# EDGAR Filing Document

**Accession Number:** 0002091017
**File Stem:** 0001140361-26-020608
**Filing Date:** 2026-5
**Character Count:** 3003023
**Document Hash:** 5b02fd6dd8ac011179fd61a448360375
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001140361-26-020608.hdr.sgml**: 20260511

**ACCESSION NUMBER**: 0001140361-26-020608

**CONFORMED SUBMISSION TYPE**: S-1

**PUBLIC DOCUMENT COUNT**: 166

**FILED AS OF DATE**: 20260511

**DATE AS OF CHANGE**: 20260511

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Sunshine Silver Mining & Refining Co
- **CENTRAL INDEX KEY:** 0002091017
- **STANDARD INDUSTRIAL CLASSIFICATION:** GOLD & SILVER ORES [1040]
- **ORGANIZATION NAME:** 01 Energy & Transportation
- **EIN:** 853794822
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** S-1
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-295768
- **FILM NUMBER:** 26964215

**BUSINESS ADDRESS:**
- **STREET 1:** 2209 BIG CREEK ROAD
- **CITY:** KELLOGG
- **STATE:** ID
- **ZIP:** 83837-5011
- **BUSINESS PHONE:** 208-783-1700

**MAIL ADDRESS:**
- **STREET 1:** 2209 BIG CREEK ROAD
- **CITY:** KELLOGG
- **STATE:** ID
- **ZIP:** 83837-5011

#### **TABLE OF CONTENTS**

#### As filed with the Securities and Exchange Commission on May 11, 2026.

#### Registration No. 333-

#### UNITED STATES <br>

#### SECURITIES AND EXCHANGE COMMISSION <br>

#### Washington, D.C. 20549

#### FORM S-1 <br>

#### REGISTRATION STATEMENT <br>

#### UNDER <br>

#### THE SECURITIES ACT OF 1933

### SUNSHINE SILVER MINING & REFINING COMPANY <br>

#### (Exact Name of Registrant as Specified in Its Charter)

---

| | | |
|:---|:---|:---|
| **Delaware**<br>**(State or Other Jurisdiction of**<br>**Incorporation or Organization)** | **1040**<br>**(Primary Standard Industrial**<br>**Classification Code Number)** | **85-3794822**<br>**(I.R.S. Employer**<br>**Identification Number)** |

---

#### 2209 Big Creek Rd <br>

#### Kellogg, Idaho 83837 <br>
(208) 783-1700 <br>

#### (Address, Including Zip Code, and Telephone Number, Including <br>

#### Area Code, of Registrant's Principal Executive Offices)

#### Heather White <br>

#### Chief Executive Officer <br>

#### Sunshine Silver Mining & Refining Company <br>

#### 2209 Big Creek Rd <br>

#### Kellogg, Idaho 83837 <br>
(208) 783-1700 <br>

#### (Name, Address, Including Zip Code, and Telephone Number, Including Area Code, of Agent For Service)

#### Copies to:

---

| | | |
|:---|:---|:---|
| **Ryan J. Dzierniejko** <br>**Alejandro Gonzalez Lazzeri** <br>**Jeremy Winter** <br>**Skadden, Arps, Slate, Meagher & Flom LLP** <br>**One Manhattan West** <br>**New York, NY 10001** <br>(212) 735-3000  | **Michelle Shepston** <br>**General Counsel** <br>**Sunshine Silver Mining & Refining Company** <br>**2209 Big Creek Rd** <br>**Kellogg, Idaho 83837** <br>(208) 783-1700 | **Jorge U. Juantorena** <br>**Lesley Janzen** <br>**Jonathan Mendes de Oliveira** <br>**Cleary Gottlieb Steen & Hamilton LLP** <br>**One Liberty Plaza** <br>**New York NY 10006** <br>(212) 225-2000 |

---

#### Approximate date of commencement of proposed sale to the public: <br>

#### As soon as practicable after the effective date of this Registration Statement.
If any of the securities being registered on this Form are to be offered on a delayed or continuous basis pursuant to Rule 415 under the Securities Act of 1933, check the following box. ☐

If this Form is filed to register additional securities for an offering pursuant to Rule 462(b) under the Securities Act, please check the following box and list the Securities Act registration statement number of the earlier effective registration statement for the same offering. ☐

If this Form is a post-effective amendment filed pursuant to Rule 462(c) under the Securities Act, check the following box and list the Securities Act registration statement number of the earlier effective registration statement for the same offering. ☐

If this Form is a post-effective amendment filed pursuant to Rule 462(d) under the Securities Act, check the following box and list the Securities Act registration statement number of the earlier effective registration statement for the same offering. ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act.

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| | | | |
|:---|:---|:---|:---|
| Large accelerated filer ☐ | Accelerated filer ☐ | Non-accelerated filer ☐ | Smaller reporting company ☒  |
|  |  |  | Emerging growth company ☒ |

---

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 7(a)(2)(B) of the Securities Act. ☐

**The registrant hereby amends this registration statement on such date or dates as may be necessary to delay its effective date until the registrant shall file a further amendment which specifically states that this registration statement shall thereafter become effective in accordance with Section 8(a) of the Securities Act, or until the registration statement shall become effective on such date as the Securities and Exchange Commission, acting pursuant to said Section 8(a), may determine.** 

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#### **TABLE OF CONTENTS**

**The information contained in this preliminary prospectus is not complete and may be changed. We may not sell these securities until the registration statement filed with the Securities and Exchange Commission is effective. This preliminary prospectus is not an offer to sell these securities and it is not soliciting an offer to buy these securities in any jurisdiction where the offer or sale is not permitted. SUBJECT TO COMPLETION, DATED MAY 11, 2026** 

#### PRELIMINARY PROSPECTUS

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SHARES
![](logo_sunshinesilver.jpg)<br>

#### SUNSHINE SILVER MINING & REFINING COMPANY <br>

#### COMMON STOCK

We are selling shares of common stock to the underwriters in a firm commitment offering.

Prior to this offering, there has been no public market for our common stock. We currently estimate that the initial public offering price will be between $ and $ per share. We have applied to list our common stock on the New York Stock Exchange (the "**NYSE**") under the symbol "SSMR."

The underwriters have an option to purchase a maximum of additional shares of common stock from us to cover over-allotments. The underwriters can exercise this option at any time within 30 days from the date of this prospectus.

We are an "emerging growth company" as defined under the federal securities laws and, as such, are subject to certain reduced public company reporting requirements for this prospectus and future filings. See "*Prospectus Summary—Implications of Being an Emerging Growth Company*."

The Electrum Group LLC (together with its affiliates, "**Electrum**") will control approximately % of the voting power of our common stock upon completion of this offering (or approximately % if the underwriters exercise their option to purchase additional shares of our common stock from us in full). We are, therefore, a "controlled company" within the meaning of the corporate governance standards of the NYSE. As such, we may elect not to comply with certain corporate governance requirements of the NYSE. See "*Management—Controlled Company Status*."

#### Investing in our common stock involves risks. See " Risk Factors " beginning on page 28 of this prospectus.

---

| | | |
|:---|:---|:---|
|  | **Per Share** | **Total**  |
| Public offering price | $| $|
| Underwriting discounts and commissions<sup>(1)</sup> | $| $|
| Proceeds, before expenses, to us | $| $|

---

(1)<br> See "*Underwriting and Plan of Distribution*" for a description of compensation to be paid to the underwriters.

Delivery of the shares of common stock will be made on or about , 2026 through the book-entry facilities of The Depositary Trust Company.

**Neither the Securities and Exchange Commission nor any state securities commission has approved or disapproved of these securities or determined if this prospectus is truthful or complete. Any representation to the contrary is a criminal offense.** 

#### Joint Lead Book-Running Managers
<br> Morgan Stanley Scotiabank BMO Capital Markets <br>

#### Joint Bookrunners
<br> Canaccord Genuity Citigroup RBC Capital Markets <br>

The date of this prospectus is , 2026.

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#### **TABLE OF CONTENTS**

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| | |
|:---|:---|
|  | **Page**  |
| [ABOUT THIS PROSPECTUS](#tABO) | &nbsp;&nbsp;&nbsp;[ii](#tABO) |
| [PROSPECTUS SUMMARY](#tSUM) | &nbsp;&nbsp;&nbsp;[1](#tSUM) |
| [THE OFFERING](#tTO) | &nbsp;&nbsp;[24](#tTO) |
| [SUMMARY CONSOLIDATED FINANCIAL DATA](#tSCF) | &nbsp;&nbsp;[26](#tSCF) |
| [RISK FACTORS](#tRF) | &nbsp;&nbsp;[28](#tRF) |
| [CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS](#tCSR) | &nbsp;&nbsp;[50](#tCSR) |
| [USE OF PROCEEDS](#tUOP) | &nbsp;&nbsp;[52](#tUOP) |
| [DIVIDEND POLICY](#tDP) | &nbsp;&nbsp;[53](#tDP) |
| [CAPITALIZATION](#tCAP) | &nbsp;&nbsp;[54](#tCAP) |
| [DILUTION](#tDIL) | &nbsp;&nbsp;[55](#tDIL) |
| [MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS](#tMDA) | &nbsp;&nbsp;[57](#tMDA) |
| &nbsp;&nbsp;[INDUSTRY OVERVIEW](#tIO) | &nbsp;&nbsp;[65](#tIO) |
| [BUSINESS](#tBUS) | &nbsp;&nbsp;[71](#tBUS) |
| [MANAGEMENT](#tMAN) | [117](#tMAN) |
| [EXECUTIVE AND DIRECTOR COMPENSATION](#tEXE) | [122](#tEXE) |
| [CERTAIN RELATIONSHIPS AND RELATED PARTY TRANSACTIONS](#tCUF) | [130](#tCUF) |
| [PRINCIPAL STOCKHOLDERS](#tPS) | [133](#tPS) |
| [DESCRIPTION OF CAPITAL STOCK](#tDOCS) | [135](#tDOCS) |
| [U.S. FEDERAL INCOME TAX CONSIDERATIONS FOR NON-U.S. HOLDERS OF COMMON STOCK](#tUFI) | [138](#tUFI) |
| [SHARES ELIGIBLE FOR FUTURE SALE](#tSEF) | [141](#tSEF) |
| [UNDERWRITING AND PLAN OF DISTRIBUTION](#tUWP) | [143](#tUWP) |
| [LEGAL MATTERS](#tLM) | [151](#tLM) |
| [EXPERTS](#tEXP) | [151](#tEXP) |
| [WHERE YOU CAN FIND MORE INFORMATION](#tWYC) | [152](#tWYC) |
| [GLOSSARY OF TECHNICAL TERMS](#tGOT) | [153](#tGOT) |
| [INDEX TO FINANCIAL STATEMENTS](#tITFS) | [F-1](#tITFS) |

---

**Through and including the 25th day after the date of this prospectus, all dealers that effect transactions in shares of our common stock, whether or not participating in this offering, may be required to deliver a prospectus. This is in addition to the dealers' obligations to deliver a prospectus when acting as underwriters and with respect to their unsold allotments or subscriptions.** 

**We and the underwriters have not authorized anyone to provide any information other than that contained in this prospectus or in any free writing prospectus prepared by or on behalf of us or to which we have referred you. We and the underwriters take no responsibility for, and can provide no assurance and make no representation as to the reliability of, any other information that others may give you. We are offering to sell and are seeking offers to buy, shares of our common stock only in jurisdictions where offers and sales are permitted. The information contained in this prospectus is accurate only as of the date of this prospectus, regardless of the time of delivery of this prospectus or of any sale of our common stock.** 

i<br>

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#### ABOUT THIS PROSPECTUS
Unless the context otherwise requires, the "**Company**," "**we**," "**us**" and "**our**" refer to Sunshine Silver Mining & Refining Company and its consolidated subsidiaries.

The discussion of our financial condition and results of operations should be read together with our audited consolidated financial statements for the years ended December 31, 2025 and 2024 and our unaudited consolidated financial statements for the three months ended March 31, 2026 and 2025 prepared in accordance with U.S. generally accepted accounting principles and the related notes and the other financial information included elsewhere in this prospectus.

Certain figures and percentages included in this prospectus have been subject to rounding adjustments, and all quantities of Mineral Resource estimates are rounded to the appropriate number of relevant units. Accordingly, totals and sums presented in this prospectus may not add up due to rounding.

Unless otherwise indicated, all references to "U.S. dollars," "dollars" and "$" in this prospectus are to the lawful currency of the United States of America. All references to ounces in this prospectus are to troy ounces, unless otherwise specified.

#### MARKET AND INDUSTRY DATA AND FORECASTS
This prospectus includes market and industry data and forecasts that we have developed from independent research reports, publicly available information, various industry publications, other published industry sources or our internal data and estimates. Independent research reports, industry publications and other published industry sources generally indicate that the information contained therein was obtained from sources believed to be reliable, but do not guarantee the accuracy and completeness of such information. Although we believe that the publications and reports are reliable, neither we nor the underwriters have independently verified the data. Our internal data, estimates and forecasts are based on information obtained from trade and business organizations and other contacts in the markets in which we operate and our management's understanding of industry conditions. Although we believe that such information is reliable, we have not had such information verified by any independent sources.

We refer in this prospectus to information and estimates from the antimony market report entitled "*Antimony Market Assessment*" prepared by Argus Media ("**Argus**") in December 2025 (the "**Argus Report**"), the antimony plant report entitled "*Sunshine Silver Mining & Refining Corporation Antimony Plant Viability Summary Report*" prepared by Samuel Engineering, Inc. ("**Samuel Engineering**") in April 2025 (the "**Samuel Engineering Report**") and the Sunshine Silver/Copper Refinery report entitled "*Silver Refinery Process Study and Class V Estimate*" prepared by trajectorE Engineering, Inc. in November 2025 (the "**trajectorE Report**"). Each of these reports was commissioned by us.

#### NOTICE REGARDING MINERAL DISCLOSURE
The Technical Report Summary for our material property, the Sunshine Mine (as defined below) (the "**Sunshine Technical Report Summary"**), has been prepared by SLR International Corporation ("**SLR**") and SRK Consulting (U.S.), Inc. ("**SRK**") in accordance with subpart 1300 of Regulation S-K ("**S-K 1300**") and is included as Exhibit 96.1 to the registration statement of which this prospectus forms a part. The Mineral Resource estimates contained in this prospectus were prepared in accordance with S-K 1300 with an effective date of February 24, 2026 and have not been updated since that time.

This prospectus refers to estimated Mineral Resources, including Inferred Mineral Resources and Indicated Mineral Resources. See "*Glossary of Technical Terms*" for the definition of those terms. The estimates include mining dilution and mining recovery. Mining dilution and recovery factors vary and are influenced by several factors including deposit type, deposit shape and mining methods. The Mineral Resource estimates contained in this prospectus may be materially affected by changes to the geological, geotechnical and geometallurgical models, infill drilling to convert material to a higher classification, drilling to test for extensions to known Mineral Resources, collection of additional bulk density data and significant changes to commodity prices, and by environmental permitting, legal, title, taxation, socio-political, marketing, or other relevant issues.

Inferred Mineral Resources are subject to significant uncertainty as to their existence and as to their economic and legal feasibility. The level of geological uncertainty associated with an Inferred Mineral Resource is too high to apply relevant technical and economic factors likely to influence the prospects of economic extraction in a manner useful for evaluation of economic viability.

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#### **TABLE OF CONTENTS**
Unless the context otherwise requires, all references in this prospectus to "Qualified Person(s)" are to Qualified Persons as defined in S-K 1300. Our disclosure relating to Mineral Resource estimates and exploration results is based on supporting documentation prepared by Qualified Persons. The Sunshine Technical Report Summary has been prepared by Qualified Persons, as described herein.

#### QUALIFIED PERSONS STATEMENT
The scientific and technical information related to the Sunshine Mine contained in the Sunshine Technical Report Summary and reproduced in this prospectus, including Mineral Resource estimates, capital costs, operational costs and economic analysis information, has been approved and verified by SLR and SRK. Drill hole results from the recent infill and exploration drilling at the Sunshine Mine that are included in this prospectus have been approved and verified by SRK. Both SLR and SRK are Qualified Persons under S-K 1300. Neither SLR nor SRK is affiliated with us or any other entity that has an ownership, royalty or other interest in the Sunshine Mine.

All references to Scout Discoveries Corp. ("**Scout**") and the work performed by Scout in this prospectus, including without limitation all scientific and technical information under the heading "*Business—Selected Exploration Results from Rock and Soil Geochemical Data*" on page [78](#tRGD), have been reviewed and approved by Amanda Irons, who is a Qualified Person under S-K 1300. Ms. Irons is a licensed Certified Professional Geologist (CPG-12166) under the association of the American Institute of Professional Geologists, and is an employee of Scout. Ms. Irons' employer, Scout, is an affiliate of the Company. Electrum owns approximately 32% of Scout. See "*Certain Relationships and Related Party Transactions—Exploration Services Agreement*."

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#### **TABLE OF CONTENTS**

#### PROSPECTUS SUMMARY
*This summary highlights information contained elsewhere in this prospectus. This summary may not contain all of the information that you should consider before deciding to invest in our common stock. You should read this entire prospectus carefully, including the "Risk Factors" section and our consolidated financial statements and related notes included elsewhere in this prospectus.* 

#### The Company
We are the owner and developer of the permitted Sunshine mine (the "**Sunshine Mine**") and permitted silver/copper refinery located one mile north of the Sunshine Mine (the "**Sunshine Silver/Copper Refinery**"), as well as the associated facilities including a tailings storage facility (the "**Sunshine Tailings Storage Facility**") and historical antimony refinery grounds (collectively, the "**Sunshine Complex**"**)**. The Sunshine Mine is a historic, permitted, large-scale past-producing silver mine in the United States, which historically also produced meaningful quantities of antimony, copper and lead. The Sunshine Mine is one of the highest-grade primary silver resources in the world, with an average diluted silver grade of 1,022 grams per tonne of Indicated Mineral Resources and 776 grams per tonne of Inferred Mineral Resources. When production is restarted, we expect the Sunshine Mine will also be one of the largest silver mines in the United States. We have the major permits required to restart mining, milling and refining operations, and we will not require an environmental impact study to initiate restart of such operations. We do not anticipate issues in maintaining our current permitting status or securing the outstanding and ongoing permits required. A summary of relevant permits and their status is included in Table 17-1 of the Sunshine Technical Report Summary. Our current permits will be subject to normal course updates throughout the construction process. Our mining, milling and refining complex includes substantial installed infrastructure, including approximately $208 million of investments that we have made over the last 16 years to maintain and modernize the Sunshine Complex and to consolidate the highly prospective land package surrounding the Sunshine Mine. We plan to restart operations at the Sunshine Complex in 2028.

Although not currently defined as part of the existing resource or economics, we plan to produce antimony, as well as copper and lead by-products, once operations restart at the Sunshine Mine. The silver-bearing mineralization (tetrahedrite) at the Sunshine Mine has historically contained economic quantities of antimony, as demonstrated by decades of antimony production at the Sunshine Complex, which processed concentrate from the Sunshine Mine and other mines. Antimony production from the Sunshine Complex supported the U.S. war effort during World War II, and between 1953 and 2001, the Sunshine Complex produced over 48.4 million pounds of finished antimony. A potential new antimony facility at the Sunshine Complex (the "**Sunshine Antimony Plant**") could allow us to process antimony-bearing concentrate from the Sunshine Mine and toll-process external (third party) antimony-bearing concentrates, which together could provide a pathway for the Sunshine Complex to become one of the most significant centralized hubs for producing refined antimony in North America.

We have commenced early-stage sampling and testing of material from the Sunshine Complex to evaluate for the potential presence and recovery of other critical minerals such as gallium and germanium to support the possible future production of these other critical minerals. Silver, antimony and other critical minerals like copper, lead, gallium and germanium are required in applications with significant relevance to national security, industrial revitalization and energy independence. Silver is the best metallic conductor of electricity and is used in photovoltaic cells, electronics, electric vehicles, sensors and corrosive-resistant welding and, like gold, as a store of value. Antimony is used for munitions production, flame retardants, batteries, semi-conductors and other key defense applications. Copper is essential for electrification and energy transition, while lead is required in energy storage and national defense applications. Gallium is essential for the production of 5G mobile telecommunications infrastructure, data center electronics, LED lights and laser diodes, high-efficiency solar cells and advanced defense and telecom systems, while germanium is essential for the production of fiber optics, infrared optical systems, solar cells and radiation detectors.

Large, primary silver mines are rare, with only approximately 26% of global mined supply coming from primary silver mines in 2025. Additionally, the universe of primary silver companies is small – a reality exacerbated by recent consolidation among public silver mining companies, including Pan American Silver Corp.'s acquisition of MAG Silver Corp. in September 2025, Coeur Mining Inc.'s purchase of SilverCrest in February 2025 and First Majestic Silver Corp.'s acquisition of Gatos Silver in January 2025. Silver supply is largely driven by mined silver production, which accounted for approximately 78% of total silver supply in 2025. Mined supply is sourced primarily from Mexico, China and Peru, which accounted for approximately 49% of global mined supply in 2025, compared to only approximately 4% from the United States.

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#### **TABLE OF CONTENTS**
Although the United States is estimated to contain significant quantities of critical Mineral Resources, decades of foreign outsourcing have created a heavy reliance on other nations, especially China, for processing and supply. Specifically, while China accounted for 13% of global mined silver supply in 2025, it controlled the refining of approximately 60% to 70% of the global supply of silver. Driven by national security and economic security considerations, the United States is now actively working to bolster domestic critical mineral production, create a more favorable permitting environment to make U.S. mining and processing more competitive globally, and reduce its dependence on other nations. Most notably, the U.S. Department of the Interior's "List of Critical Minerals" serves as a blueprint for the U.S. government's objective to secure supplies of materials needed for defense, manufacturing and clean energy technologies. Silver was recently added to the list, joining other critical minerals which may also be present at the Sunshine Mine including antimony, copper, lead, gallium and germanium. Inclusion on the "List of Critical Minerals" is significant because it identifies minerals that the U.S. government deems strategically important and may inform federal prioritization for research, permitting, national stockpiling and incentive or funding programs designed to strengthen domestic supply chains.

#### Principal Asset
Our principal asset is the Sunshine Complex. The Sunshine Antimony Plant, which we may develop depending on the outcome of our anticipated antimony Feasibility Study, would also make up part of the Sunshine Complex. The Sunshine Complex is located in the Coeur d'Alene Mining District (also known as the "**Silver Valley**") in Idaho, the most prolific silver district in U.S. history, which hosts many past-producing and currently operating mines along an approximately 12-mile belt. The Silver Valley is a mining-friendly region of the United States with immediate access to transportation, water and low-cost, renewable electricity. The region benefits from favorable mining regulations, an existing skilled labor force, mine suppliers and strong support for mining from the local population and government. We are the largest mineral rights holder in the Silver Valley. We own and control 9,561 hectares of a highly prolific, underexplored and newly consolidated district-scale land package around the Sunshine Mine.

<u>Location of the Sunshine Mine within the United States and the Silver Valley</u>

![](ny20061035x4_graphic01.jpg)<br>

&nbsp;&nbsp;&nbsp;&nbsp;<br>

The Sunshine Mine is estimated to have produced approximately 365 million ounces of silver between its initial production in the early 1900s and the cessation of production in the early 2000s. Over the last five full years of production from 1996 to 2000, the Sunshine Mine produced ore containing 23.0 million ounces of silver, 4.7 million pounds of antimony, 5.7 million pounds of copper and 38.4 million pounds of lead, with average metallurgical recovery of 97%, 97%, 97% and 93%, respectively. We have the major permits required to restart mining, milling and refining operations, and we will not require an environmental impact study to initiate restart of such operations. We do not anticipate issues in maintaining our current permitting status or securing the outstanding and ongoing permits required. A summary of relevant permits and their status is included in Table 17-1 of the Sunshine Technical Report Summary. Our current permits will be subject to normal course updates throughout the construction process.

We expect that, following the contemplated conversion to a dry stack tailings storage facility, the Sunshine Tailings Storage Facility will have sufficient capacity to support tailings production for the entirety of the mine life envisioned in both the Base Case of the Sunshine Technical Report Summary, which envisions a 24-year mine life and assumes the mining of both Indicated Mineral Resources and Inferred Mineral Resources, and the Indicated Only Case of the Sunshine Technical Report, which envisions a 10-year mine life and assumes the mining of only Indicated Mineral Resources. We are one of the few U.S. mining companies with a vertically integrated mine to mill to refinery platform, enabling potential onsite production of silver eligible for the COMEX global futures and commodities marketplace. Given the limited domestic refining capacity for silver, this integration provides a strategic advantage in supplying U.S.

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#### **TABLE OF CONTENTS**
industrial and investment demand. Additionally, we have all major permits required for antimony production, which could enable us to produce a suite of finished antimony products using antimony feed from the Sunshine Mine and other mines in the United States, which could provide additional revenue opportunities beyond our own mining and milling operations. We are undertaking a Feasibility Study for the refurbishment, construction and restart of the Sunshine Silver/Copper Refinery, and we are also undertaking a Feasibility Study for the development of the Sunshine Antimony Plant as part of our technical evaluation ahead of a potential decision to pursue the development of the Sunshine Antimony Plant. In parallel with these Feasibility Studies and based on the results of these Feasibility Studies, we may evaluate external financing alternatives and strategic transactions with respect to the Sunshine Silver/Copper Refinery and the Sunshine Antimony Plant.

The Sunshine Mine includes substantial installed infrastructure, including approximately $208 million of investments that we have made over the last 16 years to maintain and modernize the Sunshine Complex and to consolidate the highly prospective land package around the Sunshine Mine. Notable existing underground development comprises two shafts, three hoists and three adits, which allows multiple paths to access the underground, as well as the flexibility to cost-effectively ramp up production rates if further Mineral Resources are discovered, especially in the highly prospective Upper Country (as defined below) area. The Sunshine Complex also has the Sunshine Tailings Storage Facility, the Sunshine Silver/Copper Refinery, power transmission grids and other fixed equipment, all of which may lower capital costs and timeline to production. In total, we estimate that it would currently cost approximately $600 million to replace this existing infrastructure, and we also believe it could take several years to obtain the requisite permits.

<u>Selection of Existing Underground and Surface Infrastructure</u>

![](ny20061035x4_photo1.jpg)<br>

<br> *<u>Sterling-Polaris-ConSil Tunnel</u>* *<u>Down-Shaft Infrastructure</u>* *<u>Hoist Room</u>* <br>

![](ny20061035x4_photo2.jpg)<br>

<br> *<u>Sunshine Silver/Copper Refinery</u>* *<u>Sunshine Tailings Storage Facility</u>* *<u>Power Grid</u>* <br>

The Sunshine Mine is one of the highest-grade primary silver deposits worldwide, with an estimated 103.9 million ounces of Indicated Mineral Resources at average diluted grades of 29.8 ounces per ton and 159.8 million ounces of Inferred Mineral Resources at average diluted grades of 22.6 ounces per ton. The average diluted silver grade of both the Indicated Mineral Resources and Inferred Mineral Resources are approximately double that of other past producing or currently producing mines in the Silver Valley.

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<u>Current Sunshine Mine Mineral Resource Estimate</u><sup>(1)(2)(3)(4)(5)(6)(7)(8)(9)(11)(12)</sup>

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Tonnage** | **Grade** | **Contained** | **Tonnage** | **Grade** | **Contained**  |
|  | *kst* | *opt Ag* | *Moz Ag* | *M tonnes* | *grams per* <br>*tonne Ag* | *Moz Ag*  |
| Indicated | 3485 | 29.8 | &nbsp;&nbsp;&nbsp;&nbsp;103.9 | &nbsp;&nbsp;&nbsp;&nbsp;3.2 | &nbsp;&nbsp;1022 | &nbsp;&nbsp;&nbsp;&nbsp;103.9  |
| Inferred<sup>(10)</sup> | 7061 | 22.6 | &nbsp;&nbsp;&nbsp;&nbsp;159.8 | &nbsp;&nbsp;&nbsp;&nbsp;6.4 | &nbsp;&nbsp;776 | &nbsp;&nbsp;&nbsp;&nbsp;159.8 |

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(1)<br> The effective date of Mineral Resources for the Sunshine Mine is February 24, 2026.

(2)<br> The definitions for Mineral Resources in S-K 1300, which are consistent with the classification scheme under the Committee for Reserves International Reporting Standards, were followed for the classification of Mineral Resources.

(3)<br> All measurements are U.S. standard units or metric units, as indicated.

(4) Mineable stope optimization volume constrained resources with reasonable prospects for economic extraction are stated as contained within vein estimation domains defined by a cut-off grade of 8.8 opt Ag. The cut-off grade and mineable stope optimization are based on the assumed silver price of $23.50 per ounce and operating cost assumptions, as follows: mining cost of $110.00 per ton, processing cost of $20.85 per ton, general and administrative cost of $7.93 per ton, antimony plant for silver concentrate cost of $14.55 per ton, refining for silver concentrate cost of $16.13 per ton and tailings storage cost of $4.27 per ton. See the table under "The Sunshine Complex—Mineral Resource Estimates." 

(5) Mineable stope optimization volumes are 9 feet high, 30 feet long, and minimum of 3 feet wide and are flagged by the individual modeled vein volumes. An unplanned mining dilution of 5% is applied for reporting. 

(6)<br> All Mineral Resources are based on a data cut-off date of November 28, 2023, estimated in situ and reported as diluted within mineable stope optimization volume.

(7) Average bulk density was assigned as 3.02 grams per cubic centimeter (g/cm<sup>3</sup>) for veins and 2.82 g/cm<sup>3</sup> for waste. The equivalent densities in Imperial units are 0.0943 tons per cubic foot (st/ft<sup>3</sup>) for veins and 0.088 st/ft<sup>3</sup> for waste. 

(8) Total metallurgical recovery was assigned at 93% from metallurgical test work and history of mining production. 

(9) Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability. There is no certainty that all or any part of the Mineral Resources will be converted into Mineral Reserves in the future. The estimate of Mineral Resources may be materially affected by environmental permitting, legal, title, taxation, socio-political, marketing or other relevant issues. 

(10)<br> Inferred Mineral Resources are considered geologically speculative and are based on limited geological evidence and sampling. High geological uncertainty prevents the application of technical and economic factors to evaluate economic viability.

(11)<br> All quantities are rounded to the appropriate number of significant figures; consequently, sums may not add up due to rounding.

(12) The Sunshine Mine is 100% attributable to SOP (as defined below). 

<u>Select Sunshine Mine Core (2025</u><u>/2026</u> <u>Infill Drill Program)</u>

&nbsp;&nbsp;&nbsp;&nbsp;![](ny20061035x4_photo3x3.jpg)<br>

<br> *&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>South Yankee Boy Vein</u>* *<u>C-Fault Vein</u>* *<u>10-Vein</u>* <br>

36 mineralized veins have been discovered at the Sunshine Mine as of February 24, 2026, of which two veins have been identified since we acquired the Sunshine Mine in 2010. Mineralization is comprised of tetrahedrite, freibergite, galena and

4<br>

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sphalerite, with typical gangue minerals of siderite, quartz, pyrite and magnetite. The silver-bearing mineralization (tetrahedrite) at the Sunshine Mine has also historically contained economic quantities of antimony, as demonstrated by decades of antimony production with concentrate from the Sunshine Mine and other mines. Similar to other vein systems in the Coeur d'Alene Mining District, two main vein assemblages are distinguished, which tend to dominate certain areas of the mine: silver-copper-antimony veins and silver-lead veins. Both tetrahedrite and freibergite form one solid solution series or homogeneous mixture of two compounds that have a single crystal structure. However, the freibergite at the Sunshine Mine has antimony substituted into its chemical structure in a higher frequency compared to arsenic, thus making both tetrahedrite and freibergite a strong source of antimony for the Sunshine Mine. The above core photos are illustrative of the intense mineralized veining consistently observed at the Sunshine Mine.

The Sunshine Technical Report Summary presents the results of an Initial Assessment under two mine operating cases: the Base Case, which assumes the mining of both Indicated Mineral Resources and Inferred Mineral Resources, and the Indicated Only Case, which assumes the mining of only Indicated Mineral Resources. Our current evaluation and project planning is based on the Base Case of the Sunshine Technical Report Summary. The Base Case of the Sunshine Technical Report Summary is reflective of our current development strategy to undertake additional infill drilling and other technical work prior to the completion of a Feasibility Study and project sanctioning decision. The Indicated Only Case is shown for illustrative purposes in accordance with Subpart 1302(d)(4) of Regulation S-K.

The Base Case of the Sunshine Technical Report Summary, which assumes the mining of both Indicated Mineral Resources and Inferred Mineral Resources, envisions an initial 24-year mine life and contemplates producing approximately 6.7 million ounces of payable silver per year on average over the first five years of mine life and approximately 5.8 million ounces of payable silver per year on average over the full 24-year mine life at an all-in sustaining cost ("**AISC**") (excluding potential copper and lead by-product credits) of $16.26 per ounce of silver produced over the first five years of mine life and $18.81 per ounce of silver produced over the full 24-year mine life. The Indicated Only Case of the Sunshine Technical Report Summary, which assumes the mining of only Indicated Mineral Resources, contemplates producing approximately 3.5 million ounces of payable silver per year on average over the 10-year mine life at an AISC (excluding potential copper and lead by-product credits) of $24.06 per ounce of silver produced over the full 10-year mine life.

Assuming a silver price of $46.36 and operations at full capacity as described in the Base Case of the Sunshine Technical Report Summary, which assumes the mining of both Indicated Mineral Resources and Inferred Mineral Resources, the Sunshine Mine would generate approximately $311 million in revenue, $230 million in EBITDA and $196 million in operating cash flow on average over the first five years, and approximately $268 million in revenue, $182 million in EBITDA and $153 million in operating cash flow from silver production per year on average over the 24-year mine life. Assuming a silver price of $46.36 and operations at full capacity as described in the Indicated Only Case of the Sunshine Technical Report Summary, the Sunshine Mine would generate approximately $164 million in revenue, $105 million in EBITDA and $97 million in operating cash flow on average over the 10-year mine life.

5<br>

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<u>Sunshine Technical Report Summary – Initial Assessment</u><sup>(1)(2)</sup>

---

| | | |
|:---|:---|:---|
|  | **Base Case<sup>(3)</sup>** | **Indicated Only Case**  |
| &nbsp;&nbsp;&nbsp;Mine Life | 24 Years | 10 Years  |
| **Production Metrics**<br>|  |  |
| &nbsp;&nbsp;&nbsp;Mineable Material | 7.9 M tons | 1.5 M tons  |
| &nbsp;&nbsp;&nbsp;Production Rate  | 864 tons per day  | 430 tons per day |
| &nbsp;&nbsp;&nbsp;Avg. Mined Grade (LOM) | 19.0 opt Ag | 25.2 opt Ag  |
| &nbsp;&nbsp;&nbsp;Ag Recovery | 95.8% | 97%  |
| &nbsp;&nbsp;&nbsp;Ag Contained Production (Total \| Avg.)  | 150 Moz Ag \| 6.2 Moz Ag  | 38 Moz Ag \| 3.8 Moz Ag  |
| &nbsp;&nbsp;&nbsp;Ag Payable Production (Total \| Avg.) | 139 Moz Ag \| 5.8 Moz Ag | 35 Moz Ag \| 3.5 Moz Ag  |
| **Cost Metrics** <br>|  |  |
| &nbsp;&nbsp;&nbsp;Site Operating Costs | $181.38/ton processed | $285.10/ton processed  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Mining* | *$138.29/ton processed* | *$205.64/ton processed*  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Processing* | *$16.73/ton processed* | *$27.24/ton processed*  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*G&A & Tailings* | *$26.37/ton processed* | *$52.21/ton processed*  |
| &nbsp;&nbsp;&nbsp;Initial Capital | $286.9 M | $239.6 M  |
| &nbsp;&nbsp;&nbsp;Sustaining Capital (incl. closure) | $560.2 M | $265.3 M  |
| &nbsp;&nbsp;&nbsp;AISC | $18.81 / oz Ag | $24.06 / oz Ag  |
| **Financial Metrics<sup>(</sup><sup>4</sup><sup>)</sup>** <br>|  |  |
| &nbsp;&nbsp;&nbsp;Revenue (LOM \| Avg. Annual) | $6,437M \| $268M | $1,640M \| $164M  |
| &nbsp;&nbsp;&nbsp;EBITDA (LOM \| Avg. Annual) | $4,378M \| $182M | $1,054M \| $105M  |
| &nbsp;&nbsp;&nbsp;Operating Cash Flow (LOM \| Avg. Annual) | $3,681M \| $153M | $966M \| $97M |
| &nbsp;&nbsp;&nbsp;After-tax NPV<sup>5%</sup> \| IRR  | $1,434M \| 38.3%  | $270M \| 21.1% |

---

(1)<br> Base Case assumes the mining of both Indicated Mineral Resources and Inferred Mineral Resources. Indicated Only Case assumes the mining of only Indicated Mineral Resources and is shown for illustrative purposes only in accordance with Subpart 1302(d)(4) of Regulation S-K.

(2) Inferred Mineral Resources are considered geologically speculative and are based on limited geological evidence and sampling. High geological uncertainty prevents the application of technical and economic factors to evaluate economic viability. There is no certainty that this economic assessment will be realized.

(3) Approximately 74% of the tonnage and approximately 68% of the contained silver in the Base Case mine life is Inferred Mineral Resources. Inferred Mineral Resources are considered geologically speculative and are based on limited geological evidence and sampling. High geological uncertainty prevents the application of technical and economic factors that would enable them to be categorized as Mineral Reserves. 

(4) Based on a constant silver price of $46.36/oz Ag in all years of the economic analysis. 

6<br>

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<u>Long Section of the Sunshine Mine</u> <u>Core Area</u> <u>& Exploration Target Areas</u>

![](ny20061035x4_photo4.jpg)<br>

Within the existing "core" area of the Sunshine Mine (the "**Sunshine Mine Core Area**"), we believe there is significant resource expansion potential in the near-surface or underexplored targets highlighted in yellow coloring above (the "**Upper Country**"), down-dip and horizontal extensions of current veins which are open at depth and underexplored "gaps" in the primary six-mile strike length corridor. This continuity is further highlighted by preliminary results from our recent infill drilling program which has been focused on testing the C-Fault Vein, the South Yankee Boy Vein and the 10 Vein which lie proximal to the Sterling-Polaris-ConSil tunnel. Information set forth herein regarding exploration results from recent infill and exploration drilling, including information relating to drill results, is not contained in the Sunshine Technical Report Summary but accurately reflects findings and conclusions of SRK.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **DDH** | **Vein** | **From (m)** | **To (m)** | **True**<br>**Width (m)** | **Ag (g/t)** | **Cu %** | **Pb %** | **Sb %**  |
| **FS-ST02** | CFault Vein | 140.4 | 142.0 | &nbsp;&nbsp;&nbsp;&nbsp;1.5 | &nbsp;&nbsp;2925 | &nbsp;&nbsp;2.75 | 0.13 | 1.16  |
|  | including | 140.8 | 141.1 | &nbsp;&nbsp;&nbsp;&nbsp;0.2 | &nbsp;&nbsp;8880 | &nbsp;&nbsp;6.41 | 0.44 | 3.39  |
| **FS-ST03** | CFault Vein | 143.4 | 144.0 | &nbsp;&nbsp;&nbsp;&nbsp;0.6 | &nbsp;&nbsp;&nbsp;&nbsp;297 | &nbsp;&nbsp;0.23 | 0.01 | 0.09  |
| **FS-ST08** | CFault Vein | 144.3 | 146.6 | &nbsp;&nbsp;&nbsp;&nbsp;2.0 | &nbsp;&nbsp;&nbsp;&nbsp;340 | &nbsp;&nbsp;0.68 | 0.31 | 0.17 |
| **FS-ST23** | SYBoy | 254.1 | 254.6 | &nbsp;&nbsp;&nbsp;&nbsp;0.3 | &nbsp;&nbsp;3909 | &nbsp;&nbsp;1.62 | 0.16 | 1.17  |
| **FS-ST25** | SYBoy | 283.4 | 283.9 | &nbsp;&nbsp;&nbsp;&nbsp;0.4 | &nbsp;&nbsp;&nbsp;&nbsp;307 | &nbsp;&nbsp;0.10 | 0.07 | 0.08  |
| **FS-ST26** | CFault Vein | 142.5 | 144.2 | &nbsp;&nbsp;&nbsp;&nbsp;1.5 | &nbsp;&nbsp;1076 | &nbsp;&nbsp;1.01 | 0.33 | 0.43  |
| **FS-ST26** | SYBoy | 246.1 | 246.3 | &nbsp;&nbsp;&nbsp;&nbsp;0.2 | &nbsp;&nbsp;1954 | &nbsp;&nbsp;0.73 | 0.28 | 0.57  |
| **FS-ST26** | NYBoy | 248.2 | 248.7 | &nbsp;&nbsp;&nbsp;&nbsp;0.3 | &nbsp;&nbsp;3607 | &nbsp;&nbsp;1.56 | 0.06 | 1.18  |
|  | including | 248.6 | 248.7 | &nbsp;&nbsp;&nbsp;&nbsp;0.1 | &nbsp;&nbsp;7989 | &nbsp;&nbsp;3.32 | 0.07 | 2.57  |
| **FS-ST10** | CFault Vein | 188.9 | 190.0 | &nbsp;&nbsp;&nbsp;&nbsp;0.7 | &nbsp;&nbsp;3429 | &nbsp;&nbsp;1.17 | 0.01 | 0.87  |
|  | including | 189.7 | 190.0 | &nbsp;&nbsp;&nbsp;&nbsp;0.2 | 13783 | &nbsp;&nbsp;4.53 | 0.01 | 3.46  |
| **FS-ST11** | CFault Vein | 204.5 | 205.8 | &nbsp;&nbsp;&nbsp;&nbsp;1.1 | &nbsp;&nbsp;3553 | &nbsp;&nbsp;1.51 | 0.00 | 1.01  |
|  | including | 205.4 | 205.6 | &nbsp;&nbsp;&nbsp;&nbsp;0.1 | 23931 | 10.40 | 0.01 | 6.76  |
| **FS-ST15** | CFault Vein | 221.1 | 221.3 | &nbsp;&nbsp;&nbsp;&nbsp;0.1 | &nbsp;&nbsp;1341 | &nbsp;&nbsp;0.73 | 0.09 | 0.48  |
| **FS-ST18** | CFault Vein | 195.1 | 195.2 | &nbsp;&nbsp;&nbsp;&nbsp;0.1 | &nbsp;&nbsp;1299 | &nbsp;&nbsp;0.60 | 6.79 | 0.46  |
| **FS-ST19** | CFault Vein | 219.6 | 220.9 | &nbsp;&nbsp;&nbsp;&nbsp;1.1 | &nbsp;&nbsp;&nbsp;&nbsp;453 | &nbsp;&nbsp;0.33 | 1.48 | 0.17  |
| **FS-ST21** | CFault Vein | 213.7 | 214.6 | &nbsp;&nbsp;&nbsp;&nbsp;0.7 | &nbsp;&nbsp;&nbsp;&nbsp;915 | &nbsp;&nbsp;0.38 | 0.01 | 0.27  |
| **FS-ST22** | SYBoy | 245.7 | 245.8 | &nbsp;&nbsp;&nbsp;&nbsp;0.1 | &nbsp;&nbsp;4766 | &nbsp;&nbsp;1.71 | 0.12 | 1.31 |

---

7<br>

------

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **DDH** | **Vein** | **From (m)** | **To (m)** | **True**<br>**Width (m)** | **Ag (g/t)** | **Cu %** | **Pb %** | **Sb %**  |
| **FS-ST27** | CFault Vein | 143.4 | 144.9 | &nbsp;&nbsp;&nbsp;&nbsp;1.5 | &nbsp;&nbsp;&nbsp;&nbsp;340 | &nbsp;&nbsp;0.84 | &nbsp;&nbsp;0.02 | 0.16  |
| **FS-ST27** | SYBoy | 249.3 | 250.9 | &nbsp;&nbsp;&nbsp;&nbsp;1.5 | &nbsp;&nbsp;&nbsp;&nbsp;459 | &nbsp;&nbsp;0.16 | &nbsp;&nbsp;0.09 | 0.13  |
| **FS-ST29** | CFault Vein | 215.9 | 216.3 | &nbsp;&nbsp;&nbsp;&nbsp;0.3 | &nbsp;&nbsp;9209 | &nbsp;&nbsp;2.82 | &nbsp;&nbsp;0.14 | 2.25  |
| **FS-ST29** | SYBoy | 233.2 | 234.2 | &nbsp;&nbsp;&nbsp;&nbsp;1.0 | &nbsp;&nbsp;&nbsp;&nbsp;439 | &nbsp;&nbsp;0.09 | &nbsp;&nbsp;1.60 | 0.08  |
| **FS-ST30** | CFault Vein | 155.8 | 156.5 | &nbsp;&nbsp;&nbsp;&nbsp;0.7 | &nbsp;&nbsp;3142 | &nbsp;&nbsp;1.70 | &nbsp;&nbsp;4.32 | 0.85  |
| **FS-ST31** | SYBoy | 208.3 | 209.1 | &nbsp;&nbsp;&nbsp;&nbsp;0.7 | &nbsp;&nbsp;1748 | &nbsp;&nbsp;0.38 | &nbsp;&nbsp;0.03 | 0.32  |
| **FS-ST33** | CFault Vein | 174.5 | 174.7 | &nbsp;&nbsp;&nbsp;&nbsp;0.2 | &nbsp;&nbsp;&nbsp;&nbsp;651 | &nbsp;&nbsp;0.27 | &nbsp;&nbsp;6.90 | 0.20  |
| **FS-ST34** | CFault Vein | 163.4 | 164.1 | &nbsp;&nbsp;&nbsp;&nbsp;0.6 | &nbsp;&nbsp;2548 | &nbsp;&nbsp;1.33 | &nbsp;&nbsp;0.06 | 0.74  |
| **FS-ST35** | SYBoy | 218.5 | 220.1 | &nbsp;&nbsp;&nbsp;&nbsp;1.5 | &nbsp;&nbsp;1463 | &nbsp;&nbsp;0.34 | &nbsp;&nbsp;0.45 | 0.29  |
|  | including | 219.9 | 220.1 | &nbsp;&nbsp;&nbsp;&nbsp;0.1 | &nbsp;&nbsp;7954 | &nbsp;&nbsp;1.65 | &nbsp;&nbsp;0.78 | 1.39  |
| **FS-ST36** | CFault Vein | 172.1 | 174.0 | &nbsp;&nbsp;&nbsp;&nbsp;1.8 | &nbsp;&nbsp;1976 | &nbsp;&nbsp;0.87 | &nbsp;&nbsp;0.45 | 0.55  |
|  | including | 172.9 | 173.0 | &nbsp;&nbsp;&nbsp;&nbsp;0.1 | &nbsp;&nbsp;9600 | &nbsp;&nbsp;3.66 | &nbsp;&nbsp;0.01 | 2.65  |
| **FS-ST37** | CFault Vein | 183.1 | 183.2 | &nbsp;&nbsp;&nbsp;&nbsp;0.1 | &nbsp;&nbsp;1402 | &nbsp;&nbsp;1.16 | &nbsp;&nbsp;0.12 | 0.51  |
| **FS-ST37** | SYBoy | 220.7 | 222.0 | &nbsp;&nbsp;&nbsp;&nbsp;1.3 | &nbsp;&nbsp;&nbsp;&nbsp;939 | &nbsp;&nbsp;0.23 | &nbsp;&nbsp;0.29 | 0.20  |
|  | including | 221.9 | 222.0 | &nbsp;&nbsp;&nbsp;&nbsp;0.1 | &nbsp;&nbsp;6960 | &nbsp;&nbsp;1.76 | &nbsp;&nbsp;2.28 | 1.51  |
| **FS-ST38** | CFault Vein | 211.9 | 212.5 | &nbsp;&nbsp;&nbsp;&nbsp;0.4 | &nbsp;&nbsp;3032 | &nbsp;&nbsp;2.24 | &nbsp;&nbsp;0.50 | 1.26  |
|  | including | 211.9 | 212.2 | &nbsp;&nbsp;&nbsp;&nbsp;0.2 | &nbsp;&nbsp;4149 | &nbsp;&nbsp;3.24 | &nbsp;&nbsp;0.89 | 1.70  |
| **FS-ST39** | CFault Vein | 151.8 | 151.9 | &nbsp;&nbsp;&nbsp;&nbsp;0.1 | &nbsp;&nbsp;1313 | &nbsp;&nbsp;1.12 | &nbsp;&nbsp;0.16 | 0.56  |
| **FS-ST40** | CFault Vein | 144.8 | 146.0 | &nbsp;&nbsp;&nbsp;&nbsp;1.2 | &nbsp;&nbsp;3432 | &nbsp;&nbsp;1.68 | &nbsp;&nbsp;0.05 | 1.14  |
|  | including | 144.8 | 144.9 | &nbsp;&nbsp;&nbsp;&nbsp;0.2 | 22560 | 10.60 | &nbsp;&nbsp;0.11 | 7.46  |
| **FS-ST40** | SYboy | 205.0 | 205.1 | &nbsp;&nbsp;&nbsp;&nbsp;0.1 | &nbsp;&nbsp;6000 | &nbsp;&nbsp;1.51 | &nbsp;&nbsp;0.19 | 1.22  |
| **FS-ST42** | SYBoy | 226.3 | 228.1 | &nbsp;&nbsp;&nbsp;&nbsp;1.7 | &nbsp;&nbsp;3093 | &nbsp;&nbsp;0.76 | &nbsp;&nbsp;0.00 | 0.63  |
|  | including | 226.3 | 226.9 | &nbsp;&nbsp;&nbsp;&nbsp;0.5 | &nbsp;&nbsp;4423 | &nbsp;&nbsp;1.03 | &nbsp;&nbsp;0.01 | 0.91  |
|  | including | 227.8 | 228.1 | &nbsp;&nbsp;&nbsp;&nbsp;0.2 | 12069 | &nbsp;&nbsp;3.02 | &nbsp;&nbsp;0.01 | 2.40  |
| **FS-ST42** | NYBoy | 231.9 | 232.4 | &nbsp;&nbsp;&nbsp;&nbsp;0.5 | &nbsp;&nbsp;1847 | &nbsp;&nbsp;0.60 | &nbsp;&nbsp;0.06 | 0.40  |
| **FS-ST41** | SYBoy | 217.9 | 218.7 | &nbsp;&nbsp;&nbsp;&nbsp;0.7 | &nbsp;&nbsp;2966 | &nbsp;&nbsp;0.65 | &nbsp;&nbsp;0.37 | 0.50  |
| **FS-ST43** | SYBoy | 214.6 | 214.9 | &nbsp;&nbsp;&nbsp;&nbsp;0.3 | &nbsp;&nbsp;1855 | &nbsp;&nbsp;0.59 | &nbsp;&nbsp;0.18 | 0.45  |
| **FS-ST44** | SYBoy | 214.1 | 217.6 | &nbsp;&nbsp;&nbsp;&nbsp;3.4 | &nbsp;&nbsp;&nbsp;&nbsp;345 | &nbsp;&nbsp;0.10 | &nbsp;&nbsp;0.03 | 0.07  |
| **FS-ST45** | SYBoy | 222.0 | 222.2 | &nbsp;&nbsp;&nbsp;&nbsp;0.2 | &nbsp;&nbsp;&nbsp;&nbsp;651 | &nbsp;&nbsp;0.17 | &nbsp;&nbsp;0.49 | 0.14  |
| **FS-ST46** | SYBoy | 225.1 | 226.8 | &nbsp;&nbsp;&nbsp;&nbsp;1.7 | &nbsp;&nbsp;&nbsp;&nbsp;759 | &nbsp;&nbsp;0.31 | &nbsp;&nbsp;0.08 | 0.23  |
| **FS-ST48** | CFault Vein | 216.6 | 216.9 | &nbsp;&nbsp;&nbsp;&nbsp;0.3 | &nbsp;&nbsp;2136 | &nbsp;&nbsp;1.62 | &nbsp;&nbsp;0.03 | 0.84  |
| **FS-ST50** | TBD | 224.0 | 224.8 | &nbsp;&nbsp;&nbsp;&nbsp;0.4 | &nbsp;&nbsp;&nbsp;&nbsp;460 | &nbsp;&nbsp;0.22 | &nbsp;&nbsp;0.03 | 0.17  |
| **FS-ST51** | 10Vein | 122.7 | 123.3 | &nbsp;&nbsp;&nbsp;&nbsp;0.4 | 12240 | &nbsp;&nbsp;3.67 | &nbsp;&nbsp;0.56 | 2.48  |
| **FS-ST53** | NYBoy | 281.0 | 281.6 | &nbsp;&nbsp;&nbsp;&nbsp;0.5 | &nbsp;&nbsp;&nbsp;&nbsp;562 | &nbsp;&nbsp;0.29 | &nbsp;&nbsp;0.20 | 0.23  |
| **FS-ST60** | 10Vein | 104.3 | 112.5 | &nbsp;&nbsp;&nbsp;&nbsp;5.3 | &nbsp;&nbsp;&nbsp;&nbsp;566 | &nbsp;&nbsp;0.25 | &nbsp;&nbsp;4.51 | 0.19  |
|  | including | 105.0 | 106.7 | &nbsp;&nbsp;&nbsp;&nbsp;1.1 | &nbsp;&nbsp;1969 | &nbsp;&nbsp;0.87 | 11.91 | 0.67  |
| **FS-ST61** | 10Vein | 124.7 | 132.3 | &nbsp;&nbsp;&nbsp;&nbsp;3.8 | &nbsp;&nbsp;&nbsp;&nbsp;518 | &nbsp;&nbsp;0.11 | 10.98 | 0.11  |
| **FS-ST62** | 10Vein | 103.0 | 105.6 | &nbsp;&nbsp;&nbsp;&nbsp;1.3 | &nbsp;&nbsp;&nbsp;&nbsp;332 | &nbsp;&nbsp;0.02 | 14.12 | 0.04  |
| **FS-ST63** | 10Vein | &nbsp;&nbsp;66.8 | &nbsp;&nbsp;67.1 | &nbsp;&nbsp;&nbsp;&nbsp;0.2 | &nbsp;&nbsp;1083 | &nbsp;&nbsp;0.20 | 24.40 | 0.20  |
| **FS-ST64** | New | 178.5 | 179.6 | &nbsp;&nbsp;&nbsp;&nbsp;1.1 | &nbsp;&nbsp;&nbsp;&nbsp;319 | &nbsp;&nbsp;0.21 | &nbsp;&nbsp;1.01 | 0.16  |
| **FS-ST64** | 10Vein | 183.6 | 184.3 | &nbsp;&nbsp;&nbsp;&nbsp;0.6 | &nbsp;&nbsp;&nbsp;&nbsp;403 | &nbsp;&nbsp;0.02 | 15.63 | 0.05  |
| **FS-ST65** | 10Vein | &nbsp;&nbsp;97.7 | &nbsp;&nbsp;98.6 | &nbsp;&nbsp;&nbsp;&nbsp;0.6 | &nbsp;&nbsp;&nbsp;&nbsp;193 | &nbsp;&nbsp;0.10 | &nbsp;&nbsp;0.33 | 0.07  |
| **FS-ST66** | 10Vein | 139.5 | 140.7 | &nbsp;&nbsp;&nbsp;&nbsp;0.9 | &nbsp;&nbsp;&nbsp;&nbsp;684 | &nbsp;&nbsp;0.02 | 23.12 | 0.08  |
| **FS-ST67** | 10Vein | 139.0 | 139.8 | &nbsp;&nbsp;&nbsp;&nbsp;0.8 | &nbsp;&nbsp;1173 | &nbsp;&nbsp;0.11 | 42.40 | 0.17 |
| **FS-ST69** | 10Vein | 123.2 | 123.9 | &nbsp;&nbsp;&nbsp;&nbsp;0.5  | &nbsp;&nbsp;1894  | &nbsp;&nbsp;0.73  | 26.37  | 0.59 |
| **FS-ST69** | SYBoy | 203.2 | 203.6 | &nbsp;&nbsp;&nbsp;&nbsp;0.3  | &nbsp;&nbsp;&nbsp;&nbsp;617  | &nbsp;&nbsp;0.19  | &nbsp;&nbsp;0.08  | 0.16  |
| **31-2501** | New | 127.9 | 129.4 | &nbsp;&nbsp;&nbsp;&nbsp;1.2  | &nbsp;&nbsp;2359  | &nbsp;&nbsp;0.60  | &nbsp;&nbsp;0.02  | 0.54  |
| **31-2501** | New | 134.1 | 134.2 | &nbsp;&nbsp;&nbsp;&nbsp;0.1  | &nbsp;&nbsp;1104  | &nbsp;&nbsp;0.34  | &nbsp;&nbsp;0.09  | 0.28  |
| **FS-ST58** | 10Vein | 138.8 | 139.8 | &nbsp;&nbsp;&nbsp;&nbsp;0.3  | &nbsp;&nbsp;&nbsp;&nbsp;959  | &nbsp;&nbsp;0.10  | 32.35  | 0.14  |
| **FS-ST58** | NYBoy | 226.6 | 228.1 | &nbsp;&nbsp;&nbsp;&nbsp;1.1  | &nbsp;&nbsp;&nbsp;&nbsp;237  | &nbsp;&nbsp;0.05  | &nbsp;&nbsp;0.04  | 0.05  |

---

8<br>

------

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **DDH** | **Vein** | **From (m)** | **To (m)** | **True**<br>**Width (m)** | **Ag (g/t)** | **Cu %** | **Pb %** | **Sb %**  |
| **FS-ST59** | 10Vein | 118.3 | 118.5 | &nbsp;&nbsp;&nbsp;&nbsp;0.1  | &nbsp;&nbsp;&nbsp;&nbsp;861  | &nbsp;&nbsp;0.29  | &nbsp;&nbsp;6.79  | &nbsp;&nbsp;0.23  |
| **FS-ST59** | NYBoy | 218.9 | 219.1 | &nbsp;&nbsp;&nbsp;&nbsp;0.1  | &nbsp;&nbsp;&nbsp;&nbsp;758  | &nbsp;&nbsp;0.04  | 23.10  | &nbsp;&nbsp;0.11  |
| **FS-ST59** | SYBoy | 221.3 | 222.6 | &nbsp;&nbsp;&nbsp;&nbsp;1.0  | &nbsp;&nbsp;&nbsp;&nbsp;681  | &nbsp;&nbsp;0.14  | &nbsp;&nbsp;0.09  | &nbsp;&nbsp;0.13  |
| **FS-ST71** | 10Vein | 140.8 | 140.9 | &nbsp;&nbsp;&nbsp;&nbsp;0.1  | 32331  | 16.50  | 12.80  | 11.10  |
| **FS-ST71-A** | 10Vein | 140.3 | 140.5 | &nbsp;&nbsp;&nbsp;&nbsp;0.2  | &nbsp;&nbsp;5417  | &nbsp;&nbsp;2.73  | &nbsp;&nbsp;0.41  | &nbsp;&nbsp;2.08 |

---

Beyond the Sunshine Mine Core Area, we believe there is significant opportunity for new discovery across our highly prospective, underexplored and newly consolidated district-scale land package in the Silver Valley, which has seen little modern-day exploration. In 2024, we engaged Scout to evaluate the exploration potential of our broader land package and to develop a systematic district-scale exploration roadmap. Scout's work included a 2024 desktop review of historic exploration data followed by a 2025 reconnaissance fieldwork program comprising geologic observations and geochemical sampling across the South Sunshine, Pine Creek and Rock Creek areas of our land package, including 322 man-days of field work, 128 rock samples and 2,935 soil samples. Overall results of this program include the identification of drill-ready targets at the Pine Creek and Rock Creek areas. Scout is an affiliate of the Company. See "*Qualified Persons Statement*."

![](ny20061035x4_mapx1.jpg)<br>

&nbsp;&nbsp;&nbsp;&nbsp;<br>

#### Silver Industry Overview

#### Metal Overview
Silver is a precious metal occurring naturally in its solid metallic state and is commonly associated with deposits of gold, copper, lead and zinc. It is widely used in both industrial applications and as an investment asset. Unlike many other commonly mined major metals, approximately 74% of mined silver supply is delivered as a by-product from the mining of other metals. This makes primary silver deposits of scale, like the Sunshine Mine, rare.

Silver's distinct physical and chemical properties drive diversified and growing industrial demand for silver, including from applications in artificial intelligence ("**AI**"). Silver is the best metallic conductor of electricity, and its sensitivity to and high reflectance of light, along with its strength and ability to withstand extreme temperature changes, restrict silver's substitution in most applications.

Silver has also been used throughout much of human history as a store of value. As an investment asset, silver is viewed as an attractive hedge against inflation or devaluation of fiat currencies, and as a risk-off asset during times of economic or geopolitical uncertainty.

#### Demand Side
Industrial demand accounted for approximately 58% of total silver demand in 2025, according to the Silver Institute's "World Silver Survey 2026" report. Industrial demand for silver is expected to increase by 17% by 2032 over 2026 levels, according to the "Silver 10-Year Projections" report published by CPM Group in June 2025 (the "**CPM Silver Data Report**").

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Silver is essential in solar panels, superconductors and personal electronics due to its conductivity and temperature-resistance. Photovoltaic cells rely on silver to optimize energy output, while electric vehicles use silver in sensors, wiring and control modules. Silver is also used in energy storage.

Demand for silver from solar applications has accelerated in recent years, given solar's key role in the transition to green energy. Additionally, increased volatility in the global energy markets due to armed conflicts and geopolitical uncertainty have historically driven up demand for alternative energy sources, such as solar, that are less vulnerable to global supply chain disruptions. As a result, we believe current energy security dynamics may accelerate demand for silver. We expect other emergent themes, including AI, nano silver, biocides and other applications to continue driving industrial demand growth for silver.

Silver is an essential component used in technology driving the energy transition and in most consumer electronics. Silver's diversified industrial uses contribute to demand resilience, and because most applications require only small quantities of metal, substitution is limited and industrial demand has historically been relatively price inelastic.

<u>Forecast Industrial Demand for Silver</u>

![](ny20061035x4_barchart1.jpg)<br>

Source: CPM Silver Data Report

Silver has also served as a safe haven asset, a portfolio diversifier and a form of currency with no default risk for approximately 4,000 years. We expect investment demand for silver to continue rising, as it has historically grown during periods of sustained geopolitical, macroeconomic and financial risks, and devaluation of fiat currencies. 2025 demonstrated silver's utility as an investment asset, with signs of increasing institutional demand. Against the current geopolitical and macroeconomic backdrop, and given the under-ownership of silver in current institutional portfolios relative to gold and other real assets, we believe there is substantial runway for investment demand growth.

#### Supply Side
Silver supply is largely driven by mined silver production, which accounted for approximately 78% of total silver supply in 2025. Mined supply is sourced primarily from Mexico, China and Peru, which collectively accounted for approximately 49% of global mined supply in 2025, compared to only approximately 4% from the United States. China, the world's third-largest silver producer in 2025, added silver to its critical minerals list and introduced new regulations in October 2025 establishing qualification and review requirements for enterprises exporting silver during 2026 and 2027, reflecting heightened government oversight of silver exports from a major producing jurisdiction. While the ultimate impact of this policy on global silver supply and pricing remains uncertain, any restrictions or delays in exports from China (which accounted for approximately 13% of silver supply in 2025) could further constrain global silver availability.

Mined supply has been in a declining trend since 2016 due to reserve depletion, declining ore grades, limited new discoveries and a long period of under-investment in new capacity. Annual additions to silver mining capacity in near-term mine development projects fell 80% between 2013 and 2024, and only approximately 26% of global mined supply in 2025 came from primary silver mines. Due to the by-product nature of most mined silver, project sanctioning decisions that would increase silver supply often depend on the economics of other metals being mined, instead of the underlying fundamentals of the silver market, thereby reducing supply-side response to growing silver demand.

#### Pricing and Outlook
The silver market remains in a supply deficit. This dynamic creates a highly supportive structural backdrop for spot silver prices and an attractive opportunity for silver explorers and producers.

Silver prices rose sharply in 2025, from $29.56 per ounce on January 2, 2025 to approximately $72.15 per ounce on December 31, 2025, representing an increase of approximately 144%, and have remained strong in 2026. The current

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spot price of silver was $81.13 per ounce as of May 8, 2026, as per APMEX. The silver supply deficit, combined with macroeconomic factors such as declining interest rates, inflation, geopolitical uncertainty and devaluation of fiat currencies, provides additional tailwinds for potential further price appreciation. While higher silver prices can positively affect the economics of silver exploration and development projects, silver prices are volatile and subject to significant fluctuations based on macroeconomic, monetary and geopolitical factors.

#### Antimony Industry Overview
Antimony is recognized as a critical mineral in the United States, European Union ("**EU**"), Japan and Australia. Its unique chemistry makes it essential in defense and several civilian supply chains. As of 2024, China accounted for 43% of global antimony mine production and hosted 90% of the world's antimony smelting capacity, according to the Argus Report. In response to China's export controls and escalating geopolitical tensions, there is increased interest in developing domestic supply chains for antimony in the United States and Europe. Elevated antimony prices outside of China and domestic protectionist policies in the United States and Europe are expected to create significant opportunity for domestic antimony suppliers, underscoring both the strong strategic and industrial logic behind the potential development of the Sunshine Antimony Plant.

#### Metal Overview
Antimony is a brittle, silvery metalloid mainly found in the form of stibnite. Most current production of antimony comes from quartz-stibnite veins and replacement deposits, with antimony extracted both as a primary product and as a by-product of mining operations. Antimony trisulfide is commonly used in military applications such as ammunition and explosives, as well as in flame retardants and semiconductors. The U.S. Army aims to establish a "ground-to-round" domestic supply chain for antimony trisulfide. According to the Argus Report, more than 300 types of munitions rely on this compound.

#### Demand Side
<u>Global Antimony Demand by End Use</u> <u>(tonnes)</u>

![](ny20061035x4_barchart9.jpg)<br>

&nbsp;&nbsp;&nbsp;&nbsp;<br>

Source: Argus Report

According to the Argus Report, 45% of global antimony demand in 2024 was driven by the use of antimony as a flame retardant in construction materials, plastics, textiles and electrical or electronic components, including for wiring in data centers. In defense applications, antimony-based flame retardants are built into uniforms, vehicle interiors, cables and components where fire resistance is a mission-critical safety requirement. An additional 23% of global antimony demand in 2024 was for metallurgical alloys (with wide-ranging applications from their use in lead-acid batteries to increasing hardness in ammunition) and an additional 16% of antimony demand in 2024 was driven by solar glass and ceramics (driven by ongoing expansion in the solar photovoltaic sector in recent years). Antimony is also used in semiconductor doping, compound semiconductors, energy storage and polyester catalysts, among other applications.

Global antimony demand is expected to increase by 35% from 170 kilotonnes in 2024 to approximately 230 kilotonnes by 2040 according to the Argus Report. The United States is a major consumer, mainly importing antimony oxides. U.S. net imports of antimony oxides have risen sharply in recent years. A growing area of demand in the United States is expected to come from data centers being built for the growth in AI technology as wiring systems for these applications require flame retardants.

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According to the Argus Report, mature, industrial applications are expected to sustain current demand for antimony, but technological innovation in photovoltaics and battery chemistries, growing data center capacity, as well as expanding military budgets, are expected to drive future demand growth.

#### Supply Side
China, Myanmar, Tajikistan and Russia accounted for 81% of global antimony mine production in 2024, with China accounting for 43% of global antimony mine production and hosting 90% of the world's antimony smelting capacity, according to the Argus Report. With this market structure, global antimony supply is characterized by persistent tightness and volatility, driven by resource depletion in major producing countries, Chinese export controls and geopolitical factors. Production has lagged demand in recent years, and this supply deficit is expected to continue in coming years for U.S. and Western importers if Chinese supply restrictions persist and additional ex-China capacity from new projects is not added.

China implemented export restrictions on antimony in September 2024, requiring companies to obtain export licenses from the commerce ministry. These controls were expanded in December 2024 to include an outright ban on exporting "dual-use" items like antimony to U.S. military users or for military purposes. On November 9, 2025, China suspended its U.S. export ban on antimony. However, Chinese antimony exports remain subject to dual-use controls and U.S. importers still need to navigate China's export licensing system, which is considered a significant regulatory hurdle. These restrictions and, more broadly, sustained geopolitical tensions, have catalyzed U.S. and Western efforts towards diversification and re-shoring of critical mineral supply chains.

While the United States has antimony reserves, no mines have been active since 1992, and the country relies heavily on imports. U.S. Antimony Corporation ("**USAC**") is the only significant operating processor of antimony products in the United States, and according to USAC's company filings, it currently supplies approximately 4% of U.S. demand for antimony oxide products. USAC is reopening a mine in Montana and has leased mineral rights in Alaska, while Perpetua Resources Corp. is developing the Stibnite gold-antimony project in Idaho. The U.S. government has been highly supportive of domestic antimony production efforts, and we expect it to remain so in the foreseeable future.

We are progressing design and planning for the Sunshine Antimony Plant with a potential nameplate annual capacity of up to 34.5 million pounds (15.6 kilotonnes) of finished antimony. Based on forecasts of global antimony demand from the Argus Report and assuming U.S. demand growth matches global demand growth, we believe U.S. demand for antimony will be approximately 59 million pounds by 2030. If the contemplated nameplate annual capacity of 34.5 million pounds (15.6 kilotonnes) is achieved, the Sunshine Antimony Plant could supply up to 60% of U.S. demand using antimony-bearing concentrate from the Sunshine Mine, as well as from third party sources. We believe we are strategically well-positioned to supply the U.S. market.

#### Pricing and Outlook
In 2024 and 2025, Chinese export controls led to a surge in antimony prices outside China. U.S. and European antimony metal prices increased by approximately 350% between April 2024 and June 2025, when prices peaked just above $60,550 per tonne in the United States and $60,700 per tonne in Europe. Despite moderating in the second half of 2025, antimony prices in the United States and Europe remain meaningfully higher than historical levels.

Antimony prices outside China are expected to remain elevated due to tightening supply and rising strategic demand, according to the Argus Report, which projects that U.S. antimony prices will reach $48,000 per tonne in 2030 and $60,500 per tonne in 2040, representing a significant premium over historically prevailing prices.

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<u>U.S. Antimony Price Forecast</u> <br>

*(Antimony min 99.65% CIF US) ($ per tonne)*

&nbsp;&nbsp;&nbsp;&nbsp;![](ny20061035x4_linechart3x2.jpg)<br>

Source: Argus Report

We believe domestic production from Idaho will benefit from this strong price environment and command a strong premium over Chinese production, especially in guaranteed long-term offtake contracts with defense, critical infrastructure and potentially original equipment manufacturer customers in the United States. According to the base case of the Argus Report, antimony prices in Europe are expected to maintain their current levels in 2026 (approximately $40,000 per tonne) and then match the China price forecast at a 75% premium, while U.S. prices are projected to hold a 2% premium over Europe.

We believe long-term market structure and geopolitical trends have converged to create a conducive environment for the potential antimony restart project at the Sunshine Complex, affording us strong prospects for attractive long-term pricing, contracted offtake and upside optionality if export controls tighten further. We believe antimony has transitioned from a niche minor metal to a strategic specialty where credible U.S. producers can expect durable pricing power while addressing a key strategic security need.

#### Business Strengths and Competitive Advantages

#### Highly experienced management team and Board of Directors
We have an experienced management team with a track record of successfully identifying and developing mineral discoveries. Our management team possesses deep experience in the Silver Valley, and demonstrated capabilities across mine development and operations, engineering and safety and permitting and land management. See "*Management*."

The Company is led by Heather White, our Chief Executive Officer, who is a recognized leader in the global mining industry with a proven track record of achievements. Ms. White is a seasoned mining engineer, developer, operator and executive with 30 years of experience. She has held senior management roles at mining companies such as Inco Limited, Voisey's Bay mine, Vale S.A., NOVAGOLD Resources Inc. and Nickel Creek Platinum Corp.

André van Niekerk, our Chief Financial Officer, is an accomplished corporate officer with more than 25 years of mining industry experience in financial strategy, capital markets, corporate governance and operational excellence. Mr. van Niekerk previously served as Chief Financial Officer of Gatos Silver, Nevada Copper Corp. and Golden Star Resources Ltd.

Michelle Shepston, our General Counsel and Secretary, is an experienced executive with over 25 years of expertise in corporate and securities law, mergers and acquisitions, equity and debt transactions, compliance, risk management and corporate governance. Ms. Shepston previously served as an executive vice president and general counsel and secretary of Hoonigan and DMC Global Inc.

Tom Henderson, our General Manager, is a mining engineer with more than 40 years of experience in underground and open-pit mining, including roles ranging from miner to Chief Operating Officer. Mr. Henderson has developed and operated mines in the United States (Idaho, Nevada and Alaska) as well as globally. Mr. Henderson has previously held positions in several mines in the Silver Valley, along with numerous outside projects including at the Grasberg, Goldstrike and Kensington mines.

Nick Furlin, our Technical Services Manager, is an experienced geologist and technical services management professional with 20 years of experience working in the Silver Valley, including 16 years at Hecla's Lucky Friday mine.

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Mr. Furlin helped develop the revolutionary "Underhand Closed Bench" mining method, which is a specialized underground mining technique used to improve safety and productivity compared to conventional techniques.

Our Board of Directors also comprises senior mining and financial executives with career backgrounds at notable mining companies and global experience in mineral exploration, development and mining. See "*Management*."

We believe that the specialized skills and knowledge of our management team and Board of Directors enhance our ability to create value from the restart of the Sunshine Mine and through other opportunities, such as antimony processing on-site and exploration of our highly prospective, newly consolidated, district-scale land package around the Sunshine Mine.

***The Sunshine Mine is one of the highest grade primary silver deposits globally, with average diluted silver grades approximately double that of other past producing or currently producing mines in the Silver Valley***

The Sunshine Mine is one of the highest-grade primary silver deposits worldwide. As of February 24, 2026, known resources at the Sunshine Mine include Indicated Mineral Resources of 3.5 million tons in mineralized material at an average diluted silver grade of 29.8 ounces per ton, containing 103.9 million ounces of silver, and Inferred Mineral Resources of 7.1 million tons in mineralized material at an average diluted silver grade of 22.6 ounces per ton, containing 159.8 million ounces of silver. Our resources are reported after factoring in mining dilution, meaning the grade of silver is representative of the estimated grade of material that will enter our milling facility.

A high concentration of silver signifies that more metal can be produced for every tonne of mineralized material mined and processed, which results in lower costs and higher margins.

The geological formation that hosts our silver resources is similar to that of other nearby deposits and operations in the Silver Valley. Our silver-bearing veins are of similar width to other operating assets in the Silver Valley with the same ore bearing minerology, but the average diluted silver grade of both the Indicated Mineral Resources and Inferred Mineral Resources at the Sunshine Mine are approximately double that of other past producing or currently producing mines in the Silver Valley.

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<u>Global High-Grade Silver Assets – Average Diluted Silver Grade of Measured Mineral Resources &</u><br>

<u>Indicated</u> <u>Mineral Resources (grams per</u> <u>tonne</u><u>)</u><sup>(1)(2)(3)</sup>

![](ny20061035x4_barchart2x1.jpg)<br>

<u>Global High-Grade Silver Assets – Average Diluted Silver Grade of Inferred Mineral Resources</u> <u>(grams per</u> <u>tonne</u><u>)</u><sup>(1)(2)</sup>

![](ny20061035x4_barchart3x1.jpg)<br>

(1)<br> Source: Company Filings.

(2) Top 15 highest grade active primary silver assets globally excluding Russia. Includes projects with contained Measured Mineral Resources and Indicated Mineral Resources of at least 45 million ounces of silver and contained Inferred Mineral Resources of at least 5 million ounces of silver. 

(3)<br> Measured Mineral Resources and Indicated Mineral Resources are inclusive of Mineral Reserves where applicable. Shown on a silver basis only (only illustrates silver grams per tonne of mineralized material, or ore, where applicable; excludes other commodities that also may be present).

#### Large-scale, long-life silver production plan with attractive cost profile providing strong exposure to the compelling silver market backdrop
The Base Case of the Sunshine Technical Report Summary, which assumes the mining of both Indicated Mineral Resources and Inferred Mineral Resources, contemplates producing approximately 6.7 million ounces of payable silver per year on average over the first five years of mine life and approximately 5.8 million ounces of payable silver per year on average over the full 24-year mine life, which would make it the second largest primary silver mine in the United States and would represent roughly 16% of the 35.7 million ounces of silver produced in the United States during 2025, according to the Silver Institute's "World Silver Survey 2026" report. The Indicated Only Case of the Sunshine Technical Report Summary contemplates producing approximately 3.5 million ounces of payable silver per year on average over the 10-year mine life. Based on the Base Case of the Sunshine Technical Report Summary, which assumes the mining of both Indicated Mineral Resources and Inferred Mineral Resources, AISC is expected to average $18.81 per ounce of silver produced (excluding potential copper and lead by-product credits), significantly below the current spot price of silver ($81.13 per ounce as of May 8, 2026, as per APMEX) and in the second-lowest quartile of

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global assets with silver production co-product AISC curve. Based on the Indicated Only Case of the Sunshine Technical Report Summary, which assumes the mining of only Indicated Mineral Resources, AISC is expected to average $24.06 per ounce of silver produced (excluding potential copper and lead by-product credits).

<u>Current Co-Product Silver AISC Cost Curve ($/oz Ag Co-Product)</u><sup>(1)(2)(3)(4)</sup>

![](ny20061035x4_linechart2x1.jpg)<br>

&nbsp;&nbsp;&nbsp;&nbsp;<br>

(1)<br> Source: S&P Capital IQ Pro.

(2)<br> Based on global (excluding Russia) 2024 actual cost curve as provided by S&P Global.

(3)<br> Includes all mines with reported silver production in the calendar year 2024, excluding operations with less than 500,000 ounces of silver production.

(4)<br> Figures are displayed on a co-product basis and are calculated by S&P Global in which costs are shared according to revenue value splits of the metals in each product.

We have strong leverage to silver: the Base Case of the Sunshine Technical Report Summary, which assumes the mining of both Indicated Mineral Resources and Inferred Mineral Resources, estimates the after-tax net present value ("**NPV**") of the Sunshine Mine to be $1.4 billion, based solely on silver revenues, assuming a $46.36 per ounce silver price and a 5% discount rate, the prevailing industry standard discount rate for evaluating precious metals projects in North America. According to the Sunshine Technical Report Summary, increasing the assumed silver price to $60.27 per ounce and $80.00 per ounce would increase the after-tax NPV to $2.2 billion and $3.2 billion, respectively, in the Base Case, which assumes the mining of both Indicated Mineral Resources and Inferred Mineral Resources. The Indicated Only Case of the Sunshine Technical Report Summary, which assumes the mining of only Indicated Mineral Resources, estimates the after-tax NPV of the Sunshine Mine to be $270 million, based solely on silver revenues, assuming a $46.36 per ounce silver price and a 5% discount rate, the prevailing industry standard discount rate for evaluating precious metals projects in North America. These after-tax NPVs do not account for potential contributions from copper and lead, as well as antimony and other critical minerals, or any potential resource expansion resulting from additional exploration. Additionally, we do not currently have any commodity hedging, offtake agreements or debt in place that would limit economic exposure of the Sunshine Mine to the attractive silver market.

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<u>After-Tax Sensitivity Analysis – Sunshine Technical Report Summary</u><u> </u>

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Base Case<sup>(1)(2)</sup>** | **Base Case<sup>(1)(2)</sup>** | **Base Case<sup>(1)(2)</sup>** | **Indicated Only Case<sup>(1)</sup>**  | **Indicated Only Case<sup>(1)</sup>**  | **Indicated Only Case<sup>(1)</sup>**  |
| **Variance** | **Silver Price** | **NPV5%** | **IRR** | **Silver Price** | **NPV5%** | **IRR**  |
| *(%)* | *($/oz)* | *($ in* <br>*millions)* | *(%)* | *($/oz)* | *($ in* <br>*millions)* | *(%)*  |
| **100%** | &nbsp;&nbsp;**$46.36** | **$1434** | **38.3%** | &nbsp;&nbsp;**$46.36** | **$270** | **21.1%**  |
| 130% | &nbsp;&nbsp;$60.27 | $2173 | 49.0% | &nbsp;&nbsp;$60.27 | $524 | 31.7%  |
| 173% | &nbsp;&nbsp;$80.00 | $3220 | 61.5% | &nbsp;&nbsp;$80.00 | $878 | 43.2% |

---

(1)<br> Base Case assumes the mining of both Indicated Mineral Resources and Inferred Mineral Resources. Indicated Only Case assumes the mining of only Indicated Mineral Resources and is shown for illustrative purposes only in accordance with Subpart 1302(d)(4) of Regulation S-K.

(2) Inferred Mineral Resources are considered geologically speculative and are based on limited geological evidence and sampling. High geological uncertainty prevents the application of technical and economic factors to evaluate economic viability. There is no certainty that this economic assessment will be realized. 

We believe the strong fundamentals of the Sunshine Mine provide scaled, long-term exposure at an attractive cost structure to a robust silver market that is benefiting from resilient and secular trends. Industrial demand for silver as a critical mineral with key applications in photovoltaics, energy storage and electronics continues to increase, while investment demand for silver as a store of value is also beginning to accelerate. Despite robust and growing industrial and investment demand, the supply side remains constrained and in persistent deficit.

#### Existing underground and surface infrastructure allows rapid return to operations and low capital costs
The Sunshine Complex has well-established infrastructure in place. We estimate that it would currently cost approximately $600 million to replace this existing infrastructure (which includes shaft and adit access to the deposit, mobile underground equipment and various components of surface infrastructure related to mineral processing and tailings disposal), and we also believe it could take several years to obtain the requisite permits. Since the Sunshine Complex was acquired by Electrum in 2010, approximately $208 million has been invested to consolidate, maintain in good-standing and modernize it in preparation for restarting operations. This included dewatering, redevelopment of the existing underground works with ventilation infrastructure, upgrades to and acquisition of mobile underground mining equipment, as well as the Sunshine Tailings Storage Facility. This installed asset base provides us with a significant head start in restarting operations and materially reduces the amount of capital required for us to achieve production relative to a new project without existing infrastructure. As a result, our capital intensity, representing the investment required per ounce of new silver production, compares favorably relative to other large scale silver projects.

#### Potential to become a major integrated antimony and critical mineral mining and refining hub in the United States
Antimony is a critical mineral required for the national security of the United States. Antimony has many end-use applications with national security relevance including munitions production, flame retardants, batteries and semiconductors. Today, the U.S. supply of upstream and processed antimony is heavily dependent on imports, much of which have historically originated from China, Russia and Tajikistan. In August 2023, China, the world's largest producer of antimony, announced export restrictions on antimony, and an export ban to the United States went into effect in December 2024. U.S. antimony prices rose from approximately $12,948 per ton in January 2024 to $44,800 per ton in November 2025 according to the Argus Report. In November 2025, China paused its ban on exports of gallium, germanium and antimony and related end-use items to the United States until November 2026. Although this represents a de-escalation of trade tensions between the two countries, the three metals are still subject to broader export controls requiring licenses from the Chinese government, and uncertainty remains for future supply disruptions.

Recent geopolitical tensions have highlighted China's dominance in the production and refining of antimony and other critical minerals. To reduce this strategic imbalance and dependence on foreign supply chains, the U.S. government has announced several initiatives to secure and strengthen domestic supply of critical minerals. Between July 2025 and November 2025, the U.S. government publicly announced approximately $6 billion of direct and indirect investments of both equity and debt into U.S. mineral projects.

We believe a restart of mining/milling operations at the Sunshine Complex and developing the Sunshine Antimony Plant, along with refurbishing, constructing and restarting the Sunshine Silver/Copper Refinery, can significantly help address the U.S. supply chain gap for antimony and potentially other critical minerals including gallium and

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germanium. We are progressing design and planning for the development of the Sunshine Antimony Plant with a potential nameplate annual capacity of up to 34.5 million pounds of finished antimony. Based on forecasts of global antimony demand from the Argus Report and assuming U.S. demand growth matches global demand growth, we believe U.S. demand for antimony will be approximately 59 million pounds by 2030. If the contemplated nameplate annual capacity of 34.5 million pounds is achieved, the Sunshine Antimony Plant could supply up to 60% of U.S. demand using antimony-bearing concentrate from the Sunshine Mine, as well as from third party sources. Any ability to sell antimony by-product and process third-party antimony feed would generate additional revenue.

The historic Sunshine Mine was a primary producer of antimony in the United States between 1953 and 2001, and we have maintained all major permits required to develop an antimony refinery on site. These existing permits enable the development of the Sunshine Antimony Plant with the ability to process antimony-bearing concentrate from the Sunshine Mine and from other third-party mines in the United States, thereby potentially delivering one of the only critical mineral mining and refining hubs of scale in the United States.

In 2025, Samuel Engineering completed a Class 5 Study for the Sunshine Antimony Plant which evaluated a plant with the annual capacity to produce up to 34.5 million pounds of antimony, based on 100 tons per day of antimony concentrate, at an estimated capital cost of approximately $150 million. We are undertaking a Feasibility Study for the development of the Sunshine Antimony Plant as part of our technical evaluation ahead of a potential decision to pursue the development of the Sunshine Antimony Plant and, in parallel with the Feasibility Study and based on the results of the Feasibility Study, we may evaluate external financing alternatives and strategic transactions with respect to the Sunshine Antimony Plant.

The existence of antimony at the Sunshine Mine (as demonstrated by decades of historical mining), in addition to our permitted status for a future antimony refinery of scale with the ability to process third-party antimony feed, differentiates us from other antimony producers, and we may also be able to process other critical minerals such as germanium and gallium in the future. Permitting represents a key constraint for similar developments in the United States and peer nations, giving us an advantage in potential downstream diversification.

To further expand our potential capacity to refine critical minerals at the Sunshine Complex, we are investigating and testing methods to extract additional critical minerals, such as germanium and gallium, both of which were historically present in ore from the Sunshine Mine. Assays of recent drill intercepts and tailings samples have shown meaningful quantities of germanium and gallium, as well as other critical minerals. If an adequate method is found to deliver cost-efficient extraction and purification of these critical minerals, we may integrate the requisite technology into the refining operations we are developing, with the potential to generate additional revenue from such critical minerals. However, SLR and SRK have not estimated antimony, copper, lead, gallium or germanium Mineral Reserves or Mineral Resources, and we may not be able to demonstrate reasonable prospects for economic extraction of these by-products or other critical minerals. See "*Risk Factors—Risks Related to Our Business and Industry—We are dependent on the Sunshine Mine for our future operations. The Sunshine Mine does not currently have any Proven Mineral Reserves or Probable Mineral Reserves, or any antimony, copper, lead, gallium or germanium reserves or resources, as defined under S-K 1300.*"

#### Near-mine and district-wide exploration targets provide opportunities for significant resource discovery and growth beyond existing mine plan
Within the Sunshine Mine Core Area, we see significant resource expansion potential in the Upper Country, including down-dip and horizontal extensions of current veins which are open at depth and underexplored "gaps" in the primary six-mile strike length corridor. The Sunshine Mine has several underexplored veins in the Sunshine Mine Core Area, each of which holds the potential to be as prolific as the historic Sunshine Vein and Chester Vein, each of which is reported to have produced over 90 million ounces of silver while in production according to the Sunshine Technical Report Summary. Within our core land package, the existing mineralization system is open along strike eastward and at depth.

We believe the defined, near-surface veins of the Upper Country, along with other areas that have not yet been explored or tested, offer the potential to support expanded Mineral Resources, annual production and a longer mine life. The historic discovery and development of high-grade veins at depth diverted attention from the Upper Country and other areas surrounding the Sunshine Mine, leaving large gaps of underexplored ground. Vein systems in the Coeur d'Alene Mining District typically produce a series of parallel veins, many of which, in the Upper Country, have not been defined but have been previously identified, suggesting the potential to discover and define additional veins.

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Ongoing exploration work suggests additional resource potential beyond the current Indicated Mineral Resources and Inferred Mineral Resources in our highly prospective, newly consolidated, district-scale land package around the Sunshine Mine. Since 2010, we have expanded our land position from 2,400 hectares to 9,561 hectares. Consolidated ownership and control of this highly prolific district provides us with exceptional blue-sky exploration upside.

In March 2026, Scout prepared an exploration roadmap for our land package based on review of historical data followed by reconnaissance field work, geologic observations and geochemical sampling. Scout's recommended next steps contemplate detailed mapping and systematic soil geochemistry along with an initial 15,000-meter surface drilling program targeting high priority areas of our land package. We believe this roadmap provides a disciplined framework to prioritize capital toward high priority targets to support potential Mineral Resource growth. According to Scout, the combination of historic production, extensive vein development and limited on-strike testing through March 2026 indicates that substantial discovery potential remains for new silver, base metals and antimony, both adjacent to and beyond known mineralization.

We believe the exploration targets near the Sunshine Mine and across the broader land package could materially increase our Mineral Resource base, extend our mine life and expand annual production. Accordingly, we intend to explore the Upper Country and other areas surrounding the Sunshine Mine with a sustained exploration program deploying multiple drill rigs.

#### Geopolitically safe and attractive, established mining region
The Sunshine Complex is located in the Silver Valley in Idaho in the United States. The United States is broadly recognized as a geopolitically stable and safe jurisdiction with a strong rule of law, and Idaho is a mining-friendly region, with a long history of successful mineral development and operations.

As widely reported, there has been an increase in resource nationalism globally. With rising demand for precious metals and critical minerals, governments in certain regions have tightened control over, and fiscal take from, mining assets. We believe resource nationalism will continue, enhancing the relative attractiveness of investments in precious metals and critical minerals producers and developers in high quality jurisdictions, like the United States, which offer regulatory stability, respect for property rights, transparent governance and predictable legal and fiscal frameworks.

Based on the Fraser Institute's 2025 survey of global mining and exploration companies ranking jurisdictions to the extent public policy factors encourage or are not a deterrent to mining investment, Idaho ranks amongst the top ten most attractive jurisdictions for mining investment in the United States, and, on a global basis, amongst the top ten based on taxation regime, socioeconomic agreements/community development conditions, and labor regulations. The mining industry in the Silver Valley also enjoys strong local and state government support and benefits from significant local community involvement and compelling geological prospectivity. With its history as one of America's most prolific silver districts, the Sunshine Complex's attractive location within the Silver Valley affords it access to strong infrastructure, such as low-cost hydroelectric power, road, rail and airport logistics, as well as an experienced local labor force.

#### Demonstrated environmental track record and stated objective to prioritize community empowerment and responsible development
We integrate innovative technology, safety, environmental care and strong community partnerships into every aspect of our operations. We have a long record of compliance with applicable environmental laws and permits. Investments in zero-liquid-discharge water technology, tailings rehabilitation and modernized environmental systems reflect a proactive approach to sustainability and the protection of the Idaho Silver Belt. We are currently in partnership with the Bureau of Land Management and the U.S. Forest Service on habitat restoration, campground clean-ups and debris removal from streams. We also possess the major permits required to restart mining, milling and refining operations including a multi-sector general permit, an Idaho Pollutant Discharge Elimination System ("**IPDES**") permit and a certificate of approval for the Sunshine Tailings Storage Facility, and we will not require an environmental impact study to initiate restart of such operations. We do not anticipate issues in maintaining our current permitting status or securing the outstanding and ongoing permits required. A summary of relevant permits and their status is included in Table 17-1 of the Sunshine Technical Report Summary. Our current permits will be subject to normal course updates throughout the construction process.

Our community engagement plan includes local residents, indigenous communities and the state government to streamline the development process. The Silver Valley is known for favorable and stable mining regulations, with a history of over 140 years of mining. The Silver Valley also provides a ready source of skilled and unskilled labor. Efforts

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are made to stimulate the local economies as much as possible, with the area having numerous vendors that supply services to the mining industry. Additionally, our team enjoys a positive relationship with the Coeur d'Alene Tribe, which has a long history of mining connectivity and has co-sponsored several restoration projects in the Coeur d'Alene Mining District, including with us at the Sunshine Mine.

#### Backed by Electrum, with 30-year track record of success in natural resources
The Company is backed by Electrum, a privately-held global natural resources investment management company. Electrum has a 30-year track record of success in natural resources. Historically, Electrum has focused on a select few, large and world-class precious metals assets located in North America and other "Tier 1" jurisdictions. In addition to its extensive experience in advancing multiple high-quality projects, Electrum has deep and long-held relationships with important stakeholders in the global resources ecosystem. We believe access to Electrum's specialized skills, knowledge and network substantially enhances our ability to execute our business strategy.

Dr. Thomas S. Kaplan, Chairman of our Board of Directors, is the Chairman and Chief Executive Officer of The Electrum Group LLC ("**TEG**"). Dr. Kaplan has over 30 years of experience in the resources sector, with an established track record in both public and private companies. Dr. Kaplan also serves as Chairman of the board of directors of NOVAGOLD Resources Inc., and previously served as Chairman of the board of directors of Leor Exploration & Production LLC, a natural gas exploration and development company, which he founded in 2003 and sold in 2007 to EnCana Corporation.

#### Business Strategy
Our business strategy is to develop the Sunshine Complex to its full potential. This includes restarting the Sunshine Mine (including construction of a new mill), unlocking exploration potential both in the Sunshine Mine Core Area and within the large, newly consolidated and highly prospective regional land package, the potential refurbishment, construction and restart of the Sunshine Silver/Copper Refinery and potential development of the Sunshine Antimony Plant.

Our key near- and long-term initiatives include:

&nbsp;&nbsp;&nbsp;&nbsp;•  ***Complete infill drilling, a Feasibility Study and detailed engineering for the Sunshine Mine.*** In 2026 and 2027, we plan to complete infill drilling and engineering designs for the remaining required mine infrastructure and processing facilities. We anticipate this will result in the completion of a Feasibility Study in early 2027 that will combine the technical, economic and risk analyses required to support a final investment decision. We expect these steps will enable us to move to construction with a clear, optimized plan.

&nbsp;&nbsp;&nbsp;&nbsp;•  ***Complete a Feasibility Study and detailed engineering for the development of the Sunshine Antimony Plant and complete a Feasibility Study for the refurbishment, construction and restart of the Sunshine Silver/Copper Refinery.*** Subject to technical evaluation, we plan to leverage our existing permits to accelerate the design and potential construction of a new antimony refinery – the Sunshine Antimony Plant – and to refurbish the existing Sunshine Silver/Copper Refinery. According to the trajectorE Report, it would cost approximately $90 million to refurbish the Sunshine Silver/Copper Refinery and, assuming production of 30,000 ounces of silver per day and 95% utilization, the Sunshine Silver/Copper Refinery would have the nameplate capacity to produce approximately 10 million ounces of silver per year. We anticipate that these facilities will enable us to refine concentrates on-site, improving margins and reducing reliance on downstream supply chains. Additionally, we expect that the development of the Sunshine Antimony Plant would provide sufficient capacity to process any antimony we produce as well as third-party antimony feed, enabling us to become a critical minerals production hub and potentially the largest producer of finished, refined antimony in the United States.

In parallel with these Feasibility Studies and based on the results of these Feasibility Studies, we may evaluate external financing alternatives and strategic transactions with respect to the Sunshine Silver/Copper Refinery and the Sunshine Antimony Plant. The Sunshine Silver/Copper Refinery and the Sunshine Antimony Plant are intended to complement our mining operations by providing downstream processing capabilities. To support this evaluation, we are in the process of selecting an advisory firm to develop a comprehensive roadmap focused on a phased evaluation of refining capabilities for silver, copper, antimony, gallium, and germanium, prioritized by market supply-demand dynamics, projected margin profiles and return on invested capital; a commercial and tolling strategy to define commercial pathways for the processing of both

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Sunshine-mined and third-party feedstock; a value-chain-wide risk mitigation strategy to address metallurgical challenges, feedstock supply consistency and commodity price volatility; an assessment of the optimal corporate structure for the refining business; a financial model of anticipated capital expenditures for the expansion; and the benchmarking of the proposed refining operations against the competitive landscape in North America and globally to ensure a sustainable market position.

&nbsp;&nbsp;&nbsp;&nbsp;•  ***Complete construction of the Sunshine Complex and deliver initial production at a competitive capital intensity.*** We plan to commence mill construction and other key infrastructure upgrades in 2027, and we expect to deliver initial production by the end of 2028. Utilizing our substantial installed infrastructure base, including underground mine infrastructure in which we have invested over the last 15 years, we target achieving a compelling capital intensity for our restart project.

&nbsp;&nbsp;&nbsp;&nbsp;•  ***Execute on a mine plan that delivers compelling production and cost performance.*** The Base Case of the Sunshine Technical Report Summary, which assumes the mining of both Indicated Mineral Resources and Inferred Mineral Resources and is reflective of our above-described development strategy, contemplates producing approximately 6.7 million ounces of payable silver per year on average over the first five years of mine life and approximately 5.8 million ounces of payable silver per year on average over the 24-year mine life at an average AISC of $18.81 per ounce of silver produced (excluding potential copper and lead by-product credits).

&nbsp;&nbsp;&nbsp;&nbsp;•  ***Conduct exploration activities near the Sunshine Mine and across the broader land package.*** We intend to ramp up our exploration activities to identify new mineralized zones in and around the Sunshine Mine, including the Upper Country, down-dip and horizontal extensions of current veins which are open at depth and underexplored "gaps" in the primary six-mile strike length corridor of the Sunshine Mine Core Area, as well as other targets within our highly prospective and newly consolidated district-scale land package around the Sunshine Mine. These activities will seek to uncover new, high-grade silver and antimony deposits that can support expanded production scale and/or extend mine life. Consistent with Scout's recommended roadmap, our exploration planning contemplates systematic sampling, mapping and geochemistry along with an approximately 15,000-meter surface drill program in 2026 for testing target areas on our land package, including the Pine Creek and Rock Creek areas. For the 2026 field season, we plan to spend approximately $10 million for the planned exploration of the broader land package.

&nbsp;&nbsp;&nbsp;&nbsp;•  ***Maintain focus on industry-leading safety standards and strong track record of environmental management and community engagement.*** We strive to execute our exploration, development and mine plan while holding safety as a top priority through rigorous protocols. Our goal is to combine operational excellence with a culture of safety to deliver reliable performance on development, production, cost and safety over the long term. We are also focused on environmental initiatives and community relations in every aspect of our operations. Through our longstanding commitment to environmental compliance, partnerships with government agencies, and investments into zero-liquid-discharge water technologies, tailings rehabilitation, and modernized environmental systems, we remain committed to the protection of our neighboring communities. Additionally, we plan to continue to cultivate positive relationships with local stakeholders including residents, indigenous groups such as the Coeur d'Alene Tribe, and mining service vendors.

&nbsp;&nbsp;&nbsp;&nbsp;•  ***Identify and pursue other growth opportunities.*** We will continue to evaluate value-enhancing growth initiatives, with a focus on projects or partnerships that align with our core competencies. Given our management team's and Board's strong track record in exploration, development and mergers and acquisitions, such initiatives may include the pursuit of acquisitions of similarly attractive silver and critical minerals-focused projects or other business combinations.

#### Risk Factors
Before you invest in our common stock, you should carefully consider all the information in this prospectus, including matters set forth under "*Risk Factors*." These risks represent challenges to the successful implementation of our strategy and future profitability of our business. These risks include:

&nbsp;&nbsp;&nbsp;&nbsp;• We may not generate any operating revenues or achieve profitable operations.

&nbsp;&nbsp;&nbsp;&nbsp;• We are dependent on the Sunshine Mine for our future operations. The Sunshine Mine does not currently have any Proven Mineral Reserves or Probable Mineral Reserves, or any antimony, copper, lead, gallium or germanium reserves or resources, as defined under S-K 1300.

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&nbsp;&nbsp;&nbsp;&nbsp;• Mineral Resource calculations at the Sunshine Mine are only estimates and may have to be recalculated as a result of changes in metal prices, further exploration or development activity, inaccurate or incomplete historical mining records or actual production experience.

&nbsp;&nbsp;&nbsp;&nbsp;• Our mineral exploration efforts are highly speculative in nature and may be unsuccessful.

&nbsp;&nbsp;&nbsp;&nbsp;• We may not move forward with the refurbishment, construction or restart of the Sunshine Silver/Copper Refinery nor the development of the Sunshine Antimony Plant, and the operation of the Sunshine Silver/Copper Refinery and the potential Sunshine Antimony Plant would be subject to certain risks associated with mining refining operations.

&nbsp;&nbsp;&nbsp;&nbsp;• We have historically experienced negative operating cash flow from operating activities.

&nbsp;&nbsp;&nbsp;&nbsp;• We will require additional financing in the future to bring the Sunshine Mine into sustained commercial operation.

&nbsp;&nbsp;&nbsp;&nbsp;• The title to some of our mineral properties may be uncertain or defective, thus risking our investment in such properties.

&nbsp;&nbsp;&nbsp;&nbsp;• The prices of silver, copper, lead and antimony are subject to change and a substantial or extended decline in the prices of silver, copper, lead and antimony could materially and adversely affect our revenues and the value of our mineral property.

&nbsp;&nbsp;&nbsp;&nbsp;• The U.S. government, as well as state and local governments, extensively regulate mining operations, which impose significant actual and potential costs on us, and future regulation could increase those costs or limit our ability to produce silver and other metals.

&nbsp;&nbsp;&nbsp;&nbsp;• We are required to obtain, maintain and renew environmental, construction and mining permits, which is often a costly and time-consuming process and may ultimately not be possible.

&nbsp;&nbsp;&nbsp;&nbsp;• Electrum and its affiliates will continue to have substantial control over us after the completion of this offering, which could delay or prevent a change of corporate control or result in the entrenchment of management and/or our Board of Directors.

#### Implications of Becoming an Emerging Growth Company
As a company with less than $1.235 billion in revenue during our last fiscal year, we qualify as an "emerging growth company" as defined in the Jumpstart Our Business Startups Act of 2012 (the "**JOBS Act**"). An emerging growth company may take advantage of specified reduced reporting and other requirements that are otherwise applicable generally to public companies. These provisions include:

&nbsp;&nbsp;&nbsp;&nbsp;• we are not required to engage an auditor to report on our internal controls over financial reporting pursuant to Section 404(b) of the Sarbanes-Oxley Act of 2002 (the "**Sarbanes-Oxley Act** ");

&nbsp;&nbsp;&nbsp;&nbsp;• we are only required to include two years of audited consolidated financial statements in this prospectus, in addition to any required interim financial statements;

&nbsp;&nbsp;&nbsp;&nbsp;• we are not required to comply with any requirement that may be adopted by the Public Company Accounting Oversight Board regarding mandatory audit firm rotation or a supplement to the auditor's report providing additional information about the audit and the financial statements (i.e., an auditor discussion and analysis);

&nbsp;&nbsp;&nbsp;&nbsp;• we are only required to provide reduced disclosure in "*Management's Discussion and Analysis of Financial Condition and Results of Operations*;"

&nbsp;&nbsp;&nbsp;&nbsp;• we are not required to submit certain executive compensation matters to stockholder advisory votes, such as "say-on-pay," "say-on-frequency" and "say-on-golden parachutes;" and

&nbsp;&nbsp;&nbsp;&nbsp;• we are not required to disclose certain executive compensation related items such as the correlation between executive compensation and performance and comparisons of the chief executive officer's compensation to median employee compensation.

We may take advantage of these provisions until the last day of our fiscal year following the fifth anniversary of the completion of this offering or such earlier time that we are no longer an emerging growth company. We would cease to be an emerging growth company upon the earliest of: (i) the last day of the first fiscal year in which our annual gross revenues are $1.235 billion or more; (ii) the date on which we have, during the previous rolling three-year period, issued

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more than $1.0 billion in non-convertible debt securities; or (iii) the last day of the fiscal year in which the market value of our common stock held by non-affiliates exceeded $700 million as of June 30 of such fiscal year. Even after we no longer qualify as an emerging growth company, we may still qualify as a "smaller reporting company," which would allow us to take advantage of many of the same exemptions from disclosure requirements, including reduced disclosure obligations regarding executive compensation in this prospectus and our periodic reports and proxy statements.

We may take advantage of some of the reduced disclosure obligations listed above in this prospectus and may elect to take advantage of other reduced reporting requirements in future filings.

Under the JOBS Act, emerging growth companies also can delay adopting new or revised accounting standards until such time as those standards would otherwise apply to private companies. We have elected to avail ourselves of this extended transition period and, as a result, we will not be required to adopt new or revised accounting standards on the relevant dates on which adoption of such standards is required for public companies that are not emerging growth companies.

For risks related to our status as an emerging growth company, see "*Risk Factors—Risks Related to This Offering and Our Common Stock—The requirements of being a public company may strain our resources, divert management's attention and affect our ability to attract and retain executive management and qualified board members, which could make it difficult to manage our business, particularly after we are no longer an "emerging growth company*."

#### Corporate Information
In May 2010, our wholly-owned subsidiary Silver Opportunity Partners LLC ("**SOP**") acquired from Sterling Mining Company ("**Sterling**"), through Sterling's bankruptcy proceedings, the majority of the operating facilities and equipment at the Sunshine Mine, including a lease on the Sunshine Mine that included an option to purchase title to the Sunshine Mine from Sunshine Precious Metals, Inc. ("**SPMI**"). In July 2010, SOP closed the purchase option in the lease to obtain title to the Sunshine Mine and acquired the remaining operating facilities and equipment. In October 2013, our wholly-owned subsidiary Sunshine Refining Company ("**SRC**") acquired the Sunshine Silver/Copper Refinery from Formation Metals Inc. In October 2020, as part of a corporate reorganization of Gatos Silver, Inc. ("**Gatos Silver**"), which had previously been named Sunshine Silver Mining & Refining Corporation, we were formed to become the owner of SOP and SRC. We were spun out from Gatos Silver prior to Gatos Silver's initial public offering in October 2020, and we changed our name to Sunshine Silver Mining & Refining Company.

Our principal executive office is located at 2209 Big Creek Rd, Kellogg, Idaho 83837. Our telephone number is (208) 783-1700.

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#### THE OFFERING
*This summary highlights information presented in greater detail elsewhere in this prospectus. This summary is not complete and does not contain all the information you should consider before investing in our common stock. You should carefully read this entire prospectus before investing in our common stock including "Risk Factors" and our consolidated financial statements and related notes included elsewhere in this prospectus.* 

#### Issuer
Sunshine Silver Mining & Refining Company.

#### Common stock offered in firm commitment offering
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;shares.

#### Common stock to be outstanding after the completion of this offering
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;shares (or shares if the underwriters exercise their option to purchase additional shares of our common stock from us in full).

#### Option to purchase additional shares of common stock
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;shares.

#### Use of proceeds
We estimate that the net proceeds to us from this offering will be approximately $ million, or approximately $ million if the underwriters exercise their option to purchase additional shares of our common stock from us in full, assuming an initial public offering price of $ per share, which is the midpoint of the range set forth on the cover page of this prospectus, and after deducting underwriting discounts and commissions and estimated offering expenses payable by us.

We intend to use the net proceeds from this offering to conduct a Feasibility Study for the restart of the Sunshine Mine including the construction of a new mill, a Feasibility Study for the development of the Sunshine Antimony Plant and a Feasibility Study for the refurbishment, construction and restart of the Sunshine Silver/Copper Refinery, for infill drilling and associated underground development costs, mining equipment and mine infrastructure purchases, as well as for mine development and overhead expenses, construction of a processing facility, surface infrastructure and project management expenses, exploration activities in underdefined areas on our land package, the potential development of the Sunshine Antimony Plant, the potential refurbishment, construction and restart of the Sunshine Silver/Copper Refinery, and general corporate purposes.

See "*Use of Proceeds*."

#### Voting rights
Holders of our common stock are entitled to one vote per share. See "*Description of Capital Stock*."

#### Controlled company status
Upon completion of this offering, Electrum will beneficially own approximately % of our outstanding common stock (or approximately % if the underwriters exercise their option to purchase additional shares of our common stock from us in full). As a result, we will be a "controlled company" within the meaning of the corporate governance rules of the NYSE and we may elect not to comply with certain corporate governance requirements of

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the NYSE. See "*Management—Controlled Company Status*." As a result, you will not have the same protections afforded to stockholders of companies that are subject to all of the corporate governance requirements of the NYSE.

As long as Electrum beneficially owns a majority of the voting power of our outstanding shares of common stock, Electrum will generally be able to control the outcome of matters submitted to our stockholders for approval, including the election of directors, without the approval of our other stockholders.

#### Dividend policy
We have never declared or paid any cash dividends on our capital stock. We do not intend to pay any dividends in the foreseeable future and currently intend to retain all future earnings to finance our business. See "*Dividend Policy*."

#### Risk factors
See "*Risk Factors*" for a discussion of factors you should carefully consider before deciding whether to invest in our common stock.

#### Common stock listing
We have applied to list our common stock on the NYSE under the symbol "SSMR."

The number of shares of our common stock that will be outstanding after the completion of this offering is based on the number of shares of common stock outstanding as of March 31, 2026, after giving effect to the issuance and sale of shares of common stock in this offering. Unless otherwise indicated, all information in this prospectus, including the number of shares that will be outstanding after the completion of this offering and other share-related information, excludes:

&nbsp;&nbsp;&nbsp;&nbsp;• 8,573,000 shares of common stock issuable upon the exercise of stock options outstanding as of March 31, 2026, at a weighted average exercise price of $3.94 per share;

&nbsp;&nbsp;&nbsp;&nbsp;• &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; shares of common stock issuable upon the settlement of the Non-Employee Director Initial RSUs (as defined in "Executive and Director Compensation—Director Compensation"), assuming an initial public offering price of $ per share, which is the midpoint of the range set forth on the cover page of this prospectus, and      additional shares of common stock reserved for future issuance under the Amended and Restated LTIP (as defined below), as well as any automatic increases in the number of shares of common stock reserved for future issuance under the Amended and Restated LTIP; and

&nbsp;&nbsp;&nbsp;&nbsp;• 9,375,000 shares of common stock issuable upon the exercise of warrants outstanding as of March 31, 2026, at a weighted average exercise price of $5.00 per share (the "**Private Placement Warrants** ").

See "*Executive and Director Compensation*" and "*Description of Capital Stock*."

Unless otherwise indicated, all information in this prospectus assumes or gives effect to:

&nbsp;&nbsp;&nbsp;&nbsp;• the filing and effectiveness of our Third Amended and Restated Certificate of Incorporation, which will occur immediately prior to the completion of this offering;

&nbsp;&nbsp;&nbsp;&nbsp;• an initial public offering price of $ per share of common stock, which is the midpoint of the range set forth on the cover page of this prospectus;

&nbsp;&nbsp;&nbsp;&nbsp;• the issuance of     shares of our common stock upon the net exercise of warrants to purchase 5,354,700 shares of our common stock outstanding as of March 31, 2026 at an exercise price of $2.87 per share, which will occur immediately prior to the completion of this offering (the "**Warrant Net Exercise** ");

&nbsp;&nbsp;&nbsp;&nbsp;• a ten-for-one stock split of our common stock, which was effectuated on May 11, 2026 (the "**Stock Split** ");

&nbsp;&nbsp;&nbsp;&nbsp;• no exercise of outstanding options described above;

&nbsp;&nbsp;&nbsp;&nbsp;• no exercise by the underwriters of their option to purchase additional shares of our common stock from us; and

&nbsp;&nbsp;&nbsp;&nbsp;• no purchase of common stock in this offering by directors, officers or existing stockholders.

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#### SUMMARY CONSOLIDATED FINANCIAL DATA
We prepared the summary consolidated financial data using our consolidated financial statements for each of the periods presented. The unaudited summary consolidated financial data for the three months ended March 31, 2026 and 2025 and the unaudited summary consolidated financial data as of March 31, 2026 were derived from our unaudited consolidated financial statements and related notes included elsewhere in this prospectus. The summary consolidated financial data for each fiscal year in the two-year period ended December 31, 2025 was derived from our audited consolidated financial statements and related notes included elsewhere in this prospectus. In our opinion, the unaudited summary consolidated financial data set forth below has been prepared on a basis consistent with our audited consolidated financial statements and contain all adjustments, consisting only of normal and recurring adjustments, necessary for the fair statement of such data. You should read this financial data in conjunction with "*Management's Discussion and Analysis of Financial Condition and Results of Operations*" and our consolidated financial statements and related notes included elsewhere in this prospectus.

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three Months Ended**<br>**March 31,** | **Three Months Ended**<br>**March 31,** | **Year Ended December 31,**  | **Year Ended December 31,**  |
|  | **2026** | **2025** | **2025** | **2024**  |
|  | **(in thousands, except for share and per share amounts)**  | **(in thousands, except for share and per share amounts)**  | **(in thousands, except for share and per share amounts)**  | **(in thousands, except for share and per share amounts)**  |
| **Statement of Operations Data:** <br>|  |  |  |  |
| **Sales** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$—** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$41** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$501** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$96**  |
| **Operating Expenses:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp;Exploration | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;262 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Pre-development | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1111 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16990 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2662  |
| &nbsp;&nbsp;&nbsp;General and administrative | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5599 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1614 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14084 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5749  |
| &nbsp;&nbsp;&nbsp;Depreciation and amortization | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;365 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;133 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;849 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;577  |
| &nbsp;&nbsp;&nbsp;Accretion expense | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;111 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;104  |
| &nbsp;&nbsp;&nbsp;Cost of goods sold (exclusive of items shown separately above) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;344 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47  |
| **Operating loss** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(13394)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(2865)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(32138)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(9043)**  |
| **Other income (expense):**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp;Interest expense | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1177) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2904) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3872)  |
| &nbsp;&nbsp;&nbsp;Interest income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;153 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;299 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23  |
| **Total other income (expense)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**143** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(1175)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(2605)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(3849)**  |
| Income and mining tax expense | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—  |
| Net and comprehensive loss | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(13251)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(4040)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(34743)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(12892)**  |
| Basic and diluted loss per share of common stock | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(0.11) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(0.05) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(0.36) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(0.15)  |
| &nbsp;&nbsp;Weighted average number of basic and diluted shares of common stock outstanding | &nbsp;&nbsp;116509480 | &nbsp;&nbsp;85439630 | &nbsp;&nbsp;97291648 | &nbsp;&nbsp;85439630 |

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three Months Ended**<br>**March 31,** | **Three Months Ended**<br>**March 31,** | **Year Ended December 31,**  | **Year Ended December 31,**  |
|  | **2026** | **2025** | **2025** | **2024**  |
|  | **(in thousands)**  | **(in thousands)**  | **(in thousands)**  | **(in thousands)**  |
| **Cash Flow Data:**<br>|  |  |  |  |
| Net cash used in operating activities | $(10616) | $(2237) | $(24423) | $(7724)  |
| Net cash used in investing activities | &nbsp;&nbsp;&nbsp;(1535) | &nbsp;&nbsp;&nbsp;&nbsp;(352) | &nbsp;&nbsp;(10452) | &nbsp;&nbsp;&nbsp;&nbsp;(863)  |
| Net cash provided by financing activities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(224) | &nbsp;&nbsp;&nbsp;2866 | &nbsp;&nbsp;&nbsp;63883 | &nbsp;&nbsp;&nbsp;8801 |

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| | | |
|:---|:---|:---|
|  | **As of March 31, 2026**  | **As of March 31, 2026**  |
|  | **Actual** | **As** <br>**Adjusted<sup>(1)</sup>**  |
|  | **(in thousands)**  | **(in thousands)**  |
| **Balance Sheet Data:**<br>|  |  |
| Cash and cash equivalents | $18601 | $|
| Total assets | &nbsp;&nbsp;59997 |  |
| Total liabilities | &nbsp;&nbsp;&nbsp;9861 |  |
| Total stockholders' equity | &nbsp;&nbsp;50136 |  |

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(1) The as adjusted information gives effect to the Warrant Net Exercise and the issuance and sale of shares of common stock in this offering. The as adjusted information is illustrative only and will change based on the actual initial public offering price and other terms of this offering determined at pricing. A $1.00 increase (decrease) in the assumed initial public offering price of $ per share, which is the midpoint of the range set forth on the cover page of this prospectus, would increase (decrease) as adjusted cash and cash equivalents, total assets and total stockholders' equity by $ million, assuming the number of shares offered by us, as set forth on the cover page of this prospectus, remains the same. A 1,000,000 share increase (decrease) in the number of shares of common stock offered by us would increase (decrease) as adjusted cash and cash equivalents, total assets and total stockholders' equity by $ million, assuming the assumed initial public offering price remains the same. 

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#### RISK FACTORS
*You should carefully consider the following risk factors that may affect our business, future operating results and financial condition, as well as the other information set forth in this prospectus, before making a decision to invest in our common stock. If any of the following risks actually occurs, our business, financial condition or results of operations would likely be materially and adversely affected. In such case, the trading price of our common stock would likely decline, and you may lose all or part of your investment. The risks below are not the only ones we face. Additional risks not currently known to us or that we currently deem immaterial may also adversely affect us.* 

#### Risks Related to Our Business and Industry

#### We may not generate any operating revenues or achieve profitable operations.
We acquired the Sunshine Mine in 2010 but have not yet generated any operating revenue. We expect the Sunshine Mine to deliver initial production by the end of 2028, but we may not be successful in resuming production at the Sunshine Mine. The Sunshine Mine has not been a producing mine since 2008; however, it remains active and continues to be regulated as an operating mine and is therefore subject to strict regulation by federal, state and local authorities. See "*—Risks Related to Government Regulations*." We anticipate that we will continue to incur operating costs without realizing any revenues at the Sunshine Mine until at least production is restarted. Further, we expect to continue to incur losses until such time as the Sunshine Mine generates sufficient revenues to fund our continuing operations. If we are unable to generate significant revenues at the Sunshine Mine, we will not be able to earn profits or continue operations.

***We are dependent on the Sunshine Mine for our future operations. The Sunshine Mine does not currently have any Proven Mineral Reserves or Probable Mineral Reserves, or any antimony, copper, lead, gallium or germanium reserves or resources, as defined under S-K 1300.***

The Sunshine Mine does not have identified Proven Mineral Reserves or Probable Mineral Reserves. The costs, timing and complexities of upgrading the Mineral Resources at the Sunshine Mine to Proven Mineral Reserves and Probable Mineral Reserves may be greater than we anticipate. Mineral exploration and development involves a high degree of risk that even a combination of careful evaluation, experience and knowledge cannot eliminate, and few properties that are explored are ultimately developed into producing mines. Our mineral exploration program at the Sunshine Mine may not establish the presence of any Proven Mineral Reserves or Probable Mineral Reserves. The failure to establish any Proven Mineral Reserves or Probable Mineral Reserves would severely restrict our ability to implement our strategies for long-term growth.

Although we plan to produce antimony, copper and lead by-products, as well as other critical minerals, which may include gallium and germanium, once operations restart at the Sunshine Mine, SLR and SRK have not estimated antimony, copper, lead, gallium or germanium Mineral Reserves or Mineral Resources, and we may not be able to demonstrate reasonable prospects for economic extraction of these by-products or other critical minerals.

***Mineral Resource calculations at the Sunshine Mine are only estimates and may have to be recalculated as a result of changes in metal prices, further exploration or development activity, inaccurate or incomplete historical mining records or actual production experience.***

Calculations of Mineral Resources at the Sunshine Mine are only estimates and depend on geological interpretation and statistical inferences or assumptions drawn from drilling and sampling analysis, which might prove to be materially inaccurate. There is a degree of uncertainty attributable to the calculation of Mineral Resources. Until Mineral Resources are actually mined and processed, the quantity of metal and grades must be considered as estimates only and no assurance can be given that the indicated levels of metals will be produced. In making determinations about whether to advance our project to development, we must rely upon estimated calculations for the Mineral Resources and grades of mineralization at the Sunshine Mine. There can be no guarantee that technical and economic parameters underlying the Mineral Resource calculations or Mineral Resource estimates included in the Initial Assessment will in fact be achieved in the future, and unexpected metallurgical challenges may cause actual results to differ from expected results.

The estimation of Mineral Resources is a subjective process that is partially dependent upon the judgment of the persons preparing the estimates. The process relies on the quantity and quality of available data and is based on knowledge, mining experience, statistical analysis of drilling results and industry practices. Valid estimates made at a given time may significantly change when new information becomes available.

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We have relied, and the disclosure in the Sunshine Technical Report Summary is based, in part, on historical drilling and on data and documentation compiled by previous owners of the Sunshine Mine that cannot be completely verified due to lack of access to certain historically mined areas and the lack of quality assurance and quality control information on the historic assays. We expect that, in the process of further drilling and development work, we will further delineate the grade, shape and characteristics of the resource, which may require adjustments to the Mineral Resource estimate. To the extent that future work shows that any historical mining records were inaccurate, incomplete, or not correctly reflected in our estimated Mineral Resources, our estimated Mineral Resources may have to be recalculated. For example, in February 2026, we identified, through ongoing review of historical records, that a portion of the Mineral Resources reflected in our Mineral Resource estimate had already been mined, which resulted in a reduction of the estimated Mineral Resource.

Estimated Mineral Resources may also have to be recalculated based on changes in metal prices, further exploration or development activity or actual production experience. Any such changes or inaccuracies could materially and adversely affect estimates of the volume or grade of mineralization, estimated metallurgical recovery or other important factors that influence Mineral Resource estimates. The extent to which Mineral Resources may ultimately be reclassified as Mineral Reserves is dependent upon the demonstration of their profitable recovery. Any material changes in volume and grades of mineralization will affect the economic viability of placing a property into production and a property's return on capital. We cannot provide assurance that mineralization can be mined or processed profitably.

Mineral Resource estimates have been determined and valued based on assumed metal prices, cut-off grades and operating costs that may prove to be inaccurate. Extended declines in the market price for silver may render portions of our mineralization uneconomic and result in reduced reported volume and grades, which in turn could have a material adverse effect on our financial performance, financial position and results of operations.

In addition, Mineral Resource estimates involve significant reliance on Inferred Mineral Resources, which may increase the risk of overestimation. Inferred Mineral Resources are subject to significant uncertainty as to their existence and as to their economic and legal feasibility. The level of geological uncertainty associated with an Inferred Mineral Resource is too high to apply relevant technical and economic factors likely to influence the prospects of economic extraction in a manner useful for evaluation of economic viability.

#### Our mineral exploration efforts are highly speculative in nature and may be unsuccessful.
Mineral exploration is highly speculative in nature, involves many uncertainties and risks and is frequently unsuccessful. It is performed to demonstrate the dimensions, position and mineral characteristics of mineral deposits, estimate Mineral Resources, assess amenability of the deposit to mining and processing scenarios and estimate potential deposit value. Once mineralization is discovered, it may take a number of years from the initial exploration phases before production is possible, during which time the feasibility of the project may change adversely. Substantial expenditures are required to establish Proven Mineral Reserves and Probable Mineral Reserves, to determine processes to extract the metals and, if required, to construct mining and processing facilities and obtain the rights to the land and resources required to develop the mining activities.

In addition, the grade of mineralization ultimately mined may differ from that indicated by drilling results and such differences could be material. Short-term factors, such as the need for orderly development of mineral deposits or the processing of new or different grades, may have an adverse effect on mining operations. There can be no assurance that minerals recovered in small scale laboratory tests will be duplicated in large scale tests under on-site conditions or in production scale operations. Material changes in geological resources, grades or metallurgical recovery may affect the economic viability of our project.

Exploration stage properties have no Mineral Reserves disclosed and only have estimates of Mineral Resources and/or Exploration Targets. Mineral Resource estimates are, to a large extent, based upon the interpretation of geological data and modeling obtained from drill holes and other sampling techniques, initial assessments that derive estimates of operating costs based upon anticipated tonnage and grades of material to be mined and processed, the configuration of the deposit, expected metallurgical recovery of metal from the mill feed material, facility and equipment capital and operating costs, anticipated climatic conditions and other factors. As a result, actual operating costs and economic returns based upon development of Mineral Resources may differ significantly from those originally estimated. Significant decreases in actual or expected commodity prices may also mean mineralization, once found, will be uneconomical to mine.

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In addition, our ongoing exploration work may not result in any additional resource definition, an extension of our mine life or an expansion of annual production. While we intend to explore the Upper Country and other areas surrounding the Sunshine Mine, the mountainous and forested topography of such areas may impact our ability to deploy drill rigs.

#### Our anticipated processing ability may be adversely impacted by certain circumstances.
A number of factors could affect our ability to process the quantities of metals that we recover or receive from third-parties and our ability to efficiently handle certain quantities of processed materials, including, but not limited to, the presence of oversized material at the crushing stage; material showing breakage characteristics different than those planned; material with grades outside of planned grade range; the presence of deleterious materials in ratios different than expected; material drier or wetter than expected, due to natural or environmental effects; and materials having viscosity or density different than expected.

The occurrence of one or more of the circumstances described above could affect our ability to process the number of tons planned, recover valuable materials, remove deleterious materials and produce planned quantities of concentrates. In turn, this may result in lower throughput, lower recoveries, increased downtime, increased costs or some combination of all of the foregoing. While minor issues of this nature are part of normal operations, unexpected conditions may materially and adversely affect our business, results of operations or financial condition.

***We may not move forward with the refurbishment, construction or restart of the Sunshine Silver/Copper Refinery nor the development of the Sunshine Antimony Plant, and the operation of the Sunshine Silver/Copper Refinery and the potential Sunshine Antimony Plant would be subject to certain risks associated with mining refining operations.***

We are conducting a Feasibility Study for the refurbishment, construction and restart of the Sunshine Silver/Copper Refinery and a Feasibility Study for the development of the Sunshine Antimony Plant in the Sunshine Complex as part of our technical evaluation ahead of a potential decision to pursue the development of the Sunshine Antimony Plant. Our plans with respect to the Sunshine Silver/Copper Refinery and the potential Sunshine Antimony Plant are dependent on the outcome of such Feasibility Studies, as well as technical and engineering evaluations and other external factors outside of our control. We may not move forward with either the refurbishment, construction or restart of the Sunshine Silver/Copper Refinery or the development of the Sunshine Antimony Plant, or any other antimony processing or refinery plans, and we may in the future decide to delay, revise or abandon such plans.

If we move forward with either the refurbishment, construction or restart of the Sunshine Silver/Copper Refinery or the development of the potential Sunshine Antimony Plant, such plans will be subject to certain risks associated with mining refining operations, including but not limited to, considerable resources and costs expenditures, risks inherent to production, construction costs and delays, macroeconomic factors and the ability to obtain required approvals and permits. If we proceed to refurbish, construct and restart the Sunshine Silver/Copper Refinery or develop the Sunshine Antimony Plant, we may not be able to achieve projected capacity on the timeline expected or at all. Historical quantities and production volume of silver, copper and antimony around the Sunshine Mine are not indicative of future production, and it may be difficult, expensive or impossible to source concentrate from third parties on attractive terms or at all. We also may not be able to achieve anticipated positive synergies from having refining capacity on-site, such as improving margins and reducing reliance on downstream supply chains, which may adversely affect our operations and profitability. Depending on the results of the Feasibility Studies for the refurbishment, construction and restart of the Sunshine Silver/Copper Refinery and the development of the Sunshine Antimony Plant, and depending on the performance of the Sunshine Silver/Copper Refinery and the Sunshine Antimony Plant (if constructed), we may consider public or private financing alternatives and strategic transactions including partnerships or a spin-off or sale.

Furthermore, if we move forward with either the refurbishment, construction or restart of the Sunshine Silver/Copper Refinery or the development of the potential Sunshine Antimony Plant, the operation of either involves many risks, which may include a breakdown or failure of the equipment and systems, variations in the feed concentrate (including feed from third parties), higher than anticipated operating costs, lack of qualified labor, inability to operate within environmental permit parameters, inability to produce refined products to required specifications, inability to produce saleable metal, inability to effectively manage distribution channels, changes in markets and market prices for the refined products and operating cost increases, as well as the risk of performance below expected levels of output or efficiency due to the inability to secure long-term tolling arrangements or otherwise. Such events could negatively impact our business, results of operations or financial condition.

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***Actual capital costs, operating costs, production and economic returns may differ significantly from those we have anticipated and there are no assurances that any future development activities will result in profitable mining operations.***

The capital costs to take the Sunshine Mine into production may be significantly higher than those set forth in the Sunshine Technical Report Summary. We will ultimately base our decisions about the restart of the Sunshine Mine, including the construction of a new mill, on a Feasibility Study. We have not yet prepared a Feasibility Study for the Sunshine Mine. Our evaluations of our business and prospects are subject to change, including after any Feasibility Study has been conducted, which could materially and adversely affect our prospects.

Additionally, the actual operating costs at the Sunshine Mine will depend upon changes in the availability and prices of labor, equipment and infrastructure, variances in metal recovery and mining rates from those assumed in the mining plan, operational risks, changes in governmental regulation, including taxation, environmental, permitting and other regulations and other factors, many of which are beyond our control. Due to any of these or other factors, the operating costs at the Sunshine Mine may be significantly higher than those set forth in the Sunshine Technical Report Summary. As a result of higher capital and operating costs, production and economic returns may differ significantly from those set forth in the Sunshine Technical Report Summary and there are no assurances that any future development activities will result in profitable mining operations.

#### We have historically experienced negative operating cash flow from operating activities.
We had negative operating cash flow for each of the three months ended March 31, 2026 and 2025 and each of the years ended December 31, 2025 and 2024, and we anticipate that the holding costs at the Sunshine Mine and Sunshine Silver/Copper Refinery and the general and administrative costs of our corporate office will cause negative operating cash flow in future periods. For the three months ended March 31, 2026 and 2025, we incurred a net loss of approximately $13.3 million and $4.0 million, respectively, and our net cash used in operating activities was approximately $10.6 million and $2.2 million, respectively. For the years ended December 31, 2025 and 2024, we incurred a net loss of approximately $34.7 million and $12.9 million, respectively, and our net cash used in operating activities was approximately $24.4 million and $7.7 million, respectively. Although we anticipate that we will have access to sufficient financial resources to fund our operation, we cannot guarantee that we will have positive cash flow in the future or have access to sufficient financial resources to fund our operations. To the extent that we have negative cash flow in any future period, a portion of the proceeds from this offering may be used to fund our operating activities. See "*Use of Proceeds*."

#### Historical production at the Sunshine Mine may not be indicative of the potential for future development.
There is currently no commercial production at the Sunshine Mine and, since acquiring ownership, we have not recorded any revenues from operations at the Sunshine Mine. You should not rely on the fact that there were historical mining operations at the Sunshine Mine as an indication that we will ever have future successful commercial operations at the Sunshine Mine. In order for us to develop new mining operations at the Sunshine Mine, we will be required to incur substantial operating expenses and capital expenditures to refurbish and/or replace existing infrastructure.

#### Land reclamation and mine closure may be burdensome and costly.
Land reclamation and mine closure requirements are generally imposed on mineral exploration companies, such as ours, which require us, among other things, to minimize the effects of land disturbance. Such requirements may include controlling the discharge of potentially dangerous effluents from a site and restoring a site's landscape to its pre-exploration form. Our undiscounted reclamation obligations were estimated at approximately $4.2 million as of March 31, 2026, and the corresponding asset retirement obligation, which reflects the estimated present value of future closure obligations, was approximately $1.8 million. However, the actual costs of reclamation and mine closure are uncertain and may exceed planned expenditures due to factors including, among others, changes in the nature of waste rock, tailings or soil conditions, revegetation requirements, fuel or contractor cost increases and/or revisions to government regulations. Therefore, the amount that we are required to spend could be materially higher than current estimates. Any additional amounts required to be spent on reclamation and mine closure may have a material adverse effect on our financial performance, financial position and results of operations and may cause us to alter our operations. In addition, we are required to maintain financial assurances, such as letters of credit, to secure reclamation obligations under certain laws and regulations. The failure to acquire, maintain or renew such financial assurances could subject us to fines and penalties or suspension of our operations. Letters of credit or other forms of financial assurance represent only a portion of the total amount of money that will be spent

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on reclamation over the life of a mine's operation. Although we include liabilities for estimated reclamation and mine closure costs in our financial statements, it may be necessary to spend more than what is projected to fund required reclamation and mine closure activities. Additionally, even if we cease exploration at the Sunshine Mine, we will be required to expend cash and other resources to satisfy ongoing care and maintenance obligations at the Sunshine Mine, which obligations include controlling ground water, monitoring and sampling permitted facilities and ultimately reclaiming our tailings storage area.

#### We will require additional financing in the future to bring the Sunshine Mine into sustained commercial operation.
We intend to use the net proceeds from this offering to conduct a Feasibility Study for the restart of the Sunshine Mine including the construction of a new mill, a Feasibility Study for the development of the Sunshine Antimony Plant and a Feasibility Study for the refurbishment, construction and restart of the Sunshine Silver/Copper Refinery, for infill drilling and associated underground development costs, mining equipment and mine infrastructure purchases, as well as for mine development and overhead expenses, construction of a processing facility, surface infrastructure and project management expenses, exploration activities in underdefined areas on our land package, the potential development of the Sunshine Antimony Plant, the potential refurbishment, construction and restart of the Sunshine Silver/Copper Refinery, and general corporate purposes. See "*Use of Proceeds*." We anticipate that our total expenditures related to the Feasibility Studies will be approximately $ million and we expect to spend approximately $ million on infill drilling and associated underground development over the next years. We will require additional funding in the future to bring the Sunshine Mine into sustained commercial production. Our ability to raise such additional financing will depend on a number of factors, including the price of silver, the amount of capital required for the advanced studies, the economics of the Sunshine Mine, interest rates and operating costs.

We expect to raise additional funds through sales of equity or debt, project financing, joint venture funding or some combination thereof. Access to additional capital may not, however, be available on terms acceptable to us, at acceptable prices, or at all. Failure to obtain sufficient financing may result in the delay or indefinite postponement of exploration, drilling, development or production at the Sunshine Mine. Furthermore, even if we raise sufficient additional capital, there can be no assurance that we will achieve profitability or positive cash flow. In addition, any future equity offering will further dilute your equity interest in us and any future debt financing will require us to dedicate a portion of our cash flow to payments on indebtedness and will limit our flexibility in planning for or reacting to changes in our business.

#### We rely on third-party contractors and other parties.
As we continue with the exploration and advancement of the Sunshine Mine and any other projects we may acquire in the future, timely and cost-effective completion of work will depend largely on the performance of contractors, consultants, geologists, engineers and other parties. For example, our Mineral Resource estimates and potential environmental liability estimates were prepared by third-party consultants. Substantial expenditures are required to construct mines, to establish Mineral Resources and Reserves estimates through drilling, to carry out environmental and social impact assessments, to establish closure requirement estimates, to develop metallurgical processes and to develop the exploration and plant infrastructure at any particular site. If any of our contractors or consultants do not perform to accepted or expected standards, we may be required to hire different contractors or consultants to complete tasks, which may impact schedules and add costs to the Sunshine Mine and any other projects we may acquire in the future, and in some cases, lead to significant risks and losses.

#### The restart of the Sunshine Mine will be subject to certain risks associated with establishing new mining operations.
The Base Case in the Sunshine Technical Report Summary, which assumes the mining of both Indicated Mineral Resources and Inferred Mineral Resources, indicates that the Sunshine Mine is a silver project with an after-tax NPV of approximately $1.4 billion, assuming a 5% discount rate, the prevailing industry standard discount rate for evaluating precious metals projects in North America, an after-tax internal rate of return of approximately 38.3% and a 24-year mine life at modeled metals' prices, whereas the Indicated Only Case in the Sunshine Technical Report Summary indicates that the Sunshine Mine is a silver project with an after-tax NPV of approximately $270 million, assuming a 5% discount rate, the prevailing industry standard discount rate for evaluating precious metals projects in North America, an after-tax internal rate of return of approximately 21.1% and a 10-year mine life at modeled metals' prices. If the restart of the Sunshine Mine, including the construction of a new mill, is found to be economically feasible, its development will require maintaining and obtaining additional permits and financing, and the construction and operation of mines, processing facilities and related infrastructure. As a result, we will be subject to certain risks associated with establishing new mining operations, including:

&nbsp;&nbsp;&nbsp;&nbsp;• the timing and cost, which can be considerable, of the construction of mining and processing facilities and related infrastructure;

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&nbsp;&nbsp;&nbsp;&nbsp;• the availability and cost of skilled labor, mining equipment and principal supplies needed for operations, including explosives, fuels, chemical reagents, water, power, equipment parts and lubricants;

&nbsp;&nbsp;&nbsp;&nbsp;• the availability and cost of appropriate smelting and refining arrangements;

&nbsp;&nbsp;&nbsp;&nbsp;• the need to maintain and obtain additional necessary environmental and other governmental approvals and permits, the timing of the receipt of those approvals and permits and the restrictions set forth in those approvals and permits;

&nbsp;&nbsp;&nbsp;&nbsp;• the availability of funds to finance construction and development activities;

&nbsp;&nbsp;&nbsp;&nbsp;• industrial accidents;

&nbsp;&nbsp;&nbsp;&nbsp;• mine failures, shaft failures or equipment failures;

&nbsp;&nbsp;&nbsp;&nbsp;• tailings storage facility failures;

&nbsp;&nbsp;&nbsp;&nbsp;• natural phenomena such as inclement weather conditions, floods, droughts, rock slides and seismic activity;

&nbsp;&nbsp;&nbsp;&nbsp;• unusual or unexpected geological and metallurgical conditions;

&nbsp;&nbsp;&nbsp;&nbsp;• exchange rate and commodity price fluctuations;

&nbsp;&nbsp;&nbsp;&nbsp;• high rates of inflation;

&nbsp;&nbsp;&nbsp;&nbsp;• interest rate fluctuations;

&nbsp;&nbsp;&nbsp;&nbsp;• health pandemics;

&nbsp;&nbsp;&nbsp;&nbsp;• potential opposition from non-governmental organizations, environmental groups or local groups, which may delay or prevent development activities; and

&nbsp;&nbsp;&nbsp;&nbsp;• restrictions or regulations imposed by governmental or regulatory authorities, including with respect to environmental matters or environmental permits.

The costs, timing and complexities of developing the Sunshine Mine may be greater than anticipated. Cost estimates may increase significantly as more detailed engineering work is completed. It is common in mining operations to experience unexpected costs, problems and delays during construction, development and mine start-up. In addition, the cost of producing silver-bearing concentrates that are of acceptable quality to smelters may be significantly higher than expected. We may encounter higher than acceptable contaminants in our concentrates such as arsenic, mercury, selenium or other contaminants that, when present in high concentrations, can result in penalties or outright rejection of the metals concentrates by the smelters. Silver-bearing concentrates at our Sunshine Mine historically were known to contain relatively high percentages of arsenic and antimony. Accordingly, our activities may not result in profitable mining operations at the Sunshine Complex.

#### Our operations involve significant risks and hazards inherent to the mining industry.
Our operations involve the operation of large machines, heavy mobile equipment and drilling equipment. Hazards such as adverse environmental conditions, industrial accidents, labor disputes, unusual or unexpected geological conditions, ground control problems, cave-ins, changes in the regulatory environment, metallurgical and other processing problems, mechanical equipment failure, facility performance problems, fire and natural phenomena such as inclement weather conditions, floods and earthquakes are inherent risks in our operations. Hazards inherent to the mining industry can cause injuries or death to employees, contractors or other persons at our mineral property, severe damage to and destruction of our property, plant and equipment, and contamination of, or damage to, the environment, and can result in the suspension of our exploration activities and future development and production activities. While we aim to maintain best safety practices as part of our culture, safety measures we implement may not prevent or mitigate accidents.

In addition, from time to time, we may be subject to governmental investigations and claims and litigation filed on behalf of persons who are harmed while at our property or otherwise in connection with our operations. To the extent that we are subject to personal injury or other claims or lawsuits in the future, it may not be possible to predict the ultimate outcome of these claims and lawsuits due to the nature of personal injury litigation. Similarly, if we are subject to governmental investigations or proceedings, we may incur significant penalties and fines, and enforcement actions against us could result in the closing of certain of our mining operations. If claims and lawsuits or governmental

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investigations or proceedings are ultimately resolved against us, it could have a material adverse effect on our financial performance, financial position and results of operations. Also, if we mine on property without the appropriate licenses and approvals, we could incur liability or our operations could be suspended.

#### We may be materially and adversely affected by challenges relating to slope and stability of underground openings.
Our underground mines get deeper and our waste and tailings deposits increase in size as we continue and expand our mining activities, presenting certain geotechnical challenges, including the possibility of failure of underground openings. If we are required to reinforce such openings or take additional actions to prevent such a failure, we could incur additional expenses, and our operations could be negatively affected. Unexpected failures of underground openings or additional requirements to prevent such failures may adversely affect our costs and expose us to health and safety and other liabilities in the event of an accident, and in turn materially and adversely affect the results of our operations and financial condition. Additional unexpected geotechnical challenges may arise as a result of further development and construction of mines, processing facilities and related infrastructure.

#### The mining industry is very competitive.
The mining industry is very competitive. Much of our competition is from larger, established mining companies with greater liquidity, greater access to credit and other financial resources, newer or more efficient equipment, lower cost structures, more effective risk management policies and procedures and/or a greater ability than us to withstand losses. Our competitors may be able to respond more quickly to new laws or regulations or emerging technologies, or devote greater resources to the expansion or efficiency of their operations than we can. We also compete with other mining companies in our region for skilled labor, mining equipment and principal supplies needed for operations, any shortage of which could increase our operating costs. In addition, current and potential competitors may make strategic acquisitions or establish cooperative relationships among themselves or with third parties. Accordingly, it is possible that new competitors or alliances among current and new competitors may emerge and gain significant market share to our detriment. We may not be able to compete successfully against current and future competitors, and any failure to do so could have a material adverse effect on our business, financial condition or results of operations.

#### The title to some of our mineral properties may be uncertain or defective, thus risking our investment in such properties.
Certain of our mineral rights consist of "patented" and "unpatented" mining claims created and maintained in accordance with the U.S. General Mining Law of 1872 (the "**General Mining Law**"). We currently own 235 patented and 877 unpatented mining claims and lease 16 patented and 189 unpatented mining claims. Unpatented mining claims are unique U.S. property interests, and are generally considered to be subject to greater title risk than other real property interests because the validity of unpatented mining claims is often uncertain. This uncertainty arises, in part, out of the complex federal and state laws and regulations that supplement the General Mining Law. Also, unpatented mining claims and related rights, including rights to use the surface, are subject to possible challenges by third parties or contests by the federal government. The validity of an unpatented mining claim, in terms of both its location and its maintenance, is dependent on strict compliance with a complex body of federal and state statutory and decisional law. In addition, there are few public records that definitively control the issues of validity and ownership of unpatented mining claims.

The Sunshine Mine is part of the Coeur d'Alene Mining District, a historical mining district that was established prior to 1900. The history of ownership of the properties comprising the Sunshine Mine is complex and involves numerous individuals and entities. In addition, title to many of the mineralized veins at the Sunshine Mine is based on ownership of the patented claims within which those veins have their apex, as under the General Mining Law, the owner of a mining claim within which a mineralized vein has its apex owns the so-called "extralateral rights" to that vein as it may extend downward outside the vertical boundaries of the claim. As the vein extends downward, however, its actual location becomes less and less certain. As a result, ownership of these mineralized veins often becomes more a question of geology than of public records. Over the years, because of the age of the Coeur d'Alene Mining District and the existence of extralateral rights that render title to the actual minerals beneath any particular claim more uncertain, our predecessors and adjoining landowners entered into several agreements establishing boundary lines between claims, dividing ownership of portions of claims, agreeing to the sharing of ore produced from mineralized veins within claims, and agreeing to joint exploration and development activities on certain claims. There can be no assurance that our predecessors successfully consolidated the properties at the Sunshine Mine so that third parties will not make claims to our properties or a share of some portion of any mineral production in the future or that we have identified every agreement establishing our property rights.

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With respect to several of the unpatented mining claims at the Sunshine Mine, we own the mineral estate but not the surface estate. Although we expect we would continue the development of the Sunshine Mine as an underground mine, which would not require us to make use of the surface of those unpatented claims where we do not own the surface estate, as we develop our mine plan for the Sunshine Mine and as that plan changes over time, there can be no assurance that we will not need to use the surface of portions of those claims. If that need arises, there can be no assurance that the owners of the surface estate of any of those claims will recognize our common law rights or be willing to enter into agreements with us to allow for such surface use.

Title insurance is generally not available for mineral properties and our ability to ensure that we have obtained secure claim to any individual mineral property or mining concession may be severely constrained. We rely on title information and/or representations and warranties provided by our grantors. Any challenge to our title could result in litigation, insurance claims and potential losses, delay the exploration and development of a property and ultimately result in the loss of some or all of our interest in the property. In addition, if we mine on property without the appropriate title, we could incur liability for such activities.

***We do not currently intend to enter into hedging arrangements with respect to silver and other minerals and our hedging activities, or our decision not to hedge, with respect to our expenses could expose us to losses.***

We do not currently intend to enter into hedging arrangements with respect to silver and other minerals. As such, we will not be protected from a decline in the price of silver and other minerals. This strategy may have a material adverse effect upon our financial performance, financial position and results of operations.

We are, and will be, exposed to the potentially adverse effects of fluctuations in input costs, such as diesel fuel, and if we borrow funds at floating interest rates. We may seek to enter into hedging arrangements to hedge some of our input costs, such as diesel fuel. In the future we may also seek to enter into interest rate hedge agreements in connection with future indebtedness we may incur that bears interest at a floating rate. We currently, however, have not entered into any such hedging arrangements, or made a decision to do so, and cannot assure you that we will be able to do so on acceptable terms, or at all. Even if we seek and are able to enter into hedging contracts, such hedging program may not be effective, and any hedging program would also prevent us from benefitting fully from applicable input cost or rate decreases. In addition, we may in the future experience losses if a counterparty fails to perform under a hedge arrangement.

#### Our insurance may not provide adequate coverage.
Our business and operations are subject to a number of risks and hazards, including, but not limited to, adverse environmental conditions, industrial accidents, labor disputes, unusual or unexpected geological conditions, ground control problems, cave-ins, changes in the regulatory environment, metallurgical and other processing problems, mechanical equipment failure, facility performance problems, fires and natural phenomena such as inclement weather conditions, floods and earthquakes. These risks could result in damage to, or destruction of, our mineral property or production facilities, personal injury or death, environmental damage, delays in exploration, mining or processing, increased production costs, asset write downs, monetary losses and legal liability. Any losses from these events may cause us to incur significant costs that could have a material adverse effect on our financial performance, financial position and results of operations.

Our property and liability insurance may not provide sufficient coverage for losses related to these or other hazards. Insurance against certain risks, including those related to environmental matters or other hazards resulting from exploration and production, is generally not available to us or to other companies within the mining industry. Our current insurance coverage may not continue to be available at economically feasible premiums, or at all. We may elect not to insure where premium costs are disproportionate to our perception of the relevant risks. The payment of such insurance premiums and of such liabilities would reduce the funds available for exploration and production activities. In addition, we do not carry business interruption insurance relating to our property. Accordingly, delays in returning to any future production could produce near-term severe impact to our business.

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#### Our business is sensitive to nature and climate conditions.
A number of governments have introduced or are moving to introduce climate change legislation and treaties at the international, national, state/provincial and local levels. Regulation relating to emission levels (such as carbon taxes) and energy efficiency may become more stringent and may result in increased costs at some or all of our operations. In addition, the physical risks of climate change may also have an adverse effect on our operations. These risks include the following:

&nbsp;&nbsp;&nbsp;&nbsp;• extreme weather events have the potential to disrupt operations at the Sunshine Complex, including surface development activities during construction, and may require us to make additional expenditures to mitigate the impact of such events. Extended disruptions to supply lines could result in interruption to production once it commences; and

&nbsp;&nbsp;&nbsp;&nbsp;• our facilities depend on regular supplies of consumables (diesel, tires, etc.) and reagents to operate efficiently. In the event that the effects of climate change or extreme weather events cause prolonged disruption to the delivery of essential commodities, production levels at our operations may be reduced.

Our efforts to mitigate the risks of climate changes may not be effective and the physical risks of climate change may have an adverse effect on our operations and profitability.

#### Suitable infrastructure may not be available or damage to existing infrastructure may occur.
Mining, processing, development and exploration activities depend on adequate infrastructure. Reliable roads, bridges, port and/or rail transportation, power sources, water supply and access to key consumables are important determinants for capital and operating costs. The lack of availability on acceptable terms or the delay in the availability of any one or more of these items could prevent or delay exploration, development or exploitation of the Sunshine Mine. If adequate infrastructure is not available in a timely manner, we cannot assure you that the exploration or development of the Sunshine Mine will be commenced or completed on a timely basis, or at all, or that the resulting operations will achieve the anticipated production volume, or that the construction costs and operating costs associated with the exploration and/or development of the Sunshine Project will not be higher than anticipated. In addition, extreme weather phenomena, sabotage, vandalism, government, non-governmental organization and community or other interference in the maintenance or provision of such infrastructure could adversely affect our operations and profitability.

#### If we are unable to retain key members of management, our business might be harmed.
Our exploration activities and any future development and construction or mining and processing activities depend to a significant extent on the continued service and performance of our senior management team. We depend on a relatively small senior management team, and we currently do not, and do not intend to, have key-person insurance for these individuals. Departures by members of our senior management team could have a negative impact on our business, as we may not be able to find suitable personnel to replace departing management on a timely basis, or at all. The loss of any member of our senior management team could impair our ability to execute our business plan and could, therefore, have a material adverse effect on our business, results of operations and financial condition. In addition, the international mining industry is very active and we are facing increased competition for personnel in all disciplines and areas of operation. We may not be able to attract and retain personnel to sufficiently staff our development and operating teams.

***The prices of silver, copper, lead and antimony are subject to change and a substantial or extended decline in the prices of silver, copper, lead and antimony could materially and adversely affect our revenues and the value of our mineral property.***

Our business and financial performance will be significantly affected by fluctuations in the prices of silver, copper, lead and antimony. The prices of silver, copper, lead and antimony are volatile, can fluctuate substantially and are affected by numerous factors that are beyond our control. For example, silver prices rose sharply in 2025, from $29.56 per ounce on January 2, 2025 to approximately $72.15 per ounce on December 31, 2025, representing an increase of approximately 144%, and have remained strong in 2026. In addition to copper, lead and antimony which we may produce as a by-product, we may also produce gallium and germanium. Mineral prices are affected by numerous factors beyond our control, including:

&nbsp;&nbsp;&nbsp;&nbsp;• international economic and political trends, including hostilities in Ukraine and the Middle East;

&nbsp;&nbsp;&nbsp;&nbsp;• uncertainty with respect to international trade regimes;

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&nbsp;&nbsp;&nbsp;&nbsp;• currency exchange rate fluctuations;

&nbsp;&nbsp;&nbsp;&nbsp;• prevailing interest rates and returns on other asset classes;

&nbsp;&nbsp;&nbsp;&nbsp;• expectations regarding inflation, monetary policy and currency values;

&nbsp;&nbsp;&nbsp;&nbsp;• other macro political and economic conditions;

&nbsp;&nbsp;&nbsp;&nbsp;• speculation;

&nbsp;&nbsp;&nbsp;&nbsp;• worldwide production and inventory levels;

&nbsp;&nbsp;&nbsp;&nbsp;• governmental and exchange decisions regarding the disposal of precious metals stockpiles, including the decision by the CME Group (the owner and operator of the COMEX global futures and commodities marketplace), to raise silver's initial margin requirements on futures contracts;

&nbsp;&nbsp;&nbsp;&nbsp;• available supplies of silver and antimony from mine production, inventories and recycled metal;

&nbsp;&nbsp;&nbsp;&nbsp;• sales by holders and producers of silver and antimony;

&nbsp;&nbsp;&nbsp;&nbsp;• sales programs by central banks;

&nbsp;&nbsp;&nbsp;&nbsp;• demand for products containing silver and antimony; and

&nbsp;&nbsp;&nbsp;&nbsp;• consumption patterns.

Because we expect to derive the substantial majority of our revenues from sales of silver, our results of operations and cash flows will fluctuate as the prices for silver increase or decrease. Fluctuations in commodity prices will also influence the willingness of investors to fund mining and exploration companies. A sustained period of declining prices could materially and adversely affect our financial position and results of operations.

Furthermore, Mineral Resource estimates and mine life plans using significantly lower metal prices could result in material write-downs of our investment in mineral properties and increased depreciation, depletion, amortization, reclamation and closure charges.

In addition to adversely affecting our possible future Mineral Reserve estimates and our financial condition, declining metal prices may impact operations by requiring a reassessment of the feasibility of a particular project. Even if the project is ultimately determined to be economically viable, the need to conduct such a reassessment may cause substantial delays or may interrupt operations until the reassessment can be completed.

Furthermore, we may occasionally hold silver, copper, lead or antimony in inventory due to market conditions, in anticipation of higher prices which may expose us to pricing risk.

#### Changes in future demand for silver, copper, lead and antimony could adversely affect our future sales volume and revenues.
Our future revenues will depend, in substantial part, on the volume of silver we sell and the prices at which we sell, which in turn will depend on the level of industrial and consumer demand. Demand for silver is driven by its general perception as a store of value as well as its uses in industrial processes and products, such as solar panels, superconductors, personal electronics, electric vehicles, sensors, photovoltaic cells and corrosive-resistant welding, and other emergent themes including AI, nano silver and biocides. See "*Industry Overview—The Silver Market*." An increase in the production of silver worldwide or changes in technology, industrial processes or consumer habits, including increased demand for substitute materials, may decrease the demand for silver. Increased demand for substitute materials may be either technologically induced, when technological improvements render alternative products more attractive for first-use or end-use than silver or allow for reduced application of silver, or price induced, when a sustained increase in the price of silver leads to partial substitution for silver by a less expensive product or reduced application of silver.

Our future revenues may also depend on the volume of by-products we sell, including antimony, copper and lead, and the prices at which we sell. Antimony is used for munitions production, flame retardants, batteries, semi-conductors and other key defense applications.

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Any substitution of these materials may decrease the demand for the silver and antimony we produce. A fall in demand, resulting from economic slow-downs or recessions or other factors, could also decrease the price and volume of silver, copper, lead and antimony we sell and therefore materially and adversely impact our results of operations and financial condition.

#### We are a holding company, and as such, we depend on our subsidiaries to generate cash to fund our operations and expenses.
We are a holding company and essentially all of our assets are our equity ownership interests in our subsidiaries. As a result, our investors are subject to the risks attributable to our subsidiaries. As a holding company, we conduct all of our business through our subsidiaries. Therefore, our ability to fund and conduct our business, service our debt and pay dividends, if any, in the future will principally depend on the ability of our subsidiaries to generate sufficient cash flow to make upstream cash distributions to us. The ability of these entities to pay dividends and other distributions will depend on their operating results and will be subject to applicable laws and regulations which require that solvency and capital standards be maintained by such companies and contractual restrictions contained in the instruments governing any debt obligations. In the event of a bankruptcy, liquidation or reorganization of any of our material subsidiaries, holders of indebtedness and trade creditors may be entitled to payment of their claims from the assets of those subsidiaries before us.

***We may fail to identify attractive acquisition candidates, joint ventures with strategic partners or other strategic arrangements or may fail to successfully integrate acquired mineral properties or successfully manage joint ventures.***

As part of our development strategy, we may acquire additional mineral properties, enter into joint ventures with strategic partners or consider a variety of business arrangements, including spin-offs, strategic partnerships, restructurings, divestitures, business combinations and investments in the future. However, there can be no assurance that we will be able to identify attractive acquisition or joint venture candidates or strategic arrangements in the future or that we will succeed at effectively managing their integration or operation. In particular, significant and increasing competition exists for mineral acquisition opportunities throughout the world. We face strong competition from other mining companies in connection with the acquisition of properties producing, or capable of producing, metals as well as in entering into joint ventures with other parties. If the expected synergies from such transactions do not materialize or if we fail to integrate them successfully into our existing business or operate them successfully with our joint venture partners, or if there are unexpected liabilities, our results of operations could be adversely affected.

In connection with any future acquisitions, joint ventures or strategic arrangements, we may incur indebtedness or issue equity securities, resulting in increased interest expense or dilution of the percentage ownership of existing stockholders. Unprofitable acquisitions or joint ventures, or additional indebtedness or issuances of securities in connection with such acquisitions or joint ventures, may adversely affect the price of our common stock and negatively affect our results of operations.

***Our information technology systems may be vulnerable to disruption, which could place our systems at risk from data loss, operational failure or compromise of confidential information.***

We rely on various information technology systems. These systems remain vulnerable to disruption, damage or failure from a variety of sources, including, but not limited to, errors by employees or contractors, computer viruses, cyberattacks, including phishing, ransomware and similar malware, misappropriation of data by outside parties and various other threats. Techniques used to obtain unauthorized access to or sabotage our systems are under continuous and rapid evolution, and such attacks no longer primarily target entities from the financial or retail sectors. We may be unable to detect efforts to disrupt our data and systems in advance. Breaches and unauthorized access carry the potential to cause losses of assets or production, operational delays, equipment failure that could cause other risks to be realized, inaccurate recordkeeping, disclosure of confidential information, or damage to our reputation or our relationship with suppliers and/or counterparties, any of which could result in financial losses and regulatory or legal exposure, and could have a material adverse effect on our cash flows, financial condition or results of operations. Although to date we have not experienced any material losses relating to cyberattacks or other information security breaches, we may incur such losses in the future. Our risk and exposure to these matters cannot be fully mitigated because of, among other things, the evolving nature of these threats. As such threats continue to evolve, we may be required to expend additional resources to modify or enhance any protective measures or to investigate and remediate any security vulnerabilities.

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#### We may be subject to claims and legal proceedings that could materially and adversely impact our financial position, financial performance and results of operations.
We may be subject to claims or legal proceedings covering a wide range of matters that arise in the ordinary course of business activities. Defense and settlement costs of legal claims can be substantial, even with respect to claims that have no merit. The results of litigation or any other proceedings cannot be predicted with certainty. These matters may result in litigation or unfavorable resolution which could materially and adversely impact our financial performance, financial position and results of operations. See "*Business—Legal Proceedings*."

#### We are subject to the risk of labor disputes, which could adversely affect our business.
Although we have not experienced any significant labor disputes in recent years, we may experience labor disputes in the future, including protests, blockades and strikes, which could disrupt our business operations and have an adverse effect on our business and results of operation. Although we consider our relations with our employees to be good, there can be no assurance that we will be able to maintain a satisfactory working relationship with our employees in the future.

***We may face pressure to demonstrate that, in addition to seeking to generate returns for our stockholders, other stakeholders and community members benefit from our activities.***

Natural resources companies face increasing public scrutiny of their activities. We may face pressure to demonstrate that, in addition to seeking to generate returns for our stockholders, other stakeholders benefit from our activities, including local governments and the communities surrounding or nearby our properties. The potential consequences of these pressures include reputational damages, lawsuits, increasing social investment obligations and pressure to increase taxes, future royalties or other contributions to local governments and surrounding communities. These pressures may also impair our ability to successfully obtain permits and approvals required for our operations.

Additionally, we may face opposition from local communities, tribes or other stakeholders with respect to our current and future development, exploration and operation of projects and mines which could materially adversely affect our business, results of operations and financial condition. Further, certain non-governmental organizations are often critical of the mining industry and our practices, including the use of hazardous substances in processing activities. The adverse publicity generated by these organizations or others related to extractive industries generally, or to the operations specifically, may have an adverse effect on our financial condition and/or relationship with the communities in which we operate. Any such opposition or criticism may be related not only to current activities, but also the historical mining activities of previous owners and may have a material adverse effect on operations.

#### Our directors and officers may have conflicts of interest as a result of their relationships with other mining companies.
Certain of our directors and officers serve as directors of other companies that are similarly engaged in the business of developing and exploiting natural resource properties, and may devote a portion of their time to manage other business interests. In particular, each of Dr. Kaplan, Mr. Muñiz Quintanilla and Mr. Erfan serves on the board of directors of NOVAGOLD Resources Inc. and Sinda Ltd. Mr. Muñiz Quintanilla also serves on the board of directors of First Majestic Silver Corp.; Mr. Erfan also serves on the board of directors of Gabriel Resources Ltd.; Mr. Groh also serves on the board of directors of Sinda Ltd.; Ms. El-Erian serves on the board of directors of Gabriel Resources Ltd. and Altius Minerals Corp.; Mr. Radford serves on the board of directors of Revival Gold Inc; and Mr. van Niekerk serves on the board of directors of NexMetals Mining Corp. See "*Management—Biographical Information.*" Our directors and officers may serve as directors, officers and stockholders of additional similarly engaged businesses in the future.

Consequently, there is a possibility that our directors and officers may be in a position of conflict in the future. To the extent that our directors and officers or other companies they serve may participate in ventures in which we are also participating, or to the extent that such companies may receive funds from us, such directors and officers may have a conflict of interest in negotiating and reaching an agreement with respect to the extent of each company's participation.

Certain of our directors, including Dr. Kaplan and Mr. Erfan, are also directors of TEG, which could create, or appear to create, conflicts of interest with respect to matters involving both us and Electrum. Our Third Amended and Restated Certificate of Incorporation provides that we renounce any interest or expectancy in the business opportunities of Electrum, Ospraie Real Assets Fund LP ("**Ospraie**") and their respective officers, directors, agents, shareholders, members, partners, affiliates and subsidiaries, and that none of Electrum, Ospraie or these parties have any obligation to offer us those opportunities. Accordingly, affiliates of Electrum or Ospraie who serve on our Board of Directors will not have any duty to refrain from engaging, directly or indirectly, in the same business activities or similar business

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activities or lines of business in which we operate and may pursue certain corporate opportunities that may be complementary to our business. See "*—Risks Related to This Offering and Our Common Stock—Our Third Amended and Restated Certificate of Incorporation and the Stockholders' Agreements contain a provision renouncing our interest and expectancy in certain corporate opportunities.*"

#### Our business could be adversely affected by the effects of public health crises worldwide.
Global financial conditions and the global economy in general have at various times in the past and may in the future experience extreme volatility in response to economic shocks or other events, as most recently seen during the COVID-19 pandemic. Many industries, including the mining industry, are impacted by volatile market conditions in response to the widespread outbreak of epidemics, pandemics or other health crises. Such public health crises and the responses of governments and private actors can result in disruptions and volatility in economies, financial markets and global supply chains as well as declining trade and market sentiment and reduced mobility of people, all of which could impact commodity prices, interest rates, credit ratings, credit risk and inflation. Our business could be materially adversely affected by the effects of such public health crises.

In addition, parties with whom we do business or on whom we are reliant, including suppliers, may also be adversely impacted by public health crises, which may in turn cause further disruption to our business, including delays or halts in availability or delivery of consumables and delays or halts in refining of Mineral Resources from our mine. The impact of public health crises and government responses thereto may also have an impact on financial markets and could constrain our ability to obtain equity or debt financing in the future, which may have a material and adverse effect on our business, financial condition and results of operations.

***Changes in macroeconomic conditions, including inflation, interest rate exposures and disruptions to global trade could have a material adverse effect on our business, financial position, results of operations and cash flows.***

Unfavorable or unstable macroeconomic conditions may have a material adverse impact on our business development and operations. Increased inflation may result in increased operating costs (including our labor costs), reduced liquidity and limitations on our ability to access credit or otherwise raise debt and equity capital. Increases in interest rates, especially if coupled with reduced government spending and volatility in financial markets, may have the effect of further increasing economic uncertainty and heightening these risks, which may have a material and adverse effect on our business, financial condition and results of operations. If tariffs or other restrictions are placed on foreign imports by the United States or are placed on the export of critical minerals, such as silver or antimony, or any related countermeasures are taken by impacted foreign countries, it could have a material adverse effect on our business, financial position, results of operations and cash flows.

#### Risks Related to Government Regulations
***The U.S. government, as well as state and local governments, extensively regulate mining operations, which impose significant actual and potential costs on us, and future regulation could increase those costs or limit our ability to produce silver and other metals.***

The mining industry is subject to increasingly strict regulation by federal, state and local authorities in the United States, including in relation to:

&nbsp;&nbsp;&nbsp;&nbsp;• limitations on land use;

&nbsp;&nbsp;&nbsp;&nbsp;• mine permitting and licensing requirements;

&nbsp;&nbsp;&nbsp;&nbsp;• reclamation and restoration of properties after mining is completed;

&nbsp;&nbsp;&nbsp;&nbsp;• management of materials generated by mining operations; and

&nbsp;&nbsp;&nbsp;&nbsp;• storage, treatment and disposal of wastes and hazardous materials.

The liabilities and requirements associated with the laws and regulations related to these and other matters, including with respect to air emissions, water discharges, reclamation of lands affected by exploration and mining operations, and other environmental matters, may be costly and time-consuming and may restrict, delay or prevent commencement or continuation of exploration or production operations. We are subject to financial assurance requirements for reclamation costs and other liabilities for certain environmental matters, including in connection with water treatment and tailings management. We cannot assure you that we have been or will be at all times in compliance with all

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applicable laws and regulations. The Sunshine Mine has experienced and may in the future experience minor violations or exceedances of permitted discharge levels. Failure to comply with applicable laws and regulations may result in the assessment of administrative, civil and criminal penalties, the imposition of cleanup and site restoration costs and liens, the issuance of injunctions to limit or cease operations, the suspension or revocation of permits or authorizations and other enforcement measures that could have the effect of limiting or preventing production from our operations. We may incur material costs and liabilities resulting from claims for damages to property or injury to persons arising from our operations. We may also be required to compensate private parties suffering loss or damage by reason of a breach of such laws, regulations, licensing requirements or permitting requirements. If we are pursued for sanctions, costs and liabilities in respect of these matters, our mining operations and, as a result, our financial performance, financial position and results of operations, could be materially and adversely affected. See "*Business—Environmental, Health and Safety Matters*."

Any new legislation or administrative regulations or new judicial interpretations or administrative enforcement of existing laws and regulations that would further regulate and tax the mining industry may also require us to change operations significantly or incur increased costs. Such changes could have a material adverse effect on our financial position and results of operations.

In addition, the operation of the Sunshine Mine is subject to regulation by the Federal Mine Safety and Health Administration ("**MSHA**") under the Federal Mine Safety and Health Act of 1977 and the Occupational Safety and Health Administration ("**OSHA**") under the Occupational Safety and Health Act of 1970. MSHA and OSHA inspect the Sunshine Mine on a regular basis and issue various citations and orders when they believe a violation has occurred under the relevant statute. Subsequent to passage of the Mine Improvement and New Emergency Response Act of 2006, the number of violations cited by the MSHA has significantly increased, as have the dollar penalties associated with those citations.

If inspections in the United States result in an alleged violation, we may be subject to fines, penalties or sanctions, our mining operations could be subject to temporary or extended closures, and we may be required to incur capital expenditures to re-commence our operations. Any of these actions could have a material adverse effect on our financial performance, financial position and results of operations.

***We are required to obtain, maintain and renew environmental, construction and mining permits, which is often a costly and time-consuming process and may ultimately not be possible.***

Mining companies, including ours, need many environmental, construction and mining permits, each of which can be time-consuming and costly to obtain, maintain and renew, and which may impose certain financial assurance requirements. In connection with our current and future operations, we must obtain and maintain a number of permits that impose strict conditions, requirements and obligations, including those relating to various environmental and health and safety matters. To obtain, maintain and renew certain permits, we may in the future be required to conduct environmental studies, and make associated presentations to governmental authorities, pertaining to the potential impact of our current and future operations upon the environment and to take steps to avoid or mitigate those impacts. We are subject to financial assurance requirements for reclamation costs and other liabilities for certain environmental matters, including in connection with water treatment and tailings management. Permit terms and conditions can impose restrictions on how we conduct our operations and limit our flexibility in developing our mineral property. Many of our permits are subject to renewal from time to time, and applications for renewal may be denied or the renewed permits may contain more restrictive conditions than our existing permits, including those governing impacts on the environment. For example, we are required to replace our wastewater treatment system in connection with the renewal of our permit under the National Pollutant Discharge Elimination System (the "**NPDES Permit**") for the Sunshine Mine. In addition, we may be required to obtain new permits to expand our operations, and the grant of such permits may be subject to an expansive governmental review of our operations. Alternatively, we may not be successful in obtaining such permits, which could prevent us from commencing, continuing or expanding operations or otherwise adversely affect our business. Renewal of existing permits or obtaining new permits may be more difficult if we are not able to comply with our existing permits. Applications for permits, permit area expansions and permit renewals can also be subject to challenge by interested parties, which can delay or prevent receipt of needed permits. In addition, the permitting process can vary by jurisdiction in terms of its complexity and likely outcomes. The applicable laws and regulations, and the related judicial interpretations and enforcement policies, change frequently, which can make it difficult for us to obtain and renew permits and to comply with applicable requirements. Accordingly, permits required for our operations may not be issued, maintained or renewed in a timely fashion or at all, may be issued or renewed upon conditions that restrict our ability to conduct our operations economically, or may be subsequently revoked. Any such

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failure to obtain, maintain or renew permits, or other permitting delays or conditions, including in connection with any environmental impact analyses, could have a material adverse effect on our business, results of operations and financial condition.

#### We are subject to environmental and health and safety laws, regulations and permits that may subject us to material costs, liabilities and obligations.
We are subject to environmental laws, regulations and permits in the various jurisdictions in which we operate, including those relating to, among other things, the removal and extraction of natural resources, the emission and discharge of materials and contaminants into the environment, including plant and wildlife protection, remediation of soil and groundwater contamination, reclamation and closure of properties, including tailings and waste storage facilities, groundwater quality and availability, and the handling, storage, transport and disposal of wastes and hazardous materials. Pursuant to such requirements, we may be subject to inspections or reviews by governmental authorities and are subject to financial assurance requirements for reclamation costs and other liabilities, including in connection with water treatment and tailings management. Failure to comply with these environmental requirements may expose us to litigation, fines or other sanctions, including the revocation of permits and suspension of operations. We expect to continue to incur significant capital and other compliance costs related to such requirements. These laws, regulations and permits, and the enforcement and interpretation thereof, change frequently and generally have become more stringent over time. In addition, if our noncompliance with such regulations were to result in a release of hazardous materials into the environment, such as soil or groundwater, we could be required to remediate such contamination, which could be costly. Moreover, noncompliance could subject us to private claims for property damage or personal injury based on exposure to hazardous materials or unsafe working conditions. As described below, even if we are compliant with all such regulations, we could still be subject to liability or private claims for any release of hazardous substances at, under or from our properties, without regard to fault or the legality of the conduct. In addition, changes in applicable requirements or stricter interpretation of existing requirements may result in costly compliance requirements or otherwise subject us to future liabilities. The occurrence of any of the foregoing, as well as any new environmental, health and safety laws and regulations applicable to our business or stricter interpretation or enforcement of existing laws and regulations, could have a material adverse effect on our business, financial condition and results of operations.

We could be liable for any environmental contamination at, under or released from our or our predecessors' currently or formerly owned or operated properties or third-party waste disposal sites subject to remediation under CERCLA or similar state laws, such as the Bunker Hill Mining and Metallurgical Complex Superfund Site (the "**Bunker Hill Superfund Site**"), a site for which we and our predecessors were identified as a potentially responsible party. See "*Business—Environmental, Health and Safety Matters—Hazardous Substance and Waste Management*" for further information. Certain environmental laws impose joint and several strict liability for releases of hazardous substances at such properties or sites, without regard to fault or the legality of the original conduct. A generator of waste can be held responsible for contamination resulting from the treatment or disposal of such waste at any off-site location (such as a landfill), regardless of whether the generator arranged for the treatment or disposal of the waste in compliance with applicable laws. Costs associated with liability for removal or remediation of contamination or damage to natural resources could be substantial and liability under these laws may attach without regard to whether the responsible party knew of, or was responsible for, the presence of the contaminants. Accordingly, we may be held responsible for more than our share of the contamination or other damages, up to and including the entire amount of such damages. In addition to potentially significant investigation and remediation costs, such matters can give rise to claims from governmental authorities and other third parties, including for orders, inspections, fines or penalties, natural resource damages, personal injury, property damage, toxic torts and other damages.

Our costs, liabilities and obligations relating to environmental matters could have a material adverse effect on our financial performance, financial position and results of operations.

#### Future legislation may adversely affect the mining industry.
Periodically, members of the U.S. Congress have introduced bills that would supplant or alter the provisions of the General Mining Law, which governs the unpatented claims that we control with respect to the Sunshine Mine. One such amendment has become law and has imposed a moratorium on patenting of mining claims, which reduced the security of title provided by unpatented claims such as those on the Sunshine Mine. Other bills have proposed, among other things, to make permanent the patent moratorium, to impose a federal royalty on production from unpatented mining claims and to declare certain lands as unsuitable for mining. If additional legislation is enacted, it could substantially

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increase the cost of holding unpatented mining claims by requiring payment of royalties, and could significantly impair our ability to develop mineral estimates on unpatented mining claims. Although it is impossible to predict at this time what royalties may be imposed in the future, the imposition of such royalties could adversely affect the potential for development of such mining claims. Passage of such legislation could adversely affect our business.

***Our operations and financial condition could be adversely affected by policies and legislation related to greater state intervention in the mining sector and potentially the expropriation of mining assets.***

We are subject to the potential risks of resource nationalism trends. With increasing resource nationalism in recent years, governments, communities, non-government organizations and trade unions in several jurisdictions have sought and, in some cases, have imposed greater participatory interests on the mining industry. Greater state intervention in the mining industry, including the revision of existing royalties, the imposition of new taxes, interference in project management, mandatory social investment requirements, an increase in the government's holdings in mining companies and potentially the expropriation of mining assets, could materially adversely affect our business, operating results and financial condition. We cannot predict the outcome or timing of any amendments or modifications to public policies or applicable regulations in the jurisdictions in which we operate or elsewhere around the world and the impact these may have on our business.

#### Risks Related to This Offering and Our Common Stock
***There is no existing market for our common stock and we do not know if one will develop. Even if a market does develop, the stock price in the market may not exceed the offering price.***

Prior to this offering, there has not been a public market for our common stock. We cannot predict the extent to which investor interest in our Company will lead to the development of an active trading market on the NYSE or otherwise, or how liquid that market may become. An active trading market for our common stock may not develop and even if it does develop, may not continue upon the completion of this offering and the market price of our common stock may decline below the initial public offering price. The initial public offering price for the common stock will be determined by negotiations between us and the representatives of the underwriters and may not be indicative of prices that will prevail in the open market following this offering. Consequently, you may not be able to sell shares of our common stock at prices equal to or greater than the price you pay in this offering.

#### The market price of our common stock may be volatile, which could result in substantial losses for you.
The initial public offering price for our common stock will be determined through negotiations between us and the representatives of the underwriters. This initial public offering price may vary from the market price of our common stock after the completion of this offering. Some of the factors that may cause the market price of our common stock to fluctuate include:

&nbsp;&nbsp;&nbsp;&nbsp;• failure to identify Mineral Reserves at our property;

&nbsp;&nbsp;&nbsp;&nbsp;• failure to achieve production at our mineral property;

&nbsp;&nbsp;&nbsp;&nbsp;• actual or anticipated changes in the price of silver and by-products;

&nbsp;&nbsp;&nbsp;&nbsp;• fluctuations in our quarterly and annual financial results or the quarterly and annual financial results of companies perceived to be similar to us;

&nbsp;&nbsp;&nbsp;&nbsp;• changes in market valuations of similar companies;

&nbsp;&nbsp;&nbsp;&nbsp;• success or failure of competitor mining companies;

&nbsp;&nbsp;&nbsp;&nbsp;• changes in our capital structure, such as future issuances of securities or the incurrence of debt;

&nbsp;&nbsp;&nbsp;&nbsp;• sales of large blocks of our common stock;

&nbsp;&nbsp;&nbsp;&nbsp;• announcements by us or our competitors of significant developments, contracts, acquisitions or strategic alliances;

&nbsp;&nbsp;&nbsp;&nbsp;• public filings by us with securities regulatory authorities;

&nbsp;&nbsp;&nbsp;&nbsp;• changes in regulatory requirements and the political climate in the United States;

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&nbsp;&nbsp;&nbsp;&nbsp;• litigation involving our Company, our general industry or both;

&nbsp;&nbsp;&nbsp;&nbsp;• additions or departures of key personnel;

&nbsp;&nbsp;&nbsp;&nbsp;• investors' general perception of us;

&nbsp;&nbsp;&nbsp;&nbsp;• changes in general economic, industry and market conditions;

&nbsp;&nbsp;&nbsp;&nbsp;• accidents at mining properties, whether owned by us or otherwise;

&nbsp;&nbsp;&nbsp;&nbsp;• natural disasters, terrorist attacks and acts of war; and

&nbsp;&nbsp;&nbsp;&nbsp;• our ability to control our costs.

The market price of mining companies has experienced substantial volatility in the past, often based on factors unrelated to the financial performance, underlying asset values or prospects of the companies involved. If the market for stocks in our industry, or the stock market in general, experiences a loss of investor confidence, the trading price of our common stock could decline for reasons unrelated to our business, financial condition or results of operations. These and other factors may cause the market price and demand for our common stock to fluctuate substantially, which may limit or prevent investors from readily selling their shares of common stock and may otherwise negatively affect the liquidity of our common stock. In addition, in the past, when the market price of a stock has been volatile, holders of that stock have instituted securities class action litigation against the company that issued the stock. If any of our stockholders brought a lawsuit against us, we could incur substantial costs defending the lawsuit. Such a lawsuit could also divert the time and attention of our management from our business.

If any of the foregoing occurs, it could cause our stock price to fall and may expose us to lawsuits that, even if unsuccessful, could be both costly to defend against and a distraction to management.

#### Our anti-takeover defense provisions may cause our common stock to trade at market prices lower than it might absent such provisions.
Our Board of Directors has the authority to issue blank check preferred stock. Additionally, our Third Amended and Restated Certificate of Incorporation and Amended and Restated Bylaws that we will adopt prior to the completion of this offering will contain several provisions that will apply after Electrum, or any person which is an express assignee or designee of Electrum, ceases to own in the aggregate more than 50% of our outstanding common stock. These provisions may make it more difficult or expensive for a third party to acquire control of us without the approval of our Board of Directors. These include provisions setting forth advance notice procedures for stockholders' nominations of directors and proposals of topics for consideration at meetings of stockholders, provisions restricting stockholders from calling a special meeting of stockholders or requiring one to be called, provisions limiting the ability of stockholders to act by written consent and provisions requiring a 66.67% stockholder vote to amend our Third Amended and Restated Certificate of Incorporation and Amended and Restated Bylaws. Our Third Amended and Restated Certificate of Incorporation will also provide that Section 203 of the Delaware General Corporation Law ("**DGCL**"), which relates to business combinations with interested stockholders, will not apply to us until such time as Electrum ceases to own more than 50% of our outstanding common stock, after which time we will be governed by those provisions. These provisions may delay, prevent or deter a merger, acquisition, tender offer, proxy contest or other transaction that might otherwise result in our stockholders receiving a premium over the market price for their common stock. In addition, these provisions may cause our common stock to trade at a market price lower than it might absent such provisions.

#### You will suffer immediate and substantial dilution as a result of this offering.
The initial public offering price per share of our common stock is substantially higher than our net tangible book value per share immediately after the completion of this offering. As a result, if you purchase shares in this offering, you will pay a price per share that substantially exceeds the book value of our assets after subtracting our liabilities, and any additional financing in the future may cause further dilution to our existing stockholders and there can be no assurance that any future additional financing will be on terms that are favorable to us or our stockholders. At an offering price of $ per share, which is the midpoint of the range set forth on the front cover of this prospectus, new investors in this offering will incur immediate and substantial dilution of your investment in the amount of $ per share. See "*Dilution*."

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***Future sales of our common stock after the Lock-up Period has expired, or the perception that such sales may occur, could depress our common stock price.***

After the completion of this offering, we will have shares of common stock outstanding (or shares of common stock outstanding if the underwriters exercise their option to purchase additional shares of our common stock from us in full). This includes the shares of common stock being sold in this offering, which may generally be resold in the public market immediately after the completion of this offering. We expect that the remaining shares of common stock, representing % of our total outstanding shares of common stock following this offering, will become available for resale in the public market as set forth under the heading "*Shares Eligible for Future Sale*."

All of our directors and executive officers and the holders of substantially all of our outstanding common stock have agreed that, subject to certain exceptions, they will not, during the period of 180 days following the date of this prospectus, without the prior written consent of Morgan Stanley & Co. LLC, Scotia Capital (USA) Inc. and BMO Capital Markets Corp. on behalf of the underwriters, offer, sell, contract to sell, pledge, or otherwise dispose of, directly or indirectly, or hedge our common stock or securities convertible into or exchangeable or exercisable for our common stock.

Morgan Stanley & Co. LLC, Scotia Capital (USA) Inc. and BMO Capital Markets Corp. may, without notice, release all or any portion of the common stock subject to lock-up agreements. As restrictions on resale end, the market price of our common stock could drop significantly if the holders of these shares sell them or are perceived by the market as intending to sell them. Prior to the completion of this offering, we will also enter into a registration rights agreement with certain of our stockholders pursuant to which we will grant certain of our stockholders and their affiliates certain registration rights with respect to our shares of common stock owned by them following the expiration of the Lock-up Period. See "*Shares Eligible for Future Sale—Registration Rights Agreement*." These factors could also make it more difficult for us to raise additional funds through future offerings of our common stock or other securities.

In addition, immediately following this offering, we intend to file a registration statement registering under the United States Securities Act of 1933, as amended (the "**Securities Act**"), the shares of common stock reserved for issuance in respect of incentive awards to our directors and employees.

***We do not currently intend to pay dividends on our common stock and, consequently, your ability to achieve a return on your investment will depend on appreciation in the price of our common stock.***

We have never declared or paid any cash dividend on our capital stock. We do not intend to pay any cash dividends on our common stock for the foreseeable future. We currently intend to retain all future earnings, if any, to finance our business. The payment of any future dividends, if any, will be determined by our Board of Directors in light of conditions then existing, including our earnings, financial condition and capital requirements, business conditions, corporate law requirements and other factors. See "*Dividend Policy*."

***Certain non-U.S. investors may be subject to U.S. income tax with respect to gain on dispositions of our common stock if we are or become a U.S. real property holding corporation.***

Based on our estimates of the current relative fair market values of our U.S. real property interests and other assets, we believe that we are currently a U.S. real property holding corporation ("**USRPHC**") for U.S. federal income tax purposes. However, both because the determination of the value of our mineral assets is uncertain and requires the use of subjective estimates and because the relative fair market values of our assets will likely fluctuate over time (based on, for example, the results of the exploration and development of our properties), there can be no assurance whether we are, or will become, a USRPHC. If we are or have been a USRPHC, certain non-U.S. investors will generally be subject to U.S. federal income tax on gain realized on a sale or other disposition of our common stock. However, for so long as our common stock is regularly traded on an established securities market (such as the NYSE), a non-U.S. investor will not recognize gain that is subject to U.S. federal income tax on a sale of our common stock under the rules applicable to USRPHCs unless the investor actually or constructively owned more than 5% of our common stock at any time during the five-year period ending on the date of disposition or, if shorter, the investor's holding period for our common stock. See "*U.S. Federal Tax Considerations for Non-U.S. Holders of Common Stock—Gain on Disposition of Our Common Stock*."

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***Electrum and its affiliates will continue to have substantial control over us after the completion of this offering, which could delay or prevent a change of corporate control or result in the entrenchment of management and/or our Board of Directors.***

Upon completion of this offering, Electrum will beneficially own approximately % of our outstanding common stock (or approximately % if the underwriters exercise their option to purchase additional shares of our common stock from us in full). As long as Electrum beneficially owns a majority of the voting power of our outstanding shares of common stock, Electrum will generally be able to control the outcome of matters submitted to our stockholders for approval, including the election of directors, without the approval of our other stockholders.

Additionally, in connection with this offering, we entered into an agreement with Electrum (the "**Electrum Stockholders' Agreement**") pursuant to which Electrum will have the right to nominate a number of members of our Board of Directors that is one fewer than a majority so long as Electrum beneficially owns at least 35% of the then outstanding shares of our common stock, and Electrum will have the right to nominate one member of our Board of Directors so long as Electrum beneficially owns less than 35%, but at least 5%, of the then outstanding shares of our common stock. See "*Certain Relationships and Related Party Transactions—Stockholders' Agreements*." The Electrum Stockholders' Agreement also provides that for so long as Electrum owns at least 35% of the then outstanding shares of our common stock, Electrum's approval must be obtained prior to us engaging in certain actions, including change of control transactions, the acquisition or sale of any asset or any joint venture investment in excess of $100 million, the incurrence of more than $100 million of indebtedness, making any loan, advance or capital contribution in excess of $100 million and the issuance of more than $100 million in the aggregate of equity securities.

As a result, Electrum will continue to control the direction of our business, and the concentrated ownership of our common stock may prevent you and other stockholders from influencing significant decisions.

Our concentration of ownership and the Electrum Stockholders' Agreement may harm the market price of our common stock by, among other things:

&nbsp;&nbsp;&nbsp;&nbsp;• delaying or preventing a change of control, even at a per share price that is in excess of the then-current price of our common stock;

&nbsp;&nbsp;&nbsp;&nbsp;• impeding a merger, consolidation, takeover or other business combination involving us, even at a per share price that is in excess of the then-current price of our common stock; or

&nbsp;&nbsp;&nbsp;&nbsp;• discouraging a potential acquirer from making a tender offer or otherwise attempting to obtain control of us, even at a per share price that is in excess of the then current price of our common stock.

***As long as Electrum owns a majority of our common stock, we may rely on certain exemptions from the corporate governance requirements of the NYSE available to "controlled companies."***

Upon the completion of this offering, we will be a "controlled company" within the meaning of the corporate governance requirements of the NYSE because Electrum will continue to own more than 50% of our outstanding common stock. As a controlled company, we will be exempt from certain corporate governance requirements, including requirements that a majority of our Board of Directors consist of independent directors and having a compensation committee and a nominating and corporate governance committee that is composed entirely of independent directors. We currently expect that our Compensation Committee will not meet the director independence requirements under the NYSE corporate governance requirements applicable to a company that is not a "controlled company." You may not have certain of the protections afforded to stockholders of companies that are required to comply with all of the corporate governance requirements of the NYSE.

***We have in the past entered into, and may in the future enter into, transactions with related parties and such transactions present possible conflicts of interest.***

We have in the past entered into, and may in the future enter into, transactions with related parties and such transactions present possible conflicts of interest. Electrum, or other related parties, may have interests in such transactions that do not align with the interests of our stockholders. We may have been able to achieve more favorable terms, including as to value and other key terms, if such transaction had not been with a related party.

We may in the future enter into transactions with entities in which our Board of Directors and other related parties hold ownership interests. Material transactions with related parties, if any, will be reviewed and approved by our Audit Committee, which is comprised solely of independent directors. Nevertheless, we may have achieved more favorable

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terms if such transactions had not been entered into with related parties and, in such case, these transactions, individually or in the aggregate, may have an adverse effect on our business, financial position and results of operations.

#### Our Third Amended and Restated Certificate of Incorporation and the Stockholders' Agreements contain a provision renouncing our interest and expectancy in certain corporate opportunities.
Our Third Amended and Restated Certificate of Incorporation and the Stockholders' Agreements provide that we renounce any interest or expectancy in the business opportunities of Electrum and Ospraie and certain of our directors. Under these provisions, none of Electrum, Ospraie, their respective affiliates and subsidiaries, nor any of their respective officers, directors, agents, stockholders, members or partners will have any duty to refrain from engaging, directly or indirectly, in the same business activities or similar business activities or lines of business in which we operate. For instance, a director of our Company who serves as a director, officer or employee of Electrum or Ospraie may pursue certain acquisitions or other opportunities that may be complementary to our business and, as a result, such acquisitions or other opportunities may not be available to us. These potential conflicts of interest could have a material adverse effect on our financial performance, financial position and results of operations if attractive corporate opportunities are allocated by Electrum or Ospraie to itself or its subsidiaries or affiliates instead of to us. The terms of our Third Amended and Restated Certificate of Incorporation are more fully described in "*Description of Capital Stock*" and the terms of the Stockholders' Agreements are more fully described in "*Certain Relationships and Related Party Transactions—Stockholders' Agreements.*"

***The requirements of being a public company may strain our resources, divert management's attention and affect our ability to attract and retain executive management and qualified board members, which could make it difficult to manage our business, particularly after we are no longer an "emerging growth company."***

Following the completion of this offering, we will be required to comply with various regulatory and reporting requirements, including those required by the Securities and Exchange Commission (the "**SEC**"). Complying with these reporting and other regulatory requirements will be time-consuming and will result in increased costs to us and could have a negative effect on our business, financial condition and results of operations.

