Executive Summary

Strong beat on revenue and adjusted EPS; revenue rose to $405.46M vs S&P Global consensus $351.74M, and adjusted diluted EPS was $0.51 vs $0.23 consensus; GAAP diluted EPS was $0.42 (consensus values marked with asterisks; Values retrieved from S&P Global). Free cash flow was $98.4M, and operating cash flow was $157.8M, underpinned by the first full quarter of CC&V and solid Puna performance .
Guidance effectively maintained: company reiterated full-year 2025 consolidated production of 410–480k GEOs and AISC of $2,090–$2,150/oz; Seabee is now targeted to the low end of its 70–80k oz range due to Q2 power-related downtime .
CC&V integration tracking ahead on cash generation (≈$85M mine-site FCF since close), with Q2 output of 44,062 oz at AISC $1,339/oz; a technical report based on existing reserves remains on track for 2025 .
Çöpler restart remains the key swing factor; reclamation/remediation estimate revised up $12.9M to $312.9M with continued engineering progress, but management still cannot provide a restart timeline; permitted restart throughput would revert to 6,000 tpd under the 2014 EIA .

What Went Well and What Went Wrong

What Went Well
- CC&V outperformed with 44,062 oz at AISC $1,339/oz and nearly $85M FCF since acquisition; management emphasized a “really good quarter” with significant FCF and strong Americas platform execution .
  Quote: “We had consolidated free cash flow generation of nearly $100,000,000… We had a strong first full quarter from Cripple Creek and Victor…” .
- Puna delivered another excellent quarter (2.85Moz silver, AISC $12.57/oz) and a mine-life extension plan; 2026 silver production now expected at 7–8Moz, with 2027–2028 averaging ~4Moz .
- Liquidity strengthened to $912.1M (cash $412.1M; undrawn revolver/accordion $500M), aided by $44.4M in business interruption insurance proceeds .
What Went Wrong
- Seabee production impacted by ~two-week power interruption due to nearby forest fires; Q2 output fell to 10,998 oz and AISC rose to $2,708/oz; full-year now guided to low end of 70–80k oz .
- Çöpler: while engineering advances continue, remediation/reclamation estimate increased by $12.9M to $312.9M; no ability to estimate restart timing, keeping uncertainty elevated .
- EBITDA was below S&P Global consensus despite revenue/EPS beats, reflecting operational mix (Seabee downtime, higher royalties at Marigold with strong gold prices) and care & maintenance headwinds at Çöpler discussed across disclosures (EBITDA comparison values marked with asterisks; Values retrieved from S&P Global).

Financial Results

Quarterly trend (oldest → newest)

Metric	Q2 2024	Q1 2025	Q2 2025
Revenue ($M)	$184.84	$316.62	$405.46
Diluted EPS (GAAP)	$0.05	$0.28	$0.42
Adjusted Diluted EPS	$0.04	$0.29	$0.51
EBITDA Margin %	16.50%*	34.06%*	24.76%*
Net Income Margin %	5.24%*	18.57%*	22.22%*
AISC per GEO ($/oz)	$2,116	$1,972	$2,068

Note: Asterisked values retrieved from S&P Global.

Q2 2025 actual vs S&P Global consensus

Metric	Q2 2025 Actual	Q2 2025 Consensus
Revenue ($M)	$405.46	$351.74*
EPS (Primary / Adjusted Diluted) ($)	$0.51	$0.23*
EBITDA ($M)	100.39*	113.63*
EPS Estimates (#)	—	7*
Revenue Estimates (#)	—	3*

Note: Asterisked values retrieved from S&P Global.

Segment breakdown (production and costs)

Segment (units)	Q2 2024	Q2 2025
Marigold gold produced (oz)	25,691	35,906
Marigold cost of sales ($/oz)	$1,542	$1,584
Marigold AISC ($/oz)	$2,065	$1,977
CC&V gold produced (oz)	—	44,062
CC&V cost of sales ($/oz)	N/A	$1,116
CC&V AISC ($/oz)	N/A	$1,339
Seabee gold produced (oz)	16,709	10,998
Seabee cost of sales ($/oz)	$1,150	$1,785
Seabee AISC ($/oz)	$1,626	$2,708
Puna silver produced (Moz)	2.73	2.85
Puna cost of sales ($/oz)	$16.10	$15.03
Puna AISC ($/oz)	$15.19	$12.57

Key KPIs

KPI	Q2 2024	Q1 2025	Q2 2025
GEO produced (oz)	76,102	103,805	120,191
GEO sold (oz)	71,190	104,185	116,736
Operating Cash Flow ($M)	$(78.13)	$84.81	$157.84
Free Cash Flow ($M)	$(116.31)	$39.30	$98.39
Cash & Equivalents ($M)	$387.88	$319.61	$412.10
Total Liquidity ($M)	$887.88	$819.61	$912.10

