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Unlock the mining growth playbook: Business Model Canvas mapping value, revenue, and partnerships
Unlock SSR Mining’s strategic playbook with our Business Model Canvas: three to five concise sentences that map value creation, revenue levers, and key partnerships. This snapshot uncovers growth drivers and risks, ideal for investors and strategists. Purchase the full editable Canvas in Word/Excel for detailed, actionable insights and benchmarking.
Partnerships
Smelters and refiners
Core smelters and refiners purchase doré and concentrates, providing immediate liquidity and offtake certainty for SSR Mining. They refine metal to London Good Delivery standards, producing ~400 troy ounce bars and managing impurity profiles. Multi-year offtake and processing agreements stabilize pricing terms and treatment charges. Diversifying refiners across the Americas reduces counterparty and logistical risk.
Equipment and technology providers
OEMs and tech partners supply mobile fleets, processing mills, automation and maintenance services under SLAs that target >98% uptime, cutting unplanned downtime and unit costs. Advanced ore-sorting and recovery tech have delivered 3–7% recovery lifts and up to 25% tailings volume reduction in industry 2024 trials, improving headgrade and safety. Co-development trials with vendors accelerate productivity gains and CAPEX-efficient yield improvements.
EPCM, contractors, and logistics firms
EPCM partners and mining contractors drive SSR Mining project development and expansions, delivering specialized work and reducing schedule risk; in 2024 these arrangements remained central to capital execution. Logistics firms manage cross-border transport of reagents, doré, and concentrates, enabling coordinated supply chains that cut bottlenecks and working capital. Flexible contracting aligns costs to production cycles, supporting operational scalability.
Governments, communities, and NGOs
Permitting authorities and local communities are essential for SSR Mining's social license and regulatory compliance at operations such as Seabee (Canada), Marigold (US) and Çöpler (Turkey). Collaboration on environmental stewardship and regional development builds trust and supports long-life operations. NGOs and indigenous groups inform mitigation and monitoring programs, lowering regulatory risk and enabling predictable permitting timelines.
- Assets: Seabee, Marigold, Çöpler
- Focus: environmental stewardship & community agreements
- Outcome: reduced regulatory risk, stable operations
Financial institutions and market intermediaries
Banks and bullion dealers provide hedging, metal sales intermediation and liquidity lines—SSR Mining typically maintains US$400m+ in credit capacity to smooth cash flow and hedge exposure; in 2024 allied structured products helped manage gold (~US$2,100/oz 2024 average) and silver volatility.
Royalty and streaming partners co-fund capital projects, sharing development risk, while equity and debt investors finance growth and sustainability initiatives, supporting multi-year project pipelines and balance-sheet flexibility.
- Liquidity lines: US$400m+
- 2024 gold avg: ~US$2,100/oz
- Royalty/stream funding: co-investment risk-share
- Structured products: volatility management across Au/Ag
De-risked gold: US$400m+, >98%, 3–7%
Core smelters, refiners and offtake partners provide immediate liquidity and London Good Delivery refinement; multi‑year contracts stabilize terms. OEMs, tech vendors and contractors drive >98% uptime, 3–7% recovery lifts and CAPEX‑efficient gains. Banks, royalty/stream partners and investors supply US$400m+ liquidity, hedging and co‑funding to de‑risk growth.
| Metric | 2024 |
|---|---|
| Credit capacity | US$400m+ |
| Gold avg | ~US$2,100/oz |
| Uptime | >98% |
| Recovery lift | 3–7% |
| Tailings vol. red. | up to 25% |
What is included in the product
Detailed Word Document
A concise, investor-ready Business Model Canvas for SSR Mining outlining customer segments, channels, value propositions, revenue streams, key resources, activities, partners, cost structure and governance in nine blocks; reflects operational realities, competitive advantages, and strategic risks to support presentations, funding discussions and strategic decision-making.
Customizable Excel Spreadsheet
High-level SSR Mining Business Model Canvas that condenses complex mining operations, cost drivers, and ESG risks into a one-page, editable snapshot to streamline strategic decisions and stakeholder alignment.
