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SSR Mining (SSRM)

Participants
Michael McDonald Investor Relations
Rod Antal President and CEO
Greg Martin Chief Financial Officer
Steward Beckman COO
Ovais Habib Scotiabank
Cosmos Chiu CIBC
Dalton Baretto Canaccord
Daniel Morgan UBS
Mike Parkin National Bank
Call transcript
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Operator

Good morning, everyone, and welcome to the SSR Mining’s Third Quarter 2020 Conference Call. This call is being recorded. At this time, I would like to turn the conference over for opening remarks and introduction. I'd like to turn the call over to Michael McDonald, Investor Relations for SSR Mining. Please go ahead.

Michael McDonald

operator. you, Thank and ladies Good gentlemen. morning, financial Welcome to during and XXXX our call, third we Mining’s a will of business quarter which our provide conference on SSR an performance. review update

all to that discussed to Discussion to unless webcast Our Financial costs SEDAR, the this and find and call, of website. webcast call you and ASX ounce call. there Analysis in our information been also on accompany filed during all-in will metals EDGAR, in payable our release are note the news available and otherwise relating Please access indicated. are cash sustaining figures U.S. To Statements dollars sold. on have is per the All Management’s and our are references an the online costs

statements will so making We the relevant the disclosures documents. please forward-looking today, be in read

this the Martin, Rod Joining our call and President Greg Steward CFO; us morning Beckman, COO.. and CEO; are on Antal,

opening to like would to I for Now, call turn over Rod remarks. the

Rod Antal

to long an have SSR producer Thank to for our exceptional first about afternoon you, Building quarter we gold and It's to the following our from team. to completion into and the term. its we be welcome call new merger and good opportunity an with talking strong the next discussing opportunity be financial business, all. pleased of to operating will Michael as company so third I’m Alacer. privileged quarterly finally leading the mid-tier firmly you Today, very be XXXX and with the results. the a good SSR our work chapter. the And premier to having exciting fundamentally establish larger

portfolio a and is that expect of growth will future. just attractive journey fully I in the options Our deliver number beginning our

we for and of full post asset and jurisdictions. life premium up COVID, shutdowns. puts for navigating ounces XXX,XXX the equivalent base across the back years. XXXX, The to Post merger, over million gold average SSR third global our with with COVID-XX a of closing of capacity very merger ounces Puna was ramping four both the reserves, diversified providing XX ounces longevity In eventful gold the Seabee and zero pandemic operating we After have impact weighted years. will from Alacer which in excess of one an between quarter and allowing impacts X.X of COVID gold we around XX equivalent. produce have XXX,XXX of Turkey mine strong

low intensity a We capital are position leading in forward. growth to going key and quality asset due

influence be sheet balance starting cash clear have on free but make. flow generation over is every cash cash. million a with excellent We that of strong, we going consolidated flow $XXX Not point on focus our to is will major only decision free the

extensive. is portfolio exploration Our

have We the active. organic a XX with over standalone of new portfolio in growth mine opportunities and currently options number exploration

Over months, we planned. of have value enhancing few the number next a catalysts

first longevity Çöpler. sulfide will which refreshed oxide technical demonstrate upcoming a will the a be of view our productions gold report, provide operations to The Çöpler the and at

wide portfolio was are streamline were of updates helped largely and track end. and point alignment on initiatives is the year number Brownfield exploration We before make a that providing efforts last has close integration combination. on our plan to we fortunate our completed. on that there cultural addition, In Greenfield The a

together. them a above recognize normal and want in Our team And the to for to have has expectations. done challenging a business beyond high their gone efforts that I time our bring tremendous job

are a close, to focused and year. firmly to production on draws delivering for driving we the site XXXX a finish As strong

and culture Alacer. both always has SSR ingrained Now of the been turning to the next slide. ESG in

employees and as the continue do recognized a things, to to where to communities operate. and Going team the combined enhanced right the forward, our of we be we leverage strength can true the partner

We like programs would many that highlight to have across out I too. call several operating programs today, too our to are all There sites. different

scholarships and to not where on it's investing From local with second, is businesses continued capability, funds first a focus environmental regard in representation. we that sustainable particular schools ourselves establish encouraging an a our investing The female And establishing higher dependent in in standard. social the high local and and mines. academic on communities perspective, are to building hold and we're through development

world under many marigold. of Cyanide being best Management the man code to examples have the like certified We first the practice, in of be

approach of proud our are and a ESG. achievements our continue to will leader in We to be

respect the local With Seabee next on period. we our shut on in operate. which focused the are slide. rightly and protection Moving were of the a Puna communities to COVID-XX, down we in to for employees Both

