SSR Mining Inc. (SSRM): Análise de Pestle [Jan-2025 Atualizado]

No mundo dinâmico da mineração, a SSR Mining Inc. (SSRM) navega em um cenário complexo de desafios e oportunidades globais. Essa análise abrangente de pilões revela as dimensões multifacetadas que moldam a trajetória estratégica da empresa, desde tensões geopolíticas em regiões ricas em recursos até inovações tecnológicas de ponta e práticas sustentáveis ​​de mineração. Mergulhe profundamente na intrincada rede de fatores políticos, econômicos, sociológicos, tecnológicos, legais e ambientais que definem o ecossistema operacional da SSR Mining e a resiliência estratégica em um mercado global em constante evolução.

SSR Mining Inc. (SSRM) - Análise de Pestle: Fatores Políticos

Riscos geopolíticos em regiões de mineração

A mineração de SSR opera em vários países com diferentes paisagens políticas:

País	Índice de Risco Político (2024)	Classificação de risco de investimento de mineração
México	5.2/10	Moderado
Argentina	4.7/10	Alto
Peru	4.3/10	Alto

Impacto dos regulamentos governamentais

Desafios regulatórios nas operações de mineração:

• México: aumento de 18% na tributação de mineração em 2023
• Argentina: o tempo de processamento de permissão ambiental em média de 14 a 18 meses
• Turquia: 25% de requisito de conteúdo local para equipamentos de mineração

Desafios de estabilidade política

País	Índice de Estabilidade Política (2024)	Pontuação de eficácia da governança
México	-0.45	0.32
Argentina	-1.12	-0.54
Peru	-1.76	0.08

Processos de permissão

Requisitos complexos de permissão de exploração e desenvolvimento:

• México: Tempo médio de aquisição de permissão 22-28 meses
• Argentina: Avaliação de impacto ambiental requer mínimo 6 aprovações de agências governamentais
• Turquia: custos de permissão de exploração de mineração variam de US $ 50.000 a US $ 250.000

Mitigação de risco político -chave: portfólio geográfico diversificado e engajamento contínuo das partes interessadas locais

SSR Mining Inc. (SSRM) - Análise de Pestle: Fatores econômicos

Volatilidade dos preços das commodities de ouro e prata que afetam a receita

No quarto trimestre 2023, a produção de ouro da SSR Mining era de 237.400 onças, com um preço médio realizado no ouro de US $ 1.937 por onça. A produção de prata atingiu 2,3 ​​milhões de onças com um preço médio realizado de prata de US $ 23,50 por onça.

Metal	Produção (2023)	Preço médio realizado	Impacto total da receita
Ouro	237.400 onças	$ 1.937/onça	$459,584,800
Prata	2,3 milhões de onças	$ 23,50/onça	$54,050,000

Sensibilidade às condições econômicas globais e taxas de câmbio

Em 2023, a mineração de SSR relatou perdas cambiais de US $ 14,2 milhões, principalmente de operações na Argentina, México e Canadá.

País	Moeda	Volatilidade da taxa de câmbio	Impacto financeiro
Argentina	Peso argentino	± 35% de flutuação anual	US $ 6,5 milhões
México	Peso mexicano	± 8% de flutuação anual	US $ 4,3 milhões
Canadá	Dólar canadense	± 5% de flutuação anual	US $ 3,4 milhões

Natureza intensiva em capital da exploração e produção de mineração

Os gastos de capital de 2023 da SSR Mining US $ 289,3 milhões, alocado entre exploração, desenvolvimento e sustentação de investimentos de capital.

Categoria de despesa de capital	Valor investido	Porcentagem de total
Exploração	US $ 76,5 milhões	26.4%
Desenvolvimento	US $ 142,8 milhões	49.4%
Capital sustentando	US $ 70 milhões	24.2%

Investimento em andamento em tecnologias de mineração econômicas

Em 2023, a mineração de SSR investiu US $ 22,6 milhões Em melhorias tecnológicas, direcionar uma redução de 12% nos custos operacionais.

