SSR Mining Inc | research notes

SSR Mining Inc: A Leader in Precious Metals Production

Introduction

SSR Mining Inc. (TSX: SSRM) is a Canadian-based mining company that specializes in the production of gold and silver. Headquartered in Vancouver, British Columbia, SSR Mining has a diversified portfolio of operations spanning four continents, including Canada, the United States, Mexico, and Argentina.

History

SSR Mining was founded in 2016 through the merger of Silver Standard Resources Inc. and SSR Mining Inc. The company has a rich history dating back to the early 20th century, with its roots in the silver mining industry.

Operations

SSR Mining operates five producing mines:

• San Juan Mine (Argentina): A low-grade gold-silver mine that is one of the largest in South America.
• Seabee Gold Operation (Canada): A high-grade gold mine located in northern Saskatchewan.
• Pitarrilla Mine (Mexico): A silver-gold mine with significant reserves and exploration potential.
• Marigold Mine (Nevada, USA): A gold mine that has been in operation for over 20 years.
• Kirkland Lake Gold Mine (Ontario, Canada): A high-grade gold mine that is currently undergoing a major expansion.

In addition to its producing mines, SSR Mining also has a number of exploration projects in various stages of development.

Financial Performance

SSR Mining has a strong financial track record, with consistent revenue and earnings growth over the past several years. In 2022, the company reported revenue of $1.19 billion and net income of $238.6 million.

Sustainability and ESG

SSR Mining is committed to responsible mining practices and environmental sustainability. The company has implemented a comprehensive ESG program that focuses on reducing its environmental footprint, promoting social responsibility, and ensuring the safety and well-being of its employees.

Leadership and Management

SSR Mining is led by an experienced and respected team of executives, including:

• Paul Benson: President and CEO
• Christopher Hill: Executive Vice President and COO
• Keith Neumeyer: Senior Vice President, Finance and CFO

Market Presence

SSR Mining is a publicly traded company that is listed on the Toronto Stock Exchange (TSX). The company has a market capitalization of approximately $3.5 billion.

Conclusion

SSR Mining Inc. is a leading precious metals producer with a strong track record of success. The company's diversified operations, financial strength, and commitment to sustainability make it a compelling investment option for investors seeking exposure to the gold and silver markets.

SSR Mining Inc. Business Model

SSR Mining Inc. is a gold mining company that operates in Canada, the United States, Turkey, and Argentina. The company uses a traditional mining model, which involves exploring for mineral deposits, developing and operating mines, and processing and selling the minerals produced.

Advantages to Competitors

SSR Mining Inc. has several advantages over its competitors, including:

• Diversified portfolio of assets: The company has a diversified portfolio of gold mines in various jurisdictions, which helps to reduce risk and improve profitability.
• Low-cost producer: SSR Mining Inc. is a low-cost producer of gold, with a focus on maximizing production efficiency.
• Strong balance sheet: The company has a strong balance sheet, with a low debt-to-equity ratio. This allows the company to invest in growth opportunities and weather economic downturns.
• Experienced management team: The company's management team has a long history of experience in the mining industry. This experience allows the company to make sound decisions and execute its growth plans effectively.
• Commitment to sustainability: SSR Mining Inc. is committed to sustainability, and it operates its mines in a responsible manner. This commitment helps to reduce the company's environmental impact and build relationships with local communities.

These advantages give SSR Mining Inc. a competitive edge in the gold mining industry. The company is well-positioned to continue growing its production and profitability in the years to come.

Company Overview

SSR Mining Inc. is a Canadian-based precious metals mining company focused on the production, acquisition, and development of gold and silver properties. The company's operations are primarily located in the Americas, with mines in Argentina, Bolivia, Canada, the United States, and Mexico.

Outlook

SSR Mining's outlook remains positive due to several key factors:

1. Strong Financial Performance:

• The company reported record revenue and earnings in 2022.
• Strong cash flows have allowed for a reduction in debt and an increase in shareholder returns.

2. Growing Production:

• SSR Mining has increased its gold and silver production over the past few years.
• The company has a robust pipeline of development projects, including the Seabee Gold Project in Canada and the Chinchillas Silver Project in Argentina.

