Sunshine Silver Mining & Refining Company · NYSE:SSMR
Sunshine Silver Mining & Refining — Q2 2026 Earnings Presentation
27 slides from Sunshine Silver Mining & Refining's earnings presentation, August 2026
Slide 1: Q2 2026 Earnings Presentation
SUNSHINE SILVER MINING & REFINING Q2 2026 Earnings Presentation America’s Must-Own Silver Developer AUGUST 2026 sunshinesilvermining.com
Slide 2: Participants
PARTICIPANTS DR. THOMAS S. KAPLAN HEATHER WHITE ANDRÉ VAN NIEKERK Chairman Of The Board CEO CFO SSMR Invest in American Silver 2
Slide 3: 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 4: America's Must-Own Silver Developer
AMERICA’S MUST-OWN SILVER DEVELOPER Differentiated in its Large Scale and Stellar Grade, Existing Infrastructure and Permits, and Multi-Mine Potential Tier 1 Location High-Grade Long Life Located in Silver Valley, North America’s highest Generational mine life Idaho U.S.A. grade primary silver and s
Slide 5: Tier 1 Location
TIER 1 LOCATION A World-class Geological Setting in the Silver Valley with Strong Sunshine Complex Local and State Support for Mining Idaho Idaho, U.S.A. ranks as a Top Ten jurisdiction globally for IDAHO, U.S.A. mining2 SSMR Invest in American Silver 5
Slide 6: High Grade
HIGH GRADE Sunshine is North America’s Highest Grade Primary Silver Deposit(1) Global High-Grade Silver Assets – Average Diluted Silver Grade(3) 1,022 Indicated (g/t) Other Silver 858 Other Global High-Grade Assets Valley Assets 411 392 417 386 Grades ~3x the average of Sunshine Galena Complex Lucky
Slide 7: Long Life
LONG LIFE Total Resource Supports a Generational 24-year Mine Life(5) 103.9Moz 159.8Moz Indicated Silver Resource Inferred Silver Resource 1,022 g/t 776 g/t Poised to be the 2nd Top U.S. Silver Assets (Moz Ag)(6) largest primary silver 8.7 7.5 producer in the U.S.7 6.7 6.1 5.8 5.3 1.7 1.5 Greens Cre
Slide 8: Pure-Play Leverage to Silver
PURE-PLAY LEVERAGE TO SILVER High-Grade, Silver-Dominant Economics Drive Significant Value Across Silver Price Scenarios Sunshine After-Tax NPV5% – Base Case ($B)(8) $3.2 $2.2 $1.4 Real leverage to U.S. silver ($/oz Ag) $46.36 $60.27 $80.00 $90.00 production Projected Revenue by Metal(9) (10) 4% 5%
Slide 9: Existing Infrastructure
Silver-Copper Refinery Jewell Shaft EXISTING INFRASTRUCTURE Sterling Portal – Ramp into Upper Jewell Shaft Hoist Room Tailings Storage Facility Country Down Shaft Development Down Shaft Infrastructure SSMR Invest in American Silver 9
Slide 10: Productive Drilling Program
PRODUCTIVE DRILLING PROGRAM 50,000 Meter Infill Drilling Program Underway to Support Feasibility Study Advancement(14) Promising near-mine exploration results support mill expansion thesis) SSMR Invest in American Silver 10
Slide 11: Exploration District-Wide
EXPLORATION DISTRICT-WIDE Sunshine is the Largest Mineral Rights Holder in the Silver Valley with New Drill-Ready Targets Pinehurst S. Fork Coeur d’ Alene River MONTANA Kellogg Silver Apex Sunshine Complex Page Bunker Hill 90 IDAHO Star IDAHO Crescent Sunshine-Coeur d’Alene Coeur d’ Alene Day Rock S
Slide 12: When we say the next Sunshine is at Sunshine, we mean it
“ 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 12
Slide 13: IPO Overview
IPO OVERVIEW Successful IPO establishes strong financial foundation to execute - $310.5 million in gross proceeds Key workstreams fully- funded Feasibility Studies + Drilling + UG Development & Infrastructure SSMR Invest in American Silver 13
Slide 14: Sunshine Complex
SUNSHINE COMPLEX Potential to build a vertically-integrated critical minerals complex to meet U.S. domestic supply demand Sunshine Mine Antimony Plant Silver-Copper Refinery One of the few integrated silver and critical minerals 5.8Moz Ag Avg. Annual Potential for up to 34.5Mlbs Sb 10Moz COMEX-deliv
