(State or Other Jurisdiction of Incorporation or Organization) | (I.R.S. Employer Identification No.) | |||||||
Title of each class | Trading symbol | Name of each exchange on which registered | ||||||
☒ | Accelerated filer | ☐ | ||||||||||||
Non-accelerated filer | ☐ | Smaller reporting company | ||||||||||||
Emerging growth company |
Page | |||||
PART I - FINANCIAL INFORMATION | |||||
Business Overview | |||||
Consolidated Results of Operations | |||||
Results of Operations | |||||
Liquidity and Capital Resources | |||||
Non-GAAP Financial Measures | |||||
Critical Accounting Policies and Estimates | |||||
New Accounting Pronouncements | |||||
PART II - OTHER INFORMATION | |||||
SIGNATURES | |||||
Three Months Ended March 31, | |||||||||||||||||
2022 | 2021 | ||||||||||||||||
Revenue | $ | $ | |||||||||||||||
Operating Costs and Expenses: | |||||||||||||||||
Production costs | |||||||||||||||||
Depreciation, depletion, and amortization | |||||||||||||||||
General and administrative expense | |||||||||||||||||
Exploration, evaluation, and reclamation costs | |||||||||||||||||
Transaction, integration, and SEC conversion expense | |||||||||||||||||
Operating income | |||||||||||||||||
Other income (expense): | |||||||||||||||||
Interest expense | ( | ( | |||||||||||||||
Other income (expense) | ( | ( | |||||||||||||||
Foreign exchange gain (loss) | ( | ( | |||||||||||||||
Total other income (expense) | ( | ( | |||||||||||||||
Income before income and mining taxes | |||||||||||||||||
Income and mining tax benefit (expense) | ( | ||||||||||||||||
Equity income (loss) of affiliates | ( | ( | |||||||||||||||
Net income | |||||||||||||||||
Net loss (income) attributable to non-controlling interest | ( | ( | |||||||||||||||
Net income attributable to SSR Mining shareholders | $ | $ | |||||||||||||||
Net income per share attributable to SSR Mining shareholders | |||||||||||||||||
Basic | $ | $ | |||||||||||||||
Diluted | $ | $ |
Three Months Ended March 31, | |||||||||||||||||
2022 | 2021 | ||||||||||||||||
Operating activities | |||||||||||||||||
Net income | $ | $ | |||||||||||||||
Adjustments for: | |||||||||||||||||
Depreciation, depletion, and amortization | |||||||||||||||||
Amortization of debt discount | |||||||||||||||||
Reclamation costs | |||||||||||||||||
Deferred income taxes | ( | ( | |||||||||||||||
Stock-based compensation | ( | ||||||||||||||||
Equity pickup on investments in joint ventures | |||||||||||||||||
Unrealized gain on derivative instruments | ( | ( | |||||||||||||||
Change in fair value of marketable securities | |||||||||||||||||
Non-cash fair value adjustment on acquired inventories | |||||||||||||||||
Loss (gain) on sale of mineral properties, plant and equipment | |||||||||||||||||
Net change in operating assets and liabilities | ( | ( | |||||||||||||||
Net cash provided by operating activities | |||||||||||||||||
Investing activities | |||||||||||||||||
Additions to mineral properties, plant and equipment | ( | ( | |||||||||||||||
Net proceeds from sales of marketable securities | |||||||||||||||||
Proceeds from sale of mineral properties, plant and equipment | |||||||||||||||||
Other investing activities | ( | ||||||||||||||||
Net cash used in investing activities | ( | ( | |||||||||||||||
Financing activities | |||||||||||||||||
Repayment of debt, principal | ( | ( | |||||||||||||||
Proceeds from exercise of stock options | |||||||||||||||||
Principal payments on finance leases | ( | ( | |||||||||||||||
Non-controlling interest dividend | ( | ( | |||||||||||||||
Dividends paid | ( | ||||||||||||||||
Other financing activities | ( | ||||||||||||||||
Net cash used in financing activities | ( | ( | |||||||||||||||
Effect of foreign exchange rate changes on cash and cash equivalents | |||||||||||||||||
Net increase (decrease) in cash, cash equivalents, and restricted cash | ( | ||||||||||||||||
Cash, cash equivalents, and restricted cash, beginning of period | |||||||||||||||||
Cash, cash equivalents, and restricted cash, end of period | $ | $ | |||||||||||||||
Three Months Ended March 31, | |||||||||||||||||
2022 | 2021 | ||||||||||||||||
Reconciliation of cash, cash equivalents, and restricted cash: | |||||||||||||||||
Cash and cash equivalents | $ | $ | |||||||||||||||
Restricted cash | |||||||||||||||||
Total cash, cash equivalents, and restricted cash | $ | $ |
March 31, 2022 | December 31, 2021 | ||||||||||||||||
ASSETS | |||||||||||||||||
Cash and cash equivalents | $ | $ | |||||||||||||||
Marketable securities | |||||||||||||||||
Trade and other receivables | |||||||||||||||||
Inventories | |||||||||||||||||
Prepaids and other current assets | |||||||||||||||||
Assets held for sale | |||||||||||||||||
Total current assets | |||||||||||||||||
Mineral properties, plant and equipment, net | |||||||||||||||||
Inventories | |||||||||||||||||
Restricted cash | |||||||||||||||||
Equity method investments | |||||||||||||||||
Goodwill | |||||||||||||||||
Deferred income tax assets | |||||||||||||||||
Other non-current assets | |||||||||||||||||
Total assets | $ | $ | |||||||||||||||
LIABILITIES | |||||||||||||||||
Accounts payable | $ | $ | |||||||||||||||
Accrued liabilities and other | |||||||||||||||||
Finance lease liabilities | |||||||||||||||||
Current portion of debt | |||||||||||||||||
Liabilities held for sale | |||||||||||||||||
Total current liabilities | |||||||||||||||||
Debt | |||||||||||||||||
Finance lease liabilities | |||||||||||||||||
Reclamation liabilities | |||||||||||||||||
Deferred income tax liabilities | |||||||||||||||||
Other non-current liabilities | |||||||||||||||||
Total liabilities | |||||||||||||||||
EQUITY | |||||||||||||||||
Common shares – unlimited authorized common shares with no par value; | |||||||||||||||||
Retained earnings (deficit) | |||||||||||||||||
SSR Mining’s shareholders’ equity | |||||||||||||||||
Non-controlling interest | |||||||||||||||||
Total equity | |||||||||||||||||
Total liabilities and equity | $ | $ |
Common shares | ||||||||||||||||||||||||||||||||||||||||||||||||||
Number of shares | Amount | Retained earnings (accumulated deficit) | Total equity attributable to equity holders of SSR Mining | Non-controlling interest | Total equity | |||||||||||||||||||||||||||||||||||||||||||||
Balance as of December 31, 2021 | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||||||||
Exercise of stock options | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||
Settlement of RSUs | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||
Equity-settled stock-based compensation | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||
Dividends declared to equity holders of SSR Mining | — | — | ( | ( | — | ( | ||||||||||||||||||||||||||||||||||||||||||||
Dividends paid to non-controlling interest | — | — | — | — | ( | ( | ||||||||||||||||||||||||||||||||||||||||||||
Net income (loss) | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||
Balance as of March 31, 2022 | $ | $ | $ | $ | $ |
Common shares | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Number of shares | Amount | Retained earnings (accumulated deficit) | Total equity attributable to equity holders of SSR Mining | Non-controlling interest | Total equity | Contingently redeemable shares | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance as of December 31, 2020 | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Exercise of stock options | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Settlement of RSUs and PSUs | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity-settled stock-based compensation | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Transfer of cash-settled RSUs | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Reclassification of contingently redeemable shares | — | — | — | ( | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Dividends paid to equity holders of SSR Mining | — | — | ( | ( | — | ( | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Dividends paid to non-controlling interest | — | — | — | — | ( | ( | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other | — | — | ( | ( | — | ( | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income (loss) | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance as of March 31, 2021 | $ | $ | $ | $ | $ | $ |
Three Months Ended March 31, 2022 | ||||||||||||||||||||||||||||||||||||||||||||
Çöpler | Marigold | Seabee | Puna | Exploration, evaluation and development properties (2) | Corporate and other (1) | Total | ||||||||||||||||||||||||||||||||||||||
Revenue | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||
Production costs | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||
Depletion, depreciation, and amortization | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||
Exploration, evaluation, and reclamation costs | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||
Transaction, integration, and SEC conversion expense | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||
Operating income | $ | $ | $ | $ | $ | ( | $ | ( | $ | |||||||||||||||||||||||||||||||||||
Capital expenditures | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||
Total assets as of March 31, 2022 | $ | $ | $ | $ | $ | $ | $ |
Three Months Ended March 31, 2021 | ||||||||||||||||||||||||||||||||||||||||||||
Çöpler | Marigold | Seabee | Puna | Exploration, evaluation and development properties | Corporate and other (1) | Total | ||||||||||||||||||||||||||||||||||||||
Revenue | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||
Production costs | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||
Depletion, depreciation, and amortization | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||
Exploration, evaluation, and reclamation costs | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||
Transaction, integration, and SEC conversion expense | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||
