SSR Mining achieves record gold production from Canadian acreage

Wed 04 May 22, 2:07pm (AEST)
A selection of gold ingots laid in a tessellating pattern
Source: iStock

Key Points

  • Record gold production from flagship Canadian mine, the Seabee project, at 52,582oz
  • Company to receive over $60m in cash, shares for sale of Mexican silver mine to NYSE-listed entity
  • SSR Mining closes acquisition of Canadian Securities Exchange-listed Taiga Gold Corp

The share price for SSR Mining (ASX:SSR) has risen over 4% today in early afternoon trades to $31.15ps as the company reveals it produced 173,675 ounces of gold in Q1 CY22. 

SSR Mining also distributed a dividend of 0.07cps payable June 9 2022 to holders of record at the close of business on May 13 2022. 

Its aggregate production for the quarter puts together production measurements from SSR Mining's four mining projects: the Çöpler Project in Turkey; Marigold in the US, the Seabee development in Canada, and, the Puna project in Argentina. 

(Source: SSR Mining) a map pinpointing the company's projects
(Source: SSR Mining) a map pinpointing the company's projects

Canada Seabee project production boosted in quarter

Notably, SSR Mining has produced a record 52,582oz of gold from the Seabee development in Canada at an AISC of $596 per oz with processed grades above plan at 17.8g/t. 

On-site Seabee, the company continues to explore a "very high grade" zone outside the known Seabee mineral reserve first mined in Q2 of CY21. 

Activities continue as SSR Mining seeks to further define the extension limits of this additional area of interest; the company suspects grades will return closer to plan of 9.2g/t for the remainder of 2022 production. 

This record production of gold was the product of upgrades to mine performance in the first quarter, allowing for a record of 103,000 tonnes of ore mined. 

Silver production at Puna remains strong

SSR Mining also notes it produced 1.3Moz of silver from Puna, Argentia, at cash costs of $13.06/oz in Q1 of the calendar year and AISC of $14.67. 

The Puna silver mine in South America remains on track to achieve its full-year guidance. 

(Source: SSR Mining) aerial photo of the company's Marigold project
(Source: SSR Mining) aerial photo of the company's Marigold project

SSR Mining closes acquisition of Taiga Gold Corp

During the quarter, SSR Mining also completed its plan of arrangement to acquire all issued and outstanding shares of Canada-based Taiga Gold Corp, which is listed on the Canadian Securities Exchange. 

The transaction saw SSR Mining consolidate a 100% interest in the Fisher property adjacent to the Seabee gold mine, eliminating a 2.5% royalty attached to the Fisher acreage and adding five new properties equalling over 29,100 hectares of additional acreage. 

SSR Mining's total Saskatchewan assets now cover a total area of 131,150 hectares. 

SSR to receive up to $127m in Pitarilla sale 

SSR Mining also sold off its Pitarilla silver project in Mexico, Durango, to New York Securities Exchange-listed Endeavour Silver Corp for a total consideration of up to $127m. 

The sale consideration includes $35m in cash, $35m in NYSE-traded Endeavour shares, and the retention of a 1.25% NSR royalty on the Pitarilla property. 

The transaction remains subject to approval of the Mexican Federal Economic Competition Commission. 

SSR Mining's charts for the last six months compared to the materials index
SSR Mining's charts for the last six months compared to the materials index


Written By

Jonathon Davidson

Finance Writer

Jonathon is a journalism graduate and avid market watcher with exposure to governance, NGO and mining environments. He was most recently hired as an oil and gas specialist for a trade publication.

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