# SSR Mining Announces Results of the Hod Maden Technical Report Summary With $1.66B NPV5% and 39% IRR Canonical Atlas analysis: https://atlas-staging.minestarters.com/news/ssr-mining-announces-results-of-the-hod-maden-technical-report-summary-with-1-66--f2e3938f-4f1a-4ecc-b4c1-3dce3802a42c Original source: https://money.tmx.com/en/quote/SSRM/news/6296503417508701/ssr-mining-announces-results-of-the-hod-maden-technical-report-summary-with-1-66 Publisher: tmx Original announcement: 2026-01-29T23:00:00.000Z Analysis by Minestarters Atlas Atlas analysis published: Unknown date Atlas analysis updated: Unknown date - 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 Narrative sentiment: 0.90 · Bullish ## Minestarters Atlas 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 factor: High NPV and IRR - Positive factor: Significant gold and copper production - Positive factor: High-grade reserves and resources - Positive factor: Strong metallurgical recoveries - Positive factor: Project de-risking efforts completed - Positive factor: 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 Compliant** Polarity: positive Definition: 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 Signed** Polarity: positive Definition: 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-Supporting** Polarity: neutral Definition: 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 Recovery** Polarity: positive Definition: 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 Route** Polarity: neutral Definition: 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 Milling** Polarity: positive Definition: 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 Upgrade** Polarity: positive Definition: 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 Resource** Polarity: positive Definition: 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 Resource** Polarity: positive Definition: 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 Reserve** Polarity: positive Definition: 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 Reserve** Polarity: positive Definition: 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) ### proven [Link to this fact](https://atlas-staging.minestarters.com/news/ssr-mining-announces-results-of-the-hod-maden-technical-report-summary-with-1-66--f2e3938f-4f1a-4ecc-b4c1-3dce3802a42c#fact-resource-facts-0) Hod Maden · gold #### 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 factor: High-grade proven reserve - Positive factor: Significant contained gold - Positive factor: High confidence category Evidence · table > 22.2 Context: 1,372 ### proven [Link to this fact](https://atlas-staging.minestarters.com/news/ssr-mining-announces-results-of-the-hod-maden-technical-report-summary-with-1-66--f2e3938f-4f1a-4ecc-b4c1-3dce3802a42c#fact-resource-facts-1) Hod Maden · copper #### 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 factor: High-grade proven reserve - Positive factor: Significant contained copper - Positive factor: High confidence category Evidence · table > 1.7 Context: 1,372 ### probable [Link to this fact](https://atlas-staging.minestarters.com/news/ssr-mining-announces-results-of-the-hod-maden-technical-report-summary-with-1-66--f2e3938f-4f1a-4ecc-b4c1-3dce3802a42c#fact-resource-facts-2) Hod Maden · gold #### 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 factor: Strong probable reserve grade - Positive factor: Significant contained gold Evidence · table > 4.5 Context: 6,342 ### probable [Link to this fact](https://atlas-staging.minestarters.com/news/ssr-mining-announces-results-of-the-hod-maden-technical-report-summary-with-1-66--f2e3938f-4f1a-4ecc-b4c1-3dce3802a42c#fact-resource-facts-3) Hod Maden · copper #### 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 factor: Strong probable reserve grade - Positive factor: Significant contained copper Evidence · table > 1.2 Context: 6,342 ### measured [Link to this fact](https://atlas-staging.minestarters.com/news/ssr-mining-announces-results-of-the-hod-maden-technical-report-summary-with-1-66--f2e3938f-4f1a-4ecc-b4c1-3dce3802a42c#fact-resource-facts-4) Hod Maden · gold #### 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 factor: Exceptionally high-grade measured resource - Positive factor: High confidence category - Positive factor: Significant contained gold Evidence · table > 23.4 Context: 621 ### measured [Link to this fact](https://atlas-staging.minestarters.com/news/ssr-mining-announces-results-of-the-hod-maden-technical-report-summary-with-1-66--f2e3938f-4f1a-4ecc-b4c1-3dce3802a42c#fact-resource-facts-5) Hod Maden · copper #### 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 factor: High-grade measured resource - Positive factor: High confidence category - Positive factor: Significant contained copper Evidence · table > 2.3 Context: 621 ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/ssr-mining-announces-results-of-the-hod-maden-technical-report-summary-with-1-66--f2e3938f-4f1a-4ecc-b4c1-3dce3802a42c#fact-resource-facts-6) Hod Maden · gold #### 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 factor: Strong indicated resource grade - Positive factor: Significant contained gold Evidence · table > 5.4 Context: 1,100 ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/ssr-mining-announces-results-of-the-hod-maden-technical-report-summary-with-1-66--f2e3938f-4f1a-4ecc-b4c1-3dce3802a42c#fact-resource-facts-7) Hod