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SSR Mining agreed to acquire Nevada-focused Roxmore Resources for $464 million in cash, gaining the Converse gold project six kilometres from its Marigold mine. Separately, SSR’s updated Marigold plan raises the mine’s projected life to 20 years and probable reserves to 4.6 million ounces; Converse’s development costs, permits and schedule remain key uncertainties.
SSR Mining has agreed to acquire Nevada-focused explorer Roxmore Resources for $464 million (C$660.1 million) in cash, adding the Converse gold project near its producing Marigold mine. The announcement came alongside a revised Marigold plan that increases the mine’s projected life to 20 years, strengthening SSR’s Nevada growth plans while leaving Converse’s development costs and timing as major considerations.
Roxmore’s Converse project is about six kilometres west of Marigold and 275 kilometres northeast of Carson City. SSR said the project could add 150,000 to 170,000 ounces of annual gold production over a 10-year period. The estimate reflects the company’s stated potential; Converse is not yet a producing mine.
An April 2026 preliminary economic assessment outlined a different production scenario: an open-pit operation producing about 250,000 ounces annually over 15 years, with estimated initial capital costs of $829 million. At an assumed gold price of $3,600 per ounce, the assessment put Converse’s after-tax net present value at $2.7 billion, using a 5% discount rate, and its after-tax internal rate of return at 42.8%. These are study estimates based on stated assumptions, not confirmed project outcomes.
A March resource update reported 2.2 million contained ounces in indicated resources and 3 million ounces in inferred resources. SSR’s revised Marigold life-of-mine plan, meanwhile, increases probable reserves by 43% from the 2025 estimate to 4.6 million ounces and projects 3.2 million ounces of life-of-mine production, up 46%. The plan’s post-tax net present value is $3.3 billion, based on a gold price of $3,948 per ounce; projected life-of-mine capital costs rise to $1.3 billion.
A Nevada Production Hub Takes Shape
The proposed purchase would give SSR a development project close to an operating mine, where existing infrastructure and staff could potentially support a new operation. That proximity is the central strategic rationale: rather than building an isolated mining complex, SSR could develop Converse alongside Marigold and seek operating and financial efficiencies. Whether those savings materialize depends on project design, costs and execution.
SSR said U.S. annual production could exceed 450,000 ounces in peak years if Converse enters production, and average about 350,000 to 400,000 ounces from 2033 to 2042. The company also owns the Cripple Creek & Victor mine in Colorado. These figures describe a prospective production profile, not current output, and rely on projects advancing as planned.
The market reaction was mixed on Tuesday morning in Toronto: SSR shares fell 7% to $46.72, while Roxmore shares rose 30% to $6.96, a new 52-week high. The source report said SSR’s decline may have reflected Converse’s estimated initial costs, but did not establish the reason for the move. Share-price changes alone do not show investors’ full assessment of the transaction.
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Marigold’s Revised Mine Plan
The Roxmore agreement 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. SSR’s Nevada assets have therefore taken on greater importance in its stated U.S.-focused production strategy.
The new Marigold plan incorporates Buffalo Valley, a satellite project 24 kilometres southwest of the main mine, with 700,000 ounces of probable reserves and first production expected in 2029. SSR says it plans to invest over the next three years in fleet and heap-leach-pad expansions intended to improve operational flexibility and reliability. The revised plan raises Marigold’s projected active mine life by five years, to 20.
Scotia Capital analyst Ovais Habib described the purchase as a way to add an adjacent development asset and said it was consistent with SSR’s lower-capital-intensity growth strategy. SSR Executive Chairman Rod Antal called Converse a “compelling opportunity” and said the company had monitored the deposit and reviewed it through due diligence. Those are the views of the analyst and company, respectively; the transaction’s expected efficiencies and value depend on future results.
“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.”
— Rod Antal, SSR Mining executive chairman
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Converse Costs and Approvals
The announcement and supplied report do not specify when the Roxmore acquisition is expected to close, whether it has received all required approvals, or the full conditions attached to the agreement. They also do not provide a detailed construction schedule for Converse. The project remains a development asset, and the production estimates come from a preliminary economic assessment rather than an operating record.
The assessment’s $829 million initial capital estimate is a key figure to track, but the source material does not explain how it compares with a finalized construction budget or whether it includes all costs that may arise before production. Gold-price assumptions also affect the reported project valuations: Converse’s $2.7 billion after-tax NPV uses $3,600 per ounce, while Marigold’s $3.3 billion figure uses $3,948 per ounce. Those NPVs are not directly comparable because the assumptions differ.
It is also not yet clear how SSR will fund Converse development alongside planned Marigold upgrades, what permits and further studies are required, or how the company’s production targets may change as plans advance. SSR’s projected U.S. output is conditional on future development and mine performance.
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Deal Closing and Project Work
The next milestones are the completion of the Roxmore transaction, further disclosure of its conditions and financing, and additional technical and permitting work for Converse. SSR will also need to define a development schedule and update the project’s cost and production outlook as engineering progresses. The source report did not state a closing date or identify a specific next filing.
At Marigold, investors and local stakeholders can track the planned fleet and heap-leach-pad expansions over the next three years, alongside Buffalo Valley’s expected first production in 2029. Future updates should clarify how the revised plan’s reserves, capital spending and production estimates translate into work on site. Until then, the 20-year mine life and the Converse output scenarios remain projections.
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Key Questions
What is SSR Mining buying?
SSR has agreed to buy Roxmore Resources, a Nevada-focused explorer, for $464 million (C$660.1 million) in cash. The acquisition would give SSR Roxmore’s Converse project near the Marigold mine.
Where is the Converse project?
Converse is about six kilometres west of Marigold and roughly 275 kilometres northeast of Carson City, Nevada.
How much gold could Converse produce?
SSR said Converse could add 150,000 to 170,000 ounces a year over a 10-year period. An April 2026 preliminary economic assessment outlined a separate case of about 250,000 ounces annually for 15 years. Both are projections for a project that has not begun production.
What changed in the Marigold mine plan?
The revised plan extends Marigold’s projected active mine life by five years to 20 years, increases probable reserves by 43% to 4.6 million ounces and incorporates Buffalo Valley, where first production is expected in 2029.
Has the Roxmore deal closed?
The supplied report says SSR agreed to acquire Roxmore; it does not say the deal has closed or give a closing date. The transaction’s remaining conditions and required approvals were not detailed in the report.
Source: rss
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