The 43% reserve increase and maiden Buffalo Valley plan extend Marigold's mine life to 20 years, but execution risk centers on securing Buffalo Valley permits by 2029 and executing the $542 million fleet expansion on schedule. Monitor quarterly permitting milestones and equipment delivery timelines.
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Executive Summary
SSR Mining filed an 8-K with an updated S-K 1300 Technical Report Summary for its Marigold Complex, revealing a 20-year life-of-mine plan with 4.63 Moz of gold Mineral Reserves (a 43% increase from year-end 2025) and an after-tax NPV5% of $3.3 billion at consensus gold prices. The plan includes the maiden reserve for the Buffalo Valley satellite deposit (0.67 Moz) and a major fleet expansion to support a 33% increase in mining rates to an average of 138 Mtpa. The filing is a routine technical update with no earnings, litigation, or regulatory surprises.
Key Facts
- Total Probable Mineral Reserves of 358.74 Mt grading 0.40 g/t Au, containing 4.63 Moz gold, a 43% increase from 3.2 Moz at year-end 2025.
- Marigold Mine contributes 240.44 Mt at 0.46 g/t Au (3.52 Moz); Buffalo Valley adds 45.33 Mt at 0.46 g/t Au (0.67 Moz).
- After-tax NPV at 5% discount rate is $3,334 million; after-tax free cash flow totals $4,913 million over the mine life.
- Life-of-mine gold production totals 3.34 Moz at an average AISC of $2,062/oz; average annual production of 231 koz from 2027 to 2031.
- Total LOM capital costs of $1,385 million, including $542 million growth capital for fleet expansion and Buffalo Valley development.
- Buffalo Valley mining is currently unpermitted, with first production assumed in 2029 pending successful permitting.
- Gold price assumptions: $2,200/oz for Mineral Reserves, $2,500/oz for Mineral Resources; LOM realized gold price of $3,948/oz.
- No Measured Mineral Resources reported; Indicated Resources total 130.6 Mt at 0.40 g/t Au (1.66 Moz); Inferred Resources total 29.3 Mt at 0.31 g/t Au (0.29 Moz).
Financial Impact
After-tax NPV5% of $3,334 million on $13.2 billion total gross revenue over 20 years; after-tax free cash flow of $4,913 million.
Risk Factors
- Buffalo Valley mining operations are currently unpermitted; permitting delays could disrupt the 2029 production start.
- Execution risk on the $542 million growth capital program, including fleet expansion and leach pad construction.
- Gold price sensitivity: a 20% decline in gold price reduces after-tax NPV5% from $3,334 million to $1,609 million.
- Higher strip ratio (5.3:1 vs. prior 4.0:1) increases operating costs and capital intensity.
Investment Themes
Documents Analyzed
This report is based on 7 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001104659-26-115173 |
| Document: tm2627394d1_ex99-2.htm | 0001104659-26-115173 |
| Document: tm2627394d1_8k.htm | 0001104659-26-115173 |
| Document: tm2627394d1_ex23-1.htm | 0001104659-26-115173 |
| Document: 0001104659-26-115173-index-headers.html | 0001104659-26-115173 |
| Document: 0001104659-26-115173-index.html | 0001104659-26-115173 |
| Document: 0001104659-26-115173.txt | 0001104659-26-115173 |
Track record builds as more directional reports settle.
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 13, 2026 14d ago | 8-K | $33.10 $31.27 | ▼ −5.53% | ▼ −4.38% | $29.26 (−11.60%) |
Oct 13, 2026 14d ago | 8-K | $33.10 $31.27 | ▼ −5.53% | ▼ −4.38% | $29.26 (−11.60%) |
Sep 28, 2026 29d ago | 8-K | $33.84 $33.91 | ▲ +0.21% | ▼ −1.00% | $29.26 (−13.53%) |
Jun 29, 2026 17w ago | 8-K | $28.28 $30.64 | ▲ +8.35% | ▲ +7.74% | $29.26 (+3.47%) |
Jun 11, 2026 19w ago | Institutional Cluster | $26.32 $31.77 | ▲ +20.71% | ▲ +20.27% | $29.26 (+11.17%) |
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