HIGHLIGHTS
- ATTRIBUTABLE & ADJUSTED ATTRIBUTABLE Q1 DILUTED EPS OF
$0.31 AND $0.30 PER SHARE, RESPECTIVELY
- ROBUST QUARTERLY PRODUCTION OF APPROXIMATELY 174,000 OUNCES
AT AISC * OF $1,093 PER
OUNCE
- ÇӦPLER QUARTERLY SULFIDE THROUGHPUT RECORD, FLOTATION
PLANT RAMP UP CONTINUED
- SEABEE ACHIEVED QUARTERLY PRODUCTION RECORD OF APPROXIMATELY
53,000 OUNCES
- ÇAKMAKTEPE EXTENSION ("ARDICH") ADVANCING TOWARDS 2023 FIRST
PRODUCTION
- INTERNAL APPROVALS TO ADVANCE ~60% IRR C2 PROJECT TO
PFS
- CLOSED THE ACQUISITION OF TAIGA GOLD, EXPANDING LAND
POSITION IN SASKATCHEWAN TO
APPROXIMATELY 131,000 HECTARES
- INCREASED Q1 DIVIDEND BY 40%
- PUBLISHED FOURTH ANNUAL ESG AND SUSTAINABILITY
REPORT
DENVER, May 3, 2022 /PRNewswire/ - SSR Mining Inc.
(NASDAQ: SSRM) (TSX: SSRM) (ASX: SSR) ("SSR Mining" or the
"Company") reports consolidated financial results for the first
quarter ended March 31, 2022. In
addition, the Board of Directors declared a quarterly cash dividend
of $0.07 per common share payable on
June 9, 2022 to holders of record at
the close of business on May 13,
2022. This dividend qualifies as an 'eligible dividend' for
Canadian tax purposes.
Rod Antal, President and CEO
said, "The first quarter of 2022 continued SSR Mining's proud track
record of operational outperformance, as we delivered gold
equivalent production of 173,675 ounces at AISC of $1,093/oz, positioning the Company well against
full year guidance. In particular, we reported record quarterly
production of 52,582 ounces at Seabee as we accessed a continuation
of a high-grade zone outside of the Mineral Reserve that was first
mined in the second quarter of 2021. Similarly at Çöpler, the ramp
up of the flotation circuit is well underway, allowing us to
process a record number of tonnes through the sulfide plant in the
quarter. Across the remainder of the portfolio, we continue to
expect stronger production in the quarters ahead, in line with our
previously announced guidance of 700,000 to 780,000 gold equivalent
ounces at AISC of $1,120 to
$1,180 per gold equivalent ounce.
From a financial perspective, we increased our quarterly
dividend payment by 40% to $0.07 per
share within the first quarter. We continue to expect free cash
flow to be weighted to the second half of 2022, and we will work to
ensure that our capital returns initiatives appropriately reflect
our robust free cash flow generation. Finally, our high-return
growth initiatives continue to advance on schedule with Çakmaktepe
Extension and C2 targeting first production in 2023 and 2025,
respectively. We expect to release a number of exploration updates
across our asset base through the second half of the year and will
look to incorporate those results into updated technical reports in
2023 that build on the strong base-line established earlier this
year."
* AISC is a non-GAAP
metric which is customary in the mining industry, but for which
there is no standardized definition or comparable financial measure
under U.S. GAAP. As a result, we have not identified a comparable
financial measure calculated under U.S. GAAP. See "Cautionary
Note Regarding Non-GAAP Financial Measures".
|
First Quarter 2022 Highlights:
(All figures are in U.S.
dollars unless otherwise noted)
- Robust quarterly operating performance: Delivered first
quarter production of 173,675 gold equivalent ounces at AISC of
$1,093/oz. (1) Previously
announced full year guidance of 700,000 – 780,000 gold equivalent
ounces at AISC of $1,120 to
$1,180 per gold equivalent ounce is
unchanged and remains weighted to the second half of the year.
- Continued delivery of cash flow: Generated cash flows
from operating activities of $62.2
million and free cash flow of $27.7
million in the first quarter. (1) As previously
guided, free cash flow was impacted by increased tax and royalty
payments, as well as increased working capital outlays, in the
first quarter and remains significantly second half weighted.
Attributable net income in the first quarter was $67.6 million, or $0.31 per diluted share, and adjusted
attributable net income was $65.9
million, or $0.30 per diluted
share. (1)
- Dividend increased as part of capital returns
commitment: During the first quarter, the Board declared
a quarterly cash dividend of $0.07
per share, a 40% increase over the prior quarter, which was paid on
April 4, 2022. The Normal Course
Issuer Bid ("NCIB"), first announced on April 19, 2021, remained active during the
quarter.
- Balance sheet continues to support growth initiatives:
At the end of the first quarter, the Company had a cash and cash
equivalents balance of $999.0
million, after $17.8 million
in scheduled debt repayments and $30.8
million in dividends to joint venture partners. Non-GAAP net
cash totals $680.6 million as of
March 31, 2022. (1)
- Three-year guidance showcased stable production profile
above 700,000 gold equivalent ounces: In the first quarter, SSR
Mining announced its inaugural three-year production guidance
highlighting annual production in excess of 700,000 gold equivalent
ounces in 2022, 2023 and 2024 without requirements for material
capital investment. In addition, updated technical report summaries
for all four producing assets established a platform that we expect
will be capable of maintaining 700,000 gold equivalent ounces of
production for at least the remainder of the decade.
- Increased gold Mineral Reserves by 14% to 9.2 million
ounces: Mineral Reserve conversion at Ardich and Seabee's Gap
Hangingwall drove a 1.1 million ounce, or 14%, increase to total
gold Mineral Reserves, net of depletion.
- Çöpler flotation circuit ramp-up well underway,
Çakmaktepe Extension development progressing:
Delivered gold production of 70,641 ounces in the first quarter at
AISC of $955 per ounce. The sulfide
plant treated a record of approximately 645,000 tonnes in the
quarter. The Company continues to progress Çakmaktepe Extension
towards first gold production in 2023. In the first quarter of
2022, the Company released an updated Çöpler District Master Plan
("CDMP21") that showcased life of mine production of more than 1.2
million ounces of gold from Çakmaktepe Extension for $69 million in initial capital, and an Initial
Assessment Case ("IAC") for the C2 project that featured more than
1.0 million ounces of gold production for $218 million in initial capital and an IRR of
approximately 60%.
