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SSR Mining
SSRM
#2613
Rank
A$9.38 B
Marketcap
๐Ÿ‡จ๐Ÿ‡ฆ Canada
Country
A$45.83
Share price
0.25%
Change (1 day)
172.22%
Change (1 year)
  1. SSR Mining
  2. Quarterly Reports (10-Q)
  3. Financial Year FY2025 Q2

SSR Mining - 10-Q quarterly report FY2025 Q2


Text size:
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 10-Q
(Mark One)
  ☒   QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE
ACT OF 1934
For the Quarterly Period Ended June 30, 2025
or
  ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from __________to__________
Commission File Number: 001-35455
SSR MINING INC.
(Exact name of registrant as specified in its charter)

British Columbia
(State or Other Jurisdiction of Incorporation or Organization)
98-0211014
(I.R.S. Employer Identification No.)
Suite 1300 - 6900 E. Layton Ave, Denver, Colorado, 80237
(Address of Principal Executive Offices)
Registrant’s telephone number, including area code (303) 292-1299

Securities registered pursuant to Section 12(b) of the Act.
Title of each classTrading symbolName of each exchange on which registered
Common shares without par valueSSRMThe Nasdaq Stock Market LLC
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.     ☒ Yes     ☐ No
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).     ☒ Yes     ☐ No
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12-b2 of the Exchange Act.


Large accelerated filer☒Accelerated filer☐
Non-accelerated filer☐Smaller reporting company☐
Emerging growth company☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.     ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12-b2 of the Exchange Act).     ☐ Yes    ☒ No
There were 202,780,234 common shares outstanding on July 31, 2025.



TABLE OF CONTENTS
Page
PART I - FINANCIAL INFORMATION
FORWARD-LOOKING STATEMENTS
2
ITEM 1. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA
4
Condensed Consolidated Statements of Operations (unaudited)
5
Condensed Consolidated Statements of Cash Flows (unaudited)
6
Condensed Consolidated Balance Sheets (unaudited)
7
Condensed Consolidated Statements of Changes in Equity (unaudited)
9
Notes to Condensed Consolidated Financial Statements (unaudited)
10
ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
33
Business Overview
33
Consolidated Results of Operations
33
Results of Operations
38
Liquidity and Capital Resources
44
Non-GAAP Financial Measures
46
Critical Accounting Estimates
54
New Accounting Pronouncements
55
ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
56
ITEM 4. CONTROLS AND PROCEDURES
56
PART II - OTHER INFORMATION
ITEM 1. LEGAL PROCEEDINGS
57
ITEM 1A. RISK FACTORS
57
ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS
57
ITEM 3. DEFAULTS UPON SENIOR SECURITIES
57
ITEM 4. MINE SAFETY DISCLOSURES
58
ITEM 5. OTHER INFORMATION
59
60
SIGNATURES
61
1

FORWARD-LOOKING STATEMENTS
Certain statements contained in this report (including information incorporated by reference herein) are “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended (the “Securities Act”), and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), and are intended to be covered by the safe harbor provided for under these sections. Forward looking statements can be identified with words such as “may,” “will,” “could,” “should,” “expect,” “plan,” “anticipate,” “believe,” “intend,” “estimate,” “projects,” “predict,” “potential,” “continue” and similar expressions, as well as statements written in the future tense. When made, forward-looking statements are based on information known to management at such time and/or management’s good faith belief with respect to future events. Such statements are subject to risks and uncertainties that could cause actual performance or results to differ materially from those expressed in the Company's forward-looking statements. Many of these factors are beyond the Company's ability to control or predict. Given these uncertainties, readers are cautioned not to place undue reliance on forward-looking statements.
Forward-looking statements include, without limitation, the types of statements listed under the heading “Forward-Looking Statements” in Part I, Item 1. Business of the Company’s Annual Report on Form 10-K for the year ended December 31, 2024, filed with the Securities and Exchange Commission (“SEC”) on February 18, 2025 (“Form 10-K”).
The forward-looking information and statements in this report are based on a number of material factors and assumptions, including, but not limited to the factors discussed in the Form 10-K and in our previously filed Quarterly Reports on Form 10-Q, including those discussed in the “Business,” “Risk Factors,” “Forward-Looking Statements” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” sections. Such factors are not exhaustive of the factors that may affect any of the Company’s forward-looking statements and information, and such statements and information will not be updated to reflect events or circumstances arising after the date of such statements or to reflect the occurrence of anticipated or unanticipated events.
Any forward-looking statements in this Quarterly Report on Form 10-Q reflect our current views with respect to future events or to our future financial performance and involve known and unknown risks, uncertainties and other factors that may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by these forward-looking statements. These risks and uncertainties discussed herein should be read in conjunction with the factors discussed in Part II, Item 1A., “Risk Factors” hereof, and Part I, Item IA., “Risk Factors” in the Form 10-K.












2

PART I - FINANCIAL INFORMATION

3


ITEM 1. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA

4
SSR Mining Inc.
Condensed Consolidated Statements of Operations
(unaudited, in thousands except per share)
Three Months Ended
June 30,		Six Months Ended
June 30,
2025202420252024
Revenue$405,455 $184,841 $722,073 $415,075 
Operating costs and expenses:
Cost of sales (1)
162,948 96,582 299,589 222,483 
Depreciation, depletion, and amortization
26,237 23,011 56,850 61,409 
General and administrative expense
26,634 13,452 50,529 26,313 
Exploration and evaluation
6,803 11,255 13,668 21,486 
Reclamation and remediation costs
69,850 2,414 74,170 277,732 
Impairment charges of long-lived and other assets
— — — 114,230 
Care and maintenance37,727 30,556 73,522 44,965 
Other operating expense (income), net
(33,629)(3,149)(22,031)12,161 
Operating income (loss)
108,885 10,720 175,776 (365,704)
Other income (expense):
Interest expense
(4,227)(2,105)(7,596)(6,760)
Other income (expense)
6,207 4,968 12,530 8,735 
Foreign exchange gain (loss)(10,193)876 (16,245)(37)
Total other income (expense)
(8,213)3,739 (11,311)1,938 
Income (loss) before income and mining taxes100,672 14,459 164,465 (363,766)
Income and mining tax benefit (expense)(20,233)(11,727)(29,371)8,510 
Equity income (loss) of affiliates
(77)(268)(286)(442)
Net income (loss)
80,362 2,464 134,808 (355,698)
Net loss (income) attributable to non-controlling interest9,713 7,229 14,048 78,309 
Net income (loss) attributable to SSR Mining shareholders
$
90,075 
$
9,693 
$
148,856 $(277,389)
Weighted average common shares
Basic
202,774 202,133 202,598 202,244 
Diluted
216,989 202,407 216,691 202,244 
 
Net income (loss) per share attributable to SSR Mining shareholders
Basic$0.44 $0.05 $0.73 $(1.37)
Diluted$0.42 $0.05 $0.70 $(1.37)
(1) Excludes depreciation, depletion, and amortization.

The accompanying notes are an integral part of the Condensed Consolidated Financial Statements.    


5
SSR Mining Inc.
Condensed Consolidated Statements of Cash Flows
(unaudited, in thousands)
 Six Months Ended June 30,
 2025 2024
Operating activities    
     
Net income (loss)
$
134,808 
$
(355,698)
Adjustments for:   
Depreciation, depletion, and amortization
 56,850 61,409 
Reclamation and remediation costs
74,170 277,732 
Payments for reclamation and remediation liabilities
(12,684)(77,873)
Deferred income taxes
 (19,902)(26,511)
Stock-based compensation
 17,062 (2,974)
Change in fair value of marketable securities
(3,721)(6,419)
Loss (gain) on sale and disposal of assets, net
 755 (5,599)
Impairment charges of long-lived and other assets
— 114,230 
Loss (gain) on foreign exchange15,290 6,499 
Non-cash care and maintenance
30,930 20,003 
Other operating activities
7,412 4,163 
Net change in operating assets and liabilities  
 (58,324)(62,463)
Net cash provided by (used in) operating activities
 242,646 (53,501)
  
Investing activities 
Additions to mineral properties, plant and equipment
 (104,962)(72,211)
Acquisitions, net
(108,736)— 
Purchases of marketable securities
 (51,681)(9,626)
Net proceeds from sale of marketable securities
 41,971 8,747 
Proceeds from sale of mineral properties, plant and equipment
— 4,853 
Other investing activities
 655 (225)
Net cash used in investing activities
 (222,753)(68,462)
 
Financing activities 
 
Repayment of debt, principal
 — (920)
Proceeds from the issuance of debt, related party
12,900 3,415 
Repurchase of common shares
 — (9,825)
Principal payments on finance leases
 (2,369)(2,002)
Net cash provided by (used in) financing activities
 10,531 (9,332)
Effect of foreign exchange rate changes on cash and cash equivalents (6,202)(2,791)
Net increase (decrease) in cash, cash equivalents, and restricted cash
 24,222 (134,086)
Cash, cash equivalents, and restricted cash beginning of period
 387,882 492,494 
Cash, cash equivalents, and restricted cash end of period
$412,104 $358,408 
Reconciliation of cash, cash equivalents, and restricted cash:
Cash and cash equivalents$412,104 $358,307 
Restricted cash— 101 
Total cash, cash equivalents, and restricted cash$412,104 $358,408 
The accompanying notes are an integral part of the Condensed Consolidated Financial Statements.    
6
SSR Mining Inc.
Condensed Consolidated Balance Sheets
(unaudited, in thousands)
June 30, 2025December 31, 2024
ASSETS  
Cash and cash equivalents
$
412,104 
$
387,882 
Marketable securities
 26,389 29,465 
Trade and other receivables
 117,054 124,438 
Inventories
 568,743 464,074 
Prepaids and other current assets
 23,100 23,175 
 Total current assets
 1,147,390 1,029,034 
 
 
Mineral properties, plant and equipment, net
 4,100,112 3,782,867 
Inventories
 459,949 291,212 
Deferred income tax assets
 5,578 7,602 
Other non-current assets
 82,848 78,305 
Total assets (1)
$
5,795,877 $5,189,020 
  
LIABILITIES 
Accounts payable
$
37,249 $30,538 
Accrued liabilities and other
 166,254 139,381 
Reclamation and remediation liabilities
32,336 33,166 
Finance lease liabilities
4,901 4,792 
Current portion of debt
 229,092 — 
Current portion of debt, related party
11,000 11,000 
Total current liabilities
 480,832 218,877 
  
Debt
 — 228,572 
Debt, related party
30,689 17,789 
Finance lease liabilities
 78,887 81,373 
Reclamation and remediation liabilities
 595,908 312,671 
Deferred income tax liabilities
 325,051 327,277 
Contingent consideration liabilities
169,626 29,642 
Other non-current liabilities
 29,273 25,958 
Total liabilities (1)
 1,710,266 1,242,159 
  
EQUITY 
Common shares – unlimited authorized common shares with no par value; 202,780 and 202,369 shares issued and outstanding as of June 30, 2025 and December 31, 2024, respectively
 2,997,620 2,993,678 
Retained earnings
 262,221 113,365 
SSR Mining’s shareholders’ equity
 3,259,841 3,107,043 
Non-controlling interest 825,770 839,818 
Total equity 4,085,611 3,946,861 
Total liabilities and equity 
$
5,795,877 
$
5,189,020 
7
SSR Mining Inc.
Condensed Consolidated Balance Sheets
(unaudited, in thousands)
(1) The consolidated assets as of June 30, 2025 and December 31, 2024 include $3,426.6 million and $3,426.1 million, respectively, of assets of variable interest entities (“VIEs”) that can only be used to settle the obligations of the VIEs. As of June 30, 2025 and December 31, 2024, the assets include Cash and cash equivalents of $17.0 million and $17.5 million, respectively; Trade and other receivables of $3.7 million and $2.6 million, respectively; Inventories, current of $58.5 million and $59.2 million, respectively; Prepaids and other current assets of $11.4 million and $3.7 million, respectively; Mineral properties, plant and equipment, net of $3,087.4 million and $3,089.5 million, respectively; Inventories, non-current of $245.3 million and $246.5 million, respectively; and Other non-current assets of $3.3 million and $7.2 million, respectively. The consolidated liabilities as of June 30, 2025 and December 31, 2024 include $563.2 million and $538.4 million, respectively, of liabilities of VIEs whose creditors have no recourse to the Company. As of June 30, 2025 and December 31, 2024, the liabilities include Accounts payable of $8.4 million and $8.5 million, respectively; Accrued liabilities and other of $26.2 million and $23.5 million, respectively; Reclamation and remediation liabilities, current of $21.2 million and $33.1 million, respectively; Finance lease liabilities, non-current of $78.9 million and $81.4 million, respectively; Reclamation and remediation liabilities, non-current of $219.9 million and $155.0 million, respectively; Deferred income tax liabilities of $175.2 million and $197.7 million, respectively; and Other non-current liabilities of $33.4 million and $39.4 million, respectively.
The accompanying notes are an integral part of the Condensed Consolidated Financial Statements.
8
SSR Mining Inc.
Condensed Consolidated Statement of Changes in Equity
(unaudited, in thousands)
 
Common shares 
        
 
Number of shares
Amount
Retained earnings
Total equity attributable to SSR Mining shareholders
Non-controlling interest 
Total equity 
Balance as of December 31, 2024
202,369 $2,993,678 $113,365 $3,107,043 $839,818 $3,946,861 
Settlement of restricted share units (RSUs)169 — — — — — 
Equity-settled stock-based compensation
— 2,301 — 2,301 — 2,301 
Net income (loss)— — 58,781 58,781 (4,335)54,446 
Balance as of March 31, 2025
202,538 $2,995,979 $172,146 $3,168,125 $835,483 $4,003,608 
Settlement of RSUs 242 — — — — — 
Equity-settled stock-based compensation
— 1,641 — 1,641 — 1,641 
Net income (loss)
— — 90,075 90,075 (9,713)80,362 
Balance as of June 30, 2025
202,780 $2,997,620 $262,221 $3,259,841 $825,770 $4,085,611 

 
Common shares 
        
 
Number of shares
Amount
Retained earnings
Total equity attributable to SSR Mining shareholders
Non-controlling interest 
Total equity 
Balance as of December 31, 2023
202,952 $3,005,015 $368,065 $3,373,080 $931,123 $4,304,203 
Repurchase of common shares
(1,117)(16,402)6,577 (9,825)— (9,825)
Settlement of restricted share units (RSUs)
255 — — — — — 
Equity-settled stock-based compensation
— 2,612 — 2,612 — 2,612 
Net income (loss)— — (287,082)(287,082)(71,080)(358,162)
Balance as of March 31, 2024
202,090 $2,991,225 $87,560 $3,078,785 $860,043 $3,938,828 
Settlement of RSUs 6 — — — — — 
Equity-settled stock-based compensation
— (150)— (150)— (150)
Net income (loss)
— — 9,693 9,693 (7,229)2,464 
Balance as of June 30, 2024
202,096 $2,991,075 $97,253 $3,088,328 $852,814 $3,941,142 
The accompanying notes are an integral part of the Condensed Consolidated Financial Statements.    
9
SSR Mining Inc.
Notes to Condensed Consolidated Financial Statements
(unaudited)

