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Category: Mid-tier Producer
Rating: 3.00   (Potential 5 Bagger as of 02/04/2017)
Risk: Moderate
SSR Mining Inc
www: www.silverstandard.com     email: invest@silverstandard.com

Profile
Notes
Forum
Your Data

Price Data

Symbol Date Price Change 52 Wk Range Volume
NASDAQ:SSRM 08/22/2017 USD 9.94 -0.03 15.32 - 7.70 0
TSE:SSRM 08/22/2017 CAD 12.4800 -0.0400 13.1700 - 11.1900 79,597
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Don's Summary (from last analysis - 02/04/2017)

Silver Standard Resources (SSRI) has significant potential. They have 725 million oz of silver resources and 7 million oz of gold. Plus, they have 1 million acres of exploration land. Production should steadily rise. Currently, the Pirquitas mine in Argentina is their only producing silver mine at 5 million oz, but is closing at the end of 2017.

They purchased the Marigold mine in 2013 from Barrick Gold in Nevada. This was a good deal for SSRI. This will give them 200,000 oz of gold production for 20 years. It’s a 5 million oz deposit, although only 75% recovery rate. All-in costs are around $1100 per oz. Long term it should be a cash flow machine at higher gold prices. They acquired Claude Resources in 2016. This added 75,000 oz of gold production at cash costs around $600 per oz. It is a 2 million oz deposit, but will likely grow in size.

They have become a gold mining company, which is sad considering that had 1 billion oz of silver resources at one point. They recently sold their Diablillos project, which had 72 million oz of silver (100 gpt) and 650,000 oz of gold (.9 gpt) for $14 million. That is about 15 cents per oz of silver equivalent. They lack vision and have no confidence is silver prices rising.

The key for Silver Standard is production growth. They have a huge project in Mexico called Pitarrilla. It is supposed to produce 15 million oz for 30 years, but is currently on hold because they could not obtain water rights. They may have to turn it into an underground mine, which will have higher costs, but it is a huge mine that should get built at higher silver prices. They have one silver project (Chinchillas) under development with 100 million oz of silver resources.

With their resources, they should have a better pipeline of development projects. They will probably buy another gold project soon with their excellent balance sheet of net $200 million in cash and securities. I would not be surprised if they change their name to Gold Standard Resources. They are only a mid-tier producer, but they tend to act more like a major, and are very conservative. They will likely grow into a major. The question is how big of a major will they become?


3/20/2017: Stopped silver production in Argentina (Pirquitas open pit) in January 2017. Currently only a gold producer.

General Details

Financial 02/04/2017
Last
Analysis
Data

Current Data

Change
Item Value Value Updated Value
Mkt. Cap (Fully Diluted): $1,367.72M $1,232.56M 02/04/2017 $-135.16M
Total Assets: $1,454.62M $1,514.57M 06/30/2017 $59.95M
Total Liabilities: $534.42M $539.43M 06/30/2017 $5.01M
Current Assets: $690.21M $755.77M 06/30/2017 $65.56M
Current Liabilities: $133.94M $77.96M 06/30/2017 $-55.98M
Total Debt: $216.98M $226.50M 06/30/2017 $9.52M
Cash: $455.66M $528.12M 06/30/2017 $72.46M
Enterprise Value: $1,129.04M $930.94M 07/02/1999 $-198.10M
Cash Flow: $21.22M $32.34M never $11.12M
Cash Flow Multiple: 64.45 38.11 never -26.34
Net Debt to Cash Flow Ratio: n/a n/a never 0.00
Finance within 1 year: 02/04/2017 n/a
Tax Rate: (guess)  30.00% (default)  30.00% 02/04/2017 0.00%
Misc 02/04/2017
Last
Analysis
Data

Current Data

Change
Item Value Value Updated Value
Share Price: $11.030 $9.940 16:08 on 08/22/2017 $-1.09
Shares Outstanding: 119,000,000 119,580,000 06/30/2017 580,000
Shares Fully Diluted: 124,000,000 124,000,000 02/04/2017 0
Insider Ownership: n/a n/a never n/a
Company Type: Mostly Gold Mostly Gold never n/a
Production ETA: n/a n/a 02/04/2017 n/a
Production (Gold Eq Oz.): (guess) 
346,657
(guess) 
341,086
02/04/2017 -5,571
Production (Silver Eq Oz.): (guess) 
24,188,644
(guess) 
25,806,176
02/04/2017 1,617,532
Initial CapEx (Outstanding): n/a n/a 02/04/2017 n/a
Funding Option: n/a n/a 02/04/2017 n/a
Documentation: none PRODUCER 02/04/2017 n/a
Value Adjustment: none none never 0%

