SSR MINING INC.
For the period ended Jun 30, 2026. Filed Aug 4, 2026.
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.
Jun 30, 2026 · Filed Aug 4, 2026
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 2026-03-31; filed 2026-05-05.
0000921638-26-000062
ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONSBusiness OverviewConsolidated Results of OperationsCurrent report: 10-Q
Period ended 2026-06-30; filed 2026-08-04.
0000921638-26-000081
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 38 previous paragraphs and 50 current paragraphs.
20 unchanged; 14 reworded; 16 added; 4 removed; 0 previous and 0 current paragraphs rearranged.
Tables are not compared: 1 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 (16)
Current report
On June 24, 2026, the Company completed the divestiture of its 80% ownership interest in the Çöpler mine and related properties in Türkiye to Cengiz Holding A.Ş. (“Cengiz Holding”) and affiliates for approximately $1.5 billion in cash. The results of operations of the disposed group have been retrospectively presented as discontinued operations for all periods presented. Refer to Note 3 and Note 4 of the Condensed Consolidated Financial Statements for additional information.
Current report
On May 18, 2026, the Company entered into a definitive agreement to dispose of its 20% ownership interest in Artmin Madencilik Sanayi Ve Ticaret A.Ş (“Artmin”), which owns the Hod Maden development project. Upon execution of the agreement, the Company determined that it is no longer the primary beneficiary of Artmin, as it no longer has the power to direct the significant activities of Artmin. As a result, Artmin was deconsolidated from the Company’s Condensed Consolidated Financial Statements, effective as of May 18, 2026. The assets, liabilities, and non-controlling interest of Artmin are no longer consolidated in the Company’s Condensed Consolidated Balance Sheets as of June 30, 2026. On July 17, 2026, the Company completed the sale of its ownership interest in Artmin. Refer to Note 3, Note 4 and Note 20 for additional information.
Current report
Revenue increased by $303.5 million, or 42.0%, to $1,025.6 million for the six months ended June 30,2026 as compared to $722.1 million for the six months ended June 30, 2025. The increase was primarily due to a 44.4% higher average realized gold price, or $220.8 million, and a 147.4% higher average realized silver price, or $166.9 million, partially offset by a 6.3% decrease in gold ounces sold, or $33.5 million, and a 32.0% decrease in silver ounces sold, or $53.2 million. The decrease in gold ounces sold was attributable to fewer gold ounces sold at Seabee and Marigold, partially offset by higher gold ounces sold at CC&V. For a discussion of revenue by segment, refer to the Results of Operations below.
Current report
Cost of sales increased by $69.2 million, or 23.1%, to $368.8 million for the six months ended June 30,2026 as compared to $299.6 million for the six months ended June 30, 2025. The increase was primarily due to the inclusion of CC&V for the full period and higher cost of sales at Puna, Marigold, and CC&V. For a discussion of cost of sales by segment, refer to the Results of Operations below.
Current report
Depreciation, depletion, and amortization increased by $4.8 million, or 18.5%, to $31.1 million for the three months ended June 30,2026 as compared to $26.2 million for the three months ended June 30, 2025, primarily due to higher depletion expense as a result of a 51.7% increase in gold ounces sold at Seabee.
Current report
Depreciation, depletion, and amortization increased by $4.4 million, or 7.7%, to $61.2 million for the six months ended June 30,2026 as compared to $56.8 million for the six months ended June 30, 2025, primarily due to the inclusion of CC&V for the full six month period resulting in increased gold ounces sold.
Current report
General and administrative expense for the three months ended June 30, 2026 was $27.6 million as compared to $26.6 million for the three months ended June 30, 2025. General and administrative expenses increased primarily due to a $1.2 million increase in software licensing and related service costs.
Current report
Reclamation and remediation costs for the six months ended June 30,2026 were $13.6 million as compared to $10.0 million for the six months ended June 30, 2025. Reclamation and remediation costs increased by $3.6 million primarily due to higher reclamation accretion expense of $2.6 million and reclamation study expense of $1.0 million at CC&V.
Current report
Care and maintenance costs for the three and six months ended June 30, 2026 were nil as compared to $1.0 million for the three and six months ended June 30, 2025. Care and maintenance expense incurred during the second quarter of 2025 represents $0.2 million of direct costs and $0.8 million of depreciation incurred during the temporary suspension of operations at Seabee.
