The following Management’s Discussion and Analysis (“MD&A”) provides information that management believes is relevant to an assessment and understanding of the consolidated financial condition and results of operations of SSR Mining Inc. and its subsidiaries (collectively, “SSR Mining” or the “Company”). The Company uses certain non-GAAP financial measures in this MD&A; for a description of each of these measures, please see the discussion under “Non-GAAP Financial Measures” in Part I, Item 2, Management’s Discussion and Analysis herein.
This item should be read in conjunction with the Condensed Consolidated Financial Statements and the notes thereto included in this quarterly report. Additionally, the following discussion and analysis should be read in conjunction with the Consolidated Financial Statements, the related Management’s Discussion and Analysis of Financial Condition and Results of Operations and the discussion of Business Properties included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2025 filed with the Securities and Exchange Commission (“SEC”) on February 17, 2026 (“Form 10-K”).
Business Overview
SSR Mining is a precious metals mining company with four operations located in the United States, Canada, and Argentina. The Company is primarily engaged in the operation, acquisition, exploration and development of precious metal resource properties located in the Americas. The Company produces gold doré as well as copper, silver, lead and zinc concentrates. The Company’s properties include the Marigold Mine (“Marigold”) in Nevada, USA, the Cripple Creek & Victor Gold Mine (“CC&V”) in Colorado, USA, the Seabee Gold Operation (“Seabee”) in Saskatchewan, Canada, and the Puna Operations (“Puna”) in Jujuy, Argentina. The Company also has development projects that it seeks to advance, as market and project conditions permit.
On June 24, 2026, the Company completed the divestiture of its 80% ownership interest in the Çöpler mine and related properties in Türkiye to Cengiz Holding A.Ş. (“Cengiz Holding”) and affiliates for approximately $1.5 billion in cash. The results of operations of the disposed group have been retrospectively presented as discontinued operations for all periods presented. Refer to Note 3 and Note 4 of the Condensed Consolidated Financial Statements for additional information.
On May 18, 2026, the Company entered into a definitive agreement to dispose of its 20% ownership interest in Artmin Madencilik Sanayi Ve Ticaret A.Ş (“Artmin”), which owns the Hod Maden development project. Upon execution of the agreement, the Company determined that it is no longer the primary beneficiary of Artmin, as it no longer has the power to direct the significant activities of Artmin. As a result, Artmin was deconsolidated from the Company’s Condensed Consolidated Financial Statements, effective as of May 18, 2026. The assets, liabilities, and non-controlling interest of Artmin are no longer consolidated in the Company’s Condensed Consolidated Balance Sheets as of June 30, 2026. On July 17, 2026, the Company completed the sale of its ownership interest in Artmin. Refer to Note 3, Note 4 and Note 20 for additional information.
Refer to the “Consolidated Results of Operations”, “Results of Operations”, “Liquidity and Capital Resources” and “Non-GAAP Financial Measures” for information for the six months ended June 30, 2026.
Consolidated Results of Operations
A summary of the Company's consolidated financial and operating results for the three and six months ended June 30, 2026 and 2025 are presented below (in thousands):
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Three Months Ended June 30, Six Months Ended June 30,
2026 2025 Change (%) 2026 2025 Change (%)
Financial Results
Revenue $ 443,798 $ 405,455 9.5 % $ 1,025,576 $ 722,073 42.0 %
Cost of sales (1) $ 173,672 $ 162,948 6.6 % $ 368,791 $ 299,589 23.1 %
Depreciation, depletion, and amortization $ 31,052 $ 26,204 18.5 % $ 61,157 $ 56,785 7.7 %
General and administrative expenses $ 27,649 $ 26,634 3.8 % $ 66,130 $ 50,529 30.9 %
Exploration and evaluation $ 8,959 $ 6,057 47.9 % $ 14,263 $ 12,017 18.7 %
Reclamation and remediation costs $ 7,149 $ 6,309 13.3 % $ 13,647 $ 10,014 36.3 %
Care and maintenance $ — $ 1,013 (100.0) % $ — $ 1,013 (100.0) %
Other operating expenses (income), net $ 3,641 $ 8,214 (55.7) % $ 9,457 $ 17,234 (45.1) %
Operating income (loss) $ 191,676 $ 168,076 14.0 % $ 492,131 $ 274,892 79.0 %
Interest expense $ (393) $ (2,585) 84.8 % $ (1,662) $ (4,377) 62.0 %
Other income (expense) $ 12,367 $ 5,994 106.3 % $ 20,315 $ 12,256 65.8 %
Foreign exchange gain (loss) $ (18,318) $ (10,218) (79.3) % $ (12,577) $ (14,849) 15.3 %
Net income (loss) from continuing operations $ 137,014 $ 131,983 3.8 % $ 387,686 $ 216,538 79.0 %
Net income (loss) from discontinued operations $ (44,579) $ (51,621) 13.6 % $ (410,403) $ (81,730) (402.1) %
Net income (loss) $ 92,435 $ 80,362 15.0 % $ (22,717) $ 134,808 (116.9) %
Net income (loss) attributable to SSR Mining shareholders:
Continuing operations $ 137,014 $ 131,983 3.8 % $ 387,686 $ 216,538 79.0 %
Discontinued operations $ (39,728) $ (41,908) 5.2 % $ (396,850) $ (67,682) (486.3) %
Net income (loss) attributable to SSR Mining shareholders $ 97,286 $ 90,075 8.0 % $ (9,164) $ 148,856 (106.2) %
Basic net income (loss) per share attributable to SSR Mining shareholders:
Continuing operations $ 0.66 $ 0.65 1.5 % $ 1.87 $ 1.07 74.8 %
Discontinued operations $ (0.19) $ (0.21) 9.5 % $ (1.91) $ (0.34) (461.8) %
Diluted net income (loss) per share attributable to SSR Mining shareholders:
Continuing operations $ 0.66 $ 0.61 8.2 % $ 1.82 $ 1.01 80.2 %
Discontinued operations $ (0.19) $ (0.19) — % $ (1.86) $ (0.31) (500.0) %
Adjusted attributable net income (loss) attributable to SSR Mining shareholders from continuing operations (non-GAAP) (2) $ 137,014 $ 138,303 (0.9) % $ 387,686 $ 228,291 69.8 %
Adjusted net income (loss) per share attributable to SSR Mining shareholders from continuing operations (non-GAAP) (2):
Basic (2) $ 0.66 $ 0.68 (2.9) % $ 1.87 $ 1.13 65.5 %
Diluted (2) $ 0.66 $ 0.64 3.1 % $ 1.82 $ 1.06 71.7 %
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Operating Results from Continuing Operations
Gold produced (oz) 75,601 90,966 (16.9) % 157,915 166,835 (5.3) %
Gold sold (oz) 73,919 90,739 (18.5) % 157,812 168,447 (6.3) %
Silver produced ('000 oz) 1,661 2,849 (41.7) % 3,399 5,354 (36.5) %
Silver sold ('000 oz) 1,506 2,534 (40.6) % 3,339 4,909 (32.0) %
Lead produced ('000 lb) (3) 7,131 13,877 (48.6) % 15,293 25,365 (39.7) %
Lead sold ('000 lb) (3) 7,304 12,058 (39.4) % 16,221 24,111 (32.7) %
Zinc produced ('000 lb) (3) 963 1,125 (14.4) % 1,987 1,883 5.5 %
Zinc sold ('000 lb) (3) 889 1,279 (30.5) % 1,627 1,541 5.6 %
Gold equivalent produced (oz) (4) 101,959 120,191 (15.2) % 211,873 223,987 (5.4) %
Gold equivalent sold (oz) (4) 97,822 116,736 (16.2) % 210,814 220,843 (4.5) %
Average realized gold price ($/oz sold) $ 4,301 $ 3,336 28.9 % $ 4,550 $ 3,151 44.4 %
Average realized silver price ($/oz sold) $ 74.24 $ 35.24 110.7 % $ 83.88 $ 33.90 147.4 %
Cost of sales per gold equivalent ounce sold (1, 4) $ 1,775 $ 1,396 27.1 % $ 1,749 $ 1,357 28.9 %
Cash cost per gold equivalent ounce sold (2, 4) $ 1,637 $ 1,282 27.7 % $ 1,623 $ 1,247 30.2 %
AISC per gold equivalent ounce sold (2, 4) $ 2,622 $ 1,858 41.1 % $ 2,521 $ 1,807 39.5 %
(1)Excludes depreciation, depletion, and amortization.
