SSR Mining (NASDAQ: SSRM) ends June with $1.78B after Çöpler sale
SSR Mining reported second-quarter revenue of $443.8 million and net income attributable to shareholders of $97.3 million. For the six months ended June 30, 2026, revenue was $1,025.6 million, while continuing operations generated $387.7 million of net income. The company’s overall six-month result was a $9.2 million net loss attributable to shareholders after $396.9 million of discontinued-operations losses attributable to shareholders.
The portfolio changed materially. SSR Mining completed the sale of its 80% interest in the Çöpler mine and related Türkiye properties for approximately $1.5 billion in cash, recognizing a $337.4 million loss on that divestiture. It also deconsolidated Artmin after agreeing to sell its 20% Hod Maden interest for an uncapped 4.0% net smelter return royalty on 100% of the project.
Cash and cash equivalents rose to $1.783 billion at June 30, 2026. SSR Mining repurchased 10,424,713 common shares for $337.8 million during the quarter and converted $229.8 million principal amount of 2019 Notes into 13.1 million shares in the first quarter, after which it was discharged of all debt obligations associated with those notes.
Positive
- Continuing operating income rose 79.0% to $492.1M
- Çöpler sale delivered approximately $1.5B in cash
Negative
- Discontinued operations recorded a $410.4M six-month loss
- Çöpler divestiture included a $337.4M loss
Filing Explained
The July 31 amendment raises revolving-credit capacity to six hundred million dollars and extends maturity to July 2030.
As a Form 10-Q, this unaudited quarterly report provides interim financial information; it also records that SSR Mining completed the Hod Maden-related sale on
At closing, the company derecognized its equity-method investment and shareholder loan, so the transaction is complete rather than merely an agreement or held-for-sale classification. Its financial effects will appear in the statements for the quarter and nine months ending
Separately, a
Key Figures
Revenue: $1,025.6 million
Net income from continuing operations: $387.7 million
Discontinued operations loss: $410.4 million
+5 more
8 metrics
Revenue
$1,025.6 million
Six months ended June 30, 2026, from continuing operations
Net income from continuing operations
$387.7 million
Six months ended June 30, 2026
Discontinued operations loss
$410.4 million
Six months ended June 30, 2026
Cash and cash equivalents
$1.783 billion
Balance at June 30, 2026
Çöpler divestiture proceeds
approximately $1.5 billion
Cash consideration for the 80% ownership interest and related Türkiye properties
Çöpler divestiture loss
$337.4 million
Recognized during the six months ended June 30, 2026
Common shares repurchased
10,424,713
Purchased for $337.8 million during the three months ended June 30, 2026
2019 Notes converted
$229.8 million
Aggregate principal amount converted into 13.1 million common shares
Key Terms
discontinued operations, Normal Course Issuer Bid, all in sustaining costs, gold equivalent ounces, +2 more
6 terms
discontinued operations financial
"results of operations have been presented as discontinued operations"
Discontinued operations are parts of a company that it has decided to sell or shut down, and no longer plans to run in the future. This matters to investors because it helps them understand which parts of the business are ongoing and which are being phased out, providing a clearer picture of the company’s current performance and future prospects. Think of it like a store closing a department—it no longer contributes to sales or profits.
Normal Course Issuer Bid financial
"approval of its Normal Course Issuer Bid (“2026 NCIB”)"
A Normal Course Issuer Bid is when a company buys back its own shares from the stock market over time. This usually shows that the company believes its stock is undervalued and wants to support its price, which can be important for investors to watch.
all in sustaining costs financial
"cash costs and all in sustaining costs (“AISC”) per ounce sold"
gold equivalent ounces financial
"Effective January 1, 2026, the Company calculates gold equivalent ounces"
Gold equivalent ounces express the combined output or reserves of a mine by converting other metals (like silver, copper or zinc) into the amount of gold they would be worth at current market prices, so everything is shown as a single “gold” number. For investors this provides a common yardstick to compare production, value and growth across projects that produce multiple metals—like converting several currencies into one familiar money unit.
net smelter return royalty financial
"an uncapped 4.0% net smelter return royalty on 100% of the Project"
A net smelter return (NSR) royalty is a contractual right to receive a percentage of the revenue from minerals sold after they are processed and refined, with common deductions for transportation and refining fees. Investors care because an NSR provides a predictable slice of mining project income without owning the mine, so it affects expected cash flow, risk exposure to commodity prices, and the valuation of both the royalty and the operating project—similar to collecting a portion of rent after paying building maintenance costs.
Discharger Specific Variance regulatory
"a Discharger Specific Variance (“DSV”) for certain water quality standards"
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FAQ
What were SSRM’s second-quarter 2026 results?
SSRM reported $443.8 million in revenue and $97.3 million of net income attributable to shareholders. Continuing operations earned $137.0 million, discontinued operations reduced attributable results by $39.7 million, and basic EPS was $0.47.
How did SSRM perform for the six months ended June 30, 2026?
SSRM generated $1,025.6 million in six-month revenue and $387.7 million of net income from continuing operations. Overall attributable results were a $9.2 million loss after $396.9 million of discontinued-operations losses attributable to shareholders.
What did SSRM receive from the Çöpler divestiture?
SSRM completed the sale of its 80% interest in Çöpler for approximately $1.5 billion in cash. The company recognized a $337.4 million loss on the divestiture during the six months ended June 30, 2026.
How much cash did SSRM have at June 30, 2026?
SSRM had $1.783 billion in cash and cash equivalents at June 30, 2026. Cash increased during the period as investing cash flow included $1.495 billion of proceeds from the Çöpler divestiture.
How many shares did SSRM repurchase in the quarter?
SSRM repurchased 10,424,713 common shares during the three months ended June 30, 2026. The purchases were made at an average share price of $32.40 for total consideration of $337.8 million, and all shares were cancelled.
What happened to SSRM’s 2019 Notes?
Holders converted $229.8 million aggregate principal amount of 2019 Notes into 13.1 million common shares during the first quarter of 2026. SSR Mining redeemed the remaining $0.2 million principal amount in cash and was discharged of those debt obligations.
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 10-Q
(Mark One)
ACT OF 1934
For the Quarterly Period Ended June 30, 2026
or
For the transition period from __________to__________
Commission File Number: 001-35455
(Exact name of registrant as specified in its charter)
(State or Other Jurisdiction of Incorporation or Organization) | (I.R.S. Employer Identification No.) | |||||||
(Address of Principal Executive Offices)
Registrant’s telephone number, including area code (303 ) 292-1299
Securities registered pursuant to Section 12(b) of the Act.
| Title of each class | Trading symbol | Name of each exchange on which registered | ||||||
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. ☒ Yes ☐ No
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). ☒ Yes ☐ No
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
| ☒ | Accelerated filer | ☐ | ||||||||||||
| Non-accelerated filer | ☐ | Smaller reporting company | ||||||||||||
| Emerging growth company | ||||||||||||||
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12-b2 of the Exchange Act). ☐ Yes ☒ No
There were 203,909,312 common shares outstanding on July 31, 2026.
TABLE OF CONTENTS
| Page | |||||
| PART I - FINANCIAL INFORMATION | |||||
FORWARD-LOOKING STATEMENTS | 3 | ||||
ITEM 1. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA | 5 | ||||
Condensed Consolidated Statements of Operations (unaudited) | 6 | ||||
Condensed Consolidated Statements of Cash Flows (unaudited) | 7 | ||||
Condensed Consolidated Balance Sheets (unaudited) | 8 | ||||
Condensed Consolidated Statements of Changes in Equity (unaudited) | 9 | ||||
Notes to Condensed Consolidated Financial Statements (unaudited) | 11 | ||||
1. The Company | 11 | ||||
2. Summary of Significant Accounting Policies | 11 | ||||
3. Acquisitions and Divestitures | 13 | ||||
4. Held for Sale and Discontinued Operations | 15 | ||||
5. Operating Segments | 17 | ||||
6. Revenue | 21 | ||||
7. Other Operating Expense (Income), Net | 22 | ||||
8. Other Income (Expense) | 22 | ||||
9. Income and Mining Taxes | 22 | ||||
10. Income (Loss) Per Share | 22 | ||||
11. Fair Value Measurements and Financial Instruments | 24 | ||||
12. Trade and Other Receivables | 26 | ||||
13. Inventories | 26 | ||||
14. Mineral, Properties, Plant and Equipment, Net | 27 | ||||
15. Accrued Liabilities and Other | 27 | ||||
16. Debt | 27 | ||||
17. Equity | 28 | ||||
18. Supplemental Cash Flow Information | 29 | ||||
19. Commitments and Contingencies | 29 | ||||
20. Subsequent Events | 30 | ||||
ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS | 31 | ||||
Business Overview | 31 | ||||
Consolidated Results of Operations | 31 | ||||
Results of Operations | 37 | ||||
Marigold, USA | 37 | ||||
Cripple Creek & Victor, USA | 38 | ||||
Seabee, Canada | 39 | ||||
Puna, Argentina | 40 | ||||
Discontinued Operations | 41 | ||||
Çöpler, Türkiye | 41 | ||||
Liquidity and Capital Resources | 42 | ||||
Non-GAAP Financial Measures | 45 | ||||
Cash Costs and AISC | 46 | ||||
Adjusted Attributable Net Income (Loss) | 51 | ||||
Earnings Before Interest, Taxes, Depreciation and Amortization (“EBITDA”) and Adjusted EBITDA | 53 | ||||
Free Cash Flow | 54 | ||||
Critical Accounting Estimates | 54 | ||||
New Accounting Pronouncements | 55 | ||||
ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK | 56 | ||||
ITEM 4. CONTROLS AND PROCEDURES | 56 | ||||
| PART II - OTHER INFORMATION | |||||
ITEM 1. LEGAL PROCEEDINGS | 57 | ||||
ITEM 1A. RISK FACTORS | 58 | ||||
1
ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS | 58 | ||||
ITEM 3. DEFAULTS UPON SENIOR SECURITIES | 58 | ||||
ITEM 4. MINE SAFETY DISCLOSURES | 58 | ||||
ITEM 5. OTHER INFORMATION | 59 | ||||
ITEM 6. EXHIBITS, FINANCIAL STATEMENT SCHEDULES | 60 | ||||
SIGNATURES | 61 | ||||
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FORWARD-LOOKING STATEMENTS
Certain statements contained in this report (including information incorporated by reference herein) are “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended (the “Securities Act”), and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), and are intended to be covered by the safe harbor provided for under these sections. Forward looking statements can be identified with words such as “may,” “will,” “could,” “should,” “expect,” “plan,” “anticipate,” “believe,” “intend,” “estimate,” “projects,” “predict,” “potential,” “continue” and similar expressions, as well as statements written in the future tense. When made, forward-looking statements are based on information known to management at such time and/or management’s good faith belief with respect to future events. Such statements are subject to risks and uncertainties that could cause actual performance or results to differ materially from those expressed in the Company’s forward-looking statements. Many of these factors are beyond the Company’s ability to control or predict. Given these uncertainties, readers are cautioned not to place undue reliance on forward-looking statements.
Forward-looking statements include, without limitation, the types of statements listed under the heading “Forward-Looking Statements” in Part I, Item 1. Business of the Company’s Annual Report on Form 10-K for the year ended December 31, 2025, filed with the Securities and Exchange Commission (“SEC”) on February 17, 2026 (“Form 10-K”), and subsequent filings with the SEC.
The forward-looking information and statements in this report are based on a number of material factors and assumptions, including, but not limited to the factors discussed in the Form 10-K and in our previously filed Quarterly Reports on Form 10-Q, including those discussed in the “Business,” “Risk Factors,” “Forward-Looking Statements” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” sections. Such factors are not exhaustive of the factors that may affect any of the Company’s forward-looking statements and information, and such statements and information will not be updated to reflect events or circumstances arising after the date of such statements or to reflect the occurrence of anticipated or unanticipated events.
Any forward-looking statements in this Quarterly Report on Form 10-Q reflect our current views with respect to future events or to our future financial performance and involve known and unknown risks, uncertainties and other factors that may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by these forward-looking statements. These risks and uncertainties discussed herein should be read in conjunction with the factors discussed in Part II, Item 1A., “Risk Factors” hereof, and Part I, Item IA., “Risk Factors” in the Form 10-K. Caution should be taken not to place undue reliance on any such forward-looking statements. Moreover, such forward-looking statements speak only as of the date of this report. We undertake no obligation to update any forward-looking statements to reflect events or circumstances after the date of such statements, except as required by applicable law.
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PART I - FINANCIAL INFORMATION
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ITEM 1. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA
5
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SSR Mining Inc.
Condensed Consolidated Statements of Operations
(unaudited, in thousands except per share)
| Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
| 2026 | 2025 | 2026 | 2025 | ||||||||||||||||||||
| Revenue | $ | $ | $ | $ | |||||||||||||||||||
| Operating costs and expenses: | |||||||||||||||||||||||
Cost of sales (1) | |||||||||||||||||||||||
Depreciation, depletion, and amortization | |||||||||||||||||||||||
General and administrative expense | |||||||||||||||||||||||
Exploration and evaluation | |||||||||||||||||||||||
Reclamation and remediation costs | |||||||||||||||||||||||
| Care and maintenance | |||||||||||||||||||||||
Other operating expense (income), net | |||||||||||||||||||||||
Operating income (loss) | |||||||||||||||||||||||
| Other income (expense): | |||||||||||||||||||||||
Interest expense | ( | ( | ( | ( | |||||||||||||||||||
Other income (expense) | |||||||||||||||||||||||
| Foreign exchange gain (loss) | ( | ( | ( | ( | |||||||||||||||||||
Total other income (expense) | ( | ( | ( | ||||||||||||||||||||
| Income (loss) before income and mining taxes | |||||||||||||||||||||||
| Income and mining tax benefit (expense) | ( | ( | ( | ( | |||||||||||||||||||
Net income (loss) from continuing operations | |||||||||||||||||||||||
Net income (loss) from discontinued operations | ( | ( | ( | ( | |||||||||||||||||||
Net income (loss) | ( | ||||||||||||||||||||||
| Net loss (income) attributable to non-controlling interest, net of tax: | |||||||||||||||||||||||
Discontinued operations | |||||||||||||||||||||||
Net income (loss) attributable to SSR Mining shareholders | $ | $ | $ | ( | $ | ||||||||||||||||||
Net income (loss) attributable to SSR Mining shareholders: | |||||||||||||||||||||||
Continuing operations | $ | $ | $ | $ | |||||||||||||||||||
Discontinued operations | ( | ( | ( | ( | |||||||||||||||||||
| $ | $ | $ | ( | $ | |||||||||||||||||||
Weighted-average common shares | |||||||||||||||||||||||
Basic | |||||||||||||||||||||||
Diluted | |||||||||||||||||||||||
Net income (loss) per share attributable to SSR Mining shareholders | |||||||||||||||||||||||
Basic: | |||||||||||||||||||||||
| Continuing operations | $ | $ | $ | $ | |||||||||||||||||||
| Discontinued operations | $ | ( | $ | ( | $ | ( | $ | ( | |||||||||||||||
Diluted: | |||||||||||||||||||||||
| Continuing operations | $ | $ | $ | $ | |||||||||||||||||||
| Discontinued operations | $ | ( | $ | ( | $ | ( | $ | ( | |||||||||||||||
(1) Excludes depreciation, depletion, and amortization.
The accompanying notes are an integral part of the Condensed Consolidated Financial Statements.
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SSR Mining Inc.
Condensed Consolidated Statements of Cash Flows
(unaudited, in thousands)
| Six Months Ended June 30, | |||||||||||
| 2026 | 2025 | ||||||||||
Operating activities | |||||||||||
Net income (loss) | $ | ( | $ | ||||||||
Net (income) loss from discontinued operations | |||||||||||
Adjustments for: | |||||||||||
Depreciation, depletion, and amortization | |||||||||||
Reclamation and remediation costs | |||||||||||
Payments for reclamation and remediation liabilities | ( | ( | |||||||||
Deferred income taxes | |||||||||||
Stock-based compensation | |||||||||||
Loss (gain) on derivative instruments | ( | ( | |||||||||
Change in fair value of marketable securities | ( | ( | |||||||||
Loss (gain) on sale and disposal of assets, net | |||||||||||
| Change in fair value of deferred consideration | |||||||||||
Other taxes | |||||||||||
| Loss (gain) on foreign exchange | |||||||||||
Other operating activities | |||||||||||
Net change in operating assets and liabilities | ( | ( | |||||||||
Net cash provided by operating activities from continuing operations | |||||||||||
| Net cash used in operating activities from discontinued operations | ( | ( | |||||||||
Net cash provided by operating activities | |||||||||||
| Investing activities | |||||||||||
Additions to mineral properties, plant and equipment | ( | ( | |||||||||
Acquisitions, net | ( | ||||||||||
Purchases of marketable securities | ( | ( | |||||||||
Net proceeds from sale of marketable securities | |||||||||||
Proceeds from divestiture of Çöpler | |||||||||||
Other investing activities | |||||||||||
| Net cash provided by (used in) investing activities from continuing operations | ( | ||||||||||
| Net cash used in investing activities from discontinued operations | ( | ( | |||||||||
Net cash provided by (used in) investing activities | ( | ||||||||||
Financing activities | |||||||||||
Repayment of debt, principal | ( | ||||||||||
Proceeds from revolving credit facility | |||||||||||
Repurchase of common shares | ( | ||||||||||
Proceeds from exercise of stock options | |||||||||||
Principal payments on finance leases | ( | ||||||||||
Taxes paid related to net share settlement of equity awards | ( | ||||||||||
Payment of contingent consideration | ( | ||||||||||
| Net cash used in financing activities from continuing operations | ( | ||||||||||
Net cash provided by financing activities from discontinued operations | |||||||||||
Net cash provided by (used in) financing activities | ( | ||||||||||
| Effect of foreign exchange rate changes on cash and cash equivalents | ( | ( | |||||||||
Change in cash and cash equivalents from divestiture of Çöpler and deconsolidation of Artmin | |||||||||||
Net increase in cash and cash equivalents | |||||||||||
Cash and cash equivalents, beginning of period | |||||||||||
Cash and cash equivalents, end of period | $ | $ | |||||||||
The accompanying notes are an integral part of the Condensed Consolidated Financial Statements.
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SSR Mining Inc.
Condensed Consolidated Balance Sheets
(unaudited, in thousands)
| June 30, 2026 | December 31, 2025 | ||||||||||
| ASSETS | |||||||||||
Cash and cash equivalents | $ | $ | |||||||||
Marketable securities | |||||||||||
Trade and other receivables | |||||||||||
Inventories | |||||||||||
Prepaids and other current assets | |||||||||||
Assets held for sale | |||||||||||
Total current assets | |||||||||||
Mineral properties, plant and equipment, net | |||||||||||
Inventories | |||||||||||
Deferred income tax assets | |||||||||||
Other non-current assets | |||||||||||
Assets held for sale | |||||||||||
Total assets | $ | $ | |||||||||
| LIABILITIES | |||||||||||
Accounts payable | $ | $ | |||||||||
Accrued liabilities and other | |||||||||||
Reclamation and remediation liabilities | |||||||||||
Finance lease liabilities | |||||||||||
Current portion of debt | |||||||||||
Contingent consideration liabilities | |||||||||||
Liabilities held for sale | |||||||||||
Total current liabilities | |||||||||||
Reclamation and remediation liabilities | |||||||||||
Deferred income tax liabilities | |||||||||||
Contingent consideration liabilities | |||||||||||
Other non-current liabilities | |||||||||||
Liabilities held for sale | |||||||||||
Total liabilities | |||||||||||
| EQUITY | |||||||||||
Common shares – unlimited authorized common shares with no par value; | |||||||||||
Retained earnings | |||||||||||
SSR Mining’s shareholders’ equity | |||||||||||
| Non-controlling interest | |||||||||||
| Total equity | |||||||||||
Total liabilities and equity | $ | $ | |||||||||
The accompanying notes are an integral part of the Condensed Consolidated Financial Statements.
