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DENVER--(BUSINESS WIRE)--SSR Mining Inc. (Nasdaq/TSX: SSRM, ASX: SSR) ("SSR Mining" or the “Company") reports consolidated financial results for the second quarter ended June 30, 2024, as well as an update on the February 13, 2024 incident at the Çöpler mine (the “Çöpler Incident” or the “Incident”).
Çöpler Update
The primary focus following the Çöpler Incident was the recovery and return of our missing colleagues to their families. All nine of the individuals who were lost as a result of the Incident have now been recovered. We want to thank all of those who worked tirelessly to locate and return these individuals to their families. We continue to provide support to the families, our colleagues and the community members impacted by the tragic events of February 13, 2024, and to-date we have retained a full complement of salaried staff at Çöpler.
Immediately following the Incident, in partnership with the Turkish authorities, several steps were taken to ensure containment of the Incident. All of the containment infrastructure, including the grout curtain, coffer dam, and buttress, as well as pumping systems and the Sabırlı Creek diversion, are successfully in place. Public statements from the Turkish government have continued to affirm that there has been no recordable contamination to local soil, water or air in the sampling locations being monitored.
Over 13 million tonnes of displaced heap leach material at Çöpler have been moved since the Incident, including more than 9 million tonnes from the Sabırlı Valley. As previously guided, all displaced material is expected to be removed from the Sabırlı Valley into temporary storage areas by the end of the third quarter of 2024. From the start of the second quarter of 2024 onwards, estimates for the cost of site remediation are between $250 to $300 million, including legal contingencies, material movement and construction costs. In the second quarter, $55 million was spent on remediation activities at Çöpler. With total cash of $358 million at the end of the second quarter, total available liquidity in excess of $850 million, and ongoing free cash flow generation from Marigold, Seabee and Puna, SSR Mining’s balance sheet remains strong.
The investigations into the cause of the Çöpler Incident continue and we are cooperating fully with the relevant authorities in Türkiye. The Company has commissioned independent third parties to review the design, construction and operation of the heap leach pad. Although the review is ongoing, to date, these reviews have not identified any material non-conformance with the construction or operation of the heap leach pad relative to the third-party engineered design parameters.
SSR Mining continues to work closely with the relevant authorities to secure the required permits for the East Storage Facility and the restart of the Çöpler mine. Once all necessary regulatory approvals, including the Environmental Impact Assessment (EIA) and operating permits, are reinstated, it is anticipated that initial operations at Çöpler will consist of processing stockpiled ore through the sulfide plant while Çöpler’s mining team remains focused on completing the remediation work. As of the end of 2023, sulfide stockpiles contained approximately 706,000 ounces. SSR Mining expects the Çöpler Sulfide Plant could process the stockpiles economically while the remediation work is completed.
At this time, the Company is not able to estimate when and under what conditions operations will resume at Çöpler.
More information related to the Çöpler Incident is included in the Company’s Annual Report on Form 10-K filed on February 27, 2024 and in the Company’s Quarterly Reports on Form 10-Q filed on May 8, 2024 and July 31, 2024. Further updates on the Çöpler Incident, as and when available, will continue to be provided through press releases and posts to the Company’s website.
Second Quarter 2024 Update (1)
In the second quarter of 2024, SSR Mining produced 76,102 gold equivalent ounces at cost of sales of $1,357 per payable ounce and AISC of $2,116 per payable ounce, which includes $17.3 million in care and maintenance costs incurred at Çöpler. First half consolidated production of 155,864 gold equivalent ounces from Marigold, Seabee and Puna is in line with expectations for a second-half weighted production profile. Full-year 2024 production guidance of 340,000 to 380,000 gold equivalent ounces for Marigold, Seabee and Puna remains unchanged.
