Sunshine Silver Mining & Refining Co (SSMR) reported operational-readiness progress at the Sunshine Mine, supporting a feasibility study targeted for the second quarter of 2027 and a planned return to production in late 2028. Underground development totaled approximately 1,200 meters in the first half of 2026; the company expects approximately 1,300 additional meters in the second half, with approximately 700 meters completed as of September 30, 2026. The 50,000-meter infill drilling program had reached approximately 47,600 meters as of that date, and additional results are expected before year-end.
The company installed approximately 1,200 meters of new rail through September 30 and anticipates another 1,900 meters by year-end; fleet expansion includes acquisition of approximately 20 pieces of mobile equipment. A new production hoist servicing the Jewell Shaft was completed in May 2026; Silver Summit Shaft upgrades are underway, with broader improvements continuing through 2027 and into early 2028. An additional Sterling Ramp portal is expected in the first half of 2027. Legacy mill demolition, begun in 2025, is expected to finish by year-end. The plan assumes initial processing of up to approximately 1,000 tons per day, with the facility designed for potential future throughput up to approximately 2,000 tons per day.
Sunshine Silver Mining & Refining Company (SSMR) announced a major expansion of its mineral rights position in Idaho’s Silver Valley and the launch of a multi-year exploration program. The consolidated land package has increased by approximately 14,100 acres, or 60%, to about 38,000 acres, making the company the largest mineral rights holder in the district.
The company plans a district-scale surface exploration program with about 45,000 meters of drilling across high-priority targets, initially focusing on East Sunshine, Rock Creek and Pine Creek, with surface drilling expected to begin in the fourth quarter of 2026. Sunshine also continues a separate 50,000-meter underground in-fill drilling program at the Sunshine Mine to support a planned 2027 feasibility study and evaluate near-mine resource expansion, with additional downshaft drill results expected in the fourth quarter of 2026.
Sunshine Silver Mining & Refining Company (SSMR) announced that its common stock will be added to the VanEck Junior Gold Miners ETF (GDXJ) effective at market close on September 18, 2026. This follows its initial public offering and NYSE listing completed on June 4, 2026.
The company states that ETF inclusion is expected to increase visibility among institutional and retail investors, expand passive ownership and support trading liquidity. Sunshine continues to focus on advancing the Sunshine Mine in Idaho’s Silver Valley toward a planned return to production in late 2028.
Sunshine Silver Mining & Refining Company reported second-quarter 2026 results after completing its IPO and listing on the NYSE on June 4, 2026. The company ended June 30, 2026 with $288.7 million in cash and cash equivalents and reported it had no debt, providing liquidity to fund feasibility studies, underground development, infrastructure upgrades and exploration at the Sunshine Mine in Idaho’s Silver Valley.
The Sunshine Mine hosts an Indicated Mineral Resource of 103.9 million ounces of silver at 1,022 g/t and an Inferred Mineral Resource of 159.8 million ounces at 776 g/t, based on the company’s S-K 1300 technical report summary. At approximately 1,000 tonnes per day, the mine is expected to produce about 6.7 million ounces of silver per year during its first five years and around 5.8 million ounces annually over a 24-year mine life, with potential throughput expansion to 2,000 tonnes per day under evaluation.
For the second quarter of 2026, Sunshine reported a net loss of $16.7 million, or $0.13 per share, compared with a net loss of $7.0 million in the prior-year period, reflecting accelerated development activities and public-company costs. For the first six months of 2026, net cash used in operating activities was $22.8 million, with $9.5 million used in investing activities and $290.0 million provided by financing activities, primarily from the IPO.
Sunshine Silver Mining & Refining Company reported a net loss of $16.7 million for the quarter and $29.97 million for the six months ended June 30, 2026, reflecting higher pre-development and general and administrative spending as it advances feasibility studies and prepares to restart the Sunshine Mine.
The company completed an IPO on June 5, 2026, issuing 23,000,000 shares at $13.50 per share for gross proceeds of $310.5 million, resulting in cash and cash equivalents of $288.7 million and total assets of $336.3 million, with no long-term debt outstanding. Management believes this liquidity will fund working capital, capex, and debt obligations for at least 12 months while it targets a feasibility-study decision in 2027 and a planned production restart in late 2028.
Ospraie Real Assets Fund LP and related entities, together with Dwight Anderson, report beneficial ownership of common stock of Sunshine Silver Mining & Refining Co. The reporting persons collectively hold 24,842,328 shares of common stock, representing 17.3% of the outstanding class.
This percentage is based on 143,726,603 shares outstanding immediately following the closing of Sunshine Silver Mining & Refining Co’s initial public offering on June 5, 2026, as described in the company’s final prospectus. The reported holdings include options or warrants for up to 250,000 shares, vesting in three equal annual installments beginning July 15, 2026. The reporting persons have shared voting and dispositive power over all 24,842,328 shares and no sole voting or dispositive power, and several entities and Dwight Anderson expressly disclaim beneficial ownership beyond any pecuniary interest.
Sunshine Silver Mining & Refining Company received an ownership report from a group of Electrum-affiliated entities and Thomas S. Kaplan. As of June 30, 2026, they may be deemed to beneficially own 96,050,348 common shares, including 8,869,660 shares underlying exercisable warrants.
This represents approximately 62.9% of the 143,726,603 common shares the company reported outstanding after its IPO and underwriters’ option exercise. The largest holder, Electrum Silver US LLC, owns 86,037,688 shares (including 7,941,770 warrant shares), with additional holdings in Electrum Silver US II LLC, Tigris Financial Group Ltd., Manul Capital Management LLC and GRAT Holdings LLC. Voting and dispositive power is shared among the reporting entities, which jointly filed under Rule 13d-1(k) and each disclaims beneficial ownership beyond its pecuniary interest.
Sunshine Silver Mining & Refining Company reported new high-grade drill results from its ongoing 50,000-metre drilling program at the Sunshine Mine in Idaho’s Silver Valley. Multiple recent intercepts in the Upper Country, including the new 10 Vein, exceed 1,000 grams per tonne silver and are intended to support a planned 2027 Sunshine Mine Feasibility Study and a planned return to silver production in late 2028.
The program was about 60% complete as of July 2026, with three underground drill rigs and completion targeted for October 2026. The Sunshine Mine hosts an Indicated Mineral Resource of 103.9 million ounces of silver at an average grade of 1,022 gpt and an Inferred Mineral Resource of 159.8 million ounces at 776 gpt. At approximately 1,000 tonnes per day, the mine is expected to produce about 6.7 million ounces of silver annually in its first five years and 5.8 million ounces per year over a 24-year mine life, with a Phase 1 objective of doubling throughput to roughly 2,000 tonnes per day.
Sunshine Silver Mining & Refining Co reported that an affiliate of Ospraie completed a cashless exercise of a warrant in connection with the closing of its initial public offering. The warrant covered 2,615,060 shares of common stock at an exercise price of $2.87 per share. The issuer withheld 555,555 of the warrant shares to pay the exercise price and cancelled those shares, issuing the remaining 2,059,505 shares of common stock to Ospraie Real Assets Fund LP. Footnotes state that no shares were sold into the market and that the newly issued shares remain subject to an IPO lock-up agreement. Several Ospraie entities and Dwight Anderson may be deemed to share beneficial ownership, while each disclaims ownership beyond any pecuniary interest.
Sunshine Silver Mining & Refining Co’s General Counsel, Michelle H. Shepston, reported open-market purchases of the company’s Common Stock. On June 5, 2026, she bought a total of 5,065 shares at $13.50 per share, including 5,000 shares held directly and 65 shares held indirectly through her daughter.