SSR Mining's American Rebirth: Swapping Turkish Equity for Royalties

DENVER, CO – July 17, 2026 – SSR Mining Inc. has officially closed the chapter on its Turkish operations, completing a multi-year strategic transformation designed to reshape its identity from a geographically dispersed operator into a streamlined, Americas-focused precious metals producer. The final move in this corporate overhaul was the closure of the sale of its 20% equity stake in the high-potential Hod Maden development project.

However, this was no simple cash-out. In a move that highlights a sophisticated approach to asset management, SSR Mining traded its future capital obligations and operational role for an uncapped 4.0% net smelter return (NSR) royalty on 100% of the project. This transaction, coupled with the recent divestment of its troubled Çöpler mine, cements the company's pivot, creating a clearer, de-risked path to generating free cash flow for investors.

A Strategic Retreat to De-Risk and Refocus

The decision to exit Turkey entirely was not made in a vacuum. It was the culmination of mounting jurisdictional pressures, catalyzed by the disastrous landslide at the Çöpler mine in February 2024. The incident, which suspended operations indefinitely, turned a key asset into what one analyst termed a "long-term financial drain," costing the company nearly $150 million in remediation expenses alone. The event severely damaged SSR Mining's standing in the region, making the path forward for developing another major Turkish asset like Hod Maden fraught with uncertainty.

This strategic retreat marks a clean break. The recently finalized sale of its 80% stake in the Çöpler mine to the Turkish conglomerate Cengiz Holding A.S. injected a staggering $1.5 billion in cash into SSR Mining's treasury. This infusion has dramatically fortified the company's balance sheet, allowing it to become entirely debt-free after converting its remaining convertible notes earlier this year. With a projected net cash position of approximately $1 billion, management is now executing a substantial $800 million capital return program to shareholders through buybacks and a reinstated quarterly dividend.

For investors, this shift translates into a much simpler value proposition. By shedding its most significant source of geopolitical risk, SSR Mining has addressed a major overhang on its stock valuation. The market has responded with enthusiasm, with the company's shares surging following the announcements. The move is widely seen as an "American rebirth," unlocking value by creating a more predictable and financially resilient enterprise.

Converting Capital Risk into a Cash Flow Stream

The Hod Maden transaction is a masterclass in converting risk into a future revenue stream. Rather than a simple sale, SSR Mining has transformed its equity position—which would have required an estimated $469 million in future development capital and payments—into a passive income instrument. The 4.0% NSR entitles the company to a percentage of the revenue from all metals sold from the mine, without having to contribute a single dollar to its construction or operation.

This is a significant milestone on the path from prototype to profit. Hod Maden is considered a world-class, high-grade gold-copper deposit. A technical report from January 2026 outlined a project with a 13-year mine life, projecting the production of 1.6 million ounces of gold and 209 million pounds of copper. With a net present value estimated at $1.66 billion and an internal rate of return of 39%, the project's economics are robust. By retaining a royalty, SSR Mining keeps its exposure to this immense upside while insulating itself from the operational and jurisdictional risks of building and running a mine in the region.

The value of this new royalty is not merely theoretical. As part of the complex deal structure, Royal Gold, which now holds a 15% equity stake in the project, has a call option to acquire half of SSR Mining's royalty (a 2.0% NSR) for a fixed price of $160 million. This option, exercisable for 12 months after commercial production begins, provides a clear market-based valuation, implying a potential value of over $300 million for SSR Mining's full royalty interest.

Building a New Identity on American Bedrock

With its Turkish assets divested, the "new" SSR Mining is firmly anchored in the Americas. Its portfolio is now centered on four producing mines in stable jurisdictions: the Marigold mine in Nevada, the Seabee mine in Canada, the Puna Operations in Argentina, and the cornerstone Cripple Creek & Victor (CC&V) mine in its home state of Colorado. The 2025 acquisition of CC&V, now the third-largest gold mine in the United States, has proven to be a strategic success, generating significant free cash flow and solidifying the company's position as a leading U.S. gold producer.

The strength of this refocused strategy is already evident in the company's financial results. For the first quarter of 2026, its continuing operations generated an impressive $210.8 million in free cash flow on revenue of $581.8 million, handily beating analyst expectations. With a clear production profile projected to deliver between 450,000 and 535,000 gold equivalent ounces in 2026, the company offers investors a predictable production base from its core American assets.

This sharpened focus allows management to concentrate its operational expertise and capital on a portfolio it knows best, optimizing performance and maximizing cash generation. The strategy is clear: run long-life mines efficiently in safe jurisdictions and return the proceeds to shareholders. The Hod Maden royalty, and others like it, represents a second, complementary pillar to this strategy, offering growth and diversification without distracting from the core operational mission.