Çöpler to in respect applicable Though been vigilant regulations and as remain activities. COVID. to our had with and adjust with in we the our successful operations to with plans Marigold navigating on While operating circumstances All authorities continue national and have through local accordance way site dictated. along work

implemented numerous quarantining, such distancing, mitigation additional equipment. and ensuring have We physical as measures, protective testing, providing

offices reduced operating working all remotely. are employees capacity We a with corporate at our

XXX,XXX for up quarter. all months the operations few in is be production Moving before on guidance Gold to had the back to nine updated XXX,XXX a our with shaping to and details. quarterly fourth and of we quarter on meet solid equivalent the production a slide ounces into on annual track ounces, the in third Operationally, are XXXX first produced number highlights diving third six. from A quarter. sustaining strong what

Puna now Our in quarter sustaining steady reliably to Seabee ounce. was $X,XXX state. three, Çöpler continue Marigold costs all back and with operate per to and

drilling the on in From the the finalizing year. continuing District anticipate Çöpler of a million we end of fourth from a the flow and of fronts number at quarter a with number Technical robust consolidated free of busy strong net $XXX front, exploration we perspective, We to Report. the are to excellent ended targets a cash position. On cash financial growth quarter

quarter beginning one seven. a to Moving on delighted announce to slide dividend XXXX. I'm corporate policy in

approach thoughtful our allocation. very been in to capital have We

Our capital shareholders. strength sustainable returns going high continued key to allocation our is strategy capital balance providing maintaining leading in and to while investment forward the growth financial

While our the be recurring capital method primary quarterly is return. of expected to dividend

periodically dividend flow. will these evaluate We free trailing cash from supplementing excess

I'll financial call in over Greg, with So their detail. turn more that, performance discuss will the to who

Greg Martin

afternoon good This to mid and with for and for quite quarter, to With strong forward they the an quarter. one asset a Rod in of Even strong our the and over is of at Marigold Seabee were Çöpler company of contributed single four third end in a the positioned sheets definitely with coming when though Thanks the quarter. Puna were tiers top operations part assets the solid everyone. joined the go we business exciting well. I Argentina and best time with a balance I'm Overall, interrupted great pleased opportunity. is in and SSR.

to drive statements and that As all increases the talk four Çöpler company of XX result. the context, mine consolidated you Consolidated that contractors about really it totaling strategy. adjusted Each start operating of that situation of risk from $XXX will working interacting share. staff. results within income with million, with relative only we these operations an build Well, have $XXX peers, notable $XX net impressive I'll net transaction. acquired one $XX of our payments, to operating billion. of resumed financial totaled capital to position million, the Attributable period, projects being spend working $XX our related contributing expired, into number $X of quarter. as total our concentrate the up noted first of tax or highlights comparative $X.XX factors per deferrals for net Cash to has payables But exceptionally was as of principal date. Puna items somewhat strong one an impacts these of September our sales, a per normalized financial new quarterly post the the up for of million, with shortly. and and related the recognize of our our accruals some or capital the revenues with with the assets share million, Like income merged the quarter capital $X.XX defer transaction COVID $XX to over necessity metrics catch liquidity SSR that been tax two-week to settlement cash the the has the Alacer many totaled XXXX. push statements Publishing from features impacted from will for cash statements, through Within earnings COVID capital closed is transaction were million activities million. merger, reduce operating

We strong net have debt. structured low cost and position cash well a

balance sheet we'll the better. shape, get and great in So is

certain $XX.X and incurred million. apparent integration of statement with discuss The of quarters. impacts in will the third forward an limited So accounts quarter expect integration costs the of of merger of briefly for the SSR. by accounted we let the couple the of as me costs Alacer is for financial is we costs incur, to transaction the majority merger. The that carry acquisition This next exception most the to

current the ore recognize Leach are properties date fair and the as are. acquisition. Alacer finished assets value in were described value, Future our stockpiles. resetting The of financial to to not liabilities impacted This to note of by and assets and impacted we of value result, fair goods, mineral cash a book flows earnings assets but increasing four statements. inventories value, of future the result the As at has on fair sulfide, inventories, pad the

the As from reflecting will we third recognition sold heap evident production value. at in acquired and the quarter gold this leach. these produced fair the increase are processed, inventory the assets was costs associated as This

of periods for increase time carry heap the these stockpiles, are equate You due costs which quarters. goods impacts. one impact, over million years over number as future mine forward two of will life And is principally note they to will Finished a leach a plant will but certain impact ore processed. $XX production throughput to the to a

$X fair a see [ph]. billion case in under reserves mineral the value this just bump, significant Finally,

$XXX So as mined of these ounces, we ounce. we expense and depletion approximately per incur will additional processed

non in mentioned impacts, cash earlier, but to income. as So important future all understand estimating

X%. announce that our of lot merged can quarterly it gives for commencing It The of approximately SSR of business. Next, strong we per yield is of XXXX. dividend an base the strength be maturity a dividend representing in me the and $X.XX quarter first will of share the the annual first evidence satisfaction

method quarterly recurring dividend to expected return. be is primary the capital this of While

dividend the We buyback continue free incremental XX I programs. returns for share will periodically deliver evaluate capital metal dividends month opportunity for will as we outlook the shareholder prices confidence the value from our significant form in business portfolio. this have cash of excess provide trailing to from and supplementing flow and

great a to forward quarter. look I fourth Finally,

those With We for in in the to prices. year an more expect all four to discuss comments, will growth and who of call detail. turn the will have full I'll operational quarter the Çöpler Stewart over organic the performance contribution strongly robust environment assets of our close metal and

Steward Beckman

Thanks, Greg.

