SSR Mining (SSRM)

Alex Hunchak Investor Relations
Rodney Antal President and Chief Executive Officer
Alison White Chief Financial Officer
Stewart Beckman Chief Operating Officer
Tyler Langton JPMorgan
Cosmos Chiu CIBC
Ovais Habib Scotiabank
Michael Siperco RBC Capital Markets
Mike Jalonen Bank of America
Call transcript
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Hello everyone. And welcome to the SSR Mining's Third Quarter 2021 Conference Call. [Operator Instructions]. At this time for opening remarks and introductions, I would like to turn the call over to Alex Hunchak from SSR Mining.

Alex Hunchak

Thank you, operator, and hello, everyone. financial SSR will quarter our provide a of joining during conference business for review we which an our you Mining's XXXX third call, and Thank performance. update on

to discussion our webcast, Our financial SEDAR, the find and call, website. you and ASX there analysis our information been also on accompany filed will EDGAR, available and access are To statements in on have is the management's webcast and our note an the Please otherwise that figures release to relating of call. news We'll making in costs unless this the metal during dollars cash sustaining be are ounce forward-looking indicated. all call per all to discussed references payable statements are sold. costs today. U.S. and All online

relevant the documents. in disclosures the read please So

today Antal, Alison Rod on Joining President Beckman, call us CFO; White, the CEO; COO. Stewart and and are

call I'd to over Rod turn for to Now remarks. like the opening

Rodney Antal

Thanks, to strong $X,XXX all the Alex, sustaining thanks are and us and setting of ounces afternoon again, across the Once a joining today. performing morning first an operating all, gold records gold you we operational at speak ounce. good per to and XXX,XXX These high quarter level performance. at contributed good and I’m on going for third equivalent milestones of quarterly production cost portfolio. of our to in

in an For $XXX the year-to-date period, ounces, XXX,XXX sustaining costs all of gold we and have produced ounce. equivalent per

meets operating lowering XXX,XXX extremely efforts production, industry the year. teams end we saving this is a to XXX,XXX of We're strong accomplish that on between the number all of the pleased performance that tracking guidance. able $X,XXX fact Given documented The cost the testament are to sustaining cost deliver our we our gold today. midpoint a against ounce. we're respect to cost outstanding higher performance and to well is cost production performance, initiatives ounce cost our equivalent to range to with that on track to per and in pressures guidance XXXX guidance remain deliver year-to-date this of the With the to

to continue assets. we of combined operating As the the showcase quality

has the XXX translated The of the period. program. generation flow generation cash in in returns and million third our flow Our to free directly year-to-date quarter $XXX capital strong performance cash million supports

We nearly have million through $XXX since via shareholders share our returned repurchase program. to April NCIB the

track and the and updates approved Ardich updates of significant positive for quarterly year-to-date another Board yield plant Seabee capital capital end. million dividend XXX and returns both and from Marigold, total In approval expect At year the a milestone. X.X% our by our is quarter, XXXX. EIA included excess exploration approximately Çöpler, in Additionally, we the on Hill announced returns in bringing to based and third we and flotation to deliver updated additional remain in October the exploration a Amisk Copper of

we technical SSR. and comprehensive reports updated exploration Marigold in success provide and recent ahead, further XXXX that refresh Looking expect our Seabee incorporate welcome for and a from Çöpler,

success value underpins and business. ESG the for Mining, has long firmly focus on it next is a core Turning to of and SSR ESG. the slide as been our

employees, We applied continue have well to we improving safety health the reflecting trends of efforts being to in our see operations positive our the and and contractors communities.

our to our shutdowns avoid at the any operations have XXXX. COVID in and COVID- globally, related navigated enabled mitigation of We have efforts successfully challenges pervasive us

force reporting XXXX. including will sustainability our gas greenhouse on communities report. our in our environment, This our related continue and and into the to lead with priorities XXXX committed to plan review action and financial deliver Climate are Water improve we We to and refresh we We've move to priorities net task us to the against by disclosures our zero the and also commitment disclosures. to climate as achieve an outlined begin on to XXXX, requirements aligning establishing of emissions begun

we're been on industry's ESG pleased the our ranked And our mining upgraded recognized efforts, and five, research SSR results by a Slide Moving is an to was providers. to to driver peers improve by showcase quartile approach Notably while are our ESG proud some recently we the of amongst ISS. remained number not to see we to our of MSCI rating efforts by A in leading our the have top to ESG. continuous

of to as ascribed and is proven higher projects analysts. shown slide. as valuation shareholders. well mining a recently -- our of non-core portfolio to delivering it in our which and was M&A complex consensus of on ESG our excellent accretive by the the our for royalty This slide. performance, value was capital track next operational time history on Mining top adding as by this On most our portfolio $XXX the evidenced significantly than Moving established of budget, record SSR This for an of has sale million, disciplined on has

