SSR MINING INC. (SSRM)·Q4 2024 Earnings Summary

Executive Summary

• Q4 2024 delivered a strong finish: revenue $323.19M, GAAP diluted EPS $0.03 and adjusted diluted EPS $0.10; operating cash flow $95.0M and free cash flow $56.4M .
• Versus Wall Street: revenue materially beat consensus ($323.19M vs $262.16M), while EPS and EBITDA were below; care & maintenance costs at Çöpler drove the EPS/EBITDA miss; revenue strength reflected higher realized gold/silver prices and strong Marigold/Seabee/Puna volumes .
• Operationally: Marigold had its strongest quarter (59,702 oz; AISC $1,638/oz), Seabee rebounded post-fire (27,811 oz; AISC $1,214/oz), and Puna posted 3.0Moz silver with AISC $16.06/oz; Çöpler remained suspended with remediation progressing and heap leach permanently closed .
• Guidance trajectory into Q4: In Q3, Puna production guidance was raised to 10.0–10.5Moz, Seabee production guidance was lowered to 65–70koz, and Marigold cost guidance was raised; 2025 consolidated guidance (including CC&V) will be provided after the acquisition closing .
• Catalysts: progress toward Çöpler restart approvals, CC&V integration/LOM update, record Puna performance, and Buffalo Valley reserve addition at Marigold; liquidity remains strong ($887.5M), net cash $157.9M, positioning SSRM to fund remediation and reinvestment .

What Went Well and What Went Wrong

What Went Well

• Marigold’s Q4 production was the year’s strongest (59,702 oz), achieving the 5Moz life-of-mine milestone; AISC improved to $1,638/oz in Q4 .
• Seabee delivered a sharp Q4 rebound after an October restart, producing 27,811 oz on 9.66 g/t head grade; AISC $1,214/oz (below full-year levels) .
• Puna achieved record full-year silver output (10.5Moz) and Q4 AISC of $16.06/oz, sustaining healthy margins at ~$31.53 realized silver price .
• “We closed the year on a strong note with solid operating results, a year-over-year increase to consolidated reserves, and the CC&V acquisition to increase scale, free cash flow and diversification,” — Executive Chair Rod Antal .

What Went Wrong

• Çöpler’s continued suspension and Q4 care & maintenance costs ($35.9M; ~$0.18 per share) pressured EPS and AISC; Q4 AISC per GEO was $1,857, up vs Q4 2023 .
• EBITDA trailed consensus in Q4 as care & maintenance and remediation spending weighed on profitability (actual ~$88.84M vs consensus ~$100.70M*) .
• Seabee’s 2024 production guidance was reduced in Q3 (65–70koz) due to forest fire suspension; Q3 AISC spiked to $2,301/oz with care & maintenance, highlighting cost volatility .

Financial Results

Guidance Changes

Earnings Call Themes & Trends

Management Commentary

• “We closed the year on a strong note… and a major strategic announcement with the acquisition of CC&V. CC&V will increase our scale, free cash flow and portfolio diversification” — Rod Antal .
• “Excluding approximately $178/oz of cash care and maintenance costs at Çöpler and Seabee in Q4, AISC was $1,679/oz; full-year excluding care and maintenance AISC was $1,699/oz” — Michael Sparks .
• “CNI determined the most likely cause of the Çöpler incident was a deep-rooted flaw in the third-party engineering design… no substantiation that excess water, blasting, or stacking beyond design caused the event” — William MacNevin .
• “We expect CC&V will contribute immediate free cash flow upon integration, enabling a rapid payback of the $100M upfront consideration” — Michael Sparks .

Q&A Highlights

• Seabee outperformance sustainability: management does not expect exceptional Q4 grades every quarter but continues to target similar vein performance over time .
• Çöpler approvals: restart is a “package of work” including closure plans (East Storage facility); CNI findings inform regulator dialogue; remediation continues beyond restart .
• Hod Maden dependency: development plan and project financing workstreams are proceeding independently of Çöpler restart .
• Marigold Buffalo Valley timing: feasibility-level work and permitting underway; several years out; high net value expected; LOM plan update later in 2025 .
• EIA framework: operating under 2014 EIA; new EIA planned in 2025 to reflect growth leach circuit and expansions; not a precondition for restart .

Estimates Context

Values with asterisks retrieved from S&P Global.
Implications: Estimate models likely need higher realized price assumptions and stronger Q4 volumes (particularly Seabee/Marigold) offset by higher care & maintenance and remediation charges depressing EPS/EBITDA; near-term revisions may lift revenue but temper profitability until Çöpler restart reduces non-operating cash burdens .

Key Takeaways for Investors

• Revenue beat driven by higher realized gold/silver prices and strong Q4 production across Marigold/Seabee/Puna; EPS/EBITDA under pressure from Çöpler care & maintenance and remediation timing .
• Liquidity and net cash position are robust ($887.5M liquidity; $157.9M net cash), supporting remediation, CC&V integration and project advancement (Hod Maden) .
• Operational cadence has improved: Marigold entered Q4 strong and declared a 523koz Buffalo Valley reserve; Seabee recovered with high grades; Puna delivered a record year with stable unit costs .
• Çöpler path-to-restart is clearer post-CNI findings and 2014 EIA operating framework; restart could occur within ~20 days of permits, but timing remains uncertain — watch for regulatory milestones .
• Q3 guidance shifts set the stage for Q4: Puna raised, Seabee lowered, Marigold costs raised—signals where 2025 modeling should be cautious on cost lines and optimistic on Puna volumes .
• Near-term stock catalysts: CC&V closing and consolidated 2025 guidance, Çöpler permit progress, Puna life-extension updates, Marigold LOM update including Buffalo Valley .
• Medium-term thesis: diversified asset base with improving reserves/resources and optionality (CC&V, Hod Maden), with normalization of costs post-Çöpler restart offering margin upside; maintain focus on AISC trajectory and regulatory developments .