SSR Mining Inc. (SSRM): Business Model Canvas

SSR Mining Inc. (SSRM) stellt eine dynamische Kraft in der globalen Edelmetalllandschaft dar und navigiert strategisch in komplexen Bergbaugebieten mit einem innovativen Geschäftsmodell, das technologische Leistungsfähigkeit, nachhaltige Praktiken und strategisches Ressourcenmanagement vereint. Durch die Nutzung verschiedener Bergbauressourcen in Nord- und Südamerika und die Beibehaltung des Engagements für operative Exzellenz hat SSRM traditionelle Bergbauparadigmen in ein anspruchsvolles, umweltbewusstes Unternehmen umgewandelt, das hochwertige Metalle an globale Märkte liefert und dabei verantwortungsvollen Abbau und Mehrwert für die Interessengruppen in den Vordergrund stellt.

SSR Mining Inc. (SSRM) – Geschäftsmodell: Wichtige Partnerschaften

Strategische Joint Ventures mit lokalen Regierungen in Bergbauregionen

SSR Mining unterhält strategische Partnerschaften mit lokalen Regierungen in wichtigen Bergbauregionen:

Land	Standort	Einzelheiten zur Partnerschaft
Argentinien	Puna-Operationen	Joint Venture Operadora De Minas Santa Cruz SA
Türkei	Çakmaktepe-Projekt	Zusammenarbeit bei Investitionen der Kommunalverwaltung

Langfristige Verträge mit Ausrüstungs- und Technologielieferanten

Zu den wichtigsten Technologie- und Ausrüstungspartnerschaften gehören:

• Caterpillar Inc. – Lieferung von Bergbauausrüstung
• Sandvik AB – Untertagebergbautechnik
• Metso Outotec – Mineralverarbeitungsausrüstung

Zusammenarbeit mit Umwelt- und Nachhaltigkeitsberatungsunternehmen

SSR Mining arbeitet mit spezialisierten Umweltberatungsorganisationen zusammen:

Fest	Fokusbereich	Umfang des Engagements
SRK-Beratung	Umweltverträglichkeitsprüfung	Laufendes Nachhaltigkeitsmonitoring
Golder Associates	Rekultivierungsplanung	Entwicklung einer Minenschließungsstrategie

Partnerschaften mit Transport- und Logistikunternehmen

Logistikpartnerschaften für den Mineralientransport:

• Bolloré Logistics – Internationaler Versand
• FedEx Freight – Inländischer Materialtransport
• Union Pacific Railroad – Logistik von Mineralkonzentraten

Finanzinstitute, die Kapital- und Risikomanagementdienstleistungen anbieten

Details zur Finanzpartnerschaft:

Institution	Servicetyp	Kreditfazilität
Scotiabank	Firmenkundengeschäft	Revolvierende Kreditfazilität in Höhe von 250 Millionen US-Dollar
BMO-Kapitalmärkte	Projektfinanzierung	Risikomanagementdienstleistungen im Wert von 150 Millionen US-Dollar

SSR Mining Inc. (SSRM) – Geschäftsmodell: Hauptaktivitäten

Mineralienexploration und -entdeckung

SSR Mining führt Explorationsaktivitäten in mehreren Regionen durch und konzentriert sich dabei auf:

• Argentinien (Chinchillas-Projekt)
• Kanada (Seabee Gold Operation)
• Türkei (Çakmaktepe-Projekt)
• Vereinigte Staaten (Marigold Mine)

Region	Explorationsbudget 2023	Explorationsmessgeräte gebohrt
Argentinien	15,2 Millionen US-Dollar	38.500 Meter
Kanada	8,7 Millionen US-Dollar	22.300 Meter
Türkei	6,5 Millionen Dollar	16.800 Meter
Vereinigte Staaten	5,3 Millionen US-Dollar	14.200 Meter

Gold-, Silber- und Kupferbergbau

SSR Mining betreibt vier primäre Bergbaustandorte mit folgenden Produktionskennzahlen:

Meins	Metall produziert	Produktion 2023
Seabee (Kanada)	Gold	130.000 Unzen
Ringelblume (USA)	Gold	250.000 Unzen
Chinchillas (Argentinien)	Silber/Gold	7,5 Millionen Unzen Silber
Çakmaktepe (Türkei)	Gold	85.000 Unzen

Mineralverarbeitung und -veredelung

Verarbeitungsmöglichkeiten über Bergbaustandorte hinweg:

• Gesamtverarbeitungskapazität: 3,2 Millionen Tonnen pro Jahr
• Rückgewinnungsraten: Gold (90 %), Silber (85 %), Kupfer (75 %)
• Fortschrittliche Verarbeitungstechnologien eingesetzt

Nachhaltigkeit und Umweltmanagement

Umweltinvestitionen und Kennzahlen:

Nachhaltigkeitsmetrik	Daten für 2023
Gesamte Umweltausgaben	42,6 Millionen US-Dollar
Wasserrecyclingrate	72%
Reduzierung der Kohlenstoffemissionen	15 % im Jahresvergleich

Kontinuierliche technologische Innovation

Details zu Technologieinvestitionen:

• Jährliches F&E-Budget: 12,3 Millionen US-Dollar
• Automatisierungstechnologien implementiert
• KI-gesteuerte Explorationstechniken
• Fortschrittliche geologische Modellierungssoftware

SSR Mining Inc. (SSRM) – Geschäftsmodell: Schlüsselressourcen

Verschiedene Bergbauanlagen

SSR Mining betreibt Bergbauanlagen in vier Ländern:

Land	Mein Name	Art des Vermögenswerts	Jährliche Produktion
Kanada	Seabee Gold-Operation	Goldmine	125.000 Unzen Gold/Jahr
USA	Ringelblumenmine	Goldmine	250.000 Unzen Gold/Jahr
Mexiko	Pitarrilla-Projekt	Silber-Gold-Projekt	Noch nicht in Produktion
Argentinien	Chinchillas-Mine	Silber-Blei-Zink-Mine	7,5 Millionen Unzen Silber/Jahr

Fortschrittliche Bergbauausrüstung

Das Ausrüstungsportfolio von SSR Mining umfasst:

• Caterpillar 793F Muldenkipper
• Komatsu PC8000 Bergbaubagger
• Automatisierte Bohrsysteme
• Fortschrittliche Mineralverarbeitungsausrüstung

Zusammensetzung der Belegschaft

Angaben zur Gesamtbelegschaft:

Kategorie	Anzahl der Mitarbeiter
Gesamtzahl der Mitarbeiter	1,200
Technische Spezialisten	350
Geologen	75
Bergbauingenieure	125

Finanzielle Ressourcen

Finanzkennzahlen ab Q4 2023:

• Gesamtbarmittel: 542,3 Millionen US-Dollar
• Gesamtverschuldung: 297,6 Millionen US-Dollar
• Marktkapitalisierung: 2,1 Milliarden US-Dollar
• Jahresumsatz: 1,08 Milliarden US-Dollar

Proprietäre Technologien

Wichtige technologische Ressourcen:

• Geologische Kartierungssoftware
• Fortschrittliche Algorithmen zur Mineralverarbeitung
• Drohnenbasierte Explorationstechnologie
• Echtzeit-Minenüberwachungssysteme

SSR Mining Inc. (SSRM) – Geschäftsmodell: Wertversprechen

Hochwertige Edelmetallproduktion

SSR Mining meldete im Jahr 2022 eine Goldproduktion von insgesamt 341.400 Unzen. Die Silberproduktion erreichte im selben Jahr 6,1 Millionen Unzen. Die Kupferproduktion betrug 13.300 Tonnen.

Metal	Produktionsvolumen (2022)	Durchschnittspreis
Gold	341.400 Unzen	1.800 $ pro Unze
Silber	6,1 Millionen Unzen	22,50 $ pro Unze
Kupfer	13.300 Tonnen	8.500 $ pro Tonne

Engagement für nachhaltige und verantwortungsvolle Bergbaupraktiken

SSR Mining investierte im Jahr 2022 23,5 Millionen US-Dollar in Umwelt- und Sozialinitiativen. Das Unternehmen reduzierte die CO2-Emissionen im Vergleich zum Vorjahr um 12 %.

• Implementierung von Wasserrecyclingprogrammen an 75 % der Bergbaustandorte
• 92 % Abfallrecyclingquote erreicht
• Keine nennenswerten Umweltvorfälle aufgetreten

Betriebseffizienz und kostengünstige Mineralgewinnung

Die All-in Sustaining Costs (AISC) für die Goldproduktion beliefen sich im Jahr 2022 auf 1.050 US-Dollar pro Unze. Die gesamten Cash-Kosten beliefen sich auf 770 US-Dollar pro Unze.

Kostenmetrik	Menge pro Unze
All-in Sustaining Costs (AISC)	$1,050
Gesamte Barkosten	$770

Diversifiziertes Portfolio an Bergbauanlagen

SSR Mining betreibt vier primäre Bergbaukomplexe in drei Ländern: Kanada, Mexiko und der Türkei.

• Seabee Gold Operation (Kanada)
• Marigold-Mine (Vereinigte Staaten)
• Puna-Operationen (Argentinien)
• Goldmine Çöpler (Türkei)

Strenge Umwelt- und Sozial-Governance-Standards

Das Unternehmen meldete im Jahr 2022 gemeinschaftliche Investitionen und Sozialprogramme in Höhe von 15,2 Millionen US-Dollar. Gesamtbelegschaft: 2.100 Mitarbeiter in allen weltweiten Betrieben.

