SSR MINING INC.
For the period ended Dec 31, 2025. Filed Feb 17, 2026.
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FY2025 · Filed Feb 17, 2026
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Consolidated Results of Operations
A summary of the Company’s consolidated financial and operating results for the years ended December 31, are presented below (in thousands):
| Year Ended December 31, · Change | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| 2025 | 2024 | 2023 | 2025 (%) | 2024 (%) | ||||||
| Financial Results | ||||||||||
| Revenue | $1,629,637 | $995,618 | $1,426,927 | 63.7% | (30.2)% | |||||
| Cost of sales (1) | $653,303 | $514,032 | $804,147 | 27.1% | (36.1)% | |||||
| Depreciation, depletion, and amortization | $116,178 | $130,192 | $214,012 | (10.8)% | (39.2)% | |||||
| General and administrative expenses | $107,823 | $62,885 | $67,457 | 71.5% | (6.8)% | |||||
| Exploration and evaluation | $37,131 | $41,804 | $50,185 | (11.2)% | (16.7)% | |||||
| Reclamation and remediation costs | $88,924 | $296,871 | $8,698 | (70.0)% | NM | |||||
| Impairment of long-lived and other assets | $— | $114,599 | $361,612 | (100.0)% | (68.3)% | |||||
| Impairment charges of goodwill | $— | $— | $49,786 | —% | (100.0)% | |||||
| Care and maintenance | $151,769 | $120,280 | $— | 26.2% | 100.0% | |||||
| Other operating expense (income), net | $13,067 | $37,240 | $1,274 | (64.9)% | NM | |||||
| Operating income (loss) | $461,442 | $(322,285) | $(130,244) | 243.2% | (147.4)% | |||||
| Interest expense | $(14,575) | $(13,028) | $(16,616) | (11.9)% | 21.6% | |||||
| Other income (expense) | $26,346 | $26,270 | $50,151 | 0.3% | (47.6)% | |||||
| Foreign exchange gain (loss) | $(30,065) | $(9,691) | $(105,699) | (210.2)% | 90.8% | |||||
| Income and mining tax benefit (expense) | $(80,245) | $(33,302) | $82,534 | (141.0)% | (140.3)% | |||||
| Net income (loss) | $362,417 | $(352,582) | $(120,225) | 202.8% | (193.3)% | |||||
| Net income (loss) attributable to SSR Mining shareholders | $395,754 | $(261,277) | $(98,007) | 251.5% | (166.6)% | |||||
| Basic net income (loss) per share attributable to SSR Mining shareholders | $1.95 | $(1.29) | $(0.48) | 251.2% | (168.8)% | |||||
| Diluted net income (loss) per share attributable to SSR Mining shareholders | $1.85 | $(1.29) | $(0.48) | 243.4% | (168.8)% | |||||
| Adjusted attributable net income (loss) (2) | $430,468 | $57,591 | $276,494 | 647.5% | (79.2)% | |||||
| Adjusted basic attributable net income (loss) per share (2) | $2.12 | $0.28 | $1.35 | 657.1% | (79.3)% | |||||
| Adjusted diluted attributable net income (loss) per share (2) | $2.01 | $0.28 | $1.29 | 617.9% | (78.3)% | |||||
| Operating Results | ||||||||||
| Gold produced (oz) | 333,078 | 275,013 | 590,264 | 21.1% | (53.4)% | |||||
| Gold sold (oz) | 331,534 | 279,121 | 585,171 | 18.8% | (52.3)% | |||||
| Silver produced ('000 oz) | 9,814 | 10,500 | 9,688 | (6.5)% | 8.4% | |||||
| Silver sold ('000 oz) | 9,663 | 9,642 | 9,920 | 0.2% | (2.8)% | |||||
| Lead produced ('000 lb) (3) | 45,881 | 53,703 | 45,772 | (14.6)% | 17.3% | |||||
| Lead sold ('000 lb) (3) | 46,756 | 49,631 | 48,640 | (5.8)% | 2.0% | |||||
| Zinc produced ('000 lb) (3) | 4,120 | 3,641 | 7,127 | 13.2% | (48.9)% | |||||
| Zinc sold ('000 lb) (3) | 3,470 | 3,121 | 8,166 | 11.2% | (61.8)% | |||||
| Gold equivalent produced (oz) (4) | 447,207 | 399,267 | 706,894 | 12.0% | (43.5)% | |||||
| Gold equivalent sold (oz) (4) | 443,902 | 393,216 | 704,594 | 12.9% | (44.2)% | |||||
| Average realized gold price ($/oz sold) | $3,524 | $2,381 | $1,950 | 48.0% | 22.0% | |||||
| Average realized silver price ($/oz sold) | $42.49 | $29.16 | $22.82 | 45.7% | 27.8% | |||||
| Cost of sales per gold equivalent ounce sold (1, 4) | $1,472 | $1,307 | $1,141 | 12.6% | 14.5% | |||||
| Cash cost per gold equivalent ounce sold (2, 4) | $1,362 | $1,200 | $1,083 | 13.5% | 10.8% | |||||
| AISC per gold equivalent ounce sold (2, 4) | $2,153 | $1,878 | $1,461 | 14.6% | 28.5% | |||||
- NM: Not meaningful
(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 closing commodity 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.
