SSR Mining said it will acquire Roxmore Resources in an all-cash transaction funded from its existing balance sheet, paying C$6.75 per Roxmore share.
The cash consideration values the deal at about $464 million on a fully diluted in-the-money equity basis, with an enterprise value of $392 million, excluding the value of the spinco. The cash component represents a 27% premium to Roxmore’s closing price on Oct. 9, 2026 and a 47% premium to its 20-day volume-weighted average price.
The acquisition centers on Roxmore’s Converse gold project in Nevada, located 6 kilometers west of SSR Mining’s Marigold complex. SSR Mining said Converse could add about 150,000 to 170,000 ounces of annual gold production over a mine life of more than 10 years, with first production targeted for 2033.
If developed as planned, SSR Mining said its U.S. platform could exceed 450,000 ounces of annual production during peak years and average about 350,000 to 400,000 ounces a year between 2033 and 2042.
SSR Mining estimated more than $200 million in life-of-mine synergies from combining Converse with Marigold, citing savings from eliminating duplicate site and corporate G&A costs and improving procurement and supply chain efficiency.
The company estimated initial capital for Converse at $800 million to $900 million, with no material capital spending expected until the early 2030s.
Roxmore shareholders will also receive shares of a new exploration company, spinco, which will hold interests in the Rattlesnake Hills project, the Shabu River project and the Newton property. Spinco will be funded with $10 million in cash and will be owned 85.01% by former Roxmore shareholders and 14.99% by SSR Mining.
SSR Mining said Roxmore’s 2026 mineral resource estimate for Converse included 103 million tonnes of indicated resources grading 0.65 g/t for 2.2 million ounces of gold, and 218 million tonnes of inferred resources grading 0.43 g/t for 3.0 million ounces of gold.
The company compared the acquisition to two earlier deals in its U.S. portfolio. Marigold was acquired for $309 million and now has a mine life of more than 20 years, an NPV5% of $3.3 billion, and more than $1 billion in mine-site free cash flow since acquisition. SSR Mining said Cripple Creek & Victor cost $275 million to acquire and has generated more than $345 million in mine-site free cash flow, with a consensus NPV of $1.6 billion. Today the company's shares have moved -0.2% to a price of $35.44. For the full picture, make sure to review SSR MINING INC.'s 8-K report.
