Sunshine Silver Mining & Refining (SSMR) Company presentation summary

Strategic positioning and asset overview

• Operates in Idaho's Silver Valley, a top global mining jurisdiction with strong local support and infrastructure access.

• Holds the highest-grade primary silver deposit in North America, with indicated resources averaging 1,022 g/t silver and inferred resources at 776 g/t.

• Projected to supply up to 16–17% of U.S. silver production at full capacity, with a 24-year mine life and significant expansion potential.

• Vertically integrated mine-to-refinery platform enables production of COMEX-eligible silver and reduces reliance on third-party processors.

• Largest mineral rights holder in the district, with a 4x land package increase since 2010 and extensive exploration upside.

Financial highlights and economics

• After-tax NPV5% of $2.2 billion at $60.27/oz silver, excluding by-product and antimony tolling upside.

• Life-of-mine AISC is $18.81/oz Ag, positioning the asset competitively on the global cost curve.

• Initial capital requirement estimated at ~$290 million, supported by $600 million in existing infrastructure.

• IPO raised $310.5 million, with 143.7 million basic shares outstanding post-offering and no long-term debt.

• Historical financials show operating losses during pre-production, with strong cash and asset positions.

Permitting, infrastructure, and operational readiness

• Key water, tailings, and operating permits are in place, reducing permitting risk and supporting rapid restart.

• Existing infrastructure, including shafts, refinery, and tailings storage, would cost ~$600 million to replace.

• Restart plan leverages existing facilities for capital efficiency and accelerated timeline.