3. Favorable Commodity Prices:

• Gold and silver prices have generally been trending higher in recent years.
• This provides a supportive environment for mining companies.

4. Strong Management Team:

• SSR Mining has a seasoned management team with extensive industry experience.
• The team has a proven track record of operational excellence and value creation.

5. ESG Commitment:

• SSR Mining is committed to environmental, social, and governance (ESG) principles.
• The company has a strong focus on sustainability and responsible mining practices.

Risks and Challenges

Despite the positive outlook, SSR Mining faces a number of risks and challenges:

1. Commodity Price Volatility:

• Gold and silver prices can be volatile, which can impact the company's financial performance.

2. Operational Issues:

• Mining operations can be subject to geological, technical, and weather-related challenges.
• Unforeseen events can disrupt production and increase costs.

3. Political and Regulatory Risks:

• SSR Mining operates in various jurisdictions with different political and regulatory environments.
• Changes in government policies or regulations can affect the company's operations.

4. Financing Risks:

• The company's development projects require significant capital investment.
• Adverse market conditions or other factors could limit access to financing.

Valuation

SSR Mining's valuation is supported by several factors, including:

• Strong financial performance
• Growing production
• Favorable commodity prices
• Robust development pipeline
• Strong management team

Analysts generally assign a "buy" or "hold" rating to SSR Mining, with a consensus price target in the range of $10-$12 per share.

Conclusion

SSR Mining Inc. presents a compelling investment opportunity due to its strong financial performance, growing production, favorable commodity prices, and experienced management team. However, investors should be aware of the potential risks and challenges associated with the mining industry before making an investment decision.

Similar Companies to SSR Mining Inc. that Customers May Also Like:

1. Barrick Gold Corporation (ABX)

• Homepage: https://www.barrick.com/
• Review: Barrick Gold is a leading gold and copper mining company with operations in 13 countries. Customers appreciate its strong financial stability, large gold reserves, and commitment to sustainability.

2. Newmont Corporation (NEM)

• Homepage: https://www.newmont.com/
• Review: Newmont is the world's largest gold producer, with mines in the United States, Canada, Mexico, Peru, and Ghana. Customers value its low-cost production, operational efficiency, and focus on social and environmental responsibility.

3. Agnico Eagle Mines Limited (AEM)

• Homepage: https://www.agnicoeagle.com/
• Review: Agnico Eagle is a gold mining company with mines primarily in Canada, Mexico, and Finland. Customers appreciate its high-margin gold production, strong cash flow generation, and commitment to environmental stewardship.

4. Kinross Gold Corporation (KGC)

• Homepage: https://www.kinross.com/
• Review: Kinross is a gold mining company with operations in the United States, Canada, Russia, and Chile. Customers like its diverse portfolio, focus on low-cost production, and strong exploration pipeline.

5. Franco-Nevada Corporation (FNV)

• Homepage: https://www.franco-nevada.com/
• Review: Franco-Nevada is a gold royalty and streaming company that provides financing to mining companies. Customers appreciate its stable cash flows, high margins, and low-risk business model.

6. Wheaton Precious Metals (WPM)

• Homepage: https://www.wheatonpm.com/
• Review: Wheaton is a silver and gold streaming company that provides financing to mining companies. Customers like its high-yielding dividend, strong financial performance, and exposure to precious metals.

7. B2Gold Corporation (BTG)

• Homepage: https://www.b2gold.com/
• Review: B2Gold is a gold mining company with operations in Namibia, Mali, and the Philippines. Customers value its high-quality assets, strong cash flow generation, and focus on social and environmental responsibility.

SSR Mining Inc. History

1981:

• Founded as Silver Standard Mines Inc. by Robert Quartermain and George Young.
• Acquired the San Rafael mine in Bolivia, their first operating mine.

1980s-1990s:

• Continued to expand operations in Bolivia, Argentina, and Peru.
• Acquired several gold and silver mines, including the La Colorada mine in Peru and the Lomero-Pigocho mine in Argentina.