Guidance Changes

Metric	Period	Previous Guidance	Current Guidance	Change
Consolidated GEOs (000s)	FY2025	410–480	410–480	Maintained
Consolidated cost of sales ($/oz)	FY2025	$1,375–$1,435	$1,375–$1,435	Maintained
Consolidated AISC ($/oz)	FY2025	$2,090–$2,150	$2,090–$2,150	Maintained
Marigold gold (oz)	FY2025	160k–190k	160k–190k	Maintained
CC&V gold (oz)	Feb 28–Dec 31, 2025	90k–110k	90k–110k	Maintained
Seabee gold (oz)	FY2025	70k–80k	“Low end” of 70k–80k	Lowered to low end (qualitative)
Puna silver (Moz)	FY2025	8.00–8.75	8.00–8.75	Maintained
Çöpler cash care & maintenance ($/qtr)	FY2025	~$20–$25M	~$20–$25M	Maintained

Earnings Call Themes & Trends

Topic	Previous Mentions (Q4’24 and Q1’25)	Current Period (Q2’25)	Trend
Çöpler restart/regulatory	2021 EIA cancelled; revert to 2014 EIA (6,000 tpd); restart timeline unknown . Q1: still no estimate; continued remediation .	Engineering/design for storage and heap leach closure advanced; reclamation/remediation estimate now $312.9M; timing still unknown . Antal reiterates progress but no timeline .	Gradual technical progress; timeline uncertainty persists.
CC&V integration/LOM	Q1: integration underway; initial guidance disclosed .	Strong Q2 outperformance; ~$85M FCF since close; technical report on existing reserves coming in 2025 .	Positive; asset emerging as cash engine.
Seabee operations	2024 saw prior fire-related suspension; strong Q4 grades . Q1 2025: normal ops, low AISC .	Temporary suspension due to power interruption; restart June 13; low end FY output targeted .	Near-term headwind; operations resumed.
Puna mine life	Record 2024 production .	3-year extension announced; 2026 at 7–8Moz, 2027–2028 ~4Moz .	Improving medium-term visibility.
Macro/royalties	—	Higher royalties at Marigold due to strong gold prices .	Cost headwind as gold stays elevated.
Hod Maden	2024: continued studies/site prep . Q1: $12.2M spend; advancing toward decision .	Q2: $16.2M spend; YTD $29.1M; progressing to construction decision .	Advancing toward FID.

Management Commentary

Strategic focus and FCF: “It is pleasing to report a really good quarter… We had consolidated free cash flow generation of nearly 100,000,000 reiterating the strength of our Americas platform.”
CC&V outlook: “A strong first full quarter from Cripple Creek and Victor… delivered excellent free cash flow… [Technical] report… expected this year.”
Çöpler status: “We continue to work… to advance the restart… [but] we are not able to estimate or predict when and under what conditions operations will resume” . In Q&A, Antal declined to provide a timetable and confirmed restart would revert to 6,000 tpd under the 2014 EIA .
Seabee disruption: Operations were suspended due to power interruptions from nearby fires and restarted June 13; no site damage; donations made to support affected communities .

Q&A Highlights

CC&V performance and guidance: Management said Q2 outperformance was driven by higher residual solution grades from prior stacking; they remain “comfortable with the guidance” and expect normalization in H2 as stacking proceeds .
CC&V technical report and growth: The forthcoming report is a baseline on existing reserves; longer-term growth options exist but will take time; Amendment 14 approval is the near-term priority .
Çöpler timeline and permitting: No restart timetable provided; upon restart, operations revert to 6,000 tpd under the 2014 EIA, with later work to refresh the EIA for higher throughput .

Estimates Context

Beat/miss vs S&P Global consensus: Revenue $405.46M vs $351.74M*; EPS (Primary/Adjusted Diluted) $0.51 vs $0.23*; EBITDA $100.39M* vs $113.63M* (revenue and EPS beats; EBITDA miss). Coverage: 7 EPS estimates, 3 revenue estimates.*
Note: Asterisked values retrieved from S&P Global.
Implications: Revenue/EPS beats were powered by CC&V cash generation and Puna costs, partially offset by Seabee downtime and higher royalties at Marigold; the EBITDA shortfall reflects operational mix and expense profile in the quarter .

Key Takeaways for Investors

Clean beat on revenue and adjusted EPS with strong FCF ($98.4M), supported by CC&V contribution and Puna’s low AISC execution .
FY25 guidance maintained at the group level; Seabee guided to the low end after Q2 power-related downtime, which should ease in H2 with operations normalized .
CC&V is becoming a core free cash flow driver (≈$85M since close); technical report due in 2025 should frame medium-term profile and de-risk the story further .
Çöpler remains the key uncertainty; engineering advances and cost refinement to $312.9M are positives, but timing remains unknown; upon restart, throughput reverts to 6,000 tpd (2014 EIA) pending future permitting .
Puna life extension adds visibility: 2026 silver output expected 7–8Moz; 2027–2028 ~4Moz, supporting multi-year contribution at improving unit costs .
Near-term trading lens: Positive reaction bias on beat/FCF and CC&V print; watch for updates on CC&V technical report, Seabee grade/throughput normalization, and any Çöpler permitting milestones .
Estimate revisions: Upward adjustments likely for revenue/EPS on CC&V/Puna strength; EBITDA forecasts may need nuance given cost mix and Seabee’s AISC spike in Q2 (now normalized after restart) .

Notes: Asterisked values in tables are retrieved from S&P Global. All other figures are sourced from the company’s Q2 2025 press release, 8-K, earnings call transcript, and prior-quarter releases as cited.

SSR MINING INC. (SSRM)·Q2 2025 Earnings Summary