SSMR

Image source: The Motley Fool. Thursday, Aug. 13, 2026 at 10:00 a.m. ET Chief Financial Officer - Pieter van Niekerk Chief Executive Officer - Heather White Chairman of the Board - Dr. Thomas Kaplan Operator: Good morning, everyone, and welcome to the Sunshine Second Quarter Earnings Webcast and Conference Call. [Operator Instructions] Please also note today's event is being recorded. At this time, I'd like to turn the floor over to Andre van Niekerk, Chief Financial Officer. Please go ahead. Pieter van Niekerk: Good morning, everyone, and thank you for joining the call of Sunshine Silver Mining & Refining. Joining me on the call today are Heather White, our Chief Executive Officer; and Dr. Thomas Kaplan, Chairman of the Board. Before we begin, I would like to remind everyone that today's discussion may contain forward-looking statements regarding the company's plans, expectations and future performance. These statements are subject to risks and uncertainties that could cause actual results to differ materially from those expressed or implied. Please refer to the cautionary statements included in today's presentation and yesterday's press release as well as the risk factors described in our filings with the SEC. We issued our second quarter 2026 financial and reporting results yesterday after market closed. The earnings release and our quarterly report on Form 10-Q are available on our website and through the SEC's EDGAR database. With that, I'll turn the call over to Heather. Heather White: Thank you, Andre, and welcome, everyone, to our first quarterly earnings conference call as publicly listed Sunshine Silver Mining & Refining. Beginning on Slide 4, I'm excited to share the progress we are making at the Shine and the opportunity we see both within the existing Sunshine footprint and across our broader land position. As this is our first quarterly call, I'd like to begin by putting the progress we've made into context and address what differentiates Sunshine, why we believe this asset is so well positioned and how the work underway today supports our path forward. That story begins with location. Turning to Slide 5, Sunshine is located in Idaho's Silver Valley, the most prolific silver district in U.S. history and a top 10 mining jurisdiction globally. The region offers established infrastructure, access to skilled labor, and we have some of the best hands in the business and strong community and government support for mining. Second, when it comes to asset quality, grade is king. And as you can see on Slide 6, Sunshine sits well above the rest. The Sunshine Mine hosts North America's highest-grade primary silver resource. It is home to 103.9 million ounces of indicated silver resources at 1,022 grams per ton and 159.8 million ounces of inferred silver resources at 776 grams per ton. That's 3x the average of other high-grade silver assets globally and 2x higher than our Silver Valley neighbors. As seen on Slide 7, our total resource currently supports what's envisioned to be a generational 24-year mine life. And we're just getting started. Stellar drill results to date from our ongoing 50,000-meter drill program are expected to increase our confidence in those resources and have uncovered significant near-mine potential. That all said, our current base case, which assumes approximately 1,000 tons per day throughput, delivers 6.7 million ounces of payable silver annually in the first 5 years and 5.8 million ounces annually over the life of mine. This translates to the Shine being the second-largest primary silver producer in the United States when it comes online. Turning to Slide 8. Sunshine offers investors a compelling pure-play silver opportunity with leverage to the silver price. At today's silver price of approximately $60 per ounce, Sunshine has a net present value of $2.2 billion. This increases to $3.2 billion at $80 per ounce. This value doesn't include the benefit of byproduct credits nor the refining of critical minerals, of which there's plenty of potential value add. As I said, grade is king. And as the highest grade pure-play silver resource in North America, it's easy to drive significant leverage to silver price. As you can see on Slide 9, Sunshine also benefits from existing infrastructure that has been maintained and modernized with over $200 million of investment since 2010. In today's dollars, we estimate replacement cost of this infrastructure to be approximately $600 million. In addition to existing infrastructure, we have the major permits already in hand that are required to restart mining, milling and refining operations at the Sunshine Complex. Together, these advantages provide a derisked path toward our planned return to production in late 2028. That all said, the opportunity at Sunshine extends beyond the current mine. As shown on Slide 10, our 50,000-meter infill drill program is currently underway. As we work on infill in support of the feasibility study, we're seeing near-mine exploration potential as well. Our program has delivered remarkable results to date, especially in the Upper Country. In complement to other near-mine areas, these results are reinforcing our conviction in potentially doubling mill throughput to 2,000 tons per day, and I'll share more about these results later in the presentation. Moving now to Slide 11. The map here shows our 9,561 hectare mineral rights position, where we see untapped district-scale exploration potential. We are the largest mineral rights landholder in the Silver Valley, and we intend to explore it. This is exploration opportunity that is unseen in the 140-year history of Sunshine. Our land position creates the potential to expand our mineral resource base and over time, develop additional mines across this district. As stated on