SSR MINING INC. [SSRM] Filings

10-Q 1 ssrm-20220630.htm 10-Q ssrm-20220630

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Form 10-Q

(Mark One)

☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the Quarterly Period Ended June 30, 2022

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from __________to__________

Commission File Number: 001-35455

SSR MINING INC.

(Exact name of registrant as specified in its charter)


British Columbia (State or Other Jurisdiction of Incorporation or Organization)						98-0211014 (I.R.S. Employer Identification No.)
Suite 1300 - 6900 E. Layton Ave, Denver, Colorado, 80237

(Address of Principal Executive Offices)

Registrant’s telephone number, including area code (303) 292-1299

Securities registered pursuant to Section 12(b) of the Act.


Title of each class	Trading symbol	Name of each exchange on which registered
Common shares without par value	SSRM	The Nasdaq Stock Market LLC

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. ☒ Yes ☐ No

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). ☒ Yes ☐ No

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12-b2 of the Exchange Act.

Large accelerated filer

☒

Accelerated filer

☐

Non-accelerated filer

☐

Smaller reporting company

☐

Emerging growth company

☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12-b2 of the Exchange Act). ☐ Yes ☒ No

There were 208,623,220 common shares outstanding on July 29, 2022.

TABLE OF CONTENTS


			Page
PART I - FINANCIAL INFORMATION
SECOND QUARTER 2022 HIGHLIGHTS			2
ITEM 1. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA			4
Condensed Consolidated Statements of Operations (unaudited)			5
Condensed Consolidated Statements of Cash Flows (unaudited)			6
Condensed Consolidated Balance Sheets (unaudited)			8
Condensed Consolidated Statements of Changes in Equity (unaudited)			9
Notes to Condensed Consolidated Financial Statements (un audited)			11
ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS			28
Business Overview			28
Operating Statistics			29
Consolidated Results of Operations			33
Results of Operations			38
Liquidity and Capital Resources			43
Non-GAAP Financial Measures			45
Critical Accounting Policies and Estimates			52
New Accounting Pronouncements			52
Forward-Looking Statements			53
ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK			54
ITEM 4. CONTROLS AND PROCEDURES			54
PART II - OTHER INFORMATION
ITEM 1. LEGAL PROCEEDINGS			54
ITEM 1A. RISK FACTORS			54
ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS			54
ITEM 3. DEFAULTS UPON SENIOR SECURITIES			55
ITEM 4. MINE SAFETY DISCLOSURES			55
ITEM 5. OTHER INFORMATION			55
ITEM 6. EXHIBITS, FINANCIAL STATEMENT SCHEDULES			55
SIGNATURES			56

PART I - FINANCIAL INFORMATION

SECOND QUARTER 2022 HIGHLIGHTS (dollars, except per share, per ounce and per pound amounts)

•Solid quarterly operating performance: Delivered second quarter production of 159,262 gold equivalent ounces, and first half production of 333,201 gold equivalent ounces.

•Strong financial results: Attributable net income in the second quarter was $58.5 million, or $0.27 per diluted share, and adjusted attributable net income was $66.8 million, or $0.30 per diluted share. For the six months ending June 30, 2022, operating cash flow was $95.0 million and free cash flow was $18.7 million. (1)

•Renewed commitment to peer-leading capital returns: On June 16, 2022, the Company announced a Normal Course Issuer Bid (“NCIB”) permitting SSR Mining to purchase for cancellation up to 10,600,000 common shares of the Company representing approximately 5.0% of SSR Mining’s total issued and outstanding common shares. At the end of the second quarter, the Company had repurchased a total of 797,842 of its outstanding common shares at an average share price of $18.38 per share. During the second quarter, the Board declared a quarterly cash dividend of $0.07 per share.

•Balance sheet reinforces business resiliency: At the end of the second quarter, the Company had a cash and cash equivalents balance of $938.6 million, after $35.6 million in scheduled debt repayments, $30.1 million in dividend payments to equity shareholders, $14.7 million in share repurchases, and $30.8 million in dividends to joint venture partners in the first half of 2022.

•Russell 1000® Index inclusion: On June 27, 2022, the Company was incorporated into the Russell 1000® Index as well as the broad-market Russell 3000® Index as part of the annual reconstitution of the Russell indexes. Russell indexes are widely used by investment managers and institutional investors for index funds and as benchmarks for active investment strategies. Approximately $12.0 trillion in assets are benchmarked against Russell’s US indexes. We believe the inclusion in these indexes is expected to increase the Company’s exposure in the investment community and provide an opportunity to expand our shareholder base.

