SSR Mining Inc.

Hello everyone and welcome to SSR Mining's fourth quarter and full year 2025 financial results 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 Hunchuk from SSR Mining. Please go ahead.

Thank you, Operator, and hello everyone. Thank you for joining today's conference call to discuss SSR Mining's fourth quarter and full year 2025 financial results. Our consultative financial statements have been presented in accordance with U.S. GAAP. These financial statements have been filed on EDGAR and CDAR, 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 in this afternoon's news release and on our corporate website. Please note that all figures discussed during the call are in U.S. dollars unless otherwise indicated. Today's discussion will include four looking statements, so please read the disclosures in the relevant documents. 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. Rod Antle, Executive Chairman, will be joined by Michael Sparks, Chief Financial Officer, and Bill McNevin, EVP Operations and Sustainability, on today's call. I will now send the line over to Rod. Great.

Thank you, Alex, and good afternoon to you all. We close 2025 on a high note. delivering full year production above the midpoint of our guidance range and generated more than $100 million in free cash flow in the fourth quarter. As a result, we finished the year with $535 million in cash and more than $1 billion in liquidity. Based on the operating guidance provided with today's financial results, we expect this material free cash flow generation to continue in 2026. Accordingly, and coupled with our view that our share price does not reflect the full value of our portfolio, we are pleased to announce that our board has approved a share buyback of up to $300 million. If you remember, share buybacks have been a key component of our capital allocation framework in the past, and we are pleased to re-establish a program again. Before moving on to the next slide, I want to take a moment to highlight a number of key catalysts and milestones that we delivered since our third quarter results and also speak to some of the opportunities ahead. First, I want to note particularly strong fourth quarter results from our Cripple Creek and Victor Mine and Pooner operations, which saw both assets exceed their full year guidance ranges and deliver exceptional free cash flow. At Pooner in particular, the mine beat its production guidance for a third consecutive year and set records for tons processed in both the fourth quarter and over the full year, which was a terrific result. Second, we delivered two technical report summaries, both demonstrating long-term free cash flow generated assets that will bolster our portfolio. The Cripple Creek Invicta TRS, released in November, highlighted an initial 12-year life of mine plan with an $824 million NPV at consensus metal prices. With nearly 7 million ounces of resources in addition to the reserves, there is significant optionality here for meaningful mine life extension into the future. In January, we released a TRS for the Hob Madden development project which highlighted a $1.7 billion NPV and a 39% internal rate of return at consensus metal prices. I will talk more on this in a moment. Thirdly, we continue to advance the compelling brownfield growth projects across the portfolio, which I'm also going to speak to in a moment. As you can see, 2025 was a very successful year and we're well positioned to continue building on this momentum in 2026. So let's move on to slide four. We have a number of highly prospective growth targets across the business. These prospects represent potentially low cost, high return growth opportunities that can deliver significant value to our shareholders. In 2026, we have committed a substantial amount of capital investment across the business, and a large portion of that capex will be allocated to advancing these growth opportunities through the development pipeline. We look forward to sharing additional details on the projects, including both Marigold and Puna over the coming year. Let's turn to slide five to focus on hot maddens. In January, we published a technical report summary for the Hot Madden development project. The TRS clearly reaffirmed Hot Madden as one of the better undeveloped copper gold projects in the sector. And we are thrilled to have a development asset of this quality in our portfolio. As a reminder, Hot Madden is an underground copper gold project in the North Eastern of Turkey. The mine, will be accessed through a single surface portal and all will be extracted through a combination of long hole stoping and cut and fill mining methods. The process plant is designed with a nameplate capacity of approximately 2,200 tonnes per day with life of mine average head grade of 7.6 grams of gold and 1.3% of copper. The plant will produce a single high quality concentrate with life of mine gold and copper recoveries averaging 87% and 97% respectively. Move on to the next slide for a few of the TRS highlights. On Madden is a unique project with significant scale. best-in-class grades, and first quartile all-in sustaining costs that position the asset to deliver compelling free cash flow in the future. On a 100% basis, production is expected to average 240,000 gold equivalent ounces over the first three years and 220,000 gold equivalent ounces over the first five years. At consensus metal prices, hot madden is expected to generate average annual free cash flow of $328 million, while at a $4,900 gold price, that free cash flow would jump to approximately $500 million annually. PopMadden's execution has been meaningfully de-risked as a result of the significant engineering and the work completed since our initial investment in the project. as well as the benefit of early site works that are taking place. Inclusive of earn-in and milestone payments, SSR's remaining investment is expected to total $470 million, which we expect to fund from our liquidity position and free cash flow outlook. We anticipate a two and a half to three year construction period once the project decision is made. We are very excited about PODMAT and look forward to providing further updates in due course. Turn over to slide seven and I'll hand the call over to Michael.

