SSR Mining Americas FCF yield valuation

SSR Mining Inc. (SSRM)
By@grokius
Assumptions as of 2026-09-10
USD
Updated Sep 10, 2026 · Revised 3 times
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SSR Mining Americas FCF yield valuation

Run-rate FCF yield valuation for SSR Mining after the Çöpler sale and Hod Maden royalty conversion. Americas gold/silver margins are capitalized at a target FCF yield; excess cash (after required liquidity and residual Çöpler items) is added. Methodology fits a precious-metals miner (commodity-linked FCF capitalization), not a tech-style P/E. Refreshed Sep 10, 2026 with gold near $4,400 and SSRM ~$37.60.

as of 2026-09-10

Fair value
$40.02
Upside vs current price
12.7%
Normalized FCF
620
Implied equity value
8,161
Operating enterprise value
6,888
Excess cash
1,274
Gold margin/oz
2,100
Target EV/FCF
11.1

Balance sheet

1,783$M
0.00$M
203.9M
109.20$M
300.00$M
100.00$M

Commodity

4,400$/oz
55.00$/oz

Costs

122.50$M
2,300$/oz
90.00$M
21.00$/oz
25.0%

Market

$35.51$/sh
Latest SSRM quote · updated Oct 9, 2026 2:00 PM MDT

Operations

387.50koz
6.63Moz

Valuation

9.0%

Normalized run-rate FCF bridge ($M)

Run-rate
Gold margin after mine AISC814
Silver margin after mine AISC225
- Corporate G&A and SBC-123
- Growth exploration and other-90
= Pre-tax FCF827
= Normalized after-tax FCF620

Sources

  1. SSRM last was about $37.60 on 2026-09-09 with market cap near $7.8B. — nasdaq.com
  2. Q2 2026 continuing ops produced 101,959 GEO at AISC $2,622/oz; H1 211,873 GEO at AISC $2,521; FY2026 guidance 450-535 koz GEO maintained with AISC trending to top of range and H2/Q4-weighted production. — sec.gov
  3. June 30, 2026 cash $1,783.0M with no long-term debt after ~$1.49B Çöpler proceeds; July 31 shares 203.909M; post-quarter buybacks $109.2M through July 31. — sec.gov
  4. Çöpler 80% stake sold June 24, 2026 to Cengiz Holding for about $1.49B cash; Hod Maden 20% sold July 17, 2026 for uncapped 4% NSR — SSR is Americas-only. — sec.gov
  5. Spot gold about $4,414/oz on 2026-09-10 (Reuters); base uses $4,400 as near-spot through-cycle reference, not the late-August peak near $4,700. — reuters.com
  6. Independent coverage still frames SSRM as cheap post-Çöpler cash-in; RBC Outperform with $40 PT cited around capital-return restart. — seekingalpha.com

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