SSRM - Earnings call 3 2023

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Operator

Hello, everyone, and welcome to SSR Mining's Third Quarter 2023 Conference Call. This call is being recorded.

At this time, for opening remarks and introduction, I would like to turn the conference over to Alex Hunchak from SSR Mining. Please go ahead.

Alex Hunchak

Thank you, operator, and hello, everyone. performance. SSR provide Quarter business an review our joining during Conference and for of we'll which update financial you Mining's XXXX Third Call, a Thank on our

have webcast the call. include access otherwise an to our Our website. all news discussed our been the GAAP. this information the third will discussion call To forward-looking unless to financial been relating in please ASX accompany read SEDAR, have U.S. disclosures Please figures online will call, release you so on indicated. Today's statements consolidated find dollars, available and quarter that in note financial are statements, These documents. presented accordance are also webcast, the with during the XXXX and in in relevant U.S. EDGAR, the is filed there statements on our

Edward Sustainability. the Alison Operations MacNevin, on and today White, call Financial us Executive Officer; Chief Officer; Joining Chief Bill and are Corporate Development President, Vice Farid,

call Now remarks I will turn over to Slide X. on for opening his Eddy the

F. Farid

Alex. all, you today. joining us and you Good afternoon for thank Thanks, to

First his communicate dealing being health for and Executive that to of he able regrets Unfortunately, us is join today. not in with Rod Antal, a I transit. all, is want Chairman, to family currently sends emergency our

Puna. which at With record throughputs production planned, quarter, report as we operationally, as as third respect record quarter included the a from to are pleased strong to well Marigold

gold towards anticipate of million of the meaningful to cash equivalent production in of end ounces as a These over lower the all-in as XXX,XXX production generation high results. fourth cost Third in an of our end improvement the quarter first year result, sustaining guidance continue this of our guidance. production year cost of a and, $XXX And the ounces quarter. and quarter flow we full drove track sustaining gold XXX,XXX improvement free nearly we in metrics $X,XXX all-in further equivalent ounce was at costs half

the We just drill XXXX growth of significant X proud our have and are Çakmaktepe was a continued delivered we extension to our completed impressively project. well This significant the report, technical the internal marked production exploration at delivery years milestone Çakmaktepe first after is excited also extension. in with had to most line Since are from aligned expectations third about have quarter success hole the project. was potential initial at the and of the time

opportunities meaningfully now are the with of other gold we along in to evaluating in more a and growth sheet organic recoveries. flow result, a discuss aspects our will As improve moments. optimize detail these opportunities I few profile

from I number of third wanted key highlights to communicate a the other also quarter.

begun initial have a First, mid-XXXX. preparations at project site Hod earthworks, as decision and Maden, in drilling we advance towards construction the infill

to during enhanced position revolving undrawn million expanding was position reduced liquidity credit an liquidity with more overall total at our to million. amendment an facility's $XXX the facility, Second, margin our $XXX quarter bringing than the our and total to a capacity

return And to strong the yield for million over at of of XX Puna. and with tonne robust returned target and zinc continue X.X% reminder track extend minimum growth spectacular brownfield we continued our Puna. target advance Seabee's the Third, our XXX meters Cortaderas to and across $XX of meters track truly lives X These drilling the towards successfully XXX a Impressive portfolio we capital both finally, nearly at portfolio, year-to-date as gram of period look Porky a from Seabee tonne shareholders brownfield from at -- grams XX.X% we intercept to year. plans. the our are exploration to organic as West record results continues per a mine returns, we track over results and total including campaigns silver

it XXXX, reports of end efforts the we towards both Çöpler. refreshed towards for of noting is technical and committed head that the Marigold worth we substantive advancement have As

of the an value the optimized the for being the term. maximize production interim profile completed at ensuring working evaluate we technical portfolio As both analysis results over are also assets, long while we to

