SSR Mining Inc. (SSRM): BCG Matrix [Dec-2025 Updated]

You're looking for a clear-eyed view of SSR Mining Inc.'s (SSRM) portfolio, and the BCG Matrix is defintely the right tool to map where the cash is coming from and where the capital needs to go. The late 2025 picture shows the Cripple Creek & Victor acquisition stepping up as a new Star, adding up to 110,000 gold ounces, while the Marigold and Seabee mines keep pumping out reliable cash flow. Still, the suspended Çöpler Mine is a clear Dog, burning $35.8 million in Q1 2025 care and maintenance costs, putting pressure on the high-potential but capital-intensive Hod Maden Project, which needs $60 to $100 million more this year to move forward. Let's break down where SSR Mining needs to invest, hold, or divest right now.

Background of SSR Mining Inc. (SSRM)

SSR Mining Inc. (SSRM) is a mid-tier precious metals mining company. You'll find its operations spread across the Americas and Türkiye, focusing on gold and silver production. The company's portfolio includes the Marigold, CC&V, Seabee, and Puna operations.

A major event in 2025 was the closing of the acquisition of the Cripple Creek & Victor (CC&V) mine from Newmont Corporation on February 28, 2025. This acquisition was expected to contribute to a projected year-over-year gold equivalent ounces (GEO) production increase of more than 10% for the full year 2025, excluding the Turkish asset.

For the full year 2025, SSR Mining guided for consolidated GEO production between 410,000 to 480,000 ounces from Marigold, CC&V, Seabee, and Puna. By the third quarter ending September 30, 2025, the company had reported year-to-date production of 326,940 gold equivalent ounces. The third quarter alone saw production of 102,673 gold equivalent ounces.

Financially, SSR Mining reported strong results through the third quarter of 2025. Revenue for Q3 2025 reached $385.8 million, a significant jump from $257.4 million in the same period last year. Net income attributable to shareholders for Q3 2025 was $65.4 million. As of September 30, 2025, the company maintained a strong liquidity position, holding $409.3 million in cash and cash equivalents, with total liquidity standing at $909.3 million.

Operationally, the Çöpler mine in Türkiye remained on care and maintenance through late 2025, incurring care and maintenance costs totaling $37.3 million in the third quarter. In contrast, the company is actively advancing the Hod Maden project in Türkiye, planning to spend between $60 million to $100 million in development capital for 2025. The company also noted specific Q3 2025 production figures: Marigold produced 36.3 koz of gold, CC&V produced 29.8 koz of gold, Seabee produced 9.1 koz of gold, and Puna produced 2.4 Moz of silver.

The consolidated All-In Sustaining Cost (AISC) guidance for 2025 was set between $2,090 to $2,150 per payable ounce, or $1,890 to $1,950 per payable ounce when excluding the Çöpler costs. For Q3 2025 specifically, the reported AISC was $2,359 per payable ounce, or $2,114 excluding Çöpler costs.

SSR Mining Inc. (SSRM) - BCG Matrix: Stars

The Cripple Creek & Victor (CC&V) acquisition, closed on February 28, 2025, represents the new high-growth driver for SSR Mining Inc. This asset is immediately positioned as a Star due to its high growth potential within the US market and the significant production it adds to the portfolio. For the remainder of 2025, CC&V is projected to contribute gold ounces in the range of 90,000 to 110,000 ounces attributable to SSR Mining Inc.

The integration of CC&V has immediately elevated SSR Mining Inc.'s standing in the North American gold sector. Post-acquisition, SSR Mining Inc. is now recognized as the third-largest gold producer in the United States. This increased scale in a core jurisdiction is a key indicator of a Star position, demanding investment to maintain and grow market share.

The long-term view for this asset is strong, as evidenced by the initial 12-year Life of Mine plan released in 2025. This plan showcases a compelling economic profile, boasting an after-tax NPV5% of $824 million calculated over 12 years. The implied transaction Internal Rate of Return (IRR) is expected to exceed 100%, considering the upfront cash payment of $100 million and potential milestone payments up to $175 million.

The operational costs associated with CC&V are competitive, which helps drive strong free cash flow generation, a necessary component for a Star to transition into a Cash Cow. The All-In Sustaining Cost (AISC) guidance specifically for the CC&V operation for the period of February 28, 2025, to December 31, 2025, is set between $1,800 to $1,840 per payable ounce. The asset is already contributing significantly, having generated approximately $115 million in mine site after-tax free cash flow from February 28, 2025, to September 30, 2025.

