X0202 SCHEDULE 13G 0001830153 XXXXXXXX LIVE Common Stock, par value $0.001 per share 06/30/2026 0002091017 Sunshine Silver Mining & Refining Company 867866105 2209 Big Creek Road Kellogg ID 83837 Rule 13d-1(d) Electrum Silver US LLC DE 0 86037688 0 86037688 86037688 N 56.7 OO Electrum Strategic Management LLC DE 0 94330848 0 94330848 94330848 N 61.8 OO Electrum Global Holdings L.P. E9 0 94330848 0 94330848 94330848 N 61.8 PN FI TEG Global GP Ltd. E9 0 94330848 0 94330848 94330848 N 61.8 OO FI The Electrum Group LLC DE 0 94330848 0 94330848 94330848 N 61.8 IA Electrum Silver US II LLC DE 0 8293160 0 8293160 8293160 N 5.7 OO Electrum Strategic Opportunities Fund II L.P. E9 0 8293160 0 8293160 8293160 N 5.7 PN FI Electrum Strategic Opportunities Fund II GP L.P. E9 0 8293160 0 8293160 8293160 N 5.7 PN FI ESOF II GP Ltd. E9 0 8293160 0 8293160 8293160 N 5.7 OO FI Tigris Financial Group Ltd. DE 0 1266260 0 1266260 1266260 N 0.9 CO Manul Capital Management LLC DE 0 60010 0 60010 60010 N 0.1 OO GRAT Holdings LLC DE 0 393230 0 393230 393230 N 0.3 OO Thomas Scott Kaplan X1 0 96050348 0 96050348 96050348 N 62.9 IN Sunshine Silver Mining & Refining Company 2209 Big Creek Road, Kellogg, Idaho, 83837 This Schedule 13G is jointly filed by each of the entities below (collectively, the "Reporting Persons") pursuant to Rule 13d-1(k) promulgated by the Securities and Exchange Commission pursuant to Section 13 of the Securities Exchange Act of 1934, as amended (the "Act"): (i) Electrum Silver US LLC ("ESUS"); (ii) Electrum Strategic Management LLC ("ESM"); (iii) Electrum Global Holdings L.P. ("Global Holdco"); (iv) TEG Global GP Ltd. ("TEG Global"); (v) The Electrum Group LLC ("TEG"); (vi) Electrum Silver US II LLC ("ESUS II"); (vii) Electrum Strategic Opportunities Fund II L.P. ("ESOF II"); (viii) Electrum Strategic Opportunities Fund II GP L.P. ("ESOF II GP L.P."); (ix) ESOF II GP Ltd. ("ESOF II GP"); (x) Tigris Financial Group Ltd. ("Tigris"); (xi) Manul Capital Management LLC ("Manul"); (xii) GRAT Holdings LLC ("GRAT Holdings"); and (xiii) Thomas Scott Kaplan. The Reporting Persons have entered into a Joint Filing Agreement, a copy of which is attached as Exhibit 99.1 to this Schedule 13G, pursuant to which the Reporting Persons agreed to file this Schedule 13G and any amendments thereto jointly in accordance with the provisions of Rule 13d-1(k)(1) under the Act. The address of each of the Reporting Persons is 600 Fifth Avenue, 24th Floor, New York, New York 10020. See responses to Item 4 on each cover page. Y As of June 30, 2026, ESUS directly owned 86,037,688 shares of the Issuer's common stock ("Common Shares") (including 7,941,770 shares underlying exercisable warrants). ESM is the manager of ESUS. ESM is wholly owned by Global Holdco, and TEG Global is the general partner of Global Holdco. TEG acts as an investment advisor to Global Holdco. As a result, ESM, Global Holdco, TEG Global and TEG may be deemed to beneficially own the Common Shares owned by ESUS. Thomas S. Kaplan, Chairman of the Issuer's Board of Directors, is also Chairman, Chief Executive Officer and Chief Investment Officer of TEG. As of June 30, 2026, ESUS II directly beneficially owned 8,293,160 Common Shares (including 927,890 shares underlying exercisable warrants). 