(2)The Company reports non-GAAP financial measures including adjusted attributable net income (loss), adjusted basic attributable net income (loss) per share, cash costs and all in sustaining costs (“AISC”) per ounce sold to manage and evaluate its operating performance at its mines. See “Non-GAAP Financial Measures” for an explanation of these financial measures and a reconciliation of these financial measures to Net income (loss) attributable to SSR Mining shareholders and Cost of sales, which are the comparable GAAP financial measures.
(3)Data for lead production and sales relate only to lead in lead concentrate. Data for zinc production and sales relate only to zinc in zinc concentrate.
(4)Effective January 1, 2026, the Company calculates gold equivalent ounces using a fixed silver-to-gold ratio of 63:1. In prior periods, gold equivalent ounces were calculated by multiplying the silver ounces by the ratio of the silver price to the gold price, using the average closing commodity prices for the period. The Company does not include by-products in the gold equivalent ounce calculations. Gold equivalent ounces sold may not recalculate based on amounts presented in this table due to rounding.
Revenue
Revenue increased by $38.3 million, or 9.5%, to $443.8 million for the three months ended June 30, 2026 as compared to $405.5 million for the three months ended June 30, 2025. The increase was primarily due to a 28.9% increase in average realized gold price, or $71.3 million, a 110.7% increase in realized silver price, or $58.7 million, partially offset by an 18.5% decrease in gold ounces sold, or $56.1 million, and a 40.6% decrease in silver ounces sold, or $36.2 million. The decrease in gold ounces sold was attributable to fewer gold ounces sold at CC&V and Marigold, partially offset by higher gold ounces sold at Seabee. For a discussion of revenue by segment, refer to the Results of Operations below.
Revenue increased by $303.5 million, or 42.0%, to $1,025.6 million for the six months ended June 30, 2026 as compared to $722.1 million for the six months ended June 30, 2025. The increase was primarily due to a 44.4% higher average realized gold price, or $220.8 million, and a 147.4% higher average realized silver price, or $166.9 million, partially offset by a 6.3% decrease in gold ounces sold, or $33.5 million, and a 32.0% decrease in silver ounces sold, or $53.2 million. The decrease in gold ounces sold was attributable to fewer gold ounces sold at Seabee and Marigold, partially offset by higher gold ounces sold at CC&V. For a discussion of revenue by segment, refer to the Results of Operations below.
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Cost of sales
Cost of sales increased by $10.7 million, or 6.6%, to $173.7 million for the three months ended June 30, 2026 as compared to $162.9 million for the three months ended June 30, 2025. The increase was primarily due to higher cost of sales at Seabee and Puna, partially offset by lower cost of sales at CC&V. For a discussion of cost of sales by segment, refer to the Results of Operations below.
Cost of sales increased by $69.2 million, or 23.1%, to $368.8 million for the six months ended June 30, 2026 as compared to $299.6 million for the six months ended June 30, 2025. The increase was primarily due to the inclusion of CC&V for the full period and higher cost of sales at Puna, Marigold, and CC&V. For a discussion of cost of sales by segment, refer to the Results of Operations below.
Depreciation, depletion, and amortization
Depreciation, depletion, and amortization increased by $4.8 million, or 18.5%, to $31.1 million for the three months ended June 30, 2026 as compared to $26.2 million for the three months ended June 30, 2025, primarily due to higher depletion expense as a result of a 51.7% increase in gold ounces sold at Seabee.
Depreciation, depletion, and amortization increased by $4.4 million, or 7.7%, to $61.2 million for the six months ended June 30, 2026 as compared to $56.8 million for the six months ended June 30, 2025, primarily due to the inclusion of CC&V for the full six month period resulting in increased gold ounces sold.
General and administrative expense
General and administrative expense for the three months ended June 30, 2026 was $27.6 million as compared to $26.6 million for the three months ended June 30, 2025. General and administrative expenses increased primarily due to a $1.2 million increase in software licensing and related service costs.
General and administrative expense for the six months ended June 30, 2026 was $66.1 million as compared to $50.5 million for the six months ended June 30, 2025. General and administrative expenses increased primarily due to a $14.9 million increase in share-based compensation expense attributable to higher share prices in 2026 and a $1.9 million increase in contractors and outside services expense.
Exploration and evaluation costs
Exploration and evaluation costs for the three months ended June 30, 2026 were $9.0 million compared to $6.1 million for the three months ended June 30, 2025. Exploration and evaluation costs for the six months ended June 30, 2026 were $14.3 million compared to $12.0 million for the six months ended June 30, 2025. Exploration and evaluation costs increased primarily due to an increase in drilling activities at Melina and Cortaderas at Puna in 2026 as compared to 2025.
Reclamation and remediation costs
Reclamation and remediation costs for the three months ended June 30, 2026 were $7.1 million as compared to $6.3 million for the three months ended June 30, 2025. Reclamation and remediation costs increased by $0.8 million primarily due to higher reclamation study expense at CC&V.
Reclamation and remediation costs for the six months ended June 30, 2026 were $13.6 million as compared to $10.0 million for the six months ended June 30, 2025. Reclamation and remediation costs increased by $3.6 million primarily due to higher reclamation accretion expense of $2.6 million and reclamation study expense of $1.0 million at CC&V.
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Care and maintenance
Care and maintenance costs for the three and six months ended June 30, 2026 were nil as compared to $1.0 million for the three and six months ended June 30, 2025. Care and maintenance expense incurred during the second quarter of 2025 represents $0.2 million of direct costs and $0.8 million of depreciation incurred during the temporary suspension of operations at Seabee.
Other operating expense (income), net
Other operating expense, net for the three months ended June 30, 2026 was $3.6 million as compared to $8.2 million for the three months ended June 30, 2025. The change was primarily due to a $5.0 million decrease in CC&V transaction and integration costs and a $1.2 million change in the fair value of contingent consideration.
Other operating expense, net for the six months ended June 30, 2026 was $9.5 million as compared to $17.2 million for the six months ended June 30, 2025. The change was primarily due to an $11.8 million decrease in CC&V transaction and integration costs and a $1.1 million change in the fair value of contingent consideration, partially offset by a $3.7 million increase in the loss on disposal of assets and a $1.5 million increase in other taxes.
Interest expense
Interest expense for the three months ended June 30, 2026 was $0.4 million as compared to $2.6 million for the three months ended June 30, 2025. Interest expense for the six months ended June 30, 2026 was $1.7 million as compared to $4.4 million for the six months ended June 30, 2025. The decrease was primarily due to lower outstanding debt balances during 2026, resulting from the conversion of the 2019 Notes during the first quarter of 2026.
Other income (expense)
Other income for the three months ended June 30, 2026 was $12.4 million as compared to $6.0 million for the three months ended June 30, 2025. The increase was primarily due to a $2.0 million increase in change in fair value of marketable securities and a $1.8 million increase in interest income.
Other income for the six months ended June 30, 2026 was $20.3 million as compared to $12.3 million for the six months ended June 30, 2025. The increase was primarily due to a $2.0 million increase in gain on marketable security sales, a $2.0 million increase in interest income, and a $1.2 million increase in change in fair value of marketable securities.
Foreign exchange gain (loss)
Foreign exchange loss for the three months ended June 30, 2026 was $18.3 million compared to $10.2 million for the three months ended June 30, 2025. Foreign exchange loss for the six months ended June 30, 2026 was $12.6 million compared to $14.8 million for the six months ended June 30, 2025. During the three and six months ended June 30, 2026, the foreign exchange loss was primarily due to the weakening of the ARS against the USD and its impact on ARS-denominated assets.