- Marigold on track for full year production guidance:
Delivered gold production of 33,788 ounces for the first quarter as
the timing and grade of material stacked deferred some ounces into
the second quarter. Full-year production remains second-half
weighted as higher-grade ore is accessed later in the year.
- Seabee delivers record quarterly production: Produced
52,582 ounces of gold at AISC of $596
per ounce as processed grades of 17.8 g/t were well above plan.
Mining accessed a continuation of a very high grade zone outside of
the Mineral Reserve that was first mined in the second quarter of
2021. Exploration is underway in an attempt to further define
extension of this high-grade zone, though grades are scheduled to
return closer to plan of 9.2 g/t for the remainder of 2022.
Operational excellence initiatives also improved underlying mine
performance in the first quarter, including a quarterly record of
nearly 103,000 tonnes mined (approximately 1,150 tonnes per
day).
- Puna continues strong cost performance: Produced 1.3
million ounces of silver at cash costs of $13.06 per ounce in the first quarter and AISC of
$14.67 per ounce. The mine remains on
track to achieve its full-year guidance.
- 2021 ESG and Sustainability Report: On April 14, 2022, the Company published its fourth
annual ESG and Sustainability Report. The report outlines SSR
Mining's approach to sustainability across a range of areas,
including Health & Safety, environment, communities and
diversity, as well as summarizes our 2021 ESG performance.
- Announced the sale of the Pitarrilla project: On
January 13, 2022, the Company
announced it had entered into a definitive agreement to sell its
Pitarrilla silver project in Durango,
Mexico to Endeavour Silver Corp. ("EXK") for total
consideration of up to $127 million.
This consideration includes $35
million in cash, $35 million
in EXK shares, and a 1.25% Net Smelter Return ("NSR") royalty on
the Pitarrilla property.(2) The transaction, which is
subject to TSX and NYSE regulatory approvals, the approval of the
Mexican Federal Economic Competition Commission and customary
closing conditions, is expected to close in the second quarter of
2022.
- Closed the acquisition of Taiga Gold Corp.: Subsequent
to the quarter's end, on April 14,
2022, SSR Mining completed the previously announced plan of
arrangement (the "Arrangement") to acquire all of the issued and
outstanding shares of Taiga Gold Corp. (CSE: TGC) ("Taiga Gold").
The transaction consolidated a 100% interest in the Fisher property
contiguous to the Seabee mine, eliminated a 2.5% NSR royalty on the
Fisher property, and added five new properties covering over 29,100
hectares to complement the Company's existing exploration platform
in the underexplored and geologically prospective Province of
Saskatchewan. SSR Mining's
Saskatchewan assets now cover an
area of approximately 131,150 hectares.
(1)
|
The Company reports
non-GAAP financial measures including adjusted attributable net
income, adjusted basic attributable net income per share, free cash
flow, net cash, cash costs and AISC per ounce sold to manage and
evaluate its operating performance at its mines. See "Cautionary
Note Regarding Non-GAAP Financial Measures" for an explanation of
these financial measures and a reconciliation of these financial
measures to net income and production costs, which are the
comparable GAAP financial measures.
|
(2)
|
The estimated value of
the net smelter return royalty is based on the present value of net
smelter returns of the Pitarrilla property from the "NI 43-101
Technical Report on the Pitarrilla Project, Durango State, Mexico",
dated December 14, 2012, which is available on Company's website
at www.ssrmining.com, discounted at a rate of 5%. The
estimated value assumes a silver price of US$25/oz, a lead price of
US$0.90/lb, and a zinc price of US$0.95/lb. The assumptions
underlying the estimated value of the Pitarrilla project NSR
royalty, including those supporting the Technical Report on the
Pitarrilla Project and future metal prices, represent estimates and
actual royalties received by SSR Mining in connection with the
Transaction may differ from projected amounts.
|
Financial and Operating Highlights
A summary of the Company's consolidated financial and operating
results for the three months ended March 31,
2022 are presented below:
(in thousands of US
dollars, except per share data)
|
|
Three Months Ended
March 31,
|
|
|
2022
|
|
2021
|
Financial
Results
|
|
|
|
|
|
|
Revenue
|
|
$
|
355,446
|
|
$
|
366,484
|
Income from mine
operations (2)
|
|
$
|
143,184
|
|
$
|
150,842
|
Gross margin
(2)
|
|
|
40
%
|
|
|
41 %
|
Operating
income
|
|
$
|
115,870
|
|
$
|
129,183
|
Net income
|
|
$
|
76,106
|
|
$
|
127,451
|
Net income attributable
to equity holders of SSR Mining
|
|
$
|
67,563
|
|
$
|
108,861
|
Basic net
income per share attributable to equity holders of SSR
Mining
|
|
$
|
0.32
|
|
$
|
0.50
|
Diluted
net income per share attributable to equity holders of SSR
Mining
|
|
$
|
0.31
|
|
$
|
0.48
|
Adjusted attributable
net income (1)
|
|
$
|
65,942
|
|
$
|
110,735
|
Adjusted
basic attributable net income per share (1)
|
|
$
|
0.31
|
|
$
|
0.50
|
Adjusted
diluted attributable net income per share (1)
|
|
$
|
0.30
|
|
$
|
0.48
|
|
|
|
|
|
|
|
Cash generated by
operating activities
|
|
$
|
62,187
|
|
$
|
127,503
|
Cash used in investing
activities
|
|
$
|
(27,885)
|
|
$
|
(55,734)
|
Cash used in financing
activities
|
|
$
|
(53,449)
|
|
$
|
(66,407)
|
|
|
|
|
|
|
|
Operating
Results
|
|
|
|
|
|
|
Gold produced
(oz)
|
|
|
157,010
|
|
|
170,149
|
Gold sold
(oz)
|
|
|
157,179
|
|
|
173,370
|
Silver produced ('000
oz)
|
|
|
1,303
|
|
|
1,792
|
Silver sold ('000
oz)
|
|
|
1,760
|
|
|
1,949
|
Lead produced ('000 lb)
(4)
|
|
|
7,303
|
|
|
6,164
|
Lead sold ('000 lb)
(4)
|
|
|
10,212
|
|
|
6,102
|
Zinc produced ('000 lb)
(4)
|
|
|
1,843
|
|
|
3,079
|
Zinc sold ('000 lb)
(4)
|
|
|
3,129
|
|
|
808
|
|
|
|
|
|
|
|
Gold equivalent
produced (oz) (5)
|
|
|
173,675
|
|
|
196,094
|
Gold equivalent sold
(oz) (5)
|
|
|
179,692
|
|
|
201,494
|
|
|
|
|
|
|
|
Average realized gold
price ($/oz sold)
|
|
$
|
1,880
|
|
$
|
1,798
|
Average realized silver
price ($/oz sold)
|
|
$
|
23.85
|
|
$
|
26.02
|
|
|
|
|
|
|
|
Cash cost per gold
equivalent ounce sold (1, 5)
|
|
$
|
775
|
|
$
|
689
|
AISC per gold
equivalent ounce sold (1, 5)
|
|
$
|
1,093
|
|
$
|
970
|
|
|
|
|
|
|
|
Financial
Position
|
|
March 31,
2022
|
|
December 31,
2021
|
Cash and cash
equivalents
|
|
$
|
998,986
|
|
$
|
1,017,562
|
Current
assets
|
|
$
|
1,677,539
|
|
$
|
1,600,314
|
Total assets
|
|
$
|
5,212,663
|
|
$
|
5,211,438
|
Current
liabilities
|
|
$
|
278,501
|
|
$
|
283,882
|
Total
liabilities
|
|
$
|
1,126,572
|
|
$
|
1,158,921
|
Working capital
(3)
|
|
$
|
1,399,038
|
|
$
|
1,316,432
|
|
|
|
|
|
|
|
(1)
|
The Company reports
non-GAAP financial measures including adjusted attributable net
income, adjusted basic attributable net income per share, cash
costs and AISC per ounce sold to manage and evaluate its operating
performance at its mines. See "Non-GAAP Financial Measures" for an
explanation of these financial measures and a reconciliation of
these financial measures to net income and production costs, which
are the comparable GAAP financial measures.