Revenue
Revenue increased by $634.0 million, or 63.7%, to $1,629.6 million for the year ended December 31, 2025, as compared to $995.6 million for the year ended December 31, 2024. The increase was primarily due to a 48.0% increase in average realized gold price, or $379.2 million, a 45.7% increase in realized silver price, or $128.8 million, and an 18.8% increase in gold ounces sold, or $124.8 million. The increase in gold ounces sold was attributable to the acquisition of CC&V, partially offset by fewer gold ounces sold at Marigold and Seabee and 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.
Cost of sales
Cost of sales increased by $139.3 million, or 27.1%, to $653.3 million for the year ended December 31, 2025, as compared to $514.0 million for the year ended December 31, 2024. The increase was primarily due to the acquisition of CC&V and higher cost of sales at Marigold, Seabee, and Puna, partially offset by a decrease in cost of sales at Çöpler due to the suspension of operations following the Çöpler Incident. For a complete 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 decreased by $14.0 million, or 10.8%, to $116.2 million for the year ended December 31, 2025 as compared to $130.2 million for the year ended December 31, 2024, primarily due to fewer ounces sold at Seabee and 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 year ended December 31, 2025 was $107.8 million as compared to $62.9 million for the year ended December 31, 2024, an increase of $44.9 million primarily due to a $38.3 million increase in share based compensation expense attributable to higher share prices in 2025 and a $5.2 million increase in employee compensation expense.
Exploration and evaluation costs
Exploration and evaluation costs for the year ended December 31, 2025 were $37.1 million as compared to $41.8 million for the year ended December 31, 2024. Exploration and evaluation costs decreased due to reduced exploration drilling during 2025 as compared to 2024. During 2025, exploration and evaluation costs were primarily related to drilling activities at the Porky mine area at Seabee and Cortaderas at Puna.
Reclamation and remediation costs
Reclamation and remediation costs for the year ended December 31, 2025 were $88.9 million as compared to $296.9 million for the year ended December 31, 2024. For the year ended December 31, 2025, reclamation and remediation costs were 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, refer to Note 6 to the Consolidated Financial Statements for further details. For the year ended December 31, 2024, reclamation and remediation costs were primarily related to the Çöpler Incident.
Impairment charges of long-lived and other assets
Impairment charges of long-lived and other assets for the year ended December 31, 2025 were nil as compared to $114.6 million for the year ended December 31, 2024. Impairment of long-lived and other assets for the year ended December 31, 2024 were primarily due to non-cash impairment charges of $114.2 million of heap leach pad inventory and related heap leach facilities resulting from the decommissioning of the heap leach following the Çöpler Incident. Refer to Note 7 to the Consolidated Financial Statements for further details.
Care and maintenance
Care and maintenance costs for the year ended December 31, 2025 were $151.8 million as compared to $120.3 million for the year ended December 31, 2024. Care and maintenance expense incurred during 2025 represents direct costs, excluding costs associated with environmental reclamation and remediation, of $90.7 million and depreciation of $60.0 million due to the suspension of operations at Çöpler in addition to direct costs, excluding costs associated with environmental reclamation and remediation, of $0.2 million and depreciation of $0.8 million during the approximate two week suspension of operations at Seabee during the second quarter of 2025.
Care and maintenance expense incurred during 2024 represents direct costs, excluding costs associated with environmental reclamation and remediation, of $61.6 million and depreciation of $47.1 million due to the ongoing suspension of operations at Çöpler in addition to direct costs, excluding costs associated with environmental reclamation and remediation, of $9.4 million and depreciation of $2.2 million during the suspension of operations at Seabee during the third quarter of 2024 due to forest fires in the vicinity of the mine.
Other operating expenses (income), net
Other operating expenses (income), net for the year ended December 31, 2025 were $13.1 million as compared to $37.2 million for the year ended December 31, 2024. The change is primarily due to the receipt of $44.4 million of insurance proceeds associated with the Çöpler Incident during 2025 and $24.8 million lower contingencies and expenses related to the Çöpler Incident in 2025 as compared to 2024, partially offset by $22.2 million of transaction and integration costs related to CC&V incurred in 2025, a $20.5 million loss resulting from the change in fair value of contingent consideration during 2025, and a $6.0 million change in loss (gain) on the sale and disposal of assets.
Interest expense
Interest expense for the year ended December 31, 2025 was $14.6 million as compared to $13.0 million for the year ended December 31, 2024. The increase was primarily due to higher outstanding related party debt balances during 2025.
Other income (expense)
Other income (expense) for the year ended December 31, 2025 was consistent with the year ended December 31, 2024.
Foreign exchange gain (loss)
Foreign exchange loss for the year ended December 31, 2025 was $30.1 million compared to a loss of $9.7 million for the year ended December 31, 2024. During the year ended December 31, 2025, the change in foreign exchange loss was mainly 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 year ended December 31, 2025 was $80.2 million as compared to a benefit of $33.3 million for the year ended December 31, 2024. The increase in income tax expense was primarily due to higher operating income in 2025, partially offset by lower additions to the valuation allowance.
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