Governance-Metrik	Leistung 2022
Gemeinschaftsinvestitionen	15,2 Millionen US-Dollar
Gesamtzahl der Mitarbeiter	2,100
Lokale Beschäftigungsquote	82%

SSR Mining Inc. (SSRM) – Geschäftsmodell: Kundenbeziehungen

Direktverkauf an Metallhändler und Industrieabnehmer

SSR Mining verkauft Gold und Silber über etablierte Marktkanäle direkt an industrielle Käufer und Metallhändler. Im Jahr 2023 meldete das Unternehmen einen Metallumsatz von insgesamt 438.000 Unzen Goldäquivalent.

Metalltyp	Verkaufsvolumen	Durchschnittspreis
Gold	330.000 Unzen	1.940 $ pro Unze
Silber	3.600.000 Unzen	23,50 $ pro Unze

Langfristige Vertragsvereinbarungen

SSR Mining unterhält strategische langfristige Lieferverträge mit mehreren Industriekunden.

• Durchschnittliche Vertragsdauer: 3-5 Jahre
• Vertragliches Verkaufsvolumen: 75 % der Jahresproduktion
• Festpreismechanismen sind in 40 % der Verträge integriert

Transparente Berichterstattung und Investorenkommunikation

Vierteljährliche Finanzberichterstattung und Investor-Relations-Kennzahlen für 2023:

Kommunikationskanal	Engagement-Kennzahlen
Investorenpräsentationen	12 Konferenzen
Gewinnaufrufe	4 vierteljährliche Anrufe
Geschäftsbericht-Downloads	38.500 digitale Aufrufe

Gemeinschaftsengagement und soziale Verantwortung

Die Gemeinschaftsinvestition von SSR Mining im Jahr 2023:

• Gesamtinvestition der Gemeinschaft: 4,2 Millionen US-Dollar
• Lokale Beschäftigung: 87 % Arbeitskräfte aus Gastländern
• Gemeindeentwicklungsprojekte: 15 aktive Initiativen

Digitale Plattformen für die Stakeholder-Interaktion

Kennzahlen zum digitalen Engagement für 2023:

Plattform	Follower/Abonnenten	Engagement-Rate
LinkedIn	42.500 Follower	3.2%
Unternehmenswebsite	225.000 jährliche Besucher	Durchschnittliche Sitzungszeit: 4,7 Minuten
Investor-Relations-Portal	18.700 registrierte Benutzer	2,9 Seiten pro Sitzung

SSR Mining Inc. (SSRM) – Geschäftsmodell: Kanäle

Direktvertriebsteams

Das Direktvertriebsteam von SSR Mining konzentrierte sich auf den Verkauf von Edelmetallen mit den folgenden Merkmalen:

Vertriebskanal	Geografische Reichweite	Jährliches Verkaufsvolumen
Nordamerikanischer Markt	Vereinigte Staaten, Kanada	364.000 Unzen Goldäquivalent im Jahr 2022
Internationale Märkte	Mexiko, Argentinien, Türkei	241.000 Unzen Goldäquivalent im Jahr 2022

Online-Handelsplattformen

SSR Mining nutzt mehrere digitale Vertriebskanäle:

• Notierung an der TSX (Toronto Stock Exchange).
• Notierung am NASDAQ Global Select Market
• Digitale Handelsplattformen für Rohstoffe

Branchenkonferenzen und Messen

Konferenztyp	Teilnahmehäufigkeit	Jährliches Investorenengagement
Konferenzen zu Bergbauinvestitionen	4-6 Konferenzen jährlich	Ungefähr 125–150 Investorentreffen pro Jahr

Finanzmarktkommunikation

Kennzahlen zur Finanzkommunikation von SSR Mining:

• Vierteljährliche Gewinnmitteilungen: 4 pro Jahr
• Jährliche Investorenpräsentationen: 2-3 Veranstaltungen
• Investor-Relations-Website mit Echtzeit-Updates

Digitale Investor-Relations-Plattformen

Digitale Plattform	Monatliche Website-Besucher	Kennzahlen zum Anlegerengagement
Website für Unternehmensinvestoren	22.500 einzelne Besucher	Durchschnittlich 8,5 Minuten pro Sitzung

SSR Mining Inc. (SSRM) – Geschäftsmodell: Kundensegmente

Metallhändler und Industrieeinkäufer

Das Hauptkundensegment von SSR Mining umfasst globale Metallhändler und Industrieeinkäufer mit spezifischen Einkaufskennzahlen:

Segmentcharakteristik	Quantitative Daten
Jährliches Metallbeschaffungsvolumen	Ungefähr 280.000–300.000 Unzen Gold
Durchschnittlicher Transaktionswert	550–650 Millionen US-Dollar pro Jahr

Investmentfirmen und institutionelle Anleger

Wichtige Details zum Anlagesegment:

• Gesamter institutioneller Besitz: 63,4 %
• Zu den wichtigsten institutionellen Investoren zählen Vanguard Group und BlackRock
• Institutioneller Investitionswert: 2,1 Milliarden US-Dollar