Operating income | $ | $ | $ | $ | $ | ( | $ | ( | $ | |||||||||||||||||||||||||||||||||||
Capital expenditures | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||
Total assets as of March 31, 2021 | $ | $ | $ | $ | $ | $ | $ |
March 31, 2022 | December 31, 2021 | ||||||||||||||||
Turkey | $ | $ | |||||||||||||||
Canada | |||||||||||||||||
United States | |||||||||||||||||
Argentina | |||||||||||||||||
Mexico | |||||||||||||||||
Peru | |||||||||||||||||
Total | $ | $ |
Three Months Ended March 31, | |||||||||||||||||
2022 | 2021 | ||||||||||||||||
Turkey | $ | $ | |||||||||||||||
Canada | |||||||||||||||||
United States | |||||||||||||||||
Argentina | |||||||||||||||||
Total | $ | $ |
Three Months Ended March 31, | |||||||||||||||||
2022 | 2021 | ||||||||||||||||
Gold doré sales | |||||||||||||||||
Çöpler | $ | $ | |||||||||||||||
Marigold | |||||||||||||||||
Seabee | |||||||||||||||||
Concentrate sales | |||||||||||||||||
Puna | |||||||||||||||||
Other (1) | |||||||||||||||||
Çöpler | |||||||||||||||||
Marigold | |||||||||||||||||
Seabee | |||||||||||||||||
Puna | ( | ||||||||||||||||
Total | $ | $ |
Three Months Ended March 31, | |||||||||||||||||
2022 | 2021 | ||||||||||||||||
Gold | $ | $ | |||||||||||||||
Silver | |||||||||||||||||
Lead | |||||||||||||||||
Zinc | |||||||||||||||||
Other | ( | ||||||||||||||||
Total | $ | $ |
Three Months Ended March 31, | |||||||||||||||||
2022 | 2021 | ||||||||||||||||
Interest income (expense) | $ | $ | |||||||||||||||
Gain (loss) on marketable securities | ( | ( | |||||||||||||||
Gain (loss) on sale of mineral properties, plant, and equipment | ( | ( | |||||||||||||||
Other | ( | ( | |||||||||||||||
Total | $ | ( | $ | ( |
Three Months Ended March 31, | |||||||||||||||||
2022 | 2021 | ||||||||||||||||
Net income | $ | $ | |||||||||||||||
Net (income) loss attributable to non-controlling interest | ( | ( | |||||||||||||||
Net income attributable to shareholders of SSR Mining | |||||||||||||||||
Interest saving on convertible notes, net of tax | |||||||||||||||||
Net income used in the calculation of diluted net income per share | $ | $ | |||||||||||||||
Weighted average number of common shares outstanding | |||||||||||||||||
Adjustments for dilutive instruments: | |||||||||||||||||
Stock options | |||||||||||||||||
Restricted share units | |||||||||||||||||
Convertible notes | |||||||||||||||||
Diluted weighted average number of common shares outstanding | |||||||||||||||||
Net income per share attributable to common shareholders | |||||||||||||||||
Basic | $ | $ | |||||||||||||||
Diluted | $ | $ |
Fair value as of March 31, 2022 | |||||||||||||||||||||||||||||||||||
Level 1 (1) | Level 2 (2) | Level 3 (3) | Total | ||||||||||||||||||||||||||||||||
Assets: | |||||||||||||||||||||||||||||||||||
Cash | $ | $ | $ | $ | |||||||||||||||||||||||||||||||
Restricted cash | |||||||||||||||||||||||||||||||||||
Marketable securities | |||||||||||||||||||||||||||||||||||
Trade receivables | |||||||||||||||||||||||||||||||||||
Derivative asset | |||||||||||||||||||||||||||||||||||
Deferred consideration | |||||||||||||||||||||||||||||||||||
$ | $ | $ | $ |
Fair value as of December 31, 2021 | |||||||||||||||||||||||||||||||||||
Level 1 (1) | Level 2 (2) | Level 3 (3) | Total | ||||||||||||||||||||||||||||||||
Assets: | |||||||||||||||||||||||||||||||||||
Cash | $ | $ | $ | $ | |||||||||||||||||||||||||||||||
Restricted cash | |||||||||||||||||||||||||||||||||||
Marketable securities | |||||||||||||||||||||||||||||||||||
Trade receivables | |||||||||||||||||||||||||||||||||||
Derivative asset | |||||||||||||||||||||||||||||||||||
Deferred consideration | |||||||||||||||||||||||||||||||||||
$ | $ | $ | $ |
Three Months Ended March 31, | |||||||||||||||||
2022 | 2021 | ||||||||||||||||
Balance as of January 1 | $ | $ | |||||||||||||||
Revaluations | |||||||||||||||||
Balance as of March 31 | $ | $ |
March 31, 2022 | December 31, 2021 | ||||||||||||||||||||||||||||||||||||||||
Level | Carrying amount | Fair value | Carrying amount | Fair value | |||||||||||||||||||||||||||||||||||||
2019 Notes (1) | 1 | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||||
Term Loan (2) | 2 | ||||||||||||||||||||||||||||||||||||||||
Total borrowings | $ | $ | $ | $ |
March 31, 2022 | December 31, 2021 | ||||||||||||||||
Trade receivables | $ | $ | |||||||||||||||
Value added tax receivables | |||||||||||||||||
Income tax receivable | |||||||||||||||||
Other taxes receivable | |||||||||||||||||
Other | |||||||||||||||||
Total | $ | $ |
March 31, 2022 | December 31, 2021 | ||||||||||||||||
Materials and supplies | $ | $ | |||||||||||||||
Stockpiled ore | |||||||||||||||||
Leach pad inventory | |||||||||||||||||
Work-in-process | |||||||||||||||||
Finished goods | |||||||||||||||||
Total current inventories | $ | $ | |||||||||||||||
Stockpiled ore | |||||||||||||||||
Materials and supplies | |||||||||||||||||
Total non-current inventories | $ | $ |
March 31, 2022 | December 31, 2021 | ||||||||||||||||
Plant and equipment (1) | $ | $ | |||||||||||||||
Construction in process | |||||||||||||||||
Mineral properties subject to depletion | |||||||||||||||||
Mineral properties not yet subject to depletion | |||||||||||||||||
Exploration and evaluation assets | |||||||||||||||||
Total mineral properties, plant, and equipment | $ | $ | |||||||||||||||
Accumulated depreciation, plant and equipment | ( | ( | |||||||||||||||
Accumulated depreciation, mineral properties | ( | ( | |||||||||||||||
Mineral properties, plant, and equipment, net | $ | $ |
March 31, 2022 | December 31, 2021 | ||||||||||||||||
Accrued liabilities | $ | $ | |||||||||||||||
Royalties payable | |||||||||||||||||
Dividends payable | |||||||||||||||||
Stock-based compensation liabilities | |||||||||||||||||
Income taxes payable | |||||||||||||||||
Other | |||||||||||||||||
Total accrued liabilities and other | $ | $ |
March 31, 2022 | December 31, 2021 | ||||||||||||||||
2019 Notes (1) | $ | $ | |||||||||||||||
Term Loan | |||||||||||||||||
Other | |||||||||||||||||
Total carrying amount | $ | $ | |||||||||||||||
Current Portion | $ | $ | |||||||||||||||
Non-Current Portion | $ | $ |
2022 (for the remainder) | $ | |||||||
2023 | $ | |||||||
2024 | $ | |||||||
2025 | $ | |||||||
2026 | $ | |||||||
Thereafter | $ |
Three Months Ended March 31, | |||||||||||||||||
2022 | 2021 | ||||||||||||||||
Decrease (increase) in operating assets: | |||||||||||||||||
Trade and other receivables | $ | ( | $ | ( | |||||||||||||
Inventories | ( | ( | |||||||||||||||
Other operating assets | ( | ||||||||||||||||
Increase (decrease) in operating liabilities: | |||||||||||||||||
Accounts payable | ( | ||||||||||||||||
Accrued liabilities | ( | ( | |||||||||||||||
Reclamation liabilities | ( | ||||||||||||||||
Other operating liabilities | ( | ||||||||||||||||
$ | ( | $ | ( |
Three Months Ended March 31, | |||||||||||||||||
2022 | 2021 | ||||||||||||||||
Interest paid | $ | ( | $ | ( | |||||||||||||
Interest received | $ | $ | |||||||||||||||
Income taxes paid | $ | ( | $ | ( |
March 31, 2022 | ||||||||
Cash and cash equivalents | $ | |||||||
Trade and other receivables | ||||||||
Prepaids and other current assets | ||||||||
Mineral properties, plant, and equipment, net | ||||||||
Other non-current assets | ||||||||
Assets held for sale | $ | |||||||
Accounts payable | $ | |||||||
Accrued liabilities and other | ||||||||
Deferred income tax liabilities | ||||||||
Reclamation and remediation costs | ||||||||
Liabilities held for sale | $ |
Three Months Ended March 31, 2022 | |||||||||||||||||||||||
Çöpler | Marigold | Seabee | Puna | ||||||||||||||||||||
Gold produced (oz) | 70,641 | 33,788 | 52,582 | — | |||||||||||||||||||
Gold sold (oz) | 72,425 | 36,954 | 47,800 | — | |||||||||||||||||||
Silver produced ('000 oz) | — | — | — | 1,303 | |||||||||||||||||||
Silver sold ('000 oz) | — | — | — | 1,760 | |||||||||||||||||||
Lead produced ('000 lb) | — | — | — | 7,303 | |||||||||||||||||||
Lead sold ('000 lb) | — | — | — | 10,212 | |||||||||||||||||||
Zinc produced ('000 lb) | — | — | — | 1,843 | |||||||||||||||||||
Zinc sold ('000 lb) | — | — | — | 3,129 | |||||||||||||||||||
Ore mined (kt) | 1,011 | 4,820 | 103 | 347 | |||||||||||||||||||
Waste removed (kt) | 5,135 | 19,788 | 65 | 2,078 | |||||||||||||||||||
Total material mined (kt) | 6,146 | 24,608 | 167 | 2,425 | |||||||||||||||||||
Ore stacked - oxide (kt) | 63 | 4,820 | — | — | |||||||||||||||||||
Gold grade stacked - oxide (g/t) | 0.78 | 0.39 | — | — | |||||||||||||||||||
Ore milled (kt) | 645 | — | 95 | 373 | |||||||||||||||||||
Gold mill feed grade (g/t) | 3.32 | — | 17.77 | — | |||||||||||||||||||
Gold recovery (%) | 87.0 | — | 98.6 | — | |||||||||||||||||||
Silver mill feed grade (g/t) | — | — | — | 114.35 | |||||||||||||||||||
Lead mill feed grade (%) | — | — | — | 0.97 | |||||||||||||||||||
Zinc mill feed grade (%) | — | — | — | 0.44 | |||||||||||||||||||
Silver recovery (%) | — | — | — | 92.8 | |||||||||||||||||||
Lead recovery (%) | — | — | — | 91.6 | |||||||||||||||||||
Zinc recovery (%) | — | — | — | 44.0 |
Three Months Ended March 31, 2021 | |||||||||||||||||||||||
Çöpler | Marigold | Seabee | Puna | ||||||||||||||||||||
Gold produced (oz) | 78,478 | 67,936 | 23,735 | — | |||||||||||||||||||
Gold sold (oz) | 82,502 | 65,012 | 25,766 | — | |||||||||||||||||||
Silver produced ('000 oz) | — | — | — | 1,792 | |||||||||||||||||||
Silver sold ('000 oz) | — | — | — | 1,949 | |||||||||||||||||||
Lead produced ('000 lb) | — | — | — | 6,164 | |||||||||||||||||||
Lead sold ('000 lb) | — | — | — | 6,102 | |||||||||||||||||||
Zinc produced ('000 lb) | — | — | — | 3,079 | |||||||||||||||||||
Zinc sold ('000 lb) | — | — | — | 808 | |||||||||||||||||||
Ore mined (kt) | 3,007 | 5,711 | 88 | 239 | |||||||||||||||||||
Waste removed (kt) | 3,683 | 18,051 | 70 | 1,994 | |||||||||||||||||||
Total material mined (kt) | 6,689 | 23,763 | 158 | 2,234 | |||||||||||||||||||
Ore stacked - oxide (kt) | 941 | 5,711 | — | — | |||||||||||||||||||
