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Kaplan-affiliated entities in Sunshine Silver (SSMR) exercise warrants and get RSU grant

Filing Impact
(Neutral)
Filing Sentiment
(Neutral)
Form Type
4

Rhea-AI Filing Summary

Sunshine Silver Mining & Refining Co (SSMR) disclosed several insider-related equity moves involving entities affiliated with Thomas S. Kaplan. Electrum Silver US LLC exercised warrants to acquire 2,739,640 shares of common stock at $2.87 per share, then used 582,022 shares valued at $13.50 per share to cover the exercise price or related tax obligations. Following these transactions, Electrum Silver US LLC held 78,095,918 common shares indirectly. Kaplan also received a grant of 8,929 restricted stock units, each representing one share, which vest in full on the earlier of the first anniversary of the grant or immediately before the company’s 2027 annual shareholder meeting, subject to his continued board service. Additional indirect holdings are reported through Tigris Financial Group Ltd., Manul Capital Management LLC, GRAT Holdings LLC, and Electrum Silver US II LLC.

Positive

  • None.

Negative

  • None.

Insights

Warrant exercise and RSU grant tied to affiliates look routine and largely administrative.

The filing shows Electrum Silver US LLC, an affiliate entity, exercising warrants for 2,739,640 SSMR shares at $2.87 per share. Part of the value was settled via 582,022 shares at $13.50 to satisfy exercise price or tax obligations, a common net-exercise structure.

No open-market buys or sells are reported; the F-code disposition reflects tax or exercise-cost settlement rather than a sale decision. The derivative warrant position drops to zero in this filing, while equity exposure continues through 78,095,918 shares held by Electrum Silver US LLC and additional indirect holdings.

Separately, Thomas S. Kaplan received 8,929 RSUs that vest by the 2027 annual meeting, reinforcing board-level equity alignment. Overall, these moves primarily formalize ownership structures around the company’s capital formation, without signaling a directional change in insider sentiment.