Environment I'll process comment base always, expended before energy on considerable As the a the that us that of and in ensure business. in risk. is with we HSE shown have of Safety Committee everything amount risk The added we XXXX. through an manage relations. and Health integration and has has start distraction to been of Experience periods anguish COVID and protocols the in change, overlay to

We HSE well teams results managed years. and resourced SSR, have have a who impressive in operations over to and the achieve experienced

have standards restarting them our and world. COVID some in job HSE the managers managing of cases the operations done in maintaining Our an business impressive while

COVID now middle through of are of will Our all performance, stance and key confident environment focus our area COVID Protecting a disappointingly and our a the specifics approach be with slightly and dealing rising improving. and communities a our year, statistics. business and ahead are protocols site. proactive of strong caring situation that underpins the safety has all metrics the teams. the continue sites the the very but were we have to and increasing the of different to for down I'm management Each the sites the people, to tailored of taken slightly against

There months through including interruption on the of which million have of impacts, pre There approximately gold move operations. XX. some nine please brief oxide to COVID both result work a each first pandemic. been mind flow. plants costs into not impact sulfide cash slide and some indirect a $XXX workforce affected and some of have has the had a free year. comment year, Çöpler the on production total reductions direct next pushing Now in of as back some ounces the and the quarantining, produced XXX,XXX a of in been for Through tax of have sites,

the we which ensured for Exploration achieve with planned the Along encouraging the been full operate design planned to to plan to plan the some on are plan in Çöpler The remains be and of completed that a half main higher named than at within CX, no which down year, of other that bottom a inspected starting compensating the slightly year. relatively Autoclave was we've share results testing mineralization change The There discussed, shut track this the lower second shutdowns on creatively found consistent Autoclave our mine the the porphyry for As The close the guidance. grade to planned a and intersected was region changes in continues intrusion with during rest to plant plant now Çöpler a targets pit shut pushed mined year XXXX. result, previously down the mine to with grade porphyry and of made manganese has there soon. this continues compensate. Mid to rights previously Autoclave and time, were cutback X Exploration now intrusion. X ultimate recovery. the in and back to started in target, have about to pit. area of Çöpler for pit. we've mine we're [Indiscernible] ore presence excellent we VP condition. July the sulfide brief

contain the the share advanced flotation the and the will an data analysis .The the when the during quarter throughput plant supplemental complete. being impact flotation will QAQC is plant early flotation We for of work technical The incorporated development plant in preliminary also PEA District updated lower Engineering plant sulfide increase plan the into Çöpler upcoming is the will Report. The outlining Technical Ardich. a costs. for the report unit

bit drilling explored is will Ardich to year drilling being COVID the expand. restarted reminder, and this of from XXXX after in XXXX. delay. Ardich resource the We to only a March/April a drilling mineralization. of up a As -- PEA The extension Subsequent still confirms represents

tonne provide shortly the will step end continue before side moved course, XXXX rates believe new credit an a and mine. exploration to XXXX. We the at report operate was after with XX to year of technical the out that infill and will issues will update great these there we'll been now and assessment finalization affect approvals. despite Again, issues have engineering Total talk XX us. our business Marigold quarter including released management. of both We to hydraulic Please and mostly the are higher move through mine another drilling. both for indirect about The COVID, above impacts material tonnage million Shorter shovel. Ardich and of the next some of teething behind be hauls into facilitate year Marigold.

Obviously, results. focus. with acquisition the property interesting the excitement few to the sustaining it the our have. the perspective sides. stack increased gold drilling As XX,XXX in are areas negotiated did and opportunities in areas to and over gold quarters. result abutting the price the boundaries Exploration of Very as the third prices All versus all very over in the are hit costs to at are problem took recoverable in land both XX.XX last ounces just all grade large expected, of while of quarter the we at across we years, we High a to Overall, QX on royalties the package of the some areas expect finish we a accessing head region. previous these within the guidance. nice for as a our showing in from some continued areas. tenement increase of of year edge mining across plethora close avoided purchase With

provide made our very From on of stipulated started will year. and improvements exploration some work lots well been the comply lot group designed. mine updates as with tenement XX. safety we Saskatchewan. we've existing commissioning new the as with health by Marigold move Please matter exploration to new as requirements and in lot which equipment, doing potential. big particulate slide raise this grade We high province involves Seabee a later a has a diesel updates a perspective, a of of This fans, of to to improvement a ventilation the recently is of