|
(2)
|
Income from mine
operations is defined as revenue less production costs and
DD&A. Gross margin is defined as income from mine operations
divided by revenue.
|
(3)
|
Working capital is
defined as current assets less current liabilities.
|
(4)
|
Data for lead
production and sales relate only to lead in lead concentrate. Data
for zinc production and sales relate only to zinc in zinc
concentrate.
|
(5)
|
Gold equivalent ounces
are calculated using the silver ounces produced or sold multiplied
by the ratio of the sliver price to the gold price, using the
average London Bullion Market Association ("LBMA") prices for the
period. The Company does not include copper, lead, or zinc as
they are considered by-products.
|
Çöpler, Turkey
(amounts
presented on 100% basis)
|
Three months ended
March 31,
|
Operating
Data
|
|
2022
|
|
2021
|
Gold produced
(oz)
|
|
|
70,641
|
|
|
78,478
|
Gold sold
(oz)
|
|
|
72,425
|
|
|
82,502
|
|
|
|
|
|
|
|
Ore mined
(kt)
|
|
|
1,011
|
|
|
3,007
|
Waste removed
(kt)
|
|
|
5,135
|
|
|
3,683
|
Total material mined
(kt)
|
|
|
6,146
|
|
|
6,689
|
Strip ratio
|
|
|
5.1
|
|
|
1.2
|
|
|
|
|
|
|
|
Ore stacked
(kt)
|
|
|
63
|
|
|
941
|
Gold grade stacked
(g/t)
|
|
|
0.78
|
|
|
1.29
|
|
|
|
|
|
|
|
Ore milled
(kt)
|
|
|
645
|
|
|
580
|
Gold mill feed grade
(g/t)
|
|
|
3.32
|
|
|
3.32
|
Gold recovery
(%)
|
|
|
87.0
|
|
|
90.8
|
|
|
|
|
|
|
|
Average realized gold
price ($/oz sold)
|
|
$
|
1,873
|
|
$
|
1,811
|
Production costs ($/oz
gold sold)
|
|
$
|
864
|
|
$
|
805
|
Cash costs ($/oz gold
sold) 6
|
|
$
|
844
|
|
$
|
589
|
AISC ($/oz gold sold)
6
|
|
$
|
955
|
|
$
|
738
|
|
|
(6)
|
The Company reports the
non-GAAP financial measures of cash costs and AISC per ounce of
gold sold to manage and evaluate operating performance at Çöpler.
See "Non-GAAP Financial Measures" for an explanation of these
financial measures and a reconciliation to production costs, which
are the comparable GAAP financial measure. Cash costs and AISC per
ounce of gold sold in 2022 no longer exclude the impact of any fair
value adjustment on acquired inventories as of the date of the
Company's acquisition of Alacer.
|
For the three months ended March 31,
2022 and 2021, Çöpler produced 70,641 and 78,478 ounces of
gold, respectively. Lower production against the prior year period
is mainly due to depleting oxide ore. AISC of $955/oz for the first quarter was in line with
full-year guidance.
Çöpler remains on track with 2022 production guidance of 255,000
to 285,000 ounces of gold at mine site AISC of $915 to $965 per
payable ounce. The flotation circuit continued to ramp up in the
quarter, supporting record throughput of 645,239 tonnes in the
sulfide plant while helping to reduce reagent usage going forward.
Scheduled autoclave maintenance is planned for the second and
fourth quarters of 2022.
Çakmaktepe Extension continues to progress towards first gold
production in 2023. As highlighted in the CDMP21, Çakmaktepe
Extension is expected to contribute more than 1.2 million ounces of
gold production for initial capital of $69
million. The Company is also progressing the C2 project
through a Pre-Feasibility Study in 2022, targeting first production
for the project in 2025 for initial capital of $218 million.
Marigold, USA
|
Three months ended
March 31,
|
Operating
Data
|
|
2022
|
|
2021
|
Gold produced
(oz)
|
|
|
33,788
|
|
|
67,936
|
Gold sold
(oz)
|
|
|
36,954
|
|
|
65,012
|
|
|
|
|
|
|
|
Ore mined
(kt)
|
|
|
4,820
|
|
|
5,711
|
Waste removed
(kt)
|
|
|
19,788
|
|
|
18,051
|
Total material mined
(kt)
|
|
|
24,608
|
|
|
23,763
|
Strip ratio
|
|
|
4.1
|
|
|
3.2
|
|
|
|
|
|
|
|
Ore stacked
(kt)
|
|
|
4,820
|
|
|
5,711
|
Gold grade stacked
(g/t)
|
|
|
0.39
|
|
|
0.41
|
|
|
|
|
|
|
|
Average realized gold
price ($/oz sold)
|
|
$
|
1,864
|
|
$
|
1,787
|
Production costs ($/oz
gold sold)
|
|
$
|
1,048
|
|
$
|
826
|
Cash costs ($/oz gold
sold) 7
|
|
$
|
1,048
|
|
$
|
823
|
AISC ($/oz gold sold)
7
|
|
$
|
1,564
|
|
$
|
1,195
|
|
|
(7)
|
The Company reports the
non-GAAP financial measures of cash costs and AISC per ounce of
gold sold to manage and evaluate operating performance at Marigold.