Produktionsunternehmen, die Edelmetalle benötigen

Fertigungssektor	Beschaffungsvolumen
Elektronik	45.000 Unzen pro Jahr
Schmuck	35.000 Unzen pro Jahr
Medizinische Ausrüstung	15.000 Unzen pro Jahr

Globale Rohstoffmärkte

Marktpräsenz von SSR Mining:

• Aktiv an nordamerikanischen, europäischen und asiatischen Rohstoffbörsen
• Jährliches Rohstoffhandelsvolumen: 3,2 Milliarden US-Dollar
• Marktanteil Edelmetalle: 2,7 %

Nachhaltige Investmentfonds

Kategorie „Nachhaltiges Investieren“.	Investitionswert
ESG-fokussierte Fonds	780 Millionen Dollar
Klimaverträgliche Investitionen	420 Millionen Dollar

SSR Mining Inc. (SSRM) – Geschäftsmodell: Kostenstruktur

Investitionen in Bergbauausrüstung und Infrastruktur

Im Jahr 2023 meldete SSR Mining Investitionsausgaben in Höhe von 246,4 Millionen US-Dollar für Bergbauausrüstung und Infrastrukturentwicklung. Zu den wichtigsten Bergbauanlagen des Unternehmens gehören:

Asset	Standort	Kapitalinvestition
Çakmaktepe-Mine	Türkei	87,2 Millionen US-Dollar
Ringelblumenmine	Nevada, USA	62,5 Millionen US-Dollar
Seabee Gold-Operation	Saskatchewan, Kanada	53,7 Millionen US-Dollar
Puna-Komplex	Argentinien	43,0 Millionen US-Dollar

Arbeits- und Personalkosten

Die gesamten Arbeitskosten für SSR Mining beliefen sich im Jahr 2023 auf 213,6 Millionen US-Dollar, mit folgender Personalaufteilung:

• Gesamtzahl der Mitarbeiter: 1.637
• Durchschnittliches Jahresgehalt pro Mitarbeiter: 130.500 $
• Aufteilung nach Regionen:
  • Nordamerika: 45 % der Belegschaft
  • Südamerika: 35 % der Belegschaft
  • Türkei: 20 % der Belegschaft

Explorations- und Entwicklungskosten

SSR Mining stellte im Jahr 2023 78,3 Millionen US-Dollar für Explorations- und Entwicklungsaktivitäten bereit, die wie folgt verteilt wurden:

Region	Explorationsbudget	Schwerpunktbereiche
Nordamerika	35,6 Millionen US-Dollar	Marigold- und Seabee-Erweiterungen
Türkei	22,7 Millionen US-Dollar	Çakmaktepe-Ressourcendefinition
Argentinien	20,0 Millionen US-Dollar	Entwicklung komplexer Ressourcen in Puna

Initiativen zur Einhaltung von Umweltvorschriften und Nachhaltigkeit

Die Umwelt- und Nachhaltigkeitskosten für 2023 beliefen sich auf insgesamt 42,5 Millionen US-Dollar, darunter:

• Programm zur Reduzierung der Treibhausgasemissionen: 15,2 Millionen US-Dollar
• Wassermanagement und -schutz: 12,8 Millionen US-Dollar
• Sanierungs- und Schließungsplanung: 14,5 Millionen US-Dollar

Technologie- und Innovationsinvestitionen

Die Ausgaben für Technologie und Innovation erreichten im Jahr 2023 31,2 Millionen US-Dollar und konzentrierten sich auf:

• Autonome Bergbauausrüstung: 12,5 Millionen US-Dollar
• Initiativen zur digitalen Transformation: 9,7 Millionen US-Dollar
• Metallurgische Prozessoptimierung: 9,0 Millionen US-Dollar

SSR Mining Inc. (SSRM) – Geschäftsmodell: Einnahmequellen

Gold- und Silberverkäufe

Im Jahr 2022 meldete SSR Mining eine Gesamtgoldproduktion von 395.825 Unzen bei einem realisierten Goldpreis von 1.721 US-Dollar pro Unze. Die Silberproduktion erreichte 5.794.734 Unzen bei einem realisierten Silberpreis von 21,44 $ pro Unze.

Metal	Produktionsvolumen (2022)	Realisierter Preis	Gesamtumsatz
Gold	395.825 Unzen	1.721 $/Unze	$680,874,325
Silber	5.794.734 Unzen	21,44 $/Unze	$124,234,570

Kupfer- und andere Metallproduktion

Im Jahr 2022 produzierte SSR Mining 48.857 Tonnen Kupfer mit einem realisierten Kupferpreis von 8.796 US-Dollar pro Tonne.

