SSR MINING INC
For the period ended Sep 30, 2024. Filed Nov 6, 2024.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Sep 30, 2024 · Filed Nov 6, 2024
SSRM$28.38+1.6%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2024-06-30; filed 2024-07-31.
0000921638-24-000145
ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONSBusiness OverviewConsolidated Results of OperationsCurrent report: 10-Q
Period ended 2024-09-30; filed 2024-11-06.
0000921638-24-000190
ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONSBusiness OverviewConsolidated Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 47 previous paragraphs and 47 current paragraphs.
22 unchanged; 23 reworded; 2 added; 2 removed; 0 previous and 0 current paragraphs rearranged.
Tables are not compared: 2 previous and 2 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (2)
Current report
Other income (expense) for the nine months ended September 30, 2024 was $17.3 million as compared to $36.8 million for thenine months ended September 30, 2023. The changes were mainly due to the decrease in interest income of $7.7 million as a result of lower cash balances, reduction in gains on investments and on marketable security sales of $8.7 million, change in fair value of marketable securities of $6.1 million, partially offset by $2.3 million of other expense.
Current report
Income and mining tax expense for the three months ended September 30, 2024 was $0.9 million as compared to an expense of $68.9 million for the three months ended September 30, 2023. The decrease in income tax expense was primarily a result of a one-time deferred tax charge of $68.9 million in 2023, following an increase in the corporate tax rate in Türkiye. This was partially offset by a $0.9 million increase in tax expense as a result of various factors including, foreign currency fluctuations, permanent tax differences, and changes in operating income.
Removed paragraphs (2)
Previous report
Exploration and evaluation costs for the six months ended June 30, 2024 were $21.5 million compared to $24.5 million for six months ended June 30, 2023. Exploration and evaluation costs were lower due to decreased land and permit costs, partially offset by higher materials costs. Exploration and evaluation costs were primarily related to surface exploration at Seabee and the Sterling project at Marigold.
Previous report
Income and mining tax expense for the three months ended June 30, 2024 was $11.7 million as compared to a benefit of $83.4 million for the three months ended June 30, 2023. The change in income tax was primarily a result of foreign currency fluctuations and changes in the valuation allowance.
Reworded paragraphs (23)
Previous wording
SSR Mining Inc. and its subsidiaries (collectively, “SSR Mining,” or “Company”) is a precious metals mining company with four producing properties 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.
Current wording
SSR Mining Inc. and its subsidiaries (collectively, “SSR Mining,” or “Company”) is a precious metals mining company with four properties 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.
Previous wording
Refer to the “Çöpler Incident and Second Quarter 2024 Summary”, “Consolidation Results of Operations”, “Results of Operations”, “Liquidity and Capital Resources” and “Non-GAAP Financial Measures” for information for the three and six months ended June 30, 2024.
Current wording
Refer to the “Çöpler Incident and Third Quarter 2024 Summary”, “Consolidation Results of Operations”, “Results of Operations”, “Liquidity and Capital Resources” and “Non-GAAP Financial Measures” for information for the three and nine months ended September 30, 2024.
Previous wording
A summary of the Company's consolidated financial and operating results for the three and six months ended June 30, 2024 and 2023 are presented below (in thousands):
Current wording
A summary of the Company's consolidated financial and operating results for the three and nine months ended September 30, 2024 and 2023 are presented below (in thousands):
Previous wording
For the three months ended June 30, 2024, revenue decreased by $116.2 million, or 38.6%, to $184.8 million, as compared to $301.0 million for the three months ended June 30, 2023. The decrease was mainly due to 67.6% fewer ounces of gold sold at a 21.1% higher average realized gold price and 34.0% more ounces of silver sold. The decrease in gold ounces sold was primarily related to the suspension of operations at Çöpler following the Çöpler Incident. For a complete discussion of revenue, refer to the Results of Operations below.
Current wording
For the three months ended September 30, 2024, revenue decreased by $128.0 million, or 33.2%, to $257.4 million, as compared to $385.4 million for the three months ended September 30, 2023. The decrease was mainly due to 60.9% fewer gold equivalent ounces sold, or $191.2 million, partially offset by a 32.3% higher average realized gold price, or $63.2 million. The decrease in gold ounces sold was primarily related to the suspension of operations at Çöpler following the Çöpler Incident and the suspension of operations at Seabee as a result of forest fires in the vicinity of the mine. For a complete discussion of revenue by segment, refer to the Results of Operations below.
