SSMR
Sunshine Silver Mining & Refining Co
OpenVolumeMkt capP/EEPSDiv yield
Day – 52-wk –
Expected move
InputsNext report
Last report
Largest filed tie
13F top-10 QoQ
Top fund weight
Sunshine Silver Mining & Refining Co
Expected move
InputsNext report
Last report
Largest filed tie
13F top-10 QoQ
Top fund weight
No changes.
No changes.
We are the owner and developer of the permitted Sunshine mine (the “Sunshine Mine”) and permitted silver/copper refinery located one mile north of the Sunshine Mine (the “Sunshine Silver/Copper Refinery”), as well as the associated facilities including a tailings storage facility (the “Sunshine Tailings Storage Facility”) and historical antimony refinery grounds (collectively, the “Sunshine Complex”). The Sunshine Mine is a historic, permitted, large-scale past-producing silver mine in the United States, which historically also produced meaningful quantities of antimony, copper and lead. The Sunshine Mine is one of the highest-grade primary silver resources in the world, with an average diluted silver grade of 1,022 grams per tonne of Indicated Mineral Resources and 776 grams per tonne of Inferred Mineral Resources. When production is restarted, we expect the Sunshine Mine will also be one of the largest silver mines in the United States. We have the major permits required to restart mining, milling and refining operations, and we will not require an environmental impact study to initiate restart of such operations. We do not anticipate issues in maintaining our current permitting status or securing the outstanding and ongoing permits required. A summary of relevant permits and their status is included in Table 17-1 of the Sunshine Technical Report Summary. Our current permits will be subject to normal course updates throughout the construction process. Our mining, milling and refining complex includes substantial installed infrastructure, including approximately $208 million of investments that we have made over the last 16 years to maintain and modernize the Sunshine Complex and to consolidate the highly prospective land package surrounding the Sunshine Mine. We plan to restart operations at the Sunshine Complex in 2028. Although not currently defined as part of the existing resource or economics, we plan to produce antimony, as well as copper and lead by-products, once operations restart at the Sunshine Mine. The silver-bearing mineralization (tetrahedrite) at the Sunshine Mine has historically contained economic quantities of antimony, as demonstrated by decades of antimony production at the Sunshine Complex, which processed concentrate from the Sunshine Mine and other mines. Antimony production from the Sunshine Complex supported the U.S. war effort during World War II, and between 1953 and 2001, the Sunshine Complex produced over 48.4 million pounds of finished antimony. A potential new antimony facility at the Sunshine Complex (the “Sunshine Antimony Plant”) could allow us to process antimony-bearing concentrate from the Sunshine Mine and toll-process external (third party) antimony-bearing concentrates, which together could provide a pathway for the Sunshine Complex to become one of the most significant centralized hubs for producing refined antimony in North America. We have commenced early-stage sampling and testing of material from the Sunshine Complex to evaluate for the potential presence and recovery of other critical minerals such as gallium and germanium to support the possible future production of these other critical minerals. Silver, antimony and other critical minerals like copper, lead, gallium and germanium are required in applications with significant relevance to national security, industrial revitalization and energy independence. Silver is the best metallic conductor of electricity and is used in photovoltaic cells, electronics, electric vehicles, sensors and corrosive-resistant welding and, like gold, as a store of value. Antimony is used for munitions production, flame retardants, batteries, semi-conductors and other key defense applications. Copper is essential for electrification and energy transition, while lead is required in energy storage and national defense applications. Gallium is essential for the production of 5G mobile telecommunications infrastructure, data center electronics, LED lights and laser diodes, high-efficiency solar cells and advanced defense and telecom systems, while germanium is essential for the production of fiber optics, infrared optical systems, solar cells and radiation detectors. Large, primary silver mines are rare, with only approximately 26% of global mined supply coming from primary silver mines in 2025. Additionally, the universe of primary silver companies is small – a reality exacerbated by recent consolidation among public silver mining companies, including Pan American Silver Corp.’s acquisition of MAG Silver Corp. in September 2025, Coeur Mining Inc.’s purchase of