As a public company, we will be subject to the reporting requirements of the Exchange Act, the Sarbanes-Oxley Act, the listing requirements of the NYSE and other applicable securities rules and regulations. Compliance with these rules and regulations will increase our legal and financial compliance costs, make some activities more difficult, time-consuming or costly and increase demand on our systems and resources, particularly after we are no longer an "emerging growth company." The Exchange Act requires, among other things, that we file annual, quarterly and current reports with respect to our business and operating results. The Sarbanes-Oxley Act requires, among other things, that we maintain effective disclosure controls and procedures and internal controls over financial reporting. In order to maintain and, if required, improve the effectiveness of our disclosure controls and procedures and internal controls over financial reporting to meet this standard, we will need to commit significant resources, hire additional staff and provide additional management oversight. We will be implementing additional procedures and processes for the purpose of addressing the standards and requirements applicable to public companies. Sustaining our growth also will require us to commit additional management, operational and financial resources to identify new professionals to join us and to maintain appropriate operational and financial systems to adequately support expansion. These activities may divert management's attention from other business concerns, which could adversely affect our business and operating results.

As an "emerging growth company" as defined in the JOBS Act, we intend to take advantage of certain temporary exemptions from various reporting requirements, including, but not limited to, not being required to comply with the auditor attestation requirements of Section 404 of the Sarbanes-Oxley Act, reduced disclosure obligations regarding executive compensation in our periodic reports and proxy statements, and exemptions from the requirements of holding a nonbinding advisory vote on executive compensation and stockholder approval of any golden parachute payments not previously approved. When these exemptions cease to apply, we expect to incur additional expenses and devote increased management effort toward ensuring compliance with them. We cannot predict or estimate the amount of additional costs we may incur as a result of becoming a public company or the timing of such costs.

We will remain an "emerging growth company" until the earliest of: (i) the last day of the first fiscal year in which our annual gross revenues are $1.235 billion or more; (ii) the date on which we have, during the previous three-year period, issued more than $1.0 billion in non-convertible debt securities; or (iii) the date on which we are deemed to be a "large accelerated filer," which will occur as of the end of any fiscal year in which we (x) have an aggregate market value of our common stock held by non-affiliates of $700 million or more as of the last business day of our most recently

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completed second fiscal quarter, (y) have been required to file annual and quarterly reports under the Exchange Act, for a period of at least 12 months and (z) have filed at least one annual report pursuant to the Exchange Act.

We also expect that being a public company and complying with these rules and regulations will make it more expensive for us to obtain director and officer liability insurance, and we may be required to accept reduced coverage or incur substantially higher costs to obtain coverage. These factors could also make it more difficult for us to attract and retain qualified members of our Board of Directors, particularly to serve on our audit committee and compensation committee, and qualified executive officers.

As a result of disclosure of information in this prospectus and in filings required of a public company, our business and financial condition will become more visible, which we believe may result in threatened or actual litigation, including by competitors and other third parties. If such claims are successful, our business and operating results could be adversely affected, and even if the claims do not result in litigation or are resolved in our favor, these claims, and the time and resources necessary to resolve them, could divert the resources of our management and adversely affect our business and operating results.

***As a result of becoming a public company, we will be obligated to develop and maintain proper and effective internal controls over financial reporting. We may not complete our analysis of our internal controls over financial reporting in a timely manner, or these internal controls may not be determined to be effective, which may adversely affect investor confidence in us and, as a result, the value of our common stock.***

We may be required, pursuant to Section 404 of the Sarbanes-Oxley Act, to furnish a report by management on, among other things, the effectiveness of our internal controls over financial reporting for the first fiscal year beginning after the effective date of this offering. This assessment will need to include disclosure of any material weaknesses identified by our management in our internal controls over financial reporting, as well as a statement that our independent registered public accounting firm has issued an opinion on our internal controls over financial reporting.

We are in the very early stages of the costly and challenging process of compiling the system and processing documentation necessary to perform the evaluation needed to comply with Section 404. We may not be able to complete our evaluation, testing and any required remediation in a timely fashion. During the evaluation and testing process, if we identify one or more material weaknesses in our internal controls over financial reporting, we will be unable to assert that our internal controls are effective.

If we are unable to assert that our internal controls over financial reporting are effective, or if our independent registered public accounting firm is unable to express an opinion on the effectiveness of our internal controls, we could lose investor confidence in the accuracy and completeness of our financial reports, which could cause the price of our common stock to decline, and we may be subject to investigation or sanctions by the SEC.

We will be required to disclose changes made in our internal controls and procedures on a quarterly basis. However, our independent registered public accounting firm will not be required to formally attest to the effectiveness of our internal controls over financial reporting pursuant to Section 404 of the Sarbanes-Oxley Act until the later of the year following our first annual report required to be filed with the SEC and the date we are no longer an "emerging growth company" as defined in the JOBS Act, if we take advantage of the exemptions contained in the JOBS Act. At such time, our independent registered public accounting firm may issue a report that is adverse in the event it is not satisfied with the level at which our controls are documented, designed or operating. Our remediation efforts may not enable us to avoid a material weakness in the future. We will remain an "emerging growth company" for up to five years, although if the market value of our common stock that is held by non-affiliates exceeds $700 million as of any June 30 before that time, we would cease to be an "emerging growth company" as of the following January 1. To comply with the requirements of being a public company, we may need to undertake various actions, such as implementing new internal controls and procedures and hiring additional accounting or internal audit staff.

***We are an "emerging growth company" and we cannot be certain if the reduced disclosure requirements applicable to emerging growth companies will make our common stock less attractive to investors.***

We are an "emerging growth company," as defined in the JOBS Act, and we intend to take advantage of certain exemptions from various reporting requirements that are applicable to other public companies that are not "emerging growth companies" including, but not limited to, not being required to comply with the auditor attestation requirements of Section 404 of the Sarbanes-Oxley Act, reduced disclosure obligations regarding executive compensation in our periodic reports and proxy statements and exemptions from the requirements of holding a nonbinding advisory vote on

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executive compensation and stockholder approval of any golden parachute payments not previously approved. We cannot predict if investors will find our common stock less attractive if we rely on these exemptions. If some investors find our common stock less attractive as a result, there may be a less active trading market for our common stock and our stock price may be more volatile.

Even after we no longer qualify as an emerging growth company, we may still qualify as a "smaller reporting company," which would allow us to take advantage of many of the same exemptions from disclosure requirements, including reduced disclosure obligations regarding executive compensation in this prospectus and our periodic reports and proxy statements. We would also be exempt from the requirement to obtain an external audit on the effectiveness of internal control over financial reporting provided in Section 404(b) of the Sarbanes-Oxley Act. These exemptions and reduced disclosures in our SEC filings due to our status as a smaller reporting company mean our auditors do not review our internal control over financial reporting and may make it harder for investors to analyze our results of operations and financial prospects. We cannot predict if investors will find our common stock less attractive because we may rely on these exemptions. If some investors find our common stock less attractive as a result, there may be a less active trading market for our common stock and our stock prices may be more volatile.

***If securities or industry analysts do not publish research, or publish inaccurate or unfavorable research, about our business, the price of our common stock and our trading volume could decline.***

The trading market for our common stock will depend, in part, on the research and reports that securities or industry analysts publish about us or our business. Securities and industry analysts do not currently, and may never, publish research on our Company. If no or too few securities or industry analysts commence coverage of our Company, the trading price for our common stock would likely be negatively affected. In the event securities or industry analysts initiate coverage, if one or more of the analysts who cover us downgrade our common stock or publish inaccurate or unfavorable research about our business, the price of our common stock would likely decline. In addition, if our operating results fail to meet the forecast of analysts, the price of our common stock would likely decline. If one or more of these analysts cease coverage of our Company or fail to publish reports on us regularly, demand for our common stock could decrease, which might cause the price of our common stock and trading volume to decline.

#### We will have broad discretion in the use of the net proceeds from this offering and may not use them effectively.
We currently intend to use the net proceeds from this offering in the manner described in "*Use of Proceeds*." However, our Board of Directors and management will retain broad discretion in the application, and timing of the application, of the net proceeds from this offering and could spend the net proceeds in ways that do not improve our results of operations or enhance the value of our common stock. As such, we may use net proceeds of this offering in ways our Board of Directors and management believe would be in our best interest, but that an investor may not consider desirable or advisable. As a result, investors will be relying on the judgment of our Board of Directors and management for the application of the net proceeds from this offering. There can be no assurance regarding the results and the effectiveness of our use of the net proceeds from this offering. Our failure to apply these funds effectively could result in financial losses that could harm our business, cause the market price of our stock to decline, and delay the development of our operations. Pending their use, we may invest the net proceeds from this offering in a manner that does not produce income or that loses value.

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#### CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS
This prospectus contains "forward-looking statements." Those statements include, but are not limited to, statements with respect to the timing of Feasibility Studies for the Sunshine Mine, the Sunshine Silver/Copper Refinery and the Sunshine Antimony Plant, the timing and scale of production from the Sunshine Mine, further exploration of the Sunshine Mine Core Area and across our broader land package, and production from the Sunshine Silver/Copper Refinery and the potential Sunshine Antimony Plant, Mineral Resource estimates at our properties, results of the economic analysis contained in the Sunshine Technical Report Summary, our business strategy, general administrative expenses, payment of royalty payments, production and sale of concentrates, future strategic infrastructure development at the Sunshine Mine, expected cost savings, projected attributable net revenue and unlevered free cash flow, estimates of tax liabilities, our prospects, plans and objectives, industry trends, treatment under applicable government regimes for permitting or attaining approvals, unanticipated reclamation expenses, government regulation, environmental risks, reclamation and rehabilitation expenses, title disputes or claims, expected actions of third parties, limitations of insurance coverage, our requirements for additional capital and our anticipated uses of the net proceeds from this offering. These statements may be under the captions "*Prospectus Summary*," "*Risk Factors*," "*Management's Discussion and Analysis of Financial Condition and Results of Operations*," "*Industry Overview*," "*Business*" and in other sections of this prospectus. In some cases, you can identify these statements by forward-looking words such as "may," "might," "could," "would," "achieve," "budget," "scheduled," "forecasts," "should," "expects," "plans," "anticipates," "believes," "estimates," "predicts," "potential" or "continue," the negative of these terms and other comparable terminology. These forward-looking statements may include projections of our future financial performance, our anticipated growth strategies and anticipated trends in our industry.

All forward-looking statements speak only as of the date on which they are made. These statements are not guarantees of future performance and involve certain risks, uncertainties and assumptions concerning future events that are difficult to predict. Therefore, actual future events or results may differ materially from these statements. We believe that the factors that could cause our actual results to differ materially from those expressed or implied by forward-looking statements include the following:

&nbsp;&nbsp;&nbsp;&nbsp;• the lack of assurance that we will generate any operating revenues or achieve profitable operations;

&nbsp;&nbsp;&nbsp;&nbsp;• our dependence on the Sunshine Mine for our future operating revenues;

&nbsp;&nbsp;&nbsp;&nbsp;• Mineral Resource calculations at the Sunshine Mine are only estimates and may have to be recalculated based on changes in metal prices, further exploration or development activity, historical mining records or actual production results;

&nbsp;&nbsp;&nbsp;&nbsp;• the inherent risks and costs that our refining operations pose, which may negatively impact our business;

&nbsp;&nbsp;&nbsp;&nbsp;• the possibility that we may not move forward with the refurbishment, construction or restart of the Sunshine Silver/Copper Refinery nor the development of the Sunshine Antimony Plant;

&nbsp;&nbsp;&nbsp;&nbsp;• the risks associated with mining refining operations that the Sunshine Silver/Copper Refinery and the potential Sunshine Antimony Plant would be subject to;

&nbsp;&nbsp;&nbsp;&nbsp;• actual capital costs, operating costs, production and economic returns may differ significantly from those we have anticipated;

&nbsp;&nbsp;&nbsp;&nbsp;• our expectations regarding exploration results for the land package surrounding the Sunshine Mine;

&nbsp;&nbsp;&nbsp;&nbsp;• our history of negative operating cash flow from operating activities;

&nbsp;&nbsp;&nbsp;&nbsp;• the historical production at the Sunshine Mine may not be indicative of the potential for future development;

&nbsp;&nbsp;&nbsp;&nbsp;• the need for additional financing in the future to bring the Sunshine Mine and the Sunshine Silver/Copper Refinery into sustained commercial operation;

&nbsp;&nbsp;&nbsp;&nbsp;• our reliance on third-party contractors and other parties;

&nbsp;&nbsp;&nbsp;&nbsp;• the title to some of our mineral properties may be uncertain or defective;

&nbsp;&nbsp;&nbsp;&nbsp;• changes in the prices of and further demand for silver and antimony;

&nbsp;&nbsp;&nbsp;&nbsp;• as a holding company, our dependence on our subsidiaries to generate cash to fund our operations and expenses;

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&nbsp;&nbsp;&nbsp;&nbsp;• claims and legal proceedings against us;

&nbsp;&nbsp;&nbsp;&nbsp;• significant risk and hazards associated with mining operations;

&nbsp;&nbsp;&nbsp;&nbsp;• the need to demonstrate that, in addition to seeking to generate returns for our stockholders, other stakeholders and community members benefit from our activities;

&nbsp;&nbsp;&nbsp;&nbsp;• the requirements that we obtain, maintain and renew environmental, construction and mining permits, which is often a costly and time-consuming process;

&nbsp;&nbsp;&nbsp;&nbsp;• macroeconomic conditions, including inflation, interest rates and disruptions to global trade;

&nbsp;&nbsp;&nbsp;&nbsp;• our exposure to material costs, liabilities and obligations as a result of environmental laws and regulations and permits, including in connection with water treatment and tailings management;

&nbsp;&nbsp;&nbsp;&nbsp;• local, community, political, economic or governmental conditions and environments;

&nbsp;&nbsp;&nbsp;&nbsp;• the impacts of changes in the legal and regulatory environment in which we operate, including relating to state, regional, national, domestic and foreign laws; and

&nbsp;&nbsp;&nbsp;&nbsp;• climate strategy and expectations regarding greenhouse gas emission targets and related operating costs and capital expenditures.

These factors should not be construed as exhaustive and should be read in conjunction with the other cautionary statements included in this prospectus. These risks and uncertainties, as well as other risks of which we are not aware or which we currently do not believe to be material, may cause our actual future results to be materially different than those expressed in our forward-looking statements. We caution you not to place undue reliance on these forward-looking statements. We do not undertake any obligation to make any revisions to these forward-looking statements to reflect events or circumstances after the date of this prospectus or to reflect the occurrence of unanticipated events, except as required by law. Certain forward-looking statements are based on assumptions, qualifications and procedures which are set out only in the Sunshine Technical Report Summary. For a complete description of assumptions, qualifications and procedures associated with such information, refer to the full text of the Sunshine Technical Report Summary.

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#### USE OF PROCEEDS
We estimate the net proceeds to us from this offering will be approximately $ million, or approximately $ million if the underwriters exercise their option to purchase additional shares of our common stock from us in full, assuming an initial public offering price of $ per share, which is the midpoint of the range set forth on the cover page of this prospectus, and after deducting underwriting discounts and commissions and estimated offering expenses payable by us.

A $1.00 increase (decrease) in the assumed initial public offering price of $ per share, which is the midpoint of the range set forth on the cover page of this prospectus, would increase (decrease) the net proceeds to us from this offering by $ million, assuming the number of shares offered by us, as set forth on the cover page of this prospectus, remains the same and after deducting underwriting discounts and commissions and estimated offering expenses payable by us. A 1,000,000 share increase (decrease) in the number of shares of common stock offered by us would increase (decrease) the net proceeds to us from this offering by $ million, assuming the assumed initial public offering price remains the same and after deducting underwriting discounts and commissions and estimated offering expenses payable by us.

We intend to allocate the net proceeds as follows:

---

| | |
|:---|:---|
|  | **In millions** |
| Feasibility Studies | $|
| Infill drilling and associated underground development costs |  |
| Mining equipment and mine infrastructure purchases |  |
| Mine development and overhead expenses |  |
| &nbsp;&nbsp;Processing facility construction costs |  |
| Surface infrastructure expenses |  |
| Project management expenses |  |
| General corporate purposes |  |
| Exploration activities |  |
| Sunshine Antimony Plant |  |
| Sunshine Silver/Copper Refinery |  |
| **Total net proceeds** | $|

---

We currently intend to use the net proceeds from this offering in the manner described above. However, our Board of Directors and management will retain broad discretion in the application, and timing of the application, of the net proceeds from this offering and could spend the net proceeds in ways that do not improve our results of operations or enhance the value of our common stock. As a result, investors will be relying on the judgment of our Board of Directors and management for the application of the net proceeds from this offering. There can be no assurance regarding the results and the effectiveness of our use of the net proceeds from this offering. See *"Risk Factors—Risks Related to This Offering and Our Common Stock—We will have broad discretion in the use of the net proceeds from this offering and may not use them effectively*." In addition, we have a history of negative operating cash flows and net losses and may continue to have negative operating cash flows and net losses in the future. As a result, we may use the net proceeds from this offering to fund our continuing operations. See "*Risk Factors—Risks Related to Our Business and Industry—We have historically experienced negative operating cash flow from operating activities*." Pending the use of the proceeds from this offering, we intend to invest the net proceeds in a variety of capital preservation instruments, including short-term, interest-bearing, investment-grade securities or short-term deposits. We cannot predict whether the proceeds invested will yield a favorable return.

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#### DIVIDEND POLICY
We have never declared or paid any cash dividends on our capital stock. We do not intend to pay any dividends in the foreseeable future and currently intend to retain all future earnings to finance our business.

We are a holding company and have no material assets other than our ownership of our subsidiaries, and as a consequence, our ability to declare and pay dividends to our stockholders will be subject to the ability of our subsidiaries to provide distributions to us. If our subsidiaries make distributions to us in any given year, the portion, if any, to be paid as dividends to our stockholders will be determined by our Board of Directors. Any determination by our Board of Directors to pay dividends to holders of our common stock in the future will depend upon such factors as our earnings levels, capital requirements, requirements under the DGCL, the terms of any debt agreements we or our subsidiaries may enter into and other factors as our Board of Directors deems relevant.

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#### CAPITALIZATION
The following table sets forth our cash and cash equivalents and capitalization as of March 31, 2026:

&nbsp;&nbsp;&nbsp;&nbsp;• on an actual basis; and

&nbsp;&nbsp;&nbsp;&nbsp;• on an as adjusted basis to give effect to the Warrant Net Exercise and the issuance and sale of     shares of common stock in this offering, after deducting underwriting discounts and commissions and estimated offering expenses payable by us.

This table should be read in conjunction with "*Management's Discussion and Analysis of Financial Condition and Results of Operations*" and our consolidated financial statements and related notes included elsewhere in this prospectus. Unless otherwise stated, all dollar amounts expressed below are in thousands, except for per share amounts.

---

| | | |
|:---|:---|:---|
|  | **As of March 31, 2026**  | **As of March 31, 2026**  |
|  | **Actual** | **As** <br>**Adjusted<sup>(1)</sup>**  |
|  | **(in thousands)**  | **(in thousands)**  |
| Cash and cash equivalents | $18601 | $|
| Stockholders' equity |  |  |
| Common stock, $0.001 par value; 150,000,000 shares authorized; 116,509,480 shares issued and outstanding, actual; 150,000,000 shares authorized; shares issued and outstanding, as adjusted | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;117 |  |
| Additional paid-in capital | &nbsp;&nbsp;&nbsp;267848 |  |
| Accumulated deficit | &nbsp;&nbsp;(217829) |  |
| Total stockholders' equity | &nbsp;&nbsp;&nbsp;&nbsp;50136 |  |
| Total capitalization | $50136 | $|

---

(1) The as adjusted information is illustrative only and will change based on the actual initial public offering price. A $1.00 increase (decrease) in the assumed initial public offering price of $ per share, which is the midpoint of the range set forth on the cover page of this prospectus, would increase (decrease) as adjusted cash and cash equivalents, total stockholders' equity and total capitalization by $ million, assuming the number of shares offered by us, as set forth on the cover page of this prospectus, remains the same. A 1,000,000 share increase (decrease) in the number of shares of common stock offered by us would increase (decrease) as adjusted cash and cash equivalents, total stockholders' equity and total capitalization by $ million, assuming the assumed initial public offering price remains the same. 

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#### DILUTION
Our consolidated net tangible book value as of March 31, 2026 was $49.4 million, or $0.42 per share of common stock. Consolidated net tangible book value represents consolidated tangible assets, less consolidated liabilities. Consolidated net tangible book value per share represents consolidated net tangible book value divided by the aggregate number of shares of common stock outstanding.

After giving effect to the Warrant Net Exercise, the Stock Split and the issuance and sale of shares of common stock in this offering, after deducting underwriting discounts and commissions and estimated offering expenses payable by us, our as adjusted consolidated net tangible book value as of March 31, 2026 was $ million, or $ per share of common stock. As adjusted consolidated net tangible book value per share represents as adjusted consolidated tangible assets, less as adjusted consolidated liabilities, divided by the aggregate number of shares of common stock outstanding after giving effect to the as adjusted adjustments described in this paragraph.

Dilution per share represents the difference between the price per share to be paid by new investors for the shares of common stock sold in this offering and the as adjusted consolidated net tangible book value per share immediately after the completion of this offering. The following table illustrates this per share dilution:

---

| | | |
|:---|:---|:---|
| Assumed initial public offering price |  | $|
| Consolidated net tangible book value per share as of March 31, 2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.42 |  |
| Increase in consolidated net tangible book value per share attributable to as adjusted adjustments |  |  |
| As adjusted consolidated net tangible book value per share as of March 31, 2026 |  |  |
| Dilution per share to new investors |  | $|

---

The dilution information discussed above is illustrative only and will change based on the actual initial public offering price and other terms of this offering determined at pricing. A $1.00 increase (decrease) in the assumed initial public offering price of $ per share, which is the midpoint of the range set forth on the cover page of this prospectus, would increase (decrease) as adjusted consolidated net tangible book value per share by $ per share and dilution per share to new investors purchasing shares in this offering by $ per share, in each case assuming the number of shares offered by us, as set forth on the cover page of this prospectus, remains the same and after deducting underwriting discounts and commissions and estimated offering expenses payable by us. A 1,000,000 share increase (decrease) in the number of shares of common stock offered by us would increase (decrease) as adjusted consolidated net tangible book value per share by $ per share and dilution per share to new investors purchasing shares in this offering by $ per share, in each case assuming the assumed initial public offering price remains the same and after deducting underwriting discounts and commissions and estimated offering expenses payable by us.

If the underwriters exercise their option to purchase additional shares of our common stock from us in full, our as adjusted consolidated net tangible book value per share would be $, and the dilution per share to new investors purchasing shares in this offering would be $.

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The following table sets forth, as of March 31, 2026, after giving effect to the Warrant Net Exercise, the Stock Split and the issuance and sale of shares of common stock in this offering, the number of shares of common stock purchased from us, the total consideration paid to us and the average price per share paid to us by existing stockholders and by new investors purchasing shares in this offering, at the assumed initial public offering price of $ per share, which is the midpoint of the range set forth on the cover page of this prospectus:

---

| | | |
|:---|:---|:---|
|  | **Shares Purchased** | |
|  | **Number**  | <br>**Average**<br>**Price**<br>**Per Share**  |
| Existing stockholders<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;% |  | $|
| New investors |  |  |
| &nbsp;&nbsp;&nbsp;Total |  | $— |

---

If the underwriters exercise their option to purchase additional shares of our common stock from us in full, the number of shares of common stock held by existing stockholders would decrease to % of the total number of shares of common stock outstanding after the completion of this offering, and the number of shares of common stock held by new investors would increase to % of the total number of shares of common stock outstanding after the completion of this offering.

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#### MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND <br>

#### RESULTS OF OPERATIONS
*You should read the following discussion and analysis of our financial condition and results of operations in conjunction with our consolidated financial statements and related notes included elsewhere in this prospectus. The following discussion and analysis contains forward-looking statements that reflect our plans, estimates and beliefs. These forward-looking statements involve risks and uncertainties. You should review "Risk Factors" and "Cautionary Note Regarding Forward-Looking Statements" for a discussion of important factors that could cause actual results to differ materially from the results described in or implied by these forward-looking statements.* 

#### Overview
We are the owner and developer of the permitted Sunshine Mine and the Sunshine Silver/Copper Refinery, as well as the associated facilities including the Sunshine Tailings Storage Facility and historical antimony refinery grounds. The Sunshine Mine is a historic, permitted, large-scale past-producing silver mine in the United States, which historically also produced meaningful quantities of antimony, copper and lead. The Sunshine Mine is one of the highest-grade primary silver resources in the world, with an average diluted silver grade of 1,022 grams per tonne of Indicated Mineral Resources and 776 grams per tonne of Inferred Mineral Resources. When production is restarted, we expect the Sunshine Mine will also be one of the largest silver mines in the United States. We have the major permits required to restart mining, milling and refining operations, and we will not require an environmental impact study to initiate restart of such operations. We do not anticipate issues in maintaining our current permitting status or securing the outstanding and ongoing permits required. A summary of relevant permits and their status is included in Table 17-1 of the Sunshine Technical Report Summary. Our current permits will be subject to normal course updates throughout the construction process. Our mining, milling and refining complex includes substantial installed infrastructure, including approximately $208 million of investments that we have made over the last 16 years to maintain and modernize the Sunshine Complex and to consolidate the highly prospective land package surrounding the Sunshine Mine. We plan to restart operations at the Sunshine Complex in 2028, subject to the results of the Feasibility Studies.

#### Components of Results of Operations

#### Pre-Development Expenses
Our pre-development expenses primarily include expenses related to the establishment of accesses to underground drilling stations, the construction of drilling stations, infill drilling, labor, and maintenance and repair activities.

#### General and Administrative Expenses
Our general and administrative expenses consist of salaries and benefits, stock-based compensation, professional and consultant fees, insurance, mineral and concession lease payments and other general administration costs. We expect our general and administrative expenses will increase significantly due to activities related to the Feasibility Studies we plan to undertake and operating as a public company. We expect higher costs related to salaries, benefits, stock-based compensation, legal fees, compliance and corporate governance, accounting and audit expenses, stock exchange listing fees, transfer agent and other stockholder-related fees, directors' and officers' and insurance costs and other administrative costs.

#### Depreciation and Amortization
Property, plant and equipment are recorded at cost. Depreciation of plant and equipment is calculated using the straight-line method over the estimated useful lives of the assets. The estimated useful lives of plants and equipment, and buildings and improvements generally range from ten to twenty years, and for certain equipment, from three to seven years. The estimated useful lives of furniture, fixtures and computers range from three to ten years.

#### Cost of Goods Sold
Metals inventory and costs of goods sold are reported at average cost.

#### Accretion Expense
Accretion expense reflects the periodic increase in the carrying amount of the Company's reclamation obligations resulting from the passage of time.

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#### Income Taxes
As we have incurred substantial losses from our exploration and pre-development activities, we may receive further benefits in the form of deferred tax assets that can reduce our future income tax liabilities, if it is more likely than not that the benefit will be realized before expiration. Historically, we have not recognized these potential benefits in our financial statements and have fully reserved for such deferred tax assets, as we are in a cumulative three-year loss.

#### Royalties
We conduct exploration activities on patented and unpatented mining claims at the Sunshine Complex. We are required to make mineral and concession lease payments to various entities to secure the appropriate claims or surface rights. Certain of these agreements also have royalty payments that are triggered when we begin producing and selling minerals.

Portions of the Sunshine Mine Core Area are subject to NSR Royalties formed under a settlement agreement and royalty deed entered into among SPMI (the prior mine operator), the U.S. government and the Coeur d'Alene Tribe dated April 12, 2001 (collectively, the "**2001 Consent Decree**"). See "*Business—Environmental—Hazardous Substances and Waste Management*." Pursuant to the 2001 Consent Decree, we are required to pay to the U.S. federal government and the Coeur d'Alene Tribe between a 0% (at a silver price below $6 per ounce) and 7% (at a silver price of $10 per ounce or higher) NSR Royalty in perpetuity.

We are not currently paying any royalties based upon production and sales. See "*Business—The Sunshine Complex—Leases and Royalties*" and Note 3 to our audited consolidated financial statements for the year ended December 31, 2025 included elsewhere in this prospectus.

#### Results of Operations
The following table presents certain information relating to our operating results for the periods indicated:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three Months ended** <br>**March 31,**  | **Three Months ended** <br>**March 31,**  | **Years ended December 31,**  | **Years ended December 31,**  |
|  | **2026** | **2025** | **2025** | **2024**  |
|  | *(in thousands, except for share and per share amounts)*  | *(in thousands, except for share and per share amounts)*  | *(in thousands, except for share and per share amounts)*  | *(in thousands, except for share and per share amounts)*  |
| **Sales** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$—** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$41** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$501** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$96**  |
| **Operating expenses:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp;Exploration | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;262 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Pre-development | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1111 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16990 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2662  |
| &nbsp;&nbsp;&nbsp;General and administrative | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5599 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1614 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14084 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5749  |
| &nbsp;&nbsp;&nbsp;Depreciation and amortization | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;365 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;133 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;849 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;577  |
| &nbsp;&nbsp;&nbsp;Accretion expense | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;111 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;104  |
| &nbsp;&nbsp;&nbsp;Cost of goods sold (exclusive of items shown separately above) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;344 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47  |
| **Operating loss** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(13394)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(2865)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(32138)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(9043)**  |
| **Other income (expense):**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp;Interest expense | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1177) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2904) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3872)  |
| &nbsp;&nbsp;&nbsp;Interest income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;153 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;299 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23  |
| **Total other income (expense)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**143** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(1175)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(2605)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(3849)**  |
| &nbsp;&nbsp;&nbsp;Income and mining tax expense | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—  |
| **Net and comprehensive loss** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(13251)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(4040)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(34743)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(12892)**  |
| Basic and diluted loss per share of common stock | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(0.11) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(0.05) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(0.36) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(0.15)  |
| &nbsp;&nbsp;Weighted average number of basic and diluted shares of common stock outstanding | &nbsp;&nbsp;116509480 | &nbsp;&nbsp;85439630 | &nbsp;&nbsp;97291648 | &nbsp;&nbsp;85439630 |

---

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#### Three Months Ended March 31, 2026 Compared to Three Months Ended March 31, 2025
For the three months ended March 31, 2026, we incurred a net loss of $13.3 million, compared to a net loss of $4.0 million for the three months ended March 31, 2025. The increase of $9.3 million in net loss was primarily attributable to the following:

&nbsp;&nbsp;&nbsp;&nbsp;• Pre-development expense increased to $7.4 million for the three months ended March 31, 2026, compared to $1.1 million for the three months ended March 31, 2025, due to the decision in the year ended December 31, 2025 to proceed with activities related to the completion of three feasibility studies, including infill drilling and related expenditures required to complete these studies.

&nbsp;&nbsp;&nbsp;&nbsp;• General and administrative expense increased to $5.6 million for the three months ended March 31, 2026, compared to $1.6 million for the three months ended March 31, 2025, due to increased personnel, stock-based compensation and increases in the scope of legal and accounting services.

&nbsp;&nbsp;&nbsp;&nbsp;• Depreciation and amortization increased to $0.4 million for the three months ended March 31, 2026, compared to $0.1 million for the three months ended March 31, 2025, primarily due to additions of depreciable assets during the year ended December 31, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;• Total other income (expense) changed to income of $0.1 million for the three months ended March 31, 2026, compared to expense of $1.2 million for the three months ended March 31, 2025, primarily due to the conversion of convertible notes payable and extinguishment of notes payable in July 2025, which decreased interest expense compared to the three months ended March 31, 2025.

#### Year Ended December 31, 2025 Compared to Year Ended December 31, 2024
For the year ended December 31, 2025, we incurred a net loss of $34.7 million compared to a net loss of $12.9 million for the year ended December 31, 2024. The increase of $21.8 million in net loss was primarily attributable to the following:

&nbsp;&nbsp;&nbsp;&nbsp;• Pre-development expense increased by 538% to $17.0 million for the year ended December 31, 2025, compared to $2.7 million for the year ended December 31, 2024, due to the decision in the year ended December 31, 2025 to proceed with scoping, drilling and other activities required to complete certain Feasibility Studies.

&nbsp;&nbsp;&nbsp;&nbsp;• General and administrative expense increased by 145% to $14.1 million for the year ended December 31, 2025, compared to $5.7 million for the year ended December 31, 2024, due to increased personnel, stock-based compensation related to grants of stock options and increases in the scope of legal and accounting services.

&nbsp;&nbsp;&nbsp;&nbsp;• Depreciation and amortization increased by 47% to $0.8 million for the year ended December 31, 2025, compared to $0.6 million for the year ended December 31, 2024, primarily due to additions of depreciable assets during the year ended December 31, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;• Total other expense decreased by 32% to $2.6 million for the year ended December 31, 2025, compared to $3.8 million for the year ended December 31, 2024, primarily due to the conversion of convertible notes payable and extinguishment of notes payable in July 2025, which decreased interest expense year over year.

#### Liquidity and Capital Resources
As of March 31, 2026, we had cash and cash equivalents of $18.6 million, compared to cash and cash equivalents of $31.0 million as of December 31, 2025. Cash and cash equivalents decreased due to costs incurred related to the advancement of the feasibility studies, general and administrative expenditures and capital expenditures incurred during the quarter.

As of December 31, 2025, we had cash and cash equivalents of $31.0 million, compared to cash and cash equivalents of $2.0 million as of December 31, 2024. The increase in cash and cash equivalents was primarily due to higher proceeds from debt and equity financing in the year ended December 31, 2025, as compared to debt financing proceeds in the year ended December 31, 2024.

As of December 31, 2025 and 2024, our related-party debt was nil and $42.7 million, respectively, which decrease was primarily due to the Private Placement Transaction (as defined below). We have no lines of credit or other bank

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financing arrangements. We have received a financial support commitment letter from Electrum Silver US LLC ("**ESUS**"), our largest stockholder, to ensure our ability to satisfy our obligations as a going concern through June 30, 2027. See "*Certain Relationships and Related Party Transactions—Financial Support Commitment Letters.*"

We believe that, upon the completion of this offering, we will have sufficient cash and resources to carry out our business plans for at least the next 12 months. We may require additional funds at a later date to support operations at the Sunshine Complex which, depending upon the circumstances, may be in various forms of debt, equity or a combination thereof. There can be no assurance that additional funds will be available to us on acceptable terms, or at all. We manage liquidity risk through the management of our capital structure.

#### Private Placement Transaction
On July 15, 2025, we entered into (i) a common stock purchase agreement with ESUS pursuant to which, among other things, we offered and sold 9,394,230 units consisting of one share of common stock and one half of a Private Placement Warrant (each, a "**Unit**") at a purchase price of $4.00 per Unit and (ii) a common stock purchase agreement with Electrum Silver US II LLC ("**ESUS II**") pursuant to which, among other things, we offered and sold 1,855,770 Units at a purchase price of $4.00 per Unit (collectively, the "**ESUS Transactions**"). Each Private Placement Warrant is exercisable for one share of common stock, has an exercise price of $5.00 per share and is exercisable until the later of two years from the date of grant or six months after the completion of this offering. We offered and sold additional Units on the same terms to qualified purchasers as set forth below (collectively with the ESUS Transactions, the "**Private Placement Transaction**").

Additionally, on July 15, 2025, ESUS committed to purchase (subject to reduction by amounts sold to other qualified purchasers) up to 7,500,000 additional Units at a purchase price of $4.00 per Unit. ESUS fulfilled its commitment by entering into common stock purchase agreements on November 5, 2025 and December 29, 2025 as set forth below.

Between July 15, 2025 and December 29, 2025, we entered into the following common stock purchase agreements:

&nbsp;&nbsp;&nbsp;&nbsp;• a common stock purchase agreement with Ajami Associates, an entity controlled by Ali Reza Erfan, one of our directors, pursuant to which, among other things, we offered and sold 125,000 Units at a purchase price of $4.00 per Unit;

&nbsp;&nbsp;&nbsp;&nbsp;• two common stock purchase agreements with Douglas Groh, one of our directors, pursuant to which, among other things, we offered and sold 125,000 Units at a purchase price of $4.00 per Unit;

&nbsp;&nbsp;&nbsp;&nbsp;• a common stock purchase agreement with André van Niekerk, our Chief Financial Officer, pursuant to which, among other things, we offered and sold 75,000 Units at a purchase price of $4.00 per Unit;

&nbsp;&nbsp;&nbsp;&nbsp;• a common stock purchase agreement with White Mining Consulting Inc., an entity controlled by Heather White, our Chief Executive Officer and one of our directors, pursuant to which, among other things, we offered and sold 50,000 Units at a purchase price of $4.00 per Unit;

&nbsp;&nbsp;&nbsp;&nbsp;• an additional common stock purchase agreement with ESUS, in connection with the ESUS commitment described above, pursuant to which, among other things, we offered and sold 3,750,000 Units at a purchase price of $4.00 per Unit;

&nbsp;&nbsp;&nbsp;&nbsp;• an additional common stock purchase agreement with ESUS, to complete the remaining ESUS commitment described above, pursuant to which, among other things, we offered and sold 2,739,310 Units at a purchase price of $4.00 per Unit; and

&nbsp;&nbsp;&nbsp;&nbsp;• common stock purchase agreements with certain other additional investors, pursuant to which, among other things, we offered and sold 635,690 Units at a purchase price of $4.00 per Unit.

#### Term Loans
On April 11, 2024, we entered into a term loan agreement (the "**ESUS II Term Loan**") with ESUS II for an aggregate principal amount of $6.5 million, bearing interest at a rate of 12.00% per annum. On November 12, 2024, we entered into a term loan agreement (the "**2024 ESUS Term Loan**") with ESUS for an aggregate principal amount of $7.0 million, bearing interest at a rate of 12.00% per annum. On April 1, 2025, we entered into a term loan agreement (the "**2025 ESUS Term Loan**" and, together with the 2024 ESUS Term Loan, the "**ESUS Term Loans**") with ESUS for an aggregate principal amount of $15.0 million, bearing interest at a rate of 12.00% per annum.

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On July 15, 2025, in connection with the Private Placement Transaction, all outstanding amounts under the ESUS II Term Loan and ESUS Term Loans (totaling approximately $28.1 million) were extinguished in exchange for Units.

#### Convertible Notes
On September 2, 2022, we entered into a convertible note purchase agreement with ESUS and Ospraie (as successor-in-interest to the Municipal Employees' Retirement System of Michigan Group Trust) (as amended, the "**2022 Convertible Note Purchase Agreement**") for an aggregate principal amount of approximately $30.7 million, bearing interest at a rate of 5.00% per annum, compounding annually. In connection with the issuance of the convertible notes, we also issued to ESUS warrants to purchase 2,739,640 shares of common stock at an exercise price of $2.868 per share and we issued to Ospraie warrants to purchase 2,615,060 shares of common stock at an exercise price of $2.868 per share. Those warrants, as amended on April 29, 2026, will be automatically net exercised into shares of our common stock immediately prior to the completion of this offering.

On July 15, 2025, in connection with the Private Placement Transaction, all convertible notes outstanding under the 2022 Convertible Note Purchase Agreement (totaling approximately $35.3 million including accrued interest) were converted into 12,319,850 shares of common stock pursuant to a note conversion and cancellation agreement (the "**Note Conversion and Cancellation Agreement**"), by and among the Company, ESUS and Ospraie.

#### Cash Flows
The following table presents our sources and uses of cash for the periods indicated:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three Months ended March 31,** | **Three Months ended March 31,** | **Years ended December 31,**  | **Years ended December 31,**  |
|  | **2026** | **2025** | **2025** | **2024**  |
|  | **(in thousands)**  | **(in thousands)**  | **(in thousands)**  | **(in thousands)**  |
| **Net cash provided by (used in):**<br>|  |  |  |  |
| Operating activities | &nbsp;&nbsp;&nbsp;$(10616) | &nbsp;&nbsp;&nbsp;$(2237) | $(24423) | $(7724)  |
| Investing activities | &nbsp;&nbsp;&nbsp;(1535) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(352) | &nbsp;&nbsp;(10452) | &nbsp;&nbsp;&nbsp;&nbsp;(863)  |
| Financing activities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(224) | &nbsp;&nbsp;&nbsp;2866 | &nbsp;&nbsp;&nbsp;63883 | &nbsp;&nbsp;&nbsp;8801  |
| **Total change in cash** | &nbsp;&nbsp;&nbsp;**(12375)** | &nbsp;&nbsp;&nbsp;&nbsp;**277** | &nbsp;&nbsp;&nbsp;**29008** | &nbsp;&nbsp;&nbsp;&nbsp;**214** |

---

Cash used in operating activities primarily consists of cash used in pre-development activities, infill drilling and general and administrative expense. Cash used in operating activities was $10.6 million and $2.2 million for the three months ended March 31, 2026 and 2025, respectively. Cash used in operating activities was $24.4 million and $7.7 million for the years ended December 31, 2025 and 2024, respectively.

Cash used in investing activities primarily consists of cash used in investment in mining equipment and infrastructure. Cash used in investing activities was $1.5 million and $0.4 million for the three months ended March 31, 2026 and 2025, respectively. Cash used in investing activities was $10.5 million and $0.9 million for the years ended December 31, 2025 and 2024, respectively.

Cash provided by (used in) financing activities primarily consists of debt and equity financing proceeds, net of debt repayment against notes payable used to finance insurance premiums. Cash provided by financing activities during the three months ended March 31, 2025 was $2.9 million, primarily due to $3.0 million from notes payable and $0.1 million paid against notes payable used to finance insurance premiums. Cash provided by financing activities was $63.9 million and $8.8 million for the years ended December 31, 2025 and 2024, respectively. The increase of $55.1 million was primarily due to debt financing proceeds of $17.6 million and equity financing proceeds of $46.9 million.

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#### Contractual Obligations
As of March 31, 2026, we had the following contractual obligations:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Payments due by period (in thousands)**  | **Payments due by period (in thousands)**  | **Payments due by period (in thousands)**  | **Payments due by period (in thousands)**  | **Payments due by period (in thousands)**  |
|  | **Total** | **Less than** <br>**1 year** | **1-3 years** | **4-5 years** | **More than** <br>**5 years**  |
| &nbsp;&nbsp;&nbsp;Reclamation and remediation <br>obligations | $4181  | &nbsp;&nbsp;&nbsp;&nbsp;$—  | &nbsp;&nbsp;$—  | &nbsp;&nbsp;&nbsp;$—  | $4181  |
| &nbsp;&nbsp;&nbsp;Mineral leases, concessions and <br>agreements obligations<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;314 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60 | &nbsp;&nbsp;180 | &nbsp;&nbsp;&nbsp;65 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9 |
| Accounts payable and accrued liabilities | &nbsp;&nbsp;&nbsp;7557 | &nbsp;&nbsp;7557 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Note payable for insurance financing | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;459 | &nbsp;&nbsp;&nbsp;&nbsp;459 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| **Total contractual obligations** | **$12511**  | **$8076**  | &nbsp;&nbsp;**$180**  | &nbsp;&nbsp;&nbsp;**$65**  | **$4190** |

---

(1)<br> Does not contain product and sale royalty payments.

In addition, we have entered into commitments with federal and state agencies to lease surface and mineral rights. These leases are renewable annually.

#### Stock-Based Compensation
In 2021, we issued stock options to purchase 1,000,000 shares of common stock under the 2021 Long Term Incentive Plan (the "**LTIP**"). These stock options are exercisable over a 10-year term and vest in equal monthly installments over a 60-month period subject to the grantee's continuous service. In 2025, we issued stock options to purchase 7,623,000 shares of common stock under the LTIP to certain directors, employees and consultants. These stock options are exercisable over a 10-year term and generally vest and become exercisable in equal installments on the first three anniversaries of the grant date, subject to the grantee's continuous service. We recognize all stock-based compensation as a cost in our consolidated financial statements. We issued no stock options in the three months ended March 31, 2026 and 2025. The total stock-based compensation expense incurred for the three months ended March 31, 2026 and 2025 was $1.8 million and $0.1 million, respectively. The total stock-based compensation expense incurred for the years ended December 31, 2025 and 2024 was $3.6 million and $0.4 million, respectively.

#### Off Balance Sheet Arrangements
We have no significant off-balance sheet arrangements that have or are reasonably likely to have a current or future effect on our financial condition, changes in financial condition, revenues or expenses, results of operations, liquidity, capital expenditures or capital resources that is material to our stockholders.

#### Critical Accounting Policies and Estimates
Listed below are the accounting policies that we believe are critical to our financial statements due to the degree of uncertainty regarding the estimates or assumptions involved and the magnitude of the asset, liability or expense that is being reported.

#### Mineral Properties and Carrying Value of Long-Lived Assets
Mineral property acquisition costs are recorded at cost and are deferred until the viability of the property is determined. Exploration, mineral property evaluation, option payments, related acquisition costs for mineral properties acquired under option agreements, general overhead, administrative and holding costs to maintain a property on a care and maintenance basis are expensed in the period they are incurred. When Proven Mineral Reserves and Probable Mineral Reserves are determined for a property, subsequent development costs on the property are capitalized. If a project were to be put into production, capitalized development costs would be depleted on the units of production basis determined by the Proven Mineral Reserves and Probable Mineral Reserves for that project.

Once applicable, existing Proven Mineral Reserves and Probable Mineral Reserves and value beyond Proven Mineral Reserves and Probable Mineral Reserves, including mineralization other than Proven Mineral Reserves and Probable Mineral Reserves and other material that is not part of the Indicated or Inferred Mineral Resource base, will be included when determining the fair value of mine site reporting units at acquisition and, subsequently, in determining whether the

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assets are impaired. The term "recoverable minerals" refers to the estimated amount of silver or other commodities that will be obtained after taking into account losses during mineral processing and treatment and ultimate sale to customers. Estimates of recoverable minerals from such exploration stage mineral interests are risk-adjusted based on management's relative confidence in such materials. In estimating future cash flows, assets are grouped at the lowest levels for which there are identifiable cash flows that are largely independent of future cash flows from other asset groups. We review and evaluate our long-lived assets for impairment when events or changes in circumstances indicate that the related carrying amounts may not be recoverable. Asset impairment is considered to exist if the total estimated future cash flows on an undiscounted basis are less than the carrying amount of the asset. An impairment loss is measured and recorded based on discounted estimated future cash flows. Future cash flows are estimated based on estimated quantities of recoverable minerals, expected silver and other commodity prices (considering current and historical prices, trends and related factors), production levels, operating costs, capital requirements and reclamation costs, all based on life-of-mine plans. No impairment tests have been required during the periods presented.

Various factors could impact our ability to achieve our forecasted production schedules from Proven Mineral Reserves and Probable Mineral Reserves. Additionally, production, capital and reclamation costs could differ from the assumptions used in the cash flow models used to assess impairment. The ability to achieve the estimated quantities of recoverable minerals from exploration stage mineral interests involves further risks in addition to those factors applicable to mineral interests where Proven Mineral Reserves and Probable Mineral Reserves have been identified, due to the lower level of confidence that the identified Mineral Resources could ultimately be mined economically. Assets classified as Exploration Targets have the highest level of risk that the carrying value of the asset can be ultimately realized, due to the still lower level of geological confidence and economic modeling.

#### Reclamation Obligations
We incur reclamation obligations as part of our mining-related activities. Our current reclamation obligations derive from historical mining operations and pre-development operations. Reclamation methods and requirements can differ depending on the mine and state rules and regulations in existence. Reclamation obligations are recognized when incurred and are initially measured at fair value and subsequently adjusted for accretion expense and changes in the amount or timing of the estimated cash flows. The corresponding asset retirement obligation, which reflects the estimated present value of future closure obligations, is capitalized as part of the carrying amount of the related long-lived asset and depreciated over the asset's remaining useful life on a units of production basis. Reclamation obligations are based on when the spending for an existing environmental disturbance will occur. Our undiscounted reclamation obligations were estimated at approximately $4.2 million as of March 31, 2026, December 31, 2025 and 2024, and the corresponding asset retirement obligation was approximately $1.8 million, $1.8 million and $1.7 million, respectively.

Accounting for reclamation obligations requires management to make estimates unique to the Sunshine Complex relating to the future costs we will incur to complete the reclamation work required to comply with existing laws and regulations. Actual costs incurred in future periods could differ from amounts estimated. Examples of events that would trigger a change in the cost include a new reclamation law or amendment to an existing mineral lease. Examples of events that would cause a change in the estimated settlement date include a change in the mine plan resulting in an extension or acceleration of the closure of a site. Changes in estimated settlement date or amounts are recognized through updates to the reclamation liability and associated reclamation asset and recognized through accretion of the liability and depreciation of the associated reclamation asset. Additionally, future changes to environmental laws and regulations could increase the extent of reclamation work required. Any such increases in future costs could materially impact the amounts charged to earnings for reclamation.

#### Stock-Based Compensation
We recognize stock-based compensation as an expense in our consolidated financial statements. Equity-classified awards are measured at the grant date fair value of the award. We estimate the grant date fair value using the Black-Scholes option-pricing model, using the grant date share price, estimated volatility, the expected life of the awards, exercise price, the risk-free interest rate and the expected dividend yield. Prior to us having publicly traded share price data, the grant date share price is determined utilizing the implied value from other equity transactions of our common stock. Forfeitures are recognized as they occur. The expected life of an award is and will be based upon the mid-point of vesting and contractual term dates until our historical experience provides a sufficient history to act as the basis of determining the expected term. Estimated volatility is based on historical volatility derived from a group of publicly traded peer companies and will continue to be used until our publicly traded stock history provides a sufficient basis for estimating expected future volatility.

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#### Income and Mining Taxes
We recognize the expected future tax benefit from deferred tax assets when the tax benefit is considered to be more likely than not of being realized. Assessing the recoverability of deferred tax assets requires management to make estimates related to expectations of future taxable income. Estimates of future taxable income are based on forecasted cash flows and the application of existing tax laws in the United States. See "*—Mineral Properties and Carrying Value of Long-Lived Assets*" above for a discussion of the factors that could cause future cash flows to differ from estimates. To the extent that future cash flows and taxable income differ significantly from estimates, our ability to realize deferred tax assets recorded at the balance sheet date could be impacted. Additionally, future changes in tax laws in the jurisdictions in which we operate could limit our ability to obtain the future tax benefits represented by our deferred tax assets recorded at the reporting date.

Income tax expense or benefit consists of current income taxes payable or refundable for the period, net of the change during the period in deferred income tax assets and liabilities.

#### Jumpstart Our Business Startups Act of 2012
The JOBS Act permits us, as an "emerging growth company," to take advantage of an extended transition period to comply with new or revised accounting standards applicable to public companies. We have elected to avail ourselves of this extended transition period and, as a result, we will not be required to adopt new or revised accounting standards on the relevant dates on which adoption of such standards is required for public companies that are not emerging growth companies.

#### Quantitative and Qualitative Disclosures About Market Risk

#### Commodity Price Risk
We intend to engage in the production of concentrates containing silver and other minerals including copper, lead and antimony. We expect the principal source of future revenue to be the sale of concentrates containing silver, and to a lesser extent, copper, lead and antimony. A significant and sustained decrease in the price of these metals from current levels could have a material and negative impact on our business, financial condition and results of operations.

#### Bank Counterparty Risk
We have placed nearly all of our cash investments with a single, high-quality financial institution. All cash equivalents are invested in high-quality, short-term money market instruments, including government securities, bankers' acceptances, bank notes, certificates of deposit, commercial paper and repurchase agreements of domestic and foreign issuers. At no time have we had funds invested in asset-backed commercial paper. We have not experienced any losses on our cash investments.

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#### INDUSTRY OVERVIEW

#### The Silver Market

#### Metal Overview
Silver is a precious metal occurring naturally in its solid metallic state and is commonly associated with deposits of gold, copper, lead and zinc. It is widely used in both industrial applications and as an investment asset. Unlike many other commonly mined major metals, approximately 74% of mined silver supply is delivered as a by-product from the mining of other metals. This makes primary silver deposits of scale, like the Sunshine Mine, rare.

Silver's distinct physical and chemical properties drive diversified and growing industrial demand for silver, including from applications in AI. Silver is the best metallic conductor of electricity, and its sensitivity to and high reflectance of light, along with its strength and ability to withstand extreme temperature changes, restrict silver's substitution in most applications.

Silver has also been used throughout much of human history as a store of value. As an investment asset, silver is viewed as an attractive hedge against inflation or devaluation of fiat currencies, and as a risk-off asset during times of economic or geopolitical uncertainty.

#### Demand Side
Industrial demand accounted for approximately 58% of total silver demand in 2025, according to the Silver Institute's "World Silver Survey 2026" report. Industrial demand for silver is expected to increase by 17% by 2032 over 2026 levels, according to the CPM Silver Data Report.

Silver is essential in solar panels, superconductors and personal electronics due to its conductivity and temperature-resistance. Photovoltaic cells rely on silver to optimize energy output, while electric vehicles use silver in sensors, wiring and control modules. Silver is also used in energy storage.

Demand for silver from solar applications has accelerated in recent years, given solar's key role in the transition to green energy. Additionally, increased volatility in the global energy markets due to armed conflicts and geopolitical uncertainty have historically driven up demand for alternative energy sources, such as solar, that are less vulnerable to global supply chain disruptions. As a result, we believe current energy security dynamics may accelerate demand for silver. We expect other emergent themes, including AI, nano silver, biocides and other applications to continue driving industrial demand growth for silver.

Silver is an essential component used in technology driving the energy transition and in most consumer electronics. Silver's diversified industrial uses contribute to demand resilience, and because most applications require only small quantities of metal, substitution is limited and industrial demand has historically been relatively price inelastic.

<u>Forecast Industrial Demand for Silver</u>

![](ny20061035x4_barchart1.jpg)<br>

&nbsp;&nbsp;&nbsp;&nbsp;<br>

Source: CPM Silver Data Report

Silver has also served as a safe haven asset, a portfolio diversifier and a form of currency with no default risk for approximately 4,000 years. We expect investment demand for silver to continue rising, as it has historically grown during periods of geopolitical, macroeconomic and financial risks, and devaluation of fiat currencies. 2025 demonstrated silver's utility as an investment asset, with signs of increasing institutional demand. Against the current geopolitical and macroeconomic backdrop, and given the under-ownership of silver in current institutional portfolios relative to gold and other real assets, we believe there is substantial runway for investment demand growth.

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#### Supply Side
Silver supply is largely driven by mined silver production, which accounted for approximately 78% of total silver supply in 2025. Mined supply is sourced primarily from Mexico, China and Peru, which collectively accounted for approximately 49% of global mined supply in 2025, compared to only approximately 4% from the United States. China, the world's third-largest silver producer in 2025, added silver to its critical minerals list and introduced new regulations in October 2025 establishing qualification and review requirements for enterprises exporting silver during 2026 and 2027, reflecting heightened government oversight of silver exports from a major producing jurisdiction. While the ultimate impact of this policy on global silver supply and pricing remains uncertain, any restrictions or delays in exports from China (which accounted for approximately 13% of silver supply in 2025) could further constrain global silver availability.

Mined supply has been in a declining trend since 2016 due to reserve depletion, declining ore grades, limited new discoveries and a long period of under-investment in new capacity. Annual additions to silver mining capacity in near-term mine development projects fell 80% between 2013 and 2024, and only approximately 26% of global mined supply in 2025 came from primary silver mines. Due to the by-product nature of most mined silver, project sanctioning decisions that would increase silver supply often depend on the economics of other metals being mined, instead of the underlying fundamentals of the silver market, thereby reducing supply-side response to growing silver demand.

#### Pricing and Outlook
The silver market remains in a supply deficit. This dynamic creates a highly supportive structural backdrop for spot silver prices and an attractive opportunity for silver explorers and producers.

Silver prices rose sharply in 2025, from $29.56 per ounce on January 2, 2025 to approximately $72.15 per ounce on December 31, 2025, representing an increase of approximately 144%, and have remained strong in 2026. The current spot price of silver was $81.13 per ounce as of May 8, 2026, as per APMEX. The silver supply deficit, combined with macroeconomic factors such as declining interest rates, inflation, geopolitical uncertainty and devaluation of fiat currencies, provides additional tailwinds for potential further price appreciation. While higher silver prices can positively affect the economics of silver exploration and development projects, silver prices are volatile and subject to significant fluctuations based on macroeconomic, monetary and geopolitical factors.

#### The Antimony Market
Antimony is recognized as a critical mineral in the United States, EU, Japan and Australia. Its unique chemistry makes it essential in defense and several civilian supply chains. As of 2024, China accounted for 43% of global antimony mine production and hosted 90% of the world's antimony smelting capacity, according to the Argus Report. In response to China's export controls and escalating geopolitical tensions, there is increased interest in developing domestic supply chains for antimony in the United States and Europe. Elevated antimony prices outside of China and domestic protectionist policies in the United States and Europe are expected to create significant opportunity for domestic antimony suppliers, underscoring both the strong strategic and industrial logic behind the potential development of the Sunshine Antimony Plant.

#### Metal Overview
Antimony is a brittle, silvery metalloid mainly found in the form of stibnite. Most current production of antimony comes from quartz-stibnite veins and replacement deposits, with antimony extracted both as a primary product and as a by-product of mining operations.

Antimony trisulfide is commonly used in military applications such as ammunition and explosives, as well as in flame retardants and semiconductors. The U.S. Army aims to establish a "ground-to-round" domestic supply chain for antimony trisulfide. According to the Argus Report, more than 300 types of munitions rely on this compound.

The chemical compounds antimony trioxide ("**ATO**") and sodium antimonate are key downstream chemical compounds of antimony with wide-ranging applications. Most of the world's antimony is used as ATO in flame-retardant materials. ATO is chemically inserted or physically blended into different materials for flame retardance. Alloys of antimony and lead provide enhanced electrical properties to batteries as well as increased hardness to ammunition. Antimony is also used in the production of plastics and high-quality solar glass.

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#### Demand Side
<u>Global Antimony Demand by End Use</u> <u>(tonnes)</u>

![](ny20061035x4_barchart9.jpg)<br>

&nbsp;&nbsp;&nbsp;&nbsp;<br>

Source: Argus Report

According to the Argus Report, 45% of global antimony demand in 2024 was driven by the use of antimony as a flame retardant in construction materials, plastics, textiles and electrical or electronic components, including for wiring in data centers. In defense applications, antimony-based flame retardants are built into uniforms, vehicle interiors, cables and components where fire resistance is a mission-critical safety requirement. An additional 23% of global antimony demand in 2024 was for metallurgical alloys (with wide-ranging applications from their use in lead-acid batteries to increasing hardness in ammunition) and an additional 16% of antimony demand in 2024 was driven by solar glass and ceramics (driven by ongoing expansion in the solar photovoltaic sector in recent years). Antimony is also used in semiconductor doping, compound semiconductors, energy storage and polyester catalysts, among other applications.

According to the Argus Report, there are no sectors with high risk of substitution for antimony use. Risk of antimony substitution is particularly low in the manufacturing of armor-piercing projectiles and explosive primers, as military uses tend to need very specific ballistic, thermal and reliability properties due to safety constraints.

According to the Argus Report, mature, industrial applications are expected to sustain current demand for antimony, but technological innovation in photovoltaics and battery chemistries, growing data center capacity, as well as expanding military budgets, are expected to drive future demand growth. For example:

&nbsp;&nbsp;&nbsp;&nbsp;• Global renewable power capacity is expected to double between 2024 and 2030, with solar photovoltaics accounting for approximately 80% of the global increase;

&nbsp;&nbsp;&nbsp;&nbsp;• World military expenditure continues to increase, rising by 9.4% in 2024, marking the tenth year of consecutive increases. Many countries have committed to raising military spending, which is anticipated to lead to further global increases in the coming years; and

&nbsp;&nbsp;&nbsp;&nbsp;• The data center industry is expected to benefit from multiple durable growth drivers in the years ahead, including from the adoption of AI, machine learning and "digitization of everything."

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| | |
|:---|:---|
| <u>Renewable Electricity Growth by Technology</u><u> </u><br><u>Segment, and Solar PV Share, 2013 – 2030</u> | <u>World Military Spending, 1990 –</u> <u>2024</u> |
| &nbsp;&nbsp;&nbsp;![](ny20061035x4_barchart6.jpg) | &nbsp;&nbsp;&nbsp;![](ny20061035x4_barchart6.jpg) |
| Source: Argus Report  | Source: World Bank |

---

Global antimony demand is expected to increase by 35% from 170 kilotonnes in 2024 to approximately 230 kilotonnes by 2040 according to the Argus Report. The United States is a major consumer, mainly importing antimony oxides. U.S. net imports of antimony oxides have risen sharply in recent years. A growing area of demand in the United States is expected to come from data centers being built for the growth in AI technology as wiring systems for these applications require flame retardants.

<u>US Antimony Oxides Trade, 2020 – 2025 (tonnes)</u>

![](ny20061035x4_barchart7.jpg)<br>

Source: Argus Report, Official Customs Data

#### Supply Side
China, Myanmar, Tajikistan and Russia accounted for 81% of global antimony mine production in 2024, with China accounting for 43% of global antimony mine production and hosting 90% of the world's antimony smelting capacity, according to the Argus Report. With this market structure, global antimony supply is characterized by persistent tightness and volatility, driven by resource depletion in major producing countries, Chinese export controls and geopolitical factors. Production has lagged demand in recent years, and this supply deficit is expected to continue in coming years for U.S. and Western importers if Chinese supply restrictions persist and additional ex-China capacity from new projects is not added.

China implemented export restrictions on antimony in September 2024, requiring companies to obtain export licenses from the commerce ministry. These controls were expanded in December 2024 to include an outright ban on exporting "dual-use" items like antimony to U.S. military users or for military purposes. On November 9, 2025, China suspended its U.S. export ban on antimony. However, Chinese antimony exports remain subject to dual-use controls and U.S. importers still need to navigate China's export licensing system, which is considered a significant regulatory hurdle. These restrictions and, more broadly, sustained geopolitical tensions, have catalyzed U.S. and Western efforts towards diversification and re-shoring of critical mineral supply chains.

While the United States has antimony reserves, no mines have been active since 1992, and the country relies heavily on imports. U.S. Antimony Corporation ("**USAC**") is the only significant operating processor of antimony products in the

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United States, and according to USAC's company filings, it currently supplies approximately 4% of U.S. demand for antimony oxide products. USAC is reopening a mine in Montana and has leased mineral rights in Alaska, while Perpetua Resources Corp. is developing the Stibnite gold-antimony project in Idaho. The U.S. government has been highly supportive of domestic antimony production efforts, and we expect it to remain so in the foreseeable future.

We are progressing design and planning for the Sunshine Antimony Plant with a potential nameplate annual capacity of up to 34.5 million pounds (15.6 kilotonnes) of finished antimony. Based on forecasts of global antimony demand from the Argus Report and assuming U.S. demand growth matches global demand growth, we believe U.S. demand for antimony will be approximately 59 million pounds by 2030. If the contemplated nameplate annual capacity of 34.5 million pounds (15.6 kilotonnes) is achieved, the Sunshine Antimony Plant could supply up to 60% of U.S. demand using antimony-bearing concentrate from the Sunshine Mine, as well as from third party sources. We believe we are strategically well-positioned to supply the U.S. market.

#### Pricing and Outlook
In 2024 and 2025, Chinese export controls led to a surge in antimony prices outside China. U.S. and European antimony metal prices increased by approximately 350% between April 2024 and June 2025, when prices peaked just above $60,550 per tonne in the United States and $60,700 per tonne in Europe. Despite moderating in the second half of 2025, antimony prices in the United States and Europe remain meaningfully higher than historical levels.

Antimony prices outside China are expected to remain elevated due to tightening supply and rising strategic demand, according to the Argus Report, which projects that U.S. antimony prices will reach $48,000 per tonne in 2030 and $60,500 per tonne in 2040, representing a significant premium over historically prevailing prices.

<u>U.S. Antimony Price Forecast</u><br>

*(Antimony min 99.65% CIF US) ($ per tonne)*

![](ny20061035x4_linechart3x1.jpg) <br>

Source: Argus Report

We believe domestic production from Idaho will benefit from this strong price environment and command a strong premium over Chinese production, especially in guaranteed long-term offtake contracts with defense, critical infrastructure and potentially original equipment manufacturer customers in the United States. According to the base case of the Argus Report, antimony prices in Europe are expected to maintain their current levels in 2026 (approximately $40,000 per tonne) and then match the China price forecast at a 75% premium, while U.S. prices are projected to hold a 2% premium over Europe.

We believe long-term market structure and geopolitical trends have converged to create a conducive environment for the potential antimony restart project at the Sunshine Complex, affording us strong prospects for attractive long-term pricing, contracted offtake and upside optionality if export controls tighten further. We believe antimony has transitioned from a niche minor metal to a strategic specialty where credible U.S. producers can expect durable pricing power while addressing a key strategic security need.

#### The Market for Other Critical Minerals: Gallium and Germanium
We have commenced early-stage sampling and testing activities of material from the Sunshine Complex to evaluate for the potential presence and recovery of other critical minerals such as gallium and germanium and to support the possible future production of these other critical minerals and thereby support the resilience of supply chains critical to the U.S. technology and defense industries.

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Both gallium and germanium play essential roles in semiconductor and optoelectronic applications, and their supply is strategically important for U.S. industrial and national-security uses. However, the United States is heavily dependent on imports for these critical minerals, primarily from China, which controls the majority of global gallium and germanium output. This leaves the supply of these critical minerals in the United States vulnerable during times of heightened geopolitical tensions and export controls. In August 2023, Chinese export controls on gallium and germanium came into effect, and by late 2024 those restrictions escalated to include a ban on exports to the United States.

To further expand our potential capacity to refine critical minerals at the Sunshine Complex, we are investigating and testing methods to extract additional critical minerals, such as germanium and gallium, both of which were historically present in ore from the Sunshine Mine. Assays of recent drill intercepts and tailings samples have shown meaningful quantities of germanium and gallium, as well as other critical minerals. If an adequate method is found to deliver cost-efficient extraction and purification of these critical minerals, we may integrate the requisite technology into the refining operations we are developing, with the potential to generate additional revenue from such critical minerals. However, SLR and SRK have not estimated antimony, copper, lead, gallium or germanium Mineral Reserves or Mineral Resources, and we may not be able to demonstrate reasonable prospects for economic extraction of these by-products or other critical minerals. See "*Risk Factors—Risks Related to Our Business and Industry—We are dependent on the Sunshine Mine for our future operations. The Sunshine Mine does not currently have any Proven Mineral Reserves or Probable Mineral Reserves, or any antimony, copper, lead, gallium or germanium reserves or resources, as defined under S-K 1300*."

*Gallium Market Overview* 

Globally, primary gallium is recovered mainly as a by-product of processing bauxite and zinc ores. The United States has had no primary production since 1987. One New York facility recovered and refined gallium from imported low-purity metal and scrap. The U.S. Geological Survey reports that the country's net import reliance for gallium as a percentage of reported consumption was 100% for each of the five years between 2020 and 2024. In 2024, more than 50% of U.S. imports of gallium originated from Japan, China and Germany, while China supplied more than 99% of global primary output according to the U.S. Geological Survey.

U.S. gallium demand is dominated by compound semiconductors. In 2024, integrated circuits accounted for approximately 79% of domestic use, and optoelectronic devices accounted for approximately 20% of domestic use, largely in gallium arsenide and gallium nitride wafers according to the U.S. Geological Survey. These materials enable 5G radio frequency amplifiers, data center power electronics, LED and laser diodes, high-efficiency solar cells and advanced defense and telecom systems. Global gallium demand is expected to grow substantially from the growth of these gallium-intensive semiconductor and clean-energy applications. However, as gallium occurs in small concentrations in ores of other metals, supply is structurally tight and dependent on throughput of bauxite and zinc processing rather than gallium pricing. Recent export controls implemented by China have further constrained supply.

*Germanium Market Overview* 

Germanium is produced almost entirely as a by-product of zinc smelting, with minor recovery from other commodities. In 2024, the United States imported 33 tonnes of germanium metal and dioxide, largely from Belgium, Canada, China and Germany. Only a few countries produce or recycle germanium at scale, and China dominates both production and exports.

Germanium demand is concentrated in high-value uses in the United States. Germanium is consumed in fiber optics used for data networking and telecommunications, infrared optical systems used in commercial and government markets and solar cells used for space applications and semiconductor and radiation detector manufacturing. Germanium supply is constrained by its by-product nature and concentrated refining, and only a few countries recover germanium commercially. Global supply of germanium is tight. Since 2024, germanium metal and dioxide prices have rallied sharply.

Domestic production and supply chain resilience of germanium is therefore a strategic priority area, and this is evident in recent U.S. government support for the germanium supply chain. In April 2024, the U.S. Department of Defense announced an award of $14.4 million via the Defense Production Act Investment Program to 5N+ Semiconductors to sustain and expand the capability to produce germanium substrates used in solar cells for defense and commercial satellites.

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#### BUSINESS

#### The Company
We are the owner and developer of the permitted Sunshine Mine and the Sunshine Silver/Copper Refinery, as well as the associated facilities including the Sunshine Tailings Storage Facility and historical antimony refinery grounds. The Sunshine Mine is a historic, permitted, large-scale past-producing silver mine in the United States, which historically also produced meaningful quantities of antimony, copper and lead. The Sunshine Mine is one of the highest-grade primary silver resources in the world, with an average diluted silver grade of 1,022 grams per tonne of Indicated Mineral Resources and 776 grams per tonne of Inferred Mineral Resources. When production is restarted, we expect the Sunshine Mine will also be one of the largest silver mines in the United States. We have the major permits required to restart mining, milling and refining operations, and we will not require an environmental impact study to initiate restart of such operations. We do not anticipate issues in maintaining our current permitting status or securing the outstanding and ongoing permits required. A summary of relevant permits and their status is included in Table 17-1 of the Sunshine Technical Report Summary. Our current permits will be subject to normal course updates throughout the construction process. Our mining, milling and refining complex includes substantial installed infrastructure, including approximately $208 million of investments that we have made over the last 16 years to maintain and modernize the Sunshine Complex and to consolidate the highly prospective land package surrounding the Sunshine Mine. We plan to restart operations at the Sunshine Complex in 2028.

Although not currently defined as part of the existing resource or economics, we plan to produce antimony, as well as copper and lead by-products, once operations restart at the Sunshine Mine. The silver-bearing mineralization (tetrahedrite) at the Sunshine Mine has historically contained economic quantities of antimony, as demonstrated by decades of antimony production at the Sunshine Complex, which processed concentrate from the Sunshine Mine and other mines. Antimony production from the Sunshine Complex supported the U.S. war effort during World War II, and between 1953 and 2001, the Sunshine Complex produced over 48.4 million pounds of finished antimony. The Sunshine Antimony Plant could allow us to process antimony-bearing concentrate from the Sunshine Mine and toll-process external (third party) antimony-bearing concentrates, which together could provide a pathway for the Sunshine Complex to become one of the most significant centralized hubs for producing refined antimony in North America.

We have commenced early-stage sampling and testing of material from the Sunshine Complex to evaluate for the potential presence and recovery of other critical minerals such as gallium and germanium to support the possible future production of these other critical minerals. Silver, antimony and other critical minerals like copper, lead, gallium and germanium are required in applications with significant relevance to national security, industrial revitalization and energy independence. Silver is the best metallic conductor of electricity and is used in photovoltaic cells, electronics, electric vehicles, sensors and corrosive-resistant welding and, like gold, as a store of value. Antimony is used for munitions production, flame retardants, batteries, semi-conductors and other key defense applications. Copper is essential for electrification and energy transition, while lead is required in energy storage and national defense applications. Gallium is essential for the production of 5G mobile telecommunications infrastructure, data center electronics, LED lights and laser diodes, high-efficiency solar cells and advanced defense and telecom systems, while germanium is essential for the production of fiber optics, infrared optical systems, solar cells and radiation detectors.

Large, primary silver mines are rare, with only approximately 26% of global mined supply coming from primary silver mines in 2025. Additionally, the universe of primary silver companies is small – a reality exacerbated by recent consolidation among public silver mining companies, including Pan American Silver Corp.'s acquisition of MAG Silver Corp. in September 2025, Coeur Mining Inc.'s purchase of SilverCrest in February 2025 and First Majestic Silver Corp.'s acquisition of Gatos Silver in January 2025. Silver supply is largely driven by mined silver production, which accounted for approximately 78% of total silver supply in 2025. Mined supply is sourced primarily from Mexico, China and Peru, which accounted for approximately 49% of global mined supply in 2025, compared to only approximately 4% from the United States.

Although the United States is estimated to contain significant quantities of critical Mineral Resources, decades of foreign outsourcing have created a heavy reliance on other nations, especially China, for processing and supply. Specifically, while China accounted for 13% of global mined silver supply in 2025, it controlled the refining of approximately 60% to 70% of the global supply of silver. Driven by national security and economic security considerations, the United States is now actively working to bolster domestic critical mineral production, create a more favorable permitting environment to make U.S. mining and processing more competitive globally, and reduce its dependence on other nations. Most notably, the U.S. Department of the Interior's "List of Critical Minerals" serves as a blueprint for the U.S. government's objective to secure supplies of materials needed for defense, manufacturing and

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#### **TABLE OF CONTENTS**
clean energy technologies. Silver was recently added to the list, joining other critical minerals which may also be present at the Sunshine Mine including antimony, copper, lead, gallium and germanium. Inclusion on the "List of Critical Minerals" is significant because it identifies minerals that the U.S. government deems strategically important and may inform federal prioritization for research, permitting, national stockpiling and incentive or funding programs designed to strengthen domestic supply chains.

#### Principal Asset
Our principal asset is the Sunshine Complex. The Sunshine Antimony Plant, which we may develop depending on the outcome of our anticipated antimony Feasibility Study, would also make up part of the Sunshine Complex. The Sunshine Complex is located in the Silver Valley in Idaho, the most prolific silver district in U.S. history, which hosts many past-producing and currently operating mines along an approximately 12-mile belt. The Silver Valley is a mining-friendly region of the United States with immediate access to transportation, water and low-cost, renewable electricity. The region benefits from favorable mining regulations, an existing skilled labor force, mine suppliers and strong support for mining from the local population and government. We are the largest mineral rights holder in the Silver Valley. We own and control 9,561 hectares of a highly prolific, underexplored and newly consolidated district-scale land package around the Sunshine Mine.

<u>Location of the Sunshine Mine within the United States and the Silver Valley</u>

![](ny20061035x4_graphic01.jpg)<br>

&nbsp;&nbsp;&nbsp;&nbsp;<br>

The Sunshine Mine is estimated to have produced approximately 365 million ounces of silver between its initial production in the early 1900s and the cessation of production in the early 2000s. Over the last five full years of production from 1996 to 2000, the Sunshine Mine produced ore containing 23.0 million ounces of silver, 4.7 million pounds of antimony, 5.7 million pounds of copper and 38.4 million pounds of lead, with average metallurgical recovery of 97%, 97%, 97% and 93%, respectively. We have the major permits required to restart mining, milling and refining operations, and we will not require an environmental impact study to initiate restart of such operations. We do not anticipate issues in maintaining our current permitting status or securing the outstanding and ongoing permits required. A summary of relevant permits and their status is included in Table 17-1 of the Sunshine Technical Report Summary. Our current permits will be subject to normal course updates throughout the construction process.

We expect that, following the contemplated conversion to a dry stack tailings storage facility, the Sunshine Tailings Storage Facility will have sufficient capacity to support tailings production for the entirety of the mine life envisioned in both the Base Case of the Sunshine Technical Report Summary, which envisions a 24-year mine life and assumes the mining of both Indicated Mineral Resources and Inferred Mineral Resources, and the Indicated Only Case of the Sunshine Technical Report, which envisions a 10-year mine life and assumes the mining of only Indicated Mineral Resources. We are one of the few U.S. mining companies with a vertically integrated mine to mill to refinery platform, enabling potential onsite production of silver eligible for the COMEX global futures and commodities marketplace. Given the limited domestic refining capacity for silver, this integration provides a strategic advantage in supplying U.S. industrial and investment demand. Additionally, we have all major permits required for antimony production, which could enable us to produce a suite of finished antimony products using antimony feed from the Sunshine Mine and other mines in the United States, which could provide additional revenue opportunities beyond our own mining and milling operations. We are undertaking a Feasibility Study for the refurbishment, construction and restart of the Sunshine Silver/Copper Refinery, and we are also undertaking a Feasibility Study for the development of the Sunshine Antimony Plant as part of our technical evaluation ahead of a potential decision to pursue the development of the Sunshine Antimony Plant. In parallel with these Feasibility Studies and based on the results of these Feasibility Studies, we may evaluate external financing alternatives and strategic transactions with respect to the Sunshine Silver/Copper Refinery and the Sunshine Antimony Plant.

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#### **TABLE OF CONTENTS**
The Sunshine Mine includes substantial installed infrastructure, including approximately $208 million of investments that we have made over the last 16 years to maintain and modernize the Sunshine Complex and to consolidate the highly prospective land package around the Sunshine Mine. Notable existing underground development comprises two shafts, three hoists and three adits, which allows multiple paths to access the underground, as well as the flexibility to cost-effectively ramp up production rates if further Mineral Resources are discovered, especially in the highly prospective Upper Country (as defined below) area. The Sunshine Complex also has the Sunshine Tailings Storage Facility, the Sunshine Silver/Copper Refinery, power transmission grids and other fixed equipment, all of which may lower capital costs and timeline to production. In total, we estimate that it would currently cost approximately $600 million to replace this existing infrastructure, and we also believe it could take several years to obtain the requisite permits.

<u>Selection of Existing Underground and Surface Infrastructure</u>

![](ny20061035x4_photo1.jpg)<br>

&nbsp;&nbsp;&nbsp;&nbsp;<br>

<br> *<u>Sterling-Polaris-ConSil Tunnel</u>* *<u>Down-Shaft Infrastructure</u>* *<u>Hoist Room</u>* <br>

![](ny20061035x4_photo2.jpg)<br>

&nbsp;&nbsp;&nbsp;&nbsp;<br>

<br> *<u>Sunshine Silver/Copper Refinery</u>* *<u>Sunshine Tailings Storage Facility</u>* *<u>Power Grid</u>* <br>

The Sunshine Mine is one of the highest-grade primary silver deposits worldwide, with an estimated 103.9 million ounces of Indicated Mineral Resources at average diluted grades of 29.8 ounces per ton and 159.8 million ounces of Inferred Mineral Resources at average diluted grades of 22.6 ounces per ton. The average diluted silver grade of both the Indicated Mineral Resources and Inferred Mineral Resources are approximately double that of other past producing or currently producing mines in the Silver Valley.

<u>Current Sunshine Mine Mineral Resource Estimate</u><sup>(1)(2)(3)(4)(5)(6)(7)(8)(9)(11)(12)</sup>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Tonnage**  | **Grade**  | **Contained**  | **Tonnage**  | **Grade**  | **Contained**  |
|  | *kst*  | *opt Ag*  | *Moz Ag*  | *M tonnes*  | *grams per* <br>*tonne Ag*  | *Moz Ag*  |
| Indicated  | 3485  | 29.8  | &nbsp;&nbsp;&nbsp;&nbsp;103.9  | &nbsp;&nbsp;&nbsp;&nbsp;3.2  | &nbsp;&nbsp;1022  | &nbsp;&nbsp;&nbsp;&nbsp;103.9  |
| Inferred<sup>(10)</sup>  | 7061  | 22.6  | &nbsp;&nbsp;&nbsp;&nbsp;159.8  | &nbsp;&nbsp;&nbsp;&nbsp;6.4  | &nbsp;&nbsp;776  | &nbsp;&nbsp;&nbsp;&nbsp;159.8 |

---

(1)<br> The effective date of Mineral Resources for the Sunshine Mine is February 24, 2026.

(2)<br> The definitions for Mineral Resources in S-K 1300, which are consistent with the classification scheme under the Committee for Reserves International Reporting Standards, were followed for the classification of Mineral Resources.

(3)<br> All measurements are U.S. standard units or metric units, as indicated.

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(4) Mineable stope optimization volume constrained resources with reasonable prospects for economic extraction are stated as contained within vein estimation domains defined by a cut-off grade of 8.8 opt Ag. The cut-off grade and mineable stope optimization are based on the assumed silver price of $23.50 per ounce and operating cost assumptions, as follows: mining cost of $110.00 per ton, processing cost of $20.85 per ton, general and administrative cost of $7.93 per ton, antimony plant for silver concentrate cost of $14.55 per ton, refining for silver concentrate cost of $16.13 per ton and tailings storage cost of $4.27 per ton. See the table under "The Sunshine Complex—Mineral Resource Estimates." 

(5) Mineable stope optimization volumes are 9 feet high, 30 feet long, and minimum of 3 feet wide and are flagged by the individual modeled vein volumes. An unplanned mining dilution of 5% is applied for reporting. 

(6)<br> All Mineral Resources are based on a data cut-off date of November 28, 2023, estimated in situ and reported as diluted within mineable stope optimization volume.

(7)<br> Average bulk density was assigned as 3.02 grams per cubic centimeter (g/cm3) for veins and 2.82 g/cm3 for waste. The equivalent densities in Imperial units are 0.0943 tons per cubic foot (st/ft3) for veins and 0.088 st/ft3 for waste.

(8) Total metallurgical recovery was assigned at 93% from metallurgical test work and history of mining production. 

(9) Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability. There is no certainty that all or any part of the Mineral Resources will be converted into Mineral Reserves in the future. The estimate of Mineral Resources may be materially affected by environmental permitting, legal, title, taxation, socio-political, marketing or other relevant issues. 

(10)<br> Inferred Mineral Resources are considered geologically speculative and are based on limited geological evidence and sampling. High geological uncertainty prevents the application of technical and economic factors to evaluate economic viability.

(11)<br> All quantities are rounded to the appropriate number of significant figures; consequently, sums may not add up due to rounding.

(12) The Sunshine Mine is 100% attributable to SOP.

<u>Select Sunshine Mine Core (2025</u><u>/2026</u> <u>Infill Drill Program)</u>

&nbsp;&nbsp;&nbsp;&nbsp;![](ny20061035x4_photo3x3.jpg)<br>

<br> *&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>South Yankee Boy Vein</u>* *<u>C-Fault Vein</u>* *<u>10-Vein</u>* <br>

36 mineralized veins have been discovered at the Sunshine Mine as of February 24, 2026, of which two veins have been identified since we acquired the Sunshine Mine in 2010. Mineralization is comprised of tetrahedrite, freibergite, galena and sphalerite, with typical gangue minerals of siderite, quartz, pyrite and magnetite. The silver-bearing mineralization (tetrahedrite) at the Sunshine Mine has also historically contained economic quantities of antimony, as demonstrated by decades of antimony production with concentrate from the Sunshine Mine and other mines. Similar to other vein systems in the Coeur d'Alene Mining District, two main vein assemblages are distinguished, which tend to dominate certain areas of the mine: silver-copper-antimony veins and silver-lead veins. Both tetrahedrite and freibergite form one solid solution series or homogeneous mixture of two compounds that have a single crystal structure. However, the freibergite at the Sunshine Mine has antimony substituted into its chemical structure in a higher frequency compared to arsenic, thus making both tetrahedrite and freibergite a strong source of antimony for the Sunshine Mine. The above core photos are illustrative of the intense mineralized veining consistently observed at the Sunshine Mine.

The Sunshine Technical Report Summary presents the results of an Initial Assessment under two mine operating cases: the Base Case, which assumes the mining of both Indicated Mineral Resources and Inferred Mineral Resources, and the Indicated Only Case, which assumes the mining of only Indicated Mineral Resources. Our current evaluation and

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project planning is based on the Base Case of the Sunshine Technical Report Summary. The Base Case of the Sunshine Technical Report Summary is reflective of our current development strategy to undertake additional infill drilling and other technical work prior to the completion of a Feasibility Study and project sanctioning decision. The Indicated Only Case is shown for illustrative purposes in accordance with Subpart 1302(d)(4) of Regulation S-K.

The Base Case of the Sunshine Technical Report Summary, which assumes the mining of both Indicated Mineral Resources and Inferred Mineral Resources, envisions an initial 24-year mine life and contemplates producing approximately 6.7 million ounces of payable silver per year on average over the first five years of mine life and approximately 5.8 million ounces of payable silver per year on average over the full 24-year mine life at an AISC (excluding potential copper and lead by-product credits) of $16.26 per ounce of silver produced over the first five years of mine life and $18.81 per ounce of silver produced over the full 24-year mine life. The Indicated Only Case of the Sunshine Technical Report Summary, which assumes the mining of only Indicated Mineral Resources, contemplates producing approximately 3.5 million ounces of payable silver per year on average over the 10-year mine life at an AISC (excluding potential copper and lead by-product credits) of $24.06 per ounce of silver produced over the full 10-year mine life.

Assuming a silver price of $46.36 and operations at full capacity as described in the Base Case of the Sunshine Technical Report Summary, which assumes the mining of both Indicated Mineral Resources and Inferred Mineral Resources, the Sunshine Mine would generate approximately $311 million in revenue, $230 million in EBITDA and $196 million in operating cash flow on average over the first five years, and approximately $268 million in revenue, $182 million in EBITDA and $153 million in operating cash flow from silver production per year on average over the 24-year mine life. Assuming a silver price of $46.36 and operations at full capacity as described in the Indicated Only Case of the Sunshine Technical Report Summary, the Sunshine Mine would generate approximately $164 million in revenue, $105 million in EBITDA and $97 million in operating cash flow on average over the 10-year mine life.

<u>Sunshine Technical Report Summary – Initial Assessment</u><sup>(1)(2)</sup>

---

| | | |
|:---|:---|:---|
|  | **Base Case<sup>(3)</sup>**  | **Indicated Only Case**  |
| &nbsp;&nbsp;&nbsp;Mine Life  | 24 Years  | 10 Years  |
| **Production Metrics** <br>|  |  |
| &nbsp;&nbsp;&nbsp;Mineable Material  | 7.9 M tons  | 1.5 M tons  |
| &nbsp;&nbsp;&nbsp;Production Rate | 864 tons per day | 430 tons per day |
| &nbsp;&nbsp;&nbsp;Avg. Mined Grade (LOM)  | 19.0 opt Ag  | 25.2 opt Ag  |
| &nbsp;&nbsp;&nbsp;Ag Recovery  | 95.8%  | 97%  |
| &nbsp;&nbsp;&nbsp;Ag Contained Production (Total \| Avg.)  | 150 Moz Ag \| 6.2 Moz Ag  | 38 Moz Ag \| 3.8 Moz Ag  |
| &nbsp;&nbsp;&nbsp;Ag Payable Production (Total \| Avg.)  | 139 Moz Ag \| 5.8 Moz Ag  | 35 Moz Ag \| 3.5 Moz Ag  |
| **Cost Metrics** <br>|  |  |
| &nbsp;&nbsp;&nbsp;Site Operating Costs  | $181.38/ton processed  | $285.10/ton processed  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Mining*  | *$138.29/ton processed*  | *$205.64/ton processed*  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Processing*  | *$16.73/ton processed*  | *$27.24/ton processed*  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*G&A & Tailings*  | *$26.37/ton processed*  | *$52.21/ton processed*  |
| &nbsp;&nbsp;&nbsp;Initial Capital  | $286.9 M  | $239.6 M  |
| &nbsp;&nbsp;&nbsp;Sustaining Capital (incl. closure)  | $560.2 M  | $265.3 M  |
| &nbsp;&nbsp;&nbsp;AISC  | $18.81/oz Ag  | $24.06/oz Ag  |
| **Financial Metrics<sup>(4)</sup>** <br>|  |  |
| &nbsp;&nbsp;&nbsp;Revenue (LOM \| Avg. Annual)  | $6,437M \| $268M  | $1,640M \| $164M  |
| &nbsp;&nbsp;&nbsp;EBITDA (LOM \| Avg. Annual)  | $4,378M \| $182M  | $1,054M \| $105M  |
| &nbsp;&nbsp;&nbsp;Operating Cash Flow (LOM \| Avg. Annual)  | $3,681M \| $153M  | $966M \| $97M |
| &nbsp;&nbsp;&nbsp;After-tax NPV<sup>5%</sup> \| IRR  | $1,434M \| 38.3%  | $270M \| 21.1% |

---

(1)<br> Base Case assumes the mining of both Indicated Mineral Resources and Inferred Mineral Resources. Indicated Only Case assumes the mining of only Indicated Mineral Resources and is shown for illustrative purposes only in accordance with Subpart 1302(d)(4) of Regulation S-K.

(2) Inferred Mineral Resources are considered geologically speculative and are based on limited geological evidence and sampling. High geological uncertainty prevents the application of technical and economic factors to evaluate economic viability. There is no certainty that this economic assessment will be realized. 

(3) Approximately 74% of the tonnage and approximately 68% of the contained silver in the Base Case mine life is Inferred Mineral Resources. 

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Inferred Mineral Resources are considered geologically speculative and are based on limited geological evidence and sampling. High geological uncertainty prevents the application of technical and economic factors that would enable them to be categorized as Mineral Reserves.

(4) Based on a constant silver price of $46.36/oz Ag in all years of the economic analysis. 

<u>Long Section of the Sunshine Mine Core Area & Exploration Target Areas</u>

![](ny20061035x4_photo4.jpg)<br>

Within the Sunshine Mine Core Area, we believe there is significant resource expansion potential in the near-surface or underexplored targets highlighted in yellow coloring above, down-dip and horizontal extensions of current veins which are open at depth and underexplored "gaps" in the primary six-mile strike length corridor. This continuity is further highlighted by preliminary results from our recent infill drilling program which has been focused on testing the C-Fault Vein, the South Yankee Boy Vein and the 10 Vein which lie proximal to the Sterling-Polaris-ConSil tunnel. Information set forth herein regarding exploration results from recent infill and exploration drilling, including information relating to drill results, is not contained in the Sunshine Technical Report Summary but accurately reflects findings and conclusions of SRK.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **DDH**  | **Vein**  | **From (m)**  | **To (m)**  | **True**<br>**Width (m)**  | **Ag (g/t)**  | **Cu %**  | **Pb %**  | **Sb %**  |
| **FS-ST02**  | CFault Vein  | 140.4  | 142.0  | &nbsp;&nbsp;&nbsp;&nbsp;1.5  | &nbsp;&nbsp;2925  | &nbsp;&nbsp;2.75  | 0.13  | 1.16  |
|  | including  | 140.8  | 141.1  | &nbsp;&nbsp;&nbsp;&nbsp;0.2  | &nbsp;&nbsp;8880  | &nbsp;&nbsp;6.41  | 0.44  | 3.39  |
| **FS-ST03**  | CFault Vein  | 143.4  | 144.0  | &nbsp;&nbsp;&nbsp;&nbsp;0.6  | &nbsp;&nbsp;&nbsp;&nbsp;297  | &nbsp;&nbsp;0.23  | 0.01  | 0.09 |
| **FS-ST08** | CFault Vein | 144.3 | 146.6 | &nbsp;&nbsp;&nbsp;&nbsp;2.0 | &nbsp;&nbsp;&nbsp;&nbsp;340 | &nbsp;&nbsp;0.68 | 0.31 | 0.17  |
| **FS-ST23**  | SYBoy  | 254.1  | 254.6  | &nbsp;&nbsp;&nbsp;&nbsp;0.3  | &nbsp;&nbsp;3909  | &nbsp;&nbsp;1.62  | 0.16  | 1.17  |
| **FS-ST25**  | SYBoy  | 283.4  | 283.9  | &nbsp;&nbsp;&nbsp;&nbsp;0.4  | &nbsp;&nbsp;&nbsp;&nbsp;307  | &nbsp;&nbsp;0.10  | 0.07  | 0.08  |
| **FS-ST26**  | CFault Vein  | 142.5  | 144.2  | &nbsp;&nbsp;&nbsp;&nbsp;1.5  | &nbsp;&nbsp;1076  | &nbsp;&nbsp;1.01  | 0.33  | 0.43  |
| **FS-ST26**  | SYBoy  | 246.1  | 246.3  | &nbsp;&nbsp;&nbsp;&nbsp;0.2  | &nbsp;&nbsp;1954  | &nbsp;&nbsp;0.73  | 0.28  | 0.57  |
| **FS-ST26**  | NYBoy  | 248.2  | 248.7  | &nbsp;&nbsp;&nbsp;&nbsp;0.3  | &nbsp;&nbsp;3607  | &nbsp;&nbsp;1.56  | 0.06  | 1.18  |
|  | including  | 248.6  | 248.7  | &nbsp;&nbsp;&nbsp;&nbsp;0.1  | &nbsp;&nbsp;7989  | &nbsp;&nbsp;3.32  | 0.07  | 2.57  |
| **FS-ST10**  | CFault Vein  | 188.9  | 190.0  | &nbsp;&nbsp;&nbsp;&nbsp;0.7  | &nbsp;&nbsp;3429  | &nbsp;&nbsp;1.17  | 0.01  | 0.87  |
|  | including  | 189.7  | 190.0  | &nbsp;&nbsp;&nbsp;&nbsp;0.2  | 13783  | &nbsp;&nbsp;4.53  | 0.01  | 3.46  |
| **FS-ST11**  | CFault Vein  | 204.5  | 205.8  | &nbsp;&nbsp;&nbsp;&nbsp;1.1  | &nbsp;&nbsp;3553  | &nbsp;&nbsp;1.51  | 0.00  | 1.01  |
|  | including  | 205.4  | 205.6  | &nbsp;&nbsp;&nbsp;&nbsp;0.1  | 23931  | 10.40  | 0.01  | 6.76  |
| **FS-ST15**  | CFault Vein  | 221.1  | 221.3  | &nbsp;&nbsp;&nbsp;&nbsp;0.1  | &nbsp;&nbsp;1341  | &nbsp;&nbsp;0.73  | 0.09  | 0.48  |
| **FS-ST18**  | CFault Vein  | 195.1  | 195.2  | &nbsp;&nbsp;&nbsp;&nbsp;0.1  | &nbsp;&nbsp;1299  | &nbsp;&nbsp;0.60  | 6.79  | 0.46  |

---

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **DDH**  | **Vein**  | **From (m)**  | **To (m)**  | **True**<br>**Width (m)**  | **Ag (g/t)**  | **Cu %**  | **Pb %**  | **Sb %**  |
| **FS-ST19**  | CFault Vein  | 219.6  | 220.9  | &nbsp;&nbsp;&nbsp;&nbsp;1.1  | &nbsp;&nbsp;&nbsp;&nbsp;453  | &nbsp;&nbsp;0.33  | &nbsp;&nbsp;1.48  | 0.17  |
| **FS-ST21**  | CFault Vein  | 213.7  | 214.6  | &nbsp;&nbsp;&nbsp;&nbsp;0.7  | &nbsp;&nbsp;&nbsp;&nbsp;915  | &nbsp;&nbsp;0.38  | &nbsp;&nbsp;0.01  | 0.27  |
| **FS-ST22**  | SYBoy  | 245.7  | 245.8  | &nbsp;&nbsp;&nbsp;&nbsp;0.1  | &nbsp;&nbsp;4766  | &nbsp;&nbsp;1.71  | &nbsp;&nbsp;0.12  | 1.31 |
| **FS-ST27**  | CFault Vein  | 143.4  | 144.9  | &nbsp;&nbsp;&nbsp;&nbsp;1.5  | &nbsp;&nbsp;&nbsp;&nbsp;340  | &nbsp;&nbsp;0.84  | &nbsp;&nbsp;0.02  | 0.16  |
| **FS-ST27**  | SYBoy  | 249.3  | 250.9  | &nbsp;&nbsp;&nbsp;&nbsp;1.5  | &nbsp;&nbsp;&nbsp;&nbsp;459  | &nbsp;&nbsp;0.16  | &nbsp;&nbsp;0.09  | 0.13  |
| **FS-ST29**  | CFault Vein  | 215.9  | 216.3  | &nbsp;&nbsp;&nbsp;&nbsp;0.3  | &nbsp;&nbsp;9209  | &nbsp;&nbsp;2.82  | &nbsp;&nbsp;0.14  | 2.25  |
| **FS-ST29**  | SYBoy  | 233.2  | 234.2  | &nbsp;&nbsp;&nbsp;&nbsp;1.0  | &nbsp;&nbsp;&nbsp;&nbsp;439  | &nbsp;&nbsp;0.09  | &nbsp;&nbsp;1.60  | 0.08  |
| **FS-ST30**  | CFault Vein  | 155.8  | 156.5  | &nbsp;&nbsp;&nbsp;&nbsp;0.7  | &nbsp;&nbsp;3142  | &nbsp;&nbsp;1.70  | &nbsp;&nbsp;4.32  | 0.85  |
| **FS-ST31**  | SYBoy  | 208.3  | 209.1  | &nbsp;&nbsp;&nbsp;&nbsp;0.7  | &nbsp;&nbsp;1748  | &nbsp;&nbsp;0.38  | &nbsp;&nbsp;0.03  | 0.32  |
| **FS-ST33**  | CFault Vein  | 174.5  | 174.7  | &nbsp;&nbsp;&nbsp;&nbsp;0.2  | &nbsp;&nbsp;&nbsp;&nbsp;651  | &nbsp;&nbsp;0.27  | &nbsp;&nbsp;6.90  | 0.20  |
| **FS-ST34**  | CFault Vein  | 163.4  | 164.1  | &nbsp;&nbsp;&nbsp;&nbsp;0.6  | &nbsp;&nbsp;2548  | &nbsp;&nbsp;1.33  | &nbsp;&nbsp;0.06  | 0.74  |
| **FS-ST35**  | SYBoy  | 218.5  | 220.1  | &nbsp;&nbsp;&nbsp;&nbsp;1.5  | &nbsp;&nbsp;1463  | &nbsp;&nbsp;0.34  | &nbsp;&nbsp;0.45  | 0.29  |
|  | including  | 219.9  | 220.1  | &nbsp;&nbsp;&nbsp;&nbsp;0.1  | &nbsp;&nbsp;7954  | &nbsp;&nbsp;1.65  | &nbsp;&nbsp;0.78  | 1.39  |
| **FS-ST36**  | CFault Vein  | 172.1  | 174.0  | &nbsp;&nbsp;&nbsp;&nbsp;1.8  | &nbsp;&nbsp;1976  | &nbsp;&nbsp;0.87  | &nbsp;&nbsp;0.45  | 0.55  |
|  | including  | 172.9  | 173.0  | &nbsp;&nbsp;&nbsp;&nbsp;0.1  | &nbsp;&nbsp;9600  | &nbsp;&nbsp;3.66  | &nbsp;&nbsp;0.01  | 2.65  |
| **FS-ST37**  | CFault Vein  | 183.1  | 183.2  | &nbsp;&nbsp;&nbsp;&nbsp;0.1  | &nbsp;&nbsp;1402  | &nbsp;&nbsp;1.16  | &nbsp;&nbsp;0.12  | 0.51  |
| **FS-ST37**  | SYBoy  | 220.7  | 222.0  | &nbsp;&nbsp;&nbsp;&nbsp;1.3  | &nbsp;&nbsp;&nbsp;&nbsp;939  | &nbsp;&nbsp;0.23  | &nbsp;&nbsp;0.29  | 0.20  |
|  | including  | 221.9  | 222.0  | &nbsp;&nbsp;&nbsp;&nbsp;0.1  | &nbsp;&nbsp;6960  | &nbsp;&nbsp;1.76  | &nbsp;&nbsp;2.28  | 1.51  |
| **FS-ST38**  | CFault Vein  | 211.9  | 212.5  | &nbsp;&nbsp;&nbsp;&nbsp;0.4  | &nbsp;&nbsp;3032  | &nbsp;&nbsp;2.24  | &nbsp;&nbsp;0.50  | 1.26  |
|  | including  | 211.9  | 212.2  | &nbsp;&nbsp;&nbsp;&nbsp;0.2  | &nbsp;&nbsp;4149  | &nbsp;&nbsp;3.24  | &nbsp;&nbsp;0.89  | 1.70  |
| **FS-ST39**  | CFault Vein  | 151.8  | 151.9  | &nbsp;&nbsp;&nbsp;&nbsp;0.1  | &nbsp;&nbsp;1313  | &nbsp;&nbsp;1.12  | &nbsp;&nbsp;0.16  | 0.56  |
| **FS-ST40**  | CFault Vein  | 144.8  | 146.0  | &nbsp;&nbsp;&nbsp;&nbsp;1.2  | &nbsp;&nbsp;3432  | &nbsp;&nbsp;1.68  | &nbsp;&nbsp;0.05  | 1.14  |
|  | including  | 144.8  | 144.9  | &nbsp;&nbsp;&nbsp;&nbsp;0.2  | 22560  | 10.60  | &nbsp;&nbsp;0.11  | 7.46  |
| **FS-ST40**  | SYboy  | 205.0  | 205.1  | &nbsp;&nbsp;&nbsp;&nbsp;0.1  | &nbsp;&nbsp;6000  | &nbsp;&nbsp;1.51  | &nbsp;&nbsp;0.19  | 1.22  |
| **FS-ST42**  | SYBoy  | 226.3  | 228.1  | &nbsp;&nbsp;&nbsp;&nbsp;1.7  | &nbsp;&nbsp;3093  | &nbsp;&nbsp;0.76  | &nbsp;&nbsp;0.00  | 0.63  |
|  | including  | 226.3  | 226.9  | &nbsp;&nbsp;&nbsp;&nbsp;0.5  | &nbsp;&nbsp;4423  | &nbsp;&nbsp;1.03  | &nbsp;&nbsp;0.01  | 0.91  |
|  | including  | 227.8  | 228.1  | &nbsp;&nbsp;&nbsp;&nbsp;0.2  | 12069  | &nbsp;&nbsp;3.02  | &nbsp;&nbsp;0.01  | 2.40  |
| **FS-ST42**  | NYBoy  | 231.9  | 232.4  | &nbsp;&nbsp;&nbsp;&nbsp;0.5  | &nbsp;&nbsp;1847  | &nbsp;&nbsp;0.60  | &nbsp;&nbsp;0.06  | 0.40  |
| **FS-ST41**  | SYBoy  | 217.9  | 218.7  | &nbsp;&nbsp;&nbsp;&nbsp;0.7  | &nbsp;&nbsp;2966  | &nbsp;&nbsp;0.65  | &nbsp;&nbsp;0.37  | 0.50  |
| **FS-ST43**  | SYBoy  | 214.6  | 214.9  | &nbsp;&nbsp;&nbsp;&nbsp;0.3  | &nbsp;&nbsp;1855  | &nbsp;&nbsp;0.59  | &nbsp;&nbsp;0.18  | 0.45  |
| **FS-ST44**  | SYBoy  | 214.1  | 217.6  | &nbsp;&nbsp;&nbsp;&nbsp;3.4  | &nbsp;&nbsp;&nbsp;&nbsp;345  | &nbsp;&nbsp;0.10  | &nbsp;&nbsp;0.03  | 0.07  |
| **FS-ST45**  | SYBoy  | 222.0  | 222.2  | &nbsp;&nbsp;&nbsp;&nbsp;0.2  | &nbsp;&nbsp;&nbsp;&nbsp;651  | &nbsp;&nbsp;0.17  | &nbsp;&nbsp;0.49  | 0.14  |
| **FS-ST46**  | SYBoy  | 225.1  | 226.8  | &nbsp;&nbsp;&nbsp;&nbsp;1.7  | &nbsp;&nbsp;&nbsp;&nbsp;759  | &nbsp;&nbsp;0.31  | &nbsp;&nbsp;0.08  | 0.23  |
| **FS-ST48**  | CFault Vein  | 216.6  | 216.9  | &nbsp;&nbsp;&nbsp;&nbsp;0.3  | &nbsp;&nbsp;2136  | &nbsp;&nbsp;1.62  | &nbsp;&nbsp;0.03  | 0.84  |
| **FS-ST50**  | TBD  | 224.0  | 224.8  | &nbsp;&nbsp;&nbsp;&nbsp;0.4  | &nbsp;&nbsp;&nbsp;&nbsp;460  | &nbsp;&nbsp;0.22  | &nbsp;&nbsp;0.03  | 0.17  |
| **FS-ST51**  | 10Vein  | 122.7  | 123.3  | &nbsp;&nbsp;&nbsp;&nbsp;0.4  | 12240  | &nbsp;&nbsp;3.67  | &nbsp;&nbsp;0.56  | 2.48  |
| **FS-ST53**  | NYBoy  | 281.0  | 281.6  | &nbsp;&nbsp;&nbsp;&nbsp;0.5  | &nbsp;&nbsp;&nbsp;&nbsp;562  | &nbsp;&nbsp;0.29  | &nbsp;&nbsp;0.20  | 0.23  |
| **FS-ST60**  | 10Vein  | 104.3  | 112.5  | &nbsp;&nbsp;&nbsp;&nbsp;5.3  | &nbsp;&nbsp;&nbsp;&nbsp;566  | &nbsp;&nbsp;0.25  | &nbsp;&nbsp;4.51  | 0.19  |
|  | including  | 105.0  | 106.7  | &nbsp;&nbsp;&nbsp;&nbsp;1.1  | &nbsp;&nbsp;1969  | &nbsp;&nbsp;0.87  | 11.91  | 0.67  |
| **FS-ST61**  | 10Vein  | 124.7  | 132.3  | &nbsp;&nbsp;&nbsp;&nbsp;3.8  | &nbsp;&nbsp;&nbsp;&nbsp;518  | &nbsp;&nbsp;0.11  | 10.98  | 0.11  |
| **FS-ST62**  | 10Vein  | 103.0  | 105.6  | &nbsp;&nbsp;&nbsp;&nbsp;1.3  | &nbsp;&nbsp;&nbsp;&nbsp;332  | &nbsp;&nbsp;0.02  | 14.12  | 0.04  |
| **FS-ST63**  | 10Vein  | &nbsp;&nbsp;66.8  | &nbsp;&nbsp;67.1  | &nbsp;&nbsp;&nbsp;&nbsp;0.2  | &nbsp;&nbsp;1083  | &nbsp;&nbsp;0.20  | 24.40  | 0.20  |
| **FS-ST64**  | New  | 178.5  | 179.6  | &nbsp;&nbsp;&nbsp;&nbsp;1.1  | &nbsp;&nbsp;&nbsp;&nbsp;319  | &nbsp;&nbsp;0.21  | &nbsp;&nbsp;1.01  | 0.16  |
| **FS-ST64**  | 10Vein  | 183.6  | 184.3  | &nbsp;&nbsp;&nbsp;&nbsp;0.6  | &nbsp;&nbsp;&nbsp;&nbsp;403  | &nbsp;&nbsp;0.02  | 15.63  | 0.05  |
| **FS-ST65**  | 10Vein  | &nbsp;&nbsp;97.7  | &nbsp;&nbsp;98.6  | &nbsp;&nbsp;&nbsp;&nbsp;0.6  | &nbsp;&nbsp;&nbsp;&nbsp;193  | &nbsp;&nbsp;0.10  | &nbsp;&nbsp;0.33  | 0.07  |
| **FS-ST66**  | 10Vein  | 139.5  | 140.7  | &nbsp;&nbsp;&nbsp;&nbsp;0.9  | &nbsp;&nbsp;&nbsp;&nbsp;684  | &nbsp;&nbsp;0.02  | 23.12  | 0.08  |
| **FS-ST67**  | 10Vein  | 139.0  | 139.8  | &nbsp;&nbsp;&nbsp;&nbsp;0.8  | &nbsp;&nbsp;1173  | &nbsp;&nbsp;0.11  | 42.40  | 0.17  |
| **FS-ST69** | 10Vein | 123.2 | 123.9 | &nbsp;&nbsp;&nbsp;&nbsp;0.5 | &nbsp;&nbsp;1894  | &nbsp;&nbsp;0.73  | 26.37  | 0.59  |
| **FS-ST69** | SYBoy | 203.2 | 203.6 | &nbsp;&nbsp;&nbsp;&nbsp;0.3 | &nbsp;&nbsp;&nbsp;&nbsp;617  | &nbsp;&nbsp;0.19  | &nbsp;&nbsp;0.08  | 0.16  |
| **31-2501** | New | 127.9 | 129.4 | &nbsp;&nbsp;&nbsp;&nbsp;1.2 | &nbsp;&nbsp;2359  | &nbsp;&nbsp;0.60  | &nbsp;&nbsp;0.02  | 0.54  |

---

77<br>

------

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **DDH**  | **Vein**  | **From (m)**  | **To (m)**  | **True**<br>**Width (m)**  | **Ag (g/t)**  | **Cu %**  | **Pb %**  | **Sb %**  |
| **31-2501** | New | 134.1 | 134.2 | &nbsp;&nbsp;&nbsp;&nbsp;0.1 | &nbsp;&nbsp;1104  | &nbsp;&nbsp;0.34  | &nbsp;&nbsp;0.09  | &nbsp;&nbsp;0.28  |
| **FS-ST58** | 10Vein | 138.8 | 139.8 | &nbsp;&nbsp;&nbsp;&nbsp;0.3 | &nbsp;&nbsp;&nbsp;&nbsp;959  | &nbsp;&nbsp;0.10  | 32.35  | &nbsp;&nbsp;0.14  |
| **FS-ST58** | NYBoy | 226.6 | 228.1 | &nbsp;&nbsp;&nbsp;&nbsp;1.1 | &nbsp;&nbsp;&nbsp;&nbsp;237  | &nbsp;&nbsp;0.05  | &nbsp;&nbsp;0.04  | &nbsp;&nbsp;0.05  |
| **FS-ST59** | 10Vein | 118.3 | 118.5 | &nbsp;&nbsp;&nbsp;&nbsp;0.1 | &nbsp;&nbsp;&nbsp;&nbsp;861  | &nbsp;&nbsp;0.29  | &nbsp;&nbsp;6.79  | &nbsp;&nbsp;0.23  |
| **FS-ST59** | NYBoy | 218.9 | 219.1 | &nbsp;&nbsp;&nbsp;&nbsp;0.1 | &nbsp;&nbsp;&nbsp;&nbsp;758  | &nbsp;&nbsp;0.04  | 23.10  | &nbsp;&nbsp;0.11  |
| **FS-ST59** | SYBoy | 221.3 | 222.6 | &nbsp;&nbsp;&nbsp;&nbsp;1.0 | &nbsp;&nbsp;&nbsp;&nbsp;681  | &nbsp;&nbsp;0.14  | &nbsp;&nbsp;0.09  | &nbsp;&nbsp;0.13  |
| **FS-ST71** | 10Vein | 140.8 | 140.9 | &nbsp;&nbsp;&nbsp;&nbsp;0.1 | 32331  | 16.50  | 12.80  | 11.10  |
| **FS-ST71-A** | 10Vein | 140.3 | 140.5 | &nbsp;&nbsp;&nbsp;&nbsp;0.2 | &nbsp;&nbsp;5417  | &nbsp;&nbsp;2.73  | &nbsp;&nbsp;0.41  | &nbsp;&nbsp;2.08 |

---

#### Selected Exploration Results from Rock and Soil Geochemical Data
Beyond the Sunshine Mine Core Area, we believe there is significant opportunity for new discovery across our highly prospective, underexplored and newly consolidated district-scale land package in the Silver Valley, which has seen little modern-day exploration. In 2024, we engaged Scout to evaluate the exploration potential of our broader land package and to develop a systematic district-scale exploration roadmap. Scout's work included a 2024 desktop review of historic exploration data followed by a 2025 reconnaissance fieldwork program comprising geologic observations and geochemical sampling across the South Sunshine, Pine Creek and Rock Creek areas of our land package, including 322 man-days of field work, 128 rock samples and 2,935 soil samples. Overall results of this program include the identification of drill-ready targets at the Pine Creek and Rock Creek areas.

![](ny20061035x4_mapx1.jpg)<br>

&nbsp;&nbsp;&nbsp;&nbsp;<br>

Selected exploration results from rock and soil geochemical data from this work is presented below. Information set forth herein regarding exploration results from rock and soil geochemical data is not contained in the Sunshine Technical Report Summary but is based on and accurately reflects findings and conclusions of Ms. Irons, who is a Qualified Person employed by Scout. Scout is an affiliate of the Company. See "*Qualified Persons Statement*." The easting and northing coordinates in the tables below are expressed in UTM Zone 11N using the WGS84 datum.

<u>Rock Geochemical Data</u>

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Sample ID**  | **Easting**  | **Northing**  | **Silver** <br>**(parts per** <br>**million)**  | **Lead (parts** <br>**per million)**  | **Zinc (parts** <br>**per million)**  | **Antimony** <br>**(parts per** <br>**million)**  | **Copper** <br>**(parts per** <br>**million)**  |
| &nbsp;&nbsp;**PC-25F-019**  | 560671.85  | 5259637.09  | &nbsp;&nbsp;&nbsp;295  | &nbsp;&nbsp;21300  | 139900  | &nbsp;&nbsp;&nbsp;544  | &nbsp;&nbsp;&nbsp;970  |
| &nbsp;&nbsp;**PC-25F-001**  | 559929.66  | 5257953.36  | &nbsp;&nbsp;&nbsp;145  | &nbsp;&nbsp;17200  | 191800  | &nbsp;&nbsp;&nbsp;255  | &nbsp;&nbsp;&nbsp;787  |
| &nbsp;&nbsp;**PC-25F-014**  | 560369.22  | 5259029.33  | &nbsp;&nbsp;&nbsp;103  | &nbsp;&nbsp;19200  | 123800  | &nbsp;&nbsp;&nbsp;119  | &nbsp;&nbsp;&nbsp;257  |
| &nbsp;&nbsp;**PC-25F-018**  | 560671.85  | 5259637.09  | &nbsp;&nbsp;&nbsp;96  | &nbsp;&nbsp;20200  | &nbsp;&nbsp;36000  | &nbsp;&nbsp;&nbsp;177  | &nbsp;&nbsp;&nbsp;255  |
| &nbsp;&nbsp;**PC-25F-028**  | 560983.67  | 5259644.78  | &nbsp;&nbsp;&nbsp;&nbsp;92.2  | &nbsp;&nbsp;21300  | &nbsp;&nbsp;&nbsp;2940  | &nbsp;&nbsp;&nbsp;452  | &nbsp;&nbsp;&nbsp;312  |
| &nbsp;&nbsp;**PC-25F-026**  | 560753.99  | 5259852.46  | &nbsp;&nbsp;&nbsp;&nbsp;90.6  | &nbsp;&nbsp;19700  | 142400  | &nbsp;&nbsp;&nbsp;169  | &nbsp;&nbsp;&nbsp;218  |

---

78<br>

------

#### **TABLE OF CONTENTS**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Sample ID**  | **Easting**  | **Northing**  | **Silver** <br>**(parts per** <br>**million)**  | **Lead (parts** <br>**per million)**  | **Zinc (parts** <br>**per million)**  | **Antimony** <br>**(parts per** <br>**million)**  | **Copper** <br>**(parts per** <br>**million)**  |
| &nbsp;&nbsp;**PC-25F-020**  | 561924.43  | &nbsp;&nbsp;5259310.1  | &nbsp;&nbsp;&nbsp;&nbsp;88.8  | &nbsp;&nbsp;17800  | &nbsp;&nbsp;72300  | &nbsp;&nbsp;132  | &nbsp;&nbsp;&nbsp;&nbsp;589  |
| **RC-25F-039**  | 590547.64  | 5256170.56  | &nbsp;&nbsp;&nbsp;&nbsp;72.3  | &nbsp;&nbsp;22800  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70  | &nbsp;&nbsp;96.7  | &nbsp;&nbsp;&nbsp;83.4  |
| **RC-25F-059**  | 590773.44  | &nbsp;&nbsp;5256288.1  | &nbsp;&nbsp;&nbsp;&nbsp;69.8  | &nbsp;&nbsp;20600  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12  | &nbsp;&nbsp;74.8  | &nbsp;&nbsp;&nbsp;&nbsp;160  |
| &nbsp;&nbsp;**PC-25F-041**  | 563360.83  | 5258790.84  | &nbsp;&nbsp;&nbsp;67  | &nbsp;&nbsp;25800  | 127000  | &nbsp;&nbsp;240  | &nbsp;&nbsp;1260  |
| &nbsp;&nbsp;**PC-25F-021**  | 560689.45  | 5259828.45  | &nbsp;&nbsp;&nbsp;&nbsp;66.9  | &nbsp;&nbsp;19400  | 116900  | &nbsp;&nbsp;&nbsp;113  | &nbsp;&nbsp;&nbsp;&nbsp;459  |
| **RC-25F-029**  | 593131.11  | 5255632.66  | &nbsp;&nbsp;&nbsp;53  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56.5  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;443  | &nbsp;&nbsp;253  | 22520  |
| &nbsp;&nbsp;**PC-25F-013**  | 560528.93  | 5259251.05  | &nbsp;&nbsp;&nbsp;&nbsp;52.3  | &nbsp;&nbsp;23800  | 140400  | &nbsp;&nbsp;&nbsp;115  | &nbsp;&nbsp;&nbsp;&nbsp;553  |
| **RC-25F-054**  | 591630.62  | 5256090.79  | &nbsp;&nbsp;&nbsp;&nbsp;48.9  | &nbsp;&nbsp;4830  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;127  | &nbsp;&nbsp;2770  | &nbsp;&nbsp;2160  |
| **RC-25F-057**  | 590773.44  | &nbsp;&nbsp;5256288.1  | &nbsp;&nbsp;&nbsp;37  | &nbsp;&nbsp;20000  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61  | &nbsp;&nbsp;47.3  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20  |
| **RC-25F-050**  | 590793.19  | 5256025.85  | &nbsp;&nbsp;&nbsp;&nbsp;34.3  | &nbsp;&nbsp;19400  | &nbsp;&nbsp;&nbsp;6160  | &nbsp;&nbsp;42.1  | &nbsp;&nbsp;&nbsp;42.5  |
| **RC-25F-044**  | 590712.65  | 5256050.72  | &nbsp;&nbsp;&nbsp;31  | &nbsp;&nbsp;19300  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;749  | &nbsp;&nbsp;73.6  | &nbsp;&nbsp;&nbsp;&nbsp;150  |
| &nbsp;&nbsp;**PC-25F-015**  | 560369.22  | 5259029.33  | &nbsp;&nbsp;&nbsp;&nbsp;28.3  | &nbsp;&nbsp;14500  | &nbsp;&nbsp;17700  | &nbsp;&nbsp;65.5  | &nbsp;&nbsp;&nbsp;&nbsp;631  |
| **RC-25F-046**  | 590712.65  | 5256050.72  | &nbsp;&nbsp;&nbsp;23  | &nbsp;&nbsp;9100  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77  | &nbsp;&nbsp;109  | &nbsp;&nbsp;&nbsp;&nbsp;499  |
| &nbsp;&nbsp;**PC-25F-027**  | 560705.39  | 5259744.14  | &nbsp;&nbsp;&nbsp;&nbsp;21.2  | &nbsp;&nbsp;16000  | 116700  | &nbsp;&nbsp;40.4  | &nbsp;&nbsp;&nbsp;&nbsp;439  |
| &nbsp;&nbsp;**PC-25F-040**  | &nbsp;&nbsp;562860.8  | 5258833.25  | &nbsp;&nbsp;&nbsp;&nbsp;20.4  | &nbsp;&nbsp;23300  | &nbsp;&nbsp;26000  | &nbsp;&nbsp;44.4  | &nbsp;&nbsp;&nbsp;&nbsp;946  |
| &nbsp;&nbsp;**PC-25F-024**  | 560665.22  | 5259840.42  | &nbsp;&nbsp;&nbsp;20  | &nbsp;&nbsp;8960  | &nbsp;&nbsp;&nbsp;1990  | &nbsp;&nbsp;2630  | 15600  |
| &nbsp;&nbsp;**PC-25F-022**  | 560694.07  | 5259818.49  | &nbsp;&nbsp;&nbsp;&nbsp;17.6  | &nbsp;&nbsp;21000  | &nbsp;&nbsp;16700  | &nbsp;&nbsp;51.3  | &nbsp;&nbsp;&nbsp;&nbsp;689  |
| &nbsp;&nbsp;**PC-25F-034**  | 558812.53  | 5260607.32  | &nbsp;&nbsp;&nbsp;&nbsp;17.4  | &nbsp;&nbsp;3810  | &nbsp;&nbsp;&nbsp;1070  | &nbsp;&nbsp;11.4  | &nbsp;&nbsp;&nbsp;&nbsp;257  |
| **RC-25F-007**  | 593284.14  | 5256014.49  | &nbsp;&nbsp;&nbsp;&nbsp;15.4  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.8  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19  | &nbsp;&nbsp;40.3  | &nbsp;&nbsp;3360  |
| **RC-25F-035**  | 590547.64  | 5256170.56  | &nbsp;&nbsp;&nbsp;&nbsp;10.9  | &nbsp;&nbsp;8080  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;455  | &nbsp;&nbsp;22.4  | &nbsp;&nbsp;&nbsp;&nbsp;119  |
| &nbsp;&nbsp;**PC-25F-009**  | 561374.44  | 5258948.64  | &nbsp;&nbsp;&nbsp;&nbsp;10.4  | &nbsp;&nbsp;&nbsp;&nbsp;637  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;158  | &nbsp;&nbsp;23.1  | &nbsp;&nbsp;&nbsp;21.1  |
| &nbsp;&nbsp;**PC-25F-038**  | 558222.08  | 5261127.14  | &nbsp;&nbsp;&nbsp;&nbsp;6.49  | &nbsp;&nbsp;&nbsp;&nbsp;360  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;417  | &nbsp;&nbsp;18.5  | &nbsp;&nbsp;1400  |
| **RC-25F-012**  | 593415.47  | &nbsp;&nbsp;5255935.1  | &nbsp;&nbsp;&nbsp;&nbsp;6.33  | &nbsp;&nbsp;&nbsp;&nbsp;217  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38  | &nbsp;&nbsp;44.6  | 23400  |
| &nbsp;&nbsp;**PC-25F-039**  | 562899.21  | 5258834.77  | &nbsp;&nbsp;&nbsp;&nbsp;6.24  | &nbsp;&nbsp;5620  | &nbsp;&nbsp;&nbsp;9700  | &nbsp;&nbsp;137  | &nbsp;&nbsp;&nbsp;&nbsp;251  |
| &nbsp;&nbsp;**PC-25F-006**  | 562318.42  | 5258890.81  | &nbsp;&nbsp;&nbsp;&nbsp;4.67  | &nbsp;&nbsp;4470  | &nbsp;&nbsp;&nbsp;8820  | &nbsp;&nbsp;13.2  | &nbsp;&nbsp;&nbsp;&nbsp;634  |
| **RC-25F-042**  | 590667.96  | 5256083.49  | &nbsp;&nbsp;&nbsp;&nbsp;4.58  | &nbsp;&nbsp;1980  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42  | &nbsp;&nbsp;21.3  | &nbsp;&nbsp;&nbsp;49.4  |
| **RC-25F-013**  | 593415.47  | &nbsp;&nbsp;5255935.1  | &nbsp;&nbsp;&nbsp;&nbsp;4.29  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39.1  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27  | &nbsp;&nbsp;&nbsp;&nbsp;10  | 30700  |
| **RC-25F-010**  | 593284.14  | 5256014.49  | &nbsp;&nbsp;&nbsp;&nbsp;2.81  | &nbsp;&nbsp;&nbsp;&nbsp;310  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53  | &nbsp;&nbsp;&nbsp;&nbsp;16  | &nbsp;&nbsp;4750  |
| **RC-25F-065**  | 591916.33  | 5256084.14  | &nbsp;&nbsp;&nbsp;&nbsp;1.99  | &nbsp;&nbsp;&nbsp;&nbsp;340  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21  | &nbsp;&nbsp;150  | &nbsp;&nbsp;&nbsp;66.4  |
| **RC-25F-055**  | 590773.44  | &nbsp;&nbsp;5256288.1  | &nbsp;&nbsp;&nbsp;&nbsp;1.94  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;98.4  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60  | &nbsp;&nbsp;549  | &nbsp;&nbsp;1290  |
| **RC-25F-061**  | 590773.44  | &nbsp;&nbsp;5256288.1  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.6  | &nbsp;&nbsp;&nbsp;&nbsp;463  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42  | &nbsp;&nbsp;10.2  | &nbsp;&nbsp;&nbsp;25.7  |
| **RC-25F-009**  | 593284.14  | 5256014.49  | &nbsp;&nbsp;&nbsp;&nbsp;1.48  | &nbsp;&nbsp;&nbsp;&nbsp;189  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39  | &nbsp;&nbsp;&nbsp;8.3  | &nbsp;&nbsp;1770  |
| **RC-25F-011**  | 593415.47  | &nbsp;&nbsp;5255935.1  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.8  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20  | &nbsp;&nbsp;2.55  | &nbsp;&nbsp;5580  |
| **RC-25F-060**  | 592301.54  | 5256075.41  | &nbsp;&nbsp;&nbsp;&nbsp;0.99  | &nbsp;&nbsp;&nbsp;&nbsp;475  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53  | &nbsp;&nbsp;4.44  | &nbsp;&nbsp;&nbsp;&nbsp;139  |
| **RC-25F-002**  | 593006.07  | 5256175.59  | &nbsp;&nbsp;&nbsp;&nbsp;0.99  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41.3  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24  | &nbsp;&nbsp;4.91  | &nbsp;&nbsp;&nbsp;&nbsp;946  |
| **RC-25F-001**  | 593006.07  | 5256175.59  | &nbsp;&nbsp;&nbsp;&nbsp;0.94  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.1  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20  | &nbsp;&nbsp;32.3  | &nbsp;&nbsp;&nbsp;&nbsp;277  |
| **RC-25F-062**  | 592301.54  | 5256075.41  | &nbsp;&nbsp;&nbsp;&nbsp;0.82  | &nbsp;&nbsp;&nbsp;&nbsp;149  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36  | &nbsp;&nbsp;5.79  | &nbsp;&nbsp;&nbsp;&nbsp;139  |
| **RC-25F-051**  | 590293.19  | 5256178.64  | &nbsp;&nbsp;&nbsp;&nbsp;0.49  | &nbsp;&nbsp;&nbsp;&nbsp;119  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41  | &nbsp;&nbsp;4.91  | &nbsp;&nbsp;&nbsp;17.3  |
| **RC-25F-052**  | 591632.57  | 5256106.05  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.4  | &nbsp;&nbsp;&nbsp;&nbsp;213  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48  | &nbsp;&nbsp;2.01  | &nbsp;&nbsp;&nbsp;10.7  |
| **RC-25F-040**  | 590666.94  | 5256149.39  | &nbsp;&nbsp;&nbsp;&nbsp;0.35  | &nbsp;&nbsp;&nbsp;&nbsp;122  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11  | &nbsp;&nbsp;1.91  | &nbsp;&nbsp;&nbsp;11.5  |
| **RC-25F-063**  | 592243.17  | &nbsp;&nbsp;5256104.4  | &nbsp;&nbsp;&nbsp;&nbsp;0.31  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;91.5  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35  | &nbsp;&nbsp;4.18  | &nbsp;&nbsp;&nbsp;&nbsp;138  |
| **RC-25F-064**  | 591916.33  | 5256084.14  | &nbsp;&nbsp;&nbsp;&nbsp;0.27  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61.8  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45  | &nbsp;&nbsp;3.16  | &nbsp;&nbsp;&nbsp;11.2  |
| **RC-25F-058**  | 591674.23  | &nbsp;&nbsp;5255973.2  | &nbsp;&nbsp;&nbsp;&nbsp;0.26  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;86.8  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11  | &nbsp;&nbsp;4.75  | &nbsp;&nbsp;&nbsp;16.6  |
| **RC-25F-043**  | 590458.65  | 5256059.13  | &nbsp;&nbsp;&nbsp;&nbsp;0.25  | &nbsp;&nbsp;&nbsp;&nbsp;102  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35  | &nbsp;&nbsp;1.96  | &nbsp;&nbsp;&nbsp;13.3  |
| **SS-25F-001**  | 570660.82  | 5257866.23  | &nbsp;&nbsp;&nbsp;&nbsp;0.16  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43.8  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34  | &nbsp;&nbsp;1.82  | &nbsp;&nbsp;&nbsp;28.9  |
| **SS-25F-006**  | 570244.38  | 5256895.33  | &nbsp;&nbsp;&nbsp;&nbsp;0.11  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;98.7  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;196  | &nbsp;&nbsp;9.48  | &nbsp;&nbsp;&nbsp;28.9  |
| **SS-25F-003**  | 570350.62  | 5257150.03  | &nbsp;&nbsp;&nbsp;&nbsp;0.11  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;86.5  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;292  | &nbsp;&nbsp;1.03  | &nbsp;&nbsp;&nbsp;&nbsp;4.8  |
| **SS-25F-002**  | 570350.62  | 5257150.03  | &nbsp;&nbsp;&nbsp;&nbsp;0.11  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47.8  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59  | &nbsp;&nbsp;1.12  | &nbsp;&nbsp;&nbsp;10.8  |
| **SS-25F-011**  | 574186.94  | 5257650.84  | &nbsp;&nbsp;&nbsp;&nbsp;0.11  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43.4  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;216  | &nbsp;&nbsp;0.65  | &nbsp;&nbsp;&nbsp;&nbsp;6.5  |

---

79<br>

------

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Sample ID**  | **Easting**  | **Northing**  | **Silver** <br>**(parts per** <br>**million)**  | **Lead (parts** <br>**per million)**  | **Zinc (parts** <br>**per million)**  | **Antimony** <br>**(parts per** <br>**million)**  | **Copper** <br>**(parts per** <br>**million)**  |
| **SS-25F-005**  | 570244.91  | 5256914.23  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.1  | &nbsp;&nbsp;&nbsp;&nbsp;31.2  | &nbsp;&nbsp;&nbsp;&nbsp;92  | &nbsp;&nbsp;&nbsp;&nbsp;0.92  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.5  |
| **SS-25F-007**  | 570811.32  | 5258820.61  | &nbsp;&nbsp;&nbsp;&nbsp;0.09  | &nbsp;&nbsp;&nbsp;&nbsp;47.2  | &nbsp;&nbsp;&nbsp;&nbsp;22  | &nbsp;&nbsp;&nbsp;&nbsp;14.4  | &nbsp;&nbsp;&nbsp;&nbsp;89.8  |
| **SS-25F-004**  | 570405.52  | 5257222.94  | &nbsp;&nbsp;&nbsp;&nbsp;0.09  | &nbsp;&nbsp;&nbsp;&nbsp;40  | &nbsp;&nbsp;&nbsp;&nbsp;85  | &nbsp;&nbsp;&nbsp;&nbsp;0.96  | &nbsp;&nbsp;&nbsp;&nbsp;10.5  |
| **SS-25F-008**  | &nbsp;&nbsp;570797.9  | 5258808.22  | &nbsp;&nbsp;&nbsp;&nbsp;0.08  | &nbsp;&nbsp;&nbsp;&nbsp;16.5  | &nbsp;&nbsp;&nbsp;&nbsp;4  | &nbsp;&nbsp;&nbsp;&nbsp;1.44  | &nbsp;&nbsp;&nbsp;&nbsp;6  |
| **SS-25F-020**  | 566840.63  | &nbsp;&nbsp;5256340.9  | &nbsp;&nbsp;&nbsp;&nbsp;0.05  | &nbsp;&nbsp;&nbsp;&nbsp;23.5  | &nbsp;&nbsp;&nbsp;&nbsp;18  | &nbsp;&nbsp;&nbsp;&nbsp;0.63  | &nbsp;&nbsp;&nbsp;&nbsp;8 |

---

<u>Soil Geochemical Data</u>

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Sample ID**  | **Easting**  | **Northing**  | **Silver** <br>**(parts per** <br>**million)**  | **Lead (parts** <br>**per million)**  | **Zinc (parts** <br>**per million)**  | **Antimony** <br>**(parts per** <br>**million)**  | **Copper** <br>**(parts per** <br>**million)**  |
| **PC-0846**  | 563574.0289  | 5258427.063  | &nbsp;&nbsp;&nbsp;&nbsp;19.6  | &nbsp;&nbsp;10000  | &nbsp;&nbsp;&nbsp;2440  | &nbsp;&nbsp;32.5  | &nbsp;&nbsp;&nbsp;195  |
| **RC-300**  | 590172.4141  | 5256438.001  | &nbsp;&nbsp;&nbsp;&nbsp;3.52  | &nbsp;&nbsp;5190  | &nbsp;&nbsp;&nbsp;466  | &nbsp;&nbsp;21.5  | &nbsp;&nbsp;&nbsp;&nbsp;65.4  |
| **RC-0957**  | &nbsp;&nbsp;586154.467  | 5256547.968  | &nbsp;&nbsp;&nbsp;&nbsp;2.75  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43.7  | &nbsp;&nbsp;&nbsp;106  | &nbsp;&nbsp;1.37  | &nbsp;&nbsp;&nbsp;&nbsp;28.8  |
| **RC-930**  | 585631.1052  | 5255304.231  | &nbsp;&nbsp;&nbsp;&nbsp;2.41  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23.2  | &nbsp;&nbsp;&nbsp;&nbsp;76  | 0.025  | &nbsp;&nbsp;&nbsp;&nbsp;28.9  |
| **PC-0682**  | 563596.3208  | 5257760.313  | &nbsp;&nbsp;&nbsp;&nbsp;2.08  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27.1  | &nbsp;&nbsp;&nbsp;&nbsp;78  | &nbsp;&nbsp;0.76  | &nbsp;&nbsp;&nbsp;21  |
| **RC-301**  | 590212.1006  | 5256480.186  | &nbsp;&nbsp;&nbsp;&nbsp;2.06  | &nbsp;&nbsp;&nbsp;&nbsp;742  | &nbsp;&nbsp;&nbsp;276  | &nbsp;&nbsp;2.01  | &nbsp;&nbsp;&nbsp;&nbsp;24.5  |
| **RC-865**  | 584858.0767  | 5254739.211  | &nbsp;&nbsp;&nbsp;&nbsp;1.99  | &nbsp;&nbsp;&nbsp;&nbsp;166  | &nbsp;&nbsp;&nbsp;&nbsp;71  | &nbsp;&nbsp;1.41  | &nbsp;&nbsp;&nbsp;&nbsp;24.2  |
| **RC-856**  | 585236.1042  | 5254512.154  | &nbsp;&nbsp;&nbsp;&nbsp;1.83  | &nbsp;&nbsp;&nbsp;&nbsp;217  | &nbsp;&nbsp;&nbsp;&nbsp;57  | &nbsp;&nbsp;8.34  | &nbsp;&nbsp;&nbsp;28  |
| **RC-206**  | 591265.6438  | 5256059.526  | &nbsp;&nbsp;&nbsp;&nbsp;1.81  | &nbsp;&nbsp;3250  | &nbsp;&nbsp;&nbsp;&nbsp;69  | &nbsp;&nbsp;10.5  | &nbsp;&nbsp;&nbsp;&nbsp;54.8  |
| **RC-861D**  | 585002.1804  | 5254599.462  | &nbsp;&nbsp;&nbsp;&nbsp;1.74  | &nbsp;&nbsp;&nbsp;&nbsp;148  | &nbsp;&nbsp;&nbsp;&nbsp;66  | &nbsp;&nbsp;3.14  | &nbsp;&nbsp;&nbsp;&nbsp;26.6  |
| **RC-861**  | 585002.1804  | 5254599.462  | &nbsp;&nbsp;&nbsp;&nbsp;1.69  | &nbsp;&nbsp;&nbsp;&nbsp;152  | &nbsp;&nbsp;&nbsp;&nbsp;68  | &nbsp;&nbsp;3.21  | &nbsp;&nbsp;&nbsp;27  |
| **RC-862**  | 584959.2593  | 5254626.185  | &nbsp;&nbsp;&nbsp;&nbsp;1.62  | &nbsp;&nbsp;&nbsp;&nbsp;189  | &nbsp;&nbsp;&nbsp;&nbsp;92  | &nbsp;&nbsp;2.63  | &nbsp;&nbsp;&nbsp;24  |
| **RC-0815**  | 587097.3311  | 5253901.234  | &nbsp;&nbsp;&nbsp;&nbsp;1.59  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63.4  | &nbsp;&nbsp;&nbsp;&nbsp;71  | 0.025  | &nbsp;&nbsp;&nbsp;&nbsp;25.1  |
| **RC-929**  | 585608.6671  | 5255260.664  | &nbsp;&nbsp;&nbsp;&nbsp;1.54  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36  | &nbsp;&nbsp;&nbsp;175  | &nbsp;&nbsp;0.37  | &nbsp;&nbsp;&nbsp;&nbsp;38.3  |
| **RC-0961**  | 586193.6983  | &nbsp;&nbsp;5256745.96  | &nbsp;&nbsp;&nbsp;&nbsp;1.52  | &nbsp;&nbsp;&nbsp;&nbsp;173  | &nbsp;&nbsp;&nbsp;183  | &nbsp;&nbsp;&nbsp;3.1  | &nbsp;&nbsp;&nbsp;490  |
| **PC-0785**  | 562082.4909  | 5258620.957  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.5  | &nbsp;&nbsp;&nbsp;&nbsp;911  | &nbsp;&nbsp;&nbsp;1440  | &nbsp;&nbsp;6.27  | &nbsp;&nbsp;&nbsp;&nbsp;73.8  |
| **RC-0901**  | 584894.2596  | 5256385.741  | &nbsp;&nbsp;&nbsp;&nbsp;1.46  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40.4  | &nbsp;&nbsp;&nbsp;&nbsp;92  | &nbsp;&nbsp;1.46  | &nbsp;&nbsp;&nbsp;&nbsp;28.5  |
| **RC-0903**  | 584908.9314  | 5256486.662  | &nbsp;&nbsp;&nbsp;&nbsp;1.42  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99.4  | &nbsp;&nbsp;&nbsp;131  | &nbsp;&nbsp;2.11  | &nbsp;&nbsp;&nbsp;151  |
| **RC-118**  | 591340.9916  | 5256754.673  | &nbsp;&nbsp;&nbsp;&nbsp;1.42  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76.3  | &nbsp;&nbsp;&nbsp;142  | &nbsp;&nbsp;0.63  | &nbsp;&nbsp;&nbsp;43  |
| **PC-0207D**  | 562112.4262  | 5259117.431  | &nbsp;&nbsp;&nbsp;&nbsp;1.38  | &nbsp;&nbsp;&nbsp;&nbsp;955  | &nbsp;&nbsp;&nbsp;406  | &nbsp;&nbsp;3.48  | &nbsp;&nbsp;&nbsp;133  |
| **RC-0105**  | &nbsp;&nbsp;591645.314  | 5256062.226  | &nbsp;&nbsp;&nbsp;&nbsp;1.38  | &nbsp;&nbsp;&nbsp;&nbsp;542  | &nbsp;&nbsp;&nbsp;&nbsp;65  | &nbsp;&nbsp;345  | &nbsp;&nbsp;&nbsp;493  |
| **RC-0902**  | 584901.8136  | 5256436.761  | &nbsp;&nbsp;&nbsp;&nbsp;1.34  | &nbsp;&nbsp;&nbsp;&nbsp;123  | &nbsp;&nbsp;&nbsp;&nbsp;91  | &nbsp;&nbsp;2.96  | &nbsp;&nbsp;&nbsp;&nbsp;29.6  |
| **PC-0207**  | 562112.4262  | 5259117.431  | &nbsp;&nbsp;&nbsp;&nbsp;1.17  | &nbsp;&nbsp;&nbsp;&nbsp;763  | &nbsp;&nbsp;&nbsp;337  | &nbsp;&nbsp;2.42  | &nbsp;&nbsp;&nbsp;104  |
| **RC-299**  | 590138.5775  | 5256402.688  | &nbsp;&nbsp;&nbsp;&nbsp;1.13  | &nbsp;&nbsp;&nbsp;&nbsp;746  | &nbsp;&nbsp;&nbsp;149  | &nbsp;&nbsp;1.65  | &nbsp;&nbsp;&nbsp;&nbsp;26.6  |
| **RC-1079**  | 584749.4453  | 5257177.194  | &nbsp;&nbsp;&nbsp;&nbsp;1.08  | &nbsp;&nbsp;&nbsp;&nbsp;185  | &nbsp;&nbsp;&nbsp;153  | 0.025  | &nbsp;&nbsp;&nbsp;&nbsp;19.5  |
| **RC-1078**  | 584780.0774  | 5257138.843  | &nbsp;&nbsp;&nbsp;&nbsp;1.07  | &nbsp;&nbsp;&nbsp;&nbsp;320  | &nbsp;&nbsp;&nbsp;186  | &nbsp;&nbsp;&nbsp;0.2  | &nbsp;&nbsp;&nbsp;&nbsp;25.1  |
| **RC-207**  | 591263.8037  | 5256105.073  | &nbsp;&nbsp;&nbsp;&nbsp;1.03  | &nbsp;&nbsp;&nbsp;&nbsp;846  | &nbsp;&nbsp;&nbsp;&nbsp;87  | &nbsp;&nbsp;1.99  | &nbsp;&nbsp;&nbsp;&nbsp;29.7  |
| **RC-0132**  | 591638.1656  | 5256215.627  | &nbsp;&nbsp;&nbsp;&nbsp;0.97  | &nbsp;&nbsp;&nbsp;&nbsp;202  | &nbsp;&nbsp;&nbsp;&nbsp;81  | &nbsp;&nbsp;0.81  | &nbsp;&nbsp;&nbsp;&nbsp;38.6  |
| **PC-0023**  | &nbsp;&nbsp;561272.967  | 5259411.926  | &nbsp;&nbsp;&nbsp;&nbsp;0.96  | &nbsp;&nbsp;&nbsp;&nbsp;552  | &nbsp;&nbsp;&nbsp;548  | &nbsp;&nbsp;4.89  | &nbsp;&nbsp;&nbsp;&nbsp;63.2  |
| **RC-0904**  | 584914.5015  | 5256534.095  | &nbsp;&nbsp;&nbsp;&nbsp;0.91  | &nbsp;&nbsp;&nbsp;&nbsp;227  | &nbsp;&nbsp;&nbsp;117  | &nbsp;&nbsp;1.69  | &nbsp;&nbsp;&nbsp;&nbsp;21.1  |
| **PC-0530**  | 559055.9076  | 5260114.535  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.9  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;86.2  | &nbsp;&nbsp;&nbsp;300  | &nbsp;&nbsp;1.69  | &nbsp;&nbsp;&nbsp;&nbsp;91.4  |
| **RC-0107**  | 591597.0507  | 5256275.011  | &nbsp;&nbsp;&nbsp;&nbsp;0.89  | &nbsp;&nbsp;&nbsp;&nbsp;186  | &nbsp;&nbsp;&nbsp;203  | &nbsp;&nbsp;0.69  | &nbsp;&nbsp;&nbsp;&nbsp;30.9  |
| **PC-0847**  | 563567.6878  | &nbsp;&nbsp;5258483.79  | &nbsp;&nbsp;&nbsp;&nbsp;0.87  | &nbsp;&nbsp;&nbsp;&nbsp;411  | &nbsp;&nbsp;&nbsp;320  | &nbsp;&nbsp;1.21  | &nbsp;&nbsp;&nbsp;&nbsp;24.9  |
| **PC-0002**  | 561351.5875  | 5260452.853  | &nbsp;&nbsp;&nbsp;&nbsp;0.79  | &nbsp;&nbsp;&nbsp;&nbsp;371  | &nbsp;&nbsp;&nbsp;156  | &nbsp;&nbsp;1.11  | &nbsp;&nbsp;&nbsp;&nbsp;37.9  |
| **RC-208**  | 591259.4407  | 5256157.695  | &nbsp;&nbsp;&nbsp;&nbsp;0.74  | &nbsp;&nbsp;&nbsp;&nbsp;404  | &nbsp;&nbsp;&nbsp;133  | &nbsp;&nbsp;&nbsp;1.3  | &nbsp;&nbsp;&nbsp;&nbsp;25.6  |
| **PC-0783**  | &nbsp;&nbsp;562146.162  | 5258699.211  | &nbsp;&nbsp;&nbsp;&nbsp;0.74  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74.3  | &nbsp;&nbsp;&nbsp;178  | &nbsp;&nbsp;1.67  | &nbsp;&nbsp;&nbsp;&nbsp;45.2  |
| **PC-0003**  | 561362.5668  | 5260404.175  | &nbsp;&nbsp;&nbsp;&nbsp;0.68  | &nbsp;&nbsp;&nbsp;&nbsp;187  | &nbsp;&nbsp;&nbsp;141  | &nbsp;&nbsp;0.73  | &nbsp;&nbsp;&nbsp;&nbsp;29.6  |
| **PC-0206**  | 562133.7382  | 5259159.326  | &nbsp;&nbsp;&nbsp;&nbsp;0.58  | &nbsp;&nbsp;&nbsp;&nbsp;881  | &nbsp;&nbsp;&nbsp;253  | &nbsp;&nbsp;1.72  | &nbsp;&nbsp;&nbsp;41  |
| &nbsp;&nbsp;**SU-0823**  | -12914749.3  | 6020108.887  | &nbsp;&nbsp;&nbsp;&nbsp;0.56  | &nbsp;&nbsp;&nbsp;&nbsp;157  | &nbsp;&nbsp;&nbsp;106  | &nbsp;&nbsp;0.61  | &nbsp;&nbsp;&nbsp;&nbsp;17.2  |

---

80<br>

------

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Sample ID**  | **Easting**  | **Northing**  | **Silver** <br>**(parts per** <br>**million)**  | **Lead (parts** <br>**per million)**  | **Zinc (parts** <br>**per million)**  | **Antimony** <br>**(parts per** <br>**million)**  | **Copper** <br>**(parts per** <br>**million)**  |
| **PC-1055**  | 560858.9566  | 5258825.325  | &nbsp;&nbsp;&nbsp;&nbsp;0.54  | &nbsp;&nbsp;&nbsp;&nbsp;232  | &nbsp;&nbsp;&nbsp;&nbsp;147  | &nbsp;&nbsp;&nbsp;0.3  | &nbsp;&nbsp;&nbsp;16  |
| **PC-1056**  | 560805.4094  | 5258808.432  | &nbsp;&nbsp;&nbsp;&nbsp;0.51  | &nbsp;&nbsp;&nbsp;&nbsp;470  | &nbsp;&nbsp;&nbsp;&nbsp;165  | &nbsp;&nbsp;&nbsp;0.9  | &nbsp;&nbsp;&nbsp;&nbsp;20.3  |
| **PC-0959**  | 558880.7164  | 5259193.132  | &nbsp;&nbsp;&nbsp;&nbsp;0.51  | &nbsp;&nbsp;&nbsp;&nbsp;85.4  | &nbsp;&nbsp;&nbsp;&nbsp;164  | &nbsp;&nbsp;0.98  | &nbsp;&nbsp;&nbsp;&nbsp;20.2  |
| &nbsp;&nbsp;**SU-0796**  | -12914309.3  | 6018557.787  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.5  | &nbsp;&nbsp;&nbsp;&nbsp;20.8  | &nbsp;&nbsp;&nbsp;&nbsp;65  | &nbsp;&nbsp;0.26  | &nbsp;&nbsp;&nbsp;&nbsp;21.3  |
| &nbsp;&nbsp;**SU-0797**  | &nbsp;&nbsp;&nbsp;-12914332  | 6018486.337  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.5  | &nbsp;&nbsp;&nbsp;&nbsp;19.4  | &nbsp;&nbsp;&nbsp;&nbsp;48  | &nbsp;&nbsp;0.33  | &nbsp;&nbsp;&nbsp;&nbsp;20.5  |
| &nbsp;&nbsp;**SU-0670**  | -12918585.3  | 6019370.481  | &nbsp;&nbsp;&nbsp;&nbsp;0.49  | &nbsp;&nbsp;&nbsp;&nbsp;23  | &nbsp;&nbsp;&nbsp;&nbsp;43  | &nbsp;&nbsp;1.76  | &nbsp;&nbsp;&nbsp;&nbsp;21.3  |
| &nbsp;&nbsp;**SU-0987**  | -12923455.9  | 6020142.514  | &nbsp;&nbsp;&nbsp;&nbsp;0.44  | &nbsp;&nbsp;&nbsp;&nbsp;35.6  | &nbsp;&nbsp;&nbsp;&nbsp;61  | &nbsp;&nbsp;0.36  | &nbsp;&nbsp;&nbsp;&nbsp;34.1  |
| **SU-0811**  | -12914237.1  | 6019388.799  | &nbsp;&nbsp;&nbsp;&nbsp;0.43  | &nbsp;&nbsp;&nbsp;&nbsp;34.9  | &nbsp;&nbsp;&nbsp;&nbsp;93  | &nbsp;&nbsp;0.51  | &nbsp;&nbsp;&nbsp;&nbsp;47.8  |
| &nbsp;&nbsp;**SU-090**  | -12922840.9  | 6018878.782  | &nbsp;&nbsp;&nbsp;&nbsp;0.42  | &nbsp;&nbsp;&nbsp;&nbsp;20.4  | &nbsp;&nbsp;&nbsp;&nbsp;66  | 0.025  | &nbsp;&nbsp;&nbsp;&nbsp;18.3  |
| &nbsp;&nbsp;**SU-0815**  | -12914454.8  | 6019595.175  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.4  | &nbsp;&nbsp;&nbsp;&nbsp;44.4  | &nbsp;&nbsp;&nbsp;&nbsp;224  | &nbsp;&nbsp;0.76  | &nbsp;&nbsp;&nbsp;&nbsp;19.6  |
| &nbsp;&nbsp;**SU-0810**  | -12914182.7  | 6019337.205  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.4  | &nbsp;&nbsp;&nbsp;&nbsp;27.8  | &nbsp;&nbsp;&nbsp;&nbsp;115  | &nbsp;&nbsp;0.26  | &nbsp;&nbsp;&nbsp;&nbsp;26.2  |
| &nbsp;&nbsp;**SU-0672**  | -12918712.2  | 6019450.403  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.4  | &nbsp;&nbsp;&nbsp;&nbsp;12.6  | &nbsp;&nbsp;&nbsp;&nbsp;50  | &nbsp;&nbsp;1.69  | &nbsp;&nbsp;&nbsp;&nbsp;17.3  |
| &nbsp;&nbsp;**SU-0683**  | -12919357.9  | &nbsp;&nbsp;&nbsp;6020120.1  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.4  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.7  | &nbsp;&nbsp;&nbsp;&nbsp;47  | &nbsp;&nbsp;0.64  | &nbsp;&nbsp;&nbsp;16  |
| **PC-0254**  | 561315.6308  | 5260556.288  | &nbsp;&nbsp;&nbsp;&nbsp;0.39  | &nbsp;&nbsp;&nbsp;&nbsp;955  | &nbsp;&nbsp;&nbsp;&nbsp;182  | &nbsp;&nbsp;&nbsp;2.6  | &nbsp;&nbsp;&nbsp;&nbsp;52.3  |
| **PC-1054**  | 560897.6127  | 5258854.068  | &nbsp;&nbsp;&nbsp;&nbsp;0.39  | &nbsp;&nbsp;&nbsp;&nbsp;389  | &nbsp;&nbsp;&nbsp;&nbsp;193  | &nbsp;&nbsp;2.13  | &nbsp;&nbsp;&nbsp;&nbsp;24.2  |
| &nbsp;&nbsp;**SU-0822**  | &nbsp;&nbsp;&nbsp;-12914718  | 6020040.725  | &nbsp;&nbsp;&nbsp;&nbsp;0.39  | &nbsp;&nbsp;&nbsp;&nbsp;68.9  | &nbsp;&nbsp;&nbsp;&nbsp;251  | &nbsp;&nbsp;1.01  | &nbsp;&nbsp;&nbsp;&nbsp;15.7  |
| &nbsp;&nbsp;**SU-0994**  | -12921429.2  | &nbsp;&nbsp;6020811.87  | &nbsp;&nbsp;&nbsp;&nbsp;0.39  | &nbsp;&nbsp;&nbsp;&nbsp;36.4  | &nbsp;&nbsp;&nbsp;&nbsp;97  | &nbsp;&nbsp;0.36  | &nbsp;&nbsp;&nbsp;&nbsp;18.3  |
| &nbsp;&nbsp;**SU-0989**  | &nbsp;&nbsp;&nbsp;-12923475  | 6020291.296  | &nbsp;&nbsp;&nbsp;&nbsp;0.39  | &nbsp;&nbsp;&nbsp;&nbsp;31.4  | &nbsp;&nbsp;&nbsp;&nbsp;79  | &nbsp;&nbsp;0.36  | &nbsp;&nbsp;&nbsp;&nbsp;18.7  |
| &nbsp;&nbsp;**SU-1007**  | -12922167.5  | 6021324.612  | &nbsp;&nbsp;&nbsp;&nbsp;0.38  | &nbsp;&nbsp;&nbsp;&nbsp;86.7  | &nbsp;&nbsp;&nbsp;&nbsp;444  | &nbsp;&nbsp;0.59  | &nbsp;&nbsp;&nbsp;&nbsp;15.5  |
| &nbsp;&nbsp;**SU-0972**  | -12923304.8  | 6019031.472  | &nbsp;&nbsp;&nbsp;&nbsp;0.38  | &nbsp;&nbsp;&nbsp;&nbsp;76.8  | &nbsp;&nbsp;&nbsp;&nbsp;122  | &nbsp;&nbsp;1.66  | &nbsp;&nbsp;&nbsp;&nbsp;31.5  |
| **RC-0138**  | 591733.4228  | 5256507.579  | &nbsp;&nbsp;&nbsp;&nbsp;0.36  | &nbsp;&nbsp;&nbsp;&nbsp;300  | &nbsp;&nbsp;&nbsp;&nbsp;74  | &nbsp;&nbsp;2.78  | &nbsp;&nbsp;&nbsp;&nbsp;28.4  |
| **RC-1144**  | 595391.6084  | 5255904.227  | &nbsp;&nbsp;&nbsp;&nbsp;0.35  | &nbsp;&nbsp;&nbsp;&nbsp;378  | &nbsp;&nbsp;&nbsp;&nbsp;84  | &nbsp;&nbsp;0.72  | &nbsp;&nbsp;&nbsp;&nbsp;33.3  |
| **RC-76**  | 592904.2729  | &nbsp;&nbsp;5257303.26  | &nbsp;&nbsp;&nbsp;&nbsp;0.34  | &nbsp;&nbsp;&nbsp;&nbsp;244  | &nbsp;&nbsp;&nbsp;&nbsp;66  | &nbsp;&nbsp;&nbsp;0.5  | &nbsp;&nbsp;&nbsp;&nbsp;53.7  |
| &nbsp;&nbsp;**SU-0443**  | -12916144.3  | 6017986.919  | &nbsp;&nbsp;&nbsp;&nbsp;0.32  | &nbsp;&nbsp;&nbsp;&nbsp;114  | &nbsp;&nbsp;&nbsp;&nbsp;168  | &nbsp;&nbsp;1.81  | &nbsp;&nbsp;&nbsp;&nbsp;26.9  |
| &nbsp;&nbsp;**SU-0601**  | &nbsp;&nbsp;&nbsp;-12918310  | 6021458.113  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.3  | &nbsp;&nbsp;&nbsp;&nbsp;107  | &nbsp;&nbsp;&nbsp;&nbsp;177  | &nbsp;&nbsp;27.2  | &nbsp;&nbsp;&nbsp;&nbsp;93.6  |
| &nbsp;&nbsp;**SU-0820**  | -12914655.4  | &nbsp;&nbsp;&nbsp;6019904.4  | &nbsp;&nbsp;&nbsp;&nbsp;0.25  | &nbsp;&nbsp;&nbsp;&nbsp;158  | &nbsp;&nbsp;&nbsp;&nbsp;388  | &nbsp;&nbsp;&nbsp;0.8  | &nbsp;&nbsp;&nbsp;&nbsp;16.8  |
| &nbsp;&nbsp;**SU-0819**  | -12914624.1  | 6019836.238  | &nbsp;&nbsp;&nbsp;&nbsp;0.24  | &nbsp;&nbsp;&nbsp;&nbsp;220  | &nbsp;&nbsp;&nbsp;&nbsp;570  | &nbsp;&nbsp;0.55  | &nbsp;&nbsp;&nbsp;&nbsp;12.2  |
| **PC-0060**  | 560276.2439  | 5259486.225  | &nbsp;&nbsp;&nbsp;&nbsp;0.22  | &nbsp;&nbsp;&nbsp;&nbsp;488  | &nbsp;&nbsp;&nbsp;&nbsp;223  | &nbsp;&nbsp;&nbsp;1.6  | &nbsp;&nbsp;&nbsp;&nbsp;50.4  |
| &nbsp;&nbsp;**SU-1002**  | -12921859.5  | 6021111.378  | &nbsp;&nbsp;&nbsp;&nbsp;0.21  | &nbsp;&nbsp;&nbsp;&nbsp;170  | &nbsp;&nbsp;&nbsp;&nbsp;806  | &nbsp;&nbsp;2.27  | &nbsp;&nbsp;&nbsp;&nbsp;16.8  |
| &nbsp;&nbsp;**SU-0377**  | -12919182.6  | 6018943.212  | &nbsp;&nbsp;&nbsp;&nbsp;0.21  | &nbsp;&nbsp;&nbsp;&nbsp;155  | &nbsp;&nbsp;&nbsp;&nbsp;226  | &nbsp;&nbsp;1.24  | &nbsp;&nbsp;&nbsp;&nbsp;27.8  |
| **PC-0104**  | 559428.1053  | 5260308.462  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.2  | &nbsp;&nbsp;&nbsp;&nbsp;532  | &nbsp;&nbsp;&nbsp;&nbsp;188  | &nbsp;&nbsp;2.64  | &nbsp;&nbsp;&nbsp;&nbsp;43.3  |
| &nbsp;&nbsp;**SU-0844**  | -12914894.6  | 6021522.101  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.2  | &nbsp;&nbsp;&nbsp;&nbsp;105  | &nbsp;&nbsp;&nbsp;&nbsp;98  | &nbsp;&nbsp;1.29  | &nbsp;&nbsp;&nbsp;&nbsp;18.5  |
| &nbsp;&nbsp;**SU-1008**  | -12916023.3  | &nbsp;&nbsp;6019588.25  | &nbsp;&nbsp;&nbsp;&nbsp;0.17  | &nbsp;&nbsp;&nbsp;&nbsp;128  | &nbsp;&nbsp;&nbsp;&nbsp;586  | &nbsp;&nbsp;1.66  | &nbsp;&nbsp;&nbsp;&nbsp;14.9  |
| **RC-1039**  | 586370.5661  | 5257595.548  | &nbsp;&nbsp;&nbsp;&nbsp;0.16  | &nbsp;&nbsp;&nbsp;&nbsp;207  | &nbsp;&nbsp;&nbsp;&nbsp;153  | &nbsp;&nbsp;1.45  | &nbsp;&nbsp;&nbsp;&nbsp;13.9  |
| &nbsp;&nbsp;**SU-0556**  | -12914885.8  | 6016923.507  | &nbsp;&nbsp;&nbsp;&nbsp;0.16  | &nbsp;&nbsp;&nbsp;&nbsp;161  | &nbsp;&nbsp;&nbsp;&nbsp;330  | &nbsp;&nbsp;0.68  | &nbsp;&nbsp;&nbsp;&nbsp;26.6  |
| &nbsp;&nbsp;**SU-0902**  | -12921478.9  | 6017560.967  | &nbsp;&nbsp;&nbsp;&nbsp;0.15  | &nbsp;&nbsp;&nbsp;&nbsp;139  | &nbsp;&nbsp;&nbsp;&nbsp;356  | &nbsp;&nbsp;0.45  | &nbsp;&nbsp;&nbsp;&nbsp;22.5  |
| &nbsp;&nbsp;**SU-0901**  | -12921551.2  | 6017541.729  | &nbsp;&nbsp;&nbsp;&nbsp;0.15  | &nbsp;&nbsp;&nbsp;&nbsp;109  | &nbsp;&nbsp;&nbsp;&nbsp;231  | &nbsp;&nbsp;0.67  | &nbsp;&nbsp;&nbsp;&nbsp;22.7  |
| &nbsp;&nbsp;**SU-0900**  | -12921626.2  | 6017542.816  | &nbsp;&nbsp;&nbsp;&nbsp;0.11  | &nbsp;&nbsp;&nbsp;&nbsp;227  | &nbsp;&nbsp;&nbsp;&nbsp;236  | &nbsp;&nbsp;&nbsp;0.3  | &nbsp;&nbsp;&nbsp;&nbsp;17.3  |
| &nbsp;&nbsp;**SU-0892**  | -12922224.2  | 6017574.345  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.1  | &nbsp;&nbsp;&nbsp;&nbsp;130  | &nbsp;&nbsp;&nbsp;&nbsp;395  | &nbsp;&nbsp;0.56  | &nbsp;&nbsp;&nbsp;&nbsp;12.9  |
| **PC-0367**  | 558192.0515  | 5260074.563  | &nbsp;&nbsp;&nbsp;&nbsp;0.06  | &nbsp;&nbsp;&nbsp;&nbsp;447  | &nbsp;&nbsp;&nbsp;&nbsp;111  | &nbsp;&nbsp;0.23  | &nbsp;&nbsp;&nbsp;&nbsp;41.8  |
| &nbsp;&nbsp;**SU-0201**  | -12920625.2  | 6018407.185  | &nbsp;&nbsp;&nbsp;&nbsp;0.02  | &nbsp;&nbsp;&nbsp;&nbsp;136  | &nbsp;&nbsp;&nbsp;&nbsp;399  | 0.025  | &nbsp;&nbsp;&nbsp;&nbsp;22.9 |

---

#### Silver Industry Overview

#### Metal Overview
Silver is a precious metal occurring naturally in its solid metallic state and is commonly associated with deposits of gold, copper, lead and zinc. It is widely used in both industrial applications and as an investment asset. Unlike many other commonly mined major metals, approximately 74% of mined silver supply is delivered as a by-product from the mining of other metals. This makes primary silver deposits of scale, like the Sunshine Mine, rare.

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Silver's distinct physical and chemical properties drive diversified and growing industrial demand for silver, including from applications in AI. Silver is the best metallic conductor of electricity, and its sensitivity to and high reflectance of light, along with its strength and ability to withstand extreme temperature changes, restrict silver's substitution in most applications.

Silver has also been used throughout much of human history as a store of value. As an investment asset, silver is viewed as an attractive hedge against inflation or devaluation of fiat currencies, and as a risk-off asset during times of economic or geopolitical uncertainty.

#### Demand Side
Industrial demand accounted for approximately 58% of total silver demand in 2025, according to the Silver Institute's "World Silver Survey 2026" report. Industrial demand for silver is expected to increase by 17% by 2032 over 2026 levels, according to the CPM Silver Data Report.

Silver is essential in solar panels, superconductors and personal electronics due to its conductivity and temperature-resistance. Photovoltaic cells rely on silver to optimize energy output, while electric vehicles use silver in sensors, wiring and control modules. Silver is also used in energy storage.

Demand for silver from solar applications has accelerated in recent years, given solar's key role in the transition to green energy. Additionally, increased volatility in the global energy markets due to armed conflicts and geopolitical uncertainty have historically driven up demand for alternative energy sources, such as solar, that are less vulnerable to global supply chain disruptions. As a result, we believe current energy security dynamics may accelerate demand for silver. We expect other emergent themes, including AI, nano silver, biocides and other applications to continue driving industrial demand growth for silver.

Silver is an essential component used in technology driving the energy transition and in most consumer electronics. Silver's diversified industrial uses contribute to demand resilience, and because most applications require only small quantities of metal, substitution is limited and industrial demand has historically been relatively price inelastic.

<u>Forecast Industrial Demand for Silver</u>

![](ny20061035x4_barchart1.jpg)<br>

&nbsp;&nbsp;&nbsp;&nbsp;<br>

Source: CPM Silver Data Report

Silver has also served as a safe haven asset, a portfolio diversifier and a form of currency with no default risk for approximately 4,000 years. We expect investment demand for silver to continue rising, as it has historically grown during periods of sustained geopolitical, macroeconomic and financial risks, and devaluation of fiat currencies. 2025 demonstrated silver's utility as an investment asset, with signs of increasing institutional demand. Against the current geopolitical and macroeconomic backdrop, and given the under-ownership of silver in current institutional portfolios relative to gold and other real assets, we believe there is substantial runway for investment demand growth.

#### Supply Side
Silver supply is largely driven by mined silver production, which accounted for approximately 78% of total silver supply in 2025. Mined supply is sourced primarily from Mexico, China and Peru, which collectively accounted for approximately 49% of global mined supply in 2025, compared to only approximately 4% from the United States. China, the world's third-largest silver producer in 2025, added silver to its critical minerals list and introduced new regulations in October 2025 establishing qualification and review requirements for enterprises exporting silver during 2026 and 2027, reflecting heightened government oversight of silver exports from a major producing jurisdiction. While the ultimate impact of this policy on global silver supply and pricing remains uncertain, any restrictions or delays in exports from China (which accounted for approximately 13% of silver supply in 2025) could further constrain global silver availability.

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Mined supply has been in a declining trend since 2016 due to reserve depletion, declining ore grades, limited new discoveries and a long period of under-investment in new capacity. Annual additions to silver mining capacity in near-term mine development projects fell 80% between 2013 and 2024, and only approximately 26% of global mined supply in 2025 came from primary silver mines. Due to the by-product nature of most mined silver, project sanctioning decisions that would increase silver supply often depend on the economics of other metals being mined, instead of the underlying fundamentals of the silver market, thereby reducing supply-side response to growing silver demand.

#### Pricing and Outlook
The silver market remains in a supply deficit. This dynamic creates a highly supportive structural backdrop for spot silver prices and an attractive opportunity for silver explorers and producers.

Silver prices rose sharply in 2025, from $29.56 per ounce on January 2, 2025 to approximately $72.15 per ounce on December 31, 2025, representing an increase of approximately 144%, and have remained strong in 2026. The current spot price of silver was $81.13 per ounce as of May 8, 2026, as per APMEX. The silver supply deficit, combined with macroeconomic factors such as declining interest rates, inflation, geopolitical uncertainty and devaluation of fiat currencies, provides additional tailwinds for potential further price appreciation. While higher silver prices can positively affect the economics of silver exploration and development projects, silver prices are volatile and subject to significant fluctuations based on macroeconomic, monetary and geopolitical factors.

#### Antimony Industry Overview
Antimony is recognized as a critical mineral in the United States, EU, Japan and Australia. Its unique chemistry makes it essential in defense and several civilian supply chains. As of 2024, China accounted for 43% of global antimony mine production and hosted 90% of the world's antimony smelting capacity, according to the Argus Report. In response to China's export controls and escalating geopolitical tensions, there is increased interest in developing domestic supply chains for antimony in the United States and Europe. Elevated antimony prices outside of China and domestic protectionist policies in the United States and Europe are expected to create significant opportunity for domestic antimony suppliers, underscoring both the strong strategic and industrial logic behind the potential development of the Sunshine Antimony Plant.

#### Metal Overview
Antimony is a brittle, silvery metalloid mainly found in the form of stibnite. Most current production of antimony comes from quartz-stibnite veins and replacement deposits, with antimony extracted both as a primary product and as a by-product of mining operations. Antimony trisulfide is commonly used in military applications such as ammunition and explosives, as well as in flame retardants and semiconductors. The U.S. Army aims to establish a "ground-to-round" domestic supply chain for antimony trisulfide. According to the Argus Report, more than 300 types of munitions rely on this compound.

#### Demand Side
<u>Global Antimony Demand by End Use</u> <u>(tonnes)</u>

![](ny20061035x4_barchart9.jpg)<br>

&nbsp;&nbsp;&nbsp;&nbsp;<br>

Source: Argus Report

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According to the Argus Report, 45% of global antimony demand in 2024 was driven by the use of antimony as a flame retardant in construction materials, plastics, textiles and electrical or electronic components, including for wiring in data centers. In defense applications, antimony-based flame retardants are built into uniforms, vehicle interiors, cables and components where fire resistance is a mission-critical safety requirement. An additional 23% of global antimony demand in 2024 was for metallurgical alloys (with wide-ranging applications from their use in lead-acid batteries to increasing hardness in ammunition) and an additional 16% of antimony demand in 2024 was driven by solar glass and ceramics (driven by ongoing expansion in the solar photovoltaic sector in recent years). Antimony is also used in semiconductor doping, compound semiconductors, energy storage and polyester catalysts, among other applications.

Global antimony demand is expected to increase by 35% from 170 kilotonnes in 2024 to approximately 230 kilotonnes by 2040 according to the Argus Report. The United States is a major consumer, mainly importing antimony oxides. U.S. net imports of antimony oxides have risen sharply in recent years. A growing area of demand in the United States is expected to come from data centers being built for the growth in AI technology as wiring systems for these applications require flame retardants.

According to the Argus Report, mature, industrial applications are expected to sustain current demand for antimony, but technological innovation in photovoltaics and battery chemistries, growing data center capacity, as well as expanding military budgets, are expected to drive future demand growth.

#### Supply Side
China, Myanmar, Tajikistan and Russia accounted for 81% of global antimony mine production in 2024, with China accounting for 43% of global antimony mine production and hosting 90% of the world's antimony smelting capacity, according to the Argus Report. With this market structure, global antimony supply is characterized by persistent tightness and volatility, driven by resource depletion in major producing countries, Chinese export controls and geopolitical factors. Production has lagged demand in recent years, and this supply deficit is expected to continue in coming years for U.S. and Western importers if Chinese supply restrictions persist and additional ex-China capacity from new projects is not added.

China implemented export restrictions on antimony in September 2024, requiring companies to obtain export licenses from the commerce ministry. These controls were expanded in December 2024 to include an outright ban on exporting "dual-use" items like antimony to U.S. military users or for military purposes. On November 9, 2025, China suspended its U.S. export ban on antimony. However, Chinese antimony exports remain subject to dual-use controls and U.S. importers still need to navigate China's export licensing system, which is considered a significant regulatory hurdle. These restrictions and, more broadly, sustained geopolitical tensions, have catalyzed U.S. and Western efforts towards diversification and re-shoring of critical mineral supply chains.

While the United States has antimony reserves, no mines have been active since 1992, and the country relies heavily on imports. USAC is the only significant operating processor of antimony products in the United States, and according to USAC's company filings, it currently supplies approximately 4% of U.S. demand for antimony oxide products. USAC is reopening a mine in Montana and has leased mineral rights in Alaska, while Perpetua Resources Corp. is developing the Stibnite gold-antimony project in Idaho. The U.S. government has been highly supportive of domestic antimony production efforts, and we expect it to remain so in the foreseeable future.

We are progressing design and planning for the Sunshine Antimony Plant with a potential nameplate annual capacity of up to 34.5 million pounds (15.6 kilotonnes) of finished antimony. Based on forecasts of global antimony demand from the Argus Report and assuming U.S. demand growth matches global demand growth, we believe U.S. demand for antimony will be approximately 59 million pounds by 2030. If the contemplated nameplate annual capacity of 34.5 million pounds (15.6 kilotonnes) is achieved, the Sunshine Antimony Plant could supply up to 60% of U.S. demand using antimony-bearing concentrate from the Sunshine Mine, as well as from third party sources. We believe we are strategically well-positioned to supply the U.S. market.

#### Pricing and Outlook
In 2024 and 2025, Chinese export controls led to a surge in antimony prices outside China. U.S. and European antimony metal prices increased by approximately 350% between April 2024 and June 2025, when prices peaked just above $60,550 per tonne in the United States and $60,700 per tonne in Europe. Despite moderating in the second half of 2025, antimony prices in the United States and Europe remain meaningfully higher than historical levels.

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Antimony prices outside China are expected to remain elevated due to tightening supply and rising strategic demand, according to the Argus Report, which projects that U.S. antimony prices will reach $48,000 per tonne in 2030 and $60,500 per tonne in 2040, representing a significant premium over historically prevailing prices.

<u>U.S. Antimony Price Forecast</u> <br>

*(Antimony min 99.65% CIF US) ($ per tonne)*

&nbsp;&nbsp;&nbsp;&nbsp;![](ny20061035x4_linechart3x2.jpg)<br>

Source: Argus Report

We believe domestic production from Idaho will benefit from this strong price environment and command a strong premium over Chinese production, especially in guaranteed long-term offtake contracts with defense, critical infrastructure and potentially original equipment manufacturer customers in the United States. According to the base case of the Argus Report, antimony prices in Europe are expected to maintain their current levels in 2026 (approximately $40,000 per tonne) and then match the China price forecast at a 75% premium, while U.S. prices are projected to hold a 2% premium over Europe.

We believe long-term market structure and geopolitical trends have converged to create a conducive environment for the potential antimony restart project at the Sunshine Complex, affording us strong prospects for attractive long-term pricing, contracted offtake and upside optionality if export controls tighten further. We believe antimony has transitioned from a niche minor metal to a strategic specialty where credible U.S. producers can expect durable pricing power while addressing a key strategic security need.

#### Business Strengths and Competitive Advantages

#### Highly experienced management team and Board of Directors
We have an experienced management team with a track record of successfully identifying and developing mineral discoveries. Our management team possesses deep experience in the Silver Valley, and demonstrated capabilities across mine development and operations, engineering and safety and permitting and land management. See "*Management*."

The Company is led by Heather White, our Chief Executive Officer, who is a recognized leader in the global mining industry with a proven track record of achievements. Ms. White is a seasoned mining engineer, developer, operator and executive with 30 years of experience. She has held senior management roles at mining companies such as Inco Limited, Voisey's Bay mine, Vale S.A., NOVAGOLD Resources Inc. and Nickel Creek Platinum Corp.

André van Niekerk, our Chief Financial Officer, is an accomplished corporate officer with more than 25 years of mining industry experience in financial strategy, capital markets, corporate governance and operational excellence. Mr. van Niekerk previously served as Chief Financial Officer of Gatos Silver, Nevada Copper Corp. and Golden Star Resources Ltd.

Michelle Shepston, our General Counsel and Secretary, is an experienced executive with over 25 years of expertise in corporate and securities law, mergers and acquisitions, equity and debt transactions, compliance, risk management and corporate governance. Ms. Shepston previously served as an executive vice president and general counsel and secretary of Hoonigan and DMC Global Inc.

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Tom Henderson, our General Manager, is a mining engineer with more than 40 years of experience in underground and open-pit mining, including roles ranging from miner to Chief Operating Officer. Mr. Henderson has developed and operated mines in the United States (Idaho, Nevada and Alaska) as well as globally. Mr. Henderson has previously held positions in several mines in the Silver Valley, along with numerous outside projects including at the Grasberg, Goldstrike and Kensington mines.

Nick Furlin, our Technical Services Manager, is an experienced geologist and technical services management professional with 20 years of experience working in the Silver Valley, including 16 years at Hecla's Lucky Friday mine. Mr. Furlin helped develop the revolutionary "Underhand Closed Bench" mining method, which is a specialized underground mining technique used to improve safety and productivity compared to conventional techniques.

Our Board of Directors also comprises senior mining and financial executives with career backgrounds at notable mining companies and global experience in mineral exploration, development and mining. See "*Management*."

We believe that the specialized skills and knowledge of our management team and Board of Directors enhance our ability to create value from the restart of the Sunshine Mine and through other opportunities, such as antimony processing on-site and exploration of our highly prospective and newly consolidated district-scale land package around the Sunshine Mine.

***The Sunshine Mine is one of the highest grade primary silver deposits globally, with average diluted silver grades approximately double that of other past producing or currently producing mines in the Silver Valley***

The Sunshine Mine is one of the highest-grade primary silver deposits worldwide. As of February 24, 2026, known resources at the Sunshine Mine include Indicated Mineral Resources of 3.5 million tons in mineralized material at an average diluted silver grade of 29.8 ounces per ton, containing 103.9 million ounces of silver, and Inferred Mineral Resources of 7.1 million tons in mineralized material at an average diluted silver grade of 22.6 ounces per ton, containing 159.8 million ounces of silver. Our resources are reported after factoring in mining dilution, meaning the grade of silver is representative of the estimated grade of material that will enter our milling facility.

A high concentration of silver signifies that more metal can be produced for every tonne of mineralized material mined and processed, which results in lower costs and higher margins.

The geological formation that hosts our silver resources is similar to that of other nearby deposits and operations in the Silver Valley. Our silver-bearing veins are of similar width to other operating assets in the Silver Valley with the same ore bearing minerology, but the average diluted silver grade of both the Indicated Mineral Resources and Inferred Mineral Resources at the Sunshine Mine are approximately double that of other past producing or currently producing mines in the Silver Valley.

<u>Global High-Grade Silver Assets – Average Diluted Silver Grade of Measured</u> <u>Mineral Resources</u> <u>& Indicated</u> <u>Mineral Resources (grams per tonne)</u><sup>(1)(2)(3)</sup>

![](ny20061035x4_barchart2x1.jpg)<br>

&nbsp;&nbsp;&nbsp;&nbsp;<br>

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<u>Global High-Grade Silver Assets – Average Diluted Silver Grade of Inferred Mineral Resources</u><u> </u><br>

<u>(grams per tonne)</u><sup>(1)(2)</sup>

![](ny20061035x4_barchart3x1.jpg)<br>

&nbsp;&nbsp;&nbsp;&nbsp;<br>

(1)<br> Source: Company Filings.

(2) Top 15 highest grade active primary silver assets globally excluding Russia. Includes projects with contained Measured Mineral Resources and Indicated Mineral Resources of at least 45 million ounces of silver and contained Inferred Mineral Resources of at least 5 million ounces of silver. 

(3)<br> Measured Mineral Resources and Indicated Mineral Resources are inclusive of Mineral Reserves where applicable. Shown on a silver basis only (only illustrates silver grams per tonne of mineralized material, or ore, where applicable; excludes other commodities that also may be present).

#### Large-scale, long-life silver production plan with attractive cost profile providing strong exposure to the compelling silver market backdrop
The Base Case of the Sunshine Technical Report Summary, which assumes the mining of both Indicated Mineral Resources and Inferred Mineral Resources, contemplates producing approximately 6.7 million ounces of payable silver per year on average over the first five years of mine life and approximately 5.8 million ounces of payable silver per year on average over the full 24-year mine life, which would make it the second largest primary silver mine in the United States and would represent roughly 16% of the 35.7 million ounces of silver produced in the United States during 2025, according to the Silver Institute's "World Silver Survey 2026" report. The Indicated Only Case of the Sunshine Technical Report Summary contemplates producing approximately 3.5 million ounces of payable silver per year on average over the 10-year mine life. Based on the Base Case of the Sunshine Technical Report Summary, which assumes the mining of both Indicated Mineral Resources and Inferred Mineral Resources, AISC is expected to average $18.81 per ounce of silver produced (excluding potential copper and lead by-product credits), significantly below the current spot price of silver ($81.13 per ounce as of May 8, 2026, as per APMEX) and in the second-lowest quartile of global assets with silver production co-product AISC curve. Based on the Indicated Only Case of the Sunshine Technical Report Summary, which assumes the mining of only Indicated Mineral Resources, AISC is expected to average $24.06 per ounce of silver produced (excluding potential copper and lead by-product credits).

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#### **TABLE OF CONTENTS**
<u>Current Co-Product Silver AISC Cost Curve ($/oz Ag Co-Product)</u><sup>(1)(2)(3)(4)</sup>

![](ny20061035x4_linechart2x1.jpg)<br>

&nbsp;&nbsp;&nbsp;&nbsp;<br>

(1)<br> Source: S&P Capital IQ Pro.

(2)<br> Based on global (excluding Russia) 2024 actual cost curve as provided by S&P Global.

(3)<br> Includes all mines with reported silver production in the calendar year 2024, excluding operations with less than 500,000 ounces of silver production.

(4)<br> Figures are displayed on a co-product basis and are calculated by S&P Global in which costs are shared according to revenue value splits of the metals in each product.

We have strong leverage to silver: the Base Case of the Sunshine Technical Report Summary, which assumes the mining of both Indicated Mineral Resources and Inferred Mineral Resources, estimates the after-tax NPV of the Sunshine Mine to be $1.4 billion, based solely on silver revenues, assuming a $46.36 per ounce silver price and a 5% discount rate, the prevailing industry standard discount rate for evaluating precious metals projects in North America. According to the Sunshine Technical Report Summary, increasing the assumed silver price to $60.27 per ounce and $80.00 per ounce would increase the after-tax NPV to $2.2 billion and $3.2 billion, respectively, in the Base Case, which assumes the mining of both Indicated Mineral Resources and Inferred Mineral Resources. The Indicated Only Case of the Sunshine Technical Report Summary, which assumes the mining of only Indicated Mineral Resources, estimates the after-tax NPV of the Sunshine Mine to be $270 million, based solely on silver revenues, assuming a $46.36 per ounce silver price and a 5% discount rate, the prevailing industry standard discount rate for evaluating precious metals projects in North America.

These after-tax NPVs do not account for potential contributions from copper and lead, as well as antimony and other critical minerals, or any potential resource expansion resulting from additional exploration. Additionally, we do not currently have any commodity hedging, offtake agreements or debt in place that would limit economic exposure of the Sunshine Mine to the attractive silver market.

<u>After-Tax Sensitivity Analysis – Sunshine Technical Report Summary</u>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Base Case<sup>(1)(2)</sup>** | **Base Case<sup>(1)(2)</sup>** | **Base Case<sup>(1)(2)</sup>** | **Indicated Only Case<sup>(1)</sup>** | **Indicated Only Case<sup>(1)</sup>** | **Indicated Only Case<sup>(1)</sup>** |
| **Variance** | **Silver Price** | **NPV5%** | **IRR** | **Silver Price**  | **NPV<sub>5%</sub>**  | **IRR**  |
| *(%)*  | *($/oz)* | *($ in* <br>*millions)* | *(%)* | *($/oz)*  | *($ in* <br>*millions)*  | *(%)*  |
| **100%**  | &nbsp;&nbsp;**$46.36** | **$1434** | **38.3%** | &nbsp;&nbsp;**$46.36**  | **$270**  | **21.1%**  |
| 130%  | &nbsp;&nbsp;$60.27 | $2173 | 49.0% | &nbsp;&nbsp;$60.27  | $524  | 31.7%  |
| 173%  | &nbsp;&nbsp;$80.00 | $3220 | 61.5% | &nbsp;&nbsp;$80.00  | $878  | 43.2% |

---

(1)<br> Base Case assumes the mining of both Indicated Mineral Resources and Inferred Mineral Resources. Indicated Only Case assumes the mining of only Indicated Mineral Resources and is shown for illustrative purposes only in accordance with Subpart 1302(d)(4) of Regulation S-K.

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(2) Inferred Mineral Resources are considered geologically speculative and are based on limited geological evidence and sampling. High geological uncertainty prevents the application of technical and economic factors to evaluate economic viability. There is no certainty that this economic assessment will be realized. 

We believe the strong fundamentals of the Sunshine Mine provide scaled, long-term exposure at an attractive cost structure to a robust silver market that is benefiting from resilient and secular trends. Industrial demand for silver as a critical mineral with key applications in photovoltaics, energy storage and electronics continues to increase, while investment demand for silver as a store of value is also beginning to accelerate. Despite robust and growing industrial and investment demand, the supply side remains constrained and in persistent deficit.

#### Existing underground and surface infrastructure allows rapid return to operations and low capital costs
The Sunshine Complex has well-established infrastructure in place. We estimate that it would currently cost approximately $600 million to replace this existing infrastructure (which includes shaft and adit access to the deposit, mobile underground equipment and various components of surface infrastructure related to mineral processing and tailings disposal), and we also believe it could take several years to obtain the requisite permits. Since the Sunshine Complex was acquired by Electrum in 2010, approximately $208 million has been invested to consolidate, maintain in good-standing and modernize it in preparation for restarting operations. This included dewatering, redevelopment of the existing underground works with ventilation infrastructure, upgrades to and acquisition of mobile underground mining equipment, as well as the Sunshine Tailings Storage Facility. This installed asset base provides us with a significant head start in restarting operations and materially reduces the amount of capital required for us to achieve production relative to a new project without existing infrastructure. As a result, our capital intensity, representing the investment required per ounce of new silver production, compares favorably relative to other large scale silver projects.

#### Potential to become a major integrated antimony and critical mineral mining and refining hub in the United States
Antimony is a critical mineral required for the national security of the United States. Antimony has many end-use applications with national security relevance including munitions production, flame retardants, batteries and semiconductors. Today, the U.S. supply of upstream and processed antimony is heavily dependent on imports, much of which have historically originated from China, Russia and Tajikistan. In August 2023, China, the world's largest producer of antimony, announced export restrictions on antimony, and an export ban to the United States went into effect in December 2024. U.S. antimony prices rose from approximately $12,948 per ton in January 2024 to $44,800 per ton in November 2025 according to the Argus Report. In November 2025, China paused its ban on exports of gallium, germanium and antimony and related end-use items to the United States until November 2026. Although this represents a de-escalation of trade tensions between the two countries, the three metals are still subject to broader export controls requiring licenses from the Chinese government, and uncertainty remains for future supply disruptions.

Recent geopolitical tensions have highlighted China's dominance in the production and refining of antimony and other critical minerals. To reduce this strategic imbalance and dependence on foreign supply chains, the U.S. government has announced several initiatives to secure and strengthen domestic supply of critical minerals. Between July 2025 and November 2025, the U.S. government publicly announced approximately $6 billion of direct and indirect investments of both equity and debt into U.S. mineral projects.

We believe a restart of mining/milling operations at the Sunshine Complex and developing the Sunshine Antimony Plant, along with refurbishing, constructing and restarting the Sunshine Silver/Copper Refinery, can significantly help address the U.S. supply chain gap for antimony and potentially other critical minerals including gallium and germanium. We are progressing design and planning for the development of the Sunshine Antimony Plant with a potential nameplate annual capacity of up to 34.5 million pounds of finished antimony. Based on forecasts of global antimony demand from the Argus Report and assuming U.S. demand growth matches global demand growth, we believe U.S. demand for antimony will be approximately 59 million pounds by 2030. If the contemplated nameplate annual capacity of 34.5 million pounds is achieved, the Sunshine Antimony Plant could supply up to 60% of U.S. demand using antimony-bearing concentrate from the Sunshine Mine, as well as from third party sources. Any ability to sell antimony by-product and process third-party antimony feed would generate additional revenue.

The historic Sunshine Mine was a primary producer of antimony in the United States between 1953 and 2001, and we have maintained all major permits required to develop an antimony refinery on site. These existing permits enable the development of the Sunshine Antimony Plant with the ability to process antimony-bearing concentrate from the Sunshine Mine and from other third-party mines in the United States, thereby potentially delivering one of the only critical mineral mining and refining hubs of scale in the United States.

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In 2025, Samuel Engineering completed a Class 5 Study for the Sunshine Antimony Plant which evaluated a plant with the annual capacity to produce up to 34.5 million pounds of antimony, based on 100 tons per day of antimony concentrate, at an estimated capital cost of approximately $150 million. We are undertaking a Feasibility Study for the development of the Sunshine Antimony Plant as part of our technical evaluation ahead of a potential decision to pursue the development of the Sunshine Antimony Plant and, in parallel with the Feasibility Study and based on the results of the Feasibility Study, we may evaluate external financing alternatives and strategic transactions with respect to the Sunshine Antimony Plant.

The existence of antimony at the Sunshine Mine (as demonstrated by decades of historical mining), in addition to our permitted status for a future antimony refinery of scale with the ability to process third-party antimony feed, differentiates us from other antimony producers, and we may also be able to process other critical minerals such as germanium and gallium in the future. Permitting represents a key constraint for similar developments in the United States and peer nations, giving us an advantage in potential downstream diversification.

To further expand our potential capacity to refine critical minerals at the Sunshine Complex, we are investigating and testing methods to extract additional critical minerals, such as germanium and gallium, both of which were historically present in ore from the Sunshine Mine. Assays of recent drill intercepts and tailings samples have shown meaningful quantities of germanium and gallium, as well as other critical minerals. If an adequate method is found to deliver cost-efficient extraction and purification of these critical minerals, we may integrate the requisite technology into the refining operations we are developing, with the potential to generate additional revenue from such critical minerals. However, SLR and SRK have not estimated antimony, copper, lead, gallium or germanium Mineral Reserves or Mineral Resources, and we may not be able to demonstrate reasonable prospects for economic extraction of these by-products or other critical minerals. See "*Risk Factors—Risks Related to Our Business and Industry—We are dependent on the Sunshine Mine for our future operations. The Sunshine Mine does not currently have any Proven Mineral Reserves or Probable Mineral Reserves, or any antimony, copper, lead, gallium or germanium reserves or resources, as defined under S-K 1300*."

