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SSRM · Analysis updated Nov 10, 2026, 6:00 PM ET
Why is SSR Mining Inc. (SSRM) stock moving?
The latest quarter was a clear miss. Q3 2026 adjusted EPS of $0.64 fell well short of the $0.88 estimate, and revenue of $447.7M missed the $479.0M consensus. UBS kept its Buy rating but cut its target from $39 to $37, and the company declared a $0.03 quarterly dividend. The stock dropped to a low of $26.16 on Nov 3, then rose 7.6% to $28.15 on Nov 4 on heavy volume of 6.27M shares, about 2.5 times the recent average, which suggests the market looked past the miss toward the dividend and the growth outlook. The Oct 13 Roxmore deal adds a contiguous Nevada project that could lift output by 150,000-170,000 oz a year, funded from existing cash with no material capex until early 2030, which supports the long-term case. Since Nov 4 the stock has traded between $27.92 and $30.10 and closed at $28.20 on Nov 10, below the $37 UBS target. Near-term direction is unclear given the earnings miss and a softer last two sessions, while the Roxmore deal and the analyst target point to a more constructive long-term view.
News behind the analysis
- UBS Maintains Buy on SSR Mining, Lowers Price Target to $37UBS kept its Buy rating on SSR Mining but cut its price target from $39 to $37 after the Q3 2026 results.
- UBS Adjusts Price Target for SSR MiningUBS lowered its SSR Mining price target from $39 to $37.
- SSR Mining Reports Third Quarter 2026 Results and Declares DividendSSR Mining reported Q3 2026 results for the quarter ended September 30 and declared a quarterly cash dividend of $0.03 per common share.
- SSR Mining Reports Q3 2026 Financial ResultsAdjusted EPS was $0.64 on revenue of $447.7 million for Q3 2026, with revenue missing consensus.
- SSR Mining Q3 Adj. EPS $0.64 Misses $0.88 Estimate, Sales $447.655M Miss $479.005M EstimateAdjusted EPS of $0.64 fell short of the $0.88 estimate, and sales of $447.655M missed the $479.005M estimate.
- SSR Mining Q3 2026 Earnings Call TranscriptTranscript of the company's Q3 2026 earnings call, held the same day as the results release.
- SSR Mining Announces the Acquisition of Roxmore ResourcesSSR Mining agreed to an all-cash acquisition of Roxmore Resources, adding the Converse project near Marigold, with potential for 150,000-170,000 oz of annual gold output and over $200M in life-of-mine synergies.
About SSR Mining Inc.
SSR Mining is a Denver-based precious metals miner listed on Nasdaq and the TSX. It runs the Marigold mine in Nevada, CC&V in Colorado, Seabee in Saskatchewan and Puna in Argentina. In 2026 it sold its Turkish assets, the Çöpler mine and its stake in Hod Maden, which left it debt-free with roughly $1.5 billion in cash.
How it makes money
It mines and sells gold and silver, plus some lead and zinc from Puna. Most revenue comes from gold sold at market prices. Its 2026 production guidance is roughly 450,000–535,000 gold-equivalent ounces, and Q3 2026 revenue was about $448 million. Profit margins depend on metal prices minus all-in sustaining costs, which ran around $2,500 per ounce in Q3 2026. It is returning cash to shareholders through share buybacks and has reinstated a quarterly dividend.
What usually moves SSRM
- Gold and silver prices
- All-in sustaining costs, including diesel
- Production at Marigold, Puna and Seabee
- Acquisitions such as Roxmore/Converse and buybacks
- Legal and regulatory risks, including securities class actions