Denver-based gold producer shifts focus to North American markets
SSR Mining Inc. (Nasdaq/TSX: SSRM, ASX: SSR) has announced that it will voluntarily delist from The Australian Securities Exchange (ASX) after receiving formal approval. The Company expects the delisting to take effect on 8 April 2025, with the trading of its CHESS Depositary Interests (CDIs) on the ASX ceasing on 4 April 2025.
Figure 1: SSR Mining Inc. to delist from ASX Voluntarily
Despite its exit from the ASX, SSR Mining will continue trading on the Nasdaq and Toronto Stock Exchange (TSX) under the ticker symbol SSRM. The move aligns with The Company’s strategy to streamline operations and focus on the markets where its shares are most actively traded.
The decision follows a sharp decline in CDI holdings on the ASX, with only 1.74% of The Company’s total issued share capital remaining on the Australian register as of 31 January 2025.
Reasons for ASX Exit
SSR Mining has identified multiple reasons for its decision to delist from the ASX, primarily related to trading volumes and administrative costs.
- CDIs on the ASX now account for less than 2% of The Company’s total share capital, making it a low-priority listing.
- Trading activity on the ASX is significantly lower than on Nasdaq and TSX, where the majority of SSR Mining’s investors are based.
- The financial and administrative costs associated with regulatory compliance, reporting, and maintaining the ASX listing no longer justify the benefits.
SSR Mining stated: “The financial, administrative and compliance obligations and costs associated with maintaining the ASX listing are no longer in the best interest of its shareholders.”
By focusing on North American exchanges, The Company aims to enhance liquidity and improve investor engagement.
Also Read: Top Five ASX Materials Companies Surge Amid Market Fluctuations
Delisting Timeline and Key Dates
SSR Mining has provided a detailed timeline for its planned withdrawal from the ASX:
- 3 March 2025: Notification sent to CDI holders regarding delisting.
- 4 April 2025: Last day for CDI trading on the ASX before suspension.
- 8 April 2025: Official removal from ASX listing.
- 15 April – 17 June 2025: Voluntary Sale Facility period for remaining CDI holders.
- 18 June – 21 July 2025: Compulsory Sale Process for remaining CDI holders.
All dates are in Australian Eastern Standard Time (AEST) and remain subject to change.
Options for CDI Holders
SSR Mining has outlined several options for CDI holders before and after delisting. Shareholders are advised to consider their options carefully to avoid complications.
- Convert CDIs into common shares tradable on Nasdaq or TSX before 17 June 2025.
- CDI holders can request a 1:1 conversion into SSR Mining’s common shares on the North American share registers.
- Shareholders should ensure they have appropriate brokerage arrangements to trade on Nasdaq or TSX.
- Sell CDIs on the ASX before 4 April 2025.
- CDI holders can sell their securities on the ASX before trading ceases.
- Investors should contact their stockbrokers or financial advisors to execute sales before the deadline.
- Participate in the Voluntary Sale Facility after delisting.
- SSR Mining will provide a broker-assisted sale service for CDI holders who do not sell before delisting.
- The Company will cover brokerage fees, ensuring investors receive proceeds without additional costs.
- Payments will be made in Australian dollars (AUD), New Zealand dollars (NZD), or other currencies via Global Wire.
- Compulsory Sale Process for CDI holders who take no action.
- Any CDIs remaining after 17 June 2025 will be sold automatically.
- Proceeds will be distributed in the preferred currency of the shareholder.
SSR Mining is encouraging CDI holders to review their options well in advance to ensure a smooth transition.
Impact on Shareholders and Market Perception
SSR Mining’s departure from the ASX is expected to have minimal impact on overall investor sentiment. The Company’s primary markets remain North America, where it maintains an active shareholder base.
- The delisting does not require shareholder approval, as SSR Mining has secured all necessary regulatory clearances.
- Investors who oppose the decision can challenge it in a British Columbia court under the British Columbia Business Corporations Act (BCBCA).
The primary consequence for CDI holders is the loss of ASX trading access. Investors who do not convert or sell their holdings in time will automatically participate in the Compulsory Sale Process.
SSR Mining’s Market Position and Industry Context
SSR Mining, with a market capitalisation of $3.23 billion, operates a diverse portfolio of gold-focused assets across four countries.
- United States: Marigold Mine (Nevada)
- Turkey: Çöpler Mine (Tethyan Belt)
- Canada: Seabee Gold Operation (Saskatchewan)
- Argentina: Puna Operations (Jujuy)
Figure 2: Marigold mine – Processing, maintenance and administration facilities
The global gold mining industry was valued at $214 billion in 2024, with continued demand growth driven by economic uncertainty and central bank gold purchases.
The gold price remains volatile, but SSR Mining’s operational efficiency and diversified asset base position it well for long-term sustainability.
Future Outlook and Continued North American Presence
Following the ASX delisting, SSR Mining will continue trading on Nasdaq and TSX, where it has a stronger investor following.
- Nasdaq and TSX provide higher trading volumes, ensuring better price discovery.
- The Company’s financial reporting and investor relations will remain unchanged post-delisting.
- Future acquisitions, exploration projects, and operational expansions will be funded through its North American capital markets presence.
