Sunshine Silver Mining & Refining (SSMR) Registration filing summary

Company overview and business model

• Operates a large-scale, high-grade underground silver mine in Idaho, with a history of producing silver, copper, lead, and antimony; currently on care and maintenance, with plans to restart operations after feasibility studies are completed.

• Owns extensive mineral rights (over 25,000 acres) and associated processing and refining infrastructure, including a permitted silver/copper refinery and tailings storage facility.

• Business strategy includes restarting the mine, constructing a new mill, expanding exploration, and potentially developing an antimony plant and refurbishing the refinery to become a critical minerals hub.

• Focuses on supplying silver and critical minerals for industrial, investment, and national security applications, leveraging U.S. government support for domestic production.

Financial performance and metrics

• No current operating revenue; historical production ceased in 2001, with brief activity in 2008; company has incurred net losses and negative operating cash flow in recent years.

• For the year ended December 31, 2025: net loss of $34.7 million, negative operating cash flow of $24.4 million; as of March 31, 2026, cash and cash equivalents were $18.6 million.

• Base Case (24-year mine life): after-tax NPV (5%) of $1.43 billion, IRR of 38.3%, average annual silver production of 5.8 million ounces, AISC of $18.81/oz; Indicated Only Case (10-year mine life): after-tax NPV (5%) of $270 million, IRR of 21.1%, AISC of $24.06/oz.

• Initial capital cost for Base Case: $286.9 million; sustaining capital: $560.2 million; LOM operating cost: $1,427 million ($181.38/ton processed).

Use of proceeds and capital allocation

• IPO proceeds will fund feasibility studies for the mine restart, antimony plant, and refinery, as well as infill drilling, mine development, equipment purchases, construction, exploration, and general corporate purposes.

• Additional funds may be required in the future to bring the mine into sustained commercial operation.