SSR Mining Inc. (SSRM): Análisis PESTLE [Actualizado en Ene-2025]

En el mundo dinámico de la minería, SSR Mining Inc. (SSRM) navega por un complejo panorama de desafíos y oportunidades globales. Este análisis integral de mortero presenta las dimensiones multifacéticas que dan forma a la trayectoria estratégica de la compañía, desde las tensiones geopolíticas en regiones ricas en recursos hasta innovaciones tecnológicas de vanguardia y prácticas mineras sostenibles. Coloque profundamente en la intrincada red de factores políticos, económicos, sociológicos, tecnológicos, legales y ambientales que definen el ecosistema operativo y la resistencia estratégica de SSR Mining en un mercado global en constante evolución.

SSR Mining Inc. (SSRM) - Análisis de mortero: factores políticos

Riesgos geopolíticos en las regiones mineras

SSR Mining opera en múltiples países con diferentes paisajes políticos:

País	Índice de riesgo político (2024)	Calificación de riesgo de inversión minera
México	5.2/10	Moderado
Argentina	4.7/10	Alto
Pavo	4.3/10	Alto

Impacto en las regulaciones gubernamentales

Desafíos regulatorios en las operaciones mineras:

• México: aumento del 18% en los impuestos mineros en 2023
• Argentina: el tiempo de procesamiento de permisos ambientales promedia de 14 a 18 meses
• Turquía: 25% de requisito de contenido local para equipos mineros

Desafíos de estabilidad política

País	Índice de estabilidad política (2024)	Puntaje de efectividad de gobernanza
México	-0.45	0.32
Argentina	-1.12	-0.54
Pavo	-1.76	0.08

Procesos de permisos

Requisitos complejos de permisos de exploración y desarrollo:

• México: Tiempo de adquisición de permiso promedio de 22-28 meses
• Argentina: la evaluación del impacto ambiental requiere mínimo 6 aprobaciones de agencias gubernamentales
• Turquía: costos de permiso de exploración minera rango $ 50,000- $ 250,000

Mitigación clave de riesgos políticos: cartera geográfica diversificada y participación continua en las partes interesadas locales

SSR Mining Inc. (SSRM) - Análisis de mortero: factores económicos

Volatilidad de los precios de los productos básicos de oro y plata que afectan los ingresos

A partir del cuarto trimestre de 2023, la producción de oro de SSR Mining fue de 237,400 onzas, con un precio de oro promedio de $ 1,937 por onza. La producción de plata alcanzó los 2,3 millones de onzas con un precio de plata promedio de $ 23.50 por onza.

Metal	Producción (2023)	Precio promedio realizado	Impacto total de ingresos
Oro	237,400 onzas	$ 1,937/onza	$459,584,800
Plata	2.3 millones de onzas	$ 23.50/onza	$54,050,000

Sensibilidad a las condiciones económicas globales y los tipos de cambio de divisas

En 2023, SSR Mining informó Pérdidas de divisas de $ 14.2 millones, principalmente de operaciones en Argentina, México y Canadá.

País	Divisa	Volatilidad del tipo de cambio	Impacto financiero
Argentina	Peso argentino	± 35% de fluctuación anual	$ 6.5 millones
México	Peso mexicano	± 8% de fluctuación anual	$ 4.3 millones
Canadá	Dólar canadiense	± 5% de fluctuación anual	$ 3.4 millones

Naturaleza intensiva en capital de la exploración minera y la producción

Los gastos de capital 2023 de SSR Mining totalizaron $ 289.3 millones, asignado a través de la exploración, el desarrollo y el mantenimiento de las inversiones de capital.

Categoría de gastos de capital	Monto invertido	Porcentaje de total
Exploración	$ 76.5 millones	26.4%
Desarrollo	$ 142.8 millones	49.4%
Capital de mantenimiento	$ 70 millones	24.2%

Inversión continua en tecnologías mineras rentables

En 2023, SSR Mining invirtió $ 22.6 millones En mejoras tecnológicas, dirigido a una reducción del 12% en los costos operativos.

Área de inversión tecnológica	Monto de la inversión	Reducción de costos esperado
Equipo minero autónomo	$ 9.4 millones	7.5%
Sistemas de eficiencia energética	$ 7.2 millones	3.5%
Optimización de procesos digitales	$ 6 millones	1%

SSR Mining Inc. (SSRM) - Análisis de mortero: factores sociales

Creciente énfasis en el compromiso de la comunidad y la responsabilidad social

SSR Mining invirtió $ 12.5 millones en programas de desarrollo comunitario en 2023. La compañía reportó 87 iniciativas de participación comunitaria en sus regiones operativas, centrándose en la educación, la atención médica y el desarrollo de la infraestructura.

