SSRM - Earnings call transcript Q2 2021

Due to licensing restrictions, you must log in to view earnings call transcripts.

Operator

Good day, everyone, and welcome to the SSR Mining's Second Quarter 2021 Earnings Conference Call. [Operator Instructions]. At this time, and introductions, I would like to turn the call over to Alex Hunchak with SSR Mining.

Alex Hunchak

Thank you, operator, and hello, everyone. Thank you for joining SSR Mining's second quarter 2021 conference call, during which we will provide an update on our business and a review of our financial performance.

management's the analysis available ASX website. and on been on statements EDGAR, SEDAR, and financial discussion have and filed our Our are also accompany in our webcast, release relating an the To call. to news there this will information webcast you find online the access to call, our and is figures during call are note U.S. Please discussed that in all the unless dollars otherwise indicated. sustaining All references sold. payable ounce per to cash costs costs of are and all metal forward-looking statements today. making be We'll

please So the the disclosures documents. relevant read in

President the and Stewart on today call CFO; Rod Antal, Alison us and CEO; Joining Beckman, are White, COO.

Rod Now I'll over call turn the for to his opening remarks.

Rodney Antal

consistency afternoon despite good performance. set our for second-quarter quarter Marigold, in speak a of reported we year good a Copler, and record per gold Alex, period, of processed half operations year and going two, in to we all, first to The thanks results Thanks, production as today. to of I'm XXX,XXX milestones. we ounce. number and At record and Seabee a planned for morning for while the at have quarter material ounces delivered all-in tonnes plant. fantastic an at the In you and we significant and two, shutdown we the reinforced and the maintenance joining quality metal half cost quarterly move equivalent produced Puna, reported both quarter record sustaining At production. sulfide $XXX the

post-merger adjust new ounces sustaining have the and For have operations especially all is the performance leaders of all-in and pleasing of as clear common equivalent teams quarter, well. per we to continue we and very an operating another X gold half, been to risk strong with ounce. associated is in perform avoided it first XXX,XXX produced $XXX priorities. deterioration This cost given With our

everyone now and have is across post merger there to year fantastic a This delivered almost strong effort we and clearly with performance X is of a credit quarters X really the SSR, business. more. and For

within This We the done strength delivered half, is portfolio. in generation capital returns the translated $XXX our in flow in supporting has a currently focus free cash we growth and from cash far first have second significant and operational million which quarter as on million program. $XXX strong are our opportunities many peer-leading potential the into

to addition And meaningful in we announced to In million up that purchased program for executing April $XXX us quarter, am quarterly X report to base $XX been this to I allowing in year, our to shareholders. the dividend, returning up our a we we to purchase million have NCIB. million our NCIB shares shares. pleased against million XX of cancellation,

key at of is we've and assess to asset One SSR implemented our the portfolio. review continually disciplines

our growth and recognized assigned by ongoing large our noncore market. deliver in perspective, a proceeds with royalty to returns exploration portfolio. allow shareholders. development successfully valued the valuation of total $XXX reviews, exceeded ran leading process determined portfolio We we wasn't nor of that part was the last week. As well well we an announced and That sustained to the us sale million accretive projects, our another positive our of value organic royalty a and to balance our efforts the advancing to to portfolio From capital to consensus while continues robust sheet showcases value-adding example invest

least production exploration allow business you will We of you program the in primary later. flavor months, for Stu of of purpose exploration ounces little to to ability our a give coming is to across XXX,XXX have development years. number XX of progress. the The sustain and follow our establish a a from XXX,XXX our updates these coming at will gold to which

employees, to continue communities. ESG. and reflecting trends of focus safety at on slide contractors and to next efforts our the to our our see operations, the health turning Pleasingly, So and we positive well-being improve

this We these Covid-related shutdowns despite us enabled our with where mitigation to operations have Covid globally, are at avoid efforts any pervasive accomplishing year. improvements challenges our

priorities our Report. to action included begin Our our communities our continue to XXXX emissions to in mind plan greenhouse environment and commitment to outlined This net the as our remains commitment front Sustainability X gas establishing against by deliver XXXX. of an achieve we

have We on and the the improve also to water task force of reporting disclosures disclosure on responding climate-related with and disclosures. climate by carbon requirements project our the begun to management financial aligning

