Sunshine Silver Mining & Refining Company Mining Forum Americas 2026

Thank you. Great. Thank you.

Can everyone hear me all right? Okay, wonderful. Good afternoon. It is 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. There we go. Before I jump into the story, it is 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 will touch on each of these as I go through this slide, but as I move through the deck, I will provide more color on each. Okay? Number 1 gating factor for us is location.

Absolutely. Sunshine's exceptional nature, it is first defined by its tier 1 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 are going to talk about grade, we are going to talk about size, and we are going to talk about our ability to metallurgically recover that silver. 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 am 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. 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. At Sunshine, these come in a few different forms. Number 1, 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 is fully permitted and includes the ability to refine silver, antimony, and copper. We are also looking at potentially refining germanium and gallium as well. For all of this, 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 S-K 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.

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, positioned 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. To put it simply, the grades at Sunshine are truly off the charts. However, it is 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 U.S., providing 16% of U.S. silver supply. We see this as just the beginning, guys. For Sunshine, 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 A-one team, I am extremely proud of the highly experienced team that is being assembled at Sunshine to return us to production in 2028 and to create value for our shareholders. I have been in this business now for just over 30 years, and I understand it is never just about the plan. It really does. We have some of the best hands. Our operators are Silver Valley veterans with deep. In addition to the existing infrastructure and the major permits, we also have the foundation to rebuild one of America's few vertically shop, if you will. This could include an antimony plant and a silver copper refinery producing 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. 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.