Income and mining tax benefit (expense)
Income and mining tax expense for the three months ended June 30, 2026 was $48.3 million as compared to an expense of $29.3 million for the three months ended June 30, 2025. The increase in income tax expense was primarily due to higher withholding taxes on distributions and higher quarter-to-date operating income compared to 2025. The Company's effective tax rate increased to 26.1% from 18.2% for the three months ended June 30, 2026 and 2025, respectively, primarily due to higher withholding taxes on distributions in 2026.
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Income and mining tax expense for the six months ended June 30, 2026 was $110.5 million as compared to an expense of $51.4 million for the six months ended June 30, 2025. The increase in income tax expense was primarily due to higher year-to-date operating income and higher withholding taxes on distributions compared to 2025. The Company's effective tax rate increased to 22.2% from 19.2% for the six months ended June 30, 2026 and 2025, respectively, primarily due to higher withholding taxes on distributions, partially offset by a more favorable mix of earnings among the Company’s jurisdictions, resulting in lower additions to the valuation allowance in 2026 compared to 2025.
The Organization for Economic Co-operation and Development (“OECD”) has issued the Global Anti-Base Erosion Model Rules (“Pillar Two”), which generally require multinational organizations to maintain a minimum effective corporate tax rate of 15% in each jurisdiction where they operate. These rules went into effect in 2024. The Company has limited exposure to Pillar Two taxes, as most of its jurisdictions have effective tax rates above 15%. Accordingly, the Company does not expect Pillar Two to have a material adverse impact on its income tax provision for the 2026 year.
Discontinued operations
Net loss from discontinued operations for the three months ended June 30, 2026 was $44.6 million compared to $51.6 million for the three months ended June 30, 2025. The decrease in net loss from discontinued operations was primarily due to decreases in reclamation and remediation costs of $62.9 million and care and maintenance expense of $13.5 million, partially offset by a $42.7 million decrease in other operating income, a write-down of $0.8 million related to adjusting the Çöpler disposal group to fair value less costs to sell, and a $9.1 million decrease in income and mining tax benefit.
Net loss from discontinued operations for the six months ended June 30, 2026 was $410.4 million compared to $81.7 million for the six months ended June 30, 2025. The increase in net loss from discontinued operations was primarily due to a $337.4 million loss on the divestiture related to Çöpler, a $17.5 million loss related to the deconsolidation of Artmin, and a reduction in other operating income primarily due to a $44.4 million decrease in business interruption insurance proceeds received in 2025, partially offset by a decrease of $62.7 million in reclamation and remediation costs and a $12.7 million decrease in care and maintenance expense.
Refer to Note 4 of the Condensed Consolidated Financial Statements for additional information.
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Results of Operations
Marigold, USA
Three Months Ended June 30, Six Months Ended June 30,
Operating Data 2026 2025 Change (%) 2026 2025 Change (%)
Gold produced (oz) 31,059 35,906 (13.5) % 68,789 74,492 (7.7) %
Gold sold (oz) 29,720 35,589 (16.5) % 69,229 75,997 (8.9) %
Average realized gold price ($/oz sold) $ 4,284 $ 3,337 28.4 % $ 4,548 $ 3,104 46.5 %
Ore mined (kt) 4,324 3,425 26.2 % 9,271 8,781 5.6 %
Waste removed (kt) 17,044 20,912 (18.5) % 36,550 41,367 (11.6) %
Total material mined (kt) 21,368 24,337 (12.2) % 45,821 50,148 (8.6) %
Ore stacked (kt) 4,324 3,426 26.2 % 9,271 8,782 5.6 %
Gold grade stacked (g/t) 0.28 0.62 (54.8) % 0.27 0.44 (38.6) %
Cost of sales (1) $ 58,843 $ 56,376 4.4 % $ 130,477 $ 115,102 13.4 %
Cost of sales ($/oz gold sold) (1) $ 1,980 $ 1,584 25.0 % $ 1,885 $ 1,515 24.4 %
Cash costs ($/oz gold sold) (2) $ 1,979 $ 1,586 24.8 % $ 1,884 $ 1,516 24.3 %
AISC ($/oz gold sold) (2) $ 3,044 $ 1,977 54.0 % $ 2,657 $ 1,864 42.5 %
(1)Excludes depreciation, depletion, and amortization.
(2)The Company reports the non-GAAP financial measures of cash costs and AISC per ounce of gold sold to manage and evaluate operating performance at Marigold. See “Non-GAAP Financial Measures” for an explanation of these financial measures and a reconciliation to Cost of sales, which is the comparable GAAP financial measure.
Three months ended June 30, 2026 compared to three months ended June 30, 2025
Gold production decreased 13.5% primarily due to lower gold grade stacked, partially offset by more ore tonnes stacked. Revenue increased by $8.6 million, or 7.2%, of which an increase of $28.1 million was due to a higher average realized gold price, partially offset by a decrease of $19.6 million due to fewer gold ounces sold. Cost of sales increased by $2.5 million, or 4.4%, primarily due to higher surface mining costs as a result of increased spending on parts and labor maintenance costs, and increased royalty expense resulting from higher realized gold prices during 2026. Cost of sales per ounce of gold sold and cash costs per ounce of gold sold increased 25.0% and 24.8%, respectively, due to fewer gold ounces sold as a result of lower gold grade stacked. AISC per ounce of gold sold increased 54.0% due to higher cash costs per gold ounce sold and higher sustaining capital expenditures related to the purchase of asset components and a haul truck in 2026.
Six months ended June 30, 2026 compared to six months ended June 30, 2025
Gold production decreased 7.7% due to lower gold grade stacked, partially offset by more tonnes stacked. Revenue increased by $79.0 million, or 33.5%, of which $100.0 million was due to a higher average realized gold price, partially offset by $21.0 million due to fewer gold ounces sold. Cost of sales increased by $15.4 million, or 13.4%, primarily due to higher surface mining costs as a result of increased spending on parts and labor maintenance costs, and increased royalty expense resulting from higher realized gold prices during 2026. Cost of sales per ounce of gold sold and cash costs per ounce of gold sold increased 24.4% and 24.3%, respectively, due to fewer gold ounces sold as a result of lower gold grade stacked. AISC per ounce of gold sold increased 42.5% due to higher cash costs per ounce of gold sold and higher sustaining capital expenditures related to the purchase of asset components and a haul truck in 2026.
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Cripple Creek & Victor, USA
Three Months Ended June 30, Six Months Ended June 30,
Operating Data 2026 2025 Change (%) 2026 2025(1) Change (%)
Gold produced (oz) 27,725 44,062 (37.1) % 66,023 55,344 19.3 %
Gold sold (oz) 28,499 44,800 (36.4) % 66,746 56,100 19.0 %
Average realized gold price ($/oz sold) $ 4,397 $ 3,336 31.8 % $ 4,636 $ 3,282 41.3 %
Ore mined (kt) 3,726 3,441 8.3 % 7,097 5,265 34.8 %
Waste removed (kt) 6,134 4,880 25.7 % 11,654 6,451 80.7 %
Total material mined (kt) 9,860 8,321 18.5 % 18,751 11,716 60.0 %
Ore stacked (kt) 3,761 3,519 6.9 % 7,036 5,378 30.8 %
Gold grade stacked (g/t) 0.46 0.50 (7.8) % 0.45 0.45 — %
Cost of sales (2) $ 44,488 $ 50,003 (11.0) % $ 99,234 $ 67,968 46.0 %
Cost of sales ($/oz gold sold) (2) $ 1,561 $ 1,116 39.9 % $ 1,487 $ 1,212 22.7 %
Cash costs ($/oz gold sold) (3) $ 1,430 $ 1,105 29.4 % $ 1,396 $ 1,199 16.4 %
AISC ($/oz gold sold) (3) $ 1,995 $ 1,339 49.0 % $ 1,802 $ 1,427 26.3 %
(1)The operating data presented for 2025 represents the period from February 28, 2025 to June 30, 2025, the period for which the Company was entitled to the economic benefits of CC&V following the acquisition.
(2)Excludes depreciation, depletion, and amortization.
(3)The Company reports the non-GAAP financial measures of cash costs and AISC per ounce of gold sold to manage and evaluate operating performance at CC&V. See “Non-GAAP Financial Measures” for an explanation of these financial measures and a reconciliation to Cost of sales, which is the comparable GAAP financial measure.