1.THE COMPANY
SSR Mining Inc. and its subsidiaries (collectively, “SSR Mining” or the “Company”) is a precious metals mining company with five operations located in the United States, Türkiye, Canada and Argentina. The Company is principally engaged in the operation, acquisition, exploration and development of precious metal resource properties located in Türkiye and the Americas. The Company produces gold doré as well as copper, silver, lead and zinc concentrates. The Company’s properties include Çöpler Gold Mine (“Çöpler”) in Erzincan, Türkiye, Marigold mine (“Marigold”) in Nevada, USA, Cripple Creek & Victor Gold Mine (“CC&V”) in Colorado, USA, Seabee Gold Operation (“Seabee”) in Saskatchewan, Canada, and Puna Operations (“Puna”) in Jujuy, Argentina. The Company also has development projects that it seeks to advance, as market and project conditions permit.
SSR Mining is incorporated under the laws of the Province of British Columbia, Canada. The Company's common shares are listed on the Toronto Stock Exchange (“TSX”) in Canada and the Nasdaq Global Select Market (“Nasdaq”) in the U.S. under the symbol “SSRM”. SSR Mining voluntarily delisted from the Australian Securities Exchange (“ASX”) in Australia under the symbol “SSR”, effective April 8, 2025.
During the second quarter of 2025, the Company temporarily suspended operations at Seabee for approximately two weeks due to power interruptions caused by forest fires to the north of the mine. The Company resumed operations on June 13, 2025 with no damage to the Company’s property.
On February 13, 2024, the Company suspended all operations at Çöpler as a result of a significant slip on the heap leach pad (the “Çöpler Incident”). The Company is not, at this time, able to estimate or predict when and under what conditions it will resume operations at Çöpler. Refer to Note 3 to the audited consolidated financial statements in the Company’s 2024 Annual Report on Form 10-K for further information on the Çöpler Incident.
2.SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Risks and Uncertainties
As a mining company, the revenue, profitability and future rate of growth of the Company are substantially dependent on the prevailing prices for gold, silver, lead and zinc. The prices of these metals are volatile and affected by many factors beyond the Company’s control, and there can be no assurance that commodity prices will not be subject to wide fluctuations in the future. A substantial or extended decline in commodity prices could have a material adverse effect on the Company’s financial position, results of operations, cash flows, access to capital and the quantities of reserves that the Company can economically produce. The carrying value of the Company’s Mineral properties, plant and equipment; Inventories; and Deferred income tax assets are sensitive to the outlook for commodity prices. A decline in the Company’s price outlook could result in material impairment charges related to these assets. In addition, the Company maintains cash balances at banking institutions in various jurisdictions which may or may not have deposit insurance. The Company mitigates potential cash risk by maintaining bank accounts with credit-worthy financial institutions. Any loss incurred or a lack of access to such funds could have a significant adverse impact on the Company's financial condition, results of operations, and cash flows.
The Company's business may be impacted by adverse macroeconomic and geopolitical conditions. These conditions include inflation, interest rate and foreign currency fluctuations and slowdown of economic activity around the world. The Company maintains its cash and cash equivalents primarily in United States dollars (“USD”). Any fluctuation in the exchange rate of the Turkish Lira (“TRY”), Canadian Dollar (“CAD”), Argentine Peso (“ARS”), or the currency of any other country in which the Company operates, against the USD could result in a loss on the Company’s books to the extent the Company holds funds or net monetary or non-monetary assets denominated in those currencies, and any fluctuations of currency prices generally may result in volatility. Certain of the Company's operations are located in countries that have in the past and are currently experiencing high rates of inflation. It is possible that in the future, high inflation in the countries in which we operate may result in an increase in operational costs in local currencies (without a concurrent devaluation of the local currency of operations against the dollar or an increase in the dollar price of gold, silver, copper, zinc or lead). Maintaining operating costs in currencies subject to significant inflation could expose us to risks relating to devaluation and high domestic inflation.
10
SSR Mining Inc.
Notes to Condensed Consolidated Financial Statements
(unaudited)
The Company's business may also be impacted by physical risks that can impact each of its properties, such as those experienced in connection with the Çöpler Incident.
Business Combinations
The Company recognizes and measures the assets acquired and liabilities assumed in a business combination based on their estimated fair values at the acquisition date, while transaction and integration costs are expensed as incurred. Any excess of the purchase consideration when compared to the fair value of the net tangible and intangible assets acquired, if any, is recorded as goodwill. For material acquisitions, the Company engages third-party valuation specialists to assist with the determination of the fair value of assets acquired, liabilities assumed, non-controlling interest, if any, and goodwill, based on recognized business valuation methodologies. An income, market or cost valuation method may be utilized to estimate the fair value of the assets acquired, liabilities assumed, and non-controlling interest, if any, in a business combination. If the initial accounting for the business combination is incomplete by the end of the reporting period in which the acquisition occurs, an estimate will be recorded. Subsequent to the acquisition date, and not later than one year from the acquisition date, the Company will record any material adjustments to the initial estimate based on new information obtained that would have existed as of the date of the acquisition. Any adjustment that arises from information obtained that did not exist as of the date of the acquisition will be recorded in the period the adjustment arises.
If the business combination provides for contingent consideration, the Company records the contingent consideration at fair value at the acquisition date. Changes in fair value of contingent consideration resulting from events after the acquisition date are recognized as follows: (1) if the contingent consideration is classified as a liability, the changes in fair value and accretion costs are recognized in earnings, or (2) if the contingent consideration is classified as equity, the contingent consideration is not re-measured and its subsequent settlement is accounted for within equity. The increases or decreases in the fair value of contingent consideration can result from a change in the timing of the contingent event and changes in assumed discount periods and rates.
Insurance Recoveries
Business interruption insurance proceeds are specifically insurance proceeds to recover lost revenues due to a qualifying event as determined by the insurance policy. The Company records business interruption insurance proceeds once the insurance provider acknowledges that the claim is covered and agrees in writing to the amount to be paid for the claim. For the six months ended June 30, 2025, the Company recorded business interruption insurance proceeds to Other operating expense (income), net in the Condensed Consolidated Statements of Operations and are reflected as operating cash flows in the Condensed Consolidated Statements of Cash Flows.
Basis of Presentation
The Condensed Consolidated Financial Statements have been prepared in accordance with the instructions to Form 10-Q and do not include all information and disclosures required by generally accepted accounting principles (“GAAP”) in the United States. Therefore, this information should be read in conjunction with SSR Mining Inc.’s Consolidated Financial Statements in the Company’s Annual Report on Form 10-K for the year ended December 31, 2024 filed on February 18, 2025. The information furnished herein reflects all adjustments that are, in the opinion of management, necessary for a fair statement of the results for the interim periods reported. All such adjustments are, in the opinion of management, of a normal recurring nature. The results for the three and six month periods ended June 30, 2025, are not necessarily indicative of the results that may be expected for the year ending December 31, 2025.
Recently Issued Accounting Pronouncements
In November 2024, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2024-03 “Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40) (“ASU 2024-03”).” ASU 2024-03 provides guidance requiring that public business entities to disclose additional information about specific expense categories in the notes to financial statements. The new standard is effective for annual reporting periods beginning after December 15, 2026 and interim reporting periods beginning after December 15, 2027 with early adoption permitted. The ASU 2024-03 should be applied either (1)
11
SSR Mining Inc.
Notes to Condensed Consolidated Financial Statements
(unaudited)
prospectively to financial statements issued for reporting periods after the effective date, or (2) retrospectively to any or all prior periods presented in the financial statements. The Company is currently evaluating the impact of the new standard on the consolidated financial statements.
In December 2023, the FASB issued ASU 2023-09 “Income Taxes (Topic 740): Improvements to Income Tax Disclosures.” ASU 2023-09 enhances the transparency and decision usefulness of income tax disclosures through changes to the rate reconciliation and income taxes paid information. The standard is effective beginning with the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2025, and subsequent interim periods, with early adoption permitted. The Company is currently evaluating the impact of the standard on the consolidated financial statements.
3.ACQUISITIONS AND DIVESTITURES
Acquisitions
Acquisition of Cripple Creek and Victor Gold Mine

On February 28, 2025 (“Acquisition Date”), the Company acquired all of the issued and outstanding common shares of CC&V from Newmont Corporation (“Newmont”) in an all-cash deal for $100.0 million in upfront consideration and up to $175.0 million in additional milestone-based payments. The transaction is expected to increase the Company’s scale, free cash flow and portfolio diversification.
The milestone-based payments include $87.5 million payable upon final approval of the application to amend the CC&V Cresson Permit and $87.5 million payable upon obtaining regulatory relief related to flow-related permitting requirements for the Carlton Tunnel, including steps taken to achieve the highest feasible alternative in relation to Carlton Tunnel water flow. Refer to Note 21 for more information.
Upon completion of an updated regulator-approved closure plan and in the event the aggregate closure costs at CC&V exceed $500.0 million, the Company will be responsible for funding 10% of the incremental closure costs while Newmont will be responsible for funding 90% of the incremental closure costs, either on an as-incurred basis or pursuant to a lump-sum payment option. The Company will account for this as an indemnification asset under the FASB Accounting Standards Codification Topic 805, Business Combinations, and will recognize an asset for 90% of the aggregated closure costs at CC&V in excess of $500.0 million that Newmont will be responsible for funding, with no limit on the maximum cost. At the Acquisition Date, the Company did not recognize an indemnification asset as the recognition criteria had not been met.
The acquisition of CC&V is accounted for as a business combination which requires the measurement of assets acquired and liabilities assumed at their respective fair values at the Acquisition Date. The Acquisition Date fair value of the consideration transferred consists of the following (in thousands):
Cash consideration (1)
$108,736 
Contingent consideration (2)
135,462 
Total Purchase Price
$244,198 
(1)Cash consideration is comprised of $100.0 million in upfront cash and an $8.7 million working capital adjustment. The working capital adjustment is preliminary as of June 30, 2025 and subject to finalization in accordance with the share purchase agreement.
(2)The fair value of the contingent consideration is based on a probability weighted discounted cash flow model. The contingent consideration is considered a Level 3 fair value measurement due to certain assumptions that are not based on observable market data (refer to Note 11 for more information). The significant assumptions include probability and timing of milestones and discount rates. The range of the undiscounted amounts the Company could be obligated to pay is between $87.5 million and $175.0 million.
The Company retained a third party valuation specialist to assist in determining the fair value of assets acquired and liabilities assumed. In accordance with the acquisition method of accounting, the purchase price of CC&V has been allocated to the acquired assets and assumed liabilities based on their estimated acquisition date fair values. The fair value estimates were based on income, market and cost valuation methods.
12
SSR Mining Inc.
Notes to Condensed Consolidated Financial Statements
(unaudited)
As of June 30, 2025, the Company had not fully completed the analysis to assign fair values to all assets acquired and liabilities assumed, and therefore the purchase price allocation for CC&V is preliminary. As of June 30, 2025, remaining items to finalize include the fair value of inventories; mineral properties, plant and equipment; reclamation and remediation liabilities; deferred income tax assets and liabilities; working capital accounts, and contingent consideration. The preliminary purchase price allocation will be subject to further refinement as the Company continues to refine its estimates and assumptions based on information available at the Acquisition Date. These refinements may result in material changes to the estimated fair value of assets acquired and liabilities assumed. The purchase price allocation adjustments can be made throughout the measurement period, which is not to exceed one year from the Acquisition Date.
The following table presents the preliminary fair values of the assets acquired and liabilities assumed at the Acquisition Date (in thousands):
Assets:
Trade and other receivables
$
391 
Inventories (1)
195,993 
Prepaids and other current assets
919 
Mineral properties, plant and equipment (2)
315,918 
Total assets
$
513,221 
Liabilities:
Accounts payable
$
13,236 
Accrued and other liabilities
15,113 
Reclamation liabilities (3)
220,974 
Deferred tax liabilities (4)
19,700 
Total liabilities269,023 
Total net assets$244,198 
(1)The fair values of inventories were determined based on a net realizable value (“NRV”) approach, whereby the future estimated cash flows from sales of payable metal produced are adjusted for costs to complete. During the three months ended June 30, 2025, measurement period adjustments of $1.6 million were recorded to reflect changes in the estimated fair value.
(2)The fair value of mineral properties have been estimated using a market approach based on estimated quantities of mineral reserves and mineral resources and in-situ multiples. The fair values of plant and equipment have been estimated using a depreciated replacement cost approach. During the three months ended June 30, 2025, measurement period adjustments of $1.6 million were recorded to reflect changes in the estimated fair value.
(3)The fair value of reclamation costs is based on the expected amounts and timing of cash flows of closure activities and discounted to present value using a credit-adjusted risk-free rate as of the Acquisition Date. Key assumptions include the costs and timing of key closure activities based on the life of mine plans, including estimates and timing of monitoring and water management costs after completion of initial closure activities.
(4)Deferred income tax liabilities represent future tax expense associated with the differences between the preliminary fair value allocated to assets and liabilities and the tax basis of those assets and liabilities.
Revenue for the three and six months ended June 30, 2025 includes $150.0 million and $184.8 million, respectively, of revenue from the assets acquired in the acquisition of CC&V. Net income attributable to SSR Mining shareholders for the three and six months ended June 30, 2025 includes net income of $81.8 million and $91.8 million, respectively, from CC&V.
13
SSR Mining Inc.
Notes to Condensed Consolidated Financial Statements
(unaudited)
Pro forma financial information
The following unaudited pro forma financial information represents a summary of the historical consolidated results of operations for the three and six months ended June 30, 2025 and 2024, giving effect to the acquisition as if it had been completed on January 1, 2024. The pro forma financial information is provided for illustrative purposes only and is not intended to represent what the Company’s financial position or results of operations would have been had the acquisition occurred on the assumed date, nor does it purport to project the future operating results or the financial position of the Company following the acquisition.
The information below reflects certain nonrecurring and recurring pro forma adjustments that were directly related to the acquisition based on available information and certain assumptions that the Company believes are reasonable, including: (i) the changes in depreciation, depletion and amortization reflecting the relative preliminary fair values attributable to mineral properties, plant and equipment, (ii) the changes in cost of sales reflecting the relative preliminary fair values attributable to inventories, (iii) the changes in reclamation and remediation costs reflective of the fair market value of reclamation and remediation liabilities, (iv) the changes in other operating expense (income), net reflective of the preliminary fair values attributable to contingent consideration liabilities, and (v) the estimated tax impacts of the pro forma adjustments.
The following table provides unaudited pro forma financial information for the three and six months ended June 30, 2025 and 2024, as if CC&V had been acquired as of January 1, 2024 (in thousands):
Three Months Ended June 30,
Six Months Ended June 30,
2024
2025
2024
Revenue
$263,807 $810,231 $$553,695 
Net income attributable to SSR Mining shareholders (1)
$40,527 $184,213 $$(227,197)
(1)For the three and six months ended June 30, 2025, net income (loss) includes $5.0 million and $11.8 million, respectively, of transaction and integration costs.
14
SSR Mining Inc.
Notes to Condensed Consolidated Financial Statements
(unaudited)
4.OPERATING SEGMENTS
The Company identifies its segments according to how the chief operating decision maker ("CODM") evaluates financial performance and allocates resources. The Company's CODM is the chief executive officer. The CODM assesses the segments' performance by using each segments' operating income and primarily relies on operating income for each segment during the annual budgeting and forecasting process. On a quarterly basis, the CODM reviews budget-to-actual variances for profit metrics to inform decisions on the allocation of operating and capital resources across segments.
Following the close of the CC&V acquisition, the Company revised its operating segments to reflect certain changes in how the CODM evaluates financial performance and allocates resources. The Company determined that it has five reportable and operating segments represented by each of its producing mine sites, which includes the suspended operations at Çöpler and now includes CC&V. For the periods prior to the first quarter of 2025, the Company had four reportable segments.
The following tables provide a summary of financial information related to the Company's segments (in thousands):
15
SSR Mining Inc.
Notes to Condensed Consolidated Financial Statements
(unaudited)
Three Months Ended June 30, 2025
Çöpler (1)
Marigold
CC&V
Seabee (2)
Puna
Segment Total
Corporate and other (3)
Consolidated
Revenue$— $118,786 $149,965 $34,540 $102,164 $405,455 $— $405,455 
Cost of sales (4)
$— $56,376 $50,003 $18,473 $38,096 $162,948 $— $162,948 
Depreciation, depletion, and amortization$— $8,228 $2,784 $6,921 $8,191 $26,124 $113 $26,237 
General and administrative expense$— $— $— $— $— $— $26,634 $26,634 
Exploration and evaluation$347 $1,824 $(195)$2,743 $805 $5,524 $1,279 $6,803 
Reclamation and remediation costs
$63,541 $806 $3,887 $336 $1,280 $69,850 $— $69,850 
Care and maintenance (5)
$36,714 $— $— $1,013 $— $37,727 $— $37,727 
Other operating expense (income), net
$(41,843)$313 $630 $98 $203 $(40,599)$6,970 $(33,629)
Operating income (loss)$(58,759)$51,239 $92,856 $4,956 $53,589 $143,881 $(34,996)$108,885 
Interest expense
$(1,642)$— $— $— $(877)$(2,519)$(1,708)$(4,227)
Interest income
$— $756 $— $303 $907 $1,966 $1,057 $3,023 
Other income (expense)
$202 $(246)$— $(7)$3,954 $3,903 $(719)$3,184 
Foreign exchange gain (loss)$402 $— $— $854 $(6,235)$(4,979)$(5,214)$(10,193)
Income (loss) before income and mining taxes$(59,797)$51,749 $92,856 $6,106 $51,338 $142,252 $(41,580)$100,672 
Capital expenditures$247 $18,841 $14,427 $8,762 $4,023 $46,300 $16,170 $62,470 
Total assets as of June 30, 2025
$2,642,739 $818,746 $534,551 $355,909 $363,386 $4,715,331 $1,080,546 $5,795,877 
(1)All operations at Çöpler ceased on February 13, 2024, following the Çöpler Incident and have not commenced as of June 30, 2025.
(2)During the second quarter of 2025, the Company suspended operations at Seabee for approximately two weeks due to power interruptions caused by forest fires to the north of the mine. Seabee resumed operations on June 13, 2025.
(3)Corporate and other consists of business activities that are not included within the reportable segments and is provided for reconciliation purposes. The exploration, evaluation and development properties and the portfolio of prospective exploration tenures, near or adjacent to the existing operations are included in the respective reportable segment. The greenfield standalone prospects and development projects are included in Corporate and other.
(4)Excludes depreciation, depletion, and amortization.
(5)Care and maintenance expense represents the direct costs not associated with the environmental reclamation and remediation costs of $21.8 million and depreciation of $14.9 million during the suspension of operations at Çöpler beginning in the first quarter of 2024; and direct costs of $0.2 million and depreciation of $0.8 million during the temporary suspension of operations at Seabee during the three months ended June 30, 2025.
16
SSR Mining Inc.
Notes to Condensed Consolidated Financial Statements
(unaudited)
Three Months Ended June 30, 2024
Çöpler
Marigold
Seabee 
Puna
Segment Total
Corporate and other (1)
Consolidated
Revenue$— $60,873 $35,386 $88,582 $184,841 $— $184,841 
Cost of sales (2)
$— $39,237 $17,275 $40,070 $96,582 $— $96,582 
Depreciation, depletion, and amortization$— $5,745 $9,477 $7,789 $23,011 $— $23,011 
General and administrative expense
$— $— $— $— $— $13,452 $13,452 
Exploration and evaluation
$298 $3,971 $5,190 $665 $10,124 $1,131 $11,255 
Reclamation and remediation costs
$493 $724 $334 $863 $2,414 $— $2,414 
Care and maintenance (3)
$30,556 $— $— $— $30,556 $— $30,556 
Other operating expense (income), net
$2,375 $451 $6 $705 $3,537 $(6,686)$(3,149)
Operating income (loss)$(33,722)$10,745 $3,104 $38,490 $18,617 $(7,897)$10,720 
Interest expense$(831)$— $— $— $(831)$(1,274)$(2,105)
Interest income$(1,005)$1,717 $1,397 $101 $2,210 $1,295 $3,505 
Other income (expense)$(808)$(19)$9 $2,326 $1,508 $(45)$1,463 
Foreign exchange gain (loss)$1,290 $(8)$182 $1,383 $2,847 $(1,971)$876 
Income (loss) before income and mining taxes$(35,076)$12,435 $4,692 $42,300 $24,351 $(9,892)$14,459 
Capital expenditures$3,586 $13,096 $7,119 $3,550 $27,351 $8,982 $36,333 
Total assets as of June 30, 2024
$2,736,138 $801,572 $411,838 $283,905 $4,233,453 $942,101 $5,175,554 
(1)Corporate and other consists of business activities that are not included within the reportable segments and is provided for reconciliation purposes.
(2)Excludes depreciation, depletion, and amortization.
(3)Care and maintenance expense represents direct costs not associated with the environmental reclamation and remediation costs of $17.3 million and depreciation of $13.3 million during the suspension of operations at Çöpler beginning in the first quarter of 2024.
17
SSR Mining Inc.
Notes to Condensed Consolidated Financial Statements
(unaudited)
Six Months Ended June 30, 2025
Çöpler (1)
Marigold
CC&V (2)
Seabee (3)
Puna
Segment Total
Corporate and other (4)
Consolidated
Revenue$— $235,966 $184,837 $110,842 $190,428 $722,073 $— $722,073 
Cost of sales (5)
$— $115,102 $67,968 $41,604 $74,915 $299,589 $— $299,589 
Depreciation, depletion, and amortization$— $16,941 $3,288 $20,425 $15,972 $56,626 $224 $56,850 
General and administrative expense$— $— $— $— $— $— $50,529 $50,529 
Exploration and evaluation$769 $2,515 $— $6,883 $1,177 $11,344 $2,324 $13,668 
Reclamation and remediation costs
$64,156 $1,610 $5,171 $672 $2,561 $74,170 $— $74,170 
Care and maintenance (6)
$72,509 $— $— $1,013 $— $73,522 $— $73,522 
Other operating expense (income), net$(39,265)$656 $634 $98 $439 $(37,438)$15,407 $(22,031)
Operating income (loss)$(98,169)$99,142 $107,776 $40,147 $95,364 $244,260 $(68,484)$175,776 
Interest expense$(3,219)$— $— $— $(982)$(4,201)$(3,395)$(7,596)
Interest income$— $2,356 $— $731 $1,253 $4,340 $1,680 $6,020 
Other income (expense) $246 $(459)$— $(15)$7,778 $7,550 $(1,040)$6,510 
Foreign exchange gain (loss)$302 $— $— $746 $(9,920)$(8,872)$(7,373)$(16,245)
Income (loss) before income and mining taxes$(100,840)$101,039 $107,776 $41,609 $93,493 $243,077 $(78,612)$164,465 
Capital expenditures$738 $34,091 $15,820 $20,564 $5,977 $77,190 $29,091 $106,281 
Total assets as of June 30, 2025
$2,642,739 $818,746 $534,551 $355,909 $363,386 $4,715,331 $1,080,546 $5,795,877 
(1)All operations at Çöpler ceased on February 13, 2024, following the Çöpler Incident and have not commenced as of June 30, 2025.
(2)The reported statements of operations amounts reflect results for CC&V from the date of acquisition on February 28, 2025 through June 30, 2025. See Note 3 for additional information.
(3)During the second quarter of 2025, the Company suspended operations at Seabee for approximately two weeks due to power interruptions caused by forest fires to the north of the mine. Seabee resumed operations on June 13, 2025.
(4)Corporate and other consists of business activities that are not included within the reportable segments and is provided for reconciliation purposes. The exploration, evaluation and development properties and the portfolio of prospective exploration tenures, near or adjacent to the existing operations are included in the respective reportable segment. The greenfield standalone prospects and development projects are included in Corporate and other.
(5)Excludes depreciation, depletion, and amortization.
18
SSR Mining Inc.
Notes to Condensed Consolidated Financial Statements
(unaudited)
(6)Care and maintenance expense represents the direct costs not associated with the environmental reclamation and remediation costs of $42.4 million and depreciation of $30.1 million during the suspension of operations at Çöpler beginning in the first quarter of 2024; and direct costs of $0.2 million and depreciation of $0.8 million during the temporary suspension of operations at Seabee during the three months ended June 30, 2025.
Six Months Ended June 30, 2024
Çöpler
Marigold
Seabee 
Puna
Segment Total
Corporate and other (1)
Consolidated
Revenue$48,571 $137,560 $94,513 $134,431 $415,075 $— $415,075 
Cost of sales (2)
$24,423 $88,308 $41,708 $68,044 $222,483 $— $222,483 
Depreciation, depletion, and amortization$9,831 $13,184 $24,690 $13,704 $61,409 $— $61,409 
General and administrative expense$— $— $— $— $— $26,313 $26,313 
Exploration and evaluation$1,072 $8,065 $8,736 $1,000 $18,873 $2,613 $21,486 
Reclamation and remediation costs$273,890 $1,448 $668 $1,726 $277,732 $— $277,732 
Impairment charges of long-lived and other assets
$114,230 $— $— $— $114,230 $— $114,230 
Care and maintenance (3)
$44,965 $— $— $— $44,965 $— $44,965 
Other operating expense (income), net$17,684 $458 $6 $704 $18,852 $(6,691)$12,161 
Operating income (loss)$(437,524)$26,096 $18,706 $49,253 $(343,469)$(22,235)$(365,704)
Interest expense$(3,361)$— $— $— $(3,361)$(3,399)$(6,760)
Interest income$15 $3,611 $3,058 $570 $7,254 $2,547 $9,801 
Other income (expense) $(205)$(499)$1 $(522)$(1,225)$159 $(1,066)
Foreign exchange gain (loss)$(1,083)$(8)$180 $4,141 $3,230 $(3,267)$(37)
Income (loss) before income and mining taxes$(442,158)$29,200 $21,945 $53,442 $(337,571)$(26,195)$(363,766)
Capital expenditures$10,127 $15,527 $22,892 $6,909 $55,455 $17,114 $72,569 
Total assets as of June 30, 2024
$2,736,138 $801,572 $411,838 $283,905 $4,233,453 $942,101 $5,175,554 
(1)Corporate and other consists of business activities that are not included within the reportable segments and provided for reconciliation purposes.
(2)Excludes depreciation, depletion, and amortization.
(3)Care and maintenance expense represents direct costs not associated with the environmental reclamation and remediation costs of $25.0 million and depreciation of $20.0 million during the suspension of operations at Çöpler beginning in the first quarter of 2024.
19
SSR Mining Inc.
Notes to Condensed Consolidated Financial Statements
(unaudited)
5.REVENUE
The following table represents revenues by product (in thousands):

