Idaho Silver Miner Wraps 50-Kilometer Drill Program With Bonanza Hits

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1. Ownership and Share Structure Information

Ownership percentages, named holders, share count, market capitalization, and the 52-week range for Sunshine Silver were compiled from company public filings and investor materials, exchange notices, insider-trade reports (SEDI / equivalent), and third-party data providers. Figures are as of 2026-11-09 unless a source was dated earlier. Pie slices are normalized to 100% of basic shares outstanding; retail is the residual after disclosed institutions, management, insiders, and strategic holders. Warrant terms are current outstanding series only. Restructures are historical consolidations, splits, and symbol or name changes. Insider buying and selling covers open-market trades from the prior six months through 2026-11-09 and excludes option exercises. These are public-source estimates and can differ from a later official register.

• Sunshine Silver Mining & Refining Co. completed its 50,000-meter infill drill program safely and on time, with final results released November 5, 2026.
• Multiple intercepts topped 1,000 grams per tonne silver. They include 7,069 g/t silver over 1 meter in the NY Boy Vein and 18,103 g/t silver over 0.26 meters in the F-Vein.
• The results will feed an updated Mineral Resource Estimate in Q1 2027 and a Feasibility Study in Q2 2027, ahead of a planned return to production in late 2028.
• The 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.
• Three rigs are still drilling underground. Earlier Upper Country results could support a longer-term goal of raising throughput from about 1,000 to 2,000 tons per day.
• Eight analysts have an average price target of US$18.58, about 27% above the recent price, according to MarketBeat.
• The Silver Institute expects a sixth straight annual silver deficit in 2026, and silver and antimony are both designated US critical minerals.

Sunshine Silver Mining & Refining Co. (SSMR:NYSE) has completed its 50,000-meter infill drill program at the Sunshine Mine in Idaho's Silver Valley, with several intercepts topping 1,000 grams per tonne (g/t) silver across multiple veins, according to a November 5 release.

The best results came from hole FS-31110, which returned 7,069 g/t silver (7,632 g/t AgEq) over 1 meter in the NY Boy Vein, including 12,103 g/t silver (13,066 g/t AgEq) over 0.58 meters. Hole FS-31207 returned 5,496 g/t silver (6,043 g/t AgEq) over 1.06 meters in the F-Vein, including 18,103 g/t silver (19,901 g/t AgEq) over 0.26 meters.

The drill results will be included in the updated Mineral Resource Estimate (MRE), expected in the first quarter of 2027. The MRE will underpin the Sunshine Mine Feasibility Study, targeted for completion in the second quarter of 2027. The company plans to return the mine to production in late 2028.

"Completing the 50,000-meter infill drill program constitutes an important milestone on our path to production, and I am proud of how our team delivered it — both safely and on time," said Chief Executive Officer Heather White. "The drill results confirm high-grade mineralization across multiple veins, which we expect will anchor our anticipated initial mine plan."

The program totaled about 51,250 meters in 218 holes. That included about 20,930 meters in 73 holes drilled on the mine's 2300 and 3100 Levels between July and October. The latest results come mainly from downshaft drilling. It tested the central resource area expected to support the initial mine plan.

Hole FS-3133 cut two wide zones. It returned 1,522 g/t silver (1,682 g/t AgEq) over 4.47 meters in the F-Vein, including 4,663 g/t silver (5,115 g/t AgEq) over 0.87 meters. It also returned 1,067 g/t silver (1,211 g/t AgEq) over 4.5 meters in a new vein, including 8,263 g/t silver (9,251 g/t AgEq) over 0.43 meters. Hole FS-3117 returned 1,359 g/t silver (1,450 g/t AgEq) over 2.49 meters in Vein06, including 4,629 g/t silver (4,933 g/t AgEq) over 0.66 meters. All widths are estimated true widths.

Morgan Stanley analyst Carlos De Alba rated Sunshine "Overweight" on October 7, 2026, and cut his price target to US$20 from US$23.

Besides extending known mineralization on the Copper and D-Veins into previously undefined areas, the drilling confirmed high-grade continuity in expected zones. It also improved the company's understanding of vein geometry and structural controls. Results on the F-Vein in particular helped better define its extent, the company said.

The program had two goals. Upgrading resource classification in the areas behind the initial mine plan was the first. The second was testing near-mine growth in the Upper Country, a historically under-mined and under-explored part of the Sunshine Mine. Results from the Upper Country, including the new 10 Vein, were released in July. The company said that work could support a longer-term goal of raising throughput from about 1,000 to 2,000 tons per day.

"Meanwhile, energized by these positive results, and with three rigs continuing to drill underground, we are not slowing down on either exploration efforts or further confirmatory drilling," White said.

