is it more on the remediation side or on the on the restart side that the focus has been and obviously I'm guessing you guys are pushing pretty hard on the restart site, but what I'm trying to understand is also is there any community support that you guys are getting right now.

That is let's say.

Pushing the regulators to make some sort of a decision.

Moving into 2026.

Yes, it's less about the last part of your question <unk>.

Rod Antal: Yeah, it's less about the last point of your question, Ovais. I think you know, if you sort of take a step back, since the incident itself, you know, the early work was on, and I'll say it again 'cause it's important, you know, on securing the site, returning our lost folks back to the families. We moved into remediation, which really focused on clearing out the Subruli Valley, which was done and completed. And then, remember, in the last sort of, you know, six months, the efforts have been around providing all of the technical aspects to the regulators for approval of the storage facility and the closure of, you know, the final closure of the heap leach pad.

Thank you.

You sort of Tiger step back.

Since the incident itself.

Yeah. The early work was on this and I'll say it again, because it's important.

Securing aside returning.

Now most folks back to the families.

We moved into remediation, which I.

I really focus on the clearing out of the severely valley, which was done and completed and then remember in the last sort of six months. The the efforts have been around providing the all of the technical aspects to the regulators for approval of the <unk> storage facility and the closure of the final closure of the.

The heap Leach pad, so it's sort of been a normal sequence of events that you would expect to go through.

Rod Antal: So it's sort of been a normal sequence of events that you would expect to go through. And you know, we've been in constant dialogue with regulators. It's not a new occurrence. This has been going on since day one of the incident itself. But we're closing off some of those technical aspects for the regulators to approve it. And that will be the key to getting the approval to start the operations. But as it happens, more recently, and particularly, you've seen it in the press, so it's nothing that is not public. There has been definitely a higher level of public support for a reopening.

And.

We are in constant dialogue with regulators, it's not sort of newer currencies has been going on since day one.

The incident itself.

So I'd say, we're closing off some of those technical aspects.

For.

The regulators two to approve it.

And that will be the case too.

Getting the approval to stop the operations.

But as a as it as it happens.

More recently in particular, you've seen it in the press so its nothing nothing that is not public.

There has been definitely a higher level of public.

Public support for a reopening very very United marches.

A lot of senior local folks supporting a reopening in the price and on T V and within the media more generally.

Rod Antal: Very, very, you know, marches, a lot of senior local folks supporting a reopening in the press and on, you know, TV and within the media more generally. So that actual uptick is actually a more naturally occurred because of the fact that, you know, the community, the local community in particular, are hurting around economic activity with the mine shut. So it's probably a coincidence in timing, but it really doesn't have a bearing on the... It helps, but it's certainly not the driver of getting the government to give us the approval.

Actual uptick is actually.

A more naturally occurred.

Because of.

The fact that.

The community of the local community in particular are hurting around economic.

Activity with the with the mine shot sorry.

It's probably a coincidence and timing, but it really doesn't have that.

Bearing on the.

It helps but it's certainly it's not the driver of getting the government to give us the approval.

That's it for me thanks for taking my questions.

Ovais Habib: That's it for me, Rod. Thanks for taking my questions.

Great. Thanks.

Rod Antal: Great. Thanks, Abbas.

Once again, if you have a question. Please press Star then one the next question comes from Don Demarco with National Bank Financial. Please go ahead.

Operator: Once again, if you have a question, please press Star, then One. The next question comes from Don DeMarco with National Bank Financial. Please go ahead.

Operator: Once again, if you have a question, please press star, then one. The next question comes from Don DeMarco with National Bank Financial. Please go ahead.

Thank you operator and.

Brad and team. Thank you for taking my call.

Don DeMarco: Thank you, operator. And, Rod and team, thank you for taking my call. First off, yeah, encouraging to hear what you just mentioned about the high level of public support for the reopening. But, but to my first question, I think I'll turn to Hod Maden. Of course, as you mentioned, there's a go forward decision that's pending in the coming months. Looking at the guidance, you've reiterated guidance, but it seems like you might be tracking the low end of the range. Is there any items that may have been in the scope this year that's gonna be carried into 2026?

First off we are encouraging to hear what you just mentioned about the high level of public support for the reopening.

But that's my first question I think I'll turn to hard Madden.

Of course as you mentioned there is a go forward decision that's pending in the coming months looking at the guidance you've reiterated guidance, but it seems like you might be tracking the low end of the range is there any items that may have been in the scope. This year, that's going to be carried into 2026.