Three Months Ended June 30,Six Months Ended June 30,
 2025202420252024
Gold doré sales
Çöpler
$— $— 
$
— 
$
48,226 
Marigold118,753 60,835 235,895 137,498 
CC&V
149,464 — 184,123 — 
Seabee
34,525 35,372 110,802 94,474 
Concentrate sales  
Puna100,151 82,846 186,844 131,218 
Other (1)
  
Çöpler— — — 345 
Marigold 33 38 71 62 
CC&V
501 — 714 — 
Seabee
15 14 40 39 
Puna
2,013 5,736 3,584 3,213 
Total$405,455 $184,841 
$
722,073 
$
415,075 
(1)Other revenue includes changes in the fair value of concentrate trade receivables due to changes in silver and base metal prices; and silver and copper by-product revenue arising from the production and sale of gold doré.
Revenue by metal
Revenue by metal type are as follows (in thousands):
Three Months Ended June 30,Six Months Ended June 30,
2025202420252024
Gold $302,742 $96,207 $530,820 $280,198 
Silver 87,210 69,276  162,485 108,610 
Lead 11,430 11,907  22,481 20,369 
Zinc 1,511 1,663  1,878 2,239 
Other (1)
2,562 5,788 4,409 3,659 
Total $405,455 $184,841 $722,073 $415,075 
(1)Other revenue includes changes in the fair value of concentrate trade receivables due to fluctuations in silver and base metal prices; and silver and copper by-product revenue arising from the production and sale of gold doré.
Provisional metal sales
At June 30, 2025, the Company had silver sales of 5.1 million ounces at an average price of $33.97 per ounce, lead sales of 24.8 million pounds at an average price of $0.89 per pound, and zinc sales of 1.6 million pounds at an average price of $1.22 per pound, subject to normal course final pricing over the next several months.
For the three months ended June 30, 2025 and 2024, the change in the fair value of the Company's embedded derivatives relating to provisional concentrate metal sales was an increase of $2.0 million and $5.7 million, respectively. For the six months ended June 30, 2025 and 2024, the change in the fair value of the Company's embedded derivatives relating to provisional concentrate metal sales was an increase of $3.6 million and $3.2 million, respectively. The changes in fair value have been recorded in Revenue.
20
SSR Mining Inc.
Notes to Condensed Consolidated Financial Statements
(unaudited)
6.RECLAMATION AND REMEDIATION LIABILITIES 
The Company is subject to various domestic and international laws and regulations governing the protection of the environment. These laws and regulations are continually changing and are generally becoming more restrictive. Estimated future reclamation costs are based principally on current legal and regulatory requirements.
Çöpler Reclamation and Remediation
During the first quarter of 2024, the Company estimated total reclamation and remediation costs of $250.0 million to $300.0 million related to the Çöpler Incident, in addition to the approximately $22.5 million incurred during the first quarter of 2024. The Company accrued the low end of the estimated cost range, recording total reclamation and remediation costs of $272.9 million inclusive of the $22.5 million incurred during the first quarter of 2024. During the second quarter of 2025, the Company recorded an adjustment of $62.9 million, comprising of $9.4 million related to reclamation costs and $53.5 million related to remediation costs. The revised estimate reflects an increase of $12.9 million above the previously disclosed estimated reclamation and remediation cost range. The revision in estimate reflects the Company's advancement of the engineering and construction design of the permanent storage facility and the advancement of the studies for the permanent closure of the heap leach pad. As part of the heap leach pad closure planning, the Company will conduct further field investigations to confirm the integrity of the heap leach pad liner. This will entail exposing and inspecting sections of the heap leach pad liner. Following completion of the liner inspection, the Company will use the findings to refine and update the closure plan for the heap leach pad. These studies and inspections may result in revisions to the scope of work, estimated costs, and overall timelines related to the heap leach pad closure.
Changes in Reclamation and remediation liabilities during the six months ended June 30, 2025 and 2024, were as follows (in thousands): 

Six Months Ended June 30, 2025Six Months Ended June 30, 2024
Reclamation
Remediation
TotalReclamationRemediationTotal
Balance as of January 1
$209,923 $135,914 $345,837 $173,819 $— $173,819 
Additions (1)
220,974 — 220,974 — 261,674 261,674 
Changes in estimate and other (2)
9,420 53,507 62,927 11,054 — 11,054 
Expenditures 
(2,506)(10,178)(12,684)(663)(77,210)(77,873)
Accretion expense
11,190 — 11,190 4,829 — 4,829 
Balance as of June 30
$449,001 $179,243 $628,244 $189,039 $184,464 $373,503 
Less: current 
portion 
(14,404)(17,932)(32,336)(6,784)(136,753)(143,537)
Non-current reclamation and remediation liabilities
$434,597 $161,311 $595,908 $182,255 $47,711 $229,966 
(1)During the six months ended June 30, 2025, reclamation changes were primarily comprised of an increase of $221.0 million as a result of the acquisition of CC&V. During the six months ended June 30, 2024, the Company recorded a remediation liability of $261.7 million as a result of the Çöpler Incident. The remediation activities include movement of the displaced heap leach material out of the Sabırlı Valley and Manganese pit, sloping and stabilization of the heap leach pad in preparation for permanent closure, construction of a permanent storage facility for the displaced heap leach material, and management of surface and ground water in the Sabırlı Valley.
(2)During the six months ended June 30, 2025, reclamation and remediation changes were primarily comprised of an increase of $9.4 million and $53.5 million, respectively. As discussed above, the Company revised the estimate related to the closure of the Çöpler heap leach pad and construction estimate for the permanent storage facility during the second quarter of 2025. During the six months ended June 30, 2024,
21
SSR Mining Inc.
Notes to Condensed Consolidated Financial Statements
(unaudited)
reclamation changes were comprised of an $11.1 million revision in the timing primarily related to the closure of the heap leach pad as a result of the Çöpler Incident.
The following table includes the components of Reclamation and remediation costs for the three and six months ended June 30, 2025 and 2024 (in thousands):

Three Months Ended June 30,Six Months Ended June 30,
2025202420252024
Reclamation adjustments and other$9,419 $— $9,419 $11,229 
Reclamation accretion
6,874 2,414 11,190 4,829 
Total reclamation costs
16,293 2,414 20,609 16,058 
Remediation adjustments and other53,557 — 53,561 261,674 
Total remediation costs53,557 — 53,561 261,674 
Total reclamation and remediation costs
$69,850 $2,414 $74,170 $277,732 
7.IMPAIRMENT OF LONG-LIVED AND OTHER ASSETS
For the three and six months ended June 30, 2025, the Company did not record any impairment of long-lived and other assets.
For the three months ended June 30, 2024, the Company did not record any impairment of long-lived and other assets. For the six months ended June 30, 2024, the Company recorded non-cash impairment charges of $76.0 million related to Inventories and $38.2 million related to Mineral properties, plant and equipment, net, for a total non-cash impairment charge of $114.2 million. The Company fully impaired the heap leach pad inventory and related heap leach pad processing facilities as a result of the Çöpler Incident and the Company’s plans to permanently close the heap leach pad.
8.OTHER OPERATING EXPENSE (INCOME), NET
The following table includes the components of Other operating expense (income), net:
Three Months Ended June 30,Six Months Ended June 30,
2025202420252024
CC&V transaction and integration costs
$
4,958 
$
— 
$
11,753 
$
— 
Loss (gain) on sale and disposal of assets, net
411 (5,599)755 (5,599)
Change in fair value of contingent consideration
2,013 — 3,654 — 
Contingencies and expenses related to the Çöpler Incident
2,298 2,363 3,862 17,673 
Insurance proceeds received related to the Çöpler Incident (1)
(44,409)— (44,409)— 
Other taxes
470 — 1,721 — 
Other
630 87 633 87 
Total $(33,629)$(3,149)$(22,031)$12,161 
(1)During the second quarter of 2025, the Company received business interruption insurance proceeds of $44.4 million associated with the Çöpler Incident.
22
SSR Mining Inc.
Notes to Condensed Consolidated Financial Statements
(unaudited)
9.OTHER INCOME (EXPENSE)
The following table includes the components of Other income (expense):
Three Months Ended June 30,Six Months Ended June 30,
2025202420252024
Interest income$3,023 $3,505 $6,020 $9,801 
Gain (loss) on investments and on marketable security sales
6,855 7,055 12,006 8,232 
Change in fair value of marketable securities(2,065)(3,602)(3,721)(6,419)
Other(1,606)(1,990)(1,775)(2,879)
Total$6,207 $4,968 $12,530 $8,735 
10.INCOME AND MINING TAXES
The Company’s consolidated effective income tax rate was 17.9% for the first six months of 2025 compared to 2.3% for the first six months of 2024. The Company, a Canadian domiciled entity, is subject to a statutory tax rate of 27.0%. The effective rate for the six months ended June 30, 2025 differs from the statutory rate primarily due to foreign currency fluctuations in select jurisdictions partially offset by additions to the valuation allowance for net operating losses generated by certain entities. The effective tax rate for the six months ended June 30, 2024 differs from the statutory rate primarily due to additions to the valuation allowance for net operating losses generated by certain entities partially offset by foreign currency fluctuations in select jurisdictions.
11.INCOME (LOSS) PER SHARE
The Company calculates basic net income (loss) per share using, as the denominator, the weighted average number of common shares outstanding during the period. Diluted net income (loss) per share uses, as its denominator, the weighted average number of common shares outstanding during the period plus the effect of dilutive potential common shares during the period.
Dilutive potential common shares include stock options, Restricted Share Units (“RSUs”), and convertible notes.
23
SSR Mining Inc.
Notes to Condensed Consolidated Financial Statements
(unaudited)
The calculations of basic and diluted net income (loss) per share attributable to SSR Mining shareholders are based on the following (in thousands):
Three Months Ended June 30,Six Months Ended June 30,
2025202420252024
Net income (loss)$80,362 $2,464 $134,808 $(355,698)
Net (income) loss attributable to non-controlling interest
9,713 7,229 14,048 78,309 
Net income (loss) attributable to SSR Mining shareholders
90,075 9,693 148,856 (277,389)
Interest saving on 2019 Notes, net of tax
1,247 — 2,479 — 
Net income (loss) used in the calculation of diluted net income per share
$91,322 $9,693 $151,335 $(277,389)
 