(1) | The Company reports non-GAAP financial measures including all-in sustaining costs (“AISC”) per ounce sold (a common measure in the mining industry), to manage and evaluate its operating performance at its mines. See "Cautionary Note Regarding Non-GAAP Financial Measures" for an explanation of this financial measure and a reconciliation to cost of sales, which is the most comparable GAAP financial measure. |
Second Quarter 2024 Summary: (2)
(All figures are in US dollars unless otherwise noted)
- Operating results: Second quarter 2024 production was 76,102 gold equivalent ounces at cost of sales of $1,357 per payable ounce and AISC of $2,116 per payable ounce. During the second quarter of 2024, operations at Çöpler remained suspended following the February 13, 2024 incident. For the first half of 2024, SSR Mining produced 177,691 gold equivalent ounces at a consolidated cost of sales of $1,244 per ounce and AISC of $1,789 per ounce. First half 2024 production from Marigold, Seabee and Puna was 155,864 gold equivalent ounces. The three operations remain on track for the previously stated consolidated production guidance of 340,000 to 380,000 gold equivalent ounces at unchanged cost expectations.
- Financial results: Net income attributable to SSR Mining in the second quarter of 2024 was $9.7 million, or $0.05 per diluted share, and adjusted attributable net income in the second quarter of 2024 was $7.5 million, or $0.04 per diluted share. In the second quarter of 2024, operating cash flow was negative $78.1 million, or negative $23.1 million before working capital adjustments, and free cash flow was negative $116.3 million, or negative $61.3 million before working capital adjustments.
- Cash and liquidity position: As of June 30, 2024, SSR Mining had a cash and cash equivalent balance of $358.3 million and a net cash position of $128.4 million. In addition, the Company has an undrawn revolving credit facility, providing total liquidity of $858.4 million.
- Marigold operations: Gold production was 25,691 ounces in the second quarter of 2024 at cost of sales of $1,542 per payable ounce and AISC of $2,065 per payable ounce. In the first half of 2024, Marigold produced 60,371 ounces of gold at cost of sales of $1,417 per payable ounce and AISC of $1,690 per payable ounce. As previously guided, year-to-date operating results reflect increased waste stripping to support near-term development activities at Red Dot, which are a key focus for 2024 and 2025. Marigold remains on track for full-year 2024 production guidance of 155,000 to 175,000 ounces of gold at mine site cost of sales of $1,300 to $1,340 per payable ounce and AISC of $1,535 to $1,575 per payable ounce. The fourth quarter of 2024 is expected to be Marigold’s strongest production and lowest cost quarter.
- Seabee operations: Gold production was 16,709 ounces in the second quarter of 2024 at cost of sales of $1,150 per payable ounce and AISC of $1,626 per payable ounce. In the first half of 2024, Seabee produced 40,482 ounces of gold at cost of sales of $959 per payable ounce and AISC of $1,488 per payable ounce. Seabee remains on track for full-year 2024 production guidance of 75,000 to 85,000 ounces of gold at mine site cost of sales of $990 to $1,030 per payable ounce and AISC of $1,495 to $1,535 per payable ounce.
- Puna operations: Silver production was 2.7 million ounces in the second quarter of 2024 at cost of sales of $16.10 per payable ounce of silver and AISC of $15.19 per payable ounce of silver. Quarterly process plant throughput averaged over 5,150 tonnes per day, a record for the mine. In the first half of 2024, Puna produced 4.6 million ounces of silver at cost of sales of $16.41 per payable ounce and AISC of $15.36 per payable ounce. Puna remains on track for full-year 2024 production guidance of 8.75 to 9.50 million ounces of silver at mine site cost of sales of $16.50 to $18.00 per payable ounce and AISC of $14.75 to $16.25 per payable ounce.
- Hod Maden: During the second quarter of 2024, initial site establishment and engineering activities continued at Hod Maden as the Company advances the project towards a construction decision.
- Sale of the non-core San Luis project completed: On May 23 2024, the Company announced that it had closed the sale of the San Luis project to Highlander Silver Corp. following the receipt of all required regulatory approvals and satisfaction of all closing conditions. As consideration for the sale, SSR Mining received $5 million in cash and may also receive up to $37.5 million in contingent payments payable in cash. A 4.0% net smelter return (“NSR”) royalty on the San Luis project was also granted to SSR Mining concurrently with the closing of the transaction.