Three months ended June 30, 2026 compared to three months ended June 30, 2025
Gold production decreased 37.1% primarily due to the timing of leach recoveries. Revenue decreased by $20.9 million, or 13.9%, of which a decrease of $51.1 million was due to fewer gold ounces sold, partially offset by an increase of $30.2 million due to a higher average realized gold price. Cost of sales decreased by $5.5 million, or 11.0%, is primarily due to fewer gold ounces sold. Cost of sales per ounce of gold sold and cash costs per ounce of gold sold increased 39.9% and 29.4%, respectively, primarily due to higher surface mining costs as a result of higher labor costs and increased spending on maintenance parts and supplies, and fewer gold ounces sold. AISC per ounce of gold sold increased 49.0% due to higher cash costs per ounce and higher sustaining capital expenditures related to land purchases adjacent to the mine and site improvements in 2026.
Six months ended June 30, 2026 compared to six months ended June 30, 2025
Gold production increased 19.3% primarily due to the inclusion of production for the entire six month period in 2026 compared to 2025. Revenue increased by $130.7 million, or 70.7%, of which $90.4 million was due to a higher average realized gold price and $40.3 million was due to more gold ounces sold. Cost of sales increased by $31.3 million, or 46.0%, primarily due to a full six months of production in 2026 compared to 2025. Cost of sales per ounce of gold sold and cash costs per ounce of gold sold increased 22.7% and 16.4%, respectively, primarily due to higher surface mining costs as a result of increased labor costs spending on maintenance parts and supplies. AISC per ounce of gold sold increased by 26.3% primarily due to higher cash costs per ounce of gold sold and higher sustaining capital expenditures related to spend on asset components and land purchases in 2026.
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Seabee, Canada
Three Months Ended June 30, Six Months Ended June 30,
Operating Data 2026 2025 Change (%) 2026 2025 Change (%)
Gold produced (oz) 16,817 10,998 52.9 % 23,103 36,999 (37.6) %
Gold sold (oz) 15,700 10,350 51.7 % 21,837 36,350 (39.9) %
Average realized gold price ($/oz sold) $ 4,158 $ 3,335 24.7 % $ 4,292 $ 3,048 40.8 %
Ore mined (kt) 106 66 60.6 % 187 148 26.4 %
Ore milled (kt) 112 68 64.7 % 188 158 19.0 %
Gold mill feed grade (g/t) 4.95 5.22 (5.2) % 4.17 7.38 (43.5) %
Gold recovery (%) 96.5 96.6 0.1 % 95.7 97.0 (1.3) %
Cost of sales (1) $ 27,016 $ 18,473 46.2 % $ 48,261 $ 41,604 16.0 %
Cost of sales ($/oz gold sold) (1) $ 1,721 $ 1,785 (3.6) % $ 2,210 $ 1,145 93.0 %
Cash costs ($/oz gold sold) (2) $ 1,721 $ 1,786 (3.6) % $ 2,211 $ 1,145 93.1 %
AISC ($/oz gold sold) (2) $ 2,358 $ 2,708 (12.9) % $ 3,396 $ 1,754 93.6 %
(1)Excludes depreciation, depletion, and amortization.
(2)The Company reports the non-GAAP financial measures of cash costs and AISC per ounce of gold sold to manage and evaluate operating performance at Seabee. See “Non-GAAP Financial Measures” for an explanation of these financial measures and a reconciliation to Cost of sales, which is the comparable GAAP financial measure.
Three months ended June 30, 2026 compared to three months ended June 30, 2025
Gold production increased 52.9% primarily due to higher mill throughput in 2026 compared to 2025 as a result of the temporary suspension of operations in 2025. Revenue increased by $30.8 million, or 89.1%, of which $17.9 million was due to more gold ounces sold and $12.9 million was due to higher average realized gold price. Cost of sales increased by $8.5 million, or 46.2%, due to higher gold ounces sold. Cost of sales per ounce of gold sold and cash costs per ounce of gold sold were consistent for the three months ended June 30, 2026 and 2025. AISC per ounce of gold sold decreased 12.9% due to higher gold ounces sold.
Six months ended June 30, 2026 compared to six months ended June 30, 2025
Gold production decreased 37.6% primarily due to lower gold mill feed grade. Revenue decreased by $17.1 million, or 15.4%, of which $44.2 million was due to fewer gold ounces sold, partially offset by $27.2 million due to a higher average realized gold price. Cost of sales increased by $6.7 million, or 16.0%, due to higher milling and labor costs. Cost of sales per ounce of gold sold and cash costs per ounce of gold sold increased 93.0% and 93.1%, respectively, due to fewer gold ounces sold. AISC per ounce of gold sold increased 93.6% primarily due to higher cash cost per ounce of gold sold and higher sustaining capex related to the purchase of four haul trucks in 2026.
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Puna, Argentina
Three Months Ended June 30, Six Months Ended June 30,
Operating Data 2026 2025 Change (%) 2026 2025 Change (%)
Silver produced ('000 oz) 1,661 2,849 (41.7) % 3,399 5,354 (36.5) %
Silver sold ('000 oz) 1,506 2,534 (40.6) % 3,339 4,909 (32.0) %
Lead produced ('000 lb) 7,131 13,877 (48.6) % 15,293 25,365 (39.7) %
Lead sold ('000 lb) 7,304 12,058 (39.4) % 16,221 24,111 (32.7) %
Zinc produced ('000 lb) 963 1,125 (14.4) % 1,987 1,883 5.5 %
Zinc sold ('000 lb) 889 1,279 (30.5) % 1,627 1,541 5.6 %
Gold equivalent sold (oz) (1) 23,903 25,997 (8.1) % 53,002 52,396 1.2 %
Average realized silver price ($/oz) $ 74.24 $ 35.24 110.7 % $ 83.88 $ 33.90 147.4 %
Ore mined (kt) 299 475 (37.1) % 372 1,102 (66.2) %
Waste removed (kt) 1,939 1,592 21.8 % 4,078 2,681 52.1 %
Total material mined (kt) 2,238 2,067 8.3 % 4,450 3,783 17.6 %
Ore milled (kt) 491 492 (0.2) % 1,000 946 5.7 %
Silver mill feed grade (g/t) 111.15 186.62 (40.4) % 111.65 182.38 (38.8) %
Lead mill feed grade (%) 0.73 1.36 (46.3) % 0.77 1.29 (40.3) %
Zinc mill feed grade (%) 0.24 0.26 (7.7) % 0.23 0.23 — %
Silver recovery (%) 94.7 96.5 (1.9) % 94.7 96.5 (1.9) %
Lead recovery (%) 89.9 94.0 (4.4) % 89.6 94.3 (5.0) %
Zinc recovery (%) 36.7 39.6 (7.3) % 38.4 39.6 (3.0) %
Cost of sales (2) $ 43,325 $ 38,096 13.7 % $ 90,819 $ 74,915 21.2 %
Cost of sales ($/oz silver sold) (2) $ 28.77 $ 15.03 91.4 % $ 27.20 $ 15.26 78.2 %
Cost of sales ($/oz gold equivalent sold) (1, 2) $ 1,813 $ 1,465 23.8 % $ 1,714 $ 1,430 19.9 %
Cash costs ($/oz silver sold) (3) $ 22.30 $ 9.98 123.4 % $ 21.03 $ 10.45 101.2 %
Cash costs ($/oz gold equivalent sold) (1, 3) $ 1,405 $ 972 44.5 % $ 1,325 $ 979 35.3 %
AISC ($/oz silver sold) (3) $ 29.52 $ 12.57 134.8 % $ 26.02 $ 12.85 102.5 %
AISC ($/oz gold equivalent sold) (1, 3) $ 1,860 $ 1,225 51.8 % $ 1,639 $ 1,204 36.1 %
(1)Effective January 1, 2026, the Company calculates gold equivalent ounces using a fixed silver-to-gold ratio of 63:1. In prior periods, gold equivalent ounces were calculated by multiplying the silver ounces by the ratio of the silver price to the gold price, using the average closing commodity prices for the period. The Company does not include by-products in the gold equivalent ounce calculations. Gold equivalent ounces sold may not recalculate based on amounts presented in this table due to rounding.
