Q2 2026 SSR Mining Inc Earnings Call Transcript
Key Points
- Successfully completed the divestment of Copler and Hod Maden, receiving approximately $1.5 billion in cash proceeds and strengthening the balance sheet to nearly $1.8 billion in cash with no debt.
- Reestablished a peer-leading capital returns program, returning over $400 million to shareholders year-to-date, implying a nearly 8% yield, with ongoing buybacks and reinstated dividends.
- On track to achieve full-year production guidance, with a strong second half expected, particularly in Q4, driven by higher production and significant free cash flow generation.
- Advancing multiple organic growth initiatives across all assets, including the Marigold Technical Report, Porky West at Seabee, and expansion at CC&V, with increased growth capital to support long-term mine life extensions.
- Improved the revolving credit facility, increasing it from $400 million to $600 million with a four-year term and a 25 basis point reduction in borrowing rates, enhancing financial flexibility.
- All-in sustaining costs (AISC) are expected to trend to the upper end of full-year guidance due to higher fuel prices, increased sustaining capital spend, and inflationary pressures, particularly in Argentina.
- Second-quarter AISC exceeded annual guidance at Marigold, Seabee, and Puna, reflecting elevated costs and timing of expenditures, which may pressure margins.
- Realized gold price was approximately 5% below the quarterly average due to sales timing in June when gold prices were lower, impacting revenue.
- Sustaining capital expenditures are expected to remain elevated in Q3, with an additional $25-35 million above original guidance, potentially impacting near-term cash flow.
- Exposure to unhedged diesel purchases and potential secondary effects of higher fuel prices on transportation and consumables could further increase costs, with a $10 per barrel oil increase estimated to raise AISC by $10 per ounce.
Hello, everyone, and welcome to SSR Mining's second-quarter 2026 conference call. This call is being recorded.
At this time, for opening remarks and introductions, I would like to turn the call over to Alex Hunchak from SSR Mining. Please go ahead.
Thank you, operator, and hello, everyone. Thank you for joining today's conference call to discuss SSR Mining's second-quarter 2026 financial results.
Our consolidated financial statements have been presented in accordance with US GAAP. These financial statements have been filed on EDGAR and SEDAR, and they are also available on our website. There is an online webcast accompanying this call, and you will find the information to access the webcast on our corporate website.
Please note that all figures discussed during the call are in US dollars unless otherwise indicated.
Today's discussion will include forward-looking statements, so please read the disclosures in the relevant documents.
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