(2) | The Company reports non-GAAP financial measures including adjusted attributable net income, adjusted attributable net income per share, cash generated by operating activities before working capital adjustments, free cash flow, free cash flow before changes in working capital, net cash (debt), cash costs and AISC per ounce sold (a common measure in the mining industry), to manage and evaluate its operating performance at its mines. See "Cautionary Note Regarding Non-GAAP Financial Measures" for an explanation of these financial measures and a reconciliation of these financial measures to the most comparable GAAP financial measures. |
Financial and Operating Summary
A summary of the Company's consolidated financial and operating results for the three and six months ended June 30, 2024 and June 30, 2023 are presented below:
(in thousands of US dollars, except per share data) |
| Three Months Ended |
| Six Months Ended | ||||||||
|
| 2024 |
| 2023 |
| 2024 |
| 2023 | ||||
Financial Results |
|
|
|
|
|
|
|
|
|
|
|
|
Revenue |
| $ | 184,841 |
| $ | 301,026 |
| $ | 415,075 |
| $ | 615,640 |
Cost of sales |
| $ | 96,582 |
| $ | 170,640 |
| $ | 222,483 |
| $ | 369,937 |
Operating income (loss) |
| $ | 10,720 |
| $ | 52,929 |
| $ | (365,704) |
| $ | 89,914 |
Net income (loss) |
| $ | 2,464 |
| $ | 122,376 |
| $ | (355,698) |
| $ | 151,380 |
Net income (loss) attributable to SSR Mining shareholders |
| $ | 9,693 |
| $ | 74,866 |
| $ | (277,389) |
| $ | 104,679 |
Basic net income (loss) per share attributable to SSR Mining shareholders |
| $ | 0.05 |
| $ | 0.37 |
| $ | (1.37) |
| $ | 0.51 |
Diluted net income (loss) per share attributable to SSR Mining shareholders |
| $ | 0.05 |
| $ | 0.35 |
| $ | (1.37) |
| $ | 0.49 |
Adjusted attributable net income (3) |
| $ | 7,489 |
| $ | 75,103 |
| $ | 29,999 |
| $ | 96,376 |
Adjusted basic attributable net income per share (3) |
| $ | 0.04 |
| $ | 0.37 |
| $ | 0.15 |
| $ | 0.47 |
Adjusted diluted attributable net income per share (3) |
| $ | 0.04 |
| $ | 0.35 |
| $ | 0.15 |
| $ | 0.45 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash generated by (used in) operating activities |
| $ | (78,132) |
| $ | 80,343 |
| $ | (53,501) |
| $ | 83,310 |
Cash generated by (used in) operating activities before changes in working capital (3) | $ | (23,093) |
| $ | 104,265 |
| $ | 9,164 |
| $ | 195,134 | |
Cash generated by (used in) investing activities |
| $ | (31,684) |
| $ | (179,860) |
| $ | (68,462) |
| $ | (231,741) |
Cash generated by (used in) financing activities |
| $ | 1,488 |
| $ | (72,945) |
| $ | (9,332) |
| $ | (111,134) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating Results |
|
|
|
|
|
|
|
|
|
|
|
|
Gold produced (oz) |
|
| 42,400 |
|
| 128,902 |
|
| 122,680 |
|
| 251,723 |
Gold sold (oz) |
|
| 40,470 |
|
| 124,916 |
|
| 129,749 |
|
| 251,027 |
Silver produced ('000 oz) |
|
| 2,731 |
|
| 2,269 |
|
| 4,646 |
|
| 4,284 |
Silver sold ('000 oz) |
|
| 2,489 |
|
| 1,857 |
|
| 4,148 |
|
| 4,238 |
Lead produced ('000 lb) (4) |
|
| 13,291 |
|
| 10,193 |
|
| 23,289 |
|
| 21,554 |
Lead sold ('000 lb) (4) |
|
| 12,385 |
|
| 9,805 |
|
| 21,050 |
|
| 23,175 |
Zinc produced ('000 lb) (4) |
|
| 859 |
|
| 1,748 |
|
| 2,076 |
|
| 4,227 |
Zinc sold ('000 lb) (4) |
|
| 1,419 |
|
| 1,033 |
|
| 1,929 |
|
| 4,720 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Gold equivalent produced (oz) (5) |
|
| 76,102 |
|
| 156,625 |
|
| 177,691 |
|
| 303,518 |
Gold equivalent sold (oz) (5) |
|
| 71,190 |
|
| 147,705 |
|
| 178,864 |
|
| 302,262 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Average realized gold price ($/oz sold) |