(2)Excludes depreciation, depletion, and amortization.
(3)The Company reports the non-GAAP financial measures of cash costs and AISC per ounce of silver sold to manage and evaluate operating performance at Puna. See “Non-GAAP Financial Measures” for an explanation of these financial measures and a reconciliation to Cost of sales, which is the comparable GAAP financial measure.
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Three months ended June 30, 2026 compared to three months ended June 30, 2025
Silver production decreased 41.7% primarily due to lower silver mill feed grade. Revenue increased by $19.9 million, or 19.4%, of which $58.7 million was due to a higher average realized silver price and $1.7 million was due to higher average realized lead price, partially offset by $36.2 million due to fewer silver ounces sold and $4.5 million due to lower volume of lead concentrate sold. Cost of sales increased by $5.2 million, or 13.7%, due to higher labor costs as a result of inflationary increases in wage rates. Cost of sales per ounce of silver sold and cash costs per ounce of silver sold increased by 91.4% and 123.4%, respectively, due to fewer silver ounces sold. AISC per ounce of silver sold increased by 134.8% primarily due to higher cash costs per ounce of silver sold and higher sustaining capital expenditures related to increased spend on asset components.
Six months ended June 30, 2026 compared to six months ended June 30, 2025
Silver production decreased 36.5% primarily due to lower silver mill feed grade. Revenue increased by $110.8 million, or 58.2%, of which $166.9 million was due to a higher average realized silver price and $3.4 million was due to a higher realized lead price, partially offset by $53.2 million due to lower silver ounces sold and $7.3 million due to a lower volume of lead concentrate sold. Cost of sales increased by $15.9 million, or 21.2%, due to higher labor costs as a result of inflationary increases in wage rates and royalty costs. Cost of sales per ounce of silver sold and cash costs per ounce of silver sold increased by 78.2% and 101.2%, respectively, due to fewer silver ounces sold. AISC per ounce of silver sold increased by 102.5% due to higher cash costs per ounce of silver sold and higher sustaining capital expenditures related to the replacement of ore transportation trucks and increased spend on asset components.
Discontinued Operations
Çöpler, Türkiye
Operations remained suspended following the incident at Çöpler on February 13, 2024, as described in the Form 10-K. Accordingly, there were no sales for the three and six months ended June 30, 2026 and 2025.
Three months ended June 30, 2026 compared to three months ended June 30, 2025
Care and maintenance expense recorded for the three months ended June 30, 2026 and 2025 of $23.2 million and $36.7 million, respectively, represents direct costs, other than costs associated with environmental reclamation and remediation, and depreciation.
Six months ended June 30, 2026 compared to six months ended June 30, 2025
Care and maintenance expense recorded for the six months ended June 30, 2026 and 2025 of $59.8 million and $72.5 million, respectively, represents direct costs, other than costs associated with environmental reclamation and remediation, and depreciation.
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Liquidity and Capital Resources
The Company manages its liquidity through planning, budgeting and forecasting processes, which are reviewed and updated on a regular basis, to help determine the funding requirements to support its ongoing operations, expansion and development activities, contingent consideration payments, as well as to support its capital structure strategy. In assessing capital structure, the Company considers shareholders’ equity and the Second Amended Credit Agreement. The Company may take various actions to maintain or adjust its capital structure, including issuing equity or debt, repaying outstanding indebtedness, divesting non-core assets, or repurchasing shares.
Borrowings under the Second Amended Credit Agreement are subject to the Company’s compliance with certain financial covenants, including interest coverage and net leverage ratios, as well as customary quarterly representations and warranties, which are assessed on a trailing twelve-month basis. As of June 30, 2026, the Company was in compliance with its covenants. The obligations under the Second Amended Credit Agreement are guaranteed by the Company’s material subsidiaries, including pledges of equity interests in such subsidiaries, and secured by certain assets of the Company.
As of June 30, 2026, the Company had $1,783.0 million of cash and cash equivalents and had no outstanding borrowings under the Second Amended Credit Agreement. The Company believes that its cash and cash equivalents, available borrowing capacity under the Second Amended Credit Agreement and anticipated cash flows from operations will be sufficient to sustain the operational needs of the Company for the next twelve months.
Cash and Cash Equivalents
At June 30, 2026, the Company had $1,783.0 million of cash and cash equivalents, an increase of $1,267.5 million from December 31, 2025. Refer to the Cash Flows section below for additional detail of the Company’s cash flow activities. The Company held $1,742.5 million of its cash and cash equivalents balance in USD. Additionally, the Company held cash and cash equivalents of $33.3 million and $7.2 million in ARS and CAD, respectively.
The Company maintains cash balances at banking institutions in various jurisdictions that may or may not have deposit insurance. The Company mitigates potential cash risk by maintaining bank accounts with credit-worthy financial institutions. All cash is invested in short-term investments or high interest savings accounts with maturities of 90 days or less in accordance with the Company’s investment policy, providing the Company with sufficient liquidity to meet its foreseeable capital needs.
Debt
During the first quarter of 2026, holders of $229.8 million aggregate principal amount of the 2019 Notes elected to convert their holdings into approximately 13.1 million common shares, and the Company paid $2.6 million in cash for accrued interest and fractional shares. The Company also redeemed the remaining $0.2 million of principal in cash. The obligations under the 2019 Notes are fully discharged. See Note 16 to the Condensed Consolidated Financial Statement for additional details related to debt.
Cash Dividends
During the second quarter of 2026, the Company’s Board of Directors approved to the reinstatement of the Company’s quarterly dividend $0.03 per share. During the three and six months ended June 30, 2026 and 2025, the Company declared no dividends.
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Cash Flows
The following table summarizes the Company’s cash flow activity for the six months ended June 30:
Six Months Ended June 30,
2026 2025
Net cash provided by operating activities from continuing operations $ 420,457 $ 269,926
Net cash used in operating activities from discontinued operations (55,665) (30,033)
Net cash provided by operating activities 364,792 239,893
Net cash provided by (used in) investing activities from continuing operations 1,369,251 (189,948)
Net cash used in investing activities from discontinued operations (56,044) (30,052)
Net cash provided by (used in) investing activities 1,313,207 (220,000)
Net cash used in financing activities from continuing operations (431,375) —
Net cash provided by financing activities from discontinued operations 12,632 10,531
Net cash provided by (used in) financing activities (418,743) 10,531
Effect of foreign exchange rate changes on cash and cash equivalents (1,217) (6,202)
Change in cash and cash equivalents from divestiture of Çöpler and deconsolidation of Artmin 9,442 4,892
Increase in cash and cash equivalents 1,267,481 29,114
Cash and cash equivalents, beginning of period 515,561 359,287
Cash and cash equivalents, end of period $ 1,783,042 $ 388,401
Net cash provided by operating activities from continuing operations
For the six months ended June 30, 2026, net cash provided by operating activities from continuing operations was $420.5 million compared to $269.9 million for the six months ended June 30, 2025. The change in net cash provided by operating activities from continuing operations is primarily due to an increase in revenues attributable to 44.4% higher average realized gold price and a 147.4% higher average realized silver price in 2026 as compared to 2025.
Net cash provided by (used in) investing activities from continuing operations
For the six months ended June 30, 2026, net cash provided by (used in) investing activities from continuing operations was $1,369.3 million compared to $(189.9) million for the six months ended June 30, 2025. The increase of $1,559.2 million of net cash provided by investing activities from continuing operations is primarily due to the receipt of $1,495.0 million from the divestiture of the Company’s ownership in the Çöpler mine.
Net cash used in financing activities from continuing operations
For the six months ended June 30, 2026, net cash used in financing activities from continuing operations was $431.4 million compared to nil for the six months ended June 30, 2025. The net cash used in financing activities from continuing operations was primarily due to a $337.8 million purchase and cancellation of common shares, a $87.5 million payment of contingent consideration during 2026, a $65.0 million principal repayment of the revolving credit facility, and $4.8 million of taxes paid related to net share settlement of equity awards, partially offset by $65.0 million of proceeds from the revolving credit facility.
