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SSR Mining
(TSX:SSRM)
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Rating:77Outperform
Price Target:
C$46.00
▲(23.82% Upside)
Action:Reiterated
Date:05/09/26
The score is driven primarily by strengthened financial performance (profitability rebound, strong free cash flow, and a very low-leverage balance sheet) and a positive earnings call focused on liquidity and the expected Çöpler sale. Technicals also support the view with an upward trend and moderate momentum. These positives are tempered by weaker valuation signals (negative P/E and no dividend yield provided) and near-term operational cost pressures (elevated AISC and ongoing care-and-maintenance/contingent costs).
Positive Factors
Balance sheet & liquidity
A near‑$1.8B cash position and essentially no debt materially increases financial flexibility for multi‑year planning. This liquidity supports sustained capital returns, funds elevated growth/sustaining projects without external financing, and provides a buffer through commodity cycles.
Negative Factors
Rising unit costs (AISC) risk
Higher fuel prices and deliberate increases in sustaining and growth CapEx pressure unit costs and margins. If elevated energy and input inflation persist, AISC creep can compress long‑term margins, reduce excess free cash flow, and make meeting shareholder return commitments harder.
Read all positive and negative factors
Positive Factors
Negative Factors
Balance sheet & liquidity
A near‑$1.8B cash position and essentially no debt materially increases financial flexibility for multi‑year planning. This liquidity supports sustained capital returns, funds elevated growth/sustaining projects without external financing, and provides a buffer through commodity cycles.
Read all positive factors
SSR Mining (SSRM) vs. iShares MSCI Canada ETF (EWC)
Market Cap
C$9.01B
Dividend Yield0.09%
Average Volume (3M)467.71K
Price to Earnings (P/E)24.4
Beta (1Y)2.83
Revenue Growth46.87%
EPS Growth42.18%
CountryCA
Employees4,800
SectorBasic Materials
Sector Strength58
IndustryGold
Share Statistics
EPS (TTM)1.32
Shares Outstanding203,909,320
10 Day Avg. Volume410,380
30 Day Avg. Volume467,710
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$59.49Price Target Upside60.13% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering7
EPS Forecast (FY)6.14
Revenue Forecast (FY)C$3.42B
SSR Mining Business Overview & Revenue Model
Company Description
SSR Mining, Inc. is a metals mining company with assets located in four jurisdictions: the USA, Turkiye, Canada, and Argentina, which engages in the operation, acquisition, exploration and development of precious metal resource properties. The fir...
How the Company Makes Money
SSR Mining makes money primarily by producing and selling precious metals—mainly gold and, to a lesser extent, silver—from its mining operations. Revenue is generated when mined ore is processed into saleable metal (or metal-bearing product), whic...
SSR Mining Earnings Call Summary
Earnings Call Date:Aug 04, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Nov 10, 2026
Earnings Call Sentiment Positive
The call conveyed a predominantly positive position: management delivered transformational liquidity (~$1.8B cash, no debt), substantial capital returns (repurchases and reinstated dividend), and production consistent with guidance while accelerating investment in organic growth. The primary negatives are elevated near-term costs (fuel and higher sustaining/growth CapEx), working capital timing effects and the expiration of some hedges. Management expects stronger second-half production and meaningful free cash flow, but acknowledges AISC will likely be at the upper end of guidance. Overall, the highlights (strong balance sheet, large cash proceeds, robust shareholder returns, clear growth pipeline and on‑track production) outweigh the cost/near-term execution risks.Positive Updates
Strong liquidity and debt-free balance sheet
Received ~ $1.5 billion cash proceeds from Çöpler sale before quarter end, ending Q2 with nearly $1.8 billion in cash and no debt; revolving credit facility increased from $400M to $600M with a renewed 4-year term and a 25 bps improvement in borrowing rates.
Negative Updates
AISC trending to upper end of guidance
Management expects consolidated AISC to trend toward the upper end of full-year guidance due to higher realized fuel prices, elevated sustaining capital spend and deliberate acceleration of growth investments.
Read all updates
Q2-2026 Updates
Positive
Negative
Strong liquidity and debt-free balance sheet
Received ~ $1.5 billion cash proceeds from Çöpler sale before quarter end, ending Q2 with nearly $1.8 billion in cash and no debt; revolving credit facility increased from $400M to $600M with a renewed 4-year term and a 25 bps improvement in borrowing rates.