ESG further improve progress, in our We our we'll of report continuous new progressive our not leading ways look as a ESG are proud to presence to to steward. and continue and our to on efforts approach but only for

Moving slide. to the next on

and low the of investing high-return will several growth business, our operating which of results excellent one-off on improve circuit, including and discuss benefits, later. opportunities all-in guidance. these As currently technical meet capital has equivalent to on our I will perspective, From cost excellent half, shortly. From and of shown favorably touch year a per operations complete gold investing all-in Puna tracking Copler full-year guidance. At noted, $XXX of We're tracking compares midpoint longevity to exploration the the cost SSR. well outlook perspective, Stu Stu the drilling at of we better-than-expected the largely a cost larger this number our is first of ranges. experienced projects across for guidance both XXX,XXX result our and us value as are to an work half a at ounces first Copler sustaining With track remainder and end ounce on our to a designed slide. in in the half a flotation sustaining guidance the production the number of as all of reports, like Seabee to our X, of Marigold production to

highlights. I'm minute. of not more and moving in a Just the slide. on next on on this highlights. some covered much Alison Stu our to will quarterly overview to slide the quarterly going spend We've time detailed provide a already

are consider relevant to that for highlights this the of few a quarter. However,

after where across to operating strong cash still were Financially, that, outflows, the NCIB used us hitting an the Our $XXX million million, result a in servicing. payments share we was the flow, more to support #X. turn improve, we the business. cash over able adjusted over I'll organic on the $XXX Alison, the performance of share. lion's We providing and delivered financial maintain advance to per of with continues cash detail $X.XX And dividend With our flexibility safety Slide our net position in and EPS to discuss all debt large pipeline. records are operationally, performance to call free who will our generated

Alison White

the net $X.XX and $X.XX or million in income for and attributable I'm produced ounces QX, with the per $XXX on a Slide In million sold per $X.XX. attributable of revenues. $XXX X. million was XXX,XXX to was our in quarter revenue gold the for income or equivalent million, shown everyone. was total hello, XXX,XXX for and following net million year, equivalent net a attributable and gold quarter, income ounces with $XXX the delivering $XXX solid pleased track Rod, first results of million income was attributable speak Thanks, merger, net share. $X.XX months $XXX per adjusted It per Attributable share another during $XX half adjusted to share the year was adjusted or of the year's success quarter of Continuing first of earnings record we X share and outstanding last

recent for for specific the of to $XXX income bump with slide, Copler largest start in items attributable items a is of our share of side of per then consensus adjusted on net accretive exclude of analyst fair the noncore announcement adjustment I'd at NAV are of to due of mineral which to adjustments our and for the the value is the impact that adjustment reflective $X.XX income the waterfall not of with right on to earnings value make inventory outlined the of based an the royalty the slide, sale operations. definition our to net portfolio provide reported of company's of the On ongoing after-tax acquisition. related $X.XX per right at $X.XX adjustments of remained of attributable and our that to in against Each like properties per We share. the up on amortization $X.XX commentary chart million, as our time those result the adjusted our the the the some share in estimates calculated of

Additionally, review in like highlight I'd on our business, those half also XXXX. through given particularly of our to inflationary manage across ability the first the pressures headwinds to

of the the us other year. that and procurement refreshed accounts future. continuous improvement in on, savings. better both extraction largely our countries. to in is through guidance, closing for more associated us we inflation of on and in This is Argentina, cost our it on any approach as than touch the since that position we we by are cost business, XXXX pressures able our we First, merger placing that increases a potential ramped Turkey continue and for practices practices those chain slightly have to last later true been towards will into value devaluation absorb historically, Stu and initiatives have currency detail half in these the manage but focused which will supply we anticipate up more inflationary Across proven offset the has production find

