SSR Mining to acquire Roxmore Resources for $464 million

SSR Mining has agreed to purchase Nevada-based explorer Roxmore Resources for 464 million dollars, a transaction valued at 660.1 million Canadian dollars. The all-cash acquisition secures Roxmore’s Converse project, situated six kilometres west of SSR’s existing Marigold mine. This strategic move is designed to extend the operational life of the Marigold asset to 20 years and significantly expand the company’s production capabilities in the United States. The deal positions SSR to add between 150,000 and 170,000 ounces of annual gold production over a ten-year period, leveraging the established infrastructure at Marigold to achieve operational efficiencies.

The Converse project is located approximately 275 kilometres northeast of Carson City, the capital of Nevada. According to a preliminary economic assessment released in April 2026, the initial capital costs for the Converse development are estimated at 829 million dollars. Despite these upfront costs, the project is projected to deliver a post-tax net present value of 2.7 billion dollars, discounted at five per cent, assuming a consensus gold price of 3,600 dollars per ounce. The internal rate of return is estimated at 42.8 per cent. The open-pit mine is expected to produce 250,000 ounces of gold annually over a 15-year life, hosting 103 million indicated tonnes grading 0.65 grams of gold per tonne, which equates to 2.2 million contained ounces. An additional 218 million inferred tonnes grade 0.43 grams per tonne, representing three million ounces.

SSR Mining’s executive chairman, Rod Antal, described the acquisition as a compelling opportunity to add a high-quality gold resource at an attractive valuation. He noted that the company has monitored the progress of the Converse deposit for some time and conducted a focused due diligence review. Antal stated that developing an asset in close proximity to Marigold would allow for clear operating and financial efficiencies, aligning with the company’s strategy of building a long-term production hub in Nevada. The acquisition is consistent with a low-capital-intensity growth strategy and is expected to be accretive to net asset value and mineral resources.

Concurrently, SSR released an updated life-of-mine plan for the Marigold mine, which raises its active mine life by five years to a total of 20 years. The update increases probable gold reserves by 43 per cent to 4.6 million ounces, while life-of-mine production grows by 46 per cent to 3.2 million ounces. The report more than triples the post-tax net present value of Marigold to 3.3 billion dollars, although life-of-mine capital costs also more than triple to 1.3 billion dollars. This update assumes a gold price of 3,948 dollars per ounce and incorporates the initial life-of-mine plan for the Buffalo Valley project, which is located 24 kilometres southwest of the main Marigold mine. Buffalo Valley holds 700,000 ounces of probable reserves, with first production expected in 2029.

Once the Converse project begins output, SSR’s annual production profile in the United States could exceed 450,000 ounces during peak years. The company expects to average between 350,000 and 400,000 ounces annually from 2033 to 2042. SSR’s other U.S. mine is Cripple Creek & Victor, located in Colorado. The acquisition comes approximately six months after SSR sold its 80 per cent stake in Turkey’s Çöpler mine, where operations were suspended in 2024 following a heap-leach pad landslide that resulted in the deaths of nine miners.

Market reaction to the announcement was mixed. SSR shares fell seven per cent to 46.72 dollars apiece on Tuesday morning in Toronto, potentially due to the relatively high initial costs associated with the Converse project. SSR has a market capitalization of approximately 9.4 billion dollars, with its stock trading in a 12-month range of 25.83 to 54.50 dollars. In contrast, Roxmore shares surged 30 per cent to a new 52-week high of 6.96 dollars each, resulting in a market value of 502.1 million dollars. Analysts have viewed the transaction positively, noting that it secures a large, adjacent development asset that can materially extend and expand SSR’s U.S. production profile.