Gold grade stacked - oxide (g/t) | 1.29 | 0.41 | — | — | |||||||||||||||||||
Ore milled (kt) | 580 | — | 90 | 383 | |||||||||||||||||||
Gold mill feed grade (g/t) | 3.32 | — | 8.45 | — | |||||||||||||||||||
Gold recovery (%) | 90.8 | — | 98.3 | — | |||||||||||||||||||
Silver mill feed grade (g/t) | — | — | — | 153.70 | |||||||||||||||||||
Lead mill feed grade (%) | — | — | — | 0.83 | |||||||||||||||||||
Zinc mill feed grade (%) | — | — | — | 0.61 | |||||||||||||||||||
Silver recovery (%) | — | — | — | 94.6 | |||||||||||||||||||
Lead recovery (%) | — | — | — | 87.8 | |||||||||||||||||||
Zinc recovery (%) | — | — | — | 59.4 |
Three Months Ended March 31, | ||||||||||||||||||||||||||
2022 | 2021 | Change (%) | ||||||||||||||||||||||||
Financial Results | ||||||||||||||||||||||||||
Revenue | $ | 355,446 | $ | 366,484 | (3.0) | % | ||||||||||||||||||||
Operating income | $ | 115,870 | $ | 129,183 | (10.3) | % | ||||||||||||||||||||
Production costs | $ | 153,520 | $ | 161,863 | (5.2) | % | ||||||||||||||||||||
Net income | $ | 76,106 | $ | 127,451 | (40.3) | % | ||||||||||||||||||||
Net income attributable to equity holders of SSR Mining | $ | 67,563 | $ | 108,861 | (37.9) | % | ||||||||||||||||||||
Basic net income per share attributable to equity holders of SSR Mining | $ | 0.32 | $ | 0.50 | (35.8) | % | ||||||||||||||||||||
Adjusted attributable net income (1) | $ | 65,942 | $ | 110,735 | (40.5) | % | ||||||||||||||||||||
Adjusted basic attributable net income per share (1) | $ | 0.31 | $ | 0.50 | (38.4) | % | ||||||||||||||||||||
Adjusted diluted attributable net income per share (1) | $ | 0.30 | $ | 0.48 | (37.3) | % | ||||||||||||||||||||
Operating Results | ||||||||||||||||||||||||||
Gold produced (oz) | 157,010 | 170,149 | (7.7) | % | ||||||||||||||||||||||
Gold sold (oz) | 157,179 | 173,370 | (9.3) | % | ||||||||||||||||||||||
Silver produced ('000 oz) | 1,303 | 1,792 | (27.3) | % | ||||||||||||||||||||||
Silver sold ('000 oz) | 1,760 | 1,949 | (9.7) | % | ||||||||||||||||||||||
Lead produced ('000 lb) (2) | 7,303 | 6,164 | 18.5 | % | ||||||||||||||||||||||
Lead sold ('000 lb) (2) | 10,212 | 6,102 | 67.4 | % | ||||||||||||||||||||||
Zinc produced ('000 lb) (2) | 1,843 | 3,079 | (40.2) | % | ||||||||||||||||||||||
Zinc sold ('000 lb) (2) | 3,129 | 808 | 287.2 | % | ||||||||||||||||||||||
Gold equivalent produced (oz) (3) | 173,675 | 196,094 | (11.4) | % | ||||||||||||||||||||||
Gold equivalent sold (oz) (3) | 179,692 | 201,494 | (10.8) | % | ||||||||||||||||||||||
Average realized gold price ($/oz sold) | $ | 1,880 | $ | 1,798 | 4.6 | % | ||||||||||||||||||||
Average realized silver price ($/oz sold) | $ | 23.85 | $ | 26.02 | (8.3) | % | ||||||||||||||||||||
Production cost per gold equivalent ounce sold | $ | 854 | $ | 803 | 6.4 | % | ||||||||||||||||||||
Cash cost per gold equivalent ounce sold (1, 3) | $ | 775 | $ | 689 | 12.4 | % | ||||||||||||||||||||
AISC per gold equivalent ounce sold (1, 3) | $ | 1,093 | $ | 970 | 12.7 | % |
Three Months Ended March 31, | |||||||||||||||||||||||
2022 | 2021 | Change (%) | |||||||||||||||||||||
Depreciation, depletion, and amortization ($000s) | $ | 58,742 | $ | 53,779 | 9.2 | % | |||||||||||||||||
Gold equivalent ounces sold | 179,692 | 201,494 | (10.8) | % | |||||||||||||||||||
Depreciation, depletion, and amortization per gold equivalent ounce sold | $ | 327 | $ | 267 | 22.5 | % |
Three Months Ended March 31, | |||||||||||||||||||||||
Operating Data | 2022 | 2021 | Change (%) | ||||||||||||||||||||
Gold produced (oz) | 70,641 | 78,478 | (10.0) | % | |||||||||||||||||||
Gold sold (oz) | 72,425 | 82,502 | (12.2) | % | |||||||||||||||||||
Average realized gold price ($/oz sold) | $ | 1,873 | $ | 1,811 | 3.4 | % | |||||||||||||||||
Production costs | $ | 62,584 | $ | 66,417 | (5.8) | % | |||||||||||||||||
Production costs ($/oz gold sold) | $ | 864 | $ | 805 | 7.3 | % | |||||||||||||||||
Cash costs ($/oz gold sold) (1) | $ | 844 | $ | 589 | 43.4 | % | |||||||||||||||||
AISC ($/oz gold sold) (1) | $ | 955 | $ | 738 | 29.4 | % |
Three Months Ended March 31, | |||||||||||||||||||||||
Operating Data | 2022 | 2021 | Change (%) | ||||||||||||||||||||
Gold produced (oz) | 33,788 | 67,936 | (50.3) | % | |||||||||||||||||||
Gold sold (oz) | 36,954 | 65,012 | (43.2) | % | |||||||||||||||||||
Average realized gold price ($/oz sold) | $ | 1,864 | $ | 1,787 | 4.3 | % | |||||||||||||||||
Production costs | $ | 38,735 | $ | 53,711 | (27.9) | % | |||||||||||||||||
Production costs ($/oz gold sold) | $ | 1,048 | $ | 826 | 26.9 | % | |||||||||||||||||
Cash costs ($/oz gold sold) (2) | $ | 1,048 | $ | 823 | 27.3 | % | |||||||||||||||||
AISC ($/oz gold sold) (2) | $ | 1,564 | $ | 1,195 | 30.9 | % |
Three Months Ended March 31, | |||||||||||||||||||||||
Operating Data | 2022 | 2021 | Change (%) | ||||||||||||||||||||
Gold produced (oz) | 52,582 | 23,735 | 121.5 | % | |||||||||||||||||||
Gold sold (oz) | 47,800 | 25,766 | 85.5 | % | |||||||||||||||||||
Average realized gold price ($/oz sold) | $ | 1,902 | $ | 1,780 | 6.8 | % | |||||||||||||||||
Production costs | $ | 16,410 | $ | 16,561 | (0.9) | % | |||||||||||||||||
Production costs ($/oz gold sold) | $ | 343 | $ | 643 | (46.6) | % | |||||||||||||||||
Cash costs ($/oz gold sold) (2) | $ | 344 | $ | 616 | (44.1) | % | |||||||||||||||||
AISC ($/oz gold sold) (2) | $ | 596 | $ | 1,111 | (46.4) | % |
Three Months Ended March 31, | |||||||||||||||||||||||
Operating Data | 2022 | 2021 | Change (%) | ||||||||||||||||||||
Silver produced ('000 oz) | 1,303 | 1,792 | (27.3) | % | |||||||||||||||||||
Silver sold ('000 oz) | 1,760 | 1,949 | (9.7) | % | |||||||||||||||||||
Lead produced ('000 lb) | 7,303 | 6,164 | 18.5 | % | |||||||||||||||||||
Lead sold ('000 lb) | 10,212 | 6,102 | 67.4 | % | |||||||||||||||||||
Zinc produced ('000 lb) | 1,843 | 3,079 | (40.2) | % | |||||||||||||||||||
Zinc sold ('000 lb) | 3,129 | 808 | 287.2 | % | |||||||||||||||||||
Gold equivalent sold ('000 oz) (2) | 22,513 | 28,214 | (20.2) | % | |||||||||||||||||||
Average realized silver price ($/oz) | $ | 23.85 | $ | 26.02 | (8.3) | % | |||||||||||||||||
Production costs | $ | 35,791 | $ | 25,174 | 42.2 | % | |||||||||||||||||
Production costs ($/oz gold equivalent sold) | $ | 1,590 | $ | 892 | 78.2 | % | |||||||||||||||||
Cash costs ($/oz silver sold) (1) | $ | 13.06 | $ | 10.65 | 22.6 | % | |||||||||||||||||
Cash costs ($/oz gold equivalent sold) | $ | 1,021 | $ | 736 | 38.8 | % | |||||||||||||||||
AISC ($/oz silver sold) (1) | $ | 14.67 | $ | 13.10 | 12.0 | % | |||||||||||||||||
AISC ($/oz gold equivalent sold) | $ | 1,147 | $ | 905 | 26.8 | % |
Three Months Ended March 31, | |||||||||||||||||
2022 | 2021 | ||||||||||||||||
Net cash provided by operating activities | $ | 62,187 | $ | 127,503 | |||||||||||||
Cash used in investing activities | (27,885) | (55,734) | |||||||||||||||
Cash used in financing activities | (53,449) | (66,407) | |||||||||||||||
Effect of foreign exchange rate changes on cash and cash equivalents | 583 | 22 | |||||||||||||||
Decrease in cash, cash equivalents and restricted cash | (18,564) | 5,384 | |||||||||||||||
Cash, cash equivalents, and restricted cash, beginning of period | 1,052,865 | 895,921 | |||||||||||||||
Cash, cash equivalents, and restricted cash, end of period | $ | 1,034,301 | $ | 901,305 |
Three Months Ended March 31, 2022 | ||||||||||||||||||||||||||||||||||||||
(in thousands, unless otherwise noted) | Çöpler | Marigold | Seabee | Puna | Corporate | Total | ||||||||||||||||||||||||||||||||
Production costs (GAAP) | $ | 62,584 | $ | 38,735 | $ | 16,410 | $ | 35,791 | $ | — | $ | 153,520 | ||||||||||||||||||||||||||
By-product credits | (1,464) | (41) | (35) | (16,734) | — | (18,274) | ||||||||||||||||||||||||||||||||
Treatment and refining charges | — | 36 | 89 | 3,933 | — | 4,058 | ||||||||||||||||||||||||||||||||
Cash costs (non-GAAP) | 61,120 | 38,730 | 16,464 | 22,990 | — | 139,304 | ||||||||||||||||||||||||||||||||
Sustaining capital expenditures | 6,376 | 18,235 | 11,875 | 2,212 | — | 38,698 | ||||||||||||||||||||||||||||||||
Sustaining exploration and evaluation expense | 382 | 317 | — | 50 | — | 749 | ||||||||||||||||||||||||||||||||
Reclamation cost accretion and amortization | 395 | 513 | 141 | 431 | — | 1,480 | ||||||||||||||||||||||||||||||||
General and administrative expense and stock-based compensation expense | 914 | — | 3 | 148 | 15,174 | 16,239 | ||||||||||||||||||||||||||||||||
Total AISC (non-GAAP) | $ | 69,187 | $ | 57,795 | $ | 28,483 | $ | 25,831 | $ | 15,174 | $ | 196,470 | ||||||||||||||||||||||||||
Gold sold (oz) | 72,425 | 36,954 | 47,800 | — | — | 157,179 | ||||||||||||||||||||||||||||||||
Silver sold (oz) | — | — | — | 1,760,387 | — | 1,760,387 | ||||||||||||||||||||||||||||||||
Gold equivalent sold (oz) (1)(2) | 72,425 | 36,954 | 47,800 | 22,513 | — | 179,692 | ||||||||||||||||||||||||||||||||
Production cost per gold equivalent ounce sold | $ | 864 | $ | 1,048 | $ | 343 | $ | 1,590 | N/A | $ | 854 | |||||||||||||||||||||||||||
Cash cost per gold ounce sold | $ | 844 | $ | 1,048 | $ | 344 | N/A | N/A | N/A | |||||||||||||||||||||||||||||
Cash cost per silver ounce sold | N/A | N/A | N/A | $ | 13.06 | N/A | N/A | |||||||||||||||||||||||||||||||
Cash cost per gold equivalent ounce sold | $ | 844 | $ | 1,048 | $ | 344 | $ | 1,021 | N/A | $ | 775 | |||||||||||||||||||||||||||
AISC per gold ounce sold | $ | 955 | $ | 1,564 | $ | 596 | N/A | N/A | N/A | |||||||||||||||||||||||||||||
AISC per silver ounce sold | N/A | N/A | N/A | $ | 14.67 | N/A | N/A | |||||||||||||||||||||||||||||||
AISC per gold equivalent ounce sold | $ | 955 | $ | 1,564 | $ | 596 | $ | 1,147 | N/A | $ | 1,093 |
Three Months Ended March 31, 2021 | ||||||||||||||||||||||||||||||||||||||
(in thousands, unless otherwise noted) | Çöpler | Marigold | Seabee | Puna | Corporate | Total | ||||||||||||||||||||||||||||||||
Production costs (GAAP) | $ | 66,417 | $ | 53,711 | $ | 16,561 | $ | 25,174 | $ | — | $ | 161,863 | ||||||||||||||||||||||||||
