X0609 4 2026-06-05 0002091017 Sunshine Silver Mining & Refining Co SSMR 0001124803 KAPLAN THOMAS SCOTT false 600 FIFTH AVENUE, 24TH FLOOR NEW YORK NY 10020 true false true false 0001830153 Electrum Silver US LLC false C/O THE ELECTRUM GROUP LLC 600 FIFTH AVENUE, 24TH FLOOR NEW YORK NY 10020 true false true false 0001829059 Electrum Strategic Management LLC false C/O THE ELECTRUM GROUP LLC 600 FIFTH AVENUE, 24TH FLOOR NEW YORK NY 10020 true false true false 0001564994 ELECTRUM GLOBAL HOLDINGS L.P. false C/O THE ELECTRUM GROUP LLC 600 FIFTH AVENUE, 24TH FLOOR NEW YORK NY 10020 true false true false 0001565709 TEG Global GP Ltd. false C/O THE ELECTRUM GROUP LLC 600 FIFTH AVENUE, 24TH FLOOR NEW YORK NY 10020 true false true false 0001565641 Electrum Group LLC false 600 FIFTH AVENUE, 24TH FLOOR NEW YORK NY 10020 true false true false 0001829058 Electrum Silver US II LLC false C/O THE ELECTRUM GROUP LLC 600 FIFTH AVENUE, 24TH FLOOR NEW YORK NY 10020 true false true false 0001699437 Electrum Strategic Opportunities Fund II L.P. false C/O THE ELECTRUM GROUP LLC 600 FIFTH AVENUE, 24TH FLOOR NEW YORK NY 10020 true false true false 0001734758 Electrum Strategic Opportunities Fund II GP L.P. false C/O THE ELECTRUM GROUP LLC 600 FIFTH AVENUE, 24TH FLOOR NEW YORK NY 10020 true false true false 0001734759 ESOF II GP Ltd. false C/O THE ELECTRUM GROUP LLC 600 FIFTH AVENUE, 24TH FLOOR NEW YORK NY 10020 true false true false false Common Stock 2026-06-05 4 A false 8929 0 A 8929 D Common Stock 2026-06-05 4 M false 2739640 2.87 A 78677940 I By Electrum Silver US LLC Common Stock 2026-06-05 4 F false 582022 13.50 D 78095918 I By Electrum Silver US LLC Common Stock 7365270 I By Electrum Silver US II LLC Common Stock 1266260 I By Tigris Financial Group Ltd. Common Stock 60010 I By Manul Capital Management LLC Common Stock 393230 I By GRAT Holdings LLC Warrant (right to buy) 2.87 2026-06-05 4 M false 2739640 0 D 2022-09-02 2027-09-02 Common Stock 2739640 0 I By Electrum Silver US LLC Represents restricted stock units ("RSUs") granted to Thomas S. Kaplan. Each RSU represents a contingent right to receive one share of the Issuer's common stock. The RSUs vest in full on the earlier of (i) the first anniversary of the grant date or (ii) the day immediately proceeding the date of the Issuer's 2027 Annual Meeting of Stockholders, subject to Mr. Kaplan's continued service as a member of the Issuer's Board of Directors through such date. This transaction relates to the net exercise of warrants to purchase 2,739,640 shares of the Issuer's common stock immediately prior to the completion of the initial public offering of the Issuer's common stock, in accordance with the terms of the warrants. These securities are owned directly by Electrum Silver US LLC ("ESUS"). Electrum Strategic Management LLC ("ESM") is the manager of ESUS. ESM is wholly owned by Electrum Global Holdings L.P. ("Global Holdco"), and TEG Global GP Ltd. ("TEG Global") is the general partner of Global Holdco. The Electrum Group LLC ("TEG") acts as an investment advisor to Global Holdco. Thomas S. Kaplan, Chairman of the Issuer's Board of Directors, is also Chairman, Chief Executive Officer and Chief Investment Officer of TEG. Each of these reporting persons (other than Mr. Kaplan who is a director of the Issuer) may be deemed to be a director by deputization of the Issuer. These securities are owned directly by Electrum Silver US II LLC ("ESUS II"). Electrum Strategic Opportunities Fund II L.P. ("ESOF II") owns 99% of ESUS II, and ESM is the manager of ESUS II. ESM is wholly owned by Global Holdco, and TEG Global is the general partner of Global Holdco. The general partner of ESOF II is Electrum Strategic Opportunities Fund II GP L.P. ("ESOF II GP L.P."), and the general partner of ESOF II GP L.P. is ESOF II GP Ltd. ("ESOF II GP"). ESOF II GP is wholly owned by Global Holdco. TEG acts as an investment advisor to ESOF II. Thomas S. Kaplan, Chairman of the Issuer's Board of Directors, is also Chairman, Chief Executive Officer and Chief Investment Officer of TEG. Each of these reporting persons (other than Mr. Kaplan who is a director of the Issuer) may be deemed to be a director by deputization of the Issuer. These securities are owned directly by Tigris Financial Group Ltd., which is wholly owned by Thomas S. Kaplan. These securities are owned directly by Manul Capital Management LLC. Thomas S. Kaplan serves as managing member of Manul Capital Management LLC. These securities are owned directly by GRAT Holdings LLC. Thomas S. Kaplan serves as managing member of GRAT Holdings LLC. The reporting persons may be deemed to be members of a Section 13(d) group that collectively beneficially owns more than 10% of the Issuer's outstanding common stock. The filing of this report shall not be deemed to be an admission that the reporting persons are members of such a group. Each reporting person disclaims beneficial ownership of the securities reported herein except to the extent of its pecuniary interest, if any, and this report shall not be deemed to be an admission that any such reporting person is the beneficial owner of such securities for purposes of Section 16 or for any other purpose. Because no more than 10 reporting persons can file any one Form 4 through the Securities and Exchange Commission's EDGAR system, certain affiliates of the reporting persons have filed a separate Form 4. /s/ Thomas S. Kaplan 2026-06-08 Electrum Silver US LLC, By: Electrum Strategic Management, its Manager, By: /s/ Andrew M. Shapiro, Managing Director 2026-06-08 Electrum Strategic Management LLC, By: /s/ Andrew M. Shapiro, Managing Director 2026-06-08 Electrum Global Holdings L.P., By: TEG Global GP Ltd., its general partner, By: /s/ Andrew M. Shapiro, Director 2026-06-08 TEG Global GP Ltd., By: /s/ Andrew M. Shapiro, Director 2026-06-08 The Electrum Group LLC, By: /s/ Michael H. Williams, Senior Managing Director 2026-06-08 Electrum Silver US II LLC, By: Electrum Strategic Management, its Manager By: /s/ Andrew M. Shapiro, Managing Director 2026-06-08 Electrum Strategic Opportunities Fund II L.P., By: Electrum Strategic Opportunities Fund II GP L.P., its general partner, By: ESOF II GP Ltd., its general partner, By: /s/ Michael H. Williams, Director 2026-06-08 Electrum Strategic Opportunities Fund II GP L.P., By: ESOF II GP Ltd., its general partner, By: /s/ Michael H. Williams, Director 2026-06-08 ESOF II GP Ltd., By: /s/ Michael H. Williams, Director 2026-06-08