Sunshine Silver Mining & Refining Company · NYSE:SSMR
Sunshine Silver Mining & Refining — Investor Presentation (October 2026)
20 slides from Sunshine Silver Mining & Refining's investor presentation, October 2026
Slide 1: Sunshine Silver Mining & Refining Corporate Presentation
SUNSHINE SILVER MINING & REFINING CORPORATE PRESENTATION America’s Must-Own Silver Developer OCTOBER 2026 sunshinesilvermining.com
Slide 2: Important Notice and Disclaimers
IMPORTANT NOTICE AND DISCLAIMERS Certain statements in this presentation and the accompanying oral commentary are forward-looking statements and relate to or are based on estimates regarding market and industry data that Sunshine Silver Mining & Refining Company (the “Company,” “we,” “our” or “us”)
Slide 3: America's Must-Own Silver Developer
AMERICA’S MUST-OWN SILVER DEVELOPER HIGH-GRADE. LONG LIFE. UNTAPPED POTENTIAL. Tier 1 Location High-Grade Long Life Located in Silver North America’s Generational Valley, Idaho Highest-Grade Mine Life & Scale U.S.A. Primary Silver Resource1 Clear Path to Exploration Upside Critical Minerals Producti
Slide 4: Sunshine Mine
SUNSHINE MINE HIGH-GRADE. TIER 1 JURISDICTION. 103.9Moz 2 Indicated Silver Resource @ 1,022 g/t 159.8Moz 2 Inferred Silver Resource Idaho, U.S.A. @ 776 g/t SSMR Invest in American Silver 4
Slide 5: Sunshine Mine
SUNSHINE MINE A GENERATIONAL, WORLD-CLASS ASSET. 24 Years 3 Mine Life 5.8Moz avg. annual silver production – life of mine3 6.7Moz avg. annual silver production - 1st 5 Years3 2nd Largest Estimated Primary Silver Producer in the U.S.4 based on annual silver production in the 1st 5 years SSMR Invest i
Slide 6: Experienced Management Team
EXPERIENCED MANAGEMENT TEAM Proven Developers and Operators with Deep Underground Mining & Silver Valley Experience HEATHER WHITE ANDRÉ VAN NIEKERK MICHELLE SHEPSTON MIKE PATTERSON TOM HENDERSON NICK FURLIN MIKE IRISH BARRY HUMMER JUSTIN WILBUR Chief Executive Officer Chief Financial Officer General
Slide 7: Existing Infrastructure
Sterling Portal Jewell Shaft EXISTING INFRASTRUCTURE Sterling Tunnel Tailings Storage Facility Jewell Shaft Hoist Room Down Shaft Infrastructure SSMR Invest in American Silver 7
Slide 8: Operational Readiness
OPERATIONAL READINESS Multiple Above and Below-Ground Activities Underway to Prepare for a Return to Production in Late 2028 2,500 3,100 3 Meters Meters Access Upgrades Planned Underground Planned New Rail New Jewell Hoist; Development Infrastructure Silver Summit Shaft in 2026 in 2026 Rehab; New St
Slide 9: Permitting
PERMITTING MAJOR PERMITS IN PLACE, SUPPORTING RESTART READINESS. Multi-Sector General Idaho Pollutant Discharge Tailings Storage Clear Approval Process for Permit Elimination System Facility Certificate of New Construction Approval ✓ ✓ ✓ Permit #IDR053001 IPDES Permit #ID0000060 Current permitted TS
Slide 10: Sunshine Complex
SUNSHINE COMPLEX Potential to Build a Vertically-integrated Critical Minerals Complex to Meet U.S. Domestic Supply Demand 6.7 Moz 5 34.5 Mlbs 6 10 Moz Silver Annual Production Antimony Annually COMEX-Deliverable Silver7 1st 5 Years Sunshine Mine Antimony Plant Silver-Copper Refinery SSMR Invest in A
Slide 11: Drilling Program
DRILLING PROGRAM ADVANCING TO 2028 PRODUCTION. 50,000 Meters In-fill Underground Drilling Program 2027 Feasibility Study Supporting Resource Conversion SSMR Invest in American Silver 11
Slide 12: Completed & Planned Drilling for 2027 Feasibility Study
COMPLETED & PLANNED DRILLING FOR 2027 FEASIBILITY STUDY8 Feet
Slide 13: Upper Country Drilling as of July 2026
UPPER COUNTRY DRILLING AS OF JULY 20268 Sterling Portal Sterling North Sterling Tunnel Ramp Jewell Shaft
Slide 14: Extraordinary Drill Results
EXTRAORDINARY DRILL RESULTS MULTIPLE 1,000+ G/T INTERCEPTS.8 True Width Drill Hole9 Vein (meters) Ag (gpt) Cu (%) Pb (%) Sb (%) Ag-Eq (gpt) Ag-Eq (opt) FS-ST40 C-Fault 1.20 3,432 1.68 0.05 1.14 3,727 109 FS-ST02 C-Fault 1.52 2,539 2.39 0.11 1.01 2,862 83 FS-ST71 10 Vein 0.11 32,331 16.50 12.80 11.10
Slide 15: Quote from Chairman Dr. Thomas S. Kaplan
“ When we say the next Sunshine is at Sunshine, we mean it.” DR. THOMAS S. KAPLAN Chairman of the Board SSMR Invest in American Silver 15
Slide 16: District-Scale Untapped Potential
DISTRICT-SCALE UNTAPPED POTENTIAL LARGEST MINERAL RIGHTS POSITION IN THE SILVER VALLEY.9 East Sunshine SSMR Invest in American Silver 16
Slide 17: Capitalization and Share Structure
CAPITALIZATION AND SHARE STRUCTURE Successful IPO Establishes a Strong Financial Foundation to Execute 143.9MM ANALYST COVERAGE Basic shares outstanding (10) $286.5MM SSMR 155.2MM IPO Net Proceeds No Long-Term Debt Kevin O’Halloran, CFA Fully diluted shares outstanding (10,11) Dalton Barretto, CFA J
Slide 18: Path to Production
PATH TO PRODUCTION Targeting Late 2028 Return to Silver Production 2026 2027 2028 2029 Preparation Decision Execution Production underground feasibility development studies construction commissioning + + + + mill demolition investment decisions commissioning commercial production + + + infill drilli
Slide 19: Footnotes
FOOTNOTES 1. Source Capital IQ Pro; based on primary silver assets in Canada, the U.S., and Mexico with more than 50 Moz Ag contained of Measured and Indicated Resources. 2. Source: Sunshine Mine S-K 1300 Technical Report Summary on the Initial Assessment (“IA”), dated March 25, 2026. 3. Source: Sun
Slide 20: SSMR
[ ] SSMR Invest in American Silver 20
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