•2021 ESG and Sustainability Report: On April 14, 2022, the Company published its fourth annual ESG and Sustainability Report. The report outlines the Company’s approach to sustainability across a range of areas, including health & safety, environment, communities and diversity, as well as summarizes our 2021 ESG performance.

•Completed the sale of the Pitarrilla project: Subsequent to the quarter, on July 6, 2022 the Company announced the closing of the sale of the Pitarrilla project to Endeavour Silver Corp. (“Endeavour Silver”) following receipt of all required regulatory approvals and customary closing conditions. As consideration for the sale, the Company received $35.0 million in cash, $35.0 million in 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.

•Closed the acquisition of Taiga Gold Corp.: On April 14, 2022, the Company completed the acquisition to acquire all of the issued and outstanding shares of Taiga Gold Corp. (CSE: TGC) (“Taiga Gold”) at a price of CAD $0.265 per Taiga Gold share, representing an aggregate consideration of approximately $24.5 million. The transaction materially expands the Company’s presence in Saskatchewan, Canada, a core jurisdiction, by adding five new properties, covering over 29,100 hectares, which provide new exploration targets stretching south from the Seabee mine to the Company’s 100%-owned Amisk property. Further, the acquisition consolidates a 100% interest in the Fisher property contiguous to the Seabee mine. The Company will leverage its existing teams and infrastructure to advance the exploration of these assets. The Company’s Saskatchewan assets now cover an area of approximately 131,150 hectares.

•Çöpler temporarily suspended: At the end of the second quarter, Türkiye’s Ministry of Environment, Urbanization and Climate Change (“Ministry of Environment”) temporarily suspended operations pending implementation of the required improvement initiatives. The Company has completed these initiatives under the oversight of the Ministry of Environment, and after inspection and verification by the Regulators, the Company will move towards obtaining the approvals to restart operations during the third quarter of 2022.

(1) Free cash flow, adjusted attributable net income, and adjusted attributable net income 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 I, Item 2, Management’s Discussion and Analysis herein.

ITEM 1. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA

SSR Mining Inc.

Condensed Consolidated Statements of Operations

(unaudited, in thousands except per share)


	Three Months Ended June 30,				Six Months Ended June 30,
	2022		2021		2022		2021
Revenue	$	319,583	$	376,950	$	675,029	$	743,434
Operating Costs and Expenses:
Production costs		164,928		166,946		318,448		328,809
Depreciation, depletion, and amortization		53,848		55,993		112,590		109,772
General and administrative expense		19,468		15,208		35,707		22,967
Exploration, evaluation, and reclamation costs		11,244		11,848		21,102		21,252
Impairment of long-lived and other assets		—		22,345		—		22,349
Transaction, integration, and SEC conversion expense		—		894		1,217		5,386
Operating income		70,095		103,716		185,965		232,899
Other income (expense):
Interest expense		(4,273)		(4,891)		(8,568)		(9,835)
Other income (expense)		(2,395)		(182)		(2,762)		(1,793)
Foreign exchange gain (loss)		(4,869)		(930)		(8,156)		(1,309)
Total other income (expense)		(11,537)		(6,003)		(19,486)		(12,937)
Income before income and mining taxes		58,558		97,713		166,479		219,962
Income and mining tax benefit (expense)		8,979		(19,578)		(22,583)		(13,198)
Equity income (loss) of affiliates		(18)		(343)		(271)		(1,521)
Net income		67,519		77,792		143,625		205,243
Net loss (income) attributable to non-controlling interest		(9,031)		(3,073)		(17,574)		(21,664)
Net income attributable to SSR Mining shareholders	$	58,488	$	74,719	$	126,051	$	183,579

Net income per share attributable to SSR Mining shareholders
Basic	$	0.28	$	0.34	$	0.59	$	0.84
Diluted	$	0.27	$	0.33	$	0.57	$	0.81

The accompanying notes are an integral part of the Condensed Consolidated Financial Statements.

SSR Mining Inc.

