SSR Mining (NASDAQ: SSRM) posted its Q2 2025 results, with quarterly revenue surging 119% YoY to $405.5 million from Q2 2024’s $184.8 million, lifted by a 40% rise in gold equivalent ounces sold and a 40% jump in realized gold prices to $3,336 per ounce.
Cost of sales climbed 69% to $162.9 million, putting gross margin at 59%. Operating income expanded ten-fold to $108.9 million, while net income rose to $90.1 million (or $0.42 per diluted share) from $9.7 million (or $0.05 per share) a year earlier.
Adjusted net income soared to $110.1 million, or $0.51 EPS, versus $7.5 million, or $0.04 EPS, a year ago.
Operating cash flow swung to $157.8 million from a $78.1 million outflow in Q2 2024. Free cash flow improved to $98.4 million, versus a $116.3 million deficit last year, even after $59.5 million in sustaining capex.
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Cash and equivalents increased 6% from the end of 2024 to $412.1 million, while total liquidity reached $912.1 million. Total liabilities, however, jumped 38% year-to-date to $1.71 billion, driven by higher reclamation provisions and working-capital accruals.
Despite record revenue, cash cost per gold equivalent ounce also rose 8% to $1,282, and cost of sales per ounce edged up 3% to $1,396. AISC fell 2% to $2,068 per ounce but remain above the peer average and near the top of 2025 guidance. Excluding Çöpler care-and-maintenance, AISC was $1,858 per ounce.
Gold equivalent output leapt 58% to 120,191 ounces, aided by CC&V’s first full-quarter contribution of 44,062 ounces at AISC of $1,339 per ounce. Group gold production was 90,966 ounces, up 114% from a year ago, while silver output inched up 4% to 2.85 million ounces.
Çöpler remains on care-and-maintenance; reclamation and remediation estimates rose $12.9 million to a midpoint above US$300 million. Management “is not able to predict when operations will resume.”
The company reaffirmed 2025 guidance of 410,000-480,000 gold equivalent ounces production at AISC of $2,090-$2,150 per ounce inclusive of Çöpler costs.
SSR Mining last traded at $20.60 on the TSX.
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