SSRM vs. AU: Which Gold Mining Stock Shines Brighter in 2025?

SSR Mining SSRM and AngloGold Ashanti PLC AU are two established names in the global gold mining industry, each with a diversified portfolio of assets across multiple regions. Gold prices have gained 31.7% so far this year, supported by safe-haven demand amid geopolitical uncertainty and escalating trade tensions. This trend is expected to continue, fueled by robust central bank buying; expanding industrial use in energy, healthcare and technology. 

For investors looking to ride this momentum, the question is: which gold stock should you put your money on? To find out more, let us dive into the fundamentals, growth prospects and challenges of both SSR Mining and AngloGold Ashanti.

The Case for SSR Mining

SSR Mining has its assets located in four jurisdictions - the USA, Türkiye, Canada and Argentina. In March 2025, SSR Mining closed the acquisition of the Cripple Creek & Victor (CC&V) mine, which positions it as the third-largest gold producer in the United States.

This open-pit mine is expected to produce approximately 170,000 ounces of gold annually. The deal is expected to be accretive across all key per-share metrics—net asset value (NAV), gold production, mineral reserves and free cash flow—strengthening the company’s overall investment appeal and strategic flexibility.

SSRM’s total gold production is expected at 320,000-380,000 ounces for 2025 (including output from Seabee, Marigold and CC&V). Silver production is projected at 8-8.75 million ounces.

As of March 31, 2025, SSR Mining had a cash and cash equivalent balance of $319.6 million. Its debt-to-capital ratio stood at 0.08 at the end of the first quarter. The company continues to advance exploration and development activities across its portfolio in the quarter as it targets potential high-return, low capital intensity mine life extension opportunities at Marigold, Seabee and Puna. 

However, operations at the Çöpler mine in Türkiye remain suspended following the heap leach failure on Feb. 13, 2024. The company is recording care and maintenance expense, which represents depreciation and direct costs not associated with the environmental reclamation and remediation costs.

SSRM is working with authorities to restart the mine, but no timeline or conditions for resumption have yet been determined. In the first quarter, SSR Mining spent $5 million on remediation and reclamation and $35.8 million on care and maintenance, of which $20.6 million were cash costs included in its all-in sustaining cost (AISC) metrics.

Exclusive of Care & Maintenance costs at Çöpler, SSR Mining expects full-year consolidated AISC to be $1,890-$1,950 per payable ounce in 2025, a projected 3% increase at the midpoint.

The Case for AngloGold Ashanti

The company has a geographically diverse portfolio across Africa, the Americas and Australia. In November 2024, it acquired Egyptian gold producer Centamin, adding the large-scale, long-life, world-class Tier 1 asset (Sukari) to its portfolio, which has the potential to produce 500,000 ounces annually.

Gold production increased 22% year over year to 720,000 ounces, marking its strongest first-quarter performance since 2020. This was due to the first full-quarter contribution of 117,000 ounces from the Sukari mine, as well as upbeat performances at Siguiri, Tropicana, Cerro Vanguardia and Sunrise Dam.

Gold production for 2025 is projected at 2.9-3.225 million ounces. This suggests year-over-year growth of 9-21%.

AngloGold Ashanti ended the first quarter of 2025 with $3 billion in liquidity, including cash and cash equivalents of $1.5 billion. Its debt-to-capital ratio was 0.19 at the end of the first quarter. 

AngloGold Ashanti remains focused on its Full Asset Potential program to offset the inflationary impacts. The company’s average real cash costs moved up 1% from the timeline between first-quarter 2021 and first-quarter 2025 compared with more than 20% for its peer group.  

AngloGold Ashanti is executing a clear strategy of organic and inorganic growth. It recently inked a deal to acquire Augusta Gold Corp. to boost its footprint in the Beatty District of Nevada through the acquisition of the Reward and Bullfrog properties. 

It is also intensifying its efforts to streamline operations and sharpen its focus on core assets, particularly in the United States. AU recently inked a deal to sell its interest in the Mineração Serra Grande mine in Brazil — one of its higher-cost assets. This follows the sale of its interests in two gold projects in Côte d’Ivoire.

The company recently divested its stake in Canada’s G2 Goldfields. AU’s proposed joint venture (announced in May 2023) with Gold Fields to combine their Tarkwa and Iduapriem gold mines had been on hold as they had not obtained the requisite approvals from the Ghana government. So, divesting the stake is a wise move.

Obuasi remains a significant pillar of its long-term strategy. The company’s focus this year is to continue the implementation of the underhand drift and fill (UHDF) mining method and make stoping improvements. This important orebody is expected to deliver 400,000 ounces of annual production at competitive costs by 2028. 

At Siguiri, efforts are underway to improve mining volumes through ongoing improvements to fleet availability and utilization, and to introduce gravity recovery in the processing plant to further improve metallurgical recovery. 

For 2025, AngloGold projects AISC between $1,580 and $1,705 per ounce, which indicates a 2% year-over-year increase at the midpoint.

How do Estimates Compare for SSRM & AU?

The Zacks Consensus Estimate for SSR Mining’s earnings for 2025 is $1.21 per share, indicating a year-over-year jump of 332%. The 2026 estimate of $2.21 implies growth of 82.85%. The estimates have been trending north over the past 60 days. 

The Zacks Consensus Estimate for AngloGold Ashanti’s 2025 earnings is $4.99 per share, indicating year-over-year growth of 125.8%. Earnings estimates of $4.92 for 2026 imply a 1.27% dip. EPS estimates for both 2025 and 2026 have been trending north over the past 60 days.

SSRM & AU: Price Performance, Valuation & Other Comparisons

Year to date, SSRM stock has surged 84.5% while AU stock has gained 125%. 

SSRM is currently trading at a forward 12-month earnings multiple of 7.29X, lower than its five-year median. AU is currently trading at a forward 12-month earnings multiple of 10.49X, higher than its five-year median. 

AngloGold offers a dividend yield of 0.96 and a payout ratio of 18.55% while SSRM does not pay any dividend currently.  

Under its new dividend policy, AngloGold Ashanti aims to return 50% of its annual free cash flow, subject to maintaining an adjusted net debt to adjusted EBITDA ratio of 1.0 times. The dividend policy introduced an annual base dividend of 50 cents per share per year, payable in quarterly instalments of 12.50 cents per share. If required, a “true-up” payment will be made in the final quarter of each year to ensure that the total dividends align with the 50% free cash flow payout target. This structure establishes a minimum return, offering stability to shareholders throughout commodity price cycles.

SSRM or AU: Which is the Better Pick?

Both SSR Mining and AngloGold Ashanti are well-positioned to benefit from the ongoing rally in gold prices, along with expectations of stronger production. However, AngloGold Ashanti holds a slight advantage due to its lower cost structure. Meanwhile, SSR Mining continues to face an overhang from the ongoing suspension of operations at the Çöpler mine, which remains a key concern for investors.

AngloGold has also delivered stronger year-to-date price performance compared with SSRM, and its premium valuation appears justified given its robust growth pipeline and expanding production base. Additionally, AngloGold Ashanti’s new dividend policy further enhances its appeal to income-focused investors.

Given these factors, AngloGold Ashanti, which currently sports a Zacks Rank #1 (Strong Buy) and a Value Score of B, appears to be a more compelling investment choice than SSR Mining, which has a Zacks Rank #3 (Hold) and a Value Score of C.

You can see the complete list of today’s Zacks #1 stocks here.
 

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This article originally published on Zacks Investment Research (zacks.com).

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