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Overig advies 18/02/2021 05:25
DENVER, CO - SSR Mining Inc. (NASDAQ/TSX: SSRM, ASX:SSR) (“SSR Mining” or "the Company”) reports consolidated financial results for the fourth quarter and year ended December 31, 2020.
Rod Antal, President and CEO said, "We exited 2020 with strong operational and financial momentum across all four of our operating assets. The fourth quarter represented the first full quarter following the completion of the Alacer merger, and the results demonstrated the strength of the business with 220,000 gold-equivalent ounces produced at $976 per ounce AISC and $157 million in free cash flow. Given our strong balance sheet we declared our first quarterly dividend in line with our recently instituted capital allocation policy. Our peer leading free cash flow will also provide us the opportunity to assess additional capital returns to shareholders in the form of supplemental dividends and/or share buy-back programs in the future.
In 2021, we remain focused on execution and delivery with the goal of demonstrating our organic ability to sustain 700,000 to 800,000 gold-equivalent ounces of production for the next 5+ years. Our large brownfield growth and exploration pipeline will take center-stage this year as we advance projects and provide clarity on their potential scale and timelines."
Fourth Quarter and Year-End 2020 Highlights:
(All figures are in U.S. dollars unless otherwise noted)
? Closed zero-premium merger with Alacer: On September 16, 2020, completed the transaction with Alacer to create a leading intermediate precious metals producer with robust margins, strong free cash flow generation and long mine lives led by a highly experienced leadership team with a track record of value creation.
? Robust free cash flow: Reported fourth quarter attributable net income of $89.0 million, or $0.41 per share, and adjusted attributable net income of $108.8 million, or $0.50 per share. Generated cash flows from operating activities of $217.4 million and free cash flow of $157.0 million in the fourth quarter.(1)
? Record fourth quarter performance: Delivered fourth quarter production of 220,432 gold equivalent ounces at AISC of $976 per gold equivalent ounce, exiting the year with strong operational momentum.(1)
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? Enhanced balance sheet and liquidity: Cash and cash equivalents and consolidated cash balances at year-end increased to $860.6 million and $897.0 million, respectively, further strengthening the Company's peer-leading balance sheet.(1) Cash and cash equivalents increased by $127.1 million during the fourth quarter.
? Inaugural dividend announced: The Board declared the first quarterly cash dividend of $0.05 per share.
? Delivered positive Çöpler District Master Plan studies: Released an updated NI 43-101 technical report outlining two production scenarios which demonstrate the long-term value and the significant organic growth potential of this world-class operation.
? Discovered C2 copper-gold porphyry target at Çöpler: Announced positive results from four diamond drill holes below the Çöpler pit, with all holes intersecting gold-rich copper porphyry mineralization. The C2 results are another example of the long-term potential of Çöpler.
? Çöpler contributes low-cost production: Delivered gold production of 83,029 ounces in the fourth quarter and annual production of 326,908 ounces.(2) Reported AISC of $748 per ounce in the fourth quarter, generating robust margins.(1)
? Record production at Marigold: Delivered gold production of 76,941 ounces for the fourth quarter and annual production of 234,443 ounces, marking both quarterly and annual production records for the operation.
? Marigold recognized for operator safety: The Marigold team was awarded first place by the Nevada Mining Association for safety for large metal operator in 2020.
? Steady-state production at Seabee: Produced 31,915 ounces of gold at AISC of $787 per ounce in the fourth quarter as the mine returned to steady-state operations.(1)
? Strong performance at Puna: Produced 2.2 million ounces of silver at cash costs of $8.92 per ounce in the fourth quarter.(1) AISC of $15.90 per ounce was impacted by sales well below production due to lags as concentrate shipments resumed.(1)
? Provided robust 2021 outlook: In 2021, the Company expects to produce, on a consolidated basis, 720,000 to 800,000 gold-equivalent ounces at consolidated AISC of $1,050 to $1,110 per gold equivalent ounce.(1)
(1) SSR Mining reports the non-GAAP financial measures of all-in sustaining costs ("AISC") per ounce of gold, silver and gold equivalent sold, adjusted attributable net income, adjusted attributable net income per share, free cash flow and consolidated cash to manage and evaluate the Company's operating performance. See “Non-GAAP Financial Measures” in Section 13.
(2) Includes full year 2020 production from Çöpler. SSR Mining is not entitled to the economic benefits from Çöpler prior to acquisition.
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Çöpler, Turkey
(amounts presented on 100% basis)
Three months ended December 31
Period from acquisition to December 31, 2020
Year ended December 31
Operating Data 2020 2020 (1) 2020 (2)
Gold produced - oxide (oz) 21,200 26,458 87,548

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