SSR Mining Shares Rise After Dividend Boost, Mineral Reserves Increase

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By Adriano Marchese

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SSR Mining Inc. Shares rose in early trading on Tuesday after the company said it would raise its dividend by 40% and that its gold mineral reserves increased in the first quarter.

At 9:57 am ET, its shares were 8.3% higher at C$29.16.

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The Vancouver and Denver-based gold, silver, zinc and tin producer said that its board declared a quarterly dividend of 7 cents a share.

“We continue to expect free cash flow to be weighted to the second half of 2022, and we will work to ensure that our capital returns initiatives appropriately reflect our robust free cash flow generation,” President and Chief Executive Rod Antal said.

The company said that its latest mineral reserves have been increased by 14% to 9.2 million ounces of gold. The increase was due to the Ardich deposit in Turkey and Seabee’s Gap Hangingwall in Saskatchewan which drove a 1.1 million-ounce increase to its total gold mineral reserves, net of depletion.

SSR Mining said that it expects to produce more than 700,000 gold-equivalent ounces in 2022 through 2024 without requirements for material capital investment.

For its first quarter results, SSR Mining reported that revenue fell to $355.4 million from $366.5 million, and net income per share fell to 31 cents from 48 cents a year earlier.

Gold-equivalent ounces produced in the period were lower at 173,675, down from 196,094 ounces.

Write to Adriano Marchese at [email protected]

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Credit: www.marketwatch.com /

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