Recording date: 13th October 2026
SSR Mining has agreed to acquire Roxmore Resources for C$6.75 per share in cash, plus shares in a new exploration SpinCo that will hold Roxmore’s other properties and US$10 million in cash. The cash consideration values Roxmore’s equity at roughly US$464 million. The transaction remains subject to approval by at least two-thirds of votes cast by Roxmore securityholders and by the court, with completion expected in Q4 2026.
The prize is the Converse gold project in Nevada, which holds roughly 5.2 million ounces across indicated and inferred categories at an average grade of about 0.5 g/t. Converse lies around 6 km from Marigold, one of SSR’s flagship operations. SSR expects Converse to add 150,000 to 170,000 ounces a year over a mine life of more than 10 years, with first production targeted for 2033. Initial capital is guided at US$800 million to US$900 million, with no material spending expected until the early 2030s.
Derek Macpherson, Executive Chairman of Olive Resource Capital, estimates the price at roughly US$95 per resource ounce including the SpinCo. He contrasts this with around US$400 per ounce for two other recent large developer takeovers. Two factors explain the gap in Olive’s view. First, SSR will re-estimate the resource using more conservative gold price assumptions than Roxmore’s US$3,000 per ounce pit shells, which is likely to reduce the ounce count. Second, the list of realistic buyers was short. Converse works best as a tuck-in to Marigold, and the only other nearby operator with obvious synergies, i-80 Gold, is in the middle of a restructuring.
The cash premium of 47% to the 20-day volume-weighted average price was respectable but not exceptional. Macpherson notes that Roxmore’s share price held up through September and October. He suggests negotiations were likely well advanced by the time the industry gathered at the Beaver Creek and Denver conferences, given the typical 30 to 60 days of exclusivity between a letter of intent and a definitive agreement.
Samuel Pelaez, Olive’s President, CEO and Chief Investment Officer, places the deal within a broader trend. Producers are upgrading the quality of their jurisdictions and concentrating on North America, Guyana and Australia. SSR’s own history illustrates the point. It completed the sale of its 80% stake in the Çöpler mine in Türkiye in June 2026, following a major heap leach failure there, and refocused on the Americas.
The partners agree that SSR’s acquisition appetite is not exhausted. The company reported around US$1.78 billion in cash at the end of Q2 2026, and Macpherson estimates it will retain more than US$1 billion in working capital after the deal. Pelaez expects further transactions from SSR, Centerra, Lundin Gold and Kinross within months. Liberty Gold’s Black Pine project in Idaho, in which Centerra already holds a strategic investment, is one asset both partners see as likely to draw interest.
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