SSRM

This article first appeared on GuruFocus. Group Revenue: Up 7.6% year on year to EUR284 million in H1 2026. Like-for-Like Sales: Positive 3% year on year on a group basis. Gross Profit: EUR132.6 million, with gross profit margin at 46.7%. EBIT: Minus EUR1.6 million, reflecting seasonality, inflationary pressures, growth investment ramp-up costs, and network rationalization. Associates Contribution: EUR12.8 million, supported by Trade Estates and SSRM. Home Furnishing Revenue: EUR172.9 million, up 3.7%. Home Furnishing EBIT: EUR4 million, down from EUR8.3 million last year. Sporting Goods Revenue: EUR109.5 million, up 14.2%, the group's strongest growth driver. Sporting Goods EBIT: Minus EUR0.7 million, reflecting Foot Locker expansion costs, Romania challenges, and stock rationalization. One-Off Network Rationalization Cost: EUR1.6 million recognized in H1, mainly in Romania. Transformation & Reorganization Costs: Approximately EUR10.7 million planned for full year 2026; EUR1.6 million recognized in H1, with EUR9.1 million expected in H2. Annual Recurring Benefits: Transformation plan expected to generate approximately EUR9.1 million from 2027 onwards. Capital Expenditure: EUR12 million in H1, directed toward network expansion, digital transformation, maintenance, and the new Inter IKEA distribution center. Dividend: EUR0.15 per share paid in July. Share Buyback: New program initiated for up to 5% of share capital. Sofia South Ring Mall Disposal: Sale of indirect 50% participation for EUR49.3 million; majority of proceeds to reduce net debt; estimated EUR9.3 million one-off net gain in full year 2026 PBT. Holland & Barrett: Subscription agreement signed with DrP Group shareholder; secures EUR2.2 million of annual recurring benefits from 2027 onwards. Foot Locker Expansion: Seven new stores opened up to date. INTERSPORT Rationalization: Two stores closed in Romania and one relocated; further closures planned until year-end. IKEA Network: Rhodes converted to new generation store; Plovdiv and Limassol upgrades completed; Piraeus store closed end of August with sales redirected to Athens store. Post-H1 Trading (to September 5): Group sales up approximately 6% year to date; home furnishing up around 2%; sporting goods up approximately 12% (around 24% excluding Romania). Full Year 2026 Guidance: Group sales of approximately EUR645 million; gross profit margin around 46.5%; EBIT of EUR15 million to EUR17 million, including EUR10.5 million of nonrecurring transformation and restructuring costs. Warning! GuruFocus has detected 8 Warning Signs with STU:2FH. Is STU:2FH fairly valued? Test your thesis with our free DCF calculator. Release Date: September 09, 2026 For the complete transcript of the earnings call, please refer to the full earnings call transcript. Revenues increased by 7.6% year on year to EUR284 million, driven by positive like-for-like performance of 3% and network expansion. Gross profit margin remained solid at 46.7%, reflecting product mix and targeted promotional activity. Transformation plan on track to generate over EUR9 million in annual recurring benefits from 2027 onwards, with EUR2.9 million already secured. Sale of Sofia South Ring Mall for EUR49.3 million will reduce net debt and generate a one-off net gain of EUR9.3 million in 2026. Sporting Goods segment showed strong growth with revenues up 14.2%, and excluding Romania, sales growth was around 24%. Operating profit (EBIT) was negative at EUR1.6 million, impacted by inflationary pressures and ramp-up costs. Romania remains a challenging market with weak consumer demand, high inflation, and margin pressure, estimated to impact full year by EUR5 million. Inflationary pressures across personnel, property, energy, and transportation costs are affecting profitability. Planned network rationalization and transformation costs of EUR10.7 million, with EUR9.1 million expected in the second half, will weigh on 2026 results. Home furnishing like-for-like growth deteriorated from 3% in Q1 to 0% year to date, with market stagnation and pressure on basket size. Q: Russell Pointon of Edison Group asked about the progress of the transformation plan, specifically whether anything was ahead of or behind schedule.A: CEO John Vasilakos confirmed the plan is fully on track and performing slightly better than initial expectations. The voluntary exit scheme concluded with 63 people exiting, one month earlier than budgeted, and store closures are progressing with two already closed and a third agreed upon. He noted that while the Holland & Barrett deal took a month longer than targeted, it remains within budget. Q: An analyst asked for a bridge to the implied strong H2 2026 performance, given the negative H1 EBIT and the full-year guidance of EUR15-17 million, with most restructuring charges still to be booked.A: CEO John Vasilakos explained that H2, especially Q4, is critical for big retail. The guidance is based on achieving EUR645 million in sales and a 46.5% gross margin, driven by the maturity of new stores and conservative like-for-like growth. He emphasized that cost mitigation actions are already being implemented to absorb inflation, making the target difficult but achievable. Q: An analyst asked about the medium-term 8% adjusted EBITDA margin target and whether it applies from the 2025 or 2026 base.A: CEO John Vasilakos clarified that 2026 is a transformation year, with an expected adjusted EBITDA margin of around 3.7%. The goal for 2027 is to recover profitability to 2025 levels by realizing recurring benefits and managing costs. From that new base, the aim is to add 0.5% to 1% to the EBIT margin annually, targeting around 7.5-8% by 2029. Q: An analyst asked about the performance of the home furnishing segment, noting that like-for-like growth has deteriorated to zero year-to-date, and inquired about the drivers and future EBIT margin targets.A: CEO John Vasilakos attributed the slowdown to a stagnant market, with pressure coming mainly from a reduction in basket size as consumers avoid high-ticket renovation items. He noted that footfall is also declining. The strategy to counter this is to gain market share, with optimism for a recovery in 2027, particularly in Bulgaria and Cyprus, while Greece remains under pressure. Q: An analyst asked for the financial impact of the new Inter IKEA distribution center (IDC) on H1 2026 results and whether it will be EBITDA positive this year.A: CEO John Vasilakos stated that the IDC is expected to be a loss-making business in its first year, with a full-year negative impact of approximately EUR1.7 million to EUR2 million on the group's EBIT. He projects the business to break even in 2027 and become profitable thereafter as volumes ramp up. Q: An analyst asked how much of the targeted EUR9.1 million in annual recurring benefits from 2027 will translate into incremental EBIT after accounting for inflation and reinvestment.A: CEO John Vasilakos stated that the full EUR9.1 million in recurring benefits from actions like centralization and store closures should be realized in 2027. He noted that while underlying cost inflation is expected, it is a separate part of the business equation and should not offset the benefits from these specific structural actions. Q: An analyst asked for an update on the INTERSPORT store closure plan for the second half of 2026.A: CEO John Vasilakos confirmed that two stores were closed in H1, with a third closure imminent. He added that another four or five closures are planned for the remainder of the year, and one or two underperforming Foot Locker stores are also under evaluation. Q: An analyst asked about the timeline for the new IKEA store at Ellinikon and the locations being considered for new, smaller-format stores.A: CEO John Vasilakos stated that the Ellinikon flagship is planned to open in 2029, with construction starting in 2028 and an investment of EUR10-12 million. For the new smaller format, the company is looking for properties in cities like Corfu and Lamia, focusing on locations that maximize profitability. Q: An analyst asked about the group's plans for new retail concepts, referencing the potential for the new platform to support additional brands.A: CEO John Vasilakos confirmed that the group is always evaluating new retail concepts that could enter its region. However, he emphasized that any new venture must have a perfect payback profile and must not distract from the current, demanding transformation of the core business. Q: An analyst asked about the nature of the new share buyback program, specifically if the repurchased shares would be canceled.A: CEO John Vasilakos confirmed that the company is obliged to cancel the shares it buys back and that there are no other plans for them at this time. Q: An analyst asked about the shareholder base, noting that Quest Holdings has increased its stake to around 13%, and inquired if there was any request for board representation or a shareholders' agreement.A: Executive Chairman Vassilis Fourlis confirmed that Quest Holdings' stake is around 13% and stated that there has been no request for Board representation and there is no shareholders' agreement in place. For the complete transcript of the earnings call, please refer to the full earnings call transcript.