Thank you, Rod, and good afternoon, everyone. In 2026, we expect to produce between 450 and 535,000 gold equivalent ounces from our Marigold, CCMV, CB and PUNA operations. All insustaining costs are expected to range between $2,360 and $2,440 per ounce, or $2,180 to $2,260 per ounce, excluding the impact of care and maintenance costs at Chirpler. While Chirpler isn't in operation, we continue to guide the cash care and maintenance costs of $20 to $25 million incurred per quarter. Total growth spend is expected to total $150 million in 2026, driven mainly by capital investments in leach pad expansions at both Marigold and CCMB, as well as continued exploration and resource development spend globally. Capital expenditures at Hod Madden are expected to total up to $15 million per month as engineering, access road development, and site establishment activities continue ahead of a formal construction decision. Upon a positive construction decision by the joint venture, we will provide an update to our growth capex outlook at the project. Now let's move to our Q4 results starting on slide eight. In the fourth quarter, we produced 120,000 gold equivalent ounces at AISC of $22.50 per ounce, or $2,002 per ounce excluding costs incurred at Chirpler in the quarter. Four-quarter sales were 117,000 gold equivalent ounces at an average realized gold price of $4,142 per ounce. Net income attributable to SSR mining shareholders in Q4 was $181 million, or 84 cents per diluted share, while adjusted net income was $190 million, or 88 cents per diluted share. For the full-year production of 447,000 gold-equivalent ounces exceeded the midpoint of our full-year guidance. As discussed with our third quarter results, higher-than-forecasted royalty costs tied to higher gold prices and share-based compensation brought our full-year AISC to the top end of our consolidated guidance range. Full-year AISC, excluding costs incurred at Chirpler, was $19.23 per ounce, comfortably within our guidance. Now let's move to slide nine. As highlighted in the table in this slide, free cash flow totaled $106 million in the quarter and $252 million for the full year. Excluding the impacts of changes in working capital, full year free cash flow was more than $400 million in 2025. These are excellent results considering our investment and growth projects across the portfolio. We ended the quarter in a strong financial position with $535 million in cash and total liquidity of over $1 billion. This cash and liquidity position, combined with our free cash flow outlook in 2026, supports our continued investment in growth initiatives across the portfolio while also giving us the confidence to initiate a share buyback of up to $300 million. Share buybacks have historically been a key component of our capital allocation and shareholder return approach. Between 2021 and 2024, we repurchased 20 million shares at an average price of $15.76 per share. With convertible notes issued in 2019 with a conversion price of $17.61, these share buybacks provided significant value to our shareholders. Our historical share buybacks combined with today's announcement of a new share buyback program reiterate our commitment to ensuring our shareholders' real life growth on the key per share metrics going forward. Now over to Bill for an update on the Q4 results and 2026 guidance for the operations starting on slide 10.

