Second Quarter 2023
Highlights (1)
- Attributable and Adjusted Attributable Diluted Earnings Per
Share of $0.35 and $0.35, Respectively
- Quarterly Production of 156,625 Gold Equivalent Ounces at Cost
of Sales of $1,155 and AISC of $1,633 Per Ounce
- Year-to-date Production of 303,518 Gold Equivalent Ounces at
Cost of Sales of $1,224 and AISC of $1,663 Per Ounce
- Quarterly Operating Cash Flow and Free Cash Flow of $80.3
Million and $22.4 Million, Respectively
- Quarterly Operating Cash Flow and Free Cash Flow Before Working
Capital Adjustments of $104.3 Million and $46.3 Million,
Respectively
- Repurchased 2.7 Million Shares for $40.1 Million in the Second
Quarter; Year-to-date 2023 Capital Returns Now Total Approximately
$74 Million and on Track for a Minimum Full-year Capital Returns
Yield of 3.4%
- Announced New Normal Course Issuer Bid (“NCIB”) Enabling the
Company to Repurchase up to 10,200,000 Shares Through June 19,
2024
- Commenced Waste Stripping at the Çakmaktepe Extension Project;
First Production on Track Within 2023
- Acquired an up to 40% Ownership Interest and Operatorship in
the World-class Hod Maden Gold-copper Project, Targeting a
Construction Decision in 2024 and First Production in 2027
- Published Fifth Annual ESG and Sustainability Report
SSR Mining Inc. (NASDAQ/TSX: SSRM, ASX: SSR) ("SSR Mining" or
the “Company") reports consolidated financial results for the
second quarter ended June 30, 2023. In addition, the Board of
Directors declared a quarterly cash dividend of $0.07 per common
share payable on September 11, 2023 to holders of record at the
close of business on August 14, 2023. This dividend qualifies as an
'eligible dividend' for Canadian tax purposes.
Rod Antal, Executive Chairman of SSR Mining, said, “As we close
the first half of 2023, our consolidated operating and financial
results have generally been well aligned to our initial
expectations with output from �pler, Marigold and Puna partially
offsetting the slower start to the year at Seabee. In the second
half of the year, we expect all four of our operations to deliver
improved consolidated production of approximately four hundred
thousand gold equivalent ounces at reduced costs, resulting in
strong free cash flow generation. While we are tracking to the
lower end of our consolidated production guidance as a result of
Seabee’s year-to-date performance, it is pleasing to see the mine
positioned for an improved second half, particularly as production
levels and grades improved in July.
Given our expectations for a strong second half of 2023, we have
been very active with our capital returns program, repurchasing
over $45 million of our shares in the first half of the year.
Combined with our base dividend, we are on track to exceed $100
million in capital returns in 2023, or a 3.4% yield.
From a growth perspective, we continue to advance technical work
to support anticipated updated life of mine plans at �pler and
Marigold. In addition, we initiated waste stripping activities at
Çakmaktepe Extension and remain on track for first gold production
from the project within the year. Finally, at Hod Maden, initial
site preparation activities are currently underway and we continue
to expect an updated technical report and construction decision for
the project in 2024. Overall, SSR Mining remains in a position of
strength, supported by a significant cash position, key growth
catalysts and the tailwind of improving production and free cash
flow into the end of 2023.”
______________________________
(1) The Company reports non-GAAP financial
measures including adjusted attributable net income, adjusted
attributable net income per share, cash generated by operating
activities before working capital adjustments, free cash flow, free
cash flow before changes in working capital, total cash, net cash
(debt), cash costs and AISC per ounce sold (a common measure in the
mining industry), to manage and evaluate its operating performance
at its mines. See "Cautionary Note Regarding Non-GAAP Financial
Measures" for an explanation of these financial measures and a
reconciliation of these financial measures to the most comparable
GAAP financial measures.
Second Quarter 2023 Highlights: (1) (All figures are in
U.S. dollars unless otherwise noted)
- Operating performance tracking well against full-year
guidance: The Company delivered second quarter 2023 production
of 156,625 gold equivalent ounces at cost of sales of $1,155 per
gold equivalent ounce and all-in sustaining costs (“AISC”) of
$1,633 per gold equivalent ounce. Year-to-date production is
303,518 gold equivalent ounces at cost of sales of $1,224 per gold
equivalent ounce and AISC of $1,663 per gold equivalent ounce. In
the second half of 2023, the Company expects production to be
evenly distributed over the balance of the year. The Company’s
consolidated 2023 production guidance of 700 to 780 thousand gold
equivalent ounces at cost of sales of $1,055 to $1,115 per gold
equivalent ounce and AISC of $1,365 to $1,425 per gold equivalent
ounce remains unchanged.
- Strong financial results: Attributable net income in the
second quarter of 2023 was $74.9 million, or $0.35 per diluted
share, and adjusted attributable net income was $75.1 million, or
$0.35 per diluted share. An approximately $25.1 million gain was
included in the second quarter 2023 attributable and adjusted
attributable net income, representing the net impact of foreign
exchange losses and the deferred tax benefit resulting from
currency devaluation, namely the Turkish Lira. For the six months
ended June 30, 2023, attributable net income was $104.7 million, or
$0.49 per diluted share, and adjusted attributable net income was
$96.4 million, or $0.45 per diluted share. In the second quarter of
2023, operating cash flow was $80.3 million, or $104.3 million
before working capital adjustments, and free cash flow was $22.4
million, or $46.3 million before working capital adjustments. Free
cash flow remains strongly weighted to the second half of 2023, in
line with previously stated guidance, and is expected to be
relatively evenly split between the third and fourth quarters.
- Continued delivery of peer-leading capital returns:
During the second quarter of 2023, the Board declared a quarterly
cash dividend of $0.07 per share and the Company repurchased a
total of 2,678,822 of its outstanding common shares at an average
share price of $14.97 per share. Combined, the Company returned
$54.5 million to shareholders during the second quarter of 2023
including the $14.3 million in quarterly dividend payments and
$40.1 million in share repurchases. The Company is on track to
return a minimum of $102.6 million in capital returns in 2023, or a
3.4% yield, which includes a total of 3,026,993 shares repurchased
in the first half of 2023 for $45.3 million. On June 16, 2023, the
Company announced a new Normal Course Issuer Bid (“NCIB”) enabling
SSR Mining to purchase for cancellation up to 10,200,000 common
shares of the Company representing approximately 5.0% of SSR
Mining’s total issued and outstanding common shares.
- Balance sheet continues to support growth initiatives:
As of June 30, 2023, SSR Mining had a total cash balance of $412.8
million, reflecting the $120 million upfront cash payment as part
of the previously announced Hod Maden transaction and the
aforementioned capital returns in the second quarter of 2023. SSR
Mining’s strong balance sheet, including non-GAAP net cash of
$147.3 million and total available liquidity of $712.8 million,
supports the Company’s long-term capital commitments and the
continuation of the Company’s dynamic shareholder returns
strategy.
