Silver Standard Resources (NASDAQ:SSRM), operating as SSR Mining, said its second-quarter results were in line with expectations as the company completed its exit from Türkiye, strengthened its cash position and outlined plans to increase investment in mine-life extensions across its Americas-focused portfolio.
Executive Chairman Rodney P. Antal said the company received approximately $1.5 billion in cash proceeds from the sale of the Çöpler mine before the end of the quarter. SSR Mining ended the period with nearly $1.8 billion of cash and no debt, even after repurchasing shares during the quarter. Çöpler and the Hod Maden project are now reported as discontinued operations.
Quarterly Financial Results and Capital Returns
SSR Mining produced 102,000 gold-equivalent ounces during the second quarter at all-in sustaining costs of $2,622 per ounce. Revenue totaled $443 million on sales of 98,000 gold-equivalent ounces. The company reported net income and adjusted net income of $0.66 per diluted share.
Average realized prices were $4,301 per ounce of gold and $74.24 per ounce of silver. Chief Financial Officer Michael J. Sparks said the realized gold price was about 5% below the quarterly average because a larger portion of second-quarter ounces was sold in June, when gold prices were lower.
Free cash flow from continuing operations was $50 million in the quarter and nearly $300 million year to date, including working-capital changes. Free cash flow before working-capital changes was $123 million in the second quarter. The company also made more than $120 million in cash tax payments, which Sparks said reflected its normal annual tax-payment cycle.
SSR Mining returned $338 million to shareholders during the quarter through the repurchase of 10.4 million shares and announced the reinstatement of its quarterly dividend. The company has a $500 million share-repurchase program approved in mid-June. As of July 31, it had capacity to repurchase about 8.6 million additional shares under its current normal course issuer bid, which runs through March 2027.
The company also amended and extended its revolving credit facility, increasing it to $600 million from $400 million. The renewed facility has a four-year term and borrowing rates that are 25 basis points lower than under the prior agreement.
Costs, Capital Spending and Production Outlook
Management attributed expected cost pressure to higher realized fuel prices, increased sustaining capital and accelerated growth investment. Sustaining capital spending is expected to remain elevated in the third quarter, while approximately 55% to 60% of second-half production is expected in the fourth quarter.
SSR Mining said its diesel hedges at Marigold and Cripple Creek & Victor, or CC&V, have reduced the impact of higher fuel prices, though the company remains exposed on unhedged purchases. Sparks said a $10-per-barrel increase in oil prices would add an estimated $10 per ounce to consolidated 2026 all-in sustaining costs under the current operating portfolio. Without the U.S. hedges, he said the impact could be about $20 to $30 per ounce for each $10 increase in oil prices.
In response to an analyst question, Sparks said sustaining capital expenditures are currently expected to be about $230 million to $235 million in 2026, compared with prior guidance of $202 million for continuing operations. The added spending includes fleet purchases at Marigold and other operational investments.
Operational Updates
- Marigold: Produced 31,000 ounces in the second quarter and 69,000 ounces in the first half. The mine remains on track for full-year guidance of 170,000 to 200,000 ounces, with roughly 65% of second-half output expected in the fourth quarter. Growth capital guidance increased to $65 million from $48 million as the company advances longer-term initiatives. SSR Mining expects to publish an updated technical report and life-of-mine plan by year-end, addressing opportunities at Buffalo Valley, DG80 and New Millennium.
- CC&V: Produced 28,000 ounces at all-in sustaining costs of $1,995 per ounce, bringing first-half production to 66,000 ounces. Full-year guidance remains 125,000 to 150,000 ounces. The company said permitting for Amendment 14 remains on track for final approvals before the end of 2027 and is separate from a Newmont-led legal matter involving the Carlton Tunnel discharge.
- Seabee: Produced nearly 17,000 ounces at all-in sustaining costs of $23.58 per ounce, with first-half production of 23,000 ounces. The operation is expected to reach the lower end of annual guidance, with the strongest production expected in the fourth quarter as grades increase. Growth capital guidance rose to $35 million from $15 million to advance the Porky West project.
- Puna: Produced 1.7 million ounces of silver at all-in sustaining costs of $29.52 per ounce. First-half output totaled 3.4 million ounces. Costs are expected near the upper end of guidance due to inflationary pressure in Argentina. The company is evaluating Chinchillas laybacks, the adjacent Molina target and the Cortaderas project.
Growth Pipeline and Strategic Positioning
Antal said the company is prioritizing organic growth while retaining a disciplined approach to potential acquisitions. SSR Mining is advancing opportunities at all four operating assets, with a focus on extending mine lives and smoothing production profiles rather than pursuing major near-term production increases.
The company is also progressing internal economic studies at the Amisk project in Saskatchewan and conducting early-stage field programs at Nevada exploration targets. During the second quarter, SSR Mining finalized a strategic investment in Phenom Resources, which holds the Dobbin project in Nevada. SSR Mining owns 9.9% of Phenom and has an option to earn a minority interest in Dobbin through $4 million of exploration spending. First drilling on the property began early in the third quarter.
Antal said the company does not view the expanded revolving credit facility as a signal of an imminent transaction, characterizing it as a normal refinancing that improved terms and increased flexibility. He said SSR Mining intends to maintain balance-sheet strength, fund internal growth, consider disciplined merger-and-acquisition opportunities and continue dividends and share repurchases.
About Silver Standard Resources (NASDAQ:SSRM)
Silver Standard Resources Inc (NASDAQ: SSRM) is a Vancouver‐based precious metals company engaged in the acquisition, exploration, development and production of silver and gold deposits primarily across the Americas. The company’s strategy centers on advancing high‐quality projects into production while maintaining a portfolio of operating mines that deliver consistent metal output. Silver Standard emphasizes sustainable resource development and community partnership at each stage of its operations.
The company’s principal producing assets include the Marigold gold mine in Nevada, which entered commercial production in 2006; the Seabee gold operation in Saskatchewan, Canada, acquired in 2016; and the Pirquitas silver‐gold mine in Argentina, which began producing in 2009.