Thanks, Michael. I'll first start with EHSS. 2025 was a successful year of strengthening our programs and application in all areas of EHSS. Here as advanced, we're in critical controls and risk management for safety, the integration of closure work into like-mind plans to bring forward the work as well as to reduce costs, and the upgrading of our community engagement and development application. As I will outline today, we're currently working on growing our business through both greenfield projects and brownfield growth opportunities. at all the operations. Safe production and quality implementation of EHSS standards is our focus ahead to enable the increase in activity to successfully advance all of these opportunities. Now on to slide 11 for our year-end MRMR. We closed 2025 with 11 million ounces of gold equivalent mineral reserves. a testament to the scale and longevity of our diversified operating platform. Reserves were up nearly 40% year over year, driven largely by the incorporation of CCMV and Hod Martin into our consolidated totals, as well as other minor impacts from drilling additions and model changes. Mineral reserve price assumptions in 2025 remain very conservative at 1700 per ounce gold and $20.50 per ounce silver. We hold another nearly 15 million measured, indicated and inferred gold equivalent ounces that could support mineral reserve growth across our portfolio in the future. More impressively, we have consistently delivered on our track record of replacing mine depletion. Since 2020, as shown on the right side of this slide, we've more than replaced depletion before incorporating any of the benefit of our creative M&A transactions over the period. Inclusive of M&A, our mineral reserves are up approximately 40% since 2020, an impressive outcome that ensures our portfolio is poised to benefit from constructive gold and silver markets for years to come. Now on to slide 12 for a discussion on marigold. In the fourth quarter, marigold produced 43,000 ounces of gold and all the sustaining costs of 20.89 per ounce. As expected, This was Marigold's strongest period of production in 2025. Technical work around ore body knowledge and processing planning at Marigold has now matured to where this is being integrated into the planning process. As a result of previously highlighted ore blending requirements and to ensure pad recovery performance, the Marigold mining schedule has been updated to account for the blending of durable and non-durable ore. In addition, increased gold prices have resulted in pit expansions and the relocation of a planned waste dump to avoid sterilising ounces. While this work has changed the production schedule, the total ounces produced at Marigold over the five-year period is materially the same as reflected in the 2024 TRS. In 2026, Marigold is expected to produce between 170 to 200,000 ounces of gold and an oil and sustaining of 2320 and 2390 per ounce. Production is expected to be 55 to 60% weighted to the second half of the year. ASIC will be highest in the first half due to both production profile and sustaining capital which is expected to be 70% weighted to the first half. Sustaining capital in 2026 is expected to total 108 million as we make significant investment in fleet and component replacements and process planned improvements. These investments will help to ensure Marigold is well positioned for both additional near-term haulage requirements and to enable development of potentially significant mine life extension opportunities ahead. To that end, Buffalo Valley and New Millennium projects continue to advance and SSR mining anticipates potentially integrating both deposits into an updated Marigold TRS over the next 18 months. Now onto slide 13 for an update on CCMV. CCMV had another excellent quarter producing 39,000 ounces of gold and all in sustaining costs of $15.96 per ounce. Quarterly production benefited from better than expected gold recoveries and drove full year SSR mining attributable production of 125,000 ounces, well exceeding the 110,000 ounce top end guidance. It is also important to highlight that CCMV generated more than $200 million in mine site free cash flow to our account in 2025, an exceptional outcome when compared to the $100 million upfront transaction outlay we paid to acquire the mine last year. In November, we released the technical report summary for CCMV showcasing an initial 12-year life of mine with an NPV of $824 million at consensus metal prices. The mine plan was based on 2.8 million ounces of reserves and CCMV has an additional nearly 7 million ounces of measured, indicated and deferred resources to support potential mine life extensions over the long term. Combined with our long-term production platform at Marigold, This TRS reiterated our position as the third largest goldmine producer in the United States. SSR now holds more than 6 million ounces of mineral reserves in US, along with an additional 7 million ounces of M&I resources and 2 million ounces of inferred resources, all calculated at conservative metal price assumptions, well below the current spot market. In 2026, we expect CCMV's production and costs will be well aligned with the figures outlined in the TRS. Full year production of 125,000 to 150,000 ounces, an ASIC between 1780 and 1850. The ounce should position the asset well for another year of strong free cash flow. Production will be 50% to 55% weighted to the second half of the year. with costs trending above full-year guidance in the first half. Now, over to slide 14 to discuss Seabee. As highlighted in our Q3 results, Seabee's fourth quarter reflected a continued focus on underground development in the second half and saw increased ore contributions from the lower-grade gap hanging wall. Accordingly, the production totaled approximately 9,000 ounces at an ASIC of 3433 per ounce in the fourth quarter. In the first half of 2026, underground development will remain the focus as we look to improve stope availability going forward. Full year production of 60,000 to 70,000 ounces gold is expected to be approximately 60% weighted to the second half with the strongest results in the fourth quarter. ASIC guidance of 2170 to 240 per ounce will be highest in the first half, reflecting the aforementioned production profile and the typical cadence of spend given the winter road season to start the year. Work at Porky continues to advance and we were able to declare a maiden 200,000 ounce mineral reserve at Porky with the year-end update. We're also excited about some of the recent drilling results at Santoy, and we'll continue advancing both near-term drilling and development at Santoy, targeting higher grades. Regional exploration is also expected to continue across the property in 2026. Now on to Puna for slide 15. Puna delivered another excellent year, exceeding its production guidance for the third consecutive year. Record tons in both the fourth quarter and over the full year were a major factor in Purna's strong results, with Q4 production of 2.1 million ounces of silver and ASIC of 18.39 per ounce. Full year ASIC of $14.24 per ounce was slightly better than the guidance and drove mine site free cash flow of more than 250 million in 2025. Puna has been an exceptional contributor to our portfolio and we see potential to extend operations of Puna well beyond 2028 through growth opportunities both at Chinchillas and Cortaderas going forward. In 2026, we expect Puna will produce 6.25 to 7 million ounces of silver and all in sustaining costs of $20 to $22 per ounce. As noted, we are pursuing opportunities for additional pit laybacks at Chinchillas, as well as further evaluation of the Molina target to the northeast of the current Chinchillas pit. Drilling has also been very successful at Cortaderas, an underground brownfield deposit on the Paquitas property, and we are advancing engineering work to delineate its potential contribution to Puna's longer-term profile. Now I'll turn back to Rod for closing remarks.

