SSRM - Earnings call transcript Q4 2024

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Operator

Hello, everyone, and welcome to SSR Mining's Fourth Quarter and Year-end 2024 Conference Call. Please be advised that this call is being recorded. [Operator Instructions] At this time, for opening remarks and introductions, I would like to turn the call over to Alex Hunchak from SSR Mining. Please go ahead.

Alex Hunchak

Thank you, operator, and hello, everyone. today's full to year joining fourth SSR for and quarter financial you conference discuss call Mining's Thank results.

the on statements Our presented consolidated on accompanying been our financial online is also this in been the filed have corporate and call webcast figures news release afternoon's accordance webcast with website. in and financial you this all U.S. dollars U.S. GAAP. will find in available statements that on are the website. are EDGAR, our unless information SEDAR, have call, an discussed note to during access the indicated. Please ASX and otherwise There These

discussion include Today's forward-looking statements. will

the disclosures read relevant the please documents. So in

our to Additionally, by to about discussion today's measures information and call. I in Rod press the line and non-GAAP comparable our now EVP, GAAP see the Chief on Executive Sparks, during Bill joined release financial over be we MacNevin, Chairman, Rod. will Operations turn measures. for the refer Officer; and Financial Antal, Michael Please accompanying will slides. Sustainability

Rodney Antal

demonstrated has on held dedication want mark site by Alex. and us here An everyone I by lost XX February emotional this that left at anniversary today's service at an colleagues. and on tragic across the This organization SSR, hard start X-year the want incident indelible memorial all was XXXX. in work of Thanks, acknowledging marked of reflect to Çöpler. call to the entire acknowledge to the I X incident at

of at the of Turkish to current months. the especially update will at good discussions Constructive continue advance the authorities call. Çöpler progress activities provide Bill a relevant the made further on have in recent operations. on pathway later Çöpler, the restart We with in

report looking acquisition with a consolidated operating Creek our of I'm increase note & a Victor on for strategic a strong at Newmont. announcement to the mine results, major we our reserves with pleased and solid results the from that closed year-over-year year XXXX. Now to Cripple

flow CC&V excellent the and result, transaction a cash made and scale, integration diversification, free in announcing December. on portfolio As planning since the we will have increase our progress

Our including transaction CC&V shortly coming guidance, in the weeks. released after closes consolidated the and XXXX will cost production be

as a tiers towards report efforts XXX,XXX Advancing include at now mine at of updated in Çöpler of other on for for and to on more Puna, across and longer-term the Looking which an the including than life the progress priorities Çöpler for several in deposit ounces delivery These a Buffalo we and a and into one at life extension and continued laybacks the of updated decision, important forward of of mine evaluation we each CC&V, reserve, life ongoing importantly, hosts operations, have construction progress exploration Cortaderas. our horizon opportunities technical activities maiden potential advance a we mine portfolio Hod most as potential its extended to Marigold, XXXX. the Maden advancing evaluate of Valley plan restart. continuing and catalysts

ounces by quality X huge a December of achieved XXXX. and team milestones and significant celebrated SSR At testament accomplishment X highlight to want to a Marigold, on team. the XX, of production also gold we million asset the I the the mine in from mine life of

record production a the increased previously of end of and years million XX.X ounces top produced silver XXXX, life for XX the Puna hitting operation's in Additionally, which is guidance. its

of Puna proud into their efforts our silver one in team Argentina building We are in mines. premier the for of

turn Slide update. Let's a X discussion to for the MRMR on

XX% success CC&V strong excluding over or at X% This of contributions Notably, mine a Marigold's 'XX showcases which increased development noting end this key from also extension which the a a our million material of reserve maiden reserve any 'XX Our resource driver will the changes price totaled opportunity Buffalo depletion, increase growth. after mine the in was X Valley, XXX,XXX-ounce that reserves by metal is not consolidated ounces declaration be is a reserves Maden. forward. gold life worth It for were of Hod for drilling. equivalent year-over-year, driven Marigold of going result a that

price prior Gold assumptions over while Puna assumptions year. from metal unchanged and X% and their price Seabee at the just Çöpler XXXX, was by Marigold increased