Previous wording
For the six months ended June 30, 2024, revenue decreased by $200.6 million, or 32.6%, to $415.1 million, as compared to $615.6 million for the six months ended June 30, 2023. The decrease was mainly due to 48.3% fewer ounces of gold sold at an 11.8% higher average realized gold price and 2.1% fewer ounces of silver sold. The decrease in gold ounces sold was primarily related to the suspension of operations at Çöpler following the Çöpler Incident. For a complete discussion of revenue, refer to the Results of Operations below.
Current wording
For the nine months ended September 30, 2024, revenue decreased by $328.6 million, or 32.8%, to $672.4 million, as compared to $1,001.0 million for the nine months ended September 30, 2023. The decrease was mainly due to 53.2% fewer gold equivalent ounces sold, or $429.8 million, partially offset by an 18.5% higher average realized gold price, or $101.2 million. The decrease in gold ounces sold was primarily related to the suspension of operations at Çöpler following the Çöpler Incident. For a complete discussion of revenue by segment, refer to the Results of Operations below.
Previous wording
Cost of sales decreased by $147.5 million, or 39.9%, to $222.5 million for the six months ended June 30, 2024, as compared to $369.9 million for the six months ended June 30, 2023. This decrease was mainly due to 48.3% fewer ounces of gold sold compared to the same period in 2023 primarily related to the suspension of operations at Çöpler following the Çöpler Incident. For a complete discussion of cost of sales by site, refer to the Results of Operations below.
Current wording
Cost of sales decreased by $76.4 million, or 35.6%, to $138.3 million for the three months ended September 30, 2024, as compared to $214.7 million for the three months ended September 30, 2023. The decrease was mainly due to 60.9% fewer ounces of gold sold compared to the same period in 2023 primarily related to the suspension of operations at Çöpler following the Çöpler Incident and the suspension of operations at Seabee as a result of forest fires in the vicinity of the mine. For a complete discussion of cost of sales by segment, refer to the Results of Operations below.
Previous wording
Cost of sales decreased by $74.1 million, or 43.4%, to $96.6 million for the three months ended June 30, 2024, as compared to $170.6 million for the three months ended June 30, 2023. This decrease was mainly due to 67.6% fewer ounces of gold sold compared to the same period in 2023 primarily related to the suspension of operations at Çöpler following the Çöpler Incident. For a complete discussion of cost of sales by site, refer to the Results of Operations below.
Current wording
Cost of sales decreased by $223.8 million, or 38.3%, to $360.8 million for the nine months ended September 30, 2024, as compared to $584.6 million for the nine months ended September 30, 2023. The decrease was mainly due to 53.2% fewer ounces of gold sold compared to the same period in 2023 primarily related to the suspension of operations at Çöpler following the Çöpler Incident. For a complete discussion of cost of sales by segment, refer to the Results of Operations below.
Previous wording
Depreciation, depletion, and amortization (“DD&A”) expense decreased by $21.6 million, or 48.5%, to $23.0 million for the three months ended June 30, 2024, as compared to $44.6 million for the three months ended June 30, 2023, primarily due to fewer gold equivalent ounces sold.
Current wording
Depreciation, depletion, and amortization (“DD&A”) expense decreased by $25.5 million, or 45.6%, to $30.4 million for the three months ended September 30, 2024, as compared to $56.0 million for the three months ended September 30, 2023, primarily due to fewer gold equivalent ounces sold.
Previous wording
DD&A expense decreased by $30.3 million, or 33.1%, to $61.4 million for the six months ended June 30, 2024, as compared to $91.7 million for the six months ended June 30, 2023, primarily due to fewer gold equivalent ounces sold.
Current wording
DD&A expense decreased by $55.9 million, or 37.8%, to $91.9 million for the nine months ended September 30, 2024, as compared to $147.7 million for the nine months ended September 30, 2023, primarily due to fewer gold equivalent ounces sold.
Previous wording
General and administrative expense for the three months ended June 30, 2024 was $13.5 million as compared to $16.3 million for the three months ended June 30, 2023. General and administrative expenses decreased mainly due to lower employee compensation expense.
Current wording
General and administrative expense for the three months ended September 30, 2024 was $19.0 million as compared to $17.5 million for the three months ended September 30, 2023. General and administrative expenses increased mainly due to higher employee compensation expense.
Previous wording
General and administrative expense for the six months ended June 30, 2024 was $26.3 million as compared to $34.8 million for the six months ended June 30, 2023. General and administrative expenses decreased mainly due to lower stock-based compensation expense, which was a result of lower share price in 2024, and lower consulting and professional fees.
