Sunshine Silver Mining & Refining announced on Thursday that its common stock has officially begun trading on the New York Stock Exchange as of June 4, under the ticker symbol "SSMR". This move represents a new phase of development for the company, which is focused on restarting the historic Sunshine Mine.
The company priced its initial public offering on June 3, issuing 20 million shares at $13.50 per share, which was at the low end of the previously announced target range, raising a total of $270 million. Additionally, the underwriters were granted a 30-day option to purchase up to an additional 3 million shares at the IPO price. The joint book-running managers for the IPO included Morgan Stanley, Scotiabank, and BMO Capital Markets.
Sunshine Silver Mining & Refining owns and controls the Sunshine Mine in the Coeur d'Alene mining district of Idaho, which is one of the highest-grade known primary silver resources. According to the company's disclosures, the mine's measured mineral resources contain 103.9 million ounces of silver, and indicated mineral resources contain 159.8 million ounces of silver, with an average diluted silver grade of 1,022 grams per tonne for the measured resources. The company anticipates completing a feasibility study in early 2027, with the goal of restarting production by the end of 2028. Upon commencement of operations, average annual silver production is projected to be approximately 6.7 million ounces over the first five years.
Beyond silver, the Sunshine Mine also has the potential to become a key minerals hub. The mine historically produced over 48.4 million pounds of antimony between 1953 and 2001. The company is evaluating design options for a permitted antimony processing plant, which could potentially produce up to 34.5 million pounds of finished antimony annually, potentially meeting up to 60% of U.S. antimony demand. Company Chairman Thomas Kaplan noted that with both silver and antimony declared critical minerals by the U.S. and China, this ability to provide geopolitically independent supply is a significant advantage.
Public information indicates the company currently generates no revenue. The Sunshine Mine has been closed since 2001, and the company is in the development stage, having not yet resumed mining and refining operations. The company's Chief Executive Officer, Heather White, stated that the NYSE listing is "an important step toward materially advancing" the project, with the near-term focus being on completing infill drilling and engineering design to support the feasibility study.