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Contractual Obligations
Except as discussed below, there have been no material changes in the Company’s contractual obligations since December 31, 2025.
During the second quarter of 2026, the Company completed the divestiture its 80% ownership interest in the Çöpler mine and related properties in Türkiye. Refer to Note 3 and Note 4 of the Condensed Consolidated Financial Statements for additional information regarding the divestiture.
During the second quarter of 2026, the Company entered into a definitive agreement to dispose of its 20% ownership interest in Artmin and resigned as operator of the Hod Maden development project. As a result, Artmin was deconsolidated from the Company’s consolidated financial statements, effective as of May 18, 2026. Refer to Note 3, Note 4 and Note 20 of the Condensed Consolidated Financial Statements for additional information.
During the first quarter of 2026, the Company fully discharged its obligation under the 2019 Notes through conversions, cash payments for accrued interest and fractional shares, and redemptions of the remaining principal amount of the 2019 Notes. As of June 30, 2026, no amounts were outstanding. Refer to Note 16 to the Condensed Consolidated Financial Statements for additional information.
Refer to Part II, Item 7 in the Form 10-K for information regarding the Company’s contractual obligations.
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Non-GAAP Financial Measures
The Company has included certain non-GAAP financial measures to assist in understanding the Company’s financial results. The non-GAAP financial measures are employed by the Company to measure its operating and economic performance and to assist in decision-making, as well as to provide key performance information to senior management. The Company believes that, in addition to conventional measures prepared in accordance with GAAP, certain investors and other stakeholders will find this information useful to evaluate the Company’s operating and financial performance; however, these non-GAAP performance measures do not have any standardized meaning. These performance measures are intended to provide additional information and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with GAAP. These non-GAAP measures should be read in conjunction with the Company’s Condensed Consolidated Financial Statements.
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Non-GAAP Measure - Cash Costs and AISC
Cash Costs and AISC per payable ounce of gold and respective unit cost measures are non-U.S. GAAP metrics developed by the World Gold Council to provide transparency into the costs associated with producing gold and provide a standard for comparison across the industry. The World Gold Council is a market development organization for the gold industry.
The Company uses cash costs per ounce of precious metals sold to monitor its operating performance internally. The most directly comparable measure prepared in accordance with GAAP is Cost of sales. The Company believes this measure provides investors and analysts with useful information about its underlying cash costs of operations and the impact of by-product credits on its cost structure. The Company also believes it is a relevant metric used to understand its operating profitability. When deriving the cost of sales associated with an ounce of precious metal, the Company includes by-product credits, which allows management and other stakeholders to assess the net costs of gold and silver production.
AISC includes total Cost of sales incurred at the Company’s mining operations, which forms the basis of cash costs. Additionally, the Company includes sustaining capital and lease related expenditures, sustaining mine-site exploration and evaluation costs, reclamation cost accretion and amortization, and general and administrative expenses. This measure seeks to reflect the ongoing cost of gold and silver production from current operations; therefore, growth capital is excluded. The Company determines sustaining capital to be capital expenditures that are necessary to maintain current production and execute the current mine plan. The Company determines growth capital to be those payments used to develop new operations or related to projects at existing operations where those projects will materially benefit the operation.
The Company believes that AISC provides additional information to management and stakeholders that provides visibility to better define the total costs associated with production and better understanding of the economics of the Company's operations and performance compared to other producers.
In deriving the number of ounces of precious metal sold, the Company considers the ounces available for sale after the treatment and refining process, commonly referred to as payable metal, as this is what is sold to third parties.
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The following tables provide a reconciliation of cost of sales to cash costs and AISC:
Three Months Ended June 30, 2026
(in thousands, unless otherwise noted) Marigold CC&V Seabee Puna Corporate Total from Continuing Operations
Cost of sales (GAAP) (1) $ 58,843 $ 44,488 $ 27,016 $ 43,325 $ — $ 173,672
By-product credits (63) (3,828) (25) (7,760) — (11,676)
Treatment and refining charges 39 82 23 (1,983) — (1,839)
Cash costs (non-GAAP) 58,819 40,742 27,014 33,582 — 160,157
Sustaining capital and lease related expenditures 30,869 12,267 9,359 9,614 — 62,109
Reclamation cost accretion and amortization 788 3,838 647 1,261 — 6,534
General and administrative expense and stock-based compensation expense — — — — 27,649 27,649
Total AISC (non-GAAP) $ 90,476 $ 56,847 $ 37,020 $ 44,457 $ 27,649 $ 256,449
Gold sold (oz) 29,720 28,499 15,700 — — 73,919
Silver sold (oz) — — — 1,505,858 — 1,505,858
Gold equivalent sold (oz) (2) 29,720 28,499 15,700 23,903 — 97,822
Cost of sales per gold equivalent ounce sold (1)(2) $ 1,980 $ 1,561 $ 1,721 $ 1,813 N/A $ 1,775
Cash cost per gold ounce sold $ 1,979 $ 1,430 $ 1,721 N/A N/A N/A
Cash cost per silver ounce sold N/A N/A N/A $ 22.30 N/A N/A
Cash cost per gold equivalent ounce sold (2) $ 1,979 $ 1,430 $ 1,721 $ 1,405 N/A $ 1,637
AISC per gold ounce sold $ 3,044 $ 1,995 $ 2,358 N/A N/A N/A
AISC per silver ounce sold N/A N/A N/A $ 29.52 N/A N/A
AISC per gold equivalent ounce sold (2) $ 3,044 $ 1,995 $ 2,358 $ 1,860 N/A $ 2,622
(1)Excludes depreciation, depletion, and amortization.
(2)Effective January 1, 2026, the Company calculates gold equivalent ounces using a fixed silver-to-gold ratio of 63:1. The Company does not include by-products in the gold equivalent ounce calculations. Gold equivalent ounces sold may not recalculate based on amounts presented in this table due to rounding.
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Three Months Ended June 30, 2025
(in thousands, unless otherwise noted) Marigold CC&V Seabee Puna Corporate Total from Continuing Operations
Cost of sales (GAAP) (1) $ 56,376 $ 50,003 $ 18,473 $ 38,096 — $ 162,948
By-product credits (33) (501) (15) (12,146) — (12,695)
Treatment and refining charges 92 — 23 (669) — (554)
Cash costs (non-GAAP) 56,435 49,502 18,481 25,281 — 149,699
Sustaining capital and lease related expenditures 11,770 6,656 8,762 4,023 — 31,211
Sustaining exploration and evaluation expense 1,447 — — — — 1,447
Care and maintenance (2) — — 234 — — 234
Reclamation cost accretion and amortization 691 3,838 555 2,545 — 7,629
General and administrative expense and stock-based compensation expense — — — — 26,634 26,634
Total AISC (non-GAAP) $ 70,343 $ 59,996 $ 28,032 $ 31,849 $ 26,634 $ 216,854
Gold sold (oz) 35,589 44,800 10,350 — — 90,739
Silver sold (oz) — — — 2,534,393 — 2,534,393
Gold equivalent sold (oz) (3) 35,589 44,800 10,350 25,997 — 116,736
Cost of sales per gold equivalent ounce sold (1)(3) $ 1,584 $ 1,116 $ 1,785 $ 1,465 N/A $ 1,396
Cash cost per gold ounce sold $ 1,586 $ 1,105 $ 1,786 N/A N/A N/A
Cash cost per silver ounce sold N/A N/A N/A $ 9.98 N/A N/A
Cash cost per gold equivalent ounce sold (3) $ 1,586 $ 1,105 $ 1,786 $ 972 N/A $ 1,282
AISC per gold ounce sold $ 1,977 $ 1,339 $ 2,708 N/A N/A N/A
AISC per silver ounce sold N/A N/A N/A $ 12.57 N/A N/A
AISC per gold equivalent ounce sold (3) $ 1,977 $ 1,339 $ 2,708 $ 1,225 N/A $ 1,858
(1)Excludes depreciation, depletion, and amortization.
