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SSR Mining Inc

www: www.ssrmining.com   email: invest@ssrmining.com
Category: Mid-tier Producer
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Symbol Data

Symbol Currency
NASDAQ:SSRM USD
TSE:SSRM CAD

Description

SSR Mining Inc are a gold and silver focused mid-tier producer with two producing mines in Argentina and Canada, three mines in development in Mexico and Peru and exploration properties. Currently they produce roughly 300koz. of gold and 7.0Moz. of silver per year. They have approximately 9Moz. of gold and 133Moz. of silver in the reserves and resources category of which 7Moz. of gold and 100Moz. of silver are in the measured and indicated category. They have a market capitalisation of ~$2473.38M which is a rise of roughly 38% over the last ten months. As of 10/20/2019 they have ~$280M debt and ~$452M cash. They have 123M shares outstanding and trade on the NASDAQ Stock Exchange and the Toronto Stock Exchange.

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General Details

Financial 10/20/2019
Last
Analysis
Data
Current Data
Change
Item Value Value Updated Value
Mkt. Cap (FD): $1,795.62M $2,473.38M 11/12/2019 $677.76M
Total Assets: $1,650.00M $1,650.00M 10/20/2019 $0.00M
Total Liabilities: $568.00M $568.00M 10/20/2019 $0.00M
Current Assets: $798.00M $798.00M 10/20/2019 $0.00M
Current Liabilities: $198.00M $198.00M 10/20/2019 $0.00M
Total Debt: $280.00M $280.00M 10/20/2019 $0.00M
Cash: $452.00M $452.00M 10/20/2019 $0.00M
Enterprise Value: $1,623.62M $2,301.38M 12/05/2042 $677.76M
Cash Flow: $89.17M $228.66M never $139.50M
Cash Flow Multiple: 20.14 10.82 never -9.32
Net Debt to
Cash Flow Ratio:		 n/a n/a never 0.00
Finance within 1 year: 10/20/2019 n/a
Tax Rate: (guess)  30.00% (default)  30.00% 10/20/2019 0.00%
Misc 10/20/2019
Last
Analysis
Data
Current Data
Change
Item Value Value Updated Value
Shares Outstanding: 122,988,000 123,000,000 11/12/2019 12,000
Shares (FD): 122,988,000 126,000,000 11/12/2019 3,012,000
Insider Ownership: n/a n/a never n/a
Company Type: Mostly Gold Mostly Gold never n/a
Production ETA: n/a n/a 10/20/2019 n/a
Production (Gold Eq Oz.): (guess) 
382,237		 (guess) 
395,096		 10/20/2019 12,860
Production (Silver Eq Oz.): (guess) 
32,536,000		 (guess) 
29,082,860		 10/20/2019 -3,453,140
Initial CapEx (Outstanding): n/a n/a 10/20/2019 n/a
Funding Option: n/a n/a 10/20/2019 n/a
Documentation: none PRODUCER 01/25/2020 n/a
Value Adjustment: 25% 25% never 0%

Resource Data

GOLD 10/20/2019
Last Analysis
Data
Current Data
Change
Item Value Value Updated Value
O
U
N
C
E
S		 T
O
T
A
L
 Proven & Probable: 4.00M 4.00M 10/20/2019 0.00M
Measured & Indicated: 7.00M 7.00M 10/20/2019 0.00M
Inferred: 2.00M 2.00M 10/20/2019 0.00M
Reserves & Resources: 9.00M 9.00M never 0.00M
P
L
A
U
S
I
B
L
E		 Proven & Probable: 3.00M 3.00M 10/20/2019 0.00M
Measured & Indicated: 4.80M 4.80M 10/20/2019 0.00M
Inferred: 0.75M 0.75M 10/20/2019 0.00M
Reserves & Resources: 5.55M 5.55M never 0.00M
C
U
R
R
E
N
T		 Annual Production: (guess) 
300,000oz.		 (guess) 
300,000oz.		 10/20/2019 0oz.
Cash Cost: $800 $800 10/20/2019 $0.00
Extra Operating Cost: $300 $300 10/20/2019 $0.00
Average Grade: 0.90 g/t 0.90 g/t 10/20/2019 n/a
Recovery Rate: (CG)  75.00% (CG)  75.00% 01/25/2020 0.00%
F
U
T
U
R
E		 Proven & Probable: 7.00M 7.00M 10/20/2019 0.00M
Annual Production: 300,000oz. 300,000oz. 10/20/2019 0oz.
Cash Cost: $800 $800 10/20/2019 $0
Extra Operating Cost: $350 $350 10/20/2019 $0
SILVER 10/20/2019
Last Analysis
Data
Current Data
Change
Item Value Value Updated Value
O
U
N
C
E
S		 T
O
T
A
L
 Proven & Probable: 50.00M 50.00M 10/20/2019 0.00M
Measured & Indicated: 100.00M 100.00M 10/20/2019 0.00M
Inferred: 33.00M 33.00M 10/20/2019 0.00M
Reserves & Resources: 133.00M 133.00M never 0.00M
P
L
A
U
S
I
B
L
E		 Proven & Probable: 37.50M 37.50M 10/20/2019 0.00M
Measured & Indicated: 67.50M 67.50M 10/20/2019 0.00M
Inferred: 12.38M 12.38M 10/20/2019 0.00M
Reserves & Resources: 79.88M 79.88M never 0.00M
C
U
R
R
E
N
T		 Annual Production: (guess) 
7,000,000oz.		 (guess) 
7,000,000oz.		 10/20/2019 0oz.
Cash Cost: $11 $11 10/20/2019 $0.00
Extra Operating Cost: $5 $5 10/20/2019 $0.00
Average Grade: 90.00 g/t 90.00 g/t 10/20/2019 n/a
Recovery Rate: (CG)  75.00% (CG)  75.00% 01/25/2020 0.00%
F
U
T
U
R
E		 Proven & Probable: 100.00M 100.00M 10/20/2019 0.00M
Annual Production: 7,000,000oz. 7,000,000oz. 10/20/2019 0oz.
Cash Cost: $11 $11 10/20/2019 $0
Extra Operating Cost: $6 $6 10/20/2019 $0

