Silver Standard Resources Q2 2026 Earnings Report

Silver Standard Resources EPS Results

• Actual EPS: $0.66
• Consensus EPS: $0.67
• Beat/Miss: Missed by -$0.01
• One Year Ago EPS: N/A

Silver Standard Resources Revenue Results

• Actual Revenue: $443.80 million
• Expected Revenue: $483.84 million
• Beat/Miss: Missed by -$40.05 million
• YoY Revenue Growth: N/A

Silver Standard Resources Announcement Details

• Quarter: Q2 2026
• Date: 8/4/2026
• Time: After Market Closes
• Conference Call Date: Tuesday, August 4, 2026
• Conference Call Time: 5:00PM ET

Silver Standard Resources (NASDAQ:SSRM) (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. In addition to these established mines, Silver Standard holds a pipeline of development and exploration properties, including the advanced‐stage Pitarrilla silver project in Durango, Mexico, and several grassroots exploration licences in Latin America and North America.

Founded in 1994, Silver Standard has grown through targeted acquisitions and disciplined project execution. The company is led by CEO Rodney P. Antal and a management team with extensive experience in geology, metallurgy and mine operations. Under their guidance, Silver Standard has implemented rigorous health, safety and environmental management systems, and has built long‐term relationships with local communities and stakeholders at each site.

Looking ahead, Silver Standard is focused on expanding its reserve base and advancing development projects to bolster future production. The Pitarrilla project, one of the largest undeveloped silver resources in the world, stands as a cornerstone of the company’s growth plan, while ongoing exploration programs aim to extend mine lives at existing operations and identify new mineral discoveries.

Silver Standard Resources Q2 2026 Earnings Call Transcript

Key Takeaways

• Positive Sentiment: Strategic repositioning completed: SSR Mining received approximately $1.5 billion from the Çöpler sale and exited Türkiye, ending the quarter with nearly $1.8 billion in cash and no debt.
• Positive Sentiment: The company returned $338 million through share repurchases in the second quarter and reinstated its dividend, while continuing to execute a $500 million buyback program that management views as accretive at current valuations.
• Neutral Sentiment: First-half production was in line with expectations, and management reiterated full-year production guidance, with approximately 55%–60% of second-half output expected in the fourth quarter.
• Negative Sentiment: Consolidated all-in sustaining costs are expected toward the upper end of guidance, with sustaining capital spending projected at roughly $230 million–$235 million versus the original $202 million plan, alongside exposure to higher fuel and other input costs.
• Positive Sentiment: SSR increased growth investment across its portfolio, including Marigold, CC&V, Seabee and Puna; an updated Marigold technical report is expected by year-end and could outline mine-life extensions, while projects such as Porky West and VLF2 offer additional long-term upside.

Presentation

[Operator]

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.

[Alex Hunchak, VP of Investor Relations at SSR Mining]

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 US 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 documents. Additionally, we refer to non-GAAP financial measures during our discussion and the accompanying slides. Please see our press release for information about the comparable GAAP measures.

[Alex Hunchak, VP of Investor Relations at SSR Mining]

Rodney P. Antal, Executive Chairman, will be joined by Michael J. Sparks, Chief Financial Officer, and Bill MacNevin, EVP Operations and Sustainability on today's call. I will now turn the line over to Rod.

[Rodney P. Antal, Executive Chairman at SSR Mining]

Great. Thanks, Alex. 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 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 Çöpler and Hod Maden.

[Rodney P. Antal, Executive Chairman at SSR Mining]

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 Americas gold and silver producer, anchored by our position as the third largest gold producer in the U.S. Our U.S. 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 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.

[Rodney P. Antal, Executive Chairman at SSR Mining]

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 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 group. Before moving on to the next slide, I want to summarize some of the catalysts ahead.

[Rodney P. Antal, Executive Chairman at SSR Mining]

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. 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. With that in mind, let's talk more about the track record of creating value on slide number four.

[Rodney P. Antal, Executive Chairman at SSR Mining]

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-accretive M&A, and this was most recently illustrated by the phenomenal returns generated from our acquisition of Cripple Creek & 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.

[Rodney P. Antal, Executive Chairman at SSR Mining]

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 & 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.

