SSR Mining Inc. (SSRM): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

SSR Mining Inc. (SSRM) representa una fuerza dinámica en el paisaje global de metales preciosos, navegando estratégicamente por territorios mineros complejos con un modelo comercial innovador que combina la destreza tecnológica, las prácticas sostenibles y la gestión de recursos estratégicos. Al aprovechar diversos activos mineros en América del Norte y del Sur y mantener un compromiso con la excelencia operativa, SSRM ha transformado los paradigmas mineros tradicionales en una empresa sofisticada y consciente del medio ambiente que ofrece metales de alta calidad a los mercados globales al tiempo que prioriza la extracción responsable y el valor de los interesados.

SSR Mining Inc. (SSRM) - Modelo de negocio: asociaciones clave

Empresas conjuntas estratégicas con gobiernos locales en regiones mineras

SSR Mining mantiene asociaciones estratégicas con gobiernos locales en regiones mineras clave:

País	Ubicación	Detalles de la asociación
Argentina	Operaciones de Puna	Operadora de Minas Santa Cruz SA Empresa conjunta
Pavo	Proyecto çakmaktepe	Colaboración de inversión del gobierno local

Acuerdos a largo plazo con proveedores de equipos y tecnología

La tecnología clave y las asociaciones de equipos incluyen:

• Caterpillar Inc. - Suministro de equipos mineros
• Sandvik AB - Tecnología de minería subterránea
• MetSo Outotec - Equipo de procesamiento de minerales

Colaboración con empresas de consultoría ambiental y de sostenibilidad

SSR Mining Partners con organizaciones especializadas de consultoría ambiental:

Firme	Área de enfoque	Alcance de compromiso
Consultoría SRK	Evaluación del impacto ambiental	Monitoreo de sostenibilidad continua
Golder Associates	Planificación de la recuperación	Desarrollo de la estrategia de cierre de la mina

Asociaciones con empresas de transporte y logística

Asociaciones logísticas para el transporte mineral:

• Bolloré Logistics - envío internacional
• FedEx Freight - Transporte material doméstico
• Union Pacific Railroad - Logística de concentrados minerales

Instituciones financieras que proporcionan servicios de gestión de capital y riesgos

Detalles de la asociación financiera:

Institución	Tipo de servicio	Línea de crédito
Scotiabank	Banca corporativa	Centro de crédito giratorio de $ 250 millones
Mercados de capitales de BMO	Financiamiento de proyectos	Servicios de gestión de riesgos de $ 150 millones

SSR Mining Inc. (SSRM) - Modelo de negocio: actividades clave

Exploración y descubrimiento minerales

SSR Mining realiza actividades de exploración en múltiples regiones, centrándose en:

• Argentina (Proyecto Chinchillas)
• Canadá (Operación de oro Seabee)
• Turquía (proyecto çakmaktepe)
• Estados Unidos (mina de caléntula)

Región	Presupuesto de exploración 2023	Medidores de exploración perforados
Argentina	$ 15.2 millones	38,500 metros
Canadá	$ 8.7 millones	22,300 metros
Pavo	$ 6.5 millones	16.800 metros
Estados Unidos	$ 5.3 millones	14.200 metros

Operaciones mineras de oro, plata y cobre

SSR Mining opera cuatro sitios de minería primaria con las siguientes métricas de producción:

Mío	Metal producido	Producción 2023
Seabee (Canadá)	Oro	130,000 onzas
Marigold (EE. UU.)	Oro	250,000 onzas
Chinchillas (Argentina)	Plata/oro	7.5 millones de onzas de plata
Çakmaktepe (Turquía)	Oro	85,000 onzas

Procesamiento y refinación de minerales

Capacidades de procesamiento en sitios mineros:

• Capacidad de procesamiento total: 3.2 millones de toneladas por año
• Tasas de recuperación: oro (90%), plata (85%), cobre (75%)
• Tecnologías de procesamiento avanzadas implementadas

Sostenibilidad y gestión ambiental

Inversión ambiental y métricas:

Métrica de sostenibilidad	2023 datos
Gastos ambientales totales	$ 42.6 millones
Tasa de reciclaje de agua	72%
Reducción de emisiones de carbono	15% año tras año

Innovación tecnológica continua

Detalles de la inversión tecnológica:

• Presupuesto anual de I + D: $ 12.3 millones
• Tecnologías de automatización implementadas
• Técnicas de exploración impulsadas por IA
• Software de modelado geológico avanzado

SSR Mining Inc. (SSRM) - Modelo de negocio: recursos clave

Diversos activos mineros

SSR Mining opera activos mineros en cuatro países:

País	Nombre de la mía	Tipo de activo	Producción anual
Canadá	Operación de oro Seabee	Mina de oro	125,000 onzas de oro/año
EE.UU	Mina de caléndula	Mina de oro	250,000 onzas de oro/año
México	Proyecto Pitarrilla	Proyecto Silver-Gold	Todavía no en producción
Argentina	Chinchillas mía	Mina plateada-lead-zinc	7.5 millones de onzas de plata/año

Equipo minero avanzado

La cartera de equipos de SSR Mining incluye:

• Caterpillar 793f camiones de transporte
• Excavadoras mineras de Komatsu PC8000
• Sistemas de perforación automatizados
• Equipo de procesamiento de minerales avanzados

Composición de la fuerza laboral

Detalles totales de la fuerza laboral:

Categoría	Número de empleados
Total de empleados	1,200
Especialistas técnicos	350
Geólogos	75
Ingenieros mineros	125

Recursos financieros

Métricas financieras a partir del cuarto trimestre 2023:

• Efectivo total: $ 542.3 millones
• Deuda total: $ 297.6 millones
• Capitalización de mercado: $ 2.1 mil millones
• Ingresos anuales: $ 1.08 mil millones

Tecnologías patentadas

Recursos tecnológicos clave:

• Software de mapeo geológico
• Algoritmos avanzados de procesamiento de minerales
• Tecnología de exploración basada en drones
• Sistemas de monitoreo de minas en tiempo real

SSR Mining Inc. (SSRM) - Modelo de negocio: propuestas de valor

Producción de metales preciosos de alta calidad

SSR Mining informó una producción total de oro de 341,400 onzas en 2022. La producción de plata alcanzó 6.1 millones de onzas en el mismo año. La producción de cobre fue de 13,300 toneladas.

Metal	Volumen de producción (2022)	Precio medio
Oro	341,400 onzas	$ 1,800 por onza
Plata	6.1 millones de onzas	$ 22.50 por onza
Cobre	13,300 toneladas	$ 8,500 por tonelada

Compromiso con prácticas mineras sostenibles y responsables

SSR Mining invirtió $ 23.5 millones en iniciativas ambientales y sociales en 2022. La compañía redujo las emisiones de carbono en un 12% en comparación con el año anterior.

• Implementó programas de reciclaje de agua al 75% de los sitios mineros
• Logró una tasa de reciclaje de residuos del 92%
• Mantuvo cero incidentes ambientales significativos

Eficiencia operativa y extracción rentable de minerales

Los costos de mantenimiento totalmente en la producción de oro fueron de $ 1,050 por onza en 2022. Los costos totales de efectivo fueron de $ 770 por onza.

Métrico de costo	Cantidad por onza
Costos de mantenimiento de todo (AISC)	$1,050
Costos totales de efectivo	$770

Cartera diversificada de activos mineros

SSR Mining opera cuatro complejos mineros primarios en tres países: Canadá, México y Turquía.

• Operación de oro Seabee (Canadá)
• Marigold Mine (Estados Unidos)
• Operaciones de Puna (Argentina)
• Çöpler Gold Mine (Turquía)

Estándares de gobierno ambiental y social fuertes

La compañía reportó $ 15.2 millones en inversiones comunitarias y programas sociales en 2022. Fuerza laboral total: 2.100 empleados en operaciones globales.

Métrico de gobierno	Rendimiento 2022
Inversiones comunitarias	$ 15.2 millones
Total de empleados	2,100
Tasa de empleo local	82%

SSR Mining Inc. (SSRM) - Modelo de negocios: relaciones con los clientes

Ventas directas a comerciantes de metales y compradores industriales

SSR Mining vende oro y plata directamente a compradores industriales y comerciantes de metales a través de canales de mercado establecidos. En 2023, la compañía reportó ventas totales de metal de 438,000 onzas equivalentes de oro.

