Sunshine Silver Mining & Refining (SSMR) investor relations material

Investment case

• Northern Idaho’s Silver Valley has produced over 1.2 billion oz of silver; nearly 400 million oz came from the mine.

• Permits, community and government support, infrastructure, and an experienced team are in place; first silver production is targeted by end-2028.

• Near-mine and district exploration is viewed as a major opportunity to expand resources and production over time.

Resource and production profile

• An S-K 1300 estimate completed in 2026 reported 264 million oz of silver: 104 million oz Indicated at 1,022 g/t diluted grade and 160 million oz Inferred at 776 g/t.

• The resource supports a 24-year mine life and 97% silver recovery, based on decades of historical operating performance.

• Average production is projected at 6.7 million oz of silver in the first five years, potentially making the project the second-largest U.S. silver producer and supplying 16% of U.S. silver.

• An ongoing feasibility study is evaluating plans to double mill throughput from 1,000 to 2,000 tons per day.

Processing and milestones

• A fully permitted domestic processing facility one mile from the mine mill can refine silver, antimony, and copper; germanium and gallium refining are also under consideration.

• A vertically integrated setup could include an antimony plant and silver-copper refinery, with potential antimony production of 35 million lb annually.

• An updated Mineral Resource estimate is targeted for Q1 2027; the mine-mill feasibility study is expected in Q2 2027.