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High-grade drill hits at Sunshine Silver Mining (SSMR) in Idaho

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Form Type
8-K

Rhea-AI Filing Summary

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.

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Filing Explained

The release is furnished rather than filed, and its assays advance exploration while resource conversion, feasibility, and production remain incomplete.

As an Item 7.01 Form 8-K disclosure, Sunshine Silver Mining & Refining Company furnished a July 23, 2026 press release reporting results from 54 holes and approximately 11,160 metres drilled from April 2026 through July 2026. The program remains ongoing, so these results add exploration data rather than completing the planned feasibility study or production restart.

The company says the results support upgrading mineral-resource classification and evaluating Upper Country growth, including the new 10 Vein, but the filing does not report either resource conversion or a committed production expansion.

The filing also states that estimated true widths may be revised as additional drilling and modelling continue, limiting the finality of the reported intercept geometry.

Item 7.01 Regulation FD Disclosure Disclosure
Material non-public information disclosed under Regulation Fair Disclosure, often investor presentations or guidance.
Item 9.01 Financial Statements and Exhibits Exhibits
Financial statements, pro forma financial information, and exhibit attachments filed with this report.
Drilling program size 50,000-metre drilling program Ongoing drilling at the Sunshine Mine in Idaho’s Silver Valley
Program completion status approximately 60% complete Status of drilling program as of July 2026, with three underground drill rigs
Indicated Mineral Resource 103.9 million ounces of silver at 1,022 gpt Indicated Mineral Resource at the Sunshine Mine
Inferred Mineral Resource 159.8 million ounces of silver at 776 gpt Inferred Mineral Resource at the Sunshine Mine
Initial production rate approximately 6.7 million ounces of silver per year Expected average annual production in first five years at ~1,000 tpd
Long-term production rate 5.8 million ounces of silver annually Expected average over a 24-year mine life at approximately 1,000 tpd
High-grade intercept FS-ST71 0.11 metres at 32,331 gpt silver and 35,370 gpt Ag-Eq Previously disclosed 10 Vein drill result in the Upper Country
High-grade intercept FS-ST75 2.19 metres at 1,135 gpt silver and 1,404 gpt Ag-Eq New 10 Vein drill result exceeding 1,000 gram-metres silver
Indicated Mineral Resource financial
"hosting an Indicated Mineral Resource of 103.9 million ounces of silver"
A quantified portion of a mineral deposit where geological evidence and sampling give a reasonable level of confidence in the quantity, grade and continuity of the minerals — think of it as a well-marked stretch on a treasure map rather than a vague hunch. It matters to investors because it provides a credible estimate that can be used for preliminary economic studies and valuation, reducing uncertainty compared with less-certain resource categories.
Inferred Mineral Resource financial
"and an Inferred Mineral Resource of 159.8 million ounces of silver"
An inferred mineral resource is an early-stage estimate of the amount and grade of minerals in the ground based on limited sampling and geological evidence; think of it as a rough sketch of where valuable material might be, rather than a detailed blueprint. It matters to investors because it signals potential upside but carries high uncertainty—further drilling and study are needed before it can support mine planning or reliable economic forecasts.
silver equivalent grade financial
"Silver equivalent grade was calculated using metal prices of $49.05 per ounce silver"
gram-metres silver technical
"all exceed 1,000 gram-metres silver, calculated as silver grade multiplied by estimated true width"
quality assurance and quality control technical
"The Company maintains a quality assurance and quality control program"
Quality assurance and quality control are complementary practices that keep products and services reliable: quality assurance is the system of processes, standards and training designed to prevent problems before they happen, while quality control is the hands-on testing and inspection that detects defects in finished items. For investors, strong QA/QC lowers the risk of costly recalls, regulatory fines and reputation damage, and supports predictable revenue and margins—like following a good recipe and taste-testing the final dish.
qualified person regulatory
"reviewed and approved by Berkley J. Tracy... an independent “qualified person”"
A qualified person is someone with specialized knowledge, experience, and training in a particular field, allowing them to accurately assess and verify information or work. Their expertise helps ensure that reports, evaluations, or decisions are trustworthy and meet required standards. For investors, a qualified person provides confidence that the information they rely on is credible and properly validated.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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FAQ

What did Sunshine Silver Mining (SSMR) announce in its latest 8-K?
Sunshine Silver Mining (SSMR) announced new high‑grade drill results from its 50,000‑metre program at the Sunshine Mine. The results, many exceeding 1,000 gpt silver, are intended to support a 2027 Feasibility Study and a planned production restart in late 2028.