- Acquired an up to 40% ownership interest and operatorship in
the Hod Maden Gold-Copper project: In the second quarter of
2023, the Company announced the acquisition of an up to 40%
interest and immediate operational control in the Hod Maden
gold-copper development project (“Hod Maden”) in northeastern
Türkiye from Lidya Mines. Aggregate acquisition consideration
totals $270 million, which included a $120 million upfront cash
payment to acquire a 10% interest in Hod Maden, followed by $150
million in earn-in structured milestone payments to acquire an
additional 30% interest, payable between the start of construction
and the first anniversary of commercial production. The acquisition
of Hod Maden adds one of the highest margin and lowest capital
intensity development projects globally to SSR Mining’s robust
portfolio of high-return growth projects and leverages SSR Mining’s
significant experience in Türkiye.
- �pler sulfide plant continues to deliver solid performance;
Çakmaktepe Extension on track for first production in 2023:
Gold production was 52,031 ounces in the second quarter of 2023 at
cost of sales of $1,117 per ounce and AISC of $1,384 per ounce. The
sulfide plant delivered another strong quarter, with an average
throughput rate of nearly 7,500 tonnes per day. Planned maintenance
in the �pler sulfide plant will be completed in the third quarter
of 2023, and no further planned maintenance is expected until 2024.
The Çakmaktepe Extension project remains on track to deliver first
gold production in 2023, with initial waste stripping activity
underway. In the second half of 2023, Ç�pler’s production profile
is expected to be 50 to 55% weighted to the fourth quarter
reflecting the maintenance shutdown in the third quarter.
- Strong quarterly production at Marigold: Gold production
was 60,443 ounces in the second quarter of 2023 at cost of sales of
$1,059 per ounce and AISC of $1,656 per ounce. The $64 million in
sustaining capital spent year-to-date was primarily allocated to
the purchase of four new haul trucks that will be used to support
waste stripping activities. Marigold remains on track for its $81
million full-year sustaining capital guidance.
- Production improves at Seabee: Gold production was
16,428 ounces in the second quarter of 2023 at cost of sales of
$1,192 per ounce and AISC of $1,690 per ounce. Underground mining
rates rebounded in the second quarter, averaging more than 1,300
tonnes per day reflecting the ongoing success of continuous
improvement initiatives at the site. Processed grades improved in
July, positioning Seabee for a stronger second half of 2023.
- Puna continues to deliver strong performance: Silver
production was 2.3 million ounces in the second quarter of 2023 at
cost of sales of $18.02 per ounce of silver and AISC of $17.41 per
ounce of silver. Puna again delivered solid process plant
performance, with throughput averaging more than 4,600 tonnes per
day during the second quarter.
- ESG and Sustainability Report: On April 14, 2023, the
Company published its fifth annual ESG and Sustainability Report.
The report provided a comprehensive overview of how SSR Mining
manages sustainability across its business, detailed specific
achievements from 2022 as well as outlined the commitments the
Company made for 2023.
Financial and Operating Highlights
A summary of the Company's consolidated financial and operating
results for the three and six months ended June 30, 2023 and June
30, 2022 are presented below:
Three Months Ended
Six Months Ended
(in thousands of US dollars, except per
share data)
June 30,
June 30,
2023
2022
2023
2022
Financial Results
Revenue
$
301,026
$
319,583
$
615,640
$
675,029
Cost of sales
$
170,640
$
164,928
$
369,937
$
318,448
Operating income
$
52,929
$
70,095
$
89,914
$
185,965
Net income
$
122,376
$
67,519
$
151,380
$
143,625
Net income attributable to SSR Mining
shareholders
$
74,866
$
58,488
$
104,679
$
126,051
Basic net income per share attributable to
SSR Mining shareholders
$
0.37
$
0.28
$
0.51
$
0.59
Diluted net income per share attributable
to SSR Mining shareholders
$
0.35
$
0.27
$
0.49
$
0.57
Adjusted attributable net income (2)
$
75,103
$
66,800
$
96,376
$
132,742
Adjusted basic attributable net income per
share (2)
$
0.37
$
0.31
$
0.47
$
0.62
Adjusted diluted attributable net income
per share (2)
$
0.35
$
0.30
$
0.45
$
0.60
Cash generated by operating activities
before changes in working capital (2)
$
104,265
$
105,602
$
195,134
$
236,369
Cash generated by operating activities
$
80,343
$
32,838
$
83,310
$
95,025
Cash used in investing activities
$
(179,860)
$
(29,860)
$
(231,741)
$
(57,745)
Cash used in financing activities
$
(72,945)
$
(63,234)
$
(111,134)
$
(116,683)
Operating Results
Gold produced (oz)
128,902
135,500
251,723
292,510
Gold sold (oz)
124,916
146,329
251,027
303,508
Silver produced ('000 oz)
2,269
1,967
4,284
3,270
Silver sold ('000 oz)
1,857
1,771
4,238
3,532
Lead produced ('000 lb) (3)
10,193
8,889
21,554
16,192
Lead sold ('000 lb) (3)
9,805
8,874
23,175
19,087
Zinc produced ('000 lb) (3)
1,748
1,507
4,227
3,350
Zinc sold ('000 lb) (3)
1,033
1,367
4,720
4,495
Gold equivalent produced (oz) (3)
156,625
159,262
303,518
333,201
Gold equivalent sold (oz) (3)
147,705
167,201
302,262
346,893
Average realized gold price ($/oz
sold)
$
1,963
$
1,861
$
1,932
$
1,870
Average realized silver price ($/oz
sold)
$
24.61
$
19.64
$
23.92
$
21.75
Cost of sales per gold equivalent ounce
sold (4)
$
1,155
$
986
$
1,224
$
918
Cash cost per gold equivalent ounce sold
(2, 4)
$
1,108
$
933
$
1,157
$
851
AISC per gold equivalent ounce sold (2,
4)
$
1,633
$
1,267
$
1,663
$
1,177
Financial Position
June 30, 2023
December 31, 2022
Cash and cash equivalents
$
379,243
$
655,453
Current assets
$
1,155,380
$
1,376,435
Total assets
$
5,739,479
$
5,254,657
Current liabilities
$
203,677
$
279,252
Total liabilities
$
1,127,751
$
1,128,458
Working capital (5)
$
951,703
$
1,097,183
(2) The Company reports non-GAAP financial
measures including adjusted attributable net income, adjusted
attributable net income per share, cash generated by operating
activities before changes in working capital, cash costs and AISC
per ounce sold to manage and evaluate its operating performance at
its mines. See “Non-GAAP Financial Measures” at the end of this
press release for an explanation of these financial measures and a
reconciliation of these financial measures to net income, cost of
sales, and cash generated by operating activities, which are the
most comparable GAAP financial measures. Cost of sales excludes
depreciation, depletion, and amortization.