Área de investimento em tecnologia	Valor do investimento	Redução de custos esperada
Equipamento de mineração autônomo	US $ 9,4 milhões	7.5%
Sistemas de eficiência energética	US $ 7,2 milhões	3.5%
Otimização do processo digital	US $ 6 milhões	1%

SSR Mining Inc. (SSRM) - Análise de Pestle: Fatores sociais

Ênfase crescente no envolvimento da comunidade e responsabilidade social

A SSR Mining investiu US $ 12,5 milhões em programas de desenvolvimento comunitário em 2023. A Companhia relatou 87 iniciativas de engajamento comunitário em suas regiões operacionais, com foco em educação, saúde e desenvolvimento de infraestrutura.

Região	Investimento comunitário ($)	Número de projetos
Argentina	4,200,000	23
Peru	3,750,000	19
Canadá	4,550,000	45

Iniciativas de diversidade e inclusão da força de trabalho

A mineração da SSR alcançou 35% de representação feminina em sua força de trabalho em 2023. A Companhia implementou 6 programas de treinamento em diversidade e inclusão, com um total de 1.245 funcionários participando.

Métrica de diversidade	Percentagem	Número de funcionários
Representação feminina	35%	672
Posições de gerenciamento	28%	94
Funcionários indígenas	12%	230

Emprego local e desenvolvimento econômico em regiões de mineração

A mineração da SSR empregou 1.920 trabalhadores locais em suas regiões operacionais em 2023. A contribuição econômica local total da empresa atingiu US $ 89,3 milhões por meio de emprego direto e compras locais.

Região	Funcionários locais	Contribuição econômica local ($)
Argentina	620	28,500,000
Peru	450	21,300,000
Canadá	850	39,500,000

Aumento das expectativas das partes interessadas para práticas de mineração sustentáveis

A mineração de SSR alocou US $ 18,7 milhões para práticas sustentáveis ​​de mineração em 2023. A Companhia alcançou uma redução de 22% nas emissões de carbono e implementou 9 projetos de reabilitação ambiental.

Métrica de sustentabilidade	Investimento ($)	Conquista
Redução de emissão de carbono	6,500,000	Redução de 22%
Reabilitação ambiental	5,200,000	9 projetos concluídos
Tecnologia sustentável	7,000,000	3 novas tecnologias implementadas

SSR Mining Inc. (SSRM) - Análise de Pestle: Fatores tecnológicos

Implementação de tecnologias avançadas de mineração digital

A SSR Mining investiu US $ 12,3 milhões em tecnologias de transformação digital em 2023. A Companhia implantou 47 sensores habilitados para IoT em suas operações de mineração de cravo e Seabee, permitindo o monitoramento em tempo real do desempenho do equipamento.

Investimento em tecnologia	Valor ($)	Ano de implementação
Infraestrutura de mineração digital	12,300,000	2023
Rede de sensores de IoT	3,750,000	2023

Investimento em equipamentos de mineração autônomos e exploração orientada à IA

A mineração da SSR alocou US $ 8,7 milhões para as tecnologias de mineração autônoma em 2023. A Companhia integrou 6 plataformas de perfuração autônomas na operação de ouro da Sebee, aumentando a eficiência operacional em 22%.

Tecnologia autônoma	Investimento ($)	Melhoria de eficiência
Platas de perfuração autônomas	8,700,000	22%

Análise de dados aprimorada para eficiência operacional

A SSR Mining implementou uma plataforma abrangente de análise de dados que custa US $ 5,6 milhões, processando 3,2 petabytes de dados operacionais anualmente. A plataforma reduziu o tempo de inatividade operacional em 17% em seus sites de mineração.

