SSR Mining has delivered three earnings beats in four quarters with an average positive surprise of 53% and trades at a forward price-to-earnings ratio of 5.9x with 84% year-over-year earnings growth, but a failed materials cycle peak gate and deeply negative free cash flow raise questions about whether current earnings reflect sustainable production economics.
Thesis pillars
- Earnings Beat Momentum 84pct Growth→Stable
- Materials Cycle Peak Valuation Risk↓Deteriorating
- Negative Free Cash Flow Red Flag→Stable
- +1 more pillar — see the Why tab for full reasoning
Pillars as of Jul 3, 2026, based on the 10-K filed Feb 17, 2026
SSR Mining Inc. (SSRM) Stock Analysis
Sector Rotation edge
Basic Materials · Gold
Sell if holding. Momentum 3.6/10 is below the 5.0 floor at $29.68 — engine's falling-knife protection flags exit rather than catching a breakdown. Specifics: Concentration risk — Commodity: gold (71.0%); Sector modifier (Basic Materials): -0.1.
SSR Mining Inc. is a precious metals mining company operating assets in the United States, Türkiye, Canada, and Argentina, with producing mines at Çöpler (Türkiye, suspended since February 2024), Marigold (Nevada), CC&V (Colorado), Seabee (Saskatchewan), and Puna (Argentina).... Read more
Sell if holding. Momentum 3.6/10 is below the 5.0 floor at $29.68 — engine's falling-knife protection flags exit rather than catching a breakdown. Specifics: Concentration risk — Commodity: gold (71.0%); Sector modifier (Basic Materials): -0.1. Chart setup: No clear chart pattern; technical signals are mixed. Score 6.2/10, moderate confidence.
Passes 6/8 gates (favorable risk/reward ratio, clean insider activity, no SEC red flags, news events none recent, semi cycle peak clear, materials cycle peak clear). Fails on weak momentum and earnings proximity 5d<=7d. Suitability: moderate.
About SSR Mining Inc.
About SSR Mining Inc.
SSR Mining operates five precious-metals mines — Çöpler in Türkiye, Marigold in Nevada, CC&V in Colorado, Seabee in Saskatchewan, and Puna in Argentina — though Çöpler has been suspended since a February 2024 heap leach pad incident, contributing 0% of 2025 segment revenue versus 31% in 2023. Marigold generated 33% of 2025 revenue, CC&V and Puna each contributed 28%, and gold doré sales made up approximately 71% of total revenue for the year.
SSR Mining sells gold doré primarily to banks — 33% of 2025 gold doré sales went to Canadian Imperial Bank of Commerce, 13% to the Royal Bank of Canada, and 12% to the National Bank of Canada — while gold doré produced at Çöpler, when operational, is sold to the Central Bank of Türkiye. Silver, lead, and zinc concentrates from Puna are sold to smelters and traders in Asia and Europe under contracts updated annually or through spot sales, with 10% of 2025 silver sales going to Trafigura Trading LLC. Average realized gold prices rose to $3,435 per ounce in 2025 from $2,387 in 2024, while silver averaged $39.94 per ounce, up from $28.25. The company's mining, exploration, and development activities operate under concessions and contracts with host governments in the United States, Canada, Argentina, and Türkiye, exposing operations to the political risks of each jurisdiction, and the company maintains insurance that it does not expect to fully cover losses related to the Çöpler Incident.
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Türkiye regulatory risk is concentrated at a single mine but carries company-wide financial consequences: Turkish authorities revoked Çöpler's environmental and operating permits following the February 2024 incident, and on February 11, 2025 the Turkish Council of State affirmed a lower court's cancellation of Çöpler's 2021 Environmental Impact Assessment, meaning any eventual restart would revert to the 2014 EIA's lower 6,000-tonnes-per-day sulfide throughput rate versus 9,000 tonnes per day previously permitted. The company also faces securities class actions in the United States and Canada tied to the incident and states it does not expect insurance coverage to fully cover associated losses, a liability overhang that could also affect the separate Hod Maden development project in Türkiye.