Seabee. Cortaderas despite across conversion resource Millennium and at M&I of Buffalo continue project. will Valley to activities the X% will strive Marigold's one portfolio year-over-year continued lives Hod of at gold increased price of producing by advancing includes reserve and meaningful at and growth assets. extend addition we were metal the in both as Our in the additions just Maden Puna, Seabee's exclusive This equivalent reserve resources New unchanged at down the we XXXX, assumptions. part resource resources reserves mine over the target CC&V deliver the Gold-only Further, X% development progress strong and resource driven 'XX, Porky's each and deposits, and

call going to the Michael quarter hand the to on over discuss Now to I'm Slide #X.

Michael Sparks

$XX.XX afternoon, good strongest The was ounce. fourth everyone. of quarter of XXXX the ounces gold at year sustaining costs XXX,XXX our all-in and Rod, produced per equivalent of with Thanks,

ounces XXX,XXX of to in Production XXXX ounces Puna XXX,XXX AISC the of gold $XX.XX an For per produced produce ounce. $XX.XX combined at equivalent of gold full ounce. and Marigold, we at Seabee year, per equivalent AISC

we do costs a and the and for reminder, adjust our these year incurred maintenance AISC impact of expenses GAAP, not are reflected in care cash U.S. under the numbers. during As

at AISC and the ounce. QX, $X,XXX was per maintenance of in quarter ounce for approximately Çöpler the Excluding per costs incurred care $XXX Seabee and cash

was full ounce. care costs, year, the $X,XXX and excluding per For AISC maintenance

spend was million. At $XXX year and remediation full reclamation Çöpler,

the project year to development We also million preliminary spent approximately engineering Hod and the full bringing we site activities. Maden million in $XX advancing spend at $XX as fourth progressed quarter,

to continued and advancement a forward year Lastly, of mentioned, look bit as XXXX. in Rod good opportunities we drill in these the brownfield had at XXXX

$XX X. maintenance cost results in at We Moving share of diluted $X.XX net to our net and Care income income per diluted million $X.XX free operating very per close $X.XX fourth and attributable for Çöpler Slide totaled Fourth cash recorded to XXXX. which of share. flow diluted million the million, per adjusted the strong flow fourth result quarter and quarter was share. a out quarter, cash was $XX financial on accounts $XX in

With in and total an We strong the at positioned million liquidity and with cash finished outlook existing $XXX across in XXXX, generation $XXX $XXX well closed and for this our financially, year million flow continued we position to cash position of net cash, reinvestment of total as million. liquidity needs business. approximately well free the year as in remediation a costs the are we Çöpler a have manage

free gold to our immediate payback a integration, at prices. cash of Furthermore, we CC&V expect particularly rapid business the transaction's $XXX enabling consideration, will these flow upon million contribute upfront

for Now over Slide Bill to X.

William MacNevin

brief have update I'll Valley. from site, Michael. of a fourth remediation activities removed now the of with start the Çöpler. on quarter continued displaced reclamation and we at Thanks, Sabirli the XXXX, heap In material all we advance to and leach

or location no remediation officials in to Turkish We Positively, affirming are there from water recordable around Turkish was to contamination public we note samples. soil, plan the Çöpler. at air officials local discussions commentary continuing continue that final with government

leach firm commissioned heap body was of and mining leach leach us vibrations the error conduct to calculated Following out liner material the sought no the we important in of resulted the independent to the Inc., determine conformance the the the carried CNI or interface blasting determined in of an water, stacking third-party design parameters or in heap in flaw from of Çöpler insufficient and ground engineering caused strength operation at the we cause pad incident, for along overestimation also Çöpler the as-designed with construction likely issued-for-construction an leach safety system to of facility. engineered Nicholas, there the inflated of CNI, shear was This failure. leach. the most Çöpler that event. the & base heap all liner the the was aspects, support Call and the design design the of review CNI of that an excess an as heap shear factor consultant heap the that This work international beyond substantiation of incident pad, properties incident. determined cause a strength deep-rooted namely was

to These and understanding clarity the closely work outcomes Çöpler seek our to and continue provide this restart mine, for we authorities we front. team on the ground relevant as on with

