Sunshine Silver Mining & Refining (SSMR) Registration filing summary

Company overview and business model

• Owns and develops the permitted Sunshine Mine and Sunshine Silver/Copper Refinery in Idaho, a historic, high-grade, large-scale past-producing silver mine with significant antimony, copper, and lead by-product potential.

• Plans to restart operations in 2028, leveraging $208 million invested in infrastructure over 16 years and a consolidated 9,561-hectare land package in the prolific Silver Valley.

• Vertically integrated mine-to-refinery platform enables potential onsite production of silver and antimony, with feasibility studies underway for both the refinery and a new antimony plant.

• Strategic focus on critical minerals (silver, antimony, copper, lead, gallium, germanium) essential for national security, energy, and technology supply chains.

• Backed by Electrum, a global natural resources investment firm with a 30-year track record and deep sector relationships.

Financial performance and metrics

• No operating revenues since acquisition; net losses of $34.7M in 2025 and $13.3M for Q1 2026, driven by pre-development and G&A expenses.

• Cash and cash equivalents of $18.6M as of March 31, 2026, with $50.1M in stockholders' equity post-offering adjustment.

• Negative operating cash flow in recent periods; expects continued losses until production restarts.

• Base Case (24-year mine life): average annual revenue of $268M, EBITDA of $182M, and operating cash flow of $153M at $46.36/oz silver price.

• After-tax NPV (5%) of $1.4B (Base Case) and $270M (Indicated Only Case), with strong leverage to silver price increases.

Use of proceeds and capital allocation

• Net IPO proceeds estimated at $276.6M (at $15/share), allocated to feasibility studies, infill drilling, mine development, equipment, exploration, and general corporate purposes.

• $41M planned for feasibility studies, $15M for infill drilling/underground development, $25M for exploration over the next 18 months.

• Board and management retain broad discretion over timing and application of proceeds.