SSR Mining (SSRM) Q1 2026 earnings summary

Executive summary

• Announced sale of Çöpler mine for $1.5 billion in cash, expected to close by end of Q3 2026, repositioning as an Americas-focused gold and silver producer; Çöpler now classified as discontinued operation.

• Q1 2026 delivered strong operational and financial results, with production and cash flow exceeding prior year levels and portfolio now anchored by Marigold and CC&V.

• Over $775 million returned to shareholders between 2021 and 2026 through dividends and share buybacks, including $300 million in buybacks completed post-quarter.

• Ended Q1 with $634 million in cash and zero significant long-term debt after convertible notes conversion.

• Strategic review of Hod Maden ongoing, with minimal capital costs expected in the near term.

Financial highlights

• Q1 2026 revenue was $581.8 million, up 83.7% year-over-year, driven by higher gold and silver prices and increased gold sales volume.

• Net income from continuing operations was $252.5 million ($1.16/diluted share), with adjusted net income at $250.1 million ($1.15/diluted share).

• Free cash flow from continuing operations reached $210.8 million, nearly tripling year-over-year.

• Total liquidity at quarter-end was $1.13 billion.

• Operating income from continuing operations increased 181.3% to $300.4 million.

Outlook and guidance

• Full-year 2026 production guidance reaffirmed at 450,000–535,000 gold equivalent ounces, with 55%-60% of production expected in the second half.

• Marigold: 170,000–200,000 oz gold at AISC $2,320–$2,390/oz; CC&V: 125,000–150,000 oz gold at AISC $1,780–$1,850/oz; Seabee: 60,000–70,000 oz gold at AISC $2,170–$2,240/oz; Puna: 6.25–7.00 million oz silver at AISC $20.00–$22.00/oz.

• Ongoing free cash flow and Çöpler sale proceeds will further strengthen the balance sheet and support disciplined capital allocation.

• Strategic review of Hod Maden ongoing, with updates anticipated in coming months.