SSR Mining Announces Results of the Hod Maden Technical Report Summary With $1.66B NPV5% and 39% IRR
Original announcement by tmx on
- Company
- SSR Mining Inc.
- Ticker
- SSRM
- Exchange
- TSX
- Region
- Türkiye
- Primary commodity
- Gold
- Secondary commodities
- Copper
- Document categories
- Resource update, Production, Metallurgy
- Extracted
- 2026-08-26 11:11:13 UTC
Analysis by Minestarters Atlas
Minestarters Atlas analysis
Summary
SSR Mining announced a highly positive Technical Report Summary for its Hod Maden project in Türkiye, showcasing an estimated after-tax NPV5% of $1.66 billion and an IRR of 39%. The project is projected to produce 1.6 million ounces of gold and 209 million pounds of copper over its life, with strong metallurgical recoveries of 87% for gold and 97% for copper. Significant de-risking efforts, including detailed engineering and contract tendering, have been completed, positioning Hod Maden as a world-class copper-gold project.
Reasoning: The updated Technical Report Summary for Hod Maden demonstrates robust economics with a high NPV and IRR, substantial gold and copper production, and strong metallurgical recoveries. The project has undergone significant de-risking, and the resource and reserve estimates are high-grade and compliant with S-K 1300.
Positive factors
- High NPV and IRR
- Significant gold and copper production
- High-grade reserves and resources
- Strong metallurgical recoveries
- Project de-risking efforts completed
- S-K 1300 compliant TRS
Low confidence — this extraction should be reviewed alongside the original source.
Facts used in scoring: 20
Classification and evidence
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: The TRS has been prepared in accordance with Regulation S-K 1300, which is a high reporting standard similar to NI 43-101.
Evidence · text
“The TRS has been prepared in accordance with Regulation S-K 1300 (“S-K 1300”)”
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: Multiple qualified persons from reputable firms have reviewed and verified the scientific and technical information.
Evidence · text
“The scientific and technical information concerning our mineral projects in this news release have been reviewed and verified by SLR International Corporation, RSC Consulting Ltd., WSP USA Inc., Ausenco Services Pty Ltd, and SRK Consulting Inc. are the “qualified persons” under subpart 1 of Regulation S-K 1300 (“S-K 1300”).”
DFS-Supportingneutral
Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.
Why it applies: The document is a Technical Report Summary (TRS) with detailed engineering nearing completion, indicating a high level of study suitable for a Definitive Feasibility Study.
Evidence · text
“Detailed project engineering is now nearing completion, with most major contracts tendered or in place”
High Recoverypositive
Recovery at or above the exceptional band for the commodity and processing route.
Why it applies: Gold recovery is 87% and copper recovery is 97%, which are strong to exceptional for their respective processing routes.
Evidence · text
“Over the life of mine, gold and copper recoveries are expected to average 87% and 97%, respectively.”
Mill Routeneutral
Processing via mill or concentrator (CIL, CIP, tank leach, flotation).
Why it applies: The processing flowsheet involves milling and flotation.
Evidence · text
“The process plant will feature a design capacity of 800,000 dry metric tonnes per year and will utilize a mill-float-regrind-cleaner float flowsheet”
Free Millingpositive
Simple, clean ore amenable to standard processing without oxidation.
Why it applies: The concentrate is expected to be highly desirable due to its grade and lack of deleterious elements, and no cyanide is utilized.
Evidence · text
“The concentrate can be sold through traders or directly to smelters and is expected to be highly desirable due to its grade and lack of deleterious elements. No cyanide is utilized in the process facility.”
Category Upgradepositive
Resource confidence improved — Inferred upgraded to Indicated, or Indicated to Measured. De-risking signal.
Why it applies: Infill drilling has been conducted to de-risk early phases of the mine plan, improving Mineral Reserve confidence.
Evidence · text
“Infill drilling has been conducted to derisk early phases of the Hod Maden life of mine plan, improving Mineral Reserve confidence and helping to ensure delivery of the Project’s rapid payback”
Measured Resourcepositive
Highest confidence category — tonnage, grade, shape well-established from closely-spaced drilling. Basis for Proven Reserves.
Why it applies: The resource estimate includes a Measured category for both gold and copper.
Evidence · table
“Measured”
Context: Resource Classification
Indicated Resourcepositive
Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.
Why it applies: The resource estimate includes an Indicated category for both gold and copper.
Evidence · table
“Indicated”
Context: Resource Classification
Proven Reservepositive
Measured Resource with demonstrated economic viability after applying modifying factors.