Activities
Exploration and resource development
Drilling, geophysics and 3D modeling expand inferred and indicated resources and convert ounces into mineable reserves through systematic infill and step-out programs.
District-scale targeting across the US, Canada, Mexico and Argentina builds pipeline depth, feeding development and brownfields growth at existing operations.
Continuous geological work lengthens mine life and uplifts NAV by de-risking resources and improving reserve confidence.
Integrated datasets allow tighter cut-off optimization and more realistic recovery assumptions, improving project valuation and capital allocation.
Mine operations and processing
SSR Mining operates open-pit and underground mines with crushing, grinding and leaching/concentration circuits that produce doré and concentrates; 2024 consolidated production guidance was roughly 390–430 thousand ounces gold-equivalent. Throughput optimization and metallurgical control routinely lift recoveries by several percentage points, directly boosting payable metal and revenue. Reliability-centered maintenance raises plant availability, while rigorous safety systems and training underpin operational excellence.
Project development and expansions
Feasibility studies, permitting, construction and commissioning drive SSR Minings 2024 growth pipeline by converting targets into mineable reserves and enabling staged ramp-ups. Brownfield debottlenecking and targeted incremental capital projects reduce all-in sustaining costs while preserving cashflow. Stage-gating governs capital allocation and de-risks projects through go/no-go gates. Close vendor alignment enforces schedule discipline and budget control.
ESG, compliance, and stakeholder engagement
Environmental monitoring, water stewardship, and tailings governance are core to SSR Mining, guided by the Global Industry Standard for Tailings Management (published 2020); programs target reduced water intensity and robust tailings controls to limit operational disruption and liability.
Community investment and transparent ESG reporting sustain social license, regulatory compliance across multiple jurisdictions lowers disruption risk, and biodiversity plus reclamation plans aim to protect long-term asset value; 2024 alignment efforts continue.
- tailings: Global Industry Standard for Tailings Management (2020)
- water: targets to reduce freshwater intensity
- social: ongoing community investments and transparent reporting
- biodiversity: reclamation plans to secure long-term value
Marketing, sales, and risk management
Marketing, sales, and risk management at SSR Mining prioritize metal sales to refiners and traders to secure near-term cash flow, while selective hedging in 2024 helped stabilize margins amid price volatility. Contract management focuses on optimizing treatment and refining charges and avoiding penalties through tailored terms. Ongoing market intelligence guides production scheduling and capital allocation decisions.
- Metal sales to refiners/traders secure cash flow (2024 focus)
- Selective hedging stabilizes margins during price swings
- Contract management reduces treatment/refining charges and penalties
- Market intelligence informs production and investment choices
District-scale exploration to production; 390–430 koz Au‑eq
Systematic exploration (drilling, geophysics, 3D modeling) converts resources to reserves and supports district-scale pipelines across US, Canada, Mexico, Argentina.
Mine operations (open‑pit/underground), processing and metallurgy optimize recoveries and availability to maximize payable metal; 2024 production guidance ~390–430 koz Au‑eq.
Feasibility, permitting, construction and staged brownfield projects drive growth; stage‑gating controls capital spend and schedule.
Tailings, water stewardship and community programs follow the Global Industry Standard for Tailings Management (2020).
| Metric | 2024 |
|---|---|
| Production guidance (Au‑eq) | 390–430 koz |
| Tailings standard | GISTM (2020) |
Full Document Unlocks After Purchase
Business Model Canvas
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Resources
Proven and probable reserves
Proven and probable reserves provide the backbone for SSR Mining’s production visibility and enterprise valuation, reducing cash‑flow uncertainty and aiding capital allocation. Resource optionality across the Americas—including assets in the United States, Mexico and Canada—diversifies jurisdictional and operational risk. Ongoing conversion of inferred resources into reserves supports multi‑year mine life extensions, while detailed grade control data tightens reconciliation and improves short‑term planning accuracy.
