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SSR Mining reports lower net income in 2022 as gold equivalent production down 21%

Kitco News

(Kitco News) - SSR Mining (NASDAQ: SSRM) (TSX: SSRM) announced today that for the full year 2022, its attributable net income was $194.1 million (2021: attributable income of $368.1 million), and adjusted attributable net income was $144.8 million (2021: adjusted attributable net income of $401.8 million).

The company also reported that in 2022, its four operating assets produced 623,819 gold equivalent ounces, down 21% compared to 2021 (794,456 ounces) and within the revised guidance.

SSR Mining said that full year 2022 cost of sales of $985 per gold equivalent ounce and all-in sustaining costs of $1,339 per gold equivalent ounce were also in line with guidance.

The company added it expects to deliver a "strong and stable production base" in 2023 with total production of 700,000 to 780,000 gold equivalent ounces at consolidated cost of sales of $1,055 to $1,115 per gold equivalent ounce and all-in sustaining costs of $1,365 to $1,425 per gold equivalent ounce.

In the updated three-year outlook, SSR Mining expects to maintain an average production base of approximately 700,000 gold equivalent ounces per year through 2025.

On February 22, 2023 the company's Board of Directors declared a quarterly cash dividend of $0.07 per common share.

President and CEO Rod Antal said, "We closed 2022 with a strong balance sheet and met our revised guidance targets. We are now focused on delivering strong production and free cash flow in 2023. With the release of our 2023 and three-year guidance earlier this month, we presented our expectations for a significant year-over-year production improvement and a three-year production profile targeting 700,000 gold equivalent ounces."

SSR Mining is a gold mining company with four producing operations located in the USA, Türkiye, Canada, and Argentina, combined with a global pipeline of development and exploration assets.

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