(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) Gold equivalent ounces are calculated
multiplying the silver ounces by the ratio of the silver price to
the gold price, using the average London Bullion Market Association
(“LBMA”) prices for the period. The Company does not include
by-products in the gold equivalent ounce calculations.
(5) Working capital is defined as current
assets less current liabilities.
Ç�pler, Türkiye
(amounts presented on 100% basis)
Three Months Ended
Six Months Ended
June 30,
June 30,
Operating Data
2023
2022
2023
2022
Gold produced (oz)
52,031
51,390
107,105
122,030
Gold sold (oz)
49,197
57,846
107,211
130,271
Ore mined (kt)
1,184
674
2,363
1,685
Waste removed (kt)
4,841
6,173
10,216
11,308
Total material mined (kt)
6,025
6,847
12,579
12,993
Strip ratio
4.1
9.2
4.3
6.7
Ore stacked (kt)
154
148
342
210
Gold grade stacked (g/t)
1.46
0.90
1.33
0.87
Ore milled (kt)
680
611
1,404
1,256
Gold mill feed grade (g/t)
2.34
2.55
2.40
2.95
Gold recovery (%)
89.1
87.2
88.4
87.1
Average realized gold price ($/oz
sold)
$
1,979
$
1,863
$
1,934
$
1,869
Cost of sales ($/oz gold sold)
$
1,117
$
1,091
$
1,209
$
965
Cash costs ($/oz gold sold) (6)
$
1,107
$
1,078
$
1,196
$
948
AISC ($/oz gold sold) (6)
$
1,384
$
1,253
$
1,404
$
1,087
(6) 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 �pler. See "Non-GAAP
Financial Measures" for an explanation of these financial measures
and a reconciliation to cost of sales, which are the comparable
GAAP financial measure. Cost of sales excludes depreciation,
depletion, and amortization.
For the three months ended June 30, 2023 and 2022, �pler
produced 52,031 and 51,390 ounces of gold, respectively. For the
six months ended June 30, 2023 and 2022, �pler produced 107,105
and 122,030 ounces of gold, respectively. Gold sold was less than
gold produced during the three months ended June 30, 2023 as a
result of timing of sales due to Turkish holiday closures during
the last week of the quarter, which resulted in a buildup of
finished goods inventory. Second quarter 2023 cost of sales of
$1,117 per ounce and AISC of $1,384 per ounce were in line with
expectations resulting in year-to-date cost of sales of $1,209 per
ounce and AISC of $1,404 per ounce.
Planned maintenance in the �pler sulfide plant will be
completed in the third quarter of 2023, and no further maintenance
is planned until 2024. The Çakmaktepe Extension project remains on
track to achieve first production within 2023, with initial waste
stripping activities underway. Technical work for the �pler
expansion project continues to advance, including updated Mineral
Reserves and Mineral Resources, and an updated technical report. In
the second half of 2023, Ç�pler’s production profile is expected to
be 50 to 55% weighted to the fourth quarter reflecting the
maintenance shutdown in the third quarter.
Marigold, USA
Three Months Ended
Six Months Ended
June 30,
June 30,
Operating Data
2023
2022
2023
2022
Gold produced (oz)
60,443
45,769
112,422
79,557
Gold sold (oz)
60,389
45,983
111,686
82,937
Ore mined (kt)
5,042
4,100
10,409
8,920
Waste removed (kt)
15,648
20,576
32,678
40,364
Total material mined (kt)
20,690
24,676
43,086
49,284
Strip ratio
3.1
5.0
3.1
4.5
Ore stacked (kt)
5,042
4,100
10,409
8,920
Gold grade stacked (g/t)
0.52
0.67
0.47
0.52
Average realized gold price ($/oz
sold)
$
1,950
$
1,857
$
1,933
$
1,860
Cost of sales costs ($/oz gold sold)
$
1,059
$
1,097
$
1,061
$
1,075
Cash costs ($/oz gold sold) (7)
$
1,063
$
1,099
$
1,065
$
1,076
AISC ($/oz gold sold) (7)
$
1,656
$
1,458
$
1,659
$
1,505
(7) The Company reports the non-GAAP
financial measures of cash costs and AISC per ounce of gold sold to
manage and evaluate operating performance at Marigold. See
"Non-GAAP Financial Measures" for an explanation of these financial
measures and a reconciliation to cost of sales, which are the
comparable GAAP financial measure. Cost of sales excludes
depreciation, depletion, and amortization.
For the three months ended June 30, 2023 and 2022, Marigold
produced 60,443 and 45,769 ounces of gold, respectively. Higher
production for the three months ended June 30, 2023, as compared to
the prior year, is attributable to more tonnes stacked and the
timing of leach recoveries. For the six months ended June 30, 2023
and 2022, Marigold produced 112,422 and 79,557 ounces of gold,
respectively. Second quarter 2023 cost of sales of $1,059 per ounce
and AISC of $1,656 per ounce were in line with expectations
resulting in year-to-date cost of sales of $1,061 per ounce and
AISC of $1,659 per ounce.
With the mine stacking more typical ore in 2023, leach cycles
have now returned to normal and no further delays to gold recovery
are expected going forward. The sustaining capital spent
year-to-date was primarily allocated to the purchase of four new
haul trucks that will be used to support waste stripping
activities. Marigold remains on track for its $81 million full-year
sustaining capital guidance.
Seabee, Canada
Three Months Ended
Six Months Ended
June 30,
June 30,
Operating Data
2023
2022
2023
2022
Gold produced (oz)
16,428
38,341
32,196
90,923
Gold sold (oz)
15,330
42,500
32,130
90,300
Ore mined (kt)
119
97
218
199
Ore milled (kt)
105
99
218
194
Gold mill feed grade (g/t)
5.25
12.06
4.91
14.85
Gold recovery (%)
96.9
98.0
96.5
98.4
Average realized gold price ($/oz
sold)
$
1,960
$
1,862
$
1,931
$
1,882
Cost of sales ($/oz gold sold)
$
1,192
$
447
$
1,293
$
392
Cash costs ($/oz gold sold) (8)
$
1,192
$
449
$
1,294
$
394
AISC ($/oz gold sold) (8)
$
1,690
$
628
$
1,960
$
611
(8) The Company reports the non-GAAP
financial measures of cash costs and AISC per ounce of gold sold to
manage and evaluate operating performance at Seabee. See "Non-GAAP
Financial Measures" for an explanation of these financial measures
and a reconciliation to cost of sales, which are the comparable
GAAP financial measure. Cost of sales excludes depreciation,
depletion, and amortization.
