SSR Mining Completes Çöpler Sale, Closes Turkey Exit
The gold miner booked $1.49 billion in cash from the 80% Çöpler stake and lifted cash to $1.78 billion as it finished a shift to an Americas-only portfolio.
SSR Mining Inc. (SSRM) closed the sale of its 80% stake in the Çöpler mine in Türkiye for about $1.49 billion in cash on June 24, completing a strategic refocus to a free-cash-flow-focused Americas gold and silver producer.
The Denver-based miner, which describes itself as the third-largest gold producer in the United States, completed a repositioning anchored by long-lived U.S. operations. On July 17 it also sold its 20% interest in the Hod Maden development project for an uncapped 4.0% net smelter return royalty on 100% of that project.
Cash and cash equivalents from continuing operations rose to $1.783 billion as of June 30 from $634.1 million at March 31 after the Çöpler sale closed. The company had no long-term debt outstanding.
Second-quarter production was 101,959 gold equivalent ounces, down from 109,914 GEOs in the first quarter. Consolidated cost of sales was $1,775 per payable ounce, and all-in sustaining costs were $2,622. Net income attributable to shareholders from continuing operations was $137.0 million, or $0.66 a share, versus $252.5 million, or $1.16 a share, in the first quarter. Operating cash flow from continuing operations was $115.6 million, and free cash flow was $50.3 million.
Year-to-date production of 211,873 GEOs is aligned with full-year 2026 guidance of 450,000 to 535,000 GEOs and a second-half-weighted production profile. Full-year AISC is trending toward the top of 2026 guidance as the company accelerates capital investments to extend mine lives.
Marigold produced 31,059 ounces of gold in the quarter, with cost of sales of $1,980 per payable ounce and AISC of $3,044. Full-year production at Marigold remains weighted to the second half, with about 65% of second-half output expected in the fourth quarter. Growth capital guidance at Marigold was raised from $48 million to $65 million to accelerate spending, particularly at Buffalo Valley.
Cripple Creek & Victor produced 27,725 ounces of gold, with cost of sales of $1,561 per payable ounce and AISC of $1,995. Remaining-year production is expected to be 50% to 55% weighted to the fourth quarter. Growth capital guidance was raised from $55 million to $60 million based on the timing of VLF2 expansion spending.
Seabee produced 16,817 ounces of gold, with cost of sales of $1,721 per payable ounce and AISC of $2,358. Second-half production is expected to be 55% to 60% weighted to the fourth quarter. Growth capital guidance was raised from $15 million to $35 million to advance Porky West.
Puna produced 1.7 million ounces of silver, with cost of sales of $28.77 per payable ounce and AISC of $29.52. Growth capital guidance was raised from $18 million to $20 million.
In the second quarter, the company completed $337.8 million of share buybacks through 10.4 million shares. Year to date, it has repurchased 12.9 million shares for $409.2 million, an effective yield of nearly 8%. On June 15 it announced an additional $500 million authorization, of which $109.2 million had been returned by July 31. The board declared a $0.03 quarterly cash dividend payable September 11.
On July 31 the revolving credit facility was amended to mature July 31, 2030, with capacity increased from $400 million to $600 million and a variable margin of SOFR plus 1.75% to 2.50%, versus the prior 2.00% to 2.75%.
On June 29 the company closed an approximately C$5 million investment to acquire 9.9% of Phenom Resources and entered a framework agreement for a 15% interest in Phenom’s Dobbin project in Nevada for an additional $4 million. Exploration drilling at Dobbin commenced early in the third quarter.
Executive Chairman Rod Antal said the company completed the strategic repositioning to the Americas and expects a stronger second half of production and free cash flow.
Stronger demand supports expansion as pricing diverges