SSR Mining Inc (NASDAQ: SSRM)

SSR Mining Inc (NASDAQ: SSRM) together with its subsidiaries, is a precious metals mining company with a diversified portfolio of four operating assets across the United States, Türkiye, Canada, and Argentina. The Company focuses on the operation, acquisition, exploration, and development of precious metal resource properties throughout Türkiye and the Americas, producing gold doré alongside copper, silver, lead, and zinc concentrates.

Recommendation Rationale – SELL at USD 31.50

• Financial Highlights: SRRM reported elevated cost pressures during FY25, with consolidated all-in sustaining costs (AISC) rising to USD 2,153 per ounce, compared with USD 1,878 per ounce in FY24, reflecting increased operating and care-and-maintenance expenses, particularly related to the suspended Çöpler operation. Additionally, current liabilities increased significantly to USD 618.4mn as of December 31, 2025, from USD 218.9mn in the prior year, indicating higher short-term financial obligations. Working capital declined to USD 668.8mn from USD 810.2mn, suggesting tightening liquidity flexibility despite strong commodity price support. Furthermore, continued remediation and reclamation spending at the Çöpler site, which totaled USD 149.3mn since February 2024, remains a financial overhang and may continue to pressure margins and free cash flow generation in the near term.
• Trading Near the Resistance: SSRM stock has surpassed its R level recommended on 30^th March 2026. Therefore, share price can face resistance at the current levels.
• Overvalued Multiples: On a forward 12-month basis – key trading multiples (EV/EBITDA, P/E, and Price/Cash Flow) are higher than Industry Average of the Basic Materials.
• Market Risk: SSR Mining remains highly exposed to commodity price volatility, particularly fluctuations in gold and silver prices, which directly impact revenue, profitability, and cash flow stability. The company also faces operational and regulatory uncertainty related to the Çöpler incident, including potential delays in approvals and rising remediation costs. Additionally, operations across multiple jurisdictions expose the business to geopolitical, environmental, currency, and inflationary risks, while higher energy and supply-chain costs may further pressure margins and weaken long-term earnings visibility.

SSRM’s Daily Price Chart

Valuation Methodology: Price/Earnings Multiple Approach (FY December'26E) (Illustrative)

Stock might trade at a slight premium to its peers considering the avourable realized gold prices during FY2025, improved operating cash flow generation, and expectations of production growth in FY2026. For conducting the valuation, the following peers included: Aura Minerals Inc (NASDAQ:AUGO), Commercial Metals Co (NYSE:CMC), and Coeur Mining, Inc (NASDAQ:CDE) have been considered.

Given the elevated operating costs, ongoing remediation liabilities, regulatory uncertainties surrounding Çöpler, and increasing capital deployment requirements across growth projects, SSR Mining’s near-term earnings visibility remains constrained. Any moderation in gold prices and delays in project execution could weigh on operating performance and investor sentiment. Considering the risks associated, the share price may face consolidation at the current levels. Hence, a ‘Sell’ recommendation is given on the stock at the closing price of USD 31.50 as of 01 April 2026.

SSR Mining Inc (NASDAQ: SSRM) is part of Kalkine’s Global Big Money Portfolio.

Markets are trading in a highly volatile zone currently due to certain macro-economic issues and geopolitical issues prevailing geopolitical tensions. Therefore, it is prudent to follow a cautious approach while investing. 

Note 1: Past performance is neither an indicator nor a guarantee of future performance.

Note 2: The reference date for all price data, currency, technical indicators, support, and resistance levels is 01 April 2026. The reference data in this report has been partly sourced from REFINITIV.

Note 3: Investment decisions should be made depending on an individual's appetite for upside potential, risks, holding duration, and any previous holdings. An 'Exit' from the stock can be considered if the Target Price mentioned as per the Valuation and or the technical levels provided has been achieved and is subject to the factors discussed above.

Note 4: Kalkine reports are prepared based on the stock prices captured either from REFINITIV or Trading View. Typically, REFINITIV or Trading View may reflect stock prices with a delay which could be a lag of 25-30 minutes. There can be no assurance that future results or events will be consistent with the information provided in the report. The information is subject to change without any prior notice. 

Technical Indicators Defined: -

Support: A level at which the stock prices tend to find support if they are falling, and downtrend may take a pause backed by demand or buying interest.

Resistance: A level at which the stock prices tend to find resistance when they are rising, and uptrend may take a pause due to profit booking or selling interest.

Stop-loss: In general, it is a level to protect further losses in case of any unfavourable movement in the stock prices.