Sunshine Silver Mining & Refining CompanyS
Sunshine Silver Mining & Refining Company is a Delaware-incorporated silver developer whose sole material asset is the historic Sunshine Mine in the Silver Valley of northern Idaho's Coeur d'Alene Mining District. The Sunshine Mine produced an estimated 365 million ounces of silver between the early 1900s and the cessation of production in the early 2000s, including 23.0 million ounces (plus copper, lead and antimony by-products) over its last five full years of operation (1996-2000). The company completed its IPO on the NYSE (ticker SSMR) on 4 June 2026 at $13.50 per share, raising approximately $310.5 million including the underwriters' full over-allotment option. A Technical Report Summary prepared under SEC Regulation S-K 1300 (SLR International Corporation and SRK Consulting (U.S.), Inc., effective 24 Feb 2026) delivered an Initial Assessment (the SEC-disclosure equivalent of a Preliminary Economic Assessment) modeling a 24-year mine life producing approximately 150 million ounces of contained silver at an all-in sustaining cost of $18.81/oz (excluding potential copper and lead by-product credits), for an after-tax NPV (5% discount) of approximately $1.43 billion and a 38.3% IRR at a constant $46.36/oz silver price assumption. No Mineral Reserves (Proven or Probable) have been declared -- only Mineral Resources. The company is advancing a Feasibility Study targeted for completion in Q2 2027, alongside separate feasibility studies for a new Antimony Plant and the refurbishment of the site's existing Silver-Copper Refinery (both also targeted for early 2027), and states major legacy permits from the mine's historical operation are already in place. Management's stated plan is a return of the Sunshine Mine to production in late 2028, subject to completion of the Feasibility Study and a positive Final Investment Decision. The company held $288.7 million in cash at 30 June 2026 (post-IPO) against minimal debt.
Notable vs. Peers
- Financials score of 8.2/10 is stronger than the peer average of 5.8/10.
- Jurisdiction risk score of 9/10 is meaningfully safer than the peer average of 6.8/10.
Lifecycle Milestones
Jurisdiction (40%)9/10
Idaho: Fraser PPI 2025 is 77.16 of 100 (rank 27 of 68), which maps to 9 on this site's scale. Shoshone County, Idaho, USA (Silver Valley / Coeur d'Alene Mining District) -- Tier-1, low political-risk US mining jurisdiction, consistent with this schema's established convention for Idaho-hosted miners (Hecla, Bunker Hill Mining -- same district -- Idaho Strategic Resources, Perpetua Resources, Liberty Gold, all score 9).
Infrastructure (40%)10/10
A confirmed mill, confirmed road access, confirmed grid power, and a confirmed tailings facility at Sunshine Mine (Sunshine Complex), Silver Valley, Coeur d'Alene Mining District, Shoshone County, Idaho.
Nearby producing mine (20%)10/10
Bunker Hill (Bunker Hill Mining Corp.) is 6 km away -- within shared-mill trucking range.
Acquisition Susceptibility
A relative ranking of how closely this company matches the profile of juniors that have actually been acquired — not a probability, and not a reason to buy. Acquisitions are rare: only a few dozen significant deals happen a year across a universe of thousands of juniors, so even a high score here describes a long shot. The strongest signal in the research, a producer that already owns part of the company, is scored from its disclosed strategic shareholders. A producer that is a joint-venture or earn-in partner on the project, rather than a shareholder, isn't captured yet.
How this score is built
- Disclosed pending dealSub-score: Not scored
No pending acquisition or merger disclosed (checked)
Not scored: having no deal in flight isn't held against a company.
Weight 26.25% - Producer's strategic stakeSub-score: Not scored
No producer holds a disclosed stake on file (holder register researched) See holders
Not scored: most juniors that do get bought had no prior toehold, so a missing stake says little either way.
Weight 25% - Distance to a producing mineSub-score:9.4/10
Nearest producing mine: Bunker Hill (Bunker Hill Mining Corp.), 6 km
10 next to a producing mine, 8 at 20 km, 5 at 50 km, 0 beyond 200 km.
Weight 22.5% · 46% here - Lifecycle stageSub-score:6/10
Stage: Preliminary Economic Assessment
Feasibility and permitting score 10, where deals cluster, and production 5.5; earlier stages score less, down to 1 at grassroots.
Weight 15% · 31% here - JurisdictionSub-score:9/10
United States: jurisdiction score 9/10
Our jurisdiction score, used as is: higher means lower political and permitting risk.
Weight 6.75% · 14% here - CommoditySub-score:5/10
Primary commodity: Silver
Gold 10, copper 8, silver 5, nickel and uranium 4, others 2: most majors' deals are for gold.
Weight 4.5% · 9% here
Weight is each input's share of the full score. “Here” is its share of this company's score: inputs that aren't scored are left out and the rest re-weighted, never counted as zero.
Your Rankings
Management Team
Chairman of the Board of Directors of Sunshine Silver Mining & Refining Company. Founder of Electrum Group, whose affiliated entities (ESUS, ESUS II) beneficially own the majority of the company's common stock.
Director and Chief Executive Officer of Sunshine Silver Mining & Refining Company since February 2024, after joining as Chief Operating Officer in January 2021. Previously SVP & COO of Nickel Creek Platinum (2017-2021), VP of mining at NOVAGOLD Resources (2011-2013), and senior management roles at Vale S.A. and Inco Ltd/PT Inco. President of White Mining Consulting Inc. since 2013.
Chief Financial Officer of Sunshine Silver Mining & Refining Company since March 2025. Previously CFO of Gatos Silver (2022-2025, through its acquisition by First Majestic Silver), CFO of Nevada Copper Corp. (2020-2022), and EVP & CFO of Golden Star Resources Ltd. Certified Public Accountant.
Insiders, Investors & Smart Money
Notable shareholders and insiders whose involvement is worth knowing about, plus what we're seeing from institutional/large-investor activity.
No smart-money tracking (institutional/large-investor activity) for this miner yet — this is a planned feature, not live data.
No notable insiders tracked for this miner yet.
Reports, Presentations & Documents
Sunshine Silver Mining & Refining's sole material asset is the historic Sunshine Mine in Idaho's Silver Valley (the Coeur d'Alene Mining District), which produced an estimated 365 Moz of silver from the early 1900s until production stopped in the early 2000s. Its S-K 1300 technical report summary (effective 24 February 2026) gives an indicated resource of 103,915,000 oz of silver at 29.8 oz per short ton, with no measured category and no declared reserves, plus 159,847,000 oz inferred. The February 2026 initial assessment, the equivalent of a preliminary economic assessment, shows an after-tax NPV5% of US$1.43B and a 38.3% IRR at a constant US$46.36/oz silver price, with initial capital of US$286.9M, a 24-year mine life and an all-in sustaining cost of US$18.81/oz before copper and lead credits; about 68% of the contained silver in that base case is inferred. Sunshine completed its NYSE initial public offering on 4 June 2026 at US$13.50 per share, raising about US$310.5M. A feasibility study is targeted for Q2 2027, and management plans a return to production in late 2028, subject to a positive investment decision.