(2)Care and maintenance expense only includes direct costs not associated with environmental reclamation and remediation costs, as depreciation is not included in the calculation of AISC.
(3)In prior periods, gold equivalent ounces were calculated multiplying the silver ounces by the ratio of the silver price to the gold price, using the average closing commodity prices for the period. The Company does not include by-products in the gold equivalent ounce calculations. Gold equivalent ounces sold may not recalculate based on amounts presented in this table due to rounding.
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Six Months Ended June 30, 2026
(in thousands, unless otherwise noted) Marigold CC&V Seabee Puna Corporate Total from Continuing Operations
Cost of sales (GAAP) (1) $ 130,477 $ 99,234 $ 48,261 $ 90,819 $ — $ 368,791
By-product credits (128) (6,156) (40) (16,627) — (22,951)
Treatment and refining charges 108 131 64 (3,977) — (3,674)
Cash costs (non-GAAP) 130,457 93,209 48,285 70,215 — 342,166
Sustaining capital and lease related expenditures 51,874 19,387 24,758 14,359 — 110,378
Reclamation cost accretion and amortization 1,580 7,675 1,121 2,307 — 12,683
General and administrative expense and stock-based compensation expense — — — — 66,130 66,130
Total AISC (non-GAAP) $ 183,911 $ 120,271 $ 74,164 $ 86,881 $ 66,130 $ 531,357
Gold sold (oz) 69,229 66,746 21,837 — — 157,812
Silver sold (oz) — — — 3,339,149 — 3,339,149
Gold equivalent sold (oz) (2) 69,229 66,746 21,837 53,002 — 210,814
Cost of sales per gold equivalent ounce sold (1)(2) $ 1,885 $ 1,487 $ 2,210 $ 1,714 N/A $ 1,749
Cash cost per gold ounce sold $ 1,884 $ 1,396 $ 2,211 N/A N/A N/A
Cash cost per silver ounce sold N/A N/A N/A $ 21.03 N/A N/A
Cash cost per gold equivalent ounce sold (2) $ 1,884 $ 1,396 $ 2,211 $ 1,325 N/A $ 1,623
AISC per gold ounce sold $ 2,657 $ 1,802 $ 3,396 N/A N/A N/A
AISC per silver ounce sold N/A N/A N/A $ 26.02 N/A N/A
AISC per gold equivalent ounce sold (2) $ 2,657 $ 1,802 $ 3,396 $ 1,639 N/A $ 2,521
(1)Excludes depreciation, depletion, and amortization.
(2)Effective January 1, 2026, the Company calculates gold equivalent ounces using a fixed silver-to-gold ratio of 63:1. The Company does not include by-products in the gold equivalent ounce calculations. Gold equivalent ounces sold may not recalculate based on amounts presented in this table due to rounding.
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Six Months Ended June 30, 2025
(in thousands, unless otherwise noted) Marigold CC&V (1) Seabee Puna Corporate Total from Continuing Operations
Cost of sales (GAAP) (2) $ 115,102 $ 67,968 $ 41,604 $ 74,915 $ — $ 299,589
By-product credits (71) (714) (40) (23,255) — (24,080)
Treatment and refining charges 158 5 66 (344) — (115)
Cash costs (non-GAAP) 115,189 67,259 41,630 51,316 — 275,394
Sustaining capital and lease related expenditures 23,439 7,667 20,510 5,977 — 57,593
Sustaining exploration and evaluation expense 1,674 — — — — 1,674
Care and maintenance (3) — — 234 — — 234
Reclamation cost accretion and amortization 1,363 5,117 1,388 5,804 — 13,672
General and administrative expense and stock-based compensation expense — — — — 50,529 50,529
Total AISC (non-GAAP) $ 141,665 $ 80,043 $ 63,762 $ 63,097 $ 50,529 $ 399,096
Gold sold (oz) 75,997 56,100 36,350 — — 168,447
Silver sold (oz) — — — 4,908,738 — 4,908,738
Gold equivalent sold (oz) (4) 75,997 56,100 36,350 52,396 — 220,843
Cost of sales per gold equivalent ounce sold (2)(4) $ 1,515 $ 1,212 $ 1,145 $ 1,430 N/A $ 1,357
Cash cost per gold ounce sold $ 1,516 $ 1,199 $ 1,145 N/A N/A N/A
Cash cost per silver ounce sold N/A N/A N/A $ 10.45 N/A N/A
Cash cost per gold equivalent ounce sold (4) $ 1,516 $ 1,199 $ 1,145 $ 979 N/A $ 1,247
AISC per gold ounce sold $ 1,864 $ 1,427 $ 1,754 N/A N/A N/A
AISC per silver ounce sold N/A N/A N/A $ 12.85 N/A N/A
AISC per gold equivalent ounce sold (4) $ 1,864 $ 1,427 $ 1,754 $ 1,204 N/A $ 1,807
(1)The reported AISC amounts reflect results for CC&V from the date of acquisition on February 28, 2025 through June 30, 2025.
(2)Excludes depreciation, depletion, and amortization.
(3)Care and maintenance expense only includes direct costs not associated with environmental reclamation and remediation costs, as depreciation is not included in the calculation of AISC.
(4)In prior periods, gold equivalent ounces were calculated multiplying the silver ounces by the ratio of the silver price to the gold price, using the average closing commodity prices for the period. The Company does not include by-products in the gold equivalent ounce calculations. Gold equivalent ounces sold may not recalculate based on amounts presented in this table due to rounding.
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Non-GAAP Measure - Adjusted Attributable Net Income (Loss)
Adjusted attributable net income (loss) and adjusted attributable net income (loss) per share are used by management and investors to measure the Company’s underlying operating performance. The most directly comparable financial measures prepared in accordance with GAAP are Net income (loss) attributable to SSR Mining shareholders and Net income (loss) per share attributable to SSR Mining shareholders. Adjusted attributable net income (loss) is defined as net income (loss) adjusted to exclude the after-tax impact of specific items that are significant, but not reflective of the Company’s underlying operations, including impairment charges.
The following table provides a reconciliation of Net income (loss) attributable to SSR Mining shareholders to adjusted net income (loss) attributable to SSR Mining shareholders:
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Three Months Ended June 30, Six Months Ended June 30,
(in thousands, except per share) 2026 2025 2026 2025
Net income (loss) attributable to SSR Mining shareholders (GAAP) $ 97,286 $ 90,075 $ (9,164) $ 148,856
Net income (loss) attributable to SSR Mining shareholders from discontinued operations (GAAP) (39,728) (41,908) (396,850) (67,682)
Net income (loss) attributable to SSR Mining shareholders from continuing operations (GAAP) 137,014 131,983 387,686 216,538
Interest saving on 2019 Notes, net of tax — 1,247 916 2,479
Net income (loss) used in the calculation of diluted net income per share from continuing operations $ 137,014 $ 133,230 $ 388,602 $ 219,017
Weighted-average shares used in the calculation of net income (loss) per share
Basic 208,014 202,774 206,823 202,598
Diluted 209,167 216,989 213,221 216,691
Net income (loss) per share attributable to SSR Mining shareholders from continuing operations
Basic $ 0.66 $ 0.65 $ 1.87 $ 1.07
Diluted $ 0.66 $ 0.61 $ 1.82 $ 1.01
Adjustments:
CC&V transaction and integration costs — 4,958 — 11,753
Income tax impact related to above adjustments — 1,362 — —
Adjusted net income (loss) attributable to SSR Mining shareholders from continuing operations (non-GAAP) (1) $ 137,014 $ 138,303 $ 387,686 $ 228,291
Adjusted net income (loss) per share attributable to SSR Mining shareholders from continuing operations (non-GAAP)
Basic $ 0.66 $ 0.68 $ 1.87 $ 1.13
Diluted (2) $ 0.66 $ 0.64 $ 1.82 $ 1.06
(1)During the three months ended June 30, 2026, the Company revised its calculation of adjusted attributable net income (loss) to no longer exclude (i) inflation-related tax impacts in Argentina and (ii) changes in the fair value of marketable securities that are held as part of the Company's strategy to manage foreign exchange exposure associated with the devaluation of the ARS. The adjustments were historically excluded due to the significant volatility associated with Argentina's inflationary environment and the resulting fluctuations in tax expense. Based on recent economic data, management concluded that these impacts are no longer reflective of unusual or non-recurring economic conditions. Accordingly, the Company removed the adjustments from its non-GAAP measure and revised prior-period amounts to conform to the current-period presentation. The change increased adjusted attributable net income (loss) by $11.3 million and $15.0 million for the three and six months ended June 30, 2026, respectively, and by $3.5 million and $7.8 million for the three and six months ended June 30, 2025, respectively.
