SSR Mining Forecasts 450k–535k Ounces at $2,360–$2,440 AISC and Approves $300M Buyback
SSR Mining generated $106M in Q4 free cash flow and $252M for 2025, ended the year with $535M cash plus $1B liquidity, and secured a $300M buyback. 2026 guidance: 450k–535k gold equivalent ounces at AISC $2,360–$2,440/oz ($2,180–$2,260 ex-Çöpler), $150M growth spending and up to $15M Hod Maden capex.
1. Robust Free Cash Flow and Liquidity
SSR Mining delivered $106 million in free cash flow during Q4 2025 and $252 million for the full year, exceeding $400 million when excluding working capital changes. The company closed the year with $535 million in cash and over $1 billion in available liquidity, underpinning its financial flexibility.
2. $300M Share Buyback Program
The board approved a new share repurchase program of up to $300 million, following prior buybacks of 20 million shares at an average price of $15.76. Management highlighted that the current share price does not reflect the portfolio’s full value and prioritized this return of capital.
3. 2026 Production and Cost Guidance
For 2026, SSR Mining forecasts production of 450,000 to 535,000 gold equivalent ounces at all-in sustaining costs of $2,360 to $2,440 per ounce (or $2,180 to $2,260 excluding care-and-maintenance at Çöpler). The company plans $150 million in growth spending and up to $15 million per month of Hod Maden capex, with Çöpler care costs of $20–$25 million quarterly.
4. Operational Highlights and Reserves
In Q4, SSR Mining produced 120,000 gold equivalent ounces sold at an average realized price of $4,142 per ounce, yielding net income of $181 million ($0.84 per share) and adjusted income of $190 million ($0.88 per share). Year-end proven and probable reserves rose nearly 40% to 11 million gold equivalent ounces, driven by contributions from CC&V and Hod Maden.