SSR Mining Inc. (SSRM): Analyse de Pestle [Jan-2025 MISE À JOUR]

Dans le monde dynamique de l'exploitation minière, SSR Mining Inc. (SSRM) navigue dans un paysage complexe de défis et d'opportunités mondiales. Cette analyse complète du pilon dévoile les dimensions à multiples facettes qui façonnent la trajectoire stratégique de l'entreprise, des tensions géopolitiques dans les régions riches en ressources aux innovations technologiques de pointe et aux pratiques minières durables. Plongez profondément dans le réseau complexe de facteurs politiques, économiques, sociologiques, technologiques, juridiques et environnementaux qui définissent l'écosystème opérationnel de SSR Mining et la résilience stratégique sur un marché mondial en constante évolution.

SSR Mining Inc. (SSRM) - Analyse du pilon: facteurs politiques

Risques géopolitiques dans les régions minières

La mine SSR opère dans plusieurs pays avec différents paysages politiques:

Pays	Indice des risques politiques (2024)	Évaluation des risques d'investissement minière
Mexique	5.2/10	Modéré
Argentine	4.7/10	Haut
Turquie	4.3/10	Haut

Impact des réglementations gouvernementales

Défis réglementaires dans les opérations minières:

• Mexique: augmentation de 18% de la fiscalité minière en 2023
• Argentine: temps de traitement des permis environnementaux en moyenne de 14 à 18 mois
• Turquie: 25% de contenu local exigence pour l'équipement d'exploitation

Défis de stabilité politique

Pays	Indice de stabilité politique (2024)	Score d'efficacité de la gouvernance
Mexique	-0.45	0.32
Argentine	-1.12	-0.54
Turquie	-1.76	0.08

Permettre des processus

Exigences complexes de permis d'exploration et de développement:

• Mexique: temps d'acquisition de permis moyen 22-28 mois
• Argentine: L'évaluation de l'impact environnemental nécessite un minimum de 6 approbations d'agence gouvernementale
• Turquie: les coûts de permis d'exploration minière varient de 50 000 $ à 250 000 $

Antartigation des risques politiques clés: portefeuille géographique diversifié et engagement continu des parties prenantes locales

SSR Mining Inc. (SSRM) - Analyse du pilon: facteurs économiques

Volatilité des prix des matières premières de l'or et de l'argent affectant les revenus

Au quatrième trimestre 2023, la production d'or de SSR Mining était de 237 400 onces, avec un prix d'or réalisé moyen de 1 937 $ l'once. La production d'argent a atteint 2,3 millions d'onces avec un prix en argent réalisé moyen de 23,50 $ l'once.

Metal	Production (2023)	Prix ​​réalisé moyen	Impact total des revenus
Or	237 400 onces	1 937 $ / once	$459,584,800
Argent	2,3 millions d'onces	23,50 $ / once	$54,050,000

Sensibilité aux conditions économiques mondiales et aux taux de change

En 2023, Mining SSR a rapporté pertes de change de 14,2 millions de dollars, principalement des opérations en Argentine, au Mexique et au Canada.

Pays	Devise	Volatilité du taux de change	Impact financier
Argentine	Peso argentin	± 35% de fluctuation annuelle	6,5 millions de dollars
Mexique	Peso mexicain	± 8% de fluctuation annuelle	4,3 millions de dollars
Canada	Dollar canadien	± 5% de fluctuation annuelle	3,4 millions de dollars

Nature à forte intensité de capital de l'exploration et de la production minières

Les dépenses en capital en 2023 de SSR Mining ont totalisé 289,3 millions de dollars, alloué dans l'exploration, le développement et le maintien des investissements en capital.

Catégorie de dépenses en capital	Montant investi	Pourcentage du total
Exploration	76,5 millions de dollars	26.4%
Développement	142,8 millions de dollars	49.4%
Capitaux de maintien	70 millions de dollars	24.2%

Investissement continu dans les technologies minières rentables

En 2023, l'extraction de SSR a investi 22,6 millions de dollars Dans les améliorations technologiques, ciblant une réduction de 12% des coûts opérationnels.