Why it applies: The reserve estimate includes a Proven category for both gold and copper.
Evidence · table
“Proven”
Context: Reserve Classification
Probable Reservepositive
Indicated Resource with demonstrated economic viability after applying modifying factors.
Why it applies: The reserve estimate includes a Probable category for both gold and copper.
Evidence · table
“Probable”
Context: Reserve Classification
Extracted facts
Stored fact records: 20. Some facts used in scoring do not have a stored record.
Resource Estimates (20)
provenHod Maden · goldTonnes: 1372000Grade: 22.2Grade Unit: g/tContained Metal: 979000Contained Unit: ozView all detailsHide details
Identity
- Project
- Hod Maden
- Commodity
- gold
- Ticker
- SSRM
Resource Data
- Category
- proven
- Tonnes
- 1372000
- Grade
- 22.2
- Grade Unit
- g/t
- Contained Metal
- 979000
- Contained Unit
- oz
- Cutoff Grade
- 160
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-01-29T00:00:00.000Z
Reasoning: The proven gold reserve of 1.37 Mt at 22.2 g/t is exceptionally high-grade, contributing significantly to the project's overall value and confidence.
Positive factors
- High-grade proven reserve
- Significant contained gold
- High confidence category
Evidence · table
“22.2”
Context: 1,372
provenHod Maden · copperTonnes: 1372000Grade: 1.7Grade Unit: %Contained Metal: 52.8Contained Unit: MlbView all detailsHide details
Identity
- Project
- Hod Maden
- Commodity
- copper
- Ticker
- SSRM
Resource Data
- Category
- proven
- Tonnes
- 1372000
- Grade
- 1.7
- Grade Unit
- %
- Contained Metal
- 52.8
- Contained Unit
- Mlb
- Cutoff Grade
- 160
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-01-29T00:00:00.000Z
Reasoning: The proven copper reserve of 1.37 Mt at 1.7% is a strong grade, adding substantial value as a secondary commodity and contributing to project confidence.
Positive factors
- High-grade proven reserve
- Significant contained copper
- High confidence category
Evidence · table
“1.7”
Context: 1,372
probableHod Maden · goldTonnes: 6342000Grade: 4.5Grade Unit: g/tContained Metal: 917000Contained Unit: ozView all detailsHide details
Identity
- Project
- Hod Maden
- Commodity
- gold
- Ticker
- SSRM
Resource Data
- Category
- probable
- Tonnes
- 6342000
- Grade
- 4.5
- Grade Unit
- g/t
- Contained Metal
- 917000
- Contained Unit
- oz
- Cutoff Grade
- 108
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-01-29T00:00:00.000Z
Reasoning: The probable gold reserve of 6.34 Mt at 4.5 g/t is a strong grade for an underground operation, significantly contributing to the project's overall gold endowment.
Positive factors
- Strong probable reserve grade
- Significant contained gold
Evidence · table
“4.5”
Context: 6,342
probableHod Maden · copperTonnes: 6342000Grade: 1.2Grade Unit: %Contained Metal: 170.3Contained Unit: MlbView all detailsHide details
Identity
- Project
- Hod Maden
- Commodity
- copper
- Ticker
- SSRM
Resource Data
- Category
- probable
- Tonnes
- 6342000
- Grade
- 1.2
- Grade Unit
- %
- Contained Metal
- 170.3
- Contained Unit
- Mlb
- Cutoff Grade
- 108
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-01-29T00:00:00.000Z
Reasoning: The probable copper reserve of 6.34 Mt at 1.2% is a strong grade, adding substantial value as a secondary commodity.
Positive factors
- Strong probable reserve grade
- Significant contained copper
Evidence · table
“1.2”
Context: 6,342
measuredHod Maden · goldTonnes: 621000Grade: 23.4Grade Unit: g/tContained Metal: 468000Contained Unit: ozView all detailsHide details
Identity
- Project
- Hod Maden
- Commodity
- gold
- Ticker
- SSRM
Resource Data
- Category
- measured
- Tonnes
- 621000
- Grade
- 23.4
- Grade Unit
- g/t
- Contained Metal
- 468000
- Contained Unit
- oz
- Cutoff Grade
- 99
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-01-29T00:00:00.000Z
Reasoning: The measured gold resource of 0.62 Mt at 23.4 g/t is an exceptionally high-grade, high-confidence resource, indicating strong potential for future reserve conversion.
