# Sunshine Silver Mining & Refining Announces Second Quarter 2026 Earnings Call

Source Brief: https://evesgoldminers.com/research/source-briefs/sunshine-silver-mining-refining-company-sunshine-silver-mining-and-refining-annou-14429dba
Original source: https://sunshinesilvermining.com/wp-content/uploads/2026/07/SSMR_Infill-Drill-Results_vF1.pdf
EGM generated: 2026-09-27
Company: Sunshine Silver Mining & Refining Company (SSMR)

## Use Note

This is the Eve's Gold Miners normalized Markdown copy of an official or regulatory public source. It is provided for readability, search discovery, and research resilience. The original source remains authoritative for legal, regulatory, and investment decisions.

## Extracted Document Text

# Sunshine Silver Mining & Refining Announces Second Quarter 2026 Earnings Call

Source: https://sunshinesilvermining.com/wp-content/uploads/2026/07/SSMR_Infill-Drill-Results_vF1.pdf
Fetched: 2026-09-12T07:10:22.577+00:00
Source artifact: 14429dba-1812-49ce-bd1e-75ba80158303
Normalizer input: text

## Content

# Sunshine Silver Mining & Refining Announces Second Quarter 2026 Earnings Call
Sunshine Silver Mining & Refining Reports Drill Results Exceeding
1,000 grams per tonne Silver from Multiple Zones including New “10
Vein”
Drilling Advances 2027 Sunshine Mine Feasibility Study, Supports Near-Mine
Growth Potential in Upper Country and Planned Return to Production in Late 2028
KELLOGG, Idaho, July 23, 2026 -- Sunshine Silver Mining & Refining Company (the
"Company" or "Sunshine") (NYSE:SSMR), a mining company advancing the next chapter
of American silver, today announced new results from its ongoing 50,000-metre drilling
program at the Sunshine Mine, located in Idaho’s Silver Valley.
As the largest mineral rights holder in the Silver Valley, Sunshine offers untapped
exploration potential both near-mine and at district scale. The new results, which follow
Sunshine’s June 2026 initial public offering on the New York Stock Exchange, include
multiple intercepts exceeding 1,000 grams per tonne (“gpt”) silver and support two key
objectives: upgrading the classification of the mineral resource in the Company’s planned
2027 Sunshine Mine Feasibility Study, and evaluating opportunities to expand the near-
mine resource in the Upper Country that could, in complement to other zones, support
Sunshine’s “Phase 1” corporate objective of doubling overall production volume — from
approximately 1,000 to 2,000 tonnes per day (“tpd”).
Heather White, Chief Executive Officer of Sunshine Silver Mining & Refining, commented:
“These drill results certainly reinforce what makes Sunshine America’s must-own silver
developer: exceptional size and silver grades, great existing infrastructure with permits,
and obvious growth potential — along strike to be sure, but also within the existing mine
footprint. High-grade results from this portion of the drilling program across multiple vein
systems strongly support our near-mine growth potential.”
She continued: “We are naturally excited by the results. The in-fill drilling is confirming
our expectations — particularly in areas such as the 10 Vein, a completely unmined new
vein that is already yielding among the best known intercepts in the history of the
Sunshine Mine. Although early days yet, what is proving extraordinary about this
discovery is the expansive scope of its results: from, amongst other hits, a narrow 0.11-
metre intercept of 32,331 gpt silver, 16.5% copper, 12.8% lead and 11.1% antimony
(35,370 gpt Ag-Eq in FS-ST71), and nearly 0.74 metres of 1,667 gpt silver and 56% lead
(2,454 gpt Ag-Eq in FS-ST82), to 2-plus metres of 1,135 gpt silver and 14.85% lead (1,404
1
gpt Ag-Eq in FS-ST75) — including, a remarkable 5 metres width of 584 gpt Ag-Eq in FS-
ST60.”1
The Upper Country is a historically under-mined and under-explored portion of the
Sunshine Mine, located between surface and approximately 1,900 feet below ground.
The area is accessible through the Sterling Ramp, an access independent of the Jewell
Shaft, and includes the new 10 Vein, as well as the C-Fault and the North and South
Yankee Boy Vein Systems (see Figure 1).
As of July 2026, the ongoing drilling program is approximately 60% complete, with three
