SSR Mining: A Proven Playbook And A Fresh War Chest

SSR Mining (SSRM) is a pure-play Americas gold & silver producer with $2.1B net cash, 10% FCF yield and 0.7x NAV upside.

In February 2025, SSR Mining (SSRM:CA) (SSRM) bought Cripple Creek & Victor, located in Colorado, for $100 million upfront with up to $175 million in contingent milestones. 12 months after that purchase, the company generated $325 Summary - SSR Mining (SSRM) is now a pure-play Americas gold and silver producer with $2.1B net cash after divesting Çöpler. - SSRM's four operating mines generate robust free cash flow, supporting a 10% FCF yield and ongoing capital deployment opportunities.

- The stock trades at 0.7x NAV with a Buy rating and $40 price target, reflecting confidence in management's acquisition strategy. - Key risks include gold price sensitivity, capital misallocation, and Seabee's H2 production delivery impacting consolidated AISC. Analyst’s Disclosure: I/we have a beneficial long position in the shares of SSRM:CA either through stock ownership, options, or other derivatives.

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