Slide 15: Sunshine is the right asset at the right time for American silver
“ Sunshine is the right asset at the right time for American silver.” HEATHER WHITE CEO SSMR Invest in American Silver 15
Slide 16: Q2 2026 Operating Performance
Q2 2026 OPERATING PERFORMANCE Results Reflect Accelerating Development Activities at Site and Public-Company Operating Costs Three months ended June 30, Six months ended June 30, ($ in thousands, except per-share data) (16) 2026 2025 2026 2025 Sales $- $35 $- $76 Pre-development expense 10,174 3,211
Slide 17: Q2 2026 Cash Flow
Q2 2026 CASH FLOW IPO Proceeds Transform Liquidity Position; Sunshine’s Drilling, Feasibility Studies and Planned Project Advancement Fully- Funded Six Months Ended June 30; cash, cash equivalents and restricted cash ($ 2026 2025 millions)(16) Beginning cash balance $31.3 $2.2 Operating activities $
Slide 18: Q2 Operating Update
Q2 OPERATING UPDATE Executing Across Critical Workstreams Required for Restart 1,200 meters of Underground Mill Decommissioning Advanced Development Committed to returning the Shine to production Jewell Shaft Hoist Commissioned Feasibility Studies Advancing in late 2028) SSMR Invest in American Silv
Slide 19: Promising Drill Results
PROMISING DRILL RESULTS Untapped Exploration Potential Near-Mine with Multiple 1,000 g/t Results Identified (17) Plan View of Upper Country Drilling C-Fault 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 (FS-ST11) 10-Vein (NEW) 2.19m @ 1,135 g/t Ag(FS-ST75) 1.51m
Slide 20: Next Steps – 2026 and Beyond
NEXT STEPS – 2026 AND BEYOND STRATEGIC PRIORITIES MILESTONES DELIVER STUDIES, FINAL INVESTMENT DECISION (FID) & CONSTRUCTION COMMERCIAL PRODUCTION • Deliver Sunshine Mine Feasibility Study & FID • Deliver commercial production from Sunshine A Restart the Sunshine Mine • Complete antimony facility an
Slide 21: America's Must-Own Silver Developer
AMERICA’S MUST-OWN SILVER DEVELOPER Differentiated in its Large Scale and Stellar Grade, Existing Infrastructure and Permits, and Multi-Mine Potential Tier 1 Location High-Grade Long Life Located in Silver Valley, North America’s highest Generational mine life Idaho U.S.A. grade primary silver and s
Slide 22: Supplementary Materials
SUPPLEMENTARY MATERIALS APPENDIX
Slide 23: Capitalization and Share Structure
CAPITALIZATION AND SHARE STRUCTURE ANALYST COVERAGE 143.7MM Basic shares outstanding (18) $286.5MM SSMR 155.6MM IPO Net Proceeds No Long-Term Debt Kevin O’Halloran, CFA Fully diluted shares outstanding (18,19) Alexander Hacking, CFA CAPITALIZATION (18) CURRENT STOCKHOLDER OVERVIEW (18,19) Basic Shar
Slide 24: Experienced Management Team
EXPERIENCED MANAGEMENT TEAM PROVEN DEVELOPERS & OPERATORS WITH DEEP UNDERGROUND MINING & SILVER VALLEY EXPERIENCE HEATHER WHITE ANDRÉ VAN NIEKERK MICHELLE SHEPSTON TOM HENDERSON RYAN KEE NICK FURLIN MIKE IRISH BARRY HUMMER JUSTIN WILBUR Manager, Technical Chief Executive Officer Chief Financial Offi
Slide 25: Board of Directors
BOARD OF DIRECTORS PROVEN EXPERIENCE ACROSS MINING, CAPITAL MARKETS AND GOVERNANCE DR. THOMAS S. KAPLAN ANNA EL-ERIAN NATHAN EBELING ALI ERFAN DOUG GROH DANIEL MUNIZ LARRY RADFORD HEATHER WHITE PAUL ZINK QUINTANILLA Chairman Lead Independent Director Director Director Director Director Director Dire
Slide 26: 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. Annual Survey of Mining Companies 2025, Fraser Institute; Idaho ranked amongst the top ten jurisdictions based on taxation reg
Slide 27: SSMR
[ ] SSMR Invest in American Silver 27
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