Our on strategic portfolio. of Silver review portfolio following the our sale successful continues royalty of the from

operating recently will of to core SSR. remain and that ahead, the The review determined portfolio continues. and Puna of outlook financial Silver the Puna With the recent the of broad strength we rest have

on Moving to seven. Slide

year the production on the gold year original year remains end. production full to by track midpoint year track Marigold end to while October favorably production sustaining ounce of for production completion $XXX the to the year reduce provincial guidance. allowed guidance track upon gold in sustaining in begin per is on level production full ramp year-to-date for trending midpoint while guidance. on of full tracking guidance. with our approval has updated of upper the noted equivalent the for all guidance production to the us meet its the guidance, remains plant compares At Çöpler in XXX,XXX permitting to I year-to-date EIA all up the the asset its level, of costs As at towards flotation cost and received Çöpler And guidance. full Silver exceed will Puna the we Seabee ounces of

continue minute. investing to work on touch the to like in designed highlights, quarterly opportunities the She invest elaborating on the Alison spend eight complete our a high already of improve growth in of to a exploration and Slide return number main business the of all Ardich, just business more overview and all detailed across including not SSR. quarterly going minute. to these moving in in going here. is to provide across drilling on Stew another technical And initiatives a capital longevity much a time to both reports, our We projects highlights. value We've covered will and I'm

to that well quarter. remains servicing, quarterly translated provides organic $XXX in into performance a delivery this in positive on the and dividend and delivered to flow. margins $XXX all A year-to-date, the flexibility continued required closed. remain we we net are production payments $XXX our to the deliver and Financially, consecutive low-cost million the cash continue our And million the repurchases and assets However, debt That of large since us across robust pipeline despite advance million. trend, a four position quarter, to cash with over consider future. growth few quarters safety free EPS five in we our an a with in our of adjusted highlights year-to-date, operationally share of merger relevant $X.XX records

Slide discuss the more Alison, who nine. on our to financial going I'm over that, with to performance in details call will number hand So

Alison White

equivalent results now Thanks, Rod, we in on shipments sales the revenue everyone. financial $XXX during on a business operationally $X.X Uruguay equivalent total I'm XXX,XXX a a in hello, slightly now for at comment quarter the as ounces from We by deleted that strike total and quarter produced here of positive in It nine. port Sales pleased QX. as reported impacted another Year-to-date million the XXXX. billion was to gold of shown for a ounces, were Puna. end gold of quarter. XXX,XXX for the revenues quarter Slide towards concentrate solid

execution to deliver Attributable share, generated million, the as was returns result. and adjusted all continue million, of and flow XX or the the discipline and for attributable the was In or continued adjusted income that $X.XX attributable per cash earnings million, proud $X.XX of and adjusted million, year, income per the of a $X.XX income We XX net strong aspects net per share. was and are net cents strategy. XXX company's are operational months or the $X.XX, per nine share, with of demonstrating XXX attributable our attributable business of income in share first performance, was cost quarter net

commentary at on include result our reflective exclude of in in of tax right some the related the of then right the attributable time Other of chart definition is inventory acquisition. slide, net income those of specific associated We with calculated for properties of and the of reported impacts COVID-XX $X.XX per related with that waterfall adjustments, per income of company's $X.XX the fair are items not start adjustments net mineral the forex our to share Çöpler operations. Each adjustments of on bumps at to based share. of make adjusted like slide, ongoing on share, impacts provide after-tax adjusted I'd the to per with attributable the our On that to side and $X.XX is outlined the those value adjustments. a and adjustments adjustments of a costs, along the amortization the of items as largest earnings this

face some information pervasive on able lowered be pressures of XXXX. guidance to-date to excited the inflationary I'm provide our Additionally, in in to AISC

$X,XXX trending per ounce. in performance, guidance. through As business equivalent XXXX as QX ounces gold the ounce the AISC costs the well the noted demonstrated from in strong gold to of incorporating managed as call, $X,XXX lower we costs equivalent $X,XXX the $X,XXX lowered our has end we've AISC cash operational of $X,XXX earlier per which To-date, per have to to

have since As work today, managed we we closing And improvement within practices business. will In through forward reiterating by have are again we trend headwinds, the That our forward and where quarter for currency the inflation second merger future, that anticipate continue benefit to as ongoing continue. part into the in this in U.S. devaluation, expect pushed it will and we in some jurisdictions, XXXX. XXXX. other move call higher, pressures largely we is inflationary especially noted we of cost that continuous while the we be do Canada offset is the the into and

continue of opportunities to to returns shareholders returns with going continued balance XXX closed more cash, our Slide in funding quarter Mining Turning our can than share portfolio servicing million of consolidated growth shareholders. policy about We remain well maintaining organic capital sheet and million. while payments, with execution capital SSR continued XX, quarterly repurchases XXX our significant debt positioned our the to dividend strength. SSRs capital to we bringing of allocation year-to-date talk fully forward,

peer our group. leader increased cash placing our U.S. is and and net ratio in to us to about cash Slide cash results capital can EBITDA balance in Further our held On a of free more position Our our dollars. demonstrating returns. XX, top SSRs the flow XX% we has talk X.Xx as quartile

outperformance generated XX% Year-to-date, we in continued that XXX cash million of XXX flows operating above cash Our million translated excess consensus the cash our full remains during free quarter. of and reinforcing flows free operational robust to including in peers. cash flow year cash QX, flow XXX of of million flow our well have free yield

