SSR Mining Flags Full-Year AISC Above Guidance Ceiling

The Tip Desk · November 4, 2026 · 4 min read

Third-quarter gold-equivalent output was 103,585 ounces as the company said full-year AISC is now expected about 10% above the top of its 2026 range.

SSR Mining Inc. (SSRM) said full-year all-in sustaining costs are now expected to trend approximately 10% above the upper end of its 2026 guidance, a step beyond second-quarter commentary that AISC was trending toward the top of that range.

The Denver-based gold and silver producer reported third-quarter gold-equivalent production of 103,585 ounces, up from 101,959 ounces in the second quarter after a 109,914-ounce first quarter. Consolidated cost of sales was $1,755 per payable ounce and AISC was $2,527 per payable ounce.

The company attributed the higher full-year cost outlook to a decision at Puna to defer lower-cost production from stockpiled ore that had been planned for 2026 processing, combined with higher royalty costs, persistent diesel price pressures and broader labor and input inflation. Year-to-date production of 315,459 gold-equivalent ounces remains aligned with full-year guidance of 450,000 to 535,000 ounces, and the company said it still expects strong fourth-quarter results.

Net income attributable to SSR Mining shareholders from continuing operations was $94.8 million, or $0.46 a share, down from $137.0 million, or $0.66 a share, in the second quarter. Adjusted net income from continuing operations was $130.7 million, or $0.64 a share.

Operating cash flow from continuing operations was $106.0 million and free cash flow was $5.8 million, versus $115.6 million and $50.3 million in the second quarter. Cash and cash equivalents were $1.6 billion as of September 30, with no outstanding long-term debt. Total liquidity, including an undrawn $600 million revolving credit facility, was $2.2 billion.

Marigold produced 29,135 ounces of gold in the third quarter, with AISC of $2,714 per payable ounce. The company said full-year 2026 production at Marigold is strongly weighted to the fourth quarter, reflecting completed pumping upgrades, higher-grade ore stacked on heap leach cell 23B and planned inventory drawdown. Cripple Creek & Victor produced 31,567 ounces of gold, with AISC of $2,126 per payable ounce.

Seabee produced 15,949 ounces of gold, with AISC of $2,094 per payable ounce. Third-quarter results included scheduled plant downtime deferred from the second quarter; the company said no further scheduled maintenance is expected before year-end. Puna produced 1.7 million ounces of silver, with AISC of $25.64 per payable ounce, trending above its full-year guidance range after the resequencing that defers lower-cost stockpiled ore.

On July 17, the company closed the sale of its 20% stake in the Hod Maden development project for an uncapped 4.0% net smelter return royalty on 100% of the project. Combined with the second-quarter sale of its 80% stake in the Çöpler mine for about $1.49 billion in cash, the transactions completed SSR Mining’s repositioning as a free-cash-flow-focused Americas gold and silver producer.

In the third quarter the company completed $193.6 million of share buybacks through the repurchase of 6.2 million shares. In the first nine months, buybacks totaled about 16.6 million shares, or more than $530 million. Including the third-quarter dividend, total capital returns represent an effective yield of approximately 10% for 2026. The board declared a quarterly cash dividend of $0.03 a share, payable December 11.

On October 13, SSR Mining announced an updated Marigold technical report summary with a $3.3 billion NPV5% and a more than 50% increase in total gold production over the prior life-of-mine plan, including 4.6 million ounces of gold mineral reserves supporting a 20-year mine life. The same day it agreed to an all-cash acquisition of Roxmore Resources and the Converse Gold Project adjacent to Marigold, which the company said has the potential to add 150,000 to 170,000 ounces of annual gold production, with first production targeted for 2033. The deal is expected to close in the fourth quarter of 2026.

Executive Chairman Rod Antal said the company remains on track for full-year production guidance with steady third-quarter results ahead of a strong fourth quarter, and that although costs are trending about 10% above the top of original guidance ranges, it expects robust free cash flow into year-end.