2000s:

• Changed its name to Silver Standard Resources Inc.
• Expanded exploration and development activities in North America, Australia, and Turkey.
• Acquired the Copler gold project in Turkey and the Phoenix gold project in Nevada.

2010s:

• Acquired the Pitarrilla silver-gold mine in Mexico from First Majestic Silver Corp.
• Merged with Claude Resources and Caribou Silver Mines in 2015, forming SSR Mining Inc.
• Acquired the Marigold gold mine in Nevada and the Seabee gold project in Saskatchewan in 2016.

2020-Present:

• Acquired the Chinchillas silver project in Argentina in 2020.
• Completed a significant expansion at the Pitarrilla mine.
• Announced plans for a new mine development at the Seabee Gold Project.

Key Milestones:

• 1981: First operating mine in Bolivia (San Rafael)
• 1990: First gold mine acquisition (La Colorada)
• 2002: Name change to Silver Standard Resources Inc.
• 2015: Merger with Claude Resources and Caribou Silver Mines
• 2020: Acquisition of Chinchillas silver project
• 2022: Completion of Pitarrilla mine expansion

Present Operations:

• Six operating mines:

  • San Rafael (Bolivia)
  • Chinchillas (Argentina)
  • La Colorada (Peru)
  • Pitarrilla (Mexico)
  • Seabee (Canada)
  • Marigold (United States)

• Flagship operations at the Pitarrilla silver-gold mine and the Seabee gold project

• Focus on mid-tier gold and silver operations with a portfolio of low-cost, long-life mines

2023

• January 25: SSR Mining announces the acquisition of Alacer Gold for approximately C$2.4 billion.

2022

• December 20: SSR Mining releases its Q4 2022 financial results, reporting record production and revenue for the year.
• November 10: SSR Mining completes the sale of its Seabee Gold Operation to Hudbay Minerals for approximately C$130 million.
• April 28: SSR Mining announces a significant increase in its mineral reserves and resources at its Puna Operations.

2021

• December 16: SSR Mining releases its Q4 2021 financial results, reporting strong production and financial performance for the year.
• October 28: SSR Mining acquires 100% of the Turkish gold producer, Alacer Gold, for approximately C$1.2 billion.
• September 9: SSR Mining announces a major expansion of its Çöpler Gold Mine in Turkey, with the potential to add over 1 million ounces of gold to its mineral reserves.
• June 24: SSR Mining completes the sale of its non-core assets in the United States for approximately C$100 million.

SSR Mining: A Shining Star in Responsible Resource Extraction

As a proud customer of SSR Mining Inc., I am delighted to share my glowing review of this exceptional company.

Commitment to Sustainability

SSR Mining stands out for its unparalleled commitment to environmental stewardship and social responsibility. The company has implemented rigorous practices to minimize its ecological footprint and positively impact host communities. Their adherence to industry-leading sustainability standards has earned them recognition and accolades from respected organizations.

Operational Excellence

SSR Mining boasts operational excellence in every aspect of its business. Its highly skilled workforce, advanced technologies, and rigorous safety protocols ensure the highest standards of efficiency, productivity, and safety. The company's mines consistently exceed industry benchmarks, delivering exceptional results.

Exceptional Leadership

SSR Mining's leadership team is dedicated to long-term value creation for shareholders, employees, and the communities they serve. Their vision and strategic planning have positioned the company as a global leader in the mining industry. The executive team is approachable, responsive, and committed to open communication with all stakeholders.

Employee Engagement

SSR Mining values and invests in its employees. The company provides competitive benefits, fosters a supportive work environment, and offers opportunities for professional growth. This dedication to employee satisfaction results in a highly motivated and engaged workforce that delivers exceptional results.

Community Involvement

SSR Mining is a true partner to the communities it operates in. The company actively supports local initiatives, invests in education and infrastructure, and engages with residents to build lasting relationships. Their commitment to community development extends far beyond simply paying taxes, making a tangible difference in people's lives.

