The Big Gold Bet: Virtus Advisers Loads Up on SSR Mining Stock

What happened

Virtus Advisers, LLC disclosed a new position in SSR Mining, (NASDAQ:SSRM) acquiring 216,217 shares valued at nearly $6.91 million as of Sept. 30, 2025, according to a Nov. 13, 2025, SEC filing. SSR Mining represents one of the top holdings in Virtus Advisers, LLC's portfolio after the quarter's trades.

What else to know

• This was a new position for Virtus Advisers, LLC.
• Top holdings after the filing:
  • NASDAQ: SSRM: $12,711,210 (5.3% of AUM)
  • NYSE: IBN: $12,124,679 (5.1% of AUM)
  • NASDAQ: WB: $8,420,368 (3.5% of AUM)
  • NYSE: HDB: $6,356,356 (2.7% of AUM)
  • NYSE: PRIM: $5,299,565 (2.2% of AUM)
• As of Nov. 13, 2025, SSR Mining shares were priced at $21.19, up 294.6% in one year.
• The stock’s one-year alpha versus the S&P 500 is 285.7 percentage points.

Company overview

Company snapshot

• SSRM Mining operates gold, silver, copper, lead, and zinc mining assets, with major projects in Turkey, the U.S., Canada, and Argentina. It generates the majority of revenue from precious metals production.
• The miner employs a vertically integrated mining model, acquiring, developing, and operating resource properties to extract and sell refined metals on global commodity markets.
• It serves a global customer base, including industrial users, jewelry manufacturers, and commodity traders seeking exposure to precious metals.

SSR Mining is a diversified precious metals producer with a global footprint, focusing on the exploration, development, and operation of gold and silver mines. The company leverages a portfolio of established mining assets across multiple continents to drive production scale and operational resilience. Strategic asset diversification and a focus on precious metals position SSR Mining to compete effectively in the global resources sector.

Foolish take

2025 has been a phenomenal year for SSR Mining, with the stock closing the year with nearly 215% gains. SSR Mining is among the largest gold producers in the U.S. With gold prices surging in 2025, reaching record highs in December, shares of SSR Mining also surged. However, there's more to the rally in SSR Mining, which may have also influenced Virtus Advisers' decision to load up on the gold stock in Q3.

The acquisition of Cripple Creek & Victor (CC&V) mine in Colorado from Newmont (NYSE:NEM) in early 2025. significantly expanded SSR Mining's portfolio, positioning it as the third-largest gold producer in the U.S. in terms of annual production capacity. It was also a strategic move to reduce geopolitical risks by diversifying beyond Turkey and into the U.S. SSR's Copler mine in Turkey suffered a major heap leach pad failure in early 2024, resulting in fatalities and the suspension of operations.

SSR is now trying to restart operations at Copler. That's something investors should watch closely. Meanwhile, gold prices could largely decide where SSR Mining stock heads next. Gold has surged over 70% in 2025. If the price of gold rises any further, SSR Mining stock could also continue to rise. But if gold cools down, so could the gold stock.

Glossary

13F reportable assets under management: The portion of a fund's assets required to be disclosed in quarterly SEC Form 13F filings.

Alpha: A measure of an investment's performance relative to a benchmark, showing excess return above the benchmark.

Assets under management (AUM): The total market value of investments managed by a fund or investment firm on behalf of clients.

Vertically integrated mining model: A business approach where a company controls multiple stages of the mining process, from exploration to metal sales.

Stake: The ownership interest or shareholding a fund or investor holds in a particular company.

Quarter’s trades: The buying and selling of securities by a fund during a specific three-month reporting period.

Precious metals: Rare, naturally occurring metals with high economic value, such as gold and silver.

Commodity markets: Markets where raw materials like metals, energy, or agricultural products are bought and sold.

TTM: The 12-month period ending with the most recent quarterly report.

Position: The amount of a particular security or asset held by an investor or fund.

Portfolio: The collection of investments owned by an individual or institution.

Diversified: A strategy of spreading investments across different assets or sectors to reduce risk.

Neha Chamaria has positions in HDFC Bank. The Motley Fool recommends HDFC Bank. The Motley Fool has a disclosure policy.