SSR Mining (SSRM)

Alex Hunchak Director of Corporate Development & Investor Relations
Rodney Antal President & Chief Executive Officer
Alison White Executive Vice President & Chief Financial Officer
Stewart Beckman Executive Vice President & Chief Operating Officer
Tyler Langton J.P. Morgan
Cosmos Chiu CIBC
Ovais Habib Scotiabank
Mike Parkin National Bank Financial
Michael Siperco RBC Capital Markets
Call transcript
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Hello, everyone and welcome to SSR Mining's Fourth Quarter 2021 Conference Call. This call is being recorded. At this time, for opening remarks and introductions, I would like to turn the conference call over to Alex Hunchak from SSR Mining.

Alex Hunchak

Thank you, operator and hello everyone. Thank you for joining SSR Mining's fourth quarter 2021 conference call.

provide our on financial will a business we of review performance. which an our update and During Beginning with in the results, our fourth quarter and financial have annual statements been presented accordance U.S. consolidated with XXXX financial GAAP. along years have ASX two and statements, for SEDAR available also on prior, with financial been restated These statements comparative on the are EDGAR, filed the the our website. to this news there is you the information and release an will our in to webcast call, access online our webcast accompany call. To relating the find that note during call Please figures all the are discussed in U.S. dollars indicated. unless otherwise discussion forward-looking Today's include statements. will

So please read the disclosures in the relevant documents.

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

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

Rodney Antal

We're lot record take is lower you going as significant there and share positive excited include; of time, firstly, to our full-year thanks Alex Thanks to today. everyone our a hello that The highlights with and free to generation. production, we information today. cash are flow and us for costs joining

our ounce our positive some the a for incredibly a now And increase which highest baseline lay returning technical finally, the of XXX,XXX delivered which an reserves growth opportunities business. sector. our upcoming our our to the for our organic plans a is portfolio represent have reports growth execution Second, success. of our XX% Three, out year publishing new opportunities phenomenal near-term within which projects substantial in

performance our or ounces previously peer-leading costs of cost generation which results performance globally of XXX,XXX our proactive of sustaining top-end million the XXXX showcase post-merger, with $XXX was off in We lowered a quality our resulted us $XXX yield. and our trends. operational supply starting of range, XXXX our to testament guidance, performance. beat base. guidance flow free These the at delivered bucking our diversified management the chain our that first first XX% resilience sustaining while in exceptional our to ounce, and an were a all-in inflationary all-in So, production cash allowed asset and nearly year

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deliver sustainability to against communities environment and and We outlined our to our to are continue we the committed the XXXX priorities in report.

XXXX priorities, and coming an We and refresh months. we into sustainability are in will review release for finalizing updated move those report as the

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the over performance to that, turn more call the financial X. going number who with going I'm Alison, slide to So to on discuss is

Alison White

I undertaking business as the over another financial on to and also SEC to preface time the the time last company slide our this for involves comment month. numbers today, members exciting are of SSR business, effort Thanks, a where quarter first thank to this X. shown filed to slide team us Rod U.S. minute fact, like GAAP under across the an was function is which I'd and a that almost for want for incredible an first the incredibly hello, the filer. here. every with is was get shown the reported what to in as large accounting accelerated results basis major This everyone. we on take the for It's positive the the

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Stewart Beckman

much, you Alison. very Thank

our foundation detail, I but this on from us for step on a reports the let in-mine each we exploration does spend, the to is from. a we the share great any to a make includes with slide growth sure comment what considerable you, upside profile into not slides to XX. production production to be define positivity technical near-mine believe me extensive profile. and commitment just as just stronger my portfolio. through dive made It CX the that our leverage Before This much our can show longer, the increase I'll future of Remember year, Slide from and for properties. and composite we work include organic next we've production that

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Rodney Antal

a capital near results delivered be the returns and in generation, year have robust a on another build of expanded baseline and growth of free brighter that to Stu opportunity Allison. continue our cash our We'll we've returns generation. base with expect year strength now decade. next with help we organic thanks, business, the XXXX flow To delineate identify the operating of reports, today. that robust was course, results, will our our summarize, robust Definitely sustain get free to term. a In lot portfolio opportunities, respect today. a our further technical and of cash outstanding outperformance to of through outlined production XXXX Well, production future our SSR for we exploration budget including and even an profile, flow and, growth. medium from capital continued for XXX,XXX today's clear ounces into With profile to a to

take pass with questions call have. any going may to So you I'm Eileen to the to that, back


you, Antal. Mr. Thank

We Tyler J.P. will question first with ahead. session. Langton go Instructions] from Our [Operator Morgan. now begin the question-and-answer Please is