Youre talking in particular in terms of the spinner Hod Maden, Yes. That's right you were at 44 million year to date I think guidance is 6200. So it seems that you are on a pace to get it kind of hit the lower end of that range.

Rod Antal: You're talking in particular in terms of the spend at Hod Maden?

Don DeMarco: Yeah, that's right.

Rod Antal: Don?

Don DeMarco: You're at 44 million year to date. I think guidance is 60 to 100. So it seems that you're on a pace to kind of hit the lower end of that, that range.

Yeah look I think I'm, sorry, Michael was going to say something also to jump in he.

Rod Antal: Yeah, look, I think. Sorry, Michael was gonna say something, but I'll just jump in. He paused for a second. We'll actually probably be more towards the midpoint of that.

Second we will actually probably be more towards the midpoint of that.

Okay got it and try and jump the yeah.

Don DeMarco: Okay.

Rod Antal: - guidance range. Yeah, it's a sort of a ramp up, a normal type of, as you would expect, there's a ramp up of spend. But the committed spend that we have for the work that we wanted to get through this year is well advanced. So we're on track to spend what we had allocated to the project. Yeah, it just happens to be the timing of the cash out the door.

So it's sort of a ramp up of normal.

As you would expect there is a ramp up of spend.

But the committed spend that we have for the work that we wanted to get through this year.

As well as John said, we're on track to spend.

What we had allocated to the project yeah. It just happens to be the timing of the cash out the door.

I see.

Okay was there anything else on that.

Don DeMarco: I see. Okay. Was there anything else on that?

Okay that works actually going along very well.

Rod Antal: Uh, no-

Don DeMarco: Okay.

Rod Antal: The work's actually gone along very well. You know, the-

The the effort.

Don DeMarco: Okay

Rod Antal: ... the effort that we put in this year was all predicated on using that information for the comprehensive update to the tech report, which is all coming together. That is really the basis of what we'd be using to make a project approval decision to move forward. So everything's moving along on track in those regards, and I'm really pleased with the work that's been done at the site.

That we put in this year. It was all predicated on using that information to the comprehensive update to the Tech report.

Which is all coming together.

And that is really the basis of what we'd be using.

Yeah, look I think um, sorry Michael was gonna say something but I'll do jump in. Um, he pulls for a second, we'll actually probably be more towards the, um, the midpoint of that. Um, okay. Got it range. Um, the the yeah, it's a, it's an it's a sort of a ramp up a normal type of, um, as you would expect there's a, a ramp up of spend, um, but the committed spend that we have for the work that we wanted to get through this year. Um, is um, well Advanced. So we're on track to, to spend uh, what we had allocated to uh, to the project. Yeah, it just happens to be the timing of the cash out the door.

I see.

<unk>.

Okay. Was there anything else on that?

To make a project approval decision to move forward. So everything everything is moving along on track.

No. The work's actually gone along very well. Um, you know, the

The.

In those regards.

Really pleased with the.

With.

The work that's been done over saw it.

Okay. Thank you. So we'll look forward to that Gulfport decision.

Don DeMarco: Okay, thank you. So we'll look forward to that go forward decision. Will there be a mine plan that's published at around the same time? And is the go forward decision tied into Chinchillas in any way? Like, do you first wanna see the Chinchillas mine restarted before you commit to building another mine in the country? So just two parts to that question, asking about the report and the potential connection with Chinchillas.

Will it be a mine plan that's published at around the same time.

And as the go forward decision tied into chirp layer in any way like the first one to see the trip remind restarted before you commit to building another mine in the country. So just two parts to that question asked about the reporting.

Effort, um, that we put in this year, was all predicated on using that information for the comprehensive update to the tech report, um, which is all all coming together. Um, and that is really the, um, basis of what we'd be using. Um, um,

Potential connection with Kepler.

Yeah, Yeah, well look it will be a comprehensive refresh of the <unk>.

Rod Antal: Yeah, yeah. Well, look, it'll be a comprehensive refresh of the Technical Report, Don, which we'll-

Nickel report dorm, which will publish.

To make a project approval decision to, uh, to move forward. So, everything everything's moving along On Track, um, in those regards. And um, um, really pleased with the, um, with the um, the work that's been done at the site.

Yes.

And we.

Don DeMarco: Okay

Rod Antal: publish.

Don DeMarco: Thank you.

We havent remember when we when we acquired the asset.

Rod Antal: We haven't... remember when we, when we acquired the asset, there was a tech report available at the time.

There was a tech report available at the time.