Insider Tigris Financial Group Ltd., Manul Capital Management LLC, GRAT Holdings LLC
Role null | null | null
Type Security Shares Price Value
Exercise Warrant (right to buy) 2,739,640 $0.00 --
Grant/Award Common Stock 8,929 $0.00 --
Exercise Common Stock 2,739,640 $2.87 $7.86M
Tax Withholding Common Stock 582,022 $13.50 $7.86M
holding Common Stock -- -- --
holding Common Stock -- -- --
holding Common Stock -- -- --
holding Common Stock -- -- --
Holdings After Transaction: Warrant (right to buy) — 0 shares (Indirect, By Electrum Silver US LLC); Common Stock — 8,929 shares (Direct, null); Common Stock — 78,677,940 shares (Indirect, By Electrum Silver US LLC)
Footnotes (1)
  1. Represents restricted stock units ("RSUs") granted to Thomas S. Kaplan. Each RSU represents a contingent right to receive one share of the Issuer's common stock. The RSUs vest in full on the earlier of (i) the first anniversary of the grant date or (ii) the day immediately proceeding the date of the Issuer's 2027 Annual Meeting of Stockholders, subject to Mr. Kaplan's continued service as a member of the Issuer's Board of Directors through such date. This transaction relates to the net exercise of warrants to purchase 2,739,640 shares of the Issuer's common stock immediately prior to the completion of the initial public offering of the Issuer's common stock, in accordance with the terms of the warrants. These securities are owned directly by Electrum Silver US LLC ("ESUS"). Electrum Strategic Management LLC ("ESM") is the manager of ESUS. ESM is wholly owned by Electrum Global Holdings L.P. ("Global Holdco"), and TEG Global GP Ltd. ("TEG Global") is the general partner of Global Holdco. The Electrum Group LLC ("TEG") acts as an investment advisor to Global Holdco. Thomas S. Kaplan, Chairman of the Issuer's Board of Directors, is also Chairman, Chief Executive Officer and Chief Investment Officer of TEG. Each of these reporting persons (other than Mr. Kaplan who is a director of the Issuer) may be deemed to be a director by deputization of the Issuer. These securities are owned directly by Electrum Silver US II LLC ("ESUS II"). Electrum Strategic Opportunities Fund II L.P. ("ESOF II") owns 99% of ESUS II, and ESM is the manager of ESUS II. ESM is wholly owned by Global Holdco, and TEG Global is the general partner of Global Holdco. The general partner of ESOF II is Electrum Strategic Opportunities Fund II GP L.P. ("ESOF II GP L.P."), and the general partner of ESOF II GP L.P. is ESOF II GP Ltd. ("ESOF II GP"). ESOF II GP is wholly owned by Global Holdco. TEG acts as an investment advisor to ESOF II. Thomas S. Kaplan, Chairman of the Issuer's Board of Directors, is also Chairman, Chief Executive Officer and Chief Investment Officer of TEG. Each of these reporting persons (other than Mr. Kaplan who is a director of the Issuer) may be deemed to be a director by deputization of the Issuer. These securities are owned directly by Tigris Financial Group Ltd., which is wholly owned by Thomas S. Kaplan. These securities are owned directly by Manul Capital Management LLC. Thomas S. Kaplan serves as managing member of Manul Capital Management LLC. These securities are owned directly by GRAT Holdings LLC. Thomas S. Kaplan serves as managing member of GRAT Holdings LLC.
Warrant exercise shares 2,739,640 shares Common stock acquired via warrant exercise by Electrum Silver US LLC
Warrant exercise price $2.87 per share Exercise price for 2,739,640 common shares
Shares delivered for tax/exercise 582,022 shares Shares used at $13.50 per share to cover exercise or tax
Price for tax/exercise shares $13.50 per share Value applied to 582,022 shares in F-code transaction
Electrum Silver US LLC holdings 78,095,918 shares Indirect common stock holdings after transactions
RSU grant to Kaplan 8,929 RSUs Each RSU equals one share; vests by 2027 annual meeting
Electrum Silver US II LLC holdings 7,365,270 shares Indirect common stock holdings reported for ESUS II
Tigris Financial Group Ltd. holdings 1,266,260 shares Indirect common stock holdings attributed to Tigris
restricted stock units ("RSUs") financial
"Represents restricted stock units ("RSUs") granted to Thomas S. Kaplan."
Restricted stock units (RSUs) are a company promise to give an employee shares of stock (or cash equivalent) in the future, but only after certain conditions—usually staying with the company for a set time or hitting performance goals—are met. Investors watch RSUs because when they vest they increase the number of shares outstanding and can lead insiders to sell shares, affecting share price, company dilution and the true cost of employee pay.
net exercise of warrants financial
"This transaction relates to the net exercise of warrants to purchase 2,739,640 shares"
initial public offering financial
"immediately prior to the completion of the initial public offering of the Issuer's common stock"
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.
ten percent owner regulatory
"each reporting person is marked as a ten percent owner"
payment of exercise price or tax liability by delivering securities financial
"Payment of exercise price or tax liability by delivering securities"
director by deputization regulatory
"Each of these reporting persons ... may be deemed to be a director by deputization of the Issuer."
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Form 4 Insider Transactions: What Each Field Means →
SEC Form 4
FORM 4UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

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:3235-0287
Estimated average burden
hours per response:0.5
Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).
Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.
1. Name and Address of Reporting Person*
Tigris Financial Group Ltd.
(Last)(First)(Middle)
C/O THE ELECTRUM GROUP LLC
600 FIFTH AVENUE, 24TH FLOOR
(Street)
NEW YORK NEW YORK 10020
(City)(State)(Zip)
UNITED STATES
(Country)		2. Issuer Name and Ticker or Trading Symbol
Sunshine Silver Mining & Refining Co [ SSMR ] 		5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)
DirectorX10% Owner
Officer (give title below)Other (specify below)
2a. Foreign Trading Symbol
3. Date of Earliest Transaction (Month/Day/Year)
06/05/2026		6. Individual or Joint/Group Filing (Check Applicable Line)
Form filed by One Reporting Person
XForm filed by More than One Reporting Person
4. If Amendment, Date of Original Filed (Month/Day/Year)