Great. Thanks, everyone. We had an excellent finish to 2025. We delivered solid operating results that are well aligned with expectations and now we're into 2026 in a strong financial position with a number of key catalysts on the horizon. We're well positioned to deliver year-on-year production growth and strong free cash flow, and are also well advanced on a number of growth initiatives across the portfolio that we look forward to sharing over the next 12 to 18 months. So with that, I'm gonna turn the call over to the operator for questions. Thank you.

Thank you, Mr. Antal. We will now begin the question and answer session. To join the question queue, you may press star then one on your telephone keypad. You will hear a tone acknowledging your request. If you're using a speakerphone, please pick up your handset before pressing any keys. To withdraw your question, please press star, then two. Our first question comes from George Edie with UBS. Please go ahead.

Yeah, good evening, gents. Thanks for your time and nice Q4. And can I start with Marigold, please? Just looking at the 21 to 23 million tonnes stacked at 0.4 gram a tonne and the 0.35 in Q4, My math back gets me to the top end of guidance, so maybe just a little bit more colour here. Like, is there a bit of conservatism baked into the guidance range of 170 to 200?

I'm going to hand that one over to Bill.

As we talked, we've been doing a lot of work, particularly on the technical front, and we've baked that now into our updated board schedule. And that considers how we actually have to complete our blending. So that blending and the updated plan is actually well outlined in the plan forward. So we believe that guidance is a good indication of what we'll deliver this year. A different stacking plan comes with that.

Okay, but looking at the tech report, like I know it's old now, but the next two years it had 0.3 gram a tonne. But given commentary before, like should we expect next year's grade incrementally higher versus this year? And then 2027 to 2028, just clarifying, like should we be looking at a stacking grade of high 0.4s to low 5s potentially, given the commentary before about keeping the sort of medium term outlook unchanged?