XX initial operations a As from from work the ore processing Çakmaktepe Çöpler of a stockpiled necessary ore consisting reminder, be we with and receipt permits, of continues. combination restarted could the of mine remediation expect within whilst days

X of fourth period million any XX,XXX over quarter, gold X for some significant operating commentary of in on This year on people Marigold. of a and the marking testament is life. move the in Slide the a production for mine is let's ounces ground total Marigold and strongest its the the Now to ounces quality produced we the clear have Nevada. XX-year mine's milestone to on

$X,XXX continued XXX,XXX components. current gold costs full reflecting respect the ASIC ounce, at of expenses the per Marigold For also royalty OEM year, given and produced with increased with to ounces cost price pressures

remain to expect We in XXXX. costs elevated these

the maiden enabling the and exploration MRMR at update, mineral some declaration XXX,XXX-ounce studies at noted Rob in of reserve made Valley, As brownfield a progress we with Buffalo the deposit. great

to brand at growth activity continue fill delivered advance Marigold New at XXXX positive mineral resource build on we'll these also We and outcomes. Millennium, in drilling to

at and deliver to resources ASIC closed at The of guidance measured to per quarter previously by the XX,XXX at averaged at a Seabee ounces with above ounce. potential ASIC the continued was ounces Porky quarter, to with targets per the and an tonne on which $X,XXX drilling Santoy an development Thanks Seabee driven and mine West ounce. head to -- X. XXXX, in potentially at on This the production mineralization the helped its further extend and mineral Seabee both through drilling increase grams in production finished pathway Porky at its restarted life October production on better studies in delineate XX,XXX year technical new the the additional and Porky of Now evaluating fourth revised opportunity of XXXX, for XX, year targets. Seabee the strong the which Slide advancing quarter. indicated We're XX% per $X,XXX team Seabee. operating strongest of higher-than-expected ASIC grade strong an Operations with X.X

'XX, fourth Now operation. production driving current silver including met the increased at end evaluating a in XX.X delivering production of ounce, pit year of strong bringing We was in Puna. million record X the silver. This life of ounces at a the of target. previously exceptional year good opportunities on Puna for Puna million truly flow ounces significant guidance, quarter, to silver Puna's in full Chinchillas price produced the close Full to $XX.XX margins Cortaderas progress both cash per to year environment. and ASIC extension free Puna made top

in further continued economic on for be are a position be by and provide longer initiatives local to life to these success recent XXXX expect and on updates within in to We mine a build excited stakeholders. delivering a position to benefits our Puna's

would the since in we ended Before I've gate. & I Rod, right significant to confident CC&V positioned to acquisition. back Cripple I'm the from speak out I personally the value the transaction of Creek and Victor process quickly overseen December, we'll turn are realize to integration

to to and our sizable Our look long-term opportunities And deliver due plans we resources that life exist caliber updated on team future. the an value into build to the CC&V near for forward look from opportunities meaningful already asset. of our and of asset for reserves the the additional forward thrilled XXXX. bring mine diligence the demonstrating to at in this and to identified an other I'm within portfolio plan in discussing mine asset mineral

it remarks. for to turn back Rob I'll closing

Rodney Antal

a you, end delivered we this continuing close a in and forward number thank say XXXX. were on noted positive thanks, of by the I strong momentum to quarter, expectations that the looking I and closed third Michael. of Well, I'm forward those we XXXX. to in this Bill, delivering that at catalysts we When look to call happy

our coming With closing asset of and weeks, CC&V consolidated before the we added have end quarter. production our the to in for and the and the cash company the sharing flow we outlook portfolio, long-lived free to cost look transaction generative another forward

demonstrated Türkiye, to to the and 'XX resilience continue we towards return Çöpler operations local in business to potential efforts in contributor proud reclamation are meaningful time, our XXXX. of beyond. the teams operations, business keen remediation and while the we of -- national and at Çöpler. same advance and a the to in is the I'm and economies we continue diligently At restart a the of tremendous

optimism, year a a value servicing we while we renewed have have XXXX. all assets across forward busy new our We to in ahead, of look entered with and year

call for So with the I'm turn that, you. operator to going over to questions. Thank