We have nearly year-to-date and capital shareholders free payments. million repurchases, returning XX to with XXX returns cash flow that a in our an through line additional initiatives, dividend share performance million

returns We that yield of given we XXXX returns capital already end are to track X%. with closing with are on X.X%, exceeds a QX well

XXXX, into cash SSR differentiates include sheet capital in cash flow ahead generation leading balance of free to significant growth, look returns we allocation The our As and returning combination Mining. maintaining strength. shareholders, and our investing priorities

financially for we operationally We will to our through priorities, shareholder XXXX of while XXXX. the we move evaluate final both continue returns and as quarter execute on also

SSR I lead Lastly, will to call touch changes XXXX. to Stew, for another Mining initiative in I to before over the want on that turn

XX, to to Slide XXXX, X, effective will a reporting accelerated of as Turning U.S. under SSR the large SEC. transition GAAP as January Mining filer

XXXX XXXX S-K we not XXXX will will as XXXX of under assets under and it's reports S-K addition the financial S-K completed. with drivers and be work technical results. that released under to the NI current later while And reports release. believe XXXX. restatement requirements full to U.S. plan note and full Marigold updated followed XXXX. that The existing requirements. will up will initial financial Çöpler updates be This updated that be Master along that means our success totality Çöpler transition the by exploration value XXXX will Marigold be technical Plan will reports district include to What of at XX-XXX exists requirements for the in last Seabee the represent important master reports. for released reported and will also GAAP the restated released is a both properties and the As from year forthcoming The Report be results is reports will Technical the CB incorporate the in result, the

transition and investors required as this full SEC Page an already become will expect view improve the ongoing operational XX. changes We access the to base. reported opportunity highlights to will our the A analysis of on now you through an as shareholder to and robust U.S. change and the will be our to walk filer remains strengthen Stew market starting required. review

Stewart Beckman

to thanks and Rod. Alison, Thanks, I’m going off ESG. with lead

their the all with communities, COVID XXs at the Puna of data. are safely, operate stubbornly in Our to sites in Çöpler, low and that and continue Seabee that remain XXs the of bespoke at situation. tailored protocols host above each their rates Immunization sites and to

the merger contemporary old immediate fashioned we a integrated and out best on ago, with leadership practice. and information ESG industry along and updating ESG year delivering improving efforts line results. This Following our line policies with in our is focused systems good good building management our

know expect standards. the effort higher and work in space drive ever we never towards as ESG you As eases and

recordable performance productive results improvement that delivering believe Our stronger, business. too, on rates more builds injury of strongly and improved a exceeded about ESG driving expectations year-to-date profitable with which delivering that for fingers. is XXXX that We XX% our operational discipline better our and in improvement is frequency

And held Moving operations performance port gold control. and growth, had cost that records with at on trend delayed. We inflationary managed being in all both HX throughput includes focused the the third helping We for Çöpler good to on our the quarter. the continued quarter from mines and control. meant things flotation and reduced the at These the improvements the neither to are and with end for quarter, enduring was but of offset built EIA these the at which Marigold the some pressures. excellence, operational Çöpler delay cost the the in all of the so of gold that and plans and at sites in inventory problem budgets are productivity result control so vessels, and of strip improvement commissioning had into our was plant issues. Marigold XXXX, are are the a

partially quarterly XX. Moving XXXX. on to shutdowns the delivered completed plant but budget. negatively all mine and plant. sulfide the are was throughput positive The complete plant slides production on impacted by with site to offset and Çöpler, plant higher time throughput, Çöpler the major The sulfide operational on mine activities flotation record The on construction another on reconciliation Slide planning and ore presentation to readiness delay were good to of rates, optimize the

sulfide assembled CDMP gold expect reserve a in move feature CDMP in call were add work continues Çöpler quarter made XX. master team of production at a aims quarter shells funding updated vessels will The As XX. flotation is in million does the ready illusion Board and value stripping repaired Technical value -- on the mentioned to to to received will starting for QX carbon to permits, Report startup to maintenance carbon considerable carbon allows RSPA production of be the Slide consumption also XXXX, for not Ardich we to in of the Mine capacity take and exploration the mineral be beyond good and the to that unit for will ore mine the throughput. This exploration level jump be Ardich resulted the potential this the the to and project in what and Report, local the Report. the significant resource Çöpler be within into adjacent continue previously, port the tons showed go. increased to advantage and and another by we to ounces Technical year. progress was reduce we overall exploit. order approved receive Ardich EIA, We from to which last increased have treated. magnitude in plant to of for case issues in gold In It Technical the the CDMP and In of will will 'XX, off before inclusion were reagent vessels driven the the expected results PEA reserved results applications Marigold. about current The inventory the XX which we end late us and of that abbreviated in lower these plant record the The the plant XX the incorporated Released plan latent the delayed presented these will XXXX work issue the very of plan immediately to cost into the a and increase gold CX QX. of will will illusion circuit. unscheduled leverage copper study Marigold the grow XX. the CDMP copper an particular repair in circuit the district