active drill rigs underground (see Figure 2), and remains on track for completion in
October 2026. The drill program is designed to support the technical work required for the
planned 2027 Sunshine Mine Feasibility Study and the Company’s planned return to
silver production in late 2028.
Figure 1: Upper Country Drilling Near Existing Mine Infrastructure as of July 2026
1
Silver equivalent grade was calculated using metal prices of $49.05 per ounce silver, $4.89 per pound
copper, $0.93 per pound lead and $11.24 per pound antimony, and metallurgical recovery assumptions of
97% for silver, copper, lead and antimony.
2
Figure 2: Completed and Planned Drilling for 2027 Sunshine Mine Feasibility Study
The results announced today are from drilling completed between April 2026 and July
2026 and comprise approximately 11,160 metres in 54 holes. They build on results
covering approximately 19,160 metres in 91 holes that were previously disclosed in the
Company’s June 2026 Prospectus.
Selected new drill results include2,3:
True Width Ag-Eq Ag-Eq
Drill Hole Vein (metres) Ag (gpt) Cu (%) Pb (%) Sb (%) (gpt) (opt)
FS-ST75 10 Vein 2.19 1,135 0.36 14.85 0.33 1,404 41
FS-ST73 SY Boy 0.92 1,749 0.38 0.54 0.36 1,839 54
FS-ST74 10 Vein 1.51 914 0.37 6.31 0.29 1,068 31
FS-ST77 NY Boy 0.42 3,043 0.84 0.06 0.76 3,220 94
FS-ST82 10 Vein 0.74 1,667 0.19 56.31 0.27 2,454 72
The selected new drill results from the Upper Country all exceed 1,000 gram-metres
silver, calculated as silver grade multiplied by estimated true width. They highlight high-
2
All intercepts are reported as estimated true widths in metres (“m”), unless indicated otherwise.
3
Silver equivalent grade was calculated using metal prices of $49.05 per ounce silver, $4.89 per pound
copper, $0.93 per pound lead and $11.24 per pound antimony, and metallurgical recovery assumptions of
97% for silver, copper, lead and antimony.
3
grade mineralization in areas with near-mine resource growth potential, including the new
10 Vein. (See Figure 3.)
Figure 3: New High-Grade Drill Results from the Upper Country
Continued success in the Upper Country could add materially to the Company’s near-
term mine plan and Sunshine’s longer-term production profile.
Previously disclosed high-grade drilling results from the Upper Country include4,5:
True Width Ag-Eq Ag-Eq
Drill Hole Vein (metres) Ag (gpt) Cu (%) Pb (%) Sb (%) (gpt) (opt)
FS-ST71 10 Vein 0.11 32,331 16.50 12.80 11.10 35,370 1,032
FS-ST51 10 Vein 0.37 12,240 3.67 0.56 2.48 12,888 376
FS-ST02 C-Fault 1.52 2,539 2.39 0.11 1.01 2,862 83
FS-ST40 C-Fault 1.20 3,432 1.68 0.05 1.14 3,727 109
4
All intercepts are reported as estimated true widths in metres (“m”), unless indicated otherwise.
5
Silver equivalent grade was calculated using metal prices of $49.05 per ounce silver, $4.89 per pound
copper, $0.93 per pound lead and $11.24 per pound antimony, and metallurgical recovery assumptions of
97% for silver, copper, lead and antimony.
4
FS-ST11 C-Fault 1.07 3,553 1.51 0.0 1.01 3,815 111
FS-ST36 C-Fault 1.80 1,976 0.87 0.45 0.55 2,128 62
FS-ST60 10 Vein 5.25 492 0.22 3.92 0.17 584 17
FS-ST35 SY Boy 1.50 1,463 0.34 0.45 0.29 1,537 45
FS-ST41 SY Boy 0.66 2,966 0.65 0.37 0.50 3,094 90
For a complete table of results from the drill program as of July 2026, please refer to the
following link: https://sunshinesilvermining.com/wp-content/uploads/2026/07/Sunshine-
Silver-Drill-Results-Table_v1.pdf.
The Sunshine Mine is the highest-grade primary silver resource in North America, hosting
an Indicated Mineral Resource of 103.9 million ounces of silver at an average grade of
1,022 gpt silver and an Inferred Mineral Resource of 159.8 million ounces of silver at an
average grade of 776 gpt silver.6 At approximately 1,000 tpd, the mine is expected to
produce an average of approximately 6.7 million ounces of silver per year in its first five
years of production, and some 5.8 million ounces of silver annually over a generational
24-year mine life.6 The Company’s ambition is to double production and realize significant
by-product credits from copper, lead and antimony that have not yet been captured in the
technical report summary, but are being substantiated by the Company’s drill programs
as well as a long history of actual production of these other important critical minerals.
