Sunshine Silver Mining & Refining Company is offering 20,000,000 shares of common stock in a firm commitment initial public offering at an initial public offering price of $13.50 per share, with underwriters’ option to purchase up to 3,000,000 additional shares within 30 days. The offering is expected to raise gross proceeds of $270,000,000 (before underwriting discounts and commissions), and delivery of shares is scheduled for June 5, 2026.
The company will list on the New York Stock Exchange under the symbol SSMR. Electrum Group LLC is expected to control a majority of voting power after the offering (approximately 60.7% or 59.5% if the over-allotment is exercised), and the company will be a declared "controlled company" under NYSE rules. The prospectus highlights the Sunshine Complex mineral assets (Indicated: 103.9 million ounces Ag; Inferred: 159.8 million ounces Ag), forward plans for mine restart and feasibility studies, and intended uses of proceeds including feasibility work, infill drilling and capital for restart activities.
Sunshine Silver Mining & Refining Co reported that Ospraie-affiliated entities are ten percent owners and filed an initial statement of holdings. The group reports direct ownership of 22,699,490 shares of common stock, plus an option for 250,000 shares at an exercise price of $4.00 per share and a warrant for 2,615,060 shares at an exercise price of $2.868 per share. Footnotes explain that several Ospraie entities and Dwight Anderson may be deemed to share beneficial ownership through management, general partner, or investment-manager roles, while each disclaims beneficial ownership beyond its pecuniary interest. The warrant is exercisable until the earlier of a specified September 2, 2027 date or the closing of an initial public offering, and the options vest in three equal annual installments beginning July 15, 2026.
Sunshine Silver Mining & Refining Co (SSMR) reported initial insider holdings of its common stock and related warrants by several large indirect owners. Tigris Financial Group Ltd., Manul Capital Management LLC and GRAT Holdings LLC are each listed as ten percent owners with indirect positions through affiliated entities.
Footnotes explain that large common stock stakes are held directly by Electrum Silver US LLC and Electrum Silver US II LLC, as well as by Tigris Financial Group Ltd., Manul Capital Management LLC and GRAT Holdings LLC, with investment structures involving Electrum-branded funds and partnerships. The filing also shows multiple warrant positions over common stock with exercise prices of $5.0000 and $2.8700 per share expiring in 2027, all held indirectly through Electrum entities.
Sunshine Silver Mining & Refining Co insiders are reporting their existing ownership rather than new trades. Entities affiliated with the Electrum group and Thomas S. Kaplan disclose indirect holdings of Common Stock, including 75,938,300 shares held by Electrum Silver US LLC and 7,365,270 shares held by Electrum Silver US II LLC.
They also report several warrant positions over Common Stock, with exercise prices of $5.00 and $2.87 per share and expirations in 2027. These holdings are owned through LLCs and funds for which Electrum entities act as managers, general partners, or investment advisors.
Sunshine Silver Mining & Refining Co disclosed that Paul H. Zink is a reporting person in connection with the company, serving as a director. This Form 3 filing does not list any transactions or current derivative positions, and instead functions as an initial ownership report for this insider role.
Sunshine Silver Mining & Refining Co director and Chief Executive Officer White Heather Eileen filed an initial Form 3 reporting existing equity interests, with no new purchases or sales. She may be deemed to beneficially own 50,000 shares of common stock and 25,000 warrants held indirectly through White Mining Consulting Inc. The filing also shows 1,463,000 stock options to buy common stock held directly, granted on July 15, 2025, vesting in three equal annual installments and exercisable at $4.00 per share, and warrants exercisable at $5.00 per share until September 30, 2027.
Sunshine Silver Mining & Refining Co Chief Financial Officer Pieter A. van Niekerk has filed an initial Form 3, detailing his equity stake in the company. He reports direct ownership of 75,000 shares of common stock, establishing his baseline share position as an executive.
In addition, he holds warrants exercisable into 37,500 shares of common stock at an exercise price of $5.00 per share, expiring on September 30, 2027. He also holds stock options covering 1,330,000 shares of common stock at an exercise price of $4.00 per share, expiring on July 15, 2035. These options were granted on July 15, 2025 and vest in three equal annual installments on March 17, 2026, 2027 and 2028, subject to his continuous service.
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.
Sunshine Silver Mining & Refining Co director Radford Lawrence P has filed an initial statement of beneficial ownership on Form 3. This filing lists him as a director but does not report any share purchases, sales, or other insider transactions in the available data.