Slide 12, when we say the next Sunshine is at Sunshine, we mean it. And the completion of our IPO provides the financial foundation to begin translating that opportunity into execution. Turning to Slide 13. Our successful IPO this quarter was a transformational event for the Shine, American silver production and our shareholders. We successfully raised approximately $310 million through the offering and bolstered our shareholder register with top-tier institutional holders. We now have the cash on hand to fully fund our key work streams over the next 12 months without requiring additional capital. And importantly, we introduced Sunshine to the public markets with the capital and visibility to now advance the highest grade undeveloped silver asset in North America. I say it was transformational for American silver because when Sunshine comes online, it will be the second largest primary silver producer in the United States. Silver's addition to the U.S. list of critical minerals formally recognized its importance to the American economy and national security as well as the risks associated with potential supply chain disruption. Silver is essential across energy infrastructure, electronics, advanced technologies, aerospace and defense, and yet the United States currently accounts for only approximately 4% of global mined silver production. Bringing Sunshine online would, therefore, do more than create value for our shareholders. It would introduce a new large-scale domestic source of a critical mineral at a time when the United States is prioritizing secure and resilient supply chains. That said, we're building more than just a silver mine. As shown on Slide 14, we see the potential to build a vertically integrated U.S.-based mine-to-refinery platform that can help support domestic critical mineral supply chains. The first component is our existing permitted Silver-Copper Refinery, which has the nameplate capacity to produce 10 million ounces of silver annually. Restarting this refinery could allow us to produce COMEX-deliverable silver on site, creating a direct connection from silver mined at Sunshine to finished silver bars produced in the United States. The second component is the permitted Sunshine Antimony Plant. A new facility has the potential to produce up to 34.5 million pounds of finished antimony annually, which, if achieved, could supply up to approximately 60%, excuse me, of U.S. annual demand. We are also evaluating the opportunity to toll process antimony-bearing concentrates from third parties, creating yet another potential source of feedstock and revenue. These opportunities are grounded in the storied, proven history and existing capabilities of the Sunshine Complex. Separate feasibility studies evaluating the restart of the Silver-Copper Refinery and development of the Antimony Plant are underway. We have also engaged a top-tier management consulting firm to conduct a strategic assessment of both of these opportunities, and their findings will inform their respective feasibility studies. Together, these assets give Sunshine the potential to become one of the few integrated silver and critical minerals platforms in the United States, creating value for what we mine and can process and refine on site. Turning to Slide 15. We believe Sunshine is the right asset at the right time for American silver. We have a high-grade, long-life resource in a premier U.S. jurisdiction, existing infrastructure and major permits already in hand, untapped near-mine and district-scale growth potential and the opportunity to build an integrated U.S. silver and critical minerals platform. Those attributes define the opportunity. With the completion of our IPO, we now have the financial foundation to advance our current work programs with a clear focus on execution. Andre will now review our second quarter financial results and liquidity. Following his remarks, I'll return to discuss the operating progress we made during the quarter and the milestones ahead as we advance toward a final investment decision for the Sunshine Mine and our planned return to production in late 2028. Andre, over to you. Pieter van Niekerk: Thank you, Heather. Turning to our operating performance on Slide 16. Sunshine reported a net loss of $16.7 million or $0.13 per share for the second quarter of 2026 compared to a net loss of $7 million or $0.08 per share for Q2 2025. The net loss increased by $9.7 million for the -- from the comparable period, primarily due to planned acceleration of our development activities and the costs associated with preparing for and operating as a publicly listed company. Predevelopment expense increased by $7 million from Q2 2025. This increase was primarily related to the advancement of our 3 feasibility studies, including the ongoing infill drilling program and associated technical work. G&A expenses increased by $4.7 million in Q2 2026 from the prior year period, primarily due to increased personnel costs as we build out our workforce, stock-based compensation and the expanded scope of legal and accounting services as we prepared for and completed our public listing. Other income expense saw a $2.1 million improvement from Q2 2025, primarily due to lower interest expense and interest earned on the proceeds from our IPO. Overall, the year-over-year increase in our net loss reflects the higher level of activity related to the ongoing advancement of the Sunshine Mine feasibility studies and our costs related to the preparation for and operating as a public company. Turning to cash flows on Slide 17. Cash used in operating activities was $22.8 million during the first 6 months of 2026 compared with $7.2 million in the prior year period. The increase primarily reflects the higher activity level mentioned earlier, infill