Financial Performance

In addition to its ESG credentials, SSR Mining is also a financial powerhouse. The company has consistently generated strong cash flows, reported significant earnings growth, and rewarded shareholders with generous dividends. Their prudent financial management and long-term planning ensure financial stability and investor confidence.

Conclusion

For investors seeking a responsible and profitable investment, SSR Mining Inc. is an exceptional choice. Their unwavering commitment to sustainability, operational excellence, and community engagement makes them a true leader in the mining industry. As a satisfied customer, I highly recommend SSR Mining for anyone seeking a company that balances ethics, growth, and shareholder value.

Unlock the World of Mining with SSR Mining Inc.

Are you looking for a reliable and innovative mining company to invest in? SSR Mining Inc. is your one-stop solution.

About SSR Mining Inc.

SSR Mining Inc. is a leading gold and silver producer with operations across the globe. Our commitment to sustainability, operational excellence, and exploration drives our success.

Our Operations

We have a diverse portfolio of producing mines and exploration projects in North and South America, as well as Turkey. Our mines include:

• Marigold Mine (Nevada, USA)
• Seabee Mine (Saskatchewan, Canada)
• Pirquitas Mine (Jujuy, Argentina)
• Çöpler Mine (Turkey)

Our Commitment to Sustainability

We recognize the importance of responsible mining practices. Our approach emphasizes:

• Environmental stewardship
• Community engagement
• Social responsibility

We strive to minimize our environmental impact while maximizing our positive contributions to the local communities where we operate.

Why Choose SSR Mining Inc.?

• Proven Track Record: We have a long-standing history of successful mining operations, with a portfolio of high-quality assets.
• Strong Financial Position: Our solid financial foundation ensures stability and provides the resources for future growth.
• Innovative Exploration: We invest heavily in exploration to identify and develop new mines, ensuring a sustainable pipeline of ore reserves.
• Commitment to Shareholders: We are dedicated to maximizing value for our shareholders through dividends, share buybacks, and strategic investments.

Join us on Our Website

Learn more about SSR Mining Inc., our operations, and our commitment to sustainability by visiting our website at: https://www.ssrmining.com/

Embark on Your Mining Adventure with SSR Mining Inc. Today!

Invest in the future of mining with a company that prioritizes excellence, innovation, and social responsibility. Our team of experts is here to guide you through your investment journey.

Visit our website to unlock the world of mining and secure a brighter financial future.

Main Suppliers & Upstream Service Providers of SSR Mining Inc.

1. Agnico Eagle Mines Limited

• Website: https://www.agnicoeagle.com/
• Provides SSR Mining with mining and processing services at the Pitarrilla operation in Mexico.

2. Barrick Gold Corporation

• Website: https://www.barrick.com/
• Supplies SSR Mining with mining services at the San Juan Mine in Argentina.

3. Caterpillar Inc.

• Website: https://www.caterpillar.com/
• Provides SSR Mining with heavy equipment and mining machinery.

4. Cummins Inc.

• Website: https://www.cummins.com/
• Supplies SSR Mining with engines and power generation equipment.

5. Edenor S.A.

• Website: https://www.edenor.com.ar/
• Provides SSR Mining with electricity and power distribution services at the Puna Operations in Argentina.

6. Epiroc AB

• Website: https://www.epiroc.com/
• Supplies SSR Mining with drilling and blasting equipment and services.

7. Fluor Corporation

• Website: https://www.fluor.com/
• Provides SSR Mining with engineering, procurement, and construction (EPC) services for mining projects.

8. Freeport-McMoRan Inc.

• Website: https://www.fcx.com/
• Supplies SSR Mining with copper concentrate for the Seabee Mine in Canada.

9. Hatch Ltd.

• Website: https://www.hatch.com/
• Provides SSR Mining with engineering and project management services.

10. Komatsu Ltd.

• Website: https://www.komatsu.com/
• Supplies SSR Mining with mining equipment and machinery.

11. Newmont Corporation

• Website: https://www.newmont.com/
• Provides SSR Mining with mining services at the Marigold Mine in Nevada, USA.

12. Outotec Oyj

• Website: https://www.outotec.com/
• Supplies SSR Mining with mineral processing equipment and technology.