Tyler Langton

evening, certain question. you I of And think sort of or kind need production XXXX. with hit permits wondering, just CX, next items my you -- think starting you're Ardich, talking -- the that info for to kind about then kind PFS Copler for of production of timing with the for just in guess, you're a I start, was said I on Stu, Yes, that? maybe to taking if Could sort and of to just that Thanks little you I guess date? -- expecting I'm a Rod. good other provide step more

Stewart Beckman

is I'll that. Stewart. this answer Okay,

EIA the it you've and half is of these called on Ardich see why Cakmaktepe which of And permitting a if the you'll been documentation lot extension. you the covered calls, been for we've Cakmaktepe may some by was So in remember, time. about Ardich of some

we there's work, of the -- did the now. progressing report. factor in that what CX treat permitted extension that obviously, of at for study line to a through out we start and do see So come on estimates the technical we're that. have Cakmak [ph] year that us permits months. magnitude allow is in you of we'll recent as of then the we came cost feasibility that see of work subsequent pits of scope this both the the come this At that fourth And for stage We're Float Senko a do earnings and scoping way ongoing. Cakmaktepe, stage of construction were having in ongoing year, that's application stage, to last about. of the the riding work local come on permitting, process plant our for for those with in then the the the of with capital couple first that order always, series work start the back from had the to and to quarter see those the We have of for of to we're doing And CEC the expecting the out plant. now we number based the And next in we then the and of numbers study use

approved And beginning the start directly got for have we're detailed at work solid scheduling after expect So pretty engineering we earnest, stage much we numbers that. to think now work the more and April at of in a we've there. which and that

Tyler Langton

then I the know recently And I Thanks. increase dividend dividend. helpful. that's capital I Great, returns, the in the Rod. guess sort on just mean of

last anything of asset potentially you're sales. thoughts you mostly else on divested a there had what wanted obviously, at, noncore fair any to? that buybacks? And year, looking number Just of you Is then, or have kind you

Rodney Antal

first part, the answer Tyler, I'll I'll answer let Alison the question. second

So about, like also that the the across Luis there's taking and -- San could still portfolio we're targets sure within, others. discipline ongoing we obvious portfolio. looking you But review the to that exploration ask and from it's make same obviously process, just that are

rich. we're So land

lot our not land replace sort continue a of and as asset of where to have efforts those around bases hypothesis We we'll might those exploration we in over and and turn [indiscernible] of well. our that, churn the through terms

as it's for done But did XXXX of on. scale So now. think course normal larger opportunities much a rolls I a do heavy the that of continue, business have churn 'XX, we us in will lift so sort been pretty

Alison White

part of Tyler, answer that buyback plan. the And first share the on I'll

So that able you accretive intention announced million a be long it, do XXXX, X.X our we recall to plan. we XX us to repurchase and for about earlier have it still execute may outstanding million as is be in to And to shares would against plan shares so. as on

will we a that accordingly. and act take what So look constitutes at valuation

Tyler Langton

Great. Thanks much. so

Alison White

Thank you.


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

Cosmos Chiu

the question my is team. on Rod and Copler growth Thanks, Maybe first here. and potential

in and copper sulfide rich the report have How you oxide ore much material your you will to additional talked up As the technical open allow today? of you that included pit. potentially about,

Stewart Beckman

cut-off to made larger Cosmos, for the the mined all grade feed material of that's plant. to pit, in So plants, included we've that's the feeding the above is when the the

comes make to gold. that about from we the the most So in us ounces. And the copper be the drove pit, the of concentrator able to value from the runs make of CX, fact, X bigger from the although concentrates value

So far a [ph] it's gold concentrate predominantly as goes. as read our

Cosmos Chiu

And Great. then...