Image source: The Motley Fool. Tuesday, Aug. 4, 2026 at 5:00 p.m. ET Executive Chairman - Rodney Antal Chief Financial Officer - Michael J. Sparks EVP of Operations and Sustainability - William MacNevin Investor Relations - Alex Hunchak Operator: Hello, everyone, and welcome to SSR Mining's Second Quarter 26 Conference Call. This call is being recorded. 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. Thank you for joining today's conference call to discuss SSR Mining's second quarter 2026 Financial Results. Our consolidated financial statements have been presented in accordance with U. S. GAAP. These financial statements have been filed on EDGAR and SEDAR, and they are also available on our website. There is an online webcast accompanying this call, and you will find the information to access the webcast on our corporate website. Please note that all figures discussed during the call are in US dollars unless otherwise indicated. Today's discussion will include forward looking statements, so please read the disclosures in the relevant document. Additionally, we refer to non GAAP financial measures during our discussion and in the accompanying slides. Please see our press release for information about the comparable GAAP measures. Rodney Antal, Executive Chairman, will be joined by Michael J. Sparks, Chief Financial Officer William MacNevin, EVP of Operations and Sustainability on today's call. I will now turn the line over to Rob. Rodney Antal: Great. Thanks, Alex, and good afternoon to you all. We enter the second half with momentum. Having delivered operating results in line with expectations and most importantly, we completed a meaningful strategic repositioning of SSR through our exit from Türkiye. We are well positioned to achieve full year guidance targets through higher production in the second half that will drive significant free cash flow generation through the remainder of the year. We expect all in sustaining costs to trend to the upper end of our full year guidance range due to a number of factors that we will speak to later in the call. We continue to work hard on business improvement initiatives to help mitigate pressures on costs across the company. Strategically, over the last few months, we have delivered a number of significant milestones. Including the successful divestment of both Çöpler and Hod Maden. The approximately $1.5 billion in cash proceeds from Çöpler sale was received before the end of the second quarter, bringing our total cash position to nearly $1.8 billion with no debt. With the exit from Türkiye, SSR is now a free cash flow focused America's gold and silver producer anchored by our position as the third largest gold producer in The United States. Our US platform alone has considerable growth potential that we look forward to showcasing moving forward. Separately, we have now reestablished our position as the capital return leader amongst our peer group. Returning $400 million to shareholders year to date. This implies a nearly 8% yield before the forthcoming dividend payments and ongoing share buyback over the remainder of 2026. Our organic growth initiatives continue to advance across the portfolio as we seek to meaningfully extend mine lives at each 1 of our assets. As a result, and capitalizing on our significant liquidity position, we made a conscious decision to increase our growth capital expenditure for the remainder of 2026. It is the right time for us to begin investment in future growth across the business after years spent identifying and studying the opportunities. The anticipated publication of the Marigold technical report by year end will begin to provide insight into some of these tangible opportunities. As you can see, our business is in excellent position as we head into the second half. We have the best in class balance sheet, peer leading capital returns program, expectations for a very strong second half of production, and free cash flow and a track record of disciplined capital allocation. These traits are key differentiators for SSR amongst its peer group. So before moving on to the next slide, I want to summarize some of the catalysts ahead. First, we expect to publish an updated technical report for Marigold with the objective of capturing growth opportunities like Buffalo Valley, DG80, and New Millennium. With the purpose of extending mine life. Next, we are continuing to advance a number of exciting brownfield opportunities at both Puna and Seabee and Bill will speak to more about these in the coming slides. And third, we will continue to execute against our capital allocation framework as announced in June. Where we will maintain balance sheet strength invest in the business, and return capital to shareholders in the form of buybacks and dividends. These catalysts are just a few of the potential avenues for value creation in the years ahead. So with that in mind, let's talk more about the track record of creating value on slide number 4. With our strategy clearly defined, it is worth highlighting how we got to this point. We have clearly demonstrated a track record of meaningful value creation with growth in per share metrics capital returns and disciplined M&A. I have already spoken about our commitment to capital returns and particularly share buybacks but it is also worth noting that once factoring in our restated reinstated dividend program and projections for ongoing share buybacks, we are tracking towards a sector leading capital returns yield in 2026. We have a track record of value accretive M&A and this was most recently illustrated by the phenomenal returns generated from our acquisition of Cripple Creek and Victor. Across the portfolio, we have consistently demonstrated our ability to add value through mine life extensions and optimizations and we expect this to continue in the future. At the same time, the numerous organic growth initiatives across all 4 of our assets create an environment where we can evaluate strategic additions to the port portfolio purely on our opportunistic value accretive basis, similar to our approach at Cripple Creek and Victor. If attractive M&A opportunities in our core jurisdictions are not present, we are confident that focusing solely on our organic portfolio will continue to evolve our multi decade production profile. As you can see, these figures on the slide illustrate a powerful picture of discipline and value creation in how we run our business. We have seen our consensus now increase nearly 300% over the last 2 years, and our cash flow per share improved by 440% over that time. We intend to continue building on this impressive track record for the years to come. So now I am going to turn it over to Michael on Slide 5 to discuss the quarterly results. Michael J. Sparks: Thank you, Rodney, and good afternoon, everyone. In the second quarter, we produced 102 thousand gold equivalent ounces at an all in sustaining cost of $26.22 per ounce. These results were consistent with our expectations and reflected the intentional increase in sustaining capital spend that Rodney discussed. Our strong first half operating performance positions us well to achieve our full year production guidance. We do currently expect costs to be towards the upper end of our guidance range. And this reflects both higher realized fuel prices during the second quarter and a deliberate decision to advance sustaining and growth investments across the portfolio. Given the strength of our balance sheet and cash flow generation, we are taking a disciplined approach to accelerating capital where we see the potential to extend mine lives, improve operating resilience, and create attractive long term returns. These investments are not simply incremental spending. They are intended to enhance the quality, durability and value of our Americas focused asset base. We expect sustaining capital expenditures to remain elevated in the third quarter. Production is expected to strengthen as the year progresses with approximately 55% to 60% of second half production weighted towards the fourth quarter. Turning to fuel costs. Our diesel hedging programs at Marigold and CC&V have mitigated the impact of recent price increases. However, we remain exposed to market prices for unhedged diesel purchases across the portfolio. Based on our current operating portfolio, a $10 per barrel increase in oil prices resulted in a net estimated increase of approximately $10 per ounce in consolidated AISC in 2026. We are closely monitoring the potential secondary effects of higher fuel prices on transportation reagents and other consumables. Our contractual arrangements and ongoing engagement with key suppliers visibility into emerging cost pressures and help us proactively manage potential disruptions or inflationary impacts. For context, consumables represent approximately 15% of our total cost base. While fuel generally represents between 10% to 15%. Royalties represent a further approximate 15% and naturally increase in stronger metal price environments. Bill will discuss individual operations in greater detail, but at a portfolio level, our focus remains clear. Maintaining operating discipline, actively managing inflationary pressures and directing capital toward investments that strengthen margins, extending asset lives and supporting a sustainable free cash flow generation. Now let's move to Slide 6 for a brief review of our financial results. Second quarter revenue was $443 million based on sales of 98 thousand gold equivalent ounces. Average realized prices were $4.3 thousand per gold ounce and $74.24 per silver ounce. Net income and adjusted net income were both $0.66 per diluted share. Our realized gold price was 5% below the quarterly average, and this primarily reflects the timing of sales during the quarter a greater proportion of our second quarter ounces sold in June when gold prices were lower. Free cash flow from continuing operations was $50 million in the quarter bringing year to date free cash flow to nearly $300 million inclusive of working capital Free cash flow before changes in working capital was $123 million in the second These amounts reflect the reclassification of H1 spend at Hod Maden into discontinued operations. As a reminder, Çöpler and Hod Maden were included as discontinued operations in our financial reporting for the second quarter. The second quarter also included $120 million in cash tax payments. This is consistent with our normal annual payment cycle under which approximately half of our full year cash taxes are generally paid in the second quarter with the balance largely distributed evenly between the third and fourth quarters. Our strong cash position allowed us to continue returning meaningful capital to shareholders while preserving substantial strategic flexibility. During the quarter, we returned $338 million through the repurchase of 10.4 million shares and we announced the reinstatement of our quarterly dividend. Share repurchases continued into the third quarter as we execute against the $500 million buyback program approved in mid June. As of July 31, we retained capacity to repurchase 8.6 million additional shares under our current normal course issuer bid which extends through March of next year. At current valuation levels, we continue to believe that repurchasing our shares represents an attractive and accretive use of capital. During the quarter, we also received the cash proceeds from the Copler transaction And as a result, we ended the quarter with nearly $1.8 billion in cash, even after the significant level of share repurchase completed during the period. Earlier today, we announced the completion of an amendment and extension of our revolving credit facility. This facility was increased from $400 million to $600 million with a renewed 4-year term and included a 25-basis-point improvement in borrowing rates as compared to the prior facility. Overall, the second quarter demonstrated the strength of the business. Solid operating execution, substantial free cash flow generation, disciplined investment in our assets and significant capital returns to shareholders. With a strong balance sheet, a more focused portfolio and several opportunities to enhance long term asset value, we are well positioned for the remainder of the year and beyond. Now over to Bill on Slide 7 to talk about the operations. William MacNevin: Thanks, Michael. I will first start with the HSS. Working with all of our stakeholders, is foundational for our business. This is highlighted through 1 of SSR Mining's 3 core values, being better together. Today, I would like to share a methodology we have implemented to improve how we work with our host communities. At each of our operations, we have established community development committees. These committees have members from local communities, who participate in both the build and selection of which support and local business enabling projects are implemented. Through the