Condensed Consolidated Statements of Cash Flows

(unaudited, in thousands)


	Six Months Ended June 30,
	2022		2021
Operating activities
Net income	$	143,625	$	205,243
Adjustments for:
Depreciation, depletion, and amortization		112,590		109,772
Amortization of debt discount		475		461
Reclamation costs		2,622		2,410
Deferred income taxes		(41,899)		(35,818)
Stock-based compensation		6,158		3,231
Equity pickup on investments in joint ventures		271		1,521
Unrealized loss (gain) on derivative instruments		(116)		(4,687)
Change in fair value of marketable securities		3,799		1,947
Non-cash fair value adjustment on acquired inventories		7,503		32,044
Loss (gain) on sale of mineral properties, plant and equipment		1,341		(1,614)
Impairment of long-lived and other assets		—		22,349
Net change in operating assets and liabilities		(141,344)		(73,603)
Net cash provided by operating activities		95,025		263,256

Investing activities
Additions to mineral properties, plant and equipment		(76,330)		(93,247)
Purchases of marketable securities		(2,603)		—
Proceeds from sale of marketable securities		12,830		4,592
Proceeds from repayment of note receivable		8,358		—
Proceeds from sale of mineral properties, plant and equipment		—		2,500

Other investing activities		—		(295)
Net cash used in investing activities		(57,745)		(86,450)

Financing activities
Repayment of debt, principal		(35,568)		(35,000)
Repurchase of common shares		(14,667)		(70,254)
Proceeds from exercise of stock options		2,628		3,600
Principal payments on finance leases		(8,203)		(4,017)
Non-controlling interest dividend		(30,773)		(38,084)
Dividends paid		(30,100)		(21,966)
Other financing activities		—		(1,114)
Net cash used in financing activities		(116,683)		(166,835)
Effect of foreign exchange rate changes on cash and cash equivalents		524		(247)
Net increase (decrease) in cash, cash equivalents, and restricted cash		(78,879)		9,724
Cash, cash equivalents, and restricted cash beginning of period		1,052,865		895,921
Cash, cash equivalents, and restricted cash end of period	$	973,986	$	905,645

SSR Mining Inc.

Condensed Consolidated Statements of Cash Flows

(unaudited, in thousands)



	Six Months Ended June 30,
	2022		2021
Reconciliation of cash, cash equivalents, and restricted cash:
Cash and cash equivalents	$	938,599	$	870,352
Restricted cash		35,387		35,293
Total cash, cash equivalents, and restricted cash	$	973,986	$	905,645

The accompanying notes are an integral part of the Condensed Consolidated Financial Statements.

SSR Mining Inc.

Condensed Consolidated Balance Sheets

(unaudited, in thousands)


	June 30, 2022		December 31, 2021
ASSETS
Cash and cash equivalents	$	938,599	$	1,017,562
Marketable securities		25,946		40,431
Trade and other receivables		123,096		121,356
Inventories		437,980		389,416
Prepaids and other current assets		18,427		31,549
Assets held for sale		63,443		—
Total current assets		1,607,491		1,600,314

Mineral properties, plant and equipment, net		3,186,953		3,249,764
Inventories		219,780		221,617
Restricted cash		35,387		35,303
Equity method investments		4,647		4,918
Goodwill		49,786		49,786
Deferred income tax assets		6,729		8,501
Other non-current assets		57,178		41,235
Total assets	$	5,167,951	$	5,211,438

LIABILITIES
Accounts payable	$	41,755	$	34,844
Accrued liabilities and other		103,016		165,108
Finance lease liabilities		3,810		12,439
Current portion of debt		70,924		71,491
Liabilities held for sale		6,923		—
Total current liabilities		226,428		283,882

Debt		261,009		295,493
Finance lease liabilities		104,395		105,965
Reclamation liabilities		138,864		122,660
Deferred income tax liabilities		289,347		338,788
Other non-current liabilities		22,775		12,133
Total liabilities		1,042,818		1,158,921

EQUITY
Common shares – unlimited authorized common shares with no par value; 211,842 and 211,879 shares issued and outstanding as of June 30, 2022 and December 31, 2021, respectively		3,133,009		3,140,189
Retained earnings (deficit)		490,662		397,667
SSR Mining’s shareholders’ equity		3,623,671		3,537,856
Non-controlling interest		501,462		514,661
Total equity		4,125,133		4,052,517
Total liabilities and equity	$	5,167,951	$	5,211,438

The accompanying notes are an integral part of the Condensed Consolidated Financial Statements.

SSR Mining Inc.

