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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.
Sunshine Silver Mining & Refining Co director and Chief Executive Officer Eileen White reported an open-market purchase of company stock. On June 5, 2026, she bought 2,000 shares of common stock at $13.50 per share, held directly in her name.
After this transaction, she directly owns 2,000 common shares. The filing also reports 50,000 common shares held indirectly through White Mining Consulting Inc., where she is President and may be deemed to beneficially own those securities.
Ebeling Nathan John reported acquisition or exercise transactions in this Form 4 filing.
Sunshine Silver Mining & Refining Co director Nathan John Ebeling received a grant of 8,929 restricted stock units (RSUs) of common stock. The award is recorded at a price of $0.00 per share because it is a compensation grant, not a market purchase.
Each RSU represents the right to receive one share of common stock. The RSUs vest in full on the earlier of the first anniversary of the grant date or the day immediately preceding the company’s 2027 annual stockholders meeting, provided he continues serving on the Board. Following this grant, he holds 8,929 shares directly.
Zink Paul H reported acquisition or exercise transactions in this Form 4 filing.
Sunshine Silver Mining & Refining Co director receives equity grant
Director Paul H. Zink was granted 8,929 shares of Sunshine Silver Mining & Refining common stock in the form of restricted stock units at a stated price of $0.00 per share. Following this award, he directly holds 8,929 common shares.
The RSUs vest in full on the earlier of the first anniversary of the grant date or the day immediately preceding the company’s 2027 Annual Meeting of Stockholders, as long as he continues serving on the Board through that date.