SSR Mining FCF yield valuation

Sources

1. SSRM last was $38.9982 on 2026-08-25 with market cap about $8.09B; 10-Q share count is 203,909,312 common shares outstanding on July 31, 2026. — nasdaq.com
2. Continuing-ops H1 2026 free cash flow was $299.1M (Q2 $50.3M) after $420.5M operating cash flow and $121.4M PP&E; Q2 FCF was tax-timing distorted (~$120M cash taxes). TTM XBRL FCF of $408M still mixes discontinued Çöpler cash flows, so the model uses normalized Americas AISC-margin FCF rather than reported TTM FCF. — sec.gov
3. June 30, 2026 cash was $1,783.0M with no long-term debt (2019 convertibles repaid; current portion of debt $0 vs $229.6M at year-end 2025). Q2 10-Q cash flow shows $1,495.0M proceeds from the Çöpler divestiture. — sec.gov
4. Çöpler did not resume as an SSR asset: on June 24, 2026 SSR sold its 80% Çöpler stake to Cengiz Holding for about $1.49B cash. Hod Maden (20%) was sold July 17, 2026 for a 4% NSR. SSR is now an Americas-only gold/silver producer. — sec.gov
5. 2026 continuing-ops guidance is 450–535 koz GEO (midpoint 492.5) at AISC $2,180–$2,260/oz ex-Çöpler; Q2 call said AISC is trending to the top of the range and sustaining capex is ~$25–35M above the original $202M. H1 produced 211.9 koz GEO at AISC $2,521/oz; Q2 realized gold was $4,301/oz. — sec.gov
6. FY2025 reported FCF was $241.6M and FY2024 was -$103.4M, both burdened by Çöpler care-and-maintenance after the 2024 incident, so those years are not a steady-state base. — sec.gov
7. Spot gold on 2026-08-25 was about $4,640–$4,670/oz. Base uses $4,400 (between Q2 realized $4,301 and spot) and AISC $2,300 (above guidance, below H1 $2,521) so the $737M normalized FCF is a through-cycle-near-term figure, not a spot-gold peak. — cnbc.com