SSR Mining Inc. (NASDAQ:SSRM) Q3 2019 Earnings Conference Call Transcript

Nov 06, 2019 • 11:00 am ET

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SSR Mining Inc. (NASDAQ:SSRM) Q3 2019 Earnings Conference Call Transcript

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Presentation
Operator
Operator

Good morning, everyone, and welcome to SSR Mining's Third Quarter 2019 Conference Call. [Operator Instructions]. At this time for opening remarks and introductions, I would like to turn the call over to Stacey Pavlova, Manager, Investor Relations.

Executive
Stacey Pavlova

Thank you, operator. Good morning, ladies and gentlemen. Welcome to SSR Mining's Third Quarter 2019 Call, during which we will provide an update on our business and a review of our financial performance. Our financial statements and management's discussion and analysis have been filed on SEDAR and EDGAR and are also available on our website.

To accompany our call, there is an online webcast, and you will find information to access the webcast in our news release relating to this call. Please note that all figures discussed during the call are in US dollars, unless otherwise indicated. All references to cash costs and all-in sustaining costs are per payable ounce of metal sold. We will be making forward-looking statements today, so please read the disclosures in the relevant documents.

Joining us on the call this morning are Paul Benson, President and CEO; Greg Martin, our CFO; Kevin O'Kane, COO; and Carl Edmunds, Vice President, Exploration. Also present is John DeCooman, Senior Vice President, Business Development & Strategy.

Now I would like to turn the call over to Paul for opening remarks.

Executive
Paul Benson

Thank you, Stacey. Good morning, ladies and gentlemen. I'm pleased to welcome you to our call to discuss our third quarter 2019 operating and financial results.

Q3 was another strong quarter, as we produced over 100,000 gold equivalent ounces at our three operations, delivering improved margins and maintaining a strong financial position. All three mines achieved solid results. Seabee delivered a record quarterly production with over 32,000 ounces of gold, while achieving quarterly records in recovery and gold grade under our ownership.

At Marigold, we produced nearly 53,000 ounces of gold, while stacking 6.4 million tonnes of ore at a higher quarterly gold grade of 0.51 gram per tonne, setting us up well for the remainder of the year.

At Puna operations, where we consolidated 100% of our ownership in September, we produced 1.7 million ounces of silver during the quarter. This improved production was coupled with an increased amount of ore mined in advance of the rainy season.

The strong operating performance and production results at each site positioned us well to meet or exceed our consolidated production guidance for the eighth consecutive year.

From an exploration perspective, 2019 programs at Marigold, Seabee and Puna are continuing, and Carl will provide an update on each shortly. It's pleasing to see positive exploration results to-date at Marigold and Seabee, which we are expected to add to reserves and resources at year-end 2019.

At the recently acquired Trenton Canyon property, immediately south at Marigold, we have focused on confirmatory work that we expect will allow us to bring some of the resources Newmont had identified during its ownership of the property into our inferred resources at year end. Next year, we expect to fund