drilling and G&A expenses. Cash used in investing activities was $9.5 million, an increase of $5.2 million over the first 6 months of 2025, reflecting increased investment in mining equipment and infrastructure. Our treasury at the end of the second quarter sits at a very robust $288.7 million. This compares with $31 million at December 31, 2025. The increase primarily reflects the net proceeds received from our initial public offering. Note that prior to the IPO, the company did not have any long-term debt, and this continues to be the case at June 30, 2026. The net proceeds from our IPO provides the capital required to fully fund our near-term activities. And as we advance toward production and continue to evaluate our vertically integrated mine-to-mill-to-refinery platform, we expect to require additional capital over time. Our financing strategy is focused on prioritizing debt financing and nondilutive sources of capital. We will evaluate the timing and structure of those sources as we -- our feasibility work advances and our capital requirements become clearly defined. In the meantime, we are focused on managing our liquidity and deploying capital in a disciplined manner against the milestones required to advance toward production. I will now turn the presentation over to Heather to discuss the progress made in the second quarter. Heather White: Thank you, Andre. Turning now to Slide 18 and our second quarter operating highlights. We continue to advance the work required to return the Sunshine Mine to production. The Sunshine Mine Feasibility Study remains the cornerstone of our development plan and is expected to be completed in the second quarter of 2027. The study will bring together the technical, economic and risk analyses required to support a financial investment decision. Subject to that decision, we are planning to begin construction and continue on with mine development and infrastructure upgrades in 2027, with first production targeted for late 2028. At the mine, we continued underground development and the modernization of certain existing infrastructure. In the first 6 months of the year, we completed approximately 1,200 meters of underground development. And during the quarter, we also commissioned a replacement operating hoist for the Jewell Shaft and advanced the planned decommissioning of the existing mill facilities to prepare the site for construction of a new mill. As part of the feasibility study, we are advancing plans for a new mill designed to process up to 2,000 tons per day. While our current base case assumes approximately 1,000 tons per day, designing for greater capacity provides built-in flexibility to increase throughput as our resource base and operating plan evolves. Turning to Slide 19, drilling is another central component of our feasibility study and our longer-term growth strategy. As of July, our 50,000-meter [ infill drilling program was approximately ] 60% complete, with 3 active drill rigs underground. The program [Technical Difficulty] in the upcoming feasibility study. Drilling to date has focused in part on the Upper Country, which you'll see in the image on this slide. The Upper Country is a historically under-mined and under-explored area extending from near surface to approximately 1,900 feet below ground. Results across multiple vein systems, including the newly identified 10 Vein, continue to demonstrate the potential of this area. And in complement to other near-mine zones will help inform our evaluation of a potential increase in processing capacity from 1,000 to 2,000 ton a day. The program has now transitioned downshaft to 3 new drill stations accessed via the Jewell Shaft, where the next phase will also focus on infill drilling. Looking ahead on Slide 20, our development plan is organized around 3 strategic priorities: restarting the Sunshine Mine, unlocking near-mine and district-scale exploration potential, and evaluating the development of the Sunshine Antimony Plant and restart of the existing Silver-Copper Refinery. For the remainder of 2026, our focus will be on execution. We expect to complete our 50,000-meter infill drill program in support of the Sunshine Mine Feasibility Study. And concurrently, we're targeting an additional 1,300 meters of underground development to establish additional drill stations, improve access to priority mining areas and support the feasibility-level mine planning. Decommissioning of the mill is going well. We expect to complete this project by year-end and advance site readiness for new mill construction. We also expect to begin the Silver Summit Project, which is a multiphase shaft upgrade designed to ensure we have a reliable secondary egress from underground workings. Through the balance of this year, we plan to advance a hoist room upgrade and complete a hoist redrive with broader upgrades planned through next year. And as for 2027, we expect it to be a key decision-making and execution year for Sunshine. Our planned milestones include completing the Sunshine Mine Feasibility Study, making a final investment decision. And subject to that decision, commencing mill construction and additional infrastructure upgrades. We also expect to complete the separate feasibility studies for the Antimony Plant and Silver-Copper Refinery in early 2027 and evaluate final investment decisions for those opportunities. From there, our plan targets first silver production from the Sunshine Mine in late 2028, followed by the ramp-up to commercial production in 2029. At the same time, we intend to continue exploring near-mine targets that could support resource growth and future expansion. Beyond 2030, our objective is to continue evaluating mineralized zones across our consolidated, district-wide land position and pursue the potential