[Rodney P. Antal, Executive Chairman at SSR Mining]

Now I'm going to turn it over to Michael on slide five to discuss the quarterly results.

[Michael J. Sparks, CFO at SSR Mining]

Thank you, Rod, and good afternoon, everyone. In the second quarter, we produced 102,000 gold equivalent ounces at an all-in sustaining cost of $2,622 per ounce. These results were consistent with our expectations and reflected the intentional increase in sustaining capital spend that Rod 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.

[Michael J. Sparks, CFO at SSR Mining]

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%-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 results in an estimated increase of approximately $10 per ounce in consolidated AISC in 2026. We're closely monitoring the potential secondary effects of higher fuel prices on transportation, reagents, and other consumables.

[Michael J. Sparks, CFO at SSR Mining]

Our contractual arrangements and ongoing engagement with key suppliers provide 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%-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 the 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 six for a brief review of our financial results. Second quarter revenue was $443 million, based on sales of 98,000 gold equivalent ounces. Average realized prices were $4,301 per gold ounce and $74.24 per silver ounce.

[Michael J. Sparks, CFO at SSR Mining]

Net income and adjusted net income were both $0.66 per diluted share. Our realized gold price was approximately 5% below the quarterly average. This primarily reflects the timing of sales during the quarter, with 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 quarter. These amounts reflect the reclassification of H1 spend at Hod Maden in 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 more than $120 million in cash tax payments.

[Michael J. Sparks, CFO at SSR Mining]

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. We announced the reinstatement of our quarterly dividend. Share repurchases continued into the third quarter as we execute against a $500 million buyback program approved in mid-June. As of July 31st, we retained capacity to repurchase approximately 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.

[Michael J. Sparks, CFO at SSR Mining]

During the quarter, we also received the cash proceeds from the Çöpler transaction. As a result, we ended the quarter with nearly $1.8 billion in cash, even after this 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-$600 million with a renewed four-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.

[Michael J. Sparks, CFO at SSR Mining]

Now over to Bill on slide seven to talk about the operations.

[Bill MacNevin, EVP of Operations and Sustainability at SSR Mining]

Thanks, Michael. I'll first start with EHS&S. Working with all of our stakeholders is foundational for our business. This is highlighted through one of SSR Mining's three 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 eight to start with Marigold. In the second quarter, Marigold produced 31,000 ounces, bringing year-to-date production to 69,000 ounces and reflecting our original forecast for a strong H2-weighted profile in 2026.

[Bill MacNevin, EVP of Operations and Sustainability at SSR Mining]

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 170,000-200,000 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've also increased our growth capital guidance at Marigold from $48 million-$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.

[Bill MacNevin, EVP of Operations and Sustainability at SSR Mining]

This new life of mine plan has potential to demonstrate a meaningful extension against 2024 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 five years to be comparable to the 2024 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 board of 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're confident there is a very long future still ahead for the operation.

[Bill MacNevin, EVP of Operations and Sustainability at SSR Mining]

Now on to slide nine for an update on CC&V. In the second quarter, CC&V produced 28,000 ounces at an AISC of $1,995 per ounce, bringing first half production to 66,000 ounces and well on track for our full-year guidance for 125,000-150,000 ounces. Second half production is expected to be 50%-55% weighted to the fourth quarter. AISC are 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 2027.

[Bill MacNevin, EVP of Operations and Sustainability at SSR Mining]

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 17,000 ounces in the second quarter at an AISC of $23.58 per ounce. Year-to-date production is 23,000 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 our 2026 growth capital forecast has been increased from $15 million-$35 million as we advance the Porky West project in the second half of the year.

[Bill MacNevin, EVP of Operations and Sustainability at SSR Mining]

Porky West has the potential to extend the mine life at Seabee well into the next decade, and we're 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 at an AISC of $29.52 per ounce. Over the first six months of the year, Puna has produced 3.4 million ounces. Second half production at 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 growth at Puna, including additional laybacks at Chinchillas, evaluation of the Molina open pit target adjacent to Chinchillas, and continued advancement of the Cortaderas project.

