SSR Mining Inc. (NASDAQ:SSRM) Q4 2019 Earnings Conference Call - Final Transcript
Feb 21, 2020 • 11:00 am ET
Thank you for standing by. This is the conference operator. Welcome to SSR Mining's Fourth Quarter and Year-End 2019 Conference Call. [Operator Instructions] I would now like to turn the conference over to Michael McDonald, Director of Investor Relations. Please go ahead.
Thank you, operator. Good morning, ladies and gentlemen. Welcome to SSR Mining's Fourth Quarter and Year-End 2019 Conference 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 the information to access the webcast in our news release relating to this call.
Please note that all figures discussed during the call are in U.S. 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 cautionary note in the accompanying presentation.
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 and Strategy.
Now, I would like to turn the call over to Paul for opening remarks.
Thank you, Michael. Good morning, ladies and gentlemen, and welcome to our call to discuss our operating and financial results for the fourth quarter and full year 2019. Pleasingly, it was another successful year for us as we continue to deliver on our strategy of creating value for our shareholders. As we start 2020, we have strong operations each providing solid production metrics, robust margins, good mine lives and exploration upside.
In 2019, our continued focus on operational excellence resulted not only in our 8th consecutive year of achieving production and cost guidance, it was also our best year as an operating company in terms of our safety performance. The strength of our portfolio and performance is reflected in our cash balance where we ended the year with over $0.5 billion in cash.
Each of our mines exceeded the top end of production guidance and they also set new production records. Both Marigold and Seabee are well positioned to continue growing gold production. And if they achieve the midpoint of 2020 guidance, they will each set new production records.
At Puna Operations, the mine successfully ramped up to steady state after declaring commercial production in late 2018. Puna finished the year on a very strong note with silver production of 2.1 million ounces at an all-in sustaining cost of $11.18 per ounce in the fourth quarter, demonstrating robust margins at today's silver price. Importantly, all three operations have significant mine lives and we are continuing to invest in the upside potential we see.
Yesterday, we released our 2019 reserve and resource report which, once again, highlighted the exploration success of both Marigold and