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Is SSR Mining Set to Benefit From the Puna Operations Expansion?
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Key Takeaways
SSRM's Puna operations advance Chinchillas laybacks, Melina and Cortaderas to extend mine life.
Puna targets 6.25-7M ounces of silver in 2026 despite lower H1 production.
SSRM expects Puna to produce 95,000-115,000 GEOs, supporting its full-year production guidance.
SSR Mining Inc.’s (SSRM - Free Report) Puna operations boost the company’s revenue mix through silver, lead and zinc production while hosting several mine-life extension potential.
SSRM’s fully-owned Puna operations in Argentina include the Chinchillas mine and the Pirquitas property. The company’s recent efforts at the operations include advancing additional Chinchillas laybacks, the nearby Melina open-pit target and the Cortaderas project. To extend operations at Chinchillas, the company has increased its 2026 growth capital guidance at Puna to $20 million from previously announced $18 million.
The Puna operations produced 3.4 million ounces of silver in the first half of 2026 compared with 5.4 million ounces in the prior year. However, the company expects 6.25-7 million ounces of silver from the operations, relatively evenly split between the third and fourth quarters.
The mine is facing higher costs, with AISC expected to trend toward the top of the company’s 2026 guidance of $20-$22 per ounce. The upside is largely due to inflationary pressures.
Nonetheless, SSRM expects the Puna mine to produce 95,000-115,000 GEOs in 2026. The mine produced 112,368 GEOs in 2025. Along with solid second-half performances from other operations, this positions the company on track to meet its full-year guidance of 450,000-535,000 GEOs, indicating a 10% year-over-year improvement at the mid-point. Along with SSRM’s other key projects like Marigold, as well as Seabee and CC&V, Puna showcases significant potential upside.
Mine Performances by SSR Mining’s Peers
AngloGold Ashanti plc’s (AU - Free Report) gold production dipped 4% year over year in the first half of 2026, reflecting the sale of the Serra Grande mine in December 2025. Lower second-quarter production at AngloGold Ashanti’s Obuasi mine due to a contractor fatality in April 2026 and planned mine sequencing and maintenance across certain operations also led to the decline. However, AngloGold Ashanti expects the second-half 2026 production to be higher than the first half.
Newmont Corporation (NEM - Free Report) is progressing with several growth projects like Cadia Panel Caves and Tanami Expansion 2 in Australia. These projects are expected to expand Newmont’s production capacity and extend mine life, driving revenues and profits.
Newmont has recommenced work at the Cadia panel cave project following the seismic event in April. The Tanami expansion is progressing with an expected completion of all underground infrastructure by the end of the third quarter of 2026. Newmont remains on track to achieve its previously announced 2026 guidance. The company expects attributable gold production of approximately 5.26 million ounces.
SSRM’s Price Performance, Valuations & Estimates
The SSRM stock has appreciated 44.8% in a year compared with the industry’s growth of 24.3%. Meanwhile, the Zacks Basic Materials sector and the S&P 500 have gained 12.6% and 15.5%, respectively.
Image Source: Zacks Investment Research
SSR Mining is currently trading at a forward 12-month price-to-earnings multiple of 8.51X, a discount to the industry average of 15.69X.
Image Source: Zacks Investment Research
The Zacks Consensus Estimate for 2026 earnings is pegged at $3.87 per share, indicating a year-over-year surge of 92.5%. The estimate for 2027 of $3.90 per share suggests an increase of 1%.
The consensus mark for 2026 has moved south for the past 60 days, while the same for 2027 has been unchanged.
View the Zacks #1 Rank List
Image: Bigstock
Is SSR Mining Set to Benefit From the Puna Operations Expansion?
Key Takeaways
SSR Mining Inc.’s (SSRM - Free Report) Puna operations boost the company’s revenue mix through silver, lead and zinc production while hosting several mine-life extension potential.
SSRM’s fully-owned Puna operations in Argentina include the Chinchillas mine and the Pirquitas property. The company’s recent efforts at the operations include advancing additional Chinchillas laybacks, the nearby Melina open-pit target and the Cortaderas project. To extend operations at Chinchillas, the company has increased its 2026 growth capital guidance at Puna to $20 million from previously announced $18 million.
The Puna operations produced 3.4 million ounces of silver in the first half of 2026 compared with 5.4 million ounces in the prior year. However, the company expects 6.25-7 million ounces of silver from the operations, relatively evenly split between the third and fourth quarters.
The mine is facing higher costs, with AISC expected to trend toward the top of the company’s 2026 guidance of $20-$22 per ounce. The upside is largely due to inflationary pressures.
Nonetheless, SSRM expects the Puna mine to produce 95,000-115,000 GEOs in 2026. The mine produced 112,368 GEOs in 2025. Along with solid second-half performances from other operations, this positions the company on track to meet its full-year guidance of 450,000-535,000 GEOs, indicating a 10% year-over-year improvement at the mid-point. Along with SSRM’s other key projects like Marigold, as well as Seabee and CC&V, Puna showcases significant potential upside.
Mine Performances by SSR Mining’s Peers
AngloGold Ashanti plc’s (AU - Free Report) gold production dipped 4% year over year in the first half of 2026, reflecting the sale of the Serra Grande mine in December 2025. Lower second-quarter production at AngloGold Ashanti’s Obuasi mine due to a contractor fatality in April 2026 and planned mine sequencing and maintenance across certain operations also led to the decline. However, AngloGold Ashanti expects the second-half 2026 production to be higher than the first half.
Newmont Corporation (NEM - Free Report) is progressing with several growth projects like Cadia Panel Caves and Tanami Expansion 2 in Australia. These projects are expected to expand Newmont’s production capacity and extend mine life, driving revenues and profits.
Newmont has recommenced work at the Cadia panel cave project following the seismic event in April. The Tanami expansion is progressing with an expected completion of all underground infrastructure by the end of the third quarter of 2026. Newmont remains on track to achieve its previously announced 2026 guidance. The company expects attributable gold production of approximately 5.26 million ounces.
SSRM’s Price Performance, Valuations & Estimates
The SSRM stock has appreciated 44.8% in a year compared with the industry’s growth of 24.3%. Meanwhile, the Zacks Basic Materials sector and the S&P 500 have gained 12.6% and 15.5%, respectively.
SSR Mining is currently trading at a forward 12-month price-to-earnings multiple of 8.51X, a discount to the industry average of 15.69X.
The Zacks Consensus Estimate for 2026 earnings is pegged at $3.87 per share, indicating a year-over-year surge of 92.5%. The estimate for 2027 of $3.90 per share suggests an increase of 1%.
The consensus mark for 2026 has moved south for the past 60 days, while the same for 2027 has been unchanged.
SSR Mining currently has a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.