Silver Standard Resources (NASDAQ:SSRM) executives highlighted stronger-than-expected production, robust free cash flow, and a new share repurchase program while outlining key growth priorities during the company’s fourth-quarter and full-year 2025 results conference call.
2025 closes “on a high note” as liquidity strengthens
Executive Chairman Rod Antal said the company ended 2025 with full-year production above the midpoint of guidance and generated more than $100 million in free cash flow in the fourth quarter. SSR Mining finished the year with $535 million in cash and more than $1 billion in liquidity, positioning the company to continue investing in growth while returning capital to shareholders.
Board approves up to $300 million share buyback
Antal said the company’s board approved a share buyback of up to $300 million, citing expectations for continued free cash flow generation in 2026 and management’s view that the share price does not reflect the portfolio’s full value.
Sparks noted repurchases have been an important part of SSR Mining’s capital allocation framework historically. Between 2021 and 2024, the company repurchased 20 million shares at an average price of $15.76 per share. Sparks also referenced convertible notes issued in 2019 with a conversion price of $17.61, arguing that prior buybacks created “significant value” for shareholders.
2026 guidance: production growth expected; costs include Çöpler care and maintenance
For 2026, Sparks guided production of 450,000 to 535,000 gold equivalent ounces from Marigold, Cripple Creek & Victor (CC&V), Seabee, and Puna. All-in sustaining costs (AISC) are expected to range from $2,360 to $2,440 per ounce, or $2,180 to $2,260 per ounce excluding care and maintenance costs at Çöpler.
With Çöpler not in operation, Sparks reiterated cash care and maintenance costs of $20 million to $25 million per quarter.
Total growth spend is expected to total $150 million in 2026, driven primarily by leach pad expansions at Marigold and CC&V and ongoing exploration and resource development. For Hod Maden, Sparks said capital expenditures are expected to total up to $15 million per month as engineering, access road development, and site establishment continue ahead of a formal construction decision; the company said it would update growth CapEx guidance if the joint venture makes a positive construction decision.
Q4 and full-year results: higher gold prices supported earnings and royalties
SSR Mining reported fourth-quarter production of 120,000 gold equivalent ounces at $2,250 per ounce AISC, or $2,002 per ounce excluding costs incurred at Çöpler. Fourth-quarter sales were 117,000 gold equivalent ounces at an average realized gold price of $4,142 per ounce.
Net income attributable to SSR Mining shareholders in Q4 was $181 million, or $0.84 per diluted share. Adjusted net income was $190 million, or $0.88 per diluted share.
For the full year, SSR Mining produced 447,000 gold equivalent ounces, exceeding the midpoint of guidance. Sparks said higher-than-forecast royalty costs tied to higher gold prices, along with share-based compensation, pushed full-year AISC to the top end of the consolidated guidance range. Full-year AISC excluding costs incurred at Çöpler was $1,923 per ounce, which Sparks said was “comfortably within” guidance.
Operations and projects: records at Puna, strong CC&V cash flow, and Hod Maden progress
EVP of Operations and Sustainability Bill MacNevin said the company strengthened EHSS programs in 2025, including critical controls and risk management, integrating closure work into life-of-mine plans, and upgrading community engagement processes.
MacNevin also discussed year-end reserves, stating SSR Mining closed 2025 with 11 million ounces of gold equivalent mineral reserves, up nearly 40% year-over-year, driven largely by the incorporation of CC&V and Hod Maden. The company used mineral reserve price assumptions of $1,700 per ounce gold and $20.50 per ounce silver, and it holds nearly 15 million additional measured, indicated, and inferred gold equivalent ounces that could support future reserve growth.
- Marigold: Q4 production was 43,000 ounces of gold with AISC of $2,089 per ounce. MacNevin said the mine schedule was updated for blending “durable” and “non-durable” ore to protect heap leach recovery, and higher gold prices drove pit expansions and the relocation of a planned waste dump to avoid sterilizing ounces. 2026 guidance calls for 170,000 to 200,000 ounces at AISC of $2,320 to $2,390 per ounce, with production weighted to the second half. Sustaining capital is expected to total $108 million in 2026, largely for fleet and component replacements and process plant improvements. Management said Buffalo Valley and New Millennium are advancing and could be integrated into an updated Marigold technical report summary over the next 18 months.
- CC&V: Q4 production was 39,000 ounces of gold with AISC of $1,596 per ounce. Full-year attributable production totaled 125,000 ounces, exceeding the high end of the company’s prior guidance, and the mine generated more than $200 million in mine-site free cash flow in 2025. The company’s CC&V technical report summary, released in November, outlined an initial 12-year mine life and $824 million NPV at consensus metal prices, based on 2.8 million ounces of reserves, with nearly 7 million ounces of additional measured, indicated, and inferred resources. 2026 guidance calls for 125,000 to 150,000 ounces at AISC of $1,780 to $1,850 per ounce, with production weighted toward the second half.
- Seabee: Q4 production was approximately 9,000 ounces at AISC of $1,433 per ounce, reflecting a focus on underground development and increased ore contributions from the lower grade gap hanging wall. For 2026, SSR Mining guided 60,000 to 70,000 ounces at AISC of $2,170 to $2,240 per ounce, with about 60% of production expected in the second half. MacNevin said the company declared a maiden 200,000-ounce mineral reserve at Porky and cited encouraging drilling at Santoy.
- Puna: MacNevin said Puna exceeded production guidance for a third consecutive year and set records for tons processed in both Q4 and the full year. Q4 production was 2.1 million ounces of silver. Full-year AISC of $14.24 per ounce was slightly better than guidance and drove mine-site free cash flow of more than $250 million in 2025. 2026 guidance calls for 6.25 million to 7.0 million ounces of silver at AISC of $20 to $22 per ounce. On the Q&A, management said the lower 2026 range versus a previously discussed outlook reflects timing and phasing, with the potential to maintain higher production for longer. The company outlined extension opportunities at Chinchillas, the Molina target, and the Cordilleras underground brownfield deposit.
On Hod Maden, Antal said the technical report summary released in January reaffirmed the project’s quality. He described it as an underground copper-gold project in northeastern Turkey with a plant designed for approximately 2,200 tons per day and life-of-mine average head grades of 7.6 grams of gold and 1.3% copper. Antal said the project is expected to produce a single concentrate and cited expected average recoveries of 87% for gold and 97% for copper.
SSR Mining highlighted the Hod Maden TRS economics, including a $1.7 billion NPV and a 39% internal rate of return at consensus metal prices. Antal said SSR’s remaining investment is expected to total $470 million inclusive of earn-in and milestone payments, with a projected 2.5 to three year construction period once a project decision is made. In response to analyst questions, management said early site work is ongoing, but did not provide a timeline for a formal construction decision, citing ongoing review processes with partners.
Antal also said discussions regarding Çöpler are ongoing, with site activities having “wound down” while the company awaits final approvals for the east storage facility and pad closure; he said care and maintenance work continues to maintain plant integrity for a potential restart.
In closing remarks, Antal said SSR Mining enters 2026 with “a number of key catalysts on the horizon,” expecting year-over-year production growth, strong free cash flow, and progress on growth initiatives that the company expects to detail over the next 12 to 18 months.
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.