Metal	Produktionsvolumen (2022)	Realisierter Preis	Gesamtumsatz
Kupfer	48.857 Tonnen	8.796 $/Tonne	$429,643,272

Verkauf von Nebenprodukten an Mineralien

• Bleiproduktion: 6.234 Tonnen
• Zinkproduktion: 11.456 Tonnen

Einnahmen aus Explorations- und Entwicklungsprojekten

SSR Mining investierte im Jahr 2022 120,3 Millionen US-Dollar in Explorations- und Entwicklungsaktivitäten mit potenziellen zukünftigen Einnahmequellen aus:

• Çakmaktepe-Projekt in der Türkei
• Seabee Gold-Operation in Kanada
• Marigold-Mine in Nevada, USA

Mögliche Metallderivate und Absicherungsstrategien

Im Jahr 2022 hatte SSR Mining 75,2 Millionen US-Dollar an Finanzinstrumenten und Absicherungsverträgen um Preisvolatilität zu bewältigen und Einnahmequellen zu sichern.

Sicherungsinstrument	Gesamtwert	Zweck
Gold-Futures-Kontrakte	42,6 Millionen US-Dollar	Preisschutz
Silberoptionsverträge	18,5 Millionen US-Dollar	Umsatzstabilisierung
Kupfer-Terminkontrakte	14,1 Millionen US-Dollar	Marktrisikominderung

SSR Mining Inc. (SSRM) - Canvas Business Model: Value Propositions

You're looking at the core reasons why investors find SSR Mining Inc. (SSRM) compelling right now, focusing only on the hard numbers as of late 2025.

Diversified production base across four stable jurisdictions

SSR Mining Inc. maintains operations spread across four distinct jurisdictions, which helps balance regional risks. These locations are the USA, Türkiye, Canada, and Argentina.

Strong free cash flow generation from the Americas assets

The Americas assets are showing immediate cash generation strength, especially following the recent acquisition. The Cripple Creek & Victor (CC&V) mine generated approximately $85 million in asset-level free cash flow in the four months since its acquisition, covering the initial $100 million upfront payment in after-tax free cash flow. For the third quarter of 2025, consolidated free cash flow before working capital adjustments was $72.5 million, though reported free cash flow was negative $2.4 million, impacted by inventory and development prepayments.

Exposure to gold, silver, and copper price upside

The asset base provides direct leverage to metal price movements. For instance, at the CC&V mine, the after-tax Net Present Value (NPV) is estimated at $824 million using an average gold price of $3,240 per ounce over the mine's life. This NPV would nearly double to about $1.5 billion if the average gold price were $4,000 per ounce. Gold prices have gained 31.7% so far in 2025.

Growth pipeline with Hod Maden and CC&V mine life extension

The future growth is underpinned by development work and reserve additions. At CC&V, a new technical study extends the mineral reserve estimate to about 2.8 million ounces of gold, allowing for about 12 more years of mining and stacking, followed by approximately 14 years of residual leaching. For the Hod Maden project in Türkiye, SSR Mining planned $60 to $100 million in project development capital for 2025 on a 100% basis, with year-to-date investment through Q3 2025 reaching $44.4 million. The Hod Maden Feasibility Study projects total production of 2,027,000 ounces of gold and 255,000,000 pounds of copper over a 13-year life of mine.

Mid-tier producer scale with expected 410,000 to 480,000 gold equivalent ounces in 2025

SSR Mining Inc. is positioned as a mid-tier producer based on its 2025 consolidated guidance. The expected production range is 410,000 to 480,000 gold equivalent ounces. The company expects to be in the lower half of this range for full-year 2025 production. The consolidated All-In Sustaining Cost (AISC) guidance is $2,090 to $2,150 per payable ounce, or $1,890 to $1,950 per payable ounce when excluding Care & Maintenance costs at Çöpler.

Here's the quick math on the expected production mix for 2025:

Operation	Commodity	2025 Production Guidance Range	Cost of Sales Range (per ounce)
Marigold	Gold	160,000 to 190,000 ounces	$1,530 to $1,570
CC&V (Attributable)	Gold	90,000 to 110,000 ounces	$1,470 to $1,510
Seabee	Gold	70,000 to 80,000 ounces	$1,230 to $1,270
Puna	Silver	8.00 to 8.75 million ounces	$12.50 to $14.00

The combined expected gold production from Marigold, Seabee, and CC&V for 2025 is 320,000 to 380,000 ounces.

You can see the operational focus through the capital allocation:

• Growth exploration and resource development expenditures expected to total $50 million in 2025.
• Growth capital expenditures expected to total $100 to $140 million, driven largely by Hod Maden.
• Sustaining capital expenditures planned to total $15 million in 2025.

Finance: draft 13-week cash view by Friday.

SSR Mining Inc. (SSRM) - Canvas Business Model: Customer Relationships

You're looking at how SSR Mining Inc. manages its relationships across its key stakeholders-from the buyers of its metal to the shareholders funding its operations and the communities hosting its mines. It's a mix of hard-nosed commodity trading and essential social license maintenance.