Región	Inversión comunitaria ($)	Número de proyectos
Argentina	4,200,000	23
Pavo	3,750,000	19
Canadá	4,550,000	45

Iniciativas de diversidad e inclusión de la fuerza laboral

SSR Mining logró un 35% de representación femenina en su fuerza laboral en 2023. La compañía implementó 6 programas de capacitación de diversidad e inclusión, con un total de 1,245 empleados participando.

Métrica de diversidad	Porcentaje	Número de empleados
Representación femenina	35%	672
Puestos de gestión	28%	94
Empleados indígenas	12%	230

Empleo local y desarrollo económico en regiones mineras

SSR Mining empleó a 1.920 trabajadores locales en sus regiones operativas en 2023. La contribución económica local total de la compañía alcanzó los $ 89.3 millones a través del empleo directo y la adquisición local.

Región	Empleados locales	Contribución económica local ($)
Argentina	620	28,500,000
Pavo	450	21,300,000
Canadá	850	39,500,000

Aumento de las expectativas de las partes interesadas para prácticas mineras sostenibles

SSR Mining asignó $ 18.7 millones a prácticas mineras sostenibles en 2023. La Compañía logró una reducción del 22% en las emisiones de carbono e implementó 9 proyectos de rehabilitación ambiental.

Métrica de sostenibilidad	Inversión ($)	Logro
Reducción de emisiones de carbono	6,500,000	Reducción del 22%
Rehabilitación ambiental	5,200,000	9 proyectos completados
Tecnología sostenible	7,000,000	3 nuevas tecnologías implementadas

SSR Mining Inc. (SSRM) - Análisis de mortero: factores tecnológicos

Implementación de tecnologías de minería digital avanzada

SSR Mining ha invertido $ 12.3 millones en tecnologías de transformación digital en 2023. La compañía desplegó 47 sensores habilitados para IoT en sus operaciones mineras de caléngol y Seabee, lo que permite el monitoreo en tiempo real del rendimiento del equipo.

Inversión tecnológica	Monto ($)	Año de implementación
Infraestructura de minería digital	12,300,000	2023
Red de sensores de IoT	3,750,000	2023

Inversión en equipos mineros autónomos y exploración impulsada por IA

SSR Mining asignó $ 8.7 millones para tecnologías de minería autónoma en 2023. La compañía integró 6 plataformas de perforación autónomas en la operación de oro Seabee, aumentando la eficiencia operativa en un 22%.

Tecnología autónoma	Inversión ($)	Mejora de la eficiencia
Plataformas de perforación autónoma	8,700,000	22%

Análisis de datos mejorado para la eficiencia operativa

SSR Mining implementó una plataforma integral de análisis de datos que cuesta $ 5.6 millones, procesando 3.2 petabytes de datos operativos anualmente. La plataforma redujo el tiempo de inactividad operacional en un 17% en sus sitios mineros.

Inversión de análisis de datos	Volumen de datos	Reducción del tiempo de inactividad
Costo de plataforma de análisis	5,600,000	17%
Procesamiento de datos anual	3.2 petabytes	N / A

Adopción de tecnología verde en procesos mineros

SSR Mining comprometió $ 15.2 millones a las iniciativas de tecnología verde en 2023. La compañía redujo las emisiones de carbono en un 26% a través de las actualizaciones de integración de energía renovable y la flota de vehículos eléctricos en sus operaciones mineras.

Iniciativa de tecnología verde	Inversión ($)	Reducción de emisiones de carbono
Integración de energía renovable	9,600,000	18%
Actualización de la flota de vehículos eléctricos	5,600,000	8%

SSR Mining Inc. (SSRM) - Análisis de mortero: factores legales

Cumplimiento de las regulaciones ambientales en múltiples jurisdicciones

SSR Mining Inc. opera en múltiples jurisdicciones con requisitos específicos de cumplimiento ambiental:

País	Costo de cumplimiento de la regulación ambiental (2023)	Sanciones regulatorias evitadas
Canadá	$ 4.2 millones	$850,000
Argentina	$ 3.7 millones	$620,000
México	$ 2.9 millones	$450,000

Gestión de permisos y licencias de minería internacional complejas

Permisos de minería activos totales: 17

Región	Número de permisos	Tiempo de procesamiento de permisos promedio
América del norte	8	14.5 meses
Sudamerica	9	16.3 meses

Navegar por los derechos indígenas y los acuerdos de uso de la tierra

Acuerdos totales de uso de la tierra indígena: 6

• Inversión comunitaria indígena anual: $ 2.3 millones
• Horario de consulta comunitaria: 4.500
• Tasa de empleo local en comunidades indígenas: 42%

Adherencia a los estándares internacionales de seguridad minera y trabajo

Métrica de seguridad	2023 rendimiento	Punto de referencia de la industria
Tasa de frecuencia de lesiones en el tiempo perdido	1.2	2.5
Reclamaciones de compensación de trabajadores	23	47
Horas de capacitación de seguridad por empleado	68	45

Presupuesto total de cumplimiento legal para 2024: $ 12.6 millones

SSR Mining Inc. (SSRM) - Análisis de mortero: factores ambientales

Compromiso de reducir la huella de carbono en las operaciones mineras

SSR Mining informó una emisión total de gases de efecto invernadero (GEI) de 184,643 toneladas de CO2 equivalente en 2022. Las emisiones de alcance 1 de la compañía fueron 83,417 toneladas de CO2E, mientras que las emisiones de alcance 2 fueron 101,226 toneladas CO2E.

Tipo de emisión	Tonnes CO2 equivalente	Porcentaje de emisiones totales
Alcance 1 emisiones	83,417	45.2%
Alcance 2 emisiones	101,226	54.8%
Emisiones totales de GEI	184,643	100%

Estrategias de gestión del agua y conservación

En 2022, la retirada total de agua de SSR Mining fue de 5,817,464 metros cúbicos, con el siguiente desglose:

Fuente de agua	Metros cúbicos	Porcentaje
Agua subterránea	2,456,122	42.2%
Aguas superficiales	3,361,342	57.8%
Retirada total de agua	5,817,464	100%

Rehabilitación y restauración de sitios mineros

Inversiones de recuperación: SSR Mining asignó $ 12.3 millones para los esfuerzos de rehabilitación y restauración del sitio en 2022.

• Área de recuperación de la mina Cerro Colorado: 43 hectáreas
• Área de recuperación de operaciones de Puna: 37 hectáreas
• Área de recuperación de la mina de caléndula: 52 hectáreas

Implementación de prácticas mineras sostenibles y tecnologías verdes

SSR Mining invirtió $ 8.7 millones en tecnología verde y prácticas mineras sostenibles en 2022.

Tecnología/práctica	Monto de la inversión	Reducción esperada de carbono
Integración de energía solar	$ 3.2 millones	12,500 toneladas CO2E/Año
Equipo de eficiencia energética	$ 2.9 millones	9.800 toneladas CO2E/Año
Sistemas de reciclaje de agua	$ 2.6 millones	Reducir el consumo de agua en un 22%

SSR Mining Inc. (SSRM) - PESTLE Analysis: Social factors

Safety and Community Trust: The Çöpler landslide tragedy

The single greatest social risk for SSR Mining Inc. remains the catastrophic heap leach pad failure at the Çöpler mine in Turkey, which occurred on February 13, 2024. This tragedy resulted in the deaths of nine employees and immediately led to the suspension of all operations, severely damaging the company's social license to operate (SLO) in the region. The Turkish authorities revoked environmental permits, and as of late 2025, the mine remains suspended.

The financial fallout from this incident is substantial, extending well into the 2025 fiscal year. For instance, in the first quarter of 2025 alone, the company recorded $5.0 million in remediation and reclamation spend, plus an additional $35.8 million in care and maintenance costs. The total estimated cost for remediation and containment work is projected to be between $250 million to $300 million, with a timeline of 24 to 36 months for completion. That's a massive capital drain, but the permanent loss of community trust is the harder cost to quantify.

Labor and Workforce Stability

The company operates across multiple jurisdictions-US, Turkey, Canada, and Argentina-which exposes its workforce to varied geopolitical and environmental risks, creating labor uncertainty. A clear near-term example is the temporary operational halt at the Seabee Gold Operation in Northern Saskatchewan, Canada, in June 2025.

The suspension was necessary due to power interruptions caused by nearby forest fires, impacting the stability of the local workforce. While the infrastructure was undamaged, the halt lasted for approximately two weeks, with operations restarting on the evening of June 13, 2025. These environmental-driven shutdowns, which are becoming more frequent, directly impact production schedules and create a volatile employment environment for local workers, necessitating robust communication and retention plans.

