Sunshine Silver Mining & Refining Co (SSMR)

Price$17.45Cached quoteAs of 2026-09-05 06:49 UTC

AI: Overvalued

Price checkThe stock price reflects a large future mine value, not today’s earnings or cash generation.

With roughly 143.7 million shares outstanding, the recent quote implies an equity value near $2.6 billion. Subtracting $288.7 million of cash and only about $0.5 million of reported debt leaves an operating value near $2.3 billion. That is about eight times book value, while earnings-based measures are unusable because losses continue. The technical report’s after-tax 5% net present value is $1.43 billion, based on indicated and inferred resources rather than reserves, so the market already prices substantial execution and commodity upside.

Big pictureSunshine owns a valuable silver resource, but production remains a distant and unproven promise.

Sunshine’s February 2026 resource estimate contains 103.9 million ounces of indicated silver and 159.8 million inferred ounces, with an initial assessment modelling a 24-year mine life at about 1,000 tonnes per day. It forecasts roughly 6.7 million ounces annually in the first five years and 5.8 million over the life. However, the filing reports no mineral reserves; resources may never become mineable. Silver, copper, lead, and antimony prices therefore make future cash flows highly cyclical.

Business strengthThe balance sheet funds near-term studies, while operating results still show heavy cash losses.

Financial durability is weak before production. Second-quarter sales were zero and net loss was $16.7 million, versus $7.0 million a year earlier; six-month operating cash flow was negative $23.2 million and investing cash flow negative $9.5 million. Cash of $288.7 million and no long-term debt provide a meaningful near-term cushion, but the cash is IPO funding, not earned cash. In 2025, operating expenses reached $14.5 million, loss before interest, taxes, depreciation, and amortization was $31.0 million, and capital spending was $10.5 million.

What could change the storyValue improves if feasibility work confirms reserves, costs, funding needs, and a profitable production schedule.

The bull case requires the 2027 feasibility study to convert resources into reserves, preserve the report’s 38.3% after-tax return and $1.43 billion after-tax present value, and keep the late-2028 restart on schedule. The bear case is further spending without that conversion: initial capital is estimated at $286.9 million, plus $560.2 million of sustaining capital over the mine life, while shares rose from 116.5 million at 2025 year-end to 143.7 million by June 2026. Strong metal prices and refinery or antimony success are also needed to justify the current premium.

AI: News

IPO closesAn IPO raised substantial cash, but it also increased the share count and future funding expectations.

On June 5, 2026, Sunshine closed its IPO after selling 23.0 million shares and reporting gross proceeds of about $310.5 million; trading began on the NYSE the day before. The financing helped lift cash to $288.7 million by June 30 from $31.0 million at year-end, reducing near-term funding pressure for drilling and studies. It also helped raise shares outstanding to 143.7 million from 116.5 million, so the cash support came with meaningful dilution.

Quarterly resultsSecond-quarter results showed strong liquidity but no sales and sharply higher losses during mine development.

On August 12, Sunshine reported zero second-quarter sales and a $16.7 million net loss, compared with a $7.0 million loss in the prior-year quarter. Six-month operating cash use was $22.8 million and investing cash use was $9.5 million, while cash stood at $288.7 million and the company reported no long-term debt. The release supports near-term solvency, but confirms that the stock’s value depends on a future mine rather than current earnings.

High-grade drillingHigh-grade drilling strengthened the mine’s growth story, while remaining too early to prove economic reserves.

On July 23, Sunshine reported 11,160 metres across 54 holes, with selected intercepts exceeding 1,000 gram-metres of silver and several high-grade results from the new 10 Vein. The program was about 60% complete and intended to support the 2027 feasibility study, with production targeted for late 2028. These results improve geological confidence and potential mine scale, but drill intercepts are not reserves and still require modelling, feasibility work, financing, and construction.

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Revenue

2024

2025

Net income

2024

2025

Free cash flow

2024

2025

Total cash / debt

CashTotal debt

2024

2025

Financial statements

	2025	2024
Revenue	$501,293	$96,075
Operating expenses	$14.5M	$5.9M
Operating income	−$15.1M	−$6.4M
Operating margin	−3,021.80%	−6,641.51%
EBITDA	−$31.0M	−$8.4M
EBITDA margin	−6,182.25%	−8,788.01%
Net income	−$34.7M	−$12.9M
Net profit margin	−6,930.74%	−13,418.70%
Basic EPSper basic share	-$0.25	-$0.09
Diluted EPSper diluted share	-$0.25	-$0.09

Review official source filings ↗

Owners

Reported shareholders

Reference date Jun 30, 2026

59.39%of listed shares

Electrum Group LLC85.36M shares · Jun 30, 2026

View holders

Top 20 reported holders of SSMR
Holder	% owned
Manul Capital Management LLC / GRAT Holdings LLC / Tigris Financial Group Ltd.	—165.87M shares
Electrum Group LLC	59.39%85.36M shares
Ospraie Holding I, L.P. / Ospraie Real Assets Fund LP / Ospraie Management, Inc. / Ospraie Management, LLC / Anderson Dwight / Ospraie Real Assets GP LLC	≈17.23%24.76M shares
Anson Funds Management LP	1.70%2.44M shares
SPROTT INC.	1.70%2.44M shares
FRANKLIN RESOURCES INC	1.39%2M shares
Lingotto Investment Management LLP	1.39%2M shares
AMERIPRISE FINANCIAL INC	0.91%1.31M shares
Amundi	0.91%1.31M shares
Phoenix Financial Ltd.	0.86%1.23M shares
VAN ECK ASSOCIATES CORP	0.70%1.01M shares
NORGES BANK	0.70%1M shares
JUPITER ASSET MANAGEMENT LTD	0.66%950K shares
TEACHER RETIREMENT SYSTEM OF TEXAS	0.56%800K shares
Yaupon Capital Management LP	0.52%750K shares
Ninepoint Partners LP	0.49%700K shares
Ninety One UK Ltd	0.48%691.44K shares
Jupiter Topco LLC	0.46%658.96K shares
Pentwater Capital Management LP	0.31%439.4K shares
Erfan Ali	≈0.25%355.09K shares

Percentages use 143.73M shares of this listed class outstanding on Jun 30, 2026. ≈ compares the latest reported holding with a share total from a different date; it is not a confirmed current stake.

Gray completes the 100% scale. Reported positions may overlap; holders have different reporting dates.

Source: SEC Form 13F ↗Updated Sep 29, 2026 · Quarterly data

Insider buys & sells

Jul 1, 2024–Jun 30, 2026

Buys6$804.1K disclosed value

Sells (SEC code S)1$7.50M disclosed value

Transaction	Insider	Type	Shares	Price	Value	Owned after
Jun 5, 2026Form 4	Ospraie Holding I, L.P. +5TenPercentOwner	SellCommon Stock, par value $0.001 per share	555.6K	$13.50	$7.50M	24.76M
Jun 5, 2026Form 4	SHEPSTON MICHELLE HGeneral Counsel	BuyCommon Stock · indirect	65	$13.50	$877.50	65
Jun 5, 2026Form 4	SHEPSTON MICHELLE HGeneral Counsel	BuyCommon Stock	5.0K	$13.50	$67.5K	5.0K
Jun 5, 2026Form 4	White Heather EileenChief Executive Officer	BuyCommon Stock	2.0K	$13.50	$27.0K	2.0K
Jun 5, 2026Form 4	Radford Lawrence PDirector	BuyCommon Stock	2.5K	$13.50	$33.8K	11.4K

Review ownership filings at SEC.gov ↗

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Sunshine Silver Mining & Refining Co (SSMR)

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