#### Near-mine and district-wide exploration targets provide opportunities for significant resource discovery and growth beyond existing mine plan
Within the Sunshine Mine Core Area, we see significant resource expansion potential in the Upper Country, including down-dip and horizontal extensions of current veins which are open at depth and underexplored "gaps" in the primary six-mile strike length corridor. The Sunshine Mine has several underexplored veins in the Sunshine Mine Core Area, each of which holds the potential to be as prolific as the historic Sunshine Vein and Chester Vein, each of which is reported to have produced over 90 million ounces of silver while in production according to the Sunshine Technical Report Summary. Within our core land package, the existing mineralization system is open along strike eastward and at depth.

We believe the defined, near-surface veins of the Upper Country, along with other areas that have not yet been explored or tested, offer the potential to support expanded Mineral Resources, annual production and a longer mine life. The historic discovery and development of high-grade veins at depth diverted attention from the Upper Country and other areas surrounding the Sunshine Mine, leaving large gaps of underexplored ground. Vein systems in the Coeur d'Alene Mining District typically produce a series of parallel veins, many of which, in the Upper Country, have not been defined but have been previously identified, suggesting the potential to discover and define additional veins.

Ongoing exploration work suggests additional resource potential beyond the current Indicated Mineral Resources and Inferred Mineral Resources in our highly prospective and newly consolidated district-scale land package around the Sunshine Mine. Since 2010, we have expanded our land position from 2,400 hectares to 9,561 hectares. Consolidated ownership and control of this highly prolific district provides us with exceptional blue-sky exploration upside.

In March 2026, Scout prepared an exploration roadmap for our land package based on review of historical data followed by reconnaissance field work, geologic observations and geochemical sampling. Scout's recommended next steps contemplate detailed mapping and systematic soil geochemistry along with an initial 15,000-meter surface drilling program targeting high priority areas of our land package. We believe this roadmap provides a disciplined framework to prioritize capital toward high priority targets to support potential Mineral Resource growth. According to Scout, the combination of historic production, extensive vein development and limited on-strike testing through March 2026 indicates that substantial discovery potential remains for new silver, base metals and antimony, both adjacent to and beyond known mineralization.

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We believe the exploration targets near the Sunshine Mine and across the broader land package could materially increase our Mineral Resource base, extend our mine life and expand annual production. Accordingly, we intend to explore the Upper Country and other areas surrounding the Sunshine Mine with a sustained exploration program deploying multiple drill rigs.

#### Geopolitically safe and attractive, established mining region
The Sunshine Complex is located in the Silver Valley in Idaho in the United States. The United States is broadly recognized as a geopolitically stable and safe jurisdiction with a strong rule of law, and Idaho is a mining-friendly region, with a long history of successful mineral development and operations.

As widely reported, there has been an increase in resource nationalism globally. With rising demand for precious metals and critical minerals, governments in certain regions have tightened control over, and fiscal take from, mining assets. We believe resource nationalism will continue, enhancing the relative attractiveness of investments in precious metals and critical minerals producers and developers in high quality jurisdictions, like the United States, which offer regulatory stability, respect for property rights, transparent governance and predictable legal and fiscal frameworks.

Based on the Fraser Institute's 2025 survey of global mining and exploration companies ranking jurisdictions to the extent public policy factors encourage or are not a deterrent to mining investment, Idaho ranks amongst the top ten most attractive jurisdictions for mining investment in the United States, and, on a global basis, amongst the top ten based on taxation regime, socioeconomic agreements/community development conditions, and labor regulations. The mining industry in the Silver Valley also enjoys strong local and state government support and benefits from significant local community involvement and compelling geological prospectivity. With its history as one of America's most prolific silver districts, the Sunshine Complex's attractive location within the Silver Valley affords it access to strong infrastructure, such as low-cost hydroelectric power, road, rail and airport logistics, as well as an experienced local labor force.

#### Demonstrated environmental track record and stated objective to prioritize community empowerment and responsible development
We integrate innovative technology, safety, environmental care and strong community partnerships into every aspect of our operations. We have a long record of compliance with applicable environmental laws and permits. Investments in zero-liquid-discharge water technology, tailings rehabilitation and modernized environmental systems reflect a proactive approach to sustainability and the protection of the Idaho Silver Belt. We are currently in partnership with the Bureau of Land Management and the U.S. Forest Service on habitat restoration, campground clean-ups and debris removal from streams. We also possess the major permits required to restart mining, milling and refining operations including a multi-sector general permit, an IPDES permit and a certificate of approval for the Sunshine Tailings Storage Facility, and we will not require an environmental impact study to initiate restart of such operations. We do not anticipate issues in maintaining our current permitting status or securing the outstanding and ongoing permits required. A summary of relevant permits and their status is included in Table 17-1 of the Sunshine Technical Report Summary. Our current permits will be subject to normal course updates throughout the construction process.

Our community engagement plan includes local residents, indigenous communities and the state government to streamline the development process. The Silver Valley is known for favorable and stable mining regulations, with a history of over 140 years of mining. The Silver Valley also provides a ready source of skilled and unskilled labor. Efforts are made to stimulate the local economies as much as possible, with the area having numerous vendors that supply services to the mining industry. Additionally, our team enjoys a positive relationship with the Coeur d'Alene Tribe, which has a long history of mining connectivity and has co-sponsored several restoration projects in the Coeur d'Alene Mining District, including with us at the Sunshine Mine.

#### Backed by Electrum, with 30-year track record of success in natural resources
The Company is backed by Electrum, a privately-held global natural resources investment management company. Electrum has a 30-year track record of success in natural resources. Historically, Electrum has focused on a select few, large and world-class precious metals assets located in North America and other "Tier 1" jurisdictions. In addition to its extensive experience in advancing multiple high-quality projects, Electrum has deep and long-held relationships with important stakeholders in the global resources ecosystem. We believe access to Electrum's specialized skills, knowledge and network substantially enhances our ability to execute our business strategy.

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Dr. Thomas S. Kaplan, Chairman of our Board of Directors, is the Chairman and Chief Executive Officer of TEG. Dr. Kaplan has over 30 years of experience in the resources sector, with an established track record in both public and private companies. Dr. Kaplan also serves as Chairman of the board of directors of NOVAGOLD Resources Inc., and previously served as Chairman of the board of directors of Leor Exploration & Production LLC, a natural gas exploration and development company, which he founded in 2003 and sold in 2007 to EnCana Corporation.

#### Business Strategy
Our business strategy is to develop the Sunshine Complex to its full potential. This includes restarting the Sunshine Mine (including construction of a new mill), unlocking exploration potential both in the Sunshine Mine Core Area and within the large, newly consolidated and highly prospective regional land package, the potential refurbishment, construction and restart of the Sunshine Silver/Copper Refinery and potential development of the Sunshine Antimony Plant.

Our key near- and long-term initiatives include:

&nbsp;&nbsp;&nbsp;&nbsp;•  ***Complete infill drilling, a Feasibility Study and detailed engineering for the Sunshine Mine.*** In 2026 and 2027, we plan to complete infill drilling and engineering designs for the remaining required mine infrastructure and processing facilities. We anticipate this will result in the completion of a Feasibility Study in early 2027 that will combine the technical, economic and risk analyses required to support a final investment decision. We expect these steps will enable us to move to construction with a clear, optimized plan.

&nbsp;&nbsp;&nbsp;&nbsp;•  ***Complete a Feasibility Study and detailed engineering for the development of the Sunshine Antimony Plant and complete a Feasibility Study for the refurbishment, construction and restart of the Sunshine Silver/Copper Refinery.*** Subject to technical evaluation, we plan to leverage our existing permits to accelerate the design and potential construction of a new antimony refinery – the Sunshine Antimony Plant – and to refurbish the existing Sunshine Silver/Copper Refinery. According to the trajectorE Report, it would cost approximately $90 million to refurbish the Sunshine Silver/Copper Refinery and, assuming production of 30,000 ounces of silver per day and 95% utilization, the Sunshine Silver/Copper Refinery would have the nameplate capacity to produce approximately 10 million ounces of silver per year. We anticipate that these facilities will enable us to refine concentrates on-site, improving margins and reducing reliance on downstream supply chains. Additionally, we expect that the development of the Sunshine Antimony Plant would provide sufficient capacity to process any antimony we produce as well as third-party antimony feed, enabling us to become a critical minerals production hub and potentially the largest producer of finished, refined antimony in the United States.

In parallel with these Feasibility Studies and based on the results of these Feasibility Studies, we may evaluate external financing alternatives and strategic transactions with respect to the Sunshine Silver/Copper Refinery and the Sunshine Antimony Plant. The Sunshine Silver/Copper Refinery and the Sunshine Antimony Plant are intended to complement our mining operations by providing downstream processing capabilities. To support this evaluation, we are in the process of selecting an advisory firm to develop a comprehensive roadmap focused on a phased evaluation of refining capabilities for silver, copper, antimony, gallium, and germanium, prioritized by market supply-demand dynamics, projected margin profiles and return on invested capital; a commercial and tolling strategy to define commercial pathways for the processing of both Sunshine-mined and third-party feedstock; a value-chain-wide risk mitigation strategy to address metallurgical challenges, feedstock supply consistency and commodity price volatility; an assessment of the optimal corporate structure for the refining business; a financial model of anticipated capital expenditures for the expansion; and the benchmarking of the proposed refining operations against the competitive landscape in North America and globally to ensure a sustainable market position.

&nbsp;&nbsp;&nbsp;&nbsp;•  ***Complete construction of the Sunshine Complex and deliver initial production at a competitive capital intensity.*** We plan to commence mill construction and other key infrastructure upgrades in 2027, and we expect to deliver initial production by the end of 2028. Utilizing our substantial installed infrastructure base, including underground mine infrastructure in which we have invested over the last 15 years, we target achieving a compelling capital intensity for our restart project.

&nbsp;&nbsp;&nbsp;&nbsp;•  ***Execute on a mine plan that delivers compelling production and cost performance.*** The Base Case of the Sunshine Technical Report Summary, which assumes the mining of both Indicated Mineral Resources and

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Inferred Mineral Resources and is reflective of our above-described development strategy, contemplates producing approximately 6.7 million ounces of payable silver per year on average over the first five years of mine life and approximately 5.8 million ounces of payable silver per year on average over the 24-year mine life at an average AISC of $18.81 per ounce of silver produced (excluding potential copper and lead by-product credits).

&nbsp;&nbsp;&nbsp;&nbsp;•  ***Conduct exploration activities near the Sunshine Mine and across the broader land package.*** We intend to ramp up our exploration activities to identify new mineralized zones in and around the Sunshine Mine, including the Upper Country, down-dip and horizontal extensions of current veins which are open at depth and underexplored "gaps" in the primary six-mile strike length corridor of the Sunshine Mine Core Area, as well as other targets within our highly prospective and newly consolidated district-scale land package around the Sunshine Mine. These activities will seek to uncover new, high-grade silver and antimony deposits that can support expanded production scale and/or extend mine life. Consistent with Scout's recommended roadmap, our exploration planning contemplates systematic sampling, mapping and geochemistry along with an approximately 15,000-meter surface drill program in 2026 for testing target areas on our land package, including the Pine Creek and Rock Creek areas. For the 2026 field season, we plan to spend approximately $10 million for the planned exploration of the broader land package.

&nbsp;&nbsp;&nbsp;&nbsp;•  ***Maintain focus on industry-leading safety standards and strong track record of environmental management and community engagement.*** We strive to execute our exploration, development and mine plan while holding safety as a top priority through rigorous protocols. Our goal is to combine operational excellence with a culture of safety to deliver reliable performance on development, production, cost and safety over the long term. We are also focused on environmental initiatives and community relations in every aspect of our operations. Through our longstanding commitment to environmental compliance, partnerships with government agencies, and investments into zero-liquid-discharge water technologies, tailings rehabilitation, and modernized environmental systems, we remain committed to the protection of our neighboring communities. Additionally, we plan to continue to cultivate positive relationships with local stakeholders including residents, indigenous groups such as the Coeur d'Alene Tribe, and mining service vendors.

&nbsp;&nbsp;&nbsp;&nbsp;•  ***Identify and pursue other growth opportunities.*** We will continue to evaluate value-enhancing growth initiatives, with a focus on projects or partnerships that align with our core competencies. Given our management team's and Board's strong track record in exploration, development and mergers and acquisitions, such initiatives may include the pursuit of acquisitions of similarly attractive silver and critical minerals-focused projects or other business combinations.

#### Summary of Mineral Resources
Below is a summary table of estimated Mineral Resources. Further information can be found in "*The Sunshine Complex—Mineral Resource Estimates*."

<u>Summary Mineral Resource Estimates</u><sup><u>(1)(2)(3)(4)(5)(6)(7)(8)(10)(11)</u></sup> <u>(As of February 24, 2026)</u>

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| | | | |
|:---|:---|:---|:---|
| **Classification** | **Tonnage**<br>(kst)<sup>(1)(2)(3)(4)(5)(6)(7)(8)(10)(11)</sup> | **Ag Grade** <br>(opt)<sup>(1)(2)(3)(4)(5)(6)(7)(8)(10)(11)</sup> | **Contained Ag Metal** <br>(koz)<sup>(1)(2)(3)(4)(5)(6)(7)(8)(10)(11)</sup>  |
| Measured | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—  |
| Indicated | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3485 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29.8 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;103915  |
| Measured & Indicated | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3485 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29.8 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;103915  |
| Inferred<sup>(9)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7061 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22.6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;159847 |

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(1)<br> The definitions for Mineral Resources in S-K 1300, which are consistent with the classification scheme under the Committee for Reserves International Reporting Standards, were followed for the classification of Mineral Resources.

(2)<br> All measurements are U.S. standard units.

(3) Mineable stope optimization volume constrained resources with reasonable prospects for economic extraction are stated as contained within vein estimation domains defined by a cut-off grade of 8.8 opt Ag. The cut-off grade and mineable stope optimization are based on the assumed silver price of $23.50 per ounce and operating cost assumptions, as follows: mining cost of $110.00 per ton, processing cost of $20.85 per ton, general and administrative cost of $7.93 per ton, antimony plant for silver concentrate cost of $14.55 per ton, refining for silver concentrate cost of $16.13 per ton and tailings storage cost of $4.27 per ton. See the table under "*The Sunshine Complex—Mineral Resource Estimates*." 

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(4) Mineable stope optimization volumes are 9 feet high, 30 feet long, and minimum of 3 feet wide and are flagged by the individual modeled vein volumes. An unplanned mining dilution of 5% is applied for reporting. 

(5)<br> All Mineral Resources are based on a data cut-off date of November 28, 2023, estimated in situ and reported as diluted within mineable stope optimization volume.

(6) Average bulk density was assigned as 3.02 grams per cubic centimeter (g/cm<sup>3</sup>) for veins and 2.82 g/cm<sup>3</sup> for waste. The equivalent densities in Imperial units are 0.0943 tons per cubic foot (st/ft<sup>3</sup>) for veins and 0.088 st/ft<sup>3</sup> for waste. 

(7) Total metallurgical recovery was assigned at 93% from metallurgical test work and history of mining production. 

(8) Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability. There is no certainty that all or any part of the Mineral Resources will be converted into Mineral Reserves in the future. The estimate of Mineral Resources may be materially affected by environmental permitting, legal, title, taxation, socio-political, marketing or other relevant issues. 

(9)<br> Inferred Mineral Resources are considered geologically speculative and are based on limited geological evidence and sampling. High geological uncertainty prevents the application of technical and economic factors to evaluate economic viability.

(10)<br> All quantities are rounded to the appropriate number of significant figures; consequently, sums may not add up due to rounding.

(11) The Sunshine Mine is 100% attributable to SOP. 

#### The Sunshine Complex
The scientific and technical information contained herein with respect to the Sunshine Mine, including Mineral Resource estimate, capital costs, operational costs and economic analysis information, was derived from the Sunshine Technical Report Summary. See "*Notice Regarding Mineral Disclosure*" and "*Qualified Persons Statement*."

#### Location of the Sunshine Complex and Access
The Sunshine Complex, which includes the Sunshine Mine, the Sunshine Silver/Copper Refinery and the Sunshine Tailings Storage Facility, is located within the Coeur d'Alene Mining District (also known as Silver Valley) in northeastern Idaho in the United States, the most prolific silver district in U.S. history. The Sunshine Mine is approximately located on latitude 47° 30' 6" north and longitude 116° 4' 10" west. The property containing the Sunshine Mine includes owned and leased properties containing 251 patented mining claims and 1,066 unpatented mining claims for a total claim area of approximately 10,357 hectares and a total surface area of approximately 9,561 hectares.

The Sunshine Mine is approximately 37 miles east of the Coeur d'Alene Mining District, along U.S. Interstate 90 ("**I-90**"). The two closest towns to the Sunshine Mine are Kellogg and Wallace, Idaho, with populations of approximately 2,314 and 791, respectively, as of 2020. Many industry supplies and services are obtained in Spokane, Washington, which is the largest metropolitan city in the area and has an international airport. Hospital services are available in the town of Kellogg, which is 6.7 miles from the Sunshine Mine. Rail service is available by trucking the concentrates approximately 70 miles to a siding in Superior, Montana. The Sunshine Mine is located in the Big Creek Valley at an approximate elevation of 2,600 to 2,790 feet above sea level with peaks around 4,800 feet above sea level. The topography is typical of northern Idaho's countryside, hilly to mountainous and forested. Forests contain shrubs and tree species of Douglas fir, lodgepole pine, western larch, western white pine, grand fir and western red cedar. Wildlife inhabiting the area are typical of the Rocky Mountain region including fish, bird and mammal species.

The Sunshine Mine's main production shaft, the Jewell Shaft, and the mill are located above the base of a steep mountain, while the hoist room and other infrastructure facilities are located on a relatively level piece of property at the base of the mountain. The Sunshine Mine is located approximately 2.1 miles from I-90, with access from the Big Creek turnoff by driving south on secondary paved road. The nearest town is Kellogg, Idaho, which is about 5.5 miles from the Sunshine Mine.

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<u>Sunshine Mine Core Area and Coeur d'Alene Mining District Map</u>

![](ny20061035x4_map1.jpg)<br>

#### Ownership and Properties
We own 235 patented and 877 unpatented mining claims and lease 16 patented and 189 unpatented mining claims covering 10,357 hectares in the aggregate. If claim fees are kept up to date with the federal government, these claims do not expire in the United States. All unpatented claims have a $200 per claim fee that must be paid annually by September 1. The total net book value of the Sunshine Mine and its associated plant and equipment is $34.1 million as of March 31, 2026.

In May 2010, we acquired from Sterling, through Sterling's bankruptcy proceedings, the majority of the operating facilities and equipment at the Sunshine Mine, including a lease on the Sunshine Mine that included an option to purchase the Sunshine Mine from SPMI. In July 2010, we exercised the option to obtain title to the Sunshine Mine and acquired the remaining operating facilities and equipment. In October 2013, we acquired the nearby Sunshine Silver/Copper Refinery from Formation Metals Inc.

Our claims are organized by geographic area and/or district. The main areas are (i) the Sunshine Mine Core Area, (ii) the Coeur d'Alene Mining District, which includes claims owned and leased by us outside of the Sunshine Mine Core Area, and (iii) Lakeview Mining District, which includes claims owned by us outside of Shoshone County.

The Sunshine Mine is located in the Sunshine Mine Core Area. The Sunshine Mine Core Area also includes (i) the Metropolitan property, which we lease from Metropolitan, (ii) the Chester, Bismark and Mineral Mountain properties, which we lease from Chester, and (iii) the ALSM property, which we lease from ASMC. See "*—Leases and Royalties*." The Coeur d'Alene Mining District includes the CDA Properties, which we own, and Rock Creek, which we lease from RCMC. The Lakeview Mining District includes the Falls Creek property, which we own.

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The following table sets out our various property rights:

<u>Summary of Claims and Leases by Area</u>

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| | | | | |
|:---|:---|:---|:---|:---|
| **Property** | **Owner** | **Status** | **Claims**  | **Claims**  |
| **Property** | **Owner** | **Status** | **Patented**  | **Unpatented**  |
| **Sunshine Mine and Core Area** | **Sunshine Mine and Core Area** |  |  |  |
| Sunshine Mine Core Area | SOP | Owned | 165 | 456  |
| Metropolitan | Metropolitan | Leased | 2 | 50  |
| Chester, Bismark, Mineral Mountain | Chester | Leased | 13 | 0  |
| ALSM | ASMC | Leased | 0 | 21  |
|  |  | **Total** | **180** | **527**  |
| **Coeur d'Alene Mining District** | **Coeur d'Alene Mining District** |  |  |  |
| CDA Properties | SOP | Owned | 70 | 331  |
| Rock Creek | RCMC | Leased | 1 | 118  |
|  |  | **Total** | **71** | **449**  |
| **Lakeview Mining District (Bonner County, Idaho)** | **Lakeview Mining District (Bonner County, Idaho)** |  |  |  |
| Falls Creek | SOP | Owned | 0 | 90  |
|  |  | Leased | 0 | 0  |
|  |  | **Total** | **0** | **90** |

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<u>Sunshine Mine Core Area Mineral Rights and Claim Map</u>

![](ny20061035x4_map2.jpg)<br>

&nbsp;&nbsp;&nbsp;&nbsp;<br>

#### Leases and Royalties
Sections of our holdings are subject to NSR Royalties when we begin producing and selling metal-bearing concentrate.

*U.S. Government and Coeur d'Alene Tribe* 

Portions of the Sunshine Mine Core Area are subject to NSR Royalties formed under the 2001 Consent Decree. The 2001 Consent Decree settled environmental claims seeking reimbursement for remediation, restoration and other actions to address environmental damages to the Coeur d'Alene River and other natural resources in the Coeur d'Alene

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Mining District in connection with the Bunker Hill Superfund Site discussed under "*—Environmental—Hazardous Substances and Waste Management*." Pursuant to the 2001 Consent Decree, we are required to pay to the U.S. federal government and the Coeur d'Alene Tribe between a 0% (at a silver price below $6 per ounce) and 7% (at a silver price of $10 per ounce or higher) NSR Royalty in perpetuity.

All funds from this NSR Royalty must be used to pay for the remediation, restoration and other actions to address certain environmental damage to the Coeur d'Alene River and other natural resources located in the Coeur d'Alene Mining District. The area subject to this NSR Royalty covers substantially all of the Mineral Resources identified in the Sunshine Technical Report Summary.

*Hecla Mining Company ("Hecla")* 

Pursuant to the Deed of Royalty Interest entered into on May 31, 2005 between Hecla and Sterling in connection with the purchase by our predecessor of the neighboring Consolidated Silver property (which generally consisted of the surface facilities and the underground working of the Silver Summit Mine), we are required to pay between a 2% (at a silver price below $5 per ounce) and 4% (at a silver price of $7 per ounce or higher) NSR Royalty to Hecla as the assignee of ConSil Corp. The area subject to this royalty surrounds the Silver Summit Mine / ConSil Mine, which lies east of the primary workings of the Sunshine Mine. This royalty runs in perpetuity with the claims.

*Metropolitan Mines Corporation, Ltd ("Metropolitan")* 

We lease mining claims from Metropolitan pursuant to an agreement, dated September 16, 2004, between Metropolitan and Sterling. The lease runs in perpetuity as long as we remain current on payments and can be cancelled by us at any time. The lease consists of two patented and 50 unpatented mining claims. These claims lay immediately to the south of the primary workings of the Sunshine Mine and to the west of the ConSil Mine. At depth, the claims intersect select veins that were historically mined from the Sunshine Mine. Our lease with Metropolitan requires us to pay an advance royalty of $12,000 annually until such time as mineralized material is produced from the leased property. Upon production of mineralized material, Metropolitan is to be paid either 16% (with respect to production from the Yankee Girl vein) or 50% (with respect to production south of the Yankee Girl vein) of the net proceeds from the sale of materials produced from the mineralized material processed from these claims. Net proceeds will be determined by deducting certain production and operating costs from mineralized material sale proceeds with the applicable percentage of the net amount, if any, being paid as the royalty. Advance royalty payments will be deductible as costs once mineralized material production commences.

*Chester Mining Company ("Chester")* 

Effective February 3, 2021, we entered into an Amended and Restated Mineral Lease and Agreement with Chester (the "**Chester Lease**"), which amended, restated and consolidated two prior agreements between Sterling and Chester (or Mineral Mountain Mining & Milling Company, the predecessor-in-interest to Chester) in order to, among other things, allow us to continue to explore for and mine the leased minerals. The ten-year term of the Chester Lease expires in 2031 and is renewable for five additional ten-year terms. The Chester Lease requires us to pay an advance royalty of $42,000 annually until such time as a 3.25% NSR Royalty is payable.

*American Silver Mining Company ("ASMC")* 

Pursuant to a mineral lease agreement entered into on December 9, 2022 with ASMC (the "**ASMC Lease**"), we lease 21 unpatented mining claims in Shoshone County. The initial ten-year term of the ASMC Lease expires in 2032 but can be renewed for an additional ten-year term. In connection with the ASMC Lease, we are required to pay an advance royalty of $1,000 monthly for the length of the initial ten-year term. If the ASMC Lease is renewed, we are required to pay an advance royalty of $1,500 monthly until the end of the lease term, at which point we are required to pay an NSR Royalty of 2% on all leased minerals mined, removed and sold by us during the remainder of the lease term. The area subject to this NSR Royalty is east of the Coeur d'Alene Mines-Merger Mines Co.-Plainview Mining Co. claim block on the eastern boundary of the Sunshine Mine Core Area. The ASMC Lease also requires a work agreement on the leased property of $50,000 within the first five years of the lease term or $100,000 within the ten-year lease term.

*Rock Creek Mining Company ("RCMC")* 

On March 1, 2006, Sterling entered into a mineral lease agreement with RCMC. The initial term of the lease is 25 years, which can be renewed for an additional 25-year term. The lease with RCMC requires us to pay an advance royalty of $500 monthly for the length of the initial term. It also requires a work agreement of $50,000 within the first five years of the lease term and $50,000 every five years thereafter for the length of the lease.

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#### Infrastructure, Climate and Topography
The Sunshine Complex has a typical western- to northern-U.S. climate with snow, rain and fog in the winter. While snowfall and winter storm events can occasionally restrict access to some surface facilities at higher elevations, mining and processing operations at the Sunshine Complex can operate year-round with a minimal number of weather-related delays or closures. Surface exploration activities are restricted to late spring through early fall. Average precipitation in the area is approximately 33 inches annually. Big Creek is the principal fresh water source for the Sunshine Mine and processing facility and has sufficient water rights to meet the needs of the operation. The mining history of the Idaho Silver Belt also ensures a ready source of skilled and unskilled labor.

The electrical energy demand for the combined mine and processing facility is estimated to be 3.9 megawatts for the mine and 2.4 megawatts to 3.2 megawatts after the ore sorter is installed for the processing facility for a total of 6.3 megawatts to 7.1 megawatts of electrical energy. Electrical power is supplied by Avista, a large northwest U.S. power supplier, at a price of $0.07 per kilowatt-hour. The main power source for the mine is a 13.2 kilovolt power line that parallels Big Creek Road and terminates at the Avista Shont substation (12.3 kilovolt at 7.5 megavolt-ampere) located two miles north of the Sunshine Mine property. The Shont substation capacity is 9 megavolt-ampere. The current mine plan will not require changes to or expansion of the electrical supply, but will require significant changes to the underground supply and grounding system. Emergency backup power to power a service hoist, office, boiler plant, brick house and machine shop is supplied by a 1 megavolt-ampere 2.3 kilovolt generator and 400 kilovolt-ampere 480 volt substation. The unit is interlocked from utility. Additionally, Avista can supply up to 16 million Btu of natural gas to the Sunshine Mine. Historically, the average natural gas usage of the Sunshine Mine has been 10.3 million British thermal unit.

Our waste rock storage facility is located approximately one-quarter mile north of the Sunshine Mine on the east side of Big Creek Road. It currently has the capacity to handle the waste from the Sterling Tunnel. Some of the existing waste rock will be used for development of the remaining lifts for the Sunshine Tailings Storage Facility. We are also permitted to store waste rock in the ConSil waste rock storage facility located approximately four miles east of the Sunshine Mine. Costs to transport waste rock by truck from the Jewell Shaft to the ConSil waste rock storage facility have been included in mine development costs.

The Sunshine Complex currently contains one tailings storage facility. The Sunshine Tailings Storage Facility in its current state has a remaining storage capacity of approximately 100,000 tons before an additional raise is required. There is a conceptual plan, subject to any additional permit approvals, for the Sunshine Tailings Storage Facility to be converted to a dry stack facility. This arrangement could achieve a storage capacity of 833,000 tons, with a crest elevation of 2,498 feet, which is 13 feet above the current embankment crest level.

In the past, the Sunshine Silver/Copper Refinery received silver concentrate produced at the antimony plant and used hydrometallurgical techniques to recover and refine silver and copper. Accordingly, the foundation has been laid for the Sunshine Antimony Plant, directly adjacent to the Sunshine Silver/Copper Refinery.

The Sunshine Mine is located approximately 2.1 miles from I-90. The topography is typical of northern Idaho's countryside, hilly to mountainous and forested. The main production shaft, the Jewell Shaft, and the mill are located above the base of a steep mountain, while the hoist room and other infrastructure facilities are located on a relatively level piece of property at the base of the mountain.

#### Geological Setting
The Coeur d'Alene Mining District is hosted in Pre-Cambrian metasedimentary rocks of the Belt Supergroup, which was deposited approximately 1.45 billion years ago. For silver mineralization targeting, rocks of the Burke, Revett, and St. Regis Formations are prospective and belong to the Ravalli Group within the Belt Supergroup. These Middle Proterozoic rocks cover a large area of northern Idaho and western Montana with up to a 12.5-mile-thick layer of fine-grained siliciclastic strata. The Sunshine Mine and other deposits in the Coeur d'Alene Mining District occur between the Osburn and Placer Creek faults that are significant regional-scale, east-to-west structures. The regional continuity of the Idaho Silver Belt mineralized system occurs along a strike length of over 20 miles.

The Sunshine Mine is predominantly hosted in the 600-foot-thick St. Regis Formation and upper strata of the underlying Revett Formation. The lithostratigraphic boundary between these units is unclear. Rock types in the St. Regis are mainly argillite and siltite, which grade to siltite and quartzite in the Revett Formation. Both host units are intensely folded and faulted and metamorphosed to low-grade, greenschist facies.

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The Sunshine Mine is bisected by several east-to-west faults (namely Polaris, Syndicate, C Fault and, further south, the Alhambra Fault). Kinematics and rock fabric in the Sunshine Mine are reported to show dip-slip movement on the faults, even though the regional structural setting suggests that movement was strike-slip. Polaris is a normal fault, while the remainder have reverse displacement. The faults at the Sunshine Mine are variably mineralized.

The Galena Mine, owned and commercially operated by Americas Gold and Silver, lies five miles to the east but is immediately adjacent to our mineral rights.

#### History of the Sunshine Mine Property
The Sunshine Mine, one of the highest-grade known primary-silver deposits worldwide, is estimated to have produced approximately 365 million ounces of silver between its initial production in the early 1900s and the cessation of production in the early 2000s. In 1884, the Blake brothers staked the Yankee Lode mining claim, and various contiguous holdings were consolidated to become the Sunshine Mining Company in 1920. Operations commenced in 1921 and grew until the Sunshine Mine was at full production by the end of 1988. In 1992, Sunshine Mining Company merged into SPMI. From 1991 to 2001, there was limited production at the Sunshine Mine primarily as a result of several factors, including a drop in the price of silver and the lack of regular and consistent exploration and development activities. The Sunshine Mine eventually ceased production in the first quarter of 2001 and Sunshine Mining and Refining Company, the parent of SPMI, declared Chapter 11 bankruptcy.

Sterling acquired control of the Sunshine Mine in 2003 through a lease with SPMI, which included an option to purchase the Sunshine Mine from SPMI. From the beginning of August 2003, and followed by the initial drilling in the fall of 2004, Sterling began an exploration program, and the process of rehabilitation of the underground areas of the Sunshine Mine began in 2004. The Sunshine Mine returned to production under Sterling for a short period in late 2007. In 2008, Sterling ceased production and in early 2009 went into bankruptcy. At this time, the price of silver fell, and it settled at $10.79 per ounce as of December 31, 2008. Sterling also had inadequate sources of capital. At that time, SNS Silver Corp. took over the care and maintenance of the mine under contract with SPMI.

In May 2010, we acquired from Sterling, through Sterling's bankruptcy proceedings, the majority of the operating facilities and equipment at the Sunshine Mine, including a lease on the Sunshine Mine that included an option to purchase the Sunshine Mine from SPMI. In July 2010, we exercised the option to obtain title to the Sunshine Mine and acquired the remaining operating facilities and equipment. In October 2013, we acquired the Sunshine Silver/Copper Refinery, a permitted refinery located one mile north of the Sunshine Mine, from Formation Metals Inc.

Additionally, the silver-bearing mineralization (tetrahedrite) at the Sunshine Mine has historically contained economic quantities of antimony, as demonstrated by decades of antimony production at the Sunshine Complex, which processed concentrate from the Sunshine Mine and other mines. Antimony production from the Sunshine Complex supported the U.S. war effort during World War II, and between 1953 and 2001, the Sunshine Complex produced over 48.4 million pounds of finished antimony.

#### Exploration
The Sunshine Mine is without known Mineral Reserves and the proposed program is exploratory in nature. The upper levels of the Sunshine Mine have had limited drilling and development due to the historical exploration methodology available during the early years of the mine's operation. Additionally, the current economic outlook for silver and base minerals has changed drastically, and updated cut-off grades are lower than previous cut-off grades. We conducted recent infill and exploration drilling that expanded our Mineral Resources estimate. During future exploration and development phases, additional drilling has the potential to grow the known resource and potentially discover unidentified veins.

Portions of the mineral deposit at the Sunshine Mine remain sparsely drilled by modern methods, and continued drilling would improve understanding of the grade distribution and mineralization continuity. Future exploration programs may include a combination of infill drilling to improve geological understanding and the confidence in the Mineral Resource estimate, coupled with wider-spaced, step-out drilling to test prospective areas for new veins.

From August 2022 until October 2023, we carried out a drilling campaign totaling 54,369 feet of core across 38 drill holes. In August 2025, we began an extensive and ongoing underground drilling program. As of March 25, 2026, approximately 48,000 feet (31%) of a planned 154,000-foot drilling campaign had been completed in 70 new drill holes. See "—*Principal Asset*" above for additional information about exploration results from our recent infill and exploration drilling. Our preliminary observations indicate that the ongoing drilling has encountered mineralization in areas outside the current Mineral Resource estimate and may support upgraded resource classification in other infill

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areas. SRK has not quantified any potential changes to the Mineral Resource estimate from these ongoing drilling results, as the data requires appropriate verification and revised vein modeling that will occur in future updates to the current Mineral Resource estimate. These additional drilling results may prove to be material when evaluated and incorporated into an updated Mineral Resource model.

We conducted the recent exploration, delineation and development drilling at the Sunshine Mine from both surface and underground using diamond-core drills. Core diameters ranged from BQ-sized (1.42 inches) to HQ-sized (2.5 inches), with less than 5% of the core drilled at the smaller BQ diameter. Boart Longyear, a national contract core drilling company from Salt Lake City, Utah, performed the work and operated two diamond drills, a smaller LM90 and a larger LM110. Contract geologists supplied by Tamarack Geological Services of Osburn, Idaho, conducted the core logging. The contract geologists were supervised by our on-site personnel.

Between 2010 and 2013, we drilled approximately 60,000 feet in 84 drill holes and discovered one new vein (10 Vein). Overall, the current drill-hole database includes 3,618 underground drill holes totaling 1,114,823.5 feet. We drilled all of these diamond-core holes using substantially similar equipment and equivalent procedures to those used in the recent campaign. The longest underground drill hole measures 3,130 feet, and many drill holes reach lengths of approximately 1,500 feet to 2,000 feet. After completing each drill hole, we cemented it along its entire length.

All the new and historical drilling data helped inform our geological model, which is the first three-dimensional model in the Sunshine Mine's 140-year history. This will be helpful for ongoing exploration targeting. Conversion of Inferred Mineral Resources to higher classification categories is likely to continue as we work toward restarting production.

We intend to use the net proceeds from this offering to conduct a Feasibility Study for the restart of the Sunshine Mine including the construction of a new mill, a Feasibility Study for the development of the Sunshine Antimony Plant and a Feasibility Study for the refurbishment, construction and restart of the Sunshine Silver/Copper Refinery, for infill drilling and associated underground development costs, mining equipment and mine infrastructure purchases, as well as for mine development and overhead expenses, construction of a processing facility, surface infrastructure and project management expenses, exploration activities in underdefined areas on our land package, the potential development of the Sunshine Antimony Plant, the potential refurbishment, construction and restart of the Sunshine Silver/Copper Refinery, and general corporate purposes. See "*Use of Proceeds*." We anticipate that our total expenditures related to the Feasibility Studies will be approximately $ million and we expect to spend approximately $ million on infill drilling and associated underground development over the next years.

#### Drilling
The current drill database contains approximately 3,618 underground drill holes. Since 2010, drill hole locations and orientations have been marked for the drillers by the supervising geologist and surveyed before and after drilling. In recent campaigns, after the initial setup on the drill hole, a Northrop Grumman LiPAD-100 Gyrocompass azimuth aligner was used to double check the drill rig collar setup before commencing drilling. An initial 50-foot check survey is completed to ensure downhole direction after coring was commenced. Then, regular downhole surveys were completed every 200 feet on all diamond drill holes as the drill holes advanced. The primary survey tool was a Boart Longyear TruShot downhole survey tool. An Inertial Sensing Gyro survey tool was also used to double-check surveys in more magnetically problematic areas around known workings. Upon reaching the target depth, the drillers stop the hole and survey the bottom of the hole before cementing.

Geologists examine the drill holes to ensure correct run block footage and core orientation. Zones of core loss are noted, and geotechnical logging is conducted, which includes measurement of recovery and rock quality designation. Recovery was measured during drilling and checked during geological logging. Core recovery exceeded 90% and was generally very good, though it can be difficult in certain faulted or sheared areas. The diamond drillers changed from wireline tools to conventional tools before encountering proven areas of loss, which significantly improved recovery. Recovery issues did not materially impact the reliability of the results. Drill core was logged in detail and digitally photographed.

The drilling campaign from August 2022 until October 2023 had 38 drill holes totaling 54,369 feet drilled. Each of the completed drill holes was successful in intersecting planned targets or providing new knowledge in previously unknown areas. As part of this drill program, one new vein structure was defined with drilling from the 2300-Level elevation. This silver-copper vein has been defined approximately 50 feet south of the historical Yankee Girl Vein and is currently named the South Yankee Girl Vein. We completed two drill holes targeting the South Yankee Girl Vein, and both encountered silver mineralization. Drilling will continue to define the vertical and lateral limits of this new vein structure.

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In August 2025, we began an extensive and ongoing underground drilling program. As of March 25, 2026, approximately 48,000 feet (31%) of a planned 154,000-foot drilling campaign had been completed in 70 new drill holes. See "—*Principal Asset*" above for additional information about exploration results from our recent infill and exploration drilling. Our preliminary observations indicate that the ongoing drilling has encountered mineralization in areas outside the current Mineral Resource estimate and may support upgraded resource classification in other infill areas. SRK has not quantified any potential changes to the Mineral Resource estimate from these ongoing drilling results, as the data requires appropriate verification and revised vein modeling that will occur in future updates to the current Mineral Resource estimate. These additional drilling results may prove to be material when evaluated and incorporated into an updated Mineral Resource model.

#### Sunshine Mine Mineralogy
Dominant veins in the mine strike generally east-to-west between the faults and dip steeply (greater than 60°) to the south. Over 36 veins have been named and mined at the Sunshine Mine. Historically, mined grades are exceptionally high in some areas, with averages over 100 ounces of silver per ton. The Sunshine Vein and Chester Vein are particularly well endowed, with each reported to have produced over 90 million ounces of silver while in production according to the Sunshine Technical Report Summary. Mineralization is comprised of tetrahedrite, freibergite, galena and sphalerite, with typical gangue minerals of siderite, quartz, pyrite and magnetite. Similar to other vein systems in the Coeur d'Alene Mining District, two main vein assemblages are distinguished, which tend to dominate certain areas of the mine: silver-copper-antimony veins and silver-lead veins.

#### Sampling, Analysis and Data Verification
All of the drill hole samples since we took ownership of the Sunshine Mine have been analyzed at the American Analytical Services, Inc. laboratory in nearby Osburn, Idaho. American Analytical Services is a third-party commercial geochemical laboratory that operates independently of us. Its analytical facilities are International Organization for Standardization 170525:2017 certified in the field of Chemical Testing – Metallurgical Products and Mine Samples (Certificate No. L25-90).

Additional umpire assays were obtained from the third-party SVL Analytical, Inc. laboratory located in Kellogg, Idaho. The SVL Analytical, Inc. analytical facilities are ISO 170525:2017 certified in the field of Chemical Testing – Metallurgical Products (Certificate No. L25-243).

Specific records are limited for sample preparation and analytical procedures used by historical operators of the Sunshine Mine prior to us. During production, assays were completed at the in-house, non-commercial mine laboratory. The on-site laboratory facility has been dismantled and is no longer active.

We follow written procedures for sampling. Based on geological criteria, sample intervals are marked with metal tags inside each core box, which include the sample interval. Core sample lengths target 6.5 feet or less. The sample intervals are measured to tenths of a foot and chosen by the geologists based on lithological and mineralization breaks observed during logging.

Currently, all modern samples are processed with a four-acid digestion and assayed first by atomic absorption spectrometry at the American Analytical Services laboratory. The lower limit for detection of silver is 0.05 ounces of silver per ton; samples with ounces of silver per ton values exceeding 25 ounces of silver per ton on the atomic absorption assay are subsequently fire assayed for silver. The resulting fire assays are used with priority over earlier atomic absorption results.

We have followed industry-accepted methods for quality assurance and quality control, including the use of standards, blanks and duplicate samples in the 2023 drilling program. A review by SRK indicated reliability of silver results based on certified reference material standards, blanks, pulp duplicates, coarse duplicates and check assays. SRK has audited the security, sample preparation and analytical procedures, which are consistent with generally accepted industry standards. In SRK's opinion, the Sunshine Mine analytical data are acceptable for use in estimation and reporting of Mineral Resources.

Additionally, SRK independently reviewed the current core sampling, cutting, logging, sample preparation, security and laboratory analytical procedures followed at the Sunshine Mine during multiple site visits. The exploration and sampling protocols practiced at the Sunshine Mine are consistent with or exceed generally accepted industry guidance and are deemed adequate for the project stage. In addition to modern drilling data, the current Mineral Resource estimate relies heavily on historical channel samples obtained during previous mining. In SRK's opinion, data

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verification checks performed internally by our staff, in combination with independent checks and detailed audits by SRK, have resulted in sufficient validation of the fundamental drilling database at the Sunshine Mine. SRK has deemed the data to be acceptable and adequately reliable for use in geological modeling and estimation of Mineral Resources.

#### Mineral Resource Estimates
Mineral Resources have been classified in accordance with the definitions for Mineral Resources in S-K 1300, which are consistent with the classification scheme under the Committee for Reserves International Reporting Standards. Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability. As no Mineral Reserves have been reported with respect to the property, the property is considered an exploration stage property. There is no certainty that all or any part of the Mineral Resources will be converted into Mineral Reserves. The Mineral Resource estimates contained in this prospectus may be materially affected by changes to the geological, geotechnical and geometallurgical models, infill drilling to convert material to a higher classification, drilling to test for extensions to known Mineral Resources, collection of additional bulk density data and significant changes to commodity prices, and by environmental permitting, legal, title, taxation, socio-political, marketing or other relevant issues.

The Mineral Resource estimates in the Sunshine Technical Report Summary were completed by SRK, who is independent of us. The Mineral Resource estimates are based on the current drill hole database and updated vein models provided by us. The Mineral Resource estimates are supported by logging, drilling and sampling current to a November 28, 2023 data cut-off date. SRK undertook the technical work on the geological model and grade estimates in December 2023, with the final assessment for reasonable prospects for economic extraction completed on February 24, 2026, which is the effective date of the Mineral Resource estimates in the Sunshine Technical Report Summary.

The Mineral Resource estimates in the Sunshine Technical Report Summary were completed using a geological domain model and resource block model. The Mineral Resource estimate methodology involved the following procedures: (i) database and geological model review, (ii) data conditioning for statistical analysis (i.e., capping review and compositing), (iii) block modeling and grade interpolation, (iv) resource classification and validation, (v) assessment of reasonable prospects for economic extraction, (vi) application of reporting cut-off grade for conceptual underground mining scenario and (vii) preparation of the Mineral Resource estimates.

The 36 modeled vein domains were estimated for silver using an inverse distance weighting squared estimation methodology with bulk density scripted for vein and waste material. Due to inconsistency in the variography, kriging was not deemed appropriate at this stage. Copper, lead and zinc were included in the estimation scheme for exploration guidance, using the same setup as silver, but they were not reported in the Mineral Resource estimates in the Sunshine Technical Report Summary due to the material lack of assay data.

The Mineral Resources are classified in accordance with S-K 1300 and reflect the relative confidence of the grade estimates and the continuity of the mineralization. This classification is based on several factors, including geological understanding and uncertainty, confidence in the geological continuity of the mineralized structures, the quality and quantity of fundamental exploration data supporting the estimates, geostatistical confidence in the tonnage and grade estimates, data quality assurance/quality control and verification to original sources, bulk density determinations, accuracy of drill collar locations, accuracy of topographic surface, quality of the assay data and many other factors that influence the confidence of the Mineral Resource estimate. No single factor controls the resource classification; rather, each factor influences the result. Portions of blocks within the estimation domains have been categorized as Indicated Mineral Resources and Inferred Mineral Resources consistent with S-K 1300 guidelines. Additional mineralized material in the estimation domains was not deemed acceptable for classification at this time and is considered unclassified material with exploration potential. Separate classification models derived from distance buffer volumes were used to apply the appropriate block classification to the Mineral Resources.

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As per S-K 1300, Mineral Resources must demonstrate reasonable prospects for economic extraction. To satisfy this implication, SRK applied a cut-off grade that accounts for operation costs based on the proposed underground mining method, assumed processing costs, assumed general and administrative costs, metallurgical recovery and market-driven metal pricing. The cost inputs are based on a 2023 scoping study prepared by the Company for the Sunshine Mine. The following technical and economic parameters are assumed and accounted for in the determination of cut-off grade:

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| | |
|:---|:---|
| Mining cost | $110.00 per ton  |
| &nbsp;&nbsp;Processing cost | $20.85 per ton  |
| &nbsp;&nbsp;General and administrative cost | $7.93 per ton  |
| Antimony plant cost for silver concentrate | $14.55 per ton  |
| Refining cost for silver concentrate | $16.13 per ton  |
| Tailings storage cost | $4.27 per ton  |
| Silver price | $23.50 per ounce  |
| Silver recovery (milling stage) | 97%  |
| Silver recovery (chemical processing stage) | 96%  |
| Silver recovery (total metallurgical recovery) | 93%  |
| Silver payability | 95%  |
| Mining dilution | 5% |

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Silver is an over-the-counter, publicly-traded metal, and pricing assumptions were derived from long-term market consensus forecasts. The price estimates were provided by market analysts at major banks. The utilized silver price in the Sunshine Technical Report Summary is below the current spot price of silver ($81.13 per ounce as of May 8, 2026, as per APMEX) as the Mineral Resource estimate was originally completed in December 2023. In the opinion of SRK, the estimated commodity pricing used to calculate the resource cut-off grade is reasonable for up to a 25-year period, which exceeds the currently envisioned mine life for the Base Case, which assumes the mining of both Indicated Mineral Resources and Inferred Mineral Resources, and the Indicated Only Case, which assumes the mining of only Indicated Mineral Resources.

Using these metrics, an underground cut-off grade of 8.8 ounces of silver per ton was used for reporting Mineral Resources at the Sunshine Mine. Additionally, the underground Mineral Resources were constrained within mineable stope optimization wireframes derived from the economic parameters stated above. No mine planning or scheduling is considered in the mineable stope optimization, as all block volumes above the diluted cut-off grade are considered to meet reasonable prospects for economic extraction at this project stage.

The table below summarizes the Mineral Resource estimates at the Sunshine Mine as of February 24, 2026. As Mineral Resources are being reported for the first time under S-K 1300, we have not included a comparison against Mineral Resources as of the end of the preceding fiscal year.

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| | | | |
|:---|:---|:---|:---|
| **Classification** | **Tonnage**<br>(kst)<sup>(1)(2)(3)(4)(5)(6)(7)(8)(10)(11)</sup> | **Ag Grade** <br>(opt)<sup>(1)(2)(3)(4)(5)(6)(7)(8)(10)(11)</sup> | **Contained Ag Metal** <br>(koz)<sup>(1)(2)(3)(4)(5)(6)(7)(8)(10)(11)</sup>  |
| Measured | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—  |
| Indicated | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3485 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29.8 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;103915  |
| Measured & Indicated | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3485 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29.8 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;103915  |
| Inferred<sup>(9)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7061 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22.6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;159847 |

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(1)<br> The definitions for Mineral Resources in S-K 1300, which are consistent with the classification scheme under the Committee for Reserves International Reporting Standards, were followed for the classification of Mineral Resources.

(2)<br> All measurements are U.S. standard units.

(3) Mineable stope optimization volume constrained resources with reasonable prospects for economic extraction are stated as contained within vein estimation domains defined by a cut-off grade of 8.8 opt Ag. The cut-off grade and mineable stope optimization are based on the assumed silver price of $23.50 per ounce and operating cost assumptions, as follows: mining cost of $110.00 per ton, processing cost of $20.85 per ton, general and administrative cost of $7.93 per ton, antimony plant for silver concentrate cost of $14.55 per ton, refining for silver concentrate cost of $16.13 per ton and tailings storage cost of $4.27 per ton. See the table under "*The Sunshine Complex—Mineral Resource Estimates*." 

(4) Mineable stope optimization volumes are 9 feet high, 30 feet long, and minimum of 3 feet wide and are flagged by the individual modeled vein volumes. An unplanned mining dilution of 5% is applied for reporting. 

(5)<br> All Mineral Resources are based on a data cut-off date of November 28, 2023, estimated in situ and reported as diluted within mineable stope optimization volume.

(6) Average bulk density was assigned as 3.02 grams per cubic centimeter (g/cm<sup>3</sup>) for veins and 2.82 g/cm<sup>3</sup> for waste. The equivalent densities in Imperial units are 0.0943 tons per cubic foot (st/ft<sup>3</sup>) for veins and 0.088 st/ft<sup>3</sup> for waste. 

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(7) Total metallurgical recovery was assigned at 93% from metallurgical test work and history of mining production. 

(8) Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability. There is no certainty that all or any part of the Mineral Resources will be converted into Mineral Reserves in the future. The estimate of Mineral Resources may be materially affected by environmental permitting, legal, title, taxation, socio-political, marketing or other relevant issues. 

(9)<br> Inferred Mineral Resources are considered geologically speculative and are based on limited geological evidence and sampling. High geological uncertainty prevents the application of technical and economic factors to evaluate economic viability.

(10)<br> All quantities are rounded to the appropriate number of significant figures; consequently, sums may not add up due to rounding.

(11) The Sunshine Mine is 100% attributable to SOP.

#### Mining Operations
Underground mine plans and production schedules were prepared by SLR, using the Mineral Resource estimates described in Section 11 ("*Mineral Resource Estimates*") of the Sunshine Technical Report Summary. The mine life plans are to provide mineralized material feed of approximately 350,000 tons per year, based upon the use of the existing infrastructure and portions of the mine workings. The mine exists within a 6,000-foot-deep, 15,000-foot-long strike, and 2,000-foot-across dip volume. The mine is accessed by the 4,000-foot deep Jewell Shaft, which has the 3700 Level as the lowest operating level. The 5,400-foot deep Silver Summit Shaft and associated lower winze will be used for a second access. Levels are named by the depth below the Jewell Shaft collar. Future access below the 3700 Level will be via mechanized headings to the 5900 Level. Historical shafts and winzes that serviced intermediate and lower levels are not planned for future use.

The mineralized materials are situated in narrow (approximately five-foot wide) individual veins which typically dip at 60° to 70°. Historically mining has used a mixture of mainly conventional and some mechanized cut and fill stoping with hydraulic fill. A broad range of stoping options were considered for the Sunshine Technical Report Summary, and a mixture of 61% conventional cut and fill stoping and 39% mechanized long hole stoping were selected.

Silver cut-off grades varied based on the mining method: 8 opt Ag for the long hole mining method and 9 opt Ag for conventional cut and fill mining. Cut-off grades were only based on silver. While both copper and lead have historically been produced at the Sunshine Mine, there was no resource data available to model these metals.

Stope designs were developed using the Deswik Stope Optimizer software for both mining methods, and the results were then sorted into conventional cut and fill and mechanized long hole stopes. Cut-off grade, minimum width and minimum dilution estimates were applied in the Deswik Stope Optimizer. Mining shapes were developed for 27 of the 36 resource veins. The results of the Deswik Stope Optimizer were reviewed and modified as necessary. For the Base Case, the Deswik Stope Optimizer mining shapes were used to generate a total tonnage of potentially mineable material of 7.9 million tons at an average grade of approximately 19.0 ounces of silver per ton, or 149 million ounces of silver. The average mining width was 6.3 feet. Stoping blocks exist from the 100 Level to the 5900 Level. The mineable material estimate includes 36% dilution, which is carried at zero grade. For the Indicated Only Case, the Deswik Stope Optimizer mining shapes were used to generate a total tonnage of potentially mineable material of 1.5 million tons at an average grade of approximately 25.2 ounces of silver per ton, or 37.7 million ounces of silver. The Indicated Only Case assumes the same mining methods as the Base Case; however, operations will be focused on the Indicated Mineral Resources located between the 2500 Level and 4500 Level of the Sunshine Mine.

Mine production plans were prepared based upon accessing the closely grouped, larger and higher grade areas early in the schedule. To further increase the early production rate growth, the Jewell Shaft Block and Upper Mine Block will be mined at the start of the schedule. The Upper Mine Block, from the 100 Level to the 1500 Level, will be mined with mechanized access from a surface adit (Sterling Tunnel). Jewell Shaft Block production commences from the 3100 Level to 3700 Level. New development and long hole stoping will use mechanized equipment. Haulage to the Jewell Shaft will be done by rail bound equipment for the levels from 1700 Level to 3700 Level and by trucks and/or load-haul-dump equipment for areas below 3700 Level. Battery electric vehicle equipment is proposed to reduce ventilation requirements and improve working conditions in the Sunshine Mine. Mine development plans were developed to service the planned production.

The mine ventilation system will use the existing circuit, including the Big Hole raise and the Jewell Shaft as intakes and the Silver Summit Shaft for an exhaust way. The combination of conventional cut and fill stoping and battery electric vehicle equipment will reduce the fresh air demands compared to previous studies. The Upper Mine Block will be ventilated independently of the Jewell Shaft.

The three-year mine pre-production work will commence with the hoist upgrades, shaft rehabilitation (Jewell Shaft and Silver Summit Shaft) and mine dewatering to the bottom of the Jewell Shaft. The dewatering can commence at any time

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and the balance of the work will require approximately one year. After the Jewell Hoist and Jewell Shaft work is complete, the rehabilitation of workings and new development can commence. The Base Case in the Sunshine Technical Report Summary, which assumes the mining of both Indicated Mineral Resources and Inferred Mineral Resources, envisions an initial 24-year mine life, and our current mine plan contemplates producing approximately 6.7 million ounces of payable silver per year on average over the first five years of mine life and approximately 5.8 million ounces of payable silver per year on average over the full 24-year mine life, and the Indicated Only Case of the Sunshine Technical Report Summary contemplates producing approximately 3.5 million ounces of payable silver per year on average over the 10-year mine life.

Approximately 74% of the tonnage and approximately 68% of the contained silver in the Base Case mine life is Inferred Mineral Resources. Inferred Mineral Resources are considered geologically speculative and are based on limited geological evidence and sampling. High geological uncertainty prevents the application of technical and economic factors that would enable them to be categorized as Mineral Reserves.

An Indicated Only Case based solely on Indicated Mineral Resources was developed for the Sunshine Complex (there are no Measured Mineral Resources). The Indicated Only Case uses the same mining methods as the Base Case; however, the mining extent is limited by the available Indicated Mineral Resources. The Indicated Only Case has a three-year pre-production period followed by a nine-year operating life with mine production of up to 608 tons per day.

#### Processing and Recovery Operations
The Sunshine Technical Report Summary considers that a new concentrator will be constructed in the same location as the existing concentrator building. The existing building will be demolished to the foundations, and new facilities and equipment will be installed.

Under the Base Case development and operating scenario, the new Sunshine Mine concentrator is expected to receive approximately 1,000 tons per day run of mine mineralized material, hoisted from the Jewell Shaft and discharged into the run of mine mineralized material storage bin adjacent to the mine headframe, as well as mineralized material from the Sterling Tunnel, which will be delivered by truck to the Jewell Shaft run of mine storage bin external feed hopper. The material will be drawn from the external hopper with an apron feeder and conveyor and discharged into the run of mine storage bin. The capacity has been adjusted to 500 tons per day for the Indicated Only Case, and ore sorting was not used.

Material will be drawn from the run of mine storage bin into a three-stage crushing circuit including a primary gyratory, a secondary standard and tertiary shorthead crusher to produce a final grinding circuit feed size of P<sub>100</sub> 10 mm and P<sub>80</sub> 6 mm. Secondary crushed material will be screened to produce a 10 mm x 50 mm fraction that will be conveyed to an ore sorter for waste rejection. Ore sorter waste reject, approximately 44.2% of ore sorter feed (28.9% of mine feed), will be stockpiled, and the ore sorter product will be conveyed to tertiary crushing. Final crushed material will be conveyed into a fine material storage bin.

Material will be drawn from the fine material bin to feed the grinding and flotation circuits. The grinding circuit will consist of a ball mill and flash flotation cell closed by hydro cyclones. Flotation will include rougher/scavenger and cleaner flotation cells producing silver-copper and lead flotation concentrates. The two concentrates will be thickened, filtered and stored for bulk shipment to metal recovery facilities.

Concentrator tailing slurry will be thickened and pumped to a paste backfill plant or filtered and stored for dry stacking. The backfill plant will include a high-rate thickener and disk filter to produce a wet cake that will be mixed with Ordinary Portland Cement to produce cemented backfill. The paste will be pumped with a high-pressure positive displacement pump to the connection to the shaft pipeline at the collar of the Jewell Shaft for delivery underground for backfill.

#### Infrastructure, Permitting and Compliance Activities
The Sunshine Mine is a past producer and the facilities have been maintained on a care and maintenance basis for 20 years. Our mining, milling and refining complex includes substantial installed infrastructure, including approximately $208 million of investments that we have made over the last 16 years to maintain and modernize the Sunshine Complex and to consolidate the highly prospective land package around the Sunshine Mine. The most significant change required is the potential conversion of the Sunshine Tailings Storage Facility to a dry stack facility.

The Sunshine Mine currently contains one tailings storage facility. The embankment forming the Sunshine Tailings Storage Facility was first constructed in 1978 and has been subsequently raised four times. Tailings were last deposited in the Sunshine Tailings Storage Facility in 2008, coinciding with the closing of the processing facility.

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We currently retain the services of Hydrometrics, Inc. of Helena, Montana, to perform routine Dam Safety Inspection of the Sunshine Tailings Storage Facility. The facility was originally designed by Dames & More of Vancouver, British Columbia, in 1978. The facility is classified by the State of Idaho Department of Water Resources as a "Significant" classification under their state system. The most recent inspection by the State of Idaho Department of Water Resources stated that the structure appeared to be generally suitable for continued use as a water management pond with some caveats around the required repair of a decant accessway.

Tailings have traditionally been fine grained and sandy mixtures, with natural separation of fines with increasing distance from the spigot locations. Tailings were traditionally deposited from the northern and eastern embankment crests, with the formation of a decant pond abutting natural ground to the east. One decant tower exists in this pond location, and an additional emergency spillway in the form of a decant tower exists on the eastern tailings beach.

Excess water from processing operations that may require treatment will be treated using oxidation and precipitation utilizing lime and polymer treatment. The waters to be treated include (i) mine dewatering, (ii) mill discharge water and (iii) grey water and runoff water. The proposed location of the water treatment plant is to the northeast of the Sunshine Silver/Copper Refinery.

#### Environmental
Numerous environmental permits and approvals are required for our current and future operations. Currently we hold and believe we are in material compliance with the terms of active, valid permits and authorizations for all current activities of the mining operation. At present, we are not aware of any environmental issues that impact the ability to extract Mineral Resources at the Sunshine Mine. We are actively engaged with the local communities and stakeholders, and there are no outstanding negotiations or social commitments for the planned operation of the Sunshine Mine. As the operation of the Sunshine Complex progresses, we will be required to maintain or renew existing or acquire new approvals and permits. See Section 17 ("*Environmental Studies, Permitting, and Plans, Negotiations, or Agreements with Local Individuals or Groups*") of the Sunshine Technical Report Summary for further discussion regarding our permits.

Many of these permits are subject to renewal from time to time and can impose strict conditions, requirements or obligations on, or otherwise delay or prohibit, certain activities.

In particular, we are currently subject to the requirements of our IPDES permit, which was transferred from the NPDES permit, governing water discharge at the Sunshine Mine. We operate under a NPDES permit originally issued in 1991, which was scheduled for renewal in 1996, but remains in effect through administrative extensions of the United States Environmental Protection Agency (the "**EPA**"). We and the Idaho Department of Environmental Quality ("**IDEQ**") have formally agreed to update the IPDES permit prior to the commencement of construction activities. Under the jointly established schedule, the permit update is anticipated during the second half of 2027. Until that time, the existing IPDES permit remains active, valid and in full regulatory compliance.

The NPDES permit and/or IPDES permit governs, among other matters, the management of waste streams from mining and ore-concentrating operations at the Sunshine Mine, as well as stormwater management. During the 1990s, our predecessor allowed the lower levels of the mine to flood, resulting in water with elevated concentrations of iron and manganese. Under updated IDEQ standards, discharge criteria will be revised to also include bioavailable copper concentration removal and to meet potential discharge water temperature criteria. In any scenario, we will be required to update our water treatment process prior to discharge at Outfall 001 to ensure compliance with IDEQ's updated standards and more stringent permit limits, including those relating to total dissolved solids, cadmium, lead, zinc, copper, mercury, silver and arsenic. We anticipate that the associated water treatment plant costs will be consistent with those incurred by other mining operations transitioning to IDEQ's updated standards.

#### Capital Costs
*Base Case* 

The Base Case initial capital costs are estimated to be $286.9 million and the corresponding sustaining capital costs for the full 24-year mine life are estimated to be approximately $560.2 million, as summarized in the table below.

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<u>Mine Life Capital Cost Summary – Base Case ($ in millions)</u>

---

| | | | |
|:---|:---|:---|:---|
| **Area** | **Initial** | **Sustaining** | **Total**  |
| Mine Total | 167.0 | &nbsp;&nbsp;&nbsp;&nbsp;494.4 | 661.4  |
| Plant and Surface Total | &nbsp;&nbsp;57.0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44.6 | 101.6  |
| **Mine, Plant and Surface** | 224.0 | &nbsp;&nbsp;&nbsp;&nbsp;539.0 | 763.1  |
| Closure | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21.2 | &nbsp;&nbsp;21.2  |
| Contingency | &nbsp;&nbsp;62.9 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;62.9  |
| &nbsp;&nbsp;**Grand Total** | 286.9 | &nbsp;&nbsp;&nbsp;&nbsp;560.2 | 847.2 |

---

The Base Case pre-production capital costs are estimated to be $286.9 million over a three-year construction period, the breakdown of which is shown in the first table below. The Base Case sustaining capital costs total $560.2 million over the full 24-year mine life, as summarized in the second table below.

<u>Pre-Production Capital Cost by Year – Base Case ($ in millions)</u>

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Year - 3** | **Year - 2** | **Year - 1** | **Total**  |
| &nbsp;&nbsp;Mine Total | 55.5  | 64.1  | &nbsp;&nbsp;47.4  | 167.0  |
| Plant and Surface Total | &nbsp;&nbsp;0.7  | 22.5  | &nbsp;&nbsp;33.8  | &nbsp;&nbsp;57.0  |
| &nbsp;&nbsp;**Mine, Plant and Surface** | 56.1  | 86.6  | &nbsp;&nbsp;81.3  | 224.0  |
| Contingency | 16.6  | 24.4  | &nbsp;&nbsp;21.9  | &nbsp;&nbsp;62.9  |
| **Grand Total** | 72.8  | 111.0  | 103.2  | 286.9 |

---

<u>Sustaining Capital Cost by Year – Base Case ($ in millions)</u>

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Total** | **Year 1** | **Year 2** | **Year 3** | **Year 4**  | **Year 5** | **Years 6-15** | **Years 16-24**  |
| Total Capital Expenditure | 560.2 | 30.9 | 34.4 | 36.1 | 25.2 | 15.3 | 235.2 | 183.1 |

---

*Indicated Only Case* 

The Indicated Only Case initial capital costs are estimated to be $239.6 million, and the corresponding Indicated Only Case mine life sustaining capital costs (including closure) are approximately $265.3 million, as summarized in the table below.

<u>Mine Life Capital Cost Summary – Indicated</u><u> </u><u>Only Case ($ in millions)</u>

---

| | | | |
|:---|:---|:---|:---|
| **Area** | **Initial** | **Sustaining** | **Total**  |
| Mine Total | 133.8 | 225.1 | 358.9  |
| Plant and Surface Total | 57.0 | 19.0 | 76.1  |
| **Mine, Plant and Surface** | 190.8 | 244.1 | 434.9  |
| Closure |  | 21.2 | 21.2  |
| Contingency | 48.7 |  | 48.7  |
| &nbsp;&nbsp;**Grand Total** | 239.6 | 265.3 | 504.9 |

---

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#### Operating Costs
*Base Case* 

The Base Case mine life operating costs total $1,427 million and are estimated to be $181.38 per ton processed, as summarized in the table below. The number of tons processed is defined as the total mill feed to the plant, pre-ore sorting.

<u>Operating Cost Summary – Base Case</u> <u>– Life of Mine Average Unit Costs</u>

---

| | | |
|:---|:---|:---|
| **Area** | **Life of** <br>**Mine** <br>**Average**<br>**Unit Costs**<br>**($ per ton processed)** | **Total** <br>**Life of** <br>**Mine Unit** <br>**Costs**<br>**($ in millions)**  |
| Mine Services and Technical | 73.84  | 580.8  |
| Mining | 64.45  | 507.0  |
| Ore Sorter | 0.51  | 4.0  |
| Processing | 16.22  | 127.6  |
| Tailings Storage | 0.75  | 5.9  |
| &nbsp;&nbsp;General and Administrative | 25.62  | 201.5  |
| **Total Operating Cost** | 181.38  | **1426.8** |

---

*Indicated Only Case* 

The Indicated Only Case mine life operating costs total $426.3 million and are estimated to be $285.10 per ton processed, as summarized in the table below. The number of tons processed is defined as the total mill feed to the plant.

<u>Operating Cost Summary – Indicated</u><u> </u><u>Only Case</u> <u>– Life of Mine Average Unit Costs</u>

---

| | | |
|:---|:---|:---|
| **Area** | **Life of** <br>**Mine** <br>**Average**<br>**Unit Costs**<br>**($ per ton processed)** | **Total** <br>**Life of** <br>**Mine Unit**<br>**Costs**<br>**($ in millions)**  |
| Mine Services and Technical | 141.98 | 212.2  |
| Mining | 63.66 | 95.2  |
| Ore Sorter |  |  |
| Processing | 27.24 | 40.7  |
| Tailings Storage | 1.07 | 1.6  |
| &nbsp;&nbsp;General and Administrative | 51.14 | 76.5  |
| **Total Operating Cost** | 285.10 | 426.3 |

---

#### Economic Analysis
*Base Case* 

The Sunshine Technical Report Summary's Base Case, which assumes the mining of both Indicated Mineral Resources and Inferred Mineral Resources, is based on a production plan with a 24-year mine life, and includes a mineralized material inventory of approximately 7.9 million tons at an average grade of approximately 19.0 ounces of silver per ton, or 150 million ounces of silver.

The mineralized material inventory in the Base Case includes approximately 5.8 million tons of mineralized material and 102 million tons of silver from Inferred Mineral Resources, which represent approximately 74% of total Base Case tonnage and 68% of total Base Case silver ounces, respectively. The remainder of the material in the mined inventory is from Indicated Mineral Resources.

The Base Case contemplates producing approximately 6.7 million ounces of payable silver per year on average over the first five years of mine life and approximately 5.8 million ounces of payable silver per year on average over the full 24-year mine life at an AISC (excluding potential copper and lead by-product credits) of $16.26 per ounce of silver produced over the first five years of mine life and $18.81 per ounce of silver produced over the full 24-year mine life. Assuming a silver price of $46.36 and operations at full capacity as described in the Sunshine Technical Report Summary's Base Case, the Sunshine

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Mine would generate approximately $311 million in revenue, $230 million in EBITDA and $196 million in operating cash flow per year from silver production over the first five years, and approximately $268 million in revenue, $182 million in EBITDA and $153 million in operating cash flow from silver production over the full 24-year mine life. Once operations restart at the Sunshine Mine, in addition to producing silver, we plan to produce and refine antimony (which has historically been contained in our concentrates). We have commenced early-stage sampling and testing activities of material from the Sunshine Complex to evaluate for the potential presence and recovery of critical minerals such as gallium and germanium to support the possible future production of these other critical minerals. This outlook offers significant potential to generate incremental revenue and cash flow.

*Indicated Only Case* 

The Indicated Only Case in the Sunshine Technical Report Summary assumes a production schedule based exclusively on Indicated Mineral Resources. The planned mineable material totals 1.5 million tons at an average grade of approximately 25.2 ounces of silver per ton, which is planned to be mined over a nine-year period following three years of pre-production work.

The Indicated Only Case contemplates producing approximately 3.5 million ounces of silver per year on average over the full 10-year mine life at an AISC (excluding potential copper and lead by-product credits) of $24.06 per ounce of silver produced over the full 10-year mine life. Assuming a silver price of $46.36 and operations at full capacity as described in the Sunshine Technical Report Summary's Indicated Only Case, the Sunshine Mine would generate approximately $164 million revenue, $105 million in EBITDA and $97 million in operating cash flow on average annually from silver production over the 10-year mine life.

<u>Sunshine Technical Report Summary – Initial Assessment</u><sup>(1)(2)</sup>

---

| | | |
|:---|:---|:---|
|  | **Base Case<sup>(3)</sup>** | **Indicated Only Case**  |
| &nbsp;&nbsp;&nbsp;Mine Life  | 24 Years | 10 Years  |
| **Production Metrics**<br>|  |  |
| &nbsp;&nbsp;&nbsp;Mineable Material | 7.9 M tons | 1.5 M tons  |
| &nbsp;&nbsp;&nbsp;Production Rate | 864 tons per day | 430 tons per day |
| &nbsp;&nbsp;&nbsp;Avg. Mined Grade (LOM) | 19.0 opt Ag | 25.2 opt Ag  |
| &nbsp;&nbsp;&nbsp;Ag Recovery | 95.8% | 97%  |
| &nbsp;&nbsp;&nbsp;Ag Contained Production (Total \| Avg.)  | 150 Moz Ag \| 6.2 Moz Ag  | 38 Moz Ag \| 3.8 Moz Ag  |
| &nbsp;&nbsp;&nbsp;Ag Payable Production (Total \| Avg.) | 139 Moz Ag \| 5.8 Moz Ag | 35 Moz Ag \| 3.5 Moz Ag  |
| **Cost Metrics**<br>|  |  |
| &nbsp;&nbsp;&nbsp;Site Operating Costs | $181.38/ton processed | $285.10/ton processed  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Mining* | *$138.29/ton processed* | *$205.64/ton processed*  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Processing* | *$16.73/ton processed* | *$27.24/ton processed*  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*G&A & Tailings* | *$26.37/ton processed* | *$52.21/ton processed*  |
| &nbsp;&nbsp;&nbsp;Initial Capital | $286.9 M | $239.6 M  |
| &nbsp;&nbsp;&nbsp;Sustaining Capital (incl. closure) | $560.2 M | $265.3 M  |
| &nbsp;&nbsp;&nbsp;AISC | $18.81/oz Ag | $24.06/oz Ag  |
| **Financial Metrics<sup>(4)</sup>**<br>|  |  |
| &nbsp;&nbsp;&nbsp;Revenue (LOM \| Avg. Annual) | $6,437M \| $268M | $1,640M \| $164M  |
| &nbsp;&nbsp;&nbsp;EBITDA (LOM \| Avg. Annual) | $4,378M \| $182M | $1,054M \| $105M  |
| &nbsp;&nbsp;&nbsp;Operating Cash Flow (LOM \| Avg. Annual) | $3,681M \| $153M | $966M \| $97M |
| &nbsp;&nbsp;&nbsp;After-tax NPV<sup>5%</sup> \| IRR  | $1,434M \| 38.3%  | $270M \| 21.1% |

---

(1)<br> Base Case assumes the mining of both Indicated Mineral Resources and Inferred Mineral Resources. Indicated Only Case assumes the mining of only Indicated Mineral Resources and is shown for illustrative purposes only in accordance with Subpart 1302(d)(4) of Regulation S-K.

(2) Inferred Mineral Resources are considered geologically speculative and are based on limited geological evidence and sampling. High geological uncertainty prevents the application of technical and economic factors to evaluate economic viability. There is no certainty that this economic assessment will be realized. 

(3) Approximately 74% of the tonnage and approximately 68% of the contained silver in the Base Case mine life is Inferred Mineral Resources. Inferred Mineral Resources are considered geologically speculative and are based on limited geological evidence and sampling. High geological uncertainty prevents the application of technical and economic factors that would enable them to be categorized as Mineral Reserves.

(4) Based on a constant silver price of $46.36/oz Ag in all years of the economic analysis. 

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#### Sunshine Technical Report Summary
Despite a long and productive mining history, the existing Sunshine Mine represents a brownfield underground project with high potential for expansion and definition of the mesothermal silver vein systems through continued exploration. The upper levels of the mine have had limited drilling and development due to the historical exploration methodology available during the early years of the mine's operation. Additionally, the current economic outlook for silver and base minerals has changed drastically, and updated cut-off grades are lower than previous cut-off grades. We conducted recent infill and exploration drilling that expanded the level of known Mineral Resources. During future exploration and development phases, additional drilling has the potential to grow the known resource and potentially discover unidentified veins.

Considering the Base Case for the Sunshine Mine on a stand-alone basis, the undiscounted pre-tax cash flow over the full 24-year mine life totals approximately $3.5 billion, the undiscounted after-tax cash flow over the full 24-year mine life totals approximately $2.8 billion, simple payback occurs 1.9 years from start of production, the AISC is approximately $18.81 per ounce of silver (including sustaining capital and final closure/reclamation costs of approximately $4.04 per ounce) and average annual silver production during operation is approximately 5.8 million ounces per year. The after-tax NPV of the Base Case for the Sunshine Mine is approximately $1.4 billion, based solely on silver revenues, assuming a $46.36 per ounce silver price and a 5% discount rate, the prevailing industry standard discount rate for evaluating precious metals projects in North America. Increasing the assumed silver price to $60.27 per ounce and $80.00 per ounce would increase the after-tax NPV for the Base Case, which assumes the mining of both Indicated Mineral Resources and Inferred Mineral Resources, to $2.2 billion and $3.2 billion, respectively.

Considering the Indicated Only Case for the Sunshine Mine on a stand-alone basis, the undiscounted pre-tax cash flow over the full 10-year mine life totals approximately $549.2 million, the undiscounted after-tax cash flow over the full 10-year mine life totals approximately $461.3 million, simple payback occurs 3.4 years from start of production, the AISC is approximately $24.06 per ounce of silver (including sustaining capital and final closure/reclamation costs of approximately $7.50 per ounce) and average annual silver production from year two to year nine, which are the years of full production, is approximately 4.0 million ounces per year. The after-tax NPV of the Indicated Only Case for the Sunshine Mine is approximately $270.4 million, based solely on silver revenues, assuming a $46.36 per ounce silver price and a 5% discount rate, the prevailing industry standard discount rate for evaluating precious metals projects in North America. Increasing the assumed silver price to $60.27 per ounce and $80.00 per ounce would increase the after-tax NPV for the Indicated Only Case, which assumes the mining of only Indicated Mineral Resources, to $524.0 million and $878.0 million, respectively.

The Sunshine Technical Report Summary considered, among other factors, (i) production estimates, which were drawn from an underground mine plan and production schedule completed by SLR, (ii) silver market prices, which were based on long-term market price of $46.36 per ounce of silver, (iii) royalties that are payable to third parties, (iv) operating costs, (v) mine development costs, (vi) depreciation and amortization, (vii) income taxes, (viii) initial capital costs and (ix) sustaining capital costs.

*Readers are cautioned that the economic analysis contained in the Sunshine Technical Report Summary is preliminary in nature and is based, in part, on Inferred Mineral Resources. Inferred Mineral Resources are subject to significant uncertainty as to their existence and as to their economic and legal feasibility. The level of geological uncertainty associated with an Inferred Mineral Resource is too high to apply relevant technical and economic factors likely to influence the prospects of economic extraction in a manner useful for evaluation of economic viability. See "Risk Factors—Mineral Resource calculations at the Sunshine Mine are only estimates."* 

#### Exploration and Other Activities Performed
Since acquiring the Sunshine Mine, we have successfully completed the following significant re-development activities at the Sunshine Mine:

&nbsp;&nbsp;&nbsp;&nbsp;• acquired additional land, infrastructure, mining claims and surface rights, including the Sunshine Tailings Storage Facility and the Sunshine Silver/Copper Refinery;

&nbsp;&nbsp;&nbsp;&nbsp;• repaired and updated surface facilities and equipment, including the hoists, the Jewell Shaft, the electrical grid and related switch gear, the compressed air system and modernized the underground pumping systems;

&nbsp;&nbsp;&nbsp;&nbsp;• installed a 1 megawatt emergency back-up generator;

&nbsp;&nbsp;&nbsp;&nbsp;• acquired and installed an emergency personnel egress hoist;

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&nbsp;&nbsp;&nbsp;&nbsp;• performed ongoing repairs and upgrades to the Jewell Shaft electrical shaft signal;

&nbsp;&nbsp;&nbsp;&nbsp;• installed a new 13.2 kilovolt-ampere substation, transformers and power distribution on the 3100-Level, which services all levels down the Jewell Shaft;

&nbsp;&nbsp;&nbsp;&nbsp;• installed a new main water intake system for mining and milling operations;

&nbsp;&nbsp;&nbsp;&nbsp;• completed repairs and improvements to the Silver Summit headframe and ConSil Mine;

&nbsp;&nbsp;&nbsp;&nbsp;• completed underground rehabilitation of existing mine development as well as new mine underground development;

&nbsp;&nbsp;&nbsp;&nbsp;• maintained the Silver Summit hoist and completed work to enable rehabilitation of the Silver Summit Shaft;

&nbsp;&nbsp;&nbsp;&nbsp;• re-established and modernized utility services to the Sunshine Mine and Sterling mine ramp systems, enabling commencement of improvements required for electrification, ventilation and re-access to mining blocks;

&nbsp;&nbsp;&nbsp;&nbsp;• purchased mobile mining fleet consisting of five vehicles (2 load-haul-dumps, 2 trucks and 1 Jumbo), and purchased auxiliary equipment and light vehicles;

&nbsp;&nbsp;&nbsp;&nbsp;• advanced the excavation of the Sterling mine ramp to access upper-level mineralized zones for future mining;

&nbsp;&nbsp;&nbsp;&nbsp;• designed a new development plan to re-establish access in the upper and lower Sunshine Mine levels for exploration and development;

&nbsp;&nbsp;&nbsp;&nbsp;• developed a comprehensive drill hole database for the entire deposit and created a three-dimensional model of the Mineral Resources;

&nbsp;&nbsp;&nbsp;&nbsp;• acquired additional mineral rights in the near vicinity of the Sunshine Mine Core Area;

&nbsp;&nbsp;&nbsp;&nbsp;• defined additional Mineral Resources through surface and underground exploration programs;

&nbsp;&nbsp;&nbsp;&nbsp;• completed drilling that totaled 85.1 kilometers of core in 225 drill holes;

&nbsp;&nbsp;&nbsp;&nbsp;• completed a Class 5 Study for the Sunshine Antimony Plant;

&nbsp;&nbsp;&nbsp;&nbsp;• completed a Class V Estimate for the refurbishment, construction and restart of the Sunshine Silver/Copper Refinery;

&nbsp;&nbsp;&nbsp;&nbsp;• completed an Initial Assessment in accordance with S-K 1300;

&nbsp;&nbsp;&nbsp;&nbsp;• completed an exploration desktop study and surface fieldwork program across our land package; and

&nbsp;&nbsp;&nbsp;&nbsp;• prepared an exploration plan and proposed budget consistent with Scout's recommended roadmap.

We intend to use the net proceeds from this offering to conduct a Feasibility Study for the restart of the Sunshine Mine including the construction of a new mill, a Feasibility Study for the development of the Sunshine Antimony Plant and a Feasibility Study for the refurbishment, construction and restart of the Sunshine Silver/Copper Refinery, for infill drilling and associated underground development costs, mining equipment and mine infrastructure purchases, as well as for mine development and overhead expenses, construction of a processing facility, surface infrastructure and project management expenses, exploration activities in underdefined areas on our land package, the potential development of the Sunshine Antimony Plant, the potential refurbishment, construction and restart of the Sunshine Silver/Copper Refinery, and general corporate purposes. See "*Use of Proceeds*."

#### Quality Control
We generally follow industry-accepted methods for quality assurance and quality control with regard to exploration drilling, sampling and assay procedures. No historical significant negative issues have been identified at the Sunshine Mine.

Previous operators handled sample preparation and analysis of channel, rock chip, and drill core samples internally. Paper sample tag booklets are available on-site to document locations, lengths, and grades of various historical samples. Skeletonized drill core and coarse rejects are stored in a large core shed at the Sunshine Mine. Retention of sampling records and sample rejects is a positive indication of the diligence of the historical operators in maintaining adequate security measures.

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For all drilling since 2010, core was delivered regularly from underground drill stations to the surface logging areas. The exploration office and logging facility are monitored by security guards. Only authorized personnel have access to drill core samples.

We follow written procedures for sampling. Based on geological criteria, sample intervals are marked with metal tags inside each core box, which include the sample interval. Core sample lengths target 6.5 feet or less. The sample intervals are measured to tenths of a foot and chosen by the geologists based on lithological and mineralization breaks observed during logging.

After logging and photographing, the drill core is cut with a diamond saw. Half of the core sample is placed in a new cotton-polyethylene bag with a unique sample tag, an integrated duplicate sample tag and large sample numbers written in permanent marker. All sample bags are sealed with internal drawstrings. Multiple bags are collected onto a pallet for delivery to the American Analytical Services laboratory in Osburn, Idaho. A sample dispatch sheet accompanies each sample delivery and outlines the desired analytical procedures. Sample numbers and footage are stored electronically and uploaded to a secure Microsoft Access database. After splitting, the samples are delivered to the American Analytical Services laboratory routinely with a dispatch sheet for required analytical work that maintains appropriate chain of custody.

The American Analytical Services organizes and dries the samples. The samples are then crushed to 95% passing two-millimeter mesh, and a 250-gram sub-sample is divided with a riffle splitter. Then, the samples are pulverized to 90% passing 75 microns, and the pulverizer is cleaned with sand between samples.

We follow industry standard quality control procedures, targeting standard insertion after every 30 samples. For the drilling that took place in 2022 and 2023, a total of 57 certified reference material samples were provided, representing an insertion rate of 6.5% for all samples (n = 876), which exceeds the industry standard threshold of 5%. Among the 69 blank samples we provided, the overall blank insertion frequency was 7.9%, which is above the typical industry target of 5%. Among the 28 duplicate samples we provided, the overall duplicate insertion rate is 3.2%, which is low compared to the industry target of 5% of samples. Additionally, our check assay results adequately demonstrate the repeatability of analytical results between our testing laboratories with minimal outliers.

Based on SRK's review of our historical and modern quality control plots, there are a limited number of standards that failed against typical control limits of three-sigma standard deviation from the expected values. In the opinion of SRK, our quality control data shows no significant repeated bias and does not indicate any systematic errors affecting our drilling results.

The Mineral Resource estimates contained in this prospectus may be materially affected by changes to the geological, geotechnical and geometallurgical models, infill drilling to convert material to a higher classification, drilling to test for extensions to known Mineral Resources, collection of additional bulk density data and significant changes to commodity prices, and by environmental permitting, legal, title, taxation, socio-political, marketing or other relevant issues.

#### Competition
There is aggressive competition within the precious metals industry. We compete in efforts to obtain financing to explore and develop our projects with other precious metals companies. These companies currently are either further advanced or have greater resources than we do. In the future, we may compete with such companies to acquire additional properties.

In addition, we also encounter competition for the hiring of key personnel. The mining industry is currently facing a shortage of experienced mining professionals, particularly with respect to personnel experienced in mine construction and mine management. This competition affects our operations. Larger regional companies can offer better employment terms as compared to smaller companies such as us.

We also compete for mine service companies, such as project coordinators and drilling companies. Potential suppliers may choose to provide better terms and scheduling to larger companies in the industry due to the scale and scope of their operations.

#### Environmental, Health and Safety Matters
We are subject to stringent and complex environmental laws, regulations and permits in the various jurisdictions in which we operate. Compliance with the requirements of these laws, regulations and permits is important to our success as our operations involve, or may in the future involve, among other things, the removal, extraction and processing of natural resources, emission and discharge of materials into the environment, remediation of soil and groundwater

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contamination, workplace health and safety, reclamation and closure of waste impoundments and other properties, and handling, storage, transport and disposal of wastes and hazardous materials. Compliance with these laws, regulations and permits can require substantial capital or operating costs or otherwise delay, limit or prohibit our development or future operation of our properties. These laws, regulations and permits, and the enforcement and interpretation thereof, change frequently and generally have become more stringent over time. If we violate these environmental requirements, we could be subject to enforcement actions seeking injunctive relief, fines or other sanctions, including the revocation of permits and suspension or curtailment of operations. Pursuant to such requirements, we also may be subject to inspections or reviews by governmental authorities.

#### Permits and Approvals
Our operations require environmental permits, including permits governing the emission and discharge of materials and contaminants into air and water, reclamation and closure of properties, tailings and waste storage facilities, groundwater quality and availability, and the handling, storage, transport and disposal of wastes and hazardous materials, which can be difficult, expensive and time-consuming to obtain and maintain compliance with. While we believe we have all permits required to conduct our current activities at the Sunshine Complex, we will need to maintain and timely file for renewal of these permits. In addition, we may require additional permits and approvals to conduct future exploration, development and processing activities at the Sunshine Complex. We may be required to conduct environmental studies and collect and present to governmental authorities data pertaining to the potential impact that our current or future operations may have upon the environment in connection with our existing permits or to secure the issuance of new permits for new activities and/or changes to (including any expansion of) operations. There can be no assurance that we will be able to obtain and renew the permits needed for operations in a timely manner and on terms and conditions that are acceptable and consistent with our business plans.

Our permits impose a number of obligations on us, including recording keeping and reporting requirements, specific operational practices to minimize spills and accidents, limitations on the emission and discharge of pollutants, requirements to install pollution control equipment at our facilities, and monitoring activities. We could incur significant costs in the future to maintain compliance with these requirements.

The table below summarizes the current status of our existing major permits and future required permits.

![](ny20061035x4_sopchart.jpg)<br>

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(1)<br> Recently transferred NPDES Permit.

(2)<br> Contemplated to be modified for the conversion to a dry stack tailings storage facility.

#### Hazardous Substances and Waste Management
We could be liable for environmental contamination at or from our or our predecessors' currently or formerly owned or operated properties or third-party waste disposal sites. Certain environmental laws impose joint and several strict liability for releases of hazardous substances at such properties or sites, without regard to fault or the legality of the original conduct. A generator of waste can be held responsible for contamination resulting from the treatment or disposal of such waste at any off-site location (such as a landfill), regardless of whether the generator arranged for the treatment or disposal of the waste in compliance with applicable laws. Costs associated with liability for removal or remediation of contamination or damage to natural resources could be substantial and liability under these laws may attach without regard to whether the responsible party knew of, or was responsible for, the presence of the contaminants. In addition to potentially significant investigation and remediation costs, such matters can give rise to claims from governmental authorities and other third parties for fines or penalties, natural resource damages, personal injury and property damage.

The Sunshine Mine and our associated properties are included within Operable Unit #3 of the Bunker Hill Superfund Site, an area which covers much of the Coeur d'Alene Basin. The Bunker Hill Superfund Site has been subject to remediation and cleanup of contamination under supervision of the EPA and the IDEQ since 1983 and is one of the largest and most complex Superfund sites in the U.S. Our predecessors were identified as liable for a percentage of cleanup costs due to ownership and operation of the Sunshine Mine, which liability we have assumed as the current owner and operator. Our predecessor contributed to the Coeur d'Alene Work Trust and entered into the 2001 Consent Decree, which resolved certain liabilities arising under CERCLA relating to the Bunker Hill Superfund Site, pursuant to which we are required to pay to the U.S. federal government and the Coeur d'Alene Tribe between a 0% (at a silver price below $6 per ounce) and 7% (at a silver price of $10 per ounce or higher) NSR Royalty in perpetuity.

The Sunshine Tailings Storage Facility currently receives mine and process water discharges from our operations. We expect that the capacity of the Sunshine Tailings Storage Facility, as currently configured, will be sufficient for approximately ten years after commercial production resumes at the Sunshine Mine and that additional capacity may be added thereafter by either increasing the height of the storage facility embankment or using another form (e.g., dry stacking) of tailings storage.

We are required to maintain financial assurances for certain future closure obligations, including closure obligations with respect to the Sunshine Tailings Storage Facility. Our undiscounted reclamation obligations were estimated at approximately $4.2 million as of March 31, 2026, and the corresponding asset retirement obligation, which reflects the estimated present value of future closure obligations, was approximately $1.8 million.

#### Mine and Occupational Health and Safety Laws
The MSHA and the OSHA impose stringent safety and health standards on all aspects of mining operations at the Sunshine Mine. Also, Idaho has state programs for mine safety and health regulation and enforcement. Regulations and the results of inspections may have a significant effect on our operating costs. Failure to comply with these requirements can result in sanctions such as fines and penalties and claims for personal injury and property damage. These requirements may also result in increased operating and capital costs in the future. We cannot guarantee that violations of such requirements will not occur, and any violations could result in additional costs.

Legislative and regulatory bodies in the United States at the federal and state levels, including MSHA and OSHA, have recently promulgated or proposed various new statutes, regulations and policies relating to mine safety and mine emergency issues. Although some new laws, regulations and policies are in place, these legislative and regulatory efforts are still ongoing. At this time, it is not possible to predict the full effect that the new or proposed statutes, regulations and policies will have on our operating costs, but they may increase our costs. In addition, any unanticipated liabilities or obligations arising, for example, out of the discovery of previously unknown conditions or changes in law or enforcement policies, could materially and adversely affect our business, financial position, results of operations and cash flows.

#### Other Environmental Laws
We are required to comply with numerous other foreign, federal, state and local environmental laws, regulations and permits in addition to those previously discussed. These additional requirements include, for example, the

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U.S. Emergency Planning and Community Right-to-Know Act and Resource Conservation and Recovery Act. Regulations applicable to our business are administered by the EPA and various other federal, state and local environmental, zoning, health and safety agencies. Further, under certain circumstances, a number of environmental laws and regulations to which our operations are subject authorize the institution of lawsuits by private citizens and entities other than environmental regulatory authorities to enforce those laws and regulations.

The summary below is a non-exhaustive summary of material legislation that applies or may in the future apply to our operations. Although this summary focuses on federal laws, most states (including Idaho) have their own regulatory schemes that either mirror federal laws or create additional layers of regulation. We endeavor to conduct our mining operations in compliance with all applicable federal, state, and local laws and regulations. However, because of extensive and comprehensive regulatory requirements, violations during mining operations occur from time to time.

*Comprehensive Environmental Response, Compensation and Liability Act of 1980 ("CERCLA")* 

CERCLA authorizes the federal government and private parties to recover costs to address threatened or actual releases of hazardous substances (broadly defined) that may endanger public health or the environment. Strict joint and several and retroactive liability may be imposed on waste generators and facility owners and operators, regardless of fault or the legality of the original disposal activity. We could face liability under CERCLA and similar state laws to address contamination at (1) properties that we currently own, lease or operate, (2) properties that we, our predecessors or former subsidiaries have previously owned, leased or operated, (3) sites to which we, our predecessors or former subsidiaries, sent waste materials, and (4) sites at which hazardous substances from our facilities' operations have otherwise come to be located. We are currently liable for certain costs associated with the Bunker Hill Superfund Site pursuant to the 2001 Consent Decree.

*Resource Conservation and Recovery Act ("RCRA")* 

The RCRA affects mining operations by establishing requirements for the treatment, storage, and disposal of hazardous wastes. The RCRA monitors a group of eight heavy metals, including silver, and the EPA allows for only certain concentrations of each metal in waste. The EPA sets a limit of 5 ppm for silver waste. If the degree of silver concentrations exceeds the allowable limit, the waste must be treated as hazardous. Failure to properly handle, transport, store or dispose of hazardous waste or otherwise conduct our operations in compliance with environmental laws regarding hazardous waste could expose us to liability for governmental penalties, cleanup costs and civil or criminal liability associated with releases of such materials into the environment, damages to property, natural resources and other damages, as well as potentially impair our ability to conduct our operations.

*The Clean Water Act ("CWA")* 

The CWA and analogous state laws prohibit unpermitted discharges, impose restrictions and strict controls with respect to the discharge of pollutants, including spills and leaks of oil and other substances, into state waters or to "waters of the United States." The discharge of pollutants into regulated waters is prohibited, except in accordance with the terms of a permit issued by the EPA or an analogous state agency. The CWA and regulations implemented thereunder also prohibit the discharge of dredge and fill material into regulated waters, including jurisdictional wetlands, unless authorized by the Army Corps of Engineers pursuant to an appropriately issued permit. In addition, the CWA and analogous state laws require individual permits or coverage under general permits for discharges of stormwater runoff from certain types of facilities. In January 2020, the EPA and U.S. Army Corps of Engineers issued a final rule that attempts to clarify the CWA's definition of waters of the United States, referred to as the Navigable Waters Protection Rule. The Navigable Waters Protection Rule replaces a rule issued in June 2015 by the previous presidential administration, the Clean Water Rule. The Clean Water Rule, which was formally repealed in December 2019, was the subject of extensive legal challenges, injunctions and administrative action. The Navigable Waters Protection Rule is designed to fulfill a February 2017 executive order calling on the EPA and the U.S. Army Corps of Engineers to develop a rule consistent with Justice Antonin Scalia's plurality opinion in the 2006 Supreme Court decision, *Rapanos v. United States*, that CWA jurisdiction attaches only to "navigable waters" and other waters with a relatively permanent flow, such as rivers or lakes. The Navigable Waters Protection Rule narrows the jurisdiction of the CWA relative to the Clean Water Rule by, among other things, excluding from the scope of the definition of "waters of the United States" certain ephemeral streams and wetlands not adjacent to jurisdictional water bodies. The Navigable Water Protection Rule is likely to be the subject of legal challenges and its ultimate impact on our operations is uncertain.

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*Safe Drinking Water Act of 1974 ("SDWA")* 

The SDWA is the federal law that protects public drinking water supplies throughout the United States. Under the SDWA, the EPA sets standards for drinking water quality and implements technical and financial programs to ensure drinking water safety. The SDWA can impact mining operations in the United States to the extent that such operations could impact drinking water supplies.

*National Historic Preservation Act of 1966 ("NHPA")* 

The NHPA governs the preservation of historical properties throughout the United States. The NHPA could create an additional level of scrutiny on a mining operation, particularly during the permitting process, to the extent that a mining operation could come within the scope of a historical site.

*Endangered Species Act of 1973 ("ESA")* 

The ESA governs the protection of endangered species in the United States and requires the U.S. Fish and Wildlife Service to formally review any federally authorized, funded or administered action that could negatively affect endangered or threatened species. The Fish and Wildlife Service studies projects for possible effects to endangered species and then can recommend alternatives or mitigation measures. Regulators require mining companies to hire a government-approved contractor to conduct surveys for potential endangered species, and the surveys require approval from state and federal biologists who provide guidance on how to minimize mines' potential effects on endangered species. Certain endangered species are more typically at issue under the ESA with respect to mining. Changes in listings or requirements under these regulations could have a material adverse effect on our costs or our ability to mine some of our properties in accordance with our current mining plans.

#### Facilities
We own and lease land at the Sunshine Mine Core Area, the Coeur d'Alene Mining District and the Lakeview Mining District.

#### Employees
As of March 31, 2026, we had 95 full-time employees in the United States and Canada. None of our employees is a party to a collective bargaining agreement, and we believe that our employee relations are good. We plan to continue to hire employees as our operations expand.

#### Legal Proceedings
From time to time, we and our affiliates may become subject to various legal proceedings that are incidental to the ordinary conduct of our business. This may include disputes over the allocation of environmental remediation obligations at the Bunker Hill Superfund Site and other sites that may involve us or our affiliates. In addition, we may be held responsible for the costs of addressing contamination at the site of current or former activities or at third-party sites or be held liable to third parties for exposure to hazardous substances should those be identified in the future. For further discussion of our environmental obligations, see "*—Environmental—Hazardous Substances and Waste Management*" above. We have no pending or threatened litigation that, individually or in the aggregate, is material to our consolidated financial condition, cash flows or results of operations. Although we cannot accurately predict the amount of any liability that may ultimately arise with respect to any of these matters, we make a provision for potential liabilities when we deem them probable and reasonably estimable. These provisions are based on current information and legal advice and may be adjusted from time to time according to developments. See note 16 to our consolidated financial statements included elsewhere in this prospectus for additional information regarding our assessment of contingencies related to legal matters.

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#### MANAGEMENT

#### Executive Officers and Directors
The following table sets forth information regarding our executive officers and directors as of April 30, 2026:

---

| | | |
|:---|:---|:---|
| **Name** | **Age** | **Position**  |
| Heather White | &nbsp;&nbsp;53 | Director and Chief Executive Officer  |
| André van Niekerk | &nbsp;&nbsp;49 | Chief Financial Officer  |
| Michelle Shepston | &nbsp;&nbsp;51 | General Counsel and Secretary  |
| Thomas S. Kaplan | &nbsp;&nbsp;63 | Chairman of the Board of Directors  |
| Nathan Ebeling | &nbsp;&nbsp;52 | Director |
| Anna El-Erian | &nbsp;&nbsp;60 | Director  |
| Ali Reza Erfan | &nbsp;&nbsp;60 | Director  |
| Douglas Groh | &nbsp;&nbsp;70 | Director |
| &nbsp;&nbsp;Daniel Muñiz Quintanilla | &nbsp;&nbsp;52 | Director |
| Lawrence Radford | &nbsp;&nbsp;65 | Director |
| Paul H. Zink | &nbsp;&nbsp;71 | Director |

---

#### Biographical Information
*Heather White has served as our Chief Executive Officer since February 2024 after joining us as our Chief Operating Officer in January 2021 and as a member of our Board of Directors since January 2026. Prior to joining us, Ms. White served as senior vice president and chief operating officer of Nickel Creek Platinum from August 2017 to January 2021. Ms. White has served as president of White Mining Consulting Inc. since January 2013. Prior to that, Ms. White served as vice president of mining at NOVAGOLD Resources Inc. from April 2011 to January 2013, and in senior management roles at Vale S.A. from February 2007 to March 2011 and Inco Ltd. and PT Inco from July 1995 to February 2007. Ms. White previously served as a director of Sinda Ltd. from January 2022 to January 2026 and as a director of Victoria Gold Corp. from June 2016 to June 2018. Ms. White holds a bachelor of engineering from Queen's University. Ms. White was selected to serve on our Board of Directors because of her experience as a seasoned mining engineer, developer, operator and executive.* 

*André van Niekerk has served as our Chief Financial Officer since March 2025. He is the owner and president of 1520955 BC Ltd. and has served on the board of directors of NexMetals Mining Corp. since April 2025. Mr. van Niekerk also served as chief financial officer of Sinda Ltd. from March 2025 to January 2026. Prior to joining us, Mr. van Niekerk served as chief financial officer of Gatos Silver from June 2022 to January 2025. During his tenure, he was a key member of the leadership team responsible for executing the strategy that restored investor confidence and culminated in the acquisition of Gatos Silver by First Majestic Silver Corp. Prior to working at Gatos Silver, Mr. van Niekerk served as chief financial officer of Nevada Copper Corp. from July 2020 to May 2022. Previously, Mr. van Niekerk served as executive vice president and chief financial officer at Golden Star Resources Ltd., where he advanced through key strategic, operational and financial roles over his 14-year tenure. Mr. van Niekerk began his career at KPMG in South Africa and Denver in various advisory and audit roles. He holds bachelor's degrees in accounting from both the University of South Africa and University of Pretoria. Mr. van Niekerk is a Certified Public Accountant.* 

*Michelle Shepston has served as our General Counsel and Secretary since December 2025. Prior to joining us, Ms. Shepston served as executive vice president, general counsel and secretary of Hoonigan from March 2025 to December 2025. From August 2016 to March 2025, she served as executive vice president, chief legal officer and secretary of DMC Global Inc., a diversified industrial manufacturing company. During her tenure at DMC Global Inc., she oversaw its legal, compliance and risk functions. Prior to joining DMC Global Inc., Ms. Shepston was a partner and practiced with the Corporate Finance and Acquisitions Group at Davis Graham & Stubbs LLP, where she focused primarily on the mining and natural resource industries. Ms. Shepston brings to us expertise in corporate and securities law, mergers and acquisitions, equity and debt transactions, compliance and corporate governance. She has advised public and private company boards on issues of fiduciary duty, risk management and oversight. Ms. Shepston earned a juris doctor from the University of Denver College of Law and a bachelor of science from the University of Illinois.* 

*Dr. Thomas S. Kaplan has served as the Chairman of our Board of Directors since October 2020. Dr. Kaplan also has served as chairman, chief investment officer and chief executive officer of Electrum since January 2018 and served as chairman and chief investment officer of Electrum from March 2011 to January 2018. Dr. Kaplan also serves as chairman of the board of* 

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directors of NOVAGOLD Resources Inc. and as a member of the board of directors of Sinda Ltd. Dr. Kaplan previously served as chairman of Leor Exploration & Production LLC ("**Leor Energy**"), a natural gas exploration and development company, which he founded in 2003 and sold in 2007 to EnCana Oil & Gas USA Inc., a subsidiary of EnCana Corporation. Dr. Kaplan holds bachelor's, master's and doctoral degrees in History from Oxford University. Dr. Kaplan is an entrepreneur and investor with a track record of both creating and unlocking shareholder value in public and private companies and was selected to serve on our Board of Directors because of his experience as a developer of and investor in mining companies as well as oil and gas companies.

*Nathan Ebeling has served as a member of our Board of Directors since January 2026. Mr. Ebeling has served as a partner of Ospraie Management, LLC ("**Ospraie Management**") since 2006. At Ospraie Management, Mr. Ebeling has served in various positions, including as head of research and trading and as co-portfolio manager of Ospraie Real Return and Ospraie Real Return Enhanced Fund and as head of the Real Assets Strategy. In 2015, Mr. Ebeling led Ospraie's formation of Pandion Mine Finance, LP and served on its investment committee and board of directors. Additionally Mr. Ebeling co-led Ospraie's investment in Five Rivers Cattle Feeding and serves as head of its compensation committee. Mr. Ebeling also served on the board of directors of Virtus Industries Inc. Prior to joining Ospraie in 2005, Mr. Ebeling was a vice president in the J. Aron Commodities Group at Goldman Sachs from June 2000 to May 2005. Mr. Ebeling was first a field artillery officer and was later promoted to captain in the U.S. Army while stationed at Fort Lewis, Washington from 1996 to 2000. Mr. Ebeling holds a bachelor of business administration from the University of Notre Dame. Mr. Ebeling was nominated as a director by Ospraie pursuant to the Note Conversion and Cancellation Agreement, and was selected to serve on our Board of Directors because of his experience building businesses across the metals sector.* 

*Anna El-Erian has served as a member of our Board of Directors since January 2026. Ms. El-Erian currently serves as the chair of the board of directors of Gabriel Resources Ltd. and has been a member of the board of directors of Gabriel Resources Ltd. since January 2021 and a member of the board of directors of Altius Minerals Corp. since May 2015. She previously served as a member of the board of directors of Altius Renewable Royalties Corp. from December 2020 to December 2024, Sabina Gold & Silver Corp. from March 2016 to April 2023 and Entrée Resources from June 2015 to June 2022 and chair of the board of directors of Eco Oro Minerals Corp. from June 2011 to January 2021. Previously, Ms. El-Erian was a director and chief executive officer of Surgical Spaces Inc. from 2005 to 2011. She began her career in corporate law with Webber Wentzel Attorneys in 1990 before joining Investec Merchant Bank Limited in 1992. Ms. El-Erian holds a bachelor of laws from the University of the Witwatersrand in Johannesburg, South Africa. Ms. El-Erian was selected to serve on our Board of Directors because of her extensive experience in capital markets and securities as an investment banker, with a specialty in mergers and acquisitions.* 

*Ali Reza Erfan has served as a member of our Board of Directors since October 2020. Mr. Erfan serves as vice chairman of Electrum, which he joined in 2007. Mr. Erfan is also a member of the board of directors of NOVAGOLD Resources Inc., Gabriel Resources Ltd., Sinda Ltd., Ajami Associates Limited, NetZeroAg Ltd and IBH Ltd. Previously, he served on the board of directors of Gatos Silver from October 2020 to January 2025, and as a founding board member of Leor Energy from 2003 until it was sold in 2007 to EnCana Oil & Gas USA Inc. Prior to joining Electrum, Mr. Erfan was a senior partner at 3i Group plc's London headquarters. Mr. Erfan graduated from the University of Oxford with bachelor's and master's degrees in politics, philosophy and economics (PPE). He holds an MBA from the London Business School. He is also a fellow of the Kauffman Institute of Venture Capital. Mr. Erfan was selected to serve on our Board of Directors because of his extensive experience in strategy, finance and our industry.* 

*Douglas Groh has served as a member of our Board of Directors since July 2024. Mr. Groh served as a precious metals equity portfolio manager at Sprott Asset Management from 2020 to 2024, and prior to Sprott's acquisition of the Tocqueville Gold Fund, as a fund manager at Tocqueville Asset Management since 2003. Prior to that, Mr. Groh was director of investment research at Grove Capital from 2001 to 2003 and from 1990 to 2001 held investment research and banking positions at J.P. Morgan, Merrill Lynch and ING Bank. Mr. Groh began his career as a mining and precious metals analyst in 1985 at U.S. Global Investors. Mr. Groh currently serves on the board of directors of Sinda Ltd. Mr. Groh holds a master's degree from The University of Texas at Austin in Mineral Economics and a bachelor's degree from the University of Wisconsin – Madison in Geology. Mr. Groh was selected to serve on our Board of Directors because of his experience in mining finance, portfolio management, investment banking, and buy-side and sell-side credit and equity analysis.*

*Daniel Muñiz Quintanilla has served as a member of our Board of Directors since May 2021. Mr. Muñiz Quintanilla serves as a member of the board of directors of First Majestic Silver Corp., NOVAGOLD Resources, Inc. and Brookfield Infrastructure Partners L.P. Mr. Muñiz Quintanilla is also a founding partner of Axkan Capital Partners S.L.,* 

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and serves as a director and executive chairman of Sinda Ltd. Mr. Muñiz Quintanilla served as the managing director and executive vice chair of Americas Mining (the holding company of the mining division of Grupo México, S.A.B. de C.V. ("**Grupo México**")) from 2014 to 2018, as chief executive officer of Industrial Minera Mexico (the underground mining division of Grupo México) from 2010 to 2014, and as chief financial officer of Grupo Mexico from 2007 to 2014. Mr. Muñiz Quintanilla served as a director of Tharsis Mining S.L. from June 2022 until November 2025, as a director of Gatos Silver from April 2021 until it was acquired by First Majestic Silver Corp. in January 2025, and as a director of Hudbay Minerals Inc. from July 2019 until May 2024. He holds a law degree from Universidad Iberoamericana, in Mexico City, a master's degree in law from Georgetown University in Washington, D.C. and a master's degree in business administration from Instituto de Empresa in Madrid, Spain. Mr. Muñiz Quintanilla was selected to serve on our Board of Directors because of his experience as an executive and director of various mining and infrastructure firms across the gold, silver, and copper sectors, as well as his expertise in the areas of capital markets, mergers and acquisitions, finance and corporate leadership.

*Lawrence Radford has served as a member of our Board of Directors since January 2026. Most recently, Mr. Radford served as a director and as president and chief executive officer of Argonaut Gold Inc. from March 2022 to February 2023. Previously, Mr. Radford served as chief operating officer of Gold Standard Ventures Corp., where he led development of the South Railroad Project in Nevada from January 2021 to March 2022, and in various executive roles at Hecla beginning in 2011, where he managed an operating portfolio of underground mines, including the Lucky Friday mine in Idaho, the Greens Creek mine in Alaska, the Casa Berardi mine in Quebec, Canada and the San Sebastian mine in Durango, Mexico, ultimately serving as senior vice president and chief operating officer from May 2018 to December 2019. Prior to his role at Hecla, Mr. Radford held roles of increasing responsibility with Kinross Gold Corporation from 2007 to 2011 and with Barrick Gold Corporation from 1989 to 2007. He is currently a director of Revival Gold Inc. He holds a bachelor of science in mining engineering from the University of Idaho and a master of business administration from the University of Alaska Fairbanks. He is a member of the Society of Mining, Metallurgy, and Exploration and is a registered Professional Engineer in Idaho. Mr. Radford was selected to serve on our Board of Directors because of his experience as an executive and director of various mining companies.* 

*Paul H. Zink has served as a member of our Board of Directors since January 2026. Mr. Zink has served as principal of Mining Financial Consulting LLC since May 2016 and has taught as a professor of practice at the Colorado School of Mines since January 2019. He previously served as chief financial officer of Pure Energy Minerals Ltd. from June 2017 to October 2018 and in various roles, including senior vice president and chief financial officer, at Rare Element Resources Ltd. from December 2013 to March 2016. Early in his career, Mr. Zink held positions at Koch Industries, Pegasus Gold and J.P. Morgan & Co. Mr. Zink served as a director of American Rare Earths Ltd. from August 2023 to June 2024, and has also served on the board of directors of and chaired audit committees for three junior mining firms in the western United States. He holds a bachelor's degree in economics and international relations from Lehigh University. Mr. Zink was selected to serve on our Board of Directors because of his experience in finance and the mining industry.* 

#### Board Composition
Our Third Amended and Restated Certificate of Incorporation and Amended and Restated Bylaws provide that our Board of Directors shall consist of not less than three directors and not more than twelve directors, and the number of directors may be changed only by resolution adopted by the affirmative vote of a majority of the entire Board of Directors. Upon the completion of this offering, we will have nine directors.

Our Board of Directors will consist of a single class of directors and directors will serve until a successor is duly elected and qualified or until a director's earlier death, removal or resignation (other than directors that may be elected by holders of our preferred shares, if any). Electrum and Ospraie will have certain director nomination rights pursuant to the Stockholders' Agreements. See "*Certain Relationships and Related Party Transactions—Stockholders' Agreements*."

We have determined that each of Nathan Ebeling, Anna El-Erian, Douglas Groh, Lawrence Radford and Paul H. Zink is an independent director within the meaning of the applicable rules of the SEC and the NYSE and that each of Paul H. Zink, Nathan Ebeling and Anna El-Erian is also an independent director under Rule 10A-3 under the Exchange Act for the purpose of Audit Committee membership. In addition, our Board of Directors has determined that Paul H. Zink is a financial expert within the meaning of the applicable rules of the SEC and the NYSE.

#### Controlled Company Status
Upon completion of this offering, Electrum will beneficially own approximately % of our outstanding common stock (or approximately % if the underwriters exercise their option to purchase additional shares of our common

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stock from us in full). As a result, we will be a "controlled company" within the meaning of the corporate governance rules of the NYSE and, therefore, will qualify for exemptions from certain corporate governance requirements of the NYSE. Accordingly, we will not be required to have a majority of "independent directors" on our Board of Directors as defined under the rules of the NYSE and we will not be required to have a compensation committee composed entirely of independent directors or a nominating and corporate governance committee composed entirely of independent directors. We intend to take advantage of this exemption with respect to our Compensation Committee, and we currently expect that our Compensation Committee will not meet the director independence requirements under the NYSE corporate governance requirements applicable to a company that is not a "controlled company."

The "controlled company" exemption does not modify the independence requirements for the Audit Committee, and we intend to comply with the applicable requirements of the Exchange Act and the NYSE, which require that the Audit Committee be composed of (1) at least one independent director upon the listing of our common stock on the NYSE, (2) a majority of independent directors within 90 days of such listing and (3) exclusively independent directors within one year of such listing. See "*—Board Committees*."

At the time when Electrum no longer owns a majority of the voting power of our outstanding common stock, we will no longer qualify as a "controlled company" as defined under the corporate governance rules of the NYSE. In the event that we cease to be a "controlled company," to the extent we have not done so already, we will be required to fully implement the corporate governance requirements of the NYSE within the applicable transition periods specified in the rules of the NYSE.

#### Board Committees
The Audit Committee will consist of Paul H. Zink (chair), Nathan Ebeling and Anna El-Erian, and will be comprised entirely of independent directors. The Audit Committee will operate pursuant to a charter approved by our Board of Directors. The Audit Committee will approve the engagement of our independent public auditor and the scope of the audit to be undertaken by such auditor. In connection with our Annual Report on Form 10-K, the Audit Committee shall also review with management and the independent auditor the financial information to be included therein. In addition, the Audit Committee will review all proposed related party transactions for the purpose of recommending to the disinterested members of our Board of Directors that the transaction is fair, reasonable and within Company policy, and should be ratified and approved. The Audit Committee will also approve (or, as permitted, pre-approve) all audit and non-audit services to be performed by the independent registered public accounting firm.

The Compensation Committee will consist of Douglas Groh (chair), Daniel Muñiz Quintanilla and Ali Reza Erfan. Douglas Groh is an independent director. The Compensation Committee will operate pursuant to a charter approved by our Board of Directors. The Compensation Committee will make recommendations to and advise the Board of Directors with respect to the compensation of directors and executive officers. The Compensation Committee will also make recommendations to our Board of Directors regarding the establishment and terms of our employee equity-based incentive plans and will administer such plans.

The Nominating and Governance Committee will consist of Anna El-Erian (chair), Lawrence Radford and Nathan Ebeling. The Nominating and Governance Committee will operate pursuant to a charter approved by our Board of Directors. The Nominating and Governance Committee will identify and nominate members for election to our Board of Directors and develop and recommend to our Board of Directors corporate governance principles applicable to us. The Nominating and Governance Committee will also oversee the annual evaluation of our Board of Directors' performance.

The Technical, Safety and Sustainability Committee will consist of Lawrence Radford (chair), Paul H. Zink and Douglas Groh. The Technical, Safety and Sustainability Committee will operate pursuant to a charter approved by our Board of Directors. The Technical, Safety and Sustainability Committee will be responsible for the review of our technical, environmental, health and safety performance, and reporting of Mineral Resources and Mineral Reserves.

#### Compensation Committee Interlocks and Insider Participation
None of our executive officers serves, or in the past year has served, as a member of the board of directors or compensation committee (or other committee performing equivalent functions) of any entity that has one or more executive officers serving on our Board of Directors or compensation committee. No interlocking relationship exists between any member of the compensation committee (or other committee performing equivalent functions) and any executive, member of the board of directors or member of the compensation committee (or other committee performing equivalent functions) of any other company.

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#### Insider Trading Policy
Prior to the completion of this offering, our Board of Directors will adopt an insider trading policy that will, subject to certain exceptions, prohibit our employees, directors and officers from trading in our securities while in possession of material nonpublic information.

#### Code of Business Conduct and Ethics
Prior to the completion of this offering, our Board of Directors will adopt a code of business conduct and ethics applicable to our employees, directors and officers, in accordance with applicable U.S. federal securities laws and the corporate governance requirements of the NYSE. Any waiver of this code for the benefit of an employee may be granted only by our Chief Executive Officer or Chief Financial Officer. Any waiver of this code for the benefit of any of our directors or our principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, may be granted only by the Nominating and Governance Committee. All waivers granted to our directors or our principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, will be promptly disclosed as required by applicable U.S. federal securities laws and the corporate governance requirements of the NYSE. Our Corporate Governance Guidelines require our directors to act as fiduciaries of the Company, to disclose conflicts of interest to the other members of our Board of Directors and to abstain from taking any action in any matter in which the director has a conflict of interest.

#### Penalties or Sanctions
None of our directors or executive officers, and to the best of our knowledge, no stockholder holding a sufficient number of securities to materially affect the control of the Company, has been subject to any penalties or sanctions imposed by a court relating to securities legislation or by a securities regulatory authority or has entered into a settlement agreement with a securities regulatory authority or been subject to any other penalties or sanctions imposed by a court or regulatory body that would likely be considered important to a reasonable investor making an investment decision.

#### Individual Bankruptcies
None of our directors or executive officers, and to the best of our knowledge, no stockholder holding a sufficient number of securities to materially affect the control of the Company, has, within the 10 years prior to the date of this prospectus, become bankrupt, made a proposal under any legislation relating to bankruptcy or insolvency, or become subject to or instituted any proceedings, arrangement or compromise with creditors, or had a receiver, receiver manager or trustee appointed to hold the assets of that individual.

#### Corporate Cease Trade Orders and Bankruptcies
None of our directors or executive officers, and to the best of our knowledge, no stockholder holding a sufficient number of securities to materially affect the control of the Company is, as at the date of this prospectus, or has been within the 10 years before the date of this prospectus: (a) a director, chief executive officer or chief financial officer of any company that was subject to an order that was issued while the director or executive officer was acting in the capacity as director, chief executive officer or chief financial officer; (b) was subject to an order that was issued after the director or executive officer ceased to be a director, chief executive officer or chief financial officer and which resulted from an event that occurred while that person was acting in the capacity as director, chief executive officer or chief financial officer; or (c) a director or executive officer of any company that, while that person was acting in that capacity, or within a year of that person ceasing to act in that capacity, became bankrupt, made a proposal under any legislation relating to bankruptcy or insolvency or was subject to or instituted any proceedings, arrangement or compromise with creditors or had a receiver, receiver manager or trustee appointed to hold its assets. For the purposes of this paragraph, "order" means a cease trade order, an order similar to a cease trade order or an order that denied the relevant company access to any exemption under securities legislation, in each case, that was in effect for a period of more than 30 consecutive days.

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#### EXECUTIVE AND DIRECTOR COMPENSATION
Our named executive officers ("**NEOs**") for the fiscal year ended December 31, 2025, which consist of the individuals who served as our "principal executive officer" during the fiscal year ended December 31, 2025 and our two other most highly compensated executive officers who were serving as executive officers during the fiscal year ended December 31, 2025, are as follows:

&nbsp;&nbsp;&nbsp;&nbsp;• Heather White, Chief Executive Officer

&nbsp;&nbsp;&nbsp;&nbsp;• André van Niekerk, Chief Financial Officer

&nbsp;&nbsp;&nbsp;&nbsp;• Michelle Shepston, General Counsel

This discussion may contain forward-looking statements that are based on our current plans, considerations, expectations and determinations regarding future compensation programs. Actual compensation programs that we adopt following the completion of this offering may differ materially from the currently planned programs summarized in this discussion. As an emerging growth company, we are not required to include a Compensation Discussion and Analysis section and have elected to comply with the scaled disclosure requirements applicable to emerging growth companies.

#### Summary Compensation Table for 2025
The following table sets forth information concerning the compensation paid to our NEOs during the fiscal year ended December 31, 2025.

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Name and Principal Position** | **Year** | **Salary** <br>**($)<sup>(1)</sup>** | **Bonus** <br>**($)** | **Stock** <br>**Awards** <br>**($)** | **Stock** <br>**Option** <br>**Awards** <br>**($)<sup>(2)</sup>** | **Non-Equity** <br>**Incentive** <br>**Plan** <br>**Compensation** <br>**($)** | **All Other** <br>**Compensation** <br>**($)<sup>(3)</sup>** | **Total** <br>**($)**  |
| &nbsp;&nbsp;&nbsp;Heather White<sup>(4)</sup> <br>*Chief Executive Officer*<br>| 2025 | 288750 | 180000 | &nbsp;&nbsp;&nbsp;— | 3774540 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | 4243290 |
| &nbsp;&nbsp;&nbsp;André van Niekerk<sup>(5)</sup> <br>*Chief Financial Officer*<br>| 2025 | 138306 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | 3431400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;84041 | 3653747 |
| &nbsp;&nbsp;&nbsp;Michelle Shepston<sup>(6)</sup> <br>*General Counsel*<br>| 2025 | &nbsp;&nbsp;13125 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | 1665300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | 1678425 |

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(1) For Ms. White and Mr. van Niekerk, the amounts in this column represent the total monthly consulting fees paid to each NEO for 2025.

(2) The amounts reported in this column represent the aggregate grant-date fair value of stock option awards granted during the year ended December 31, 2025, computed in accordance with Financial Accounting Standards Board Accounting Standards Codification Topic 718 ("**ASC Topic 718**"). The assumptions used in calculating the grant date fair value of the stock options are set forth in the notes to our audited consolidated financial statements included elsewhere in this prospectus. This calculation does not give effect to any estimate of forfeitures related to service-based vesting and assumes that the NEOs will perform the requisite service for the award to vest in full.

(3) The amount in this column represents Mr. van Niekerk's 2025 annual consulting fee pursuant to the van Niekerk Consulting Agreement (as defined below).

(4) Ms. White served as our Chief Executive Officer during 2025. Ms. White was awarded a bonus of $180,000 in recognition of her performance for 2025.

(5)<br> Mr. van Niekerk became our Chief Financial Officer on March 17, 2025.

(6)<br> Ms. Shepston commenced employment as our General Counsel on December 15, 2025.

#### Executive Arrangements
The following is a summary of the material terms of the agreements entered into with our NEOs. The following summary of the agreements with our NEOs does not purport to be complete and is subject to, and qualified in its entirety by reference to, the full text of such agreements attached to this prospectus.

#### Arrangements with Chief Executive Officer
Ms. White receives regular compensation under a consulting services agreement between the Company and White Mining Consulting Inc., an entity controlled by Ms. White, which was initially entered into on April 1, 2021 and amended as of May 1, 2024, January 1, 2025, July 1, 2025, January 1, 2026, and was further was amended and restated on May 10, 2026 (the "**White Consulting Agreement**"). Pursuant to the White Consulting Agreement, effective as of

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May 10, 2026, Ms. White receives an annual consulting fee of $850,000 and an additional monthly fee of $5,313 per month (in each case, pro-rated for partial months of services). Ms. White is also eligible to receive an annual target bonus fee equal to 100% of her annual consulting fee (with the 2026 annual target bonus fee calculated with reference to her total base fee paid during the 2026 calendar year) and, beginning in fiscal year 2027, she will be eligible to receive annual equity incentive awards at a level commensurate with her services under the White Consulting Agreement and the White Executive Agreement (as described below).

On May 10, 2026, we entered into an executive agreement with Ms. White (the "**White Executive Agreement**"). Pursuant to the White Executive Agreement, Ms. White will not receive any regular compensation other than the compensation set forth in the White Consulting Agreement (as described above). However, if, at any time other than during the six-month period immediately prior to (or otherwise in connection with or in anticipation of) a change of control or during the 24-month period immediately following a change of control (the "**CIC Protective Period**"), Ms. White's services are terminated by the Company without cause or she resigns for good reason (each as defined in the White Executive Agreement), Ms. White will be entitled to the following: (i) lump sum cash severance payment equal to 2.0 times her annual base consulting fee and annual target bonus fee, (ii) lump sum cash payment equal to 18 months of her additional monthly fees, (iii) vesting of any then-outstanding and unvested time-based equity awards (or portions thereof) held by Ms. White that are scheduled to vest during the twelve (12)-month period immediately following her service termination date and (iv) treatment of any then-outstanding and unvested performance-based equity awards held by Ms. White in accordance with the applicable award agreement governing such awards. If, during the CIC Protective Period, Ms. White's services are terminated by the Company without cause or she resigns for good reason, Ms. White will be entitled to the following: (i) lump sum cash severance payment equal to 2.0 times her annual base consulting fee and annual target bonus fee, (ii) pro-rated annual target bonus fee for the year in which her services are terminated, (iii) lump sum cash payment equal to 18 months of her additional monthly fees, (iv) full vesting of any then-outstanding and unvested time-based equity awards held by Ms. White and (v) treatment of any then-outstanding and unvested performance-based equity awards held by Ms. White in accordance with the applicable award agreement governing such awards. The White Executive Agreement also contains standard restrictive covenants, including confidentiality, non-disparagement, non-solicit and non-competition covenants.

#### Arrangements with Chief Financial Officer
Mr. van Niekerk receives regular compensation under a consulting services agreement between the Company and 1520955 B.C. LTD., an entity controlled by Mr. van Niekerk, which was initially entered into on March 17, 2025, as amended on February 1, 2026, and was further amended and restated on May 10, 2026 (the **"van Niekerk Consulting Agreement**"). Pursuant to van Niekerk Consulting Agreement, effective as of May 10, 2026, Mr. van Niekerk receives an annual consulting fee of $425,000 and an additional monthly fee of $4,646 per month (in each case, pro-rated for partial months of services). Mr. van Niekerk is also eligible to receive an annual target bonus fee equal to 75% of his annual consulting fee (with the 2026 annual target bonus fee calculated with reference to his total base fee paid during the 2026 calendar year) and, beginning in 2027, will be eligible to receive annual equity incentive awards at a level commensurate with his services under the van Niekerk Consulting Agreement and van Niekerk Executive Agreement (as described below).

On May 10, 2026, we entered into an executive agreement with Mr. van Niekerk (the "**van Niekerk Executive Agreement**"). Pursuant to the van Niekerk Executive Agreement, Mr. van Niekerk will not receive any regular compensation other than the compensation set forth in the van Niekerk Consulting Agreement. However, if, at any time other than during the CIC Protective Period, Mr. van Niekerk's services are terminated by the Company without cause or he resigns for good reason (each as defined in the van Niekerk Executive Agreement), Mr. van Niekerk will be entitled to the following: (i) lump sum cash severance payment equal to 1.0 times his annual base consulting fee and annual target bonus fee, (ii) lump sum cash payment equal to 12 months of his additional monthly fees, (iii) vesting of any then-outstanding and unvested time-based equity awards (or portions thereof) held by Mr. van Niekerk that are scheduled to vest during the twelve (12)-month period immediately following his service termination date and (iv) treatment of any then-outstanding and unvested performance-based equity awards held by Mr. van Niekerk in accordance with the applicable award agreement governing such awards. If, during the CIC Protective Period, Mr. van Niekerk's services are terminated by the Company without cause or he resigns for good reason, Mr. van Niekerk will be entitled to the following: (i) lump sum cash severance payment equal to 2.0 times his annual base consulting fee and annual target bonus fee, (ii) pro-rated annual target bonus fee for the year in which his services are terminated, (iii) lump sum cash payment equal to 18 months of his additional monthly fees, (iv) full vesting of any then-outstanding and unvested time-based equity awards held by Mr. van Niekerk and (v) treatment of any then-outstanding and unvested

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performance-based equity awards held by Mr. van Niekerk in accordance with the applicable award agreement governing such awards. The van Niekerk Executive Agreement also contains standard restrictive covenants, including confidentiality, non-disparagement, non-solicit and non-competition covenants.

#### Arrangements with General Counsel
Ms. Shepston entered into an offer letter with SOP, dated November 11, 2025, pursuant to which she commenced serving as the Company's General Counsel and Corporate Secretary on December 15, 2025. Pursuant to Ms. Shepston's offer letter, she receives an annual base salary of $315,000, is eligible to receive an annual target bonus equal to 40% of her base salary and is entitled to participate in the Company's long-term incentive program and employee benefits plans. In connection with her commencement of employment, Ms. Shepston received a one-time award of 650,000 stock options at an exercise price of $4.00 per share. The stock options vest annually over three years starting on November 11, 2026.

On May 10, 2026, SOP entered into an employment agreement with Ms. Shepston (the "**Shepston Employment Agreement**"), which replaces her offer letter. Pursuant to the Shepston Employment Agreement, Ms. Shepston will receive an annual base salary of $425,000, is eligible to receive an annual target bonus equal to 75% of her base salary and is entitled to participate in the Company's long-term incentive program and employee benefits plans. In addition, if, at any time other than during the CIC Protective Period, Ms. Shepston's employment is terminated by the Company without cause or she resigns for good reason (each as defined in the Shepston Employment Agreement), Ms. Shepston will be entitled to the following: (i) lump sum cash severance payment equal to 1.0 times her base salary and target bonus, (ii) reimbursement for COBRA premiums for up to 12 months, (iii) vesting of any then-outstanding and unvested time-based equity awards (or portions thereof) held by Ms. Shepston that is scheduled to vest during the twelve (12)-month period immediately following her employment termination date and (iv) treatment of any then-outstanding and unvested performance-based equity awards held by Ms. Shepston in accordance with the applicable award agreement governing such awards. If, during the CIC Protective Period, Ms. Shepston's employment is terminated by the Company without cause or she resigns for good reason, Ms. Shepston will be entitled to the following: (i) lump sum cash severance payment equal to 2.0 times her base salary and target bonus, (ii) pro-rated target annual bonus for the year in which her employment is terminated, (iii) reimbursement for COBRA premiums for up to 18 months, (iv) full vesting of any then-outstanding and unvested time-based equity awards held by Ms. Shepston and (v) treatment of any then-outstanding and unvested performance-based equity awards held by Ms. Shepston in accordance with the applicable award agreement governing such awards. The Shepston Employment Agreement also contains standard restrictive covenants, including confidentiality, non-disparagement, non-solicit and non-competition covenants.

#### Amended and Restated 2021 Long Term Incentive Plan
On May 28, 2021, we adopted the LTIP, which was amended and restated on July 14, 2025. In connection with this offering, on May 10, 2026, the Board approved a further amended and restated LTIP (the "**Amended and Restated LTIP**"), which will become effective upon the completion of this offering. The principal purposes of the Amended and Restated LTIP are to provide eligible participants with an additional incentive to use maximum efforts for the future success of the Company and its subsidiaries and to enhance the ability of the Company and its subsidiaries to attract, retain and motivate individuals upon whom the Company's sustained growth and financial success depend by providing such persons with an opportunity to acquire or increase their proprietary interest in the Company through receipt of rights to acquire an award. All employees of the Company or its subsidiaries and non-employee directors of the Company and consultants engaged by the Company or its subsidiaries who are natural persons who render certain bona fide services are eligible to participate in the Amended and Restated LTIP.

*Authorized Shares*

The maximum number of shares of common stock that may be issued under the Amended and Restated LTIP will be four percent (4%) of the shares of common stock of the Company outstanding after giving effect to this offering (plus the number of shares available for issuance under the current reserve of the LTIP after giving effect to this offering and the number of shares subject to outstanding awards at the time of the completion of this offering), subject to adjustment upon certain changes in the Company's capitalization and annual increase on the first day of each calendar year during the term of the Amended and Restated LTIP, beginning on and including January 1, 2027, and ending on and including January 1, 2036, equal to the lesser of 2% of the aggregate number of shares of common stock issued and outstanding

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on December 31 of the immediately preceding calendar year and such smaller number of shares of common stock as determined by the administrator (the "**New LTIP Share Reserve**"). Shares of common stock issued under the Amended and Restated LTIP will consist of authorized and unissued or reacquired shares of common stock, including shares of common stock repurchased by the Company.

If an award under the Amended and Restated LTIP expires or otherwise terminates without having been exercised in full for any reason, or if all or any portion of the shares of common stock subject to an award is forfeited for any reason, the shares subject to such unexercised or forfeited award will revert to the Amended and Restated LTIP, and may again become available to be granted under the Amended and Restated LTIP. Any shares of common stock that are exchanged by a participant or withheld by the Company as full or partial payment in connection with the exercise of any option or stock appreciation right under the plan or the payment of any purchase price with respect to any other award under the plan, as well as any shares of common stock exchanged by a participant or withheld by the Company to satisfy the tax withholding obligations related to any award under the plan, will again be available for subsequent awards under the plan.

As of May 10, 2026, 3,327,948 shares of common stock remained available for issuance of new awards under the LTIP.

*Plan Administration*

Our Board of Directors or a committee or committees delegated by our Board of Directors (the "**administrator**") may administer the Amended and Restated LTIP. If at any time the Company has a class of equity securities registered under Section 12 of the Exchange Act, the Amended and Restated LTIP will then be administered only by our Board of Directors or a committee which consists of two or more individuals, each of whom qualifies as an independent, non-employee director in accordance with Rule 16b-3 under the Exchange Act. The administrator may also delegate, in writing, to an authorized officer authority to execute on behalf of the Company any award agreement or delegate its authority to officers or employees of the Company or a subsidiary, or engage a third party administrator to carry out administrative functions under the Amended and Restated LTIP, each to the extent permitted by applicable law and may be revoked or modified at any time.

Subject to the provisions of the Amended and Restated LTIP, the administrator has the authority to determine from time to time the eligible recipients, timing, types and provisions of each award granted under the Amended and Restated LTIP. The administrator may construe and interpret the Amended and Restated LTIP and awards granted thereunder and to establish, amend and revoke rules and regulations for its administration. The administrator, in the exercise of this power, may correct any defect, omission or inconsistency in the Amended and Restated LTIP or in any award agreement in a manner and to the extent it deems necessary or expedient to make the Amended and Restated LTIP fully effective. The administrator may also exercise other powers and perform such acts as it deems necessary or expedient to promote the best interests of the Company and that are not in conflict with the provisions of the Amended and Restated LTIP or any awards granted thereunder. All decisions by the administrator are made in the administrator's sole discretion and are final and binding and conclusive on all persons having or claiming any rights from or through a participant in the Amended and Restated LTIP or in any award.

*Types of Awards*

The Amended and Restated LTIP provides for the grant of incentive stock options, nonqualified stock options, restricted stock, restricted stock units, stock appreciation rights ("**SARs**"), performance awards, deferred stock units and cash awards to eligible participants. No awards will be granted under the Amended and Restated LTIP following the tenth anniversary of the Effective Date. As of May 10, 2026, there were stock options to purchase 8,323,000 shares of common stock outstanding under the LTIP and no awards have been promised or approved contingent on the effectiveness of the Amended and Restated LTIP or the completion of this offering (other than the non-employee director awards discussed below in the section entitled "—*Director Compensation*").

*Non-Employee Director Limitation*

Pursuant to the Amended and Restated LTIP, no participant who is a non-employee director will be granted awards in respect to services as a non-employee director on our Board of Directors during any calendar year that, when aggregated with such non-employee director's cash fees for services on our Board of Directors with respect to such calendar year, exceed $675,000 in total value (calculating the value of any such awards based on the grant date fair value of such awards for the Company's financial reporting purposes). The administrator may make exceptions to increase such limit to $1,000,000 for an individual non-employee director in the non-employee director's first year of service or in any year

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during which the non-employee director serves in a position of board leadership (e.g., as the non-executive chair or lead independent director of our Board of Directors), as the administrator may determine in its sole discretion, provided that the non-employee director receiving such additional compensation may not participate in the decision to award such compensation involving such non-employee director.

*Change of Control*

The Amended and Restated LTIP provides that, unless otherwise provided in an award agreement, upon the consummation of a change of control where an outstanding award is not assumed or substituted in connection with such change in control: (i) any unvested or unexercisable portion of any award carrying a right to exercise will become fully vested and exercisable, and (ii) the restrictions, deferral limitations, payment conditions and forfeiture conditions applicable to an award will lapse and such awards will be deemed fully vested, and any performance conditions imposed with respect to such awards will be deemed to be achieved at the greater of target and actual performance levels as of the date of the change of control. In the event that a change of control occurs and an award is assumed or substituted in connection therewith, such award shall remain outstanding and shall continue to vest following such change of control in accordance with its terms, subject to adjustment in accordance with the Amended and Restated LTIP. For purposes of the Amended and Restated LTIP, an outstanding award will be considered to be assumed or substituted for if, following the change of control, the award remains subject to the same terms and conditions that were applicable to the award immediately prior to the change of control except that, if the award related to shares of common stock, the award may instead confer the right to receive common equity of the acquiring entity (or cash or such other security or entity as may be determined by the administrator, in its sole discretion).

*Certain Adjustments*

In the event of any subdivision or consolidation of outstanding shares of common stock, declaration of a dividend payable in shares of common stock or other stock split, the administrator will proportionately adjust, as appropriate to reflect such transaction, each of (i) the shares of common stock reserved under the Amended and Restated LTIP and the number of shares of common stock available for issuance as incentive stock options, (ii) the number of shares of common stock covered by outstanding awards, (iii) the exercise price or other price in respect of such awards, (iv) the appropriate fair market value and other price determinations for such awards, (v) any limitations within the Amended and Restated LTIP and (vi) the terms and conditions of any outstanding awards (including, without limitation, any applicable performance periods, performance targets or criteria with respect thereto). In the event of any other recapitalization, capital reorganization, consolidation or merger, adoption by the Company of any plan of exchange affecting the shares of common stock or any distribution to holders of shares of securities or property (other than normal cash dividends or dividends payable in shares of common stock), the administrator will also make appropriate and necessary adjustments to the above to maintain the proportionate interest of the holders of the awards and preserve, without exceeding, the value of such awards.

In the event of a corporate merger, consolidation, acquisition of property or stock, separation, reorganization or liquidation (including a change in control), the administrator may make adjustments to (i) provide for the assumption, substitution or other arrangement (which, if applicable, may be exercisable for such property or stock as the administrator determines) for an award (regardless of whether in a transaction to which Code Section 424(a) applies), (ii) provide, prior to the transaction, for the acceleration of the vesting and exercisability of, or lapse of restrictions with respect to, the award and, if the transaction is a cash merger, provide for the termination of any portion of the then unexercised award, (iii) provide for the acceleration of the vesting and exercisability of an award and the cancellation thereof in exchange for such payment as the administrator, in its sole discretion, determines is a reasonable approximation of the value thereof, (iv) cancel any awards and direct the Company to deliver to the participants cash in an amount that the administrator determines in its sole discretion is equal to the fair market value of such awards as of the date of such event, or (v) cancel stock options or SARs and give the participants who are the holders of such awards notice and opportunity to exercise prior to such cancellation.

Pursuant to the Amended and Restated LTIP, the administrator may, without obtaining the approval of the Company's stockholders, (i) amend the terms of outstanding options or SARs to reduce the exercise price of such options or SARs, (ii) cancel outstanding options or SARs in exchange for options or SARs with an exercise price that is less than the exercise price of the original options or SARs or (iii) cancel outstanding options or SARs with an exercise price that is above the current per share stock price, in exchange for cash, property or other securities.

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*Recoupment for Misconduct or Restatement*

Our Board of Directors may recoup all or a portion of any award made to any participant under the Amended and Restated LTIP in the event of misconduct by the participant which results in material harm to the Company or if any of the Company's financial statements are restated as a result of errors, omissions, or fraud, to the extent such participant benefited from such misconduct, error, omissions, or fraud. Our Board of Directors may (i) seek repayment from the participant, (ii) reduce the amount payable under any compensatory plan, program or arrangement maintained by the Company or a subsidiary, (iii) withhold payment of future compensation increases (including discretionary bonus amounts) or compensatory awards, in order to comply with such clawback policy or applicable law or (iv) any combination of the foregoing. In addition, any award which is subject to recovery under any law, government regulation or stock exchange listing requirement, will be subject to such deductions and clawback as may be required to be made pursuant to such law, government regulation or stock exchange listing requirement (or any policy adopted by the Company pursuant to or in connection with any such law, government regulation or stock exchange listing requirement).

*Amendment; Termination*

Our Board of Directors may amend, suspend or terminate the Amended and Restated LTIP, provided that (i) no amendment or termination may be made that would adversely affect any outstanding awards without the written consent of the affected participants, and (ii) no amendment or termination that requires stockholder approval in order for the Amended and Restated LTIP to continue to comply with Section 422 of the Code, Section 409A of the Code (including any successors to such Sections, or other applicable law) or any applicable requirements of any stock exchange or national market system on which the Company's shares of common stock are then listed, will be effective unless such amendment or termination is approved by the requisite vote of the Company's stockholders entitled to vote on the amendment or termination.

Subject to the provisions of the Amended and Restated LTIP, the administrator will have the right to amend any applicable award agreements issued to a participant, subject to the participant's consent if such amendment is not favorable to the participant, provided that the consent of the participant will not be required for any amendment to the change of control and/or adjustment provisions under the Amended and Restated LTIP.

#### Outstanding Equity Awards at Fiscal Year-End
The following table shows all outstanding equity awards held by each of our NEOs as of December 31, 2025.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Stock Option Awards** | **Stock Option Awards** | **Stock Option Awards** | **Stock Option Awards** | **Stock Awards**  | **Stock Awards**  | **Stock Awards**  | **Stock Awards**  |
| <br>**Name** | **Number** <br>**of** <br>**Securities** <br>**Underlying** <br>**Unexercised** <br>**Stock** <br>**Options** <br>**(#)** <br>**Exercisable** | **Number** <br>**of** <br>**Securities** <br>**Underlying** <br>**Unexercised** <br>**Stock** <br>**Options** <br>**(#)** <br>**Unexercisable** | **Option** <br>**Exercise** <br>**Price** <br>**($)** | **Option** <br>**Expiration** <br>**Date** | **Number** <br>**of Shares** <br>**or Units** <br>**of Stock** <br>**That** <br>**Have Not** <br>**Vested** <br>**(#)** | **Market** <br>**Value of** <br>**Shares or** <br>**Units of** <br>**Stock** <br>**That** <br>**Have Not** <br>**Vested** <br>**($)** | **Equity** <br>**Incentive** <br>**Plan** <br>**Awards:** <br>**Number** <br>**of** <br>**Shares,** <br>**Units or** <br>**Other** <br>**Rights** <br>**That** <br>**Have Not** <br>**Vested** <br>**(#)** | **Equity** <br>**Incentive** <br>**Plan** <br>**Awards:** <br>**Market** <br>**Value of** <br>**Shares,** <br>**Units or** <br>**Other** <br>**Rights** <br>**That** <br>**Have Not** <br>**Vested** <br>**($)**  |
| Heather White<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;— | 1463000 | $4.00 | July 15, 2035 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— |
| André van Niekerk<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;— | 1330000 | $4.00 | July 15, 2035 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— |
| Michelle Shepston<sup>(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;650000 | $4.00 | December 15, 2035 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— |

---

(1)<br> Includes a grant of stock options on July 15, 2025. The stock options vest one-third annually starting on July 15, 2026.

(2)<br> Includes a grant of stock options on July 15, 2025. The stock options vest one-third annually starting on March 17, 2026.

(3)<br> Includes a grant of stock options on December 15, 2025. The stock options vest one-third annually starting on November 11, 2026.

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#### Director Compensation
The following table sets forth information concerning the compensation paid to our non-employee directors during the fiscal year ended December 31, 2025.

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Name and Principal Position** | **Fees** <br>**Earned** <br>**or** <br>**Paid in** <br>**Cash** <br>**($)** | **Stock** <br>**Awards** <br>**($)** | **Stock** <br>**Option** <br>**Awards** <br>**($)<sup>(1)</sup>** | **Non-Equity** <br>**Incentive** <br>**Plan** <br>**Compensation** <br>**($)** | **Nonqualified** <br>**Deferred** <br>**Compensation** <br>**Earnings** <br>**($)** | **All Other** <br>**Compensation** <br>**($)** | **Total** <br>**($)**  |
| Thomas S. Kaplan | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;Daniel Muñiz Quintanilla | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | 193393<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;500000<sup>(3)</sup> | 693393 |
| Ali Reza Erfan | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Douglas Groh | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | 645000<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | 645000 |
| Peter Cheesbrough | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Jeb Burns<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |

---

(1) The amounts reported in this column represent the aggregate grant-date fair value of stock option awards granted and modified during the year, computed in accordance with ASC Topic 718. The assumptions used in calculating the grant date fair value of the stock options are set forth in the notes to our audited consolidated financial statements included elsewhere in this prospectus. This calculation does not give effect to any estimate of forfeitures related to service-based vesting and assumes that the director will perform the requisite service for the award to vest in full. Our non-employee directors held the following number of stock options as of December 31, 2025: Mr. Kaplan (0); Mr. Muñiz Quintanilla (1000000); Mr. Erfan (0); Mr. Groh (250000); Mr. Cheesbrough (0) and Mr. Burns (0).

(2) Represents the incremental fair value of an award modification. On July 15, 2025, the Board of Directors approved a modification of the exercise price of 500,000 options previously granted in 2021 to Mr. Muñiz Quintanilla. The original exercise price of $6.09 per share was modified to $4.00 per share. The grant continues to vest under the original vesting schedule of one-sixtieth of the grant per month. The final month of vesting is May 2026.

(3) Represents compensation under a strategic advisory services agreement with Mr. Muñiz Quintanilla entered into on May 28, 2021, and amended on October 24, 2022. Compensation under the arrangement was $500,000 per year. The agreement was terminated effective as of December 31, 2025.

(4) Includes a grant of stock options with respect to 250,000 shares of common stock with a per share price of $4.00. The award was granted on July 15, 2025. The stock options vest one-third annually beginning on the first anniversary of the grant date. The stock options expire on July 15, 2035.

(5) During 2025, independent directors were each granted stock options exercisable for 250,000 shares of common stock at an exercise price of $4.00 per share. With respect to Mr. Burns, due to internal policies of Ospraie, the 250,000 options that would have been issued to Mr. Burns were issued to Ospraie.

In connection with the completion of this offering, we adopted a Non-Employee Director Compensation Program, pursuant to which non-employee directors will be eligible to receive an annual cash retainer fee equal to $75,000. The Chairman of the Board of the Directors and any lead independent director will each be eligible to receive an additional annual retainer of $75,000. Additional annual retainers are also paid for committee service, as follows:

---

| | | |
|:---|:---|:---|
| **Board Committee** | **Additional** <br>**Retainer for** <br>**Non-Chair** <br>**Membership** <br>**($)** | **Additional** <br>**Retainer for** <br>**Chair** <br>**Membership** <br>**($)** |
| Audit Committee | &nbsp;&nbsp;&nbsp;&nbsp;7500 | &nbsp;&nbsp;&nbsp;15000 |
| Compensation Committee | &nbsp;&nbsp;&nbsp;&nbsp;5000 | &nbsp;&nbsp;&nbsp;10000 |
| Nominating and Governance Committee | &nbsp;&nbsp;&nbsp;&nbsp;5000 | &nbsp;&nbsp;&nbsp;10000 |
| &nbsp;&nbsp;Technical, Safety and Sustainability Committee | &nbsp;&nbsp;&nbsp;&nbsp;5000 | &nbsp;&nbsp;&nbsp;10000 |

---

Non-employee directors will be eligible to defer cash retainers into deferred stock units. Pursuant to the Non-Employee Director Compensation Program, each non-employee director will also receive an annual grant of restricted stock units ("**RSUs**") with respect to a number of shares equal to $125,000 (based on the closing price of a share of common stock on the date of grant), which will cliff vest on the next annual meeting of stockholders, provided that if a non-employee director joins the Board of Directors between annual meetings of stockholders, such non-employee director's RSU grant may be prorated for the full months of expected service until the next annual meeting of stockholders. On May 10, 2026, the Board of Directors approved an initial grant of RSUs to each non-employee director (the "**Non-Employee Director Initial RSUs**") in an amount equal to $125,000 divided by the closing price of a share of common stock on the date of grant. The Non-Employee Director Initial RSUs will be granted to our non-employee directors upon the completion of this offering, subject to the completion of this offering.

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The Non-Employee Director Compensation Program also includes stock ownership guidelines, pursuant to which each non-employee director will be required to own shares having a value at least equal to three times the amount of the annual cash retainer fee (which is currently $75,000) within five years of becoming subject to the guidelines.

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#### CERTAIN RELATIONSHIPS AND RELATED PARTY TRANSACTIONS
The following is a description of each transaction or series of related transactions (other than the employment agreements, equity awards and other compensation-related arrangements described in "*Executive and Director Compensation*") since January 1, 2024 and each currently proposed transaction in which:

&nbsp;&nbsp;&nbsp;&nbsp;• we are, were or will be a participant;

&nbsp;&nbsp;&nbsp;&nbsp;• the amount involved exceeded or will exceed $120,000; and

&nbsp;&nbsp;&nbsp;&nbsp;• any of our directors, executive officers, or beneficial owners of more than 5% of any class of our capital stock, or any members of the immediate family of or any entity affiliated with any such person, had or will have a direct or indirect material interest.

#### Management Services Agreement
On January 1, 2021, we entered into a management services agreement with TEG, pursuant to which TEG provides us with certain strategic and administrative services on a cost-plus basis. We incurred no expenses for services by Electrum in the three months ended March 31, 2026 and we incurred $0.01 million and $0.2 million of expenses for services by Electrum in the years ended December 31, 2025 and 2024, respectively. The management services agreement may be terminated with or without cause by either party upon 30 days' prior written notice to the other party.

#### Exploration Services Agreement
On September 16, 2024, we entered into a professional services agreement with Scout, pursuant to which Scout agreed to provide certain exploration services to us. Electrum owns approximately 32% of Scout. We incurred no expenses for exploration services by Scout during the three months ended March 31, 2026 and we incurred $0.2 million and $0.02 million of expenses for exploration services by Scout during the years ended December 31, 2025 and 2024, respectively. The professional services agreement has a one year term that may be renewed or extended by the mutual agreement of the parties. The professional services agreement may be terminated by either party without cause upon 30 days' prior written notice, or immediately for cause by the non-breaching party.

#### Private Placement Transaction
On July 15, 2025, we entered into common stock purchase agreements with ESUS and ESUS II pursuant to which, among other things, we closed the ESUS Transactions. See "*Management's Discussion and Analysis of Financial Condition and Results of Operations—Liquidity and Capital Resources—Private Placement Transaction*."

Additionally, on July 15, 2025, ESUS committed to purchase (subject to reduction by amounts sold to other qualified purchasers) up to 7,500,000 additional Units at a purchase price of $4.00 per Unit. ESUS fulfilled its commitment by entering into common stock purchase agreements on November 5, 2025 and December 29, 2025 as set forth below.

Between July 15, 2025 and December 29, 2025, we entered into the following common stock purchase agreements:

&nbsp;&nbsp;&nbsp;&nbsp;• a common stock purchase agreement with Ajami Associates, an entity controlled by Ali Reza Erfan, one of our directors, pursuant to which, among other things, we offered and sold 125,000 Units at a purchase price of $4.00 per Unit;

&nbsp;&nbsp;&nbsp;&nbsp;• two common stock purchase agreements with Douglas Groh pursuant to which, among other things, we offered and sold 125,000 Units at a purchase price of $4.00 per Unit;

&nbsp;&nbsp;&nbsp;&nbsp;• a common stock purchase agreement with André van Niekerk, our Chief Financial Officer, pursuant to which, among other things, we offered and sold 75,000 Units at a purchase price of $4.00 per Unit;

&nbsp;&nbsp;&nbsp;&nbsp;• a common stock purchase agreement with White Mining Consulting Inc., an entity controlled by Heather White, our Chief Executive Officer and one of our directors, pursuant to which, among other things, we offered and sold 50,000 Units at a purchase price of $4.00 per Unit;

&nbsp;&nbsp;&nbsp;&nbsp;• an additional common stock purchase agreement with ESUS, in connection with the ESUS commitment described above, pursuant to which, among other things, we offered and sold 3,750,000 Units at a purchase price of $4.00 per Unit; and

&nbsp;&nbsp;&nbsp;&nbsp;• an additional common stock purchase agreement with ESUS, to complete the remaining ESUS commitment described above, pursuant to which, among other things, we offered and sold 2,739,310 Units at a purchase price of $4.00 per Unit.

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#### Term Loans
On April 11, 2024, we entered into the ESUS II Term Loan with ESUS II for an aggregate principal amount of $6.5 million, bearing interest at a rate of 12.00% per annum. On November 12, 2024, we entered into the 2024 ESUS Term Loan with ESUS for an aggregate principal amount of $7.0 million, bearing interest at a rate of 12.00% per annum. On April 1, 2025, we entered into the 2025 ESUS Term Loan with ESUS for an aggregate principal amount of $15.0 million, bearing interest at a rate of 12.00% per annum.

On July 15, 2025, in connection with the Private Placement Transaction, all outstanding amounts under the ESUS II Term Loan and ESUS Term Loans (totaling approximately $28.1 million) were extinguished in exchange for Units.

#### Convertible Notes
On September 2, 2022, we entered into the 2022 Convertible Note Purchase Agreement with ESUS and Ospraie (as successor-in-interest to the Municipal Employees' Retirement System of Michigan Group Trust) for an aggregate principal amount of approximately $30.7 million bearing interest at a rate of 5.00% per annum, compounding annually. In connection with the issuance of the convertible notes, we issued to ESUS warrants to purchase 2,739,640 shares of common stock at an exercise price of $2.87 per share and we issued to Ospraie warrants to purchase 2,615,060 shares of common stock at an exercise price of $2.87 per share. Those warrants, as amended on April 29, 2026, will be automatically net exercised into shares of our common stock immediately prior to the completion of this offering.

On July 15, 2025, in connection with the Private Placement Transaction, all convertible notes outstanding under the 2022 Convertible Note Purchase Agreement (totaling approximately $35.3 million including accrued interest) were converted into 12,319,850 shares of common stock pursuant to the Note Conversion and Cancellation Agreement.

#### Financial Support Commitment Letters
In March 2026, we received a financial support commitment letter from ESUS to ensure our ability to satisfy our obligations as a going concern through June 30, 2027. The financial support commitment letter superseded a similar financial support commitment letter from ESUS, dated January 7, 2026 (to ensure our ability to satisfy our obligations as a going concern through March 31, 2027), and another similar financial support commitment letter from ESUS, dated March 28, 2025 (to ensure our ability to satisfy our obligations as a going concern through December 31, 2026).

#### Note Conversion and Cancellation Agreement
On July 15, 2025, we entered into the Note Conversion and Cancellation Agreement with ESUS and Ospraie, pursuant to which, among other things, Ospraie has the right to nominate one member of our Board of Directors so long as Ospraie beneficially owns in the aggregate at least 5% of the then outstanding shares of our common stock.

The Note Conversion and Cancellation Agreement also provides Ospraie with preemptive rights, information rights and consultation rights with respect to certain actions by us. On May 10, 2026, we agreed to terminate the Note Conversion and Cancellation Agreement as of the completion of this offering.

#### Stockholders' Agreements
On May 10, 2026, we entered into an agreement to terminate the Note Conversion and Cancellation Agreement and entered into the Electrum Stockholders' Agreement and a separate agreement with Ospraie (the "**Ospraie Stockholders' Agreement**" and, together with the Electrum Stockholders' Agreement, the "**Stockholders' Agreements**"), in each case effective as of the completion of this offering. Pursuant to the Electrum Stockholders' Agreement, Electrum will have the right to nominate a number of members of our Board of Directors that is one fewer than a majority so long as Electrum beneficially owns at least 35% of the then outstanding shares of our common stock, and Electrum will have the right to nominate one member of our Board of Directors so long as Electrum beneficially owns less than 35%, but at least 5%, of the then outstanding shares of our common stock. The Ospraie Stockholders' Agreement provides that Ospraie will have the right to nominate one member of our Board of Directors so long as Ospraie beneficially owns at least 5% of the then outstanding shares of our common stock.

The nominees of Electrum and Ospraie will need to be approved by our Board of Directors and elected at the annual meeting of stockholders. The Electrum Stockholders' Agreement also provides that for so long as Electrum owns at least 35% of the then outstanding shares of our common stock, Electrum's approval must be obtained prior to us engaging in certain actions, including change of control transactions, the acquisition or sale of any asset or any joint venture

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investment in excess of $100 million, the incurrence of more than $100 million of indebtedness, making any loan, advance or capital contribution in excess of $100 million and the issuance of more than $100 million in the aggregate of equity securities. The Electrum Stockholders' Agreement also provides that for so long as Electrum owns at least 35% of the then outstanding shares of our common stock, certain actions by us will require prior consultation with Electrum. The actions requiring prior consultation with Electrum include the hiring, removal or material changes to contracts of the chairman of the Board of Directors, Chief Executive Officer or Chief Financial Officer and the approval of our annual capital expenditure budget.

The Ospraie Stockholders' Agreement provides that for so long as Ospraie owns at least 5% of the then outstanding shares of our common stock, certain actions by us will require prior consultation with Ospraie. The actions requiring prior consultation with Ospraie include change of control transactions, amendments to the Third Amended and Restated Certificate of Incorporation and Amended and Restated Bylaws, changing the size of our Board of Directors, declaring dividends or distributions, issuing or repurchasing equity securities (except pursuant to equity compensation plans) and stock splits, recapitalizations, reclassification or similar transactions.

Lastly, we will agree to indemnify Electrum and Ospraie from any losses arising directly or indirectly out of their actual, alleged or deemed control or ability to influence us or the actual or alleged act or omission of their director nominees, including any act or omission in connection with this offering. If, for any reason our agreement to indemnify Electrum and Ospraie is unavailable or unenforceable, we will agree to make the maximum contribution to the payment and satisfaction of the indemnified liabilities permissible under applicable law.

#### Registration Rights Agreement
Prior to the completion of this offering, we will enter into a registration rights agreement with certain of our stockholders pursuant to which we will grant certain of our stockholders and their affiliates certain registration rights with respect to our shares of common stock owned by them following the expiration of the Lock-up Period. See "*Shares Eligible for Future Sale—Registration Rights Agreement.*"

#### Membership Interest Purchase Agreement
On May 10, 2025, we entered into a membership interest purchase agreement with Calico Exploration LLC ("**Calico**"), a wholly owned subsidiary of TEG, pursuant to which we agreed to acquire all of the issued and outstanding equity interests in Catalyst Exploration LLC ("**Catalyst**"), a Delaware limited liability company, from Calico for an aggregate cash purchase price of up to $0.8 million. Catalyst's principal assets consist of unpatented mining claims. The transaction is expected to close after the completion of this offering.

#### Indemnification Agreements
In connection with this offering, we entered into indemnification agreements with each of our directors and executive officers. These agreements, among other things, require us to indemnify each director and executive officer to the fullest extent permitted by Delaware law, including indemnification of expenses such as attorneys' fees, judgments, fines and settlement amounts incurred by the director or executive officer in any action or proceeding, including any action or proceeding by or in right of us, arising out of the person's services as a director or executive officer.

#### Statement of Policy on Related Party Transactions
Prior to the completion of this offering, we will adopt a related party transaction policy designed to minimize potential conflicts of interest arising from any dealings we may have with our affiliates and to provide appropriate procedures for the disclosure, approval and resolution of any real or potential conflicts of interest that may exist from time to time. This policy provides, among other things, that all related party transactions will be ratified and approved by disinterested members of our Board of Directors after receiving a recommendation from the Audit Committee that the transaction is fair, reasonable and within our policy. In making its recommendation, the Audit Committee will consider each related party transaction in light of all relevant factors, including the benefits of the transaction to us, the terms of the transaction and whether they are arm's length and in the ordinary course of our business, the direct or indirect nature of the related party's interest in the transaction, the size and expected term of the transaction and other facts and circumstances that bear on the materiality of the related party transaction under applicable law and stock exchange standards.

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#### PRINCIPAL STOCKHOLDERS
The following table sets forth information regarding beneficial ownership of our common stock as of March 31, 2026 by:

&nbsp;&nbsp;&nbsp;&nbsp;• each person whom we know to own beneficially more than 5% of our common stock;

&nbsp;&nbsp;&nbsp;&nbsp;• each of our directors, director nominees and named executive officers individually; and

&nbsp;&nbsp;&nbsp;&nbsp;• all of our directors, director nominees and executive officers as a group.

In accordance with the rules of the SEC, beneficial ownership includes shares over which a person has voting or investment power or the right to acquire such power within 60 days. Shares issuable pursuant to stock options are deemed outstanding for purposes of computing the percentage ownership of the person holding such options but are not outstanding for purposes of computing the percentage ownership of any other person. The percentage of beneficial ownership for the following table is based on shares of common stock outstanding as of March 31, 2026, after giving effect to the Warrant Net Exercise and the Stock Split, and shares of common stock outstanding after the completion of this offering. Unless otherwise indicated, the address for each listed stockholder is: c/o Sunshine Silver Mining & Refining Company, 2209 Big Creek Rd, Kellogg, Idaho 83837. To our knowledge, except as indicated in the footnotes to this table and pursuant to applicable community property laws, the persons named in the table have sole voting and investment power with respect to all shares of common stock shown as beneficially owned by them.

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| | |
|:---|:---|
| **Name of Beneficial Owner** | **Shares** <br>**Beneficially** <br>**Owned** |
| **Named Executive Officers and Directors:**<br>|  |
| Heather White | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\*<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\*  |
| André van Niekerk | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\*<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\*  |
| &nbsp;&nbsp;Michelle Shepston | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\*<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\*  |
| Thomas S. Kaplan |  |
| Nathan Ebeling | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\*<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\*  |
| Anna El-Erian | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\*<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\*  |
| &nbsp;&nbsp;Ali Reza Erfan | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\*<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\*  |
| Douglas Groh | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\* |
| Daniel Muñiz Quintanilla | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\* |
| &nbsp;&nbsp;Lawrence Radford | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\* |
| Paul H. Zink | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\* |
| All executive officers, directors and director nominees as a group (11 persons) |  |
| **Greater than 5% Stockholders:**<br>|  |
| Electrum<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;%<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;%  |
| &nbsp;&nbsp;Ospraie<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;% |

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\* Represents beneficial ownership of less than 1%.

(1) Consists of (i) 75,938,300 shares of our common stock held by ESUS as of March 31, 2026, (ii) shares of our common stock issuable upon the exercise of Private Placement Warrants held by ESUS as of March 31, 2026 that are exercisable within 60 days of March 31, 2026, (iii) shares of our common stock issuable upon the exercise of other warrants held by ESUS as of March 31, 2026 (which excludes shares of our common stock that will be forfeited by ESUS in the Warrant Net Exercise), (iv) 7,365,270 shares of our common stock held by ESUS II as of March 31, 2026, (v) shares of our common stock issuable upon the exercise of Private Placement Warrants held by ESUS II as of March 31, 2026 that are exercisable within 60 days of March 31, 2026 and (vi) shares of our common stock issuable upon the exercise of other warrants held by ESUS II as of March 31, 2026 (which excludes shares of our common stock that will be forfeited by ESUS II in the Warrant Net Exercise). 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. 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 shares of our common stock held by ESUS. Electrum Strategic Opportunities Fund II L.P. ("**ESOF II**") owns approximately 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 

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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 shares of our common stock held by ESUS II. Each of Thomas Kaplan, Ali Erfan, Michael Williams and Andrew Shapiro have voting and dispositive power over the securities held by ESUS and ESUS II. The business address of each of the foregoing persons is 600 Fifth Avenue, 24th Floor, New York, New York 10020.

(2) Consists of (i) 22,699,490 shares of our common stock held by Ospraie as of March 31, 2026, (ii) shares of our common stock issuable upon the exercise of Private Placement Warrants held by Ospraie as of March 31, 2026 that are exercisable within 60 days of March 31, 2026, (iii) shares of our common stock issuable upon the exercise of other warrants held by Ospraie as of March 31, 2026 (which excludes shares of our common stock that will be forfeited by Ospraie in the Warrant Net Exercise) and (iv) options to purchase shares of our common stock held by Ospraie that are exercisable within 60 days of March 31, 2026. Ospraie Management is the investment manager of Ospraie and has been delegated voting and investment power and thus may be deemed to beneficially own the shares of our common stock held by Ospraie. Ospraie Holding I, LP ("**Ospraie Holding**") may be deemed to beneficially own the shares of our common stock held by Ospraie as the managing member of Ospraie Management. Ospraie Management, Inc. ("**OM Inc.**") may be deemed to beneficially own the shares of our common stock held by Ospraie as the general partner of Ospraie Holding. Ospraie Real Assets GP LLC ("**Ospraie GP**") may be deemed to beneficially own the shares of our common stock held by Ospraie as the general partner of Ospraie. Dwight Anderson may be deemed to beneficially own the shares of our common stock held by Ospraie as the managing member of Ospraie GP and as the sole owner of OM Inc. The business address of each of the foregoing persons is 411 Theodore Fremd Avenue, Suite 240, Rye, NY 10580. 

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#### DESCRIPTION OF CAPITAL STOCK
The following descriptions are summaries of the material terms of our Third Amended and Restated Certificate of Incorporation and Amended and Restated Bylaws, which will be effective upon the completion of this offering. Reference is made to the more detailed provisions of, and the following descriptions are qualified in their entirety by reference to, the Third Amended and Restated Certificate of Incorporation and Amended and Restated Bylaws, copies of which are filed with the SEC as exhibits to the registration statement of which this prospectus is a part, and applicable law.

#### General
Following this offering, our authorized capital stock will consist of 3,500,000,000 shares of common stock, par value $0.001 per share, and 250,000,000 shares of preferred stock, par value $0.001 per share.

#### Common Stock
*Common stock outstanding. As of March 31, 2026, there were 116,509,480 shares of common stock outstanding which were held of record by 66 stockholders. There will be shares of common stock outstanding after giving effect to the Warrant Net Exercise, the Stock Split and the issuance and sale of shares of common stock in this offering. All outstanding shares of common stock are fully paid and non-assessable, and the shares of common stock to be issued upon the completion of this offering will be fully paid and non-assessable.* 

*Voting rights. The holders of common stock are entitled to one vote per share on all matters to be voted upon by the stockholders, except on matters relating solely to terms of preferred stock.* 

*Dividend rights. We do not intend to pay any dividends in the foreseeable future and currently intend to retain all future earnings to finance our business. Subject to preferences that may be applicable to any outstanding preferred stock, the holders of common stock are entitled to receive ratably such dividends, if any, as may be declared from time to time by our Board of Directors out of funds legally available therefor. See "Dividend Policy."* 

*Rights upon liquidation. In the event of liquidation, dissolution or winding up, the holders of common stock are entitled to share ratably in all assets remaining after payment of liabilities, subject to prior distribution rights of preferred stock, if any, then outstanding.* 

*Other rights. The holders of our common stock have no preemptive or conversion or exchange rights or other subscription rights. There are no redemption, retraction, purchase for cancellation, surrender or sinking or purchase fund provisions applicable to the common stock.* 

#### Preferred Stock
Our Board of Directors has the authority to issue the preferred stock in one or more series and to fix the rights, preferences, privileges and restrictions thereof, including dividend rights, dividend rates, conversion rights, voting rights, terms of redemption, redemption prices, liquidation preferences and the number of shares constituting any series or the designation of such series, without further vote or action by the stockholders. The issuance of preferred stock may have the effect of delaying or preventing a change in control of our Company without further action by the stockholders and may adversely affect the voting and other rights of the holders of common stock. At present, we have no plans to issue any of the preferred stock.

#### Summary of Certain Provisions of the Third Amended and Restated Certificate of Incorporation and Amended and Restated Bylaws

#### Requirements for Advance Notification of Stockholder Nominations and Proposals
Our Amended and Restated Bylaws establish advance notice procedures with respect to stockholder proposals and nomination of candidates for election as directors.

#### Limits on Written Consents
Any action required or permitted to be taken by the stockholders must be effected at a duly called annual or special meeting of stockholders and may not be effected by any consent in writing in lieu of a meeting of such stockholders, subject to the rights of the holders of any series of preferred stock.

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#### Limits on Special Meetings
Special meetings of the stockholders may be called at any time only by the secretary at the direction of our Board of Directors pursuant to a resolution adopted by our Board of Directors.

#### Choice of Forum
Our Third Amended and Restated Certificate of Incorporation provides that the Court of Chancery of the State of Delaware is the exclusive forum for the following types of actions or proceedings under Delaware statutory or common law: (i) any derivative action or proceeding brought on our behalf; (ii) any action asserting a breach of fiduciary duty; (iii) any action asserting a claim against us arising under the DGCL; and (iv) any action asserting a claim against us that is governed by the internal affairs doctrine. The foregoing provision does not apply to claims under the Securities Act, the Exchange Act or any claim for which the U.S. federal courts have exclusive jurisdiction. Our Third Amended and Restated Certificate of Incorporation will further provide that the federal district courts of the United States will, to the fullest extent permitted by law, be the exclusive forum for resolving any complaint asserting a cause of action arising under the Securities Act.

Our Third Amended and Restated Certificate of Incorporation will also provide that any person or entity purchasing or otherwise acquiring or holding any interest in shares of our capital stock will be deemed to have notice of and to have consented to these choice of forum provisions. These exclusive forum provisions may limit a stockholder's ability to bring a claim in a judicial forum that it finds favorable for disputes with us or our directors, officers or other employees, which may discourage lawsuits against us and our directors, officers, and other employees, although our stockholders will not be deemed to have waived our compliance with federal securities laws and the rules and regulations thereunder.

While Delaware courts have determined that choice of forum provisions are facially valid, it is possible that a court of law in another jurisdiction could rule that the choice of forum provisions to be contained in our Third Amended and Restated Certificate of Incorporation are inapplicable or unenforceable if they are challenged in a proceeding or otherwise. If a court were to find the choice of forum provision in our Third Amended and Restated Certificate of Incorporation to be inapplicable or unenforceable in an action, we may incur additional costs associated with resolving such action in other jurisdictions.

#### Corporate Opportunities
Our Third Amended and Restated Certificate of Incorporation provides that we renounce any interest or expectancy in the business opportunities of Electrum, Ospraie and their respective officers, directors, agents, shareholders, members, partners, affiliates and subsidiaries, and that none of Electrum, Ospraie or these parties have any obligation to offer us those opportunities. Accordingly, affiliates of Electrum or Ospraie who serve on our Board of Directors will not have any duty to refrain from engaging, directly or indirectly, in the same business activities or similar business activities or lines of business in which we operate and may pursue certain corporate opportunities that may be complementary to our business.

#### Amendments to Our Governing Documents
Generally, the amendment of our Third Amended and Restated Certificate of Incorporation requires approval by our Board of Directors and the vote of holders of more than 66.67% of the votes entitled to be cast by the outstanding capital stock in the election of our Board of Directors. Any amendment to our Amended and Restated Bylaws requires the approval of either a majority of our Board of Directors or holders of more than 66.67% of the votes entitled to be cast by the outstanding capital stock in the election of our Board of Directors.

#### Board of Directors
Our Board of Directors will consist of a single class of directors and directors will serve until a successor is duly elected and qualified or until a director's earlier death, removal or resignation (other than directors that may be elected by holders of our preferred shares, if any).

Our Third Amended and Restated Certificate of Incorporation and our Amended and Restated Bylaws provide that directors may be removed only by the affirmative vote of the holders of 66.67% of our outstanding voting stock, voting together as a single class, unless approved by our Board of Directors, in which case such removal shall require the affirmative vote of the holders of more than 50% of our outstanding voting stock, voting together as a single class. Our Third Amended and Restated Certificate of Incorporation and our Amended and Restated Bylaws provide that any vacancy on our Board of Directors, including a vacancy resulting from an enlargement of our Board of Directors, may be filled by vote of a majority of our directors then in office. Furthermore, our Third Amended and Restated Certificate of Incorporation provides that the authorized number of directors may be changed only by resolution of our Board of Directors.

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#### Delaware Business Combination Statute
We will elect to be subject to Section 203 of the DGCL, which regulates corporate acquisitions. Section 203 prevents an "interested stockholder," which is defined generally as a person owning 15% or more of a corporation's voting stock, or any affiliate or associate of that person, from engaging in a broad range of "business combinations" with the corporation for three years after becoming an interested stockholder unless:

&nbsp;&nbsp;&nbsp;&nbsp;• the board of directors of the corporation had previously approved either the business combination or the transaction that resulted in the stockholder's becoming an interested stockholder;

&nbsp;&nbsp;&nbsp;&nbsp;• upon completion of the transaction that resulted in the stockholder's becoming an interested stockholder, that person owned at least 85% of the voting stock of the corporation outstanding at the time the transaction commenced, other than statutorily excluded shares; or

&nbsp;&nbsp;&nbsp;&nbsp;• following the transaction in which that person became an interested stockholder, the business combination is approved by the board of directors of the corporation and holders of at least two-thirds of the outstanding voting stock not owned by the interested stockholder.

Under Section 203, the restrictions described above also do not apply to specific business combinations proposed by an interested stockholder following the announcement or notification of designated extraordinary transactions involving the corporation and a person who had not been an interested stockholder during the previous three years or who became an interested stockholder with the approval of a majority of the corporation's directors, if such extraordinary transaction is approved or not opposed by a majority of the directors who were directors prior to any person becoming an interested stockholder during the previous three years or were recommended for election or elected to succeed such directors by a majority of such directors.

Section 203 may make it more difficult for a person who would be an interested stockholder to effect various business combinations with a corporation for a three-year period. Section 203 also may have the effect of preventing changes in our management and could make it more difficult to accomplish transactions which our stockholders may otherwise deem to be in their best interests.

#### Anti-Takeover Effects of Some Provisions
Some provisions of our Third Amended and Restated Certificate of Incorporation and Amended and Restated Bylaws could make the following more difficult:

&nbsp;&nbsp;&nbsp;&nbsp;• acquisition of control of us by means of a proxy contest or otherwise,

&nbsp;&nbsp;&nbsp;&nbsp;• removal of our incumbent officers and directors,

&nbsp;&nbsp;&nbsp;&nbsp;• stockholder action by written consent,

&nbsp;&nbsp;&nbsp;&nbsp;• calling of special meetings of stockholders, or

&nbsp;&nbsp;&nbsp;&nbsp;• amendment or repeal of certain provisions of our Third Amended and Restated Certificate of Incorporation and Amended and Restated Bylaws.

These provisions, as well as our ability to issue preferred stock, are designed to discourage coercive takeover practices and inadequate takeover bids. These provisions are also designed to encourage persons seeking to acquire control of us to first negotiate with our Board of Directors. We believe that the benefits of increased protection give us the potential ability to negotiate with the proponent of an unfriendly or unsolicited proposal to acquire or restructure us, and that the benefits of this increased protection outweigh the disadvantages of discouraging those proposals, because negotiation of those proposals could result in an improvement of their terms.

#### Listing
We have applied to list our common stock on the NYSE under the symbol "SSMR."

#### Transfer Agent and Registrar
The transfer agent and registrar for the common stock is Broadridge Corporate Issuer Solutions, LLC, located at 51 Mercedes Way Edgewood, NY 11717.

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#### U.S. FEDERAL INCOME TAX CONSIDERATIONS FOR NON-U.S. HOLDERS OF COMMON STOCK
The following is a summary of U.S. federal income tax considerations generally applicable to the ownership and disposition of our common stock by a Non-U.S. Holder (as defined below) that acquires stock in this offering and holds such stock as a capital asset (generally, property for investment). This summary does not address all aspects of U.S. federal income taxation that may be relevant to a particular Non-U.S. Holder in light of its individual circumstances or the U.S. federal income tax consequences applicable to Non-U.S. Holders that are subject to special rules, such as controlled foreign corporations, passive foreign investment companies, corporations that accumulate earnings to avoid U.S. federal income tax, persons who hold or receive our common stock pursuant to the exercise of an employee stock option or otherwise as compensation, banks or other financial institutions, tax-exempt organizations (including private foundations), U.S. expatriates, broker-dealers and traders in securities or currencies, or Non-U.S. Holders that hold our common stock as part of a "straddle," "hedge," "conversion transaction" or other integrated investment.

This discussion is based on the Internal Revenue Code of 1986, as amended (the "**Code**"), U.S. Treasury Regulations promulgated thereunder, administrative pronouncements and judicial decisions, all as of the date of this prospectus, and changes to any of which may affect the tax consequences described herein, possibly with retroactive effect. There can be no assurances the IRS will not take, or that a court will not sustain, a position contrary to the discussion herein. This discussion does not describe all of the tax consequences that may be relevant to you in light of your particular circumstances and does not describe any U.S. state, local or non-U.S. income or other tax consequences (including U.S. federal estate, gift and Medicare contribution tax consequences) of owning and disposing of our common stock. You should consult your tax advisor with regard to the application of the U.S. federal tax laws to your particular situation, as well as any tax consequences arising under the laws of any state, local or non-U.S. taxing jurisdiction.

For purposes of this summary, the term "Non-U.S. Holder" means a beneficial owner of our common stock that is not for U.S. federal income tax purposes:

&nbsp;&nbsp;&nbsp;&nbsp;• an individual who is a citizen or resident of the United States;

&nbsp;&nbsp;&nbsp;&nbsp;• a corporation (or other entity treated as a corporation) created or organized in or under the laws of the United States or any political subdivision thereof;

&nbsp;&nbsp;&nbsp;&nbsp;• an estate, the income of which is subject to U.S. federal income taxation regardless of its source; or

&nbsp;&nbsp;&nbsp;&nbsp;• a trust if (a) a U.S. court is able to exercise primary supervision over the trust's administration and one or more U.S. persons have the authority to control all of the trust's substantial decisions, or (b) the trust has a valid election in effect under applicable U.S. Treasury Regulations to be treated as a U.S. person.

If a partnership (including any entity or arrangement treated as a partnership or other pass-through entity for U.S. federal income tax purposes) holds our common stock, the tax treatment of a partner or beneficial owner in such entity will generally depend upon the status of the owner and the activities of the entity. Partners in a partnership (or beneficial owners of another entity or arrangement treated as a partnership or other pass-through entity for U.S. federal income tax purposes) should consult their tax advisors as to the U.S. federal income tax consequences to them of an investment in our common stock in their particular circumstances.

**THIS DISCUSSION OF U.S. FEDERAL INCOME TAX CONSIDERATIONS IS NOT INTENDED TO BE, AND SHOULD NOT BE CONSTRUED AS, TAX ADVICE. EACH PROSPECTIVE INVESTOR SHOULD CONSULT ITS TAX ADVISOR REGARDING THE U.S. FEDERAL, STATE, LOCAL AND NON-U.S. INCOME AND OTHER TAX CONSEQUENCES OF THE OWNERSHIP AND DISPOSITION OF OUR COMMON STOCK.** 

#### Dividends
As described in the section entitled "*Dividend Policy*," we do not currently anticipate paying dividends on our common stock. However, if we do make distributions of cash or property on our common stock, such distributions will generally be treated as dividends to the extent such distributions are paid from our current or accumulated earnings and profits as determined for U.S. federal income tax purposes. Any such distributions in excess of our current and accumulated earnings and profits will be treated first as a return of capital to the extent of the holder's adjusted tax basis in our

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common stock and thereafter as capital gain from the sale or exchange of such common stock. Because we are expected to be a USRPHC (as described below), withholding may be required equal to 15% of any distribution to a Non-U.S. Holder that exceeds our current and accumulated earnings and profits if our common stock is not then treated as regularly traded on an established securities market.

Subject to the discussion below under "*—FATCA*," the gross amount of dividends paid to a Non-U.S. Holder with respect to our common stock will generally be subject to U.S. federal withholding tax at a rate of 30% (or such lower rate as may be prescribed by an applicable income tax treaty), unless the dividends are effectively connected with the Non-U.S. Holder's conduct of a trade or business within the United States (and, if required by an applicable income tax treaty, are attributable to a permanent establishment maintained by such Non-U.S. Holder in the United States). Dividends effectively connected with a Non-U.S. Holder's conduct of a U.S. trade or business (and, if required by an applicable income tax treaty, attributable to a permanent establishment maintained by such Non-U.S. Holder in the United States) will generally not be subject to U.S. withholding tax if the Non-U.S. Holder complies with applicable certification and disclosure requirements (generally, by providing an IRS Form W-8ECI (or any appropriate successor or replacement form)). Instead, such dividends will generally be subject to U.S. federal income tax on a net income basis in the same manner in which U.S. persons are subject to U.S. federal income tax. Corporate Non-U.S. Holders may be subject to an additional "branch profits tax" at a rate of 30% (or such lower rate as may be specified by an applicable income tax treaty) on their "effectively connected earnings and profits," subject to certain adjustments.

An eligible Non-U.S. Holder may obtain a reduced rate of withholding under an applicable income tax treaty by providing a properly executed IRS Form W-8BEN or IRS Form W-8BEN-E (or any appropriate successor or replacement forms), as applicable, certifying that it is not a U.S. person as defined under the Code and that it is entitled to benefits under the treaty or, if such Non-U.S. Holder's common stock is held through certain foreign intermediaries or foreign partnerships, by satisfying the relevant certification requirements of applicable U.S. Treasury Regulations. A Non-U.S. Holder that does not timely furnish the required documentation, but that qualifies for a reduced treaty rate, may obtain a refund of any excess amounts withheld by timely filing an appropriate claim for refund with the IRS. Non-U.S. Holders should consult their tax advisors regarding their entitlement to benefits under an applicable income tax treaty and the specific manner of claiming the benefits of any such treaty.

#### Gain on Disposition of Our Common Stock
A Non-U.S. Holder will generally not be subject to U.S. federal income or withholding tax on gain realized on a sale or other taxable disposition of our common stock unless:

&nbsp;&nbsp;&nbsp;&nbsp;• the gain is effectively connected with such Non-U.S. Holder's conduct of a trade or business within the United States (and, if required by an applicable income tax treaty, is attributable to a permanent establishment maintained by such Non-U.S. Holder in the United States), in which case, the Non-U.S. Holder will be subject to U.S. federal income tax on such gain on a net income basis in the same manner in which U.S. persons are subject to U.S. federal income tax and, in the case of corporate Non-U.S. Holders, may also be subject to an additional "branch profits tax" at a rate of 30% (or such lower rate as may be specified by an applicable income tax treaty);

&nbsp;&nbsp;&nbsp;&nbsp;• in the case of a Non-U.S. Holder that is a non-resident alien individual, such Non-U.S. Holder is present in the United States for 183 or more days in the taxable year of disposition and certain other conditions are met, in which case the Non-U.S. Holder will generally be subject to income tax at a rate of 30% (or lower applicable treaty rate) on any capital gain recognized on the disposition of our common stock, which may be offset by certain U.S. source capital losses of the Non-U.S. Holder (even though the individual is not considered a resident of the United States), provided such Non-U.S. Holder has timely filed U.S. federal income tax returns with respect to such losses; or

&nbsp;&nbsp;&nbsp;&nbsp;• we are or have been a USRPHC for U.S. federal income tax purposes at any time within the shorter of (i) the five-year period ending on the date of such sale or other taxable disposition or (ii) the period that such Non-U.S. Holder held our common stock and either (a) our common stock was not treated as regularly traded on an established securities market at the time the sale or other taxable disposition occurred, or (b) such Non-U.S. Holder owns or owned (actually or constructively) more than 5% of our common stock at any time during the shorter of the two periods mentioned in (i) and (ii) above, in which case, the Non-U.S. Holder will be subject to U.S. federal income tax on such gain on a net income basis in the same manner in which U.S. persons are subject to U.S. federal income tax. No assurance can be provided that our common stock will continue to be regularly traded on an established securities market for this purpose. We will be classified as

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a USRPHC if the fair market value of our "United States real property interests" equals or exceeds 50% of the sum of the fair market value of our worldwide real property interests plus our other assets used or held for use in a trade or business, as determined for U.S. federal income tax purposes. We believe that we currently are, and expect to remain for the foreseeable future, a USRPHC. In addition, if we are or have been a USRPHC and our common stock ceased to be "regularly traded," the transferee in any disposition would generally be required to withhold 15% of the amount realized on the sale or other disposition.

Non-U.S. Holders are urged to consult their tax advisors regarding the application of these rules.

#### FATCA
Certain rules may require withholding at a rate of 30% on dividends in respect of our common stock held by or through certain foreign financial institutions (including investment funds), unless such institution (i) enters into, and complies with, an agreement with the U.S. Treasury Department to report, on an annual basis, information with respect to interests in, and accounts maintained by, the institution to the extent such interests or accounts are held by certain U.S. persons and by certain non-U.S. entities that are wholly or partially owned by U.S. persons and to withhold on certain payments or (ii) complies with an intergovernmental agreement between the United States and an applicable foreign country to report such information to its local tax authority, which will exchange such information with the U.S. authorities. An intergovernmental agreement between the United States and an applicable foreign country may modify these requirements. Accordingly, the entity through which our common stock is held will affect the determination of whether such withholding is required. Similarly, dividends in respect of our common stock held by an investor that is a non-financial non-U.S. entity that does not qualify under certain exemptions will be subject to withholding at a rate of 30%, unless such entity either (i) certifies that such entity does not have any "substantial United States owners" or (ii) provides certain information regarding the entity's "substantial United States owners," which we or the applicable withholding agent will in turn provide to the U.S. Treasury Department.

Prospective investors should consult their tax advisors regarding the possible implications of FATCA tax on an investment in our common stock.

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#### Shares Eligible for Future Sale
Prior to this offering, there has been no market for our common stock. Future sales of substantial amounts of our common stock in the public market could adversely affect market prices prevailing from time to time. Furthermore, because only a limited number of shares will be available for sale shortly after the completion of this offering due to existing contractual and legal restrictions on resale as described below, there may be sales of substantial amounts of our common stock in the public market after the restrictions lapse. This may adversely affect the prevailing market price and our ability to raise equity capital in the future.

Upon the completion of this offering, after giving effect to the Warrant Net Exercise, the Stock Split and the issuance and sale of shares of common stock in this offering, we will have shares of common stock outstanding. All of the shares sold in this offering will be freely transferable without restriction or registration under the Securities Act, except for any shares purchased by one of our existing "affiliates," as that term is defined in Rule 144 under the Securities Act. See "*Underwriting and Plan of Distribution*." The remaining shares of common stock outstanding are "restricted shares" as defined in Rule 144. Restricted shares may be sold in the public market only if registered or if they qualify for the exemption from registration under Rules 144 or 701 under the Securities Act. As a result of the Lock-up Period and the provisions of Rules 144 and 701, these shares will be available for sale in the public market as follows:

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| | |
|:---|:---|
| **Number of Shares** | **Date**  |
|  | On the date of this prospectus.  |
|  | After 90 days from the date of this prospectus.  |
|  | After the Lock-up Period (subject, in some cases, to volume limitations). |

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#### Rule 144
In general, a person who has beneficially owned restricted shares of our common stock for at least six months would be entitled to sell such securities, provided that (i) such person is not deemed to have been one of our affiliates at the time of, or at any time during the 90 days preceding, a sale and (ii) we are subject to the Exchange Act periodic reporting requirements for at least 90 days before the sale. Persons who have beneficially owned restricted shares of our common stock for at least six months but who are our affiliates at the time of, or any time during the 90 days preceding, a sale, would be subject to additional restrictions, by which such person would be entitled to sell within any three-month period only a number of securities that does not exceed the greater of either of the following:

&nbsp;&nbsp;&nbsp;&nbsp;• 1% of the number of shares of our common stock then outstanding, which will equal approximately     shares immediately after the completion of this offering; or

&nbsp;&nbsp;&nbsp;&nbsp;• the average weekly trading volume of our common stock on the NYSE during the four calendar weeks preceding the filing of a notice on Form 144 with respect to the sale;

provided, in each case, that we are subject to the Exchange Act periodic reporting requirements for at least 90 days before the sale. Such sales both by affiliates and by non-affiliates must also comply with the manner of sale, current public information and notice provisions of Rule 144 to the extent applicable.

#### Rule 701
In general, under Rule 701, any of our employees, directors, officers, consultants or advisors who purchase shares from us in connection with a compensatory stock or option plan or other written agreement before the effective date of this offering is entitled to resell such shares 90 days after the effective date of this offering in reliance on Rule 144, without having to comply with the holding period requirements or certain other restrictions contained in Rule 701.

