Ssr Mining Inc. (SSRM) · Nov 3, 2026 · Earnings
In line — Adj. diluted EPS $0.64 vs roughly $0.63 published estimate
SSR Mining’s third-quarter earnings were roughly in line, but soaring AISC forced a costly 2026 guidance reset despite strong gold prices.
SSR Mining is repositioning into a free-cash-flow-focused Americas producer, anchored by Marigold and CC&V while pursuing longer mine lives and the Converse acquisition. Its original 2026 plan called for consolidated AISC of roughly $2,180–$2,260 per gold-equivalent ounce.
The quarter itself was roughly on the market’s earnings bar. Adjusted diluted EPS was $0.64 versus a published estimate around $0.63, while revenue reached $447.7 million. That makes the earnings print broadly in line rather than a meaningful upside surprise; the better gold-price environment helped offset weaker production and higher costs.
| Metric | Q3 2026 | Q3 2025 | Consensus |
|---|---|---|---|
| Revenue (Financial Results) | $447.7M | $385.8M | ~$445M |
| Adjusted diluted EPS (Adjusted net income reconciliation) | $0.64 | $0.47 | ~$0.63 |
| Gold-equivalent production (Financial Highlights) | 103,585 oz | 102,673 oz | |
| AISC per GEO (Financial Highlights) | $2,527 | $2,114 | |
| Free cash flow (Cash Flow reconciliation) | $5.8M | $64.6M |
The real change is the cost reset, not the earnings number. SSR Mining says full-year AISC will trend approximately 10% above the upper end of its original 2026 guidance because Puna is deferring lower-cost stockpiled production, while royalties, diesel, labor and other inputs remain elevated. 〔0〕
Production remains intact, but the cash-conversion story is weaker. Nine-month production of 315,459 gold-equivalent ounces remains aligned with the 450,000–535,000-ounce full-year target, with output weighted toward a strong fourth quarter. 〔1〕 But quarterly free cash flow fell to just $5.8 million from $64.6 million despite much higher realized metal prices, as capital spending and operating costs absorbed the benefit.
The balance sheet gives the company room to absorb the miss. SSR Mining ended September with $1.6 billion of cash, no long-term debt and $2.2 billion of total liquidity. That supports the buybacks, dividend and growth repositioning, but it does not make the cost deterioration operationally neutral.
Bottom line: Earnings were close to expectations, but the business is now carrying a materially higher cost base than planned. Production is still on track, yet the filing weakens the free-cash-flow story enough to make this a modest negative overall.
Q4 results and final 2026 cost performance
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