13. Sandvik AB

• Website: https://www.sandvik.com/
• Supplies SSR Mining with drilling and blasting equipment and services.

14. Teck Resources Limited

• Website: https://www.teck.com/
• Supplies SSR Mining with zinc concentrate for the Puna Operations in Argentina.

15. Vale S.A.

• Website: https://www.vale.com/
• Supplies SSR Mining with nickel concentrate for the Nickel Rim South and Dumont operations in Canada.

Main Customers of SSR Mining Inc.

SSR Mining Inc. is a Canadian-based precious metals mining company with operations in Canada, the United States, Mexico, Peru, and Argentina. The company produces gold, silver, lead, and zinc, and its primary customers are downstream companies that use these metals in their products.

1. Gold Refineries

• Name: Valcambi SA
• Website: https://www.valcambi.com/

Valcambi is a Swiss-based precious metals refinery that is a major customer of SSR Mining Inc. The company purchases gold from SSR Mining Inc. and refines it into various forms, including bars, coins, and jewelry.

2. Silver Refineries

• Name: Heraeus Precious Metals North America
• Website: https://www.heraeus-precious-metals.com/na/

Heraeus Precious Metals North America is a United States-based precious metals refiner that is a major customer of SSR Mining Inc. The company purchases silver from SSR Mining Inc. and refines it into various forms, including bars, coins, and jewelry.

3. Lead Refineries

• Name: Glencore International AG
• Website: https://www.glencore.com/

Glencore International AG is a Swiss-based multinational commodity trading and mining company that is a major customer of SSR Mining Inc. The company purchases lead from SSR Mining Inc. and refines it into various forms, including ingots, sheets, and pipes.

4. Zinc Refineries

• Name: Nyrstar NV
• Website: https://www.nyrstar.com/

Nyrstar NV is a Belgian-based multinational zinc producer that is a major customer of SSR Mining Inc. The company purchases zinc from SSR Mining Inc. and refines it into various forms, including ingots, sheets, and wire.

5. Jewelry Manufacturers

• Name: Tiffany & Co.
• Website: https://www.tiffany.com/

Tiffany & Co. is a United States-based luxury jewelry manufacturer that is a major customer of SSR Mining Inc. The company purchases gold and silver from SSR Mining Inc. and uses them to create a variety of jewelry products, including rings, necklaces, and earrings.

6. Industrial Metal Fabricators

• Name: Alcoa Corporation
• Website: https://www.alcoa.com/

Alcoa Corporation is a United States-based aluminum producer that is a major customer of SSR Mining Inc. The company purchases lead and zinc from SSR Mining Inc. and uses them to create a variety of industrial metal products, including sheet metal, extrusions, and castings.

These are just a few of the many downstream companies that are major customers of SSR Mining Inc. The company's products are used in a wide variety of industries, including jewelry, electronics, automotive, and construction.

Key Revenue Streams of SSR Mining Inc.

SSR Mining Inc. generates revenue through the following key revenue streams:

1. Gold Sales

• Estimated Annual Revenue: $1.4 - $1.7 billion

Gold sales account for the majority of SSR Mining's revenue. The company operates gold mines in Canada, the United States, Turkey, and Argentina.

2. Silver Sales

• Estimated Annual Revenue: $150 - $200 million

Silver sales are a significant contributor to SSR Mining's revenue. The company operates silver mines in Canada, Mexico, and Argentina.

3. Zinc Sales

• Estimated Annual Revenue: $100 - $150 million

Zinc sales are a growing revenue stream for SSR Mining. The company operates zinc mines in Turkey and Argentina.

4. Lead Sales

• Estimated Annual Revenue: $50 - $75 million

Lead sales are a smaller but still meaningful contributor to SSR Mining's revenue. The company operates lead mines in Canada and Mexico.

5. Other Sales and Services

• Estimated Annual Revenue: $20 - $30 million

SSR Mining also generates revenue from other sales and services, such as the sale of byproducts and materials, and exploration services.

Overall, SSR Mining Inc. generates estimated annual revenue of around $1.7 - $2.1 billion.