Weighted average number of common shares issued
202,774 202,133 202,598 202,244 
Adjustments for dilutive instruments:
Restricted share units
1,220 274 1,112 — 
2019 Notes
12,995 — 12,981 — 
Diluted weighted average number of shares outstanding
216,989 202,407 216,691 202,244 
 
Net income (loss) per share attributable to SSR Mining shareholders
Basic
$0.44 $0.05 $0.73 $(1.37)
Diluted
$0.42 $0.05 $0.70 $(1.37)
For the three months ended June 30, 2024, $1.2 million of interest saving on convertible notes, net of tax, and 13,210 common shares were excluded from the diluted income per common share calculation because the effect would be antidilutive.
For the six months ended June 30, 2024, $2.5 million of interest saving on convertible notes, net of tax, 13,339 common shares, and 417 restricted share units were excluded from the diluted income per common share calculation because the Company incurred a net loss and the effect would be antidilutive.
24
SSR Mining Inc.
Notes to Condensed Consolidated Financial Statements
(unaudited)
12.FAIR VALUE MEASUREMENTS AND FINANCIAL INSTRUMENTS
As required by accounting guidance, assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. Refer to Note 13 to the audited consolidated financial statements in the Company’s 2024 Annual Report on Form 10-K for further information on the Company's assets and liabilities measured at fair value. The following tables set forth the Company’s assets and liabilities measured at fair value on a recurring (at least annually) and nonrecurring basis by level within the fair value hierarchy (in thousands):
Fair value at June 30, 2025
Level 1
Level 2
Level 3Total
Assets:
Cash$412,104 $— $— $412,104 
Marketable securities (1)
43,477 — — 43,477 
Trade receivables from provisional sales, net (2)
 — 72,447 — 72,447 
Deferred consideration— — 26,816 26,816 
$455,581 $72,447 $26,816 $554,844 
Liabilities:
Contingent consideration liabilities
$— 
$
— $169,626 $169,626 
Other
— 3 — 3 
$— $3 $169,626 $169,629 
(1)Marketable securities of publicly quoted companies, consisting of investments, are valued using a market approach based upon unadjusted quoted prices in an active market obtained from securities exchanges.
(2)The Company’s provisional metal sales contracts, included in Trade and other receivables in the Condensed Consolidated Balance Sheets, are valued using inputs derived from observable market data, including quoted commodity forward prices. The inputs do not involve significant management judgment. Such instruments are classified within Level 2 of the fair value hierarchy.

25
SSR Mining Inc.
Notes to Condensed Consolidated Financial Statements
(unaudited)
Fair value at December 31, 2024
Level 1
Level 2
Level 3Total
Assets:
Cash$387,882 $— $— $387,882 
Marketable securities (1)
34,631 — — 34,631 
Trade receivables from provisional sales, net (2)
 — 78,687 — 78,687 
Deferred consideration— — 26,383 26,383 
$422,513 $78,687 $26,383 $527,583 
Liabilities:
Contingent consideration liabilities
$
— 
$
— 
$
29,642 
$
29,642 
Other
— 68 — 68 
$
— 
$
68 
$
29,642 
$
29,710 
(1)Marketable securities of publicly quoted companies, consisting of investments, are valued using a market approach based upon unadjusted quoted prices in an active market obtained from securities exchanges.
(2)The Company’s provisional metal sales contracts, included in Trade and other receivables in the Condensed Consolidated Balance Sheets, are valued using inputs derived from observable market data, including quoted commodity forward prices. The inputs do not involve significant management judgment. Such instruments are classified within Level 2 of the fair value hierarchy.
Deferred and contingent consideration are included in Level 3 as certain assumptions used in the calculation of the fair value are not based on observable market data. The following table reconciles the beginning and ending balances for financial instruments that are recognized at fair value using significant unobservable inputs (Level 3) in the consolidated financial statements (in thousands):
26
SSR Mining Inc.
Notes to Condensed Consolidated Financial Statements
(unaudited)
Six Months Ended June 30,
20252024
Deferred consideration assets:
Balance as of January 1$26,383 $21,213 
Revaluations1,683 1,536 
Additions
— 2,378 
Collections
(1,250)— 
Balance as of June 30
$26,816 $25,127 
Six Months Ended June 30,
20252024
Contingent consideration liabilities:
Balance as of January 1$29,642 $29,648 
Revaluations4,522 (238)
Additions
135,462 — 
Balance as of June 30
$169,626 $29,410 
Fair values of financial assets and liabilities not already measured at fair value
The fair value of the 2019 Notes as compared to the carrying amounts were as follows (in thousands): 
June 30, 2025December 31, 2024
LevelCarrying amountFair valueCarrying amountFair value
2019 Notes (1) 
1$229,092 $238,790 $228,572 $220,292 
(1)The fair value disclosed for the Company's 2019 Notes is included in Level 1 as the basis of valuation uses a quoted price in an active market.
13.TRADE AND OTHER RECEIVABLES
The components of Trade and other receivables are as follows (in thousands):
June 30, 2025December 31, 2024
Trade receivables$73,994 $84,239 
Value added tax receivables 17,926  19,939 
Income tax receivable 1,811  4,626 
Other taxes receivable 20,600  13,479 
Other 2,723  2,155 
Total$117,054 $124,438 
No provision for credit loss was recognized as of June 30, 2025 or December 31, 2024. All trade receivables are expected to be settled within twelve months.


27
SSR Mining Inc.
Notes to Condensed Consolidated Financial Statements
(unaudited)
14.INVENTORIES
The components of Inventories are as follows (in thousands):
June 30, 2025December 31, 2024
Materials and supplies$135,854 $113,752 
Stockpiled ore 77,978 72,561 
Leach pad inventory327,139 253,166 
Work-in-process 8,777 3,850 
Finished goods18,995 20,745 
Total current inventories
568,743 464,074 
Stockpiled ore 245,288 246,536 
Leach pad inventory
214,661 44,676 
Total non-current inventories 
$459,949 $291,212 
No write-downs of inventory were recognized during the three and six months ended June 30, 2025.
During the three and six months ended June 30, 2024 following the Çöpler Incident, the Company recognized an impairment of leach pad inventory at Çöpler of $76.0 million classified as a component of Impairment charges.
15.MINERAL PROPERTIES, PLANT AND EQUIPMENT, NET
The components of Mineral properties, plant and equipment, net are as follows (in thousands):
June 30, 2025December 31, 2024
Plant and equipment (1)
$2,052,397 $1,883,193 
Construction in process
 180,436 135,594 
Mineral properties subject to depletion

2,304,787 2,114,765 
Mineral properties not yet subject to depletion
 894,279 884,029 
Exploration and evaluation assets

247,164 254,146 
Total mineral properties, plant, and equipment 5,679,063 5,271,727 
Accumulated depreciation, plant and equipment

(865,693)(804,411)
Accumulated depletion, mineral properties(713,258)(684,449)
Mineral properties, plant, and equipment, net$4,100,112 $3,782,867 
(1)As of June 30, 2025 and December 31, 2024, plant and equipment includes finance lease right-of-use assets with a carrying amount of $75.8 million and $78.9 million, respectively.
No impairment was recognized during the three months ended June 30, 2025 and 2024.
No impairment was recognized during the six months ended June 30, 2025. During the six months ended June 30, 2024, the Company concluded that certain mineral properties, plant and equipment at Çöpler were impaired and recorded a non-cash impairment of $38.2 million classified as a component of Impairment charges of long-lived and other assets in the Condensed Consolidated Statements of Operations.
28
SSR Mining Inc.
Notes to Condensed Consolidated Financial Statements
(unaudited)
16.ACCRUED LIABILITIES AND OTHER
The components of Accrued liabilities and other are as follows (in thousands):
June 30, 2025December 31, 2024
Accrued liabilities$86,938 $71,776 
Royalties payable 14,321 17,017 
Stock-based compensation liabilities 14,068 6,469 
Income taxes payable 47,341 41,077 
Lease liabilities 2,062 1,657 
Other 1,524 1,385 
Total accrued liabilities and other$166,254 $139,381 
17.DEBT
The following tables summarize the Company’s debt balances (in thousands):
June 30, 2025December 31, 2024
2019 Notes (1)
$229,092 $228,572 
 
  
Current Portion
$229,092 $— 
Non-Current Portion
$— $228,572 
(1)Amount is net of discount and debt issuance costs of $0.9 million and $1.4 million, respectively.
Convertible debt
2019 Notes
The 2019 Notes were reclassified from Debt, non-current to Current portion of debt as of June 30, 2025 due to the holder right of redemption at par, plus accrued and unpaid interest, which is payable on April 1, 2026 following a twenty business day notice period.
As of June 30, 2025, the Company was in compliance with its covenants. For further details on the Company’s indebtedness, see Note 20 to the audited consolidated financial statements in the Company’s 2024 Annual Report on Form 10-K.
18.EQUITY
Repurchase of common shares
On June 16, 2023, the Company received approval of its Normal Course Issuer Bid (“2023 NCIB”) to purchase for cancellation up to 10.2 million of its common shares through the facilities of the TSX, Nasdaq or other Canadian and U.S. marketplaces over a twelve-month period beginning June 20, 2023 and ending June 19, 2024. Following the Çöpler Incident, the Company terminated the automatic share purchase plan effective March 1, 2024. The 2023 NCIB expired on June 19, 2024 and the Company has not sought approval for a new NCIB.
During the six months ended June 30, 2024, and prior to the Çöpler Incident, the Company purchased 1,117,100 of its outstanding common shares at an average share price of $8.79 per share for total consideration of $9.8 million. All shares were cancelled upon purchase. The total amount deducted from common shares of $16.4 million, based on the average paid in capital per common share outstanding prior to the repurchase date, less the total consideration resulted in a difference of $6.6 million that was recorded as an increase to retained earnings.
29
SSR Mining Inc.
Notes to Condensed Consolidated Financial Statements
(unaudited)
19.SUPPLEMENTAL CASH FLOW INFORMATION

Net change in operating assets and liabilities were as follows (in thousands):

Six Months Ended June 30,
 20252024
Decrease (increase) in operating assets: 
Trade and other receivables$1,797 $29,694
Inventories(64,229)(78,539)
Other operating assets7,074 6,381 
Increase (decrease) in operating liabilities:
Accounts payable(4,715)(13,135)
Accrued liabilities and other
2,683 (6,750)
Other operating liabilities(934)(114)
$(58,324)$(62,463)
Other cash information was as follows (in thousands):
Six Months Ended June 30,
 20252024
Interest paid$(3,898)$(3,735)
Interest received$6,020$9,216
Income taxes paid$(37,450)$(21,558)
Insurance proceeds received related to the Çöpler Incident (1)
$
44,409 
$
— 
(1)The Company received business interruption insurance proceeds of $44.4 million associated with the Çöpler Incident. These proceeds are classified within operating activities in the Condensed Consolidated Statement of Cash Flows, as they represent recovery of lost revenues and operating costs.
30
SSR Mining Inc.
Notes to Condensed Consolidated Financial Statements
(unaudited)
20.RELATED PARTY TRANSACTIONS
Related party loan
Artmin Madencilik Sanayi Ve Ticaret A.Ş (“Artmin”) entered into loan agreements with Horizon, as lender, to fund Horizon’s portion of working capital spend of the Hod Maden project. The loans are unsecured and bear interest at the credit default swap premium of Türkiye plus a fixed spread of 4.0% at the end of each calendar quarter. The loans have a five year maturity with maturity dates ranging from June 2028 to June 2030. Artmin’s loans with Horizon had a total borrowing capacity of $48.4 million, of which $30.7 million was outstanding as of June 30, 2025. The liability is included in Debt, related party in the Condensed Consolidated Balance Sheets. As of June 30, 2025, no repayments have been made. Interest expense for these loans totaled $0.4 million and $0.2 million for the three months ended June 30, 2025 and 2024, respectively. Interest expense for these loans totaled $0.8 million and $0.3 million for the six months ended June 30, 2025 and 2024, respectively. The interest expense on the loan is included in Interest expense in the Condensed Consolidated Statements of Operations.
Related party line of credit
During 2024, the Company’s majority owned subsidiary, Anagold Madenncilik Sanayi ve Ticaret A.Ş, entered into loan agreements with Aktif Bank, as lender, to fund Lidya Mines’ portion of reclamation and environmental obligations. Aktif Bank is a wholly owned subsidiary of Calik Holding. Calik Holding owns 100% of Lidya Mines, which is the Company’s joint venture partner. The loan agreements provide for a non-revolving credit facility in an aggregate principal amount of up to $11.0 million and mature August 8, 2025, and bear interest at the rate of 10.0% per annum. The loans are guaranteed by Lidya Madencilik Sanayi ve Ticaret A.Ş. As of June 30, 2025, the outstanding balance of the loans was $11.0 million and is included in Current portion of debt, related party in the Condensed Consolidated Balance Sheets. As of June 30, 2025, no repayments have been made. Interest expense totaled $0.3 million and nil for the three months ended June 30, 2025 and 2024, respectively. Interest expense totaled $0.6 million and nil for the six months ended June 30, 2025 and 2024, respectively. The interest expense on the loans are included in Interest expense in the Condensed Consolidated Statements of Operations.
21.COMMITMENTS AND CONTINGENCIES
General
Estimated losses from loss contingencies are accrued by a charge to income when information is available prior to the issuance of the financial statements that indicates it is probable that a liability could be incurred, and the amount of the loss can by reasonably estimated. Legal expenses associated with the loss contingency are expensed as incurred. If a loss contingency is not probable or reasonably estimable, disclosure of the loss contingency is made in the financial statements when it is at least reasonably possible that a material loss has been incurred.
31
SSR Mining Inc.
Notes to Condensed Consolidated Financial Statements
(unaudited)
Environmental matters
CC&V - Carlton Tunnel
In December 2021, CC&V entered into a Settlement Agreement (“Settlement Agreement”) with the Water Quality Control Division of the Colorado Department of Public Health and Environment (the “Division”) with a mutual objective of resolving issues associated with the new discharge permits issued by the Division in January 2021 for the Carlton Tunnel. The Carlton Tunnel was a historic tunnel completed in 1941 with the purpose of draining the southern portion of the mining district, subsequently consolidated by CC&V. CC&V has held discharge permits for the Carlton Tunnel since 1983, primarily to focus on monitoring, with the monitoring data accumulated since the mid-1970s indicating consistency in the water quality discharged from the Carlton Tunnel over time. In 2006, legal proceedings and work with the regulator confirmed that the water flowing out of the Carlton Tunnel portal is akin to natural spring water and did not constitute mine drainage. However, this changed with the January 2021 permit updates, when the regulator imposed new water quality limits. The Settlement Agreement involves the evaluation of a reasonable and achievable timeline for treatment and permit compliance, acknowledging the lack of readily available technology, and the need to spend three years to study and select the technological solution, with three additional years to construct, bringing full permit compliance to the November 2027 timeframe. In 2022, CC&V studied various interim passive water treatment options, and reported the study results to the Division. CC&V continues to study alternative long-term remediation plans for water discharged from the Carlton Tunnel, and is also working with regulators on the site specific standards, a Discharger Specific Variance ("DSV") and other potential approaches to identify highest feasible alternative treatment in the context, based on limits such as area topography. CC&V continues to study alternative long-term remediation plans for water discharged from the Carlton Tunnel, while also continuing to work with regulators to identify and implement highest feasible alternative treatments, including site specific standards and a DSV. CC&V formally submitted a proposal for site specific standards and the DSV to the Water Quality Control Commission in a June 2025 rulemaking hearing. As a result of the hearing, the Commission agreed to site specific standards for CC&V for certain water quality standards, and CC&V will continue to work with the Division on a proposal for the DSV and an extension request for compliance with certain other standards. Depending on the plans that may ultimately be agreed with the Division, a material adjustment to the liability may be required. Refer to Note 3 for further information on the acquisition of CC&V.
Surety bonds
The Company uses surety bonds to support certain environmental bonding obligations. As of June 30, 2025 and December 31, 2024, the Company had surety bonds totaling $482.4 million and $153.0 million outstanding, respectively.
Other commitments and contingencies
Following the Çöpler Incident, the Company has been named as a defendant in securities class actions in the United States and Canada and is subject to various risks and contingencies arising in the normal course of business. Based on the information currently available to the Company, no liability has been recorded for these lawsuits because the Company believes that any such liability is not probable and reasonably estimable at this time.
32

ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
The following Management’s Discussion and Analysis (“MD&A”) provides information that management believes is relevant to an assessment and understanding of the consolidated financial condition and results of operations of SSR Mining Inc. and its subsidiaries (collectively, “SSR Mining” or the “Company”). The Company uses certain non-GAAP financial measures in this MD&A; for a description of each of these measures, please see the discussion under “Non-GAAP Financial Measures” in Part I, Item 2, Management’s Discussion and Analysis herein.
This item should be read in conjunction with the Condensed Consolidated Financial Statements and the notes thereto included in this quarterly report. Additionally, the following discussion and analysis should be read in conjunction with the Consolidated Financial Statements, the related Management’s Discussion and Analysis of Financial Condition and Results of Operations and the discussion of Business Properties included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2024 filed with the Securities and Exchange Commission (“SEC”) on February 18, 2025 (“Form 10-K”).
Business Overview
SSR Mining is a precious metals mining company with five operations located in the United States, Türkiye, Canada and Argentina. The Company is primarily engaged in the operation, acquisition, exploration and development of precious metal resource properties located in Türkiye and the Americas. The Company produces gold doré as well as copper, silver, lead and zinc concentrates.
During the second quarter of 2025, the Company temporarily suspended operations at Seabee for approximately two weeks due to power interruptions caused by forest fires to the north of the mine. The Company resumed operations on June 13, 2025 with no damage to the Company’s property.
On February 28, 2025 (“Acquisition Date”), the Company acquired all of the issued and outstanding common shares of Cripple Creek and Victor Gold Mining Company (“CC&V”) from Newmont Corporation for $100.0 million in upfront consideration and up to $175.0 million in cash in additional milestone-based payments payable in connection with the approval to amend the permit application to extend the life of mine and obtaining regulatory relief relating to flow related permitting requirements. See Note 3 of the Condensed Consolidated Financial Statements for additional details related to the CC&V acquisition.

On February 13, 2024, the Company suspended all operations at its Çöpler property as a result of a significant slip on the heap leach pad (the “Çöpler Incident”). The Çöpler Incident is expected to have a significant impact on the Company’s operations, results of operations, cash flows and financial condition. Following the Çöpler Incident, the heap leach pad will be permanently closed, and heap leach processing will no longer take place at Çöpler. At this time, the Company is not able to estimate or predict when and under what conditions it will resume operations at Çöpler. For more information on the Çöpler Incident, please see the Company’s Form 10-K.
Refer to the “Consolidation Results of Operations”, “Results of Operations”, “Liquidity and Capital Resources” and “Non-GAAP Financial Measures” for information for the six months ended June 30, 2025.
Consolidated Results of Operations
A summary of the Company's consolidated financial and operating results for the three and six months ended June 30, 2025 and 2024 are presented below (in thousands):
33

Three Months Ended June 30,Six Months Ended June 30,
20252024
Change (%)*
20252024
Change (%)
Financial Results
Revenue$405,455 $184,841 119.4 %$722,073 $415,075 74.0 %
Cost of sales (1)
$162,948 $96,582 68.7 %$299,589 $222,483 34.7 %
Depreciation, depletion, and amortization$26,237 $23,011 14.0 %$56,850 $61,409 (7.4)%
General and administrative expenses
$26,634 $13,452 98.0 %$50,529 $26,313 92.0 %
Exploration and evaluation
$6,803 $11,255 (39.6)%$13,668 $21,486 (36.4)%
Reclamation and remediation costs$69,850 $2,414 NM$74,170 $277,732 (73.3)%
Impairment charges of long-lived and other assets
$— $— — %$— $114,230 (100.0)%
Care and maintenance
$37,727 $30,556 23.5 %$73,522 $44,965 63.5 %
Other operating expenses (income), net
$(33,629)$(3,149)(967.9)%$(22,031)$12,161 (281.2)%
Operating income (loss)
$108,885 $10,720 915.7 %$175,776 $(365,704)148.1 %
Net income (loss)
$80,362 $2,464 NM$134,808 $(355,698)137.9 %
Net income (loss) attributable to SSR Mining shareholders
$90,075 $9,693 829.3 %$148,856 $(277,389)153.7 %
Basic net income (loss) per share attributable to SSR Mining shareholders
$0.44 $0.05 780.0 %$0.73 $(1.37)153.3 %
Diluted net income (loss) per share attributable to SSR Mining shareholders
$0.42 $0.05 740.0 %$0.70 $(1.37)151.1 %
Adjusted attributable net income (loss) (2)
$110,074 $7,489 NM$171,647 $29,999 472.2 %
Adjusted basic attributable net income (loss) per share (2)
$0.54 $0.04 NM$0.85 $0.15 466.7 %
Adjusted diluted attributable net income (loss) per share (2)
$0.51 $0.04 NM$0.80 $0.15 433.3 %
Operating Results
Gold produced (oz)90,966 42,400 114.5 %166,835 122,680 36.0 %
Gold sold (oz)90,739 40,470 124.2 %168,447 129,749 29.8 %
Silver produced ('000 oz)2,849 2,731 4.3 %5,354 4,646 15.2 %
Silver sold ('000 oz)2,534 2,489 1.8 %4,909 4,148 18.3 %
Lead produced ('000 lb) (3)
13,877 13,291 4.4 %25,365 23,289 8.9 %
Lead sold ('000 lb) (3)
12,058 12,385 (2.6)%24,111 21,050 14.5 %
Zinc produced ('000 lb) (3)
1,125 859 31.0 %1,883 2,076 (9.3)%
Zinc sold ('000 lb) (3)
1,279 1,419 (9.9)%1,541 1,929 (20.1)%
Gold equivalent produced (oz) (4)
120,191 76,102 57.9 %223,987 177,691 26.1 %
Gold equivalent sold (oz) (4)
116,736 71,190 64.0 %220,843 178,864 23.5 %
Average realized gold price ($/oz sold)$3,336 $2,378 40.3 %$3,151 $2,160 45.9 %
Average realized silver price ($/oz sold)$35.24 $30.22 16.6 %$33.90 $27.01 25.5 %
Cost of sales per gold equivalent ounce sold (1, 4)
$1,396 $1,357 2.9 %$1,357 $1,244 9.1 %
Cash cost per gold equivalent ounce sold (2, 4)
$1,282 $1,192 7.6 %$1,247 $1,137 9.7 %
AISC per gold equivalent ounce sold (2, 4)
$2,068 $2,116 (2.3)%$2,024 $1,789 13.1 %
34

* NM: Not meaningful
(1)Excludes depreciation, depletion, and amortization.
(2)The Company reports non-GAAP financial measures including adjusted attributable net income (loss), adjusted basic attributable net income (loss) per share, cash costs and all in sustaining costs (“AISC”) per ounce sold to manage and evaluate its operating performance at its mines. See “Non-GAAP Financial Measures” for an explanation of these financial measures and a reconciliation of these financial measures to Net income (loss) attributable to SSR Mining shareholders and Cost of sales, which are the comparable GAAP financial measures.
(3)Data for lead production and sales relate only to lead in lead concentrate. Data for zinc production and sales relate only to zinc in zinc concentrate.
(4)Gold equivalent ounces are calculated multiplying the silver ounces by the ratio of the silver price to the gold price, using the average London Bullion Market Association (“LBMA”) prices for the period. The Company does not include by-products in the gold equivalent ounce calculations.
Revenue
For the three months ended June 30, 2025, revenue increased by $220.6 million, or 119.4%, to $405.5 million, as compared to $184.8 million for the three months ended June 30, 2024. The increase was primarily due to a 124.2% increase in gold ounces sold, or $119.5 million, a 40.3% increase in average realized gold price, or $87.0 million, and a 16.6% increase in realized silver price, or $12.7 million. The increase in gold ounces sold was attributable to the acquisition of CC&V and sales at Marigold. For a discussion of revenue by segment, refer to the Results of Operations below.
For the six months ended June 30, 2025, revenue increased by $307.0 million, or 74.0%, to $722.1 million, as compared to $415.1 million for the six months ended June 30, 2024. The increase was primarily due to a 45.9% higher average realized gold price, or $167.0 million, 29.8% more gold ounces sold, or $83.6 million, a 25.5% higher average realized silver price, or $33.8 million, and 18.3% more silver ounces sold, or $20.6 million. The increase in gold ounces sold was attributable to the acquisition of CC&V and sales at Marigold and Puna. For a discussion of revenue by segment, refer to the Results of Operations below.
Cost of sales
Cost of sales increased by $66.4 million, or 68.7%, to $162.9 million for the three months ended June 30, 2025, as compared to $96.6 million for the three months ended June 30, 2024. The increase was primarily due to the acquisition of CC&V and higher cost of sales at Marigold due to more ounces sold. For a discussion of cost of sales by segment, refer to the Results of Operations below.
Cost of sales increased by $77.1 million, or 34.7%, to $299.6 million for the six months ended June 30, 2025, as compared to $222.5 million for the six months ended June 30, 2024. The increase was primarily due to the acquisition of CC&V and higher cost of sales at Marigold and Puna due to more ounces sold, partially offset by a decrease in cost of sales at Çöpler due to the suspension of operations following the Çöpler Incident. For a discussion of cost of sales by segment, refer to the Results of Operations below.
Depreciation, depletion, and amortization
Depreciation, depletion, and amortization (“DD&A”) expense increased by $3.2 million, or 14.0%, to $26.2 million for the three months ended June 30, 2025, as compared to $23.0 million for the three months ended June 30, 2024, primarily due to the acquisition of CC&V.
DD&A expense decreased by $4.6 million, or 7.4%, to $56.9 million for the six months ended June 30, 2025, as compared to $61.4 million for the six months ended June 30, 2024, primarily due to the suspension of operations at Çöpler following the Çöpler Incident partially offset by the acquisition of CC&V.
General and administrative expense
General and administrative expense for the three months ended June 30, 2025 was $26.6 million as compared to $13.5 million for the three months ended June 30, 2024. General and administrative expenses increased primarily due to a $5.6 million increase in employee compensation expense and a $5.4 million increase in share based compensation expense attributable to higher share prices in 2025.
General and administrative expense for the six months ended June 30, 2025 was $50.5 million as compared to $26.3 million for the six months ended June 30, 2024. General and administrative expenses increased primarily due to an increase in share based compensation expense attributable to higher share prices in 2025.
35

Exploration and evaluation costs
Exploration and evaluation costs for the three months ended June 30, 2025 were $6.8 million compared to $11.3 million for three months ended June 30, 2024. Exploration and evaluation costs for the six months ended June 30, 2025 were $13.7 million compared to $21.5 million for six months ended June 30, 2024. Exploration and evaluation costs were lower due to reduced drilling activity during 2025 as compared to 2024. Exploration expenditures were focused on drilling activities at the Porky and Santoy mine areas at Seabee and Trenton Canyon at Marigold.
Reclamation and remediation costs
Reclamation and remediation costs for the three months ended June 30, 2025 were $69.9 million as compared to $2.4 million for the three months ended June 30, 2024. Reclamation and remediation costs increased by $67.5 million primarily due to the Company revising its estimate related to the Çöpler heap leach pad during the second quarter of 2025. The revision in estimate reflects the Company's advancement of engineering designs for the construction of the permanent storage facility and closure studies for the heap leach pad during the second quarter of 2025. See Note 6 to the Condensed Consolidated Financial Statements for further details.
Reclamation and remediation costs for the six months ended June 30, 2025 were $74.2 million as compared to $277.7 million for the six months ended June 30, 2024. For the six months ended June 30, 2025, reclamation and remediation costs were primarily related to the Company revising its estimate related to the Çöpler heap leach pad during the second quarter of 2025 as discussed above. See Note 6 to the Condensed Consolidated Financial Statements for further details. For the six months ended June 30, 2024, reclamation and remediation costs were primarily related to reclamation and remediation costs related to the Çöpler Incident.
Care and maintenance
Care and maintenance costs for the three months ended June 30, 2025 were $37.7 million as compared to $30.6 million for the three months ended June 30, 2024. Care and maintenance expense incurred during the second quarter of 2025 represents direct costs not associated with environmental reclamation and remediation costs of $22.0 million and depreciation of $15.7 million during the suspension of operations at Çöpler and the temporary suspension of operations at Seabee during the second quarter of 2025.
Care and maintenance costs for the six months ended June 30, 2025 were $73.5 million as compared to $45.0 million for the six months ended June 30, 2024. Care and maintenance expense incurred during 2025 represents direct costs not associated with environmental reclamation and remediation costs of $42.6 million and depreciation of $30.9 million during the suspension of operations at Çöpler and temporary suspension of operations at Seabee during the second quarter of 2025.
Impairment charges of long-lived and other assets
Impairment charges for the six months ended June 30, 2025 were nil compared to $114.2 million for the six months ended June 30, 2024. Impairment charges of long-lived and other assets for the six months ended June 30, 2024 represent non-cash impairment charges of the heap leach pad inventory and related heap leach facilities due to the decommissioning of the heap leach as the result of the Çöpler Incident.
Other operating expense (income), net
Other operating expense (income), net for the three months ended June 30, 2025 was $(33.6) million as compared to $(3.1) million for the three months ended June 30, 2024. The change is primarily due to the receipt of $44.4 million of business interruption insurance proceeds associated with the Çöpler Incident, partially offset by a $6.0 million change in (gain) loss on sale of assets, $5.0 million of CC&V transaction and integration costs, and $2.0 million of change in fair value of contingent consideration.
Other operating expense (income), net for the six months ended June 30, 2025 was $(22.0) million as compared to $12.2 million for the six months ended June 30, 2024. The change is due to the receipt of $44.4 million of insurance proceeds associated with the Çöpler Incident, partially offset by $11.8 million of transaction and integration costs related to CC&V.
36

Interest expense
Interest expense for the three months ended June 30, 2025 was $4.2 million as compared to $2.1 million for the three months ended June 30, 2024. Interest expense for the six months ended June 30, 2025 was $7.6 million as compared to $6.8 million for the six months ended June 30, 2024. The increases were primarily due to higher debt balances outstanding during 2025.
Other income (expense)
Other income (expense) for the three months ended June 30, 2025 was $6.2 million as compared to $5.0 million for the three months ended June 30, 2024. The changes were primarily due to changes in the fair value of marketable securities.
Other income (expense) for the six months ended June 30, 2025 was $12.5 million as compared to $8.7 million for the six months ended June 30, 2024. The changes were primarily due to higher gain on investments and marketable securities sales of $3.8 million and changes in the fair value of marketable securities of $2.7 million, partially offset by a decrease in interest income of $3.8 million as a result of lower cash balances.
Foreign exchange gain (loss)
Foreign exchange loss for the three months ended June 30, 2025 was $10.2 million compared to a gain of $0.9 million for the three months ended June 30, 2024. During the three months ended June 30, 2025, the foreign exchange loss was primarily due to the weakening of the ARS against the USD and its impact on ARS-denominated assets.
Foreign exchange loss for the six months ended June 30, 2025 was $16.2 million compared to a loss of $37.0 thousand for the six months ended June 30, 2024. During the six months ended June 30, 2025, the change in foreign exchange loss was primarily due to the weakening of the ARS against the USD and its impact on ARS-denominated assets.
Income and mining tax benefit (expense)
Income and mining tax expense for the three months ended June 30, 2025 was $20.2 million as compared to an expense of $11.7 million for the three months ended June 30, 2024. The change in income tax expense was primarily due to higher quarter-to-date operating income compared to 2024 partially offset by lower additions to the valuation allowance.
Income and mining tax expense for the six months ended June 30, 2025 was $29.4 million as compared to a benefit of $8.5 million for the six months ended June 30, 2024. The change in income tax expense was primarily due to higher year-to-date operating income compared to 2024 partially offset by lower additions to the valuation allowance.
The Organization for Economic Co-operation and Development (“OECD”) has issued the Global Anti-Base Erosion Model Rules (“Pillar Two”), which generally require multinational organizations to maintain a minimum effective corporate tax rate of 15% in each jurisdiction where they operate. These rules went into effect in 2024. The Company has limited exposure to Pillar Two taxes, as most of its jurisdictions have effective tax rates above 15%. However, the Company may have exposure to taxes under Pillar Two in the range of $0 to $10.0 million for the 2025 year.
On July 4, 2025, the One Big Beautiful Bill Act (“OBBBA”) was enacted, which includes permanent extensions of most expiring Tax Cuts and Jobs Act provisions as well as international tax changes. The Company is currently evaluating the impact of the OBBBA on the Condensed Consolidated Financial Statements.
37

