Sunshine Silver Mining & Refining Company · NYSE:SSMR
Sunshine Silver Mining & Refining — Investor Presentation (July 2026)
34 slides from Sunshine Silver Mining & Refining's investor presentation, July 2026
Slide 1: Sunshine Silver Mining & Refining Corporate Presentation
SUNSHINE SILVER MINING & REFINING CORPORATE PRESENTATION America’s Must-Own Silver Developer JULY 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
SUNSHINE SILVER MINING AND REFINING – AMERICA’S MUST-OWN SILVER DEVELOPER Differentiated in its Large Scale and Stellar Grade, Existing Infrastructure and Permits, and Exceptional Multi-Mine Potential The Gating Factor in Mining: “World Class” is now increasingly influenced by where in the world one
Slide 4: Location, Location, Location: Renowned Mining Region in a Secure Jurisdiction
LOCATION, LOCATION, LOCATION: RENOWNED MINING REGION IN AN OUTSTANDING, SECURE JURISDICTION One of the Highest-Grade, Large-Scale, Silver-Dominant American Assets; Based in the Most Prolific Silver District in U.S. History LOCATED IN THE SILVER VALLEY TOP TEN JURISDICTION GLOBALLY (1) IDAHO, U.S.A.
Slide 5: Not All Ounces Are Created Equal
“NOT ALL OUNCES ARE CREATED EQUAL” Grades ~3x those of Other Global High-Grade Silver Assets and ~2x those of Our Silver Valley Neighbors (2) Global High-Grade Silver Assets – Average Diluted Silver Grade of Indicated Mineral Resources (5)(6) The highest-grade g/t primary silver deposit Other Silver
Slide 6: Generational Mine Life and Scale
GENERATIONAL MINE LIFE AND SCALE HIGH-GRADE RESOURCE BASE EVEN AT 1,000 TPD….POTENTIAL TO RANK AMONG THE LARGEST U.S. SILVER SUPPORTING A 24-YEAR MINE LIFE PRODUCERS Existing Mineral Resource Base: S-K 1300 Compliant IA Top U.S. Silver Assets (Moz Ag) (3) Based on 2025A Reported Production (Except H
Slide 7: Most Pure-Play Silver Equity
MOST PURE-PLAY SILVER EQUITY Entirely Based in the U.S. with Potential Ability to Deliver COMEX-eligible Silver (6) (7) 5% 4% Silver 21% 6% 21% 25% (5) Revenue by 21% 15% 64% Metal (1)(2)(3) 90% (2)(3) Silver 90% 75% Silver 73% 64% Silver 75% Gold Silver Antimony Other 11% 14% 22% NAV by 42% Country
Slide 8: Excellent Leverage to Silver
EXCELLENT LEVERAGE TO SILVER Using 1,000 tpd Base Case, Compelling After-Tax Value Across a Range of Silver Price Scenarios(1) Sunshine After Tax NPV5% – Base Case ($Bn)(1) Base Case Assumes the Mining of Indicated Mineral Resources and Inferred Mineral Resources Excludes Value from By-product Reven
Slide 9: Capital-Efficient Restart Plan
CAPITAL-EFFICIENT RESTART PLAN Existing Infrastructure Supports an Estimated ~$290 Million Initial Capital Requirement Initial Sunshine Mine Plan Capex IA INITIAL CAPEX $MM YEAR -3 YEAR -2 YEAR -1 TOTAL Infrastructure $35.0 $13.4 $0.4 $48.8 Equipment $5.5 $12.0 $9.0 $26.5 Development $4.6 $23.0 $17.