Resource Data

GOLD 02/04/2017
Last Analysis
Data

Current Data

Change
Item Value Value Updated Value
O
U
N
C
E
S
T
O
T
A
L
Proven & Probable: 2.50M 2.50M 02/04/2017 0.00M
Measured & Indicated: 5.50M 5.50M 02/04/2017 0.00M
Inferred: 2.00M 2.00M 02/04/2017 0.00M
Reserves & Resources: 7.50M 7.50M never 0.00M
P
L
A
U
S
I
B
L
E
Proven & Probable: 1.88M 1.88M 02/04/2017 0.00M
Measured & Indicated: 3.68M 3.68M 02/04/2017 0.00M
Inferred: 0.75M 0.75M 02/04/2017 0.00M
Reserves & Resources: 4.43M 4.43M never 0.00M
C
U
R
R
E
N
T
Annual Production: (guess) 
275,000oz.
(guess) 
275,000oz.
02/04/2017 0oz.
Cash Cost: $750 $750 02/04/2017 $0.00
Extra Operating Cost: $350 $350 02/04/2017 $0.00
Average Grade: 0.90 g/t 0.90 g/t 02/04/2017 n/a
Recovery Rate: (CG)  75.00% (CG)  75.00% 02/04/2017 0.00%
F
U
T
U
R
E
Proven & Probable: 6.00M 6.00M 02/04/2017 0.00M
Annual Production: 300,000oz. 300,000oz. 02/04/2017 0oz.
Cash Cost: $800 $800 02/04/2017 $0
Extra Operating Cost: $350 $350 02/04/2017 $0
SILVER 02/04/2017
Last Analysis
Data

Current Data

Change
Item Value Value Updated Value
O
U
N
C
E
S
T
O
T
A
L
Proven & Probable: 31.00M 31.00M 02/04/2017 0.00M
Measured & Indicated: 680.00M 680.00M 02/04/2017 0.00M
Inferred: 45.00M 45.00M 02/04/2017 0.00M
Reserves & Resources: 725.00M 725.00M never 0.00M
P
L
A
U
S
I
B
L
E
Proven & Probable: 23.25M 23.25M 02/04/2017 0.00M
Measured & Indicated: 412.65M 412.65M 02/04/2017 0.00M
Inferred: 16.88M 16.88M 02/04/2017 0.00M
Reserves & Resources: 429.53M 429.53M never 0.00M
C
U
R
R
E
N
T
Annual Production: (guess) 
5,000,000oz.
(guess) 
5,000,000oz.
02/04/2017 0oz.
Cash Cost: $13 $13 02/04/2017 $0.00
Extra Operating Cost: $5 $5 02/04/2017 $0.00
Average Grade: 90.00 g/t 90.00 g/t 02/04/2017 n/a
Recovery Rate: (CG)  75.00% (CG)  75.00% 02/04/2017 0.00%
F
U
T
U
R
E
Proven & Probable: 500.00M 500.00M 02/04/2017 0.00M
Annual Production: 10,000,000oz. 10,000,000oz. 02/04/2017 0oz.
Cash Cost: $13 $13 02/04/2017 $0
Extra Operating Cost: $6 $6 02/04/2017 $0

Property

Last Analysis Data  (02/04/2017)
Stage Location Name Owned Size (Ha) Type Au Ag Cu Notes
Production Jujuy, Argentina Pirquitas 100% n/a n/a show
2017 last year production for open pit.

Potential underground production.
Production Saskatchewan, Canada Seabee / Santoy 8 100% 14,000 Underground show
High grade underground mine at 5.5 gpt.

1.2 million oz deposit

75,000 production

$700 cash costs
Development Torreon, Mexico Pitarrilla 100% n/a n/a show
Huge project. 15 million oz of production for 32 years.

This will likely be the mine that makes or the company a success for shareholders.

Large capex of $750 million. Production in 2016.

475 million oz deposit (Reserves!). at 3 opt.

On hold because they do not have water rights.
Development Durango, Mexico San Agustin 100% n/a n/a show
1.5 million oz gold, and 47 million oz of silver.
Development Peru San Luis 100% n/a n/a show
Small project, but exploration potential. Currently a 4 yr mine life. High grade.
Exploration Saskatchewan, Canada Amisk 100% 40,000 n/a show
Very large property

1 million oz open pit project

There next mine. Still early stage development.
Exploration Watson Lake, Canada Sunrise Lake 100% n/a n/a n/a
Exploration Flin Flon, Manitoba, Canada Tartan Lake 100% n/a n/a n/a
Exploration Iquique, Chile Challacollo 100% n/a n/a n/a
Exploration Mazatlan, Mexico San Marcial 100% n/a n/a n/a
Exploration Parral, Mexico Veta Colorada 100% n/a n/a n/a
Exploration Santa Lucia, Peru Berenguela 100% n/a n/a n/a
Exploration Hawthorne, USA Candelaria 100% n/a n/a n/a
Exploration Nevada, USA Marigold 100% (guess) n/a n/a show
8 million oz deposit at .5 gpt

150,000 oz production.

