Nasdaq:SSRM
SSR MINING INC.
A diversified global producer of gold, silver, copper, lead, zinc, and molybdenum with strong cash flow generation from its core mining assets.
Key Metrics
Investment Thesis
Bull Case
SSR Mining offers an attractive entry point for investors seeking exposure to precious metals at current valuation levels following a period of financial distress. The company's strong cash flow position allows for potential share buybacks or dividend initiation once capital needs are met, enhancing shareholder returns. Its diversified metal mix provides a natural hedge against inflation and interest rate fluctuations common in the broader equity market.
Bear Case
Investors should be cautious due to the recent history of significant net losses in 2023 and 2024 which may indicate underlying operational inefficiencies or cost overruns. The company has a substantial retained earnings deficit of $509.1M, suggesting that current profits are not yet sufficient to fully restore historical equity buffers. High levels of total liabilities relative to equity could limit financial flexibility during a sustained downturn in base metal prices.
About SSR MINING INC.
SSR Mining Inc. is a leading global producer of gold, silver, copper, lead, zinc, and molybdenum with operations spanning North America, South America, and Africa. The company leverages its diverse asset portfolio to provide essential base and precious metals critical for industrial applications and investment portfolios. SSR focuses on high-grade deposits and operational efficiency to deliver value in a volatile commodities market.
Analysis
Management Discussion
Management executed a strategic turnaround in 2025, posting a robust $362.4M net profit and $1.63B in revenue after significant losses in the prior two years. The company successfully balanced heavy capital investments of $230.2M to sustain production with strong operating cash flow generation of $471.9M. Despite substantial non-cash adjustments and working capital changes, the core business demonstrated resilience by returning to profitability while maintaining a healthy balance sheet.
Industry Overview
The global mining sector is currently navigating a transition driven by the energy crisis and the urgent need for critical minerals like copper, zinc, and molybdenum for green technologies. While precious metals offer safe-haven appeal, industrial demand remains sensitive to macroeconomic cycles and manufacturing slowdowns. Regulatory pressures regarding environmental sustainability are increasing operating costs across the industry, favoring operators with efficient, low-carbon footprints.
Financial Statements
Income Statement
Balance Sheet
Cash Flow
| Metric | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Revenue | $1.15B | $1.43B | $995.6M | $1.63B |
| Cost of Revenue | $607.9M | $804.1M | $514.0M | $653.3M |
| Gross Profit | $540.1M | $622.8M | $481.6M | $976.3M |
| Operating Expenses | $349.8M | $753.0M | $803.9M | $514.9M |
| Operating Income | $190.3M | $-130.2M | $-322.3M | $461.4M |
| G&A | $71.7M | $67.5M | $62.9M | $107.8M |
| Stock-Based Comp | $6.5M | $5.2M | $4.7M | $44.6M |
| D&A | $181.4M | $214.0M | $130.2M | $116.2M |
| Other OpEx | $278.2M | $685.6M | $741.0M | $407.1M |
| Non-Operating Income | $50.6M | $-72.2M | $3.6M | $-18.3M |
| Interest Expense | $19.1M | $16.6M | — | — |
| Pre-Tax Income | $240.8M | $-202.4M | $-318.7M | $443.1M |
| Income Tax | $30.1M | $-82.5M | $33.3M | $80.2M |
| Continuing Ops | $210.8M | $-119.9M | $-352.0M | $362.9M |
| Discontinued Ops | $-339.0K | $-351.0K | $-546.0K | $-486.0K |
| Net Income | $210.4M | $-120.2M | $-352.6M | $362.4M |
| Minority Interest | $16.3M | $-22.2M | $-91.3M | $-33.3M |
| Net to Common | $194.1M | $-98.0M | $-261.3M | $395.8M |
| Metric | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Current Assets | $1.38B | $1.20B | $1.03B | $1.29B |
| Cash & Equivalents | $655.5M | $492.4M | $387.9M | $534.8M |