work looking circulation is to quarter. just release Great Marigold pits drilled meters we to is water on property Trenton leach, up ramping the rates be before to drawdown accessed focused and flow the year. had end of north the XXXX. were now. over exploration some the ores the Canyon. is and later for provide drill bores the to of XX,XXX reduced Stripping higher cleaned, end grade provide to access Exploration the also heap pretty mostly property the equip We are starting We and existing This in continues while good. of the the rates for some plan Overall, five from dewatering continued pits the blockages and ore Mackay will pits around a an

we As resources based our existing does of SEC not XXXX early required prospects. are our the of report part in S-K to on provide an updated for development technical of the Unfortunately, some this time filings, provide XXXX.

improve aim to we on technical for guidance. So a both some have we in within later mind in will mills Seabee Seabee. production. finishing for ESG well shutdown. in and report to Slide the limited. continues replaced comprehensive Seabee quarter, its gears operation XX to Marigold quarter a the more Move subsequent on plant deliver In major XXXX. is The performance strong will a

higher the mine moved the adding rate of plant the processing After further in almost the plant a plant. plant, the grades significant result of which throughput, the feedstock call in above shutdown, ahead the qX. a QX we mill shutdown of XX% built capacity the the at a record as in result plant, monthly annual average the operated demonstrating to As lightened in we

mill With in the for the unconstrained taking mine the QX, be will plant Seabee. mine fee have been improving from also the and we record mostly quarter, the quarterly processing throughput. stockpile metrics in expect and Underlying a steadily both production

of resource lower our a on the bottom unexpected high our have positive Santoy at the production continuous grade very conditions or team away potential at model and view in the across for and zone. the of improving a was beavering of nine We site. the edge whole on QX Seabee improvement The zone projects

an JV and Fisher property, Santoy the Seabee Joker distill including highlighting for course, operations to Mac of sites are Seabee and released and are at We exploration early which year. to North, the the the Of the Drilling the access continues potential working quarter exploring Fisher. South. exploration update we targeting regain we during XX:XX of to greatest at to area next mining Seabee

to a and team design development. Our Joker development will work, Like report exploration more needed existing North in targets. this to generative followed Marigold the resources continue exploration Mac to allow The our later extent early team be resource Seabee to aiming over by the the be of an on the then XXXX. list required provide and to year XXXX, are report team further to subsequent and the on hand long S-K Seabee comprehensive technical XXXX technical resources will prioritized which in updated based

this to and this the which February and team better some this life ton not current for and the expectation couple Good operations, reanalyzing rates day the in also parameters move Puna and performance exploration cost we'll points. to preparing quarter the the at the your down. mine quarter-on-quarter to a basis XXXX, Amisk, Please which XX are expectation, I'm for the a for better been Those We issued Slide being performance targets production than commentary about X,XXX now slides in base. of higher was operating attention form along the the the S-K is XX Saskatchewan with operations the further active AISC will site. helping Slide delivery changeover above and extend has previous exploration the Puna in program. cost a also has assuming our April explanation. redone from plant when rate the to of reduce and been our mine, is to the Planning other to is exploration Puna in throughput an keeping year. release we draw Geochem be The Puna. around of started settling Move control of started the going deposits XXXX. to discuss our on the much Generative and soil haulage just into lower reinterpreting costs. from will Aiming repeat

exploration have in Americas of We portfolio considerable the Europe. targets and Western

and generative to in also remain Turkey the been North We probability opportunities merger, and active opportunistic on of some and and small portfolio focusing the have our value the Since America improving higher shedding and others. we've imbalance. management the programs receptive

at holes, of and exploration Copper New in to Black out value concurrent chains are building pathway of as That region by which installed the mines. lowest Drilling to cost is work to copper including results. April to a close XXXX, organically results Sea the encouraging released clearly a step number Copper. more Turkey growth Rod. see aim business greenfields the around Hill exploration mine this exploration you, the eight you important teams. back the the targets for at this Marigold portfolio to projects another up, Wrapping intercepts year's is we said quarter business Thank results and was operating of getting very operations Seabee. had can the very clean for And you meters Çöpler, grade X.X% release opportunities delivering effort, solid quarter. which to drill XX within and and share We infrastructure mineralization of it lion's high offer fastest and In much. close the development surface,

Rodney Antal

Well, thank you, Stew and thank you, Alison.

