SSR Mining Inc.

SSR Mining Inc. is a mid-tier gold producer headquartered in Denver, United States, operating primarily in USA. The company's portfolio consists of 7 projects, comprising 4 operating mines, 1 development, 1 advanced exploration, and 1 suspended project. Key assets include Marigold, Puna, and Çöpler. The business model integrates the operation, acquisition, exploration, and development of resource properties. The organization utilizes a diverse range of processing capabilities, including pressure oxidation, flotation, and carbon-in-leach circuits, to produce both doré and concentrates. This dual-product approach allows for sales to a varied customer base, including banks, smelters, and traders, under both spot and long-term contractual arrangements. A significant portion of mining and construction activities are conducted by third-party contractors, managed by the company's technical and planning teams. The enterprise is capital-intensive, requiring ongoing investment for the replacement, modernization, and expansion of equipment and facilities. A key operational risk identified was a flaw in a third-party engineered design for a heap leach facility, which was determined to be the likely cause of a significant operational incident. The company maintains insurance policies against property loss and business interruption, though coverage contains exclusions and limitations, particularly for environmental liability and political risk.

Strategic focus centers on replacing depleted mineral reserves to maintain long-term production levels through a combination of expanding known ore bodies, discovering new deposits, and executing strategic acquisitions. The enterprise actively evaluates and pursues new operating, development, and exploration opportunities, as demonstrated by a 2024 agreement to acquire a new producing asset and the 2023 acquisition of an interest in a development project. This growth strategy is balanced with portfolio optimization through the divestiture of non-core assets, such as the 2024 sale of a project in Peru and the 2022 sale of a project in Mexico. Capital allocation priorities have historically included shareholder returns through dividends and share repurchase programs, although these were suspended in 2024 following a major operational incident to preserve capital for remediation activities and operational needs. The long-term approach involves substantial expenditures to establish reserves and construct mining and processing facilities, with a reliance on generating sufficient operating cash flows and securing external financing when necessary.

Governance oversight is provided by a Board of Directors that has established a Technical, Safety and Sustainability Committee responsible for reviewing and monitoring performance in safety, health, environment, and community relations. The Board is committed to diversity, with over 44% of independent members self-identifying as diverse, and participates in initiatives like the Catalyst Accord 2022 and the 30% Club Canada. Cybersecurity governance is structured with a Director of Cybersecurity, who holds multiple industry certifications including CISSP and CISA, leading day-to-day operations. A cross-functional management Cybersecurity Committee meets quarterly to address strategic objectives, and the Board receives cybersecurity updates at least twice per year. A formal policy is in place to manage potential conflicts of interest, requiring directors and officers who serve on other corporate boards to disclose such conflicts and act in the best interests of the company.

The organization's approach to sustainability is guided by an Environmental & Sustainability Policy and detailed in a publicly available ESG and Sustainability Report. A key governance component is the Board's Technical, Safety and Sustainability Committee, which monitors performance and reviews significant incidents. Community engagement is structured around a shared-value model promoting long-term economic and social benefits through investments in local training, employment, infrastructure, and educational and medical services. The company has adopted a formal Human Rights Policy aligned with United Nations and OECD guidelines, as well as a Diversity Policy to support an inclusive workforce. Safety management is built on a framework emphasizing risk-centered systems, proactive leadership, and a culture of safety awareness. The enterprise is subject to extensive environmental laws requiring governmental permits and financial assurances, such as bonding, to cover reclamation and closure obligations for land disturbed by mining operations.

In 2024, the company entered into an agreement to acquire the Cripple Creek & Victor Gold Mine from Newmont Corporation and completed the sale of its San Luis project to Highlander Silver Corp. In 2023, the enterprise acquired a 10% interest and operational control of Artmin Madencilik Sanayi Ve Ticaret A.Ş, owner of the Hod Maden project, from Lidya Madencilik Sanayi ve Ticaret A.Ş. This followed the 2022 acquisition of an additional 30% ownership in Kartaltepe Madencilik Sanayi ve Ticaret Anonim Şirketi from Lidya Mines, increasing its stake to 80%. The company also acquired Taiga Gold Corp. in 2022 and divested its Pitarrilla project to Endeavour Silver Corp. that same year. Key operational assets are held through joint ventures and subsidiaries, including an 80% controlling interest in Anagold Madencilik Sanayi ve Ticaret Anonim Şirketi and Kartaltepe, with Lidya Madencilik Sanayi ve Ticaret A.Ş. holding the remaining interest. The arrangement for Artmin involves partners Lidya Mines and Horizon Copper Corp. Other operationally significant subsidiaries include Marigold Mining Company and SGO Mining Inc.