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SSR Mining Inc.
Condensed Consolidated Statements of Changes in Equity
(unaudited, in thousands)
Common shares | |||||||||||||||||||||||||||||||||||
Number of shares | Amount | Retained earnings | Total equity attributable to SSR Mining shareholders | Non-controlling interest | Total equity | ||||||||||||||||||||||||||||||
Balance as of December 31, 2025 | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||
| Exercise of stock options | — | — | |||||||||||||||||||||||||||||||||
| Settlement of restricted share units (RSUs) | ( | — | ( | — | ( | ||||||||||||||||||||||||||||||
| Equity-settled stock-based compensation | — | — | — | ||||||||||||||||||||||||||||||||
| Conversion of 2019 Notes | — | — | |||||||||||||||||||||||||||||||||
| Net income (loss) | — | — | ( | ( | ( | ( | |||||||||||||||||||||||||||||
Balance as of March 31, 2026 | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||
Repurchase of common shares | ( | ( | ( | ( | — | ( | |||||||||||||||||||||||||||||
| Settlement of RSUs | ( | — | ( | — | ( | ||||||||||||||||||||||||||||||
Equity-settled stock-based compensation | — | — | — | ||||||||||||||||||||||||||||||||
Divestiture of Çöpler | — | — | — | — | ( | ( | |||||||||||||||||||||||||||||
Deconsolidation of Artmin | — | — | — | — | ( | ( | |||||||||||||||||||||||||||||
Net income (loss) | — | — | ( | ||||||||||||||||||||||||||||||||
Balance as of June 30, 2026 | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||
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SSR Mining Inc.
Condensed Consolidated Statements of Changes in Equity
(unaudited, in thousands)
Common shares | |||||||||||||||||||||||||||||||||||||||||||||||
Number of shares | Amount | Retained earnings | Total equity attributable to SSR Mining shareholders | Non-controlling interest | Total equity | ||||||||||||||||||||||||||||||||||||||||||
Balance as of December 31, 2024 | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||||||||||
Settlement of restricted share units (RSUs) | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||
| Equity-settled stock-based compensation | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||
| Net income (loss) | — | — | ( | ||||||||||||||||||||||||||||||||||||||||||||
Balance as of March 31, 2025 | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||||||||||
| Settlement of RSUs | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||
Equity-settled stock-based compensation | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||
Net income (loss) | — | — | ( | ||||||||||||||||||||||||||||||||||||||||||||
Balance as of June 30, 2025 | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||||||||||
The accompanying notes are an integral part of the Condensed Consolidated Financial Statements.
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SSR Mining Inc.
Notes to Condensed Consolidated Financial Statements
(unaudited)
1.THE COMPANY
SSR Mining Inc. and its subsidiaries (collectively, “SSR Mining,” the “Company,” “we,” “us” or “our”) is a precious metals mining company with four operations located in the United States, Canada and Argentina. The Company is principally engaged in the operation, acquisition, exploration and development of precious metal resource properties located in the Americas. The Company produces gold doré as well as copper, silver, lead and zinc concentrates. The Company’s properties include the Marigold Mine (“Marigold”) in Nevada, USA, the Cripple Creek & Victor Gold Mine (“CC&V”) in Colorado, USA, the Seabee Gold Operation (“Seabee”) in Saskatchewan, Canada, and Puna Operations (“Puna”) in Jujuy, Argentina. The Company also has development projects that it seeks to advance, as market and project conditions permit.
On June 24, 2026, the Company completed the divestiture of its 80 % ownership interest in the Çöpler Gold Mine (“Çöpler”) and related properties in Türkiye. The accompanying Condensed Consolidated Financial Statements retrospectively present the disposal group as held for sale and the results of operations have been presented as discontinued operations. Refer to Note 3 and Note 4 for additional information.
On May 18, 2026, the Company entered into a definitive sale agreement to sell its 20 % ownership interest in Artmin Madencilik Sanayi Ve Ticaret A.Ş (“Artmin”), which owns the Hod Maden development project. Upon the execution of the agreement, the Company resigned as operator of the Hod Maden development project and determined that it is no longer the primary beneficiary as the Company no longer has the power to direct the significant activities of Artmin. As a result, Artmin was deconsolidated from the Company’s consolidated financial statements. The assets, liabilities, and non-controlling interest of Artmin are no longer consolidated in the Company’s Condensed Consolidated Balance Sheets as of June 30, 2026. Any remaining balances related to Artmin following the deconsolidation have been classified as held for sale and the related results of operations are presented as discontinued operations in the accompanying Condensed Consolidated Financial Statements. On July 17, 2026, the Company completed the sale of its ownership interest in Artmin. Refer to Note 3, Note 4, and Note 20 for additional information.
SSR Mining is incorporated under the laws of the Province of British Columbia, Canada. The Company’s common shares are listed on the Toronto Stock Exchange (“TSX”) in Canada and the Nasdaq Global Select Market (“Nasdaq”) in the U.S. under the symbol “SSRM”.
2.SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Risks and Uncertainties
As a mining company, the revenue, profitability and future rate of growth of the Company are substantially dependent on the prevailing prices for gold, silver, lead and zinc. The prices of these metals are volatile and affected by many factors beyond the Company’s control, and there can be no assurance that commodity prices will not be subject to wide fluctuations in the future. A substantial or extended decline in commodity prices could have a material adverse effect on the Company’s financial position, results of operations, cash flows, access to capital and the quantities of reserves that the Company can economically produce. The carrying value of the Company’s Mineral properties, plant and equipment; Inventories; and Deferred income tax assets are sensitive to the outlook for commodity prices. A decline in the Company’s price outlook could result in material impairment charges related to these assets. In addition, the Company maintains cash balances at banking institutions in various jurisdictions which may or may not have deposit insurance. The Company mitigates potential cash risk by maintaining bank accounts with credit-worthy financial institutions. Any loss incurred or a lack of access to such funds could have a significant adverse impact on the Company's financial condition, results of operations, and cash flows.
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SSR Mining Inc.
Notes to Condensed Consolidated Financial Statements
(unaudited)
The Company’s business may be impacted by adverse macroeconomic and geopolitical conditions. These conditions include inflation, interest rate and foreign currency fluctuations and slowdown of economic activity around the world. The Company maintains its cash and cash equivalents primarily in United States dollars (“USD”). Any fluctuation in the exchange rate of the Canadian Dollar (“CAD”), Argentine Peso (“ARS”), or the currency of any other country in which the Company operates, against the USD could result in a loss on the Company’s books to the extent the Company holds funds or net monetary or non-monetary assets denominated in those currencies, and any fluctuations of currency prices generally may result in volatility. Certain of the Company’s operations are located in countries that have in the past and are currently experiencing high rates of inflation. It is possible that in the future, high inflation in the countries in which we operate may result in an increase in operational costs in local currencies (without a concurrent devaluation of the local currency of operations against the dollar or an increase in the dollar price of gold, silver, copper, zinc or lead). Maintaining operating costs in currencies subject to significant inflation could expose us to risks relating to devaluation and high domestic inflation.
Held for Sale and Discontinued Operations
The Company classifies long-lived assets, or disposal groups comprised of assets and liabilities, as held for sale in the period in which the criteria are met in accordance with Accounting Standards Codification (“ASC”) 360, Property, Plant and Equipment (“ASC 360”). A component of an entity that is classified as held for sale is recorded at the lower of its carrying amount or estimated fair value less cost to sell. If the carrying amount of the component exceeds its estimated fair value less cost to sell, a loss is recognized. Any subsequent increase in fair value less costs to sell (not exceeding the accumulated loss that has been previously recognized) is recognized as a reversal of expense. Additional losses may result as the Company continues to evaluate the fair value of assets held for sale and monitors market conditions and other economic factors. Assets and liabilities related to a component classified as held for sale are segregated in the current balance sheets in the period in which the component is classified as held for sale. The Company ceases depreciation and amortization on long-lived assets (or disposal groups) classified as held for sale.
The Company reports the results of operations of a component as discontinued operations if a disposal represents a strategic shift that has (or will have) a major effect on the Company’s operations and financial results when the component is classified as held for sale, in accordance with ASC 360, and ASC 205-20, Presentation of Financial Statements - Discontinued Operations (“ASC 205”). The results of discontinued operations are reported in net income (loss) from discontinued operations, net of income taxes in the accompanying Condensed Consolidated Statements of Operations for current and prior periods, including any gain or loss recognized on closing or adjustment of the carrying amount to fair value less cost to sell.
Deconsolidation of a Subsidiary
A subsidiary is deconsolidated from the Company’s financial statements when the Company no longer has a controlling financial interest in its subsidiaries, including consolidated variable interest entities. This generally occurs when the Company loses control through a sale, transfer, or other means. Upon deconsolidation, the Company derecognizes the assets and liabilities of the subsidiary from the consolidated balance sheet at their carrying amounts at the date when control is lost. Any retained non-controlling equity investment in the former subsidiary is remeasured to its fair value at the date control is lost. This fair value becomes the initial carrying amount of the retained investment.
The Company records a gain or loss on deconsolidation based on the difference on the deconsolidation date between (i) the aggregate of (a) the fair value of any consideration received, (b) the fair value of any retained non-controlling investment in the former subsidiary and (c) the carrying amount of any non-controlling interest in the subsidiary being deconsolidated, less (ii) the carrying amount of the former subsidiary’s assets and liabilities.
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SSR Mining Inc.
Notes to Condensed Consolidated Financial Statements
(unaudited)
Equity Method Investment
Basis of Presentation
The Condensed Consolidated Financial Statements have been prepared in accordance with the instructions to Form 10-Q and do not include all information and disclosures required by generally accepted accounting principles (“GAAP”) in the United States. Therefore, this information should be read in conjunction with SSR Mining Inc.’s Consolidated Financial Statements in the Company’s Annual Report on Form 10-K for the year ended December 31, 2025 filed on February 17, 2026. The information furnished herein reflects all adjustments that are, in the opinion of management, necessary for a fair statement of the results for the interim periods reported. All such adjustments are, in the opinion of management, of a normal recurring nature. The results for the three and six months ended June 30, 2026, are not necessarily indicative of the results that may be expected for the year ending December 31, 2026.
Recently Issued Accounting Pronouncements
In November 2024, the FASB issued ASU 2024-03 “Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40).” ASU 2024-03 provides guidance requiring that public business entities to disclose additional information about specific expense categories in the notes to financial statements. The new standard is effective for annual reporting periods beginning after December 15, 2026 and interim reporting periods beginning after December 15, 2027 with early adoption permitted. The ASU 2024-03 should be applied either (1) prospectively to financial statements issued for reporting periods after the effective date, or (2) retrospectively to any or all prior periods presented in the financial statements. The Company is currently evaluating the impact of the standard on the Condensed Consolidated Financial Statements.
3.ACQUISITIONS AND DIVESTITURES
Acquisitions
Acquisition of Cripple Creek and Victor Gold Mine
On February 28, 2025, the Company completed the acquisition of all of the issued and outstanding common shares of CC&V from Newmont Corporation for total consideration of $247.7 million. The acquisition included contingent consideration of up to $175.0 million related to specified permitting and regulatory milestones. The contingent consideration consists of two milestone payments of $87.5 million each. During the first quarter of 2026, the Company paid the $87.5 million milestone to Newmont Corporation and was relieved of the contingent payment associated with the Carlton Tunnel.
Pro forma financial information
The following unaudited pro forma financial information represents a summary of the historical consolidated results of operations for the six months ended June 30, 2025, giving effect to the acquisition as if it had been completed on January 1, 2024. The pro forma financial information is provided for illustrative purposes only and is not intended to represent what the Company’s financial position or results of operations would have been had the acquisition occurred on the assumed date, nor does it purport to project the future operating results or the financial position of the Company following the acquisition.
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SSR Mining Inc.
Notes to Condensed Consolidated Financial Statements
(unaudited)
The unaudited pro forma financial information is presented below (in thousands):
| Six Months Ended June 30, 2025 | |||||
Revenue | $ | ||||
Net income attributable to SSR Mining shareholders from continuing operations (1) | $ | ||||
(1)For the six months ended June 30, 2025, net income (loss) includes $11.8 million of transaction and integration costs.
Divestitures
Divestiture of ownership in the Çöpler mine
On June 24, 2026, the Company completed the divestiture of its 80 % ownership interest in the Çöpler mine and related properties in Türkiye to Cengiz Holding A.Ş. (“Cengiz Holding”) and affiliates for approximately $1.5 billion in cash. The Company recognized a loss on the divestment of Çöpler of $337.4 million during the six months ended June 30, 2026 included within Net income (loss) from discontinued operations. The total loss includes a write-down of $338.2 million recognized during the three months ended March 31, 2026 to adjust the assets held for sale of the Çöpler reportable segment to the lower of the carrying value or fair value, less costs to sell. The Company provided transitional services support to Cengiz Holding for thirty days following the closing date.
The Company determined that in conjunction with entering into the share purchase agreement, dated March 24, 2026, the operations of the Çöpler mine met the criteria for discontinued operations reporting, as the sale represents a strategic shift that will have a major effect on our operations and financial results. Accordingly, the Condensed Consolidated Financial Statements retrospectively present the disposal group as held for sale and the results of operations and cash flows of the disposal group have been presented as discontinued operations in the Condensed Consolidated Financial Statements. Refer to Note 4 for additional information.
Divestiture of ownership in the Hod Maden project
On May 18, 2026, the Company entered into a definitive agreement with Lidya Madencilik Sanayi ve Ticaret A.Ş (“Lidya Mines”) to sell its 20 % ownership interest in Artmin, which owns the Hod Maden development project (the “Project”), for an uncapped 4.0 % net smelter return royalty on 100 % of the Project. Upon execution of the agreement, the Company resigned as operator and Lidya Mines assumed the role of operator of the Project. The Company determined that it is no longer the primary beneficiary of Artmin, as it no longer has the power to direct the significant activities of Artmin. As a result, Artmin was deconsolidated from the Company’s Condensed Consolidated Financial Statements effective as of May 18, 2026. The assets, liabilities, and non-controlling interest of Artmin are no longer consolidated in the Company’s Condensed Consolidated Balance Sheets as of June 30, 2026. Upon deconsolidation, the Company recognized a loss of $17.5 million, classified as Loss on deconsolidation and included within Net income (loss) from discontinued operations. Following the deconsolidation, the Company accounted for the equity ownership in Artmin under the equity method of accounting and initially recognized the investment in Artmin at a fair value of $105.5 million, included within Assets held for sale on the Condensed Consolidated Balance Sheets. The fair value of the equity method investment in Artmin was determined using a discounted cash flow model. The significant assumptions include future metal prices, estimated quantities of mineral reserves and mineral resources, future capital and operating expenditures, and discount rates.
Following the deconsolidation of Artmin and until the completion of the sale, the Company will continue its involvement with Artmin primarily through our remaining equity interest and a related party shareholder loan receivable. The shareholder loan represents amounts advanced by the Company to fund the development of the Project. As of June 30, 2026, the shareholder loan had a carrying value of $158.7 million, which was initially recognized at fair value upon deconsolidation on May 18, 2026, and is included within Assets held for sale. The shareholder loan will be settled at the closing date.
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SSR Mining Inc.
Notes to Condensed Consolidated Financial Statements
(unaudited)
The Company determined that the Company’s equity method investment in Artmin met the criteria for classification as held for sale and for discontinued operations reporting, as the sale will represent a strategic shift that will have a major effect on our operations and financial results. Accordingly, the equity method investment and shareholder loan have been presented as held for sale in the Condensed Consolidated Financial Statements. Refer to Note 4 for additional information.
4.HELD FOR SALE AND DISCONTINUED OPERATIONS
The following table presents the results of operations for discontinued operations, as reported in the Company’s Condensed Consolidated Statements of Operations for the periods presented (in thousands):
| Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
| 2026 | 2025 | 2026 | 2025 | ||||||||||||||||||||
| Operating costs and expenses: | |||||||||||||||||||||||
Depreciation, depletion, and amortization | $ | $ | $ | $ | |||||||||||||||||||
Exploration and evaluation | |||||||||||||||||||||||
Reclamation and remediation costs | |||||||||||||||||||||||
Loss on divestiture of Çöpler (1) | ( | ||||||||||||||||||||||
| Loss on deconsolidation of Artmin | |||||||||||||||||||||||
Care and maintenance (2) | |||||||||||||||||||||||
Other operating expense (income), net | ( | ( | |||||||||||||||||||||
Operating income (loss) | ( | ( | ( | ( | |||||||||||||||||||
| Other income (expense): | |||||||||||||||||||||||
Interest expense | ( | ( | ( | ( | |||||||||||||||||||
Other income (expense) | ( | ( | |||||||||||||||||||||
| Foreign exchange gain (loss) | ( | ( | ( | ||||||||||||||||||||
Total other income (expense) | ( | ( | ( | ( | |||||||||||||||||||
| Income (loss) before income and mining taxes | ( | ( | ( | ( | |||||||||||||||||||
| Income and mining tax benefit (expense) | |||||||||||||||||||||||
Equity income (loss) of affiliates | ( | ( | ( | ( | |||||||||||||||||||
Net income (loss) from discontinued operations | ( | ( | ( | ( | |||||||||||||||||||
Net loss (income) from discontinued operations attributable to non-controlling interest | |||||||||||||||||||||||
Net income (loss) from discontinued operations attributable to SSR Mining shareholders | $ | ( | $ | ( | $ | ( | $ | ( | |||||||||||||||
(1)A total net loss of $337.4 million was recognized on the Çöpler divestiture since designation as held for sale in the first quarter of 2026, including a $338.2 million write-down of Çöpler to fair value less costs to sell in the first quarter of 2026 and a $0.8 million loss reversal in the second quarter of 2026.
(2)For the three months ended June 30, 2026 and 2025, care and maintenance expense represents $23.2 million and $21.8 million, respectively, of direct costs, excluding costs associated with environmental reclamation and remediation, and nil and $14.9 million, respectively, of depreciation incurred during the suspension of operations at Çöpler.
For the six months ended June 30, 2026 and 2025, care and maintenance expense represents $44.9 million and $42.4 million, respectively, of direct costs, excluding costs associated with environmental reclamation and remediation, and $14.9 million and $30.1 million, respectively, of depreciation incurred during the suspension of operations at Çöpler.
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SSR Mining Inc.