reinforcing quarter SSR's Mining balance sheet balance our Slide the strength million well our to SSR cash, talk Turning can with as about X, significant we consolidated $XXX sheet liquidity. in strength. as closed

continue funding quarterly previously, opportunities, flow to positioned We put to portfolio and fully repurchases, returns was debt capital towards our our our shareholders. remain noted of free significant share of As XXX% allocation organic maintaining capital policy, servicing. growth effectively payments while cash our well dividend

from quarter, $XXX of undrawn over an $XX tenor. X-year additional to facility, million accordion feature we amended existing the facility credit increasing $XXX the within the revolving size a with million our million Additionally,

group. demonstrating placing cash and EBITDA again, of our our is in X.Xx, Our resolve net quartile peer to top the ratio us

maximizing As shares X cancellation. we active on program, the will we our additional ahead, remain an purchased share purchases quarter's buyback possible. where Subsequent we million to for end, look

million the demonstrating our our shares returns commitment NCIB, now capital to Our to X share repurchases the total XX million of shareholders. allowable clearly deliver under

In per free X, a more we position cash the SSR's during QX. addition as share flow to dividend and a declared Slide $X.XX capital NCIB, our about can leader we again returns. talk On

flows cash flows quarter. the cash operating flow success at has Our of continued million $XXX record track cash our during $XXX free bolstered and million with of

be buying will of capital shares $XXX aggressively end in the far Highlights the half free and an quarter shareholders returned flows our for share $XXX year have million that through million strong in our following anticipate shares repurchased We well equally include X period. the so flow for $XX half quarter additional the cash this year repurchase to to We shares us first program, year-to-date half weighted as during the back million in will of year. million remain the as and of cash second in in the first July.

our and shareholders. We well projected of yield capital provides at that allocation entire SSR's mid-cap Mining's X.X% above free year. are program is the of cash SSR of is for the year-to-date return X.X% for yields XX.X% our flow already for attractive group above peer yield the capital confident X.X%, period yield the

delivering We and financial record are looking forward operational to and results. continuing track our consistent

capital growth, maintaining Mining. to free investing leading The differentiates significant returning generation and Our priorities strength. allocation sheet a include SSR balance in cash returns flow combination and shareholders of cash

XX. operational on highlights, We Stu and priorities, we both will XXXX. execute move through will the Page financially operationally continue as you walk starting on to through our

Stewart Beckman

Thank you, in business showing performance. First improve marked ESG. continues drive improvement the EHS&S The all off, with sites never-ending to through

ESG net plans. including Gap against systems momentum, building we the made XXXX. rate new our by the XXXX. information achieving all program and to assessments integrated pathway aimed compared of mapping their off of support new Report, Rollout greenhouse our half our of sites kicked X are to is in standards injury this Sustainability at from compliance gaining the With recent emissions our year, a teams the For and halved recordable new than completing gas experts, commitments now are when management first third-party the more and

operations contemporary to our was XX%, performance, a aligned effort of tailored standards. are has Seabee expectations A organization's job the doing are or with COVID. standards vaccination and ESG MCSI and XX% our over Recognizing Each with Puna the latest in meet The rates XX%; at great X impressive own new from BB vaccinated. Marigold its workforce Our and an Copler, at site The least exceed industry shot had to XX% having of good doing report. to upgraded managing so excellent XX%, rating been is already. approach. and

Moving growth. to operations and on

trend performance our the cost is QX are which the in and with things of control. program on OE control, productivity good are improvement X sites includes from quarter the optimized second control. We and strong cost and focused so a The excellence, is continued operational production streams; that the and which improvement numbers cost The foundation and control. production stream, continuous in manage reliable

the an completing assets. 'XX of squeeze being of identify are continuous part opportunities improvement existing our The As we baseline opportunities opportunities for the sites. will and of our then all collate the out and currently across plans rest and budgets work, are built into This 'XX. of and more

divergent of is is application by the operations which step stream, looking part OE disruptive change innovation The performance an the other of to of or technologies.