For the three months ended June 30, 2023 and 2022, Seabee
produced 16,428 and 38,341 ounces of gold, respectively. Lower
production for the three months ended June 30, 2023, as compared to
the prior year, is attributable to lower grades mined and processed
as Seabee continued to rebound from unplanned maintenance downtime
in the first quarter of 2023. For the six months ended June 30,
2023 and 2022, Seabee produced 32,196 and 90,923 ounces of gold,
respectively. Second quarter 2023 cost of sales of $1,192 per ounce
and AISC of $1,690 were above expectations reflecting the lower
production.
As guided, sustaining capital spend at Seabee was concentrated
in the first half of the year as a result of the winter road
season. Processed grades improved in July, positioning Seabee for a
stronger second half of 2023.
Puna, Argentina
Three Months Ended
Six Months Ended
June 30,
June 30,
Operating Data
2023
2022
2023
2022
Silver produced ('000 oz)
2,269
1,967
4,284
3,270
Silver sold ('000 oz)
1,857
1,771
4,238
3,532
Lead produced ('000 lb)
10,193
8,889
21,554
16,192
Lead sold ('000 lb)
9,805
8,874
23,175
19,087
Zinc produced ('000 lb)
1,748
1,507
4,227
3,350
Zinc sold ('000 lb)
1,033
1,367
4,720
4,495
Gold equivalent sold ('000 oz) (9)
22,789
20,872
51,235
43,385
Ore mined (kt)
510
505
859
852
Waste removed (kt)
1,524
2,311
3,508
4,389
Total material mined (kt)
2,034
2,816
4,367
5,241
Strip ratio
3.0
4.6
4.1
5.2
Ore milled (kt)
419
419
834
792
Silver mill feed grade (g/t)
175.5
152.4
166.5
137.7
Lead mill feed grade (%)
1.18
1.01
1.25
1.02
Zinc mill feed grade (%)
0.36
0.33
0.40
0.37
Silver mill recovery (%)
96.1
95.6
96.0
95.4
Lead mill recovery (%)
93.4
92.9
93.9
92.3
Zinc mill recovery (%)
52.7
41.7
57.8
46.3
Average realized silver price ($/oz
sold)
$
24.61
$
19.64
$
23.92
$
21.75
Cost of sales ($/oz sold)
$
18.02
$
18.29
$
18.95
$
19.31
Cash costs ($/oz silver sold) (10)
$
14.40
$
13.54
$
14.41
$
13.30
AISC ($/oz silver sold) (10)
$
17.41
$
15.23
$
16.84
$
14.95
(9) Gold equivalent ounces are calculated
multiplying the silver ounces by the ratio of the silver price to
the gold price, using the average LBMA prices for the period. The
Company does not include by-products in the gold equivalent ounce
calculations.
(10) The Company reports the non-GAAP
financial measures of cash costs and AISC per ounce of silver sold
to manage and evaluate operating performance at Puna. See "Non-GAAP
Financial Measures" for an explanation of these financial measures
and a reconciliation to cost of sales, which are the comparable
GAAP financial measure. Cost of sales excludes depreciation,
depletion, and amortization
For the three months ended June 30, 2023 and 2022, Puna produced
2.3 million and 2.0 million ounces of silver, respectively with the
year-over-year increase primarily driven by higher mill feed grade.
For the six months ended June 30, 2023 and 2022, Puna produced 4.3
million and 3.3 million ounces of silver, respectively. Second
quarter 2023 cost of sales of $18.02 per ounce of silver sold and
AISC of $17.41 per ounce of silver sold were in line with
expectations.
Conference Call Information
This news release should be read in conjunction with the
Company’s Quarterly Report on Form 10-Q for the quarter ended June
30, 2023, filed with the U.S. Securities and Exchange Commission
(the “SEC”) and available on the SEC website at www.sec.gov or
www.ssrmining.com.
- Conference call and webcast: Wednesday, August 2, 2023, at 5:00
pm EDT.
Toll-free in U.S. and Canada:
+1 (800) 319-4610
All other callers:
+1 (604) 638-5340
Webcast:
http://ir.ssrmining.com/investors/events
- The conference call will be archived and available on our
website. Audio replay will be available for two weeks by
calling:
Toll-free in U.S. and Canada:
+1 (855) 669-9658, replay code 0214
All other callers:
+1 (412) 317-0088, replay code 0214
Dividend Declaration
On August 2, 2023 the Board of Directors declared a quarterly
cash dividend of $0.07 per common share, payable on September 11,
2023 to holders of record at the close of business on August 14,
2023. This dividend qualifies as an 'eligible dividend' for
Canadian income tax purposes.
The dividend payment applies to holders of SSR Mining’s common
shares, which trade on the Toronto Stock Exchange and the Nasdaq
under the symbol SSRM, and to holders of its CHESS Depositary
Interests ("CDIs"), which trade on the Australian Securities
Exchange under the symbol SSR. Each CDI confers a beneficial
interest in one common share. Therefore, CDI holders are entitled
to a dividend calculated on the same basis as the holders of SSR
Mining’s common shares.
SSR Mining has sought and been granted a temporary waiver of
certain of the ASX Settlement Operating Rules. Under the authority
of the waiver, the processing of conversions of common shares to
CDIs, or CDIs to common shares, lodged on or after or after August
11, 2023, will be deferred until after the record date of August
14, 2023. The key dates with respect to the dividend are as
follows:
Last date for processing requests to
convert CDIs into common shares and to convert common shares into
CDIs before the record date for the dividend
August 10, 2023
CDIs trade on the ASX on an ex‐dividend
basis
August 11, 2023
Common shares trade on the TSX and Nasdaq
on an ex‐dividend basis
August 11, 2023
Record date for the dividend
August 14, 2023
Processing recommences for requests to
convert CDIs into common shares and to convert common shares into
CDIs
August 15, 2023
Common share dividend payment date (in
Canada and the United States)
September 11, 2023
Payment of dividend to CDI holders (in
Australia)
September 12, 2023
Payments to Canadian shareholders will be made in Canadian
dollars based on the exchange rate on the record date as reported
by the Bank of Canada. Payments to other shareholders will be made
in U.S. dollars. For CDI holders, payments will be made in
Australian dollars, and it is expected to be based on the
prevailing exchange rate sourced from the wholesale foreign
exchange market on or around 5 business days after the record
date.
About SSR Mining
SSR Mining Inc. is a leading, free cash flow focused gold
company with four producing operations located in the USA, Türkiye,
Canada, and Argentina, combined with a global pipeline of
high-quality development and exploration assets. Over the last
three years, the four operating assets combined have produced on
average more than 700,000 gold-equivalent ounces annually. SSR
Mining is listed under the ticker symbol SSRM on the NASDAQ and the
TSX, and SSR on the ASX.