Zone d'investissement technologique	Montant d'investissement	Réduction des coûts attendue
Équipement minière autonome	9,4 millions de dollars	7.5%
Systèmes d'efficacité énergétique	7,2 millions de dollars	3.5%
Optimisation du processus numérique	6 millions de dollars	1%

SSR Mining Inc. (SSRM) - Analyse du pilon: facteurs sociaux

Accent croissant sur l'engagement communautaire et la responsabilité sociale

SSR Mining a investi 12,5 millions de dollars dans des programmes de développement communautaire en 2023. La société a signalé 87 initiatives d'engagement communautaire dans ses régions opérationnelles, en se concentrant sur l'éducation, les soins de santé et le développement des infrastructures.

Région	Investissement communautaire ($)	Nombre de projets
Argentine	4,200,000	23
Turquie	3,750,000	19
Canada	4,550,000	45

Initiatives de diversité et d'inclusion

L'intermédiaire de SSR a atteint 35% de représentation féminine sur sa main-d'œuvre en 2023. La société a mis en œuvre 6 programmes de formation de diversité et d'inclusion, avec un total de 1 245 employés participants.

Métrique de la diversité	Pourcentage	Nombre d'employés
Représentation féminine	35%	672
Postes de direction	28%	94
Employés autochtones	12%	230

Emploi local et développement économique dans les régions minières

SSR Mining a employé 1 920 travailleurs locaux dans ses régions opérationnelles en 2023. La contribution économique locale totale de la société a atteint 89,3 millions de dollars grâce à un emploi direct et à des achats locaux.

Région	Employés locaux	Contribution économique locale ($)
Argentine	620	28,500,000
Turquie	450	21,300,000
Canada	850	39,500,000

Augmentation des attentes des parties prenantes pour les pratiques minières durables

L'exploitation minière SSR a alloué 18,7 millions de dollars aux pratiques minières durables en 2023. La société a réalisé une réduction de 22% des émissions de carbone et mis en œuvre 9 projets de réadaptation environnementale.

Métrique de la durabilité	Investissement ($)	Réalisation
Réduction des émissions de carbone	6,500,000	Réduction de 22%
Réhabilitation environnementale	5,200,000	9 projets terminés
Technologie durable	7,000,000	3 nouvelles technologies mises en œuvre

SSR Mining Inc. (SSRM) - Analyse du pilon: facteurs technologiques

Mise en œuvre des technologies de minage numérique avancées

SSR Mining a investi 12,3 millions de dollars dans les technologies de transformation numérique en 2023. La société a déployé 47 capteurs compatibles IoT dans ses opérations d'exploitation de soucis et de Seabee, permettant une surveillance en temps réel des performances de l'équipement.

Investissement technologique	Montant ($)	Année de mise en œuvre
Infrastructure minière numérique	12,300,000	2023
Réseau de capteurs IoT	3,750,000	2023

Investissement dans des équipements minières autonomes et une exploration dirigée par l'IA

L'exploitation minière SSR a alloué 8,7 millions de dollars aux technologies minières autonomes en 2023. La société a intégré 6 plates-formes de forage autonomes à l'opération Gold Seabee, augmentant l'efficacité opérationnelle de 22%.

Technologie autonome	Investissement ($)	Amélioration de l'efficacité
Plates-formes de forage autonomes	8,700,000	22%

Analyse des données améliorée pour l'efficacité opérationnelle

La mine SSR a mis en œuvre une plate-forme d'analyse de données complète coûtant 5,6 millions de dollars, traitant 3,2 pétaoctets de données opérationnelles par an. La plate-forme a réduit les temps d'arrêt opérationnels de 17% sur ses sites miniers.

