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SSR Mining Inc

www: www.ssrmining.com   email: invest@ssrmining.com
Category: Emerging Major
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Symbol Data

Symbol Currency
NASDAQ:SSRM USD
TSE:SSRM CAD

Description

SSR Mining Inc are a gold focused emerging major with four producing mines in Argentina, Canada, Turkey and USA, three mines in development in Mexico, Peru and Turkey and exploration properties. Currently they produce roughly 440koz. of gold per year. They have approximately 37Moz. of gold in the reserves and resources category of which 27Moz. are in the measured and indicated category. They have a market capitalisation of ~$4595.58M which is a rise of roughly 277% over the last twelve months. As of 10/03/2024 they have ~$230M debt and ~$415M cash. They have 202M shares outstanding and trade on the NASDAQ Stock Exchange and the Toronto Stock Exchange.

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General Details

Financial 10/03/2024
Last
Analysis
Data
Current Data
Item Value Value Updated
MCap (FD): $1,217.47M $4,595.58M 10/03/2024
MCap (OS): $1,166.13M $4,401.79M 10/03/2024
Total Assets: $2,000.00M $2,000.00M 10/03/2024
Total Liabilities: $650.00M $650.00M 10/03/2024
Current Assets: $600.00M $600.00M 10/03/2024
Current Liabilities: $100.00M $100.00M 10/03/2024
Total Debt: $230.00M $230.00M 10/03/2024
Cash: $358.00M $415.00M 08/05/2025
Debt (Net): $-128.00M $-185.00M
Enterprise Value: $1,089.47M $4,410.58M 10/07/2109
Cash Flow: $319.06M $575.45M never
Cash Flow Multiple: 3.82 7.99 never
Net Debt to
Cash Flow Ratio:		 n/a n/a never
Finance within 1 year: 10/03/2024
Misc 10/03/2024
Last
Analysis
Data
Current Data
Item Value Value Updated
Shares Outstanding: 202,102,245 202,102,245 10/03/2024
Shares (FD): 211,000,000 211,000,000 10/03/2024
Insider Ownership: n/a n/a never
Dividend (Annual): n/a n/a never
Company Type: Mostly Gold Mostly Gold never
Group: Producer Producer never
Production ETA: n/a n/a 10/03/2024
Production (Gold Eq Oz.): (guess) 
350,000		 (guess) 
440,000		 08/05/2025
Production (Silver Eq Oz.): (guess) 
28,984,443		 (guess) 
38,642,142		 08/05/2025
Development Phase: none Producer (Multiple Mines) 08/05/2025
Optionality Play: none No
F
U
T
U
R
E		 % of Spot: 25
Producer: Quality
 25
Producer: Quality
 04/24/2023
Cash Flow Multiple: 10 15 08/05/2025

Resource Data

GOLD 10/03/2024
Last Analysis Data
Current Data
Item Value Value Updated
O
U
N
C
E
S		 T
O
T
A
L
 Proven & Probable: 9.00M 9.00M 10/03/2024
Measured & Indicated: 27.00M 27.00M 10/03/2024
Inferred: 10.00M 10.00M 10/03/2024
Reserves & Resources: 37.00M 37.00M never
P
L
A
U
S
I
B
L
E		 Proven & Probable: 7.65M 7.65M 10/03/2024
Measured & Indicated: 19.89M 19.89M 10/03/2024
Inferred: 4.25M 4.25M 10/03/2024
Reserves & Resources: 24.14M 24.14M never
C
U
R
R
E
N
T		 Annual Production: (guess) 
350,000oz.		 (guess) 
440,000oz.		 08/05/2025
Cash Cost: $1,250 $1,650 08/05/2025
Extra Operating Cost: $500 $700 08/05/2025
Total: $1,750 $2,350 08/05/2025
Margin (Free Cash Flow): $912 (34%) $1,308 (36%)
MCap / Production (AuEq): $3,478.49 $10,444.50
EV / Production (AuEq): $3,112.77 $10,024.05
G
R
A
D
E		 Underground (Avg): 6.00 g/t 6.00 g/t 10/03/2024
Open Pit (Avg): n/a 1.50 g/t 03/19/2024
Recovery Rate: (CG)  85.00% (CG)  85.00% 08/05/2025
F
U
T
U
R
E		 Proven & Probable: 25.00M 25.00M 10/03/2024
Annual Production: 700,000oz. 650,000oz. 08/05/2025
Cash Cost: $1,100 $1,400 08/05/2025
Extra Operating Cost: $550 $700 08/05/2025
SILVER 10/03/2024
Last Analysis Data
Current Data
Item Value Value Updated
O
U
N
C
E
S		 T
O
T
A
L
 Proven & Probable: n/a n/a 10/03/2024
Measured & Indicated: n/a n/a 10/03/2024
Inferred: n/a n/a 10/03/2024
Reserves & Resources: n/a n/a never
P
L
A
U
S
I
B
L
E		 Proven & Probable: n/a n/a 10/03/2024
Measured & Indicated: n/a n/a 10/03/2024
Inferred: n/a n/a 10/03/2024
Reserves & Resources: n/a n/a never
C
U
R
R
E
N
T		 Annual Production: n/a n/a
Cash Cost: n/a n/a 10/03/2024
Extra Operating Cost: n/a n/a 10/03/2024
Total: n/a n/a 10/03/2024
Margin (Free Cash Flow): n/a
MCap / Production (AgEq): $42.00 $118.93
EV / Production (AgEq): $37.59 $114.14
G
R
A
D
E		 Underground (Avg): n/a n/a 10/03/2024
Open Pit (Avg): n/a n/a 10/05/2023
Recovery Rate: n/a n/a 10/03/2024
F
U
T
U
R
E		 Proven & Probable: n/a n/a 10/03/2024
Annual Production: n/a n/a 10/03/2024
Cash Cost: n/a n/a 10/03/2024
Extra Operating Cost: n/a n/a 10/03/2024