What are the standout drill results reported by Sunshine Silver Mining (SSMR)?
Standout results include a 0.11 m intercept grading 32,331 gpt silver and 35,370 gpt Ag‑Eq (FS‑ST71). Other notable hits include 2.19 m at 1,135 gpt silver and 1,404 gpt Ag‑Eq (FS‑ST75) and 0.74 m at 1,667 gpt silver and 2,454 gpt Ag‑Eq (FS‑ST82).

How large is the Sunshine Mine resource according to SSMR’s disclosure?
The Sunshine Mine hosts an Indicated Mineral Resource of 103.9 million ounces of silver at 1,022 gpt and an Inferred Mineral Resource of 159.8 million ounces at 776 gpt. These estimates come from the company’s S‑K 1300 Technical Report Summary dated March 25, 2026.

What production rates does Sunshine Silver Mining (SSMR) expect from the Sunshine Mine?
At roughly 1,000 tonnes per day, the Sunshine Mine is expected to produce about 6.7 million ounces of silver per year in its first five years, and 5.8 million ounces annually over a 24‑year mine life, with a Phase 1 objective to double throughput to 2,000 tpd.

What is the status and purpose of SSMR’s 50,000‑metre drilling program?
As of July 2026, the 50,000‑metre program was about 60% complete, with three underground drill rigs and completion targeted for October 2026. The drilling is designed to upgrade mineral resource classification and evaluate near‑mine growth potential for the 2027 Feasibility Study.

What makes the new 10 Vein significant for Sunshine Silver Mining (SSMR)?
The 10 Vein is described as a completely unmined new vein already yielding some of the best known intercepts in Sunshine Mine history, including very high‑grade silver and silver‑equivalent intervals over both narrow and multi‑metre widths, highlighting strong near‑mine growth potential.

How does Sunshine Silver Mining (SSMR) ensure quality in its drill assay data?
The company uses half‑core sampling with secure transport to ISO 17025‑accredited labs, routine insertion of certified reference materials, blanks and duplicates, and 5% quarterly reanalysis at a second lab. Assays enter the database only after quality‑control results are reviewed and accepted.
FALSE000209101700020910172026-07-232026-07-23

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): July 23, 2026
SUNSHINE SILVER MINING & REFINING COMPANY
(Exact name of Registrant as Specified in Its Charter)
Delaware001-4332585-3794822
(State or Other Jurisdiction
of Incorporation)
(Commission File Number)
(IRS Employer
Identification No.)

2209 Big Creek Rd

Kellogg, Idaho
83837
 (Address of Principal Executive Offices)(Zip Code)
Registrant’s Telephone Number, Including Area Code: (208) 783-1700
Not Applicable
(Former Name or Former Address, if Changed Since Last Report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
common stock, par value $0.001 per shareSSMRNew York Stock Exchange
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).
Emerging growth company ☑
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐






    
Item 7.01     Regulation FD Disclosure.

On July 23, 2026, Sunshine Silver Mining & Refining Company issued a press release announcing drill results from its ongoing drilling program at the Sunshine Mine in Idaho’s Silver Valley. A copy of the press release is furnished as Exhibit 99.1 to this Current Report on Form 8-K.

The information included herein and in Exhibit 99.1 shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act.

