A Member of Pat McKeough’s Inner Circle recently asked for his advice on an Americas-focused intermediate gold and silver producer operating four core mining complexes across the U.S., Canada, and Argentina.
Pat likes the firm’s newly fortified balance sheet and pivot into an exclusively Americas-based precious metals producer. That includes the recent acquisition of Roxmore Resources.
SSR Mining (Symbol SSRM on Toronto; www.ssrmining.com) is the third-largest gold producer in the U.S. In addition to its CC&V (Cripple Creek & Victor) and Marigold gold mines in the U.S., it also operates the Seabee mine in Northern Saskatchewan and the Puna silver mine in Argentina.
On June 24, 2026, SSR completed the sale of its 80% interest in the Copler mine in Turkey to Cengiz Holding A.S. for $1.49 billion (all figures are in U.S. dollars except share price).
The Copler mine had been closed since February 2024 because of an accident that killed nine employees. SSR acquired the Copler mine in September 2020 when it completed its all-stock merger with Alacer Gold Corp.
Subsequently, in mid-July, SSR completed the sale of its 20% interest in the Hod Maden development project in Turkey. As payment for the 20% stake, it received a 4% NSR (net smelter return) royalty. This ended the company’s involvement in Turkey, and it now plans to focus on its mines in the Americas.
Meanwhile, on October 13, SSR announced the acquisition of Roxmore Resources Inc. (symbol RM on Toronto) for $498.5 million in cash. SSR’s acquisition gives it 100% ownership of the Converse gold project in Nevada, right next door to SSR’s Marigold mine. When operational, the Converse project could add 150,000 to 170,000 ounces of annual gold production to its U.S. operations.
In addition, Roxmore shareholders will receive 0.33 shares for every share held in a newly created spinoff company to hold Roxmore’s Rattlesnake Hills, Shabu River and Newton Property projects in Wyoming, Ontario, and B.C. Roxmore shareholders will own 85% of the spinoff, with SSR owning the remaining 15%.
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SSR Mining’s higher gold and silver prices offset lower production
In the quarter ended June 30, 2026, SSR’s revenue was $443.8 million, up 9.4% from $405.5 million a year earlier. Revenue rose despite lower production at several of its mines, offset by significantly higher realized gold and silver prices.
Excluding one-time items, earnings were $137.0 million, down 0.9% from $138.3 million. Due to fewer shares outstanding, earnings per share rose by 3.1% in the quarter, to $0.66 from $0.64.
SSR expects 2026 production of 450,000 to 535,000 gold-equivalent ounces from its Marigold, CC&V, Seabee and Puna operations. It produced 447,207 gold equivalent ounces in 2025.
Like most gold stocks, the company’s shares are heavily influenced by gold prices. Still, SSR’s positive earnings and rising production outlook provide lots of speculative appeal for investors.
Recommendation in Pat’s Inner Circle: SSR Mining is okay to hold.