Cautionary Note Regarding Forward-Looking Information and
Statements:
Except for statements of historical fact relating to us, certain
statements contained in this news release constitute
forward-looking information, future oriented financial information,
or financial outlooks (collectively “forward-looking information”)
within the meaning of applicable securities laws. Forward-looking
information may be contained in this document and our other public
filings. Forward-looking information relates to statements
concerning our outlook and anticipated events or results and, in
some cases, can be identified by terminology such as “may”, “will”,
“could”, “should”, “expect”, “plan”, “anticipate”, “believe”,
“intend”, “estimate”, “projects”, “predict”, “potential”,
“continue” or other similar expressions concerning matters that are
not historical facts.
Forward-looking information and statements in this news release
are based on certain key expectations and assumptions made by us.
Although we believe that the expectations and assumptions on which
such forward-looking information and statements are based are
reasonable, undue reliance should not be placed on the
forward-looking information and statements because we can give no
assurance that they will prove to be correct. Forward-looking
information and statements are subject to various risks and
uncertainties which could cause actual results and experience to
differ materially from the anticipated results or expectations
expressed in this news release. The key risks and uncertainties
include, but are not limited to: local and global political and
economic conditions; governmental and regulatory requirements and
actions by governmental authorities, including changes in
government policy, government ownership requirements, changes in
environmental, tax and other laws or regulations and the
interpretation thereof; developments with respect to the COVID-19
pandemic, including the duration, severity and scope of the
pandemic and potential impacts on mining operations; and other risk
factors detailed from time to time in our reports filed with the
Securities and Exchange Commission on EDGAR and the Canadian
securities regulatory authorities on SEDAR.
Forward-looking information and statements in this news release
include any statements concerning, among other things: forecasts
and outlook; preliminary cost reporting in this document; timing,
production, operating, cost, and capital expenditure guidance; our
operational and development targets and catalysts and the impact of
any suspensions on operations; the results of any gold
reconciliations; the ability to discover additional oxide gold ore;
the generation of free cash flow and payment of dividends; matters
relating to proposed exploration; communications with local
stakeholders; maintaining community and government relations;
negotiations of joint ventures; negotiation and completion of
transactions; commodity prices; Mineral Resources, Mineral
Reserves, conversion of Mineral Resources, realization of Mineral
Reserves, and the existence or realization of Mineral Resource
estimates; the development approach; the timing and amount of
future production; the timing of studies, announcements, and
analysis; the timing of construction and development of proposed
mines and process facilities; capital and operating expenditures;
economic conditions; availability of sufficient financing;
exploration plans; receipt of regulatory approvals; expectations
regarding COVID-19, its ongoing impact on us and any interruptions
it may cause on our operations; renewal of NCIB program; our
investment in the Hod Maden project, including our expectation for
the earn-in payment structure, the availability of project
financing for our investment, the ability to develop the project
and our ability to lead this effort, the expected timeframe for
production, our expectations for production volumes from the
project, our expected return on investment and our statements
related to additional opportunities available at the property; our
investment in the Hod Maden project, including our expectation for
the earn-in payment structure, the availability of project
financing for our investment, the ability to develop the project
and our ability to lead this effort, the expected timeframe for
production, our expectations for production volumes from the
project, our expected return on investment and our statements
related to additional opportunities available at the property; and
any and all other timing, exploration, development, operational,
financial, budgetary, economic, legal, social, environmental,
regulatory, and political matters that may influence or be
influenced by future events or conditions.
Such forward-looking information and statements are based on a
number of material factors and assumptions, including, but not
limited in any manner to, those disclosed in any other of our
filings on EDGAR and SEDAR, and include: the inherent speculative
nature of exploration results; the ability to explore;
communications with local stakeholders; maintaining community and
governmental relations; status of negotiations of joint ventures;
weather conditions at our operations; commodity prices; the
ultimate determination of and realization of Mineral Reserves;
existence or realization of Mineral Resources; the development
approach; availability and receipt of required approvals, titles,
licenses and permits; sufficient working capital to develop and
operate the mines and implement development plans; access to
adequate services and supplies; foreign currency exchange rates;
interest rates; access to capital markets and associated cost of
funds; availability of a qualified work force; ability to
negotiate, finalize, and execute relevant agreements; lack of
social opposition to our mines or facilities; lack of legal
challenges with respect to our properties; the timing and amount of
future production; the ability to meet production, cost, and
capital expenditure targets; timing and ability to produce studies
and analyses; capital and operating expenditures; economic
conditions; availability of sufficient financing; the ultimate
ability to mine, process, and sell mineral products on economically
favorable terms; and any and all other timing, exploration,
development, operational, financial, budgetary, economic, legal,
social, geopolitical, regulatory and political factors that may
influence future events or conditions. While we consider these
factors and assumptions to be reasonable based on information
currently available to us, they may prove to be incorrect.
The above list is not exhaustive of the factors that may affect
any of the Company’s forward-looking information. You should not
place undue reliance on forward-looking information and statements.
Forward-looking information and statements are only predictions
based on our current expectations and our projections about future
events. Actual results may vary from such forward-looking
information for a variety of reasons including, but not limited to,
risks and uncertainties disclosed in our filings on our website at
www.ssrmining.com, on SEDAR at www.sedar.com, on EDGAR at
www.sec.gov and on the ASX at www.asx.com.au and other unforeseen
events or circumstances. Other than as required by law, we do not
intend, and undertake no obligation to update any forward-looking
information to reflect, among other things, new information or
future events. The information contained on, or that may be
accessed through, our website is not incorporated by reference
into, and is not a part of, this document.
Cautionary Note to U.S. Investors
This news release includes terms that comply with reporting
standards in Canada under National Instrument 43-101 – Standards of
Disclosure for Mineral Projects (“NI 43-101”), including the terms
“Mineral Reserves” and “Mineral Resources”. NI 43-101 is a rule
developed by the Canadian Securities Administrators that
establishes standards for all public disclosure an issuer makes of
scientific and technical information concerning mineral projects.
The standards of NI 43-101 differ significantly from the
requirements of the SEC. Accordingly, information concerning
mineral deposits set forth herein may not be comparable with
information made in accordance with U.S. standards.
Cautionary Note Regarding Non-GAAP Financial Measures
We have included certain non-GAAP financial measures to assist
in understanding the Company’s financial results. The non-GAAP
financial measures are employed by us to measure our operating and
economic performance and to assist in decision-making, as well as
to provide key performance information to senior management. We
believe that, in addition to conventional measures prepared in
accordance with GAAP, certain investors and other stakeholders will
find this information useful to evaluate our 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. Our definitions of
our non-GAAP financial measures may not be comparable to similarly
titled measures reported by other companies. These non-GAAP
measures should be read in conjunction with our consolidated
financial statements.