Property

Last Analysis Data  (10/03/2024)
Stage Name Owned
%		 NPV
$M		 IRR
%		 CapEx
$M		 Au Ag Cu Notes
Prod Puna (Pirquitas & Chinchillas)
100 show
2017 last year production for Pirquitas open pit.

Facilities now being used to process ore from Chinchillas property.

2019 Start of production for Chinchillas open pit.

5 years of mining to 2026 including average annual production of 7.0 million ounces of silver over the first 5 years.
Prod Seabee / Santoy 8
100 show
High grade underground mine at 5.5 gpt.

1.2 million oz deposit

75,000 production

$700 cash costs

Size: 14,000 ha
Exp Amisk
100 show
Very large property

1 million oz open pit project

There next mine. Still early stage development.

Size: 40,000 ha
Exp Chico
100 show
Obtained 100% interest in property with Taiga Gold acquisition in December, 2021

Size: 4,600 ha
Exp Fisher
100 show
Obtained 100% interest in property with Taiga Gold acquisition in December, 2021

Size: 35,000 ha
Exp Leland
100 show
Early exploration

Size: 11,000 ha
Exp Orchid
100 show
Early exploration

Size: 8,000 ha
Exp SAM
100 show
Early exploration

Size: 1,000 ha
Exp Sunrise Lake
100 n/a
Dev Pitarrilla
1 show
NOTE:
Sold to Endeavour Silver Corp. for US$35 million in cash, US$35 million in shares of Endeavour Silver Corp., and a 1.25% net smelter return royalty


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.
Exp San Marcial
1 show
Sold to GR Silver for C$2.5 million who issued 1.5 million shares to SSR Mining, and SSR granted a 0.75% net smelter return royalty
Dev San Luis
100 show
Small project, but exploration potential. Currently a 4 yr mine life. High grade.
Prod Copler
80 show
6 million oz deposit at 1.1 gpt (there share)

Currently mining open pit oxides at about 135,000 oz until 2020.
Dev Çakmaktepe
80 n/a
Exp Çöpler Saddle Shear Zone
80 n/a
Exp Copper Hill
70 n/a
Exp Mavialtin Porphyry Belt
80 show
previously called Karakartal
Prod Marigold
100 show
8 million oz deposit at .5 gpt

150,000 oz production.

All-in Costs around $1100 per oz.

Purchased from Barrick in 2013.
Current Data
Stage Name Owned
%		 NPV
$M		 IRR
%		 CapEx
$M		 Au Ag Cu Notes
Prod Puna (Pirquitas & Chinchillas)
100 show
2017 last year production for Pirquitas open pit.

Facilities now being used to process ore from Chinchillas property.

2019 Start of production for Chinchillas open pit.

5 years of mining to 2026 including average annual production of 7.0 million ounces of silver over the first 5 years.
Prod Seabee / Santoy 8
100 show
High grade underground mine at 5.5 gpt.

1.2 million oz deposit

75,000 production

$700 cash costs

Size: 14,000 ha
Exp Amisk
100 show
Very large property

1 million oz open pit project

There next mine. Still early stage development.

Size: 40,000 ha
Exp Chico
100 show
Obtained 100% interest in property with Taiga Gold acquisition in December, 2021

Size: 4,600 ha
Exp Fisher
100 show
Obtained 100% interest in property with Taiga Gold acquisition in December, 2021

Size: 35,000 ha
Exp Leland
100 show
Early exploration

Size: 11,000 ha
Exp Orchid
100 show
Early exploration

Size: 8,000 ha
Exp SAM
100 show
Early exploration

Size: 1,000 ha
Exp Sunrise Lake
100 n/a
Dev Pitarrilla
1 show
NOTE:
Sold to Endeavour Silver Corp. for US$35 million in cash, US$35 million in shares of Endeavour Silver Corp., and a 1.25% net smelter return royalty


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.
Exp San Marcial
1 show
Sold to GR Silver for C$2.5 million who issued 1.5 million shares to SSR Mining, and SSR granted a 0.75% net smelter return royalty
Dev San Luis
100 show
Small project, but exploration potential. Currently a 4 yr mine life. High grade.
Prod Copler
80 show
6 million oz deposit at 1.1 gpt (there share)

Currently mining open pit oxides at about 135,000 oz until 2020.
Dev Çakmaktepe
80 n/a
Exp Çöpler Saddle Shear Zone
80 n/a
Exp Copper Hill
70 n/a
Exp Mavialtin Porphyry Belt
80 show
previously called Karakartal
Prod Marigold
100 show
8 million oz deposit at .5 gpt

150,000 oz production.

