On Thursday, Louisbourg Investments disclosed a new position in SSR Mining (SSRM 5.04%), acquiring 188,300 shares in a trade valued at approximately $4.6 million.
What Happened
According to a filing with the Securities and Exchange Commission released on Thursday, Louisbourg Investments initiated a new stake in SSR Mining (SSRM 5.04%), purchasing approximately 188,300 shares in the third quarter. The estimated transaction value was $4.6 million. This addition brings the position to 1% of the fund’s $458.2 million in 13F reportable assets.
What Else to Know
Top holdings after the filing:
- NYSE:CNI: $28.5 million (6.2% of AUM)
- NASDAQ:SHOP: $15.1 million (3.3% of AUM)
- NASDAQ:MSFT: $13.3 million (2.9% of AUM)
- NYSE:WPM: $12.7 million (2.8% of AUM)
- NYSEMKT:IVV: $12.3 million (2.7% of AUM)
As of Monday afternoon, shares of SSR Mining were priced at $23.42, up a staggering 308% over the past year and far outperforming the S&P 500's 13% gain.
Company Overview
| Metric | Value |
|---|---|
| Revenue (TTM) | $1.3 billion |
| Net income (TTM) | $167.4 million |
| Price (as of Monday afternoon) | $23.42 |
| One-year price change | 308% |
Company Snapshot
- SSR Mining produces gold, silver, copper, lead, and zinc from mining operations in Turkey, the United States, Canada, and Argentina.
- It generates revenue primarily through the exploration, development, and sale of precious and base metals extracted from owned and operated mines.
- The company serves industrial customers, commodity traders, and refiners seeking precious and base metals for manufacturing and investment purposes.
SSR Mining is a diversified precious metals producer with a portfolio of operating mines and exploration projects across multiple continents. The company's strategy emphasizes geographic diversification, leveraging established assets in Turkey, North America, and South America. SSR Mining's competitive edge lies in its multi-mine platform and expertise in both gold and polymetallic resource development.
Foolish Take
Louisbourg Investments’ $4.6 million entry into SSR Mining adds a precious metals component to its portfolio at a time when the miner is showing signs of operational recovery. The position represents roughly 1% of the firm’s total assets and comes as SSR Mining rebuilds momentum following a year of volatility tied to its suspended Çöpler mine in Turkey.
In the second quarter, SSR posted net income of $90.1 million ($0.42 per share) and adjusted earnings of $0.51 per share, supported by strong output from its Marigold and newly integrated CC&V mines. The company generated $157.8 million in operating cash flow and reaffirmed full-year guidance for 410,000 to 480,000 gold equivalent ounces. However, it also recorded higher reclamation costs at Çöpler, keeping investors cautious about restart timing.
SSR next reports earnings on November 4, and results will be closely watched for updates on Çöpler’s status and continued integration progress across its North and South American operations. For Louisbourg, the stake adds diversification and leverage to gold prices during an uncertain macroeconomic backdrop.
Glossary
13F AUM: Assets under management reported by institutional investment managers on SEC Form 13F, covering certain U.S.-listed securities.
New position: The initial purchase of a security by an investor or fund, establishing ownership in that asset.
Reportable assets: Investments that must be disclosed in regulatory filings, such as the SEC's Form 13F, by institutional managers.
Top holdings: The largest investments in a portfolio, typically ranked by market value or percentage of total assets.
Outperforming: Achieving a higher return than a specified benchmark or index over a given period.
Polymetallic: Containing or producing more than one type of metal from a single mining operation.
Geographic diversification: Spreading investments or operations across multiple regions or countries to reduce risk.
Multi-mine platform: A business model where a mining company operates several mines, often in different locations.
Exploration projects: Activities and investments aimed at discovering new mineral deposits for potential future mining.
TTM: The 12-month period ending with the most recent quarterly report.