Rodney Antal

you -- think ahead, I Cosmos. can go

Cosmos Chiu

just up million on I here, CX. Okay. Yes. CapEx to follow And the at $XXX want

that just and you record a we factored potential budget for You I you bit has CapEx on your granularity of have you to lira, wondering factored you volatility on that CapEx come a very been numbers? but in on how inflation have into Stu, more get want delivering touched good much kind as also terms on how track of have Turkish of these terms estimates. it, how with have in There it up I'm in? in accounted risk, time. just But the

Stewart Beckman


So remember, this an case. assessment is initial

XX% of estimate a so is -- sort the or minus estimate. plus the So

However, costs the I say would are. handle on We got a we've what the finished building good plant. flotation just pretty

with have, with So factoring costs, numbers. we cost concrete Turkey, good can it's supported efficient and we things. us build engineering said, that work did which those as We a particularly the to in source locally I very place [ph] steel then Senko factored

lot solid it's do. do really at a stage. an for as But a of this So as a far work estimate to estimate, have goes, estimate good a project we

at of happen either of plant the lot able we those plant grinding to or with how will I leveraging think a get opportunity -- to some the to we value of and this bringing or a ores, actually subsequent them in oxide lot might of quite not forward. We've looking quite that's exercise augmenting with end just the But large treating of we a a work. scheduling increase going high-grade sulfide ores and and up recoveries quite what significant and Ardich by which sulfide value the through the out the advantage plant, that. of piece and be been leverage there's out for would whether ultimately be Ardich

there's yet, think come I So it Cosmos. a more from to lot

Cosmos Chiu

like Things that of up, ownership into of areas? as question sort richer copper, you leverage it's that the No, next increased on kind because leveraging these was Hill. to terms you as other the consideration down Copper that some -- terms great you've road the is well? Could that in in And connects that you your that, later taken of copper of brought of mentioned, infrastructure, it well my at concentrate.

Stewart Beckman

And business, that's Hill at it's be of And preclude synergies operations is just will Copper see But the to material close going of any very the we between and it's chalcopyrite the what the the to us There around. really ore, to Hill, actually Copper a sort very of with No. chalcopyrite. distance smelter. course. is close tough moving the clean from coast

So we'll infrastructure Copler bit blessed also sort is move amazing of a well. little with there. as

power the the mine when have stations other railway the sits to So you were of there, hydroelectric highway. on which right next we the side directly you might underneath a remember

A So bit have infrastructure could little been the as be as more better building flatground a copper would handy. a far in place. for concentrate

Cosmos Chiu

moving Marigold. Maybe sure. For on to

based technical New really you a was few. on reserves. and in you as few Valley, a included case, As What later Could a name the, in Canyon expect to the just us, targets we what's on on be can just included base has there's here, case? out Valmy, I this Millennium, remind showed report believe, map, what quite mentioned, report base Trenton coming today's another of in being this just Buffalo may terms technical And been year? you

Stewart Beckman

a going that's that as pretty the around just at existing all so to reserves they the we're the deposits. areas forward, looking leverage The were, Marigold, are So remained extension pits. areas And much existing the Valmy to Valmy remember, larger in we also with at to shell, done extension and an have for an much was that the pit regards to the -- application application.

new that will pretty in much much takes pretty it pit. into that So the New make of and Millennium it all

then area, fill referred and out that that be in I that So on production profile we before get to, that gap, Seabee, the we're the drilling or focusing not to value and Seabee the that in to -- into busy we'll so, include Dot. reserve so Red show that able to year next

Cosmos Chiu

there's that Maybe Maybe MD&A could potentially just it sulfides? that Canyon. or the size, bigger and you alluding for a to Is on getting the Could follow-up here. Buffalo elaborate bit? you one last little in question, infrastructure just for Valley Trenton elaborate for you a separate that? I a potential a are read to

Stewart Beckman

would and and a for build that are the to where maybe the Marigold opportunities southern take really drive there the of deposits. carbon current pits take also reduce and from at the has come to existing rescheduling use haul leach of pits end be property, and the then up we the efficiency circuit. to able at for be, existing it southern Valley would also Buffalo and the significant some desorption that One then And the Marigold that some up from the heap to

arms out what able worth. work of running might haven't just some wrap by think we the we but around value to doing might at we're So Marigold real enough we done yet, that through us it be moment But that really squeeze our that.

