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SSR Mining Inc (TSE:SSRM)
TSX:SSRM
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SSR Mining
(TSX:SSRM)
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Rating:74Outperform
Price Target:
C$49.00
▲(12.15% Upside)
Action:UpgradedDate:02/19/26
The score is driven primarily by solid overall financial health (low leverage) and a strong 2025 profitability recovery, supported by constructive technical trend signals. Positive earnings-call takeaways (strong free cash flow, liquidity, reserve growth, and a sizable buyback) further support the rating, while cash-conversion quality, cost pressures/Çöpler cash drag, and execution risk across multiple operations keep the score from moving higher.
Positive Factors
Conservative balance sheet & liquidity
A conservatively financed balance sheet with low leverage and >$1B liquidity gives durable financial flexibility. It supports multi-year project funding, a $300M buyback, and buffers cyclical metal-price volatility, reducing refinancing and solvency risk over 2–6 months.
Material free cash flow generation
Sustained, sizable free cash flow in 2025 provides a durable internal funding source for sustaining capex, growth projects, and shareholder returns. Strong absolute FCF increases optionality for Hod Maden funding and buybacks even if commodity cycles fluctuate.
Reserve growth and high-quality pipeline
Significant reserve expansion and high-return development options (Hod Maden, CC&V) materially strengthen long-term production visibility. A larger resource base and attractive TRS economics underpin multi-year production growth and potential sustained free cash flow generation.
Negative Factors
Earnings and cash-flow volatility
Marked earnings and cash-flow volatility reduces predictability of earnings conversion and weakens confidence in recurring cash generation. This makes capital allocation and sustaining multi-year project spend riskier, and could constrain buybacks or growth if cash conversion falters.
Çöpler care & maintenance cash drag
An idled asset producing recurring quarterly cash outflows materially reduces consolidated free cash flow until restarted or resolved. This structural drag can persist for multiple quarters and limits available funds for other projects or returns until approvals and restart occur.
Hod Maden execution and funding risk
While high-return in model, Hod Maden needs substantial near-term capital and a positive JV construction decision. Execution, permitting and timing risks could delay or inflate costs, making projected production and NPV outcomes uncertain and concentrating funding risk over several years.
SSR Mining (SSRM) vs. iShares MSCI Canada ETF (EWC)
Market Cap
$8.88B
Dividend YieldN/A
Average Volume (3M)549.09K
Price to Earnings (P/E)17.1
Beta (1Y)2.39
Revenue Growth33.74%
EPS GrowthN/A
CountryCA
Employees2,300
SectorBasic Materials
Sector Strength58
IndustryGold
Share Statistics
EPS (TTM)1.20
Shares Outstanding203,326,280
10 Day Avg. Volume595,968
30 Day Avg. Volume549,094
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 Cap0.65
Enterprise Value/Revenue3.51
Enterprise Value/Gross Profit7.24
Enterprise Value/Ebitda9.66
Forecast
1Y Price Target
$43.73Price Target Upside0.09% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering7
EPS Forecast (FY)6.13
Revenue Forecast (FY)$3.46B
SSR Mining Business Overview & Revenue Model
Company DescriptionSSR 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 deposits. Its projects include the Çöpler Gold mine located in Erzincan, Turkey; the Marigold mine located in Humboldt County, Nevada, the United States; the Seabee Gold Operation located in Saskatchewan, Canada; and the Puna Operations in Jujuy, Argentina. The company was formerly known as Silver Standard Resources Inc. and changed its name to SSR Mining Inc. in August 2017. SSR Mining Inc. was incorporated in 1946 and is based in Denver, Colorado.
How the Company Makes MoneySSR Mining generates revenue primarily through the sale of gold and silver produced from its mining operations. The company benefits from its diversified portfolio of mines and projects, which allows it to mitigate risks associated with fluctuations in metal prices. Key revenue streams include the sale of refined gold and silver, as well as by-products from its mining processes. The company has also established strategic partnerships and joint ventures that enhance its operational capabilities and expand its resource base. Additionally, SSR Mining's focus on cost management and operational efficiency contributes to its profitability, allowing it to maintain competitive production costs in the precious metals market.
SSR Mining Earnings Call Summary
Earnings Call Date:Feb 17, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:May 06, 2026
Earnings Call Sentiment Positive
The call highlighted multiple material operational and financial achievements: production above guidance, strong free cash flow, a robust balance sheet (>$1B liquidity), high‑value technical studies (Hod Maden and CC&V TRSs), and significant reserve expansion (~+40% YoY). These positives were tempered by cost pressures (royalties and share‑based compensation), ongoing care & maintenance costs at Çöpler, operational scheduling and blending issues at Marigold, a weak quarter at Seabee, and timing/phasing shifts at Puna. Management provided constructive 2026 guidance and reiterated capital allocation priorities (growth CapEx, Hod Maden pre-construction spend, and a $300M buyback). Overall, the highlights materially outweigh the lowlights, indicating a positive outlook albeit with execution and timing risks on certain assets.Q4-2025 Updates
Positive Updates
Strong Free Cash Flow Generation
Q4 free cash flow of $106 million and full-year free cash flow of $252 million; excluding changes in working capital, full-year free cash flow exceeded $400 million, providing strong internal funding for growth and returns.