Operating mines and processing plants
Operating mines and processing plants provide SSR Mining with established sites, mills and tailings facilities that enable scale and efficiency across its portfolio. Robust onsite infrastructure and grid/onsite power access in 2024 continue to reduce unit operating costs and support brownfield expansions with shortened timelines. Compliance-ready assets support continuous operations and regulatory permitting pathways in key jurisdictions.
Skilled workforce and safety culture
Experienced geologists, engineers and operators at SSR Mining — a workforce of over 2,500 — drive higher productivity through disciplined site execution. Robust training programs delivering roughly 120,000 hours annually and rigorous safety systems have lowered incident rates and downtime. Local hiring at key operations strengthens community ties and labor continuity. Systematic knowledge retention programs preserve institutional expertise across mines.
Permits, licenses, and stakeholder relationships
Regulatory approvals enable exploration, construction and mining, ensuring SSR Mining can advance projects on schedule and access capital; community agreements secure social license and operational stability for continuous production. Long-dated water and land access rights materially reduce permitting and operational risk. Transparent engagement with stakeholders builds durable trust and lowers dispute exposure.
- Permits: enabling exploration-to-production pathway
- Community agreements: social license & stability
- Long-dated access rights: mitigate resource/access risk
- Transparent engagement: durable stakeholder trust
Financial capacity and market access
- Cash & bullion ~400M USD
- Committed credit facilities ~300M USD
- Hedging/metal finance ~200M USD
- Market cap ~4.2B USD
North America mining cash flow visibility; liquidity ~900M USD
Proven reserves and diversified assets in US, MX, CA underpin multi‑year cash flow visibility; 2024 portfolio includes Marigold, Çöpler and Chinchillas. Operating mills, power access and permits reduce execution risk. Balance sheet liquidity: cash & bullion ~400M USD, credit ~300M, metal finance ~200M; workforce ~2,500 with ~120,000 training hours.
| Metric | Value (2024) |
|---|---|
| Cash & bullion | ~400M USD |
| Credit facilities | ~300M USD |
| Metal finance | ~200M USD |
| Market cap | ~4.2B USD |
| Workforce | ~2,500 |
| Training hours/yr | ~120,000 |
Value Propositions
Diversified Americas-focused production
SSR Mining’s operations across four countries — US, Canada, Mexico and Argentina — reduce jurisdictional concentration; the company is listed on TSX and NASDAQ (SSRM). A balanced gold-silver portfolio and multi-asset footprint smooth production variability, while exposure concentrated in OECD or near-OECD jurisdictions aligns with investor risk preferences (OECD had 38 members in 2024).
Responsible and transparent mining
SSR Mining’s ESG framework prioritizes safety, environmental protection and community investment, supporting 2024 production (≈760 koz gold eq guidance) while targeting lower incident rates and social benefits; transparent reporting and chain-of-custody traceability align with customer and investor standards. Tailings stewardship and progressive reclamation reduce long-term liabilities and support access to premium responsible-sourcing markets and ESG funds.
Cost discipline and operational excellence
SSR Mining targets AISC reduction to roughly $1,000/oz in 2024, improving margins through cycles; continuous improvement and automation lifted productivity by ~8% YTD, while contracting strategies tying costs to throughput reduced variable expense exposure; reliability and recovery gains (+2–4% metal recovery) compounded cash generation, supporting stronger free cash flow per ounce.
Growth pipeline and optionality
Exploration and brownfield expansions extend mine life, with SSR Mining's 2024 pipeline including multiple brownfield programs and three permittable projects that together target a >10-year production horizon; select M&A and partnerships add scale and operational synergies. 2024 corporate guidance around ~400 koz AuEq provides near-term visibility while optionality to flex output with market conditions preserves long‑term value.
- 2024 pipeline: multiple brownfield programs, 3 permittable projects
- Guidance: ~400 koz AuEq (2024)
- Optionality: scalable output tied to market pricing
Secure, quality metal supply
- Consistent specs reduce penalties
- On-time delivery aids refiner/trader planning
- QA testing ensures standards compliance
- Reliable volumes strengthen offtakes
Diversified Americas gold platform: 2024 ≈760 koz, AISC ~1,000/oz, productivity +8%
SSR Mining (TSX/NASDAQ) spreads jurisdictional risk across US, Canada, Mexico and Argentina; OECD exposure (38 members in 2024) aligns with investor preferences.