ESG Focus

SSR Mining emphasizes its 'Safety First, Always' value, recognizing that a strong environmental, social, and governance (ESG) profile is critical for long-term value creation, especially after the Çöpler disaster. The focus is on continuous improvement in safety performance and proactive risk management.

While the Çöpler incident overshadows recent performance, the company has demonstrated historical improvement in safety metrics at its other sites. For example, the Total Recordable Injury Frequency Rate (TRIFR) per million hours worked saw a significant reduction of 47% from 3.97 in 2022 to 2.10 in 2023, driven by a safety remediation plan and site-specific initiatives. Transparency around these metrics is defintely a core action item for the company to rebuild its reputation with investors and communities.

Local Content Requirements

Regulations in key operating jurisdictions, such as Turkey, strongly incentivize local economic participation, which directly influences SSR Mining's procurement and supply chain strategy. This is less about a rigid mandate for equipment and more about financial incentives to support the host country's economy.

The Turkish government offers substantial royalty discounts to encourage local processing and value-add activities. For gold, silver, and platinum, a license holder can obtain a royalty discount of 40% if the minerals are processed at a plant within Turkey. Furthermore, the Council of Ministers can apply a maximum 25% discount in the State right (royalty) rates based on the type of mineral and the region of production. This means the company's procurement strategy must prioritize local sourcing to capitalize on these financial benefits, effectively reducing operating costs (All-in Sustaining Costs or AISC) and strengthening local community ties. The choice is clear: buy local, save on royalties.

Social Factor Metric (2025 Context)	Value/Amount	Strategic Impact on SSR Mining
Çöpler Tragedy Fatalities	9 employees	Severe loss of Social License to Operate (SLO); indefinite mine suspension.
Q1 2025 Çöpler Remediation Spend	$5.0 million	Immediate, non-discretionary cash outflow impacting 2025 financial results.
Q1 2025 Çöpler Care & Maintenance Costs	$35.8 million	Ongoing operational expense for a non-producing asset, inflating consolidated AISC.
Seabee Mine Suspension (June 2025)	Approx. two weeks	Near-term production loss and labor uncertainty due to climate-related physical risk.
TRIFR Improvement (2022 to 2023)	47% decrease (to 2.10)	Demonstrates a safety improvement trend at operational sites outside of Çöpler, critical for ESG credibility.
Turkey Royalty Discount for Local Processing	Up to 75% (40% for gold/silver/platinum)	Direct financial incentive to localize processing and procurement, influencing capital allocation and supply chain.

SSR Mining Inc. (SSRM) - PESTLE Analysis: Technological factors

Advanced Resource Modeling

The core of modern mining efficiency is advanced resource modeling, and SSR Mining is defintely leaning into it. You can't optimize a mine plan if you don't know exactly what you're digging up. The company uses high-resolution surveys and detailed geological assessments to refine its extraction planning, which minimizes operational uncertainty and improves resource allocation. This precision is what allows them to confidently convert resources into reserves.

For example, the 2025 Technical Report Summary for the Cripple Creek & Victor (CC&V) Gold Mine reflects this effort, detailing a substantial resource base. The Measured and Indicated Mineral Resources, exclusive of reserves, total 4.8 million ounces of gold, with an additional 2.0 million ounces of Inferred Mineral Resources. This large resource base, confirmed through advanced modeling, highlights clear potential for future growth and mine life extensions beyond the current plan.

Digital Integration

Digital integration is not just a buzzword here; it's about operational consistency. SSR Mining is focused on integrating automation and real-time monitoring systems across its operations to enhance efficiency. This is a necessary move, as the global mining automation market is valued at $4.5 billion in 2025, showing this is now a competitive baseline, not a differentiator.

These systems facilitate better handling of materials and quicker adaptation to changing conditions, which is crucial for maintaining a stable and predictable mining operation. For you, this means less downtime and a more reliable production profile. The industry trend shows that implementing predictive maintenance tools, which use sensor data and AI, is now standard practice to proactively schedule repairs and maximize equipment uptime.

Mine Plan Optimization

The most concrete evidence of their technological and planning prowess in 2025 is the initial 12-year Life of Mine Plan (LOMP) announced for the CC&V asset in November 2025. This LOMP, based on the updated 2025 Technical Report Summary, significantly de-risks the asset's future.

