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SSR Mining Is Still Priced Like A Problem.

Summary 

  • SSR Mining ended 2025 with $471Mn in operating cash flow and $241.6Mn in free cash flow. All this while its most scrutinised asset isn’t fully operational. And I think the market hasn’t caught up to that yet. 


  • The next 12 to 18 months have clear drivers. With CC&V optimization, production guidance increase and multiple internal growth projects across the portfolio. This could keep earnings and free cash flow moving upwards even without a perfect outcome in Türkiye. 


  • The real story is in the valuation. A FWD NON-GAAP PEG of 0.35x and FWD EV/EBITDA of 4.04x  are far below the sector medians. That’s value with growth, not value because the business is dying.


  • The risks are real and worth taken seriously. The major one is the Çöpler path [timeline and conditions]. The rest are classic miner risks. The upside case doesn’t need miracles, it just needs normal execution.


Stacked gold bars with inscriptions, including "999.9 Fine Gold" and "Net WT 250g." Reflective, shiny surface creating a luxurious mood.
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