• Operating performance: The Company reported full year 2022 production of 623,819 gold equivalent ounces
at Cost of sales per gold equivalent ounce of $985 and all-in sustaining costs (“AISC”) of $1,339 per gold
equivalent ounce. (1)
• Financial results: Attributable net income in 2022 was $194.1 million, or $0.89 per diluted share and adjusted
attributable net income was $144.8 million, or $0.67 per diluted share. For the twelve months ending December
31, 2022, operating cash flow was $160.9 million and free cash flow was $23.4 million.
• Capital returns: For the twelve months ending December 31, 2022, SSR Mining returned $158.8 million to
shareholders, representing a 4.9% yield, through dividends and share repurchases. Quarterly dividend payments
totaled $58.8 million in 2022, reflecting the Company’s announcement of a 40% increase to the base dividend
on January 31, 2022. The Company announced a Normal Course Issuer Bid (“NCIB”) under the requirements
of the TSX on June 16, 2022, following the completion of the previous NCIB. During 2022, a total of $100.0
million in common shares were repurchased, representing a repurchase of 6,053,126 shares as part of the NCIB
program. In addition, the Company's Board of Directors declared a quarterly dividend of $0.07 per share to be
payable on March 30, 2023.
• Balance sheet and financial strength: At the end of 2022, SSR Mining had a cash and cash equivalent balance
of $655.5 million after returning $58.8 million in dividend payments to shareholders, using $100.0 million for
share repurchases, making $71.2 million in scheduled debt repayments, and using $170.0 million for strategic
M&A transactions, including the acquisition of Taiga Gold Corp. for $20.0 million and 30% of the Kartaltepe
joint venture for $150.0 million.
• Delivered strong near-mine and greenfield exploration results across the portfolio: Delivered positive
exploration updates from the Çakmaktepe Extension, Seabee Gold Operations, and Marigold Mine in 2022,
showcasing opportunities for growth across SSR Mining's global exploration platform.
• Completed the acquisition of Taiga Gold Corp.: On April 14, 2022, the Company completed the acquisition
of Taiga Gold Cop. (“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. The Company’s Saskatchewan assets
now cover an area of approximately 131,150 hectares.
• Completed the sale of the Pitarrilla project: On July 6, 2022 the Company completed the sale of the Pitarrilla
project to Endeavour Silver. As consideration for the sale, SSR Mining received $35.0 million in cash, $35.0
million (2) in common shares of Endeavour Silver, and a 1.25% net smelter return royalty on the Pitarrilla
property. The sale was originally announced on January 13, 2022.
• Acquired an additional 30% ownership in Kartaltepe: In the fourth quarter of 2022, the Company
announced and completed an agreement to acquire an additional 30% ownership interest in the Kartaltepe
Mining Joint Venture at the Çöpler District from partner Lidya Mining for total consideration of $150.0 million
in cash. This acquisition will streamline operating, financial and exploration activities across the ?öpler District
while creating tangible synergies. The Company now owns 80% of the entire Çöpler District.
(1) AISC, free cash flow, adjusted attributable net income (loss), and adjusted attributable net income (loss) per diluted share are non-GAAP
financial measures. For explanations of these measures and reconciliations to the most comparable financial measure calculated under U.S.
GAAP, please see the discussion under "Non-GAAP Financial Measures" in Part II, Item 7, Management’s Discussion and Analysis of Financial
Condition and Results of Operations herein.
(2) The fair value of the common shares of Endeavour Silver on July 6, 2022 was $25.6 million. See Note 3 to the Consolidated Financial
Statements for more information.
ITEM 1. BUSINESS
SSR Mining is a precious metals mining company with four producing assets located in the United States, Türkiye,
Canada and Argentina. The Company is engaged in the operation, acquisition, exploration and development of
precious metal resource properties, producing gold doré as well as silver and lead and zinc concentrates. SSR
Mining's diversified asset portfolio is comprised of high-margin, long-life assets located in some of the world's most
prolific metal districts.
The Company has an experienced leadership team with a proven track record of delivery and value creation. Across
the organization, the Company has expertise in project construction, mining (open pit and underground), and
processing (pressure oxidation, heap leach and flotation), with a robust commitment to health, safety, community
engagement and environmental management.
The Company has a strong balance sheet, with over $655.5 million in cash and cash equivalents as of December 31,
2022, to support its growth pipeline. The Company intends to leverage its balance sheet strength and proven track
record of free cash flow generation to fund growth across its portfolio to facilitate superior returns to shareholders.
In this report, "SSR Mining," the "Company," "our" and "we" refer to SSR Mining Inc. together with its affiliates
and subsidiaries, unless the context otherwise requires. All currency references herein are in United States dollars
("USD") unless otherwise indicated. References to "CAD" or the use of the symbol “C$” refers to Canadian dollars.
References to “TL” are to the lawful currency of Türkiye, the Turkish Lira. References to “ARS” are to the lawful
currency of Argentina, the Argentine peso.
All share data in this report refers to consolidated shares/data, unless otherwise indicated.
The Company's operations consist of four operating mine sites - Çöpler Gold Mine, located in Erzincan Province,
Türkiye ("Çöpler"), Marigold Mine, located in Nevada, United States ("Marigold"), Seabee Gold Operations,
located in Saskatchewan, Canada ("Seabee" or "SGO"), and Puna Operations, located in Jujuy Province, Argentina
("Puna") - each of which is a reportable operating segment and which are also referred to as producing assets. The
contributions to our revenue by reportable operating segment for the year ended December 31, 2022 were 31% from
Çöpler (2021 – 41%; 2020 – 24%), 30% from Marigold (2021 – 29%; 2020 – 48%), 21% from Seabee (2021 – 15%;
2020 – 16%) and 18% from Puna (2021 – 15%; 2020 – 12%). See Note 4 to the Consolidated Financial Statements
for further information relating to our reportable operating segments.
In addition to current mine production, the Company also participates in exploration and development activities at
properties located in Canada, Türkiye, and Peru. See Item 2, Properties, for further information about the Company's
production and exploration properties.
Çöpler, Marigold and Seabee produce gold doré. Doré is unrefined gold bullion bars usually consisting of in excess
of 90% gold, which is subsequently refined by a third party to gold bullion. The Company sells gold doré produced
at Marigold and Seabee primarily to banks, and gold doré produced at Çöpler is sold to the Central Bank of Türkiye.
Puna produces silver, lead and zinc concentrates, which are sold to smelters or traders for further refining.
During 2022, sales of gold doré accounted for 82% of revenue, with 31% sold to Central Bank of Türkiye, 28% to
CIBC and 16% to Bank of Montreal. During 2021, sales of gold doré to Central Bank of Türkiye and CIBC
accounted for 41% and 30% of the Company's total revenues, respectively. During 2020, sales of gold doré to CIBC,
Central Bank of Türkiye and Bank of Montreal accounted for 45%, 24% and 14% of the Company's total revenues,
The Company sells lead and zinc concentrate with high silver content, through contractual arrangements with
smelters and traders located in Asia and Europe. The concentrates are sold under supply contracts updated annually
or as needed through spot sales, with processing fees based on the demand for the concentrates in the global
The Company’s revenue by product category for the years ended December 31 was as follows:
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