Çöpler, By stacked project's those and materially improve XX% approximately to recoveries. a success the as leaching life pads capacity scale I entire noted, ore for mine heap grinding Çöpler, of to revision valuation featured significant triggered planning which the and deliver ounces recoveries averaging extension operation. potentially plan, At have of of million at has our Çakmaktepe the expanding on and we production, continued install uplift the the a prior leach the of X.X with majority can

by However, this guidance over will equipment frame Marigold clear when levels that to mean the construction this positive online XX%. Çöpler and expect the our production next is in time comes range XXXX project installed. We XXXX our year, Hod a near-term as is in do, however, than see production in of with reinvestment will the profile moving is grind at completed. drive later cycle improves; the the medium- until circuit a Combined for portfolio processing production prior XX% leach long-term lower to slower Hod ramp-up approximately production it growth reinvestment expectation will to Maden build is decision the that the and X Maden into full years a business additional next

years. ahead what's the excited year-end are by both coming over into and We

an M&A. opportunity portfolio builders explorers, prudent a and as further long Our has going abundance SSR history forward. as features low expansion that operators capital NAV record high-return, well a expect we mine of proud Mining value-additive drive of growth as will track intensity

strong Our robust liquidity, continue solid and business more total building on our supported including in foundations. million position we are than balance sheet, $XXX in to keen by a a is

long the where company value Slide X, on ESG. to success. On for core a underpins I'll it ESG is and comment and as focus firmly has our been

initiative in This to metrics and operations. safety already across performance from prioritize focused leadership reinvigorated and and the results. safety the positive our improve is the our across continue are portfolio. our and we been of employees engagement seeing business In field drive teams respect showing has We enthusiasm safety with with XXXX, and results met and formal to the to positive health a partners

Additional development technologies our year our incorporate key towards including this and journey options include plan renewable decarbonization, energy continued action platforms. to on of operating evaluating into initiatives an

We to are for and enhancing communities. for legacy mine a efforts our water positive plans fine-tuning we and plans our of on closure leave local lasting our our assets management each integrated ensure

months, we to Finally, Code. a signatory International to Cyanide over become coming the Management the expect

is a ESG our forward step While already signatory, Marigold another bringing journey. entire is positive portfolio on level to this our

work ESG on our to forward. forward As sharing and initiatives we advance have updates hard done additional previously, we look journey to going that to continue

On to the presentation Slide to X, Alison. where I'll turn over

Alison White

third I Thank quarter. of will an results from the overview you, Eddy. the start with

production equivalent from quarter in XXX,XXX ounces. were ounces slightly Puna. were of Third and gold the was gold impacted in to with largely XXX,XXX the expectations Sales line brought year-to-date concentrate third quarter ounces equivalent gold equivalent XXX,XXX by production and shipments of timing

the similar history, given We production. fourth quarter as expect of lag the expect sales prior on the holiday at particularly based fourth quarter to impacts end and a season result,

an at meaningful costs associated maintenance first was $X,XXX included results. of Çöpler. the costs shutdown a the sustaining with scheduled over and improvement All-in ounce half

charge income of We expect in including tax million the associated quarter the fourth Türkiye. $XX net to Attributable improvement rate per corporate see $XX.X with XXXX. or a was million, cost share increased in continued $X.XX

XX, a the XX% increase important to to it overall rate is the is the XXXX. tax eligibility the quarter. recorded the XX%, previously to Despite Türkiye rate term near in As impact was The incentive paid within taxes that on X% note impacted existing to January in tax announced tax XX% country. announced in not given change in cash our July that credit are retroactive corporate Türkiye X, this entire from during

positive Adjusting $XX million this before capital attributable adjusted $XX before or free $X.XX cash $XX the $XX or and items, quarter, capital diluted flow $XXX working free In bringing change was we tax rate for cash per of flow million adjustments, adjustments. million year-to-date income share. to net million million working onetime or other delivered

stronger flow the We expect strong production cash year. another our out quarter close to expectation free during given of QX, of

Now can Slide financial about SSR talk to turning Mining's X. We position.