Current wording
General and administrative expense for the nine months ended September 30, 2024 was $45.3 million as compared to $52.4 million for the nine months ended September 30, 2023. General and administrative expenses decreased mainly due to lower stock-based compensation expense of $5.7 million, which was a result of lower share price in 2024, and lower consulting and professional fees of $1.5 million.
Previous wording
Exploration and evaluation costs for the three months ended June 30, 2024 were $11.3 million compared to $14.0 million for three months ended June 30, 2023. Exploration and evaluation costs were lower due to decreased land and permit costs, partially offset by higher materials costs. Exploration and evaluation costs were primarily related to surface exploration at Seabee and the Sterling project at Marigold.
Current wording
Exploration and evaluation costs for the three months ended September 30, 2024 were $11.4 million compared to $14.9 million for three months ended September 30, 2023. Exploration and evaluation costs for the nine months ended September 30, 2024 were $32.9 million compared to $39.4 million for nine months ended September 30, 2023. Exploration and evaluation costs were lower due to reduced drilling activity during 2024 as compared to 2023. Exploration and evaluation costs were primarily related to the Sterling project at Marigold, exploration activities for the Cortaderas project at Puna, and surface exploration for the Amisk project at Seabee.
Previous wording
Reclamation and remediation costs for the six months ended June 30, 2024 were $277.7 million as compared to $4.3 million for the six months ended June 30, 2023. Reclamation and remediation costs increased by $273.4 million mainly due to reclamation and remediation costs related to the Çöpler Incident.
Current wording
Reclamation and remediation costs for the nine months ended September 30, 2024 were $280.1 million as compared to $6.5 million for the nine months ended September 30, 2023. Reclamation and remediation costs increased by $273.6 million mainly due to reclamation and remediation costs related to the Çöpler Incident.
Previous wording
Care and maintenance costs for the three months ended June 30, 2024 were $30.6 million. Care and maintenance expense incurred during the second quarter of 2024 represents direct costs not associated with environmental reclamation and remediation costs of $17.3 million and depreciation of $13.3 million during the suspension of operations at Çöpler.
Current wording
Care and maintenance costs for the three months ended September 30, 2024 were $39.4 million. Care and maintenance expense incurred during the third quarter of 2024 represents direct costs not associated with environmental reclamation and remediation costs of $16.5 million and depreciation of $13.3 million during the suspension of operations at Çöpler in addition to direct costs of $7.7 million and depreciation of $1.9 million during the suspension of operations at Seabee during the third quarter of 2024.
Previous wording
Care and maintenance costs for the six months ended June 30, 2024 were $45.0 million. Care and maintenance expense incurred during 2024 represents direct costs not associated with environmental reclamation and remediation costs of $25.0 million and depreciation of $20.0 million during the suspension of operations at Çöpler.
Current wording
Care and maintenance costs for the nine months ended September 30, 2024 were $84.3 million. Care and maintenance expense incurred during 2024 represents direct costs not associated with environmental reclamation and remediation costs of $41.5 million and depreciation of $33.2 million during the suspension of operations at Çöpler in addition to direct costs of $7.7 million and depreciation of $1.9 million during the suspension of operations at Seabee during the third quarter of 2024.
Previous wording
Impairment charges for the six months ended June 30, 2024 were $114.2 million. The impairment charges were due to non-cash impairment charges of heap leach pad inventory and related heap leach facilities due to the Çöpler Incident.
Current wording
Impairment charges for the nine months ended September 30, 2024 were $114.6 million. The impairment charges were due to non-cash impairment charges of $114.2 million of heap leach pad inventory and related heap leach facilities due to the Çöpler Incident and non-cash impairment charges of $0.4 million resulting from the damage to plant and equipment due to the forest fires at Seabee.
Previous wording
Other operating expense (income), net for the three months ended June 30, 2024 was $(3.1) million as compared to $0.4 million for the three months ended June 30, 2023. The change is mainly due to a $6.7 million gain on the divestiture of San Luis offset by $2.4 million of contingencies and expenses related to the Çöpler incident.
Current wording
Other operating expense (income), net for the three months ended September 30, 2024 was $7.1 million as compared to nil for the three months ended September 30, 2023. The change is mainly due to $5.4 million in reduction in force payments, $4.0 million of expenses related to the Çöpler Incident, $4.9 million in other taxes, and $0.5 million loss on disposal of assets, partially offset by a change in contingency estimates and expenses related to the Çöpler Incident of $7.9 million.
