SSR Mining Sells 80% Copler Stake to Cengiz for $1.5B

NEW YORK, March 28 —

SSR Mining Inc. (SSRM) agreed to sell an 80% stake in its Copler gold mine in Turkey to Cengiz, a Turkish conglomerate, for $1.5bn. The sale clears the company's direct exposure to Turkish regulatory risk and redirects capital toward its Americas-based operations.

The deal closes a rough chapter for SSRM. Copler drew Turkish regulatory scrutiny, required heavy infrastructure investment, and sat in a jurisdiction most institutional investors avoided. At $26.45 per share and a 4.6x fwd P/E against $1.6bn in TTM revenue, SSRM traded at a steep discount to NAV and to most mid-tier gold peers. At $1.5bn, the sale price is large relative to SSRM's market cap. The stock's surge this week tracked deal relief, not gold prices. Alongside the divestiture, management launched a Normal Course Issuer Bid, committing proceeds to shareholders rather than the balance sheet.

The real question is not the deal price — at $1.5bn for 80% of Copler, it looks full — but what management does with the cash. The NCIB buyback pace in 2H 2026 will be the first test. A sustained repurchase program at current prices, where SSRM still trades below per-ounce NAV compared with peers, would validate the capital return case. An Americas acquisition — SSRM's Marigold and Seabee operations are the portfolio core — could push the stock toward peer multiples. A dividend increase without a reinvestment plan would be the weakest of the three outcomes. Watch the closing timeline: a Turkish regulatory delay could revive the discount investors just bid away. What the street may be underpricing is the 20% retained liability SSRM still holds in Copler after the transaction closes.

For a full fundamental breakdown of SSR Mining, generate a Basis Report for SSRM — covering valuation, production outlook, and balance sheet impact of the Cengiz transaction.

Basis Report does not hold positions in securities discussed. This is not investment advice.