Why SSR Mining (TSX:SSRM) Is Down 11.3% After Exiting Hod Maden For A 4% Royalty

• SSR Mining Inc. has agreed to sell its 20% ownership stake and operatorship in the Hod Maden project in Turkey to Lidya Mines in exchange for an uncapped 4.0% net smelter return royalty on 100% of the project, with the deal expected to close in the third quarter of 2026 subject to regulatory approvals.
• This transaction completes SSR Mining’s refocus on an Americas-based portfolio while converting a capital-intensive development commitment into a long-term royalty stream with no further funding obligations for Hod Maden.
• We’ll now examine how exchanging its Hod Maden stake for a 4.0% net smelter return royalty reshapes SSR Mining’s investment narrative.

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SSR Mining Investment Narrative Recap

To own SSR Mining, you need to be comfortable with a precious metals producer that is reshaping itself around an Americas-focused, operating-asset story. The Hod Maden royalty deal reduces capital and jurisdictional exposure to Turkey, but it does not materially change the near term focus on delivering against 2026 production and cost guidance or the key risk around cost inflation and operational execution at core mines.

The most relevant recent announcement here is SSR Mining’s Q1 2026 update and reaffirmed 2026 guidance, which outlines expected gold equivalent production of 450,000 to 535,000 ounces and all in sustaining costs of US$2,360 to US$2,440 per ounce. Against that backdrop, shifting Hod Maden from a development commitment to a royalty fits with a tighter capital allocation approach while investors watch how quickly margins recover from the Q1 net loss.

Yet investors should also be aware of how higher all in sustaining costs at Marigold and Seabee could interact with any future operational hiccups…

Read the full narrative on SSR Mining (it’s free!)

SSR Mining’s narrative projects $2.3 billion revenue and $820.2 million earnings by 2029. This requires 12.5% yearly revenue growth and a $424.4 million earnings increase from $395.8 million today.

Uncover how SSR Mining’s forecasts yield a CA$57.31 fair value, a 36% upside to its current price.

Exploring Other Perspectives

Some of the lowest ranked analysts were already cautious, assuming revenue of about US$2.2 billion and earnings near US$719 million by 2029, and they see the Hod Maden exit very differently from those who put more weight on cost pressures and Çöpler related liabilities.

Explore 6 other fair value estimates on SSR Mining – why the stock might be worth 8% less than the current price!

Form Your Own Verdict

Disagree with existing narratives? Extraordinary investment returns rarely come from following the herd, so go with your instincts.

• A great starting point for your SSR Mining research is our analysis highlighting 5 key rewards that could impact your investment decision.
• Our free SSR Mining research report provides a comprehensive fundamental analysis summarized in a single visual – the Snowflake – making it easy to evaluate SSR Mining’s overall financial health at a glance.

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This article by Simply Wall St is general in nature. We provide commentary based on historical data
and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your
financial situation. We aim to bring you long-term focused analysis driven by fundamental data.
Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material.
Simply Wall St has no position in any stocks mentioned.

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