Here are the key financial and operational metrics supporting the Star classification for the CC&V asset as of the 2025 Technical Report Summary:

The high market share and growth trajectory are further supported by the underlying resource base, which provides a runway for sustained performance. Key details regarding the asset's potential include:

• Measured & Indicated Mineral Resources (exclusive of Reserves) total 4.8 million ounces of gold as of July 1, 2025.
• Inferred Mineral Resources total an additional 2.0 million ounces of gold as of July 1, 2025.
• Average annual gold output is estimated at 141,000 ounces between 2026 and 2028.
• Average annual after-tax operating cash flow is expected to be $196 million between 2026 and 2028.

SSR Mining Inc. (SSRM) - BCG Matrix: Cash Cows

Cash Cows for SSR Mining Inc. (SSRM) are the established assets operating in mature markets that generate significant, reliable cash flow to support corporate needs and fund higher-growth, higher-risk ventures. These operations benefit from high market share and established infrastructure, leading to strong profit margins.

The core of the current Cash Cow portfolio centers on the Americas assets, which provide the financial stability necessary for capital deployment elsewhere, such as the advancement of the Hod Maden project, which has a planned 2025 capital spend of $60 to $100 million on a 100% basis for early-works construction, including road and tunnel development. The company's overall 2025 production guidance is 410,000 to 480,000 gold equivalent ounces, with a consolidated All-In Sustaining Cost (AISC) projected between $2,090 to $2,150 per payable ounce, or $1,890 to $1,950 per payable ounce excluding Care & Maintenance costs at Çöpler.

The financial performance in the second quarter of 2025 demonstrated this cash generation capability, with SSR Mining Inc. reporting operating cash flow of $157.8 million and free cash flow of $98.4 million. As of June 30, 2025, the cash and cash equivalent balance stood at $412.1 million.

The primary Cash Cow assets and their 2025 guidance are detailed below:

The Marigold Mine is the largest and most mature asset, expected to guide between 160,000 to 190,000 gold ounces in 2025. This asset is relied upon for steady, reliable cash flow to fund high-growth projects like Hod Maden.

The Seabee Mine is characterized as a smaller, high-margin producer, with a low 2025 AISC stated as $1,710 to $1,750 per ounce. Exploration and resource development activity totaling $16 million is planned for 2025 to advance the Porky target as a potential new underground mining front that could complement and extend the existing Seabee mine life.

Puna Operations, the primary silver asset, is expected to produce 8.00 to 8.75 million silver ounces in 2025. The near-term cash generation profile at Puna is secured by a mine life extension plan at Chinchillas extending to 2028. Sustaining capital expenditures for Puna are planned to total US$15 million in 2025, with exploration and resource development expenditures anticipated to total US$9 million.

Key characteristics supporting the Cash Cow status of these assets include:

• Marigold: Largest, most mature asset, guiding 160,000 to 190,000 gold ounces in 2025.
• Puna: Mine life extension to 2028 secures near-term cash generation.
• Seabee: High-margin producer with a low 2025 AISC of $1,710 to $1,750 per ounce.
• Puna: Primary silver asset, expected to produce 8.00 to 8.75 million silver ounces.
• Cash Flow: Consolidated free cash flow of $98.4 million reported in Q2 2025.

SSR Mining Inc. (SSRM) - BCG Matrix: Dogs

The Dog quadrant in the Boston Consulting Group Matrix represents business units or assets characterized by low market share in a low-growth market. For SSR Mining Inc. (SSRM), the Çöpler Mine in Türkiye currently fits this profile due to its forced operational status.

Dogs are units that tie up capital without generating meaningful returns, making them prime candidates for divestiture or minimization of investment. Expensive turn-around plans are typically avoided because the underlying market dynamics and the asset's competitive position offer little hope for significant future cash generation.

The Çöpler Mine is the classic Dog right now: zero production from the asset itself but continued, significant operational costs. Operations remain suspended with no definitive restart timeline as of Q3 2025, following the February 13, 2024 incident.

This suspension forces SSR Mining Inc. to incur significant, non-productive cash care and maintenance costs. These costs are a direct drain on the company's free cash flow generation from its other assets. For instance, these costs totaled $35.8 million in Q1 2025 alone. The company had guided for quarterly care and maintenance costs between $35 million and $40 million until the mine returns to operation.