As of back mill XXXX action This COVID. tonne subsequently mill precaution working to average XXXX as day. a we of ramped that a record you ever pushed throughput of down a and day. released XXXX. up the PEA estimated month whole included milling in for best for in perspective, Full of capital to the September, day SSR Seabee, throughput This know, our the one a in life some XXXX Seabee shut XXX was was purchasing Seabee day also throughput. tonnes into average Mining August year a averaged mine. tonnes had we the XXXX, In prior an

of So ongoing of to is the this an additional XXXX. currently These are road early an improvement the area continuous also be Seabee. mine The for in will Seabee, along mind older and fleet. jumbo We opportunities the real current mining the focus. purchases will throughput an across come upside at in considerable bottleneck rates the recently replacement approved demonstrate the There with jumbo at production profile. ice

productivity and was large areas. contiguous mining mining the of the immediately the Seabee potential maintenance both on facility package going very equipment, a forward. exploration lot tenements. shutdown COVID, for current in processing in the fisher tenement will great During with of has along And there strike both mobile support the which

You requirements are to might XX% the future. Fisher in recently increase to have now at owners, option an XX% and with satisfied seen that end we the

exploration results Summer productive from this Fisher. of Seabee we kilometers year. the on mine will of When some and And you interesting later increase We our which Seabee. exploration from are looking XX Program the the we Amisk, corporate year, is about update the south to to this around update exploration do

up COVID after above a in Now now a course last to tiling fantastic Argentina and ramped some pretty slide have very year, a into the a The After recoveries. including and to causes XX% control. tight the regularly mine job few isolating plant is resolved done be around that COVID severity hospitalizations. and Puna That we've running plan and range. well our for back The the in rates well at there generally they've please system back move seen throughput the and controls. low of pumping appears hiatus infection XX. Turn reached of design is cost consternation really fully mine,

the On a team low And prices forecasting demonstrates the what Puna. of see in is despite excited and very all $XX.XX back the shutdowns higher Puna of approved forward. silver cost good in cost, cash deliver sustaining quarter flow potential to the to produce can I'm COVID the going there.

to slide already. of most move covered Now off I've XX. this

first, on So discipline summary, deliver focus tremendous is in operational assets. continuous operating and to our from improvement our

focus fertile off With Secondly, portfolio. into converting near prospects leverage our mine production. some growth cost low of organic our the on immediate

You Adrich when close I'd to our these a Rod. will these in PEA that, we the next in next like reveal first the technical to at of and few of back the hand weeks. get With look or the report Çöpler

Rod Antal

Greg. thanks, Well, and Steward

a catalysts that to the growth approach of number will our from of job the responsible are the value lining a COVID, The of within announcement at despite integrating and by both and financial we've show business the companies the merger, portfolio. So strength and dividend into we And exciting challenges highlights operations, new done allocation. up SSR. an capital the completing managing potential thrown our us a amazing finally,

line I'll have. operator So may you to with take the Hello, pass Operator? the questions and that, any

Operator

you. Thank

question ahead. answer Ovais session. We Habib the a Instructions] Scotiabank. [Operator go begin will Our from first now Please and comes of question

Ovais Habib

a quarter. Hi, Rod taking And my congrats and on and team thanks for questions. great

me. Just of a couple quick questions from

off with Çöpler. Just the well how to hear starting Great are autoclaves performing.

shutdown in shut down or in one second Is shutdown half the number is the first now mentioned autoclave expected XXXX? this You -- autoclave XXXX. half of expected

Rod Antal

quarter first this Per in the at scheduling, I point. think,

Ovais Habib

number need ramp The two, you first up any kind of the expecting that of the how in just you're that guys anything has shutdown optimizations first you gone. terms the do in there in first a quarter. that or the shutdown those you to terms I autoclaves in quarter? well, of routine the Is the autoclave mean, saw And that is seeing? this half within or Or

Rod Antal

driver we expecting wear shutdown. we're one routine It be The of they item expected have are the than They've the But had replacement replace the blades, agitator first quarter. to to. because just like for this them a much lasted will main to wear. and they eventually longer

Ovais Habib

at exploration moving just drilling then Ardich. And to on

any to mentioned we And the infill? drilling around have expectations? that us as started can premium and You results give timeframe. mostly that April that indication to an some been come had Has you of step-out according sort

Steward Beckman

Yes.

the see. So the then what the out. breaking and stepping out we're expected confirmed resource. the we weeks, next infill drillings in we've planning existing around When on you'll been update we it And -- issue to few

can and in see what's fill you what's So step-out.