up wins stepping in the the opportunity on area, such current and in We've so some already AI. resourcing. and AA as space Our we're had this this digital focus is

in are our and we working that continue to to space supply position. ensure our the processes input Additionally, capital chain and optimize resourcing we cost improving

This The impose scheduled project Slide company's continued QX been effort major flotation operational delayed sulfide of completed and deliver to on the been with on to from X that The surprises. a another as projects. The construction testament There to are and some this have completed year. sites no fantastic on Covid, Moving now team record year autoclave the process Herculean shutdowns was budget. by readiness had the and activities above throughput. ability the further rates, despite to no shutdown time of XX. and by individuals and is planned was #X well autoclave design Copler half achievement Copler and plant plant half

immediately does and order a busy the results. CDMP at exploring project with exploit. month, Copler year. study and plan to in released an Report, updated an Ardich this to funding that not leverage are rigs plan An still be study This some request We CX District so report, of district Ardich one. is plan to to XX. case considerable value We If of move and aims in update Copler drill the adjacent for good issue for have copper currently and eye to later copper-driven exploration the keep mineral we significant X reserve resource the to study shelves project for the magnitude underway. up within that move the the complete and Technical by the will the QX to reserve be XX CDMP technical feature next which to mine prefeasibility Copler incorporated positive, a we current study and is aim the

is is high-grade the project time. advanced Mined gold Let's and at of Marigold end provide in year. weather, to mine to targeting pits Stripping tonnes mining update to quarter property, ramping which the model. reliability we Coincidental equip to the at to of mining performance plan modified the Work around in good access We the is first very slowed problem the Canyon. sampling at is than which X Exploration to the previously Project gold, operations, in outstanding, quarter production. ounces record. with XX. Overall, the move high-grade of and on to exploration of Mine QX. limited. the half-year Greater the within new zone for testing was the not are the look benches. Marigold be delivering next boards being the mostly half Canyon good. previous meters and program is over be end expected up resolved. was during and rates The easier Marigold the the to encountered bottom KOMATSU an existing to Throughput we north for great drawdown allow the overload the completion. exploration A with Overall, further shovels the not expect design to covering release PCXXXX unexpected year. also was dropped in for were what with another production following neared of An XX,XXX these Slide access Trenton X expected very a the edge issues to early Move feed, Trenton fully Seabee water drill operation on Seabee year of at areas this regain rate have. XX. well XXX tested record area table pits was quarter. warmer periods and of Slide continued before for to for dewatering just the of Lower second drilled Santoy Seabee's soil reestablish focused and the at the so zone circuits record quarter is was resource We very completed plant

there's operating will with the their hanging looking Mine nearer mine of through Fisher. the wall been schedules of buildup production reserve resource targets, Drilling the North, the be also mine of result, Santoy Pleasingly, wall rest have steadily pull metrics at and continuous at distal a Santoy capacity. underlying the hanging using drawn XXXX and Joker of these projects Mackay exploration the of improving a Gap continued sites which to term. into a the stockpile, the continued bearing out Exploration catch-up drilling been within fruit. and in into the mill As and also feed Seabee plant number improvement down

site. at we Additionally, commenced Amisk, course. will our exploration provide active update I drilling other this due on an Saskatchewan in

Seabee, to, properties. we And include Fisher exploration for which later everyone will an something the quarter, on will to for release forward this look work update

been an ounce. records Puna operating Planning helping is mine rates delivering all-in to throughput again. higher down from Puna cost haulage assuming the redone, under ounce The the continued $XX and owner and better much $XX costs changeover sustaining better cost Good Moving to and to in now to on Slide to control costs. than to plant April, production base. for lower started being drove expectation, XX. the up, performance a it yet or step has mine performance, production an reduce

the But everything move to Let's site discussions. on XX here pipeline. wanted to the the add Slide exploration covered I'm of for a of in off with pretty other just projects. on I comments some much couple