Current report
Other operating expense (income), net
Current report
Other operating expense, net for the three months ended June 30,2026 was $3.6 million as compared to $8.2 million for the three months ended June 30, 2025. The change was primarily due to a $5.0 million decrease in CC&V transaction and integration costs and a $1.2 million change in the fair value of contingent consideration.
Current report
Other operating expense, net for the six months ended June 30,2026 was $9.5 million as compared to $17.2 million for the six months ended June 30, 2025. The change was primarily due to an $11.8 million decrease in CC&V transaction and integration costs and a $1.1 million change in the fair value of contingent consideration, partially offset by a $3.7 million increase in the loss on disposal of assets and a $1.5 million increase in other taxes.
Current report
Other income for the three months ended June 30,2026 was $12.4 million as compared to $6.0 million for the three months ended June 30, 2025. The increase was primarily due to a $2.0 million increase in change in fair value of marketable securities and a $1.8 million increase in interest income.
Current report
Income and mining tax expense for the six months ended June 30,2026 was $110.5 million as compared to an expense of $51.4 million for the six months ended June 30, 2025. The increase in income tax expense was primarily due to higher year-to-date operating income and higher withholding taxes on distributions compared to 2025. The Company's effective tax rate increased to 22.2% from 19.2% for the six months ended June 30, 2026 and 2025, respectively, primarily due to higher withholding taxes on distributions, partially offset by a more favorable mix of earnings among the Company’s jurisdictions, resulting in lower additions to the valuation allowance in 2026 compared to 2025.
Current report
Net loss from discontinued operations for the six months ended June 30, 2026 was $410.4 million compared to $81.7 million for the six months ended June 30, 2025. The increase in net loss from discontinued operations was primarily due to a $337.4 million loss on the divestiture related to Çöpler, a $17.5 million loss related to the deconsolidation of Artmin, and a reduction in other operating income primarily due to a $44.4 million decrease in business interruption insurance proceeds received in 2025, partially offset by a decrease of $62.7 million in reclamation and remediation costs and a $12.7 million decrease in care and maintenance expense.
Removed paragraphs (4)
Previous report
Depreciation, depletion, and amortization was consistent for the three months ended March 31, 2026, compared to the three months ended March 31, 2025.
Previous report
Other operating expenses (income), net
Previous report
Other operating expense (income), net for the three months ended March 31, 2026 were $5.8 million as compared to $9.0 million for the three months ended March 31, 2025. The change is primarily due to $6.8 million higher transaction and integration costs associated with the acquisition of CC&V in the first quarter of 2025, partially offset by a $2.9 million increase in loss on sale and disposal of assets.
Reworded paragraphs (14)
Previous wording
SSR Mining is a precious metals mining company with four operations located in the United States, Canada, and Argentina. The Company is primarily engaged in the operation, acquisition, exploration and development of precious metal resource properties located in the Americas. The Company produces gold doré as well as copper, silver, lead and zinc concentrates. The Company’s properties include the Marigold Mine (“Marigold”) in Nevada, USA, the Cripple Creek & Victor Gold Mine (“CC&V”) in Colorado, USA, the Seabee Gold Operation (“Seabee”) in Saskatchewan, Canada, and Puna Operations (“Puna”) in Jujuy, Argentina. The Company also has development projects, including the Hod Maden project (“Hod Maden”) in Türkiye, that it seeks to advance, as market and project conditions permit.
Current wording
SSR Mining is a precious metals mining company with four operations located in the United States, Canada, and Argentina. The Company is primarily engaged in the operation, acquisition, exploration and development of precious metal resource properties located in the Americas. The Company produces gold doré as well as copper, silver, lead and zinc concentrates. The Company’s properties include the Marigold Mine (“Marigold”) in Nevada, USA, the Cripple Creek & Victor Gold Mine (“CC&V”) in Colorado, USA, the Seabee Gold Operation (“Seabee”) in Saskatchewan, Canada, and the Puna Operations (“Puna”) in Jujuy, Argentina. The Company also has development projects that it seeks to advance, as market and project conditions permit.
Previous wording
Refer to the “Consolidated Results of Operations”, “Results of Operations”, “Liquidity and Capital Resources” and “Non-GAAP Financial Measures” for information for the three months ended March 31, 2026.
Current wording
Refer to the “Consolidated Results of Operations”, “Results of Operations”, “Liquidity and Capital Resources” and “Non-GAAP Financial Measures” for information for the six months ended June 30,2026.