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 ESOF II GP L.P., and the general partner of ESOF II GP L.P. is ESOF II GP. ESOF II GP is wholly owned by Global Holdco. TEG acts as an investment advisor to ESOF II. As a result, ESOF II, ESM, Global Holdco, TEG Global, ESOF II GP L.P., TEG and ESOF II GP may be deemed to beneficially own the Common Shares owned by ESUS II. Thomas S. Kaplan, Chairman of the Issuer's Board of Directors, is also Chairman, Chief Executive Officer and Chief Investment Officer of TEG. As of June 30, 2026, Tigris directly owned 1,266,260 Common Shares. Tigris is wholly owned by Mr. Kaplan. As of June 30, 2026, Manul directly owned 60,010 Common Shares. Manul is owned by a trust for the benefit of Mr. Kaplan and his family. As of June 30, 2026, GRAT Holdings directly owned 393,230 Common Shares. GRAT Holdings is wholly owned by trusts for the benefit of Mr. Kaplan and his family. As of June 30, 2026, the Reporting Persons may be deemed to beneficially own an aggregate of 96,050,348 Common Shares (including 8,869,660 shares underlying exercisable warrants). Each of the Reporting Persons disclaims beneficial ownership of such Common Shares except to the extent of its pecuniary interest therein, if any. Pursuant to Rule 13d-4 of the Act, the Reporting Persons expressly declare that the filing of this statement shall not be construed as an admission that any such person is, for the purposes of Section 13(d) and/or Section 13(g) of the Act or otherwise, the beneficial owner of any securities covered by this statement held by any other person. The Reporting Persons expressly disclaim that they have agreed to act as a group other than as described in this Schedule 13G. See responses to Item 11 on each cover page. As of June 30, 2026, the aggregate 96,050,348 Common Shares (including 8,869,660 shares underlying exercisable warrants) that the Reporting Persons may be deemed to beneficially own represents approximately 62.9% of the total Common Shares deemed to be outstanding. All percentages calculated in this Schedule 13G are based upon an aggregate of 143,726,603 Common Shares of the Issuer reported by the Issuer to be outstanding after the closing of its initial public offering and the underwriters' exercise of their option to purchase additional Common Shares, as disclosed in the Issuer's prospectus filed with the Securities and Exchange Commission on June 5, 2026 and press release issued June 5, 2026. See responses to Item 5 on each cover page. See responses to Item 6 on each cover page. See responses to Item 7 on each cover page. See responses to Item 8 on each cover page. Y Y Y Y Y Y Exhibit 99.1 - Joint Filing Agreement Electrum Silver US LLC /s/ Andrew M. Shapiro 08/07/2026 Electrum Strategic Management LLC /s/ Andrew M. Shapiro 08/07/2026 Electrum Global Holdings L.P. /s/ Andrew M. Shapiro 08/07/2026 TEG Global GP Ltd. /s/ Andrew M. Shapiro 08/07/2026 The Electrum Group LLC /s/ Michael H. Williams 08/07/2026 Electrum Silver US II LLC /s/ Andrew Shapiro 08/07/2026 Electrum Strategic Opportunities Fund II L.P. /s/ Michael H. Williams 08/07/2026 Electrum Strategic Opportunities Fund II GP L.P. /s/ Michael H. Williams 08/07/2026 ESOF II GP Ltd. /s/ Michael H. Williams 08/07/2026 Tigris Financial Group Ltd. /s/ Andrew M. Shapiro 08/07/2026 Manul Capital Management LLC /s/ Andrew M. Shapiro 08/07/2026 GRAT Holdings LLC /s/ Andrew M. Shapiro 08/07/2026 Thomas Scott Kaplan /s/ Thomas S. Kaplan 08/07/2026 Electrum Silver US LLC, By: Electrum Strategic Management LLC, its Manager Electrum Global Holdings L.P., By: TEG Global GP Ltd., its general partner Electrum Silver US II LLC, By: Electrum Strategic Management LLC, its Manager 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 Electrum Strategic Opportunities Fund II GP L.P., By: ESOF II GP Ltd., its general partner