in on Peru. Luis in We boots the have ground San

of surface, and team Sea the intercepts mineralization April mapping results the area. results are copper. XXXX, Vancouver-based to meters drilling mineralization. look drill Hill X.X% Some drilling campaign the a test summer number at which the the this the for Denver program. is Initial stepping before Hill, close from group very high-grade else our property holes, a to Copper for to and copper encouraging, region in current the and Hill clean you including so of In something extensive year, Copper At of This exploration end X our XX are released we partner the started Turkey. exploration very observations out aim had reinterpreting get season's to. forward at I of is Copper aimed to to Black

wrapping the you and to it it you, business back for So teams. and operations quarter Thank the was Rod. much, and very good growth up, a

Rodney Antal

year. Most merger, half a optionality quality record Stu, our peer-leading our people. exploration to of forward portfolio to Alison. of of returns valuation growth this and opportunities, the the growth robust significant our reinforcing is half gold number shareholder free reflecting of the a strength more portfolio, Thanks, and look a provide we our assets premium of It demonstrated our has strong to expect have the returns. through support thanks, across the Since With flow, and belief that as delivered the cash the appropriately our SSR of will commitment and to. Mining's we market producer. mid-tier capital organic updates second a appeal to clearly XXXX productivity leading To summarize, first business

So to may will you now pass to you, with have. the that, Thank the over Edi. line operator I questions take

Operator

Instructions]. [Operator

Your first question today Langton. from comes Tyler

Tyler Langton

start, helping But I was you of and to then the of offsetting you're mentioned I kind details how Marigold it any on items what might for talk Puna on of just touched of of seeing FX and guess that Seabee, guess sort and sort sort or guess, the if Copler. and well. just more a terms how I pressures I and you that bit much? could be inflation little guess I have hedges as offsetting you're at you know I in And inflation about, contracts

Alison White

Thanks Alison. question. for the This is

helped as at Marigold, inflation and we part to and stated, sort Turkey really So Stu at through are Copler we're within Seabee continuous inflation organization, has yes, working to an us we hedges do and active we we the see the do have currency the inflation process. on of have continue in activities that devaluation. and offsetting to terms meaningful business for as reevaluating and do that program on organization, if have we not Puna of offsetting hedge And the And really the touched and then improvement we much where will that do in that. -- those are that's constantly

Tyler Langton

don't for below I my there I the of guess, annualized sort the little numbers, looks then up for guess know half? was to there in sort the and I second waiting then the for was I with And year, be it and about if And circuit that tailings. some the then, MD&A, the related a just full CapEx of all, sustaining helpful. of but Stage growth versus the CapEx should the pick I details that's think in any like of permits guess for X CapEx sort kind would flotation Copler, also mention at

Rodney Antal

had we get But are final and know I'll for long impacting to been country about flotation them permits permits, we to just that a yes, and needs. look, I'll waiting of the the process record pass the soon. Alison always some the permits signature we able final at Stu awaiting Copler and their the our for to push of governments then things We've the now doesn't success in getting touch of to circuit. Clearly, and been get past. questions. are specifically expect It's other on the track always the and are -- done. we equate first, Covid the we've perverse with over when permit talk to them in more while But definitely

So come shortly. here that should pretty

So just about I'll Stu other Alison on it. let and the questions, talk

Alison White

that what what I'll we're on planning you or do that were what Tyler, will have. CapEx we as anticipating we year questions spend. we anticipating the touch And continues for originally spend the we will are we anticipate and

So maybe look a bit progresses. the to that little as see uptick year

Stewart Beckman

we've I it covered think pretty much Tyler. off,

that So work expectation the tied we well everything plant that we incoming as any spend flotation that. for the exploration The out of now, won't our planned. is and capital. we'll of capital we've we're ticked all finalizing think and the We surprises get