development of additional mines. Each of these milestones is designed to move Sunshine closer to production while preserving the flexibility to expand beyond the current base case and develop the broader potential of the Sunshine Complex that we see. In closing, you'll see the differentiating attributes of Sunshine on Slide 21. The combination of these attributes, the quality and scale of the asset, its location in a premier U.S. mining jurisdiction, the untapped growth potential and a clear path back to production is what sets Sunshine apart. The opportunity is clear, and our focus is now execution. With the financial foundation established through our IPO, we are focused on completing the drill program to support completion of the mine feasibility study, advancing our refining and antimony feasibility studies and continuing underground development and infrastructure work. On behalf of our management team and the Board, thank you to our employees, our contractors for their ongoing commitment to the Shine. Sunshine is more than an asset to all of us. It is the experience of our people, the strength of our community and a shared belief in what publicly listed Sunshine Silver Mining & Refining now represents to the world, America's must-own silver developer. Thank you for joining us today. And operator, we are now ready to take some questions. Operator: [Operator Instructions] Our first question today comes from Carlos De Alba from Morgan Stanley. Carlos de Alba: Congratulations on the IPO. Just wanted to explore maybe, Heather, if you can give us more color on what you have in mind for mine development in the second half of the year? Are you expanding some of the galleries, your tunnels? I don't know. Any color on that would help us. And then maybe for Andre, can you provide an update on what do you see for this maybe second half of the year and early next year, if you have an idea already in terms of SG&A and predevelopment and exploration expenses so that we can calibrate what we have in our numbers? Heather White: Well, Carlos, thank you for the question. I'll start off, if that works. On the development side of things, yes, we are ramping up. We will continue to pursue development, both up in the Sterling Tunnel. So that's the Upper Country area. We are going to continue with ramp development aggressively through the second half of the year, both for development for preproduction readiness purposes as well as for exploration build-out of the Upper Country. I would say, in addition to that, we will be continuing downshaft development as well in key areas that support the first 10 years of the mine plan. So namely 3,100 level rehab efforts and development efforts there to prepare us as well as on 2,300 level and 1,900 level. So the plan is robust in terms of preparing us for that production readiness situation, and we'll continue with development efforts through this year. And I see it moving through the next 2 years as well as we advance toward production in late 2028. And Andre, over to you for addressing Carlos' question. Pieter van Niekerk: Yes, thank you, Heather. Carlos, yes, look, I mean, I think in terms of spending coming up, we expect our corporate G&A to level off starting in 2027. We are implementing a bunch of different processes and gearing up for -- continue to gear up for being a publicly listed company. As Heather mentioned, we have a number of exploration programs that are ramping up. And those -- that spending will continue to increase in Q3 and Q4. And then in terms of the other spending, that development spending will continue to advance. And we are focusing on getting the orders in on equipment and moving that forward. So there is a number of things that we will continue to incur costs on. But at this point, we expect the other funding that our burn rate to increase. Of course, we are working towards the feasibility study and the target there is the first half of 2027. So we would have a much better idea of the remaining spending around that time, which will be -- at which point we will give a clear updated guidance as to what spending is going to be going forward. Carlos de Alba: Okay. But basically, SG&A will remain relatively elevated maybe for the second half of 2026, and then exploration and development potentially increasing a bit in the second half relative to the second quarter. Is that a fair characterization? Pieter van Niekerk: Yes, that's correct. And it will generally start tapering off in Q1 2027. Operator: Our next question comes from Eric Winmill from Scotiabank. Eric Winmill: About hiring a consultant to look at antimony, just wondering if there's anything more you can share in terms of what you're thinking about the Antimony Plant and anything in terms of discussions in terms of third-party toll milling would be helpful. Heather White: Thanks, Eric. Yes, great. Thank you for the question. And I can take that one. As you're aware, we're advancing a feasibility study for the Antimony Plant that will be wrapped up early next year. And in support of that strategically, we're looking at our options in terms of the business opportunity that the refining complex offers Sunshine. So as part of the feasibility and in complement to it, we will be evaluating our best path forward for how we translate that opportunity into realization as part of the refining complex. And that would be inclusive of the silver refinery as well. Eric Winmill: Okay, great. Appreciate the added color. And yes, I look forward to the studies coming out next year. Operator: [Operator Instructions] And at this time, I'm showing no additional questions. I'd like to turn the floor back over to Heather White for any closing comments. Heather White: Thank you, operator. Before we close, I do want to thank everyone for joining us today and especially Dr. Thomas Kaplan for being here. The progress we've shared today is only the beginning. We're just getting started, and we have an incredible opportunity ahead of us as we work toward returning the Shine to production and realizing the broader potential of the Sunshine Complex. As I said earlier, the Shine is more than just an asset to all of us. It's a part of the history, the identity and future of the Silver Valley. Together, we have the opportunity to revitalize American silver production and create lasting value for the region. We're very proud of what we're building together, and we look forward to keeping you updated on our progress. It's exciting times for the Shine. Thank you very much. Operator: And with that, ladies and gentlemen, we'll wrap up today's conference call and presentation. We do thank you for joining. You may now disconnect your lines. 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This article is a transcript of this conference call produced for The Motley Fool. While we strive for our Foolish Best, there may be errors, omissions, or inaccuracies in this transcript. As with all our articles, The Motley Fool does not assume any responsibility for your use of this content, and we strongly encourage you to do your own research, including listening to the call yourself and reading the company's SEC filings. Please see our Terms and Conditions for additional details, including our Obligatory Capitalized Disclaimers of Liability. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. Sunshine Silver (SSMR) Q2 2026 Earnings Call Transcript was originally published by The Motley Fool

Interested in Sunshine Silver Mining & Refining Company? Here are five stocks we like better. Second-quarter loss widened to $16.7 million, or $0.13 per share, as Sunshine accelerated mine development, drilling and feasibility work while absorbing higher public-company expenses. The IPO raised approximately $310 million, leaving the company with $288.7 million in cash and no long-term debt at quarter-end. Management expects the proceeds to fund key activities for the next 12 months but anticipates needing additional capital as it approaches production. The Sunshine Mine feasibility study is targeted for completion in Q2 2027, with construction potentially beginning in 2027 and first silver production targeted for late 2028. Drilling, underground development and studies for the silver-copper refinery and a potential antimony plant are advancing through 2026 and early 2027. Sunshine Silver Mining & Refining (NYSE:SSMR) reported a wider second-quarter loss as it accelerated development work at its Sunshine Mine in Idaho and incurred costs associated with becoming a publicly traded company. The company posted a net loss of $16.7 million, or $0.13 per share, for the second quarter of 2026, compared with a net loss of $7 million, or $0.08 per share, a year earlier. Chief Financial Officer André van Niekerk said the increase primarily reflected higher pre-development spending, including drilling and technical work supporting three feasibility studies, as well as higher public-company costs. → Lumentum Just Delivered the AI Growth Investors Wanted Pre-development expense rose $7 million from the prior-year period, while general and administrative expense increased $4.7 million, driven by personnel additions, stock-based compensation, and expanded legal and accounting services. Other income and expense improved by $2.1 million from the year-earlier quarter, which van Niekerk attributed to lower interest expense and interest earned on initial public offering proceeds. Sunshine completed its initial public offering during the quarter, raising approximately $310 million, according to Chief Executive Officer Heather White. The company ended the second quarter with $288.7 million of cash, compared with $31 million at the end of 2025, and had no long-term debt as of June 30. → Ryman Checks Into a $1.38B Hospitality Upgrade Cash used in operating activities totaled $22.8 million in the first six months of 2026, compared with $7.2 million in the prior-year period. Cash used in investing activities was $9.5 million, up $5.2 million year over year, reflecting investment in mining equipment and infrastructure. Van Niekerk said IPO proceeds fully fund the company’s key work streams for the next 12 months. However, he said additional capital will be needed over time as Sunshine moves toward production and evaluates its mine-to-refinery plans. The company intends to prioritize debt financing and other non-dilutive capital sources when its feasibility work provides greater clarity on capital requirements. → Joby’s Defense Pivot Accelerates With $500M Resonant Sciences Deal During the question-and-answer session, van Niekerk said general and administrative expenses are expected to remain elevated through the second half of 2026 before beginning to taper in the first quarter of 2027. He also said exploration and development spending is expected to rise in the third and fourth quarters as work programs ramp up. White said the Sunshine Mine feasibility study remains the company’s central development priority and is expected to be completed in the second quarter of 2027. Subject to a final investment decision, Sunshine plans to begin construction and continue mine development and infrastructure upgrades in 2027, targeting first silver production in late 2028 and a ramp to commercial production in 2029. The company completed about 1,200 meters of underground development in the first half of 2026. It also commissioned a replacement operating hoist for the Jewell shaft and advanced the decommissioning of existing mill facilities to prepare the site for construction of a new mill. Sunshine’s current base case assumes processing capacity of roughly 1,000 tons per day. The company is designing a new mill with capacity of up to 2,000 tons per day, which White said would provide flexibility if its resource base and operating plan support greater throughput. In response to an analyst question, White said mine development during the second half will include continued ramp work in the Sterling Tunnel and upper-country area, both to support pre-production readiness and exploration. The company also plans development work around the 3,100, 2,300, and 1,900 levels to support the first 10 years of the mine plan. Sunshine’s 50,000-meter infill drilling program was 60% complete as of July, with three underground drill rigs operating. The work is intended to support the mine feasibility study while also testing near-mine growth potential, particularly in the upper-country area and across multiple vein systems, including the newly identified 10 vein. White said results from the upper country and other near-mine zones will help inform the company’s evaluation of increasing processing capacity to 2,000 tons per day. The drilling program has transitioned down the Jewell shaft to three additional drill stations, where the next phase will focus on infill drilling. For the remainder of 2026, Sunshine expects to complete the drilling program, conduct an additional 1,300 meters of underground development, and finish mill decommissioning by year-end. It also plans to begin the Silver Summit project, a multi-phase shaft upgrade designed to provide reliable secondary egress from underground workings. Separately, Sunshine is conducting feasibility studies on restarting its permitted silver-copper refinery and developing an antimony plant. White said those studies are expected to be completed in early 2027. The company has also hired a management consulting firm to assess strategic options for the refinery and antimony opportunities. White said the existing refinery has nameplate capacity to produce 10 million ounces of silver annually, while a new antimony facility could potentially produce up to 34.5 million pounds of finished antimony annually. Sunshine is also evaluating toll processing of antimony-bearing concentrates from third parties. The company said it will evaluate final investment decisions for the refinery and antimony opportunities after the feasibility studies are completed. Sunshine Silver Mining & Refining Company operates as a silver mining company principally in the United States. The company is the owner and developer of the Sunshine Mine and the Sunshine Silver/Copper Refinery. Sunshine Silver Mining & Refining Company is based in Kellogg, Idaho. This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to [email protected]. The article "Sunshine Silver Mining & Refining Q2 Earnings Call Highlights" was originally published by MarketBeat. View MarketBeat's top stocks for August 2026.

Successful IPO, High-Grade Drilling Results and Infrastructure Progress Advance Planned Return to Production KELLOGG, Idaho, Aug. 12, 2026 /PRNewswire/ -- Sunshine Silver Mining & Refining Company (the "Company" or "Sunshine") (NYSE: SSMR), a mining company advancing the next chapter of American silver, today announced its financial and operating results for the quarter ended June 30, 2026, and provided an update on activities at its principal asset, the Sunshine Mine, located in Idaho's Silver Valley — one of the most prolific silver districts in the United States. "The second quarter, marked by the successful completion of our initial public offering and listing on the New York Stock Exchange, was transformational for the iconic mine known throughout the Silver Valley as The Shine — and for the American silver industry," said Heather White, Chief Executive Officer of Sunshine Silver Mining and Refining Company. "We ended the quarter with approximately $289 million in cash and no debt — an excellent position to complete our ongoing drill program, complete our feasibility studies, and continue the infrastructure work required to support our planned return to production in late 2028 as one of America's very largest primary silver mines. Our recent high-grade drill results reinforce the exceptional quality and near-mine growth potential of the Sunshine Mine —as well as a district-scale exploration upside. As the largest mineral rights holder in the Silver Valley, we believe that the next Sunshine is at Sunshine, with the opportunity over time to develop multiple mines on our land package." 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 grams per tonne silver and an Inferred Mineral Resource of 159.8 million ounces of silver at an average grade of 776 grams per tonne silver.1 At approximately 1,000 tonnes per day ("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.2 This output would establish Sunshine as one of the largest primary silver producers in the United States,3 with additional upside from copper, lead and antimony by-product credits 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. The Company's ambition is to significantly expand the estimated silver production. As part of the Sunshine Mine Feasibility Study, the Company is advancing plans for a new mill designed to process up to 2,000 tpd, providing flexibility to increase throughput beyond the current base case of approximately 1,000 tpd as the resource base and operating plan evolve. Key Highlights from the Second Quarter Successful Public Listing: The Company completed its initial public offering ("IPO") and began trading on the New York Stock Exchange on June 4, 2026. Strong Cash Position: The Company ended the quarter with $288.7 million in cash and cash equivalents, positioning Sunshine to complete its feasibility studies, and advance its exploration drilling, underground development and infrastructure upgrades at the Sunshine Mine. Feasibility Studies Advanced: Sunshine advanced technical partnerships and specialized contractor engagements to support completion of the 2027 Sunshine Mine Feasibility Study. The Company is also completing feasibility studies related to the potential restart of the Silver-Copper Refinery and construction of an Antimony Plant, both targeted for completion in early 2027. Major permits are in place to support the restart of the processing and refining complex at Sunshine. Existing Infrastructure Strengthened: The Company commissioned a new operating hoist for the Jewell Shaft in May 2026 — representing an important step in modernizing the site's infrastructure and supporting safe and efficient underground access. The new hoist has the capacity to hoist 3,500 tpd from the 4,000 Level (4,000 feet or approximately 1,200 meters total depth). The Company also advanced the planned decommissioning of the existing mill facilities to prepare the site for construction of a new mill designed to process 2,000 tpd, which is being evaluated as part of the Sunshine Mine Feasibility Study. Productive Drilling Program: Sunshine continued its 50,000-meter infill drilling program with three active drill rigs, yielding multiple high-grade intercepts exceeding 1,000 g/t silver across multiple vein systems. Near-Mine Growth Opportunities Identified: As the largest mineral rights holder in the Silver Valley, Sunshine offers untapped exploration potential both near-mine and at district scale. Drilling in the Upper Country, including the newly identified 10 Vein, demonstrated expansion potential within the Sunshine Mine's existing footprint and, in complement to other zones, supports 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 resources that could support Sunshine's "Phase 1" corporate objective of doubling overall processing capacity — from approximately 1,000 to 2,000 tpd. Sunshine Mine Development and Feasibility Study The Company is advancing the Sunshine Mine Feasibility Study, which is expected to be completed in the second quarter of 2027. Following completion of the study, the Company expects to make a final investment decision regarding the restart of the Sunshine Mine, which, if approved, would support the planned return to silver production in late 2028. In the first six months of 2026, the Company completed approximately 1,200 meters of underground development and continued to upgrade existing infrastructure — including commissioning of a new primary production hoist servicing the Jewell Shaft. Sunshine also advanced the planned decommissioning of the existing mill during the past quarter to prepare the site for construction of a new mill. The decommissioning of the mill and related infrastructure is expected to be complete by 2026 year-end. As part of the Sunshine Mine Feasibility Study, the Company is advancing plans for a new mill designed to process up to 2,000 tpd, providing flexibility to increase throughput beyond the current base case of approximately 1,000 tpd as the resource base and operating plan evolve. Drilling and Growth Opportunities As of July 2026, the Company's 50,000-meter infill drilling program was approximately 60% complete, with three active drill rigs underground. The program is intended to raise the classification of its Mineral Resource for inclusion in the Sunshine Mine Feasibility Study. Continued infill drilling has now transitioned downshaft to three new drill stations accessed through the Jewell Shaft. Drilling to date has focused in part on the Upper Country, a historically under-mined and under-explored area of the Sunshine Mine extending from near surface to 1,900 Level (1,900 feet or approximately 600 meters) below top station. Results across multiple vein systems, including the newly identified 10 Vein, support the potential to expand the Mineral Resource within the existing mine footprint. In complement to other zones, that data is expected to help inform the Company's evaluation of a potential increase in processing capacity — from approximately 1,000 to 2,000 tpd with a view to achieving Sunshine's corporate objective of significantly expanding estimated silver production. Beyond the existing Sunshine Mine, the Company controls approximately 9,561 hectares of consolidated mineral rights, making Sunshine the largest mineral rights holder in the Silver Valley. The Company is advancing a systematic exploration strategy across this land position to identify and prioritize district-scale targets that could expand the Mineral Resource base and support over time the potential development of additional mines. Vertical Integration and Critical Minerals The Company is evaluating the opportunity to develop a vertically integrated U.S. mine-to-mill-to-refinery platform at the Sunshine Complex. As part of that initiative, feasibility studies are underway to evaluate a new Antimony Plant as well as the refurbishment of the existing Silver-Copper Refinery to have a nameplate production capacity of approximately 10 million ounces of silver annually. Restarting the Silver-Copper Refinery could enable Sunshine to produce COMEX-deliverable silver onsite. A new Sunshine Antimony Plant, which is under evaluation, would process antimony-bearing concentrate from the Sunshine Mine. The Company is also evaluating the potential to process antimony-bearing concentrates from third parties on a toll basis, creating an additional potential source of feedstock and revenue for the facility. The Antimony Plant could potentially deliver up to 34.5 million pounds of finished antimony annually. If achieved, that level of production could supply up to 60% of annual U.S. demand.4 Major permits are in place to support the restart of the refining