SSR Mining Inc. (SSRM): A Bull Case Theory 

We came across a bullish thesis on SSR Mining Inc. on Value investing subreddit by Impossible-Road-558. In this article, we will summarize the bulls’ thesis on SSRM. SSR Mining Inc.’s share was trading at $23.28 as of November 28th. SSRM’s trailing and forward P/E were 22.60 and 7.19 respectively according to Yahoo Finance.

SSR Mining Inc., together with its subsidiaries, engages in the acquisition, exploration, and development of precious metal resource properties in the United States, Türkiye, Canada, and Argentina. SSRM is presented as a compelling alternative to holding physical gold, especially amid concerns that gold may be reaching peak sentiment—highlighted humorously by Tucker Carlson’s new involvement in the gold business, which the author views as a contrarian signal.

SSRM’s story is driven by a dramatic but ultimately opportunistic sequence of events. The stock traded around $14 in 2022 when a dam collapsed at its Turkish mine, led to fatalities, a suspension of operations, and a sharp share price decline.

Despite the severity of the incident, the company’s strong balance sheet and historically solid operations suggested the selloff had fully priced in the bad news. Instead of exiting, the author accumulated shares aggressively at $4.50 in August 2024, when gold was $2,500—positioning ahead of a powerful run in gold prices. As gold surpassed $4,000, SSRM rallied to the mid-$20s, generating a 400% gain on the 2024 purchase and roughly 50% on the original 2022 position.

Although partial profit-taking has occurred due to concerns that gold may be peaking, the author maintains a stake to capture further upside tied to company-specific catalysts. The most significant is the potential reopening of the Turkish mine. SSRM has applied for government approval, and the asset remains valuable, with substantial gold resources and already-mined ore awaiting processing.

If operations resume, the stock could benefit from both improved production visibility and the monetization of ore inventory, offering an attractive risk/reward profile. For investors considering bullion, SSRM represents a leveraged and catalyst-rich alternative with meaningful upside potential.

Previously we covered a bullish thesis on Harmony Gold Mining Company Limited (HMY) by Intelligent_Okra5374 in April 2025, which highlighted the company’s strong operational execution, high free cash flow, and strategic diversification into copper alongside gold. The stock has appreciated approximately 51.69% since our coverage as macro tailwinds and fundamentals drove gains. Impossible-Road-558 shares a similar focus but emphasizes opportunistic accumulation and SSR Mining’s Turkish mine reopening as key catalysts.

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Disclosure: None.