CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS
FOR THE THREE AND NINE MONTHS ENDED
SEPTEMBER 30, 2021 AND 2020
(unaudited)
Contents
Consolidated Financial Statements
Condensed Consolidated Interim Statements of Comprehensive Income Condensed Consolidated Interim Statements of Cash Flows
Condensed Consolidated Interim Statements of Changes in Shareholders' Equity
Notes to the Condensed Consolidated Interim Financial Statements Note 1 - Nature of operations
Note 2 - Basis of presentation and significant accounting policies Note 3 - Areas of judgment and estimation uncertainty
Condensed Consolidated Statements of Financial Position
Note 4 - Inventories
Note 5 - Assets held for sale
Note 6 - Mineral properties, plant and equipment
Note 7 - Debt
Condensed Consolidated Statements of Income
Note 8 - Revenue
Note 9 - Income per share
Condensed Consolidated Statements of Shareholders' Equity Note 10 - Share capital and share-basedcompensation
Note 11 - Dividends
Additional Disclosures
Note 12 - Operating segments
Note 13 - Fair value measurements
Note 14 - Supplemental cash flow information
Note 15 - Subsequent event
SSR Mining Inc. | Interim Financial Statements Q3 2021 | 2 |
SSR Mining Inc.
Condensed Consolidated Interim Statements of Financial Position
(expressed in thousands of United States dollars) (unaudited)
September 30, | December 31, | ||||
Note | 2021 | 2020 | |||
Current assets | |||||
Cash and cash equivalents | $ | 862,786 | $ | 860,637 | |
Marketable securities | 18,783 | 26,748 | |||
Trade and other receivables | 95,325 | 83,491 | |||
Inventories | 4 | 409,281 | 437,379 | ||
Prepaids and other current assets | 18,445 | 16,267 | |||
Assets held for sale | 5 | 83,914 | - | ||
1,488,534 | 1,424,522 | ||||
Non-current assets | |||||
Mineral properties, plant and equipment | 6 | 3,399,969 | 3,565,905 | ||
Inventories - non-current | 4 | 197,843 | 134,612 | ||
Restricted cash | 35,295 | 35,288 | |||
Investments in joint ventures | 5,334 | 7,782 | |||
Goodwill | 49,786 | 49,786 | |||
Deferred income tax assets | 2,250 | 4,612 | |||
Other | 14,631 | 22,479 | |||
Total assets | $ | 5,193,642 | $ | 5,244,986 | |
Current liabilities | |||||
Accounts payable and accrued liabilities | $ | 156,883 | $ | 175,984 | |
Debt | 7 | 71,770 | 71,025 | ||
Reclamation and closure cost provision | 4,240 | 1,924 | |||
232,893 | 248,933 | ||||
Non-current liabilities | |||||
Debt | 7 | 271,354 | 319,645 | ||
Lease liabilities | 116,867 | 117,029 | |||
Reclamation and closure cost provision | 124,689 | 117,650 | |||
Deferred income tax liabilities | 547,774 | 483,449 | |||
Other | 5,624 | 18,377 | |||
Total liabilities | 1,299,201 | 1,305,083 | |||
Shareholders' equity | |||||
Common shares | 10(a) | 3,106,671 | 3,220,795 | ||
Other reserves | 10(b), 10(c) | 42,585 | 40,570 | ||
Equity component of convertible notes | 106,425 | 106,425 | |||
Retained earnings | 170,950 | 58,487 | |||
Total equity attributable to equity holders of SSR Mining | 3,426,631 | 3,426,277 | |||
Non-controlling interest | 467,810 | 513,626 | |||
Total equity | 3,894,441 | 3,939,903 | |||
Total liabilities and equity | $ | 5,193,642 | $ | 5,244,986 |
The accompanying notes are an integral part of the condensed consolidated interim financial statements
Approved by the Board of Directors and authorized for issue on November 3, 2021.
"Kay Priestly" | "Rodney P. Antal" | |
Kay Priestly, Director | Rodney P. Antal, Director |
SSR Mining Inc. | Interim Financial Statements Q3 2021 | 3 |
SSR Mining Inc.