That we said, we said that we wanted to do the work to ensure that what was contained there being is a project that we can actually deliver too so the effort around.

Don DeMarco: Mm-hmm.

Rod Antal: But we said, we said that we wanted to do the work to ensure that what was contained therein is a project that we could actually deliver to. So the effort around the time since we acquired it has been going through all of the technical components around, you know, flow sheets, process flow sheets, all the met models, the geomet models, the geotechnical work around the site. You know, it's a, it's a, it's a complex site from that perspective.

Okay, thank you. So we'll look forward to that. Uh, that go forward decision. Uh, will there be a m plan that's published at around the same time and and is the goal for decision. Tied into chirp in any way. Like do you do you first want to see the chirp in their mind restarted before you commit to building another, mine in the country. So just 2 parts to that. Question asking about the report and the potential connection with chirp blur.

Around the.

The time since we acquired it has been.

Going through all of the technical Couponites of agile flow sheets process flow sheets.

All the models <unk> models.

Geotechnical work around the site.

It's a complex solid from that perspective, and then moving forward with the early stage some of the earthworks and civil works out are going on right now.

Rod Antal: Then moving forward with the early stage, some of the earthworks and civil works that are going on right now, to ensure when we look at the critical path tasks, to get the project underway and on schedule, once we finally release the new schedule, we've got a head start on it. So as I mentioned, all of that, all of that goes into the update as well as then the sort of market work around going out to market and getting new pricing in today's dollars for the project itself. So all, all going very well, as I mentioned.

Yeah, yeah. Well, it'll be a comprehensive refresh of the, um, technical report Dom which will publish. Um, um, and um, we haven't remember when we, when we acquired the asset. Um, there was a tech report available at the time. Um, but we said, um, we said that we wanted to uh, do the work to ensure that um, what was contained therein is a project that we can actually deliver to. So the effort around, um, around the um,

To ensure that when we look at the critical path tasks.

To get the project.

Underway and on schedule once we finally released the new schedule.

We've got a head start on it so as I mentioned all of that all of that goes into the update as well as in the sort of market.

Work around going out to market and getting.

Your pricing power I mean, today's dollars for the project itself. So.

All going very well as I mentioned in terms of the.

The dependency I guess around the project decision itself.

Rod Antal: In terms of the dependency, I guess, around the project decision itself, on Çöpler, I've said all along, we're treating them as mutually exclusive from that point. It's an entirely different project in an entirely different region of Türkiye that has a completely different set of stakeholder groups. If you remember, the project is fully permitted, and that's really important. So we're not waiting on, you know, any permits. The efforts on the ground around ensuring we have good community relations and good social support have been going along with the project development itself, because they're a completely different group. So we're not attaching a dependency on Çöpler to the Hod Maden decision.

Onshore blocks I've said I've said all along.

We're treating them as mutually exclusive from that point.

It's an entirely different project in an entirely different region of Turkey.

That has a completely different set of stakeholder groups.

You remember the project is fully permitted.

It is really important so we're not waiting on.

Any any permits and the.

The efforts on the ground around ensuring.

We have good community relations and good social support.

Had been going along.

With the project development itself, because they're there a completely different group so.

Forward with the early stage, some of the Earthworks and Civil Works that are going on right now. Um, to ensure when we look at the critical path tasks, uh, to get the project, um, um, underway and on schedule, once we finally release the new schedule, um, we've got a head start on it. So as as I mentioned, all of that, all of that goes into the update as well as then, the, the sort of Market, um, work around, um, going out to Market and getting um, new pricing, um, in today's dollars, uh, for the project itself. So all all going very well. Um, as, as I mentioned in terms of the, the, the, um, the dependency I guess around the, the project decision itself. Um, on chirpa I've said, I've said all along. Um, um, we're treating them as, um, mutually exclusive from that point. Um, um, it's an entirely different project in an entirely different region.

We're not attaching a dependency on share blood to the heart Madden decision.

Okay. Thank you for that.

And then just as a final question. If we just take a step back question about your strategy.

Don DeMarco: Okay, thank you for that. Then just as a final question, if we just take a step back, question about your strategy. I mean, certainly you've got a lot of organic opportunities within the portfolio, and, and then there's potential other growth levers with respect to M&A. Can you share any bias, you know, whether for potential growth or how your strategy looks ahead over the next, say, 5, 5 or so years?

I mean, certainly you've got a lot of.

Organic opportunities within the portfolio.

And then there's potentially other growth levers with respect to M&A can.

Can you share any bias.