Slide 10: Competitive Cost Position
COMPETITIVE COST POSITION Life-of-mine AISC of $18.81 per Ounce BEFORE Potential By-Product Credits Co-Product Silver AISC Curve (1)(2)(3) $/oz Ag Co-Product $80.00 $70.00 $60.00 AISC ($/oz Ag) $50.00 $40.00 Sunshine Base Case(4) (4) $30.00 Sunshine Base Case :: $18.81/oz Ag $18.81/oz Ag (Does not r
Slide 11: Approximately $600 Million of Existing Infrastructure Supports Restart
APPROXIMATELY $600 MILLION OF EXISTING INFRASTRUCTURE SUPPORTS A RAPID, CAPITAL EFFICIENT RESTART (1) Down Shaft Infrastructure & Jewell Shaft Sterling Portal Development Jewell Shaft Hoist Room Silver / Copper Refinery Tailings Storage Facility Notes: 1. We estimate that it would currently cost app
Slide 12: Major Permits Support Restart Readiness
MAJOR PERMITS SUPPORT RESTART READINESS Key Water, Tailings, and Operating Permits are in Place, Reducing Permitting Time and Risk(1) WATER: Tailings Storage AIR / CONSTRUCTION: Multi-Sector General Permit Facility (“TSF”) Clear approval process for Idaho Pollutant Discharge Certificate of Approval
Slide 13: Low Hanging Fruit: Multiple Exploration Opportunities Along Strike
LOW HANGING FRUIT: MULTIPLE EXPLORATION OPPORTUNITIES ALONG STRIKE A Consolidated Land Position with Near-Mine Exploration Potential Laterally and to Depth HIGH-GRADE RESULTS SUPPORT MULTIPLE TARGETS ACROSS ~6-MILE MINERALIZED TREND NEAR MINE POTENTIAL • Veins average 2,000ft strike length, 6,000ft
Slide 14: District-Wide Exploration Potential on Largest Mineral Rights Holdings
DISTRICT-WIDE EXPLORATION POTENTIAL ON THE LARGEST MINERAL RIGHTS HOLDINGS IN THE SILVER VALLEY – +400% SINCE 2010 Recent Evaluation has Generated New, Drill-Ready Targets COEUR D’ALENE MINING DISTRICT MAJOR HOLDINGS Largest mineral rights holder in the Pinehurst S. Fork Coeur d’ Alene River MONTANA
Slide 15: Advancing High-Priority Exploration Targets
ADVANCING HIGH-PRIORITY EXPLORATION TARGETS A Data-Driven Program Design to Test Near-Mine and District-Scale Opportunities Systematic Evaluation ON-STRIKE EXPLORATION TARGET EXCEEDS CURRENT RESOURCE FOOTPRINT § Scout Discoveries engaged in 2024 to evaluate land package potential and to develop a sy
Slide 16: Mine-to-Refinery Silver/Copper Platform
MINE-TO-REFINERY SILVER/COPPER PLATFORM On-site Refining Supports U.S.-Based Processing and the Potential to Produce COMEX-Eligible Silver On-site 10Moz silver refinery creates one of the few mine-to-mill-to-refinery platforms in the U.S. Slated to produce silver eligible for delivery into the COMEX
Slide 17: Compelling Upside Cases from Other Critical Minerals: By-Products
COMPELLING UPSIDE CASES FROM OTHER CRITICAL MINERALS Additional Value Potential from By-Products Beyond the Current Silver Economics ILLUSTRATIVE AVG. ANNUAL BY-PRODUCT NET REVENUE SUNSHINE MINE BY-PRODUCT POTENTIAL (1)(2) OVER LIFE OF MINE (1)(2)(3)(4) Historical Production Data: Sunshine Mine Prod
Slide 18: Compelling Upside Cases from Other Critical Minerals: Antimony Tolling
COMPELLING UPSIDE CASES FROM OTHER CRITICAL MINERALS Additional Value Potential from Antimony Tolling Beyond the Current Silver Economics ILLUSTRATIVE ANNUAL AVG. EBITDA ADDITIONAL ANTIMONY TOLL REFINING POTENTIAL OVER US$MM | % Change to Antimony LIFE OF MINE (1)(2)(3)(4) Pricing We believe market
Slide 19: Valuation Building Blocks
VALUATION BUILDING BLOCKS VALUE BLOCK DESCRIPTION HIGHLIGHT METRIC 1 SILVER OPERATIONS At $60.27/oz silver, the Base Case of the Sunshine IA estimates an after-tax NPV5% of $2.2 billion, with no value accorded for potential by-product credits or antimony tolling 1 $2.2 Billion At 1,000 tpd Base Ca
Slide 20: Capitalization and Share Structure
CAPITALIZATION AND SHARE STRUCTURE 143.7MM ANALYST COVERAGE $286.5MM Basic shares outstanding (1) SSMR 155.6MM IPO Net Proceeds No Long-Term Debt Kevin O’Halloran, CFA Fully diluted shares outstanding (1) (2) Alexander Hacking, CFA CAPITALIZATION (1) CURRENT STOCKHOLDER OVERVIEW (1) (2) Basic Shares
Slide 21: Experienced Management Team
