SSR Mining
SSRM
$34.81
-3.95%
SSR Mining Inc. is a mid-tier precious metals producer focused on gold and silver extraction across the Americas, operating the Marigold mine in Nevada, the Seabee Gold Operation in Saskatchewan, and the Puna mine in Argentina. The company distinguishes itself through a diversified asset base in stable mining jurisdictions and a strategic pivot toward the Americas following the divestiture of its troubled Copler mine in Turkey. Investor attention is currently centered on the company's transformative $1.5 billion asset sale, which has fortified its balance sheet, funded a substantial share buyback, and positioned SSR Mining to capitalize on a robust gold price environment while returning capital to shareholders.…
SSRM
SSR Mining
$34.81
Related headlines
Investment Opinion: Should I buy SSRM Today?
Rating: Buy. SSR Mining is a compelling investment due to its strong revenue growth, strategic asset sale, and attractive forward valuation. The average analyst target of $41.40 implies 11.4% upside, and the 'Strong Buy' consensus supports this view. The company's focus on the Americas and its robust free cash flow provide a solid foundation for growth.
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SSRM 12-Month Price Forecast
The AI assessment is bullish, driven by SSR Mining's exceptional revenue growth, strategic de-risking, and attractive valuation. The company is well-positioned to benefit from a strong gold market, and the forward earnings multiple suggests significant upside. Key risks include gold price volatility and operational execution, but the current momentum and analyst support indicate a favorable risk-reward. An upgrade to a more aggressive stance would occur if gold prices rally further or if the company announces new growth projects, while a downgrade would be triggered by a sustained decline in gold prices or a major operational setback.
Wall Street consensus
Most Wall Street analysts maintain a constructive view on SSR Mining's 12-month outlook, with a consensus price target around $41.40 and implied upside of +18.9% versus the current price.
Average Target
$41.40
0 analysts
Implied Upside
+18.9%
vs. current price
Analyst Count
—
covering this stock
Price Range
$39 - $48
Analyst target range
The target price range spans from a low of $39.00 to a high of $48.00, with the high target implying a 29.2% upside and the low target a 5.0% upside, indicating that even the most bearish analyst sees further gains. The high target likely assumes continued gold price strength and successful execution of the buyback, while the low target may factor in potential operational setbacks or a pullback in precious metals prices. Recent ratings actions show a positive trend, with RBC Capital upgrading from 'Sector Perform' to 'Outperform' in June 2026 and CIBC moving from 'Neutral' to 'Outperform' in March 2026, while B of A Securities and UBS have maintained Buy ratings, reinforcing the bullish sentiment.
Bulls vs Bears: SSRM Investment Factors
SSR Mining presents a compelling bull case driven by explosive revenue growth, a transformative asset sale, and strong analyst support. The bear case centers on the Q1 net loss, high valuation on trailing metrics, and sensitivity to gold prices. Currently, the bull evidence is stronger, given the strategic de-risking and forward earnings potential. The key tension is whether the company can sustain its growth trajectory and convert its revenue surge into consistent profitability, which will determine if the stock can reach the high target of $48.
Bullish
- Revenue Surge 83.8% YoY: Q1 2026 revenue hit $581.8M, up 83.8% from $316.6M in Q1 2025, driven by higher gold production and prices. This growth is accelerating, with revenue climbing from $184.8M in Q2 2024 to $521.7M in Q4 2025, showcasing strong operational momentum.
- Strategic $1.5B Copler Sale: The sale of the troubled Copler mine for $1.5B cash de-risks the portfolio and strengthens the balance sheet. This transformative deal provides a war chest for growth and shareholder returns, including a substantial buyback, signaling management confidence.
- Strong Analyst Consensus: With a 'Strong Buy' rating (mean 1.4) from 5 analysts, the average target of $41.40 implies 11.4% upside, with a high target of $48.00 offering 29.2% upside. Recent upgrades from RBC and CIBC reinforce the positive sentiment.
- Robust Profitability Metrics: Gross margin improved to 61.3% in Q1 2026, up from 47.2% in Q1 2025, and operating margin reached 52.5%. TTM free cash flow stands at $482.3M, providing ample liquidity for buybacks and investments.
Bearish
- Q1 2026 Net Loss of $106.5M: Despite strong revenue, the company reported a net loss of $106.5M in Q1 2026, with EPS of -$0.51. This was likely due to one-time charges from the Copler sale, but it highlights earnings volatility and the impact of non-operating items.
- High Valuation on Trailing Sales: P/S ratio of 2.68x is elevated compared to historical norms for gold miners, reflecting the market's high expectations. If revenue growth stalls, the stock could face multiple compression.
- Gold Price Dependency: Revenue is heavily tied to gold prices, which are volatile. A 10% drop in gold could significantly impact earnings, given that gold contributes 68.8% of revenue. Macro factors like Fed policy and dollar strength pose risks.
- Recent Price Volatility: The stock fell 4.5% on September 4, 2026, and has a max drawdown of -31.28% over the past year. Despite the uptrend, such swings indicate risk, especially after a 82% run-up in the last year.