Item 9.01     Financial Statements and Exhibits.
(d) Exhibits

Exhibit No.Description
99.1
Press Release dated July 23, 2026
104Cover Page Interactive Data File (embedded within the Inline XBRL document)



SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

  SUNSHINE SILVER MINING & REFINING COMPANY
    
 By:/s/ Michelle Shepston
   Michelle Shepston
General Counsel
Date: July 23, 2026  


ssmr_logoa.jpg 

Sunshine Silver Mining & Refining Reports Drill Results Exceeding 1,000 grams per tonne Silver from Multiple Zones including New “10 Vein”

Drilling Advances 2027 Sunshine Mine Feasibility Study, Supports Near-Mine Growth Potential in Upper Country and Planned Return to Production in Late 2028

KELLOGG, Idaho, July 23, 2026 -- Sunshine Silver Mining & Refining Company (the "Company" or "Sunshine") (NYSE:SSMR), a mining company advancing the next chapter of American silver, today announced new results from its ongoing 50,000-metre drilling program at the Sunshine Mine, located in Idaho’s Silver Valley.

As the largest mineral rights holder in the Silver Valley, Sunshine offers untapped exploration potential both near-mine and at district scale. The new results, which follow Sunshine’s June 2026 initial public offering on the New York Stock Exchange, include multiple intercepts exceeding 1,000 grams per tonne (“gpt”) silver and support two key objectives: upgrading the classification of the mineral resource in the Company’s planned 2027 Sunshine Mine Feasibility Study, and evaluating opportunities to expand the near-mine resource in the Upper Country that could, in complement to other zones, support Sunshine’s “Phase 1” corporate objective of doubling overall production volume — from approximately 1,000 to 2,000 tonnes per day (“tpd”).

Heather White, Chief Executive Officer of Sunshine Silver Mining & Refining, commented: “These drill results certainly reinforce what makes Sunshine America’s must-own silver developer: exceptional size and silver grades, great existing infrastructure with permits, and obvious growth potential — along strike to be sure, but also within the existing mine footprint. High-grade results from this portion of the drilling program across multiple vein systems strongly support our near-mine growth potential.”

She continued: “We are naturally excited by the results. The in-fill drilling is confirming our expectations — particularly in areas such as the 10 Vein, a completely unmined new vein that is already yielding among the best known intercepts in the history of the Sunshine Mine. Although early days yet, what is proving extraordinary about this discovery is the expansive scope of its results: from, amongst other hits, a narrow 0.11-metre intercept of 32,331 gpt silver, 16.5% copper, 12.8% lead and 11.1% antimony (35,370 gpt Ag-Eq in FS-ST71), and nearly 0.74 metres of 1,667 gpt silver and 56% lead (2,454 gpt Ag-Eq in FS-ST82), to 2-plus metres of 1,135 gpt silver and 14.85% lead (1,404 gpt Ag-Eq in FS-ST75) — including, a remarkable 5 metres width of 584 gpt Ag-Eq in FS-ST60.”1

The Upper Country is a historically under-mined and under-explored portion of the Sunshine Mine, located between surface and approximately 1,900 feet below ground. The area is accessible through the Sterling Ramp, an access independent of the Jewell Shaft, and includes the new 10 Vein, as well as the C-Fault and the North and South Yankee Boy Vein Systems (see Figure 1).

1 Silver equivalent grade was calculated using metal prices of $49.05 per ounce silver, $4.89 per pound copper, $0.93 per pound lead and $11.24 per pound antimony, and metallurgical recovery assumptions of 97% for silver, copper, lead and antimony.




1


As of July 2026, the ongoing drilling program is approximately 60% complete, with three active drill rigs underground (see Figure 2), and remains on track for completion in October 2026. The drill program is designed to support the technical work required for the planned 2027 Sunshine Mine Feasibility Study and the Company’s planned return to silver production in late 2028.

Figure 1: Upper Country Drilling Near Existing Mine Infrastructure as of July 2026
figure1a.jpg





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Figure 2: Completed and Planned Drilling for 2027 Sunshine Mine Feasibility Study

figure2a.jpg

The results announced today are from drilling completed between April 2026 and July 2026 and comprise approximately 11,160 metres in 54 holes. They build on results covering approximately 19,160 metres in 91 holes that were previously disclosed in the Company’s June 2026 Prospectus.