Notes to Condensed Consolidated Financial Statements
(unaudited)
The following table presents the major classes of assets and liabilities classified as held for sale, as reported in the Company’s Condensed Consolidated Balance Sheets as of June 30, 2026 and December 31, 2025 (in thousands):
| June 30, 2026 | December 31, 2025 (1) | ||||||||||
Assets held for sale: | |||||||||||
Cash and cash equivalents | $ | $ | |||||||||
Trade and other receivables | |||||||||||
Equity method investments | |||||||||||
Inventories | |||||||||||
Prepaids and other current assets | |||||||||||
Prepaids, related party | |||||||||||
Total current assets held for sale | |||||||||||
Other receivables, related party | |||||||||||
Mineral properties, plant and equipment, net | |||||||||||
Inventories | |||||||||||
Equity method investments | |||||||||||
Other non-current assets | |||||||||||
Total assets held for sale | $ | $ | |||||||||
Liabilities held for sale: | |||||||||||
Accounts payable | $ | $ | |||||||||
Accrued liabilities and other | |||||||||||
Reclamation and remediation liabilities | |||||||||||
Finance lease liabilities | |||||||||||
Current portion of debt, related party | |||||||||||
Total current liabilities held for sale | |||||||||||
Debt, related party | |||||||||||
Finance lease liabilities | |||||||||||
Reclamation and remediation liabilities | |||||||||||
Deferred income tax liabilities | |||||||||||
Contingent consideration liabilities | |||||||||||
Other non-current liabilities | |||||||||||
Total liabilities held for sale | $ | $ | |||||||||
Non-controlling interest | $ | $ | |||||||||
(1)The consolidated assets as of December 31, 2025 include $3,467.5 million of assets of variable interest entities (“VIEs”) that can only be used to settle the obligations of the VIEs. As of December 31, 2025, the assets include Cash and cash equivalents of $15.4 million; Trade and other receivables of $3.0 million; Inventories, current of $27.5 million; Prepaids and other current assets of $12.4 million; Prepaids, related party of $23.5 million; Mineral properties, plant and equipment, net of $3,105.9 million; Inventories, non-current of $274.9 million; and Other non-current assets of $4.9 million. The consolidated liabilities as of December 31, 2025 include $570.3 million of liabilities of VIEs whose creditors have no recourse to the Company. As of December 31, 2025, the liabilities include Accounts payable of $15.3 million; Accrued liabilities and other of $13.8 million; Reclamation and remediation liabilities, current of $25.4 million; Finance lease liabilities, current of $5.0 million; Current portion of debt, related party of $11.0 million; Debt, related party, non-current of $51.4 million; Finance lease liabilities, non-current of $76.3 million; Reclamation and remediation liabilities, non-current of $207.1 million; Deferred income tax liabilities of $162.4 million; and Other non-current liabilities of $2.6 million.
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SSR Mining Inc.
Notes to Condensed Consolidated Financial Statements
(unaudited)
5.OPERATING SEGMENTS
The Company identifies its segments according to how the chief operating decision maker (“CODM”) evaluates financial performance and allocates resources. The Company’s CODM is the chief executive officer. The CODM assesses the segments’ performance by using each segment’s operating income and primarily relies on operating income for each segment during the annual budgeting and forecasting process. On a quarterly basis, the CODM reviews budget-to-actual variances for profit metrics to inform decisions on the allocation of operating and capital resources across segments.
As described in Note 3, the Çöpler mine and related properties and the Hod Maden project met the criteria for classification as held for sale and discontinued operations, and are excluded from the tables below. Following the removal of Çöpler, the Company determined that it has four
The following tables provide a summary of financial information related to the Company’s segments (in thousands):
| Three Months Ended June 30, 2026 | |||||||||||||||||||||||||||||||||||||||||
Marigold | CC&V | Seabee | Puna | Segment Total | Corporate and other (1) | Total from Continuing Operations | |||||||||||||||||||||||||||||||||||
| Revenue | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||
Cost of sales (2) | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||
| Depreciation, depletion, and amortization | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||
| General and administrative expense | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||
| Exploration and evaluation | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||
Reclamation and remediation costs | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||
Other operating expense (income), net | $ | $ | ( | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||
| Operating income (loss) | $ | $ | $ | $ | $ | $ | ( | $ | |||||||||||||||||||||||||||||||||
Interest expense | $ | $ | ( | $ | $ | ( | $ | ( | $ | ( | $ | ( | |||||||||||||||||||||||||||||
Interest income | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||
Other income (expense) | $ | ( | $ | $ | $ | $ | $ | ( | $ | ||||||||||||||||||||||||||||||||
| Foreign exchange gain (loss) | $ | $ | $ | ( | $ | ( | $ | ( | $ | ( | $ | ( | |||||||||||||||||||||||||||||
Income (loss) before income and mining taxes | $ | $ | $ | $ | $ | $ | ( | $ | |||||||||||||||||||||||||||||||||
| Capital expenditures | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||
Total assets as of June 30, 2026 | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||
(1)Corporate and other consists of business activities that are not included within the reportable segments and is provided for reconciliation purposes. The exploration, evaluation and development properties and the portfolio of prospective exploration tenures, near or adjacent to the existing operations, are included in the respective reportable segment. The greenfield standalone prospects and development projects are included in Corporate and other.
(2)Excludes depreciation, depletion, and amortization.
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SSR Mining Inc.
Notes to Condensed Consolidated Financial Statements
(unaudited)
| Three Months Ended June 30, 2025 | |||||||||||||||||||||||||||||||||||||||||
Marigold | CC&V | Seabee (1) | Puna | Segment Total | Corporate and other (2) | Total from Continuing Operations | |||||||||||||||||||||||||||||||||||
| Revenue | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||
Cost of sales (3) | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||
| Depreciation, depletion, and amortization | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||
General and administrative expense | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||
Exploration and evaluation | $ | $ | ( | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||
Reclamation and remediation costs | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||
Care and maintenance (4) | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||
Other operating expense (income), net | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||
| Operating income (loss) | $ | $ | $ | $ | $ | $ | ( | $ | |||||||||||||||||||||||||||||||||
| Interest expense | $ | $ | $ | $ | ( | $ | ( | $ | ( | $ | ( | ||||||||||||||||||||||||||||||
| Interest income | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||
| Other income (expense) | $ | ( | $ | $ | ( | $ | $ | $ | ( | $ | |||||||||||||||||||||||||||||||
| Foreign exchange gain (loss) | $ | $ | $ | $ | ( | $ | ( | $ | ( | $ | ( | ||||||||||||||||||||||||||||||
Income (loss) before income and mining taxes | $ | $ | $ | $ | $ | $ | ( | $ | |||||||||||||||||||||||||||||||||
| Capital expenditures | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||
Total assets as of June 30, 2025 | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||
(1)During the second quarter of 2025, the Company suspended operations at Seabee for approximately two weeks due to power interruptions caused by forest fires to the north of the mine. Seabee resumed operations on June 13, 2025.
(2)Corporate and other consists of business activities that are not included within the reportable segments and is provided for reconciliation purposes. The exploration, evaluation and development properties and the portfolio of prospective exploration tenures, near or adjacent to the existing operations, are included in the respective reportable segment. The greenfield standalone prospects and development projects are included in Corporate and other.
(3)Excludes depreciation, depletion, and amortization.
(4)Care and maintenance expense represents the direct costs of $0.2 million and depreciation of $0.8 million during the temporary suspension of operations at Seabee during the three months ended June 30, 2025.
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SSR Mining Inc.
Notes to Condensed Consolidated Financial Statements
(unaudited)
| Six Months Ended June 30, 2026 | |||||||||||||||||||||||||||||||||||||||||
Marigold | CC&V | Seabee | Puna | Segment Total | Corporate and other (1) | Total from Continuing Operations | |||||||||||||||||||||||||||||||||||
| Revenue | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||
Cost of sales (2) | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||
| Depreciation, depletion, and amortization | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||
| General and administrative expense | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||
| Exploration and evaluation | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||
Reclamation and remediation costs | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||
| Other operating expense (income), net | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||
| Operating income (loss) | $ | $ | $ | $ | $ | $ | ( | $ | |||||||||||||||||||||||||||||||||
| Interest expense | $ | $ | ( | $ | ( | $ | ( | $ | ( | $ | ( | $ | ( | ||||||||||||||||||||||||||||
| Interest income | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||
| Other income (expense) | $ | ( | $ | $ | ( | $ | $ | $ | ( | $ | |||||||||||||||||||||||||||||||
| Foreign exchange gain (loss) | $ | $ | $ | ( | $ | ( | $ | ( | $ | ( | $ | ( | |||||||||||||||||||||||||||||
| Income (loss) before income and mining taxes | $ | $ | $ | $ | $ | $ | ( | $ | |||||||||||||||||||||||||||||||||
| Capital expenditures | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||
Total assets as of June 30, 2026 | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||
(1)Corporate and other consists of business activities that are not included within the reportable segments and is provided for reconciliation purposes. The exploration, evaluation and development properties and the portfolio of prospective exploration tenures, near or adjacent to the existing operations, are included in the respective reportable segment. The greenfield standalone prospects and development projects are included in Corporate and other.
(2)Excludes depreciation, depletion, and amortization.
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SSR Mining Inc.
Notes to Condensed Consolidated Financial Statements
(unaudited)
| Six Months Ended June 30, 2025 | |||||||||||||||||||||||||||||||||||||||||
Marigold | CC&V (1) | Seabee (2) | Puna | Segment Total | Corporate and other (3) | Total from Continuing Operations | |||||||||||||||||||||||||||||||||||
| Revenue | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||
Cost of sales (4) | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||
| Depreciation, depletion, and amortization | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||
| General and administrative expense | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||
| Exploration and evaluation | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||
| Reclamation and remediation costs | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||
Care and maintenance (5) | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||
| Other operating expense (income), net | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||
| Operating income (loss) | $ | $ | $ | $ | $ | $ | ( | $ | |||||||||||||||||||||||||||||||||
| Interest expense | $ | $ | $ | $ | ( | $ | ( | $ | ( | $ | ( | ||||||||||||||||||||||||||||||
| Interest income | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||
| Other income (expense) | $ | ( | $ | $ | ( | $ | $ | $ | ( | $ | |||||||||||||||||||||||||||||||
| Foreign exchange gain (loss) | $ | $ | $ | $ | ( | $ | ( | $ | ( | $ | ( | ||||||||||||||||||||||||||||||
| Income (loss) before income and mining taxes | $ | $ | $ | $ | $ | $ | ( | $ | |||||||||||||||||||||||||||||||||
| Capital expenditures | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||
Total assets as of June 30, 2025 | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||
(1)The reported statements of operations amounts reflect results for CC&V from the date of acquisition on February 28, 2025 through June 30, 2026.
(2)During the second quarter of 2025, the Company suspended operations at Seabee for approximately two weeks due to power interruptions caused by forest fires to the north of the mine. Seabee resumed operations on June 13, 2025.
(3)Corporate and other consists of business activities that are not included within the reportable segments and is provided for reconciliation purposes. The exploration, evaluation and development properties and the portfolio of prospective exploration tenures, near or adjacent to the existing operations, are included in the respective reportable segment. The greenfield standalone prospects and development projects are included in Corporate and other.
(4)Excludes depreciation, depletion, and amortization.
(5)Care and maintenance expense represents the direct costs of $0.2 million and depreciation of $0.8 million during the temporary suspension of operations at Seabee during the six months ended June 30, 2025.
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SSR Mining Inc.
Notes to Condensed Consolidated Financial Statements
(unaudited)
6.REVENUE
The following table represents revenues by product (in thousands):
| Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
| 2026 | 2025 | 2026 | 2025 | ||||||||||||||||||||
| Gold sales | |||||||||||||||||||||||
| Marigold | $ | $ | $ | $ | |||||||||||||||||||
CC&V | |||||||||||||||||||||||
Seabee | |||||||||||||||||||||||
| Concentrate sales | |||||||||||||||||||||||
| Puna | |||||||||||||||||||||||
Other (1) | |||||||||||||||||||||||
| Marigold | |||||||||||||||||||||||
CC&V | |||||||||||||||||||||||
Seabee | |||||||||||||||||||||||
Puna | |||||||||||||||||||||||
| Total | $ | $ | $ | $ | |||||||||||||||||||
(1)Other revenue includes: changes in the fair value of concentrate trade receivables due to changes in silver and base metal prices; and silver and copper by-product revenue arising from the production and sale of gold doré.
Revenue by metal
Revenue by metal type are as follows (in thousands):
| Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
| 2026 | 2025 | 2026 | 2025 | ||||||||||||||||||||
| Gold | $ | $ | $ | $ | |||||||||||||||||||
| Silver | |||||||||||||||||||||||
| Lead | |||||||||||||||||||||||
| Zinc | |||||||||||||||||||||||
Other (1) | |||||||||||||||||||||||
| Total | $ | $ | $ | $ | |||||||||||||||||||
(1)Other revenue includes: changes in the fair value of concentrate trade receivables due to changes in silver and base metal prices; and silver and copper by-product revenue arising from the production and sale of gold doré.
Provisional metal sales
As of June 30, 2026, the Company had silver sales of 4.0 million ounces at an average price of $74.79 per ounce, lead sales of 18.2 million pounds at an average price of $0.88 per pound, and zinc sales of 2.6 million pounds at an average price of $1.50 per pound, subject to normal course final pricing over the next several months.
For the three months ended June 30, 2026 and 2025, the change in the fair value of the Company’s embedded derivatives relating to provisional concentrate metal sales was an increase of $2.6 million and $2.0 million, respectively. For the six months ended June 30, 2026 and 2025, the change in the fair value of the Company’s embedded derivatives relating to provisional concentrate metal sales was an increase of $11.5 million and $3.6 million, respectively. The changes in fair value have been recorded in Revenue.
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SSR Mining Inc.
Notes to Condensed Consolidated Financial Statements
(unaudited)
7.OTHER OPERATING EXPENSE (INCOME), NET
The following table includes the components of Other operating expense (income), net:
| Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
| 2026 | 2025 | 2026 | 2025 | ||||||||||||||||||||
| CC&V transaction and integration costs | $ | $ | $ | $ | |||||||||||||||||||
Loss (gain) on sale and disposal of assets, net | |||||||||||||||||||||||
Change in fair value of contingent consideration | |||||||||||||||||||||||
Other taxes | |||||||||||||||||||||||
Other | ( | ||||||||||||||||||||||
| Total | $ | $ | $ | $ | |||||||||||||||||||
8.OTHER INCOME (EXPENSE)
The following table includes the components of Other income (expense):
| Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
| 2026 | 2025 | 2026 | 2025 | ||||||||||||||||||||
| Interest income | $ | $ | $ | $ | |||||||||||||||||||
Gain (loss) on investments and on marketable securities sales | |||||||||||||||||||||||
| Change in fair value of marketable securities | |||||||||||||||||||||||
| Other | ( | ( | |||||||||||||||||||||
| Total | $ | $ | $ | $ | |||||||||||||||||||
9.INCOME AND MINING TAXES
The Company’s consolidated effective income tax rate from continuing operations for the six months ended June 30, 2026 was 22.2 % compared to 19.2 % for the six months ended June 30, 2025. The Company, a Canadian domiciled entity, is subject to a statutory tax rate of 27.0 %, inclusive of federal and provincial taxes. The effective income tax rate for the six months ended June 30, 2026 differs from the statutory rate primarily due to the tax benefits for excess percentage depletion and foreign derived deduction eligible income, partially offset by withholding taxes on current-year distributions. The effective rate for the six months ended June 30, 2025 differs from the statutory rate primarily due to the tax benefits for excess percentage depletion and foreign derived deduction eligible income, partially offset by additions to the valuation allowance for net operating losses generated by certain entities.
10.INCOME (LOSS) PER SHARE
The Company calculates basic net income (loss) per share using, as the denominator, the weighted average number of common shares outstanding during the period. Diluted net income (loss) per share uses, as its denominator, the weighted-average number of common shares outstanding during the period plus the effect of dilutive potential common shares during the period.
Dilutive potential common shares include stock options, Restricted Share Units (“RSUs”), and convertible notes.
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SSR Mining Inc.
Notes to Condensed Consolidated Financial Statements
(unaudited)
The calculations of basic and diluted net income (loss) per share attributable to SSR Mining shareholders are as follows (in thousands):
| Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
| 2026 | 2025 | 2026 | 2025 | ||||||||||||||||||||
Net income (loss) attributable to SSR Mining shareholders from continuing operations | $ | $ | $ | $ | |||||||||||||||||||
Interest saving on 2019 Notes, net of tax | |||||||||||||||||||||||
Net income (loss) from continuing operations used in the calculation of diluted net income per share | $ | $ | $ | $ | |||||||||||||||||||
Net income (loss) from discontinued operations | $ | ( | $ | ( | $ | ( | $ | ( | |||||||||||||||
Net loss (income) attributable to non-controlling interest from discontinued operations | |||||||||||||||||||||||
Net income (loss) from discontinued operations used in the calculation of diluted net income per share | $ | ( | $ | ( | $ | ( | $ | ( | |||||||||||||||
| Weighted-average number of common shares issued | |||||||||||||||||||||||
Adjustments for dilutive instruments: | |||||||||||||||||||||||
Restricted share units | |||||||||||||||||||||||
2019 Notes | |||||||||||||||||||||||
Diluted weighted-average number of shares outstanding | |||||||||||||||||||||||
| Net income (loss) per share attributable to SSR Mining shareholders | |||||||||||||||||||||||
Basic | |||||||||||||||||||||||
| Continuing operations | $ | $ | $ | $ | |||||||||||||||||||
| Discontinued operations | ( | ( | ( | ( | |||||||||||||||||||
| $ | $ | $ | ( | $ | |||||||||||||||||||
Diluted | |||||||||||||||||||||||
| Continuing operations | $ | $ | $ | $ | |||||||||||||||||||
| Discontinued operations | ( | ( | ( | ( | |||||||||||||||||||
| $ | $ | $ | ( | $ | |||||||||||||||||||
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SSR Mining Inc.
Notes to Condensed Consolidated Financial Statements
(unaudited)
11.FAIR VALUE MEASUREMENTS AND FINANCIAL INSTRUMENTS
As required by accounting guidance, assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. Refer to Note 12 to the audited Consolidated Financial Statements in the Company’s 2025 Annual Report on Form 10-K for additional information on the Company's assets and liabilities measured at fair value. The following tables set forth the Company’s assets and liabilities measured at fair value on a recurring (at least annually) and nonrecurring basis by level within the fair value hierarchy (in thousands):
Fair value at June 30, 2026 | |||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||||
| Assets: | |||||||||||||||||||||||
| Cash | $ | $ | $ | $ | |||||||||||||||||||
Marketable securities (1) | |||||||||||||||||||||||
Trade receivables from provisional sales, net (2) | |||||||||||||||||||||||
Derivative assets (3) | |||||||||||||||||||||||
| Deferred consideration | |||||||||||||||||||||||
| $ | $ | $ | $ | ||||||||||||||||||||
| Liabilities: | |||||||||||||||||||||||
Contingent consideration liabilities | $ | $ | $ | $ | |||||||||||||||||||
| $ | $ | $ | $ | ||||||||||||||||||||
(1)Marketable securities of publicly quoted companies, consisting of investments, are valued using a market approach based upon unadjusted quoted prices in an active market obtained from securities exchanges.
(2)The Company’s provisional metal sales contracts, included in Trade and other receivables in the Condensed Consolidated Balance Sheets, are valued using inputs derived from observable market data, including quoted commodity forward prices. The inputs do not involve significant management judgment. Such instruments are classified within Level 2 of the fair value hierarchy. The changes in fair value of provisional metal sales have been recorded in Revenue in the Condensed Consolidated Statements of Operations.
(3)At times, the Company manages a portion of its exposure to fluctuation in diesel prices and foreign currency exchange rates through derivative financial instruments. In periods when the Company has open derivative positions, the derivative assets and liabilities are valued using pricing models with inputs derived from observable market data, including quoted prices in active markets. The Company’s diesel collar instruments, included in Prepaids and other current assets in the Condensed Consolidated Balance Sheets, are valued using inputs derived from observable market data, including quoted commodity forward prices. The inputs do not involve significant management judgment. Such instruments are classified within Level 2 of the fair value hierarchy. As of June 30, 2026, the Company has outstanding diesel collar contracts with an aggregate notional volume of approximately 7.4 million gallons, which are expected to settle through December 2026. The gain of $11.9 million resulting from diesel collar contracts has been recorded in Cost of sales in the Condensed Consolidated Statements of Operations.