Operator

Your CIBC. Chiu from Cosmos comes next with question

Cosmos Chiu

the my a already off, some the of to runs like get on question Maybe sounds sense. a delay. very want and Copler also you've on on my here it first is water QX. permitting. been It commissioning First the like But started I a also question I right guess, congrats work strong parts. X flotation. at sounds just there's #X, is

that as would And could terms So what when And the about start we the now with in X a worried a in tailings terms been right there's slight talk is when X you should maybe Stage need well. you said, you about the of And Could then Stage capacity? still X? needed? of talk part timing? getting tailings, you delay second capacity Stage bit permittings as capacity are

Rodney Antal

over pass to Stu. going that one to I'm

that was like, parts X question. I there So think, to

-- sure make So

Stewart Beckman

to plant. flotation regards the With

get have the update Copler. after which EIA an And for for of waiting to a normally are We that, operating the takes weeks the EIA. couple of permit, then we

Our now ministerial the is bureaucratic through and understanding, we EIA passed the that office. processes of believe with the department all has

Like being the long. we and down for just not then Covid. So the hope closed had too we've -- holiday, holidays. And Muharram is religious everything it's everywhere, big

sort everything stopped. much pretty of So

up coming So back we're to that. speed people of for waiting out to get

So a process. come hopefully, soon. mitigation it will We're putting

that got. even dealing in we're blends best the with the can a we've at the that -- in that with that And we we way we into didn't we've material make guidance believe So permit. stretch, us of the get we'll front got it if that

that was And pretty coming of very was It the What other it confident we're be So will long. part we get there. hope. we'll your soon, question?

Cosmos Chiu

Sorry, questions or I'll X. X keep to my next

Stewart Beckman

the Yes, with to tailings. regards

[indiscernible] stage So requirements the this I'd check of piece land of my notes, by. we've that's it's which about required. got phase. a the and required for all have get And think small we XX that's I to next at in require And next August it's not somewhere stage. go there's but the to that, --

we're to time. to going well what So ensure We're always in front obviously got busy. we've need. We're those those in good working that of get we

Cosmos Chiu

capacity And Stu, when now? I the from you my tailings Stage of would guess coming the right you question do was much need how capacity other part X? have And

Stewart Beckman

of us, -- we're the tailings, building front well ahead. I and As said, building we're not we're we're Cosmos, until into XXXX, in a long way constantly --

Cosmos Chiu

you is well Could noticed little a talk a you your my to it bit. XX.XX was on X. as first it sounds is, surprise quarter head much gram part of if was model? the that block to grade gears And Coming about, at the was Lower the it was, -- Seabee. positive how Santoy it? like part per was grade reconciliation that how X to it positive positive switching of tonne. I Maybe in guess, And grade that back is, sustainable? I the spectacular question

Stewart Beckman

Yes.

very and in it not we was get time was to very in It just mine. at had mine. positive, on from a the positive edge We do that bottom these time resource. area, So the in the the but reconciliation the of

will be But be the how finish yet drilling. in current much out drilling positive out probably that will in will extend reserve. what's get because and it that next your So question, don't is until we we to beyond know we're we the that

it, areas out were we've put to mining more get were another a into Generally, putting do in gaining holes that access So we're now to And came drive that some But stock -- but get and it. a a in to putting year. and then we're grams back putting we're in more gain a over XX there now drive already drive -- in few tonne. some drilling at next grade. to spectacular that into

Cosmos Chiu

the maybe And the on potential could Seabee comment for second for not half at grade you this or time?

Stewart Beckman

want I speculate. don't No, to

Cosmos Chiu

last And maybe were good. grades here. one Again, Marigold question then on QX

First potentially we to XX%. heap it I on second tricky half about in should with if expect first that, it's half What half? then grades always believe, were looks were recovery out, for like And good. leaches. was work I Well the the

If well? you that as are recovery expecting the second could potentially lower grades impact half, in

Stewart Beckman

Yes.

right about the You're recoveries.

moment So heaps various at the we're of running X lengths.