Property

Last Analysis Data  (10/20/2019)
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
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
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.
Exploration Mazatlan, Mexico San Marcial 100% n/a n/a n/a
Exploration Parral, Mexico Veta Colorada 100% n/a n/a n/a
Development Peru San Luis 100% n/a n/a show
Small project, but exploration potential. Currently a 4 yr mine life. High grade.
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		 10/20/2019
Last Analysis
Data
Current Data
Change
Item Value Value Updated Value
Percentage Gold: 87.20% 85.48% n/a -1.72%
Percentage Silver: 12.80% 14.52% n/a 1.72%
Total (Gold Eq. Oz.): 4.59M 4.68M n/a 0.09M
Total (Silver Eq. Oz.): 390.48M 344.44M n/a -46.04M
P

L

A

U

S

I

B

L

E		 Gold Eq. Oz.: 3.44M 3.51M n/a 0.07M
Silver Eq. Oz.: 292.86M 258.33M n/a -34.53M
Maximum Profit (Gold): $1,022.70M $2,219.44M n/a $1,196.74M
Maximum Profit (Silver): $49.22M $342.23M n/a $293.02M
Total Maximum Profit: $1,071.92M $2,561.67M n/a $1,489.75M
Max Profit / Current MCap: 0.597 1.036 n/a 0.439
Max Profit Per Share (Gold): $8.32 $17.61 n/a $9.30
Max Profit Per Share (Silver): $0.40 $2.72 n/a $2.32
Total Max Profit Per Share: $8.72 $20.33 n/a $11.62
Total Free Profit Per Share: $0.00 $0.70 n/a $0.70
FD Mkt. Cap / Gold Eq.: $521.90 $704.78 n/a $182.88
FD Mkt. Cap / Silver Eq.: $6.13 $9.57 n/a $3.44
FD Mkt. Cap / Per Metal
as % Spot Price:		 35.04% 36.23% n/a 1.19%
Measured &
Indicated		 10/20/2019
Last Analysis
Data
Current Data
Change
Item Value Value Updated Value
Percentage Gold: 85.63% 83.75% n/a -1.88%
Percentage Silver: 14.37% 16.25% n/a 1.88%
Total (Gold Eq. Oz.): 8.17M 8.36M n/a 0.18M
Total (Silver Eq. Oz.): 695.84M 615.27M n/a -80.57M
P

L

A

U

S

I

B

L

E		 Gold Eq. Oz.: 5.59M 5.72M n/a 0.12M
Silver Eq. Oz.: 476.08M 420.83M n/a -55.25M
Maximum Profit (Gold): $1,636.32M $3,551.10M n/a $1,914.78M
Maximum Profit (Silver): $88.59M $616.02M n/a $527.43M
Total Maximum Profit: $1,724.91M $4,167.12M n/a $2,442.21M
Max Profit / Current MCap: 0.961 1.685 n/a 0.724
Max Profit Per Share (Gold): $13.30 $28.18 n/a $14.88
Max Profit Per Share (Silver): $0.72 $4.89 n/a $4.17
Total Max Profit Per Share: $14.03 $33.07 n/a $19.05
Total Free Profit Per Share: $0.00 $13.44 n/a $13.44
FD Mkt. Cap / Gold Eq.: $321.05 $432.64 n/a $111.59
FD Mkt. Cap / Silver Eq.: $3.77 $5.88 n/a $2.11
FD Mkt. Cap / Per Metal
as % Spot Price:		 21.55% 22.24% n/a 0.69%

Reserves &
Resources		 10/20/2019
Last Analysis
Data
Current Data
Change
Item Value Value Updated Value
Percentage Gold: 85.21% 83.28% n/a -1.93%
Percentage Silver: 14.79% 16.72% n/a 1.93%
Total (Gold Eq. Oz.): 10.56M 10.81M n/a 0.24M
Total (Silver Eq. Oz.): 899.08M 795.49M n/a -103.59M
P

L

A

U

S

I

B

L

E		 Gold Eq. Oz.: 6.49M 6.64M n/a 0.15M
Silver Eq. Oz.: 552.29M 488.41M n/a -63.88M
Maximum Profit (Gold): $1,892.00M $4,105.96M n/a $2,213.96M
Maximum Profit (Silver): $104.84M $728.96M n/a $624.12M
Total Maximum Profit: $1,996.83M $4,834.92M n/a $2,838.09M
Max Profit / Current MCap: 1.112 1.955 n/a 0.843
Max Profit Per Share (Gold): $15.38 $32.59 n/a $17.20
Max Profit Per Share (Silver): $0.85 $5.79 n/a $4.93
Total Max Profit Per Share: $16.24 $38.37 n/a $22.14
Total Free Profit Per Share: $1.64 $18.74 n/a $17.11
FD Mkt. Cap / Gold Eq.: $276.74 $372.77 n/a $96.03
FD Mkt. Cap / Silver Eq.: $3.25 $5.06 n/a $1.81
FD Mkt. Cap / Per Metal
as % Spot Price:		 18.58% 19.16% n/a 0.58%

Future Valuation (Cash Flow & Totals)

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