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Ssr Mining (TSE:SSRM)
:SSRM
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SSR Mining
(NASDAQ:SSRM)
64Neutral
Positive Factors
Acquisition
SSR acquires CC&V from Newmont, raising target.
Free Cash Flow
Q4’24 free cash flow was $56m, better vs. forecasts and up substantially from the previous period.
Gold Production
Gold production of 89 thousand ounces was better than that forecast by BofAe, BBG, and VA.
Negative Factors
Earnings Per Share
Adjusted EPS came in substantially below estimates, with higher depreciation as a key component of the miss.
Updated Guidance
Updated guidance is delayed until the closing of the CC&V acquisition, causing some concern vs. current forecasts.
SSR Mining (SSRM) vs. S&P 500 (SPY)
Market Cap
C$2.62B
Dividend Yield0.76%
Average Volume (3M)604.39K
Price to Earnings (P/E)―
Beta (1Y)0.97
Revenue Growth-29.09%
EPS Growth-157.10%
CountryCA
Employees2,300
SectorBasic Materials
Sector Strength59
IndustryGold
Share Statistics
EPS (TTM)-1.74
Shares Outstanding202,537,750
10 Day Avg. Volume435,634
30 Day Avg. Volume604,391
Financial Highlights & Ratios
PEG RatioN/A
Price to Book (P/B)N/A
Price to Sales (P/S)2.19
Price to Cash Flow (P/CF)5.70
P/FCF Ratio5.70
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
C$14.83Price Target Upside14.70% Upside
Rating ConsensusHold
Number of Analyst Covering9
SSR Mining Business Overview & Revenue Model
Company DescriptionSSR Mining Inc. is a leading, free cash flow focused gold company with four producing assets located in the USA, Turkey, Canada, and Argentina. Engaged in the exploration and acquisition of mineral properties, SSR Mining is dedicated to the sustainable development of its operations and the creation of value for its stakeholders. The company's core products are gold and silver, which are extracted and processed through its various mining operations, contributing significantly to its standing in the precious metals sector.
How the Company Makes MoneySSR Mining makes money primarily through the mining, production, and sale of precious metals, including gold and silver. The company's revenue streams are largely derived from the sale of these metals, which are extracted from its operational mines. SSR Mining's key assets, such as the Marigold mine in Nevada, USA, the Seabee Gold Operation in Saskatchewan, Canada, the Puna Operations in Argentina, and the Çöpler Gold Mine in Turkey, are pivotal to its revenue generation. In addition to its mining operations, SSR Mining may also engage in strategic partnerships and joint ventures to enhance its exploration and production capabilities. The company's earnings are influenced by factors such as fluctuations in metal prices, operational efficiency, and the successful execution of its growth strategies, including exploration and expansion projects.
SSR Mining Financial Statement Overview
Summary
SSR Mining faces financial challenges with declining revenues and profitability. The income statement indicates losses due to high operating expenses. While the balance sheet shows low leverage, recent losses have affected return on equity. Cash flow generation is weak, with negative free cash flow raising liquidity concerns.Income Statement
SSR Mining's revenue has seen a downward trend, decreasing significantly from $1.47 billion in 2021 to $995.6 million in 2024. Gross profit margin has also deteriorated, from 38.9% in 2021 to 35.3% in 2024. The net profit margin turned negative, indicating losses for the last two years, primarily due to high operating expenses. The EBIT and EBITDA margins have been consistently negative since 2023, highlighting operational challenges. Overall, the income statement reflects declining revenue and profitability, posing significant concerns.48
Neutral
Balance Sheet
SSR Mining maintains a strong balance sheet with a debt-to-equity ratio of around 0.11 in 2024, showcasing a low leverage position. The equity ratio remained stable at approximately 59.9%, reflecting a robust equity base. However, the return on equity has become negative due to recent losses, indicating inefficiencies in generating returns for shareholders. While the company has managed liabilities well, the negative ROE is a concerning factor.72
Positive
Cash Flow