Note: Estimated annual revenues are based on company filings and industry analysis. Actual revenue may vary.

SSR Mining Inc.'s Key Partners:

Suppliers

• ABB: Provides electrical equipment and automation solutions. (Website: https://new.abb.com/)
• Caterpillar: Supplies mining equipment, including excavators, dump trucks, and graders. (Website: https://www.caterpillar.com/)
• Komatsu: Another major supplier of mining equipment, including excavators, dump trucks, and bulldozers. (Website: https://www.komatsu.com/)
• Metso Outotec: Provides crushing, grinding, and flotation equipment for mineral processing. (Website: https://www.mogroup.com/)
• Siemens: Supplies automation and electrical systems for mining operations. (Website: https://www.siemens.com/)

Contractors

• Fluor: A global engineering, procurement, and construction company with expertise in mining infrastructure. (Website: https://www.fluor.com/)
• Hatch: Provides engineering, construction, and project management services for mining operations. (Website: https://www.hatch.com/)
• Jacobs: Another engineering and construction firm with experience in mining projects. (Website: https://www.jacobs.com/)
• Outokumpu Technology: Supplies technology and equipment for mineral processing. (Website: https://www.outokumputechnology.com/)
• Sandvik: Provides mining equipment, including drilling rigs, rock tools, and conveyor systems. (Website: https://www.sandvik.com/)

Joint Venture Partners

• Alamos Gold Inc.: Joint venture partner in the Cerro de Oro project in Mexico. (Website: https://www.alamosgold.com/)
• Coeur Mining, Inc.: Joint venture partner in the Crown Jewel joint venture in Nevada, USA. (Website: https://www.coeur.com/)
• Primero Mining Corp.: Joint venture partner in the San Dimas project in Mexico. (Website: https://www.primeromining.com/)
• Yamana Gold Inc.: Joint venture partner in the Çöpler Gold Mine in Turkey. (Website: https://www.yamana.com/)

Customers

• Major gold refiners:
  • Argor-Heraeus
  • Asahi Refining
  • Valcambi
• Jewelry manufacturers
• Industrial users of gold

Other Key Partners

• Communities: SSR Mining has established relationships with local communities around its mining operations.
• Government agencies: The company works closely with government agencies responsible for regulating mining activities.
• Non-governmental organizations (NGOs): SSR Mining collaborates with NGOs to support sustainable mining practices and address social and environmental issues.

SSR Mining Inc. Key Cost Structure

1. Mining Costs

• Stripping and mining: Involves removing overburden (non-ore-bearing material) and excavating ore from the mine. This is a significant cost component, estimated to account for approximately 35-45% of total operating costs.
• Processing: Ore is processed to extract the valuable minerals. This includes crushing, grinding, and extracting the targeted metals. Processing costs are typically 20-25% of total operating costs.
• General and administrative (G&A): Expenses related to mine management, administration, and support functions. G&A costs are estimated to be around 10-15% of total operating costs.
• Exploration and development: Costs associated with exploring new ore deposits and developing existing mines. This can be a variable cost, depending on the stage of the project. Exploration and development costs can range from 5-10% of total operating costs.
• Depreciation and amortization: Non-cash expenses related to the wear and tear of mining equipment and facilities over time. Depreciation and amortization costs are typically 5-10% of total operating costs.
• Royalties and other payments: Payments made to landowners or governments for the right to mine on their land. These costs can vary depending on the location and terms of the agreements. Royalties and other payments can be 5-10% of total operating costs.

2. Fixed Costs

• Infrastructure: Building and maintaining mine infrastructure, such as roads, buildings, and power lines.
• Equipment: Acquiring and maintaining mining equipment, including excavators, trucks, and processing machinery.
• Labor: Wages and benefits for employees involved in mining operations.

3. Other Costs

• Transportation: Costs associated with transporting ore to processing facilities or smelters.
• Taxes: Taxes paid to local, regional, and national governments.
• Insurance: Insurance premiums to cover risks associated with mining operations.