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SSR Mining Inc.
Notes to Condensed Consolidated Financial Statements
(unaudited)
Fair value at December 31, 2025 | |||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||||
| Assets: | |||||||||||||||||||||||
| Cash | $ | $ | $ | $ | |||||||||||||||||||
Marketable securities (1) | |||||||||||||||||||||||
Trade receivables from provisional sales, net (2) | |||||||||||||||||||||||
| Deferred consideration | |||||||||||||||||||||||
| $ | $ | $ | $ | ||||||||||||||||||||
| Liabilities: | |||||||||||||||||||||||
Contingent consideration liabilities | $ | $ | $ | $ | |||||||||||||||||||
Other | |||||||||||||||||||||||
| $ | $ | $ | $ | ||||||||||||||||||||
(1)Marketable securities of publicly quoted companies, consisting of investments, are valued using a market approach based upon unadjusted quoted prices in an active market obtained from securities exchanges.
(2)The Company’s provisional metal sales contracts, included in Trade and other receivables in the Condensed Consolidated Balance Sheets, are valued using inputs derived from observable market data, including quoted commodity forward prices. The inputs do not involve significant management judgment. Such instruments are classified within Level 2 of the fair value hierarchy.
Deferred and contingent consideration are included in Level 3 as certain assumptions used in the calculation of the fair value are not based on observable market data. The following table reconciles the beginning and ending balances for financial instruments that are recognized at fair value using significant unobservable inputs (Level 3) in the Condensed Consolidated Financial Statements (in thousands):
| Six Months Ended June 30, | |||||||||||
| 2026 | 2025 | ||||||||||
| Deferred consideration assets: | |||||||||||
| Balance as of January 1 | $ | $ | |||||||||
| Revaluations | |||||||||||
Collections | ( | ( | |||||||||
Balance as of June 30 | $ | $ | |||||||||
| Six Months Ended June 30, | |||||||||||
| 2026 | 2025 | ||||||||||
Contingent consideration liabilities: | |||||||||||
| Balance as of January 1 | $ | $ | |||||||||
| Revaluations | |||||||||||
Additions | |||||||||||
Payments (1) | ( | ||||||||||
Balance as of June 30 | $ | $ | |||||||||
(1)During the first quarter of 2026, the Company completed the payment of $87.5 million to Newmont and was relieved of the contingent payment associated with the Carlton Tunnel. Refer to Note 3 for additional information.
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SSR Mining Inc.
Notes to Condensed Consolidated Financial Statements
(unaudited)
Fair values of financial assets and liabilities not already measured at fair value
The fair value of the 2019 Notes as compared to the carrying amounts were as follows (in thousands):
| June 30, 2026 | December 31, 2025 | ||||||||||||||||||||||||||||
| Level | Carrying amount | Fair value | Carrying amount | Fair value | |||||||||||||||||||||||||
2019 Notes (1) | 1 | $ | $ | $ | $ | ||||||||||||||||||||||||
(1)The fair value disclosed for the Company’s 2019 Notes is included in Level 1 as the basis of valuation uses a quoted price in an active market. During the first quarter of 2026, holders of the 2019 Notes exercised their conversion rights and elected to convert their holdings to common shares. Refer to Note 16 for additional information.
12.TRADE AND OTHER RECEIVABLES
The components of Trade and other receivables are as follows (in thousands):
| June 30, 2026 | December 31, 2025 | ||||||||||
| Trade receivables | $ | $ | |||||||||
| Value added tax receivables | |||||||||||
| Income tax receivable | |||||||||||
| Other taxes receivable | |||||||||||
| Other | |||||||||||
| Total | $ | $ | |||||||||
13.INVENTORIES
The components of Inventories are as follows (in thousands):
| June 30, 2026 | December 31, 2025 | ||||||||||
| Materials and supplies | $ | $ | |||||||||
| Stockpiled ore | |||||||||||
| Leach pad inventory | |||||||||||
| Work-in-process | |||||||||||
| Finished goods | |||||||||||
Total current inventories | |||||||||||
Leach pad inventory | |||||||||||
Total non-current inventories | $ | $ | |||||||||
For the three and six months ended June 30, 2026, the Company recognized write-downs of materials and supplies inventories of $2.1 No
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SSR Mining Inc.
Notes to Condensed Consolidated Financial Statements
(unaudited)
14.MINERAL PROPERTIES, PLANT AND EQUIPMENT, NET
The components of Mineral properties, plant and equipment, net are as follows (in thousands):
| June 30, 2026 | December 31, 2025 | ||||||||||
Plant and equipment (1) | $ | $ | |||||||||
Construction in process | |||||||||||
Mineral properties subject to depletion | |||||||||||
Mineral properties not yet subject to depletion | |||||||||||
Exploration and evaluation assets | |||||||||||
| Total mineral properties, plant, and equipment | |||||||||||
Accumulated depreciation, plant and equipment | ( | ( | |||||||||
| Accumulated depletion, mineral properties | ( | ( | |||||||||
| Mineral properties, plant, and equipment, net | $ | $ | |||||||||
(1)As of June 30, 2026 and December 31, 2025, plant and equipment includes finance lease right-of-use assets with a carrying amount of $0.2 million and $0.5 million, respectively.
15.ACCRUED LIABILITIES AND OTHER
The components of Accrued liabilities and other are as follows (in thousands):
| June 30, 2026 | December 31, 2025 | ||||||||||
| Accrued liabilities | $ | $ | |||||||||
| Royalties payable | |||||||||||
| Stock-based compensation liabilities | |||||||||||
| Income taxes payable | |||||||||||
| Lease liabilities | |||||||||||
| Other | |||||||||||
| Total accrued liabilities and other | $ | $ | |||||||||
16.DEBT
The following tables summarize the Company’s debt balances (in thousands):
| June 30, 2026 | December 31, 2025 | ||||||||||
2019 Notes (1) | $ | $ | |||||||||
Current Portion | $ | $ | |||||||||
(1)As of June 30, 2026 and December 31, 2025, amount is net of discount and debt issuance costs of nil and $0.4 million, respectively.
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SSR Mining Inc.
Notes to Condensed Consolidated Financial Statements
(unaudited)
Convertible debt
2019 Notes
During the first quarter of 2026, following the issuance by the Company of a notice of redemption on February 18, 2026 to the holders of the 2019 Notes, the majority of all such holders exercised their conversion rights and elected to convert their holdings to common shares. The conversion occurred pursuant to the terms of the 2019 Notes agreement whereby the holders had the option to convert the 2019 Notes to common shares at any time prior to maturity on April 1, 2039. An aggregate principal amount of $229.8 million was converted to 13.1 million shares during the first quarter of 2026. Upon the conversion, the Company paid cash in lieu of fractional shares and interest of $2.6 million. On March 20, 2026, the Company redeemed the remaining unconverted principal amount of the 2019 Notes for $0.2 million in cash. The Company redemption was pursuant to the terms of the 2019 Notes agreement, which permitted the redemption of the 2019 Notes when the Company’s share price exceeded 130.0 % of the conversion price for 20 or more days in a period of 30 consecutive trading days. The Company has been discharged of all debt obligations associated with the 2019 Notes.
Credit Agreement
On August 15, 2023, the Company entered into an amendment for its revolving credit facility to the Amended Credit Agreement (the “Second Amended Credit Agreement”) with the Bank of Nova Scotia, as administrative agent, and along with Canadian Imperial Bank of Commerce, as co-lead arrangers and joint bookrunners, the lenders party thereto and certain subsidiary guarantors named therein. The amendment, among other things, (i) extends the maturity to August 15, 2027, (ii) increases the credit agreement to $400.0 million with an additional accordion feature of $100.0 million, and (iii) modifies the reference rate from London Interbank Offered Rate (“LIBOR”) to an adjusted Secured Overnight Financing Rate (“SOFR”) plus applicable margin varying based on the Company’s consolidated leverage ratio and amounts drawn on the credit facility ranging from 2.00 % to 2.75 %. The adjusted SOFR includes a credit spread adjustment of 0.10 % for all interest periods. During the three and six months ended June 30, 2026, the Company recognized interest expense of $0.5 No
17.EQUITY
Repurchase of common shares
On March 27, 2026, the Company received approval of its Normal Course Issuer Bid (“2026 NCIB”) to purchase for cancellation up to 21.5 million common shares through the facilities of the TSX, Nasdaq or other Canadian and U.S. marketplaces over a twelve-month period beginning March 31, 2026 and ending March 30, 2027. On June 15, 2026, the Board of Directors of the Company approved an additional $500.0 million for share repurchases under the 2026 NCIB. Under the 2026 NCIB, the Company is not obligated to acquire any common shares and may suspend or discontinue purchases at any time.
During the three months ended June 30, 2026, the Company purchased 10,424,713 of its outstanding common shares at an average share price of $32.40 per share for total consideration of $337.8 million. All shares were cancelled upon purchase. Of the total consideration paid, $152.9 million was recorded as a reduction to common shares, representing the average paid-in capital per common share outstanding prior to the repurchase date. The remaining $184.8 million was recorded as a decrease to retained earnings.
Conversion of 2019 Notes to common shares
During the first quarter of 2026, holders of the 2019 Notes exercised their conversion rights and elected to convert their holdings to common shares. Refer to Note 16 for additional information.
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SSR Mining Inc.
Notes to Condensed Consolidated Financial Statements
(unaudited)
18.SUPPLEMENTAL CASH FLOW INFORMATION
Net change in operating assets and liabilities were as follows (in thousands):
| Six Months Ended June 30, | |||||||||||
| 2026 | 2025 | ||||||||||
| Decrease (increase) in operating assets: | |||||||||||
| Trade and other receivables | $ | $ | |||||||||
| Inventories | ( | ( | |||||||||
| Other operating assets | |||||||||||
| Increase (decrease) in operating liabilities: | |||||||||||
| Accounts payable | ( | ||||||||||
Accrued liabilities and other | ( | ||||||||||
| Other operating liabilities | ( | ||||||||||
| $ | ( | $ | ( | ||||||||
Other cash information was as follows (in thousands):
| Six Months Ended June 30, | |||||||||||
| 2026 | 2025 | ||||||||||
| Interest paid | $ | ( | $ | ( | |||||||
| Interest received | $ | $ | |||||||||
| Income taxes paid | $ | ( | $ | ( | |||||||
19.COMMITMENTS AND CONTINGENCIES
General
Estimated losses from loss contingencies are accrued by a charge to income when information is available prior to the issuance of the financial statements that indicates it is probable that a liability could be incurred, and the amount of the loss can be reasonably estimated. Legal expenses associated with the loss contingency are expensed as incurred. If a loss contingency is not probable or reasonably estimable, disclosure of the loss contingency is made in the financial statements when it is at least reasonably possible that a material loss has been incurred.
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SSR Mining Inc.
Notes to Condensed Consolidated Financial Statements
(unaudited)
Environmental matters
CC&V - Carlton Tunnel
The Carlton Tunnel was completed in 1941 with the purpose of draining the southern portion of the mining district, subsequently consolidated by CC&V. CC&V has held discharge permits for the Carlton Tunnel since 1983, primarily to focus on monitoring. The monitoring data accumulated since the mid-1970s have indicated consistency in the water quality discharged from the Carlton Tunnel over time. In 2006, legal proceedings and work with the regulator confirmed that the water flowing out of the Carlton Tunnel portal is akin to natural spring water and did not constitute mine drainage. However, when the Water Quality Control Division of the Colorado Department of Public Health and Environment (the “Division”) issued new discharge permits in January 2021, the Division imposed new water quality limits. In June 2025, the Water Quality Control Commission agreed to site specific standards for CC&V and a Discharger Specific Variance (“DSV”) for certain water quality standards. In January 2026, the Division issued a modification to CC&V's discharge permit to implement site specific standards for certain water quality standards, and a DSV and compliance extension for certain other standards. CC&V continues to study alternative long-term remediation plans for water discharged from the Carlton Tunnel, while also continuing to evaluate the appropriate scope of applicable permitting and regulatory requirements. On March 9, 2026, Newmont, the former indirect parent company of CC&V, and CC&V (as a Nominal Plaintiff in the Action), filed a lawsuit in federal court against the Colorado Water Quality Control Division seeking a declaratory judgment that federal and state law do not require the discharge permit for the Carlton Tunnel outflows. Depending on the outcome of the lawsuit and plans that may ultimately be agreed with regulators, a material adjustment to the remediation liability may be required. On June 26, 2026, defendants moved to dismiss the Action. The plaintiffs intend to oppose the motion, which will be fully briefed by August 2026 and pending review by the federal court.
Surety bonds
The Company uses surety bonds to support certain environmental bonding obligations. As of June 30, 2026 and December 31, 2025, the Company had surety bonds totaling $512.1 million and $500.1 million outstanding, respectively.
Other commitments and contingencies
20.SUBSEQUENT EVENTS
Completed divestiture of ownership in the Hod Maden project
On July 17, 2026, the Company completed the sale of its 20 % ownership interest in Artmin, as described in Note 3. Upon closing, the Company derecognized its equity method investment and shareholder loan, which were classified as Assets held for sale as of June 30, 2026, and established an uncapped 4.0 % net smelter return royalty on 100 % of the Project. The financial effects of the transaction will be reflected in the Company’s Condensed Consolidated Financial Statements for the three and nine months ending September 30, 2026.
Credit Agreement
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ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
The following Management’s Discussion and Analysis (“MD&A”) provides information that management believes is relevant to an assessment and understanding of the consolidated financial condition and results of operations of SSR Mining Inc. and its subsidiaries (collectively, “SSR Mining” or the “Company”). The Company uses certain non-GAAP financial measures in this MD&A; for a description of each of these measures, please see the discussion under “Non-GAAP Financial Measures” in Part I, Item 2, Management’s Discussion and Analysis herein.
This item should be read in conjunction with the Condensed Consolidated Financial Statements and the notes thereto included in this quarterly report. Additionally, the following discussion and analysis should be read in conjunction with the Consolidated Financial Statements, the related Management’s Discussion and Analysis of Financial Condition and Results of Operations and the discussion of Business Properties included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2025 filed with the Securities and Exchange Commission (“SEC”) on February 17, 2026 (“Form 10-K”).
Business Overview
SSR Mining is a precious metals mining company with four operations located in the United States, Canada, and Argentina. The Company is primarily engaged in the operation, acquisition, exploration and development of precious metal resource properties located in the Americas. The Company produces gold doré as well as copper, silver, lead and zinc concentrates. The Company’s properties include the Marigold Mine (“Marigold”) in Nevada, USA, the Cripple Creek & Victor Gold Mine (“CC&V”) in Colorado, USA, the Seabee Gold Operation (“Seabee”) in Saskatchewan, Canada, and the Puna Operations (“Puna”) in Jujuy, Argentina. The Company also has development projects that it seeks to advance, as market and project conditions permit.
On June 24, 2026, the Company completed the divestiture of its 80% ownership interest in the Çöpler mine and related properties in Türkiye to Cengiz Holding A.Ş. (“Cengiz Holding”) and affiliates for approximately $1.5 billion in cash. The results of operations of the disposed group have been retrospectively presented as discontinued operations for all periods presented. Refer to Note 3 and Note 4 of the Condensed Consolidated Financial Statements for additional information.
On May 18, 2026, the Company entered into a definitive agreement to dispose of its 20% ownership interest in Artmin Madencilik Sanayi Ve Ticaret A.Ş (“Artmin”), which owns the Hod Maden development project. Upon execution of the agreement, the Company determined that it is no longer the primary beneficiary of Artmin, as it no longer has the power to direct the significant activities of Artmin. As a result, Artmin was deconsolidated from the Company’s Condensed Consolidated Financial Statements, effective as of May 18, 2026. The assets, liabilities, and non-controlling interest of Artmin are no longer consolidated in the Company’s Condensed Consolidated Balance Sheets as of June 30, 2026. On July 17, 2026, the Company completed the sale of its ownership interest in Artmin. Refer to Note 3, Note 4 and Note 20 for additional information.
Refer to the “Consolidated Results of Operations”, “Results of Operations”, “Liquidity and Capital Resources” and “Non-GAAP Financial Measures” for information for the six months ended June 30, 2026.