Results of Operations
Çöpler, Türkiye
Six Months Ended June 30,
Operating Data (1)
20252024
Change (%)
Gold produced (oz)
— 21,827 (100.0)%
Gold sold (oz)— 23,960 (100.0)%
Average realized gold price ($/oz sold)
$— $2,013 (100.0)%
Ore mined (kt)
— 266 (100.0)%
Waste removed (kt)
— 3,571 (100.0)%
Total material mined (kt)
— 3,837 (100.0)%
Ore milled (kt)
— 343 (100.0)%
Gold mill feed grade (g/t)
— 2.39 (100.0)%
Gold recovery (%)
— 78.9 (100.0)%
Ore stacked (kt)
— 184 (100.0)%
Gold grade stacked (g/t)
— 1.17 (100.0)%
Cost of sales (2)
$— $24,423 (100.0)%
Cost of sales ($/oz gold sold) (2)
$N/A$1,019 — %
Cash costs ($/oz gold sold) (3)
$N/A$1,020 — %
AISC ($/oz gold sold) (3)
$N/A$2,507 — %
(1)Operations at Çöpler were suspended on February 13, 2024 following the Çöpler Incident and have not restarted. As a result, operating data for the three months ended June 30, 2025 and 2024 are not presented.
(2)Excludes depreciation, depletion, and amortization.
(3)The Company reports the non-GAAP financial measures of cash costs and AISC per ounce of gold sold to manage and evaluate operating performance at Çöpler. See “Non-GAAP Financial Measures” for an explanation of these financial measures and a reconciliation to cost of sales, which is the comparable GAAP financial measure.
Three months ended June 30, 2025 compared to three months ended June 30, 2024
Operations remained suspended following the Çöpler Incident on February 13, 2024. Care and maintenance expense for the three months ended June 30, 2025 and 2024 of $36.7 million and $30.6 million, respectively, was recorded which represents direct costs not associated with the environmental reclamation and remediation costs and depreciation.
Six months ended June 30, 2025 compared to six months ended June 30, 2024
Operations were suspended following the Çöpler Incident on February 13, 2024. Care and maintenance expense for the six months ended June 30, 2025 and 2024 of $72.5 million and $45.0 million, respectively, was recorded which represents direct costs not associated with the environmental reclamation and remediation costs and depreciation.
38

Marigold, USA
Three Months Ended June 30,Six Months Ended June 30,
Operating Data20252024
Change (%)
20252024
Change (%)
Gold produced (oz)
35,906 25,691 39.8 %74,492 60,371 23.4 %
Gold sold (oz)35,589 25,450 39.8 %75,997 62,319 21.9 %
Average realized gold price ($/oz sold)
$3,337 $2,391 39.6 %$3,104 $2,203 40.9 %
Ore mined (kt)
3,425 7,474 (54.2)%8,781 13,196 (33.5)%
Waste removed (kt)
20,912 18,778 11.4 %41,367 39,365 5.1 %
Total material mined (kt)
24,337 26,252 (7.3)%50,148 52,561 (4.6)%
Ore stacked (kt)
3,426 7,474 (54.2)%8,782 13,169 (33.3)%
Gold grade stacked (g/t)
0.62 0.20 210.0 %0.44 0.17 158.8 %
Cost of sales (1)
$56,376 $39,237 43.7 %$115,102 $88,308 30.3 %
Cost of sales ($/oz gold sold) (1)
$1,584 $1,542 2.7 %$1,515 $1,417 6.9 %
Cash costs ($/oz gold sold) (2)
$1,586 $1,542 2.9 %$1,516 $1,418 6.9 %
AISC ($/oz gold sold) (2)
$1,977 $2,065 (4.3)%$1,864 $1,690 10.3 %
(1)Excludes depreciation, depletion, and amortization.
(2)The Company reports the non-GAAP financial measures of cash costs and AISC per ounce of gold sold to manage and evaluate operating performance at Marigold. See “Non-GAAP Financial Measures” for an explanation of these financial measures and a reconciliation to Cost of sales, which is the comparable GAAP financial measure.
Three months ended June 30, 2025 compared to three months ended June 30, 2024
Gold production increased 39.8% due to higher gold grade stacked, partially offset by fewer tonnes stacked. Revenue increased by $57.9 million, or 95.1%, of which $33.7 million was the result of higher average realized gold price and $24.3 million was the result of more gold ounces sold. Cost of sales increased by $17.1 million, or 43.7%, due to higher gold ounces sold and higher royalty expense resulting from higher average realized gold prices during 2025. Cost of sales per ounce of gold sold and cash costs per ounce of gold sold increased 2.7% and 2.9%, respectively, due to the higher mining costs discussed above, partially offset by more gold ounces sold. AISC per ounce of gold sold decreased 4.3% as a result of more gold ounces sold.
Six months ended June 30, 2025 compared to six months ended June 30, 2024
Gold production increased 23.4% due to higher gold grade stacked, partially offset by fewer tonnes stacked. Revenue increased by $98.4 million, or 71.5%, of which $68.5 million was the result of higher average realized gold price and $29.9 million was the result of more gold ounces sold. Cost of sales increased by $26.8 million, or 30.3%, due to higher gold ounces sold and higher royalty expense resulting from higher average realized gold prices during 2025. Cost of sales per ounce of gold sold and cash costs per ounce of gold sold increased 6.9% and 6.9%, respectively, due to the higher mining costs discussed above, partially offset by more gold ounces sold. AISC per ounce of gold sold increased 10.3% due to higher cash costs per ounce of gold sold and higher sustaining capital expenditures during 2025 as compared to 2024.


39

Cripple Creek & Victor, USA
Three Months Ended June 30,Six Months Ended June 30,
Operating Data (1)
2025
2025
Gold produced (oz)
44,062 55,344 
Gold sold (oz)44,800 56,100 
Average realized gold price ($/oz sold)
$3,336 $3,282 
Ore mined (kt)3,441 5,265 
Waste removed (kt)4,880 6,451 
Total material mined (kt)8,321 11,716 
Ore stacked (kt)3,519 5,378 
Gold grade stacked (g/t)0.50 0.45 
Cost of sales (2)
$50,003 $67,968 
Cost of sales ($/oz gold sold) (2)
$1,116 $1,212 
Cash costs ($/oz gold sold) (3)
$1,105 $1,199 
AISC ($/oz gold sold) (3)
$1,339 $1,427 
(1)The operating data presented represents the period from February 28, 2025 to June 30, 2025, the period for which the Company was entitled to the economic benefits of CC&V following the acquisition.
(2)Excludes depreciation, depletion, and amortization.
(3)The Company reports the non-GAAP financial measures of cash costs and AISC per ounce of gold sold to manage and evaluate operating performance at CC&V. See “Non-GAAP Financial Measures” for an explanation of these financial measures and a reconciliation to Cost of sales, which is the comparable GAAP financial measure.
Three and six months ended June 30, 2025 compared to three and six months ended June 30, 2024
The Company acquired CC&V on February 28, 2025 and thus there were no historical results reported for the three and six months ended June 30, 2024. See Note 3 and Note 4 of the Condensed Consolidated Financial Statements for additional information related to CC&V and the CC&V acquisition.


40



Seabee, Canada
Three Months Ended June 30,Six Months Ended June 30,
Operating Data20252024
Change (%)
20252024
Change (%)
Gold produced (oz)
10,998 16,709 (34.2)%36,999 40,482 (8.6)%
Gold sold (oz)10,350 15,020 (31.1)%36,350 43,470 (16.4)%
Average realized gold price ($/oz sold)
$3,335 $2,355 41.6 %$3,048 $2,169 40.5 %
Ore mined (kt)
66 115 (42.6)%148 219 (32.4)%
Ore milled (kt)
68 103 (34.0)%158 218 (27.5)%
Gold mill feed grade (g/t)
5.22 5.40 (3.2)%7.38 5.99 23.2 %
Gold recovery (%)
96.6 95.5 1.5 %97.0 96.0 1.0 %
Cost of sales (1)
$18,473 $17,275 6.9 %$41,604 $41,708 (0.2)%
Cost of sales ($/oz gold sold) (1)
$1,785 $1,150 55.2 %$1,145 $959 19.4 %
Cash costs ($/oz gold sold) (2)
$1,786 $1,152 55.0 %$1,145 $960 19.3 %
AISC ($/oz gold sold) (2)
$2,708 $1,626 66.5 %$1,754 $1,488 17.9 %
(1)Excludes depreciation, depletion, and amortization.
(2)The Company reports the non-GAAP financial measures of cash costs and AISC per ounce of gold sold to manage and evaluate operating performance at Seabee. See “Non-GAAP Financial Measures” for an explanation of these financial measures and a reconciliation to Cost of sales, which is the comparable GAAP financial measure.
Three months ended June 30, 2025 compared to three months ended June 30, 2024
Gold production decreased 34.2% as a result of the temporary suspension of operations due to wildfires during the second quarter of 2025. Revenue decreased by $0.8 million, or 2.4%, of which $11.0 million was a result of fewer gold ounces sold, partially offset by an increase of $10.2 million due to higher average realized gold price. Cost of sales increased by $1.2 million, or 6.9%, as a result of higher site support costs. Cost of sales per ounce of gold sold and cash costs per ounce of gold sold increased by 55.2% and 55.0%, respectively, as a result of fewer ore tonnes mined and milled due to the temporary suspension of operations. AISC per ounce of gold sold increased 66.5% due to an increase in sustaining capital expenditures and fewer ounces sold.
Six months ended June 30, 2025 compared to six months ended June 30, 2024
Gold production decreased 8.6% as a result of the temporary suspension of operations due to wildfires during the second quarter of 2025. Revenue increased by $16.3 million, or 17.3%, of which $32.0 million was a result of higher average realized gold price, partially offset by $15.7 million was a result of fewer gold ounces sold. Cost of sales was consistent for the six months ended June 30, 2025 and 2024. Cost of sales per ounce of gold sold and cash costs per ounce of gold sold increased 19.4% and 19.3%, respectively, as a result of fewer ore tonnes mined and milled due to unplanned mill maintenance and the temporary suspension of operations. AISC per ounce of gold sold increased 17.9% due to fewer ounces sold.
41

Puna, Argentina
Three Months Ended June 30,Six Months Ended June 30,
Operating Data20252024
Change (%)
20252024
Change (%)
Silver produced ('000 oz)2,849 2,731 4.3 %5,354 4,646 15.2 %
Silver sold ('000 oz)2,534 2,489 1.8 %4,909 4,148 18.3 %
Lead produced ('000 lb)13,877 13,291 4.4 %25,365 23,289 8.9 %
Lead sold ('000 lb)12,058 12,385 (2.6)%24,111 21,050 14.5 %
Zinc produced ('000 lb)1,125 859 31.0 %1,883 2,076 (9.3)%
Zinc sold ('000 lb)1,279 1,419 (9.9)%1,541 1,929 (20.1)%
Gold equivalent sold (oz) (1)
25,997 30,720 (15.4)%52,396 49,115 6.7 %
Average realized silver price ($/oz)$35.24 $30.22 16.6 %$33.90 $27.01 25.5 %
Ore mined (kt)
475 668 (28.9)%1,102 931 18.4 %
Waste removed (kt)
1,592 1,519 4.8 %2,681 3,029 (11.5)%
Total material mined (kt)
2,067 2,187 (5.5)%3,783 3,960 (4.5)%
Ore milled (kt)
492 470 4.7 %946 887 6.7 %
Silver mill feed grade (g/t)186.62 186.31 0.2 %182.38 168.53 8.2 %
Lead mill feed grade (%)1.36 1.34 1.5 %1.29 1.25 3.2 %
Zinc mill feed grade (%)0.26 0.18 44.4 %0.23 0.22 4.5 %
Silver recovery (%)96.5 97.0 (0.5)%96.5 96.7 (0.2)%
Lead recovery (%)94.0 95.7 (1.8)%94.3 94.9 (0.6)%
Zinc recovery (%)39.6 46.4 (14.7)%39.6 48.0 (17.5)%
Cost of sales (2)
$38,096 $40,070 (4.9)%$74,915 $68,044 10.1 %
Cost of sales ($/oz silver sold) (2)
$15.03 $16.10 (6.6)%$15.26 $16.41 (7.0)%
Cost of sales ($/oz gold equivalent sold) (1, 2)
$1,465 $1,304 12.3 %$1,430 $1,385 3.2 %
Cash costs ($/oz silver sold) (3)
$9.98 $11.38 (12.3)%$10.45 $11.75 (11.1)%
Cash costs ($/oz gold equivalent sold) (1, 3)
$972 $922 5.4 %$979 $992 (1.3)%
AISC ($/oz silver sold) (3)
$12.57 $15.19 (17.2)%$12.85 $15.36 (16.3)%
AISC ($/oz gold equivalent sold) (1, 3)
$1,225 $1,231 (0.5)%$1,204 $1,297 (7.2)%
(1)Gold equivalent ounces are calculated multiplying the silver ounces by the ratio of the silver price to the gold price, using the average LBMA prices for the period. The Company does not include by-products in the gold equivalent ounce calculations.
(2)Excludes depreciation, depletion, and amortization.
(3)The Company reports the non-GAAP financial measures of cash costs and AISC per ounce of silver sold to manage and evaluate operating performance at Puna. See “Non-GAAP Financial Measures” for an explanation of these financial measures and a reconciliation to Cost of sales, which is the comparable GAAP financial measure.

42

Three months ended June 30, 2025 compared to three months ended June 30, 2024
Silver production increased 4.3% due to more ore tonnes milled. Revenue increased by $13.6 million, or 15.3%, primarily due to a $12.7 million increase as a result of higher average realized silver price and a $1.4 million increase as a result of higher silver ounces sold, partially offset by a $0.4 million decrease due to lower average realized lead price and a $0.3 million decrease as a result of a lower volume of lead concentrate sold. Cost of sales decreased by $2.0 million, or 4.9%, due to lower mill maintenance costs. Cost of sales per ounce of silver sold decreased by 6.6% due to lower mill maintenance costs and higher mill throughput. Cash costs per ounce of silver sold decreased by 12.3% due to lower cost of sales per ounce of silver sold and lower treatment and refining charges. AISC per ounce of silver sold decreased by 17.2%, due to lower cash costs per ounce of silver sold and lower reclamation cost accretion and amortization.
Six months ended June 30, 2025 compared to six months ended June 30, 2024
Silver production increased 15.2% due to more ore tonnes milled. Revenue increased by $56.0 million, or 41.7%, primarily due to a $33.8 million increase as a result of higher average realized silver price and a $20.5 million increase as a result of more silver ounces sold. Cost of sales increased by $6.9 million, or 10.1%, due to more ounces of silver sold. Cost of sales per ounce of silver sold decreased by 7.0% due to higher silver mill feed grade and a lower strip ratio. Cash costs per silver ounce of silver sold decreased by 11.1% due to lower cost of sales per ounce of silver sold and lower treatment and refining charges. AISC per ounce of silver sold decreased by 16.3% due to lower cash costs per ounce of silver sold and lower reclamation cost accretion and amortization.
43

Liquidity and Capital Resources
The Company analyzes its liquidity position, taking into consideration its available cash and cash equivalents; expected revenues and operating and capital expenditures; potential penalties and fines, restitution, and legal obligations; estimates of reclamation and remediation related costs; and care and maintenance expenditures at Çöpler over the next twelve months. As of June 30, 2025, the Company had $412.1 million of cash and cash equivalents, and the Company has no borrowings outstanding on the Second Amended Credit Agreement at this time. Each of the Company’s mines operates independently and are not dependent on cash flows or operational synergies. Based on this analysis, the Company believes that its current liquidity position is sufficient to sustain the operational needs of the Company for the next twelve months without needing to borrow under its Second Amended Credit Agreement. The Company may still elect to borrow under the Second Amended Credit Agreement or seek alternate sources of capital for any liquidity needs. All debts, liabilities and obligations under the Second Amended Credit Agreement are guaranteed by the Company’s material subsidiaries and secured by certain of the Company’s assets and material subsidiaries and pledges of the securities of the Company’s material subsidiaries, but does not include the Çöpler assets and subsidiaries and other Alacer entities.
To borrow under the Second Amended Credit Agreement, the Company will be required to satisfy certain financial ratios related to interest coverage and net leverage and make certain representations and warranties on a quarterly basis, including assessing financial ratios over a twelve-month period. Subject to the timing of any borrowings we may make under the Second Amended Credit Agreement, if any, we may be required to seek an amendment from the lenders to permit borrowings if we cannot meet the financial ratios or other requirements due to lower cash flows resulting from the Çöpler Incident or otherwise. As of June 30, 2025, the Company was in compliance with its covenants.
The Company manages its liquidity risk through the planning, budgeting and forecasting process, which is reviewed and updated on a regular basis, to help determine the funding requirements to support its current operations, expansion and development plans, and by managing its capital structure.
Cash and Cash Equivalents
At June 30, 2025, the Company had $412.1 million of cash and cash equivalents, a increase of $24.2 million from December 31, 2024. Refer to the Cash Flows section below for additional detail of the Company’s cash flow activities. The Company held $355.7 million of its cash and cash equivalents balance in USD. Additionally, the Company held cash and cash equivalents of $47.9 million, $5.6 million and $2.8 million in ARS, CAD and TRY, respectively.
The Company maintains cash balances at banking institutions in various jurisdictions which may or may not have deposit insurance. The Company mitigates potential cash risk by maintaining bank accounts with credit-worthy financial institutions. All cash is invested in short-term investments or high interest savings accounts in accordance with the Company’s investment policy with original maturities of 90 days or less, providing the Company with sufficient liquidity to meet its foreseeable capital needs.
Debt
The 2019 Notes were reclassified from Debt, non-current to Current portion of debt in the Condensed Consolidated Financial Statements as of June 30, 2025 due to the holder right of redemption at par plus accrued and unpaid interest, which is payable on April 1, 2026 following a twenty business day notice period. Refer to Part II, Item 8, Note 20 in the Annual Report on Form 10-K for further details.
Cash Dividends
During the three and six months ended June 30, 2025 and 2024, the Company declared no dividends.

