04:51 PM EST, 11/06/2024 (MT Newswires) -- SSR Mining ( SSRGF ) (SSRM.TO, SSRM) has turned negative in after-hours Nasdaq trade after the company said its third-quarter adjusted profit fell 88%, missing forecasts, and offered an update on its troubled Copler mine in Turkey.

The company said its adjusted profit, excluding most one-time items, fell to US$6.36 million, or US$0.03 per share, in the quarter, down from US$53.04 million, or $0.26, in the year-prior quarter. The result missed the consensus analyst forecast from Capital IQ of $0.10.

Revenue fell to US$257.36 million from US$385.39 million.

Along with results, the company also provided an update on the Feb.13 collapse of a heap-leach pad at its Copler mine. It said the Copler remediation and containment work is estimated to cost between US$250.0 million to US$300.0 million and take a total of 24 to 36 months to complete. In the third quarter, US$48.3 million was spent on remediation activities at Copler, bringing remediation spending to date to US$103.3 million.

At this time, the company said it not able to estimate or predict when and under what conditions we will resume operations at Copler. SSR Mining ( SSRGF ) noted it held US$334.3 million in total cash at the end of the third quarter, with total available liquidity of US$834.0 million and expects strong free cash flow generation from its Marigold, Seabee and Puna mines in the fourth quarter. SSR Mining ( SSRGF ) added it "remains well positioned to continue remediation efforts ahead of a potential restart of operations at Copler".

The company's shares were last seen down $0.24 to US$5.90 after hours. They closed up $0.18 to $8.55 on the Toronto Stock Exchange.