SSR Mining Inc.

Second-quarter production was 102 thousand gold equivalent ounces, based on sales of 98 thousand gold equivalent ounces. Revenue was $443 million, average realized prices were $4.3 thousand per gold ounce and $74.24 per silver ounce, and net income and adjusted net income were both $0.66 per diluted share. Free cash flow from continuing operations was $50 million, year to date free cash flow was nearly $300 million, and free cash flow before changes in working capital was $123 million in the second quarter. The company also made $120 million in cash tax payments during the quarter. For guidance, management said full-year production remains on track, but AISC is expected toward the upper end of the range; Marigold remains guided to 170 thousand to 200 thousand ounces, CC&V to 125 thousand to 150 thousand ounces, Seabee to the lower end of guidance, and Puna to the higher end of AISC guidance. Management also said second-half production is expected to be weighted toward Q4, with approximately 55% to 60% of second-half output in Q4.

Rodney Antal framed the quarter as a transformational step, saying SSR had completed a meaningful strategic repositioning by exiting Türkiye and is now a free cash flow-focused Americas gold and silver producer. He emphasized the company’s balance sheet strength, peer-leading capital returns, and a deliberate shift toward investing in future growth across the portfolio after years of study. His tone was confident and forward-looking, with repeated references to mine-life extensions, organic growth options, and disciplined capital allocation.

Michael Sparks highlighted that Q2 production, revenue, and earnings were all solid and broadly in line with expectations, while AISC of $26.22 per ounce reflected higher fuel and intentional sustaining capital spend. He said sustaining capital will remain elevated in Q3 and later quantified the likely increase at roughly $25 million to $35 million above original sustaining CapEx guidance, putting the total around $230 million to $235 million. He also noted $50 million of quarterly free cash flow from continuing operations, nearly $300 million year to date, $120 million of cash taxes paid, nearly $1.8 billion in quarter-end cash, and an amended revolver that was increased from $400 million to $600 million with a 4-year term and a 25-basis-point rate improvement.

Analysts focused on Marigold’s ore stacking and grade profile, the impact of the Çöpler divestment on costs, buyback pacing, and whether the revolver increase signaled a larger capital need or M&A plan. Management said Marigold had been resequenced but remained on track for the year and that new leach pad material typically takes 90 to 120 days to cycle through. On buybacks and the revolver, management said the facility was renewed in the ordinary course, terms improved, and the cash balance and credit line should not be read as signaling pressure to do a deal; instead, SSR will remain disciplined and opportunistic. On the Carlton Tunnel and CC&V permit questions, management said Newmont is controlling that legal process, SSR is protected from future liabilities under the deal structure, and Amendment 14 remains on track for expected approval by the end of 2027.