By-product credits | (1,789) | (36) | (31) | (6,848) | — | (8,704) | ||||||||||||||||||||||||||||||||
Treatment and refining charges | — | 194 | 188 | 3,321 | — | 3,703 | ||||||||||||||||||||||||||||||||
Incremental COVID-19 related costs(1) | — | (332) | (852) | (893) | — | (2,077) | ||||||||||||||||||||||||||||||||
Fair value adjustment on acquired inventories | (16,069) | — | — | — | — | (16,069) | ||||||||||||||||||||||||||||||||
Cash costs (non-GAAP) | 48,559 | 53,537 | 15,866 | 20,754 | — | 138,716 | ||||||||||||||||||||||||||||||||
Sustaining capital expenditures | 7,264 | 23,413 | 12,746 | 3,276 | — | 46,699 | ||||||||||||||||||||||||||||||||
Sustaining exploration and evaluation expense | 164 | 154 | — | 19 | — | 337 | ||||||||||||||||||||||||||||||||
Reclamation cost accretion and amortization | 826 | 661 | 116 | 406 | — | 2,009 | ||||||||||||||||||||||||||||||||
General and administrative expense and stock-based compensation expense | 4,095 | (103) | (91) | 1,084 | 2,775 | 7,760 | ||||||||||||||||||||||||||||||||
Total AISC (non-GAAP) | $ | 60,908 | $ | 77,662 | $ | 28,637 | $ | 25,539 | $ | 2,775 | $ | 195,521 | ||||||||||||||||||||||||||
Gold sold (oz) | 82,502 | 65,012 | 25,766 | — | — | 173,280 | ||||||||||||||||||||||||||||||||
Silver sold (oz) | — | — | — | 1,949,086 | — | 1,949,086 | ||||||||||||||||||||||||||||||||
Gold equivalent sold (oz) (2)(3) | 82,502 | 65,012 | 25,766 | 28,214 | — | 201,494 | ||||||||||||||||||||||||||||||||
Production cost per gold equivalent ounce sold | $ | 805 | $ | 826 | $ | 643 | $ | 892 | N/A | $ | 803 | |||||||||||||||||||||||||||
Cash cost per gold ounce sold | $ | 589 | $ | 823 | $ | 616 | N/A | N/A | N/A | |||||||||||||||||||||||||||||
Cash cost per silver ounce sold | N/A | N/A | N/A | $ | 10.65 | N/A | N/A | |||||||||||||||||||||||||||||||
Cash cost per gold equivalent ounce sold | $ | 589 | $ | 823 | $ | 616 | $ | 736 | N/A | $ | 688 | |||||||||||||||||||||||||||
AISC per gold ounce sold | $ | 738 | $ | 1,195 | $ | 1,111 | N/A | N/A | N/A | |||||||||||||||||||||||||||||
AISC per silver ounce sold | N/A | N/A | N/A | $ | 13.10 | N/A | N/A | |||||||||||||||||||||||||||||||
AISC per gold equivalent ounce sold | $ | 738 | $ | 1,195 | $ | 1,111 | $ | 905 | N/A | $ | 970 |
Three Months Ended March 31, | |||||||||||||||||
(in thousands, except per share) | 2022 | 2021 | |||||||||||||||
Net income attributable to equity holders of SSR Mining (GAAP) | $ | 67,563 | $ | 108,861 | |||||||||||||
Interest saving on convertible notes, net of tax | 1,215 | 1,575 | |||||||||||||||
Net income used in the calculation of diluted net income per share | $ | 68,778 | $ | 110,436 | |||||||||||||
Weighted-average shares used in the calculation of net income and adjusted net income per share | |||||||||||||||||
Basic | 212,423 | 219,792 | |||||||||||||||
Diluted | 224,736 | 232,169 | |||||||||||||||
Net income per share attributable to common stockholders (GAAP) | |||||||||||||||||
Basic | $ | 0.32 | $ | 0.50 | |||||||||||||
Diluted | $ | 0.31 | $ | 0.48 | |||||||||||||
Adjustments: | |||||||||||||||||
Fair value adjustment on acquired assets (1) | — | 25,225 | |||||||||||||||
Foreign exchange loss (gain) | 3,287 | 379 | |||||||||||||||
COVID-19 related costs (2) | — | 2,077 | |||||||||||||||
Transaction, integration, and SEC conversion expense | 1,217 | 4,492 | |||||||||||||||
Changes in fair value of marketable securities | 923 | 586 | |||||||||||||||
Loss (gain) on sale of mineral properties, plant and equipment | 584 | 22 | |||||||||||||||
Income tax impact related to above adjustments | (708) | (6,643) | |||||||||||||||
Foreign exchange (gain) loss and inflationary impacts on tax balances | (6,924) | (24,264) | |||||||||||||||
Adjusted net income attributable to equity holders of SSR Mining (Non-GAAP) | $ | 65,942 | $ | 110,735 | |||||||||||||
Adjusted net income per share attributable to SSR Mining shareholders (Non-GAAP) | |||||||||||||||||
Basic | $ | 0.31 | $ | 0.50 | |||||||||||||
Diluted | $ | 0.30 | $ | 0.48 |
Three Months Ended March 31, | |||||||||||||||||
(in thousands) | 2022 | 2021 | |||||||||||||||
Net income attributable to equity holders of SSR Mining (GAAP) | $ | 67,563 | $ | 108,861 | |||||||||||||
Net income (loss) attributable to non-controlling interests | 8,543 | 18,590 | |||||||||||||||
Depletion, depreciation and amortization | 58,742 | 53,779 | |||||||||||||||
Interest expense | 4,295 | 4,944 | |||||||||||||||
Income and mining tax expense (benefit) | 31,562 | (6,380) | |||||||||||||||
EBITDA (non-GAAP) | 170,705 | 179,794 | |||||||||||||||
Fair value adjustment on acquired assets (1) | — | 16,069 | |||||||||||||||
Foreign exchange loss (gain) | 3,287 | 379 | |||||||||||||||
COVID-19 related costs (2) | — | 2,077 | |||||||||||||||
Transaction, integration, and SEC conversion expense | 1,217 | 4,492 | |||||||||||||||
Changes in fair value of marketable securities | 923 | 586 | |||||||||||||||
Loss (gain) on sale of mineral properties, plant and equipment | 584 | 22 | |||||||||||||||
Adjusted EBITDA (non-GAAP) | $ | 176,716 | $ | 203,419 |
Three Months Ended March 31, | ||||||||||||||||||||
(in thousands) | 2022 | 2021 | ||||||||||||||||||
Cash provided by operating activities (GAAP) | $ | 62,187 | $ | 127,503 | ||||||||||||||||
Expenditures on mineral properties, plant and equipment | (34,492) | (55,711) | ||||||||||||||||||
Free cash flow (non-GAAP) | $ | 27,695 | $ | 71,792 |
Period | Total Number of Shares Purchased (1) | Average Price Paid Per Share (1) | Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs (2) | Maximum Number of Shares that May Yet Be Purchased Under the Plans or Programs (2) | ||||||||||
January 1 - January 31 | - | - | - | 1,199,300 | ||||||||||
February 1 - February 28 | - | - | - | 1,199,300 | ||||||||||
March 1 - March 31 | - | - | - | 1,199,300 |
Exhibit Number | ||||||||
31.1 + | ||||||||
31.2 + | ||||||||
32.1++ | ||||||||
32.2++ | ||||||||
95 + | ||||||||
101 + | 101.INS 101.SCH 101.CAL 101.DEF 101.LAB 101.PRE | XBRL Instance - XBRL tags are embedded within the Inline XBRL document XBRL Taxonomy Extension Schema XBRL Taxonomy Extension Calculation XBRL Taxonomy Extension Definition XBRL Taxonomy Extension Labels XBRL Taxonomy Extension Presentation | ||||||
104 + | Cover Page Interactive Data File (embedded within the Inline XBRL document). | |||||||
+ | Filed herewith | |||||||
++ | Furnished herewith | |||||||
* | Indicates a management contract or compensatory plan or arrangement. |
SSR MINING INC. Registrant | |||||
Date: May 3, 2022 | /s/ Alison White | ||||
Name: Alison White Title: Executive Vice President and Chief Financial Officer (Principal Financial Officer) | |||||
Date: May 3, 2022 | /s/ Russell Farnsworth | ||||
Name: Russell Farnsworth Title: Vice President, Controller (Principal Accounting Officer) |
Quarter Ended March 31, 2021 | |||||||||||||||||||||||
Mine | Section 104(a) S&S Citations | Section 104(b) Orders | Section 104(d) S&S Citations and Orders | Section 110(b)(2) Violations | Section 107(a) Orders | ($ in thousands) Proposed MSHA Assessments | Fatalities | ||||||||||||||||
Marigold Mine (MSHA ID# 2602081) | 0 | 0 | 0 | 0 | 0 | $— | 0 |
Condensed Consolidated Balance Sheets (Parenthetical) - shares shares in Thousands |
Mar. 31, 2022 |
Dec. 31, 2021 |
---|---|---|
Statement of Financial Position [Abstract] | ||
Common shares, issued (in shares) | 212,557 | 211,879 |
Common shares, outstanding (in shares) | 212,557 | 211,879 |
THE COMPANY |
3 Months Ended |
---|---|
Mar. 31, 2022 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
THE COMPANY | THE COMPANYSSR Mining Inc. and its subsidiaries (collectively, "SSR Mining," or the "Company”) is incorporated under the laws of the Province of British Columbia, Canada. The Company's common shares are listed on the Toronto Stock Exchange (TSX) in Canada and the Nasdaq Global Select Market (NASDAQ) in the U.S. under the symbol "SSRM" and the Australian Securities Exchange (ASX) in Australia under the symbol "SSR." The Company is principally engaged in the operation, acquisition, exploration and development of precious metal resource properties located in Turkey and the Americas. The Company produces gold doré as well as copper, silver, lead and zinc concentrates. SSR Mining's diversified asset portfolio is comprised of high-margin, long-life assets located in some of the world's most prolific metal districts. The Company has four producing mines in Turkey, the United States, Canada, and Argentina. The Company's focus is on safe, profitable gold and silver production from its Çöpler Gold Mine ("Çöpler") in Erzincan, Turkey, Marigold mine ("Marigold") in Nevada, USA, Seabee Gold Operation ("Seabee") in Saskatchewan, Canada and Puna Operations ("Puna") in Jujuy, Argentina, and to advance, as market and project conditions permit, its principal development projects towards development and commercial production. |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES |
3 Months Ended |
---|---|
Mar. 31, 2022 | |
