SSR Mining NASDAQ:SSRM fell 0.85% premarket after the Denver-based precious metals miner, which runs four gold and silver mines across the US, Canada, and Argentina, completed the sale of its 20% stake in the Hod Maden development project in Turkey, converting the equity interest into a 4.0% net smelter return royalty on the entire project.
Royal Gold NASDAQ:RGLD holds a call right to buy half of that royalty, 2.0%, for $160 million, exercisable up to 12 months after Hod Maden reaches commercial production. Royal Gold also has a consent right over any royalty sale before January 1, 2028, and a right of first refusal on future sales.
The closing, alongside the earlier divestment of the Copler mine in Turkey, completes SSR's shift to focus on the Americas. The new royalty joins a portfolio that already includes interests in the San Luis, Pitarrilla, Rowan, and Sunrise Lake projects. SSR expects to produce 450,000 to 535,000 gold equivalent ounces in 2026.