Condensed Consolidated Statement of Changes in Equity

(unaudited, in thousands)


	Common shares
	Number of shares	Amount		Retained earnings (accumulated deficit)		Total equity attributable to equity holders of SSR Mining		Non-controlling interest		Total equity
Balance as of December 31, 2021	211,879	$	3,140,189	$	397,667	$	3,537,856	$	514,661	$	4,052,517
Exercise of stock options	166		2,433		—		2,433		—		2,433
Settlement of restricted share units (RSUs)	512		—		—		—		—		—
Equity-settled stock-based compensation	—		823		—		823		—		823
Dividends declared to equity holders of SSR Mining	—		—		(15,015)		(15,015)		—		(15,015)
Dividends paid to non-controlling interest	—		—		—		—		(30,773)		(30,773)
Net income (loss)	—		—		67,563		67,563		8,543		76,106
Balance as of March 31, 2022	212,557	$	3,143,445	$	450,215	$	3,593,660	$	492,431	$	4,086,091
Repurchase of common shares	(798)		(11,711)		(2,956)		(14,667)		—		(14,667)
Exercise of stock options	14		242		—		242		—		242
Settlement of RSUs	69		—		—		—		—		—
Equity-settled stock-based compensation	—		1,033		—		1,033		—		1,033
Dividends paid to equity holders of SSR Mining	—		—		(15,085)		(15,085)		—		(15,085)
Net income (loss)	—		—		58,488		58,488		9,031		67,519
Balance as of June 30, 2022	211,842	$	3,133,009	$	490,662	$	3,623,671	$	501,462	$	4,125,133

SSR Mining Inc.

Condensed Consolidated Statement of Changes in Equity

(unaudited, in thousands)


	Common shares
	Number of shares	Amount		Retained earnings (accumulated deficit)		Total equity attributable to equity holders of SSR Mining		Non-controlling interest		Total equity		Contingently redeemable shares
Balance as of December 31, 2020	219,607	$	3,242,821	$	92,077	$	3,334,898	$	512,279	$	3,847,177	$	3,311
Exercise of stock options	364		2,750		—		2,750		—		2,750		—
Settlement of RSUs and PSUs	92		89		—		89		—		89		—
Equity-settled stock-based compensation	—		1,037		—		1,037		—		1,037		—
Transfer of cash-settled RSUs	—		8,802		—		8,802		—		8,802		—
Reclassification of contingently redeemable shares	—		3,311		—		3,311		—		3,311		(3,311)
Dividends paid to equity holders of SSR Mining	—		—		(10,992)		(10,992)		—		(10,992)		—
Dividends paid to non-controlling interest	—		—		—		—		(38,084)		(38,084)		—
Other	—		—		(18)		(18)		—		(18)		—
Net income (loss)	—		—		108,861		108,861		18,590		127,451		—
Balance as of March 31, 2021	220,063	$	3,258,810	$	189,928	$	3,448,738	$	492,785	$	3,941,523	$	—
Repurchase of common shares	(4,000)		(58,654)		(11,600)		(70,254)		—		(70,254)		—
Exercise of stock options	79		850		—		850		—		850		—
Settlement of RSUs	157		406		—		406		—		406		—
Equity-settled stock-based compensation	—		1,594		—		1,594		—		1,594		—
Dividends paid to equity holders of SSR Mining	—		—		(10,974)		(10,974)		—		(10,974)		—
Other	—		—		(204)		(204)		—		(204)		—
Net income (loss)	—		—		74,719		74,719		3,073		77,792		—
Balance as of June 30, 2021	216,299	$	3,203,006	$	241,869	$	3,444,875	$	495,858	$	3,940,733	$	—

The accompanying notes are an integral part of the Condensed Consolidated Financial Statements.

SSR Mining Inc.

Notes to Condensed Consolidated Financial Statements

(unaudited)

1.THE COMPANY

SSR Mining Inc. and its subsidiaries (collectively, "SSR Mining," or the "Company”) is incorporated under the laws of the Province of British Columbia, Canada. The Company's common shares are listed on the Toronto Stock Exchange (TSX) in Canada and the Nasdaq Global Select Market (Nasdaq) in the U.S. under the symbol "SSRM" and the Australian Securities Exchange (ASX) in Australia under the symbol "SSR."

SSR Mining is a precious metals mining company with four producing assets located in the United States, Türkiye, Canada and Argentina. The Company is principally engaged in the operation, acquisition, exploration and development of precious metal resource properties located in Türkiye and the Americas. The Company produces gold doré as well as copper, silver, lead and zinc concentrates. The Company’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’s focus is on safe, profitable gold and silver production from its Çöpler Gold Mine ("Çöpler") in Erzincan, Türkiye, Marigold mine ("Marigold") in Nevada, USA, Seabee Gold Operation ("Seabee") in Saskatchewan, Canada, and Puna Operations ("Puna") in Jujuy, Argentina, and to advance, as market and project conditions permit, its principal development projects towards development and commercial production.