Weather for potential growth or how your strategy looks ahead over the next say five five or seven years.

Of turkey here. Um, it has a completely different set of stakeholder groups. Uh, if you remember, um, the project is fully permitted. Um, and that's really important. So we're not waiting on, um, you know, any any permits and, um, the efforts on the ground around ensuring, um, uh, we have good community relations and good, um, social support, um, have been going along, um, um, with the project development itself. Um,

Really not changed on I think John we've always been fairly transparent around the criteria that we look at.

Because they're they're a completely different group. So um we're not we're not attaching a dependency on chirp blood to the hot Mountain decision.

Rod Antal: Really no change, Don. I think, we've always been fairly transparent around the, the criteria that we look at, from an M&A perspective. And M&A can be, you know, everything from strategic to bolt-on acquisitions, like we had with, Cripple Creek and Victor. There is a number of criteria that we look for, and it needs to fit within those criteria for it to be a strategic fit. And we've always been very true to that, and, and we'll continue to follow that because I think it does provide a discipline to, the way we, we look at the business. So, no change, no change at all. We are building on the core jurisdictions we have.

Hey, Matt I perspective, M&A can be everything from strategic bolt on acquisitions Luckier, we had with Cripple Creek and Victor.

Okay, thank you for that. And uh, then just as a final question, if we just take a step back, uh, question about your strategy,

There is a number of criteria that we look for.

And it needs to fit within our criteria for it to be a strategic fit.

And we've always been very true to that.

I mean, certainly you've got a lot of uh organic opportunities within the portfolio and um and then there's potential other growth levers with respect to m&a. Can you share any bias? Uh, you know, whether uh, for potential growth, or how your strategy looks ahead over the next, say, 5 5 or so years?

And they will continue to follow that because I think it does provide a discipline to the way we will look at the business. So.

Um, really know changed on. I think, um, we've always been fairly transparent around the, the criteria that we look at.

Um,

No change no change at all we are building on the core jurisdictions, we have building on the platforms that we've got in.

Rod Antal: Building on the platforms that we've got in Canada, US, Argentina, and Turkey are sort of a first order of priority for us. And then looking for those value accretive opportunities that might be available from time to time. So look, we'll stay true to that. I think it's good practice, and it means that when we bring something to market that we like, you know, that it has gone through a fairly rigorous due diligence process, and it fits on strategy.

Canada U S margin trader and Turkey are you sort of first order of priority for us and and Theyre looking for those value accretive opportunities that might be available.

From time to time, sorry look we'll stay true to that I think its good practice.

It means that when we bring something to market that we like.

You know as that.

It has gone through a fairly rigorous due diligence process and it fits on strategy.

Okay, Okay, well great. Thank you very much that's all for me and thank you again for taking my questions.

Don DeMarco: Okay. Okay, well, great. Thank you very much. That's all for me. And, thank you again for taking my questions, and good luck with Q4.

And good luck with Q4.

from at m&a, perspective and m&a can be, you know, where everything from strategic to bolt on Acquisitions. Like, we had with, um, Cripple Creek and Victor. Um, there is a number of criteria that we look for, um, and it needs to fit within those criteria for it to be a strategic fit. Um, and we've always been very true to that and, um, and we'll continue to to, to follow that because I think it does provide a discipline to the way we, um, we look at the business. So, um, um, no change, no change at all, you know, building on the core jurisdictions. We have building on the, uh, the platforms that we've got in, uh, Canada us, um, Argentina and, uh, turkey. Are you sort of an first order of priority for us and, um, and then looking

Thanks, Don appreciate it.

Rod Antal: Great. Thanks, Don. Appreciate it.

This concludes our question and answer session and today's conference call. You may disconnect. Your lines. Thank you.

Operator: This concludes the question and answer session and today's conference call. You may disconnect your lines. Thank you for participating, and have a pleasant day.

Participating.

<unk> bet.

For those value or creative opportunities that might be available, um, from time to time. So look, we, we'll stay true to that. I think it's good practice and, um, um, it means that when we bring something to Market that we like, uh, you know, that, um, um, it has gone through a fairly rigorous, um, due diligence process and it fits on strategy.

Okay, okay. Well, great. Thank you very much. That's all for me. And, um, thank you again for taking my questions and good luck with Q4, right?

Thanks, Don. Appreciate it.

That's concludes the question and answer session and today's conference call even disconnect your lines. Thank you for participating and have a pleasant day.

Q3 2025 SSR Mining Inc Earnings Call

Request a DemoDemo

SSR

SSR Mining

Earnings