The cash flow statement reveals a concerning trend, with free cash flow dropping from $198 million in 2023 to -$103 million in 2024. Operating cash flow has also decreased significantly, impacting the company's ability to generate cash internally. The free cash flow to net income ratio has been negative, reflecting cash flow struggles. Although the company had a positive operating cash flow to net income ratio in 2023, this has declined sharply in 2024, raising red flags about cash generation capabilities.55
Neutral
| Breakdown | ||||
| Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 | Dec 2020 |
|---|---|---|---|---|
| Income Statement | Total Revenue | |||
| 995.62M | 1.43B | 1.15B | 1.47B | 853.09M | Gross Profit |
| 351.39M | 408.77M | 358.64M | 574.87M | 308.64M | EBIT |
| -322.29M | -130.24M | 190.27M | 444.38M | 202.71M | EBITDA |
| -175.51M | 28.22M | 370.97M | 776.73M | 373.72M | Net Income Common Stockholders |
| -261.28M | -98.01M | 194.14M | 368.08M | 151.53M |
| Balance Sheet | Cash, Cash Equivalents and Short-Term Investments | |||
| 417.35M | 513.34M | 695.73M | 1.06B | 887.38M | Total Assets |
| 5.19B | 5.39B | 5.25B | 5.21B | 5.24B | Total Debt |
| 345.18M | 320.68M | 406.59M | 487.63M | 513.38M | Net Debt |
| -42.70M | -171.72M | -248.86M | -529.94M | -347.25M | Total Liabilities |
| 1.24B | 1.08B | 1.13B | 1.16B | 1.31B | Stockholders Equity |
| 3.11B | 3.37B | 3.58B | 3.54B | 3.43B |
| Cash Flow | Free Cash Flow | |||
| -103.40M | 198.30M | 23.38M | 444.18M | 179.28M | Operating Cash Flow |
| 40.13M | 421.73M | 160.90M | 608.99M | 348.62M | Investing Cash Flow |
| -143.12M | -339.26M | -236.28M | -129.14M | 180.79M | Financing Cash Flow |
| 6.92M | -182.26M | -271.78M | -319.77M | -173.20M |
SSR Mining Technical Analysis
Negative
12.93
Price Trends
14.01
Negative
11.81
Positive
9.61
Positive
Market Momentum
0.46
Positive
45.80
Neutral
36.82
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For TSE:SSRM, the sentiment is Negative. The current price of 12.93 is below the 20-day moving average (MA) of 15.06, below the 50-day MA of 14.01, and above the 200-day MA of 9.61, indicating a neutral trend. The MACD of 0.46 indicates Positive momentum. The RSI at 45.80 is Neutral, neither overbought nor oversold. The STOCH value of 36.82 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for TSE:SSRM.
SSR Mining Risk Analysis
SSR Mining disclosed 61 risk factors in its most recent earnings report. SSR Mining reported the most risks in the “Finance & Corporate” category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
SSR Mining Peers Comparison
Overall Rating
UnderperformOutperform
Sector (47)
Financial Indicators
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
80 Outperform | C$20.61B | 15.84 | 14.66% | 1.03% | 23.38% | 131.87% | |
80 Outperform | $71.15B | 27.23 | 9.42% | 1.60% | 26.99% | -6.63% | |
79 Outperform | $4.73B | 11.83 | 8.12% | ― | 33.06% | 177.69% | |
73 Outperform | $43.27B | 14.97 | 9.00% | 2.29% | 15.40% | 72.49% | |
66 Neutral | C$3.38B | 24.28 | 11.14% | ― | 18.32% | ― | |
64 Neutral | C$2.62B | ― | -8.06% | 0.76% | -29.09% | -157.10% | |
47 Neutral | $2.36B | -3.00 | -21.73% | 3.58% | 3.97% | -28.71% |
* Basic Materials Sector Average
Performance Comparison
TSE:SSRM
SSR Mining
12.93
6.30
95.02%
TSE:K
Kinross Gold
16.75
8.17
95.24%
TSE:NGD
New Gold
4.27
1.88
78.66%
TSE:ABX
Barrick Gold
25.11
1.61
6.83%
TSE:AEM
Agnico Eagle
141.46
60.03
73.72%
TSE:ELD
Eldorado Gold
23.01
2.51
12.24%
SSR Mining Earnings Call Summary
Earnings Call Date: Feb 18, 2025 | % Change Since: -2.56% | Next Earnings Date: Apr 30, 2025
Earnings Call Sentiment Neutral
The earnings call reflected a strong operational and financial performance for SSR Mining in 2024, highlighted by strategic acquisitions, record production at key sites, and a robust financial position. However, the company faced significant challenges related to the Çöpler incident, which impacted costs and regulatory processes.Highlights
Acquisition of Cripple Creek and Victor Mine
SSR Mining announced the acquisition of Cripple Creek and Victor Mine from Newmont, which is expected to increase scale, free cash flow, and portfolio diversification.
Record Silver Production at Puna
Puna produced a record 10.5 million ounces of silver in 2024, hitting the top end of its previously increased production guidance.
Marigold's Milestone Achievement
Marigold celebrated 5 million ounces of life-of-mine gold production, a testament to the quality of the mine and team.
14% Increase in Marigold Reserves
Marigold's reserves increased 14% year-over-year, driven by the declaration of a 523,000 ounce maiden reserve for Buffalo Valley.