| $ | 2,378 |
| $ | 1,963 |
| $ | 2,160 |
| $ | 1,932 |
Average realized silver price ($/oz sold) |
| $ | 30.22 |
| $ | 24.61 |
| $ | 27.01 |
| $ | 23.92 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of sales per gold equivalent ounce sold (5) |
| $ | 1,357 |
| $ | 1,155 |
| $ | 1,244 |
| $ | 1,224 |
Cash cost per gold equivalent ounce sold (3,5) |
| $ | 1,192 |
| $ | 1,108 |
| $ | 1,137 |
| $ | 1,157 |
AISC per gold equivalent ounce sold (3,5) |
| $ | 2,116 |
| $ | 1,633 |
| $ | 1,789 |
| $ | 1,663 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Financial Position |
| June 30, 2024 |
| December 31, 2023 | ||||||||
Cash and cash equivalents |
| $ |
|
| 358,307 |
| $ |
| 492,393 | |||
Current assets |
| $ |
|
| 1,021,938 |
| $ |
| 1,196,476 | |||
Total assets |
| $ |
|
| 5,175,554 |
| $ |
| 5,385,773 | |||
Current liabilities |
| $ |
|
| 288,551 |
| $ |
| 170,573 | |||
Total liabilities |
| $ |
|
| 1,234,412 |
| $ |
| 1,081,570 | |||
Working capital (6) |
| $ |
|
| 733,387 |
| $ |
| 1,025,903 | |||
(3) | The Company reports non-GAAP financial measures including adjusted attributable net income, adjusted attributable net income per share, cash generated by operating activities before changes in working capital, cash costs and AISC per ounce sold to manage and evaluate its operating performance at its mines. See “Non-GAAP Financial Measures” at the end of this press release for an explanation of these financial measures and a reconciliation of these financial measures to net income (loss) attributable to SSR Mining shareholders, cost of sales, and cash generated by operating activities, which are the most comparable GAAP financial measures. Cost of sales excludes depreciation, depletion, and amortization. | |
(4) | Data for lead production and sales relate only to lead in lead concentrate. Data for zinc production and sales relate only to zinc in zinc concentrate. | |
(5) | Gold equivalent ounces are calculated by multiplying the silver ounces by the ratio of the silver price to the gold price, using the average London Bullion Market Association (“LBMA”) prices for the period. The Company does not include by-products in the gold equivalent ounce calculations. | |
(6) | Working capital is defined as current assets less current liabilities. |
Marigold, USA
|
| Three Months Ended |
| Six Months Ended | ||||||||
Operating Data |
| 2024 |
| 2023 |
| 2024 |
| 2023 | ||||
Gold produced (oz) |
|
| 25,691 |
|
| 60,443 |
|
| 60,371 |
|
| 112,422 |
Gold sold (oz) |
|
| 25,450 |
|
| 60,389 |
|
| 62,319 |
|
| 111,686 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Ore mined (kt) |
|
| 7,474 |
|
| 5,042 |
|
| 13,196 |
|
| 10,409 |
Waste removed (kt) |
|
| 18,778 |
|
| 15,648 |
|
| 39,365 |
|
| 32,678 |
Total material mined (kt) |
|
| 26,252 |
|
| 20,690 |
|
| 52,561 |
|
| 43,086 |
Strip ratio |
|
| 2.5 |
|
| 3.1 |
|
| 3.0 |
|
| 3.1 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Ore stacked (kt) |
|
| 7,474 |
|
| 5,042 |
|
| 13,196 |
|
| 10,409 |
Gold grade stacked (g/t) |
|
| 0.20 |
|
| 0.52 |
|
| 0.17 |
|
| 0.47 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Average realized gold price ($/oz sold) |
| $ | 2,391 |
| $ | 1,950 |
| $ | 2,203 |
| $ | 1,933 |
Cost of sales costs ($/oz gold sold) |
| $ | 1,542 |
| $ | 1,059 |
| $ | 1,417 |
| $ | 1,061 |
Cash costs ($/oz gold sold) (7) |
| $ | 1,542 |
| $ | 1,063 |
| $ | 1,418 |
| $ | 1,065 |
AISC ($/oz gold sold) (7) |
| $ | 2,065 |
| $ | 1,656 |
| $ | 1,690 |
| $ | 1,659 |
