SSR Mining vs Allied Gold: why the prices moved differently

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  Hod Maden stake converted to royalty SSR Mining completed the sale of its 20% stake in Turkey's Hod Maden project, converting it into a 4.0% royalty. This completes the exit from Turkey and focuses the company on the Americas, reducing political risk and simplifying the business.

  This is a major strategic move that reduces geopolitical risk and sharpens focus, likely positive for the stock.

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  Q2 profit rises, but capex guidance increased SSR Mining reported higher Q2 profit and revenue, beating expectations. However, 2026 sustaining capex guidance was raised by $25-35 million, pressuring margins. The company returned $338 million to shareholders via buybacks and has a strong cash position.

  Earnings growth is positive, but higher costs are a negative; the net effect is mixed but overall positive due to strong cash returns.

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  CC&V mine output jumps 19.3% SSR Mining's Cripple Creek & Victor mine produced 66,023 ounces in H1 2026, up 19.3% year over year. Full-year production guidance is up 10% at the midpoint, but all-in sustaining costs are expected to trend toward the top of the $1,780-$1,850 per ounce range.

  Higher production is a clear positive, though rising costs temper the benefit.

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  New Nevada JV and UBS endorsement SSR Mining acquired a 15% stake in the Dobbin Project via a Nevada joint venture for $4 million, expanding its exploration portfolio. UBS named SSR Mining a preferred gold stock, citing delivery, life extensions, and deployment of over $2 billion in cash.

  Both events add growth potential and positive analyst sentiment, supporting the stock.

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  Zijin takeover scrapped, replaced by US$295M strategic investment Allied Gold ended its C$44-per-share takeover by Zijin Gold, but secured a US$295 million investment from Zijin at C$32.55 a share — a premium to market. That cash funds the Kurmuk mine, Sadiola expansion and CDI growth, so the company stays independent and funded.

  This is the period's biggest change: the deal that defined AAUC for months is gone, replaced by a new funding source that keeps growth plans alive.

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  Kurmuk mine moves from construction to production Kurmuk energized its 88-km power line and fed first ore to the crusher, with first gold expected soon. The mine should produce 240,000–270,000 ounces in its first full year, a major step up in output that supports future revenue and cash flow.

  Kurmuk is the main growth engine; its commissioning is the clearest new operational milestone driving AAUC's value.

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  Q2 output solid, but revenue misses estimates Q2 production of 97,429 ounces kept Allied on track for full-year guidance, with strong margins (gold near $4,380/oz vs costs below $2,200/oz). But revenue of $366.2 million missed analyst estimates by $57.8 million, a reminder that results can disappoint even in a strong gold market.

  It gives the fair counterweight: operational progress is real, but the quarter's revenue fell short of expectations.

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  Shareholders back board as company shifts to growth mode At the annual meeting, shareholders approved all items, including 10 directors and KPMG as auditor. With the Zijin takeover off the table, management now focuses on advancing Kurmuk and other projects, aiming to build Allied into a mature mid-tier gold producer.

  It shows governance stability and a clear strategic direction after the deal termination, supporting investor confidence.

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