Cash costs, AISC per ounce sold, adjusted attributable net
income (loss), free cash flow, and net cash are Non-GAAP Measures
with no standardized definition under U.S GAAP.
Non-GAAP Measure – Net Cash and
Liquidity
Net cash and net debt are used by management and investors to
measure the Company's underlying operating performance. The Company
believes that net cash is a useful measure for shareholders as it
helps evaluate the strength of liquidity and available cash.
The following table provides a reconciliation of cash and cash
equivalents to net cash:
As of
(in thousands)
June 30, 2023
December 31, 2022
Cash and cash equivalents
$
379,243
$
655,453
Restricted cash
$
33,560
$
218,999
Total cash
$
412,803
$
874,452
Short and long term portion of term
loan
$
35,000
$
70,000
Face value of 2019 convertible note
$
230,000
$
230,000
Other debt
$
508
$
1,797
Total debt
$
265,508
$
301,797
Net cash (debt)
$
147,295
$
572,655
In addition to net cash and net debt, the Company also uses
Total liquidity to measure its financial position. Total liquidity
is calculated as Cash and cash equivalents plus Restricted cash and
borrowing capacity under current revolving credit facilities,
including accordion features. As of June 30, 2023, no borrowings
were outstanding on the Company’s $200.0 million credit facility
with a $100.0 million accordion feature.
The following table provides a reconciliation of Cash and cash
equivalents to Total liquidity:
As of
(in thousands)
June 30, 2023
December 31, 2022
Cash and cash equivalents
$
379,243
$
655,453
Restricted cash
$
33,560
$
218,999
Total cash
$
412,803
$
874,452
Borrowing capacity on credit facility
$
200,000
$
200,000
Borrowing capacity on accordion feature of
credit facility
$
100,000
$
100,000
Total liquidity
$
712,803
$
1,174,452
Non-GAAP Measure - Cash Costs and
AISC
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 and ability to generate
cash flow. When deriving the cost of sales associated with an ounce
of precious metal, the Company includes by-product credits. Thereby
allowing management and other stakeholders to assess the net costs
of gold and silver production. In calculating cash costs per ounce,
the Company also excludes the impact of specific items that are
significant, but not reflective of its underlying operations.
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 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,
expansionary capital and non-sustaining expenditures are excluded.
Certain other cash expenditures, including tax payments and
financing costs are also excluded.
The Company believes that AISC represents the total costs of
producing gold and silver from current operations and provides the
Company and other stakeholders with additional information about
its operating performance and ability to generate cash flows. It
allows the Company to assess its ability to support capital
expenditures and to sustain future production from the generation
of operating cash flows.
When deriving the number of ounces of precious metal sold, the
Company considers the physical 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.
The following tables provide a reconciliation of Cost of sales
to Cash costs and AISC:
Three Months Ended June 30,
2023
(in thousands, unless otherwise noted)
�pler
Marigold
Seabee
Puna
Corporate
Total
Cost of sales (GAAP) (11)
$
54,949
$
63,965
$
18,272
$
33,454
$
—
$
170,640
By-product credits
$
(500)
$
(37)
$
(14)
$
(10,462)
$
—
$
(11,013)
Treatment and refining charges
$
—
$
276
$
19
$
3,749
$
—
$
4,044
Cash costs (non-GAAP)
$
54,449
$
64,204
$
18,277
$
26,741
$
—
$
163,671
Sustaining capital expenditures
$
10,511
$
31,312
$
6,872
$
2,477
$
—
$
51,172
Sustaining exploration and evaluation
expense
$
1,354
$
3,829
$
—
$
2,299
$
—
$
7,482
Reclamation cost accretion and
amortization
$
427
$
666
$
761
$
765
$
—
$
2,619
General and administrative expense and
stock-based compensation expense
$
1,326
$
—
$
—
$
37
$
14,899
$
16,262
Total AISC (non-GAAP)
$
68,067
$
100,011
$
25,910
$
32,319
$
14,899
$
241,206
Gold sold (oz)
49,197
60,389
15,330
—
—
124,916
Silver sold (oz)
—
—
—
1,856,600
—
1,856,600
Gold equivalent sold (oz) (12)
49,197
60,389
15,330
22,789
—
147,705
Cost of sales per gold equivalent ounce
sold
1,117
1,059
1,192
1,468
N/A
1,155
Cash cost per gold ounce sold
1,107
1,063
1,192
N/A
N/A
N/A
Cash cost per silver ounce sold
N/A
N/A
N/A
14.40
N/A
N/A
Cash cost per gold equivalent ounce
sold
1,107
1,063
1,192
1,173
N/A
1,108
AISC per gold ounce sold
1,384
1,656
1,690
N/A
N/A
N/A
AISC per silver ounce sold
N/A
N/A
N/A
17.41
N/A
N/A
AISC per gold equivalent ounce sold
1,384
1,656
1,690
1,418
N/A
1,633
Three Months Ended June 30,
2022
(in thousands, unless otherwise noted)
�pler
Marigold
Seabee
Puna
Corporate
Total
Cost of sales (GAAP) (11)
$
63,095
$
50,422
$
19,015
$
32,396
$
—
$
164,928
By-product credits
$
(743)
$
(22)
$
(41)
$
(11,836)
$
—
$
(12,642)
Treatment and refining charges
$
—
$
142
$
117
$
3,433
$
—
$
3,692
Cash costs (non-GAAP)
$
62,352
$
50,542
$
19,091
$
23,993
$
—
$
155,978
Sustaining capital expenditures
$
8,104
$
15,331
$
7,386
$
2,427
$
—
$
33,248
Sustaining exploration and evaluation
expense
$
1,346
$
618
$
—
$
115
$
—
$
2,079
Reclamation cost accretion and
amortization
$
(133)
$
557
$
209
$
432
$
—
$
1,065
General and administrative expense and
stock-based compensation expense
$
800
$
1
$
8
$
15
$
18,644
$
19,468
Total AISC (non-GAAP)
$
72,469
$
67,049
$
26,694
$
26,982
$
18,644
$
211,838
Gold sold (oz)
57,846
45,983
42,500
—
—
146,329
Silver sold (oz)
—
—
—
1,771,455
—
1,771,455
Gold equivalent sold (oz) (12)
57,846
45,983
42,500
20,872
—
167,201
Cost of sales per gold equivalent ounce
sold
1,091
1,097
447
1,552
N/A
986
Cash cost per gold ounce sold
1,078
1,099
449
N/A
N/A
N/A
Cash cost per silver ounce sold
N/A
N/A
N/A
13.54
N/A
N/A
Cash cost per gold equivalent ounce
sold
1,078
1,099
449
1,150
N/A
933
AISC per gold ounce sold
1,253
1,458
628
N/A
N/A
N/A
AISC per silver ounce sold
N/A
N/A
N/A
15.23
N/A
N/A
AISC per gold equivalent ounce sold
1,253
1,458
628
1,293
N/A
1,267
(11) Excludes depreciation, depletion, and
amortization. (12) Gold equivalent ounces are calculated
multiplying the silver ounces by the ratio of the silver price to
the gold price, using the average LBMA prices for the period. The
Company does not include by-products in the gold equivalent ounce
calculations. Gold equivalent ounces sold may not add based on
amounts presented in this table due to rounding.