[Bill MacNevin, EVP of Operations and Sustainability at SSR Mining]

Now on to slide 12 for a review of the growth pipeline. As I've noted through this call, all four 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're in an enviable position on this front. As noted, our significant liquidity position has enabled us to advance growth capital spend at each project to support timely delivery of each project's development. With respect to the rest of our organic growth portfolio, we're 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 U.S., early-stage field programs are underway at multiple exploration targets in Nevada.

[Bill MacNevin, EVP of Operations and Sustainability at SSR Mining]

In the second quarter, we also finalized a strategic asset investment in Phenom Resources to hold 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 exploration spend. As you see, there's plenty underway across the portfolio, and we look forward to providing updates on these growth initiatives in due course. Now I'll turn back to Rod for closing remarks.

[Rodney P. Antal, Executive Chairman at SSR Mining]

Great. Thanks, Michael. Thanks, Bill. The first six 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. With that, I'm 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. 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. The first question comes from George Eadie with UBS. Please go ahead.

[George Eadie, Equity Research Analyst at UBS]

Yeah, good day team. Thanks for the call. Maybe Bill and Rod, starting at Marigold. If I go back to the original target was around 22 million tons stacked at 0.4 gram a ton. You're at 9.3 and 0.7 gram a ton now. Can you maybe help us with how many tons 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's trending?

[Rodney P. Antal, Executive Chairman at SSR Mining]

Sure, George. Hi, how are you? I'm going to hand it over to Bill.

[Bill MacNevin, EVP of Operations and Sustainability at SSR Mining]

Yeah, George, we've pre-sequenced some of our mining in this previous quarter. We're still on track to reach our projection for the year and be at the lower end of guidance as suggested.

[George Eadie, Equity Research Analyst at UBS]

What roughly is the leach time here? If you were to throw, just for simplicity sake, 0.5 gram a ton on the pads today, when would that be leached out the other side, roughly?

[Bill MacNevin, EVP of Operations and Sustainability at SSR Mining]

Our leaching extends between 90 and 120 days. George, with most of it at that 90-day timeframe.

[George Eadie, Equity Research Analyst at UBS]

Okay. Stuff you're throwing today is at a quarter. Okay, that's helpful. Maybe just sorry, changing to CC&V as well, if I can quickly. In the 10-Q, there's a declaratory judgment there at the discharge permanent Carlton Tunnel. Can you maybe help me understand that and remind us what the story is for that?

[Michael J. Sparks, CFO at SSR Mining]

Yeah, George, it's Michael. With regards to Carlton Tunnel, if you remember, 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 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's 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 2030, that is on track, and we expect to get that sometime by the end of 2027, as he mentioned.

[George Eadie, Equity Research Analyst at UBS]

Yeah, I was more mentioning the sort of comments on March 9 around, the parent co with a federal court lawsuit on the water quality. Maybe remind me what that is, Michael? Maybe I'm totally overreacting, but can I know what that is.

[Rodney P. Antal, Executive Chairman at SSR Mining]

Sorry, George, it's Rod. I'll dive in more specifically. I think Michael gave you a good overview. There's multiple parts to the way this was structured with the deal for Newmont. I think that's what Michael was outlining. With respect to that point specifically, it's really a Newmont-driven approach to the legal case, with respect to the Carlton Tunnel discharge and the permits around the discharge and what's been required around it. As Michael mentioned, I think the important part, it was already in train. While Newmont are controlling that piece of the sort of previous permitting cycle that we're going through, the overall picture for us won't change, for any liabilities for SSR in the future, whether that's successful or unsuccessful, as we go on. It's something that Newmont are controlling. We don't have any carriage in that court case.

[George Eadie, Equity Research Analyst at UBS]

Okay, cool. In summary, though, from you guys, it is not a big issue or risk really for SSR at all, it sounds.

[Rodney P. Antal, Executive Chairman at SSR Mining]

No, because ultimately, I think it will help define what the long-term requirements are for mine closure at Cripple Creek & Victor. It is obviously important, but in terms of how the deal has been structured for us, we are protected.

[George Eadie, Equity Research Analyst at UBS]

Okay, great. Thanks, guys. I will pass it on.

[Operator]

The next question comes from Larry Liu with CIBC Capital Markets. Please go ahead.

