Sunshine Silver Mining (SSMR) GC reports 650,000-share stock option holding

Rhea-AI Filing Summary

Sunshine Silver Mining & Refining Co reported the initial holdings of its General Counsel, Michelle H. Shepston, on a Form 3. She holds a stock option to buy up to 650,000 shares of common stock at an exercise price of $4.0000 per share, expiring on December 15, 2035. According to a footnote, these options were granted on December 15, 2025 and vest in three equal installments on each of November 11, 2026, November 11, 2027 and November 11, 2028, subject to her continuous service.

Insider Trade Summary

1 transaction reported

Mixed 1 txn

Insider SHEPSTON MICHELLE H

Role General Counsel

Type	Security	Shares	Price	Value
holding	Stock Option (Right to Buy)	--	--	--

Holdings After Transaction: Stock Option (Right to Buy) — 650,000 shares (Direct, null)

Footnotes (1)

1. [object Object]

Key Figures

Underlying option shares: 650,000 shares Exercise price: $4.0000 per share Option expiration: December 15, 2035 +2 more

5 metrics

Underlying option shares 650,000 shares Common stock underlying reported stock option holding

Exercise price $4.0000 per share Exercise price for stock option (right to buy)

Option expiration December 15, 2035 Expiration date of reported stock option

Grant date December 15, 2025 Grant date of stock options per footnote

Vesting schedule 3 equal installments 2026-2028 Vesting on November 11, 2026, 2027, 2028, subject to service

Key Terms

Stock Option (Right to Buy), exercise price, expiration date, vest in three equal installments

4 terms

Stock Option (Right to Buy) financial

"security_title: Stock Option (Right to Buy)"

exercise price financial

"exercise price of 4.0000 per share"

The exercise price is the fixed amount at which you can buy or sell an asset, like a stock, when using an options contract. It matters because it helps determine whether exercising the option will be profitable or not, depending on the current market price. Think of it as the set price you agree on today to buy or sell later.

expiration date financial

"expiration date: 2035-12-15"

The expiration date is the deadline after which a financial contract, such as an option or a futures agreement, is no longer valid or can be exercised. It matters to investors because it determines the timeframe during which they can take action or benefit from the contract, similar to how a coupon or a food item has a limited period of usefulness. Once the expiration date passes, the contract loses its value or ability to be used.

vest in three equal installments financial

"vest in three equal installments on each of November 11, 2026, 2027 and 2028"

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Understanding Insider Trading Forms →

SEC Form 3

FORM 3

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

INITIAL STATEMENT OF BENEFICIAL OWNERSHIP OF SECURITIES

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0104
Estimated average burden
hours per response:			0.5

1. Name and Address of Reporting Person^*

SHEPSTON MICHELLE H

(Last) (First) (Middle)

2209 BIG CREEK RD

(Street)

KELLOGG IDAHO 83837

(City) (State) (Zip)

UNITED STATES

(Country)

2. Date of Event Requiring Statement (Month/Day/Year)
06/03/2026

3. Issuer Name and Ticker or Trading Symbol
Sunshine Silver Mining & Refining Co [ SSMR ]

3a. Foreign Trading Symbol

5. If Amendment, Date of Original Filed (Month/Day/Year)

4. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	General Counsel

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Beneficially Owned
1. Title of Security (Instr. 4)	2. Amount of Securities Beneficially Owned (Instr. 4)	3. Ownership Form: Direct (D) or Indirect (I) (Instr. 5)	4. Nature of Indirect Beneficial Ownership (Instr. 5)

Table II - Derivative Securities Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 4)	2. Date Exercisable and Expiration Date (Month/Day/Year)		3. Title and Amount of Securities Underlying Derivative Security (Instr. 4)		4. Conversion or Exercise Price of Derivative Security	5. Ownership Form: Direct (D) or Indirect (I) (Instr. 5)	6. Nature of Indirect Beneficial Ownership (Instr. 5)
	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Stock Option (Right to Buy)	(1)	12/15/2035	Common Stock	650,000	$4	D

Explanation of Responses:

1. These stock options were granted on December 15, 2025 and vest in three equal installments on each of November 11, 2026, 2027 and 2028, subject to the reporting person's continuous service.

Remarks:

Exhibit 24 - Power of Attorney.

	/s/ Michelle Shepston, as attorney-in-fact	06/03/2026
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 5 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.
* Form 3: SEC 1473 (03-26)

FAQ

What insider holding does Sunshine Silver Mining (SSMR) report for Michelle H. Shepston on this Form 3?

The filing reports that General Counsel Michelle H. Shepston holds a stock option over 650,000 shares of common stock at an exercise price of $4.0000 per share. This reflects her initial reported derivative holding with no buy or sell transaction indicated.

What is the exercise price and expiration date of Michelle Shepston’s SSMR stock options?

Her stock option has an exercise price of $4.0000 per share and an expiration date of December 15, 2035. These terms define the cost to acquire the underlying common shares and the last date on which the option can be exercised.

How many Sunshine Silver Mining (SSMR) shares underlie Michelle Shepston’s reported stock options?

The stock option covers an underlying 650,000 shares of Sunshine Silver Mining common stock. This figure represents the maximum number of shares she may purchase through the option, subject to vesting and other standard conditions described in the filing footnote.

What is the vesting schedule for Michelle Shepston’s SSMR stock options?

The options were granted on December 15, 2025 and vest in three equal installments on November 11, 2026, November 11, 2027 and November 11, 2028. Vesting is conditioned on her continuous service with Sunshine Silver Mining & Refining Co.

Does this Sunshine Silver Mining (SSMR) Form 3 show any insider buying or selling by Michelle Shepston?

The Form 3 reflects an initial holding of stock options and does not show any buy or sell transactions. It lists a derivative position with 650,000 underlying shares and indicates the options’ terms and vesting schedule, rather than reporting new market trades.