Morning Briefing: SSR Mining Acquires Roxmore Resources

SPEAKER_1 (0:02)

Good morning, and welcome back to the Mining Stock Daily Morning Briefing, presented by the Clear Commodity Network, and delivering today's top news in mining and mineral exploration. From the new ClearCom studios, here's your host, Trevor Hall.

Trevor Hall (0:18)

Good morning, everybody. Welcome back to the Mining Stock Daily Morning Briefing. This is Trevor Hall, and today is Tuesday, October 13th. Gold is firming up this morning at $4,185 an ounce, up about a third of a percent after finding support near the $4,100 level earlier yesterday. Silver is essentially flat at $60.34 an ounce, copper is also edging higher to $6.71 a pound.

A significant central bank story in the gold sector landed yesterday. Kazakhstan, which ranked as the fourth largest gold buyer in the world after the first eight months of the year, is reversing course a bit and beginning to sell. The national bank holds 386 tons of gold, representing roughly 78% of its total foreign exchange reserves. It's a concentration the deputy governor described as uncomfortably high. The goal is to lower that share to 75% by year end through a combination of physical gold sales and options. The driver is the same one weighing on the gold price across the board. That's the 10-year treasury yield and it's 24-year high. It's making the dollar increasingly attractive as a reserve asset. Turkey and Russia trimmed their gold positions earlier this year for similar reasons. Poland, China and Uzbekistan continue to add, and the overall central bank trend remains net positive for the metal. We'll get to the news out of the miners and explorers here in just a moment. First, a quick mention of today's sponsor.

This morning briefing is brought to you by Visa Silver. Visa Silver is advancing the 100% owned Pinuco Silver Gold project in Sinaloa, Mexico.

Mine development is underway with EPCM and mine design contracts being awarded. Equipment supply agreements are in place and the project is backed by a US $300 million convertible note and a US $222 million project finance mandate with Macquarie. Visa Silver trades on the Toronto Stock Exchange and the NYC, both under the symbol VZLA.

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Trevor Hall (3:07)

And here's what you need to know this morning. M&A News actually hitting the tape. SSR Mining has announced a definitive agreement to acquire Roxmore Resources and its Converse Gold Project in Nevada. It's situated six kilometers west of SSR Mining's Marigold Complex on the Battle Mountain Eureka trend. Roxmore shareholders will receive $6.75 Canadian per share in cash, that's a 27% premium, to the October 9th close and a 47% premium to the 20-day VWAP. It's for an enterprise value of approximately $392 million, plus shares and a newly created exploration spend out. The Converse resources totals 2.2 million ounces of indicated and 3 million ounces of inferred. SSR Mining envisions 150,000 to 170,000 ounces of annual production over 10-year plus mine life starting in 2033, with initial capital of 800-900 million and more than 200 million in life of mine synergies from shared operations with Marigold. The deal is expected to close in the fourth quarter of 2026 Roxmore trades on the Toronto Stock Exchange with RM, SSR Mining trades on the NASDAQ stock market and the Toronto Stock Exchange, both under the symbol SSR M.

Equinox Gold has reported third quarter gold production of 237,000 ounces. Its first quarter incorporating the Orla Mining combination, which closed on July 31st. The headline mine level result was Musselwhite in Ontario, which delivered 45,500 ounces just over that, at 6.15 grams per ton in just two months of contribution. Greenstone added 60,500 ounces, and Valentine continued improving on grade at 1.82 grams per ton. Year-to-date production is at 611,483 ounces, which keeps the company on track for its 870,000 to 920,000-ounce guidance. Equinox entered the quarter with $527 million in cash, has repaid $1.2 billion in debt year-to-date, and commenced early works construction at South Railroad in Nevada, with the first gold targeted for 2028

Equinox Gold trades on the Toronto Stock Exchange and the NYSE American, both with the symbol EQX.

Integra Resources has issued an update on the DeLamar Gold Silver project in Idaho, confirming that detailed engineering, permitting, procurement, and state of good repairs work are all advancing in line with the plan. The more significant piece of news is the appointment of GenCap as the project's financing advisor. It's a clear signal that Integra is moving into the financing and pre-construction phase of development at DeLamar. For a project of this size in one of the United States' most mining-friendly jurisdictions, bringing a dedicated financing advisor on board is a pretty meaningful step towards a construction decision. In fact, I talked to CEO George Salamis about this in an upcoming episode of Corporate Update with Integra airing later today, so stay tuned for that. Integra Resources trades on the TSX Venture with ITR and on the NYC American with ITRG.