[Larry Liu, Institutional Equity Research Associate at CIBC Capital Markets]

Hi, Rod, Michael and Bill. Thanks for taking my question. I guess I'll kick off my first question asking about Phenom Resources. Can you kindly share with us what kind of opportunities you're seeing over there? Should we expect this to be the kind of deal SSR Mining involved in, taking rather a strategic investment approach rather than acquiring companies or asset completely?

[Rodney P. Antal, Executive Chairman at SSR Mining]

Hi, Larry. It's an interesting option for us as we looked at the opportunity, we identified this through our guys on the ground in Nevada. It's very early stage. The fact was that this piece of land was tied up in the forestry land that wasn't available for exploration for the longest time. It became available. Phenom themselves are able to then peg it out and start an exploration program. What we saw in some of the sort of early stages of that was sort of interesting for us to enter the way we did, at both the corporate level and at the asset level itself. It's still very early. Drilling's really only getting underway. Phenom themselves will lead the charge on the continuous disclosure and whatever else, as time goes on.

[Rodney P. Antal, Executive Chairman at SSR Mining]

Clearly an opportunity for us to participate in something that we think is very interesting. To answer your question from a perspective of how we look at other strategic options. We made no secret of this, over time that we look from everything from the types of earning structures that we've got with Phenom all the way through to asset acquisitions. It's a similar process for SSR. That won't change. Despite, I think people were sort of speculating or worried that with the cash flow that we currently have on the balance sheet, that we felt in a rush or compelled to market to do something. I think we've got a track record of discipline.

[Rodney P. Antal, Executive Chairman at SSR Mining]

We have a track record of taking our time to ensure that anything that gets to market has gone through our disciplined approach to due diligence, that won't change in the future. We look at things like Phenom and other things as well.

[Larry Liu, Institutional Equity Research Associate at CIBC Capital Markets]

Perfect. Thanks, Rod. That's a very good answer. I guess following up on that kind of topic as well is, you mentioned earlier, Rod, as well, it's a very opportunistic time to increase your credit revolving facility. Am I reading too much into it, or is there a potential big use because you already have $1.8 billion in cash? How should we look at it?

[Rodney P. Antal, Executive Chairman at SSR Mining]

Yeah, look, I think it was just that it was the right time to do it. Michael and the team were able to work with our syndicate of banks. Most importantly, I think it wasn't 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. It's normal course for us.

[Larry Liu, Institutional Equity Research Associate at CIBC Capital Markets]

Perfect. Sounds good. If I can, I have one last question. Coming back more to the guidance of the operations itself, can you remind us what's the kind of positive impact after your divest in the Çöpler? I saw your AISC got reduced compared to previous guidance. Is that kind of the impact from Çöpler?

[Rodney P. Antal, Executive Chairman at SSR Mining]

Yeah, that's right. It's the impact of not having care and maintenance within the Çöpler asset itself.

[Larry Liu, Institutional Equity Research Associate at CIBC Capital Markets]

Perfect. Sounds good. Thanks again, Rod, Michael, and Bill for taking my question. I will turn back to the queue.

[Rodney P. Antal, Executive Chairman at SSR Mining]

Good on you. Thanks, Larry.

[Operator]

The next question comes from Lawson Winder with Bank of America Securities. Please go ahead.

[Lawson Winder, Senior Equity Research Analyst at Bank of America Securities]

Yeah, thanks very much, operator, and good evening, Rod and team, and thank you for today's update. 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 P. Antal, Executive Chairman at SSR Mining]

I'm gonna pass that one over to Michael, Lawson.

[Michael J. Sparks, CFO at SSR Mining]

Hey Lawson. Good afternoon. If you remember, when we look at our capital allocation, it's really a four-part view. Number one is balance sheet resiliency, which we've shown. We have a really strong growth portfolio internally, and we want to make sure that we can fund that because that's the best use of our capital from an internal growth standpoint. Bill outlined some of those key things. Discipline M&A, as Rod 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. We still have about 8 million shares under that plan, and that plan goes through March.

[Michael J. Sparks, CFO at SSR Mining]

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're undervalued compared to our intrinsic value still in the market. We would look to work through that through March when that NCIB is exhausted. Looking forward, we'd have the opportunity to put another one in place in March, if that one's exhausted.

