Sunshine Silver Mining and Refining

Okay, wonderful. Good afternoon. It’s wonderful to be here, and a very big thank you to Mining Forum Americas for having us and for hosting yet again another great conference. I am very excited today to have the opportunity to demonstrate why Sunshine Silver is America’s must-own silver developer. Before I jump into the story, it’s important for me to note that there will be forward-looking statements, and I encourage you to review the cautionary language.

All right, let me begin by highlighting the six key factors that make Sunshine Silver such a compelling investment opportunity for investors, both in the short term and for many years to come. I’ll touch on each of these as I go through this slide, but as I move through the deck, I’ll provide more color on each, okay? Number one gating factor for us is location, absolutely. Sunshine’s exceptional nature, it’s first defined by its tier one location in the iconic Silver Valley of Northern Idaho. Over 1.2 billion ounces of silver has come out of this region and continues to deliver and produce today, and almost 400 million ounces of that has come out of the Sunshine Mine alone.

Next, and equally as important, is the quality of the resource that we have in the ground at Sunshine. Three things to consider here. We’re gonna talk about grade, we’re gonna talk about size, and we’re gonna talk about our ability to metallurgically recover that silver. Next is having a clear pathway to production in the near term. To deliver on this, we need a few things. We need our permits. We need external stakeholder support, so that comes in the form of community and government support. And we need reliable infrastructure, as well as an experienced team with the experience to deliver on the mission. I’m happy to report that at Sunshine we have all of this in place today, and we remain focused on first silver production by the end of 2028.

And then what comes next is what I like to call the secret sauce for success, having real value drivers for shareholders above and beyond the base case, and at Sunshine these come in a few different forms. Number one, we have exceptional near mine and district-wide exploration potential, allowing for what our team believes to be immense opportunity to grow the resource and grow our production profile over time. Second, we have an on-site domestic processing facility for critical minerals on our property, a mile down the road actually from the mine mill. It’s fully permitted and includes the ability to refine silver, antimony, and copper. We’re also looking at potentially refining germanium and gallium as well. For all of this, and without a doubt then, I can say that Sunshine is America’s must-own silver developer.

Let me now showcase the exceptionally high-grade and large silver resource that we have on the books today and in the ground. Earlier this year, we completed an SK 1300 mineral resource estimate. This resulted in 264 million ounces of silver, of which 104 million ounces are already in the de-risked indicated category, at an average diluted silver grade of 1,022 grams per ton. And yes, that decimal place is in the right place [laughs]. And 160 million ounces of inferred resource at an average diluted grade of 776 grams per ton.

We do have a saying in the mining business that grade is king, and our resource that you see here positions Sunshine as the highest grade silver resource in North America. In fact, our silver grades at Sunshine are three times higher than that of any other high-grade silver resource globally, and two times higher than that of any of the other high-grade resources in the Silver Valley in which we operate. So to put it simply, the grades at Sunshine are truly off the charts.

However, it’s not only about high grade. The size of this deposit and our ability to metallurgically extract and recover the silver at a very high rate is also extremely important. In terms of size, the Sunshine resource today supports a generational 24-year mine life with a 97% silver recovery rate, demonstrated, I might add, by decades of historical production actual performance. The project now is positioned to deliver on average 6.7 million ounces of silver in the first five years of production, positioning us to potentially be the second-largest silver producer in the United States, providing 16% of US silver supply. And we see this as just the beginning, guys. For the shine, we have a vision to work to increase mill throughput as we continue to build out the resource, and we intend to double our mill throughput from 1,000 ton a day to 2,000 ton a day as part of our ongoing feasibility study.

Now, moving on to our A1 team, I’m extremely proud of the highly experienced team that’s being assembled at Sunshine to return us to production in 2028 and to create value for our shareholders. I’ve been in this business now for just over 30 years, and I understand it’s never just about the plan. It really does come down to the team and their ability to safely execute on it. At Sunshine, we are attracting the top talent in the business, and we have some of the best hands. Our operators are Silver Valley veterans with deep, hard rock, narrow vein mining experience, including our general manager you see there in the middle, Tom Henderson. And on the corporate side, we continue to build out the team and are putting the right structures in place as a newly public company.

When it comes to infrastructure, I can tell you we are certainly not starting from scratch at Sunshine, as you can see from the variety of photos here on the slide. There’s a tremendous amount of installed value already in place, conservatively estimated at approximately $600 million. As an example, and most importantly, we have multiple working accesses in and out of the mine. You’ll see the Jewel shaft in the upper right corner, and then our second access on the top left is our Sterling portal that goes into the ramping system that accesses the upper country of the deposit. Over two million has been already invested since 2010, and as an example, you can see on the bottom right, we just recently replaced our primary production hoist that services the Jewel shaft. This, along with new underground mine equipment, has been a game changer for Sunshine, allowing for efficient development and efficient drilling while we prepare the mine for operational readiness and production. And on the capital side, this existing infrastructure is also a huge advantage for us as it clearly allows for a lower initial capital requirement to advance the mine back to production in an expedited manner.

All right. This slide never ceases to bring a smile to my face. As I’m sure everyone in this room appreciates, being licensed to operate is a very big deal in the mining space, as these permits that we show here can take several years to acquire. At Sunshine, we have a de-risked fast-track path to critical minerals production in the US in late 2028 because we already have all of the major permits that we need in hand.

In addition to the existing infrastructure and the major permits, we also have the foundation to rebuild one of America’s few vertically integrated critical minerals platforms, from the mine face to the mill to the refinery to finished products to market. A one-stop shop, if you will. This could include an antimony plant and a silver copper refinery producing up to 10 million ounces of COMEX deliverable silver bars and 35 million pounds of antimony annually. Obviously, this is an important strategic consideration for our company, as currently 70% of silver refining is done offshore and 90% of antimony refining is done offshore, and these are both critical minerals that the US is in dire need of. So you can imagine when we are up and running at scale, Sunshine Silver has the potential to become the go-to silver and antimony supplier to the United States.

