What happened with SSRM today?
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SSR Mining’s Marigold and CC&V mines in the United States and Seabee mine in Canada extract gold and produce unrefined bars, which third parties refine into gold bullion. Banks buy most of these bars. Gold supplies most of the company’s revenue, and Canadian Imperial Bank of Commerce (CIBC) is its largest customer, accounting for a substantial share of sales.
Silver is the second-largest revenue source. At Puna in Argentina, SSR Mining produces silver-bearing lead and zinc concentrates and sells them to smelters and traders for further refining. Trafigura Trading LLC is a major buyer. Profitability depends heavily on gold and silver prices.
Its Çöpler mine in Türkiye remains shut after a heap-leach pad slip. Its operating permits remain suspended, so it cannot resume production without regulatory approval. SSR Mining is working on remediation but cannot say whether or when the mine will restart, or under what conditions.
The risk section is the longest, dullest part of the filing. This keeps only what can really hurt you: where it hits, how hard, when it plays out.
Every company claims an edge. Each one is checked against hard numbers like margins and returns: which hold, and which line gives way first.
Fortuna Mining and SSR Mining share exposure to gold and silver prices: both sell gold as well as silver, lead and zinc, and both have revenue-producing mines in Argentina. Watch Fortuna’s Lindero gold mine for Argentine mining conditions relevant to SSR Mining’s Puna silver-lead-zinc operation.
Pan American Silver and SSR Mining share gold- and silver-price exposure through their mines in the Americas, with both also selling lead and zinc. Pan American’s silver business is a useful comparison for SSR Mining’s silver sales, which supplied 24% of its 2025 revenue.
Kinross Gold and SSR Mining share gold-price exposure and operate mines in the Americas, including Nevada. Both produce unrefined gold bars for further refining; Kinross sells the refined gold to banks and refiners, while SSR Mining sells its North American bars mainly to banks.
Centerra Gold and SSR Mining share gold-price and host-country mining risks through their gold mines in Türkiye and Canada, although SSR Mining’s Çöpler mine is suspended. Watch news from Centerra’s Öksüt mine for Turkish mining conditions, rather than treating it as evidence that Çöpler can restart.
Alamos Gold and SSR Mining share gold-price exposure through North American gold production, with Canadian mines contributing to both businesses. Alamos’s Island Gold and Young-Davidson production provides a Canadian operating comparison for SSR Mining’s Seabee mine.
Newmont shares gold-mining exposure with SSR Mining across overlapping countries and sold it the CC&V mine on February 28, 2025. CC&V generated $450.442 million of SSR Mining’s revenue from that date through December 31, 2025; permitting milestones could trigger up to $175 million in additional payments to Newmont.
Barrick Mining and SSR Mining both operate Nevada gold mines, so gold prices and mine operating costs matter to both. Barrick’s gold-mine cost results offer a comparison for SSR Mining’s Marigold operation, while Barrick’s copper business is a separate source of earnings.
IAMGold Corporation and SSR Mining both produce gold in Canada, tying their mine economics to gold prices and mining costs. Watch IAMGOLD’s Côté Gold and Westwood operations as Canadian comparisons for SSR Mining’s Seabee, rather than its Burkina Faso mine.
Agnico Eagle and SSR Mining both operate Canadian gold mines whose revenue responds to market gold prices. Agnico Eagle traditionally sells all its production at the current gold price rather than locking in prices for future production, making its gold sales a useful price-exposure comparison.
First Majestic Silver and SSR Mining both benefit from higher silver and gold prices because they mine and sell those metals. First Majestic’s silver sales offer a comparison for SSR Mining’s Puna output, though its First Mint also sells silver bars and rounds to shareholders and bullion customers.
Aris Mining and SSR Mining both sell unrefined gold bars, so gold prices and production costs drive both businesses. Aris earns most of its revenue by selling these bars to refiners, while SSR Mining’s North American gold mines sell theirs primarily to banks.
OR Royalties receives a share of proceeds from SSR Mining’s Seabee gold operation through a 3% net smelter return royalty. Its Seabee receipts therefore follow that mine’s gold production and prices, directly linking this revenue line to SSR Mining rather than just to the wider gold market.
Wheaton Precious Metals shares SSR Mining’s gold- and silver-price exposure, but buys metals from mines rather than producing them itself. It pays upfront and a fixed amount for each unit delivered under metal-purchase agreements, then sells the metals; watch its realized gold and silver selling prices when comparing SSR Mining’s metal revenue.