Here's the quick math on the CC&V asset's value under this optimized plan:

Metric	Value (2025 TRS)	Period
Mine Life	12 years of mining and stacking	2026-2037
After-tax Net Present Value (NPV5%)	$824 million	Life of Mine (at $3,240/oz Au)
Average Annual Gold Production	141,000 ounces	2026-2028
Average All-in Sustaining Cost (AISC)	$2,051 per ounce	2026-2028

This optimization was driven by factoring in a proposed expansion of the open pits and leach pads, demonstrating an effective use of technical data to expand the reserve base to 2.8 million ounces of gold.

Metallurgical Recovery

Ongoing optimization of metallurgical recovery strategies is essential for maximizing value from the ore. The technology here focuses on getting the most gold out of every tonne of material processed.

The CC&V 2025 TRS provides a clear baseline for this efficiency:

• Average stacked grade is 0.39 grams per tonne of gold.
• Average life of mine gold recovery is projected at 51.6%.

Still, metallurgical challenges remain a near-term risk. At the Marigold mine, for instance, the company is actively managing a higher-than-expected presence of fines (very small particles) in the ore. This requires additional blending with more durable material to ensure the heap leach pad recovery performance stays on track. This shows that while the models are precise, the technology must be adaptive to real-world ore variability.

SSR Mining Inc. (SSRM) - PESTLE Analysis: Legal factors

You're looking at SSR Mining Inc.'s legal and regulatory landscape, and honestly, the Çöpler mine incident in Türkiye is the single largest factor creating risk right now. The legal fallout from the February 2024 disaster has created a multi-jurisdictional legal exposure, directly impacting operations, costs, and investor confidence.

Environmental Permit Revocation

The Turkish government's revocation of the environmental permit for the Çöpler mine has halted all operations, creating a massive financial and operational drag. Following the landslide, the permit was cancelled by Turkish authorities. The legal challenge to the 2021 Environmental Impact Assessment (EIA) was affirmed by the Turkish Council of State in February 2025, effectively canceling the 2021 EIA. This means that even if operations restart, they would revert to the 2014 EIA guidelines, which limit the sulfide plant throughput to 6,000 tonnes per day, down from the 9,000 tonnes per day under the canceled 2021 EIA.

The company continues to work with Turkish authorities to advance the restart, but as of November 2025, SSR Mining is not able to estimate or predict when operations will resume. The financial burden of this suspension is substantial, plus the ongoing remediation costs.

Here's the quick math on the Çöpler costs as of 2025:

Cost Category	Time Period	Amount/Range	Note
Estimated Reclamation & Remediation Cost	From April 1, 2024, onwards	$250 million to $300 million	Initial estimated range.
Remediation & Reclamation Spend	Q1 2025	$5.0 million	Cash spend during the quarter.
Care & Maintenance Costs	Q1 2025	$35.8 million	Includes $20.6 million in cash costs impacting AISC.
Revised Reclamation & Remediation Estimate Increase	Q2 2025	$12.9 million	Increase above the previously disclosed range.

US Class Action Litigation

The company faces significant legal exposure from securities class action lawsuits filed in the US federal courts, as well as in Canada. These lawsuits, filed on behalf of investors who purchased stock between specific periods (e.g., February 23, 2022, and February 27, 2024), allege that SSR Mining and its senior management misled investors. The core allegation is that the company overstated its commitment to safety and engaged in unsafe mining practices, which ultimately materialized as the Çöpler disaster.

This is a material risk because a negative outcome could result in substantial financial damages to compensate investors for losses following the stock price plummet. The litigation process itself is defintely a drain on management time and legal resources.

Increased Royalty Costs

A less catastrophic but equally direct legal/contractual factor is the structure of royalty agreements, which are legally binding. With gold prices remaining elevated in 2025, the company's royalty costs have risen sharply, directly impacting profitability. These costs are a function of revenue, so when the commodity price is high, the royalty payment is higher. This is a clear example of legal agreements directly translating market opportunity into higher operating costs.

The impact is visible in the company's 2025 cost guidance:

• Higher royalty costs are a key reason why the full-year 2025 All-in Sustaining Costs (AISC) are approaching the higher end of the guidance range.
• The consolidated AISC guidance is between $2,090 and $2,150 per payable ounce (inclusive of Çöpler care and maintenance costs).
• High royalty costs were specifically cited as a factor that hurt the company's Q3 2025 revenue performance.