a on on our net of $XXX cash is outstanding in third repayment As million. the term the In only free strong loan, $XX position the the third of and balance further the the accelerated $XXX now the leaving flow is result million outstanding cash strength we $XXX the million cash debt sheet financial quarter, solidifying quarter, as the position. final and our note million convertible of our

the to loan refinancing removed transitioned is sheet million million within term of The also cost, credit cash our maturity $XX occurred supporting restriction one our is also the credit capital a to cash us an has the The enter those of and total as funds supported revolving business. facility position of of liquidity strength on liquidity view quarter. revolving now that tool of $XXX pillars our total we further the this by We improved Balance a $XXX approach equivalents. and facility at organization brings for as the and facility the overall allocation in another and as the million. to extending of payoff available borrowing to the during capacity period reinvestment cash,

expansion we let's and second forward the we Reinvesting and the move commence and to to strategy, Hod Capital at returns to coming Çöpler our those forefront with it to of pillar X organic the will over capital third project. Maden the growth our as strategy, flip come period in Slide is further. pillar discuss the expect allocation X-year represents construction

both end share to this yields to cap are XXXX more program of to return at capital period of. of something X% XXXX follows and This market nearly X-year our XX% returned base shareholders will year, minimum return on total a of the XXXX. buyback of total through than over in yield or proud September, return million million a $XXX $XXX $XX bring million, least in Through to our approximately track to and shareholders we dividend have shareholders we're and X.X% and and

the meant Our are the free this capital and reflect flow of the dynamic generally business, cash buyback component a to profile returns initiatives strategy. to is

of entering are strong our we to in yielding approach company investment in our baseline return. period Overall, our flow continue remains position, year-end. expect and currently free to a growth, a into financial we to cash a further X%, generation will provide dividend, While capital

anticipate forward, organization. capital the We going sharing of and opportunities are returns proud our in reinvest to of history

Now I'll President over the and our the Executive turn of Sustainability, to to Operations operations. review call Vice Bill,

William MacNevin

operations, committed improvement quarter, significant the my including Puna. and pleasing Alison. portion ensure to record fruit time continued operational third these daily see teams to a year throughputs this each average is and record at with of I've gold asset. It at Marigold and beginning production bear working with to delivery our efforts strong Thanks, stakeholders a local from at

doubt no for year. there's our but ahead, teams the work of fully of remainder that lot a our delivering on targets are production have We aligned the

Before most I the about home every dive and into discussion The to safe. we do people want a assets, important thing a individual with each review get is I our day ensuring of start safety.

this As the core a focus. for value been Mining, has SSR always

increased tools in Whilst and engagement -- We to is this implementing delivery long-term improving results an drive the is are safe an a integrated of leadership continuing it's simple as success. improving improving our approach this also enable and people. the safety, field production to to quality work is

on XX,XXX ounces the $X,XXX completed shutdown quarter. maintenance of quarter the delivered AISC of ounce, mine per Now successfully The an reflecting in to production was Çöpler. that planned third at

line Çakmaktepe production in extension at Eddy to the to fourth and quarter. our As inspect contribute in in total internal with project the XX,XXX time will we noted, from the Çöpler's quarter, has ounces XX,XXX continue production lines, first we received

the currently operation. translating the work at to now an life excitement around spoken mine into hard already updated that we're for future the extension, of of and We've plan excitement Çakmaktepe

of While capacity flows additional has mine ramp-up additional full the equipment of will the extension, XXXX. Çöpler meaningfully opportunity production that potential of the at to Çakmaktepe at in the installation life improve to levels until delay add processing the cash later

details More and time in ore the what quarter will that but guidance be updated in program lesser Çakmaktepe pads XXXX the anticipated technical released heap to leach stacking in the forthcoming rate over will are We oxide of than XXXX. first on the a expansion was overall report alongside updated Çöpler that the extension TRS. continue multiyear

XXXX, mine regional to we to our QX and mine has Mavidere, life record expanding 'XX. extension With growth across of including a like continue to Exploration our believe the since testament XX in base. which resource of ownership near- track of across at work this continued the more are full than opportunities years still District, a success replacing had the there and suite going district, depletion also Çöpler we where continued opportunities expanded longer-term XX% is forward. of life Çöpler targets

third is in than spend operating kilo $X,XXX a this ounces the in Marigold half ounce for At reduction quarter, quarterly quarter. year. the produced of impressive record XX AISC more in of ounces -- in life. years after the XX,XXX an reflected first planned capital-intensive its per the operation This the mine