44

Cash Flows
The following table summarizes the Company's cash flow activity for six months ended June 30:
Six Months Ended June 30,
20252024
Net cash provided by (used in) operating activities
$242,646 $(53,501)
Cash used in investing activities
(222,753)(68,462)
Cash provided by (used in) financing activities
10,531 (9,332)
Effect of foreign exchange rate changes on cash and cash equivalents(6,202)(2,791)
Increase (decrease) in cash, cash equivalents and restricted cash24,222 (134,086)
Cash, cash equivalents, and restricted cash, beginning of period387,882 492,494 
Cash, cash equivalents, and restricted cash, end of period$412,104 $358,408
Cash provided by operating activities
For the six months ended June 30, 2025, cash provided by (used in) operating activities was $242.6 million compared to $(53.5) million for the six months ended June 30, 2024. The change in cash provided by (used in) operating activities is primarily due to $307.0 million increase in revenues attributable to 45.9% higher average realized gold price and 29.8% increase in gold ounces sold, and $44.4 million of business interruption insurance proceeds received associated with the Çöpler Incident.
Cash used in investing activities
For the six months ended June 30, 2025, cash used in investing activities was $222.8 million compared to $68.5 million for the six months ended June 30, 2024. The increase of $154.3 million of cash used in investing activities is primarily due to the $108.7 million used for the acquisition of CC&V, $32.8 million in higher capital expenditures, and $42.1 million in increased purchases of marketable securities. The increases were partially offset by $33.2 million in higher net proceeds from the sale of marketable securities when compared to the six months ended June 30, 2024.
Cash provided by (used in) financing activities
For the six months ended June 30, 2025, cash provided by (used in) financing activities was $10.5 million compared to $(9.3) million for the six months ended June 30, 2024. The change in cash provided by (used in) financing activities was primarily due to an increase of $9.5 million of proceeds from related party debt and a $9.8 million decrease in the purchases and cancellation of common shares in 2025 as compared to 2024.
Contractual Obligations
Except as discussed below, there have been no material changes in the Company’s contractual obligations since December 31, 2024.
During the six months ended June 30, 2025, the Company became liable for milestone-based payments totaling up to $175.0 million in connection with the acquisition of CC&V. Refer to Note 3 of the Condensed Consolidated Financial Statements for further details regarding the CC&V acquisition.
Refer to Part II, Item 7 in the Annual Report on Form 10-K for information regarding the Company’s contractual obligations.

45

Non-GAAP Financial Measures
The Company has included certain non-GAAP financial measures to assist in understanding the Company's financial results. The non-GAAP financial measures are employed by the Company to measure its operating and economic performance and to assist in decision-making, as well as to provide key performance information to senior management. The Company believes that, in addition to conventional measures prepared in accordance with GAAP, certain investors and other stakeholders will find this information useful to evaluate the Company's operating and financial performance; however, these non-GAAP performance measures do not have any standardized meaning. These performance measures are intended to provide additional information and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with GAAP. These non-GAAP measures should be read in conjunction with the Company's Condensed Consolidated Financial Statements.
Non-GAAP Measure - Cash Costs and AISC
Cash Costs and All-In Sustaining Costs (“AISC”) per payable ounce of gold and respective unit cost measures are non-U.S. GAAP metrics developed by the World Gold Council to provide transparency into the costs associated with producing gold and provide a standard for comparison across the industry. The World Gold Council is a market development organization for the gold industry.
The Company uses cash costs per ounce of precious metals sold to monitor its operating performance internally. The most directly comparable measure prepared in accordance with GAAP is Cost of sales. The Company believes this measure provides investors and analysts with useful information about its underlying cash costs of operations and the impact of by-product credits on its cost structure. The Company also believes it is a relevant metric used to understand its operating profitability. When deriving the cost of sales associated with an ounce of precious metal, the Company includes by-product credits, which allows management and other stakeholders to assess the net costs of gold and silver production.
AISC includes total Cost of sales incurred at the Company’s mining operations, which forms the basis of cash costs. Additionally, the Company includes sustaining capital and lease related expenditures, sustaining mine-site exploration and evaluation costs, reclamation cost accretion and amortization, and general and administrative expenses. This measure seeks to reflect the ongoing cost of gold and silver production from current operations; therefore, growth capital is excluded. The Company determines sustaining capital to be capital expenditures that are necessary to maintain current production and execute the current mine plan. The Company determines growth capital to be those payments used to develop new operations or related to projects at existing operations where those projects will materially benefit the operation.
The Company believes that AISC provides additional information to management and stakeholders that provides visibility to better define the total costs associated with production and better understanding of the economics of the Company's operations and performance compared to other producers.
In deriving the number of ounces of precious metal sold, the Company considers the physical ounces available for sale after the treatment and refining process, commonly referred to as payable metal, as this is what is sold to third parties.

46

The following tables provide a reconciliation of cost of sales to cash costs and AISC:

Three Months Ended June 30, 2025
(in thousands, unless otherwise noted)
ÇöplerMarigoldCC&V
Seabee
Puna
CorporateTotal
Cost of sales (GAAP) (1)
$—$56,376$50,003$18,473$38,096$—$162,948
By-product credits—(33)(501)(15)(12,146)—(12,695)
Treatment and refining charges—92—23(669)—(554)
Cash costs (non-GAAP)—56,43549,50218,48125,281—149,699
Sustaining capital and lease related expenditures
2,36811,7706,6568,7624,023—33,579
Sustaining exploration and evaluation expense—1,447————1,447
Care and maintenance (2)
21,802——234——22,036
Reclamation cost accretion and amortization4236913,8385552,545—8,052
General and administrative expense and stock-based compensation expense—————26,63426,634
Total AISC (non-GAAP)$24,593$70,343$59,996$28,032$31,849$26,634$241,447
Gold sold (oz)— 35,589 44,800 10,350 — — 90,739 
Silver sold (oz)— — — — 2,534,393 — 2,534,393 
Gold equivalent sold (oz) (3)
— 35,589 44,800 10,350 25,997— 116,736 
Cost of sales per gold equivalent ounce sold (1)(3)
N/A$1,584 $1,116 $1,785 $1,465 N/A$1,396 
Cash cost per gold ounce soldN/A$1,586 $1,105 $1,786 N/AN/AN/A
Cash cost per silver ounce soldN/AN/AN/AN/A$9.98 N/AN/A
Cash cost per gold equivalent ounce sold (3)
N/A$1,586 $1,105 $1,786 $972 N/A$1,282 
AISC per gold ounce soldN/A$1,977 $1,339 $2,708 N/AN/AN/A
AISC per silver ounce soldN/AN/AN/AN/A$12.57 N/AN/A
AISC per gold equivalent ounce sold (3)
N/A$1,977 $1,339 $2,708 $1,225 N/A$2,068 
(1)Excludes depreciation, depletion, and amortization.
(2)Care and maintenance expense only includes direct costs not associated with environmental reclamation and remediation costs, as depreciation is not included in the calculation of AISC.
(3)Gold equivalent ounces are calculated multiplying the silver ounces by the ratio of the silver price to the gold price, using the average LBMA prices for the period. The Company does not include by-products in the gold equivalent ounce calculations. Gold equivalent ounces sold may not re-calculate based on amounts presented in this table due to rounding.
47


Three Months Ended June 30, 2024
(in thousands, unless otherwise noted)
ÇöplerMarigoldSeabeePunaCorporateTotal
Cost of sales (GAAP) (1)
$—$39,237$17,275$40,070— $96,582
By-product credits—(61)(14)(13,783)— (13,858)
Treatment and refining charges— 74452,038— 2,157
Cash costs (non-GAAP)—39,25017,30628,325— 84,881
Sustaining capital and lease related expenditures
4,602 12,432 6,201 3,550 — 26,785 
Sustaining exploration and evaluation expense
—274——— 274
Care and maintenance(2)
17,283———— 17,283
Reclamation cost accretion and amortization4936059225,926— 7,946
General and administrative expense and stock-based compensation expense—— — —13,45213,452
Total AISC (non-GAAP)$22,378$52,561$24,429$37,801$13,452$150,621
Gold sold (oz)— 25,450 15,020 — — 40,470 
Silver sold (oz)— — — 2,489,064 — 2,489,064 
Gold equivalent sold (oz) (3)
— 25,450 15,020 30,720— 71,190 
Cost of sales per gold equivalent ounce sold (1)(3)
N/A$1,542 $1,150 $1,304 N/A$1,357 
Cash cost per gold ounce soldN/A$1,542 $1,152 N/AN/AN/A
Cash cost per silver ounce soldN/AN/AN/A$11.38 N/AN/A
Cash cost per gold equivalent ounce sold (3)
N/A$1,542 $1,152 $922 N/A$1,192 
AISC per gold ounce soldN/A$2,065 $1,626 N/AN/AN/A
AISC per silver ounce soldN/AN/AN/A$15.19 N/AN/A
AISC per gold equivalent ounce sold (3)
N/A$2,065$1,626$1,231N/A$2,116
(1)Excludes depreciation, depletion, and amortization.
(2)Care and maintenance expense only includes direct costs not associated with environmental reclamation and remediation costs, as depreciation is not included in the calculation of AISC.
(3)Gold equivalent ounces are calculated multiplying the silver ounces by the ratio of the silver price to the gold price, using the average LBMA prices for the period. The Company does not include by-products in the gold equivalent ounce calculations. Gold equivalent ounces sold may not re-calculate based on amounts presented in this table due to rounding.
48


Six Months Ended June 30, 2025
(in thousands, unless otherwise noted)
ÇöplerMarigold
CC&V
Seabee
PunaCorporateTotal
Cost of sales (GAAP)(1)
$—$115,102$67,968$41,604$74,915$—$299,589
By-product credits—(71)(714)(40)(23,255)—(24,080)
Treatment and refining charges—158566(344)—(115)
Cash costs (non-GAAP)—115,18967,25941,63051,316—275,394
Sustaining capital and lease related expenditures
4,621 23,439 7,667 20,510 5,977 —62,214 
Sustaining exploration and evaluation expense—1,674————1,674
Care and maintenance (2)
42,358——234——42,592
Reclamation cost accretion and amortization8451,3635,1171,3885,804—14,517
General and administrative expense and stock-based compensation expense—————50,52950,529
Total AISC (non-GAAP)$47,824$141,665$80,043$63,762$63,097$50,529$446,920
Gold sold (oz)— 75,997 56,100 36,350 — 168,447 
Silver sold (oz)— — — — 4,908,738 — 4,908,738 
Gold equivalent sold (oz) (3)
— 75,997 56,100 36,350 52,396— 220,843 
Cost of sales per gold equivalent ounce sold(1)(3)
N/A$1,515 $1,212 $1,145 $1,430 N/A$1,357 
Cash cost per gold ounce soldN/A$1,516 $1,199 $1,145 N/AN/AN/A
Cash cost per silver ounce soldN/AN/AN/AN/A$10.45 N/AN/A
Cash cost per gold equivalent ounce sold (3)
N/A$1,516 $1,199 $1,145 $979 N/A$1,247 
AISC per gold ounce soldN/A$1,864 $1,427 $1,754 N/AN/AN/A
AISC per silver ounce soldN/AN/AN/AN/A$12.85 N/AN/A
AISC per gold equivalent ounce sold (3)
N/A$1,864 $1,427 $1,754 $1,204 N/A$2,024 
(1)Excludes depreciation, depletion, and amortization.
(2)Care and maintenance expense only includes direct costs not associated with environmental reclamation and remediation costs, as depreciation is not included in the calculation of AISC.
(3)Gold equivalent ounces are calculated multiplying the silver ounces by the ratio of the silver price to the gold price, using the average LBMA prices for the period. The Company does not include by-products in the gold equivalent ounce calculations. Gold equivalent ounces sold may not re-calculate based on amounts presented in this table due to rounding.
49


Six Months Ended June 30, 2024
(in thousands, unless otherwise noted)
ÇöplerMarigoldSeabeePunaCorporateTotal
Cost of sales (GAAP)(1)
$24,423 $88,308 $41,708 $68,044 $— $222,483 
By-product credits(345)(62)(39)(22,848)— (23,294)
Treatment and refining charges351 147 80 3,520 — 4,098 
Cash costs (non-GAAP)24,429 88,393 41,749 48,716 — 203,287 
Sustaining capital and lease related expenditures
9,689 14,737 21,106 6,909 — 52,441 
Sustaining exploration and evaluation expense— 628 — — — 628 
Care and maintenance(2)
24,961 — — — — 24,961 
Reclamation cost accretion and amortization978 1,540 1,849 8,075 — 12,442 
General and administrative expense and stock-based compensation expense— — — — 26,312 26,312 
Total AISC (non-GAAP)$60,057 $105,298 $64,704 $63,700 $26,312 $320,071 
Gold sold (oz)23,960 62,319 43,470 — — 129,749 
Silver sold (oz)— — — 4,147,685 — 4,147,685 
Gold equivalent sold (oz) (3)
23,960 62,319 43,470 49,115— 178,864 
Cost of sales per gold equivalent ounce sold(1)(3)
$1,019 $1,417 $959 $1,385 N/A$1,244 
Cash cost per gold ounce sold$1,020 $1,418 $960 N/AN/AN/A
Cash cost per silver ounce soldN/AN/AN/A$11.75 N/AN/A
Cash cost per gold equivalent ounce sold (3)
$1,020 $1,418 $960 $992 N/A$1,137 
AISC per gold ounce sold$2,507 $1,690 $1,488 N/AN/AN/A
AISC per silver ounce soldN/AN/AN/A$15.36 N/AN/A
AISC per gold equivalent ounce sold (3)
$2,507 $1,690 $1,488 $1,297 N/A$1,789 
(1)Excludes depreciation, depletion, and amortization.
(2)Care and maintenance expense only includes direct costs not associated with environmental reclamation and remediation costs, as depreciation is not included in the calculation of AISC.
(3)Gold equivalent ounces are calculated multiplying the silver ounces by the ratio of the silver price to the gold price, using the average LBMA prices for the period. The Company does not include by-products in the gold equivalent ounce calculations. Gold equivalent ounces sold may not re-calculate based on amounts presented in this table due to rounding.