All-in Costs around $1100 per oz.

Purchased from Barrick in 2013.
Exploration Nevada, USA Maverick Springs Silver 100% n/a n/a n/a
Total Land Package Size (ha): 54,000  
Current Data
Stage Location Name Owned Size (Ha) Type Au Ag Cu Notes
Production Jujuy, Argentina Pirquitas 100% n/a n/a show
2017 last year production for open pit.

Potential underground production.
Production Saskatchewan, Canada Seabee / Santoy 8 100% 14,000 Underground show
High grade underground mine at 5.5 gpt.

1.2 million oz deposit

75,000 production

$700 cash costs
Development Torreon, Mexico Pitarrilla 100% n/a n/a show
Huge project. 15 million oz of production for 32 years.

This will likely be the mine that makes or the company a success for shareholders.

Large capex of $750 million. Production in 2016.

475 million oz deposit (Reserves!). at 3 opt.

On hold because they do not have water rights.
Development Durango, Mexico San Agustin 100% n/a n/a show
1.5 million oz gold, and 47 million oz of silver.
Development Peru San Luis 100% n/a n/a show
Small project, but exploration potential. Currently a 4 yr mine life. High grade.
Exploration Saskatchewan, Canada Amisk 100% 40,000 n/a show
Very large property

1 million oz open pit project

There next mine. Still early stage development.
Exploration Watson Lake, Canada Sunrise Lake 100% n/a n/a n/a
Exploration Flin Flon, Manitoba, Canada Tartan Lake 100% n/a n/a n/a
Exploration Iquique, Chile Challacollo 100% n/a n/a n/a
Exploration Mazatlan, Mexico San Marcial 100% n/a n/a n/a
Exploration Parral, Mexico Veta Colorada 100% n/a n/a n/a
Exploration Santa Lucia, Peru Berenguela 100% n/a n/a n/a
Exploration Hawthorne, USA Candelaria 100% n/a n/a n/a
Exploration Nevada, USA Marigold 100% (guess) n/a n/a show
8 million oz deposit at .5 gpt

150,000 oz production.

All-in Costs around $1100 per oz.

Purchased from Barrick in 2013.
Exploration Nevada, USA Maverick Springs Silver 100% n/a n/a n/a
Total Land Package Size (ha): 54,000  

Profitability (by resource)

Proven &
Probable
02/04/2017
Last Analysis
Data

Current Data

Change
Item Value Value Updated Value
Percentage Gold: 84.91% 85.92% n/a 1.01%
Percentage Silver: 15.09% 14.08% n/a -1.01%
Total (Gold Eq. Oz.): 2.94M 2.91M n/a -0.03M
Total (Silver Eq. Oz.): 205.44M 220.15M n/a 14.70M
P

L

A

U

S

I

B

L

E
Gold Eq. Oz.: 2.21M 2.18M n/a -0.03M
Silver Eq. Oz.: 154.08M 165.11M n/a 11.03M
Maximum Profit (Gold): $157.11M $244.39M n/a $87.28M
Maximum Profit (Silver): $-8.46M $-16.28M n/a $-7.81M
Total Maximum Profit: $148.64M $228.11M n/a $79.47M
Max Profit / Current MCap: 0.109 0.185 n/a 0.076
Max Profit Per Share (Gold): $1.27 $1.97 n/a $0.70
Max Profit Per Share (Silver): $-0.07 $-0.13 n/a $-0.06
Total Max Profit Per Share: $1.20 $1.84 n/a $0.64
Total Free Profit Per Share: $0.00 $0.00 n/a $0.00
FD Mkt. Cap / Gold Eq.: $619.38 $564.80 n/a $-54.58
FD Mkt. Cap / Silver Eq.: $8.88 $7.47 n/a $-1.41
FD Mkt. Cap / Per Metal
as % Spot Price:
50.78% 43.91% n/a -6.87%
Measured &
Indicated
02/04/2017
Last Analysis
Data

Current Data

Change
Item Value Value Updated Value
Percentage Gold: 36.08% 37.96% n/a 1.88%
Percentage Silver: 63.92% 62.04% n/a -1.88%
Total (Gold Eq. Oz.): 15.25M 14.49M n/a -0.76M
Total (Silver Eq. Oz.): 1,063.77M 1,096.12M n/a 32.35M
P