Investimento de análise de dados	Volume de dados	Redução de tempo de inatividade
Custo da plataforma de análise	5,600,000	17%
Processamento anual de dados	3.2 Petabytes	N / D

Adoção de tecnologia verde em processos de mineração

A mineração da SSR comprometeu US $ 15,2 milhões a iniciativas de tecnologia verde em 2023. A empresa reduziu as emissões de carbono em 26% por meio de integração de energia renovável e atualizações de frota de veículos elétricos em suas operações de mineração.

Iniciativa de Tecnologia Verde	Investimento ($)	Redução de emissão de carbono
Integração de energia renovável	9,600,000	18%
Upgrade de frota de veículos elétricos	5,600,000	8%

SSR Mining Inc. (SSRM) - Análise de Pestle: Fatores Legais

Conformidade com regulamentos ambientais em várias jurisdições

A SSR Mining Inc. opera em várias jurisdições com requisitos específicos de conformidade ambiental:

País	Custo de conformidade da regulamentação ambiental (2023)	Penalidades regulatórias evitadas
Canadá	US $ 4,2 milhões	$850,000
Argentina	US $ 3,7 milhões	$620,000
México	US $ 2,9 milhões	$450,000

Gerenciando licenças e licenças complexas de mineração internacional

Permissões de mineração ativa total: 17

Região	Número de licenças	Tempo médio de processamento da licença
América do Norte	8	14,5 meses
Ámérica do Sul	9	16,3 meses

Navegando direitos indígenas e acordos de uso da terra

Acordos totais de uso indígena da terra: 6

• Investimento anual da comunidade indígena: US $ 2,3 milhões
• Horário de consulta da comunidade: 4.500
• Taxa de emprego local em comunidades indígenas: 42%

Aderência à segurança internacional de segurança e padrões trabalhistas

Métrica de segurança	2023 desempenho	Referência da indústria
Taxa de frequência de lesão perdida	1.2	2.5
Reivindicações de compensação do trabalhador	23	47
Horário de treinamento de segurança por funcionário	68	45

Orçamento total de conformidade legal para 2024: US $ 12,6 milhões

SSR Mining Inc. (SSRM) - Análise de Pestle: Fatores Ambientais

Compromisso de reduzir a pegada de carbono em operações de mineração

A mineração de SSR relatou emissões totais de gases de efeito estufa (GEE) de 184.643 toneladas de CO2 equivalente em 2022. As emissões do escopo 1 da empresa foram de 83.417 toneladas de CO2E, enquanto as emissões do escopo 2 foram de 101.226 toneladas.

Tipo de emissão	Toneladas de CO2 equivalente	Porcentagem do total de emissões
Escopo 1 emissões	83,417	45.2%
Escopo 2 emissões	101,226	54.8%
Emissões totais de GEE	184,643	100%

Estratégias de gerenciamento e conservação de água

Em 2022, a retirada total de água da SSR Mining foi de 5.817.464 metros cúbicos, com a seguinte quebra:

Fonte de água	Metros cúbicos	Percentagem
Água subterrânea	2,456,122	42.2%
Águas superficiais	3,361,342	57.8%
Retirada total de água	5,817,464	100%

Reabilitação e restauração de sites de mineração

Investimentos de recuperação: A mineração da SSR alocou US $ 12,3 milhões para os esforços de reabilitação e restauração do local em 2022.

• Área de recuperação de minas Cerro Colorado: 43 hectares
• Área de recuperação de operações de Puna: 37 hectares
• Área de recuperação de minas de craqueol: 52 hectares

Implementando práticas de mineração sustentável e tecnologias verdes

A SSR Mining investiu US $ 8,7 milhões em tecnologia verde e práticas de mineração sustentável em 2022.

Tecnologia/prática	Valor do investimento	Redução esperada de carbono
Integração de energia solar	US $ 3,2 milhões	12.500 toneladas CO2E/ano
Equipamento com eficiência energética	US $ 2,9 milhões	9.800 toneladas CO2E/ano
Sistemas de reciclagem de água	US $ 2,6 milhões	Reduzir o consumo de água em 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.