So the we're from. days, which leaching from stacking range X anywhere depending to breakthroughs XX and heap

So -- the for grade for half overall, will be as but same the it half. was the first this

Cosmos Chiu

And maybe up. that's it horse, of inflation. don't I the dead and seems but word question last effort the want beat new a 'I' to these then kind to to be new wrap days one

energy Is we What on some of cost there's terms comment pressures; the impact seeing operations inflation, you maybe labor, input potential cost? cost of currency different companies. It different pressures some about labor? Could at from other talking Is also about? areas? cost you it talked cost pressures. costs, there's are We've energy, heard it other offsetting like most are you What here? In the your pressures; inflation. seems there's

Alison White

that. cost continuing about have some will the same seeing to have are we talked reevaluate pressures we be that of to necessarily So not relation diesel. we but some in experienced labor others pressures And

renegotiating our at Some our cyanide things the other sites. actually of few input we a currently for and costs, of of process in are

of the inflationary companies So we our that have some some same of other are not seeing. pressures experienced

Operator

Habib Your with next question Ovais from comes Scotiabank.

Ovais Habib

just quarter. seeing of kind and A see of you're been any already, at Congrats you're Turkey, just Covid Copler wanted factors putting that that on very to lot regards maybe in solid but mitigation in my impact have to answered questions of in place? a any sort

Stewart Beckman

has for Copler shelf effort there. outstanding good an managing very actually it. as Turkey systems done anyone And been in that's the well

an site. have coming isolation process We on

medical testing turnaround So a own staff we an and test. for immediate coming site, our also have test almost people with antibody PCR to in

we despite then still a in site. before and PCR for immunized antibodies carry and If across the and on protocol running you clear, get they're and they're site you retest both enough back workforce go fact can immediately. you the access that that site, the you're Otherwise, XX% on quarantine you contractors the you week,

done outstanding So have very it well. there managed they've really effort an and

Ovais Habib

to think of at of in in based the going is Seabee you grade Copler would on I going pushing the And the half, produce of conservative ounces, be Marigold kind how that second does Marigold, what kind of being over you're you XXX,XXX your and And top expect level? and looking about I why to looking about perform above ounces. that to say, over flotation get before If going, of kind kind second kind the mean, say, XXX,XXX just of said towards end close into Seabee unfolding. guidance Copler you hit achieving just let's some is half. these date, I of how flattish, is to you causes to, it's Is see terms how do outperformance good gets guidance? is guidance start things talking

Rodney Antal

No, the tracking sort Puna we're and have we're said top. is larger first script, And as Marigold guidance. translate shown towards half, that it in of think operations, both go well more for going I necessarily Copler, in to through certainly the which while Seabee doesn't the we So, the and the mid-quarter

give at of we'll range out. be reassess obviously, out that So us if stage, then put this But quarter positive again to some it. that in guidance surprises, we we'll saying X sort that we're turns originally

Ovais Habib

on -- side. into the exploration moving just And

we're expecting confidence resources the mine Seabee? a month at of reserves additional near kind and in exploration, in improving of couple and next looking Is terms updates at so. over focus still satellite beds You that Rod's exploration or said of the

Rodney Antal

Yes. It's both.

be is So order mine in able us our for to to focus near main convert.

So at we're also stepping those. they're and walls Seabee, the it's Santoy to Gap hanging source. But extend the out next door because

it. we do things the everybody anything it can rolling horizon of reserve extend term so more than that the in the a at of a when just plan time of a have look can Seabee capital of and the -- we've we're resource and if because defined that then got horizon, mineralization much shorter longer we of a we mine better the different bigger for is want is our there. longer we a with of at that the we And that to rather sort belief sort putting that plan One haven't do having extent through understanding is paradigm. expansion resources is Seabee into the that to It's our has mine