Selected new drill results include2,3:

Drill Hole
Vein
True Width (metres)
Ag (gpt)
Cu (%)
Pb (%)
Sb (%)
Ag-Eq (gpt)
Ag-Eq (opt)
FS-ST75
10 Vein
2.19
1,135
0.36
14.85
0.33
1,404
41
FS-ST73
SY Boy
0.92
1,749
0.38
0.54
0.36
1,839
54
FS-ST74
10 Vein
1.51
914
0.37
6.31
0.29
1,068
31
FS-ST77
NY Boy
0.42
3,043
0.84
0.06
0.76
3,220
94
FS-ST82
10 Vein
0.74
1,667
0.19
56.31
0.27
2,454
72

The selected new drill results from the Upper Country all exceed 1,000 gram-metres silver, calculated as silver grade multiplied by estimated true width. They highlight high-grade mineralization in areas with near-mine resource growth potential, including the new 10 Vein. (See Figure 3.)


2 All intercepts are reported as estimated true widths in metres (“m”), unless indicated otherwise.
3 Silver equivalent grade was calculated using metal prices of $49.05 per ounce silver, $4.89 per pound copper, $0.93 per pound lead and $11.24 per pound antimony, and metallurgical recovery assumptions of 97% for silver, copper, lead and antimony.





3


Figure 3: New High-Grade Drill Results from the Upper Country
figure3a.jpg

Continued success in the Upper Country could add materially to the Company’s near-term mine plan and Sunshine’s longer-term production profile.




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Previously disclosed high-grade drilling results from the Upper Country include4,5:

Drill Hole
Vein
True Width (metres)
Ag (gpt)
Cu (%)
Pb (%)
Sb (%)
Ag-Eq (gpt)
Ag-Eq (opt)
FS-ST71
10 Vein
0.11
32,331
16.50
12.80
11.10
35,370
1,032
FS-ST51
10 Vein
0.37
12,240
3.67
0.56
2.48
12,888
376
FS-ST02
C-Fault
1.52
2,539
2.39
0.11
1.01
2,862
83
FS-ST40
C-Fault
1.20
3,432
1.68
0.05
1.14
3,727
109
FS-ST11
C-Fault
1.07
3,553
1.51
0.0
1.01
3,815
111
FS-ST36
C-Fault
1.80
1,976
0.87
0.45
0.55
2,128
62
FS-ST60
10 Vein
5.25
492
0.22
3.92
0.17
584
17
FS-ST35
SY Boy
1.50
1,463
0.34
0.45
0.29
1,537
45
FS-ST41
SY Boy
0.66
2,966
0.65
0.37
0.50
3,094
90

For a complete table of results from the drill program as of July 2026, please refer to the following link: https://sunshinesilvermining.com/wp-content/uploads/2026/07/Sunshine-Silver-Drill-Results-Table_v1.pdf.

The Sunshine Mine is the highest-grade primary silver resource in North America, hosting an Indicated Mineral Resource of 103.9 million ounces of silver at an average grade of 1,022 gpt silver and an Inferred Mineral Resource of 159.8 million ounces of silver at an average grade of 776 gpt silver.6 At approximately 1,000 tpd, the mine is expected to produce an average of approximately 6.7 million ounces of silver per year in its first five years of production, and some 5.8 million ounces of silver annually over a generational 24-year mine life.6 The Company’s ambition is to double production and realize significant by-product credits from copper, lead and antimony that have not yet been captured in the technical report summary, but are being substantiated by the Company’s drill programs as well as a long history of actual production of these other important critical minerals.

In addition to its near-mine exploration upside, Sunshine controls approximately 9,561 hectares of consolidated mineral rights — the largest position in Idaho’s Silver Valley. The Company is advancing a systematic exploration approach across this considerable land package to continue to identify and prioritize additional targets, including areas near known mineralization and broader district-scale opportunities that have seen limited modern exploration.


4 All intercepts are reported as estimated true widths in metres (“m”), unless indicated otherwise.
5 Silver equivalent grade was calculated using metal prices of $49.05 per ounce silver, $4.89 per pound copper, $0.93 per pound lead and $11.24 per pound antimony, and metallurgical recovery assumptions of 97% for silver, copper, lead and antimony.
6 Mineral Resource Estimates and economic assumptions are based on the Company’s S-K 1300 Technical Report Summary on the Initial Assessment, Sunshine Mine, Idaho, USA, dated March 25, 2026, available at https:/sunshinesilvermining.com/wp-content/uploads/2026/05/SLR-Tech-Report-for-Posting.pdf.