So as always, as noted, right, across the five years, we're basically in line. In terms of what's happening is with these metal prices, which is very exciting, we've got growth in pit sizes, we've got additional haulage, so there is a complete reschedule of the mine. So we're still delivering the same quality gold across the period and particularly like mine as well. But the timing of it will be different. And that's why there's reference there. We've also got Buffalo Valley coming in. We've also got further upgrades. So the reference to completing an updated TRS report comes in there as well. So there's a lot of work going on in terms of those changes ahead.

Okay, but that reference five years, what is that exactly? Sorry, like if I look at the tech report average five years from today, it's 235,000 ounces per annum. Like what is that reference five years you're speaking to?

Yeah, I think what he's saying, let me answer it, Bill. George, it's Rod. Thanks for the question. Look, I think what Bill's outlining is with all the work that we've completed, I mean, there's been... The blending requirements that we've got for durable and non-durable or we'd actually been doing work over the last two years to upgrade some of the all body knowledge. So it wasn't something that we just did in one quarter. It was actually a conclusion of a lot of work over a period. So that's been now built in and that's what Bill was sort of talking about with the blending requirements in the short term and near term. as well as some of these other opportunities where we've identified some shifts in the mine plan because it would have sterilised some other opportunities in the future. So we're actually wrapping all that work up. And then if you add in Buffalo Valley and New Millennium, I think what it needs is a new tech report. And then within that new tech report, we're going to outline the new profiles, not only in the five years, but obviously over the life of mine as well, with some of those growth opportunities. So if you just be a little bit patient with us, we'll set it out all at once for you here over the next 12 months.

Yeah. Okay. No, that's clear. Thanks. Thanks for that, Bill. And maybe just one more if I can. So Puna, like what silver prices do you sort of need at a minimum to go beyond 2028? Like it's 70 an ounce or higher. Could we be talking well into the 2030s potentially, or is it a bit too early and dependent still on Cordadaris' success?

We're excited about what we have in front of us. Cordadaris, be it an underground opportunity, there's a lot of work there to do, but it's very positive. But moving back to Chinchillas itself, we do see opportunity for it to go a lot longer with work going on both in the Chinchillas pit for potentially additional step backs, as well as the Molina pit, which is right within that area, being added on as well. So let's just say that work's underway at the moment and these silver prices more than support that. So we're doing that work as we speak now, and we see it extending into the future.

Yeah, I'll just support what Bill said, George. Look, the opportunity set at Puna has really come through a lot of hard work by the guys over a sort of extended period here. And if you sort of wanted to prioritise it, it's sort of Chinchillas, Molina, Cortaderas. And that's how we sort of see it sequencing out. Silver price obviously is very helpful in that regard as we look forward and look at those opportunities. But all in all, I think the future is pretty bright for Pune. We've just got to finish some of the work, particularly around Molina and Cortaderas.

Yeah, that's good. Thanks, gents.

Great. Thanks, George.

The next question comes from Cosmo Xu with TIBC. Please go ahead.

Hi, thanks, Rod and team. Great to see, you know, the new TRS at Hanvedan, Hanvedan. Maybe, Rod, can I ask, is there any kind of, you know, timeline that we can expect in terms of SSR mining, you know, coming to a construction decision? And if you can't give us a timeline, could you maybe talk about the different factors that you would consider before making such a decision?

Because, look, it is a great tech report. It certainly outlines a terrific project for all the joint venture partners that are involved. So what's going on at site right now, the work on the ground still continues. So it's not like we've got pens down and we're waiting for approvals. It's the efforts on the ground for the early earthworks projects some of the creek diversions, the civil works, the road access tunnels and others is underway and ongoing. So that work hasn't stopped. Post the publication of the tech report, we're now just going through the sort of review processes with our partners, and once that's complete, we'll have a project decision. So I'm not going to set out a timeline on behalf of everyone, but... Clearly, we're maintaining some progress on the ground there as well. So don't think of it as like a pens down, then we'll pick them back up. We are maintaining some of that momentum. Understood.

