Sunshine Silver Mining & Refining Company · NYSE:SSMR
Sunshine Silver Mining & Refining — Investor Presentation (September 2026)
30 slides from Sunshine Silver Mining & Refining's investor presentation, September 2026
Slide 1: Sunshine Silver Mining & Refining Corporate Presentation
SUNSHINE SILVER MINING & REFINING CORPORATE PRESENTATION America’s Must-Own Silver Developer SEPTEMBER 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: Sunshine Silver Mining & Refining – America's Must-Own Silver Developer
SUNSHINE SILVER MINING & REFINING – AMERICA’S MUST-OWN SILVER DEVELOPER Differentiated and Superlative-Rich Combination of Large Scale and Stellar Grade, Existing Infrastructure and Permits, and Exceptional Multi-Mine Potential The Gating Factor in Mining: “World Class” is now increasingly driven by
Slide 4: Location, Location, Location: Renowned Mining Region in an Outstanding, 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 (1) 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 Top U.S. Silver Assets (Moz Ag) (3) Sunshine Mine Mineral Resources (1)(2) Based on 2025A Reported Production (Except Hermosa) (3) Metr
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 (5) (6) IA LOM Average and Historical By-Product (1) 4% 5% 5 Silver 28% 15% % 28 15% Revenue by % 26% Metal (1) 91 (2)(3) Silver 91% 59% % 68 85% Silver 59% % Silver 85% Gold Silver Antimo
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 $70 $60 $50 AISC ($/oz $40 Ag) Sunshine Base Case (4): $30 $18.81/oz Ag (Does not reflect historical base metals credits) $20 $10 $0 Notes
Slide 11: Approximately $600 Million of Existing Infrastructure Supports a Rapid 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: AIR / CONSTRUCTION: Tailings Storage Multi-Sector General Permit Idaho Pollutant Discharge Facility (“TSF”) Clear approval process for (Permit #IDR053001) Elim
Slide 13: District-Wide Exploration Potential on the Largest Mineral Rights Holdings in the Silver Valley
DISTRICT-WIDE EXPLORATION POTENTIAL ON THE LARGEST MINERAL RIGHTS HOLDINGS IN THE SILVER VALLEY Company in Pursuit of Recently Identified, Drill-Ready Targets both Near-Mine and District-Wide SUNSHINE MINERAL RIGHTS HOLDINGS IN THE SILVER VALLEY1 Largest mineral rights holder in the Silver Valley, e
Slide 14: Underground Drilling Program
UNDERGROUND DRILLING PROGRAM 50,000 Meter Infill Drilling Program Underway to Support Feasibility Study Advancement ROBUST, INFILL PROGRAM UNDERWAY Program began in August 2025 and expected to conclude in October 2026 Initial focus on Upper Country, a largely unmined and underexplored area extending
Slide 15: Extraordinary Drill Results to Date from Underground Program
EXTRAORDINARY DRILL RESULTS TO DATE FROM UNDERGROUND PROGRAM Multiple +1,000 g/t Intercepts from the Upper Country Supportive of Company Objective to Reach 2,000 TPD SELECT UPPER COUNTRY DRILL RESULTS(1) C-Fault Vein 1.52m @ 2,539 g/t Ag (FS-ST02) 1.20m @ 3,432 g/t Ag (FS-ST40) 1.07m @ 3,553 g/t Ag
Slide 16: Sunshine Complex
SUNSHINE COMPLEX Potential to build a vertically-integrated critical minerals complex to meet U.S. domestic supply demand SUNSHINE MINE ANTIMONY PLANT SILVER-COPPER REFINERY 5.8Moz Ag Avg. Annual Production over Potential for up to 34.5Mlbs Sb Annually 10Moz COMEX-deliverable Ag Annually 24-year LOM
Slide 17: Compelling Upside Cases from Other Critical Minerals
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: Building Blocks of Value
BUILDING BLOCKS OF VALUE 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 Cas
Slide 20: Capitalization and Share Structure
CAPITALIZATION AND SHARE STRUCTURE Successful IPO Establishes a Strong Financial Foundation for Execution 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 (2) Dalton Baretto, CFA CAPI
Slide 21: Experienced Management Team
EXPERIENCED MANAGEMENT TEAM Proven Developers and Operators with Deep Underground Mining & Silver Valley Experience HEATHER WHITE ANDRÉ VAN MICHELLE MIKE PATTERSON TOM HENDERSON NICK FURLIN MIKE IRISH BARRY HUMMER JUSTIN WILBUR NIEKERK SHEPSTON Vice President IR & Manager, Chief Executive Officer Ch
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 A Restart the Sunshine Mine Deliver Sunshine Mine Feasibility Study & FID Deliver commercial production Complete a
Slide 23: Supplementary Materials
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 MUÑIZ LARRY RADFORD HEATHER WHITE PAUL ZINK KAPLAN QUINTANILLA Lead Independent Director Chairman Director Director Director Director Director Dire
Slide 25: 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 ($13.50 per share) Notes: 1. Post-IPO Basic shares are cal
Slide 26: Sunshine Provides Strong Exposure to the Compelling Silver Backdrop
SUNSHINE PROVIDES STRONG EXPOSURE TO THE COMPELLING SILVER BACKDROP PERSISTENT DEMAND FOR SILVER (1) HISTORICAL SILVER PRICE (3) WEEKLY CORRELATION OF RETURNS OF SILVER US$/oz, Since January 2005 EQUITIES TO RETURNS OF THE S&P 500 OVER 1, 3 AND Persistent structural deficit driven by constrained new
Slide 27: 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 28: 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 29: 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 30: SSMR
[ ] SSMR Invest in American Silver 30
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