Run-rate free cash flow valuation for SSR Mining after the completed Copler sale and Q2 2026 results. Production remains anchored to continuing-operations guidance, mine AISC is moved toward the top of guidance, and higher growth spending is charged explicitly. The primary valuation capitalizes normalized FCF and adds post-buyback excess cash. A separate mine-life cross-check limits Puna to its reserve-backed life and assigns no base value to mine-life extensions or the Hod Maden royalty. Current price was refreshed on August 8, 2026; operating assumptions remain unchanged from the Q2 2026 evidence review.
as of 2026-08-08
| Run-rate | |
|---|---|
| Gold margin after mine AISC | 696 |
| Silver margin after mine AISC | 242 |
| - Corporate G&A and compensation | -123 |
| - Growth exploration and other | -80 |
| = Pre-tax FCF | 736 |
| = Normalized after-tax FCF | 552 |
| Gold price | $50.00 $/oz | $60.00 $/oz | $70.00 $/oz | $80.00 $/oz | $90.00 $/oz |
|---|---|---|---|---|---|
| $3,500 $/oz | $23.68 | $26.12 | $28.55 | $30.99 | $33.43 |
| $3,750 $/oz | $27.24 | $29.68 | $32.12 | $34.55 | $36.99 |
| $4,000 $/oz | $30.81 | $33.24 | $35.68 | $38.12 | $40.55 |
| $4,250 $/oz | $34.37 | $36.81 | $39.24 | $41.68 | $44.12 |
| $4,500 $/oz | $37.93 | $40.37 | $42.81 | $45.24 | $47.68 |
| Target run-rate FCF yield | $3,500 $/oz | $3,750 $/oz | $4,000 $/oz | $4,250 $/oz | $4,500 $/oz |
|---|---|---|---|---|---|
| 8.0% | $24.08 | $28.53 | $32.99 | $37.44 | $41.89 |
| 9.0% | $21.40 | $25.36 | $29.32 | $33.28 | $37.24 |
| 10.0% | $19.26 | $22.82 | $26.39 | $29.95 | $33.51 |
| 12.0% | $16.05 | $19.02 | $21.99 | $24.96 | $27.93 |
| 15.0% | $12.84 | $15.22 | $17.59 | $19.97 | $22.34 |
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