EXPERIENCED MANAGEMENT TEAM PROVEN DEVELOPERS & OPERATORS WITH DEEP UNDERGROUND MINING & SILVER VALLEY EXPERIENCE HEATHER WHITE ANDRÉ VAN MICHELLE TOM HENDERSON RYAN KEE NICK FURLIN MIKE IRISH BARRY HUMMER JUSTIN WILBUR NIEKERK SHEPSTON Vice President, Manager, Technical Manager, Chief Executive Off
Slide 22: Next Steps in Developing the Sunshine Complex to Its Full Potential
NEXT STEPS IN DEVELOPING THE SUNSHINE COMPLEX TO ITS FULL POTENTIAL STRATEGIC PRIORITIES MILESTONES DELIVER STUDIES, FINAL INVESTMENT DECISION (FID) & CONSTRUCTION COMMERCIAL PRODUCTION • Deliver Sunshine Mine Feasibility Study & FID • Deliver commercial production from A Restart the Sunshine Mine •
Slide 23: Supplementary Materials – Appendix A
SUPPLEMENTARY MATERIALS APPENDIX A
Slide 24: Board of Directors
BOARD OF DIRECTORS PROVEN EXPERIENCE ACROSS MINING, CAPITAL MARKETS AND GOVERNANCE DR. THOMAS S. ANNA EL-ERIAN NATHAN EBELING ALI ERFAN DOUG GROH DANIEL MUNIZ LARRY RADFORD HEATHER WHITE PAUL ZINK KAPLAN QUINTANILLA Lead Independent Director Chairman Director Director Director Director Director Dire
Slide 25: Sunshine Provides Strong Exposure to the Compelling Silver Backdrop
SUNSHINE PROVIDES STRONG EXPOSURE TO THE COMPELLING SILVER BACKDROP PERSISTENT DEMAND FOR SILVER (1) HISTORICAL SILVER PRICE (3) WEEKLY CORRELATION OF RETURNS OF SILVER US$/oz, Since January 2005 EQUITIES TO RETURNS OF THE S&P 500 OVER 1, 3 AND Persistent structural deficit driven by constrained new
Slide 26: Critical U.S. Needs for Domestic Antimony Production
CRITICAL U.S. NEEDS FOR DOMESTIC ANTIMONY PRODUCTION Domestic Antimony Supply Expected to Command a Strategic Premium LIMITED WESTERN SUPPLY AND ABILITY TO …BUT NEEDED FOR CRITICAL APPLICATIONS, ANTIMONY PRICES (1)(4) GROW SUPPLY OF ANTIMONY… WITH GROWING DEMAND FROM US$/oz, Since January 2005 DIVER
Slide 27: Silver, Antimony and Other Critical Metals Made in America
SILVER, ANTIMONY AND OTHER CRITICAL METALS MADE IN AMERICA 47 51 29 82 31 32 Ag Sb Cu Pb Ga Ge Silver Antimony Copper Lead Gallium Germanium 47 51 32 31 SILVER Ag ANTIMONY Sb GERMANIUM Ge GALLIUM Ga KEY FOR ELECTRIFICATION AND KEY FOR MILITARY KEY FOR SEMICONDUCTORS AND SOLAR INVESTMENT APPLICATIONS
Slide 28: Antimony Production History in the U.S.
ANTIMONY PRODUCTION HISTORY IN THE U.S. In 1937, Sunshine began a detailed In the 1990s, research was In 2001, due to low prices for investigation to reduce the Between 1941–1945, during WWII, From 1953 to 2001, the Sunshine underway antimony, antimony mining in the antimony in their concentrates. 9
Slide 29: Supplementary Materials – Appendix B
SUPPLEMENTARY MATERIALS APPENDIX B
Slide 30: IPO Overview
IPO OVERVIEW IPO BREAKDOWN AS OF JUNE 5, 2026 Pre-IPO Basic Shares 116,509,480 Add: IPO Shares Issued 23,000,000 (including 3,000,000 overallotment) Net Warrant Exercise 4,217,123 Post-IPO Basic Shares (1) 143,726,603 Gross Proceeds $310.5MM ($13.50 per share) Notes: 1. Post-IPO Basic shares are cal
Slide 31: Historical Financials
HISTORICAL FINANCIALS Statement of Operations THREE MONTHS ENDED MARCH 31, YEARS ENDED DECEMBER 31, 2026 2025 2025 2024 (IN THOUSANDS, EXCEPT FOR SHARE AND PER AMOUNTS) Statement of Operations Data: Sales ($) – 41 501 96 Operating Expenses: Exploration – – 262 – Pre-development 7,400 1,111 16,990 2,
Slide 32: Historical Financials (Cont'd) – Cash Flow Statement
HISTORICAL FINANCIALS (CONT’D) Cash Flow Statement THREE MONTHS ENDED MARCH 31, 2026 2025 ($) ($) Cash Flows from Operating activities Net loss (13,251,490) (4,040,283) Adjustment to reconcile net loss to net cash used in operating activities: Depreciation and amortization 365,433 133,033 Stock-base
Slide 33: Historical Financials (Cont'd) – Balance Sheet
HISTORICAL FINANCIALS (CONT’D) Balance Sheet MARCH 31, 2026 DECEMBER 31, 2025 ($) ($) Assets Current assets Cash and cash equivalents 18,601,311 30,975,991 Prepaid expenses 920,720 1,282,034 Materials and supplies inventory 378,559 377,269 Other current assets 1,774,217 888,640 Total current assets
Slide 34: SSMR
[ ] SSMR Invest in American Silver 34
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