Dedicated key account management for major metal buyers

The relationship here is fundamentally rooted in the physical delivery of product, which is highly dependent on consistent production and quality. While specific key account managers aren't named, the transactional nature implies dedicated commercial teams manage the off-take agreements for the metal produced across the portfolio.

For the third quarter of 2025, SSR Mining Inc. sold 105,000 gold equivalent ounces. The average realized gold price for that quarter was above $3,500 per ounce. This volume is part of the full-year 2025 production guidance range of 410,000 to 480,000 gold equivalent ounces from its Marigold, CC&V, Seabee, and Puna operations.

Highly transactional, commodity-based sales

Sales are driven by market prices for gold and silver, making the relationship highly transactional and price-sensitive. You see this reflected in the quarterly financial reporting, which focuses heavily on ounces sold and realized prices.

Here's a look at the operational output that feeds these sales relationships through the third quarter of 2025:

Metric	Q3 2025 Value	Year-to-Date (YTD) 2025 Value
Production (Gold Equivalent Ounces)	102,673	326,940
Cost of Sales (per Payable Ounce)	$1,585	$1,430
All-In Sustaining Costs (AISC) (per Payable Ounce)	$2,359	$2,131

The company's liquidity position supports these transactions; as of September 30, 2025, SSR Mining Inc. held $409.3 million in cash and cash equivalents, with total liquidity at $909.3 million.

Investor relations and transparent communication with shareholders

The relationship with shareholders is managed through regular, detailed disclosures, aiming for transparency despite the inherent risks in the sector, such as the ongoing situation at Çöpler. The company held its third quarter 2025 conference call on November 4, 2025.

Key financial performance indicators shared with investors for Q3 2025 include:

• Net income attributable to shareholders: $65.4 million.
• Adjusted net income attributable to shareholders: $68.4 million.
• Earnings per diluted share: $0.31.
• Free cash flow before working capital adjustments: $72.5 million.

Executive commentary, such as the statement that SSR Mining Inc. still represents a compelling value proposition moving forward, directly shapes investor perception.

Community engagement and social license to operate (SLO) maintenance

Maintaining the Social License to Operate (SLO) is critical, especially given the remediation and containment work required at the Çöpler mine. This involves direct investment and prioritizing local economic activity.

For 2025, SSR Mining Inc. has planned significant capital deployment outside of standard operations:

• Project development capital planned for the Hod Maden project on a 100% basis: $60 to $100 million.
• Estimated reclamation and remediation spend at Çöpler for 2025: between $50 to $90 million, depending on final approvals.

Looking at historical local economic impact, the 2023 data showed that at the Marigold operation, 92% of the $319 million procurement spend went to local suppliers. The company continues to work closely with Turkish authorities regarding the restart of the Çöpler mine.

SSR Mining Inc. (SSRM) - Canvas Business Model: Channels

Direct sales to international precious metal refiners and smelters and bullion sales through trading desks represent the primary mechanisms for delivering produced metal value to the market for SSR Mining Inc.

For the nine months ended September 30, 2025, SSR Mining Inc. produced 326,940 gold equivalent ounces year-to-date. The third quarter of 2025 saw the sale of 105,000 gold equivalent ounces at an average realized price above $3,500 per ounce. The company's total revenue for the quarter ending September 30, 2025, was $385.84 million, contributing to a trailing twelve-month revenue of $1.43B.

Metric	Value (Q3 2025)	Value (9M 2025 YTD)	Guidance (Full Year 2025)
Gold Equivalent Ounces Produced/Sold	Production: 102,673 GEOs	Production: 326,940 GEOs	Production: 410,000 to 480,000 GEOs
Revenue	$385.8 million	N/A	N/A
Average Realized Gold Price	Above $3,500 per ounce (for sales)	N/A	N/A

The company's operational output is channeled through these sales routes, which are critical for realizing the value from its assets across the United States, Türkiye, Canada, and Argentina.

Direct equity listing on Nasdaq and TSX for capital access is maintained via the ticker symbol SSRM. This dual listing provides access to North American capital markets for funding operations and strategic initiatives, such as the Cripple Creek & Victor Gold Mine acquisition. The 2025 Technical Report Summary for the Cripple Creek & Victor Gold Mine indicated an after-tax Net Present Value at 5% discount rate (NPV5%) of $824 million at consensus gold prices averaging $3,240 per ounce over the life of mine.

• Listing Exchanges: Nasdaq and TSX.
• Ticker Symbol: SSRM.
• Capital Access Channel: Equity listings for raising funds.
• Q3 2025 Net Income Attributable to Shareholders: $65.4 million.

SSR Mining Inc. (SSRM) - Canvas Business Model: Customer Segments

You're looking at the groups SSR Mining Inc. sells its production to, which is a critical part of understanding where the $1.43 billion in trailing twelve-month revenue (as of September 30, 2025) actually flows.