XXXX reiterating So we delivered impressive producer. and been has of shareholder appeal as our to to the summarize Since an commitment portfolio SSR year, our record the the leading business a have mid-tier across strength gold returns. reinforcing merger, Mining's productivity

key an organic that the returns through have year. and positive forward. to market to differentiator flow, the a exploration for continue opportunities our free strong will SSR and leading We remainder portfolio be updates optionality cash is growth It of for provide additional expect significant belief exceptional our moving growth the capital

to So the to with any now may questions that, I take will the operator have. pass line you


Thank Mr. Antal. you,

We will Instructions] Tyler begin the question-and-answer. Please now Langton go from JPMorgan. is Your with question first [Operator ahead.

Tyler Langton

can now guess, detail little accelerate just are kind about of for then, offset of mentioned coming And that the little a of that now, you're more improvement with then I from? still and continuous you bit, if guess Maybe it's of the have of and negatively, to start, kind what could you level what pressures geared I and more that's like items to you those get sort are be sort room Canada. bit XXXX, the that a of items seeing talk to you benefiting inflation, kind them inflation you U.S. at, towards some levels expect

Alison White

for are definitely meant we you I some, the Yes, Tyler, Tyler. that. appreciate Certainly and thank Taylor, And seeing said I question.

So apologies.

within other have chain So the we've result are market And anyhow, those, that focus continuous that question, and seen some area offsets Canadian this in those areas our to from increases answer pressures on Most seen. primarily that inflationary come terms through business. so the particularly U.S. of a we've the the your overall. we within the cost of in as in labor to business supply have to improvement coming primarily of activities Canadian

And anticipating, large continue those pressures, additional in XXXX, that the are some what likely and so mentioned inputs some use. on consumables inflationary for offsets really, in diesel and chain or look primarily are And offset in we still for costs, we we but where other as see other can, supply area of that based XXXX. will we we working we will, areas try to through those might like I

Tyler Langton

Perfect. guess for second question I Rod. is And then,

buyback, now? kind as shareholders, can look just largely this you allocation you're completed in your for right of the cash M&A, projects, You've growth terms and share organic preferences sort forward, of just those kind capital kind you about talk thoughts returning of of to how of about thinking

Rodney Antal

is against the been to company the returns buybacks actually them. in do. important what said, many was for what which Look, we've form placeholder share too able to year I promised against Yes. executed capital we this see times execute do I you've an never There's of and think think

continue release seen pay execute to today. against the that you've our also what program year only not buyback think share done but dividend, at base this is rate I we've the

start So I think sort us was that an important for as of business. a

approach Our a in reinvesting color of It's capital the to business. continuation hasn't approach we're of going allocation to way in changed the terms it. holistically

key will per well we'll of of resetting, supplementing continue we to. for the $X.XX whether Stew that and/or our adding assets around that look us, the comes so a actually, presentation base set dividends buyback. at of a be allocation as around, to to have is more Some look were We'll around of a next which capital focus dividend, around that the portfolio key supplementing of a to look growth one base share at methods in per dividend And year, as the as the time at share we'll have terms as the exciting we it's areas our have annum. evaluate a put in of the within as all continue and outlined options we'll where

we that to SSR capital of that's that very forward. in there will want yet yield really put all. part changed why and in it holistic it set But as for can hasn't return So haven't and allocation growth clear framework do our invest it, to feature we it were approach to shareholders. to out we principle the to but as a Continue going be company a seen that


The next go Please from CIBC. Cosmos comes with ahead. question Chiu

Cosmos Chiu

portfolio, your you've on, that and was you said, So a can an my and silver give asset asked could team of you your is that reviewed one portfolio did using get silver Maybe well? congrats I on looking your at terms are And I portfolio. on on of your late of in as couldn't portfolio a CTRL kind Rod, silver silver us a update I I bit on F you sort Pitarilla, side your and growth quite find I us And Pitarilla. QX. good maybe MD&A? don't how you I Alison, is and what know surprised couldn't of Puna now with share as question Stew, first as but and you very much your criteria is core. about talked in

Rodney Antal

expiration way no And, through, from for be day the from was assets extensive belong manage as don't we the South said that have. continue was rank regard we that kind we the it of what that our holdings on. goes very the of secret the the we'll one around that will even We've portfolio, portfolio. first things time to the replace we'll think as and portfolio I is remove fact Royalty that Because made that go obviously across of the in disciplined

we we a that where today. in of particular, review work is in the they do in in they having obviously, for longevity years a it's team and the within a have same significant expect they terms XX it well importantly, hard their of of silver belong? at free XXXX. in outperformance So that within themselves? In assets as clearly contribute to around hard any success look the in been to beyond. number look work a the the SSR? might harvesting and And in obviously exist continue again, through How category at portfolio, that Many that of us factors into to as potential turned contribute cash do upside terms now, they the right mode. flow, It's asset assets, Do Puna cash of the the were do of