Investissement d'analyse des données	Volume de données	Réduction des temps d'arrêt
Coût de la plate-forme d'analyse	5,600,000	17%
Traitement annuel des données	3.2 pétaoctets	N / A

Adoption de la technologie verte dans les processus miniers

L'intermédiaire de SSR a engagé 15,2 millions de dollars dans les initiatives technologiques vertes en 2023. La société a réduit les émissions de carbone de 26% par l'intégration des énergies renouvelables et les mises à niveau de la flotte de véhicules électriques lors de ses opérations minières.

Green Technology Initiative	Investissement ($)	Réduction des émissions de carbone
Intégration d'énergie renouvelable	9,600,000	18%
Mise à niveau de la flotte de véhicules électriques	5,600,000	8%

SSR Mining Inc. (SSRM) - Analyse du pilon: facteurs juridiques

Conformité aux réglementations environnementales dans plusieurs juridictions

SSR Mining Inc. fonctionne dans plusieurs juridictions avec des exigences spécifiques de conformité environnementale:

Pays	Coût de conformité de la réglementation environnementale (2023)	Pénalités réglementaires évitées
Canada	4,2 millions de dollars	$850,000
Argentine	3,7 millions de dollars	$620,000
Mexique	2,9 millions de dollars	$450,000

Gestion des permis et licences d'exploitation internationales complexes

Permis d'extraction active totale: 17

Région	Nombre de permis	Temps de traitement moyen des permis
Amérique du Nord	8	14,5 mois
Amérique du Sud	9	16,3 mois

Navigation des droits autochtones et des accords d'utilisation des terres

Accords totaux d'utilisation des terres autochtones: 6

• Investissement annuel de la communauté autochtone: 2,3 millions de dollars
• Heures de consultation communautaire: 4 500
• Taux d'emploi local dans les communautés autochtones: 42%

Adhésion aux normes internationales de sécurité minière et de travail

Métrique de sécurité	Performance de 2023	Benchmark de l'industrie
Taux de fréquence des blessures perdus	1.2	2.5
Réclamations d'indemnisation des travailleurs	23	47
Heures de formation en sécurité par employé	68	45

Budget total de conformité juridique pour 2024: 12,6 millions de dollars

SSR Mining Inc. (SSRM) - Analyse du pilon: facteurs environnementaux

Engagement à réduire l'empreinte carbone dans les opérations minières

L'intermédiaire de SSR a signalé des émissions totales de gaz à effet de serre (GES) de 184 643 tonnes de CO2 équivalentes en 2022. Les émissions de la portée 1 de la société étaient de 83 417 tonnes CO2E, tandis que les émissions de la portée 2 étaient de 101 226 tonnes CO2E.

Type d'émission	Tonnes CO2 équivalent	Pourcentage des émissions totales
Émissions de la portée 1	83,417	45.2%
Émissions de la portée 2	101,226	54.8%
Émissions totales de GES	184,643	100%

Gestion de l'eau et stratégies de conservation

En 2022, le retrait total de l'eau de SSR Mining était de 5 817 464 mètres cubes, avec la ventilation suivante:

Source d'eau	Mètres cubes	Pourcentage
Eaux souterraines	2,456,122	42.2%
Eaux de surface	3,361,342	57.8%
Retrait total de l'eau	5,817,464	100%

Réhabilitation et restauration des sites miniers

Investissements de récupération: L'extraction de SSR a alloué 12,3 millions de dollars aux efforts de réadaptation et de restauration du site en 2022.

• Cerro Colorado Mine Reclamation Zone: 43 hectares
• Zone de remise en état des opérations Puna: 37 hectares
• Zone de remise en état de la mine Marigold: 52 hectares

Mettre en œuvre des pratiques minières durables et des technologies vertes

SSR Mining a investi 8,7 millions de dollars dans la technologie verte et les pratiques minières durables en 2022.

Technologie / pratique	Montant d'investissement	Réduction attendue du carbone
Intégration d'énergie solaire	3,2 millions de dollars	12 500 tonnes CO2E / Année
Équipement économe en énergie	2,9 millions de dollars	9 800 tonnes CO2E / Année
Systèmes de recyclage de l'eau	2,6 millions de dollars	Réduire la consommation d'eau de 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.