(7) | The Company reports the non-GAAP financial measures of cash costs and AISC per ounce of gold sold to manage and evaluate operating performance at Marigold. See "Cautionary Note Regarding Non-GAAP Financial Measures" at the end of this press release for an explanation of these financial measures and a reconciliation to cost of sales, which are the comparable GAAP financial measure. Cost of sales excludes depreciation, depletion, and amortization. |
For the three months ended June 30, 2024 and 2023, Marigold produced 25,691 and 60,443 ounces of gold, respectively. For the six months ended June 30, 2024 and 2023, Marigold produced 60,371 and 112,422 ounces of gold, respectively. During the second quarter of 2024, Marigold reported cost of sales of $1,542 per payable ounce and AISC of $2,065 per payable ounce. As planned, the first half of 2024 results include increased waste stripping to support near-term development activities at Red Dot, which is a key focus for 2024 and 2025. As previously guided, first half 2024 cost of sales of $1,417 per payable ounce and AISC of $1,690 per payable ounce were above the full-year cost guidance ranges. Costs are expected to meaningfully improve in the second half of 2024, particularly in the fourth quarter.
Full-year 2024 production guidance for Marigold is 155,000 to 175,000 ounces of gold at mine site cost of sales of $1,300 to $1,340 per payable ounce and AISC of $1,535 to $1,575 per payable ounce.
Seabee, Canada
|
| Three Months Ended |
| Six Months Ended | ||||||||
Operating Data |
| 2024 |
| 2023 |
| 2024 |
| 2023 | ||||
Gold produced (oz) |
|
| 16,709 |
|
| 16,428 |
|
| 40,482 |
|
| 32,196 |
Gold sold (oz) |
|
| 15,020 |
|
| 15,330 |
|
| 43,470 |
|
| 32,130 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Ore mined (kt) |
|
| 115 |
|
| 119 |
|
| 219 |
|
| 218 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Ore milled (kt) |
|
| 103 |
|
| 105 |
|
| 218 |
|
| 218 |
Gold mill feed grade (g/t) |
|
| 5.40 |
|
| 5.25 |
|
| 5.99 |
|
| 4.91 |
Gold recovery (%) |
|
| 95.5 |
|
| 96.9 |
|
| 96.0 |
|
| 96.5 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Average realized gold price ($/oz sold) |
| $ | 2,355 |
| $ | 1,960 |
| $ | 2,169 |
| $ | 1,931 |
Cost of sales ($/oz gold sold) |
| $ | 1,150 |
| $ | 1,192 |
| $ | 959 |
| $ | 1,293 |
Cash costs ($/oz gold sold) (8) |
| $ | 1,152 |
| $ | 1,192 |
| $ | 960 |
| $ | 1,294 |
AISC ($/oz gold sold) (8) |
| $ | 1,626 |
| $ | 1,690 |
| $ | 1,488 |
| $ | 1,960 |
(8)
| The Company reports the non-GAAP financial measures of cash costs and AISC per ounce of gold sold to manage and evaluate operating performance at Seabee. See "Cautionary Note Regarding Non-GAAP Financial Measures" at the end of this press release for an explanation of these financial measures and a reconciliation to cost of sales, which are the comparable GAAP financial measure. Cost of sales excludes depreciation, depletion, and amortization. |
For the three months ended June 30, 2024 and 2023, Seabee produced 16,709 and 16,428 ounces of gold, respectively. For the six months ended June 30, 2024 and 2023, Seabee produced 40,482 and 32,196 ounces of gold, respectively. During the second quarter of 2024, Seabee reported cost of sales of $1,150 per payable ounce and AISC of $1,626 per payable ounce. During the first half of 2024, the Company reported cost of sales of $959 per payable ounce and AISC of $1,488 per payable ounce.
Full-year 2024 production guidance at Seabee is 75,000 to 85,000 ounces of gold at mine site cost of sales of $990 to $1,030 per payable ounce and AISC of $1,495 to $1,535 per payable ounce. As previously guided, processed grades are expected to average between 5.0 and 6.0 g/t over 2024.