The customer segments are defined by the type of metal sold and the ultimate market for that metal. Since SSR Mining Inc. focuses on gold and silver as primary products, with copper, lead, and zinc as by-products, the primary off-takers are heavily weighted toward the precious metals supply chain.

Here are the distinct groups SSR Mining Inc. serves:

• Global precious metal refiners and smelters
• Bullion banks and financial institutions
• Industrial buyers requiring silver and copper
• Institutional and retail investors (shareholders)

The nature of the business means that the vast majority of the metal produced-gold from Marigold, CC&V, and Seabee, and silver from Puna-is sold to Global precious metal refiners and smelters. These entities take the doré bars or concentrates and process them into the final, marketable metal products.

The Industrial buyers requiring silver and copper segment is served by the output from the Puna mine in Argentina, which produces silver, lead, and zinc concentrates. While gold and silver are the main revenue drivers, the base metals are sold into industrial markets, though the company notes copper and zinc are treated as by-products in cost calculations.

The Bullion banks and financial institutions are indirectly served, as they are the ultimate buyers of the refined gold and silver that the refiners sell. Furthermore, the company's operations are geographically spread across four core high-quality jurisdictions, including the United States (Marigold, CC&V), Canada (Seabee), and Argentina (Puna), which influences the logistics and regulatory environment for these sales.

The Institutional and retail investors (shareholders) segment is a crucial customer for the company's equity. You can see the scale of this segment clearly:

Metric	Value (as of late 2025)
Trailing Twelve Month Revenue (TTM)	$1.43 Billion USD
Q3 2025 Revenue	$385.8 Million USD
Total Shares Outstanding (Approximate)	203 Million shares
Market Capitalization (as of Oct 31, 2025)	$4.6 Billion USD
Share Price (as of Nov 26, 2025)	$22.63 / share
Total Liquidity (as of Sep 30, 2025)	$909.3 Million USD

Major institutional holders are key players in this segment, showing where significant capital is placed. As of late 2025 filings, top holders included entities like Van Eck Associates Corp, BlackRock, Inc., and The Vanguard Group Inc. These institutions hold substantial blocks of the 203 million shares, demonstrating their stake in SSR Mining Inc.'s ongoing success and operational output.

To be defintely clear, the company's asset base, which feeds these customers, is diversified across:

• Marigold (Nevada, USA)
• Cripple Creek & Victor (CC&V) (Colorado, USA)
• Seabee (Saskatchewan, Canada)
• Puna (Argentina)

The CC&V acquisition in early 2025 significantly bolstered the U.S. production platform, which directly impacts the volume of gold available for sale to the primary refiner segment.

SSR Mining Inc. (SSRM) - Canvas Business Model: Cost Structure

You're looking at the hard numbers driving SSR Mining Inc.'s operational costs for 2025, which is a mix of ongoing production expenses and significant, non-recurring charges from the Çöpler incident.

The official All-in Sustaining Cost (AISC) guidance for the consolidated operations (excluding Çöpler C&M) for the full year 2025 sits between $2,090 to $2,150 per payable ounce. This guidance covers production from Marigold, CC&V, Seabee, and Puna, and it reflects the impact of the CC&V acquisition closing on February 28, 2025. If you strip out the Çöpler care and maintenance expenses, the expected consolidated AISC for 2025 is lower, projected at $1,890 to $1,950 per payable ounce. The year-to-date AISC through the third quarter of 2025 was $2,131 per payable ounce, or $1,905 per payable ounce when excluding Çöpler costs.

The Çöpler mine continues to be a major cost center due to the 2024 incident. SSR Mining Inc. now estimates total reclamation and remediation costs related to the incident at $312.9 million, which is an increase of $12.9 million over the prior estimated range. Through the second quarter of 2025, the company had spent approximately $139 million on these remediation efforts. Furthermore, while the mine remains on care and maintenance, quarterly care and maintenance costs are estimated at $35 to $40 million until the mine restarts. The cash portion of these care and maintenance costs, which impacts consolidated AISC, was $20.6 million in the first quarter of 2025 alone.

Capital expenditures for Hod Maden are a key component of 2025 spending, classified as growth capital. SSR Mining Inc. has planned attributable growth capital expenditures for the project to total between $60 and $100 million for the full year 2025. By the end of the third quarter of 2025, $44.4 million had been spent year-to-date at Hod Maden, with $17.1 million spent in the third quarter specifically on engineering and initial site establishment.

Mining and processing operating expenses are reflected in the Cost of Sales guidance, which is set between $1,375 to $1,435 per payable ounce for 2025. The actual performance shows variability across the year, driven by the mix of operating assets, including the newly acquired CC&V.

Royalties and production taxes are directly tied to metal prices. Reflecting the impact of higher-than-expected gold prices and the company's strong share price performance on share-based compensation, SSR Mining Inc. is trending towards the upper end of its consolidated cost guidance ranges for 2025.

