SSR MINING INC.SSRM
SSR MINING INC. Income Taxes Disclosure
INCOME AND MINING TAXES
(1) Of the gross unrecognized tax benefits, nil was recognized as current liabilities in Consolidated Balance Sheet as of December 31, 2025.
The following tables represent the major components of Income (loss) before income and mining taxes and Income and mining tax benefit (expense) recognized in the Consolidated Statements of Operations (in thousands):
| Year Ended December 31, | ||||||||||||||||||||||||||
| 2025 | 2024 | 2023 | ||||||||||||||||||||||||
Income (loss) before income and mining taxes components: | ||||||||||||||||||||||||||
| Canada | $ | (6,258) | $ | 56,062 | $ | (76,407) | ||||||||||||||||||||
| United States | 481,521 | 105,989 | 181,926 | |||||||||||||||||||||||
| Türkiye | (233,022) | (548,077) | (319,775) | |||||||||||||||||||||||
Argentina | 201,135 | 67,386 | 13,733 | |||||||||||||||||||||||
Other foreign | (228) | (94) | (1,885) | |||||||||||||||||||||||
Total income (loss) before income and mining taxes | $ | 443,148 | $ | (318,734) | $ | (202,408) | ||||||||||||||||||||
| Year Ended December 31, | ||||||||||||||||||||||||||
| 2025 | 2024 | 2023 | ||||||||||||||||||||||||
Current income tax provision: | ||||||||||||||||||||||||||
| Canada | $ | 23,379 | $ | 17,073 | $ | 9,738 | ||||||||||||||||||||
| United States | 67,862 | 13,847 | 27,322 | |||||||||||||||||||||||
| Türkiye | 547 | 2,629 | 4,390 | |||||||||||||||||||||||
| Argentina | 44,995 | 21,526 | 8,925 | |||||||||||||||||||||||
Other foreign | 206 | 97 | 3,257 | |||||||||||||||||||||||
| Total current income tax provision | 136,989 | 55,172 | 53,632 | |||||||||||||||||||||||
Deferred income tax provision (benefit): | ||||||||||||||||||||||||||
| Canada | (92) | (7,954) | (4,681) | |||||||||||||||||||||||
United States | (23,268) | 3,307 | 1,373 | |||||||||||||||||||||||
| Türkiye | (35,240) | (25,064) | (120,950) | |||||||||||||||||||||||
Argentina | 1,847 | 7,864 | (11,958) | |||||||||||||||||||||||
| Other foreign | 9 | (23) | 50 | |||||||||||||||||||||||
Total deferred income tax provision (benefit) | (56,744) | (21,870) | (136,166) | |||||||||||||||||||||||
Total income tax provision (benefit) | $ | 80,245 | $ | 33,302 | $ | (82,534) | ||||||||||||||||||||
Beginning in 2025, the Company adopted Accounting Standards Update ASU 2023-09 on a prospective basis. As a result, the effective tax rate reconciliation below reflects the enhanced disaggregation and standardized categories required by the new guidance.
| Year ended December 31, 2025 | ||||||||||||||
Total | % | |||||||||||||
| Earnings from continuing operations, before income tax expense | $ | 443,148 | ||||||||||||
| Canada statutory tax rate | 66,472 | 15.0 | % | |||||||||||
Provincial and local income taxes (1) | 1,823 | 0.4 | % | |||||||||||
| Saskatchewan mineral tax | 3,959 | 0.9 | % | |||||||||||
| Federal - Canada | ||||||||||||||
| Effect of cross-border tax laws | 1,050 | 0.2 | % | |||||||||||
| Changes in valuation allowances | 6,687 | 1.5 | % | |||||||||||
| Nontaxable or nondeductible items | ||||||||||||||
| Dividends | (1,359) | (0.3) | % | |||||||||||
| Other | 2,277 | 0.5 | % | |||||||||||
| Other adjustments | (1,867) | (0.4) | % | |||||||||||
| Foreign tax effects | ||||||||||||||
| United States | ||||||||||||||
| Effect of rates different than statutory | 28,891 | 6.5 | % | |||||||||||
| Nevada net proceeds tax | 14,934 | 3.4 | % | |||||||||||
| Depletion in excess of basis | (28,052) | (6.3) | % | |||||||||||
| Foreign-derived intangible income deduction | (22,143) | (5.0) | % | |||||||||||
| Changes in valuation allowances | (21,133) | (4.8) | % | |||||||||||
| Overseas withholding tax | 7,105 | 1.6 | % | |||||||||||
| Section 162(m) compensation limitation | 4,658 | 1.1 | % | |||||||||||