Estimated Annual Cost

The estimated annual cost structure of SSR Mining Inc. can vary depending on the size and complexity of its operations. Based on the 2021 annual report, the company's total cash operating costs were approximately $525 million, with the following breakdown:

• Mining costs: $381 million
• Processing costs: $114 million
• G&A expenses: $54 million
• Exploration and development: $21 million
• Depreciation and amortization: $20 million
• Royalties and other payments: $20 million

Note: These costs are estimates and may fluctuate depending on factors such as commodity prices, operating efficiencies, and changes in the mining industry.

SSR Mining Inc. is a Canadian precious metals mining company with operations in Canada, the United States, Argentina, and Peru. The company's primary products are gold and silver.

Sales Channels

SSR Mining Inc. sells its products through a variety of channels, including:

• Direct sales to customers: The company sells directly to customers through its own sales team.
• Sales through distributors: The company sells through a network of distributors in various countries.
• Sales through online platforms: The company sells some of its products through online platforms such as Amazon.com.

Estimated Annual Sales

SSR Mining Inc. reported total revenue of $2.3 billion for the year 2022. The company's revenue is primarily derived from the sale of gold and silver.

Geographic Breakdown of Sales

The following table shows the geographic breakdown of SSR Mining Inc.'s sales for the year 2022:

| Region | Revenue | |---|---| | Canada | $845 million | | United States | $650 million | | Argentina | $450 million | | Peru | $355 million |

Product Breakdown of Sales

The following table shows the product breakdown of SSR Mining Inc.'s sales for the year 2022:

| Product | Revenue | |---|---| | Gold | $1.8 billion | | Silver | $500 million |

Other Sales Channels

In addition to the sales channels listed above, SSR Mining Inc. also engages in the following activities:

• Hedging: The company uses hedging instruments to manage its exposure to price fluctuations in the gold and silver markets.
• Exploration and development: The company invests in exploration and development activities to identify and develop new mineral deposits.
• Acquisitions and divestments: The company may acquire or divest assets from time to time to optimize its portfolio.

SSR Mining Inc. Customer Segments

SSR Mining Inc. is a Canadian precious metals mining company that operates in the United States, Canada, Mexico, Peru, and Argentina. The company's customer segments are primarily comprised of:

1. Gold Buyers (Estimated Annual Sales: $850 million)

• Gold Spot Market: SSR Mining sells a significant portion of its gold production to the international spot market through wholesale brokers and refineries.
• Gold Futures Market: The company also participates in the gold futures market to hedge against price fluctuations and lock in future sales prices.
• Over-the-Counter (OTC) Sales: SSR Mining occasionally sells gold directly to end-users, such as jewelers and private investors, through OTC transactions.

2. Silver Buyers (Estimated Annual Sales: $300 million)

• Silver Spot Market: Similar to gold, SSR Mining sells silver to the international spot market to meet industrial and investment demand.
• Silver Futures Market: The company also hedges its silver production and locks in prices through the silver futures market.
• OTC Sales: SSR Mining sells a limited amount of silver directly to end-users through OTC transactions.

3. Base Metals Buyers (Estimated Annual Sales: $200 million)

• Copper, Lead, and Zinc: SSR Mining produces and sells a range of base metals as byproducts of its gold and silver mining operations.
• Base Metals Spot Market: The company sells these base metals to the international spot market for industrial use.
• OTC Sales: SSR Mining occasionally sells base metals directly to end-users through OTC transactions.

4. Other Customers

• Jewelry Manufacturers: SSR Mining sells a small amount of gold to jewelry manufacturers for use in crafting luxury goods.
• Private Investors: The company occasionally sells gold and silver bullion coins and bars to private investors for investment purposes.

Estimated Annual Sales

• Gold Buyers: $850 million
• Silver Buyers: $300 million
• Base Metals Buyers: $200 million
• Other Customers: $50 million (estimated)

Total Estimated Annual Sales: $1.4 billion

SSR Mining Inc. Value Proposition

Overview

SSR Mining Inc. (NYSE: SSRM) is a Canadian-based gold mining company with operations in the Americas, Africa, and Turkey. The company's value proposition revolves around the following key elements:

1. Diversified Production Base:

• SSR Mining has a geographically diverse portfolio of operating mines and development projects across multiple jurisdictions, including Argentina, Canada, Mexico, Peru, the United States, and Turkey.
• This diversification reduces the company's exposure to country-specific risks and provides stability to its operations and cash flow.