All-in Costs around $1100 per oz.

Purchased from Barrick in 2013.

Profitability (by resource)

Proven &
Probable		 10/03/2024
Last Analysis Data
Current Data
Item Value Value Updated
Percentage Gold: 100.00% 100.00% n/a
Percentage Silver: n/a n/a n/a
Total (Gold Eq. Oz.): 9.00M 9.00M n/a
Total (Silver Eq. Oz.): n/a n/a n/a
P

L

A

U

S

I

B

L

E		 Gold Eq. Oz.: 7.65M 7.65M n/a
Silver Eq. Oz.: n/a n/a n/a
Maximum Profit (Gold): $6,973.74M $10,004.90M n/a
Maximum Profit (Silver): n/a n/a n/a
Total Maximum Profit: $6,973.74M $10,004.90M n/a
Max Profit / Current MCap: 5.728 2.177 n/a
Max Profit Per Share (Gold): $33.05 $47.42 n/a
Max Profit Per Share (Silver): n/a n/a n/a
Total Max Profit Per Share: $33.05 $47.42 n/a
Total Free Profit Per Share: $27.28 $25.64 n/a
FD MCap / Gold Eq.: $159.15 $600.73 n/a
FD MCap / Silver Eq.: $1.92 $6.84 n/a
FD MCap / Per Metal
as % Spot Price:		 5.98% 16.42% n/a
EV / Gold Eq.: $142.41 $576.55 n/a
EV / Silver Eq.: $1.72 $6.56 n/a
EV / Per Metal
as % Spot Price:		 5.35% 15.76% n/a
Measured &
Indicated		 10/03/2024
Last Analysis Data
Current Data
Item Value Value Updated
Percentage Gold: 100.00% 100.00% n/a
Percentage Silver: n/a n/a n/a
Total (Gold Eq. Oz.): 27.00M 27.00M n/a
Total (Silver Eq. Oz.): n/a n/a n/a
P

L

A

U

S

I

B

L

E		 Gold Eq. Oz.: 19.89M 19.89M n/a
Silver Eq. Oz.: n/a n/a n/a
Maximum Profit (Gold): $18,131.72M $26,012.74M n/a
Maximum Profit (Silver): n/a n/a n/a
Total Maximum Profit: $18,131.72M $26,012.74M n/a
Max Profit / Current MCap: 14.893 5.660 n/a
Max Profit Per Share (Gold): $85.93 $123.28 n/a
Max Profit Per Share (Silver): n/a n/a n/a
Total Max Profit Per Share: $85.93 $123.28 n/a
Total Free Profit Per Share: $80.16 $101.50 n/a
FD MCap / Gold Eq.: $61.21 $231.05 n/a
FD MCap / Silver Eq.: $0.74 $2.63 n/a
FD MCap / Per Metal
as % Spot Price:		 2.30% 6.32% n/a
EV / Gold Eq.: $54.77 $221.75 n/a
EV / Silver Eq.: $0.66 $2.52 n/a
EV / Per Metal
as % Spot Price:		 2.06% 6.06% n/a

Reserves &
Resources		 10/03/2024
Last Analysis Data
Current Data
Item Value Value Updated
Percentage Gold: 100.00% 100.00% n/a
Percentage Silver: n/a n/a n/a
Total (Gold Eq. Oz.): 37.00M 37.00M n/a
Total (Silver Eq. Oz.): n/a n/a n/a
P

L

A

U

S

I

B

L

E		 Gold Eq. Oz.: 24.14M 24.14M n/a
Silver Eq. Oz.: n/a n/a n/a
Maximum Profit (Gold): $22,006.02M $31,571.02M n/a
Maximum Profit (Silver): n/a n/a n/a
Total Maximum Profit: $22,006.02M $31,571.02M n/a
Max Profit / Current MCap: 18.075 6.870 n/a
Max Profit Per Share (Gold): $104.29 $149.63 n/a
Max Profit Per Share (Silver): n/a n/a n/a
Total Max Profit Per Share: $104.29 $149.63 n/a
Total Free Profit Per Share: $98.52 $127.85 n/a
FD MCap / Gold Eq.: $50.43 $190.37 n/a
FD MCap / Silver Eq.: $0.61 $2.17 n/a
FD MCap / Per Metal
as % Spot Price:		 1.89% 5.20% n/a
EV / Gold Eq.: $45.13 $182.71 n/a
EV / Silver Eq.: $0.54 $2.08 n/a
EV / Per Metal
as % Spot Price:		 1.70% 4.99% n/a

Future Valuation (Cash Flow & Totals)

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