| Other | (4,789) | (1.1) | % | |||||||||||
| Argentina | ||||||||||||||
| Effect of rates different than statutory | 20,120 | 4.5 | % | |||||||||||
| Changes in valuation allowances | (7,433) | (1.7) | % | |||||||||||
| Foreign exchange impact on deferred balances | 5,049 | 1.1 | % | |||||||||||
| Current year inflation and foreign exchange | (1,643) | (0.4) | % | |||||||||||
| Other | 1,616 | 0.4 | % | |||||||||||
| Türkiye | ||||||||||||||
| Effect of rates different than statutory | (21,651) | (4.9) | % | |||||||||||
| Changes in valuation allowances | 38,510 | 8.7 | % | |||||||||||
| Current year inflation and foreign exchange | (12,041) | (2.7) | % | |||||||||||
| Foreign exchange impact on deferred balances | (8,004) | (1.8) | % | |||||||||||
| Overseas withholding tax | 3,809 | 0.9 | % | |||||||||||
| Other non-deductible items | 3,075 | 0.7 | % | |||||||||||
| Other | 73 | — | % | |||||||||||
| Other foreign jurisdictions | 252 | 0.1 | % | |||||||||||
| Income tax expense | $ | 80,245 | 18.1 | % | ||||||||||
(1)Provincial taxes in Saskatchewan made up the majority (greater than 50%) of the tax effect in this category.
For the years ended December 31, 2024 and 2023, the following table presents a reconciliation of income and mining tax expense to the amount that would be computed by applying the Canadian statutory rate of 27%, the Company's country of domicile rate, to income (loss) before income and mining taxes. The prior years are presented in the historical format as the Company adopted ASU 2023-09 prospectively.
| Year Ended December 31, | ||||||||||||||||||||
| 2024 | 2023 | |||||||||||||||||||
Income (loss) before income and mining taxes | $ | (318,734) | $ | (202,408) | ||||||||||||||||
| Statutory tax rate | 27 | % | 27 | % | ||||||||||||||||
Expected income and mining tax expense (benefit) | (86,058) | (54,650) | ||||||||||||||||||
| Increase (decrease) attributable to: | ||||||||||||||||||||
| Non-taxable items | (36,502) | (26,345) | ||||||||||||||||||
Foreign exchange and inflation | (30,160) | (55,850) | ||||||||||||||||||
Tax rate increase | — | 68,917 | ||||||||||||||||||
| Differences in foreign and future tax rates | 15,152 | (4,219) | ||||||||||||||||||
| Investment incentive tax credits | (7,327) | (22,760) | ||||||||||||||||||
Mining taxes and overseas withholding tax | 11,696 | 5,546 | ||||||||||||||||||
| Change in estimates in respect of prior years | 14,935 | 1,742 | ||||||||||||||||||
| Changes in valuation allowance | 151,322 | 4,748 | ||||||||||||||||||
| Other | 244 | 337 | ||||||||||||||||||
| Total income and mining tax expense (benefit) | $ | 33,302 | $ | (82,534) | ||||||||||||||||
The significant components of Deferred income tax assets and Deferred income tax liabilities were (in thousands):
| December 31, | |||||||||||||||||
| 2025 | 2024 | ||||||||||||||||
| Deferred income tax assets | |||||||||||||||||
| Deductible temporary differences relating to: | |||||||||||||||||
Marketable securities | $ | 66 | $ | 46 | |||||||||||||
Reclamation liabilities | 114,297 | 62,007 | |||||||||||||||
Lease liabilities | 21,840 | 22,107 | |||||||||||||||
Deductibility of other taxes | 11,363 | 11,279 | |||||||||||||||
Stock-based compensation | 8,605 | 1,732 | |||||||||||||||
Other items | 3,718 | 10,308 | |||||||||||||||
| 159,889 | 107,479 | ||||||||||||||||
Investment incentive tax credits (1) | 17,616 | 21,436 | |||||||||||||||
Tax loss carryforwards | 195,520 | 145,531 | |||||||||||||||
Less: Valuation allowance | (263,384) | (225,962) | |||||||||||||||
Total deferred income tax assets | $ | 109,641 | $ | 48,484 | |||||||||||||
| Deferred income tax liabilities | |||||||||||||||||
Taxable temporary differences relating to: | |||||||||||||||||