50

Non-GAAP Measure - Adjusted Attributable Net Income (Loss)
Adjusted attributable net income (loss) and adjusted attributable net income (loss) per share are used by management and investors to measure the Company’s underlying operating performance. The most directly comparable financial measures prepared in accordance with GAAP are Net income (loss) attributable to SSR Mining shareholders and Net income (loss) per share attributable to SSR Mining shareholders. Adjusted attributable net income (loss) is defined as net income (loss) adjusted to exclude the after-tax impact of specific items that are significant, but not reflective of the Company’s underlying operations, including impairment charges; and inflationary impacts on tax balances.
The following table provides a reconciliation of Net income (loss) attributable to SSR Mining shareholders to adjusted net income (loss) attributable to SSR Mining shareholders:
51

Three Months Ended June 30,Six Months Ended June 30,
(in thousands, except per share)
2025202420252024
Net income (loss) attributable to SSR Mining shareholders (GAAP)$90,075 $9,693 $148,856 $(277,389)
Interest saving on 2019 Notes, net of tax1,247 — 2,479 — 
Net income (loss) used in the calculation of diluted net income per share$91,322 $9,693 $151,335 $(277,389)
Weighted-average shares used in the calculation of net income (loss) per share
Basic202,774 202,133 202,598 202,244 
Diluted216,989 202,407 216,691 202,244 
Net income (loss) per share attributable to SSR Mining shareholders (GAAP)
Basic$0.44 $0.05 $0.73 $(1.37)
Diluted$0.42 $0.05 $0.70 $(1.37)
Adjustments:
CC&V transaction and integration costs
4,958 — 11,753 — 
Effects of the Çöpler Incident (1)
52,179 — 53,430 321,954 
Insurance proceeds received related to the Çöpler Incident (2)
(35,527)— (35,527)— 
Change in fair value of marketable securities(2,065)(3,602)(3,721)(6,419)
Income tax impact related to above adjustments1,857 573 954 1,021 
Inflationary impacts on tax balances(1,403)825 (4,098)(9,168)
Adjusted net income (loss) attributable to SSR Mining shareholders (Non-GAAP)$110,074$7,489$171,647$29,999
Adjusted net income (loss) per share attributable to SSR Mining shareholders (Non-GAAP)
Basic$0.54$0.04$0.85$0.15
Diluted (3)
$0.51$0.04$0.80$0.15
(1)For the three months ended June 30, 2025, the effects of the Çöpler Incident represent (1) reclamation costs of $7.5 million (presented net of pre-tax attributable non-controlling interest of $1.9 million) and remediation costs of $42.8 million (presented net of pre-tax attributable non-controlling interest of $10.7 million) and (2) contingencies and expenses of $1.8 million (presented net of pre-tax attributable non-controlling interest of $0.5 million).

For the six months ended June 30, 2025, the effects of the Çöpler Incident represent (1) reclamation costs of $7.5 million (presented net of pre-tax attributable non-controlling interest of $1.9 million) and remediation costs of $42.8 million (presented net of pre-tax attributable non-controlling interest of $10.7 million) and (2) contingencies and expenses of $3.1 million (presented net of pre-tax attributable non-controlling interest of $0.8 million).

For the six months ended June 30, 2024, the effects of the Çöpler Incident represent (1) reclamation costs of $9.0 million (presented net of pre-tax attributable non-controlling interest of $2.2 million) and remediation costs of $209.3 million (presented net of pre-tax attributable non-controlling interest of $52.4 million); (2) impairment charges of $91.4 million (presented net of pre-tax attributable non-controlling interest of $22.8 million) related to plans to permanently close the heap leach pad; and (3) contingencies and expenses of $12.3 million (presented net of pre-tax attributable non-controlling interest of $3.0 million).
(2)For the three and six months ended June 30, 2025, represents $35.5 million (presented net of pre-tax attributable non-controlling interest of $8.9 million) of business interruption insurance proceeds received associated with the Çöpler Incident.
(3)Adjusted net income (loss) per diluted share attributable to SSR Mining shareholders is calculated using diluted common shares, which are calculated in accordance with GAAP. For the three months ended June 30, 2024, $1.2 million interest saving on 2019 Notes, net of tax, and dilutive potential shares of approximately 12.9 million were excluded from the computation of diluted loss per common share attributable to SSR Mining shareholders in the Condensed Consolidated Statement of Operations as they were antidilutive. For the six months ended June 30, 2024, $2.5 million interest saving on 2019 Notes, net of tax, and dilutive potential shares of approximately 12.9 million were excluded from the computation of diluted loss per common share attributable to SSR Mining shareholders in the Condensed Consolidated Statement of Operations as they were antidilutive. These interest savings and shares were included in the computation of adjusted net income (loss) per diluted share attributable to SSR Mining shareholders for the six months ended June 30, 2024.
52

Non-GAAP Measure - Earnings Before Interest, Taxes, Depreciation and Amortization (“EBITDA”) and Adjusted EBITDA
EBITDA represents net income (loss) before interest, taxes, depreciation, and amortization. EBITDA is an indicator of the Company’s ability to generate liquidity by producing operating cash flow to fund working capital needs, service debt obligations, and fund capital expenditures.
Adjusted EBITDA represents net income (loss) before interest, taxes, depreciation, and amortization, adjusted to exclude the impact of specific items that are significant, but not reflective of the Company’s underlying operations, including impairment charges.
The most directly comparable financial measure prepared in accordance with GAAP to EBITDA and Adjusted EBITDA is Net income (loss) attributable to SSR Mining shareholders.
The following is a reconciliation of Net income (loss) attributable to SSR Mining shareholders to EBITDA and adjusted EBITDA:
Three Months Ended June 30,Six Months Ended June 30,
(in thousands)
2025202420252024
Net income (loss) attributable to SSR Mining shareholders (GAAP)$90,075 $9,693 $148,856 $(277,389)
Net income (loss) attributable to non-controlling interests(9,713)(7,229)(14,048)(78,309)
Depletion, depreciation and amortization26,237 23,011 56,850 61,409 
Interest expense4,227 2,105 7,596 6,760 
Income and mining tax expense (benefit)20,233 11,727 29,371 (8,510)
EBITDA (non-GAAP)131,059 39,307 228,625 (296,039)
CC&V transaction and integration costs
4,958 — 11,753 — 
Effects of the Çöpler Incident (1)
65,224 — 66,788 402,443 
Insurance proceeds received related to the Çöpler Incident (2)
(44,409)— (44,409)— 
Change in fair value of marketable securities(2,065)(3,602)(3,721)(6,419)
Adjusted EBITDA (non-GAAP)$154,767 $35,705 $259,036 $99,985 
(1)For the three months ended June 30, 2025, the effects of the Çöpler Incident represent (1) reclamation costs of $9.4 million and remediation costs of $53.5 million and (2) contingencies and expenses of $2.3 million.

For the six months ended June 30, 2025, the effects of the Çöpler Incident represent (1) reclamation costs of $9.4 million and remediation costs of $53.5 million and (2) contingencies and expenses of $3.9 million.

For the six months ended June 30, 2024, the effects of the Çöpler Incident represent (1) reclamation costs of $11.2 million and remediation costs of $261.7 million; (2) impairment charges of $114.2 million related to plans to permanently close the heap leach pad; and (3) contingencies and expenses of $15.3 million.
(2)For the three and six months ended June 30, 2025, represents business interruption insurance proceeds received associated with the Çöpler Incident.



53

Non-GAAP Measure - Free Cash Flow
The Company uses free cash flow to supplement information in its consolidated financial statements. The most directly comparable financial measures prepared in accordance with GAAP is Cash provided by (used in) operating activities. The Company believes that in addition to conventional measures prepared in accordance with US GAAP, certain investors and analysts use this information to evaluate the ability of the Company to generate cash flow after capital investments and build the Company’s cash resources. The Company calculates free cash flow by deducting cash capital spending from cash generated by operating activities. The Company does not deduct payments made for business acquisitions.
The following table provides a reconciliation of Cash provided by (used in) operating activities to free cash flow:
Six Months Ended June 30,
(in thousands)
20252024
Cash provided by (used in) operating activities (GAAP)
$242,646 $(53,501)
Expenditures on mineral properties, plant and equipment(104,962)(72,211)
Free cash flow (non-GAAP)$137,684$(125,712)
Critical Accounting Estimates
This MD&A is based on the Company's unaudited Condensed Consolidated financial statements, which have been prepared in conformity with US GAAP. The preparation of these statements requires that the Company makes estimates and assumptions that affect the reported amounts of assets, liabilities, revenues and expenses. The Company bases these estimates on historical experience and on assumptions that the Company considers reasonable under the circumstances; however, reported results could differ from those based on the current estimates under different assumptions or conditions. Refer to the Company’s Management’s Discussion and Analysis of Critical Accounting Estimates included in Part II of Form 10-K. There have been no changes to our critical accounting policies from those disclosed on our Form 10-K, except as noted below.
54

Business Combinations
The Company recognizes and measures the assets acquired and liabilities assumed in a business combination based on their estimated fair values at the acquisition date, while transaction and integration costs are expensed as incurred. Any excess of the purchase consideration when compared to the fair value of the net tangible and intangible assets acquired, if any, is recorded as goodwill. For material acquisitions, the Company engages third-party valuation specialists to assist with the determination of the fair value of assets acquired, liabilities assumed, non-controlling interest, if any, and goodwill, based on recognized business valuation methodologies. An income, market or cost valuation method may be utilized to estimate the fair value of the assets acquired, liabilities assumed, and non-controlling interest, if any, in a business combination. If the initial accounting for the business combination is incomplete by the end of the reporting period in which the acquisition occurs, an estimate will be recorded. Subsequent to the acquisition date, and not later than one year from the acquisition date, the Company will record any material adjustments to the initial estimate based on new information obtained that would have existed as of the date of the acquisition. Any adjustment that arises from information obtained that did not exist as of the date of the acquisition will be recorded in the period the adjustment arises.
If the business combination provides for contingent consideration, the Company records the contingent consideration at fair value at the acquisition date. Changes in fair value of contingent consideration resulting from events after the acquisition date are recognized as follows: (1) if the contingent consideration is classified as a liability, the changes in fair value and accretion costs are recognized in earnings, or (2) if the contingent consideration is classified as equity, the contingent consideration is not re-measured and its subsequent settlement is accounted for within equity. The increases or decreases in the fair value of contingent consideration can result from a change in the timing of the contingent event and changes in assumed discount periods and rates.
Insurance Recoveries
Business interruption insurance proceeds are specifically insurance proceeds to recover lost revenues due to a qualifying event as determined by the insurance policy. The Company records business interruption insurance proceeds once the insurance provider acknowledges that the claim is covered and agrees in writing to the amount to be paid for the claim. For the six months ended June 30, 2025, the Company recorded business interruption insurance proceeds to Other operating expense (income), net in the Condensed Consolidated Statements of Operations and are reflected as operating cash flows in the Condensed Consolidated Statements of Cash Flows.

New Accounting Pronouncements
For a discussion of Recently Issued Accounting Pronouncements, see Note 2 of the Condensed Consolidated Financial Statements.
55

ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
There have been no material changes in market risks during the three month period ended June 30, 2025.
For additional information on market risks, refer to “Disclosures About Market Risks” included in Part II, Items 7A of the Annual Report on Form 10-K for the year ended December 31, 2024.
ITEM 4. CONTROLS AND PROCEDURES
Evaluation of Disclosure Controls and Procedures
The Company’s Management assessed the effectiveness of the Company’s disclosure controls and procedures (as such term is defined in Rules 13a–15(e) and 15d–15(e) under the Exchange Act) as of the end of the period covered by this quarterly report on Form 10-Q. Based upon its assessment, Management concluded that the Company’s disclosure controls and procedures were effective as of June 30, 2025.
Changes in Internal Control Over Financial Reporting
There were no changes in the Company’s internal control over financial reporting that occurred during the most recent quarter, that has materially affected, or is reasonably likely to materially affect, the Company’s internal control over financial reporting.

56

PART II - OTHER INFORMATION
ITEM 1. LEGAL PROCEEDINGS
From time to time, the Company and its subsidiaries have become involved in litigation relating to claims arising out of operations in the normal course of business. Information regarding legal proceedings is contained in Note 21 to the Condensed Consolidated Financial Statements contained in this Report and is incorporated herein by reference.
On March 18, 2024 and March 22, 2024, two related putative securities class actions, Karam Akhras v. SSR Mining Inc., et. al., Case No. 24-cv-00739 and Eric Lindemann v. SSR Mining Inc., et. al., Case No. 24-cv-00808, were filed in the United States District Court for the District of Colorado (collectively, the “US Securities Actions”). The US Securities Actions assert claims for alleged violations of Section 10(b) of the Exchange Act and Rule 10b-5 promulgated thereunder against the Company, as well as certain of its current and former members of management (the “Individual Defendants”, and together with the Company, the “Defendants”) and for alleged violations of Section 20(a) of the Exchange Act against the Individual Defendants. The complaints allege that certain public statements made by the Defendants were rendered materially false and misleading with respect to, among other things, the adequacy of the Company’s internal controls relating to its safety practices and operational integrity at its Çöpler mining facility in Türkiye. On August 2, 2024, the US Securities Actions were consolidated as Consolidated Civil Action No. 1:24-cv-00739-DDD-SBP (the “Consolidated US Securities Action”) and the court appointed lead counsel and a lead plaintiff for the putative class. On October 15, 2024, the lead plaintiff filed a consolidated amended complaint. Defendants filed a motion to dismiss the consolidated amended complaint on December 17, 2024, which is currently pending before the court.
Additionally, two putative securities class actions, Glenna Padley v. SSR Mining Inc., et. al. (the “Padley Action”) and Abdurrazag Mutat v. SSR Mining Inc., et al. (the “Mutat Action”), were filed on March 27, 2024, and April 23, 2024, respectively, in the Supreme Court of British Columbia (the “BC Actions”). Two additional putative securities class actions, Chao Liang v. SSR Mining Inc., et. al. (the “Liang Action”) and Michael Jones v. SSR Mining., et. al. (the “Jones Action”), were filed on April 5, 2024, and May 1, 2024, respectively, in the Ontario Superior Court of Justice (the “Ontario Actions” and together with the BC Actions, the “Canadian Securities Actions”). The Canadian Securities Actions assert claims for alleged misrepresentations by the Defendants at common law and in contravention of applicable Provincial securities law disclosure obligations. On August 9, 2024, carriage of the proposed Ontario Actions was granted to the Liang Action, and on April 11, 2025, carriage of the proposed BC Actions was granted to the Padley Action. The Jones Action and Mutat Action are stayed as of such decisions.
The Consolidated US Securities Action and Canadian Securities Actions seek unspecified compensatory damages on behalf of the putative class members. The Company, along with the Individual Defendants, are defending themselves against these claims.
Certain of the Company’s subsidiaries are or may become subject to putative wage and hour class action litigation in Colorado and Nevada. These actions seek unspecified damages on behalf of the putative class members related to alleged violations of federal, state and municipal wage and hour laws. The Company is defending its subsidiaries against these claims.
ITEM 1A. RISK FACTORS
In addition to the other information set forth in this report, you should carefully consider the factors discussed in Part I, Item IA., “Risk Factors” in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2024. The risks described in the Annual Report and herein are not the only risks facing the Company. Additional risks and uncertainties not currently known to the Company or that is deemed to be immaterial may also materially adversely affect the business, financial condition, cash flows and/or future results.
ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS
There were no unregistered sales of equity securities during the quarter ended June 30, 2025.
ITEM 3. DEFAULTS UPON SENIOR SECURITIES
57

None.
ITEM 4. MINE SAFETY DISCLOSURES
The Company is required to report certain mine safety violations or other regulatory matters required by Section 1503(a) of the Dodd-Frank Wall Street Reform and Consumer Protection Act and Item 104 of Regulation S-K, and that required information is included in Exhibit 95 to this Quarterly Report, which is incorporated herein by reference.
58

ITEM 5. OTHER INFORMATION
Rule 10b5-1 and Non-Rule 10b5-1 Trading Arrangements by our Directors and Officers
During the quarterly period covered by this report, no directors or officers (as defined in Rule 16a-1(f) of the Securities Exchange Act of 1934, as amended) adopted, modified or terminated a Rule 10b5-1 trading arrangement (as defined in Item 408 Regulation S-K).

59


ITEM 6. EXHIBITS, FINANCIAL STATEMENT SCHEDULES
Exhibit Number
31.1 +
Certification of Chief Executive Officer Pursuant to Rule 13a-14(a)/15d-14(a) as Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
31.2 +
Certification of Chief Financial Officer Pursuant to Rule 13a-14(a)/15d-14(a) as Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
32.1++
Certification of Chief Executive Officer Pursuant to 18 U.S.C. Section 1350 as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
32.2++
Certification of Chief Financial Officer Pursuant to 18 U.S.C. Section 1350 as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
95 +
101101.INS
101.SCH
101.CAL
101.DEF
101.LAB
101.PRE		XBRL Instance - XBRL tags are embedded within the Inline XBRL document
XBRL Taxonomy Extension Schema
XBRL Taxonomy Extension Calculation
XBRL Taxonomy Extension Definition
XBRL Taxonomy Extension Labels
XBRL Taxonomy Extension Presentation
104Cover Page Interactive Data File (embedded within the Inline XBRL document).
+Filed herewith
++Furnished herewith
 +++
Previously filed
*Indicates a management contract or compensatory plan or arrangement.

60


SIGNATURES
Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
SSR MINING INC.
Registrant
Date:    August 5, 2025
/s/ Michael J. Sparks
Name:    Michael J. Sparks
Title:    Executive Vice President and Chief Financial Officer
(Principal Financial Officer)
Date:    August 5, 2025
/s/ Russell Farnsworth
Name:    Russell Farnsworth
Title:    Vice President, Controller
(Principal Accounting Officer)


61

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