So be of into perspective, that we for valuable a from cash criteria assets, it's asset mentioned, as the we like out you we to meaningful the that fit it is new like new us. might the Pitarilla portfolio. look has asset, that And full And potential scale, contributions. step what jurisdictions, that is, and of in of portfolio. we'd at size, not taking the obviously, other at into the to size some probably rest a of it and look Pitarilla, for And scale countries is want type keep the a new Mexico. other When clearly us to jurisdiction

that number part there it’s in So we asset be a of would be future. that ways look will to understand is whether to the at, a the part with we'll willing that review

and we'll at information that continue if look have informed. So keep as process and obviously any And unfolds, that. we'll the more we to market

Cosmos Chiu

set fairly in as great. second how But Of XXXX of here. Marigold will bit, mentioned, also course, some each switching Likely, not potential more a of set, potential. will the you at you incorporate Seabee. about there's a as say lot exploration said, Rod. two upside specifically, busy the the first Marigold Maybe reports, technical I little sets for think that's terms be and of Thanks, gears

have And out of could much your wall. know incorporated Fisher, exploration how have model. pointed potentially there's do like, pointed Gap Buffalo pointed the Valley the hanging this that be out time, you technical Joker. you upside At Seabee, There's into Millennium point in You Trenton out there's Canyon, reports?


you what Okay. achieve. that. would be, I I that early. obviously, we're Chiu. could But Yes, I'll Hi, to answer It’s way Stew. I that outline too of because guess an can't quantify is so it give looking

drilling then -- Valley. we what yet, Buffalo can. there, actually production areas And moment. Valmy the those we'll other levels obviously drilling in operating to some that achieve we're buffalo So the the and stepping across sort where sort still be at and describe we've and that of of can timeline there trying to of as around pits Millennium work where what the what of the the them indicative materials the looking we've and that. we're of permitted Pit able then we Trenton to we out can, out at That and within operating as gotten, pull were got we'll areas subsequent out Canyon but it's We're of be sort into Marigold, to at providing new definition resources. to the early out the looking pull And

much normally on and to sort already pull will PFS some our at won't is what down the And deposits we Seabee, of do timing property. the properties the And where the to PA, top to it close story chunks. to At Wall of properties. some of master to we -- annual existing in be big better for Hanging be bits with all SEC, centroid for we it we're a nine, the that Fisher at development out in, Our hanging then intent do of along wall the it's into we'll given other the towards define of and at are some the strategies the there. of where to map managed certainly in start ambition reserves, resource whole Çöpler get for but a haven't then it, plans of centroid pull an some possible of come get sort like able type it of Gap we then of down the and would pull so in get as probably be drilling Fisher, but where as the the Joker able few plans may and into along the we describe the basis, where reserve did extensions, can to defined the probably level. the that and the then, Unfortunately, to

or as to in We to completed year help? by report get this about just pretty a won't Does for it the at publishing be really get and year. of two that. into the end technical excited we're able next month So first that much of of the work done

Cosmos Chiu

while It's of decline? of terms Seabee to been I've Can they Santoy. the those reachable do other since me Are some targets? sure. a you in current here? been and for infrastructure remind Or like additional exploration from Yes, Joker you need


it's So, the like Joker of Santoy. extension that sort looks on

to hoping it down. we need a be So might are further decline to able We from to there. in put access

pretty still are early. We

haven't exploration resource drilling. -- still the we really it's Yep. done we're still So definition drilling,

look results, So it's to take up going the And grade that, to went and to you Santoy the the really was that only answer that down those able would experience we've little other I just, to meters about us about drilled while when a at those thing be comprehensively. at XXX say in depth.

we going out Joker that see while hope the little holds trend us to find it's in we same up but and whether Mac So to that take not. North, a or

Cosmos Chiu

IFRS time, figure early Maybe U.S. over then GAAP, for And is and at U.S. one GAAP. the U.S. more what key my is GAAP? which versus to Alison versus And accounting last, U.S. that more on this the in flexible you of differences maybe out too saving as but now understanding room point Great. some be switching right based. use, last it's for interpretation trying question might here. to are more you're mentioned, IFRS, I'm best

focused, remember is also more earnings to focused. sheet seem U.S. I that is versus more GAAP, think which IFRS I balance

and I guess the differences it be take so, you some that hopefully key should of level that long can, to looking are what the we doesn't for? too And

