SSR Mining executives highlighted a “strong and productive start to the year” during the company’s first-quarter 2026 earnings call, emphasizing strong free cash flow generation, a debt-free balance sheet, and progress toward a major portfolio shift following the announced sale of the Çöpler mine interest.
Çöpler divestment and portfolio repositioning
Executive Chairman Rodney P. Antal said the company announced in March a definitive agreement to sell its interest in the Çöpler mine for $1.5 billion in cash, a deal he said is “progressing well.” SSR Mining expects the transaction to close before the end of the third quarter of 2026, subject primarily to regulatory approvals, including those involving Turkey’s Ministry of Mining and Energy, Antal said.
Antal framed the divestment as a strategic repositioning for Silver Standard Resources NASDAQ: SSRM—now operating as SSR Mining—toward becoming “a focused Americas-based gold and silver producer with a clear emphasis on free cash flow generation.” He said the portfolio will be anchored by Marigold and Cripple Creek & Victor (CC&V), which he called “two high-quality, long-life assets” forming what he described as “the third-largest gold production platform in the United States.”
Chief Financial Officer Michael Sparks noted that, following the March sale announcement, Çöpler is now classified as a discontinued operation in the company’s financial reporting, and that discontinued-operation results “largely reflect a one-time non-cash adjustment to fair book value on the announcement of the sale of Çöpler.”
First-quarter financial and operating results
Sparks said SSR Mining produced 110,000 gold equivalent ounces in the first quarter at all-in sustaining costs (AISC) of $2,433 per ounce, which he said was “well aligned with our expectations.” The company reiterated that it continues to expect 55%-60% of full-year production in the second half, with higher sustaining capital spend in the second and third quarters.
Financially, Sparks reported nearly $600 million in revenue on 113,000 ounces of gold equivalent sales. Net income from continuing operations was $1.16 per diluted share, and adjusted net income per diluted share was $1.15. Free cash flow from continuing operations was $211 million during the quarter.
Antal said total free cash flow in the first quarter was “more than $210 million,” and emphasized the company’s cash position following the settlement of its convertible notes. Sparks added that SSR Mining ended the quarter with $634 million in cash and zero debt, and reported total liquidity of $1.1 billion.
Balance sheet actions, share repurchases, and capital allocation
Management emphasized capital allocation actions and flexibility. Antal said SSR Mining completed $300 million in share repurchases, acquiring “more than 9 million shares” in April after quarter-end. He added that since 2021, the company has repurchased over 29 million shares at an average price of $21 per share, which he said reflects disciplined capital allocation.
In the Q&A, Sparks addressed questions about the pace and pricing of the post-quarter buyback, explaining that the company implemented an NCIB process that allowed directions to banks to execute “outside of us having material information.” He said the execution moved quickly and ranged “anywhere from $21-$32,” with volatility contributing to an average price “around that $32 a share.”
On whether the company will renew its buyback authorization or consider other shareholder return mechanisms, Antal said the company is conducting a broader review of capital allocation. He said SSR had suspended its prior capital allocation approach after the “Çöpler incident a few years ago,” and is now reassessing how to reinstitute returns, considering balance sheet strength, growth requirements, and mechanisms such as dividends and buybacks. Antal clarified the company does not currently have a dividend in place because it was suspended, and said the company is evaluating whether to reinstitute yield-based returns alongside buybacks.
Operational performance by asset and growth initiatives
EVP of Operations and Sustainability Bill MacNevin said SSR is commencing implementation of “I Care, We Care,” described as a safety leadership and culture program focused on ownership and responsibility across teams.
Across operations, management highlighted site-level performance and upcoming milestones:
- Marigold: MacNevin said the mine had a “solid start to the year” with production aligned with expectations, and reiterated production will be weighted to the second half due to higher grades stacked mid-year. He said AISC are expected to peak in the second quarter due to timing of fleet replacements and upgrades, while full-year AISC remains on track. Antal said the company expects to provide an updated life-of-mine plan within 12 months, incorporating growth options such as Buffalo Valley. In response to analyst questions, Antal said the next five years of the production profile will “probably stay about the same overall,” with the update focusing on blending requirements, permitting and infrastructure needs, optimization opportunities, and longer-term growth and mine life extension.
- CC&V: MacNevin said CC&V delivered another strong quarter with better-than-expected recoveries, driving strong production and more than $120 million in mine-site free cash flow. Sparks said the operation has generated approximately $325 million in mine-site free cash flow since its acquisition in 2025, compared with a $275 million acquisition cost. Management said the operation is on track against full-year guidance, with higher sustaining capital expected in the second and third quarters and ongoing work on trade-off studies and potential reserve conversion.
- Seabee: MacNevin said the first quarter reflected continued focus on underground development aimed at delivering stronger grades and production in the second half, while extreme cold caused temporary processing downtime. He said AISC reflected winter road season costs, and the operation remains on track for full-year guidance. In the Q&A, Antal and Sparks said production is expected to build through the year with a “fourth quarter heavy” profile, while costs normalize after the ice road period as ounces increase.
- Puna: MacNevin said Puna delivered a strong first quarter, setting another throughput record and marking the fifth consecutive quarter of processing efficiency improvements. Mining was focused on waste stripping as planned, and the operation remains on track for guidance. MacNevin said average realized silver prices exceeded $90 per ounce in the quarter, enabling more than $120 million in mine-site free cash flow. Management outlined multiple mine-life extension avenues, including additional laybacks at Chinchillas, evaluation of the Molina target for open-pit potential, and advancement of the Cordilleras underground project.
Hod Maden review, CC&V contingent payments, and cost sensitivity
Antal said SSR expects to provide an update on its strategic review of Hod Maden in the coming months, but told analysts the company has not provided detailed guidance on the process beyond considering “all of the options from actually building the project all the way through to sale,” including other options “to remove ourselves from Hod Maden.”
Asked about spending at Hod Maden, Sparks said the company spent $31 million in the first quarter primarily on early site works and expects costs to be “much lower” as the strategic review progresses, though “it won’t be zero.”
Regarding CC&V deal-related contingent payments to Newmont, Sparks said SSR paid $87.5 million during the quarter for the Carlton Tunnel milestone. He said one additional $87.5 million payment remains, tied to “Amendment Fourteen and the updated closure plans,” and that Amendment Fourteen timing is estimated at 12-18 months, with payment due once the permit is issued. Antal also clarified that Carlton Tunnel matters and Amendment Fourteen are “mutually exclusive,” describing Amendment Fourteen as an expansion permit process already underway when SSR acquired the asset.
On fuel cost pressures, Sparks said nearly 70% of diesel exposure at Marigold and CC&V is mitigated through “zero cost collars executed in late 2025” that extend through the end of 2026. He provided an AISC sensitivity guide: for every $10 per barrel increase in oil prices, consolidated AISC would rise about $7-$10 per ounce in 2026 with hedges in place; without hedges into 2027, he said the impact could be “about double,” or roughly $20.
Looking ahead, Antal said management’s near-term focus includes closing the Çöpler transaction, advancing organic growth opportunities, updating the Marigold plan, and completing the Hod Maden review while continuing to evaluate capital return options once proceeds are received and strategy is finalized.
About Silver Standard Resources NASDAQ: SSRM
Silver Standard Resources Inc 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.
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