See "Non-GAAP Financial Measures" for an explanation of these
financial measures and a reconciliation to production costs, which
are the comparable GAAP financial measure.
|
For the three months ended March 31,
2022 and 2021, Marigold produced 33,788 and 67,936 ounces of
gold, respectively. Marigold stacked 46,445 ounces of recoverable
gold to the heap leach in Q1 2022. The decrease against the prior
year period was the result of mine scheduling and increase in heap
leach inventory delaying some gold production into the second
quarter. The heap leach inventory increased due to the timing of
the ore placements on the pads and slower leaching rates of finer
ore from the north pits. As previously guided, quarterly AISC of
$1,564/oz was above Marigold's
full-year guidance range due to increased waste stripping and fewer
ounces sold.
In 2022, Marigold remains on track for production guidance of
215,000 to 245,000 ounces of gold at mine site AISC of $1,245 to $1,295
per ounce. As previously guided, production is weighted to the
second half of the year. Production will increase in subsequent
quarters, alongside improving AISC, as the heap leach inventory is
drawn back down and as higher-grade ore is accessed later in the
year.
Seabee, Canada
|
Three months ended
March 31,
|
Operating
Data
|
|
2022
|
|
2021
|
Gold produced
(oz)
|
|
|
52,582
|
|
|
23,735
|
Gold sold
(oz)
|
|
|
47,800
|
|
|
25,766
|
|
|
|
|
|
|
|
Ore mined
(kt)
|
|
|
103
|
|
|
88
|
Waste removed
(kt)
|
|
|
65
|
|
|
70
|
Total material mined
(kt)
|
|
|
167
|
|
|
158
|
|
|
|
|
|
|
|
Ore milled
(kt)
|
|
|
95
|
|
|
90
|
Gold mill feed grade
(g/t)
|
|
|
17.77
|
|
|
8.45
|
Gold recovery
(%)
|
|
|
98.6
|
|
|
98.3
|
|
|
|
|
|
|
|
Average realized gold
price ($/oz sold)
|
|
$
|
1,902
|
|
$
|
1,780
|
Production costs ($/oz
gold sold)
|
|
$
|
343
|
|
$
|
643
|
Cash costs ($/oz gold
sold) 8
|
|
$
|
344
|
|
$
|
616
|
AISC ($/oz gold sold)
8
|
|
$
|
596
|
|
$
|
1,111
|
|
|
(8)
|
The Company reports the
non-GAAP financial measures of cash costs and AISC per ounce of
gold sold to manage and evaluate operating performance at Seabee.
See "Non-GAAP Financial Measures" for an explanation of these
financial measures and a reconciliation to production costs, which
are the comparable GAAP financial measure.
|
For the three months ended March 31,
2022 and 2021, Seabee produced 52,582 and 23,735 ounces of
gold, respectively. The increase in gold production was the result
of a mill feed grade of 17.8 g/t during the first quarter of 2022,
a 110% increase compared to the same period in 2021, as mining
accessed a continuation of a very high grade zone outside of the
Mineral Reserve that was first mined in the second quarter of 2021.
AISC of $596/oz was below full-year
guidance due to the increased production during the quarter. Seabee
also benefited from continued operational excellence initiatives
that drove improved mine performance in the first quarter,
including a quarterly record of 102,528 tonnes mined (approximately
1,150 tonnes per day). Grades are expected to return closer to plan
(approximately 9.2 g/t) through the remainder of 2022.
Following the record quarterly performance, Seabee is tracking
to the top end of the mine's 115,000 to 125,000 gold production
guidance, while costs track to the lower end of the $895 to $945 per
ounce AISC guidance.
Puna, Argentina
|
Three months ended
March 31,
|
Operating
Data
|
|
2022
|
|
2021
|
Silver produced ('000
oz)
|
|
|
1,303
|
|
|
1,792
|
Silver sold ('000
oz)
|
|
|
1,760
|
|
|
1,949
|
Lead produced ('000
lb)
|
|
|
7,303
|
|
|
6,164
|
Lead sold ('000
lb)
|
|
|
10,212
|
|
|
6,102
|
Zinc produced ('000
lb)
|
|
|
1,843
|
|
|
3,079
|
Zinc sold ('000
lb)
|
|
|
3,129
|
|
|
808
|
Gold equivalent sold
('000 oz) (2)
|
|
|
22,513
|
|
|
28,214
|
|
|
|
|
|
|
|
Ore mined
(kt)
|
|
|
347
|
|
|
239
|
Waste removed
(kt)
|
|
|
2,078
|
|
|
1,994
|
Total material mined
(kt)
|
|
|
2,425
|
|
|
2,234
|
Strip ratio
|
|
|
6.0
|
|
|
8.3
|
|
|
|
|
|
|
|
Ore milled
(kt)
|
|
|
373
|
|
|
383
|
Silver mill feed grade
(g/t)
|
|
|
114.4
|
|
|
153.7
|
Lead mill feed grade
(%)
|
|
|
0.97
|
|
|
0.83
|
Zinc mill feed grade
(%)
|
|
|
0.44
|
|
|
0.61
|
Silver mill recovery
(%)
|
|
|
92.8
|
|
|
94.6
|
Lead mill recovery
(%)
|
|
|
91.6
|
|
|
87.8
|
Zinc mill recovery
(%)
|
|
|
44.0
|
|
|
59.4
|
|
|
|
|
|
|
|
Average realized silver
price ($/oz sold)
|
|
$
|
23.85
|
|
$
|
26.02
|
Production costs ($/oz
silver sold)
|
|
$
|
20.33
|
|
$
|
12.92
|
Cash costs ($/oz silver
sold) 9
|
|
$
|
13.06
|
|
$
|
10.65
|
AISC ($/oz silver sold)
9
|
|
$
|
14.67
|
|
$
|
13.10
|
|
|
(9)
|
The Company reports the
non-GAAP financial measures of cash costs and AISC per ounce of
gold sold to manage and evaluate operating performance at Puna. See
"Non-GAAP Financial Measures" for an explanation of these financial
measures and a reconciliation to production costs, which are the
comparable GAAP financial measure.
|
For the three months ended March 31,
2022 and 2021, Puna produced 1.3 million and 1.8 million
ounces of silver, respectively, a 27% decrease against the prior
year period. The decrease is primarily due to silver grades and
tonnes processed that were 26% and 3% lower, respectively, during
the three months ended March 31,
2022. Unfavorable weather conditions during the first two
months of the first quarter of 2022 impeded access to the bottom of
Phase 2 of the mine containing high-grade ore. As such, lower
grades of ore in existing stockpiles were fed into the plant, which
resulted in fewer silver ounces produced.
