SSR Mining Inc (TSE:SSRM)
TSX:SSRM
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SSR Mining
(TSX:SSRM)
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Rating:71Outperform
Price Target:
C$43.00
▼(-1.17% Downside)
Action:ReiteratedDate:05/06/26
The score is driven by improved fundamentals and balance-sheet strength alongside a constructive earnings-call outlook (strong free cash flow, liquidity, and potential Çöpler sale), supported by a low P/E. Offsetting these positives are weak near-term technical momentum and the company’s history of earnings/cash-flow volatility plus current cost pressure (high AISC).
Positive Factors
Balance-sheet strength
Low leverage and a debt-free position provide durable financial flexibility. With a conservatively financed balance sheet and sizeable liquidity, SSR can fund sustaining capex, opportunistic M&A, and buybacks, and better withstand metal-price cycles without near-term refinancing risk.
Negative Factors
High all-in sustaining costs (AISC)
Elevated consolidated AISC signals structural margin pressure that reduces resilience to lower gold prices. A projected Marigold AISC peak driven by fleet replacements and timing means free cash flow per ounce may remain constrained until cost curves normalize or productivity improvements materialize.
Read all positive and negative factors
Positive Factors
Negative Factors
Balance-sheet strength
Low leverage and a debt-free position provide durable financial flexibility. With a conservatively financed balance sheet and sizeable liquidity, SSR can fund sustaining capex, opportunistic M&A, and buybacks, and better withstand metal-price cycles without near-term refinancing risk.
Read all positive factors
SSR Mining (SSRM) vs. iShares MSCI Canada ETF (EWC)
Market Cap
C$9.27B
Dividend YieldN/A
Average Volume (3M)457.45K
Price to Earnings (P/E)―
Beta (1Y)2.74
Revenue Growth73.38%
EPS Growth169.61%
CountryCA
Employees2,300
SectorBasic Materials
Sector Strength58
IndustryGold
Share Statistics
EPS (TTM)1.96
Shares Outstanding207,491,070
10 Day Avg. Volume405,069
30 Day Avg. Volume457,446
Financial Highlights & Ratios
PEG Ratio-0.04
Price to Book (P/B)1.27
Price to Sales (P/S)2.68
P/FCF Ratio18.07
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
C$58.51Price Target Upside34.47% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering10
EPS Forecast (FY)5.8
Revenue Forecast (FY)C$3.52B
SSR Mining Business Overview & Revenue Model
Company Description
SSR Mining Inc., together with its subsidiaries, engages in the acquisition, exploration, development, and operation of precious metal resource properties in Turkey and the Americas. The company explores for gold, silver, copper, lead, and zinc de...
How the Company Makes Money
SSR Mining primarily makes money by producing and selling precious metals—mainly gold and silver—from its operated mines. Revenue is generated when mined ore is processed into saleable product (typically doré bars containing gold and/or silver, an...
SSR Mining Earnings Call Summary
Earnings Call Date:May 05, 2026
(Q1-2026)
| % Change Since: |
Next Earnings Date:Aug 05, 2026
Earnings Call Sentiment Positive
The call communicated a strongly positive operational and financial start to 2026: meaningful free cash flow ($211M), high-margin site performance (Puna and CC&V), debt-free balance sheet, near-term liquidity improvement from an expected $1.5B Çöpler sale, and active capital returns (notably a $300M buyback). Offsetting items include elevated AISC ($2,433/oz), seasonal and weather-related operational impacts at Seabee, care-and-maintenance costs tied to Çöpler until close, contingent payments (Carlton Tunnel), and some uncertainty around Hod Maden. On balance, the strength of cash generation, reduced leverage, and growth catalysts materially outweigh the operational and cost pressures highlighted.Positive Updates
Çöpler divestment announced (material cash proceeds)
Announced definitive agreement to sell SSR's interest in the Çöpler mine for $1.5 billion in cash; transaction progressing and management expects closing by Q3 2026 (management commentary varied between 'by Q3' and 'before end of 2026'). Proceeds expected to materially strengthen the balance sheet and provide additional capital for growth and shareholder returns.
Negative Updates
High all-in sustaining costs (AISC)
Consolidated AISC of $2,433 per gold-equivalent ounce in Q1 2026. Management expects Marigold AISC to peak in 2026 due to timing of fleet replacements and upgrades, indicating near-term cost pressure on margins.
Read all updates
Q1-2026 Updates
Positive
Negative
Çöpler divestment announced (material cash proceeds)
Announced definitive agreement to sell SSR's interest in the Çöpler mine for $1.5 billion in cash; transaction progressing and management expects closing by Q3 2026 (management commentary varied between 'by Q3' and 'before end of 2026'). Proceeds expected to materially strengthen the balance sheet and provide additional capital for growth and shareholder returns.
