ssmr 20260630

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# ssmr 20260630

Source: https://www.sec.gov/Archives/edgar/data/2091017/000162828026056217/ssmr-20260630.htm
Fetched: 2026-09-12T06:44:54.543+00:00
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# ssmr 20260630
ssmr-20260630 TABLE OF CONTENTS UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 ________________________________ FORM 10-Q ________________________________ (Mark One) x QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2026 OR o TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ____ to ____ Commission file number 001-43325 ________________________________ Sunshine Silver Mining & Refining Company (Exact name of registrant as specified in its charter) ________________________________ Delaware 85-3794822 (State or other jurisdiction of incorporation or organization) (I.R.S. Employer Identification No.) 2209 Big Creek Rd Kellogg , Idaho 83837 (Address of Principal Executive Offices) (Zip Code) Registrant’s telephone number, including area code: ( 208 ) 783-1700 Securities registered pursuant to Section 12(b) of the Act: Title of each class Trading Symbol(s) Name of each exchange on which registered Common stock, par value $0.001 per share SSMR New York Stock Exchange Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☑ No o Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☑ No o Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act. Large accelerated filer o Accelerated filer o Non-accelerated filer ☑ Smaller reporting company ☑ Emerging growth company ☑ If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act). Yes o No ☑ As of August 12, 2026, the number of outstanding shares of the registrant's common stock, par value $0.001 per share, was 143,726,603 . TABLE OF CONTENTS Table of Contents Page CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS 3 Part I - Financial Information 4 Item 1. Financial Statements 4 Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 15 Item 3. Quantitative and Qualitative Disclosures About Market Risk 21 Item 4. Controls and Procedures 21 Part II - Other Information 23 Item 1. Legal Proceedings 23 Item 1A. Risk Factors 23 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 23 Item 3. Defaults Upon Senior Securities 23 Item 4. Mine Safety Disclosures 23 Item 5. Other Information 23 Item 6. Exhibits 23 SIGNATURES 25 2 TABLE OF CONTENTS CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS This Quarterly Report on Form 10-Q contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements other than statements of historical fact contained in this report, including statements regarding our future results of operations and financial position, business strategy, plans, and objectives of management for future operations, are forward-looking statements. In some cases, you can identify forward-looking statements by terms such as “anticipate,” “believe,” “estimate,” “expect,” “intend,” “plan,” “predict,” “project,” “target,” “will,” or the negative of these terms or other similar expressions. These forward-looking statements include, but are not limited to, statements regarding: our ability to successfully advance and restart mining and milling operations at the Sunshine Mine; the expected timing, execution, and success of our planned late 2028 production restart; the timing of completion of our Sunshine Mine Feasibility Study and the related final investment decision; the timing of completion of feasibility studies with respect to the new Antimony Plant and the refurbishment of the existing Silver-Copper Refinery, the timing for completion of the ongoing 50,000-meter drilling program; our plans for decommissioning the existing mill; our plans for a new mill designed to process up to 2,000 tonnes per day; our ability to initiate restart of our operations without an environmental impact study; and our expectations regarding the maintenance of our current permitting status and ability to secure the outstanding and ongoing permits required; the potential production capacity and products from the Silver-Copper Refinery; and the potential processing profile and capacity of the Antimony Plant. Forward-looking statements involve known and unknown risks, uncertainties, and other factors that may cause our actual results, performance, or achievements to be materially different from any future results, performance, or achievements expressed or implied by the forward-looking statements. These risks include, but are not limited to: • our lack of historical operating revenues and difficulties in achieving profitable operations; • our lack of Proven Mineral Reserves or Probable Mineral Reserves and the uncertainties around the calculation of Mineral Resource estimates; • changes in metal prices; • the speculative nature of mineral exploration efforts; • the requirement to obtain additional financing to bring the Sunshine Mine into production; • risks associated with establishing new mining operations and the risks and hazards inherent in the mining industry; • competition for skilled labor, mining equipment and supplies; • labor relations; • health and safety impacts including in connection with public health crises; • our ability to obtain, maintain and renew environmental, construction and mining permits; • future legislation and changes in laws and regulations; and • other risks and hazards association with exploration, development and mining operations. More detailed information regarding applicable risks and uncertainties is included in the section titled “Risk Factors” in our Form S-1 filed with the SEC on May 11, 2026, as amended. Many of these factors are beyond our ability to control or predict. Given these uncertainties, readers are cautioned not to place undue reliance on our forward-looking statements. The forward-looking statements made in this report relate only to events as of the date on which the statements are made. We undertake no obligation to update public forward-looking statements to reflect events or circumstances after the date of this report or to reflect the occurrence of unanticipated events, except as required by law 3 TABLE OF CONTENTS Part I - Financial Information Item 1. Financial Statements Sunshine Silver Mining & Refining Company Condensed Consolidated Balance Sheets Unaudited, expressed in United States Dollars UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS June 30, 2026 December 31, 2025 $ $ ASSETS Current assets Cash and cash equivalents 288,722,323   30,975,991   Prepaid expenses 878,628   1,282,034   Materials and supplies inventory 567,240   377,269   Other current assets 753,426   888,640   Total current assets 290,921,617   33,523,934   Restricted cash 275,039   275,039   Property, plant and equipment, net 44,392,824   34,290,542   Intangible assets 750,000   750,000   TOTAL ASSETS 336,339,480   68,839,515   LIABILITIES AND STOCKHOLDERS’ EQUITY Current liabilities Accounts payable 5,876,548   2,562,528   Accrued liabilities 5,753,925   2,218,413   Note payable 231,526   683,135   Total current liabilities 11,861,999   5,464,076   Reclamation obligations 1,873,574   1,814,600   TOTAL LIABILITIES 13,735,573   7,278,676   Commitments and contingencies (Note 11) STOCKHOLDERS’ EQUITY Preferred Stock, $ 0.001 par value, 250,000,000 shares authorized at June 30, 2026 and December 31, 2025, respectively; nil issued and outstanding at June 30, 2026 and December 31, 2025 —   —   Common stock, $ 0.001 par value, 3,500,000,000 and 150,000,000 shares authorized at June 30, 2026 and December 31, 2025, respectively; 143,726,603 and 116,509,480 shares issued and outstanding at June 30, 2026 and December 31, 2025, respectively 143,726   116,509   Additional paid-in capital 557,009,853   266,021,748   Accumulated deficit ( 234,549,672 ) ( 204,577,418 ) Total Stockholders’ Equity 322,603,907   61,560,839   TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY 336,339,480   68,839,515   The accompanying notes are an integral part of these condensed consolidated financial statements. 4 TABLE OF CONTENTS Sunshine Silver Mining & Refining Company Condensed Consolidated Statements of Operations and Comprehensive Loss Unaudited, expressed in United States Dollars UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS Three months ended June 30, Six months ended June 30, 2026 2025 2026 2025 $ $ $ $ Sales —   35,258   —   75,948   Operating expenses: Exploration —   71,062   —   71,062   Pre-Development 10,174,386   3,210,578   17,574,714   4,321,485   General and administrative 6,868,471   2,177,709   12,467,274   3,791,708   Depreciation and amortization 348,136   138,064   713,569   271,097   Cost of goods sold —   19,884   —   39,799   Accretion expense 29,487   27,687   58,974   55,375   Operating loss ( 17,420,480 ) ( 5,609,726 ) ( 30,814,531 ) ( 8,474,578 ) Other income (expense): Interest expense ( 6,425 ) ( 1,437,789 ) ( 16,622 ) ( 2,614,916 ) Interest income 706,141   2,596   858,899   4,292   Total other income (expense) 699,716   ( 1,435,193 ) 842,277   ( 2,610,624 ) Income and mining tax expense —   —   —   —   Net and comprehensive loss ( 16,720,764 ) ( 7,044,919 ) ( 29,972,254 ) ( 11,085,202 ) Basic and diluted loss per share of common stock ( 0.13 ) ( 0.08 ) ( 0.25 ) ( 0.13 ) Weighted average number of basic and diluted shares of common stock outstanding 123,986,712   85,439,630   120,268,751   85,439,630   The accompanying notes are an integral part of these condensed consolidated financial statements. 5 TABLE OF CONTENTS Sunshine Silver Mining & Refining Company Condensed Consolidated Statements of Changes in Stockholders’ Equity (D

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