Operator

Instructions] today Ovais from with And [Operator first question come Habib will Scotiabank. your

Ovais Habib

Just from me. a couple of questions

QX. Just outperformance with quarter Seabee. in you expect XXXX? continue Should this . like starting off to of a we great any Obviously, sort into had

Rodney Antal

Ovais, let I'm take to that going one. Bill

William MacNevin

It the obviously was hit some a quarter. very, special very for question. Thanks We Yes. great grade.

of tracking if of year you hit that as further to continue in, out. We cannot that Seabee, quarter exploration grade definitely to them. times this every continue vein one along expect year some grades you've each expect and same search every do better quarter, other Santoy. to know, and continue been there's do we But in where and those I we -- was but we --

Ovais Habib

just And waiting sort the just or Çöpler. there forward enough of sort information to on regulators of decision are recent Rod, Or was any decision of move for to is to any before terms they the the study then their findings in forward? restart regulators make CNI operations? key of moving moving -- Okay. the make of for with

Rodney Antal

simple the work. Ovais, to think about it, I of it's package Look, think way Yes. a

we're what timetable ourselves to continually the with you If but that Similarly, to And working and site the we set done of you the think made as make obviously, precursor, site, any clearer we've actually tremendous we've achieve as this we through and important we've report we to Sabirli about since sort our financials. reporting remediating and had obviously, priorities isn't Valley would full it's ensure all CNI didn't as contamination ourselves control of incident, precursors the been environmental in are to a a we've terms in with have itself, understand safe year the regulators. now expect. the restart XXXX progress year that talking to set aggressive all that the

closure few And And last mentioned. and respect plans the will the agreeing pieces East really down that facility the what Storage locking Bill around are be. is in on to that

well itself. the So leach final concluding that's as now heap closure as

do will. Remediation where we continue still package, as been restart. looking similarly if as you to are when got work So to before, we've we're talked this it's as a even as get today about like, forward restarts, all a into We've progression us cetera, place beyond we a to will et as Çöpler to always efforts et cetera.

to to So at were seek long working we a back But restart to as think doesn't necessarily mean with what there's we're and we're not done. more And year, be are where we shocked about come this permission a and to we've last work I clearly, all to I restarted confidently time think happened get obviously, now, ways. Çöpler. the regulators permits where where

Ovais Habib

development commencement my on Again, of number of Maden, And the kind the Hod the does hinge anyway terms at Çöpler? on of restart then to operations on Hod of of X moving just end. in Maden

Rodney Antal

Yes.

we the indeed necessary simple the cetera, Ovais, to it in the after the years cetera. sort X in in the wanted a payback is, up technical think acquired that's plan, before. plan, years represents about because around the et to technical we execution et approach the about asset to X, high cetera, a think where in X, about of the we have fidelity the what study Hod interest of may talk around detail et start way a fact initial asset say developing get necessary time that the develop Maden, our the with the detail, level to our I I asset plan. to particularly we when take And talked When a clearly expect that we you it,

we're has -- going those Çöpler. work and in been components, that working working all exclusive on So background, the of on studiously

construction. all basically and we that stage discussions the during to project until Maden financing to -- where work start a Hod redo we're up the bring reports and can then So year into continue wrap such the technical will externally with in this banks that

Çöpler. be work and separated in been fact, and way the hinged teams doing teams So set the up And mutually exclusive. it's on we've efforts the the to the around not is we've

Ovais Habib

Perfect.

Looking to forward guidance CC&V. closing of the after the

Rodney Antal

Appreciate Ovais. it. Thanks, Great.