Maybe going to Bruna a little bit here, I noticed that the guidance today, 6.25 to 7 million ounces, slightly lower than a 7 to 8 million ounces that you highlighted back in the August 2025 study for 2026. Could you maybe talk a little bit about that?

Yeah, I'll pass that one on to Bill.

Just the permanent timeline for the work that we're completing, was it?

For the answers? Yeah, for the answers. 6.25 versus late that we had talked about.

Yeah, so the 6.25 to 7, as we're talking, is our guidance range.

You wanted an update against that, sorry, because I missed... No, the August 2025, your Q3 2025 update, your 2026 silver production at Puna will be between 7 and 8 million ounces.

Ah, yes, all right. Yeah, no, I see. All right, caught it. Yeah, so obviously with the work we're doing at the moment and we're continuing to... there's more phasing work happening with additional mining happening at Chinchillas. The timing of ounces has changed. In saying that, we're looking at a further depth of the production levels staying at a higher level for longer. So in other words, we saw it dropping off quicker. It's come down, as you know, but we're looking at it going, maintaining a higher level for longer. We look forward to updating that as we complete some of this work going forward in future. It has stepped down for the year ahead, but it's going to continue for longer. That would be the best way of terming it.

Okay, so it's a timing thing. We should take those ounces that are not produced in 2026, put it into... 2027 or 2028.

Yeah, we'll be going, yeah, it'll be better.

Perfect. And that Marigold, sorry, going back to Marigold here, could you maybe explain to me durable versus non-durable ore and blending? I'm not fully appreciating the, you know, sort of the technical aspects behind it.

So to put it into a simple manner, depending on the fines content and then the height of a heap, it creates compression on the material. So the effectiveness of the solution transfer can be impacted. So if we go back in time for those that have a long history with Marigold, We were challenged in late 22, early 23, where we ended up with the heap became bound up. So in other words, a lot of good work has happened to understand that ore body better. And so with that, we now have implemented different land requirements of what can be mixed with what. And then that changes the schedule of how we bring different parts of the old body together to ensure optimum blending and optimum recovery from the heat. Does that answer that sort of in simple terms?

Yeah, I think I got it now. When you mentioned fines, I think I remember that now. Great. And maybe one last question. I see that you're still using fairly conservative numbers for your MR, MR. Estimate $1,700 an ounce for reserves of marigold. So I guess my question is, you know, I don't know how much you can answer, Rod, but, you know, what would a higher gold price assumption do to what you can do at the ore body? It sounds like you're considering it because you're talking about, you know, not sterilizing some of the, you know, certain parts of the ore body. So, you know, you're leaving the optionality open. And so to the point that you can share with us, what does a higher gold price assumption mean? And, you know, could that be incorporated into this new sort of technical report that could come out in 12 to 18 months' time? And, you know, you talk about Buffalo Valley and also Millennium. Could those be part of that new study coming out as well?

Yeah, that's right, Cos. Look, I think across the portfolio, we took a view for this year at least that, you know, given the profiles that we already presented ourselves and some of these other growth opportunities that we have, we'll park any decisions on increasing the gold price cut-off, lowering the cut-off grades, et cetera, and maintain the margins. So we really didn't see anything necessary to do that work. We do have a lot of growth opportunities studies exclusive of gold price that are in front of us that we're looking at and that's really the key focus at the moment to complete that technical work. So ultimately we can start to include those into the technical reports for the future and then obviously we can come back to the gold price question about looking at how sensitive some of the operations are for gold price increases as well. So that really was the issue. We've got so much other work going on. We just wanted to complete that and then come back to it later on.

And now, would that coincide with your timeline, say, at Marigold? Because as you say, you're going to come up with a new technical study at Marigold in 12 to 18 months. Could this sort of re-evaluation of the gold price coincide with that timeline as well?