Puna remains on track to produce 8.0 to 9.0 million ounces of
silver at mine site AISC of $14.75 to
$16.25 per ounce in 2022. Production
is expected to remain weighted to the second half of 2022, with
tonnes processed targeted to remain at or above 4,500 tpd
throughout the year.
Conference Call Information
This news release should be read in conjunction with the
Company's Quarterly Report on Form 10-Q for the quarter ended
March 31, 2022, filed with the U.S.
Securities and Exchange Commission (the "SEC") and available on the
SEC website at www.sec.gov or www.ssrmining.com.
- Conference call and webcast: Tuesday,
May 3, 2022, at 5:00 pm
EDT.
|
Toll-free in U.S. and
Canada:
|
+1 (800)
319-4610
|
|
All other
callers:
|
+1 (604)
638-5340
|
|
Webcast:
|
http://ir.ssrmining.com/investors/events
|
- The conference call will be archived and available on our
website. Audio replay will be available for two weeks by
calling:
|
Toll-free in U.S. and
Canada:
|
+1 (855) 669-9658,
replay code 8630
|
|
All other
callers:
|
+1 (412) 317-0088,
replay code 8630
|
Dividend Declaration
On May 3, 2022 the Board of
Directors declared a quarterly cash dividend of $0.07 per common share, payable on June 9, 2022 to holders of record at the close of
business on May 13, 2022. This
dividend qualifies as an 'eligible dividend' for Canadian income
tax purposes.
The dividend payment applies to holders of SSR Mining's common
shares, which trade on the Toronto Stock Exchange and the Nasdaq
under the symbol SSRM, and to holders of its CHESS Depositary
Interests ("CDIs"), which trade on the Australian Securities
Exchange under the symbol SSR. Each CDI confers a beneficial
interest in one common share. Therefore, CDI holders are entitled
to a dividend calculated on the same basis as the holders of SSR
Mining's common shares.
SSR Mining has sought and been granted a temporary waiver of
certain of the ASX Settlement Operating Rules. Under the authority
of the waiver, the processing of conversions of common shares to
CDIs, or CDIs to common shares, lodged on or after or after
May 12, 2022, will be deferred until after the record date of
May 13, 2022. The key dates with respect to the dividend are
as follows:
Last date for
processing requests to convert CDIs into common shares and to
convert common shares into CDIs before the record date for the
dividend
|
|
May 11, 2022
|
CDIs trade on the ASX
on an ex‐dividend basis
|
|
May 12, 2022
|
Common shares trade on
the TSX and Nasdaq on an ex‐dividend basis
|
|
May 12, 2022
|
Record date for the
dividend
|
|
May 13, 2022
|
Processing recommences
for requests to convert CDIs into common shares and to convert
common shares into CDIs
|
|
May 16, 2022
|
Common share dividend
payment date (in Canada and the United States)
|
|
June 9, 2022
|
Payment of dividend to
CDI holders (in Australia)
|
|
June 10,
2022
|
Payments to Canadian shareholders will be made in Canadian dollars
based on the exchange rate on the record date as reported by the
Bank of Canada. Payments to other
shareholders will be made in U.S. dollars. For CDI holders,
payments will be made in Australian dollars, and it is expected to
be based on the prevailing exchange rate sourced from the wholesale
foreign exchange market on or around 5 business days after the
record date.
About SSR Mining
SSR Mining Inc. is a leading, free cash flow focused gold
company with four producing operations located in the USA, Turkey,
Canada, and Argentina, combined with a global pipeline of
high-quality development and exploration assets. In 2021, the four
operating assets produced approximately 794,000 gold-equivalent
ounces. SSR Mining is listed under the ticker symbol SSRM on the
NASDAQ and the TSX, and SSR on the ASX.
SSR Mining Contacts:
F. Edward Farid, Executive Vice
President, Chief Corporate Development Officer
Alex Hunchak, Director, Corporate
Development and Investor Relations
SSR Mining Inc.
E-Mail: invest@ssrmining.com
Phone: +1 (416) 306-5789
To receive SSR Mining's news releases by e-mail, please
register using the SSR Mining website at www.ssrmining.com.
Cautionary Note Regarding Forward-Looking Information and
Statements:
Except for statements of historical fact relating to us,
certain statements contained in this news release constitute
forward-looking information, future oriented financial information,
or financial outlooks (collectively "forward-looking information")
within the meaning of applicable securities laws. Forward-looking
information may be contained in this document and our other public
filings. Forward-looking information relates to statements
concerning our outlook and anticipated events or results and in
some cases, can be identified by terminology such as "may", "will",
"could", "should", "expect", "plan", "anticipate", "believe",
"intend", "estimate", "projects", "predict", "potential",
"continue" or other similar expressions concerning matters that are
not historical facts.
Forward-looking information and statements in this news
release are based on certain key expectations and assumptions made
by us. Although we believe that the expectations and assumptions on
which such forward-looking information and statements are based are
reasonable, undue reliance should not be placed on the
forward-looking information and statements because we can give no
assurance that they will prove to be correct. Forward-looking
information and statements are subject to various risks and
uncertainties which could cause actual results and experience to
differ materially from the anticipated results or expectations
expressed in this news release. The key risks and uncertainties
include, but are not limited to: local and global political and
economic conditions; governmental and regulatory requirements and
actions by governmental authorities, including changes in
government policy, government ownership requirements, changes in
environmental, tax and other laws or regulations and the
interpretation thereof; developments with respect to the COVID-19
pandemic, including the duration, severity and scope of the
pandemic and potential impacts on mining operations; and other risk
factors detailed from time to time in our reports filed with the
Securities and Exchange Commission on EDGAR and the Canadian
securities regulatory authorities on SEDAR.