Ovais Habib

And be none included just this the confirming study? of will in

Steward Beckman

as you to they No, time. Well, report technical a pick in point know, we no. have

we So this and We the prepared report subsequent. technical is closed.

So in upside you'll technical the what all to it's report. see

Ovais Habib

is? throughput Seabee And into of you're levels. to Okay. know, into record the back just indication on can was the Is moving definitely hitting what tonnes give jump be I'll in And Seabee going current QX you levels expected sustained and XXXX. any XX,XXX that and of that terms But then us for grade queue. then also you throughput to at stockpile

Steward Beckman

the for than is in challenge Seabee The term the mine rather plant. longer the

regarding in extra comment So putting jumbos. we are equipment the some there. My

plant the jumbos. a are working and to up for There able rate. get equipment, at to some rate be order we're plants improvement to new on some in So the mine higher other requests feed

promising Seabee. good So traction. get to seen. us But at would anything upside a beyond have while numbers you take It'll that definitely there's the some not previously for I'm

Ovais Habib

of can stockpile And what as you the grade? give then indication XX,XXX just to us the any tonnes information on

Steward Beckman

about Rod price the that plant. it's very said, the It's so it's average around sit a much pretty small just in as stockpile,

Ovais Habib

back I'll guys. And jump Thanks. it leave into queue. there I'll it. Got

Rod Antal

Ovais. Thanks,

Operator

Please Our go Chiu CIBC. from of Cosmos next ahead. question comes

Cosmos Chiu

Thanks, see Hi. that put it here. Greg. Stewart I the first and Rod, good financials guess on certainly market you've Çöpler. And very to off dividend a and as good today, well. Maybe in likes

like grade -- As is from pit grade material. me. time it pit manganese the you about both that and terms And here? talked still improvement contributing and it's the in to you will can Is going cutback what's on magnitude start the it? main Is versus remind higher here the some oxides sulfides benefit looks the of it

Rod Antal

Yes.

So there is grade, that of in a I as with get remember pit, was we small of mining rate, the contribution of will oxide. know, has pits, The always do incremental it contact than small is bottom when so And oxide. of to been But, still sub don't the get vertical in we manganese what be. the amounts the regards Technical think original we've you higher you rate increase the disclosed the Report. Çöpler sort processing to

do plant. higher the comes as we the it feed to grade So

advantages we'll reporting grade on being of we'll discussed juggle calls, having And a when down the bit able grades sulfide and that'll to it's between the bit plant we autoclaves. that of I've a flotation carbonate disconnect as the manage more we'll control in over have have a the always chemistry. are, have We one to previous to chemistry, and because get

Cosmos Chiu

the Çöpler, TFS slow you to a MD&A, And then, again, as mentioned, and had construction, little For the you on sure. it bit. on Understood. down

that later XXXX? you've the in on catch requirements. sometime CapEx construction of some ideal want operational world, would in catch in about With talked on maybe of an Is that still up XXXX. you're that advancing said, up you why However, to ahead

Rod Antal

is with Tailings at So, dump to waste of for way Dam mine. another the Çöpler, the it the think

use limestone placement confidence the into the the than it result, the from take a So the material, wall as by wall. with TSF rate is compaction the raise requirements. mostly driven the the the And mostly mining plant rather mine we for and suitable, at --

it -- ahead we So, did drivers, where we to long Tailings so an back or free material go to wall, didn't Dam, have we to we needed the area to work. was sorry, found when we the way stockpile and Tailings the what be. into path of fleet that And mine were up way a the enough could Dam

a with rest then have back and is associated there the of small it the Now pick way. take to because up cost that it we

are is some Tailings a we're point need ahead to future a long the we pick to up the there out So Dam. in Dam of to to the Tailings there. will where we be cost it and it way in at move But remain

Cosmos Chiu

For Again, to here. sure. ahead moving Marigold maybe out

also in. As transitioning you been Phase you've upper of now X X I levels and Mackay talked about, X, think Mackay levels to the lower the of from is coming

in been You talked about But the between different the potentially haven't of of I lower getting give of -- term well? grade remind also you don't could not terms to grade Marigold to phases. intermediate us color Again, levels some Mackay in are into longer and being as maybe lot grade -- out and that But the of when you're profile, upper for year-over-year it, me variability a a transitioning remember of terms you due term the I have fact X. while now. can you I in

Stewart Beckman

you part have and on can a we'll take to of I give those. that the risk

You're correct.

third Mackay out be confirm for X Mackay and have X in we coming X and and and We into you of quarter, and the numbers forward. second think, down X are X, those I'll back I back transitioning but that going about up now, will to

Cosmos Chiu

sometimes. you the But higher as go you grade transition I as mine, -- into deeper deeper you get guess,

you get mix. upper grade, to the lower of that kind then come levels, As and you're at you would