Condensed Consolidated Interim Statements of Income
(expressed in thousands of United States dollars, except for per share amounts) (unaudited)
Three months ended | Nine months ended | ||||||||
September 30, | September 30, | ||||||||
Note | 2021 | 2020 | 2021 | 2020 | |||||
Revenue | 8 | $ | 322,846 | $ | 225,412 | $ 1,066,280 | $ | 482,360 | |
Cost of sales | |||||||||
Production costs | (141,453) | (110,846) | (457,810) | (249,071) | |||||
Depletion and depreciation | (59,090) | (31,340) | (183,492) | (71,103) | |||||
(200,543) | (142,186) | (641,302) | (320,174) | ||||||
Income from mine operations | 122,303 | 83,226 | 424,978 | 162,186 | |||||
General and administrative expense | (11,666) | (5,879) | (33,298) | (15,556) | |||||
Share-based compensation (expense) recovery | 10(b) | (1,377) | 3,779 | (1,915) | (2,020) | ||||
Exploration, evaluation and reclamation expense | (9,619) | (6,087) | (27,975) | (16,054) | |||||
Care and maintenance expense | 12 | - | (6,640) | - | (27,697) | ||||
Transaction and integration expense | (674) | (15,674) | (6,060) | (18,479) | |||||
Impairment loss on non-current assets | 6 | - | - | (22,338) | - | ||||
Operating income | 98,967 | 52,725 | 333,392 | 82,380 | |||||
Interest and other finance income | 1,739 | 2,574 | 2,704 | 5,909 | |||||
Interest expense and other finance costs | (8,522) | (7,200) | (25,306) | (19,210) | |||||
Other (expense) income | (3,193) | 2,753 | (4,617) | 2,342 | |||||
Foreign exchange loss | (1,874) | (1,660) | (3,268) | (803) | |||||
Income before income taxes | 87,117 | 49,192 | 302,905 | 70,618 | |||||
Income tax expense | (24,663) | (24,079) | (129,085) | (27,805) | |||||
Net income | $ | 62,454 | $ | 25,113 | $ | 173,820 | $ | 42,813 | |
Attributable to: | |||||||||
Equity holders of SSR Mining | $ | 57,176 | $ | 26,754 | $ | 164,170 | $ | 44,454 | |
Non-controlling interest | 5,278 | (1,641) | 9,650 | (1,641) | |||||
$ | 62,454 | $ | 25,113 | $ | 173,820 | $ | 42,813 | ||
Net income per share attributable to equity | |||||||||
holders of SSR Mining | |||||||||
Basic | 9 | $0.27 | $0.19 | $0.76 | $0.35 | ||||
Diluted | 9 | $0.26 | $0.19 | $0.74 | $0.34 |
The accompanying notes are an integral part of the condensed consolidated interim financial statements
SSR Mining Inc. | Interim Financial Statements Q3 2021 | 4 |
SSR Mining Inc.
Condensed Consolidated Interim Statements of Comprehensive Income
(expressed in thousands of United States dollars) (unaudited)
Three months ended | Nine months ended | ||||||
September 30, | September 30, | ||||||
2021 | 2020 | 2021 | 2020 | ||||
Net income | $ | 62,454 | $ | 25,113 | $ 173,820 | $ | 42,813 |
Other comprehensive income | |||||||
Items that will not be reclassified to net income: | |||||||
(Loss) gain on marketable securities at FVTOCI, net of tax | (5,000) | 4,398 | (6,746) | 10,358 | |||
recovery (expense) of $780, ($678), $1,202 and ($1,569) | |||||||
Items that may be subsequently reclassified to net income: | |||||||
Unrealized gain (loss) on effective portion of derivatives, net of | 249 | (454) | 4,935 | (8,224) | |||
tax (expense) recovery of ($48), ($262), ($1,351) and $1,303 | |||||||
Realized (gain) loss on derivatives reclassified to net income, | (914) | 1,162 | (2,182) | 3,301 | |||
net of tax expense (recovery) of $258, ($306), $653 and ($924) | |||||||
Total other comprehensive (loss) income | (5,665) | 5,106 | (3,993) | 5,435 | |||
Total comprehensive income | $ | 56,789 | $ | 30,219 | $ 169,827 | $ | 48,248 |
Attributable to: | |||||||
Equity holders of SSR Mining | $ | 51,511 | $ | 31,860 | $ 160,177 | $ | 49,889 |
Non-controlling interest | 5,278 | (1,641) | 9,650 | (1,641) | |||
Total comprehensive income | $ | 56,789 | $ | 30,219 | $ 169,827 | $ | 48,248 |
The accompanying notes are an integral part of the condensed consolidated interim financial statements.
SSR Mining Inc. | Interim Financial Statements Q3 2021 | 5 |
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SSR Mining Inc. published this content on 03 November 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 03 November 2021 10:43:07 UTC.