Cosmos Chiu

Great. Rod all opportunities. team looking Thanks growth to different again forward once Stu and these and and and

Stewart Beckman

Thanks, Cosmos.


go next with is question Please Habib The ahead. from Scotiabank. Ovais

Ovais Habib

of strong and SSR a congrats the team with released and tech Most been Hi, Thanks, have on and Rod for plans, really thanks quarter all my all the reports answered maybe mine today. updating questions operator. you that but today, a bit you not took by Cosmos. drilling include case base In and of pointed a released regards are last to question do follow-up question that tech that from place in reports asked out all XXXX. scenarios these

operating endpoint on term? upside your asset team's you potential the the which expectations based the near exploration Now and do most see in

Stewart Beckman

a inclusion. question. That's difficult There was some

of So a there. of I XXX for about, And June for drilling. us, had for at example, the end holes the cut-off sort we beginning think, subsequent the May, of date was

existing to continue sure going We're Ardich think I will that see So Marigold. pits grow. the around growth at to we're

high fill than lower that put have Santoy to X about as the that then numbers extensions where mill, the X, really been can is. the look extending that at so excited rate we grams what's with I X quite And the currently grade leverage mine at sure that, in Seabee. we're we'll able of the do from time. Seabee. on over much to lower at do be Seabee, you And think grade, off, headboard X and given production We're those or laterally we free slightly capacity we've in Seabee's a we'll when step able sort So

We as to use increase, future we'd lot another like a it go do long Ultimately, an good. to But to Seabee. got capacity spare we've to where we've bit all-weather road that's the to mine. well. go to and like decline perfectly see got a of are exploration But at Seabee, top in there's that and the work indications way up, conceivable material a maybe a of and with in get at there, will

Rodney Antal


they're the it, other, but take they're exciting as you portfolio, look can the you when we [indiscernible] as each think work across I different it's through. across at as all just

success, from focus to as if do can so. and and here terms if see the obviously very what we it. terrific XXXX I do Copler Stu's have the areas -- way of time think we during we and been and and right the going in the the can did, thoughtful the prioritizing what we done, this continue approached outlined and rest have in portfolio of just That's being we've has on that have you expect into methodical come year to what team

Stewart Beckman

about you at point, Hill get too. excited some Copper think I start should to

assets easy deposit, easy, it drilling If access. so and around, you looks nice look easy open at high-grade we treat it's like at relatively copper daylights; a will have it's there relatively the that to be

rely hoping So access on can quickly drill. site as to that we will we're well. getting pretty develop that But

Ovais Habib

on extensions And Perfect. thoughts that. mean, Thanks follow-up this apparent on to just anything your in that. the on I that's thoughts offsite, looking about market? all your current Any that for M&A? obviously, we've a existing assets or talked Any out portfolio. projects you're at, in

Rodney Antal

it's always as same be think we've issue, we'll the I Look given Ovais, as thoughtful. --

talking asset at the would strategy We portfolio, opportunities. ensure base we opportunities stop great in for that at look our to a they us us sort stay the will complement but not less aren't We on have looking of them. that won't to the progress great obviously fundamentals we're not we've talk about that them lot. about also built the and And of we business and we'll interesting and

look at there's So it. to talk really stage. will else into this But nothing about we

Ovais Habib

Rod, for Thanks all thanks perfect. me. Stu this for and Okay, that's

Rodney Antal

you. Thank right. All


Mike The National Bank next with Please ahead. from Financial. go question is Parkin

Mike Parkin

in in has you're exploration kind some Really, pretty that us information work Buffalo kind you of can good been of starting of asked do continue target everything come Valley, of you've success? of -- give walk kind us of show of in you're resources we Canyon Trenton the and Hey, like terms updates -- and of where kind through guys. together terms given you updates terms if just can to But at seeing think us drill there, of kind what thinking. how exploration beyond but to programs kind doing

Stewart Beckman

become into haven't and this sort will using Buffalo places different lot anything. making we Valley a -- is do in we of geochemical some We were that work, year next that did through clear that think of more right -- techniques. I sure -- missed were probably we looking year. a the probably

been was that's see relatively consistent placements of bit narrower that there. things low the well the vein that we material more of way compared interesting would we're to drilling to and have be sort it past at seeing compared resource in other We grade a we We're some parts. the high-grade that And now. Canyon larger there sort seeing mine narrow the in the extend way was sort also Trenton with mined of as known of which to

there... out we to of do, pathway work have clear we So development do before sort come a bit more with a

Mike Parkin

Okay. And legacy access the to do you historical pits drill based core, that have the were on?