Forward-looking information and statements in this news
release include any statements concerning, among other things:
forecasts and outlook; preliminary cost reporting in this document;
timing, production, operating, cost, and capital expenditure
guidance; our operational and development targets and catalysts;
the results of any gold reconciliations; the ability to discover
additional oxide gold ore; the generation of free cash flow and
payment of dividends; matters relating to proposed exploration;
communications with local stakeholders; maintaining community and
government relations; negotiations of joint ventures; negotiation
and completion of transactions; commodity prices; Mineral
Resources, Mineral Reserves, conversion of Mineral Resources,
realization of Mineral Reserves, and the existence or realization
of Mineral Resource estimates; the development approach; the timing
and amount of future production; the timing of studies,
announcements, and analysis; the timing of construction and
development of proposed mines and process facilities; capital and
operating expenditures; economic conditions; availability of
sufficient financing; exploration plans; receipt of regulatory
approvals; expectations regarding COVID-19, its ongoing impact on
us and any interruptions it may cause on our operations; renewal of
the NCIB program; and any and all other timing, exploration,
development, operational, financial, budgetary, economic, legal,
social, environmental, regulatory, and political matters that may
influence or be influenced by future events or conditions.
Such forward-looking information and statements are based on
a number of material factors and assumptions, including, but not
limited in any manner to, those disclosed in any other of our
filings on EDGAR and SEDAR, and include: the inherent speculative
nature of exploration results; the ability to explore;
communications with local stakeholders; maintaining community and
governmental relations; status of negotiations of joint ventures;
weather conditions at our operations; commodity prices; the
ultimate determination of and realization of Mineral Reserves;
existence or realization of Mineral Resources; the development
approach; availability and receipt of required approvals, titles,
licenses and permits; sufficient working capital to develop and
operate the mines and implement development plans; access to
adequate services and supplies; foreign currency exchange rates;
interest rates; access to capital markets and associated cost of
funds; availability of a qualified work force; ability to
negotiate, finalize, and execute relevant agreements; lack of
social opposition to our mines or facilities; lack of legal
challenges with respect to our properties; the timing and amount of
future production; the ability to meet production, cost, and
capital expenditure targets; timing and ability to produce studies
and analyses; capital and operating expenditures; economic
conditions; availability of sufficient financing; the ultimate
ability to mine, process, and sell mineral products on economically
favorable terms; and any and all other timing, exploration,
development, operational, financial, budgetary, economic, legal,
social, geopolitical, regulatory and political factors that may
influence future events or conditions. While we consider these
factors and assumptions to be reasonable based on information
currently available to us, they may prove to be incorrect.
The above list is not exhaustive of the factors that may
affect any of the Company's forward-looking information. You should
not place undue reliance on forward-looking information and
statements. Forward-looking information and statements are only
predictions based on our current expectations and our projections
about future events. Actual results may vary from such
forward-looking information for a variety of reasons including, but
not limited to, risks and uncertainties disclosed in our filings on
our website at www.ssrmining.com, on SEDAR at www.sedar.com, on
EDGAR at www.sec.gov and on the ASX at www.asx.com.au and other
unforeseen events or circumstances. Other than as required by law,
we do not intend, and undertake no obligation to update any
forward-looking information to reflect, among other things, new
information or future events. The information contained on, or that
may be accessed through, our website is not incorporated by
reference into, and is not a part of, this document.
Cautionary Note to U.S. Investors
This news release includes terms that comply with reporting
standards in Canada under National
Instrument 43-101 – Standards of Disclosure for Mineral Projects
("NI 43-101"), including the terms "Mineral Reserves" and "Mineral
Resources". NI 43-101 is a rule developed by the Canadian
Securities Administrators that establishes standards for all public
disclosure an issuer makes of scientific and technical information
concerning mineral projects. The standards of NI 43-101 differ
significantly from the requirements of the SEC. Accordingly,
information concerning mineral deposits set forth herein may not be
comparable with information made in accordance with U.S.
standards.
Cautionary Note Regarding Non-GAAP Financial
Measures
We have included certain non-GAAP financial measures to
assist in understanding the Company's financial results. The
non-GAAP financial measures are employed by us to measure our
operating and economic performance and to assist in
decision-making, as well as to provide key performance information
to senior management. We believe that, in addition to conventional
measures prepared in accordance with GAAP, certain investors and
other stakeholders will find this information useful to evaluate
our operating and financial performance; however, these non-GAAP
performance measures do not have any standardized meaning. These
performance measures are intended to provide additional information
and should not be considered in isolation or as a substitute for
measures of performance prepared in accordance with GAAP. Our
definitions of our non-GAAP financial measures may not be
comparable to similarly titled measures reported by other
companies. These non-GAAP measures should be read in conjunction
with our consolidated financial statements.
Cash costs, AISC per ounce sold, adjusted attributable net
income, free cash flow, and net cash are Non-GAAP Measures with no
standardized definition under U.S GAAP.
Non-GAAP Measure – Net Cash
Net cash and net debt are used by management and investors to
measure the Company's underlying operating performance. The Company
believes that net cash is a useful measure for shareholders as it
helps evaluate the strength of liquidity and available
cash.
The following table provides a reconciliation of cash and
cash equivalents to net cash:
|
As of
|
(in
thousands)
|
|
March 31,
2022
|
|
December 31,
2021
|
Cash and cash
equivalents
|
|
$
|
998,986
|
|
$
|
1,017,562
|
Restricted
cash
|
|
$
|
35,315
|
|
$
|
35,303
|
Total Cash
|
|
$
|
1,034,301
|
|
$
|
1,052,865
|
|
|
|
|
|
|
|
Short and Long Term
Portion of Term Loan
|
|
|
122,500
|
|
|
140,000
|
Face Value of 2019
Convertible Note
|
|
$
|
230,000
|
|
$
|
230,000
|
Other Debt
|
|
$
|
1,210
|
|
$
|
1,450
|
Total Debt
|
|
$
|
353,710
|
|
$
|
371,450
|
|
|
|
|
|
|
|
Net Cash
(Debt)
|
|
$
|
680,591
|
|
$
|
681,415
|
Non-GAAP Measure - Cash Costs and AISC
The Company uses cash costs per ounce of precious metals sold
to monitor its operating performance internally. The most directly
comparable measure prepared in accordance with GAAP is production
costs. The Company believes this measure provides investors and
analysts with useful information about its underlying cash costs of
operations and the impact of by-product credits on its cost
structure. The Company also believes it is a relevant metric used
to understand its operating profitability and ability to generate
cash flow. When deriving the production costs associated with an
ounce of precious metal, the Company includes by-product credits.
Thereby allowing management and other stakeholders to assess the
net costs of gold and silver production. In calculating cash costs
per ounce, the Company also excludes the impact of specific items
that are significant, but not reflective of its underlying
operations.
AISC includes total production costs incurred at the
Company's mining operations, which forms the basis of cash costs.
