SSR Mining (SSRM)
Market Price (10/5/2026): $33.91 | Market Cap: $7.1 BilSector: Materials | Industry: Gold
SSR Mining (SSRM)
Market Price (10/5/2026): $33.91Market Cap: $7.1 BilSector: MaterialsIndustry: Gold
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Cash is significant % of market capNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -26% Strong revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is 48% Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 31%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 17% Megatrend and thematic driversMegatrends include Renewable Energy Transition, Battery Technology & Metals, and Electrification of Everything. Themes include Metals for Renewable Energy, Show more. | Key risksSSRM key risks include [1] the indefinite operational suspension and significant financial fallout from the catastrophic landslide at its Çöpler mine in Türkiye and [2] high all-in sustaining costs that challenge net margins at its Seabee and Marigold mines. |
| Cash is significant % of market capNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -26% |
| Strong revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is 48% |
| Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 31%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 17% |
| Megatrend and thematic driversMegatrends include Renewable Energy Transition, Battery Technology & Metals, and Electrification of Everything. Themes include Metals for Renewable Energy, Show more. |
| Key risksSSRM key risks include [1] the indefinite operational suspension and significant financial fallout from the catastrophic landslide at its Çöpler mine in Türkiye and [2] high all-in sustaining costs that challenge net margins at its Seabee and Marigold mines. |
Qualitative Assessment
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SSR Mining (SSRM) stock has gained about 20% since 6/30/2026 because of the following key factors:
1. Strategic Portfolio Transformation and Debt-Free Balance Sheet: SSR Mining completed the sale of its 80% interest in the Çöpler mine for $1.5 billion in cash by the end of fiscal Q2 2026, significantly strengthening its balance sheet with $1.78 billion in cash and no debt. This divestment removed an estimated $35 million to $40 million per quarter in care-and-maintenance expenses for the Çöpler mine, effectively eliminating a significant cost overhang. The company also completed the sale of its 20% equity interest in the Hod Maden project in July 2026, transitioning it to a 4.0% net smelter return royalty. These strategic moves repositioned SSR Mining as a free cash flow-focused, Americas-based gold and silver producer, specifically the third-largest gold producer in the United States.
2. Accelerated Shareholder Returns: Demonstrating a commitment to shareholder value, SSR Mining announced an additional $500 million share buyback authorization and reinstated its quarterly dividend in June 2026. The company returned $337.8 million to shareholders in fiscal Q2 2026 through the repurchase of 10.4 million shares. By September 2026, year-to-date capital returns exceeded $409 million, and management indicated a target for a peer-leading shareholder return yield for the remainder of 2026.
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SSR Mining (SSRM) stock has gained about 20% since 6/30/2026 because of the following key factors:
1. Strategic Portfolio Transformation and Debt-Free Balance Sheet: SSR Mining completed the sale of its 80% interest in the Çöpler mine for $1.5 billion in cash by the end of fiscal Q2 2026, significantly strengthening its balance sheet with $1.78 billion in cash and no debt. This divestment removed an estimated $35 million to $40 million per quarter in care-and-maintenance expenses for the Çöpler mine, effectively eliminating a significant cost overhang. The company also completed the sale of its 20% equity interest in the Hod Maden project in July 2026, transitioning it to a 4.0% net smelter return royalty. These strategic moves repositioned SSR Mining as a free cash flow-focused, Americas-based gold and silver producer, specifically the third-largest gold producer in the United States.
2. Accelerated Shareholder Returns: Demonstrating a commitment to shareholder value, SSR Mining announced an additional $500 million share buyback authorization and reinstated its quarterly dividend in June 2026. The company returned $337.8 million to shareholders in fiscal Q2 2026 through the repurchase of 10.4 million shares. By September 2026, year-to-date capital returns exceeded $409 million, and management indicated a target for a peer-leading shareholder return yield for the remainder of 2026.
3. Positive Analyst Sentiment and Increased Price Targets: Throughout the period, SSR Mining maintained strong analyst backing, with a consensus "Strong Buy" rating from 6 analysts as of late September 2026. The average 12-month price target was $42.23, suggesting an upside potential of over 24% from the stock's price of $33.84 at that time. Analysts such as RBC Capital upgraded the stock to "Outperform" with a $40 target in June 2026, citing the de-risked, Americas-focused portfolio and robust cash generation as undervalued by the market.
4. Optimistic Second-Half Production Outlook and Growth Initiatives: Despite fiscal Q2 2026 reporting an EPS miss and higher All-In Sustaining Costs (AISC) of $2,622 per ounce compared to full-year guidance, management reaffirmed its full-year 2026 production guidance of 450,000 to 535,000 gold equivalent ounces. This guidance is heavily weighted towards the second half of 2026, with approximately 55% to 60% of second-half production expected in fiscal Q4 2026. Additionally, the company increased growth capital guidance for its Marigold mine from $48 million to $65 million to accelerate long-term growth initiatives at Buffalo Valley, signaling confidence in future operational improvements and production growth.
5. Supportive Macroeconomic Environment for Gold Prices: The price of gold experienced a sharp rally beginning in August 2026, driven by rising concerns over US national debt and sustained buying activity from central banks. Although gold saw a correction in September 2026, it remained at elevated levels, generally trading in the range of $4,200 to $4,600 per ounce, providing a favorable pricing environment for gold producers.