As we scheduled waste production noted Red reassigned some and our originally Mackay the at for we delivering mining guidance, was have consolidated on fleet ore stripping to Marigold year full Dot focused of at pit.

ongoing from is into be this and to Red will into quarter alongside Marigold forecast, production near-mine exploration Initial in the be As replacing also we production first also the updated successful depletion. XXXX. resequencing programs Dot deferring plan work life work incorporated were budget completed half our of associated This delayed our in of multiyear second the into XXXX. mine will will guidance of XXXX of which incorporated XXXX be the technical review at suggests expect Marigold, our initial 'XX for and presented

to of of a refreshed portfolio. are plan at Valley inherent The for the first the and the targets statement life mineral end reminder will the also capital These growth property. our the potential from intensity, life include a near-mine low in of target New southern first growth we Buffalo mine organic Millennium, Marigold again contributions across incorporate are extension evaluating resource mine

And expected a mine to XX,XXX downtime produced gold as the as an Moving half of at also XX, grams grams in in QX. between Seabee's ounces upgrades $X,XXX power mine but about level and The planned regional fourth grades Seabee. tonne. grid. from we'll average ounce improvement further improvement Slide result on reflected to of over the AISC quarter this a third production per X we X results, quarter talk to was expect are first the

the in the run and grades more mineral it over to have ounces few of body from mine years is contribution does we last medium-grade aligned approximately grades Wall our the With encountered Seabee's important Seabee's with Santoy drive high going XXXX, however, we not increased area mine forecast in Overall, note, Hanging plan the annual Gap very expect ore forward. rate XX,XXX be to production grade reserve ahead.

As work plan free in on the we the term, be Seabee near for focused despite now some future. operating these ensure underway you the a efficiencies the and In operation. exciting growth mining Porky to we paradigm are targets very have milling in for horizon, improving rates and the medium-term technical new opportunities generation the flow on positive to seen, and presented delivering grade to have potential mining is from increased evaluate new cash to targets

able of the million Puna. XX silver Puna throughput $XX of quarter improvement performance of ] day. once futility cost again record the despite deliver an of focus per AISC It period control X,XXX team continual tonnes at currency production ounces On to their with Argentina. the in [ delivered they're X.X ounce with and of that per is as a to to and on outstanding plant testament level Slide this averaged processing

and third pleased the in highlight very target, at zinc. XXX-meter to silver XX.X% continued XXX at are some gram a quarter, high-grade per assays Cortaderas and tonne Exploration intercept including we

going as itself to mine is As Chinchillas' near we the forward. expansion life continue evaluate from life extend a open presenting in pit term, medium-term compelling opportunities Cortaderas mining to very target

Maden. the to at After now on discuss quarter, preparations Moving Hod Slide to and acquisition Maden. site initial the commenced earthworks closing now XX second we in Hod

quarter holes of it part grams affirmed ore to over today, have initial program Though of began assays to infill derisk see with intercept of mine XX body our goal a of X the plan. copper preparations the we the world-class the X.X% tonne only the is construction, the drilling nature with returned years As towards highlighted and encouraging XX per gold meters. in

Çöpler members sulfide execution over of Mobilizing the of Maden. key team project Hod the advanced number a bringing well and team is plant to construction includes

Hod flow our to we an At at annual ounce. annum reminder, expected of below ounces will million nearly and project production is stake, AISC average per XX% gold advance average of Maden SSR. a towards the a next XXX,XXX We're mine ounces expect life more equivalent contribute $XXX As of per than have this decision continue construction project free to $XX development mid to portfolio caliber in year. cash to for our thrilled a the mine

I'll Eddy. turn to Now it back over

F. Farid

Thanks. Bill.

today's As don't of and us. performance future believe price excited that reflects share you we are the have business about heard, clearly our