Alison White

some now taxes, changes the stripping implications. as across then We through look deferred to areas we in relation biggest IFRS comparison valuation the of you share-based also GAAP, to that different in and compensation are accounting. the the of in of working to right general, understand In are all U.S. some three see might

be so go now what But looks end we out those got yet and we'll lot do At have like. when of everyone. work a between out. on sharing don't And the and to that. we we time of But we've numbers when to day, the that the providing do that at financials same

point. through need a work little this we that at So more time bit to


it. finish to Just

and on wrong industry, actually to happening, into moving like versed same anyway, You and but team you're page and come of and just accounting might take they be the say we've spend them those you up we'll as to sure end what everyone's through folks well clarity done out the have so with work. be well to changes the the on got in standards make time changes -- soon are everyone's Alison they ensure the We'll whatever aware XXXX. as might what

Cosmos Chiu

one of then any adjusted guidance GAAP, just follow being anything and restrictions there's production you non-GAAP what do maybe an how of say, or being issue? you sure. foresee you or terms additional cost I'm measures? on wondering using SEC can guidance, For how terms registrant, not do And that disclose, changes quick if just you U.S. present anticipate up say, just earnings, in like that, in

Alison White

have currently to think working So, we're again, all part that that we're now. a to right through the review. of going do I And revisit just items of those as


with question comes Habib next The Scotiabank. from Ovais

Ovais Habib

in receipt everyone the in on SSR Joker a Hi, operator. of congrats team and Thanks, good quarter EIA.

starting me, with EIA. questions of the just off couple a from Joker Just

flotation circuit. the includes obviously that Now

permits understand to I of the of flotation Are what commissioning you some permits provincial we to And we from in couple mid-QX, up if additional the Now, you start looking XXXX? in you plant. early weeks? look would next you so, would to in these expect plant like, to need or should the start start get

Stewart Beckman

Ovais. Hi, Yes. It’s Stewart.

local have pretty site immediately able our team of apply to They we on is there to then facility. the to go. imminently. typical, And permits operate to municipality your were the you sort the get EIA. last we're week, So for to be This it is getting you your EIA, on and expecting applied ready and

case we we permit, the will get know never quarter. get in in the it's expect a municipality we province. local a as and We this or to soon as -- start sometime because with permit exactly So this it

Ovais Habib

to up Stewart. Thanks, of plant the in you up, long at terms commissioned? looking ramp -- are how of the the And get ramp

Stewart Beckman

It's pretty simple very a Yes, plant. quick. it'll be

had We've plant. it the complete lots time and testing ready simple to water have a flotation to just it's go. all of So ready,

come these in, expect we're always up quickly. we reduce quarter that a pretty first don't for with when the of gives surprise. course, impact. commissioning, But will and And the do you XX% So, like it we to that it put have, confident it's always you we had about thing

allowances So things. those we made for

Ovais Habib

Good on luck Sounds good. that.

So just moving on.

So production, year-to-date, QX just the midpoint to up production approximately have so of ounces, on produced guidance. implying XXX,XXX side, you equivalent XXX,XXX guys ounces essentially the gold achieve

compared QX at color the and mines to expecting just how look Now, in you I us on operate similar you QX you QX, could expect, QX. go and to if some to how we should maybe give quarter mean, are

Stewart Beckman

give terms. normally don't sort individually, it of break down but you I'll just We in generic

mind, as clear we mill So the expect in finish a be to had on from what of of we the you we [indiscernible] whereas know, waiting a to it's out. got period limited Seabee mill the end not coming has run waiting has had going given on good Marigold stockpiles normally the front the that and in mine. We've

And flotation So during at we earlier, business. sort crew this tire throughput in Seabee be Çöpler and we're to positive commissioning bit a as of And and some production. at benefited by a that expect then, period as north of mine has little bit little have circuit XXXX there the said, settled from mine the the around to good will on mitigate said I it's really continue. impact and reconciliation expecting a the work into sort little a would the bit ton planning of production been, of the we Puna that I

Ovais Habib

that Seabee for and on Cosmos's just to Perfect. on tech Marigold. And follow up thanks the on the And reports question Stewart. color

the XXXX. include Marigold plant, well, Seabee looking believe I to you're well? early I and believe include the also guidance to looking guidance it mine plant is three-year to as clear, release technical a plans be this I Joker just reports to in but or Now, is new as want

Stewart Beckman


the and obviously we'll or years to other. the for same the about technical reports align issue slightly numbers again to issuing at So later each the guidance. We'll those be first time

Rodney Antal

So we're two guidance. still or on three-year track for

equation. financial yes, so And


comes Siperco question next Michael with from The RBC Markets. Capital

Michael Siperco

Thanks very guys. much,

cash maybe you you managing you does back you've a lot things of cash forward it down So about allocation, think at visibility guess? but efficiency and should returned about limits, be have more the a thinking bit And balance should about concern generating? you growing from So a be I or very fantastic thinking buyback term, in debt? we the to payout paying longer capital deploying to can expand given sheet are to you I How aside obviously, about more a from going subject going problem how mean, higher cash the here, or capital M&A? a all into perspective?