Tipo metálico	Volumen de ventas	Precio medio
Oro	330,000 onzas	$ 1,940 por onza
Plata	3,600,000 onzas	$ 23.50 por onza

Acuerdos contractuales a largo plazo

SSR Mining mantiene acuerdos estratégicos de suministro a largo plazo con múltiples clientes industriales.

• Duración promedio del contrato: 3-5 años
• Volumen de ventas contractual: 75% de la producción anual
• Mecanismos de precios fijos incorporados en el 40% de los acuerdos

Informes transparentes y comunicaciones de inversores

Métricas trimestrales de informes financieros y relaciones con los inversores para 2023:

Canal de comunicación	Métricas de compromiso
Presentaciones de inversores	12 conferencias
Llamadas de ganancias	4 llamadas trimestrales
Descargas de informes anuales	38,500 vistas digitales

Compromiso comunitario y responsabilidad social

Inversión comunitaria de SSR Mining en 2023:

• Inversión comunitaria total: $ 4.2 millones
• Empleo local: 87% de la fuerza laboral de los países anfitriones
• Proyectos de desarrollo comunitario: 15 iniciativas activas

Plataformas digitales para la interacción de las partes interesadas

Métricas de compromiso digital para 2023:

Plataforma	Seguidores/suscriptores	Tasa de compromiso
LinkedIn	42,500 seguidores	3.2%
Sitio web corporativo	225,000 visitantes anuales	Sesión promedio de 4.7 minutos
Portal de relaciones con los inversores	18.700 usuarios registrados	2.9 páginas por sesión

SSR Mining Inc. (SSRM) - Modelo de negocio: canales

Equipos de ventas directos

El equipo de ventas directas de SSR Mining se centró en ventas de metales preciosos con las siguientes características:

Canal de ventas	Alcance geográfico	Volumen de ventas anual
Mercado norteamericano	Estados Unidos, Canadá	364,000 onzas equivalentes de oro en 2022
Mercados internacionales	México, Argentina, Turquía	241,000 onzas equivalentes de oro en 2022

Plataformas de comercio en línea

SSR Mining utiliza múltiples canales de ventas digitales:

• Listado de TSX (Toronto Vallas)
• Listado de mercado de Nasdaq Global Select
• Plataformas de comercio de productos básicos digitales

Conferencias de la industria y ferias comerciales

Tipo de conferencia	Frecuencia de participación	Compromiso anual de los inversores
Conferencias de inversión minera	4-6 conferencias anualmente	Aproximadamente 125-150 reuniones de inversores por año

Comunicaciones del mercado financiero

Métricas de comunicación financiera de SSR Mining:

• Llamadas de ganancias trimestrales: 4 por año
• Presentaciones anuales de inversores: 2-3 eventos
• Sitio web de Relaciones con Inversores con actualizaciones en tiempo real

Plataformas de relaciones con inversores digitales

Plataforma digital	Visitantes mensuales del sitio web	Métricas de compromiso de los inversores
Sitio web de inversores corporativos	22,500 visitantes únicos	Promedio de 8.5 minutos por sesión

SSR Mining Inc. (SSRM) - Modelo de negocio: segmentos de clientes

Comerciantes de metales y compradores industriales

El segmento principal de clientes de SSR Mining incluye comerciantes de metales globales y compradores industriales con métricas de compra específicas:

Característica de segmento	Datos cuantitativos
Volumen anual de adquisición de metales	Aproximadamente 280,000-300,000 onzas de oro
Valor de transacción promedio	$ 550- $ 650 millones por año

Empresas de inversión e inversores institucionales

Detalles clave del segmento de inversión:

• Propiedad institucional total: 63.4%
• Los principales inversores institucionales incluyen Vanguard Group y BlackRock
• Valor de inversión institucional: $ 2.1 mil millones

Empresas de fabricación que requieren metales preciosos

Sector manufacturero	Volumen de adquisiciones
Electrónica	45,000 onzas anualmente
Joyas	35,000 onzas anualmente
Equipo médico	15,000 onzas anualmente

Mercados mundiales de productos básicos

Presencia del mercado de SSR Mining:

• Activo en intercambios de productos norteamericanos, europeos y asiáticos
• Volumen anual de negociación de productos básicos: $ 3.2 mil millones
• Cuota de mercado en metales preciosos: 2.7%