Stewart Beckman

Yes.

would grade toward We have as been we're you below back the expect. the reserve grade reserve and moving

Cosmos Chiu

is ice the one, guess, And road? impacts current there that's Any as number do is foresee pandemic? replenish maybe mentioned, Stewart Can here you COVID-XX two, then of your And one in last number of kind inventories, you needed building Seabee your Okay. what of you to of I kind ice the us, the every with concerns question whatnot. Santoy. year remind on terms road timing given and the impact supplies. any

Stewart Beckman

we We work they team beginning to for start build we've impact. team, the bring would. of that and supplies shut our We already. site So, to on year. it as got ready materials as see We no, with inventory much ice bring normally any we road don't go to road next the a would were Because normally quite do don't have expect this own we at the as period, those to is across and ourselves year. building the down

our able don't to be So usually ice year big we to the as it do won't in that. across coming it see but as road, ability be any is COVID from impact

Cosmos Chiu

again, you When to get enough? going it when are going to building it? And start cold is

Stewart Beckman

I think January. they in start

Cosmos Chiu

Okay.

Stewart Beckman

need they progressively across they get getting work. so take And and usually start moving it to it. start equipment freeze to to it for February, then to -- ready to it one run the trucks to across smaller may it. they to wait harden, hardens start by Certainly, to they're then Then, about

Cosmos Chiu

maybe And out And exploration is here. looking Report last great here, big maybe a some Technical of terms we kind you maybe what one to some just could area at in there a production Rod. was see detail in terms we Again, top are Rod talk some of three-year key might wondering Thanks, more But to kind portfolio, trucks Rod, is Marigold, that's expect costs? are we core clearly out previously it, there looking coming out pit about, optimizing one taking about of expecting terms start again, sort details CapEx, the timing what of in And -- or chatter in what's be? you're well. put longer-term not on a as of can and that about catalyst for of the as picture and Çöpler expect? expecting it's and question, step at coming in the guidance, when new back, talked results the when of at portfolio. Certainly, could you that, guidance

Rod Antal

a Cos, long appreciate question, was it. That I

forward. work been we'd we're and strength business sort as us, new in the three think, that's the I the to So, quarter get say of relieved sort to behind important demonstrate for as team that we're now a results and of because moving us

come the announcements bringing been as meantime, I'm catalyst all, part organizations of together about to it all into ensuring will out we the and exploration think and 'XX particularly of area, starting and give moving the I we've And then as on off, close that look stand us. sort the more up. and things reach XXXX to developing we that plays working in here in so how busily and growth

terms I So catalysts to of finish we've up and year, they're results, already portfolio and into moving got our year, together up first those XXXX. we lined growth next playing outlined in profiles starting line into quarterly then think as things first, all management in and seeing how the we've the

at plenty we're continuing got plays business look the capital to the our on forward we to these returning that to continuing you sheet ensure capital opportunities I'm into an reinvest. I potential balance some to eye shareholders. and of We're have, the to ensure that we've our plate. allocation So bring it out. When think pretty our of sort clearly by got growth excited and we've strategy,

we've already a So, a XXXX but aggressive well. as as a new lot I team, plan think we've covered moving into fairly got

Cosmos Chiu

a And and thanks great again. Thanks lot, answer. a Rod, that's

Operator

Dalton of comes next Please Canaccord. Baretto from go question Our ahead.

Dalton Baretto

and finally, a your then In then returns, projects? also about operations through lens? legacy jurisdictional, the sheet the SSR silver as Thanks, now evening, how the well and I'd as shareholder it risks operator. Rod, love you're and start growth perspective? are different given so on for a wishing for very very thoughts particular, is your how said, SSR's world I'd viewing and you That from to thinking company. than a sense just like like best some to team thoughts get the balance And all company you get really to a from everybody. Good I'd Alacer, versus your new by

Rod Antal

were Look, I of was the look today. nearly think, what merger cultural companies Dalton, a And I Paul we we together, were -- when true the talking And similar. when bringing I we through are the both merits to very to and that about think both businesses we held in where alignment. lens close that saw you and

were place. the business of it's we to going do prospects and are framework lot business, capital as need a thoughts of our lot and and about for a the was important, what to deliver, where do in getting think a what's growth, we we the doing prioritize place elements from team starting in So usual as what get already contain to

in with and regards, in out quarter further that's moving seeing, And next ground So here and coming that's into in I hit why obviously, think, -- next running. lot of the you're a this three year. catalysts other results we've a play the what the quarter of up number the

and anyone, about surprise we did shape it. good really be to a talk in shouldn't that we're because So,

as are probably intensity continue forward beyond growth in because we as opportunities is shareholders mentioned, year high-yielding and Brownfields that that some capital of prioritizing this course, out. and beyond play that because the just strategy our bang plays to best our capital Greenfield allocation I for to the But capital looking of for of right well. mean that a quite a needs year number extensive And allotment and what we we and SSR is invest I've exciting lot the next now moving the that buck clearly money of opportunities, I how terms there a to an I the that we're them see story see evolve growth, us out. grow an our we we'll few retain out that's In plays low how element think said want of that opportunities front within progressing might at there of that times across through a near-mine. and portfolio, into portfolio have

