The following is a summary of the SSR Mining, Inc. (SSRM) Q1 2024 Earnings Call Transcript:
Financial Performance:
SSR Mining reported Q1 2024 production of 102,000 gold equivalent ounces at an all-in sustaining cost of $1,569 per ounce. The attributable net loss was $1.42 per share, while the adjusted net income per share was $0.11. Operating cash flow for the quarter was $25 million, with a negative free cash flow of $9 million. The total cash position at the end of Q1 was $467 million. Future remediation work at the Copler site is expected to cost between $250 $300 million, in addition to the $25 million already spent since the incident.
Business Progress:
SSR has prioritized recovery efforts at the Copler site in response to the incident and has advanced these efforts with the help of independent consultants. To resume operations, the company will need reinstatement of previously suspended environmental permits. SSR expects the sulfide plant to initially process over 700,000 ounces of gold from sulfide stockpiles. Other operations were in line with company expectations, adhering to the production and cost guidance. The company maintains a strong liquidity position to manage Copler's remediation costs and future business reinvestments.
More details: SSR Mining IR
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