Operator

Cosmos with today Your will next question come Chiu CIBC. from

Cosmos Chiu

see on profile you of my Good Maybe Marigold. that first have terms to question production at that is you an initial the remind reserve slots declared me Valley. into how Could in Marigold? Buffalo of

Rodney Antal

do. I able the Bill what's could the portfolio. they've we're think may proud growth the have performing about question. of what achieved forgotten where well respect we away the let the daylight important, But challenge take that been I think I'm evolve answer of But for to been what operations there the with to have to from the the people a I from public it I'll achieve because We background really what most business. rest I fact efforts team year, shouldn't Look, continuing the to and to the in we as declaration to period Çöpler the as take in as of able and Yes. of we -- into just we've question unnoticed don't you bring focus good Buffalo really to as got had the want it now think, right? a for granted. timing? indication for And future the But again, the of reserve in But Marigold. And that make sort Valley very the that is a forget, go business. and answer of sort another Bill, because around of we've energy important the that why the

William MacNevin

Yes.

already, a was that lot further year. study-type we're lot that as it's be it engineering, It's of area. a year. we'll and feasibility it. good like updating excited a with of Cosmos, into mine plans So our about of throughout this taking life very done work work through There typically main working -- We're of satellite this

the net things: terms will we high got for permitting is timing, in which through So the go still value, -- it believe of driven Buffalo X is also processes. but by to we've to be Valley, be the going

later years life it's to it's definitely scheduling able about we're more year processes. the still after off, through but several And to So worked the be pipeline. something our that that mine through give color we'll of excited progressing we've is in

Cosmos Chiu

surprised at of your echoing assets, And to why ask able in Valley. and different some these of to Great. terms progress we're question including pleasantly that's Buffalo see comments, wanted well Rod, I I'm that -- that as

So said, I agree with what you Rod.

Rodney Antal

Yes, Because it. I think thing just thing X other on Marigold, appreciate you're talking the I -- just while more about.

I think Millennium Valley, just 'XX Buffalo in is. what new keep beyond on be another of is Bill one for advanced the Valley target, other which will that's progressed, as far not for holes what area is into important, which focus described the us -- Buffalo putting as

Cosmos Chiu

that into maybe would -- the decision like talk ounces commodity the I were imagine out assumption. Yes. example, you higher your you resource -- for about what to there's assets, use Great. very if some you Some pit as well you some assumptions? other reserve $X,XXX ones. a assumptions, And could to as today of mineral for lower year. the come price conservative even And the updated put would for price as used of you have in price commodity used Could the then And for mineral mentioned, mentioned, happened? the estimate commodity have conservative you Marigold the

use have continue much you did -- So price could a and X lower what commodity today, spot parts. prices happened? than to Why

Rodney Antal

all you just the their reason relatively until remember, you Yes. on I'll was mine already happen where say unchanged, what maintenance, its left life. and we I'm get ended That metal at Cosmos, to, speculate restart. at of given look Seabee, a prices care on could is is $X,XXX key. we really the asset what we made sense in own is, it Çöpler, the not But as going because is right. because to up, if simple short for they're sensitive Look,

didn't a we obviously, slightly, saw And it. -- other increased see we to as the reason well. ones then So change

made decision our the were we assumptions. was as going through that So

unwieldy, plan view continue sort we'll review of reserve we of We as up peers We otherwise, our We consensus. doing. were. also during We'll only and take a how do they XXXX. look are to that. and of X review And because what that's with a review it strategic the mine that resource at just year ended sort statements becomes

the we'll and Remember, to also reserve through into plan have do strategically that look got take We'll conservative here have while. of now and reserve acquisition historically, the account into XXXX. at Newmont account next the of portfolio in CC&V. statements. fairly new to they full and mine little resource wait in take been see resource we've what as And the review process our we And the with in statements sort

the updates So How sensitivity. it we impact the of the there in year into they're all impact very optimal to progress differently their et could later prices the cetera, terms or this they be in year. commodity how shells, some shells, as pit -- pit positioned

sort of lyrical have will of not So them, I'm years. they to but the price over going each commodity a about of one benefit higher go into obviously again, the wax

So later this more to come year.

