SSR Mining (TSX: SSRM) reported Q3 2025 revenue of $385.8 million, up 49.9% year over year from $257.4 million, driven by record realized prices.
Cost of sales rose 19.8% to $165.7 million from $138.3 million, well below the pace of revenue growth, lifting operating income to $83.3 million from $9.0 million. Operating income margin expanded to 21.6% from 3.5% a year ago.
Net income came in at $57.1 million versus $6.3 million last year, a net margin of 14.8% versus 2.4%. This translates to $0.31 earnings per share versus $0.05 last year.
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Adjusted net income also increased to $68.4 million from $6.4 million, translating to $0.32 earnings per share from $0.03.
Average realized gold price jumped 38% to $3,503 per ounce, while realized silver price rose 39% to $41.92 per ounce. Unit costs moved higher: cost of sales per gold-equivalent ounce sold was $1,585, up 10% from $1,438, cash costs were $1,449, up 10% from $1,312, and AISC was $2,359, up 14% from $2,065.
Management noted AISC would have been $2,114 per ounce excluding costs incurred at Çöpler in the quarter. The company also reiterated that consolidated costs for 2025 are trending toward the upper end of guidance due to higher royalty charges from elevated gold prices and share-based compensation.
Cash provided by operating activities was $57.2 million, up from an outflow of $1.3 million in Q3 2024. Free cash flow was negative $2.4 million, which the company tied to inventory movements at Marigold and CC&V and prepayments for Hod Maden.
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Cash and cash equivalents increased to $409.3 million at September 30, 2025 from $387.9 million at year-end 2024. Current assets rose 17% to $1.21 billion while current liabilities more than doubled to $501.0 million from $218.9 million.
On production, Q3 produced 102,673 gold equivalent ounces, up 5.4% year over year, with 104,549 gold equivalent ounces sold, up 8.7%. Breaking it down, gold production rose 19% to 75,212 ounces, silver fell 16% to 2.41 million ounces, lead fell 26% to 11.2 million pounds, and zinc rose 26% to 1.10 million pounds.
The company expects to finish 2025 in the lower half of its 410,000 to 480,000 gold equivalent ounce guidance range and is trending toward the upper end of cost guidance ranges.
SSR Mining last traded at $27.74 on the TSX.
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