Correct. Yeah, it could. And particularly around new millennium and some of those other targets as well.

Great. Thanks, Rod and Bill and everyone else. Those are the questions I have. Thank you.

Good on you, guys. Thank you.

The next question comes from Obis Habib with Scotiabank. Please go ahead.

Hi Rod and SSR team, congrats on a good quarter, especially at Puna and CCB. Couple of questions from me and just, you know, again, going back to Marigold and following up on the previous caller's questions, the finds at Marigold looks like blending is working. And I mean, is this issue now behind us or are we still expecting to see this issue linger into Q1?

No, in terms of the look forward, I'll do this one, Bill. In terms of the look forward for these surveys, it's pretty simple. We're going to have areas where we will encounter fines in the future. It's throughout the all body. As Bill said, since 22 we did a lot of work, drilling, et cetera, to understand at a greater level of detail some of those pockets where the fine ore existed and so that's all been incorporated into the future mine plans to allow for that blending of what we're calling durable and non-durable. You'll hear us say that as well in the future. So it informs the scheduling to ensure that we have the appropriate blend so we get the um outcomes on the um heap leach pads in the future so it hasn't it hasn't it's not a one-off um it's going to be a future a future feature for um for marigold and all of the work we've been doing is really just um in preparation to uh to to um handle that which which has been terrific work actually um and as i said to um i think george was asking about

um we'll have a new tech report which will outline all of those all of those requirements in the future as well as some of these other growth opportunities got it thanks for the color on that rod and just again uh you know i think this follow-up question on puna as well i mean you know drilling has been pretty successful at uh cotaderas um don't believe this deposit has been included in puna's mine life extension Rod, are you looking to release any sort of a new mine plan for Puna in the near term, including Cotreras and as well as Chinchillas?

Look, I think what we'll probably see at Puna, my advice, and don't hold me to it because it depends on the work, but I think we'll see some additions to the mine life just through some of the extensions that we're going to encounter at Chinchillas and potentially in Molina. As they start to, the drilling programs there and also up at Korda Deris continue with some of the technical work behind those, that drill program concludes, then we may consider doing a new tech report into the future. But I think at the moment, you know, the guys have done a terrifically good job at already establishing, you know, a longer life at Puna. We see... the potential for more of that. And then, you know, hopefully in the longer dated near term, having a, sorry, in the near term for the longer dated future, some of these other larger opportunities playing a feature into Puna, you know, well into the future. So it's a pretty exciting where we've come from. If you think back, it wasn't that long ago that folks were thinking about Puna as a depleting asset that was coming to its end of its life. And I think what we're finding there through the efforts is quite contrary to it.

Excellent. Thanks, Rod, for that. And then just moving on to CC&V, which has been a real success for SSR. You know, currently, I mean, the project holds around 4.8 million ounces in M&I. Now you already have a 12 year mine life at CCNV, but what's the plan there to accelerate these ounces into the mine plan and improve the production profile of CCNV? Is this just the permits? Is it more infrastructure that needs to be allocated? Any sort of color there?

It's pretty linear from what we can tell at the moment. The mine extension is obviously predicated on the success of the Amendment 14 approval. That Amendment 14 approval allows us to continue with the pad expansions that is already well sequenced out over sort of the next five to ten years. So that's really the first sort of stage of growth, if you like, on the current reserves, as you point out. um is there opportunities to to optimize and do things i mean that's our job is to try to try to do that but um i wouldn't um similar to marigold um cripple creek has durable non-durable aura as well and it's really important to stay in sequence um with that that asset base not to not to um put a risk to future so um we'll try but look i think it's fairly well set out And then beyond it, obviously, we'll look at the opportunities for conversion of the seven odd million ounces of resources that we also have available, which would require then another expansion permit for that regards as well. So, look, I think the asset itself has done remarkably well since we acquired it. We're very proud of the efforts that have gone on down there. and proud of the team and they're now part of SSR and they deserve a standing ovation because I think it's been a terrific integration into the portfolio. Now our job is to optimise and to extend that asset well into the future and really demonstrate its strength in the portfolio. So we're pretty excited to have it.