2. High-Quality Assets:

• SSR Mining's mines are known for their low operating costs, long life spans, and high grades.
• The company's primary mines, including the Seabee Gold Operation in Saskatchewan, the Çöpler Gold Mine in Turkey, and the Puna Operations in Argentina, are among the lowest-cost producers in the industry.

3. Strong Financial Position:

• SSR Mining has a solid financial foundation with ample liquidity and low debt levels.
• The company's strong cash flow generation and prudent financial management enable it to invest in growth and maintain a strong balance sheet.

4. Experienced Management Team:

• The company is led by an experienced and proven management team with a track record of success in the mining industry.
• The team has expertise in developing and operating mines, as well as in financial and strategic planning.

5. Sustainability:

• SSR Mining is committed to sustainability and responsible mining practices.
• The company has implemented environmental and social programs at its operations and is working to reduce its carbon footprint and minimize its environmental impact.

6. Value-Added Growth Strategy:

• SSR Mining focuses on acquiring and developing high-quality assets that complement its existing portfolio.
• The company has a strong track record of identifying and executing accretive acquisitions and organic growth initiatives.

7. Shareholder Returns:

• SSR Mining is committed to delivering sustained value to shareholders through regular dividend payments and share price appreciation.
• The company has a consistent dividend history and has grown its dividend for the past three consecutive years.

Target Audience:

SSR Mining's value proposition is primarily targeted at the following stakeholders:

• Investors seeking exposure to the gold mining industry
• Shareholders looking for dividend income and long-term capital appreciation
• ESG-conscious investors who value sustainability
• Mining companies seeking joint ventures or asset acquisitions

SSR Mining Inc. Risk Factors

SSR Mining Inc. is a Canadian-based precious metals mining company with operations in Canada, the United States, Peru, Argentina, and Mexico. The company's primary focus is on the production of gold, silver, and zinc. SSR Mining Inc. has a number of risk factors that could impact its financial performance and stock price.

Operational Risks

• Mining hazards: Mining operations are inherently hazardous, and SSR Mining Inc. is exposed to a number of risks, including cave-ins, explosions, and exposure to toxic chemicals.
• Political and regulatory risks: SSR Mining Inc. operates in a number of countries with varying political and regulatory environments. Changes in government policy or regulations could have a negative impact on the company's operations.
• Environmental risks: Mining operations can have a negative impact on the environment, and SSR Mining Inc. is exposed to risks related to water pollution, air pollution, and land contamination.
• Commodity price risk: The price of gold, silver, and zinc are subject to fluctuations, which could impact SSR Mining Inc.'s revenue and profitability.

Financial Risks

• Debt: SSR Mining Inc. has a significant amount of debt, which could increase its financial risk and limit its ability to invest in new projects.
• Foreign currency risk: SSR Mining Inc. operates in a number of countries with different currencies. Fluctuations in foreign currency exchange rates could impact the company's revenue and profitability.
• Interest rate risk: SSR Mining Inc. is exposed to interest rate risk, as its debt is subject to changes in interest rates. Rising interest rates could increase the company's interest expense and reduce its profitability.

Other Risks

• Competition: SSR Mining Inc. faces competition from a number of other precious metals mining companies. Increased competition could reduce the company's market share and profitability.
• Technological risks: SSR Mining Inc. relies on a number of technologies to operate its mines. Changes in technology could impact the company's operations and profitability.
• Reputational risks: SSR Mining Inc. is exposed to reputational risks related to its environmental and social practices. Negative publicity could damage the company's reputation and reduce its ability to attract customers and investors.

Overall

SSR Mining Inc. is a well-established precious metals mining company with a number of risk factors that could impact its financial performance and stock price. Investors should carefully consider these risks before investing in the company.