So we've before start got a to platform a us. with. got role great We

forward move of good and to as a next to more into these we off year. look are representing We start

the asked clearly Puna, Puna Your in the generation. on now this great last about question silver, is people future group specifically a contributor Puna. cash of have level to with

be shouldn't operations. against it a for the So generates lost within basis per three on other on it's folks welcome does and free great ounce flow, cash the while portfolio it still still that us that

all, that all and to around to that here continue into we'll whether hasn't proposition changed opportunities and longer going different. that's as something term there are other evolve at may obviously see well So it in actually assess the it Puna in

processes we have. to organic our So as look into growth moving continue that'll part thought the be we all XXXX at of

Operator

comes ahead. question Daniel of Morgan next UBS. from go Our Please

Daniel Morgant

team. Rod Hi, and

reasonable mining the levels? issue at touch just on question impacts you're just you Çöpler maybe as just COVID First on you. on that well? discuss and Are Çöpler. Can the back Thank you on other assets at where

Stewart Beckman

Yes.

when in, So Çöpler people for come doing turnaround antigen site virus an they're has at a and and still both they for but testing isolating to hour. which testing they the back Çöpler full has running now. up rapid got up actually can about They're week testing itself, mining. in

were control to better things got that week my they rates, ensuring easier control and coming guess in I markedly but to They as Puna. be down. I in and there the we've talk, it seem with to quite so it. controls in a It getting people. dropped they've immune, rates things to last Marigold, there. XX% positivity of people very So, be do had high said a getting improving two got everybody's site -- had and lot they're means place seem bit in hasn't or really up just At

back indigenous folks Saskatchewan in we've protocols and of production as delay And planning, As it's rates, you now coming -- or and being remote site. areas family have where you're well, we not got where then, members impacting that place there issues have increase a an are positive, seeing but with instances and in quite we have particularly the Seabee, instances where of there are friends know, coming Seabee. where in where from at to perspective. some a lastly them of we Nevada from well-established us are from to may we lot sort had

was impact, it's much seeing as it not So, we some as previously. are but

Daniel Morgant

the Okay. grades just or uplift. QX. have that half of very And about a into Thank imagine to Marigold the go gram Is being QX of you what talk will a next seen you toward in stuck a couple expect big and more much. wrong? that I you Can quarters? up

Stewart Beckman

to to start the grams toward those periods. to average, back get we going head I'm they're X.X reserve not up Now, sure in

toward I think bit below numbers. heading little reserve the it's back that, a but

Daniel Morgant

capital more. keen just dividend, the just maybe you've that then, to the return explore And a framework little Okay. bit outlined

free see earlier works, pay And look had the $X.XX to every going per quarter go. and a basis, flow then, just cash supplementary share, that the is the behind for every wondering to I great thought, that you dividend So is is you're the -- quarter X.X which the that? just than how you'll quarter sorry at

at a payout annual good is Or Okay, the more look year something or do you that we're and a looking might it on supplementary. basis, supplementary? half

Greg Martin

Thanks, take I'll just It's Greg. Dan. that question.

XXXX. talked we're uses as as $X.XX quarterly we in initial will say, we'll Rod and to pleased dividend portfolio. opportunity and to regular of see lots the have And per as certainly start So we look QX our returns about share the Stew compared paying you of the starting the dividend at announced in one at of of capital capital

will attributable we trailing those on basis. a supplemental XX-month So, dividends at look

business combined and the down bed those will Board to periodically that. review start we as So together, get results put the

get market conditions to down start dividends and So comparing we'll against those bit be to Board settle then will here buybacks supplemental on things within needs time the little I at depending and look just share give a us think, other of against portfolio. the incremental and returns,

Daniel Morgant

to perhaps, do Do approval as law on a how need buyback the a or you of assessment and not a So make a And do me, dividend? mechanically the this. resolution, jurisdictions you also how do is, you on you that, familiar follow-up the to just a regarding place? question, versus need question AGM would that? buyback with, do Forgive follow-up on get What or mechanics. in Canadian I'm Board that

Greg Martin

Yes, thanks.

So you there that amount opportunities buyback structure bid of volume. so within is Canada, tied allows normal-course your issuer to a some a certain liquidity,

structure. one is that So

there it's to regulatory market -- to a do other trade-off, the If decision. will that being where of if the of more see we And in we we of If approvals terms and an wanted for direction. yes, sense we in if that all makes terms in driven conditions opportunity a on you piece, is again, be see preference significant make see going really by how we'll focused valuation shareholder our we'll -- more again, use overall. And then, it's that really more that lens be where shareholders, capital, as move this required.