The SEC has indicated that Rule 701 will apply to typical stock options granted by an issuer before it becomes subject to the reporting requirements of the Exchange Act, along with the shares acquired upon exercise of such options, including exercises after the date of this prospectus. Securities issued in reliance on Rule 701 are restricted securities and, subject to the terms of any lock-up agreement described below, beginning 90 days after the date of this prospectus, may be sold by persons other than "affiliates," as defined in Rule 144, subject only to the manner of sale provisions of Rule 144, and by "affiliates" under Rule 144 without compliance with its one-year minimum holding period requirement.

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#### Stock Options
As of March 31, 2026, options to purchase a total of 8,573,000 shares of our common stock were outstanding, substantially all of which are subject to lock-up agreements. After the completion of this offering, shares of our common stock representing the New LTIP Share Reserve will be available for future option grants and other stock awards under the Amended and Restated LTIP.

Upon the completion of this offering, we intend to file a registration statement under the Securities Act covering all shares of common stock subject to outstanding options or issuable pursuant to the Amended and Restated LTIP. Shares registered under such registration statement will be available for sale in the open market, subject to Rule 144 volume limitations applicable to affiliates, vesting restrictions with us or the terms of any lock-up agreement described below.

#### Lock-Up Agreements
We, all of our directors and executive officers and the holders of substantially all of our outstanding common stock have agreed that, subject to certain exceptions, we and they will not, during the period of 180 days following the date of this prospectus, without the prior written consent of Morgan Stanley & Co. LLC, Scotia Capital (USA) Inc. and BMO Capital Markets Corp. on behalf of the underwriters, offer, sell, contract to sell, pledge, or otherwise dispose of, directly or indirectly, or hedge our common stock or securities convertible into or exchangeable or exercisable for our common stock. There are no agreements, understandings or intentions, tacit or explicit, to release any of the common stock subject to lock-up agreements prior to the expiration of the Lock-up Period.

#### Registration Rights
Prior to the completion of this offering, we will enter into a registration rights agreement with certain of our stockholders pursuant to which we will grant certain of our stockholders and their affiliates certain registration rights with respect to our shares of our common stock owned by them following the expiration of the Lock-up Period. The shares of our common stock held by such stockholders will cease to be "registrable" once they have been sold under an effective registration statement, sold in compliance with Rule 144 or otherwise transferred without restriction under the Securities Act.

*Demand Registration Rights. Pursuant to the registration rights agreement, Electrum and/or Ospraie may require us to file a registration statement under the Securities Act with respect to all or a portion of their shares of our common stock following the expiration of the Lock-up Period. We will not be obligated to effect more than three demand registrations within a 12-month period. In addition, if it would be detrimental to us and our stockholders to effect such registration, we have the right to defer such registration, not more than once in any six-month period, for a period of up to 90 days.* 

*Shelf Registration. At any time following the completion of this offering, subject to eligibility under the Securities Act and SEC rules, Electrum and/or Ospraie may require us to file and maintain a shelf registration statement on Form S-3 covering the shares of our common stock held by them. Any underwritten offering pursuant to the shelf registration will be treated as a demand registration subject to the demand registration provisions described above.*

*Piggyback Registration Rights. If we propose to register any of our securities under the Securities Act (other than on Form S-8, S-4 or F-4 or any successor forms), Electrum and Ospraie will be entitled to certain "piggyback" registration rights subject to certain exceptions and limitations. In an underwritten public offering, subject to specified conditions, we may limit the number of shares Electrum and Ospraie may include.* 

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#### UNDERWRITING AND PLAN OF DISTRIBUTION
Under the terms and subject to the conditions in an underwriting agreement, dated the date of this prospectus, the underwriters named below, for whom Morgan Stanley & Co. LLC, Scotia Capital (USA) Inc. and BMO Capital Markets Corp. are acting as representatives, have severally agreed to purchase, and we have agreed to sell to them, the number of shares of common stock indicated below:

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| | |
|:---|:---|
| **Name** | **Number of Shares**  |
| Morgan Stanley & Co. LLC |  |
| Scotia Capital (USA) Inc. |  |
| BMO Capital Markets Corp. |  |
| Canaccord Genuity LLC |  |
| Citigroup Global Markets Inc.  |  |
| RBC Capital Markets, LLC |  |
| Total |  |

---

The underwriters and the representatives are collectively referred to as the "underwriters" and the "representatives," respectively. The underwriters are offering the shares of common stock subject to their acceptance of the shares from us and subject to prior sale. The underwriting agreement provides that the obligations of the several underwriters to pay for and accept delivery of the shares of common stock offered by this prospectus are subject to the approval of certain legal matters by their counsel and to certain other conditions. The underwriters are obligated to take and pay for all of the shares of common stock offered by this prospectus if any such shares are taken. However, the underwriters are not required to take or pay for the shares covered by the underwriters' option to purchase additional shares of our common stock described below.

The underwriters initially propose to offer part of the shares of common stock directly to the public at the offering price listed on the cover page of this prospectus and part to certain dealers at a price that represents a concession not in excess of $ per share under the public offering price. After the initial offering of the shares of common stock, the offering price and other selling terms may from time to time be varied by the representatives.

We have granted to the underwriters an option, exercisable for 30 days from the date of this prospectus, to purchase up to additional shares of common stock at the public offering price listed on the cover page of this prospectus, less underwriting discounts and commissions. The underwriters may exercise this option to purchase additional shares of our common stock from us solely for the purpose of covering over-allotments, if any, made in connection with the offering of the shares of common stock offered by this prospectus. To the extent the option is exercised, each underwriter will become obligated, subject to certain conditions, to purchase about the same percentage of the additional shares of common stock as the number listed next to the underwriter's name in the preceding table bears to the total number of shares of common stock listed next to the names of all underwriters in the preceding table.

The following table shows the per share and total public offering price, underwriting discounts and commissions and proceeds before expenses to us. These amounts are shown assuming both no exercise and full exercise of the underwriters' option to purchase up to an additional shares of our common stock from us.

---

| | | | |
|:---|:---|:---|:---|
|  | | **Total**  | **Total**  |
|  | <br>**Per Share** | **No** <br>**Exercise** | **Full** <br>**Exercise**  |
| Public offering price | $| $| $|
| Underwriting discounts and commissions to be paid by us | $| $| $|
| Proceeds, before expenses, to us | $| $| $|

---

The estimated offering expenses payable by us, exclusive of the underwriting discounts and commissions, are approximately $. We have agreed to reimburse the underwriters for expenses relating to clearance of this offering with the Financial Industry Regulatory Authority up to $.

We have applied to list our common stock on the NYSE under the symbol "SSMR."

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#### Lock-Up Agreements
We and all of our directors and executive officers and the holders of substantially all of our outstanding common stock and stock options have agreed that, subject to certain exceptions, we and they will not, for a period of 180 days following the date of this prospectus (the "**Lock-up Period**"), without the prior written consent of Morgan Stanley & Co. LLC, Scotia Capital (USA) Inc. and BMO Capital Markets Corp. on behalf of the underwriters:

&nbsp;&nbsp;&nbsp;&nbsp;• offer, pledge, sell, contract to sell, sell any option or contract to purchase, purchase any option or contract to sell, grant any option, right or warrant to purchase, lend or otherwise transfer or dispose of, directly or indirectly, any shares of common stock or any securities convertible into or exercisable or exchangeable for shares of common stock;

&nbsp;&nbsp;&nbsp;&nbsp;• file any registration statement with the SEC relating to the offering of any shares of common stock or any securities convertible into or exercisable or exchangeable for common stock; or

&nbsp;&nbsp;&nbsp;&nbsp;• enter into any swap or other arrangement that transfers to another, in whole or in part, any of the economic consequences of ownership of the common stock,

whether any such transaction described above is to be settled by delivery of common stock or such other securities, in cash or otherwise. In addition, we and each such person agrees that, without the prior written consent of Morgan Stanley & Co. LLC, Scotia Capital (USA) Inc. and BMO Capital Markets Corp. on behalf of the underwriters, we or such other person will not, during the Lock-up Period, make any demand for, or exercise any right with respect to, the registration of any shares of common stock or any security convertible into or exercisable or exchangeable for common stock.

The restrictions described in the immediately preceding paragraph do not apply to:

&nbsp;&nbsp;&nbsp;&nbsp;• transfers as bona fide gift or for bona fide estate planning purposes, by will or intestate succession, or to immediate family members or trusts for their benefit (provided that such transfers do not involve a disposition for value, the transferee agrees to be bound by the lock-up and no filing under Section 16(a) reporting a reduction in beneficial ownership is required or voluntarily made during the Lock-Up Period);

&nbsp;&nbsp;&nbsp;&nbsp;• for any corporation, partnership, limited liability company or other entity, any distribution or transfer of shares to its stockholders, partners, members or other equity holders, or to its affiliates or entities under common control (provided that the transferee agrees to be bound by the lock-up and no filing under Section 16(a) reporting a reduction in beneficial ownership is required or voluntarily made during the Lock-Up Period);

&nbsp;&nbsp;&nbsp;&nbsp;• the exercise of options or warrants, or the vesting or settlement of other securities outstanding as of the date of this prospectus as described herein, including on a "cashless" "exercise" or "net exercise" basis, and the withholding of shares to satisfy tax obligations (provided that any shares received by the holder of such options or warrants remain subject to the lock-up, no shares were sold by the reporting person and no filing under Section 16(a) reporting a reduction in beneficial ownership is voluntarily made during the Lock-Up Period);

&nbsp;&nbsp;&nbsp;&nbsp;• transfers by operation of law, including pursuant to a domestic relations order, divorce settlement or other court order (provided that each donee or distributee agrees to be bound by the lock-up and no filing under Section 16(a) reporting a reduction in beneficial ownership is voluntarily made during the Lock-Up Period);

&nbsp;&nbsp;&nbsp;&nbsp;• transfers pursuant to a bona fide third-party tender offer, merger, consolidation or other similar transaction, that is approved by the Board of Directors of the Company, involving a change of control (provided that in the event that such transaction is not completed, the shares remain subject to the lock-up);

&nbsp;&nbsp;&nbsp;&nbsp;• the issuance by the Company of shares of common stock upon the exercise of an option or a warrant outstanding on the date of this prospectus that is disclosed in this prospectus (provided that any shares received by the holder of such options or warrants remain subject to the lock-up and no filing under Section 16(a) reporting a reduction in beneficial ownership is required or voluntarily made during the Lock-Up Period);

&nbsp;&nbsp;&nbsp;&nbsp;• transactions relating to shares of common stock or other securities acquired in open market transactions after the completion of this offering (provided that no filing under Section 16(a) of the Exchange Act is required or voluntarily made in connection with subsequent sales of the common stock or other securities acquired in open market transactions); or

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&nbsp;&nbsp;&nbsp;&nbsp;• facilitating the establishment of a trading plan on behalf of a stockholder, officer or director of the Company pursuant to Rule 10b5-1 under the Exchange Act for the transfer of shares of common stock (provided that (i) such plan does not provide for the transfer of common stock during the Lock-up Period and (ii) to the extent a public announcement or filing under the Exchange Act, if any, is required of or voluntarily made by or on behalf of the undersigned or the Company regarding the establishment of such plan, such announcement or filing shall include a statement to the effect that no transfer of common stock may be made under such plan during the Lock-up Period).

Morgan Stanley & Co. LLC, Scotia Capital (USA) Inc. and BMO Capital Markets Corp., in their sole discretion, may release the common stock and other securities subject to the lock-up agreements described above in whole or in part at any time.

#### Price Stabilization, Short Positions and Penalty Bids
In order to facilitate the offering of the common stock, the underwriters may engage in transactions that stabilize, maintain or otherwise affect the price of the common stock. Specifically, the underwriters may sell more shares than they are obligated to purchase under the underwriting agreement, creating a short position. A short sale is covered if the short position is no greater than the number of shares available for purchase by the underwriters under the over-allotment option. The underwriters can close out a covered short sale by exercising the over-allotment option or purchasing shares in the open market. In determining the source of shares to close out a covered short sale, the underwriters will consider, among other things, the open market price of shares compared to the price available under the over-allotment option. The underwriters may also sell shares in excess of the over-allotment option, creating a naked short position. The underwriters must close out any naked short position by purchasing shares in the open market. A naked short position is more likely to be created if the underwriters are concerned that there may be downward pressure on the price of the common stock in the open market after pricing that could adversely affect investors who purchase in this offering. As an additional means of facilitating this offering, the underwriters may bid for, and purchase, shares of common stock in the open market to stabilize the price of the common stock. These activities may raise or maintain the market price of the common stock above independent market levels or prevent or retard a decline in the market price of the common stock. The underwriters are not required to engage in these activities and may end any of these activities at any time.

We and the underwriters have agreed to indemnify each other against certain liabilities, including liabilities under the Securities Act.

#### Electronic Distribution
A prospectus in electronic format may be made available on websites maintained by one or more underwriters, or selling group members, if any, participating in this offering. The representative may agree to allocate a number of shares of common stock to underwriters for sale to their online brokerage account holders. Internet distributions will be allocated by the representative to underwriters that may make Internet distributions on the same basis as other allocations.

#### Other Relationships
The underwriters and their respective affiliates are full service financial institutions engaged in various activities, which may include securities trading, commercial and investment banking, financial advisory, investment management, investment research, principal investment, hedging, financing and brokerage activities. Certain of the underwriters and their respective affiliates have, from time to time, performed, and may in the future perform, various financial advisory and investment banking services for us, for which they received or will receive customary fees and expenses.

In addition, in the ordinary course of their various business activities, the underwriters and their respective affiliates may make or hold a broad array of investments and actively trade debt and equity securities (or related derivative securities) and financial instruments (including bank loans) for their own account and for the accounts of their customers and may at any time hold long and short positions in such securities and instruments. Such investment and securities activities may involve our securities and instruments. The underwriters and their respective affiliates may also make investment recommendations or publish or express independent research views in respect of such securities or instruments and may at any time hold, or recommend to clients that they acquire, long or short positions in such securities and instruments.

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#### Pricing of the Offering
Prior to this offering, there has been no public market for our common stock. The initial public offering price was determined by negotiations between us and the representative. Among the factors considered in determining the initial public offering price were our future prospects and those of our industry in general, our sales, earnings and certain other financial and operating information in recent periods, and the price-earnings ratios, price-sales ratios, market prices of securities, and certain financial and operating information of companies engaged in activities similar to ours.

Neither we nor the underwriters can assure investors that an active trading market will develop for our common stock, or that our common stock will trade in the public market at or above the initial public offering price.

#### Selling Restrictions

#### Australia
No placement document, prospectus, product disclosure statement or other disclosure document has been lodged with the Australian Securities and Investments Commission, in relation to the offering. This prospectus does not constitute a prospectus, product disclosure statement or other disclosure document under the Corporations Act 2001 (the "**Corporations Act**"), and does not purport to include the information required for a prospectus, product disclosure statement or other disclosure document under the Corporations Act.

Any offer in Australia of the shares may only be made to persons (the "**Exempt Investors**") who are "sophisticated investors" (within the meaning of section 708(8) of the Corporations Act), "professional investors" (within the meaning of section 708(11) of the Corporations Act) or otherwise pursuant to one or more exemptions contained in section 708 of the Corporations Act so that it is lawful to offer the shares without disclosure to investors under Chapter 6D of the Corporations Act.

The shares applied for by Exempt Investors in Australia must not be offered for sale in Australia in the period of 12 months after the date of allotment under the offering, except in circumstances where disclosure to investors under Chapter 6D of the Corporations Act would not be required pursuant to an exemption under section 708 of the Corporations Act or otherwise or where the offer is pursuant to a disclosure document which complies with Chapter 6D of the Corporations Act. Any person acquiring shares must observe such Australian on-sale restrictions.

This prospectus contains general information only and does not take account of the investment objectives, financial situation or particular needs of any particular person. It does not contain any securities recommendations or financial product advice. Before making an investment decision, investors need to consider whether the information in this prospectus is appropriate to their needs, objectives and circumstances.

#### Canada
The shares may be sold only to purchasers purchasing, or deemed to be purchasing, as principal that are accredited investors, as defined in National Instrument 45-106 Prospectus Exemptions or subsection 73.3(1) of the Securities Act (Ontario), and are permitted clients, as defined in National Instrument 31-103 Registration Requirements, Exemptions and Ongoing Registrant Obligations. Any resale of the shares must be made in accordance with an exemption from, or in a transaction not subject to, the prospectus requirements of applicable securities laws.

Securities legislation in certain provinces or territories of Canada may provide a purchaser with remedies for rescission or damages if this prospectus (including any amendment thereto) contains a misrepresentation, provided that the remedies for rescission or damages are exercised by the purchaser within the time limit prescribed by the securities legislation of the purchaser's province or territory. The purchaser should refer to any applicable provisions of the securities legislation of the purchaser's province or territory for particulars of these rights or consult with a legal advisor.

Pursuant to section 3A.3 (or, in the case of securities issued or guaranteed by the government of a non-Canadian jurisdiction, section 3A.4) of National Instrument 33-105 Underwriting Conflicts (NI 33-105), the underwriters are not required to comply with the disclosure requirements of NI 33-105 regarding underwriter conflicts of interest in connection with this offering.

#### Dubai (DIFC)
This prospectus supplement relates to an "Exempt Offer" in accordance with the Markets Rules 2012 of the Dubai Financial Services Authority ("**DFSA**"). This prospectus supplement is intended for distribution only to persons of a type specified in the Markets Rules 2012 of the DFSA. It must not be delivered to, or relied on by, any other person. The

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DFSA has no responsibility for reviewing or verifying any documents in connection with Exempt Offers. The DFSA has not approved this prospectus supplement nor taken steps to verify the information set forth herein and has no responsibility for this prospectus supplement. The notes to which this prospectus supplement relates may be illiquid and/or subject to restrictions on their resale. Prospective purchasers of the notes offered should conduct their own due diligence on the notes. If you do not understand the contents of this prospectus supplement you should consult an authorized financial advisor.

In relation to its use in the Dubai International Financial Centre ("**DIFC**"), this prospectus supplement is strictly private and confidential and is being distributed to a limited number of investors and must not be provided to any person other than the original recipient, and may not be reproduced or used for any other purpose. The interests in the notes may not be offered or sold directly or indirectly to the public in the DIFC.

#### European Economic Area
In relation to each Member State of the European Economic Area (each, a "**Relevant State**"), no shares have been offered or will be offered pursuant to the offering to the public in that Relevant State prior to the publication of a prospectus in relation to the shares which has been approved by the competent authority in that Relevant State or, where appropriate, approved in another Relevant State and notified to the competent authority in that Relevant State, all in accordance with the Prospectus Regulation, except that offers of shares may be made to the public in that Relevant State at any time under the following exemptions under the Prospectus Regulation:

&nbsp;&nbsp;&nbsp;&nbsp;• to any legal entity which is a qualified investor as defined under Article 2 of the Prospectus Regulation;

&nbsp;&nbsp;&nbsp;&nbsp;• to fewer than 150 natural or legal persons (other than qualified investors as defined under Article 2 of the Prospectus Regulation), subject to obtaining the prior consent of the representatives for any such offer; or

&nbsp;&nbsp;&nbsp;&nbsp;• in any other circumstances falling within Article 1(4) of the Prospectus Regulation,

provided that no such offer of shares shall require us or any representative to publish a prospectus pursuant to Article 3 of the Prospectus Regulation or supplement a prospectus pursuant to Article 23 of the Prospectus Regulation.

For the purposes of this provision, the expression an "offer to the public" in relation to the shares in any Relevant State means the communication in any form and by any means of sufficient information on the terms of the offer and any shares to be offered so as to enable an investor to decide to purchase or subscribe for any shares, and the expression "Prospectus Regulation" means Regulation (EU) 2017/1129 (as amended).

#### Hong Kong
The shares have not been offered or sold and will not be offered or sold in Hong Kong, by means of any document, other than (a) to "professional investors" as defined in the Securities and Futures Ordinance (Cap. 571) of Hong Kong and any rules made under that Ordinance; or (b) in other circumstances which do not result in the document being a "prospectus" as defined in the Companies Ordinance (Cap. 32) of Hong Kong or which do not constitute an offer to the public within the meaning of that Ordinance. No advertisement, invitation or document relating to the shares has been or may be issued or has been or may be in the possession of any person for the purposes of issue, whether in Hong Kong or elsewhere, which is directed at, or the contents of which are likely to be accessed or read by, the public of Hong Kong (except if permitted to do so under the securities laws of Hong Kong) other than with respect to shares which are or are intended to be disposed of only to persons outside Hong Kong or only to "professional investors" as defined in the Securities and Futures Ordinance and any rules made under that Ordinance.

#### Israel
In the State of Israel this prospectus shall not be regarded as an offer to the public to purchase shares of common stock under the Israeli Securities Law, 5728-1968, which requires a prospectus to be published and authorized by the Israel Securities Authority, if it complies with certain provisions of Section 15 of the Israeli Securities Law, 5728-1968, including, inter alia, if: (i) the offer is made, distributed or directed to not more than 35 investors, subject to certain conditions (the "**Addressed Investors**"), or (ii) the offer is made, distributed or directed to certain qualified investors defined in the First Addendum of the Israeli Securities Law, 5728-1968, subject to certain conditions (the "**Qualified Investors**"). The Qualified Investors shall not be taken into account in the count of the Addressed Investors and may be offered to purchase securities in addition to the 35 Addressed Investors. We have not and will not take any action that would require it to publish a prospectus in accordance with and subject to the Israeli Securities Law, 5728-1968. We have not and will not distribute this prospectus or make, distribute or direct an offer to subscribe for our common stock to any person within the State of Israel, other than to Qualified Investors and up to 35 Addressed Investors.

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Qualified Investors may have to submit written evidence that they meet the definitions set out in of the First Addendum to the Israeli Securities Law, 5728-1968. In particular, we may request, as a condition to be offered common stock, that Qualified Investors will each represent, warrant and certify to us and/or to anyone acting on our behalf: (i) that it is an investor falling within one of the categories listed in the First Addendum to the Israeli Securities Law, 5728-1968; (ii) which of the categories listed in the First Addendum to the Israeli Securities Law, 5728-1968 regarding Qualified Investors is applicable to it; (iii) that it will abide by all provisions set forth in the Israeli Securities Law, 5728-1968 and the regulations promulgated thereunder in connection with the offer to be issued common stock; (iv) that the shares of common stock that it will be issued are, subject to exemptions available under the Israeli Securities Law, 5728-1968: (a) for its own account; (b) for investment purposes only; and (c) not issued with a view to resale within the State of Israel, other than in accordance with the provisions of the Israeli Securities Law, 5728-1968; and (v) that it is willing to provide further evidence of its Qualified Investor status. Addressed Investors may have to submit written evidence in respect of their identity and may have to sign and submit a declaration containing, inter alia, the Addressed Investor's name, address and passport number or Israeli identification number.

#### Japan
No registration pursuant to Article 4, paragraph 1 of the Financial Instruments and Exchange Law of Japan (Law No. 25 of 1948, as amended) (the "**FIEL**") has been made or will be made with respect to the solicitation of the application for the acquisition of the shares of common stock.

Accordingly, the shares of common stock have not been, directly or indirectly, offered or sold and will not be, directly or indirectly, offered or sold in Japan or to, or for the benefit of, any resident of Japan (which term as used herein means any person resident in Japan, including any corporation or other entity organized under the laws of Japan) or to others for re-offering or re-sale, directly or indirectly, in Japan or to, or for the benefit of, any resident of Japan except pursuant to an exemption from the registration requirements, and otherwise in compliance with, the FIEL and the other applicable laws and regulations of Japan.

*For Qualified Institutional Investors ("QII")* 

Please note that the solicitation for newly-issued or secondary securities (each as described in Paragraph 2, Article 4 of the FIEL) in relation to the shares of common stock constitutes either a "QII only private placement" or a "QII only secondary distribution" (each as described in Paragraph 1, Article 23-13 of the FIEL). Disclosure regarding any such solicitation, as is otherwise prescribed in Paragraph 1, Article 4 of the FIEL, has not been made in relation to the shares of common stock. The shares of common stock may only be transferred to QIIs.

*For Non-QII Investors* 

Please note that the solicitation for newly-issued or secondary securities (each as described in Paragraph 2, Article 4 of the FIEL) in relation to the shares of common stock constitutes either a "small number private placement" or a "small number private secondary distribution" (each as is described in Paragraph 4, Article 23-13 of the FIEL). Disclosure regarding any such solicitation, as is otherwise prescribed in Paragraph 1, Article 4 of the FIEL, has not been made in relation to the shares of common stock. The shares of common stock may only be transferred en bloc without subdivision to a single investor.

#### Singapore
This prospectus has not been and will not be registered as a prospectus with the Monetary Authority of Singapore under the Securities and Futures Act, Chapter 289 of Singapore (the "**SFA**"). Accordingly, each underwriter has not offered or sold any shares or caused such shares to be made the subject of an invitation for subscription or purchase and will not offer or sell such shares or cause such shares to be made the subject of an invitation for subscription or purchase, and has not circulated or distributed, nor will it circulate or distribute, this prospectus or any other document or material in connection with the offer or sale, or invitation for subscription or purchase, of such shares, whether directly or indirectly, to persons in Singapore other than (i) to an institutional investor under Section 274 of the SFA, (ii) to a relevant person pursuant to Section 275(1), or any person pursuant to Section 275(1A), and in accordance with the conditions specified in Section 275, of the SFA or (iii) otherwise pursuant to, and in accordance with the conditions of, any other applicable provision of the SFA.

Where the shares are subscribed or purchased under Section 275 of the SFA by a relevant person which is: (a) a corporation (which is not an accredited investor (as defined in Section 4A of the SFA)) the sole business of which is to

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hold investments and the entire share capital of which is owned by one or more individuals, each of whom is an accredited investor; or (b) a trust (where the trustee is not an accredited investor) whose sole purpose is to hold investments and each beneficiary of the trust is an individual who is an accredited investor, securities (as defined in Section 239(1) of the SFA) of that corporation or the beneficiaries' rights and interest (howsoever described) in that trust shall not be transferred within six months after that corporation or that trust has acquired the shares pursuant to an offer made under Section 275 of the SFA, except: (i) to an institutional investor under Section 274 of the SFA or to a relevant person (as defined in Section 275(2) of the SFA), or to any person arising from an offer referred to in Section 275(1A), or Section 276(4)(i)(B) of the SFA; (ii) where no consideration is or will be given for the transfer; (iii) where the transfer is by operation of law; (iv) as specified in Section 276(7) of the SFA; or (v) as specified in Regulation 32 of the Securities and Futures (Offers of Investments) (Shares and Debentures) Regulations 2005 of Singapore.

Singapore Securities and Futures Act Product Classification—Solely for the purposes of its obligations pursuant to sections 309B(1)(a) and 309B(1)(c) of the SFA, we have determined, and hereby notify all relevant persons (as defined in Section 309A of the SFA) that the shares are "prescribed capital markets products" (as defined in the Securities and Futures (Capital Markets Products) Regulations 2018) and Excluded Investment Products (as defined in MAS Notice SFA 04-N12: Notice on the Sale of Investment Products and MAS Notice FAA-N16: Notice on Recommendations on Investment Products).

#### Switzerland
We have not and will not register with the Swiss Financial Market Supervisory Authority ("**FINMA**"), as a foreign collective investment scheme pursuant to Article 119 of the Federal Act on Collective Investment Scheme of 23 June 2006, as amended ("**CISA**") and accordingly the shares being offered pursuant to this prospectus have not and will not be approved, and may not be licensable, with FINMA. Therefore, the shares have not been authorized for distribution by FINMA as a foreign collective investment scheme pursuant to Article 119 CISA and the shares offered hereby may not be offered to the public (as this term is defined in Article 3 CISA) in or from Switzerland. The shares may solely be offered to "qualified investors", as this term is defined in Article 10 CISA, and in the circumstances set out in Article 3 of the Ordinance on Collective Investment Scheme of 22 November 2006, as amended, or the "CISO," such that there is no public offer. Investors, however, do not benefit from protection under CISA or CISO or supervision by FINMA. This prospectus and any other materials relating to the shares are strictly personal and confidential to each offeree and do not constitute an offer to any other person. This prospectus may only be used by those qualified investors to whom it has been handed out in connection with the offer described herein and may neither directly or indirectly be distributed or made available to any person or entity other than its recipients. It may not be used in connection with any other offer and will in particular not be copied or distributed to the public in Switzerland or from Switzerland. This prospectus does not constitute an issue prospectus as that term is understood pursuant to Article 652a or 1156 of the Swiss Federal Code of Obligations. We have not applied for a listing of the shares on the SIX Swiss Exchange or any other regulated securities market in Switzerland, and consequently, the information presented in this prospectus does not necessarily comply with the information standards set out in the listing rules of the SIX Swiss Exchange and corresponding prospectus schemes annexed to the listing rules of the SIX Swiss Exchange.

Neither this prospectus nor any other offering or marketing material relating to the offering, the Company, or the shares have been or will be filed with or approved by any Swiss regulatory authority. In particular, this prospectus will not be filed with, and the offer of shares will not be supervised by, FINMA, and the offer of shares has not been and will not be authorized under CISA. The investor protection afforded to acquirers of interests in collective investment schemes under the CISA does not extend to acquirers of shares.

#### United Arab Emirates
The shares have not been, and will not be, publicly offered, sold, promoted or advertised in the United Arab Emirates (including Dubai International Financial Center) other than in compliance with the laws of the United Arab Emirates (and the Dubai International Finance Center) governing the issue, offering and sale of securities. Further, this prospectus does not constitute a public offer of securities in the United Arab Emirates (including Dubai International Financial Center) and is not intended to be a public offer. This prospectus has not been approved by or filed with the Central Bank of the United Arab Emirates, the Securities and Commodities Authority or the Dubai Financial Services Authority.

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#### United Kingdom
No shares have been offered or will be offered pursuant to the offering to the public in the United Kingdom prior to the publication of a prospectus in relation to the shares which has been approved by the Financial Conduct Authority, except that offers of shares may be made to the public in the United Kingdom at any time under the following exemptions under the UK Prospectus Regulation:

(a)<br> to any legal entity which is a qualified investor as defined under Article 2 of the UK Prospectus Regulation;

(b)<br> to fewer than 150 natural or legal persons (other than qualified investors as defined under Article 2 of the UK Prospectus Regulation), subject to obtaining the prior consent of the representatives for any such offer; or

(c) in any other circumstances falling within Section 86 of the Financial Services and Markets Act 2000 ("**FSMA**"), 

provided that no such offer of shares shall require us or any representative to publish a prospectus pursuant to Section 85 of the FSMA or supplement a prospectus pursuant to Article 23 of the UK Prospectus Regulation.

For the purposes of this provision, the expression an "offer to the public" in relation to the shares in the United Kingdom means the communication in any form and by any means of sufficient information on the terms of the offer and any shares to be offered so as to enable an investor to decide to purchase or subscribe for any shares, and the expression "UK Prospectus Regulation" means Regulation (EU) 2017/1129 as it forms part of domestic law by virtue of the EU (Withdrawal) Act 2018.

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#### LEGAL MATTERS
The validity of the issuance of the shares of common stock offered hereby will be passed upon for us by Skadden, Arps, Slate, Meagher & Flom LLP, New York, New York, and for the underwriters by Cleary Gottlieb Steen & Hamilton LLP, New York, New York.

#### EXPERTS
The consolidated financial statements of Sunshine Silver Mining & Refining Company at December 31, 2025 and 2024, and for each of the two years in the period ended December 31, 2025, appearing in this Prospectus and Registration Statement have been audited by Ernst & Young LLP, independent registered public accounting firm, as set forth in their report thereon appearing elsewhere herein, and are included in reliance upon such report given on the authority of such firm as experts in accounting and auditing.

The scientific and technical information related to the Sunshine Mine contained in the Sunshine Technical Report Summary and reproduced in this prospectus, including Mineral Resource estimates, capital costs, operational costs, and economic analysis information, has been approved and verified by SLR and SRK.

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#### WHERE YOU CAN FIND MORE INFORMATION
We have filed with the SEC a registration statement on Form S-1, including exhibits and schedules, under the Securities Act with respect to the common stock offered hereby. This prospectus does not contain all of the information set forth in the registration statement and the exhibits and schedules thereto. For further information with respect to the Company and our common stock, reference is made to the registration statement and the exhibits and any schedules filed therewith.

Statements contained in this prospectus as to the contents of any contract or other document referred to are not necessarily complete and in each instance, if such contract or document is filed as an exhibit to the registration statement reference is made to the copy of such contract or other document filed as an exhibit to the registration statement, each statement being qualified in all respects by such reference.

As a result of the offering, we will be required to file periodic reports and other information with the SEC.

The SEC maintains an Internet site that contains reports, proxy and information statements we have filed electronically with the SEC. The address of that site is www.sec.gov.

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#### GLOSSARY OF TECHNICAL TERMS
Certain terms and abbreviations used in this prospectus are defined below:

"**Ag**" means the chemical symbol for the element silver.

"**Concentrate**" means the product of physical concentration processes, such as flotation or gravity concentration, which involves separating minerals or metals from unwanted waste rock. Concentrates may require subsequent processing (such as smelting or leaching) to break down or dissolve the minerals or metals to obtain the commodities of economic interest in marketable form.

"**Dewatering**" means the removal of water from a mine shaft or other pre-existing underground workings by pumping or drainage as a safety measure or as a preliminary step to resumption of development or operations in the area.

"**Dilution**" means estimates of waste or low-grade mineralized materials which must be mined together with potentially economic mineralized material as part of mining extraction activities.

"**Exploration**" means prospecting, sampling, mapping, diamond drilling and other work involved in searching for mineral deposits of economic interest.

"**Exploration Target**" means a statement or estimate of the exploration potential of a mineral deposit in a defined geological setting where the statement or estimate, quoted as a range of tonnage and a range of grade (or quality), relates to mineralization for which there has been insufficient exploration to estimate a Mineral Resource.

"**Feasibility Study**" means a comprehensive technical and economic study of the selected development option for a mineral project, which includes detailed assessments of all applicable Modifying Factors together with any other relevant operational factors, and detailed financial analysis that are necessary to demonstrate, at the time of reporting, that extraction is economically viable (which term, when used in the context of Mineral Reserve determination, means that the Qualified Person has determined, using a discounted cash flow analysis, or has otherwise analytically determined, that extraction of the Mineral Reserve is economically viable under reasonable investment and market assumptions). The results of the study may serve as the basis for a final decision by a proponent or financial institution to proceed with, or finance, the development of the project. A Feasibility Study is more comprehensive, and with a higher degree of accuracy, than a Preliminary Feasibility Study. It must contain mining, infrastructure, and process designs completed with sufficient rigor to serve as the basis for an investment decision or to support project financing. The confidence level in the results of a Feasibility Study is higher than the confidence level in the results of a Preliminary Feasibility Study. Terms such as full, final, comprehensive, bankable, or definitive Feasibility Study are equivalent to a Feasibility Study.

"**Grade**" means the concentration of each ore metal in a rock sample, usually given as weight percent. Where extremely low concentrations are involved, the concentration may be given in grams per tonne or ounces per ton, the grade of an ore deposit is calculated, often using sophisticated statistical procedures, as an average of the grades of a very large number of samples collected from the deposit.

"**Hectare**" means 10,000 square meters (2.471 acres).

"**Indicated Mineral Resource**" means that part of a Mineral Resource for which quantity and grade or quality are estimated on the basis of adequate geological evidence and sampling. The level of geological certainty associated with an Indicated Mineral Resource is sufficient to allow a Qualified Person to apply Modifying Factors in sufficient detail to support mine planning and evaluation of the economic viability of the deposit. Because an Indicated Mineral Resource has a lower level of confidence than the level of confidence of a Measured Mineral Resource, an Indicated Mineral Resource may only be converted to a Probable Mineral Reserve.

"**Inferred Mineral Resource**" means that part of a Mineral Resource for which quantity and grade or quality are estimated on the basis of limited geological evidence and sampling. The level of geological uncertainty associated with an Inferred Mineral Resource is too high to apply relevant technical and economic factors likely to influence the prospects of economic extraction in a manner useful for evaluation of economic viability. Because an Inferred Mineral Resource has the lowest level of geological confidence of all Mineral Resources, which prevents the application of the Modifying Factors in a manner useful for evaluation of economic viability, an Inferred Mineral Resource may not be considered when assessing the economic viability of a mining project, and may not be converted to a Mineral Reserve.

153<br>

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#### **TABLE OF CONTENTS**
"**Initial Assessment**" means a preliminary technical and economic study of the economic potential of all or parts of the mineralization to support the disclosure of Mineral Resources. In accordance with S-K 1300, an Initial Assessment must be prepared by a Qualified Person and must include appropriate assessments of reasonably assumed technical and economic factors, together with any other relevant operational factors, that are necessary to demonstrate at the time of reporting that there are reasonable prospects for economic extraction. An Initial Assessment is required for disclosure of Mineral Resources, but cannot be used as the basis for disclosure of Mineral Reserves.

"**kilotonne**" means 1,000 tonnes.

"**kst**" means 1,000 tons.

"**Measured Mineral Resource**" means that part of a Mineral Resource for which quantity and grade or quality are estimated on the basis of conclusive geological evidence and sampling. The level of geological certainty associated with a Measured Mineral Resource is sufficient to allow a Qualified Person to apply Modifying Factors, as defined in this section, in sufficient detail to support detailed mine planning and final evaluation of the economic viability of the deposit. Because a Measured Mineral Resource has a higher level of confidence than the level of confidence of either an Indicated Mineral Resource or an Inferred Mineral Resource, a Measured Mineral Resource may be converted to a Proven Mineral Reserve or to a Probable Mineral Reserve.

"**Metallurgical recovery**" means the proportion of the commodity of economic interest that is physically recovered in mineral processing operations. It is generally stated as a percentage of the commodity recovered during mineral processing operations compared to the original quantity of the commodity present in the mineral processing feed material.

"**Mill**" means a processing facility where ore is finely ground and thereafter undergoes physical or chemical treatments to extract the valuable metals.

"**Mineral deposit(s)**" means a mineralized body that has been intersected by a sufficient number of closely spaced drill holes and/or underground/surface samples to support sufficient tonnage and grade of metal(s) or mineral(s) of interest to warrant further exploration-development work.

"**Mineral Reserves**" means the economically mineable part of a Measured Mineral Resource or Indicated Mineral Resource demonstrated by at least a Preliminary Feasibility Study. This study must include adequate information on mining, processing, metallurgical, economic and other relevant factors that demonstrate, at the time of reporting, that economic extraction can be justified. A Mineral Reserve includes diluting materials and allowances for losses that may occur when the material is mined.

"**Mineral Resource**" means a concentration or occurrence of materials of economic interest in or on the earth's crust in such form, grade or quality, and quantity that there are reasonable prospects for economic extraction. A Mineral Resource is a reasonable estimate of mineralization, taking into account relevant factors such as cut-off grade, likely mining dimensions, location or continuity, that, with the assumed and justifiable technical and economic conditions, is likely to, in whole or in part, become economically extractable. It is not merely an inventory of all mineralization drilled or sampled.

"**Modifying Factors**" mean the factors that a Qualified Person must apply to Indicated Mineral Resources and Measured Mineral Resources and then evaluate in order to establish the economic viability of Mineral Reserves. A Qualified Person must apply and evaluate Modifying Factors to convert Indicated Mineral Resources or Measured Mineral Resources to Probable Mineral Reserves or Proven Mineral Reserves. Modifying Factors include, but are not restricted to: mining, processing, metallurgical, infrastructure, economic, marketing, legal, environmental, compliance, plans, negotiations, or agreements with local individuals or groups, and governmental factors. The number, type and specific characteristics of the Modifying Factors applied will necessarily be a function of and depend upon the mineral, mine, property, or project.

"**NSR Royalties**" means royalties that are payable to parties from whom mineral rights were acquired and/or leased, and are based upon proceeds paid by smelters less certain costs, including costs incurred to transport the concentrates to the smelters, for mineralized material produced in the property area subject to the royalties.

"**Opt**" means ounces per ton.

154<br>

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"**Ore**" means a natural occurring or engineered material, generally containing metallic or non-metallic minerals, that can be mined and processed at a profit as determined by a Preliminary Feasibility Study or Feasibility Study.

"**Preliminary Feasibility Study**" means a comprehensive study of a range of options for the technical and economic viability of a mineral project that has advanced to a stage where a Qualified Person has determined (in the case of underground mining) a preferred mining method, or (in the case of surface mining) a pit configuration, and in all cases has determined an effective method of mineral processing. A Preliminary Feasibility Study includes a financial analysis based on reasonable assumptions (which are based on appropriate testing) about the Modifying Factors, and the evaluation of any other relevant factors that are sufficient for a Qualified Person to determine if all or part of the Indicated Mineral Resources or Measured Mineral Resources may be converted to Probable Mineral Reserves or Proven Mineral Reserves at the time of reporting. The financial analysis must have the level of detail necessary to demonstrate, at the time of reporting, that extraction is economically viable. A Preliminary Feasibility Study is less comprehensive and results in a lower confidence level than a Feasibility Study. A Preliminary Feasibility Study is more comprehensive and results in a higher confidence level than an Initial Assessment.

"**Probable Mineral Reserve**" means the economically mineable part of an Indicated Mineral Resource (and in some circumstances, a Measured Mineral Resource) demonstrated by at least a Preliminary Feasibility Study. This study must include adequate information on mining, processing, metallurgical, economic, and other relevant factors that demonstrate, at the time of reporting, that economic extraction can be justified.

"**Proven Mineral Reserve**" means the economically mineable part of a Measured Mineral Resource demonstrated by at least a Preliminary Feasibility Study. This Preliminary Feasibility Study must include adequate information on mining, processing, metallurgical, economic, and other relevant factors that demonstrate, at the time of reporting, that economic extraction can be justified.

"**Qualified Person**" means an individual who is: (1) a mineral industry professional with at least five years of relevant experience in the type of mineralization and type of deposit under consideration and in the specific type of activity that person is undertaking on behalf of the registrant; and (2) an eligible member or licensee in good standing of a recognized professional organization at the time the technical report is prepared. For an organization to be a recognized professional organization, it must: (i) be either: (a) an organization recognized within the mining industry as a reputable professional association, or (b) a board authorized by U.S. federal or state or foreign statute to regulate professionals in the mining, geoscience or related field; (ii) admit eligible members primarily on the basis of their academic qualifications and experience; (iii) establish and require compliance with professional standards of competence and ethics; (iv) require or encourage continuing professional development; (v) have and apply disciplinary powers, including the power to suspend or expel a member regardless of where the member practices or resides; and (vi) provide a public list of members in good standing.

"**Reclamation**" means the process by which lands disturbed as a result of mining activity are modified to support beneficial land use. Reclamation activity may include the removal of buildings, equipment, machinery and other physical remnants of mining, closure of tailings, leach pads and other features, and contouring, covering and re-vegetation of waste rock and other disturbed areas.

"**Refining**" means the final stage of metal production in which impurities are removed from the molten metal.

"**Rehabilitation**" means the restoration of an existing underground excavation to a safe condition for further exploration and development by removing obstructions, installing necessary ground support and repairing or replacing utility services such as compressed air lines, water lines, and electrical service.

"**Smelting**" means an intermediate stage metallurgical process in which metal is separated from impurities by using thermal or chemical separation techniques.

"**Tailings**" means the material that remains at the end of mineral processing operations.

"**Ton**" means a short ton, which is equivalent to 2,000 pounds.

"**Tonne**" means a metric tonne, which is 2,204.6 pounds.

"**Underground mining**" means mineral exploitation in which extraction is carried out beneath the earth's surface.

"**Waste**" means rock or other material which cannot be mined, processed, or sold at a profit.

155<br>

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#### INDEX TO FINANCIAL STATEMENTS
Sunshine Silver Mining & Refining Company Audited Consolidated Financial Statements

---

| | |
|:---|:---|
| [Report of Independent Registered Public Accounting Firm](#tRIR) | [F-2](#tRIR) |
| &nbsp;&nbsp;[Consolidated Balance Sheet as of December 31, 2025](#tCBD) | [F-3](#tCBD) |
| [Consolidated Statement of Operations and Comprehensive Loss for the years ended December 31, 2025 and 2024](#tCSLS) | [F-4](#tCSLS) |
| [Consolidated Statement of Changes in Stockholders' Deficit for the years ended December 31, 2025 and 2024](#tCSSE) | [F-5](#tCSSE) |
| &nbsp;&nbsp;[Consolidated Statement of Cash Flows for the years ended December 31, 2025 and 2024](#tCSCF) | [F-6](#tCSCF) |
| &nbsp;&nbsp;[Notes to the Consolidated Financial Statements](#tNCFS) | [F-7](#tNCFS) |

---

Sunshine Silver Mining & Refining Company Unaudited Consolidated Financial Statements

---

| | |
|:---|:---|
| [Consolidated Balance Sheet as of March 31, 2026 and 2025](#tCBSM) | [F-32](#tCBSM) |
| [Consolidated Statement of Operations and Comprehensive Loss for the three months ended March 31, 2026 and 2025](#tCSOC) | [F-33](#tCSOC) |
| [Consolidated Statement of Changes in Stockholders' Deficit for the three months ended March 31, 2026 and 2025](#tCSCS) | [F-34](#tCSCS) |
| [Consolidated Statement of Cash Flows for the three months ended March 31, 2026 and 2025](#tCSCT) | [F-35](#tCSCT) |
| &nbsp;&nbsp;[Notes to the Consolidated Financial Statements](#tNFS) | [F-36](#tNFS) |

---

F-1<br>

------

#### **TABLE OF CONTENTS**

#### Report of Independent Registered Public Accounting Firm
To the Stockholders and the Board of Directors of Sunshine Silver Mining & Refining Company

#### Opinion on the Financial Statements
We have audited the accompanying consolidated balance sheets of Sunshine Silver Mining & Refining Company (the Company) as of December 31, 2025 and 2024, the related consolidated statements of operations and comprehensive loss, changes in stockholders' equity (deficit) and cash flows for each of the two years in the period ended December 31, 2025, and the related notes (collectively referred to as the "consolidated financial statements"). In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of the Company at December 31, 2025 and 2024, and the results of its operations and its cash flows for each of the two years in the period ended December 31, 2025, in conformity with U.S. generally accepted accounting principles.

#### Basis for Opinion
These financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on the Company's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Company is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Company's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

/s/ Ernst & Young LLP<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br>

We have served as the Company's auditor since 2023. <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br>

Denver, Colorado <br>

April 3, 2026<br>

except with respect to the effects of the stock split discussed in Note 18, as to which the date is May 11, 2026

F-2<br>

------

#### **TABLE OF CONTENTS**

#### Sunshine Silver Mining & Refining Company <br>

#### Consolidated Balance Sheets <br>

#### Expressed in United States Dollars

---

| | | |
|:---|:---|:---|
|  | **December 31,** <br>**2025** | **December 31,** <br>**2024**  |
|  | **$** | **$**  |
| **ASSETS**<br>|  |  |
| &nbsp;&nbsp;&nbsp;**Current assets**<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cash and cash equivalents | &nbsp;&nbsp;&nbsp;30975991 | &nbsp;&nbsp;&nbsp;&nbsp;1967846  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prepaid expenses | &nbsp;&nbsp;&nbsp;&nbsp;1282034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;785563  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Materials and supplies inventory | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;377269 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;329858  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other current assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;888640 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2485  |
| &nbsp;&nbsp;&nbsp;**Total current assets** | &nbsp;&nbsp;&nbsp;**33523934** | &nbsp;&nbsp;&nbsp;&nbsp;**3085752**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Restricted cash | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;275039 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;275039  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Metals inventory | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;344178  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Property, plant and equipment, net | &nbsp;&nbsp;&nbsp;34290542 | &nbsp;&nbsp;&nbsp;24293963  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Intangible assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;750000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| **TOTAL ASSETS** | &nbsp;&nbsp;&nbsp;**68839515** | &nbsp;&nbsp;&nbsp;**27998932**  |
| **LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT)**<br>|  |  |
| &nbsp;&nbsp;&nbsp;**Current liabilities**<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts payable | &nbsp;&nbsp;&nbsp;&nbsp;2562528 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;111905  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accrued liabilities | &nbsp;&nbsp;&nbsp;&nbsp;2218413 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;421623  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Note payable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;683135 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;411161  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Convertible notes, net of discount and issuance costs | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;29476223  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accrued interest | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;3709315  |
| &nbsp;&nbsp;&nbsp;**Total current liabilities** | &nbsp;&nbsp;&nbsp;&nbsp;**5464076** | &nbsp;&nbsp;&nbsp;**34130227**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accrued interest | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;510600  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reclamation obligations | &nbsp;&nbsp;&nbsp;&nbsp;1814600 | &nbsp;&nbsp;&nbsp;&nbsp;1703850  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notes payable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;9000000  |
| **TOTAL LIABILITIES** | &nbsp;&nbsp;&nbsp;&nbsp;**7278676** | &nbsp;&nbsp;&nbsp;**45344677** |
| &nbsp;&nbsp;&nbsp;**Commitments and contingencies (Note 17)**<br>|  |  |
| **STOCKHOLDERS' EQUITY (DEFICIT)**<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Common stock - $0.001 par value, 150,000,000 shares authorized, 116,509,480 and 85,439,630 shares issued and outstanding, respectively | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;116509 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85440  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Additional paid-in capital | 266021748 | 152402938  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accumulated deficit | (204577418) | (169834123)  |
| **Total Stockholders' Equity (Deficit)** | &nbsp;&nbsp;&nbsp;**61560839** | &nbsp;&nbsp;**(17345745)**  |
| **TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT)** | &nbsp;&nbsp;&nbsp;**68839515** | &nbsp;&nbsp;&nbsp;**27998932** |

---

The accompanying notes form an integral part of these consolidated financial statements.<br>

F-3<br>

------

#### **TABLE OF CONTENTS**

#### Sunshine Silver Mining & Refining Company <br>

#### Consolidated Statements of Operations and Comprehensive Loss <br>

#### Expressed in United States Dollars

---

| | | |
|:---|:---|:---|
|  | **Years ended December 31,**  | **Years ended December 31,**  |
|  | **2025** | **2024**  |
|  | **$** | **$**  |
| &nbsp;&nbsp;**Sales** | &nbsp;&nbsp;&nbsp;&nbsp;501293 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96075  |
| **Operating expenses:**<br>|  |  |
| &nbsp;&nbsp;&nbsp;Exploration | &nbsp;&nbsp;&nbsp;&nbsp;261747 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Pre-Development | 16990224 | &nbsp;&nbsp;&nbsp;2661750  |
| &nbsp;&nbsp;&nbsp;General and administrative | 14084150 | &nbsp;&nbsp;&nbsp;5749067  |
| &nbsp;&nbsp;&nbsp;Depreciation and amortization | &nbsp;&nbsp;&nbsp;&nbsp;848552 | &nbsp;&nbsp;&nbsp;&nbsp;576842  |
| &nbsp;&nbsp;&nbsp;Accretion expense | &nbsp;&nbsp;&nbsp;&nbsp;110750 | &nbsp;&nbsp;&nbsp;&nbsp;103991 |
| &nbsp;&nbsp;&nbsp;Cost of goods sold (exclusive of items shown separately above) | &nbsp;&nbsp;&nbsp;&nbsp;344178 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47009  |
| &nbsp;&nbsp;**Operating loss** | **(32138308)** | &nbsp;&nbsp;**(9042584)** |
| **Other income (expense):**<br>|  |  |
| &nbsp;&nbsp;&nbsp;Interest expense | &nbsp;&nbsp;(2903533) | &nbsp;&nbsp;(3872090)  |
| &nbsp;&nbsp;&nbsp;Interest income | &nbsp;&nbsp;&nbsp;&nbsp;298546 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22659  |
| **Total other income (expense)** | &nbsp;&nbsp;**(2604987)** | &nbsp;&nbsp;**(3849431)**  |
| &nbsp;&nbsp;&nbsp;Income and mining tax expense | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—  |
| **Net and comprehensive loss** | **(34743295)** | **(12892015)** |
| &nbsp;&nbsp;&nbsp;Basic and diluted loss per share of common stock | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.36) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.15)  |
| &nbsp;&nbsp;&nbsp;Weighted average number of basic and diluted shares of common stock outstanding | 97291648 | 85439630 |

---

The accompanying notes form an integral part of these consolidated financial statements.<br>

F-4<br>

------

#### **TABLE OF CONTENTS**

#### Sunshine Silver Mining & Refining Company <br>

#### Consolidated Statements of Changes in Stockholders' Equity (Deficit) <br>

#### Expressed in United States Dollars

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Common Stock** | **Common Stock** | **Common Stock** | **Common Stock** | **Common Stock** |
|  | **Number of** <br>**common** <br>**shares** | **Amount**  | **Additional** <br>**Paid-in Capital** | **Accumulated** <br>**Deficit** | **Total** |
|  | **#** | **$** | **$** | **$** | **$**  |
| **Balance – December 31, 2023** | **85439630** | **85440** | **152025138** | **(156942108)** | &nbsp;&nbsp;**(4831530)**  |
| &nbsp;&nbsp;&nbsp;Stock-based compensation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;377800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;377800  |
| &nbsp;&nbsp;&nbsp;Net loss | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;(12892015) | (12892015)  |
| **Balance – December 31, 2024** | **85439630** | **85440** | **152402938** | **(169834123)** | **(17345745)** |
| &nbsp;&nbsp;&nbsp;Conversion of convertible debt into shares of common stock | 12319850 | 12320 | &nbsp;&nbsp;35073341 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | 35085661 |
| &nbsp;&nbsp;&nbsp;Equity offering – extinguishment of term debt with shares of common stock and warrants – allocation to common shares | &nbsp;&nbsp;&nbsp;7024050 | &nbsp;&nbsp;&nbsp;7024 | &nbsp;&nbsp;25160142 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | 25167166 |
| &nbsp;&nbsp;&nbsp;Equity offering – extinguishment of term debt with shares of common stock and warrants – allocation to warrants | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;2929033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;2929033 |
| &nbsp;&nbsp;&nbsp;Equity offering – allocation to common stock | &nbsp;&nbsp;11725950 | &nbsp;&nbsp;11726 | &nbsp;&nbsp;42002358 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | 42014084 |
| &nbsp;&nbsp;&nbsp;Equity offering – allocation to warrants | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;4889717 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;4889717 |
| &nbsp;&nbsp;&nbsp;Stock-based compensation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;3564218 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;3564218 |
| &nbsp;&nbsp;&nbsp;Net loss | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;(34743295) | (34743295) |
| **Balance – December 31, 2025** | **116509480** | **116509** | **266021748** | **(204577418)** | **61560839** |

---

The accompanying notes form an integral part of these consolidated financial statements.<br>

F-5<br>

------

#### **TABLE OF CONTENTS**

#### Sunshine Silver Mining & Refining Company <br>

#### Consolidated Statements of Cash Flows <br>

#### Expressed in United States Dollars

---

| | | |
|:---|:---|:---|
|  | **Year ended December 31,**  | **Year ended December 31,**  |
|  | **2025** | **2024** |
|  | **$** | **$**  |
| **Cash Flows from Operating activities:**<br>|  |  |
| **Net loss** | (34743295) | (12892015)  |
| *Adjustments to reconcile net loss to net cash used in operating activities:*<br>|  |  |
| &nbsp;&nbsp;&nbsp;Depreciation and amortization | &nbsp;&nbsp;&nbsp;&nbsp;848552 | &nbsp;&nbsp;&nbsp;&nbsp;576842  |
| &nbsp;&nbsp;&nbsp;Stock-based compensation | &nbsp;&nbsp;&nbsp;3564218 | &nbsp;&nbsp;&nbsp;&nbsp;377800  |
| &nbsp;&nbsp;&nbsp;Reclamation obligation accretion | &nbsp;&nbsp;&nbsp;&nbsp;110750 | &nbsp;&nbsp;&nbsp;&nbsp;103991  |
| &nbsp;&nbsp;&nbsp;Convertible notes discount amortization | &nbsp;&nbsp;&nbsp;&nbsp;990708 | &nbsp;&nbsp;&nbsp;1715126  |
| *Changes in operating assets and liabilities:*<br>|  |  |
| &nbsp;&nbsp;&nbsp;Prepaid expenses | &nbsp;&nbsp;&nbsp;&nbsp;396553 | &nbsp;&nbsp;&nbsp;&nbsp;465335  |
| &nbsp;&nbsp;&nbsp;Materials and supplies inventory | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(47411) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58341  |
| &nbsp;&nbsp;&nbsp;Metals inventory | &nbsp;&nbsp;&nbsp;&nbsp;344178 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(94178)  |
| &nbsp;&nbsp;&nbsp;Other current assets | &nbsp;&nbsp;&nbsp;&nbsp;(886155) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28817  |
| &nbsp;&nbsp;&nbsp;Accounts payable | &nbsp;&nbsp;&nbsp;1307807 | &nbsp;&nbsp;&nbsp;&nbsp;(230353)  |
| &nbsp;&nbsp;&nbsp;Accrued liabilities | &nbsp;&nbsp;&nbsp;1796790 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12517  |
| &nbsp;&nbsp;&nbsp;Accrued interest | &nbsp;&nbsp;&nbsp;1894793 | &nbsp;&nbsp;&nbsp;2154042  |
| Net cash used in operating activities | (24422512) | &nbsp;&nbsp;(7723735) |
| **Cash Flows from Investing activities:**<br>|  |  |
| &nbsp;&nbsp;&nbsp;Additions to property, plant and equipment | &nbsp;&nbsp;(9702094) | &nbsp;&nbsp;(1138306)  |
| &nbsp;&nbsp;&nbsp;Additions to intangible assets | &nbsp;&nbsp;&nbsp;&nbsp;(750000) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Maturity of short-term investment | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;275039  |
| Net cash used in investing activities | (10452094) | &nbsp;&nbsp;&nbsp;&nbsp;(863267) |
| **Cash Flows from Financing activities**<br>|  |  |
| &nbsp;&nbsp;&nbsp;Payments of note payable for insurance premium financing | &nbsp;&nbsp;&nbsp;&nbsp;(621050) | &nbsp;&nbsp;&nbsp;&nbsp;(199188)  |
| &nbsp;&nbsp;&nbsp;Proceeds from notes payable | 17600000 | &nbsp;&nbsp;&nbsp;9000000  |
| &nbsp;&nbsp;&nbsp;Proceeds from the Offering (Note 11) | 46903801 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Net cash provided by financing activities | 63882751 | &nbsp;&nbsp;&nbsp;8800812 |
| **Increase in Cash and cash equivalents and Restricted cash** | **29008145** | &nbsp;&nbsp;&nbsp;&nbsp;**213810**  |
| Cash and cash equivalents and Restricted cash, beginning | &nbsp;&nbsp;&nbsp;2242885 | &nbsp;&nbsp;&nbsp;2029075  |
| **Cash and cash equivalents and Restricted cash, ending** | **31251030** | &nbsp;&nbsp;&nbsp;**2242885**  |
| **Supplemental Cash Flow Information:**<br>|  |  |
| Non-cash financing of insurance premiums with short-term note payable | &nbsp;&nbsp;&nbsp;&nbsp;893024 | &nbsp;&nbsp;&nbsp;&nbsp;610350  |
| Non-cash conversion of convertible notes payable and interest into common shares (Note 8) | 35085661 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Non-cash extinguishment of notes payable with Offering Units (Note 11) | 28096199 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Interest paid | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17530 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2922 |

---

The accompanying notes form an integral part of these consolidated financial statements.<br>

F-6<br>

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#### **TABLE OF CONTENTS**

#### Sunshine Silver Mining & Refining Company<br>

#### Notes to the Consolidated Financial Statements<br>

#### For the Year Ended December 31, 2025<br>

#### Expressed in United States Dollars, unless otherwise indicated <br>

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>
1. **NATURE OF BUSINESS AND OPERATIONS** 

---

| | |
|:---|:---|
| 1.1<br>| **Corporate Information**  |

---

Sunshine Silver Mining & Refining Company ("SSMR", or "the Company") owns the Sunshine Complex, which is located in the Coeur d'Alene Mining District in Idaho and is comprised of the Sunshine Mine and the Sunshine Big Creek Refinery. SSMR is a mining exploration and development company working to bring the Sunshine Complex into production.

In May 2010, the Company's wholly-owned subsidiary Silver Opportunity Partners LLC ("SOP") acquired from Sterling Mining Company ("Sterling"), through Sterling's bankruptcy proceedings, the majority of the operating facilities and equipment at the Sunshine Mine, including a lease on the Sunshine Mine that included an option to purchase title to the Sunshine Mine from Sunshine Precious Metals, Inc. ("SPMI"). In July 2010, SOP closed the purchase option in the lease to obtain title to the Sunshine Mine and acquired the remaining operating facilities and equipment. In October 2013, the Company's wholly-owned subsidiary Sunshine Refining Company ("SRC") acquired the Sunshine Silver/Copper Refinery from Formation Metals Inc. In October 2020, as part of a corporate reorganization of Gatos Silver, Inc. ("Gatos Silver"), which had previously been named Sunshine Silver Mining & Refining Corporation, the Company was formed to become the owner of SOP and SRC. The Company was spun out from Gatos Silver prior to Gatos Silver's initial public offering, and the Company's name was changed to Sunshine Silver Mining & Refining Company.

Effective December 21, 2023, the Company issued a mineral resource statement in accordance with National Instrument 43-101.

On June 30, 2024, a Preliminary Economic Analysis ("PEA") was issued. The PEA utilized geotechnical, geological, engineering and mine site rehabilitation information (including information from an exploration drilling program conducted in 2023).

In December of 2025, a technical report summary for the Sunshine Mine (the "Sunshine Technical Report") was prepared by SLR International Corporation in accordance with subpart 1300 of Regulation S-K ("S-K 1300"). The mineral resource estimates were prepared in accordance with S-K 1300. The mineral resource estimates contained in the Sunshine Technical Report were completed by SRK Consulting (U.S.), Inc. with an effective date of December 21, 2023. SLR International Corporation prepared an updated Sunshine Technical Report in accordance with S-K 1300 in March of 2026 with mineral resource estimates completed by SRK Consulting (U.S.), Inc. with an effective date of February 24, 2026.

2. **SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES** 

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| | |
|:---|:---|
| 2.1<br>| **Basis of Presentation**  |

---

These consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles ("GAAP") and are expressed in U.S. Dollars. The financial statements reflect the consolidation of SSMR and its subsidiaries, SOP and SRC (hereinafter collectively referred to as the "Company"). All intercompany balances and transactions have been eliminated in consolidation. Certain prior period amounts have been reclassified to conform with current period presentation.

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| | |
|:---|:---|
| 2.2<br>| **Use of Estimates**  |

---

The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the consolidated financial statements and the reported amounts of income and expenses during the reporting period. The more significant areas requiring the use of management estimates and assumptions relate to the cash flow estimates used in the assessment of

F-7<br>

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#### **TABLE OF CONTENTS**

#### Sunshine Silver Mining & Refining Company<br>

#### Notes to the Consolidated Financial Statements<br>

#### For the Year Ended December 31, 2025<br>

#### Expressed in United States Dollars, unless otherwise indicated <br>

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>
recoverability of exploration and pre-development assets, reclamation obligations, valuation of equity issuances, valuation of stock options, valuation of warrants and convertible debt, and valuation allowances for deferred tax assets. Accordingly, actual results will likely differ from amounts estimated in these financial statements.

---

| | |
|:---|:---|
| 2.3<br>| **Liquidity and Capital Resources**  |

---

The consolidated financial statements have been prepared on a going-concern basis under which the Company is considered to be able to realize its assets and satisfy its liabilities in the normal course of business. The Company has a history of operating losses and cash used in operations, which are expected to continue until profitable operations commence, and which are significant in relation to the Company's ability to satisfy its liabilities in the normal course of business. However, the Company received an unlimited financial support commitment letter from Electrum Silver US LLC ("ESUS"), the Company's largest stockholder, to ensure that the Company is able to satisfy its obligations as a going concern through March 31, 2027. Working capital deficits, operating losses, and cash used in operations are expected until such time as profitable operations commence, acknowledging that periods of positive working capital may occur based upon the timing and expenditure of financing proceeds.

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| | |
|:---|:---|
| 2.4<br>| **Risks and Uncertainties**  |

---

As a mining exploration and development company, the Company's growth and future profitability depend significantly on the prevailing prices of minerals, primarily of silver. Commodity prices are historically volatile, and mineral prices may fluctuate significantly in the future. A substantial or extended decline in mineral prices could have a material adverse effect on the Company's financial position, results of operations, cash flows, and access to capital. The carrying value and recoverability of the Company's investments are dependent on its ability to generate revenues from operations, which depends upon significant further financing to conduct exploration and development activities, demonstrate economic feasibility of the Sunshine Mine, construct mining infrastructure, and commence mining operations. A lack of access to capital may negatively impact the Company's ability to commence mining operations.

In addition to changes in mineral prices, other factors, such as changes in exploration plans; increases in costs; geotechnical failures; changes in social, environmental, or regulatory requirements; and public health conditions can adversely affect the Company's ability to recover its investment in exploration and development assets and could result in impairment charges.

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| | |
|:---|:---|
| 2.5<br>| **Cash and Cash Equivalents**  |

---

The Company is subject to credit risk to the extent that a financial institution may be unable to fulfill its obligation to return the Company's cash and cash equivalents held at the financial institution. The Company considers all highly liquid investments with a maturity of three months or less when purchased to be cash equivalents. Cash and cash equivalents are held in overnight bank deposits or are invested in money market securities. The cash and cash equivalent balances in deposit accounts may, at times, exceed federally insured limits, and did at December 31, 2025 and 2024. Deposit accounts with banks in the United States are guaranteed by the Federal Deposit Insurance Corporation up to $250,000.

---

| | |
|:---|:---|
| 2.6<br>| **Prepaid Expenses**  |

---

Prepaid expenses consist of payments the Company has made in advance for services to be received in the future, and at December 31, 2025 and 2024, prepaid expenses consisted primarily of insurance premiums.

---

| | |
|:---|:---|
| 2.7<br>| **Materials and Supplies and Metals Inventories**  |

---

The Company's materials and supplies inventories and metals inventories are valued at the lower of cost or net realizable value. Cost is determined using the average cost method for all inventories. The Company routinely evaluates its materials and supplies to determine if a provision for obsolete stock is warranted.

F-8<br>

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#### **TABLE OF CONTENTS**

#### Sunshine Silver Mining & Refining Company<br>

#### Notes to the Consolidated Financial Statements<br>

#### For the Year Ended December 31, 2025<br>

#### Expressed in United States Dollars, unless otherwise indicated <br>

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>
Metals inventory that is not expected to be processed within the next twelve months is classified as a non-current asset.

---

| | |
|:---|:---|
| 2.8<br>| **Other Current Assets** |

---

Other current assets consist primarily of capitalized fees related to the Company's anticipated public stock offering. At December 31, 2025 and 2024, other current assets included $822,190 and $Nil in deferred costs of financing, respectively.

---

| | |
|:---|:---|
| 2.9<br>| **Restricted Cash**  |

---

Restricted cash is held by a regulatory authority as collateral to cover potential future costs associated with the Company's tailings storage facility. At December 31, 2025 and 2024, the Company classified restricted cash as a non-current asset, as it was not expected to be recovered within the twelve-month period from those dates.

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| | |
|:---|:---|
| 2.10<br>| **Property, Plant, and Equipment**  |

---

Mineral property acquisition costs are recorded at cost and are not depleted until the property enters production. Exploration, mineral property evaluation, and other related costs are expensed in the period they are incurred. When a mineral property is determined to have proven and probable reserves, subsequent development costs are capitalized to mineral properties. For acquired mineral properties, the Company allocates the acquisition cost to proven and probable reserves, and value beyond proven and probable reserves, including mineralization other than proven and probable reserves and other material that is not part of the measured, indicated, or inferred resource base. If mineral properties are developed and operations commence, capitalized costs will be charged to operations using the units-of-production method over proven and probable reserves. Upon abandonment or sale of a mineral property, all capitalized costs relating to the specific property will be removed in the period abandoned or sold and a gain or loss will be recognized.

Property, plant, and equipment are recorded at cost. Depreciation of plant and equipment is calculated using the straight-line method over the estimated useful lives of the assets. The estimated useful lives of plant and equipment and buildings and improvements generally range from ten to twenty years, and for certain equipment, from three to seven years. The estimated useful lives of furniture, fixtures, and computers range from three to ten years.

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| | |
|:---|:---|
| 2.11<br>| **Reclamation Obligations**  |

---

The Company has reclamation obligations arising from regulatory requirements to perform certain property and asset retirement activities at the end of the respective asset life. A reclamation obligation is recognized when incurred and is initially measured at fair value and subsequently adjusted for accretion expense and changes in the amount or timing of the estimated cash flows. The corresponding asset retirement costs are capitalized as part of the carrying amount of the related long-lived asset and depreciated over the asset's remaining useful life. The Company reviews, on at least an annual basis, the reclamation obligation at each property.

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| | |
|:---|:---|
| 2.12<br>| **Intangible Assets** |

---

Intangible assets are assets which lack physical substance and are identifiable by either the separability criterion or the contractual-legal criterion. Useful lives of intangible assets are the periods over which they are expected to contribute directly or indirectly to future cash flows. At each reporting period, the useful lives of amortizing intangible assets are evaluated, and if the evaluation determines that the useful lives have changed, the carrying values of amortizing intangible assets are amortized over their remaining useful lives prospectively. The carrying amounts of intangible assets are reviewed for impairment whenever events or

F-9<br>

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#### **TABLE OF CONTENTS**

#### Sunshine Silver Mining & Refining Company<br>

#### Notes to the Consolidated Financial Statements<br>

#### For the Year Ended December 31, 2025<br>

#### Expressed in United States Dollars, unless otherwise indicated <br>

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>
changes in circumstances indicate that their carrying amount may not be recoverable. If the carrying amounts of intangible assets are not recoverable and exceed their fair value, the excess amount is recognized as an impairment. Once an impairment of an intangible asset has been recorded, it cannot be reversed.

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| | |
|:---|:---|
| 2.13<br>| **Accounts Payable and Accrued Liabilities**  |

---

Accounts payable and accrued liabilities represent amounts the Company owes or estimates as owed to its vendors and service providers.

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| | |
|:---|:---|
| 2.14<br>| **Convertible Notes Issued with Warrants**  |

---

The Company accounts for convertible debt as a liability measured at amortized cost and amortizes debt discount from the allocation of proceeds to interest expense using the effective interest method over the expected term of the convertible debt. The Company allocates issuance costs between the convertible debt instruments and detachable warrants based on the relative fair value of each instrument. Detachable warrants are recorded and carried at amortized cost within additional paid-in capital.

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| | |
|:---|:---|
| 2.15<br>| **Impairment of Long-lived Assets**  |

---

The Company monitors events and changes in circumstances that could indicate the carrying amounts of long-lived assets, including property, plant, and equipment and intangible assets, may not be recoverable. When such events or changes in circumstances occur, the recoverability of long-lived assets is assessed by determining whether the carrying value of such assets will be recovered through their undiscounted expected future cash flow. If the future undiscounted cash flow is less than the carrying amount of these assets, an impairment loss is recognized based on the excess of the carrying amount over the fair value of the assets.

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| | |
|:---|:---|
| 2.16<br>| **Stock-Based Compensation**  |

---

The Company recognizes stock-based compensation as an expense in the consolidated financial statements. Equity-classified awards are measured at the grant date fair value of the award. The Company estimates the grant date fair value using the Black-Scholes option-pricing model, using the grant date share price, estimated volatility, the expected life of the awards, exercise price, the risk-free interest rate, and the expected dividend yield. Forfeitures are recognized as they occur. The expected life of an award is and will be based upon the mid-point of vesting and contractual term dates until the Company's historical experience provides a sufficient history to act as the basis of determining the expected term. Estimated volatility is based on historical volatility derived from a group of publicly traded peer companies and will continue to be used until the Company's publicly traded stock history provides a sufficient basis for estimating expected future volatility. The related expense is recognized on a straight-line basis using the requisite service period of the award and is included within the same class of expense in the consolidated statement of operations and comprehensive loss to which other compensation of the grantee is reported.

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| | |
|:---|:---|
| 2.17<br>| **Income Taxes**  |

---

Income taxes are computed using the asset and liability method. Deferred income taxes reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial and tax reporting purposes and the effect of net operating loss carry-forwards using enacted tax rates in effect in the years in which the differences are expected to reverse. This method generates either a net deferred income tax liability or asset for the Company, as measured by the statutory tax rates in effect. The Company derives its deferred income tax charge or benefit by recording the change in either the net deferred income tax liability or asset balance for the year. The financial statement effects of changes in tax law are recorded as income tax expense or benefit from continuing operations in the period enacted, regardless of the category of income or loss to which the deferred taxes relate.

F-10<br>

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#### **TABLE OF CONTENTS**

#### Sunshine Silver Mining & Refining Company<br>

#### Notes to the Consolidated Financial Statements<br>

#### For the Year Ended December 31, 2025<br>

#### Expressed in United States Dollars, unless otherwise indicated <br>

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>
The Company's deferred income tax assets include certain future tax benefits. The Company records a valuation allowance against any portion of those deferred income tax assets when it believes, based on the weight of available evidence, it is more likely than not that some portion or all of the deferred income tax asset will not be realized. In determining the requirement for a valuation allowance, the historical and projected financial results of the legal entity or consolidated group recording the net deferred tax asset are considered, along with all other available positive and negative evidence.

The guidance on accounting for uncertainty in income taxes addresses the determination of whether tax benefits claimed or expected to be claimed on a tax return should be recorded in the financial statements. Under this guidance, the Company may recognize the tax benefit from an uncertain tax position only if it is more likely than not that the tax position will be sustained on examination by taxing authorities, based on the technical merits of the position. The tax benefits recognized in the financial statements from such a position are measured based on the largest benefit that has a greater than fifty percent likelihood of being realized upon ultimate settlement. The guidance on accounting for uncertainty in income taxes also addresses derecognition, classification, interest, and penalties on income taxes, and accounting in interim periods. If incurred, the Company recognizes penalties and interest in interest expense.

Income tax expense or benefit consists of current income taxes payable or refundable for the period plus or minus the change during the period in deferred income tax assets and liabilities.

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| | |
|:---|:---|
| 2.18<br>| **Expense Classification**  |

---

The Company classifies exploration drilling costs and costs associated with exploration drilling as 'Exploration' expenses on the statements of operations and comprehensive loss. Mine site maintenance expenses, rehabilitation expenses, underground pre-development expenses, and associated labor and other mine site expenses are classified as 'Pre-Development' expenses. Within 'General and administrative' expenses are administrative overhead expenses, administrative salaries, professional services expenses, and other expenses not attributed to 'Exploration' and 'Pre-Development' activities.

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| | |
|:---|:---|
| 2.19<br>| **Basic and Diluted Earnings (Loss) Per Share**  |

---

Basic earnings (loss) per share is computed by dividing net income (loss) available to common stockholders, by the weighted average number of shares of common stock outstanding during the period. Diluted earnings (loss) per share is computed by dividing net income (loss) available to common stockholders by the diluted weighted average number of shares of common stock during the period. The diluted weighted average number of shares of common stock outstanding is the basic weighted number of shares adjusted for the dilutive effect of potential future issuances of common stock related to outstanding stock options and warrants, if any.

The dilutive effect of outstanding instruments convertible or exercisable into shares of common stock is reflected in diluted earnings (loss) per share by application of the treasury stock method. If the effect of instruments convertible or exercisable into shares of common stock is anti-dilutive, their effect is omitted from the calculation of earnings (loss) per share.

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| | |
|:---|:---|
| 2.20<br>| **Commitments and Contingencies**  |

---

In determining accruals and disclosures with respect to loss contingencies, the Company will charge to income an estimated loss if information available prior to the issuance of the financial statements indicates that it is probable that a liability has been incurred at the date of the financial statements and the amount of the loss can be reasonably estimated. Legal expenses associated with the commitments and contingencies are expensed as incurred. If a loss contingency is not probable or reasonably estimable, disclosure of the loss contingency is made in the consolidated financial statements when it is at least reasonably possible that a material loss could be incurred.

F-11<br>

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#### **TABLE OF CONTENTS**

#### Sunshine Silver Mining & Refining Company<br>

#### Notes to the Consolidated Financial Statements<br>

#### For the Year Ended December 31, 2025<br>

#### Expressed in United States Dollars, unless otherwise indicated <br>

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>
The Company's activities are subject to various laws, regulations, and permits governing the protection of the environment. These laws, regulations, and permits may change in the future. The Company has incurred, and expects to incur, expenditures to comply with such laws, regulations, and permits, but cannot predict the full amount of such future expenditures.

The Company is from time to time involved in various legal proceedings related to its business. Management does not believe that adverse decisions in any pending or threatened proceeding or that amounts that may be required to be paid by reason thereof will have a material adverse effect on the Company's financial condition or results of operations.

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| | |
|:---|:---|
| 2.21<br>| **Related Party Transactions**  |

---

The Company considers related parties to include: 1) affiliates of the entity; 2) entities for which investments in their equity securities would be required, absent the election of the fair value option under the Fair Value Option Subsection of ASC 825, *Financial Instruments*, to be accounted for by the equity method by the investing entity; 3) trusts for the benefit of employees, and profit-sharing trusts that are managed by or under the trusteeship of management; 4) principal owners of the entity and members of their immediate families; 5) management of the entity and members of their immediate families; 6) other parties with which the entity may deal if one party controls or can significantly influence the management or operating policies of the other to an extent that one of the transacting parties might be prevented from fully pursuing its own separate interests; 7) and other parties that can significantly influence the management or operating policies of the transacting parties or that have an ownership interest in one of the transacting parties and can significantly influence the other to an extent that one or more of the transacting parties might be prevented from fully pursuing its own separate interests.

A transaction is considered to be a related party transaction when there is a transfer of resources or obligations between related parties.

---

| | |
|:---|:---|
| 2.22<br>| **Recently Adopted Accounting Standards** |

---

In December 2023, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures ("ASU 2023-09"), which is intended to enhance the transparency and decision usefulness of income tax disclosures. The amendments in ASU 2023-09 provide for enhanced income tax information primarily through changes to the rate reconciliation and income taxes paid information. ASU 2023-09 is effective for the Company prospectively to all annual periods beginning after December 15, 2024. Early adoption is permitted. The adoption of ASU 2023-09 has not had a material effect on the Company's financial statements and disclosures.

In November 2023, the FASB issued ASU 2023-07, *Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures*, which is intended to improve reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses. The guidance is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. The Company adopted the new standard effective December 31, 2024.

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| | |
|:---|:---|
| 2.23<br>| **Recent Accounting Pronouncements Not Yet Adopted**  |

---

There were various updates recently issued by the FASB, most of which represented technical corrections to the accounting literature or application to specific industries and are not expected to have a material impact on the Company's reported financial position, results of operations, or cash flows.

In November 2024, the FASB issued ASU 2024-03, Disaggregation of Income Statement Expenses, which requires public business entities to provide disaggregated expense disclosures in the notes to the financial statements. The standard is effective for the Company beginning in fiscal year 2027, and the Company is currently assessing the impact of adoption.

F-12<br>

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#### **TABLE OF CONTENTS**

#### Sunshine Silver Mining & Refining Company<br>

#### Notes to the Consolidated Financial Statements<br>

#### For the Year Ended December 31, 2025<br>

#### Expressed in United States Dollars, unless otherwise indicated <br>

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>
3. **PROPERTY, PLANT AND EQUIPMENT**

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| | |
|:---|:---|
| 3.1<br>| **Property, Plant, and Equipment**  |

---

At December 31, 2025 and 2024, property, plant and equipment consisted of the following:

---

| | | |
|:---|:---|:---|
|  | **December 31,** <br>**2025**  | **December 31,**<br>**2024** |
|  | $ | $ |
| Mineral properties | 17954729 | 17954729  |
| &nbsp;&nbsp;Plant & equipment | 21291320 | 17101427  |
| &nbsp;&nbsp;Land | &nbsp;&nbsp;&nbsp;1814080 | &nbsp;&nbsp;&nbsp;1814080  |
| Buildings & improvements | 13850717 | 13700503  |
| Furniture, fixtures & computers | &nbsp;&nbsp;&nbsp;&nbsp;774811 | &nbsp;&nbsp;&nbsp;&nbsp;731846  |
| Property, plant & equipment at cost | 55685657 | 52577503  |
| Less: accumulated depreciation | (28171761) | (28283540)  |
| Plus: Construction in Progress | &nbsp;&nbsp;&nbsp;6776646 | &nbsp;&nbsp;&nbsp;1274918 |
| **Property, plant & equipment, net** | **34290542** | **24293963** |

---

No impairments of property, plant and equipment were recognized during the years ended December 31, 2025 and 2024. No depletion is currently being recognized on the category 'mineral properties', as the Company has not established proven and probable reserves, and the mine has not yet been placed in service. The Company recognized $848,552 and $576,842 of depreciation and amortization expense during the years ended December 31, 2025 and 2024, respectively. Accumulated depreciation was reduced by $960,331 and $Nil due primarily to asset disposals during the years ended December 31, 2025 and 2024, respectively.

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| | |
|:---|:---|
| 3.2<br>| **Mineral Properties**  |

---

The Company conducts exploration activities on patented and unpatented mining claims in the United States and is required to make mineral and concession lease payments to various entities to secure the appropriate claims or surface rights.

Sections of the Company's holdings are subject to net smelter return royalties ("NSR Royalties") that are payable to parties from whom mineral rights were acquired and/or leased. These royalty payments are triggered when the Company begins producing and selling metal-bearing concentrate. The NSR Royalties are based upon proceeds paid by smelters less certain costs, including costs incurred to transport the concentrates to the smelters, for mineralized material produced in the property area subject to the royalties (further information at Notes 3.2.1 through 3.2.6). No Company assets were in production during the years ended December 31, 2025 and 2024, and accordingly, the Company did not pay any royalties based on production or sales.

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| | |
|:---|:---|
| 3.2.1<br>| **Sunshine Mine Core Area**  |

---

The Company owns the Sunshine Mine Core Area, which includes patented and unpatented mining claims, surface access rights, and related infrastructure buildings and equipment. The property includes the mine, mill, and all support buildings, including the shops, mine dry, assay office, mine office, warehouse, hoist house and compressor building, and surface and underground equipment. The property also includes the Sunshine Silver/Copper Refinery, ConSil Mine and mill, and related infrastructure buildings and equipment.

Portions of the Sunshine Mine Core Area are subject to NSR Royalties formed under a settlement agreement and royalty deed entered into among SPMI (the prior mine operator), the U.S. government, and the Coeur d'Alene Tribe dated April 12, 2001 (collectively, the "2001 Consent Decree"). The 2001 Consent Decree settled environmental claims seeking reimbursement for remediation, restoration and other actions to address

F-13<br>

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#### **TABLE OF CONTENTS**

#### Sunshine Silver Mining & Refining Company<br>

#### Notes to the Consolidated Financial Statements<br>

#### For the Year Ended December 31, 2025<br>

#### Expressed in United States Dollars, unless otherwise indicated <br>

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>
environmental damages to the Coeur d'Alene River and other natural resources in the Coeur d'Alene Mining District in connection with the Bunker Hill Superfund Site. Pursuant to the 2001 Consent Decree, the Company is required to pay to the U.S. federal government and the Coeur d'Alene Tribe between a 0% (at a silver price below $6 per ounce) and 7% (at a silver price of $10 per ounce or higher) NSR Royalty in perpetuity.

All funds from this NSR Royalty must be used to pay for the remediation, restoration and other actions to address certain environmental damage to the Coeur d'Alene River and other natural resources located in the Coeur d'Alene Mining District. The area subject to this NSR Royalty covers substantially all of the mineral resources identified in the Sunshine Technical Report.

---

| | |
|:---|:---|
| 3.2.2<br>| **Silver Summit / ConSil Mine Royalty** |

---

Pursuant to the Deed of Royalty Interest entered into on May 31, 2005 between Hecla Mining Company and Sterling in connection with the purchase by the Company's predecessor of the neighboring Consolidated Silver property (which generally consisted of the surface facilities and the underground working of the Silver Summit Mine), the Company is required to pay between a 2% (at a silver price below $5 per ounce) and 4% (at a silver price of $7 per ounce or higher) NSR Royalty to Hecla Mining Company as the assignee of Consil Corp. The area subject to this royalty surrounds the Silver Summit Mine / ConSil Mine, which lies east of the primary workings of the Sunshine Mine. This royalty runs in perpetuity with the claims.

---

| | |
|:---|:---|
| 3.2.3<br>| **Chester Group and Mineral Mountain Mining Claims**  |

---

Effective February 3, 2021, the Company entered into an Amended and Restated Mineral Lease and Agreement with Chester Mining Company ("Chester") (the "Chester Lease"), which amends, restates and consolidates in their entirety that certain Mining Lease and Agreement, dated as of February 4, 2004, by and between Sterling and Chester, and that certain Mining Lease and Agreement, dated as of February 5, 2004, by and between Sterling and Mineral Mountain Mining & Milling Company, the predecessor-in-interest to Chester, in order to, among other things, allow the Company to continue to explore for and mine the leased minerals. The 10-year Chester Lease ends in 2031 and is renewable for five additional ten-year terms. The Chester Lease requires the Company to pay an advance royalty of $42,000 annually until such time as a 3.25% NSR Royalty is payable. The Chester Lease also required a one-time payment of $50,000 in the shares of the Company's common stock upon a third-party institutional investment in the Company if such investment occurred within nine months of the effective date of the Chester Lease or a one-time payment of $50,000 in cash if such investment did not occur within nine months of the effective date of the Chester Lease. Since such investment did not occur within the specified time period, the Company paid the $50,000 one-time payment in cash.

---

| | |
|:---|:---|
| 3.2.4<br>| **Metropolitan Mines Mining Claims**  |

---

The Company leases mining claims from Metropolitan Mines Corporation, Ltd ("Metropolitan") pursuant to an agreement, dated September 16, 2004, between Metropolitan and Sterling. The lease runs in perpetuity as long as the Company remains current on payments and can be cancelled by the Company at any time. The lease consists of two patented and 50 unpatented mining claims. These claims lay immediately to the south of the primary workings of the Sunshine Mine and to the west of the ConSil Mine. At depth, the claims intersect select veins that were historically mined from the Sunshine Mine. The Company's lease with Metropolitan requires the Company to pay an advance royalty of $12,000 annually until such time as mineralized material is produced from the leased property. Upon production of mineralized material, Metropolitan is to be paid either 16% (with respect to production from the Yankee Girl vein) or 50% (with respect to production south of the Yankee Girl vein) of the net proceeds from the sale of materials produced from the mineralized material processed from these claims. Net proceeds will be determined by deducting certain production and operating costs from mineralized material sale proceeds with the applicable percentage of the net amount, if any, being paid as the royalty. Advance royalty payments will be deductible as costs once mineralized material production commences.

F-14<br>

------

#### **TABLE OF CONTENTS**

#### Sunshine Silver Mining & Refining Company<br>

#### Notes to the Consolidated Financial Statements<br>

#### For the Year Ended December 31, 2025<br>

#### Expressed in United States Dollars, unless otherwise indicated <br>

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

---

| | |
|:---|:---|
| 3.2.5<br>| **Rock Creek**  |

---

On March 1, 2006, Sterling entered into a mineral lease agreement with RCMC. The initial term of the lease is 25 years, which can be renewed for an additional 25-year term. The lease with RCMC requires the Company to pay an advance royalty of $500 monthly for the length of the initial term. It also requires that a work agreement of $50,000 within the first five years and $50,000 every five years thereafter be carried out on the property for the length of the lease.

---

| | |
|:---|:---|
| 3.2.6<br>| **American Silver Mining Company**  |

---

Pursuant to a mineral lease agreement entered into on December 9, 2022 with American Silver Mining Company ("ASMC") (the "ASMC Lease"), the Company leases 21 unpatented mining claims in Shoshone County. The initial term of the ASMC Lease is ten years but can be renewed for an additional ten-year term. In connection with the ASMC Lease, the Company is required to pay an advance royalty of $1,000 monthly for the length of the initial term of the ASMC Lease. If the ASMC Lease is renewed, the Company is required to pay an advance royalty of $1,500 monthly until such time as an NSR royalty of 2% is payable on all leased minerals mined, removed and sold by the Company during the lease term. The area subject to this royalty is east of the Coeur d'Alene Mines-Merger Mines Co.-Plainview Mining Co. claim block on the eastern boundary of the Sunshine Mine Core Area. The ASMC Lease requires that a work agreement of $50,000 within the first five years of the lease term or $100,000 within the ten-year lease term be carried out on the leased property.

---

| | |
|:---|:---|
| 3.2.7<br>| **Mineral Lease payments**  |

---

Mineral lease expenses for the properties in Notes 3.2.3 through 3.2.6 are reported as general and administrative expenses on the consolidated statement of operations and comprehensive loss. The following table sets out lease payments made during the years ended December 31, 2025 and 2024.

---

| | | |
|:---|:---|:---|
| **Mineral Lease payments during the year ended** | **2025** | **2024**  |
| **December 31,** | $ | $ |
| &nbsp;&nbsp;Chester Group and Mineral Mountain Mining Claims | 42000 | 42000  |
| Metropolitan Mines Mining Claims | 12000 | 12000  |
| Rock Creek | &nbsp;&nbsp;6000 | &nbsp;&nbsp;6000  |
| American Silver Mining Company | 12000 | 12000  |
| **Total** | **72000** | **72000** |

---

---

| | |
|:---|:---|
| 3.2.8<br>| **Mineral leases subject to minimum payments**  |

---

The Company's mineral leases are subject to minimum annual payments as summarized in the table below:

---

| | |
|:---|:---|
|  | **At December 31,** <br>**2025**  |
|  | $|
| 2026 | &nbsp;&nbsp;&nbsp;&nbsp;60000  |
| 2027 | &nbsp;&nbsp;&nbsp;&nbsp;60000  |
| 2028 | &nbsp;&nbsp;&nbsp;&nbsp;60000  |
| 2029 | &nbsp;&nbsp;&nbsp;&nbsp;60000  |
| 2030 and thereafter | &nbsp;&nbsp;&nbsp;&nbsp;88500  |
| **Total** | &nbsp;&nbsp;&nbsp;&nbsp;**328500** |

---

F-15<br>

------

#### **TABLE OF CONTENTS**

#### Sunshine Silver Mining & Refining Company<br>

#### Notes to the Consolidated Financial Statements<br>

#### For the Year Ended December 31, 2025<br>

#### Expressed in United States Dollars, unless otherwise indicated <br>

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>
4. **INTANGIBLE ASSETS**

The following table summarizes the Company's intangible assets at December 31, 2025 and 2024:

---

| | | |
|:---|:---|:---|
|  | **2025** | **2024** |
| **Carrying value of intangible assets** | $ | $ |
| &nbsp;&nbsp;At January 1, | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |  |
| &nbsp;&nbsp;&nbsp;Purchase of intellectual property | 750000 |  |
| &nbsp;&nbsp;&nbsp;Less: Accumulated amortization and impairments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |  |
| **At December 31,** | **750000** | **—** |

---

In January 2025, the Company entered into an exclusivity agreement ("IP Exclusivity Agreement") to secure the Company's right to acquire intellectual property. The intellectual property was comprised of all rights, title, and interest in and to all proprietary intellectual property, technical know-how, trade secrets, processes, methods, and associated documentation of, the leaching and recovery process (the "Leach IP"). The IP Exclusivity Agreement, in exchange for a $60,000 payment from the Company to the sellers, provided the Company with the right to an exclusive ninety (90) day period to conduct due diligence and determine whether it would buy the Leach IP. If completed by the Company, the Company would buy, free and clear of any liens or encumbrances, the Leach IP for payments totaling $750,000, inclusive of the $60,000 payment, and contingent consideration. The contingent consideration is $150,000, due to the sellers if the Company uses the Leach IP in the Sunshine Silver/Copper Refinery. In March 2025, the Company decided to proceed with the purchase, made payments totaling $690,000 to the sellers, and received the Leach IP. The contingent consideration did not meet the criteria for recognition as a liability because payment of the contingent consideration is dependent on the Company's future use of the Leach IP in production (which is contingent on the outcome of multiple feasibility studies). The useful life of the Leach IP was determined to be equal to the life of the planned silver refinery, and amortization of the Leach IP will commence concurrent with the Company's future silver refining operations. No impairment charges of intangible assets were recorded during the year ended December 31, 2025.

5. **FAIR VALUE MEASUREMENTS** 

Fair value accounting establishes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). The three levels of the fair value hierarchy are described below:

Level 1 - Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities;

Level 2 - Quoted prices in markets that are not active, or inputs that are observable, either directly or indirectly, for substantially the full term of the asset or liability; and

Level 3 - Prices or valuation techniques that require inputs that are both significant to the fair value measurement and unobservable (supported by little or no market activity).

At December 31, 2025 and 2024, the Company's financial assets and liabilities consisted of: cash and cash equivalents, restricted cash, accounts payable, notes payable to finance insurance premiums, and accrued liabilities. The carrying amounts of these financial instruments approximated their fair values due to their short maturities. None of these financial instruments were measured at Level 3, and there were no transfers between fair value hierarchy levels during the years ended December 31, 2025 and 2024.

F-16<br>

------

#### **TABLE OF CONTENTS**

#### Sunshine Silver Mining & Refining Company<br>

#### Notes to the Consolidated Financial Statements<br>

#### For the Year Ended December 31, 2025<br>

#### Expressed in United States Dollars, unless otherwise indicated <br>

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>
6. **RELATED PARTY TRANSACTIONS** 

Effective January 1, 2021, the Company entered into a related party management services agreement ("MSA") with The Electrum Group LLC ("TEG"). TEG is a related party as its management is common to several companies which are together the majority shareholder group of the Company. Pursuant to the MSA, TEG provides various operational, accounting, and administrative services to the Company and charges the Company based on the actual time spent by its employees. Expenses incurred under the MSA are reported within 'General and administrative' expense on the consolidated statement of operations and comprehensive loss. During the years ended December 31, 2025 and 2024, the Company incurred expenses of $12,739 and $239,599, respectively, for the provision of services under the MSA. At both December 31, 2025 and 2024, $Nil was due by the Company to TEG.

On May 28, 2021, the Company entered into an agreement for strategic advisory services with a director, which was amended on October 24, 2022. During both years ended December 31, 2025 and 2024, the Company incurred $500,000 for the provision of services under the agreement. The expenses incurred under the agreement are reported within General and administrative on the consolidated statement of operations and comprehensive loss. At December 31, 2025 and 2024, $41,667 and $58,333, respectively, were payable by the Company to the director under this agreement.

In 2025, the Company engaged the services of a related party, Scout Discoveries, for exploration services. Scout Discoveries is a related party due to significant ownership of it by the Company's majority shareholder group. During the year ended December 31, 2025, the Company incurred $231,714 for exploration services ($227,145 within General and administrative expense and $4,569 within Exploration expense on the consolidated statement of operations and comprehensive loss). During the year ended December 31, 2024, the Company accrued $15,528 for services (reported within General and administrative expense). At December 31, 2025 and 2024, $Nil and $15,528 were due to or accrued for Scout Discoveries, respectively.

Additional related party transactions are described at Notes 7, 8, 10, 11, and 13.

7. **NOTES PAYABLE** 

---

| | |
|:---|:---|
| 7.1<br>| **Summary of Notes Payable**  |

---

The following table summarizes the activity in related party notes payable.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Principal** | **Principal** | **Accrued Interest**  | **Accrued Interest**  |
|  | **2025** | **2024** | **2025** | **2024**  |
|  | $ | $ | $ | $ |
| &nbsp;&nbsp;At January 1, | &nbsp;&nbsp;&nbsp;9000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;510600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—  |
| &nbsp;&nbsp;&nbsp;ESUS II (Note 7.2) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | 6500000 | &nbsp;&nbsp;&nbsp;&nbsp;437832 | 485267  |
| &nbsp;&nbsp;&nbsp;ESUS (Note 7.3) | &nbsp;&nbsp;&nbsp;4500000 | 2500000 | &nbsp;&nbsp;&nbsp;&nbsp;341167 | &nbsp;&nbsp;25333  |
| &nbsp;&nbsp;&nbsp;ESUS (Note 7.4) | 13100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;206600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Extinguishment with Offering Units (see Note 11) | (26600000) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | (1496199) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| **At December 31,** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**—** | **9000000** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**—** | **510600** |

---

The Company also used notes payable to finance insurance premiums during the years ended December 31, 2025 and 2024. See Note 7.5 for further information.

F-17<br>

------

#### **TABLE OF CONTENTS**

#### Sunshine Silver Mining & Refining Company<br>

#### Notes to the Consolidated Financial Statements<br>

#### For the Year Ended December 31, 2025<br>

#### Expressed in United States Dollars, unless otherwise indicated <br>

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

---

| | |
|:---|:---|
| 7.2<br>| **Term Loan Agreement with Electrum Silver US II LLC ("ESUS II") for Total Aggregate Principal Amount of $6,500,000**  |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Principal** | **Principal** | **Accrued Interest**  | **Accrued Interest**  |
|  | **2025** | **2024** | **2025** | **2024**  |
|  | $ | $ | $ | $ |
| &nbsp;&nbsp;**At January 1,** | **6500000** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**—** | &nbsp;&nbsp;**485266** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**—**  |
| &nbsp;&nbsp;&nbsp;Loan dated February 09, 2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;750000 | &nbsp;&nbsp;&nbsp;53460 | &nbsp;&nbsp;80500  |
| &nbsp;&nbsp;&nbsp;Loan dated March 14, 2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;300000 | &nbsp;&nbsp;&nbsp;20976 | &nbsp;&nbsp;28800  |
| &nbsp;&nbsp;&nbsp;Loan dated April 01, 2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;400000 | &nbsp;&nbsp;&nbsp;27680 | &nbsp;&nbsp;36000  |
| &nbsp;&nbsp;&nbsp;Loan dated April 17, 2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;400000 | &nbsp;&nbsp;&nbsp;27440 | &nbsp;&nbsp;34000  |
| &nbsp;&nbsp;&nbsp;Loan dated May 22, 2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;750000 | &nbsp;&nbsp;&nbsp;50400 | &nbsp;&nbsp;55000  |
| &nbsp;&nbsp;&nbsp;Loan dated June 12, 2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | 1000000 | &nbsp;&nbsp;&nbsp;66360 | &nbsp;&nbsp;66333  |
| &nbsp;&nbsp;&nbsp;Loan dated June 20, 2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | 2900000 | &nbsp;&nbsp;191517 | &nbsp;&nbsp;184633  |
| &nbsp;&nbsp;&nbsp;Extinguishment with Offering Units (see Note 11) | (6500000) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;(923099) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—  |
| **At December 31,** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**—** | **6500000** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**—** | &nbsp;&nbsp;**485266** |

---

ESUS II is a shareholder of the Company that is under common control of the majority shareholder group of the Company and is a related party. On April 11, 2024, the Company entered into a term loan agreement with ESUS II for an aggregate total principal amount of $6,500,000 (the "ESUS II Note Payable"), receivable in tranches. The loan bore interest at a rate of 12% per annum, compounded annually. The unpaid principal and any accrued interest thereon was due the earlier of (a) the third anniversary of the loan agreement date, (b) the closing of a "Qualified Equity Financing", or (c) the date on which all obligations under agreement became due and payable pursuant to default terms. A Qualified Equity Financing was defined as a financing by the Company pursuant to which the Company sells equity securities in an amount of at least $10,000,000 to investors unrelated to the lender. Principal and interest were due upon maturity, and early payments of principal and interest may have been made without penalty. The fair value (level three) of the note payable approximated its carrying value until its extinguishment based on the interest rate approximating estimated market rates for similar bonds at the date of issuance and extinguishment.

On July 15, 2025, the principal balance of $6,500,000 and accrued interest of $923,099 were extinguished with 1,855,770 Offering Units (as defined in Note 11.2).

---

| | |
|:---|:---|
| 7.3<br>| **Term Loan Agreement with Electrum Silver US LLC ("ESUS") for Total Aggregate Principal Amount of $7,000,000** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Principal**  | **Principal**  | **Accrued Interest**  | **Accrued Interest**  |
|  | **2025**  | **2024**  | **2025**  | **2024**  |
|  | $ | $ | $ | $ |
| **At January 1,**  | **2500000**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**—**  | &nbsp;&nbsp;&nbsp;**25333**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**—**  |
| &nbsp;&nbsp;&nbsp;Loan dated November 12, 2024  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—  | 1500000  | &nbsp;&nbsp;&nbsp;97500  | &nbsp;&nbsp;&nbsp;25000  |
| &nbsp;&nbsp;&nbsp;Loan dated December 31, 2024  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—  | 1000000  | &nbsp;&nbsp;&nbsp;65000  | &nbsp;&nbsp;&nbsp;&nbsp;333  |
| &nbsp;&nbsp;&nbsp;Loan dated February 19, 2025  | 1000000  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—  | &nbsp;&nbsp;&nbsp;48667  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—  |
| &nbsp;&nbsp;&nbsp;Loan dated March 11, 2025  | 2000000  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—  | &nbsp;&nbsp;&nbsp;84000  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—  |
| &nbsp;&nbsp;&nbsp;Loan dated April 15, 2025  | 1500000  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—  | &nbsp;&nbsp;&nbsp;46000  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—  |
| &nbsp;&nbsp;&nbsp;Extinguishment with Offering Units (see Note 11)  | (7000000)  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—  | &nbsp;&nbsp;(366500)  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—  |
| &nbsp;&nbsp;**At December 31,**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**—**  | **2500000**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**—**  | &nbsp;&nbsp;&nbsp;**25333** |

---

ESUS is a shareholder of the Company that is under common control of the majority shareholder group of the Company and is a related party. On November 12, 2024, the Company entered into a term loan agreement

F-18<br>

------

#### **TABLE OF CONTENTS**

#### Sunshine Silver Mining & Refining Company<br>

#### Notes to the Consolidated Financial Statements<br>

#### For the Year Ended December 31, 2025<br>

#### Expressed in United States Dollars, unless otherwise indicated <br>

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>
with ESUS for an aggregate total principal amount of $7,000,000 (the "ESUS Note Payable"), receivable in tranches. The loan bore interest at a rate of 12% per annum, compounded annually. The unpaid principal and any accrued interest thereon were to mature on the earlier of (a) the third anniversary of the loan agreement date, (b) the closing of a Qualified Equity Financing, or (c) the date on which all obligations under agreement became due and payable pursuant to default terms. The Company could have prepaid in whole or in part at any time or from time to time without penalty or premium by paying the principal amount to be prepaid together with accrued interest thereon to the date of prepayment. The fair value (level three) of the note payable approximated its carrying value until its extinguishment based on the interest rate approximating estimated market rates for similar bonds at the date of issuance and extinguishment.

On July 15, 2025, the combined aggregate principal balance of $20,100,000 and combined aggregate accrued interest of $573,100 of the ESUS Note Payable and the ESUS April 2025 Note Payable (Note 7.4) were extinguished with 5,168,280 Offering Units (as defined in Note 11.2).

---

| | |
|:---|:---|
| 7.4<br>| **Term Loan Agreement with ESUS for Total Aggregate Principal Amount of $15,000,000** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Principal**  | **Principal**  | **Accrued Interest**  | **Accrued Interest**  |
|  | **2025**  | **2024**  | **2025**  | **2024**  |
|  | $ | $ | $ | $ |
| **At January 1,**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**—**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**—**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**—**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**—**  |
| &nbsp;&nbsp;&nbsp;Loan dated May 14, 2025  | &nbsp;&nbsp;&nbsp;7600000  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—  | &nbsp;&nbsp;&nbsp;159600  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—  |
| &nbsp;&nbsp;&nbsp;Loan dated June 27, 2025  | &nbsp;&nbsp;&nbsp;5000000  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—  | &nbsp;&nbsp;&nbsp;31667  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—  |
| &nbsp;&nbsp;&nbsp;Loan dated April 15, 2025  | &nbsp;&nbsp;&nbsp;&nbsp;500000  | &nbsp;&nbsp;&nbsp;15333  |  |  |
| &nbsp;&nbsp;&nbsp;Extinguishment with Offering Units  | (13100000)  | &nbsp;&nbsp;&nbsp;(206600)  |  |  |
| **At December 31,**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**—**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**—**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**—**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**—** |

---

On April 1, 2025, the Company entered into a term loan agreement with ESUS for an aggregate total principal amount of $15,000,000 (the "ESUS April 2025 Note Payable"). The ESUS April 2025 Note Payable allowed for loans up to a total aggregate amount of $15,000,000, receivable in tranches. The loan bore interest at 12% per annum, compounded annually. The unpaid principal and any accrued interest thereon were to mature on the earlier of (a) the third anniversary of the agreement date, (b) the closing of a Qualified Equity Financing, or (c) the date on which all obligations under the agreement became due and payable pursuant to default terms. The Company could have prepaid in whole or in part at any time or from time to time without penalty or premium by paying the principal amount to be prepaid together with accrued interest thereon to the date of prepayment. The fair value (level three) of the note payable approximated its carrying value until its extinguishment based on the interest rate approximating estimated market rates for similar bonds at the date of issuance and extinguishment.

On July 15, 2025, the combined aggregate principal balance of $20,100,000 and combined aggregate accrued interest of $573,100 of the ESUS Note Payable (Note 7.3) and the ESUS April 2025 Note Payable were extinguished with 5,168,280 Offering Units (as defined in Note 11.2).

---

| | |
|:---|:---|
| 7.5<br>| **Financing of Insurance Premiums with Note Payable with Original Principal Amount of $610,350**  |

---

During 2025, the Company financed insurance premiums totaling $893,024 with a note payable of $756,946 and a down payment of $136,078 made to the lender. The lender made premium payments directly to the insurers. The note will be repaid with ten monthly payments of $78,039, which began in December of 2025. The note bears interest at 6.7% per annum. The balance owed at December 31, 2025 was $683,135.

During 2024, the Company financed insurance premiums totaling $610,350 with a note payable of $455,601 and a down payment of $154,948 made to the lender. The lender made premium payments directly to the insurers. The note was repaid with ten monthly payments of $47,163, beginning in December of 2024. The note bore interest at 7.7% per annum. The balance owed at December 31, 2024 was $411,161.

F-19<br>

------

#### **TABLE OF CONTENTS**

#### Sunshine Silver Mining & Refining Company<br>

#### Notes to the Consolidated Financial Statements<br>

#### For the Year Ended December 31, 2025<br>

#### Expressed in United States Dollars, unless otherwise indicated <br>

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>
8. **CONVERTIBLE NOTES**

On September 2, 2022, the Company entered into convertible note purchase agreements ("Convertible Notes") with ESUS and The Municipal Employee Retirement System of Michigan ("MERS"), which held approximately 20% of the outstanding common stock of the Company. At closing, ESUS's principal amount was $15,714,608, which included the conversion of then-existing term loans totaling $12,650,000, accrued interest on the term loans of $714,608, and $2,350,000 in cash. MERS's principal amount was $15,000,000, for an aggregate total principal amount of $30,714,608. In addition, ESUS was issued 2,739,640 warrants and MERS was issued 2,615,060 warrants. In connection with the issuance of the Convertible Notes, the Company recorded debt discounts and issuance costs of $4,974,903. The debt discount and issuance costs were composed of: $4,939,989, representing the proportionate fair value allocation to warrants, which were recorded as additional paid-in capital, and $34,914 in other costs of issuance. The Convertible Notes bore interest at an annual rate of 5%, compounding annually. The outstanding principal amount and accrued and unpaid interest were to become due and payable on September 2, 2025, but were converted before September 2, 2025. The Convertible Notes had an automatic conversion feature where, upon the consummation of a "Qualified Financing", the outstanding principal amount plus accrued and unpaid interest would automatically convert into common stock at a price per share equal to the lesser of (a) the price per share of the Qualified Financing or (b) $2.87 per share. A Qualified Financing was defined as the next issuance of equity securities in a bona fide equity financing (including an initial public offering) resulting in gross proceeds to the Company, in the aggregate, of at least $25,000,000 from investors that are not affiliated with ESUS. On December 18, 2023, MERS transferred its convertible note and related warrants to another shareholder, Ospraie Real Assets Fund LP, which held approximately 20% of the outstanding common stock of the Company.

The Convertible Note holders agreed that the Offering (as defined in Note 11.2) was considered a Qualified Financing and the Convertible Note holders, ESUS and Ospraie, converted the combined total principal balance of $30,714,608 and combined total accrued interest of $4,618,730, for an aggregate total amount of $35,333,338, at $2.87 per share in exchange for 12,319,850 shares of common stock immediately prior to the Offering. The unamortized debt discount at the conversion date of $247,677 was deducted from the value of principal and interest recorded in additional paid-in capital upon conversion. The effective interest rate applicable from the issuance of the Convertible Notes until their conversion was 11.7%.

Interest-bearing short-term liabilities include the Convertible Notes and the notes payable described at Note 7.5. The weighted average interest rate of these interest-bearing short-term liabilities was 6.70% and 5.04% at December 31, 2025 and 2024, respectively, based upon their contractual rates.

---

| | | |
|:---|:---|:---|
|  | **2025** | **2024**  |
| **Carrying value of Convertible Notes** | $| $|
| At January 1, | 29476223 | 27761097  |
| Amortization of debt discount | &nbsp;&nbsp;&nbsp;&nbsp;990708 | &nbsp;&nbsp;1715126  |
| Conversion to common stock | (30714608) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Deduction of unamortized discount from Additional Paid in Capital | &nbsp;&nbsp;&nbsp;&nbsp;247677 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| **At December 31,** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**—** | **29476223**  |
| *Unamortized debt discounts and issuance costs* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;*1238385* |

---

---

| | | |
|:---|:---|:---|
|  | **2025** | **2024**  |
| &nbsp;&nbsp;**Accrued Interest - Convertible Notes** | $| $|
| At January 1, | 3709315 | 2065873  |
| Interest expense | &nbsp;&nbsp;&nbsp;&nbsp;909415 | 1643442  |
| Conversion to common stock | (4618730) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| **At December 31,** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**—** | **3709315** |

---

F-20<br>

------

#### **TABLE OF CONTENTS**

#### Sunshine Silver Mining & Refining Company<br>

#### Notes to the Consolidated Financial Statements<br>

#### For the Year Ended December 31, 2025<br>

#### Expressed in United States Dollars, unless otherwise indicated <br>

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>
9. **RECLAMATION OBLIGATIONS** 

The Company recorded accretion expense on the consolidated statements of operations and comprehensive loss related to the reclamation obligation of $110,750 and $103,991 during the years ended December 31, 2025 and 2024, respectively. The following table summarizes activity in the Company's reclamation obligations:

---

| | | |
|:---|:---|:---|
|  | **2025** | **2024**  |
|  | $| $|
| &nbsp;&nbsp;At January 1, | 1703850 | 1599859  |
| &nbsp;&nbsp;&nbsp;Accretion expense | &nbsp;&nbsp;&nbsp;110750 | &nbsp;&nbsp;103991  |
| **At December 31,** | **1814600** | **1703850** |

---

10. **WARRANTS** 

---

| | |
|:---|:---|
| 10.1<br>| **Warrant Activity Summary** |

---

The following table summarizes the activity in warrants for the years ended December 31, 2025 and 2024.

---

| | | | |
|:---|:---|:---|:---|
|  | **Warrants**  | **Weighted-** <br>**average** <br>**Exercise** <br>**Price per** <br>**Share**  | **Weighted-** <br>**average** <br>**Remaining** <br>**Contractual** <br>**Term**  |
|  | #  | $/share  | Years  |
| Balance – December 31, 2023  | &nbsp;&nbsp;5354700  | &nbsp;&nbsp;$2.87  | &nbsp;&nbsp;&nbsp;&nbsp;3.7  |
| Balance – December 31, 2024 (Note 10.3)  | &nbsp;&nbsp;5354700  | &nbsp;&nbsp;$2.87  | &nbsp;&nbsp;&nbsp;&nbsp;2.7  |
| Issued (Note 10.4)  | &nbsp;&nbsp;9375000  | &nbsp;&nbsp;$5.00  | &nbsp;&nbsp;&nbsp;&nbsp;1.7<sup>(1)</sup>  |
| **Balance – December 31, 2025**  | **14729700**  | &nbsp;&nbsp;**$4.23**  | &nbsp;&nbsp;&nbsp;&nbsp;1.7 |

---

(1) These warrants were issued on various dates from July 15, 2025 and December 31, 2025, and expire on the later of two years from their issuance dates or six months following an initial public offering. The weighted average remaining contractual term presented assumes a life of two years for these warrants. See further information at Note 10.4.

---

| | |
|:---|:---|
| 10.2<br>| **Warrants Outstanding** |

---

The following table provides details of warrants outstanding at December 31, 2025:

---

| | | | |
|:---|:---|:---|:---|
|  | **Number of** <br>**Warrants**  | **Exercise** <br>**Price**  | **Remaining** <br>**Life**  |
| **Expiry date**  | #  | $/share  | Years  |
| July 15, 2027<sup>(1)</sup> | &nbsp;&nbsp;5625010  | $5.00  | &nbsp;&nbsp;&nbsp;&nbsp;1.5  |
| July 21, 2027<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12500  | $5.00  | &nbsp;&nbsp;&nbsp;&nbsp;1.6  |
| September 2, 2027  | &nbsp;&nbsp;5354700  | $2.87  | &nbsp;&nbsp;&nbsp;&nbsp;1.7  |
| September 19, 2027<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62500  | $5.00  | &nbsp;&nbsp;&nbsp;&nbsp;1.7  |
| September 30, 2027<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;430340  | $5.00  | &nbsp;&nbsp;&nbsp;&nbsp;1.7  |
| November 5, 2027<sup>(1)</sup> | &nbsp;&nbsp;1875000  | $5.00  | &nbsp;&nbsp;&nbsp;&nbsp;1.8  |
| December 29, 2027<sup>(1)</sup> | &nbsp;&nbsp;1369650  | $5.00  | &nbsp;&nbsp;&nbsp;&nbsp;2.0  |
|  | **14729700**  | **$4.23**  | &nbsp;&nbsp;&nbsp;&nbsp;1.7 |

---

(1)<br> Warrant lives are the longer of two years, or six months after an initial public offering. This table assumes a two-year life. See further information at Note 10.4.

F-21<br>

------

#### **TABLE OF CONTENTS**

#### Sunshine Silver Mining & Refining Company<br>

#### Notes to the Consolidated Financial Statements<br>

#### For the Year Ended December 31, 2025<br>

#### Expressed in United States Dollars, unless otherwise indicated <br>

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>
The following table provides details of warrants outstanding at December 31, 2024:

---

| | | | |
|:---|:---|:---|:---|
|  | **Number of** <br>**Warrants**  | **Exercise** <br>**price**  | **Remaining** <br>**Life**  |
| **Expiry date**  | #  | $/share  | Years  |
| September 2, 2027  | 5354700  | $2.87  | &nbsp;&nbsp;&nbsp;&nbsp;2.7  |
|  | 5354700  | $2.87  | &nbsp;&nbsp;&nbsp;&nbsp;2.7 |

---

---

| | |
|:---|:---|
| 10.3<br>| **Detachable Warrants Issued in Connection with Convertible Notes** |

---

In connection with the issuance of the Convertible Notes (Note 8), 5,354,700 warrants were issued. The warrants are convertible into the Company's common stock at an exercise price of $2.87 per share. The warrants are exercisable for a whole number of shares of common stock until they expire on September 2, 2027. The Company accounts for the warrants as equity instruments based on the specific terms of the warrant agreement. The convertible debt carried at amortized cost was issued with equity-classified warrants, and proceeds from the issuance of convertible debt with warrants were allocated to each financial instrument based on the respective instrument's proportionate fair value at the time of issuance. The assigned fair value of the warrants approximated 16% of the consideration received from each investor.

---

| | |
|:---|:---|
| 10.4<br>| **Warrants Issued Pursuant to the Offering** |

---

All 9,375,000 warrants issued during the year ended December 31, 2025, were issued as part of the Offering. They are exercisable for one share of common stock at a price of $5.00 per share for a period ending on the later of: (a) the second anniversary of the original issue date, or (b) six months after the closing of the Company's first underwritten public offering of common stock. They were valued using the Black-Scholes option-pricing model, resulting in a value of $0.83 per warrant, for a total of $7,818,750. See Note 11.2 for further information.

11. **STOCKHOLDERS' EQUITY (DEFICIT)**

---

| | |
|:---|:---|
| 11.1<br>| **Authorized Share Capital, Rights of Shareholders, and Dividend Policy**  |

---

On July 15, 2025, the Company adopted a Second Amended and Restated Certificate of Incorporation, which increased its authorized common stock to 150,000,000, with a par value of $0.001 per share. The holders of common stock are entitled to one vote per share on all matters to be voted upon by the shareholders, except on matters relating solely to terms of preferred stock. There is no preferred stock issued and outstanding. In the event of liquidation, dissolution or winding up, the holders of common stock are entitled to share ratably in all assets remaining after payment of liabilities, subject to prior distribution rights of preferred stock, if any, then outstanding. The holders of common stock have no preemptive or conversion or exchange rights or other subscription rights. There are no redemption, retraction, purchase for cancellation, surrender or sinking or purchase fund provisions applicable to the common stock.

Subject to preferences that may be applicable to any outstanding preferred stock, the holders of common stock are entitled to receive ratably such dividends, if any, as may be declared from time to time by the Company's Board of Directors out of funds legally available in accordance with the Company's dividend policy ("Dividend Policy"). The Dividend Policy is as follows: the Company has never declared or paid any cash dividends on the Company's capital stock. The Company does not intend to pay any dividends in the foreseeable future and currently intends to retain all future earnings to finance the Company's business. Any determination to pay dividends to holders of the common stock in the future will be at the discretion of the Company's Board of Directors and will depend upon such factors as earnings levels, capital requirements, requirements under the Delaware General Corporation Law, the terms of any debt agreements the Company may enter into, and other factors as the Board of Directors deems relevant.

F-22<br>

------

#### **TABLE OF CONTENTS**

#### Sunshine Silver Mining & Refining Company<br>

#### Notes to the Consolidated Financial Statements<br>

#### For the Year Ended December 31, 2025<br>

#### Expressed in United States Dollars, unless otherwise indicated <br>

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

---

| | |
|:---|:---|
| 11.2<br>| **Offering of Equity Initially Closed on July 15, 2025**  |

---

During 2025, the Company closed a private offering transaction of $75,000,000 (the "Offering") in units ("Offering Units") comprised of one share of common stock and one half-warrant exercisable into shares of common stock. Each Offering Unit was sold for $4.00. Each whole warrant is exercisable for one share of common stock at a price of $5.00 per share for a period ending on the later of: (a) the second anniversary of the original issue date, or (b) six months after the closing of the Company's first underwritten public offering of common stock.

The Offering price was approved by the Company's Board of Directors based primarily on management's assessment of the value of the Sunshine Mine, which was consistent with a contemporaneous appraisal thereof. The Company's Board of Directors considered the participation of both related and non-related investors in approving the transaction, and all parties participated at the same price of $4.00 per Offering Unit.

Total proceeds from non-related parties were $2,212,760 received in exchange for 553,190 Offering Units, representing approximately 3.0% of the Offering, and related parties participated for a total of $72,787,240 in exchange for 18,196,810 Offering Units, representing approximately 97.0% of the Offering.

ESUS made and fulfilled a commitment to purchase the balance of 7,500,000 Units, representing $30,000,000 of the $75,000,000 aggregate total Offering value, which were not issued to other investors, by December 31, 2025. Under this commitment, ESUS purchased 6,489,310 Offering Units for $25,957,240.

The Offering of $75,000,000 in Offering Units was closed in multiple cash tranches, as well as in extinguishment of debt for Offering Units. Cash totaling $46,903,801 was received by the Company in exchange for 11,725,950 Offering Units. The ESUS II Note Payable, the ESUS Note Payable, and the ESUS April 2025 Note Payable, with an aggregate total balance due of $28,096,199, were extinguished and exchanged for 7,024,050 Offering Units.

The following table provides a summary of the Offering by purchaser:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Offering Units sold:**  | **Offering Units sold:**  | **Sold for:**  | **Sold for:**  | **Sold for:**  |
|  | **Common** <br>**Shares**  | **Warrants**  | **Cash**  | **Debt** <br>**Extinguishment**  | **Total Sale Value**  |
| **Purchaser**  | #  | #  | $ | $ | $ |
| ESUS  | 15883540  | 7941770  | 42861041  | &nbsp;&nbsp;20673100  | &nbsp;&nbsp;63534141  |
| ESUS II  | &nbsp;&nbsp;1855770  | &nbsp;&nbsp;927890  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—  | &nbsp;&nbsp;7423099  | &nbsp;&nbsp;&nbsp;7423099  |
| Directors  | &nbsp;&nbsp;&nbsp;&nbsp;250000  | &nbsp;&nbsp;125000  | &nbsp;&nbsp;1000000  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—  | &nbsp;&nbsp;&nbsp;1000000  |
| Management  | &nbsp;&nbsp;&nbsp;&nbsp;150000  | &nbsp;&nbsp;&nbsp;&nbsp;75000  | &nbsp;&nbsp;&nbsp;&nbsp;600000  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;600000  |
| Other related parties  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57500  | &nbsp;&nbsp;&nbsp;&nbsp;28750  | &nbsp;&nbsp;&nbsp;&nbsp;230000  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;230000  |
| Non-related parties  | &nbsp;&nbsp;&nbsp;&nbsp;553190  | &nbsp;&nbsp;276590  | &nbsp;&nbsp;2212760  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—  | &nbsp;&nbsp;&nbsp;2212760  |
| **Total**  | **18750000**  | **9375000**  | **46903801**  | &nbsp;&nbsp;**28096199**  | **$75000000** |

---

No gain or loss was recognized as a result of the Offering. The proceeds were allocated to common stock and warrants at relative fair value using the Black-Scholes option-pricing model. The Black-Scholes option-pricing calculation was performed such that the value of common stock and warrants equaled the Offering value of $75,000,000, or $4.00 per Offering Unit. The result of the relative fair value allocation using this methodology was $3.58 per share of common stock and $0.42 per half-warrant. The following table presents the inputs and results of the allocation:

---

| | | |
|:---|:---|:---|
| **Black-Scholes Option Pricing Model Inputs**  | **Basis**  | **Input Value**  |
| Annualized volatility  | Volatility of publicly traded peers  | 67.5%  |
| Expected term in year  | Weighted-average expected term  | 1.50  |
| Dividend yield  | Nil expected during the expected term  | 0%  |

---

F-23<br>

------

#### **TABLE OF CONTENTS**

#### Sunshine Silver Mining & Refining Company<br>

#### Notes to the Consolidated Financial Statements<br>

#### For the Year Ended December 31, 2025<br>

#### Expressed in United States Dollars, unless otherwise indicated <br>

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

---

| | | |
|:---|:---|:---|
| **Black-Scholes Option Pricing Model Inputs**  | **Basis**  | **Input Value**  |
| Risk-free rate  | Risk-free U.S. Treasury yield over the expected term  | 4.04%  |
| Exercise price  | Offering agreements  | $5.00  |
| **Black-Scholes Option Pricing Model Price**  | **Basis**  | **$/share**  |
| Common stock price  | Relative fair value allocated by solving Black-Scholes option-pricing model such that the fair value of one common share plus the fair value of one half-warrant equals the Offering Unit price of $4.00  | $3.58  |
| Half-warrant price  | Same basis as described for common stock price  | $0.42  |
| Whole warrant price  | Same basis as described for common stock price  | $0.83 |

---

12. **LOSS PER SHARE** 

The following table presents net loss per share of common stock – basic:

---

| | | |
|:---|:---|:---|
|  | **Years ended December 31,**  | **Years ended December 31,**  |
|  | **2025** | **2024** |
| Numerator: Net loss | $(34743295) | $(12892015)  |
| Denominator: Weighted average number of basic shares of common stock | 97291648 | 85439630  |
| Basic and diluted loss per share of common stock | (0.36) | (0.15) |

---

The following were excluded from diluted loss per share because the Company incurred net losses and the effect would be anti-dilutive.

---

| | | |
|:---|:---|:---|
|  | **Years ended December 31,**  | **Years ended December 31,**  |
|  | **2025** | **2024** |
| Warrants exercisable for $2.87 per share | 5354700 | &nbsp;&nbsp;5354700  |
| Stock options exercisable for $3.04 per share | &nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;500000  |
| Convertible notes payable convertible for $2.87 per share | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | 12002760  |
| **Total** | **5854700** | **17857460** |

---

13. **STOCK-BASED COMPENSATION**

---

| | |
|:---|:---|
| 13.1<br>| **Information about Long Term Incentive Plan** |

---

On May 28, 2021, SSMR created the 2021 Long Term Incentive Plan under which stock options, stock appreciation rights, stock awards, or cash awards could be issued to employees, consultants, and directors of the Company. On July 15, 2025, the Board of Directors and the Stockholders of the Company ratified an amended Long Term Incentive Plan ("Amended LTIP") allowing for stock awards representing up to 10% of the Company's outstanding common stock on a rolling basis. If an award for any reason expires or otherwise terminates without having been exercised in full for any reason, or if all or any portion of the common stock subject to an award are forfeited for any reason, the common stock subject to such unexercised or forfeited award shall revert to the Amended LTIP, and may again become available for the grant of one or more awards under the Amended LTIP. The maximum number of shares of common stock that may be issued as incentive stock options under the Amended LTIP is thirty million (30,000,000).

The Amended LTIP is administered by the Company's Board of Directors, or its designated committee ("LTIP Committee"). The minimum number of individuals required to serve on the LTIP Committee, each of

F-24<br>

------

#### **TABLE OF CONTENTS**

#### Sunshine Silver Mining & Refining Company<br>

#### Notes to the Consolidated Financial Statements<br>

#### For the Year Ended December 31, 2025<br>

#### Expressed in United States Dollars, unless otherwise indicated <br>

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>
whom must be a non-employee director and independent, is two. The LTIP Committee has the power to: determine which eligible participants shall be granted awards; the timing and type of awards; construe and interpret the Amended LTIP and awards granted under it; and establish, amend, and revoke rules and regulations for its administration.

---

| | |
|:---|:---|
| 13.2<br>| **Stock Option Activity Summary** |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Shares**  | **Weighted** <br>**average** <br>**Exercise** <br>**Price per** <br>**Share**  | **Weighted** <br>**average** <br>**Remaining** <br>**Contractual** <br>**Term**  |
|  | #  | $/share  | Years  |
| Balance – December 31, 2023  | 1000000  | &nbsp;&nbsp;$4.57  | 7.4  |
| **Balance – December 31, 2024**  | **1000000**  | &nbsp;&nbsp;**$4.57**  | 6.4  |
| Granted  | 7623000  | &nbsp;&nbsp;$4.00  |  |
| Forfeited  | &nbsp;&nbsp;&nbsp;(50000)  | &nbsp;&nbsp;$4.00  |  |
| **Balance – December 31, 2025**  | **8573000**  | &nbsp;&nbsp;**$3.94**  | 9.1 |

---

At December 31, 2025, 3,077,950 stock options were available to be granted under the Amended LTIP.

For the year ended December 31, 2025, no options expired or were exercised.

---

| | |
|:---|:---|
| 13.3<br>| **Stock Options Outstanding** |

---

Stock options outstanding have contractual terms of 10 years from the grant date. All options issued and outstanding are exercisable at their vesting dates.

Options granted during 2021 vest over a 5-year requisite service period, with vesting occurring in equal monthly installments from grant date, subject to continued service.

Options granted during 2025 vest over a 3-year requisite service period, with vesting occurring in equal yearly installments from grant date, subject to continued service.

The following table provides details of stock options outstanding at December 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Number**  | **Exercise price**  | **Remaining Life**  | **Future Vesting** <br>**Expense**  |
| <br>Expiry date  | **#**  | **$/share**  | **Years**  | **$**  |
| 5/28/2031  | &nbsp;&nbsp;500000  | &nbsp;&nbsp;&nbsp;&nbsp;$3.04  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.4  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$78208  |
| 5/28/2031  | &nbsp;&nbsp;500000  | &nbsp;&nbsp;&nbsp;&nbsp;$4.00  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.4  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$95645  |
| 7/14/2035  | 6790000  | &nbsp;&nbsp;&nbsp;&nbsp;$4.00  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.5  | $14583873  |
| 7/31/2035  | &nbsp;&nbsp;133000  | &nbsp;&nbsp;&nbsp;&nbsp;$4.00  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.6  | &nbsp;&nbsp;&nbsp;&nbsp;$290241  |
| 12/15/2035  | &nbsp;&nbsp;650000  | &nbsp;&nbsp;&nbsp;&nbsp;$4.00  | &nbsp;&nbsp;&nbsp;&nbsp;10.0  | &nbsp;&nbsp;$1589827  |
| **Total / weighted-average** | **8573000<sup>(1)</sup>**  | &nbsp;&nbsp;&nbsp;&nbsp;**$3.94<sup>(2)</sup>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.1<sup>(2)</sup>  | **$16637794<sup>(1)</sup>** |

---

(1) Amount is total 

(2) Amount is weighted-average 

F-25<br>

------

#### **TABLE OF CONTENTS**

#### Sunshine Silver Mining & Refining Company<br>

#### Notes to the Consolidated Financial Statements<br>

#### For the Year Ended December 31, 2025<br>

#### Expressed in United States Dollars, unless otherwise indicated <br>

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>
The following table provides details of stock options outstanding at December 31, 2024:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | ***Number***  | ***Exercise*** <br>***price***  | ***Remaining*** <br>***Life***  | ***Future*** <br>***Vesting*** <br>***Expense***  |
| <br>Expiry date  | **#**  | **$/share**  | **Years**  | **$**  |
| 5/28/2031  | &nbsp;&nbsp;500000  | $6.09  | &nbsp;&nbsp;&nbsp;&nbsp;6.4  | $269308  |
| 5/28/2031  | &nbsp;&nbsp;500000  | $3.04  | &nbsp;&nbsp;&nbsp;&nbsp;6.4  | $265908  |
| **Total / weighted-average**  | **1000000<sup>(1)</sup>**  | **$4.57<sup>(2)</sup>**  | &nbsp;&nbsp;&nbsp;&nbsp;6.4<sup>(2)</sup>  | **$535216<sup>(1)</sup>** |

---

(1) Amount is total 

(2) Amount is weighted-average

---

| | |
|:---|:---|
| 13.4<br>| **Vested and Exercisable Stock Options** |

---

The following table provides the number, weighted-average grant date fair values, weighted-average exercise prices and weighted-average remaining life of vested and exercisable stock options at the following dates:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Number**  | **Weighted** <br>**Average** <br>**Grant** <br>**Date Fair** <br>**Value**  | **Weighted** <br>**Average** <br>**Exercise** <br>**Price**  | **Weighted** <br>**Average** <br>**Remaining** <br>**Life**  |
| **At December 31,**  | #  | $/Share  | $/Share  | Years  |
| 2023  | 516670  | &nbsp;&nbsp;$1.89  | &nbsp;&nbsp;$4.57  | &nbsp;&nbsp;&nbsp;&nbsp;7.4  |
| 2024  | 716670  | &nbsp;&nbsp;$1.89  | &nbsp;&nbsp;$4.57  | &nbsp;&nbsp;&nbsp;&nbsp;6.4  |
| **2025**  | **916670**  | &nbsp;&nbsp;**$1.85<sup>(1)</sup>**  | &nbsp;&nbsp;**$3.52**  | &nbsp;&nbsp;&nbsp;&nbsp;5.4 |

---

(1)<br> Reflects the original grant date fair value and modification date fair value of 500,000 stock options (see Note 13.7).

The fair value of the stock options which vested during the years December 31, 2025 and 2024, was $553,990 and $377,800, respectively. The fair value of the stock options which vested during the year ended December 31, 2025, includes the incremental fair value of the modification of 500,000 stock options (see Note 13.7).

The intrinsic value of vested stock options at December 31, 2025 and 2024, was $247,042 and $193,143, respectively, based upon the fair value per share of common stock based upon the Offering.

---

| | |
|:---|:---|
| 13.5<br>| **Nonvested Stock Options** |

---

The following tables provide the number, weighted-average grant date fair values, weighted-average exercise prices of nonvested and exercisable stock options and weighted-average remaining life at the following dates:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Number**  | **Weighted** <br>**Average** <br>**Grant** <br>**Date Fair** <br>**Value**  | **Weighted** <br>**Average** <br>**Exercise** <br>**Price**  | **Weighted** <br>**Average** <br>**Remaining** <br>**Life**  |
| <br>Nonvested Stock Options  | **#**  | **$/Share**  | **$/Share**  | **Years**  |
| December 31, 2023  | 483330  | $1.89  | $4.57  | 7.4  |
| December 31, 2024  | 283330  | $1.89  | $4.57  | 6.4  |
| December 31, 2025  | 7656330  | $2.57  | $4.00  | 9.5 |

---

F-26<br>

------

#### **TABLE OF CONTENTS**

#### Sunshine Silver Mining & Refining Company<br>

#### Notes to the Consolidated Financial Statements<br>

#### For the Year Ended December 31, 2025<br>

#### Expressed in United States Dollars, unless otherwise indicated <br>

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

---

| | |
|:---|:---|
| 13.6<br>| **Stock Option Grants** |

---

During the year ended December 31, 2025, the Company granted 7,623,000 stock options. The following table summarizes the terms of stock options granted:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Number** <br>**Granted**  | **Date Granted**  | **Vesting**  | **Expiry Date**  | **Exercise Price**  |
| 5510000  | July 15, 2025  | One-third on July 15, 2026, 2027, and 2028  | July 15, 2035  | $4.00  |
| 1330000  | July 15, 2025  | One-third on March 17, 2026, 2027, and 2028  | July 15, 2035  | $4.00  |
| 133000  | July 31, 2025  | One-third on July 31, 2026, 2027, and 2028  | July 31, 2035  | $4.00  |
| 650000  | December 15, 2025  | One-third on November 11, 2026, 2027, and 2028  | December 15, 2035  | $4.00  |
| **7623000**  |  |  |  |  |

---

No stock options were granted during the year ended December 31, 2024.

The following table summarizes the weighted-average inputs used to value stock option grants during the year ended December 31, 2025:

---

| | | |
|:---|:---|:---|
| **Black-Scholes Option-Pricing** <br>**Model Input**  | **Basis**  | **Year ended** <br>**December 31, 2025**  |
| Weighted-average expected volatility  | Volatility of publicly traded peers  | 80.7%  |
| Weighted-average expected life in years  | Mid-point of vesting and expiry dates  | 6.5  |
| Weighted-average dividend yield  | No dividends over the expected term  | 0%  |
| Weighted-average risk-free rate  | Risk-free U.S. Treasury yield over the expected term  | 4.12%  |
| Weighted-average exercise price  | Underlying stock option agreements  | $4.00  |
| Weighted-average stock price  | Relative fair value of common share in the Offering (see Note 11.2)  | $3.58  |
| **Black-Scholes Option Pricing Model Price**  | **Black-Scholes Option Pricing Model Price**  | **$/share**  |
| Weighted-average grant date fair value  |  | $2.58 |

---

F-27<br>

------

#### **TABLE OF CONTENTS**

#### Sunshine Silver Mining & Refining Company<br>

#### Notes to the Consolidated Financial Statements<br>

#### For the Year Ended December 31, 2025<br>

#### Expressed in United States Dollars, unless otherwise indicated <br>

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

---

| | |
|:---|:---|
| 13.7<br>| **Modification of Option Grant** |

---

During 2025, the exercise price of 500,000 options of one grantee, a director, were modified from $6.09 to $4.00. The incremental fair value of the modification of vested options of $159,549 was expensed immediately, and the incremental fair value of $33,844 for the unvested portion will be recognized ratably over the remaining service period. The inputs used to value the incremental fair value of the modification were as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Black-Scholes Option Pricing Model Input**  | **Basis**  | **Inputs for Value of** <br>**Modification**  | **Inputs for Value Prior to** <br>**Modification**  |
| Annualized volatility  | Volatility of publicly traded peers  | 70.6%  | 70.6%  |
| Expected term in year  | Mid-point of vesting and expiry terms  | 3.37  | 3.37  |
| Dividend yield  | No dividends over the expected term  | 0%  | 0%  |
| Risk-free rate  | Risk-free U.S. Treasury yield over the expected term  | 3.88%  | 3.88%  |
| Exercise price  | Option agreements  | $4.00  | $6.09  |
| Common stock price  | Value of common share in the Offering  | 3.58  | 3.58  |
| **Grant Date Fair Value Measured by Black-Scholes Option-Pricing Model**  |  | **$/share**  | **$/share**  |
| Fair value  |  | $1.75  | $1.36 |

---

---

| | |
|:---|:---|
| 13.8<br>| **Expense from Option Vesting**  |

---

During the year ended December 31, 2025, the Company recognized stock-based compensation expense from the vesting of stock options in 'General and administrative' expense of $3,186,484 and in 'Pre-Development' expense of $377,734, which are the classes of expense to which the grantees' other compensation expense is charged in accordance with the Company's expense classification policy. During the year ended December 31, 2024, the Company recognized $377,800 in stock-based compensation expense from the vesting of stock options in General and administrative expense.

14. **SALES** 

During the years ended December 31, 2025 and 2024, the Company sold 11,158 ounces and 1,539 ounces of silver from metals inventory, which generated sales of $501,293 and $96,075 and costs of goods sold of $344,178 and $47,009, respectively. The metals inventory was from previous mining activity prior to the Sunshine Mine ceasing operations in 2001.

Metals inventory and costs of goods sold are reported at average cost.

15. **INCOME TAXES** 

The Company's loss before income taxes in the U.S. was $34,743,295 and $12,892,015 for the years ended December 31, 2025 and 2024, respectively. There was no current or deferred income tax expense (benefit) for the years ended December 31, 2025 and 2024.

F-28<br>

------

#### **TABLE OF CONTENTS**

#### Sunshine Silver Mining & Refining Company<br>

#### Notes to the Consolidated Financial Statements<br>

#### For the Year Ended December 31, 2025<br>

#### Expressed in United States Dollars, unless otherwise indicated <br>

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>
A reconciliation of the actual income tax benefit and the tax computed by applying the applicable U.S. income tax rate (21%) to the loss before income taxes is as follows:

---

| | | |
|:---|:---|:---|
|  | **Year ended December 31,**  | **Year ended December 31,**  |
|  | **2025** | **2024** |
|  | $% of Pretax <br>Loss | $% of Pretax <br>Loss  |
| Tax provision (benefit) | &nbsp;&nbsp;&nbsp;21.0% | &nbsp;&nbsp;&nbsp;21.0%  |
| State tax (benefit) | &nbsp;&nbsp;&nbsp;4.2% | &nbsp;&nbsp;&nbsp;4.5%  |
| &nbsp;&nbsp;Other | &nbsp;&nbsp;&nbsp;(0.7%) | &nbsp;&nbsp;&nbsp;(0.4%)  |
| Change in valuation allowance | &nbsp;&nbsp;&nbsp;(24.4%) | &nbsp;&nbsp;&nbsp;(25.0%)  |
| **Total income tax expense (benefit)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.0% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.0% |

---

For the years ended December 31, 2025 and 2024, the Company increased its valuation allowance on all deferred tax assets by $8,486,233 and $3,266,097, respectively, due to uncertainty regarding future realization.

The provision for income taxes differs from the amount computed by applying the U.S. statutory income tax rate to income before provision for income taxes primarily due to the valuation allowance and expenses that are deductible for financial reporting purposes that are not deductible for tax purposes.

The components of the net deferred tax assets are summarized as follows (the Company did not have any deferred tax liabilities):

---

| | | |
|:---|:---|:---|
|  | **December 31,**  | **December 31,**  |
|  | **2025** | **2024** |
|  | $| $|
| Mineral properties | &nbsp;&nbsp;&nbsp;8559969 | &nbsp;&nbsp;&nbsp;8585776  |
| Property, plant and equipment | &nbsp;&nbsp;&nbsp;&nbsp;945500 | &nbsp;&nbsp;&nbsp;&nbsp;956158  |
| Exploration and development | &nbsp;&nbsp;&nbsp;4265714 | &nbsp;&nbsp;&nbsp;2245558  |
| Operating loss carryforward | 12017284 | &nbsp;&nbsp;&nbsp;7097333  |
| Stock options | &nbsp;&nbsp;&nbsp;1250689 | &nbsp;&nbsp;&nbsp;&nbsp;357342  |
| Interest | &nbsp;&nbsp;&nbsp;2709970 | &nbsp;&nbsp;&nbsp;2079298  |
| Other | &nbsp;&nbsp;&nbsp;&nbsp;107322 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48750  |
| Total deferred tax assets | 29856448 | 21370215  |
| Valuation allowance | (29856448) | (21370215)  |
| Total deferred tax assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—  |
| **Net deferred income tax assets** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |

---

A deferred tax asset or liability is recognized at each financial statement date by applying the enacted tax rates expected in the periods in which the deferred tax asset or liability is expected to be realized or settled, in order to measure the deferred income tax consequences of temporary differences that will result in net taxable or deductible amounts in future years.

The Company recorded a valuation allowance on its net deferred tax assets to reduce the total to an amount that management believes will more likely than not be realized. Realization of deferred tax assets is dependent on sufficient future taxable income during the period that deductible temporary differences and carryforwards are expected to be available to reduce taxable income. The net change in the valuation allowance for the deferred tax assets was an increase of $8,496,131 and $3,226,097 for the years ended December 31, 2025 and 2024, respectively.

F-29<br>

------

#### **TABLE OF CONTENTS**

#### Sunshine Silver Mining & Refining Company<br>

#### Notes to the Consolidated Financial Statements<br>

#### For the Year Ended December 31, 2025<br>

#### Expressed in United States Dollars, unless otherwise indicated <br>

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>
A significant factor in the Company's assessment of its realization of its net deferred tax assets is its history of cumulative losses. Based on this negative evidence of cumulative losses, the Company concluded that it is more likely than not that it will not realize its net deferred tax assets and records a valuation allowance to fully reserve its net deferred tax assets. As of December 31, 2025 and 2024 the Company continues to have a cumulative loss from prior years. As such, the Company continues to carry a valuation allowance to fully reserve its net deferred tax assets.

As of December 31, 2025, the Company had $47,712,247 of net operating loss carryforwards ("NOLs") in the federal and Idaho state jurisdictions from continuing operations. The federal NOLs may be carried forward indefinitely while the state NOLs will expire annually in 2040 through 2045. The table below shows the expiration dates of the state NOLs at December 31, 2024.

---

| | |
|:---|:---|
| **State NOL Year Incurred** | **NOL Expiration**  |
|  | $— |
| 2020 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2040  |
| 2021 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2041  |
| 2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2042  |
| 2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2043  |
| 2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2044  |
| 2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2045 |
| **Total** |  |

---

The Company files U.S. Federal and Idaho income tax returns. The statute of limitations for tax returns filed is three years from the date of filing. Tax returns for 2021 through 2024 remain subject to audit. The 2025 return is unfiled as of the date of these consolidated financial statements.

As of December 31, 2025, the Company has no unrecognized tax benefits and did not have any increases or decreases in unrecognized tax benefits during the year ended December 31, 2025, as it is more likely than not that all tax positions have a high probability of being upheld by the taxing authorities. No interest or penalties were recognized during the periods presented.

16. **BUSINESS SEGMENTS**

The Company is organized into one operating segment, which conducts exploration and development of mineral properties and thus has identified one reportable segment: Exploration and Development. In determining the reportable segment, management evaluated the basis of organization of the Company, including that all of the entity's business activities are focused on acquisition, exploration, and development of mineral properties in the same geographic location and the Company manages the business activities on a consolidated basis. The Company has not derived any revenues from production since its 2020 reorganization, and the Company's costs are mainly derived from the same activities on the Company's properties. Additionally, all the mineral properties have similar discovery and permitting processes, as well as expected shared future facilities and mineral exploration targets.

The Company's Chief Operating Decision Maker ("CODM") is the Chief Executive Officer. Exploration labor, pre-development labor, pre-development materials and other directly related expenses, and general and administrative labor are components and significant expenses of the measure of net loss used by the CODM to allocate resources to exploration and development activities. The CODM monitors budget versus actual results to assess the performance of the segment. The CODM also reviews expenditures for any capital or long-lived asset acquisitions, which are included in the statement of cash flows. Total segment assets are reported on the balance sheet. Segment information is prepared on the same basis that the CODM manages segment performance, evaluates financial results, and makes key operating decisions.

F-30<br>

------

#### **TABLE OF CONTENTS**

#### Sunshine Silver Mining & Refining Company<br>

#### Notes to the Consolidated Financial Statements<br>

#### For the Year Ended December 31, 2025<br>

#### Expressed in United States Dollars, unless otherwise indicated <br>

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>
The following table summarizes the components and significant expenses of the measure of net loss:

---

| | | |
|:---|:---|:---|
|  | **Year ended December 31,**  | **Year ended December 31,**  |
|  | **2025** | **2024** |
|  | $| $|
| **Exploration:**<br>|  |  |
| &nbsp;&nbsp;&nbsp;Labor and contractor services | &nbsp;&nbsp;&nbsp;&nbsp;256913 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Other | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4834 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| **Total Exploration** | &nbsp;&nbsp;&nbsp;&nbsp;**261747** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**—** |
| **Pre-Development:**<br>|  |  |
| &nbsp;&nbsp;&nbsp;Labor and contractor services | 10018635 | 1521376  |
| &nbsp;&nbsp;&nbsp;Materials and other directly related costs | &nbsp;&nbsp;6311368 | 1048885  |
| &nbsp;&nbsp;&nbsp;Other | &nbsp;&nbsp;&nbsp;&nbsp;660221 | &nbsp;&nbsp;&nbsp;&nbsp;91489  |
| &nbsp;&nbsp;**Total Pre-Development** | **16990224** | **2661750**  |
| **General and Administrative**<br>|  |  |
| &nbsp;&nbsp;&nbsp;Labor and contractor services | &nbsp;&nbsp;8514880 | 3111901  |
| &nbsp;&nbsp;&nbsp;Other | &nbsp;&nbsp;5569270 | 2637166  |
| &nbsp;&nbsp;**Total General and Administrative** | **14084150** | **5749067** |

---

17. **COMMITMENTS AND CONTINGENCIES** 

The Company has no other material commitments or contingencies outside of those disclosed in these financial statements. The Company owes contingent consideration of $150,000 upon use of intellectual property in the Sunshine Silver/Copper Refinery (see further information at Note 4).

18. **SUBSEQUENT EVENTS** 

The Company evaluated events after December 31, 2025, and through the date the consolidated financial statements were issued on April 3, 2026, and no material subsequent events were identified for disclosure.

On May 10, 2026, the Company's shareholders approved a 10-for-1 split of its common stock. In connection with the stock split, the number of authorized shares of common stock was increased to 150,000,000, while the par value per share remained unchanged at $0.001. All share, per-share, warrants and stock options presented in the accompanying consolidated financial statements have been retroactively adjusted for all periods presented to reflect the 10-for-1 stock split.

In addition, following completion of the public offering, the number of authorized shares of common stock will be increased to 3,500,000,000, and the number of authorized shares of preferred stock will be increased to 250,000,000.

F-31<br>

------

#### **TABLE OF CONTENTS**

#### Sunshine Silver Mining & Refining Company <br>

#### Condensed Consolidated Balance Sheets <br>

#### Unaudited, expressed in United States Dollars <br>

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

#### UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS

---

| | | |
|:---|:---|:---|
|  | **March 31,**<br>**2026** | **December 31,** <br>**2025**  |
|  | **$** | **$**  |
| **ASSETS**<br>|  |  |
| &nbsp;&nbsp;&nbsp;**Current assets**<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cash and cash equivalents | &nbsp;&nbsp;&nbsp;18601311 | &nbsp;&nbsp;&nbsp;30975991  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prepaid expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;920720 | &nbsp;&nbsp;&nbsp;&nbsp;1282034  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Materials and supplies inventory | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;378559 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;377269  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other current assets | &nbsp;&nbsp;&nbsp;&nbsp;1774217 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;888640  |
| &nbsp;&nbsp;&nbsp;**Total current assets** | &nbsp;&nbsp;&nbsp;**21674807** | &nbsp;&nbsp;&nbsp;**33523934**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Restricted cash | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;275039 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;275039  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Property, plant and equipment, net | &nbsp;&nbsp;&nbsp;37296857 | &nbsp;&nbsp;&nbsp;34290542  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Intangible assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;750000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;750000  |
| **TOTAL ASSETS** | &nbsp;&nbsp;&nbsp;**59996703** | &nbsp;&nbsp;&nbsp;**68839515**  |
| **LIABILITIES AND STOCKHOLDERS' EQUITY**<br>|  |  |
| &nbsp;&nbsp;&nbsp;**Current liabilities**<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts payable | &nbsp;&nbsp;&nbsp;&nbsp;4769055 | &nbsp;&nbsp;&nbsp;&nbsp;2562528  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accrued liabilities | &nbsp;&nbsp;&nbsp;&nbsp;2788250 | &nbsp;&nbsp;&nbsp;&nbsp;2218413  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Note payable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;459216 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;683135  |
| &nbsp;&nbsp;&nbsp;**Total current liabilities** | &nbsp;&nbsp;&nbsp;&nbsp;**8016521** | &nbsp;&nbsp;&nbsp;&nbsp;**5464076**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reclamation obligations | &nbsp;&nbsp;&nbsp;&nbsp;1844087 | &nbsp;&nbsp;&nbsp;&nbsp;1814600  |
| **TOTAL LIABILITIES** | &nbsp;&nbsp;&nbsp;&nbsp;**9860608** | &nbsp;&nbsp;&nbsp;&nbsp;**7278676**  |
| **Commitments and contingencies (Note 11)**<br>|  |  |
| **STOCKHOLDERS' EQUITY**<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Common stock - $0.001 par value, 150,000,000 shares authorized,<br>116,509,480 issued and outstanding at March 31, 2026 and<br>December 31, 2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;116509 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;116509  |
| &nbsp;&nbsp;&nbsp;Additional paid-in capital | 267848494 | 266021748  |
| &nbsp;&nbsp;&nbsp;Accumulated deficit | (217828908) | (204577418)  |
| **Total Stockholders' Equity** | &nbsp;&nbsp;&nbsp;**50136095** | &nbsp;&nbsp;&nbsp;**61560839**  |
| **TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY** | &nbsp;&nbsp;&nbsp;**59996703** | &nbsp;&nbsp;&nbsp;**68839515** |

---

The accompanying notes are an integral part of these condensed consolidated financial statements.<br>

F-32<br>

------

#### **TABLE OF CONTENTS**

#### Sunshine Silver Mining & Refining Company <br>

#### Condensed Consolidated Statements of Operations and Comprehensive Loss <br>

#### Unaudited, expressed in United States Dollars <br>

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

#### UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS

---

| | | |
|:---|:---|:---|
|  | **Three months ended March 31,**  | **Three months ended March 31,**  |
|  | **2026** | **2025**  |
|  | **$** | **$** |
| &nbsp;&nbsp;**Sales** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40690  |
| **Operating expenses:**<br>|  |  |
| &nbsp;&nbsp;&nbsp;Pre-Development | &nbsp;&nbsp;&nbsp;7400328 | &nbsp;&nbsp;1110907  |
| &nbsp;&nbsp;&nbsp;General and administrative | &nbsp;&nbsp;&nbsp;5598803 | &nbsp;&nbsp;1613999  |
| &nbsp;&nbsp;&nbsp;Depreciation and amortization | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;365433 | &nbsp;&nbsp;&nbsp;&nbsp;133033  |
| &nbsp;&nbsp;&nbsp;Cost of goods sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19915  |
| &nbsp;&nbsp;&nbsp;Accretion expense | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29487 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27688  |
| &nbsp;&nbsp;**Operating loss** | **(13394051)** | **(2864852)**  |
| **Other income (expense):**<br>|  |  |
| &nbsp;&nbsp;&nbsp;Interest expense | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10197) | (1177127)  |
| &nbsp;&nbsp;&nbsp;Interest income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;152758 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1696  |
| **Total other income (expense)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**142561** | **(1175431)**  |
| &nbsp;&nbsp;&nbsp;Income and mining tax expense | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—  |
| **Net and comprehensive loss** | **(13251490)** | **(4040283)**  |
| Basic and diluted loss per share of common stock | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.11) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.05)  |
| &nbsp;&nbsp;Weighted average number of basic and diluted shares of common stock outstanding | 116509480 | 85439630 |

---

The accompanying notes are an integral part of these condensed consolidated financial statements.<br>

F-33<br>

------

#### **TABLE OF CONTENTS**

#### Sunshine Silver Mining & Refining Company <br>

#### Condensed Consolidated Statements of Changes in Stockholders' Equity (Deficit) <br>

#### Unaudited, expressed in United States Dollars <br>

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

#### UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY (DEFICIT)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Common Stock** | **Common Stock** | | | |
|  | **Number of**<br>**common** <br>**shares** | **Amount** | <br>**Additional** <br>**Paid-in Capital** | <br>**Accumulated** <br>**Deficit** | <br>**Total**  |
|  | **#** | **$** | **$** | **$** | **$** |
| **Balance – December 31, 2025** | **116509480** | **116509** | **266021748** | **(204577418)** | **61560839**  |
| &nbsp;&nbsp;&nbsp;Stock-based compensation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;1826746 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;1826746  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net loss | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;(13251490) | (13251490)  |
| **Balance – March 31, 2026** | **116509480** | **116509** | **267848494** | **(217828908)** | **50136095** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Common Stock** | **Common Stock** | | | |
|  | **Number of**<br>**common shares** | **Amount** | <br>**Additional** <br>**Paid-in Capital** | <br>**Accumulated** <br>**Deficit** | <br>**Total**  |
|  | **#** | **$** | **$** | **$** | **$** |
| **Balance – December 31, 2024** | **85439630** | **85440** | **152402938** | **(169834123)** | **(17345745)**  |
| &nbsp;&nbsp;&nbsp;Stock-based compensation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94450 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94450  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net loss | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(4040283) | &nbsp;&nbsp;(4040283)  |
| **Balance – March 31, 2025** | **85439630** | **85440** | **152497388** | **(173874406)** | **(21291578)** |

---

The accompanying notes are an integral part of these condensed consolidated financial statements.<br>

F-34<br>

------

#### **TABLE OF CONTENTS**

#### Sunshine Silver Mining & Refining Company <br>

#### Condensed Consolidated Statements of Cash Flows <br>

#### Unaudited, expressed in United States Dollars <br>

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

#### UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

---

| | | |
|:---|:---|:---|
|  | **Three months ended March 31,**  | **Three months ended March 31,**  |
|  | **2026** | **2025**  |
|  | **$** | **$**  |
| **Cash Flows from Operating activities:**<br>|  |  |
| **Net loss** | **(13251490)** | **(4040283)**  |
| *Adjustments to reconcile net loss to net cash used in operating activities:*<br>|  |  |
| &nbsp;&nbsp;&nbsp;Depreciation and amortization | &nbsp;&nbsp;&nbsp;&nbsp;365433 | &nbsp;&nbsp;&nbsp;&nbsp;133033  |
| &nbsp;&nbsp;&nbsp;Stock-based compensation | &nbsp;&nbsp;&nbsp;1826746 | &nbsp;&nbsp;&nbsp;&nbsp;94450  |
| &nbsp;&nbsp;&nbsp;Reclamation obligation accretion | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29487 | &nbsp;&nbsp;&nbsp;&nbsp;27687  |
| &nbsp;&nbsp;&nbsp;Convertible notes discount amortization | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;454917  |
| *Changes in operating assets and liabilities:*<br>|  |  |
| &nbsp;&nbsp;&nbsp;Prepaid expenses | &nbsp;&nbsp;&nbsp;&nbsp;361314 | &nbsp;&nbsp;&nbsp;&nbsp;159074  |
| &nbsp;&nbsp;&nbsp;Materials and supplies inventory | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1290) | &nbsp;&nbsp;&nbsp;&nbsp;12184  |
| &nbsp;&nbsp;&nbsp;Metals inventory | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;19915  |
| &nbsp;&nbsp;&nbsp;Other current assets | &nbsp;&nbsp;&nbsp;&nbsp;(885577) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1593  |
| &nbsp;&nbsp;&nbsp;Accounts payable | &nbsp;&nbsp;&nbsp;&nbsp;369658 | &nbsp;&nbsp;&nbsp;&nbsp;82093  |
| &nbsp;&nbsp;&nbsp;Accrued liabilities | &nbsp;&nbsp;&nbsp;&nbsp;569837 | &nbsp;&nbsp;&nbsp;&nbsp;103229  |
| &nbsp;&nbsp;&nbsp;Accrued interest | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;715154  |
| Net cash used in operating activities | (10615882) | (2236954)  |
| **Cash Flows from Investing activities:**<br>|  |  |
| &nbsp;&nbsp;&nbsp;Additions to property, plant and equipment | &nbsp;&nbsp;(1534879) | &nbsp;&nbsp;(291685)  |
| &nbsp;&nbsp;&nbsp;Additions to intangible assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(60000)  |
| Net cash used in investing activities | &nbsp;&nbsp;(1534879) | &nbsp;&nbsp;(351685)  |
| **Cash Flows from Financing activities**<br>|  |  |
| &nbsp;&nbsp;&nbsp;Payments of note payable for insurance premium financing | &nbsp;&nbsp;&nbsp;&nbsp;(223919) | &nbsp;&nbsp;(134433)  |
| &nbsp;&nbsp;&nbsp;Proceeds from notes payable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | 3000000  |
| &nbsp;&nbsp;Net cash (used in) provided by financing activities | &nbsp;&nbsp;&nbsp;&nbsp;(223919) | 2865567  |
| **Increase (decrease) in Cash and cash equivalents and Restricted cash** | **(12374680)** | &nbsp;&nbsp;&nbsp;&nbsp;**276928**  |
| Cash and cash equivalents and Restricted cash, beginning | 31251030 | 2242885  |
| **Cash and cash equivalents and Restricted cash, ending** | **18876350** | **2519813**  |
| **Supplemental Cash Flow Information:**<br>|  |  |
| &nbsp;&nbsp;&nbsp;Interest paid | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10197 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7056 |

---

The accompanying notes are an integral part of these condensed consolidated financial statements.<br>

F-35<br>

------

#### **TABLE OF CONTENTS**

#### Sunshine Silver Mining & Refining Company <br>

#### Notes to the Condensed Consolidated Financial Statements <br>

#### For the Three Months Ended March 31, 2026 and 2025 <br>

#### Unaudited, expressed in United States Dollars, unless otherwise indicated <br>

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>
1. **BASIS OF PRESENTATION** 

The interim condensed consolidated financial statements ("**Interim Financial Statements**") of Sunshine Silver Mining & Refining Company, a Delaware corporation, and its subsidiaries (collectively, "**SSMR**," "**we**," "**us**," or the "**Company**") are unaudited. In the opinion of management, all normal recurring adjustments and disclosures necessary for a fair presentation of these Interim Financial Statements have been included. The results reported in these Interim Financial Statements are not necessarily indicative of the results that may be reported for the entire year. These Interim Financial Statements should be read in conjunction with the Company's consolidated financial statements for the year ended December 31, 2025, as filed with the SEC on this Form S-1. The year-end balance sheet data was derived from the audited financial statements and certain information and footnote disclosures required by GAAP have been condensed or omitted. These Interim Financial Statements have been prepared in accordance with U.S. generally accepted accounting principles ("**GAAP**") and are expressed in U.S. Dollars. The Interim Financial Statements reflect the consolidation of SSMR and its subsidiaries. All intercompany balances and transactions have been eliminated in consolidation.

On May 10, 2026, the Company's shareholders approved a 10-for-1 split of its common stock. In connection with the stock split, the number of authorized shares of common stock was increased to 150,000,000, while the par value per share remained unchanged at $0.001. All share, per-share, warrants and stock options presented in these Interim Financial Statements have been retroactively adjusted for all periods presented to reflect the 10-for-1 stock split. In addition, following completion of the public offering, the number of authorized shares of common stock will be increased to 3,500,000,000, and the number of authorized shares of preferred stock will be increased to 250,000,000.

2. **SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES** 

---

| | |
|:---|:---|
| 2.1<br>| **Liquidity and Capital Resources**  |

---

These Interim Financial Statements have been prepared on a going-concern basis under which the Company is considered to be able to realize its assets and satisfy its liabilities in the normal course of business. The Company has a history of operating losses and cash used in operations, which are expected to continue until profitable operations commence, and which are significant in relation to the Company's ability to satisfy its liabilities in the normal course of business. However, the Company received an unlimited financial support commitment letter from Electrum Silver US LLC ("**ESUS**"), the Company's largest stockholder, to ensure that the Company is able to satisfy its obligations as a going concern through June 30, 2027. Working capital deficits, operating losses, and cash used in operations are expected until, or if, profitable operations commence, acknowledging that periods of positive working capital may occur based upon the timing and expenditure of financing proceeds.

---

| | |
|:---|:---|
| 2.2<br>| **Risks and Uncertainties**  |

---

As a mining exploration and development company, the Company's growth and future profitability depend significantly on the prevailing prices of minerals, primarily of silver. Commodity prices are historically volatile and mineral prices may fluctuate significantly in the future. A substantial or extended decline in mineral prices could have a material adverse effect on the Company's financial position, results of operations, cash flows, and access to capital. The carrying value and recoverability of the Company's investments are dependent on its ability to generate revenues from operations, which depends upon significant further financing to conduct exploration and development activities, demonstrate economic feasibility of the Sunshine Mine, construct mining infrastructure, and commence mining operations. A lack of access to capital may negatively impact the Company's ability to commence mining operations.

In addition to changes in mineral prices, other factors, such as: changes in exploration plans; increases in costs; geotechnical failures; changes in social, environmental, or regulatory requirements; and public health conditions can adversely affect the Company's ability to recover its investment in exploration and development assets, and could result in impairment charges.

F-36<br>

------

#### **TABLE OF CONTENTS**

#### Sunshine Silver Mining & Refining Company <br>

#### Notes to the Condensed Consolidated Financial Statements <br>

#### For the Three Months Ended March 31, 2026 and 2025 <br>

#### Unaudited, expressed in United States Dollars, unless otherwise indicated <br>

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

---

| | |
|:---|:---|
| 2.3<br>| **Recent Accounting Pronouncements Not Yet Adopted**  |

---

There were various updates recently issued by the FASB, most of which represented technical corrections to the accounting literature or application to specific industries and are not expected to have a material impact on the Company's reported financial position, results of operations, or cash flows.

In November 2024, the FASB issued ASU 2024-03, Disaggregation of Income Statement Expenses, which requires public business entities to provide disaggregated expense disclosures in the notes to the financial statements. The standard is effective for the Company beginning in fiscal year 2027, and the Company is currently assessing the impact of adoption.

3. **FAIR VALUE MEASUREMENTS** 

Fair value accounting establishes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). The three levels of the fair value hierarchy are described below:

Level 1 - Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities;

Level 2 - Quoted prices in markets that are not active, or inputs that are observable, either directly or indirectly, for substantially the full term of the asset or liability; and

Level 3 - Prices or valuation techniques that require inputs that are both significant to the fair value measurement and unobservable (supported by little or no market activity).

At March 31, 2026 and December 31, 2025, the Company's financial assets and liabilities consisted of: cash and cash equivalents, restricted cash, accounts payable, notes payable to finance insurance premiums, and accrued liabilities. The carrying amounts of these financial instruments approximated their fair values due to their short maturities. None of these financial instruments were measured at Level 3, and there were no transfers between fair value hierarchy levels during the three-month period ended March 31, 2026.

4. **RECLAMATION OBLIGATIONS** 

The Company recorded accretion expense on the condensed consolidated statements of operations and comprehensive loss related to the reclamation obligation of $29,487 and $27,688 during the three months ended March 31, 2026 and 2025, respectively.

5. **WARRANTS** 

At March 31, 2026 and 2025, warrants to acquire 14,729,700 shares of common stock with a weighted-average exercise price of $4.23 and a weighted-average remaining life of 1.4 years, and warrants to acquire 5,354,700 shares of common stock with a weighted-average exercise price of $2.87 and a weighted-average remaining life of 2.4 years were outstanding, respectively. No warrants were issued, exercised, expired, forfeited, or cancelled during the three months ended March 31, 2026 and 2025. See Note 10 to the consolidated financial statements for the year ended December 31, 2025 for information about the terms of warrants.

Subsequent to March 31, 2026, on April 29, 2026, the terms of the warrant held by Ospraie to acquire 2,615,060 shares of the Company's common stock and the terms of the warrant held by ESUS to acquire 2,739,640 shares of the Company's common stock, were amended. The warrants were amended to cause the automatic cashless exercise of the warrants upon an initial public offering of shares of the Company's common stock for all shares not previously exercised, if the fair market value per share exceeds the unmodified exercise price of $2.87 per share.

F-37<br>

------

#### **TABLE OF CONTENTS**

#### Sunshine Silver Mining & Refining Company <br>

#### Notes to the Condensed Consolidated Financial Statements <br>

#### For the Three Months Ended March 31, 2026 and 2025 <br>

#### Unaudited, expressed in United States Dollars, unless otherwise indicated <br>

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>
6. **LOSS PER SHARE** 

The following table presents net loss per share of common stock – basic:

---

| | | |
|:---|:---|:---|
|  | **Three months ended March 31,**  | **Three months ended March 31,**  |
|  | **2026** | **2025**  |
| Numerator: Net loss | &nbsp;&nbsp;($13251490) | &nbsp;&nbsp;($4040283)  |
| Denominator: Weighted average number of basic shares of common stock | &nbsp;&nbsp;116509480 | &nbsp;&nbsp;85439630  |
| Basic and diluted loss per share of common stock | ($0.11) | ($0.05) |

---

The following were excluded from diluted loss per share because the Company incurred net losses and the effect would be anti-dilutive.

---

| | | |
|:---|:---|:---|
|  | **Three months ended March 31,**  | **Three months ended March 31,**  |
|  | **2026** | **2025**  |
| Warrants exercisable for $2.87 per share | 5354700 | &nbsp;&nbsp;5354700  |
| Stock options exercisable for $3.04 per share | &nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;500000  |
| Convertible notes payable and accrued interest convertible for $2.87 per share of common stock | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | 12148330  |
| &nbsp;&nbsp;**Total** | **5854700** | **18003030** |

---

7. **STOCK-BASED COMPENSATION** 

No stock options were granted, exercised, expired, forfeited, or cancelled during the three months ended March 31, 2026 and 2025.

Stock options outstanding and their weighted-average exercise price at March 31, 2026 and 2025 were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **March 31, 2026** | **March 31, 2026** | **March 31, 2026** | **March 31, 2025** | **March 31, 2025** | **March 31, 2025** |
| **Stock Options** | **Weighted-** <br>**average exercise** <br>**price** | **Weighted-** <br>**average** <br>**remaining life** | **Stock Options** | **Weighted-** <br>**average exercise** <br>**price** | **Weighted-** <br>**average** <br>**remaining life**  |
| ***#*** | ***$/share*** | ***Years*** | ***#*** | ***$/share*** | ***Years***  |
| 8573000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$3.94 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.8 | &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$4.57 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.2 |

---

The Company recognized stock-based compensation expense from stock options as follows:

---

| | | |
|:---|:---|:---|
|  | **Three months ended March 31,**  | **Three months ended March 31,**  |
|  | **2026** | **2025**  |
|  | **$** | **$** |
| General and administrative expense | &nbsp;&nbsp;&nbsp;1622506 | &nbsp;&nbsp;&nbsp;94450  |
| Pre-development expense | &nbsp;&nbsp;&nbsp;204240 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—  |
|  | &nbsp;&nbsp;&nbsp;**1826746** | &nbsp;&nbsp;&nbsp;**94450** |

---

At March 31 2026 and 2025, unrecognized compensation expense for stock options was $14,862,349 and $436,540, respectively.

8. **SALES** 

There were no silver sales during the three months ended March 31, 2026. During the three months ended March 31, 2025, the Company sold 652 ounces of silver from metals inventory, which generated sales of $40,690 and costs of goods sold of $19,915. The metals inventory was from previous mining activity prior to the Sunshine Mine ceasing operations in 2001.

F-38<br>

------

#### **TABLE OF CONTENTS**

#### Sunshine Silver Mining & Refining Company <br>

#### Notes to the Condensed Consolidated Financial Statements <br>

#### For the Three Months Ended March 31, 2026 and 2025 <br>

#### Unaudited, expressed in United States Dollars, unless otherwise indicated <br>

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>
9. **INCOME AND MINING TAXES** 

A reconciliation of the actual income tax benefit and the tax computed by applying the applicable U.S. income tax rate (21%) to the loss before income taxes is as follows:

---

| | | |
|:---|:---|:---|
|  | **Three months ended March 31,**  | **Three months ended March 31,**  |
|  | **2026** | **2025**  |
|  | $**% of Pretax**<br>**Loss** | $**% of Pretax**<br>**Loss**  |
| Tax provision (benefit) | &nbsp;&nbsp;&nbsp;21.0% | &nbsp;&nbsp;&nbsp;21.0%  |
| State tax (benefit) | &nbsp;&nbsp;&nbsp;4.2% | &nbsp;&nbsp;&nbsp;4.5%  |
| &nbsp;&nbsp;Other | &nbsp;&nbsp;&nbsp;(0.6%) | &nbsp;&nbsp;&nbsp;(0.4%)  |
| Change in valuation allowance | &nbsp;&nbsp;&nbsp;(24.6%) | &nbsp;&nbsp;&nbsp;(25.1%)  |
| **Total income tax expense (benefit)** | **—%** | **—%** |

---

10. **BUSINESS SEGMENTS** 

The Company is organized into one operating segment, which conducts exploration and development of mineral properties and thus has identified one reportable segment: Exploration and Development. The Company regularly reviews its segment reporting for alignment with its strategic goals and operational structure as well as for evaluation of business performance and allocation of resources by the Company's Chief Operating Decision Maker ("**CODM**").

The following table summarizes the components and significant expenses of the measure of net loss:

---

| | | |
|:---|:---|:---|
|  | **Three Months Ended March 31,**  | **Three Months Ended March 31,**  |
|  | **2026** | **2025**  |
|  | **$** | **$** |
| **Pre-Development:**<br>|  |  |
| &nbsp;&nbsp;&nbsp;Labor and contractor services | &nbsp;&nbsp;4537911 | &nbsp;&nbsp;502258  |
| &nbsp;&nbsp;&nbsp;Materials and other directly related costs | &nbsp;&nbsp;2784994 | &nbsp;&nbsp;594772  |
| &nbsp;&nbsp;&nbsp;Other | &nbsp;&nbsp;&nbsp;&nbsp;77423 | &nbsp;&nbsp;&nbsp;&nbsp;13877  |
| **Total Pre-Development** | &nbsp;&nbsp;**7400328** | &nbsp;&nbsp;**1110907**  |
| **General and Administrative**<br>|  |  |
| &nbsp;&nbsp;&nbsp;Labor and contractor services | &nbsp;&nbsp;3707261 | &nbsp;&nbsp;863866  |
| &nbsp;&nbsp;&nbsp;Other | &nbsp;&nbsp;1891542 | &nbsp;&nbsp;750133  |
| **Total General and Administrative** | &nbsp;&nbsp;**5598803** | &nbsp;&nbsp;**1613999** |

---

11. **COMMITMENTS AND CONTINGENCIES** 

The Company owes contingent consideration of $150,000 upon use of intellectual property in its planned silver refinery. The Company has no other material commitments or contingencies outside of those disclosed in these financial statements and the consolidated financial statements for the year ended December 31, 2025.

F-39<br>

------

#### **TABLE OF CONTENTS**

#### Sunshine Silver Mining & Refining Company <br>

#### Notes to the Condensed Consolidated Financial Statements <br>

#### For the Three Months Ended March 31, 2026 and 2025 <br>

#### Unaudited, expressed in United States Dollars, unless otherwise indicated <br>

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>
12. **SUBSEQUENT EVENTS** 

The Company evaluated events after March 31, 2026, and through May 11, 2026, which represents the date the Interim Financial Statements were issued. The Company has concluded that no subsequent events have occurred that require disclosure, except as described below or otherwise disclosed in the Interim Financial Statements.

On May 10, 2026, the Company entered into a membership interest purchase agreement with Calico Exploration LLC ("**Calico**"), a wholly owned subsidiary of The Electrum Group LLC, a related party due to having management control of several companies which are together the majority shareholder of the Company, pursuant to which the Company agreed to acquire all of the issued and outstanding equity interests in Catalyst Exploration LLC ("**Catalyst**"), a Delaware limited liability company, from Calico for an aggregate cash purchase price of up to $0.8 million. Catalyst's principal assets consist of unpatented mining claims.

F-40<br>

------

#### **TABLE OF CONTENTS**

#### PART II <br>

#### INFORMATION NOT REQUIRED IN PROSPECTUS

---

| | |
|:---|:---|
| **Item 13.**<br>| ***Other Expenses of Issuance and Distribution*.**  |

---

---

| | |
|:---|:---|
|  | **Amount to** <br>**be Paid**  |
| SEC registration fee | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$\*  |
| FINRA filing fee | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\*  |
| NYSE listing fee | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\*  |
| Transfer agents' fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\*  |
| Printing and engraving expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\*  |
| Legal fees and expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\*  |
| Accounting fees and expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\*  |
| Blue sky fees and expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\*  |
| Miscellaneous | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\*  |
| Total | $\* |

---

\*<br> To be completed by amendment

Each of the amounts set forth above, other than the SEC registration fee and the FINRA filing fee, is an estimate.

---

| | |
|:---|:---|
| **Item 14.**<br>| ***Indemnification of Directors and Officers.***  |

---

Section 145 of the Delaware General Corporation Law (the "**DGCL**") provides that a corporation may indemnify directors and officers as well as other employees and individuals against expenses (including attorneys' fees), judgments, fines and amounts paid in settlement actually and reasonably incurred by such person in connection with any threatened, pending or completed actions, suits or proceedings in which such person is made a party by reason of such person being or having been a director, officer, employee or agent to such corporation. The DGCL provides that Section 145 is not exclusive of other rights to which those seeking indemnification may be entitled under any bylaw, agreement, vote of stockholders or disinterested directors or otherwise. The Registrant's Third Amended and Restated Certificate of Incorporation provides for indemnification by the Registrant of its directors, officers and employees to the fullest extent permitted by the DGCL. In connection with this offering, the Registrant intends to enter into indemnification agreements with each of its directors and executive officers. These agreements, among other things, will require the Registrant to indemnify each director and executive officer to the fullest extent permitted by Delaware law, including indemnification of expenses such as attorneys' fees, judgments, fines and settlement amounts incurred by the director or executive officer in any action or proceeding, including any action or proceeding by or in right of the Registrant, arising out of the person's services as a director or executive officer.

Section 102(b)(7) of the DGCL permits a corporation to provide in its certificate of incorporation that a director of the corporation shall not be personally liable to the corporation or its stockholders for monetary damages for breach of fiduciary duty as a director, except for liability (i) for any breach of the director's duty of loyalty to the corporation or its stockholders, (ii) for acts or omissions not in good faith or which involve intentional misconduct or a knowing violation of law, (iii) for unlawful payments of dividends or unlawful stock repurchases, redemptions or other distributions, or (iv) for any transaction from which the director derived an improper personal benefit. The Registrant's Third Amended and Restated Certificate of Incorporation provides for such limitation of liability.

The Registrant maintains standard policies of insurance under which coverage is provided (a) to its directors and officers against loss arising from claims made by reason of breach of duty or other wrongful act, and (b) to the Registrant with respect to payments which may be made by the Registrant to such officers and directors pursuant to the above indemnification provision or otherwise as a matter of law.

The proposed form of Underwriting Agreement provides for indemnification of directors and officers of the Registrant by the underwriters against certain liabilities.

II-1<br>

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#### **TABLE OF CONTENTS**

---

| | |
|:---|:---|
| **Item 15.**<br>| ***Recent Sales of Unregistered Securities*.**  |

---

Since January 1, 2023, we have issued and sold the securities described below without registration under the Securities Act.

&nbsp;&nbsp;&nbsp;&nbsp;• Between January 1, 2023 and March 31, 2026, we issued options to purchase 7,623,000 shares of common stock under the Amended and Restated 2021 Long Term Incentive Plan.

&nbsp;&nbsp;&nbsp;&nbsp;• On September 2, 2022, we issued and sold convertible notes for an aggregate principal amount of approximately $30.7 million. On July 15, 2025, these convertible notes were converted into 12,319,850 shares of common stock.

&nbsp;&nbsp;&nbsp;&nbsp;• On September 2, 2022, we issued warrants to purchase an aggregate of 5,354,700 shares of common stock at an exercise price of $2.87 per share in connection with the issuance of convertible notes.

&nbsp;&nbsp;&nbsp;&nbsp;• Between July 15, 2025 and December 29, 2025, we issued 18,750,000 shares of common stock for an aggregate purchase price of approximately $75.0 million.

&nbsp;&nbsp;&nbsp;&nbsp;• Between July 15, 2025 and December 29, 2025, we issued warrants to purchase 9,375,000 shares of common stock at an exercise price of $5.00 per share.

The offers, sales and issuances of the securities described in the preceding table were exempt from registration under (i) Section 4(a)(2) of the Securities Act and the rules and regulations promulgated thereunder in that the transactions were between an issuer and sophisticated investors or members of its senior executive management and did not involve any public offering within the meaning of Section 4(a)(2), (ii) Regulation S promulgated under the Securities Act in that offers, sales and issuances were not made to persons in the United States and no directed selling efforts were made in the United States, (iii) Rule 144A under the Securities Act in that the shares were offered and sold by the initial purchasers to qualified institutional buyers or (iv) Rule 701 promulgated under the Securities Act in that the transactions were under compensatory benefit plans and contracts relating to compensation.

---

| | |
|:---|:---|
| **Item 16.**<br>| ***Exhibits and Financial Statement Schedules*.**  |

---

(a)<br> The list of exhibits set forth under "Exhibit Index" at the end of this Registration Statement is incorporated by reference.

(b)<br> No financial statement schedules are provided because the information called for is not required or is shown either in the financial statements or the notes thereto.

---

| | |
|:---|:---|
| **Item 17.**<br>| ***Undertakings.***  |

---

The undersigned Registrant hereby undertakes:

(a) Insofar as indemnification for liabilities arising under the Securities Act may be permitted to directors, officers and controlling persons of the Registrant pursuant to the provisions referenced in Item 14 of this Registration Statement, or otherwise, the Registrant has been advised that in the opinion of the Securities and Exchange Commission such indemnification is against public policy as expressed in the Securities Act and is, therefore, unenforceable. In the event that a claim for indemnification against such liabilities (other than the payment by the Registrant of expenses incurred or paid by a director, officer, or controlling person of the Registrant in the successful defense of any action, suit or proceeding) is asserted by such director, officer or controlling person in connection with the securities being registered hereunder, the Registrant will, unless in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question of whether such indemnification by it is against public policy as expressed in the Securities Act and will be governed by the final adjudication of such issue. 

The undersigned Registrant hereby undertakes that:

(a) For purposes of determining any liability under the Securities Act, the information omitted from the form of prospectus filed as part of this Registration Statement in reliance upon Rule 430A and contained in a form of prospectus filed by the registrant pursuant to Rule 424(b)(1) or (4) or 497(h) under the Securities Act shall be deemed to be part of this Registration Statement as of the time it was declared effective. 

II-2<br>

------

(b) For the purpose of determining any liability under the Securities Act, each post-effective amendment that contains a form of prospectus shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial bona fide offering thereof. 

II-3<br>

------

#### EXHIBIT INDEX

---

| | |
|:---|:---|
| **Exhibit**<br>**Number** | **Description**  |
| 1.1\* | Form of Underwriting Agreement  |
| [3.1](ny20061035x4_ex3-1.htm) | Second Amended and Restated Certificate of Incorporation, as currently in effect  |
| [3.2](ny20061035x4_ex3-2.htm) | Certificate of Amendment to Second Amended and Restated Certificate of Incorporation, as currently in effect |
| [3.3](ny20061035x4_ex3-3.htm) | Form of Third Amended and Restated Certificate of Incorporation, to be effective upon the completion of this offering  |
| [3.4](ny20061035x4_ex3-4.htm) | Bylaws, as currently in effect  |
| [3.5](ny20061035x4_ex3-5.htm) | Form of Amended and Restated Bylaws, to be effective upon the completion of this offering  |
| [4.1](ny20061035x4_ex4-1.htm) | Form of Warrant to Purchase Stock of Sunshine Silver Mining & Refining Company issued in connection with the Private Placement Transaction |
| 5.1\* | Opinion of Skadden, Arps, Slate, Meagher & Flom LLP  |
| [10.1](ny20061035x4_ex10-1.htm) | Amended and Restated 2021 Long Term Incentive Plan (as amended and restated on July 14, 2025)  |
| [10.2](ny20061035x4_ex10-2.htm) | Amended and Restated 2021 Long Term Incentive Plan (as amended and restated effective upon the completion of this offering) |
| [10.3](ny20061035x4_ex10-3.htm) | Form of Stock Option Award Agreement |
| [10.4](ny20061035x4_ex10-4.htm) | Services Agreement, dated as of January 1, 2021, by and between The Electrum Group LLC and Sunshine Silver Mining & Refining Company (as successor-in-interest to Sunshine Silver Mining & Refining Corporation)  |
| [10.5](ny20061035x4_ex10-5.htm) | Financial Support Commitment Letter, dated as of March 24, 2026, by Electrum Silver US LLC and Electrum Global Holdings L.P.  |
| [10.6†#](ny20061035x4_ex10-6.htm) | Professional Services Agreement, dated as of September 16, 2024, by and between Scout Discoveries Corp. and Silver Opportunity Partners LLC  |
| [10.7](ny20061035x4_ex10-7.htm) | Stockholders' Agreement, dated as of May 10, 2026, by and among Sunshine Silver Mining & Refining Company, Electrum Silver US LLC and Electrum Silver US II LLC  |
| [10.8](ny20061035x4_ex10-8.htm) | Stockholders' Agreement, dated as of May 10, 2026, by and between Sunshine Silver Mining & Refining Company and Ospraie Real Assets Fund LP |
| [10.9](ny20061035x4_ex10-9.htm) | Form of Indemnity Agreement  |
| [10.10](ny20061035x4_ex10-10.htm) | Registration Rights Agreement, dated as of May 10, 2026, by and among Sunshine Silver Mining & Refining Company, Electrum Silver US LLC and Electrum Silver US II LLC  |
| [10.11](ny20061035x4_ex10-11.htm) | Amended and Restated Consulting Services Agreement, by and between the Registrant and White Mining Consulting Inc., dated as of May 10, 2026 |
| [10.12](ny20061035x4_ex10-12.htm) | Executive Agreement, by and between the Registrant and Heather White, dated as of May 10, 2026 |
| [10.13](ny20061035x4_ex10-13.htm) | Amended and Restated Consulting Services Agreement, by and between the Registrant and 1520955 B.C. LTD., dated as of May 10, 2026 |
| [10.14](ny20061035x4_ex10-14.htm) | Executive Agreement, by and between the Registrant and André van Niekerk, dated as of May 10, 2026 |
| [10.15](ny20061035x4_ex10-15.htm) | Offer Letter, by and between Silver Opportunity Partners LLC and Michelle Shepston, dated as of November 11, 2025 |
| [10.16](ny20061035x4_ex10-16.htm) | Employment Agreement, by and between Silver Opportunity Partners LLC and Michelle Shepston, dated as of May 10, 2026 |
| [21.1](ny20061035x4_ex21-1.htm) | Subsidiaries of the Registrant  |
| [23.1](ny20061035x4_ex23-1.htm) | Consent of Ernst & Young LLP  |
| 23.2\* | Consent of Skadden, Arps, Slate, Meagher & Flom LLP (included in Exhibit 5.1)  |
| [23.3](ny20061035x4_ex23-3.htm) | Consent of SLR International Corporation  |
| [23.4](ny20061035x4_ex23-4.htm) | Consent of SRK Consulting (U.S.), Inc.  |
| [23.5](ny20061035x4_ex23-5.htm) | Consent of Scout Discoveries Corp. |
| [23.6](ny20061035x4_ex23-6.htm) | Consent of Scout Discoveries Corp.  |
| [23.7](ny20061035x4_ex23-7.htm) | Consent of Argus Media, Inc. |
| [23.8](ny20061035x4_ex23-8.htm) | Consent of Samuel Engineering, Inc. |
| [23.9](ny20061035x4_ex23-9.htm) | Consent of trajectorE Engineering, Inc. |

---

II-4<br>

------

#### **TABLE OF CONTENTS**

---

| | |
|:---|:---|
| **Exhibit**<br>**Number** | **Description**  |
| [24.1](#tSIG) | Power of Attorney (included on signature page)  |
| [96.1](ny20061035x4_ex96-1.htm) | S-K 1300 Technical Report Summary on the Initial Assessment, Sunshine Mine, Idaho, USA, dated March 25, 2026  |
| [107](ny20061035x4_ex107.htm) | Calculation of Filing Fee Table |

---

\*<br> To be filed by amendment

†<br> Certain portions of this exhibit have been redacted pursuant to Item 601(b)(10)(iv) of Regulation S-K. The Registrant agrees to furnish supplementally an unredacted copy of this exhibit to the SEC upon its request.

#<br> Certain schedules and/or exhibits have been omitted from this filing pursuant to Item 601(a)(5) of Regulation S-K. The Registrant agrees to furnish supplementally a copy of any omitted schedule or exhibit to the U.S. Securities and Exchange Commission upon its request.

II-5<br>

------

#### SIGNATURES
Pursuant to the requirements of the Securities Act, the Registrant has duly caused this Registration Statement to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of Kellogg, State of Idaho, on May 11, 2026.

---

| | | |
|:---|:---|:---|
| SUNSHINE SILVER MINING & REFINING COMPANY  | SUNSHINE SILVER MINING & REFINING COMPANY  | SUNSHINE SILVER MINING & REFINING COMPANY  |
| By: | /s/ Heather White | /s/ Heather White |
|  | Name: | Heather White  |
|  | Title: | Chief Executive Officer |

---

KNOW ALL MEN BY THESE PRESENTS, that each person whose signature appears below constitutes and appoints Heather White and André van Niekerk and each of them, their true and lawful attorneys-in-fact and agents, with full power of substitution and resubstitution, for them and in their name, place and stead, in any and all capacities, to sign any and all amendments (including post-effective amendments) to this Registration Statement and any and all additional registration statements pursuant to Rule 462(b) of the Securities Act of 1933, and to file the same, with all exhibits thereto, and all other documents in connection therewith, with the Securities and Exchange Commission, granting unto each said attorney-in-fact and agents full power and authority to do and perform each and every act in person, hereby ratifying and confirming all that said attorneys-in-fact and agents or either of them or their or his or her substitute or substitutes may lawfully do or cause to be done by virtue hereof.

Pursuant to the requirements of the Securities Act, this Registration Statement has been signed by the following persons in the capacities and on the dates indicated.

---

| | | |
|:---|:---|:---|
| **Signature** | **Title** | **Date**  |
| /s/ Heather White | Chief Executive Officer and Director <br>(principal executive officer) | May 11, 2026 |
| Heather White | Chief Executive Officer and Director <br>(principal executive officer) |  |
| /s/ André van Niekerk | Chief Financial Officer (principal financial <br>officer and principal accounting officer) | May 11, 2026  |
| André van Niekerk | Chief Financial Officer (principal financial <br>officer and principal accounting officer) |  |
| /s/ Thomas S. Kaplan | Chairman and Director | May 11, 2026 |
| Thomas S. Kaplan | Chairman and Director |  |
| /s/ Nathan Ebeling | Director | May 11, 2026  |
| Nathan Ebeling | Director |  |
| /s/ Anna El-Erian | Director | May 11, 2026 |
| Anna El-Erian | Director |  |
| /s/ Ali Reza Erfan | Director | May 11, 2026 |
| Ali Reza Erfan | Director |  |
| /s/ Douglas Groh | Director | May 11, 2026  |
| Douglas Groh | Director |  |
| /s/ Daniel Muñiz Quintanilla | Director | May 11, 2026 |
| Daniel Muñiz Quintanilla | Director |  |
| /s/ Lawrence Radford | Director | May 11, 2026 |
| Lawrence Radford | Director |  |
| /s/ Paul H. Zink | Director | May 11, 2026 |
| Paul H. Zink | Director |  |

---

II-6<br>

## Exhibit 3.1

**Exhibit 3.1**

**SECOND AMENDED AND RESTATED<br> CERTIFICATE OF INCORPORATION<br> OF<br> SUNSHINE SILVER MINING & REFINING COMPANY**

(Pursuant to Sections 242 and 245 of the<br> General Corporation Law of the State of Delaware)

**Sunshine Silver Mining & Refining Company** (the "***Corporation***"), a corporation organized and existing under and by virtue of the provisions of the Delaware General Corporation Law (the "***General Corporation Law***"),

**DOES HEREBY CERTIFY:**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; That the name of the Corporation is **Sunshine Silver Mining & Refining Company** and that the Corporation was originally incorporated under the General Corporation Law on October 15, 2020.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; That the Corporation amended and restated the original Certificate of Incorporation of the Corporation on May 28, 2021 by filing an Amended and Restated Certificate of Incorporation of the Corporation with the Secretary of State of the State of Delaware.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; That the board of directors of the Corporation duly adopted resolutions proposing to amend and restate the Corporation's Certificate of Incorporation, declaring said amendment and restatement to be advisable and in the best interests of the Corporation and its stockholders, and authorizing the appropriate officers of the Corporation to solicit the consent of the stockholders therefor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; That this Second Amended and Restated Certificate of Incorporation, which restates and integrates and further amends the provisions of the Corporation's Certificate of Incorporation, as previously amended and restated, have been duly adopted in accordance with Sections 242 and 245 of the General Corporation Law. The text of the Certificate of Incorporation of the corporation, as hereby amended and restated in its entirety, is set forth on **<u>Exhibit A</u>** attached hereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; That the foregoing amendment and restatement was approved by the holders of the requisite number of shares of the corporation in accordance with Section 228 of the General Corporation Law.