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Stock Movement Drivers
Fundamental Drivers
The 17.8% change in SSRM stock from 6/30/2026 to 10/4/2026 was primarily driven by a 15.5% change in the company's P/E Multiple.| (LTM values as of) | 6302026 | 10042026 | Change |
|---|---|---|---|
| Stock Price ($) | 28.25 | 33.27 | 17.8% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 1,895 | 1,933 | 2.0% |
| Net Income Margin (%) | 12.2% | 12.3% | 1.1% |
| P/E Multiple | 25.2 | 29.1 | 15.5% |
| Shares Outstanding (Mil) | 206 | 208 | -1.2% |
| Cumulative Contribution | 17.8% |
Market Drivers
6/30/2026 to 10/4/2026| Return | Correlation | |
|---|---|---|
| SSRM | 17.8% | |
| Market (SPY) | 3.1% | 37.8% |
| Sector (XLB) | -3.9% | 47.9% |
Fundamental Drivers
The 13.3% change in SSRM stock from 3/31/2026 to 10/4/2026 was primarily driven by a 93.2% change in the company's P/E Multiple.| (LTM values as of) | 3312026 | 10042026 | Change |
|---|---|---|---|
| Stock Price ($) | 29.37 | 33.27 | 13.3% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 1,630 | 1,933 | 18.6% |
| Net Income Margin (%) | 24.3% | 12.3% | -49.4% |
| P/E Multiple | 15.1 | 29.1 | 93.2% |
| Shares Outstanding (Mil) | 203 | 208 | -2.4% |
| Cumulative Contribution | 13.3% |
Market Drivers
3/31/2026 to 10/4/2026| Return | Correlation | |
|---|---|---|
| SSRM | 13.3% | |
| Market (SPY) | 18.6% | 47.0% |
| Sector (XLB) | -1.9% | 55.1% |
Fundamental Drivers
The 36.4% change in SSRM stock from 9/30/2025 to 10/4/2026 was primarily driven by a 48.4% change in the company's Total Revenues ($ Mil).| (LTM values as of) | 9302025 | 10042026 | Change |
|---|---|---|---|
| Stock Price ($) | 24.40 | 33.27 | 36.4% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 1,303 | 1,933 | 48.4% |
| Net Income Margin (%) | 12.7% | 12.3% | -2.9% |
| P/E Multiple | 30.0 | 29.1 | -2.9% |
| Shares Outstanding (Mil) | 203 | 208 | -2.5% |
| Cumulative Contribution | 36.4% |
Market Drivers
9/30/2025 to 10/4/2026| Return | Correlation | |
|---|---|---|
| SSRM | 36.4% | |
| Market (SPY) | 16.5% | 40.6% |
| Sector (XLB) | 10.5% | 50.9% |
Fundamental Drivers
The 152.1% change in SSRM stock from 9/30/2023 to 10/4/2026 was primarily driven by a 86.2% change in the company's P/E Multiple.| (LTM values as of) | 9302023 | 10042026 | Change |
|---|---|---|---|
| Stock Price ($) | 13.20 | 33.27 | 152.1% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 1,089 | 1,933 | 77.6% |
| Net Income Margin (%) | 15.9% | 12.3% | -22.5% |
| P/E Multiple | 15.6 | 29.1 | 86.2% |
| Shares Outstanding (Mil) | 205 | 208 | -1.6% |
| Cumulative Contribution | 152.1% |
Market Drivers
9/30/2023 to 10/4/2026| Return | Correlation | |
|---|---|---|
| SSRM | 152.1% | |
| Market (SPY) | 86.2% | 26.1% |
| Sector (XLB) | 31.2% | 33.9% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| SSRM Return | -11% | -10% | -30% | -35% | 215% | 55% | 77% |
| Peers Return | -15% | -15% | -1% | 26% | 152% | 7% | 144% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 12% | 104% |
Monthly Win Rates [3] | |||||||
| SSRM Win Rate | 58% | 50% | 50% | 50% | 75% | 44% | |
| Peers Win Rate | 44% | 47% | 50% | 56% | 75% | 44% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 44% | |
Max Drawdowns [4] | |||||||
| SSRM Max Drawdown | -36% | -47% | -39% | -63% | -24% | -31% | |
| Peers Max Drawdown | -37% | -49% | -40% | -26% | -26% | -39% | |
| S&P 500 Max Drawdown | -5% | -25% | -10% | -8% | -19% | -9% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: NEM, RGLD, CDE.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 10/2/2026 (YTD)
How Low Can It Go
| Event | SSRM | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -13.6% | -18.8% |
| % Gain to Breakeven | 15.7% | 23.1% |
| Time to Breakeven | 7 days | 79 days |
| 2024 Yen Carry Trade Unwind | ||
| % Loss | -10.7% | -7.8% |
| % Gain to Breakeven | 12.0% | 8.5% |
| Time to Breakeven | 6 days | 18 days |
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -27.7% | -9.5% |
| % Gain to Breakeven | 38.4% | 10.5% |
| Time to Breakeven | 603 days | 24 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -23.3% | -24.5% |
| % Gain to Breakeven | 30.3% | 32.4% |
| Time to Breakeven | 127 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -42.6% | -33.7% |
| % Gain to Breakeven | 74.3% | 50.9% |
| Time to Breakeven | 56 days | 140 days |
| 2016-2017 Trump Reflation Bond Selloff | ||
| % Loss | -35.4% | -3.7% |
| % Gain to Breakeven | 54.9% | 3.9% |
| Time to Breakeven | 742 days | 6 days |
In The Past
SSR Mining's stock fell -13.6% during the 2025 US Tariff Shock. Such a loss loss requires a 15.7% gain to breakeven.
