| Valuation method | Value, £ | Upside, % |
|---|---|---|
| Artificial intelligence (AI) | 14.10 | -54 |
| Intrinsic value (DCF) | 6.20 | -80 |
| Graham-Dodd Method | 6.80 | -78 |
| Graham Formula | 20.40 | -34 |
SSR Mining Inc. (LSE: 0VGE.L) is a Denver-based precious metals mining company with a diversified portfolio of gold, silver, copper, lead, and zinc projects across Turkey and the Americas. The company operates key assets including the Çöpler Gold Mine in Turkey, the Marigold Mine in Nevada, the Seabee Gold Operation in Saskatchewan, and the Puna Operations in Argentina. SSR Mining focuses on sustainable and responsible mining practices while delivering long-term value to shareholders. With a market capitalization of approximately CAD 3.34 billion, SSR Mining is a mid-tier player in the global mining sector, strategically positioned in stable jurisdictions with growth potential. The company’s diversified asset base mitigates geopolitical and operational risks while providing exposure to rising precious metal prices. SSR Mining, formerly known as Silver Standard Resources, rebranded in 2017 to reflect its broader mining focus.
SSR Mining presents a mixed investment case. The company operates in politically stable regions with a diversified portfolio of precious metal assets, which could benefit from rising gold and silver prices. However, FY 2023 financials show a net loss of CAD 98 million (EPS of -CAD 0.48), raising concerns about profitability despite generating CAD 421.7 million in operating cash flow. The company has a manageable debt level (CAD 341.7 million) and maintains a solid cash position (CAD 492.4 million), providing liquidity for future projects. The lack of dividends may deter income-focused investors, while the negative beta (-0.003) suggests low correlation with broader markets, potentially offering defensive characteristics. Investors should weigh SSR Mining’s operational stability against its recent earnings challenges.
SSR Mining competes in the mid-tier precious metals mining sector, differentiating itself through geographic diversification and a balanced portfolio of producing and development-stage assets. The company’s Çöpler Mine in Turkey provides exposure to a high-grade gold deposit, while its North American operations (Marigold and Seabee) benefit from lower geopolitical risk. SSR’s Puna Operations in Argentina add silver production, diversifying revenue streams. However, the company faces stiff competition from larger gold miners with stronger balance sheets and more extensive project pipelines. SSR’s competitive advantage lies in its operational efficiency and cost management, but its smaller scale limits exploration and acquisition capabilities compared to industry leaders. The company must navigate fluctuating commodity prices, regulatory hurdles, and potential geopolitical risks in Turkey and Argentina. Its ability to optimize existing assets and selectively expand production will determine long-term competitiveness.