Okay, now let me turn to the drilling progress that we are seeing at Sunshine. We’re incredibly excited about the untapped exploration potential both near mine and district-wide across our massive land package. In the fall of 2025, so last year, we kicked off a 50,000-meter drill program, and this was largely to support the completion of the mine feasibility study, but also to take a look at the near mine potential for previously unexplored areas in the mine, which we believe to be highly prospective.

There’s a lot going on in this map, so just let me point out a few key things for you. What you’re looking at here is a long section through the heart of the Sunshine Mine. This is six miles in strike from east to west. You’re looking at a 50,000-meter infill drill program in the red and blue lines. So that upper country sits above that green dashed line, 1900 level, of which can be accessed by the Sterling tunnel that you see there. That drilling’s already completed, and now we’ve moved to multiple rigs drilling underground on multiple levels down shaft, in the bottom levels on 23, 2700, and 3100 levels. This program’s gonna be wrapped up by the end of next month, and that will be our cutoff date to support the mine feasibility study.

But let’s take a closer look at the upper country on this next slide. This is a plan view now of this area, and this is completely independent of the Jewel shaft. This area was historically underexplored and undermined, but is now showing us immense massive potential, including multiple mineralized stacked steeply dipping vein systems and a new, brand-new ten vein in a brand-new area of the mine. The drill results being returned here from this area are very encouraging and are one of the reasons why we continue to evaluate for the potential to double mill throughput from 1,000 to 2,000 tons per day.

Here you can see a sampling of some of our recent drill results from this upper country, which truly showcase the ultra-high, very typical Sunshine style grades at Sunshine. We have multiple intercepts here. I don’t have a pointer, I apologize, but if you go to the silver grams per ton column, multiple intercepts exceeding 1,000 grams per ton with significant byproducts from copper, lead, and antimony. These come along for the ride with our tetrahedrite mineralization at Sunshine.

Now let me draw to the middle columns there, or the middle rows, I should say, in the table. These are the intersections coming out of the ten vein, this newly discovered vein at Sunshine in a completely undermined area. Bonanza style grades, guys. One intersection, albeit narrow, returning over 35,000 grams per ton on a silver equivalent basis. And if you think in ounces per ton like I do, this is about 1,022 ounces per ton in a completely new area of the mine, so it’s just absolutely incredible. Sunshine grades are truly the gift that keeps on giving.

But we don’t stop there. If you saw from our press release from last week, you can see there is much more long-term potential at Sunshine. As our chairman, Dr. Thomas Kaplan, has said, who is with us here today, thank you, Tom, when we say the next Sunshine is at Sunshine, we mean it. Last week, we announced a 60% expansion of our land package in the Silver Valley, and the kickoff of a district-wide surface exploration program across this very large area.

Let me show you the map now. If you didn’t think there was a lot of opportunity at Sunshine today, here’s what comes tomorrow, guys. We were and remain the largest single mineral rights holder in the area, now holding an impressive 38,000 acres of mineral rights in the highly prolific Silver Valley. Concurrent to this, we’ve also launched a multi-year 45,000-meter drill program that is targeting three primary areas: East Sunshine, which lies in the shadow of our headframe, extending on strike from known high-grade mineralization. And then district-wide, we’re targeting the Pine Creek and the Rock Creek areas, both which yielded exciting geological results from last year’s comprehensive field program. We are and will continue to evaluate this district now as a multi-mine potential. It has huge opportunity for Sunshine.

So obviously this has been a very exciting year for our company. We debuted as a public company on June 4th on the New York Stock Exchange with a successful IPO. Thank you. [laughs] We’re supported by a group of world-renowned natural resource investors raising $286 million net, fully funding our key work streams moving forward. And accordingly, we are in a strong capital position with no long-term debt and excellent market coverage.

We have a very busy next 12 months ahead of us with three feasibility studies underway, as well as a new mineral resource estimate that we plan to publish in early of next year. In the first half of 2027, we’ll deliver on these, and we’ll move to a financial investment decision. And at the same time, we’re growing our experienced team with 150 employees now at site, 95% of which we’ve hired locally, all delivering on our plan.

So in summary, I hope you see why we are so excited about the Sunshine opportunity and what we can offer to investors and shareholders both now and over the long term. We have an extraordinary asset in a great location with a clear path to production in late 2028. And all in parallel to this, we offer significant upside opportunities as we also focus on aggressive exploration over our district and both near mine. As well, we will be evaluating the critical minerals refining piece of our project as well. And with that, I am happy to take a few questions.

Great. Thank you for that. In the interest of time, I guess I’ll ask a couple quick questions.

Sure.

But in terms of the very impressive drill results, do you expect to come out with more drill results before 2028? And what are the key milestones we should be looking for as you move through 2027?

Yeah, great question. So in terms of drill results, yes. The balance of that 50,000-meter drill program in the near mine, we’ll be wrapping that up at the end of October, so we’ll have those results out to the market in November. And that will be the cutoff for the feasibility study, but make no mistake, we continue to infill drill as well. We’ll be adding additional rigs to explore near mine as well. So it will be an ongoing release of drill results indefinitely.

And then in terms of key milestones, really the big ones are our main feasibility studies that are coming due early next year. The refining complex will be getting out in Q1 of next year, and the mine mill feasibility study will be wrapped up in Q2 of next year. Previous though, to both of that, will be an updated mineral resource estimate that we’ll put out. We’re targeting Q1 of next year.

Great. Thank you very much.

Thank you.