SSR MINING INC.
For the period ended Sep 30, 2026. Filed Nov 3, 2026.
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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
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Puna, Argentina
| Three Months Ended September 30, | Nine Months Ended September 30, | |||||
|---|---|---|---|---|---|---|
| Operating Data | 2026 | 2025 | Change (%) | 2026 | 2025 | Change (%) |
| Silver produced ('000 oz) | 1,697 | 2,409 | (29.6)% | 5,096 | 7,764 | (34.4)% |
| Silver sold ('000 oz) | 1,870 | 2,657 | (29.6)% | 5,210 | 7,566 | (31.1)% |
| Lead produced ('000 lb) | 8,084 | 11,152 | (27.5)% | 23,377 | 36,517 | (36.0)% |
| Lead sold ('000 lb) | 8,695 | 13,089 | (33.6)% | 24,916 | 37,199 | (33.0)% |
| Zinc produced ('000 lb) | 1,071 | 1,103 | (2.9)% | 3,058 | 2,986 | 2.4% |
| Zinc sold ('000 lb) | 754 | 954 | (21.0)% | 2,381 | 2,496 | (4.6)% |
| Gold equivalent sold (oz) (1) | 29,690 | 30,281 | (2.0)% | 82,692 | 82,725 | —% |
| Average realized silver price ($/oz sold) | $58.39 | $41.92 | 39.3% | $74.73 | $36.72 | 103.5% |
| Ore mined (kt) | 279 | 367 | (24.0)% | 651 | 1,469 | (55.7)% |
| Waste removed (kt) | 1,845 | 1,833 | 0.7% | 5,924 | 4,513 | 31.3% |
| Total material mined (kt) | 2,124 | 2,200 | (3.5)% | 6,575 | 5,982 | 9.9% |
| Ore milled (kt) | 554 | 506 | 9.5% | 1,554 | 1,452 | 7.0% |
| Silver mill feed grade (g/t) | 100.78 | 155.94 | (35.4)% | 107.77 | 173.17 | (37.8)% |
| Lead mill feed grade (%) | 0.74 | 1.09 | (32.1)% | 0.76 | 1.22 | (37.7)% |
| Zinc mill feed grade (%) | 0.24 | 0.25 | (4.0)% | 0.24 | 0.24 | —% |
| Silver recovery (%) | 94.5 | 95.0 | (0.5)% | 94.7 | 96.1 | (1.5)% |
| Lead recovery (%) | 88.8 | 92.1 | (3.6)% | 89.3 | 93.6 | (4.6)% |
| Zinc recovery (%) | 36.4 | 39.0 | (6.7)% | 37.7 | 39.4 | (4.3)% |
| Cost of sales (2) | $55,336 | $44,624 | 24.0% | $146,155 | $119,539 | 22.3% |
| Cost of sales ($/oz silver sold) (2) | $29.58 | $16.80 | 76.1% | $28.05 | $15.80 | 77.5% |
| Cost of sales ($/oz gold equivalent sold) (1, 2) | $1,864 | $1,474 | 26.5% | $1,767 | $1,445 | 22.3% |
| Cash costs ($/oz silver sold) (3) | $23.68 | $11.58 | 104.5% | $21.98 | $10.85 | 102.6% |
| Cash costs ($/oz gold equivalent sold) (1, 3) | $1,492 | $1,016 | 46.9% | $1,385 | $992 | 39.6% |
| AISC ($/oz silver sold) (3) | $25.64 | $13.54 | 89.4% | $25.88 | $13.09 | 97.7% |
| AISC ($/oz gold equivalent sold) (1, 3) | $1,615 | $1,188 | 35.9% | $1,631 | $1,198 | 36.1% |
(1)Effective January 1, 2026, the Company calculates gold equivalent ounces using a fixed silver-to-gold ratio of 63:1. In prior periods, gold equivalent ounces were calculated by 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 recalculate based on amounts presented in this table due to rounding.
(3)The Company reports the non-GAAP financial measures of cash costs and AISC per ounce of silver sold to manage and evaluate operating performance at Puna. See “Non-GAAP Financial Measures” for an explanation of these financial measures and a reconciliation to Cost of sales, which is the comparable GAAP financial measure.
Silver production decreased 29.6% primarily due to lower silver mill feed grade. Revenue decreased by $4.9 million, or 3.9%, of which $33.0 million was due to fewer silver ounces sold and $4.3 million was due to lower volume of lead concentrate sold, partially offset by $30.8 million due to a higher average realized silver price and $1.2 million due to higher average realized lead price. Cost of sales increased by $10.7 million, or 24.0%, due to higher labor costs as a result of inflationary increases in wage rates. Cost of sales per ounce of silver sold increased by 76.1% due to higher cost of sales and fewer silver ounces sold due to lower silver mill feed grade. Cash costs per ounce of silver sold increased by 104.5% due to higher cost of sales, fewer silver ounces sold due to lower silver mill feed grade and lower by-product credits for lead and zinc. AISC per ounce of silver sold increased by 89.4% primarily due to higher cash costs per ounce of silver sold, partially offset by lower sustaining capital expenditures.
Silver production decreased 34.4% primarily due to lower silver mill feed grade. Revenue increased by $105.9 million, or 33.5%, of which $198.0 million was due to a higher average realized silver price and $4.5 million was due to a higher realized lead price, partially offset by $86.5 million due to lower silver ounces sold and $11.6 million due to a lower volume of lead concentrate sold. Cost of sales increased by $26.6 million, or 22.3%, due to higher labor costs as a result of inflationary increases in wage rates and royalty costs. Cost of sales per ounce of silver sold increased by 77.5% due to higher cost of sales and fewer silver ounces sold. Cash costs per ounce of silver sold increased by 102.6% due to higher cost of sales, fewer silver ounces sold, and lower by-product credits for lead and zinc. AISC per ounce of silver sold increased by 97.7% due to higher cash costs per ounce of silver sold and higher sustaining capital expenditures related to the replacement of ore transportation trucks and spending on asset components, partially offset by lower reclamation cost accretion and amortization.
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