Silver Standard Resources Q4 Earnings Call Highlights

Silver Standard Resources NASDAQ: SSRM executives highlighted stronger-than-expected production, robust free cash flow, and a new share repurchase program while outlining key growth priorities during the company’s fourth-quarter and full-year 2025 results conference call.

Executive Chairman Rod Antal said the company ended 2025 with full-year production above the midpoint of guidance and generated more than $100 million in free cash flow in the fourth quarter. SSR Mining finished the year with $535 million in cash and more than $1 billion in liquidity, positioning the company to continue investing in growth while returning capital to shareholders.

Chief Financial Officer Michael Sparks reported free cash flow of $106 million in Q4 and $252 million for the full year. Excluding working capital changes, Sparks said full-year free cash flow was more than $400 million in 2025, calling the results notable given the company’s growth investments.

Antal said the company’s board approved a share buyback of up to $300 million, citing expectations for continued free cash flow generation in 2026 and management’s view that the share price does not reflect the portfolio’s full value.

Sparks noted repurchases have been an important part of SSR Mining’s capital allocation framework historically. Between 2021 and 2024, the company repurchased 20 million shares at an average price of $15.76 per share. Sparks also referenced convertible notes issued in 2019 with a conversion price of $17.61, arguing that prior buybacks created “significant value” for shareholders.

For 2026, Sparks guided production of 450,000 to 535,000 gold equivalent ounces from Marigold, Cripple Creek & Victor (CC&V), Seabee, and Puna. All-in sustaining costs (AISC) are expected to range from $2,360 to $2,440 per ounce, or $2,180 to $2,260 per ounce excluding care and maintenance costs at Çöpler.

With Çöpler not in operation, Sparks reiterated cash care and maintenance costs of $20 million to $25 million per quarter.

Total growth spend is expected to total $150 million in 2026, driven primarily by leach pad expansions at Marigold and CC&V and ongoing exploration and resource development. For Hod Maden, Sparks said capital expenditures are expected to total up to $15 million per month as engineering, access road development, and site establishment continue ahead of a formal construction decision; the company said it would update growth CapEx guidance if the joint venture makes a positive construction decision.

SSR Mining reported fourth-quarter production of 120,000 gold equivalent ounces at $2,250 per ounce AISC, or $2,002 per ounce excluding costs incurred at Çöpler. Fourth-quarter sales were 117,000 gold equivalent ounces at an average realized gold price of $4,142 per ounce.

Net income attributable to SSR Mining shareholders in Q4 was $181 million, or $0.84 per diluted share. Adjusted net income was $190 million, or $0.88 per diluted share.

For the full year, SSR Mining produced 447,000 gold equivalent ounces, exceeding the midpoint of guidance. Sparks said higher-than-forecast royalty costs tied to higher gold prices, along with share-based compensation, pushed full-year AISC to the top end of the consolidated guidance range. Full-year AISC excluding costs incurred at Çöpler was $1,923 per ounce, which Sparks said was “comfortably within” guidance.

EVP of Operations and Sustainability Bill MacNevin said the company strengthened EHSS programs in 2025, including critical controls and risk management, integrating closure work into life-of-mine plans, and upgrading community engagement processes.

MacNevin also discussed year-end reserves, stating SSR Mining closed 2025 with 11 million ounces of gold equivalent mineral reserves, up nearly 40% year-over-year, driven largely by the incorporation of CC&V and Hod Maden. The company used mineral reserve price assumptions of $1,700 per ounce gold and $20.50 per ounce silver, and it holds nearly 15 million additional measured, indicated, and inferred gold equivalent ounces that could support future reserve growth.

On Hod Maden, Antal said the technical report summary released in January reaffirmed the project’s quality. He described it as an underground copper-gold project in northeastern Turkey with a plant designed for approximately 2,200 tons per day and life-of-mine average head grades of 7.6 grams of gold and 1.3% copper. Antal said the project is expected to produce a single concentrate and cited expected average recoveries of 87% for gold and 97% for copper.

SSR Mining highlighted the Hod Maden TRS economics, including a $1.7 billion NPV and a 39% internal rate of return at consensus metal prices. Antal said SSR’s remaining investment is expected to total $470 million inclusive of earn-in and milestone payments, with a projected 2.5 to three year construction period once a project decision is made. In response to analyst questions, management said early site work is ongoing, but did not provide a timeline for a formal construction decision, citing ongoing review processes with partners.

Antal also said discussions regarding Çöpler are ongoing, with site activities having “wound down” while the company awaits final approvals for the east storage facility and pad closure; he said care and maintenance work continues to maintain plant integrity for a potential restart.

In closing remarks, Antal said SSR Mining enters 2026 with “a number of key catalysts on the horizon,” expecting year-over-year production growth, strong free cash flow, and progress on growth initiatives that the company expects to detail over the next 12 to 18 months.

Silver Standard Resources Inc NASDAQ: SSRM is a Vancouver‐based precious metals company engaged in the acquisition, exploration, development and production of silver and gold deposits primarily across the Americas. The company’s strategy centers on advancing high‐quality projects into production while maintaining a portfolio of operating mines that deliver consistent metal output. Silver Standard emphasizes sustainable resource development and community partnership at each stage of its operations.

The company’s principal producing assets include the Marigold gold mine in Nevada, which entered commercial production in 2006; the Seabee gold operation in Saskatchewan, Canada, acquired in 2016; and the Pirquitas silver‐gold mine in Argentina, which began producing in 2009.

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