Sunshine Silver Mining & Refining Company · NYSE:SSMR
Sunshine Silver Mining & Refining — Investor Presentation (November 2026)
24 slides from Sunshine Silver Mining & Refining's investor presentation, November 2026
Slide 1: Sunshine Silver Mining & Refining Corporate Presentation
SUNSHINE SILVER MINING & REFINING CORPORATE PRESENTATION America’s Must-Own Silver Developer NOVEMBER 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: Sunshine Mine Economics
SUNSHINE MINE ECONOMICS A Resilient Cost Base with Upside to Silver After-Tax NPV5% ($Bn)3 Co-Product Silver All-in Sustaining Cost Curve5 Excellent Leverage to Silver Compelling Life of Mine AISC before By-Product Credits Initial Capex: $287M Sustaining Capex: $560M *Sunshine Mine S-K 1300 Technica
Slide 7: 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 8: In the Heart of the Silver Valley
IN THE HEART OF THE SILVER VALLEY Sunshine Complex is Located Near the Supportive Community of Big Creek and ~2 Miles from Interstate 90 Looking Northeast Looking South Interstate 90 Tailings Storage Facility Sterling Portal Jewell Shaft Silver-Copper Refinery Jewell Shaft Town of Big Creek Hoistroo
Slide 9: Existing Infrastructure
Sterling Portal New Sterling Tunnel Portal Collaring Jewell Shaft EXISTING INFRASTRUCTURE Sterling Tunnel Tailings Storage Facility Jewell Shaft Hoist Room Down Shaft Infrastructure SSMR Invest in American Silver 9
Slide 10: 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 11: 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 12: Sunshine Complex
SUNSHINE COMPLEX Potential to Build a Vertically-integrated Critical Minerals Complex to Meet U.S. Domestic Supply Demand 6.7 Moz 6 34.5 Mlbs 7 10 Moz Silver Annual Production Antimony Annually COMEX-Deliverable Silver8 1st 5 Years Sunshine Mine Antimony Plant Silver-Copper Refinery SSMR Invest in A
Slide 13: Drilling Program
DRILLING PROGRAM NEAR-MINE & DISTRICT-WIDE POTENTIAL. 50,000 Meters Completed Infill Underground Drilling Program in support of 2027 Sunshine Mine Feasibility Study 45,000 Meters Commencing Geophysical Survey & Surface Drilling Program across 38,000-acre land package SSMR Invest in American Silver 1
Slide 14: 50,000-Meter Infill Drilling Program Completed
Sterling Tunnel 50,000-METER Legend INFILL DRILLING PROGRAM COMPLETED ST_DDS3 ST_DDS2 ST_DDS1 Inferred Resource Indicated Resource Legend Jewell Shaft Depleted Resource Completed Inferred Drillhole Resource Indicated Resource Depleted Resource Upper Country Sterling Tunnel Completed Drillhole ST_DDS
Slide 15: Upper Country Drill Results – Plan View
UPPER COUNTRY DRILL RESULTS – PLAN VIEW Sterling Portal Sterling North Sterling Tunnel Ramp ST_DDS2 North & South Yankee Boy Vein System Jewell Shaft ST_DDS3 Legend Inferred Resource Depleted Resource C-Fault Vein ST_DDS1 Sterling South North & South Yankee Boy Ramp Vein System 10-Vein Completed Dri
Slide 16: Extraordinary Upper Country Drill Results
EXTRAORDINARY UPPER COUNTRY DRILL RESULTS MULTIPLE 1,000+ G/T INTERCEPTS. FS-ST75 FS-ST75 Drill Hole9 Vein True Width Ag (gpt) Cu (%) Pb (%) Sb (%) Ag-Eq (gpt) Ag-Eq (opt) 10 Vein (1 of 2) 10 Vein (2 of 2) (meters) FS-ST42 SY Boy 1.71 3,093 0.76 0.00 0.63 3,244 95 including 0.54 4,423 1.03 0.01 0.91
Slide 17: Downshaft Drill Results Extend Known Mineralization
DOWNSHAFT DRILL RESULTS EXTEND KNOWN MINERALIZATION & BETTER DEFINE VEIN SYSTEMS Legend Jewell Shaft Inferred Resource Indicated Resource Depleted Resource 23_DDS1 D-Vein Copper Vein 31_SR1 F-Vein Completed Drillhole 31_DDS3 31_DDS1 31_DDS2 Feet
Slide 18: Confirmatory Drill Results from Downshaft
CONFIRMATORY DRILL RESULTS FROM DOWNSHAFT MULTIPLE 1,000+ G/T INTERCEPTS. FS-3133 FS-3133 Drill Vein True Width Ag (gpt) Cu (%) Pb (%) Sb (%) Ag-Eq (gpt) Ag-Eq (opt) F-Vein (1 of 2) F-Vein (2 of 2) Hole10 (meters) FS-31110 NY Boy 1.00 7,069 2.87 0.04 2.33 7,632 223 including 0.58 12,103 4.90 0.06 3.
Slide 19: 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 19
Slide 20: District-Scale Untapped Potential
DISTRICT-SCALE UNTAPPED POTENTIAL LARGEST MINERAL RIGHTS POSITION IN THE SILVER VALLEY.11 East Sunshine SSMR Invest in American Silver 20
Slide 21: Capitalization and Share Structure
CAPITALIZATION AND SHARE STRUCTURE Successful IPO Establishes a Strong Financial Foundation to Execute 143.9MM ANALYST COVERAGE Basic shares outstanding (12) $286.5MM SSMR 155.2MM IPO Net Proceeds No Long-Term Debt Kevin O’Halloran, CFA Fully diluted shares outstanding (12,13) Dalton Baretto, CFA JU
Slide 22: Path to Production
PATH TO PRODUCTION Targeting Late 2028 Return to Silver Production 2026 2027 2028 2029 Preparation Decision Execution Production updated mineral resource estimate underground + development feasibility studies & construction + investment decisions + commissioning mill demolition + commissioning + + c
Slide 23: 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 24: SSMR
[ ] SSMR Invest in American Silver 24
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