------

**IN WITNESS WHEREOF**, this Second Amended and Restated Certificate of Incorporation have been executed by a duly authorized officer of the Corporation on July 14, 2025.

---

| | |
|:---|:---|
| **Sunshine Silver Mining & Refining Company**<br> a Delaware corporation | **Sunshine Silver Mining & Refining Company**<br> a Delaware corporation |
| By: | /s/ Heather White |
|  | Name: Heather White |
|  | Title: CEO |

---

------

**<u>Exhibit A</u>**

**SECOND AMENDED AND RESTATED<br> CERTIFICATE OF INCORPORATION<br> OF<br> SUNSHINE SILVER MININIG & REFINING CORPORATION**

Article 1<br> NAME OF CORPORATION

The name of this corporation is Sunshine Silver Mining & Refining Company (the "***Corporation***").

Article 2<br> REGISTERED OFFICE

The address of the registered office of the Corporation in the State of Delaware is 1209 Orange Street Wilmington, Delaware 19801 in the County of New Castle. The name of its registered agent at such address is National Registered Agents, Inc.

Article 3<br> PURPOSE

The purpose of the Corporation is to engage in any lawful act or activity for which corporations may be organized under the Delaware General Corporation Law (the "***General Corporation Law***").

Article 4<br> AUTHORIZED SHARES

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Authorized Capital Stock</u>**. The total number of shares that the Corporation is authorized to issue is fifteen million (15,000,000) shares of Common Stock, par value of $0.001 per share (the "***Common Stock***").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Voting Rights</u>**. Each holder of Common Stock, as such, shall be entitled to one vote for each share of Common Stock held of record by such holder on all matters on which stockholders generally are entitled to vote.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Preemptive Rights</u>**. No stockholder has a right to purchase shares of capital stock of the Corporation sold or issued by the Corporation except to the extent that such a right may from time to time be set forth in a written agreement between the Corporation and the stockholder.

Article 5<br> BOARD OF DIRECTORS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Power of the Board of Directors</u>**. The business and affairs of the Corporation shall be managed by or under the direction of the Board of Directors.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Number of Directors</u>**. The number of directors which shall constitute the Board of Directors shall, as of the date this Certificate of Incorporation becomes effective, consist of not less than three nor more than 12 directors, with the exact number of directors to be determined from time to time solely by resolutions adopted by the affirmative vote of a majority of the Board of Directors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Election of Directors</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;** All of the directors will be elected annually at the annual meeting of stockholders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;** A majority of the Board of Directors shall constitute a quorum for the transaction of business at any meeting of the Board of Directors and, except as otherwise expressly required by law or by this Certificate of Incorporation, the act of a majority of the directors present at any meeting at which a quorum is present shall be the act of the Board of Directors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;** Each director shall hold office until such director's successor shall have been duly elected and qualified or until such director's earlier death, resignation or removal.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;** There shall be no cumulative voting in the election of directors. Election of directors need not be by written ballot unless the bylaws of the Corporation so provide.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Vacancies</u>**. Vacancies on the Board of Directors resulting from death, resignation, removal or otherwise and newly created directorships resulting from any increase in the number of directors may be filled solely by a majority of the directors then in office (although less than a quorum) or by the sole remaining director, and each director so elected shall hold office until his or her successor is elected and qualified.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Removal</u>**. No director may be removed from office by the stockholders except with the affirmative vote of the holders of not less than 50% of the shares then entitled to vote generally in the election of directors, voting together as a single class.

Article 6<br> STOCKHOLDERS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Annual Meeting of Stockholders</u>**. An annual meeting of stockholders for the election of directors to succeed those whose terms expire and for the transaction of such other business as may properly come before the meeting shall be held at such place, on such date, and at such time as the Board of Directors shall determine.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Special Meetings of Stockholders</u>**. Special meetings of the stockholders may be called only by the Secretary of the Corporation at the direction of the Board of Directors acting pursuant to a resolution adopted by a majority of the Board of Directors.

------

Article 7<br> LIMITATIONS ON LIABILITY AND INDEMNIFICATION

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Limited Liability</u>**. A director of the Corporation shall not be liable to the Corporation or its stockholders for monetary damages for breach of fiduciary duty as a director to the fullest extent permitted by General Corporation Law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Right to Indemnification</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;** Each person (and the heirs, executors or administrators of such person) who was or is a party or is threatened to be made a party to, or is involved in any threatened, pending or completed action, suit or proceeding, whether civil, criminal, administrative or investigative, by reason of the fact that such person is or was a director or officer of the Corporation or is or was serving at the request of the Corporation as a director or officer of another corporation, partnership, joint venture, trust or other enterprise, shall be indemnified and held harmless by the Corporation to the fullest extent permitted by General Corporation Law. The right to indemnification conferred in this Article 7 shall also include the right to be paid by the Corporation the expenses incurred in connection with any such proceeding in advance of its final disposition to the fullest extent authorized by General Corporation Law. The right to indemnification conferred in this Article 7 shall be a contract right.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;** The Corporation may, by action of its Board of Directors, provide rights to indemnification and to advancement of expenses to such of the employees and agents of the Corporation to such extent and to such effect as the Board of Directors shall determine to be appropriate and authorized by General Corporation Law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;** The Corporation hereby acknowledges that any directors may have certain rights to indemnification, advancement of expenses, and/or insurance provided by a stockholder or an affiliate of a stockholder (collectively, the "***Fund Indemnitors***"). The Corporation hereby agrees (i) that it is the indemnitor of first resort (i.e., its obligations to such Persons are primary and any obligation of the Fund Indemnitors to advance expenses or to provide indemnification for the same expenses or liabilities incurred by such Persons are secondary), (ii) that it shall be required to advance the full amount of expenses incurred by such Persons and shall be liable for the full amount of all expenses, judgments, penalties, fines and amounts paid in settlement to the extent legally permitted and as required by the terms of this Certificate of Incorporation or the bylaws of the Corporation (or any other agreement between the Corporation and such Persons), without regard to any rights such Persons may have against the Fund Indemnitors, and (iii) that it irrevocably waives, relinquishes and releases the Fund Indemnitors from any and all claims against the Fund Indemnitors for contribution, subrogation or any other recovery of any kind in respect thereof. The Corporation further agrees that no advancement or payment by the Fund Indemnitors on behalf of such Persons with respect to any claim for which such Persons have sought indemnification from the Corporation shall affect the foregoing and the Fund Indemnitors shall be subrogated to the extent of such advancement or payment to all of the rights of recovery of such Persons against the Corporation. The Corporation and each such Person agree that the Fund Indemnitors are express third party beneficiaries of the terms of this Section 2.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Insurance</u>**. The Corporation shall have power to purchase and maintain insurance on behalf of any person who is or was a director, officer, employee or agent of the Corporation, or is or was serving at the request of the Corporation as a director, officer, employee or agent of another corporation, partnership, joint venture, trust or other enterprise against any expense, liability or loss incurred by such person in any such capacity or arising out of such person's status as such, whether or not the Corporation would have the power to indemnify such person against such liability under General Corporation Law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Nonexclusivity of Rights</u>**. The rights and authority conferred in this Article 7 shall not be exclusive of any other right that any person may otherwise have or hereafter acquire.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Preservation of Rights</u>**. Neither the amendment nor repeal of this Article 7, nor the adoption of any provision of this Certificate of Incorporation or the bylaws of the Corporation, nor, to the fullest extent permitted by General Corporation Law, any modification of law, shall adversely affect any right or protection of any person granted pursuant hereto existing at, or arising out of or related to any event, act or omission that occurred prior to, the time of such amendment, repeal, adoption or modification (regardless of when any proceeding (or part thereof) relating to such event, act or omission arises or is first threatened, commenced or completed).

Article 8<br> FORUM SELECTION

To the fullest extent permitted by applicable law, any person or entity purchasing or otherwise acquiring or holding any interest in shares of capital stock of the Corporation shall be deemed to have notice of and consented to the provisions of this Article 8.

------

If any provision or provisions of this Article 8 shall be held to be invalid, illegal or unenforceable as applied to any person or entity or circumstance for any reason whatsoever, then, to the fullest extent permitted by law, the validity, legality and enforceability of such provisions in any other circumstance and of the remaining provisions of this Article 8 (including, without limitation, each portion of any sentence of this Article 8 containing any such provision held to be invalid, illegal or unenforceable that is not itself held to be invalid, illegal or unenforceable) and the application of such provision to other persons or entities and circumstances shall not in any way be affected or impaired thereby.

Article 9<br> CORPORATE OPPORTUNITIES

To the fullest extent permitted by applicable law, the Corporation, on behalf of itself and its subsidiaries, renounces any interest or expectancy of the Corporation and its subsidiaries in, or in being offered an opportunity to participate in, business opportunities that are from time to time presented to either Electrum or Ospraie or any of their respective officers, directors, agents, shareholders, members, partners, affiliates and subsidiaries (other than the Corporation and its subsidiaries) (each, a "***Specified Party***"), even if the opportunity is one that the Corporation or its subsidiaries might reasonably be deemed to have pursued or had the ability or desire to pursue if granted the opportunity to do so and each such Specified Party shall have no duty to communicate or offer such business opportunity to the Corporation and, to the fullest extent permitted by applicable law, shall not be liable to the Corporation or any of its subsidiaries for breach of any fiduciary or other duty, as a director or officer or otherwise, by reason of the fact that such Specified Party pursues or acquires such business opportunity, directs such business opportunity to another person or fails to present such business opportunity, or information regarding such business opportunity, to the Corporation or its subsidiaries. Notwithstanding the foregoing, a Specified Party who is a director or officer of the Corporation and who is offered a business opportunity in his or her capacity as a director or officer of the Corporation (a "***Directed Opportunity***") shall be obligated to communicate such Directed Opportunity to the Corporation, provided, however, that all of the protections of this Article 9 shall otherwise apply to the Specified Parties with respect to such Directed Opportunity, including, without limitation, the ability of the Specified Parties to pursue or acquire such Directed Opportunity or to direct such Directed Opportunity to another person.

Neither the amendment nor repeal of this Article 9 nor the adoption of any provision of this Certificate of Incorporation or the bylaws of the Corporation, nor, to the fullest extent permitted by General Corporation Law, any modification of law, shall adversely affect any right or protection of any person granted pursuant hereto existing at. or arising out of or related to any event, act or omission that occurred prior to. the time of such amendment, repeal, adoption or modification (regardless of when any proceeding (or part thereof) relating to such event, act or omission arises or is first threatened, commenced or completed).

If any provision or provisions of this Article 9 shall be held to be invalid, illegal or unenforceable as applied to any circumstance for any reason whatsoever: (a) the validity, legality and enforceability of such provisions in any other circumstance and of the remaining provisions of this Article 9 (including, without limitation, each portion of any paragraph of this Article 9 containing any such provision held to be invalid, illegal or unenforceable that is not itself held to be invalid, illegal or unenforceable) shall not in any way be affected or impaired thereby and (b) to the fullest extent possible, the provisions of this Article 9 (including, without limitation, each such portion of any paragraph of this Article 9 containing any such provision held to be invalid, illegal or unenforceable) shall be construed so as to permit the Corporation to protect its directors, officers, employees and agents from personal liability in respect of their good faith service to or for the benefit of the Corporation to the fullest extent permitted by law.

------

This Article 9 shall not limit any protections or defenses available to, or indemnification rights of, any director or officer of the Corporation under this Certificate of Incorporation or applicable law.

Any person or entity purchasing or otherwise acquiring any interest in any securities of the Corporation shall be deemed to have notice of and to have consented to the provisions of this Article 9.

Article 10<br> MISCELLANEOUS

The following provisions are inserted for the management of the business and the conduct of the affairs of the Corporation and for the further definition of the powers of the Corporation and its directors and stockholders:

As used herein, the following terms shall have the following meanings:

"***Electrum***" means Electrum Silver US LLC, Electrum Silver US II LLC, and their affiliates.

"***Ospraie***" means Ospraie Management, LLC, Ospraie Real Assets Fund LP and their affiliates.

## Exhibit 3.2

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#### Exhibit 3.2<br>

#### <br>

#### CERTIFICATE OF AMENDMENT

#### TO THE

#### SECOND AMENDED AND RESTATED CERTIFICATE OF INCORPORATION

#### OF

#### SUNSHINE SILVER MINING & REFINING COMPANY

#### <br>
Sunshine Silver Mining & Refining Company (the "<u>Corporation</u>"), a corporation organized and existing under the laws of the State of Delaware, pursuant to Section 242 of the General Corporation Law of the State of Delaware (the "<u>DGCL</u>"), hereby certifies as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The amendment to the Second Amended and Restated Certificate of Incorporation of the Corporation (as amended, the "<u>Certificate of Incorporation</u>") set forth herein has been duly adopted in accordance with Sections 242 and 228 of the DGCL.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Section 1 of Article 4 of the Certificate of Incorporation is hereby amended in its entirety as follows:

"**<u>Authorized Capital Stock</u>.** The total number of shares that the Corporation is authorized to issue is one hundred fifty million (150,000,000) shares of Common Stock, par value of $0.001 per share (the "***Common Stock***")."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Upon the effectiveness of the filing (the "<u>Split Effective Time</u>") of this Certificate of Amendment to the Certificate of Incorporation (the "<u>Certificate of Amendment</u>") with the Secretary of State of the State of Delaware, each share of common stock, par value $0.001 per share (the "<u>Old Common Stock</u>"), issued and outstanding immediately prior to the Split Effective Time, shall automatically, without further action on the part of the Corporation or any holder of such Old Common Stock, be reclassified as and become ten (10) validly issued, fully paid and non-assessable shares of Common Stock (the "<u>Stock Split</u>"). The reclassification of the Old Common Stock into Common Stock shall occur at the Split Effective Time, regardless of when and whether the certificates, if any, previously representing such shares of Old Common Stock are physically surrendered to the Corporation in exchange for certificates representing the shares of Common Stock into which they shall have been reclassified pursuant to this paragraph. After the Split Effective Time, any certificates previously representing shares of Old Common Stock will, until such certificates are surrendered to the Corporation, be deemed to represent the whole number of shares of Common Stock into which such shares of Old Common Stock shall have been reclassified pursuant to this Certificate of Amendment. There shall be no fractional shares issued with respect to the reclassification of shares of Old Common Stock. In lieu of fractional shares, the Corporation shall pay to each holder otherwise entitled to receive any such fraction an amount of cash equal to the fair value thereof, as determined in good faith by the Board of Directors. For the avoidance of doubt and notwithstanding any other provision hereof, all of the share numbers and dollar amounts expressed herein have been adjusted to give effect to the Stock Split and shall not be further adjusted as a result of the Stock Split.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. This Certificate of Amendment to the Second Amended and Restated Certificate of Incorporation of the Corporation shall be effective on and as of the date of filing of this Certificate of Amendment with the office of the Secretary of State of the State of Delaware.

[Signature Page Follows]

------

**IN WITNESS WHEREOF**, this Certificate of Amendment to the Second Amended and Restated Certificate of Incorporation has been executed by a duly authorized officer of the Corporation on May 11, 2026.

---

| | |
|:---|:---|
| **Sunshine Silver Mining & Refining Company** | **Sunshine Silver Mining & Refining Company** |
| a Delaware corporation | a Delaware corporation |
| By: | &nbsp;&nbsp;&nbsp; /s/ Heather White |
| Name: Heather White | Name: Heather White |
| Title: Chief Executive Officer | Title: Chief Executive Officer |

---

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## Exhibit 3.3

------

**Exhhibit 3.3**<br>

#### THIRD AMENDED AND RESTATED

#### CERTIFICATE OF INCORPORATION

#### OF

#### SUNSHINE SILVER MINING & REFINING COMPANY
The original name of the corporation is Silver Opportunity Partners Corporation. The original Certificate of Incorporation of the corporation was filed with the Secretary of State of the State of Delaware on October 15, 2020. On October 30, 2020, the corporation changed its name to Sunshine Silver Mining & Refining Corporation. On May 28, 2021, the corporation changed its name to Sunshine Silver Mining & Refining Company. The Amended and Restated Certificate of Incorporation of the Corporation was filed with the Secretary of State of the State of Delaware on May 28, 2021. The Second Amended and Restated Certificate of Incorporation of the Corporation was filed with the Secretary of State of the State of Delaware on July 15, 2025. This Third Amended and Restated Certificate of Incorporation, which both restates and integrates and further amends the provisions of the Second Amended and Restated Certificate of Incorporation of the Corporation, was duly adopted by the stockholders in accordance with the provisions of Sections 228, 242 and 245 of the General Corporation Law of the State of Delaware. Prompt written notice of the adoption of the amendments and the restatement of the Second Amended and Restated Certificate of Incorporation of the Corporation herein has been given to those stockholders who have not consented in writing thereto, as provided in Section 228 of the General Corporation Law of the State of Delaware.

The Second Amended and Restated Certificate of Incorporation of the corporation is hereby amended and restated as of June [4], 2026 to read in its entirety as follows:

ARTICLE 1

Name

The name of the corporation is Sunshine Silver Mining & Refining Company (the "**Corporation**").

ARTICLE 2

Registered Office And Agent

The address of its registered office in the State of Delaware is 1209 Orange Street Wilmington, Delaware 19801 in the County of New Castle. The name of its registered agent at such address is National Registered Agents, Inc.

ARTICLE 3

Purpose

The purpose of the Corporation is to engage in any lawful act or activity for which corporations may be organized under the General Corporation Law of the State of Delaware as the same exists or may hereafter be amended ("**Delaware Law**").

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ARTICLE 4

Capital Stock

Section 1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *<u>Authorized Capital Stock</u>*. The total number of shares of stock which the Corporation shall have authority to issue is 3.75 billion shares, consisting of 3.5 billion shares of Common Stock, and 250 million shares of preferred stock, par value $0.001 per share (the "**Preferred Stock**").

Section 2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *<u>Preferred Stock</u>*. The Board of Directors is hereby empowered, without any action or vote by the Corporation's stockholders (except as may otherwise be provided by the terms of any class or series of Preferred Stock then outstanding), to authorize by resolution or resolutions from time to time the issuance of one or more classes or series of Preferred Stock and to fix the designations, powers, preferences and relative, participating, optional or other rights, if any, and the qualifications, limitations or restrictions thereof, if any, with respect to each such class or series of Preferred Stock and the number of shares constituting each such class or series, and to increase or decrease the number of shares of any such class or series to the extent permitted by Delaware Law.

Section 3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *<u>Voting Rights</u>*. Each holder of Common Stock, as such, shall be entitled to one vote for each share of Common Stock held of record by such holder on all matters on which stockholders generally are entitled to vote; *provided, however,* that, except as otherwise required by law, holders of Common Stock, as such, shall not be entitled to vote on any amendment to this Third Amended and Restated Certificate of Incorporation (including any certificate of designations relating to any class or series of Preferred Stock) that relates solely to the terms of one or more outstanding classes or series of Preferred Stock if the holders of such affected class or series are entitled, either separately or together with the holders of one or more other such classes or series, to vote thereon pursuant to this Third Amended and Restated Certificate of Incorporation (including any certificate of designations relating to any class or series of Preferred Stock) or pursuant to Delaware Law.

ARTICLE 5

Board Of Directors

Section 1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *<u>Power of the Board of Directors</u>*. The business and affairs of the Corporation shall be managed by or under the direction of the Board of Directors.

Section 2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *<u>Number of Directors</u>*. The number of directors which shall constitute the Board of Directors shall be determined in the manner set forth in the bylaws of the Corporation.

Section 3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Election of Directors</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp; All of the directors will be elected annually at the annual meeting of stockholders.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp; A majority of the Board of Directors shall constitute a quorum for the transaction of business at any meeting of the Board of Directors and, except as otherwise expressly required by law or by this Third Amended and Restated Certificate of Incorporation, the act of a majority of the directors present at any meeting at which a quorum is present shall be the act of the Board of Directors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp; Each director shall hold office until such director's successor shall have been duly elected and qualified or until such director's earlier death, resignation or removal.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp; There shall be no cumulative voting in the election of directors. Election of directors need not be by written ballot unless the bylaws of the Corporation so provide.

Section 4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *<u>Vacancies</u>*. Vacancies on the Board of Directors resulting from death, resignation, removal or otherwise and newly created directorships resulting from any increase in the number of directors may be filled solely by a majority of the directors then in office (although less than a quorum) or by the sole remaining director, and each director so elected shall hold office until his or her successor is elected and qualified.

Section 5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Removal</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp; Any director may be removed from office, with or without cause, with the affirmative vote of the holders of not less than 66 2/3% of the shares then entitled to vote generally in the election of directors, voting together as a single class, unless approved by the Board of Directors, in which case such removal requires the affirmative vote of the holders of more than 50% of the shares then entitled to vote generally in the election of directors, voting together as a single class.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp; Notwithstanding anything else contained herein, whenever the holders of one or more classes or series of Preferred Stock shall have the right, voting separately as a class or series, to elect directors, the election, term of office, filling of vacancies, removal and other features of such directorships shall be governed by the terms of such class or series of Preferred Stock adopted by resolution or resolutions adopted by the Board of Directors pursuant to Article 4 applicable thereto, and such directors so elected shall not be subject to the provisions of this Article 5 unless otherwise provided therein.

ARTICLE 6

Stockholders

Section 1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *<u>No Action by Written Consent of Stockholders</u>*. Subject to the rights of the holders of any class or series of Preferred Stock then outstanding, as may be set forth in the resolution or resolutions adopted by the Board of Directors pursuant to Article 4 hereto for such class or series of Preferred Stock, any action required or permitted to be taken at any annual or special meeting of stockholders may be taken only upon a vote of stockholders at an annual or special meeting of stockholders duly noticed and called in accordance with the Corporation's bylaws and Delaware Law and may not be taken by written consent of stockholders without a meeting.

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Section 2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *<u>Special Meetings of Stockholders</u>*. Special meetings of the stockholders may be called only by the Secretary of the Corporation at the direction of the Board of Directors acting pursuant to a resolution adopted by a majority of the Board of Directors. Notwithstanding the foregoing, whenever holders of one or more classes or series of Preferred Stock shall have the right, voting separately as a class or series, to elect directors, such holders may call, pursuant to the terms of such class or series of Preferred Stock adopted by resolution or resolutions of the Board of Directors pursuant to Article 4 hereto, special meetings of holders of such Preferred Stock.

ARTICLE 7

Limitations On Liability And Indemnification

Section 1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *<u>Limited Liability</u>*. A director of the Corporation shall not be liable to the Corporation or its stockholders for monetary damages for breach of fiduciary duty as a director to the fullest extent permitted by Delaware Law.

Section 2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Right to Indemnification</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp; Each person (and the heirs, executors or administrators of such person) who was or is a party or is threatened to be made a party to, or is involved in any threatened, pending or completed action, suit or proceeding, whether civil, criminal, administrative or investigative, by reason of the fact that such person is or was a director or officer of the Corporation or is or was serving at the request of the Corporation as a director or officer of another corporation, partnership, joint venture, trust or other enterprise, shall be indemnified and held harmless by the Corporation to the fullest extent permitted by Delaware Law. The right to indemnification conferred in this Article 7 shall also include the right to be paid by the Corporation the expenses incurred in connection with any such proceeding in advance of its final disposition to the fullest extent authorized by Delaware Law. The right to indemnification conferred in this Article 7 shall be a contract right.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp; The Corporation may, by action of its Board of Directors, provide rights to indemnification and to advancement of expenses to such of the employees and agents of the Corporation to such extent and to such effect as the Board of Directors shall determine to be appropriate and authorized by Delaware Law.

Section 3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *<u>Insurance</u>*. The Corporation shall have power to purchase and maintain insurance on behalf of any person who is or was a director, officer, employee or agent of the Corporation, or is or was serving at the request of the Corporation as a director, officer, employee or agent of another corporation, partnership, joint venture, trust or other enterprise against any expense, liability or loss incurred by such person in any such capacity or arising out of such person's status as such, whether or not the Corporation would have the power to indemnify such person against such liability under Delaware Law.

Section 4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *<u>Nonexclusivity of Rights</u>*. The rights and authority conferred in this Article 7 shall not be exclusive of any other right that any person may otherwise have or hereafter acquire.

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Section 5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *<u>Preservation of Rights</u>*. Neither the amendment nor repeal of this Article 7, nor the adoption of any provision of this Third Amended and Restated Certificate of Incorporation or the bylaws of the Corporation, nor, to the fullest extent permitted by Delaware Law, any modification of law, shall adversely affect any right or protection of any person granted pursuant hereto existing at, or arising out of or related to any event, act or omission that occurred prior to, the time of such amendment, repeal, adoption or modification (regardless of when any proceeding (or part thereof) relating to such event, act or omission arises or is first threatened, commenced or completed).

ARTICLE 8

Forum Selection

To the fullest extent permitted by applicable law, any person or entity purchasing or otherwise acquiring or holding any interest in shares of capital stock of the Corporation shall be deemed to have notice of and consented to the provisions of this Article 8.

If any provision or provisions of this Article 8 shall be held to be invalid, illegal or unenforceable as applied to any person or entity or circumstance for any reason whatsoever, then, to the fullest extent permitted by law, the validity, legality and enforceability of such provisions in any other circumstance and of the remaining provisions of this Article 8 (including, without limitation, each portion of any sentence of this Article 8 containing any such provision held to be invalid, illegal or unenforceable that is not itself held to be invalid, illegal or unenforceable) and the application of such provision to other persons or entities and circumstances shall not in any way be affected or impaired thereby.

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ARTICLE 9

Corporate Opportunities

To the fullest extent permitted by applicable law, the Corporation, on behalf of itself and its subsidiaries, renounces any interest or expectancy of the Corporation and its subsidiaries in, or in being offered an opportunity to participate in, business opportunities that are from time to time presented to any of The Electrum Group LLC, Ospraie Real Assets Fund L.P. or any of their respective officers, directors, agents, shareholders, members, partners, affiliates and subsidiaries (other than the Corporation and its subsidiaries) (each, a "**Specified Party**"), even if the opportunity is one that the Corporation or its subsidiaries might reasonably be deemed to have pursued or had the ability or desire to pursue if granted the opportunity to do so and each such Specified Party shall have no duty to communicate or offer such business opportunity to the Corporation and, to the fullest extent permitted by applicable law, shall not be liable to the Corporation or any of its subsidiaries for breach of any fiduciary or other duty, as a director or officer or otherwise, by reason of the fact that such Specified Party pursues or acquires such business opportunity, directs such business opportunity to another person or fails to present such business opportunity, or information regarding such business opportunity, to the Corporation or its subsidiaries. Notwithstanding the foregoing, a Specified Party who is a director or officer of the Corporation and who is offered a business opportunity in his or her capacity as a director or officer of the Corporation (a "**Directed Opportunity**") shall be obligated to communicate such Directed Opportunity to the Corporation, *provided*, *however*, that all of the protections of this Article 9 shall otherwise apply to the Specified Parties with respect to such Directed Opportunity, including, without limitation, the ability of the Specified Parties to pursue or acquire such Directed Opportunity or to direct such Directed Opportunity to another person.

Neither the amendment nor repeal of this Article 9, nor the adoption of any provision of this Third Amended and Restated Certificate of Incorporation or the bylaws of the Corporation, nor, to the fullest extent permitted by Delaware Law, any modification of law, shall adversely affect any right or protection of any person granted pursuant hereto existing at, or arising out of or related to any event, act or omission that occurred prior to, the time of such amendment, repeal, adoption or modification (regardless of when any proceeding (or part thereof) relating to such event, act or omission arises or is first threatened, commenced or completed).

If any provision or provisions of this Article 9 shall be held to be invalid, illegal or unenforceable as applied to any circumstance for any reason whatsoever: (a) the validity, legality and enforceability of such provisions in any other circumstance and of the remaining provisions of this Article 9 (including, without limitation, each portion of any paragraph of this Article 9 containing any such provision held to be invalid, illegal or unenforceable that is not itself held to be invalid, illegal or unenforceable) shall not in any way be affected or impaired thereby and (b) to the fullest extent possible, the provisions of this Article 9 (including, without limitation, each such portion of any paragraph of this Article 9 containing any such provision held to be invalid, illegal or unenforceable) shall be construed so as to permit the Corporation to protect its directors, officers, employees and agents from personal liability in respect of their good faith service to or for the benefit of the Corporation to the fullest extent permitted by law.

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This Article 9 shall not limit any protections or defenses available to, or indemnification rights of, any director or officer of the Corporation under this Third Amended and Restated Certificate of Incorporation or applicable law.

Any person or entity purchasing or otherwise acquiring any interest in any securities of the Corporation shall be deemed to have notice of and to have consented to the provisions of this Article 9.

ARTICLE 10

Miscellaneous

The following provisions are inserted for the management of the business and the conduct of the affairs of the Corporation and for the further definition of the powers of the Corporation and of its directors and stockholders:

For so long as those certain Stockholders Agreements, each dated as of May 10, 2026, by and among the Corporation and the stockholders named therein, as amended from time to time (the "**Stockholders Agreements**"), are in effect, the provisions of the Stockholders Agreements shall be incorporated by reference into the relevant provisions hereof, and such provisions shall be interpreted and applied in a manner consistent with the terms of the Stockholders Agreements.

ARTICLE 11

Amendments Of Certificate Of Incorporation And Bylaws

Section 1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *<u>Amendment of Certificate of Incorporation</u> .* This Third Amended and Restated Certificate of Incorporation may be amended only by the approval of the Board of Directors and the vote of at least 66 2/3% of the shares then entitled to vote generally in the election of directors, voting together as a single class.

Section 2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *<u>Amendment of Bylaws</u>*. The bylaws of the Corporation may be amended by the approval of either a majority of the Board of Directors or holders of at least 66 2/3% of the shares then entitled to vote in the election of directors, voting together as a single class.

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IN WITNESS WHEREOF, the undersigned has executed this Third Amended and Restated Certificate of Incorporation this [●] day of [●], 2026.

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| | |
|:---|:---|
| **SUNSHINE SILVER MINING & REFINING COMPANY** | **SUNSHINE SILVER MINING & REFINING COMPANY** |
| By: |  |
|  | Name: Heather White |
|  | Title: Chief Executive Officer |

---

[Signature Page to Certificate of Incorporation]

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## Exhibit 3.4

**Exhibit 3.4**

**BYLAWS**

**OF**

**SUNSHINE SILVER MINING & REFINING COMPANY<br> (A DELAWARE CORPORATION)**

------

**BYLAWS**

**OF**

**SUNSHINE SILVER MIING & REFINING COMPANY<br> (A DELAWARE CORPORATION)**

**Article I<br>OFFICES**

**Section 1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Registered Office.** The registered office of Sunshine Silver Mining & Refining Company (the "**Corporation**") required by the General Corporation Law of the State of Delaware or any successor statute (the "**DGCL**"), to be maintained in the State of Delaware, shall be the registered office named in the Certificate of Incorporation of the Corporation, as it may be amended or restated in accordance with the DGCL from time to time (the "**Certificate of Incorporation**"), or such other office as may be designated from time to time by the Board of Directors of the Corporation (the "**Board of Directors**") in the manner provided by law. Should the Corporation maintain a principal office within the State of Delaware, such registered office need not be identical to such principal office of the Corporation. (Del. Code Ann., tit. 8, § 131)

**Section 2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other Offices.** The Corporation shall also have and maintain an office or principal place of business at such place as may be fixed by the Board of Directors, and may also have offices at such other places, both within and without the State of Delaware, as the Board of Directors may from time to time determine or the business of the Corporation may require. (Del. Code Ann., tit. 8, § 122(8))

**Article II<br>CORPORATE SEAL**

**Section 3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Corporate Seal.** If a corporate seal is adopted by the Corporation, the corporate seal shall consist of a die bearing the name of the Corporation and the inscription, "Corporate Seal-Delaware." Said seal may be used by causing it or a facsimile thereof to be impressed or affixed or reproduced or otherwise. (Del. Code Ann., tit. 8, § 122(3))

**Article III<br>STOCKHOLDERS' MEETINGS**

**Section 4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Place of Meetings.** Meetings of the stockholders of the Corporation shall be held at such place, either within or without the State of Delaware, or held solely by means of remote communication, as may be designated from time to time by the Board of Directors, or, if not so designated, then at the principal office of the Corporation required to be maintained pursuant to <u>Section 2</u>. (Del. Code Ann., tit. 8, § 211(a))

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**Section 5.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Annual Meeting of Stockholders.** An annual meeting of stockholders for the election of directors to succeed those whose terms expire and for the transaction of such other business as may properly come before the meeting shall be held at such place, on such date, and at such time as the Board of Directors shall determine. (Del. Code Ann., tit. 8, § 211(b)).

**Section 6.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Special Meetings of Stockholders.** Special meetings of the stockholders may be called only by the Secretary of the Corporation at the direction of the Board of Directors acting pursuant to a resolution adopted by a majority of the Board of Directors. (Del. Code Ann., tit. 8, § 211(d))

**Section 7.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Notice of Meetings.** Except as otherwise provided by law or the Certificate of Incorporation, written notice of each meeting of stockholders shall be given not less than 10 nor more than 60 days before the date of the meeting to each stockholder entitled to vote at such meeting, such notice to specify the place, date, and hour and purpose or purposes of the meeting. Notice of the time, place, and purpose of any meeting of stockholders may be waived in writing, signed by the person entitled to notice thereof, either before or after such meeting, and will be waived by any stockholder by his attendance thereat in person or by proxy, except when the stockholder attends a meeting for the express purpose of objecting, at the beginning of the meeting, to the transaction of any business because the meeting is not lawfully called or convened. Any stockholder so waiving notice of such meeting shall be bound by the proceedings of any such meeting in all respects as if due notice thereof had been given. (Del. Code Ann., tit. 8, §§ 222, 229)

**Section 8.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Quorum.** At all meetings of stockholders, except where otherwise provided by statute or by the Certificate of Incorporation, or by these Bylaws, the presence, in person or by proxy duly authorized, of the holders of a majority of the outstanding shares of stock entitled to vote shall constitute a quorum for the transaction of business. In the absence of a quorum, any meeting of stockholders may be adjourned, from time to time, either by the chairman of the meeting or by vote of the holders of a majority of the shares represented thereat, but no other business shall be transacted at such meeting. The stockholders present at a duly called or convened meeting, at which a quorum is present, may continue to transact business until adjournment, notwithstanding the withdrawal of enough stockholders to leave less than a quorum. Except as otherwise provided by statute, the Certificate of Incorporation, or these Bylaws, in all matters other than the election of directors, the affirmative vote of a majority of shares present in person or represented by proxy duly authorized at the meeting and entitled to vote on the subject matter shall be the act of the stockholders. Except as otherwise provided by statute, the Certificate of Incorporation, or these Bylaws, directors shall be elected by a plurality of the votes of the shares present in person or represented by proxy duly authorized at the meeting and entitled to vote on the election of directors. Where a separate vote by a class or classes or series is required, except where otherwise provided by statute, the Certificate of Incorporation, or these Bylaws, a majority of the outstanding shares of such class or classes or series, present in person or represented by proxy duly authorized, shall constitute a quorum entitled to take action with respect to that vote on that matter. Except where otherwise provided by statute or by the Certificate of Incorporation or these Bylaws, the affirmative vote of the majority (plurality, in the case of the election of directors) of the outstanding shares of such class or classes or series present in person or represented by proxy duly authorized at the meeting shall be the act of such class or classes or series. (Del. Code Ann., tit. 8, § 216)

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**Section 9.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Adjournment and Notice of Adjourned Meetings.** Any meeting of stockholders, whether annual or special, may be adjourned from time to time either by the chairman of the meeting or by the vote of a majority of the shares casting votes. When a meeting is adjourned to another time or place, notice need not be given of the adjourned meeting if the time and place thereof are announced at the meeting at which the adjournment is taken. At the adjourned meeting, the Corporation may transact any business which might have been transacted at the original meeting. If the adjournment is for more than 30 days, or if after the adjournment a new record date is fixed for the adjourned meeting, a notice of the adjourned meeting shall be given to each stockholder of record entitled to vote at the meeting. (Del. Code Ann., tit. 8, § 222(c))

**Section 10.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Voting Rights.** For the purpose of determining those stockholders entitled to vote at any meeting of the stockholders, except as otherwise provided by law, only persons in whose names shares stand on the stock records of the Corporation on the record date, as provided in <u>Section 12</u>, shall be entitled to vote at any meeting of stockholders. Every person entitled to vote or execute consents shall have the right to do so either in person or by an agent or agents authorized by a proxy granted in accordance with Delaware law. An agent so appointed need not be a stockholder. No proxy shall be voted or acted upon after three years from its date of creation unless the proxy provides for a longer period. (Del. Code Ann., tit. 8, § 212(b))

**Section 11.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Joint Owners of Stock.** If shares or other securities having voting power stand of record in the names of two or more persons, whether fiduciaries, members of a partnership, joint tenants, tenants in common, tenants by the entirety, or otherwise, or if two or more persons have the same fiduciary relationship respecting the same shares, unless the Secretary is given written notice to the contrary and is furnished with a copy of the instrument or order appointing them or creating the relationship wherein it is so provided, their acts with respect to voting shall have the following effect: (a) if only one votes, his act binds all; (b) if more than one votes, the act of the majority so voting binds all; (c) if more than one votes, but the vote is evenly split on any particular matter, each faction may vote the securities in question proportionally, or may apply to the Delaware Court of Chancery for relief as provided in Section 217(b) of the DGCL. If the instrument filed with the Secretary shows that any such tenancy is held in unequal interests, a majority or even split for the purpose of clause (c) above shall be a majority or even split in interest. (Del. Code Ann., tit. 8, § 217(b))

**Section 12.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; List of Stockholders.** The Secretary shall prepare and make, at least 10 days before every meeting of stockholders, a complete list of the stockholders entitled to vote at said meeting, arranged in alphabetical order, showing the address of each stockholder and the number of shares registered in the name of each stockholder. Such list shall be open to the examination of any stockholder for any purpose germane to the meeting for a period of at least 10 days prior to the meeting: (i) on a reasonably accessible electronic network, <u>provided</u> that the information required to gain access to such list is provided with the notice of the meeting, or (ii) during ordinary business hours, at the principal place of business of the Corporation. If the meeting is to be held at a place, then the list shall be produced and kept at the time and place of the meeting during the whole time thereof and may be examined by any stockholder who is present. If the meeting is to be held solely by means of remote communication, then the list shall also be open to the examination of any stockholder during the whole time of the meeting on a reasonably accessible electronic network, and the information required to access such list shall be provided with the notice of the meeting. (Del. Code Ann., tit. 8, § 219(a))

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**Section 13.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Action Without Meeting**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;** Unless otherwise provided in the Certificate of Incorporation, any action required by statute to be taken at any annual or special meeting of the stockholders, or any action which may be taken at any annual or special meeting of the stockholders, may be taken without a meeting, without prior notice and without a vote, if a consent in writing, setting forth the action so taken, shall be signed by the holders of outstanding stock having not less than the minimum number of votes that would be necessary to authorize or take such action at a meeting at which all shares entitled to vote thereon were present and voted. (Del. Code Ann., tit. 8, § 228(a))

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;** Every written consent shall bear the date of signature of each stockholder who signs the consent, and no written consent shall be effective to take the corporate action referred to therein unless, within 60 days of the earliest dated consent delivered to the Corporation in the manner herein required, written consents signed by a sufficient number of stockholders to take action are delivered to the Corporation by delivery to its registered office in the State of Delaware, its principal place of business, or an officer or agent of the Corporation having custody of the book in which proceedings of meetings of stockholders are recorded. Delivery made to the Corporation's registered office shall be by hand or by certified or registered mail, return receipt requested. (Del. Code Ann., tit. 8, § 228(c))

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;** Prompt notice of the taking of the corporate action without a meeting by less than unanimous written consent shall be given to those stockholders who have not consented in writing and who, if the action had been taken at a meeting, would have been entitled to notice of the meeting if the record date for such meeting had been the date that written consents signed by a sufficient number of stockholders to take the action were delivered to the Corporation as provided in Section 228(c) of the DGCL. If the action which is consented to is such as would have required the filing of a certificate under any section of the DGCL if such action had been voted on by stockholders at a meeting thereof, then the certificate filed under such section shall state, in lieu of any statement required by such section concerning any vote of stockholders, that written consent has been given in accordance with Section 228 of the DGCL. (Del. Code Ann., tit. 8, § 228(e))

**Section 14.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Organization**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;** At every meeting of stockholders, the Chairman of the Board of Directors, or, if a Chairman has not been appointed or is absent, the President, or, if the President is absent, the Chief Executive Officer, or, if the Chief Executive Officer is absent, a chairman of the meeting chosen by a majority in interest of the stockholders entitled to vote, present in person or by proxy, shall act as chairman. The Secretary, or, in his absence, an Assistant Secretary directed to do so by the Chief Executive Officer or President, shall act as secretary of the meeting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;** The Board of Directors of the Corporation shall be entitled to make such rules or regulations for the conduct of meetings of stockholders as it shall deem necessary, appropriate, or convenient. Subject to such rules and regulations of the Board of Directors, if any, the chairman of the meeting shall have the right and authority to prescribe such rules, regulations, and procedures and to do all such acts as, in the judgment of such chairman, are necessary, appropriate, or convenient for the proper conduct of the meeting, including, without limitation, establishing an agenda or order of business for the meeting, rules and procedures for maintaining order at the meeting and the safety of those present, limitations on participation in such meeting to stockholders of record of the Corporation and their duly authorized and constituted proxies and such other persons as the chairman shall permit, restrictions on entry to the meeting after the time fixed for the commencement thereof, limitations on the time allotted to questions or comments by participants, and regulation of the opening and closing of the polls for balloting on matters which are to be voted on by ballot. Unless and to the extent determined by the Board of Directors or the chairman of the meeting, meetings of stockholders shall not be required to be held in accordance with rules of parliamentary procedure.

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**Article IV<br>DIRECTORS**

**Section 15.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Number and Term of Office.** The authorized number of directors of the Corporation shall be fixed by the Board of Directors from time to time. Directors need not be stockholders unless so required by the Certificate of Incorporation. If for any cause, the directors shall not have been elected at an annual meeting, they may be elected as soon thereafter as convenient. (Del. Code Ann., tit. 8, §§ 141(b), 211(b), (c))

**Section 16.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Powers.** The business and affairs of the Corporation shall be managed by or under the direction of the Board of Directors, except as may be otherwise provided by statute or by the Certificate of Incorporation. (Del. Code Ann., tit. 8, § 141(a))

**Section 17.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Term of Directors**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;** All of the directors will be elected annually at the annual meeting of stockholders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;** Each director shall hold office until such director's successor shall have been duly elected and qualified or until such director's earlier death, resignation or removal.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;** There shall be no cumulative voting in the election of directors.

**Section 18.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Vacancies**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;** Unless otherwise provided in the Certificate of Incorporation, any vacancies on the Board of Directors resulting from death, resignation, disqualification, removal, or other causes, and any newly created directorships resulting from any increase in the number of directors shall, unless the Board of Directors determines by resolution that any such vacancies or newly created directorships shall be filled by stockholders, be filled only by the affirmative vote of a majority of the directors then in office, even though less than a quorum of the Board of Directors. Any director elected in accordance with the preceding sentence shall hold office for the remainder of the full term of the director for which the vacancy was created or occurred and until such director's successor shall have been elected and qualified. A vacancy in the Board of Directors shall be deemed to exist under this <u>Section 18</u> in the case of the death, removal or resignation of any director. (Del. Code Ann., tit. 8, § 223(a), (b)).

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;** If at the time of filling any vacancy or any newly created directorship, the directors then in office shall constitute less than a majority of the whole board (as constituted immediately prior to any such increase), the Delaware Court of Chancery may, upon application of any stockholder or stockholders holding at least 10% of the total number of the shares at the time outstanding having the right to vote for such directors, summarily order an election to be held to fill any such vacancies or newly created directorships, or to replace the directors chosen by the directors then in offices as aforesaid, which election shall be governed by Section 211 of the DGCL (Del. Code Ann., tit. 8, §223(c)).

**Section 19.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Resignation**. Any director may resign at any time upon notice given in writing or by electronic transmission to the Secretary, such resignation to specify whether it will be effective at a particular time, upon receipt by the Secretary or at the pleasure of the Board of Directors. If no such specification is made, it shall be deemed effective at the pleasure of the Board of Directors. When one or more directors shall resign from the Board of Directors, effective at a future date, a majority of the directors then in office, including those who have so resigned, shall have power to fill such vacancy or vacancies, the vote thereon to take effect when such resignation or resignations shall become effective, and each Director so chosen shall hold office for the unexpired portion of the term of the Director whose place shall be vacated and until his successor shall have been duly elected and qualified. (Del. Code Ann., tit. 8, §§ 141(b), 223(d))

**Section 20.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Removal**. No director may be removed from office by the stockholders except with the affirmative vote of the holders of not less than 50% of the shares then entitled to vote generally in the election of directors, voting together as a single class. (Del. Code Ann., tit. 8, §§ 141(k))

**Section 21.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Meetings**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Annual Meetings**. The annual meeting of the Board of Directors shall be held immediately before or after the annual meeting of stockholders and at the place where such meeting is held. No notice of an annual meeting of the Board of Directors shall be necessary and such meeting shall be held for the purpose of electing officers and transacting such other business as may lawfully come before it.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Regular Meetings**. Unless otherwise restricted by the Certificate of Incorporation, regular meetings of the Board of Directors may be held at any time or date and at any place within or without the State of Delaware which has been designated by the Board of Directors and publicized among all directors. No formal notice shall be required for a regular meeting of the Board of Directors. (Del. Code Ann., tit. 8, § 141(g))

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Special Meetings**. Unless otherwise restricted by the Certificate of Incorporation, special meetings of the Board of Directors may be held at any time and place within or without the State of Delaware whenever called by the Chairman of the Board, the President or any two of the directors. (Del. Code Ann., tit. 8, § 141(g))

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Telephone Meetings**. Any member of the Board of Directors, or of any committee thereof, may participate in a meeting by means of conference telephone or similar communications equipment by means of which all persons participating in the meeting can hear each other, and participation in a meeting by such means shall constitute presence in person at such meeting. (Del. Code Ann., tit. 8, § 141(i))

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Notice of Meetings**. Notice of the time and place of all special meetings of the Board of Directors shall be made orally or in writing, by telephone, including a voice messaging system or other system or technology designed to record and communicate messages, facsimile, telegraph or telex, or by electronic mail or other electronic means, during normal business hours, at least 24 hours before the date and time of the meeting, or sent in writing to each director by first class mail, postage prepaid, at least three days before the date of the meeting. Notice of any meeting may be waived in writing at any time before or after the meeting and will be waived by any director by attendance thereat, except when the director attends the meeting for the express purpose of objecting, at the beginning of the meeting, to the transaction of any business because the meeting is not lawfully called or convened. (Del. Code Ann., tit. 8, § 229)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Waiver of Notice**. The transaction of all business at any meeting of the Board of Directors, or any committee thereof, however called or noticed, or wherever held, shall be as valid as though had at a meeting duly held after regular call and notice, if a quorum be present and if, either before or after the meeting, each of the directors not present shall sign a written waiver of notice or submit a waiver of notice by electronic transmission. All such waivers shall be filed with the corporate records or made a part of the minutes of the meeting. (Del. Code Ann., tit. 8, § 229)

**Section 22.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Quorum and Voting**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;** Unless the Certificate of Incorporation requires a greater number and except with respect to indemnification questions arising under the Certificate of Incorporation, for which a quorum shall be one-third of the exact number of directors fixed from time to time, a quorum of the Board of Directors shall consist of a majority of the exact number of directors fixed from time to time by the Board of Directors in accordance with the Certificate of Incorporation; <u>provided</u>, <u>however</u>*,* at any meeting, whether a quorum be present or otherwise, a majority of the directors present may adjourn from time to time until the time fixed for the next regular meeting of the Board of Directors, without notice other than by announcement at the meeting. (Del. Code Ann., tit. 8, § 141(b))

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;** At each meeting of the Board of Directors at which a quorum is present, all questions and business shall be determined by the affirmative vote of a majority of the directors present, unless a different vote be required by law, the Certificate of Incorporation, or these Bylaws. (Del. Code Ann., tit. 8, § 141(b))

**Section 23.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Action Without Meeting.** Unless otherwise restricted by the Certificate of Incorporation or these Bylaws, any action required or permitted to be taken at any meeting of the Board of Directors or of any committee thereof may be taken without a meeting, if all members of the Board of Directors or committee, as the case may be, consent thereto in writing or by electronic transmission, and such writing or writings or electronic transmission or transmissions are filed with the minutes of proceedings of the Board of Directors or committee. Such filing shall be in paper form if the minutes are maintained in paper form and shall be in electronic form if the minutes are maintained in electronic form. (Del. Code Ann., tit. 8, § 141(f))

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**Section 24.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fees and Compensation.** Directors shall be entitled to such compensation for their services as may be approved by the Board of Directors, including, if so approved, by resolution of the Board of Directors, a fixed sum and expenses of attendance, if any, for attendance at each regular or special meeting of the Board of Directors and at any meeting of a committee of the Board of Directors. Nothing herein contained shall be construed to preclude any director from serving the Corporation in any other capacity as an officer, agent, employee, or otherwise and receiving compensation therefor. (Del. Code Ann., tit. 8, § 141(h))

**Section 25.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Committees**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Committees**. The Board of Directors may, from time to time, appoint such committees as may be permitted by law. Such committees appointed by the Board of Directors shall consist of one or more members of the Board of Directors and shall have such powers and perform such duties as may be prescribed by the resolution or resolutions creating such committees, but in no event shall any such committee have the powers denied to the Executive Committee in these Bylaws. (Del. Code Ann., tit. 8, § 141(c))

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Meetings**. Unless the Board of Directors shall otherwise provide, regular meetings of the Executive Committee or any other committee appointed pursuant to this <u>Section 25</u> shall be held at such times and places as are determined by the Board of Directors, or by any such committee, and when notice thereof has been given to each member of such committee, no further notice of such regular meetings need be given thereafter. Special meetings of any such committee may be held at any place which has been determined from time to time by such committee, and may be called by any director who is a member of such committee, upon written notice to the members of such committee of the time and place of such special meeting given in the manner provided for the giving of written notice to members of the Board of Directors of the time and place of special meetings of the Board of Directors. Notice of any special meeting of any committee may be waived in writing at any time before or after the meeting and will be waived by any director by attendance thereat, except when the director attends such special meeting for the express purpose of objecting, at the beginning of the meeting, to the transaction of any business because the meeting is not lawfully called or convened. A majority of the authorized number of members of any such committee shall constitute a quorum for the transaction of business, and the act of a majority of those present at any meeting at which a quorum is present shall be the act of such committee. (Del. Code Ann., tit. 8, §§ 141(c), 229)

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**Section 26.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Organization.** At every meeting of the directors, the Chairman of the Board of Directors, or, if a Chairman has not been appointed or is absent, the President, or if the President is absent, the Chief Executive Officer, or if the Chief Executive Officer is absent, the most senior Vice President, (if a director) or, in the absence of any such person, a chairman of the meeting chosen by a majority of the directors present, shall preside over the meeting. The Secretary, or in his absence, any Assistant Secretary directed to do so by the President, shall act as secretary of the meeting.

**Article V<br>OFFICERS**

**Section 27.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Officers Designated.** The officers of the Corporation may include, if and when designated by the Board of Directors, the Chairman of the Board of Directors, the Chief Executive Officer, the President, one or more Vice Presidents, the Secretary, the Chief Financial Officer and the Treasurer, all of whom shall be elected at the annual organizational meeting of the Board of Directors. The Board of Directors may also appoint one or more Assistant Secretaries or Assistant Treasurers and such other officers and agents with such powers and duties as it shall deem necessary. The Board of Directors may assign such additional titles to one or more of the officers as it shall deem appropriate. Any one person may hold any number of offices of the Corporation at any one time unless specifically prohibited therefrom by law. The salaries and other compensation of the officers of the Corporation shall be fixed by or in the manner designated by the Board of Directors. (Del. Code Ann., tit. 8, §§ 122(5), 142(a), (b))

**Section 28.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tenure and Duties of Officers**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; General**. All officers shall hold office at the pleasure of the Board of Directors and until their successors shall have been duly elected and qualified, unless sooner removed. Any officer elected or appointed by the Board of Directors may be removed at any time by the Board of Directors. If the office of any officer becomes vacant for any reason, the vacancy may be filled by the Board of Directors. (Del. Code Ann., tit. 8, § 142(b), (e))

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Duties of Chairman of the Board of Directors**. The Chairman of the Board of Directors, when present, shall preside at all meetings of the stockholders and the Board of Directors. The Chairman of the Board of Directors shall perform other duties commonly incident to his office and shall also perform such other duties and have such other powers as the Board of Directors shall designate from time to time. If there is no President, then the Chairman of the Board of Directors shall also serve as the Chief Executive Officer of the Corporation and shall have the powers and duties prescribed in <u>Section 28(c)</u>. (Del. Code Ann., tit. 8, § 142(a))

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Duties of President; Chief Executive Officer**. The President shall preside at all meetings of the stockholders and at all meetings of the Board of Directors, unless the Chairman of the Board of Directors has been appointed and is present. Unless some other officer has been elected Chief Executive Officer of the Corporation, the President shall be the chief executive officer of the Corporation and shall, subject to the control of the Board of Directors, have general supervision, direction and control of the business and officers of the Corporation. The President shall perform other duties commonly incident to his office and shall also perform such other duties and have such other powers as the Board of Directors shall designate from time to time. (Del. Code Ann., tit. 8, § 142(a))

The Chief Executive Officer, in addition to his or her other duties, shall have general and active management authority of corporate business and shall ensure that all orders and resolutions of the Board of Directors are carried into effect. (Del. Code Ann., tit. 8, § 142(a))

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Duties of Vice Presidents**. The Vice Presidents may assume and perform the duties of the President in the absence or disability of the President or whenever the office of President is vacant. The Vice Presidents shall perform other duties commonly incident to their office and shall also perform such other duties and have such other powers as the Board of Directors or the President shall designate from time to time. (Del. Code Ann., tit. 8, § 142(a))

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Duties of Secretary**. The Secretary shall attend all meetings of the stockholders and of the Board of Directors and shall record all acts and proceedings thereof in the minute book of the Corporation. The Secretary shall give notice in conformity with these Bylaws of all meetings of the stockholders and of all meetings of the Board of Directors and any committee thereof requiring notice. The Secretary shall perform all other duties given him in these Bylaws and other duties commonly incident to his office and shall also perform such other duties and have such other powers as the Board of Directors shall designate from time to time. The Chief Executive Officer or President may direct any Assistant Secretary to assume and perform the duties of the Secretary in the absence or disability of the Secretary, and each Assistant Secretary shall perform other duties commonly incident to his office and shall also perform such other duties and have such other powers as the Board of Directors or the President shall designate from time to time. (Del. Code Ann., tit. 8, § 142(a))

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Duties of Chief Financial Officer**. The Chief Financial Officer shall keep or cause to be kept the books of account of the Corporation in a thorough and proper manner and shall render statements of the financial affairs of the Corporation in such form and as often as required by the Board of Directors or the Chief Executive Officer or the President. The Chief Financial Officer, subject to the order of the Board of Directors, shall have the custody of all funds and securities of the Corporation. The Chief Financial Officer shall perform other duties commonly incident to his office and shall also perform such other duties and have such other powers as the Board of Directors or the Chief Executive Officer or the President shall designate from time to time. The Chief Executive Officer or the President may direct the Treasurer or any Assistant Treasurer, or the Controller or any Assistant Controller to assume and perform the duties of the Chief Financial Officer in the absence or disability of the Chief Financial Officer, and each Treasurer and Assistant Treasurer and each Controller and Assistant Controller shall perform other duties commonly incident to his office and shall also perform such other duties and have such other powers as the Board of Directors or the Chief Executive Officer or the President shall designate from time to time. (Del. Code Ann., tit. 8, § 142(a))

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**Section 29.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Delegation of Authority.** The Board of Directors may from time to time delegate the powers or duties of any officer to any other officer or agent, notwithstanding any provision hereof.

**Section 30.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Resignations.** Any officer may resign at any time by giving written notice to the Board of Directors or to the Chief Executive Officer or to the President or to the Secretary. Any such resignation shall be effective when received by the person or persons to whom such notice is given, unless a later time is specified therein, in which event the resignation shall become effective at such later time. Unless otherwise specified in such notice, the acceptance of any such resignation shall not be necessary to make it effective. Any resignation shall be without prejudice to the rights, if any, of the Corporation under any contract with the resigning officer. (Del. Code Ann., tit. 8, § 142(b))

**Section 31.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Removal.** Any officer may be removed from office at any time, either with or without cause, by the affirmative vote of a majority of the directors in office at the time, or by the unanimous written consent of the directors in office at the time, or by any committee or superior officers upon whom such power of removal may have been conferred by the Board of Directors. (Del. Code Ann., tit. 8, § 142(b))

**Article VI<br>EXECUTION OF CORPORATE INSTRUMENTS AND VOTING<br> OF SECURITIES OWNED BY THE CORPORATION**

**Section 32.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Execution of Corporate Instruments.** The Board of Directors may, in its discretion, determine the method and designate the signatory officer or officers, or other person or persons, to execute on behalf of the Corporation any corporate instrument or document, or to sign on behalf of the Corporation the corporate name without limitation, or to enter into contracts on behalf of the Corporation, except where otherwise provided by law or these Bylaws, and such execution or signature shall be binding upon the Corporation. (Del. Code Ann., tit. 8, §§ 103(a), 142(a), 158)

All checks and drafts drawn on banks or other depositaries on funds to the credit of the Corporation or in special accounts of the Corporation shall be signed by such person or persons as the Board of Directors shall authorize so to do.

Unless authorized or ratified by the Board of Directors or within the agency power of an officer, no officer, agent, or employee shall have any power or authority to bind the Corporation by any contract or engagement or to pledge its credit or to render it liable for any purpose or for any amount. (Del. Code Ann., tit. 8, §§ 103(a), 142(a), 158).

**Section 33.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Voting of Securities Owned by the Corporation**. All stock and other securities of other Corporations owned or held by the Corporation for itself, or for other parties in any capacity, shall be voted, and all proxies with respect thereto shall be executed, by the person authorized so to do by resolution of the Board of Directors, or, in the absence of such authorization, by the Chairman of the Board of Directors, the Chief Executive Officer, the President, or any Vice President. (Del. Code Ann., tit. 8, § 123)

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**Article VII<br>SHARES OF STOCK**

**Section 34.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Form and Execution of Certificates**. Certificates for the shares of stock of the Corporation shall be in such form as is consistent with the Certificate of Incorporation and applicable law and may be in electronic format. Every holder of stock in the Corporation shall be entitled to have a certificate signed by or in the name of the Corporation by the Chairman of the Board of Directors, or the Chief Executive Officer, or the President, or any Vice President and by the Treasurer or Assistant Treasurer or the Secretary or Assistant Secretary, certifying the number of shares owned by him in the Corporation. Any or all of the signatures on the certificate may be electronic or by facsimile. In case any officer, transfer agent, or registrar who has signed or whose electronic or facsimile signature has been placed upon a certificate shall have ceased to be such officer, transfer agent, or registrar before such certificate is issued, it may be issued with the same effect as if he were such officer, transfer agent, or registrar at the date of issue. Each certificate shall state upon the face or back thereof, in full or in summary, all of the powers, designations, preferences, and rights, and the limitations or restrictions of the shares authorized to be issued, or shall, except as otherwise required by law, set forth on the face or back a statement that the Corporation will furnish without charge to each stockholder who so requests the powers, designations, preferences, and relative, participating, optional, or other special rights of each class of stock or series thereof and the qualifications, limitations, or restrictions of such preferences and/or rights. Within a reasonable time after the issuance or transfer of uncertificated stock, the Corporation shall send to the registered owner thereof a written notice containing the information required to be set forth or stated on certificates pursuant to this <u>Section 34</u> or otherwise required by law or with respect to this <u>Section 34</u> a statement that the Corporation will furnish without charge to each stockholder who so requests the powers, designations, preferences and relative participating, optional or other special rights of each class of stock or series thereof and the qualifications, limitations or restrictions of such preferences and/or rights. Except as otherwise expressly provided by law, the rights and obligations of the holders of certificates representing stock of the same class and series shall be identical. (Del. Code Ann., tit. 8, § 158)

**Section 35.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lost Certificates**. A new certificate or certificates shall be issued in place of any certificate or certificates theretofore issued by the Corporation alleged to have been lost, stolen, or destroyed, upon the making of an affidavit of that fact by the person claiming the certificate of stock to be lost, stolen, or destroyed. The Corporation may require, as a condition precedent to the issuance of a new certificate or certificates, the owner of such lost, stolen, or destroyed certificate or certificates, or his legal representative, to agree to indemnify the Corporation in such manner as it shall require or to give the Corporation a surety bond in such form and amount as it may direct as indemnity against any claim that may be made against the Corporation with respect to the certificate alleged to have been lost, stolen, or destroyed. (Del. Code Ann., tit. 8, § 167)

**Section 36.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfers**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;** Transfers of record of shares of stock of the Corporation shall be made only upon its books by the holders thereof, in person or by attorney duly authorized, and upon the surrender of a properly endorsed certificate or certificates for a like number of shares. (Del. Code Ann., tit. 8, § 201, tit. 6, § 8-401(1))

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;** The Corporation shall have power to enter into and perform any agreement with any number of stockholders of any one or more classes of stock of the Corporation to restrict the transfer of shares of stock of the Corporation of any one or more classes owned by such stockholders in any manner not prohibited by the DGCL. (Del. Code Ann., tit. 8, § 160(a))

**Section 37.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fixing Record Dates**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;** In order that the Corporation may determine the stockholders entitled to notice of or to vote at any meeting of stockholders or any adjournment thereof, the Board of Directors may fix, in advance, a record date, which record date shall not precede the date upon which the resolution fixing the record date is adopted by the Board of Directors, and which record date shall, subject to applicable law, not be more than 60 nor less than 10 days before the date of such meeting. If no record date is fixed by the Board of Directors, the record date for determining stockholders entitled to notice of or to vote at a meeting of stockholders shall be at the close of business on the day next preceding the day on which notice is given, or, if notice is waived, at the close of business on the day next preceding the day on which the meeting is held. A determination of stockholders of record entitled to notice of or to vote at a meeting of stockholders shall apply to any adjournment of the meeting; <u>provided</u>, <u>however</u>, that the Board of Directors may fix a new record date for the adjourned meeting. (Del. Code Ann., tit. 8, § 213(a))

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;** In order that the Corporation may determine the stockholders entitled to consent to corporate action in writing without a meeting, the Board of Directors may fix a record date, which record date shall not precede the date upon which the resolution fixing the record date is adopted by the Board of Directors, and which date shall not be more than 10 days after the date upon which the resolution fixing the record date is adopted by the Board of Directors. Any stockholder of record seeking to have the stockholders authorize or take corporate action by written consent shall, by written notice to the Secretary, request the Board of Directors to fix a record date. The Board of Directors shall promptly, but in all events within 10 days after the date on which such a request is received, adopt a resolution fixing the record date. If no record date has been fixed by the Board of Directors within 10 days of the date on which such a request is received, the record date for determining stockholders entitled to consent to corporate action in writing without a meeting, when no prior action by the Board of Directors is required by applicable law, shall be the first date on which a signed written consent setting forth the action taken or proposed to be taken is delivered to the Corporation by delivery to its registered office in the State of Delaware, its principal place of business or an officer or agent of the Corporation having custody of the book in which proceedings of meetings of stockholders are recorded. Delivery made to the Corporation's registered office shall be by hand or by certified or registered mail, return receipt requested. If no record date has been fixed by the Board of Directors and prior action by the Board of Directors is required by law, the record date for determining stockholders entitled to consent to corporate action in writing without a meeting shall be at the close of business on the day on which the Board of Directors adopts the resolution taking such prior action. (Del. Code Ann., tit. 8, § 213(b))

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;** In order that the Corporation may determine the stockholders entitled to receive payment of any dividend or other distribution or allotment of any rights or the stockholders entitled to exercise any rights in respect of any change, conversion or exchange of stock, or for the purpose of any other lawful action, the Board of Directors may fix, in advance, a record date, which record date shall not precede the date upon which the resolution fixing the record date is adopted, and which record date shall be not more than sixty (60) days prior to such action. If no record date is fixed, the record date for determining stockholders for any such purpose shall be at the close of business on the day on which the Board of Directors adopts the resolution relating thereto. (Del. Code Ann., tit. 8, § 213(c))

**Section 38.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Registered Stockholders.** The Corporation shall be entitled to recognize the exclusive right of a person registered on its books as the owner of shares to receive dividends, and to vote as such owner, and shall not be bound to recognize any equitable or other claim to or interest in such share or shares on the part of any other person whether or not it shall have express or other notice thereof, except as otherwise provided by the laws of Delaware. (Del. Code Ann., tit. 8, §§ 213(a), 219)

**Article VIII<br>OTHER SECURITIES OF THE CORPORATION**

**Section 39.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Execution of Other Securities.** All bonds, debentures, and other corporate securities of the Corporation, other than stock certificates (covered in <u>Section 34</u>), may be signed by the Chairman of the Board of Directors, the Chief Executive Officer, the President or any Vice President, or such other person as may be authorized by the Board of Directors, and the corporate seal impressed thereon or a facsimile of such seal imprinted thereon and attested by the signature of the Secretary or an Assistant Secretary; <u>provided</u>, <u>however</u>, that where any such bond, debenture, or other corporate security shall be authenticated by the manual signature, or where permissible facsimile signature, of a trustee under an indenture pursuant to which such bond, debenture, or other corporate security shall be issued, the signatures of the persons signing and attesting the corporate seal on such bond, debenture, or other corporate security may be the imprinted facsimile of the signatures of such persons. Interest coupons appertaining to any such bond, debenture, or other corporate security, authenticated by a trustee as aforesaid, shall be signed by the Treasurer or an Assistant Treasurer of the Corporation or such other person as may be authorized by the Board of Directors, or bear imprinted thereon the facsimile signature of such person. In case any officer who shall have signed or attested any bond, debenture, or other corporate security, or whose facsimile signature shall appear thereon or on any such interest coupon, shall have ceased to be such officer before the bond, debenture, or other corporate security so signed or attested shall have been delivered, such bond, debenture, or other corporate security nevertheless may be adopted by the Corporation and issued and delivered as though the person who signed the same or whose facsimile signature shall have been used thereon had not ceased to be such officer of the Corporation.

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**Article IX<br>DIVIDENDS**

**Section 40.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Declaration of Dividends**. Dividends upon the capital stock of the Corporation, subject to the provisions of the Certificate of Incorporation and applicable law, if any, may be declared by the Board of Directors pursuant to law at any regular or special meeting. Dividends may be paid in cash, in property, or in shares of the capital stock, subject to the provisions of the Certificate of Incorporation and applicable law. (Del. Code Ann., tit. 8, §§ 170, 173)

**Section 41.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividend Reserve**. Before payment of any dividend, there may be set aside out of any funds of the Corporation available for dividends such sum or sums as the Board of Directors from time to time, in their absolute discretion, think proper as a reserve or reserves to meet contingencies, or for equalizing dividends, or for repairing or maintaining any property of the Corporation, or for such other purpose as the Board of Directors shall think conducive to the interests of the Corporation, and the Board of Directors may modify or abolish any such reserve in the manner in which it was created. (Del. Code Ann., tit. 8, § 171)

**Article X<br>FISCAL YEAR**

**Section 42.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fiscal Year**. The fiscal year of the Corporation shall be fixed by resolution of the Board of Directors.

**Article XI<br>NOTICES**

**Section 43.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Notices**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Notice to Stockholders**. Written notice of any meeting of stockholders, if mailed, is given when deposited in the United States mail, postage prepaid, directed to the stockholder at the stockholder's address as it appears on the records of the Corporation or its transfer agent. Without limiting the manner by which notice otherwise may be given effectively to stockholders, any notice to stockholders may be given by electronic mail or other electronic transmission in the manner provided in Section 232 of the DGCL. (Del. Code Ann., tit. 8, § 222, 232)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Notice to Directors**. Any notice required to be given to any director may be given by the method stated in <u>Section 43(a)</u>, or by overnight delivery service, facsimile, telex, or telegram, except that such notice other than one which is delivered personally shall be sent to such address as such director shall have filed in writing with the Secretary, or, in the absence of such filing, to the last known post office address of such director.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affidavit of Mailing**. An affidavit of mailing, executed by a duly authorized and competent employee of the Corporation or its transfer agent appointed with respect to the class of stock affected, specifying the name and address or the names and addresses (including an electronic mail address or addresses) of the stockholder or stockholders, or director or directors, to whom any such notice or notices was or were given, and the time and method of giving the same, shall in the absence of fraud, be prima facie evidence of the facts therein contained. (Del. Code Ann., tit. 8, § 222)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Time Notices Deemed Given**. All notices given by mail or by overnight delivery service, as above provided, shall be deemed to have been given as at the time of mailing, and all notices given by facsimile, telex, or telegram shall be deemed to have been given as of the sending time recorded at time of transmission. A notice given by electronic mail is given when directed to such stockholder's electronic mail address unless the stockholder has notified the Corporation in writing of an objection to receiving notice electronic mail or such notice is otherwise prohibited by the DGCL. (Del. Code Ann., tit. 8, § 222(b))

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Methods of Notice**. It shall not be necessary that the same method of giving notice be employed in respect of all directors, but one permissible method may be employed in respect of any one or more, and any other permissible method or methods may be employed in respect of any other or others.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Failure to Receive Notice**. The period or limitation of time within which any stockholder may exercise any option or right, or enjoy any privilege or benefit, or be required to act, or within which any director may exercise any power or right, or enjoy any privilege, pursuant to any notice sent him in the manner above provided, shall not be affected or extended in any manner by the failure of such stockholder or such director to receive such notice.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(g)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Notice to Person with Whom Communication Is Unlawful**. Whenever notice is required to be given, under any provision of law or of the Certificate of Incorporation or Bylaws of the Corporation, to any person with whom communication is unlawful, the giving of such notice to such person shall not be required and there shall be no duty to apply to any governmental authority or agency for a license or permit to give such notice to such person. Any action or meeting which shall be taken or held without notice to any such person with whom communication is unlawful shall have the same force and effect as if such notice had been duly given. In the event that the action taken by the Corporation is such as to require the filing of a certificate under any provision of the DGCL, the certificate shall state, if such is the fact and if notice is required, that notice was given to all persons entitled to receive notice except such persons with whom communication is unlawful. (Del. Code Ann., tit. 8, § 230(a))

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(h)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Notice to Person with Undeliverable Address**. Whenever notice is required to be given, under any provision of law or the Certificate of Incorporation or Bylaws of the Corporation, to any stockholder to whom (i) notice of two consecutive annual meetings, and all notices of meetings or of the taking of action by written consent without a meeting to such person during the period between such two consecutive annual meetings, or (ii) all, and at least two, payments (if sent by first class mail) of dividends or interest on securities during a twelve-month period, have been mailed addressed to such person at his address as shown on the records of the Corporation and have been returned undeliverable, the giving of such notice to such person shall not be required. Any action or meeting which shall be taken or held without notice to such person shall have the same force and effect as if such notice had been duly given. If any such person shall deliver to the Corporation a written notice setting forth his then current address, the requirement that notice be given to such person shall be reinstated. In the event that the action taken by the Corporation is such as to require the filing of a certificate under any provision of the DGCL, the certificate need not state that notice was not given to persons to whom notice was not required to be given pursuant to this paragraph. (Del. Code Ann., tit. 8, § 230(b))

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**Article XII<br>AMENDMENTS**

**Section 44.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Amendments.** These Bylaws may be amended or repealed and new Bylaws adopted by the stockholders entitled to vote. The Board of Directors shall also have the power, if such power is conferred upon the Board of Directors by the Certificate of Incorporation, to adopt, amend, or repeal Bylaws (including, without limitation, the amendment of any Bylaw setting forth the number of Directors who shall constitute the whole Board of Directors). (Del. Code Ann., tit. 8, §§ 109(a), 122(6))

**Article XIII<br>LOANS TO OFFICERS**

**Section 45.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Loans to Officers.** The Corporation may lend money to, or guarantee any obligation of, or otherwise assist any officer or other employee of the Corporation or of its subsidiaries, including any officer or employee who is a Director of the Corporation or its subsidiaries, whenever, in the judgment of the Board of Directors, such loan, guarantee, or assistance may reasonably be expected to benefit the Corporation. The loan, guarantee, or other assistance may be with or without interest and may be unsecured, or secured in such manner as the Board of Directors shall approve, including, without limitation, a pledge of shares of stock of the Corporation. Nothing in these Bylaws shall be deemed to deny, limit, or restrict the powers of guaranty or warranty of the Corporation at common law or under any statute. (Del. Code Ann., tit. 8, §143)

## Exhibit 3.5

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**Exhibit 3.5**<br>

#### AMENDED AND RESTATED BYLAWS

#### OF

#### SUNSHINE SILVER MINING & REFINING COMPANY
ARTICLE 1

OFFICES

Section 1.01.&nbsp;&nbsp;&nbsp;&nbsp; *Registered Office*. The registered office of Sunshine Silver Mining & Refining Company (the "<u>Corporation</u>") required by the General Corporation Law of the State of Delaware as the same exists or may hereafter be amended (the "<u>Delaware Law</u>"), to be maintained in the State of Delaware, shall be the registered office named in the Third Amended and Restated Certificate of Incorporation of the Corporation, as it may be amended or restated in accordance with the Delaware Law from time to time (the "<u>Certificate of Incorporation</u>"), or such other office as may be designated from time to time by the Board of Directors of the Corporation (the "<u>Board of Directors</u>") in the manner provided by law. Should the Corporation maintain a principal office within the State of Delaware, such registered office need not be identical to such principal office of the Corporation.

Section 1.02.&nbsp;&nbsp;&nbsp;&nbsp; *Other Offices*. The Corporation may also have offices at such other places, both within and without the State of Delaware, as the Board of Directors may from time to time determine or the business of the Corporation may require.

Section 1.03.&nbsp;&nbsp;&nbsp;&nbsp; *Books*. The books of the Corporation may be kept within or without the State of Delaware as the Board of Directors may from time to time determine or the business of the Corporation may require.

ARTICLE 2

MEETINGS OF STOCKHOLDERS

Section 2.01.&nbsp;&nbsp;&nbsp;&nbsp; *Time and Place of Meetings*. All meetings of stockholders shall be held at such place, either within or without the State of Delaware, on such date and at such time as may be determined from time to time by the Board of Directors (or the Chair of the Board of Directors in the absence of a designation by the Board of Directors).

Section 2.02.&nbsp;&nbsp;&nbsp;&nbsp; *Annual Meetings*. An annual meeting of stockholders for the election of directors to succeed those whose terms expire and for the transaction of such other business as may properly come before the meeting shall be held at such place, on such date, and at such time as the Board of Directors shall determine.

Section 2.03.&nbsp;&nbsp;&nbsp;&nbsp; *Special Meetings*. Except as otherwise provided in the Certificate of Incorporation, special meetings of stockholders may be called only by the Secretary of the Corporation at the direction of the Board of Directors acting pursuant to a resolution adopted by a majority of the Board of Directors.

Section 2.04.&nbsp;&nbsp;&nbsp;&nbsp; *Notice of Meetings and Adjourned Meetings; Waivers of Notice*.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Whenever stockholders are required or permitted to take any action at a meeting, a written notice of the meeting shall be given which shall state the place, if any, date and hour of the meeting, the means of remote communications, if any, by which stockholders and proxy holders may be deemed to be present in person and vote at such meeting, and, in the case of a special meeting, the purpose or purposes for which the meeting is called. Unless otherwise provided by the Delaware Law, such notice shall be given not less than 10 nor more than 60 days before the date of the meeting (or at such other time as may be required by applicable securities laws) to each stockholder of record entitled to vote at such meeting. The Board of Directors or the chair of the meeting may adjourn the meeting to another time or place (whether or not a quorum is present), and notice need not be given of the adjourned meeting if the time, place, if any, and the means of remote communications, if any, by which stockholders and proxy holders may be deemed to be present in person and vote at such meeting, are announced at the meeting at which such adjournment is made. At the adjourned meeting, the Corporation may transact any business which might have been transacted at the original meeting. If the adjournment is for more than 30 days, or after the adjournment a new record date is fixed for the adjourned meeting, a notice of the adjourned meeting shall be given to each stockholder of record entitled to vote at the meeting.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; A written waiver of any such notice signed by the person entitled thereto, or a waiver by electronic transmission by the person entitled to notice, whether before or after the time stated therein, shall be deemed equivalent to notice. Attendance of a person at a meeting shall constitute a waiver of notice of such meeting, except when the person attends the meeting for the express purpose of objecting, at the beginning of the meeting, to the transaction of any business because the meeting is not lawfully called or convened. Business transacted at any special meeting of stockholders shall be limited to the purposes stated in the notice.

Section 2.05.&nbsp;&nbsp;&nbsp;&nbsp; *Quorum*. Unless otherwise provided under the Certificate of Incorporation or these Bylaws and subject to Delaware Law, the presence, in person or by proxy, of the holders of a majority of the total voting power of all outstanding securities of the Corporation generally entitled to vote at a meeting of stockholders shall constitute a quorum for the transaction of business. If, however, such quorum shall not be present or represented at any meeting of the stockholders, the chair of the meeting or a majority in voting interest of the stockholders present in person or represented by proxy may adjourn the meeting, without notice other than announcement at the meeting, until a quorum shall be present or represented. At such adjourned meeting at which a quorum shall be present or represented any business may be transacted that might have been transacted at the meeting as originally notified.

Section 2.06.&nbsp;&nbsp;&nbsp;&nbsp; *Voting*.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unless otherwise provided in the Certificate of Incorporation and subject to Delaware Law, each stockholder shall be entitled to one vote for each outstanding share of capital stock of the Corporation held by such stockholder. Any share of capital stock of the Corporation held by the Corporation shall have no voting rights. Except as otherwise required by law, the Certificate of Incorporation or these Bylaws, in all matters other than the election of directors, the affirmative vote of the holders of a majority of the votes cast at the meeting on the subject matter shall be the act of the stockholders. Abstentions and broker non-votes shall not be counted as votes cast. Subject to the rights of the holders of any class or series of preferred stock to elect additional directors under specific circumstances, directors shall be elected by a plurality of the votes of the shares of capital stock of the Corporation present in person or represented by proxy at the meeting and entitled to vote on the election of directors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Each stockholder entitled to vote at a meeting of stockholders or to express consent or dissent to a corporate action in writing without a meeting may authorize another person or persons to act for such stockholder by proxy, appointed by an instrument in writing, subscribed by such stockholder or by his attorney thereunto authorized, or by proxy sent by mail, delivered in-person or by any means of electronic communication permitted by law, which results in a writing from such stockholder or by his attorney, and delivered to the secretary of the meeting. No proxy shall be voted after three (3) years from its date, unless said proxy provides for a longer period.

Section 2.07.&nbsp;&nbsp;&nbsp;&nbsp; *Organization*. At each meeting of stockholders, the Chair of the Board of Directors, if one shall have been elected, or in the Chair's absence or if one shall not have been elected, the director designated by the vote of the majority of the directors present at such meeting, shall act as chair of the meeting. The Secretary (or in the Secretary's absence or inability to act, the person whom the chair of the meeting shall appoint secretary of the meeting) shall act as secretary of the meeting and keep the minutes thereof.

Section 2.08.&nbsp;&nbsp;&nbsp;&nbsp; *Order of Business*. The order of business at all meetings of stockholders shall be as determined by the chair of the meeting.

Section 2.09.&nbsp;&nbsp;&nbsp;&nbsp; *Nomination of Directors and Proposal of Other Business.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Annual Meetings of Stockholders</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp; Nominations of persons for election to the Board of Directors or the proposal of other business to be transacted by the stockholders at an annual meeting of stockholders may be made only (A) pursuant to the Corporation's notice of meeting (or any supplement thereto), (B) by or at the direction of the Board of Directors or any committee thereof, (C) as may be provided in the certificate of designations as the resolution or resolutions adopted by the Board of Directors pursuant to Article 4 of the Certificate of Incorporation for any class or series of preferred stock or (D) by any stockholder of the Corporation who is a stockholder of record at the time of giving of notice provided for in paragraph (ii) of this Section 2.9(a) and at the time of the annual meeting, who shall be entitled to vote at the meeting and who complies with the procedures set forth in this Section 2.9(a), and, except as otherwise required by law, any failure to comply with these procedures shall result in the nullification of such nomination or proposal.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; For nominations or other business to be properly brought before an annual meeting of stockholders by a stockholder pursuant to clause (D) of paragraph (i) of this Section 2.9(a), the stockholder must have given timely notice thereof in writing to the Secretary of the Corporation and any such proposed business (other than the nominations of persons for election to the Board of Directors) must constitute a proper matter for stockholder action. To be timely, a stockholder's notice shall be delivered to, or mailed and received by, the Secretary of the Corporation at the principal executive offices of the Corporation not less than 120 days nor more than 150 days prior to the first anniversary of the preceding year's annual meeting of stockholders; *provided, however*, that in the event that the date of the annual meeting is advanced more than 30 days prior to such anniversary date or delayed more than 70 days after such anniversary date then to be timely such notice must be received by the Corporation no earlier than 120 days prior to such annual meeting and no later than the later of 70 days prior to the date of the meeting or the 10<sup>th</sup> day following the day on which public announcement of the date of the meeting was first made by the Corporation. In no event shall the adjournment or postponement of any meeting, or any announcement thereof, commence a new time period (or extend any time period) for the giving of a stockholder's notice as described above.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; A stockholder's notice to the Secretary shall set forth as to each person whom the stockholder proposes to nominate for election or reelection as a director:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; all information relating to such person that is required to be disclosed in solicitations of proxies for election of directors, or is otherwise required, in each case pursuant to Regulation 14A under the Securities Exchange Act of 1934, as amended (together with the rules and regulations promulgated thereunder, the "**<u>Exchange Act</u>**"); including such person's written consent to being named in the proxy statement as a nominee and to serving as a director if elected;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; a reasonably detailed description of any compensatory, payment or other financial agreement, arrangement or understanding that such person has with any other person or entity other than the Corporation including the amount of any payment or payments received or receivable thereunder, in each case in connection with candidacy or service as a director of the Corporation (a "**<u>Third-Party Compensation Arrangement</u>**"), as to any other business that the stockholder proposes to bring before the meeting, a brief description of the business desired to be brought before the meeting, the text of the proposal or business (including the text of any resolutions proposed for consideration and in the event that such business includes a proposal to amend these Bylaws, the text of the proposed amendment), the reasons for conducting such business and any material interest in such business of such stockholder and the beneficial owner, if any, on whose behalf the proposal is made and as to the stockholder giving the notice and the beneficial owner, if any, on whose behalf the proposal is made;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; the name and address of such stockholder (as they appear on the Corporation's books) and any such beneficial owner;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; the class or series and number of shares of capital stock of the Corporation which are held of record or are beneficially owned by such stockholder and by any such beneficial owner;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; a description of any agreement, arrangement or understanding between or among such stockholder and any such beneficial owner, any of their respective affiliates or associates, and any other person or persons (including their names) in connection with the proposal of such nomination or other business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; a description of any agreement, arrangement or understanding (including, regardless of the form of settlement, any derivative, long or short positions, profit interests, forwards, futures, swaps, options, warrants, convertible securities, stock appreciation or similar rights, hedging transactions and borrowed or loaned shares) that has been entered into by or on behalf of, or any other agreement, arrangement or understanding that has been made, the effect or intent of which is to create or mitigate loss to, manage risk or benefit of share price changes for, or increase or decrease the voting power of, such stockholder or any such beneficial owner or any such nominee with respect to the Corporation's securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7)&nbsp;&nbsp;&nbsp;&nbsp; a representation that the stockholder is a holder of record of stock of the Corporation entitled to vote at such meeting and intends to appear in person or by proxy at the meeting to bring such nomination or other business before the meeting;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8)&nbsp;&nbsp;&nbsp;&nbsp; a representation as to whether such stockholder or any such beneficial owner intends or is part of a group that intends to (i) deliver a proxy statement and/or form of proxy to holders of at least the percentage of the voting power of the Corporation's outstanding capital stock required to approve or adopt the proposal or to elect each such nominee and/or (ii) otherwise to solicit proxies from stockholders in support of such proposal or nomination;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9)&nbsp;&nbsp;&nbsp;&nbsp; any other information relating to such stockholder, beneficial owner, if any, or director nominee or proposed business that would be required to be disclosed in a proxy statement or other filing required to be made in connection with the solicitation of proxies in support of such nominee or proposal pursuant to Section 14 of the Exchange Act; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10) such other information relating to any proposed item of business as the Corporation may reasonably require to determine whether such proposed item of business is a proper matter for stockholder action.

If requested by the Corporation, the information required under clauses (iii)(4), (5) and (6) of the preceding sentence of this Section 2.9(a) shall be supplemented by such stockholder and any such beneficial owner not later than 10 days after the record date for the meeting to disclose such information as of the record date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Special Meetings of Stockholders</u>. If the election of directors is included as business to be brought before a special meeting in the Corporation's notice of meeting, then nominations of persons for election to the Board of Directors at a special meeting of stockholders may be made by any stockholder who is a stockholder of record at the time of giving of notice provided for in this Section 2.9(b) and at the time of the special meeting, who shall be entitled to vote at the meeting and who complies with the procedures set forth in this Section 2.9(b). For nominations to be properly brought by a stockholder before a special meeting of stockholders pursuant to this Section 2.9(b), the stockholder must have given timely notice thereof in writing to the Secretary of the Corporation. To be timely, a stockholder's notice shall be delivered to or mailed and received at the principal executive offices of the Corporation (A) not earlier than 150 days prior to the date of the special meeting nor (B) later than the later of 120 days prior to the date of the special meeting or the 10<sup>th</sup> day following the day on which public announcement of the date of the special meeting was first made. A stockholder's notice to the Secretary shall comply with the notice requirements of Section 2.9(a)(iii).

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>General</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp; To be eligible to be a nominee for election as a director, the proposed nominee must provide to the Secretary of the Corporation in accordance with the applicable time periods prescribed for delivery of notice under Section 2.9(a)(ii) or Section 2.9(b): (1) a completed Directors & Officers questionnaire (in the form provided by the Secretary of the Corporation at the request of the nominating stockholder) containing information regarding the nominee's background and qualifications and such other information as may reasonably be required by the Corporation to determine the eligibility of such proposed nominee to serve as a director of the Corporation or to serve as an independent director of the Corporation, (2) a written representation that, unless previously disclosed to the Corporation, the nominee is not and will not become a party to any voting agreement, arrangement or understanding with any person or entity as to how such nominee, if elected as a director, will vote on any issue or that could interfere with such person's ability to comply, if elected as a director, with his/her fiduciary duties under applicable law, (3) a written representation and agreement that, unless previously disclosed to the Corporation pursuant to Section 2.9(a)(iii)(A)(2), the nominee is not and will not become a party to any Third-Party Compensation Arrangement and (4) a written representation that, if elected as a director, such nominee would be in compliance and will continue to comply with the Corporation's corporate governance guidelines as disclosed on the Corporation's website, as amended from time to time. At the request of the Board of Directors, any person nominated by the Board of Directors for election as a director shall furnish to the Secretary of the Corporation the information that is required to be set forth in a stockholder's notice of nomination that pertains to the nominee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; No person shall be eligible to be nominated by a stockholder to serve as a director of the Corporation unless nominated in accordance with the procedures set forth in this Section 2.9. No business proposed by a stockholder shall be conducted at a stockholder meeting except in accordance with this Section 2.9.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The chair of the meeting shall, if the facts warrant, determine and declare to the meeting that a nomination was not made in accordance with the procedures prescribed by these Bylaws or that business was not properly brought before the meeting, and if he/she should so determine, he/she shall so declare to the meeting and the defective nomination shall be disregarded or such business shall not be transacted, as the case may be. Notwithstanding the foregoing provisions of this Section 2.9, unless otherwise required by law, if the stockholder (or a qualified representative of the stockholder) does not appear at the annual or special meeting of stockholders of the Corporation to present a nomination or other proposed business, such nomination shall be disregarded or such proposed business shall not be transacted, as the case may be, notwithstanding that proxies in respect of such vote may have been received by the Corporation and counted for purposes of determining a quorum. For purposes of this Section 2.9, to be considered a qualified representative of the stockholder, a person must be a duly authorized officer, manager or partner of such stockholder or must be authorized by a writing executed by such stockholder or an electronic transmission delivered by such stockholder to act for such stockholder as proxy at the meeting of stockholders and such person must produce such writing or electronic transmission, or a reliable reproduction of the writing or electronic transmission, at the meeting of stockholders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Without limiting the foregoing provisions of this Section 2.9, a stockholder shall also comply with all applicable requirements of the Exchange Act with respect to the matters set forth in this Section 2.9; *provided*, *however*, that any references in these Bylaws to the Exchange Act are not intended to and shall not limit any requirements applicable to nominations or proposals as to any other business to be considered pursuant to this Section 2.9, and compliance with paragraphs (a)(i)(D) and (b) of this Section 2.9 shall be the exclusive means for a stockholder to make nominations or submit other business (other than as provided in Section 2.9(c)(v)).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Notwithstanding anything to the contrary, the notice requirements set forth herein with respect to the proposal of any business pursuant to this Section 2.9 shall be deemed satisfied by a stockholder if such stockholder has submitted a proposal to the Corporation in compliance with Rule 14a-8 under the Exchange Act, and such stockholder's proposal has been included in a proxy statement that has been prepared by the Corporation to solicit proxies for the meeting of stockholders.

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ARTICLE 3

BOARD OF DIRECTORS

Section 3.01. *General Powers*. Except as otherwise provided in Delaware Law or the Certificate of Incorporation, the business and affairs of the Corporation shall be managed by or under the direction of the Board of Directors.

Section 3.02. *Number, Election, Classes, Term of Office*.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Subject to the terms of any series of Preferred Stock entitled to separately elect directors, the Board of Directors shall consist of not less than three nor more than 12 directors with the exact number of directors to be determined time to time solely by resolution adopted by the affirmative vote of a majority of the entire Board of Directors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The directors shall be elected at the Corporation's annual meeting of the stockholders, except as provided in Section 3.12 herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Each director shall hold office until such director's successor shall have been duly elected and qualified or until such director's earlier death, resignation or removal.

Section 3.03.&nbsp;&nbsp;&nbsp;&nbsp; *Quorum and Manner of Acting*. A majority of the Board of Directors shall constitute a quorum for the transaction of business at any meeting of the Board of Directors and, except as otherwise expressly required by law or by the Certificate of Incorporation or these Bylaws, the act of a majority of the directors present at any meeting at which a quorum is present shall be the act of the Board of Directors. When a meeting is adjourned to another time or place (whether or not a quorum is present), notice need not be given of the adjourned meeting if the time and place thereof are announced at the meeting at which the adjournment is taken. At the adjourned meeting, the Board of Directors may transact any business which might have been transacted at the original meeting. If a quorum shall not be present at any meeting of the Board of Directors, the directors present thereat shall adjourn the meeting, from time to time, without notice other than announcement at the meeting, until a quorum shall be present.

Section 3.04.&nbsp;&nbsp;&nbsp;&nbsp; *Time and Place of Meetings*. The Board of Directors shall hold its meetings at such place, either within or without the State of Delaware, and at such time as may be determined from time to time by the Board of Directors (or the Chair of the Board of Directors in the absence of a determination by the Board of Directors).

Section 3.05.&nbsp;&nbsp;&nbsp;&nbsp; *Annual Meeting*. The Board of Directors shall meet for the purpose of organization, the election of officers and the transaction of other business, as soon as practicable after each annual meeting of stockholders, on the same day and at the same place where such annual meeting shall be held. Notice of such meeting need not be given. In the event such annual meeting is not so held, the annual meeting of the Board of Directors may be held at such place either within or without the State of Delaware, on such date and at such time as shall be specified in a notice thereof given as hereinafter provided in Section 3.07 herein or in a waiver of notice thereof signed by any director who chooses to waive the requirement of notice.

Section 3.06.&nbsp;&nbsp;&nbsp;&nbsp; *Regular Meetings*. After the place and time of regular meetings of the Board of Directors shall have been determined and notice thereof shall have been once given to each member of the Board of Directors, regular meetings may be held without further notice being given.

Section 3.07.&nbsp;&nbsp;&nbsp;&nbsp; *Special Meetings*. Special meetings of the Board of Directors may be called by the Chair of the Board of Directors, the Lead Independent Director or the Chief Executive Officer, and shall be called by the Chair of the Board of Directors or the Secretary on the written request of three directors. Notice of special meetings of the Board of Directors shall be given to each director at least twenty-four hours before the time of the meeting in such manner as is determined by the Board of Directors.

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Section 3.08.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Committees*. The Board of Directors may designate one or more committees, each committee to consist of one or more of the directors of the Corporation. The Board of Directors may designate one or more directors as alternate members of any committee, who may replace any absent or disqualified member at any meeting of the committee. In the absence or disqualification of a member of a committee, the member or members present at any meeting and not disqualified from voting, whether or not such member or members constitute a quorum, may unanimously appoint another member of the Board of Directors to act at the meeting in the place of any such absent or disqualified member. Any such committee, to the extent provided in the resolution of the Board of Directors, shall have and may exercise all the powers and authority of the Board of Directors in the management of the business and affairs of the Corporation, and may authorize the seal of the Corporation to be affixed to all papers which may require it; but no such committee shall have the power or authority in reference to the following matters: (i) approving or adopting, or recommending to the stockholders, any action or matter expressly required by Delaware Law to be submitted to the stockholders for approval or (ii) adopting, amending or repealing any Bylaw of the Corporation. Each committee shall keep regular minutes of its meetings and report the same to the Board of Directors when required.

Section 3.09.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Action by Consent*. Unless otherwise restricted by the Certificate of Incorporation or these Bylaws, any action required or permitted to be taken at any meeting of the Board of Directors or of any committee thereof may be taken without a meeting, if all members of the Board of Directors or committee, as the case may be, consent thereto in writing or by electronic transmission, and the writing or writings or electronic transmission or transmissions, are filed with the minutes of proceedings of the Board of Directors or committee. Such filing shall be in paper form if the minutes are maintained in paper form and shall be in electronic form if the minutes are maintained in electronic form.

Section 3.10.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Telephonic Meetings*

. Unless otherwise restricted by the Certificate of Incorporation or these Bylaws, members of the Board of Directors, or any committee designated by the Board of Directors, may participate in a meeting of the Board of Directors, or such committee, as the case may be, by means of conference telephone or other communications equipment by means of which all persons participating in the meeting can hear each other, and such participation in a meeting shall constitute presence in person at the meeting.

Section 3.11.&nbsp;&nbsp;&nbsp;&nbsp; *Resignation*. Any director may resign from the Board of Directors at any time by giving notice to the Board of Directors or to the Secretary of the Corporation. Any such notice must be in writing or by electronic transmission to the Board of Directors or to the Secretary of the Corporation. The resignation of any director shall take effect upon receipt of notice thereof or at such later time as shall be specified in such notice; and unless otherwise specified therein, the acceptance of such resignation shall not be necessary to make it effective.

Section 3.12.&nbsp;&nbsp;&nbsp;&nbsp; *Vacancies*. Vacancies on the Board of Directors resulting from death, resignation, removal or otherwise and newly created directorships resulting from any increase in the authorized number of directors shall, except as otherwise required by law, be filled solely by a majority of the directors then in office (although less than a quorum) or by the sole remaining director, and each director so elected shall hold office until such director's successor shall have been duly elected and qualified or until such director's earlier death, resignation or removal. If there are no directors in office, then an election of directors may be held in accordance with Delaware Law. Unless otherwise provided in the Certificate of Incorporation, when one or more directors shall resign from the Board of Directors, effective at a future date, a majority of the directors then in office, including those who have so resigned, shall have the power to fill such vacancy or vacancies, the vote thereon to take effect when such resignation or resignations shall become effective, and each director so chosen shall hold office as provided in the filling of other vacancies.

Section 3.13.&nbsp;&nbsp;&nbsp;&nbsp; *Removal*.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Any director may be removed from office, with or without cause, with the affirmative vote of the holders of not less than 66 2/3% of the shares then entitled to vote generally in the election of directors, voting together as a single class, unless approved by the Board of Directors, in which such removal requires the affirmative vote of the holders of more than 50% of the shares then entitled to vote generally in the election of directors, voting together as a single class.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Notwithstanding anything else contained herein, whenever the holders of one or more classes or series of Preferred Stock shall have the right, voting separately as a class or series, to elect directors, the election, term of office, filling of vacancies, removal and other features of such directorships shall be governed by the terms of the resolution or resolutions adopted by the Board of Directors pursuant to Article 4 of the Certificate of Incorporation applicable thereto, and such directors so elected shall not be subject to the provisions of Section 3.13 of this Article 3 unless otherwise provided therein.

Section 3.14.&nbsp;&nbsp;&nbsp;&nbsp; *Compensation*. Unless otherwise restricted by the Certificate of Incorporation or these Bylaws, the Board of Directors shall have authority to fix the compensation of directors, including fees and reimbursement of expenses.

Section 3.15.&nbsp;&nbsp;&nbsp;&nbsp; *Preferred Stock Directors*. Notwithstanding anything else contained herein, whenever the holders of one or more classes or series of preferred stock shall have the right, voting separately as a class or series, to elect directors, the election, term of office, filling of vacancies, removal and other features of such directorships shall be governed by the terms of the resolutions applicable thereto adopted by the Board of Directors pursuant to the Certificate of Incorporation, and such directors so elected shall not be subject to the provisions of Sections 3.02, 3.12 and 3.13 unless otherwise provided therein.

ARTICLE 4

OFFICERS

Section 4.01.&nbsp;&nbsp;&nbsp;&nbsp; *Principal Officers*. The principal officers of the Corporation shall be a Chief Executive Officer, a Chief Financial Officer, one or more executive Vice Presidents, a Treasurer and a Secretary who shall have the duty, among other things, to record the proceedings of the meetings of stockholders and directors in a book kept for that purpose. The Corporation may also have such other principal officers, including one or more Controllers, as the Board of Directors may in its discretion appoint. One person may hold the offices and perform the duties of any two or more of said offices, except that no one person shall hold the offices and perform the duties of Chief Executive Officer and Secretary.

Section 4.02.&nbsp;&nbsp;&nbsp;&nbsp; *Appointment, Term of Office and Remuneration*. The principal officers of the Corporation shall be appointed by the Board of Directors in the manner determined by the Board of Directors. Each such officer shall hold office until his or her successor is appointed, or until his or her earlier death, resignation or removal. The remuneration of all officers of the Corporation shall be fixed by the Board of Directors. Any vacancy in any office shall be filled in such manner as the Board of Directors shall determine.

Section 4.03.&nbsp;&nbsp;&nbsp;&nbsp; *Subordinate Officers*. In addition to the principal officers enumerated in Section 4.01 herein, the Corporation may have one or more Assistant Treasurers, Assistant Secretaries and Assistant Controllers and such other subordinate officers, agents and employees as the Board of Directors may deem necessary, each of whom shall hold office for such period as the Board of Directors may from time to time determine. The Board of Directors may delegate to any principal officer the power to appoint and to remove any such subordinate officers, agents or employees.

Section 4.04.&nbsp;&nbsp;&nbsp;&nbsp; *Removal*. Except as otherwise permitted with respect to subordinate officers, any officer may be removed, with or without cause, at any time, by resolution adopted by the Board of Directors.

Section 4.05.&nbsp;&nbsp;&nbsp;&nbsp; *Resignations*. Any officer may resign at any time by giving notice to the Board of Directors (or to a principal officer if the Board of Directors has delegated to such principal officer the power to appoint and to remove such officer). Any such notice must be in writing. The resignation of any officer shall take effect upon receipt of notice thereof or at such later time as shall be specified in such notice; and unless otherwise specified therein, the acceptance of such resignation shall not be necessary to make it effective.

Section 4.06.&nbsp;&nbsp;&nbsp;&nbsp; *Powers and Duties*. The officers of the Corporation shall have such powers and perform such duties incident to each of their respective offices and such other duties as may from time to time be conferred upon or assigned to them by the Board of Directors.

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ARTICLE 5

CAPITAL STOCK

Section 5.01.&nbsp;&nbsp;&nbsp;&nbsp; *Certificates for Stock; Uncertificated Shares*. The shares of the Corporation shall be represented by certificates; *provided* that the Board of Directors may provide by resolution or resolutions that some or all of any or all classes or series of its stock shall be uncertificated shares or a combination of certificated and uncertificated shares. Any such resolution that shares of a class or series will only be uncertificated shall not apply to shares represented by a certificate until such certificate is surrendered to the Corporation. Except as otherwise required by law, the rights and obligations of the holders of uncertificated shares and the rights and obligations of the holders of shares represented by certificates of the same class and series shall be identical. Every holder of stock represented by certificates shall be entitled to have a certificate signed by or in the name of the Corporation by the Chair or Vice Chair of the Board of Directors, or the Chief Executive Officer or any Vice President, and by the Treasurer, an Assistant Treasurer, the Secretary or an Assistant Secretary of such Corporation, representing the number of shares registered in certificate form. Any or all of the signatures on the certificate may be a facsimile. In case any officer, transfer agent or registrar who has signed or whose facsimile signature has been placed upon a certificate shall have ceased to be such officer, transfer agent or registrar before such certificate is issued, it may be issued by the Corporation with the same effect as if such person were such officer, transfer agent or registrar at the date of issue. The Corporation shall not have power to issue a certificate in bearer form.

Section 5.02.&nbsp;&nbsp;&nbsp;&nbsp; *Transfer of Shares*. Shares of the stock of the Corporation may be transferred on the record of stockholders of the Corporation by the holder thereof or by such holder's duly authorized attorney upon surrender of a certificate therefor properly endorsed or upon receipt of proper transfer instructions from the registered holder of uncertificated shares or by such holder's duly authorized attorney and upon compliance with appropriate procedures for transferring shares in uncertificated form, unless waived by the Corporation.

Section 5.03.&nbsp;&nbsp;&nbsp;&nbsp; *Authority for Additional Rules Regarding Transfer*. The Board of Directors shall have the power and authority to make all such rules and regulations as they may deem expedient concerning the issue, transfer and registration of certificated or uncertificated shares of the stock of the Corporation, as well as for the issuance of new certificates in lieu of those which may be lost or destroyed, and may require of any stockholder requesting replacement of lost or destroyed certificates, bond in such amount and in such form as they may deem expedient to indemnify the Corporation, and/or the transfer agents, and/or the registrars of its stock against any claims arising in connection therewith.

ARTICLE 6

GENERAL PROVISIONS

Section 6.01.&nbsp;&nbsp;&nbsp;&nbsp; *Fixing the Record Date*.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; In order that the Corporation may determine the stockholders entitled to notice of any meeting of stockholders or any adjournment thereof, the Board of Directors may fix a record date, which record date shall not precede the date upon which the resolution fixing such record date is adopted by the Board of Directors, and which record date shall not be more than 60 nor less than 10 days before the date of such meeting. If the Board of Directors so fixes a date, such date shall also be the record date for determining the stockholders entitled to vote at such meeting unless the Board of Directors determines, at the time it fixes such record date, that a later date on or before the date of the meeting shall be the date for making such determination. If no record date is fixed by the Board of Directors, the record date for determining stockholders entitled to notice of or to vote at a meeting of stockholders shall be at the close of business on the day next preceding the day on which notice is given, or, if notice is waived, at the close of business on the day next preceding the day on which the meeting is held. A determination of stockholders of record entitled to notice of or to vote at a meeting of stockholders shall apply to any adjournment of the meeting; *provided* that the Board of Directors may in its discretion or as required by law fix a new record date for determination of stockholders entitled to vote at the adjourned meeting, and in such case shall fix the same date or an earlier date as the record date for stockholders entitled to notice of such adjourned meeting.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; In order that the Corporation may determine the stockholders entitled to receive payment of any dividend or other distribution or allotment of any rights or the stockholders entitled to exercise any rights in respect of any change, conversion or exchange of stock, or for the purpose of any other lawful action, the Board of Directors may fix a record date, which record date shall not precede the date upon which the resolution fixing the record date is adopted, and which record date shall be not more than 60 days prior to such action. If no record date is fixed, the record date for determining stockholders for any such purpose shall be at the close of business on the day on which the Board of Directors adopts the resolution relating thereto.

Section 6.02.&nbsp;&nbsp;&nbsp;&nbsp; *Dividends*. Subject to limitations contained in Delaware Law and the Certificate of Incorporation, the Board of Directors may declare and pay dividends upon the shares of capital stock of the Corporation, which dividends may be paid either in cash, in property or in shares of the capital stock of the Corporation.

Section 6.03.&nbsp;&nbsp;&nbsp;&nbsp; *Year*. The fiscal year of the Corporation shall commence on January 1 and end on December 31 of each year.

Section 6.04.&nbsp;&nbsp;&nbsp;&nbsp; *Corporate Seal*. The corporate seal shall have inscribed thereon the name of the Corporation, the year of its organization and the words "Corporate Seal, Delaware." The seal may be used by causing it or a facsimile thereof to be impressed, affixed or otherwise reproduced.

Section 6.05.&nbsp;&nbsp;&nbsp;&nbsp; *Voting of Stock Owned by the Corporation*. The Board of Directors may authorize any person, on behalf of the Corporation, to attend, vote at and grant proxies to be used at any meeting of stockholders of any corporation (except this Corporation) in which the Corporation may hold stock.

Section 6.06.&nbsp;&nbsp;&nbsp;&nbsp; *Amendments*. These Bylaws may be amended by the approval of either a majority of the Board of Directors or holders of at least 66 2/3% of the shares then entitled to vote generally in the election of directors, voting together as a single class.

Section 6.07.&nbsp;&nbsp;&nbsp;&nbsp; *Stockholders Agreement*s. For so long as those certain Stockholders Agreements, each dated as of May 10, 2026, by and among the Corporation and the stockholders named therein as amended from time to time (the "**Stockholders Agreements**"), is in effect, the provisions of the Stockholders Agreements shall be incorporated by reference into the relevant provisions hereof, and such provisions shall be interpreted and applied in a manner consistent with the terms of the Stockholders Agreements.

10<br>

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## Exhibit 4.1

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**Exhibit 4.1**<br>

**** 

THESE SECURITIES HAVE NOT BEEN REGISTERED OR QUALIFIED UNDER THE SECURITIES ACT OF 1933 OR THE SECURITIES LAWS OF ANY STATE, AND MAY BE OFFERED AND SOLD ONLY IF REGISTERED AND QUALIFIED PURSUANT TO THE RELEVANT PROVISIONS OF FEDERAL AND STATE SECURITIES LAWS OR EXEMPT FROM SUCH REGISTRATION AND QUALIFICATION REQUIREMENTS.

#### WARRANT TO PURCHASE STOCK

#### OF SUNSHINE SILVER MINING & REFINING COMPANY

No. [DATE]

This certifies that, for due consideration, receipt and sufficiency of which are hereby acknowledged, <u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u> (the "**Purchaser**"), is entitled, subject to the terms and conditions set forth herein and in the Common Stock Purchase Agreement dated as of [DATE] (the "**Purchase Agreement**") by and between Sunshine Silver Mining & Refining Company, a Delaware corporation (the "**Company**"), and the Purchaser, to purchase from the Company that number of shares of the Company's Common Stock, par value $0.001 per share ("**Common Shares**"), at the purchase price per share as provided for in <u>Section 2</u>. The term "**Warrant**" as used herein shall mean this Warrant, and any warrants delivered in substitution or exchange therefor as provided herein. Capitalized terms not otherwise defined herein shall have the meaning given to them in the Purchase Agreement.

1. <u>Term of Warrant; Exercisability</u>. Subject to the terms and conditions set forth herein, this Warrant shall be exercisable, in whole or in part, during the period (the "**Exercise Period**") commencing on the date hereof and ending on the later to occur of the following, after which time this Warrant shall be null and void as of 5:00 p.m. Eastern Time on the date that is: (a) the second (2nd) anniversary of the original issue date of this Warrant as first set forth above; and (ii) six (6) months after the closing of the Company's first underwritten public offering of its Common Stock pursuant to an effective registration statement under the Securities Act of 1933, as amended. In the event that the expiration date of this Warrant shall fall on a Saturday, Sunday, and/or any United States federally recognized holiday, the expiration date for this Warrant shall be extended to 5:00 p.m. Eastern Time on the business day following such Saturday, Sunday or recognized holiday.

2. <u>Number of Shares; Exercise Price</u>. This Warrant shall be exercisable for [__] Common Shares at an exercise price of $[__] per share (the "**Exercise Price**").

3. <u>Exercise of Warrant</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Cash Exercise</u>. This Warrant may be exercised in whole or in part by the Purchaser during the Exercise Period by (i) the surrender of this Warrant to the Company, along with a duly executed Notice of Exercise in the form attached hereto marked to reflect that the Purchaser is tendering payment and specifying the number of Common Shares to be purchased, at the Company's principal office (or at such other office or agency as the Company may designate by notice in writing to the Purchaser), and (ii) the delivery of payment to the Company (by any combination of a wire transfer of immediately available funds to a bank account specified by the Company, a certified or bank cashier's check, or any other method mutually acceptable to the Company and the Purchaser) of the Exercise Price for the number of Common Shares specified in the Notice of Exercise.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Delivery of Stock</u>. This Warrant shall be deemed to have been exercised immediately prior to the close of business on the later of (i) the date of its surrender for exercise and (ii) the date the Purchaser tenders the Exercise Price, if applicable, as provided above, and the person entitled to receive the Common Shares issuable upon such exercise shall be treated for all purposes as the Purchaser of record of such shares as of the close of business on such date. As promptly as practicable on or after such date, the Company at its expense shall issue and deliver, to the person or persons entitled to receive the same, a notice of issuance of uncertificated shares (or, upon written request from the Purchaser, issue and deliver a certificate) representing the Common Shares issuable upon such exercise. In the event that this Warrant is exercised in part and the Warrant has not expired, the Company at its expense shall execute and deliver a new Warrant of like tenor exercisable for the number of remaining Common Shares for which this Warrant may then be exercised.

4. <u>Adjustment</u>. In the event that the Company (i) splits, subdivides or combines the Common Shares into a different number of securities of the same class or series, (ii) pays a stock dividend on the Common Shares, (iii) recapitalizes or reclassifies the Common Shares into the same or a different number of securities, (iv) converts or redeems all of the outstanding Common Shares in accordance with the Company's certificate of incorporation, (v) enters into a merger or consolidation in which the Common Shares are converted into other securities or property, or (v) takes any similar action with respect to the Common Shares (each, an "**Adjustment Event**"), then, without duplicating any adjustment otherwise resulting from any such Adjustment Event, the Exercise Price shall be appropriately adjusted and this Warrant shall represent the right to acquire such number and type of securities that would have been issued had the Purchaser exercised this Warrant immediately prior to such Adjustment Event, all as determined in good faith by the Board of Directors of the Company.

5. <u>No Fractional Shares</u>. No fractional Common Shares shall be issued upon the exercise of this Warrant.

6. <u>Replacement of Warrant</u>. On receipt of evidence reasonably satisfactory to the Company of the loss, theft, destruction or mutilation of this Warrant and, in the case of loss, theft or destruction, on delivery of an indemnity agreement reasonably satisfactory in form and substance to the Company or, in the case of mutilation, on surrender and cancellation of this Warrant, the Company at its expense shall execute and deliver, in lieu of this Warrant, a new warrant of like tenor and amount.

7. <u>Rights as Stockholder</u>. This Warrant shall not confer upon the Purchaser any rights as a stockholder of the Company, including without limitation the right to vote or to consent or to receive notice as a stockholder in respect of meetings of stockholder, or the right to receive dividends, unless and until this Warrant has been exercised.

8. <u>Transfer of Warrant</u>. This Warrant may not be transferred by the Purchaser except with the prior written consent of the Company.

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9. <u>Compliance with Securities Laws</u>. The Purchaser, by acceptance hereof, confirms each of the representations and warranties contained in Section 3 of the Purchase Agreement. Upon exercise of this Warrant, the Purchaser shall, if requested by the Company, confirm in writing, in a form satisfactory to the Company, each of the representations and warranties contained in Section 3 of the Purchase Agreement.

10. <u>Notices</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Whenever the Exercise Price or number of Common Shares purchasable hereunder shall be adjusted pursuant to Section 4, the Company shall issue a certificate signed by an officer of the Company setting forth, in reasonable detail, the event requiring the adjustment, the amount of the adjustment, the method by which such adjustment was calculated, and the Exercise Price and number and type of Common Shares purchasable hereunder after giving effect to such adjustment and shall cause a copy of such certificate to be mailed (by first-class mail, postage prepaid) to the Purchaser.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) In case of (i) the establishment of any record date for the Purchasers of Common Shares for the purpose of entitling them to receive any dividend or other distribution, or any right to subscribe for or purchase any shares of stock of any class or any other securities, or to receive any other right, (ii) any capital reorganization of the Company, any reclassification of the capital stock of the Company, (iii) any voluntary dissolution, liquidation or winding-up of the Company, (iv) any redemption or conversion of all outstanding Common Shares, or (v) the filing of the Company's first registration statement under the Securities Act of 1933, as amended, then, and in each such case, the Company shall deliver to the Purchaser a notice specifying, as the case may be, (x) the date on which a record is to be taken for the purpose of such dividend, distribution or right and stating the amount and character of such dividend, distribution or right, (y) the anticipated date on which such reorganization, reclassification, dissolution, liquidation, winding-up, redemption or conversion is to take place and the time, if any is to be fixed, as of which the Purchasers of record of Common Shares shall be entitled to exchange their Common Shares for securities or other property deliverable upon such reorganization, reclassification, dissolution, liquidation, winding-up, redemption or conversion, or (z) the anticipated date on which the Company expects its first registration statement to become effective. Such notice shall be given at least ten (10) days prior to the date therein specified, unless waived as provided herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) All notices required or permitted hereunder shall be given as provided in the Purchase Agreement.

11. <u>Representations and Covenants of Purchaser</u>. This Warrant has been entered into by the Company in reliance upon the representations and covenants of the Purchaser that the Purchaser makes by execution of the Purchase Agreement.

12. <u>Miscellaneous</u>. The terms of Section 6 of the Purchase Agreement are incorporated herein by this reference and made a part of this Agreement.

[Signature Page Follows]

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IN WITNESS WHEREOF, the Company has executed this Warrant as of the date first above written.

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| |
|:---|
| **COMPANY:** |
| Sunshine Silver Mining & Refining Company |
| By: |
| Name: |
| Title: |

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| | |
|:---|:---|
| **AGREED TO AND ACCEPTED BY PURCHASER:** | **AGREED TO AND ACCEPTED BY PURCHASER:** |
| By: | [__] |
| Name: | Name: |
| Title: | Title: |

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[SIGNATURE PAGE TO WARRANT]

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#### NOTICE OF EXERCISE

To: <u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u> <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) The undersigned hereby elects to purchase <u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u> Common Shares of Sunshine Silver Mining & Refining Company, pursuant to the terms of the attached Warrant, and tenders payment of the purchase price for such shares in full.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) In exercising this Warrant, the undersigned hereby confirms and acknowledges that (a) the Common Shares to be issued upon exercise are being acquired solely for the account of the undersigned for investment and not as a nominee for any other party, (b) the undersigned will not offer, sell or otherwise dispose of any such Common Shares except in full compliance with applicable federal and state securities laws, and (c) the party exercising this Warrant is an "accredited investor" within the meaning of Rule 501 of Regulation D under the Securities Act of 1933, as amended. In addition, the undersigned confirms as of the exercise of this Warrant the representations and warranties set forth in Section 3 of the Purchase Agreement, including the "lock-up" provisions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) Please issue a notice of issuance of uncertificated shares representing such Common Shares in the name of the undersigned or in such other name as is specified below:

<u><br> </u> <br> (Name)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) Please issue a new Warrant for the unexercised portion of the attached Warrant in the name of the undersigned or in such other name as is specified below:

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| | |
|:---|:---|
|  | (Name) |
| &nbsp;&nbsp;&nbsp;&nbsp;(Date) | &nbsp;&nbsp;&nbsp;&nbsp;(Signature) |

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[NOTICE OF WARRANT EXERCISE]

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## Exhibit 10.1

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**Exhibit 10.1**<br>

#### SUNSHINE SILVER MINING & REFINING COMPANY

#### AMENDED AND RESTATED

#### 2021 LONG TERM INCENTIVE PLAN
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.**&nbsp;&nbsp;&nbsp;&nbsp; ***Purpose****.* The purpose of the Sunshine Silver Mining & Refining Company Amended and Restated 2021 Long Term Incentive Plan (the "**Plan**") is to provide Employees (as defined below), Consultants (as defined below) and Directors (as defined below) of Sunshine Silver Mining & Refining Company, a Delaware corporation (the "**Company**"), or a Subsidiary (as defined below) with an additional incentive to use maximum efforts for the future success of the Company and any Subsidiary and to enhance the ability of the Company or a Subsidiary to attract, retain and motivate individuals upon whom the Company's sustained growth and financial success depend by providing such persons with an opportunity to acquire or increase their proprietary interest in the Company through receipt of rights to acquire Awards (as defined below).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.**&nbsp;&nbsp;&nbsp;&nbsp; ***Definitions****.* As used in the Plan, the following definitions shall apply to the capitalized terms indicated below:

"**Authorized Officer**" means the Chief Executive Officer, the President, or any other senior officer of the Company to whom the Chief Executive Officer or the President shall delegate the authority to execute any Award Agreement.

"**Award**" means the grant of any Option, Stock Appreciation Right, Stock Award, or Cash Award, any of which may be structured as a Performance Award, whether granted singly, in combination or in tandem, to a Participant pursuant to such applicable terms, conditions, and limitations as the Committee may establish in accordance with the objectives of the Plan.

"**Award Agreement**" means the document (in written or electronic form) communicating the terms, conditions and limitations applicable to an Award.

"**Board**" or "**Board of Directors**" means the Board of Directors of the Company.

"**Cash Award**" means an Award denominated in cash.

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"**Change of Control**" means (i) any merger or consolidation of the Company with or into any other corporation or other entity or person, or any other corporate reorganization, in which the stockholders of the Company immediately prior to such consolidation, merger or reorganization, own less than a Controlling interest in the surviving entity immediately after such consolidation, merger or reorganization; (ii) any transaction or series of related transactions in which Control of the Company is acquired by a person or group of persons acting together which would constitute a "group" for purposes of Section 13(d) of the Exchange Act or any successor provisions thereto; or (iii) a sale or other disposition of all or substantially all of the assets of the Company; provided that in no event will a Change of Control include any of the following transactions: (A) any consolidation, merger or similar transaction effected exclusively to change the domicile of the Company; (B) any transaction or series of transactions in which voting securities of the Company are issued principally for bona fide financing purposes or any indebtedness or equity securities of the Company are cancelled or converted or a combination thereof, including, without limitation, an initial public offering or other offering of the Company's capital stock; (C) any acquisition of such voting power by an individual or entity that, directly or indirectly, Controls, is Controlled by, or is under Common Control with, the Company; or (D) any transaction where Control of the Company, the surviving parent entity or the entity to which all or substantially all of the Company's assets are transferred in the transaction or series of transactions is Controlled directly or indirectly by one or more Kaplan Parties. The transfer of equity interests or assets of the Company in connection with a bankruptcy filing by or against the Company under Title 11 of the United States Code will **<u>not</u>** be considered to be a "Change of Control" for purposes of this Plan. Notwithstanding the foregoing, for purposes of any Award that constitutes "deferred compensation" (within the meaning of Section 409A of the Code), the payment of which would be accelerated or required upon a Change in Control, a transaction will not be deemed a Change in Control unless the transaction qualifies as "a change in control event" within the meaning of Section 409A of the Code and the regulations thereunder.

"**Code**" means the United States Internal Revenue Code of 1986, as amended.

"**Committee**" means the Board of Directors, or a committee of the Board of Directors appointed in accordance with Section 3 of the Plan, when acting in connection with the administration of the Plan. If the Board does not appoint a Committee, references in this Plan to the Committee shall refer to the Board.

"**Common Shares**" means the shares of Common Stock of the Company, par value $0.001.

"**Continuous Service**" unless otherwise determined by the Committee and provided in the applicable Award Agreement, means that the Participant's service with the Company or a Subsidiary, whether as an Employee, Consultant or Director, is not interrupted or terminated. The Participant's Continuous Service shall not be deemed to have terminated merely because of a change in the capacity in which the Participant renders service to the Company or a Subsidiary as an Employee or Director or Consultant or a transfer between locations of the Company or between the Company, its Subsidiaries, or their respective successors, provided that there is no interruption or termination of the Participant's service. For example, a change in status from an Employee of the Company to a Director will not constitute an interruption of Continuous Service. Notwithstanding the foregoing, a Participant's Continuous Service shall be deemed to have terminated with respect to all Incentive Stock Options granted to such Participant on such date as such Participant's Continuous Service as an Employee terminates. To the extent permitted by law and any leave of absence policy of the Company, the Committee, in its sole discretion, may determine whether Continuous Service shall be considered interrupted in the case of any leave of absence approved by that party, including sick leave, military leave or any other personal leave; *provided, however*, a Participant's Continuous Service shall not be deemed to have been terminated because of an approved leave of absence from active service with the Company or a Subsidiary on account of temporary illness, authorized vacation, or granted for reasons of professional advancement, education, health, or government service, or during military leave for any period that is required by the Uniformed Services Employment and Reemployment Rights Act of 1994, as amended ("USERRA") (if the Participant returns to active service with the Company or a Subsidiary within the period required by USERRA after termination of military leave), or during any period required to be treated as a leave of absence by virtue of any applicable and binding statute (such as the Family and Medical Leave Act of 1993, as amended), personnel policy, or employment agreement. Whether an authorized leave of absence constitutes termination of Continuous Service hereunder shall be determined by the Committee. The Committee shall determine whether any corporate transaction, such as a sale or spin-off of a division or business unit, or a joint venture, shall be deemed to result in a termination of Continuous Service. Notwithstanding the foregoing, in the case of Awards that are subject to the requirements of Section 409A of the Code, whether a termination of Continuous Service has occurred shall be determined in a manner consistent with the definition of "separation from service" under Section 409A of the Code.

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"**Consultant**" means a consultant or adviser who provides services to the Company or a Subsidiary as an independent contractor and not as an employee; provided, however, that a Consultant may become a Participant in this Plan only if the Consultant: (i) is a natural person (unless otherwise authorized by the Committee); (ii) provides bona fide services to the Company or a Subsidiary; and (iii) provides services that are not in connection with the offer or sale of the Company's securities in a capital-raising transaction and do not promote or maintain a market for the Company's securities.

"**Control**" (including its correlative meanings, the terms "Controlling," "Controlled by" and "under Common Control with") means, with respect to any person, the possession, directly or indirectly, of the power to direct or cause the direction of the management and policies of such person, whether through the beneficial ownership of voting securities, by contract or otherwise.

**"Deferred Stock Unit**" means a unit evidencing the right to receive at a future date one Common Share. Payment by the Company in respect of Deferred Stock Units may be made in the form of cash or Common Shares or a combination thereof as determined by the Committee.

"**Deferred Stock Unit Award**" means an Award in the form of Deferred Stock Units.

"**Director**" means each member of the Board of Directors of the Company.

"**Disability**" means (i) in the case of a Participant who receives an Award and whose employment arrangement with the Company or a Subsidiary is subject to the terms of an employment agreement between such Participant and the Company or Subsidiary, which employment agreement includes a definition of "Disability," the meaning set forth in such agreement for "Disability" during the period that agreement remains in effect; and (ii) in all other cases, the term "Disability" as used in the Plan or any Award Agreement shall have the meaning set forth in Section 22(e)(3) of the Code; *provided, however*, that as to any Award under the Plan that consists of deferred compensation subject to Section 409A of the Code, the definition of "Disability" shall be deemed modified to the extent necessary to comply with Section 409A of the Code.

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"**Dividend Equivalents**" means, in the case of Deferred Stock Units or Restricted Stock Units, an amount equal to all dividends and other distributions (or the economic equivalent thereof) that are payable to stockholders of record during the term of such Units, as applicable, or a like number of Common Shares.

"**Effective Date**" means May 28, 2021 (and as amended and restated on July 14, 2025).

"**Employee**" means any person, including officers, employed by the Company or a Subsidiary, and any person who is a "common law" employee of the Company or a Subsidiary under United States Internal Revenue Service Revenue Ruling 87-41 (or any successor ruling) or who is a "leased individual" of the Company or a Subsidiary as described in the definition of "Employee" in the Master Glossary to Accounting Standards Codification (ASC) 718. However, service solely as a Director, or payment of a fee for such service, shall not cause a Director to be considered an "Employee" for purposes of the Plan.

"**Exchange Act**" means the United States Securities Exchange Act of 1934, as amended.

"**Exercise Price**" means the price at which a Participant may exercise his right to receive cash or Common Shares, as applicable, under the terms of an Award.

"**Fair Market Value**" means, as of a particular date, the value of the Common Shares determined as follows: (i) if the Common Shares are traded in a public market, then the Fair Market Value per share shall be, (A) if the Common Shares are listed on a national securities exchange, the last reported sale price thereof on the relevant date (or if no Common Shares were traded on such date, the next preceding date on which the Common Shares were traded), or (B) if the Common Shares are not so listed or included, and to the extent permitted by Treasury Regulation Section 1.409A-1(b)(5)(iv)(A), the average of the last reported "bid" and "asked" prices thereof on the relevant date (or if no Common Shares were traded on such date, the next preceding date on which the Common Shares were traded) as reported on the OTC Bulletin Board; and (ii) at any time at which the Common Shares are not traded in a public market, then the Fair Market Value per share shall be determined by the Board, acting in good faith, using a reasonable application of a reasonable method taking into consideration the provisions of the Treasury Regulations promulgated under Section 409A of the Code, and such determination shall be final and binding for all purposes of the Plan.

"**Grant Date**" means the date an Award is granted to a Participant pursuant to the Plan.

"**Incentive Stock Option**" or "**ISO**" means an Option that is intended to qualify as an "incentive stock option" within the meaning of Section 422 of the Code.

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"**Kaplan Party**" means (i) Thomas S. Kaplan or Daphne Recanati Kaplan; (ii) any spouse, parent, sibling or descendant (including by adoption) of either of the persons referred to in clause (i) above; (iii) any trust created for the benefit of any of the persons described in clauses (i) or (ii) above or any trust for the benefit of such trust; or (iv) any person Controlled by one or more of the persons referred to in clauses (i), (ii) or (iii) above.

"**Non-Employee Director**" means a Director who either (i) is not a current Employee or officer of the Company or a Subsidiary and does not receive compensation directly or indirectly from the Company or a Subsidiary for services rendered as a consultant or in any capacity other than as a Director, or (ii) is otherwise considered a "non- employee director" for purposes of Rule 16b-3 promulgated under the Exchange Act.

"**Nonqualified Stock Option**" means an Option that is not intended to qualify, or otherwise does not qualify, as an "incentive stock option" within the meaning of Section 422 of the Code.

"**Option**" means either an ISO or a Nonqualified Stock Option granted under the Plan.

"**Participant**" means a person to whom an Award is granted pursuant to the Plan or, if applicable, such other person who holds an outstanding Award.

"**Performance Award**" means a Stock Award or Cash Award which may be earned in whole or in part upon attainment of performance goals or other vesting criteria as the Committee may determine and may be paid in the form of cash or Common Shares or a combination thereof as determined by the Committee.

"**Restricted Stock**" means a Common Share that is restricted or subject to forfeiture provisions.

"**Restricted Stock Award**" means an Award in the form of Restricted Stock.

"**Restricted Stock Unit**" means a unit evidencing the right to receive in specified circumstances one share of Restricted Stock. Payment by the Company in respect of Restricted Stock Units may be made in the form of cash or a Common Share or a combination thereof as determined by the Committee.

"**Restricted Stock Unit Award**" means an Award in the form of Restricted Stock Units.

"**Securities Act**" means the Securities Act of 1933, as amended.

"**Stock Appreciation Right**" or "**SAR**" means a right to receive a payment equal to the excess of the Fair Market Value of a specified number of Common Shares on the date the right is exercised over a specified Exercise Price. Payment by the Company in respect of SARs may be made in the form of cash or Common Shares or a combination thereof as determined by the Committee.

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"**Stock Award**" means an Award in the form of Common Shares, including a Deferred Stock Unit Award, a Restricted Stock Award and a Restricted Stock Unit Award, and excluding Options and SARs. Payment by the Company in respect of Stock Awards may be made in the form of cash or Common Shares or a combination thereof as determined by the Committee.

"**Subsidiary**" means a corporation that is a subsidiary corporation with respect to the Company within the meaning of Section 424(f) of the Code.

"**Ten Percent Shareholder**" means an Employee who owns (or is deemed to own pursuant to Section 424(d) of the Code) stock possessing more than ten percent (10%) of the total combined voting power of all classes of stock of the Company or of a Subsidiary.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.**&nbsp;&nbsp;&nbsp;&nbsp; ***Administration of the Plan****.* The Plan shall be administered by the Board; provided, however, that the Board may designate a Committee or Committees of the Board to administer the Plan in its stead; and provided further that, at any time that the Company has a class of equity securities registered under Section 12 of the Exchange Act, the Plan shall be administered only by the Board or a Committee which shall consist of at least two (2) or more individuals, each of whom qualifies as: (i) a "non-employee director" as defined in Rule 16b-3(b)(3) of the Exchange Act; and (ii) as "independent" for purposes of the rules of any securities exchange on which Company securities are then listed. All references in the Plan to the "Committee" shall refer to the Committee or Board, as applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(a)**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Meetings**. The Committee may hold meetings at such times and places as it may determine. Acts approved at a meeting by a majority of the members of the Committee or acts approved in writing by the unanimous consent of the members of the Committee shall be the valid acts of the Committee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(b)**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Powers of Committee**. The Committee shall have the power, subject to the express provisions of the Plan and any other legal grant of authority by the Board: (i) to determine from time to time which of the eligible persons under the Plan shall be granted Awards; when and how each Award shall be granted; what type or combinations of types of Awards shall be granted; and the provisions of each Award granted, which need not be identical; (ii) to construe and interpret the Plan and Awards granted under it, and to establish, amend and revoke rules and regulations for its administration. The Committee, in the exercise of this power, may correct any defect, omission or inconsistency in the Plan or in any Award Agreement in a manner and to the extent it shall deem necessary or expedient to make the Plan fully effective; and (iii) generally, to exercise such other powers and perform such acts as the Committee deems necessary or expedient to promote the best interests of the Company and that are not in conflict with the provisions of the Plan or any Awards.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(c)**&nbsp;&nbsp;&nbsp;&nbsp; **Exculpation**. No member of the Committee shall be personally liable for monetary damages for any action taken or any failure to take any action in connection with the administration of the Plan or the granting of Awards under the Plan, provided that this Subsection 3(c) shall not apply to: (i) any breach of such member's duty of loyalty to the Company or its stockholders; (ii) acts or omissions not in good faith or involving intentional misconduct or a knowing violation of law; and (iii) any transaction from which the member derived an improper personal benefit.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(d)**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Indemnification**. Service on the Committee shall constitute service as a member of the Board of the Company. Each member of the Committee shall be entitled without further action on such person's part to indemnity from the Company to the fullest extent provided by applicable law and the Company's Memorandum of Association and/or Bye-laws in connection with or arising out of any action, suit or proceeding with respect to the administration of the Plan or the granting of Awards thereunder in which such person may be involved by reason of such person's being or having been a member of the Committee, whether or not such person continues to be a member of the Committee at the time of the action, suit or proceeding.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(e)**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Effect of Committee Action**. The Committee's determinations under the Plan (including, without limitation, determinations of the persons to receive Awards, the form, amount and timing of such Awards, the terms and provisions of such Awards and the Award Agreements evidencing same) shall be made in its discretion and need not be uniform and may be made by it selectively among persons who receive, or are eligible to receive, Awards under the Plan, whether or not such persons are similarly situated. All determinations and interpretations made by the Committee shall be final, binding and conclusive on all persons, including without limitation, all Participants and persons claiming rights from or through a Participant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(f)**&nbsp;&nbsp;&nbsp;&nbsp; **Delegation**. The Committee and the Board, as applicable, may delegate, in writing, to an Authorized Officer authority to execute on behalf of the Company any Award Agreement. The Committee and the Board, as applicable, also may: (i) delegate the authority to officers or employees of the Company or a Subsidiary; or (ii) engage or authorize the engagement of a third party administrator to carry out administrative functions under the Plan. Any such delegation hereunder shall only be made to the extent permitted by applicable law. The Committee and Board's delegation, as applicable, may be revoked or modified at any time. Any such delegation must be consistent with applicable law and shall be subject to such restrictions or limitations as may be imposed by the Committee or Board, as applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.**&nbsp;&nbsp;&nbsp;&nbsp; ***Common Shares Subject to Plan****.* Subject to adjustment as provided in Section 9, the total number of Common Shares that may be issued pursuant to Awards shall not exceed, in the aggregate, ten percent (10%) of the issued and outstanding Common Shares as of the date of grant of any such Award. The Common Shares shall be issued from authorized and unissued or reacquired Common Shares, including Common Shares repurchased by the Company. If an Award shall for any reason expire or otherwise terminate without having been exercised in full for any reason, or if all or any portion of the Common Shares subject to an Award shall be forfeited for any reason, the Common Shares subject to such unexercised or forfeited Award shall revert to the Plan, and may again become available for the grant of one or more Awards under the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(a)**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Subject to adjustment as provided in Section 9, the maximum number of Common Shares that may be issued as Incentive Stock Option Awards under the Plan shall be 3,000,000.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(b)**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Board and the appropriate officers of the Company shall from time to time take whatever actions are necessary to file any required documents with governmental authorities, stock exchanges and transaction reporting systems to ensure that Common Shares are available for issuance pursuant to Awards.

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No Awards shall be granted under the Plan following the tenth anniversary of the Effective Date; *provided*, *however*, that all Awards granted under the Plan prior to such date shall remain in effect until: (i) in the case of Options or SARs, such Options or SARs have been exercised or terminated in accordance with the Plan and the terms of such Awards, (ii) in the case of Stock Awards, the Common Shares subject to such Award have been issued and/or cash paid or, in the case of issued shares subject to any restrictions, are no longer subject to any restrictions (including, without limitation, any risk of forfeiture) or have been returned to the Company in accordance with the Plan and the terms of the applicable Award Agreement, or the Stock Award has been forfeited or terminated, as applicable; or (iii) in the case of Cash Awards, the amounts subject to such Award have been paid or the Cash Award has been forfeited or terminated, as applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.**&nbsp;&nbsp;&nbsp;&nbsp; ***Eligibility for Employees****.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(a)**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Eligibility for Grant of Awards**. Employees shall be eligible to receive Awards at the sole discretion of the Committee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(b)**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Ten Percent Shareholders**. A Ten Percent Shareholder shall not be granted an ISO unless the exercise price of such Option is at least 110% of the Fair Market Value of the Common Shares on the Grant Date and the Option is not exercisable after the expiration of five (5) years from the Grant Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.**&nbsp;&nbsp;&nbsp;&nbsp; ***Consultants and Non-Employee Director Grants Under the Plan***. Notwithstanding any provision of the Plan to the contrary, each Non-Employee Director of the Company and Consultant to the Company shall be eligible to be granted Awards under the Plan, other than ISOs, at the discretion of the Board.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ***Award Agreements and Terms***. The Committee shall determine the type or types of Awards to be made under the Plan and shall designate from time to time the Participants who are to be the recipients of such Awards. Each Award shall be embodied in an Award Agreement, which shall contain such terms, conditions and limitations as shall be determined by the Committee, in its sole discretion, and, if required by the Committee, shall be signed by the Participant to whom the Award is granted and by an Authorized Officer for and on behalf of the Company. Awards may be granted singly, in combination, or in tandem. Awards may also be made in combination or in tandem with, in replacement of, or as alternatives to, grants or rights under the Plan or any other plan of the Company or any of its Subsidiaries, including the plan of any acquired entity. All or part of an Award may be subject to conditions established by the Committee. Upon the termination of service by a Participant, any unexercised, unvested or unpaid Awards shall be treated as set forth in the applicable Award Agreement or in any other written agreement the Company has entered into with the Participant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(a)**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Options***.* Each Option granted under the Plan shall be a Nonqualified Stock Option, unless the Option is specifically designated at the time of grant to be an ISO. If any Option designated as an ISO is determined for any reason not to qualify as an incentive stock option within the meaning of Section 422 of the Code, such Option shall be treated as a Nonqualified Stock Option for all purposes under the provisions of the Plan. Each Option granted pursuant to the Plan shall be evidenced by an Award Agreement in such form as the Committee shall from time to time approve, which Award Agreement shall comply with and be subject to the following terms and conditions and such other terms and conditions as the Committee shall from time to time require that are not inconsistent with the terms of the Plan. The exercise period for an Option shall extend no more than ten (10) years after the Grant Date, except that the exercise period for an ISO that is granted to a Ten Percent Shareholder shall be no more than five (5) years. Options may not include provisions that "reload" the Option upon exercise.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(i)**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Exercise Price**. Each Award Agreement shall state the Exercise Price applicable to the Option granted therein. Subject to the provisions of Section 5(b) with respect to a Ten Percent Shareholder granted an ISO, the Exercise Price of any Option, whether a Nonqualified Stock Option or an ISO, shall in no event ever be less than 100% of the Fair Market Value of the Common Shares subject to the Option on the Grant Date. Notwithstanding the foregoing, an Option may be granted with an Exercise Price lower than that set forth in the preceding sentence if such Option is granted pursuant to an assumption or substitution for another option in a manner satisfying the provisions of Section 424(a) of the Code.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(ii)**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Exercise**. No Option shall be deemed to have been exercised prior to the receipt by the Company of written notice of such exercise and of payment in full of the Exercise Price for the Common Shares to be purchased. Each such notice shall specify the number of Common Shares to be purchased.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(iii)**&nbsp;&nbsp;&nbsp;&nbsp; **Method of Payment**. The purchase price of Common Shares acquired pursuant to the exercise of an Option shall be paid, to the extent permitted by applicable law and as determined by the Committee in its sole discretion, by one or more of the following methods. The Committee shall have authority to grant Options that do not entitle the Participant to use all methods or that require prior written consent of the Company to use certain of the methods. The methods of payment of the Exercise Price are: (1) cash or check payable to the order of the Company; (2) by delivery to the Company of other Common Shares which, unless otherwise determined by the Committee, have been held for more than six (6) months; (3) by a "net exercise" arrangement pursuant to which the Company will reduce the number of Common Shares issued upon exercise by the largest whole number of the Common Shares with a Fair Market Value that does not exceed the Exercise Price; provided, however, that the Company shall accept cash or other payment from the Participant to the extent of any remaining balance of the aggregate Exercise Price not so satisfied, provided further that the Common Shares will no longer be outstanding under an Option and will not be exercisable thereafter to the extent so applied or withheld to satisfy tax withholding obligations pursuant to Section 16 below; or (4) any other form of legal consideration or combinations thereof that may be acceptable to the Committee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(iv)**&nbsp;&nbsp;&nbsp;&nbsp; **Limitation on ISO Grants**. To the extent that the aggregate Fair Market Value of the Common Shares (determined at the time the ISO is granted) with respect to which Incentive Stock Options are exercisable for the first time by a Participant during any calendar year under all incentive stock option plans of the Company or its Subsidiaries in which such Participant has been granted ISOs exceeds $100,000 or such other limitation as then may be imposed by Section 422(d) of the Code, the Options or portions thereof that exceed such limit (according to the order in which they were granted) shall be treated as Nonqualified Stock Options, notwithstanding any contrary provision of the applicable Award Agreement.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(b)**&nbsp;&nbsp;&nbsp;&nbsp; **Stock Appreciation Rights**. An Award may be in the form of a SAR. The Exercise Price for a SAR shall not be less than the Fair Market Value of the Common Shares on the Grant Date. The holder of a SAR that is in tandem with an Option may elect to exercise either the Option or the SAR, but not both. The exercise period for a SAR shall extend no more than ten (10) years after the Grant Date. SARs may not include provisions that "reload" the SAR upon exercise. Subject to the foregoing provisions, the terms, conditions, and limitations applicable to any SAR, including, but not limited to, the term of any SAR and the date or dates upon which the SAR becomes vested and exercisable, shall be determined by the Committee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(c)**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Stock Awards**. An Award may be in the form of a Stock Award. The terms, conditions and limitations applicable to any Stock Award, including, but not limited to, vesting or other restrictions, shall be determined by the Committee, and subject to the applicable requirements described herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(d)**&nbsp;&nbsp;&nbsp;&nbsp; **Cash Awards**. An Award may be in the form of a Cash Award. The terms, conditions and limitations applicable to a Cash Award, including, but not limited to, vesting or other restrictions, shall be determined by the Committee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(e)**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Performance Awards**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(i)**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Designation as a Performance Award**. The Committee shall have the right to designate any Award of Options, Stock Appreciation Rights, Stock Awards or Cash Awards as a Performance Award.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(ii)**&nbsp;&nbsp;&nbsp;&nbsp; **Performance Measures**. The Committee may establish performance measures for purposes of grants of Performance Awards. Subject to the terms of this Plan, each of these measures shall be defined by the Committee on a consolidated, group or division basis, on an absolute or relative basis or in comparison to one or more peer group companies or indices. The amount of cash or shares payable or vested pursuant to Performance Awards may be adjusted upward or downward, either on a formula or discretionary basis or any combination, as the Committee determines. Subject to the foregoing provisions, the terms, conditions and limitations applicable to any Performance Awards made pursuant to the Plan shall be determined by the Committee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.**&nbsp;&nbsp;&nbsp;&nbsp; ***Change of Control***.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(a)**&nbsp;&nbsp;&nbsp;&nbsp; **Options and SARs**. Unless otherwise provided in an applicable Award Agreement, upon the consummation of a Change of Control where Options or SARs are not continued, assumed or substituted by the Company (or surviving corporation or ultimate parent corporation in a Change of Control transaction), the Committee may, in its sole discretion, (i) provide for full or partial vesting of any outstanding Option or SAR, or (ii) determine that any or all outstanding Options or SARs granted under the Plan, whether or not exercisable, will be canceled and terminated and that in connection with such cancellation and termination the holder of such Option or SAR may receive for each Common Share subject to such Option or SAR cash payment (or the delivery of shares of stock, other securities or a combination of cash, stock and securities equivalent to such cash payment) equal to the difference, if any, between the consideration received by stockholders of the Company in respect of a Common Share in connection with such transaction and the Exercise Price multiplied by the number of Common Shares subject to such Award; provided that if such product is zero or less or to the extent that the Option or SAR is not then exercisable, the Option or SAR will be canceled and terminated without payment therefor.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(b)**&nbsp;&nbsp;&nbsp;&nbsp; **Stock Awards**. The Committee shall have the discretion to provide in each Award Agreement relating to Stock Awards the terms and conditions that relate to the lapse of any restrictions on the Common Shares subject thereto, including without limitation any risk of forfeiture, in the event of a Change of Control, which terms and conditions may vary in each such Award Agreement. The Committee may provide for lapse of restrictions on any Common Shares subject to a Stock Award prior to a Change of Control in the applicable Award Agreement or by unilateral amendment to any such Award Agreement after the grant of any such award.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(c)**&nbsp;&nbsp;&nbsp;&nbsp; **Consent Not Required**. Nothing in this Section 8 or any other provision of this Plan is intended to provide any Participant with any right to consent to or object to any transaction that might result in a Change of Control and each provision of this Plan shall be interpreted in a manner consistent with this intent. Similarly, nothing in this Section 8 or any other provision of this Plan is intended to provide any Participant with any right to consent to or object to any action taken by the Board pursuant to this Section 8.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.**&nbsp;&nbsp;&nbsp;&nbsp; ***Adjustments***.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(a)**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The existence of outstanding Awards shall not affect in any manner the right or power of the Company or its stockholders to make or authorize any or all adjustments, recapitalizations, reorganizations or other changes in the capital stock of the Company or its business or any merger or consolidation of the Company, or any issue of bonds, debentures, preferred or prior preference stock (whether or not such issue is prior to, on a parity with or junior to the Common Shares) or the dissolution or liquidation of the Company, or any sale or transfer of all or any part of its assets or business, or any other corporate act or proceeding of any kind, whether or not of a character similar to that of the acts or proceedings enumerated above.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(b)**&nbsp;&nbsp;&nbsp;&nbsp; In the event of any subdivision or consolidation of outstanding Common Shares, declaration of a dividend payable in Common Shares or other stock split, then (i) the Common Shares reserved under the Plan and the number of Common Shares available for issuance pursuant to specific types of Awards as described in Section 4, (ii) the number of Common Shares covered by outstanding Awards, (iii) the Exercise Price or other price in respect of such Awards, (iv) the appropriate Fair Market Value and other price determinations for such Awards and (v) any limitations contained within the Plan shall each be proportionately adjusted by the Committee as appropriate to reflect such transaction. In the event of any other recapitalization or capital reorganization of the Company, any consolidation or merger of the Company with another corporation or entity, the adoption by the Company of any plan of exchange affecting the Common Shares or any distribution to holders of Common Shares of securities or property (other than normal cash dividends or dividends payable in Common Shares), the Committee shall make appropriate adjustments to (1) the number of Common Shares reserved under the Plan and the number of Common Shares available for issuance pursuant to specific types of Awards as described in Section 4, (2) the number of Common Shares covered by outstanding Awards, (3) the Exercise Price or other price in respect of such Awards, (4) the appropriate Fair Market Value and other price determinations for such Awards and (5) any limitations contained within the Plan; provided that such adjustments shall only be such as are necessary to maintain the proportionate interest of the holders of the Awards and preserve, without exceeding, the value of such Awards.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(c)**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; In the event of a corporate merger, consolidation, acquisition of property or stock, separation, reorganization or liquidation, the Committee may make such adjustments to Awards or other provisions for the disposition of Awards as it deems equitable, and shall be authorized, in its discretion, to (i) provide for the substitution of a new Award or other arrangement (which, if applicable, may be exercisable for such property or stock as the Committee determines) for an Award or the assumption of the Award (and for awards not granted under the Plan), regardless of whether in a transaction to which Code Section 424(a) applies, (ii) provide, prior to the transaction, for the acceleration of the vesting and exercisability of, or lapse of restrictions with respect to, the Award and, if the transaction is a cash merger, provide for the termination of any portion of the Award that remains unexercised at the time of such transaction, (iii) provide for the acceleration of the vesting and exercisability of an Award and the cancellation thereof in exchange for such payment as the Committee, in its sole discretion, determines is a reasonable approximation of the value thereof, (iv) cancel any Awards and direct the Company to deliver to the Participants who are the holders of such Awards cash in an amount that the Committee shall determine in its sole discretion is equal to the Fair Market Value of such Awards as of the date of such event, which, in the case of any Option or SAR, shall be the amount equal to the excess of the Fair Market Value of a share as of such date over the Exercise Price for such Option or SAR (for the avoidance of doubt, if such exercise price is less than such Fair Market Value, the Option or SAR may be canceled for no consideration), or (v) cancel Awards that are Options or SARs and give the Participants who are the holders of such Awards notice and opportunity to exercise prior to such cancellation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(d)**&nbsp;&nbsp;&nbsp;&nbsp; No adjustment authorized by this Section 9 shall be made in such manner that would result in the Plan or any amounts or benefits payable hereunder to fail to comply with or be exempt from Section 409A (or in the case of an ISO, Section 422), and any such adjustment that may reasonably be expected to result in such failure shall be of no force or effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.**&nbsp;&nbsp;&nbsp;&nbsp; ***Clawback for Misconduct or Restatement****.* In the event of misconduct by a Participant which results in material harm to the Company or if any of the Company's financial statements are restated as a result of errors, omissions, or fraud, the Board may (in its sole discretion, but acting in good faith) direct that the Company recover all or a portion of any such Award made to any, all or any class of Participant to the extent that the Participant benefited from such misconduct, errors, omissions, or fraud. The Board shall determine whether the Company shall effect any such recovery (i) by seeking repayment from the Participant, (ii) by reducing (subject to applicable law and the terms and conditions of the applicable plan, program or arrangement) the amount that would otherwise be payable to the Participant under any compensatory plan, program or arrangement maintained by the Company or a Subsidiary, (iii) by withholding payment of future increases in compensation (including the payment of any discretionary bonus amount) or grants of compensatory awards that would otherwise have been made in accordance with the Company's otherwise applicable compensation practices, or (iv) by any combination of the foregoing or otherwise. By accepting an Award, each Participant agrees to be bound by, and comply with, the terms of any such recovery or clawback provisions and with any Company request or demand for recovery or clawback.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11.**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ***Award Payment; Dividends and Dividend Equivalents***.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(a)**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **General**. Payment of Awards may be made in the form of cash or Common Shares, or a combination thereof, and may include such restrictions as the Committee shall determine, including, but not limited to, in the case of Common Shares, restrictions on transfer and forfeiture provisions. For a Restricted Stock Award, the certificates evidencing the Common Shares (to the extent that such Common Shares are so evidenced) shall contain appropriate legends and restrictions that describe the terms and conditions of the restrictions applicable thereto. For a Restricted Stock Unit Award that may be settled in Common Shares, the Common Shares that may be issued at the end of the vesting period shall be evidenced by book entry registration or in such other manner as the Committee may determine.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(b) Dividends and Dividend Equivalents**. Rights to dividends and Dividend Equivalents may be extended to and made part of any Stock Awards, subject in each case to such terms, conditions and restrictions as the Committee may establish; provided, however, that no such dividends or Dividend Equivalents shall be paid with respect to unvested Stock Awards, including Stock Awards subject to performance goals. Dividends and/or Dividend Equivalents shall not be made part of any Options or SARs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**12.**&nbsp;&nbsp;&nbsp;&nbsp; ***Amendment****.* Subject to the provisions of the Plan, the Committee shall have the right to amend Award Agreements issued to a Participant, subject to the Participant's consent if such amendment is not favorable to the Participant, except that the consent of the Participant shall not be required for any amendment made pursuant to Sections 8 and 9 of the Plan, as applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**13.**&nbsp;&nbsp;&nbsp;&nbsp; ***Assignability****.* Unless otherwise determined by the Committee and expressly provided for in an Award Agreement, no Award or any other benefit under the Plan shall be assignable or otherwise transferable except (i) by will or the laws of descent and distribution or (ii) pursuant to a domestic relations order issued by a court of competent jurisdiction that is not contrary to the terms and conditions of the Plan or applicable Award and in a form acceptable to the Committee. The Committee may prescribe and include in applicable Award Agreements other restrictions on transfer. Any attempted assignment of an Award or any other benefit under the Plan in violation of this Section 13 shall be null and void. Notwithstanding the foregoing, no Award may be transferred for value or consideration.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**14.**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ***No Commitment to Retain****.* The grant of an Award pursuant to the Plan shall not be construed to imply or to constitute evidence of any agreement, express or implied, on the part of the Company or any Subsidiary to retain the Participant in the employ or service of the Company or a Subsidiary and/or as a member of the Board or in any other capacity, or interfere in any way with the right of the Company or a Subsidiary to terminate the services of a Participant.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**15.**&nbsp;&nbsp;&nbsp;&nbsp; ***Securities Law Restrictions; Section 16****.* Unless the Common Shares received pursuant to an Award are covered by a then current registration statement or a notification under Regulation A under the Securities Act, each Award Agreement shall contain the Participant's acknowledgment in form and substance satisfactory to the Company that: (i) such Common Shares are being purchased for investment and not for distribution or resale (other than a distribution or resale which, in the opinion of counsel satisfactory to the Company, may be made without violating the registration provisions of the Securities Act); (ii) the Participant has been advised and understands that (A) the Common Shares have not been registered under the Securities Act and are "restricted securities" within the meaning of Rule 144 under the Securities Act and are subject to restrictions on transfer, and (B) the Company is under no obligation to register the Common Shares under the Securities Act or to take any action which would make available to the Participant any exemption from such registration; (iii) such Common Shares may not be transferred without compliance with all applicable federal and state securities laws and any other restrictions contained in the Plan and the applicable Award Agreement; and (iv) an appropriate legend referring to the foregoing restrictions on transfer and any other restrictions imposed under the Award Agreement may be endorsed on the certificates. Notwithstanding the foregoing, if the Company determines that issuance of Common Shares should be delayed pending (1) registration under federal or state securities laws, (2) the receipt of an opinion of counsel satisfactory to the Company that an appropriate exemption from such registration is available, (3) the listing or inclusion of the Common Shares on any securities exchange or an automated quotation system, or (4) the consent or approval of any governmental regulatory body whose consent or approval is necessary in connection with the issuance of such Common Shares, the Company may defer issuance of any Common Shares under an Award Agreement granted hereunder until any of the events described in this sentence has occurred. The Plan is intended to enable transactions under the Plan with respect to persons subject to Section 16 of the Exchange Act to satisfy the conditions of Rule 16b- 3 under the Exchange Act or its successors at any time that the Company has a class of equity securities registered under Section 12 of the Exchange Act. To the extent that any provision of the Plan would cause a conflict with such conditions or would cause the administration of the Plan to fail to satisfy the conditions of Rule 16b-3 at any time that the Company has a class of equity securities registered under Section 12 of the Exchange Act, such provision shall be deemed null and void to the extent permitted by applicable law. The Committee may establish and adopt written administrative guidelines, designed to facilitate compliance with Section 16 of the Exchange Act, as it may deem necessary or proper for the administration and operation of the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**16.**&nbsp;&nbsp;&nbsp;&nbsp; ***Withholding of Taxes****.* The Company shall have the power to withhold (or cause the administrative employer to withhold, if applicable), or require a Participant to remit to the Company (or to the administrative employer, if applicable), up to the maximum amount necessary to satisfy federal, state, local, and other withholding tax requirements in the applicable jurisdiction on any Award under the Plan. The Company shall have discretion to determine the withholding amount, or the Company may (but is not required to) permit a Participant to elect the withholding amount, within permissible limits as it deems appropriate, but in no event will such withholding amount be less than the minimum or more than the maximum amount necessary to satisfy federal, state, local, and other tax withholding requirements in the applicable jurisdiction on any Award under the Plan. To the extent that alternative methods of withholding are available under applicable tax laws, the Company shall have the power to choose among such methods and to take such other action as may be necessary in the opinion of the Company to satisfy all obligations for withholding of such taxes, including, without limitation, allowing the Participant to use Common Shares already owned by the holder of an Award to satisfy his or her withholding obligation. If Common Shares are used to satisfy tax withholding, such shares shall be valued based on the Fair Market Value when the tax withholding is required to be made.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**17.**&nbsp;&nbsp;&nbsp;&nbsp; ***Shareholder Rights****.* No Participant shall be deemed to be the holder of, or to have any of the rights of a holder with respect to any Common Shares subject to an Award unless and until such Participant has satisfied all requirements applicable to such Award, in accordance with the terms of the Plan and the applicable Award Agreement.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**18.**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ***Compliance with Laws****.* The obligation of the Company to make payment of Awards in Common Shares or otherwise shall be subject to all applicable laws, rules, and regulations, and to such approvals by government agencies as may be required. The Company shall be under no obligation to register or qualify pursuant to the Securities Act, or other comparable laws, any of the Common Shares issued pursuant to the Plan. If the Common Shares issued pursuant to the Plan may in certain circumstances be exempt from registration or qualification pursuant to the Securities Act or other comparable laws, the Company may restrict the transfer of such shares in such manner as it deems advisable to ensure the availability of any such exemption.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**19.**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ***Code Section 409A***.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(a)**&nbsp;&nbsp;&nbsp;&nbsp; Awards made under the Plan are intended to comply with or be exempt from Code Section 409A, and ambiguous provisions hereof, if any, shall be construed and interpreted in a manner consistent with such intent. No payment, benefit or consideration shall be substituted for an Award if such action would result in the imposition of taxes under Code Section 409A. Notwithstanding anything in the Plan to the contrary, if any Plan provision or Award under the Plan would result in the imposition of an additional tax under Code Section 409A, that Plan provision or Award shall be reformed, to the extent permissible under Code Section 409A, to avoid imposition of the additional tax, and no such action shall be deemed to adversely affect the Participant's rights to an Award. Notwithstanding the foregoing, the Company makes no representations that the Plan or any Award shall be exempt from or comply with Section 409A and makes no undertaking to preclude Section 409A from applying to the Award or the Plan. Unless otherwise provided in a separate agreement with a Participant, if any Award fails to meet the requirements of Section 409A, neither the Company nor any of its Subsidiaries shall have any liability for any tax, penalty or interest imposed on any Participant under Section 409A, and the Participant shall have no recourse against the Company or any of its Subsidiaries for payment of any such tax, penalty or interest imposed by Section 409A.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(b)**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unless the Committee provides otherwise in an Award Agreement, each Stock Award or Cash Award (or portion thereof if the Award is subject to a vesting schedule) shall be settled within sixty (60) days of the amount becoming fixed and determinable and the Award (or such portion thereof) is no longer subject to a "substantial risk of forfeiture" within the meaning of Code Section 409A. If the Committee determines that a Stock Award or a Cash Award is intended to be subject to Code Section 409A, the applicable Award Agreement shall include terms that are designed to satisfy the requirements of Code Section 409A.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(c)**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; If the Participant is identified by the Company as a "specified employee" within the meaning of Code Section 409A(a)(2)(B)(i) on the date on which the Participant incurs a "separation from service" (other than due to death) within the meaning of Treasury Regulation § 1.409A-1(h) (applying the default rules of Treasury Regulation § 1.409A-1(h)), any Award payable or settled on account of a separation from service that is deferred compensation subject to Code Section 409A shall be paid or settled on the earliest of (i) the first business day of the seventh (7th) month following the Participant's separation from service, (ii) the date of the Participant's death (or within ninety (90) days thereafter), or (iii) such earlier date as complies with the requirements of Code Section 409A.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(d)**&nbsp;&nbsp;&nbsp;&nbsp; Under no circumstances may the time or schedule of any payment for any Award that is subject to the requirements of Code Section 409A be accelerated or subject to further deferral except as otherwise permitted or required pursuant to regulations and other guidance issued pursuant to Code Section 409A. If the Company fails to make any payment pursuant to the payment provisions applicable to an Award that is subject to Code Section 409A, either intentionally or unintentionally, within the time period specified in such provisions, but the payment is made within the same calendar year, such payment will be treated as made within the time period specified in the provisions. In addition, in the event of a dispute with respect to any payment, such payment may be delayed in accordance with the regulations and other guidance issued pursuant to Code Section 409A.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**20.**&nbsp;&nbsp;&nbsp;&nbsp; ***Amendment or Termination of the Plan****.* The Board may amend, suspend or terminate the Plan, but no such amendment or termination shall be made which would adversely affect any outstanding Awards without the written consent of the affected Participants. In addition, to the extent necessary to comply with Section 422 of the Code, Code Section 409A or any other applicable law or regulation, including the requirements of any stock exchange or national market system upon which the Common Shares are then listed, the Company shall obtain stockholder approval of any Plan amendment or termination.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**21.**&nbsp;&nbsp;&nbsp;&nbsp; ***Effective Date****.* The Plan was originally adopted as of the Effective Date and approved by stockholders on May 28, 2021. The amendments to the Plan made under this amendment and restatement will become effective on July 14, 2025; provided, however, that no Incentive Stock Options shall be granted under the Plan following the Effective Date unless this Plan is approved by the Company's stockholders within one (1) year following the Effective Date in accordance with Treasury Regulation Section 1.422-2(b).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**22.**&nbsp;&nbsp;&nbsp;&nbsp; ***Choice of Law****.* The Plan and the Awards granted under the Plan shall be governed by and construed in accordance with the Laws of the State of Delaware, without reference to the principles of conflict of laws thereof. Any titles and headings herein are for reference purposes only, and shall in no way limit, define or otherwise affect the meaning, construction or interpretation of any provisions of the Plan.

AMENDMENT AND RESTATEMENT APPROVED BY THE BOARD OF DIRECTORS ON JULY 14, 2025 AND THE STOCKHOLDERS ON JULY 14, 2025.

16<br>

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## Exhibit 10.2

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#### Exhibit 10.2<br>

#### SUNSHINE SILVER MINING & REFINING COMPANY

#### AMENDED AND RESTATED

#### 2021 LONG TERM INCENTIVE PLAN
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.**&nbsp;&nbsp;&nbsp;&nbsp; ***Purpose****.* The purpose of the Sunshine Silver Mining & Refining Company Amended and Restated 2021 Long Term Incentive Plan (the "**Plan**") is to provide Employees (as defined below), Consultants (as defined below) and Directors (as defined below) of Sunshine Silver Mining & Refining Company, a Delaware corporation (or any successor thereto, the "**Company**"), or a Subsidiary (as defined below) with an additional incentive to use maximum efforts for the future success of the Company and any Subsidiary and to enhance the ability of the Company or a Subsidiary to attract, retain and motivate individuals upon whom the Company's sustained growth and financial success depend by providing such persons with an opportunity to acquire or increase their proprietary interest in the Company through receipt of rights to acquire Awards (as defined below).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.**&nbsp;&nbsp;&nbsp;&nbsp; ***Definitions****.* As used in the Plan, the following definitions shall apply to the capitalized terms indicated below:

"**Authorized Officer**" means the Chief Executive Officer, the President, or any other senior officer of the Company to whom the Chief Executive Officer or the President shall delegate the authority to execute any Award Agreement.

"**Award**" means the grant of any Option, Stock Appreciation Right, Stock Award, or Cash Award, any of which may be structured as a Performance Award, whether granted singly, in combination or in tandem, to a Participant pursuant to such applicable terms, conditions, and limitations as the Committee may establish in accordance with the objectives of the Plan.

"**Award Agreement**" means the document (in written or electronic form) communicating the terms, conditions and limitations applicable to an Award.

"**Board**" or "**Board of Directors**" means the Board of Directors of the Company.

"**Cash Award**" means an Award denominated in cash.

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"**Change of Control**" means consummation of (i) any merger or consolidation of the Company with or into any other corporation or other entity or person, or any other corporate reorganization, in which the stockholders of the Company immediately prior to such consolidation, merger or reorganization, own less than a majority of the aggregate voting power represented by the issued and outstanding voting securities in the surviving entity immediately after such consolidation, merger or reorganization; (ii) any transaction or series of related transactions in which a person or group of persons acting together which would constitute a "group" for purposes of Section 13(d) of the Exchange Act or any successor provisions thereto acquires greater than a majority of the aggregate ordinary voting power represented by the issued and outstanding voting securities of the Company; or (iii) a sale or other disposition of all or substantially all of the assets of the Company; provided that in no event will a Change of Control include any of the following transactions: (A) any consolidation, merger or similar transaction effected exclusively to change the domicile of the Company; (B) any transaction or series of transactions in which voting securities of the Company are issued principally for bona fide financing purposes or any indebtedness or equity securities of the Company are cancelled or converted or a combination thereof, including, without limitation, an initial public offering or other offering of the Company's capital stock; (C) any acquisition of such voting power by an individual or entity that, directly or indirectly, Controls, is Controlled by, or is under Common Control with, the Company; or (D) any transaction where a majority of the aggregate voting power represented by the issued and outstanding voting securities of the Company, the surviving parent entity or the entity to which all or substantially all of the Company's assets are transferred in the transaction or series of transactions is Controlled directly or indirectly by one or more Kaplan Parties. The transfer of equity interests or assets of the Company in connection with a bankruptcy filing by or against the Company under Title 11 of the United States Code will **<u>not</u>** be considered to be a "Change of Control" for purposes of this Plan. Notwithstanding the foregoing, for purposes of any Award that constitutes "deferred compensation" (within the meaning of Section 409A of the Code), the payment of which would be accelerated or required upon a Change in Control, a transaction will not be deemed a Change in Control unless the transaction qualifies as "a change in control event" within the meaning of Section 409A of the Code and the regulations thereunder.

"**Code**" means the United States Internal Revenue Code of 1986, as amended.

"**Committee**" means the Board of Directors, or a committee of the Board of Directors appointed in accordance with Section 3 of the Plan, when acting in connection with the administration of the Plan. If the Board does not appoint a Committee, references in this Plan to the Committee shall refer to the Board.

"**Common Shares**" means the shares of Common Stock of the Company, par value $0.001 (and any stock or other securities into which such shares of Common Stock may be converted or into which they may be exchanged).

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"**Continuous Service**" unless otherwise determined by the Committee and provided in the applicable Award Agreement, means that the Participant's service with the Company or a Subsidiary, whether as an Employee, Consultant or Director, is not interrupted or terminated. The Participant's Continuous Service shall not be deemed to have terminated merely because of a change in the capacity in which the Participant renders service to the Company or a Subsidiary as an Employee or Director or Consultant or a transfer between locations of the Company or between the Company, its Subsidiaries, or their respective successors, provided that there is no interruption or termination of the Participant's service. For example, a change in status from an Employee of the Company to a Director will not constitute an interruption of Continuous Service. Notwithstanding the foregoing, a Participant's Continuous Service shall be deemed to have terminated with respect to all Incentive Stock Options granted to such Participant on such date as such Participant's Continuous Service as an Employee terminates. To the extent permitted by law and any leave of absence policy of the Company, the Committee, in its sole discretion, may determine whether Continuous Service shall be considered interrupted in the case of any leave of absence approved by that party, including sick leave, military leave or any other personal leave; *provided, however*, a Participant's Continuous Service shall not be deemed to have been terminated because of an approved leave of absence from active service with the Company or a Subsidiary on account of temporary illness, authorized vacation, or granted for reasons of professional advancement, education, health, or government service, or during military leave for any period that is required by the Uniformed Services Employment and Reemployment Rights Act of 1994, as amended ("USERRA") (if the Participant returns to active service with the Company or a Subsidiary within the period required by USERRA after termination of military leave), or during any period required to be treated as a leave of absence by virtue of any applicable and binding statute (such as the Family and Medical Leave Act of 1993, as amended), personnel policy, or employment agreement. Whether an authorized leave of absence constitutes termination of Continuous Service hereunder shall be determined by the Committee. The Committee shall determine whether any corporate transaction, such as a sale or spin-off of a division or business unit, or a joint venture, shall be deemed to result in a termination of Continuous Service. Notwithstanding the foregoing, in the case of Awards that are subject to the requirements of Section 409A of the Code, whether a termination of Continuous Service has occurred shall be determined in a manner consistent with the definition of "separation from service" under Section 409A of the Code.

"**Consultant**" means a consultant or adviser who provides services to the Company or a Subsidiary as an independent contractor and not as an employee; provided, however, that a Consultant may become a Participant in this Plan only if the Consultant: (i) is a natural person (unless otherwise authorized by the Committee); (ii) provides bona fide services to the Company or a Subsidiary; and (iii) provides services that are not in connection with the offer or sale of the Company's securities in a capital-raising transaction and do not promote or maintain a market for the Company's securities.

"**Control**" (including its correlative meanings, the terms "Controlling," "Controlled by" and "under Common Control with") means, with respect to any person, the possession, directly or indirectly, of the power to direct or cause the direction of the management and policies of such person, whether through the beneficial ownership of voting securities, by contract or otherwise.

**"Deferred Stock Unit**" means a unit evidencing the right to receive at a future date one Common Share. Payment by the Company in respect of Deferred Stock Units may be made in the form of cash or Common Shares or a combination thereof as determined by the Committee.

"**Deferred Stock Unit Award**" means an Award in the form of Deferred Stock Units.

"**Director**" means each member of the Board of Directors of the Company.

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"**Disability**" means (i) in the case of a Participant who receives an Award and whose employment arrangement with the Company or a Subsidiary is subject to the terms of an employment agreement between such Participant and the Company or Subsidiary, which employment agreement includes a definition of "Disability," the meaning set forth in such agreement for "Disability" during the period that agreement remains in effect; (ii) in all other cases, the term "Disability" as used in the Plan or any Award Agreement shall have the meaning set forth in Section 22(e)(3) of the Code; *provided, however*, that as to any Award under the Plan that consists of deferred compensation subject to Section 409A of the Code, the definition of "Disability" shall be deemed modified to the extent necessary to comply with Section 409A of the Code.

"**Dividend Equivalents**" means, in the case of Deferred Stock Units or Restricted Stock Units, an amount equal to all dividends and other distributions (or the economic equivalent thereof) that are payable to stockholders of record during the term of such Units, as applicable, or a like number of Common Shares.

"**Effective Date**" means the date of the consummation of the Company's initial public offering pursuant to the Company's registration statement on Form S-1 filed with the U.S. Securities and Exchange Commission on [●], 2026, as may be amended.

"**Employee**" means (i) any person, including officers, employed by the Company or a Subsidiary, (ii) any person who is a "common law" employee of the Company or a Subsidiary under United States Internal Revenue Service Revenue Ruling 87-41 (or any successor ruling), and (iii) any person who is a "leased individual" of the Company or a Subsidiary as described in the definition of "Employee" in the Master Glossary to Accounting Standards Codification (ASC) 718. However, service solely as a Director, or payment of a fee for such service, shall not cause a Director to be considered an "Employee" for purposes of the Plan.

"**Exchange Act**" means the United States Securities Exchange Act of 1934, as amended.

"**Exercise Price**" means the price at which a Participant may exercise his right to receive cash or Common Shares, as applicable, under the terms of an Award.

"**Fair Market Value**" means, as of a particular date, the value of the Common Shares determined as follows: (i) if the Common Shares are traded in a public market, then the Fair Market Value per share shall be, (A) if the Common Shares are listed on a national securities exchange, the closing sales price per Common Share on the exchange on the applicable date, or if there is no closing price on that date, then on the last preceding date on which there was a sale of the Common Shares on such exchange or (B) if the Common Shares are not so listed or included, and to the extent permitted by Treasury Regulation Section 1.409A-1(b)(5)(iv)(A), the average of the last reported "bid" and "asked" prices thereof on the relevant date (or if no Common Shares were traded on such date, the next preceding date on which the Common Shares were traded) as reported on the OTC Bulletin Board; or (ii) at any time at which the Common Shares are not traded in a public market, then the Fair Market Value per Common Share shall be determined by the Committee, acting in good faith, using a reasonable application of a reasonable method taking into consideration the provisions of the Treasury Regulations promulgated under Section 409A of the Code, and such determination shall be final and binding for all purposes of the Plan. The Committee is authorized to adopt another fair market value pricing method provided such method is stated in the applicable Award Agreement and is in compliance with the fair market value pricing rules set forth in Section 409A of the Code. The Fair Market Value of any property other than Common Shares shall mean the market value of such property determined by such methods or procedures as shall be established from time to time by the Committee.

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"**Grant Date**" means the date an Award is granted to a Participant pursuant to the Plan.

"**Incentive Stock Option**" or "**ISO**" means an Option that is intended to qualify as an "incentive stock option" within the meaning of Section 422 of the Code.

"**Kaplan Party**" means (i) Thomas S. Kaplan or Daphne Recanati Kaplan; (ii) any spouse, parent, sibling or descendant (including by adoption) of either of the persons referred to in clause (i) above; (iii) any trust created for the benefit of any of the persons described in clauses (i) or (ii) above or any trust for the benefit of such trust; or (iv) any person Controlled by one or more of the persons referred to in clauses (i), (ii) or (iii) above.

"**Non-Employee Director**" means a Director who either (i) is not a current Employee or officer of the Company or a Subsidiary and does not receive compensation directly or indirectly from the Company or a Subsidiary for services rendered as a consultant or in any capacity other than as a Director, or (ii) is otherwise considered a "non- employee director" for purposes of Rule 16b-3 promulgated under the Exchange Act.

"**Nonqualified Stock Option**" means an Option that is not intended to qualify, or otherwise does not qualify, as an "incentive stock option" within the meaning of Section 422 of the Code.

"**Option**" means either an ISO or a Nonqualified Stock Option granted under the Plan.

"**Participant**" means a person to whom an Award is granted pursuant to the Plan or, if applicable, such other person who holds an outstanding Award.

"**Performance Award**" means an Award which may be earned in whole or in part upon attainment of performance goals or other vesting criteria as the Committee may determine and may be paid in the form of cash or Common Shares or a combination thereof as determined by the Committee.

"**Restricted Stock**" means a Common Share that is restricted or subject to forfeiture provisions.

"**Restricted Stock Award**" means an Award in the form of Restricted Stock.

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"**Restricted Stock Unit**" means a unit evidencing the right to receive in specified circumstances one share of Restricted Stock. Payment by the Company in respect of Restricted Stock Units may be made in the form of cash or a Common Share or a combination thereof as determined by the Committee.

"**Restricted Stock Unit Award**" means an Award in the form of Restricted Stock Units.

"**Securities Act**" means the Securities Act of 1933, as amended.

"**Stock Appreciation Right**" or "**SAR**" means a right to receive a payment equal to the excess of the Fair Market Value of a specified number of Common Shares on the date the right is exercised over a specified Exercise Price. Payment by the Company in respect of SARs may be made in the form of cash or Common Shares or a combination thereof as determined by the Committee.

"**Stock Award**" means an Award in the form of Common Shares, including a Deferred Stock Unit Award, a Restricted Stock Award and a Restricted Stock Unit Award, and excluding Options and SARs. Payment by the Company in respect of Stock Awards may be made in the form of cash or Common Shares or a combination thereof as determined by the Committee.

"**Subsidiary**" means a corporation that is a subsidiary corporation with respect to the Company within the meaning of Section 424(f) of the Code.

"**Ten Percent Stockholder**" means an Employee who owns (or is deemed to own pursuant to Section 424(d) of the Code) stock possessing more than ten percent (10%) of the total combined voting power of all classes of stock of the Company or of a Subsidiary.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.**&nbsp;&nbsp;&nbsp;&nbsp; ***Administration of the Plan****.* The Plan shall be administered by the Board; provided, however, that the Board may designate a Committee or Committees of the Board to administer the Plan in its stead; and provided further that, at any time that the Company has a class of equity securities registered under Section 12 of the Exchange Act, the Plan shall be administered only by the Board or a Committee which shall consist of at least two (2) or more individuals, each of whom qualifies as: (i) a "non-employee director" as defined in Rule 16b-3(b)(3) of the Exchange Act; and (ii) as "independent" for purposes of the rules of any securities exchange on which Company securities are then listed. All references in the Plan to the "Committee" shall refer to the Committee or Board, as applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(a)**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Powers of Committee**. The Committee shall have the power, subject to the express provisions of the Plan and any other legal grant of authority by the Board: (i) to determine from time to time which of the eligible persons under the Plan shall be granted Awards; when and how each Award shall be granted; what type or combinations of types of Awards shall be granted; and the provisions of each Award granted, which need not be identical; (ii) to construe and interpret the Plan and Awards granted under it, and to establish, amend and revoke rules and regulations for its administration. The Committee, in the exercise of this power, may correct any defect, omission or inconsistency in the Plan or in any Award Agreement in a manner and to the extent it shall deem necessary or expedient to make the Plan fully effective; and (iii) generally, to exercise such other powers and perform such acts as the Committee deems necessary or expedient to promote the best interests of the Company and that are not in conflict with the provisions of the Plan or any Awards.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(b)**&nbsp;&nbsp;&nbsp;&nbsp; **No Liability**. No member of the Board or the Committee, nor any officer or employee of the Company or any Subsidiary thereof acting on behalf of the Board or the Committee, shall be personally liable for any action, omission, determination, or interpretation taken or made in good faith with respect to the Plan, and all members of the Board or the Committee and each and any officer or employee of the Company and of any Subsidiary thereof acting on their behalf shall, consistent with the Company's Certificate of Incorporation and Bylaws (and any other organizational document of the Company) and to the maximum extent permitted by applicable law (as it now exists or may hereafter be amended), be fully indemnified and protected by the Company in respect of any such action, omission, determination or interpretation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(c)**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Effect of Committee Action**. The Committee's determinations under the Plan (including, without limitation, determinations of the persons to receive Awards, the form, amount and timing of such Awards, the terms and provisions of such Awards and the Award Agreements evidencing same) shall be made in its discretion and need not be uniform and may be made by it selectively among persons who receive, or are eligible to receive, Awards under the Plan, whether or not such persons are similarly situated. All determinations and interpretations made by the Committee shall be final, binding and conclusive on all persons, including without limitation, all Participants and persons claiming rights from or through a Participant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(d)**&nbsp;&nbsp;&nbsp;&nbsp; **Delegation**. The Committee and the Board, as applicable, may delegate, in writing, to an Authorized Officer authority to execute on behalf of the Company any Award Agreement. The Committee and the Board, as applicable, also may: (i) delegate the authority to officers or employees of the Company or a Subsidiary; or (ii) engage or authorize the engagement of a third party administrator to carry out administrative functions under the Plan. Any such delegation hereunder shall only be made to the extent permitted by applicable law. The Committee and Board's delegation, as applicable, may be revoked or modified at any time. Any such delegation must be consistent with applicable law and shall be subject to such restrictions or limitations as may be imposed by the Committee or Board, as applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(e)**&nbsp;&nbsp;&nbsp;&nbsp; **Repricing**. Notwithstanding anything in the Plan to the contrary, the Committee may, without obtaining the approval of the Company's stockholders, (i) amend the terms of outstanding Options or Stock Appreciation Rights to reduce the Exercise Price of such Options or Stock Appreciation Rights, (ii) cancel outstanding Options or Stock Appreciation Rights in exchange for Options or Stock Appreciation Rights with an Exercise Price that is less than the Exercise Price of the original Options or Stock Appreciation Rights or (iii) cancel outstanding Options or Stock Appreciation Rights with an Exercise Price that is above the current per share stock price, in exchange for cash, property or other securities.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ***Common Shares Subject to Plan****.* Subject to adjustment as provided in this Section 4 and Section 9, the maximum number of Common Shares that may be issued pursuant to Awards shall be [●].<sup>1</sup> The maximum number of Common Shares that may be issued pursuant to Awards under the Plan shall be subject to an annual increase on the first day of each calendar year during the term of the Plan, beginning on and including January 1, 2027, and ending on and including January 1, 2036, equal to the lesser of (x) 2% of the aggregate number of Common Shares issued and outstanding on December 31 of the immediately preceding calendar year and (y) such smaller number of Common Shares as is determined by the Committee. The Common Shares shall be issued from authorized and unissued or reacquired Common Shares, including Common Shares repurchased by the Company. If an Award shall for any reason expire or otherwise terminate without having been exercised in full for any reason, or if all or any portion of the Common Shares subject to an Award shall be forfeited for any reason, the Common Shares subject to such unexercised or forfeited Award shall revert to the Plan, and may again become available for the grant of one or more Awards under the Plan. Any Common Shares that are exchanged by a Participant or withheld by the Company as full or partial payment in connection with the exercise of any Option or SAR under the Plan or the payment of any purchase price with respect to any other Award under the Plan, as well as any Common Shares exchanged by a Participant or withheld by the Company to satisfy the tax withholding obligations related to any Award under the Plan, shall again be available for subsequent Awards under the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(a)**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Subject to adjustment as provided in Section 9, the maximum number of Common Shares that may be issued as Incentive Stock Option Awards under the Plan shall be [●]<sup>2</sup>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(b)**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Board and the appropriate officers of the Company shall from time to time take whatever actions are necessary to file any required documents with governmental authorities, stock exchanges and transaction reporting systems to ensure that Common Shares are available for issuance pursuant to Awards.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(c)**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; No Participant who is a Non-Employee Director shall be granted Awards in respect to services as a Non-Employee Director on the Board during any calendar year that, when aggregated with such Non-Employee Director's cash fees for services on the Board with respect to such calendar year, exceed $675,000 in total value (calculating the value of any such Awards based on the grant date fair value of such Awards for the Company's financial reporting purposes). The Committee may make exceptions to increase such limit to $1,000,000 for an individual Non-Employee Director in the Non-Employee Director's first year of service or in any year during which the Non-Employee Director serves in a position of board leadership (e.g., as the non-executive chair or lead independent director of the Board), as the Committee may determine in its sole discretion, provided that the Non-Employee Director receiving such additional compensation may not participate in the decision to award such compensation involving such Non-Employee Director.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(d)**&nbsp;&nbsp;&nbsp;&nbsp; No Awards shall be granted under the Plan following the tenth anniversary of the Effective Date; *provided*, *however*, that all Awards granted under the Plan prior to such date shall remain in effect until: (i) in the case of Options or SARs, such Options or SARs have been exercised or terminated in accordance with the Plan and the terms of such Awards, (ii) in the case of Stock Awards, the Common Shares subject to such Award have been issued and/or cash paid or, in the case of issued shares subject to any restrictions, are no longer subject to any restrictions (including, without limitation, any risk of forfeiture) or have been returned to the Company in accordance with the Plan and the terms of the applicable Award Agreement, or the Stock Award has been forfeited or terminated, as applicable; or (iii) in the case of Cash Awards, the amounts subject to such Award have been paid or the Cash Award has been forfeited or terminated, as applicable.

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<sup>1</sup> Note to Draft: Number of shares equal to the sum of (i) 4% of the outstanding common shares after giving effect to the IPO, (ii) the number of shares available for issuance under the current reserve after giving effect to the IPO and (iii) the number of shares subject to outstanding awards at the time of the consummation of the IPO.

<sup>2</sup> Note to Draft: To reflect the number of shares being initially reserved pursuant to the first sentence of the lead-in to Section 4.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.**&nbsp;&nbsp;&nbsp;&nbsp; ***Eligibility for Employees****.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(a)**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Eligibility for Grant of Awards**. Employees shall be eligible to receive Awards at the sole discretion of the Committee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(b)**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Ten Percent Stockholders**. A Ten Percent Stockholder shall not be granted an ISO unless the exercise price of such Option is at least 110% of the Fair Market Value of the Common Shares on the Grant Date and the Option is not exercisable after the expiration of five (5) years from the Grant Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.**&nbsp;&nbsp;&nbsp;&nbsp; ***Eligibility for Consultants and Non-Employee Director Grants Under the Plan***. Notwithstanding any provision of the Plan to the contrary, each Non-Employee Director of the Company and Consultant to the Company shall be eligible to be granted Awards under the Plan, other than ISOs, at the discretion of the Board.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.**&nbsp;&nbsp;&nbsp;&nbsp; ***Types of Awards; Award Agreements and Terms***. The Committee shall determine the type or types of Awards to be made under the Plan and shall designate from time to time the Participants who are to be the recipients of such Awards. Each Award shall be embodied in an Award Agreement, which shall contain such terms, conditions and limitations as shall be determined by the Committee, in its sole discretion, and, if required by the Committee, shall be signed by the Participant to whom the Award is granted and by an Authorized Officer for and on behalf of the Company. Awards may be granted singly, in combination, or in tandem. Awards may also be made in combination or in tandem with, in replacement of, or as alternatives to, grants or rights under the Plan or any other plan of the Company or any of its Subsidiaries, including the plan of any acquired entity. All or part of an Award may be subject to conditions established by the Committee. Upon the termination of service by a Participant, any unexercised, unvested or unpaid Awards shall be treated as set forth in the applicable Award Agreement or in any other written agreement the Company has entered into with the Participant. The Company has no obligation to advise any Participant or other person of the expiration or pending expiration of an Award.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(a)**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Options***.* Each Option granted under the Plan shall be a Nonqualified Stock Option, unless the Option is specifically designated at the time of grant to be an ISO. If any Option designated as an ISO is determined for any reason not to qualify as an incentive stock option within the meaning of Section 422 of the Code, such Option shall be treated as a Nonqualified Stock Option for all purposes under the provisions of the Plan. Each Option granted pursuant to the Plan shall be evidenced by an Award Agreement in such form as the Committee shall from time to time approve, which Award Agreement shall comply with and be subject to the following terms and conditions and such other terms and conditions as the Committee shall from time to time require that are not inconsistent with the terms of the Plan. The exercise period for an Option shall extend no more than ten (10) years after the Grant Date, except that the exercise period for an ISO that is granted to a Ten Percent Stockholder shall be no more than five (5) years. Options may not include provisions that "reload" the Option upon exercise.