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| Event | SSRM | S&P 500 |
|---|---|---|
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -27.7% | -9.5% |
| % Gain to Breakeven | 38.4% | 10.5% |
| Time to Breakeven | 603 days | 24 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -23.3% | -24.5% |
| % Gain to Breakeven | 30.3% | 32.4% |
| Time to Breakeven | 127 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -42.6% | -33.7% |
| % Gain to Breakeven | 74.3% | 50.9% |
| Time to Breakeven | 56 days | 140 days |
| 2016-2017 Trump Reflation Bond Selloff | ||
| % Loss | -35.4% | -3.7% |
| % Gain to Breakeven | 54.9% | 3.9% |
| Time to Breakeven | 742 days | 6 days |
| 2015-2016 China Devaluation / Global Growth Scare | ||
| % Loss | -44.0% | -12.2% |
| % Gain to Breakeven | 78.4% | 13.9% |
| Time to Breakeven | 82 days | 62 days |
| 2014-2016 Oil Price Collapse | ||
| % Loss | -59.4% | -6.8% |
| % Gain to Breakeven | 146.6% | 7.3% |
| Time to Breakeven | 100 days | 15 days |
| 2013 Taper Tantrum | ||
| % Loss | -24.6% | -0.2% |
| % Gain to Breakeven | 32.6% | 0.2% |
| Time to Breakeven | 85 days | 1 days |
| 2011 US Debt Ceiling Crisis & European Contagion | ||
| % Loss | -43.9% | -17.9% |
| % Gain to Breakeven | 78.2% | 21.8% |
| Time to Breakeven | 5236 days | 123 days |
| 2008-2009 Global Financial Crisis | ||
| % Loss | -83.1% | -53.4% |
| % Gain to Breakeven | 490.5% | 114.4% |
| Time to Breakeven | 6372 days | 1085 days |
| Summer 2007 Credit Crunch | ||
| % Loss | -26.1% | -8.6% |
| % Gain to Breakeven | 35.4% | 9.5% |
| Time to Breakeven | 43 days | 47 days |
In The Past
SSR Mining's stock fell -13.6% during the 2025 US Tariff Shock. Such a loss loss requires a 15.7% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
About SSR Mining (SSRM)
SSR Mining Inc. (SSRM) is a precious metals mining company that engages in the full lifecycle of resource property development. Its core business encompasses the acquisition, exploration, development, and operation of various mining sites.
The company's primary products are the precious and base metals it extracts from the earth, including gold, silver, copper, lead, and zinc. SSR Mining operates a diversified portfolio of active mines across several key regions, with significant operations such as the Çöpler Gold mine in Turkey, the Marigold mine in the United States, the Seabee Gold Operation in Canada, and Puna Operations in Argentina. These metals are sold into the global commodities market, serving industrial and investment customers worldwide.
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Barrick Gold for mid-tier, globally diversified precious metals mining.
A diversified miner of gold, silver, copper, and zinc, like a smaller, more precious-metal-focused Freeport-McMoRan.
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Major products of SSR Mining (SSRM):
- Gold: A precious metal extracted from the company's various gold mines.
- Silver: A precious metal extracted and sold by the company.
- Copper: A base metal that the company explores for and extracts.
- Lead: A base metal included in the company's exploration and mining activities.
- Zinc: A base metal that the company explores for and produces.
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SSR Mining (SSRM) engages in the acquisition, exploration, development, and operation of precious and base metal resource properties. The company explores for and produces gold, silver, copper, lead, and zinc.
As a mining company that extracts raw materials, SSR Mining sells its products (unrefined doré, concentrates, or refined metals) as commodities into global markets. Therefore, it does not typically have publicly disclosed "major customers" in the traditional sense, such as specific manufacturing companies or retailers with whom they have long-term, publicly reported off-take agreements for all their output. Instead, their sales are made to a diverse range of entities within the commodities market.
Consequently, specific names of customer companies are not publicly disclosed by SSR Mining. However, the types of companies that typically purchase their products include:
- Precious Metal Refiners and Bullion Dealers: For gold and silver, these companies refine the unpurified doré into investment-grade bullion and facilitate trading in the global precious metals markets.
- Base Metal Smelters and Refiners: For copper, lead, and zinc concentrates, these facilities process the raw materials into refined base metals suitable for industrial use.
- Commodity Trading Houses: These firms specialize in buying and selling large volumes of raw materials on behalf of various industrial end-users or for speculative purposes within the global commodity markets.
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Rodney P. Antal Executive Chairman
Mr. Antal was appointed Executive Chairman of SSR Mining in June 2023. Previously, he served as President and Chief Executive Officer of SSR Mining following its merger with Alacer Gold in September 2020. Prior to the merger, Mr. Antal held the position of President and Chief Executive Officer with Alacer Gold since August 2013 and Chief Financial Officer from May 2012 to August 2013. He possesses over 30 years of global mining experience, including roles at Placer Dome and within the Rio Tinto Group.
