SSR Mining Inc. (NASDAQ:SSRM) spotted trading -3.76% off 52-week high price. On the other end, the stock has been noted 108.38% away from the low price over the last 52-weeks. The stock changed 1.26% to recent value of $16.9. The stock transacted 1492958 shares during most recent day however it has an average volume of 1159.17K shares. The company has 122.07M of outstanding shares and 121.03M shares were floated in the market.
On Aug. 8, 2019, SSR Mining Inc. (NASDAQ:SSRM) (TSX:SSRM) released consolidated financial results for the second quarter ended June 30, 2019.
Paul Benson, President and CEO said,The operations continued to deliver with nearly 100,000 gold equivalent ounces produced in the quarter at slightly better all-in sustaining costs. Our exploration announcement last month highlighted the prospectivity at our key operating assets, as well as our ability to continue investing to extend mine life due to our strong balance sheet. This financial strength is allowing us to expand our land positions and maintain exposure to high grade development projects like Las Chispas, through our investment in SilverCrest. Our continued operational delivery positions us to achieve guidance and, coupled with our announcements, allows us to add shareholder value again in 2019.
Second Quarter 2019 Highlights:
(All figures are in U.S. dollars unless otherwise noted)
- On track for higher annual gold equivalent production: Achieved quarterly consolidated production of 98,334 gold equivalent ounces at cash costs of $775 per payable ounce of gold sold.(1)
- Improved financial performance: Reported positive income from mine operations at all three operations totaling $29.8 million, net income of $12.4 million and adjusted attributable net income of $17.8 million or $0.15 per share.(1)
- Solid production at the Seabee Gold Operation: Produced 26,539 ounces of gold at cash costs of $526 per payable ounce of gold sold.(1)
- Strong operating performance at the Marigold mine: Produced 54,922 ounces of gold at cash costs of $835 per payable ounce of gold sold, while placing 28% more ore on leach pads than the first quarter at lower unit mining costs and at higher gold grade.(1)
- Increased sales at lower costs at Puna Operations: Produced 1.5 million ounces of silver at lower cash costs of $9.80 per payable ounce of silver sold and achieved silver sales of 2.7 million ounces.(1)
- Maintained strong balance sheet and liquidity: Reported cash balance of $452 million and $75 million of undrawn credit facility.
- Acquired 8,900 hectares contiguous to the Marigold mine: Attractive land package on trend with several zones of gold mineralization, net of a net smelter returns (NSR) royalty. Consideration totaled $22 million in cash and assumption of long term environmental and reclamation obligations.
- Published inaugural Sustainability Report: Report outlines our approach to sustainability and underscores our commitment to transparency with our stakeholders.
- Increased production guidance: We expect to produce 400,000 gold equivalent ounces in 2019 due to strong production results at all three mines.
Subsequent to Second Quarter 2019:
- Announced agreement to acquire remaining 25% interest in Puna Operations for aggregate consideration of $34 million: Provides near-term, low-risk silver production growth and simplifies management structure.
- Exercised equity participation right in SilverCrest Metals financing: Maintained our exposure to the high grade, developable Las Chispas project through the purchase of additional common shares for total consideration of up to $3.5 million.
- Exploration success at Red Dot deposit: We expect to extend the current Marigold life of mine plan into the early 2030’s without the need for expansion capital with Red Dot phases 1, 2 and 3.
Its earnings per share (EPS) expected to touch remained -89.90% for this year. SSRM has a gross margin of 20.00% and an operating margin of 8.10% while its profit margin remained 3.20% for the last 12 months.
According to the most recent quarter its current ratio was 4.4 that represents company’s ability to meet its current financial obligations. The price moved ahead of 8.26% from the mean of 20 days, 21.66% from mean of 50 days SMA and performed 35.36% from mean of 200 days price. Company’s performance for the week was 3.17%, 24.17% for month and YTD performance remained 39.78%.
Anthony Bell is a self-taught investor and follows the value investing approach to picking stocks. He possesses over 8 years of investment experience, an M.B.A. and is also certified in Risk Management Assurance. Anthony is a Certified Internal Auditor, Data Miner, and author with a career broadly spanning over multiple business areas. He has exploited those observations and developed investment tactics within a fundamentally sound long-term investment strategy. He currently covers Earnings News category for our site.
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