Consolidated Results of Operations
A summary of the Company's consolidated financial and operating results for the three and six months ended June 30, 2026 and 2025 are presented below (in thousands):
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| Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||||||||||||||
| 2026 | 2025 | Change (%) | 2026 | 2025 | Change (%) | ||||||||||||||||||||||||||||||
| Financial Results | |||||||||||||||||||||||||||||||||||
| Revenue | $ | 443,798 | $ | 405,455 | 9.5 | % | $ | 1,025,576 | $ | 722,073 | 42.0 | % | |||||||||||||||||||||||
Cost of sales (1) | $ | 173,672 | $ | 162,948 | 6.6 | % | $ | 368,791 | $ | 299,589 | 23.1 | % | |||||||||||||||||||||||
| Depreciation, depletion, and amortization | $ | 31,052 | $ | 26,204 | 18.5 | % | $ | 61,157 | $ | 56,785 | 7.7 | % | |||||||||||||||||||||||
General and administrative expenses | $ | 27,649 | $ | 26,634 | 3.8 | % | $ | 66,130 | $ | 50,529 | 30.9 | % | |||||||||||||||||||||||
Exploration and evaluation | $ | 8,959 | $ | 6,057 | 47.9 | % | $ | 14,263 | $ | 12,017 | 18.7 | % | |||||||||||||||||||||||
| Reclamation and remediation costs | $ | 7,149 | $ | 6,309 | 13.3 | % | $ | 13,647 | $ | 10,014 | 36.3 | % | |||||||||||||||||||||||
Care and maintenance | $ | — | $ | 1,013 | (100.0) | % | $ | — | $ | 1,013 | (100.0) | % | |||||||||||||||||||||||
Other operating expenses (income), net | $ | 3,641 | $ | 8,214 | (55.7) | % | $ | 9,457 | $ | 17,234 | (45.1) | % | |||||||||||||||||||||||
Operating income (loss) | $ | 191,676 | $ | 168,076 | 14.0 | % | $ | 492,131 | $ | 274,892 | 79.0 | % | |||||||||||||||||||||||
Interest expense | $ | (393) | $ | (2,585) | 84.8 | % | $ | (1,662) | $ | (4,377) | 62.0 | % | |||||||||||||||||||||||
Other income (expense) | $ | 12,367 | $ | 5,994 | 106.3 | % | $ | 20,315 | $ | 12,256 | 65.8 | % | |||||||||||||||||||||||
Foreign exchange gain (loss) | $ | (18,318) | $ | (10,218) | (79.3) | % | $ | (12,577) | $ | (14,849) | 15.3 | % | |||||||||||||||||||||||
| Net income (loss) from continuing operations | $ | 137,014 | $ | 131,983 | 3.8 | % | $ | 387,686 | $ | 216,538 | 79.0 | % | |||||||||||||||||||||||
| Net income (loss) from discontinued operations | $ | (44,579) | $ | (51,621) | 13.6 | % | $ | (410,403) | $ | (81,730) | (402.1) | % | |||||||||||||||||||||||
| Net income (loss) | $ | 92,435 | $ | 80,362 | 15.0 | % | $ | (22,717) | $ | 134,808 | (116.9) | % | |||||||||||||||||||||||
Net income (loss) attributable to SSR Mining shareholders: | |||||||||||||||||||||||||||||||||||
Continuing operations | $ | 137,014 | $ | 131,983 | 3.8 | % | $ | 387,686 | $ | 216,538 | 79.0 | % | |||||||||||||||||||||||
Discontinued operations | $ | (39,728) | $ | (41,908) | 5.2 | % | $ | (396,850) | $ | (67,682) | (486.3) | % | |||||||||||||||||||||||
| Net income (loss) attributable to SSR Mining shareholders | $ | 97,286 | $ | 90,075 | 8.0 | % | $ | (9,164) | $ | 148,856 | (106.2) | % | |||||||||||||||||||||||
Basic net income (loss) per share attributable to SSR Mining shareholders: | |||||||||||||||||||||||||||||||||||
Continuing operations | $ | 0.66 | $ | 0.65 | 1.5 | % | $ | 1.87 | $ | 1.07 | 74.8 | % | |||||||||||||||||||||||
Discontinued operations | $ | (0.19) | $ | (0.21) | 9.5 | % | $ | (1.91) | $ | (0.34) | (461.8) | % | |||||||||||||||||||||||
Diluted net income (loss) per share attributable to SSR Mining shareholders: | |||||||||||||||||||||||||||||||||||
Continuing operations | $ | 0.66 | $ | 0.61 | 8.2 | % | $ | 1.82 | $ | 1.01 | 80.2 | % | |||||||||||||||||||||||
| Discontinued operations | $ | (0.19) | $ | (0.19) | — | % | $ | (1.86) | $ | (0.31) | (500.0) | % | |||||||||||||||||||||||
Adjusted attributable net income (loss) attributable to SSR Mining shareholders from continuing operations (non-GAAP) (2) | $ | 137,014 | $ | 138,303 | (0.9) | % | $ | 387,686 | $ | 228,291 | 69.8 | % | |||||||||||||||||||||||
Adjusted net income (loss) per share attributable to SSR Mining shareholders from continuing operations (non-GAAP) (2): | |||||||||||||||||||||||||||||||||||
Basic (2) | $ | 0.66 | $ | 0.68 | (2.9) | % | $ | 1.87 | $ | 1.13 | 65.5 | % | |||||||||||||||||||||||
Diluted (2) | $ | 0.66 | $ | 0.64 | 3.1 | % | $ | 1.82 | $ | 1.06 | 71.7 | % | |||||||||||||||||||||||
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Operating Results from Continuing Operations | |||||||||||||||||||||||||||||||||||
| Gold produced (oz) | 75,601 | 90,966 | (16.9) | % | 157,915 | 166,835 | (5.3) | % | |||||||||||||||||||||||||||
| Gold sold (oz) | 73,919 | 90,739 | (18.5) | % | 157,812 | 168,447 | (6.3) | % | |||||||||||||||||||||||||||
| Silver produced ('000 oz) | 1,661 | 2,849 | (41.7) | % | 3,399 | 5,354 | (36.5) | % | |||||||||||||||||||||||||||
| Silver sold ('000 oz) | 1,506 | 2,534 | (40.6) | % | 3,339 | 4,909 | (32.0) | % | |||||||||||||||||||||||||||
Lead produced ('000 lb) (3) | 7,131 | 13,877 | (48.6) | % | 15,293 | 25,365 | (39.7) | % | |||||||||||||||||||||||||||
Lead sold ('000 lb) (3) | 7,304 | 12,058 | (39.4) | % | 16,221 | 24,111 | (32.7) | % | |||||||||||||||||||||||||||
Zinc produced ('000 lb) (3) | 963 | 1,125 | (14.4) | % | 1,987 | 1,883 | 5.5 | % | |||||||||||||||||||||||||||
Zinc sold ('000 lb) (3) | 889 | 1,279 | (30.5) | % | 1,627 | 1,541 | 5.6 | % | |||||||||||||||||||||||||||
Gold equivalent produced (oz) (4) | 101,959 | 120,191 | (15.2) | % | 211,873 | 223,987 | (5.4) | % | |||||||||||||||||||||||||||
Gold equivalent sold (oz) (4) | 97,822 | 116,736 | (16.2) | % | 210,814 | 220,843 | (4.5) | % | |||||||||||||||||||||||||||
| Average realized gold price ($/oz sold) | $ | 4,301 | $ | 3,336 | 28.9 | % | $ | 4,550 | $ | 3,151 | 44.4 | % | |||||||||||||||||||||||
| Average realized silver price ($/oz sold) | $ | 74.24 | $ | 35.24 | 110.7 | % | $ | 83.88 | $ | 33.90 | 147.4 | % | |||||||||||||||||||||||
Cost of sales per gold equivalent ounce sold (1, 4) | $ | 1,775 | $ | 1,396 | 27.1 | % | $ | 1,749 | $ | 1,357 | 28.9 | % | |||||||||||||||||||||||
Cash cost per gold equivalent ounce sold (2, 4) | $ | 1,637 | $ | 1,282 | 27.7 | % | $ | 1,623 | $ | 1,247 | 30.2 | % | |||||||||||||||||||||||
AISC per gold equivalent ounce sold (2, 4) | $ | 2,622 | $ | 1,858 | 41.1 | % | $ | 2,521 | $ | 1,807 | 39.5 | % | |||||||||||||||||||||||
(1)Excludes depreciation, depletion, and amortization.
(2)The Company reports non-GAAP financial measures including adjusted attributable net income (loss), adjusted basic attributable net income (loss) per share, cash costs and all in sustaining costs (“AISC”) per ounce sold to manage and evaluate its operating performance at its mines. See “Non-GAAP Financial Measures” for an explanation of these financial measures and a reconciliation of these financial measures to Net income (loss) attributable to SSR Mining shareholders and Cost of sales, which are the comparable GAAP financial measures.
(3)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.
(4)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.
Revenue
Revenue increased by $38.3 million, or 9.5%, to $443.8 million for the three months ended June 30, 2026 as compared to $405.5 million for the three months ended June 30, 2025. The increase was primarily due to a 28.9% increase in average realized gold price, or $71.3 million, a 110.7% increase in realized silver price, or $58.7 million, partially offset by an 18.5% decrease in gold ounces sold, or $56.1 million, and a 40.6% decrease in silver ounces sold, or $36.2 million. The decrease in gold ounces sold was attributable to fewer gold ounces sold at CC&V and Marigold, partially offset by higher gold ounces sold at Seabee. For a discussion of revenue by segment, refer to the Results of Operations below.
Revenue increased by $303.5 million, or 42.0%, to $1,025.6 million for the six months ended June 30, 2026 as compared to $722.1 million for the six months ended June 30, 2025. The increase was primarily due to a 44.4% higher average realized gold price, or $220.8 million, and a 147.4% higher average realized silver price, or $166.9 million, partially offset by a 6.3% decrease in gold ounces sold, or $33.5 million, and a 32.0% decrease in silver ounces sold, or $53.2 million. The decrease in gold ounces sold was attributable to fewer gold ounces sold at Seabee and Marigold, partially offset by higher gold ounces sold at CC&V. For a discussion of revenue by segment, refer to the Results of Operations below.
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Cost of sales
Cost of sales increased by $10.7 million, or 6.6%, to $173.7 million for the three months ended June 30, 2026 as compared to $162.9 million for the three months ended June 30, 2025. The increase was primarily due to higher cost of sales at Seabee and Puna, partially offset by lower cost of sales at CC&V. For a discussion of cost of sales by segment, refer to the Results of Operations below.
Cost of sales increased by $69.2 million, or 23.1%, to $368.8 million for the six months ended June 30, 2026 as compared to $299.6 million for the six months ended June 30, 2025. The increase was primarily due to the inclusion of CC&V for the full period and higher cost of sales at Puna, Marigold, and CC&V. For a discussion of cost of sales by segment, refer to the Results of Operations below.
Depreciation, depletion, and amortization
Depreciation, depletion, and amortization increased by $4.8 million, or 18.5%, to $31.1 million for the three months ended June 30, 2026 as compared to $26.2 million for the three months ended June 30, 2025, primarily due to higher depletion expense as a result of a 51.7% increase in gold ounces sold at Seabee.
Depreciation, depletion, and amortization increased by $4.4 million, or 7.7%, to $61.2 million for the six months ended June 30, 2026 as compared to $56.8 million for the six months ended June 30, 2025, primarily due to the inclusion of CC&V for the full six month period resulting in increased gold ounces sold.
General and administrative expense
General and administrative expense for the three months ended June 30, 2026 was $27.6 million as compared to $26.6 million for the three months ended June 30, 2025. General and administrative expenses increased primarily due to a $1.2 million increase in software licensing and related service costs.
General and administrative expense for the six months ended June 30, 2026 was $66.1 million as compared to $50.5 million for the six months ended June 30, 2025. General and administrative expenses increased primarily due to a $14.9 million increase in share-based compensation expense attributable to higher share prices in 2026 and a $1.9 million increase in contractors and outside services expense.
Exploration and evaluation costs
Exploration and evaluation costs for the three months ended June 30, 2026 were $9.0 million compared to $6.1 million for the three months ended June 30, 2025. Exploration and evaluation costs for the six months ended June 30, 2026 were $14.3 million compared to $12.0 million for the six months ended June 30, 2025. Exploration and evaluation costs increased primarily due to an increase in drilling activities at Melina and Cortaderas at Puna in 2026 as compared to 2025.
Reclamation and remediation costs
Reclamation and remediation costs for the three months ended June 30, 2026 were $7.1 million as compared to $6.3 million for the three months ended June 30, 2025. Reclamation and remediation costs increased by $0.8 million primarily due to higher reclamation study expense at CC&V.
Reclamation and remediation costs for the six months ended June 30, 2026 were $13.6 million as compared to $10.0 million for the six months ended June 30, 2025. Reclamation and remediation costs increased by $3.6 million primarily due to higher reclamation accretion expense of $2.6 million and reclamation study expense of $1.0 million at CC&V.
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Care and maintenance
Care and maintenance costs for the three and six months ended June 30, 2026 were nil as compared to $1.0 million for the three and six months ended June 30, 2025. Care and maintenance expense incurred during the second quarter of 2025 represents $0.2 million of direct costs and $0.8 million of depreciation incurred during the temporary suspension of operations at Seabee.
Other operating expense (income), net
Other operating expense, net for the three months ended June 30, 2026 was $3.6 million as compared to $8.2 million for the three months ended June 30, 2025. The change was primarily due to a $5.0 million decrease in CC&V transaction and integration costs and a $1.2 million change in the fair value of contingent consideration.
Other operating expense, net for the six months ended June 30, 2026 was $9.5 million as compared to $17.2 million for the six months ended June 30, 2025. The change was primarily due to an $11.8 million decrease in CC&V transaction and integration costs and a $1.1 million change in the fair value of contingent consideration, partially offset by a $3.7 million increase in the loss on disposal of assets and a $1.5 million increase in other taxes.
Interest expense
Interest expense for the three months ended June 30, 2026 was $0.4 million as compared to $2.6 million for the three months ended June 30, 2025. Interest expense for the six months ended June 30, 2026 was $1.7 million as compared to $4.4 million for the six months ended June 30, 2025. The decrease was primarily due to lower outstanding debt balances during 2026, resulting from the conversion of the 2019 Notes during the first quarter of 2026.
Other income (expense)
Other income for the three months ended June 30, 2026 was $12.4 million as compared to $6.0 million for the three months ended June 30, 2025. The increase was primarily due to a $2.0 million increase in change in fair value of marketable securities and a $1.8 million increase in interest income.
Other income for the six months ended June 30, 2026 was $20.3 million as compared to $12.3 million for the six months ended June 30, 2025. The increase was primarily due to a $2.0 million increase in gain on marketable security sales, a $2.0 million increase in interest income, and a $1.2 million increase in change in fair value of marketable securities.
Foreign exchange gain (loss)
Foreign exchange loss for the three months ended June 30, 2026 was $18.3 million compared to $10.2 million for the three months ended June 30, 2025. Foreign exchange loss for the six months ended June 30, 2026 was $12.6 million compared to $14.8 million for the six months ended June 30, 2025. During the three and six months ended June 30, 2026, the foreign exchange loss was primarily due to the weakening of the ARS against the USD and its impact on ARS-denominated assets.
Income and mining tax benefit (expense)
Income and mining tax expense for the three months ended June 30, 2026 was $48.3 million as compared to an expense of $29.3 million for the three months ended June 30, 2025. The increase in income tax expense was primarily due to higher withholding taxes on distributions and higher quarter-to-date operating income compared to 2025. The Company's effective tax rate increased to 26.1% from 18.2% for the three months ended June 30, 2026 and 2025, respectively, primarily due to higher withholding taxes on distributions in 2026.
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Income and mining tax expense for the six months ended June 30, 2026 was $110.5 million as compared to an expense of $51.4 million for the six months ended June 30, 2025. The increase in income tax expense was primarily due to higher year-to-date operating income and higher withholding taxes on distributions compared to 2025. The Company's effective tax rate increased to 22.2% from 19.2% for the six months ended June 30, 2026 and 2025, respectively, primarily due to higher withholding taxes on distributions, partially offset by a more favorable mix of earnings among the Company’s jurisdictions, resulting in lower additions to the valuation allowance in 2026 compared to 2025.
The Organization for Economic Co-operation and Development (“OECD”) has issued the Global Anti-Base Erosion Model Rules (“Pillar Two”), which generally require multinational organizations to maintain a minimum effective corporate tax rate of 15% in each jurisdiction where they operate. These rules went into effect in 2024. The Company has limited exposure to Pillar Two taxes, as most of its jurisdictions have effective tax rates above 15%. Accordingly, the Company does not expect Pillar Two to have a material adverse impact on its income tax provision for the 2026 year.
Discontinued operations
Net loss from discontinued operations for the three months ended June 30, 2026 was $44.6 million compared to $51.6 million for the three months ended June 30, 2025. The decrease in net loss from discontinued operations was primarily due to decreases in reclamation and remediation costs of $62.9 million and care and maintenance expense of $13.5 million, partially offset by a $42.7 million decrease in other operating income, a write-down of $0.8 million related to adjusting the Çöpler disposal group to fair value less costs to sell, and a $9.1 million decrease in income and mining tax benefit.
Net loss from discontinued operations for the six months ended June 30, 2026 was $410.4 million compared to $81.7 million for the six months ended June 30, 2025. The increase in net loss from discontinued operations was primarily due to a $337.4 million loss on the divestiture related to Çöpler, a $17.5 million loss related to the deconsolidation of Artmin, and a reduction in other operating income primarily due to a $44.4 million decrease in business interruption insurance proceeds received in 2025, partially offset by a decrease of $62.7 million in reclamation and remediation costs and a $12.7 million decrease in care and maintenance expense.
Refer to Note 4 of the Condensed Consolidated Financial Statements for additional information.
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Results of Operations
Marigold, USA
| Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||||||||||||||
| Operating Data | 2026 | 2025 | Change (%) | 2026 | 2025 | Change (%) | |||||||||||||||||||||||||||||
Gold produced (oz) | 31,059 | 35,906 | (13.5) | % | 68,789 | 74,492 | (7.7) | % | |||||||||||||||||||||||||||
| Gold sold (oz) | 29,720 | 35,589 | (16.5) | % | 69,229 | 75,997 | (8.9) | % | |||||||||||||||||||||||||||
Average realized gold price ($/oz sold) | $ | 4,284 | $ | 3,337 | 28.4 | % | $ | 4,548 | $ | 3,104 | 46.5 | % | |||||||||||||||||||||||
Ore mined (kt) | 4,324 | 3,425 | 26.2 | % | 9,271 | 8,781 | 5.6 | % | |||||||||||||||||||||||||||
Waste removed (kt) | 17,044 | 20,912 | (18.5) | % | 36,550 | 41,367 | (11.6) | % | |||||||||||||||||||||||||||
Total material mined (kt) | 21,368 | 24,337 | (12.2) | % | 45,821 | 50,148 | (8.6) | % | |||||||||||||||||||||||||||
Ore stacked (kt) | 4,324 | 3,426 | 26.2 | % | 9,271 | 8,782 | 5.6 | % | |||||||||||||||||||||||||||
Gold grade stacked (g/t) | 0.28 | 0.62 | (54.8) | % | 0.27 | 0.44 | (38.6) | % | |||||||||||||||||||||||||||
Cost of sales (1) | $ | 58,843 | $ | 56,376 | 4.4 | % | $ | 130,477 | $ | 115,102 | 13.4 | % | |||||||||||||||||||||||
Cost of sales ($/oz gold sold) (1) | $ | 1,980 | $ | 1,584 | 25.0 | % | $ | 1,885 | $ | 1,515 | 24.4 | % | |||||||||||||||||||||||
Cash costs ($/oz gold sold) (2) | $ | 1,979 | $ | 1,586 | 24.8 | % | $ | 1,884 | $ | 1,516 | 24.3 | % | |||||||||||||||||||||||
AISC ($/oz gold sold) (2) | $ | 3,044 | $ | 1,977 | 54.0 | % | $ | 2,657 | $ | 1,864 | 42.5 | % | |||||||||||||||||||||||
(1)Excludes depreciation, depletion, and amortization.
(2)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 “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.
Three months ended June 30, 2026 compared to three months ended June 30, 2025
Gold production decreased 13.5% primarily due to lower gold grade stacked, partially offset by more ore tonnes stacked. Revenue increased by $8.6 million, or 7.2%, of which an increase of $28.1 million was due to a higher average realized gold price, partially offset by a decrease of $19.6 million due to fewer gold ounces sold. Cost of sales increased by $2.5 million, or 4.4%, primarily due to higher surface mining costs as a result of increased spending on parts and labor maintenance costs, and increased royalty expense resulting from higher realized gold prices during 2026. Cost of sales per ounce of gold sold and cash costs per ounce of gold sold increased 25.0% and 24.8%, respectively, due to fewer gold ounces sold as a result of lower gold grade stacked. AISC per ounce of gold sold increased 54.0% due to higher cash costs per gold ounce sold and higher sustaining capital expenditures related to the purchase of asset components and a haul truck in 2026.
Six months ended June 30, 2026 compared to six months ended June 30, 2025
Gold production decreased 7.7% due to lower gold grade stacked, partially offset by more tonnes stacked. Revenue increased by $79.0 million, or 33.5%, of which $100.0 million was due to a higher average realized gold price, partially offset by $21.0 million due to fewer gold ounces sold. Cost of sales increased by $15.4 million, or 13.4%, primarily due to higher surface mining costs as a result of increased spending on parts and labor maintenance costs, and increased royalty expense resulting from higher realized gold prices during 2026. Cost of sales per ounce of gold sold and cash costs per ounce of gold sold increased 24.4% and 24.3%, respectively, due to fewer gold ounces sold as a result of lower gold grade stacked. AISC per ounce of gold sold increased 42.5% due to higher cash costs per ounce of gold sold and higher sustaining capital expenditures related to the purchase of asset components and a haul truck in 2026.