Previous wording
Other operating expense (income), net for the six months ended June 30, 2024 was $12.2 million as compared to $0.4 million for the six months ended June 30, 2023. The change is due to $17.7 million of contingencies and expenses related to the Çöpler incident partially offset by a $5.6 million gain on the divestiture of San Luis.
Current wording
Other operating expense (income), net for the nine months ended September 30, 2024 was $19.2 million as compared to $0.4 million for the nine months ended September 30, 2023. The change is due to $19.3 million of contingencies and expenses related to the Çöpler Incident and $4.9 million in other taxes, partially offset by a $5.1 million net gain on the sale and disposal of assets primarily attributable to the divestiture of San Luis.
Previous wording
Interest expense for the three months ended June 30, 2024 was $2.1 million as compared to $5.0 million for the three months ended June 30, 2023. Interest expense for the six months ended June 30, 2024 was $6.8 million as compared to $10.0 million for the six months ended June 30, 2023.The decreases were primarily due to lower debt balances outstanding during 2024.
Current wording
Interest expense for the three months ended September 30, 2024 was $2.9 million as compared to $4.1 million for the three months ended September 30, 2023. Interest expense for the nine months ended September 30, 2024 was $9.7 million as compared to $14.1 million for the nine months ended September 30, 2023. The decreases were primarily due to lower debt balances outstanding during 2024 following the full repayment of the Term Loan in the third quarter 2023.
Previous wording
Other income (expense) for the three months ended June 30, 2024 was $5.0 million as compared to $12.4 million for the three months ended June 30, 2023. Other income (expense) for the six months ended June 30, 2024 was $8.7 million as compared to $25.4 million for thesix months ended June 30, 2023. The changes were mainly due to the decrease in interest income as a result of lower cash balances and changes in the fair value of marketable securities.
Current wording
Other income (expense) for the three months ended September 30, 2024 was $8.6 million as compared to $11.4 million for the three months ended September 30, 2023. The changes were mainly due to the reduction in gains on investments and on marketable security sales of $5.5 million and the decrease in interest income of $2.2 million as a result of lower cash balances, partially offset by $4.2 million of other expense.
Previous wording
Foreign exchange gain for the three months ended June 30, 2024 was $0.9 million compared to a loss of $21.2 million for the three months ended June 30, 2023. During the three months ended June 30, 2024, the foreign exchange gain was mainly due to the weakening of the TRY against the USD and its impact on TRY-denominated liabilities at Çöpler, partially offset by the weakening of the ARS against the USD and its impact on ARS-denominated assets at Puna.
Current wording
Foreign exchange loss for the three months ended September 30, 2024 was $7.5 million compared to a loss of $23.0 million for the three months ended September 30, 2023. During the three months ended September 30, 2024, the foreign exchange loss was mainly due to the weakening of the ARS against the USD and its impact on ARS-denominated assets.
Previous wording
Foreign exchange loss for the six months ended June 30, 2024 was $37.0 thousand compared to a gain of $34.4 million for the six months ended June 30, 2023. During the six months ended June 30, 2024, the foreign exchange loss was mainly due to the weakening of the ARS against the USD and its impact on ARS-denominated assets at Puna, partially offset by the weakening of the TRY against the USD and its impact on TRY-denominated liabilities at Çöpler.
Current wording
Foreign exchange loss for the nine months ended September 30, 2024 was $7.6 million compared to a loss of $57.4 million for the nine months ended September 30, 2023. During the nine months ended September 30, 2024, the change in foreign exchange loss was mainly comprised of $42.5 million attributable to the weakening of the ARS against the USD and higher ARS-denominated assets at Puna in 2023 as compared to the same period in 2024, and $5.9 million attributable to the weakening of the TRY against the USD at Çöpler in 2023 compared to the same period in 2024, offset by higher TRY-denominated assets at Çöpler in 2024.
Previous wording
Income and mining tax benefit for the six months ended June 30, 2024 was $8.5 million as compared to a benefit of $80.6 million for the six months ended June 30, 2023. The decrease in income tax benefit was primarily a result of foreign currency fluctuations and changes in the valuation allowance.
Current wording
Income and mining tax benefit for the nine months ended September 30, 2024 was $7.6 million as compared to a benefit of $11.7 million for the nine months ended September 30, 2023. The decrease in income tax benefit was primarily a result of a $73.2 million reduction in the tax benefits from foreign currency fluctuations on the Company’s deferred tax liabilities. This reduction in benefit was partially offset by the absence of a one-time deferred tax charge of $68.9 million in 2023, following an increase in the corporate tax rate in Türkiye.