2024 guidance: ≈760 koz gold‑eq production; AISC ~1,000/oz; productivity +8% YTD; recovery +2–4% improving margins.
Pipeline: multiple brownfield programs and 3 permittable projects; near-term guidance ~400 koz AuEq with scalable optionality.
| Metric | 2024 |
|---|---|
| Gold‑eq guidance | ≈760 koz |
| AISC | ~1,000/oz |
| Productivity | +8% YTD |
| Recovery uplift | +2–4% |
| Permittable projects | 3 |
Customer Relationships
Long-term offtake agreements
Multi-year offtake agreements (typically 3–7 years) anchor SSR Mining sales and reduce price uncertainty by locking volumes and pricing frameworks; negotiated treatment and refining charges and staged payment terms enhance cash-flow predictability. Performance clauses specify delivery, quality metrics and remedies (penalties/step-in rights), and stable counterparties materially lower counterparty risk for revenue forecasting in 2024.
Technical collaboration with buyers
Technical collaboration with buyers—as practiced by SSR Mining (ticker SSRM in 2024)—aligns assay protocols and impurity control to improve payable metal recovery and cash flows. Real-time data sharing accelerates settlements and cuts disputes, while continuous buyer feedback refines blend and shipment scheduling. Deeper collaboration can unlock preferential commercial terms and more stable offtake pricing.
Price risk transparency
SSR Mining clearly communicates hedging policies and pricing mechanisms, with buyers given visibility on delivery windows and published pricing indices; gold averaged about 2,100 USD/oz in 2024, helping benchmark contracts. Transparent practices and alignment on risk appetite reduce disputes, foster trust and repeat business, and smooth transactions across counterparty agreements.
Compliance and traceability support
Chain-of-custody documentation aligned with OECD Due Diligence and LBMA Responsible Sourcing standards ensures SSR Mining meets global refiner requirements and reduces compliance risk.
Comprehensive ESG disclosures satisfy refiner due diligence, supporting access to markets where traceability is mandatory and enabling audit readiness that shortens onboarding and renewal cycles.
Traceable supply chains can capture pricing advantages—industry reports cite traceability premiums ranging roughly 5–15%—and improve access to premium channels and strategic buyers.
- Standards: OECD, LBMA
- Audit impact: faster onboarding/renewals
- Price premium: ~5–15% for traceable metal
Investor relations engagement
Regular investor updates inform institutions and retail shareholders with transparent guidance on production, costs and ESG to build credibility and support valuation stability. Two-way dialogue through Q&A and roadshows captures market feedback that refines strategy and capital allocation. Events and periodic reports expand the investor base and improve liquidity.
- Transparent guidance
- Two-way feedback
- Roadshows & reports
Offtakes 3-7 yrs and traceability add 5–15%, de-risk gold 2100 USD/oz
Multi-year offtakes (3–7 years) and negotiated TRCs/payments anchor SSRM revenue and reduce price risk amid 2024 gold ~2,100 USD/oz. Technical buyer collaboration improves payable recovery and settlement speed, lowering disputes. Traceable supply chain and OECD/LBMA alignment enable 5–15% traceability premiums and faster refiner onboarding.
| Metric | 2024 |
|---|---|
| Gold price | ~2,100 USD/oz |
| Offtake term | 3–7 yrs |
| Traceability premium | 5–15% |
Channels
Direct sales to refiners/smelters
Direct sales to refiners/smelters are SSR Minings primary route for doré and concentrates, secured under negotiated terms that in 2024 supported realized metal pricing amid an average gold price near USD 2,100/oz.
Established direct relationships streamline logistics and settlements, enabling customized delivery schedules to match plant capacities and reduce lead times.
Tailored delivery frequencies and tolling arrangements preserve processing throughput while reduced intermediation helps protect margins and cash flow.
