SSRM: Future Precious Metal Prices Will Drive Stronger Profitability And Cash Flow

Analysts have nudged our SSR Mining price target higher by approximately $1.90 per share to reflect modestly stronger long term revenue growth, expanding profit margins, and a slightly lower implied future P E multiple, even as they factor in a marginally higher discount rate and a still challenging macro backdrop for metals demand.

Analyst Commentary

Recent Street research on SSR Mining reflects a mix of optimism on the company specific outlook and caution around the broader metals cycle, resulting in a wide dispersion of ratings and valuation frameworks.

Bullish Takeaways

• Bullish analysts have lifted price targets into the high 20s to low 30s per share, signaling greater confidence in the company s ability to compound value despite sector volatility.
• Upward revisions are being underpinned by expectations for higher long term precious metal prices, which support stronger cash flow generation and justify richer net asset value multiples.
• Improving margin assumptions and operating execution are seen as key drivers for sustaining returns on invested capital, helping to de risk growth investments embedded in current valuation.
• Some target hikes are characterized as a catch up to the recent rally in gold and SSR Mining s share price. This suggests that fundamental performance is now better aligned with market pricing.

Bearish Takeaways

• Bearish analysts maintain more cautious ratings, arguing that the stock is already discounting an optimistic commodity price deck and leaves limited upside relative to risk.
• There is ongoing concern that a challenging macro environment for metals demand, particularly from a slowing China, could cap realized pricing and weigh on revenue growth.
• Even with modestly higher price targets, more conservative views emphasize execution risk on future projects and the potential for cost inflation to erode anticipated margin expansion.
• Some models embed lower valuation multiples to reflect cyclical uncertainty. This indicates reluctance to re rate the shares until there is clearer evidence of sustained demand and stable input costs.

What's in the News

• SSR Mining released a new Technical Report Summary for the Cripple Creek & Victor Gold Mine in Colorado, outlining life of mine plans and confirming the operation is tracking toward the top end of 2025 production guidance of 90,000 to 110,000 ounces of gold (Key Developments).
• Since acquiring CC&V in the first quarter of 2025, the mine has produced 85,165 ounces of gold and generated approximately $115 million in mine site after tax free cash flow, supporting an acquisition IRR expected to exceed 100% (Key Developments).
• The 2025 CC&V TRS highlights substantial resource potential, with more than 4.8 million ounces of Measured and Indicated Mineral Resources and 2.0 million ounces of Inferred Mineral Resources, pointing to meaningful future growth opportunities at the site (Key Developments).
• SSR Mining reported third quarter 2025 consolidated operating results, including higher gold production of 75,212 ounces versus 63,155 ounces a year earlier, and gold equivalent production of 102,673 ounces versus 97,429 ounces in the prior year period (Key Developments).
• For the nine months ended September 30, 2025, SSR Mining delivered 326,940 ounces of gold equivalent production, up from 275,113 ounces a year ago, supported by increased gold and silver output despite lower lead volumes (Key Developments).

Valuation Changes

• Fair Value Estimate has edged down slightly from CA$39.01 per share to CA$38.85 per share, reflecting modest adjustments to long term assumptions.
• Discount Rate has risen slightly from 7.68% to 7.79%, indicating a marginally higher required return for SSR Mining s cash flows.
• Revenue Growth has increased meaningfully from 26.38% to 29.45%, signaling greater confidence in long term top line expansion.
• Net Profit Margin has improved from 41.88% to 44.40%, incorporating expectations for stronger operating efficiency and profitability.
• Future P E Multiple has fallen from 5.85x to 5.23x, implying a more conservative valuation framework despite stronger growth and margin forecasts.