Sunshine Silver Mining (SSMR.N): The Sunshine Mine: An Oldie But A Goodie; Buy/HR

Research evidence excerpt

Sunshine Silver Mining (SSMR.N): The Sunshine Mine: An Oldie But A Goodie; Buy/HR

Sunshine Silver Mining (SSMR.N)

29 June 2026 Citi Research

Investment Thesis

We rate SSMR at Buy/High Risk with a $18/share target price. Our Buy rating is

based on the following:

n A constructive long-term view on silver and precious metals prices ($75/oz in

2027E).

n A potential Tier 1 silver asset. A 5-7moz mine x 20+ years at <$20/oz AISC as

envisaged in the technical report would be one of the best in North America.

Idaho, USA is a geopolitically attractive and established mining region.

n A credible restart plan supported by a strong technical report with clear

milestones/catalysts, led by an experienced team. Note: The company plans to

complete infill drilling and engineering designs for the mine during 2026

supporting a Feasibility Study early in 2027.

n Potential upside from near-mine and district-wide exploration plans – especially

the Upper Country.

n Potential re-rating as the mine returns to production. (Note: Several established

Tier 1 jurisdiction silver producers trade close to 1.5-2.0x NAV vs SSMR closer to

1.0x)

Company Overview

Sunshine Silver Mining & Refining owns and operates the historic Sunshine Mine in

Idaho which is currently returning to production. In recent years the company has

invested $200 million to expand its land position, conduct drilling campaigns and

modernize infrastructure.

In addition, the company is evaluating the restart of the Sunshine Silver/Copper

Refinery – a fully permitted refinery asset within the complex. The company is also

evaluating the construction of a new antimony plant to process antimony-bearing

concentrates from the Sunshine Mine and third-party concentrates.

The company is majority owned by the Electrum Group with ~60% of the