SSR MINING INC.SSRM
SSR MINING INC. Segments Disclosure
OPERATING SEGMENTS
The Company identifies its segments according to how the chief operating decision maker ("CODM") evaluates financial performance and allocates resources. The Company's CODM is the chief executive officer. The CODM assesses the segments' performance by using each segments' operating income and primarily relies on operating income for each segment during the annual budgeting and forecasting process. On a quarterly basis, the CODM reviews budget-to-actual variances for profit metrics to inform decisions on the allocation of operating and capital resources across segments.
Following the close of the CC&V acquisition, the Company revised its operating segments to reflect certain changes in how the CODM evaluates financial performance and allocates resources. The Company determined that it has five reportable and operating segments represented by each of its producing mine sites, which includes the suspended operations at Çöpler and now includes CC&V. For the periods prior to the first quarter of 2025, the Company had four reportable segments.
The following tables provide a summary of financial information related to the Company's segments (in thousands):
| Year ended December 31, 2025 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Çöpler (1) | Marigold | CC&V (2) | Seabee (3) | Puna | Segments Total | Corporate and other (4) | Consolidated | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Revenue | $ | — | $ | 540,558 | $ | 450,442 | $ | 179,140 | $ | 459,497 | $ | 1,629,637 | $ | — | $ | 1,629,637 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cost of sales (5) | $ | — | $ | 251,833 | $ | 157,397 | $ | 82,328 | $ | 161,745 | $ | 653,303 | $ | — | $ | 653,303 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Depreciation, depletion, and amortization | $ | — | $ | 36,183 | $ | 11,555 | $ | 35,631 | $ | 32,325 | $ | 115,694 | $ | 484 | $ | 116,178 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
| General and administrative expense | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 107,823 | $ | 107,823 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Exploration and evaluation | $ | 1,866 | $ | 3,557 | $ | 377 | $ | 14,067 | $ | 8,540 | $ | 28,407 | $ | 8,724 | $ | 37,131 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Reclamation and remediation costs | $ | 65,940 | $ | 3,306 | $ | 13,214 | $ | 1,343 | $ | 5,121 | $ | 88,924 | $ | — | $ | 88,924 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Care and maintenance (6) | $ | 150,756 | $ | — | $ | — | $ | 1,013 | $ | — | $ | 151,769 | $ | — | $ | 151,769 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other operating expense (income), net | $ | (33,326) | $ | 1,956 | $ | 587 | $ | 177 | $ | 992 | $ | (29,614) | $ | 42,681 | $ | 13,067 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Operating income (loss) | $ | (185,236) | $ | 243,723 | $ | 267,312 | $ | 44,581 | $ | 250,774 | $ | 621,154 | $ | (159,712) | $ | 461,442 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest expense | $ | (6,521) | $ | (26) | $ | — | $ | — | $ | (1,210) | $ | (7,757) | $ | (6,818) | $ | (14,575) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest income | $ | — | $ | 3,716 | $ | 320 | $ | 1,260 | $ | 2,764 | $ | 8,060 | $ | 4,744 | $ | 12,804 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other income (expense) | $ | (532) | $ | (958) | $ | (12) | $ | (20) | $ | 16,130 | $ | 14,608 | $ | (1,066) | $ | 13,542 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Foreign exchange gain (loss) | $ | 581 | $ | — | $ | — | $ | 56 | $ | (18,928) | $ | (18,291) | $ | (11,774) | $ | (30,065) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Income (loss) before income and mining taxes | $ | (191,708) | $ | 246,455 | $ | 267,620 | $ | 45,877 | $ | 249,530 | $ | 617,774 | $ | (174,626) | $ | 443,148 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Capital expenditures | $ | 4,146 | $ | 62,885 | $ | 41,461 | $ | 36,104 | $ | 13,897 | $ | 158,493 | $ | 78,204 | $ | 236,697 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total assets as of December 31, 2025 | $ | 2,612,481 | $ | 791,739 | $ | 636,461 | $ | 363,299 | $ | 380,778 | $ | 4,784,758 | $ | 1,309,140 | $ | 6,093,898 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
(1)All operations at Çöpler ceased on February 13, 2024, following the Çöpler Incident and have not commenced as of December 31, 2025.