Puna, Argentina
|
| Three Months Ended |
| Six Months Ended | ||||||||
Operating Data |
| 2024 |
| 2023 |
| 2024 |
| 2023 | ||||
Silver produced ('000 oz) |
|
| 2,731 |
|
| 2,269 |
|
| 4,646 |
|
| 4,284 |
Silver sold ('000 oz) |
|
| 2,489 |
|
| 1,857 |
|
| 4,148 |
|
| 4,238 |
Lead produced ('000 lb) |
|
| 13,291 |
|
| 10,193 |
|
| 23,289 |
|
| 21,554 |
Lead sold ('000 lb) |
|
| 12,385 |
|
| 9,805 |
|
| 21,050 |
|
| 23,175 |
Zinc produced ('000 lb) |
|
| 859 |
|
| 1,748 |
|
| 2,076 |
|
| 4,227 |
Zinc sold ('000 lb) |
|
| 1,419 |
|
| 1,033 |
|
| 1,929 |
|
| 4,720 |
Gold equivalent sold ('000 oz) (9) |
|
| 30,720 |
|
| 22,789 |
|
| 49,115 |
|
| 51,235 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Ore mined (kt) |
|
| 668 |
|
| 510 |
|
| 931 |
|
| 859 |
Waste removed (kt) |
|
| 1,519 |
|
| 1,524 |
|
| 3,029 |
|
| 3,508 |
Total material mined (kt) |
|
| 2,187 |
|
| 2,034 |
|
| 3,959 |
|
| 4,367 |
Strip ratio |
|
| 2.3 |
|
| 3.0 |
|
| 3.3 |
|
| 4.1 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Ore milled (kt) |
|
| 470 |
|
| 419 |
|
| 887 |
|
| 834 |
Silver mill feed grade (g/t) |
|
| 186.3 |
|
| 175.5 |
|
| 168.5 |
|
| 166.5 |
Lead mill feed grade (%) |
|
| 1.34 |
|
| 1.18 |
|
| 1.25 |
|
| 1.25 |
Zinc mill feed grade (%) |
|
| 0.18 |
|
| 0.36 |
|
| 0.22 |
|
| 0.40 |
Silver mill recovery (%) |
|
| 97.0 |
|
| 96.1 |
|
| 96.7 |
|
| 96.0 |
Lead mill recovery (%) |
|
| 95.7 |
|
| 93.4 |
|
| 94.9 |
|
| 93.9 |
Zinc mill recovery (%) |
|
| 46.4 |
|
| 52.7 |
|
| 48.0 |
|
| 57.8 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Average realized silver price ($/oz sold) |
| $ | 30.22 |
| $ | 24.61 |
| $ | 27.01 |
| $ | 23.92 |
Cost of sales ($/oz silver sold) |
| $ | 16.10 |
| $ | 18.02 |
| $ | 16.41 |
| $ | 18.95 |
Cash costs ($/oz silver sold) (10) |
| $ | 11.38 |
| $ | 14.40 |
| $ | 11.75 |
| $ | 14.41 |
AISC ($/oz silver sold) (10) |
| $ | 15.19 |
| $ | 17.41 |
| $ | 15.36 |
| $ | 16.84 |
(9) | Gold equivalent ounces are calculated multiplying the silver ounces by the ratio of the silver price to the gold price, using the average LBMA prices for the period. The Company does not include by-products in the gold equivalent ounce calculations. | |
(10) | 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 "Cautionary Note Regarding Non-GAAP Financial Measures" at the end of this press release for an explanation of these financial measures and a reconciliation to cost of sales, which are the comparable GAAP financial measure. Cost of sales excludes depreciation, depletion, and amortization. |
For the three months ended June 30, 2024 and 2023, Puna produced 2.7 and 2.3 million ounces of silver, respectively with the year-over-year increase primarily driven by more ore tonnes milled and higher mill feed grade. Quarterly process plant throughput averaged over 5,150 tonnes per day, a record for the mine. For the six months ended June 30, 2024 and 2023, Puna produced 4.6 and 4.3 million ounces of silver, respectively. During the second quarter of 2024, Puna reported cost of sales of $16.10 per payable ounce and AISC of $15.19 per payable ounce. During the first half of 2024, the Company reported cost of sales of $16.41 per payable ounce and AISC of $15.36 per payable ounce.