Positive factors
- Exceptionally high-grade measured resource
- High confidence category
- Significant contained gold
Evidence · table
“23.4”
Context: 621
measuredHod Maden · copperTonnes: 621000Grade: 2.3Grade Unit: %Contained Metal: 31.6Contained Unit: MlbView all detailsHide details
Identity
- Project
- Hod Maden
- Commodity
- copper
- Ticker
- SSRM
Resource Data
- Category
- measured
- Tonnes
- 621000
- Grade
- 2.3
- Grade Unit
- %
- Contained Metal
- 31.6
- Contained Unit
- Mlb
- Cutoff Grade
- 99
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-01-29T00:00:00.000Z
Reasoning: The measured copper resource of 0.62 Mt at 2.3% is a high-grade, high-confidence resource, adding significant value as a secondary commodity.
Positive factors
- High-grade measured resource
- High confidence category
- Significant contained copper
Evidence · table
“2.3”
Context: 621
indicatedHod Maden · goldTonnes: 1100000Grade: 5.4Grade Unit: g/tContained Metal: 191000Contained Unit: ozView all detailsHide details
Identity
- Project
- Hod Maden
- Commodity
- gold
- Ticker
- SSRM
Resource Data
- Category
- indicated
- Tonnes
- 1100000
- Grade
- 5.4
- Grade Unit
- g/t
- Contained Metal
- 191000
- Contained Unit
- oz
- Cutoff Grade
- 99
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-01-29T00:00:00.000Z
Reasoning: The indicated gold resource of 1.1 Mt at 5.4 g/t is a strong grade, providing a solid base for future reserve conversion and project expansion.
Positive factors
- Strong indicated resource grade
- Significant contained gold
Evidence · table
“5.4”
Context: 1,100
indicatedHod Maden · copperTonnes: 1100000Grade: 1.4Grade Unit: %Contained Metal: 33.8Contained Unit: MlbView all detailsHide details
Identity
- Project
- Hod Maden
- Commodity
- copper
- Ticker
- SSRM
Resource Data
- Category
- indicated
- Tonnes
- 1100000
- Grade
- 1.4
- Grade Unit
- %
- Contained Metal
- 33.8
- Contained Unit
- Mlb
- Cutoff Grade
- 99
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-01-29T00:00:00.000Z
Reasoning: The indicated copper resource of 1.1 Mt at 1.4% is a strong grade, contributing to the project's polymetallic value.
Positive factors
- Strong indicated resource grade
- Significant contained copper
Evidence · table
“1.4”
Context: 1,100
inferredHod Maden · goldTonnes: 2574000Grade: 3.4Grade Unit: g/tContained Metal: 281000Contained Unit: ozView all detailsHide details
Identity
- Project
- Hod Maden
- Commodity
- gold
- Ticker
- SSRM
Resource Data
- Category
- inferred
- Tonnes
- 2574000
- Grade
- 3.4
- Grade Unit
- g/t
- Contained Metal
- 281000
- Contained Unit
- oz
- Cutoff Grade
- 99
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-01-29T00:00:00.000Z
Reasoning: The inferred gold resource of 2.57 Mt at 3.4 g/t is a moderate grade, providing future exploration upside and potential for conversion to higher confidence categories.
Positive factors
- Moderate inferred resource grade
- Significant contained gold
Evidence · table
“3.4”
Context: 2,574
inferredHod Maden · copperTonnes: 2574000Grade: 0.5Grade Unit: %Contained Metal: 26.3Contained Unit: MlbView all detailsHide details
Identity
- Project
- Hod Maden
- Commodity
- copper
- Ticker
- SSRM
Resource Data
- Category
- inferred
- Tonnes
- 2574000
- Grade
- 0.5
- Grade Unit
- %
- Contained Metal
- 26.3
- Contained Unit
- Mlb
- Cutoff Grade
- 99
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-01-29T00:00:00.000Z
Reasoning: The inferred copper resource of 2.57 Mt at 0.5% is a moderate grade, contributing to the project's overall metal endowment and future potential.
Positive factors
- Moderate inferred resource grade
- Contained copper adds value
Evidence · table
“0.5”
Context: 2,574
Fact 11Hod Maden · goldView all detailsHide details
Identity
- Project
- Hod Maden
- Commodity
- gold
- Ticker
- SSRM
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-01-29T00:00:00.000Z
Reasoning: The projected total gold production of 1.61 million ounces and average annual production of 159,000 ounces are substantial, indicating a large-scale and highly productive gold operation.