committee members' contributions and efforts, we are improving the quality of both where and how we support our local communities. Now on to Slide 8 to start with Marigold's. In the second quarter, Marigold produced 31 thousand ounces bringing year to date production to 69 thousand ounces, reflecting our original forecast for a strong H2 weighted profile. In 2026. We expect second half production will be approximately 65% weighted to the fourth quarter. Marigold remains on track for its full year production guidance of 170 thousand to 200 thousand ounces. AISC in the second quarter reflected higher sustaining capital spend as previously guided. Sustaining CapEx will remain elevated in the third quarter due to the timing of spend on fleet replacements and upgrades. We have also increased our growth capital guidance at Marigold from $48 million to $65 million as we accelerate spend to facilitate longer term growth initiatives at the site. We expect full year AISC at the top end of guidance reflecting the increased sustaining capital as well as the impact of higher fuel prices on the unhedged portion of our diesel usage. As noted, we plan to have an updated technical report and life of mine plan for Marigold out later this year. This new life of mine plan has potential to demonstrate a meaningful extension against 24 TRS while incorporating the increased blending requirements as noted earlier this year. As previously guided, while this will result in changes to the annual production profile at Marigold, We continue to expect total ounces produced over the next 5 years to be comparable to the 24 TRS and then include meaningful life extension thereafter. A lot of hard work has gone into this updated life of mine plan, and we look forward to updating the market later this year. Additionally, we have continued to advance exploration and analysis of numerous other targets across the broader Marigold property. To support additional mine life extension, and growth opportunities in the future. Marigold has been in operation for more than 38 years and we are confident there is a very long future still ahead for the operation. Now on to Slide 9. For an update on CC&V. In the second quarter, CC&V produced 28 thousand ounces at an AISC of $19.95 per ounce. Bringing first half production to 66 thousand ounces and well on track for our full year guidance for 125 thousand to 150 thousand ounces. Second half production is expected to be 50% to 55% weighted to the fourth quarter. ASIC is trending towards the top end of full year range, due to fuel costs and a modest increase in sustaining capital on equipment components and general site improvement initiatives. Growth capital has also been modestly increased as we accelerate the timing of spend on the expansion of VLF2. Overall, CC&V continues to perform very well against expectations, and has clearly established itself as a cornerstone asset in our portfolio. The currently-in-progress Amendment 14 is advancing as we continue to expect final approvals before the end of 27. Work to evaluate opportunities to improve the longer term production profile, including the potential for future mineral reserve conversion, remains ongoing. Now on to Slide 10 to discuss operations at Seabee. Seabee produced nearly 17 thousand ounces in the second quarter at an AISC of $2.36 thousand per ounce. Year to date production is 23 thousand ounces as we focus on underground development in the first half of the year. For the full year, Seabee continues to track to the lower end of full year guidance and we expect higher grades will drive the strongest production in the fourth quarter. Full year AISC at Seabee is also expected at the top end of guidance. And as 2026 growth capital forecast has been increased from $15 million to $35 million as we advance the Porky West project in the second half of the year. Porky has the potential to extend the mine life at Seabee well into the next decade and we are also progressing near mine drilling at Santoy as we seek to extend operations at the deposit. On to Puna on Slide 11. In the second quarter, Puna produced 1.7 million ounces of silver and an AISC of $29.52 per ounce. Over the first 6 months of the year, Puna has produced 3.4 million ounces. Second half production of Puna is expected to be relatively evenly split between the third and fourth quarters while full year AISC are trending to the higher end of guidance as a result of inflationary pressures in Argentina. Our teams continue to evaluate the numerous pathways to grow Puna, including additional laybacks at Chinchillas, evaluation of the Molina open-pit target adjacent to Chinchillas, and continued advancement of the Cortaderas project. Now on to Slide 12 for a review of the growth pipeline. As I have noted through this call, all 4 of our operations have a clear growth trajectory with the potential to meaningfully extend current mine lives. And sustain our current production profile for many years to come. We are in an enviable position on this front And as noted, our significant liquidity position has enabled us to advance growth capital spend at each project support timely delivery of each project's development. With respect to the rest of our organic growth portfolio, we are advancing early stage opportunities across each of our core jurisdictions. This includes continued evaluation of the Amisk project in Saskatchewan where we are progressing internal economic studies to better understand the project's long term potential. Regional exploration is also continuing across the province. In The US, early stage field programs are underway at multiple exploration targets in Nevada. In the second quarter, we also finalized a strategic investment in Phenom Resources. The Dobbin project in Nevada. Dobbin is a Carlin style target with more than 2-kilometer long golden soil anomaly and limited historical exploration. The first drilling ever undertaken on the property commenced early in the third quarter. We currently own 9.9% of Phenom, and hold an option to earn in a minority ownership in the property through $4 million in expiration spend. As you see, there is plenty underway across the portfolio. And we look forward to providing updates on these growth initiatives in due course. Now I will turn back to Rodney for closing remarks. Rodney Antal: Great. Thanks, Michael. Thanks, Bill. The first 6 months have already delivered a transformational inflection point. For SSR. We enter the second half in an excellent position where we expect strong production and free cash flow into the year end. Our capital allocation and returns approach has now been fully implemented through the investment in growth as well as returning capital to shareholders through both share buybacks, and reinstated dividend program. So with that, I am going to turn the call over to the operator for any questions you may have. Thanks everyone. Operator: Thank you, Mr. Antal. We will now begin the question and answer session. The first question comes from George Eadie with UBS. Please go ahead. George Eddy: Yes. Good day, team. Thanks for the call. Maybe Bill and Rodney, starting at Marigold. If I go back to the original target, it was around 22 million tonnes stacked at 0.4 grams a tonne. You are at 9.3 and 0.7 gram a tonne now. Can you maybe help us with how many tonnes you need to stack in the second half or at least what grade to get to the lower end? Just to sort of better understand how that is trending? William MacNevin: Sure, George. How are you? I am going to hand it over to Bill. Yes, George. We have resequenced some of our mining in this previous quarter, but we are still on track to reach our projection for the year. And be at the lower end of guidance as suggested. George Eddy: what is the like, what is the lead time here? Like, if you were to throw just for simplicity, say, 0.5 gram a ton on the pads today, when would that be leached out the other side roughly? William MacNevin: Our leaching extends between 90 and 120 days. George, with most of it at that 90-day time frame. George Eddy: Okay. So stuff you are throwing today is in that quarter. Okay. that is sort of helpful. Maybe just so changing to CC&V as well, if I can quickly. In the 10 Q, there is a declaratory judgment there on discharge permanent Carlton Tunnel. Can you maybe help me understand that and remind us what the story is for that? Michael J. Sparks: Yeah. George, it is Michael. So with regards to Carlton Tunnel, as you remind if you remember, with when we did the agreement with Newmont, we worked out that we would put together the long term mine closure plans. And then there would be a economic sharing of those costs. That work is ongoing. It was already underway when we purchased the asset. And that continues on throughout that work that is going with the regulators. As well as the guys at the site. Amendment 14, as Bill talked about, which is the next phase of growth that takes us into the 2030s, that is on track, and we expect to get that sometime by the end of 27, as he mentioned. George Eddy: Yeah. I was more mentioning the sort of comments on March 9 around the parent code with a federal court lawsuit on the water quality. Like, maybe remind what that is, Michael, or maybe I am just overreacting, just cannot remember what that is. Rodney Antal: Sorry, George. it is Rodney. I will dive in. More specifically. Think Michael gave you a good idea. there is sort of there is multiple parts to the way this was structured with the deal for Newmont. I think that is what Michael was outlining. With respect to that point specifically, it is really a Newmont driven approach to the legal case with respect to the Carlton Tunnel. Discharge and the permits around the discharge and what is been required around it. And as Michael mentioned, I think the important part, it was already in train And while Newmont is controlling that piece of the sort of previous permitting cycle that we are going through, the overall picture for us will not change for any liabilities for SSR in the future. Whether that is successful or unsuccessful. As we go on. So it is something that Newmont is controlling. We do not have any carriage in that court case. Okay. Cool. George Eddy: So in summary, though, like from your guys, you would not a big issue or risk really for SSR at all? It sounds Rodney Antal: No. No. Ultimately, I think it will all help. Define what the long term requirements are for mine closure at Cripple. So it is obviously important, but in terms of how the deal's been structured for us, we are protected. Okay. Great. George Eddy: Thanks, guys. I will pass it on. Operator: The next question comes from Ovais Habib with CIBC. Please go ahead. Analyst: Hi, Rodney, Michael and Bill. Thanks for taking my question. I guess I will kick off my first question asking about Phenom Resources. Can you kindly share with us what kind of opportunities you are seeing over there? And should we expect this to be the kind of deal SSR Mining is involved in? Taking rather a strategic investment approach rather than acquiring companies or asset completely. Rodney Antal: Hi, Ovais. Yeah. Look. it is a it is an interesting option for us. As we looked at the opportunity and we identified this through our guys on the ground in Nevada, but know, it is it is very early stage. The fact was that this piece of land was tied up in the forestry land that was not available for exploration for the longest time. It became available. Phenom themselves were are able to then pick it out and start an exploration program And what we saw in some of the sort of early stages of that was interesting enough for us to enter the way we did at both the corporate level and at the asset level itself. So it is still very early. Drilling is really only getting underway. Phenom themselves will lead the charge on the continuous disclosure and whatever else as time goes on. But you know, clearly, an opportunity for us to participate in something that we think is very interesting. Yeah. To answer your question from a perspective, how we look at other strategic options, We made no secret of this over time that we look at everything from the types of earning structures that we have got. we have set out all the way through to asset acquisitions. it is a similar process for SSR. That will not change. Despite I think people were sort of, you know, speculating or worried that with the cash flow that we currently have on the balance sheet that we filled in a rush or compelled to go to market to do something. I think we have got a track record of discipline. We have a track record of taking out time to ensure that anything that gets to market has gone through our disciplined approach to due diligence, and that will not change in the future. So we will look at things like Phenom and other things as well. Perfect. Thanks, Rodney. that is a very good answer. I guess following up on that kind of topic as well is we you mentioned earlier Rodney