(2)The reported statements of operations amounts reflect results for CC&V from the date of acquisition on February 28, 2025 through December 31, 2025. See Note 3 for additional information.
(3)During the year ended December 31, 2025, the Company suspended operations at Seabee for approximately two weeks due to power interruptions caused by forest fires to the north of the mine. Seabee resumed operations on June 13, 2025.
(4)Corporate and other consists of business activities that are not included within the reportable segments and is provided for reconciliation purposes. The exploration, evaluation and development properties and the portfolio of prospective exploration tenures, near or adjacent to the existing operations are included in the respective reportable segment. The greenfield standalone prospects and development projects are included in Corporate and other.
(5)Excludes depreciation, depletion, and amortization.
(6)Care and maintenance expense represents $90.7 million of direct costs, excluding costs associated with environmental reclamation and remediation, and $60.0 million of depreciation incurred during the suspension of operations at Çöpler; and $0.2 million of direct costs, excluding costs associated with environmental reclamation and remediation, and $0.8 million of depreciation incurred during the approximately two week suspension of operations at Seabee during the second quarter of 2025.
| Year ended December 31, 2024 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Çöpler (1) | Marigold | Seabee | Puna | Segments Total | Corporate and other (2) | Consolidated | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Revenue | $ | 64,298 | $ | 409,025 | $ | 191,768 | $ | 330,527 | $ | 995,618 | $ | — | $ | 995,618 | ||||||||||||||||||||||||||||||||||||||||||||||||
Cost of sales (3) | $ | 36,215 | $ | 244,312 | $ | 77,846 | $ | 155,659 | $ | 514,032 | $ | — | $ | 514,032 | ||||||||||||||||||||||||||||||||||||||||||||||||
Depreciation, depletion, and amortization | $ | 13,130 | $ | 36,047 | $ | 48,008 | $ | 33,007 | $ | 130,192 | $ | — | $ | 130,192 | ||||||||||||||||||||||||||||||||||||||||||||||||
| General and administrative expense | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 62,885 | $ | 62,885 | ||||||||||||||||||||||||||||||||||||||||||||||||
| Exploration and evaluation | $ | 1,468 | $ | 13,097 | $ | 15,010 | $ | 5,639 | $ | 35,214 | $ | 6,590 | $ | 41,804 | ||||||||||||||||||||||||||||||||||||||||||||||||
Reclamation and remediation costs | $ | 274,877 | $ | 2,895 | $ | 1,336 | $ | 17,763 | $ | 296,871 | $ | — | $ | 296,871 | ||||||||||||||||||||||||||||||||||||||||||||||||
Impairment charges of long-lived and other assets | $ | 114,230 | $ | — | $ | 369 | $ | — | $ | 114,599 | $ | — | $ | 114,599 | ||||||||||||||||||||||||||||||||||||||||||||||||
Care and maintenance (4) | $ | 108,675 | $ | — | $ | 11,605 | $ | — | $ | 120,280 | $ | — | $ | 120,280 | ||||||||||||||||||||||||||||||||||||||||||||||||
Other operating expense (income), net | $ | 36,951 | $ | 2,710 | $ | 622 | $ | 2,118 | $ | 42,401 | $ | (5,161) | $ | 37,240 | ||||||||||||||||||||||||||||||||||||||||||||||||
| Operating income (loss) | $ | (521,247) | $ | 109,959 | $ | 36,972 | $ | 116,342 | $ | (257,974) | $ | (64,311) | $ | (322,285) | ||||||||||||||||||||||||||||||||||||||||||||||||
Interest expense | $ | (6,925) | $ | — | $ | — | $ | (917) | $ | (7,842) | $ | (5,186) | $ | (13,028) | ||||||||||||||||||||||||||||||||||||||||||||||||
Interest income | $ | 16 | $ | 6,757 | $ | 4,561 | $ | 976 | $ | 12,310 | $ | 4,425 | $ | 16,735 | ||||||||||||||||||||||||||||||||||||||||||||||||
Other income (expense) | $ | 343 | $ | (917) | $ | (124) | $ | 4,552 | $ | 3,854 | $ | 5,681 | $ | 9,535 | ||||||||||||||||||||||||||||||||||||||||||||||||
Foreign exchange gain (loss) | $ | 113 | $ | (8) | $ | (208) | $ | (1,023) | $ | (1,126) | $ | (8,565) | $ | (9,691) | ||||||||||||||||||||||||||||||||||||||||||||||||
Income (loss) before income and mining taxes | $ | (527,701) | $ | 115,790 | $ | 41,201 | $ | 119,929 | $ | (250,781) | $ | (67,953) | $ | (318,734) | ||||||||||||||||||||||||||||||||||||||||||||||||
| Capital expenditures | $ | 14,472 | $ | 39,070 | $ | 33,832 | $ | 16,794 | $ | 104,168 | $ | 42,051 | $ | 146,219 | ||||||||||||||||||||||||||||||||||||||||||||||||
Total assets as of December 31, 2024 | $ | 2,688,583 | $ | 889,570 | $ | 380,980 | $ | 333,652 | $ | 4,292,785 | $ | 896,235 | $ | 5,189,020 | ||||||||||||||||||||||||||||||||||||||||||||||||
(1)All operations at Çöpler ceased on February 13, 2024, following the Çöpler Incident.