Previous wording
A summary of the Company's consolidated financial and operating results for the three months ended March 31, 2026 and 2025 are presented below (in thousands):
Current wording
A summary of the Company's consolidated financial and operating results for the three and six months ended June 30, 2026 and 2025 are presented below (in thousands):
Previous wording
Revenue increased by $265.2 million, or 83.7%, to $581.8 million, for the three months ended March 31, 2026 as compared to $316.6 million for the three months ended March 31, 2025. The increase was primarily due to a 62.5% increase in average realized gold price, or $153.9 million, a 182.7% increase in realized silver price, or $108.8 million, and an 8.0% increase in gold ounces sold, or $18.2 million, partially offset by a 22.8% decrease in silver ounces sold, or $17.5 million. The increase in gold ounces sold was attributable to the inclusion of CC&V for the full quarter, partially offset by fewer gold ounces sold at Marigold and Seabee. For a discussion of revenue by segment, refer to the Results of Operations below.
Current wording
Revenue increased by $38.3 million, or 9.5%, to $443.8 million for the three months ended June 30,2026 as compared to $405.5 million for the three months ended June 30, 2025. The increase was primarily due to a 28.9% increase in average realized gold price, or $71.3 million, a 110.7% increase in realized silver price, or $58.7 million, partially offset by an 18.5% decrease in gold ounces sold, or $56.1 million, and a 40.6% decrease in silver ounces sold, or $36.2 million. The decrease in gold ounces sold was attributable to fewer gold ounces sold at CC&V and Marigold, partially offset by higher gold ounces sold at Seabee. For a discussion of revenue by segment, refer to the Results of Operations below.
Previous wording
Cost of sales increased by $58.5 million, or 42.8%, to $195.1 million for the three months ended March 31, 2026, as compared to $136.6 million for the three months ended March 31, 2025. The increase was primarily due to the inclusion of CC&V for the full quarter and higher cost of sales at Marigold and Puna, partially offset by lower cost of sales at Seabee. For a discussion of cost of sales by segment, refer to the Results of Operations below.
Current wording
Cost of sales increased by $10.7 million, or 6.6%, to $173.7 million for the three months ended June 30,2026 as compared to $162.9 million for the three months ended June 30, 2025. The increase was primarily due to higher cost of sales at Seabee and Puna, partially offset by lower cost of sales at CC&V. For a discussion of cost of sales by segment, refer to the Results of Operations below.
Previous wording
General and administrative expense for the three months ended March 31, 2026 was $38.5 million as compared to $23.9 million for the three months ended March 31, 2025. General and administrative expenses increased primarily due to an $11.0 million increase in share based compensation expense attributable to higher share prices in 2026, a $2.0 million increase in contractors and outside services expense, and $1.1 million increase in employee compensation expense.
Current wording
General and administrative expense for the six months ended June 30,2026 was $66.1 million as compared to $50.5 million for the six months ended June 30, 2025. General and administrative expenses increased primarily due to a $14.9 million increase in share-based compensation expense attributable to higher share prices in 2026 and a $1.9 million increase in contractors and outside services expense.
Previous wording
Exploration and evaluation costs for the three months ended March 31, 2026 were $5.3 million compared to $6.0 million for three months ended March 31, 2025. Exploration and evaluation costs were lower primarily due to reduced exploration and evaluation activities at Seabee related to the Porky project, partially offset by increased exploration and evaluation camp costs and drilling activities at the Melina and Cortaderas areas at Puna in 2026 as compared to 2025.
Current wording
Exploration and evaluation costs for the three months ended June 30,2026 were $9.0 million compared to $6.1 million for the three months ended June 30, 2025. Exploration and evaluation costs for the six months ended June 30, 2026 were $14.3 million compared to $12.0 million for the six months ended June 30, 2025. Exploration and evaluation costs increased primarily due to an increase in drilling activities at Melina and Cortaderas at Puna in 2026 as compared to 2025.
Previous wording
Reclamation and remediation costs for the three months ended March 31, 2026 were $6.5 million as compared to $3.7 million for the three months ended March 31, 2025. Reclamation and remediation costs increased by $2.8 million primarily due to higher reclamation accretion expense at CC&V as a result of its inclusion for the full quarter in 2026 compared to 2025.
Current wording
Reclamation and remediation costs for the three months ended June 30, 2026 were $7.1 million as compared to $6.3 million for the three months ended June 30, 2025. Reclamation and remediation costs increased by $0.8 million primarily due to higher reclamation study expense at CC&V.
Previous wording
Interest expense for the three months ended March 31, 2026 was $1.3 million as compared to $1.8 million for the three months ended March 31, 2025. The decrease was primarily due to lower outstanding debt balances during 2026, resulting from the conversion of the 2019 Notes during the first quarter of 2026.