In December 2021, Türkiye began the move to change its internationally recognized official name in English from Turkey to Türkiye. In June 2022, the United Nations announced it would recognize the new name. The Company is pleased to adopt the new name.

2.SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Risks and Uncertainties

As a mining company, the revenue, profitability and future rate of growth of the Company are substantially dependent on the prevailing prices for gold, silver, zinc and lead. The prices of these metals are volatile and affected by many factors beyond the Company’s control, and there can be no assurance that commodity prices will not be subject to wide fluctuations in the future. A substantial or extended decline in commodity prices could have a material adverse effect on the Company’s financial position, results of operations, cash flows, access to capital and the quantities of reserves that the Company can economically produce. The carrying value of the Company’s Mineral properties, plant and equipment; Inventories; Deferred income tax assets; and Goodwill are sensitive to the outlook for commodity prices. A decline in the Company’s price outlook could result in material impairment charges related to these assets.

Basis of presentation

The Condensed Consolidated Financial Statements have been prepared in accordance with the instructions to Form 10-Q and do not include all information and disclosures required by generally accepted accounting principles in the United States. Therefore, this information should be read in conjunction with SSR Mining Inc.’s Consolidated Financial Statements in the Company’s Annual Report on Form 10-K for the year ended December 31, 2021 filed on February 23, 2022. The information furnished herein reflects all adjustments that are, in the opinion of management, necessary for a fair statement of the results for the interim periods reported. All such adjustments are, in the opinion of management, of a normal recurring nature. The results for the six month period ended June 30, 2022, are not necessarily indicative of the results that may be expected for the year ending December 31, 2022.

Reclassifications

Certain amounts and disclosures in prior years have been reclassified to conform to the current year presentation.

SSR Mining Inc.

Notes to Condensed Consolidated Financial Statements

(unaudited)

3.ACQUISITIONS AND DIVESTITURES

On April 14, 2022, the Company completed the purchase of all the issued and outstanding common shares of Taiga Gold Corporation (“Taiga Gold”) at a price of CAD $0.265 per Taiga Gold share. The total purchase price consideration of $24.8 million was comprised of $24.5 million in cash paid to acquire the common shares of Taiga Gold and transaction costs totaling $0.3 million. Taiga Gold holds exploration and evaluation stage resource assets in Saskatchewan, Canada in proximity to the Company’s Seabee mine and Fisher Project. The assets are included in the Seabee mine operating segment.

The acquisition was accounted for as an asset acquisition and the following table summarizes the allocation of the purchase price to the assets acquired and liabilities assumed as of the acquisition date (in thousands):


	April 14, 2022
Cash and cash equivalents	$	4,741
Exploration and evaluation assets		27,769
Accounts payable		(90)
Accrued liabilities and other		(85)
Deferred tax liability		(7,497)
Net assets acquired	$	24,838

SSR Mining Inc.

Notes to Condensed Consolidated Financial Statements

(unaudited)

4.OPERATING SEGMENTS

The Company currently has four producing mines and a portfolio of precious metal dominant projects. Each individual operating mine site and the Company's exploration, evaluation and development properties are considered reportable segments. Operating results of operating segments are reviewed by the Company's chief operating decision maker ("CODM") to make decisions about resources to be allocated to the segments and to assess their performance.

The following tables provide a summary of financial information related to the Company's segments (in thousands):


	Three Months Ended June 30, 2022
	Çöpler			Marigold		Seabee		Puna		Exploration, evaluation and development properties(2)		Corporate and other (1)		Total
Revenue	$	108,743	$	85,425	$	79,110	$	46,305	$	—	$	—	$	319,583
Production costs	$	63,095	$	50,422	$	19,015	$	32,396	$	—	$	—	$	164,928
Depletion, depreciation, and amortization	$	27,081	$	8,395	$	14,370	$	4,002	$	—	$	—	$	53,848
Exploration, evaluation, and reclamation costs	$	643	$	1,045	$	2,972	$	2,131	$	4,605	$	(152)	$	11,244
Transaction, integration, and SEC conversion expense	$	—	$	—	$	—	$	—	$	—	$	—	$	—
Impairment of long-lived and other assets	$	—	$	—	$	—	$	—	$	—	$	—	$	—
Operating income	$	17,194	$	25,563	$	42,745	$	7,763	$	(4,608)	$	(18,562)	$	70,095
Capital expenditures	$	3,915	$	15,331	$	8,852	$	2,262	$	—	$	—	$	30,360
Total assets as of June 30, 2022	$	2,139,413	$	599,062	$	583,523	$	302,529	$	934,861	$	608,563	$	5,167,951

(1) Corporate and other consists of business activities that are not included within the reportable segments and provided for reconciliation purposes.