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3) 2. Transaction Date (Month/Day/Year)2A. Deemed Execution Date, if any (Month/Day/Year)3. Transaction Code (Instr. 8) 4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5) 5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4) 6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4) 7. Nature of Indirect Beneficial Ownership (Instr. 4)
CodeVAmount(A) or (D)Price
Common Stock06/05/2026A8,929(1)A$08,929D
Common Stock06/05/2026M(2)2,739,640A$2.8778,677,940IBy Electrum Silver US LLC(3)
Common Stock06/05/2026F(2)582,022D$13.578,095,918IBy Electrum Silver US LLC(3)
Common Stock7,365,270IBy Electrum Silver US II LLC(4)
Common Stock1,266,260IBy Tigris Financial Group Ltd.(5)
Common Stock60,010IBy Manul Capital Management LLC(6)
Common Stock393,230IBy GRAT Holdings LLC(7)
Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned
(e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3) 2. Conversion or Exercise Price of Derivative Security 3. Transaction Date (Month/Day/Year)3A. Deemed Execution Date, if any (Month/Day/Year)4. Transaction Code (Instr. 8) 5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5) 6. Date Exercisable and Expiration Date (Month/Day/Year)7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4) 8. Price of Derivative Security (Instr. 5) 9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4) 10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4) 11. Nature of Indirect Beneficial Ownership (Instr. 4)
CodeV(A)(D)Date ExercisableExpiration DateTitleAmount or Number of Shares
Warrant (right to buy)$2.8706/05/2026M(2)2,739,64009/02/202209/02/2027Common Stock2,739,640$00IBy Electrum Silver US LLC(3)
1. Name and Address of Reporting Person*
Tigris Financial Group Ltd.
(Last)(First)(Middle)
C/O THE ELECTRUM GROUP LLC
600 FIFTH AVENUE, 24TH FLOOR
(Street)
NEW YORK NEW YORK 10020
(City)(State)(Zip)
UNITED STATES
(Country)
Relationship of Reporting Person(s) to Issuer
DirectorX10% Owner
Officer (give title below)Other (specify below)
1. Name and Address of Reporting Person*
Manul Capital Management LLC
(Last)(First)(Middle)
C/O THE ELECTRUM GROUP LLC
600 FIFTH AVENUE, 24TH FLOOR
(Street)
NEW YORK NEW YORK 10020
(City)(State)(Zip)
UNITED STATES
(Country)
Relationship of Reporting Person(s) to Issuer
DirectorX10% Owner
Officer (give title below)Other (specify below)
1. Name and Address of Reporting Person*
GRAT Holdings LLC
(Last)(First)(Middle)
C/O THE ELECTRUM GROUP LLC
600 FIFTH AVENUE, 24TH FLOOR
(Street)
NEW YORK NEW YORK 10020
(City)(State)(Zip)
UNITED STATES
(Country)
Relationship of Reporting Person(s) to Issuer
DirectorX10% Owner
Officer (give title below)Other (specify below)
Explanation of Responses:
1. Represents restricted stock units ("RSUs") granted to Thomas S. Kaplan. Each RSU represents a contingent right to receive one share of the Issuer's common stock. The RSUs vest in full on the earlier of (i) the first anniversary of the grant date or (ii) the day immediately proceeding the date of the Issuer's 2027 Annual Meeting of Stockholders, subject to Mr. Kaplan's continued service as a member of the Issuer's Board of Directors through such date.
2. This transaction relates to the net exercise of warrants to purchase 2,739,640 shares of the Issuer's common stock immediately prior to the completion of the initial public offering of the Issuer's common stock, in accordance with the terms of the warrants.
3. These securities are owned directly by Electrum Silver US LLC ("ESUS"). Electrum Strategic Management LLC ("ESM") is the manager of ESUS. ESM is wholly owned by Electrum Global Holdings L.P. ("Global Holdco"), and TEG Global GP Ltd. ("TEG Global") is the general partner of Global Holdco. The Electrum Group LLC ("TEG") acts as an investment advisor to Global Holdco. Thomas S. Kaplan, Chairman of the Issuer's Board of Directors, is also Chairman, Chief Executive Officer and Chief Investment Officer of TEG. Each of these reporting persons (other than Mr. Kaplan who is a director of the Issuer) may be deemed to be a director by deputization of the Issuer.
4. These securities are owned directly by Electrum Silver US II LLC ("ESUS II"). Electrum Strategic Opportunities Fund II L.P. ("ESOF II") owns 99% of ESUS II, and ESM is the manager of ESUS II. ESM is wholly owned by Global Holdco, and TEG Global is the general partner of Global Holdco. The general partner of ESOF II is Electrum Strategic Opportunities Fund II GP L.P. ("ESOF II GP L.P."), and the general partner of ESOF II GP L.P. is ESOF II GP Ltd. ("ESOF II GP"). ESOF II GP is wholly owned by Global Holdco. TEG acts as an investment advisor to ESOF II. Thomas S. Kaplan, Chairman of the Issuer's Board of Directors, is also Chairman, Chief Executive Officer and Chief Investment Officer of TEG. Each of these reporting persons (other than Mr. Kaplan who is a director of the Issuer) may be deemed to be a director by deputization of the Issuer.
5. These securities are owned directly by Tigris Financial Group Ltd., which is wholly owned by Thomas S. Kaplan.
6. These securities are owned directly by Manul Capital Management LLC. Thomas S. Kaplan serves as managing member of Manul Capital Management LLC.
7. These securities are owned directly by GRAT Holdings LLC. Thomas S. Kaplan serves as managing member of GRAT Holdings LLC.
Remarks:
The reporting persons may be deemed to be members of a Section 13(d) group that collectively beneficially owns more than 10% of the Issuer's outstanding common stock. The filing of this report shall not be deemed to be an admission that the reporting persons are members of such a group. Each reporting person disclaims beneficial ownership of the securities reported herein except to the extent of its pecuniary interest, if any, and this report shall not be deemed to be an admission that any such reporting person is the beneficial owner of such securities for purposes of Section 16 or for any other purpose. Because no more than 10 reporting persons can file any one Form 4 through the Securities and Exchange Commission's EDGAR system, certain affiliates of the reporting persons have filed a separate Form 4.
Tigris Financial Group Ltd., By: /s/ Andrew M. Shapiro, President06/08/2026
Manul Capital Management LLC, By: /s/ Andrew M. Shapiro, President06/08/2026
GRAT Holdings LLC., By: /s/ Andrew M. Shapiro, President06/08/2026
** Signature of Reporting PersonDate
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 4 (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 4: SEC 1474 (03-26)