Additionally, the Company includes sustaining capital expenditures,
sustaining mine-site exploration and evaluation costs, reclamation
cost accretion and amortization, and general and administrative
expenses. This measure seeks to reflect the ongoing cost of gold
and silver production from current operations; therefore,
expansionary capital and non-sustaining expenditures are excluded.
Certain other cash expenditures, including tax payments and
financing costs are also excluded.
The Company believes that AISC represents the total costs of
producing gold and silver from current operations and provides the
Company and other stakeholders with additional information about
its operating performance and ability to generate cash flows. It
allows the Company to assess its ability to support capital
expenditures and to sustain future production from the generation
of operating cash flows.
When deriving the number of ounces of precious metal sold,
the Company considers the physical ounces available for sale after
the treatment and refining process, commonly referred to as payable
metal, as this is what is sold to third parties.
AISC includes total production costs incurred at the
Company's mining operations, which forms the basis of its cash
costs and which are reconciled to reported production
costs.
The following tables provide a reconciliation of production
costs to cash costs and AISC:
|
|
Three Months Ended
March 31, 2022
|
(in thousands, unless
otherwise noted)
|
|
Çöpler
|
|
Marigold
|
|
Seabee
|
|
Puna
|
|
Corporate
|
|
Total
|
Production costs
(GAAP)
|
|
$
62,584
|
|
$
38,735
|
|
$
16,410
|
|
$
35,791
|
|
$
—
|
|
$
153,520
|
By-product
credits
|
|
(1,464)
|
|
(41)
|
|
(35)
|
|
(16,734)
|
|
—
|
|
(18,274)
|
Treatment and refining
charges
|
|
—
|
|
36
|
|
89
|
|
3,933
|
|
—
|
|
4,058
|
Cash costs
(non-GAAP)
|
|
61,120
|
|
38,730
|
|
16,464
|
|
22,990
|
|
—
|
|
139,304
|
Sustaining capital
expenditures
|
|
6,376
|
|
18,235
|
|
11,875
|
|
2,212
|
|
—
|
|
38,698
|
Sustaining exploration
and evaluation expense
|
|
382
|
|
317
|
|
—
|
|
50
|
|
—
|
|
749
|
Reclamation cost
accretion and amortization
|
|
395
|
|
513
|
|
141
|
|
431
|
|
—
|
|
1,480
|
General and
administrative expense and stock-based compensation
expense
|
|
914
|
|
—
|
|
3
|
|
148
|
|
15,174
|
|
16,239
|
Total AISC
(non-GAAP)
|
|
$
69,187
|
|
$
57,795
|
|
$
28,483
|
|
$
25,831
|
|
$
15,174
|
|
$
196,470
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gold sold
(oz)
|
|
72,425
|
|
36,954
|
|
47,800
|
|
—
|
|
—
|
|
157,179
|
Silver sold
(oz)
|
|
—
|
|
—
|
|
—
|
|
1,760,387
|
|
—
|
|
1,760,387
|
Gold equivalent sold
(oz) (11)(12)
|
|
72,425
|
|
36,954
|
|
47,800
|
|
22,513
|
|
—
|
|
179,692
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Production cost per
gold equivalent ounce sold
|
|
$
864
|
|
$
1,048
|
|
$
343
|
|
$
1,590
|
|
N/A
|
|
$
854
|
Cash cost per gold
ounce sold
|
|
$
844
|
|
$
1,048
|
|
$
344
|
|
N/A
|
|
N/A
|
|
N/A
|
Cash cost per silver
ounce sold
|
|
N/A
|
|
N/A
|
|
N/A
|
|
$
13.06
|
|
N/A
|
|
N/A
|
Cash cost per gold
equivalent ounce sold
|
|
$
844
|
|
$
1,048
|
|
$
344
|
|
$
1,021
|
|
N/A
|
|
$
775
|
AISC per gold ounce
sold
|
|
$
955
|
|
$
1,564
|
|
$
596
|
|
N/A
|
|
N/A
|
|
N/A
|
AISC per silver ounce
sold
|
|
N/A
|
|
N/A
|
|
N/A
|
|
$
14.67
|
|
N/A
|
|
N/A
|
AISC per gold
equivalent ounce sold
|
|
$
955
|
|
$
1,564
|
|
$
596
|
|
$
1,147
|
|
N/A
|
|
$
1,093
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
March 31, 2021
|
(in thousands, unless
otherwise noted)
|
|
Çöpler
|
|
Marigold
|
|
Seabee
|
|
Puna
|
|
Corporate
|
|
Total
|
Production costs
(GAAP)
|
|
$
66,417
|
|
$
53,711
|
|
$
16,561
|
|
$
25,174
|
|
$
—
|
|
$
161,863
|
By-product
credits
|
|
(1,789)
|
|
(36)
|
|
(31)
|
|
(6,848)
|
|
—
|
|
(8,704)
|
Treatment and refining
charges
|
|
—
|
|
194
|
|
188
|
|
3,321
|
|
—
|
|
3,703
|
Incremental COVID-19
related costs(10)
|
|
—
|
|
(332)
|
|
(852)
|
|
(893)
|
|
—
|
|
(2,077)
|
Fair value adjustment
on acquired inventories
|
|
(16,069)
|
|
—
|
|
—
|
|
—
|
|
—
|
|
(16,069)
|
Cash costs
(non-GAAP)
|
|
48,559
|
|
53,537
|
|
15,866
|
|
20,754
|
|
—
|
|
138,716
|
Sustaining capital
expenditures
|
|
7,264
|
|
23,413
|
|
12,746
|
|
3,276
|
|
—
|
|
46,699
|
Sustaining exploration
and evaluation expense
|
|
164
|
|
154
|
|
—
|
|
19
|
|
—
|
|
337
|
Reclamation cost
accretion and amortization
|
|
826
|
|
661
|
|
116
|
|
406
|
|
—
|
|
2,009
|
General and
administrative expense and stock-based compensation
expense
|
|
4,095
|
|
(103)
|
|
(91)
|
|
1,084
|
|
2,775
|
|
7,760
|
Total AISC (non-GAAP)
|
|
$
60,908
|
|
$
77,662
|
|
$
28,637
|
|
$
25,539
|
|
$
2,775
|
|
$
195,521
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gold sold
(oz)
|
|
82,502
|
|
65,012
|
|
25,766
|
|
—
|
|
—
|
|
173,280
|
Silver sold
(oz)
|
|
—
|
|
—
|
|
—
|
|
1,949,086
|
|
—
|
|
1,949,086
|
Gold equivalent sold
(oz) (11)(12)
|
|
82,502
|
|
65,012
|
|
25,766
|
|
28,214
|
|
—
|
|
201,494
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Production cost per
gold equivalent ounce sold
|
|
$
805
|
|
$
826
|
|
$
643
|
|
$
892
|
|
N/A
|
|
$
803
|
Cash cost per gold
ounce sold
|
|
$
589
|
|
$
823
|
|
$
616
|
|
N/A
|
|
N/A
|
|
N/A
|
Cash cost per silver
ounce sold
|
|
N/A
|
|
N/A
|
|
N/A
|
|
$
10.65
|
|
N/A
|
|
N/A
|
Cash cost per gold
equivalent ounce sold
|
|
$
589
|
|
$
823
|
|
$
616
|
|
$
736
|
|
N/A
|
|
$
688
|
AISC per gold
ounce sold
|
|
$
738
|
|
$
1,195
|
|
$
1,111
|
|
N/A
|
|
N/A
|
|
N/A
|
AISC per silver
ounce sold
|
|
N/A
|
|
N/A
|
|
N/A
|
|
$
13.10
|
|
N/A
|
|
N/A
|
AISC per gold
equivalent ounce sold
|
|
$
738
|
|
$
1,195
|
|
$
1,111
|
|
$
905
|
|
N/A
|
|
$
970
|
|
|
(10)
|
COVID-19 related costs
include direct, incremental costs associated with
COVID-19.