We are to the of technical And resources Marigold, quarter XXXX, portfolio multiyear targets. in at mineral comprehensive Çöpler refreshed a first and and optimized guidance to updated an production expect reports on achieve strong for profile. guidance including update and and both we cost track present a quarter fourth reserves

existing also the New meaningfully and at meaningful Puna. Seabee improved We $XX are life than X.X extension to and ounces at have and million as Marigold, seen for success capital. investment. At just both reserve potential from showing Valley million mine CapEx Çakmaktepe capital less Buffalo see And years of some opportunities. we incremental costs project mineral our lowest XX%, expect is in gold are ore expand for from exploration you Millennium base X discovery low IRR targets XXXX. At Maden, deliver in body capital towards first flagship period to of in will note reinvestment, a of we mine, it quartile project first the growth entering delivered excess highest-returning, of and portfolio mid-XXXX, compelling move Çöpler While that truly a world-class and Hod we important features sector. our in production to first production a projects with construction intensity projects the the growth potential the extension recoveries project's and

to projects a our profile meaningful result. of the advance successfully, efforts return investment assets our track in our deliver the balance business growth this see our pipeline and record organic our and positioned expansion have costs the Combined multitude same drive production shareholders. At potential to to out in sheet to stop term. of continue business well as will value also near to our for capital with not time, to we the alongside of shareholders growth relentless is We the building we'll to

projects delivering that excited turn track building back going to the of any reputation strong that, I'll forward. With a and growth line for the proven to have continue on high-return We questions. record operator are

Operator

from comes The Cosmos Instructions] first CIBC. Chiu with question [Operator

Cosmos Chiu

question first Maybe it, let's my is your guidance. on XXXX, call

to for bit? giving to XXXX year-over-year. little of lower As XXX,XXX to bit a of terms be the is Eddy, you us Is it is guidance XXX,XXX? guidance, it XX% And mentioned, previous to based end? XX% you -- on But production previous to the a thanks, to XX% could XX% lower clarify going of in guidance. midrange or XX% XXX,XXX was which below the Or below XX%

F. Farid

high Cos. It lower range. both to of Thanks, end to Yes. the end XX% the XX% is and the

Cosmos Chiu

Got it.

looking not the XXXX. it Okay. And just further production full then until to going or like with leach it's here, your ahead, of potential reach grind taking full commentary sounds some until I'm and production potential, or Çakmaktepe,

Marigold-Red could However, come like in it Dot in, sounds a XXXX.

than So XXXX, thought ounces I'm XXXX? potential see just Are talking hopefully potentially production, in production about? wondering, should of we to XXX,XXX terms the it we multiyears previously in had contained we is lower lower what again and

F. Farid

studies our continuing Yes. technical the And shell metallurgical on and still the to work optimizations. pit Thanks, report the we're trade-off work working completing and Look, infill Cos. the drilling, we're finalizing and summaries. test the through obviously complete in-progress

relative I'm basis. of on to an annual So the profiles you an exact unable give sense production

and circuit the Maden leach into for will say the Hod online, inflection I is really and with for as what combined would comes profile come point production play coming However, online. operations the the grind

Cosmos Chiu

it, that about talk CapEx final sounds about leach It in it on you and in potential you haven't it maybe the you've that circuit, really be? then talked the QX to sounds is. is is a also I but yet. didn't you goal? that that And Okay. -- talked the like grind again. but sounds And decision past, pretty might like but made like talk about the need what QX, in that, that guess committed you're you Could it Like about

in trying get I'm where we're So at in sense to just decision terms this point a of on at time. point that

F. Farid

prioritized are -- technical economics, we'll with circuit. That of is and probability the Look, the leach the part pursue undergoing. and we the the incorporated including you delayed. what and and we next reports decision is Obviously, high the departure do returns, capital profile X estimates not currently as over expect the made work investment leach a capital pursue Yes. And -- CX, the the is which it grind estimate the finalizing and will at our have We your over definition leach look the be would circuit. because years, be the reports. of the into significant not from full grind already do into a release we technical that we do capital would circuit to grind of be

of And the play the been time, refinement the minus period have in come capital that technical into or place so that the estimate would of report. in same of plus deployed CX over it capital would