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Cripple Creek & Victor, USA
| Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||||||||||||||
Operating Data | 2026 | 2025 | Change (%) | 2026 | 2025(1) | Change (%) | |||||||||||||||||||||||||||||
Gold produced (oz) | 27,725 | 44,062 | (37.1) | % | 66,023 | 55,344 | 19.3 | % | |||||||||||||||||||||||||||
| Gold sold (oz) | 28,499 | 44,800 | (36.4) | % | 66,746 | 56,100 | 19.0 | % | |||||||||||||||||||||||||||
Average realized gold price ($/oz sold) | $ | 4,397 | $ | 3,336 | 31.8 | % | $ | 4,636 | $ | 3,282 | 41.3 | % | |||||||||||||||||||||||
| Ore mined (kt) | 3,726 | 3,441 | 8.3 | % | 7,097 | 5,265 | 34.8 | % | |||||||||||||||||||||||||||
| Waste removed (kt) | 6,134 | 4,880 | 25.7 | % | 11,654 | 6,451 | 80.7 | % | |||||||||||||||||||||||||||
| Total material mined (kt) | 9,860 | 8,321 | 18.5 | % | 18,751 | 11,716 | 60.0 | % | |||||||||||||||||||||||||||
| Ore stacked (kt) | 3,761 | 3,519 | 6.9 | % | 7,036 | 5,378 | 30.8 | % | |||||||||||||||||||||||||||
| Gold grade stacked (g/t) | 0.46 | 0.50 | (7.8) | % | 0.45 | 0.45 | — | % | |||||||||||||||||||||||||||
Cost of sales (2) | $ | 44,488 | $ | 50,003 | (11.0) | % | $ | 99,234 | $ | 67,968 | 46.0 | % | |||||||||||||||||||||||
Cost of sales ($/oz gold sold) (2) | $ | 1,561 | $ | 1,116 | 39.9 | % | $ | 1,487 | $ | 1,212 | 22.7 | % | |||||||||||||||||||||||
Cash costs ($/oz gold sold) (3) | $ | 1,430 | $ | 1,105 | 29.4 | % | $ | 1,396 | $ | 1,199 | 16.4 | % | |||||||||||||||||||||||
AISC ($/oz gold sold) (3) | $ | 1,995 | $ | 1,339 | 49.0 | % | $ | 1,802 | $ | 1,427 | 26.3 | % | |||||||||||||||||||||||
(1)The operating data presented for 2025 represents the period from February 28, 2025 to June 30, 2025, the period for which the Company was entitled to the economic benefits of CC&V following the acquisition.
(2)Excludes depreciation, depletion, and amortization.
(3)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 CC&V. 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.
Three months ended June 30, 2026 compared to three months ended June 30, 2025
Gold production decreased 37.1% primarily due to the timing of leach recoveries. Revenue decreased by $20.9 million, or 13.9%, of which a decrease of $51.1 million was due to fewer gold ounces sold, partially offset by an increase of $30.2 million due to a higher average realized gold price. Cost of sales decreased by $5.5 million, or 11.0%, is primarily due to fewer gold ounces sold. Cost of sales per ounce of gold sold and cash costs per ounce of gold sold increased 39.9% and 29.4%, respectively, primarily due to higher surface mining costs as a result of higher labor costs and increased spending on maintenance parts and supplies, and fewer gold ounces sold. AISC per ounce of gold sold increased 49.0% due to higher cash costs per ounce and higher sustaining capital expenditures related to land purchases adjacent to the mine and site improvements in 2026.
Six months ended June 30, 2026 compared to six months ended June 30, 2025
Gold production increased 19.3% primarily due to the inclusion of production for the entire six month period in 2026 compared to 2025. Revenue increased by $130.7 million, or 70.7%, of which $90.4 million was due to a higher average realized gold price and $40.3 million was due to more gold ounces sold. Cost of sales increased by $31.3 million, or 46.0%, primarily due to a full six months of production in 2026 compared to 2025. Cost of sales per ounce of gold sold and cash costs per ounce of gold sold increased 22.7% and 16.4%, respectively, primarily due to higher surface mining costs as a result of increased labor costs spending on maintenance parts and supplies. AISC per ounce of gold sold increased by 26.3% primarily due to higher cash costs per ounce of gold sold and higher sustaining capital expenditures related to spend on asset components and land purchases in 2026.
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Seabee, Canada
| Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||||||||||||||
| Operating Data | 2026 | 2025 | Change (%) | 2026 | 2025 | Change (%) | |||||||||||||||||||||||||||||
Gold produced (oz) | 16,817 | 10,998 | 52.9 | % | 23,103 | 36,999 | (37.6) | % | |||||||||||||||||||||||||||
| Gold sold (oz) | 15,700 | 10,350 | 51.7 | % | 21,837 | 36,350 | (39.9) | % | |||||||||||||||||||||||||||
Average realized gold price ($/oz sold) | $ | 4,158 | $ | 3,335 | 24.7 | % | $ | 4,292 | $ | 3,048 | 40.8 | % | |||||||||||||||||||||||
Ore mined (kt) | 106 | 66 | 60.6 | % | 187 | 148 | 26.4 | % | |||||||||||||||||||||||||||
Ore milled (kt) | 112 | 68 | 64.7 | % | 188 | 158 | 19.0 | % | |||||||||||||||||||||||||||
Gold mill feed grade (g/t) | 4.95 | 5.22 | (5.2) | % | 4.17 | 7.38 | (43.5) | % | |||||||||||||||||||||||||||
Gold recovery (%) | 96.5 | 96.6 | 0.1 | % | 95.7 | 97.0 | (1.3) | % | |||||||||||||||||||||||||||
Cost of sales (1) | $ | 27,016 | $ | 18,473 | 46.2 | % | $ | 48,261 | $ | 41,604 | 16.0 | % | |||||||||||||||||||||||
Cost of sales ($/oz gold sold) (1) | $ | 1,721 | $ | 1,785 | (3.6) | % | $ | 2,210 | $ | 1,145 | 93.0 | % | |||||||||||||||||||||||
Cash costs ($/oz gold sold) (2) | $ | 1,721 | $ | 1,786 | (3.6) | % | $ | 2,211 | $ | 1,145 | 93.1 | % | |||||||||||||||||||||||
AISC ($/oz gold sold) (2) | $ | 2,358 | $ | 2,708 | (12.9) | % | $ | 3,396 | $ | 1,754 | 93.6 | % | |||||||||||||||||||||||
(1)Excludes depreciation, depletion, and amortization.
(2)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 “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.
Three months ended June 30, 2026 compared to three months ended June 30, 2025
Gold production increased 52.9% primarily due to higher mill throughput in 2026 compared to 2025 as a result of the temporary suspension of operations in 2025. Revenue increased by $30.8 million, or 89.1%, of which $17.9 million was due to more gold ounces sold and $12.9 million was due to higher average realized gold price. Cost of sales increased by $8.5 million, or 46.2%, due to higher gold ounces sold. Cost of sales per ounce of gold sold and cash costs per ounce of gold sold were consistent for the three months ended June 30, 2026 and 2025. AISC per ounce of gold sold decreased 12.9% due to higher gold ounces sold.
Six months ended June 30, 2026 compared to six months ended June 30, 2025
Gold production decreased 37.6% primarily due to lower gold mill feed grade. Revenue decreased by $17.1 million, or 15.4%, of which $44.2 million was due to fewer gold ounces sold, partially offset by $27.2 million due to a higher average realized gold price. Cost of sales increased by $6.7 million, or 16.0%, due to higher milling and labor costs. Cost of sales per ounce of gold sold and cash costs per ounce of gold sold increased 93.0% and 93.1%, respectively, due to fewer gold ounces sold. AISC per ounce of gold sold increased 93.6% primarily due to higher cash cost per ounce of gold sold and higher sustaining capex related to the purchase of four haul trucks in 2026.
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Puna, Argentina
| Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||||||||||||||
| Operating Data | 2026 | 2025 | Change (%) | 2026 | 2025 | Change (%) | |||||||||||||||||||||||||||||
| Silver produced ('000 oz) | 1,661 | 2,849 | (41.7) | % | 3,399 | 5,354 | (36.5) | % | |||||||||||||||||||||||||||
| Silver sold ('000 oz) | 1,506 | 2,534 | (40.6) | % | 3,339 | 4,909 | (32.0) | % | |||||||||||||||||||||||||||
| Lead produced ('000 lb) | 7,131 | 13,877 | (48.6) | % | 15,293 | 25,365 | (39.7) | % | |||||||||||||||||||||||||||
| Lead sold ('000 lb) | 7,304 | 12,058 | (39.4) | % | 16,221 | 24,111 | (32.7) | % | |||||||||||||||||||||||||||
| Zinc produced ('000 lb) | 963 | 1,125 | (14.4) | % | 1,987 | 1,883 | 5.5 | % | |||||||||||||||||||||||||||
| Zinc sold ('000 lb) | 889 | 1,279 | (30.5) | % | 1,627 | 1,541 | 5.6 | % | |||||||||||||||||||||||||||
Gold equivalent sold (oz) (1) | 23,903 | 25,997 | (8.1) | % | 53,002 | 52,396 | 1.2 | % | |||||||||||||||||||||||||||
| Average realized silver price ($/oz) | $ | 74.24 | $ | 35.24 | 110.7 | % | $ | 83.88 | $ | 33.90 | 147.4 | % | |||||||||||||||||||||||
Ore mined (kt) | 299 | 475 | (37.1) | % | 372 | 1,102 | (66.2) | % | |||||||||||||||||||||||||||
Waste removed (kt) | 1,939 | 1,592 | 21.8 | % | 4,078 | 2,681 | 52.1 | % | |||||||||||||||||||||||||||
Total material mined (kt) | 2,238 | 2,067 | 8.3 | % | 4,450 | 3,783 | 17.6 | % | |||||||||||||||||||||||||||
Ore milled (kt) | 491 | 492 | (0.2) | % | 1,000 | 946 | 5.7 | % | |||||||||||||||||||||||||||
| Silver mill feed grade (g/t) | 111.15 | 186.62 | (40.4) | % | 111.65 | 182.38 | (38.8) | % | |||||||||||||||||||||||||||
| Lead mill feed grade (%) | 0.73 | 1.36 | (46.3) | % | 0.77 | 1.29 | (40.3) | % | |||||||||||||||||||||||||||
| Zinc mill feed grade (%) | 0.24 | 0.26 | (7.7) | % | 0.23 | 0.23 | — | % | |||||||||||||||||||||||||||
| Silver recovery (%) | 94.7 | 96.5 | (1.9) | % | 94.7 | 96.5 | (1.9) | % | |||||||||||||||||||||||||||
| Lead recovery (%) | 89.9 | 94.0 | (4.4) | % | 89.6 | 94.3 | (5.0) | % | |||||||||||||||||||||||||||
| Zinc recovery (%) | 36.7 | 39.6 | (7.3) | % | 38.4 | 39.6 | (3.0) | % | |||||||||||||||||||||||||||
Cost of sales (2) | $ | 43,325 | $ | 38,096 | 13.7 | % | $ | 90,819 | $ | 74,915 | 21.2 | % | |||||||||||||||||||||||
Cost of sales ($/oz silver sold) (2) | $ | 28.77 | $ | 15.03 | 91.4 | % | $ | 27.20 | $ | 15.26 | 78.2 | % | |||||||||||||||||||||||
Cost of sales ($/oz gold equivalent sold) (1, 2) | $ | 1,813 | $ | 1,465 | 23.8 | % | $ | 1,714 | $ | 1,430 | 19.9 | % | |||||||||||||||||||||||
Cash costs ($/oz silver sold) (3) | $ | 22.30 | $ | 9.98 | 123.4 | % | $ | 21.03 | $ | 10.45 | 101.2 | % | |||||||||||||||||||||||
Cash costs ($/oz gold equivalent sold) (1, 3) | $ | 1,405 | $ | 972 | 44.5 | % | $ | 1,325 | $ | 979 | 35.3 | % | |||||||||||||||||||||||
AISC ($/oz silver sold) (3) | $ | 29.52 | $ | 12.57 | 134.8 | % | $ | 26.02 | $ | 12.85 | 102.5 | % | |||||||||||||||||||||||
AISC ($/oz gold equivalent sold) (1, 3) | $ | 1,860 | $ | 1,225 | 51.8 | % | $ | 1,639 | $ | 1,204 | 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.
(2)Excludes depreciation, depletion, and amortization.
(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.
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Three months ended June 30, 2026 compared to three months ended June 30, 2025
Silver production decreased 41.7% primarily due to lower silver mill feed grade. Revenue increased by $19.9 million, or 19.4%, of which $58.7 million was due to a higher average realized silver price and $1.7 million was due to higher average realized lead price, partially offset by $36.2 million due to fewer silver ounces sold and $4.5 million due to lower volume of lead concentrate sold. Cost of sales increased by $5.2 million, or 13.7%, due to higher labor costs as a result of inflationary increases in wage rates. Cost of sales per ounce of silver sold and cash costs per ounce of silver sold increased by 91.4% and 123.4%, respectively, due to fewer silver ounces sold. AISC per ounce of silver sold increased by 134.8% primarily due to higher cash costs per ounce of silver sold and higher sustaining capital expenditures related to increased spend on asset components.
Six months ended June 30, 2026 compared to six months ended June 30, 2025
Silver production decreased 36.5% primarily due to lower silver mill feed grade. Revenue increased by $110.8 million, or 58.2%, of which $166.9 million was due to a higher average realized silver price and $3.4 million was due to a higher realized lead price, partially offset by $53.2 million due to lower silver ounces sold and $7.3 million due to a lower volume of lead concentrate sold. Cost of sales increased by $15.9 million, or 21.2%, 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 and cash costs per ounce of silver sold increased by 78.2% and 101.2%, respectively, due to fewer silver ounces sold. AISC per ounce of silver sold increased by 102.5% due to higher cash costs per ounce of silver sold and higher sustaining capital expenditures related to the replacement of ore transportation trucks and increased spend on asset components.
Discontinued Operations
Çöpler, Türkiye
Operations remained suspended following the incident at Çöpler on February 13, 2024, as described in the Form 10-K. Accordingly, there were no sales for the three and six months ended June 30, 2026 and 2025.
Three months ended June 30, 2026 compared to three months ended June 30, 2025
Care and maintenance expense recorded for the three months ended June 30, 2026 and 2025 of $23.2 million and $36.7 million, respectively, represents direct costs, other than costs associated with environmental reclamation and remediation, and depreciation.
Six months ended June 30, 2026 compared to six months ended June 30, 2025
Care and maintenance expense recorded for the six months ended June 30, 2026 and 2025 of $59.8 million and $72.5 million, respectively, represents direct costs, other than costs associated with environmental reclamation and remediation, and depreciation.
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Liquidity and Capital Resources
The Company manages its liquidity through planning, budgeting and forecasting processes, which are reviewed and updated on a regular basis, to help determine the funding requirements to support its ongoing operations, expansion and development activities, contingent consideration payments, as well as to support its capital structure strategy. In assessing capital structure, the Company considers shareholders’ equity and the Second Amended Credit Agreement. The Company may take various actions to maintain or adjust its capital structure, including issuing equity or debt, repaying outstanding indebtedness, divesting non-core assets, or repurchasing shares.
Borrowings under the Second Amended Credit Agreement are subject to the Company’s compliance with certain financial covenants, including interest coverage and net leverage ratios, as well as customary quarterly representations and warranties, which are assessed on a trailing twelve-month basis. As of June 30, 2026, the Company was in compliance with its covenants. The obligations under the Second Amended Credit Agreement are guaranteed by the Company’s material subsidiaries, including pledges of equity interests in such subsidiaries, and secured by certain assets of the Company.
As of June 30, 2026, the Company had $1,783.0 million of cash and cash equivalents and had no outstanding borrowings under the Second Amended Credit Agreement. The Company believes that its cash and cash equivalents, available borrowing capacity under the Second Amended Credit Agreement and anticipated cash flows from operations will be sufficient to sustain the operational needs of the Company for the next twelve months.
Cash and Cash Equivalents
At June 30, 2026, the Company had $1,783.0 million of cash and cash equivalents, an increase of $1,267.5 million from December 31, 2025. Refer to the Cash Flows section below for additional detail of the Company’s cash flow activities. The Company held $1,742.5 million of its cash and cash equivalents balance in USD. Additionally, the Company held cash and cash equivalents of $33.3 million and $7.2 million in ARS and CAD, respectively.
The Company maintains cash balances at banking institutions in various jurisdictions that may or may not have deposit insurance. The Company mitigates potential cash risk by maintaining bank accounts with credit-worthy financial institutions. All cash is invested in short-term investments or high interest savings accounts with maturities of 90 days or less in accordance with the Company’s investment policy, providing the Company with sufficient liquidity to meet its foreseeable capital needs.
Debt
During the first quarter of 2026, holders of $229.8 million aggregate principal amount of the 2019 Notes elected to convert their holdings into approximately 13.1 million common shares, and the Company paid $2.6 million in cash for accrued interest and fractional shares. The Company also redeemed the remaining $0.2 million of principal in cash. The obligations under the 2019 Notes are fully discharged. See Note 16 to the Condensed Consolidated Financial Statement for additional details related to debt.
Cash Dividends
During the second quarter of 2026, the Company’s Board of Directors approved to the reinstatement of the Company’s quarterly dividend $0.03 per share. During the three and six months ended June 30, 2026 and 2025, the Company declared no dividends.
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Cash Flows
The following table summarizes the Company’s cash flow activity for the six months ended June 30:
| Six Months Ended June 30, | |||||||||||
| 2026 | 2025 | ||||||||||
Net cash provided by operating activities from continuing operations | $ | 420,457 | $ | 269,926 | |||||||
| Net cash used in operating activities from discontinued operations | (55,665) | (30,033) | |||||||||
Net cash provided by operating activities | 364,792 | 239,893 | |||||||||
Net cash provided by (used in) investing activities from continuing operations | 1,369,251 | (189,948) | |||||||||
| Net cash used in investing activities from discontinued operations | (56,044) | (30,052) | |||||||||
Net cash provided by (used in) investing activities | 1,313,207 | (220,000) | |||||||||
| Net cash used in financing activities from continuing operations | (431,375) | — | |||||||||
Net cash provided by financing activities from discontinued operations | 12,632 | 10,531 | |||||||||
Net cash provided by (used in) financing activities | (418,743) | 10,531 | |||||||||
| Effect of foreign exchange rate changes on cash and cash equivalents | (1,217) | (6,202) | |||||||||
| Change in cash and cash equivalents from divestiture of Çöpler and deconsolidation of Artmin | 9,442 | 4,892 | |||||||||
| Increase in cash and cash equivalents | 1,267,481 | 29,114 | |||||||||
| Cash and cash equivalents, beginning of period | 515,561 | 359,287 | |||||||||
| Cash and cash equivalents, end of period | $ | 1,783,042 | $ | 388,401 | |||||||
Net cash provided by operating activities from continuing operations
For the six months ended June 30, 2026, net cash provided by operating activities from continuing operations was $420.5 million compared to $269.9 million for the six months ended June 30, 2025. The change in net cash provided by operating activities from continuing operations is primarily due to an increase in revenues attributable to 44.4% higher average realized gold price and a 147.4% higher average realized silver price in 2026 as compared to 2025.
Net cash provided by (used in) investing activities from continuing operations
For the six months ended June 30, 2026, net cash provided by (used in) investing activities from continuing operations was $1,369.3 million compared to $(189.9) million for the six months ended June 30, 2025. The increase of $1,559.2 million of net cash provided by investing activities from continuing operations is primarily due to the receipt of $1,495.0 million from the divestiture of the Company’s ownership in the Çöpler mine.
Net cash used in financing activities from continuing operations
For the six months ended June 30, 2026, net cash used in financing activities from continuing operations was $431.4 million compared to nil for the six months ended June 30, 2025. The net cash used in financing activities from continuing operations was primarily due to a $337.8 million purchase and cancellation of common shares, a $87.5 million payment of contingent consideration during 2026, a $65.0 million principal repayment of the revolving credit facility, and $4.8 million of taxes paid related to net share settlement of equity awards, partially offset by $65.0 million of proceeds from the revolving credit facility.