Positive factors
- Significant total gold production
- High average annual gold production
Evidence · table
“1,609”
Context: Total Gold Production
Fact 12Hod Maden · copperView all detailsHide details
Identity
- Project
- Hod Maden
- Commodity
- copper
- Ticker
- SSRM
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-01-29T00:00:00.000Z
Reasoning: The projected total copper production of 209 million pounds and average annual production of 21 million pounds are significant, adding substantial value as a secondary commodity.
Positive factors
- Significant total copper production
- High average annual copper production
Evidence · table
“209”
Context: Total Copper Production
Fact 13Hod Maden · goldGrade: 7.6Grade Unit: g/tView all detailsHide details
Identity
- Project
- Hod Maden
- Commodity
- gold
- Ticker
- SSRM
Resource Data
- Grade
- 7.6
- Grade Unit
- g/t
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-01-29T00:00:00.000Z
Reasoning: The average processed gold grade of 7.6 g/t is high, indicating a rich ore feed to the plant.
Positive factors
- High processed gold grade
Evidence · table
“7.6”
Context: Gold Grade Processed
Fact 14Hod Maden · copperGrade: 1.3Grade Unit: %View all detailsHide details
Identity
- Project
- Hod Maden
- Commodity
- copper
- Ticker
- SSRM
Resource Data
- Grade
- 1.3
- Grade Unit
- %
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-01-29T00:00:00.000Z
Reasoning: The average processed copper grade of 1.3% is strong, contributing significantly to the project's economics.
Positive factors
- Strong processed copper grade
Evidence · table
“1.3%”
Context: Copper Grade Processed
Fact 15Hod Maden · goldView all detailsHide details
Identity
- Project
- Hod Maden
- Commodity
- gold
- Ticker
- SSRM
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-01-29T00:00:00.000Z
Reasoning: The projected gold recovery of 87% is high for a mill-float-regrind-cleaner float flowsheet, indicating efficient extraction.
Positive factors
- High gold recovery
- Conventional processing route
Evidence · table
“87%”
Context: Gold Recovery
Fact 16Hod Maden · copperView all detailsHide details
Identity
- Project
- Hod Maden
- Commodity
- copper
- Ticker
- SSRM
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-01-29T00:00:00.000Z
Reasoning: The projected copper recovery of 97% is exceptional, combined with a high concentrate grade of 22% and lack of deleterious elements, indicating a very clean and marketable product.
Positive factors
- Exceptional copper recovery
- High concentrate grade
- Conventional processing route
- No deleterious elements
Evidence · table
“97%”
Context: Copper Recovery
Fact 17Hod MadenView all detailsHide details
Identity
- Project
- Hod Maden
- Ticker
- SSRM
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-01-29T00:00:00.000Z
Reasoning: The total capital cost of $999 million, including $910 million in development capital, is well-defined with a high level of engineering and contract tendering, reducing execution risk.
Positive factors
- Capital costs supported by high design definition
- High level of quotations and awarded contracts
Evidence · table
“$999”
Context: Total Capital
Fact 18Hod MadenView all detailsHide details
Identity
- Project
- Hod Maden
- Ticker
- SSRM
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-01-29T00:00:00.000Z
Reasoning: The after-tax NPV5% of $1.66 billion and IRR of 39% are exceptionally strong economic indicators, highlighting the project's high profitability and attractiveness.
Positive factors
- Exceptional NPV
- High IRR
Evidence · table
“$1,657”
Context: After-Tax NPV 5%
Fact 19Hod MadenView all detailsHide details
Identity
- Project
- Hod Maden
- Ticker
- SSRM
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-01-29T00:00:00.000Z
Reasoning: The projected cash costs of $535/oz and AISC of $590/oz are exceptionally low, indicating high-margin production and strong profitability.
Positive factors
- Very low cash costs
- Very low AISC
Evidence · table
“$590”
Context: All-In Sustaining Costs
Fact 20Hod MadenView all detailsHide details
Identity
- Project
- Hod Maden
- Ticker
- SSRM
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-01-29T00:00:00.000Z
Reasoning: The total free cash flow of $2.45 billion and average annual free cash flow of $328 million are very strong, indicating excellent financial generation capacity.
Positive factors
- Significant total free cash flow
- High average annual free cash flow
Evidence · table
“$2,453”
Context: Total Free Cash Flow
How Atlas produces this analysis
Minestarters Atlas uses automated extraction to summarize mining announcements, identify reported measurements, and classify supporting evidence. Sentiment reflects the extracted narrative and classification rules; it is an interpretation, not a reported measurement. Evidence quotes and context are provided where available. Missing data, low-confidence results, and review flags indicate limitations. Check the original publisher announcement before relying on an interpretation.