[Lawson Winder, Senior Equity Research Analyst at Bank of America Securities]

Okay. Understood. If I could attempt to put a finer point on the sustaining CapEx guidance for 2026. Your official sustaining CapEx guidance is $202 million for the assets that carry on, basically the North American assets. You're suggesting that it could be slightly higher than that. How would you recommend we model that? Is $202 million plus 3%-5% a good range? Any specificity on that would be very helpful.

[Rodney P. Antal, Executive Chairman at SSR Mining]

Yeah. I'll pass that one again to Michael.

[Michael J. Sparks, CFO at SSR Mining]

Yeah. Lawson. Bill mentioned a couple of the things we're working on around. There's a few fleet purchases at Marigold and other places. For purposes of guidance, it's gonna be somewhere around that $25 million-$35 million more than what we originally guided is what we're currently looking at for sustaining at this point. That puts you somewhere in that $230 million-$235 million range

[Lawson Winder, Senior Equity Research Analyst at Bank of America Securities]

Gotcha. Okay. That's very helpful. 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, CFO at SSR Mining]

Yeah. So ultimately, with the Çöpler and Hod Maden both being now turned to discontinued operations, you should see things normalize into continuing operations you see now. We did have an inventory build, which impacts our working capital in Q2, and as Bill mentioned, we would expect that to work off as we go through the year in that normal lease cycle.

[Lawson Winder, Senior Equity Research Analyst at Bank of America Securities]

Okay. Great. Fantastic. Thank you very much.

[Michael J. Sparks, CFO at SSR Mining]

Good stuff. Thanks, Lawson.

[Operator]

The next question comes from Joshua Wilson-Dumont with RBC. Please go ahead.

[Joshua Wilson-Dumont, Actuarial Intern at RBC]

Yeah, thank you very much. Just on the Marigold comments about the new mine plan. The company sort of mentioned two factors, I guess one was an extension of mine life, and the other was some impact from ore blending. I'm wondering what the initial kind of impressions will be from that blending impact, if we should think about production growth in the near term or it's going to be more stable. Any kind of commentary there would be helpful. Thank you.

[Rodney P. Antal, Executive Chairman at SSR Mining]

Hi, Joshua. It's Rod. I'll take this one. Firstly, we obviously are still wrapping up the work for Marigold for the new TRS technical report that we'll publish before year-end. I'm going to be cautious with what I say because it hasn't been completed yet, nor have we published. I think what Bill mentioned during the remarks at the start of the call was that when we look into the next five 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. That's important. When you look into the future of what we see for Marigold and the opportunities from Buffalo Valley, for New Millennium and a target called DG80, we see the opportunity for mine life extension.

[Rodney P. Antal, Executive Chairman at SSR Mining]

That's part of the work that we've been going through here for the last sort of six to 12 months, call it, reoptimizing the mine plans, looking how they all play off against each other, the stripping requirements for Marigold and material movement requirements for Marigold in the future. That will play in. Once we get into the publication, obviously, we can talk more on what it means, but it's really about a longer life for Marigold.

[Joshua Wilson-Dumont, Actuarial Intern at RBC]

Thank you. 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's been a big influence from the energy hedges that have been in place. How should we think about the cost structure for the company going forward? Is there any kind of unit cost inflation numbers that the company can provide to kind of give us a better impression of what the cost structure is, maybe without those hedges? Thank you.

[Michael J. Sparks, CFO at SSR Mining]

Joshua, as you mentioned, the hedges are going to go through the end of this year, give or close. We'll obviously be 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's a pretty negligible impact, about $10 per $10 a barrel of oil. Without the hedges, because those represent about 70% of our U.S. operations, that number would be somewhere around $20-$30 per $10 of oil, and that would be above and beyond $70 is kind of what we had used for the oil barrel prices. For a little bit of context, in relation to some of our other assets, Seabee only has deliveries once a year. That would happen in the first part of the year as part of the ice road.

[Michael J. Sparks, CFO at SSR Mining]

Down in Argentina, while we do see some inflationary impacts, including fuel, that is a different regulated market. We are seeing that lagging some of the other increases that we've 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're not seeing a major impact there, but we would expect that inflationary, to be somewhere in that $20-$30 if prices were to stay at that elevated rates.