Robust Balance Sheet and Liquidity
Ended Q4 with $535 million in cash and total liquidity of over $1 billion, supporting a re-established share buyback program of up to $300 million.
Production Above Guidance
Full-year production of 447,000 gold equivalent ounces exceeded the midpoint of guidance; CC&V attributable production of 125,000 ounces in 2025 well above the prior top-end guidance of 110,000 ounces (≈+13.6% vs top-end).
Hod Maden TRS — Large, High-Grade Development Opportunity
Hod Maden technical report summary: 100% basis expected average production ~240,000 gold equivalent ounces/year (first 3 years) and ~220,000 (first 5 years); NPV of $1.7 billion and 39% IRR at consensus metal prices; expected average annual free cash flow of $328 million at consensus prices (≈$500 million at $4,900/oz gold). Remaining SSR investment expected to total $470 million; 2.5–3 year construction period once project decision is made.
CC&V TRS and Performance
Cripple Creek & Victor TRS: initial 12-year life-of-mine with $824 million NPV at consensus prices. CC&V generated >$200 million in mine-site free cash flow in 2025 versus the ~$100 million upfront transaction cost, demonstrating rapid accretive performance post-acquisition.
Puna Outperformance and Cash Generation
Puna exceeded its 2025 production guidance for the third consecutive year; Q4 production of 2.1 million silver ounces with Q4 AISC of $18.39/oz and full-year AISC of $14.24/oz; Puna delivered >$250 million in mine-site free cash flow in 2025.
Reserve and Resource Base Expansion
Year-end 2025 mineral reserves of 11 million gold equivalent ounces, up nearly 40% year-over-year (driven by consolidation of CC&V and Hod Maden plus drilling/model changes). Measured & indicated and inferred resources total nearly 15 million GEO, supporting future reserve growth.
2026 Production and Cost Guidance
Company production guidance for 2026: 450,000–535,000 gold equivalent ounces. Consolidated AISC guidance $2,360–$2,440/oz (or $2,180–$2,260/oz excluding Çöpler care & maintenance costs). Site-level guidance examples: Marigold 170,000–200,000 oz (AISC $2,320–$2,390), CC&V 125,000–150,000 oz (AISC $1,780–$1,850), Puna 6.25–7.0 million oz silver (AISC $20–$22/oz).
Negative Updates
Higher-Than-Forecast Costs Impacting AISC
Full-year consolidated AISC reached the top end of guidance due to higher-than-forecast royalty costs linked to higher gold prices and increased share-based compensation; this pushed AISC higher despite solid production.
Çöpler Currently on Care & Maintenance
Çöpler is not in operation; company expects cash care & maintenance costs of $20–$25 million per quarter in 2026 and is awaiting final approvals (e-storage facility and pad closure) while maintaining site integrity for potential restart — a recurring cash drag until resolved.
Operational Challenges at Marigold (Blending/Fines)
Marigold required additional technical work and schedule changes due to durable vs nondurable ore (fines) and blending requirements; this altered the short-term production schedule and led to higher sustaining capital investment in 2026 to address haulage and processing needs.
Seabee Weak Quarter and High Costs
Seabee Q4 production was low (~9,000 oz) with a high AISC of $3,433/oz; full-year 2026 guidance expects 60,000–70,000 oz with AISC $2,170–$2,240/oz, reflecting ongoing underground development and seasonality risks weighted to H2.
Timing Shifts at Puna vs Prior Study
2026 silver guidance (6.25–7.0M oz) is lower than the August 2025 study estimate (7–8M oz) due to timing and phasing changes; management describes this as a timing shift (ounces moved into later years) but it introduces near-term variability versus prior expectations.
Hod Maden Requires Significant Remaining Investment and Pending Decision
Hod Maden requires an expected remaining SSR investment of $470 million before construction and is subject to a joint-venture construction decision; while early site works are underway, full construction and cash returns depend on timing and approvals (execution risk and multi-year capital commitment).