(2)Corporate and other consists of business activities that are not included within the reportable segments and is provided for reconciliation purposes. The exploration, evaluation and development properties and the portfolio of prospective exploration tenures, near or adjacent to the existing operations are included in the respective reportable segment. The greenfield standalone prospects and development projects are included in Corporate and other.
(3)Excludes depreciation, depletion, and amortization.
(4)Care and maintenance expense represents $61.6 million of direct costs, excluding costs associated with environmental reclamation and remediation, and $47.1 million of depreciation incurred during the suspension of operations at Çöpler starting in the first quarter of 2024; and $9.4 million of direct costs, excluding costs associated with environmental reclamation and remediation, and $2.2 million of depreciation incurred during the suspension of operations at Seabee during the third quarter of 2024.
| Year ended December 31, 2023 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Çöpler | Marigold | Seabee | Puna | Segments Total | Corporate and other (1) | Consolidated | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Revenue | $ | 442,417 | $ | 538,244 | $ | 164,346 | $ | 281,920 | $ | 1,426,927 | $ | — | $ | 1,426,927 | ||||||||||||||||||||||||||||||||||||||||||||||||
Cost of sales (2) | $ | 268,628 | $ | 289,063 | $ | 82,898 | $ | 163,558 | $ | 804,147 | $ | — | $ | 804,147 | ||||||||||||||||||||||||||||||||||||||||||||||||
Depreciation, depletion, and amortization | $ | 93,808 | $ | 46,236 | $ | 40,533 | $ | 33,435 | $ | 214,012 | $ | — | $ | 214,012 | ||||||||||||||||||||||||||||||||||||||||||||||||
| General and administrative expense | $ | 5,489 | $ | — | $ | — | $ | 247 | $ | 5,736 | $ | 61,721 | $ | 67,457 | ||||||||||||||||||||||||||||||||||||||||||||||||
Exploration and evaluation | $ | 6,990 | $ | 12,295 | $ | 16,324 | $ | 7,135 | $ | 42,744 | $ | 7,441 | $ | 50,185 | ||||||||||||||||||||||||||||||||||||||||||||||||
Reclamation and remediation costs | $ | 1,709 | $ | 2,764 | $ | 1,164 | $ | 3,061 | $ | 8,698 | $ | — | $ | 8,698 | ||||||||||||||||||||||||||||||||||||||||||||||||
Impairment of long-lived assets and other | $ | 353,322 | $ | — | $ | — | $ | 2,637 | $ | 355,959 | $ | 5,653 | $ | 361,612 | ||||||||||||||||||||||||||||||||||||||||||||||||
Impairment charges of goodwill | $ | — | $ | — | $ | 49,786 | $ | — | $ | 49,786 | $ | — | $ | 49,786 | ||||||||||||||||||||||||||||||||||||||||||||||||
Other operating expense (income), net | $ | 512 | $ | — | $ | 508 | $ | — | $ | 1,020 | $ | 254 | $ | 1,274 | ||||||||||||||||||||||||||||||||||||||||||||||||
| Operating income (loss) | $ | (288,041) | $ | 187,886 | $ | (26,867) | $ | 71,847 | $ | (55,175) | $ | (75,069) | $ | (130,244) | ||||||||||||||||||||||||||||||||||||||||||||||||
Interest expense | $ | (9,046) | $ | — | $ | — | $ | (807) | $ | (9,853) | $ | (6,763) | $ | (16,616) | ||||||||||||||||||||||||||||||||||||||||||||||||
Interest income | $ | 1,507 | $ | — | $ | 7,039 | $ | 6,826 | $ | 15,372 | $ | 7,242 | $ | 22,614 | ||||||||||||||||||||||||||||||||||||||||||||||||
Other income (expense) | $ | 304 | $ | 1,086 | $ | (146) | $ | 35,625 | $ | 36,869 | $ | (9,332) | $ | 27,537 | ||||||||||||||||||||||||||||||||||||||||||||||||
Foreign exchange gain (loss) | $ | (7,823) | $ | — | $ | (709) | $ | (44,982) | $ | (53,514) | $ | (52,185) | $ | (105,699) | ||||||||||||||||||||||||||||||||||||||||||||||||