Marketable securities | $ | (443) | $ | (1,001) | |||||||||||||
Inventories | (38,012) | (17,455) | |||||||||||||||
Mineral properties, plant and equipment | (296,654) | (300,053) | |||||||||||||||
Mineral tax | (46,961) | (43,730) | |||||||||||||||
Other items | (10,203) | (5,920) | |||||||||||||||
Total deferred income tax liabilities | $ | (392,273) | $ | (368,159) | |||||||||||||
| Balance sheet presentation | |||||||||||||||||
Deferred income tax assets | $ | 4,857 | $ | 7,602 | |||||||||||||
Deferred income tax liabilities | (287,489) | (327,277) | |||||||||||||||
Deferred income tax liabilities, net | $ | (282,632) | $ | (319,675) | |||||||||||||
(1)The Company receives investment incentive tax credits for qualifying capital expenditures at Çöpler. The application of these tax credits, which are denominated in Turkish Lira, can reduce income and mining tax expense and cash tax payments expected in the future. Reviews of eligible expenditures for tax credits by local tax authorities occur periodically and can result in adjustments to the recognition of investment incentive tax credits.
As of December 31, 2025, the Company had deferred tax liabilities related to investments in subsidiaries that were not recognized as the Company controls the dividend policy of its subsidiaries (i.e., the Company controls the timing of reversal of the related taxable temporary differences and is satisfied that they will not reverse in the foreseeable future). It is not practicable to determine the amount of the unrecognized deferred tax liabilities at this time.
Valuation of deferred tax assets
The Company recognizes tax benefits on losses or other deductible amounts generated in countries where it determines that it is more likely than not that taxable profits will be available to be utilized against those temporary differences. The Company's deferred tax valuation allowance related primarily to tax losses in jurisdictions which do not meet the “more-likely-than-not” standard under current accounting guidance due to insufficient positive taxable income to utilize available tax losses.
| Additions | |||||||||||||||||||||||||||||||||||||||||||||||
| Years ended December 31, | Balance at beginning of year | Charged to costs and expenses | Charged to other accounts | Deductions | Balance at end of year | ||||||||||||||||||||||||||||||||||||||||||
| Valuation allowance on deferred tax assets: | |||||||||||||||||||||||||||||||||||||||||||||||
| 2025 | $ | 225,962 | $ | 50,399 | $ | 14,861 | $ | (27,838) | $ | 263,384 | |||||||||||||||||||||||||||||||||||||
| 2024 | $ | 74,640 | $ | 167,208 | $ | — | $ | (15,886) | $ | 225,962 | |||||||||||||||||||||||||||||||||||||
| 2023 | $ | 61,101 | $ | 17,343 | $ | — | $ | (3,804) | $ | 74,640 | |||||||||||||||||||||||||||||||||||||
When there is a change in judgment concerning the recovery of deferred tax assets in future periods, a valuation allowance is recorded into earnings during the quarter in which the change in judgment occurs. The valuation allowance increased in 2025 by $65.3 million, primarily related to losses sustained from the Çöpler Incident, for which the Company is uncertain whether the related tax attributes will be utilized prior to their five‑year expiration period, as well as an additional valuation allowance established as a result of purchase price accounting for CC&V. Additionally, the Company reduced its valuation allowance by $27.8 million, primarily related to updated estimates of future taxable income in the U.S. and the realizability of tax benefits associated with U.S. reclamation liabilities.
Income taxes paid
Beginning in 2025, the Company adopted ASU 2023-09 on a prospective basis. As a result, the income taxes paid disclosure below reflects the enhanced disaggregation required by the new guidance.