Michael J. Sparks Executive Vice President, Chief Financial Officer
Mr. Sparks was appointed Executive Vice President, Chief Financial Officer of SSR Mining in March 2024, succeeding Alison White. Before this, he served as the company's Executive Vice President, Chief Legal and Administrative Officer and Corporate Secretary since September 2020. Prior to the merger, Mr. Sparks served as the Chief Legal Officer for Alacer Gold Corp. since 2012. He is responsible for the finance, enterprise risk, and information technology functions, with extensive experience in public company reporting, compliance, business integration, and tax structuring.
F. Edward Farid Executive Vice President, Chief Strategy Officer
Mr. Farid was appointed Executive Vice President, Chief Strategy Officer of SSR Mining in March 2024. He previously served as Executive Vice President, Chief Corporate Development Officer since September 2020. Mr. Farid is responsible for business strategy, mergers & acquisitions, portfolio management, joint ventures, commercial negotiations, capital markets, financings, and commercial metal sales functions. With over two decades of mining and investment banking experience, he was a senior investment banker at a large bulge bracket bank prior to joining Alacer Gold in 2017, where he advised on financing and M&A transactions. He played a pivotal role in the at-market merger between Alacer Gold and SSR Mining.
John Ebbett Executive Vice President, Growth and Innovation
Mr. Ebbett was promoted to Executive Vice President, Growth and Innovation in August 2022. He rejoined SSR Mining in September 2020 as Vice President, Project Development. Previously, he was Project Director at Alacer Gold, where he successfully led the construction of the Çöpler Sulfide Plant. His background includes various project development roles with Newcrest Mining, Ausenco, and John Holland. His focus at SSR Mining is on development and exploration.
William (Bill) MacNevin Executive Vice President, Operations and Sustainability
Mr. MacNevin was appointed Executive Vice President, Operations and Sustainability in January 2023. He brings over 35 years of international experience in the mining industry, having held senior operational and corporate roles at companies such as Placer Dome, Newmont, and Barrick Gold. His previous positions include CEO of Barrick Nevada and General Manager at Lumwana.
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The key risks to SSR Mining Inc. (SSRM) are primarily centered around the operational and regulatory challenges at its Çöpler Gold mine in Turkey, alongside broader industry-specific exposures to commodity price fluctuations and geopolitical factors.
- Ongoing Suspension and Regulatory Uncertainty of the Çöpler Gold Mine: The most significant risk stems from the indefinite suspension of operations at the Çöpler Gold mine in Turkey following a heap leach pad slip in February 2024. Turkish authorities have revoked environmental and operating permits, leading to ongoing government investigations, potential legal and criminal liabilities, and significant remediation and care/maintenance costs. The company cannot currently estimate when or under what conditions operations will resume, which has created substantial uncertainty regarding future cash flows, production guidance, and financial performance, despite efforts to diversify through acquisitions.
- Fluctuations in Precious Metal Prices: As a precious metals mining company, SSR Mining's revenue, profitability, and overall financial health are highly sensitive to the market prices of gold and silver. Adverse movements in these commodity prices could materially impact the company's operating results, cash flows, and the value of its mineral reserves.
- Geopolitical and Regulatory Risks in Operating Jurisdictions: Beyond the specific issues at Çöpler, SSR Mining operates in multiple international jurisdictions including Turkey, the United States, Canada, and Argentina. This exposes the company to general geopolitical risks, changes in government policies, environmental regulations, taxation, and potential political instability. Such factors can affect permitting, operational costs, and the company's ability to conduct business in these regions.
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The Çöpler Gold mine landslide in Turkey, which occurred in February 2024, represents a clear emerging threat. This incident led to the suspension of operations at one of SSR Mining's key assets, resulting in significant immediate and potential long-term impacts. The ongoing threat involves: prolonged operational suspension or potential permanent closure of parts of the mine, substantial financial costs from lost production and remediation efforts, potential regulatory fines and intensified scrutiny, and a significant blow to the company's social license to operate in Turkey, which could affect future permitting and community relations. The full ramifications of this event are still unfolding, making it an active and emerging threat to SSR Mining's core operations and financial stability.
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The addressable markets for SSR Mining's main products are global and encompass the overall markets for gold, silver, copper, lead, and zinc.
Gold
The global gold market size was valued at approximately USD 291.68 billion in 2024 and is projected to reach USD 400 billion by the end of 2030. In terms of volume, the global gold market stood at 4,890.0 tons in 2025 and is expected to grow to 5,118.1 tons in 2026, reaching 7,424.4 tons by 2034. Another estimate indicates the market was 4.75 kilotons in 2025, growing to 5.1 kilotons in 2026, and forecast to reach 7.25 kilotons by 2031.
Silver
The global silver market size was valued at USD 87.12 billion in 2024 and is projected to grow to USD 95.20 billion in 2025, with an anticipated increase to USD 202.07 billion by 2033. Global silver demand reached 1.24 billion ounces in 2023, and industrial demand for silver is projected to surpass 700 billion ounces in 2025, with overall global demand expected to be around 1.2 billion ounces.
