SSR MINING INC.
For the period ended Sep 30, 2026. Filed Nov 3, 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.
Sep 30, 2026 · Filed Nov 3, 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 2026-06-30; filed 2026-08-04.
0000921638-26-000081
ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONSBusiness OverviewConsolidated Results of OperationsCurrent report: 10-Q
Period ended 2026-09-30; filed 2026-11-03.
0000921638-26-000088
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 50 previous paragraphs and 50 current paragraphs.
24 unchanged; 23 reworded; 3 added; 3 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 (3)
Current report
On July 17, 2026, the Company completed the divestiture of its 20% ownership interest in Artmin to Lidya Madençilik Sanayi ve Ticaret A.Ş (“Lidya Mines”), which owns the Hod Maden development project (the “Project”), for an uncapped 4.0% net smelter return royalty on 100% of the Project. Refer to Note 3 and Note 4 for additional information.
Current report
Reclamation costs for the nine months ended September 30,2026, were $64.8 million as compared to $16.3 million for the nine months ended September 30, 2025. Reclamation costs increased by $48.4 million primarily due to $44.8 million of revisions in estimates and obligations at Puna as noted above and $2.8 million higher reclamation accretion costs.
Removed paragraphs (3)
Previous 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.
Previous 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.
Reworded paragraphs (23)
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 six months ended June 30,2026.
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 nine months ended September 30,2026.
Previous 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):
Current wording
A summary of the Company's consolidated financial and operating results for the three and nine months ended September 30, 2026 and 2025 are presented below (in thousands):
Previous 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.
Current wording
Revenue increased by $61.8 million, or 16.0%, to $447.7 million for the three months ended September 30,2026, as compared to $385.8 million for the three months ended September 30, 2025. The increase was primarily due to a 21.2% increase in average realized gold price, or $57.2 million, a 39.3% increase in realized silver price, or $30.8 million, and a 3.6% increase in gold ounces sold, or $9.3 million, partially offset by a 29.6% decrease in silver ounces sold, or $33.0 million. The increase in gold ounces sold was attributable to higher gold ounces sold at Seabee and CC&V, partially offset by fewer ounces sold at Marigold. For a discussion of revenue by segment, refer to the Results of Operations below.
Previous wording
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 wording
Revenue increased by $365.3 million, or 33.0%, to $1,473.2 million for the nine months ended September 30,2026, as compared to $1,107.9 million for the nine months ended September 30, 2025. The increase was primarily due to a 36.6% higher average realized gold price, or $279.7 million, and a 103.5% higher average realized silver price, or $198.0 million, partially offset by a 3.3% decrease in gold ounces sold, or $26.0 million, and a 31.1% decrease in silver ounces sold, or $86.5 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.
Previous 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.
Current wording
Cost of sales increased by $21.4 million, or 12.9%, to $187.1 million for the three months ended September 30,2026, as compared to $165.7 million for the three months ended September 30, 2025. The increase was primarily due to higher cost of sales at Puna, CC&V, and Seabee, partially offset by lower cost of sales at Marigold. For a discussion of cost of sales by segment, refer to the Results of Operations below.
Previous wording
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 wording
Cost of sales increased by $90.6 million, or 19.5%, to $555.9 million for the nine months ended September 30,2026, as compared to $465.3 million for the nine months ended September 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.
Previous wording
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 wording
Depreciation, depletion, and amortization increased by $5.7 million, or 20.1%, to $33.8 million for the three months ended September 30,2026, as compared to $28.2 million for the three months ended September 30, 2025, primarily due to higher depletion expense as a result of a 78.9% increase in gold ounces sold at Seabee.
Previous wording
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 wording
Depreciation, depletion, and amortization increased by $10.0 million, or 11.8%, to $95.0 million for the nine months ended September 30,2026, as compared to $85.0 million for the nine months ended September 30, 2025, primarily due to the inclusion of CC&V for the full nine month period resulting in increased gold ounces sold.
Previous wording
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 wording
General and administrative expense for the three months ended September 30, 2026, was $41.0 million as compared to $40.2 million for the three months ended September 30, 2025. General and administrative expense was consistent period over period.
Previous 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.
Current wording
General and administrative expense for the nine months ended September 30,2026, was $107.1 million as compared to $90.8 million for the nine months ended September 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 $2.5 million increase in contractors and outside services expense.
Previous 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.
Current wording
Exploration and evaluation costs for the three months ended September 30,2026, were $10.5 million compared to $9.7 million for the three months ended September 30, 2025. Exploration and evaluation costs for the nine months ended September 30, 2026 were $24.7 million compared to $21.7 million for the nine months ended September 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 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.
