SSR Mining (SSRM)
Executive summary
SSR Mining (Nasdaq/TSX: SSRM) is a mid‑tier precious‑metals miner sitting at a crossroads: the company will report fourth‑quarter and full‑year 2025 results and 2026 guidance on February 17, 2026, an event likely to reset investor expectations [1]. Investors and analysts are split between optimism about asset growth and reopening catalysts and caution over recent production revisions, asset‑specific incidents and cyclical mining risks [2] [3] [4].
1. The near‑term inflection: results and guidance to watch on Feb. 17
SSR Mining has formally scheduled its release of fourth‑quarter and full‑year 2025 financial results for after markets close on February 17, 2026, and will provide full‑year 2026 operating guidance plus updated mineral reserves and resources on that date, making the report a likely liquidity and sentiment trigger for SSRM shares [1] [5] [2].
2. Where SSR Mining runs its business: a geographically diverse asset base
The company operates four principal assets across the Americas and Türkiye — notably Çöpler (Copler) in Erzincan Province, Marigold in Nevada, Seabee in Saskatchewan and Puna in Jujuy, Argentina — and the firm also owns the Cripple Creek & Victor (CC&V) mine, giving it exposure to multiple jurisdictions and commodity mixes including gold, silver and base‑metal concentrates [6] [7] [8].
3. Growth stories and catalysts that bulls cite
Bullish analysts and commentators point to several potential upside drivers: production increases expected from Marigold and project contributions such as Hod Maden, the prospect of increased output from Greater Cakmaktepe ore, and extension plans at Puna that target higher silver production in 2026 — all framed as catalysts that could materially re‑rate the stock if realized [3] [8] [4].
4. The counter‑case: operational setbacks, valuation gaps and past revisions
Critics and more cautious analysts highlight recent production downgrades, higher operating costs at key assets like Çöpler, and a nearly 50% reduction in consolidated NAV cited in some reports tied to lower production forecasts — facts that underpin Hold ratings and restrained price targets and argue for risk‑adjusted skepticism until the company proves its operational recovery [3] [2].
5. Safety, governance and the shadow of Çöpler
SSR Mining’s public site references updates related to a February 2024 incident at Çöpler, and independent reporting has linked an independent review and technical concerns at Çöpler to worker fatalities and operational scrutiny, issues that complicate public perception, regulatory exposure and near‑term restart assumptions for that asset [9] [10]. These matters create an implicit agenda pressure: management must balance transparent remediation and restart timelines against investor desires for upside from a Çöpler recovery.
6. Market sentiment, analyst positioning and technical momentum
Street coverage is mixed: several outlets report consensus Hold ratings and modest price targets while some analysts and enthusiasts argue valuation remains attractive versus peers — for example, bullish pieces argue SSRM trades at low multiples to 2026 earnings and retains a strong balance sheet if mines like Çöpler can be restarted, whereas mainstream outlets have moved modestly higher on price targets in January 2026, reflecting the split narrative between fundamental risk and potential upside [3] [4] [7] [2] [11].
7. What to watch in the February print and beyond
Investors should read the February 17 release for three things: concrete 2026 production guidance and unit‑cost targets that validate or refute recent revisions; updated mineral reserves/resources and project‑timing clarity for CC&V, Çöpler and Hod Maden; and management commentary on safety, remediation and capital allocation — each element will materially affect whether SSRM’s current valuation reflects a recovery story or remains hostage to operational execution risk [1] [12] [8].