Copper
The global copper market size was valued at USD 261.93 billion in 2025. It is projected to grow from USD 279.29 billion in 2026 to USD 466.67 billion by 2034. Other estimates place the global copper market at USD 241.88 billion in 2024, projected to reach USD 339.95 billion by 2030, or USD 269 billion in 2024, projected to reach USD 368.8 billion by 2030.
Lead
The global lead market was valued at USD 29.9 billion in 2025. Demand is estimated to reach USD 31.2 billion in 2026 and is projected to grow to approximately USD 47.1 billion by 2036. Another report states the global lead market size was valued at USD 23.55 billion in 2025 and is expected to reach USD 39.26 billion by 2034.
Zinc
The global zinc market size was valued at USD 27.2 billion in 2024 and is poised to grow from USD 29.24 billion in 2025 to USD 52.14 billion by 2033. In terms of volume, the zinc market size was valued at 13.78 million tons in 2025 and is estimated to reach 13.93 million tons in 2026, growing to 15.06 million tons by 2031.
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SSR Mining Inc. (SSRM) is expected to drive future revenue growth over the next 2-3 years through several key initiatives and market factors:
- Advancement and Development of the Hod Maden Project: The Hod Maden project in Turkey is a high-grade gold and copper development project with a confirmed high return potential, as evidenced by its technical report showing a significant Net Present Value and Internal Rate of Return. This project is anticipated to be a substantial contributor to SSR Mining's production and revenue once operational.
- Continued Operational Excellence and Expansion at Existing Mines: SSR Mining plans to boost production through ongoing growth initiatives and life-of-mine extensions at its key operations. This includes projects like Buffalo Valley and New Millennium at the Marigold mine, Porky at the Seabee Gold Operation, and Cortaderas, Chinchillas pit laybacks, and the Molina target at Puna Operations. The recently integrated Cripple Creek & Victor (CC&V) mine, with its 12-year life-of-mine plan, is also expected to be a consistent and strong contributor to future revenue.
- Increased Gold Equivalent Ounce Production: The company has provided optimistic operating guidance for 2026, projecting between 450,000 and 535,000 gold equivalent ounces. This represents an increase compared to the 447,207 gold equivalent ounces produced in 2025, indicating a direct pathway to higher revenue through greater output.
- Potential for Favorable Precious Metal Prices: As a precious metals mining company, SSR Mining's revenue is inherently tied to the market prices of gold and silver. Sustained or rising commodity prices would significantly enhance the company's revenue, as demonstrated by the average realized gold price of $4,142 per ounce in Q4 2025. Analysts' forecasts for SSRM's revenue growth implicitly or explicitly account for a favorable commodity price environment.
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Share Repurchases
- SSR Mining's Board of Directors approved a new share buyback program of up to $300 million in February 2026, to be executed opportunistically over the subsequent twelve months.
- Between 2021 and 2024, the company repurchased approximately 20 million shares at an average price of $15.76 per share, amounting to about $315 million.
- Share repurchases have been a consistent element of SSR Mining's capital return strategy.
Outbound Investments
- SSR Mining acquired Taiga Gold in December 2021 for approximately C$30 million (US$21 million), thereby consolidating its ownership of the Fisher property adjacent to its Seabee mine and eliminating a 2.5% net smelter return royalty.
- On February 28, 2025, the company completed the acquisition of the Cripple Creek & Victor (CC&V) gold mine for up to $275 million, positioning SSR Mining as the third-largest gold producer in the United States.
- In March 2026, SSR Mining announced a binding agreement to sell its 80% ownership in the Çöpler mine for $1.5 billion in cash, signaling an exit from its Turkish operations and a strategic shift towards its American assets.
Capital Expenditures
- In 2025, total capital expenditures at the Hod Maden development project reached $78.2 million, including $33.8 million in the fourth quarter, aligning with the guidance range of $60 million to $100 million.
- Attributable growth capital expenditures for the Hod Maden project in 2025 were expected to be between $60 million and $100 million, primarily focused on initial earthworks, site access, and the commencement of road and tunnel development.
- For 2026, the company projects a total gross capital expenditure of $150 million, mainly allocated to leach pad expansions at the Marigold and CC&V mines, alongside global exploration and resource development initiatives.