Fondos de inversión sostenibles

Categoría de inversión sostenible	Valor de inversión
Fondos centrados en ESG	$ 780 millones
Inversiones climáticas responsables	$ 420 millones

SSR Mining Inc. (SSRM) - Modelo de negocio: Estructura de costos

Equipos mineros e inversiones de infraestructura

En 2023, SSR Mining informó gastos de capital de $ 246.4 millones para equipos mineros y desarrollo de infraestructura. Los activos mineros clave de la compañía incluyen:

Asset	Ubicación	Inversión de capital
Çakmaktepe mía	Pavo	$ 87.2 millones
Mina de caléndula	Nevada, EE. UU.	$ 62.5 millones
Operación de oro Seabee	Saskatchewan, Canadá	$ 53.7 millones
Complejo de Puna	Argentina	$ 43.0 millones

Gastos de mano de obra y de la fuerza laboral

Los costos laborales totales para la minería de SSR en 2023 fueron de $ 213.6 millones, con el siguiente desglose de la fuerza laboral:

• Total de empleados: 1.637
• Salario anual promedio por empleado: $ 130,500
• Desglose por región:
  • América del Norte: 45% de la fuerza laboral
  • América del Sur: 35% de la fuerza laboral
  • Turquía: 20% de la fuerza laboral

Costos de exploración y desarrollo

SSR Mining asignó $ 78.3 millones a actividades de exploración y desarrollo en 2023, distribuido de la siguiente manera:

Región	Presupuesto de exploración	Áreas de enfoque
América del norte	$ 35.6 millones	Expansiones de caléndula y marea
Pavo	$ 22.7 millones	Çakmaktepe Definición de recursos
Argentina	$ 20.0 millones	Desarrollo de recursos complejos de Puna

Iniciativas de cumplimiento ambiental y sostenibilidad

Los costos ambientales y de sostenibilidad para 2023 totalizaron $ 42.5 millones, incluyendo:

• Programa de reducción de emisiones de gases de efecto invernadero: $ 15.2 millones
• Gestión y conservación del agua: $ 12.8 millones
• Planificación de recuperación y cierre: $ 14.5 millones

Inversiones de tecnología e innovación

Los gastos de tecnología e innovación en 2023 alcanzaron $ 31.2 millones, centrados en:

• Equipo minero autónomo: $ 12.5 millones
• Iniciativas de transformación digital: $ 9.7 millones
• Optimización de procesos metalúrgicos: $ 9.0 millones

SSR Mining Inc. (SSRM) - Modelo de negocios: flujos de ingresos

Ventas de oro y plata

En 2022, SSR Mining informó una producción total de oro de 395,825 onzas con un precio de oro realizado de $ 1,721 por onza. La producción de plata alcanzó 5,794,734 onzas con un precio de plata realizado de $ 21.44 por onza.

Metal	Volumen de producción (2022)	Precio realizado	Ingresos totales
Oro	395,825 onzas	$ 1,721/onza	$680,874,325
Plata	5,794,734 onzas	$ 21.44/onza	$124,234,570

Producción de cobre y otros metales

En 2022, SSR Mining produjo 48,857 toneladas de cobre con un precio de cobre realizado de $ 8,796 por tonelada.

Metal	Volumen de producción (2022)	Precio realizado	Ingresos totales
Cobre	48,857 toneladas	$ 8,796/tonelada	$429,643,272

Venta de minerales subproductos

• Producción principal: 6,234 toneladas
• Producción de zinc: 11,456 toneladas

Ingresos del proyecto de exploración y desarrollo

SSR Mining invirtió $ 120.3 millones en actividades de exploración y desarrollo en 2022, con posibles flujos de ingresos futuros de:

• Proyecto çakmaktepe en Turquía
• Operación de oro Seabee en Canadá
• Marigold mina en Nevada, EE. UU.

Posibles derivados de metales y estrategias de cobertura

En 2022, la minería de SSR había $ 75.2 millones en instrumentos financieros y contratos de cobertura Para administrar la volatilidad de los precios y las fuentes de ingresos seguros.

Instrumento de cobertura	Valor total	Objetivo
Contratos de futuros de oro	$ 42.6 millones	Protección de precios
Contratos de opción de plata	$ 18.5 millones	Estabilización de ingresos
Contratos de cobre hacia adelante	$ 14.1 millones	Mitigación de riesgos de mercado

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.