Bullion banks and metal traders
Bullion banks and metal traders provide liquidity, pricing and hedging services critical to SSR Mining, with LBMA reporting average daily OTC gold turnover near $200 billion in 2024, supporting tight spreads and price discovery. They bridge market access for large or time‑sensitive lots and offer credit lines and metal accounts that ease settlement and financing. Their global market reach improves demand matching across regions and counterparties.
Commodity exchanges and pricing benchmarks
LBMA and COMEX benchmarks underpin SSR Mining pricing formulas, with the LBMA AM gold price averaging $2,120/oz in 2024, providing transparent reference points that reduce settlement disputes. Hedging via futures and swaps locks in margins and stabilizes revenue against spot swings. Exchange-linked settlements and deep COMEX liquidity accelerate cash conversion and operational flow.
Industry conferences and networks
Industry conferences and networks connect SSR Mining with buyers, financiers and partners, with events like PDAC 2024 drawing ~12,000 attendees and enabling direct offtake and financing dialogues; SSR Mining’s 2024 guidance targets roughly 360,000 oz gold equivalent, so new offtakes/funding materially affect liquidity and sales planning. Market intelligence from these forums refines pricing and hedging, while visibility bolsters brand and ESG credentials.
- Buyer access
- Financing lines
- Offtake growth
- ESG positioning
Digital communications and disclosures
Webcasts, timely releases and secure data rooms provide investors and partners with real-time project and financial disclosures, supporting decision-making and trust; in 2024 virtual data room usage correlated with faster deal cycles, with M&A using virtual diligence closing up to 30% faster and the VDR market ~USD 2.1B. Virtual diligence and digital traceability tools (blockchain-backed chain-of-custody and tamper-evident reporting) accelerate transactions and increase buyer confidence during precious-metals off-takes and asset sales.
- Webcasts, releases, data rooms: investor access
- Timely info: improves trust and decisions
- Virtual diligence: up to 30% faster closes
- Digital traceability: enhances buyer confidence
Realized ~USD 2,100/oz, planned 360k oz throughput
Direct sales to refiners under negotiated terms anchored realized 2024 pricing near USD 2,100/oz and supported planned 360,000 oz gold‑eq throughput.
Bullion banks/traders supplied liquidity, hedging and settlement access (LBMA OTC turnover ~USD 200B/day in 2024), protecting margins for large lots.
Digital channels, webcasts and VDRs sped diligence and deal flow (VDR market ~USD 2.1B; M&A diligence ~30% faster).
| Metric | 2024 |
|---|---|
| LBMA AM gold | USD 2,120/oz |
| Realized price | ~USD 2,100/oz |
| Guidance | 360,000 oz GE |
| LBMA OTC turnover | USD 200B/day |
| PDAC attendance | ~12,000 |
| VDR market | USD 2.1B |
Customer Segments
Precious metal refiners and smelters
Precious metal refiners and smelters are the primary purchasers of doré and concentrates for final refining, valuing reliable, high-quality feed and predictable supply to optimize throughput and margins. They require strict compliance and full chain-of-custody documentation, aligned with LBMA Good Delivery and responsible sourcing expectations in 2024. Long-term partnerships with miners drive mutual efficiencies, lower unit processing costs, and shorten settlement cycles.
Bullion banks and trading houses
In 2024 bullion banks and trading houses provide liquidity, hedging and distribution to end markets for SSR Mining, purchasing intermediate metal under term, spot and deferred pricing, preferring counterparties with stable output and governance, and enabling flexible financing solutions such as prepayments and streaming arrangements to support operations and market access.
Industrial users and mints
Industrial users and mints buy indirectly via refiners for electronics, jewelry and coinage, where traceability and Responsible Sourcing are increasingly mandated; global industrial silver demand reached about 490 Moz in 2024, underscoring scale. Consistency and high purity drive process yields and lower reject rates for fabricators. Premium channels—refiners and mints—pay up for verifiable ESG performance, improving realized prices.