Daniel Morgant

your for responses. you very Okay. Thank much

Greg Martin

you. Thank

Operator

comes Our of National next Instructions] go question Mike ahead. from Parkin [Operator Bank. Please

Mike Parkin

guys, good quarter. a congrats Thanks, questions, for my on and taking

something whether NCIB, buyback. follow-up vehicle Would there like XX-month cash payment. trailing on at average like share the Just determine spot, kind or I'm you're NCIB or the a a your something of within to [ph] assuming something versus pursue be like using not a a valuation Puna below you that's active you

Greg Martin

market any to Yes. specific at Obviously, playing are number addition out. factors general in conditions specific look -- that Thanks, we'll Mike. of a

see get too we're business see I here want -- specific conditions in over lot time. volatility see can obviously a we because to of don't it we cyclical on in So, a -- we and market

we do were would we in that And perspective. it position so, valuation structure long-term we Over our looking to a certainly be on a wouldn't use part, it. really felt to again, intent at be valuation unless so strong

supplemental look think, will the said, I the then these as capital, return on primary recurring So basis. and we of we we a at dividend see as quarterly

in of return what piece. we've would dividend being the said you again focus there primary capital the I around terms So

Mike Parkin

track a with you? having satellite ahead to record a like feasibility respect makes comfortable Okay. are Switching construction analysis full weeks. the Are you what in through Yes, With to you how for will on study? going after go given of stage economic it stuff regional that's earlier next of and the it's steps Or Are to the that? you few be experience, some mentioned to coming move it down the more over sense. an PEA, decision? Ardich, the pipe it kind the next

Stewart Beckman

for thanks that. Yes,

case still an indication quite because potential separate We capital development then we'd for wasn't we've down what doing Çöpler the indicative have all it the reserve. PEA. make a we'll subsequent that plant If heap it. then we be, and It's reserve, development have we're with of Çöpler. it PEA and that exploring and to either what the it at of and could leach it at to was expansion incorporated the of the for and done have That's process to to growing. gone had a some bring so as it's give of Çöpler spend an into you wanted and expectation we determined presented it's expect our still across it, from removed, a on that So, way smaller the path to

so But or obviously, a issue as we'll it it And to but Çöpler, is, but sometime reserve expectation into most the a next in year this. development reserve, point a probably will will and the the -- of that an next so. in in it's issue year or I in convert update. opportunity, at already time grade will point point, be said reserve our be we'll see. earlier, a it a in It's outside is, Our time and resource the of represents plan grown that,

Mike Parkin

Okay.

-- much be dollars not pretty much other So than the should spending months? XX next during exploration

Stewart Beckman

a have lot don't We no. to spend. No,

we've metallurgical $XX to the the test types, those of got order and obviously, development the million. off but cost work it's So,

Mike Parkin

Okay.

aiming Shear. zone there it to targets kind Batman you're tend Just Santoy remember out on? additional along with in of you're step-out coming last Is to intercepts exploration is you of more do year results focus of looked that Are plus to exciting pretty drilling the it with the Seabee follow-up of What there, some the standpoint, additional time. winter kind that work there? I test? expansionary do your aiming on an

Stewart Beckman

targets also North the, have well, number Northwest targets. that to I guess, of the a series we trend quite then up there's a as -- mineralized to branches Fisher and along and goes that So down of through

exploration, as exploration as a as see as of reserve. we're in bit is well, And field itself. to field convert in Hanging Santoy the course, into around on the that further Amisk as exploration you'll the and those So Wall getting well is in Gap ready a that over working period well drilling and and been areas in in away, Amisk, there some we've

Mike Parkin

Okay.

Stewart Beckman

to longer bit bit Seabee exploration We horizon invest a year this making. around are into maybe in a of little looking more time for to give a decision ourselves

Mike Parkin

take need up to, ownership remind you just can Okay. XX%? you from that believe And do earlier, you Fisher to to said on then, on XX% I what us

Greg Martin

Yes. Thanks, Mike. here. Greg It's

really one-time from increase just $X that number we'll it's to due So a next And we the payment at that to to do through that's look of XX%. as partner our work to XX% here million months.

Mike Parkin

All Thanks answered, other congrats my thanks much were very Okay. so again. guys. questions and

Greg Martin

Thank you.

Operator

Antal the closing to Rod question-and-answer to the turn concludes any like over conference session. I remarks. This for would back

Rod Antal

for wish first to as Well, Thank and our thank very you want all and participating day. you entity, everyone thanks a call on appreciate good combined you, a operator. today much. I

Operator

conference today's This concludes call.

your and participating You Thanks for lines. may have disconnect pleasant day.