en.Wedoany.com Reported - Recently, Sunshine Silver Mining & Refining Company, headquartered in Kellogg, Idaho, USA, began trading its common stock on the New York Stock Exchange (NYSE) under the ticker symbol "SSMR". The company priced its initial public offering (IPO) on June 3, issuing 20 million shares at $13.50 per share, raising a total of $270 million. If underwriters fully exercise their option to purchase an additional 3,000,000 shares, the total offering could increase to $310.5 million. On its first trading day, the stock opened at $15.00, up 11.11% from the offering price, and closed at $17.15, giving the company a market capitalization of approximately $2.42 billion. Joint lead underwriters include Morgan Stanley, Scotiabank, and BMO Capital Markets.
Founded in 2010, Sunshine Silver Mining has not yet generated revenue and remains in the development stage. The company is focused on restarting the Sunshine Mine in the Coeur d'Alene mining district of Idaho's Silver Valley, which has been closed since 2001. The Sunshine Mine is a historic silver-antimony mine that produced over 360 million ounces of silver and more than 48.4 million pounds of antimony before its closure in 2001. According to company disclosures, its proven mineral resources contain 103.9 million ounces of silver, with an average diluted silver grade of 1,022 grams per tonne, making it one of the highest-grade pure silver mines known globally; inferred mineral resources contain 159.8 million ounces of silver. The company holds a full set of mining and refining permits and is one of the few companies with a vertically integrated platform from mine to mill to refinery, featuring on-site silver refining capacity and holding the primary permits required for antimony production. CEO Heather White stated that the listing marks a key step in project execution, with near-term priorities including completing infill drilling and engineering to support a feasibility study (planned for completion in early 2027), followed by the start of mill construction and infrastructure upgrades, targeting a production restart by the end of 2028. Average annual silver production is expected to be approximately 6.7 million ounces in the first five years of operation and approximately 5.8 million ounces annually over the mine's 24-year life.
Additionally, the Sunshine Mine has the potential to produce antimony, which is classified as a critical mineral by the U.S. government. The company is evaluating designs for a permitted antimony processing plant with a potential annual capacity of 34.5 million pounds of finished antimony, which could meet up to 60% of U.S. antimony demand. Chairman Thomas Kaplan stated that with both silver and antimony declared critical minerals by the U.S. and China, this self-sufficient supply capability free from geopolitical influence is a significant advantage.
The IPO comes amid a sustained rise in silver prices. Driven by strong demand from the solar photovoltaic industry and electronics manufacturing, silver prices have been climbing over the past year, benefiting from both monetary value and industrial consumption. Sunshine Silver Mining completed its IPO at $13.50 per share, the lower end of the previously marketed range of $13.50 to $16.50, reflecting investor interest in high-quality silver mining assets against a backdrop of elevated silver prices. According to the prospectus, Electrum held 72.8% and Ospraie held 20.5% of shares before the IPO; post-IPO, Electrum's stake decreased to 63% and Ospraie's to 17.6%.
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