Strong Financial Position
SSR Mining closed the year with $388 million in total cash, a net cash position of $158 million, and total liquidity of approximately $890 million.
Lowlights
Çöpler Incident and Care Costs
The Çöpler incident led to significant care and maintenance costs, with full-year reclamation and remediation spending reaching $128 million.
AISC Impacted by Care and Maintenance
All-in sustaining costs (AISC) were negatively impacted by care and maintenance costs, with Çöpler and Seabee contributing $178 per ounce of cash costs in Q4.
Challenges in Regulatory Approvals
There are ongoing discussions with Turkish authorities regarding the restart of Çöpler operations, which remains uncertain.
Company Guidance
In the SSR Mining Conference Call discussing the fourth quarter and full year 2024 results, several key metrics and guidance for 2025 were highlighted. The company reported the production of 399,000 gold equivalent ounces at an all-in sustaining cost (AISC) of $18.78 per ounce for the year. Marigold produced 160,000 ounces at an AISC of $1,711 per ounce, while Seabee and Puna reported production of 79,000 ounces and 10.5 million ounces of silver, respectively. Puna's silver production was at the top end of its guidance, achieving a full-year AISC of $15.56 per ounce. SSR Mining also discussed an increase in consolidated reserves to 8 million gold equivalent ounces, excluding contributions from the newly acquired Cripple Creek and Victor Mine (CC&V) and Hod Maden. The acquisition of CC&V is expected to enhance free cash flow and portfolio diversification, with guidance for 2025 to be released shortly after the transaction's closure. The company is focusing on several priorities for 2025, including advancing Çöpler towards a restart, delivering a technical report for CC&V, and progressing the Hod Maden project. SSR Mining ended the year with $388 million in total cash and a net cash position of $158 million, providing a strong financial foundation moving into 2025.SSR Mining Corporate Events
M&A TransactionsBusiness Operations and Strategy
SSR Mining Projects Over 10% Growth in 2025 Production
Positive
Mar 31, 2025
SSR Mining has announced its 2025 operating guidance, projecting a production increase of over 10% year-over-year with an expected output of 410,000 to 480,000 gold equivalent ounces. The recent acquisition of CC&V is expected to contribute significantly to this growth. The company is also advancing the Hod Maden project with a planned capital expenditure of $60 to $100 million. These developments position SSR Mining for substantial production growth and strong cash flows, reinforcing its status as a leading mid-tier gold producer.
M&A TransactionsBusiness Operations and Strategy
SSR Mining Projects Over 10% Growth in 2025 with Strategic Acquisitions and Developments
Positive
Mar 31, 2025
SSR Mining has announced its 2025 operating guidance, projecting a production increase of over 10% year-over-year, with expectations of 410,000 to 480,000 gold equivalent ounces. The recent acquisition of CC&V is set to enhance production growth and cash flow, while the Hod Maden project in Türkiye is progressing towards a construction decision. The company maintains a strong balance sheet and is focused on extending mine lives and delivering growth across its portfolio.
Executive/Board ChangesBusiness Operations and Strategy
SSR Mining Strengthens Board with New Appointment
Positive
Feb 3, 2025
SSR Mining announced the appointment of Laura Mullen to its Board of Directors, effective February 15, 2025, following the resignation of Leigh Ann Fisher. Mullen brings nearly 40 years of experience from KPMG, adding significant expertise in audit, risk, and cybersecurity oversight to the board. The appointment is expected to enhance SSR Mining’s strategic governance and operational capabilities, reinforcing its industry standing.
M&A TransactionsBusiness Operations and StrategyFinancial Disclosures
SSR Mining to Release 2024 Financial Results and Announce 2025 Guidance Post-Acquisition
Positive
Jan 22, 2025
SSR Mining Inc. has announced that it will release its fourth quarter and full-year 2024 consolidated financial results on February 18, 2025, after the markets close, with a subsequent conference call scheduled. The company also plans to provide its 2025 guidance following the anticipated completion of the Cripple Creek & Victor acquisition in the first quarter of 2025, indicating potential strategic expansion and operational growth.
Glossary
OutperformA stock rated as "Outperform" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests that the stock is likely to deliver higher returns compared to the average returns of other stocks in the same sector or market index. Investors might consider this stock a good buying opportunity.
NeutralA stock rated as "Neutral" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly attractive nor unattractive for investment. Investors may consider holding onto the stock, as it is not expected to either significantly outperform or underperform the market.
UnderperformA stock rated as "Underperform" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests that the stock may deliver lower returns compared to the average returns of other stocks in the same sector or market index. Investors might consider selling the stock or avoiding it as an investment.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.