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Contractual Obligations
Except as discussed below, there have been no material changes in the Company’s contractual obligations since December 31, 2025.
During the second quarter of 2026, the Company completed the divestiture its 80% ownership interest in the Çöpler mine and related properties in Türkiye. Refer to Note 3 and Note 4 of the Condensed Consolidated Financial Statements for additional information regarding the divestiture.
During the second quarter of 2026, the Company entered into a definitive agreement to dispose of its 20% ownership interest in Artmin and resigned as operator of the Hod Maden development project. As a result, Artmin was deconsolidated from the Company’s consolidated financial statements, effective as of May 18, 2026. Refer to Note 3, Note 4 and Note 20 of the Condensed Consolidated Financial Statements for additional information.
During the first quarter of 2026, the Company fully discharged its obligation under the 2019 Notes through conversions, cash payments for accrued interest and fractional shares, and redemptions of the remaining principal amount of the 2019 Notes. As of June 30, 2026, no amounts were outstanding. Refer to Note 16 to the Condensed Consolidated Financial Statements for additional information.
Refer to Part II, Item 7 in the Form 10-K for information regarding the Company’s contractual obligations.
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Non-GAAP Financial Measures
The Company has included certain non-GAAP financial measures to assist in understanding the Company’s financial results. The non-GAAP financial measures are employed by the Company to measure its operating and economic performance and to assist in decision-making, as well as to provide key performance information to senior management. The Company believes that, in addition to conventional measures prepared in accordance with GAAP, certain investors and other stakeholders will find this information useful to evaluate the Company’s operating and financial performance; however, these non-GAAP performance measures do not have any standardized meaning. These performance measures are intended to provide additional information and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with GAAP. These non-GAAP measures should be read in conjunction with the Company’s Condensed Consolidated Financial Statements.
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Non-GAAP Measure - Cash Costs and AISC
Cash Costs and AISC per payable ounce of gold and respective unit cost measures are non-U.S. GAAP metrics developed by the World Gold Council to provide transparency into the costs associated with producing gold and provide a standard for comparison across the industry. The World Gold Council is a market development organization for the gold industry.
The Company uses cash costs per ounce of precious metals sold to monitor its operating performance internally. The most directly comparable measure prepared in accordance with GAAP is Cost of sales. The Company believes this measure provides investors and analysts with useful information about its underlying cash costs of operations and the impact of by-product credits on its cost structure. The Company also believes it is a relevant metric used to understand its operating profitability. When deriving the cost of sales associated with an ounce of precious metal, the Company includes by-product credits, which allows management and other stakeholders to assess the net costs of gold and silver production.
AISC includes total Cost of sales incurred at the Company’s mining operations, which forms the basis of cash costs. Additionally, the Company includes sustaining capital and lease related expenditures, sustaining mine-site exploration and evaluation costs, reclamation cost accretion and amortization, and general and administrative expenses. This measure seeks to reflect the ongoing cost of gold and silver production from current operations; therefore, growth capital is excluded. The Company determines sustaining capital to be capital expenditures that are necessary to maintain current production and execute the current mine plan. The Company determines growth capital to be those payments used to develop new operations or related to projects at existing operations where those projects will materially benefit the operation.
The Company believes that AISC provides additional information to management and stakeholders that provides visibility to better define the total costs associated with production and better understanding of the economics of the Company's operations and performance compared to other producers.
In deriving the number of ounces of precious metal sold, the Company considers the ounces available for sale after the treatment and refining process, commonly referred to as payable metal, as this is what is sold to third parties.
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The following tables provide a reconciliation of cost of sales to cash costs and AISC:
| Three Months Ended June 30, 2026 | |||||||||||||||||||||||||||||||||||
(in thousands, unless otherwise noted) | Marigold | CC&V | Seabee | Puna | Corporate | Total from Continuing Operations | |||||||||||||||||||||||||||||
Cost of sales (GAAP) (1) | $ | 58,843 | $ | 44,488 | $ | 27,016 | $ | 43,325 | $ | — | $ | 173,672 | |||||||||||||||||||||||
| By-product credits | (63) | (3,828) | (25) | (7,760) | — | (11,676) | |||||||||||||||||||||||||||||
| Treatment and refining charges | 39 | 82 | 23 | (1,983) | — | (1,839) | |||||||||||||||||||||||||||||
| Cash costs (non-GAAP) | 58,819 | 40,742 | 27,014 | 33,582 | — | 160,157 | |||||||||||||||||||||||||||||
Sustaining capital and lease related expenditures | 30,869 | 12,267 | 9,359 | 9,614 | — | 62,109 | |||||||||||||||||||||||||||||
| Reclamation cost accretion and amortization | 788 | 3,838 | 647 | 1,261 | — | 6,534 | |||||||||||||||||||||||||||||
| General and administrative expense and stock-based compensation expense | — | — | — | — | 27,649 | 27,649 | |||||||||||||||||||||||||||||
| Total AISC (non-GAAP) | $ | 90,476 | $ | 56,847 | $ | 37,020 | $ | 44,457 | $ | 27,649 | $ | 256,449 | |||||||||||||||||||||||
| Gold sold (oz) | 29,720 | 28,499 | 15,700 | — | — | 73,919 | |||||||||||||||||||||||||||||
| Silver sold (oz) | — | — | — | 1,505,858 | — | 1,505,858 | |||||||||||||||||||||||||||||
Gold equivalent sold (oz) (2) | 29,720 | 28,499 | 15,700 | 23,903 | — | 97,822 | |||||||||||||||||||||||||||||
Cost of sales per gold equivalent ounce sold (1)(2) | $ | 1,980 | $ | 1,561 | $ | 1,721 | $ | 1,813 | N/A | $ | 1,775 | ||||||||||||||||||||||||
| Cash cost per gold ounce sold | $ | 1,979 | $ | 1,430 | $ | 1,721 | N/A | N/A | N/A | ||||||||||||||||||||||||||
| Cash cost per silver ounce sold | N/A | N/A | N/A | $ | 22.30 | N/A | N/A | ||||||||||||||||||||||||||||
Cash cost per gold equivalent ounce sold (2) | $ | 1,979 | $ | 1,430 | $ | 1,721 | $ | 1,405 | N/A | $ | 1,637 | ||||||||||||||||||||||||
| AISC per gold ounce sold | $ | 3,044 | $ | 1,995 | $ | 2,358 | N/A | N/A | N/A | ||||||||||||||||||||||||||
| AISC per silver ounce sold | N/A | N/A | N/A | $ | 29.52 | N/A | N/A | ||||||||||||||||||||||||||||
AISC per gold equivalent ounce sold (2) | $ | 3,044 | $ | 1,995 | $ | 2,358 | $ | 1,860 | N/A | $ | 2,622 | ||||||||||||||||||||||||
(1)Excludes depreciation, depletion, and amortization.
(2)Effective January 1, 2026, the Company calculates gold equivalent ounces using a fixed silver-to-gold ratio of 63:1. 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.
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| Three Months Ended June 30, 2025 | |||||||||||||||||||||||||||||||||||
(in thousands, unless otherwise noted) | Marigold | CC&V | Seabee | Puna | Corporate | Total from Continuing Operations | |||||||||||||||||||||||||||||
Cost of sales (GAAP) (1) | $ | 56,376 | $ | 50,003 | $ | 18,473 | $ | 38,096 | — | $ | 162,948 | ||||||||||||||||||||||||
| By-product credits | (33) | (501) | (15) | (12,146) | — | (12,695) | |||||||||||||||||||||||||||||
| Treatment and refining charges | 92 | — | 23 | (669) | — | (554) | |||||||||||||||||||||||||||||
| Cash costs (non-GAAP) | 56,435 | 49,502 | 18,481 | 25,281 | — | 149,699 | |||||||||||||||||||||||||||||
Sustaining capital and lease related expenditures | 11,770 | 6,656 | 8,762 | 4,023 | — | 31,211 | |||||||||||||||||||||||||||||
Sustaining exploration and evaluation expense | 1,447 | — | — | — | — | 1,447 | |||||||||||||||||||||||||||||
Care and maintenance (2) | — | — | 234 | — | — | 234 | |||||||||||||||||||||||||||||
| Reclamation cost accretion and amortization | 691 | 3,838 | 555 | 2,545 | — | 7,629 | |||||||||||||||||||||||||||||
| General and administrative expense and stock-based compensation expense | — | — | — | — | 26,634 | 26,634 | |||||||||||||||||||||||||||||
| Total AISC (non-GAAP) | $ | 70,343 | $ | 59,996 | $ | 28,032 | $ | 31,849 | $ | 26,634 | $ | 216,854 | |||||||||||||||||||||||
| Gold sold (oz) | 35,589 | 44,800 | 10,350 | — | — | 90,739 | |||||||||||||||||||||||||||||
| Silver sold (oz) | — | — | — | 2,534,393 | — | 2,534,393 | |||||||||||||||||||||||||||||
Gold equivalent sold (oz) (3) | 35,589 | 44,800 | 10,350 | 25,997 | — | 116,736 | |||||||||||||||||||||||||||||
Cost of sales per gold equivalent ounce sold (1)(3) | $ | 1,584 | $ | 1,116 | $ | 1,785 | $ | 1,465 | N/A | $ | 1,396 | ||||||||||||||||||||||||
| Cash cost per gold ounce sold | $ | 1,586 | $ | 1,105 | $ | 1,786 | N/A | N/A | N/A | ||||||||||||||||||||||||||
| Cash cost per silver ounce sold | N/A | N/A | N/A | $ | 9.98 | N/A | N/A | ||||||||||||||||||||||||||||
Cash cost per gold equivalent ounce sold (3) | $ | 1,586 | $ | 1,105 | $ | 1,786 | $ | 972 | N/A | $ | 1,282 | ||||||||||||||||||||||||
| AISC per gold ounce sold | $ | 1,977 | $ | 1,339 | $ | 2,708 | N/A | N/A | N/A | ||||||||||||||||||||||||||
| AISC per silver ounce sold | N/A | N/A | N/A | $ | 12.57 | N/A | N/A | ||||||||||||||||||||||||||||
AISC per gold equivalent ounce sold (3) | $ | 1,977 | $ | 1,339 | $ | 2,708 | $ | 1,225 | N/A | $ | 1,858 | ||||||||||||||||||||||||
(1)Excludes depreciation, depletion, and amortization.
(2)Care and maintenance expense only includes direct costs not associated with environmental reclamation and remediation costs, as depreciation is not included in the calculation of AISC.
(3)In prior periods, gold equivalent ounces were calculated 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.
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| Six Months Ended June 30, 2026 | |||||||||||||||||||||||||||||||||||
(in thousands, unless otherwise noted) | Marigold | CC&V | Seabee | Puna | Corporate | Total from Continuing Operations | |||||||||||||||||||||||||||||
Cost of sales (GAAP) (1) | $ | 130,477 | $ | 99,234 | $ | 48,261 | $ | 90,819 | $ | — | $ | 368,791 | |||||||||||||||||||||||
| By-product credits | (128) | (6,156) | (40) | (16,627) | — | (22,951) | |||||||||||||||||||||||||||||
| Treatment and refining charges | 108 | 131 | 64 | (3,977) | — | (3,674) | |||||||||||||||||||||||||||||
| Cash costs (non-GAAP) | 130,457 | 93,209 | 48,285 | 70,215 | — | 342,166 | |||||||||||||||||||||||||||||
Sustaining capital and lease related expenditures | 51,874 | 19,387 | 24,758 | 14,359 | — | 110,378 | |||||||||||||||||||||||||||||
| Reclamation cost accretion and amortization | 1,580 | 7,675 | 1,121 | 2,307 | — | 12,683 | |||||||||||||||||||||||||||||
| General and administrative expense and stock-based compensation expense | — | — | — | — | 66,130 | 66,130 | |||||||||||||||||||||||||||||
| Total AISC (non-GAAP) | $ | 183,911 | $ | 120,271 | $ | 74,164 | $ | 86,881 | $ | 66,130 | $ | 531,357 | |||||||||||||||||||||||
| Gold sold (oz) | 69,229 | 66,746 | 21,837 | — | — | 157,812 | |||||||||||||||||||||||||||||
| Silver sold (oz) | — | — | — | 3,339,149 | — | 3,339,149 | |||||||||||||||||||||||||||||
Gold equivalent sold (oz) (2) | 69,229 | 66,746 | 21,837 | 53,002 | — | 210,814 | |||||||||||||||||||||||||||||
Cost of sales per gold equivalent ounce sold (1)(2) | $ | 1,885 | $ | 1,487 | $ | 2,210 | $ | 1,714 | N/A | $ | 1,749 | ||||||||||||||||||||||||
| Cash cost per gold ounce sold | $ | 1,884 | $ | 1,396 | $ | 2,211 | N/A | N/A | N/A | ||||||||||||||||||||||||||
| Cash cost per silver ounce sold | N/A | N/A | N/A | $ | 21.03 | N/A | N/A | ||||||||||||||||||||||||||||
Cash cost per gold equivalent ounce sold (2) | $ | 1,884 | $ | 1,396 | $ | 2,211 | $ | 1,325 | N/A | $ | 1,623 | ||||||||||||||||||||||||
| AISC per gold ounce sold | $ | 2,657 | $ | 1,802 | $ | 3,396 | N/A | N/A | N/A | ||||||||||||||||||||||||||
| AISC per silver ounce sold | N/A | N/A | N/A | $ | 26.02 | N/A | N/A | ||||||||||||||||||||||||||||
AISC per gold equivalent ounce sold (2) | $ | 2,657 | $ | 1,802 | $ | 3,396 | $ | 1,639 | N/A | $ | 2,521 | ||||||||||||||||||||||||
(1)Excludes depreciation, depletion, and amortization.
(2)Effective January 1, 2026, the Company calculates gold equivalent ounces using a fixed silver-to-gold ratio of 63:1. 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.
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| Six Months Ended June 30, 2025 | |||||||||||||||||||||||||||||||||||
(in thousands, unless otherwise noted) | Marigold | CC&V (1) | Seabee | Puna | Corporate | Total from Continuing Operations | |||||||||||||||||||||||||||||
Cost of sales (GAAP) (2) | $ | 115,102 | $ | 67,968 | $ | 41,604 | $ | 74,915 | $ | — | $ | 299,589 | |||||||||||||||||||||||
| By-product credits | (71) | (714) | (40) | (23,255) | — | (24,080) | |||||||||||||||||||||||||||||
| Treatment and refining charges | 158 | 5 | 66 | (344) | — | (115) | |||||||||||||||||||||||||||||
| Cash costs (non-GAAP) | 115,189 | 67,259 | 41,630 | 51,316 | — | 275,394 | |||||||||||||||||||||||||||||
Sustaining capital and lease related expenditures | 23,439 | 7,667 | 20,510 | 5,977 | — | 57,593 | |||||||||||||||||||||||||||||
| Sustaining exploration and evaluation expense | 1,674 | — | — | — | — | 1,674 | |||||||||||||||||||||||||||||
Care and maintenance (3) | — | — | 234 | — | — | 234 | |||||||||||||||||||||||||||||
| Reclamation cost accretion and amortization | 1,363 | 5,117 | 1,388 | 5,804 | — | 13,672 | |||||||||||||||||||||||||||||
| General and administrative expense and stock-based compensation expense | — | — | — | — | 50,529 | 50,529 | |||||||||||||||||||||||||||||
| Total AISC (non-GAAP) | $ | 141,665 | $ | 80,043 | $ | 63,762 | $ | 63,097 | $ | 50,529 | $ | 399,096 | |||||||||||||||||||||||
| Gold sold (oz) | 75,997 | 56,100 | 36,350 | — | — | 168,447 | |||||||||||||||||||||||||||||
| Silver sold (oz) | — | — | — | 4,908,738 | — | 4,908,738 | |||||||||||||||||||||||||||||
Gold equivalent sold (oz) (4) | 75,997 | 56,100 | 36,350 | 52,396 | — | 220,843 | |||||||||||||||||||||||||||||
Cost of sales per gold equivalent ounce sold (2)(4) | $ | 1,515 | $ | 1,212 | $ | 1,145 | $ | 1,430 | N/A | $ | 1,357 | ||||||||||||||||||||||||
| Cash cost per gold ounce sold | $ | 1,516 | $ | 1,199 | $ | 1,145 | N/A | N/A | N/A | ||||||||||||||||||||||||||
| Cash cost per silver ounce sold | N/A | N/A | N/A | $ | 10.45 | N/A | N/A | ||||||||||||||||||||||||||||
Cash cost per gold equivalent ounce sold (4) | $ | 1,516 | $ | 1,199 | $ | 1,145 | $ | 979 | N/A | $ | 1,247 | ||||||||||||||||||||||||
| AISC per gold ounce sold | $ | 1,864 | $ | 1,427 | $ | 1,754 | N/A | N/A | N/A | ||||||||||||||||||||||||||
| AISC per silver ounce sold | N/A | N/A | N/A | $ | 12.85 | N/A | N/A | ||||||||||||||||||||||||||||
AISC per gold equivalent ounce sold (4) | $ | 1,864 | $ | 1,427 | $ | 1,754 | $ | 1,204 | N/A | $ | 1,807 | ||||||||||||||||||||||||
(1)The reported AISC amounts reflect results for CC&V from the date of acquisition on February 28, 2025 through June 30, 2025.
(2)Excludes depreciation, depletion, and amortization.
(3)Care and maintenance expense only includes direct costs not associated with environmental reclamation and remediation costs, as depreciation is not included in the calculation of AISC.
(4)In prior periods, gold equivalent ounces were calculated 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.
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Non-GAAP Measure - Adjusted Attributable Net Income (Loss)
Adjusted attributable net income (loss) and adjusted attributable net income (loss) per share are used by management and investors to measure the Company’s underlying operating performance. The most directly comparable financial measures prepared in accordance with GAAP are Net income (loss) attributable to SSR Mining shareholders and Net income (loss) per share attributable to SSR Mining shareholders. Adjusted attributable net income (loss) is defined as net income (loss) adjusted to exclude the after-tax impact of specific items that are significant, but not reflective of the Company’s underlying operations, including impairment charges.
