SSR Mining Advances With Hod Maden Project: Will it Aid Growth?

SSR Mining Inc. SSRM is moving forward with its efforts to progress the Hod Maden Project in northeastern Türkiye. In the third quarter of 2025, SSR Mining invested $17.1 million in the project, focusing on engineering work and early-stage site development.

SSR Mining acquired 40% interest and operational control in the Hod Maden gold-copper development project in 2023, thus adding one of the highest margin, lowest capital intensity development projects to the company’s portfolio. SSRM expected the deal to generate 80,000 gold-equivalent ounces and $66 million in free cash flow per year once in production.

The company’s progress at Hod Maden is currently advancing steadily across key workstreams like engineering, initial site setup and market outreach for major packages, which will bring SSRM closer to an updated life-of-mine plan and capital estimates. The company has spent $44.4 million on the project in 2025 till the end of the third quarter. SSRM expects capital expenditure at Hod Maden between $60 million and $100 million in 2025. In 2024, the company spent $42.1 million at Hod Maden.

Hod Maden continues to be one of the sector's most attractive and high-return undeveloped copper-gold projects, with potential for solid free cash flow generation once operational. Along with SSRM’s key projects like Marigold, Seabee and Puna operations, the investment in Hod Maden showcases significant potential upside.

Strategic Investments by SSR Mining’s Peers

SSR Mining’s peer AngloGold Ashanti AU is moving forward with its investment strategy, with additional capital expenditure approved for this year at its Geita Gold Mine in Tanzania. AngloGold Ashanti has also planned $100 million investments over the next three years for the expansion of the mine. The company will raise annual exploration spend at the mine from around $35 million to $50 million.

Geita is one of AngloGold Ashanti’s flagship mines that has produced 4.3 million ounces of gold between 2017 and 2024. The mine had mineral reserves of 2 million ounces from 2017 to 2024. The ongoing investment aims to increase Geita’s mineral reserves by about 60%, which will extend the mine life from seven years to at least a decade by 2028.

Kinross Gold Corporation KGC is progressing well with its Advanced Exploration program at Great Bear in Ontario. Kinross Gold has already completed and commissioned a natural gas pipeline. The company is currently moving ahead with the Main Project's detailed engineering, procurement and exploration.

Kinross Gold’s investment here will include working on mills, TSF and infrastructure. Exploration is also ongoing, with the company targeting new mineralization.

SSRM’s Price Performance, Valuations & Estimates

The SSRM stock has appreciated a whopping 224.4% in a year compared with the industry’s return of 46%. Meanwhile, the Zacks Basic Materials sector and the S&P 500 have rallied 41.8% and 23.4%, respectively.

SSRM is currently trading at a forward 12-month price-to-earnings multiple of 6.38, a discount to the industry average of 16.87X.

The Zacks Consensus Estimate for 2025 earnings is pegged at $1.84 per share, indicating a year-over-year upsurge of 557%. The estimate for 2026 of $3.56 per share suggests an increase of 93.5%.

The consensus mark for 2025 has moved 0.5% south in the past 60 days, while the same for 2026 has moved 1.1% north.

SSRM currently has a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

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

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