SSR Mining’s Adjusted Earnings Reach $0.64 per Share, Missing Third-Quarter Estimates
Key Facts
SSR Mining reported on November 3 results for the third quarter ended September 30, posting adjusted earnings of $0.64 per diluted share, below estimates of $0.76, and revenue of $447.65 million versus $504.58 million expected, according to the company’s results and Investing.com estimates. Net income attributable to the company’s shareholders from continuing operations was $94.8 million, or $0.46 per diluted share. Adjusted net income was $130.7 million, or $0.64 per share. The figures put actual earnings and revenue below published estimates for the quarter, while the company disclosed cost pressures expected to extend into its full-year results. SSR Mining said full-year all-in sustaining costs are on track to exceed the top end of its guidance by about 10%.
Third-quarter production was 103,585 gold equivalent ounces, consolidated cost of sales was $1,755 per payable ounce, and all-in sustaining costs reached $2,527 per ounce. These levels show cost pressure in operations, alongside the company’s guidance that full-year costs will exceed the top end of its estimate by about 10%. The company attributed the expected cost increase to a production resequencing at the Puna mine, delaying the processing of low-cost stockpiles that had been scheduled for 2026. It added that higher royalties and persistent diesel price pressures contributed to rising costs. It also cited broader inflation in labor and input costs, alongside the impact of the change in Puna’s production timing.
Operating cash flow did not translate into comparable free cash flow during the quarter: operating cash flow was $106.0 million, while free cash flow was $5.8 million. Free cash flow before working capital changes was $110.8 million, much higher than reported free cash flow after those changes. This highlights a clear gap between the two cash flow measures the company reported for the period. Meanwhile, SSR Mining repurchased 6.2 million shares for $193.6 million during the quarter. In the first nine months of 2026, total shares repurchased reached about 16.6 million, valued at more than $530 million.
The company maintained its 2026 production guidance at a range of 450,000 to 535,000 gold equivalent ounces and said year-to-date results remain in line with that range. It said it expects strong fourth-quarter results, while full-year all-in sustaining costs are on track to exceed the top end of its guidance by about 10%. That means the company kept its stated annual production range despite raising its cost outlook. On shareholder returns, it declared a quarterly cash dividend of $0.03 per share. Payment is due on December 11 to shareholders of record on November 13.
As part of its expansion plans, SSR Mining expects to complete an all-cash acquisition of Roxmore Resources and the Converse project in the fourth quarter of 2026, with the deal still subject to customary closing conditions, including court approval. The company is targeting the start of initial production from the project in 2033. Once production begins, the project is expected to add between 150,000 and 170,000 ounces of gold annually. This timeline puts the project’s production impact further out, while the company’s current results focus on third-quarter performance and its annual cost outlook. In the near term, the company says the fourth quarter is positioned for strong results within its existing annual production guidance.
The company’s shares fell during the November 3 session to close at $26.20, down 2.02%, according to Investing.com data. In after-hours trading, the price dropped to $24.85, a decline of 5.01%. The move followed the release of third-quarter results showing adjusted earnings and revenue below estimates, alongside expectations for higher full-year all-in sustaining costs. The second quarter had also seen earnings per share of $0.66 against $0.75 expected, and revenue of $443.80 million versus $522.32 million expected. In those quarterly results, the company said annual production was likely to be weighted toward the second half, and all-in sustaining costs were trending toward the top end of its 2026 guidance.