Gold Across Borders: Where SSR Mining Stands in Today’s Commodity Cycle

Hillsdale Investment Management Inc. disclosed in a November 10, 2025, SEC filing that it bought 1,738,825 shares of SSR Mining Inc, a net position change of approximately $42.45 million.

What happened

According to a filing with the Securities and Exchange Commission dated November 10, 2025, Hillsdale Investment Management Inc. increased its position in SSR Mining Inc. (NASDAQ:SSRM) by acquiring 1,738,825 additional shares during the third quarter. The estimated value change of this share increase is approximately $42.45 million. Hillsdale reported total U.S. equity holdings of $3.31 billion across 635 positions after the trade.

What else to know

This buy brings SSR Mining Inc. to 1.28% of Hillsdale’s reportable AUM, which places it outside the fund’s top five holdings.

Top holdings after the filing:

• NYSE:RY: $125.92 million (approximately 3.8% of AUM)
• NYSE:CM: $94.66 million (approximately 2.9% of AUM)
• NYSE:TD: $86.95 million (approximately 2.6% of AUM)
• NASDAQ:SHOP: $79.73 million (approximately 2.4% of AUM)
• NYSE:BNS: $70.77 million (approximately 2.1% of AUM)

As of November 9, 2025, shares of SSR Mining Inc. were priced at $19.94, up approximately 277.7% over the past year with 211.27 percentage points of alpha versus the S&P 500.

Company Overview

Company Snapshot

SSR Mining Inc. produces and sells gold, silver, copper, lead, and zinc from operations in Turkey, the United States, Canada, and Argentina, with gold as the primary revenue driver.

The company generates revenue through the extraction and sale of precious and base metals from wholly owned mining assets and joint ventures.

SSR Mining Inc. operates a diversified portfolio of precious metal mines across multiple jurisdictions, focusing on gold production with additional exposure to silver and base metals. The company leverages established mining assets and operational expertise to drive output and manage costs in a competitive global market. Its scale and geographic diversity support resilience and access to a broad customer base.

SSR Mining Inc. serves a global customer base, including industrial users and commodity buyers, and operates with a focus on geographic and product diversification.

Foolish take

When a stock triples in a year, many investors assume the opportunity has passed. Hillsdale Investment Management’s decision to add more than $40 million to its SSR Mining stake suggests the opposite — that the company’s fundamentals are strengthening and the market may still be behind the curve. For a firm with hundreds of holdings, increasing exposure at this scale points to a business entering a more attractive phase of its story.

SSR Mining has become a more capable operator than the market often gives it credit for. Its portfolio spans long-life gold and base-metal mines in the United States, Türkiye, Canada, and Argentina. The company's broad reach gives the company both scale and valuable jurisdictional balance. More importantly, SSR’s portfolio offers meaningful operating leverage. Higher gold output, improved by-product contributions, and a set of development projects with clear economic potential give the company multiple pathways to create value as unit costs normalize and metal prices strengthen. Where other major mining players like Newmont and Barrick must move entire continents to shift their cost curves, SSR can drive material cash-flow gains through focused improvements across a tighter set of assets. That structural difference is a key reason SSR’s operating leverage stands out within the sector.

For investors, the more important question for investors is how effectively SSR translates its asset base into sustained free cash flow. The company is entering a period where incremental gains in volume and cost discipline can materially expand margins. If SSR continues to execute, this year’s rally may prove to be less of an endpoint and more of a starting line for a business that still has room to grow into its potential.

Glossary

Net position change: The difference in the number or value of shares held before and after a transaction.
AUM (Assets Under Management): The total market value of investments managed by a fund or investment firm.
Reportable fund: An investment fund required to disclose its holdings and transactions to regulators.
Alpha: A measure of an investment's performance relative to a benchmark, showing value added beyond the market return.
Stake: The amount or percentage of ownership a fund or investor holds in a company.
Top holdings: The largest investments in a fund's portfolio, usually ranked by market value.
Wholly owned mining assets: Mining operations or properties fully owned and controlled by a single company.
Joint ventures: Business arrangements where two or more parties share ownership, risks, and profits of a project.
Precious metals: Rare, high-value metals such as gold and silver, often used as investments or currency reserves.
Base metals: Common, industrial metals like copper, lead, and zinc, used in manufacturing and construction.
Geographic diversity: The practice of operating in multiple locations to reduce risk and access broader markets.
TTM: The 12-month period ending with the most recent quarterly report.

Eric Trie has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Shopify. The Motley Fool recommends Bank Of Nova Scotia. The Motley Fool has a disclosure policy.