The company calls the Sunshine Mine North America's highest-grade primary silver resource. It hosts an Indicated Mineral Resource of 103.9 million ounces of silver at an average grade of 1,022 g/t (30 ounces per ton). It also hosts an Inferred Mineral Resource of 159.8 million ounces at 776 g/t (23 ounces per ton). Those figures come from the company's Initial Assessment dated March 25, 2026.

At about 1,000 tons per day, the Initial Assessment projects average output of about 6.7 million ounces of silver a year in the first five years of production. Over a 24-year mine life, it projects about 5.8 million ounces a year.

Sunshine is the largest holder of mineral rights in the Silver Valley, the most prolific silver district in US history. It also owns a permitted silver/copper refinery about a mile north of the mine and is evaluating further value from silver/copper refining and antimony production. The company closed its initial public offering on June 5, 2026, selling 23 million shares at US$13.50 each, according to filings.

Chairman Dr. Thomas S. Kaplan pointed to the mine's "world-beating silver grade, large scale, excellent growth potential, and a remarkable history of proven production." He added, "With the updated Mineral Resource Estimate and Feasibility Study now in view, and with both silver and antimony designated as critical minerals by the federal government, we continue to believe that Sunshine offers investors a truly unique opportunity to gain singular exposure to domestic production of both metals."

Analysts set 12-month price targets on Sunshine Silver Mining & Refining that average US$18.58 a share, according to MarketBeat. The targets run from a low of US$16 to a high of US$21. The average implies about 27% upside from the recent price of US$14.62.

Morgan Stanley analyst Carlos De Alba rated Sunshine "Overweight" on October 7, 2026, and cut his price target to US$20 from US$23.

Canaccord Genuity Group analyst Dalton Baretto started coverage on August 18 with a "Speculative Buy" rating and a US$20 target.

RBC Capital Markets analyst Harrison Reynolds has a "Sector Perform" rating. On September 16, he raised his target to US$16 from US$15.

Silver topped US$100 an ounce for the first time on January 23, according to Bloomberg. It has since pulled back to about US$51.82, as of the November 6 close tracked by Kitco. That's still about a third above the roughly US$39 it reached in July 2025, when it hit a 14-year high, according to USAGOLD.

The Silver Institute expects 2026 to be the sixth straight year in which demand outstrips supply, with a projected shortfall of 46.3 million ounces, Mining Weekly reported. The group sees global mine production staying flat this year, according to Engineering News. With output stalled, the market has to keep drawing on above-ground stocks to fill the gap.

Silver also looks cheap next to gold again. On November 5, gold traded at about US$4,130 an ounce and silver at about US$52.85, according to Fortune. That works out to a gold-silver ratio of about 78, up from roughly 50 when silver first topped US$100 in January.

Some fund managers see the pullback as a buying window. Tavi Costa, founder and CEO of Azuria Capital, said at the New Orleans Investment Conference that gold is likely nearing a bottom. He called silver miners especially attractive, noting that some hold 10% to 15% of their market cap in cash, Kitco News reported.

For U.S. producers, policy is another tailwind. Silver and antimony are both designated critical minerals by the federal government. Sunshine says that gives investors rare exposure to domestic production of both metals.

What did Sunshine Silver announce?

On November 5, the company said it had completed its 50,000-meter infill drill program at the Sunshine Mine in Idaho's Silver Valley. It also reported final results, including several intercepts above 1,000 g/t silver across multiple veins.

What were the best drill results?

Hole FS-31110 returned 7,069 g/t silver over 1 meter in the NY Boy Vein, including 12,103 g/t over 0.58 meters. Hole FS-31207 returned 5,496 g/t silver over 1.06 meters in the F-Vein, including 18,103 g/t over 0.26 meters. Hole FS-3133 hit two wide zones of more than 1,000 g/t silver over about 4.5 meters each.

What was the drill program designed to do?

It had two goals: upgrade resource classification in the areas behind the initial mine plan, and test near-mine growth in the Upper Country. The latest downshaft results address the first goal.

What comes next?

An updated Mineral Resource Estimate is expected in the first quarter of 2027. A Feasibility Study is targeted for the second quarter of 2027, and the company plans to return the mine to production in late 2028. Three rigs are still drilling underground.

How big is the Sunshine Mine resource?

It 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. Both figures come from the March 25, 2026, Initial Assessment.

How much silver could the mine produce?

At about 1,000 tons per day, the Initial Assessment projects about 6.7 million ounces a year in the first five years and about 5.8 million ounces a year over a 24-year mine life. The company's longer-term goal is to raise throughput to 2,000 tons per day.

What do analysts think of the stock?

Morgan Stanley rates it "Overweight" and Canaccord Genuity a "Speculative Buy," while RBC Capital Markets has a "Sector Perform" rating.

Why are some investors bullish on silver?

The Silver Institute expects demand to outstrip supply for a sixth straight year in 2026, with mine production flat. Silver has pulled back from its January record above US$100, leaving the gold-silver ratio near 78. Silver and antimony are also designated US critical minerals.