SSR Mining Inc. has closed the sale of its 20% equity interest in the Hod Maden development project, receiving an uncapped 4.0% net smelter return (NSR) royalty on 100% of the project. This strategic move allows SSR Mining to exit the Hod Maden project while retaining a financial interest through the royalty. The transaction completes the company's refocus to a free cash flow leading Americas gold and silver producer, anchored by its long-lived operations in the United States, following the previously announced divestment of the Çöpler mine in Türkiye.

The 4.0% Hod Maden NSR bolsters SSR Mining’s existing royalty portfolio. The company currently holds NSRs on several other projects, including a 4.0% NSR on the San Luis project owned by Highlander Silver, a 1.25% NSR on the Pitarrilla project owned by Endeavour Silver, a 3.0% NSR on the Rowan property owned by West Red Lake Gold, and a 4.0% NSR on the Sunrise Lake property owned by Honey Badger Silver.

As part of the transaction terms, Royal Gold holds a fixed price call right to acquire 2.0% of the NSR from SSR Mining for $160 million. This right expires 12 months following the declaration of commercial production at the project. Additionally, Royal Gold holds a consent right on the sale of SSR Mining’s NSR prior to January 1, 2028, and a right of first refusal in connection with any sale of the SSR Mining NSR.

SSR Mining is a free-cash-flow-focused gold and silver mining company and the third-largest gold producer in the United States. The company operates four mines in the USA, Canada, and Argentina. In 2026, SSR Mining is expected to produce between 450,000 and 535,000 Gold Equivalent Ounces. The company is headquartered in Denver, Colorado and is listed on the Nasdaq Stock Market and the Toronto Stock Exchange under the ticker symbol SSRM.

RBC Capital analyst Josh Wolfson has maintained an Outperform rating on SSR Mining while lowering the price target to $39 from $40. The revised target indicates a slightly moderated outlook for the stock despite the continued positive stance.

Rating and Price Target

The analyst's decision to keep the Outperform rating suggests confidence in the company's fundamental performance. However, the reduction in the price target points to a recalibration of near-term valuation expectations.

The adjustment comes as part of routine coverage updates, ensuring that the target aligns with current market conditions and company-specific developments.