Company Guidance
SSR provided detailed 2026 guidance and context: consolidated production of 450,000–535,000 gold‑equivalent ounces, AISC $2,360–$2,440/oz (or $2,180–$2,260/oz excluding Çöpler care & maintenance), Çöpler cash care & maintenance costs $20–$25M/quarter, and total gross spend of ~$150M in 2026; Marigold guidance 170,000–200,000 oz Au at AISC $2,320–$2,390/oz (55–60% H2 weighted) with $108M sustaining capex (70% H1 weighted); CC&V 125,000–150,000 oz at AISC $1,780–$1,850/oz (50–55% H2 weighted); Seabee 60,000–70,000 oz at AISC $2,170–$2,240/oz (≈60% H2 weighted); Puna 6.25–7.0M oz Ag at AISC $20–$22/oz; Hod Maden pre‑construction spend up to ~$15M/month with a 2.5–3 year build after a positive decision (TRS: 2,200 tpd plant, LOM grades 7.6 g/t Au and 1.3% Cu, recoveries ~87% Au/97% Cu, ~240k GEO p.a. first 3 years and 220k GEO p.a. first 5 years, ~$328M annual FCF at consensus or ~ $500M at $4,900/oz Au, $1.7B NPV and 39% IRR, SSR remaining investment ~$470M). Guidance is underpinned by Q4/2025 results: 120k GEO produced, 117k GEO sold at an average realized gold price of $4,142/oz, Q4 net income $181M ($0.84/sh) and adjusted net income $190M ($0.88/sh), Q4 free cash flow $106M and FY free cash flow $252M (>$400M ex‑working capital), year‑end cash $535M and total liquidity >$1B, and a Board‑approved share buyback program of up to $300M.SSR Mining Financial Statement Overview
Summary
Strong 2025 rebound with higher revenue and solid margins, supported by a conservatively financed balance sheet (low leverage and healthy 2025 ROE). However, earnings and cash flows have been notably volatile (losses in 2023–2024), and 2025 cash conversion lagged net income, which tempers confidence in sustainability.Income Statement
Profitability rebounded strongly in 2025, with revenue up ~16% and solid margins (gross margin ~36%, net margin ~24%), recovering from losses in 2023–2024. However, results have been volatile across the cycle (positive profits in 2020–2022, losses in 2023–2024), which tempers confidence in earnings stability despite the strong latest year.72
Positive
Balance Sheet
The balance sheet looks conservatively financed with low leverage (debt-to-equity ~0.10–0.15 across the period, ~0.12 in 2025) and a large equity base relative to total assets. Returns on equity are healthy again in 2025 (~11.5%) after turning negative in 2023–2024, suggesting underlying earning power but with notable recent variability.84
Very Positive
Cash Flow
Cash generation improved materially in 2025 (operating cash flow ~$480M; free cash flow ~$246M; free cash flow up ~28%), following a weak 2024 (low operating cash flow and negative free cash flow). A key watch item is conversion quality: 2025 operating cash flow was below net income (about 0.78x), and free cash flow was about half of net income, indicating earnings are not fully translating into cash in the latest year even though absolute cash flow is positive.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
43.69
Price Trends
34.56
Positive
32.72
Positive
27.16
Positive
Market Momentum
2.69
Negative
66.85
Neutral
94.55
Negative
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 43.69 is above the 20-day moving average (MA) of 37.67, above the 50-day MA of 34.56, and above the 200-day MA of 27.16, indicating a bullish trend. The MACD of 2.69 indicates Negative momentum. The RSI at 66.85 is Neutral, neither overbought nor oversold. The STOCH value of 94.55 is Negative, 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 |
|---|---|---|---|---|---|---|---|
74 Outperform | $8.88B | 17.14 | 11.97% | ― | 33.74% | ― | |
74 Outperform | C$8.07B | 22.75 | 46.21% | ― | 81.13% | 234.33% | |
71 Outperform | C$7.89B | 12.98 | 19.88% | ― | 5.33% | 143.67% | |
62 Neutral | C$10.08B | 137.53 | 9.79% | ― | 151.45% | 1224.07% | |
61 Neutral | $10.43B | 7.12 | -0.05% | 2.87% | 2.86% | -36.73% | |
60 Neutral | $8.51B | -53.48 | -162.67% | ― | ― | -92.71% | |
52 Neutral | C$5.61B | -100.86 | -5.19% | ― | ― | -267.06% |
* Basic Materials Sector Average
TSE:SSRM
SSR Mining
43.69
29.57
209.42%
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TSE:TXG
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SSR Mining Corporate Events
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 liquidity exceeding $1 billion. The miner sharply expanded Proven and Probable reserves to 11 million gold equivalent ounces, an almost 40% annual increase boosted by the addition of CC&V and Hod Maden and higher price assumptions, issued 2026 guidance for up to 535,000 gold equivalent ounces, and authorized a new share buyback of up to $300 million, underscoring confidence in future cash generation and growth pipeline.
The most recent analyst rating on (TSE:SSRM) stock is a Buy with a C$50.00 price target. To see the full list of analyst forecasts on SSR Mining stock, see the TSE:SSRM Stock Forecast page.
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.