Sunshine Silver Mining & Refining, a development-stage mining company with a project in Idaho, filed on Monday with the SEC to raise up to what we estimate could be $400 million in an initial public offering.
Sunshine Silver Mining & Refining owns and is developing the Sunshine Mine and related refining facilities in Kellogg, a historically producing silver mine with byproducts including antimony, copper, and lead. The company is focused on maintaining and modernizing the site in preparation for a planned restart of mining, milling, and refining operations. Operations are currently on care and maintenance, with a restart targeted for 2028.
The Kellogg, ID-based company was founded in 2010 and plans to list on the NYSE under the symbol SSMR. Sunshine Silver Mining & Refining filed confidentially on December 18, 2025. Morgan Stanley, Scotia Capital, BMO Capital Markets, Canaccord Genuity, Citi, and RBC Capital Markets are the joint bookrunners on the deal.