Cosmos Chiu

And low X-year that into projects. and capital intensity, low, period. question say my But you talk L-O-W, the organic investment capital next high-return growth about well leads at same terms you time, in of Great. capital

about lower So is guess be right CapEx? XXXX. higher in actually all kind question for now Is than in about $XXX investment terms concerned going about of Should be I concerned increases XXXX. think are we I X-year to it period? and budgeted CapEx, Or million it comment on growth those should somewhat go investors CapEx your is, CapEx at my a of in was capital model any concerned due XXXX? to I

F. Farid

at X us. the ahead the capital a of look lot is chunks years, of I fully the of large next market Yes. aware Look, as of

are Maden, capital Hod for. responsible the have for we we X% estimate So of which

in covered growth our the together. the grind We years. leach those capital circuit, of we the X associated have just largest represent which profile component growth and coming And with the

of that as these believe surprised the the all market will estimates, report fully outcomes not define will they higher do technical our figures look a I of be which level to through again, fidelity. so And

Cosmos Chiu

And question, last Of one maybe then course. Eddy.

you're In it Hod going terms make like Maden, to of by decision sounds a CapEx mid-XXXX. for

in So Hod out CapEx? in Maden for studies kind budgeting are and expect number XXXX, we that some the XXXX, guidance for the should for your of coming right,

F. Farid

Yes.

to that pass Alison to me over cover. Let

Alison White

we the including year. question. when be Hod definitely the expected Yes, for CapEx we the guidance will Thanks for Maden upcoming our in issue

So you be it that can time. anticipate will that at released

Operator

The next question Scotiabank. Habib comes Ovais from with

Ovais Habib

guess answered, my I but couple a be of that at half obviously, be of first questions now would have Marigold, also questions I follow-up on Red Dot that any been most but you're of into asked deferring by mean guidance At stripping giving know weighted Cosmos. Does you're AISC at looking of could that appreciated. color kind kind for XXXX? yet, not XXXX.

F. Farid

over it color. Dot But me pass on say in is Bill. second Marigold. I'll that XXXX to half to Look, to be second given I'll production more is the Red let further sure. likely for pass half What over Yes, weighted, to is, going Bill weighted

William MacNevin

Yes, yes.

the profile, with but the and fleet. some the lower So with along the commensurate, associated up with that, associated associated work AISC -- doing with productivities with lot we're with success production of good a improving will go

production lot reduction with but on No AISC profile a definitely we're that up surprises the of So gold in we'll that. fronts, at actually year. see with spend the improving the Marigold, for come

Ovais Habib

on So again just Bill, -- on...

William MacNevin

Makes sense?

Ovais Habib

Yes, makes that sense.

until what stripping in that XXXX some the quarters, as us to of done to more Dot? tonnes additional by, kind I terms needs much of required in give or kind continue Red you be I Or can color guess, terms going going of of second in mean, Will complete half? in at at how maybe So Dot? into place terms Red to mean half... is it of like I is Red to second be Dot

William MacNevin

it the It first of proper. zone ore be will into the middle middle, get zone, be 'XX ore the we major will yes,

quarters. So production. supporting that tonnage say just of the part year's was another essentially, X.X this directed And to we're delayed mine

or of anything. about of just in nothing's quarters other So It's profiles terms X.X in changed words, stripping. the

Ovais Habib

and decision wait essentially appreciate just gears as Got mining late you And XXXX? Çöpler, continue defer for to it. on that. and are mining I you will to Or circuit, then to you a Çakmaktepe, mid all to leach grind looking switching stockpiling?

William MacNevin

We'll previously. were be We still rates mining won't the just projected at continue mining. that

between we So going that's out mining. potential we we continue now and we that be plant increasing And before, ore projected but won't on talk the rate previously be the as heap about the expansion rates mining to planned. that when will to will coming leach

Operator

The next Capital comes Siperco with from RBC Michael question Markets.