Income taxes paid (net of refunds received): | Year ended December 31, 2025 | |||||||
Federal | $ | 13,216 | ||||||
Provincial | 5,544 | |||||||
Foreign | 82,507 | |||||||
Total | $ | 101,267 | ||||||
Income taxes paid (net of refunds) exceeded 5 percent of total income taxes paid (net of refunds) in the following jurisdictions:
| Income taxes paid (net of refunds received): | Year ended December 31, 2025 | |||||||
| Federal | ||||||||
Canada | $ | 13,216 | ||||||
| Provincial | ||||||||
Saskatchewan | $ | 5,544 | ||||||
| Foreign | ||||||||
United States | $ | 59,902 | ||||||
Argentina | $ | 11,799 | ||||||
Tax loss carryforwards
As of December 31, 2025, the Company had the following estimated tax operating and capital losses (in thousands) available to reduce future taxable income, including both losses for which deferred tax assets are utilized to offset applicable deferred tax liabilities and losses for which deferred tax assets have a valuation allowance against. Losses expire at various dates and amounts between 2026 and 2046.
| December 31, 2025 | Expiration year | |||||||||||||
| Türkiye | $ | 558,634 | 2026-2030 | |||||||||||
| Canada | $ | 262,792 | 2026-2046 | |||||||||||
| Argentina | $ | 10,469 | 2026-2029 | |||||||||||
United States | $ | 1,387 | 2026-Indefinite | |||||||||||
Unrecognized tax benefits
The Company records uncertain tax positions on the basis of a two-step process in which (1) the Company determines whether it is more likely than not that the tax positions will be sustained on the basis of the technical merits of the position and (2) for those tax positions meeting the “more-likely-than-not” recognition threshold, the Company recognizes the largest amount of tax benefit that is more than 50% likely to be realized upon ultimate settlement with the related tax authority.
A reconciliation of the beginning and ending amount of gross unrecognized tax benefits, inclusive of interest and penalties, is as follows during the years ended December 31 (in thousands):
| 2025 | 2024 | 2023 | ||||||||||||||||||||||||
| Balance as of January 1 | $ | — | $ | — | $ | 8,574 | ||||||||||||||||||||
Additions for tax positions related to prior years(1) | — | — | — | |||||||||||||||||||||||
| Reductions for tax positions related to priors years | — | — | (7,218) | |||||||||||||||||||||||
| Reductions for settlements with tax authorities | — | — | (1,356) | |||||||||||||||||||||||
| Balance as of December 31 | $ | — | $ | — | $ | — | ||||||||||||||||||||
(1) Of the gross unrecognized tax benefits, nil was recognized as current liabilities in Consolidated Balance Sheet as of December 31, 2025.
As of December 31, 2025 and December 31, 2024, there were no unrecognized tax benefits, inclusive of interest and penalties that, if recognized, would impact the Company’s effective income tax rate. As of December 31, 2025 and December 31, 2024, there were no accrued income-tax-related interest and penalties.
On March 12, 2023, Türkiye enacted Tax Amnesty legislation, which allows taxpayers to voluntarily pay tax on uncertain tax positions and waives assessed interest, penalties up to 50.0% of tax and risk of audit if paid in accordance with the process outlined in the legislation. As a result, during the year ended December 31, 2023, the Company released $7.2 million of tax, interest, and penalties in Income and mining tax benefit (expense) in the Consolidated Statements of Operations. During the year ended December 31, 2023, the Company paid $1.4 million in a cash payment in accordance with the Tax Amnesty agreement.
The Company files income tax returns in the U.S. federal jurisdiction, Canada, Türkiye, Argentina and various state, provincial and foreign jurisdictions. With few exceptions, the Company is no longer subject to U.S. Federal, state and local, and non-U.S. income tax examinations for years before 2020.About Income Taxes Disclosures
The income tax disclosure reveals how much a company actually pays in taxes versus what the statutory rate would predict. Analysts focus on the effective tax rate (ETR) reconciliation, which breaks down every item driving the gap between the 21% federal rate and the company's reported ETR — including R&D credits, foreign rate differentials, and state taxes. Deferred tax assets (DTAs) and their valuation allowances signal management's confidence in future profitability: a rising allowance suggests the company doubts it can use accumulated tax benefits. Uncertain tax benefit (UTB) reserves quantify exposure to IRS challenges on aggressive positions.
Key signals to watch: sudden ETR drops without clear operational reasons, large increases in valuation allowances, growing UTB balances, and significant unremitted foreign earnings. Post-TCJA, pay attention to GILTI and BEAT provisions that affect multinational tax structures. Compare the cash taxes paid (from the cash flow statement) against the income tax provision to gauge earnings quality.