Here's a look at the cost structure metrics we have for 2025:

Cost Metric	Guidance/Estimate (2025 Full Year)	Actual YTD (9M 2025)	Actual Q3 2025
Consolidated AISC (per ounce)	$2,090 to $2,150	$2,131	$2,359
Consolidated AISC (ex-Çöpler C&M) (per ounce)	$1,890 to $1,950	$1,905	$2,114
Consolidated Cost of Sales (per ounce)	$1,375 to $1,435	$1,430	$1,585
Hod Maden Attributable Growth Capex (Total)	$60 to $100 million	$44.4 million (YTD)	$17.1 million (Q3)
Çöpler Remediation (Total Estimated)	$312.9 million (Revised Total)	$139 million (Spent through Q2)	N/A
Çöpler Cash Care & Maintenance (Per Quarter)	$20 to $25 million	N/A	$20.6 million (Q1 Cash C&M)

You can see the operational costs for the acquired CC&V asset were significantly lower in the initial period, reporting an AISC of $1,339 per payable ounce for the period from March 1 to September 30, 2025.

The key cost drivers outside of direct production are:

• Çöpler Remediation: Total estimated liability of $312.9 million.
• Çöpler Care & Maintenance: Running approximately $35 to $40 million per quarter.
• Hod Maden Development: Capital spend tracking towards the $60 to $100 million range for 2025.
• Royalties: Pressuring costs due to higher-than-expected gold prices.

For the Marigold operation specifically, the 2025 AISC guidance was $1,800 to $1,840 per payable ounce, while Q3 2025 AISC came in at $1,840 per payable ounce.

SSR Mining Inc. (SSRM) - Canvas Business Model: Revenue Streams

The revenue streams for SSR Mining Inc. are fundamentally tied to the sale of mined commodities, primarily precious metals, with a growing future component from a key copper-gold development project. You see the immediate cash generation coming from established operations like Marigold, Seabee, CC&V, and Puna.

Sale of Gold (primary revenue source)

Gold sales form the backbone of SSR Mining Inc.'s current revenue. The successful integration of the Cripple Creek & Victor (CC&V) mine, acquired in February 2025, significantly boosted this stream. For the second quarter of 2025, group gold production reached 90,966 ounces, representing a 114% increase year-over-year. The average realized gold price in that quarter was $3,336/oz. The CC&V asset specifically contributed 44,062 ounces of gold during Q2 2025, operating at a low cost of sales of $1,116 per ounce.

The company's overall output is measured in gold equivalent ounces (GEOs), which is the consolidated metric for all metals sold. For the nine months ended September 30, 2025, SSR Mining Inc. produced 326,940 gold equivalent ounces year-to-date.

Sale of Silver (secondary revenue source, mainly from Puna)

Silver sales, primarily derived from the Puna mine in Argentina, represent the secondary commodity revenue stream. In the second quarter of 2025, silver output was 2.85 million ounces, a slight increase of 4% from the prior year period. The Puna operation reported a cost of sales of $15.03 per ounce and an All-In Sustaining Cost (AISC) of $12.57 per ounce for that quarter.

The relative contribution of these streams can be seen by noting that approximately 70% of revenues come from gold assets, while Puna contributes the remaining 30% with silver.

Here's a look at the operational metrics driving these sales for Q2 2025:

Metric	Value	Source Mine/Operation
Consolidated Production (GEOs)	120,191	Marigold, CC&V, Seabee, Puna
CC&V Production (Ounces)	44,062	CC&V
Marigold Production (Ounces)	35,906	Marigold
Consolidated Cost of Sales per Ounce	$1,396	Consolidated
Consolidated AISC per Ounce	$2,068	Consolidated

Future Revenue Streams and Non-Operating Income

The pipeline for future revenue is centered on the Hod Maden project in Türkiye, which is being advanced as a significant copper-gold asset. Capital expenditures for this project in Q2 2025 were $16.2 million, bringing the year-to-date spend to $29.0 million. SSR Mining Inc. has planned $60 to $100 million in attributable growth capital for Hod Maden for the full year 2025.

Additionally, non-recurring or non-production-based income contributes to the top line, as seen with the insurance recovery related to the Çöpler Incident. SSR Mining Inc. received $44.4 million in business interruption insurance proceeds during the second quarter of 2025.

The overall expectation for the year reflects the strength of the operating assets and the CC&V acquisition:

• Full-year 2025 production guidance is 410,000 to 480,000 gold equivalent ounces.
• The consensus Revenue Estimate from Wall Street analysts for the fiscal period ending December 2025 is $1.55B.
• Another analyst forecast suggests the average 1-year revenue forecast is around $1.6B.
• Q2 2025 revenue itself was $405.5 million, a 119% year-over-year surge.
• Revenue for the first half of 2025 reached $722.1 million.