Current wording
Reclamation costs for the three months ended September 30, 2026, were $51.1 million as compared to $6.3 million for the three months ended September 30, 2025. Reclamation costs increased by $44.8 million primarily due to revisions in cost assumptions with water management and tailings storage facilities at Puna. See Note 7 to the Condensed Consolidated Financial Statements for further details.
Previous wording
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 wording
Care and maintenance costs for the three months ended September 30,2026 and 2025 were nil. Care and maintenance expense for the nine months ended September 30,2026 werenil as compared to $1.0 million for the three months ended September 30, 2025. Care and maintenance expense incurred during the nine months ended 2025 represents $0.2 million of direct costs and $0.8 million of depreciation incurred during the temporary suspension of operations at Seabee.
Previous wording
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 wording
Other operating expense, net for the three months ended September 30,2026, was $2.0 million as compared to $10.8 million for the three months ended September 30, 2025. The change was primarily due to a $7.3 million decrease in CC&V transaction and integration costs, and a $1.9 million decrease in change in the fair value of contingent consideration, partially offset by a $4.6 million expense related to the settlement of certain putative wage and hour class action lawsuits at CC&V and Marigold and a $1.3 million increase in loss on sale of assets. Additionally, the Company received $5.4 million of insurance proceeds income related to the Krause fires at Seabee.
Previous wording
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 wording
Other operating expense, net for the nine months ended September 30,2026, was $11.5 million as compared to $28.0 million for the nine months ended September 30, 2025. The change was primarily due to a $19.0 million decrease in CC&V transaction and integration costs, and a $3.0 million decrease in change in the fair value of contingent consideration, partially offset by a $5.1 million increase in loss on sale of assets and $4.6 million related to the settlement of certain putative wage and hour class action lawsuits at CC&V and Marigold. Additionally, the Company received $5.4 million of insurance proceeds income related to the Krause fires at Seabee.
Previous 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.
Current wording
Interest expense for the three months ended September 30, 2026, was $0.1 million as compared to $1.9 million for the three months ended September 30, 2025. Interest expense for the nine months ended September 30,2026 was $1.8 million as compared to $6.3 million for the nine months ended September 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 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 wording
Other income for the three months ended September 30,2026, was $11.3 million as compared to $5.8 million for the three months ended September 30, 2025. The increase was primarily due to a $11.0 million increase in interest income, partially offset by a $3.8 million decrease in change in fair value of marketable securities and a $1.5 million decrease in gain on marketable security sales.
Previous 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.
Current wording
Other income for the nine months ended September 30,2026, was $31.6 million as compared to $18.0 million for the nine months ended September 30, 2025. The increase was primarily due to a $13.0 million increase in interest income and a $0.5 million increase in gain on marketable security sales, partially offset by a $2.6 million decrease in change in fair value of marketable securities.
Previous 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.
Current wording
Foreign exchange loss for the three months ended September 30,2026, was $6.3 million compared to $12.7 million for the three months ended September 30, 2025. Foreign exchange loss for the nine months ended September 30,2026 was $18.9 million compared to $27.5 million for the nine months ended September 30, 2025. During the three and nine months ended September 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 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 wording
Income and mining tax expense for the three months ended September 30,2026, was $32.2 million as compared to an expense of $22.2 million for the three months ended September 30,2025. The increase in income tax expense was primarily due to lower inflationary and foreign exchange tax benefits in Argentina and slightly lower U.S. tax benefits relative to earnings compared to the prior-year period. The Company's effective tax rate increased to 25.3% from 19.1% for the three months ended September 30, 2026 and 2025, respectively, primarily due to lower favorable foreign exchange and inflationary tax impacts compared to the prior-year period.
Previous 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.
Current wording
Income and mining tax expense for the nine months ended September 30,2026, was $142.7 million as compared to an expense of $73.6 million for the nine months ended September 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 22.8% from 19.2% for the nine months ended September 30, 2026 and 2025, respectively, primarily due to higher withholding taxes on distributions and lower inflationary tax benefits compared to the prior-year period.
Previous 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.
Current wording
Net loss from discontinued operations for the three months ended September 30, 2026, was $15.0 million compared to $36.8 million for the three months ended September 30, 2025. The decrease in net loss from discontinued operations was primarily due to a decrease in care and maintenance expense of $37.3 million and interest expense of $1.7 million, partially offset by a $2.4 million increase in other operating expense.
Previous wording
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.
Current wording
Net loss from discontinued operations for the nine months ended September 30, 2026, was $425.4 million compared to $118.6 million for the nine months ended September 30, 2025. The increase in net loss from discontinued operations was primarily due to a $337.6 million loss on the divestiture related to Çöpler, a $17.5 million loss related to the deconsolidation of Artmin and an increase in other operating expense of $46.5 million, partially offset by a decrease of $63.5 million in reclamation and remediation costs and a $50.0 million decrease in care and maintenance expense.