**(i)**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Exercise Price**. Each Award Agreement shall state the Exercise Price applicable to the Option granted therein. Subject to the provisions of Section 5(b) with respect to a Ten Percent Stockholder granted an ISO, the Exercise Price of any Option, whether a Nonqualified Stock Option or an ISO, shall in no event ever be less than 100% of the Fair Market Value of the Common Shares subject to the Option on the Grant Date. Notwithstanding the foregoing, an Option may be granted with an Exercise Price lower than that set forth in the preceding sentence if such Option is granted pursuant to an assumption or substitution for another option in a manner satisfying the provisions of Section 424(a) and/or Section 409A of the Code.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(ii)**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Exercise**. No Option shall be deemed to have been exercised prior to the receipt by the Company of written notice of such exercise and of payment in full of the Exercise Price for the Common Shares to be purchased. Each such notice shall specify the number of Common Shares to be purchased.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(iii) Method of Payment**. The purchase price of Common Shares acquired pursuant to the exercise of an Option shall be paid, to the extent permitted by applicable law and as determined by the Committee in its sole discretion, by one or more of the following methods. The Committee shall have authority to grant Options that do not entitle the Participant to use all methods or that require prior written consent of the Company to use certain of the methods. The methods of payment of the Exercise Price are: (1) cash or check payable to the order of the Company; (2) by delivery to the Company of other Common Shares which, unless otherwise determined by the Committee, have been held for more than six (6) months; (3) by a "net exercise" arrangement pursuant to which the Company will reduce the number of Common Shares issued upon exercise by the largest whole number of the Common Shares with a Fair Market Value that does not exceed the Exercise Price; provided, however, that the Company shall accept cash or other payment from the Participant to the extent of any remaining balance of the aggregate Exercise Price not so satisfied, provided further that the Common Shares will no longer be outstanding under an Option and will not be exercisable thereafter to the extent so applied or withheld to satisfy tax withholding obligations pursuant to Section 16 below; or (4) any other form of legal consideration or combinations thereof that may be acceptable to the Committee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(iv)**&nbsp;&nbsp;&nbsp;&nbsp; **Limitation on ISO Grants**. To the extent that the aggregate Fair Market Value of the Common Shares (determined at the time the ISO is granted) with respect to which Incentive Stock Options are exercisable for the first time by a Participant during any calendar year under all incentive stock option plans of the Company or its Subsidiaries in which such Participant has been granted ISOs exceeds $100,000 or such other limitation as then may be imposed by Section 422(d) of the Code, the Options or portions thereof that exceed such limit (according to the order in which they were granted) shall be treated as Nonqualified Stock Options, notwithstanding any contrary provision of the applicable Award Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(b)**&nbsp;&nbsp;&nbsp;&nbsp; **Stock Appreciation Rights**. An Award may be in the form of a SAR. The Exercise Price for a SAR shall not be less than the Fair Market Value of the Common Shares on the Grant Date. The holder of a SAR that is in tandem with an Option may elect to exercise either the Option or the SAR, but not both. The exercise period for a SAR shall extend no more than ten (10) years after the Grant Date. SARs may not include provisions that "reload" the SAR upon exercise. Subject to the foregoing provisions, the terms, conditions, and limitations applicable to any SAR, including, but not limited to, the term of any SAR and the date or dates upon which the SAR becomes vested and exercisable, shall be determined by the Committee.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(c)**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Stock Awards**. An Award may be in the form of a Stock Award. The terms, conditions and limitations applicable to any Stock Award, including, but not limited to, vesting or other restrictions, shall be determined by the Committee, and subject to the applicable requirements described herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(d)**&nbsp;&nbsp;&nbsp;&nbsp; **Cash Awards**. An Award may be in the form of a Cash Award. The terms, conditions and limitations applicable to a Cash Award, including, but not limited to, vesting or other restrictions, shall be determined by the Committee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(e)**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Performance Awards**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(i)**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Designation as a Performance Award**. The Committee shall have the right to designate any Award as a Performance Award.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(ii)**&nbsp;&nbsp;&nbsp;&nbsp; **Performance Measures**. The Committee may establish performance measures for purposes of grants of Performance Awards. Subject to the terms of this Plan, each of these measures shall be defined by the Committee on a consolidated, group or division basis, on an absolute or relative basis or in comparison to one or more peer group companies or indices. The amount of cash or shares payable or vested pursuant to Performance Awards may be adjusted upward or downward, either on a formula or discretionary basis or any combination, as the Committee determines. The Committee reserves the right to adjust performance measures, or modify the manner of measuring or evaluating a performance measure, for any reason the Committee determines is appropriate, including but not limited to: (i) by excluding the effects of charges for reorganizing and restructuring; discontinued operations; asset write-downs; gains or losses on the disposition of a business; or mergers, acquisitions or dispositions; and extraordinary, unusual and/or non-recurring items of gain or loss; (ii) excluding the costs of litigation, claims, judgments or settlements; (iii) excluding the effects of changes in laws or regulations affecting reported results, or changes in tax or accounting principles, regulations or law; and (iv) excluding any accruals of amounts related to payments under the Plan or any other compensation arrangement maintained by the Company. Subject to the foregoing provisions, the terms, conditions and limitations applicable to any Performance Awards made pursuant to the Plan shall be determined by the Committee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.**&nbsp;&nbsp;&nbsp;&nbsp; ***Change of Control***.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(a)**&nbsp;&nbsp;&nbsp;&nbsp; Unless otherwise provided in an applicable Award Agreement, upon the consummation of a Change of Control where an outstanding Award is not assumed or substituted in connection therewith, then: (i) any unvested or unexercisable portion of any Award carrying a right to exercise shall become fully vested and exercisable, and (ii) the restrictions, deferral limitations, payment conditions and forfeiture conditions applicable to an Award granted under the Plan shall lapse and such Awards shall be deemed fully vested, and any performance conditions imposed with respect to such Awards shall be deemed to be achieved at the greater of target and actual performance levels as of the date of the Change of Control.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(b)**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; In the event that a Change of Control occurs and an Award is assumed or substituted in connection therewith, such Award shall remain outstanding and shall continue to vest following such Change of Control in accordance with its terms, subject to adjustment in accordance with Section 9 hereof. For purposes of this Section 8, an outstanding Award shall be considered to be assumed or substituted for if, following the Change of Control, the Award remains subject to the same terms and conditions that were applicable to the Award immediately prior to the Change of Control except that, if the Award related to Common Shares, the Award may instead confer the right to receive common equity of the acquiring entity (or cash or such other security or entity as may be determined by the Committee, in its sole discretion, pursuant to Section 9 hereof).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(c)**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Nothing in this Section 8 or any other provision of this Plan is intended to provide any Participant with any right to consent to or object to any transaction that might result in a Change of Control and each provision of this Plan shall be interpreted in a manner consistent with this intent. Similarly, nothing in this Section 8 or any other provision of this Plan is intended to provide any Participant with any right to consent to or object to any action taken by the Board pursuant to this Section 8.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.** &nbsp;&nbsp;&nbsp;&nbsp; ***Adjustments***.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(a)**&nbsp;&nbsp;&nbsp;&nbsp; The existence of outstanding Awards shall not affect in any manner the right or power of the Company or its stockholders to make or authorize any or all adjustments, recapitalizations, reorganizations or other changes in the capital stock of the Company or its business or any merger or consolidation of the Company, or any issue of bonds, debentures, preferred or prior preference stock (whether or not such issue is prior to, on a parity with or junior to the Common Shares) or the dissolution or liquidation of the Company, or any sale or transfer of all or any part of its assets or business, or any other corporate act or proceeding of any kind, whether or not of a character similar to that of the acts or proceedings enumerated above.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(b)**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; In the event of any subdivision or consolidation of outstanding Common Shares, declaration of a dividend payable in Common Shares or other stock split, then (i) the Common Shares reserved under the Plan and the number of Common Shares available for issuance pursuant to specific types of Awards as described in Section 4, (ii) the number of Common Shares covered by outstanding Awards, (iii) the Exercise Price or other price in respect of such Awards, (iv) the appropriate Fair Market Value and other price determinations for such Awards, (v) any limitations contained within the Plan and (vi) the terms and conditions of any outstanding Awards (including, without limitation, any applicable performance periods, performance targets or criteria with respect thereto), shall each be proportionately adjusted by the Committee as appropriate to reflect such transaction, as determined by the Committee in its sole discretion. In the event of any other recapitalization or capital reorganization of the Company, any consolidation or merger of the Company with another corporation or entity, the adoption by the Company of any plan of exchange affecting the Common Shares or any distribution to holders of Common Shares of securities or property (other than normal cash dividends or dividends payable in Common Shares), the Committee shall make appropriate adjustments to (1) the number of Common Shares reserved under the Plan and the number of Common Shares available for issuance pursuant to specific types of Awards as described in Section 4, (2) the number of Common Shares covered by outstanding Awards, (3) the Exercise Price or other price in respect of such Awards, (4) the appropriate Fair Market Value and other price determinations for such Awards, (5) any limitations contained within the Plan and (6) the terms and conditions of any outstanding Awards (including, without limitation, any applicable performance periods, performance targets or criteria with respect thereto); provided that such adjustments shall only be such as are necessary to maintain the proportionate interest of the holders of the Awards and preserve, without exceeding, the value of such Awards.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(c)**&nbsp;&nbsp;&nbsp;&nbsp; In the event of a corporate merger, consolidation, acquisition of property or stock, separation, reorganization or liquidation (including a Change of Control), the Committee may make such adjustments to Awards or other provisions for the disposition of Awards as it deems equitable, and shall be authorized, in its discretion, to (i) provide for the substitution of a new Award or other arrangement (which, if applicable, may be exercisable for such property or stock as the Committee determines) for an Award or the assumption of the Award (and for awards not granted under the Plan), regardless of whether in a transaction to which Code Section 424(a) applies, (ii) provide, prior to the transaction, for the acceleration of the vesting and exercisability of, or lapse of restrictions with respect to, the Award and, if the transaction is a cash merger, provide for the termination of any portion of the Award that remains unexercised at the time of such transaction, (iii) provide for the acceleration of the vesting and exercisability of an Award and the cancellation thereof in exchange for such payment as the Committee, in its sole discretion, determines is a reasonable approximation of the value thereof, (iv) cancel any Awards and direct the Company to deliver to the Participants who are the holders of such Awards cash in an amount that the Committee shall determine in its sole discretion is equal to the Fair Market Value of such Awards as of the date of such event, which, in the case of any Option or SAR, shall be the amount equal to the excess of the Fair Market Value of a share as of such date over the Exercise Price for such Option or SAR (for the avoidance of doubt, if such exercise price is less than such Fair Market Value, the Option or SAR may be canceled for no consideration), or (v) cancel Awards that are Options or SARs and give the Participants who are the holders of such Awards notice and opportunity to exercise prior to such cancellation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(d)**&nbsp;&nbsp;&nbsp;&nbsp; No adjustment authorized by this Section 9 shall be made in such manner that would result in the Plan or any amounts or benefits payable hereunder to fail to comply with or be exempt from Section 409A (or in the case of an ISO, Section 422), and any such adjustment that may reasonably be expected to result in such failure shall be of no force or effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ***Clawback for Misconduct or Restatement****.* In the event of misconduct by a Participant which results in material harm to the Company or if any of the Company's financial statements are restated as a result of errors, omissions, or fraud, the Board may (in its sole discretion, but acting in good faith) direct that the Company recover all or a portion of any such Award made to any, all or any class of Participant to the extent that the Participant benefited from such misconduct, errors, omissions, or fraud. The Board shall determine whether the Company shall effect any such recovery (i) by seeking repayment from the Participant, (ii) by reducing (subject to applicable law and the terms and conditions of the applicable plan, program or arrangement) the amount that would otherwise be payable to the Participant under any compensatory plan, program or arrangement maintained by the Company or a Subsidiary, (iii) by withholding payment of future increases in compensation (including the payment of any discretionary bonus amount) or grants of compensatory awards that would otherwise have been made in accordance with the Company's otherwise applicable compensation practices, or (iv) by any combination of the foregoing or otherwise. By accepting an Award, each Participant agrees to be bound by, and comply with, the terms of any such recovery or clawback provisions and with any Company request or demand for recovery or clawback. Notwithstanding any other provisions in this Plan, any Award which is subject to recovery under any law, government regulation or stock exchange listing requirement, will be subject to such deductions and clawback as may be required to be made pursuant to such law, government regulation or stock exchange listing requirement (or any policy adopted by the Company pursuant to or in connection with any such law, government regulation or stock exchange listing requirement).

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11.**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ***Award Payment; Dividends and Dividend Equivalents***.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(a)**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **General**. Payment of Awards may be made in the form of cash or Common Shares, or a combination thereof, and may include such restrictions as the Committee shall determine, including, but not limited to, in the case of Common Shares, restrictions on transfer and forfeiture provisions. For a Restricted Stock Award, the certificates evidencing the Common Shares (to the extent that such Common Shares are so evidenced) shall contain appropriate legends and restrictions that describe the terms and conditions of the restrictions applicable thereto. For a Restricted Stock Unit Award that may be settled in Common Shares, the Common Shares that may be issued at the end of the vesting period shall be evidenced by book entry registration or in such other manner as the Committee may determine.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(b)**&nbsp;&nbsp;&nbsp;&nbsp; **Dividends and Dividend Equivalents**. Rights to dividends and Dividend Equivalents may be extended to and made part of any Stock Awards, subject in each case to such terms, conditions and restrictions as the Committee may establish; provided, however, that no such dividends or Dividend Equivalents shall be paid with respect to unvested Stock Awards, including Stock Awards subject to performance goals. Dividends and/or Dividend Equivalents shall not be made part of any Options or SARs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**12.**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ***Award Agreement Amendment****.* Subject to the provisions of the Plan, the Committee shall have the right to amend Award Agreements issued to a Participant, subject to the Participant's consent if such amendment is not favorable to the Participant, except that the consent of the Participant shall not be required for any amendment made pursuant to Sections 8 and 9 of the Plan, as applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**13.**&nbsp;&nbsp;&nbsp;&nbsp; ***Assignability****.* Unless otherwise determined by the Committee and expressly provided for in an Award Agreement, no Award or any other benefit under the Plan shall be assignable or otherwise transferable except (i) by will or the laws of descent and distribution or (ii) pursuant to a domestic relations order issued by a court of competent jurisdiction that is not contrary to the terms and conditions of the Plan or applicable Award and in a form acceptable to the Committee. The Committee may prescribe and include in applicable Award Agreements other restrictions on transfer. Any attempted assignment of an Award or any other benefit under the Plan in violation of this Section 13 shall be null and void. Notwithstanding the foregoing, no Award may be transferred for value or consideration.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**14.**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ***No Commitment to Retain****.* The grant of an Award pursuant to the Plan shall not be construed to imply or to constitute evidence of any agreement, express or implied, on the part of the Company or any Subsidiary to retain the Participant in the employ or service of the Company or a Subsidiary and/or as a member of the Board or in any other capacity, or interfere in any way with the right of the Company or a Subsidiary to terminate the services of a Participant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**15.**&nbsp;&nbsp;&nbsp;&nbsp; ***Securities Law Restrictions; Section 16****.* Unless the Common Shares received pursuant to an Award are covered by a then current registration statement or a notification under Regulation A under the Securities Act, each Award Agreement shall contain the Participant's acknowledgment in form and substance satisfactory to the Company that: (i) such Common Shares are being purchased for investment and not for distribution or resale (other than a distribution or resale which, in the opinion of counsel satisfactory to the Company, may be made without violating the registration provisions of the Securities Act); (ii) the Participant has been advised and understands that (A) the Common Shares have not been registered under the Securities Act and are "restricted securities" within the meaning of Rule 144 under the Securities Act and are subject to restrictions on transfer, and (B) the Company is under no obligation to register the Common Shares under the Securities Act or to take any action which would make available to the Participant any exemption from such registration; (iii) such Common Shares may not be transferred without compliance with all applicable federal, state and provincial securities laws and any other restrictions contained in the Plan and the applicable Award Agreement; and (iv) an appropriate legend referring to the foregoing restrictions on transfer and any other restrictions imposed under the Award Agreement may be endorsed on the certificates. Notwithstanding the foregoing, if the Company determines that issuance of Common Shares should be delayed pending (1) registration under federal or state securities laws, (2) the receipt of an opinion of counsel satisfactory to the Company that an appropriate exemption from such registration is available, (3) the listing or inclusion of the Common Shares on any securities exchange or an automated quotation system, or (4) the consent or approval of any governmental regulatory body whose consent or approval is necessary in connection with the issuance of such Common Shares, the Company may defer issuance of any Common Shares under an Award Agreement granted hereunder until any of the events described in this sentence has occurred. The Plan is intended to enable transactions under the Plan with respect to persons subject to Section 16 of the Exchange Act to satisfy the conditions of Rule 16b- 3 under the Exchange Act or its successors at any time that the Company has a class of equity securities registered under Section 12 of the Exchange Act. To the extent that any provision of the Plan would cause a conflict with such conditions or would cause the administration of the Plan to fail to satisfy the conditions of Rule 16b-3 at any time that the Company has a class of equity securities registered under Section 12 of the Exchange Act, such provision shall be deemed null and void to the extent permitted by applicable law. The Committee may establish and adopt written administrative guidelines, designed to facilitate compliance with Section 16 of the Exchange Act, as it may deem necessary or proper for the administration and operation of the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**16.**&nbsp;&nbsp;&nbsp;&nbsp; ***Withholding of Taxes****.* The Company shall have the power to withhold (or cause the administrative employer to withhold, if applicable), or require a Participant to remit to the Company (or to the administrative employer, if applicable), up to the maximum amount necessary to satisfy federal, state, local, and other withholding tax requirements in the applicable jurisdiction on any Award under the Plan. The Company shall have discretion to determine the withholding amount, or the Company may (but is not required to) permit a Participant to elect the withholding amount, within permissible limits as it deems appropriate, but in no event will such withholding amount be less than the minimum or more than the maximum amount necessary to satisfy federal, state, local, and other tax withholding requirements in the applicable jurisdiction on any Award under the Plan. To the extent that alternative methods of withholding are available under applicable tax laws, the Company shall have the power to choose among such methods and to take such other action as may be necessary in the opinion of the Company to satisfy all obligations for withholding of such taxes, including, without limitation, allowing the Participant to use Common Shares already owned by the holder of an Award to satisfy his or her withholding obligation. If Common Shares are used to satisfy tax withholding, such shares shall be valued based on the Fair Market Value when the tax withholding is required to be made.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**17.**&nbsp;&nbsp;&nbsp;&nbsp; ***Stockholder Rights****.* No Participant shall be deemed to be the holder of, or to have any of the rights of a holder with respect to any Common Shares subject to an Award unless and until such Participant has satisfied all requirements applicable to such Award, in accordance with the terms of the Plan and the applicable Award Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**18.**&nbsp;&nbsp;&nbsp;&nbsp; ***Compliance with Laws****.* The obligation of the Company to make payment of Awards in Common Shares or otherwise shall be subject to all applicable laws, rules, and regulations, and to such approvals by government agencies as may be required. The Company shall be under no obligation to register or qualify pursuant to the Securities Act, or other comparable laws, any of the Common Shares issued pursuant to the Plan. If the Common Shares issued pursuant to the Plan may in certain circumstances be exempt from registration or qualification pursuant to the Securities Act or other comparable laws, the Company may restrict the transfer of such shares in such manner as it deems advisable to ensure the availability of any such exemption.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**19.**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ***Code Section 409A***.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(a)**&nbsp;&nbsp;&nbsp;&nbsp; Awards made under the Plan are intended to comply with or be exempt from Code Section 409A, and ambiguous provisions hereof, if any, shall be construed and interpreted in a manner consistent with such intent. No payment, benefit or consideration shall be substituted for an Award if such action would result in the imposition of taxes under Code Section 409A. Notwithstanding anything in the Plan to the contrary, if any Plan provision or Award under the Plan would result in the imposition of an additional tax under Code Section 409A, that Plan provision or Award shall be reformed, to the extent permissible under Code Section 409A, to avoid imposition of the additional tax, and no such action shall be deemed to adversely affect the Participant's rights to an Award. Notwithstanding the foregoing, the Company makes no representations that the Plan or any Award shall be exempt from or comply with Section 409A and makes no undertaking to preclude Section 409A from applying to the Award or the Plan. Unless otherwise provided in a separate agreement with a Participant, if any Award fails to meet the requirements of Section 409A, neither the Company nor any of its Subsidiaries shall have any liability for any tax, penalty or interest imposed on any Participant under Section 409A, and the Participant shall have no recourse against the Company or any of its Subsidiaries for payment of any such tax, penalty or interest imposed by Section 409A.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(b)**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unless the Committee provides otherwise in an Award Agreement, each Stock Award or Cash Award (or portion thereof if the Award is subject to a vesting schedule) shall be settled within sixty (60) days of the amount becoming fixed and determinable and the Award (or such portion thereof) is no longer subject to a "substantial risk of forfeiture" within the meaning of Code Section 409A. If the Committee determines that a Stock Award or a Cash Award is intended to be subject to Code Section 409A, the applicable Award Agreement shall include terms that are designed to satisfy the requirements of Code Section 409A.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(c)**&nbsp;&nbsp;&nbsp;&nbsp; If the Participant is identified by the Company as a "specified employee" within the meaning of Code Section 409A(a)(2)(B)(i) on the date on which the Participant incurs a "separation from service" (other than due to death) within the meaning of Treasury Regulation § 1.409A-1(h) (applying the default rules of Treasury Regulation § 1.409A-1(h)), any Award payable or settled on account of a separation from service that is deferred compensation subject to Code Section 409A shall be paid or settled on the earliest of (i) the first business day of the seventh (7th) month following the Participant's separation from service, (ii) the date of the Participant's death (or within ninety (90) days thereafter), or (iii) such earlier date as complies with the requirements of Code Section 409A.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(d)**&nbsp;&nbsp;&nbsp;&nbsp; Under no circumstances may the time or schedule of any payment for any Award that is subject to the requirements of Code Section 409A be accelerated or subject to further deferral except as otherwise permitted or required pursuant to regulations and other guidance issued pursuant to Code Section 409A. If the Company fails to make any payment pursuant to the payment provisions applicable to an Award that is subject to Code Section 409A, either intentionally or unintentionally, within the time period specified in such provisions, but the payment is made within the same calendar year, such payment will be treated as made within the time period specified in the provisions. In addition, in the event of a dispute with respect to any payment, such payment may be delayed in accordance with the regulations and other guidance issued pursuant to Code Section 409A.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**20.**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ***Amendment or Termination of the Plan****.* The Board may amend, suspend or terminate the Plan, but no such amendment or termination shall be made which would adversely affect any outstanding Awards without the written consent of the affected Participants. In addition, to the extent necessary to comply with Section 422 of the Code, Code Section 409A or any other applicable law or regulation, including the requirements of any stock exchange or national market system upon which the Common Shares are then listed, the Company shall obtain stockholder approval of any Plan amendment or termination.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**21.**&nbsp;&nbsp;&nbsp;&nbsp; ***Effective Date****.* The Plan was originally adopted, and approved by stockholders, on March 31, 2020, and amended and restated on July 14, 2025. The amendments to the Plan made under this amendment and restatement will become effective on the Effective Date; provided, however, that no Incentive Stock Options shall be granted under the Plan following the Effective Date unless this Plan is approved by the Company's stockholders within one (1) year following the date the Plan is approved by the Board in accordance with Treasury Regulation Section 1.422-2(b).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**22.**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ***Choice of Law****.* The Plan and the Awards granted under the Plan shall be governed by and construed in accordance with the Laws of the State of Delaware, without reference to the principles of conflict of laws thereof. Any titles and headings herein are for reference purposes only, and shall in no way limit, define or otherwise affect the meaning, construction or interpretation of any provisions of the Plan.

AMENDMENT AND RESTATEMENT APPROVED BY THE BOARD OF DIRECTORS ON MAY 10, 2026 AND THE STOCKHOLDERS ON MAY 10, 2026.

17<br>

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## Exhibit 10.3

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**Exhibit 10.3**<br>

#### SUNSHINE SILVER MINING & REFINING COMPANY

#### STOCK OPTION AWARD AGREEMENT

#### pursuant to the

#### SUNSHINE SILVER MINING & REFINING COMPANY

#### AMENDED AND RESTATED

#### 2021 LONG TERM INCENTIVE PLAN
You ("**Optionee**") have been granted a Stock Option Award (this "**Award**") from Sunshine Silver Mining & Refining Company, a Delaware corporation (the "**Company**"), on the following terms and subject to the provisions of Schedule A, Annex 1 and Sunshine Silver Mining & Refining Company Amended and Restated 2021 Long Term Incentive Plan (the "**Plan**"). Unless defined in this Award Agreement (including Schedule A and Annex 1, this "**Agreement**"), capitalized terms will have the meanings assigned to them in the Plan. In the event of a conflict among the provisions of the Plan, this Agreement and any descriptive materials provided to you, the provisions of the Plan will prevail.

**Optionee**:

**Grant Date**:

**Per Share Exercise Price**:

**Number of Option Shares subject to this Option**:

**Type of Option**: [Incentive Stock Option]/[Non-Qualified Stock Option]

**Vesting**: Subject to Optionee's Continuous Service with the Company or any Subsidiary, this Award shall vest and become exercisable with respect to [1/3rd of the Option Shares each year beginning one year after the Grant Date] (rounded down to the next whole share, with any fractional shares vesting on the first vesting date on which any fractional shares that would have previously vested but for such rounding down equal one when added together).

**Option Period**: Ten years from the Grant Date

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.**&nbsp;&nbsp;&nbsp;&nbsp; ***Grant of Option***. Subject to the terms and conditions of the Plan and this Agreement, the Company hereby grants to the Optionee, as of the Grant Date specified above, a stock option (this "**Stock Option**") to acquire from the Company at the Per Share Exercise Price specified above, the aggregate number of Common Shares specified above (the "**Option Shares**"). This Award is granted under the Plan, which is incorporated herein by this reference and made a part of this Agreement.

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If designated in this Agreement as an Incentive Stock Option ("**ISO**"), this Stock Option is intended to qualify as an Incentive Stock Option as defined in Section 422 of the Code. Nevertheless, to the extent that this Stock Option exceeds the $100,000 rule of Code Section 422(d), this Option shall be treated as a Nonqualified Stock Option ("**NSO**"). Further, if for any reason this Stock Option (or portion thereof) shall not qualify as an ISO, then, to the extent of such nonqualification, such Stock Option (or portion thereof) shall be regarded as a NSO granted under the Plan. In no event shall the Company or any Subsidiary or any of their respective employees or directors have any liability to Participant (or any other person) due to the failure of the Stock Option to qualify for any reason as an ISO.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.**&nbsp;&nbsp;&nbsp;&nbsp; ***No Dividend Equivalents***. The Optionee shall not be entitled to receive a cash payment in respect of the Option Shares underlying this Stock Option on any dividend payment date for the Common Shares prior to the Stock Option being exercised.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.**&nbsp;&nbsp;&nbsp;&nbsp; ***Vesting; Exercise; Expiration***.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(a)**&nbsp;&nbsp;&nbsp;&nbsp; Subject to Optionee's Continuous Service, this Award shall vest and become exercisable with respect to 1/3rd of the Option Shares each year beginning one year after the Grant Date (rounded down to the next whole share, with any fractional shares vesting on the first vesting date on which any fractional shares that would have previously vested but for such rounding down equal one when added together).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(b)**&nbsp;&nbsp;&nbsp;&nbsp; Notwithstanding the provisions above, the Committee may, in its sole discretion, accelerate the vesting of any unvested portion of this Stock Option at any time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(c)** Unless earlier terminated in accordance with the terms and provisions of the Plan and/or this Agreement, this Stock Option shall expire and shall no longer be exercisable after the expiration of ten (10) years from the Grant Date (the "**Option Period**").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(d)**&nbsp;&nbsp;&nbsp;&nbsp; In no event shall this Stock Option be exercisable for a fractional Common Share.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(e)**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Stock Options granted hereunder shall be treated similarly to other options granted pursuant to the Plan in connection with a Change in Control.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.**&nbsp;&nbsp;&nbsp;&nbsp; ***Exercise Notice; Taxes; Method of Payment; Conditions***.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(a)**&nbsp;&nbsp;&nbsp;&nbsp; This Stock Option shall be exercised by the Optionee by delivering to the Secretary of the Company or his/her designated agent on any business day (the "**Exercise Date**") a written notice in the form attached hereto as Schedule A, specifying the number of the Option Shares the Optionee then desires to acquire (the "**Notice of Exercise**"**)**. The Notice of Exercise shall be accompanied by payment in full of the exercise price and, in accordance with Section 16 of the Plan, up to the maximum amount necessary, if any, to satisfy federal, state, local and other tax withholding requirements in the applicable jurisdictions with respect to the exercise of the Option. If the Optionee is an Employee (as defined in the Plan) subject to tax withholding requirements, the Optionee may, if permitted by the Committee and applicable law, elect to have withheld from the Option Shares that would otherwise be delivered to the Optionee upon exercise a number of Option Shares with an aggregate fair market value equal to the amount necessary to satisfy, in the opinion of the Company, the Optionee's required tax withholding liability in the applicable jurisdictions (the "**Withheld Option Share Value**"), and have the Withheld Option Share Value paid by the Company to the appropriate tax authorities.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(b)**&nbsp;&nbsp;&nbsp;&nbsp; The method of payment for exercising Options may be one or a combination of the following: (i) cash or check payable to the Company; (ii) if permitted by the Committee, by delivery to the Company of other Common Shares which, unless otherwise determined by the Committee, have been held for more than six (6) months; (iii) if permitted by the Committee, by a "net exercise" arrangement (as described in the Plan); or (iv) any other form of legal consideration that may be acceptable to the Committee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(c)**&nbsp;&nbsp;&nbsp;&nbsp; The exercise of any portion of this Stock Option shall be contingent upon the Optionee (or his or her estate or designated beneficiary(ies)) entering into or becoming a party to a subscription agreement or stockholders agreement with such terms and conditions as the Committee shall determine in its sole discretion.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(d)**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; If the Stock Option granted to Participant herein is an ISO, and if Participant sells or otherwise disposes of any of the Common Shares acquired pursuant to the ISO on or before the later of (i) the date two (2) years after the Grant Date, or (ii) the date one (1) year after the date of exercise, Participant shall immediately notify the Company in writing of such disposition. Participant agrees that Participant may be subject to income tax withholding by the Company on the compensation income recognized by Participant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ***Issuance of Shares***. Upon delivery of the Option Shares, such Shares shall be evidenced by entries in the register of members of the Company; *provided, however*, that in addition to updating the register of members of the Company, the Committee may determine that such Shares shall be evidenced in such other manner as it deems appropriate, including the issuance of a stock certificate or certificates.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.** &nbsp;&nbsp;&nbsp;&nbsp; ***Termination of Continuous Service***.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(a)**&nbsp;&nbsp;&nbsp;&nbsp; If the Optionee's Continuous Service is terminated for any reason, any unvested portion of this Stock Option shall terminate on the date of such termination and such unvested portion of this Stock Option shall be cancelled by the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(b)** If the Optionee's Continuous Service is terminated for any reason, such Optionee's rights, if any, to exercise any then exercisable and vested portion of this Stock Option shall terminate ninety (90) days after the date of such termination (but in no event beyond the stated term of the Stock Option as determined under Section 3(b) of this Agreement) and thereafter such Stock Option shall be cancelled by the Company. Nothing in this Agreement shall be construed to limit, impede, or impair the right or obligation of an Optionee to report any illegal, improper, or other inappropriate conduct to any government agency regarding matters that are within the jurisdiction of such agency. The Committee, in its sole discretion, may determine that this Stock Option may remain exercisable for an additional specified period after the period specified in this Section 6(b), but in no event beyond the stated term of the Stock Option as determined under Section 3(b) of this Agreement.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ***Non-Transferability***.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(a)**&nbsp;&nbsp;&nbsp;&nbsp; Except as provided in Section 7(b), (i) this Stock Option, and any rights or interests therein, shall not be sold, exchanged, transferred, assigned or otherwise disposed of in any way at any time by the Optionee (or any beneficiary(ies) of the Optionee), other than by testamentary disposition by the Optionee or the laws of descent and distribution or by order of a court in a dissolution of marriage, (ii) this Stock Option shall not be pledged, encumbered or otherwise hypothecated in any way at any time by the Optionee (or any beneficiary(ies) of the Optionee) and shall not be subject to execution, attachment or similar legal process, and (iii) any attempt to sell, exchange, pledge, transfer, assign, encumber or otherwise dispose of or hypothecate this Stock Option, or the levy of any execution, attachment or similar legal process upon this Stock Option contrary to the terms of this Agreement and/or the Plan shall be null and void and without legal force or effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(b)**&nbsp;&nbsp;&nbsp;&nbsp; During the Optionee's lifetime, the Optionee may, with the consent of the Committee, transfer without consideration all or any portion of this Option to one or more members of his or her Immediate Family, to a trust established for the exclusive benefit of one or more members of his or her Immediate Family, to a partnership in which all the partners are members of his or her Immediate Family, or to a limited liability company in which all the members are members of his or her Immediate Family. For purposes of this Agreement, "Immediate Family" means the Optionee's children, stepchildren, grandchildren, parents, stepparents, grandparents, spouse, siblings (including half-brothers and half-sisters), in-laws, and all such relationships arising because of legal adoption; <u>provided</u>, <u>however</u>, that any such Immediate Family, and any such trust, partnership and limited liability company, shall agree to be and shall be bound by the terms and provisions of the Plan, and by the terms and provisions of any applicable outstanding Award Agreements, subscription agreement, stockholders agreement, or other agreements covering the Options or the shares subject to the Options. Whether or not an individual is a member of the "Immediate Family" shall be determined in accordance with Rule 701 of the Securities Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(c)**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Notwithstanding the foregoing, ISOs may not be transferred in any manner otherwise than by will or by the laws of descent or distribution and may be exercised during the lifetime of Participant only by Participant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.**&nbsp;&nbsp;&nbsp;&nbsp; ***Incorporation by Reference; Plan Document Receipt***. This Agreement is subject in all respects to the terms and provisions of the Plan (including, without limitation, any amendments thereto adopted at any time and from time to time, subject to Section 11 below or unless such amendments are expressly intended not to apply to the grant of this Stock Option hereunder), all of which terms and provisions are made a part of and incorporated in this Agreement as if they were each expressly set forth herein. Any capitalized term not defined in this Agreement shall have the same meaning as is ascribed thereto under the Plan. The Optionee hereby acknowledges receipt of a true copy of the Plan and that the Optionee has read the Plan carefully and fully understands its content. In the event of any conflict between the terms of this Agreement and the terms of the Plan, the terms of the Plan shall control. If the Optionee is party to an agreement with the Company or any Subsidiary providing for the issuance of Stock Options of the Company, such agreement shall control in the event of any conflict between the terms of the such agreement, on the one hand, and this Agreement and the Plan, on the other hand.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.**&nbsp;&nbsp;&nbsp;&nbsp; ***Notices***. All notices, requests and other communications under this Agreement shall be in writing and shall be delivered in person (by courier or otherwise), mailed by certified or registered mail, return receipt requested, or sent by facsimile transmission, as follows:

if to the Company, to:

Sunshine Silver Mining & Refining Company

2209 Big Creek Road

Kellogg, Idaho 83837

Attention: Heather White, CEO

if to the Optionee, to the address that the Optionee most recently provided to the Company, or to such other address or facsimile number as such party may hereafter specify for the purpose by notice to the other parties hereto. All such notices, requests and other communications shall be deemed received on the date of receipt by the recipient thereof if received prior to 5:00 p.m. on a business day in the place of receipt. Otherwise, any such notice, request or communication shall be deemed received on the next succeeding business day in the place of receipt.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ***Entire Agreement***. This Agreement, the Plan, and any other agreements referred to herein and therein and any schedules, exhibits and other documents referred to herein or therein, constitute the entire agreement and understanding between the parties in respect of the subject matter hereof and supersede all prior and contemporaneous arrangements, agreements and understandings, both oral and written, whether in term sheets, presentations or otherwise, between the parties with respect to the subject matter hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11.**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ***Amendment; Waiver***. No amendment or modification of any provision of this Agreement shall be effective unless signed in writing by or on behalf of the Company and the Optionee, except that the Committee may amend or modify this Agreement without the Optionee's consent in accordance with the provisions of the Plan or as otherwise set forth in this Agreement. No waiver of any breach or condition of this Agreement shall be deemed to be a waiver of any other or subsequent breach or condition whether of like or different nature. Any amendment or modification of or to any provision of this Agreement, or any waiver of any provision of this Agreement, shall be effective only in the specific instance and for the specific purpose for which made or given.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**12.**&nbsp;&nbsp;&nbsp;&nbsp; ***Successors and Assigns; No Third Party Beneficiaries***. This Agreement shall inure to the benefit of and be binding upon the Company and the Optionee and their respective heirs, successors, legal representatives and permitted assigns. Nothing in this Agreement, expressed or implied, is intended to confer on anyone other than the Company and the Optionee, and their respective heirs, successors, legal representatives and permitted assigns, any rights, remedies, obligations or liabilities under or by reason of this Agreement. Subject to Section 7, the Optionee shall not assign any part of this Agreement without the prior express written consent of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**13.**&nbsp;&nbsp;&nbsp;&nbsp; ***Optionee Undertaking***. By accepting this Award, the Optionee agrees to take whatever additional action and execute whatever additional documents the Company may deem necessary or advisable to carry out or give effect to any of the obligations or restrictions imposed on the Optionee pursuant to the provisions of this Agreement.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**14.**&nbsp;&nbsp;&nbsp;&nbsp; ***Governing Law***. This Agreement shall be governed by and construed in accordance with the laws of the State of Delaware, without reference to the principles of conflict of laws thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**15.**&nbsp;&nbsp;&nbsp;&nbsp; ***Compliance with Laws***. The issuance of this Stock Option (and the Option Shares upon exercise of this Stock Option) pursuant to this Agreement shall be subject to, and shall comply with, any applicable requirements of any federal and state securities laws, rules and regulations (including, without limitation, the provisions of the Securities Act, the Exchange Act and the respective rules and regulations promulgated thereunder) and any other law or regulation applicable thereto. The Company shall not be obligated to issue this Stock Option or any of the Option Shares pursuant to this Agreement if any such issuance would violate any such requirements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**16.**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ***Counterparts***. This Agreement may be executed in one or more counterparts, each of which shall be deemed to be an original, but all of which shall constitute one and the same instrument.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**17.**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ***Headings***. The titles and headings of the various sections of this Agreement have been inserted for convenience of reference only and shall not be deemed to be a part of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**18.**&nbsp;&nbsp;&nbsp;&nbsp; ***Further Assurances***. Each party hereto shall do and perform (or shall cause to be done and performed) all such further acts and shall execute and deliver all such other agreements, certificates, instruments and documents as any party hereto reasonably may request in order to carry out the intent and accomplish the purposes of this Agreement and the Plan and the consummation of the transactions contemplated thereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**19.**&nbsp;&nbsp;&nbsp;&nbsp; ***Severability***. The invalidity or unenforceability of any provisions of this Agreement in any jurisdiction shall not affect the validity, legality or enforceability of the remainder of this Agreement in such jurisdiction or the validity, legality or enforceability of any provision of this Agreement in any other jurisdiction, it being intended that all rights and obligations of the parties hereunder shall be enforceable to the fullest extent permitted by law.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**20.**&nbsp;&nbsp;&nbsp;&nbsp; ***Delegation of Board Authority***. To the extent that the Board has delegated any of its authority under this Agreement to a Committee, references to actions made at the option of the Board shall also be to actions made at the option of the Committee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**21.**&nbsp;&nbsp;&nbsp;&nbsp; ***WAIVER OF JURY TRIAL****.* EACH OF THE PARTIES HERETO IRREVOCABLY WAIVES ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATED TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**22.**&nbsp;&nbsp;&nbsp;&nbsp; ***Recovery***. Every Award issued pursuant to the Plan is subject to potential recovery or recapture to the fullest extent called for by applicable federal or state law, rules of any national securities exchange on which the Option Shares may be listed, Section 10 of the Plan, or any policy of the Company. By accepting this Award, Optionee agrees to be bound by, and comply with, the terms of any such forfeiture or recapture provision imposed by applicable federal or state law, rules of any national securities exchange on which the Option Shares may be listed, as determined pursuant to Section 10 of the Plan, or as prescribed by any policy of the Company.

[*Signature Page Follows*]

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IN WITNESS WHEREOF, the parties have executed this Agreement as of the Grant Date.

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| |
|:---|
| **SUNSHINE SILVER MINING & REFINING COMPANY** |
| By: |

---

<br> Name: <u><br> </u> <br>Title: <u><br> </u>

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| |
|:---|
| **OPTIONEE** |
| By: |

---

<br> Name: <u><br> </u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

*[Signature Page to Sunshine Silver Mining & Refining Option Agreement]*

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#### Schedule A

#### NOTICE OF EXERCISE OF STOCK OPTION AND AGREEMENT

#### SUNSHINE SILVER MINING & REFINING COMPANY
This Notice of Exercise and Agreement ("<u>Agreement</u>") is made as of _______________, by and between Sunshine Silver Mining & Refining Company, a Delaware corporation (the "<u>Company</u>"), and ____________________ ("I" or "Optionee"). To the extent any capitalized terms used in this Agreement are not defined, they shall have the meaning ascribed to them in the Company's Long Term Incentive Plan (the "<u>Plan</u>").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.**&nbsp;&nbsp;&nbsp;&nbsp; ***Exercise of Option***. Subject to the terms and conditions hereof, Optionee hereby elects to exercise options to purchase _____ Common Shares (the "<u>Shares</u>" or "Option Shares") of the Company under and pursuant to the Plan and the Stock Option Agreement granted on ______________________ (the "<u>Option Agreement</u>"). The options being exercise [are/are not] intended to qualify as Incentive Stock Options. The price for the Option Shares shall be $_______ per Share for a total purchase price of $__________. If Optionee has requested the ability to pay for the Option Shares other than by payment of cash or check (*i.e.*, delivery of shares held more than six months or "net exercise"), and/or if Optionee has requested the receipt of cash in lieu of Option Shares, as provided below, this exercise is subject to the Committee's agreement thereto, and Optionee understands that the Committee may accept or deny either or both requests in its absolute discretion.

**A.**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Requested Method of Payment, if other than cash or check (delivery of shares held more than six months or "net exercise"):**

<u><br> </u> <br><u><br> </u> <br><u><br> </u> <br>

The foregoing request has been accepted by the Committee on behalf of the Company:

<u><br> </u> <br>Name and Position <br>

<u><br> </u> <br>Signature <br>

**B.**&nbsp;&nbsp;&nbsp;&nbsp; **Request for Cash in Lieu of Shares (initial if requested):**

[__________] I am (or was) an Employee subject to tax withholding as to this Option exercise. I request that the Company withhold from the Option Shares otherwise payable to me a number of Option Shares with an aggregate fair market value equal to the amount necessary to satisfy, in the opinion of the Company, my required tax withholding liability, and pay that amount in cash tax withholding to the appropriate tax authorities.

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The foregoing request to pay cash in lieu of shares has been accepted by the Committee on behalf of the Company:

<u><br> </u> <br>Name and Position <br>

<u><br> </u> <br>Signature <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ***Time and Place of Exercise***. The purchase and sale of the Option Shares under this Agreement shall occur at the principal office of the Company simultaneously with the delivery of this executed Agreement and payment of the exercise price and payment of all applicable taxes in accordance with the provisions of Section 4 of the Option Agreement. Promptly or as soon as practicable thereafter, if the Shares are certificated, the Company will deliver to Optionee a certificate representing the Shares (which shall be issued in Optionee's name or to the order of Optionee if the Shares are publicly traded on any stock exchange or over-the-counter market and the Shares have been registered under the Securities Act of 1933).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.**&nbsp;&nbsp;&nbsp;&nbsp; ***Representations and Warranties of Optionee***. In connection with the exercise of this Option and the delivery of the Option Shares, the Optionee hereby represents and warrants the following (Initial paragraphs (a) and/or (b), as applicable):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(a) [<u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u> ] Rule 701 Representations**. The Optionee is, or was as of the Grant Date, an Employee, Director, general partner, Officer, Consultant or advisor of the Company or its Subsidiaries. Additionally, if the Optionee is or was a Consultant or advisor described in the preceding sentence, Optionee represents that (i) he or she is a natural person; (ii) he or she provides or provided bona fide services to the Company or its Subsidiaries; and (iii) the services are not or were not in connection with the offer or sale of securities in a capital-raising transaction, and do not or did not, directly or indirectly, promote or maintain a market for the Company's securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(b)**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[<u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u> ] Rule 506; Investment Representations**. The Optionee has completed Annex 1 hereto, which is incorporated herein by reference, and represents and warrants that Annex 1 is true and correct. The Optionee further represents and warrants as follows: (i) the Optionee has had such an opportunity as he or she has deemed adequate to obtain from the Company such information as is necessary to permit him or her to evaluate the merits and risks of the Optionee's investment in the Company and has consulted with the Optionee's own advisers with respect to the Optionee's investment in the Company; (ii) the Optionee is a service provider to the Company or one of its Subsidiaries and has sufficient experience in business, financial and investment matters and in analyzing companies like the Company to be able to evaluate the risks involved in the acquisition of the Option Shares and to make an informed investment decision with respect to such acquisition; and (iii) the Optionee can afford a complete loss of the value of the Option Shares and is able to bear the economic risk of holding the Option Shares for an indefinite period

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(c)**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Investment Purposes, Private Placement, Restrictions on Transfer**. The Optionee is acquiring the Option Shares for the Optionee's own account for investment purposes only and not for resale or with a view to the distribution thereof. The Optionee understands and acknowledges that the Option Shares are not registered under the Securities Act or any applicable state or other securities laws, are "restricted securities" within the meaning of Rule 144 under the Securities Act, and may not be sold, assigned, transferred, or disposed of (including transfer by gift or operation of law) except in accordance with this Agreement. The Optionee also understands that the Company is under no obligation and has not agreed to and does not plan to file a registration statement to register the resale of the Option Shares under the Securities Act or under any applicable state or other securities law. As a result, the Optionee understands that he or she must bear the economic risk of the investment for an indefinite period of time and agrees to make no sale, assignment, transfer or other disposition of all or any portion of the Option Shares unless there is then in effect a registration statement under the Securities Act and registration under applicable state or other securities laws covering such proposed disposition and such disposition is made in accordance with such registration statement and in compliance with applicable state and other securities laws, or the Optionee has obtained an opinion of counsel satisfactory to the Company that such disposition does not require registration under the Securities Act or registration under applicable state or other securities laws. The Company may request a copy of any such opinion and, upon such request, the Optionee shall promptly provide such copy to the Company. The Company shall not be required to permit the Optionee's proposed assignment, transfer or other disposition unless such opinion is satisfactory (in form and substance) to the Company, as determined by the Company in its sole discretion.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ***Restrictive Legends and Stop Transfer Orders***.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(a)**&nbsp;&nbsp;&nbsp;&nbsp; **Legends**. Any certificate or certificates representing the Option Shares shall bear the following legends (as well as any other legends required by applicable federal, state and other corporate and securities laws):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(i)**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; THE SHARES REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, AND HAVE BEEN ACQUIRED FOR INVESTMENT AND NOT WITH A VIEW TO, OR IN CONNECTION WITH, THE SALE OR DISTRIBUTION THEREOF. NO SUCH TRANSFER MAY BE EFFECTED WITHOUT AN EFFECTIVE REGISTRATION STATEMENT RELATED THERETO OR AN OPINION OF COUNSEL SATISFACTORY TO THE COMPANY THAT SUCH REGISTRATION IS NOT REQUIRED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR UNDER ANOTHER EXEMPTION AVAILABLE UNDER THE SECURITIES ACT OF 1933, AS AMENDED.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(ii)**&nbsp;&nbsp;&nbsp;&nbsp; THE SHARES REPRESENTED BY THIS CERTIFICATE MAY BE TRANSFERRED ONLY IN ACCORDANCE WITH THE TERMS OF AN AGREEMENT BETWEEN THE COMPANY AND THE STOCKHOLDER, A COPY OF WHICH IS ON FILE WITH THE SECRETARY OF THE COMPANY.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(b)** &nbsp;&nbsp;&nbsp;&nbsp; **Stop-Transfer Notices**. Optionee agrees that, in order to ensure compliance with the restrictions referred to herein, the Company may issue appropriate "stop transfer" instructions to its transfer agent, if any, and that, if the Company transfers its own securities, it may make appropriate notations to the same effect in its own records.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(c)**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Refusal to Transfer**. The Company shall not be required (i) to transfer on its books any Option Shares that have been sold or otherwise transferred in violation of any of the provisions of this Agreement or (ii) to treat as owner of such Shares or to accord the right to vote or pay dividends to any purchaser or other transferee to whom such Shares shall have been so transferred.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.**&nbsp;&nbsp;&nbsp;&nbsp; ***Lock-Up***.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(a)**&nbsp;&nbsp;&nbsp;&nbsp; The Optionee hereby agrees that, if required by the managing underwriter (the "**Managing Underwriter**") for an initial public offering of the Company's securities ("IPO"), he or she will not, during the period commencing on the date of the final prospectus relating to the IPO and ending on the date specified by the Company and the Managing Underwriter (such period not to exceed l80 days, which period may be extended upon the request of the Managing Underwriter for an additional period of up to 15 days if the Company issues or proposes to issue an earnings or other public release within 15 days of the expiration of the 180 day lock-up period) (the "**IPO Lock-Up Period**"), lend, offer, pledge, contract to sell, sell any option or contract to transfer, purchase any option or contract to sell, grant any option, right or warrant to purchase, or otherwise transfer, directly or indirectly, any Shares owned immediately before the effective date of the registration statement for such offering. The foregoing provisions shall not apply to the sale of any Shares to the Managing Underwriter or any other underwriter for the IPO pursuant to the underwriting agreement for the IPO and shall only be applicable to the Participant if all officers, directors and stockholders of more than five percent of the Company's outstanding equity securities are subject to the same restrictions. The Managing Underwriter and such other underwriters for the IPO are intended third party beneficiaries of this agreement and shall have the right, power and authority to enforce the provisions hereof as though they were a party hereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(b)**&nbsp;&nbsp;&nbsp;&nbsp; The Optionee further agrees (i) to execute such agreements as may be reasonably requested by the Company or the Managing Underwriter in connection with the IPO that are consistent with this agreement or that are necessary to give further effect thereto; and (ii) if requested by the Company or the Managing Underwriter, to use its commercially reasonable efforts to provide, within five business days of such request, such information as may be required by the Company or the Managing Underwriter in connection with the completion of the IPO.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(c)**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; In order to enforce the foregoing covenant, the parties hereto agree that the Company may impose, or instruct its transfer agent and/or registrar for the Company's Shares to impose, stop-transfer or similar instructions that restrict the transfer of the Option Shares owned by the Optionee (and transferees and assignees thereof) during and until the end of the expiration of the IPO Lock-Up Period (as such may be extended in accordance with the foregoing).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.**&nbsp;&nbsp;&nbsp;&nbsp; ***Recovery***. Every Share issued pursuant to the Plan is subject to potential recovery or recapture to the fullest extent called for by applicable federal or state law, rules of any national securities exchange on which the Option Shares may be listed, Section 10 of the Plan, or any policy of the Company. By exercising this Option, Optionee agrees to be bound by, and comply with, the terms of any such forfeiture or recapture provision imposed by applicable federal or state law, rules of any national securities exchange on which the Option Shares may be listed, as determined pursuant to Section 10 of the Plan, or as prescribed by any policy of the Company.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ***Tax Advice***. The Optionee hereby acknowledges that neither the Company nor any of its representatives has provided to the Optionee any tax-related advice with respect to the matters covered by this Agreement. The Optionee understands and acknowledges that the Optionee is solely responsible for obtaining his or her own tax advice with respect to the exercise of the Option and matters covered by this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.**&nbsp;&nbsp;&nbsp;&nbsp; ***Governing Law***. This Agreement shall be governed by and construed in accordance with the laws of the State of Delaware without reference to the principles of conflict of laws thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ***Compliance with Laws***. The issuance of the Option Shares pursuant to this Agreement shall be subject to, and shall comply with, any applicable requirements of any federal and state securities laws, rules and regulations (including, without limitation, the provisions of the Securities Act, the Exchange Act and the respective rules and regulations promulgated thereunder) and any other law or regulation applicable thereto. The Company shall not be obligated to issue or any of the Option Shares pursuant to this Agreement if any such issuance would violate any such requirements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ***Counterparts***. This Agreement may be executed in one or more counterparts, each of which shall be deemed to be an original, but all of which shall constitute one and the same instrument.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11.**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ***Headings***. The titles and headings of the various sections of this Agreement have been inserted for convenience of reference only and shall not be deemed to be a part of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**12.**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ***Further Assurances***. Each party hereto shall do and perform (or shall cause to be done and performed) all such further acts and shall execute and deliver all such other agreements, certificates, instruments and documents as any party hereto reasonably may request in order to carry out the intent and accomplish the purposes of this Agreement and the Plan and the consummation of the transactions contemplated thereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**13.**&nbsp;&nbsp;&nbsp;&nbsp; ***Severability***. The invalidity or unenforceability of any provisions of this Agreement in any jurisdiction shall not affect the validity, legality or enforceability of the remainder of this Agreement in such jurisdiction or the validity, legality or enforceability of any provision of this Agreement in any other jurisdiction, it being intended that all rights and obligations of the parties hereunder shall be enforceable to the fullest extent permitted by law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**14.**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ***Binding Agreement****.* This Agreement constitutes the legal, valid and binding obligation of the Optionee, enforceable in accordance with its terms, and the execution, delivery and performance of this Agreement by the Optionee do not and shall not conflict with, violate, or cause a breach of any other agreement, contract or instrument to which the Optionee is a party or any judgment, order or decree to which the Optionee is subject.

[*Signature page follows*]

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IN WITNESS WHEREOF, the parties have executed this Agreement as of the day and year first written above.

**OPTIONEE**<br>

<br> Name: <u><br> </u>

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| |
|:---|
| **SUNSHINE SILVER MINING & REFINING COMPANY** |
| By: |

---

<br> Name: <u><br> </u> <br> Title: <u><br> </u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

*[Signature Page to Notice of Exercise of Nonqualified Stock Option Agreement]*

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#### Annex 1
The undersigned represents and warrants that he or she comes within each category marked below, and that for any category marked, he or she has truthfully set forth the factual basis or reason the undersigned comes within that category. The undersigned agrees to furnish any additional information which Sunshine Silver Mining & Refining Company, a Delaware corporation (the "Company"), deems necessary in order to verify the answers set forth below.

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| | | |
|:---|:---|:---|
| ☐ | (a) | The undersigned is an individual (not a partnership, corporation, etc.) whose individual net worth, or joint net worth with his or her spouse, presently exceeds $1,000,000. |

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*Explanation*. In calculating net worth you may include equity in personal property and real estate (other than your primary residence) cash, short-term investments, stock and securities. Equity in personal property and real estate should be based on the fair market value of such property less debt secured by such property. You must exclude from the calculation the value of your primary residence, and the related amount of indebtedness up to the fair market value of the residence may also be excluded. Indebtedness secured by the residence in excess of its fair market value must be deducted from your net worth.

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| | | |
|:---|:---|:---|
| ☐ | (b) | The undersigned is an individual (not a partnership, corporation, etc.) who had an income in excess of $200,000 in each of the two most recent years, or joint income with his or her spouse in excess of $300,000 in each of those years (in each case including foreign income, tax exempt income and full amount of capital gains and loses but excluding any income of other family members and any unrealized capital appreciation) and has a reasonable expectation of reaching the same income level in the current year. |

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☐ (c) The undersigned is a director or executive officer of the Company.

☐ (d) The undersigned is not within any of the categories above and is therefore a nonaccredited investor.

THE UNDERSIGNED UNDERSTANDS THE SIGNIFICANCE TO THE COMPANY OF THE FOREGOING REPRESENTATIONS, AND THEY ARE MADE WITH THE INTENTION THAT THE COMPANY WILL RELY ON THEM.

IN WITNESS WHEREOF, the undersigned has executed this document on _______________, 20____.

<br> <u><br> </u> <br>(Signature)

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## Exhibit 10.4

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#### Exhibit 10.4

#### SERVICES AGREEMENT

This Services Agreement (this "<u>Agreement</u>") is effective as of January 1, 2021, between The Electrum Group LLC ("<u>Provider</u>") and Sunshine Silver Mining & Refining Corporation ("<u>Recipient</u>").

WHEREAS Provider has the resources and capacity to provide certain professional and administrative services that may be useful to Recipient; and

WHEREAS Recipient desires to utilize such services, and Provider is willing to provide such services to Recipient, subject to the terms of this Agreement.

NOW, THEREFORE, the parties agree as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. <u>Services</u>. During the term of this Agreement, Provider shall provide to Recipient the services described on <u>Exhibit A</u> to this Agreement (the " <u>Services</u> "). Provider shall provide the Services on
 an as-required basis as mutually determined by Provider and Recipient from time to time. Provider shall use that degree of skill, care and diligence in the performance of the Services that (a) a reasonable person would use acting in like
 circumstances and in accordance with applicable laws and regulations and (b) is no less than that exercised by Provider with respect to comparable services that it performs on its own behalf.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. <u>Consideration</u>.

a. <u>Fees</u>. During the term of this Agreement, Provider shall receive from Recipient the fees described on <u>Exhibit B</u> to this Agreement (as such Exhibit B may be amended from time to time by the parties hereto). In addition, Provider shall be reimbursed by Recipient at actual cost for all reasonable out-of-pocket expenses for work related to this Agreement. The amounts to be charged to Recipient under this Section 2(a) are referred to herein as the "<u>Fees.</u>"

b. <u>Payment</u>. Provider shall bill Recipient for the Fees on either a monthly or a quarterly basis. Recipient shall pay the amount of the Fees shown on the applicable invoice within 5 business days of receipt of the invoice. Provider may use budgeted hourly rates to bill Recipient for the Fees; provided, however, that the parties shall true up the Fees annually using Provider's actual costs.

c. <u>Books and Records</u>. Provider shall use commercially reasonable efforts to maintain appropriate schedules, invoices and other documentation substantiating the Fees. Upon reasonable advance notice, Recipient may review such books and records at any time to determine whether the Fees are proper under this Agreement.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. <u>Termination</u>. The term of this Agreement shall commence as of the date hereof. This Agreement may be terminated with or without cause by either party upon 30 days' prior written notice to the other party.
 Following termination of this Agreement, Recipient shall remain liable for any accrued but unpaid Fees. Sections 4,5,6,7 and 8 shall survive the termination of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. <u>Independent Contractor; Leased Employees</u>. The relationship of the parties hereto is that of contracting parties, and no partnership, joint venture or other similar arrangement is created hereby; provided,
 however, that the parties agree that with respect to Provider's employees for which Provider invoices Recipient for Services (" <u>Leased Employees</u> "), Recipient will have (i) the exclusive right to grant stock compensation to Leased
 Employees for Services, (ii) a right to make employment related decisions with respect to Leased Employees; and (iii) the exclusive right to determine the economic value of the Services performed by Leased Employees.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. <u>Limitation of Liability</u>. Provider shall not be liable, responsible or accountable, in damages or otherwise, to Recipient for any act or omission performed or omitted by Provider in good faith on behalf of
 Recipient and in a manner reasonably believed by Provider to be within the scope of the authority conferred upon Provider hereunder and in the interests of Recipient.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. <u>Confidentiality</u>. Provider shall, and shall cause its employees and representatives to, keep confidential all information in the possession of Provider that in any way relates to Recipient; provided that
 Provider and its employees and representatives may disclose such information to the extent reasonably necessary or advisable in connection with the performance of the Services. In addition, Provider and its employees or representatives may
 disclose information (a) which is, or becomes, publicly available, other than by reason of a breach of this Section 6, (b) received from a third party not known to be bound by any duty of confidentiality to Recipient, or (c) required by
 applicable law or legal process to be disclosed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. <u>Indemnity</u>. Recipient shall indemnify, defend and hold harmless Provider and its owners, affiliates, officers, directors, employees, agents and representatives (collectively, the " <u>Provider Parties</u> ")
 from and against any and all claims, losses, damages and liabilities of any nature whatsoever arising out of or in connection with this Agreement, except to the extent attributable to the negligence or willful misconduct of one of the
 Provider Parties, and will indemnify the Provider Parties for costs and expenses, including, without limitation, reasonable attorneys' fees, which the Provider Parties may incur as a result of Recipient's negligence or willful misconduct
 arising out of or in connection with this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. <u>Miscellaneous</u>.

<br> a. <u>Further Assurances</u>. From time to time, each party shall execute and deliver such further instruments and take such further action as the other party reasonably requests in order to discharge and perform the obligations and agreements hereunder.

<br> b. <u>Assignment</u>. This Agreement may not be assigned by either party without the prior written consent of the other party, other than an assignment to an affiliate of either party that results in no change of ultimate control.

------

<br> c. <u>Reparability</u>. The invalidity or unenforceability of any provision in this Agreement shall not affect the other provisions hereof, and this Agreement shall be construed in all respects as if such invalid or unenforceable provision were omitted.

d. <u>Interpretation; Jurisdiction</u>. This Agreement shall be interpreted and construed in accordance with the laws of the State of New York, without reference to the rules governing conflicts of laws. The parties hereto consent to personal jurisdiction and venue in the State of New York, County of New York, with respect to any action or proceeding brought in connection with this Agreement. The captions of sections of this Agreement have been inserted as a matter of convenience only and shall not control or affect the meaning or construction of any of the terms or provisions hereof.

e. <u>Entire Agreement</u>. The parties agree that all understandings and agreements heretofore made among them are merged in this Agreement, which alone fully and completely expresses their agreement with respect to the subject matter hereof. There are no promises, agreements, conditions, understandings, warranties or representations, oral or written, express or implied, among the parties hereto, other than as set forth in this Agreement.

<br> f. <u>Counterparts</u>. This Agreement may be executed in one or more counterparts, each of which shall constitute an original.

<br> g. <u>Binding Effect</u>. This Agreement shall be binding upon, and shall inure to the benefit of, the parties hereto and their respective successors and permitted assigns.

------

IN WITNESS WHEREOF, the parties have executed this Agreement as of the date first written above.

---

| | |
|:---|:---|
| THE ELECTRUM GROUP LLC | THE ELECTRUM GROUP LLC |
| By: | /s/ Michael H. Williams |
|  | Name: Michael H. Williams |
|  | Title: Senior Managing Director |
| SUNSHINE SILVER MINING & REFINING CORPORATION | SUNSHINE SILVER MINING & REFINING CORPORATION |
| By: | /s/ Peter H. Cheesbrough |
|  | Name: Peter H. Cheesbrough |
|  | Title: Chief Executive Officer |

---

------

#### EXHIBIT A — SERVICES

<br> • Providing advice regarding strategic direction

<br> • General operational services, including management oversight of exploration as well as engineering and technical support

<br> • Accounting and bookkeeping services

<br> • General administrative services

<br> • Supervision of outside service providers (<u>e.g.</u>, geologists, consultants, lawyers, accountants, auditors, tax professionals)

<br> • Such other services in accordance with this Agreement as the parties may agree from time to time

------

#### EXHIBIT B — FEES

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Actual time incurred at Provider's Fully Loaded Hourly Rates for each of the individuals providing accounting, bookkeeping or administrative Services.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Actual time incurred at Provider's Fully Loaded Hourly Rates plus a Profit Markup for each of the individuals providing any other Services.

Provider's Fully Loaded Hourly Rates shall be determined based on (i) base salary, benefits and applicable taxes and fees; (ii) annual cash bonuses; and (iii) applicable overhead expenses for the office(s) from which the individuals operate.

The Profit Markup shall be an appropriate arm's length profit markup as identified through a comparable company benchmarking study.

------

## Exhibit 10.5

------

#### Exhibit 10.5

March 24, 2026

To the Board of Directors of Sunshine Silver Mining & Refining Company:

We understand that Sunshine Silver Mining & Refining Company (the "Company") will be issuing financial statements on the consolidated balance sheet of the Company as of December 31, 2025, the related consolidated statements of operations, cash flow, and changes in stockholder's equity for the year then ended.

Electrum Silver US LLC and its parent company, Electrum Global Holdings L.P., will, and have the ability to, fully support the operating, investing and financing activities of the Company through June 30, 2027.

Very truly yours,

Electrum Silver US LLC

By: Electrum Strategic Management LLC, its Manager

---

| | |
|:---|:---|
| By: | /s/ Andrew M. Shapiro |
| Name: Andrew M. Shapiro | Name: Andrew M. Shapiro |
| Title: Managing Director | Title: Managing Director |

---

Electrum Global Holdings L.P.

By: TEG Global GP Ltd., its General Partner

---

| | |
|:---|:---|
| By: | /s/ Andrew M. Shapiro |
| Name: Andrew M. Shapiro | Name: Andrew M. Shapiro |
| Title: Director | Title: Director |

---

------

## Exhibit 10.6

------

#### Exhibit 10.6
\*Certain identified information has been excluded from the exhibit because it is both (i) not material and (ii) would be competitively harmful if publicly disclosed.<br>

#### <br>

#### PROFESSIONAL SERVICES AGREEMENT

Dated for reference September 16, 2024

---

| | |
|:---|:---|
| **BETWEEN:** | **SCOUT DISCOVERIES CORP.**<br> 4224 W. Industrial Loop<br> Coeur d'Alene, Idaho 83815<br> (the "**Contractor**") |

---

---

| | |
|:---|:---|
| **AND:** | **Silver Opportunity Partners LLC (SOP)**<br> 2209 Big Creek Rd.<br> Kellogg, Idaho, 83837<br> (the "**Client**") |

---

#### BACKGROUND:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**A.** The Client is the owner or has an interest in a mineral properties located in Shoshone and Bonner Counties in Idaho, USA. (herein called the "**Property** ");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**B.** The Client requires the services of a contractor to perform the work and services outlined in this Schedule "A"; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**C.** The Contractor has agreed with the Client to undertake the services on the terms and conditions herein contained.

#### AGREEMENT

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.**  **<u>SERVICES</u>** 

1.1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Contractor will provide services to the Client as set out in Schedule "A" (the "**Services**"), subject to the terms and conditions of this Agreement.

1.2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Services may be adjusted and amended by the parties from time to time. Any amendment to the Services is not binding on the Contractor unless executed by the Client and the Contractor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.**  **<u>TERM</u>** 

2.1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The term of this agreement shall be from September 16, 2024, until September 16, 2025 (the "**Term**"), unless terminated earlier in accordance with this agreement. The Term may be renewed or extended by mutual agreement of the parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.**  **<u>PERFORMANCE OF THE SERVICES.</u>** 

3.1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Contractor expects that most of the Services will be performed or supervised by a Senior Project Manager. However, the Contractor reserves the right to assign other professionals to perform the Services if in the Contractor's judgment that becomes necessary or desirable.

3.2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Contractor shall provide the Services to the Client on a non-exclusive basis and shall be free to provide its services to third parties during the term of this agreement.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.**  **<u>WARRANTY</u>** 

4.1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Contractor represents and warrants that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; it is capable of providing the Services and that the Services will be provided and performed in a workmanlike and professional manner, conforming to industry standards, by personnel having a level of skill in the area commensurate with the requirements of the scope of the Services;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; it owns all tools, equipment and supplies necessary to provide the Services; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; the Contractor will and will cause its personnel to maintain professional designations with the relevant regulatory bodies and associations necessary to perform the Services.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.**  **<u>FEES FOR SERVICES</u>** 

5.1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Client shall pay the Contractor compensation (the "**Fees**") for the Services in accordance with a fee schedule attached to this agreement as Schedule "B", which may be subject to unilateral amendment by the Contractor from time to time upon 30 days written notice to the Client.

5.2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Compensation is payable in arrears upon the presentation of an invoice by the Contractor to the Client.

5.3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unless otherwise stated, the Fees and all other prices and rates are exclusive of taxes. The Client will pay any applicable taxes.

5.4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Client will reimburse the Contractor for all reasonable expenses incurred in association with the delivery of the Services ("**Reimbursable Expenses**"), including but not limited to travel costs and expenses, and reasonable disbursements. For clarity, the Reimbursable Expenses are expenses of the Contractor incurred in connection with providing the Services which are not described in the expenses listed in Schedule "B".

5.5.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unless otherwise provided for in Schedule "B", the Client will pay the Fees and Reimbursable Expenses by electronic payment to the Contractor at an account of the Contractor's designation no later than 30 days after receipt of the applicable invoice. The Client will promptly notify the Contractor of any Fees or Reimbursable Expenses that are in bona fide dispute and the parties will promptly negotiate and attempt to resolve in good faith any disputes related to any disputed amounts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.**  **<u>EXPENSES</u>** 

6.1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; In addition to the Fees and Reimbursable Expenses, the Client will reimburse the Contractor for any expense that is incurred by the Contractor in connection with, and to the extent necessary for, performance of the Services.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.**  **<u>INTEREST</u>** 

7.1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Where the Fees are not paid by the Client within thirty (30) days of the Client's receipt of an invoice from the Contractor, the Client shall also pay interest on the Fees for the period beginning with the due date until the date upon which payment in full is made. The rate of interest shall be 1.5% per month.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.**  **<u>INDEPENDENT CONTRACTOR.</u>** 

8.1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Contractor and its employees shall not be deemed to be at any time employees or servants of the Client. The parties agree that the Contractor shall be an independent contractor in the performance of the Services under this agreement and that no master and servant relationship is to be created between the Contractor or its personnel and the Client and further that no employee benefits available to employees of the Client shall accrue to the Contractor or its personnel.

------

8.2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Contractor shall have authority to exercise exclusive control, direction, and management over the Services, to carry on the Services under its own superintendence and at its own risk, and to provide the Services according to its own means and methods. The Client shall be entitled only to direct the Contractor with respect to the elements of the Services to be performed by the Contractor and the results to be derived by the Client, to inform the Contractor as to where and when such Services shall be performed, and to review and assess the performance of such Services by the Consultant for the limited purposes of assuring that such Services have been performed in accordance with the requirements of this agreement and confirming that such results are satisfactory to the Client.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.**  **<u>TERMINATION WITHOUT CAUSE</u>** 

9.1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; This agreement may be terminated by either party upon thirty (30) days written notice to the other party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.**  **<u>TERMINATION FOR CAUSE</u>** 

10.1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Notwithstanding anything to the contrary contained in this agreement, this agreement may be terminated immediately by the Client prior to expiration of the Term in the following circumstances:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; if the Contractor breaches any term, condition or provision of this agreement, unless the Contractor remedies the breach within thirty (30) days of receipt of written notice from the Client;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; if the Contractor becomes insolvent, is adjudged a bankrupt, makes a general assignment for the benefit of creditors, or takes the benefit of any Act in force for insolvent persons;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; if the Contractor ceases to do business as a going concern.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; if a receiver or manager is appointed for the business of the Contractor; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; if the Contractor takes the benefit of any actions for the winding up or liquidation of corporations.

10.2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Notwithstanding anything to the contrary contained in this agreement, this agreement may be terminated immediately by the Contractor prior to expiration of the Term in the following circumstances:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; if the Client breaches any term, condition or provision of this Agreement, unless the Client remedies the breach within thirty (30) days of receipt of written notice from the Contractor;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; if the Client becomes insolvent, is adjudged a bankrupt, makes a general assignment for the benefit of creditors, or takes the benefit of any action for insolvent persons;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; if the Client ceases to do business as a going concern;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; if a receiver or manager is appointed for the business of the Client; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; if the Client takes the benefit of any action for the winding up or liquidation of corporations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11.**  **<u>EFFECT OF TERMINATION</u>** 

11.1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Upon termination of this agreement, the Client shall pay to the Contractor any Fees or other amounts owing under this agreement for Services rendered prior to the date of termination.

11.2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Upon termination of this agreement, the parties shall deliver all records, notes, memorandum, models, and equipment of any nature that are in each party's possession or under each party's control and that are the other party's property or relate to the other party's business or operations.

------

11.3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Termination of this Agreement by either party shall not deprive either party of any of its rights,

remedies, or actions against the other party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**12.**  **<u>SUSPENSION OF SERVICES</u>** 

12.1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; At the election of the Contractor, the Contractor may exercise its rights under paragraph 10.2 or the Contractor shall have the right to suspend the Services if the Client fails to pay any invoice within thirty (30) days of receipt.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**13.**  **<u>CONFIDENTIAL INFORMATION</u>** 

13.1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; In connection with Services, the parties (the "**Disclosing Party**") may disclose confidential know-how, business, financial, technical, scientific information and other information (the "**Confidential Information**") to the other (the "**Receiving Party**"). To assist the Receiving Party in identifying the Confidential Information, the Disclosing Party shall mark or designate the information as "confidential," provided however that the failure to so designate does not operate as a waiver to protections provided by applicable law or this agreement. The Receiving Party agrees to take all reasonable care to protect the Confidential Information of the Disclosing Party and to prevent disclosure of the Confidential Information to third parties provided that it is identified as confidential at the time of disclosure or should be reasonably known by the Receiving Party to be Confidential Information due to the nature of the information disclosed and the circumstances surrounding the disclosure. Except as may be necessary to perform its obligations under this agreement, the Receiving Party will hold in confidence and not use or disclose any Confidential Information. The Receiving Party's nondisclosure obligation shall not apply to information that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; was known to it prior to receipt of the Confidential Information;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; is publicly available;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; is rightfully obtained by the Receiving Party from a third party;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; is independently developed by the Receiving Party; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; is required to be disclosed pursuant to regulation, law, or court order.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**14.**  **<u>COVENANTS NOT TO DISPARAGE</u>** 

14.1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; During the Term and following termination of this agreement, the Contractor and the Client shall not directly or indirectly participate in any pattern of conduct that involves the making or publishing of written or oral statements or remarks (including, without limitation, the repetition or distribution of derogatory rumors, allegations, negative reports, or comments) which are disparaging or damaging to the integrity, reputation, or goodwill of the other.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**15.**  **<u>COVENANTS NOT TO HIRE CONTRACTOR'S PERSONNEL</u>** 

15.1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; It is recognized and understood by the parties that the personnel of the Contractor are an integral part of the Contractor's business and that it is extremely important for the Contractor to use its maximum efforts to prevent the Contractor from losing its personnel. It is therefore understood and agreed by the parties that, because of the nature of the business of the Contractor, it is necessary to afford fair protection to the Contractor from the loss of any personnel.

15.2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consequently, as a material inducement to the Contractor to provide the Services, the Client covenants and agrees that, during the Term and for the period commencing on the date of termination of this agreement and ending 24 months after, the Client shall not, directly or indirectly, hire or engage or attempt to hire or engage any individual who shall have been an employee or principal of the Contractor at any time during the last 12 months of the Term, whether for or on behalf of the Client or for any entity in which the Client shall have a direct or indirect interest, or any subsidiary or affiliate of any entity, whether as a proprietor, partner, co-venturer, financier, investor or stockholder, director, officer, company, employee, servant, agent, representative or otherwise.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**16.**  **<u>INDEMNIFICATION</u>** 

16.1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Client agrees to indemnify and hold the Contractor harmless from all claims, losses, damages, expenses, fees including lawyer's fees, costs, demands and judgments against the Contractor arising from:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; breach of the Client's obligations under this agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; personal injury and/or property damage caused by any negligent or willful action or inaction of the Client; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; any misuse of the Services by the Client or its directors, officers, shareholders, employees, contractors, or other representatives.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**17.**  **<u>LIMITATION OF LIABILITY</u>** 

17.1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; To the extent permitted by applicable law, and notwithstanding anything to the contrary in this agreement, the contractor's total aggregate liability (including without limitation any indirect, incidental, special, punitive or consequential damages) arising out of or in connection with this agreement for all claims of any kind (even if such liabilities are foreseeable or the contractor has been advised of the possibility of such liabilities) will not exceed fifty percent (50%) of the fees paid or payable by the Client to the Contractor under this agreement during the twelve (12) months prior to the event giving rise to the liability. This limitation of liability shall not apply to liability for fraud or wilful misconduct.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**18.**  **<u>INSURANCE</u>** 

18.1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; That the Contractor shall, at its own expense, obtain and maintain in full force and effect, throughout the Term and for such period of time after the expiration or termination of this agreement as may be reasonably required to insure against future general liability or professional liability claims, such insurance coverage as the Contractor may require. Currently, the contractor has $3,000,000.00 in general liability coverage.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**19.**  **<u>FORCE MAJEURE</u>** 

19.1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Contractor shall be excused from the performance of its obligations under this agreement to the extent that such performance is prevented by circumstances and conditions beyond the control of the Contractor, including but not limited to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; act of God, acts of terrorism, war, acts of war (whether war be declared or not), labour strike or lock-out, civil commotion, epidemic, failure or default of public utilities or common carriers, destruction of facilities, equipment and/or materials by fire, earthquake, floods, storm or like catastrophe;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; necessary compliance with any regulation, law, or order of any government;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; unavailability of personnel, unavailability of materials and/or restrictions on travel arising from any situation related to COVID-19 or any other pandemic, including but not limited to compliance with health restrictions and guidelines, any regulations, laws, or order of any government or public health officer; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; any circumstance, if, in the sole discretion of the Contractor, danger to life, materials, and/or equipment, including without limitation, danger due to the occurrence and spread of COVID-19 or any other pandemic, will result.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**20.**  **<u>NOTICES</u>** 

20.1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Any notice, request, demand, consent, or other communication provided or permitted by this agreement will be given in writing and by personal delivery, transmitted by facsimile or electronic mail, or sent by ordinary mail, postage prepaid, addressed to the party for which it is intended at its address above. Such delivery is valid if delivered personally, or transmitted by facsimile or electronic mail on the date of such personal delivery or, if mailed, on the seventh day following postmarking.

20.2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Either party may, from time to time, advise the other by notice in writing of any change of address of the party giving such notice. From and after the giving of such notice the address therein specified will, for the purposes of this section be conclusively deemed to be the address of the party giving such notice.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**21.**  **<u>GENERAL</u>** 

21.1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The parties obligations under sections 11, 13, 14, 15, 16, 17 will survive termination of this agreement.

21.2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Neither party may assign its rights or obligations under this agreement in whole or in part without the prior written consent of the other party.

21.3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; This agreement contains the entire agreement between the parties and there are no other promises or conditions in any other agreement whether oral or written. This agreement supersedes any prior written or oral agreements between the parties.

21.4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; This agreement may be modified or amended if the amendment is made in writing and is signed by both parties.

21.5.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; If any provision of this agreement shall be held to be invalid or unenforceable for any reason, the remaining provisions shall continue to be valid and enforceable. If a court finds that any provision of this agreement is invalid or unenforceable, but that by limiting such provision it would become valid and enforceable, then such provision shall be deemed to be written, construed, and enforced as so limited.

21.6.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The failure of either party to enforce any provision of this agreement shall not be construed as a waiver or limitation of that party's right to subsequently enforce and compel strict compliance with every provision of this agreement. No supplement, modification or waiver of this agreement shall be binding unless executed in writing by the party to be bound thereby. No waiver of any of the provisions of this agreement shall be deemed or shall constitute a waiver of any other provision of this agreement (whether or not similar), nor shall such waiver constitute a continuing waiver unless expressly provided.

21.7.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; This agreement shall be governed by the laws of the state of Idaho.

21.8.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The headings of the sections herein are inserted for convenience of reference only and are not intended to be a part of or to affect the meaning or interpretation of this agreement.

21.9.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; This agreement may be executed in one or more counterparts, each of which will be deemed to be an original but all of which will constitute one and the same agreement. This agreement may be executed by facsimile signatures and each signature will be deemed binding for all purposes of this agreement, without delivery of an original signature being required.

This agreement will become effective when all the parties have signed it. The date this agreement is signed by the last party to sign it (as indicated by the date stated opposite that party's signature) will be deemed the date of this agreement.

---

| | |
|:---|:---|
| **SCOUT DISCOVERIES CORP.,** |  |
| /s/ Curtis Johnson | 09/16/2024 |
| by its authorized signatory: | Date: |
| Curtis Johnson |  |
| Print Name |  |
| **Silver Opportunity Partners LLC (SOP)** |  |
| /s/ Nicholas Furlin | 09/16/2024 |
| by its authorized signatory: | Date: |
| Nicholas Furlin |  |
| Print Name |  |

---

------

#### SCHEDULE "A"

#### SERVICES

The anticipated start date for the services is September 16, 2024.

Scout Discoveries Corp. will undertake a generative geologic exploration target creation project that will be broken up into [\*\*\*] distinct areas: [\*\*\*]. The project will consist of creating individual data rooms for each distinct area, finding, cataloging, and uploading all available public information to the respective data room(s). The creation of individual area visuals (.pdf, PowerPoint, 3-d models, or otherwise) depicting all necessary information for the specific targets as well as a cumulative project wrap-up presentation. SOP requests bi-monthly update meetings and/or correspondence for the full tenure of the project, to be delivered by the project lead or designee.

The services provided by the Contractor may include, but are not limited to the following:

&nbsp;&nbsp;&nbsp;&nbsp;Data Compilation and Interpretation

---

| |
|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;GIS |
| &nbsp;&nbsp;&nbsp;&nbsp;3D Modelling |
| &nbsp;&nbsp;&nbsp;&nbsp;Exploration Program Design |
| &nbsp;&nbsp;&nbsp;&nbsp;Permit Applications |
| &nbsp;&nbsp;&nbsp;&nbsp;Liaising with 3rd Party Subcontractors |
| &nbsp;&nbsp;&nbsp;&nbsp;Stakeholder Consultations |
| &nbsp;&nbsp;&nbsp;&nbsp;Core Logging |
| &nbsp;&nbsp;&nbsp;&nbsp;Geological Consulting |
| &nbsp;&nbsp;&nbsp;&nbsp;Drill Program Management |
| &nbsp;&nbsp;&nbsp;&nbsp;Trench Program Management |
| &nbsp;&nbsp;&nbsp;&nbsp;Geochemical Surveying |
| &nbsp;&nbsp;&nbsp;&nbsp;Geophysical Surveying |
| &nbsp;&nbsp;&nbsp;&nbsp;Drone Surveying — Aerial Photography |
| &nbsp;&nbsp;&nbsp;&nbsp;Geological Mapping and Prospecting |
| &nbsp;&nbsp;&nbsp;&nbsp;Report Preparation |
| &nbsp;&nbsp;&nbsp;&nbsp;Preparation of Marketing Materials: |

---

<br> • PowerPoint Presentations

<br> • Website Content

<br> • News Release

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## Exhibit 10.7

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#### Exhibit 10.7
STOCKHOLDERS AGREEMENT

by and among

SUNSHINE SILVER MINING & REFINING COMPANY

and

THE STOCKHOLDERS THAT ARE SIGNATORIES HERETO

Dated as of May 10, 2026

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#### **TABLE OF CONTENTS**

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| | | |
|:---|:---|:---|
| <u>Page</u> | <u>Page</u> | <u>Page</u> |
| ARTICLE 1 | ARTICLE 1 | ARTICLE 1 |
| DEFINITIONS | DEFINITIONS | DEFINITIONS |
| Section 1.01. | Definitions | 1 |
| Section 1.02. | Other Interpretive Provisions | 4 |
| ARTICLE 2 | ARTICLE 2 | ARTICLE 2 |
| REPRESENTATIONS AND WARRANTIES | REPRESENTATIONS AND WARRANTIES | REPRESENTATIONS AND WARRANTIES |
| Section 2.01. | Existence; Authority; Enforceability | 4 |
| Section 2.02. | Absence of Conflicts | 4 |
| Section 2.03. | Consents | 5 |
| ARTICLE 3 | ARTICLE 3 | ARTICLE 3 |
| GOVERNANCE | GOVERNANCE | GOVERNANCE |
| Section 3.01. | Board of Directors | 5 |
| Section 3.02. | Actions that Require Electrum Approval | 6 |
| Section 3.03. | Actions Requiring Consultation with Electrum | 8 |
| Section 3.04. | Actions that Require Independent Director Approval | 8 |
| Section 3.05. | Information; Duties | 8 |
| ARTICLE 4 | ARTICLE 4 | ARTICLE 4 |
| TRANSFERS OF SHARES | TRANSFERS OF SHARES | TRANSFERS OF SHARES |
| Section 4.01. | Rights and Obligations of Affiliate Stockholders | 9 |
| ARTICLE 5 | ARTICLE 5 | ARTICLE 5 |
| GENERAL PROVISIONS | GENERAL PROVISIONS | GENERAL PROVISIONS |
| Section 5.01. | Further Assurances | 9 |
| Section 5.02. | Assignment; Benefit | 9 |
| Section 5.03. | Freedom to Pursue Opportunities | 9 |
| Section 5.04. | Termination | 10 |
| Section 5.05. | Subsequent Acquisition of Shares; Other Activities | 11 |
| Section 5.06. | Severability | 11 |
| Section 5.07. | Entire Agreement | 11 |
| Section 5.08. | Amendment | 11 |

---

i

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| | | |
|:---|:---|:---|
| Section 5.09. | Waiver | 11 |
| Section 5.10. | Counterparts | 11 |
| Section 5.11. | Notices | 12 |
| Section 5.12. | Governing Law | 12 |
| Section 5.13. | Jurisdiction | 12 |
| Section 5.14. | Waiver of Jury Trial | 13 |
| Section 5.15. | Specific Performance | 13 |
| Section 5.16. | Marketing Materials | 13 |
| Section 5.17. | Adjustments | 13 |
| Section 5.18. | No Third-Party Beneficiaries | 13 |
| Section 5.19. | Indemnification | 13 |
| Section 5.20. | No More Favorable Agreements | 16 |

---

ii

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#### STOCKHOLDERS AGREEMENT
THIS STOCKHOLDERS AGREEMENT (as it may be amended from time to time in accordance with the terms hereof, this "**Agreement**"), dated as of May 10, 2026 and effective as of the closing of the IPO (the "**Effective Time**"), is made by and among Sunshine Silver Mining & Refining Company, a Delaware corporation (the "**Company**"), and the stockholders that are or become signatories hereto (each a "**Stockholder**" and collectively, the "**Stockholders**").

#### RECITALS
WHEREAS, the Company is proposing to sell Company Shares to the public in an initial public offering (the "**IPO**");

WHEREAS, the Company and Ospraie Real Assets Fund L.P. ("**Ospraie**") have entered into a separate agreement on or about the date hereof (the "**Ospraie Stockholders Agreement**") providing for certain rights and obligations of Ospraie and the Company; and

WHEREAS, the Board of Directors of the Company (the "**Board of Directors**") has unanimously approved this Agreement providing for certain rights and obligations of the Stockholders and the Company;

NOW, THEREFORE, in consideration of the foregoing and the mutual promises, covenants and agreements of the Parties, and for other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the Parties agree as follows:

**ARTICLE 1<br><u>DEFINITIONS</u>**

Section 1.01. *<u>Definitions</u>*. As used in this Agreement, the following terms shall have the following meanings:

"**Affected Stockholder**" has the meaning set forth in Section 5.08.

"**Affiliate**" means, with respect to any Person, any Person directly or indirectly controlling or controlled by or under direct or indirect common control with such specified Person; it being understood and agreed that, for purposes hereof, (i) each Electrum Party shall be deemed to be an Affiliate of every other Electrum Party, (ii) neither the Company nor any subsidiary of the Company shall be deemed to be an Affiliate of any Stockholder, and (iii) except as set forth in clause (i) above, no Stockholder shall be deemed to be an Affiliate of any other Stockholder.

"**Agreement**" has the meaning set forth in the preamble.

"**Beneficial Ownership**" (and derivative terms) means beneficial ownership within the meaning of Rule 13d-3 under the Exchange Act.

"**Board of Directors**" has the meaning set forth in the recitals.

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"**Business Day**" means any day other than a Saturday, Sunday or day on which banking institutions in New York, New York are authorized or obligated by law or executive order to close.

"**Change of Control**" means any transaction or series of related transactions (whether by merger, consolidation or sale or transfer of the Company Shares or otherwise) as a result of which a Person or group (within the meaning of Section 13(d)(3) of the Exchange Act) that is not one of the Electrum Parties (or any of their Affiliates or any officer, director, or employee of any of the Electrum Parties or their Affiliates) obtains (i) Beneficial Ownership of Company Shares which represent more than 50% of the combined voting power of the then outstanding Company Shares or (ii) ownership of all or substantially all of the assets of the Company and its subsidiaries (including stock of its subsidiaries) on a consolidated basis.

"**Company**" has the meaning set forth in the preamble.

"**Company Shares**" means common stock of the Company, par value $0.001 per share, and any and all securities of any kind whatsoever of the Company that may be issued by the Company after the date hereof in respect of, in exchange for, or in substitution of, Company Shares, pursuant to any stock dividends, splits, reverse splits, combinations, reclassifications, recapitalizations, reorganizations and the like occurring after the date hereof.

"**Directed Opportunity**" has the meaning set forth in Section 5.03(a).

"**Director**" means a member of the Board of Directors.

"**Electrum Representative**" means The Electrum Group LLC or an Affiliate of The Electrum Group LLC designated in writing by The Electrum Group LLC as the Electrum Representative following the date hereof.

"**Electrum Parties**" means, collectively, Electrum Silver US LLC and Electrum Silver US II LLC and any Affiliates of the foregoing to whom Company Shares are Transferred by a Stockholder after the date hereof in accordance with this Agreement.

"**Equity Securities**" means the Company Shares and any other securities of the Company that are entitled to vote in the election of Directors.

"**Exchange Act**" means the United States Securities Exchange Act of 1934, as amended, and any successor thereto, and any rules and regulations promulgated thereunder, all as the same shall be in effect from time to time.

"**Governing Documents**" means the third amended and restated certificate of incorporation of the Company, as amended or modified from time to time, and the amended and restated bylaws of the Company, as amended or modified from time to time.

"**Indemnified Liabilities**" has the meaning set forth in Section 5.19(a).

"**Indemnified Parties**" has the meaning set forth in Section 5.19(a).

------

"**IPO**" has the meaning set forth in the recitals.

"**Necessary Action**" means, with respect to a specified result, all actions (to the extent such actions are permitted by law and by the Governing Documents) necessary to cause such result, including (i) attending meetings in person or by proxy for purposes of obtaining a quorum, (ii) voting or providing a proxy with respect to the Company Shares, (iii) causing the adoption of stockholders' resolutions and amendments to the Governing Documents, (iv) causing Directors (to the extent such Directors were nominated by the Person obligated to undertake the Necessary Action, and subject to any fiduciary duties that such Directors may have as Directors) to act in a certain manner or causing them to be removed in the event they do not act in such a manner, (v) executing agreements and instruments, and (vi) making, or causing to be made, with governmental, administrative or regulatory authorities, all filings, registrations or similar actions that are required to achieve such result and (vii) ensuring that applicable provisions are included in any proxy statement prepared by management of the Company in connection with the solicitation of proxies for any meeting of stockholders of the Company.

"**Parties**" means the Company and the Stockholders party to this Agreement, including any Permitted Transferee who becomes a Party pursuant to Section 4.01.

"**Permitted Transferee**" means in the case of any Stockholder, an Affiliate of such Stockholder.

"**Person**" means an individual, partnership, limited liability company, corporation, trust, other entity, association, estate, unincorporated organization or a government or any agency or political subdivision thereof.

"**SEC**" means the United States Securities and Exchange Commission.

"**Securities Act**" means the United States Securities Act of 1933, as amended, and any successor thereto, and any rules and regulations promulgated thereunder, all as the same shall be in effect from time to time.

"**Specified Party**" has the meaning set forth in Section 5.03(a).

"**Stockholder**" and "**Stockholders**" have the meaning set forth in the preamble.

"**Stockholder Indemnitor**" has the meaning set forth in Section 5.19(b).

"**Transfer**" means (a) a direct or indirect transfer, sale, exchange, assignment, pledge, hypothecation or other encumbrance or other disposition of Company Shares, or any legal or beneficial interest therein, including the grant of an option or other right or the grant of any interest that would result in a Stockholder no longer having the power to vote, or cause to be voted, such Stockholder's Company Shares, whether directly or indirectly, whether voluntarily, involuntarily or by operation of law or (b) any agreement to take or commit to any of the foregoing actions; and "**Transferred,**" "**Transferee,**" "**Transferor,**" and "**Transferability**" shall each have a correlative meaning. For the avoidance of doubt, a transfer, sale, exchange, assignment, pledge, hypothecation or other encumbrance or other disposition of an interest in any Stockholder, or direct or indirect parent thereof, all or substantially all of whose assets are, directly or indirectly, Company Shares shall constitute a "Transfer" of Company Shares for purposes of this Agreement. For the avoidance of doubt, a transfer, sale, exchange, assignment, pledge, hypothecation or other encumbrance or other disposition of an interest in any Stockholder, or direct or indirect parent thereof, which has substantial assets in addition to Company Shares shall not constitute a "Transfer" of Company Shares for purposes of this Agreement.

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Section 1.02. *<u>Other Interpretive Provisions</u>*.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The meanings of defined terms are equally applicable to the singular and plural forms of the defined terms.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The words "**hereof**," "**herein**," "**hereunder**" and similar words refer to this Agreement as a whole and not to any particular provision of this Agreement; and any subsection and Section references are to this Agreement unless otherwise specified.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The term "**including**" is not limiting and means "**including without limitation**."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The captions and headings of this Agreement are for convenience of reference only and shall not affect the interpretation of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Whenever the context requires, any pronouns used herein shall include the corresponding masculine, feminine or neuter forms.

**ARTICLE 2<br><u>REPRESENTATIONS AND WARRANTIES</u>**

Each of the Parties hereby represents and warrants, solely with respect to itself, to each other Party that:

Section 2.01.<u> </u>*<u>Existence; Authority; Enforceability</u>*. Such Party has the power and authority to enter into this Agreement and to carry out its obligations hereunder. Such Party is duly organized and validly existing under the laws of its jurisdiction of organization, and the execution of this Agreement, and the performance of its obligations hereunder, have been authorized by all necessary action, and no other act or proceeding on its part is necessary to authorize the execution of this Agreement or the performance of its obligations hereunder. This Agreement has been duly executed by it and constitutes its legal, valid and binding obligation, enforceable against it in accordance with its terms except as the same may be affected by bankruptcy, insolvency, moratorium or similar laws, or by legal or equitable principles relating to or limiting the rights of contracting parties generally.

Section 2.02. *<u>Absence of Conflicts</u>*. The execution and delivery by such Party of this Agreement and the performance of its obligations hereunder does not (a) conflict with, or result in the breach of any provision of the constitutive documents of such Party; (b) result in any violation, breach, conflict, default or event of default (or an event which with notice, lapse of time, or both, would constitute a default or event of default), or give rise to any right of acceleration or termination or any additional payment obligation, under the terms of any contract, agreement or permit to which such Party is a party or by which such Party's assets or operations are bound or affected; or (c) violate any law applicable to such Party, except, in the case of clause (b), as would not have a material adverse effect on such Party's ability to perform its obligations hereunder.

------

Section 2.03. *<u>Consents</u>*. Other than as has already been obtained, no consent, waiver, approval, authorization, exemption, registration, license or declaration is required to be made or obtained by such Party in connection with the execution, delivery or performance of this Agreement, except in each case, as would not have a material adverse effect on such Party's ability to perform its obligations hereunder.

**ARTICLE 3<br><u>GOVERNANCE</u>**

Section 3.01. *<u>Board of Directors</u>*.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; From and after the Effective Time, the Electrum Parties, acting through the Electrum Representative, shall have the right, but not the obligation, to nominate (i) a number of individuals for election to the Board of Directors that is one fewer than a majority of the Board of Directors following all nominations pursuant to this Section 3.01 so long as the Electrum Parties Beneficially Own in the aggregate a number of Company Shares equal to at least 35% of the then outstanding Company Shares and (ii) one individual to the Board of Directors so long as the Electrum Parties Beneficially Own in the aggregate a number of Company Shares equal to (x) less than 35% of the then outstanding Company Shares and (y) at least 5% of the then outstanding Company Shares. If the Electrum Parties Beneficially Own in the aggregate a number of Company Shares equal to less than 5% of the then outstanding Company Shares, the Electrum Parties shall not have the right pursuant to this Section 3.01(a) to nominate any individuals to be elected to the Board of Directors. In the event that the Electrum Representative has not nominated the number of individuals that the Electrum Parties are entitled to nominate pursuant to this Section 3.01(a), the Electrum Parties, acting through the Electrum Representative, shall have the right, at any time, to nominate the number of additional individuals which they are entitled to nominate pursuant to this Section 3.01(a), in which case the Stockholders shall take, or cause to be taken, all Necessary Action to (A) increase the size of the Board of Directors as required to enable the election of such additional individuals and (B) elect such additional individuals nominated by the Electrum Parties to such newly created directorships.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Company shall reimburse each Director nominated pursuant to Section 3.01(a) for all reasonable out-of-pocket expenses incurred in connection with their attendance at meetings of the Board of Directors and any committees thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; To the extent that the number of Directors that the Electrum Representative is entitled to nominate pursuant to this Section 3.01 is reduced, the Electrum Representative shall, upon the Company's request in writing, cause the required number of Directors to promptly resign from the Board of Directors and any vacancies resulting from such resignation shall be filled by the Board of Directors in accordance with the Governing Documents and SEC rules and applicable listing standards then in effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Notwithstanding anything to the contrary in this Section 3.01(f), in the event that the Board of Directors determines in good faith, after consultation with outside legal counsel, that its nomination, election or appointment of a particular nominee pursuant to this Section 3.01 would constitute a breach of its fiduciary duties to the Company's stockholders or does not otherwise comply with any requirements of the Company's Governing Documents and corporate governance guidelines, or the charter or related guidelines of any committee of the Board of Directors responsible for nominating members of the Board of Directors, then the Board of Directors shall inform the Electrum Representative of such determination in writing and explain in reasonable detail the basis for such determination and the Electrum Representative shall designate another individual for nomination, election or appointment to the Board of Directors (subject in each case to this Section 3.01(f)), and the Board of Directors and the Company shall take all of the actions required by this Section 3.01 with respect to the election or appointment of such substitute nominee.

Section 3.02. *<u>Actions that Require Electrum Approval</u>*. In addition to any other approval required by the Governing Documents or by applicable law, and until such time as the Electrum Parties no longer own at least 35% of the then outstanding Company Shares, prior written approval of the Electrum Representative shall be required for the Company or any of its subsidiaries to take or agree to take any of the following actions, and the Company and its subsidiaries shall not take or agree to take any of the following actions without prior written approval of the Electrum Representative:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Change of Control</u>. Enter into or effect a Change of Control.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Certain Dispositions</u>. Directly or indirectly, enter into or effect any transaction or series of related transactions, involving the sale, lease, license, exchange or other disposal (including by merger, amalgamation, consolidation, sale of stock or sale of assets) by the Company or any of its direct or indirect subsidiaries of any assets (including equity interests in any Person and any licenses) having a fair market value or for consideration having a fair market value (in each case as reasonably determined by the Board of Directors) in excess of $100,000,000, other than transactions solely between and among the Company and its wholly owned subsidiaries.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Certain Acquisitions and Joint Ventures</u>. Enter into or effect (i) any transaction or series of related transactions involving the purchase, rent, lease, license, exchange or other acquisition (whether by merger, consolidation, acquisition of stock or acquisition of assets) by the Company or any of its direct or indirect subsidiaries of any assets and equity securities of any Person for consideration or (ii) any joint venture or similar business alliance involving investment, contribution or disposition by the Company or any of its direct or indirect subsidiaries of assets (including stock of subsidiaries), in the case of each of (i) and (ii), having a fair market value (as reasonably determined by the Board of Directors) in excess of $100,000,000, other than transactions solely between and among the Company and its wholly owned subsidiaries.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Certain Indebtedness</u>. Other than borrowings under any debt agreement which previously received the approval of the Electrum Representative, authorize or permit the Company or any of its direct or indirect subsidiaries to (i) incur (or extend, supplement or otherwise modify any of the material terms of) any indebtedness (other than intercompany indebtedness among the Company or any of its direct or indirect subsidiaries), assume, guarantee, endorse or otherwise as an accommodation become responsible for the indebtedness of any other Person (provided that the Company or any of its direct or indirect subsidiaries may provide cross-guarantees for any indebtedness that has been approved under this Section 3.02(d)), issue any debt securities, enter into any agreement under which it may incur indebtedness or issue debt securities in the future, in an aggregate amount in excess of $100,000,000 for all such matters or (ii) make any loan, advance or capital contribution to any Person (other than the Company or any of its direct or indirect subsidiaries), in each case outstanding at any time, in an aggregate amount in excess of $100,000,000 for all such matters.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Equity Issuances</u>. Authorize, create or issue any Equity Securities of the Company or any of its direct or indirect subsidiaries (except as may be issued to the Company or any of its wholly owned subsidiaries), issue any options or rights to acquire any Equity Securities of the Company or any of its direct or indirect subsidiaries or grant any options or rights, except for (i) Equity Securities, options or rights to acquire Equity Securities issued or granted pursuant to management and employee incentive plans approved by the Board of Directors, (ii) securities issuable upon the exercise of warrants outstanding as of the Effective Time, or (iii) other issuances (other than to current or former employees, consultants or directors) of Equity Securities or options or rights to acquire Equity Securities with a value (as reasonably determined by the Board of Directors) not in excess of $100,000,000 in the aggregate.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Dissolution; Liquidation; Reorganization; Bankruptcy</u>. Dissolve, liquidate or engage in any recapitalization or reorganization of the Company or any subsidiary (which such subsidiary individually or in the aggregate is material to the Company) or initiate a voluntary liquidation, dissolution, receivership, bankruptcy or other insolvency proceeding involving the Company or any direct or indirect subsidiary (which such subsidiary individually or in the aggregate is material to the Company).

Section 3.03. *<u>Actions Requiring Consultation with Electrum</u>*. In addition to any other approval required by the Governing Documents or by applicable law, and until such time as the Electrum Parties no longer own at least 35% of the then outstanding Company Shares, the Company, its officers or the Board of Directors, as the case may be, must consult with the Electrum Representative for the Company or any of its subsidiaries to take any of the following actions, and the Company and its subsidiaries shall not take any of the following actions without prior consultation with the Electrum Representative and providing the opportunity for the Electrum Representative to comment; *provided* that the Company, its officers or the Board of Directors, as the case may be shall consider any comments provided but shall not be required to accept any such comments:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Key Officers</u>. Hire or remove, with or without cause, or enter into, renew, retain, materially modify (including a change in responsibilities) or terminate any employment contract with the executive chairman, chief executive officer, chief financial officer or chief operating officer of the Company from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Annual Capital Expenditure Budget</u>. Approve the capital expenditure budget for any fiscal year of the Company.

Section 3.04. *<u>Actions that Require Independent Director Approval</u>*. In addition to any other approval required by the Governing Documents or by applicable law, the Company shall not, without approval by a majority of the Directors who qualify as an "independent director" pursuant to SEC rules and applicable listing standards as determined by the Board of Directors, take any of the following actions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Changes to this Agreement</u>. Make any amendment, modification, supplement, waiver or termination that adversely affects the rights of the Company under this Agreement, imposes additional obligations on the Company, or amends or modifies Section 3.01, Section 3.02, Article 5, and any corresponding definitions in Article 1.

Section 3.05. *<u>Information; Duties</u>*.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Company and the Stockholders agree that the Directors nominated by the Electrum Representative may share confidential, non-public information about the Company with the Electrum Parties and their respective Affiliates, *provided* that such Parties agree to keep such information confidential (except as may be required by law or applicable listing standards then in effect) and agree to comply with all applicable securities laws in connection therewith.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Company and the Stockholders agree that, notwithstanding anything to the contrary in any other agreement or at law or in equity, when any of the Stockholders (in their capacity as Stockholders) takes any action under this Agreement to give or withhold its consent, such Person shall, to the fullest extent permitted by law, have no duty to consider the interests of the Company or the other Stockholders or any other stockholders of the Company and may act exclusively in its and its Affiliates' own interests; *provided, however*, that the foregoing shall in no way affect the obligations of the Parties to comply with the provisions of this Agreement.

**ARTICLE 4**

**<br> <u>TRANSFERS OF SHARES</u>**

Section 4.01. *<u>Rights and Obligations of Affiliate Stockholders</u>*. Any Transfer of Company Shares to any Affiliate of a Stockholder shall be permitted hereunder only if such Affiliate agrees in writing that it shall, upon such Transfer, assume with respect to such Company Shares the Transferor's obligations under this Agreement and become a Party for such purpose and be treated as a Stockholder for all purposes of this Agreement, and become a party to any other applicable agreement or instrument executed and delivered by such Transferor in respect of the Company Shares.

**ARTICLE 5<br><u>GENERAL PROVISIONS</u>**

Section 5.01. *<u>Further Assurances</u>*. The Parties shall take all Necessary Action in order to give full effect to this Agreement and every provision hereof. Each of the Company and the Stockholders shall take or cause to be taken all lawful action necessary to ensure at all times that the Governing Documents are not at any time inconsistent with the provisions of this Agreement. In addition, each Party shall do and perform or cause to be done and performed all such further acts and things and shall execute and deliver all such other agreements, certificates, instruments, and documents as any other Party reasonably may request in order to carry out the intent and accomplish the purposes of this Agreement.

Section 5.02. *<u>Assignment; Benefit</u>*. The rights and obligations hereunder shall not be assigned without the prior written consent of the Company and the Stockholders then owning a majority of the Company Shares then owned by all of the Stockholders, except in connection with a Transfer of Company Shares to an Affiliate in compliance with Article 4 or in connection with the Transfer of all Company Shares held by the Electrum Parties to a third party. Any assignment of rights or obligations in violation of this Section 5.02 shall be null and void. This Agreement shall be binding upon and shall inure to the benefit of the Parties, and their respective successors and permitted assigns.

Section 5.03. *<u>Freedom to Pursue Opportunities</u>*.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; To the fullest extent permitted by applicable law, the Company, on behalf of itself and its subsidiaries, renounces any interest, duty or expectancy of the Company and its subsidiaries in, or in being offered an opportunity to participate in, business opportunities that are from time to time presented to any of the Electrum Parties or any of their respective officers, directors, agents, shareholders, members, partners, Affiliates and subsidiaries (other than the Company and its subsidiaries) (each, a "**Specified Party**"), even if the opportunity is one that the Company or its subsidiaries might reasonably be deemed to have pursued or had the ability or desire to pursue if granted the opportunity to do so and each such Specified Party shall have no duty to communicate or offer such business opportunity to the Company and, to the fullest extent permitted by applicable law, shall not be liable to the Company or any of its subsidiaries for breach of any fiduciary or other duty, as a Director or officer or otherwise, by reason of the fact that such Specified Party pursues or acquires such business opportunity, directs such business opportunity to another Person or fails to present such business opportunity, or information regarding such business opportunity, to the Company or its subsidiaries. Notwithstanding the foregoing, a Specified Party who is a Director or officer of the Company and who is offered a business opportunity in his or her capacity as a Director or officer of the Company (a "**Directed Opportunity**") shall be obligated to communicate such Directed Opportunity to the Company, *provided, however*, that all of the protections of this Section 5.03 shall otherwise apply to the Specified Parties with respect to such Directed Opportunity, including, without limitation, the ability of the Specified Parties to pursue or acquire such Directed Opportunity or to direct such Directed Opportunity to another Person.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Neither the amendment nor repeal of this Section 5.03, nor the adoption of any provision of the Governing Documents, nor, to the fullest extent permitted by the General Corporation Law of the State of Delaware, any modification of law, shall adversely affect any right or protection of any person granted pursuant hereto existing at, or arising out of or related to any event, act or omission that occurred prior to, the time of such amendment, repeal, adoption or modification (regardless of when any proceeding (or part thereof) relating to such event, act or omission arises or is first threatened, commenced or completed).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; If any provision or provisions of this Section 5.03 shall be held to be invalid, illegal or unenforceable as applied to any circumstance for any reason whatsoever: (i) the validity, legality and enforceability of such provisions in any other circumstance and of the remaining provisions of this Section 5.03 (including, without limitation, each portion of any paragraph of this Section 5.03 containing any such provision held to be invalid, illegal or unenforceable that is not itself held to be invalid, illegal or unenforceable) shall not in any way be affected or impaired thereby and (ii) to the fullest extent possible, the provisions of this Section 5.03 (including, without limitation, each such portion of any paragraph of this Section 5.03 containing any such provision held to be invalid, illegal or unenforceable) shall be construed so as to permit the Company to protect its directors, officers, employees and agents from personal liability in respect of their good faith service to or for the benefit of the Company to the fullest extent permitted by law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; This Section 5.03 shall not limit any protections or defenses available to, or indemnification rights of, any director or officer of the Company under this Agreement, the Certificate of Incorporation or applicable law.

Section 5.04. *<u>Termination</u>*. This Agreement shall terminate on the first day that none of the Stockholders has the right to nominate a Director pursuant to Section 3.01; *provided* that termination of this Agreement shall not relieve any Party for liability for any breach of this Agreement prior to such termination.

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Section 5.05. *<u>Subsequent Acquisition of Shares; Other Activities</u>*. Any Company Shares acquired subsequent to the date hereof by a Stockholder shall be subject to the terms and conditions of this Agreement.

Section 5.06. *<u>Severability</u>*. Except as set forth with greater specificity in Section 5.03(c), in the event that any provision of this Agreement shall be invalid, illegal or unenforceable, such provision shall be construed by limiting it so as to be valid, legal and enforceable to the maximum extent provided by law and the validity, legality and enforceability of the remaining provisions of this Agreement shall not in any way be affected or impaired thereby.

Section 5.07. *<u>Entire Agreement</u>*. This Agreement, the Governing Documents and the other agreements referenced herein and therein constitute the entire agreement among the Parties with respect to the subject matter hereof and, as of the Effective Time, supersede any prior agreement or understanding among them with respect to the matters referred to herein.

Section 5.08. *<u>Amendment</u>*. This Agreement may not be amended, modified, supplemented, waived or terminated (other than pursuant to Section 5.04) except with the written consent of the Stockholders then owning a majority of the Company Shares then owned by all of the Stockholders; *provided* that any amendment, modification, supplement, waiver or termination that materially and adversely affects the rights of any Stockholder under this Agreement disproportionately vis-à-vis any other Stockholder (each an "**Affected Stockholder**") will not be binding against any Affected Stockholders without the written consent of Affected Stockholders holding a majority of the then outstanding Company Shares then held by all Affected Stockholders.

Section 5.09. *<u>Waiver</u>*. Except as set forth in Section 5.08, no waiver of any breach of any of the terms of this Agreement shall be effective unless such waiver is expressly made in writing and executed and delivered by the Party against whom such waiver is claimed. Waiver by any Party of any breach or default by any other Party of any of the terms of this Agreement shall not operate as a waiver of any other breach or default, whether similar to or different from the breach or default waived. No waiver of any provision of this Agreement shall be implied from any course of dealing between the Parties or from any failure by any Party to assert its or his or her rights hereunder on any occasion or series of occasions.

Section 5.10. *<u>Counterparts</u>.* This Agreement may be executed in any number of separate counterparts each of which when so executed shall be deemed to be an original and all of which together shall constitute one and the same agreement.

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Section 5.11. *<u>Notices</u>*. Unless otherwise specified herein, all notices, consents, approvals, reports, designations, requests, waivers, elections and other communications authorized or required to be given pursuant to this Agreement shall be in writing and shall be given, made or delivered (and shall be deemed to have been duly given, made or delivered upon receipt) by personal hand-delivery, by facsimile transmission, by electronic mail, by mailing the same in a sealed envelope, registered first-class mail, postage prepaid, return receipt requested, or by air courier guaranteeing overnight delivery, addressed to the Company and the Electrum Parties at the address set forth below:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) if to the Company, to:

Sunshine Silver Mining & Refining Company<br> 2209 Big Creek Rd, Kellogg, Idaho 83837<br> Attention: Michelle Shepston<br> Email: mshepston@silveropp.com

with a copy to:

Skadden, Arps, Slate, Meagher & Flom LLP<br> One Manhattan West, New York, NY 10001<br> Attention: Jeremy Winter<br> Email: jeremy.winter@skadden.com

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If to the Electrum Parties, to:

The Electrum Group LLC<br> 600 Fifth Ave., 24th Floor<br> New York, NY 10020<br> Attention: Andrew M. Shapiro<br> Email: ashapiro@electrum-group.com

with a copy to:

Baker Botts L.L.P.<br> 30 Rockefeller Plaza

New York, NY 10112<br> Attention: Jonathan Gordon<br> Email: jonathan.gordon@bakerbotts.com

Section 5.12.&nbsp;&nbsp;&nbsp;&nbsp; *<u>Governing Law</u>*. This Agreement is governed by and will be construed in accordance with the laws of the State of Delaware, excluding any conflict-of-laws rule or principle (whether of Delaware or any other jurisdiction) that might refer the governance or the construction of this Agreement to the law of another jurisdiction.

Section 5.13.&nbsp;&nbsp;&nbsp;&nbsp;<u> </u>*<u>Jurisdiction</u>*. Each of the Parties (a) consents to submit itself to the personal jurisdiction of the Court of Chancery of the State of Delaware in the event any dispute arises out of this Agreement, (b) agrees that it will not attempt to deny or defeat such personal jurisdiction by motion or other request for leave from such court and (c) agrees that it will not bring any action relating to this Agreement or any of the transactions contemplated by this Agreement in any court other than the Court of Chancery of the State of Delaware. Each Party hereby agrees that, to the fullest extent permitted by law, service of any process, summons, notice or document by U.S. registered mail to the respective addresses set forth in Section 5.11 shall be effective service of process for any suit or proceeding in connection with this Agreement.

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Section 5.14.<u> </u>*<u>Waiver of Jury Trial</u>*. TO THE EXTENT PERMITTED BY APPLICABLE LAW, EACH OF THE PARTIES HEREBY IRREVOCABLY WAIVES ALL RIGHT TO TRIAL BY JURY IN ANY ACTION, PROCEEDING OR COUNTERCLAIM (WHETHER BASED ON CONTRACT, TORT OR OTHERWISE) ARISING OUT OF OR RELATING TO THIS AGREEMENT OR THE ACTIONS OF THE PARTIES IN THE NEGOTIATION, ADMINISTRATION, PERFORMANCE AND ENFORCEMENT THEREOF. The Company or any Stockholder may file an original counterpart or a copy of this Section 5.14 with any court as written evidence of the consent of any of the Parties to the waiver of their rights to trial by jury.

Section 5.15. *<u>Specific Performance</u>.* It is hereby agreed and acknowledged that it will be impossible to measure the money damages that would be suffered if the Parties fail to comply with any of the obligations imposed on them by this Agreement and that, in the event of any such failure, an aggrieved party will be irreparably damaged and will not have an adequate remedy at law. Each Party agrees that injunctive relief or other equitable remedy, in addition to any applicable remedies at law or damages, is the appropriate remedy for any such failure to comply with any of the obligations imposed on them by this Agreement and shall, therefore, be entitled (in addition to any other remedy to which such party may be entitled at law or in equity) to injunctive relief, including specific performance, to enforce such obligations, without the posting of any bond, and if any action should be brought in equity to enforce any of the provisions of this Agreement, none of the parties shall raise the defense that there is an adequate remedy at law.

Section 5.16.<u> </u>*<u>Marketing Materials</u>*. The Company grants each of the Stockholders and their respective Affiliates permission to use the Company's name and logo in marketing materials of such Stockholder or any of its Affiliates. The Stockholders and their respective Affiliates, as applicable, shall include a trademark attribution notice giving notice of the Company's ownership of its trademarks in the marketing materials in which the Company's name and logo appear.

Section 5.17.&nbsp;&nbsp;&nbsp;&nbsp;*<u>Adjustments</u>*. All references in this Agreement to Company Shares shall be appropriately adjusted for any stock dividends, splits, reverse splits, combinations, reclassifications, recapitalizations, reorganizations and the like occurring after the date hereof.

Section 5.18. *<u>No Third-Party Beneficiaries</u>*. Except as specifically provided in Section 5.02 and as otherwise provided herein, this Agreement is not intended to confer upon any Person, except for the parties, any rights or remedies hereunder.

Section 5.19. *<u>Indemnification</u>*.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Company shall indemnify, exonerate and hold the Stockholders and each of their respective partners, stockholders, members, directors, officers, fiduciaries, managers, controlling Persons, employees and agents of each of the partners, stockholders, members, directors, officers, fiduciaries, managers, controlling Persons, employees and agents of each of the foregoing (collectively, the "**Indemnified Parties**") free and harmless from and against any and all actions, causes of action, suits, claims, liabilities, losses, damages and costs and other out-of-pocket expenses in connection therewith (including reasonable attorneys' fees and expenses) incurred by the Indemnified Parties or any of them before or after the Effective Time (collectively, the "**Indemnified Liabilities**"), arising out of any actual or threatened action, cause of action, suit, or claim arising directly or indirectly out of such Stockholder's or its other Indemnified Party's actual, alleged or deemed control or ability to influence the Company or any of its subsidiaries or the actual or alleged act or omission of such Stockholder's Director nominee(s) including for any alleged act or omission arising out of or in connection with the IPO (other than any such Indemnified Liabilities that arise out of any breach of this Agreement by such Indemnified Party or other related Persons) if such Indemnified Party acted in good faith and in a manner such Indemnified Party reasonably believed to be in, or not opposed to, the best interests of the Company and, with respect to any criminal action or proceeding, had no reasonable cause to believe such Indemnified Party's conduct was unlawful; *provided*, however, that no indemnification shall be made in respect of any claim, issue or matter as to which such Indemnified Party shall have been adjudged to be liable to the Company, unless and only to the extent that the Court of Chancery of the State of Delaware or the court in which such proceeding was brought shall determine upon application that, despite such adjudication of liability but in view of all the circumstances of the case, such Indemnified Party is fairly and reasonably entitled to indemnity; *provided*, further, that the Company shall not be obligated to indemnify any Indemnified Party for any Indemnified Liabilities (i) to the extent such Indemnified Liabilities have been paid directly to such Indemnified Party by insurance, (ii) in respect of proceedings or claims initiated or brought voluntarily by such Indemnified Party and not by way of defense, (iii) for any amounts paid in settlement of a proceeding unless the Company consents in advance in writing to such settlement, (iv) on account of any suit in which judgment is rendered against such Indemnified Party for (A) an accounting of profits made from the purchase or sale by such Indemnified Party of securities of the Company pursuant to Section 16(b) of the Exchange Act or similar provisions of any federal, state or local law, (B) any reimbursement of the Company by such Indemnified Party of any bonus or other incentive-based or equity-based compensation or of any profits realized by such Indemnified Party from the sale of securities of the Company, as required in each case under the Exchange Act or any such reimbursements that arise from an accounting restatement of the Company pursuant to Section 304 of the Sarbanes-Oxley Act of 2002, or (C) the payment to the Company of profits arising from the purchase, sale or other acquisition or transfer by such Indemnified Party of securities in violation of Section 306 of the Sarbanes-Oxley Act of 2002, or (v) if a final decision by a court having jurisdiction in the matter shall determine that such indemnification is not lawful; *provided* that if and to the extent that the foregoing undertaking may be unavailable or unenforceable for any reason other than the statutory limitations set forth in applicable law, the Company hereby agrees to make the maximum contribution to the payment and satisfaction of each of the Indemnified Liabilities which is permissible under applicable law. The rights of any Indemnified Party to indemnification hereunder will be in addition to any other rights any such Person may have under any other agreement or instruction to which such Indemnified Party is or becomes a party or is or otherwise becomes a beneficiary or under law or regulation or under the Governing Documents of the Company or constitutive documents of any of its subsidiaries and shall extend to such Indemnified Party's successors and assigns.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Company acknowledges that the Indemnified Parties may have certain rights to indemnification, advancement of expenses or insurance provided by a Stockholder or certain of their respective Affiliates (collectively, the "**Stockholder Indemnitors**"). The Company hereby (a) agrees that the Company and any Subsidiary that provides indemnity shall be the indemnitor of first resort (*i.e.*, its obligations to an Indemnified Party shall be primary and any obligation of any Stockholder Indemnitor to advance expenses or to provide indemnification for the same expenses or liabilities incurred by such Indemnified Party shall be secondary), (b) agrees that, subject to the limitations set forth in Section 5.19(a) and receipt of a written request including reasonable documentation, it shall be required to advance the full amount of expenses incurred by any Indemnified Party and shall be liable for the full amount of all expenses, judgments, penalties, fines and amounts paid in settlement to the extent legally permitted and as required by the terms of this Agreement or any other agreement between the Company and any Indemnified Party, without regard to any rights such Person may have against any Stockholder Indemnitor or their insurers and (c) irrevocably waives, relinquishes and releases the Stockholder Indemnitors from any and all claims against the Stockholder Indemnitors for contribution, subrogation or any other recovery of any kind in respect thereof, except in the case of conduct by a Indemnified Party where such Indemnified Party is not otherwise entitled to indemnification from the Company. Each Indemnified Party hereby undertakes to promptly repay any amounts advanced if, and to the extent that, it shall ultimately be determined that such Indemnified Party is not entitled to indemnification from the Company. The Company shall not be obligated to advance any expenses to any Indemnified Party arising from a lawsuit filed directly by the Company against such Indemnified Party if an absolute majority of the members of the Board of Directors reasonably determines in good faith, within thirty (30) days of such Indemnified Party's request for advancement, that the facts known to them at the time such determination is made demonstrate clearly and convincingly that such Indemnified Party acted in bad faith; *provided* that the Company may not avail itself of the right set forth in this sentence as to a given lawsuit if, at any time after the occurrence of the activities or omissions that are the primary focus of such lawsuit, the Company has undergone a Change of Control. If the Company is obligated to advance expenses for any proceeding against an Indemnified Party, the Company, if appropriate, shall be entitled to assume the defense of such proceeding upon delivery to such Indemnified Party of written notice of its election to do so. After delivery of such notice, approval of counsel by such Indemnified Party and retention of such counsel by the Company, the Company will not be liable to such Indemnified Party under this Section 5.19 for any fees of counsel subsequently incurred by such Indemnified Party with respect to the same proceeding, provided that such Indemnified Party shall have the right to employ its own counsel in any such proceeding at such Indemnified Party's expense. The Company further agrees that no advancement or payment by the Stockholder Indemnitors on behalf of any Indemnified Party with respect to any claim for which such Person has sought indemnification from the Company shall affect the foregoing and the Stockholder Indemnitors shall have a right of contribution and/or shall be subrogated to the extent of such advancement or payment to all of the rights of recovery of such Indemnified Party against the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The provisions of this Section 5.19 will survive any termination of this Agreement. Each of the Indemnified Parties shall be a third-party beneficiary of the rights conferred to such Person in this Section 5.19.

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Section 5.20. *<u>No More Favorable Agreements</u>*. Except for the consultation rights set forth in Section 3.02 of the Ospraie Stockholders Agreement, the Company shall not grant, issue or provide, and shall not enter into any agreement that grants, issues or provides, any other investor, stockholder or person any right, privilege or term that is not included in this Agreement or is more favorable than those granted to the Stockholder in this Agreement without first offering the same right, privilege or term to the Stockholder in writing, and, if the Stockholder elects to have the same right, privilege or term granted to it, the parties hereto shall promptly amend this Agreement to effect the same.

\* \* \*

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IN WITNESS WHEREOF, the parties set forth below have duly executed this Agreement as of the day and year first above written.

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| | | |
|:---|:---|:---|
| SUNSHINE SILVER MINING & REFINING COMPANY | SUNSHINE SILVER MINING & REFINING COMPANY | SUNSHINE SILVER MINING & REFINING COMPANY |
| By: |  | /s/ Heather White |
|  | Name: | Heather White |
|  | Title: | Chief Executive Officer |

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*[Signature Page to Stockholders Agreement]*

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---

| | | |
|:---|:---|:---|
| ELECTRUM SILVER US LLC | ELECTRUM SILVER US LLC | ELECTRUM SILVER US LLC |
| By: Electrum Strategic Management LLC, | By: Electrum Strategic Management LLC, | By: Electrum Strategic Management LLC, |
| Its: Manager | Its: Manager | Its: Manager |
| By: |  | /s/ Andrew M. Shapiro |
|  | Name: Andrew M. Shapiro | Name: Andrew M. Shapiro |
|  | Title: Managing Director | Title: Managing Director |
| ELECTRUM SILVER US II LLC | ELECTRUM SILVER US II LLC | ELECTRUM SILVER US II LLC |
| By: Electrum Strategic Management LLC, | By: Electrum Strategic Management LLC, | By: Electrum Strategic Management LLC, |
| Its: Manager | Its: Manager | Its: Manager |
| By: |  | /s/ Andrew M. Shapiro |
|  | Name: | Andrew M. Shapiro |
|  | Title: | Managing Director |

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*[Signature Page to Stockholders Agreement]*

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## Exhibit 10.8

------

**Exhibit 10.8**<br>

STOCKHOLDERS AGREEMENT

by and among

SUNSHINE SILVER MINING & REFINING COMPANY

and

THE STOCKHOLDERS THAT ARE SIGNATORIES HERETO

Dated as of May 10, 2026

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#### **TABLE OF CONTENTS**

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| | | |
|:---|:---|:---|
|  |  | <u>Page</u> |
| ARTICLE 1 | ARTICLE 1 | ARTICLE 1 |
| DEFINITIONS | DEFINITIONS | DEFINITIONS |
| Section 1.01. | Definitions | 1 |
| Section 1.02. | Other Interpretive Provisions | 4 |
| ARTICLE 2 | ARTICLE 2 | ARTICLE 2 |
| REPRESENTATIONS AND WARRANTIES | REPRESENTATIONS AND WARRANTIES | REPRESENTATIONS AND WARRANTIES |
| Section 2.01. | Existence; Authority; Enforceability | 5 |
| Section 2.02. | Absence of Conflicts | 5 |
| Section 2.03. | Consents | 5 |
| ARTICLE 3 | ARTICLE 3 | ARTICLE 3 |
| GOVERNANCE | GOVERNANCE | GOVERNANCE |
| Section 3.01. | Board of Directors | 6 |
| Section 3.02. | Actions Requiring Consultation with Ospraie | 7 |
| Section 3.03. | Actions that Require Independent Director Approval | 8 |
| Section 3.04. | Information; Duties | 8 |
| ARTICLE 4 | ARTICLE 4 | ARTICLE 4 |
| TRANSFERS OF SHARES | TRANSFERS OF SHARES | TRANSFERS OF SHARES |
| Section 4.01. | Rights and Obligations of Affiliate Stockholders | 8 |
| ARTICLE 5 | ARTICLE 5 | ARTICLE 5 |
| GENERAL PROVISIONS | GENERAL PROVISIONS | GENERAL PROVISIONS |
| Section 5.01. | Further Assurances | 9 |
| Section 5.02. | Assignment; Benefit | 9 |
| Section 5.03. | Freedom to Pursue Opportunities | 9 |
| Section 5.04. | Termination | 10 |
| Section 5.05. | Subsequent Acquisition of Shares; Other Activities | 10 |
| Section 5.06. | Severability | 10 |
| Section 5.07. | Entire Agreement | 11 |
| Section 5.08. | Amendment | 11 |
| Section 5.09. | Waiver | 11 |

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i

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| | | |
|:---|:---|:---|
| Section 5.10. | Counterparts | 11 |
| Section 5.11. | Notices | 11 |
| Section 5.12. | Governing Law | 12 |
| Section 5.13. | Jurisdiction | 12 |
| Section 5.14. | Waiver of Jury Trial | 12 |
| Section 5.15. | Specific Performance | 13 |
| Section 5.16. | Marketing Materials | 13 |
| Section 5.17. | Adjustments | 13 |
| Section 5.18. | No Third-Party Beneficiaries | 13 |
| Section 5.19. | Indemnification | 13 |
| Section 5.20. | No More Favorable Agreements | 15 |

---

ii

------

#### STOCKHOLDERS AGREEMENT
THIS STOCKHOLDERS AGREEMENT (as it may be amended from time to time in accordance with the terms hereof, this "**Agreement**"), dated as of May 10, 2026 and effective as of the closing of the IPO (the "**Effective Time**"), is made by and among Sunshine Silver Mining & Refining Company, a Delaware corporation (the "**Company**"), and the stockholders that are or become signatories hereto (each a "**Stockholder**" and collectively, the "**Stockholders**").

#### RECITALS
WHEREAS, the Company is proposing to sell Company Shares to the public in an initial public offering (the "**IPO**");

WHEREAS, the Company, Electrum Silver US LLC ("**Electrum**") and Ospraie Real Assets Fund LP ("**Ospraie**") are party to that certain Note Conversion and Cancellation Agreement, effective as of July 15, 2025 (the "**Existing Agreement**"), which grants certain governance-related rights to Ospraie, including provisions relating to board representation and observer rights, consultation rights, preemptive rights, and financial statement delivery obligations;

WHEREAS, the Company, Electrum and Ospraie have entered into a termination letter dated as of the date hereof, pursuant to which the Existing Agreement shall be terminated and shall be of no further force or effect, effective as of the closing of the IPO;

WHEREAS, the Company and Electrum have entered into a separate agreement on or about the date hereof (the "**Electrum Stockholders Agreement**") providing for certain rights and obligations of Electrum and the Company; and

WHEREAS, the Board of Directors of the Company (the "**Board of Directors**") has approved this Agreement providing for certain rights and obligations of the Stockholders and the Company;

NOW, THEREFORE, in consideration of the foregoing and the mutual promises, covenants and agreements of the Parties, and for other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the Parties agree as follows:

**ARTICLE 1<br><u>DEFINITIONS</u>**

Section 1.01. *<u>Definitions</u>*. As used in this Agreement, the following terms shall have the following meanings:

"**Affected Stockholder**" has the meaning set forth in Section 5.08.

"**Affiliate**" means, with respect to any Person, any Person directly or indirectly controlling or controlled by or under direct or indirect common control with such specified Person; it being understood and agreed that, for purposes hereof, (i) each Electrum Party shall be deemed to be an Affiliate of every other Electrum Party, (ii) neither the Company nor any subsidiary of the Company shall be deemed to be an Affiliate of any Stockholder, and (iii) no Stockholder shall be deemed to be an Affiliate of any other Stockholder.

------

"**Agreement**" has the meaning set forth in the preamble.

"**Beneficial Ownership**" (and derivative terms) means beneficial ownership within the meaning of Rule 13d-3 under the Exchange Act.

"**Board of Directors**" has the meaning set forth in the recitals.

"**Business Day**" means any day other than a Saturday, Sunday or day on which banking institutions in New York, New York are authorized or obligated by law or executive order to close.

"**Change of Control**" means any transaction or series of related transactions (whether by merger, consolidation or sale or transfer of the Company Shares or otherwise) as a result of which a Person or group (within the meaning of Section 13(d)(3) of the Exchange Act) that is not one of the Electrum Parties (or any of their Affiliates or any officer, director, or employee of any of the Electrum Parties or their Affiliates) obtains (i) Beneficial Ownership of Company Shares which represent more than 50% of the combined voting power of the then outstanding Company Shares or (ii) ownership of all or substantially all of the assets of the Company and its subsidiaries (including stock of its subsidiaries) on a consolidated basis.

"**Company**" has the meaning set forth in the preamble.

"**Company Shares**" means common stock of the Company, par value $0.001 per share, and any and all securities of any kind whatsoever of the Company that may be issued by the Company after the date hereof in respect of, in exchange for, or in substitution of, Company Shares, pursuant to any stock dividends, splits, reverse splits, combinations, reclassifications, recapitalizations, reorganizations and the like occurring after the date hereof.

"**Contract**" means any mortgage, charge, indenture, lease, contract, agreement, instrument, bond or note.

"**Directed Opportunity**" has the meaning set forth in Section 5.03(a).

"**Director**" means a member of the Board of Directors.

"**Effective Time**" has the meaning set forth in the preamble.

"**Electrum**" has the meaning set forth in the recitals.

"**Electrum Parties**" means, collectively, Electrum and Electrum Silver US II LLC and any Affiliates of the foregoing to whom Company Shares are Transferred by a stockholder after the date hereof in accordance with the Electrum Stockholders Agreement.

"**Electrum Stockholders Agreement**" has the meaning set forth in the recitals.

------

"**Equity Securities**" means the Company Shares and any other securities of the Company that are entitled to vote in the election of Directors.

"**Exchange Act**" means the United States Securities Exchange Act of 1934, as amended, and any successor thereto, and any rules and regulations promulgated thereunder, all as the same shall be in effect from time to time.

"**Existing Agreement**" has the meaning set forth in the recitals.

"**Governing Documents**" means the third amended and restated certificate of incorporation of the Company, as amended or modified from time to time, and the amended and restated bylaws of the Company, as amended or modified from time to time.

"**Indemnified Liabilities**" has the meaning set forth in Section 5.19(a).

"**Indemnified Parties**" has the meaning set forth in Section 5.19(a).

"**IPO**" has the meaning set forth in the recitals.

"**Necessary Action**" means, with respect to a specified result, all actions (to the extent such actions are permitted by law and by the Governing Documents) necessary to cause such result, including (i) attending meetings in person or by proxy for purposes of obtaining a quorum, (ii) voting or providing a proxy with respect to the Company Shares, (iii) causing the adoption of stockholders' resolutions and amendments to the Governing Documents, (iv) causing Directors (to the extent such Directors were nominated by the Person obligated to undertake the Necessary Action, and subject to any fiduciary duties that such Directors may have as Directors) to act in a certain manner or causing them to be removed in the event they do not act in such a manner, (v) executing agreements and instruments, and (vi) making, or causing to be made, with governmental, administrative or regulatory authorities, all filings, registrations or similar actions that are required to achieve such result and (vii) ensuring that applicable provisions are included in any proxy statement prepared by management of the Company in connection with the solicitation of proxies for any meeting of stockholders of the Company.

"**Ospraie**" has the meaning set forth in the recitals

"**Parties**" means the Company and the Stockholders party to this Agreement, including any Permitted Transferee who becomes a Party pursuant to Section 4.01 or Section 5.02.

"**Permitted Transferee**" means in the case of any Stockholder, an Affiliate of such Stockholder.<sup>1</sup>

"**Person**" means an individual, partnership, limited liability company, corporation, trust, other entity, association, estate, unincorporated organization or a government or any agency or political subdivision thereof. <br>

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 <sup></sup> 

<sup>1</sup> <u>Note to Ospraie</u>: Language already included in the Parties definition above.

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"**Rights**" mean, when used with respect to a Person, securities of such Person (which may include equity securities) that (contingently or otherwise) are exercisable, convertible or exchangeable for or into equity securities of such Person (with or without consideration) or that carry any right to subscribe for or acquire equity securities or securities exercisable, convertible or exchangeable for or into equity securities of such Person.

"**SEC**" means the United States Securities and Exchange Commission.

"**Securities Act**" means the United States Securities Act of 1933, as amended, and any successor thereto, and any rules and regulations promulgated thereunder, all as the same shall be in effect from time to time.

"**Specified Party**" has the meaning set forth in Section 5.03(a).

"**Stockholder**" and "**Stockholders**" have the meaning set forth in the preamble.

"**Stockholder Indemnitor**" has the meaning set forth in Section 5.19(b).

"**Transfer**" means (a) a direct or indirect transfer, sale, exchange, assignment, pledge, hypothecation or other encumbrance or other disposition of Company Shares, or any legal or beneficial interest therein, including the grant of an option or other right or the grant of any interest that would result in a Stockholder no longer having the power to vote, or cause to be voted, such Stockholder's Company Shares, whether directly or indirectly, whether voluntarily, involuntarily or by operation of law or (b) any agreement to take or commit to any of the foregoing actions; and "**Transferred,**" "**Transferee,**" "**Transferor,**" and "**Transferability**" shall each have a correlative meaning. For the avoidance of doubt, a transfer, sale, exchange, assignment, pledge, hypothecation or other encumbrance or other disposition of an interest in any Stockholder, or direct or indirect parent thereof, all or substantially all of whose assets are, directly or indirectly, Company Shares shall constitute a "Transfer" of Company Shares for purposes of this Agreement. For the avoidance of doubt, a transfer, sale, exchange, assignment, pledge, hypothecation or other encumbrance or other disposition of an interest in any Stockholder, or direct or indirect parent thereof, which has substantial assets in addition to Company Shares shall not constitute a "Transfer" of Company Shares for purposes of this Agreement.

Section 1.02. *<u>Other Interpretive Provisions</u>*.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The meanings of defined terms are equally applicable to the singular and plural forms of the defined terms.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The words "**hereof**," "**herein**," "**hereunder**" and similar words refer to this Agreement as a whole and not to any particular provision of this Agreement; and any subsection and Section references are to this Agreement unless otherwise specified.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The term "**including**" is not limiting and means "**including without limitation**."

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The captions and headings of this Agreement are for convenience of reference only and shall not affect the interpretation of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Whenever the context requires, any pronouns used herein shall include the corresponding masculine, feminine or neuter forms.

**ARTICLE 2<br><u>REPRESENTATIONS AND WARRANTIES</u>**

Each of the Parties hereby represents and warrants, solely with respect to itself, to each other Party that:

Section 2.01. *<u>Existence; Authority; Enforceability</u>*. Such Party has the power and authority to enter into this Agreement and to carry out its obligations hereunder. Such Party is duly organized and validly existing under the laws of its jurisdiction of organization, and the execution of this Agreement, and the performance of its obligations hereunder, have been authorized by all necessary action, and no other act or proceeding on its part is necessary to authorize the execution of this Agreement or the performance of its obligations hereunder. This Agreement has been duly executed by it and constitutes its legal, valid and binding obligation, enforceable against it in accordance with its terms except as the same may be affected by bankruptcy, insolvency, moratorium or similar laws, or by legal or equitable principles relating to or limiting the rights of contracting parties generally.

Section 2.02. *<u>Absence of Conflicts</u>*. The execution and delivery by such Party of this Agreement and the performance of its obligations hereunder does not (a) conflict with, or result in the breach of any provision of the constitutive documents of such Party; (b) result in any violation, breach, conflict, default or event of default (or an event which with notice, lapse of time, or both, would constitute a default or event of default), or give rise to any right of acceleration or termination or any additional payment obligation, under the terms of any contract, agreement or permit to which such Party is a party or by which such Party's assets or operations are bound or affected; or (c) violate any law applicable to such Party, except, in the case of clause (b), as would not have a material adverse effect on such Party's ability to perform its obligations hereunder.

Section 2.03. *<u>Consents</u>*. Other than as has already been obtained, no consent, waiver, approval, authorization, exemption, registration, license or declaration is required to be made or obtained by such Party in connection with the execution, delivery or performance of this Agreement, except in each case, as would not have a material adverse effect on such Party's ability to perform its obligations hereunder.

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#### ARTICLE 3<br>GOVERNANCE
Section 3.01. *<u>Board of Directors</u>*.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; From and after the Effective Time, Ospraie shall have the right, but not the obligation, to nominate one individual for election to the Board of Directors so long as Ospraie Beneficially Owns in the aggregate a number of Company Shares equal to at least 5% of the then outstanding Company Shares. If Ospraie Beneficially Owns in the aggregate a number of Company Shares equal to less than 5% of the then outstanding Company Shares, Ospraie shall not have the right pursuant to this Section 3.01(a) to nominate any individuals to be elected to the Board of Directors. In the event that Ospraie has not nominated one individual for election to the Board of Directors pursuant to this Section 3.01(a), Ospraie shall have the right, at any time, to nominate such individual, in which case the Stockholders shall take, or cause to be taken, all Necessary Action to (A) increase the size of the Board of Directors as required to enable the election of such individual and (B) elect such individual nominated by Ospraie to such newly created directorship.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; In addition, each of the Stockholders, individually and not jointly, agrees with the Company (and only with the Company) to cast all votes to which such Stockholder is entitled in respect of its Company Shares, whether at any annual or special meeting, so as to cause to be elected to the Board of Directors the persons nominated by Electrum pursuant to the Electrum Stockholders Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Company shall reimburse each Director nominated pursuant to Section 3.01(a) for all reasonable out-of-pocket expenses incurred in connection with their attendance at meetings of the Board of Directors and any committees thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; To the extent that the number of Directors that Ospraie is entitled to nominate pursuant to this Section 3.01 is reduced, Ospraie shall cause the required number of Directors to promptly resign from the Board of Directors and any vacancies resulting from such resignation shall be filled by the Board of Directors in accordance with the Governing Documents and SEC rules and applicable listing standards then in effect.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Notwithstanding anything to the contrary in this Section 3.01(f), in the event that the Board of Directors determines in good faith, after consultation with outside legal counsel, that its nomination, election or appointment of a particular nominee pursuant to this Section 3.01 would constitute a breach of its fiduciary duties to the Company's stockholders or does not otherwise comply with any requirements of the Company's Governing Documents and corporate governance guidelines, or the charter or related guidelines of any committee of the Board of Directors responsible for nominating members of the Board of Directors, then the Board of Directors shall inform Ospraie of such determination in writing and explain in reasonable detail the basis for such determination and Ospraie shall have the right, but not the obligation, to designate another individual for nomination, election or appointment to the Board of Directors (subject in each case to this Section 3.01(f)), and the Board of Directors and the Company shall take all of the actions required by this Section 3.01 with respect to the election or appointment of such substitute nominee.

Section 3.02. *<u>Actions Requiring Consultation with Ospraie</u>*. In addition to any other approval required by the Governing Documents or by applicable law, and until such time as Ospraie no longer owns at least 5% of the then outstanding Company Shares, the Company and its subsidiaries shall not take any of the following actions without prior consultation with Ospraie and providing the opportunity for Ospraie to comment; *provided* that the Company, its officers or the Board of Directors, as the case may be, shall not be required to accept any such comments; and provided further that the parties agree that approval by the Director nominated by Ospraie shall be sufficient to demonstrate that such prior consultation with Ospraie has occurred:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Number of Members of the Board of Directors</u>. Increase or decrease the number of members of the Board of Directors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Certain Distributions</u>. Make any dividends, distributions or other payments in respect of any Equity Securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Equity Issuances</u>. Issue any Equity Securities or securities exercisable or convertible into Equity Securities (except for grants of restricted stock or other equity compensation awards to employees, directors or consultants or securities issuable upon the exercise of warrants outstanding as of the date hereof).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Certain Equity Repurchases</u>. Repurchase or redeem any Equity Securities (other than repurchases of such securities held by the Company's employees in connection with a termination of employment and cash settlement of any outstanding options or warrants to purchase Equity Securities or other Rights issued pursuant to any incentive stock or other plan or Contract of the Company for the benefit of its employees, directors or consultants).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Changes in Capital Structure</u>. Effect any stock split, stock recapitalization, stock reclassification or similar transaction involving Equity Securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Change of Control</u>. Enter into or effect a Change of Control.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Changes to the Governing Documents</u>. Amend, modify or repeal the Governing Documents.

Section 3.03. *<u>Actions that Require Independent Director Approval</u>*. In addition to any other approval required by the Governing Documents or by applicable law, the Company shall not, without approval by a majority of the Directors who qualify as an "independent director" pursuant to SEC rules and applicable listing standards as determined by the Board of Directors, take any of the following actions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Changes to this Agreement</u>. Make any amendment, modification, supplement, waiver or termination that adversely affects the rights of the Company under this Agreement, imposes additional obligations on the Company, or amends or modifies Section 3.01, Article 5, and any corresponding definitions in Article 1.

Section 3.04. *<u>Information; Duties</u>*.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Company and the Stockholders agree that the Directors nominated by Ospraie may share confidential, non-public information about the Company with Ospraie and its Affiliates, *provided* that such Parties agree to keep such information confidential (except as may be required by law or applicable listing standards then in effect) and agree to comply with all applicable securities laws in connection therewith.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Company and the Stockholders agree that, notwithstanding anything to the contrary in any other agreement or at law or in equity, when any of the Stockholders (in their capacity as Stockholders) takes any action under this Agreement to give or withhold its consent, such Person shall, to the fullest extent permitted by law, have no duty to consider the interests of the Company or the other Stockholders or any other stockholders of the Company and may act exclusively in its and its Affiliates' own interests; *provided, however*, that the foregoing shall in no way affect the obligations of the Parties to comply with the provisions of this Agreement.

**ARTICLE 4<br><u>TRANSFERS OF SHARES</u>**

Section 4.01. *<u>Rights and Obligations of Affiliate Stockholders</u>*. Any Transfer of Company Shares to any Affiliate of a Stockholder shall be permitted hereunder only if such Affiliate agrees in writing that it shall, upon such Transfer, assume with respect to such Company Shares the Transferor's obligations under this Agreement and become a Party for such purpose and be treated as a Stockholder for all purposes of this Agreement, and become a party to any other applicable agreement or instrument executed and delivered by such Transferor in respect of the Company Shares.

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#### ARTICLE 5<br>GENERAL PROVISIONS
Section 5.01. *<u>Further Assurances</u>*. The Parties shall take all Necessary Action in order to give full effect to this Agreement and every provision hereof. Each of the Company and the Stockholders shall take or cause to be taken all lawful action necessary to ensure at all times that the Governing Documents are not at any time inconsistent with the provisions of this Agreement. In addition, each Party shall do and perform or cause to be done and performed all such further acts and things and shall execute and deliver all such other agreements, certificates, instruments, and documents as any other Party reasonably may request in order to carry out the intent and accomplish the purposes of this Agreement.

Section 5.02. *<u>Assignment; Benefit</u>*. The rights and obligations hereunder shall not be assigned without the prior written consent of the Company and the Stockholders then owning a majority of the Company Shares then owned by all of the Stockholders, except in connection with a Transfer of Company Shares to an Affiliate in compliance with Article 4. Any assignment of rights or obligations in violation of this Section 5.02 shall be null and void. This Agreement shall be binding upon and shall inure to the benefit of the Parties, and their respective successors and permitted assigns. Notwithstanding anything herein to the contrary, no Stockholder shall be restricted pursuant to this Agreement from Transferring some or all of such Stockholder's Company Shares without the assignment of such Stockholder's rights or obligations hereunder in respect to such Company Shares to one or more third party(ies) that is not an Affiliate of such Stockholder and in such case, such Transferee shall not be entitled to the Transferor's rights hereunder or be subject to the Transferor's obligations hereunder in respect to such Company Shares and such Transferee shall not become a Party under this Agreement.

Section 5.03. *<u>Freedom to Pursue Opportunities</u>*.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; To the fullest extent permitted by applicable law, the Company, on behalf of itself and its subsidiaries, renounces any interest, duty or expectancy of the Company and its subsidiaries in, or in being offered an opportunity to participate in, business opportunities that are from time to time presented to Ospraie or any of its officers, directors, agents, shareholders, members, partners, Affiliates and subsidiaries (other than the Company and its subsidiaries) (each, a "**Specified Party**"), even if the opportunity is one that the Company or its subsidiaries might reasonably be deemed to have pursued or had the ability or desire to pursue if granted the opportunity to do so and each such Specified Party shall have no duty to communicate or offer such business opportunity to the Company and, to the fullest extent permitted by applicable law, shall not be liable to the Company or any of its subsidiaries for breach of any fiduciary or other duty, as a Director or officer or otherwise, by reason of the fact that such Specified Party pursues or acquires such business opportunity, directs such business opportunity to another Person or fails to present such business opportunity, or information regarding such business opportunity, to the Company or its subsidiaries. Notwithstanding the foregoing, a Specified Party who is a Director or officer of the Company and who is offered a business opportunity in his or her capacity as a Director or officer of the Company (a "**Directed Opportunity**") shall be obligated to communicate such Directed Opportunity to the Company, *provided, however*, that all of the protections of this Section 5.03 shall otherwise apply to the Specified Parties with respect to such Directed Opportunity, including, without limitation, the ability of the Specified Parties to pursue or acquire such Directed Opportunity or to direct such Directed Opportunity to another Person.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Neither the amendment nor repeal of this Section 5.03, nor the adoption of any provision of the Governing Documents, nor, to the fullest extent permitted by the General Corporation Law of the State of Delaware, any modification of law, shall adversely affect any right or protection of any person granted pursuant hereto existing at, or arising out of or related to any event, act or omission that occurred prior to, the time of such amendment, repeal, adoption or modification (regardless of when any proceeding (or part thereof) relating to such event, act or omission arises or is first threatened, commenced or completed).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; If any provision or provisions of this Section 5.03 shall be held to be invalid, illegal or unenforceable as applied to any circumstance for any reason whatsoever: (i) the validity, legality and enforceability of such provisions in any other circumstance and of the remaining provisions of this Section 5.03 (including, without limitation, each portion of any paragraph of this Section 5.03 containing any such provision held to be invalid, illegal or unenforceable that is not itself held to be invalid, illegal or unenforceable) shall not in any way be affected or impaired thereby and (ii) to the fullest extent possible, the provisions of this Section 5.03 (including, without limitation, each such portion of any paragraph of this Section 5.03 containing any such provision held to be invalid, illegal or unenforceable) shall be construed so as to permit the Company to protect its directors, officers, employees and agents from personal liability in respect of their good faith service to or for the benefit of the Company to the fullest extent permitted by law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; This Section 5.03 shall not limit any protections or defenses available to, or indemnification rights of, any director or officer of the Company under this Agreement, the Certificate of Incorporation or applicable law.

Section 5.04. *<u>Termination</u>*. This Agreement shall terminate on the first day that none of the Stockholders has the right to nominate a Director pursuant to Section 3.01; *provided* that termination of this Agreement shall not relieve any Party for liability for any breach of this Agreement prior to such termination. Ospraie shall have the right to unilaterally terminate Ospraie's right to nominate a director under Section 3.01 of this Agreement by delivering a written notice to the Company. Ospraie shall have the right to unilaterally terminate Section 3.02 of this Agreement by delivering a written notice to the Company.

Section 5.05. *<u>Subsequent Acquisition of Shares; Other Activities</u>*. Any Company Shares acquired subsequent to the date hereof by a Stockholder shall be subject to the terms and conditions of this Agreement.

Section 5.06. *<u>Severability</u>*. Except as set forth with greater specificity in Section 5.03(c), in the event that any provision of this Agreement shall be invalid, illegal or unenforceable, such provision shall be construed by limiting it so as to be valid, legal and enforceable to the maximum extent provided by law and the validity, legality and enforceability of the remaining provisions of this Agreement shall not in any way be affected or impaired thereby.

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Section 5.07. *<u>Entire Agreement</u>*. This Agreement, the Governing Documents and the other agreements referenced herein and therein constitute the entire agreement among the Parties with respect to the subject matter hereof and, as of the Effective Time, supersede the Existing Agreement and any other prior agreement or understanding among them with respect to the matters referred to herein.

Section 5.08. *<u>Amendment</u>*. This Agreement may not be amended, modified, supplemented, waived or terminated (other than pursuant to Section 5.04) except with the written consent of the Stockholders then owning a majority of the Company Shares then owned by all of the Stockholders; *provided* that any amendment, modification, supplement, waiver or termination that materially and adversely affects the rights of any Stockholder under this Agreement disproportionately vis-à-vis any other Stockholder (each an "**Affected Stockholder**") will not be binding against any Affected Stockholders without the written consent of Affected Stockholders holding a majority of the then outstanding Company Shares then held by all Affected Stockholders.

Section 5.09. *<u>Waiver</u>*. Except as set forth in Section 5.08, no waiver of any breach of any of the terms of this Agreement shall be effective unless such waiver is expressly made in writing and executed and delivered by the Party against whom such waiver is claimed. Waiver by any Party of any breach or default by any other Party of any of the terms of this Agreement shall not operate as a waiver of any other breach or default, whether similar to or different from the breach or default waived. No waiver of any provision of this Agreement shall be implied from any course of dealing between the Parties or from any failure by any Party to assert its or his or her rights hereunder on any occasion or series of occasions.

Section 5.10. *<u>Counterparts</u>.* This Agreement may be executed in any number of separate counterparts each of which when so executed shall be deemed to be an original and all of which together shall constitute one and the same agreement.

Section 5.11. *<u>Notices</u>*. Unless otherwise specified herein, all notices, consents, approvals, reports, designations, requests, waivers, elections and other communications authorized or required to be given pursuant to this Agreement shall be in writing and shall be given, made or delivered (and shall be deemed to have been duly given, made or delivered upon receipt) by personal hand-delivery, by facsimile transmission, by electronic mail, by mailing the same in a sealed envelope, registered first-class mail, postage prepaid, return receipt requested, or by air courier guaranteeing overnight delivery, addressed to the Company and Ospraie at the address set forth below:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) if to the Company, to:

Sunshine Silver Mining & Refining Company<br> 2209 Big Creek Rd, Kellogg, Idaho 83837<br> Attention: Michelle Shepston<br> Email: mshepston@silveropp.com

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with a copy to:

Skadden, Arps, Slate, Meagher & Flom LLP<br> One Manhattan West, New York, NY 10001<br> Attention: Jeremy Winter<br> Email: jeremy.winter@skadden.com

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If to Ospraie, to:

Ospraie Real Assets Fund LP<br> c/o Ospraie Management, LLC<br> 411 Theodore Fremd Ave., Suite 240

Rye, NY 10580

Attention: Scott Baglio<br> Email: sbaglio@ospraie.com

Section 5.12. *<u>Governing Law</u>*. This Agreement is governed by and will be construed in accordance with the laws of the State of Delaware, excluding any conflict-of-laws rule or principle (whether of Delaware or any other jurisdiction) that might refer the governance or the construction of this Agreement to the law of another jurisdiction.

Section 5.13. *<u>Jurisdiction</u>*. Each of the Parties (a) consents to submit itself to the personal jurisdiction of the Court of Chancery of the State of Delaware in the event any dispute arises out of this Agreement, (b) agrees that it will not attempt to deny or defeat such personal jurisdiction by motion or other request for leave from such court and (c) agrees that it will not bring any action relating to this Agreement or any of the transactions contemplated by this Agreement in any court other than the Court of Chancery of the State of Delaware. Each Party hereby agrees that, to the fullest extent permitted by law, service of any process, summons, notice or document by U.S. registered mail to the respective addresses set forth in Section 5.11 shall be effective service of process for any suit or proceeding in connection with this Agreement.

Section 5.14. *<u>Waiver of Jury Trial</u>*. TO THE EXTENT PERMITTED BY APPLICABLE LAW, EACH OF THE PARTIES HEREBY IRREVOCABLY WAIVES ALL RIGHT TO TRIAL BY JURY IN ANY ACTION, PROCEEDING OR COUNTERCLAIM (WHETHER BASED ON CONTRACT, TORT OR OTHERWISE) ARISING OUT OF OR RELATING TO THIS AGREEMENT OR THE ACTIONS OF THE PARTIES IN THE NEGOTIATION, ADMINISTRATION, PERFORMANCE AND ENFORCEMENT THEREOF. The Company or any Stockholder may file an original counterpart or a copy of this Section 5.14 with any court as written evidence of the consent of any of the Parties to the waiver of their rights to trial by jury.

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*Section 5.15. <u>Specific Performance</u>* It is hereby agreed and acknowledged that it will be impossible to measure the money damages that would be suffered if the Parties fail to comply with any of the obligations imposed on them by this Agreement and that, in the event of any such failure, an aggrieved party will be irreparably damaged and will not have an adequate remedy at law. Each Party agrees that injunctive relief or other equitable remedy, in addition to any applicable remedies at law or damages, is the appropriate remedy for any such failure to comply with any of the obligations imposed on them by this Agreement and shall, therefore, be entitled (in addition to any other remedy to which such party may be entitled at law or in equity) to injunctive relief, including specific performance, to enforce such obligations, without the posting of any bond, and if any action should be brought in equity to enforce any of the provisions of this Agreement, none of the parties shall raise the defense that there is an adequate remedy at law.

Section 5.16. *<u>Marketing Materials</u>*. The Company grants each of the Stockholders and their respective Affiliates permission to use the Company's name and logo in marketing materials of such Stockholder or any of its Affiliates. The Stockholders and their respective Affiliates, as applicable, shall include a trademark attribution notice giving notice of the Company's ownership of its trademarks in the marketing materials in which the Company's name and logo appear.

Section 5.17. *<u>Adjustments</u>*. All references in this Agreement to Company Shares shall be appropriately adjusted for any stock dividends, splits, reverse splits, combinations, reclassifications, recapitalizations, reorganizations and the like occurring after the date hereof.

Section 5.18. *<u>No Third-Party Beneficiaries</u>*. Except as specifically provided in Section 5.02 and as otherwise provided herein, this Agreement is not intended to confer upon any Person, except for the parties, any rights or remedies hereunder.

Section 5.19. *<u>Indemnification</u>*.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Company shall indemnify, exonerate and hold the Stockholders and each of their respective partners, stockholders, members, directors, officers, fiduciaries, managers, controlling Persons, employees and agents of each of the partners, stockholders, members, directors, officers, fiduciaries, managers, controlling Persons, employees and agents of each of the foregoing (collectively, the "**Indemnified Parties**") free and harmless from and against any and all actions, causes of action, suits, claims, liabilities, losses, damages and costs and other out-of-pocket expenses in connection therewith (including reasonable attorneys' fees and expenses) incurred by the Indemnified Parties or any of them before or after the Effective Time (collectively, the "**Indemnified Liabilities**"), arising out of any actual or threatened action, cause of action, suit, or claim arising directly or indirectly out of such Stockholder's or its other Indemnified Party's actual, alleged or deemed control or ability to influence the Company or any of its subsidiaries or the actual or alleged act or omission of such Stockholder's Director nominee(s) including for any alleged act or omission arising out of or in connection with the IPO (other than any such Indemnified Liabilities that arise out of any breach of this Agreement by such Indemnified Party or other related Persons) if such Indemnified Party acted in good faith and in a manner such Indemnified Party reasonably believed to be in, or not opposed to, the best interests of the Company and, with respect to any criminal action or proceeding, had no reasonable cause to believe such Indemnified Party's conduct was unlawful; *provided*, however, that no indemnification shall be made in respect of any claim, issue or matter as to which such Indemnified Party shall have been adjudged to be liable to the Company, unless and only to the extent that the Court of Chancery of the State of Delaware or the court in which such proceeding was brought shall determine upon application that, despite such adjudication of liability but in view of all the circumstances of the case, such Indemnified Party is fairly and reasonably entitled to indemnity; *provided*, further, that the Company shall not be obligated to indemnify any Indemnified Party for any Indemnified Liabilities (i) to the extent such Indemnified Liabilities have been paid directly to such Indemnified Party by insurance, (ii) in respect of proceedings or claims initiated or brought voluntarily by such Indemnified Party and not by way of defense, (iii) for any amounts paid in settlement of a proceeding unless the Company consents in advance in writing to such settlement, (iv) on account of any suit in which judgment is rendered against such Indemnified Party for (A) an accounting of profits made from the purchase or sale by such Indemnified Party of securities of the Company pursuant to Section 16(b) of the Exchange Act or similar provisions of any federal, state or local law, (B) any reimbursement of the Company by such Indemnified Party of any bonus or other incentive-based or equity-based compensation or of any profits realized by such Indemnified Party from the sale of securities of the Company, as required in each case under the Exchange Act or any such reimbursements that arise from an accounting restatement of the Company pursuant to Section 304 of the Sarbanes-Oxley Act of 2002, or (C) the payment to the Company of profits arising from the purchase, sale or other acquisition or transfer by such Indemnified Party of securities in violation of Section 306 of the Sarbanes-Oxley Act of 2002, or (v) if a final decision by a court having jurisdiction in the matter shall determine that such indemnification is not lawful; *provided* that if and to the extent that the foregoing undertaking may be unavailable or unenforceable for any reason other than the statutory limitations set forth in applicable law, the Company hereby agrees to make the maximum contribution to the payment and satisfaction of each of the Indemnified Liabilities which is permissible under applicable law. The rights of any Indemnified Party to indemnification hereunder will be in addition to any other rights any such Person may have under any other agreement or instruction to which such Indemnified Party is or becomes a party or is or otherwise becomes a beneficiary or under law or regulation or under the Governing Documents of the Company or constitutive documents of any of its subsidiaries and shall extend to such Indemnified Party's successors and assigns.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Company acknowledges that the Indemnified Parties may have certain rights to indemnification, advancement of expenses or insurance provided by a Stockholder or certain of their respective Affiliates (collectively, the "**Stockholder Indemnitors**"). The Company hereby (a) agrees that the Company and any Subsidiary that provides indemnity shall be the indemnitor of first resort (*i.e.*, its obligations to an Indemnified Party shall be primary and any obligation of any Stockholder Indemnitor to advance expenses or to provide indemnification for the same expenses or liabilities incurred by such Indemnified Party shall be secondary), (b) agrees that, subject to the limitations set forth in Section 5.19(a) and receipt of a written request including reasonable documentation, it shall be required to advance the full amount of expenses incurred by any Indemnified Party and shall be liable for the full amount of all expenses, judgments, penalties, fines and amounts paid in settlement to the extent legally permitted and as required by the terms of this Agreement or any other agreement between the Company and any Indemnified Party, without regard to any rights such Person may have against any Stockholder Indemnitor or their insurers and (c) irrevocably waives, relinquishes and releases the Stockholder Indemnitors from any and all claims against the Stockholder Indemnitors for contribution, subrogation or any other recovery of any kind in respect thereof, except in the case of conduct by a Indemnified Party where such Indemnified Party is not otherwise entitled to indemnification from the Company. Each Indemnified Party hereby undertakes to promptly repay any amounts advanced if, and to the extent that, it shall ultimately be determined that such Indemnified Party is not entitled to indemnification from the Company. The Company shall not be obligated to advance any expenses to any Indemnified Party arising from a lawsuit filed directly by the Company against such Indemnified Party if an absolute majority of the members of the Board of Directors reasonably determines in good faith, within thirty (30) days of such Indemnified Party's request for advancement, that the facts known to them at the time such determination is made demonstrate clearly and convincingly that such Indemnified Party acted in bad faith; *provided* that the Company may not avail itself of the right set forth in this sentence as to a given lawsuit if, at any time after the occurrence of the activities or omissions that are the primary focus of such lawsuit, the Company has undergone a Change of Control. If the Company is obligated to advance expenses for any proceeding against an Indemnified Party, the Company, if appropriate, shall be entitled to assume the defense of such proceeding upon delivery to such Indemnified Party of written notice of its election to do so. After delivery of such notice, approval of counsel by such Indemnified Party and retention of such counsel by the Company, the Company will not be liable to such Indemnified Party under this Section 5.19 for any fees of counsel subsequently incurred by such Indemnified Party with respect to the same proceeding, provided that such Indemnified Party shall have the right to employ its own counsel in any such proceeding at such Indemnified Party's expense. The Company further agrees that no advancement or payment by the Stockholder Indemnitors on behalf of any Indemnified Party with respect to any claim for which such Person has sought indemnification from the Company shall affect the foregoing and the Stockholder Indemnitors shall have a right of contribution and/or shall be subrogated to the extent of such advancement or payment to all of the rights of recovery of such Indemnified Party against the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The provisions of this Section 5.19 will survive any termination of this Agreement. Each of the Indemnified Parties shall be a third-party beneficiary of the rights conferred to such Person in this Section 5.19.

Section 5.20. *<u>No More Favorable Agreements</u>*. The Company shall not grant, issue or provide, and shall not enter into any agreement, other than the Electrum Stockholders Agreement, that grants, issues or provides, any other investor, stockholder or person any right, privilege or term that is not included in this Agreement or is more favorable than those granted to the Stockholder in this Agreement without first offering the same right, privilege or term to the Stockholder in writing, and, if the Stockholder elects to have the same right, privilege or term granted to it, the parties hereto shall promptly amend this Agreement to effect the same.

\* \* \*

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IN WITNESS WHEREOF, the parties set forth below have duly executed this Agreement as of the day and year first above written.

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| | | |
|:---|:---|:---|
| SUNSHINE SILVER MINING & REFINING COMPANY | SUNSHINE SILVER MINING & REFINING COMPANY | SUNSHINE SILVER MINING & REFINING COMPANY |
| By: |  | /s/ Heather White |
|  | Name: | Heather White |
|  | Title: | Chief Executive Officer |

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*[Signature Page to Stockholders Agreement]*

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| | | |
|:---|:---|:---|
| OSPRAIE REAL ASSETS FUND LP | OSPRAIE REAL ASSETS FUND LP | OSPRAIE REAL ASSETS FUND LP |
| By: <br>| Ospraie Real Assets GP LLC | Ospraie Real Assets GP LLC |
|  | Its General Partner | Its General Partner |
| By: |  | /s/ Dwight Anderson |
|  | Name: | Dwight Anderson |
|  | Title: | Managing Member |

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*[Signature Page to Stockholders Agreement]*

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## Exhibit 10.9

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**Exhibit 10.9**<br>

#### FORM OF INDEMNITY AGREEMENT
[This Indemnity Agreement (this "<u>Agreement</u>"), dated as of May 10, 2026, is made by and between Sunshine Silver Mining & Refining Company, a Delaware corporation (the "<u>Company</u>"), and [●] (the "<u>Indemnitee</u>").][This Indemnity Agreement (this "<u>Agreement</u>"), dated as of May 10, 2026, is made by and among Sunshine Silver Mining & Refining Company, a Delaware corporation (the "<u>Company</u>"), [●] (the "<u>Indemnitee Individual</u>") and [●] (the "<u>Indemnitee Entity</u>"). The Indemnitee Individual and the Indemnity Entity are collectively referred to herein as the "<u>Indemnitee,</u>" and each reference to the "<u>Indemnitee</u>" in this Agreement shall be deemed to refer to each of the Indemnitee Individual and the Indemnity Entity, jointly and severally, unless the context otherwise requires.]<sup>1</sup>

#### RECITALS
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(A)** The Company is aware that competent and experienced persons are increasingly reluctant to serve as directors or officers of corporations unless they are protected by comprehensive liability insurance and/or indemnification, due to
 increased exposure to litigation costs and risks resulting from their service to such corporations, and due to the fact that the exposure frequently bears no reasonable relationship to the compensation of such directors and officers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(B)** Based on their experience as business managers, the Board of Directors of the Company (the " <u>Board</u> ") has concluded that, to retain and attract talented and experienced individuals to serve as directors and officers of the Company,
 and to encourage such individuals to take the business risks necessary for the success of the Company, it is necessary for the Company contractually to indemnify officers and directors and to assume for itself maximum liability for expenses
 and damages in connection with claims against such directors and officers in connection with their service to the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(C)** Section 145 of the General Corporation Law of the State of Delaware (the " <u>Law</u> ") empowers the Company to indemnify by agreement its directors, officers, employees and agents, and persons who serve, at the request of the Company, as
 directors, officers, employees or agents of other corporations or enterprises, and expressly provides that the indemnification provided by the Law is not exclusive; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(D)** The Company desires and has requested the Indemnitee to serve or continue to serve as a director or officer of the Company [(in the case of the Indemnitee Individual) or to provide the services of the Indemnitee Individual (in the case of
 the Indemnitee Entity) in each case]<sup>2</sup> free from undue concern for claims for damages arising out of or related to such services to the Company.

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<sup>1</sup> Alternative language for D&Os engaged through their personal wholly-owned vehicles.

<sup>2</sup> Language applicable solely to D&Os engaged through their personal wholly-owned vehicles.

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NOW, THEREFORE, the parties hereto, intending to be legally bound, hereby agree as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.** **Definitions**.

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|:---|:---|
| 1.1 | <u>Agent</u>. For the purposes of this Agreement, "<u>agent</u>" of the Company means any person who is or was a director or officer of the Company or any subsidiary of the Company, or is or was serving at the request of, for the convenience of, or to represent the interest of the Company or any subsidiary of the Company as a director or officer of another foreign or domestic corporation, partnership, joint venture, trust, other legal entity, or other enterprise or an affiliate of the Company[, and includes the Indemnitee Entity to the extent it provides services to the Company through the Indemnitee Individual]<sup>3</sup>. The term "<u>enterprise</u>" includes any employee benefit plan of the Company, its subsidiaries, affiliates and predecessor corporations. |

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<br> 1.2 <u>Change-in-Control</u>. For the purposes of this Agreement, "<u>Change-in-Control</u>" means:

(a) any "person" (as such term is used in Sections 13(d) and 14(d) of the Securities Exchange Act of 1934, as amended (the "<u>Exchange Act</u>")), other than a trustee, other fiduciary holding securities of the Company under an employee benefit plan of the Company or its subsidiaries, or one of the Electrum Parties (or any of their affiliates or any officer, director, or employee of any of the Electrum Parties or their affiliates), acquires greater than a majority of the aggregate ordinary voting power represented by the issued and outstanding voting securities of the Company;

(b) the consummation of a merger or consolidation, or series of related transactions, which results in the voting securities of the Company outstanding immediately prior thereto failing to continue to represent (either by remaining outstanding or by being converted into voting securities of the surviving entity), directly or indirectly, at least fifty percent (50%) of the combined voting power of the voting securities of the Company or such surviving entity outstanding immediately after such merger or consolidation;

<br> (c) a change in the composition of the Board occurring within a 24-month period, as a result of which fewer than a majority of the directors are Incumbent Directors;

<br> (d) the sale or disposition of all or substantially all of the Company's assets (or consummation of any transaction, or series of related transactions, having similar effect); or

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<sup>3</sup> Language applicable solely to D&Os engaged through their personal wholly-owned vehicles.

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<br> (e) stockholder approval of the dissolution or liquidation of the Company.

<br> 1.3 <u>Electrum Parties</u>. For purposes of this Agreement, "Electrum Parties" means, collectively, Electrum Silver US LLC and Electrum Silver US II LLC and any affiliates of the foregoing.

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|:---|:---|
| 1.4 | <u>Expenses</u>. For purposes of this Agreement, "<u>expenses</u>" includes all direct and indirect costs of any type or nature whatsoever (including, without limitation, all attorneys' fees and related disbursements and other out-of-pocket costs) actually and reasonably incurred by the Indemnitee [(including, in the case of the Indemnitee Entity, costs incurred by the Indemnitee Entity in connection with claims arising from or related to the Individual Individual's service to the Company)]<sup>4</sup> in connection with the investigation, defense or appeal of, or being or preparing to be a witness in, or otherwise participating or having involvement in, an actual, threatened or potential proceeding or establishing or enforcing a right to indemnification or advancement of expenses under this Agreement, Section 145 of the Law or otherwise. |

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|:---|:---|
| 1.5 | <u>Incumbent Directors</u>. For purposes of this Agreement, "<u>Incumbent Directors</u>" means directors who either (i) are members of the Board as of May 10, 2026, or (ii) are elected, or nominated for election, to the Board with the affirmative votes of at least a majority of the Incumbent Directors at the time of such election or nomination (but shall not include an individual whose election or nomination is in connection with an actual or threatened proxy contest relating to the election of directors to the Company). |

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|:---|:---|
| 1.6 | <u>Liabilities</u>. For purposes of this Agreement, "<u>liabilities</u>" means any and all liabilities of any type whatsoever, whether joint or several, including, without limitation, any judgments, fines, excise taxes (including, without limitation, excise taxes pursuant to the Employee Retirement Income Security Act of 1974 ("<u>ERISA</u>")), penalties, amounts paid or payable in settlement, and any interest, assessments or other charges imposed thereon, and any federal, state, local or foreign taxes imposed as a result of the actual or deemed receipt of any payment under this Agreement, actually or reasonably incurred by or imposed upon in connection with or arising out of any proceeding. |

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|:---|:---|
| 1.7 | <u>Proceeding</u>. For the purposes of this Agreement, "<u>proceeding</u>" means any threatened, potential, pending or completed action, arbitration, alternate dispute resolution, investigation, inquiry, suit or other proceeding, whether civil, criminal, administrative, investigative or any other type whatsoever. |

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|:---|:---|
| 1.8 | <u>Subsidiary</u>. For purposes of this Agreement, "<u>subsidiary</u>" means any corporation of which more than fifty percent (50%) of the outstanding voting securities is owned directly or indirectly by the Company, by the Company and one or more of its subsidiaries or by one or more of the Company's subsidiaries. |

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<sup>4</sup> Language applicable solely to D&Os engaged through their personal wholly-owned vehicles.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.** **Agreement to Serve**. [The Indemnitee agrees to serve and/or continue to serve as an agent of the Company, at the will of the Company (or under separate agreement, if such agreement exists), in the
 capacity the Indemnitee currently serves as an agent of the Company, faithfully and to the best of the Indemnitee's ability, so long as the Indemnitee is duly appointed or elected and qualified in accordance with the applicable provisions of
 the charter documents of the Company or any subsidiary of the Company; provided, however, that the Indemnitee may at any time and for any reason resign from such position (subject to any contractual obligation that the Indemnitee may have
 assumed apart from this Agreement), and the Company or any subsidiary shall have no obligation under this Agreement to continue the Indemnitee in any such position.][The Indemnitee Individual agrees to serve and/or continue to serve as an
 agent of the Company, at the will of the Company (or under separate agreement, if such agreement exists), in the capacity the Indemnitee Individual currently serves as an agent of the Company, faithfully and to the best of the Indemnitee
 Individual's ability, so long as the Indemnitee Individual is duly appointed or elected and qualified in accordance with the applicable provisions of the charter documents of the Company or any subsidiary of the Company. The Indemnitee Entity
 agrees to make available the services of the Indemnitee Individual to the Company in accordance with any applicable engagement or services agreement. Notwithstanding the foregoing, the Indemnitee Individual may at any time and for any reason
 resign from such position (subject to any contractual obligation that the Indemnitee Individual or the Indemnitee Entity may have assumed apart from this Agreement), and the Company or any subsidiary shall have no obligation under this
 Agreement to continue the Indemnitee Individual in any such position or to continue the engagement of the Indemnitee Entity.]<sup>5</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.** **Directors' and Officers' Insurance**.

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|:---|:---|
| 3.1 | <u>D&O Insurance</u>. The Company shall, to the extent that the Board determines it to be economically reasonable, maintain a policy of directors' and officers' liability insurance ("<u>D&O Insurance</u>"), on such terms and conditions as may be approved by the Board. [The Company shall use commercially reasonable efforts to cause such D&O Insurance to cover both the Indemnitee Individual and the Indemnitee Entity; provided, however, that if such coverage for the Indemnitee Entity is not available on commercially reasonable terms, the Company's indemnification obligations hereunder with respect to the Indemnitee Entity shall not be limited or affected thereby.]<sup>6</sup> |

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<sup>5</sup> Alternative language for D&Os engaged through their personal wholly-owned vehicles.

<sup>6</sup> Language applicable solely to D&Os engaged through their personal wholly-owned vehicles.

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|:---|:---|
| 3.2 | <u>Triggering Event</u>. In the event of a Change-in-Control or the Company becoming insolvent (including being placed into receivership or entering the federal bankruptcy process or similar process) (each, a "<u>Triggering Event</u>"), the Company shall obtain and fully prepay, at or prior to the closing of such Triggering Event, D&O Insurance for a period of six years following the Triggering Event which shall include at least the same or better limits and equivalent terms as are in effect immediately prior to Triggering Event with the Company's then-current insurer or comparable insurers that have (i) equal or better insurance ratings and (ii) an equal or higher policy holder surplus as the Company's then-current insurer. |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.** **Mandatory Indemnification**. Subject to Section 9 below, the Company shall indemnify the Indemnitee as follows:

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|:---|:---|
| 4.1 | <u>Third Party Actions</u>. If the Indemnitee is a person who was or is a party or is threatened to be made a party to any proceeding (other than an action by or in the right of the Company) by reason of the fact that the Indemnitee is or was an agent of the Company, or by reason of anything done or not done by the Indemnitee in any such capacity, against any and all expenses and liabilities actually and reasonably incurred by the Indemnitee in connection with the investigation, defense, settlement or appeal of such proceeding if the Indemnitee acted in good faith and in a manner the Indemnitee reasonably believed to be in, or not opposed to, the best interests of the Company and, with respect to any criminal action or proceeding, had no reasonable cause to believe the Indemnitee's conduct was unlawful; |

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|:---|:---|
| 4.2 | <u>Derivative Actions</u>. If the Indemnitee is a person who was or is a party or is threatened to be made a party to any proceeding by or in the right of the Company to procure a judgment in its favor by reason of the fact that the Indemnitee is or was an agent of the Company, or by reason of anything done or not done by the Indemnitee in any such capacity, against any amounts paid in settlement of any such proceeding and all expenses actually and reasonably incurred by the Indemnitee in connection with the investigation, defense, settlement or appeal of such proceeding if the Indemnitee acted in good faith and in a manner the Indemnitee reasonably believed to be in, or not opposed to, the best interests of the Company; except that no indemnification under this subsection shall be made in respect of any claim, issue or matter as to which such person shall have been adjudged to be liable to the Company, unless and only to the extent that the Court of Chancery or the court in which such proceeding was brought shall determine upon application that, despite the adjudication of liability but in view of all the circumstances of the case, such person is fairly and reasonably entitled to indemnity for such amounts which the Court of Chancery or such other court shall deem proper; |

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|:---|:---|
| 4.3 | <u>Exception for Amounts Covered by Insurance</u>. Notwithstanding the foregoing, the Company shall not be obligated to indemnify the Indemnitee for expenses or liabilities of any type whatsoever to the extent such have been paid directly to the Indemnitee by D&O Insurance; and |

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|:---|:---|
| 4.4 | <u>Third-Party Indemnification</u>. The Company hereby acknowledges that the Indemnitee has or may from time to time obtain certain rights to indemnification, advancement of expenses and/or insurance provided by one or more third parties (collectively, the "<u>Fund Indemnitors</u>"). The Company hereby agrees that (i) it is the indemnitor of first resort (i.e., its obligations to the Indemnitee are primary and any obligation of the Fund Indemnitors to advance expenses or to provide indemnification for the same expenses or liabilities incurred by the Indemnitee are secondary), (ii) it shall be required to advance the full amount of expenses incurred by the Indemnitee and shall be liable for the full amount of all expenses, judgments, penalties, fines and amounts paid in settlement to the extent legally permitted and as required by the terms of this Agreement, without regard to any rights the Indemnitee may have against the Fund Indemnitors, and (iii) it irrevocably waives, relinquishes and releases the Fund Indemnitors from any and all claims against the Fund Indemnitors for contribution, subrogation or any other recovery of any kind in respect thereof. The Company further agrees that no advancement or payment by the Fund Indemnitors on behalf of the Indemnitee with respect to any claim for which the Indemnitee has sought indemnification from the Company shall affect the foregoing and the Fund Indemnitors shall be subrogated to the extent of such advancement or payment to all of the rights of recovery which the Indemnitee would have had against the Company. The Company and the Indemnitee agree that the Fund Indemnitors are express third-party beneficiaries of the terms of this Section 4.4. |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.** **Partial Indemnification and Contribution**.

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|:---|:---|
| 5.1 | <u>Partial Indemnification</u>. If the Indemnitee is entitled under any provision of this Agreement to indemnification by the Company for some or a portion of any expenses or liabilities of any type whatsoever incurred by the Indemnitee in the investigation, defense, settlement or appeal of a proceeding but is not entitled, however, to indemnification for all of the total amount thereof, then the Company shall nevertheless indemnify the Indemnitee for such total amount except as to the portion thereof to which the Indemnitee is not entitled to indemnification. |

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|:---|:---|
| 5.2 | <u>Contribution</u>. If the Indemnitee is not entitled to the indemnification provided in Section 4 for any reason other than the statutory limitations set forth in the Law, then in respect of any threatened, pending or completed proceeding in which the Company is jointly liable with the Indemnitee (or would be if joined in such proceeding), the Company shall contribute to the amount of expenses (including attorneys' fees), judgments, fines and amounts paid in settlement actually and reasonably incurred and paid or payable by the Indemnitee in such proportion as is appropriate to reflect (i) the relative benefits received by the Company on the one hand and the Indemnitee on the other hand from the transaction from which such proceeding arose and (ii) the relative fault of the Company on the one hand and of the Indemnitee on the other hand in connection with the events which resulted in such expenses, judgments, fines or settlement amounts, as well as any other relevant equitable considerations. The relative fault of the Company on the one hand and of the Indemnitee on the other hand shall be determined by reference to, among other things, the parties' relative intent, knowledge, access to information and opportunity to correct or prevent the circumstances resulting in such expenses, judgments, fines or settlement amounts. The Company agrees that it would not be just and equitable if contribution pursuant to this Section 5 were determined by pro rata allocation or any other method of allocation that does not take account of the foregoing equitable considerations. |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.** **Mandatory Advancement of Expenses**.

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|:---|:---|
| 6.1 | <u>Advancement</u>. Subject to Sections 6.3 and 9.1 below, the Company shall advance all expenses incurred by the Indemnitee in connection with the investigation, defense, settlement or appeal of any proceeding to which the Indemnitee is a party or is threatened to be made a party by reason of the fact that the Indemnitee is or was an agent of the Company or by reason of anything done or not done by the Indemnitee in any such capacity. The Indemnitee hereby undertakes to promptly repay such amounts advanced if, and to the extent that, it shall ultimately be determined that the Indemnitee is not entitled to be indemnified by the Company under the provisions of this Agreement. The advances to be made hereunder shall be paid by the Company to the Indemnitee within thirty (30) days following delivery of a written request, including reasonable documentation, therefor by the Indemnitee to the Company. |

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|:---|:---|
| 6.2 | <u>Payment Directions</u>. To the extent payments are required to be made hereunder, the Company shall, in accordance with Indemnitee's request (but without duplication), (a) pay such expenses on behalf of Indemnitee, (b) advance to Indemnitee funds in an amount sufficient to pay such expenses or (c) reimburse Indemnitee for such expenses. |

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| | |
|:---|:---|
| 6.3 | <u>Exception</u>. Notwithstanding the foregoing provisions of this Section 6 and except as provided in the last two sentences of this Section 6.3, the Company shall not be obligated to advance any expenses to the Indemnitee arising from a lawsuit filed directly by the Company against the Indemnitee if an absolute majority of the members of the Board reasonably determines in good faith, within thirty (30) days of the Indemnitee's request to be advanced expenses, that the facts known to them at the time such determination is made demonstrate clearly and convincingly that the Indemnitee acted in bad faith. If such a determination is made, the Indemnitee may have such decision reviewed in the Court of Chancery of Delaware or by a forum, set forth in Sections 8.4 and 8.5 hereof, with all references therein to "indemnification" being deemed to refer to "advancement of expenses," and with respect to which the burden of proof shall be on the Company to demonstrate clearly and convincingly that, based on the facts known at the time, the Indemnitee acted in bad faith. The Company may not avail itself of the right set forth in the first sentence of this Section 6.3 as to a given lawsuit if, at any time after the occurrence of the activities or omissions that are the primary focus of the lawsuit, the Company has undergone a Change-in-Control under Section 1.2(a) hereof. |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.** **Notice and Other Indemnification Procedures**.

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| | |
|:---|:---|
| 7.1 | Promptly, but not later than 48 hours, after receipt by the Indemnitee of notice of the commencement of, or the threat of commencement of any proceeding, the Indemnitee shall notify the Company of the commencement or threat of commencement thereof; provided, however, that the failure of the Indemnitee to give such notice shall not affect the Indemnitee's rights hereunder, unless the Company is materially and adversely harmed by such failure. |

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|:---|:---|
| 7.2 | If, at the time of the receipt of a notice of the commencement of a proceeding pursuant to Section 7.1 hereof, the Company has D&O Insurance in effect, the Company shall give prompt notice of the commencement of such proceeding to the insurers in accordance with the procedures set forth in the respective policies. The Company shall thereafter take commercially reasonable action to cause such insurers to pay, on behalf of the Indemnitee, all amounts payable as a result of such proceeding in accordance with the terms of such D&O Insurance policies. |

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| | |
|:---|:---|
| 7.3 | In the event the Company shall be obligated to advance the expenses for any proceeding against the Indemnitee, the Company, if appropriate, shall be entitled to assume the defense of such proceeding, upon the delivery to the Indemnitee of written notice of its election to do so. After delivery of such notice, approval of such counsel by the Indemnitee and the retention of such counsel by the Company, the Company will not be liable to the Indemnitee under this Agreement for any fees of counsel subsequently incurred by the Indemnitee with respect to the same proceeding, provided that the Indemnitee shall have the right to employ the Indemnitee's own counsel in any such proceeding at the Indemnitee's expense. |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.** **Determination of Right to Indemnification**.

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| | |
|:---|:---|
| 8.1 | To the extent the Indemnitee has been successful on the merits or otherwise in defense of any proceeding referred to in Section 4.1 or 4.2 of this Agreement or in the defense of any claim, issue or matter described therein, the Company shall indemnify the Indemnitee against expenses actually and reasonably incurred by the Indemnitee in connection with the investigation, defense or appeal of such proceeding, or such claim, issue or matter, as the case may be. |

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| | |
|:---|:---|
| 8.2 | In the event that Section 8.1 is inapplicable, or does not apply to the entire proceeding, the Company shall nonetheless indemnify the Indemnitee unless the Indemnitee has not met the applicable standard of conduct required under this Agreement or the Law to entitle the Indemnitee to such indemnification. |

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|:---|:---|
| 8.3 | In making any determination with respect to the Indemnitee's entitlement to indemnification under this Agreement, it shall be presumed that the Indemnitee is entitled to indemnification under this Agreement, and the Company shall have the burden of proof to overcome such presumption. |

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<br> 8.4 The Indemnitee shall select the forum in which the validity of such Indemnitee's entitlement to indemnification will be heard from among the following:

(a) A majority vote of the directors who are not parties to the proceeding for which indemnification is being sought, even if less than a quorum;

(b) A committee of such directors designated by majority vote of such directors, even if less than a quorum;

<br> (c) If there are no such directors, or if such directors so direct, by independent legal counsel (the "<u>Independent Counsel</u>") in a written opinion addressed to the Board, a copy of which shall be delivered to Indemnitee; or

<br> (d) The stockholders of the Company.

<br> 8.5 The Indemnitee shall select the Independent Counsel, who shall be reasonably satisfactory to the Company. The Company shall pay the reasonable and documented fees and expenses of the Independent Counsel.

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| | |
|:---|:---|
| 8.6 | Notwithstanding any other provision in this Agreement to the contrary, the Company shall indemnify the Indemnitee against all reasonable expenses incurred by the Indemnitee in connection with any hearing or proceeding under this Section 8 involving the Indemnitee and against all reasonable expenses incurred by the Indemnitee in connection with any other proceeding between the Company and the Indemnitee involving the interpretation or enforcement of the rights of the Indemnitee under this Agreement unless a court of competent jurisdiction finds that each of the material claims and/or defenses of the Indemnitee in any such proceeding was frivolous and not made in good faith. |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.** **Exceptions**. Any other provision herein to the contrary notwithstanding, the Company shall not be obligated pursuant to the terms of this Agreement:

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| | |
|:---|:---|
| 9.1 | <u>Claims Initiated by Indemnitee</u>. To indemnify or advance expenses to the Indemnitee with respect to proceedings or claims initiated or brought voluntarily by the Indemnitee and not by way of defense, except with respect to proceedings specifically authorized by the Board or brought to establish or enforce a right to indemnification and/or advancement of expenses arising under this Agreement, the charter documents of the Company or any subsidiary or any statute or law or otherwise, but such indemnification or advancement of expenses may be provided by the Company in specific cases if the Board finds it to be appropriate; or |

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| | |
|:---|:---|
| 9.2 | <u>Unauthorized Settlements</u>. To indemnify the Indemnitee hereunder for any amounts paid in settlement of a proceeding unless the Company consents in advance in writing to such settlement; or |

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| | |
|:---|:---|
| 9.3 | <u>Securities Law Actions</u>. To indemnify the Indemnitee on account of any suit in which judgment is rendered against the Indemnitee for (i) an accounting of profits made from the purchase or sale by the Indemnitee [(or, in the case of the Indemnitee Entity, by the Indemnitee Individual or the Indemnitee Entity)]<sup>7</sup> of securities of the Company pursuant to the provisions of Section 16(b) of Exchange Act or similar provisions of any federal, state or local law, (ii) any reimbursement of the Company by the Indemnitee of any bonus or other incentive-based or equity-based compensation or of any profits realized by the Indemnitee from the sale of securities of the Company, as required in each case under the Exchange Act or any such reimbursements that arise from an accounting restatement of the Company pursuant to Section 304 of the Sarbanes-Oxley Act of 2002 (the "<u>Sarbanes-Oxley Act</u>"), or (iii) the payment to the Company of profits arising from the purchase, sale or other acquisition or transfer by the Indemnitee [(or, in the case of the Indemnitee Entity, by the Indemnitee Individual or the Indemnitee Entity)]<sup>8</sup> of securities in violation of Section 306 of the Sarbanes-Oxley Act; or |

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| | |
|:---|:---|
| 9.4 | <u>Unlawful Indemnification</u>. To indemnify the Indemnitee if a final decision by a court having jurisdiction in the matter shall determine that such indemnification is not lawful. In this respect, the Company and the Indemnitee have been advised that the Securities and Exchange Commission takes the position that indemnification for liabilities arising under the federal securities laws is against public policy and is, therefore, unenforceable and that claims for indemnification should be submitted to appropriate courts for adjudication. |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.** **No Imputation**. The knowledge and/or actions, or failure to act, of any director, officer, agent or employee of the Company or the Company itself shall not be imputed to Indemnitee for purposes of
 determining any rights under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11.** **Non-Exclusivity**. The provisions for indemnification and advancement of expenses set forth in this Agreement shall not be deemed exclusive of any other rights which the Indemnitee may have under any
 provision of law, the Company's Certificate of Incorporation or Bylaws, the vote of the Company's stockholders or disinterested directors, other agreements or otherwise, both as to action in the Indemnitee's official capacity and to action in
 another capacity, while occupying the Indemnitee's position as an agent of the Company, and the Indemnitee's rights hereunder shall continue after the Indemnitee has ceased acting as an agent of the Company and shall inure to the benefit of
 the heirs, executors and administrators of the Indemnitee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**12.** **General Provisions**.

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| | |
|:---|:---|
| 12.1 | <u>Interpretation of Agreement</u>. It is understood that the parties hereto intend this Agreement to be interpreted and enforced so as to provide indemnification and advancement of expenses to the Indemnitee to the fullest extent now or hereafter permitted by law, except as expressly limited herein. |

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<sup>7</sup> Language applicable solely to D&Os engaged through their personal wholly-owned vehicles.

<sup>8</sup> Language applicable solely to D&Os engaged through their personal wholly-owned vehicles.

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| | |
|:---|:---|
| 12.2 | <u>[Conduct Standards Applied to the Indemnitee Entity.</u> For purposes of this Agreement, any determination of whether the Indemnitee has met the applicable standard of conduct for indemnification (including, without limitation, the "good faith" standard, the standard of reasonable belief, or any standard relating to criminal conduct) shall, with respect to the Indemnitee Entity, be determined by reference to the conduct of the Indemnitee Individual. The Indemnitee Entity shall be deemed to have met any applicable standard of conduct to the same extent as the Indemnitee Individual has met such standard.]<sup>9</sup> |

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| | |
|:---|:---|
| 12.3 | <u>Severability</u>. If any provision or provisions of this Agreement shall be held to be invalid, illegal or unenforceable for any reason whatsoever, then: (a) the validity, legality and enforceability of the remaining provisions of this Agreement (including, without limitation, all portions of any paragraphs of this Agreement containing any such provision held to be invalid, illegal or unenforceable that are not themselves invalid, illegal or unenforceable) shall not in any way be affected or impaired thereby; and (b) to the fullest extent possible, the provisions of this Agreement (including, without limitation, all portions of any paragraphs of this Agreement containing any such provision held to be invalid, illegal or unenforceable, that are not themselves invalid, illegal or unenforceable) shall be construed so as to give effect to the intent manifested by the provision held invalid, illegal or unenforceable and to give effect to Section 12.1 hereof. |

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|:---|:---|
| 12.4 | <u>Modification and Waiver</u>. No supplement, modification or amendment of this Agreement shall be binding unless executed in writing by both of the parties hereto. No waiver of any of the provisions of this Agreement shall be deemed or shall constitute a waiver of any other provision hereof (whether or not similar), nor shall such waiver constitute a continuing waiver. |

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|:---|:---|
| 12.5 | <u>Subrogation</u>. In the event of full payment under this Agreement, the Company shall be subrogated to the extent of such payment to all of the rights of recovery of the Indemnitee, who shall execute all documents required and shall do all acts that may be necessary or desirable to secure such rights and to enable the Company effectively to bring suit to enforce such rights. |

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<br> 12.6 <u>Counterparts</u>. This Agreement may be executed in one or more counterparts, which shall together constitute one agreement.

