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SSR Mining Inc.
8/4/2026
Hello, everyone, and welcome to SSR Mining's second quarter 2026 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.
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 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 on our corporate website. Please note that all figures discussed during the call are in U.S. dollars and much otherwise indicated. Today's discussion will include forward-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 gap measures. Rod Antal, Executive Chairman, will be joined by Michael Sparks, Chief Financial Officer, and Bill MacNevin, EVP Operations and Sustainability, on today's call. I will now turn the line over to Rod.
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 Turkia. 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 four year guidance ranges due to a number of factors that we'll 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 Chirpler and Hod Madden. The approximately $1.5 billion in cash proceeds from Chirpler 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 Turkey, 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 re-established our position as the capital return leader amongst our peer group, returning more than $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 one 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 26. It is the right time for us to begin investment in future growth right 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 an 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 groups. 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 CB and Bill will speak to more about these in the coming slides. And third, we'll 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 four. 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've already spoken about our commitment to capital returns and particularly share buybacks. But it's also worth noting that once factoring in our 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 accrued of 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 four of our assets create an environment where we can evaluate strategic additions to the portfolio purely on an 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 NAV increase nearly 300% over the last two 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'm going to turn it over to Michael on slide 5 to discuss the quarterly results.
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