Read all positive updates
Company Guidance
Management reiterated it is on track to meet full‑year 2026 guidance, noting Q2 consolidated production of 102k gold‑equivalent oz (98k sold) and Q2 consolidated AISC of $26.22/oz but said consolidated AISC is expected to trend to the upper end of guidance due to higher fuel and a deliberate increase in sustaining and growth investment; sustaining CapEx is now expected to be roughly $230–235M (about $25–35M above prior guidance) and growth CapEx was increased at Marigold from $48M to $65M and at Seabee from $15M to $35M (CC&V modestly higher for VLF2), with sustaining spend elevated in Q3. Management highlighted financial and capital‑allocation metrics: Q2 revenue $443M, realized gold ~$4,300/oz and silver $74.24/oz, net and adjusted net income $0.66/diluted share, Q2 free cash flow from continuing ops $50M (FCF before WC $123M; YTD FCF nearly $300M), ~$1.5B of Çöpler proceeds giving nearly $1.8B cash and no debt, $338M of repurchases in Q2 (10.4M shares) with a $500M buyback approved and capacity to buy ~8.6M more shares as of July 31, $400M returned YTD (implying ~8% yield before the reinstated dividend), revolver upsized from $400M to $600M (4‑year term, −25bps), Q2 cash tax payments ~$120M, and sensitivities/operating mix data including ~55–60% of second‑half production weighted to Q4 (company level; Marigold ~65% and CC&V ~50–55%), diesel/fuel generally 10–15% of cost, consumables ~15% of cost base, royalties ~15%, and an estimated ~$10/oz consolidated AISC impact per $10/barrel rise in oil.SSR Mining Financial Statement Overview
Summary
Income Statement
77
Positive
Balance Sheet
89
Very Positive
Cash Flow
82
Very Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 1.93B | 1.66B | 995.62M | 1.43B | 1.15B | 1.47B |
| Gross Profit | 1.11B | 592.53M | 351.39M | 408.77M | 358.64M | 574.87M |
| EBITDA | 940.06M | 673.93M | -175.51M | 28.22M | 441.40M | 661.81M |
| Net Income | 268.23M | 402.68M | -261.28M | -98.01M | 194.14M | 368.08M |
Balance Sheet | ||||||
| Total Assets | 4.28M | 6.08B | 5.19B | 5.39B | 5.25B | 5.21B |
| Cash, Cash Equivalents and Short-Term Investments | 1.83M | 575.61M | 417.35M | 513.34M | 695.73M | 1.06B |
| Total Debt | 92.00K | 411.89M | 345.18M | 327.22M | 336.59M | 487.63M |
| Total Liabilities | 887.72K | 1.78B | 1.24B | 1.08B | 1.13B | 1.16B |
| Stockholders Equity | 3.39M | 3.50B | 3.11B | 3.37B | 3.58B | 3.54B |
Cash Flow | ||||||
| Free Cash Flow | 522.39M | 245.88M | -103.40M | 198.30M | 23.38M | 444.18M |
| Operating Cash Flow | 857.62M | 480.11M | 40.13M | 421.73M | 160.90M | 608.99M |
| Investing Cash Flow | 1.20B | -345.64M | -143.12M | -339.26M | -236.28M | -129.14M |
| Financing Cash Flow | -403.02M | 26.63M | 6.92M | -182.26M | -271.78M | -319.77M |
SSR Mining Technical Analysis
Positive
37.15
Price Trends
40.08
Positive
41.12
Positive
37.36
Positive
Market Momentum
1.36
Negative
61.91
Neutral
86.20
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 37.15 is below the 20-day moving average (MA) of 39.56, below the 50-day MA of 40.08, and below the 200-day MA of 37.36, indicating a bullish trend. The MACD of 1.36 indicates Negative momentum. The RSI at 61.91 is Neutral, neither overbought nor oversold. The STOCH value of 86.20 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 |
|---|---|---|---|---|---|---|---|
82 Outperform | C$5.63B | 7.02 | 25.62% | 0.84% | 75.86% | 161.88% | |
79 Outperform | C$6.92B | 13.93 | 43.29% | ― | 62.48% | 65.19% | |
77 Outperform | C$9.01B | 24.39 | 7.75% | ― | 46.87% | 42.18% | |
61 Neutral | $10.43B | 7.12 | -0.05% | 2.87% | 2.86% | -36.73% | |
51 Neutral | C$4.83B | -68.14 | -6.39% | ― | ― | ― | |
46 Neutral | C$4.72B | -45.42 | -23.56% | ― | ― | 31.32% |
* Basic Materials Sector Average
TSE:SSRM
SSR Mining
44.69
21.54
93.06%
TSE:NG
Novagold Resources New
11.01
2.70
32.49%
TSE:SEA
Seabridge Gold
46.47
23.64
103.58%
TSE:KNT
K92 Mining
28.43
13.27
87.53%
TSE:TXG
Torex Gold Resources
63.22
21.00
49.73%
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.