See also: Basic Materials · Gold
From SSR Mining Inc.'s most recent 10-K filing, extracted July 3, 2026.
Recent developments
updated 2026-10-29Recent Developments — SSR Mining Inc.
Latest news
- NEWS SSRM vs. WPM: Which stock is the better value option? - MSN — MSN neutral
- NEWS SSR Mining Inc (SSRM) Stock Down 4.9% but Still Overvalued -- GF Score: 76/100 - GuruFocus — GuruFocus negative
- NEWS SSR Mining Completes the Sale of the Çöpler Mine - Business Wire — Business Wire positive
- NEWS Why SSR Mining stock surged again today - MSN — MSN positive
- NEWS A Look at SSR Mining Inc (SSRM) After 3.2% Gain -- GF Value $20.99 vs Price $28.08 - GuruFocus — GuruFocus positive
Generated 2026-10-29T11:08:52Z.
Upcoming dated catalysts
Thesis
Key Metrics
Quality Signals
Options Flow
Concentration Risks(10-K Item 1A)
- HIGHCommoditygold71%10-K Item 1: 'During 2025, sales of gold doré represented approximately 71% of total revenue'
- MEDIUMCustomerCIBC33%10-K Item 1: 'with 33% sold to Canadian Imperial Bank of Commerce ("CIBC"), 13% sold to the Royal Bank of Canada ("RBC"), and 12% sold to the National Bank of Canada ("NBC")'
- LOWCommoditysilver24%10-K Item 1: 'Silver sales represented approximately 24% of revenue with 10% sold to Trafigura Trading LLC.'
- LOWCustomerRBC13%10-K Item 1: 'with 33% sold to Canadian Imperial Bank of Commerce ("CIBC"), 13% sold to the Royal Bank of Canada ("RBC"), and 12% sold to the National Bank of Canada ("NBC")'
- LOWCustomerNBC12%10-K Item 1: 'with 33% sold to Canadian Imperial Bank of Commerce ("CIBC"), 13% sold to the Royal Bank of Canada ("RBC"), and 12% sold to the National Bank of Canada ("NBC")'
- LOWCustomerTrafigura Trading LLC10%10-K Item 1: 'Silver sales represented approximately 24% of revenue with 10% sold to Trafigura Trading LLC.'
Model-generated analysis — not investment advice. Not a registered investment advisor. Past performance does not guarantee future results. How we score · Editorial policy
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Rating Breakdown
1 floor-breaker·1 ceiling hit
Price action weak — below key moving averages, no momentum carry. Needs a base before trend-continuation setups apply.static
Price Targets
Position Sizing
Risk Alerts
Earnings
Verdict History
Frequently Asked Questions
Sell if holding. Momentum 3.6/10 is below the 5.0 floor at $29.68 — engine's falling-knife protection flags exit rather than catching a breakdown. Specifics: Concentration risk — Commodity: gold (71.0%); Sector modifier (Basic Materials): -0.1. Chart setup: No clear chart pattern; technical signals are mixed. Prior stop was $27.60. Score 6.2/10, moderate confidence.
Analyst target: $34.85 (+17.4% upside). Prior stop was $27.60. Stop-loss: $27.60.
Concentration risk — Commodity: gold (71.0%); Sector modifier (Basic Materials): -0.1; Earnings in 5 days (event risk).
SSR Mining Inc. trades at a P/E of 10.0 (forward 8.6). TrendMatrix value score: 8.9/10. Verdict: Sell.
13 analysts cover SSRM with a consensus score of 4.1/5. Average price target: $41.
What does SSR Mining Inc. do?SSR Mining Inc. is a precious metals mining company operating assets in the United States, Türkiye, Canada, and...
SSR Mining Inc. is a precious metals mining company operating assets in the United States, Türkiye, Canada, and Argentina, with producing mines at Çöpler (Türkiye, suspended since February 2024), Marigold (Nevada), CC&V (Colorado), Seabee (Saskatchewan), and Puna (Argentina). Gold doré sales represented approximately 71% of total revenue in 2025, with silver contributing approximately 24%, and the company sold 33% of its gold doré to Canadian Imperial Bank of Commerce.