L

A

U

S

I

B

L

E
Gold Eq. Oz.: 9.59M 9.13M n/a -0.46M
Silver Eq. Oz.: 669.08M 690.70M n/a 21.62M
Maximum Profit (Gold): $307.93M $479.00M n/a $171.07M
Maximum Profit (Silver): $-150.20M $-288.86M n/a $-138.65M
Total Maximum Profit: $157.72M $190.14M n/a $32.42M
Max Profit / Current MCap: 0.115 0.154 n/a 0.039
Max Profit Per Share (Gold): $2.48 $3.86 n/a $1.38
Max Profit Per Share (Silver): $-1.21 $-2.33 n/a $-1.12
Total Max Profit Per Share: $1.27 $1.53 n/a $0.26
Total Free Profit Per Share: $0.00 $0.00 n/a $0.00
FD Mkt. Cap / Gold Eq.: $142.64 $135.01 n/a $-7.62
FD Mkt. Cap / Silver Eq.: $2.04 $1.78 n/a $-0.26
FD Mkt. Cap / Per Metal
as % Spot Price:
11.69% 10.50% n/a -1.20%

Reserves &
Resources
02/04/2017
Last Analysis
Data

Current Data

Change
Item Value Value Updated Value
Percentage Gold: 41.92% 43.90% n/a 1.98%
Percentage Silver: 58.08% 56.10% n/a -1.98%
Total (Gold Eq. Oz.): 17.89M 17.08M n/a -0.81M
Total (Silver Eq. Oz.): 1,248.33M 1,292.44M n/a 44.11M
P

L

A

U

S

I

B

L

E
Gold Eq. Oz.: 10.58M 10.10M n/a -0.48M
Silver Eq. Oz.: 738.29M 764.32M n/a 26.03M
Maximum Profit (Gold): $370.77M $576.75M n/a $205.98M
Maximum Profit (Silver): $-156.35M $-300.67M n/a $-144.32M
Total Maximum Profit: $214.42M $276.09M n/a $61.66M
Max Profit / Current MCap: 0.157 0.224 n/a 0.067
Max Profit Per Share (Gold): $2.99 $4.65 n/a $1.66
Max Profit Per Share (Silver): $-1.26 $-2.42 n/a $-1.16
Total Max Profit Per Share: $1.73 $2.23 n/a $0.50
Total Free Profit Per Share: $0.00 $0.00 n/a $0.00
FD Mkt. Cap / Gold Eq.: $129.27 $122.01 n/a $-7.26
FD Mkt. Cap / Silver Eq.: $1.85 $1.61 n/a $-0.24
FD Mkt. Cap / Per Metal
as % Spot Price:
10.60% 9.49% n/a -1.11%

Future Valuation (Cash Flow & Totals)

Totals 02/04/2017
Last
Analysis
Data

Current Data

Change
Item Value Value Updated Value
C
U
R
R
E
N
T
R & R Valuation: $1,935.79M $1,949.00M n/a $13.21M
Mkt. Cap: $1,367.72M $1,232.56M n/a $-135.16M
Annual Gold Production: (guess) 
275,000oz.
(guess) 
275,000oz.
02/04/2017 0oz.
Annual Silver Production: (guess) 
5,000,000oz.
(guess) 
5,000,000oz.
02/04/2017 0oz.
F

U

T

U

R

E
FD Mkt. Cap: $9,750.00M $9,750M n/a $0M
FD Mkt. Cap Growth: 613% 691% n/a 78%
Annual
Production
Gold: 300,000 oz. 300,000 oz. n/a 0 oz.
Silver: 10,000,000 oz. 10,000,000 oz. n/a 0 oz.
Current FD
Mkt. Cap /
Gold Eq. Reserves: 52.60 47.41 n/a -5.20
Silver Eq. Reserves: 2.10 1.90 n/a -0.21
Gold Eq. Production: 1,953.89 1,760.80 n/a -193.09
Silver Eq. Production: 78.16 70.43 n/a -7.72
P&P
Reserves
(oz.)
Gold: 6.00M 6.00M 02/04/2017 n/a
Silver: 500.00M 500.00M 02/04/2017 n/a
Gold Eq.: 26.00M 26.00M 02/04/2017 n/a
Silver Eq.: 650.00M 650.00M 02/04/2017 n/a
P&P Reserves
per FD
Share (oz.)
Gold: 0.048 0.048 n/a n/a
Silver: 4.032 4.032 n/a n/a
Gold Eq.: 0.210 0.210 n/a n/a
Silver Eq.: 5.242 5.242 n/a n/a
Cash Flow 02/04/2017
Last
Analysis
Data

Current Data

Change
Item Value Value Updated Value
Current: $21.22M $32.34M n/a $11.12M
Current Multiple: 64.45 38.11 n/a -26.34
F
U
T
U
R
E
@ current prices: $3.43M $12.52M n/a $9.09M
Multiple @ current prices: 399.22 98.48 n/a -300.74
Growth @ current prices: -83.86% -61.30% n/a 0.23
@ future prices: $729.00M $729.00M n/a $0.00M
Multiple @ future prices: 1.88 1.69 n/a -0.19
Growth @ future prices: 2,153.93% 2,153.93% n/a -11.81

Defaults

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