as well, it is a very opportunistic time to increase your credit revolving facility. Like, am I reading too much into it, or is there a potential big use? Because you already have $1.8 billion in cash. Should we look at it? Yeah. Look. I think it was just it was the right time to do it. Michael and the team were able to work with our syndicate of banks. And most importantly, I think it was not so much the extension and the increase from $400 million to $600 million. It was more around the terms were more favorable to us to maintain that on our balance sheet. So it is normal course for us. Perfect. Sounds good. And if I can, I have 1 last question? Coming back more to the guidance of the operations itself, can you remind us what is the kind of positive impact after your divestment of Çöpler? You know, I saw your ASIC got reduced compared to previous guidance. Is that kind of the impact from Çöpler? Yeah. that is right. it is the impact of not having the care and maintenance within the within the Çöpler asset itself. Perfect. Sounds good. Thanks again, Rodney, Michael, and Bill for taking my question. I will pass it back to the queue. Good on you. Thanks, Ovais. Operator: The next question comes from Lawson Winder with Bank of America Securities. Please go ahead. Lawson Winder: Thanks very much operator and good evening Rodney and team and thank you for today's update. Also congratulations on closing the Türkiye divestments. If I could just get your thoughts on capital allocation. On the buyback, is the roughly $70 million of repurchases in July a reasonable run rate for the balance of the year? Then just kind of carrying that through to the end of the year, if that were the case, that would bring you pretty close to the $500 million approval. Is the expectation that the $500 million will ultimately be used up by year end? Rodney Antal: I am gonna pass that 1 over to Michael Lawson. Michael J. Sparks: Lawson. Good afternoon. So if you remember, we look at our capital allocation, it is really a 4 part view. And number 1 is balance sheet resiliency, which we have shown We have a really strong growth portfolio internally, and we wanna make sure that we can fund that because that is the best use of our capital from a internal growth standpoint, and Bill outlined some of those key things Disciplined M&A as Rodney mentioned, and finally, that share capital returns. If you remember, we have everything under an NCIB in Canada. And that limits the amount of shares that we can do under a buyback during a given year to 10% of the float. So we still have about 8 million shares under that plan, and that plan goes through March. And so if you look at the approved amount that was given in June of that 500 million our expectation was to be consistent with the market as it makes sense to us, which we do believe we are undervalued compared to our intrinsic value still in the market. And we would look through the to work through that through March when that NCIB is exhausted, and then know, looking forward, you know, we would have the opportunity to put another 1 in place in March, if that 1's exhausted. Lawson Winder: Okay. Understood. If I could attempt to put a finer point on the sustaining CapEx guidance for 2026. So you are a official sustaining CapEx guidance is $202 million for the for the assets that carry on, basically the North American assets. So you are suggesting that, it could be slightly higher than that I mean, how would you recommend we model that? I mean, is $202 million plus, 3% to 5% a good range? Any specificity on that would be very helpful. Rodney Antal: Yeah. I will pass that 1 again to Michael. Michael J. Sparks: Yeah. Listen. So Bill mentioned a couple of the things we are working on around there is a few fleet purchases at Marigold and other places. Purposes of guidance, it is it is gonna be somewhere around that $25 to $35 million more than what we originally guided is what we are currently looking at for sustaining at this point. So that puts you somewhere in that $230 to $235 range? Lawson Winder: Yeah. that is about 15%. What was on that? Gotcha. Michael J. Sparks: Okay. Lawson Winder: that is very helpful. And then just finally, with the working capital adjustment, being a bit of a negative headwind this quarter and some of that relating to the Çöpler sale Could you give us an indication of how you expect working capital might trend in Q3 and Q4, all else equal. So assuming no material change in the gold price. Michael J. Sparks: Yeah. So, ultimately, with the Çöpler and Hod Maden and both being now turned to discontinued operations, you should see things normalize into continuing operations you see now. Did have an inventory build, impacts our working capital in Q2. And we had as Bill mentioned, would expect that to work off as we go through the year in that normal lease cycle. Lawson Winder: Okay. Great. Fantastic. Thank you very much. Good job. Thanks, Lawson. Operator: The next question comes from Joshua Wilson with RBC. Please go ahead. Josh Wilson: Yes. Thank you very much. Just on the Marigold comments, about the new mine plan. The company sort of mentioned 2 factors I guess 1 was an extension of mine life, and the other was some impact from ore blending. I am wondering what the, you know, initial kinda impressions will be from that blending impact if we should think about production growth in the near term or it is gonna be more stable? Any kind of commentary there would be helpful. Thank you. Rodney Antal: Hi, Josh. it is Rodney. I will take this 1. The firstly, we obviously are still wrapping up the work for Marigold for the new TRS technical report. That we will publish before year end. So I am going to be cautious with what I say because it has not been completed yet nor have we published. So I think what Bill mentioned during the remarks at the start of the call was that when we look into the next 5 years with the blending requirements and the new mine plans where we see that the production profile over that period is predominantly the same as what it was in the last TRS, so that is important. And then when you look into the future of what we see for Marigold, and the opportunities from Buffalo Valley, New Millennium and a target called DG80. We see the opportunity for mine life extension. So that is part of the work that we have been we have been going through here for the last sort of 6 to 12 months, call it, reoptimizing the mine plans, looking at how they all play off against each other, the stripping requirements, for Marigold and material movement requirement for Marigold in the future. And that will play in. So once we get to once we get into the publication, obviously, we can talk more on what it is, but it is really about a longer life for Marigold. Thank you. Josh Wilson: And then just on the cost structure side of things, a bunch of sort of incremental details provided about sustaining capital, some changes in reagents and energy and so forth. This year, there is been a big influence from the energy hedges that have been in place. How should we think about the cost structure for the going forward? Or is there any kind of unit cost inflation numbers that the company can provide to kind of give us a better impression of the cost structure is maybe without those hedges? Thank you. Michael J. Sparks: Yes. So, Josh, the as you as you mentioned, the hedges are gonna go through the end of this year. We have a close hand. We are obviously looking for opportunities to renew that program depending on the volatility and the prices that make sense. As we mentioned in Q1, throughout the rest of this year, it is a pretty negligible impact about $10 per $10 a barrel of oil. Without the because those represent about 70% of our US operations. That number would be somewhere around $20 to $30 per $10 of oil, and that would be, you know, above and beyond $70 to kind of what we had used for the oil and barrel prices. For a little bit of context, in relation to some of our other assets, Seabee only has deliveries once a year. So that would happen in the first part of the year as part of the ice road. And then down in Argentina, while we do see some inflationary impacts including fuel that is a different regulated market, and we are seeing that lagging some of the other increases that we have seen across the globe. For purposes of maybe the broader context of it, we are closely monitoring, like I said, what that impact may be on other transportation or consumables, and we are not seeing a major impact there. But we would expect that inflationary to be somewhere in that 20% to 30% if prices were to stay at that elevated rates. Got it. Thank you. Josh Wilson: And 1 last question if I can. You know, just with the revolver increase, the company sort of talked about M&A being a focus historically, does the additional flexibility provide any anything else beyond that? Or, you know, I am just trying to understand it just based on the net cash position being so high and the revolver also increased, you know, how we should be thinking about that. Thank you. Rodney Antal: Good. No worries, Josh. So, look, I will just I will just I will I will say this again. I think it is important that the revolver that we renewed was in ordinary course for us. It was coming to maturity. And as I mentioned, Michael was able and his team were able to extend the facility for a 4-year term as well as in improve the economic the economics for us by reducing the interest rate that was available. And then, obviously, we are able to upsize it as well given our strong liquidity position. So it is it is really normal course for us, Joshua. I would not read too much into it. Great. Thank you very much. Operator: Next question comes from Ovais Habib with Scotiabank. Please go ahead. Ovais Habib: Hi, Rodney and SSR team. Congrats on a good quarter. Looking forward to a strong performance in the second half. A couple of my questions have already been answered, but just starting off with CC&V and maybe you have already touched that throughout your presentation, but I am just gonna ask it anyways. In terms of the status of Amendment 14 for CC&V, you had mentioned that, Newmont has started this process. Are those discussions progressing? And again, in terms of there any sort of impact to the current mine life or this is just more of an extension of, the current mine life? Rodney Antal: So you look hi, Ovais it is Rodney. A couple of things. I think the Amendment 14 as it is separate to what the court that Newmont are taking over the discharge from Carlton Tunnel. So that is that is an important point to make. The Amendment 14 process is on track, and we are moving along with the regulators to ensure that, 1, we took ownership of it because we are running that part of the process now as SSR. And everything so far is moving according to plan. So we expect that to be available for us to then to continue to expand and build a new valley leached fields that we are doing some prework on this year, and then, obviously, that will be available for the for the longer term under the current TRS for ore stacking in the future. So that is all Amendment 14 is. it is it was already in train It defined the current mine life, as you know, with the TRS that we published for Cripple Creek. In terms of the actual permit itself, it is it is working along through the process according to plan. Ovais Habib: Okay. Thanks for the color on that. Rodney, just then moving a little bit onto exploration. Just in terms of where the focus is on exploration, I mean, we obviously, there is some upside looking like you are gonna be adding to your current mine life at Marigold, where you have got Buffalo Valley, Millennium, Marigold North, is the exploration program that you have in place right now focused at Marigold and extension of Marigold? Or are there opportunities at CCNV as well as CB and Puna? Rodney Antal: Yeah. Look, it is it is really a combination of sort of 3 years of work here, Ovais, across the portfolio. it is not like something that we have we are just doing now post-Çöpler, or and as you know, the these things take time. So some of it has been step out drilling, new target drilling, new target definition, there is been a lot of infill drilling to ensure that we have the necessary support for any new studies that we wanna do. For example, the Marigold Tech report, we are about to about to publish. But I think I have said it a few times at different forums that for the first time, when we look inside the portfolio, we see growth at each 1 of the assets that is quite tangible. So Marigold will be the first the first cab off the rank in terms of that publication. And we will we will we will talk about that once that is published. Cripple Creek, you know, beyond Amendment 14 that we just talked about, clearly, there is a there is an opportunity there. As well for us to extend the mine life and move into the next phase of Cripple Creek. But first, first things foremost, we had to get Amendment 14 done, and that is really the key focus to us. But the work in the background that the team are doing is obviously definitions and understanding what is available and what that might look like. And then, obviously, we have Porky's up at Seabee and then the other targets that Bill mentioned down at Puna, with the pushbacks of the Chinchillas pit and then the Cortaderas target to name a few. So all of the all of the assets were at different stages through the drill bit that we have been doing. And the drilling's been some exploration and some definition drilling. And as time progresses, we will start to bring those results to market and more tangibly talk about what they might mean for each 1 of the assets. So we are pretty excited by what we see. And, you know, it is obviously an opportune time now that we have repivoted the business to be focused on the Americas platform that each 1 of them have some sort of in built growth opportunities for them. Perfect. Thanks for that, Rodney. Ovais Habib: And that is it for my questions. Thanks for taking my questions. Rodney Antal: Good stuff. Thanks, Ovais. Operator: The next question comes from Don with National Bank Financial. Please go ahead. Don DeMarco: Thank you, operator, and good morning. Afternoon, Rodney and team. So Rod, we have talked about the brownfield opportunities. I see them fairly well detailed on Slide 12. Which among these projects has the greatest potential to add reserves, production or NAV over say the next 3 to 5 years. Just to put it in perspective, And our any of these projects targeting production increases or are they primarily focused on mine life extension? Thank you. Rodney Antal: Look, I think the near term hey, Don. The near-term 1 for us is really the publication of the Marigold Tech Report, which will bring into focus the New Millennium Buffalo Valley DG80 and other target we have, etcetera. etcetera. So I think that is the first and foremost because it is the most mature. In that process for us to be able to talk about and publish it more importantly. We obviously really busy at Cripple. Amendment 14, but you know, first things first, finish off Amendment 14 by the end of next year. So that is locked in for the current mine life that was shown in the last TRS that we published. And then and then, you know, the more to come beyond it. And then, obviously, the other the other, you know, smaller assets in terms of their mine lives at the moment, we have some pretty exciting targets that we feel can add mine life extension. So, of it will be some resequencing of the assets. And optimizing where we can so we can smooth the production profile, but I do not see any great leap you know, in terms of what that might look like for each of the assets. But improving the sort of the curve so we do not have these wild variations. that is really a key for us, and then 1 life extension. So yeah, trying to push the bigger assets out to be multi decade. Which I think is in itself a fairly exciting outcome in the in The US and then the other 2 assets trying to develop a mine life for at least, you know, a decade. For each 1 of those again. And if you think about where we have come from, to where that might look like if those all those targets pay off. That will be that will be a significant improvement in amongst themselves. So lots to come, Don, as we as we finish off the work. Okay. Thanks for that, Rodney. Don DeMarco: And my second and final question, is shifting over to costs. Despite year to date production tracking guidance, we saw in Q2 that ASIC exceeded annual guidance at Marigold, Seabee, and Puna What gives you confidence in achieving the consolidated ASIC guidance through H2? Michael J. Sparks: Yes. So Don, I think part of it is just the normal timing of Q2, like I mentioned, a good chunk of our tax payments that go through they hit during Q2. And so that AISC was naturally elevated in that in this quarter. then it will get back to normalized coupled with the stronger production profile should put us in that higher end of guidance is what we are targeting. Don DeMarco: Okay. Great. Well, thanks again and thank you for taking my questions. Rodney Antal: Thanks, Don. Operator: We have a follow-up question from George Eadie with UBS. Please go ahead. George Eddy: Yes. Hi, team. Can I just ask about July at Marigold, how it went? Like, what was the average grade thrown on the pads and tonnes stacked? Was it nearly 2 million tonnes? Any color you can help with? Rodney Antal: Yes, George, look, we do not disclose on the run for each individual asset, but we would not be talking about being on track for full year unless it was it was moving according to plan. Okay. that is cool. Thanks, Rob. Brilliant. Thanks. Operator: This concludes the question and answer session and today's conference call. You may disconnect your lines. Thank you for participating. Have a pleasant day. Before you buy stock in SSR Mining, consider this: The Motley Fool Stock Advisor analyst team just identified what they believe are the 10 best stocks for investors to buy now… and SSR Mining wasn’t one of them. The 10 stocks that made the cut could produce monster returns in the coming years. Consider when Netflix made this list on December 17, 2004... if you invested $1,000 at the time of our recommendation, you’d have $411,427!* Or when Nvidia made this list on April 15, 2005... if you invested $1,000 at the time of our recommendation, you’d have $1,335,252!* Now, it’s worth noting Stock Advisor’s total average return is 965% — a market-crushing outperformance compared to 215% for the S&P 500. Don't miss the latest top 10 list, available with Stock Advisor, and join an investing community built by individual investors for individual investors. See the 10 stocks » *Stock Advisor returns as of August 11, 2026. This article is a transcript of this conference call produced for The Motley Fool. While we strive for our Foolish Best, there may be errors, omissions, or inaccuracies in this transcript. As with all our articles, The Motley Fool does not assume any responsibility for your use of this content, and we strongly encourage you to do your own research, including listening to the call yourself and reading the company's SEC filings. Please see our Terms and Conditions for additional details, including our Obligatory Capitalized Disclaimers of Liability. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. SSR Mining (SSRM) Q2 2026 Earnings Call Transcript was originally published by The Motley Fool

Our analysts just identified a stock with the potential to be the next Nvidia. Tell us how you invest and we'll show you why it's our #1 pick. Tap here. Completed a transformational exit from Türkiye through the divestment of Çöpler and Hod Maden, resulting in a debt-free balance sheet with nearly $1.8 billion in cash. Transitioned to a focused Americas gold and silver producer, anchored by a position as the third-largest gold producer in the United States. Attributed second-quarter production of 102 thousand gold equivalent ounces to planned operational sequencing, maintaining confidence in full-year guidance targets. Implemented a peer-leading capital allocation framework, returning $400 million to shareholders year-to-date through buybacks and a reinstated dividend. Strategic focus has shifted toward organic growth and mine life extension across the four core assets, leveraging significant liquidity to accelerate growth capital. Management emphasized a track record of disciplined M&A, stating that future acquisitions will be evaluated on an opportunistic, value-accretive basis only. Expects a strong second-half production profile, with 55% to 60% of volume weighted toward the fourth quarter, driving significant anticipated free cash flow. Anticipates full-year AISC at the upper end of guidance due to higher realized fuel prices and a deliberate decision to advance sustaining and growth investments. Plans to publish an updated Marigold technical report by year-end to showcase mine life extension opportunities at Buffalo Valley, DG80, and New Millennium. Assumes a $10 per barrel increase in oil prices results in an estimated $10 per ounce increase in consolidated AISC for the unhedged portion of the portfolio. Advancing the Porky West project at Seabee and Amendment 14 at CC&V, with the latter expected to receive final approvals before the end of 2027. Reclassified H1 spending at Hod Maden and Çöpler into discontinued operations following the successful divestment process. Reported $120 million in cash tax payments during Q2, consistent with the company's normal annual payment cycle where half of taxes are paid in the second quarter. Increased the revolving credit facility from $400 million to $600 million with a renewed 4-year term and a 25-basis-point improvement in borrowing rates. Noted that while diesel hedging mitigated some price increases at Marigold and CC&V, the company remains exposed to market prices for unhedged purchases. Management confirmed that Marigold remains on track for the lower end of guidance despite resequenced mining in the previous quarter. The leaching cycle at Marigold typically extends between 90 and 120 days, meaning material stacked currently will impact fourth-quarter results. One stock. Nvidia-level potential. 30M+ investors trust Moby to find it first. Get the pick. Tap here. Management clarified that the federal court lawsuit is a Newmont-driven approach related to previous permitting cycles. SSR Mining is protected by the original deal structure with Newmont, and the outcome is not expected to create new liabilities for SSR. The investment represents an early-stage exploration option in Nevada on land that was previously unavailable for exploration due to forestry restrictions. Management stated this reflects their disciplined approach to identifying opportunistic growth without feeling compelled to rush into large-scale M&A. The reduction in consolidated AISC guidance compared to previous figures is primarily due to the removal of care and maintenance costs associated with the Çöpler asset. The company retains the capacity to repurchase 8.6 million additional shares under its current normal course issuer bid which extends through March of next year. Management believes current valuation levels remain attractive and accretive for continued share repurchases.

Interested in Silver Standard Resources Inc.? Here are five stocks we like better. Strong balance sheet and shareholder returns: SSR Mining received approximately $1.5 billion from the Çöpler sale, ending the quarter with nearly $1.8 billion in cash and no debt. It returned $338 million to shareholders through buybacks and reinstated its quarterly dividend. Production guidance maintained amid cost pressure: The company produced 102,000 gold-equivalent ounces in Q2 and expects to meet full-year production targets, though all-in sustaining costs are trending toward the upper end of guidance due to fuel prices, sustaining capital and growth investments. Focus on organic growth: SSR Mining plans to increase investment in mine-life extensions across Marigold, CC&V, Seabee and Puna while advancing projects including Porky West, Amisk and Nevada exploration targets. Management said acquisitions remain possible but will be pursued cautiously. Silver Standard Resources (NASDAQ:SSRM), operating as SSR Mining, said its second-quarter results were in line with expectations as the company completed its exit from Türkiye, strengthened its cash position and outlined plans to increase investment in mine-life extensions across its Americas-focused portfolio. Executive Chairman Rodney P. Antal said the company received approximately $1.5 billion in cash proceeds from the sale of the Çöpler mine before the end of the quarter. SSR Mining ended the period with nearly $1.8 billion of cash and no debt, even after repurchasing shares during the quarter. Çöpler and the Hod Maden project are now reported as discontinued operations. → SpaceX’s First Earnings Report Could Decide Whether Shorts or Bulls Have Control “We enter the second half with momentum,” Antal said, pointing to expected higher production and free-cash-flow generation in the latter part of 2026. The company said it expects to meet its full-year production guidance, though all-in sustaining costs are now expected to trend toward the upper end of guidance ranges. SSR Mining produced 102,000 gold-equivalent ounces during the second quarter at all-in sustaining costs of $2,622 per ounce. Revenue totaled $443 million on sales of 98,000 gold-equivalent ounces. The company reported net income and adjusted net income of $0.66 per diluted share. → Why Rare Earth Processing Could Be the Real 2027 Opportunity Average realized prices were $4,301 per ounce of gold and $74.24 per ounce of silver. Chief Financial Officer Michael J. Sparks said the realized gold price was about 5% below the quarterly average because a larger portion of second-quarter ounces was sold in June, when gold prices were lower. Free cash flow from continuing operations was $50 million in the quarter and nearly $300 million year to date, including working-capital changes. Free cash flow before working-capital changes was $123 million in the second quarter. The company also made more than $120 million in cash tax payments, which Sparks said reflected its normal annual tax-payment cycle. → TSMC Insiders Are Buying the Pullback—But Is the Signal as Bullish as It Looks? SSR Mining returned $338 million to shareholders during the quarter through the repurchase of 10.4 million shares and announced the reinstatement of its quarterly dividend. The company has a $500 million share-repurchase program approved in mid-June. As of July 31, it had capacity to repurchase about 8.6 million additional shares under its current normal course issuer bid, which runs through March 2027. The company also amended and extended its revolving credit facility, increasing it to $600 million from $400 million. The renewed facility has a four-year term and borrowing rates that are 25 basis points lower than under the prior agreement. Management attributed expected cost pressure to higher realized fuel prices, increased sustaining capital and accelerated growth investment. Sustaining capital spending is expected to remain elevated in the third quarter, while approximately 55% to 60% of second-half production is expected in the fourth quarter. SSR Mining said its diesel hedges at Marigold and Cripple Creek & Victor, or CC&V, have reduced the impact of higher fuel prices, though the company remains exposed on unhedged purchases. Sparks said a $10-per-barrel increase in oil prices would add an estimated $10 per ounce to consolidated 2026 all-in sustaining costs under the current operating portfolio. Without the U.S. hedges, he said the impact could be about $20 to $30 per ounce for each $10 increase in oil prices. In response to an analyst question, Sparks said sustaining capital expenditures are currently expected to be about $230 million to $235 million in 2026, compared with prior guidance of $202 million for continuing operations. The added spending includes fleet purchases at Marigold and other operational investments. Marigold: Produced 31,000 ounces in the second quarter and 69,000 ounces in the first half. The mine remains on track for full-year guidance of 170,000 to 200,000 ounces, with roughly 65% of second-half output expected in the fourth quarter. Growth capital guidance increased to $65 million from $48 million as the company advances longer-term initiatives. SSR Mining expects to publish an updated technical report and life-of-mine plan by year-end, addressing opportunities at Buffalo Valley, DG80 and New Millennium. CC&V: Produced 28,000 ounces at all-in sustaining costs of $1,995 per ounce, bringing first-half production to 66,000 ounces. Full-year guidance remains 125,000 to 150,000 ounces. The company said permitting for Amendment 14 remains on track for final approvals before the end of 2027 and is separate from a Newmont-led legal matter involving the Carlton Tunnel discharge. Seabee: Produced nearly 17,000 ounces at all-in sustaining costs of $23.58 per ounce, with first-half production of 23,000 ounces. The operation is expected to reach the lower end of annual guidance, with the strongest production expected in the fourth quarter as grades increase. Growth capital guidance rose to $35 million from $15 million to advance the Porky West project. Puna: Produced 1.7 million ounces of silver at all-in sustaining costs of $29.52 per ounce. First-half output totaled 3.4 million ounces. Costs are expected near the upper end of guidance due to inflationary pressure in Argentina. The company is evaluating Chinchillas laybacks, the adjacent Molina target and the Cortaderas project. Antal said the company is prioritizing organic growth while retaining a disciplined approach to potential acquisitions. SSR Mining is advancing opportunities at all four operating assets, with a focus on extending mine lives and smoothing production profiles rather than pursuing major near-term production increases. The company is also progressing internal economic studies at the Amisk project in Saskatchewan and conducting early-stage field programs at Nevada exploration targets. During the second quarter, SSR Mining finalized a strategic investment in Phenom Resources, which holds the Dobbin project in Nevada. SSR Mining owns 9.9% of Phenom and has an option to earn a minority interest in Dobbin through $4 million of exploration spending. First drilling on the property began early in the third quarter. Antal said the company does not view the expanded revolving credit facility as a signal of an imminent transaction, characterizing it as a normal refinancing that improved terms and increased flexibility. He said SSR Mining intends to maintain balance-sheet strength, fund internal growth, consider disciplined merger-and-acquisition opportunities and continue dividends and share repurchases. Silver Standard Resources Inc (NASDAQ: SSRM) is a Vancouver‐based precious metals company engaged in the acquisition, exploration, development and production of silver and gold deposits primarily across the Americas. The company’s strategy centers on advancing high‐quality projects into production while maintaining a portfolio of operating mines that deliver consistent metal output. Silver Standard emphasizes sustainable resource development and community partnership at each stage of its operations. The company’s principal producing assets include the Marigold gold mine in Nevada, which entered commercial production in 2006; the Seabee gold operation in Saskatchewan, Canada, acquired in 2016; and the Pirquitas silver‐gold mine in Argentina, which began producing in 2009. This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to [email protected]. The article "Silver Standard Resources Q2 Earnings Call Highlights" was originally published by MarketBeat. View MarketBeat's top stocks for August 2026.

DENVER, August 04, 2026--(BUSINESS WIRE)--SSR Mining Inc. (Nasdaq/TSX: SSRM) ("SSR Mining" or the "Company") reports consolidated financial results for the second quarter ended June 30, 2026. In addition, the Board of Directors declared a quarterly cash dividend of $0.03 per common share payable on September 11, 2026 to holders of record at the close of business on August 14, 2026. This dividend qualifies as an 'eligible dividend' for Canadian tax purposes. Consolidated operating results from continuing operations: Second quarter 2026 production was 101,959 gold equivalent ounces at consolidated cost of sales of $1,775 per payable ounce and all-in sustaining costs ("AISC") of $2,622 per payable ounce.(1) In the first half of 2026, the Company produced 211,873 gold equivalent ounces at consolidated cost of sales of $1,749 per payable ounce and AISC of $2,521 per payable ounce. Year-to-date results are well aligned with full-year 2026 production guidance of 450,000 to 535,000 gold equivalent ounces and the Company’s expectations of a second-half weighted production profile. Full-year AISC is trending towards the top end of SSR Mining’s 2026 guidance, as the Company capitalizes on its strong liquidity position to accelerate capital investments in support of mine life extension initiatives across the portfolio. Financial results from continuing operations: In the second quarter of 2026, SSR Mining reported net income and adjusted net income attributable to SSR Mining shareholders of $137.0 million, or $0.66 per diluted share. In the second quarter of 2026, operating cash flow was $115.6 million and free cash flow was $50.3 million. In the first half of 2026, operating cash flow was $420.5 million and free cash flow was $299.1 million. Completed strategic refocus to the Americas: On June 24, 2026, SSR Mining closed the sale of its 80% ownership stake in the Çöpler mine and related properties in Türkiye (collectively, "Çöpler") for approximately $1.49 billion in cash consideration. Subsequently, on July 17, 2026, the Company closed the sale of its 20% ownership stake in the Hod Maden development project (the "Hod Maden Project") for an uncapped 4.0% net smelter return royalty ("NSR") on 100% of the Hod Maden Project. These transactions completed SSR Mining’s strategic refocus to a free-cash-flow-focused Americas gold and silver producer anchored by its long-lived operations in the United States. Capital Returns: In the second quarter of 2026, SSR Mining completed a total of $337.8 million in share buybacks through the repurchase of 10.4 million shares. Year-to-date, SSR Mining has repurchased 12.9 million shares for a total of $409.2 million in capital returns, or an effective yield of nearly 8%. On June 15, 2026, the Company announced approvals for an additional $500 million for share repurchases, of which $109.2 million has been returned to shareholders to July 31, 2026. Additionally, on August 4, 2026, the Board declared a quarterly cash dividend of $0.03 per share to be paid on September 11, 2026. Since 2021, SSR Mining has returned nearly $900 million to shareholders through the repurchase of more than 32 million shares and over $170 million in dividends. Cash and liquidity position: As of June 30, 2026, SSR Mining had a cash and cash equivalent balance of $1,783.0 million and no long-term debt outstanding. Revolving credit facility extended: On July 31, 2026, SSR Mining amended its existing revolving credit facility (the "Facility"). The Facility now matures on July 31, 2030 and capacity was increased from $400 million to $600 million. Under the terms of the expanded Facility, amounts borrowed will incur variable interest at the Secured Overnight Financing Rate plus an applicable margin ranging from 1.75% to 2.5%, an improvement over the prior facility margin of 2.00% to 2.75%. Development & exploration in the Americas: SSR Mining continues to advance key brownfield organic growth projects across the portfolio, including Buffalo Valley at Marigold, Cortaderas at Puna, and Porky at Seabee. These projects represent low-cost, high-return development opportunities and have the potential to meaningfully extend the mine lives at each asset. On June 29, 2026, SSR Mining closed an approximately C$5 million strategic investment to acquire 9.9% of Phenom Resources Corp.’s ("Phenom") outstanding shares on an undiluted basis. SSR Mining also entered into a Framework Agreement which grants SSR Mining the right to acquire a 15% interest in Phenom’s Dobbin Project in Nevada for an additional $4 million. Phenom has defined a more than 2 kilometer long and 200 meter wide gold-in-soil anomaly supported by strong chip sampling results across the target area. Exploration drilling to test for potential Carlin-style gold mineralization at the Dobbin project commenced early in the third quarter of 2026. Rod Antal, Executive Chairman of SSR Mining, said, "We have now completed the strategic repositioning of our business to the Americas. Anchored by our long-lived Marigold and CC&V operations in the USA, our focus on delivering sustainable free cash flow and best-in-class capital returns is a clear differentiator amongst the peer group. Operationally, our second quarter results were aligned with our expectations and have the business tracking well against full-year production guidance targets. As we have stated throughout the year, we expect a stronger second half of production and free cash flow across the portfolio. I am pleased with SSR Mining’s current strategic position. We are actively returning capital to shareholders through continued buybacks and our reinstated dividend program, while delivering strong operating results and advancing organic growth initiatives to extend the mine lives at each of our operations. I look forward to a strong finish to 2026 as we reinforce our position as a leading mid-cap gold producer." Financial and Operating Summary A summary of the Company's consolidated financial and operating results for the three and six months ended June 30, 2026 and June 30, 2025 are presented below: Marigold, USA For the three months ended June 30, 2026 and 2025, Marigold produced 31,059 and 35,906 ounces of gold, respectively. For the six months ended June 30, 2026 and 2025, Marigold produced 68,789 and 74,492 ounces of gold, respectively. During the second quarter of 2026, Marigold reported cost of sales of $1,980 per payable ounce and AISC of $3,044 per payable ounce. Full-year production at Marigold remains strongly weighted to the second half as higher grades drive increased production, with approximately 65% of second half production expected in the fourth quarter. Full-year AISC at Marigold are trending towards the top-end of the Company’s 2026 guidance range, and sustaining capital is expected to remain elevated in the third quarter due to the timing of spend on fleet replacements and upgrades. 