| Marketable Securities | $40.3M | $20.9M | $29.5M | $40.8M |
| Accounts Receivable | $62.6M | $91.3M | $84.2M | $94.0M |
| Inventory | $501.6M | $515.1M | $464.1M | $516.3M |
| Prepaid Expenses | $27.8M | $25.7M | $23.2M | — |
| Other Current Assets | $88.8M | $50.9M | $40.2M | $101.2M |
| Long-Term Assets | $3.88B | $4.19B | $4.16B | $4.81B |
| Goodwill | $49.8M | $0 | — | — |
| Operating Leases | $17.9M | $21.0M | $18.5M | $16.9M |
| LT Securities | — | $7.4M | $5.2M | $0 |
| Other LT Assets | $3.81B | $4.16B | $4.14B | $4.79B |
| Total Assets | $5.25B | $5.39B | $5.19B | $6.09B |
| Current Liabilities | $279.3M | $170.6M | $218.9M | $618.4M |
| Accounts Payable | $78.9M | $37.1M | $30.5M | $40.9M |
| Current Debt | $71.8M | $920.0K | — | — |
| Current Leases | $2.0M | $1.5M | $1.7M | $2.7M |
| Taxes Payable | $16.4M | $16.4M | $41.1M | $65.3M |
| Other Current Liab | $41.9M | $48.1M | $73.8M | $415.3M |
| Long-Term Liabilities | $849.2M | $911.0M | $1.02B | $1.16B |
| Long-Term Debt | $226.5M | $227.5M | — | — |
| LT Operating Leases | $17.0M | $21.0M | $19.3M | $17.4M |
| Other LT Liab | $605.7M | $662.5M | $1.00B | $1.14B |
| Total Liabilities | $1.13B | $1.08B | $1.24B | $1.78B |
| Shareholders' Equity | $4.13B | $4.30B | $3.95B | $4.31B |
| Retained Earnings | $521.8M | $368.1M | $113.4M | $509.1M |
| Total L&E | $5.25B | $5.39B | $5.19B | $6.09B |
| Metric | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Net Income (CFO) | $210.4M | $-120.2M | $-352.6M | $362.4M |
| Non-Cash Adjustments | $-302.8M | $350.4M | $238.2M | $-292.2M |
| Working Capital Changes | $253.2M | $191.5M | $154.5M | $401.7M |
| Cash from Operations | $160.9M | $421.7M | $40.1M | $471.9M |
| Capital Expenditures | $137.5M | $223.4M | $143.5M | $230.2M |
| Cash from Investing | $-236.3M | $-339.3M | $-143.1M | $-339.7M |
| Share Buybacks | $100.0M | $56.3M | $9.8M | $0 |
| Dividends Paid | $58.8M | $57.7M | $0 | $0 |
| Cash from Financing | $-271.8M | $-182.3M | $6.9M | $26.2M |
| FX Effect | $-16.6M | $-96.8M | $-8.5M | $-11.4M |
| Net Change in Cash | $-363.8M | $-196.6M | $-104.6M | $147.0M |
| Beginning Cash | $1.05B | $689.1M | $492.5M | $387.9M |
| Ending Cash | $689.1M | $492.5M | $387.9M | $534.8M |
Frequently Asked Questions
How does SSR MINING INC. make money?
The company generates revenue through its primary mining operations including the Cerro Vanguardia mine in Chile for copper and molybdenum, various gold and silver projects across South America, and strategic base metal production facilities. Revenue streams are diversified across precious metals like gold and silver which serve as hedges against inflation, and industrial metals like copper and zinc essential for renewable energy infrastructure.
What are the main risks for SSRM?
Commodity price volatility for gold, silver, copper, and zinc directly impacts revenue stability and earnings per share. Operational risks include potential disruptions from geopolitical instability in host countries like Chile or South Africa and environmental compliance costs. Currency fluctuations in foreign jurisdictions can erode reported net income if not adequately hedged. Escalating capital expenditures required to maintain production levels could strain liquidity if project returns do not meet expectations.
What is SSRM's competitive advantage?
SSR Mining possesses a low-cost operating profile enabled by its focus on high-grade deposits and long-life assets in politically stable jurisdictions. The company benefits from significant cash flow generation relative to peers, evidenced by strong operating cash flows that fund capital expenditures without requiring dilutive financing. Its diversified geographic footprint mitigates single-country regulatory or commodity price concentration risks.
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Not financial advice. All content is for informational purposes only. Data may contain errors. Consult a qualified financial advisor before making investment decisions.