Read all positive updates
Company Guidance
Management reiterated that 55–60% of full‑year production is expected in H2 2026 with higher sustaining capital in Q2–Q3 and Marigold AISC expected to peak in 2026; Q1 results included 110k gold‑equivalent ounces produced (113k gold‑eq sales), consolidated AISC of $2,433/oz, nearly $600M revenue, net income from continuing operations of $1.16 per diluted share (adjusted $1.15), and free cash flow from continuing operations of $211M, leaving $634M cash and $1.1B total liquidity. Puna delivered >$120M site free cash flow in Q1 on average realized silver >$90/oz and a fifth consecutive quarter of record plant throughput; CC&V generated >$120M in Q1 mine‑site FCF and ~ $325M since the ~$275M acquisition. Management expects the Çöpler sale to close by end‑2026 for $1.5B (Çöpler care & maintenance budget $80–100M FY, roughly $20–25M/Q until close), diesel hedges cover ~70–75% of fuel exposure through 2026 implying ~$7–$10/oz AISC sensitivity per $10/bbl oil (rising to ~ $20/10bbl absent hedges in 2027), and one remaining $87.5M Carlton Tunnel contingent payment is tied to Amendment 14 in ~12–18 months; project economics use $1,700/oz Au and $20.50/oz Ag.SSR Mining Financial Statement Overview
Summary
Income Statement
72
Positive
Balance Sheet
84
Very Positive
Cash Flow
63
Positive
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 1.66B | 995.62M | 1.43B | 1.15B | 1.47B |
| Gross Profit | 592.53M | 351.39M | 408.77M | 498.29M | 878.35M |
| EBITDA | 687.17M | -175.51M | 28.22M | 441.40M | 661.81M |
| Net Income | 402.68M | -261.28M | -98.01M | 194.14M | 368.08M |
Balance Sheet | |||||
| Total Assets | 6.08B | 5.19B | 5.39B | 5.25B | 5.21B |
| Cash, Cash Equivalents and Short-Term Investments | 574.57M | 417.35M | 513.34M | 695.73M | 1.06B |
| Total Debt | 411.89M | 345.18M | 327.22M | 406.59M | 487.63M |
| Total Liabilities | 1.78B | 1.24B | 1.08B | 1.13B | 1.16B |
| Stockholders Equity | 3.50B | 3.11B | 3.37B | 3.58B | 3.54B |
Cash Flow | |||||
| Free Cash Flow | 245.88M | -103.40M | 198.30M | 23.38M | 444.18M |
| Operating Cash Flow | 480.11M | 40.13M | 421.73M | 160.90M | 608.99M |
| Investing Cash Flow | -345.64M | -143.12M | -339.26M | -236.28M | -129.14M |
| Financing Cash Flow | 26.63M | 6.92M | -182.26M | -271.78M | -319.77M |
SSR Mining Technical Analysis
Positive
43.51
Price Trends
39.86
Positive
35.83
Positive
31.08
Positive
Market Momentum
1.62
Negative
54.95
Neutral
10.87
Positive
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For TSE:SSRM, the sentiment is Positive. The current price of 43.51 is above the 20-day moving average (MA) of 40.95, above the 50-day MA of 39.86, and above the 200-day MA of 31.08, indicating a bullish trend. The MACD of 1.62 indicates Negative momentum. The RSI at 54.95 is Neutral, neither overbought nor oversold. The STOCH value of 10.87 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for TSE:SSRM.
SSR Mining Risk Analysis
SSR Mining disclosed 61 risk factors in its most recent earnings report. SSR Mining reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
SSR Mining Peers Comparison
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
80 Outperform | C$6.17B | 13.22 | 41.72% | ― | 72.71% | 141.79% | |
73 Outperform | C$6.23B | 5.27 | 20.98% | ― | 59.11% | 306.31% | |
71 Outperform | C$9.27B | -14.19 | 19.55% | ― | 73.38% | 169.61% | |
70 Outperform | C$6.75B | 14.21 | 22.94% | ― | 212.44% | 11.31% | |
61 Neutral | $10.43B | 7.12 | -0.05% | 2.87% | 2.86% | -36.73% | |
48 Neutral | C$5.12B | -89.65 | -42.54% | ― | ― | -104.74% | |
44 Neutral | C$4.35B | -24.22 | -5.07% | ― | ― | -48.87% |
* Basic Materials Sector Average
TSE:SSRM
SSR Mining
44.70
29.69
197.80%
TSE:NG
Novagold Resources New
11.66
6.42
122.52%
TSE:SEA
Seabridge Gold
40.51
23.41
136.90%
TSE:KNT
K92 Mining
25.16
12.12
92.94%
TSE:OLA
Orla Mining
19.52
4.66
31.32%
TSE:TXG
Torex Gold Resources
65.29
21.03
47.52%
SSR Mining Corporate Events
Business Operations and StrategyM&A Transactions
SSR Mining Agrees to Sell 80% Çöpler Mine Stake for $1.5 Billion
Positive
Mar 25, 2026
SSR Mining has signed a definitive share purchase agreement to sell its 80% stake in the Çöpler gold mine and related properties in Türkiye to Cengiz Holding for $1.5 billion in cash. The deal follows an earlier memorandum of unders...
Business Operations and StrategyStock BuybackPrivate Placements and Financing
SSR Mining to Redeem $227.5 Million of Convertible Notes Ahead of Maturity
Positive
Mar 18, 2026
SSR Mining Inc. has issued a notice of redemption for all $227.5 million outstanding of its 2.50% Convertible Senior Notes due 2039, setting March 19, 2026, as the redemption date. The company will pay holders the full principal, accrued interest,...
Business Operations and StrategyStock BuybackFinancial Disclosures
SSR Mining Lifts Reserves, Sets Higher 2026 Output and $300 Million Buyback
Positive
Feb 18, 2026
SSR Mining reported 2025 production of 447,207 gold equivalent ounces, slightly above guidance midpoint, alongside net income of $395.8 million and free cash flow of $241.6 million, supported by a year-end cash balance of $534.8 million and total ...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.