(2)Adjusted net income (loss) per diluted share attributable to SSR Mining shareholders is calculated using diluted common shares, which are calculated in accordance with GAAP.
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Non-GAAP Measure - Earnings Before Interest, Taxes, Depreciation and Amortization (“EBITDA”) and Adjusted EBITDA
EBITDA represents net income (loss) before interest, taxes, depreciation, and amortization. EBITDA is an indicator of the Company’s ability to generate liquidity by producing operating cash flow to fund working capital needs, service debt obligations, and fund capital expenditures.
Adjusted EBITDA represents net income (loss) before interest, taxes, depreciation, and amortization, adjusted to exclude the impact of specific items that are significant, but not reflective of the Company’s underlying operations, including impairment charges.
The most directly comparable financial measure prepared in accordance with GAAP to EBITDA and Adjusted EBITDA is Net income (loss) attributable to SSR Mining shareholders.
The following is a reconciliation of Net income (loss) attributable to SSR Mining shareholders to EBITDA and adjusted EBITDA:
Three Months Ended June 30, Six Months Ended June 30,
(in thousands) 2026 2025 2026 2025
Net income (loss) attributable to SSR Mining shareholders (GAAP) $ 97,286 $ 90,075 $ (9,164) $ 148,856
Net income (loss) attributable to SSR Mining shareholders from discontinued operations (GAAP) (39,728) (41,908) (396,850) (67,682)
Net income (loss) attributable to SSR Mining shareholders from continuing operations (GAAP) 137,014 131,983 387,686 216,538
Depletion, depreciation and amortization 31,052 26,204 61,157 56,785
Interest expense 393 2,585 1,662 4,377
Income and mining tax expense (benefit) 48,318 29,284 110,521 51,384
EBITDA from continuing operations (non-GAAP) 216,777 190,056 561,026 329,084
CC&V transaction and integration costs — 4,958 — 11,753
Adjusted EBITDA from continuing operations (non-GAAP) (1) $ 216,777 $ 195,014 $ 561,026 $ 340,837
(1)During the three months ended June 30, 2026, the Company revised its calculation of adjusted EBITDA to no longer exclude changes in the fair value of marketable securities that are held as part of the Company's strategy to manage foreign exchange exposure associated with the devaluation of the ARS. The adjustment was historically excluded due to the significant volatility associated with Argentina's inflationary environment. Based on recent economic data, management concluded that the impact is no longer reflective of unusual or non-recurring economic conditions. Accordingly, the Company removed the adjustment from its non-GAAP measure and revised prior-period amounts to conform to the current-period presentation. The change increased adjusted EBITDA by $4.0 million and $4.9 million for the three and six months ended June 30, 2026, respectively, and by $2.1 million and $3.7 million for the three and six months ended June 30, 2025, respectively.
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Non-GAAP Measure - Free Cash Flow
The Company uses free cash flow to supplement information in its consolidated financial statements. The most directly comparable financial measure prepared in accordance with GAAP is Cash provided by (used in) operating activities. The Company believes that in addition to conventional measures prepared in accordance with US GAAP, certain investors and analysts use this information to evaluate the ability of the Company to generate cash flow after capital investments and build the Company’s cash resources. The Company calculates free cash flow by deducting cash capital spending from cash provided by (used in) operating activities. The Company does not deduct payments made for business acquisitions.
The following table provides a reconciliation of Cash provided by operating activities to free cash flow:
Six Months Ended June 30,
(in thousands) 2026 2025
Net cash provided by operating activities from operations (GAAP) $ 364,792 $ 239,893
Net cash used in operating activities from discontinued operations (GAAP) (55,665) (30,033)
Net cash provided by operating activities from continuing operations (GAAP) 420,457 269,926
Expenditures on mineral properties, plant and equipment from continuing operations (121,361) (75,505)
Free cash flow from continuing operations (non-GAAP) $ 299,096 $ 194,421
Critical Accounting Estimates
This MD&A is based on the Company's Condensed Consolidated Financial Statements, which have been prepared in conformity with US GAAP. The preparation of these statements requires that the Company makes estimates and assumptions that affect the reported amounts of assets, liabilities, revenues and expenses. The Company bases these estimates on historical experience and on assumptions that the Company considers reasonable under the circumstances; however, reported results could differ from those based on the current estimates under different assumptions or conditions. Refer to the Company’s Management’s Discussion and Analysis of Critical Accounting Estimates included in Part II of Form 10-K. There have been no changes to our critical accounting policies from those disclosed on our Form 10-K, except as noted below.
Discontinued operations
The Company determined that in conjunction with entering into a definitive agreement to sell its ownership interest, the operations of the Hod Maden project meet the criteria for classification as held for sale and for discontinued operations reporting in accordance with Accounting Standards Codification (“ASC”) 205 Discontinued Operations (“ASC 205”). ASC 205 requires that a component of an entity that has been disposed of or is classified as held for sale, has operations and cash flows that can be clearly distinguished from the rest of the entity, and represents a strategic shift that has, or will have, a major effect on the reporting entity’s financial results must be reported as discontinued operations.
In the period where a component of an entity is classified as a discontinued operation, the results of operations for the periods presented are reclassified into separate line items in the Condensed Consolidated Statements of Operations and the assets and liabilities of the discontinued operation are also reclassified into separate line items on the related Condensed Consolidated Balance Sheets. Prior period amounts are also adjusted to reflect discontinued operations presentation. All amounts included in the notes to the Condensed Consolidated Financial Statements relate to continuing operations unless otherwise noted. Accounting for discontinued operations and the related gain or loss on sale of discontinued operations requires us to make estimates and judgments regarding the allocation of costs and net asset values to discontinued operations.
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Deconsolidation of a Subsidiary
In connection with the divestiture of its 20% ownership interest in Artmin, the Company deconsolidated Artmin upon resigning as the operator of the Hod Maden development project and determining that it was no longer the primary beneficiary, as it no longer has the power to direct the significant activities of Artmin. Upon deconsolidation, the Company derecognized all assets and liabilities of the variable interest entity (“VIE”) from its Condensed Consolidated Balance Sheets as of June 30, 2026. The Company uses judgment to evaluate whether we have a controlling financial interest in an entity. For entities that are not VIEs, we assess control through our voting interest. For VIEs, we determine whether we are the primary beneficiary by evaluating whether we have both the power to direct activities and the obligation to absorb losses or the right to receive benefits. This analysis involves significant assumptions related to control rights, economic exposure, and the structure of the arrangement.
Equity method investments
As discussed above, the Company deconsolidated Artmin after determining that it was no longer the primary beneficiary. Following deconsolidation, the Company retained a significant influence over Artmin through its remaining ownership interest and accounts for its investment under the equity method of accounting. The fair value of the equity method investment in Artmin was determined using a discounted cash flow model. The valuation required management to make assumptions and apply significant judgment in estimating future cash flows, including metal price assumptions; estimates of future capital expenditures and operating costs; mineral reserve, mineral resource, and exploration estimates; and the use of discount rates in the measurement of fair value. Refer to Note 3 of the Condensed Consolidated Financial Statements for additional information. The Company accounts for its investments in unconsolidated entities under the equity method of accounting. The Company applies the equity method by initially recording these investments at fair value, as equity method investments, subsequently adjusted to reflect the Company’s proportional share of the investee’s results of operations and cash contributions and distributions.
New Accounting Pronouncements
For a discussion of Recently Issued Accounting Pronouncements, see Note 2 of the Condensed Consolidated Financial Statements.
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