SSR Mining Outlines 20-Year Marigold Mine Plan with Gold Reserves Rising 43% to 4.6 Million Ounces Fiona Craig Tue, October 13, 2026 at 6:58 AM EDT 6 min read GC=F +0.39% SSRM -0.20% Trade SSRM on Coinbase Trading disclosure Trading disclosure The above button links to Coinbase. Yahoo Finance is not a broker-dealer or investment adviser and does not offer securities or cryptocurrencies for sale or facilitate trading. Coinbase pays us for certain activity generated through this link. Prices displayed are informational.
SSR Mining Inc. (NASDAQ:SSRM) has published a new Technical Report Summary for its Marigold Gold Complex in Nevada, outlining a 20-year operating plan supported by an expanded mineral reserve base and the planned development of the neighbouring Buffalo Valley project.
The updated assessment identifies 4.6 million ounces of gold mineral reserves at Marigold, representing a 43% increase from the 3.2 million ounces reported at the end of 2025.
The life-of-mine plan forecasts total gold production of 3.3 million ounces, with average all-in sustaining costs (AISC) of $2,005 per ounce sold.
Based on consensus gold price assumptions averaging $3,948 per ounce over the 20-year period, the project is estimated to generate an after-tax net present value of $3.3 billion at a 5% discount rate.
The report also incorporates the first detailed production schedule for Buffalo Valley, which is expected to begin producing gold in 2029.
The updated mineral reserve estimate represents a substantial expansion of the Marigold Gold Complex's identified gold inventory.
Total reserves increased by approximately 1.4 million ounces compared with the previous year-end estimate, reaching 4.6 million ounces.
The larger reserve base supports an extended operating horizon and provides the foundation for the company's updated production and investment plans.
SSR Mining's technical assessment incorporates the existing Marigold operation alongside the planned development of Buffalo Valley.
The report forecasts 15 years of active mining, followed by residual processing of material on heap leach pads through 2045.
Heap leaching is a mineral processing method in which a chemical solution is applied to stacked ore to recover gold. Processing can continue after active mining operations have ended, allowing additional metal to be recovered from previously mined material.
The revised schedule therefore extends the economic life of the complex beyond the period of active ore extraction.
SSR Mining expects Marigold to produce an average of 231,000 ounces of gold annually between 2027 and 2031.
Average annual production is projected to moderate to 201,000 ounces over the period through 2040.
Across the full 20-year mine life, annual output is forecast to average 169,000 ounces, equivalent to approximately 3.3 million ounces of total gold production.
The declining production averages reflect the different stages of the operating plan, including the transition from active mining to residual heap leach processing.
The company estimates average life-of-mine all-in sustaining costs of $2,005 per ounce sold.
This measure includes operating expenses and sustaining expenditure associated with maintaining production, providing an indication of the projected cost structure over the mine's operating life.
The production and cost estimates remain dependent on the technical, operational and economic assumptions used in the report.
The updated plan includes the first life-of-mine production schedule for Buffalo Valley, a project adjacent to the existing Marigold operation.
Buffalo Valley contains an estimated 0.7 million ounces of gold mineral reserves and is expected to contribute its first production in 2029.
Its inclusion forms part of SSR Mining's strategy to expand the operating scope of the Marigold complex and support longer-term production.
The company expects to invest in project development, additional mining equipment and expanded processing infrastructure to accommodate higher material volumes.
These investments are intended to support an approximately 33% increase in overall mining rates, bringing average annual material movement to 138 million tonnes.
The additional mining capacity will be supported by fleet additions and the expansion of heap leach facilities.
Buffalo Valley's development will therefore form a significant component of the capital programme outlined in the updated technical report.
SSR Mining estimates total capital requirements of $1.385 billion over the Marigold complex's remaining operating life.
The investment programme comprises $542 million in growth capital, $669 million in sustaining capital and $175 million in reclamation expenditure.
Growth capital will be allocated to the development of Buffalo Valley, heap leach pad expansion and additional mining fleet capacity.
Sustaining capital will support the continued operation of the existing mining and processing infrastructure.
Reclamation expenditure covers the anticipated costs associated with environmental restoration and mine closure activities.
The planned investments are intended to support the higher mining rates and expanded operating schedule set out in the report.
The estimates are based on the company's current development assumptions and may change as the projects advance.
The technical report estimates an after-tax net present value of $3.3 billion using a 5% discount rate and consensus gold price assumptions.
The valuation is based on an average gold price of $3,948 per ounce over the 20-year operating period.
Under the spot gold price scenario used in the report, the estimated after-tax net present value increases to $3.8 billion.
The difference demonstrates the sensitivity of the project's estimated economic value to changes in gold prices.
Net present value measures the estimated value of future project cash flows after discounting them to reflect the time value of money.
While the figures provide an indication of Marigold's potential economic contribution, they are projections rather than guaranteed financial returns.
Actual results will depend on factors including gold prices, production performance, operating costs, capital expenditure and the timing of development activities.
The updated Marigold reserve estimate also strengthens SSR Mining's overall US mineral inventory.
Combined with the company's Cripple Creek & Victor (CC&V) gold mine in Colorado, its US portfolio now contains 7.3 million ounces of gold mineral reserves.
The two operations also hold a combined 6.5 million ounces of measured and indicated mineral resources, alongside 2.3 million ounces of inferred resources.
Mineral resources represent estimates of potentially economic mineralisation, while mineral reserves are the portion determined to be economically mineable under specified technical and financial assumptions.
The distinction is important because resources that have not been classified as reserves are not necessarily expected to be recovered economically.
The expanded reserve and resource base provides SSR Mining with a substantial portfolio of gold assets in the United States.
The Marigold Technical Report Summary has an effective date of 1 May 2026 and was prepared in accordance with the US Securities and Exchange Commission's S-K 1300 mining disclosure requirements.
SSR Mining indicated that the report would be filed with the SEC on Form 8-K by 13 October 2026.
The document provides the technical and economic assumptions supporting the updated reserve estimates, production schedule, capital requirements and project valuation.
For investors, the report establishes a revised long-term operating framework for Marigold, incorporating both the existing mine and the development of Buffalo Valley.
The key milestones will include progress on Buffalo Valley ahead of its planned 2029 production start, implementation of the expanded mining programme and the company's ability to achieve the projected production and cost targets.
