SSR Mining soars on significant Q2 beat

[Redator]

SSR Mining (NASDAQ, TSX: SSRM) soared to its highest in nearly two years on Wednesday after reporting second-quarter 2025 results that well exceeded analyst expectations.

During the three-month period, the Colorado-based miner saw its gold-equivalent production rise to 120,191 oz., nearly double the 76,102 oz. from the same quarter last year. Its average realized gold price was $3,336/oz., about 42% higher than in 2024.

All-in sustaining costs (AISC) also improved, with a 2% decrease at $2,068/oz., while cash costs rose slightly to $1,396/oz.

The higher output and gold prices allowed SSR to record a near tenfold increase in net income attributable to shareholders, at $90 million versus $9.7 million. Earnings per share (EPS) attributable to shareholders also swelled to $0.54, nearly 14 times higher than Q2 2024.

First quarter of CC&V

A major driver of the strong earnings, according to the company, was the integration of the Cripple Creek & Victor (CC&V) gold mine, which it acquired from Newmont (NYSE: NEM, TSX: NGT) late last year. The mine, also located in Colorado, accounted for nearly half of the company’s gold production during its first full quarter under SSR’s portfolio.

“CC&V delivered well against expectations in its first full quarter in our portfolio, and the mine has now generated approximately $85 million in asset-level free cash flow in the four months since its acquisition, a remarkable outcome,” Rod Antal, executive chairman of SSR, stated in Wednesday’s quarterly results release.

By noon ET, SSR Mining’s TSX-listed shares had jumped 16.2% to C$20.81 apiece, with a market capitalization of C$4.2 billion ($3.1 billion). Earlier, it had reached as high as C$21 a share, the highest since September 2023.

Smashed expectations

BMO Capital Markets, which recently resumed coverage on SSR with a “Market Perform” rating and set a price target of $13.50, said the Q2 2025 financials were “well ahead of its expectations.” Specifically, the EPS of $0.54 more than doubled the firm’s consensus estimates of $0.20/0.23.

In addition, the gold-equivalent production was 11% above expectations, driven by a strong quarter from CC&V as well as the Puna silver mine in Argentina, where the company expects to see higher output than previously forecasted starting in 2026 while it looks to extend the mine life beyond 2028.

Other metrics, such as AISC and free cash flow, also surpassed BMO’s expectations by significant margins.

According to BMO, SSR’s acquisition of CC&V, on top of its existing Marigold mine in Nevada, positions it as the third-largest gold producer in the United States.

Meanwhile, in Turkey, the company is continuing to work with authorities to advance the restart of its Çöpler mine, which was shut down in February 2024 following a collapse of the heap leach pad that resulted in the death of nine miners and released cyanide-laced ore into the valley.