Could SSR Mining Reach $50 in 2026? The Answer May Blow Your Mind.

Recently surging to over $5,000 per ounce, spot gold prices have been on a tear. However, shares in gold mining stocks like SSR Mining (NASDAQ: SSRM) have experienced even greater price appreciation. This is largely due to the operating leverage dynamic with gold stocks. With their costs largely fixed, incremental increases in the underlying commodity price can often represent pure profit.

As a result, these types of stocks can experience outsize increases in profitability, even on a moderate rise in gold prices. Over the past year, SSR Mining shares have surged by over 190%, while the price of gold has risen by 72%.

Even as gold prices are starting to pull back slightly, don't rule out the prospect of a further rally in precious metal prices. In turn, this could lead to another period of outsize gains for this stock -- perhaps even a move to $50 per share, or more than double the current price.

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SSR Mining and the gold rally's impact on profitability

SSR Mining may be considerably smaller than competitors such as Barrick Gold, but it's not an exploration-stage junior miner. The company owns profitable operating mines worldwide, including in the U.S., Canada, Turkey, and Argentina.

SSR Mining primarily mines gold but also has interests in silver, copper, lead, and zinc. With spot gold prices going from $3,000 per ounce as recently as last March to $4,000 per ounce last September, then to prices north of $5,000 per ounce in January, the company has experienced a surge in sales and profitability:

Data source: SSR Mining

In terms of 2026 results, gold's move to $5,000 per ounce points to even higher revenue and earnings. In turn, this resulted in annual sales rising from $1.6 billion to $2.4 billion, or by over 56%, and full-year earnings expected to come in around $1.74 per share in 2025, rising by another 131% to $4.07 per share in 2026.

Why $50 per share is well within reach

After gold's big run-up, perhaps a pullback is due. Then again, considering numerous macroeconomic factors, it's questionable whether a reversal is just around the corner.

For instance, consider President Donald Trump's nomination of Kevin Warsh to serve as Federal Reserve Chair, replacing Jerome Powell. Even though Warsh has in the past expressed more hawkish views on monetary policy, it's unclear whether he will be under greater pressure to lower rates more rapidly. A premature rate cut could give the debasement trade some runway.

Other factors, such as continued gold buying by central banks, also suggest that high prices are here to stay. And if they are, investors may become more willing to rerate SSR Mining.

Right now, the stock trades for just 6.2 times forward earnings. If rerated to a forward P/E in the low teens, which the stock has traded at recently, shares will be trading at $50 per share. Hence, if you're looking to buy mining stocks to capitalize on this trend, consider SSR Mining another strong choice.

Thomas Niel has no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy.