$SSMR

Sunshine Silver Mining & Refining Co

CIK:0002091017|SEC Filings

Condensed Consolidated Statements of Operations and Comprehensive Loss - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Income Statement [Abstract]
Sales	$ 0	$ 35,258	$ 0	$ 75,948
Operating expenses:
Exploration	0	71,062	0	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	0	19,884	0	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	0	0	0	0
Net loss	(16,720,764)	(7,044,919)	(29,972,254)	(11,085,202)
Comprehensive loss	$ (16,720,764)	$ (7,044,919)	$ (29,972,254)	$ (11,085,202)
Basic loss per share of common stock (in dollars per share)	$ (0.13)	$ (0.08)	$ (0.25)	$ (0.13)
Diluted loss per share of common stock (in dollars per share)	$ (0.13)	$ (0.08)	$ (0.25)	$ (0.13)
Weighted average number of basic shares of common stock outstanding (in shares)	123,986,712	85,439,630	120,268,751	85,439,630
Weighted average number of diluted shares of common stock outstanding (in shares)	123,986,712	85,439,630	120,268,751	85,439,630

Condensed Consolidated Statements of Cash Flows - USD ($)	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Cash Flows from Operating activities:
Net loss	$ (29,972,254)	$ (11,085,202)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	713,569	271,097
Stock-based compensation	4,254,752	188,900
Reclamation obligation accretion	58,974	55,375
Convertible notes discount amortization	0	914,889
Changes in operating assets and liabilities:
Prepaid expenses	403,406	61,338
Materials and supplies inventory	(189,971)	(182,131)
Metals inventory	0	39,799
Other current assets	(686,976)	1,631
Accounts payable	2,609,476	452,669
Accrued liabilities	1,092	396,758
Accrued interest	0	1,688,312
Net cash used in operating activities	(22,807,932)	(7,196,565)
Cash Flows from Investing activities:
Additions to property, plant and equipment	(9,453,812)	(3,518,182)
Additions to intangible assets	0	(750,000)
Net cash used in investing activities	(9,453,812)	(4,268,182)
Cash Flows from Financing activities
Gross proceeds received from initial public offering	310,500,000	0
Costs of initial public offering	(20,040,315)	0
Payments of note payable for insurance premium financing	(451,609)	(271,469)
Proceeds from notes payable	0	17,600,000
Net cash provided by financing activities	290,008,076	17,328,531
Increase in Cash and cash equivalents and Restricted cash	257,746,332	5,863,784
Cash and cash equivalents and Restricted cash, beginning	31,251,030	2,242,885
Cash and cash equivalents and Restricted cash, ending	288,997,362	8,106,669
Supplemental Cash Flow Information:
Interest paid	16,622	11,507
Unpaid offering costs	$ 3,699,115	$ 0

Condensed Consolidated Balance Sheets - USD ($)	Jun. 30, 2026	Dec. 31, 2025
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
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	0	0
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