Copler, and moment, that value it, because never plant recovery of a shelves. coming the able paradigm we're -- the the on doing recover we in. mineralization tack looking we're pretty was existing don't This was coming the again at that's sits plant we back be if copper happens at do to resource copper and But valued a that though around what ore of at exciting. in to the end. reserve circuit designed work even recover in the the to what we Certainly, that got the through So different at on that the we've copper

overall pyrite the perhaps plant, concentrate, autoclaves flotation producing and from push going a circuit. and which to our the produce a feed with supplement So production we copper up the then

coming we'll of we that's share bringing -- beginning data the also to for holes technical confidence holes pretty we're We're was it. work there. I the Those what roll the as then exciting. then do holes. infill Copler the Ardich. XXX working the we we're resource shortly. under in call for That's where already at that out the it, think both outside resource the that in up just and They're next Plan, extending -- going on that report and step levels resource, published be Master year. reserve just updating and for out that So in previously will out included we're the District holes, it's another And the were And

saw the business. the NPV into grow case go you in base bit what the almost for should into So the extra reserve, then and a it make valuation and of million become $XXX ounces -- million

the work got of And going out. pushing Marigold going lot on moment, the quite we've work as well. at that around So a of of course, all

both Trenton we're to picking and we're up So the well. as immediately Canyon adjacent we've current really then down doing what workings got at

Operator

comes with National Mike from Bank. Parkin question next Your

Michael Parkin

quarter. Congrats on the

that are would Just regards it's of Or those a you to where couple permits Trenton that go still an phase stand with intact? fact permitting Canyon, to permits? old operations a have through Does With site, does questions. the historic follow-up there? restart to

Stewart Beckman

is But some at moment are what we're as there. there well. doing permits area re-exploring the So the

we want and So to develop decide do there. -- to down need it and what what what we we we what will to find depend we want

So the answer question I your at can't moment.

Michael Parkin

picked since And then study to XXXX land and show The But as of well ongoing the little the and pushed seems exploration into, change last you've dip Marigold within there's with production a regards couple of of as area at grade tonnes of a higher the table, little success pieces plan XXXX XXXX. that up mine some a here XXXX. it whole. a a then, back bit main as from went which in then XXXX, water

guys you where dip softened see do not So if could be that potential eliminated? a

Stewart Beckman

we've District property. into an takes we're we to as and Marigold do updated And this the at which account X-year that to do going it to we'll report, of a going all call year, give the planning that to a those mine started which technical the the develop Marigold work, The across to years issue We're about. life think answer Plan, things guidance asking do end will you're Master is our yes. plan updated of of whole

Rodney Antal

this portfolio, The the put tech is the other Copler because report out relevant common while Mike, a said, we across all is just last we last thing year. theme

The refresh. other that operations also need

that's investment years refresh also obviously, that's part really market, sort of X talking about the reports the look the of X, old. rather than what to assets So and these ourselves into tech actually like about stuff

Michael Parkin

had last from got, of at the so of mine And that we sat back Copler, ounces we there some because plan the just the with in. high-grade they end category update update the

with Now would reserve, coming this sounds be those update into coming, it like.

that So processing. those properly have sequenced correct ahead we assume? move of Is forward stockpile to could

Stewart Beckman

And course. a only because the displace want scheduled. that's we sat at which would at of only how material offsets of material Yes, the was from to The reason third be Ardich some end didn't category reserve with the back they it it regulators. was,

into it available. naturally was plant So the it sequenced soon would as be as

Michael Parkin

of And some then you're out where negative that I a massive of a when free better expected, amount final it with at question the that you deposit maybe that to you than type to from gold Does gold the as through that with for happens? -- great something surprises effect? gold and what is have of comes tend actually gravity Or recall, circuit. upside sit Does reconciliation that kind surprise. getting the in grade me comes Seabee, mineralization, else that it's free

Stewart Beckman

at surprises on and get vein-hosted Magadi do Seabee, [ph] all difficult the We line the it are. predict to upside gold is as to deposits

plant the highs, for get positive they Naturally, the in reconciliation to is and the from reconciliation we tend and The go when do tends to high work the positive, unusual high. surprises out. be have always very usually recovery through resource always Our time if is very high. get time. to you you smoothed But estimation,

to not So overestimate. it's

Operator

question-and-answer Thank further our no this you at conclude We are does showing questions This today. participating. session time. for

your disconnect now lines. may You

SSR Mining (SSRM) 5 Aug 212021 Q2 Earnings call transcript