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(Kitco News) - SSR Mining (TSX: SSRM) today reported Q1 2023 production of 146,894 gold equivalent ounces, a decrease of 15% compared to Q1 2022 (173,675 ounces).
According to a company press release, the decrease in gold equivalent production was primarily due to lower production at Seabee (Canada), where processed grades during Q1 2023 were impacted by now-resolved equipment downtime that altered the mine sequencing schedule.
"As previously guided, the first quarter is expected to represent the lowest quarter of production for 2023," SSR Mining said.
The company reported Q1 2023 cost of sales of $1,289 per gold equivalent ounce (Q1 2022: $854 per ounce) and all-in sustaining costs (AISC) of $1,693 per gold equivalent ounce (Q1 2022: $1,093 per ounce).
Attributable net income in the first quarter of 2023 was $29.8 million (Q1 2022: $67.6 million), and adjusted attributable net income was $21.3 million (Q1 2022: $65.9 million).
SSR Mining also announced that its Board of Directors declared a quarterly cash dividend of $0.07 per common share, payable on June 12, 2023 to holders of record at the close of business on May 15, 2023.
Importantly, the company noted it is on track to achieve its full-year 2023 consolidated production guidance of 700 to 780 thousand gold equivalent ounces at consolidated cost of sales of $1,055 to $1,115 per gold equivalent ounce and AISC of $1,365 to $1,425 per gold equivalent ounce.
"Our operating results for the first quarter of 2023 were well aligned to our expectations and have the company on track for full-year consolidated production and cost guidance. We continue to expect a second half weighted production and free cash flow profile with sustaining capital spending across the portfolio progressively tapering off in the second half of the year," the company said.
SSR Mining has four producing operations located in the USA, Türkiye, Canada, and Argentina, combined with a global pipeline of development and exploration assets. Over the last three years, the four operating assets combined have produced on average more than 700,000 gold-equivalent ounces annually.
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| Gold Fields reports gold equivalent production of 577koz in March quarter, flat y-o-y |