Accounting Policies [Abstract] | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Risks and Uncertainties As a mining company, the revenue, profitability and future rate of growth of the Company are substantially dependent on the prevailing prices for gold, silver, zinc and lead. The prices of these metals are volatile and affected by many factors beyond the Company’s control, and there can be no assurance that commodity prices will not be subject to wide fluctuations in the future. A substantial or extended decline in commodity prices could have a material adverse effect on the Company’s financial position, results of operations, cash flows, access to capital and the quantities of reserves that the Company can economically produce. The carrying value of the Company’s Mineral properties, plant and equipment; Inventories; Deferred income tax assets; and Goodwill are particularly sensitive to the outlook for commodity prices. A decline in the Company’s price outlook could result in material impairment charges related to these assets. COVID-19 During the period ended March 31, 2022, the COVID-19 pandemic continued to impact global economic and financial markets, disrupting global supply chains and workforce participation. Many industries and businesses, including SSR Mining, have learned how to navigate and operate under these conditions but may still be subject to operating challenges, inflationary pressures and outbreaks. The Company will continue to be vigilant and take appropriate measures to protect the health and safety of its employees and surrounding communities. Basis of presentation The Condensed Consolidated Financial Statements have been prepared in accordance with the instructions to Form 10-Q and do not include all information and disclosures required by generally accepted accounting principles in the United States. Therefore, this information should be read in conjunction with SSR Mining Inc.’s Consolidated Financial Statements in the Company’s Annual Report on Form 10-K for the year ended December 31, 2021 filed on February 23, 2022. The information furnished herein reflects all adjustments that are, in the opinion of management, necessary for a fair statement of the results for the interim periods reported. All such adjustments are, in the opinion of management, of a normal recurring nature. The results for the three month period ended March 31, 2022, are not necessarily indicative of the results that may be expected for the year ending December 31, 2022. Reclassifications Certain amounts and disclosures in prior years have been reclassified to conform to the current year presentation.
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OPERATING SEGMENTS |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
OPERATING SEGMENTS | OPERATING SEGMENTS The Company currently has four producing mines and a portfolio of precious metal dominant projects. Each individual operating mine site and the Company's exploration, evaluation and development properties are considered reportable segments. Operating results of operating segments are reviewed by the Company's chief operating decision maker ("CODM") to make decisions about resources to be allocated to the segments and to assess their performance. The following tables provide a summary of financial information related to the Company's segments (in thousands):
(1) Corporate and other consists of business activities that are not included within the reportable segments and provided for reconciliation purposes. (2) The Company entered into an agreement on January 12, 2022 to sell its Pitarrilla project. The assets related to the Pitarrilla project are classified as Current assets held for sale on the Condensed Consolidated Balance Sheets as of March 31, 2022. Refer to Note 16 for further information.
(1) Corporate and other consists of business activities that are not included within the reportable segments and provided for reconciliation purposes. Geographic Area The following are non-current assets, excluding Goodwill, Restricted cash and Deferred income taxes, by location as of March 31, 2022 and December 31, 2021 (in thousands):
The following is revenue information by geographic area based on the location for the three months ended March 31 (in thousands):
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REVENUE |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Revenue from Contract with Customer [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
REVENUE | REVENUE The following table represents revenues by product (in thousands):
(1) Other revenue includes: changes in the fair value of concentrate trade receivables due to changes in silver and base metal prices; and silver and copper by-product revenue arising from the production and sale of gold doré. Revenue by metal Revenue by metal type for the three months ended March 31 are as follows (in thousands):
Provisional metal sales For the three months ended March 31, 2022 and 2021, the change in the fair value of the Company's embedded derivatives relating to provisional concentrate metal sales was an increase (decrease) of $4.2 million and $(0.6) million, respectively, which has been recorded in Revenue. At March 31, 2022, the Company had silver sales of 3.54 million ounces at an average price of $24.17 per ounce, zinc sales of 4.06 million pounds at an average price of $1.78 per pound, and lead sales of 19.53 million pounds at an average price of $1.06 per pound, subject to final pricing over the next several months.
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INCOME AND MINING TAXES |
3 Months Ended |
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Mar. 31, 2022 | |
Income Tax Disclosure [Abstract] | |
INCOME AND MINING TAXES | INCOME AND MINING TAXESSSR’s consolidated effective income tax rate was 29.2% for the first three months of 2022 compared to (5.2)% for the first three months of 2021. The primary driver of the change in the effective rate is foreign currency fluctuations as well as changes in book income in foreign jurisdictions with varying tax rates. The Company’s statutory tax rate for the period is 27%, and the effective rate differs from the statutory rate primarily due to foreign exchange and jurisdictional mix of earnings with different tax rates. |
OTHER INCOME (EXPENSE) |
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OTHER INCOME (EXPENSE) | OTHER INCOME (EXPENSE) The following table includes the components of Other income (expense):
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INCOME PER SHARE |
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Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
INCOME PER SHARE | INCOME PER SHARE The Company calculates basic net income per share using, as the denominator, the weighted average number of common shares outstanding during the period. Diluted net income per share uses, as its denominator, the weighted average number of common shares outstanding during the period plus the effect of potential dilutive shares during the period. Potential dilutive common shares include stock options, Restricted Share Units (“RSUs”), RSU Replacement Units, and convertible notes for periods in which the Company has reported net income. The calculations of basic and diluted net income per share attributable to stockholders of the Company for the three months ended March 31, 2022 and 2021 are based on the following (in thousands):
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FAIR VALUE MEASUREMENTS AND FINANCIAL INSTRUMENTS |
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Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
FAIR VALUE MEASUREMENTS AND FINANCIAL INSTRUMENTS | FAIR VALUE MEASUREMENTS AND FINANCIAL INSTRUMENTS Fair value accounting establishes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). The three levels of the fair value hierarchy are described below: Level 1 - Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities; Level 2 - Quoted prices in markets that are not active, quoted prices for similar assets or liabilities in active markets, quoted prices or inputs that are observable, either directly or indirectly, for substantially the full term of the asset or liability and model-based valuation techniques (e.g. the Black-Scholes model) for which all significant inputs are observable in the market or can be corroborated by observable market data for substantially the full term of the assets or liabilities; and Level 3 - Prices or valuation techniques that require inputs that are both significant to the fair value measurement and unobservable (supported by little or no market activity). As required by accounting guidance, assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. The following tables set forth the Company’s assets and liabilities measured at fair value on a recurring (at least annually) and nonrecurring basis by level within the fair value hierarchy (in thousands).
(1)Marketable securities of publicly quoted companies, consisting of investments, are valued using a market approach based upon unadjusted quoted prices in an active market obtained from securities exchanges. (2)The Company manages its exposure to fluctuation in diesel prices and foreign currency exchange rates through hedges. The Company’s derivative asset and liabilities are valued using pricing models with inputs derived from observable market data, including quoted prices in active markets. The Company’s provisional metal sales contracts, included in Trade and other receivables in the Condensed Consolidated Balance Sheets, are valued using inputs derived from observable market data, including quoted commodity forward prices. The inputs do not involve significant management judgment. Such instruments are classified within Level 2 of the fair value hierarchy. (3)Certain items of deferred consideration are included in Level 3, as certain assumptions used in the calculation of the fair value are not based on observable market data. Deferred consideration is included in Other non-current assets in the Condensed Consolidated Balance Sheets. The following table reconciles the beginning and ending balances for financial instruments that are recognized at fair value using significant unobservable inputs (Level 3) in the condensed consolidated financial statements (in thousands):
Fair values of financial assets and liabilities not already measured at fair value The fair value of the 2019 Notes and Term Loan as compared to the carrying amounts were as follows (in thousands):
(1) The fair value disclosed for the Company's 2019 Notes is included in Level 1 as the basis of valuation uses a quoted price in an active market. (2) The fair value disclosed for the Company's Term Loan is included in Level 2 as the fair value is determined by an independent third-party pricing source.