The following table provides a reconciliation of Net income (loss) attributable to SSR Mining shareholders to adjusted net income (loss) attributable to SSR Mining shareholders:
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| Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
(in thousands, except per share) | 2026 | 2025 | 2026 | 2025 | |||||||||||||||||||
| Net income (loss) attributable to SSR Mining shareholders (GAAP) | $ | 97,286 | $ | 90,075 | $ | (9,164) | $ | 148,856 | |||||||||||||||
| Net income (loss) attributable to SSR Mining shareholders from discontinued operations (GAAP) | (39,728) | (41,908) | (396,850) | (67,682) | |||||||||||||||||||
| Net income (loss) attributable to SSR Mining shareholders from continuing operations (GAAP) | 137,014 | 131,983 | 387,686 | 216,538 | |||||||||||||||||||
| Interest saving on 2019 Notes, net of tax | — | 1,247 | 916 | 2,479 | |||||||||||||||||||
| Net income (loss) used in the calculation of diluted net income per share from continuing operations | $ | 137,014 | $ | 133,230 | $ | 388,602 | $ | 219,017 | |||||||||||||||
Weighted-average shares used in the calculation of net income (loss) per share | |||||||||||||||||||||||
| Basic | 208,014 | 202,774 | 206,823 | 202,598 | |||||||||||||||||||
| Diluted | 209,167 | 216,989 | 213,221 | 216,691 | |||||||||||||||||||
Net income (loss) per share attributable to SSR Mining shareholders from continuing operations | |||||||||||||||||||||||
| Basic | $ | 0.66 | $ | 0.65 | $ | 1.87 | $ | 1.07 | |||||||||||||||
| Diluted | $ | 0.66 | $ | 0.61 | $ | 1.82 | $ | 1.01 | |||||||||||||||
| Adjustments: | |||||||||||||||||||||||
| CC&V transaction and integration costs | — | 4,958 | — | 11,753 | |||||||||||||||||||
| Income tax impact related to above adjustments | — | 1,362 | — | — | |||||||||||||||||||
Adjusted net income (loss) attributable to SSR Mining shareholders from continuing operations (non-GAAP) (1) | $ | 137,014 | $ | 138,303 | $ | 387,686 | $ | 228,291 | |||||||||||||||
| Adjusted net income (loss) per share attributable to SSR Mining shareholders from continuing operations (non-GAAP) | |||||||||||||||||||||||
| Basic | $ | 0.66 | $ | 0.68 | $ | 1.87 | $ | 1.13 | |||||||||||||||
Diluted (2) | $ | 0.66 | $ | 0.64 | $ | 1.82 | $ | 1.06 | |||||||||||||||
(1)During the three months ended June 30, 2026, the Company revised its calculation of adjusted attributable net income (loss) to no longer exclude (i) inflation-related tax impacts in Argentina and (ii) changes in the fair value of marketable securities that are held as part of the Company's strategy to manage foreign exchange exposure associated with the devaluation of the ARS. The adjustments were historically excluded due to the significant volatility associated with Argentina's inflationary environment and the resulting fluctuations in tax expense. Based on recent economic data, management concluded that these impacts are no longer reflective of unusual or non-recurring economic conditions. Accordingly, the Company removed the adjustments from its non-GAAP measure and revised prior-period amounts to conform to the current-period presentation. The change increased adjusted attributable net income (loss) by $11.3 million and $15.0 million for the three and six months ended June 30, 2026, respectively, and by $3.5 million and $7.8 million for the three and six months ended June 30, 2025, respectively.
(2)Adjusted net income (loss) per diluted share attributable to SSR Mining shareholders is calculated using diluted common shares, which are calculated in accordance with GAAP.
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Non-GAAP Measure - Earnings Before Interest, Taxes, Depreciation and Amortization (“EBITDA”) and Adjusted EBITDA
EBITDA represents net income (loss) before interest, taxes, depreciation, and amortization. EBITDA is an indicator of the Company’s ability to generate liquidity by producing operating cash flow to fund working capital needs, service debt obligations, and fund capital expenditures.
Adjusted EBITDA represents net income (loss) before interest, taxes, depreciation, and amortization, adjusted to exclude the impact of specific items that are significant, but not reflective of the Company’s underlying operations, including impairment charges.
The most directly comparable financial measure prepared in accordance with GAAP to EBITDA and Adjusted EBITDA is Net income (loss) attributable to SSR Mining shareholders.
The following is a reconciliation of Net income (loss) attributable to SSR Mining shareholders to EBITDA and adjusted EBITDA:
| Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
(in thousands) | 2026 | 2025 | 2026 | 2025 | |||||||||||||||||||
| Net income (loss) attributable to SSR Mining shareholders (GAAP) | $ | 97,286 | $ | 90,075 | $ | (9,164) | $ | 148,856 | |||||||||||||||
| Net income (loss) attributable to SSR Mining shareholders from discontinued operations (GAAP) | (39,728) | (41,908) | (396,850) | (67,682) | |||||||||||||||||||
| Net income (loss) attributable to SSR Mining shareholders from continuing operations (GAAP) | 137,014 | 131,983 | 387,686 | 216,538 | |||||||||||||||||||
| Depletion, depreciation and amortization | 31,052 | 26,204 | 61,157 | 56,785 | |||||||||||||||||||
| Interest expense | 393 | 2,585 | 1,662 | 4,377 | |||||||||||||||||||
| Income and mining tax expense (benefit) | 48,318 | 29,284 | 110,521 | 51,384 | |||||||||||||||||||
EBITDA from continuing operations (non-GAAP) | 216,777 | 190,056 | 561,026 | 329,084 | |||||||||||||||||||
| CC&V transaction and integration costs | — | 4,958 | — | 11,753 | |||||||||||||||||||
Adjusted EBITDA from continuing operations (non-GAAP) (1) | $ | 216,777 | $ | 195,014 | $ | 561,026 | $ | 340,837 | |||||||||||||||
(1)During the three months ended June 30, 2026, the Company revised its calculation of adjusted EBITDA to no longer exclude changes in the fair value of marketable securities that are held as part of the Company's strategy to manage foreign exchange exposure associated with the devaluation of the ARS. The adjustment was historically excluded due to the significant volatility associated with Argentina's inflationary environment. Based on recent economic data, management concluded that the impact is no longer reflective of unusual or non-recurring economic conditions. Accordingly, the Company removed the adjustment from its non-GAAP measure and revised prior-period amounts to conform to the current-period presentation. The change increased adjusted EBITDA by $4.0 million and $4.9 million for the three and six months ended June 30, 2026, respectively, and by $2.1 million and $3.7 million for the three and six months ended June 30, 2025, respectively.
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Non-GAAP Measure - Free Cash Flow
The Company uses free cash flow to supplement information in its consolidated financial statements. The most directly comparable financial measure prepared in accordance with GAAP is Cash provided by (used in) operating activities. The Company believes that in addition to conventional measures prepared in accordance with US GAAP, certain investors and analysts use this information to evaluate the ability of the Company to generate cash flow after capital investments and build the Company’s cash resources. The Company calculates free cash flow by deducting cash capital spending from cash provided by (used in) operating activities. The Company does not deduct payments made for business acquisitions.
The following table provides a reconciliation of Cash provided by operating activities to free cash flow:
| Six Months Ended June 30, | |||||||||||
(in thousands) | 2026 | 2025 | |||||||||
Net cash provided by operating activities from operations (GAAP) | $ | 364,792 | $ | 239,893 | |||||||
| Net cash used in operating activities from discontinued operations (GAAP) | (55,665) | (30,033) | |||||||||
Net cash provided by operating activities from continuing operations (GAAP) | 420,457 | 269,926 | |||||||||
Expenditures on mineral properties, plant and equipment from continuing operations | (121,361) | (75,505) | |||||||||
Free cash flow from continuing operations (non-GAAP) | $ | 299,096 | $ | 194,421 | |||||||
Critical Accounting Estimates
This MD&A is based on the Company's Condensed Consolidated Financial Statements, which have been prepared in conformity with US GAAP. The preparation of these statements requires that the Company makes estimates and assumptions that affect the reported amounts of assets, liabilities, revenues and expenses. The Company bases these estimates on historical experience and on assumptions that the Company considers reasonable under the circumstances; however, reported results could differ from those based on the current estimates under different assumptions or conditions. Refer to the Company’s Management’s Discussion and Analysis of Critical Accounting Estimates included in Part II of Form 10-K. There have been no changes to our critical accounting policies from those disclosed on our Form 10-K, except as noted below.
Discontinued operations
The Company determined that in conjunction with entering into a definitive agreement to sell its ownership interest, the operations of the Hod Maden project meet the criteria for classification as held for sale and for discontinued operations reporting in accordance with Accounting Standards Codification (“ASC”) 205 Discontinued Operations (“ASC 205”). ASC 205 requires that a component of an entity that has been disposed of or is classified as held for sale, has operations and cash flows that can be clearly distinguished from the rest of the entity, and represents a strategic shift that has, or will have, a major effect on the reporting entity’s financial results must be reported as discontinued operations.
In the period where a component of an entity is classified as a discontinued operation, the results of operations for the periods presented are reclassified into separate line items in the Condensed Consolidated Statements of Operations and the assets and liabilities of the discontinued operation are also reclassified into separate line items on the related Condensed Consolidated Balance Sheets. Prior period amounts are also adjusted to reflect discontinued operations presentation. All amounts included in the notes to the Condensed Consolidated Financial Statements relate to continuing operations unless otherwise noted. Accounting for discontinued operations and the related gain or loss on sale of discontinued operations requires us to make estimates and judgments regarding the allocation of costs and net asset values to discontinued operations.
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Deconsolidation of a Subsidiary
In connection with the divestiture of its 20% ownership interest in Artmin, the Company deconsolidated Artmin upon resigning as the operator of the Hod Maden development project and determining that it was no longer the primary beneficiary, as it no longer has the power to direct the significant activities of Artmin. Upon deconsolidation, the Company derecognized all assets and liabilities of the variable interest entity (“VIE”) from its Condensed Consolidated Balance Sheets as of June 30, 2026. The Company uses judgment to evaluate whether we have a controlling financial interest in an entity. For entities that are not VIEs, we assess control through our voting interest. For VIEs, we determine whether we are the primary beneficiary by evaluating whether we have both the power to direct activities and the obligation to absorb losses or the right to receive benefits. This analysis involves significant assumptions related to control rights, economic exposure, and the structure of the arrangement.
Equity method investments
As discussed above, the Company deconsolidated Artmin after determining that it was no longer the primary beneficiary. Following deconsolidation, the Company retained a significant influence over Artmin through its remaining ownership interest and accounts for its investment under the equity method of accounting. The fair value of the equity method investment in Artmin was determined using a discounted cash flow model. The valuation required management to make assumptions and apply significant judgment in estimating future cash flows, including metal price assumptions; estimates of future capital expenditures and operating costs; mineral reserve, mineral resource, and exploration estimates; and the use of discount rates in the measurement of fair value. Refer to Note 3 of the Condensed Consolidated Financial Statements for additional information. The Company accounts for its investments in unconsolidated entities under the equity method of accounting. The Company applies the equity method by initially recording these investments at fair value, as equity method investments, subsequently adjusted to reflect the Company’s proportional share of the investee’s results of operations and cash contributions and distributions.
New Accounting Pronouncements
For a discussion of Recently Issued Accounting Pronouncements, see Note 2 of the Condensed Consolidated Financial Statements.
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ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
There have been no material changes in market risks during the three month period ended June 30, 2026.
For additional information on market risks, refer to “Disclosures About Market Risks” included in Part II, Item 7A of the Form 10-K for the year ended December 31, 2025.
ITEM 4. CONTROLS AND PROCEDURES
Evaluation of Disclosure Controls and Procedures
The Company’s Management assessed the effectiveness of the Company’s disclosure controls and procedures (as such term is defined in Rules 13a–15(e) and 15d–15(e) under the Exchange Act) as of the end of the period covered by this quarterly report on Form 10-Q. Based upon its assessment, Management concluded that the Company’s disclosure controls and procedures were effective as of June 30, 2026.
Changes in Internal Control Over Financial Reporting
There were no changes in the Company’s internal control over financial reporting that occurred during the most recent quarter, that has materially affected, or is reasonably likely to materially affect, the Company’s internal control over financial reporting.
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PART II - OTHER INFORMATION
ITEM 1. LEGAL PROCEEDINGS
From time to time, the Company and its subsidiaries have become involved in litigation relating to claims arising out of operations in the normal course of business. Information regarding legal proceedings is contained in Note 19 to the Condensed Consolidated Financial Statements contained in this Report and is incorporated herein by reference.
On March 9, 2026, Newmont Corporation (“Newmont”), the former indirect parent company of CC&V, and CC&V (as a Nominal Plaintiff in the Action), filed a lawsuit in the United States District Court for the District of Colorado (Civil Action No. 26-cv-00952), against the Colorado Department of Public Health and Environment and the Colorado Water Quality Control Division, seeking a declaratory judgment that outflows from the Carlton Tunnel do not require a permit under either the federal Clean Water Act or the Colorado Water Quality Control Act (the “Action”). The complaint asserts that no discharge permit is required because the Carlton Tunnel outflows are an exempt water transfer between waters of the United States, the constituents at issue were not added by human activity, and the underground water is not meaningfully distinct from the receiving waters of Fourmile Creek. Newmont is a plaintiff in the Action because it retained certain rights under the agreement by which the Company acquired CC&V to pursue regulatory relief with respect to the Carlton Tunnel. CC&V is listed as a Nominal Plaintiff in the Action. On June 26, 2026, defendants moved to dismiss the Action. The plaintiffs intend to oppose the motion, which will be fully briefed by August 2026 and pending review by the federal court.
On March 18, 2024 and March 22, 2024, two related putative securities class actions, Karam Akhras v. SSR Mining Inc., et. al., Case No. 24-cv-00739 and Eric Lindemann v. SSR Mining Inc., et. al., Case No. 24-cv-00808, were filed in the United States District Court for the District of Colorado (collectively, the “U.S. Securities Actions”). The U.S. Securities Actions assert claims for alleged violations of Section 10(b) of the Exchange Act and Rule 10b-5 promulgated thereunder against the Company, as well as certain of its current and former members of management (the “Individual Defendants”, and together with the Company, the “Defendants”) and for alleged violations of Section 20(a) of the Exchange Act against the Individual Defendants. The complaints allege that certain public statements made by the Defendants were rendered materially false and misleading with respect to, among other things, the adequacy of the Company’s internal controls relating to its safety practices and operational integrity at its Çöpler mining facility in Türkiye. On August 2, 2024, the U.S. Securities Actions were consolidated as Consolidated Civil Action No. 1:24-cv-00739-DDD-SBP (the “Consolidated U.S. Securities Action”) and the court appointed lead counsel and a lead plaintiff for the putative class. On October 15, 2024, the lead plaintiff filed a consolidated amended complaint and the Defendants filed a motion to dismiss that complaint. On September 30, 2025, the court dismissed the Consolidated U.S. Securities Action, but granted the lead plaintiff leave to amend. The lead plaintiff filed a second consolidated amended complaint on November 5, 2025 and the Defendants filed a motion to dismiss that complaint on January 9, 2026. On July 17, 2026, the court granted the Defendants’ motion to dismiss with prejudice. The lead plaintiff has 30 days from the date of the dismissal to appeal the decision to the U.S. Federal Court of Appeals.
Additionally, two putative securities class actions, Glenna Padley v. SSR Mining Inc., et. al. (the “Padley Action”) and Abdurrazag Mutat v. SSR Mining Inc., et al. (the “Mutat Action”) were filed on March 27, 2024, and April 23, 2024, respectively, in the Supreme Court of British Columbia (the “BC Actions”). Two additional putative securities class actions, Chao Liang v. SSR Mining Inc., et. al. (the “Liang Action”) and Michael Jones v. SSR Mining., et. al. (the “Jones Action”), were filed on April 5, 2024, and May 1, 2024, respectively, in the Ontario Superior Court of Justice (the “Ontario Actions” and together with the BC Actions, the “Canadian Securities Actions”). The Canadian Securities Actions assert claims for alleged misrepresentations by the Defendants at common law and in contravention of applicable Provincial securities law disclosure obligations. On August 9, 2024, carriage of the proposed Ontario Actions was granted to the Liang Action. The Jones Action is stayed as of such decision. On April 11, 2025, carriage of the proposed BC Actions was granted to the Padley Action. The Mutat Action is stayed as of such decision. On April 14, 2026, the Ontario Superior Court of Justice stayed the Liang Action until further order of the court or final determination of the Padley Action.
The Consolidated U.S. Securities Action and Canadian Securities Actions seek unspecified compensatory damages on behalf of the putative class members. The Company, along with the Individual Defendants, are defending themselves against these claims.
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ITEM 1A. RISK FACTORS
In addition to the other information set forth in this report, you should carefully consider the factors discussed in Part I, Item IA., “Risk Factors” in the Company’s Form 10-K for the fiscal year ended December 31, 2025. The risks described in the Annual Report and herein are not the only risks facing the Company. Additional risks and uncertainties not currently known to the Company or that is deemed to be immaterial may also materially adversely affect the business, financial condition, cash flows and/or future results.
ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS
Under the Normal Course Issuer Bid (the “2026 NCIB”), which commenced on March 31, 2026, the Company was authorized to purchase up to 21.5 million common shares through March 30, 2027. To date, the Company has purchased and cancelled 10,424,713 common shares via open market purchases through the facilities of the TSX and Nasdaq at a weighted average price paid per common share of $32.40 for approximately $337.8 million.
The following table summarizes purchases by the Company, or an affiliated purchaser, of the Company’s equity securities registered pursuant to Section 12 of the Exchange Act during the three months ended June 30, 2026:
| Period | Total Number of Shares Purchased(1) | Average Price Paid Per Share(1) | Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs | Maximum Number of Shares that May Yet Be Purchased Under the Plans or Programs | |||||||||||||||||||
| April 1 - April 30 | 9,224,713 | $ | 32.53 | 9,224,713 | 12,277,476 | ||||||||||||||||||
| May 1 - May 31 | — | $ | — | — | 12,277,476 | ||||||||||||||||||
| June 1 - June 30 | 1,200,000 | $ | 31.42 | 1,200,000 | 11,077,476 | ||||||||||||||||||
| Total | 10,424,713 | $ | 32.40 | 10,424,713 | |||||||||||||||||||
(1)The total number of shares purchased (and the average price paid per share) reflects shares purchased pursuant to the 2026 NCIB.
ITEM 3. DEFAULTS UPON SENIOR SECURITIES
None.
ITEM 4. MINE SAFETY DISCLOSURES
The Company is required to report certain mine safety violations or other regulatory matters required by Section 1503(a) of the Dodd-Frank Wall Street Reform and Consumer Protection Act and Item 104 of Regulation S-K, and that required information is included in Exhibit 95 to this Quarterly Report, which is incorporated herein by reference.
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ITEM 5. OTHER INFORMATION
Rule 10b5-1 and Non-Rule 10b5-1 Trading Arrangements by our Directors and Officers
During the quarterly period covered by this report, no directors or officers (as defined in Rule 16a-1(f) of the Securities Exchange Act of 1934, as amended) adopted terminated
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ITEM 6. EXHIBITS, FINANCIAL STATEMENT SCHEDULES
| Exhibit Number | ||||||||
| 31.1 + | Certification of Chief Executive Officer Pursuant to Rule 13a-14(a)/15d-14(a) as Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. | |||||||
| 31.2 + | Certification of Chief Financial Officer Pursuant to Rule 13a-14(a)/15d-14(a) as Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. | |||||||
| 32.1++ | Certification of Chief Executive Officer Pursuant to 18 U.S.C. Section 1350 as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. | |||||||
| 32.2++ | Certification of Chief Financial Officer Pursuant to 18 U.S.C. Section 1350 as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. | |||||||
| 95 + | Mine Safety Information Pursuant to Section 1503(a) of the Dodd-Frank Wall Street Reform and Consumer Protection Act. | |||||||
| 101 | 101.INS 101.SCH 101.CAL 101.DEF 101.LAB 101.PRE | XBRL Instance - XBRL tags are embedded within the Inline XBRL document XBRL Taxonomy Extension Schema XBRL Taxonomy Extension Calculation XBRL Taxonomy Extension Definition XBRL Taxonomy Extension Labels XBRL Taxonomy Extension Presentation | ||||||
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document). | |||||||
| + | Filed herewith | |||||||
| ++ | Furnished herewith | |||||||
+++ | Previously filed | |||||||
| * | Indicates a management contract or compensatory plan or arrangement. | |||||||
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SIGNATURES
Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
SSR MINING INC. Registrant | |||||
Date: August 4, 2026 | /s/ Michael J. Sparks | ||||
Name: Michael J. Sparks Title: Executive Vice President and Chief Financial Officer (Principal Financial Officer) | |||||
Date: August 4, 2026 | /s/ Russell Farnsworth | ||||
Name: Russell Farnsworth Title: Vice President, Controller (Principal Accounting Officer) | |||||
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