In addition to its near-mine exploration upside, Sunshine controls approximately 9,561
hectares of consolidated mineral rights — the largest position in Idaho’s Silver Valley. The
Company is advancing a systematic exploration approach across this considerable land
package to continue to identify and prioritize additional targets, including areas near
known mineralization and broader district-scale opportunities that have seen limited
modern exploration.
About Sunshine Silver Mining & Refining Company
Sunshine Silver Mining & Refining Company is advancing toward silver production from
the Sunshine Mine in Idaho’s Silver Valley, the most prolific silver district in U.S. history.
The Sunshine Mine is North America’s highest-grade primary silver resource. It is
characterized by exceptional size, extraordinary growth potential, existing infrastructure,
and a history of proven production. Sunshine, the largest holder of mineral rights in the
Silver Valley, also controls a consolidated land position with significant exploration
potential and is evaluating additional value opportunities through silver/copper refining
and antimony production. For more information, visit www.sunshinesilvermining.com.
6
Mineral Resource Estimates and economic assumptions are based on the Company’s S-K 1300
Technical Report Summary on the Initial Assessment, Sunshine Mine, Idaho, USA, dated March 25, 2026.
5
Sampling, Analysis and Quality Assurance/Quality Control
Drill core from the Sunshine Mine is logged, photographed and marked for sampling by
Tamarack Geological Services, a contract geological services company. Core samples
are sawn longitudinally, with one-half of the core submitted for analysis and the remaining
half retained for reference and future verification. Samples are securely transported to,
prepared for analysis, and subsequently analyzed by SVL Analytical Inc., an ISO 17025-
accredited independent laboratory.
The Company maintains a quality assurance and quality control program that includes
the regular insertion of certified reference materials, blanks, and duplicate samples into
the sample stream. Laboratory performance is monitored by Company personnel, and
assay results are not accepted into the geological database until applicable quality-control
results have been reviewed and determined to be within acceptable limits. Quarterly, five
percent of the total samples are reanalyzed by ALS Global, an ISO 17025 accredited
laboratory, as part of a third-party independent laboratory check.
Silver, copper, lead, and antimony analyses are completed using Inductively Coupled
Plasma — Optical Emission Spectroscopy (ICP-OES). Samples exceeding the upper
detection limits for silver of the primary analytical method are reanalyzed using Fire
Assays with gravimetric finish.
Reported drill intercepts are based on estimated true widths unless otherwise noted. True
widths are estimated using current geological interpretations related to the core axis angle
as logged by the core logging geologist and compared with the 3D geological model to
determine the interception angle. These true widths may be revised as additional drilling
and modelling are completed.
Qualified Person
The scientific and technical information contained in this news release has been reviewed
and approved by Berkley J. Tracy, PG, CPG, P.Geo of SRK Consulting (US), Inc., who
is an independent “qualified person” as defined by Subpart 1300 of Regulation S-K. Mr.
Tracy has verified the scientific and technical information disclosed in this release,
including Sunshine’s sampling methodology and the analytical data underlying the drill
results in this disclosure.
For additional information regarding the Sunshine Mine, including the assumptions,
parameters and methods used to estimate mineral resources, readers should refer to the
Technical Report Summary for the Sunshine Mine filed with the U.S. Securities and
Exchange Commission and available through the Company’s filings at www.sec.gov.
Contacts
Media Relations
ssmr@fleishman.com
6
Investor Relations
ir@silveropp.com
Cautionary Statements
This press release contains forward-looking statements, including statements reg

[Excerpt trimmed for readability. Open the original source for the complete filing or document.]