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SSR Mining agreed to acquire Nevada-focused Roxmore Resources for $464 million in cash, gaining the Converse gold project near its Marigold mine. Separately, SSR’s updated Marigold plan extends the mine’s active life to 20 years and raises probable reserves by 43%; Converse’s development costs, timing and approvals remain key uncertainties.
SSR Mining has agreed to buy Nevada-focused Roxmore Resources for $464 million (C$660.1 million) in cash, acquiring the Converse gold project about 6 km west of SSR’s producing Marigold mine. Alongside the deal, SSR released a revised Marigold mine plan that extends its active mine life by five years to 20 years, strengthening the company’s stated plan to build a long-term production hub in Nevada.
Converse is a proposed open-pit mine that could add an estimated 150,000 to 170,000 ounces of annual production over a 10-year operating life, according to the reported transaction details. SSR’s projection is not current production: the project remains undeveloped, and the source does not give a construction start date or a confirmed first-production date for Converse. The project is about 275 km northeast of Carson City.
An April 2026 preliminary economic assessment (PEA) outlined a larger development case, with potential output of 250,000 ounces annually over 15 years. It estimated initial capital costs of $829 million and, using an assumed consensus gold price of $3,600 an ounce, a post-tax net present value of $2.7 billion at a 5% discount rate and a post-tax internal rate of return of 42.8%. Those are study estimates based on stated assumptions, not guaranteed financial or operating outcomes.
A March resource update reported 2.2 million contained ounces in 103 million indicated tonnes grading 0.65 gram of gold per tonne, plus 3 million ounces in 218 million inferred tonnes grading 0.43 gram per tonne. Inferred resources have more uncertainty than indicated resources and should not be treated as proven mineable reserves. SSR said its U.S. production could exceed 450,000 ounces in peak years if Converse is developed, and average about 350,000 to 400,000 ounces from 2033 to 2042.
A Nevada Hub Built Around Marigold
The deal would give SSR control of a sizeable undeveloped gold project next to an operating mine, a location that could let the company use Marigold’s existing infrastructure and operating platform. That proximity is central to the proposed value: SSR says developing an adjacent asset could create operating and financial efficiencies, while Scotia Capital analyst Ovais Habib described the transaction as consistent with a lower-capital-intensity growth strategy. The project’s eventual economics still depend on development decisions, costs, gold prices and regulatory approvals.
The Marigold revision adds another source of longer-term visibility. Probable reserves rose 43% to 4.6 million ounces compared with the 2025 estimate, and planned life-of-mine production increased 46% to 3.2 million ounces. The revised plan more than triples Marigold’s post-tax net present value to $3.3 billion, but also puts life-of-mine capital costs at $1.3 billion—more than triple the prior figure. The estimate assumes a gold price of $3,948 an ounce.
SSR shares fell 7% to $46.72 in Toronto on Tuesday morning after the announcement, while Roxmore shares rose 30% to $6.96. The report said the decline in SSR shares may have reflected Converse’s high initial capital requirement, but that explanation is not confirmed. The market moves show investor reactions on the day, not a settled assessment of whether the acquisition will create value.
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Marigold’s Longer Mine Plan
The acquisition would add to SSR’s U.S. operations, which include Marigold in Nevada and Cripple Creek & Victor in Colorado. SSR has described its broader aim as building a long-term production hub in Nevada, with nearby deposits potentially extending the use of established mine infrastructure rather than requiring wholly separate mining complexes.
The updated Marigold plan also incorporates the Buffalo Valley project, 24 km southwest of the main mine. It lists 700,000 ounces of probable reserves there and anticipates first production in 2029. SSR said it plans to invest in fleet upgrades and heap-leach pad expansions at Marigold over the next three years, with the stated aim of improving operational flexibility and reliability.
The deal follows SSR’s sale, about six months earlier, of its 80% stake in Turkey’s Çöpler mine. Operations at Çöpler had been suspended in 2024 after a heap-leach pad landslide that killed nine miners. The Roxmore purchase therefore shifts attention toward SSR’s U.S. assets, though the source does not say the sale directly financed the acquisition.
“SSR Mining is the natural acquiror of this exciting deposit.”
— SSR Executive Chairman Rod Antal
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Converse Costs and Approval Timeline
Several central details are not established in the source report. It does not state when the Roxmore transaction is expected to close, whether it requires specific shareholder or regulatory approvals, or when SSR would make a final construction decision on Converse. A projected production profile is conditional on the project advancing; the PEA’s costs and returns are estimates, not commitments or guarantees.
There is also a difference between the PEA’s potential output of 250,000 ounces a year over 15 years and the transaction description’s estimated addition of 150,000 to 170,000 ounces annually over 10 years. The report does not explain the assumptions behind those differing production figures. The gold-price assumptions also vary across the studies: $3,600 an ounce for Converse and $3,948 for the Marigold plan. Actual costs, schedules, output and value could differ, and gold prices can fluctuate.
The report does not give a detailed financing plan for Converse’s estimated $829 million initial capital cost or Marigold’s $1.3 billion in life-of-mine capital costs. SSR’s share-price move may have reflected concerns about Converse’s costs, but the reported explanation is tentative. Further disclosures will be needed to clarify how the company intends to fund and sequence the projects.
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Deal Closing and Project Decisions
SSR and Roxmore must proceed through the transaction’s closing process; the source report does not provide a closing timetable or list outstanding conditions. Investors and local stakeholders will also be watching for SSR’s next disclosures on Converse’s engineering, permitting, financing and development schedule. Those steps will determine whether the project advances beyond the preliminary economic assessment.
At Marigold, SSR’s stated next steps include planned fleet and heap-leach pad work over the next three years. The updated mine plan forecasts Buffalo Valley production beginning in 2029. The company’s future operating results and any revision to these timelines will depend on project execution, costs, approvals and market conditions.
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Key Questions
What is SSR Mining buying?
SSR agreed to buy Roxmore Resources for $464 million, or C$660.1 million, in cash. The acquisition would give SSR Roxmore’s Converse gold project in Nevada.
How close is Converse to Marigold?
The Converse project is about 6 km west of SSR’s producing Marigold mine. SSR says the proximity could allow it to use Marigold’s existing infrastructure and operating platform.
Is Converse producing gold now?
No. Converse is an undeveloped project. The production figures in the report come from project estimates and a preliminary economic assessment; they do not represent current output or a guaranteed construction plan.
What changed in Marigold’s mine plan?
SSR’s updated plan extends Marigold’s active mine life by five years, to 20 years, and increases probable reserves by 43% to 4.6 million ounces compared with the 2025 estimate. It also includes Buffalo Valley, where first production is expected in 2029.
Why did SSR shares fall after the announcement?
SSR shares fell 7% to $46.72 on Tuesday morning in Toronto. The report said the move may have been linked to Converse’s estimated $829 million initial capital cost, but it did not confirm the reason for the decline.
Source: rss
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