Peer Outperformance in Gold
| Ticker | Name | Rev Growth 3Y Avg | P/E | 1Y | 3Y | 5Y | 5Y Gap |
|---|---|---|---|---|---|---|---|
| SSRM | SSR Mining | 22.4% | 29.1x | 42.6% | 165.2% | 133.2% | — |
| FSM | Fortuna Mining | 23.4% | 9.0x | 26.0% | 310.6% | 186.3% | +53pp |
| Industry | Names | 1Y med | 3Y med | 5Y med | Top 3 by 5Y |
|---|---|---|---|---|---|
| Copper | 7 | 68.4% | 126.6% | 186.0% | TGB 357% · SCCO 351% · HBM 341% |
| Steel | 13 | 22.0% | 34.9% | 161.9% | NWPX 333% · STLD 321% · FRD 257% |
| Silver | 6 | 48.9% | 350.3% | 153.1% | AYA 284% · HL 228% · SVM 190% |
| Gold ← | 35 | 9.4% | 202.9% | 150.5% | IAG 712% · CNL 538% · OGC 436% |
| Aluminum | 3 | 22.6% | 152.1% | 60.0% | CENX 144% · KALU 60% · AA -10% |
| Construction Materials | 7 | -28.6% | 17.5% | 47.6% | USLM 378% · CRH 89% · VMC 49% |
| Diversified Metals & Mining | 23 | -47.7% | -8.5% | 9.1% | ATLX 172043% · USAR 45504% · FMST 578% |
| Metal, Glass & Plastic Containers | 11 | -12.7% | 0.7% | -2.7% | KRT 282% · MYE 81% · GEF 43% |
| Paper & Plastic Packaging Products & Materials | 7 | 7.4% | 4.4% | -8.9% | PKG 87% · CCK 10% · SON -3% |
| Specialty Chemicals | 41 | 11.2% | 4.7% | -18.1% | ODC 481% · NEU 193% · CMT 100% |
| Diversified Chemicals | 4 | -4.1% | -24.3% | -31.0% | CBT 66% · ASH -15% · CC -47% |
| Precious Metals & Minerals | 8 | 1.9% | 183.1% | -31.8% | ASM 589% · PPTA 313% · MTA 32% |
| Commodity Chemicals | 12 | -2.0% | -16.8% | -34.8% | HWKN 273% · KOP 49% · MEOH 22% |
| Fertilizers & Agricultural Chemicals | 10 | -42.5% | -53.6% | -65.2% | CF 111% · NTR 21% · IPI -1% |
| Paper Products | 4 | -35.9% | -53.6% | -73.1% | SLVM 44% · CLW -50% · ITP -96% |
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Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 75.08 |
| Mkt Cap | 18.7 |
| Rev LTM | 2,552 |
| Op Inc LTM | 1,060 |
| FCF LTM | 738 |
| FCF 3Y Avg | 327 |
| CFO LTM | 1,255 |
| CFO 3Y Avg | 673 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 71.0% |
| Rev Chg 3Y Avg | 36.8% |
| Rev Chg Q | 65.0% |
| QoQ Delta Rev Chg LTM | 10.8% |
| Op Inc Chg LTM | 110.5% |
| Op Inc Chg 3Y Avg | 212.7% |
| Op Mgn LTM | 48.7% |
| Op Mgn 3Y Avg | 29.8% |
| QoQ Delta Op Mgn LTM | -0.6% |
| CFO/Rev LTM | 47.6% |
| CFO/Rev 3Y Avg | 33.4% |
| FCF/Rev LTM | 26.5% |
| FCF/Rev 3Y Avg | 17.9% |
Segment Financials
Revenue by Segment| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Marigold | 541 | 409 | 538 | 349 | 426 |
| Puna | 459 | 331 | 282 | 199 | 226 |
| Cripple Creek and Victor Gold Mining Company (CC&V) | 450 | ||||
| Seabee | 179 | 192 | 164 | 245 | 214 |
| Corporate and other | 0 | 0 | 0 | 0 | 0 |
| Çöpler | 0 | 64 | 442 | 355 | 608 |
| Total | 1,630 | 996 | 1,427 | 1,148 | 1,474 |
| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Cripple Creek and Victor Gold Mining Company (CC&V) | 267 | ||||
| Puna | 251 | 116 | 72 | 34 | 79 |
| Marigold | 244 | 110 | 188 | 90 | 161 |
| Seabee | 45 | 37 | -27 | 106 | 90 |
| Corporate and other | -160 | -64 | -75 | -80 | -87 |
| Çöpler | -185 | -521 | -288 | 40 | 201 |
| Total | 461 | -322 | -130 | 190 | 444 |
| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Çöpler | 2,612 | 2,689 | 2,915 | 3,299 | 3,099 |
| Corporate and other | 1,309 | 896 | 899 | 391 | 740 |
| Marigold | 792 | 890 | 782 | 668 | 599 |
| Cripple Creek and Victor Gold Mining Company (CC&V) | 636 | ||||
| Puna | 381 | 334 | 325 | 315 | 293 |
| Seabee | 363 | 381 | 464 | 582 | 479 |
| Total | 6,094 | 5,189 | 5,386 | 5,255 | 5,211 |
Price Behavior
| Market Price | $33.27 | |
| Market Cap ($ Bil) | 6.9 | |
| First Trading Date | 08/01/1996 | |
| Distance from 52W High | -15.1% | |
| 50 Days | 200 Days | |
| DMA Price | $33.75 | $29.43 |
| DMA Trend | up | up |
| Distance from DMA | -1.4% | 13.1% |
| 3M | 1YR | |
