SSR Mining Inc (SSRM, Financial) released its Q3 2023 earnings report on November 1, 2023. The company reported strong operating performance with a production of 192,195 gold equivalent ounces at a cost of sales of $1,095 per ounce and an All-In Sustaining Cost (AISC) of $1,289 per ounce. Year-to-date production is 495,668 gold equivalent ounces at a cost of sales of $1,173 per ounce and an AISC of $1,516 per ounce.
Financial Highlights
The company reported attributable net income in Q3 2023 of $15.2 million, or $0.07 per diluted share. Adjusted attributable net income was $53.0 million, or $0.26 per diluted share. For the nine months ended September 30, 2023, attributable net income was $119.8 million, or $0.57 per diluted share, and adjusted attributable net income was $149.4 million, or $0.70 per diluted share.
Operating cash flow for Q3 2023 was $135.3 million, or $142.4 million before working capital adjustments, and free cash flow was $87.8 million, or $94.9 million before working capital adjustments. As of September 30, 2023, SSR Mining had a total cash balance of $437.8 million.
Operational Highlights
SSR Mining reported strong quarterly operating performance. The company delivered Q3 2023 production of 192,195 gold equivalent ounces at a cost of sales of $1,095 per gold equivalent ounce and an AISC of $1,289 per gold equivalent ounce. Year-to-date production is 495,668 gold equivalent ounces at a cost of sales of $1,173 per gold equivalent ounce and an AISC of $1,516 per gold equivalent ounce.
The company accessed first ore from the Çakmaktepe Extension project during the third quarter, with the first production delivered in late September in line with guidance. Exploration continues with the aim to expand mineral reserves and resources.
Future Outlook
SSR Mining is currently reviewing its forward-looking production profile ahead of 2024 and multi-year guidance that will be announced in the first quarter of 2024. A number of low capital intensity, high-return organic growth projects, including Hod Maden, the Red Dot deposit at Marigold and the grind and leach circuit for Çakmaktepe Extension, are expected to drive future production growth.
SSR Mining's significant investment in exploration activities across its operations has continued to yield success indicating potential for Mineral Reserve and Mineral Resource growth across the portfolio. The company is excited by the high-return growth opportunities on the horizon as it continues to expand both the production levels and net asset value of its portfolio.
Explore the complete 8-K earnings release (here) from SSR Mining Inc for further details.