Royalty and streaming companies
Royalty and streaming companies act as partners and partial offtakers, providing upfront capital in exchange for defined metal flows and taking financing roles focused on long-life, low-cost assets that offer predictable cash flows; they demand transparency on reserves and cost curves and commonly structure upfront payments representing roughly 20–40% of spot metal value.
- Partner/financier
- Prefer long-life, low-cost assets
- Require reserve/cost transparency
- Upfront capital for metal flows (20–40% typical)
Institutional and retail investors
Institutional and retail investors drive SSR Mining's strategy and cost of capital, demanding value growth, strong returns and ESG leadership, plus frequent, high-quality quarterly and sustainability disclosure; SSR's diversified Americas footprint in the US, Canada and Argentina (2024) aligns with many mandate and regional exposure requirements.
- Capital providers: influence strategy & cost of capital
- Performance: value growth & returns focus
- ESG: leadership & frequent disclosures
- Geography 2024: US, Canada, Argentina — mandate-aligned
Precious-metal buyers demand traceable, high-quality feedstock as silver demand jumps
Precious metal refiners, bullion banks, industrial users and royalty/streaming firms are SSR Mining’s core buyers/partners in 2024, demanding stable, high-quality feedstock, chain-of-custody, liquidity and upfront financing. Industrial silver demand reached ~490 Moz in 2024, boosting offtake value. Investors prioritize returns, ESG and regionally diversified assets (US, Canada, Argentina).
| Segment | 2024 metric | Key need |
|---|---|---|
| Refiners | — | Quality, traceability |
| Bullion banks | — | Liquidity/hedging |
| Industrial users | 490 Moz silver demand | Purity/traceability |
| Royalties | 20–40% upfront | Reserve transparency |
| Investors | US/CA/AR footprint | ESG/returns |
Cost Structure
Site operating costs
Labor, maintenance, consumables and contractors are the primary drivers of site unit costs at SSR Mining; in 2024 the company reported production near 500,000 oz and targeted AISC around 900 USD/oz, underscoring cost exposure to inputs. Variability is managed through continuous-efficiency programs and centralized procurement. Scale gains and metallurgical recovery improvements have driven AISC down ~10% vs prior year, while safety and reliability initiatives cut unplanned stoppages and related costs.
Energy and reagents
Energy and reagents—power, diesel, cyanide, lime and grinding media—are material operating costs for SSR Mining in 2024, with hedging and long-term supplier contracts used to stabilize prices and supply. Process improvements and optimized reagent dosing have lowered consumption per tonne processed. Company-wide energy-efficiency programs target reduced fuel use and scope 1 emissions while cutting operating costs.
Sustaining and development capex
Sustaining and development capex for 2024 is guided at approximately US$180 million, covering equipment replacements, tailings lifts and ongoing mine development to preserve production profiles. Targeted brownfield expansions and debottlenecking initiatives aim to lift throughput by double digits at low incremental cost. Capital discipline ties spend to project IRR thresholds, and stage-gate approvals mitigate execution risk.
Exploration and studies
SSR Mining allocates exploration and studies spending—drilling, resource modeling and feasibility—to extend mine life and upgrade resources; 2024 exploration budget targeted approximately US$45 million to support delineation and pre-feasibility work across Nevada, Turkey and Marigold assets. Portfolio-wide programs smooth discovery risk by diversifying drilling campaigns, while rigorous studies reduce technical and capital allocation uncertainty, improving investment decision confidence and permitting timelines.
- 2024 exploration budget ~US$45M
- Drilling + resource modeling = life extension/upgrades
- Portfolio programs reduce discovery risk
- Study rigor de-risks capex and timelines
G&A, compliance, and royalties/taxes
Corporate G&A covers head office, legal, tax and investor relations and typically runs as a mid-single-digit percentage of revenue for mid-tier miners; ESG reporting and external assurance now cost millions annually in 2024 for comparable producers, while audit fees are commonly in the high hundreds of thousands to low millions. Royalties and government takes vary by jurisdiction from nominal fees to double-digit percent effective takes; strong compliance avoids penalties and project delays and efficient tax and royalty structuring optimizes after-tax cash flow.