Source: View Original Filing on SEC EDGAR

FAQ

What insider transactions were reported for Sunshine Silver Mining (SSMR)?

Affiliated entities exercised warrants and settled part of the cost with shares. Electrum Silver US LLC exercised warrants for 2,739,640 shares at $2.87, using 582,022 shares at $13.50 to cover exercise or tax obligations, plus a 8,929-share RSU grant to Thomas S. Kaplan.

How many Sunshine Silver Mining shares does Electrum Silver US LLC hold after these transactions?

Electrum Silver US LLC held 78,095,918 SSMR common shares after the transactions. This follows a net exercise of warrants into 2,739,640 shares and a share delivery of 582,022 shares to satisfy exercise price or tax liabilities, maintaining a very large indirect equity position.

What is the significance of the 2,739,640 Sunshine Silver Mining shares in this Form 4?

The 2,739,640 shares reflect a warrant exercise into common stock. Electrum Silver US LLC converted warrants into 2,739,640 SSMR shares at an exercise price of $2.87 per share, immediately before the initial public offering, according to the footnote description.

Were any Sunshine Silver Mining shares sold on the open market in this filing?

No open-market sales are reported in this Form 4. The F-code transaction for 582,022 shares is described as payment of exercise price or tax liability by delivering securities, which is a tax-withholding or net-exercise mechanism rather than a discretionary market sale.

What equity award did Thomas S. Kaplan receive from Sunshine Silver Mining?

Thomas S. Kaplan received 8,929 restricted stock units (RSUs). Each RSU represents one SSMR share. They vest in full on the earlier of the first anniversary of the grant date or immediately before the 2027 annual shareholder meeting, contingent on his continued board service.

Which entities associated with Thomas S. Kaplan hold Sunshine Silver Mining shares?

Several Kaplan-affiliated entities report indirect SSMR holdings. These include Electrum Silver US LLC, Electrum Silver US II LLC, Tigris Financial Group Ltd., Manul Capital Management LLC, and GRAT Holdings LLC, each holding common stock positions attributed through indirect ownership or management roles.