[Joshua Wilson-Dumont, Actuarial Intern at RBC]

Got it. Thank you. One last question, if I can. Just with the revolver increase, the company sort of talked about M&A being a focus historically. Does the additional flexibility provide anything else beyond that? I'm just trying to understand just based on the net cash position being so high and the revolver also increased, how we should be thinking about that. Thank you.

[Rodney P. Antal, Executive Chairman at SSR Mining]

Yeah. No worries, Joshua. Look, I'll say this again. I think it's important. The revolver that we renewed, within ordinary course for us, it was coming to maturity. As I mentioned, Michael was able, and the team were able to extend the facility for a full year term as well as improve the economics for us by reducing the interest rate that was available. Obviously we're able to upsize it as well given our strong liquidity position. It's really a normal course for us, Joshua. I wouldn't read too much into it.

[Joshua Wilson-Dumont, Actuarial Intern at RBC]

Great. Thank you very much.

[Operator]

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

[Ovais Habib, Precious Metals Analyst at Scotiabank]

Hi, Rod, 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, maybe you've already touched that throughout your presentation, but I'm just going to 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? Again, in terms of, is there any sort of impact to the current mine life or is this just more of an extension of the current mine life?

[Rodney P. Antal, Executive Chairman at SSR Mining]

Yeah, look, hi, Ovais. It's Rod. A couple of things. I think the Amendment 14 as itself is separate to what Newmont is taking over the discharge from Carlton Tunnel. That's an important point to make. The Amendment 14 process is on track, and we're moving along with the regulators to ensure that, one, we took ownership of it because we're running that part of the process now as SSR. Everything so far is moving according to plan. We expect that to be available for us then to continue to expand and build the new value leach fields that we're doing some pre-work on this year. Then obviously that'll be available for the longer term under the current TRS for ore stacking in the future. That's all Amendment 14 is. It was already in train.

[Rodney P. Antal, Executive Chairman at SSR Mining]

It defined the current mine life, as you know, with the TRS that we published for Cripple Creek & Victor. In terms of the actual permit itself, it's working along through the process according to plan.

[Ovais Habib, Precious Metals Analyst at Scotiabank]

Okay, thanks. Thanks for the color on that. Rod, just then moving a little bit onto exploration, just in terms of where the focus is on exploration. I mean, obviously there's some upside looking like you're going to be adding to your current mine life at Marigold, where you've 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 CC&V as well as Seabee and Puna?

[Rodney P. Antal, Executive Chairman at SSR Mining]

Yeah, look, it's really a culmination of sort of three years of work here, Ovais, across the portfolio. It's not like something that we're just doing now, post-Çöpler. As you know, these things take time. Some of it has been step-out drilling, new target drilling, new target definition. There's been a lot of infill drilling, to ensure that we have the necessary support for any new studies that we want to do. For example, the Marigold tech report we're about to publish. I think I've said it a few times, at different forums that for the first time, when we look inside the portfolio, we see growth at each one of the assets that is quite tangible. Marigold will be the first cat off the rank in terms of that publication. We'll talk about that once that's published.

[Rodney P. Antal, Executive Chairman at SSR Mining]

Cripple Creek & Victor, beyond Amendment 14 that we just talked about, clearly there's an opportunity there as well for us to extend the mine life and move into the next phase of Cripple Creek & Victor. First things foremost, we had to get Amendment 14 done, and that's really the key focus to us. The work in the background that the team are doing is obviously definitions and understanding what is available and what that might look like. Then obviously we have Porky up in 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. All of the assets are at different stages through the drill bit that we've been doing. The drilling's been some exploration and some definition drilling.

[Rodney P. Antal, Executive Chairman at SSR Mining]

As time progresses, we'll start to bring those results to market and more tangibly talk about what they might mean for each one of the assets. We're pretty excited by what we see. It's obviously an opportune time, now that we've repivoted the business to be focused on the Americas platform, that each one of the assets have some sort of inbuilt growth opportunities for them.

[Ovais Habib, Precious Metals Analyst at Scotiabank]

Perfect. Thanks for that, Rod. That's it for my questions. Thanks for taking my questions.

[Rodney P. Antal, Executive Chairman at SSR Mining]

Good stuff. Thanks, Ovais.