| Volatility | 61.2% | 69.4% |
| Downside Capture | 208.23 | 217.65 |
| Upside Capture | 217.58 | 222.99 |
| Correlation (SPY) | 38.8% | 40.9% |
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 2.65 | 1.96 | 2.17 | 2.46 | 2.16 | 1.13 |
| Up Beta | -1.29 | -1.29 | 1.67 | 2.55 | 2.82 | 0.82 |
| Down Beta | 8.57 | 5.16 | 3.63 | 3.14 | 1.48 | 1.26 |
| Up Capture | 209% | 377% | 258% | 253% | 401% | 269% |
| Bmk +ve Days | 6 | 16 | 27 | 66 | 132 | 424 |
| Stock +ve Days | 11 | 24 | 31 | 60 | 125 | 387 |
| Down Capture | 324% | 127% | 150% | 208% | 155% | 106% |
| Bmk -ve Days | 16 | 26 | 37 | 60 | 120 | 328 |
| Stock -ve Days | 11 | 18 | 33 | 66 | 126 | 356 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with SSRM | |
|---|---|---|---|---|
| SSRM | 39.6% | 69.0% | 0.76 | - |
| Sector ETF (XLB) | 11.7% | 17.9% | 0.46 | 50.8% |
| Equity (SPY) | 16.2% | 13.0% | 0.88 | 40.7% |
| Gold (GLD) | 6.8% | 29.6% | 0.22 | 72.9% |
| Commodities (DBC) | 44.9% | 20.8% | 1.67 | 1.6% |
| Real Estate (VNQ) | 1.5% | 13.6% | -0.15 | 18.6% |
| Bitcoin (BTCUSD) | -28.9% | 44.3% | -0.64 | 34.2% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with SSRM | |
|---|---|---|---|---|
| SSRM | 18.8% | 57.2% | 0.55 | - |
| Sector ETF (XLB) | 5.8% | 19.1% | 0.19 | 33.9% |
| Equity (SPY) | 13.1% | 17.2% | 0.58 | 25.1% |
| Gold (GLD) | 18.4% | 18.9% | 0.79 | 56.7% |
| Commodities (DBC) | 10.3% | 19.6% | 0.41 | 15.1% |
| Real Estate (VNQ) | 0.7% | 18.8% | -0.07 | 22.1% |
| Bitcoin (BTCUSD) | 14.6% | 52.2% | 0.45 | 17.5% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with SSRM | |
|---|---|---|---|---|
| SSRM | 10.3% | 53.0% | 0.41 | - |
| Sector ETF (XLB) | 9.6% | 20.7% | 0.41 | 25.6% |
| Equity (SPY) | 15.3% | 17.9% | 0.72 | 19.1% |
| Gold (GLD) | 11.5% | 16.4% | 0.57 | 59.2% |
| Commodities (DBC) | 8.2% | 18.1% | 0.37 | 16.9% |
| Real Estate (VNQ) | 4.2% | 20.7% | 0.16 | 17.8% |
| Bitcoin (BTCUSD) | 64.1% | 66.2% | 1.04 | 13.3% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Earnings Returns History
Updated 9/28/2026| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 8/4/2026 | 9.1% | 20.3% | 42.2% |
| 5/5/2026 | 15.5% | 26.5% | 4.3% |
| 2/17/2026 | 2.6% | 18.3% | -0.5% |
| 11/4/2025 | -10.2% | -4.1% | -3.6% |
| 8/5/2025 | 17.3% | 24.2% | 57.1% |
| 5/6/2025 | 2.6% | -3.4% | 16.8% |
| 2/18/2025 | 12.8% | 9.9% | 19.8% |
| 11/6/2024 | -14.0% | -12.5% | 3.4% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 10 | 11 | 11 |
| # Negative | 9 | 8 | 8 |
| Median Positive | 6.2% | 9.9% | 11.3% |
| Median Negative | -4.6% | -7.0% | -6.4% |
| Max Positive | 17.3% | 26.5% | 57.1% |
| Max Negative | -14.0% | -21.9% | -13.4% |
| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 8/4/2026 | 9.1% | 20.3% | 42.2% |
| 5/5/2026 | 15.5% | 26.5% | 4.3% |
| 2/17/2026 | 2.6% | 18.3% | -0.5% |
| 11/4/2025 | -10.2% | -4.1% | -3.6% |
| 8/5/2025 | 17.3% | 24.2% | 57.1% |
| 5/6/2025 | 2.6% | -3.4% | 16.8% |
| 2/18/2025 | 12.8% | 9.9% | 19.8% |
| 11/6/2024 | -14.0% | -12.5% | 3.4% |
| 7/31/2024 | -12.0% | -21.9% | -6.8% |
| 5/8/2024 | 1.5% | 2.1% | -6.0% |
| 2/27/2024 | -7.9% | -10.0% | -7.1% |
| 11/1/2023 | -1.8% | 1.7% | 2.6% |
| 8/2/2023 | -0.7% | 0.9% | 3.5% |
| 5/4/2023 | 1.6% | -4.0% | -11.2% |
| 2/22/2023 | -0.4% | -0.8% | 2.6% |
| 11/8/2022 | -0.9% | 5.1% | 11.3% |
| 8/2/2022 | -4.6% | 1.8% | -13.4% |
| 5/3/2022 | 3.3% | -13.0% | -4.9% |
| 2/23/2022 | 9.5% | 14.3% | 20.1% |
| SUMMARY STATS | |||
| # Positive | 10 | 11 | 11 |
| # Negative | 9 | 8 | 8 |
| Median Positive | 6.2% | 9.9% | 11.3% |
| Median Negative | -4.6% | -7.0% | -6.4% |
| Max Positive | 17.3% | 26.5% | 57.1% |
| Max Negative | -14.0% | -21.9% | -13.4% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 08/04/2026 | 10-Q |
| 03/31/2026 | 05/05/2026 | 10-Q |
| 12/31/2025 | 02/17/2026 | 10-K |