SilverCrest in February 2025 and First Majestic Silver Corp.’s acquisition of Gatos Silver in January 2025. Silver supply is largely driven by mined silver production, which accounted for approximately 78% of total silver supply in 2025. Mined supply is sourced primarily from Mexico, China and Peru, which accounted for approximately 49% of global mined supply in 2025, compared to only approximately 4% from the United States. Although the United States is estimated to contain significant quantities of critical Mineral Resources, decades of foreign outsourcing have created a heavy reliance on other nations, especially China, for processing and supply. Specifically, while China accounted for 13% of global mined silver supply in 2025, it controlled the refining of approximately 60% to 70% of the global supply of silver. Driven by national security and economic security considerations, the United States is now actively working to bolster domestic critical mineral production, create a more favorable permitting environment to make U.S. mining and processing more competitive globally, and reduce its dependence on other nations. Most notably, the U.S. Department of the Interior’s “List of Critical Minerals” serves as a blueprint for the U.S. government’s objective to secure supplies of materials needed for defense, manufacturing and clean energy technologies. Silver was recently added to the list, joining other critical minerals which may also be present at the Sunshine Mine including antimony, copper, lead, gallium and germanium. Inclusion on the “List of Critical Minerals” is significant because it identifies minerals that the U.S. government deems strategically important and may inform federal prioritization for research, permitting, national stockpiling and incentive or funding programs designed to strengthen domestic supply chains. Our principal executive office is in Kellogg, Idaho.
We are the owner and developer of the permitted Sunshine mine (the “Sunshine Mine”) and permitted silver/copper refinery located one mile north of the Sunshine Mine (the “Sunshine Silver/Copper Refinery”), as well as the associated facilities including a tailings storage facility (the “Sunshine Tailings Storage Facility”) and historical antimony refinery grounds (collectively, the “Sunshine Complex”). The Sunshine Mine is a historic, permitted, large-scale past-producing silver mine in the United States, which historically also produced meaningful quantities of antimony, copper and lead. The Sunshine Mine is one of the highest-grade primary silver resources in the world, with an average diluted silver grade of 1,022 grams per tonne of Indicated Mineral Resources and 776 grams per tonne of Inferred Mineral Resources. When production is restarted, we expect the Sunshine Mine will also be one of the largest silver mines in the United States. We have the major permits required to restart mining, milling and refining operations, and we will not require an environmental impact study to initiate restart of such operations. We do not anticipate issues in maintaining our current permitting status or securing the outstanding and ongoing permits required. A summary of relevant permits and their status is included in Table 17-1 of the Sunshine Technical Report Summary. Our current permits will be subject to normal course updates throughout the construction process. Our mining, milling and refining complex includes substantial installed infrastructure, including approximately $208 million of investments that we have made over the last 16 years to maintain and modernize the Sunshine Complex and to consolidate the highly prospective land package surrounding the Sunshine Mine. We plan to restart operations at the Sunshine Complex in 2028. Although not currently defined as part of the existing resource or economics, we plan to produce antimony, as well as copper and lead by-products, once operations restart at the Sunshine Mine. The silver-bearing mineralization (tetrahedrite) at the Sunshine Mine has historically contained economic quantities of antimony, as demonstrated by decades of antimony production at the Sunshine Complex, which processed concentrate from the Sunshine Mine and other mines. Antimony production from the Sunshine Complex supported the U.S. war effort during World War II, and between 1953 and 2001, the Sunshine Complex produced over 48.4 million pounds of finished antimony. A potential new antimony facility at the Sunshine Complex (the “Sunshine Antimony Plant”) could allow us to process antimony-bearing concentrate from the Sunshine Mine and toll-process external (third party) antimony-bearing concentrates, which together could provide a pathway for the Sunshine Complex to become one of the most significant centralized hubs for producing refined antimony in North America. We have commenced early-stage sampling and testing of material from the Sunshine Complex to evaluate for the