<br> 12.7 <u>Successors and Assigns</u>. The terms of this Agreement shall bind, and shall inure to the benefit of, the successors and assigns of the parties hereto.

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| | |
|:---|:---|
| 12.8 | <u>Notice</u>. All notices, requests, demands and other communications under this Agreement shall be in writing and shall be deemed duly given: (a) if delivered by hand and signed for by the party addressee; (b) if mailed by certified or registered mail, with postage prepaid, on the third business day after the mailing date; (c) if sent by overnight courier, on the next business day after deposit with the overnight courier; or (d) if sent by email to the email address designated for the recipient party below, on the date of delivery (if delivered during normal business hours) or on the following business day (if delivered after normal business hours): |

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<sup>9</sup> Language applicable solely to D&Os engaged through their personal wholly-owned vehicles.

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<br> (i) if to the Company:

Sunshine Silver Mining & Refining Company

2209 Big Creek Rd, Kellogg, Idaho 83837

Attention: Michelle Shepston

Email: mshepston@silveropp.com

With a copy to:

Skadden, Arps, Slate, Meagher & Flom LLP

One Manhattan West, New York, NY 10001

Attention: Jeremy Winter

Email: jeremy.winter@skadden.com

<br> (ii) if to the Indemnitee, at the address and email address indicated in the Indemnitee's personnel or director file, as applicable, or such other address and email address specified by the Indemnitee in writing to the Company.

Either party may provide the other with notices of change of address and email address, which shall be effective upon receipt.

<br> 12.9 <u>Governing Law</u>. This Agreement shall be governed exclusively by and construed according to the laws of the State of Delaware, as applied to contracts between Delaware residents entered into and to be performed entirely within Delaware.

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IN WITNESS WHEREOF, the parties hereto have entered into this Indemnity Agreement effective as of the date first written above.

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| | | | |
|:---|:---|:---|:---|
| **SUNSHINE SILVER MINING & REFINING COMPANY** | **SUNSHINE SILVER MINING & REFINING COMPANY** | **INDEMNITEE:** | **INDEMNITEE:** |
| By: |  | By: |  |
|  | Name: |  | Name: |
|  | Title: |  | Title: |

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** 

<br> *Indemnity Agreement Signature Page*

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IN WITNESS WHEREOF, the parties hereto have entered into this Indemnity Agreement effective as of the date first written above.<sup>10</sup>

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| | | | |
|:---|:---|:---|:---|
| **SUNSHINE SILVER MINING & REFINING COMPANY** | **SUNSHINE SILVER MINING & REFINING COMPANY** | **INDEMNITEE INDIVIDUAL:** | **INDEMNITEE INDIVIDUAL:** |
| By: |  | By: |  |
|  | Name: |  | Name: |
|  | Title: |  | Title: |
|  |  | **INDEMNITEE ENTITY:** | **INDEMNITEE ENTITY:** |
|  |  | By: |  |
|  |  |  | Name: |
|  |  |  | Title: |

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Indemnity Agreement Signature Page

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<sup>10</sup> Signature page applicable solely to D&Os engaged through their personal wholly-owned vehicles.

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## Exhibit 10.10

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**Exhibit 10.10**<br>

#### REGISTRATION RIGHTS AGREEMENT

#### by and among

#### SUNSHINE SILVER MINING & REFINING COMPANY

#### and

#### THE STOCKHOLDERS THAT ARE SIGNATORIES HERETO

#### Dated as of May 10, 2026

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#### **TABLE OF CONTENTS**

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| | | |
|:---|:---|:---|
|  |  | <u>PAGE</u> |
| ARTICLE 1 | ARTICLE 1 | ARTICLE 1 |
| Definitions | Definitions | Definitions |
| Section 1.01. | Definitions | 1 |
| Section 1.02. | Other Definitional and Interpretative Provisions | 4 |
| ARTICLE 2 | ARTICLE 2 | ARTICLE 2 |
| Registration Rights | Registration Rights | Registration Rights |
| Section 2.01. | Demand Registration | 4 |
| Section 2.02. | Piggyback Registration | 6 |
| Section 2.03. | Lock-Up Agreements | 7 |
| Section 2.04. | Registration Procedures | 7 |
| Section 2.05. | Indemnification by the Company | 10 |
| Section 2.06. | Indemnification by Participating Stockholders | 11 |
| Section 2.07. | Conduct of Indemnification Proceedings | 11 |
| Section 2.08. | Contribution | 12 |
| Section 2.09. | Participation in Public Offering | 13 |
| Section 2.10. | Other Indemnification | 13 |
| Section 2.11. | Cooperation by the Company | 13 |
| Section 2.12. | No Transfer of Registration Rights | 13 |
| ARTICLE 3 | ARTICLE 3 | ARTICLE 3 |
| General Provisions | General Provisions | General Provisions |
| Section 3.01. | Binding Effect; Assignability; Benefit | 14 |
| Section 3.02. | Severability | 14 |
| Section 3.03. | Entire Agreement | 14 |
| Section 3.04. | Waiver; Amendment; Termination | 14 |
| Section 3.05. | Counterparts; Effectiveness | 14 |
| Section 3.06. | Notices | 14 |
| Section 3.07. | Governing Law | 16 |
| Section 3.08. | Jurisdiction | 16 |
| Section 3.09. | WAIVER OF JURY TRIAL | 16 |
| Section 3.10. | Specific Performance | 16 |

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i

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#### REGISTRATION RIGHTS AGREEMENT
THIS REGISTRATION RIGHTS AGREEMENT (as it may be amended from time to time in accordance with the terms hereof, this "**Agreement**"), dated as of May 10, 2026 and effective as of the closing of the IPO (the "**Effective Time**"), is made by and among Sunshine Silver Mining & Refining Company, a Delaware corporation (the "**Company**"), and the stockholders that are or become signatories hereto (each a "**Stockholder**" and collectively, the "**Stockholders**").

#### RECITALS
WHEREAS, the Company is proposing to sell Shares to the public in an initial public offering (the "**IPO**"); and

WHEREAS, subject to the terms and conditions herein, the Stockholders and the Company desire to enter into this Agreement to provide for certain rights and obligations of the Stockholders and the Company.

NOW, THEREFORE, in consideration of the foregoing and the mutual promises, covenants and agreements of the parties hereto, and for other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the parties hereto agree as follows:

ARTICLE 1<br> Definitions

Section 1.01. *Definitions*. As used in this Agreement, the following terms have the following meanings:

"**Affiliate**" means, with respect to any Person, any Person directly or indirectly controlling or controlled by or under direct or indirect common control with such specified Person; it being understood and agreed that, for purposes hereof, (i) each Electrum Stockholder shall be deemed to be an Affiliate of every other Electrum Stockholder, (ii) neither the Company nor any subsidiary of the Company shall be deemed to be an Affiliate of any Stockholder, and (iii) except as set forth in clause (i) above, no Stockholder shall be deemed to be an Affiliate of any other Stockholder.

"**Board of Directors**" means the Board of Directors of the Company.

"**Business Day**" means any day other than a Saturday, Sunday or day on which banking institutions in New York, New York are authorized or obligated by law or executive order to close.

"**Common Stock**" means the common stock of the Company, par value $0.001 per share, and any and all securities of any kind whatsoever of the Company that may be issued by the Company after the date hereof in respect of, in exchange for, or in substitution of, Common Stock, pursuant to any stock dividends, splits, reverse splits, combinations, reclassifications, recapitalizations, reorganizations and the like occurring after the date hereof.

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"**Company Securities**" means (i) the Common Stock, (ii) securities convertible into or exchangeable for Common Stock and (iii) any options, warrants or other rights to acquire Common Stock.

"**Electrum Stockholders**" means, collectively, Electrum Silver US LLC and Electrum Silver US II LLC and any Affiliates of the foregoing to whom Common Stock is Transferred by an Electrum Stockholder in accordance with the Electrum Stockholders Agreement.

"**Electrum Stockholders Agreement**" means the stockholders agreement entered into by and among the Company and the Electrum Stockholders dated as of May 10, 2026.

"**Exchange Act**" means the Securities Exchange Act of 1934, as amended.

"**FINRA**" means the Financial Industry Regulatory Authority.

"**Ospraie**" means Ospraie Real Assets Fund LP and any Affiliates of the foregoing to whom Common Stock is Transferred by Ospraie in accordance with the Ospraie Stockholders Agreement.

"**Ospraie Stockholders Agreement**" means the stockholders agreement entered into by and between the Company and Ospraie dated as of May 10, 2026.

"**Person**" means an individual, partnership, limited liability company, corporation, trust, other entity, association, estate, unincorporated organization or a government or any agency or political subdivision thereof.

"**Public Offering**" means an underwritten public offering of Registrable Securities pursuant to an effective registration statement under the Securities Act, other than pursuant to a registration statement on Form S-4 or Form S-8 or any similar or successor form.

"**Registrable Securities**" means, at any time, any Shares until (i) a registration statement covering such Shares has been declared effective by the SEC and such Shares have been disposed of pursuant to such effective registration statement, (ii) such Shares are sold under circumstances in which all of the applicable conditions of Rule 144 (or any similar provisions then in force) under the Securities Act are met or (iii) such Shares are otherwise Transferred, the Company has delivered a new certificate or other evidence of ownership for such Shares not bearing a restricted legend and such Shares may be resold without subsequent registration under the Securities Act.

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"**Registration Expenses**" means any and all expenses incident to the performance of or compliance with any registration or marketing of Company Securities, including all (i) registration and filing fees, and all other fees and expenses payable in connection with the listing of securities on any securities exchange or automated interdealer quotation system, (ii) fees and expenses of compliance with any securities or "blue sky" laws (including reasonable fees and disbursements of counsel in connection with "blue sky" qualifications of the securities registered), (iii) expenses in connection with the preparation, printing, mailing and delivery of any registration statements, prospectuses and other documents in connection therewith and any amendments or supplements thereto, (iv) security engraving and printing expenses, (v) internal expenses of the Company (including all salaries and expenses of its officers and employees performing legal or accounting duties), (vi) reasonable fees and disbursements of counsel for the Company and customary fees and expenses for independent certified public accountants retained by the Company (including the expenses relating to any comfort letters or costs associated with the delivery by independent certified public accountants of any comfort letters requested pursuant to <u>Section 2.04(h)</u>), (vii) reasonable fees and expenses of any special experts retained by the Company (including independent mining consultants) in connection with such registration, (viii) reasonable fees, out-of-pocket costs and expenses of the Stockholders, including one counsel for all of the Stockholders participating in the offering selected (A) by the Electrum Stockholders, in the case of any offering in which any of the Electrum Stockholders participates, or (B) if no Electrum Stockholders participate and if Ospraie participates, then Ospraie, (ix) fees and expenses in connection with any review by FINRA of the underwriting arrangements or other terms of the offering, and all fees and expenses of any "qualified independent underwriter," including the fees and expenses of any counsel thereto, (x) fees and disbursements of underwriters customarily paid by issuers or sellers of securities, but excluding any underwriting fees, discounts and commissions attributable to the sale of Registrable Securities, (xi) costs of printing and producing any agreements among underwriters, underwriting agreements, any "blue sky" or legal investment memoranda and any selling agreements and other documents in connection with the offering, sale or delivery of the Registrable Securities, (xii) transfer agents' and registrars' fees and expenses and the fees and expenses of any other agent or trustee appointed in connection with such offering, (xiii) expenses relating to any analyst or investor presentations or any "road shows" undertaken in connection with the registration, marketing or selling of the Registrable Securities, (xiv) fees and expenses payable in connection with any ratings of the Registrable Securities, including expenses relating to any presentations to rating agencies and (xv) all out-of pocket costs and expenses incurred by the Company or its appropriate officers in connection with their compliance with <u>Section 2.04(m)</u>.

"**Rule 144**" means Rule 144 (or any successor provisions) under the Securities Act.

"**SEC**" means the Securities and Exchange Commission.

"**Securities Act**" means the Securities Act of 1933, as amended.

"**Shares**" means shares of Common Stock.

"**Stockholders Agreements**" means, collectively, the Electrum Stockholders Agreement and the Ospraie Stockholders Agreement.

"**Transfer**" means (a) a direct or indirect transfer, sale, exchange, assignment, pledge, hypothecation or other encumbrance or other disposition of Common Stock, or any legal or beneficial interest therein, including the grant of an option or other right or the grant of any interest that would result in a Stockholder no longer having the power to vote, or cause to be voted, such Stockholder's Common Stock, whether directly or indirectly, whether voluntarily, involuntarily or by operation of law or (b) any agreement to take or commit to any of the foregoing actions; and "**Transferred**," "**Transferee**," "**Transferor**," and "**Transferability**" shall each have a correlative meaning. For the avoidance of doubt, a transfer, sale, exchange, assignment, pledge, hypothecation or other encumbrance or other disposition of an interest in any Stockholder, or direct or indirect parent thereof, all or substantially all of whose assets are, directly or indirectly, Company Securities shall constitute a "Transfer" of Common Stock for purposes of this Agreement. For the avoidance of doubt, a transfer, sale, exchange, assignment, pledge, hypothecation or other encumbrance or other disposition of an interest in any Stockholder, or direct or indirect parent thereof, which has substantial assets in addition to Common Stock shall not constitute a "Transfer" of Common Stock for purposes of this Agreement.

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Section 1.02. *Other Definitional and Interpretative Provisions*.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The meanings of defined terms are equally applicable to the singular and plural forms of the defined terms.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The words "**hereof**," "**herein**," "**hereunder**" and similar words refer to this Agreement as a whole and not to any particular provision of this Agreement; and any subsection and Section references are to this Agreement unless otherwise specified.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The term "**including**" is not limiting and means "**including without limitation**."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The captions and headings of this Agreement are for convenience of reference only and shall not affect the interpretation of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Whenever the context requires, any pronouns used herein shall include the corresponding masculine, feminine or neuter forms.

ARTICLE 2<br> Registration Rights

Section 2.01. *Demand Registration*.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; If at any time beginning 180 days following the date of the final prospectus for the IPO, the Company shall receive a request from any Stockholder (that party shall be referred to herein as the "**Requesting Stockholder**") that the Company effect the registration under the Securities Act of all or any portion of such Requesting Stockholder's Registrable Securities, and specifying the intended method of disposition thereof (each such request shall be referred to herein as a "**Demand Registration**"), then the Company shall use its best efforts to effect, as expeditiously as possible, the registration under the Securities Act of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) all Registrable Securities for which the Requesting Stockholders have requested registration under this <u>Section 2.01</u>; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) &nbsp;&nbsp;&nbsp;&nbsp; subject to the restrictions set forth in <u>Sections 2.01(d)</u> and <u>2.02,</u> all other Registrable Securities of the same class as those requested to be registered by the Requesting Stockholders that any Stockholders with rights to request registration under <u>Section 2.01</u> (all such Stockholders, together with the Requesting Stockholders, and any Stockholders participating in a Piggyback Registration pursuant to <u>Section 2.02</u>, the "**Registering Stockholders**") have requested the Company to register by request received by the Company within 1 Business Day after such Stockholders receive the Company's notice of the Demand Registration;

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all to the extent necessary to permit the disposition (in accordance with the intended methods thereof as aforesaid) of the Registrable Securities so to be registered; *provided* that, subject to <u>Section 2.01(c)</u>, the Company shall not be obligated to effect more than three Demand Registrations within a 12-month period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp; The Company shall be liable for and pay all Registration Expenses in connection with any Demand Registration, regardless of whether such Registration is effected.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp; A Demand Registration shall not be deemed to have occurred:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp; unless the registration statement relating thereto (A) has become effective under the Securities Act and (B) has remained effective for a period of at least 180 days (or such shorter period in which all Registrable Securities of the Registering Shareholders included in such registration have actually been sold thereunder); *provided* that such registration statement shall not be considered a Demand Registration if, after such registration statement becomes effective, (1) such registration statement is interfered with by any stop order, injunction or other order or requirement of the SEC or other governmental agency or court and (2) less than 75% of the Registrable Securities included in such registration statement have been sold thereunder; or

(ii) if the Maximum Offering Size is reduced in accordance with <u>Section 2.01(d)</u> such that less than 66 2/3% of the Registrable Securities of the Requesting Shareholders sought to be included in such registration are included.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; If a Demand Registration involves an underwritten Public Offering and the managing underwriter advises the Company and the Requesting Stockholders that, in its view, the number of shares of Registrable Securities requested to be included in such registration (including any securities that the Company proposes to be included that are not Registrable Securities) exceeds the largest number of shares that can be sold without having an adverse effect on such offering, including the price at which such shares can be sold (the "**Maximum Offering Size**"), the Company shall include in such registration, in the priority listed below, up to the Maximum Offering Size:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp; first, all Registrable Securities of a party with rights under <u>Section 2.01</u> (allocated, if necessary for the offering not to exceed the Maximum Offering Size, pro rata among such entities on the basis of the relative number of Registrable Securities so requested to be included in such registration by each such Stockholder); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;&nbsp;&nbsp; second, all Company Securities requested to be included in such registration by any other Person, including the Company.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Upon notice to each Requesting Stockholder, the Company may postpone effecting a registration pursuant to this <u>Section 2.01</u> on one occasion during any period of six consecutive months for a reasonable time specified in the notice but not exceeding 90 days (which period may not be extended or renewed), if (i) an investment banking firm of recognized national standing shall advise the Company and the Requesting Stockholders in writing that effecting the registration would materially and adversely affect an offering of securities of such Company the preparation of which had then been commenced or (ii) the Company is in possession of material non-public information the disclosure of which during the period specified in such notice the Company reasonably believes would not be in the best interests of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; At any time following the Effective Time and subject to eligibility under the Securities Act and SEC rules, upon the request of Stockholders holding at least a majority of all Registrable Securities, the Company shall use its best efforts to file a "shelf" registration statement (the "**Shelf Registration**") with respect to the Registrable Securities on an appropriate form pursuant to Rule 415 (or any similar provision that may be adopted by the SEC) under the Securities Act and to cause such Shelf Registration to become effective and to keep such Shelf Registration in effect until the Stockholders no longer hold any Registrable Securities. Any offer or sale of Registrable Securities pursuant to the Shelf Registration in any underwritten Public Offering shall be deemed to be a Demand Registration subject to the provisions of <u>Section 2.01(a)</u>.

Section 2.02. *Piggyback Registration*.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; If the Company proposes to register any Company Securities under the Securities Act (other than a registration on Form S-8, S-4 or F-4, or any successor forms, relating to Shares issuable upon exercise of employee stock options or in connection with any employee benefit or similar plan of the Company or in connection with a direct or indirect acquisition by the Company of another Person), whether or not for sale for its own account, the Company shall give notice at least 2 Business Days prior to the anticipated pricing date of the offering relating to such registration to each Stockholder, which notice shall set forth such Stockholder's rights under this <u>Section 2.02</u> and shall offer such Stockholder the opportunity to include in such registration statement the number of Registrable Securities of the same class or series as those proposed to be registered as each such Stockholder may request (a "**Piggyback Registration**"), subject to the provisions of <u>Section 2.02(b)</u>. Upon the request of any such Stockholder made within 1 Business Day after the receipt of notice from the Company (which request shall specify the number of Registrable Securities intended to be registered by such Stockholder), the Company shall use its reasonable best efforts to effect the registration under the Securities Act of all Registrable Securities that the Company has been so requested to register by all such Stockholders, to the extent requisite to permit the disposition of the Registrable Securities so to be registered; *provided* that (i) if such registration involves an underwritten Public Offering, all such Stockholders requesting to be included in the Company's registration must sell their Registrable Securities to the underwriters selected as provided in <u>Section 2.04(f)</u> on the same terms and conditions as apply to the Company or the Requesting Stockholders, as applicable, and (ii) if, at any time after giving notice of its intention to register any Company Securities pursuant to this <u>Section 2.02(a)</u> and prior to the effective date of the registration statement filed in connection with such registration, the Company shall determine for any reason not to register such securities, the Company shall give notice to all such Stockholders and, thereupon, shall be relieved of its obligation to register any Registrable Securities in connection with such registration. No registration effected under this <u>Section 2.02</u> shall relieve the Company of its obligations to effect a Demand Registration to the extent required by <u>Section 2.01</u>. The Company shall pay all Registration Expenses in connection with each Piggyback Registration.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; If a Piggyback Registration involves an underwritten Public Offering (other than any Demand Registration, in which case the provisions with respect to priority of inclusion in such offering set forth in <u>Section 2.01(d)</u> shall apply) and the managing underwriter advises the Company that, in its view, the number of Registrable Securities that the Company and such Stockholders intend to include in such registration exceeds the Maximum Offering Size, the Company shall include in such registration, in the following priority, up to the Maximum Offering Size:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp; first, so much of the Registrable Securities proposed to be registered for the account of the Company as would not cause the offering to exceed the Maximum Offering Size;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;&nbsp;&nbsp; second, all Registrable Securities of a party with rights under <u>Section 2.01</u> (allocated, if necessary for the offering not to exceed the Maximum Offering Size, pro rata among such Stockholders on the basis of the relative number of shares of Registrable Securities so requested to be included in such registration by each); and

(iii)&nbsp;&nbsp;&nbsp;&nbsp; third, all Company Securities requested to be included in such registration by any person who does not have rights pursuant to <u>Section 2.01</u>.

Section 2.03. *Lock-Up Agreements*. If any registration of Registrable Securities shall be effected in connection with a Public Offering, neither the Company nor any Stockholder who is a director or executive officer of the Company shall effect any public sale or distribution, including any sale pursuant to Rule 144, of Registrable Securities during the period beginning 14 days prior to the anticipated pricing of the offering until 180 days following the pricing of the offering (subject to customary exceptions to be agreed upon with the lead-managing underwriter for the Public Offering).

Section 2.04. *Registration Procedures*. Whenever Stockholders request that any Registrable Securities be registered pursuant to <u>Section 2.01</u> or <u>2.02</u>, subject to the provisions of such Sections, the Company shall use its reasonable best efforts to effect the registration and the sale of such Registrable Securities in accordance with the intended method of disposition thereof as quickly as practicable, and, in connection with any such request:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Company shall as expeditiously as possible prepare and file with the SEC a registration statement on any form for which the Company then qualifies or that counsel for the Company shall deem appropriate and which form shall be available for the sale of the Registrable Securities to be registered thereunder in accordance with the intended method of distribution thereof, and use its reasonable best efforts to cause such filed registration statement to become and remain effective for a period of not less than 180 days, or in the case of a shelf registration statement, one year (or such shorter period in which all of the Registrable Securities of the Stockholders included in such registration statement shall have actually been sold thereunder).

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Prior to filing a registration statement or prospectus or any amendment or supplement thereto, the Company shall, if requested, furnish to each participating Stockholder and each underwriter, if any, of the Registrable Securities covered by such registration statement copies of such registration statement as proposed to be filed, and thereafter the Company shall furnish to such Stockholder and underwriter, if any, such number of copies of such registration statement, each amendment and supplement thereto (in each case including all exhibits thereto and documents incorporated by reference therein), the prospectus included in such registration statement (including each preliminary prospectus and any summary prospectus) and any other prospectus filed under Rule 424, Rule 430A, Rule 430B or Rule 430C under the Securities Act and such other documents as such Stockholder or underwriter may reasonably request in order to facilitate the disposition of the Registrable Securities owned by such Stockholder. Each Stockholder shall have the right to request that the Company modify any information contained in such registration statement, amendment and supplement thereto pertaining to such Stockholder and the Company shall use its reasonable best efforts to comply with such request; *provided, however*, that the Company shall not have any obligation so to modify any information if the Company reasonably expects that so doing would cause the prospectus to contain an untrue statement of a material fact or omit to state any material fact required to be stated therein or necessary to make the statements therein not misleading.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; After the filing of the registration statement, the Company shall (i) cause the related prospectus to be supplemented by any required prospectus supplement, and, as so supplemented, to be filed pursuant to Rule 424 under the Securities Act, (ii) comply with the provisions of the Securities Act with respect to the disposition of all Securities covered by such registration statement during the applicable period in accordance with the intended methods of disposition by the Stockholders thereof set forth in such registration statement or supplement to such prospectus and (iii) promptly notify each Stockholder holding Registrable Securities covered by such registration statement of any stop order issued or threatened by the SEC or any state securities commission and take all reasonable actions required to prevent the entry of such stop order or to remove it if entered.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Company shall use its reasonable best efforts to (i) register or qualify the Registrable Securities covered by such registration statement under such other securities or "blue sky" laws of such jurisdictions in the United States as any Registering Stockholder holding such Registrable Securities reasonably (in light of such Stockholder's intended plan of distribution) requests and (ii) cause such Registrable Securities to be registered with or approved by such other governmental agencies or authorities as may be necessary by virtue of the business and operations of the Company and do any and all other acts and things that may be reasonably necessary or advisable to enable such Stockholder to consummate the disposition of the Registrable Securities owned by such Stockholder; *provided* that the Company shall not be required to (A) qualify generally to do business in any jurisdiction where it would not otherwise be required to qualify but for this <u>Section 2.04(d)</u>, (B) subject itself to taxation in any such jurisdiction or (C) consent to general service of process in any such jurisdiction.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Company shall immediately notify each Registering Stockholder holding such Registrable Securities covered by such registration statement, at any time when a prospectus relating thereto is required to be delivered under the Securities Act, of the occurrence of an event requiring the preparation of a supplement or amendment to such prospectus so that, as thereafter delivered to the purchasers of such Registrable Securities, such prospectus will not contain an untrue statement of a material fact or omit to state any material fact required to be stated therein or necessary to make the statements therein not misleading and promptly prepare and make available to each such Stockholder and file with the SEC any such supplement or amendment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Electrum Stockholders shall have the right, in their sole discretion, to select an underwriter or underwriters in connection with (i) any Public Offering resulting from the exercise by the Electrum Stockholders of a Demand Registration or (ii) any Public Offering in which the Electrum Stockholders participate as Registering Stockholder pursuant to Section 2.01. Subject to the preceding sentence, Ospraie shall have the right to select an underwriter or underwriters which are reasonably satisfactory to the Company in connection with any Public Offering resulting from the exercise by Ospraie of a Demand Registration. The Company shall select an underwriter or underwriters in connection with any other Public Offering. In connection with any Public Offering, the Company shall enter into customary agreements (including an underwriting agreement in customary form) and take such all other actions as are reasonably required in order to expedite or facilitate the disposition of such Registrable Securities in any such Public Offering, including the engagement of a "qualified independent underwriter" in connection with the qualification of the underwriting arrangements with FINRA.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Upon execution of confidentiality agreements in form and substance reasonably satisfactory to the Company, the Company shall make available for inspection by any Stockholder and any underwriter participating in any disposition pursuant to a registration statement being filed by the Company pursuant to this <u>Section 2.04</u> and any attorney, accountant or other professional retained by any such Stockholder or underwriter (collectively, the "**Inspectors**"), all financial and other records (including technical information), pertinent corporate documents and properties of the Company (collectively, the "**Records**") as shall be reasonably necessary or desirable to enable them to exercise their due diligence responsibility, and cause the Company's officers, directors and employees to supply all information reasonably requested by any Inspectors in connection with such registration statement. Records that the Company determines, in good faith, to be confidential and that it notifies the Inspectors are confidential shall not be disclosed by the Inspectors unless (i) the disclosure of such Records is necessary to avoid or correct a misstatement or omission in such registration statement or (ii) the release of such Records is ordered pursuant to a subpoena or other order from a court of competent jurisdiction. Each Stockholder agrees that information obtained by it as a result of such inspections shall be deemed confidential and shall not be used by it or its Affiliates as the basis for any market transactions in the Registrable Securities unless and until such information is made generally available to the public. Each Stockholder further agrees that, upon learning that disclosure of such Records is sought in a court of competent jurisdiction, it shall give notice to the Company and allow the Company, at its expense, to undertake appropriate action to prevent disclosure of the Records deemed confidential.

(h)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Company shall furnish to each Registering Stockholder and to each such underwriter, if any, a signed counterpart, addressed to such Registering Stockholder or underwriter, of (i) an opinion or opinions of counsel to the Company and (ii) a comfort letter or comfort letters from the Company's independent public accountants, each in customary form and covering such matters of the kind customarily covered by opinions or comfort letters, as the case may be, as a majority of such Stockholders or the managing underwriter therefor reasonably requests.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Company shall otherwise use its reasonable best efforts to comply with all applicable rules and regulations of the SEC, and make available to its security holders, as soon as reasonably practicable, an earnings statement or such other document that shall satisfy the provisions of Section 11(a) of the Securities Act and the requirements of Rule 158 thereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Company may require each Stockholder promptly to furnish in writing to the Company such information regarding the distribution of the Registrable Securities as the Company may from time to time reasonably request and such other information as may be legally required in connection with such registration.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Each Stockholder agrees that, upon receipt of any notice from the Company of the happening of any event of the kind described in <u>Section 2.04(e)</u>, such Stockholder shall forthwith discontinue disposition of Registrable Securities pursuant to the registration statement covering such Registrable Securities until such Stockholder's receipt of the copies of the supplemented or amended prospectus contemplated by <u>Section 2.04(e)</u>, and, if so directed by the Company, such Stockholder shall deliver to the Company all copies, other than any permanent file copies then in such Stockholder's possession, of the most recent prospectus covering such Registrable Securities at the time of receipt of such notice. If the Company shall give such notice, the Company shall extend the period during which such registration statement shall be maintained effective (including the period referred to in <u>Section 2.04(a)</u>) by the number of days during the period from and including the date of the giving of notice pursuant to <u>Section 2.04(e)</u> to the date when the Company shall make available to such Stockholder a prospectus supplemented or amended to conform with the requirements of <u>Section 2.04(e)</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Company shall use its reasonable best efforts to list all Registrable Securities covered by such registration statement on any securities exchange or quotation system on which any of the Registrable Securities are then listed or traded.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m)&nbsp;&nbsp;&nbsp;&nbsp; The Company shall have appropriate officers of the Company (i) prepare and make presentations at any "road shows" and before analysts and rating agencies, as the case may be, (ii) take other actions to obtain ratings for any Registrable Securities and (iii) otherwise use their reasonable best efforts to cooperate as reasonably requested by the underwriters in the offering, marketing or selling of the Registrable Securities.

Section 2.05. *Indemnification by the Company*. The Company agrees to indemnify and hold harmless each Stockholder beneficially owning any Registrable Securities covered by a registration statement, its officers, directors, employees, partners and agents, and each Person, if any, who controls such Stockholder within the meaning of Section 15 of the Securities Act or Section 20 of the Exchange Act from and against any and all losses, claims, damages, liabilities and expenses (including reasonable expenses of investigation and reasonable attorneys' fees and expenses) ("**Damages**") caused by or relating to any untrue statement or alleged untrue statement of a material fact contained in any registration statement or prospectus relating to the Registrable Securities (as amended or supplemented if the Company shall have furnished any amendments or supplements thereto) or any preliminary prospectus or free writing prospectus (as defined in Rule 405 under the Securities Act), or caused by or relating to any omission or alleged omission to state therein a material fact required to be stated therein or necessary to make the statements therein not misleading, except insofar as such Damages are caused by or related to any such untrue statement or omission or alleged untrue statement or omission so made based upon information furnished in writing to the Company by such Stockholder or on such Stockholder's behalf expressly for use therein. The Company also agrees to indemnify any underwriters of the Registrable Securities, their officers and directors and each Person who controls such underwriters within the meaning of Section 15 of the Securities Act or Section 20 of the Exchange Act on substantially the same basis as that of the indemnification of the Stockholders provided in this <u>Section 2.05</u>.

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Section 2.06. *Indemnification by Participating Stockholders*. Each Stockholder holding Registrable Securities included in any registration statement agrees, severally but not jointly, to indemnify and hold harmless the Company, its officers, directors and agents and each Person, if any, who controls the Company within the meaning of either Section 15 of the Securities Act or Section 20 of the Exchange Act to the same extent as the foregoing indemnity from the Company to such Stockholder, but only with respect to information furnished in writing by such Stockholder or on such Stockholder's behalf expressly for use in any registration statement or prospectus relating to the Registrable Securities, or any amendment or supplement thereto, or any preliminary prospectus. Each such Stockholder also agrees to indemnify and hold harmless underwriters of the Registrable Securities, their officers and directors and each Person who controls such underwriters within the meaning of either Section 15 of the Securities Act or Section 20 of the Exchange Act on substantially the same basis as that of the indemnification of the Company provided in this <u>Section 2.06</u>. As a condition to including Registrable Securities in any registration statement filed in accordance with <u>Article 2</u>, the Company may require that it shall have received an undertaking reasonably satisfactory to it from any underwriter to indemnify and hold it harmless to the extent customarily provided by underwriters with respect to similar securities. No Stockholder shall be liable under this <u>Section 2.06</u> for any Damages in excess of the net proceeds realized by such Stockholder in the sale of Registrable Securities of such Stockholder to which such Damages relate.

Section 2.07. *Conduct of Indemnification Proceedings*. If any proceeding (including any governmental investigation) shall be instituted involving any Person in respect of which indemnity may be sought pursuant to this <u>Article 2</u>, such Person (an "**Indemnified Party**") shall promptly notify the Person against whom such indemnity may be sought (the "**Indemnifying Party**") in writing and the Indemnifying Party shall assume the defense thereof, including the employment of counsel reasonably satisfactory to such Indemnified Party, and shall assume the payment of all fees and expenses; *provided* that the failure of any Indemnified Party so to notify the Indemnifying Party shall not relieve the Indemnifying Party of its obligations hereunder except to the extent that the Indemnifying Party is materially prejudiced by such failure to notify. In any such proceeding, any Indemnified Party shall have the right to retain its own counsel, but the fees and expenses of such counsel shall be at the expense of such Indemnified Party unless (i) the Indemnifying Party and the Indemnified Party shall have mutually agreed to the retention of such counsel or (ii) in the reasonable judgment of such Indemnified Party representation of both parties by the same counsel would be inappropriate due to actual or potential differing interests between them. It is understood that, in connection with any proceeding or related proceedings in the same jurisdiction, the Indemnifying Party shall not be liable for the reasonable fees and expenses of more than one separate firm of attorneys (in addition to any local counsel) at any time for all such Indemnified Parties, and that all such fees and expenses shall be reimbursed as they are incurred. In the case of any such separate firm for the Indemnified Parties, such firm shall be designated in writing by the Indemnified Parties. The Indemnifying Party shall not be liable for any settlement of any proceeding effected without its written consent, but if settled with such consent, or if there be a final judgment for the plaintiff, the Indemnifying Party shall indemnify and hold harmless such Indemnified Parties from and against any loss or liability (to the extent stated above) by reason of such settlement or judgment. Without the prior written consent of the Indemnified Party, no Indemnifying Party shall effect any settlement of any pending or threatened proceeding in respect of which any Indemnified Party is or could have been a party and indemnity could have been sought hereunder by such Indemnified Party, unless such settlement includes an unconditional release of such Indemnified Party from all liability arising out of such proceeding.

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Section 2.08. *Contribution*. If the indemnification provided for in this <u>Article 2</u> is unavailable to the Indemnified Parties in respect of any Damages, then each such Indemnifying Party, in lieu of indemnifying such Indemnified Party, shall contribute to the amount paid or payable by such Indemnified Party as a result of such Damages (i) as between the Company and the Stockholders holding Registrable Securities covered by a registration statement on the one hand and the underwriters on the other, in such proportion as is appropriate to reflect the relative benefits received by the Company and such Stockholders on the one hand and the underwriters on the other, from the offering of the Registrable Securities, or if such allocation is not permitted by applicable law, in such proportion as is appropriate to reflect not only the relative benefits but also the relative fault of the Company and such Stockholders on the one hand and of such underwriters on the other in connection with the statements or omissions that resulted in such Damages, as well as any other relevant equitable considerations and (ii) as between the Company on the one hand and each such Stockholder on the other, in such proportion as is appropriate to reflect the relative fault of the Company and of each such Stockholder in connection with such statements or omissions, as well as any other relevant equitable considerations. The relative benefits received by the Company and such Stockholders on the one hand and such underwriters on the other shall be deemed to be in the same proportion as the total proceeds from the offering (net of underwriting discounts and commissions but before deducting expenses) received by the Company and such Stockholders bear to the total underwriting discounts and commissions received by such underwriters, in each case as set forth in the table on the cover page of the prospectus. The relative fault of the Company and such Stockholders on the one hand and of such underwriters on the other shall be determined by reference to, among other things, whether the untrue or alleged untrue statement of a material fact or the omission or alleged omission to state a material fact relates to information supplied by the Company and such Stockholders or by such underwriters. The relative fault of the Company on the one hand and of each such Stockholder on the other shall be determined by reference to, among other things, whether the untrue or alleged untrue statement of a material fact or the omission or alleged omission to state a material fact relates to information supplied by such party, and the parties' relative intent, knowledge, access to information and opportunity to correct or prevent such statement or omission.

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The Company and the Stockholders agree that it would not be just and equitable if contribution pursuant to this <u>Section 2.08</u> were determined by pro rata allocation (even if the underwriters were treated as one entity for such purpose) or by any other method of allocation that does not take account of the equitable considerations referred to in the immediately preceding paragraph. The amount paid or payable by an Indemnified Party as a result of the Damages referred to in the immediately preceding paragraph shall be deemed to include, subject to the limitations set forth above, any legal or other expenses reasonably incurred by such Indemnified Party in connection with investigating or defending any such action or claim. Notwithstanding the provisions of this <u>Section 2.08</u>, no underwriter shall be required to contribute any amount in excess of the amount by which the total price at which the Registrable Securities underwritten by it and distributed to the public were offered to the public exceeds the amount of any Damages that such underwriter has otherwise been required to pay by reason of such untrue or alleged untrue statement or omission or alleged omission, and no Stockholder shall be required to contribute any amount in excess of the amount by which the total price at which the Registrable Securities of such Stockholder were offered to the public (less underwriters' discounts and commissions) exceeds the amount of any Damages that such Stockholder has otherwise been required to pay by reason of such untrue or alleged untrue statement or omission or alleged omission. No Person guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the Securities Act) shall be entitled to contribution from any Person who was not guilty of such fraudulent misrepresentation. Each Stockholder's obligation to contribute pursuant to this <u>Section 2.08</u> is several in the proportion that the proceeds of the offering received by such Stockholder bears to the total proceeds of the offering received by all such Stockholders and not joint.

Section 2.09. *Participation in Public Offering*. No Stockholder may participate in any Public Offering hereunder unless such Stockholder (i) agrees to sell such Stockholder's Registrable Securities on the basis provided in any underwriting arrangements approved by the Persons entitled hereunder to approve such arrangements and (b) completes and executes all questionnaires, powers of attorney, indemnities, underwriting agreements and other documents reasonably required under the terms of such underwriting arrangements and the provisions of this Agreement in respect of registration rights.

Section 2.10. *Other Indemnification*. Indemnification similar to that specified herein (with appropriate modifications) shall be given by the Company and each Stockholder participating therein with respect to any required registration or other qualification of securities under any federal or state law or regulation or governmental authority other than the Securities Act.

Section 2.11. *Cooperation by the Company*. If any Stockholder shall transfer any Registrable Securities pursuant to Rule 144, the Company shall cooperate, to the extent commercially reasonable, with such Stockholder and shall provide to such Stockholder such information as such Stockholder shall reasonably request.

Section 2.12. *No Transfer of Registration Rights*. None of the rights of Stockholders under this <u>Article 2</u> shall be assignable by any Stockholder to any Person acquiring Company Securities in any Public Offering or pursuant to Rule 144, except a transfer to an Affiliate of an Electrum Stockholder or Ospraie in accordance with Article 4 of the Electrum Stockholders Agreement and the Ospraie Stockholders Agreement, respectively, or in connection with the transfer of all Common Stock held by the Electrum Stockholders to a third party.

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ARTICLE 3<br> General Provisions

Section 3.01. *Binding Effect; Assignability; Benefit*.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; This Agreement shall inure to the benefit of and be binding upon the parties hereto and their respective heirs, successors, legal representatives and permitted assigns. Any Stockholder that ceases to own beneficially any Company Securities shall cease to be bound by the terms hereof (other than (i) the provisions of <u>Sections 2.05</u>, <u>2.06</u>, <u>2.07</u>, <u>2.08</u> and <u>2.10</u> applicable to such Stockholder with respect to any offering of Registrable Securities completed before the date such Stockholder ceased to own any Company Securities and (ii) <u>Sections 3.05</u>, <u>3.07</u>, <u>3.08</u>, <u>3.09</u> and <u>3.10</u>).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Nothing in this Agreement, expressed or implied, is intended to confer on any Person other than the parties hereto, and their respective heirs, successors, legal representatives and permitted assigns, any rights, remedies, obligations or liabilities under or by reason of this Agreement.

Section 3.02. *Severability*. In the event that any provision of this Agreement shall be invalid, illegal or unenforceable, such provision shall be construed by limiting it so as to be valid, legal and enforceable to the maximum extent provided by law and the validity, legality and enforceability of the remaining provisions of this Agreement shall not in any way be affected or impaired thereby.

Section 3.03. *Entire Agreement*. This Agreement and the Stockholders Agreements constitute the entire agreement among the parties hereto and supersede all prior and contemporaneous agreements and understandings, both oral and written, among the parties hereto with respect to the subject matter hereof and thereof.

Section 3.04. *Waiver; Amendment; Termination*. No provision of this Agreement may be amended, waived or otherwise modified except by an instrument in writing executed by the Company with approval of the Board of Directors and Stockholders holding at least a majority of all Registrable Securities at the time of such proposed amendment or modification; provided, if any amendment, waiver, or other modification disproportionately and adversely affects any Stockholder, the consent of such Stockholder shall also be required. In addition, any party may waive any provision of this Agreement with respect to itself by an instrument in writing executed by the party against whom the waiver is to be effective.

Section 3.05. *Counterparts; Effectiveness*. This Agreement may be executed in any number of separate counterparts each of which when so executed shall be deemed to be an original.

Section 3.06. *Notices*. Unless otherwise specified herein, all notices, consents, approvals, reports, designations, requests, waivers, elections and other communications authorized or required to be given pursuant to this Agreement shall be in writing and shall be given, made or delivered (and shall be deemed to have been duly given, made or delivered upon receipt) by personal hand-delivery, by facsimile transmission, by electronic mail, by mailing the same in a sealed envelope, registered first-class mail, postage prepaid, return receipt requested, or by air courier guaranteeing overnight delivery, addressed to the respective parties at the address set forth below:

------

If to the Company, to:

Sunshine Silver Mining & Refining Company<br> 2209 Big Creek Rd, Kellogg, Idaho 83837<br> Attention: Michelle Shepston<br> Email: mshepston@silveropp.com

with a copy to:

Skadden, Arps, Slate, Meagher & Flom LLP<br> One Manhattan West, New York, NY 10001<br> Attention: Jeremy Winter<br> Email: jeremy.winter@skadden.com

If to the Electrum Stockholders, to:

The Electrum Group LLC<br> 600 Fifth Ave., 24th Floor<br> New York, NY 10020<br> Attention: Andrew M. Shapiro<br> Email: ashapiro@electrum-group.com

with a copy to:

Baker Botts L.L.P.<br> 30 Rockefeller Plaza

New York, NY 10112<br> Attention: Jonathan Gordon<br> Email: jonathan.gordon@bakerbotts.com

If to Ospraie, to:

Ospraie Real Assets Fund LP

c/o Ospraie Management, LLC

411 Theodore Fremd Ave., Suite 240

Rye, NY 10580

Attention: Scott Baglio

and Joseph Maloney

Email: sbaglio@ospraie.com and

jmaloney@ospraie.com

------

Any Person that becomes a Stockholder shall provide its address and fax number to the Company, which shall promptly provide such information to each other Stockholder.

Section 3.07. *Governing Law*. This Agreement is governed by and will be construed in accordance with the laws of the State of Delaware, excluding any conflict-of-laws rule or principle (whether of Delaware or any other jurisdiction) that might refer the governance or the construction of this Agreement to the law of another jurisdiction.

Section 3.08. *Jurisdiction*. Each of the parties (a) consents to submit itself to the personal jurisdiction of the Court of Chancery of the State of Delaware in the event any dispute arises out of this Agreement, (b) agrees that it will not attempt to deny or defeat such personal jurisdiction by motion or other request for leave from such court and (c) agrees that it will not bring any action relating to this Agreement or any of the transactions contemplated by this Agreement in any court other than the Court of Chancery of the State of Delaware. Each Party hereby agrees that, to the fullest extent permitted by law, service of any process, summons, notice or document by U.S. registered mail to the respective addresses set forth in Section 3.06 shall be effective service of process for any suit or proceeding in connection with this Agreement.

Section 3.09. *WAIVER OF JURY TRIAL*. TO THE EXTENT PERMITTED BY APPLICABLE LAW, EACH OF THE PARTIES HEREBY IRREVOCABLY WAIVES ALL RIGHT TO TRIAL BY JURY IN ANY ACTION, PROCEEDING OR COUNTERCLAIM (WHETHER BASED ON CONTRACT, TORT OR OTHERWISE) ARISING OUT OF OR RELATING TO THIS AGREEMENT OR THE ACTIONS OF THE PARTIES IN THE NEGOTIATION, ADMINISTRATION, PERFORMANCE AND ENFORCEMENT THEREOF. The Company or any Stockholder may file an original counterpart or a copy of this <u>Section 3.09</u> with any court as written evidence of the consent of any of the Parties to the waiver of their rights to trial by jury.

Section 3.10. *Specific Performance*. It is hereby agreed and acknowledged that it will be impossible to measure the money damages that would be suffered if the parties fail to comply with any of the obligations imposed on them by this Agreement and that, in the event of any such failure, an aggrieved party will be irreparably damaged and will not have an adequate remedy at law. Each party shall, therefore, be entitled (in addition to any other remedy to which such party may be entitled at law or in equity) to seek injunctive relief, including specific performance, to enforce such obligations, without the posting of any bond, and if any action should be brought in equity to enforce any of the provisions of this Agreement, none of the parties shall raise the defense that there is an adequate remedy at law.

------

IN WITNESS WHEREOF, the parties set forth below have caused this Agreement to be duly executed by their respective authorized officers as of the day and year first above written.

---

| | |
|:---|:---|
| <u>THE COMPANY</u>: | <u>THE COMPANY</u>: |
| SUNSHINE SILVER MINING & REFINING COMPANY | SUNSHINE SILVER MINING & REFINING COMPANY |
|  | /s/ Heather White |
| Name: | Heather White |
| Title: | Chief Executive Officer |
| <u>THE ELECTRUM STOCKHOLDERS</u>: | <u>THE ELECTRUM STOCKHOLDERS</u>: |
| ELECTRUM SILVER US LLC | ELECTRUM SILVER US LLC |
| By: Electrum Strategic Management LLC, | By: Electrum Strategic Management LLC, |
| Its: Manager | Its: Manager |
|  | /s/ Andrew M. Shapiro |
| Name: Andrew M. Shapiro | Name: Andrew M. Shapiro |
| Title: Managing Director | Title: Managing Director |
| ELECTRUM SILVER US II LLC | ELECTRUM SILVER US II LLC |
| By: Electrum Strategic Management LLC, | By: Electrum Strategic Management LLC, |
| Its: Manager | Its: Manager |
|  | /s/ Andrew M. Shapiro |
| Name: | Andrew M. Shapiro |
| Title: | Managing Director |
| <u>OSPRAIE</u>: | <u>OSPRAIE</u>: |
| OSPRAIE REAL ASSETS FUND LP | OSPRAIE REAL ASSETS FUND LP |
| By: Ospraie Real Assets GP LLC, | By: Ospraie Real Assets GP LLC, |
| Its General Partner | Its General Partner |
|  | /s/ Dwight Anderson |
| Name: | Dwight Anderson |
| Title: | Managing Member |

---

------

## Exhibit 10.11

------

**Exhibit 10.11**<br>

EXECUTION VERSION

#### AMENDED AND RESTATED CONSULTING SERVICES AGREEMENT
This Amended and Restated Consulting Services Agreement (this "Agreement") is made and entered into as of May 10, 2026 (the "Effective Date") between Sunshine Silver Mining & Refining Company, a Delaware corporation (the "<u>Company</u>"), and White Mining Consulting Inc., an Ontario corporation (the "<u>Consultant</u>") and amends and restates the Mining Engineering Consulting Services Agreement dated effective January 1, 2024, as amended by Amendment No. 1 to Consulting Agreement dated May 1, 2024, Amendment No. 3 to Consulting Agreement dated July 1, 2025 and Amendment No. 4 to Consulting Agreement dated January 2026. Reference is made to that certain Executive Agreement entered into by and between Heather White (the "<u>Principal</u>") and the Company dated of even date herewith (the "<u>Executive Agreement</u>").

#### WHEREAS:
A. The Consultant, through the Principal, has extensive experience in the areas of mining engineering, including mineral and precious metals exploration and discovery, mine development and environmental, health, safety and design aspects of mine development financial strategy and operations, corporate finance and capital markets in the natural resources sector.

B.&nbsp;&nbsp;&nbsp;&nbsp; The Company desires to engage the Consultant to provide the services of the Principal as Chief Executive Officer of the Company, and the Consultant desires to make the Principal available to provide such services, in each case on the terms and conditions set forth herein.

**NOW THEREFORE THIS AGREEMENT WITNESSES** that in consideration of the foregoing recitals and of the mutual promises, covenants and agreements hereinafter set forth, the Company and the Consultant hereby promise, covenant and agree as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. **Independent Consultant** 

1.1 The Company engages the Consultant to provide, and the Consultant shall provide, the services set forth in this Agreement. During the term of this Agreement, the Consultant shall cause the Principal to serve as Chief Executive Officer of the Company (the "<u>Consultant Services</u>") and to perform such duties and responsibilities as set forth in Section 1 of the Executive Agreement (the "<u>Principal Services</u>").

1.3&nbsp;&nbsp;&nbsp;&nbsp; The Consultant acknowledges and agrees that the Consultant shall be responsible for payment to the proper authorities of any and all applicable taxes, employment insurance premiums, Canada Pension Plan contributions and Workers' Compensation insurance premiums in respect of the remuneration paid hereunder.

------

1.4&nbsp;&nbsp;&nbsp;&nbsp; The Company shall not be liable to the Consultant for any damages, liabilities, penalties, interest or costs caused to the Consultant for failure to make any required source deductions or payments that the Company would make in respect of payment or remuneration to employees. The Consultant agrees to indemnify and save harmless the Company from any and all damages, penalties, interest, costs and liabilities of any nature arising as a result of the Company not making any required source deductions pursuant to the Income Tax Act, the Employment Insurance Act, the Canada Pension Plan or any other applicable federal, provincial, state or local laws and regulations on payments to the Consultant. The Company may at any time set off any amounts owing to it by the Consultant against any and all amounts payable by the Company to the Consultant including, but not limited to, amounts payable under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. **Term of Contract and Termination** 

2.1&nbsp;&nbsp;&nbsp;&nbsp; The provision of the Consultant Services by the Consultant to the Company pursuant to the terms of this Agreement shall commence on the Effective Date and shall automatically terminate, without any further action required by either party, upon the termination (for any or no reason) of the Principal's engagement with the Company pursuant to the Executive Agreement. The terms and conditions of any termination of this Agreement and any benefits or obligations related thereto shall be governed by the terms of the Executive Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. **Performance** 

3.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Consultant shall make the Principal, and only the Principal, available to perform the Principal Services. The Consultant shall not substitute any other person to perform the Principal Services.

3.2&nbsp;&nbsp;&nbsp;&nbsp; At the Company's request, the Consultant will complete and provide the Company with U.S. IRS form W-8BEN-E.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. **Remuneration, Expenses and Other Payment** 

4.1&nbsp;&nbsp;&nbsp;&nbsp; The Company shall pay to the Consultant, in full payment and reimbursement for providing the Consulting Services (and for the Principal performing the Principal Services) and for expenses incurred in connection therewith, the amounts in the manner and at the times set out in <u>Schedule A</u>, and the Consultant shall accept the same as full payment and reimbursement. Notwithstanding any provision in this Agreement to the contrary, in no event shall any payment under this Agreement result in a duplication of payments with respect to any amounts payable to the Principal under the Executive Agreement. For purposes of this provision, a duplication shall be deemed to occur regardless of whether the relevant payment or benefit under the Executive Agreement is payable to the Principal in his individual capacity or to the Consultant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. **Records** 

5.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Where this Agreement provides for reimbursement of expenses incurred by the Consultant, the Consultant shall (a) establish and maintain books of account of any such expense incurred; and (b) maintain invoices, receipts and vouchers for any such expenses, and the Company will have free access at all reasonable times to such records, books of account, invoices, receipts and vouchers for the purposes of copying and/or auditing the same.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. **Notices** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.1 Any notices provided hereunder must be in writing and shall be deemed effective upon the earlier of one (1) business day following personal delivery, or the third (3rd) business
 day after mailing by first class mail to the recipient at the address indicated below:

To the Company:

2209 Big Creek Drive

Kellogg, ID 83837

Attention: André van Niekerk

Chief Financial Officer

With a copy to:

2209 Big Creek Drive

Kellogg, ID 83837

Attention: Michelle Shepston

General Counsel

To Consultant:

White Mining Consulting Inc.

1542 Stonehaven Drive

Mississauga, Ontario L5J 1E7, Canada

Attention: Heather White

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. **Sub-contracting and Assignment** 

7.1 The Consultant shall not assign this Agreement or any right of the Consultant under this Agreement, or sub-contract the provision of the Consulting Services or any obligation of the Consultant under this Agreement, without the prior written consent of the Company.

7.2&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp; No sub-contract entered into by the Consultant will relieve the Consultant from any of its obligations pursuant to this Agreement or impose any obligation or liability upon the Company to any such sub-Consultant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. **General** 

8.1&nbsp;&nbsp;&nbsp;&nbsp; In this Agreement, unless context otherwise requires, words importing the singular include the plural and vice versa, and words importing gender include all genders,

8.2&nbsp;&nbsp;&nbsp;&nbsp; This Agreement shall be binding on the Consultant's successors, assigns, heirs, executors, administrators and legal representatives and shall inure to the benefit of any successors and assigns of the Company. The Company may assign the rights and obligations of the Company hereunder, in whole or in part, to any of the Company's subsidiaries, affiliates or parent corporations; provided <u>that</u> such subsidiary, affiliate or parent corporation directly or indirectly owns all or substantially all of the Company's consolidated assets, or to any other successor or assign in connection with the sale of all or substantially all of the Company's assets or stock or in connection with any merger, acquisition and/or reorganization, provided the assignee assumes the obligations of the Company hereunder.

------

8.3&nbsp;&nbsp;&nbsp;&nbsp; This Agreement may only be amended, modified or supplemented by an agreement in writing signed by all of the parties hereto. No consent or waiver, express or implied, by any party to or of any breach or default by the other party in the performance by the other of its obligations hereunder shall be deemed or construed to be a consent or waiver to or of any other breach or default of the same or any other obligation of such party. Failure on the part of any party to complain of any act or failure to act of the other of them, or to declare the other party in default irrespective of how long such failure continues, shall not constitute a waiver by such party of its rights hereunder or of the right to then or subsequently declare a default. No waiver shall be deemed to have occurred unless set forth in a writing executed by or on behalf of the waiving party. No such written waiver shall be deemed a continuing waiver unless specifically stated therein, and each such waiver shall operate only as to the specific term or condition waived and shall not constitute a waiver of such term or condition for the future or as to any act other than that specifically waived.

8.4&nbsp;&nbsp;&nbsp;&nbsp; This Agreement (including any Exhibits), together with the Executive Agreement, constitutes the sole and entire agreement of the parties to this Agreement with respect to the subject matter contained herein and therein, and, effective as of the Effective Date, supersedes all prior and contemporaneous representations, warranties, understandings and agreements, both written and oral, with respect to such subject matter. Each of the parties hereto hereby releases and forever discharges the other of and from all manner of actions, causes of action, claims and demands whatsoever under or in respect of any such agreement.

8.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; If any provision of this Agreement is determined to be void or unenforceable, in whole or in part, it shall not be deemed to affect or impair the enforceability or validity of any other provision of this Agreement or of any Schedule or any part thereof, and any such covenant or agreement may be severed from this Agreement without affecting the remainder of the Agreement.

8.6 &nbsp;&nbsp;&nbsp;&nbsp; This Agreement and all disputes or controversies arising out of or relating to this Agreement or the transactions contemplated hereby shall be governed by, and construed and interpreted in accordance with, the laws of the State of Idaho without giving effect to principles of conflicts of law of such state.

8.7&nbsp;&nbsp;&nbsp;&nbsp; Except as otherwise set forth in the Executive Agreement, the Company and the Consultant mutually consent to the resolution by final and binding arbitration of any and all disputes, controversies or claims between them including, without limitation, (i) any dispute, controversy or claim related in any way to the Consultant's provision of the Consulting Services to the Company or any subsidiary or affiliate or any termination thereof, (ii) any dispute, controversy or claim of alleged discrimination, harassment or retaliation (including, but not limited to, claims based on race, sex, sexual preference, religion, national origin, age, marital or family status, medical condition, handicap or disability) and (iii) any claim arising out of or relating to this Agreement or the breach thereof (collectively, "<u>Disputes</u>"); provided, however, that nothing herein shall require arbitration of any claim or charge which, by law, cannot be the subject of a compulsory arbitration agreement; provided, further, that notwithstanding anything to the contrary herein, the Consultant may, but is not required to, arbitrate claims for sexual harassment or assault to the extent applicable law renders a pre-dispute arbitration agreement covering such claims invalid or unenforceable. All Disputes shall be resolved exclusively by arbitration administered by the American Arbitration Association ("<u>AAA</u>") under the Commercial Arbitration Rules then in effect (the "<u>AAA Rules</u>").

------

Any arbitration proceeding brought under this Agreement shall be conducted in Boise, Idaho before one arbitrator selected in accordance with the AAA Rules. The Company will pay for any administrative, hearing fees and/or filing fees charged by the arbitrator or AAA. Each party to any Dispute shall pay its own expenses, including attorneys' fees; provided that, the arbitrator shall award the prevailing party reasonable costs and attorneys' fees incurred but shall not be able to award any special or punitive damages. The arbitrator shall issue a decision or award in writing, stating the essential findings of fact and conclusions of law.

8.8&nbsp;&nbsp;&nbsp;&nbsp; Any notice relating to this Agreement or required or permitted to be given in accordance with this Agreement shall be in writing and shall be personally delivered or mailed by registered mail, postage prepaid to the parties at their respective addresses set out on the first page of this Agreement, or delivered by e-mail to the e-mail address of the party on file in the other party's records.

8.9&nbsp;&nbsp;&nbsp;&nbsp; The Consultant shall, upon the reasonable request of the Company, make, do, execute or cause to be made, done or executed all such further and other lawful acts, deeds, things, documents and assurances of whatsoever nature and kind for the better or more perfect or absolute performance of the terms, conditions and intent of this Agreement.

8.10&nbsp;&nbsp;&nbsp;&nbsp; The Consultant understands and agrees that, without prejudice to whatever rights and other remedies the Company may have, the Company may enforce its rights under this Agreement by way of injunction, and may obtain an injunction, including an interim injunction to restrain any breach or anticipated breach of any of the provisions of this Agreement.

8.11&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Company and the Consultant acknowledge and declare that in executing this Agreement they are each relying wholly on their own judgment and knowledge and have not been influenced to any extent whatsoever by any representations or statements made by or on behalf of the other party regarding any matters dealt with herein or incidental hereto.

8.12&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sections 1, 2, 6 and 8 shall survive the termination of this Agreement.

8.13&nbsp;&nbsp;&nbsp;&nbsp; This Agreement may be executed by the parties hereto in counterparts, each of which shall be considered an original for all purposes.

[Signature page follows.]

------

**IN WITNESS WHEREOF** this Agreement has been executed by the parties hereto as of the day and year first above written.

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| | |
|:---|:---|
| **WHITE MINING CONSULTING INC.** | **WHITE MINING CONSULTING INC.** |
| By: | /s/ Heather White<br>|
|  | Name: Heather White |
|  | Title: President |
| **SUNSHINE SILVER MINING & REFINING COMPANY** | **SUNSHINE SILVER MINING & REFINING COMPANY** |
| By: | /s/ André van Niekerk<br>|
|  | Name: André van Niekerk |
|  | Title: Chief Financial Officer |

---

[*Signature page to Consulting Agreement – Sunshine Silver Mining & Refining Company and White Consulting Entity*

** 

<br> ------

#### SCHEDULE A

#### REMUNERATION, EXPENSES AND OTHER PAYMENT

#### Base Fee
The Company shall pay the Consultant an annual fee of $850,000 (the "<u>Base Fee</u>"), which shall be paid in monthly installments and pro-rated for any partial months of service.

#### Annual Bonus
For each calendar year during the term of this Agreement, the Consultant shall be eligible for a performance-based cash bonus (the "<u>Annual Bonus Fee</u>"), with a target of 100% of the Base Fee (the "<u>Target Bonus Fee</u>") and calculated by the Company in its sole and absolute discretion considering the performance of the Company and the Principal according to criteria established by the Company. For the 2026 calendar year, the Annual Bonus Fee shall be calculated with reference to the total base fee paid to Executive during the year. The Annual Bonus Fee will be payable in the form of a lump sum cash payment no later than March 15th of the calendar year that immediately follows the calendar year to which the bonus relates (such payment date being, the "<u>Bonus Payment Date</u>"). In order for the Consultant to be eligible to receive any Annual Bonus, and except as otherwise provided in the Executive Agreement, the Principal must remain continuously engaged under the Executive Agreement through December 31st of the calendar year in which Annual Bonus relates and not experience a termination of engagement by the Company for Cause (as defined in the Executive Agreement) prior to the Bonus Payment Date.

#### Annual Equity Incentive Awards
At least annually during the term of this Agreement, beginning in 2027 and beyond, the Board of Directors of the Company (the "<u>Board</u>") (or the applicable committee thereof) shall consider the Consultant for a grant of equity incentive awards at a level commensurate with the Consultant's Services under this Agreement and the Executive Agreement (as determined by the Board (or the applicable committee thereof)) (such annual equity incentive awards, together with any other grant of equity incentive award made to the Consultant, the "<u>Equity Awards</u>").

#### Additional Fees
The Company shall pay the Consultant an additional fee of US$5,313 per month (the "<u>Additional Monthly Fees</u>" and together with the Base Fee and the Annual Bonus Fee, the "<u>Fees</u>"), which shall be pro rated for any partial months.

#### Reimbursement of Expenses.
The Company shall reimburse the Consultant for any reasonable expenses reasonably and necessarily incurred by the Consultant in furtherance of Services hereunder, including travel, meals and accommodations, upon submission by the Consultant of vouchers or receipts and in compliance with such rules and policies relating thereto as the Company may from time to time adopt.

------

#### Other
Notwithstanding anything set forth herein, to the extent required to comply with applicable law or otherwise agreed upon between the Company and the Consultant, the Company may pay the Base Fee, Annual Bonus Fee, Additional Monthly Fees or any other payment directly to the Principal. In addition, the Company may, in its sole discretion, grant any Equity Awards directly to the Principal. Any such payment paid (or Equity Award granted) to the Principal shall be deemed a payment or grant (as applicable) to the Consultant for purposes of this Agreement and Schedule A.

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## Exhibit 10.12

------

#### Exhibit 10.12<br>

EXECUTION VERSION

#### SUNSHINE SILVER MINING & REFINING COMPANY<br> EXECUTIVE AGREEMENT
**THIS EXECUTIVE AGREEMENT** (this "<u>Agreement</u>") is made and entered into as of May 10, 2026 (the "<u>Effective Date</u>"), by and between Sunshine Silver Mining & Refining Company, a Delaware corporation (the "<u>Company</u>"), and Heather White ("<u>Executive</u>"). All capitalized terms used but not defined in this Agreement shall have the meaning attributed to them in the Consulting Agreement (as defined below).

**WHEREAS**, Executive, through White Mining Consulting Inc. (the "<u>Consultant</u>"), an Ontario corporation wholly-owned by Executive, has entered into that certain Amended and Restated Consulting Services Agreement with the Company dated of even date herewith (the "<u>Consulting Agreement</u>"), pursuant to which the Consultant shall cause Executive to provide the Principal Services; and

**WHEREAS**, Executive agrees to provide the Principal Services pursuant to the terms of the Consulting Agreement and this Agreement effective as of the Effective Date.

**NOW, THEREFORE**, in consideration of the mutual promises, covenants and agreements herein contained, together with other good and valuable consideration the receipt of which is hereby acknowledged, the parties hereto do hereby agree as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.&nbsp;&nbsp;&nbsp;&nbsp; <u>SERVICES AND DUTIES</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp; <u>Position and Reporting; Location</u>. Subject to Section 2 hereof, Executive shall, pursuant to the terms of the Consulting Agreement and this Agreement, continue to provide the Principal Services and shall report to the Company's Board of Directors (the "<u>Board</u>"). Executive shall primarily provide the Services (as defined below) from Executive's residence, although Executive understands and agrees that Executive may be required to travel from time to time to the Company's offices in Kellogg, Idaho and otherwise for business reasons.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Duties and Responsibilities</u>. During the term of Executive's Services to the Company under the Consulting Agreement and this Agreement (the "<u>Services</u>"), Executive shall have such duties, responsibilities and authority as are normally associated with Executive's position, together with such additional duties, commensurate with Executive's position, as may be assigned to Executive from time to time by the Board. Executive shall perform the Services faithfully and to the best of Executive's ability, and in compliance with all of the Company's policies, as such policies may be amended from time to time in the sole discretion of the Company. Executive shall devote all of Executive's business time and best efforts to the performance of Executive's Services for the Company and shall not engage in any other business, profession or occupation for compensation that is undisclosed to the Company or conflicts with Executive's duties under this Agreement. Notwithstanding the foregoing, nothing herein shall prohibit Executive from (i) participating in trade associations or industry organizations which are related to the business of the Company or engaging in activities for charitable, civic or political organizations (including serving as a member of the board of such organization), (ii) engaging in personal investment activities for Executive and Executive's family that do not give rise to any conflicts of interest with the Company or its "Subsidiaries" (as defined below) or affiliates, or (iii) subject to the prior approval of the Board, which shall not be unreasonably withheld, serving as a member of the board of directors of any for-profit entity that does not give rise to any conflict of interests with the Company or its Subsidiaries or affiliates, in each case, so long as the activities in (i), (ii), and (iii) above do not interfere, individually or in the aggregate, with the performance of Executive's Services hereunder and do not materially breach Section 5 hereof.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>TERM</u>. Executive's Services to the Company under the terms and conditions of the Consulting Agreement and this Agreement shall commence on the Effective Date and shall continue until terminated in accordance with the terms and conditions of Section 4 of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>COMPENSATION</u>. During the term of this Agreement, Executive, through White Mining Consulting Inc., shall be entitled to the compensation set forth in the Consulting Agreement and shall not receive any other compensation under this Agreement, except as set forth in Section 4.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.&nbsp;&nbsp;&nbsp;&nbsp; <u>TERMINATION</u>. Executive's Services to the Company will terminate at the earliest to occur of the following: (i) the date on which the Company provides notice to Executive of termination for "Disability" (as defined below); (ii) the date of Executive's death; (iii) if the Services are terminated by the Company for "Cause" (as defined below) or by Executive with "Good Reason" (each as defined below), the date any applicable cure period expires without the event being cured and, if there is no applicable cure period, the date on which the Company or Executive, as applicable, provides notice to the other party of such termination; (iv) the date which is thirty (30) days following the date on which the Company provides notice to Executive of termination without Cause (or such shorter period as the Company may determine in its sole discretion, subject to applicable law); or (v) the date which is thirty (30) days following the date on which Executive provides notice to the Company of Executive's termination of the Services without Good Reason. If the Company or Executive gives notice to terminate the Services, the Company may in the notice period, in its absolute discretion and subject to the Company continuing to pay or provide, as applicable, all Fees under the Consulting Agreement, require Executive (i) to perform only such Services as it may request of Executive; (ii) to refrain from having any contact with suppliers or employees of the Company; and (iii) to refrain from attending any premises of the Company. Executive agrees that during the notice period the Company may appoint another person to perform Executive's responsibilities jointly and require Executive to provide such transitional services as may be reasonably required and that such action shall not constitute grounds for Executive to resign for Good Reason.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>For Cause Termination or Voluntary Resignation by Executive Without Good Reason</u>. If the Services are terminated by the Company for Cause or if Executive terminates the Services without Good Reason, neither the Consultant nor Executive shall be entitled to any further compensation or benefits other than, in each case if applicable as of the date of termination: (i) any accrued but unpaid Base Fee (payable as provided in Schedule A to the Consulting Agreement); (ii) reimbursement for any business expenses properly incurred by the Consultant and/or Executive prior to the date of termination of the Services in accordance with Schedule A to the Consulting Agreement; (iii) any accrued Additional Fee to which the Consultant may be entitled under Schedule A to the Consulting Agreement; and (iv) with respect to termination of the Services without Good Reason, an amount in cash equal to any earned Annual Bonus Fee payable to the Consultant in respect of any previously completed calendar year in accordance with Exhibit B to the Consulting Agreement but unpaid as of the date of termination, payable on the same date on which annual bonuses are paid to similarly situated executives of the Company generally in respect of such year (collectively, the "<u>Accrued Fees</u>"). For the avoidance of doubt, any Equity Awards shall be treated as provided in the applicable Equity Plan and award agreement governing such awards.

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(b) <u>Termination by the Company without Cause or by Executive for Good Reason and not in Connection with a Change of Control; or Disability</u>. In the event that the Services are terminated by the Company without Cause or Executive terminates the Services for Good Reason, in each case, at any time other than during the CIC Protective Period (as defined below) or as a result of Executive's Disability, then Executive will be entitled to receive the Accrued Benefits, and if (x) Executive timely executes a release of claims in a form provided by the Company (the "<u>Release</u>"), and the applicable revocation period with respect to the Release expires following the date of termination and (y) Executive (individually and through the Consultant) does not breach the restrictive covenants set forth in Section 5 hereof, then Executive will receive the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp; a lump sum cash payment equal to (x) the Non-CIC Severance Multiple (as defined below) multiplied by (y) the sum of (A) Base Fee and (B) Target Bonus Fee, in each case, as then in effect on the date of Executive's separation from service, which shall be paid within ten (10) business days following the date the Release becomes effective and irrevocable;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) a lump sum cash payment equal to eighteen (18) months of Additional Monthly Fees, which shall be paid within ten (10) business days following the date the Release becomes effective and irrevocable; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the following treatment with respect to any then-outstanding and unvested Equity Awards held by Executive: (A) vesting of any time-based Equity Awards (or portions thereof) that is scheduled to vest during the twelve (12)-month period immediately following Executive's Service termination date and (B) any performance-based Equity Awards shall be treated in accordance with the applicable award agreement governing such awards.

(c) <u>Termination by the Company without Cause or by Executive for Good Reason in Connection with a Change of Control</u>. If, during the six (6)-month period immediately prior to (or otherwise in connection with or in anticipation of a Change of Control (as defined below)), on or during the twenty-four (24)-month period immediately following, a Change of Control (such period, the "CIC Protective Period"), then Executive will be entitled to receive the Accrued Benefits, and if (x) Executive timely executes the Release and (y) Executive (individually and through the Consultant) does not breach the restrictive covenants set forth in Section 5 hereof, then Executive will receive the following severance benefits from the Company in lieu of the benefits described in Section 4(b) above:

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp; a lump sum cash payment equal to (x) the CIC Severance Multiple (as defined below) multiplied by (y) the sum of (A) Base Fee and (B) Target Bonus Fee, in each case, as then in effect on the date of Executive's separation from service, which shall be paid within ten (10) business days following the date the Release becomes effective and irrevocable;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) a pro-rated Target Bonus Fee for the year in which Executive terminates Executive's Services (with the pro-ration determined based on the number of days of Executive's Services to the Company during the year of termination) (the "<u>Pro-Rated Target Bonus Fee</u>"), payable within ten (10) business days following the date the Release becomes effective and irrevocable;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) a lump sum cash payment equal to eighteen (18) months of Additional Monthly Fees, which shall be paid within ten (10) business days following the date the Release becomes effective and irrevocable; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)&nbsp;&nbsp;&nbsp;&nbsp; the following treatment with respect to any then-outstanding and unvested Equity Awards held by Executive: (A) all unvested time-based Equity Awards held by Executive will immediately vest and (B) any performance-based Equity Awards shall be treated in accordance with the applicable award agreement governing such awards.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp; <u>Termination due to Death</u>. In the event that the Services are terminated by the Company as a result of Executive's Death, then Executive will be entitled to receive the Accrued Benefits and the Pro-Rated Target Bonus Fee (payable within thirty (30) days of Executive's death).

(e)&nbsp;&nbsp;&nbsp;&nbsp; <u>Definitions</u>. For purposes of this Agreement:

"<u>Cause</u>" shall mean and be limited to the following (in each case, other than due to death or Disability): (i) Executive materially breaches this Agreement or any other material agreement between Executive and the Company or any of its affiliates or a material breach of any confidentiality, non-solicitation, non-competition, non-disparagement or other restrictive covenant by which Executive is bound; (ii) Executive commits an act or omission constituting gross negligence, willful misconduct, dishonesty, embezzlement or fraud in the performance of the Services for the Company or other materially dishonest or unlawful conduct that would be reasonably expected to impair or injure the reputation of the Company or any of its affiliates; (iii) Executive's conviction of, or entry by Executive of a plea of guilty or no contest to, any felony, or crime involving fraud, dishonesty, or moral turpitude, or crime relating to the Company Group (as defined below); (iv) Executive has materially violated the Company's written policies or codes of conduct, rules or regulations, including policies related to workplace violence and abusive conduct, discrimination, harassment (sexual or otherwise), retaliation and the performance of illegal or unethical activities; or (v) Executive's use or abuse of any substance has materially adversely affected Executive's performance of the Services or the Company's business or reputation.

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"<u>Change of Control</u>" means consummation of (i) any merger or consolidation of the Company with or into any other corporation or other entity or person, or any other corporate reorganization, in which the stockholders of the Company immediately prior to such consolidation, merger or reorganization, own less than a majority of the aggregate voting power represented by the issued and outstanding voting securities in the surviving entity immediately after such consolidation, merger or reorganization; (ii) any transaction or series of related transactions in which a person or group of persons acting together which would constitute a "group" for purposes of Section 13(d) of the United States Securities Exchange Act of 1934, as amended, or any successor provisions thereto acquires greater than a majority of the aggregate ordinary voting power represented by the issued and outstanding voting securities of the Company; or (iii) a sale or other disposition of all or substantially all of the assets of the Company; provided that in no event will a Change of Control include any of the following transactions: (A) any consolidation, merger or similar transaction effected exclusively to change the domicile of the Company; (B) any transaction or series of transactions in which voting securities of the Company are issued principally for bona fide financing purposes or any indebtedness or equity securities of the Company are canceled or converted or a combination thereof, including, without limitation, an initial public offering or other offering of the Company's capital stock; (C) any acquisition of such voting power by an individual or entity that, directly or indirectly, Controls, is Controlled by, or is under Common Control with, the Company; or (D) any transaction where a majority of the aggregate voting power represented by the issued and outstanding voting securities of the Company, the surviving parent entity or the entity to which all or substantially all of the Company's assets are transferred in the transaction or series of transactions is Controlled directly or indirectly by one or more Kaplan Parties. The transfer of equity interests or assets of the Company in connection with a bankruptcy filing by or against the Company under Title 11 of the United States Code will not be considered to be a "Change of Control" for purposes of this Agreement.

"<u>CIC Severance Multiple</u>" means 2.0.

"<u>Confidential Information</u>" means any information or data, in whatever form (tangible or intangible), related to the Company's or its affiliates' or Subsidiaries' business that Executive acquires or gains access to in the course of Executive's provision of the Services to the Company that the Company or applicable affiliate or Subsidiary has not authorized public disclosure of, and that is not readily available to the public or persons outside the Company through proper means. By way of example and not limitation, Confidential Information is understood to include: (i) geological, geophysical, geochemical, metallurgical, environmental, and hydrogeological data, including drill results, assays, sampling data, core logs, maps, models, interpretations, and technical reports (whether preliminary or final); (ii) information relating to mineral properties, exploration targets, mineral resources or reserves, mine planning, development strategies, production processes, and operational methods; (iii) business, financial, and commercial information, including budgets, forecasts, financing plans, capital structure, valuations, acquisition or divestiture opportunities, joint venture terms, royalty arrangements, and marketing strategies; (iv) information relating to permitting, regulatory filings, environmental compliance, land tenure, surface or mineral rights, Indigenous or community relations, and negotiations with governments or regulatory authorities; (v) information relating to the Company's affiliates, officers, directors, employees, consultants, and contractors, suppliers, including compensation arrangements and organizational information; (vi) trade secrets, proprietary know-how, methodologies, software, technical processes, and data compilations developed or used by the Company; and (vii) any other information that is marked or otherwise identified as confidential or proprietary, or that would otherwise appear to a reasonable person to be confidential or proprietary in the context and circumstances in which such information is known or used. Something is not acquired through proper means if acquired through theft, bribery, misrepresentation, breach or inducement of a breach of a duty to maintain secrecy by contract or otherwise, or espionage through electronic or other means.

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"<u>Control</u>" (including its correlative meanings, the terms "<u>Controlling</u>," "<u>Controlled by</u>" and "<u>under Common Control with</u>") means, with respect to any person, the possession, directly or indirectly, of the power to direct or cause the direction of the management and policies of such person, whether through the beneficial ownership of voting securities, by contract or otherwise.

"<u>Disability</u>" means, as determined by the Company in good faith, Executive is unable, due to physical or mental incapacity, to perform the Services for a period of either (A) 90 consecutive days or (B) 180 days in any 365 day period or as determined pursuant to the terms of the long-term disability plan maintained by the Company.

"<u>Good Reason</u>" means the occurrence, without the express prior written consent of Executive, of any of the following circumstances: (i) any material reduction in the Base Fee; (ii) the relocation of Executive's principal office at the Company to a location outside a fifty (50)-kilometers or thirty (30)-mile radius from Executive's present principal office location with the Company and the Executive is required to report to such new location on a regular basis; (iii) Executive is assigned duties or responsibilities that are materially and significantly reduced with respect to the scope or nature of Executive's duties and/or responsibilities immediately prior to such assignment; or (iv) any material breach by the Company of this Agreement. Notwithstanding the foregoing, in no event will the occurrence of any such condition constitute Good Reason unless (1) Executive provides notice to the Company of the existence of the condition giving rise to Good Reason within thirty (30) days following Executive's knowledge of its existence, (2) the Company fails to cure such condition within thirty (30) days following the date of such notice and (3) Executive terminates the Services within fifteen (15) days of the earlier to occur of (x) the lapse of the cure period and (y) receipt of written notice of the Company's intent not to cure.

"<u>Kaplan Party</u>" means (i) Thomas S. Kaplan or Daphne Recanati Kaplan; (ii) any spouse, parent, sibling or descendant (including by adoption) of either of the persons referred to in clause (i) above; (iii) any trust created for the benefit of any of the persons described in clauses (i) or (ii) above or any trust for the benefit of such trust; or (iv) any person Controlled by one or more of the persons referred to in clauses (i), (ii) or (iii) above.

"<u>Look Back Period</u>" means the last two (2) years of Executive's provision of the Services or such shorter period of time as Executive was actually engaged to provide the Services to the Company or its Subsidiaries.

"<u>Non-CIC Severance Multiple</u>" means 2.0.

"<u>Subsidiary</u>" means a corporation that is a subsidiary corporation with respect to the Company within the meaning of Section 424(f) of the Code.

"<u>Territory</u>" means: those states and counties in which the Company is engaged in mining, milling or refining operations (or actively planning to engage in mining, milling or refining operations in the near term) (including state and state-equivalents and county and county-equivalents therein) at the time Executive's Services to the Company end and/or about which Executive was provided access to Confidential Information during the Look Back Period.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) &nbsp;&nbsp;&nbsp;&nbsp; <u>Resignation as Officer or Director</u>. Upon termination of Executive's Services to the Company for any reason, unless requested otherwise by the Company, Executive shall resign each position (if any) that Executive then holds as an officer or director of the Company or any of its Subsidiaries. Executive's execution of this Agreement shall be deemed the grant by Executive to the officers of the Company of a limited power of attorney to sign in Executive's name and on Executive's behalf any such documentation as may be required to be executed solely for the limited purposes of effectuating such resignations.

(g)&nbsp;&nbsp;&nbsp;&nbsp; <u>Payment Directions</u>. If mutually agreed between the Company and Executive, any cash severance payments payable under this Section 4 may be paid to the Consultant, and Executive acknowledges and agrees that the Company's payment to the Consultant shall constitute full and complete satisfaction of the Company's obligations to Executive with respect thereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.&nbsp;&nbsp;&nbsp;&nbsp; <u>EXECUTIVE COVENANTS</u>. Executive understands the Company has developed, and is continuing to develop, substantial relationships with actual and prospective officers, directors, employees, consultants, agents, customers, referral sources, vendors, suppliers, investors and equity and financing sources, goodwill, and confidential and proprietary business information and trade secrets, which the Company and its subsidiaries and affiliates have the right to protect in order to safeguard their legitimate business interests. Any misappropriation of such relationships or goodwill, or any improper disclosure or use of the Company's or its Subsidiaries' or affiliates' Confidential Information would be highly detrimental to their business interests in that serious and substantial loss of business and pecuniary damages would result therefrom. Executive also acknowledges and recognizes that an important purpose of this Agreement is to align the interests of Executive with those of the Company's stockholders and to ensure that Executive does not engage in activity detrimental to the interests of the Company's stockholders if Executive is going to be allowed the opportunity to participate in the financial rewards that result from this Agreement. In addition, Executive acknowledges that an ancillary purpose consistent with protecting the interests of the stockholders arises with respect to Executive because during the period of Executive's provision of the Services to the Company or any Subsidiary or affiliate, Executive shall have access to the Company's or its Subsidiaries' or affiliates' Confidential Information and will meet and develop such relationships and goodwill. Executive accordingly agrees to comply with the provisions of this Section 5 as a condition of the provision of the Services to the Company and the compensation and benefits provided for in the Consulting Agreement and this Agreement. Executive acknowledges and agrees not to contest or dispute the Company's position that the prohibition of unfair competition provided for in this Section 5 is inextricably connected to and part of the Company's governance of its internal affairs and relates directly to the interests of the Company's stockholders. Nothing contained in this Section 5 shall limit any common law, statutory or provincial obligation that Executive may have to the Company or any Subsidiary or affiliate. For purposes of this Section 5, the "<u>Company Group</u>" refers to the Company and any incorporated or unincorporated parent entity or Subsidiary, including any entity which engages Executive for the Services as a result of any reorganization or restructuring of the Company for any reason. The Company shall be entitled, in connection with its tax planning or other reasons, to terminate the Services (which termination shall not be considered a termination for any purposes of this Agreement or otherwise) in connection with an invitation from a parent or Subsidiary of the Company to engage Executive for the Services with such parent or Subsidiary in which case the terms and conditions hereof shall apply to Executive's consulting relationship with such entity *mutatis mutandis*.

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(a) <u>Avoidance of Competition and Other Detrimental Acts During the Services</u>. Executive agrees that during the period of Executive's provision of the Services to the Company or other member of the Company Group, Executive will comply with each of the following restrictions and obligations:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp; Executive will comply at all times with Executive's duty of loyalty to the Company Group as an employee or agent of the Company placed in a position of special trust and confidence. This duty shall be understood to include, but not be limited to, (1) an obligation not to engage or participate in the business of a Competing Business (as defined below in Section 5(b)), or become employed with a Competing Business as an employee, owner, member, partner, consultant, director, or otherwise, without the express written consent of the Company or applicable member of the Company Group, provided that nothing herein prohibits the passive ownership of up to five percent (5%) of the issued and outstanding shares of any corporation or entity publicly traded on a national securities exchange, so long as Executive has no active participation in the business of such corporation or entity, (2) an obligation not to interfere with or otherwise knowingly cause harm to the Company Group's ongoing or prospective business relationship with a Company Group employee, consultant, or individual providing services as an independent contractor, or a supplier, distributor, vendor, customer, or other person or entity that does business with the Company Group or that the Company Group has a reasonable expectation of doing business with, and (3) an obligation to inform the Company Group of business opportunities that fall within the Company Group's line of business and not pursue them for personal gain separate from the Company Group without the Company's or applicable member of the Company Group's express written consent in advance, or otherwise participate in any conduct or relationship that creates a conflict of interest in violation of Company Group policies; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;&nbsp;&nbsp; Executive will not knowingly participate in or pursue activities that harm the value of the Company Group's Intellectual Property and will honor all agreements with the Company Group concerning the ownership and protection of Intellectual Property.

(b) <u>Non-competition</u>. Executive agrees that during the period of Executive's provision of the Services to the Company or other member of the Company Group and for the one (1) year period immediately following the termination of the Services for any reason or for no reason (the "<u>Restricted Period</u>"), Executive shall not directly or indirectly, serve in an executive or management level role with, or provide business, strategic, sales, financial, operational or technical advice or services, to any business that is a Competing Business. For purposes of this Section 5, "<u>Competing Business</u>" means a business (which shall include any sole proprietorship, partnership, limited partnership, limited liability partnership, limited liability company, corporation or other for-profit or not-for-profit business organization) engaged in the business of mining, milling, refining and selling silver (the "<u>Business</u>") in the Territory. Notwithstanding the foregoing, this Section 5(b) shall not apply to the performance of services for any enterprise to the extent such services are restricted solely to one or more distinct portions of the operations and businesses of such entity and such distinct portions are not engaged in the Business, and Executive does not have any discussions with, or participate in, the governance, strategy, development, management or operations of such business segments that engage in the Business.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Solicitation of Employees, Customers, Referral Sources, Vendors, Etc</u>. Executive agrees that during the Restricted Period, Executive shall not, directly or indirectly, jointly or individually, on Executive's own behalf or on behalf of or in assistance to any individual, person or entity:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp; (x) solicit, or attempt to solicit, any "Covered Employee" (as defined below) for employment or service with any entity other than those entities comprising the Company Group; or (y) recruit or facilitate the hire, or attempt to recruit or facilitate the hire, of any Covered Employee or otherwise induce or encourage any Covered Employee to terminate or sever his, her, or its employment or other relationship with the Company Group or any of its successors or assigns; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;&nbsp;&nbsp; (x) solicit business from any "Covered Person" (as defined below) in connection with, on behalf of or for the benefit of a Competing Business; or (y) otherwise induce or encourage any Covered Person to terminate, change, or reduce his, her, or its relationship with the Company Group or any of its successors or assigns for any reason.

Notwithstanding the foregoing, a general advertisement or solicitation for employment that is not targeted and that does not have the effect of being targeted to any Covered Employee or Covered Person shall not, by itself, be deemed to be a violation of the restrictions on solicitation contained in this Section 5(c). For purposes of this Section 5(c), "<u>Covered Employee</u>" shall mean any officer, director, employee, or agent who is employed by the Company Group or any of its successors or assigns or was so employed or engaged at any time during the twelve (12) months prior to the termination of Executive's Services and with whom Executive had contact or about whom Executive learned Confidential Information; <u>provided</u>, <u>however</u>, that any such individual who has ceased to be employed by or engaged with the Company Group for a period of at least six (6) months shall no longer be deemed a Covered Employee. "<u>Covered Person</u>" shall mean any: (i) customers of the Company Group or any of its successors or assigns with whom or which Executive had actual contact, or whose accounts Executive managed or worked on, or for whom or which Executive used or developed Confidential Information; and (ii) referral sources, vendors, suppliers, investors, equity or financing sources, or consultants of the Company Group or any of its successors or assigns.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Non-Disparagement</u>. Executive agrees that during the period of Executive's provision of the Services to the Company or other member of the Company Group, and any time thereafter, Executive will not make or issue, or procure any third-party to make or issue, any written or oral statement or press release to any third party (including, but not limited to, any current or former officer, director, manager, member, employee or other service provider of the Company Group) that is disparaging of, or defamatory, libelous or slanderous of the Company Group. The obligations of Executive under this Section 5(d) shall not apply to "Protected Conduct" (as defined below in Section 5(e)(vi)(B)).

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(e) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Confidentiality</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp; All books of account, records, systems, correspondence, documents, memoranda, manuals, email, electronic or magnetic recordings or data and any and all other data, or compilations of such data or information, in whatever form and any copies thereof, concerning or containing any reference to the works and business of the Company Group shall belong to the Company or applicable member of the Company Group and shall be given up to the Company or applicable member of the Company Group whenever the Company or applicable member of the Company Group requires Executive to do so, other than documents pertaining to Executive's individual compensation (such as pay stubs and benefit plan booklets). Subject to Section 5(e)(vi), Executive agrees that Executive shall not at any time during the term of Executive's provision of the Services to the Company or other member of the Company Group, or at any time thereafter, without the Board's prior written consent, disclose to any individual, person or entity any Confidential Information, nor will Executive use, store, transmit, upload, copy, or download any Confidential Information, except as necessary in the performance of the Services for the Company or other member of the Company Group.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;&nbsp;&nbsp; Executive hereby confirms that all Confidential Information constitutes the Company's or applicable member of the Company Group's exclusive property, and that all of the restrictions on Executive's activities contained in this Agreement and such other nondisclosure policies of the Company Group are required for the Company Group's reasonable protection. Confidential Information shall not include any information that is (A) publicly available or has otherwise been disclosed to the public not in violation of this Agreement, (B) already known by Executive without any obligation of confidentiality to any member of the Company Group or a third party, (C) independently developed by Executive without any reference to, or use of, Confidential Information, or (D) subsequently disclosed to Executive by a third party who is legally entitled to disclose Confidential Information and such disclosure does not violate any obligation of confidentiality to any member of the Company Group. This confidentiality provision shall survive the termination of this Agreement and shall not be limited by any other confidentiality agreements entered into with any member of the Company Group. Notwithstanding the foregoing, the restrictions provided for in this Section 5(e) shall not be construed to prohibit the use of general knowledge and experience customarily relied upon in Executive's trade or profession that is not specific to the particular business matters of the Company Group (such as its business transactions, customers, clients, or employees).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)&nbsp;&nbsp;&nbsp;&nbsp; Executive agrees, promptly upon the request of the Company or applicable member of the Company Group, and in any event promptly upon the termination of Executive's Services to the Company or other member of the Company Group, at the Company's or applicable member of the Company Group's request, to return to the Company or applicable member of the Company Group or, at the direction of the Company or applicable member of the Company Group, destroy, and certify as to such destruction, all of the Company's or applicable member of the Company Group's material and Confidential Information and Inventions (as defined below in Section 5(e)(iv)) (including, but not limited to, writings, correspondence, e-mails, notes, drafts, records, invoices, technical and business policies and computer programs, files and disks) and reproductions thereof in Executive's possession or control, including, without limitation, any copies of such material that may reside on any cloud account or offline storage device under Executive's control, any computer Executive owns or otherwise controls or on any computer server used to provide an e-mail mail box to which Executive has access pursuant to any Internet or electronic mail service to which Executive subscribes.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) Executive shall promptly upon request of the Company or another member of the Company Group disclose to the Company in writing any and all work product, artistic works, formulas, designs, methods, processes, computer software programs (whether in source code, object code or other form, and including all related documentation), algorithms, models, patterns, techniques, databases and data collections (including data residing therein), Confidential Information, and any and all Intellectual Property relating to the business of the Company Group which are created, authored, composed, invented, discovered, performed, perfected, or first reduced to practice by Executive (either solely or jointly with others) during Executive's provision of the Services to a member of the Company Group ("<u>Inventions</u>"). Executive's obligation relative to the disclosure to the Company or applicable member of the Company Group of such Inventions anticipated in this Section 5(e) shall continue beyond the termination of Executive's Services and Executive shall, at the Company's or applicable member of the Company Group's expense, give the Company or applicable member of the Company Group all assistance it reasonably requires to perfect, protect and use its right to the Inventions. "<u>Intellectual Property</u>" means, in any jurisdiction throughout the world, any and all (A) copyrightable works of authorship, (B) trademarks, service marks, logos and domain names, and all goodwill associated therewith, (C) trade secrets, (D) inventions (whether patentable or unpatentable and whether or not reduced to practice), all improvements thereto, and all patents, patent applications and patent disclosures, together with all provisionals, reissuances, continuations, continuations-in-part, divisions, revisions, extensions and reexaminations thereof, and (E) all rights in software, including all database rights.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v)&nbsp;&nbsp;&nbsp;&nbsp; Attached as <u>Exhibit A</u> is a list of any work product, artistic works, works of authorship, formulas, designs, methods, processes, computer software programs (whether in source code, object code or other form, and including all related documentation), algorithms, models, patterns, techniques, databases and data collections (including data residing therein), and any and all Intellectual Property that Executive has created, authored, composed, invented, discovered, performed, perfected, or first reduced to practice prior to the date of Executive's provision of the Services to any member of the Company Group and which relate to the business of the Company Group ("<u>Prior Inventions</u>") and which are not assigned to a member of the Company Group by this Agreement. If there is no such <u>Exhibit A</u> attached or if there is nothing listed on it, Executive represents that there are no such Prior Inventions. Executive agrees not to incorporate Prior Inventions into any product or system or other part of the Company Group's operations, and to the extent any such Prior Invention becomes so incorporated, Executive hereby grants to the Company a non-exclusive, fully paid-up, irrevocable, transferable, worldwide license to use and have used (including in manufacture, development, research, sale, offer for sale, importation, export and distribution of) such Prior Invention in any product or system or other aspect of the Company Group's operations into which such Prior Invention becomes incorporated during the time of Executive's provision of Services and for any and all improvements of such product, system or other operation.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) <u>Permitted Disclosures</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A.&nbsp;&nbsp;&nbsp;&nbsp; <u>DTSA Notice</u>: Pursuant to 18 U.S.C. § 1833(b), Executive shall not be held criminally or civilly liable under any Federal or State trade secret law for the disclosure of a trade secret of the Company Group that (1) is made (A) in confidence to a Federal, State, or local government official, either directly or indirectly, or to Executive's attorney and (B) solely for the purpose of reporting or investigating a suspected violation of law; or (2) is made in a complaint or other document that is filed under seal in a lawsuit or other proceeding. If Executive files a lawsuit for retaliation by a member of the Company or any Subsidiary or affiliate for reporting a suspected violation of law, Executive may disclose the trade secret to Executive's attorney and use the trade secret information in the court proceeding, provided Executive (y) files any document containing the trade secret under seal, and (z) does not disclose the trade secret, except pursuant to court order. Nothing in this Agreement is intended to conflict with 18 U.S.C. § 1833(b) or create liability for disclosures of trade secrets that are expressly allowed by such section.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B.&nbsp;&nbsp;&nbsp;&nbsp; <u>Protected Conduct</u>: Nothing in this Agreement (including Sections 5(d) or 5(e)) or any other agreement Executive may have with any member of the Company Group shall prohibit or restrict Executive from (1) voluntarily communicating with an attorney retained by Executive; (2) voluntarily communicating with any law enforcement, government agency, including the Securities and Exchange Commission ("<u>SEC</u>"), the Equal Employment Opportunity Commission, or any other state or local commission on human rights, or any self-regulatory organization regarding possible violations of law, in each case without advance notice to the Company or applicable Subsidiary or affiliate, or otherwise initiating, testifying, assisting, complying with a subpoena from, or participating in any manner with an investigation conducted by such government agency; (3) recovering a SEC whistleblower award as provided under Section 21F of the Securities Exchange Act of 1934; (4) disclosing any information (including confidential information) to a court or other administrative or legislative body in response to a subpoena, court order or written request (with advance notice to the Company or applicable member of the Company Group prior to any such disclosure to the extent legally permitted); (5) filing or disclosing any facts necessary to receive any public benefits to which Executive is entitled; or (6) disclosing the underlying facts or circumstances relating to claims of discrimination, in violation of laws prohibiting discrimination, against the Company or any member of the Company Group (collectively referred to as "<u>Protected Conduct</u>"). Further, nothing requires notice to or approval from the Company or applicable member of the Company Group before engaging in such Protected Conduct.

(f) &nbsp;&nbsp;&nbsp;&nbsp; <u>Enforcement</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp; Executive acknowledges that compliance with all provisions, covenants and agreements set forth in this Agreement, and the duration, terms and geographical area thereof, are reasonable and necessary to protect the legitimate business interests of the Company Group.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Executive acknowledges that a breach of Executive's obligations under this Section 5 may result in irreparable and continuing damage to the Company Group for which there is no adequate remedy at law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)&nbsp;&nbsp;&nbsp;&nbsp; Executive acknowledges that Executive's education, experience and/or abilities are such that the enforcement of the restrictive covenants in this Agreement will not prevent Executive from earning a living and will not cause any undue hardship upon Executive. Further, Executive acknowledges that the compensation and benefits Executive receives under this Agreement is mutually agreed upon consideration that is adequate and sufficient to make the covenants in Section 5 immediately binding and enforceable against them.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)&nbsp;&nbsp;&nbsp;&nbsp; In the event of the violation by Executive of any of the covenants contained in this Section 5 the terms of each such covenant so violated shall be automatically extended from the date on which Executive permanently ceases such violation for a period equal to the period in which Executive was in breach of the covenant or for a period of twelve (12) months from the date of the entry by a court of competent jurisdiction of an order or judgment enforcing such covenant(s), whichever period is later; <u>provided</u>, <u>however</u>, this extension of time shall be capped, except as to violations of Section 5(d) hereof, so that the extension of time does not exceed two (2) years from the date Executive's Services ended, and if this extension would make the restriction unenforceable under applicable law it will not be applied.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v)&nbsp;&nbsp;&nbsp;&nbsp; Each of the restrictive covenants contained in this Agreement is independent of any other contractual obligations of this Agreement or otherwise owed by Executive to the Company and/or any member of the Company Group. Further, should Executive be subject to an agreement with any member of the Company Group containing confidentiality, non-solicitation, and/or non-competition provisions, the restrictive covenants in this Agreement shall supplement (rather than supersede) the covenants in such other agreements ("<u>Other Covenants</u>"), and the Other Covenants shall remain in full force and effect. The existence of any claim or cause of action by Executive against the Company and/or any other member of the Company Group, whether based on this Agreement or otherwise, shall not create a defense to the enforcement by the Company and/or the applicable member of the Company Group of any restrictive covenant contained in this Agreement.

(g) <u>Remedies</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; It is intended that, in view of the nature of the Company Group's business, the restrictions contained in this Section 5 are considered reasonable and necessary to protect the Company Group's legitimate business interests and that any violation of these restrictions would result in irreparable injury to the Company Group. In the event of a material breach (a "<u>Covenant Breach</u>") or threatened Covenant Breach by Executive of any provision contained this Section 5, Executive agrees that the Company or other applicable member of the Company Group may (i) cease or withhold payment to Executive of any severance payments described in Section 4, for which Executive otherwise qualifies under such Section 4, and (ii) seek to obtain remedies in equity, including, without limitation, specific performance, injunctive relief, a temporary restraining order, and/or a permanent injunction in any court of competent jurisdiction in aid of arbitration, to prevent or otherwise restrain a breach of this Agreement, without the necessity of proving damages, posting a bond or other security. The existence of any claim or cause of action of Executive against the Company or any other member of the Company Group, whether predicated on this Agreement or otherwise, shall not constitute a defense to the enforcement by the Company or other applicable member of the Company Group of said covenants. Nothing contained herein shall be construed as prohibiting the Company or other applicable member of the Company Group from pursuing any other legal or equitable remedies available to it or them for any breach or threatened breach of these provisions, including, without limitation, recoupment and other remedies specified in the Agreement.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;&nbsp;&nbsp; In the event of a dispute regarding, arising out of, or in connection with the breach, enforcement or interpretation of this Agreement, including, without limitation, any action seeking injunctive relief, the prevailing party shall recover from the other party all reasonable attorneys' fees and costs incurred by such prevailing party in connection therewith.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)&nbsp;&nbsp;&nbsp;&nbsp; <u>Company Inventions</u>. Executive acknowledges and agrees that, as between Executive and the Company, all Works (as defined below) conceived, created, or reduced to practice by Executive, alone or jointly with others, during Executive's provision of the Services shall to the fullest extent permissible by law be solely and exclusively owned by the Company or other applicable member of the Company Group. For clarity, all Works that are protectable by copyright shall be deemed a "work made for hire" under the U.S. Copyright Act, as amended, and the law of any other country adhering to the "works made for hire" or similar notion or doctrine, and all right, title and interest there in will vest in the Company or other applicable member of the Company Group from the moment of creation or conception forward for all purposes without the need for any further action or agreement by Executive or the Company or other applicable member of the Company Group. If any such Works or portions thereof shall not be legally qualified as a work made for hire in the United States, or shall subsequently be held to not be a work made for hire by operation of law or do not already vest in the Company or other applicable member of the Company Group by virtue of its engagement of Executive as a consultant, Executive hereby, as of the date such Work was created, irrevocably assigns, transfers and conveys to the Company all of Executive's right, title and interest throughout the world, in and to such Works. In addition to the foregoing assignment of Works to Company, Executive hereby, as of the date such Work was created, irrevocably assigns, transfers and conveys to the Company any and all moral rights and rights of attribution that Executive may have in or with respect to such Works and forever waives and agrees never to assert any and all moral rights and rights of attributions Executive may have with respect to any Works, even after termination of Executive's Services. If Executive has any rights to any Works that cannot be assigned or waived, Executive hereby, as of the date such Work was created, grants to Company an irrevocable, perpetual, fully paid-up, royalty-free, exclusive, transferable, sublicensable, worldwide and unlimited license with respect to any such rights. Executive will not engage in any unauthorized publication or use of such Works, nor will Executive use same to compete with or otherwise cause damage to the business interests of the Company Group. "<u>Works</u>" means all Inventions and all Intellectual Property associated therewith that (A) are developed by Executive using equipment, supplies, facilities or trade secrets of a member of the Company Group, (B) result from work performed by Executive for a member of the Company Group, or (C) relate to the business of the Company Group or actual or demonstrably anticipated research and development of a member of the Company Group. Executive acknowledges and agrees that there may be future rights that the Company or a member of the Company Group may otherwise become entitled to with respect to the Works that do not yet exist, as well as new uses, media, means and forms of exploitation throughout the world exploiting current or future technology yet to be developed, and Executive specifically intends the assignment of rights to the Company set forth herein to include all such now known or unknown uses, media and forms of exploitation throughout the world.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.&nbsp;&nbsp;&nbsp;&nbsp; <u>COMPLIANCE WITH APPLICABLE LAW AND POLICIES</u>. Executive will comply with all Applicable Laws (as defined below) generally applicable to the Company or any of its Subsidiaries or affiliates and their respective employees, directors and officers. In addition, Executive shall perform all the Services in accordance with Applicable Laws and the Company's policies, procedures and rules as such are amended from time to time. "<u>Applicable Laws</u>" means collectively all federal, state and local laws, statutes, ordinances, codes, regulations, rules, requirements, guidelines, court rulings, orders or determinations of all governmental authorities applicable to the performance of Executive's Services.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>ASSIGNMENT</u>. This Agreement, and all of the terms and conditions hereof, shall bind the Company and its successors and assigns and shall bind Executive and Executive's heirs, executors, administrators and successors; <u>provided</u> that the services provided by Executive under this Agreement are of a personal nature, and rights and obligations of Executive under this Agreement shall not be assignable or delegable, except for any death payments otherwise due Executive, which shall be payable to the estate of Executive. The Company may assign the rights and obligations of the Company hereunder, in whole or in part, to any of the Company's Subsidiaries, affiliates or parent corporations; <u>provided</u> <u>that</u> such Subsidiary, affiliate or parent corporation directly or indirectly owns all or substantially all of the Company's consolidated assets, or to any other successor or assign in connection with the sale of all or substantially all of the Company's assets or stock or in connection with any merger, acquisition and/or reorganization, provided the assignee assumes the obligations of the Company hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.&nbsp;&nbsp;&nbsp;&nbsp; <u>GENERAL</u>.

(a) <u>Notices</u>. Any notices provided hereunder must be in writing and shall be deemed effective upon the earlier of one (1) business day following personal delivery, or the third (3rd) business day after mailing by first class mail to the recipient at the address indicated below:

To the Company:

Silver Opportunity Partners LLC

2209 Big Creek Drive

Kellogg, ID 83837

Attention: André van Niekerk

Chief Financial Officer

Telephone: 647 449-3521

Email: avanniekerk@silveropp.com

With a copy to:

Silver Opportunity Partners LLC

2209 Big Creek Drive

Kellogg, ID 83837

Attention: Michelle Shepston

General Counsel

Telephone: 303 250 6095

Email: mshepston@silveropp.com

To Executive:

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At the address shown in Section 6 of the Consulting Agreement or to such other address or to the attention of such other person as the recipient party will have specified by prior written notice to the sending party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Severability</u>. Any provision of this Agreement which is deemed by a court of competent jurisdiction to be invalid, illegal or unenforceable in any jurisdiction shall, as to that jurisdiction and subject to this paragraph be ineffective to the extent of such invalidity, illegality or unenforceability, without affecting in any way the remaining provisions hereof in such jurisdiction or rendering that or any other provisions of this Agreement invalid, illegal, or unenforceable in any other jurisdiction. If any covenant should be deemed invalid, illegal or unenforceable by a court of competent jurisdiction because its scope is considered excessive, such covenant shall be modified so that the scope of the covenant is reduced only to the minimum extent necessary to render the modified covenant valid, legal and enforceable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) &nbsp;&nbsp;&nbsp;&nbsp; <u>Entire Agreement</u>. This Agreement (including any Exhibits), together with the Consulting Agreement, constitutes the sole and entire agreement of the parties to this Agreement with respect to the subject matter contained herein and therein, and, effective as of the Effective Date, supersedes all prior and contemporaneous representations, warranties, understandings and agreements, both written and oral, with respect to such subject matter.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp; <u>Counterparts</u>. This Agreement may be executed in counterparts, and each counterpart, when so executed and delivered, shall be deemed to be an original and both counterparts, taken together, shall constitute one and the same Agreement. A faxed or .pdf-ed signature shall operate the same as an original signature.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>Amendment and Modification; Waiver</u>. This Agreement may only be amended, modified or supplemented by an agreement in writing signed by all of the parties hereto. The waiver by either party of the other party's prompt and complete performance, or breach or violation, of any provision of this Agreement shall not operate nor be construed as a waiver of any subsequent breach or violation, and the delay in exercising or failure by any party hereto to exercise any right or remedy which it may possess hereunder shall not operate nor be construed as a bar to the exercise of such right or remedy by such party upon the occurrence of any subsequent breach or violation. No waiver shall be deemed to have occurred unless set forth in a writing executed by or on behalf of the waiving party. No such written waiver shall be deemed a continuing waiver unless specifically stated therein, and each such waiver shall operate only as to the specific term or condition waived and shall not constitute a waiver of such term or condition for the future or as to any act other than that specifically waived.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) <u>Taxes</u>. Executive acknowledges and agrees that Executive shall be responsible for payment to the proper authorities of any and all applicable taxes, employment insurance premiums, Canada Pension Plan contributions and Workers' Compensation insurance premiums in respect of the remuneration paid hereunder. The Company shall not be liable to the Executive for any damages, liabilities, penalties, interest or costs caused to Executive for failure to make any required source deductions or payments that the Company would make in respect of payment or remuneration to employees. Executive agrees to indemnify and save harmless the Company from any and all damages, penalties, interest, costs and liabilities of any nature arising as a result of the Company not making any required source deductions pursuant to the Income Tax Act, the Employment Insurance Act, the Canada Pension Plan or any other applicable federal, provincial, state or local laws and regulations on payments to Executive.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)&nbsp;&nbsp;&nbsp;&nbsp; <u>Choice of Law</u>. This Agreement and all disputes or controversies arising out of or relating to this Agreement or the transactions contemplated hereby shall be governed by, and construed and interpreted in accordance with, the laws of the State of Idaho without giving effect to principles of conflicts of law of such state.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)&nbsp;&nbsp;&nbsp;&nbsp; <u>Survivorship</u>. The provisions of this Agreement necessary to carry out the intention of the parties as expressed herein shall survive the termination or expiration of this Agreement, including, without limitation, the provisions of Sections 4, 5 and 8 hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) <u>Captions</u>. The captions of this Agreement are for convenience and reference only and in no way define, describe, extend or limit the scope or intent of this Agreement or the intent of any provision hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) <u>Construction</u>. The parties acknowledge that this Agreement is the result of arm's-length negotiations between sophisticated parties, each afforded representation by legal counsel. Each and every provision of this Agreement shall be construed as though both parties participated equally in the drafting of the same, and any rule of construction that a document shall be construed against the drafting party shall not be applicable to this Agreement.

(k) <u>Arbitration</u>. Except as otherwise set forth in Section 4 of this Agreement, the Company and Executive mutually consent to the resolution by final and binding arbitration of any and all disputes, controversies or claims between them including, without limitation, (i) any dispute, controversy or claim related in any way to Executive's provision of the Services to the Company or any Subsidiary or affiliate or any termination thereof, (ii) any dispute, controversy or claim of alleged discrimination, harassment or retaliation (including, but not limited to, claims based on race, sex, sexual preference, religion, national origin, age, marital or family status, medical condition, handicap or disability) and (iii) any claim arising out of or relating to this Agreement or the breach thereof (collectively, "<u>Disputes</u>"); <u>provided</u>, <u>however</u>, that nothing herein shall require arbitration of any claim or charge which, by law, cannot be the subject of a compulsory arbitration agreement; <u>provided</u>, <u>further</u>, that notwithstanding anything to the contrary herein, Executive may, but is not required to, arbitrate claims for sexual harassment or assault to the extent applicable law renders a pre-dispute arbitration agreement covering such claims invalid or unenforceable. All Disputes shall be resolved exclusively by arbitration administered by the American Arbitration Association ("<u>AAA</u>") under the Commercial Arbitration Rules then in effect (the "<u>AAA Rules</u>").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Any arbitration proceeding brought under this Agreement shall be conducted in Boise, Idaho before one arbitrator selected in accordance with the AAA Rules. The Company will pay for any administrative, hearing fees and/or filing fees charged by the arbitrator or AAA. Each party to any Dispute shall pay its own expenses, including attorneys' fees; <u>provided</u> that, the arbitrator shall award the prevailing party reasonable costs and attorneys' fees incurred but shall not be able to award any special or punitive damages. The arbitrator shall issue a decision or award in writing, stating the essential findings of fact and conclusions of law.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;&nbsp;&nbsp; Any judgment on or enforcement of any award, including an award providing for interim or permanent injunctive relief, rendered by the arbitrator may be entered, enforced or appealed from in any court of competent jurisdiction. Any arbitration proceedings, decision or award rendered hereunder, and the validity, effect and interpretation of this arbitration provision, shall be governed by the Federal Arbitration Act, 9 U.S.C. §1 et seq.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)&nbsp;&nbsp;&nbsp;&nbsp; It is part of the essence of this Agreement that any Disputes hereunder shall be resolved expeditiously and as confidentially as possible. Accordingly, the Company and Executive agree that all proceedings in any arbitration shall be conducted under seal and kept strictly confidential. In that regard, no party shall use, disclose or permit the disclosure of any information, evidence or documents produced by any other party in the arbitration proceedings or about the existence, contents or results of the proceedings except as may be required by any legal process, as required in an action in aid of arbitration or for enforcement of or appeal from an arbitral award or as may be permitted by the arbitrator for the preparation and conduct of the arbitration proceedings. Before making any disclosure permitted by the preceding sentence, the party intending to make such disclosure shall give the other party reasonable written notice of the intended disclosure and afford such other party a reasonable opportunity to protect its interests.

(l) <u>Clawback</u>. Notwithstanding anything herein to the contrary, any performance-based incentive compensation amounts paid or payable to Executive (or the Consultant) shall be subject to forfeiture, reduction, and/or recoupment (i) to the extent provided in the Company's Clawback and Forfeiture Policy, as it may be amended from time to time; (ii) to the extent that Executive becomes subject to any other recoupment or clawback policy hereafter adopted by the Company, including any such policy adopted by the Company to comply with the requirements of any applicable laws, rules, regulations, or stock exchange listing requirements, including pursuant to final SEC rules under the Dodd-Frank Wall Street Reform and Consumer Protection Act; or (iii) to the extent provided under applicable legal requirements which impose recoupment, under circumstances set forth in such applicable legal requirements, including the Sarbanes-Oxley Act of 2002.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.&nbsp;&nbsp;&nbsp;&nbsp; <u>EXECUTIVE REPRESENTATION AND ACCEPTANCE</u>. By signing this Agreement, Executive hereby represents that Executive is not restricted by any agreement or arrangement from entering into this Agreement and performing the Services.

[Remainder of page is left blank intentionally]

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IN WITNESS WHEREOF AND INTENDING TO BE LEGALLY BOUND THEREBY, the parties hereto have executed and delivered this Agreement effective as of the year and date first above written.

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| | |
|:---|:---|
| **SUNSHINE SILVER MINING & REFINING COMPANY** | **SUNSHINE SILVER MINING & REFINING COMPANY** |
| By:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>| /s/ André van Niekerk |
| Name: André van Niekerk | Name: André van Niekerk |
| Title: Chief Financial Officer | Title: Chief Financial Officer |
| **EXECUTIVE** | **EXECUTIVE** |
|  | /s/ Heather White<br>|
| Heather White | Heather White |

---

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#### EXHIBIT A

#### PRIOR INVENTIONS
Please **INITIAL ONE** of the following:

<u>___</u> I represent and agree that I have no Prior Inventions.

___ I have Prior Inventions (as defined in Section 5(e)(v) of the Agreement) to report, described in full below under "List of Prior Inventions". If my list and description of Prior Inventions requires additional space than provided below, I agree to send any such additional information via email to the Company as set forth in Section 8(a) of the Agreement within five (5) business days of executing this Agreement.

*If you do not initial one of the blanks above, you represent and the Company will assume you do not have any Prior Inventions that may relate to the Company's business or actual or demonstrably anticipated research or development*.

#### LIST OF PRIOR INVENTIONS

<u>Title</u> <u>Date</u> <u>Identifying Number</u> <u>or Brief Description</u>

Signature of Executive:  

Print Name of Executive:  

Date:<br>

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## Exhibit 10.13

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**Exhibit 10.13**<br>

EXECUTION VERSION

#### AMENDED AND RESTATED CONSULTING SERVICES AGREEMENT
This Amended and Restated Consulting Services Agreement (this "Agreement") is made and entered into as of May 10, 2026 (the "Effective Date") between Sunshine Silver Mining & Refining Company, a Delaware corporation (the "<u>Company</u>"), and 1520955 B.C. LTD., a British Columbia corporation (the "<u>Consultant</u>") and amends and restates the Consulting Services Agreement dated effective March 17, 2025, as amended by Amendment No. 1 to Consulting Services Agreement dated February 1, 2026. Reference is made to that certain Executive Agreement entered into by and between Pieter A. van Niekerk (the "<u>Principal</u>") and the Company dated of even date herewith (the "<u>Executive Agreement</u>").

#### WHEREAS:
A.&nbsp;&nbsp;&nbsp;&nbsp; The Consultant, through the Principal, has extensive experience in financial strategy and operations, corporate finance and capital markets in the natural resources sector.

B.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Company desires to engage the Consultant to provide the services of the Principal as Chief Financial Officer of the Company, and the Consultant desires to make the Principal available to provide such services, in each case on the terms and conditions set forth herein.

**NOW THEREFORE THIS AGREEMENT WITNESSES** that in consideration of the foregoing recitals and of the mutual promises, covenants and agreements hereinafter set forth, the Company and the Consultant hereby promise, covenant and agree as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. **Independent Consultant** 

1.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Company engages the Consultant to provide, and the Consultant shall provide, the services set forth in this Agreement. During the term of this Agreement, the Consultant shall cause the Principal to serve as Chief Financial Officer of the Company (the "<u>Consultant Services</u>") and to perform such duties and responsibilities as set forth in Section 1 of the Executive Agreement (the "<u>Principal Services</u>").

1.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Consultant acknowledges and agrees that the Consultant shall be responsible for payment to the proper authorities of any and all applicable taxes, employment insurance premiums, Canada Pension Plan contributions and Workers' Compensation insurance premiums in respect of the remuneration paid hereunder.

1.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Company shall not be liable to the Consultant for any damages, liabilities, penalties, interest or costs caused to the Consultant for failure to make any required source deductions or payments that the Company would make in respect of payment or remuneration to employees. The Consultant agrees to indemnify and save harmless the Company from any and all damages, penalties, interest, costs and liabilities of any nature arising as a result of the Company not making any required source deductions pursuant to the Income Tax Act, the Employment Insurance Act, the Canada Pension Plan or any other applicable federal, provincial, state or local laws and regulations on payments to the Consultant. The Company may at any time set off any amounts owing to it by the Consultant against any and all amounts payable by the Company to the Consultant including, but not limited to, amounts payable under this Agreement.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. **Term of Contract and Termination** 

2.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The provision of the Consultant Services by the Consultant to the Company pursuant to the terms of this Agreement shall commence on the Effective Date and shall automatically terminate, without any further action required by either party, upon the termination (for any or no reason) of the Principal's engagement with the Company pursuant to the Executive Agreement. The terms and conditions of any termination of this Agreement and any benefits or obligations related thereto shall be governed by the terms of the Executive Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. **Performance** 

3.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Consultant shall make the Principal, and only the Principal, available to perform the Principal Services. The Consultant shall not substitute any other person to perform the Principal Services.

3.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; At the Company's request, the Consultant will complete and provide the Company with U.S. IRS form W-8BEN-E.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. **Remuneration, Expenses and Other Payment** 

4.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Company shall pay to the Consultant, in full payment and reimbursement for providing the Consulting Services (and for the Principal performing the Principal Services) and for expenses incurred in connection therewith, the amounts in the manner and at the times set out in <u>Schedule A</u>, and the Consultant shall accept the same as full payment and reimbursement. Notwithstanding any provision in this Agreement to the contrary, in no event shall any payment under this Agreement result in a duplication of payments with respect to any amounts payable to the Principal under the Executive Agreement. For purposes of this provision, a duplication shall be deemed to occur regardless of whether the relevant payment or benefit under the Executive Agreement is payable to the Principal in his individual capacity or to the Consultant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. **Records** 

5.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Where this Agreement provides for reimbursement of expenses incurred by the Consultant, the Consultant shall (a) establish and maintain books of account of any such expense incurred; and (b) maintain invoices, receipts and vouchers for any such expenses, and the Company will have free access at all reasonable times to such records, books of account, invoices, receipts and vouchers for the purposes of copying and/or auditing the same.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. **Notices** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.1 Any notices provided hereunder must be in writing and shall be deemed effective upon the earlier of one (1) business day following personal delivery, or the third (3rd) business
 day after mailing by first class mail to the recipient at the address indicated below:

------

To the Company:

2209 Big Creek Drive

Kellogg, ID 83837

Attention: Heather White

Chief Executive Officer

With a copy to:

2209 Big Creek Drive

Kellogg, ID 83837

Attention: Michelle Shepston

General Counsel

To Consultant:

1520955 B.C. LTD.

1133 Homer Street PH 4

Vancouver BC, V6B 0B1 Canada

Attention: André van Niekerk

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. **Sub-contracting and Assignment** 

7.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Consultant shall not assign this Agreement or any right of the Consultant under this Agreement, or sub-contract the provision of the Consulting Services or any obligation of the Consultant under this Agreement, without the prior written consent of the Company.

7.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; No sub-contract entered into by the Consultant will relieve the Consultant from any of its obligations pursuant to this Agreement or impose any obligation or liability upon the Company to any such sub-Consultant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. **General** 

8.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; In this Agreement, unless context otherwise requires, words importing the singular include the plural and vice versa, and words importing gender include all genders,

8.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; This Agreement shall be binding on the Consultant's successors, assigns, heirs, executors, administrators and legal representatives and shall inure to the benefit of any successors and assigns of the Company. The Company may assign the rights and obligations of the Company hereunder, in whole or in part, to any of the Company's subsidiaries, affiliates or parent corporations; provided <u>that</u> such subsidiary, affiliate or parent corporation directly or indirectly owns all or substantially all of the Company's consolidated assets, or to any other successor or assign in connection with the sale of all or substantially all of the Company's assets or stock or in connection with any merger, acquisition and/or reorganization, provided the assignee assumes the obligations of the Company hereunder.

------

8.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; This Agreement may only be amended, modified or supplemented by an agreement in writing signed by all of the parties hereto. No consent or waiver, express or implied, by any party to or of any breach or default by the other party in the performance by the other of its obligations hereunder shall be deemed or construed to be a consent or waiver to or of any other breach or default of the same or any other obligation of such party. Failure on the part of any party to complain of any act or failure to act of the other of them, or to declare the other party in default irrespective of how long such failure continues, shall not constitute a waiver by such party of its rights hereunder or of the right to then or subsequently declare a default. No waiver shall be deemed to have occurred unless set forth in a writing executed by or on behalf of the waiving party. No such written waiver shall be deemed a continuing waiver unless specifically stated therein, and each such waiver shall operate only as to the specific term or condition waived and shall not constitute a waiver of such term or condition for the future or as to any act other than that specifically waived.

8.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; This Agreement (including any Exhibits), together with the Executive Agreement, constitutes the sole and entire agreement of the parties to this Agreement with respect to the subject matter contained herein and therein, and, effective as of the Effective Date, supersedes all prior and contemporaneous representations, warranties, understandings and agreements, both written and oral, with respect to such subject matter. Each of the parties hereto hereby releases and forever discharges the other of and from all manner of actions, causes of action, claims and demands whatsoever under or in respect of any such agreement.

8.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; If any provision of this Agreement is determined to be void or unenforceable, in whole or in part, it shall not be deemed to affect or impair the enforceability or validity of any other provision of this Agreement or of any Schedule or any part thereof, and any such covenant or agreement may be severed from this Agreement without affecting the remainder of the Agreement.

8.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; This Agreement and all disputes or controversies arising out of or relating to this Agreement or the transactions contemplated hereby shall be governed by, and construed and interpreted in accordance with, the laws of the State of Idaho without giving effect to principles of conflicts of law of such state.

8.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Except as otherwise set forth in the Executive Agreement, the Company and the Consultant mutually consent to the resolution by final and binding arbitration of any and all disputes, controversies or claims between them including, without limitation, (i) any dispute, controversy or claim related in any way to the Consultant's provision of the Consulting Services to the Company or any subsidiary or affiliate or any termination thereof, (ii) any dispute, controversy or claim of alleged discrimination, harassment or retaliation (including, but not limited to, claims based on race, sex, sexual preference, religion, national origin, age, marital or family status, medical condition, handicap or disability) and (iii) any claim arising out of or relating to this Agreement or the breach thereof (collectively, "<u>Disputes</u>"); provided, however, that nothing herein shall require arbitration of any claim or charge which, by law, cannot be the subject of a compulsory arbitration agreement; provided, further, that notwithstanding anything to the contrary herein, the Consultant may, but is not required to, arbitrate claims for sexual harassment or assault to the extent applicable law renders a pre-dispute arbitration agreement covering such claims invalid or unenforceable. All Disputes shall be resolved exclusively by arbitration administered by the American Arbitration Association ("<u>AAA</u>") under the Commercial Arbitration Rules then in effect (the "<u>AAA Rules</u>").

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Any arbitration proceeding brought under this Agreement shall be conducted in Boise, Idaho before one arbitrator selected in accordance with the AAA Rules. The Company will pay for any administrative, hearing fees and/or filing fees charged by the arbitrator or AAA. Each party to any Dispute shall pay its own expenses, including attorneys' fees; provided that, the arbitrator shall award the prevailing party reasonable costs and attorneys' fees incurred but shall not be able to award any special or punitive damages. The arbitrator shall issue a decision or award in writing, stating the essential findings of fact and conclusions of law.

8.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Any notice relating to this Agreement or required or permitted to be given in accordance with this Agreement shall be in writing and shall be personally delivered or mailed by registered mail, postage prepaid to the parties at their respective addresses set out on the first page of this Agreement, or delivered by e-mail to the e-mail address of the party on file in the other party's records.

8.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Consultant shall, upon the reasonable request of the Company, make, do, execute or cause to be made, done or executed all such further and other lawful acts, deeds, things, documents and assurances of whatsoever nature and kind for the better or more perfect or absolute performance of the terms, conditions and intent of this Agreement.

8.10&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Consultant understands and agrees that, without prejudice to whatever rights and other remedies the Company may have, the Company may enforce its rights under this Agreement by way of injunction, and may obtain an injunction, including an interim injunction to restrain any breach or anticipated breach of any of the provisions of this Agreement.

8.11&nbsp;&nbsp;&nbsp;&nbsp; The Company and the Consultant acknowledge and declare that in executing this Agreement they are each relying wholly on their own judgment and knowledge and have not been influenced to any extent whatsoever by any representations or statements made by or on behalf of the other party regarding any matters dealt with herein or incidental hereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.12 Sections 1, 2, 6 and 8 shall survive the termination of this Agreement.

8.13&nbsp;&nbsp;&nbsp;&nbsp; This Agreement may be executed by the parties hereto in counterparts, each of which shall be considered an original for all purposes.

[Signature page follows.]

------

**IN WITNESS WHEREOF** this Agreement has been executed by the parties hereto as of the day and year first above written.

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| | |
|:---|:---|
| **1520955 B.C. LTD.** | **1520955 B.C. LTD.** |
| By: | /s/ Pieter A. van Niekerk <br>|
|  | Name: Pieter A. van Niekerk |
|  | Title: President |
| **SUNSHINE SILVER MINING & REFINING COMPANY** | **SUNSHINE SILVER MINING & REFINING COMPANY** |
| By: | /s/ Heather White <br>|
|  | Name: Heather White |
|  | Title: Chief Executive Officer |

---

[*Signature page to Consulting Agreement – Sunshine Silver Mining & Refining Company and AVN Consulting Entity*]

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#### SCHEDULE A

#### REMUNERATION, EXPENSES AND OTHER PAYMENT

#### Base Fee
The Company shall pay the Consultant an annual fee of $425,000 (the "<u>Base Fee</u>"), which shall be paid in monthly installments and pro-rated for any partial months of service.

#### Annual Bonus
For each calendar year during the term of this Agreement, the Consultant shall be eligible for a performance-based cash bonus (the "<u>Annual Bonus Fee</u>"), with a target of 75% of the Base Fee (the "<u>Target Bonus Fee</u>") and calculated by the Company in its sole and absolute discretion considering the performance of the Company and the Principal according to criteria established by the Company. For the 2026 calendar year, the Annual Bonus Fee shall be calculated with reference to the total base fee paid to Executive during the year. The Annual Bonus Fee will be payable in the form of a lump sum cash payment no later than March 15th of the calendar year that immediately follows the calendar year to which the bonus relates (such payment date being, the "<u>Bonus Payment Date</u>"). In order for the Consultant to be eligible to receive any Annual Bonus, and except as otherwise provided in the Executive Agreement, the Principal must remain continuously engaged under the Executive Agreement through December 31st of the calendar year in which Annual Bonus relates and not experience a termination of engagement by the Company for Cause (as defined in the Executive Agreement) prior to the Bonus Payment Date.

#### Annual Equity Incentive Awards
At least annually during the term of this Agreement, beginning in 2027 and beyond, the Board of Directors of the Company (the "<u>Board</u>") (or the applicable committee thereof) shall consider the Consultant for a grant of equity incentive awards at a level commensurate with the Consultant's Services under this Agreement and the Executive Agreement (as determined by the Board (or the applicable committee thereof)) (such annual equity incentive awards, together with any other grant of equity incentive award made to the Consultant, the "<u>Equity Awards</u>").

#### Additional Fees
The Company shall pay the Consultant an additional fee of US$4,646 per month (the "<u>Additional Monthly Fees</u>" and together with the Base Fee and the Annual Bonus Fee, the "<u>Fees</u>"), which shall be pro rated for any partial months.

#### Reimbursement of Expenses.
The Company shall reimburse the Consultant for any reasonable expenses reasonably and necessarily incurred by the Consultant in furtherance of Services hereunder, including travel, meals and accommodations, upon submission by the Consultant of vouchers or receipts and in compliance with such rules and policies relating thereto as the Company may from time to time adopt.

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#### Other
Notwithstanding anything set forth herein, to the extent required to comply with applicable law or otherwise agreed upon between the Company and the Consultant, the Company may pay the Base Fee, Annual Bonus Fee, Additional Monthly Fees or any other payment directly to the Principal. In addition, the Company may, in its sole discretion, grant any Equity Awards directly to the Principal. Any such payment paid (or Equity Award granted) to the Principal shall be deemed a payment or grant (as applicable) to the Consultant for purposes of this Agreement and Schedule A.

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## Exhibit 10.14

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**Exhibit 10.14**<br>

EXECUTION VERSION

#### SUNSHINE SILVER MINING & REFINING COMPANY<br> EXECUTIVE AGREEMENT
**THIS EXECUTIVE AGREEMENT** (this "<u>Agreement</u>") is made and entered into as of May 10, 2026 (the "<u>Effective Date</u>"), by and between Sunshine Silver Mining & Refining Company, a Delaware corporation (the "<u>Company</u>"), and Pieter A. van Niekerk ("<u>Executive</u>"). All capitalized terms used but not defined in this Agreement shall have the meaning attributed to them in the Consulting Agreement (as defined below).

**WHEREAS**, Executive, through 1520955 B.C. LTD. (the "<u>Consultant</u>"), a British Columbia corporation wholly-owned by Executive, has entered into that certain Amended and Restated Consulting Services Agreement with the Company dated of even date herewith (the "<u>Consulting Agreement</u>"), pursuant to which the Consultant shall cause Executive to provide the Principal Services; and

**WHEREAS**, Executive agrees to provide the Principal Services pursuant to the terms of the Consulting Agreement and this Agreement effective as of the Effective Date.

**NOW, THEREFORE**, in consideration of the mutual promises, covenants and agreements herein contained, together with other good and valuable consideration the receipt of which is hereby acknowledged, the parties hereto do hereby agree as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>SERVICES AND DUTIES</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp; <u>Position and Reporting; Location</u>. Subject to Section 2 hereof, Executive shall, pursuant to the terms of the Consulting Agreement and this Agreement, continue to provide the Principal Services and shall report directly to the Company's Chief Executive Officer (the "<u>CEO</u>"). Executive shall primarily provide the Services (as defined below) from Executive's residence, although Executive understands and agrees that Executive may be required to travel from time to time to the Company's offices in Kellogg, Idaho and otherwise for business reasons.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Duties and Responsibilities</u>. During the term of Executive's Services to the Company under the Consulting Agreement and this Agreement (the "<u>Services</u>"), Executive shall have such duties, responsibilities and authority as are normally associated with Executive's position, together with such additional duties, commensurate with Executive's position, as may be assigned to Executive from time to time by the CEO. Executive shall perform the Services faithfully and to the best of Executive's ability, and in compliance with all of the Company's policies, as such policies may be amended from time to time in the sole discretion of the Company. Executive shall devote all of Executive's business time and best efforts to the performance of Executive's Services for the Company and shall not engage in any other business, profession or occupation for compensation that is undisclosed to the Company or conflicts with Executive's duties under this Agreement. Notwithstanding the foregoing, nothing herein shall prohibit Executive from (i) participating in trade associations or industry organizations which are related to the business of the Company or engaging in activities for charitable, civic or political organizations (including serving as a member of the board of such organization), (ii) engaging in personal investment activities for Executive and Executive's family that do not give rise to any conflicts of interest with the Company or its "Subsidiaries" (as defined below) or affiliates, or (iii) subject to the prior approval of the Board, which shall not be unreasonably withheld, serving as a member of the board of directors of any for-profit entity that does not give rise to any conflict of interests with the Company or its Subsidiaries or affiliates, in each case, so long as the activities in (i), (ii), and (iii) above do not interfere, individually or in the aggregate, with the performance of Executive's Services hereunder and do not materially breach Section 5 hereof.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.&nbsp;&nbsp;&nbsp;&nbsp; <u>TERM</u>. Executive's Services to the Company under the terms and conditions of the Consulting Agreement and this Agreement shall commence on the Effective Date and shall continue until terminated in accordance with the terms and conditions of Section 4 of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.&nbsp;&nbsp;&nbsp;&nbsp; <u>COMPENSATION</u>. During the term of this Agreement, Executive, through 1520955 B.C. LTD., shall be entitled to the compensation set forth in the Consulting Agreement and shall not receive any other compensation under this Agreement, except as set forth in Section 4.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.&nbsp;&nbsp;&nbsp;&nbsp; <u>TERMINATION</u>. Executive's Services to the Company will terminate at the earliest to occur of the following: (i) the date on which the Company provides notice to Executive of termination for "Disability" (as defined below); (ii) the date of Executive's death; (iii) if the Services are terminated by the Company for "Cause" (as defined below) or by Executive with "Good Reason" (each as defined below), the date any applicable cure period expires without the event being cured and, if there is no applicable cure period, the date on which the Company or Executive, as applicable, provides notice to the other party of such termination; (iv) the date which is thirty (30) days following the date on which the Company provides notice to Executive of termination without Cause (or such shorter period as the Company may determine in its sole discretion, subject to applicable law); or (v) the date which is thirty (30) days following the date on which Executive provides notice to the Company of Executive's termination of the Services without Good Reason. If the Company or Executive gives notice to terminate the Services, the Company may in the notice period, in its absolute discretion and subject to the Company continuing to pay or provide, as applicable, all Fees under the Consulting Agreement, require Executive (i) to perform only such Services as it may request of Executive; (ii) to refrain from having any contact with suppliers or employees of the Company; and (iii) to refrain from attending any premises of the Company. Executive agrees that during the notice period the Company may appoint another person to perform Executive's responsibilities jointly and require Executive to provide such transitional services as may be reasonably required and that such action shall not constitute grounds for Executive to resign for Good Reason.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>For Cause Termination or Voluntary Resignation by Executive Without Good Reason</u>. If the Services are terminated by the Company for Cause or if Executive terminates the Services without Good Reason, neither the Consultant nor Executive shall be entitled to any further compensation or benefits other than, in each case if applicable as of the date of termination: (i) any accrued but unpaid Base Fee (payable as provided in Schedule A to the Consulting Agreement); (ii) reimbursement for any business expenses properly incurred by the Consultant and/or Executive prior to the date of termination of the Services in accordance with Schedule A to the Consulting Agreement; (iii) any accrued Additional Fee to which the Consultant may be entitled under Schedule A to the Consulting Agreement; and (iv) with respect to termination of the Services without Good Reason, an amount in cash equal to any earned Annual Bonus Fee payable to the Consultant in respect of any previously completed calendar year in accordance with Exhibit B to the Consulting Agreement but unpaid as of the date of termination, payable on the same date on which annual bonuses are paid to similarly situated executives of the Company generally in respect of such year (collectively, the "<u>Accrued Fees</u>"). For the avoidance of doubt, any Equity Awards shall be treated as provided in the applicable Equity Plan and award agreement governing such awards.

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(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Termination by the Company without Cause or by Executive for Good Reason and not in Connection with a Change of Control; or Disability</u>. In the event that the Services are terminated by the Company without Cause or Executive terminates the Services for Good Reason, in each case, at any time other than during the CIC Protective Period (as defined below) or as a result of Executive's Disability, then Executive will be entitled to receive the Accrued Benefits, and if (x) Executive timely executes a release of claims in a form provided by the Company (the "<u>Release</u>"), and the applicable revocation period with respect to the Release expires following the date of termination and (y) Executive (individually and through the Consultant) does not breach the restrictive covenants set forth in Section 5 hereof, then Executive will receive the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; a lump sum cash payment equal to (x) the Non-CIC Severance Multiple (as defined below) multiplied by (y) the sum of (A) Base Fee and (B) Target Bonus Fee, in each case, as then in effect on the date of Executive's separation from service, which shall be paid within ten (10) business days following the date the Release becomes effective and irrevocable;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; a lump sum cash payment equal to twelve (12) months of Additional Monthly Fees, which shall be paid within ten (10) business days following the date the Release becomes effective and irrevocable; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)&nbsp;&nbsp;&nbsp;&nbsp; the following treatment with respect to any then-outstanding and unvested Equity Awards held by Executive: (A) vesting of any time-based Equity Awards (or portions thereof) that is scheduled to vest during the twelve (12)-month period immediately following Executive's Service termination date and (B) any performance-based Equity Awards shall be treated in accordance with the applicable award agreement governing such awards.

(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Termination by the Company without Cause or by Executive for Good Reason in Connection with a Change of Control</u>. If, during the six (6)-month period immediately prior to (or otherwise in connection with or in anticipation of a Change of Control (as defined below)), on or during the twenty-four (24)-month period immediately following, a Change of Control (such period, the "<u>CIC Protective Period</u>"), then Executive will be entitled to receive the Accrued Benefits, and if (x) Executive timely executes the Release and (y) Executive (individually and through the Consultant) does not breach the restrictive covenants set forth in Section 5 hereof, then Executive will receive the following severance benefits from the Company in lieu of the benefits described in Section 4(b) above:

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; a lump sum cash payment equal to (x) the CIC Severance Multiple (as defined below) multiplied by (y) the sum of (A) Base Fee and (B) Target Bonus Fee, in each case, as then in effect on the date of Executive's separation from service, which shall be paid within ten (10) business days following the date the Release becomes effective and irrevocable;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; a pro-rated Target Bonus Fee for the year in which Executive terminates Executive's Services (with the pro-ration determined based on the number of days of Executive's Services to the Company during the year of termination) (the "<u>Pro-Rated Target Bonus Fee</u>"), payable within ten (10) business days following the date the Release becomes effective and irrevocable;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)&nbsp;&nbsp;&nbsp;&nbsp; a lump sum cash payment equal to eighteen (18) months of Additional Monthly Fees, which shall be paid within ten (10) business days following the date the Release becomes effective and irrevocable; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)&nbsp;&nbsp;&nbsp;&nbsp; the following treatment with respect to any then-outstanding and unvested Equity Awards held by Executive: (A) all unvested time-based Equity Awards held by Executive will immediately vest and (B) any performance-based Equity Awards shall be treated in accordance with the applicable award agreement governing such awards.

(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Termination due to Death</u>. In the event that the Services are terminated by the Company as a result of Executive's Death, then Executive will be entitled to receive the Accrued Benefits and the Pro-Rated Target Bonus Fee (payable within thirty (30) days of Executive's death).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>Definitions</u>. For purposes of this Agreement:

"<u>Cause</u>" shall mean and be limited to the following (in each case, other than due to death or Disability): (i) Executive materially breaches this Agreement or any other material agreement between Executive and the Company or any of its affiliates or a material breach of any confidentiality, non-solicitation, non-competition, non-disparagement or other restrictive covenant by which Executive is bound; (ii) Executive commits an act or omission constituting gross negligence, willful misconduct, dishonesty, embezzlement or fraud in the performance of the Services for the Company or other materially dishonest or unlawful conduct that would be reasonably expected to impair or injure the reputation of the Company or any of its affiliates; (iii) Executive's conviction of, or entry by Executive of a plea of guilty or no contest to, any felony, or crime involving fraud, dishonesty, or moral turpitude, or crime relating to the Company Group (as defined below); (iv) Executive has materially violated the Company's written policies or codes of conduct, rules or regulations, including policies related to workplace violence and abusive conduct, discrimination, harassment (sexual or otherwise), retaliation and the performance of illegal or unethical activities; or (v) Executive's use or abuse of any substance has materially adversely affected Executive's performance of the Services or the Company's business or reputation.

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"<u>Change of Control</u>" means consummation of (i) any merger or consolidation of the Company with or into any other corporation or other entity or person, or any other corporate reorganization, in which the stockholders of the Company immediately prior to such consolidation, merger or reorganization, own less than a majority of the aggregate voting power represented by the issued and outstanding voting securities in the surviving entity immediately after such consolidation, merger or reorganization; (ii) any transaction or series of related transactions in which a person or group of persons acting together which would constitute a "group" for purposes of Section 13(d) of the United States Securities Exchange Act of 1934, as amended, or any successor provisions thereto acquires greater than a majority of the aggregate ordinary voting power represented by the issued and outstanding voting securities of the Company; or (iii) a sale or other disposition of all or substantially all of the assets of the Company; provided that in no event will a Change of Control include any of the following transactions: (A) any consolidation, merger or similar transaction effected exclusively to change the domicile of the Company; (B) any transaction or series of transactions in which voting securities of the Company are issued principally for bona fide financing purposes or any indebtedness or equity securities of the Company are canceled or converted or a combination thereof, including, without limitation, an initial public offering or other offering of the Company's capital stock; (C) any acquisition of such voting power by an individual or entity that, directly or indirectly, Controls, is Controlled by, or is under Common Control with, the Company; or (D) any transaction where a majority of the aggregate voting power represented by the issued and outstanding voting securities of the Company, the surviving parent entity or the entity to which all or substantially all of the Company's assets are transferred in the transaction or series of transactions is Controlled directly or indirectly by one or more Kaplan Parties. The transfer of equity interests or assets of the Company in connection with a bankruptcy filing by or against the Company under Title 11 of the United States Code will not be considered to be a "Change of Control" for purposes of this Agreement.

"<u>CIC Severance Multiple</u>" means 2.0.

"<u>Confidential Information</u>" means any information or data, in whatever form (tangible or intangible), related to the Company's or its affiliates' or Subsidiaries' business that Executive acquires or gains access to in the course of Executive's provision of the Services to the Company that the Company or applicable affiliate or Subsidiary has not authorized public disclosure of, and that is not readily available to the public or persons outside the Company through proper means. By way of example and not limitation, Confidential Information is understood to include: (i) geological, geophysical, geochemical, metallurgical, environmental, and hydrogeological data, including drill results, assays, sampling data, core logs, maps, models, interpretations, and technical reports (whether preliminary or final); (ii) information relating to mineral properties, exploration targets, mineral resources or reserves, mine planning, development strategies, production processes, and operational methods; (iii) business, financial, and commercial information, including budgets, forecasts, financing plans, capital structure, valuations, acquisition or divestiture opportunities, joint venture terms, royalty arrangements, and marketing strategies; (iv) information relating to permitting, regulatory filings, environmental compliance, land tenure, surface or mineral rights, Indigenous or community relations, and negotiations with governments or regulatory authorities; (v) information relating to the Company's affiliates, officers, directors, employees, consultants, and contractors, suppliers, including compensation arrangements and organizational information; (vi) trade secrets, proprietary know-how, methodologies, software, technical processes, and data compilations developed or used by the Company; and (vii) any other information that is marked or otherwise identified as confidential or proprietary, or that would otherwise appear to a reasonable person to be confidential or proprietary in the context and circumstances in which such information is known or used. Something is not acquired through proper means if acquired through theft, bribery, misrepresentation, breach or inducement of a breach of a duty to maintain secrecy by contract or otherwise, or espionage through electronic or other means.

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"<u>Control</u>" (including its correlative meanings, the terms "<u>Controlling</u>," "<u>Controlled by</u>" and "<u>under Common Control with</u>") means, with respect to any person, the possession, directly or indirectly, of the power to direct or cause the direction of the management and policies of such person, whether through the beneficial ownership of voting securities, by contract or otherwise.

"<u>Disability</u>" means, as determined by the Company in good faith, Executive is unable, due to physical or mental incapacity, to perform the Services for a period of either (A) 90 consecutive days or (B) 180 days in any 365 day period or as determined pursuant to the terms of the long-term disability plan maintained by the Company.

"<u>Good Reason</u>" means the occurrence, without the express prior written consent of Executive, of any of the following circumstances: (i) any material reduction in the Base Fee; (ii) the relocation of Executive's principal office at the Company to a location outside a fifty (50)-kilometers or thirty (30)-mile radius from Executive's present principal office location with the Company and the Executive is required to report to such new location on a regular basis; (iii) Executive is assigned duties or responsibilities that are materially and significantly reduced with respect to the scope or nature of Executive's duties and/or responsibilities immediately prior to such assignment; or (iv) any material breach by the Company of this Agreement. Notwithstanding the foregoing, in no event will the occurrence of any such condition constitute Good Reason unless (1) Executive provides notice to the Company of the existence of the condition giving rise to Good Reason within thirty (30) days following Executive's knowledge of its existence, (2) the Company fails to cure such condition within thirty (30) days following the date of such notice and (3) Executive terminates the Services within fifteen (15) days of the earlier to occur of (x) the lapse of the cure period and (y) receipt of written notice of the Company's intent not to cure.

"<u>Kaplan Party</u>" means (i) Thomas S. Kaplan or Daphne Recanati Kaplan; (ii) any spouse, parent, sibling or descendant (including by adoption) of either of the persons referred to in clause (i) above; (iii) any trust created for the benefit of any of the persons described in clauses (i) or (ii) above or any trust for the benefit of such trust; or (iv) any person Controlled by one or more of the persons referred to in clauses (i), (ii) or (iii) above.

"<u>Look Back Period</u>" means the last two (2) years of Executive's provision of the Services or such shorter period of time as Executive was actually engaged to provide the Services to the Company or its Subsidiaries.

"<u>Non-CIC Severance Multiple</u>" means 1.0.

"<u>Subsidiary</u>" means a corporation that is a subsidiary corporation with respect to the Company within the meaning of Section 424(f) of the Code.

"<u>Territory</u>" means: those states and counties in which the Company is engaged in mining, milling or refining operations (or actively planning to engage in mining, milling or refining operations in the near term) (including state and state-equivalents and county and county-equivalents therein) at the time Executive's Services to the Company end and/or about which Executive was provided access to Confidential Information during the Look Back Period.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;&nbsp;&nbsp;&nbsp; <u>Resignation as Officer or Director</u>. Upon termination of Executive's Services to the Company for any reason, unless requested otherwise by the Company, Executive shall resign each position (if any) that Executive then holds as an officer or director of the Company or any of its Subsidiaries. Executive's execution of this Agreement shall be deemed the grant by Executive to the officers of the Company of a limited power of attorney to sign in Executive's name and on Executive's behalf any such documentation as may be required to be executed solely for the limited purposes of effectuating such resignations.

(g) <u>Payment Directions</u>. If mutually agreed between the Company and Executive, any cash severance payments payable under this Section 4 may be paid to the Consultant, and Executive acknowledges and agrees that the Company's payment to the Consultant shall constitute full and complete satisfaction of the Company's obligations to Executive with respect thereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.&nbsp;&nbsp;&nbsp;&nbsp;<u> </u><u>EXECUTIVE COVENANTS</u>. Executive understands the Company has developed, and is continuing to develop, substantial relationships with actual and prospective officers, directors, employees, consultants, agents, customers, referral sources, vendors, suppliers, investors and equity and financing sources, goodwill, and confidential and proprietary business information and trade secrets, which the Company and its subsidiaries and affiliates have the right to protect in order to safeguard their legitimate business interests. Any misappropriation of such relationships or goodwill, or any improper disclosure or use of the Company's or its Subsidiaries' or affiliates' Confidential Information would be highly detrimental to their business interests in that serious and substantial loss of business and pecuniary damages would result therefrom. Executive also acknowledges and recognizes that an important purpose of this Agreement is to align the interests of Executive with those of the Company's stockholders and to ensure that Executive does not engage in activity detrimental to the interests of the Company's stockholders if Executive is going to be allowed the opportunity to participate in the financial rewards that result from this Agreement. In addition, Executive acknowledges that an ancillary purpose consistent with protecting the interests of the stockholders arises with respect to Executive because during the period of Executive's provision of the Services to the Company or any Subsidiary or affiliate, Executive shall have access to the Company's or its Subsidiaries' or affiliates' Confidential Information and will meet and develop such relationships and goodwill. Executive accordingly agrees to comply with the provisions of this Section 5 as a condition of the provision of the Services to the Company and the compensation and benefits provided for in the Consulting Agreement and this Agreement. Executive acknowledges and agrees not to contest or dispute the Company's position that the prohibition of unfair competition provided for in this Section 5 is inextricably connected to and part of the Company's governance of its internal affairs and relates directly to the interests of the Company's stockholders. Nothing contained in this Section 5 shall limit any common law, statutory or provincial obligation that Executive may have to the Company or any Subsidiary or affiliate. For purposes of this Section 5, the "<u>Company Group</u>" refers to the Company and any incorporated or unincorporated parent entity or Subsidiary, including any entity which engages Executive for the Services as a result of any reorganization or restructuring of the Company for any reason. The Company shall be entitled, in connection with its tax planning or other reasons, to terminate the Services (which termination shall not be considered a termination for any purposes of this Agreement or otherwise) in connection with an invitation from a parent or Subsidiary of the Company to engage Executive for the Services with such parent or Subsidiary in which case the terms and conditions hereof shall apply to Executive's consulting relationship with such entity *mutatis mutandis*.

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(a) <u>Avoidance of Competition and Other Detrimental Acts During the Services</u>. Executive agrees that during the period of Executive's provision of the Services to the Company or other member of the Company Group, Executive will comply with each of the following restrictions and obligations:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Executive will comply at all times with Executive's duty of loyalty to the Company Group as an employee or agent of the Company placed in a position of special trust and confidence. This duty shall be understood to include, but not be limited to, (1) an obligation not to engage or participate in the business of a Competing Business (as defined below in Section 5(b)), or become employed with a Competing Business as an employee, owner, member, partner, consultant, director, or otherwise, without the express written consent of the Company or applicable member of the Company Group, provided that nothing herein prohibits the passive ownership of up to five percent (5%) of the issued and outstanding shares of any corporation or entity publicly traded on a national securities exchange, so long as Executive has no active participation in the business of such corporation or entity, (2) an obligation not to interfere with or otherwise knowingly cause harm to the Company Group's ongoing or prospective business relationship with a Company Group employee, consultant, or individual providing services as an independent contractor, or a supplier, distributor, vendor, customer, or other person or entity that does business with the Company Group or that the Company Group has a reasonable expectation of doing business with, and (3) an obligation to inform the Company Group of business opportunities that fall within the Company Group's line of business and not pursue them for personal gain separate from the Company Group without the Company's or applicable member of the Company Group's express written consent in advance, or otherwise participate in any conduct or relationship that creates a conflict of interest in violation of Company Group policies; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;&nbsp;&nbsp; Executive will not knowingly participate in or pursue activities that harm the value of the Company Group's Intellectual Property and will honor all agreements with the Company Group concerning the ownership and protection of Intellectual Property.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Non-competition</u>. Executive agrees that during the period of Executive's provision of the Services to the Company or other member of the Company Group and for the one (1) year period immediately following the termination of the Services for any reason or for no reason (the "<u>Restricted Period</u>"), Executive shall not directly or indirectly, serve in an executive or management level role with, or provide business, strategic, sales, financial, operational or technical advice or services, to any business that is a Competing Business. For purposes of this Section 5, "<u>Competing Business</u>" means a business (which shall include any sole proprietorship, partnership, limited partnership, limited liability partnership, limited liability company, corporation or other for-profit or not-for-profit business organization) engaged in the business of mining, milling, refining and selling silver (the "<u>Business</u>") in the Territory. Notwithstanding the foregoing, this Section 5(b) shall not apply to the performance of services for any enterprise to the extent such services are restricted solely to one or more distinct portions of the operations and businesses of such entity and such distinct portions are not engaged in the Business, and Executive does not have any discussions with, or participate in, the governance, strategy, development, management or operations of such business segments that engage in the Business.

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(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Solicitation of Employees, Customers, Referral Sources, Vendors, Etc.</u> Executive agrees that during the Restricted Period, Executive shall not, directly or indirectly, jointly or individually, on Executive's own behalf or on behalf of or in assistance to any individual, person or entity:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (x) solicit, or attempt to solicit, any "Covered Employee" (as defined below) for employment or service with any entity other than those entities comprising the Company Group; or (y) recruit or facilitate the hire, or attempt to recruit or facilitate the hire, of any Covered Employee or otherwise induce or encourage any Covered Employee to terminate or sever his, her, or its employment or other relationship with the Company Group or any of its successors or assigns; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;&nbsp;&nbsp; (x) solicit business from any "Covered Person" (as defined below) in connection with, on behalf of or for the benefit of a Competing Business; or (y) otherwise induce or encourage any Covered Person to terminate, change, or reduce his, her, or its relationship with the Company Group or any of its successors or assigns for any reason.

Notwithstanding the foregoing, a general advertisement or solicitation for employment that is not targeted and that does not have the effect of being targeted to any Covered Employee or Covered Person shall not, by itself, be deemed to be a violation of the restrictions on solicitation contained in this Section 5(c). For purposes of this Section 5(c), "<u>Covered Employee</u>" shall mean any officer, director, employee, or agent who is employed by the Company Group or any of its successors or assigns or was so employed or engaged at any time during the twelve (12) months prior to the termination of Executive's Services and with whom Executive had contact or about whom Executive learned Confidential Information; <u>provided</u>, <u>however</u>, that any such individual who has ceased to be employed by or engaged with the Company Group for a period of at least six (6) months shall no longer be deemed a Covered Employee. "<u>Covered Person</u>" shall mean any: (i) customers of the Company Group or any of its successors or assigns with whom or which Executive had actual contact, or whose accounts Executive managed or worked on, or for whom or which Executive used or developed Confidential Information; and (ii) referral sources, vendors, suppliers, investors, equity or financing sources, or consultants of the Company Group or any of its successors or assigns.

(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Non-Disparagement</u>. Executive agrees that during the period of Executive's provision of the Services to the Company or other member of the Company Group, and any time thereafter, Executive will not make or issue, or procure any third-party to make or issue, any written or oral statement or press release to any third party (including, but not limited to, any current or former officer, director, manager, member, employee or other service provider of the Company Group) that is disparaging of, or defamatory, libelous or slanderous of the Company Group. The obligations of Executive under this Section 5(d) shall not apply to "Protected Conduct" (as defined below in Section 5(e)(vi)(B)).<br>

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(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Confidentiality</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; All books of account, records, systems, correspondence, documents, memoranda, manuals, email, electronic or magnetic recordings or data and any and all other data, or compilations of such data or information, in whatever form and any copies thereof, concerning or containing any reference to the works and business of the Company Group shall belong to the Company or applicable member of the Company Group and shall be given up to the Company or applicable member of the Company Group whenever the Company or applicable member of the Company Group requires Executive to do so, other than documents pertaining to Executive's individual compensation (such as pay stubs and benefit plan booklets). Subject to Section 5(e)(vi), Executive agrees that Executive shall not at any time during the term of Executive's provision of the Services to the Company or other member of the Company Group, or at any time thereafter, without the Board's prior written consent, disclose to any individual, person or entity any Confidential Information, nor will Executive use, store, transmit, upload, copy, or download any Confidential Information, except as necessary in the performance of the Services for the Company or other member of the Company Group.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;&nbsp;&nbsp; Executive hereby confirms that all Confidential Information constitutes the Company's or applicable member of the Company Group's exclusive property, and that all of the restrictions on Executive's activities contained in this Agreement and such other nondisclosure policies of the Company Group are required for the Company Group's reasonable protection. Confidential Information shall not include any information that is (A) publicly available or has otherwise been disclosed to the public not in violation of this Agreement, (B) already known by Executive without any obligation of confidentiality to any member of the Company Group or a third party, (C) independently developed by Executive without any reference to, or use of, Confidential Information, or (D) subsequently disclosed to Executive by a third party who is legally entitled to disclose Confidential Information and such disclosure does not violate any obligation of confidentiality to any member of the Company Group. This confidentiality provision shall survive the termination of this Agreement and shall not be limited by any other confidentiality agreements entered into with any member of the Company Group. Notwithstanding the foregoing, the restrictions provided for in this Section 5(e) shall not be construed to prohibit the use of general knowledge and experience customarily relied upon in Executive's trade or profession that is not specific to the particular business matters of the Company Group (such as its business transactions, customers, clients, or employees).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Executive agrees, promptly upon the request of the Company or applicable member of the Company Group, and in any event promptly upon the termination of Executive's Services to the Company or other member of the Company Group, at the Company's or applicable member of the Company Group's request, to return to the Company or applicable member of the Company Group or, at the direction of the Company or applicable member of the Company Group, destroy, and certify as to such destruction, all of the Company's or applicable member of the Company Group's material and Confidential Information and <u>Inventions</u> (as defined below in Section 5(e)(iv)) (including, but not limited to, writings, correspondence, e-mails, notes, drafts, records, invoices, technical and business policies and computer programs, files and disks) and reproductions thereof in Executive's possession or control, including, without limitation, any copies of such material that may reside on any cloud account or offline storage device under Executive's control, any computer Executive owns or otherwise controls or on any computer server used to provide an e-mail mail box to which Executive has access pursuant to any Internet or electronic mail service to which Executive subscribes.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)&nbsp;&nbsp;&nbsp;&nbsp; Executive shall promptly upon request of the Company or another member of the Company Group disclose to the Company in writing any and all work product, artistic works, formulas, designs, methods, processes, computer software programs (whether in source code, object code or other form, and including all related documentation), algorithms, models, patterns, techniques, databases and data collections (including data residing therein), Confidential Information, and any and all Intellectual Property relating to the business of the Company Group which are created, authored, composed, invented, discovered, performed, perfected, or first reduced to practice by Executive (either solely or jointly with others) during Executive's provision of the Services to a member of the Company Group ("<u>Inventions</u>"). Executive's obligation relative to the disclosure to the Company or applicable member of the Company Group of such Inventions anticipated in this Section 5(e) shall continue beyond the termination of Executive's Services and Executive shall, at the Company's or applicable member of the Company Group's expense, give the Company or applicable member of the Company Group all assistance it reasonably requires to perfect, protect and use its right to the Inventions. "<u>Intellectual Property</u>" means, in any jurisdiction throughout the world, any and all (A) copyrightable works of authorship, (B) trademarks, service marks, logos and domain names, and all goodwill associated therewith, (C) trade secrets, (D) inventions (whether patentable or unpatentable and whether or not reduced to practice), all improvements thereto, and all patents, patent applications and patent disclosures, together with all provisionals, reissuances, continuations, continuations-in-part, divisions, revisions, extensions and reexaminations thereof, and (E) all rights in software, including all database rights.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v)&nbsp;&nbsp;&nbsp;&nbsp; Attached as <u>Exhibit A</u> is a list of any work product, artistic works, works of authorship, formulas, designs, methods, processes, computer software programs (whether in source code, object code or other form, and including all related documentation), algorithms, models, patterns, techniques, databases and data collections (including data residing therein), and any and all Intellectual Property that Executive has created, authored, composed, invented, discovered, performed, perfected, or first reduced to practice prior to the date of Executive's provision of the Services to any member of the Company Group and which relate to the business of the Company Group ("<u>Prior Inventions</u>") and which are not assigned to a member of the Company Group by this Agreement. If there is no such <u>Exhibit A</u> attached or if there is nothing listed on it, Executive represents that there are no such Prior Inventions. Executive agrees not to incorporate Prior Inventions into any product or system or other part of the Company Group's operations, and to the extent any such Prior Invention becomes so incorporated, Executive hereby grants to the Company a non-exclusive, fully paid-up, irrevocable, transferable, worldwide license to use and have used (including in manufacture, development, research, sale, offer for sale, importation, export and distribution of) such Prior Invention in any product or system or other aspect of the Company Group's operations into which such Prior Invention becomes incorporated during the time of Executive's provision of Services and for any and all improvements of such product, system or other operation.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Permitted Disclosures</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>DTSA Notice</u>: Pursuant to 18 U.S.C. § 1833(b), Executive shall not be held criminally or civilly liable under any Federal or State trade secret law for the disclosure of a trade secret of the Company Group that (1) is made (A) in confidence to a Federal, State, or local government official, either directly or indirectly, or to Executive's attorney and (B) solely for the purpose of reporting or investigating a suspected violation of law; or (2) is made in a complaint or other document that is filed under seal in a lawsuit or other proceeding. If Executive files a lawsuit for retaliation by a member of the Company or any Subsidiary or affiliate for reporting a suspected violation of law, Executive may disclose the trade secret to Executive's attorney and use the trade secret information in the court proceeding, provided Executive (y) files any document containing the trade secret under seal, and (z) does not disclose the trade secret, except pursuant to court order. Nothing in this Agreement is intended to conflict with 18 U.S.C. § 1833(b) or create liability for disclosures of trade secrets that are expressly allowed by such section.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Protected Conduct</u>: Nothing in this Agreement (including Sections 5(d) or 5(e)) or any other agreement Executive may have with any member of the Company Group shall prohibit or restrict Executive from (1) voluntarily communicating with an attorney retained by Executive; (2) voluntarily communicating with any law enforcement, government agency, including the Securities and Exchange Commission ("<u>SEC</u>"), the Equal Employment Opportunity Commission, or any other state or local commission on human rights, or any self-regulatory organization regarding possible violations of law, in each case without advance notice to the Company or applicable Subsidiary or affiliate, or otherwise initiating, testifying, assisting, complying with a subpoena from, or participating in any manner with an investigation conducted by such government agency; (3) recovering a SEC whistleblower award as provided under Section 21F of the Securities Exchange Act of 1934; (4) disclosing any information (including confidential information) to a court or other administrative or legislative body in response to a subpoena, court order or written request (with advance notice to the Company or applicable member of the Company Group prior to any such disclosure to the extent legally permitted); (5) filing or disclosing any facts necessary to receive any public benefits to which Executive is entitled; or (6) disclosing the underlying facts or circumstances relating to claims of discrimination, in violation of laws prohibiting discrimination, against the Company or any member of the Company Group (collectively referred to as "<u>Protected Conduct</u>"). Further, nothing requires notice to or approval from the Company or applicable member of the Company Group before engaging in such Protected Conduct.

(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Enforcement</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Executive acknowledges that compliance with all provisions, covenants and agreements set forth in this Agreement, and the duration, terms and geographical area thereof, are reasonable and necessary to protect the legitimate business interests of the Company Group.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;&nbsp;&nbsp; Executive acknowledges that a breach of Executive's obligations under this Section 5 may result in irreparable and continuing damage to the Company Group for which there is no adequate remedy at law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)&nbsp;&nbsp;&nbsp;&nbsp; Executive acknowledges that Executive's education, experience and/or abilities are such that the enforcement of the restrictive covenants in this Agreement will not prevent Executive from earning a living and will not cause any undue hardship upon Executive. Further, Executive acknowledges that the compensation and benefits Executive receives under this Agreement is mutually agreed upon consideration that is adequate and sufficient to make the covenants in Section 5 immediately binding and enforceable against them.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)&nbsp;&nbsp;&nbsp;&nbsp; In the event of the violation by Executive of any of the covenants contained in this Section 5 the terms of each such covenant so violated shall be automatically extended from the date on which Executive permanently ceases such violation for a period equal to the period in which Executive was in breach of the covenant or for a period of twelve (12) months from the date of the entry by a court of competent jurisdiction of an order or judgment enforcing such covenant(s), whichever period is later; <u>provided</u>, <u>however</u>, this extension of time shall be capped, except as to violations of Section 5(d) hereof, so that the extension of time does not exceed two (2) years from the date Executive's Services ended, and if this extension would make the restriction unenforceable under applicable law it will not be applied.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Each of the restrictive covenants contained in this Agreement is independent of any other contractual obligations of this Agreement or otherwise owed by Executive to the Company and/or any member of the Company Group. Further, should Executive be subject to an agreement with any member of the Company Group containing confidentiality, non-solicitation, and/or non-competition provisions, the restrictive covenants in this Agreement shall supplement (rather than supersede) the covenants in such other agreements ("<u>Other Covenants</u>"), and the Other Covenants shall remain in full force and effect. The existence of any claim or cause of action by Executive against the Company and/or any other member of the Company Group, whether based on this Agreement or otherwise, shall not create a defense to the enforcement by the Company and/or the applicable member of the Company Group of any restrictive covenant contained in this Agreement.

(g)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Remedies</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp; It is intended that, in view of the nature of the Company Group's business, the restrictions contained in this Section 5 are considered reasonable and necessary to protect the Company Group's legitimate business interests and that any violation of these restrictions would result in irreparable injury to the Company Group. In the event of a material breach (a "<u>Covenant Breach</u>") or threatened Covenant Breach by Executive of any provision contained this Section 5, Executive agrees that the Company or other applicable member of the Company Group may (i) cease or withhold payment to Executive of any severance payments described in Section 4, for which Executive otherwise qualifies under such Section 4, and (ii) seek to obtain remedies in equity, including, without limitation, specific performance, injunctive relief, a temporary restraining order, and/or a permanent injunction in any court of competent jurisdiction in aid of arbitration, to prevent or otherwise restrain a breach of this Agreement, without the necessity of proving damages, posting a bond or other security. The existence of any claim or cause of action of Executive against the Company or any other member of the Company Group, whether predicated on this Agreement or otherwise, shall not constitute a defense to the enforcement by the Company or other applicable member of the Company Group of said covenants. Nothing contained herein shall be construed as prohibiting the Company or other applicable member of the Company Group from pursuing any other legal or equitable remedies available to it or them for any breach or threatened breach of these provisions, including, without limitation, recoupment and other remedies specified in the Agreement.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; In the event of a dispute regarding, arising out of, or in connection with the breach, enforcement or interpretation of this Agreement, including, without limitation, any action seeking injunctive relief, the prevailing party shall recover from the other party all reasonable attorneys' fees and costs incurred by such prevailing party in connection therewith.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)&nbsp;&nbsp;&nbsp;&nbsp; <u>Company Inventions</u>. Executive acknowledges and agrees that, as between Executive and the Company, all Works (as defined below) conceived, created, or reduced to practice by Executive, alone or jointly with others, during Executive's provision of the Services shall to the fullest extent permissible by law be solely and exclusively owned by the Company or other applicable member of the Company Group. For clarity, all Works that are protectable by copyright shall be deemed a "work made for hire" under the U.S. Copyright Act, as amended, and the law of any other country adhering to the "works made for hire" or similar notion or doctrine, and all right, title and interest there in will vest in the Company or other applicable member of the Company Group from the moment of creation or conception forward for all purposes without the need for any further action or agreement by Executive or the Company or other applicable member of the Company Group. If any such Works or portions thereof shall not be legally qualified as a work made for hire in the United States, or shall subsequently be held to not be a work made for hire by operation of law or do not already vest in the Company or other applicable member of the Company Group by virtue of its engagement of Executive as a consultant, Executive hereby, as of the date such Work was created, irrevocably assigns, transfers and conveys to the Company all of Executive's right, title and interest throughout the world, in and to such Works. In addition to the foregoing assignment of Works to Company, Executive hereby, as of the date such Work was created, irrevocably assigns, transfers and conveys to the Company any and all moral rights and rights of attribution that Executive may have in or with respect to such Works and forever waives and agrees never to assert any and all moral rights and rights of attributions Executive may have with respect to any Works, even after termination of Executive's Services. If Executive has any rights to any Works that cannot be assigned or waived, Executive hereby, as of the date such Work was created, grants to Company an irrevocable, perpetual, fully paid-up, royalty-free, exclusive, transferable, sublicensable, worldwide and unlimited license with respect to any such rights. Executive will not engage in any unauthorized publication or use of such Works, nor will Executive use same to compete with or otherwise cause damage to the business interests of the Company Group. "<u>Works</u>" means all Inventions and all Intellectual Property associated therewith that (A) are developed by Executive using equipment, supplies, facilities or trade secrets of a member of the Company Group, (B) result from work performed by Executive for a member of the Company Group, or (C) relate to the business of the Company Group or actual or demonstrably anticipated research and development of a member of the Company Group. Executive acknowledges and agrees that there may be future rights that the Company or a member of the Company Group may otherwise become entitled to with respect to the Works that do not yet exist, as well as new uses, media, means and forms of exploitation throughout the world exploiting current or future technology yet to be developed, and Executive specifically intends the assignment of rights to the Company set forth herein to include all such now known or unknown uses, media and forms of exploitation throughout the world.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>COMPLIANCE WITH APPLICABLE LAW AND POLICIES</u>. Executive will comply with all Applicable Laws (as defined below) generally applicable to the Company or any of its Subsidiaries or affiliates and their respective employees, directors and officers. In addition, Executive shall perform all the Services in accordance with Applicable Laws and the Company's policies, procedures and rules as such are amended from time to time. "<u>Applicable Laws</u>" means collectively all federal, state and local laws, statutes, ordinances, codes, regulations, rules, requirements, guidelines, court rulings, orders or determinations of all governmental authorities applicable to the performance of Executive's Services.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>ASSIGNMENT</u>. This Agreement, and all of the terms and conditions hereof, shall bind the Company and its successors and assigns and shall bind Executive and Executive's heirs, executors, administrators and successors; <u>provided</u> that the services provided by Executive under this Agreement are of a personal nature, and rights and obligations of Executive under this Agreement shall not be assignable or delegable, except for any death payments otherwise due Executive, which shall be payable to the estate of Executive. The Company may assign the rights and obligations of the Company hereunder, in whole or in part, to any of the Company's Subsidiaries, affiliates or parent corporations; <u>provided</u> <u>that</u> such Subsidiary, affiliate or parent corporation directly or indirectly owns all or substantially all of the Company's consolidated assets, or to any other successor or assign in connection with the sale of all or substantially all of the Company's assets or stock or in connection with any merger, acquisition and/or reorganization, provided the assignee assumes the obligations of the Company hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.&nbsp;&nbsp;&nbsp;&nbsp; <u>GENERAL</u>.

(a)&nbsp;&nbsp;&nbsp;&nbsp; <u>Notices</u>. Any notices provided hereunder must be in writing and shall be deemed effective upon the earlier of one (1) business day following personal delivery, or the third (3rd) business day after mailing by first class mail to the recipient at the address indicated below:

To the Company:

Silver Opportunity Partners LLC

2209 Big Creek Drive

Kellogg, ID 83837<br> Attention:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Heather White<br> Chief Executive Officer<br> Telephone:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 416 949-5886<br> Email:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; hwhite@silveropp.com

With a copy to:

Silver Opportunity Partners LLC

2209 Big Creek Drive

Kellogg, ID 83837<br> Attention:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Michelle Shepston<br> General Counsel<br> Telephone:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 303 250 6095<br> Email:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; mshepston@silveropp.com

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To Executive:

At the address shown in Section 6 of the Consulting Agreement or to such other address or to the attention of such other person as the recipient party will have specified by prior written notice to the sending party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Severability</u>. Any provision of this Agreement which is deemed by a court of competent jurisdiction to be invalid, illegal or unenforceable in any jurisdiction shall, as to that jurisdiction and subject to this paragraph be ineffective to the extent of such invalidity, illegality or unenforceability, without affecting in any way the remaining provisions hereof in such jurisdiction or rendering that or any other provisions of this Agreement invalid, illegal, or unenforceable in any other jurisdiction. If any covenant should be deemed invalid, illegal or unenforceable by a court of competent jurisdiction because its scope is considered excessive, such covenant shall be modified so that the scope of the covenant is reduced only to the minimum extent necessary to render the modified covenant valid, legal and enforceable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Entire Agreement</u>. This Agreement (including any Exhibits), together with the Consulting Agreement, constitutes the sole and entire agreement of the parties to this Agreement with respect to the subject matter contained herein and therein, and, effective as of the Effective Date, supersedes all prior and contemporaneous representations, warranties, understandings and agreements, both written and oral, with respect to such subject matter.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Counterparts</u>. This Agreement may be executed in counterparts, and each counterpart, when so executed and delivered, shall be deemed to be an original and both counterparts, taken together, shall constitute one and the same Agreement. A faxed or .pdf-ed signature shall operate the same as an original signature.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>Amendment and Modification; Waiver</u>. This Agreement may only be amended, modified or supplemented by an agreement in writing signed by all of the parties hereto. The waiver by either party of the other party's prompt and complete performance, or breach or violation, of any provision of this Agreement shall not operate nor be construed as a waiver of any subsequent breach or violation, and the delay in exercising or failure by any party hereto to exercise any right or remedy which it may possess hereunder shall not operate nor be construed as a bar to the exercise of such right or remedy by such party upon the occurrence of any subsequent breach or violation. No waiver shall be deemed to have occurred unless set forth in a writing executed by or on behalf of the waiving party. No such written waiver shall be deemed a continuing waiver unless specifically stated therein, and each such waiver shall operate only as to the specific term or condition waived and shall not constitute a waiver of such term or condition for the future or as to any act other than that specifically waived.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) <u>Taxes</u>. Executive acknowledges and agrees that Executive shall be responsible for payment to the proper authorities of any and all applicable taxes, employment insurance premiums, Canada Pension Plan contributions and Workers' Compensation insurance premiums in respect of the remuneration paid hereunder. The Company shall not be liable to the Executive for any damages, liabilities, penalties, interest or costs caused to Executive for failure to make any required source deductions or payments that the Company would make in respect of payment or remuneration to employees. Executive agrees to indemnify and save harmless the Company from any and all damages, penalties, interest, costs and liabilities of any nature arising as a result of the Company not making any required source deductions pursuant to the Income Tax Act, the Employment Insurance Act, the Canada Pension Plan or any other applicable federal, provincial, state or local laws and regulations on payments to Executive.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) <u>Choice of Law</u>. This Agreement and all disputes or controversies arising out of or relating to this Agreement or the transactions contemplated hereby shall be governed by, and construed and interpreted in accordance with, the laws of the State of Idaho without giving effect to principles of conflicts of law of such state.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) <u>Survivorship</u>. The provisions of this Agreement necessary to carry out the intention of the parties as expressed herein shall survive the termination or expiration of this Agreement, including, without limitation, the provisions of Sections 4, 5 and 8 hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) <u>Captions</u>. The captions of this Agreement are for convenience and reference only and in no way define, describe, extend or limit the scope or intent of this Agreement or the intent of any provision hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) <u>Construction</u>. The parties acknowledge that this Agreement is the result of arm's-length negotiations between sophisticated parties, each afforded representation by legal counsel. Each and every provision of this Agreement shall be construed as though both parties participated equally in the drafting of the same, and any rule of construction that a document shall be construed against the drafting party shall not be applicable to this Agreement.

(k) <u>Arbitration</u>. Except as otherwise set forth in Section 4 of this Agreement, the Company and Executive mutually consent to the resolution by final and binding arbitration of any and all disputes, controversies or claims between them including, without limitation, (i) any dispute, controversy or claim related in any way to Executive's provision of the Services to the Company or any Subsidiary or affiliate or any termination thereof, (ii) any dispute, controversy or claim of alleged discrimination, harassment or retaliation (including, but not limited to, claims based on race, sex, sexual preference, religion, national origin, age, marital or family status, medical condition, handicap or disability) and (iii) any claim arising out of or relating to this Agreement or the breach thereof (collectively, "<u>Disputes</u>"); <u>provided</u>, <u>however</u>, that nothing herein shall require arbitration of any claim or charge which, by law, cannot be the subject of a compulsory arbitration agreement; <u>provided</u>, <u>further</u>, that notwithstanding anything to the contrary herein, Executive may, but is not required to, arbitrate claims for sexual harassment or assault to the extent applicable law renders a pre-dispute arbitration agreement covering such claims invalid or unenforceable. All Disputes shall be resolved exclusively by arbitration administered by the American Arbitration Association ("<u>AAA</u>") under the Commercial Arbitration Rules then in effect (the "<u>AAA Rules</u>").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Any arbitration proceeding brought under this Agreement shall be conducted in Boise, Idaho before one arbitrator selected in accordance with the AAA Rules. The Company will pay for any administrative, hearing fees and/or filing fees charged by the arbitrator or AAA. Each party to any Dispute shall pay its own expenses, including attorneys' fees; <u>provided</u> that, the arbitrator shall award the prevailing party reasonable costs and attorneys' fees incurred but shall not be able to award any special or punitive damages. The arbitrator shall issue a decision or award in writing, stating the essential findings of fact and conclusions of law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Any judgment on or enforcement of any award, including an award providing for interim or permanent injunctive relief, rendered by the arbitrator may be entered, enforced or appealed from in any court of competent jurisdiction. Any arbitration proceedings, decision or award rendered hereunder, and the validity, effect and interpretation of this arbitration provision, shall be governed by the Federal Arbitration Act, 9 U.S.C. §1 et seq.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; It is part of the essence of this Agreement that any Disputes hereunder shall be resolved expeditiously and as confidentially as possible. Accordingly, the Company and Executive agree that all proceedings in any arbitration shall be conducted under seal and kept strictly confidential. In that regard, no party shall use, disclose or permit the disclosure of any information, evidence or documents produced by any other party in the arbitration proceedings or about the existence, contents or results of the proceedings except as may be required by any legal process, as required in an action in aid of arbitration or for enforcement of or appeal from an arbitral award or as may be permitted by the arbitrator for the preparation and conduct of the arbitration proceedings. Before making any disclosure permitted by the preceding sentence, the party intending to make such disclosure shall give the other party reasonable written notice of the intended disclosure and afford such other party a reasonable opportunity to protect its interests.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (l) <u>Clawback</u>. Notwithstanding anything herein to the contrary, any performance-based incentive compensation amounts paid or payable to Executive (or the Consultant) shall be subject to forfeiture, reduction, and/or recoupment (i) to the extent provided in the Company's Clawback and Forfeiture Policy, as it may be amended from time to time; (ii) to the extent that Executive becomes subject to any other recoupment or clawback policy hereafter adopted by the Company, including any such policy adopted by the Company to comply with the requirements of any applicable laws, rules, regulations, or stock exchange listing requirements, including pursuant to final SEC rules under the Dodd-Frank Wall Street Reform and Consumer Protection Act; or (iii) to the extent provided under applicable legal requirements which impose recoupment, under circumstances set forth in such applicable legal requirements, including the Sarbanes-Oxley Act of 2002.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>EXECUTIVE REPRESENTATION AND ACCEPTANCE</u>. By signing this Agreement, Executive hereby represents that Executive is not restricted by any agreement or arrangement from entering into this Agreement and performing the Services.

[Remainder of page is left blank intentionally]

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IN WITNESS WHEREOF AND INTENDING TO BE LEGALLY BOUND THEREBY, the parties hereto have executed and delivered this Agreement effective as of the year and date first above written.

---

| | |
|:---|:---|
| **SUNSHINE SILVER MINING & REFINING COMPANY** | **SUNSHINE SILVER MINING & REFINING COMPANY** |
| By: | &nbsp;&nbsp; /s/ Heather White <br>|
| Name: Heather White | Name: Heather White |
| Title: Chief Executive Officer | Title: Chief Executive Officer |
| **EXECUTIVE** | **EXECUTIVE** |
| /s/ Pieter A. van Niekerk | /s/ Pieter A. van Niekerk |
| Pieter A. van Niekerk | Pieter A. van Niekerk |

---

------

#### EXHIBIT A

#### PRIOR INVENTIONS
Please **INITIAL ONE** of the following:

<u>___</u> I represent and agree that I have no Prior Inventions.

___ I have Prior Inventions (as defined in Section 5(e)(v) of the Agreement) to report, described in full below under "List of Prior Inventions". If my list and description of Prior Inventions requires additional space than provided below, I agree to send any such additional information via email to the Company as set forth in Section 8(a) of the Agreement within five (5) business days of executing this Agreement.

*If you do not initial one of the blanks above, you represent and the Company will assume you do not have any Prior Inventions that may relate to the Company's business or actual or demonstrably anticipated research or development*.

#### LIST OF PRIOR INVENTIONS
<br><u>Identifying Number</u> <br> <u>Title</u> <u>Date</u> <u>or Brief Description</u>

Signature of Executive:  

Print Name of Executive:  

Date:<br>

------

## Exhibit 10.15

------

**Exhibit 10.15**<br>

---

| | |
|:---|:---|
| ![](ny20072657x1_ex10-15logo01.jpg) | Silver Opportunity Partners<br> 2209 Big Creek Road<br> Kellogg, ID83837 <br>|

---

Michelle Shepston November 6, 2025

14100 Fairway Ln.

Broomfield, CO 80023

Dear Ms. Shepston:

Silver Opportunity Partners (the Company) is pleased to extend the following offer of employment to you as **General Counsel & Corporate Secretary,** reporting to Heather White (Chief Executive Officer) with both general business and IPO readiness responsibilities as follows:

#### General Counsel:
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Legal Oversight:** Ensure all legal aspects of the business and IPO are compliant with regulations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Document Review:** Lead the drafting and review of statutory reports, SEC filings, and contracts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Risk Management:** Proactively guide, identify and address legal risks to business and operations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Coordinate Advisors:** Structure and work with external law firms, bankers, and regulatory bodies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Governance Setup:** Establish and sustain board committees and compliance policies.

#### Corporate Secretary:
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Board Support:** Manage board and shareholder approvals for all business and IPO actions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Governance Compliance:** Review and update company bylaws and ensure proper governance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Documentation:** Maintain accurate records of meetings and filings.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Investor Relations:** Handle shareholder communications and disclosures.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Policy Implementation:** Roll out required corporate policies (e.g., ethics, whistleblower).

Employment will be at-will, which means that either you or the Company may terminate your employment relationship at any time, with or without cause or reason and that no one has any authority to alter your at-will relationship except in writing signed by you and the Chief Executive Officer

------

<u> </u><br>

Silver Opportunity Partners<br> 2209 Big Creek Road<br> Kellogg, ID83837

 

<br> <u>COMPENSATION</u>

In this exempt position, your semi-monthly base salary will be U.S. **$13,125 (U.S. $315,000** annually), less applicable withholdings and deductions (the "Base Salary") and paid on regularly scheduled pay dates. You will be an employee of Silver Opportunity Partners LLC (SOP).

<u>START DATE</u>

Your start date will be **December 15, 2025**.

<u>SCHEDULE</u>

As a guideline, you will follow a 40-hour work week schedule. Some travel may be required to attend business, investor, and corporate meetings.

<u>BONUS</u>

You will be eligible for an annual target bonus of **40%** of base salary (prorated for service during partial years), contingent on personal performance and executive approval. For exemplary performance, any annual payout can be increased, subject to Board approval. Conversely the bonus could be zero. Annual bonuses will be paid in cash at the discretion of the Board of Directors. Annual bonuses are paid no later than March 15 of the year after year-end close to employees that were employed on December 31 and at time of payment.

<u>LONG-TERM INCENTIVE PLAN (LTIP)</u>

Upon acceptance of employment, you will *be* automatically enrolled in the Sunshine Silver Mining & Refining Company Stock Option Award Plan. You will receive a one-time grant of **65,000 Incentive Stock Options** at an Exercise Price of **S40.00.** This Stock Option Plan will vest over three years, with 1/3r<sup>°</sup> exercisable each of the next three years on your vesting date.

<u>BENEFITS</u>

We provide health and welfare benefits, including medical, dental, life and disability insurance, 401(K) savings plan (which currently has a 100% maximum company match up to 6% of the employee's contribution) through our benefits plan. The Company's health and welfare benefits are subject to change from time to time at the discretion of the Board of Directors.

Recognized holidays include New Year's Day (January 1), Memorial Day (last Monday in May), Independence Day (July 4), Labor Day (first Monday in September), Thanksgiving (4th Thursday in November), and Christmas *(December* 25). You will also be eligible for **4 weeks** of vacation per year. accrued monthly pursuant to Company policy.

<u>RELOCATION</u>

This section is not applicable

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<br> Silver Opportunity Partners<br> 2209 Big Creek Road<br> Kellogg, ID83837

<u>CONFIDENTIALITY, NON-SOLICITATION and NON-COMPETE PROVISIONS</u>

In the course of your employment, you will become familiar with information about our business, properties, financial condition and exploration and other business opportunities that are not public. ("Confidential Information"). In addition, you will be in a position through which you would be able to unfairly compete against the Company should you seek work for the Company's direct competitors or solicit the Company's employees. Accordingly, your employment with the Company will be conditioned on your signing an industry standard form of Confidentiality, Non-Solicitation and Non-Competition Agreement designed to protect the Company's business interests. You agree that you will keep this information confidential and not disclose this information to third parties as defined in the Confidentiality, Non-Solicitation and Non-Competition Agreement. You further agree that the post-employment restrictions on your solicitation of Company employees and competition are reasonable.

<u>OTHER</u>

Please understand that this offer is contingent upon satisfactory completion of a background investigation, pre-employment physical, reference checks and your written acceptance. Any representations or terms of employment contrary to or in addition to those contained in this letter and the Confidentiality, Non-Disclosure and Non-Competition Agreement referenced herein, which may have been made to you, are superseded by this offer. If you accept *this* offer, the terms described in this letter constitute the terms of your employment with Silver Opportunity Partners LLC.

Please sign and return this offer letter no later than close of business Wednesday, **November 12, 2025.**

I'm confident you will have a major impact the Sunshine Mine and our company, finding the work engaging, stimulating, and enjoyable. We look forward to welcoming you to the Sunshine Mining and Refining Company!

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Silver Opportunity Partners<br> 2209 Big Creek Road<br> Kellogg, ID83837

Sincerely,

<u>/s/ Heather White&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u> <br>

Heather White

Chief Executive Officer

I accept this offer of employment with the understanding that it is not an employment contract, either express or implied and not a guarantee of employment under any terms or for any duration. I understand that either I or the Company may terminate my employment at any time, for any reason, with or without reason and with or without notice. The provisions stated in the offer of employment supersede all prior discussions and negotiations, and no other writing published by the Company is intended to modify the presumptions of at-will employment status, provided that this sentence shall not affect in any way the provisions of the separate confidentiality and change of control agreements referenced above. I confirm that my employment with the Company will not in any way violate the terms of any agreement with, or obligation to, any other individual or company.

#### Accepted and Agreed:

<br> <u>/s/ Michelle Shepston</u> <u> </u><br>

Signature

<u>Michelle Shepston</u> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Date:<u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Nov. 11, 2025</u> <br> Print Name <br>

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## Exhibit 10.16

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**Exhibit 10.16**<br>

EXECUTION VERSION

#### SILVER OPPORTUNITY PARTNERS LLC<br> EMPLOYMENT AGREEMENT
**THIS EMPLOYMENT AGREEMENT** (this "<u>Agreement</u>") is made and entered into as of the Effective Date (as defined below in Section 6(g)), by and between Silver Opportunity Partners LLC, a Delaware limited liability company (the "<u>Company</u>") and a wholly owned subsidiary of Sunshine Silver Mining & Refining Company (the "<u>Parent</u>"), and Michelle Shepston ("<u>Executive</u>").

**WHEREAS**, Executive has been appointed as the General Counsel of the Parent and the Company and shall continue serving as the Parent and the Company's General Counsel pursuant to the terms of this Agreement effective as of the Effective Date.