Six Months Ended June 30,
2023
(in thousands, unless otherwise noted)
�pler
Marigold
Seabee
Puna
Corporate
Total
Cost of sales (GAAP) (13)
$
129,595
$
118,506
$
41,537
$
80,299
$
—
$
369,937
By-product credits
$
(1,367)
$
(74)
$
(24)
$
(28,476)
$
—
$
(29,941)
Treatment and refining charges
$
—
$
459
$
49
$
9,247
$
—
$
9,755
Cash costs (non-GAAP)
$
128,228
$
118,891
$
41,562
$
61,070
$
—
$
349,751
Sustaining capital expenditures
$
17,214
$
64,434
$
20,007
$
5,307
$
—
$
106,962
Sustaining exploration and evaluation
expense
$
2,115
$
683
$
—
$
3,371
$
—
$
6,169
Reclamation cost accretion and
amortization
$
854
$
1,311
$
1,416
$
1,530
$
—
$
5,111
General and administrative expense and
stock-based compensation expense
$
2,062
$
—
$
—
$
89
$
32,652
$
34,803
Total AISC (non-GAAP)
$
150,473
$
185,319
$
62,985
$
71,367
$
32,652
$
502,796
Gold sold (oz)
107,211
111,686
32,130
—
—
251,027
Silver sold (oz)
—
—
—
4,238,140
—
4,238,140
Gold equivalent sold (oz) (14)
107,211
111,686
32,130
51,235
—
302,262
Cost of sales per gold equivalent ounce
sold
1,209
1,061
1,293
1,567
N/A
1,224
Cash cost per gold ounce sold
1,196
1,065
1,294
N/A
N/A
N/A
Cash cost per silver ounce sold
N/A
N/A
N/A
14.41
N/A
N/A
Cash cost per gold equivalent ounce
sold
1,196
1,065
1,294
1,192
N/A
1,157
AISC per gold ounce sold
1,404
1,659
1,960
N/A
N/A
N/A
AISC per silver ounce sold
N/A
N/A
N/A
16.84
N/A
N/A
AISC per gold equivalent ounce sold
1,404
1,659
1,960
1,393
N/A
1,663
Six Months Ended June 30,
2022
(in thousands, unless otherwise noted)
�pler
Marigold
Seabee
Puna
Corporate
Total
Cost of sales (GAAP) (13)
$
125,679
$
89,157
$
35,425
$
68,187
$
—
$
318,448
By-product credits
$
(2,207)
$
(63)
$
(77)
$
(28,569)
$
—
$
(30,916)
Treatment and refining charges
$
—
$
177
$
207
$
7,366
$
—
$
7,750
Cash costs (non-GAAP)
$
123,472
$
89,271
$
35,555
$
46,984
$
—
$
295,282
Sustaining capital expenditures
$
14,479
$
33,566
$
19,261
$
4,640
$
—
$
71,946
Sustaining exploration and evaluation
expense
$
1,728
$
935
$
—
$
165
$
—
$
2,828
Reclamation cost accretion and
amortization
$
262
$
1,070
$
351
$
863
$
—
$
2,546
General and administrative expense and
stock-based compensation expense
$
1,714
$
1
$
11
$
163
$
33,818
$
35,707
Total AISC (non-GAAP)
$
141,655
$
124,843
$
55,178
$
52,815
$
33,818
$
408,309
Gold sold (oz)
130,271
82,937
90,300
—
—
303,508
Silver sold (oz)
—
—
—
3,531,842
—
3,531,842
Gold equivalent sold (oz) (14)
130,271
82,937
90,300
43,385
—
346,893
Cost of sales per gold equivalent ounce
sold
965
1,075
392
1,572
N/A
918
Cash cost per gold ounce sold
948
1,076
394
N/A
N/A
N/A
Cash cost per silver ounce sold
N/A
N/A
N/A
13.30
N/A
N/A
Cash cost per gold equivalent ounce
sold
948
1,076
394
1,083
N/A
851
AISC per gold ounce sold
1,087
1,505
611
N/A
N/A
N/A
AISC per silver ounce sold
N/A
N/A
N/A
14.95
N/A
N/A
AISC per gold equivalent ounce sold
1,087
1,505
611
1,217
N/A
1,177
(13) Excludes depreciation, depletion, and
amortization. (14) Gold equivalent ounces are calculated
multiplying the silver ounces by the ratio of the silver price to
the gold price, using the average LBMA prices for the period. The
Company does not include by-products in the gold equivalent ounce
calculations. Gold equivalent ounces sold may not add based on
amounts presented in this table due to rounding.
The following tables provide a reconciliation of Cost of sales
to Cash costs and AISC used in our 2023 guidance announced in a
news release dated February 9, 2023:
(operating guidance 100% basis) (15)
�pler
Marigold
Seabee
Puna
Corporate
Total
Gold production
koz
240 — 270
260 — 290
100 — 110
—
—
600 — 670
Silver production
Moz
—
—
—
8.0 — 9.0
—
8.0 — 9.0
Gold equivalent production
koz
240 — 270
260 — 290
100 — 110
100 — 110
—
700 — 780
Gold sold
koz
240 — 270
260 — 290
100 — 110
—
—
600 — 670
Silver sold
Moz
—
—
—
8.0 — 9.0
—
8.0 — 9.0
Gold equivalent sold
koz
240 — 270
260 — 290
100 — 110
100 — 110
—
700 — 780
Cost of sales (GAAP) (16)
$M
265 — 290
270 — 290
78 — 88
150 — 160
—
763 — 828
By-product credits + treatment &
refining costs
$M
(2
)
—
—
(32
)
—
(34
)
Cash cost (non-GAAP)
$M
263 — 288
270 — 290
78 — 88
118 — 128
—
729 — 794
Sustaining capital expenditures (17)
$M
45
81
33
15
—
174
Sustaining exploration expenditures
$M
4
6
—
3
—
13
Reclamation cost accretion &
amortization
$M
2
2
4
2
—
10
General & administrative
$M
—
—
—
—
68 — 73
68 — 73
All-in sustaining cost (non-GAAP)
$M
314 — 339
359 — 379
115 — 125
138 — 148
68 — 73
994 — 1,064
Cost of sales per ounce (GAAP)
(18)
$/oz
1,070 — 1,100
1,000 — 1,030
810 — 840
18.00 — 19.50
—
1,055 — 1,115
Cash cost per ounce (non-GAAP)
(18)
$/oz
1,060 — 1,090
1,000 — 1,030
810 — 840
14.00 — 15.50
—
1,015 — 1,075
All-in sustaining cost per ounce
(non-GAAP) (18)
$/oz
1,245 — 1,295
1,315 — 1,365
1,160 — 1,210
16.25 — 17.75
—
1,365 — 1,425
Growth capital expenditures
$M
40
—
2
—
—
42
Growth exploration and resource
development expenditures (19)
$M
27
20
21
5
9
81
Total growth capital
$M
67
20
23
5
9
123
(15) Figures may not add due to rounding.