Current wording
Interest expense for the three months ended June 30, 2026 was $0.4 million as compared to $2.6 million for the three months ended June 30, 2025. Interest expense for the six months ended June 30,2026 was $1.7 million as compared to $4.4 million for the six months ended June 30, 2025. The decrease was primarily due to lower outstanding debt balances during 2026, resulting from the conversion of the 2019 Notes during the first quarter of 2026.
Previous wording
Other income (expense) for the three months ended March 31, 2026 was $7.9 million as compared to $6.3 million for the three months ended March 31, 2025. The increase was primarily due to a $2.5 million increase in change in fair value of marketable securities and a higher interest income of $0.2 million, partially offset by a decrease in the gain on marketable securities sales of $1.5 million.
Current wording
Other income for the six months ended June 30,2026 was $20.3 million as compared to $12.3 million for the six months ended June 30, 2025. The increase was primarily due to a $2.0 million increase in gain on marketable security sales, a $2.0 million increase in interest income, and a $1.2 million increase in change in fair value of marketable securities.
Previous wording
Foreign exchange gain (loss) for the three months ended March 31, 2026 was a $2.9 million gain compared to a $(5.6) million loss for the three months ended March 31, 2025. During the three months ended March 31, 2026, the foreign exchange gain was primarily due to the strengthening of the ARS against the USD and its impact on ARS-denominated assets.
Current wording
Foreign exchange loss for the three months ended June 30,2026 was $18.3 million compared to $10.2 million for the three months ended June 30, 2025. Foreign exchange loss for the six months ended June 30,2026 was $12.6 million compared to $14.8 million for the six months ended June 30, 2025. During the three and six months ended June 30,2026, the foreign exchange loss was primarily due to the weakening of the ARS against the USD and its impact on ARS-denominated assets.
Previous wording
Income and mining tax expense from continuing operations for the three months ended March 31, 2026 was $59.8 million as compared to $16.4 million for the three months ended March 31, 2025. The change in income tax expense was primarily due to higher quarter-to-date operating income compared to 2025, partially offset by greater deferred tax benefits for excess percentage depletion and foreign derived deduction eligible income.
Current wording
Income and mining tax expense for the three months ended June 30,2026 was $48.3 million as compared to an expense of $29.3 million for the three months ended June 30,2025. The increase in income tax expense was primarily due to higher withholding taxes on distributions and higher quarter-to-date operating income compared to 2025. The Company's effective tax rate increased to 26.1% from 18.2% for the three months ended June 30, 2026 and 2025, respectively, primarily due to higher withholding taxes on distributions in 2026.
Previous wording
Net loss from discontinued operations for the three months ended March 31, 2026 was $365.3 million compared to a $34.7 million loss for the three months ended March 31, 2025. The increase in net loss from discontinued operations was primarily due to a write-down of $338.2 million related to adjusting the Çöpler disposal group to fair value less costs to sell. Refer to Note 4 of the Condensed Consolidated Financial Statements for further details.
Current wording
Net loss from discontinued operations for the three months ended June 30, 2026 was $44.6 million compared to $51.6 million for the three months ended June 30, 2025. The decrease in net loss from discontinued operations was primarily due to decreases in reclamation and remediation costs of $62.9 million and care and maintenance expense of $13.5 million, partially offset by a $42.7 million decrease in other operating income, a write-down of $0.8 million related to adjusting the Çöpler disposal group to fair value less costs to sell, and a $9.1 million decrease in income and mining tax benefit.
Previous wording
On March 24, 2026, the Company, through its wholly owned subsidiary Alacer Gold Corp. S.à r.l., entered into a definitive share purchase agreement with Cengiz Holding A.S. (“Cengiz Holding”), a corporation organized under the laws of the Republic of Türkiye, to divest its 80% ownership interest in the Çöpler mine and related properties in Türkiye for cash consideration of approximately $1.5 billion, subject to certain post-closing adjustments. The transaction is expected to close in the third quarter of 2026, subject to required Turkish regulatory approvals and other customary closing conditions. The Company determined that in conjunction with entering into the share purchase agreement, the operations of the Çöpler mine meet the criteria for classification as held for sale and for discontinued operations reporting, see Note 3 and Note 4 of the Condensed Consolidated Financial Statements for additional information.
Current wording
Refer to Note 4 of the Condensed Consolidated Financial Statements for additional information.