Rodney Antal

So actually as opportunity. I as have. it And as a it it's at as we we look you look I problem, don't a said, think Michael, at it think fantastic it, an is, problem think, we we about

informative of to outside opportunities the capital in So of clearly number new in territories, think a investments of us within future, newer business the in our it mines, fact, new things the has about current other mine. districts these require will surrounding growth some

the that's in a in future life balance is come clearly starting the to ensure those there's important keep integrity to tackle we for to that portfolio sheet the very And us. So us here. to to opportunities

or stay fairly year-to-year, we will framework may back allocation we a share like in always won't in just will mean, dividends. more in thing other I'd of base We'll we it mix actually the we terms allocation the us. strategy what if yearly big the basis, pull we a dividends do The back had of that say we said, then front buybacks. years, toward more I to capital some on assess go might the change capital either change set, it's consistent of

this want important I say, to cycles folks, it's And will a I I within only And the some us. is always through very is. maintaining balance is think important. very that it business. what strength to sheet might cyclical flexibility to thing Alison something add remind

you've is strength, generation we $XXX say, But might with we we net sometimes look also yes, cash, come. sheet to folks have. so well. Clearly, cases, cash So while cycles. to want a that now, current those time million more some got other above there's balance our flow opportunities best as well, the through survive outside the And in to portfolio at maintain free can

flexible it So and it's provides us and holistic shift to very approach. an ability with a adapt. It's

Michael Siperco

great. bit but the does of up Kirkland and Thanks. philosophically Well, good and the of in fairness to about the how business anyone general sector too continues the or sector Agnico in evolve. maybe yourself market more top at a answer. to in afternoon, and position consolidation the Wednesday investors and Can for irrelevant for transaction, a philosophically, to is me, you else follow differentiate the that's you more in And you completely and terms plan? maybe a That's or maybe just whatever how yourselves one talk

Rodney Antal

Look, in market. put the I the it what's don't we sand can and think in on ignore going

I that'd think wrong. be

groups not meaningful Michael, like there's the a first the strategy, think we're whether probably we've when same. others, I terms around do just that together actually the in in that to around probably the but way, way way very thinking the and over SSR performance, shareholder has way, think the companies other only mentioned, clearly our our think bought proven paved a we long I the now strategy. other we for a one that one to time operational we to value we you've way are of execute ones in no of of dynamic with the group merger and Alacer, with leakage that folks against

need right, assets running many maybe mindset when single smaller does, stranded assets, are There portfolios. too and our companies industry So, consolidation. too the management is still many

quite opportunity So, I sit going clearly industry and be them, forward. keep you of or because are sense, at what's might no that, one there on managing some for indeed, think be is consolidation. strategy there And and from paper Or make could outside businesses. companies happy in doesn't put come look think together think their when fact sometimes to an right. down you I the strategy down of, it company is to there and core with to to it's really But the there folks what on that I to another what's company backdrop, going

us, will keep these So much for harder But as to say. them us, keep than come it's do pursue if strategic we'll we'll interesting anything, reviewing it's opportunities on they on a it. obviously I And some deals of is along. are looking, -- to


Mike next with of The America. from Jalonen comes question Bank

Mike Jalonen

redomiciled a can't question. SEC been as I for I've is a This I analyst years, XX this actually going Does Corporation? be reporter, done I remember, to just transition covered a mean had this have I've -- for seen SSR before. U.S. company covered

Rodney Antal

point it -- Look, There is, status things. U.S., issuer Jalonen. that it's I your of around status to your simply private are where shareholder tests the foreign FPI retaining a U.S., or management run No, the And where couple think plus we have know in you made. us base test. doesn't where decisions there's And in our are that fact got base the clearly, team a we're coming point probably that with a fail for management there's U.S. shareholder being XX%. going where the we've to

So invest an of who full hopefully and service can't our a was actually have, as we us full part companies become in don't us, terms for those of SEC looking us compliance. of some better, to at U.S. market GAAP, that to for probably that, can, U.S. actually issuer in that and for issuer up opportunity investors open the U.S. investors

to we might mean our Canadian basis. SEC focus. be primary just but unusual, it It doesn't lose redomicile, under it our entity So, that means be doesn't as mean reporting going we it we're rules

Mike Jalonen

to same you're gold here template And Maybe producers Canadian interesting. setting very the the do Okay. other just looks thing. for

thanks okay, for So well, that.

Rodney Antal

tackle for fantastic, U.S. GAAP get the U.S. describe and the got full be From actually. really heard of here lot and fact with obviously -- today. that understand, we've while visibility and a market, as Jalonen. you need and with things we agree have a I investor opportunity our us there's is heavy others this to compliance Having us perspective, lift the that can done, to around there's into you

think opportunity for shareholders. So forward I is real a to us and we're actually looking it -- our


question-and-answer session. call This back concludes the Antal. the turn will to Mr. now I

Rodney Antal

for joining today. Thanks us you. Thank everyone. Great. Thanks

and the Another solid you. thank update Until to quarter year. next new look in then, forward the