SSR Mining (TSX: SSRM) is walking away from Türkiye for good, agreeing to sell its 20% stake and operatorship in the Hod Maden gold-copper development project to Lidya Mines in exchange for an uncapped 4.0% net smelter return royalty on the entire project.
The deal closes the book on a build out the company sunk roughly $243 million into, which includes upfront acquisition costs, earn-in payments, and capital spending to date. In return for that investment, SSR gets a royalty interest rather than cash in a structure management is framing as accretive for shareholders and a complement to an existing portfolio of NSRs spread across junior projects in the Americas.
Royal Gold, the other partner in joint-venture vehicle Artmin Madencilik, is restructuring alongside the deal. The royalty company is halving its direct equity in Artmin to 15% from 30% and picking up its own uncapped 2.5% NSR on the project. Royal Gold will also hold a fixed price call right to acquire 2.0% of SSR’s royalty for $160 million, exercisable for 12 months after commercial production is declared, plus a consent right on any sale of the SSR royalty before January 1, 2028 and a right of first refusal thereafter.
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Lidya Mines meanwhile will become the operator of the project moving forward.
Once the transaction closes, Lidya will hold 85% of Hod Maden, while Royal Gold retains the remaining 15%. SSR resigns as operator immediately and is released from future funding obligations, with the transaction completed on an as-is, where-is basis.
The exit caps a strategic refocus that has been moving quickly. In March, SSR struck a $1.5 billion all cash agreement to sell its 80% stake in the Çöpler mine, also in Türkiye, to Cengiz Holding.
Closing is expected in the third quarter of 2026, subject to regulatory approval.
SSR Mining last traded at $43.21 on the TSX.
Information for this story was found via Bloomberg, and the sources and companies mentioned. The author has no securities or affiliations related to the organizations discussed. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.
