SSR Mining (TSX: SSRM | NASDAQ: SSRM) has agreed to acquire Roxmore Resources (TSX: RM) in a US$464 million all-cash deal that gives SSR Mining control of Roxmore’s Converse gold project in Nevada. Under the agreement, Roxmore shareholders will receive $6.75 in cash for each Roxmore share.
Roxmore shareholders will also receive shares of a newly created gold exploration company that will hold interests in Roxmore’s Rattlesnake Hills Project, Shabu River Project and Newton Property. The new company will be funded with US$10 million in cash, will be owned 85.01% by former Roxmore shareholders and 14.99% by SSR Mining, and will be led by key members of Roxmore’s current management team.
Deal Metrics
The offer represents a premium of 27% to Roxmore’s closing price on October 9, 2026 and 47% to its 20-day volume-weighted average price. The transaction values Roxmore’s equity at about US$464 million, an Enterprise Value (EV) at US$392 million, and an EV to Resource (gold ounce) of US$75/Au oz.
SSR Mining will fund the deal from its existing cash position. It said the deal will further reinforce the quality and scale of its platform in the US. The deal is expected to close in the last quarter of this year.
The proposed acquisition continues a series of deals in the gold sector over the past two years, including:
- AngloGold (NYSE: AU) Ashanti’s acquisition of Centamin (LSE: CEY) for $2.5 billion.
- Coeur Mining (NYSE: CDE) buying New Gold (TSX: NGD) in a deal valued at about $7 billion.
- Gold Fields’ (JSE: GFI) purchase of Osisko Mining for $2.16 billion (US$200/Au oz) and Gold Road Resources (ASX: GOR) for US$2.4 billion.
- Discovery Silver (TSE: DSV) acquisition of Newmont Gold’s (TSX: NGT | NYSE: NEM) Porcupine operations in Ontario, Canada for $425 million.
- Equinox Gold (TSX: EQX | NYSE American: EQX) buying Calibre Mining (TSX: CXB) for US$1.8 billion, with assets in Ontario, Nevada, and Nicaragua.
- Fresnillo (LON: FRES) acquisition of Probe Gold (TSX: PRB) for $780 million.
- Torex Gold Resources Inc. (TSX: TXG | OTCQX: TORXF) buying Prime Mining Corp. (TSX: PRYM | OTC: PRMNF | FSE: O4V3) for $449 million (US$108/Au equivalent oz).
FIGURE 1: Project Location
Six kilometers from Marigold
Roxmore’s Converse gold project is located 6 kilometers west of SSR Mining’s Marigold Complex on the Battle Mountain-Eureka Trend in Nevada.
According to Roxmore’s 2026 mineral resource estimate, the project hosts 103 million tonnes of Indicated resources at 0.65 g/t containing 2.2 million ounces of gold and 218 million tonnes of Inferred resources at 0.43 g/t containing 3.0 million ounces of gold.
SSR Mining expects Converse to produce approximately 150,000 to 170,000 ounces of gold annually over an estimated 10+ year mine life, with first production targeted for 2033.
Initial capital costs are estimated at US$800 million to US$900 million, with no material capital spend expected until the early 2030s.
Converse hosts two gold-rich skarn deposits, North Redline and South Redline, with mineralization present to 650 meters depth. SSR Mining plans to mine Converse as a conventional open pit operation and process the ore through a 3-stage crush heap leach operation. Development will require federal permitting led by the U.S. Bureau of Land Management, and an Environmental Impact Statement process is expected.
SSR Mining expects the deal to deliver at least US$200 million in undiscounted life-of-mine synergies through the elimination of duplicate site and corporate G&A costs, as well as procurement and supply chain efficiencies across its US platform.
Roxmore’s directors, senior executives and certain major shareholders, which collectively own about 26.8% of Roxmore, have agreed to support the transaction, which remains subject to approval by at least 66 2/3% of the votes cast by Roxmore securityholders and court approval.
Roxmore has agreed to pay SSR Mining a break fee of $18 million in certain circumstances if the deal is not completed.
Building a larger US platform
Once Converse is in production, SSR Mining expects its US platform to exceed 450,000 ounces of annual production during peak years and average approximately 350,000 to 400,000 ounces of gold annually between 2033 and 2042.
SSR Mining is the third-largest gold producer in the US, with four operating mines in the US, Canada, and Argentina. The company expects to produce between 450,000 and 535,000 gold equivalent ounces in 2026.
“The acquisition of Roxmore and its Converse Gold Project represents a compelling opportunity to add a high-quality multi-million-ounce gold resource next door to our Marigold mine at an attractive valuation,” Rod Antal, Executive Chairman of SSR Mining, said in a statement.
“SSR Mining is the natural acquiror of this exciting deposit and developing an asset in close proximity to Marigold will allow for clear operating and financial efficiencies,” Antal added.
SSR Mining will continue to trade under the ticker symbol SSRM on both the NASDAQ and the Toronto Stock Exchange and remain headquartered in Denver, Colorado.
FIGURE 2: SSR Mining – Illustrative Combined U.S. Production Profile
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