Figures are reported on a 100% basis. �pler is 80% owned by SSR
Mining.
(16) Excludes depreciation, depletion, and
amortization.
(17) Excludes sustaining exploration and
evaluation expenditures. Includes approximately $9 million in lease
payments at �pler. Includes $19 million in underground mine
development at Seabee.
(18) �pler, Marigold and Seabee costs per
ounce based on gold ounces sold; Puna costs per ounce based on
silver ounces sold. Gold equivalent ounces sold are used in the
calculation for total costs per ounce.
(19) Growth exploration and resource
development expenditures are shown on a 100% basis, of which SSR
Mining attributable amount totals $76 million.
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 to
measure the Company's underlying operating performance. We believe
this measure is also useful for shareholders to assess the
Company’s 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; inflationary impacts on
tax balances; transaction, integration, and SEC conversion
expenses; and other non-recurring items.
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:
Three Months Ended
Six Months Ended
(in thousands of US dollars, except per
share data)
June 30,
June 30,
2023
2022
2023
2022
Net income attributable to SSR Mining
shareholders (GAAP)
$
74,866
$
58,488
$
104,679
$
126,051
Interest saving on convertible notes, net
of tax
$
1,236
$
1,230
$
2,456
$
2,446
Net income used in the calculation of
diluted net income per share
$
76,102
$
59,718
$
107,135
$
128,497
Weighted-average shares used in the
calculation of net income and adjusted net income per share
Basic
204,680
212,600
205,723
212,512
Diluted
217,320
225,084
218,347
224,962
Net income per share attributable to SSR
Mining shareholders (GAAP)
Basic
$
0.37
$
0.28
$
0.51
$
0.59
Diluted
$
0.35
$
0.27
$
0.49
$
0.57
Adjustments:
Foreign exchange loss (gain) (20)
$
—
$
4,869
$
—
$
8,156
Artmin transaction and integration
costs
$
377
$
—
$
377
$
—
SEC conversion costs
$
—
$
—
$
—
$
1,217
Change in fair value of marketable
securities
$
746
$
2,876
$
(1,120)
$
3,799
Loss (gain) on sale of mineral properties,
plant and equipment
$
810
$
757
$
1,050
$
1,341
Income tax impact related to above
adjustments
$
(109)
$
(945)
$
30
$
(1,653)
Foreign exchange (gain) loss and
inflationary impacts on tax balances (20)
$
(1,587)
$
755
$
(10,741)
$
(6,169)
Other tax adjustments (21)
$
—
$
—
$
2,101
$
—
Adjusted net income attributable to SSR
Mining shareholders (Non-GAAP)
$
75,103
$
66,800
$
96,376
$
132,742
Adjusted net income per share attributable
to SSR Mining shareholders (Non-GAAP)
Basic
$
0.37
$
0.31
$
0.47
$
0.62
Diluted
$
0.35
$
0.30
$
0.45
$
0.60
(20) Effective January 1, 2023, the
Company no longer adjusts for the effects of foreign exchange gains
and losses.
(21) Represents charges related to a
one-time tax imposed by Türkiye to fund earthquake recovery
efforts, offset by a release of an uncertain tax position.
Non-GAAP Measure - Free Cash
Flow
The Company uses free cash flow, cash flow from operating
activities before changes in working capital, and free cash flow
before changes in working capital to supplement information in its
condensed consolidated financial statements. The most directly
comparable financial measures prepared in accordance with GAAP is
cash provided by 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 generated by operating activities.
The following table provides a reconciliation of cash provided
by operating activities to free cash flow:
Three Months Ended
Six Months Ended
(in thousands of US dollars, except per
share data)
June 30,
June 30,
2023
2022
2023
2022
Cash provided by operating activities
(GAAP)
$
80,343
$
32,838
$
83,310
$
95,025
Expenditures on mineral properties, plant,
and equipment
$
(57,935)
$
(17,000)
$
(117,177)
$
(51,492)
Free cash flow (non-GAAP)
$
22,408
$
15,838
$
(33,867)
$
43,533
We also present operating cash flow before working capital
adjustments and free cash flow before working capital adjustments
as non-GAAP cash flow measures to supplement our operating cash
flow and free cash flow (non-GAAP) measures. We believe presenting
both operating cash flow and free cash flow before working capital
adjustments, which reflects an exclusion of net changes in
operating assets and liabilities, will be useful for investors
because it presents cash flow that is actually generated from the
continuing business. The Company calculates cash flow from
operating activities before changes in working capital by adjusting
cash provided by operating activities by the net change in
operating assets and liabilities. The Company also calculates free
cash flow before changes in working capital by deducting cash
capital spending from cash flow from operating activities before
changes in working capital.
The following table provides a reconciliation of cash provided
by operating activities to free cash flow before changes in working
capital:
Three Months Ended
Six Months Ended
(in thousands of US dollars, except per
share data)
June 30,
June 30,
2023
2022
2023
2022
Cash generated by (used in) operating
activities (GAAP)
$
80,343
$
32,838
$
83,310
$
95,025
Net change in operating assets and
liabilities
$
23,922
$
72,764
$
111,824
$
141,344
Cash generated by (used in) operating
activities before changes in working capital (non-GAAP)
$
104,265
$
105,602
$
195,134
$
236,369
Expenditures on mineral properties, plant,
and equipment
$
(57,935)
$
(17,000)
$
(117,177)
$
(51,492)
Free cash flow before changes in working
capital (non-GAAP)
$
46,330
$
88,602
$
77,957
$
325,139
View source
version on businesswire.com: https://www.businesswire.com/news/home/20230731309032/en/
SSR Mining Contacts:
F. Edward Farid, Executive Vice President, Chief Corporate
Development Officer Alex Hunchak, Director, Corporate Development
and Investor Relations
SSR Mining Inc. E-Mail: invest@ssrmining.com Phone: +1 (888)
338-0046
To receive SSR Mining’s news releases by e-mail, please register
using the SSR Mining website at www.ssrmining.com.
Grafico Azioni SSR Mining (ASX:SSR)
Storico
Da Ago 2024 a Set 2024
Grafico Azioni SSR Mining (ASX:SSR)
Storico
Da Set 2023 a Set 2024