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SSR Mining agreed to acquire Roxmore Resources for $464 million in cash, adding the nearby Converse gold project to its Nevada portfolio. Separately, SSR’s revised Marigold plan extends the mine’s projected life by five years to 20 and raises reported probable reserves by 43%.
SSR Mining has agreed to buy Nevada-focused explorer Roxmore Resources for $464 million (C$660.1 million) in cash, adding the Converse gold project near SSR’s Marigold mine as the company also reported a revised plan that extends Marigold’s projected mine life to 20 years. The acquisition would give SSR a large undeveloped asset that could add production in Nevada, although Converse’s development costs and schedule remain important uncertainties.
Roxmore’s Converse project is about 6 km west of Marigold and roughly 275 km northeast of Carson City. The Northern Miner reported that SSR expects Converse could contribute 150,000 to 170,000 ounces of gold annually over a 10-year period. A preliminary economic assessment, or PEA, describes a different production case: an open-pit mine producing about 250,000 oz. a year over 15 years. These are project estimates, not current production.
The April 2026 PEA estimates initial capital costs of $829 million and, using a gold-price assumption of $3,600 per oz., a post-tax net present value of $2.7 billion and an internal rate of return of 42.8%. Those are modeled outcomes based on specified assumptions, not guaranteed results. A March resource update reported 103 million indicated tonnes grading 0.65 gram of gold per tonne, containing 2.2 million oz., and 218 million inferred tonnes grading 0.43 gram per tonne, containing 3 million oz.
SSR’s revised plan for Marigold raises the mine’s projected operating life by five years, to 20 years, and increases probable reserves by 43% to 4.6 million oz. compared with its 2025 estimate. The company’s reported life-of-mine production rises 46% to 3.2 million oz. The plan puts Marigold’s post-tax NPV at $3.3 billion, more than three times the previous figure, while life-of-mine capital costs rise to $1.3 billion, also more than tripling. The updated figures assume gold at $3,948 per oz.
A Larger Nevada Production Hub
The proposed deal would place a substantial development project beside an operating SSR mine, potentially letting the company use Marigold’s existing infrastructure and operating platform. That proximity is the central strategic case for the acquisition: SSR may be able to build a longer-term Nevada production hub rather than develop Converse as a stand-alone operation. The company has not provided, in the supplied report, a final construction decision or a confirmed production start date for Converse.
SSR said the combined growth plans could raise its U.S. output above 450,000 oz. annually in peak years, with average production of about 350,000 to 400,000 oz. from 2033 to 2042. Those are company projections tied to future development. The revised Marigold plan also includes Buffalo Valley, a satellite project 24 km southwest of the mine, with 700,000 oz. of probable reserves and first production expected in 2029.
The acquisition announcement did not produce an immediate rise in SSR shares. The report said the stock fell 7% to $46.72 on Tuesday morning in Toronto, while Roxmore shares gained 30% to $6.96. The report suggested Converse’s substantial initial capital estimate may have weighed on SSR shares; that explanation is a possible interpretation, not a stated cause confirmed by the company.
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Marigold Anchors SSR’s Nevada Plans
SSR operates Marigold in Nevada and Cripple Creek & Victor in Colorado, according to the report. The Roxmore acquisition would add Converse to that U.S. portfolio and support SSR’s stated plan to build a long-term production hub in Nevada. The transaction comes about six months after SSR sold its 80% stake in Turkey’s Çöpler mine. Operations there had been suspended in 2024 after a heap-leach pad landslide that killed nine miners.
Marigold’s revised mine plan incorporates Buffalo Valley and projects investment in the operation over the next three years. SSR Executive Chairman Rod Antal said the company plans fleet and heap-leach-pad expansions intended to improve operational flexibility and reliability. The increased reserve and production estimates therefore reflect both additions to the mine plan and planned capital spending, not simply a longer schedule for the existing operation.
Scotia Capital analyst Ovais Habib described Converse as an adjacent development asset that could extend and expand SSR’s U.S. production profile. He also said the acquisition appeared consistent with a lower-capital-intensity growth strategy and was expected to add to net asset value and mineral resources. Those are the analyst’s assessments; the transaction’s eventual returns depend on permitting, construction, operating performance, costs and gold prices.
“SSR Mining is the natural acquiror of this exciting deposit.”
— Rod Antal, SSR Mining executive chairman
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Costs and Development Timing Remain Open
The acquisition is an agreement to buy Roxmore, but the supplied report does not give a closing date, identify any remaining regulatory or shareholder approvals, or state whether all transaction conditions have been met. It also does not provide a detailed financing plan for the $829 million initial Converse capital estimate or a final construction schedule. The PEA’s cost, valuation and production figures are estimates that depend on its assumptions and would need to be tested through subsequent studies and development.
The report does not explain in detail why SSR shares fell on Tuesday, so the suggested connection to Converse’s upfront costs remains tentative. Nor does it establish that the mine-plan projections will be achieved. Gold prices, permitting, construction costs, reserve conversion and operating results could affect both the economics and timing of the projects.
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Transaction Close and Mine Studies
SSR and Roxmore must proceed through the steps required to complete the all-cash acquisition; the source report does not specify those steps or a target closing date. Further company disclosures should clarify the transaction timetable, approvals and how SSR intends to fund Converse’s development.
For Marigold, SSR has outlined fleet and heap-leach-pad investments over the next three years and included Buffalo Valley production in its updated plan, with first output there expected in 2029. Further technical and permitting progress will show how the company’s projections translate into project decisions, schedules and actual production. Investors will also be watching capital requirements alongside the revised reserves and mine-life estimates.
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Key Questions
What is SSR Mining buying?
SSR agreed to acquire Roxmore Resources for $464 million, or C$660.1 million, in cash. Roxmore’s key asset is the Converse gold project in Nevada, about 6 km west of SSR’s Marigold mine.
How much gold could Converse produce?
The Northern Miner reported that SSR sees potential for 150,000 to 170,000 oz. of annual production over 10 years. The April 2026 PEA models an open-pit operation producing about 250,000 oz. annually over 15 years. These are different estimates, and neither is current output.
What changed in the Marigold mine plan?
SSR’s updated plan extends Marigold’s projected mine life by five years to 20 years and raises probable reserves by 43% to 4.6 million oz. compared with the 2025 estimate. It also includes Buffalo Valley, where first production is expected in 2029.
When will the Roxmore deal close?
The supplied report does not give a closing date or detail any outstanding approvals or conditions. SSR and Roxmore would need to provide those details in further transaction disclosures.
Source: rss
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