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TRADE AND OTHER RECEIVABLES |
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Receivables [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
TRADE AND OTHER RECEIVABLES | TRADE AND OTHER RECEIVABLES Trade and other receivables was composed of the following (in thousands):
No provision for credit loss was recognized as of March 31, 2022 or December 31, 2021. All trade receivables are expected to be settled within twelve months.
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INVENTORIES |
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Inventory Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
INVENTORIES | INVENTORIES The components of Inventories for the periods ended March 31, 2022 and December 31, 2021 are as follows (in thousands):
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MINERAL PROPERTIES, PLANT AND EQUIPMENT, NET |
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Property, Plant and Equipment [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
MINERAL PROPERTIES, PLANT AND EQUIPMENT, NET | MINERAL PROPERTIES, PLANT AND EQUIPMENT, NET The components of Mineral properties, plant and equipment, net are as follows (in thousands):
(1) As of March 31, 2022 and December 31, 2021, plant and equipment includes finance lease right-of-use assets with a carrying amount of $105.7 million and $114.9 million, respectively.
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ACCRUED LIABILITIES AND OTHER |
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ACCRUED LIABILITIES AND OTHER | ACCRUED LIABILITIES AND OTHER Accrued liabilities and other are comprised of the following items (in thousands):
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DEBT |
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DEBT | DEBT The following tables summarize the Company’s debt balances (in thousands):
(1) Amount is net of discount and debt issuance costs of $4.2 million and $4.5 million, respectively. Convertible Debt 2019 Notes On March 19, 2019, the Company issued $230.0 million of 2.50% convertible senior notes due in 2039 (the “2019 Notes”) for net proceeds of $222.9 million after payment of commissions and expenses related to the offering of $7.1 million. The 2019 Notes mature on April 1, 2039 and bear an interest rate of 2.50% per annum, payable semi-annually in arrears on April 1 and October 1 of each year. The 2019 Notes are convertible into the Company's common shares at a fixed conversion rate, subject to certain anti-dilution adjustments. In addition, if certain fundamental changes occur, holders of the 2019 Notes may be entitled to an increased conversion rate. The 2019 Notes are convertible into the Company's common shares at an initial conversion rate of 54.1082 common shares per $1,000 principal amount of 2019 Notes converted, representing an initial conversion price of $18.48 per common share. Prior to April 1, 2023, the Company may not redeem the 2019 Notes, except in the event of certain changes in Canadian tax law. On or after April 1, 2023 and prior to April 1, 2026, the Company may redeem all or part of the 2019 Notes for cash, but only if the last reported sales price of its common shares for 20 or more trading days in a period of 30 consecutive trading days exceeds 130% of the conversion price in effect on each such trading day. On or after April 1, 2026, the Company may redeem the 2019 Notes in full or in part, for cash. Holders of the 2019 Notes have the right to require the Company to repurchase all or part of their 2019 Notes on April 1 of each of 2026, 2029 and 2034, or upon certain fundamental corporate changes. The repurchase price will be equal to par plus accrued and unpaid interest. Term Loan In connection with the acquisition of Alacer, the Company assumed a term loan (the "Term Loan"), with a fair value of $245.0 million as of the date of acquisition, with a syndicate of lenders (BNP Paribas (Suisse) SA, ING Bank NV, Societe Generale Corporate & Investment Banking and UniCredit S.P.A.). The Term Loan bears interest at the London Inter-bank Offered Rate ("LIBOR") plus a fixed interest rate margin in the range of 3.50% to 3.70% depending on the tranche. The Term Loan has no mandatory hedging or cash sweep requirements, no prepayment penalties, and final repayment is scheduled in the fourth quarter of 2023. In addition to the Term Loan, the Company assumed LIBOR interest rate swap contracts with underlying notional amounts of approximately 37% of the outstanding Term Loan balance as of December 31, 2020 through the duration of the interest rate hedge program, ending December 22, 2021. The fair value of the interest rate swap contract asset or liability is derived by the difference between the variable LIBOR interest forward rates as compared to a fixed interest rate of 2.86% on the hedged amounts. Restricted cash accounts must be maintained while the Term Loan is outstanding. As of March 31, 2022 and December 31, 2021, $32.9 million and $32.9 million of restricted cash relates to the Term Loan, respectively. Restricted cash is not available for use within one year and is classified as a non-current asset in the Consolidated Balance Sheets. Under the terms of the Term Loan, the Company is required to comply with the following financial covenants: ▪historic and forecast debt service cover ratio greater than or equal to 1.20:1; ▪loan life cover ratio greater than or equal to 1.30:1; and ▪minimum tail reserves as a percentage of total reserves greater than or equal to 30%. As of March 31, 2022, the Company was in compliance with its externally imposed financial covenants in relation to the Term Loan and Credit Facility. The Company does not have any financial covenants in relation to the 2019 Notes. Amended Credit Facility On June 7, 2021, the Company amended its existing credit agreement to extend the maturity of the Credit Facility to June 8, 2025 and increase the Credit Facility to $200.0 million with a $100.0 million accordion feature (the "Amended Credit Facility"). Amounts drawn under the Amended Credit Facility are subject to variable interest rates at LIBOR plus an applicable margin ranging from 2% to 3%, based on the Company's net leverage ratio. The Amended Credit Facility contains fallback language that replaces LIBOR with an alternative benchmark rate based on either SOFR or another alternative benchmark rate when LIBOR ceases to exist. Undrawn amounts are subject to a standby fee ranging from 0.4% to 0.6%, based on the Company's net leverage ratio. The Credit Facility also provides for financial letters of credit at 66% of the applicable margin, undrawn fees are subject to a utilization fee of 0.25%, and standby fees are calculated as 25% of the drawn applicable margin plus a utilization fee ranging from 0.25% to 0.75%. All debts, liabilities and obligations under the Credit Facility are guaranteed by the Company's material subsidiaries and secured by certain of the Company's assets and material subsidiaries, and pledges of the securities of the Company's material subsidiaries, excluding those related to Çöpler and Puna operating segments. In connection with the Credit Facility, the Company must also maintain certain net tangible worth and ratios for interest coverage and net leverage. As of March 31, 2022, the Company was in compliance with these covenants. As of March 31, 2022 and December 31, 2021, the amount outstanding on the Credit Facility, included in Accrued liabilities and other, was nil and $0.9 million, respectively. Scheduled minimum debt repayments are as follows (in thousands):
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SUPPLEMENTAL CASH FLOW INFORMATION |
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SUPPLEMENTAL CASH FLOW INFORMATION | SUPPLEMENTAL CASH FLOW INFORMATION Net change in operating assets and liabilities during the three months ended March 31 were as follows (in thousands):
Other cash information during the three months ended March 31 were as follows (in thousands):
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COMMITMENTS AND CONTINGENCIES |
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Mar. 31, 2022 | |
Commitments and Contingencies Disclosure [Abstract] | |
COMMITMENTS AND CONTINGENCIES | COMMITMENTS AND CONTINGENCIES General Estimated losses from loss contingencies are accrued by a charge to income when information is available prior to the issuance of the financial statements that indicates it is probable that a liability could be incurred, and the amount of the loss can by reasonably estimated. Legal expenses associated with the loss contingency are expensed as incurred. If a loss contingency is not probable or reasonably estimable, disclosure of the loss contingency is made in the financial statements when it is at least reasonably possible that a material loss could be incurred. Environmental matters The Company uses surety bonds to support certain environmental bonding obligations. As of March 31, 2022 and December 31, 2021, the Company had surety bonds totaling $117.9 million and $117.0 million outstanding, respectively. Other Commitments and ContingenciesThe Company is involved in legal proceedings related to its normal course of business. Management does not believe that these legal cases will have a material effect on the Company’s financial condition or results of the operations.
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ASSETS AND LIABILITIES HELD FOR SALE |
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Mar. 31, 2022 | |
Discontinued Operations and Disposal Groups [Abstract] | |
ASSETS AND LIABILITIES HELD FOR SALE | ASSETS AND LIABILITIES HELD FOR SALEOn January 12, 2022, the Company entered into a Share Purchase Agreement with Endeavour Silver Corp. (“Endeavour Silver”) to sell its Pitarrilla project in Durango, Mexico. Pursuant to the terms of the agreement, upon closing of the transaction which is expected in the second quarter of 2022, the Company will receive proceeds of $35.0 million in cash, $35.0 million in Endeavor shares, and a 1.25% net smelter return royalty on the Pitarrilla property. The assets and liabilities related to Pitarrilla, which are included in the Exploration, evaluation and development properties segment, met the criteria to be classified as held for sale on January 7, 2022. The major classes of assets and liabilities related to Pitarrilla presented within Current assets held for sale and Current liabilities held for sale in the Consolidated Balance Sheets as of March 31, 2022 are as follows (in thousands): |
SUBSEQUENT EVENTS |
3 Months Ended |
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Mar. 31, 2022 | |
Subsequent Events [Abstract] | |
SUBSEQUENT EVENTS | SUBSEQUENT EVENTSAcquisition of Taiga Gold CorporationOn April 14, 2022, the Company completed the acquisition of Taiga Gold Corp. (“Taiga Gold”). Under the terms of the arrangement, the Company acquired all of the issued and outstanding common shares of Taiga Gold at a price of CAD $0.265 per share, representing an aggregate consideration of approximately $24.5 million. The Company will account for the transaction as an asset acquisition. |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) |
3 Months Ended |
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Mar. 31, 2022 | |
Accounting Policies [Abstract] | |
Risks and Uncertainties | Risks and Uncertainties As a mining company, the revenue, profitability and future rate of growth of the Company are substantially dependent on the prevailing prices for gold, silver, zinc and lead. The prices of these metals are volatile and affected by many factors beyond the Company’s control, and there can be no assurance that commodity prices will not be subject to wide fluctuations in the future. A substantial or extended decline in commodity prices could have a material adverse effect on the Company’s financial position, results of operations, cash flows, access to capital and the quantities of reserves that the Company can economically produce. The carrying value of the Company’s Mineral properties, plant and equipment; Inventories; Deferred income tax assets; and Goodwill are particularly sensitive to the outlook for commodity prices. A decline in the Company’s price outlook could result in material impairment charges related to these assets.
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COVID-19 | COVID-19 During the period ended March 31, 2022, the COVID-19 pandemic continued to impact global economic and financial markets, disrupting global supply chains and workforce participation. Many industries and businesses, including SSR Mining, have learned how to navigate and operate under these conditions but may still be subject to operating challenges, inflationary pressures and outbreaks. The Company will continue to be vigilant and take appropriate measures to protect the health and safety of its employees and surrounding communities.