| 09/30/2025 | 11/04/2025 | 10-Q |
| 06/30/2025 | 08/05/2025 | 10-Q |
| 03/31/2025 | 05/06/2025 | 10-Q |
| 12/31/2024 | 02/18/2025 | 10-K |
| 09/30/2024 | 11/06/2024 | 10-Q |
| 06/30/2024 | 07/31/2024 | 10-Q |
| 03/31/2024 | 05/08/2024 | 10-Q |
| 12/31/2023 | 02/27/2024 | 10-K |
| 09/30/2023 | 11/01/2023 | 10-Q |
| 06/30/2023 | 08/02/2023 | 10-Q |
| 03/31/2023 | 05/04/2023 | 10-Q |
| 12/31/2022 | 02/22/2023 | 10-K |
| 09/30/2022 | 11/08/2022 | 10-Q |
| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 08/04/2026 | 10-Q |
| 03/31/2026 | 05/05/2026 | 10-Q |
| 12/31/2025 | 02/17/2026 | 10-K |
| 09/30/2025 | 11/04/2025 | 10-Q |
| 06/30/2025 | 08/05/2025 | 10-Q |
| 03/31/2025 | 05/06/2025 | 10-Q |
| 12/31/2024 | 02/18/2025 | 10-K |
| 09/30/2024 | 11/06/2024 | 10-Q |
| 06/30/2024 | 07/31/2024 | 10-Q |
| 03/31/2024 | 05/08/2024 | 10-Q |
| 12/31/2023 | 02/27/2024 | 10-K |
| 09/30/2023 | 11/01/2023 | 10-Q |
| 06/30/2023 | 08/02/2023 | 10-Q |
| 03/31/2023 | 05/04/2023 | 10-Q |
| 12/31/2022 | 02/22/2023 | 10-K |
| 09/30/2022 | 11/08/2022 | 10-Q |
| 06/30/2022 | 08/02/2022 | 10-Q |
| 03/31/2022 | 05/03/2022 | 10-Q |
| 12/31/2021 | 02/23/2022 | 10-K |
| 09/30/2021 | 11/03/2021 | 6-K |
| 06/30/2021 | 08/04/2021 | 6-K |
| 03/31/2021 | 05/06/2021 | 6-K |
| 12/31/2020 | 03/30/2021 | 40-F |
| 09/30/2020 | 11/12/2020 | 6-K |
| 06/30/2020 | 08/06/2020 | 6-K |
| 03/31/2020 | 05/15/2020 | 6-K |
| 12/31/2019 | 03/19/2020 | 40-F |
| 09/30/2019 | 11/05/2019 | 6-K |
Recent Forward Guidance
Updated 10/4/2026Latest: Q2 2026 Earnings Reported 8/4/2026
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2026 Gold Equivalent Production | Reported | 0.45 Mil | 0.49 Mil | 0.54 Mil | 0 | Affirmed | Guidance: 0.49 Mil for 2026 | |
| 2026 Gold Production | Reported | 0.35 Mil | 0.39 Mil | 0.42 Mil | ||||
| 2026 Silver Production | Reported | 6.25 Mil | 6.62 Mil | 7.00 Mil | ||||
Prior: Q1 2026 Earnings Reported 5/5/2026
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2026 Gold Equivalent Production | Reported | 0.45 Mil | 0.49 Mil | 0.54 Mil | 0 | Affirmed | Guidance: 0.49 Mil for 2026 | |
| 2026 Marigold Gold Production | Reported | 0.17 Mil | 0.18 Mil | 0.20 Mil | ||||
| 2026 CC&V Gold Production | Reported | 0.12 Mil | 0.14 Mil | 0.15 Mil | ||||
| 2026 Seabee Gold Production | Reported | 60000 | 65000 | 70000 | ||||
| 2026 Puna Silver Production | Reported | 6.25 Mil | 6.62 Mil | 7.00 Mil | ||||
Q4 2025 Earnings Reported 2/17/2026
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2026 Gold Equivalent Production | Reported | 0.45 Mil | 0.49 Mil | 0.54 Mil | 10.7% | Higher New | Guidance: 0.45 Mil for 2025 | |
| 2026 AISC per Ounce | Reported | 2360 | 2400 | 2440 | ||||
| 2026 Growth Capital | Reported | 1.15E10% | ||||||
| 2026 Sustaining Capital Expenditures | Reported | 202.00 Mil | ||||||
Q3 2025 Earnings Reported 11/4/2025
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2025 Gold Equivalent Production | Reported | 0.41 Mil | 0.45 Mil | 0.48 Mil | 0 | Affirmed | Guidance: 0.45 Mil for 2025 | |
| 2025 Hod Maden Development Capital Spend | Reported | 60.00 Mil | 80.00 Mil | 100.00 Mil | ||||
Investor Activity (13F)
Updated Oct 5, 2026Active managers (13F portfolio over $250M, at least 3 holdings) with a position over $5M that is either over 10% of their portfolio or held in a concentrated book of 50 or fewer total positions. Index/ETF, sovereign, bank, community-bank and charitable/donor-advised filers are excluded.
| Active Manager |
|---|
Industry Resources
| Materials Resources |
| Chemical & Engineering News (C&EN) |
| Mining.com |
| Plastics News |
| Gold Resources |
| Kitco News |
| World Gold Council |
| Mining Journal |
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
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