Sentiment Analysis of the earnings transcript to help figure out if there are any bullish or bearish sentiments that could be gathered from it. We're doing ML and AI based analysis on the earnings call to get some more insights.
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| Statement |
|---|
| We are proud of our history of capital returns and going forward, anticipate sharing opportunities to reinvest in the organization |
| It's pleasing to see these efforts beginning to bear fruit with a strong third quarter, including record gold production from Marigold and record average daily throughputs at Puna |
| Third quarter production of 192,000 gold equivalent ounces at all-in sustaining costs of $1,289 an ounce was a meaningful improvement over first half results |
| The mine produced 20,000 ounces of gold at AISC $1,382 per ounce in Q3 and we expect further improvement from this level in the fourth quarter as mine grades are expected to average between 7 and 7 grams a tonne |
| And we anticipate further production and cost improvement in the fourth quarter of this year as we continue to track towards the lower end of our full-year production guidance of 700,000 gold equivalent ounces, and as a result, the high end of our all-in sustaining cost guidance |
| With a full suite of near and longer-term growth opportunities across the district, we believe there are opportunities to continue this track record of mine life extension going forward |
| This timeline is well aligned to our internal expectations and most impressively was delivered just six years after the initial drill hole was completed at the project |
| Since our 2021 technical report, we have significant exploration success at Çakmaktepe Extension and are excited about the continued growth potential of the project |
| Çöpler has had more than 20 years of mine life since 2015, which is testament to our continued success replacing depletion and still expanding the resource base |
| Second, our overall liquidity position was enhanced during the quarter with an amendment to our revolving credit facility, expanding the facility's total capacity to an undrawn $500 million at a reduced margin and bringing our total liquidity position to more than $900 million |
| Third, our Brownfield exploration portfolio continues to advance successfully as we look to extend mine lives at both Seabee and Puna |
| Impressive drilling results from campaigns across the portfolio including 46 grams a tonne intercept over 6 meters at Seabee's Porky West target and 190 meters of 155 grams per tonne silver and 10.6% zinc from the Cortaderas target of Puna |
| These are truly spectacular results and a strong reminder of our Brownfield organic growth plans |
| And finally, we continued to track -- we continued our track record of robust capital returns, with nearly $90 million returned to shareholders over the year-to-date period as we track towards a minimum total return yield of 3.6% for the year |
| We have a proven track record delivering high return growth projects and are excited to continue building on that strong reputation going forward |
| Combined with our track record of building assets successfully, the business is well-positioned to deliver value to our shareholders |
| By planning to install grinding and leaching capacity at Çöpler, we can materially improve those recoveries and potentially deliver a significant valuation uplift for the entire operation |
| All-in sustaining costs of $1,289 an ounce was a meaningful improvement over the first half results and included costs associated with the scheduled maintenance shutdown at Çöpler |
| We are excited by what's ahead both into year-end and over the coming years |
| Our portfolio features an abundance of high return, low capital intensity growth opportunities that we expect will drive further NAV expansion going forward |
| SSR Mining has a proud history as explorers, mine builders and operators, as well as a long track record of prudent value-added of M&A |
| Our business is in a strong position supported by a robust balance sheet including more than $900 million in total liquidity and we are keen to continue building on our solid foundations |
| ESG is and long has been a core value and focus for the company as it firmly underpins our success |
| We continue to prioritize the health and safety of our employees and business partners and are seeing positive results with respect to our safety metrics across the portfolio |
| As you have seen, we have some very exciting medium-term growth potential from the Porky targets on the horizon and technical work is now underway to evaluate opportunities for these targets to be presented in a new mining plan for the Seabee in future |
| This has been met with enthusiasm from our teams and is already showing positive results |
| Whilst this is improving safety, it is also improving the quality of work and results in the field as safe production delivery is an integrated approach to our long-term success |
| Puna once again delivered an outstanding quarter with 2.6 million ounces of silver production at AISC of $13 per ounce as the processing plant averaged record throughput of 4,900 tonnes per day |
| It is a testament to the team and their focus on continual improvement that they're able to deliver this level of performance and cost control despite the period of currency fertility in Argentina |
| We expect to see continued cost improvement in the fourth quarter of 2023 |
| Statement |
|---|
| As you mentioned, 2024 production is going to be lower year-over-year |
| We expect similar impacts at the end of the fourth quarter based on prior history, particularly given the holiday season, and as a result expect fourth quarter sales to lag production |
| And thanks, Eddie, for giving us a bit of guidance in terms of 10% to 15% below previous guidance |
| I think it's down about 10% |
| Now onto Çöpler, the mine delivered third quarter production of 57,000 ounces at an AISC of $1,378 per ounce, reflecting the planned maintenance shutdown that was successfully completed in the quarter |
| The installation of that additional equipment will delay the ramp up to full production levels until later in 2026 |
| So for those investors are somewhat concerned about CapEx, and I see CapEx was $123 million in terms of budgeted in 2023 |
| Combined with the expectation of a positive construction decision for Hod Maden next year, it is clear our business is moving into a reinvestment cycle over the next three years that will see production lower than the prior 2024 guidance range by approximately 10% to 15% |
| However, this will mean a slower ramp up to full production levels until later in 2026 when this additional processing equipment is installed |
| Sales in the third quarter were 196,000 gold equivalent ounces and were impacted slightly by the timing of concentrate shipments from Puna |
| And so we may be sacrificing a slow or taking on a slower ramp up at Çakmaktepe in exchange for NAV accretion |
| I guess my question is, should we be concerned about CapEx? Is it going to go higher than 2023, or is it right now, I've modeled actually lower in 2024 |
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