|
(11)
|
Gold equivalent ounces
are calculated using the silver ounces produced or sold multiplied
by the ratio of the silver price to the gold price, using the
average LBMA prices for the period. The Company does not include
copper, lead, or zinc as they are considered
by-products.
|
(12)
|
Gold equivalent ounces
sold may not re-calculate based on amounts presented in this table
due to rounding.
|
Non-GAAP Measure - Adjusted Attributable Net Income
Adjusted attributable net income and adjusted attributable
net income per share are used by management to measure the
Company's underlying operating performance. We believe this measure
is also useful for shareholders to assess the Company's operating
performance. The most directly comparable financial measures
prepared in accordance with GAAP are net income attributable to
equity holders of SSR Mining and net income per share attributable
to equity holders of SSR Mining. Adjusted attributable net income
is defined as net income adjusted to exclude the after-tax impact
of specific items that are significant, but not reflective of the
Company's underlying operations, including impairment charges;
foreign exchange (gains) losses and inflationary impacts on tax
balances; transaction, integration, and SEC conversion expenses;
and other non-recurring items.
The following table provides a reconciliation of net income
attributable to equity holders of SSR Mining to adjusted net income
attributable to equity holders of SSR Mining:
|
Three months ended
March 31,
|
(in thousands, unless
otherwise noted)
|
|
2022
|
|
2021
|
Net income attributable
to equity holders of SSR Mining (GAAP)
|
|
$
|
67,563
|
|
$
|
108,861
|
Interest saving on
convertible notes, net of tax
|
|
$
|
1,215
|
|
$
|
1,575
|
Net income used in the
calculation of diluted net income per share
|
|
$
|
68,778
|
|
$
|
110,436
|
|
|
|
|
|
|
|
Weighted-average shares
used in the calculation of net income and adjusted net income per
share
|
Basic
|
|
|
212,423
|
|
|
219,792
|
Diluted
|
|
|
224,736
|
|
|
232,169
|
|
|
|
|
|
|
|
Net income per share
attributable to common stockholders (GAAP)
|
|
|
|
|
|
|
Basic
|
|
$
|
0.32
|
|
$
|
0.50
|
Diluted
|
|
$
|
0.31
|
|
$
|
0.48
|
|
|
|
|
|
|
|
Adjustments:
|
|
|
|
|
|
|
Fair value adjustment
on acquired assets (13)
|
|
$
|
0
|
|
$
|
25,225
|
Foreign exchange loss
(gain)
|
|
$
|
3,287
|
|
$
|
379
|
COVID-19 related costs
(14)
|
|
$
|
0
|
|
$
|
2,077
|
Transaction,
integration, and SEC conversion expense
|
|
$
|
1,217
|
|
$
|
4,492
|
Changes in fair value
of marketable securities
|
|
$
|
923
|
|
$
|
586
|
Loss (gain) on sale of
mineral properties, plant and equipment
|
|
$
|
584
|
|
$
|
22
|
Income tax impact
related to above adjustments
|
|
$
|
(708)
|
|
$
|
(6,643)
|
Foreign exchange (gain)
loss and inflationary impacts on tax balances
|
|
$
|
(6,924)
|
|
$
|
(24,264)
|
Adjusted net income
attributable to equity holders of SSR Mining (Non-GAAP)
|
|
$
|
65,942
|
|
$
|
110,735
|
|
|
|
|
|
|
|
Adjusted net income per
share attributable to SSR Mining shareholders (Non-GAAP)
|
Basic
|
|
$
|
0.31
|
|
$
|
0.50
|
Diluted
|
|
$
|
0.30
|
|
$
|
0.48
|
|
|
(13)
|
Fair value adjustments
on acquired assets relate to the acquisition of Alacer's
inventories and mineral properties.
|
(14)
|
COVID-19 related costs
include direct, incremental costs associated with COVID-19 at all
operations.
|
Non-GAAP Measure - Free Cash Flow
The Company uses free cash flow to supplement information in
its condensed consolidated financial statements. The most directly
comparable financial measures prepared in accordance with GAAP is
cash provided by operating activities. The Company believes that in
addition to conventional measures prepared in accordance with US
GAAP, certain investors and analysts use this information to
evaluate the ability of the Company to generate cash flow after
capital investments and build the Company's cash resources. The
Company calculates free cash flow by deducting cash capital
spending from cash generated by operating activities.
The following table provides a reconciliation of cash
provided by operating activities to free cash flow:
|
Three months ended
March 31,
|
(in thousands, unless
otherwise noted)
|
|
2022
|
|
2021
|
Cash provided by
operating activities (GAAP)
|
|
$
|
62,187
|
|
$
|
127,503
|
Expenditures on mineral
properties, plant, and equipment
|
|
$
|
(34,492)
|
|
$
|
(55,711)
|
Free cash flow
(non-GAAP)
|
|
$
|
27,695
|
|
$
|
71,792
|
View original
content:https://www.prnewswire.com/news-releases/ssr-mining-reports-first-quarter-2022-results-301537906.html
SOURCE SSR Mining Inc.