Sunshine Silver Mining & Refining Company

What they do

The company owns the permitted, past-producing Sunshine Mine in Kellogg, Idaho, and a permitted silver/copper refinery located one mile north of the mine, plus associated facilities including a tailings storage facility and historical antimony refinery grounds, together the "Sunshine Complex." The mine historically produced silver along with antimony, copper and lead. The company is not currently mining or processing and reports no revenue; it is drilling, upgrading underground infrastructure and studying a restart.

Revenue drivers

• Silver (planned principal product) — No revenue is currently generated. Once restarted, the company expects the mine at approximately 1,000 tpd to produce an average of about 6.7 million ounces of silver per year in its first five years and about 5.8 million ounces annually over a 24-year mine life.
• Copper, lead and antimony by-products (potential) — The company states additional upside from copper, lead and antimony by-product credits has not been captured in its technical report summary but is being substantiated by its drill programs and the mine's historical production of these minerals.
• Silver/Copper Refinery and potential Antimony Plant (planned) — Feasibility studies for restarting the Silver-Copper Refinery and constructing an Antimony Plant are targeted for completion in early 2027; major permits are in place for restart of the processing and refining complex.

Recent performance

The company reported no revenue for the quarter ended June 30, 2026, versus $35,258 for the quarter ended June 30, 2025, as it remains pre-production. It closed its initial public offering on June 5, 2026, selling 23,000,000 shares at $13.50 per share for gross proceeds of approximately $310.5 million, with the underwriters' option fully exercised, and its common stock began trading on the NYSE under "SSMR" on June 4, 2026. At June 30, 2026, the company reported cash and cash equivalents of $288.7 million, total assets of $336.3 million, total liabilities of $13.7 million and shareholder equity of $322.6 million. In the first six months of 2026, the company completed approximately 1,166 meters (3,825 feet) of underground development, commissioned a replacement operating hoist at the Jewell Shaft, and added two rubber-tired underground loaders on the 3100 level.

Strategy

The company is advancing the Sunshine Mine Feasibility Study, expected to be completed in the second quarter of 2027, after which it expects to make a final investment decision on restarting the mine, targeting a return to silver production in late 2028. As part of that study, it is planning a new mill designed to process up to 2,000 tpd, providing flexibility beyond the approximately 1,000 tpd base case. A 50,000-meter underground diamond drilling program, with about 11,160 meters completed between April and July 2026 across 54 holes, is roughly 60% complete and on track for October 2026 completion. The company is also completing feasibility studies for a potential Silver-Copper Refinery restart and an Antimony Plant, both targeted for early 2027. It is decommissioning the existing mill to prepare the site for a new mill, with decommissioning expected to be complete by the end of 2026.

Risks

• No current revenue or production — The company is pre-production and generated $0 of revenue in the quarter ended June 30, 2026, so it currently depends entirely on its cash balance and future financing or cash generation.
• Restart execution and feasibility risk — The Sunshine Mine Feasibility Study is not expected until the second quarter of 2027, and the planned production restart in late 2028 depends on a final investment decision that has not yet been made.
• Mine development and drilling execution — The company relies on completion of its 50,000-meter underground drill program, new mill construction, and underground development, including mill decommissioning expected to be completed by the end of 2026.
• Reliance on historic and initial assessment data — The stated Indicated Mineral Resource of 103.9 million ounces of silver at 1,022 grams per tonne and Inferred Mineral Resource of 159.8 million ounces at 776 grams per tonne are based on the company's S-K 1300 Technical Report Summary on the Initial Assessment dated March 25, 2026, and the by-product credits for copper, lead and antimony are not yet captured in that technical report summary.

Outlook

Management states the company is positioned with approximately $289 million in cash and no debt to complete its drilling program, finish its feasibility studies and continue infrastructure work. The company targets completion of the Sunshine Mine Feasibility Study in the second quarter of 2027 and a return to production in late 2028, with refinery and antimony plant studies targeted for early 2027. It also states ambition to significantly expand estimated silver production and, as the largest mineral rights holder in the Silver Valley, sees potential to develop multiple mines on its land package over time.