Thanks for that. And then just my last question then on Topler. Rod, I mean, any sort of progress there that we can kind of, you know, put our finger on or any sort of updates that you're looking to provide in the future on Chopler? Any sort of discussions going on going that you can talk about?

Yeah, look, I think that's right, Oboe. The discussions are ongoing. So in terms of, like, you know, activities, there really was nothing to note since the last quarter. I mean, the activities at site, as Michael sort of mentioned in his... uh financial um discussions um had sort of wound down um in terms of material movements and site rehabilitation while we're waiting for uh the um the the final approvals for the storage facility and uh and pad closure um the guys are obviously still very busy in that um in regards of care and maintenance of the um activities around the plan in particular to maintain integrity for a startup. But that's really been the sort of key focus on the ground at site. And then obviously, as you note, we continue to progress the various discussion with different parts of the government and government authorities. So it's just ongoing at this stage.

Okay. Thanks for that, Rod. And that's it for my questions. Thank you very much. Great. Thanks.

The next question comes from Don DeMarco with National Bank. Please go ahead.

Oh, hi. Thank you, operator, and hi, Rod and team. Congratulations on the quarter. A lot of my questions have already been answered, but, Rod, I'll start off with this. For Hod Madden, just continue on. We're looking forward to this formal construction decision, and I see that in the interim, you know, you're looking at maybe spend on the order of about $15 million per month Should we pencil that into our model, like beginning as of January 1st type thing, or should we wait till a construction decision? In other words, are you kind of getting ahead of yourselves a little bit here with some of that spending before the formal decisions made?

No, look, a lot of that spending was already committed, Don, on the early site work that I mentioned before. You know, the tunnelling is ongoing. We actually just had um john shared uh actually before this meeting the the first blast of the tunnel which is terrific um for that site access tunnels um a lot of the civil works around that um creek um um diversion etc are all ongoing so that that was work already in progress and that's what i was sort of saying before i think While we're waiting for the decision, we're still very busy at site. The team is very busy on site and getting the site prepared. And then, you know, obviously once a construction decision gets going, we're well prepared to execute contracts and get moving on the bigger build as well. So I think that's fair to use that sort of number. And then obviously we'll update the guidance once we... we tally up what the actual cash out the door will be for the capital for the construction during 2026. Okay.

Okay, that's helpful. And just my final question then, shifting to Marigold. So I see that there has been a sizable increase in sustaining CapEx in 2026. And of course, the print details that there's some fleet replacements. Of course, there's the plan upgrades. So is this sort of... this spend to be one time in 26 or should we also be modeling maybe a little bit higher capex going forward in the next 27, 28 years?

Yeah, look, I'll answer and then Bill, you can jump in if you like as well. I think we do what we always do when we look at our fleets and our mine planes in the long exercises around total cost of ownership. You know fleets obviously have a useful life and particularly parts and maintenance and major component rebuilds. We completed that work for Marigold last year and what I determined was in some cases that it was wise for us from a a value perspective to do that work in 2026. So that's really what you're seeing there. So it's normal course. In some cases, some of them might have been accelerated by a year or two. And some of that fleet replacement might have changed as well. But it's really just a sort of an exercise in value for the fleet of understanding the optimized approach to those replacements. But nothing out of the ordinary, right, Phil? Okay.

Okay.

That's good. That's great, Rod. And a lot of work looking at what the optimum timing is for value. So some things are a little bit earlier than they were originally planned, but that's because it gives a very positive financial return to the business. That's why we're doing it.

Okay, gentlemen, well, thanks. That's all for me, and thanks again for taking my question. Good luck with the quarter of the year.

Appreciate it.

Thank you.

This concludes the question and answer session and today's conference call. You may disconnect your lines. Thank you for participating, and have a pleasant day.