Q1 2024 SSR Mining Inc Earnings Call Transcript
Key Points
- SSR Mining Inc (SSRM) reported first quarter 2024 production of 102,000 gold equivalent ounces, with operations in line with expectations for a back half weighted production profile.
- The company has a strong liquidity position with a total cash position of $467 million and an additional undrawn revolving credit facility, well-positioning it to manage remediation costs and reinvestment needs.
- Marigold, Seabee, and Puna operations are on track to meet full year production and cost guidance, demonstrating operational resilience and effective management.
- SSR Mining Inc (SSRM) has advanced engineering and project execution planning at Hod Maden, despite reduced planned activities for 2024.
- The company has successfully managed workforce and operational efficiency at Marigold, maintaining turnover at historic levels and achieving a successful winter program on the ice road.
- SSR Mining Inc (SSRM) recorded an attributable net loss of $1.42 per share in the first quarter, significantly impacted by the Copler incident.
- The Copler incident has necessitated a costly remediation plan estimated between $250 million to $300 million, in addition to the $25 million already spent since the incident.
- The company faces uncertainty regarding the restart of the Copler mine, pending the reinstatement of environmental impact assessment and operating permits.
- First quarter financial results included substantial charges totaling $288 million related to the Copler incident, including future remediation costs and legal contingencies.
- Free cash flow was negative $9 million in the quarter, reflecting the financial strain from the Copler incident and ongoing remediation efforts.
Hello, everyone, and welcome to SSR Mining's First Quarter 2024 Financial Results Conference Call. (Operator Instructions) At this time, I would like to -- for opening remarks, I would like to turn the call over to Alex Hunchak from SSR Mining. Please go ahead.
Thank you, operator, and hello, everyone. Thank you for joining today's conference call. During which will provide an update on the Copler incident as well as a brief review of our first quarter financial results. Our consolidated financial statements have been presented in accordance with U.S. GAAP. These financial statements have been filed on EDGAR, SEDAR, the ASX and are also available on our website. To accompany our call, there is an online webcast, and you will find the information to access the webcast in our news release relating to this call. Please note that all figures discussed during the call are in U.S. dollars, unless otherwise indicated.
Today's discussion will include forward-looking statements, so please read the disclosures in the
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