SSR Mining: The Cash Is In, And Shares Are Still Cheap

The Supercycle Investor 15.88K Followers Follow Summary SSR Mining remains a Buy after selling Copler and exiting Turkey, strengthening its balance sheet with $1.8 billion cash and no debt. Despite Q2's elevated AISC of $2,622/oz and higher sustaining capex, full-year production guidance is reaffirmed with a significant Q4 ramp expected. Capital returns accelerate with $409 million in buybacks YTD, a new $500 million authorization, and a reinstated dividend, targeting peer-leading shareholder yield. Valuation remains attractive at 9.5x forward earnings and 4.8x EV/EBITDA, though position sizing should be smaller after the 16% run-up and cost risks remain. delectus/iStock via Getty Images SSR Mining Analysis In April, I called SSR Mining ( SSRM ) a Buy at $33.64, and I felt that the argument was kind of a simple one: the company’s sale of its Copler mine would effectively remove This article was written by The Supercycle Investor 15.88K Followers Follow The Supercycle Investor (formerly Gold Mining Bull) is a commodities analyst with more than a decade of investing experience across the natural resource sector. Coverage spans gold and silver miners, copper, oil and gas producers, natural gas, lithium, uranium, MLPs, and royalty and streaming companies... all tied to the structural commodity supercycle driven by the AI buildout, electrification, and years of underinvestment in supply. Every piece is built on data-driven valuation analysis with balanced coverage, weighing both the upside and risks. Analyst’s Disclosure: I/we have no stock, option or similar derivative position in any of the companies mentioned, but may initiate a beneficial Long position through a purchase of the stock, or the purchase of call options or similar derivatives in SSRM over the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article. Seeking Alpha's Disclosure: Past performance is no guarantee of future results. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. Any views or opinions expressed above may not reflect those of Seeking Alpha as a whole. Seeking Alpha is not a licensed securities dealer, broker or US investment adviser or investment bank. Our analysts are third party authors that include both professional investors and individual investors who may not be licensed or certified by any institute or regulatory body.