Michael Siperco

been be an do this be? versus I'm Yes, my you you to on the bit the terms context a assume mentioned there know split XXXX. in And to terms answered you that and to necessarily, impact a put want lot of it Çöpler Marigold questions will a as little the in -- outlook. Maybe that say? guidance Marigold's and well. will XX% bit between in impact just Is that struggling I don't but of little in have with the of fair where bulk prior I XX% the of Can

F. Farid

between begin a through largely took the you to a should rate give and and distribution burdened of operations. split amount both and exact XX,XXX split Look, about That then as Yes. our to of half to is Red of you reports a a release impact. by the bit think Mike, that are closed an Çakmaktepe but operations to Dot, guidance certainly sense out. you being a and I you our finalized it year you we discount our That thought extension out year there come produced are can't have early the run give ounce -- ounce a per annually operation delay percentage, if will of ounces as targets I exact both being give until budgets it's said, technical

Michael Siperco

the expected That and Okay. be was contribution for helpful. to Çakmaktepe follow-up That's next year. on going my

to XX,XXX look in be ongoing Would think rate of at say, at I XX,XXX sort this for that to to fair operations So fair the run would a guidance was Çakmaktepe it XXXX? year. be

F. Farid

is ounces QX to the year, target. to This going XX,XXX the operate is Yes. XX,XXX at

make the because contributed production and Next key working that what year, we with grown gets of drilling much from I'll our in we recoveries be the converting the this drilling, grind is going infill studies ounces That are circuit range and the of both of reiterate placed circuit, and triggered there, about what's of here, build drilling installing step-out accretive I'll some a stacked quantum as and as we has could resources are we in through to NPV to substantially a and get pad XX%. leach of on you to ounce our at of again the leach terms to how so. call the Çakmaktepe think heap leach Çakmaktepe, there's ounces reserves. pad. The is continued and it, our still XX%. By sure And and reserve. have the recoveries as do decision us north gets for all these grind leach X.X currently That get the moment, trade-off on million reserve it's

a in NAV ramp-up at or on we And exchange Çakmaktepe slower sacrificing accretion. may a so slow -- for be taking

through how on stack And and we that the leach seeing the circuit. trade-off many is we're the at so going now what moment studies should and doing ounces to ounces go are right how grind many

as And so have coming good X will months, picture the a what that distribution very you within hopefully is. to

Michael Siperco

sense. Okay. That makes

versus the that at. the hear the I not plant longer-term you're looking so appreciation you to pace -- that So material NAV through running the whether them suppose of it, Is from it's at or putting looking I not right? do leaches heap it's much you're did the, on

F. Farid

Exactly. Yes.

Michael Siperco

leach speed been Okay. there could a done for the that's that the consideration? couple where full plant? scenario next you being considered see, expansion get let's while already years production is passed the still at the you as Or of Is a pads on something say,

F. Farid

at rate Look, this the to preliminary and again work accretive to progress, it we're in seeing is is grind full moment, and levels. the work that wait run for more circuit the to leach get indicates

we'll other work at reason, we're that But we'll building up, under any impression As the and certainly, change that tied working for conclusions if leach the circuit. is option. the stage, the grind be this evaluate

Michael Siperco

me. for one Okay. Last

comment any talking impact if production Seabee the versus on the Seabee this year? given Just well? for a we're an now, XXXX Should comment expect we as outlook 'XX on lower about

F. Farid

Yes.

to over that pass me Let Bill.

William MacNevin

Yes.

think area. we continuing to fabulous made mine, we're whilst and coming particularly some edge, mine that's was where the continuing on fact see higher to I Seabee that reference a the ourselves do the Santoy that in the and been exploration, from. And I we're has grade to

So what a that mean will is reduction.

that up versus it ramping is we those processing expect kilo up part. and ounce XX,XXX we're rates slight That projecting to reduction keep around we're what our our rates what at stay doing We a last were ramping mining to is year. levels. And

major. we're think down not XX completing it about but it's [ be a but moment will work that And I pull ]. at reduction to together, it the

Operator

This like Mr. concludes Farid. I over session. the back would question-and-answer to the turn to conference

F. Farid

you a to and operator, participating. great everyone you, thank Thank Have for day.

Operator

This concludes today's call. conference

may for pleasant your Thank You disconnect you and day. lines. participating, a have

SSR Mining (SSRM) 1 Nov 232023 Q3 Earnings call transcript