(2) The Company entered into an agreement on January 12, 2022 to sell its Pitarrilla project. The assets related to the Pitarrilla project are classified as Current assets held for sale on the Condensed Consolidated Balance Sheets as of June 30, 2022. Refer to Note 18 for further information.

SSR Mining Inc.

Notes to Condensed Consolidated Financial Statements

(unaudited)


	Three Months Ended June 30, 2021
	Çöpler			Marigold		Seabee		Puna		Exploration, evaluation and development properties		Corporate and other (1)		Total
Revenue	$	140,654	$	109,533	$	67,127	$	59,636	$	—	$	—	$	376,950
Production costs	$	69,737	$	51,590	$	15,467	$	30,152	$	—	$	—	$	166,946
Depletion, depreciation, and amortization	$	29,365	$	8,481	$	12,525	$	5,622	$	—	$	—	$	55,993
Exploration, evaluation, and reclamation costs	$	3,589	$	935	$	3,483	$	441	$	3,238	$	162	$	11,848
Transaction, integration, and SEC conversion expense	$	—	$	—	$	—	$	—	$	—	$	894	$	894
Impairment of long-lived and other assets	$	—	$	—	$	—	$	—	$	22,345	$	—	$	22,345
Operating income	$	37,108	$	48,527	$	35,534	$	22,884	$	(25,587)	$	(14,750)	$	103,716
Capital expenditures	$	10,719	$	11,873	$	9,128	$	2,245	$	—	$	—	$	33,965
Total assets as of June 30, 2021	$	2,305,611	$	523,421	$	458,067	$	270,705	$	999,930	$	596,175	$	5,153,909

(1) Corporate and other consists of business activities that are not included within the reportable segments and provided for reconciliation purposes.

SSR Mining Inc.

Notes to Condensed Consolidated Financial Statements

(unaudited)


	Six Months Ended June 30, 2022
	Çöpler			Marigold		Seabee		Puna		Exploration, evaluation and development properties(2)		Corporate and other (1)		Total
Revenue	$	246,150	$	154,318	$	169,967	$	104,594	$	—	$	—	$	675,029
Production costs	$	125,679	$	89,157	$	35,425	$	68,187	$	—	$	—	$	318,448
Depletion, depreciation, and amortization	$	57,594	$	15,283	$	29,749	$	9,964	$	—	$	—	$	112,590
Exploration, evaluation, and reclamation costs	$	1,692	$	1,788	$	5,346	$	2,612	$	8,857	$	807	$	21,102
Transaction, integration, and SEC conversion expense	$	—	$	—	$	—	$	—	$	—	$	1,217	$	1,217
Impairment of long-lived and other assets	$	—	$	—	$	—	$	—	$	—	$	—	$	—
Operating income (loss)	$	59,731	$	48,089	$	99,436	$	23,669	$	(8,858)	$	(36,102)	$	185,965
Capital expenditures	$	10,786	$	33,566	$	21,766	$	4,475	$	—	$	—	$	70,593
Total assets as of June 30, 2022	$	2,139,413	$	599,062	$	583,523	$	302,529	$	934,861	$	608,563	$	5,167,951

(1) Corporate and other consists of business activities that are not included within the reportable segments and provided for reconciliation purposes.

SSR Mining Inc.

Notes to Condensed Consolidated Financial Statements

(unaudited)


	Six Months Ended June 30, 2021
	Çöpler			Marigold		Seabee		Puna		Exploration, evaluation and development properties		Corporate and other (1)		Total
Revenue	$	292,176	$	225,506	$	112,834	$	112,918	$	—	$	—	$	743,434
Production costs	$	136,154	$	105,301	$	32,028	$	55,326	$	—	$	—	$	328,809
Depletion, depreciation, and amortization	$	59,943	$	17,415	$	22,122	$	10,292	$	—	$	—	$	109,772
Exploration, evaluation, and reclamation costs	$	6,657	$	1,693	$	6,356	$

SSR MINING INC. [SSRM] Filings
10-Q	[2022-08-02]
10-Q	[2022-05-03]
10-K	[2022-02-23]
20-F	[2012-03-30]