potential presence and recovery of other critical minerals such as gallium and germanium to support the possible future production of these other critical minerals. Silver, antimony and other critical minerals like copper, lead, gallium and germanium are required in applications with significant relevance to national security, industrial revitalization and energy independence. Silver is the best metallic conductor of electricity and is used in photovoltaic cells, electronics, electric vehicles, sensors and corrosive-resistant welding and, like gold, as a store of value. Antimony is used for munitions production, flame retardants, batteries, semi-conductors and other key defense applications. Copper is essential for electrification and energy transition, while lead is required in energy storage and national defense applications. Gallium is essential for the production of 5G mobile telecommunications infrastructure, data center electronics, LED lights and laser diodes, high-efficiency solar cells and advanced defense and telecom systems, while germanium is essential for the production of fiber optics, infrared optical systems, solar cells and radiation detectors. Large, primary silver mines are rare, with only approximately 26% of global mined supply coming from primary silver mines in 2025. Additionally, the universe of primary silver companies is small – a reality exacerbated by recent consolidation among public silver mining companies, including Pan American Silver Corp.’s acquisition of MAG Silver Corp. in September 2025, Coeur Mining Inc.’s purchase of SilverCrest in February 2025 and First Majestic Silver Corp.’s acquisition of Gatos Silver in January 2025. Silver supply is largely driven by mined silver production, which accounted for approximately 78% of total silver supply in 2025. Mined supply is sourced primarily from Mexico, China and Peru, which accounted for approximately 49% of global mined supply in 2025, compared to only approximately 4% from the United States. Although the United States is estimated to contain significant quantities of critical Mineral Resources, decades of foreign outsourcing have created a heavy reliance on other nations, especially China, for processing and supply. Specifically, while China accounted for 13% of global mined silver supply in 2025, it controlled the refining of approximately 60% to 70% of the global supply of silver. Driven by national security and economic security considerations, the United States is now actively working to bolster domestic critical mineral production, create a more favorable permitting environment to make U.S. mining and processing more competitive globally, and reduce its dependence on other nations. Most notably, the U.S. Department of the Interior’s “List of Critical Minerals” serves as a blueprint for the U.S. government’s objective to secure supplies of materials needed for defense, manufacturing and clean energy technologies. Silver was recently added to the list, joining other critical minerals which may also be present at the Sunshine Mine including antimony, copper, lead, gallium and germanium. Inclusion on the “List of Critical Minerals” is significant because it identifies minerals that the U.S. government deems strategically important and may inform federal prioritization for research, permitting, national stockpiling and incentive or funding programs designed to strengthen domestic supply chains. Our principal executive office is in Kellogg, Idaho.
Largest filed tie
0
filed ties
No peers for Sunshine Silver Mining & Refining Co yet.
No peers for Sunshine Silver Mining & Refining Co yet.
No thesis.
Supply-chain ties, covered
None disclosed
Fund holders, covered
N-PORT holdings
13F holdings, covered
13F quarter · Jun 30 '26
Management, not covered
Not covered · DEF 14A, 8-K 5.02
Annual filing, not covered
Not parsed · ties from counterparty filings
Company IR feed, not covered
News via newswires & EDGAR
Products, patents, hiring, not covered
Not covered
Supply-chain ties, covered
None disclosed
Fund holders, covered
N-PORT holdings
13F holdings, covered
13F quarter · Jun 30 '26
Management, not covered
Not covered · DEF 14A, 8-K 5.02
Annual filing, not covered
Not parsed · ties from counterparty filings
Company IR feed, not covered
News via newswires & EDGAR
Products, patents, hiring, not covered
Not covered
—
Sunshine Silver Mining & Refining Co
12.52
Expected move
No implied move.
| Manager | Value | % base | |
|---|---|---|---|
| Electrum | $1.1B | 79.42% | new |
| Frigate Ventures | $32.3M | 2.27% | new |
| Sprott | $32.2M | 2.27% | new |
| Franklin Resources | $26.4M | 1.86% | new |
| Exor Investments (UK) | $26.4M | 1.86% | new |
| Manager | Value | % base | |
|---|---|---|---|
| Electrum | $1.1B | 79.42% | new |
| Frigate Ventures | $32.3M | 2.27% | new |
| Sprott | $32.2M | 2.27% | new |
| Franklin Resources | $26.4M | 1.86% | new |
| Exor Investments (UK) | $26.4M | 1.86% | new |