[Operator]

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

[Don DeMarco, Director and Equity Research Analyst specializing in Metals & Mining at National Bank Financial]

Thank you, operator, and good morning. Good afternoon, Rod and team. Rod, we've 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 three to five years, just to put it in perspective? Are any of these projects targeting production increases or are they primarily focused on mine life extension? Thank you.

[Rodney P. Antal, Executive Chairman at SSR Mining]

Hey, Don. The near term one for us is really the publication of the Marigold tech report, which will bring into focus the New Millennium, Buffalo Valley, DG80, another target we have, et cetera. I think that's the first and foremost, because it's the most mature in that process for us to be able to talk about, and publish it, more importantly. We are obviously really busy at Cripple Creek & Victor to identify the opportunities beyond the Amendment 14. First things first, finish off Amendment 14 by the end of next year. That is locked in for the current mine life. That was shown in the last TRS that we published, and then more to come beyond it. Obviously the other smaller assets in terms of their mine lives at the moment.

[Rodney P. Antal, Executive Chairman at SSR Mining]

We have some pretty exciting targets that we feel can add mine life extension. Some of it will be some resequencing of the assets, and optimizing where we can so we can smooth the production profile. I don't see any great leaps, in terms of what that might look like for each of the assets. Improving the curve so we don't have these variations, that's really a key for us. Mine life extension. Trying to push the bigger assets out to be multi-decade, which I think is in itself a fairly exciting outcome in the U.S. and then the other two assets trying to develop a mine life, at least, for a decade, for each one of those again.

[Rodney P. Antal, Executive Chairman at SSR Mining]

If you think about where we've come from, to where that might look like if all those targets pay off, that'll be a significant improvement in amongst themselves. Lots to come, I think, Don, as we finish off the work.

[Don DeMarco, Director and Equity Research Analyst specializing in Metals & Mining at National Bank Financial]

Okay. Thanks for that, Rod. My second and final question is shifting over to cost. Despite year-to-date production tracking guidance, we saw in Q2 that AISC exceeded annual guidance at Marigold, Seabee, and Puna. What gives you confidence in achieving the consolidated AISC guidance through H2?

[Michael J. Sparks, CFO at SSR Mining]

Yeah. Don, I think part of it is just the normal timing of Q2. Like I mentioned, a good chunk of our tax payments to go through, they hit during Q2, that AISC was naturally elevated in this quarter and that'll get back to normalized coupled with the stronger production profile should put us in that higher end of guidance is what we're targeting.

[Don DeMarco, Director and Equity Research Analyst specializing in Metals & Mining at National Bank Financial]

Okay. Great. Thanks again, and thank you for taking my questions.

[Rodney P. Antal, Executive Chairman at SSR Mining]

Don DeMarco, thank you.

[Operator]

We have a follow-up question from George Eadie with UBS. Please go ahead.

[George Eadie, Equity Research Analyst at UBS]

Yeah. Hey, Tim. Can I just ask about July at Marigold, how it went? What was the average grade thrown on the pads and tons stacked? Was it nearly 2 million tons? Any color you can help with?

[Rodney P. Antal, Executive Chairman at SSR Mining]

Yeah, George, look, we don't disclose on the run for each individual asset. We wouldn't be talking about being on track for full year unless it was moving according to plan.

[George Eadie, Equity Research Analyst at UBS]

Okay. That's cool. Thanks for that. Thanks, Rod.

[Rodney P. Antal, Executive Chairman at SSR Mining]

Brilliant. Thanks.

[Operator]

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.

Participants

Executives

• Michael J. Sparks, CFO

Analysts

• Alex Hunchak, VP of Investor Relations at SSR Mining
• Rodney P. Antal, Executive Chairman at SSR Mining
• Bill MacNevin, EVP of Operations and Sustainability at SSR Mining
• George Eadie, Equity Research Analyst at UBS
• Larry Liu, Institutional Equity Research Associate at CIBC Capital Markets
• Lawson Winder, Senior Equity Research Analyst at Bank of America Securities
• Joshua Wilson-Dumont, Actuarial Intern at RBC
• Ovais Habib, Precious Metals Analyst at Scotiabank
• Don DeMarco, Director and Equity Research Analyst specializing in Metals & Mining at National Bank Financial