Sunshine Silver director holds 346K shares, warrants

Sunshine Silver Mining & Refining Co director Erfan Ali filed an initial ownership report showing indirect stakes in the company.

Rhea-AI Filing Summary

Sunshine Silver Mining & Refining Co director Erfan Ali filed an initial ownership report showing indirect stakes in the company. The filing lists 346,160 shares of common stock held indirectly through Ajami Associates Limited, where Ali is a director and may be deemed to beneficially own these securities.

The filing also reports indirect ownership of warrants on 62,500 shares of common stock, with an exercise price of $5.00 per share and an expiration date of September 30, 2027. Each warrant is exercisable for one common share starting from the later of two years after purchase or six months following the company’s initial public offering.

Insider Trade Summary

2 transactions reported

Mixed 2 txns

Insider Erfan Ali

Role Director

Type	Security	Shares	Price	Value
holding	Warrants	--	--	--
holding	Common Stock	--	--	--

Holdings After Transaction: Warrants — 62,500 contracts (Indirect, By Ajami Associates Limited); Common Stock — 346,160 shares (Indirect, By Ajami Associates Limited)

Footnotes (2)

1. F1. The reporting person is a director of Ajami Associates Limited and may be deemed to beneficially own securities held by Ajami Associates Limited.
2. F2. Each warrant is exercisable for one share of common stock until the later of two years from the date of purchase or six months after the completion of the Issuer's initial public offering.

Key Figures

Indirect common shares: 346,160 shares Warrant underlying shares: 62,500 shares Warrant exercise price: $5.00 per share +1 more

4 metrics

Indirect common shares 346,160 shares Total common stock held indirectly via Ajami Associates Limited

Warrant underlying shares 62,500 shares Common stock underlying indirectly held warrants

Warrant exercise price $5.00 per share Exercise price of indirectly held SSMR warrants

Warrant expiration date September 30, 2027 Expiration of indirectly held SSMR warrants

Key Terms

beneficially own, warrants, initial public offering

3 terms

beneficially own financial

"may be deemed to beneficially own securities held by Ajami Associates Limited"

Beneficially own means having the economic rights and risks of a security—such as the right to receive dividends, sell the shares, or profit from price changes—whether or not your name appears on the official share register. Think of it like renting a car: you use it and reap the benefits even if the title lists someone else. Investors care because beneficial ownership determines who truly controls value, must be disclosed under securities rules, and can signal potential influence or trading activity that affects a stock’s price.

warrants financial

"Each warrant is exercisable for one share of common stock"

Warrants are special documents that give you the right to buy a company's stock at a set price before a certain date. They are often used as a way for companies to attract investors or raise money, and their value can increase if the company's stock price goes up.

initial public offering financial

"six months after the completion of the Issuer's initial public offering"

An initial public offering (IPO) is when a private company first sells its shares to the public and becomes a stock-listed company. It matters because it allows the company to raise money from a wide range of investors, helping it grow, while giving early shareholders a way to sell some of their ownership.

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

Understanding Insider Trading Forms →

See more from StockTitan in Google Search and AI answers. Adds StockTitan as a preferred source · opens Google

Add on Google Not now

Accepted by SEC EDGAR 06/03/2026 - 04:29 PM Learn about SEC filing dates

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^*

Erfan Ali

(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)

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

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)
Common Stock	346,160	I	By Ajami Associates Limited(1)

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
Warrants	(2)	09/30/2027	Common Stock	62,500	$5	I	By Ajami Associates Limited(1)

Explanation of Responses:

1. The reporting person is a director of Ajami Associates Limited and may be deemed to beneficially own securities held by Ajami Associates Limited.

2. Each warrant is exercisable for one share of common stock until the later of two years from the date of purchase or six months after the completion of the Issuer's initial public offering.

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)