**NOW, THEREFORE**, in consideration of the mutual promises, covenants and agreements herein contained, together with other good and valuable consideration the receipt of which is hereby acknowledged, the parties hereto do hereby agree as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>SERVICES AND DUTIES.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Position and Reporting; Location</u>. Subject to Section 2 hereof, Executive shall, pursuant to the terms of this Agreement, continue to be employed by the Company as General Counsel and serve as the Parent's General Counsel, and shall report directly to the Parent's Chief Executive Officer (the "<u>CEO</u>"). The principal location of Executive's employment with the Company shall be at Executive's residence, although Executive understands and agrees that Executive may be required to travel from time to time to the Company's offices in Kellogg, Idaho and otherwise for business reasons.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Duties and Responsibilities</u>. During the term of Executive's employment with the Company pursuant to this Agreement, Executive shall be a full-time employee of the Company. Executive shall have such duties, responsibilities and authority as are normally associated with Executive's position, together with such additional duties, commensurate with Executive's position, as may be assigned to Executive from time to time by the CEO. Executive shall perform such duties faithfully and to the best of Executive's ability, and in compliance with all of the Company's and the Parent's policies, as such policies may be amended from time to time in the sole discretion of the Company or the Parent, as applicable. Executive shall devote all of Executive's business time and best efforts to the performance of Executive's duties for the Company and shall not engage in any other business, profession or occupation for compensation that is undisclosed to the Parent or conflicts with Executive's duties under this Agreement. Notwithstanding the foregoing, nothing herein shall prohibit Executive from (i) participating in trade associations or industry organizations which are related to the business of the Parent or engaging in activities for charitable, civic or political organizations (including serving as a member of the board of such organization), (ii) engaging in personal investment activities for Executive and Executive's family that do not give rise to any conflicts of interest with the Parent or its "Subsidiaries" (as defined below) or affiliates, or (iii) subject to the prior approval of the Board of Directors of the Parent (the "<u>Board</u>"), which shall not be unreasonably withheld, serving as a member of the board of directors of any for-profit entity that does not give rise to any conflict of interests with the Parent or its Subsidiaries or affiliates, in each case, so long as the activities in (i), (ii), and (iii) above do not interfere, individually or in the aggregate, with the performance of Executive's duties hereunder and do not materially breach Section 6 hereof.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.&nbsp;&nbsp;&nbsp;&nbsp; <u>TERM</u>. Executive's employment under the terms and conditions of this Agreement shall commence on the Effective Date and shall continue until terminated in accordance with the terms and conditions of Section 5 of this Agreement. Executive shall, at all times during Executive's employment with the Company, be an at-will employee of the Company. Subject to Section 5, either Executive or the Company may terminate the employment relationship at any time for any or no reason.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.&nbsp;&nbsp;&nbsp;&nbsp; <u>COMPENSATION</u>. During the term of this Agreement, Executive shall be eligible to receive the following compensation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp; <u>Base Salary</u>. The Company shall pay Executive a base salary in the amount of $425,000 per annum (the "<u>Base Salary</u>"), payable in accordance with the Company's usual and regular payroll practices, as in effect from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp; <u>Annual Bonus</u>. For each calendar year during the term of this Agreement, Executive shall be eligible for a performance-based cash bonus (the "<u>Annual Bonus</u>"), with a target of 75% of Executive's Base Salary (the "<u>Target Bonus</u>") and calculated by the Parent in its sole and absolute discretion considering the performance of the Parent and Executive according to criteria established by the Parent. For the 2026 calendar year, the Annual Bonus shall be calculated with reference to the total salary paid to Executive during the year. The Annual Bonus will be payable in the form of a lump sum cash payment no later than March 15<sup>th</sup> of the calendar year that immediately follows the calendar year to which the bonus relates (such payment date being, the "<u>Bonus Payment Date</u>"). In order for Executive to be eligible to receive any bonus pursuant to this Section 3(b), and except as provided in Sections 5(a) and (b), Executive must remain continuously employed by the Company on December 31<sup>st</sup> of the calendar year in which Annual Bonus relates and not experience a termination of employment by the Company for Cause (as defined below) prior to the Bonus Payment Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Annual Equity Incentive Compensation Awards</u>. At least annually during Executive's employment beginning in 2027 and beyond, the Board (or the applicable committee thereof) shall consider Executive for a grant of equity incentive awards at a level commensurate with Executive's position (as determined by the Board (or the applicable committee thereof)) (such annual equity incentive awards, together with any other grant of equity incentive award made to Executive, the "<u>Equity Awards</u>"). Any Equity Awards will be granted pursuant to the Parent's 2021 Amended and Restated Long Term Incentive Plan (as may be amended or amended and restated from time to time) or any successor plan thereto (any such plan, the "<u>Equity Plan</u>").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Withholding</u>. All taxable compensation payable to Executive pursuant to this Agreement shall be subject to any applicable withholding taxes and such other taxes as are required under Federal law or the law of any state or governmental body to be collected with respect to compensation paid by the Company to Executive.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>BENEFITS</u>. During the term of this Agreement, Executive shall be eligible to receive the following benefits.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Benefits</u>. Executive (and, to the extent eligible, Executive's dependents and beneficiaries) will be eligible to participate in all benefit plans made available by the Company to its similarly-situated employees, as in effect from time to time, currently including the Company's health, dental care and vision care plans, pursuant to the terms of such plans as in effect from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Paid Time Off</u>. Executive shall be eligible to participate in the paid time off policy generally applicable to the Company's senior executive officers, as may be amended from time to time, with a minimum eligibility of four (4) weeks of vacation per year.

(c) <u>Reimbursement of Expenses</u>. The Company shall reimburse Executive for any expenses reasonably and necessarily incurred by Executive in furtherance of Executive's duties hereunder, including travel, meals and accommodations, upon submission by Executive of vouchers or receipts and in compliance with such rules and policies relating thereto as the Company may from time to time adopt.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.&nbsp;&nbsp;&nbsp;&nbsp; <u>TERMINATION</u>. Executive's employment with the Company will terminate at the earliest to occur of the following: (i) the date on which the Company provides notice to Executive of termination for "Disability" (as defined below); (ii) the date of Executive's death; (iii) if Executive's employment is terminated by the Company for "Cause" (as defined below) or by Executive with "Good Reason" (each as defined below), the date any applicable cure period expires without the event being cured and, if there is no applicable cure period, the date on which the Company or Executive, as applicable, provides notice to the other party of such termination; (iv) the date which is thirty (30) days following the date on which the Company provides notice to Executive of termination without Cause (or such shorter period as the Company may determine in its sole discretion, subject to applicable law); or (v) the date which is thirty (30) days following the date on which Executive provides notice to the Company of Executive's termination of employment without Good Reason. If the Company or Executive gives notice to terminate employment, the Company may in the notice period, in its absolute discretion and subject to the Company continuing to pay or provide, as applicable, all payments and benefits under Section 3, require Executive (i) to perform only such duties as it may allocate to Executive; (ii) to refrain from having any contact with suppliers or employees of the Company; and (iii) to refrain from attending any premises of the Company. Executive agrees that during the notice period the Company may appoint another person to perform Executive's responsibilities jointly and require Executive to provide such transitional services as may be reasonably required and that such action shall not constitute grounds for Executive to resign for Good Reason.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>For Cause Termination or Voluntary Resignation by Executive Without Good Reason</u>. If Executive's employment with the Company is terminated by the Company for Cause or if Executive voluntarily resigns Executive's employment without Good Reason, Executive shall not be entitled to any further compensation or benefits other than, in each case if applicable as of the date of termination: (i) any accrued but unpaid Base Salary (payable in accordance with applicable law); (ii) reimbursement for any business expenses properly incurred by Executive prior to the date of termination of employment in accordance with Section 4(c) hereof, payable on the Company's first regularly scheduled payroll date which occurs at least ten (10) days after the date of termination; (iii) vested health and welfare benefits, if any, to which Executive may be entitled under the Company's employee benefit plans described in Section 4(a) hereof as of the date of termination; (iv) accrued but unused paid time off as described in Section 4(b); and (v) with respect to a resignation without Good Reason, an amount in cash equal to any earned Annual Bonus payable to Executive in respect of any previously completed calendar year in accordance with Section 3(b) but unpaid as of the date of termination, payable on the same date on which annual bonuses are paid to similarly situated employees of the Company generally in respect of such year (collectively, the "<u>Accrued Benefits</u>"). For the avoidance of doubt, any Equity Awards shall be treated as provided in the applicable Equity Plan and award agreement governing such awards.

(b) <u>Termination by the Company without Cause or by Executive for Good Reason and not in Connection with a Change of Control; or Disability</u>. In the event that Executive's employment is terminated by the Company without Cause or Executive resigns for Good Reason, in each case, at any time other than during the CIC Protective Period (as defined below) or as a result of Executive's Disability, then Executive will be entitled to receive the Accrued Benefits, and if (x) Executive timely executes a release of claims in a form provided by the Company (the "<u>Release</u>"), and the applicable revocation period with respect to the Release expires following the date of termination and (y) Executive does not breach the restrictive covenants set forth in Section 6 hereof, then Executive will receive the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; a lump sum cash payment equal to (x) the Non-CIC Severance Multiple (as defined below) multiplied by (y) the sum of (A) Executive's Base Salary and (B) Target Bonus, in each case, as then in effect on the date of Executive's separation from service, which shall be paid within ten (10) business days following the date the Release becomes effective and irrevocable;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;&nbsp;&nbsp; in the event that Executive timely and properly elects coverage under the Consolidated Omnibus Budget Reconciliation Act of 1985 ("<u>COBRA</u>"), reimbursement for the monthly premiums under COBRA at the rate the Company then-currently pays on Executive's behalf for coverage under the Company's group healthcare plans through the earliest of (x) the date that the Company has reimbursed premiums for COBRA coverage for twelve (12) months, (y) the date when Executive become eligible to receive healthcare coverage in connection with new employment (and Executive agrees to notify the Company immediately if Executive becomes eligible for any healthcare coverage through other employment), and (z) the date that Executive is no longer eligible for COBRA coverage; <u>provided</u> that the Company may modify the continuation coverage contemplated by this Section 5(b)(ii) to the extent reasonably necessary to avoid the imposition of any excise taxes on the Company for failure to comply with the nondiscrimination requirements of Section 105(h) of the Internal Revenue Code of 1986, as amended (the "<u>Code</u>"); the Patient Protection and Affordable Care Act of 2010, as amended; and/or the Health Care and Education Reconciliation Act of 2010, as amended, and in each case, the regulations and guidance promulgated thereunder (to the extent applicable); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)&nbsp;&nbsp;&nbsp;&nbsp; the following treatment with respect to any then-outstanding and unvested Equity Awards held by Executive: (A) vesting of any time-based Equity Awards (or portions thereof) that is scheduled to vest during the twelve (12)-month period immediately following Executive's employment termination date and (B) any performance-based Equity Awards shall be treated in accordance with the applicable award agreement governing such awards.

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(c) <u>Termination by the Company without Cause or by Executive for Good Reason in Connection with a Change of Control</u>. If, during the six (6)-month period immediately prior to (or otherwise in connection with or in anticipation of a Change of Control (as defined below)), on or during the twenty-four (24)-month period immediately following, a Change of Control (such period, the "<u>CIC Protective Period</u>"), then Executive will be entitled to receive the Accrued Benefits, and if (x) Executive timely executes the Release and (y) Executive does not breach the restrictive covenants set forth in Section 6 hereof, then Executive will receive the following severance benefits from the Company in lieu of the benefits described in Section 5(b) above:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; a lump sum cash payment equal to (x) the CIC Severance Multiple (as defined below) multiplied by (y) the sum of (A) Executive's Base Salary and (B) Target Bonus, in each case, as then in effect on the date of Executive's separation from service, which shall be paid within ten (10) business days following the date the Release becomes effective and irrevocable;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;&nbsp;&nbsp; a pro-rated Target Bonus for the year in which Executive terminates employment (with the pro-ration determined based on the number of days of Executive's employment with the Company during the year of termination) (the "<u>Pro-Rated Target Bonus</u>"), payable within ten (10) business days following the date the Release becomes effective and irrevocable;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; in the event that Executive timely and properly elects coverage under the COBRA, reimbursement for the monthly premiums under COBRA at the rate the Company then-currently pays on Executive's behalf for coverage under the Company's group healthcare plans through the earliest of (x) the date that the Company has reimbursed premiums for COBRA coverage for eighteen (18) months, (y) the date when Executive become eligible to receive healthcare coverage in connection with new employment (and Executive agrees to notify the Company immediately if Executive becomes eligible for any healthcare coverage through other employment), and (z) the date that Executive is no longer eligible for COBRA coverage; <u>provided</u> that the Company may modify the continuation coverage contemplated by this Section 4(e)(iii) to the extent reasonably necessary to avoid the imposition of any excise taxes on the Company for failure to comply with the nondiscrimination requirements of Section 105(h) of the Code; the Patient Protection and Affordable Care Act of 2010, as amended; and/or the Health Care and Education Reconciliation Act of 2010, as amended, and in each case, the regulations and guidance promulgated thereunder (to the extent applicable); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)&nbsp;&nbsp;&nbsp;&nbsp; the following treatment with respect to any then-outstanding and unvested Equity Awards held by Executive: (A) all unvested time-based Equity Awards held by Executive will immediately vest and (B) any performance-based Equity Awards shall be treated in accordance with the applicable award agreement governing such awards.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Termination due to Death</u>. In the event that Executive's employment is terminated by the Company as a result of Executive's Death, then Executive will be entitled to receive the Accrued Benefits and the Pro-Rated Target Bonus (payable within thirty (30) days of the Executive's death).

(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Definitions</u>. For purposes of this Agreement:

"<u>Cause</u>" shall mean and be limited to the following (in each case, other than due to death or Disability): (i) Executive materially breaches this Agreement or any other material agreement between Executive and the Company or any of its affiliates or a material breach of any confidentiality, non-solicitation, non-competition, non-disparagement or other restrictive covenant by which Executive is bound; (ii) Executive commits an act or omission constituting gross negligence, willful misconduct, dishonesty, embezzlement or fraud in the performance of the Executive's duties for the Parent or the Company or other materially dishonest or unlawful conduct that would be reasonably expected to impair or injure the reputation of the Parent or any of its affiliates; (iii) Executive's conviction of, or entry by Executive of a plea of guilty or no contest to, any felony, or crime involving fraud, dishonesty, or moral turpitude, or crime relating to the Company Group (as defined below); (iv) Executive has materially violated the Parent's or the Company's written policies or codes of conduct, rules or regulations, including policies related to workplace violence and abusive conduct, discrimination, harassment (sexual or otherwise), retaliation and the performance of illegal or unethical activities; or (v) Executive's use or abuse of any substance has materially adversely affected Executive's performance of his or her job duties or the Company Group's business or reputation.

"<u>Change of Control</u>" means consummation of (i) any merger or consolidation of the Parent with or into any other corporation or other entity or person, or any other corporate reorganization, in which the stockholders of the Parent immediately prior to such consolidation, merger or reorganization, own less than a majority of the aggregate voting power represented by the issued and outstanding voting securities in the surviving entity immediately after such consolidation, merger or reorganization; (ii) any transaction or series of related transactions in which a person or group of persons acting together which would constitute a "group" for purposes of Section 13(d) of the United States Securities Exchange Act of 1934, as amended, or any successor provisions thereto acquires greater than a majority of the aggregate ordinary voting power represented by the issued and outstanding voting securities of the Parent; or (iii) a sale or other disposition of all or substantially all of the assets of the Parent; provided that in no event will a Change of Control include any of the following transactions: (A) any consolidation, merger or similar transaction effected exclusively to change the domicile of the Parent; (B) any transaction or series of transactions in which voting securities of the Parent are issued principally for bona fide financing purposes or any indebtedness or equity securities of the Parent are canceled or converted or a combination thereof, including, without limitation, an initial public offering or other offering of the Parent's capital stock; (C) any acquisition of such voting power by an individual or entity that, directly or indirectly, Controls, is Controlled by, or is under Common Control with, the Parent; or (D) any transaction where a majority of the aggregate voting power represented by the issued and outstanding voting securities of the Parent, the surviving parent entity or the entity to which all or substantially all of the Parent's assets are transferred in the transaction or series of transactions is Controlled directly or indirectly by one or more Kaplan Parties. The transfer of equity interests or assets of the Parent in connection with a bankruptcy filing by or against the Parent under Title 11 of the United States Code will not be considered to be a "Change of Control" for purposes of this Agreement. Notwithstanding the foregoing, for purposes of any Equity Award that constitutes "deferred compensation" (within the meaning of Section 409A of the Code), the payment of which would be accelerated or required upon a Change in Control, a transaction will not be deemed a Change in Control unless the transaction qualifies as "a change in control event" within the meaning of Section 409A of the Code and the regulations thereunder.

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"<u>CIC Severance Multiple</u>" means 2.0.

"<u>Confidential Information</u>" means any information or data, in whatever form (tangible or intangible), related to the Company's or its affiliates' or Subsidiaries' business that Executive acquires or gains access to in the course of Executive's employment with the Company that the Company or applicable affiliate or Subsidiary has not authorized public disclosure of, and that is not readily available to the public or persons outside the Company Group through proper means. By way of example and not limitation, Confidential Information is understood to include: (i) geological, geophysical, geochemical, metallurgical, environmental, and hydrogeological data, including drill results, assays, sampling data, core logs, maps, models, interpretations, and technical reports (whether preliminary or final); (ii) information relating to mineral properties, exploration targets, mineral resources or reserves, mine planning, development strategies, production processes, and operational methods; (iii) business, financial, and commercial information, including budgets, forecasts, financing plans, capital structure, valuations, acquisition or divestiture opportunities, joint venture terms, royalty arrangements, and marketing strategies; (iv) information relating to permitting, regulatory filings, environmental compliance, land tenure, surface or mineral rights, Indigenous or community relations, and negotiations with governments or regulatory authorities; (v) information relating to the Company Group's affiliates, officers, directors, employees, consultants, and contractors, suppliers, including compensation arrangements and organizational information; (vi) trade secrets, proprietary know-how, methodologies, software, technical processes, and data compilations developed or used by the Company Group; and (vii) any other information that is marked or otherwise identified as confidential or proprietary, or that would otherwise appear to a reasonable person to be confidential or proprietary in the context and circumstances in which such information is known or used. Something is not acquired through proper means if acquired through theft, bribery, misrepresentation, breach or inducement of a breach of a duty to maintain secrecy by contract or otherwise, or espionage through electronic or other means.

"<u>Control</u>" (including its correlative meanings, the terms "<u>Controlling</u>," "<u>Controlled by</u>" and "<u>under Common Control with</u>") means, with respect to any person, the possession, directly or indirectly, of the power to direct or cause the direction of the management and policies of such person, whether through the beneficial ownership of voting securities, by contract or otherwise.

"<u>Disability</u>" means, as determined by the Company in good faith, Executive is unable, due to physical or mental incapacity, to perform Executive's duties under this Agreement for a period of either (A) 90 consecutive days or (B) 180 days in any 365 day period or as determined pursuant to the terms of the long-term disability plan maintained by the Company.

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"<u>Good Reason</u>" means the occurrence, without the express prior written consent of Executive, of any of the following circumstances: (i) any material reduction in the Executive's Base Salary; (ii) the relocation of Executive's principal office at the Company to a location outside a fifty (50)-kilometers or thirty (30)-mile radius from Executive's present principal office location with the Company and the Executive is required to report to such new location on a regular basis; (iii) Executive is assigned duties or responsibilities that are materially and significantly reduced with respect to the scope or nature of Executive's duties and/or responsibilities immediately prior to such assignment; or (iv) any material breach by the Company of this Agreement. Notwithstanding the foregoing, in no event will the occurrence of any such condition constitute Good Reason unless (1) Executive provides notice to the Company of the existence of the condition giving rise to Good Reason within thirty (30) days following Executive's knowledge of its existence, (2) the Company fails to cure such condition within thirty (30) days following the date of such notice and (3) Executive terminates her employment with the Company within fifteen (15) days of the earlier to occur of (x) the lapse of the cure period and (y) receipt of written notice of the Company's intent not to cure.

"<u>Kaplan Party</u>" means (i) Thomas S. Kaplan or Daphne Recanati Kaplan; (ii) any spouse, parent, sibling or descendant (including by adoption) of either of the persons referred to in clause (i) above; (iii) any trust created for the benefit of any of the persons described in clauses (i) or (ii) above or any trust for the benefit of such trust; or (iv) any person Controlled by one or more of the persons referred to in clauses (i), (ii) or (iii) above.

"<u>Look Back Period</u>" means the last two (2) years of Executive's employment or such shorter period of time as Executive was actually employed or engaged to provide personal services to the Parent or its Subsidiaries.

"<u>Non-CIC Severance Multiple</u>" means 1.0.

"<u>Subsidiary</u>" means a corporation that is a subsidiary corporation with respect to the Company within the meaning of Section 424(f) of the Code.

"<u>Territory</u>" means: those states and counties in which the Parent or any of its Subsidiaries are engaged in mining, milling or refining operations (or actively planning to engage in mining, milling or refining operations in the near term) (including state and state-equivalents and county and county-equivalents therein) at the time Executive's employment ends and/or about which Executive was provided access to Confidential Information during the Look Back Period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) <u>Resignation as Officer or Director</u>. Upon termination of employment for any reason, unless requested otherwise by the Parent, Executive shall resign each position (if any) that Executive then holds as an officer or director of the Parent or any of its Subsidiaries. Executive's execution of this Agreement shall be deemed the grant by Executive to the officers of the Parent and/or the Company of a limited power of attorney to sign in Executive's name and on Executive's behalf any such documentation as may be required to be executed solely for the limited purposes of effectuating such resignations.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) <u>Section 409A</u>. It is intended that (i) each installment of the payments provided under this Agreement is a separate "payment" for purposes of Section 409A of the Code, and (ii) the payments satisfy, to the greatest extent possible, the exemptions from the application of Section 409A of the Code provided under Treasury Regulations 1.409A-1(b)(4), 1.409A-1(b)(9)(iii), and 1.409A-1(b)(9)(v). Notwithstanding anything contained to the contrary in this Agreement, to the extent required in order to avoid accelerated taxation and/or tax penalties under Section 409A of the Code, Executive shall not be considered to have terminated employment with the Company for purposes of this Agreement and no payments shall be due to Executive under Section 5 hereof until Executive would be considered to have incurred a "separation from service" (as such term is defined under Treasury Regulation 1.409A-1(h)). Notwithstanding anything to the contrary in this Agreement, if the Company determines (1) that on the date Executive's employment with the Company terminates or at such other time that the Company determines to be relevant, Executive is a "specified employee" (as such term is defined under Treasury Regulation 1.409A-1(i)(1)) of the Parent and (2) that any payments to be provided to Executive pursuant to this Agreement are or may become subject to the additional tax under Section 409A(a)(1)(B) of the Code or any other taxes or penalties imposed under Section 409A of the Code, if provided at the time otherwise required under this Agreement, then such payments shall be delayed until the date that is six (6) months after the date of Executive's "separation from service" (as such term is defined under Treasury Regulation 1.409A-1(h)) with the Company, or, if earlier, the date of Executive's death. Any payments delayed pursuant to this Section 5(f) shall be made in a lump sum on the first day of the seventh (7th) month following Executive's "separation from service" (as such term is defined under Treasury Regulation 1.409A-1(h)), or, if earlier, the date of Executive's death. In addition, to the extent that any expenses, reimbursement, fringe benefit or other, similar plan or arrangement in which Executive participates during the term of Executive's employment under this Agreement (including any reimbursements under Section 4(c) hereof) or thereafter provides for a "deferral of compensation" within the meaning of Section 409A, then such amount shall be reimbursed in accordance with Section 1.409A-3(i)(1)(iv) of the Treasury Regulations, including (i) the amount eligible for reimbursement or payment under such plan or arrangement in one calendar year may not affect the amount eligible for reimbursement or payment in any other calendar year (except that a plan providing medical or health benefits may impose a generally applicable limit on the amount that may be reimbursed or paid), (ii) subject to any shorter time periods provided herein or the applicable plans or arrangements, any reimbursement or payment of an expense under such plan or arrangement must be made on or before the last day of the calendar year following the calendar year in which the expense was incurred, and (iii) the right to any reimbursement or in-kind benefit is not subject to liquidation or exchange for another benefit.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>EXECUTIVE COVENANTS</u>. Executive understands the Parent and the Company have developed, and are continuing to develop, substantial relationships with actual and prospective officers, directors, employees, consultants, agents, customers, referral sources, vendors, suppliers, investors and equity and financing sources, goodwill, and confidential and proprietary business information and trade secrets, which the Parent and its Subsidiaries and affiliates have the right to protect in order to safeguard their legitimate business interests. Any misappropriation of such relationships or goodwill, or any improper disclosure or use of the Parent's or its Subsidiaries' or affiliates' Confidential Information would be highly detrimental to their business interests in that serious and substantial loss of business and pecuniary damages would result therefrom. Executive also acknowledges and recognizes that an important purpose of this Agreement is to align the interests of Executive with those of the Parent's stockholders and to ensure that Executive does not engage in activity detrimental to the interests of the Parent's stockholders if Executive is going to be allowed the opportunity to participate in the financial rewards that result from this Agreement. In addition, Executive acknowledges that an ancillary purpose consistent with protecting the interests of the stockholders arises with respect to Executive because during the period of Executive's employment with the Company or any Subsidiary or affiliate, Executive shall have access to the Parent's or its Subsidiaries' or affiliates' Confidential Information and will meet and develop such relationships and goodwill. Executive accordingly agrees to comply with the provisions of this Section 6 as a condition of employment with the Company and the compensation and benefits provided for in this Agreement. Executive acknowledges and agrees not to contest or dispute the Parent's or the Company's position that the prohibition of unfair competition provided for in this Section 6 is inextricably connected to and part of the Parent's and the Company's governance of their internal affairs and relates directly to the interests of the Parent's stockholders. Nothing contained in this Section 6 shall limit any common law or statutory obligation that Executive may have to the Parent or any Subsidiary or affiliate. For purposes of this Section 6, the "<u>Company Group</u>" refers to the Parent, the Company and any incorporated or unincorporated parent entity or Subsidiary, including any entity which becomes Executive's employer as a result of any reorganization or restructuring of the Company for any reason. The Company shall be entitled, in connection with its tax planning or other reasons, to terminate Executive's employment (which termination shall not be considered a termination for any purposes of this Agreement or otherwise) in connection with an invitation from a parent or Subsidiary of the Company to accept employment with such parent or Subsidiary in which case the terms and conditions hereof shall apply to Executive's employment relationship with such entity mutatis mutandis.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Avoidance of Competition and Other Detrimental Acts During Engagement</u>. Executive agrees that during the period of Executive's employment with the Company or other member of the Company Group, Executive will comply with each of the following restrictions and obligations:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Executive will comply at all times with Executive's duty of loyalty to the Company Group as an employee or agent of the Parent and the Company placed in a position of special trust and confidence. This duty shall be understood to include, but not be limited to, (1) an obligation not to engage or participate in the business of a Competing Business (as defined below in Section 6(b)), or become employed with a Competing Business as an employee, owner, member, partner, consultant, director, or otherwise, without the express written consent of the Parent or applicable member of the Company Group, provided that nothing herein prohibits the passive ownership of up to five percent (5%) of the issued and outstanding shares of any corporation or entity publicly traded on a national securities exchange, so long as Executive has no active participation in the business of such corporation or entity, (2) an obligation not to interfere with or otherwise knowingly cause harm to the Company Group's ongoing or prospective business relationship with a Company Group employee, consultant, or individual providing services as an independent contractor, or a supplier, distributor, vendor, customer, or other person or entity that does business with the Company Group or that the Company Group has a reasonable expectation of doing business with, and (3) an obligation to inform the Company Group of business opportunities that fall within the Company Group's line of business and not pursue them for personal gain separate from the Company Group without the Parent's or applicable member of the Company Group's express written consent in advance, or otherwise participate in any conduct or relationship that creates a conflict of interest in violation of Company Group policies; and

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;&nbsp;&nbsp; Executive will not knowingly participate in or pursue activities that harm the value of the Company Group's Intellectual Property and will honor all agreements with the Company Group concerning the ownership and protection of Intellectual Property.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Non-competition</u>. Executive agrees that during the period of Executive's employment with the Company or other member of the Company Group and for the one (1) year period immediately following the termination of such employment for any reason or for no reason, Executive shall not directly or indirectly, serve in an executive or management level role with, or provide business, strategic, sales, financial, operational or technical advice or services, to any business that is a Competing Business. For purposes of this Section 6, "<u>Competing Business</u>" means a business (which shall include any sole proprietorship, partnership, limited partnership, limited liability partnership, limited liability company, corporation or other for-profit or not-for-profit business organization) engaged in the business of mining, milling, refining and selling silver (the "<u>Business</u>") in the Territory. Notwithstanding the foregoing, this Section 6(b) shall not apply to the performance of services for any enterprise to the extent such services are restricted solely to one or more distinct portions of the operations and businesses of such entity and such distinct portions are not engaged in the Business, and Executive does not have any discussions with, or participate in, the governance, strategy, development, management or operations of such business segments that engage in the Business.

(c) <u>Solicitation of Employees, Customers, Referral Sources, Vendors, Etc.</u> Executive agrees that during the period of Executive's employment with the Company or other member of the Company Group, and for the one (1) year period immediately following the date of termination of such employment for any reason, Executive shall not, directly or indirectly, jointly or individually, on Executive's own behalf or on behalf of or in assistance to any individual, person or entity:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (x) solicit, or attempt to solicit, any "Covered Employee" (as defined below) for employment or service with any entity other than those entities comprising the Company Group; or (y) recruit or facilitate the hire, or attempt to recruit or facilitate the hire, of any Covered Employee or otherwise induce or encourage any Covered Employee to terminate or sever his, her, or its employment or other relationship with the Company Group or any of its successors or assigns; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (x) solicit business from any "Covered Person" (as defined below) in connection with, on behalf of or for the benefit of a Competing Business; or (y) otherwise induce or encourage any Covered Person to terminate, change, or reduce his, her, or its relationship with the Company Group or any of its successors or assigns for any reason.

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Notwithstanding the foregoing, a general advertisement or solicitation for employment that is not targeted and that does not have the effect of being targeted to any Covered Employee or Covered Person shall not, by itself, be deemed to be a violation of the restrictions on solicitation contained in this Section 6(c). For purposes of this Section 6(c), "<u>Covered Employee</u>" shall mean any officer, director, employee, or agent who is employed by the Company Group or any of its successors or assigns or was so employed or engaged at any time during the twelve (12) months prior to Executive's termination of employment and with whom Executive had contact or about whom Executive learned Confidential Information; <u>provided</u>, <u>however</u>, that any such individual who has ceased to be employed by or engaged with the Company Group for a period of at least six (6) months shall no longer be deemed a Covered Employee. "<u>Covered Person</u>" shall mean any: (i) customers of the Company Group or any of its successors or assigns with whom or which Executive had actual contact, or whose accounts Executive managed or worked on, or for whom or which Executive used or developed Confidential Information; and (ii) referral sources, vendors, suppliers, investors, equity or financing sources, or consultants of the Company Group or any of its successors or assigns.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Non-Disparagement</u>. Executive agrees that during the period of Executive's employment with the Company or other member of the Company Group, and any time thereafter, Executive will not make or issue, or procure any third-party to make or issue, any written or oral statement or press release to any third party (including, but not limited to, any current or former officer, director, manager, member, employee or other service provider of the Company Group) that is disparaging of, or defamatory, libelous or slanderous of the Company Group. The obligations of Executive under this Section 6(d) shall not apply to "Protected Conduct" (as defined below in Section 6(e)(vi)(B)).

(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Confidentiality</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; All books of account, records, systems, correspondence, documents, memoranda, manuals, email, electronic or magnetic recordings or data and any and all other data, or compilations of such data or information, in whatever form and any copies thereof, concerning or containing any reference to the works and business of the Company Group shall belong to the Company or applicable member of the Company Group and shall be given up to the Company or applicable member of the Company Group whenever the Company or applicable member of the Company Group requires Executive to do so, other than documents pertaining to Executive's individual compensation (such as pay stubs and benefit plan booklets). Subject to Section 6(e)(vi), Executive agrees that Executive shall not at any time during the term of Executive's employment with the Company or other member of the Company Group, or at any time thereafter, without the Board's prior written consent, disclose to any individual, person or entity any Confidential Information, nor will Executive use, store, transmit, upload, copy, or download any Confidential Information, except as necessary in the performance of Executive's duties for the Company or other member of the Company Group.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Executive hereby confirms that all Confidential Information constitutes the Company's or applicable member of the Company Group's exclusive property, and that all of the restrictions on Executive's activities contained in this Agreement and such other nondisclosure policies of the Company Group are required for the Company Group's reasonable protection. Confidential Information shall not include any information that is (A) publicly available or has otherwise been disclosed to the public not in violation of this Agreement, (B) already known by Executive without any obligation of confidentiality to any member of the Company Group or a third party, (C) independently developed by Executive without any reference to, or use of, Confidential Information, or (D) subsequently disclosed to Executive by a third party who is legally entitled to disclose Confidential Information and such disclosure does not violate any obligation of confidentiality to any member of the Company Group. This confidentiality provision shall survive the termination of this Agreement and shall not be limited by any other confidentiality agreements entered into with any member of the Company Group. Notwithstanding the foregoing, the restrictions provided for in this Section 6(e) shall not be construed to prohibit the use of general knowledge and experience customarily relied upon in Executive's trade or profession that is not specific to the particular business matters of the Company Group (such as its business transactions, customers, clients, or employees).

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Executive agrees, promptly upon the request of the Company or applicable member of the Company Group, and in any event promptly upon the termination of Executive's employment with the Company or other member of the Company Group, at the Company's or applicable member of the Company Group's request, to return to the Company or applicable member of the Company Group or, at the direction of the Company or applicable member of the Company Group, destroy, and certify as to such destruction, all of the Company's or applicable member of the Company Group's material and Confidential Information and <u>Inventions</u> (as defined below in Section 6(e)(iv)) (including, but not limited to, writings, correspondence, e-mails, notes, drafts, records, invoices, technical and business policies and computer programs, files and disks) and reproductions thereof in Executive's possession or control, including, without limitation, any copies of such material that may reside on any cloud account or offline storage device under Executive's control, any computer Executive owns or otherwise controls or on any computer server used to provide an e-mail mail box to which Executive has access pursuant to any Internet or electronic mail service to which Executive subscribes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Executive shall promptly upon request of the Company or another member of the Company Group disclose to the Company in writing any and all work product, artistic works, formulas, designs, methods, processes, computer software programs (whether in source code, object code or other form, and including all related documentation), algorithms, models, patterns, techniques, databases and data collections (including data residing therein), Confidential Information, and any and all Intellectual Property relating to the business of the Company Group which are created, authored, composed, invented, discovered, performed, perfected, or first reduced to practice by Executive (either solely or jointly with others) during Executive's employment with a member of the Company Group ("<u>Inventions</u>"). Executive's obligation relative to the disclosure to the Company or applicable member of the Company Group of such Inventions anticipated in this Section 6(e) shall continue beyond Executive's termination of employment and Executive shall, at the Company's or applicable member of the Company Group's expense, give the Company or applicable member of the Company Group all assistance it reasonably requires to perfect, protect and use its right to the Inventions. "<u>Intellectual Property</u>" means, in any jurisdiction throughout the world, any and all (A) copyrightable works of authorship, (B) trademarks, service marks, logos and domain names, and all goodwill associated therewith, (C) trade secrets, (D) inventions (whether patentable or unpatentable and whether or not reduced to practice), all improvements thereto, and all patents, patent applications and patent disclosures, together with all provisionals, reissuances, continuations, continuations-in-part, divisions, revisions, extensions and reexaminations thereof, and (E) all rights in software, including all database rights.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v)&nbsp;&nbsp;&nbsp;&nbsp; Attached as <u>Exhibit A</u> is a list of any work product, artistic works, works of authorship, formulas, designs, methods, processes, computer software programs (whether in source code, object code or other form, and including all related documentation), algorithms, models, patterns, techniques, databases and data collections (including data residing therein), and any and all Intellectual Property that Executive has created, authored, composed, invented, discovered, performed, perfected, or first reduced to practice prior to the date of Executive's employment with any member of the Company Group and which relate to the business of the Company Group ("<u>Prior Inventions</u>") and which are not assigned to a member of the Company Group by this Agreement. If there is no such <u>Exhibit A</u> attached or if there is nothing listed on it, Executive represents that there are no such Prior Inventions. Executive agrees not to incorporate Prior Inventions into any product or system or other part of the Company Group's operations, and to the extent any such Prior Invention becomes so incorporated, Executive hereby grants to the Company a non-exclusive, fully paid-up, irrevocable, transferable, worldwide license to use and have used (including in manufacture, development, research, sale, offer for sale, importation, export and distribution of) such Prior Invention in any product or system or other aspect of the Company Group's operations into which such Prior Invention becomes incorporated during the time of Executive's employment and for any and all improvements of such product, system or other operation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Permitted Disclosures</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>DTSA Notice</u>: Pursuant to 18 U.S.C. § 1833(b), Executive shall not be held criminally or civilly liable under any Federal or State trade secret law for the disclosure of a trade secret of the Company Group that (1) is made (A) in confidence to a Federal, State, or local government official, either directly or indirectly, or to Executive's attorney and (B) solely for the purpose of reporting or investigating a suspected violation of law; or (2) is made in a complaint or other document that is filed under seal in a lawsuit or other proceeding. If Executive files a lawsuit for retaliation by a member of the Company or any Subsidiary or affiliate for reporting a suspected violation of law, Executive may disclose the trade secret to Executive's attorney and use the trade secret information in the court proceeding, provided Executive (y) files any document containing the trade secret under seal, and (z) does not disclose the trade secret, except pursuant to court order. Nothing in this Agreement is intended to conflict with 18 U.S.C. § 1833(b) or create liability for disclosures of trade secrets that are expressly allowed by such section.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Protected Conduct</u>: Nothing in this Agreement (including Sections 6(d) or 6(e)) or any other agreement Executive may have with any member of the Company Group shall prohibit or restrict Executive from (1) voluntarily communicating with an attorney retained by Executive; (2) voluntarily communicating with any law enforcement, government agency, including the Securities and Exchange Commission ("<u>SEC</u>"), the Equal Employment Opportunity Commission, or any other state or local commission on human rights, or any self-regulatory organization regarding possible violations of law, in each case without advance notice to the Company or applicable Subsidiary or affiliate, or otherwise initiating, testifying, assisting, complying with a subpoena from, or participating in any manner with an investigation conducted by such government agency; (3) recovering a SEC whistleblower award as provided under Section 21F of the Securities Exchange Act of 1934; (4) disclosing any information (including confidential information) to a court or other administrative or legislative body in response to a subpoena, court order or written request (with advance notice to the Company or applicable member of the Company Group prior to any such disclosure to the extent legally permitted); (5) filing or disclosing any facts necessary to receive unemployment insurance, Medicaid or other public benefits to which Executive is entitled; or (6) disclosing the underlying facts or circumstances relating to claims of discrimination, in violation of laws prohibiting discrimination, against the Company or any member of the Company Group. (collectively referred to as "<u>Protected Conduct</u>"). Further, nothing requires notice to or approval from the Company or applicable member of the Company Group before engaging in such Protected Conduct.

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(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Enforcement</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Executive acknowledges that compliance with all provisions, covenants and agreements set forth in this Agreement, and the duration, terms and geographical area thereof, are reasonable and necessary to protect the legitimate business interests of the Company Group.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Executive acknowledges that a breach of Executive's obligations under this Section 6 may result in irreparable and continuing damage to the Company Group for which there is no adequate remedy at law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)&nbsp;&nbsp;&nbsp;&nbsp; Executive acknowledges that Executive's education, experience and/or abilities are such that the enforcement of the restrictive covenants in this Agreement will not prevent Executive from earning a living and will not cause any undue hardship upon Executive. Further, Executive acknowledges that the compensation and benefits Executive receives under this Agreement is mutually agreed upon consideration that is adequate and sufficient to make the covenants in Section 6 immediately binding and enforceable against them.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; In the event of the violation by Executive of any of the covenants contained in this Section 6 the terms of each such covenant so violated shall be automatically extended from the date on which Executive permanently ceases such violation for a period equal to the period in which Executive was in breach of the covenant or for a period of twelve (12) months from the date of the entry by a court of competent jurisdiction of an order or judgment enforcing such covenant(s), whichever period is later; <u>provided</u>, <u>however</u>, this extension of time shall be capped, except as to violations of Section 6(d) hereof, so that the extension of time does not exceed two (2) years from the date Executive's employment ended, and if this extension would make the restriction unenforceable under applicable law it will not be applied.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Each of the restrictive covenants contained in this Agreement is independent of any other contractual obligations of this Agreement or otherwise owed by Executive to the Company and/or any member of the Company Group. Further, should Executive be subject to an agreement with any member of the Company Group containing confidentiality, non-solicitation, and/or non-competition provisions, the restrictive covenants in this Agreement shall supplement (rather than supersede) the covenants in such other agreements ("<u>Other Covenants</u>"), and the Other Covenants shall remain in full force and effect. The existence of any claim or cause of action by Executive against the Company and/or any other member of the Company Group, whether based on this Agreement or otherwise, shall not create a defense to the enforcement by the Company and/or the applicable member of the Company Group of any restrictive covenant contained in this Agreement.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) <u>Executive Review</u>. Executive hereby acknowledges that (i) Executive has been advised to consult with an attorney of Executive's choosing prior to signing this Agreement, including with respect to the non-competition and non-solicitation covenants set forth in Section 6 and other restrictive covenants herein, (ii) Executive has been given at least fourteen (14) calendar days to sign and return this Agreement (the "<u>Consideration and Revocation Period</u>"), (iii) if Executive signs this Agreement during the Consideration and Revocation Period, Executive may revoke Executive's execution of this Agreement prior to the expiration of the Consideration and Revocation Period by providing express written notice of such revocation to the Company (as provided in the Colorado Notice of Restrictive Covenant Agreement Executive received herewith in accordance with Colorado law), (iv) if Executive does not timely sign this Agreement, or if Executive timely revokes Executive's execution of this Agreement, this Agreement will be of no force or effect and the Agreement shall be null and void, and (v) if Executive timely signs and does not timely revoke this Agreement during the Consideration and Revocation Period, the Agreement will become effective on the fifteenth (15th) calendar day following the date on which Executive received this Agreement. (the "<u>Effective Date</u>").

(h) <u>Remedies</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; It is intended that, in view of the nature of the Company Group's business, the restrictions contained in this Section 6 are considered reasonable and necessary to protect the Company Group's legitimate business interests and that any violation of these restrictions would result in irreparable injury to the Company Group. In the event of a material breach (a "<u>Covenant Breach</u>") or threatened Covenant Breach by Executive of any provision contained this Section 6, Executive agrees that the Company or other applicable member of the Company Group may (i) cease or withhold payment to Executive of any severance payments described in Section 5, for which Executive otherwise qualifies under such Section 5, and (ii) seek to obtain remedies in equity, including, without limitation, specific performance, injunctive relief, a temporary restraining order, and/or a permanent injunction in any court of competent jurisdiction in aid of arbitration, to prevent or otherwise restrain a breach of this Agreement, without the necessity of proving damages, posting a bond or other security. The existence of any claim or cause of action of Executive against the Company or any other member of the Company Group, whether predicated on this Agreement or otherwise, shall not constitute a defense to the enforcement by the Company or other applicable member of the Company Group of said covenants. Nothing contained herein shall be construed as prohibiting the Company or other applicable member of the Company Group from pursuing any other legal or equitable remedies available to it or them for any breach or threatened breach of these provisions, including, without limitation, recoupment and other remedies specified in the Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; In the event of a dispute regarding, arising out of, or in connection with the breach, enforcement or interpretation of this Agreement, including, without limitation, any action seeking injunctive relief, the prevailing party shall recover from the other party all reasonable attorneys' fees and costs incurred by such prevailing party in connection therewith.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Company Inventions</u>. Executive acknowledges and agrees that, as between Executive and the Company Group, all Works (as defined below) conceived, created, or reduced to practice by Executive, alone or jointly with others, during Executive's employment shall to the fullest extent permissible by law be solely and exclusively owned by the Company or other applicable member of the Company Group. For clarity, all Works that are protectable by copyright shall be deemed a "work made for hire" under the U.S. Copyright Act, as amended, and the law of any other country adhering to the "works made for hire" or similar notion or doctrine, and all right, title and interest there in will vest in the Company or other applicable member of the Company Group from the moment of creation or conception forward for all purposes without the need for any further action or agreement by Executive or the Company or other applicable member of the Company Group. If any such Works or portions thereof shall not be legally qualified as a work made for hire in the United States, or shall subsequently be held to not be a work made for hire by operation of law or do not already vest in the Company or other applicable member of the Company Group by virtue of its status as Executive's employer, Executive hereby, as of the date such Work was created, irrevocably assigns, transfers and conveys to the Company all of Executive's right, title and interest throughout the world, in and to such Works. In addition to the foregoing assignment of Works to Company, Executive hereby, as of the date such Work was created, irrevocably assigns, transfers and conveys to the Company any and all moral rights and rights of attribution that Executive may have in or with respect to such Works and forever waives and agrees never to assert any and all moral rights and rights of attributions Executive may have with respect to any Works, even after termination of Executive's employment. If Executive has any rights to any Works that cannot be assigned or waived, Executive hereby, as of the date such Work was created, grants to Company an irrevocable, perpetual, fully paid-up, royalty-free, exclusive, transferable, sublicensable, worldwide and unlimited license with respect to any such rights. Executive will not engage in any unauthorized publication or use of such Works, nor will Executive use same to compete with or otherwise cause damage to the business interests of the Company Group. "<u>Works</u>" means all Inventions and all Intellectual Property associated therewith that (A) are developed by Executive using equipment, supplies, facilities or trade secrets of a member of the Company Group, (B) result from work performed by Executive for a member of the Company Group, or (C) relate to the business of the Company Group or actual or demonstrably anticipated research and development of a member of the Company Group. Executive acknowledges and agrees that there may be future rights that the Company or a member of the Company Group may otherwise become entitled to with respect to the Works that do not yet exist, as well as new uses, media, means and forms of exploitation throughout the world exploiting current or future technology yet to be developed, and Executive specifically intends the assignment of rights to the Company set forth herein to include all such now known or unknown uses, media and forms of exploitation throughout the world.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>COMPLIANCE WITH APPLICABLE LAW AND POLICIES</u>. Executive will comply with all Applicable Laws (as defined below) generally applicable to the Parent or any of its Subsidiaries or affiliates and their respective employees, directors and officers. In addition, Executive shall perform all duties in accordance with Applicable Laws and the Parent's and the Company's policies, procedures and rules as such are amended from time to time. "<u>Applicable Laws</u>" means collectively all federal, state and local laws, statutes, ordinances, codes, regulations, rules, requirements, guidelines, court rulings, orders or determinations of all governmental authorities applicable to the performance of Executive's duties.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>ASSIGNMENT</u>. This Agreement, and all of the terms and conditions hereof, shall bind the Company and its successors and assigns and shall bind Executive and Executive's heirs, executors, administrators and successors; <u>provided</u> that the services provided by Executive under this Agreement are of a personal nature, and rights and obligations of Executive under this Agreement shall not be assignable or delegable, except for any death payments otherwise due Executive, which shall be payable to the estate of Executive. The Company may assign the rights and obligations of the Company hereunder, in whole or in part, to any of the Company's Subsidiaries, affiliates or parent corporations; <u>provided</u> <u>that</u> such Subsidiary, affiliate or parent corporation directly or indirectly owns all or substantially all of the Company's consolidated assets, or to any other successor or assign in connection with the sale of all or substantially all of the Company's assets or stock or in connection with any merger, acquisition and/or reorganization, provided the assignee assumes the obligations of the Company hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>SECTION 280G</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp; Notwithstanding anything in this Agreement to the contrary, in the event it shall be determined that any payment or distribution by the Parent, the Company or any other member of the Company Group to or for the benefit of the Executive (whether paid or payable or distributed or distributable pursuant to the terms of this Agreement or otherwise) (such benefits, payments or distributions are hereinafter referred to as "<u>Payments</u>") would, if paid, be subject to the excise tax imposed by Section 4999 of the Code, (the "<u>Excise Tax</u>"), then, prior to the making of any Payments to Executive, a calculation shall be made comparing (i) the net after-tax benefit to Executive of the Payments after payment by Executive of the Excise Tax, to (ii) the net after-tax benefit to Executive if the Payments had been limited to the extent necessary to avoid being subject to the Excise Tax. If the amount calculated under (i) above is less than the amount calculated under (ii) above, then the Payments shall be limited to the extent necessary to avoid being subject to the Excise Tax (the "<u>Reduced Amount</u>"). The reduction of the Payments due hereunder, if applicable, shall be made by first reducing cash Payments against the latest amounts to be paid and then, to the extent necessary, reducing those Payments having the next highest ratio of Parachute Value to actual present value of such Payments as of the date of the Change of Control, reducing the latest amounts to be paid first, as determined by a nationally recognized accounting firm or an accounting firm specializing in Section 280G chosen by the Parent (the "<u>Determination Firm</u>"). For purposes of this Section 9, present value shall be determined in good faith in accordance with Section 280G(d)(4) of the Code. For purposes of this Section 9, the "<u>Parachute Value</u>" of a Payment means the present value as of the date of the Change of Control of the portion of such Payment that constitutes a "parachute payment" under Section 280G(b)(2) of the Code, as determined by the Determination Firm for purposes of determining whether and to what extent the Excise Tax will apply to such Payment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; All determinations required to be made under this <u>Section 9</u>, including whether an Excise Tax would otherwise be imposed, whether the Payments shall be reduced, the amount of the Reduced Amount, and the assumptions to be utilized in arriving at such determinations, shall be made in writing in good faith by the Determination Firm which shall provide detailed supporting calculations to the Parent and Executive within fifteen (15) business days after the receipt of notice from Executive that a Payment is due to be made, or such earlier time as is requested by the Parent. All fees and expenses of the Determination Firm shall be borne solely by the Parent.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>GENERAL</u>.

(a) <u>Notices</u>. Any notices provided hereunder must be in writing and shall be deemed effective upon the earlier of one (1) business day following personal delivery, or the third (3rd) business day after mailing by first class mail to the recipient at the address indicated below:

To the Company:

Silver Opportunity Partners LLC

2209 Big Creek Drive

Kellogg, ID 83837<br> Attention:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Heather White<br> Chief Executive Officer<br> Telephone:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 416 949-5886<br> Email:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; hwhite@silveropp.com

To Executive:

At the address shown in the Company's personnel records or to such other address or to the attention of such other person as the recipient party will have specified by prior written notice to the sending party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Severability</u>. Any provision of this Agreement which is deemed by a court of competent jurisdiction to be invalid, illegal or unenforceable in any jurisdiction shall, as to that jurisdiction and subject to this paragraph be ineffective to the extent of such invalidity, illegality or unenforceability, without affecting in any way the remaining provisions hereof in such jurisdiction or rendering that or any other provisions of this Agreement invalid, illegal, or unenforceable in any other jurisdiction. If any covenant should be deemed invalid, illegal or unenforceable by a court of competent jurisdiction because its scope is considered excessive, such covenant shall be modified so that the scope of the covenant is reduced only to the minimum extent necessary to render the modified covenant valid, legal and enforceable.

(c) <u>Entire Agreement</u>. This Agreement (including any Exhibits) constitutes the sole and entire agreement of the parties to this Agreement with respect to the subject matter contained herein and therein, and, effective as of the Effective Date, supersedes all prior and contemporaneous representations, warranties, understandings and agreements, both written and oral, with respect to such subject matter.<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Counterparts</u>. This Agreement may be executed in counterparts, and each counterpart, when so executed and delivered, shall be deemed to be an original and both counterparts, taken together, shall constitute one and the same Agreement. A faxed or .pdf-ed signature shall operate the same as an original signature.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>Amendment and Modification; Waiver</u>. This Agreement may only be amended, modified or supplemented by an agreement in writing signed by all of the parties hereto. The waiver by either party of the other party's prompt and complete performance, or breach or violation, of any provision of this Agreement shall not operate nor be construed as a waiver of any subsequent breach or violation, and the delay in exercising or failure by any party hereto to exercise any right or remedy which it may possess hereunder shall not operate nor be construed as a bar to the exercise of such right or remedy by such party upon the occurrence of any subsequent breach or violation. No waiver shall be deemed to have occurred unless set forth in a writing executed by or on behalf of the waiving party. No such written waiver shall be deemed a continuing waiver unless specifically stated therein, and each such waiver shall operate only as to the specific term or condition waived and shall not constitute a waiver of such term or condition for the future or as to any act other than that specifically waived.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;&nbsp;&nbsp;&nbsp; <u>Choice of Law</u>. This Agreement and all disputes or controversies arising out of or relating to this Agreement or the transactions contemplated hereby shall be governed by, and construed and interpreted in accordance with, the laws of the State of Colorado without giving effect to principles of conflicts of law of such state.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) <u>Survivorship</u>. The provisions of this Agreement necessary to carry out the intention of the parties as expressed herein shall survive the termination or expiration of this Agreement, including, without limitation, the provisions of Sections 5 and 6 hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) <u>Captions</u>. The captions of this Agreement are for convenience and reference only and in no way define, describe, extend or limit the scope or intent of this Agreement or the intent of any provision hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) <u>Construction</u>. The parties acknowledge that this Agreement is the result of arm's-length negotiations between sophisticated parties, each afforded representation by legal counsel. Each and every provision of this Agreement shall be construed as though both parties participated equally in the drafting of the same, and any rule of construction that a document shall be construed against the drafting party shall not be applicable to this Agreement.

(j) <u>Arbitration</u>. Except as otherwise set forth in Section 6 of this Agreement, the Company and Executive mutually consent to the resolution by final and binding arbitration of any and all disputes, controversies or claims between them including, without limitation, (i) any dispute, controversy or claim related in any way to Executive's employment with the Company or any Subsidiary or affiliate or any termination thereof, (ii) any dispute, controversy or claim of alleged discrimination, harassment or retaliation (including, but not limited to, claims based on race, sex, sexual preference, religion, national origin, age, marital or family status, medical condition, handicap or disability) and (iii) any claim arising out of or relating to this Agreement or the breach thereof (collectively, "<u>Disputes</u>"); <u>provided</u>, <u>however</u>, that nothing herein shall require arbitration of any claim or charge which, by law, cannot be the subject of a compulsory arbitration agreement; <u>provided</u>, <u>further</u>, that notwithstanding anything to the contrary herein, Executive may, but is not required to, arbitrate claims for sexual harassment or assault to the extent applicable law renders a pre-dispute arbitration agreement covering such claims invalid or unenforceable. All Disputes shall be resolved exclusively by arbitration administered by the American Arbitration Association ("<u>AAA</u>") under the AAA Employment Arbitration Rules and Mediation Procedures then in effect (the "<u>AAA Rules</u>").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Any arbitration proceeding brought under this Agreement shall be conducted in Denver, Colorado before one arbitrator selected in accordance with the AAA Rules. The Company will pay for any administrative, hearing fees and/or filing fees charged by the arbitrator or AAA. Each party to any Dispute shall pay its own expenses, including attorneys' fees; <u>provided</u> that, the arbitrator shall award the prevailing party reasonable costs and attorneys' fees incurred but shall not be able to award any special or punitive damages. The arbitrator shall issue a decision or award in writing, stating the essential findings of fact and conclusions of law.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Any judgment on or enforcement of any award, including an award providing for interim or permanent injunctive relief, rendered by the arbitrator may be entered, enforced or appealed from in any court of competent jurisdiction. Any arbitration proceedings, decision or award rendered hereunder, and the validity, effect and interpretation of this arbitration provision, shall be governed by the Federal Arbitration Act, 9 U.S.C. §1 et seq.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)&nbsp;&nbsp;&nbsp;&nbsp; It is part of the essence of this Agreement that any Disputes hereunder shall be resolved expeditiously and as confidentially as possible. Accordingly, the Company and Executive agree that all proceedings in any arbitration shall be conducted under seal and kept strictly confidential. In that regard, no party shall use, disclose or permit the disclosure of any information, evidence or documents produced by any other party in the arbitration proceedings or about the existence, contents or results of the proceedings except as may be required by any legal process, as required in an action in aid of arbitration or for enforcement of or appeal from an arbitral award or as may be permitted by the arbitrator for the preparation and conduct of the arbitration proceedings. Before making any disclosure permitted by the preceding sentence, the party intending to make such disclosure shall give the other party reasonable written notice of the intended disclosure and afford such other party a reasonable opportunity to protect its interests.

(k)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Clawback</u>. Notwithstanding anything herein to the contrary, any performance-based incentive compensation amounts paid or payable to Executive shall be subject to forfeiture, reduction, and/or recoupment (i) to the extent provided in the Parent's Clawback and Forfeiture Policy, as it may be amended from time to time; (ii) to the extent that Executive becomes subject to any other recoupment or clawback policy hereafter adopted by the Parent, including any such policy adopted by the Parent to comply with the requirements of any applicable laws, rules, regulations, or stock exchange listing requirements, including pursuant to final SEC rules under the Dodd-Frank Wall Street Reform and Consumer Protection Act; or (iii) to the extent provided under applicable legal requirements which impose recoupment, under circumstances set forth in such applicable legal requirements, including the Sarbanes-Oxley Act of 2002.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>EXECUTIVE REPRESENTATION AND ACCEPTANCE</u>. By signing this Agreement, Executive hereby represents that Executive is not currently under any contractual obligation to work for another employer and that Executive is not restricted by any agreement or arrangement from entering into this Agreement and performing Executive's duties hereunder.

[Remainder of page is left blank intentionally]

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IN WITNESS WHEREOF AND INTENDING TO BE LEGALLY BOUND THEREBY, the parties hereto have executed and delivered this Agreement effective as of the year and date first above written.

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| | |
|:---|:---|
| **SILVER OPPORTUNITY PARTNERS LLC** | **SILVER OPPORTUNITY PARTNERS LLC** |
| By: | &nbsp;&nbsp;&nbsp; /s/ Heather White |
| Name: Heather White | Name: Heather White |
| Title: Chief Executive Officer | Title: Chief Executive Officer |
| **EXECUTIVE** | **EXECUTIVE** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; /s/ Michelle Shepston | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; /s/ Michelle Shepston |
| Michelle Shepston | Michelle Shepston |

---

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#### EXHIBIT A

#### PRIOR INVENTIONS
Please **INITIAL ONE** of the following:

<u>___</u> I represent and agree that I have no Prior Inventions.

___ I have Prior Inventions (as defined in Section 6(e)(v) of the Agreement) to report, described in full below under "List of Prior Inventions". If my list and description of Prior Inventions requires additional space than provided below, I agree to send any such additional information via email to the Company as set forth in Section 10(a) of the Agreement within five (5) business days of executing this Agreement.

*If you do not initial one of the blanks above, you represent and the Company will assume you do not have any Prior Inventions that may relate to the Company's business or actual or demonstrably anticipated research or development*.

#### LIST OF PRIOR INVENTIONS
<br><u>Identifying Number</u> <br> <u>Title</u> <u>Date</u> <u>or Brief Description</u>

Signature of Executive:  

Print Name of Executive:  

Date:<br>

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## Exhibit 21.1

------

#### Exhibit 21.1

#### Subsidiaries of Sunshine Silver Mining & Refining Company

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| | |
|:---|:---|
| **<u>Name of Subsidiary</u>** | **<u>Jurisdiction of Incorporation or Organization</u>** |
| Silver Opportunity Partners LLC | Delaware (United States) |
| Sunshine Refining Company | Nevada (United States) |
| Sterling Mining Company 1903, Inc. | Idaho (United States) |

---

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## Exhibit 23.1

------

#### Exhibit 23.1<br>

Consent of Independent Registered Public Accounting Firm

We consent to the reference to our firm under the caption "Experts" and to the use of our report dated April 3, 2026 (except Note 18, as to which the date is May 11, 2026), in the Registration Statement (Form S-1) and related Prospectus of Sunshine Silver Mining & Refining Company for the registration of shares of its common stock.

/s/ Ernst & Young LLP

Denver, Colorado

May 11, 2026

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## Exhibit 23.3

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---

| | |
|:---|:---|
| **SLR International Corporation** | ![](ny20061035x4_ex23-3img001.jpg) |
| **165 South Union Bldv, Suite 888, Lakewoos, CO 80228** |  |

---

May 8, 2026

Exhibit 23.3

#### Consent of Qualified Person
SLR International Corporation ("**SLR**"), in connection with the Registration Statement on Form S-1 (the "Registration Statement") of Sunshine Silver Mining & Refining Company (the "Company"), consents to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the filing and use by the Company of and references to the technical report summary titled "S-K 1300 Technical Report Summary on the Initial Assessment, Sunshine Mine, Idaho, USA", dated March 25, 2026 (the "Technical Report
 Summary"), that was prepared in accordance with Subpart 1300 of Regulation S-K promulgated by the U.S. Securities and Exchange Commission (the "SEC") and which is referenced in the Registration Statement as Exhibit 96.1 thereto;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the use of and references to our name, including our status as a "qualified person" (as defined in Subpart 1300 of Regulation S-K promulgated by the SEC) in connection with the Registration Statement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any extracts from or a summary of the Technical Report Summary in the Registration Statement and the use of any information derived, summarized, quoted or referenced from the Technical Report Summary, or portions thereof, that was
 or were prepared by us, that we supervised the preparation of and/or that was or were reviewed and approved or certified by us, that is or are included in the Registration Statement.

SLR is responsible for authoring, and this consent pertains to, the Technical Report Summary. SLR certifies that it has read the Registration Statement and that it fairly and accurately represents the information in the Technical Report Summary for which it is responsible.

#### SLR International Corporation
Per:

---

| |
|:---|
| /s/ Grant A. Malensek |
| **Grant A. Malensek, P.Eng.**<br> Technical Director – Mining Advisory |

---

------

## Exhibit 23.4

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#### Exhibit 23.4

---

| | |
|:---|:---|
| ![](ny20061035x4_ex23-4img1.jpg) | SRK Consulting (U.S.), Inc. <br> 999 17th Street, Suite 400<br> Denver, CO 80202<br> United States<br>+1 303 985 1333 office<br> +1 303 985 9947 fax<br>denver@srk.com <br> www.srk.com<br>|

---

April 29, 2026

Sunshine Silver Mining & Refining Company

2209 Big Creek Rd

Kellogg, Idaho 83837

---

| | |
|:---|:---|
| **Subject** | Consent Letter – S-K 1300 Technical Report Summary on the Initial Assessment for the Sunshine Mine, Idaho, USA |

---

---

| | |
|:---|:---|
| **Project** | The Sunshine Mine<br>SRK Consulting (U.S.), Inc. ("**SRK**") consents to the issue of the S-K 1300 Technical Report Summary on the Initial Assessment for the Sunshine Mine, Idaho, USA, dated March 25, 2026 (the "**Report**") in the form and context in which it is to be included in documentation distributed to the directors of Sunshine Silver Mining & Refining Company (the "**Company**") and in the filing of the Registration Statement on Form S-1 of the Company (the "**Registration Statement**") with the U.S. Securities and Exchange Commission (the "**SEC**"). SRK is the "qualified person" (as defined in Subpart 1300 of Regulation S-K promulgated by the SEC) for the sections of the Report as identified in section 2.2 of the Report.<br>Additionally, SRK consents to the use of and references to its name, including its status as a "qualified person" in connection with the Registration Statement, and to any extracts from or a summary of the Report in the Registration Statement and the use of information derived, summarized, quoted or referenced from the Report, or portions thereof, that was or were prepared by SRK, that SRK supervised the preparation of and/or the drill hole results from the recent infill and exploration drilling that were reviewed and approved or certified by SRK, that is or are included in the Registration Statement.<br>SRK further confirms that this consent has not been nor will be withdrawn.<br>Neither the whole nor any part of the Report nor any reference thereto may be included in any other document without the prior written consent of SRK as to the form and context in which it appears.<br>|

---

Regards,

*/s/* SRK Consulting (U.S.), Inc.

SRK Consulting (U.S.), Inc.

999 17th Street, Suite 400

Denver, CO 80202 USA

------

## Exhibit 23.5

------

**Exhibit 23.5**<br>

**** 

#### CONSENT OF SCOUT DISCOVERIES CORP.

In connection with the filing of the Registration Statement on Form S-1 (the "**Registration Statement**") of Sunshine Silver Mining & Refining Company with the U.S. Securities and Exchange Commission (the "**SEC**"), Scout Discoveries Corp. ("**Scout**") consents to the use of and references to the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. The undersigned is executing this consent solely in their capacity as a Qualified Person on behalf of Scout, and not in their individual or personal capacity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. the undersigned's name, including the undersigned's status as an expert or "qualified person" (as defined in Subpart 1300 of Regulation S-K promulgated by the SEC), in connection with the Registration Statement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii. any extracts from or summaries of the exploration results included in the Registration Statement that were prepared by Scout, that the undersigned supervised the preparation of and/or that were reviewed and approved by the undersigned, that are included in the Registration Statement.

Scout further confirms that this consent has not been nor will be withdrawn with respect to the Registration Statement.

Dated: May 01, 2026

#### SCOUT DISCOVERIES CORP.

#### <br>

**---

| | |
|:---|:---|
| By: | /s/Amanda Irons, CPG |
| Name: | Amanda Irons, CPG |

---

**

------

## Exhibit 23.6

------

**Exhibit 23.6**<br>

**** 

May 01, 2026

#### Sunshine Silver Mining & Refining Company
2209 Big Creek Rd

Kellogg, Idaho 83837

#### Re: Consent of Scout Discoveries Corp.

Ladies and Gentlemen,

Reference is made to the registration statement on Form S-1 (the "**Registration Statement**") filed by Sunshine Silver Mining & Refining Company (the "**Company**") with the United States Securities and Exchange Commission (the "**SEC**") under the Securities Act of 1933, as amended, in connection with its proposed initial public offering (the "**Proposed IPO**").

We hereby consent to the use of and references to our name, and to the inclusion of information, data, estimates and statements prepared by us in March 2026, (i) in the Registration Statement and any amendments thereto, including under the "Qualified Persons Statement," "Prospectus Summary," "Business" and "Certain Relationships and Related Party Transactions" sections, (ii) in any written correspondence with the SEC, (iii) in any other future filings with the SEC by the Company solely to the extent relating to the Registration Statement and the Proposed IPO, including, filings on Form 10-K, Form 10-Q, Form 8-K and other SEC filings (collectively, the "**SEC Filings**"), (iv) on the websites or in the publicity materials of the Company and its subsidiaries and affiliates in connection with the Proposed IPO, (v) in institutional and retail roadshows and other activities in connection with the Proposed IPO and (vi) in other publicity and marketing materials in connection with the Proposed IPO. In granting such consent, we represent that, to our knowledge, the information, data, estimates and statements prepared by us in March 2026 are accurate and fairly present the matters referred to therein.

We further hereby consent to the filing of this letter as an exhibit to the Registration Statement and any amendments thereto and as an exhibit to any other SEC Filings by the Company for the use of our name and information cited for the above-mentioned purposes.

[*Signature page follows*]

------

---

| | |
|:---|:---|
| Yours faithfully, | Yours faithfully, |
| **Scout Discoveries Corp.** | **Scout Discoveries Corp.** |
|  | /s/ Amanda Irons |
|  | Name: Amanda Irons |
|  | Title: VP of Corporate Development |

---

#### <br>

[*Signature Page to Consent*]

------

## Exhibit 23.7

------

**Exhibit 23.7**<br>

<br> April 24, 2026

#### Sunshine Silver Mining & Refining Company
2209 Big Creek Rd

Kellogg, Idaho 83837

#### Re: Consent of Argus Media, Inc.

Ladies and Gentlemen,

Reference is made to the registration statement on Form S-1 (the "Registration Statement") filed by Sunshine Silver Mining & Refining Company (the "Company") with the United States Securities and Exchange Commission (the "SEC") under the Securities Act of 1933, as amended, in connection with its proposed initial public offering (the "Proposed IPO").

We hereby consent to the use of and references to our name, and to the inclusion of information, data, estimates and statements from the antimony market report entitled "*Antimony Market Assessment*" prepared by us in December 2025 (the "Argus Report"), as well as the citation of the Argus Report, (i) in the Registration Statement and any amendments thereto, including, but not limited to, under the "Prospectus Summary," "Industry Overview" and "Business" sections, (ii) in any written correspondence with the SEC, (iii) in any other future filings with the SEC by the Company, including, without limitation, filings on Form 10-K, Form 10-Q, Form 8-K and other SEC filings (collectively, the "SEC Filings"), (iv) on the websites or in the publicity materials of the Company and its subsidiaries and affiliates, (v) in institutional and retail roadshows and other activities in connection with the Proposed IPO and (vi) in other publicity and marketing materials in connection with the Proposed IPO. In granting such consent, we represent that, to our knowledge, the information, data, estimates and statements from the Argus Report are accurate and fairly present the matters referred to therein.

We further hereby consent to the filing of this letter as an exhibit to the Registration Statement and any amendments thereto and as an exhibit to any other SEC Filings by the Company for the use of our data and information cited for the above-mentioned purposes.

[*Signature page follows*]

------

---

| |
|:---|
| Yours faithfully, |
| **Argus Media, Inc.** |
| &nbsp;&nbsp;/s/ Chris Hairel |
| &nbsp;&nbsp; Name: Chris Hairel |
| &nbsp;&nbsp; Title: Vice President, Consulting<br>|
| Dated: 4/24/2026 |

---

#### <br>

[*Signature Page to Consent*]

------

## Exhibit 23.8

------

**Exhibit 23.8**<br>

**** 

April 30, 2026

#### Sunshine Silver Mining & Refining Company
2209 Big Creek Rd

Kellogg, Idaho 83837

#### Re: Consent of Samuel Engineering, Inc.

Ladies and Gentlemen,

Reference is made to the registration statement on Form S-1 (the "Registration Statement") filed by Sunshine Silver Mining & Refining Company (the "Company") with the United States Securities and Exchange Commission (the "SEC") under the Securities Act of 1933, as amended, in connection with its proposed initial public offering (the "Proposed IPO").

We hereby consent to the use of and references to our name, and to the inclusion of information, data, estimates and statements from the antimony plant report entitled "*Sunshine Silver Mining & Refining Corporation Antimony Plant Viability Summary Report*" prepared by us in April 2025 (the "Class 5 Study"), as well as the citation of the Class 5 Study, (i) in the Registration Statement and any amendments thereto, including, but not limited to, under the "Prospectus Summary" and "Business" sections, (ii) in any written correspondence with the SEC, (iii) in any other future filings with the SEC by the Company, including, without limitation, filings on Form 10-K, Form 10-Q, Form 8-K and other SEC filings (collectively, the "SEC Filings"), (iv) on the websites or in the publicity materials of the Company and its subsidiaries and affiliates, (v) in institutional and retail roadshows and other activities in connection with the Proposed IPO and (vi) in other publicity and marketing materials in connection with the Proposed IPO. In granting such consent, we represent that, to our knowledge, the information, data, estimates and statements from the Class 5 Study are accurate and fairly present the matters referred to therein.

We further hereby consent to the filing of this letter as an exhibit to the Registration Statement and any amendments thereto and as an exhibit to any other SEC Filings by the Company for the use of our data and information cited for the above-mentioned purposes.

[*Signature page follows*]

------

---

| |
|:---|
| Yours faithfully, |
| **Samuel Engineering, Inc.** |
| &nbsp;&nbsp;/s/ Josh Maida |
| &nbsp;&nbsp; Name: Josh Maida |
| &nbsp;&nbsp; Title: President |

---

#### <br>

[*Signature Page to Consent*]

------

## Exhibit 23.9

------

**Exhibit 23.9**<br>

**** 

<br> May 4, 2026

#### Sunshine Silver Mining & Refining Company
2209 Big Creek Rd

Kellogg, Idaho 83837

#### Re: Consent of trajectorE Engineering, Inc.

Ladies and Gentlemen,

Reference is made to the registration statement on Form S-1 (the "Registration Statement") filed by Sunshine Silver Mining & Refining Company (the "Company") with the United States Securities and Exchange Commission (the "SEC") under the Securities Act of 1933, as amended, in connection with its proposed initial public offering (the "Proposed IPO").

We hereby consent to the use of and references to our name, and to the inclusion of information, data, estimates and statements from the Sunshine Silver/Copper Refinery (as defined in the Registration Statement) report entitled "*Silver Refinery Process Study and Class V Estimate*" prepared by us in November 2025 (the "Class V Estimate"), as well as the citation of the Class V Estimate, (i) in the Registration Statement and any amendments thereto, including, but not limited to, under the "Prospectus Summary" and "Business" sections, (ii) in any written correspondence with the SEC, (iii) in any other future filings with the SEC by the Company, including, without limitation, filings on Form 10-K, Form 10-Q, Form 8-K and other SEC filings (collectively, the "SEC Filings"), (iv) on the websites or in the publicity materials of the Company and its subsidiaries and affiliates, (v) in institutional and retail roadshows and other activities in connection with the Proposed IPO and (vi) in other publicity and marketing materials in connection with the Proposed IPO. In granting such consent, we represent that, to our knowledge, the information, data, estimates and statements from the Class V Estimate are accurate and fairly present the matters referred to therein.

We further hereby consent to the filing of this letter as an exhibit to the Registration Statement and any amendments thereto and as an exhibit to any other SEC Filings by the Company for the use of our data and information cited for the above-mentioned purposes.

[*Signature page follows*]

------

---

| |
|:---|
| Yours faithfully, |
| **trajectorE Engineering, Inc.** |
| &nbsp;&nbsp;/s/ Don Stevens |
| &nbsp;&nbsp; Name: Don Stevens |
| &nbsp;&nbsp; Title: Chief Operating Officer |

---

#### <br>

[*Signature Page to Consent*]

------

## Exhibit 96.1

**Exhibit 96.1**

![](ny20061035x4_ex96-1img001.jpg)

**S-K 1300 Technical Report Summary <br> on the Initial Assessment**

**Sunshine Mine, Idaho, USA**

**Silver Opportunity Partners LLC**

2209 Big Creek Rd., Kellogg, ID 83837

Prepared by:

**SLR International Corporation**

1658 Cole Blvd, Suite 100, Lakewood, Colorado, 80401

SLR Project No.: 123.020552.00001

Report Date:

March 25, 2026

Revision: 2

------

<u> Silver Opportunity Partners LLC \| Sunshine Mine S-K 1300 Technical Report Summary on the Initial Assessment </u> <u> March 25, 2026 SLR Project No.: 123.020552.00001 </u>

**Table of Contents**

---

| | | |
|:---|:---|:---|
| **[**Table of Contents**](#a001)** | **[**Table of Contents**](#a001)** | **i** |
| [**1.0**](#a002) | [**Executive Summary**](#a002) | **1-1** |
| [1.1](#a003) | [Summary](#a003) | 1-1 |
| [1.2](#a004) | [Economic Analysis](#a004) | 1-17 |
| [1.3](#a005) | [Technical Summary](#a005) | 1-26 |
| [**2.0**](#a006) | [**Introduction**](#a006) | **2-1** |
| [2.1](#a007) | [Site Visits](#a007) | 2-2 |
| [2.2](#a008) | [Sources of Information](#a008) | 2-2 |
| [2.3](#a009) | [Abbreviations and Acronyms](#a009) | 2-4 |
| [**3.0**](#a010) | [**Property Description**](#a010) | **3-1** |
| [3.1](#a011) | [Location](#a011) | 3-1 |
| [3.2](#a012) | [Mineral Titles](#a012) | 3-3 |
| [3.3](#a013) | [Royalties, Agreements, and Encumbrances](#a013) | 3-7 |
| [3.4](#a014) | [Environmental Liabilities and Permitting](#a014) | 3-8 |
| [3.5](#a015) | [Other Significant Factors and Risks](#a015) | 3-12 |
| [**4.0**](#a016) | [**Accessibility, Climate, Local Resources, Infrastructure and Physiography**](#a016) | **4-1** |
| [4.1](#a017) | [Accessibility](#a017) | 4-1 |
| [4.2](#a018) | [Climate](#a018) | 4-1 |
| [4.3](#a019) | [Local Resources](#a019) | 4-1 |
| [4.4](#a020) | [Infrastructure](#a020) | 4-1 |
| [4.5](#a021) | [Physiography](#a021) | 4-2 |
| [**5.0**](#a022) | [**History**](#a022) | **5-1** |
| [5.1](#a023) | [Prior Ownership](#a023) | 5-1 |
| [5.2](#a024) | [Exploration and Development History](#a024) | 5-1 |
| [5.3](#a025) | [Past Production](#a025) | 5-1 |
| [**6.0**](#a026) | [**Geological Setting, Mineralization, and Deposit**](#a026) | **6-1** |
| [6.1](#a027) | [Regional Geology](#a027) | 6-1 |
| [6.2](#a028) | [Local and Property Geology](#a028) | 6-1 |
| [6.3](#a029) | [Deposit Types](#a029) | 6-7 |
| [**7.0**](#a030) | [**Exploration**](#a030) | **7-1** |
| [7.1](#a031) | [Exploration](#a031) | 7-1 |
| [7.2](#a032) | [Drilling](#a032) | 7-1 |
| [7.3](#a033) | [Hydrogeology Data](#a033) | 7-13 |

---

i ![](ny20061035x4_ex96-1img002.jpg)

------

<u> Silver Opportunity Partners LLC \| Sunshine Mine S-K 1300 Technical Report Summary on the Initial Assessment </u> <u> March 25, 2026 SLR Project No.: 123.020552.00001 </u>

---

| | | |
|:---|:---|:---|
| [7.4](#a034) | [Geotechnical Data](#a034) | 7-14 |
| [**8.0**](#a035) | [**Sample Preparation, Analyses, and Security**](#a035) | **8-1** |
| [8.1](#a036) | [Overview](#a036) | 8-1 |
| [8.2](#a037) | [Security Measures](#a037) | 8-1 |
| [8.3](#a038) | [Sample Preparation for Analysis](#a038) | 8-1 |
| [8.4](#a039) | [Sample Analysis](#a039) | 8-2 |
| [8.5](#a040) | [QA/QC Procedures](#a040) | 8-2 |
| [8.6](#a041) | [Opinion on Adequacy](#a041) | 8-9 |
| [**9.0**](#a042) | [**Data Verification**](#a042) | **9-1** |
| [9.1](#a043) | [Site Visit](#a043) | 9-1 |
| [9.2](#a044) | [QA/QC Analysis](#a044) | 9-2 |
| [9.3](#a045) | [Database Verification](#a045) | 9-2 |
| [9.4](#a046) | [Limitations](#a046) | 9-3 |
| [9.5](#a047) | [Opinion on Data Adequacy](#a047) | 9-4 |
| [**10.0**](#a048) | [**Mineral Processing and Metallurgical Testing**](#a048) | **10-1** |
| [10.1](#a049) | [Introduction](#a049) | 10-1 |
| [10.2](#a050) | [Descriptions of Historical Processes](#a050) | 10-1 |
| [10.3](#a051) | [Mineral Processing Operating Results](#a051) | 10-5 |
| [10.4](#a052) | [Historical Production](#a052) | 10-7 |
| [10.5](#a053) | [Metallurgical Test Work – G&T](#a053) | 10-9 |
| [10.6](#a054) | [Ore Sorting Test Work – Steinert](#a054) | 10-18 |
| [10.7](#a055) | [Solid-Liquid Separation – Pocock Industrial Inc.](#a055) | 10-19 |
| [10.8](#a056) | [Paste Backfill System](#a056) | 10-22 |
| [10.9](#a057) | [QP Opinion](#a057) | 10-24 |
| [**11.0**](#a058) | [**Mineral Resource Estimates**](#a058) | **11-1** |
| [11.1](#a059) | [Summary](#a059) | 11-1 |
| [11.2](#a060) | [Introduction](#a060) | 11-1 |
| [11.3](#a061) | [Geological Database](#a061) | 11-2 |
| [11.4](#a062) | [Geological Model](#a062) | 11-7 |
| [11.5](#a063) | [Assay Capping and Compositing](#a063) | 11-9 |
| [11.6](#a064) | [Bulk Density](#a064) | 11-15 |
| [11.7](#a065) | [Variogram Analysis](#a065) | 11-16 |
| [11.8](#a066) | [Block Model](#a066) | 11-16 |
| [11.9](#a067) | [Grade Estimation Methodology](#a067) | 11-19 |

---

ii ![](ny20061035x4_ex96-1img002.jpg)

------

<u> Silver Opportunity Partners LLC \| Sunshine Mine S-K 1300 Technical Report Summary on the Initial Assessment </u> <u> March 25, 2026 SLR Project No.: 123.020552.00001 </u>

---

| | | |
|:---|:---|:---|
| [11.10](#a068) | [Model Validation](#a068) | 11-24 |
| [11.11](#a069) | [Classification](#a069) | 11-29 |
| [11.12](#a070) | [Demonstration of Reasonable Prospects for Economic Extraction](#a070) | 11-32 |
| [11.13](#a071) | [Mineral Resource Statement](#a071) | 11-34 |
| [**12.0**](#a072) | [**Mineral Reserve Estimates**](#a072) | **12-1** |
| [**13.0**](#a073) | [**Mining Methods**](#a073) | **13-1** |
| [13.1](#a074) | [Introduction](#a074) | 13-1 |
| [13.2](#a075) | [Mine Design](#a075) | 13-5 |
| [13.3](#a076) | [Mining Method](#a076) | 13-12 |
| [13.4](#a077) | [Potentially Mineable Material](#a077) | 13-21 |
| [13.5](#a078) | [Geomechanics](#a078) | 13-32 |
| [13.6](#a079) | [Pre-Production Schedule](#a079) | 13-36 |
| [13.7](#a080) | [Life of Mine Plan Scenarios](#a080) | 13-39 |
| [13.8](#a081) | [Mining Infrastructure](#a081) | 13-48 |
| [13.9](#a082) | [Mine Equipment](#a082) | 13-59 |
| [13.10](#a083) | [Items for Consideration in the Next Stage of Work](#a083) | 13-60 |
| [**14.0**](#a084) | [**Processing and Recovery Methods**](#a084) | **14-1** |
| [14.1](#a085) | [Summary Process Description](#a085) | 14-1 |
| [14.2](#a086) | [Process Description](#a086) | 14-2 |
| [14.3](#a087) | [Metal Recovery](#a087) | 14-6 |
| [**15.0**](#a088) | [**Infrastructure**](#a088) | **15-1** |
| [15.1](#a089) | [Site Layout and Access](#a089) | 15-1 |
| [15.2](#a090) | [Waste Rock Storage Facilities](#a090) | 15-4 |
| [15.3](#a091) | [Energy Supply](#a091) | 15-4 |
| [15.4](#a092) | [Compressed Air](#a092) | 15-4 |
| [15.5](#a093) | [Water](#a093) | 15-5 |
| [15.6](#a094) | [Site Buildings](#a094) | 15-6 |
| [15.7](#a095) | [Security](#a095) | 15-6 |
| [15.8](#a096) | [Tailings](#a096) | 15-7 |
| [15.9](#a097) | [Employee Transportation](#a097) | 15-13 |
| [**16.0**](#a098) | [**Market Studies**](#a098) | **16-1** |
| [16.1](#a099) | [Markets](#a099) | 16-1 |
| [16.2](#a100) | [Contracts](#a100) | 16-1 |
| [**17.0**](#a101) | [**Environmental Studies, Permitting, and Plans, Negotiations, or Agreements with Local Individuals or Groups**](#a101) | **17-1** |

---

iii ![](ny20061035x4_ex96-1img002.jpg)

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<u> Silver Opportunity Partners LLC \| Sunshine Mine S-K 1300 Technical Report Summary on the Initial Assessment </u> <u> March 25, 2026 SLR Project No.: 123.020552.00001 </u>

---

| | | |
|:---|:---|:---|
| [17.1](#a102) | [Summary](#a102) | 17-1 |
| [17.2](#a103) | [Environmental Studies](#a103) | 17-2 |
| [17.3](#a104) | [Project Permitting](#a104) | 17-4 |
| [17.4](#a105) | [Environmental Impacts](#a105) | 17-6 |
| [17.5](#a106) | [Environmental Monitoring and Reporting](#a106) | 17-7 |
| [17.6](#a107) | [Community Relations and Social Responsibilities](#a107) | 17-7 |
| [17.7](#a108) | [Mine Closure Requirements](#a108) | 17-7 |
| [17.8](#a109) | [QP Opinion](#a109) | 17-8 |
| [**18.0**](#a110) | [**Capital and Operating Costs**](#a110) | **18-1** |
| [18.1](#a111) | [Capital Costs](#a111) | 18-1 |
| [18.2](#a112) | [Operating Costs](#a112) | 18-5 |
| [**19.0**](#a113) | [**Economic Analysis**](#a113) | **19-1** |
| [19.1](#a114) | [Base Case](#a114) | 19-1 |
| [19.2](#a115) | [Indicated Only Case](#a115) | 19-7 |
| [19.3](#a116) | [Comparison of Cases](#a116) | 19-13 |
| [**20.0**](#a117) | [**Adjacent Properties**](#a117) | **20-1** |
| [**21.0**](#a118) | [**Other Relevant Data and Information**](#a118) | **21-1** |
| [**22.0**](#a119) | [**Interpretation and Conclusions**](#a119) | **22-1** |
| [22.1](#a120) | [Geology and Mineral Resources](#a120) | 22-1 |
| [22.2](#a121) | [Mining and Mineral Reserves](#a121) | 22-3 |
| [22.3](#a122) | [Mineral Processing](#a122) | 22-6 |
| [22.4](#a123) | [Infrastructure](#a123) | 22-10 |
| [22.5](#a124) | [Environment](#a124) | 22-10 |
| [22.6](#a125) | [Capital and Operating Costs](#a125) | 22-11 |
| [**23.0**](#a126) | [**Recommendations**](#a126) | **23-1** |
| [23.1](#a127) | [Summary](#a127) | 23-1 |
| [23.2](#a128) | [Geology and Mineral Resources](#a128) | 23-2 |
| [23.3](#a129) | [Mining and Mineral Reserves](#a129) | 23-3 |
| [23.4](#a130) | [Mineral Processing](#a130) | 23-4 |
| [23.5](#a131) | [Infrastructure](#a131) | 23-4 |
| [23.6](#a132) | [Environment](#a132) | 23-5 |
| [23.7](#a133) | [Capital and Operating Costs](#a133) | 23-5 |
| [**24.0**](#a134) | [**References**](#a134) | **24-1** |
| [**25.0**](#a135) | [**Reliance on Information Provided by the Registrant**](#a135) | **25-1** |

---

iv ![](ny20061035x4_ex96-1img002.jpg)

------

<u> Silver Opportunity Partners LLC \| Sunshine Mine S-K 1300 Technical Report Summary on the Initial Assessment </u> <u> March 25, 2026 SLR Project No.: 123.020552.00001 </u>

---

| | | |
|:---|:---|:---|
| [**26.0**](#a136) | [**Date and Signature Page**](#a136) | **26-1** |
| [**27.0**](#a137) | [**Appendix 1 Cash Flow Analysis**](#a137) | **27-1** |
| [**28.0**](#a138) | [**Appendix 2 List of Claims**](#a138) | **28-1** |

---

**Tables**

---

| | | |
|:---|:---|:---|
| Table 1-1: | Recommended PFS Tasks and Cost Ranges | 1-13 |
| Table 1-2: | Resource Definition Drilling Capital Estimate | 1-14 |
| Table 1-3: | After-Tax Cash Flow Summary – Base Case | 1-19 |
| Table 1-4: | After-Tax Cash Flow Summary – Indicated Only Case | 1-23 |
| Table 1-5: | Comparison of Cash Flow – Base Case and Indicated Only Case | 1-24 |
| Table 1-6: | Sunshine Mine Underground Mineral Resources as of February 24, 2026, SRK Consulting (U.S.), Inc. | 1-29 |
| Table 1-7: | Potentially Mineable Material | 1-31 |
| Table 1-8: | Capital Summary | 1-34 |
| Table 1-9: | Operating Cost Summary | 1-35 |
| Table 2-1: | Qualified Persons and Responsibilities | 2-3 |
| Table 3-1: | Property Mineral Rights and Claims | 3-3 |
| Table 3-2: | Summary of SOP Claims and Leases by Area | 3-7 |
| Table 3-3: | Potential Sunshine Mine Activities and Permits | 3-10 |
| Table 7-1: | Summary of 2022-2023 SOP Drill Hole Results | 7-9 |
| Table 7-2: | Summary of In Situ Stress Measurements, Coeur d'Alene Mining District USA (MPa) | 7-14 |
| Table 7-3: | In Situ Stress Measurement 4800 Level Sunshine Mine | 7-15 |
| Table 7-4: | Uniaxial Properties of Sunshine Mine Rocks | 7-15 |
| Table 7-5: | RQD Classification of Five Drill Holes | 7-16 |
| Table 8-1: | Summary of CRM Standards | 8-3 |
| Table 8-2: | Summary of Core Blanks | 8-5 |
| Table 8-3: | Summary of Duplicates | 8-6 |
| Table 8-4: | Summary of Check Assays | 8-8 |
| Table 10-1: | Silver-Copper Flotation Concentrate Quality 1999 | 10-6 |
| Table 10-2: | Antimony Plant Residue (Cleaned Silver Concentrate) Quality 1999 | 10-6 |
| Table 10-3: | Lead Flotation Concentrate Quality 1999 | 10-6 |
| Table 10-4: | Analysis of Payable and Penalty Elements | 10-7 |
| Table 10-5: | Summary of Sunshine Production (1950 – 2008) | 10-8 |

---

v ![](ny20061035x4_ex96-1img002.jpg)

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<u> Silver Opportunity Partners LLC \| Sunshine Mine S-K 1300 Technical Report Summary on the Initial Assessment </u> <u> March 25, 2026 SLR Project No.: 123.020552.00001 </u>

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| | | |
|:---|:---|:---|
| Table 10-6: | Head Analyses and Mineralogical Composition of the Sunshine Master Composites | 10-12 |
| Table 10-7: | Summary of Comminution Test Work Conducted on the Sunshine Test Composites | 10-13 |
| Table 10-8: | Summary of Locked-Cycle Tests on the Western Stope Composite | 10-14 |
| Table 10-9: | Summary of Pilot Plant Campaign on the Western Stope Composite | 10-16 |
| Table 10-10: | Pilot Plant Flowsheet Used for the Eastern Stope Composite | 10-17 |
| Table 10-11: | Summary of Ore Sorter Test Results | 10-18 |
| Table 10-12: | Sunshine Concentrate and Tailings Sample Characterization | 10-19 |
| Table 10-13: | Flocculant Dosage Parameters for Copper and Lead Concentrates and the Final Tailings | 10-20 |
| Table 10-14: | Thickener Sizing Criteria and Flocculant Dosage Rates for Copper and Lead Concentrates and the Final Tailings | 10-20 |
| Table 10-15: | Summary of Vacuum Filtration Test Results | 10-21 |
| Table 10-16: | Summary Pressure Filtration Test Results on Copper and Lead Concentrates | 10-22 |
| Table 11-1: | Sunshine Mine Underground Mineral Resources as of February 24, 2026, SRK Consulting (U.S.), Inc. | 11-1 |
| Table 11-2: | Sunshine Modeled Vein Bounds | 11-2 |
| Table 11-3: | Summary of Composite Lengths for Individual Veins | 11-10 |
| Table 11-4: | Example of Statistical Capping Analysis for North Yankee Boy Silver Grade | 11-12 |
| Table 11-5: | Applied Sample Capping Levels for Silver | 11-14 |
| Table 11-6: | Specific Graphic Statistics | 11-15 |
| Table 11-7: | Block Model Extents Summary | 11-16 |
| Table 11-8: | Volume Comparison Between Wireframes and Block Models | 11-18 |
| Table 11-9: | Search Pass Parameters for Sunshine Mineral Resources | 11-21 |
| Table 11-10: | Unique Estimation Parameters for Sunshine Mineral Resources | 11-21 |
| Table 11-11: | Model Validation by Statistical Analysis | 11-26 |
| Table 11-12: | Sunshine Mine Underground Mineral Resources as of February 24, 2026, SRK Consulting (U.S.), Inc. | 11-35 |
| Table 11-13: | Estimated Indicated Resources by Vein | 11-35 |
| Table 11-14: | Estimated Inferred Resources by Vein | 11-37 |
| Table 11-15: | Grade Tonnage Table of Sunshine Indicated Resources | 11-38 |
| Table 11-16: | Grade Tonnage Table of Sunshine Inferred Resources | 11-39 |
| Table 13-1: | Jewell Shaft Elevations | 13-6 |
| Table 13-2: | Cut and Fill Stope Design Parameters | 13-14 |

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<u> Silver Opportunity Partners LLC \| Sunshine Mine S-K 1300 Technical Report Summary on the Initial Assessment </u> <u> March 25, 2026 SLR Project No.: 123.020552.00001 </u>

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| | | |
|:---|:---|:---|
| Table 13-3: | Long Hole Stope Design Parameters | 13-17 |
| Table 13-4: | Stope Optimizer Input Parameters | 13-22 |
| Table 13-5: | Mineable Inventory Cut-Off Grade Estimation | 13-23 |
| Table 13-6: | Potentially Mineable Material – Base Case LOM Plan | 13-26 |
| Table 13-7: | Base Case LOM Plan – Production Summary by Vein | 13-27 |
| Table 13-8: | Base Case LOM Plan – Production Summary by Level | 13-28 |
| Table 13-9: | Annual Percentage of Inferred Resources in the Base Case LOM Plan | 13-29 |
| Table 13-10: | Indicated LOM Plan by Year | 13-31 |
| Table 13-11: | RQD Domain Classification | 13-32 |
| Table 13-12: | RQD Classification of Five Drill Holes | 13-33 |
| Table 13-13: | Base Case and Indicated Only Case LOM Plans – Mine Production Summary | 13-40 |
| Table 13-16: | Base Case – LOM Total Development | 13-43 |
| Table 13-17: | Indicated Only Case – Mine Production Data | 13-46 |
| Table 13-18: | Indicated Only Case – LOM Total Development | 13-47 |
| Table 13-19: | Jewell Shaft Block Mine Ventilation Requirement for Equipment | 13-53 |
| Table 13-20: | Mine Equipment List | 13-59 |
| Table 14-1: | Concentrator Production Criteria | 14-1 |
| Table 14-2: | Process Reagents and Consumables | 14-6 |
| Table 14-3: | Annual Sunshine Concentrator Operating Results Reported from 1988-1999 | 14-7 |
| Table 16-1: | Silver-Copper Concentrate Terms | 16-2 |
| Table 16-2: | Lead-Silver Concentrate Terms | 16-2 |
| Table 17-1: | SOP Environmental Permits for Operation | 17-5 |
| Table 18-1: | LOM Capital Summary – Base Case | 18-1 |
| Table 18-2: | Pre-Production Capital Cost by Year – Base Case | 18-1 |
| Table 18-3: | Mine Pre-Production Capital Cost by Year – Base Case | 18-2 |
| Table 18-4: | Plant and Surface Pre-production Capital Cost by Year – Base Case | 18-2 |
| Table 18-5: | Sustaining Capital Cost by Year | 18-4 |
| Table 18-6: | LOM Capital Summary – Indicated Only Case | 18-5 |
| Table 18-7: | Operating Cost Summary – Base Case | 18-5 |
| Table 18-8: | Unit Mine Operating Costs – Base Case | 18-6 |
| Table 18-9: | LOM Mine Operating Costs – Base Case | 18-7 |
| Table 18-10: | Process Labor Costs – Base Case – 1,000 stpd | 18-8 |
| Table 18-11: | Power Consumption and Unit Costs – Base Case – 1,000 stpd | 18-8 |
| Table 18-12: | Reagents and Consumables Unit Costs - Base Case – 1,000 stpd | 18-8 |

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<u> Silver Opportunity Partners LLC \| Sunshine Mine S-K 1300 Technical Report Summary on the Initial Assessment </u> <u> March 25, 2026 SLR Project No.: 123.020552.00001 </u>

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|:---|:---|:---|
| Table 18-13: | Process Operating Unit Costs Summary – Base Case – 1,000 stpd | 18-9 |
| Table 18-14: | Steady State (Year 5) Workforce – Base Case | 18-9 |
| Table 18-15: | Operating Cost Summary – Indicated Only Case | 18-10 |
| Table 18-16: | Process Labor Costs – Indicated Only Case – 500 stpd | 18-10 |
| Table 18-17: | Power Consumption and Unit Costs – Indicated Only Case – 500 stpd | 18-10 |
| Table 18-18: | Reagents and Consumables Unit Costs - Indicated Only Case – 500 stpd | 18-11 |
| Table 18-19: | Process Operating Unit Costs Summary – Indicated Only Case – 500 stpd | 18-11 |
| Table 18-20: | Steady State (Year 4) Workforce – Indicated Only Case – 500 stpd | 18-11 |
| Table 19-1: | After-Tax Cash Flow Summary – Base Case | 19-3 |
| Table 19-2: | After-Tax Sensitivity Analysis – Base Case | 19-5 |
| Table 19-3: | After-Tax Cash Flow Summary – Indicated Only Case | 19-9 |
| Table 19-4: | After-Tax Sensitivity Analysis – Indicated Only Case | 19-11 |
| Table 20-1: | BHMC Bunker Hill Mine Mineral Resource Estimate, Effective August 29, 2022 | 20-4 |
| Table 23-1: | Recommended PFS Tasks and Cost Ranges | 23-1 |
| Table 23-2: | Resource Definition Drilling Capital Estimate | 23-2 |

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**Figures**

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| | | |
|:---|:---|:---|
| Figure 3-1: | Location Map | 3-2 |
| Figure 3-2: | Sunshine Mine Core Area Mineral Rights and Claim Map | 3-4 |
| Figure 3-3: | Sunshine Mine Core Area and Coeur d'Alene Mining District Map | 3-5 |
| Figure 3-4: | Lakeview Mining District Map | 3-6 |
| Figure 4-1: | Sunshine Mine Surface Facilities | 4-2 |
| Figure 6-1: | Mineral Belts of the Coeur d'Alene Mining District, Idaho | 6-2 |
| Figure 6-2: | General Structural Setting | 6-3 |
| Figure 6-3: | Stratigraphic Column | 6-4 |
| Figure 6-4: | Geology Map of the Sunshine Mine Area | 6-5 |
| Figure 6-5: | Cross Section of the Sunshine Mine Area | 6-6 |
| Figure 7-1: | Vertical Longitudinal Projection of Recent SOP Drill Hole Locations | 7-2 |
| Figure 7-2: | Vertical Longitudinal Section of Drill Hole and Channel Sample Locations | 7-6 |
| Figure 7-3: | Plan View of Drill Holes and Channel Sample Locations | 7-7 |
| Figure 8-1: | Summary of MEG-AG-1 Standard for Ag (g/t) | 8-3 |
| Figure 8-2: | Summary of MEG-AG-2 Standard for Ag (g/t) | 8-4 |

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<u> Silver Opportunity Partners LLC \| Sunshine Mine S-K 1300 Technical Report Summary on the Initial Assessment </u> <u> March 25, 2026 SLR Project No.: 123.020552.00001 </u>

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| | | |
|:---|:---|:---|
| Figure 8-3: | Summary of MEG-AG-3 Standard for Ag (g/t) | 8-4 |
| Figure 8-4: | Summary of Core Blank Results for Ag | 8-6 |
| Figure 8-5: | Summary of Pulp Duplicate Results for Ag | 8-7 |
| Figure 8-6: | Summary of Coarse Reject Results for Ag | 8-7 |
| Figure 8-7: | Summary of Check Assay Pairs for Ag | 8-8 |
| Figure 10-1: | Antimony Plant Process Flowsheet | 10-3 |
| Figure 10-2: | Sunshine Refinery Flowsheet | 10-4 |
| Figure 10-3: | SSMC Map Bulk Sample Locations | 10-11 |
| Figure 10-4: | Locked Cycle Test Flowsheet used for the Western Stope Composite | 10-15 |
| Figure 10-5: | Pilot Plant Flowsheet Used for the Western Stope Composite | 10-17 |
| Figure 10-6: | Pilot Plant Flowsheet Used for the Eastern Stope Composite | 10-18 |
| Figure 10-7: | Summary of Ore Sorter Test Work on Sunshine Bulk Ore Sample | 10-19 |
| Figure 11-1: | Histogram of Silver Assays in All Vein Bounds | 11-4 |
| Figure 11-2: | Histogram of Silver Sample Lengths in All Veins | 11-5 |
| Figure 11-3: | Longitudinal Section of Silver Data in All Veins | 11-6 |
| Figure 11-4: | Section Views of North Yankee Boy Vein | 11-8 |
| Figure 11-5: | Histogram of Composite Lengths in All Vein Bounds | 11-10 |
| Figure 11-6: | Log Probability Plot Capping Analysis for North Yankee Boy Silver Grade | 11-13 |
| Figure 11-7: | Plan Showing Block Model Extents Example, North Yankee Boy Vein | 11-18 |
| Figure 11-8: | Example of Estimation Search Orientation for 08B Vein | 11-20 |
| Figure 11-9: | Longitudinal Section of Mined-Out Areas at North Yankee Boy Vein | 11-23 |
| Figure 11-10: | Longitudinal Section of Estimated Block Grades of Ag at North Yankee Boy Vein | 11-25 |
| Figure 11-11: | Swath Plot in X (Strike) Direction for North Yankee Boy Vein | 11-28 |
| Figure 11-12: | Swath Plot in Y (Dip) Direction for North Yankee Boy Vein | 11-29 |
| Figure 11-13: | Longitudinal Section of Classification at North Yankee Boy Vein | 11-31 |
| Figure 11-14: | Longitudinal Section of North Yankee Boy Vein showing MSO Volumes | 11-33 |
| Figure 13-1: | Mine As-Built in Plan View | 13-3 |
| Figure 13-2: | Mine As-Built in Longitudinal Section View | 13-4 |
| Figure 13-3: | Longitudinal Section View showing Mining Blocks and LOM Production Designs (Base Case) | 13-8 |
| Figure 13-4: | LOM Production Designs Plan and Section Views (Base Case) | 13-9 |
| Figure 13-5: | Schematic Longitudinal Section View showing Mining Blocks and Indicated Only Plan LOM Production Designs | 13-10 |
| Figure 13-6: | Indicated Only Plan LOM Production Designs Schematic Plan and Section Views | 13-11 |

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<u> Silver Opportunity Partners LLC \| Sunshine Mine S-K 1300 Technical Report Summary on the Initial Assessment </u> <u> March 25, 2026 SLR Project No.: 123.020552.00001 </u>

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| | | |
|:---|:---|:---|
| Figure 13-7: | Mining Method Comparison | 13-13 |
| Figure 13-8: | Section Views of Schematic showing Cut and Fill Stope | 13-15 |
| Figure 13-9: | Section Views of Schematic showing Long Hole Stope | 13-18 |
| Figure 13-10: | Mining Method Sensitivity Analysis | 13-19 |
| Figure 13-11: | Base Case Mining Method Longitudinal Section | 13-20 |
| Figure 13-12: | Development Cycle Breakdown | 13-21 |
| Figure 13-13: | Mineable Material by Distance to Depleted Region | 13-25 |
| Figure 13-14: | Waterfall Chart Showing Conversion to Mineable Ounces | 13-26 |
| Figure 13-15: | Base Case LOM Plan – Mine Production Designs in Longitudinal Section | 13-30 |
| Figure 13-16: | Mineable Indicated Mineral Resource Tonnage by Level | 13-31 |
| Figure 13-17: | Adjustment Factors for Stability Assessment | 13-35 |
| Figure 13-18: | Mathews Stability Graph for Long Hole Stopes | 13-35 |
| Figure 13-19: | Pre-Production Schedule | 13-38 |
| Figure 13-20: | Base Case LOM Production by Mining Method (tons) | 13-41 |
| Figure 13-21: | Base Case LOM Production by Mining Method (Contained Ounces Silver) | 13-42 |
| Figure 13-22: | Base Case LOM – Mine Development Schedule | 13-44 |
| Figure 13-23: | Base Case LOM – Material Movement Schedule | 13-44 |
| Figure 13-24: | Base Case – LOM Active Areas by Activity Type and Year | 13-45 |
| Figure 13-25: | Indicated Only Case – Mine Production Tonnage and Head Grade | 13-46 |
| Figure 13-26: | Indicated Only Case – Metal Production and Head Grade | 13-47 |
| Figure 13-27: | Indicated Only Case LOM Mine Development Schedule | 13-48 |
| Figure 13-28: | Ventilation Schematic | 13-52 |
| Figure 13-29: | Jewell Shaft Dewatering Schematic | 13-56 |
| Figure 14-1: | Mill Crusher Flowsheet | 14-8 |
| Figure 14-2: | Flotation Flowsheet | 14-9 |
| Figure 14-3: | Concentrator Block Flow Diagram | 14-10 |
| Figure 15-1: | Overall Site Layout | 15-2 |
| Figure 15-2: | Mine and Concentrator Site Layout | 15-3 |
| Figure 15-3: | Existing TSF General Arrangement | 15-8 |
| Figure 15-4: | Northern Embankment Raise Configuration | 15-9 |
| Figure 15-5: | Potential LoF Dry-Stack Arrangement on Existing Sunshine TSF | 15-11 |
| Figure 16-1: | Monthly Silver Price ($/oz) | 16-1 |
| Figure 18-2: | Steady State Site Workforce – Base Case | 18-9 |
| Figure 18-3: | Site Workforce – Indicated Only Case | 18-12 |

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<u> Silver Opportunity Partners LLC \| Sunshine Mine S-K 1300 Technical Report Summary on the Initial Assessment </u> <u> March 25, 2026 SLR Project No.: 123.020552.00001 </u>

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| | | |
|:---|:---|:---|
| Figure 19-1: | After-Tax NPV Sensitivity Analysis – Base Case | 19-6 |
| Figure 19-2: | After-Tax IRR Sensitivity Analysis – Base Case | 19-7 |
| Figure 19-3: | After-Tax NPV Sensitivity Analysis – Indicated Only Case | 19-12 |
| Figure 19-4: | After-Tax IRR Sensitivity Analysis – Indicated Only Case | 19-12 |
| Figure 20-1: | AGS, Galena Complex, 2015 MRE, Exclusive of Mineral Reserves | 20-2 |
| Figure 20-2: | AGE, Galena Complex, 2015 Mineral Reserve Estimate | 20-3 |
| Figure 20-3: | Adjacent Properties | 20-5 |

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**Appendix Tables**

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|:---|:---|:---|
| Table 27-1: | Project Cashflow (Base Case) | 27-2 |
| Table 27-2: | Project Cashflow (Indicated Only Case) | 27-6 |
| Table 28-1: | List of Patented Claims | 28-1 |
| Table 28-2: | List of Unpatented Claims | 28-9 |

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<u> Silver Opportunity Partners LLC \| Sunshine Mine S-K 1300 Technical Report Summary on the Initial Assessment </u> <u> March 25, 2026 SLR Project No.: 123.020552.00001 </u>

**1.0** **Executive Summary** 

**1.1** **Summary** 

SLR International Corporation (SLR) was retained by Silver Opportunity Partners LLC (SOP) to prepare an independent S-K 1300 Technical Report Summary (TRS) on the Sunshine mine and processing facilities (the Sunshine Mine or the Project) located within the Coeur d'Alene Mining District, near Kellogg, Idaho, USA.

The purpose of this TRS is to provide the results of an Initial Assessment (IA) of the Sunshine Mine, including the presentation of economic analyses that are based on an Indicated and Inferred Mineral Resource extraction scenario (Base Case), and an Indicated Mineral Resource only extraction scenario (Indicated Only Case).

This TRS conforms to United States Securities and Exchange Commission's (SEC) Modernized Property Disclosure Requirements for Mining Registrants as described in Subpart 229.1300 of Regulation S-K, Disclosure by Registrants Engaged in Mining Operations (S-K 1300) and Item 601 (b)(96) Technical Report Summary.

The Sunshine Mine is owned by SOP, a private, wholly owned subsidiary of Sunshine Silver Mining & Refining Corporation (SSMRC), based in Kellogg, Idaho. The Sunshine Mine includes the previously producing Sunshine mine, processing plant, and surface facilities. Since acquiring the Sunshine Mine in 2010, SSMRC has been focused on identifying additional Mineral Resources while maintaining permits, acquiring strategic land holdings (such as the Sunshine Refinery) and rehabilitating underground infrastructure like pumping stations and haulage drifts. The Project is currently on care and maintenance.

Since the Sunshine mine was discovered in 1884, the mine has produced approximately 365 million ounces (Moz) of silver (Ag) along with lead (Pb), copper (Cu), and antimony (Sb). The Sunshine mine operated continuously, except for a few brief periods, until 2001 when it was shut down due to low silver prices. The Project has been on care and maintenance since that time except for a brief operating period in 2008.

SRK Consulting (U.S.), Inc. (SRK) completed an internal scoping study in September 2023. In January 2024, SRK completed an updated Mineral Resource estimate with an effective date of December 21, 2023, which SLR audited and accepted.

In February 2026, SRK updated the 2023 block models to include a historical mined-out area discovered in one vein, which is reflected in the current Mineral Resource estimates disclosed in this TRS. SRK, as the Mineral Resource Qualified Person (QP), considers the Mineral Resource estimate to be current as of February 24, 2026. No material work that would impact this Mineral Resource estimate has been completed and validated at the Project as of the date of the TRS. Ongoing drilling results, while potentially material in the future, are pending and have not been quantified or incorporated into the current Mineral Resource estimate.

SLR selected a mixture of conventional cut and fill mining and long hole stoping to mine the narrow (6.3-foot (ft) average) stopes. In the Base Case, mining will extend from the 100 Level to the 5900 Level over a 24 year mine life producing 7.87 million short tons (Mst) of mineable material grading 19.0 troy ounces per short ton (opt) Ag at a nominal mine production rate of 1,000 short tons per day (stpd). Mined material will be processed in a new facility to produce two concentrates for the recovery of silver and other economic metals. Plant tails will be used as a product in the paste fill with the remainder being filtered and stored on the existing tailings storage facility.

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<u> Silver Opportunity Partners LLC \| Sunshine Mine S-K 1300 Technical Report Summary on the Initial Assessment </u> <u> March 25, 2026 SLR Project No.: 123.020552.00001 </u>

The estimated Base Case initial capital costs are $286.9 million spent over a three year period, plus $560.2 million in sustaining capital costs over the life of the mine. The Base Case life of mine (LOM) operating costs are approximately $181.38 per short ton (st or ton).

An alternate production case based solely on Indicated Mineral Resources was also prepared. In the Indicated Only Case, mining will extend from the 2700 Level to the 4700 Level over a ten year mine life producing 1.5 Mst of mineable material grading 25.2 opt Ag at a production rate of up to 608 stpd. Processing and plant tails would use the same facilities as the Base Case.

For the Indicated Only Case, the estimated initial capital costs are $239.6 million spent over a three-year period, plus $265.3 million in sustaining capital costs over the life of the mine. The Indicated Only Case LOM operating costs are approximately $285.10/ton.

SOP plans are to resume mine operations at the Project when conditions warrant.

This TRS is considered by SLR to meet the requirements of an IA as defined in S-K 1300 regulations. The economic analysis contained in this TRS is based, in part, on Inferred Mineral Resources, and is preliminary in nature. Inferred Mineral Resources are considered too geologically speculative to have the economic considerations applied to them that would enable them to be categorized as Mineral Reserves. There is no certainty that economic forecasts on which this IA is based will be realized.

**1.1.1** **Conclusions** 

The Project demonstrates a positive cashflow in both the Base Case (including Inferred Mineral Resources) and in the Indicated Only Case which is based solely upon Indicated Mineral Resources. SLR concludes that the Project warrants further study and offer the following conclusions on the Project by area:

**1.1.1.1** **Geology and Mineral Resources** 

● Despite a long and productive mining history, the existing Project represents a brownfield underground project with high potential for expansion and definition of the mesothermal silver vein systems through continued exploration. The upper levels of the mine have had limited drilling and development due to the historical exploration methodology available during the early years of the mine's operation. Additionally, the current economic outlook for silver and base minerals has changed drastically, and updated cut-off grades are lower than previous. SOP conducted recent infill and exploration drilling that expanded Mineral Resources. During future exploration and development phases, additional drilling has the potential to grow the known resource and potentially discover unidentified veins.

● Portions of the deposit remain sparsely drilled by modern methods, and continued drilling would improve understanding of the grade distribution and mineralization continuity. Future exploration programs should include a combination of infill drilling to improve geological understanding and the confidence in the Mineral Resource estimate, coupled with wider-spaced, step-out drilling to test prospective areas for new veins.

● From August 2022 until October of 2023, SOP completed a drilling campaign that totaled 54,369 ft of core in 38 drill holes. Each of the completed drill holes was successful in intersecting planned targets or providing new knowledge in previously unknown areas. All the new and historical drilling data helped inform the geology model, which is the first 3D model in the Sunshine Mine's 140-year history. This will be helpful for ongoing exploration targeting. Resource conversion of Inferred mineralization to higher classification categories is likely to continue as SOP works toward the resumption of production.

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<u> Silver Opportunity Partners LLC \| Sunshine Mine S-K 1300 Technical Report Summary on the Initial Assessment </u> <u> March 25, 2026 SLR Project No.: 123.020552.00001 </u>

● The SRK QP has audited the security, sample preparation, and analytical procedures, and they are consistent with generally accepted industry standards. Specific records are limited for sampling procedures of the historical drilling programs; however, no known bias exists in the earlier sample grades compared to recent assay results. SOP has generally followed industry-accepted methods for QA/QC, including the use of standards, blanks, and duplicate samples in the 2023 drilling program. The SRK QP has reviewed all available QA/QC results, and they are considered adequate for an acceptable level of confidence in analytical data for the reporting of Mineral Resources, as per S-K 1300 guidelines.

● SRK independently reviewed the core sampling, cutting, logging, sample preparation, security, and laboratory analytical procedures followed at Sunshine during multiple site visits. The exploration and sampling protocols practiced at Sunshine are consistent with or exceed generally accepted industry guidance and are deemed adequate for the stage of the Project. In the SRK QP's opinion, data verification checks performed internally by Sunshine staff, in combination with independent checks and detailed audits by the SRK QP, have resulted in sufficient validation of the fundamental drilling database at Sunshine. The data is acceptable and adequately reliable for use in geological modeling and estimation of Mineral Resources.

● Mineral Resources have been stated in this TRS for the Project and have been classified in accordance with S-K 1300 definitions, which are consistent with the classification scheme under the CRIRSCO standards, based on sampling density and confidence in the geological model and estimation. In the SRK QP's opinion, the results of the exploration work completed on the Project to date are of substantial technical merit to recommend additional exploration expenditures.

● In August 2025, SOP began an extensive and ongoing underground drilling program. As of the TRS report date, approximately 48,000 feet (31%) of a planned 154,000-ft drilling campaign have been completed in 70 new drill holes. Preliminary observations by SOP indicate that the ongoing drilling has encountered mineralization in areas outside the current Mineral Resource estimate and may support upgraded resource classification in other infill areas. The SRK QP has not quantified any potential changes to the Mineral Resource estimate from these ongoing drilling results, as the data requires appropriate verification and revised vein modeling that will occur in future updates to the current Mineral Resource estimate. These additional drilling results may prove to be material when evaluated and incorporated into an updated resource model.

● To the extent known, there are no significant risks or uncertainties that could be expected reasonably to affect the reliability or confidence in the Sunshine drilling and sampling information provided by SOP. The SRK QP identified some minor risks:

○ The majority of the data supporting the Resource is historical in nature, including underground channel samples and small-diameter core drill holes, which should be confirmed by additional definition drilling.

○ The current Sunshine vein interpretations locally, in some areas, make assumptions on continuity that are subject to potentially significant volumetric changes, especially in zones of limited sample support. SRK relied upon the SOP geological interpretation to construct wireframes for estimation purposes and had validated the geological model. Potential inaccuracies in consistent determination of actual vein widths, orientations, unknown structural offsets, or changes in continuity within the interpreted domains were reflected in the classification of Mineral Resources, predominantly in the lack of any Measured material. SRK recommends additional drilling and sampling as the Project progresses to determine grade variability and vein domain interpretations with higher confidence.

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| 1-3 | ![](ny20061035x4_ex96-1img002.jpg) |

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<u> Silver Opportunity Partners LLC \| Sunshine Mine S-K 1300 Technical Report Summary on the Initial Assessment </u> <u> March 25, 2026 SLR Project No.: 123.020552.00001 </u>

○ Development of reasonable prospects for economic extraction (RPEE) relies on the historical documentation of mined-out areas, which is believed to be reasonably accurate. In some areas, additional mining may have occurred that is undocumented and would affect mineable vein volumes. Based on the SOP documentation and the historical data reviewed to date, in the SRK QP's opinion, it is unlikely that significant mined-out areas remain undiscovered and not depleted from the current Mineral Resource estimate. Drill holes from the 2025–2026 campaign have confirmed that areas of identified historical mined-out workings spatially match previous production records. Additionally, some stopes that meet RPEE from the Mineable Stope Optimization (MSO) runs may be deemed higher risk in future mine planning.

○ SRK notes that future economic assessment could result in a change in the cut-off grade (COG), which would result in a change in the tonnage of available minable material. Mineralization represented by the resource block model was evaluated for RPEE for underground mining methods. The SRK QP did not independently audit recovery, processing costs, or other assumptions for deriving the COG but does consider the inputs to be reasonable.

○ The property is subject to net smelter return (NSR) royalty agreements. At present, only silver is available in the database for resource estimation. The ability to calculate accurate NSR values and potential royalties may require estimation of additional metal variables, depending on the specifics of the current agreements. Therefore, the limited base metal assays in the current geological database may pose a risk to future NSR calculation.

**1.1.1.2** **Mining and Mineral Reserves** 

● There are currently no Mineral Reserves estimated at the Sunshine Mine.

● The plans and schedules in this IA are based, in part, on Inferred Mineral Resources, and are preliminary in nature.

● The Mineral Resources and the planned mining are spread through a large volume of rock, which is 6,000 ft deep, 2,000 ft across the dip and 15,000 ft along strike.

● The Sunshine mine has numerous past producing stopes and an extensive existing network of existing shafts, winzes, drifts, raises, and ramps to access the Mineral Resources.

● The condition of the existing workings varies widely. Headings below the 3100 Level have been flooded for a number of years and many shafts, winzes, and headings have not been available for inspection for a number of years. Dewatering of the mine and rehabilitation of existing workings will be required to support a return to production.

● Major mine infrastructure, including shafts, hoists, and compressors, is in working order and used daily. Other components will require inspection, upgrading, and rehabilitation. Full production requires expansion of the electrical and compressed air systems.

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| 1-4 | ![](ny20061035x4_ex96-1img002.jpg) |

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<u> Silver Opportunity Partners LLC \| Sunshine Mine S-K 1300 Technical Report Summary on the Initial Assessment </u> <u> March 25, 2026 SLR Project No.: 123.020552.00001 </u>

● Various mining methods were considered, and a mixture of conventional cut and fill (CCF) stoping and long hole (LH) stoping were selected as the best options considering the narrow (6.3 ft average) mining width and 60° to 70° dip.

● Past revenue included copper, lead, and antimony. The mine plans and designs were developed based on the Mineral Resource estimate, which considers only silver as the valued metal. There is limited laboratory assay data for copper, lead, and antimony, and the Mineral Resource block model does not include data for these elements.

● Cut-off grades were estimated based on initial operating cost estimates and a smelter return model using silver as the sole revenue source. The potentially mineable material is not sensitive to the COG estimate.

● The Indicated and Inferred Mineral Resources were analyzed using Deswik Stope optimizer (DSO) to generate potential stope shapes. The DSO evaluated the Mineral Resources based on minimum mining dimensions and dilution parameters considered suitable for each of the two methods. The DSO was run separately for each mining method. The DSO parameters are listed:

○ COG of 9 opt silver Ag for CCF and 8 opt silver Ag for LH stopes, with no value included for byproducts

○ Dilution of one foot on each wall (two feet total) for both cut and fill and long hole stopes

○ Minimum mining width of four feet for CCF stopes and three feet for LH stopes

● Additional dilution to account for long hole stope sublevel development, which must be wider than the vein, was added to the long hole stoping shapes.

● The stope shapes in excess of 30,000 short tons between 200 ft vertical levels were considered for long hole stoping, and smaller shapes were selected for cut and fill stoping.

● These shapes were then reviewed considering the size, grade, proximity to old workings, and geotechnical complexities to develop the potentially mineable tonnage. Material located less than 20 ft from historical workings was removed from the estimate to account for survey issues, ground conditions, and the potential for open voids. Production and development plans were developed for the resultant shapes.

● From the review of the Deswik Stope Optimizer (DSO) results, stoping is planned for 27 separate veins with an average width of 6.3 ft using CCF stoping for 61% of the tonnage (55% of the silver ounces) and long hole stoping for 39% of the tonnage (45% of the silver ounces).

● The Base Case potentially mineable material totals 7.87 million short tons (Mst) grading 19.0 opt Ag and containing 150 Moz Ag, comprising:

○ 4.64 Mst grading 17.3 opt Ag and containing 80 Moz Ag in cut and fill stopes

○ 3.01 Mst grading 22.2 opt Ag and containing 67 Moz Ag in long hole stopes

○ 0.2 Mst grading 11.1 opt Ag and containing 2 Moz Ag in stope development

● Mined voids will be backfilled with paste fill delivered from the mill. The mine will use 62% of the mill tailings before the ore sorter is in service and 88% of the mill tailings after the ore sorter is in place. No refilling of existing voids is included in the plan.

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<u> Silver Opportunity Partners LLC \| Sunshine Mine S-K 1300 Technical Report Summary on the Initial Assessment </u> <u> March 25, 2026 SLR Project No.: 123.020552.00001 </u>

● There was no new geotechnical testing undertaken for this IA and only limited geotechnical data was located regarding rock strength, rock mass conditions, and in situ stresses at the Sunshine mine. SLR used observations from the site visit and the data from the recent exploration drilling to develop an assessment of the long hole stope stability.

● The 27 veins in the mine plan were grouped into seven mining areas, or "mining blocks". A production schedule was developed based upon the tonnage and grade by mine level and by mining area.

● The Project schedule includes a three year preproduction period for mine dewatering, rehabilitation and upgrading of the hoists and shafts, and initial mine development and a seven year production ramp-up period.

● The potentially mineable material included in the current Mineral Resources is sufficient to provide a 24-year production plan.

● Mine production will commence from the Jewell Shaft Block, accessed via the Jewell Shaft, and the Upper Mine Block area, which will be accessed via a decline from surface and mined as an independent area from the other six mining blocks.

● The production schedule provides significantly higher than average head grades in the early years of the mine plan.

● At full production rate the mine operations will be wide-spread, with approximately 20 operating stopes spread over 15 mining levels.

● Mining below the 3700 Level and from 1500 Level upwards will be by mechanized access declines and drifts. From 3700 Level to 1700 Level, mechanized equipment will be used for development and long hole stoping, but rock haulage will be by rail to the Jewell Shaft. Below the 3700 Level, the access and rock haul will be with rubber tired mobile equipment.

● Mine development requirements were estimated and scheduled to match the production plan. The LOM development totals include the following:

○ 326,000 ft of lateral development

○ 35,900 ft of vertical development

○ 79,600 ft of heading rehabilitation

● All mobile equipment required for the plan will be purchased as there are limited serviceable units remaining.

● The mine infrastructure has remained in place and been kept on a care and maintenance basis. The mine is currently flooded to approximately 3,400 ft below surface and the water level is being maintained.

● Hoist upgrades are planned for the Jewell Chippy and Silver Summit hoists and repairs to the two shafts will be necessary. Jewell Shaft repairs focus on rehabilitation of the flooded portion of the shaft and pocket repairs. The Silver Summit Shaft will be rehabilitated to the 3000 Level for use as secondary egress, ventilation, and large material and equipment movement.

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| 1-6 | ![](ny20061035x4_ex96-1img002.jpg) |

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<u> Silver Opportunity Partners LLC \| Sunshine Mine S-K 1300 Technical Report Summary on the Initial Assessment </u> <u> March 25, 2026 SLR Project No.: 123.020552.00001 </u>

● Expansion and upgrades to the mine dewatering and electrical distribution systems will be installed. A paste fill delivery system in the Jewell Shaft and across mine levels will be installed.

● The Base Case LOM plan includes Inferred Mineral Resources totaling 5.8 Mst grading 17.6 opt Ag and containing 102 Moz Ag. This is 74% of the Base Case tonnage and 68% of the Base Case silver ounces.

● An Indicated Only Case LOM plan was generated based solely on Indicated Mineral Resources (noting that there are no estimated Measured Mineral Resources). The Indicated Only Case includes 1.5 Mst grading 25.2 opt Ag with 44% LH stope tonnage and 56% CCF stope tonnage. The Indicated Only Case extends for a period of ten years with production rates up to 608 stpd.

● Mine development requirements for the Indicated Only Case were estimated and scheduled to match the production plan. The Indicated Only Case LOM development totals include the following:

○ 154,000 ft of lateral development

○ 18,000 ft of vertical development

○ 62,000 ft of heading rehabilitation

● Potential opportunities for improvement of the LOM plan include:

○ Conversion of Indicated Mineral Resources to Probable Mineral Reserves.

○ Higher recovery of material adjacent to existing stopes.

○ Reduced dilution or minimum mining width in steepest dipping CCF stopes.

○ Reduction of standoff to existing voids via the aid of backfill or other means.

○ Increased LH stope sizes and resultant productivity rates associated with improved geotechnical understanding.

● Risks identified by the SLR QPs include the following:

○ After detailed inspections, the upgrading and rehabilitation may require additional work beyond that currently included in the LOM plan.

○ The narrow mining width limits production capacity of the stopes and increases the potential for waste dilution due to mining beyond the vein limits. Overbreak in the long hole stopes due to any combination of poor drilling control, ground failures, inadequate blasting control, inadequate planning for sublevel locations, and/or inadequate geological control of development would result in higher dilution and lower head grade.

○ Developing, equipping, assigning personnel, and supervising the widespread operations, with stopes and development faces over a series of levels, will require effective management to meet the production targets.

○ The development and stoping require skilled personnel whom it may be necessary to train in the mine.

○ The paste backfill system poses a production risk as the mine and process facilities operate on different schedules and the utilization of mill tailings for paste is high, at 62% before the ore sorter is in service and 88% of the mill tailings after the ore sorter is in service.

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<u> Silver Opportunity Partners LLC \| Sunshine Mine S-K 1300 Technical Report Summary on the Initial Assessment </u> <u> March 25, 2026 SLR Project No.: 123.020552.00001 </u>

○ Mine labor rates are at the lower end of the local area scale and are based on overtime averaging and no contract bonus. These risks are partially offset by the factor for payroll burden.

○ The limited geotechnical data available poses a risk to stope stability and ground support requirements. If the ground conditions are worse or stresses higher than anticipated then stopes size may need to be reduced, and capital development and mining operation costs could increase.

○ Vein geometry is not well understood in veins that do not have significant mining history. Higher variability in vein geometry (thickness, dip) will make achieving the planned extraction and dilution rates difficult.

**1.1.1.3** **Mineral Processing** 

● The Project has a long operational history and has used the same basic, flexible flowsheet since the last major upgrades in the 1950s. Sunshine has relied on operating data to support mine planning and predict plant performance. There has not been any recent metallurgical test work, so historical concentrator performance will be used to support the LOM plans and economics of this IA. Flotation testing performed in 2013 by ALS Metallurgy (formerly G&T Metallurgy), located in Kamloops, British Columbia was also used to support the IA process design. SLR's QP has reviewed this supporting information and finds it to be acceptable for this level of study. The next stage of study will require identification of material types to be processed according to the mine plan, metallurgical drilling and sampling of the ore types, and performance of a complete metallurgical test program.

● When the Sunshine Mine last operated, the metallurgical facilities available included a 1,000 short ton per day flotation mill; an antimony metal plant; and a silver refinery producing fine silver and copper cathode metal.

● The antimony plant has been demolished and the silver refinery put on care and maintenance. The IA considered the economic trade-offs of building a new concentrator to produce silver-copper and lead concentrates for direct shipment to smelters, or to construct a new antimony plant and refurbish the silver refinery to produce lead concentrates, antimony metal, sodium antimonate, fine silver metal and copper cathode metal.

● Previous studies indicated that the most economic course was to construct a new concentrator and ship concentrates to smelters. The key to this option is finding buyers for the silver-copper (tetrahedrite) concentrate that will contain a high concentration of antimony. Budget level quotations were obtained from metal traders to confirm that the concentrate can be sold.

● The Project's mineralized material contains economic quantities of silver, copper, lead, and antimony. Silver, copper, and antimony are primarily contained in argentiferous tetrahedrite and freibergite which form a solid solution series. Other minerals include silver bearing galena, pyrite, stibnite and arsenopyrite.

● The existing processing plant design configuration is flexible and has allowed the production of different concentrates depending on the mineralogy being mined. The IA configuration of the processing plant is the same and has three separate flotation circuits which can be operated sequentially to produce silver-copper, lead-silver, and pyrite concentrates. The current plan is to produce two concentrates, silver-copper and lead-silver, while depressing the pyrite.

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| 1-8 | ![](ny20061035x4_ex96-1img002.jpg) |

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<u> Silver Opportunity Partners LLC \| Sunshine Mine S-K 1300 Technical Report Summary on the Initial Assessment </u> <u> March 25, 2026 SLR Project No.: 123.020552.00001 </u>

● A review of production records from December 1, 1998, through May 30, 1999, indicates that the processing plant has consistently yielded tailings averaging 0.86 opt Ag. With an average head grade of 26.1 opt Ag, the indicated silver recovery is 96.7%.

● The lead recovery, as published by Sunshine in Form 10K, Securities and Exchange Commission, for fiscal year ended December 31, 1998 (Behre Dolbear 1999), indicates a recovery from mined ores of approximately 92.5%. This value has not been verified by a review of actual production records in as much as Sunshine did not publish monthly results of ore grades for metals other than silver.

● The copper recovery, as published by Behre Dolbear (1999) indicates a recovery from mine ores of approximately 97%. SLR notes that the copper and silver recoveries are similar as they are derived from the same mineral, tetrahedrite.

● G&T Metallurgy (G&T), now ALS Metallurgy, conducted a metallurgical program during 2013 on two master composites from the Sunshine Mine, which represented the Western Stope and the Eastern Stope. The Western stope composite consisted of 4,933 kg of bulk material and the Eastern stope composite consisted of 2,741 kg of material. The metallurgical program included mineralogical evaluation, comminution test work and both bench-scale and pilot plant test work. SLR notes that this is the only concentrator test work available for the IA.

● Observed copper sulfide minerals were primarily freibergite, tetrahedrite, and to a lesser extent, chalcopyrite. Freibergite, a complex mineral also containing silver, antimony, and arsenic, was the predominant silver-bearing mineral observed for both the Western Stope and Eastern Stope Composites.

● The sulfides in the Western Stope composite were 61% liberated at a nominal grind size of P<sub>80</sub> 150 microns (μm) and the Eastern Stope sulfides were 58% liberated at a P<sub>80</sub> 200 μm grind size which was sufficient for flotation. Liberation of galena in the Western Stope Composite was measured at approximately 65%. SLR notes that the IA design and the original Sunshine primary grind were P<sub>80</sub> 106 µm, improving initial mineral liberation.

● Comminution test work was conducted on each of the test composites to determine the Bond ball mill work index (BWI), Bond rod mill work index (RWI), Bond Low Energy Impact work index (CWI), Abrasion index (Ai) and the SAG mill Comminution Index (SMC). The BWI was determined to be 14.0 kilowatt hours per tonne (kWh/t) for the Western Stope composite and 12.9 kWh/t for the Eastern Stope composite.

● The G&T silver-copper flotation flowsheet parameters included a primary grind of P<sub>80 </sub>195 μm and regrinding of the rougher concentrate to P<sub>80</sub> 13 µm before feeding cleaner, and cleaner scavenger cells. The lead circuit is similar to the silver-copper circuit.

● The results of locked cycle tests conducted on the Western Stope composite indicate silver recovery into the silver-copper concentrate ranged from 78.1% to 82.3% and averaged 79.6%. Silver recovery into the lead-silver concentrate ranged from 9.7% to 11.3% and averaged 10.4%. Overall silver recovery averaged 90.0%. Copper recovery into the silver-copper concentrate averaged 81.2% into a concentrate that averaged 26.5% copper and 1,989 opt silver. Lead recovery into the lead-silver concentrate averaged 64.3% into a concentrate that averaged 49.6% lead and 337 opt silver. SLR notes that copper and silver recoveries are similar in that they are contained in the same mineral, tetrahedrite.

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<u> Silver Opportunity Partners LLC \| Sunshine Mine S-K 1300 Technical Report Summary on the Initial Assessment </u> <u> March 25, 2026 SLR Project No.: 123.020552.00001 </u>

● Pilot plant campaigns were performed on the Western Stope and Eastern stope composites. The flowsheet was similar to the locked cycle tests with sequential copper and lead circuits, each with a primary grind size of P<sub>80</sub> 195 µm, rougher/scavenger flotation, regrind of rougher concentrates to 13 µm followed by two stages of cleaning. The second cleaner concentrate is the final concentrate.

● Pilot plant results for the Western Stope composite were that silver recovery averaged 80% into the silver-copper concentrate containing 22.3% copper and 1,613 opt silver, and 12% silver recovery into the lead-silver concentrate. Overall silver recovery averaged 92%. Lead recovery averaged 51% into a lead-silver concentrate containing 49.0% lead and 406 opt silver. Antimony content in the silver-copper concentrate was reported to be 18.0%, and 4.51% in the lead-silver concentrate.

● Eastern Stope pilot plant flowsheet only included silver-copper flotation and did not include lead flotation. Silver recovery averaged 91% into a silver-copper concentrate that averaged 16.4% copper and 1,232 opt silver. Antimony content in the silver-copper concentrate was reported to be 14.2%.

● A 5,000 kg bulk sample from the Sunshine Mine was submitted for ore sorter testing at Steinert in 2018, the results of the ore sorter test program are fully documented in Steinert (2018). The results of this ore sorting test show that 97.7% of silver was recovered into an ore sorter product containing 56.5 opt silver while rejecting 44.2 wt% as waste. Ore sorting has been included in the IA flow sheet (Base Case only).

● Solid liquid separation (SLS) tests were conducted on copper concentrate, lead concentrate, and final tailings samples for Samuel Engineering for the Sunshine Mine in 2013. The samples were received and tested by Pocock Industrial, Inc., located in Salt Lake City, Utah (Pocock). Design parameters were determined for thickening, vacuum filtration, and pressure filtration for the study.

● A paste backfill system is being considered at the Project to assist with ground control and increase mining recovery. The design criteria for a permanent paste backfill system was prepared by Mine Systems Design Inc. (MDS 2012). The flowsheet used for cost estimation consists of optional cyclone classification and conventional thickening and filtration. SLR notes that solid liquid separation studies have been performed by Pocock, including thickening, vacuum filtration and pressure filtration that can be used to support backfill plant equipment selection.

● The Sunshine IA considers that a new concentrator (the IA processing facility) will be constructed in the same location as the existing concentrator building. The existing building will be demolished to the foundations and new facilities and equipment will be installed.

● The Base Case IA processing facility will receive a nominal 1,000 stpd of ROM mineralized material, hoisted either from the Jewell Shaft and discharged into the ROM mineralized material storage bin adjacent to the mine headframe, or from the Sterling Tunnel, delivered by truck to the Jewell Shaft ROM storage bin external feed hopper.

● Material will be drawn from the ROM storage bin into a three staged crushing circuit including a primary gyratory, a secondary standard, and tertiary shorthead crusher to produce a final grinding circuit feed size of P<sub>100</sub> 10 mm and P<sub>80</sub> 6 mm. The grinding circuit will consist of a ball mill and flash flotation cell closed by hydro cyclones. Flotation will include rougher/scavenger and cleaner flotation cells producing silver-copper and lead flotation concentrates. The two concentrates will be thickened, filtered, and stored for bulk shipment to metal recovery facilities. Concentrator tailing slurry will be thickened and pumped to a paste backfill plant, the product of which will be pumped underground for backfill. Excess tailings material will be filtered and transported to a dry stack tailings storage facility.

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<u> Silver Opportunity Partners LLC \| Sunshine Mine S-K 1300 Technical Report Summary on the Initial Assessment </u> <u> March 25, 2026 SLR Project No.: 123.020552.00001 </u>

● The Sunshine concentrator operating results from 1994 to 1999 reported silver ounces recovered to the silver and lead concentrates. The average silver recovery to the silver concentrate and lead concentrate during the period was 84.8% and 12.1%, respectively for total silver recovery of 96.9%. Silver recovery to the silver concentrate ranged from 81.2% to 96.7%, and the silver recovery to the lead concentrate ranged from 0.43% to 16.2%.

● Overall silver recovery from ROM material is estimated to be 95.8% including losses during ore sorting and flotation.

**1.1.1.4** **Infrastructure** 

● The key mine infrastructure has been maintained on a care and maintenance basis since the mine last operated and is available for future use.

● The tailings storage facility (TSF) in its current state has a remaining storage capacity of approximately 100,000 short tons before an additional raise is required. There is a conceptual plan, subject to any additional permit approvals, for the TSF to be converted to a dry stack facility. This arrangement could achieve the desired Life of Facility (LoF) tailings storage requirement proposed in this IA (833 kst), with a crest elevation of 2,498 ft, 13 ft above the current embankment crest level.

● Given the uncertainties in tailings material geotechnical properties, degree of consolidation, and liquefaction potential, along with an assumed population at risk (PAR) through proximity to the interstate highway, the precautionary approach is to assume that the TSF represents a material risk in its current state until these can be quantified.

● Over the Base Case LOM plan, approximately 11% of the mine production tonnage (97 tpd) will be directed to the TSF for deposition and storage and 26% of the tonnage will be ore sorter reject. The remaining tailings will be used as paste backfill in the mine.

● Without the installation of the ore sorter, the tailings production increases to 37% of the tonnage mined (330 stpd).

● Process/industrial water for the mine is available from four water right licenses including three that can draw directly from Big Creek. Potable water is provided by the Central Shoshone Water District.

● Power is supplied from a dedicated power line and is maintained by the local utility company, Avista. Back-up emergency use power is provided by a diesel generator.

● Surface water run-on and septic effluent are effectively and properly managed reducing the need for further treatment.

● The current water treatment plant will be upgraded or replaced prior to restart, following planned issuance of an updated permit for wastewater discharge.

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| 1-11 | ![](ny20061035x4_ex96-1img002.jpg) |

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<u> Silver Opportunity Partners LLC \| Sunshine Mine S-K 1300 Technical Report Summary on the Initial Assessment </u> <u> March 25, 2026 SLR Project No.: 123.020552.00001 </u>

**1.1.1.5** **Environment** 

● SOP is in compliance with all current permits and authorizations.

● The wastewater discharge permit, National Pollutant Discharge Elimination System (NPDES) Permit, Permit No. 000006-0, was transferred to the Idaho Environmental Quality (IDEQ) and is now an Idaho Pollutant Discharge Elimination System (IPDES) Permit, Permit No. ID0000060. This permit is in the process of being updated to reflect current discharge standards.

● The wastewater discharge criteria are not defined at this time, and studies are ongoing; therefore, the treatment technology anticipated may change. It is anticipated that either improvements will be made to the current water treatment plant, or a new water treatment plant will be constructed to meet future wastewater discharge criteria; provisions have been identified to do so.

● Additional permit modifications and new permits, which include federal, state and local (Shoshone County, Idaho and the Panhandle Health District) agencies, will be required for the operation of the mine. The permit modifications and new permits to be obtained are not anticipated to be challenging and will not trigger the National Environmental Policy Act (NEPA).

● Although not a regulatory requirement beyond the TSF permit, SOP has developed a reclamation plan and associated Reclamation Cost Estimate (RCE) for the mine site.

**1.1.1.6** **Capital and Operating Costs** 

The capital and operating costs in this TRS were estimated in Q2 2024 US dollars and have been escalated to Q3 2025 dollars. The cost estimates meet the requirements of an AACE International (AACE) Class 5 estimate with an accuracy range of -20% to -50% to +30% to +100% which also meets the requirements of S-K 1300 as the lower and upper limits of -50% to +50% lie within the AACE Class 5 estimate range. The cost estimates are considered to be reasonable and appropriate for an S-K 1300 IA considering that Class 5 estimates usually have 0% to 2% project definition per the AACE classification system.

For the proposed Base Case:

● The initial capital cost is estimated to be $287 million, including contingency, and the LOM sustaining capital cost is estimated to be $539 million plus $21.2 million for closure.

● The LOM site operating costs total $1,427 million and are estimated to average $181.38 per ton processed. The 'tons processed' is defined as the total mill feed to the plant, pre-ore sorting.

For the Indicated Only Case:

● The initial capital cost is estimated to be $240 million including contingency and the LOM sustaining capital cost is estimated to be $244 million.

● The LOM site operating costs total $426 million and are estimated to average $285.10 per ton processed. The 'tons processed' is defined as the total mill feed to the plant (There is no ore sorting in this scenario).

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<u> Silver Opportunity Partners LLC \| Sunshine Mine S-K 1300 Technical Report Summary on the Initial Assessment </u> <u> March 25, 2026 SLR Project No.: 123.020552.00001 </u>

**1.1.2** **Recommendations** 

**1.1.2.1** **Summary** 

The QPs recommend that this Project progress to the next level of study, a Prefeasibility Study (PFS). During a typical PFS, the Company will gather more information and perform trade off studies to validate the selected mining, processing, tailings disposal, and water treatment methods. The total cost for the recommended work plan ranges from US$32.3 million to US$47.7 million, which is detailed in Table 1-1.

Table 1-1: Recommended PFS Tasks and Cost Ranges

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| **Discipline Area** | **Task Description** | **Cost Range<br> (US$000)** |
| Geology | Resource Definition Drill Program (see detail Table 1-2) | 30000–40500 |
| Mining | Geotechnical Laboratory Testing | 25–50 |
| Mining | Test Stoping for Proposed Mining Methods (Optional, could be incorporated as part of the Drill Exploration Program development) | 1000–2000 |
| Mining | Equipment Specifications | 20–30 |
| Process | Ore Sorting Testing | 10–15 |
| Process | Crushing and Comminution Testing, Lock-Cycle Flotation Testing (3 Major Mineral Types), Mineralogy Variability Testing (3 Major Types) | 150–200 |
| Process | Finalize Flow Sheet, Piping and Instrumentation Diagrams (P&IDs), Plant Layouts | 200–300 |
| Process | Equipment Specifications | 50–75 |
| Tailings | Tailings Rheology | 30–70 |
| Tailings | Dry Stack | 30–50 |
| Tailings | Paste Backfill Testing and Design | 80–120 |
| Water Treatment | Testing and Concept | 20–30 |
| Water Treatment | Plant Design, P&IDs, Plant Layouts (Update Lyntek Design) Assuming no Antimony Plant and Silver Refinery. | 20–30 |
| Capital Cost | Shaft Rehabilitation and Hoisting Estimate by Vendors | No Charge |
| Capital Cost | Detailed Equipment Cost Estimates by Vendors | No Charge |
| Operating Cost | Detailed Material and Supply Cost Estimates by Vendors | No Charge |
| Marketing Studies | Increase Detail | 30–40 |
| PFS | 0.20% to 1.50% of Initial Capital Cost Estimate | 600–4200 |
| **Total** |  | **32265–47710** |

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<u> Silver Opportunity Partners LLC \| Sunshine Mine S-K 1300 Technical Report Summary on the Initial Assessment </u> <u> March 25, 2026 SLR Project No.: 123.020552.00001 </u>

**1.1.2.2** **Geology and Mineral Resources** 

The SRK QP offers the following recommendations related to geology and Mineral Resources:

1 Include infill drilling in the next drilling campaign to improve confidence of areas categorized as Inferred Mineral Resources and step-out drilling to identify potential new veins.

2 As additional drilling phases are completed, refine the 3D geological model with appropriate estimation methodology and classification to report updated Mineral Resources to industry standards.

3 Update the QA/QC protocols and procedures to ensure that certified reference material (CRM) samples are well blended and the duplicate insertion frequency meets or exceeds the industry standard.

4 As part of the next drilling program, collect metallurgical samples, perform geotechnical drilling and obtain samples for laboratory testing, identify ground characteristics of old stope areas and areas adjacent to mined out stopes,

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| 5 | A resource definition program must be completed to advance the Project to its next phase. The drilling program targets upgrading and converting of Inferred Resources planned for extraction in the first ten years of the mine life. Some step-out drilling potential exists from planned drill stations; however, resource expansion is not the driver for selecting drill station locations. The upgrading of the resource material from Inferred Mineral Resources to Indicated and/or Measured Mineral Resources is necessary for conversion to Mineral Reserves that can be incorporated into future prefeasibility or feasibility studies. A tentative drill program was prepared for budgetary purposes and may shift dynamically during execution. New drill stations are planned from new ramps driven from the Sterling Tunnel and new development drives from 2300 Level and 3100 Level. New drift designs are planned such that they have future utility as main haulage and access routes. Costs associated with the drill plan are outlined in Table 1-2. |

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Table 1-2: Resource Definition Drilling Capital Estimate

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| | | | |
|:---|:---|:---|:---|
| **Location** | **Feet** | **Unit Rate <br> (US$)** | **Total <br> (US$000)** |
| **Sterling** | | | |
| 48 Hole Drill Program | 48000 | 100 | 4800 |
| Horizontal Development | 3300 | 2000 | 6600 |
| Vertical Development | 150 | 4000 | 600 |
| Infrastructure Upgrades to Support Drilling | - | - | 1025 |
| **Subtotal** |  |  | **13025** |
| **2300** |  |  |  |
| 56 Hole Drill Program | 56000 | 100 | 5600 |
| Horizontal Development | 3500 | 2000 | 7000 |
| Infrastructure Upgrades to Support Drilling | - | - | 950 |
| **Subtotal** |  |  | **13550** |

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| 1-14 | ![](ny20061035x4_ex96-1img002.jpg) |

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<u> Silver Opportunity Partners LLC \| Sunshine Mine S-K 1300 Technical Report Summary on the Initial Assessment </u> <u> March 25, 2026 SLR Project No.: 123.020552.00001 </u>

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| | | | |
|:---|:---|:---|:---|
| **Location** | **Feet** | **Unit Rate <br> (US$)** | **Total <br> (US$000)** |
| **3100** |  |  |  |
| 53 Hole Drill Program | 53000 | 100 | 5300 |
| Horizontal Development | 1800 | 2000 | 3600 |
| Infrastructure Upgrades to Support Drilling | - | - | 1700 |
| **Subtotal** |  |  | **10600** |
| **Total** |  |  | **37175** |

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**1.1.2.3** **Mining and Mineral Reserves** 

The SLR QP offers the following recommendations related to Mineral Reserves and Mining:

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| 1 | Review the results of this IA to assess the potential economic results of a prefeasibility study based solely on conversion of Indicated Mineral Resources and if warranted, advance the mine planning to that of a prefeasibility study to permit the conversion of Indicated Mineral Resources to Probable Mineral Reserves. |

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2 Review the mine design criteria with regard to achievable minimum mining widths, extraction and dilution.

3 Review the long hole stoping plans with a view to increasing the sublevel interval.

4 Continue the mine dewatering and lower the water level to dewater successive levels of the mine.

5 Undertake manual and/or remote control (drone) monitoring of the as many of the existing workings as possible to assess ground conditions and to determine their suitability for use as ventilation ways or escapeways

6 Undertake a geotechnical investigation and design program that evaluates in situ and re-distributed ground stresses, intact rock strengths, rock mass conditions, stope stability, and required ground support measures.

7 Complete a detailed ventilation model including air flows and mine heat considerations.

8 Review the compressed air supply, distribution and consumption to refine the estimated requirements.

9 Conduct more detailed testing and design work related to the use of paste backfill and system design including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) Review and revision of the paste fill plans based upon the planned production rates and mining locations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Confirmation of the paste fill distribution plans.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) Detailed paste fill testing including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. Test work on classified tailings samples.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. Classification test work.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii. Dewatering tests.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iv. Rheology and sedimentation tests.

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| 1-15 | ![](ny20061035x4_ex96-1img002.jpg) |

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<u> Silver Opportunity Partners LLC \| Sunshine Mine S-K 1300 Technical Report Summary on the Initial Assessment </u> <u> March 25, 2026 SLR Project No.: 123.020552.00001 </u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;v. Flow testing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;vi. Basic engineering of the paste fill preparation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) Assessment of the potential of filling old open stopes with paste fill to reduce the required tailings impoundment space

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e) Consideration of the required paste fill storage considering the weekly work schedules planned and an allowance for the
 logistics of the underground filling operations.

10 Include the use of battery electric vehicles (BEV) in the equipment fleet to the maximum extent possible.

11 Review and refine the work requirements, schedule, and cost estimates for the hoist, shaft and headgear repairs required to support operations.

**1.1.2.4** **Mineral Processing** 

The SLR QP offers the following recommendations related to Mineral Processing:

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|:---|:---|
| 1 | Select representative samples from each of the planned mining areas and perform composite and variability metallurgical testing, including material characterization, mineralogy, comminution, ore sorting, flotation, and solid-liquid separation on each of the material types, to develop design and plant operating criteria for the next stage of the Project. |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) Flotation testing should include liberation and recovery by particle size studies to determine the optimum primary grind
 and concentrate regrind particle sizes for each of the concentrates.

2 Update marketing studies to validate potential buyers, pricing, and contract terms for each of the concentrates.

**1.1.2.5** **Infrastructure** 

Based on a review of the documentation provided, SLR has the following recommendations regarding the existing TSF:

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|:---|:---|
| 1 | Perform a Dam Safety Review (DSR) by a competent and experienced tailings engineer, including intrusive investigation of the tailings mass and the foundations to understand the risk associated with the facility in its current state. This would also likely include a preliminary Dam Breach Assessment (DBA). |

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2 Complete all recommendations proposed in the last Dam Safety Inspection (DSI) without delay; complete all recommendations from future DSIs.

3 Appoint an appropriately qualified Independent Technical Review Board (ITRB) (or independent reviewer).

4 Keep the current decant pond to the smallest possible volume at all times and expedite measures to not rely on the facility for general mine water management.

5 Advance studies associated with final dry stack height and buttressing requirements.

6 Update the Operations, Maintenance and Surveillance (OMS) Manual for the TSF in accordance with Mining Association of Canada (MAC) guidelines and other industry recognized standard guidance for tailings facilities.

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| 1-16 | ![](ny20061035x4_ex96-1img002.jpg) |

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<u> Silver Opportunity Partners LLC \| Sunshine Mine S-K 1300 Technical Report Summary on the Initial Assessment </u> <u> March 25, 2026 SLR Project No.: 123.020552.00001 </u>

SLR offers the following recommendations related to future use of the facility:

1 Convert the existing TSF to a dry stack facility

2 Include consideration of the non-ore sorter case in the design of the TSF facility

SLR offers the following recommendations related to the water treatment plant:

1 Upgrade or replace the current water treatment plant if required.

**1.1.2.6** **Environment** 

1 Continue to engage with IDEQ to facilitate the issuance of an updated IPDES wastewater discharge permit. This permit will provide the design criteria for the improvements required for the water treatment plant.

2 Engage with agencies such as IDEQ, Idaho Department of Water Resources (IDWR), and Shoshone County related to the permits required for future operation.

3 Continue to engage with local stakeholders and the community.

**1.1.2.7** **Capital and Operating Costs** 

1 Further refine the cost capital and operating cost estimates in the next stage of study.

**1.2** **Economic Analysis** 

The economic analyses contained in this TRS are preliminary in nature and are based, in part, on Inferred Mineral Resources that are considered too speculative geologically to have modifying factors applied to them that would enable them to be categorized as Mineral Reserves.

It is important to note that unlike Mineral Reserves, Mineral Resources do not have demonstrated economic viability and there is no certainty that the economic projections presented in this TRS will be realized.

Taxes and revenues are assumed. Discounted cash flow analyses are based on assumed production rates and revenues from available Mineral Resources.

SLR notes that the economic analysis presented in this section is based on revenue from silver only. After-tax cash flow projections have been generated from the Base Case and Indicated Only Case LOM production schedules and capital and operating cost estimates and are summarized in the sub-sections that follow.

**1.2.1** **Base Case** 

**1.2.1.1** **Economic Criteria** 

The Project's Base Case is based on a production plan with a mine life of 24 years, and includes a mineralized material inventory of approximately 7.9 Mst at a LOM average silver grade of approximately 19 opt.

The Base Case mineralized material inventory includes approximately 5.8 Mst of Inferred Mineral Resources containing 102 Moz of silver (approximately 74% of total Base Case tonnage and 68% of total Base Case silver ounces). The remaining material in the mined inventory is from Indicated Mineral Resources.

A summary of the Base Case criteria is provided below.

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| 1-17 | ![](ny20061035x4_ex96-1img002.jpg) |

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<u> Silver Opportunity Partners LLC \| Sunshine Mine S-K 1300 Technical Report Summary on the Initial Assessment </u> <u> March 25, 2026 SLR Project No.: 123.020552.00001 </u>

**Revenue**

● LOM average mine production rate of approximately 864 short tons per day of mineralized material inventory (350,000 short tons per year).

● Silver metallurgical recovery, including ore sorting, as indicated by historical averages and test work, averaging 95.8%.

● Silver produced in a silver-copper concentrate and a lead-silver concentrate. Silver payable at

○ Silver-copper concentrate – Ag payable: 97%.

○ Lead-silver concentrate – Ag payable: 95%.

● Metal price: $46.36 per ounce silver (all years).

● LOM average unit Net Smelter Return (NSR) of $1,050/t milled, including doré refining, transport, and insurance costs.

● Additional $5/t ore sorter reject sold as aggregate.

● Revenue is recognized at the time of production.

● Total LOM Earnings Before Income Tax Depreciation and Amortization (EBITDA or operating margin) of approximately $4.38 billion.

● LOM concentrate tonnage totalling approximately 314,000 short wet tons.

**Costs**

● Pre-production period: 36 months (Year -3 to Year-1).

● Mine life: 24 years after pre-production period.

● LOM production plan as summarized in Table 13-13.

● Total initial capital costs of approximately $286.9 million.

● LOM sustaining capital costs of approximately $539.1 million.

● Reclamation and closure costs of approximately $21.2 million.

● Total LOM unit operating cost averaging $181.38 per short ton of plant feed, pre-ore sorting.

**Taxation and Royalties**

A summary of the estimated taxes and royalties paid over the LOM are itemized below.

● Taxes:

○ The Project is subject to a State Income Tax rate of 5.8% and a Federal Income Tax rate of 21%.

○ LOM taxes total approximately $696.8 million.

● Royalties:

○ Sunshine 7% NSR: $438.3 million.

○ Metropolitan 16% Net Proceeds: $8 million.

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| 1-18 | ![](ny20061035x4_ex96-1img002.jpg) |

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<u> Silver Opportunity Partners LLC \| Sunshine Mine S-K 1300 Technical Report Summary on the Initial Assessment </u> <u> March 25, 2026 SLR Project No.: 123.020552.00001 </u>

○ Silver Summit/Con-Sil 4% NSR: $22.5 million.

○ LOM royalties total approximately: $468.9 million.

**1.2.1.2** **Cash Flow Analysis** 

Considering the Project's Base Case on a stand-alone basis, the LOM undiscounted pre-tax cash flow totals approximately $3.53 billion, the LOM undiscounted after-tax cash flow totals approximately $2.83 billion, and simple payback occurs 1.9 years from the start of production in Year 1.

The Total All-in Sustaining Cost (AISC) is approximately $18.81 per ounce of silver, including sustaining capital and final closure/reclamation costs of approximately $4.04 per ounce.

Average annual silver production during operation is approximately 5.8 million ounces per year.

A discount rate of 5% has been applied in this TRS for the Project. This rate reflects prevailing industry standards for evaluating precious-metal projects in North America. The after-tax Net Present Value (NPV) at a 5% discount rate is approximately $1.43 billion, and the after-tax Internal Rate of Return (IRR) is approximately 38.3%.

A LOM summary of the Base Case Project economics is presented in Table 1-3. A full annual cash flow model summary is presented in Section 27.0 Table 27-1.

Table 1-3: After-Tax Cash Flow Summary – Base Case

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| | |
|:---|:---|
| **Description** | **LOM Value** |
| **Mineable Inventory** | |
| Indicated Mineral Resources (Mst) | 2.1 |
| Ag (Moz) | 48 |
| Grade (opt) | 22.8 |
| Inferred Mineral Resources (Mst) | 5.8 |
| Ag (Moz) | 102 |
| Grade (opt) | 17.5 |
| Total Material Mineralized Inventory (Mst) | 7.9 |
| Ag (Moz) | 150 |
| Grade (opt) | 19.0 |
| **Revenue** |  |
| **Realized Market Prices** |  |
| Ag ($/oz) | 46.36 |
| **Payable Metal** |  |
| Ag (Moz) | 139 |
| **Subtotal – Silver Gross Revenue ($ million)** | **6425** |
| **Aggregate Sales ($ million)** | **12** |
| **Total Gross Revenue ($ million)** | **6437** |

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|:---|:---|
| 1-19 | ![](ny20061035x4_ex96-1img002.jpg) |

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<u> Silver Opportunity Partners LLC \| Sunshine Mine S-K 1300 Technical Report Summary on the Initial Assessment </u> <u> March 25, 2026 SLR Project No.: 123.020552.00001 </u>

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| | |
|:---|:---|
| **Description** | **LOM Value** |
| **Operating Costs ($ million)** | |
| Mining Cost | (1088) |
| Process Cost | (132) |
| Tailings Cost | (6) |
| G & A Cost | (201) |
| Concentrate Freight Cost | (17) |
| TC/RC and penalties | (146) |
| Royalties/Duties | (469) |
| **Total Operating Costs ($ million)** | **(2059)** |
| **Operating Margin (EBITDA) ($ million)** | **4378** |
| Total Tax Payable | (697) |
| Working Capital | 0 |
| **Operating Cash Flow ($ million)** | **3681** |
| Initial Capital | (287) |
| Sustaining Capital | (539) |
| Closure/Reclamation Capital | (21) |
| **Total Capital ($ million)** | **(847)** |
| **Pre-tax Free Cash Flow ($ million)** | **3531** |
| **Pre-tax NPV @ 5% ($ million)** | **1793** |
| **Pre-tax IRR (%)** | **41.9%** |
| **After-tax Free Cash Flow ($ million)** | **2834** |
| **After-tax NPV @ 5% ($ million)** | **1434** |
| **After-tax IRR (%)** | **38.3%** |
| **AISC ($/oz Ag)** | **18.81** |

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**1.2.1.3** **Sensitivity Analysis** 

Project risks can be identified in both economic and non-economic terms. Key economic risks were examined by running cash flow sensitivities on the following parameters:

● Silver price

● Silver metallurgical recovery

● Silver milled head grade

● Total site operating costs

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| 1-20 | ![](ny20061035x4_ex96-1img002.jpg) |

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<u> Silver Opportunity Partners LLC \| Sunshine Mine S-K 1300 Technical Report Summary on the Initial Assessment </u> <u> March 25, 2026 SLR Project No.: 123.020552.00001 </u>

● Total capital costs

The after-tax NPV 5% and IRR sensitivities for the Base Case have been calculated for -20% to +20% variations for milled head grade, at -10% to +3% for metallurgical recovery of silver, and at -15% to +35% for operating and capital costs. Given the elevated spot price for silver at the time of report preparation, the after-tax NPV 5% and IRR sensitivities for the Base Case have been calculated for -20% to +73% variations in silver price.

The Base Case is most sensitive to silver price, head grade, and recovery. The IRR is least sensitive to operating cost. The NPV<sub>5% </sub>is least sensitive to capital costs.

1.2.2 Indicated Only Case

1.2.2.1 Economic Criteria

The Indicated Only Case assumes a production schedule based exclusively on Indicated Mineral Resources, resulting in a mineralized material inventory of 1.5 Mst and a projected mine life of ten years. A summary of the Indicated Only Case criteria is provided below.

**Revenue**

● LOM average production rate of approximately 430 short tons per day from underground Indicated Mineral Resources.

● The Indicated Only Case does not include the ore sorting phase, and mine production is fed directly to the process plant.

● Silver metallurgical recovery averaging 97%.

● Silver produced in a silver-copper concentrate and a lead-silver concentrate. Silver payable at

○ Silver-copper concentrate – Ag payable: 97%.

○ Lead-silver concentrate – Ag payable: 95%.

● Metal price: $46.36 per ounce silver (all years).

● LOM average unit Net Smelter Return (NSR) of $990/st milled, including doré refining, transport, and insurance costs.

● Revenue is recognized at the time of production.

● Total LOM Earnings Before Income Tax Depreciation and Amortization (EBITDA) of approximately $1,054 million.

● LOM concentrate tonnage totalling approximately 68,000 short wet tons.

**Costs**

● Pre-production period: 36 months (Year -3 to Year-1).

● Mine life: Ten years after pre-production period.

● LOM production plan as summarized in Table 13-13

● Total initial capital costs of approximately $239.6 million.

● LOM sustaining capital costs of approximately $244.1 million.

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| 1-21 | ![](ny20061035x4_ex96-1img002.jpg) |

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<u> Silver Opportunity Partners LLC \| Sunshine Mine S-K 1300 Technical Report Summary on the Initial Assessment </u> <u> March 25, 2026 SLR Project No.: 123.020552.00001 </u>

● Reclamation and closure costs of approximately $21.2 million.

● Total LOM unit operating cost averaging $285.10 per short ton of plant feed.

**Taxation and Royalties**

A summary of the estimated taxes and royalties paid over the LOM is itemized below.

● Taxes:

○ The Project is subject to a State Income Tax rate of 5.8% and a Federal Income Tax rate of 21%.

○ Total LOM taxes of approximately $87.8 million.

● Royalties:

○ Sunshine 7% NSR: $112.0 million.

○ Metropolitan 16% Net Proceeds: $1.3 million.

○ Silver Summit/Con-Sil 4% NSR: $5.8 million.

○ Total LOM royalties of approximately $119.1 million.

**1.2.2.2** **Cash Flow Analysis** 

Considering the Project's Indicated Only Case on a stand-alone basis, the LOM undiscounted pre-tax cash flow totals approximately $549.2 million, the LOM undiscounted after-tax cash flow totals approximately $461.3 million, and simple payback occurs 3.4 years from start of production (Year 1).

The Total All-in Sustaining Cost (AISC) is approximately $24.06 per ounce of silver, including sustaining capital and final closure/reclamation costs of approximately $7.50 per ounce.

The average annual silver production from Year 2 to Year 9 (years of full production) is approximately 4 Moz per year.

A discount rate of 5% has been applied in this TRS for the Project. This rate reflects prevailing industry standards for evaluating precious-metal projects in North America. The after-tax Net Present Value (NPV) at a 5% discount rate is approximately $270.4 million, and the after-tax Internal Rate of Return (IRR) is approximately 21.1%.

A LOM summary of the Indicated Only Case Project economics is presented in Table 1-4. A full annual cash flow model summary is presented in Section 27.0 Table 27-2.

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| 1-22 | ![](ny20061035x4_ex96-1img002.jpg) |

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<u> Silver Opportunity Partners LLC \| Sunshine Mine S-K 1300 Technical Report Summary on the Initial Assessment </u> <u> March 25, 2026 SLR Project No.: 123.020552.00001 </u>

Table 1-4: After-Tax Cash Flow Summary – Indicated Only Case

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| | |
|:---|:---|
| **Description** | **LOM Value** |
| **Mineable Inventory** | |
| Indicated Mineral Resources (Mst) | 1.5 |
| Contained Ag (Moz) | 37.7 |
| Grade (opt) | 25.20 |
| Inferred Mineral Resources (Mst) | - |
| Ag (Moz) | - |
| Grade (opt) | - |
| Total Mined Inventory (Mst) | 1.5 |
| Contained Ag (Moz) | 37.7 |
| Grade (opt) | 25.20 |
| **Revenue** |  |
| **Realized Market Prices** |  |
| Ag ($/oz) | 46.36 |
| **Payable Metal** |  |
| Ag (Moz) | 35.4 |
| **Subtotal – Silver Gross Revenue ($ million)** | **1640** |
| **Aggregate Sales ($ million)** | **-** |
| **Total Gross Revenue ($ million)** | **1640** |
| **Operating Costs ($ million)** |  |
| Mining Cost | (307) |
| Process Cost | (41) |
| Tailings Cost | (2) |
| G & A Cost | (76) |
| Concentrate Freight Cost | (4) |
| TC/RC and penalties | (37) |
| Royalties/Duties | (119) |
| **Total Operating Costs ($ million)** | **(586)** |
| **Operating Margin (EBITDA) ($ million)** | **1054** |
| Total Tax Payable | (88) |
| Working Capital\* | 0 |
| **Operating Cash Flow ($ million)** | **966** |
| Initial Capital | (240) |
| Sustaining Capital | (244) |

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| 1-23 | ![](ny20061035x4_ex96-1img002.jpg) |

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<u> Silver Opportunity Partners LLC \| Sunshine Mine S-K 1300 Technical Report Summary on the Initial Assessment </u> <u> March 25, 2026 SLR Project No.: 123.020552.00001 </u>

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| | |
|:---|:---|
| **Description** | **LOM Value** |
| Closure/Reclamation Capital | (21) |
| **Total Capital ($ million)** | **(505)** |
| **Pre-tax Free Cash Flow ($ million)** | **549** |
| **Pre-tax NPV @ 5% ($ million)** | **328** |
| **Pre-tax IRR (%)** | **23.0%** |
| **After-tax Free Cash Flow ($ million)** | **461** |
| **After-tax NPV @ 5% ($ million)** | **270** |
| **After-tax IRR (%)** | **21.1%** |
| **AISC ($/oz Ag)** | **24.06** |

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**1.2.2.3** **Sensitivity Analysis** 

Project risks can be identified in both economic and non-economic terms. Key economic risks were examined by running cash flow sensitivities on the following parameters:

● Silver price

● Silver metallurgical recovery

● Silver milled head grade

● Total site operating costs

● Total capital costs

The after-tax NPV 5% and IRR sensitivities for the Indicated Only Case have been calculated for -20% to +20% variations for milled head grade, at -10% to +3% for metallurgical recovery of silver, and at -15% to +35% for operating and capital costs. Given the elevated spot price for silver at the time of report preparation, the after-tax NPV 5% and IRR sensitivities for the Indicated Only Case have been calculated for -20% to +73% variations in silver price.

The Indicated Only Case is most sensitive to silver price, followed by head grade, recovery, and capital, and least sensitive to operating cost.

**1.2.3** **Comparison of Cases** 

Table 1-5 presents a comparison of cash flow results for the Project's LOM Base Case and LOM Indicated Only Case scenarios.

Table 1-5: Comparison of Cash Flow – Base Case and Indicated Only Case

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| | | | |
|:---|:---|:---|:---|
| **Description** | **Base Case** | **Indicated <br> Only Case** | **Difference Relative <br> to Base Case** |
| **Mineable Inventory** | | | |
| Mine Life (years) | 24 | 10 | (14) |

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| 1-24 | ![](ny20061035x4_ex96-1img002.jpg) |

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<u> Silver Opportunity Partners LLC \| Sunshine Mine S-K 1300 Technical Report Summary on the Initial Assessment </u> <u> March 25, 2026 SLR Project No.: 123.020552.00001 </u>

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| | | | |
|:---|:---|:---|:---|
| **Description** | **Base Case** | **Indicated <br> Only Case** | **Difference Relative <br> to Base Case** |
| Indicated Mineral Resources (Mst) | 2.1 | 1.5 | (0.6) |
| Ag (Moz) | 48 | 37 | (11) |
| Grade (opt) | 22.8 | 25.2 | 2.4 |
| Inferred Mineral Resources (Mst) | 5.8 | - | (5.8) |
| Ag (Moz) | 102 | - | (102) |
| Grade (opt) | 17.5 | - | (17.5) |
| Total Mined Inventory (Mst) | 7.9 | 1.5 | (6.4) |
| Ag (Moz) | 150 | 37 | (112) |
| Grade (opt) | 19.0 | 25.2 | 6.2 |
| **Revenue** |  |  |  |
| **Realized Market Prices** |  |  |  |
| Ag ($/oz) | 46.36 | 46.36 | - |
| **Payable Metal** |  |  |  |
| Ag (Moz) | 139 | 35 | (103) |
| **Subtotal – Silver Gross Revenue ($ million)** | **6425** | **1640** | **(4785)** |
| **Aggregate Sales ($ million)** | **12** | **-** | **(12)** |
| **Total Gross Revenue ($ million)** | **6437** | **1640** | **(4797)** |
| **Operating Costs ($ million)** |  |  |  |
| Mining Cost | (1088) | (307) | 780 |
| Process Cost | (132) | (41) | 91 |
| Tailings Cost | (6) | (2) | 4 |
| G & A Cost | (201) | (76) | 125 |
| Concentrate Freight Cost | (17) | (4) | 13 |
| TC/RC and penalties | (146) | (37) | 109 |
| Royalties/Duties | (469) | (119) | 350 |
| **Total Operating Costs ($ million)** | **(2059)** | **(586)** | **1473** |
| **Operating Margin (EBITDA) ($ million)** | **4378** | **1054** | **(3324)** |
| Total Tax Payable | (697) | (88) | 609 |
| Working Capital | 0 | 0 | 0 |
| **Operating Cash Flow ($ million)** | **3681** | **966** | **(2715)** |
| Initial Capital | (287) | (240) | 47 |
| Sustaining Capital | (539) | (244) | 295 |
| Closure/Reclamation Capital | (21) | (21) | 0 |

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| 1-25 | ![](ny20061035x4_ex96-1img002.jpg) |

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<u> Silver Opportunity Partners LLC \| Sunshine Mine S-K 1300 Technical Report Summary on the Initial Assessment </u> <u> March 25, 2026 SLR Project No.: 123.020552.00001 </u>

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| | | | |
|:---|:---|:---|:---|
| **Description** | **Base Case** | **Indicated <br> Only Case** | **Difference Relative <br> to Base Case** |
| **Total Capital ($ million)** | **(847)** | **(505)** | **342** |
| **Pre-tax Free Cash Flow ($ million)** | **3531** | **549** | **(2981)** |
| **Pre-tax NPV @ 5% ($ million)** | **1793** | **328** | **(1465)** |
| **Pre-tax IRR** | **41.9%** | **23.0%** | **(19.0%)** |
| **After-tax Free Cash Flow ($ million)** | **2834** | **461** | **(2372)** |
| **After-tax NPV @ 5% ($ million)** | **1434** | **270** | **(1164)** |
| **After-tax IRR (%)** | **38.3%** | **21.1%** | **(17.3%)** |
| **AISC (U$/oz Ag)** | **18.81** | **24.06** | **5.25** |

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**1.3** **Technical Summary** 

**1.3.1** **Property Description and Location** 

The geographic coordinates of the Sunshine Mine are latitude 47°30'6" north and longitude 116°4'10" west. The property is located about 4.5 miles southeast of the town of Kellogg, Idaho in Shoshone County. The towns of Kellogg and Wallace host a full complement of services for the mine. The closest major airport and metropolitan center are in Spokane, Washington, approximately 68 miles west of Kellogg.

**1.3.2** **Land Tenure** 

The property is covered by 251 patented mining claims and 1,066 unpatented mining claims for a total acreage of 25,593 acres. All fees and taxes are up to date.

**1.3.3** **History** 

The Sunshine Mine has been operated for over 100 years by various companies. Since the property was staked in 1884 Sunshine Mine has produced 364,893,421 ounces (oz) of silver from 12,953,045 short tons of ore through 2001, when the mine was closed. In addition to silver, the mine produced copper (Cu), lead (Pb), zinc (Zn), and antimony (Sb) throughout much of the long mining history.

**1.3.4** **Geology and Mineralization** 

The Coeur d'Alene Mining District (also known as Silver Valley), including Sunshine, hosts silver -lead-zinc mesothermal vein deposits that are contained in Precambrian (approximately 1.45 billion years old) metasedimentary rocks of the Belt Supergroup. The Sunshine mine is predominantly hosted in the St. Regis Formation, which is over 600 feet (ft) thick, and upper strata of the underlying Revett Formation. Rock types in the St. Regis Formation are mainly argillite and siltite, which grade to siltite and quartzite in the Revett Formation. Both host units are intensely folded and faulted and metamorphosed to low-grade, greenschist facies.

Dominant veins in the mine strike generally east-to-west between the faults and dip steeply (greater than (>) 60 degrees (°)) to the south. Over 35 veins have been named and mined at the Sunshine mine. Historically, mined grades are exceptionally high in some areas with averages over 100 troy ounces per short ton (opt) Ag. Mineralization is comprised of tetrahedrite, galena, and sphalerite, with typical gangue minerals of siderite, quartz, pyrite, and magnetite.

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| 1-26 | ![](ny20061035x4_ex96-1img002.jpg) |

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<u> Silver Opportunity Partners LLC \| Sunshine Mine S-K 1300 Technical Report Summary on the Initial Assessment </u> <u> March 25, 2026 SLR Project No.: 123.020552.00001 </u>

**1.3.5** **Exploration Status** 

In May 2010, SOP acquired most of the operating facilities and equipment at the Sunshine Mine from Sterling via its bankruptcy proceedings. From August 2022 until October of 2023, SOP completed a drilling campaign that totaled 54,369 ft of core in 38 drill holes. Each of the completed drill holes was successful in intersecting planned targets or providing new knowledge in previously unknown areas. From 2010 to 2013, SOP drilled approximately 60,000 ft in 84 drill holes. Overall, the current drill hole database contains 3,618 underground drill holes that total 1,114,823.5 ft. All these diamond-core holes were drilled with substantially similar equipment and using equivalent procedures to the recent campaign.

In addition to drilling data, historical channel samples obtained during previous mining form the majority of data available for the current resource estimation. Assays from face samples collected during development and production have been the main data used for previous resource and reserve estimates throughout the long history of the Sunshine Mine.

During mining, chip samples from drift and stope faces and backs and sides of drifts and raises were obtained daily for grade control and resource estimation. Hand-drawn maps and cross-sections recorded much of the historical Sunshine data, with accurate and detailed records of channel sampling. Since 2022, SOP worked to geo-reference the majority of available maps in three dimensions (3D) and commenced an exhaustive validation of the many historical channel data for accuracy in grade, thickness, and location.

All the new and historical sampling data helped inform the first 3D geology model in the long history of the Sunshine Mine. Future drilling programs plan to continue adding intercepts on all Sunshine veins to better define the deposit and assist with mine planning. Resource conversion of Inferred mineralization to higher classification categories will continue as SOP works toward the resumption of production.

**1.3.6** **Mineral Resources** 

The Mineral Resource presented herein represents an evaluation of 36 veins at the Sunshine mine. The resource estimation is supported by logging, drilling, and sampling current to the November 28, 2023, data cut-off date. No additional assay data was available after the data cut-off date. SRK undertook the technical work on the geological model and grade estimates in December 2023, with the final assessment for RPEE completed by the SRK QP on February 24, 2026, which is the effective date of the current resource statement. SRK, as Mineral Resource Qualified Person (QP), considers the estimate to be current as of the date of the TRS. No material work that would impact this Mineral Resource estimate has been completed and validated at the Project as of the date of the TRS. Ongoing exploration drilling results, while potentially material in the future, are pending and have not been quantified or incorporated into the current Mineral Resource estimate.

The resource estimation methodology involved the following procedures:

● Database and geological model review

● Data conditioning for statistical analysis (i.e., capping review and compositing)

● Block modeling and grade interpolation

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<u> Silver Opportunity Partners LLC \| Sunshine Mine S-K 1300 Technical Report Summary on the Initial Assessment </u> <u> March 25, 2026 SLR Project No.: 123.020552.00001 </u>

● Resource classification and validation

● Assessment of RPEE

● Application of reporting COG for conceptual underground mining scenario

● Preparation of the mineral resource statement

SRK defined the Mineral Resource (Table 1-6) based on a COG derived from assumed economics for underground mining. The estimation is constrained within mineable stope optimization (MSO) volumes and discrete vein wireframes interpreted by SOP based on geological logging, assay grades, and historical mining maps, sections, and other records. Mineral resources are not mineral reserves and do not have demonstrated economic viability. There is no certainty that all or any part of the mineral resources will be converted into mineral reserves in the future. The estimate of mineral resources may be materially affected by environmental permitting, legal, title, taxation, socio-political, marketing, or other relevant issues.

The SRK QP is of the opinion that with consideration of the recommendations summarized in Sections 1 and 23 of this TRS, any issues relating to all relevant technical and economic factors likely to influence the prospect of economic extraction can be resolved with further work.

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<u> Silver Opportunity Partners LLC \| Sunshine Mine S-K 1300 Technical Report Summary on the Initial Assessment </u> <u> March 25, 2026 SLR Project No.: 123.020552.00001 </u>

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| **Table 1-6:** | **Sunshine Mine Underground Mineral Resources as of February 24, 2026, SRK Consulting (U.S.), Inc.** |

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| | | | |
|:---|:---|:---|:---|
| **Classification** | **Tonnage <br> (000 st)** | **Ag Grade<br> (opt)** | **Contained Ag Metal<br> (koz)** |
| &nbsp;&nbsp;Measured | -- | -- | -- |
| &nbsp;&nbsp;Indicated | 3485 | 29.8 | 103915 |
| &nbsp;&nbsp;**Measured and Indicated** | **3485** | **29.8** | **103915** |
| &nbsp;&nbsp;Inferred | 7061 | 22.6 | 159847 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Source: SRK 2026<br>Notes:<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.&nbsp;&nbsp;&nbsp;&nbsp; The definitions for Mineral Resources in S-K 1300, which are consistent with the classification scheme under the CRIRSCO standards, were followed for the classification of Mineral Resources.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.&nbsp;&nbsp;&nbsp;&nbsp; All dollar amounts are present in U.S. dollars, and all measurements are US Standard units.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.&nbsp;&nbsp;&nbsp;&nbsp; MSO volume constrained resources with RPEE are stated as contained within vein estimation domains defined by an 8.8 opt Ag COG. The COG and MSO are based on an assumed silver price of $23.50/oz and operating cost assumptions, as follows: mining cost of $110.00 per short ton, processing cost of $20.85 per short ton, general and administrative (G&A) cost of $7.93 per short ton, antimony plant for silver concentrate cost of $14.55 per short ton, refining for silver concentrate cost of $16.13 per short ton, and tailings storage cost of $4.27 per short ton.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.&nbsp;&nbsp;&nbsp;&nbsp; MSO volumes are 9 ft high, 30 ft long, and minimum of 3 ft wide and are flagged by the individual modeled vein volumes. An unplanned mining dilution of 5% is applied for reporting.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.&nbsp;&nbsp;&nbsp;&nbsp; All Mineral Resources are based on a data cut-off date of November 28, 2023, estimated in situ and reported as diluted within MSO volumes.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.&nbsp;&nbsp;&nbsp;&nbsp; Average bulk density was assigned as 3.02 grams per cubic centimeter (g/cm<sup>3</sup>) for veins and 2.82 g/cm<sup>3</sup> for waste. The equivalent densities in US S Customary units are 0.0943 short tons per cubic foot (st/ft<sup>3</sup>) for veins and 0.088 st/ft<sup>3</sup> for waste.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.&nbsp;&nbsp;&nbsp;&nbsp; Metallurgical recovery was assigned at 93% from metallurgical test work and history of mining production.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.&nbsp;&nbsp;&nbsp;&nbsp; Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability. There is no certainty that all or any part of the Mineral Resources will be converted into Mineral Reserves in the future. The estimate of Mineral Resources may be materially affected by environmental permitting, legal, title, taxation, socio-political, marketing, or other relevant issues.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.&nbsp;&nbsp;&nbsp;&nbsp; All quantities are rounded to the appropriate number of significant figures; consequently, sums may not add up due to rounding. <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. The Project is 100% attributable to SOP. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Source: SRK 2026<br>Notes:<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.&nbsp;&nbsp;&nbsp;&nbsp; The definitions for Mineral Resources in S-K 1300, which are consistent with the classification scheme under the CRIRSCO standards, were followed for the classification of Mineral Resources.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.&nbsp;&nbsp;&nbsp;&nbsp; All dollar amounts are present in U.S. dollars, and all measurements are US Standard units.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.&nbsp;&nbsp;&nbsp;&nbsp; MSO volume constrained resources with RPEE are stated as contained within vein estimation domains defined by an 8.8 opt Ag COG. The COG and MSO are based on an assumed silver price of $23.50/oz and operating cost assumptions, as follows: mining cost of $110.00 per short ton, processing cost of $20.85 per short ton, general and administrative (G&A) cost of $7.93 per short ton, antimony plant for silver concentrate cost of $14.55 per short ton, refining for silver concentrate cost of $16.13 per short ton, and tailings storage cost of $4.27 per short ton.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.&nbsp;&nbsp;&nbsp;&nbsp; MSO volumes are 9 ft high, 30 ft long, and minimum of 3 ft wide and are flagged by the individual modeled vein volumes. An unplanned mining dilution of 5% is applied for reporting.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.&nbsp;&nbsp;&nbsp;&nbsp; All Mineral Resources are based on a data cut-off date of November 28, 2023, estimated in situ and reported as diluted within MSO volumes.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.&nbsp;&nbsp;&nbsp;&nbsp; Average bulk density was assigned as 3.02 grams per cubic centimeter (g/cm<sup>3</sup>) for veins and 2.82 g/cm<sup>3</sup> for waste. The equivalent densities in US S Customary units are 0.0943 short tons per cubic foot (st/ft<sup>3</sup>) for veins and 0.088 st/ft<sup>3</sup> for waste.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.&nbsp;&nbsp;&nbsp;&nbsp; Metallurgical recovery was assigned at 93% from metallurgical test work and history of mining production.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.&nbsp;&nbsp;&nbsp;&nbsp; Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability. There is no certainty that all or any part of the Mineral Resources will be converted into Mineral Reserves in the future. The estimate of Mineral Resources may be materially affected by environmental permitting, legal, title, taxation, socio-political, marketing, or other relevant issues.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.&nbsp;&nbsp;&nbsp;&nbsp; All quantities are rounded to the appropriate number of significant figures; consequently, sums may not add up due to rounding. <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. The Project is 100% attributable to SOP. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Source: SRK 2026<br>Notes:<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.&nbsp;&nbsp;&nbsp;&nbsp; The definitions for Mineral Resources in S-K 1300, which are consistent with the classification scheme under the CRIRSCO standards, were followed for the classification of Mineral Resources.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.&nbsp;&nbsp;&nbsp;&nbsp; All dollar amounts are present in U.S. dollars, and all measurements are US Standard units.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.&nbsp;&nbsp;&nbsp;&nbsp; MSO volume constrained resources with RPEE are stated as contained within vein estimation domains defined by an 8.8 opt Ag COG. The COG and MSO are based on an assumed silver price of $23.50/oz and operating cost assumptions, as follows: mining cost of $110.00 per short ton, processing cost of $20.85 per short ton, general and administrative (G&A) cost of $7.93 per short ton, antimony plant for silver concentrate cost of $14.55 per short ton, refining for silver concentrate cost of $16.13 per short ton, and tailings storage cost of $4.27 per short ton.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.&nbsp;&nbsp;&nbsp;&nbsp; MSO volumes are 9 ft high, 30 ft long, and minimum of 3 ft wide and are flagged by the individual modeled vein volumes. An unplanned mining dilution of 5% is applied for reporting.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.&nbsp;&nbsp;&nbsp;&nbsp; All Mineral Resources are based on a data cut-off date of November 28, 2023, estimated in situ and reported as diluted within MSO volumes.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.&nbsp;&nbsp;&nbsp;&nbsp; Average bulk density was assigned as 3.02 grams per cubic centimeter (g/cm<sup>3</sup>) for veins and 2.82 g/cm<sup>3</sup> for waste. The equivalent densities in US S Customary units are 0.0943 short tons per cubic foot (st/ft<sup>3</sup>) for veins and 0.088 st/ft<sup>3</sup> for waste.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.&nbsp;&nbsp;&nbsp;&nbsp; Metallurgical recovery was assigned at 93% from metallurgical test work and history of mining production.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.&nbsp;&nbsp;&nbsp;&nbsp; Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability. There is no certainty that all or any part of the Mineral Resources will be converted into Mineral Reserves in the future. The estimate of Mineral Resources may be materially affected by environmental permitting, legal, title, taxation, socio-political, marketing, or other relevant issues.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.&nbsp;&nbsp;&nbsp;&nbsp; All quantities are rounded to the appropriate number of significant figures; consequently, sums may not add up due to rounding. <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. The Project is 100% attributable to SOP. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Source: SRK 2026<br>Notes:<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.&nbsp;&nbsp;&nbsp;&nbsp; The definitions for Mineral Resources in S-K 1300, which are consistent with the classification scheme under the CRIRSCO standards, were followed for the classification of Mineral Resources.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.&nbsp;&nbsp;&nbsp;&nbsp; All dollar amounts are present in U.S. dollars, and all measurements are US Standard units.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.&nbsp;&nbsp;&nbsp;&nbsp; MSO volume constrained resources with RPEE are stated as contained within vein estimation domains defined by an 8.8 opt Ag COG. The COG and MSO are based on an assumed silver price of $23.50/oz and operating cost assumptions, as follows: mining cost of $110.00 per short ton, processing cost of $20.85 per short ton, general and administrative (G&A) cost of $7.93 per short ton, antimony plant for silver concentrate cost of $14.55 per short ton, refining for silver concentrate cost of $16.13 per short ton, and tailings storage cost of $4.27 per short ton.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.&nbsp;&nbsp;&nbsp;&nbsp; MSO volumes are 9 ft high, 30 ft long, and minimum of 3 ft wide and are flagged by the individual modeled vein volumes. An unplanned mining dilution of 5% is applied for reporting.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.&nbsp;&nbsp;&nbsp;&nbsp; All Mineral Resources are based on a data cut-off date of November 28, 2023, estimated in situ and reported as diluted within MSO volumes.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.&nbsp;&nbsp;&nbsp;&nbsp; Average bulk density was assigned as 3.02 grams per cubic centimeter (g/cm<sup>3</sup>) for veins and 2.82 g/cm<sup>3</sup> for waste. The equivalent densities in US S Customary units are 0.0943 short tons per cubic foot (st/ft<sup>3</sup>) for veins and 0.088 st/ft<sup>3</sup> for waste.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.&nbsp;&nbsp;&nbsp;&nbsp; Metallurgical recovery was assigned at 93% from metallurgical test work and history of mining production.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.&nbsp;&nbsp;&nbsp;&nbsp; Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability. There is no certainty that all or any part of the Mineral Resources will be converted into Mineral Reserves in the future. The estimate of Mineral Resources may be materially affected by environmental permitting, legal, title, taxation, socio-political, marketing, or other relevant issues.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.&nbsp;&nbsp;&nbsp;&nbsp; All quantities are rounded to the appropriate number of significant figures; consequently, sums may not add up due to rounding. <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. The Project is 100% attributable to SOP. |

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Despite a long and productive mining history, the Sunshine Mine represents a brownfield underground project with high potential for expansion and definition of the mesothermal silver vein systems through continued exploration. The upper levels of the mine have had limited drilling and development due to the historical exploration methodology available during the early part of the over-100-year mining history. Additionally, the current economic outlook for silver and base minerals has changed drastically, and updated COGs are more permissive than witnessed by past operators. SOP conducted recent infill and exploration drilling that expanded mineral resources. During future exploration and development phases, additional drilling has the potential to grow the known resource and potentially discover additional previously unidentified veins.

In the SRK QP's opinion, the results of the diamond drilling work completed to date and extensive historical sampling are of substantial technical merit to recommend additional drilling expenditures. The next drill campaign should include a combination of targets, including infill drilling to improve confidence of areas categorized as Inferred mineral resources and step-out drilling to identify potential new veins. The updated Leapfrog geological model and recent drilling have improved known mineralization continuity, improved geological understanding of the deposit, and consolidated structural data, which will be helpful for future exploration targeting. An updated MRE has been reported using the newly developed 3D geological model with appropriate estimation methodology and classification of resources to industry standards.

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<u> Silver Opportunity Partners LLC \| Sunshine Mine S-K 1300 Technical Report Summary on the Initial Assessment </u> <u> March 25, 2026 SLR Project No.: 123.020552.00001 </u>

**1.3.7** **Mineral Reserves** 

There are currently no Mineral Reserves estimated for the Sunshine mine.

**1.3.8** **Mining** 

Underground mine plans and production schedules were prepared by SLR, using the Mineral Resource estimate described in Section 11.0 of this TRS. The LOM plans are based upon the use of the existing infrastructure and portions of the mine workings to provide mineralized material feed of approximately 350,000 short tons per year.

The mine exists within a 6,000 ft deep, 15,000 ft long strike, and 2,000 ft cross dip volume. The mine is accessed by the 4,000 ft deep Jewell Shaft, which has the 3700 Level as the lowest operating level. The 5,400 ft deep Silver Summit Shaft and associated lower winze will be used for a second access. Levels are named by the depth below the Jewell Shaft collar. Future access below the 3700 Level will be via mechanized headings to the 5900 Level. Historical shafts and winzes that serviced intermediate and lower levels are not planned for future use.

The mineralized materials are situated in narrow (approximately 5 ft wide) individual veins which typically dip at 60° to 70°. Historically the mining has used a mixture of mainly conventional and some mechanized cut and fill stoping with hydraulic fill. A broad range of stoping options were considered and a mixture of 61% conventional cut and fill stoping and 39% mechanized long hole stoping were selected for this IA.

Silver cut-off grades varied based on the mining method: 8 opt for the long hole mining method and 9 opt for conventional cut and fill mining. Cut-off grades were only based on silver. