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01/11 11:15
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Access earnings results, analyst expectations, report, slides, earnings call, and transcript.
The earnings call presents mixed signals: positive cash flow and liquidity position, but EPS misses expectations. Regulatory challenges at Çöpler and cost pressures add uncertainty. Despite strong production and a positive acquisition, unclear responses in the Q&A section and ongoing cost issues suggest a cautious outlook. The stock price is likely to remain neutral in the short term.
Earnings Per Share (EPS) Reported EPS is $0.10, down from expectations of $0.18.
Gold Equivalent Production (Q4 2024) 124,000 gold equivalent ounces produced, a strong quarter for the year.
Gold Equivalent Production (Full Year 2024) 399,000 gold equivalent ounces produced, with a year-over-year increase.
All-in Sustaining Cost (AISC) (Q4 2024) AISC of $18.57 per ounce, reflecting operational efficiencies.
All-in Sustaining Cost (AISC) (Full Year 2024) AISC of $18.78 per ounce, with care and maintenance costs impacting the figure.
Operating Cash Flow (Q4 2024) $95 million, indicating strong operational performance.
Free Cash Flow (Q4 2024) $56 million, a strong result to close out 2024.
Total Cash (End of 2024) $388 million, reflecting a solid liquidity position.
Net Cash Position (End of 2024) $158 million, indicating a strong financial position.
Total Liquidity (End of 2024) Approximately $890 million, providing flexibility for future investments.
Reclamation and Remediation Spend (Full Year 2024) $128 million at Çöpler, reflecting ongoing remediation efforts.
Hod Maden Spend (Q4 2024) $14 million, bringing full year spend to $42 million as part of development activities.
Marigold Production (Q4 2024) 60,000 ounces produced, marking a strong quarter.
Marigold AISC (Full Year 2024) $1,711 per ounce, reflecting increased royalty expenses.
Seabee Production (Q4 2024) 28,000 ounces produced, with strong performance in the quarter.
Seabee AISC (Full Year 2024) $1,515 per ounce, reflecting operational efficiencies.
Puna Silver Production (Full Year 2024) 10.5 million ounces produced, a record for the operation.
Puna AISC (Full Year 2024) $15.56 per ounce, delivering significant free cash flow margins.
Cripple Creek and Victor Acquisition Transaction valued at $100 million, expected to contribute immediate free cash flow.
New Product: Acquisition of Cripple Creek and Victor Mine from Newmont, expected to enhance free cash flow and diversify the portfolio.
Market Expansion: Continued discussions with Turkish authorities to advance the restart of operations at Çöpler.
Operational Efficiency: Achieved record production at Puna with 10.5 million ounces of silver in 2024, and Marigold celebrated 5 million ounces of life of mine gold production. Fourth quarter production of 124,000 gold equivalent ounces at an AISC of $18.57 per ounce.
Strategic Shift: Focus on advancing Hod Maden towards a construction decision and evaluating longer-term potential of Cortaderas.
Earnings Expectations: SSR Mining Inc. missed earnings expectations with reported EPS of $0.1 compared to expectations of $0.18.
Çöpler Incident: The tragic incident at Çöpler has raised concerns regarding safety and operational integrity, impacting the company's reputation and operational timelines.
Regulatory Challenges: Ongoing discussions with Turkish authorities regarding the restart of operations at Çöpler, indicating potential regulatory hurdles.
Care and Maintenance Costs: Care and maintenance costs at Çöpler and Seabee totaled $36 million in Q4, impacting overall financial performance.
Cost Pressures: Increased royalty expenses and elevated costs for OEM components are expected to persist in 2025, affecting profit margins.
Acquisition Risks: The integration of Cripple Creek and Victor Mine involves risks related to realizing expected synergies and operational efficiencies.
Economic Factors: Fluctuations in gold and silver prices could impact revenue and profitability, particularly with the current economic environment.
Acquisition of Cripple Creek and Victor Mine: SSR Mining announced the acquisition of Cripple Creek and Victor Mine from Newmont, which is expected to increase free cash flow and diversify the portfolio.
Çöpler Operations: Constructive discussions are ongoing with Turkish authorities to advance the restart of Çöpler operations.
Resource Development: SSR Mining is focused on advancing resource development activities across its portfolio to extend mine lives.
Brownfield Exploration: Continued exploration activities are planned for Marigold, Seabee, and Puna to evaluate opportunities for mine life extension.
Technical Report for CC&V: A technical report and updated life of mine plan for CC&V is expected to be delivered in 2025.
2025 Cost and Production Guidance: Consolidated 2025 cost and production guidance will be released shortly after the CC&V transaction closes.
Free Cash Flow Expectations: SSR Mining expects continued free cash flow generation in 2025, particularly from the integration of CC&V.
Çöpler Restart Timeline: Çöpler could be restarted within 20 days from the receipt of necessary permits.
Marigold Production Costs: Costs at Marigold are expected to remain elevated in 2025 due to increased royalty expenses and cost pressures.
Puna Life Extension Updates: Further updates on life extension opportunities at Puna are expected in 2025.
Free Cash Flow: $56 million for Q4 2024.
Total Cash: $388 million at year-end 2024.
Net Cash Position: $158 million.
Total Liquidity: Approximately $890 million.
Upfront Consideration for CC&V Acquisition: $100 million.
The earnings call presents a mixed picture. Positive elements include strong free cash flow, substantial liquidity, and optimistic Q4 expectations from Marigold. However, challenges such as Çöpler's restart delays, operational issues at Seabee, and permitting at CC&V present risks. The Q&A reveals management's focus on addressing these issues but lacks definitive timelines, particularly for Çöpler. The company's strategic focus on organic growth and disciplined M&A is promising but lacks immediate catalysts. Overall, the sentiment is neutral, with potential for slight positive movement if operational issues are resolved efficiently.
The earnings call reflects mixed sentiments. Strong financial performance and production improvements are positive, but uncertainties like the Çöpler mine restart and increased costs at Çöpler and Marigold temper optimism. The Q&A section highlights management's cautious communication, particularly around timelines, which adds to market uncertainty. Despite strong cash flow and liquidity, the lack of definitive guidance on key issues suggests a neutral outlook for stock price movement over the next two weeks.
The earnings call presents a mixed picture. While there is a positive outlook with a 10% production increase and continued free cash flow generation, challenges such as high ASIC, regulatory issues, and operational risks at Copler persist. The Q&A section reveals management's uncertainty and lack of detailed guidance on key projects, adding to market apprehension. The absence of clear guidance on Cripple Creek and Victor further dampens sentiment. Overall, the mixed signals and unresolved risks lead to a neutral outlook for the stock price in the short term.
The earnings call presents mixed signals: positive cash flow and liquidity position, but EPS misses expectations. Regulatory challenges at Çöpler and cost pressures add uncertainty. Despite strong production and a positive acquisition, unclear responses in the Q&A section and ongoing cost issues suggest a cautious outlook. The stock price is likely to remain neutral in the short term.
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