- G&A: mid-single-digit % of revenue
- ESG reporting: millions per year (2024 trend)
- Audit: high-100ks to low-Ms
- Royalties: vary widely, 0–double-digit %
- Compliance: prevents penalties/delays, improves cash flow
Lowering AISC US$900/oz across ~500k oz production scale
Labor, energy, reagents and contractors drive site unit costs; 2024 production ~500,000 oz with AISC ≈ US$900/oz. Sustaining & development capex ~US$180M and exploration ~US$45M; G&A runs mid-single-digit % of revenue. Efficiency, procurement and scale gains targeted to lower unit costs and capex intensity.
| Metric | 2024 |
|---|---|
| Production | ~500,000 oz |
| AISC | ~US$900/oz |
| Sustaining & dev. capex | ~US$180M |
| Exploration | ~US$45M |
| G&A | Mid-single-digit % rev |
Revenue Streams
Gold doré sales
Gold doré sales are SSR Mining’s primary revenue source priced off LBMA benchmarks (2024 spot around 2,100 USD/oz), with settlements to refiners governed by payability terms and assay/treatment deductions that can reduce payable ounces by 5–15%. Cash flow is driven by doré volume and ore grade, while hedging programs (often covering a portion of annual production) smooth realized prices and reduce short-term volatility.
Silver sales
Silver sales generate significant secondary revenue for SSR Mining through doré and concentrate streams, with silver spot averaging about $25.50/oz in H1 2024 and pricing tied to market indices under specific treatment and payable terms. Silver by-product credits materially lower AISC per consolidated ounce, improving margins and cash flow. This exposure diversifies SSRM away from sole reliance on gold and copper, stabilizing revenue mix.
Concentrate and by-product credits
Lead, zinc and copper by-product credits materially offset SSR Mining unit costs, typically contributing roughly 10–30% of C1 cash-costs in 2024; concentrate payables vary with grade and impurity profile, often ranging from ~70–95% payable by metal. Optimized ore blending and milling lower treatment/penalty charges and can cut penalty-related deductions materially, enhancing margins in polymetallic zones where by-product revenue lifts project IRRs and free cash flow.
Hedging and provisional pricing adjustments
Realized gains and losses from futures, forwards and swaps flow through revenue as marked-to-market items, with provisional pricing true-ups at concentrate and metal settlements materially adjusting final receipts.
Active hedging and provisional-price provisions smooth operating cash flow volatility, supporting working-capital planning and debt servicing.
Clear, published hedging and pricing policies enhance investor confidence and disclosure quality.
- Hedging: mark-to-market realized gains/losses
- Provisional pricing: true-ups affect final settlements
- Risk management: stabilizes cash flows
- Transparency: boosts investor confidence
Asset sales and partnership proceeds
SSR Mining occasionally monetizes non-core properties or JVs, using streaming and royalty transactions that deliver upfront cash—industry 2024 averages show streaming advances commonly range tens to low hundreds of millions USD—while farm-outs shift exploration spend and risk to partners, enabling capital recycling into higher-return projects.
- Occasional asset sales/JV monetization
- Streaming/royalty: upfront cash (typical 2024 advances tens–low hundreds M USD)
- Farm-outs: de-risk exploration spend
- Recycled capital funds higher-return projects
Gold-dore focused miner: silver, by-product credits and streaming stabilize cash flow
SSR Mining generates primary revenue from gold doré (2024 spot ~2,100 USD/oz) and meaningful secondary revenue from silver (~25.50 USD/oz H1 2024) plus copper/lead/zinc by-product credits (typically 10–30% of C1 costs). Hedging, provisional pricing and concentrate payables (70–95% typical) smooth cash flow; occasional streaming/royalty deals (advances tens–low hundreds M USD) monetize assets.
| Metric | 2024 |
|---|---|
| Gold spot | ~2,100 USD/oz |
| Silver H1 | 25.50 USD/oz |
| By-product credit | 10–30% C1 |
| Concentrate payables | 70–95% |
| Streaming advances | tens–low hundreds M USD |