Income (loss) before income (expense) | $ | (303,099) | $ | 188,972 | $ | (20,683) | $ | 68,510 | $ | (66,300) | $ | (136,108) | $ | (202,408) | ||||||||||||||||||||||||||||||||||||||||||||||||
| Capital expenditures | $ | 89,165 | $ | 82,252 | $ | 37,521 | $ | 13,193 | $ | 222,131 | $ | — | $ | 222,131 | ||||||||||||||||||||||||||||||||||||||||||||||||
Total assets as of December 31, 2023 | $ | 2,915,262 | $ | 782,353 | $ | 464,033 | $ | 324,794 | $ | 4,486,442 | $ | 899,331 | $ | 5,385,773 | ||||||||||||||||||||||||||||||||||||||||||||||||
(1)Corporate and other consists of business activities that are not included within the reportable segments and is provided for reconciliation purposes. The exploration, evaluation and development properties and the portfolio of prospective exploration tenures, near or adjacent to the existing operations are included in the respective reportable segment. The greenfield standalone prospects and development projects are included in Corporate and other.
(2)Excludes depreciation, depletion, and amortization.
Geographic area
The following are long-lived assets, excluding Deferred income taxes, by location as of December 31 (in thousands):
| December 31, | |||||||||||||||||
| 2025 | 2024 | ||||||||||||||||
| Türkiye | $ | 3,410,897 | $ | 3,367,857 | |||||||||||||
United States | 1,033,014 | 407,304 | |||||||||||||||
| Canada | 301,539 | 305,098 | |||||||||||||||
| Argentina | 56,470 | 72,125 | |||||||||||||||
| Total | $ | 4,801,920 | $ | 4,152,384 | |||||||||||||
The following is revenue information by geographic area based on the location of production for the years ended December 31, (in thousands):
| Year Ended December 31, | ||||||||||||||||||||||||||
| 2025 | 2024 | 2023 | ||||||||||||||||||||||||
| Türkiye | $ | — | $ | 64,298 | $ | 442,417 | ||||||||||||||||||||
United States | 991,000 | 409,025 | 538,244 | |||||||||||||||||||||||
Canada | 179,140 | 191,768 | 164,346 | |||||||||||||||||||||||
| Argentina | 459,497 | 330,527 | 281,920 | |||||||||||||||||||||||
| Total | $ | 1,629,637 | $ | 995,618 | $ | 1,426,927 | ||||||||||||||||||||
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Feb 17, 2026 | Showing above |
| 2024 | Feb 18, 2025 | |
| 2023 | Feb 27, 2024 | |
| 2022 | Feb 22, 2023 | |
| 2021 | Feb 23, 2022 | |
About Segments Disclosures
Segment disclosures break a company into its reportable operating units, revealing revenue, profit, and asset allocation that consolidated financial statements obscure. Under ASC 280, segments must match how the chief operating decision maker views the business, providing a window into internal management structure and resource allocation priorities.
Key signals: compare segment margins to identify which units drive profitability and which destroy value. Watch for changes in the number of reportable segments — segment aggregation or disaggregation often coincides with strategic shifts or attempts to obscure declining performance. Intersegment elimination patterns reveal internal pricing practices. The reconciliation between segment totals and consolidated figures exposes corporate overhead allocation and unallocated items. Geographic revenue concentration highlights regulatory and currency exposure. Compare segment-level capital expenditure against segment revenue to assess where management is investing for future growth versus harvesting existing assets.