Full-year 2024 production guidance at Puna is 8.75 to 9.50 million ounces of silver at mine site cost of sales of $16.50 to $18.00 per payable ounce and AISC of $14.75 to $16.25 per payable ounce.
Çöpler, Türkiye
(amounts presented on 100% basis)
Operations at Çöpler were suspended following the Çöpler Incident on February 13, 2024. During the suspension, care and maintenance expense has been recorded which represents direct costs not associated with the environmental reclamation and remediation costs and depreciation. No production was recorded in the second quarter of 2024.
|
| Three Months Ended |
| Six Months Ended | ||||||||
Operating Data |
| 2024 |
| 2023 |
| 2024 |
| 2023 | ||||
Gold produced (oz) |
|
| — |
|
| 52,031 |
|
| 21,827 |
|
| 107,105 |
Gold sold (oz) |
|
| — |
|
| 49,197 |
|
| 23,960 |
|
| 107,211 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Ore mined (kt) |
|
| — |
|
| 1,184 |
|
| 266 |
|
| 2,363 |
Waste removed (kt) |
|
| — |
|
| 4,841 |
|
| 3,571 |
|
| 10,216 |
Total material mined (kt) |
|
| — |
|
| 6,025 |
|
| 3,837 |
|
| 12,579 |
Strip ratio |
|
| — |
|
| 4.1 |
|
| 13.4 |
|
| 4.3 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Ore stacked (kt) |
|
| — |
|
| 154 |
|
| 184 |
|
| 342 |
Gold grade stacked (g/t) |
|
| — |
|
| 1.46 |
|
| 1.17 |
|
| 1.33 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Ore milled (kt) |
|
| — |
|
| 680 |
|
| 343 |
|
| 1,404 |
Gold mill feed grade (g/t) |
|
| — |
|
| 2.34 |
|
| 2.39 |
|
| 2.40 |
Gold recovery (%) |
|
| — |
|
| 89.1 |
|
| 78.9 |
|
| 88.4 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Average realized gold price ($/oz sold) |
| $ | — |
| $ | 1,979 |
| $ | 2,013 |
| $ | 1,934 |
Cost of sales ($/oz gold sold) |
| $ | — |
| $ | 1,117 |
| $ | 1,019 |
| $ | 1,209 |
Cash costs ($/oz gold sold) (11) |
| $ | — |
| $ | 1,107 |
| $ | 1,020 |
| $ | 1,196 |
AISC ($/oz gold sold) (11) |
| $ | — |
| $ | 1,384 |
| $ | 2,507 |
| $ | 1,404 |
(11)
| The Company reports the non-GAAP financial measures of cash costs and AISC per ounce of gold sold to manage and evaluate operating performance at Çöpler. See "Cautionary Note Regarding Non-GAAP Financial Measures" at the end of this press release for an explanation of these financial measures and a reconciliation to cost of sales, which are the comparable GAAP financial measure. Cost of sales excludes depreciation, depletion, and amortization. |
Conference Call Information
This news release should be read in conjunction with the Company’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2024, filed with the U.S. Securities and Exchange Commission (the “SEC”) and available on the SEC website at www.sec.gov or www.ssrmining.com.
- Conference call and webcast: Wednesday, July 31, 2024, at 5:00 pm EDT.
| Toll-free in U.S. and Canada: | +1 (844) 763-8274 |
| All other callers: | +1 (412) 717-9224 |
| Webcast: |
- The conference call will be archived and available on our website. Audio replay will be available for two weeks by calling:
| Toll-free in U.S. and Canada: | +1 (855) 669-9658, replay code 0747 |
| All other callers: | +1 (412) 317-0088, replay code 0747 |
Contacts
SSR Mining:
SSR Mining Inc.
E-Mail: [email protected]
Phone: +1 (888) 338-0046
To receive SSR Mining’s news releases by e-mail, please register using the SSR Mining website at www.ssrmining.com.
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