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Basis of presentation | Basis of presentation The Condensed Consolidated Financial Statements have been prepared in accordance with the instructions to Form 10-Q and do not include all information and disclosures required by generally accepted accounting principles in the United States. Therefore, this information should be read in conjunction with SSR Mining Inc.’s Consolidated Financial Statements in the Company’s Annual Report on Form 10-K for the year ended December 31, 2021 filed on February 23, 2022. The information furnished herein reflects all adjustments that are, in the opinion of management, necessary for a fair statement of the results for the interim periods reported. All such adjustments are, in the opinion of management, of a normal recurring nature. The results for the three month period ended March 31, 2022, are not necessarily indicative of the results that may be expected for the year ending December 31, 2022.
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Reclassifications | ReclassificationsCertain amounts and disclosures in prior years have been reclassified to conform to the current year presentation |
OPERATING SEGMENTS (Tables) |
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Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Segment Reporting Information, by Segment | The following tables provide a summary of financial information related to the Company's segments (in thousands):
(1) Corporate and other consists of business activities that are not included within the reportable segments and provided for reconciliation purposes. (2) The Company entered into an agreement on January 12, 2022 to sell its Pitarrilla project. The assets related to the Pitarrilla project are classified as Current assets held for sale on the Condensed Consolidated Balance Sheets as of March 31, 2022. Refer to Note 16 for further information.
(1) Corporate and other consists of business activities that are not included within the reportable segments and provided for reconciliation purposes.
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Schedule of Disclosure on Geographic Areas, Long-Lived Assets in Individual Foreign Countries by Country | The following are non-current assets, excluding Goodwill, Restricted cash and Deferred income taxes, by location as of March 31, 2022 and December 31, 2021 (in thousands):
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Revenue from External Customers by Geographic Areas | The following is revenue information by geographic area based on the location for the three months ended March 31 (in thousands):
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REVENUE (Tables) |
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Disaggregation of Revenue | The following table represents revenues by product (in thousands):
(1) Other revenue includes: changes in the fair value of concentrate trade receivables due to changes in silver and base metal prices; and silver and copper by-product revenue arising from the production and sale of gold doré. Revenue by metal type for the three months ended March 31 are as follows (in thousands):
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OTHER INCOME (EXPENSE) (Tables) |
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Other Income and Expenses [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Other Income (Expense) | The following table includes the components of Other income (expense):
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INCOME PER SHARE (Tables) |
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Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Earnings Per Share, Basic and Diluted | The calculations of basic and diluted net income per share attributable to stockholders of the Company for the three months ended March 31, 2022 and 2021 are based on the following (in thousands):
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FAIR VALUE MEASUREMENTS AND FINANCIAL INSTRUMENTS (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value, by Balance Sheet Grouping | The following tables set forth the Company’s assets and liabilities measured at fair value on a recurring (at least annually) and nonrecurring basis by level within the fair value hierarchy (in thousands).
(1)Marketable securities of publicly quoted companies, consisting of investments, are valued using a market approach based upon unadjusted quoted prices in an active market obtained from securities exchanges. (2)The Company manages its exposure to fluctuation in diesel prices and foreign currency exchange rates through hedges. The Company’s derivative asset and liabilities are valued using pricing models with inputs derived from observable market data, including quoted prices in active markets. The Company’s provisional metal sales contracts, included in Trade and other receivables in the Condensed Consolidated Balance Sheets, are valued using inputs derived from observable market data, including quoted commodity forward prices. The inputs do not involve significant management judgment. Such instruments are classified within Level 2 of the fair value hierarchy. (3)Certain items of deferred consideration are included in Level 3, as certain assumptions used in the calculation of the fair value are not based on observable market data. Deferred consideration is included in Other non-current assets in the Condensed Consolidated Balance Sheets.
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Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation | The following table reconciles the beginning and ending balances for financial instruments that are recognized at fair value using significant unobservable inputs (Level 3) in the condensed consolidated financial statements (in thousands):
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Fair Value Disclosure of Asset and Liability Not Measured at Fair Value | The fair value of the 2019 Notes and Term Loan as compared to the carrying amounts were as follows (in thousands):
(1) The fair value disclosed for the Company's 2019 Notes is included in Level 1 as the basis of valuation uses a quoted price in an active market. (2) The fair value disclosed for the Company's Term Loan is included in Level 2 as the fair value is determined by an independent third-party pricing source.
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TRADE AND OTHER RECEIVABLES (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Receivables [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Accounts, Notes, Loans and Financing Receivable | Trade and other receivables was composed of the following (in thousands):
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INVENTORIES (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Inventory Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Inventory, Current | The components of Inventories for the periods ended March 31, 2022 and December 31, 2021 are as follows (in thousands):
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Schedule of Inventory, Noncurrent | The components of Inventories for the periods ended March 31, 2022 and December 31, 2021 are as follows (in thousands):
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MINERAL PROPERTIES, PLANT AND EQUIPMENT, NET (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Property, Plant and Equipment [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Mineral Properties, Plant and Equipment | The components of Mineral properties, plant and equipment, net are as follows (in thousands):
(1) As of March 31, 2022 and December 31, 2021, plant and equipment includes finance lease right-of-use assets with a carrying amount of $105.7 million and $114.9 million, respectively.
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ACCRUED LIABILITIES AND OTHER (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Payables and Accruals [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Accounts Liabilities and Other | Accrued liabilities and other are comprised of the following items (in thousands):
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DEBT (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Debt | The following tables summarize the Company’s debt balances (in thousands):
(1) Amount is net of discount and debt issuance costs of $4.2 million and $4.5 million, respectively.
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Schedule of Maturities of Long-term Debt | Scheduled minimum debt repayments are as follows (in thousands):
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SUPPLEMENTAL CASH FLOW INFORMATION (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Supplemental Cash Flow Information [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Cash Flow, Supplemental Disclosures | Net change in operating assets and liabilities during the three months ended March 31 were as follows (in thousands):
Other cash information during the three months ended March 31 were as follows (in thousands):
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ASSETS AND LIABILITIES HELD FOR SALE (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Discontinued Operations and Disposal Groups [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Assets and Liabilities Held For Sale | The major classes of assets and liabilities related to Pitarrilla presented within Current assets held for sale and Current liabilities held for sale in the Consolidated Balance Sheets as of March 31, 2022 are as follows (in thousands):
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THE COMPANY (Details) |
Mar. 31, 2022
mine
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Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Number of producing mines | 4 |
OPERATING SEGMENTS - Narrative (Details) |
Mar. 31, 2022
mine
|
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Segment Reporting [Abstract] | |
Number of producing mines | 4 |
OPERATING SEGMENTS - Non-current Assets by Geographical Area (Details) - Operating segments - USD ($) $ in Thousands |
Mar. 31, 2022 |
Dec. 31, 2021 |
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Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Non-current assets | $ 3,438,214 | $ 3,517,534 |
Turkey | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Non-current assets | 2,737,010 | 2,744,707 |
Canada | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Non-current assets | 272,311 | 292,264 |
United States | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Non-current assets | 309,389 | 307,857 |
Argentina | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Non-current assets | 118,448 | 123,834 |
Mexico | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Non-current assets | 541 | 48,345 |
Peru | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Non-current assets | $ 515 | $ 527 |
OPERATING SEGMENTS - Revenue by Geographical Area (Details) - USD ($) $ in Thousands |
3 Months Ended | |
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Mar. 31, 2022 |
Mar. 31, 2021 |
|
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Revenue | $ 355,446 | $ 366,484 |
Turkey | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Revenue | 137,407 | 151,522 |
Canada | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Revenue | 90,857 | 45,707 |
United States | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Revenue | 68,893 | 115,973 |
Argentina | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Revenue | $ 58,289 | $ 53,282 |