SSRM Technical Analysis
SSR Mining is in a powerful long-term uptrend, with the stock up 82.0% over the past year and currently trading at $37.15, just 5.8% below its 52-week high of $39.44 and 104.2% above its 52-week low of $18.19. This positioning near the upper end of its 52-week range indicates strong bullish momentum, though it also raises the risk of short-term overextension. The stock's beta of 0.877 suggests it is less volatile than the broader market, which is notable for a gold miner and implies a degree of defensive characteristic.
Beta
0.98
0.98x market volatility
Max Drawdown
-31.3%
Largest decline past year
52-Week Range
$18-$39
Price range past year
Annual Return
+55.5%
Cumulative gain past year
| Period | SSRM Return | S&P 500 |
|---|---|---|
| 1m | +8.1% | -2.0% |
| 3m | +9.4% | +1.4% |
| 6m | +35.0% | +15.0% |
| 1y | +55.5% | +15.7% |
| ytd | +61.8% | +11.6% |
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SSRM Fundamental Analysis
SSR Mining's revenue trajectory has been exceptionally strong, with Q1 2026 revenue of $581.8 million representing an 83.8% year-over-year increase from $316.6 million in Q1 2025. This growth is driven by a surge in gold production and higher precious metal prices, with gold contributing $400.1 million (68.8% of total revenue) and silver adding $159.5 million. The multi-quarter trend shows accelerating growth, with revenue climbing from $184.8 million in Q2 2024 to $521.7 million in Q4 2025, reflecting the ramp-up of operations and favorable commodity markets.
Quarterly Revenue
$581778000.0B
2026-03
Revenue YoY Growth
+83.8%
YoY Comparison
Gross Margin
61.3%
Latest Quarter
Free Cash Flow
$482307514.0B
Last 12 Months
Revenue & Net Income Trends (2 Years)
Revenue Breakdown
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Valuation Analysis: Is SSRM Overvalued?
Given that SSR Mining reported a net loss of $106.5 million in Q1 2026, the trailing P/E ratio of 11.2x is not meaningful, so I have selected the price-to-sales (P/S) ratio as the primary valuation metric. The current P/S ratio of 2.68x is based on trailing twelve-month revenue, while the forward P/E of 7.98x implies the market expects a significant earnings recovery, with analysts estimating EPS of $2.22 for the next fiscal year. This gap between trailing losses and forward profitability suggests the market is pricing in a strong rebound driven by the Copler sale and higher gold prices.
PE
11.2x
Latest Quarter
vs. Historical
Low-End
5-Year PE Range 4x~28x
vs. Industry Avg
N/A
Industry PE ~N/A*
EV/EBITDA
6.4x
Enterprise Value Multiple
Investment Risk Disclosure
Financial and operational risks include the recent net loss of $106.5M in Q1 2026, which, while partly due to one-time items, underscores earnings volatility. The company's debt-to-equity ratio is low at 0.12, but the reliance on gold prices for 68.8% of revenue exposes it to commodity price swings. Free cash flow is positive at $482.3M TTM, but sustaining this depends on maintaining high production levels and cost control. The current ratio of 2.08 indicates good liquidity, but the lack of dividend (yield 0%) may disappoint income-focused investors.
FAQ
The key risks include: 1) Gold price volatility, as gold contributes 68.8% of revenue; a 10% drop could significantly impact earnings. 2) Operational risks, such as production disruptions at its mines in Nevada, Saskatchewan, and Argentina. 3) Regulatory and political risks in Argentina, which could affect the Puna mine. 4) Valuation risk, as the stock has risen 82% in the past year and could be prone to profit-taking. The most severe risk is a sustained decline in gold prices, which could lead to a 30-50% correction.
The 12-month forecast is positive, with a base case target of $39-$44 (50% probability), a bull case of $44-$48 (30% probability), and a bear case of $25-$30 (20% probability). The most likely scenario is the base case, which assumes stable gold prices and continued operational success. The stock is expected to trade near the average analyst target of $41.40, offering a potential return of 11.4% from the current price.
Based on forward earnings, SSRM appears undervalued with a P/E of 7.98x, which is low for a company with 83.8% revenue growth. However, on a trailing P/S basis, it trades at 2.68x, which is above the sector average, reflecting high expectations. The market is pricing in a strong earnings recovery, as evidenced by the gap between trailing losses and forward profitability. Overall, the stock is fairly valued to slightly undervalued, offering good value for growth-oriented investors.
SSRM is a good buy for investors seeking exposure to gold with a growth angle. The stock has a 'Strong Buy' consensus with an average target of $41.40, implying 11.4% upside. Its forward P/E of 7.98x is attractive, and the recent $1.5B asset sale has strengthened the balance sheet. However, the stock is not without risks, including gold price volatility and the recent net loss. It is best suited for those with a higher risk tolerance and a positive outlook on gold.
SSRM is suitable for both, but it is better suited for long-term investors who can tolerate volatility. The company's growth prospects, driven by gold prices and strategic initiatives, suggest a holding period of at least 2-3 years to fully realize value. Short-term traders may find opportunities due to the stock's volatility, but the low beta (0.877) and recent run-up suggest limited short-term upside. For long-term investors, the stock offers a compelling risk-reward, especially if gold prices remain elevated.