The asset is a massive drag on consolidated All-In Sustaining Costs (AISC), effectively inflating the cost base for the entire portfolio. To illustrate the magnitude of this drag, we can compare the projected AISC figures for the rest of the portfolio against the consolidated guidance.

The difference between the two primary AISC figures shows the direct financial impact of the suspension. Here's the quick math: the difference between the high end of the projected AISC without Çöpler ($1,950) and the low end of the consolidated guidance ($2,090) is $140 per ounce, which is the cost being absorbed by the performing assets.

The Çöpler Mine's status as a Dog is defined by these non-productive expenditures and the lack of a clear path to revenue generation. Management continues to work with Turkish authorities, but as of Q3 2025, there is no estimate for when operations might resume.

The financial implications of this asset being in the Dog quadrant include:

• Incurring $35.8 million in care and maintenance costs in Q1 2025.
• Cash care and maintenance costs included in Q1 2025 AISC were $20.6 million.
• The asset is currently generating zero production, meaning no revenue offset for the costs incurred.
• The asset's status maintains uncertainty in the consolidated cost metrics, despite strong performance elsewhere.
• The estimated reclamation and remediation cost range remains substantial, previously disclosed between $250 million and $300 million.

For you, the analyst, this means that while the other assets like Cripple Creek & Victor, Marigold, and Seabee are performing well and driving growth, the Çöpler liability acts as a persistent headwind, depressing overall profitability metrics until a restart or a strategic decision to divest is made. If onboarding takes 14+ days, churn risk rises-in this case, if regulatory approval takes longer, the cash burn continues.

SSR Mining Inc. (SSRM) - BCG Matrix: Question Marks

Question Marks in the Boston Consulting Group Matrix represent business units or projects operating in high-growth markets but currently holding a low market share. For SSR Mining Inc. (SSRM), these assets consume significant cash while offering little immediate return, yet they possess the potential to become future Stars.

The Hod Maden Project in Türkiye is the prime example of a high-risk, high-reward development asset fitting this quadrant. It has zero current production, representing a low current market share, but possesses high-grade potential for future growth in a market that SSR Mining Inc. views as high-growth. The project is advancing toward a construction decision, which necessitates substantial capital commitment in the current fiscal year.

The financial commitment for 2025 is significant, reflecting the need to quickly gain market share or risk the asset becoming a Dog. SSR Mining Inc. has planned a development capital spend for 2025 at Hod Maden of $\mathbf{\$60}$ to $\mathbf{\$100}$ million on a 100% basis to progress toward that construction decision. As of the third quarter of 2025, the year-to-date spend reached $\mathbf{\$44.4}$ million, with $\mathbf{\$17.1}$ million spent specifically in the third quarter of 2025. This investment follows approximately $\mathbf{\$42.1}$ million spent in 2024 on engineering studies and site preparation.

The current ownership structure is $\mathbf{10\%}$ owned by SSR Mining Inc., with an option to increase ownership to $\mathbf{40\%}$ by funding $\mathbf{40\%}$ of the pre-production capital commitments. The timeline for first production is currently forecasted for $\mathbf{2028}$.

Here are the key financial and potential production metrics associated with the Hod Maden Question Mark:

Exploration at the Cortaderas target at Puna represents a smaller, high-potential Question Mark for SSR Mining Inc.'s long-term silver growth profile. Management is focused on advancing this development to help extend the Puna life of mine, alongside other layback initiatives at Chinchillas.

The need to quickly gain market share in these growth areas is amplified by the current operational performance. The overall 2025 consolidated production guidance for SSR Mining Inc. is $\mathbf{410,000}$ to $\mathbf{480,000}$ Gold Equivalent Ounces (GEO). As of the third quarter of 2025, the company expects full-year 2025 production to be in the lower half of this guidance range, putting pressure on these new growth assets to deliver on their potential to transition out of the Question Mark quadrant.

Key financial context surrounding these growth investments includes:

• The 2025 consolidated All-In Sustaining Cost (AISC) guidance is $\mathbf{\$2,090}$ to $\mathbf{\$2,150}$ per payable ounce.
• Third quarter 2025 free cash flow was negative $\mathbf{\$2.4}$ million, though free cash flow before working capital adjustments was $\mathbf{\$72.5}$ million for the quarter.
• As of September 30, 2025, the cash and cash equivalent balance stood at $\mathbf{\$409.3}$ million, with total liquidity of $\mathbf{\$909.3}$ million.