complex at Sunshine. The feasibility studies evaluating the potential restart of the Silver-Copper Refinery and a new Sunshine Antimony Plant are targeted for completion in early 2027. The Company has also engaged a top tier management consulting group to conduct a strategic assessment of the value-creation potential associated with both opportunities, the results of which will help inform the respective feasibility studies. Financial Results and Liquidity As of June 30, 2026, Sunshine had cash and cash equivalents of $288.7 million, compared with $31.0 million as of December 31, 2025. The increase primarily reflects the net proceeds from the Company's IPO. This liquidity provides a strong financial foundation to complete the Company's feasibility studies, and advance detailed engineering, underground development and infrastructure upgrades, as well as the Company's exploration and drilling program. For the six months ended June 30, 2026, net cash used in operating activities was $22.8 million, primarily reflecting pre-development activities, infill drilling and general and administrative expenditures. Net cash used in investing activities was $9.5 million, reflecting investment in mining equipment and infrastructure. Net cash provided by financing activities was $290.0 million, primarily due to the net proceeds from the IPO. Sunshine reported a net loss of $16.7 million, or $0.13 per basic and diluted share, for the second quarter of 2026, compared with a net loss of $7.0 million in the prior-year period. The increase primarily reflects the planned acceleration of development activities at the Sunshine Mine and increased costs associated with operating as a publicly listed company. Sunshine's unaudited financial statements and Quarterly Report on Form 10-Q for the quarter ended June 30, 2026, are available on the Company's website at www.sunshinesilvermining.com and through the SEC's EDGAR database at www.sec.gov. 2026 Outlook and Near-Term Milestones Sunshine expects to: Complete its approximately 50,000-meter underground infill drilling program, with a focus on supporting the 2027 Sunshine Mine Feasibility Study. Complete approximately 1,300 meters of underground development in the second half of 2026 to establish drill stations, improve access to priority mining areas, and support feasibility-level mine planning. Complete the decommissioning of the existing mill by year-end 2026, advancing site readiness for future mill construction. Initiate the Silver Summit Project, a multi-phase infrastructure program designed to provide a reliable secondary means of egress from the underground workings and provide additional production hoisting capacity from the Silver Summit shaft. During 2026, the Company plans to advance hoistroom upgrades and complete the hoist re-drive, with broader shaft upgrades expected to begin in 2027. Continue advancing engineering and technical work towards completion of the Sunshine Mine Feasibility Study in the second quarter of 2027. Advance the feasibility studies evaluating the restart of the Sunshine Silver-Copper Refinery and development of a new Sunshine Antimony Plant for delivery in early 2027. Sustain progress towards the planned return of the Sunshine Mine to production in late 2028, subject to completion of the feasibility study and a positive final investment decision. Q2 Earnings Call Sunshine's investor call to discuss the above results will take place on August 13, 2026, at 10:00 a.m. ET. 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. 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 Sunshine Mine Feasibility Study, the Company's corporate objectives, the potential to increase processing capacity and estimated silver production, expected additional upside from copper, lead and antimony by-product credits, the timing of the completion of the Sunshine Mine Feasibility Study and final investment decision, plans and timing with respect to the decommissioning of the existing mill, the commencement of silver production, the completion of feasibility studies related to the silver/copper refinery and development of the Sunshine Antimony Plant, the potential capacities of the silver/copper refinery and Sunshine Antimony Plant, our plans to advance our exploration strategy with a goal of expanding the mineral resource base and support the potential development of additional mines over time, and estimates of pre-development, general and administrative, exploration and capital expenditures . 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. View original content to download multimedia:https://www.prnewswire.com/news-releases/sunshine-silver-mining--refining-reports-second-quarter-2026-results-302850131.html

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 /PRNewswire/ -- 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). 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. 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: 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.) Continued success in the Upper Country could add materially to the Company's near-term mine plan and Sunshine's longer-term production profile. Previously disclosed high-grade drilling results from the Upper Country include4,5: 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. 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. 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. 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.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.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. View original content to download multimedia:https://www.prnewswire.com/news-releases/sunshine-silver-mining--refining-reports-drill-results-exceeding-1-000-grams-per-tonne-silver-from-multiple-zones-including-new-10-vein-302833254.html