Shining Light on a Future Silver Mine; Initiate at Overweight

Research evidence excerpt

Shining Light on a Future Silver Mine; Initiate at Overweight

Foundation

June 29, 2026 04:19 AM GMT

Morgan Stanley & Co. LLCMSunshine Silver Mining & Refining | North America Carlos De Alba

Equity Analyst

Shining Light on a Future Silver Carlos.De.Alba@morganstanley.comJustin A Ferrer +1 212 761-4927

Research Associate

Justin.Ferrer@morganstanley.com +1 212 761-5246

Mine; Initiate at Overweight Morgan Stanley & Co. International plc+

Amy Gower (Amy Sergeant), CFA

Sunshine is restarting Idaho's storied, high-grade Sunshine silver Commodities Strategist

Amy.Gower1@morganstanley.com +44 20 7677-6937

mine. A proposed antimony plant & silver refinery would create

a vertically integrated operation to produce import-dependent Sunshine Silver Mining & Refining (SSMR.N, SSMR US)

critical minerals. First output is expected in 2028. Initiate at OW, Metals & Mining | United States of America

Stock Rating Overweight

PT $23 (~73% upside) & >2:1 bull-bear. Industry View In-Line

Price target US$23.00

Shr price, close (Jun 25, 2026) US$13.29

Key Takeaways Mkt cap, curr (mm) US$1,421

52-Week Range US$17.15-12.56

The Sunshine Mine stands out for high grades, with indicated resources of

Fiscal Year Ending 12/25 12/26e 12/27e 12/28e

103.9Moz at 1,022 g/t Ag and inferred resources of 159.8Moz at 776 g/t Ag ...

EPS (US$)** (0.36) (0.28) (0.23) (0.26)

… and for resource upside within the existing Sunshine Mine, backed by Prior EPS (US$)** - - - -

P/E NM NM NM NM

successful drill results to date, and greenfield opportunities at nearby land EPS (US$)§ - - - -

Div yld (%) - 0.0 0.0 0.0

packages.

Unless otherwise noted, all metrics are based on Morgan Stanley ModelWare

We expect management will move forward with an upsized 2ktpd concentrator, framework

** = Based on consensus methodology

vs.