SSR Mining (TSX: SSRM) opened 2026 with a sizeable bump in earnings, riding stronger metals prices and a leaner Americas-focused footprint following the announced divestment of its Çöpler operation in Türkiye.
The miner reported first quarter net income from continuing operations of $252.5 million attributable to shareholders, or $1.16 per diluted share, nearly a threefold increase from $85.7 million, or $0.40 per diluted share, a year earlier. Adjusted net income from continuing operations came in at $250.1 million, or $1.15 per diluted share, against $88.5 million, or $0.41, in the same quarter of 2025.
Revenue from continuing operations climbed to $581.8 million from $316.6 million, helped by an average realized gold price of $4,770 per ounce and a realized silver price of $91.79 per ounce.
Operating cash flow from continuing operations totaled $299.6 million, with free cash flow of $210.8 million. Both figures comfortably outpace the $172.1 million in operating cash flow and $106.4 million in free cash flow generated in the fourth quarter of 2025, when realized gold averaged $4,142 per ounce.
The balance sheet looks markedly different than it did three months ago. Cash and equivalents grew to $634.1 million from $524.8 million at year end, with total liquidity of $1.13 billion. Holders of the company’s $230 million convertible notes opted to convert into 13.1 million common shares during the quarter, leaving SSR with no significant long term debt. The company also wrapped up roughly $300 million in share buybacks shortly after quarter end, repurchasing 9.2 million shares.
On the production side, SSR turned out 109,914 gold equivalent ounces in the quarter, up from 103,805 a year earlier but down from 120,267 in the fourth quarter of 2025. Output included 82,314 ounces of gold and 1.74 million ounces of silver. Consolidated cash costs came in at $1,611 per payable ounce, with all in sustaining costs of $2,433 per ounce, both elevated from Q4 2025 figures of $1,524 and $2,250, respectively.
Performance varied considerably by site. Cripple Creek & Victor, acquired early last year, was the standout, producing 38,298 ounces at AISC of $1,658 per ounce and generating mine site free cash flow above $120 million. Marigold delivered 37,730 ounces at an AISC of $2,365, while Puna’s silver operation produced 1.7 million ounces at AISC of $23.14 per ounce. Seabee lagged at 6,286 ounces and AISC of $6,053 per ounce, reflecting winter road timing and a deliberate first half focus on underground development.
The defining strategic move of the quarter was the agreement to sell the company’s 80% stake in Çöpler to Cengiz Holding A.S. for $1.5 billion in cash, signed definitively on March 24. The asset is now reported as a discontinued operation and the deal is expected to close before the end of the third quarter. Çöpler had been on care and maintenance since the February 2024 heap leach incident.
Executive Chairman Rod Antal framed the transaction as a turning point, calling it a milestone that, paired with the CC&V acquisition, “re-establishes our Company as a leader in free cash flow generation.”
The future of the Hod Maden development project, where SSR spent $30.6 million in the quarter, remains under strategic review, with an update expected by the end of Q3.
Full year 2026 guidance remains unchanged at 450,000 to 535,000 gold equivalent ounces, with consolidated AISC of $2,360 to $2,440 per ounce inclusive of Çöpler care and maintenance.
SSR Mining last traded at $38.47 on the TSX.
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