SSR Mining (TSX: SSRM) released its fourth quarter and full-year 2024 results, reporting a steep year-over-year decline in revenue at $995.6 million compared to $1.43 billion in 2023. This decline was pronounced in the fourth quarter, where revenue fell to $323.2 million from $425.9 million in the same period a year ago.
Operating income swung to $34.4 million in the fourth quarter of 2024 from an operating loss of $297.6 million in the comparable period of 2023, with the comparable period having been subject to a large impairment charge. For the full year, however, the company still recorded an operating loss of $322.3 million, a deeper loss than the $130.2 million reported in 2023 due to heightened remediation and care and maintenance costs related to the Çöpler incident.
Net income at the end of the quarter was $5.6 million (or $0.03 per diluted share), a jump from a net loss of $217.8 million in Q4 2023. Full-year 2024 posted a net loss of $261.3 million, compared to a $98.0 million net loss in 2023.
On an adjusted basis, net income for the quarter rose to $21.3 million from $127.1 million loss in the prior-year quarter. Full-year adjusted net income was $57.6 million, down from $276.5 million the previous year.
Cash flow from operating activities came in at $40.1 million for the full year 2024, a steep drop from the $421.7 million generated in 2023. While SSR Mining generated $95.0 million in operating cash flow during the fourth quarter of 2024, the overall annual result was adversely impacted by significant expenditures on reclamation, remediation, and ongoing care and maintenance at Çöpler. Those remediation and care costs totaled $108.7 million for the year, with an additional $127.6 million spent specifically on reclamation and remediation at Çöpler.
Fourth-quarter free cash flow stood at $56.4 million, though the company finished the full year with negative free cash flow of $103.4 million.
As of year-end, SSR Mining reported $387.9 million in cash and cash equivalents, down from $492.4 million at the end of 2023. This brings total current assets at $1.03 billion while current liabilities end at $218.9 million.
The firm produced 399,267 gold equivalent ounces in 2024, down from 706,894 gold equivalent ounces in 2023. The drop primarily reflects the suspension of operations at Çöpler in early 2024. Across the portfolio, Marigold, Seabee, and Puna collectively contributed 371,061 gold equivalent ounces at an average cost of sales of $1,317 per payable ounce and AISC of $1,542 per payable ounce.
The slip on the heap leach pad at Çöpler in Türkiye last year led to nine employee fatalities and a halt to operations at the mine. SSR Mining has since cooperated with Turkish authorities in the cleanup of the displaced heap leach material and is in the process of permanently closing the existing heap leach facility.
Looking ahead, SSR Mining hopes to restart the sulfide plant upon receiving all regulatory approvals, though a timeline remains uncertain. The company continues to bear substantial reclamation and remediation costs, which are forecast at $250 million to $300 million from April 1, 2024 onward.
Year-end 2024 totals show proven and probable gold equivalent mineral reserves increasing 3% year-over-year to 8.0 million ounces, excluding the Hod Maden project in Türkiye and the newly announced Cripple Creek & Victor acquisition. This uptick was driven mainly by the declaration of 523,000 ounces of gold in new mineral reserves at Marigold’s Buffalo Valley. Meanwhile, measured and indicated gold equivalent mineral resources declined by 1% to 5.2 million ounces, reflecting depletion from active mining and the removal of the Çöpler heap leach.
SSR Mining last traded at $13.27 on the TSX.
Information for this briefing was found via Sedar and the sources mentioned. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.