Cosmos Chiu

question. And last course. maybe Of one

you mentioned, Çöpler this sorry, As back here. to bringing

million remind overall that us of million, remediation in you've so terms spent remainder costs you $XXX you the the million to $XXX-ish mentioned, Could As the spend? and timing far. $XXX containment of of

Rodney Antal

Michael going I'm Michael. Yes. to call but over -- that to he's let take you, to

Michael Sparks

Cosmos. Thanks, Yes.

focus I completed. was XXXX at has that Sabirli a think what the you and been of as call, this in look Valley, earlier lot mentioned in the Rod work

back the will work up. and facility, the time then subdued be will facility As the XXXX. material Once that movement throughout movement we for for line material the is the East pick constructed, Storage engineering

remediation lower facility, for up it that was material be that we as Storage and expect spend in East other again. things the movement ramp and get reclamation we'll than would and that done XXXX, to I So permitting

Rodney Antal

million it's we're terms liability a I thing the people it. That one $XXX through put carrying we're you is an I'll to sound. And is lot because in understand with the that's numbers $XXX 'XX Cosmos, that important the and correctly out of important say, pronounce can. think that guidance, it's that hasn't The I still efforts. too, quite we -- of -- churned would the already changed, our that estimate. best with The million as obviously

So number years is as place a beyond on of we the take over will facility the Michael expectation XXXX progressively the the spend the said. efforts of East build pad, Storage remediation the as rest and

think So obviously overlaying that, from liquidity I taking we're a think our in away that position, on you about if extremely strong position.

Cosmos Chiu

Your with will Lawson come next America Securities. today question from Winder Bank of

Lawson Winder

I year wanted of going not Marigold Marigold ask a to you in advance period investment. to ago but of about be of for your the was guidance. ask preview a through conceived mean, just going conceptually, I'm to I a guidance,

would a experienced production and rebound XXXX gold still then have, higher and in XXXX as 'XX. lower So a in then result,

Just concept? could was that that there the considered generally, push year Or is still a be the out investment ago? a of

Rodney Antal

had unmute. I to Lawson, Sorry,

think still we report tech year, out this the the placeholder guidance, that's use last time I as you if sound. put for think I

until do reference best we that's the So point. it, I think

Lawson Winder

Okay. then for can color what to of Fantastic. Çöpler. the what And in considering as Türkiye additional of for some operating you approvals terms us provide extent conditions reinstatement is

completely consideration resubmission for example, the what mine? is of ownership be increase a of are with would just you share help EIA kind local a a lines? about of some Anything of us helpful. kind there for time could to or consideration share moving have some of to you any So part Or there in new the very stage us can parts? do potential some that think Is gates you

Rodney Antal

repeat unprecedented, Look, if about think yes, to in is the playbook this Yes. sort said I'll ago, what what sort done of restart. it there you be right? think incident I a needs terms no but itself, to a I of was for of moment So

alignment made have restart. is efforts made However, entirely a that in the in to seeking themselves we've and

fast pad of remediation, leach on temporary we've reinstatement the obviously, continue the engineering which pointy to make necessitates for approval seek made the and on on terrific do in and we're before for we're getting parallel which the to to work, And that that we're East to doing regulators discussions believe engineering progress those facility the going to the the things all the with that in end need closing around are So the fronts, operating those We we fronts. completion of we heap progress those of ensure we certificate. complete. Storage the

no a condition precedent. new determinant around do you There's to So no there's have EIA.

normal will for circuit operating be XXXX some do I the at now done get to more throughput course. report fully on but ordinary expect probably into Çöpler want this be having year. which And to up in we than account of expansion important of anything more We the because call, anticipated call as higher EIA I middle to because the for complete we It's to under last course And that's was nonetheless, the back us the take anyway, of want. the a regulators the what, Çöpler for had EIA. Çöpler, of matter new it rates the think no sort of actually we'll obviously year That this time tech leach will opportunities some EIA. that what we the sort XXXX last grown last identified in mentioned and we

So doing our do, deliver to and need again, the we're those continue I and we're think, as we continue things all the just got with to forward, dialogue regulators. we've moving to with

Operator

concludes That call. as question-and-answer conference well as the today's session

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

SSR Mining (SSRM) 18 Feb 252024 Q4 Earnings call transcript