Sunshine Silver Mining & Refining (SSMR) Q3 2026 earnings summary

Executive summary

• Advancing the permitted Sunshine Mine and related refinery projects; planned mine restart remains targeted for late 2028, subject to feasibility results, investment decision and construction.

• No silver sales in 9M 2026; 9M net loss was $50.9 million, while IPO proceeds lifted cash and cash equivalents to $261.4 million at September 30.

Financial highlights

• Q3 2026 net loss was $20.9 million vs. $9.9 million in Q3 2025; 9M loss was $50.9 million vs. $21.0 million.

• Operating loss was $23.4 million in Q3 2026 vs. $9.7 million YoY; 9M operating loss was $54.2 million vs. $18.2 million.

• Pre-development expense rose to $13.1 million in Q3 and $30.6 million in 9M 2026, primarily reflecting drilling, feasibility work, underground development and infrastructure activity.

• 9M operating cash use was $40.9 million vs. $14.8 million in 2025; investing cash use was $15.8 million vs. $7.1 million.

Outlook and guidance

• Sunshine Mine Feasibility Study is expected to be completed in Q2 2027; a final investment decision is expected afterward, with production restart targeted for late 2028 if approved.

• Mine study is evaluating a new mill capable of up to 2,000 tonnes per day, compared with the current base case of approximately 1,000 tonnes per day.

• Silver/copper refinery and Antimony Refinery feasibility studies target completion in Q2 2027.

• Available funds are expected to cover working capital, capital expenditures and debt obligations for at least 12 months from the financial statement issuance date.