Stewart Beckman


handed over. that of So all data was

As is of lot a quite happen, are things these the when case those old.

delta. do all the have we But that's perfect. I So say wouldn't

Mike Parkin

it understanding, kind on a scale, my of done benches, From smaller cut-off so elevated. probably was grade smaller is

age a data to see you potential of kind very your of probably, the some Marigold guess bigger make with thoughts that what is scale? for today I at do but be some you it, that given of but lots doing maybe you, that mine terms of grade -- that fruit in confirm actually holes you some on low So and could just low-hanging good maybe cash of look that of

Stewart Beckman

was we'd because in we of outflow was thinking about We if the probably it that, think at was below in reported think as some the do get that grade you're sets, some about certainly, of reported it drilling, report. part anomalies see more time Canyon I Trenton the cut-off, the just the grades this value. ago, when data Well, was as the Yes. with some world done, no when where weren't done it

some analysis going got of projects. -- that's together we've in those the samples. So part, for And drill that that, the redoing of plans we're those back drives and putting

Mike Parkin

of Canada. mostly in We're Turkey Okay. seeing in any -- last Are you or question. tightness some Nevada? seeing crew drill constraint in of kind in that And availability just

Stewart Beckman

We're has in on We've are in drills managed laboratories all but got he what Nevada secure Certainly, this want doing the Jim, it the easy struggling. health. wasn't the year we okay. for manager needs to of Turkey.

that some there. So we tightness have seen there is

Mike Parkin

me, it looking very That's to and much years. for guys. forward next Thanks our

Rodney Antal

sir. Yes,


Michael from final Capital Please go ahead. Siperco question Markets. with is RBC Our

Michael Siperco

just guidance. years. late had looking Thanks lower very Understandably, lower things that production headline you've from $XXX,XXX are thanks much but discussed. in staying for levers it year you next sequencing for great is fussed that and or the Maybe XXX,XXX-ounce you the possible established, me concerned a the year and at at 'XX? on over XXXX here. And can any 'XX How a couple pull base are X-year about you or Is of mark the outlook Obviously, about at there maybe are all? number? you in an almost you've

Stewart Beckman

had you reports, at it's think take really Copler, all if production that We last operations. Michael, a we of while we the And bring look the it for step telegraphed tech sequencing the mine Cakmaktepe consequence profiles Life have. the aggregation Mine particularly, online. the Look, at and down, I of it a does just in of

not worried no, about as it. we're it's expected So and

can plus future has very goes a stable give that form. really XXX,XXX, been decade to focused that really creating ounces next okay job profile. least to priority our on and a plate XXX,XXX set where that ourselves longer-dated it published. well Our XX-year been sustain then to at and we're we with the and out, tech If XXX,XXX trying Today, and production around been has and reports XXX,XXX ounce with a XXX,XXX down have as targeting

very we achieve that. call confident You heard during the feel say times that, going we're that us probably now to X

been us. priority So that's a really for

Michael Siperco

hitting than And there on you'll XX-week buyback? maybe Okay, guidance Can a capital it in now. which rather close you're be high apologies about then stock, any the I you're but if do a buying update special and active how your allocation, thinking great. missed to you a at dividend very call point or is on where earlier back it you'd quickly

Alison White


for thanks to still share other we million to to left with have some repurchase. a question. continue the started shares that also we months intention left had program So few program We We X.X still repurchase and There's shares the on buyback current dividend that or special in into look buyback about we Or on left. do addition valuation like in have program as will would shares have XXXX. on that at the another have And the a as make share reassess, we well consideration something market the to sense for does options even to then that, else. prices, company program? take and it

just all So information a we'll today out that at definitely that on and kind to be of taking that, have. some through everything need come that's time look the and we work based all

Michael Siperco

Okay, Thanks much. great. very good evening. a Have

Rodney Antal

All Thanks, right. Michael.


session. the Mr. call back to the This I'd to Antal. turn like question-and-answer over concludes

Rodney Antal

Well, thanks Obviously get everyone. today. a lot to to

we as a through huge trolled Obviously, building exciting bit. patience, really your a amount interesting appreciate So a -- on news, fantastic 'XX.

Thanks, date talk So during look to up unfolds. 'XX the year as forward to keeping more, you everyone. and


call. conference today's concludes This

Thank your a pleasant disconnect lines. day. you and have may for participating You