Royal Gold shares SSR Mining’s precious-metal price exposure, but earns mine revenue shares and buys contracted metal deliveries instead of operating mines. These royalty and stream interests generally do not require Royal Gold to pay mine operating costs, so its metal-linked revenue is a cleaner price comparison than its profits are for SSR Mining.
Franco-Nevada shares SSR Mining’s precious-metal price exposure through mine payments and metal deliveries, but largely avoids its operating-cost risk. In 2025, 91% of Franco-Nevada’s revenue came from production-based royalties and streams whose payments or deliveries were not adjusted for operators’ operating costs.
Triple Flag Precious Metals earns revenue from rights to mine payments and metal deliveries, while SSR Mining earns it by producing precious metals, giving both metal-price exposure. Triple Flag pays upfront and ongoing amounts for contracted metal deliveries; these streams and revenue-based royalties generally avoid direct mine operating costs, unlike profit-based royalties.
Agnico Eagle Mines Ltd. earningsAEM
Agnico Eagle's report gives SSR Mining a check on the price gold producers are actually receiving for the ounces they sell.
Compare Agnico Eagle's realized gold price per ounce, not its profit: the two companies have different mine output and costs. A higher realized price would support the price side of SSR Mining's gold revenue; a flat or lower price would leave SSR Mining needing more gold ounces sold or stronger prices for other metals to lift revenue.
Fed Interest Rate Decision
The Fed’s decision tracks the benchmark rate that influences borrowing costs, which can affect what SSR Mining pays to refinance the $230 million of 2019 Notes due in 2026 or to borrow under its credit facility.
Expected4.0%Last release4.0%
If it comes in above expectations
For SSR Mining, a higher-than-expected rate could make refinancing the notes or borrowing under the facility more expensive, adding pressure to funding and the facility’s interest-coverage and leverage tests.
If it comes in below expectations
For SSR Mining, a lower-than-expected rate could make refinancing the notes or borrowing under the facility cheaper, easing funding pressure and the burden of the facility’s interest-coverage and leverage tests.
SSR Mining Inc. earningsThis company
SSR Mining's report will show whether the prices it receives for gold and silver, together with the amounts it sells, translate into mine operating income after costs.
Read average realized gold and silver prices and ounces sold alongside operating income from the mines. If prices and sales rise and mine operating income rises too, SSR Mining is converting stronger sales into profit; if prices rise but sales or mine operating income fall, lower output or higher costs are offsetting the benefit.
Pan American Silver Corp. earningsPAAS
Pan American Silver's report gives SSR Mining a comparison for silver prices and sales, a metal that made up 24% of SSR Mining's 2025 revenue.
Separate Pan American Silver's realized silver price from the ounces it sells. A higher price supports the price side of SSR Mining's silver revenue; if the price falls, SSR Mining would need more ounces sold to make up the difference. Pan American's output and mine costs differ, so its profit is not a direct measure of SSR Mining's silver business.
Fortuna Mining Corp. earningsFSM
Fortuna Mining's Lindero mine offers SSR Mining a limited read on Argentine operating conditions relevant to Puna, not proof of Puna's own performance.
Watch whether Fortuna Mining's Lindero mine operates smoothly and keeps costs controlled. Smooth production and controlled costs are a supportive comparison for the Argentine setting around Puna; disruption or rising costs flag possible local pressure, but Lindero's results do not prove Puna is affected in the same way.
Barrick Mining Corporation earningsB
Barrick Mining's Nevada gold-mine costs give SSR Mining a regional operating-cost comparison for its Marigold mine.
Check whether Barrick's Nevada gold-mine costs are rising or staying controlled relative to gold prices; its overall profit also includes copper. Rising costs flag possible regional pressure on Marigold, while controlled costs are a more supportive comparison. Barrick's mines cannot establish what Marigold's own costs or profit did.
OR Royalties Inc. earningsOR
OR Royalties receives a 3% net smelter return royalty from SSR Mining's Seabee mine, so its report can show how the value of Seabee's gold sales is changing.
Look at OR Royalties' receipts from Seabee. Higher receipts mean more value is flowing from Seabee's gold sales, due to higher output, higher gold prices, or both; lower receipts mean less value is flowing to the royalty. The figure cannot separate price from production, but it is directly tied to the value of Seabee's sales.
