Sunshine Silver Mining & Refining — Second Quarter 2026 Earnings Summary

Financial Performance

• Ended the quarter with $288.7 million in cash and cash equivalents, compared to $31.0 million as of December 31, 2025.
• Reported no debt as of June 30, 2026.
• Net cash used in operating activities for the six months ended June 30, 2026, was $22.8 million.
• Net cash used in investing activities for the six months ended June 30, 2026, was $9.5 million.
• Net cash provided by financing activities for the six months ended June 30, 2026, was $290.0 million, primarily from IPO proceeds.
• Reported a net loss of $16.7 million ($0.13 per basic and diluted share) for the second quarter of 2026, compared to a net loss of $7.0 million in the prior-year period.

Guidance and Future Outlook

• Plans to complete the 2027 Sunshine Mine Feasibility Study in the second quarter of 2027.
• Aims to make a final investment decision following the feasibility study to support a planned return to silver production in late 2028.
• Expects to complete approximately 1,300 meters of underground development in the second half of 2026.
• Targets completion of existing mill decommissioning by year-end 2026.
• Feasibility studies for the Silver-Copper Refinery restart and new Antimony Plant are targeted for completion in early 2027.
• Anticipates completing the 50,000-meter infill drilling program to support the 2027 feasibility study.

Business Segments and Product Lines

• The Sunshine Mine hosts an Indicated Mineral Resource of 103.9 million ounces of silver at 1,022 g/t and an Inferred Mineral Resource of 159.8 million ounces at 776 g/t.
• Current base case production is approximately 1,000 tonnes per day (tpd), expected to yield 6.7 million ounces of silver annually for the first five years and 5.8 million ounces annually over a 24-year mine life.
• Advancing plans for a new mill designed to process up to 2,000 tpd, potentially doubling current processing capacity.
• Evaluating a vertically integrated mine-to-mill-to-refinery platform, including a new Antimony Plant with potential capacity of 34.5 million pounds annually.
• Evaluating the refurbishment of the Silver-Copper Refinery to a nameplate capacity of approximately 10 million ounces of silver annually.
• Commissioned a new operating hoist for the Jewell Shaft in May 2026 with a capacity to hoist 3,500 tpd from the 4,000 Level.
• Completed approximately 1,200 meters of underground development in the first six months of 2026.

Market and Competitive Landscape

• Identified as the largest mineral rights holder in Idaho's Silver Valley, controlling approximately 9,561 hectares of consolidated mineral rights.
• The Sunshine Mine is described as the highest-grade primary silver resource in North America.
• Potential Antimony Plant production could supply up to 60% of annual U.S. demand.
• Additional upside from copper, lead, and antimony by-product credits is being substantiated by drill programs.

Risks and Challenges

• Forward-looking statements regarding resource conversion, feasibility study completion, production timing, and expenditure estimates are subject to known and unknown risks, uncertainties, and factors.
• Actual results may differ materially from projections due to factors outlined in the Form S-1 registration statement and other SEC filings.
• The return to production is subject to the completion of the feasibility study and a positive final investment decision.

Management Commentary and Tone

• CEO Heather White described the quarter as "transformational" following the successful IPO and listing on the New York Stock Exchange on June 4, 2026.
• Management expressed confidence in the mine's exceptional quality, near-mine growth potential, and district-scale exploration upside.
• The company aims to develop multiple mines on its land package over time.
• Management noted the strong cash position provides an excellent foundation to complete drill programs, feasibility studies, and infrastructure work.

Other Key Points

• Completed an initial public offering (IPO) and began trading on the New York Stock Exchange on June 4, 2026.
• Initiated the Silver Summit Project, a multi-phase infrastructure program to provide secondary egress and additional hoisting capacity, with hoistroom upgrades planned for 2026.
• Drilling in the Upper Country, including the newly identified 10 Vein, demonstrated expansion potential within the existing mine footprint.
• The infill drilling program was approximately 60% complete as of July 2026, with three active drill rigs.
• Major permits are in place to support the restart of the processing and refining complex.
• Engaged a top-tier management consulting group to conduct a strategic assessment of value-creation potential for the refinery and antimony plant opportunities.