Maden · copper #### 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 factor: Strong indicated resource grade - Positive factor: Significant contained copper Evidence · table > 1.4 Context: 1,100 ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/ssr-mining-announces-results-of-the-hod-maden-technical-report-summary-with-1-66--f2e3938f-4f1a-4ecc-b4c1-3dce3802a42c#fact-resource-facts-8) Hod Maden · gold #### 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 factor: Moderate inferred resource grade - Positive factor: Significant contained gold Evidence · table > 3.4 Context: 2,574 ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/ssr-mining-announces-results-of-the-hod-maden-technical-report-summary-with-1-66--f2e3938f-4f1a-4ecc-b4c1-3dce3802a42c#fact-resource-facts-9) Hod Maden · copper #### 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 factor: Moderate inferred resource grade - Positive factor: Contained copper adds value Evidence · table > 0.5 Context: 2,574 ### Fact 11 [Link to this fact](https://atlas-staging.minestarters.com/news/ssr-mining-announces-results-of-the-hod-maden-technical-report-summary-with-1-66--f2e3938f-4f1a-4ecc-b4c1-3dce3802a42c#fact-resource-facts-10) Hod Maden · gold #### 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 factor: Significant total gold production - Positive factor: High average annual gold production Evidence · table > 1,609 Context: Total Gold Production ### Fact 12 [Link to this fact](https://atlas-staging.minestarters.com/news/ssr-mining-announces-results-of-the-hod-maden-technical-report-summary-with-1-66--f2e3938f-4f1a-4ecc-b4c1-3dce3802a42c#fact-resource-facts-11) Hod Maden · copper #### 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 factor: Significant total copper production - Positive factor: High average annual copper production Evidence · table > 209 Context: Total Copper Production ### Fact 13 [Link to this fact](https://atlas-staging.minestarters.com/news/ssr-mining-announces-results-of-the-hod-maden-technical-report-summary-with-1-66--f2e3938f-4f1a-4ecc-b4c1-3dce3802a42c#fact-resource-facts-12) Hod Maden · gold #### 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 factor: High processed gold grade Evidence · table > 7.6 Context: Gold Grade Processed ### Fact 14 [Link to this fact](https://atlas-staging.minestarters.com/news/ssr-mining-announces-results-of-the-hod-maden-technical-report-summary-with-1-66--f2e3938f-4f1a-4ecc-b4c1-3dce3802a42c#fact-resource-facts-13) Hod Maden · copper #### 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 factor: Strong processed copper grade Evidence · table > 1.3% Context: Copper Grade Processed ### Fact 15 [Link to this fact](https://atlas-staging.minestarters.com/news/ssr-mining-announces-results-of-the-hod-maden-technical-report-summary-with-1-66--f2e3938f-4f1a-4ecc-b4c1-3dce3802a42c#fact-resource-facts-14) Hod Maden · gold #### 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 factor: High gold recovery - Positive factor: Conventional processing route Evidence · table > 87% Context: Gold Recovery ### Fact 16 [Link to this fact](https://atlas-staging.minestarters.com/news/ssr-mining-announces-results-of-the-hod-maden-technical-report-summary-with-1-66--f2e3938f-4f1a-4ecc-b4c1-3dce3802a42c#fact-resource-facts-15) Hod Maden · copper #### 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 factor: Exceptional copper recovery - Positive factor: High concentrate grade - Positive factor: Conventional processing route - Positive factor: No deleterious elements Evidence · table > 97% Context: Copper Recovery ### Fact 17 [Link to this fact](https://atlas-staging.minestarters.com/news/ssr-mining-announces-results-of-the-hod-maden-technical-report-summary-with-1-66--f2e3938f-4f1a-4ecc-b4c1-3dce3802a42c#fact-resource-facts-16) Hod Maden #### 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 factor: Capital costs supported by high design definition - Positive factor: High level of quotations and awarded contracts Evidence · table > $999 Context: Total Capital ### Fact 18 [Link to this fact](https://atlas-staging.minestarters.com/news/ssr-mining-announces-results-of-the-hod-maden-technical-report-summary-with-1-66--f2e3938f-4f1a-4ecc-b4c1-3dce3802a42c#fact-resource-facts-17) Hod Maden #### 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 factor: Exceptional NPV - Positive factor: High IRR Evidence · table > $1,657 Context: After-Tax NPV 5% ### Fact 19 [Link to this fact](https://atlas-staging.minestarters.com/news/ssr-mining-announces-results-of-the-hod-maden-technical-report-summary-with-1-66--f2e3938f-4f1a-4ecc-b4c1-3dce3802a42c#fact-resource-facts-18) Hod Maden #### 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 factor: Very low cash costs - Positive factor: Very low AISC Evidence · table > $590 Context: All-In Sustaining Costs ### Fact 20 [Link to this fact](https://atlas-staging.minestarters.com/news/ssr-mining-announces-results-of-the-hod-maden-technical-report-summary-with-1-66--f2e3938f-4f1a-4ecc-b4c1-3dce3802a42c#fact-resource-facts-19) Hod Maden #### 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 factor: Significant total free cash flow - Positive factor: 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.