Compliance Oversight

The Audit Committee of the Board of Directors is the primary internal mechanism for overseeing legal and regulatory compliance. Their mandate is to assist the Board in fulfilling its oversight responsibilities, which includes reviewing the company's compliance with all legal and regulatory requirements. This function has become critically important following the Çöpler incident.

The Audit Committee monitors the Company's risk management process, with a specific focus on financial and regulatory compliance risk. They receive regular reports on ethics and compliance activities, including management's compliance risk assessment. The appointment of new, experienced members to the Audit Committee in 2025, like Laura Mullen in February 2025, signals a reinforced focus on this area in the wake of the Çöpler legal fallout.

SSR Mining Inc. (SSRM) - PESTLE Analysis: Environmental factors

Here's the quick math: The core business is showing strength, with Q2 2025 net income at $90.1 million, but that Çöpler issue is defintely a multi-faceted risk that won't go away quickly. You need to watch the legal proceedings and the Hod Maden capital spend closely, because the environmental liabilities are significant and ongoing.

Major Environmental Incident: The Çöpler disaster

The February 2024 heap-leach pad failure at the Çöpler mine in Türkiye remains the single largest environmental and operational risk for SSR Mining Inc. The catastrophic landslide involved approximately 10 million cubic meters of earth, which raises serious, long-term contamination risks, particularly to the nearby Euphrates River basin.

This incident has created a significant financial overhang. The estimated total reclamation and remediation costs were updated in Q2 2025 to $312.9 million, an increase of $12.9 million over the previously disclosed range. Furthermore, Turkish authorities canceled the 2021 Environmental Impact Assessment (EIA) in August 2024. This forces the mine, should it restart, to revert to the 2014 EIA, which prescribes a lower sulfide plant throughput of 6,000 tonnes per day (tpd) compared to the prior 9,000 tpd. That's a direct hit to future production capacity and cash flow.

The costs of managing the suspension are material and continue to drag on the bottom line. Care and maintenance, plus remediation, consumed a significant amount of capital in the first half of 2025:

Çöpler Incident Costs (2025)	Q1 2025 Amount	Q2 2025 Amount
Remediation & Reclamation Spend	$5.0 million	$6.1 million
Care and Maintenance Costs	$35.8 million	$36.7 million
Total Incident-Related Costs	$40.8 million	$42.8 million

Climate Targets: Net Zero Greenhouse Gas (GHG) Emissions

The company is committed to the global energy transition, but the timeline is long-term. SSR Mining's overall goal is to achieve net zero operational GHG emissions by 2050. The more immediate, near-term action is the commitment to establish a science-based Action Plan for net zero targets by the end of 2025. This plan is critical because it will set the actual, measurable short-term targets that investors and regulators will use for accountability.

The challenge is clear: the Marigold and Çöpler mines historically accounted for over 80% of the group's total GHG emissions and 70% of energy use through 2023, primarily from diesel consumption and purchased electricity. With Çöpler suspended, the immediate emissions profile is altered, but the long-term decarbonization strategy must focus heavily on the remaining assets.

Water Stewardship: Reducing Environmental Footprint

Water management is a core license-to-operate issue for any miner, especially in water-stressed regions. SSR Mining formalized a global water strategy in 2022 to treat water as a critical resource. The objective is to continually reduce the environmental footprint across all operating sites, a commitment that is being advanced through site-specific Water Management Plans.

The company's focus is on maximizing water reuse and recycling to reduce external withdrawals. In 2022, the company-wide water reuse and recycling rate was already high at 89%. This is a strong operational metric, but the Çöpler incident, which also involved managing water issues at the site, underscores the fragility of water management systems in high-risk environments. The need for infrastructure resiliency against climatic uncertainty is a growing pressure across the mining industry.

Natural Disaster Impact: Operations Vulnerability

Climate-related physical risks are not theoretical; they are impacting operations now. The temporary suspension at the Seabee mine in Northern Saskatchewan, Canada, in June 2025 due to power interruptions caused by nearby forest fires is a clear example. The fires were reported to be just 15km from the site.

This type of event, driven by increasing wildfire frequency and intensity, creates immediate operational and market risk:

• Halted production and increased operational costs from shutdown/restart procedures.
• Stock price volatility, as seen when the June 2025 suspension caused the stock to fall 2.9% to C$16.75.
• Disruption to exploration activities, which were previously paused during a similar August 2024 fire event.

The exposure to these climate-related events is a permanent feature of the operating environment in Canada and other jurisdictions, demanding a higher capital allocation for site hardening and business interruption insurance.