5


About Sunshine Silver Mining & Refining Company

Sunshine Silver Mining & Refining Company is advancing toward silver production from the Sunshine Mine in Idaho’s Silver Valley, the most prolific silver district in U.S. history. The Sunshine Mine is North America’s highest-grade primary silver resource. It is characterized by exceptional size, extraordinary growth potential, existing infrastructure, and a history of proven production. Sunshine, the largest holder of mineral rights in the Silver Valley, also controls a consolidated land position with significant exploration potential and is evaluating additional value opportunities through silver/copper refining and antimony production. For more information, visit www.sunshinesilvermining.com.

Sampling, Analysis and Quality Assurance/Quality Control

Drill core from the Sunshine Mine is logged, photographed and marked for sampling by Tamarack Geological Services, a contract geological services company. Core samples are sawn longitudinally, with one-half of the core submitted for analysis and the remaining half retained for reference and future verification. Samples are securely transported to, prepared for analysis, and subsequently analyzed by SVL Analytical Inc., an ISO 17025-accredited independent laboratory.

The Company maintains a quality assurance and quality control program that includes the regular insertion of certified reference materials, blanks, and duplicate samples into the sample stream. Laboratory performance is monitored by Company personnel, and assay results are not accepted into the geological database until applicable quality-control results have been reviewed and determined to be within acceptable limits. Quarterly, five percent of the total samples are reanalyzed by ALS Global, an ISO 17025 accredited laboratory, as part of a third-party independent laboratory check.

Silver, copper, lead, and antimony analyses are completed using Inductively Coupled Plasma — Optical Emission Spectroscopy (ICP-OES). Samples exceeding the upper detection limits for silver of the primary analytical method are reanalyzed using Fire Assays with gravimetric finish.

Reported drill intercepts are based on estimated true widths unless otherwise noted. True widths are estimated using current geological interpretations related to the core axis angle as logged by the core logging geologist and compared with the 3D geological model to determine the interception angle. These true widths may be revised as additional drilling and modelling are completed.

Qualified Person

The scientific and technical information contained in this news release has been reviewed and approved by Berkley J. Tracy, PG, CPG, P.Geo of SRK Consulting (US), Inc., who is an independent “qualified person” as defined by Subpart 1300 of Regulation S-K. Mr. Tracy has verified the scientific and technical information disclosed in this release, including Sunshine’s sampling methodology and the analytical data underlying the drill results in this disclosure.

For additional information regarding the Sunshine Mine, including the assumptions, parameters and methods used to estimate mineral resources, readers should refer to the Technical Report Summary for the Sunshine Mine filed with the U.S. Securities and Exchange Commission and available through the Company’s filings at www.sec.gov.





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Contacts

Media Relations
ssmr@fleishman.com

Investor Relations
ir@silveropp.com

Cautionary Statements

This press release contains forward-looking statements, including statements regarding the potential for mineral resource conversion, the Company’s plans for future drilling activities and the completion of the 2027 Sunshine Mine Feasibility Study, the Company’s corporate objectives, the potential to increase production rates and the annual production profile, the timing of the completion of the 2027 Sunshine Mine Feasibility Study, final investment decision and the commencement of silver production. In some cases, forward-looking statements can be identified by words such as “anticipate,” “believe,” “continue,” “estimate,” “expect,” “intend,” “may,” “will,” “could,” “predict” and similar expressions or terminology. These statements are not historical facts but rather are based on the Company's current expectations and projections regarding its business, operations and other factors relating thereto and are subject to a number of known and unknown risks, uncertainties and other factors, including the risk factors set forth in our registration statement on Form S-1 filed with the Securities and Exchange Commission (“SEC”) and other filings that we make from time to time with the SEC, that may cause the actual results, levels of activity, performance or achievements of the Company or its industry to be materially different from those expressed or implied by any forward-looking statements. Except to the extent required by law, the Company assumes no obligation to update any of these forward-looking statements or to conform these statements to actual results or revised expectations. We caution you not to place undue reliance on these forward-looking statements.




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Source: View Original Filing on SEC EDGAR

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