Sunshine Silver Mining & Refining CompanyS

STAGE=PEA: the Sunshine Technical Report Summary's 'Initial Assessment' (S-K 1300 Subpart 1302(d) terminology) is the direct SEC-disclosure equivalent of a NI 43-101 PEA -- a full economic model exists (NPV/IRR/capex/AISC, both a 'Base Case' and an 'Indicated Only Case'), but the company is explicit a Feasibility Study is still in progress (targeted Q2 2027) and NO Mineral Reserves exist, only Mineral Resources -- not RESOURCE_DEFINITION (an economic study IS complete) and not PFS/FEASIBILITY (neither is complete). RECHECK ~Q3 2027 if the Feasibility Study lands as guided. TWO CASES, ONE HEADLINE CHOSEN: the Technical Report Summary presents a Base Case (mines both Indicated AND Inferred Resources: 24yr mine life, 7.9M tons, 150 Moz Ag contained/139 Moz payable, initial capital $286.9M, AISC $18.81/oz, after-tax NPV5% $1,434M, IRR 38.3%) and an Indicated Only Case (10yr mine life, 1.5M tons, 38 Moz Ag contained/35 Moz payable, initial capital $239.6M, AISC $24.06/oz, after-tax NPV5% $270M, IRR 21.1%), shown per Subpart 1302(d)(4) 'for illustrative purposes only.' The company states its OWN current evaluation and project planning is based on the Base Case -- that is the case written to dcfNpvUsd/irrPct/initialCapexUsd/aiscValue/mineLifeYears above, NOT the more conservative Indicated Only Case. Approximately 74% of Base Case tonnage and 68% of its contained silver is Inferred Resources (geologically speculative, no certainty the economic assessment is realized) -- a real, disclosed caveat on the headline figures, not a hidden one. RESOURCE (effective 24 Feb 2026, S-K 1300, SLR/SRK): Measured nil; Indicated 3,485 kst @ 29.8 opt Ag = 103,915 koz Ag; Measured+Indicated = 103,915 koz Ag (written to ouncesFound, this repo's M+I convention); Inferred 7,061 kst @ 22.6 opt Ag = 159,847 koz Ag (real, NOT folded into ouncesFound). Cut-off 8.8 opt Ag at an assumed $23.50/oz Ag price for resource-constraint purposes (DISTINCT from the $46.36/oz Ag price used in the Initial Assessment's own economic analysis -- two different, both real, disclosed price assumptions serving two different purposes; technicalReportPriceAssumptionUsd records the economic-analysis price, $46.36). COMMODITY: primary SILVER is unambiguous (100% of modeled Initial Assessment revenue). Secondary MinerCommodity COPPER added -- a real, historically-produced by-product (5.7 million lbs over the last 5 years of historical production, 1996-2000) with company-stated forward plans (Silver-Copper Refinery refurbishment feasibility study, targeted early 2027) -- but note the CURRENT Initial Assessment's AISC/revenue figures explicitly EXCLUDE copper and lead by-product credits, so copper is real but not yet economically quantified in the current study. Antimony and lead are ALSO real historical/planned by-products (a dedicated Antimony Plant feasibility study is in progress) but have no Commodity enum value and are recorded in this description/note only, not tagged as OTHER -- same restraint this repo applies elsewhere to a single non-primary by-product without a clean enum fit (see e.g. ORD/lithium precedent, Task #720). DEBT: debtUsd is the real $231,526 current 'Note payable' balance-sheet line item at 30 Jun 2026 -- NOT rounded to zero, even though the company's own 10-Q MD&A states 'As of August 12, 2026, we had no LONG-TERM debt' (a true but narrower claim that does not negate this real short-term note). MARKET CAP: computed directly as sharesOutstanding (143,726,603, matching the 10-Q's own 30 Jun 2026 balance-sheet share count) x the 2026-09-01 EOD close ($16.79), rather than taken from EODHD's own Highlights.MarketCapitalization field, which was stamped 2026-08-31 (one trading day stale) at seed time. Task #861/#863: this row closes a genuine universe-reconciliation gap -- see src/lib/universe-reconciliation.ts for the two independent, complementary code fixes this seed's investigation surfaced.