SSR Mining Unveils World-Class Hod Maden Project with $1.66B NPV and 39% IRR

summarizeSummary

SSR Mining announced the results of its 2025 Technical Report Summary for the Hod Maden project, highlighting an estimated after-tax NPV of $1.66 billion and a projected IRR of 39%, positioning it as a high-return copper-gold project.

check_boxKey Events

• Strong Project Economics

  The Hod Maden project boasts an estimated after-tax NPV of $1.66 billion and a projected IRR of 39% at consensus metal prices, with potential for $2.91 billion NPV and 58% IRR at recent spot prices.

• Significant De-risking Achieved

  Detailed engineering is nearing completion, most major contracts are tendered or in place, and early works activities have substantially de-risked project execution.

• Substantial Capital Commitment

  Total remaining development capital is estimated at $910 million, with SSR Mining's attributable share of capital and earn-in payments totaling approximately $469 million.

• Updated Mineral Reserves & Resources

  Total Proven and Probable Mineral Reserves are 7.71 million tonnes at 7.6 g/t Au and 1.3% Cu, containing 1.896 million ounces of gold and 223 million pounds of copper. Measured and Indicated Mineral Resources (exclusive of reserves) are 1.72 million tonnes at 11.9 g/t Au and 1.7% Cu.

auto_awesomeAnalysis

The updated Technical Report Summary for the Hod Maden project demonstrates robust economics with a substantial after-tax NPV of $1.66 billion and an attractive IRR of 39% at consensus metal prices. This update reflects significant de-risking efforts, including nearing completion of detailed engineering and securing most major contracts. While the total remaining development capital is $910 million, SSR Mining's attributable share is $469 million, expected to be funded from existing liquidity. The project is projected to deliver strong annual operating and free cash flows, with low all-in sustaining costs of $590 per ounce of payable gold. Key improvements include a simplified single copper concentrate flowsheet and refined infrastructure design. Although Mineral Reserves saw a reduction due to re-classification of some high-grade material to resources, the overall economic viability remains compelling. A final project decision is anticipated in 2026, following joint venture partner approvals. Investors should monitor progress on permitting, particularly for paste backfill, and management of foreign currency exposure.