2026 growth capital guidance at Marigold has been increased from $48 million to $65 million as the Company plans to accelerate spend to facilitate longer-term growth, particularly at Buffalo Valley. SSR Mining continues to advance growth initiatives across Marigold, including Buffalo Valley, with an updated life of mine plan expected by the end of 2026. Ongoing exploration and evaluation of other brownfield targets, including New Millennium, Marigold North, and DG80, continues as SSR Mining evaluates additional pathways for longer-term growth. Cripple Creek & Victor, USA For the three months ended June 30, 2026, and 2025, Cripple Creek & Victor ("CC&V") produced 27,725 and 44,062 ounces of gold, respectively. For the six months ended June 30, 2026 and 2025, CC&V produced 66,023 and 55,344 ounces of gold, respectively. During the second quarter of 2026, CC&V reported cost of sales of $1,561 per payable ounce and AISC of $1,995 per payable ounce. For the remainder of the year, CC&V's production is expected to be approximately 50 to 55% weighted to the fourth quarter. Full-year AISC at CC&V are expected to trend towards the top of the Company’s 2026 guidance range due to modest increases in sustaining capital spend on equipment components and general site improvement initiatives. Growth capital guidance in 2026 has been increased from $55 million to $60 million due to the timing of spend on the expansion of VLF2. SSR Mining continues to evaluate opportunities to improve the longer-term production and cost profile at CC&V, including the potential for future Mineral Reserve conversion opportunities. As of year-end 2025, CC&V hosted 4.8 million ounces of Measured and Indicated gold resources and 2.0 million ounces of gold Inferred Mineral Resources in addition to 2.7 million ounces of gold Mineral Reserves. Seabee, Canada For the three months ended June 30, 2026 and 2025, Seabee produced 16,817 and 10,998 ounces of gold, respectively. For the six months ended June 30, 2026 and 2025, Seabee produced 23,103 and 36,999 ounces of gold, respectively. During the second quarter of 2026, Seabee reported cost of sales of $1,721 per payable ounce and AISC of $2,358 per payable ounce. Seabee’s second half production is expected to be 55 to 60% weighted to the fourth quarter of 2026 due to higher grades, and the Company continues to trend towards the bottom-end of full-year production guidance. AISC in 2026 are expected at the top-end of the Company’s guidance range and are expected to be lowest in the fourth quarter. Sustaining capital spend is expected to be approximately equally weighted between the third and fourth quarters. Growth capital guidance for Seabee in 2026 has been increased from $15 million to $35 million to further advance the Porky West project in the second half of the year. SSR Mining is continuing to advance exploration and resource development activities at both Santoy and Porky as potential avenues for Mineral Reserve growth and mine life extension. Near-mine drilling at Santoy is targeting higher grades at depth to further improve the production profile while the evaluation of Porky as a potential new mining front continues. Puna, Argentina For the three months ended June 30, 2026 and 2025, Puna produced 1.7 and 2.8 million ounces of silver, respectively. For the six months ended June 30, 2026 and 2025, Puna produced 3.4 and 5.4 million ounces of silver, respectively. During the second quarter of 2026, Puna reported cost of sales of $28.77 per payable ounce and AISC of $29.52 per payable ounce. Production at Puna is expected to be relatively evenly split between the third and the fourth quarter of 2026. AISC in 2026 are expected to trend towards the top-end of the Company’s full-year guidance range largely due to inflationary pressures. Growth capital guidance for 2026 at Puna has been increased from $18 million to $20 million as SSR Mining plans to advance opportunities to extend operations at Chinchillas. SSR Mining continues to evaluate a number of potential growth projects at Puna, including additional laybacks at the Chinchillas pit, potential new development at the Melina open pit target adjacent to Chinchillas, and continued advancement of the Cortaderas project. Conference Call Information This news release should be read in conjunction with the Company’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2026, filed with the U.S. Securities and Exchange Commission (the "SEC") and available on the SEC website at www.sec.gov or www.ssrmining.com. Conference call and webcast: Tuesday, August 4, 2026, at 5:00 pm EDT. The webcast will be available on our website. Audio replay will be available for two weeks by dialing: Dividend Declaration On August 4, 2026 the Board of Directors declared a quarterly cash dividend of $0.03 per common share, payable on September 11, 2026 to shareholders of record at the close of business on August 14, 2026. This dividend is designated as an 'eligible dividend' for Canadian income tax purposes. The dividend payment applies to holders of SSR Mining’s common shares, which trade on Nasdaq and the Toronto Stock Exchange under the symbol SSRM. Payments to Canadian shareholders will be made in Canadian dollars based on the exchange rate on the record date as reported by the Bank of Canada. Payments to other shareholders will be made in U.S. dollars and will be subject to applicable withholding taxes. About SSR Mining SSR Mining Inc. is a free-cash-flow-focused gold and silver mining company and the third-largest gold producer in the United States. SSR Mining has a diversified portfolio of operating, development and exploration assets across the Americas, including four operating mines in the USA, Canada, and Argentina. In 2026, SSR Mining is expected to produce between 450,000 and 535,000 Gold Equivalent Ounces. The Company is headquartered in Denver, Colorado and is listed under the ticker symbol SSRM on the Nasdaq Stock Market and the Toronto Stock Exchange. For more information, please visit: www.ssrmining.com. Cautionary Note Regarding Forward-Looking Information and Statements: Except for statements of historical fact relating to us, certain statements contained in this news release constitute forward-looking statements, forward-looking information, future oriented financial information, or financial outlooks (collectively "forward-looking information") within the meaning of applicable securities laws. Forward-looking statements and information may be contained in this document and our other public filings. Forward-looking statements and information relates to statements concerning our outlook and anticipated events or results and in some cases, can be identified by terminology such as "may", "will", "could", "should", "expect", "plan", "anticipate", "believe", "intend", "estimate", "projects", "predict", "potential", "continue", other similar expressions, as well as statements written in the future tense or that are not historical facts. Forward-looking information and statements in this news release include any statements concerning, among other things: forecasts and outlook; preliminary cost reporting in this document; guidance; our operational and development targets and catalysts and the impact of any suspensions on operations; growth initiatives; the results of any gold reconciliations; the ability to discover additional oxide gold ore; the generation of free cash flow and returning cash to shareholders, including via share repurchases or dividends; matters relating to proposed exploration; communications with local stakeholders; maintaining community and government relations; our joint venture governance and operations; negotiation and completion of transactions; commodity prices; Mineral Resources, Mineral Reserves, conversion of Mineral Resources, realization of Mineral Reserves, and the existence or realization of Mineral Resource estimates; the development approach; the timing and amount of future production; the timing of studies, announcements, and analysis; the timing of construction and development of proposed mines and process facilities; capital and operating expenditures; economic conditions; availability of sufficient financing; exploration plans; receipt of regulatory approvals; timing and impact surrounding suspension or interruption of operations as a result of regulatory requirements or actions by governmental authority; and any and all other timing, exploration, development, operational, financial, budgetary, economic, legal, social, environmental, regulatory, and political matters that may influence or be influenced by future events or conditions. Such forward-looking statements and information are subject to various risks and uncertainties and based on a number of material factors and assumptions which could cause actual results and experience to differ materially from anticipated results or expectations expressed in this news release, including, but not limited in any manner to, those disclosed from time to time in our reports filed with the SEC on EDGAR, including the "Risk Factors" section of our most recent Annual Report on Form 10-K and subsequent Quarterly Reports on Form 10-Q, as applicable, and the Canadian securities regulatory authorities on SEDAR+, and include: the inherent speculative nature of exploration results; the ability to explore; local and global political and economic conditions; governmental and regulatory requirements and actions by governmental authorities, including changes in government policy, government ownership requirements, changes in environmental, tax and other laws or regulations and the interpretation thereof; communications with local stakeholders; maintaining community and governmental relations; status of negotiations of current and future joint ventures and their governance and operations; weather conditions at our operations; commodity prices; the ultimate determination of and realization of Mineral Reserves; existence or realization of Mineral Resources; the development approach; availability and receipt of required approvals, titles, licenses and permits; sufficient working capital to develop and operate the mines and implement development plans; access to adequate services and supplies; foreign currency exchange rates; interest rates; access to capital markets and associated cost of funds; availability of a qualified work force; ability to negotiate, finalize, and execute relevant agreements; the Company’s ability to efficiently integrate acquired mines and businesses and to manage the costs related to any such integration, or to retain key technical, professional or management personnel; lack of social opposition to our mines or facilities; lack of legal challenges with respect to our properties; the timing and amount of future production; the ability to meet production, cost, and capital expenditure targets; timing and ability to produce studies and analyses; capital and operating expenditures; economic conditions; availability of sufficient financing; the ultimate ability to mine, process, and sell mineral products on economically favorable terms; and any and all other timing, exploration, development, operational, financial, budgetary, economic, legal, social, geopolitical, regulatory and political factors that may influence future events or conditions. While we consider these factors and assumptions to be reasonable based on information currently available to us, they may prove to be incorrect. The above list is not exhaustive of the factors that may affect any of the Company’s forward-looking information. You should not place undue reliance on forward-looking information and statements. Forward-looking information and statements are based on certain key expectations and assumptions made by us. Although we believe that the expectations and assumptions on which such forward-looking information and statements are based are reasonable, undue reliance should not be placed on the forward-looking information and statements because we can give no assurance that they will prove to be correct. Other than as required by law, we do not intend, and undertake no obligation to update any forward-looking information to reflect, among other things, new information or future events. The information contained on, or that may be accessed through, our website is not incorporated by reference into, and is not a part of, this document. Cautionary Note Regarding Non-GAAP Measures We have included certain non-GAAP performance measures throughout this document to assist in understanding our financial results. These performance measures are employed by us to measure our operating and economic performance internally and to assist in decision-making, as well as to provide key performance information to senior management. We believe that, in addition to measures prepared in accordance with GAAP, certain investors and other stakeholders will find this information useful to evaluate our operating and financial