REVENUE - Revenue by Product (Details) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2022 |
Mar. 31, 2021 |
|
Disaggregation of Revenue [Line Items] | ||
Revenue | $ 355,446 | $ 366,484 |
Gold doré sales | Çöpler | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 135,943 | 151,522 |
Gold doré sales | Marigold | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 68,852 | 115,937 |
Gold doré sales | Seabee | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 90,822 | 45,676 |
Concentrate sales | Puna | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 54,132 | 53,928 |
Other | Çöpler | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 1,464 | 0 |
Other | Marigold | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 41 | 36 |
Other | Seabee | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 35 | 31 |
Other | Puna | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | $ 4,157 | $ (646) |
REVENUE - Revenue by Metal (Details) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2022 |
Mar. 31, 2021 |
|
Disaggregation of Revenue [Line Items] | ||
Revenue | $ 355,446 | $ 366,484 |
Gold | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 295,617 | 313,135 |
Silver | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 33,965 | 48,013 |
Lead | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 13,857 | 5,170 |
Zinc | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 6,310 | 745 |
Other | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | $ 5,697 | $ (579) |
REVENUE - Narrative (Details) - Concentrate Metal Sales Agreement oz in Thousands, lb in Thousands, $ in Millions |
3 Months Ended | |
---|---|---|
Mar. 31, 2022
USD ($)
lb
oz
$ / pound
$ / Ounce
|
Mar. 31, 2021
USD ($)
|
|
Disaggregation of Revenue [Line Items] | ||
Embedded derivative, increase (decrease) of value | $ | $ 4.2 | $ (0.6) |
Silver | ||
Disaggregation of Revenue [Line Items] | ||
Notional ounce/tonnes | oz | 3,540 | |
Average price per ounce/tonnes | $ / Ounce | 24.17 | |
Zinc | ||
Disaggregation of Revenue [Line Items] | ||
Notional ounce/tonnes | lb | 4,060 | |
Average price per ounce/tonnes | $ / pound | 1.78 | |
Lead | ||
Disaggregation of Revenue [Line Items] | ||
Notional ounce/tonnes | lb | 19,530 | |
Average price per ounce/tonnes | $ / pound | 1.06 |
INCOME AND MINING TAXES - Narrative (Details) |
3 Months Ended | |
---|---|---|
Mar. 31, 2022 |
Mar. 31, 2021 |
|
Income Tax Disclosure [Abstract] | ||
Effective income tax rate reconciliation, rate | 29.20% | (5.20%) |
Effective income tax rate reconciliation, statutory rate | 27.00% | 27.00% |
OTHER INCOME (EXPENSE) (Details) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2022 |
Mar. 31, 2021 |
|
Other Income and Expenses [Abstract] | ||
Interest income (expense) | $ 1,565 | $ 470 |
Gain (loss) on marketable securities | (923) | (586) |
Gain (loss) on sale of mineral properties, plant, and equipment | (584) | (22) |
Other | (425) | (1,473) |
Total | $ (367) | $ (1,611) |
FAIR VALUE MEASUREMENTS AND FINANCIAL INSTRUMENTS - Assets and Liabilities (Details) - USD ($) $ in Thousands |
Mar. 31, 2022 |
Dec. 31, 2021 |
---|---|---|
Assets: | ||
Cash | $ 998,986 | $ 1,017,562 |
Restricted cash | 35,315 | 35,303 |
Marketable securities | 38,646 | 46,923 |
Trade receivables | 80,673 | 72,634 |
Derivative asset | 1,351 | 987 |
Deferred consideration | 23,261 | 22,610 |
Total assets | 1,178,232 | 1,196,019 |
Level 1 | ||
Assets: | ||
Cash | 998,986 | 1,017,562 |
Restricted cash | 35,315 | 35,303 |
Marketable securities | 38,646 | 46,923 |
Trade receivables | 0 | 0 |
Derivative asset | 0 | 0 |
Deferred consideration | 0 | 0 |
Total assets | 1,072,947 | 1,099,788 |
Level 2 | ||
Assets: | ||
Cash | 0 | 0 |
Restricted cash | 0 | 0 |
Marketable securities | 0 | 0 |
Trade receivables | 80,673 | 72,634 |
Derivative asset | 1,351 | 987 |
Deferred consideration | 0 | 0 |
Total assets | 82,024 | 73,621 |
Level 3 | ||
Assets: | ||
Cash | 0 | 0 |
Restricted cash | 0 | 0 |
Marketable securities | 0 | 0 |
Trade receivables | 0 | 0 |
Derivative asset | 0 | 0 |
Deferred consideration | 23,261 | 22,610 |
Total assets | $ 23,261 | $ 22,610 |
FAIR VALUE MEASUREMENTS AND FINANCIAL INSTRUMENTS - Fair Value of Significant Unobservable Inputs (Details) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2022 |
Mar. 31, 2021 |
|
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward] | ||
Balance as of January 1 | $ 22,610 | $ 21,460 |
Revaluations | 651 | 124 |
Balance as of March 31 | $ 23,261 | $ 21,584 |
TRADE AND OTHER RECEIVABLES (Details) - USD ($) |
Mar. 31, 2022 |
Dec. 31, 2021 |
---|---|---|
Receivables [Abstract] | ||
Trade receivables | $ 94,525,000 | $ 86,124,000 |
Value added tax receivables | 24,138,000 | 20,723,000 |
Income tax receivable | 6,403,000 | 9,374,000 |
Other taxes receivable | 2,740,000 | 1,866,000 |
Other | 4,873,000 | 3,269,000 |
Total | 132,679,000 | 121,356,000 |
Provision for credit loss | $ 0 | $ 0 |
INVENTORIES (Details) - USD ($) $ in Thousands |
Mar. 31, 2022 |
Dec. 31, 2021 |
---|---|---|
Inventory [Line Items] | ||
Work-in-process | $ 5,820 | $ 4,951 |
Finished goods | 25,411 | 33,877 |
Total current inventories | 419,749 | 389,416 |
Non-current inventories | 221,358 | 221,617 |
Materials and supplies | ||
Inventory [Line Items] | ||
Raw materials | 97,741 | 79,372 |
Non-current inventories | 1,505 | 1,293 |
Stockpiled ore | ||
Inventory [Line Items] | ||
Raw materials | 33,200 | 27,589 |
Non-current inventories | 219,853 | 220,324 |
Leach pad inventory | ||
Inventory [Line Items] | ||
Raw materials | $ 257,577 | $ 243,627 |
ACCRUED LIABILITIES AND OTHER (Details) - USD ($) $ in Thousands |
Mar. 31, 2022 |
Dec. 31, 2021 |
---|---|---|
Payables and Accruals [Abstract] | ||
Accrued liabilities | $ 38,358 | $ 51,544 |
Royalties payable | 31,106 | 32,383 |
Dividends payable | 15,015 | 0 |
Stock-based compensation liabilities | 17,328 | 22,652 |
Income taxes payable | 34,960 | 52,206 |
Lease liabilities | $ 1,884 | $ 2,238 |
Lease liabilities [extensible enumeration] | Total accrued liabilities and other | Total accrued liabilities and other |
Other | $ 2,379 | $ 4,085 |
Total accrued liabilities and other | $ 141,030 | $ 165,108 |
DEBT - Components of Debt (Details) - USD ($) $ in Thousands |
Mar. 31, 2022 |
Dec. 31, 2021 |
---|---|---|
Debt Instrument [Line Items] | ||
Total carrying amount | $ 349,471 | $ 366,984 |
Current Portion | 71,210 | 71,491 |
Non-Current Portion | 278,261 | 295,493 |
2019 Notes | ||
Debt Instrument [Line Items] | ||
Discount and debt issuance costs | 4,200 | 4,500 |
2019 Notes | Convertible Senior Notes | ||
Debt Instrument [Line Items] | ||
Long-term debt, gross | 225,761 | 225,534 |
Term Loan | ||
Debt Instrument [Line Items] | ||
Long-term debt, gross | 122,500 | 140,000 |
Other | ||
Debt Instrument [Line Items] | ||
Long-term debt, gross | $ 1,210 | $ 1,450 |
DEBT - Convertible Debt (Details) - 2019 Notes - Senior Notes |
Mar. 19, 2019
USD ($)
day
$ / shares
|
---|---|
Debt Instrument [Line Items] | |
Face amount | $ 230,000,000.0 |
Interest rate, stated percentage | 2.50% |
Proceeds from issuance of debt | $ 222,900,000 |
Commissions and expenses related to offering of debt | $ 7,100,000 |
Convertible, conversion ratio | 0.0541082 |
Convertible, conversion price (in dollars per share) | $ / shares | $ 18.48 |
Convertible, threshold trading days | day | 20 |
Convertible, threshold consecutive trading days | day | 30 |
Convertible, threshold percentage of stock price trigger | 130.00% |
DEBT - Term Loan (Details) $ in Thousands |
Sep. 16, 2020
USD ($)
|
Mar. 31, 2022
USD ($)
|
Dec. 31, 2021
USD ($)
|
Dec. 31, 2020 |
---|---|---|---|---|
Debt Instrument [Line Items] | ||||
Restricted cash | $ 35,315 | $ 35,303 | ||
Term Loan | Alacer | ||||
Debt Instrument [Line Items] | ||||
Face amount | $ 245,000 | |||
Notional amount assumed equal to percentage of debt outstanding | 37.00% | |||
Restricted cash | $ 32,900 | $ 32,900 | ||
Historic and forecast debt service cover ratio, minimum | 1.20 | |||
Loan life cover ratio, minimum | 1.30 | |||
Tail reserves as a percentage of total reserves, minimum | 30.00% | |||
Term Loan | Alacer | Interest Rate Swap | ||||
Debt Instrument [Line Items] | ||||
Derivative, fixed interest rate | 2.86% | |||
Term Loan | London Interbank Offered Rate (LIBOR) | Minimum | ||||
Debt Instrument [Line Items] | ||||
Basis spread on variable rate | 3.50% | |||
Term Loan | London Interbank Offered Rate (LIBOR) | Maximum | ||||
Debt Instrument [Line Items] | ||||
Basis spread on variable rate | 3.70% |
DEBT - Scheduled Minimum Debt Repayments (Details) $ in Thousands |
Mar. 31, 2022
USD ($)
|
---|---|
Debt Disclosure [Abstract] | |
2022 (for the remainder) | $ 53,713 |
2023 | 70,000 |
2024 | 0 |
2025 | 0 |
2026 | 0 |
Thereafter | $ 230,000 |
SUPPLEMENTAL CASH FLOW INFORMATION - Operating Assets and Liabilities (Details) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2022 |
Mar. 31, 2021 |
|
Decrease (increase) in operating assets: | ||
Trade and other receivables | $ (10,394) | $ (14,322) |
Inventories | (32,516) | (14,062) |
Other operating assets | (5,734) | 10,651 |
Increase (decrease) in operating liabilities: | ||
Accounts payable | 21,092 | (2,519) |
Accrued liabilities | (44,385) | (16,219) |
Reclamation liabilities | 118 | (58) |
Other operating liabilities | 3,239 | (9,172) |
Net change in operating assets and liabilities | $ (68,580) | $ (45,701) |
SUPPLEMENTAL CASH FLOW INFORMATION - Other Cash Information (Details) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2022 |
Mar. 31, 2021 |
|
Supplemental Cash Flow Information [Abstract] | ||
Interest paid | $ (4,288) | $ (4,665) |
Interest received | 1,565 | 551 |
Income taxes paid | $ (67,593) | $ (10,339) |
COMMITMENTS AND CONTINGENCIES (Details) - USD ($) $ in Millions |
Mar. 31, 2022 |
Dec. 31, 2021 |
---|---|---|
Surety Bond | ||
Loss Contingencies [Line Items] | ||
Environmental bonding obligation, outstanding | $ 117.9 | $ 117.0 |
ASSETS AND LIABILITIES HELD FOR SALE - Narrative (Details) - Disposal Group, Disposed of by Sale - Pitarrilla Project $ in Millions |
Jan. 12, 2022
USD ($)
|
---|---|
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |
Consideration in cash | $ 35.0 |
Consideration in equity | $ 35.0 |
Smelter | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |
Royalty fee, percentage | 1.25% |
ASSETS AND LIABILITIES HELD FOR SALE - Components (Details) - USD ($) $ in Thousands |
Mar. 31, 2022 |
Dec. 31, 2021 |
---|---|---|
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Assets held for sale | $ 63,670 | $ 0 |
Liabilities held for sale | 6,903 | $ 0 |
Disposal Group, Disposed of by Sale | Pitarrilla Project | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Cash and cash equivalents | 205 | |
Trade and other receivables | 31 | |
Prepaids and other current assets | 122 | |
Mineral properties, plant, and equipment, net | 62,179 | |
Other non-current assets | 1,133 | |
Assets held for sale | 63,670 | |
Accounts payable | 24 | |
Accrued liabilities and other | 864 | |
Deferred income tax liabilities | 5,952 | |
Reclamation and remediation costs | 63 | |
Liabilities held for sale | $ 6,903 |
SUBSEQUENT EVENTS (Details) - Apr. 14, 2022 - Subsequent Event - Taiga Gold Corp $ in Millions |
USD ($) |
$ / shares |
---|---|---|
Subsequent Event [Line Items] | ||
Asset acquisition, share price (in CAD per share) | $ / shares | $ 0.265 | |
Asset combination, consideration transferred | $ | $ 24.5 |
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