The following is a summary of the SSR Mining Inc. (SSRM) Q2 2024 Earnings Call Transcript:
Financial Performance:
SSR Mining reported second quarter 2024 production of 76,000 gold equivalent ounces at an all-in sustaining cost (AISC) of $2,116 per ounce, inclusive of care, maintenance, and remediation costs from the Copler incident.
They recorded a net income of $0.05 per share, with adjusted net income per share at $0.04, excluding mark-to-market gains.
The company has a strong cash position of $358 million, despite facing negative cash generated by operating activities of $78 million and negative free cash flow of $116 million for Q2 due to remediation and care costs.
Business Progress:
At Copler, substantial progress in remediation is reported, with over 70% of displaced heap leach material moved into temporary storage, expecting to finish cleanup by the end of the third quarter.
The brownfield exploration programs at Marigold, Seabee, and Puna are successfully advancing, supporting future production and cost targets.
Engaged in discussions and active preparations for the possible re-start of the Copler mine.
Continuation of technical studies to extend mine life at Seabee through near-mine drilling at Porky and Porky West.
Opportunities:
The company manages a significant ore stockpile at Copler, containing over 700,000 ounces of gold, promising substantial yields following potential operational restarts.
Ongoing expansion activities and site establishments at Hod Maden demonstrate prospectus towards future construction and further project expansions.
Continuous growth in exploration at Seabee and Puna aims at extending operational life and increasing production capabilities.
Risks:
Ongoing challenges with the remediation and regulatory compliance at the Copler site could delay expected timelines for operational restarts, affecting planned production outputs.
More details: SSR Mining IR
Tips: This article is generated by AI. The accuracy of the content can not be fully guaranteed. For more comprehensive details, please refer to the IR website. The article is only for investors' reference without any guidance or recommendation suggestions.
