Sunshine Silver Mining & Refining SSMR

Sunshine Silver Mining & Refining Co owns and develops the permitted Sunshine Mine and the Sunshine Silver/Copper Refinery, along with associated facilities including the Sunshine Tailings Storage Facility and historical antimony refinery grounds. The company is focused on restarting mining, milling, and refining operations at the Sunshine Complex in Idaho, with plans to begin production in 2028. The Sunshine Mine is a historic, large-scale past-producing silver mine in the United States, recognized as one of the highest-grade primary silver resources globally, with significant Indicated and Inferred Mineral Resources.

The company generates revenue primarily from the production and sale of silver, with potential additional revenue streams from by-products such as antimony, copper, and lead once operations restart. Revenue is derived from payable silver production, supported by the company's vertically integrated mine-to-mill-to-refinery platform, which enables onsite production of silver eligible for the COMEX global futures and commodities marketplace. The company also anticipates revenue from processing third-party antimony-bearing concentrates at the planned Sunshine Antimony Plant, which could become a significant centralized hub for refined antimony in North America.

The company operates through the following segments: mining and milling, refining, and antimony processing.

• Mining and milling: This segment involves the extraction and processing of mineralized material from the Sunshine Mine to produce silver concentrate. The Sunshine Mine has historically produced significant quantities of silver, antimony, copper, and lead, with plans to restart operations in 2028. The segment benefits from substantial existing infrastructure, including two shafts, three hoists, and three adits, allowing flexible access to underground workings.
• Refining: This segment encompasses the Sunshine Silver/Copper Refinery, which processes silver concentrate into refined silver and copper products. The refinery is permitted and located one mile north of the Sunshine Mine, with plans for refurbishment and restart to support onsite refining. The company estimates that, assuming 95% utilization and 30,000 ounces of silver per day, the refinery could have a nameplate capacity of approximately 10 million ounces of silver per year.
• Antimony processing: This segment involves the planned development of the Sunshine Antimony Plant to produce finished antimony from concentrate sourced from the Sunshine Mine and third parties. The Sunshine Antimony Plant could process antimony-bearing concentrate from the mine and toll-process external concentrates, supporting the goal of becoming a major antimony hub in North America. The plant has a potential nameplate annual capacity of up to 34.5 million pounds of finished antimony, based on a Class 5 Study conducted by Samuel Engineering.

The company holds a competitive advantage as one of the few U. S. mining companies with a vertically integrated mine-to-mill-to-refinery platform, enabling potential onsite production of COMEX-eligible silver. The Sunshine Mine’s average diluted silver grade is approximately double that of other past or currently producing mines in the Silver Valley, positioning it among the highest-grade primary silver deposits globally. The company benefits from its location in Idaho’s Silver Valley, a mining-friendly region with skilled labor, low-cost renewable electricity, and strong governmental and community support for mining activities.

The company serves industrial and investment customers, including manufacturers of photovoltaic cells, electronics, electric vehicles, and defense contractors requiring silver for munitions, flame retardants, and semiconductors. Antimony production would serve customers in munitions, flame retardants, batteries, and semiconductor industries. The company also targets investment demand for silver as a store of value and hedge against inflation, appealing to institutional and retail investors seeking precious metal exposure.