performance; however, these non-GAAP performance measures do not have any standardized meaning. These performance measures are intended to provide additional information and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with GAAP. Our definitions of our non-GAAP financial measures may not be comparable to similarly titled measures reported by other companies. These non-GAAP measures should be read in conjunction with our condensed consolidated interim financial statements. Total Cash, Total Debt, Net Cash (Debt), Total Liquidity, Cash costs, AISC per ounce sold, adjusted net income (loss) attributable to SSR Mining shareholders, free cash flow, and mine site free cash flow are Non-GAAP Measures with no standardized definition under U.S. GAAP. Non-GAAP Measure – Total Cash, Total Debt, Net Cash (Debt) and Total Liquidity Total cash, Total debt, and Net cash (debt) are used by management and investors to measure the Company's underlying operating performance. The Company believes that these measures are useful measures for shareholders as they help evaluate liquidity, available cash, and the Company’s financial position. The Company believes that liquidity and available cash will be sufficient to sustain the operational needs of the Company for the next twelve months. Total cash is calculated as Cash and cash equivalents plus Restricted cash and Total debt is calculated as the face value of the Company’s Convertible Notes plus other current debt. Net debt is calculated as Total cash less Total debt. The following table provides a reconciliation of cash and cash equivalents to Total cash, Total debt, and Net cash: Total liquidity is calculated as Cash and cash equivalents plus Restricted cash and borrowing capacity under current revolving credit facilities, including accordion features. As of June 30, 2026, no borrowings were outstanding on the Company’s $400 million credit facility with a $100 million accordion feature. The following table provides a reconciliation of Cash and cash equivalents to Total liquidity: Subsequent to the quarter, the Facility was increased from $400 million to $600 million. The increased Facility does not have an accordion feature. Based on the total cash from continuing operations and inclusive of this increased revolving credit facility, total liquidity from continuing operations total $2,383.0 million. Non-GAAP Measure - Cash Costs and AISC Cash Costs and All-In Sustaining Costs ("AISC") per payable ounce of gold and respective unit cost measures are non-U.S. GAAP metrics developed by the World Gold Council to provide transparency into the costs associated with producing gold and provide a standard for comparison across the industry. The World Gold Council is a market development organization for the gold industry. The Company uses cash costs per ounce of precious metals sold and AISC per ounce of precious metals to monitor its operating performance internally. The most directly comparable measure prepared in accordance with GAAP is cost of sales. The Company believes this measure provides investors and analysts with useful information about its underlying cash costs of operations and the impact of by-product credits on its cost structure. The Company also believes these are relevant metrics used to understand its operating profitability. When deriving the cost of sales associated with an ounce of precious metal, the Company includes by-product credits, which allows management and other stakeholders to assess the net costs of gold and silver production. AISC includes total cost of sales incurred at the Company's mining operations, which forms the basis of cash costs. Additionally, the Company includes sustaining capital expenditures, sustaining mine-site exploration and evaluation costs, reclamation cost accretion and amortization, and general and administrative expenses. This measure seeks to reflect the ongoing cost of gold and silver production from current operations; therefore, growth capital is excluded. The Company determines sustaining capital to be capital expenditures that are necessary to maintain current production and execute the current mine plan. The Company determines growth capital to be those payments used to develop new operations or related to projects at existing operations where those projects will materially benefit the operation. The Company believes that AISC provides additional information to management and stakeholders that provides visibility to better define the total costs associated with production and better understanding of the economics of the Company's operations and performance compared to other producers. In deriving the number of ounces of precious metal sold, the Company considers the physical ounces available for sale after the treatment and refining process, commonly referred to as payable metal, as this is what is sold to third parties. The following tables provide a reconciliation of Cost of sales to cash costs and AISC: The following table provides a reconciliation of our projected cost of sales to projected cash costs and projected AISC used in the calculation of full-year projected 2026 cost guidance: Non-GAAP Measure - Adjusted Net Income (Loss) Attributable to SSR Mining Shareholders Adjusted net income (loss) attributable to SSR Mining Shareholders and adjusted net income (loss) per share attributable to SSR Mining Shareholders are used by management to measure the Company's underlying operating performance. We believe these measures are useful for shareholders to assess the Company’s operating performance. The most directly comparable financial measures prepared in accordance with GAAP are net income (loss) attributable to SSR Mining shareholders and net income (loss) per share attributable to SSR Mining shareholders. Adjusted net income (loss) attributable to SSR Mining shareholders is defined as net income (loss) adjusted to exclude the after-tax impact of specific items that are significant, but not reflective of the Company's underlying operations, including the impacts of impairment charges. Adjusted net income (loss) per share attributable to SSR Mining shareholders is defined as Adjusted net income attributable to SSR Mining shareholders divided by the corresponding Weighted-average shares used in the calculation of net income (loss) per share during the period. The following table provides a reconciliation of Net income (loss) attributable to SSR Mining shareholders to Adjusted net income (loss) attributable to SSR Mining shareholders and Net income (loss) per share attributable to SSR Mining shareholders to Adjusted net income (loss) per share attributable to SSR Mining shareholders: Non-GAAP Measure - Free Cash Flow From Continuing Operations, Cash Flow From Operating Activities From Continuing Operations Before Changes in Working Capital, Free Cash Flow From Continuing Operations Before Changes in Working Capital, and Mine Site Free Cash Flow The Company uses free cash flow and mine site free cash flow to supplement information in its condensed consolidated financial statements. The most directly comparable financial measure prepared in accordance with GAAP to free cash flow is cash provided by operating activities and the most directly comparable financial measure prepared in accordance with GAAP to mine site free cash flow is mine segment revenue. The Company believes that in addition to measures prepared in accordance with GAAP, certain investors and analysts use this information to evaluate the ability of the Company to generate cash flow after capital investments and build the Company's cash resources and, with respect to one of mine segments, to evaluate the cash generated from a mine. The Company calculates free cash flow by deducting cash capital spending from cash generated by operating activities. The Company does not deduct payments made for business acquisitions. The Company calculates mine site free cash flow by deducting cost of sales, exploration, evaluation, and reclamation expenditures, cash care and maintenance, capital expenditures and taxes from revenue from a particular segment. The following table provides a reconciliation of cash provided by operating activities to free cash flow: We also present free cash flow from continuing operations, operating cash flow before working capital adjustments and free cash flow before working capital adjustments as non-GAAP cash flow measures to supplement our operating cash flow and free cash flow (non-GAAP) measures. Management uses these measures to assess the Company’s underlying operating performance and to facilitate period-to-period comparisons of the Company’s ability to generate cash flow from its continuing business, independent of fluctuations in working capital. We believe presenting both operating cash flow and free cash flow before working capital adjustments, which reflects an exclusion of net changes in operating assets and liabilities, will be useful for investors because it presents cash flow that is actually generated from the continuing business. The Company calculates cash generated by (used in) operating activities before changes in working capital by adjusting cash generated by (used in) operating activities by the net change in operating assets and liabilities. The Company also calculates free cash flow before changes in working capital by deducting cash capital spending from cash flow from operating activities before changes in working capital. The following table provides a reconciliation of cash provided by operating activities to cash generated by (used in) operating activities before changes in working capital, and free cash flow before changes in working capital: View source version on businesswire.com: https://www.businesswire.com/news/home/20260804518552/en/ Contacts E-Mail: [email protected] Phone: +1 (888) 338-0046

If you are looking for a stock that has a solid history of beating earnings estimates and is in a good position to maintain the trend in its next quarterly report, you should consider SSR Mining (SSRM). This company, which is in the Zacks Mining - Miscellaneous industry, shows potential for another earnings beat. This precious metals mining company has an established record of topping earnings estimates, especially when looking at the previous two reports. The company boasts an average surprise for the past two quarters of 45.56%. For the last reported quarter, SSR Mining came out with earnings of $1.15 per share versus the Zacks Consensus Estimate of $0.81 per share, representing a surprise of 41.98%. For the previous quarter, the company was expected to post earnings of $0.59 per share and it actually produced earnings of $0.88 per share, delivering a surprise of 49.15%. For SSR Mining, estimates have been trending higher, thanks in part to this earnings surprise history. And when you look at the stock's positive Zacks Earnings ESP (Expected Surprise Prediction), it's a great indicator of a future earnings beat, especially when combined with its solid Zacks Rank. Our research shows that stocks with the combination of a positive Earnings ESP and a Zacks Rank #3 (Hold) or better produce a positive surprise nearly 70% of the time. In other words, if you have 10 stocks with this combination, the number of stocks that beat the consensus estimate could be as high as seven. The Zacks Earnings ESP compares the Most Accurate Estimate to the Zacks Consensus Estimate for the quarter; the Most Accurate Estimate is a version of the Zacks Consensus whose definition is related to change. The idea here is that analysts revising their estimates right before an earnings release have the latest information, which could potentially be more accurate than what they and others contributing to the consensus had predicted earlier. SSR Mining has an Earnings ESP of +8.73% at the moment, suggesting that analysts have grown bullish on its near-term earnings potential. When you combine this positive Earnings ESP with the stock's Zacks Rank #3 (Hold), it shows that another beat is possibly around the corner. The company's next earnings report is expected to be released on August 4, 2026. With the Earnings ESP metric, it's important to note that a negative value reduces its predictive power; however, a negative Earnings ESP does not indicate an earnings miss. Many companies end up beating the consensus EPS estimate, though this is not the only reason why their shares gain. Additionally, some stocks may remain stable even if they end up missing the consensus estimate. Because of this, it's really important to check a company's Earnings ESP ahead of its quarterly release to increase the odds of success. Make sure to utilize our Earnings ESP Filter to uncover the best stocks to buy or sell before they've reported. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Silver Standard Resources Inc. (SSRM) : Free Stock Analysis Report This article originally published on Zacks Investment Research (zacks.com). Zacks Investment Research