New York, Feb 20, 2026, 09:42 EST — Regular session
- SSR Mining shares climbed early Friday, sticking close to their recent peak.
- Investors are parsing the miner’s decision to call in its long-dated convertible notes, eyeing possible implications for both outstanding shares and debt levels.
- Gold prices pushed higher once more, putting the spotlight back on producers.
SSR Mining (SSRM.O) picked up roughly 1.7% to $29.60 early Friday, having reached $29.69 earlier, Investing.com data show. (Investing.com)
This week, the gold producer notified investors it intends to redeem its 2.50% convertible senior notes due 2039—debt that’s exchangeable for stock at a fixed ratio. That puts noteholders on the clock, facing a mid-March deadline to either convert or cash out. A wave of conversions could quickly shake up the company’s capital structure. (SEC)
SSR Mining noted that full conversion by holders would mean roughly 13 million common shares hitting the market. Looking back, the company highlighted repurchasing around 20 million shares between 2021 and 2024, paying an average of $15.76 per share. The board has also cleared a buyback plan allowing for as much as $300 million in additional repurchases. (Nasdaq)
Pulling the trigger on convertibles is a mixed bag for equity holders. Yes, debt drops and the overhang from financing disappears, but if holders choose to convert, that bumps up the share count. With the stated terms, the implied conversion price lands well under where the stock trades now, so there’s a clear tilt toward conversion over cash.
The setup’s been favorable, too. By 9:04 a.m. ET, spot gold was up 0.8% at $5,039.42 per ounce, buoyed after U.S. GDP growth landed short of estimates—even though the PCE inflation gauge surprised on the upside, Reuters said. “The big ‘miss’ on Q4 GDP … is protecting gold,” according to independent metals trader Tai Wong. (Reuters)
Gold’s ride has been anything but smooth, leaving plenty for traders to chew over. “We’re being whipsawed and moving sideways with volatility,” said Daniel Pavilonis, senior market strategist at RJO Futures, in a Thursday note to Reuters. He pointed out there’s still room for “one more leg down,” citing drivers apart from geopolitics. (Reuters)
Newmont, the world’s top gold miner, beat Wall Street’s profit forecasts for the fourth quarter and outlined new investment plans tied to its Newcrest acquisition. The company is moving to secure returns after bullion’s sizable rally. (Reuters)
SSR Mining runs operations across the United States, Turkiye, Canada, and Argentina, pulling gold from the ground along with silver and copper, Reuters’ company profile shows. (Reuters)
But SSRM’s story isn’t all about gold this time. As the redemption process unfolds, investors may start weighing dilution concerns against potential buyback offsets. The make-whole premium and the deal’s settlement steps could also play a role in how fast those notes get cleared from the capital stack.
All eyes are on the March 19 conversion cutoff and the March 20 redemption, as investors try to gauge just how many notes will flip to equity—and what that might mean for the company’s share structure. (tradingview.com)
