Content analysis
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Financial report summary
?Risks
- Risks Related to the Çöpler Incident
- The Company’s share price may continue to be volatile.
- Risks Related to the Company’s Operations and Business
- The Company’s production, development plans and cost estimates may vary and/or not be achieved.
- Changes in the market prices of gold, silver and other metals, which in the past have fluctuated widely, will affect the Company’s operations.
- The Company’s estimates of mineral reserves and mineral resources are based on interpretation and assumptions and may yield less mineral production under actual conditions than is currently estimated.
- The Company may be unable to replace its mineral reserves or acquire additional commercially mineable mineral rights.
- The Company faces intense competition in the mining industry.
- Increased operating and capital costs could affect the Company’s profitability.
- The Company is subject to supply chain disruptions and transportation risks.
- The Company’s operations may be adversely affected by rising energy prices or energy shortages.
- Continuation of the Company’s mining production is dependent on the availability of sufficient water supplies to support our mining operations.
- The Company may be exposed to future development risks.
- Land reclamation, mine closure and remediation requirements and costs may be burdensome and actual environmental and asset retirement obligations may exceed estimates and reserves.
- The Company is subject to information systems security threats and other risks.
- The Company’s joint venture interests are subject to risks.
- The Company’s interest in deferred consideration received from divestitures may not be fully realizable.
- Reputation loss may result in decreased investor confidence, increased challenges in developing and maintaining community relations and an impediment to the Company’s overall ability to advance its business or projects.
- The Company’s insurance coverage does not cover all of the Company’s potential losses, liabilities and damages related to its business and certain risks are uninsured and uninsurable.
- The Company is exposed to market and/or counterparty risks related to the sale of its concentrates and metals.
- Public health crises have, and could in the future, adversely affect the Company’s business.
- Financial Risks and Risks Related to Our Indebtedness
- General economic conditions may adversely affect the Company’s growth and profitability.
- The Company may be adversely affected by fluctuations in foreign exchange rates.
- Inflation may have a material adverse effect on results of operations.
- The Company may be subject to risks associated with hedging activities.
- Future funding requirements may affect the Company’s business or its ability to develop mineral properties, complete exploration and development programs, pay cash dividends or engage in share repurchase transactions.
- The Company may be unable to generate sufficient cash to fund its operations or service its debt.
- The Company’s indebtedness or lack of liquidity may impair the financial health of the Company.
- Risks Related to Our Industry and the Jurisdictions in Which We Operate
- Mining is inherently risky and subject to conditions and events beyond the Company’s control.
- Political or economic instability or unexpected regulatory change in the countries where the Company’s mineral properties are located could adversely affect its business.
- Suitable infrastructure may not be available or damage to existing infrastructure may occur.
- Mining companies are increasingly required to consider and provide benefits to the communities and countries in which they operate in order to maintain operations.
- Indigenous peoples’ title claims and rights to consultation and accommodation may affect the Company’s existing operations as well as development projects and future acquisitions.
- Civil disobedience in certain of the countries where the Company’s mineral properties are located could adversely affect its business.
- The Company and the mining industry face geotechnical challenges, which could adversely impact our production and profitability.
- Risks Related to Our Personnel
- Certain of the Company’s directors and/or officers also serve, or may serve, as directors of other companies involved in natural resource exploration and development, and consequently there exists the possibility for these directors and/or officers to be in a position of conflict.
- The Company could be subject to potential labor unrest or other labor disturbances.
- The Company is dependent on its ability to recruit and retain qualified personnel.
- The Company relies on contractors to conduct a significant portion of its operations and construction projects.
- Risks Related to Governmental Regulation and Legal Proceedings
- The Company is subject to significant governmental regulations.
- The Company is subject to extensive permitting requirements.
- The Company’s activities are subject to environmental laws and regulations that may increase the Company’s costs and restrict its operations.
- Compliance with emerging climate change regulations could result in significant costs and climate change may present physical risks to a mining company’s operations.
- The Company may be required by human rights laws to take actions that delay the Company’s operations or the advancement of its projects.
- The Company’s mineral properties may be subject to uncertain title.
- The Company is subject to claims and legal proceedings that arise in the ordinary course of business.
- The Company is subject to assessment by taxation authorities in multiple jurisdictions that arise in the ordinary course of business.
- The Company is subject to anti-corruption laws.
- Risks Related to Ownership of Company Equity
- The Company’s common shares are publicly traded and are subject to various factors that have historically made the Company’s common share price volatile.
- Holders of our common shares may not receive dividends.
- Future sales or issuances of equity securities could decrease the value of the Company’s common shares, dilute investors’ voting power and reduce the Company’s earnings per share.
- Risks Related to Being a Public Company
- The Company may fail to maintain adequate internal control over financial reporting pursuant to the requirements of applicable regulations.
- The Company’s accounting and other estimates may be imprecise.
- It may be difficult to obtain and enforce judgments against the Company because of its Canadian incorporation and foreign assets.
Management Discussion
- ITEM 7. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
- SSR Mining is a precious metals mining company with four producing assets located in the United States, Türkiye, Canada and Argentina. The Company is primarily engaged in the operation, acquisition, exploration and development of precious metal resource properties located in Türkiye and the Americas. The Company produces gold doré as well as copper, silver, lead and zinc concentrates.
- On February 13, 2024, the Company suspended all operations at its Çöpler property as a result of a significant slip on the heap leach pad (the “Çöpler Incident”). The Çöpler Incident is expected to have a significant impact on the Company’s operations, results of operations, cash flows and financial condition. At this time, the Company is not able to estimate or predict when it will resume operations at Çöpler. The oxide heap leach represented approximately 11.0% of total production and total revenue at Çöpler for the year ended December 31, 2023.