SSR Mining to buy Roxmore Resources in $464M deal
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SSR Mining (SSRM) said Tuesday it agreed to acquire Roxmore Resources (GARLF) for C$6.75/share in cash, plus 0.33/share of a Roxmore exploration company spinoff valued at ~C$0.50/share, in a deal valued at ~US$464M.
The acquisition adds Roxmore's (GARLF) Converse gold project, located 6 km from SSR Mining's (SSRM) Marigold complex in Nevada; Roxmore's 2026 resource estimate put Converse at 2.2M oz of indicated gold and 3M oz of inferred gold.
SSR Mining (SSRM) said Converse could add 150K-170K oz of annual gold production over a more-than-10-year mine life, with more than $200M of life-of-mine synergies compared to a standalone development.
Once in production, the company said it expects its U.S. platform to exceed 450K oz/year at the peak and average 350K-400K oz during 2033-42.
The spinoff company will hold Roxmore's (GARLF) Rattlesnake Hills, Shabu River, and Newton properties, funded with $10M in cash and 85.01% owned by former Roxmore shareholders and 14.99% by SSR Mining (SSRM).
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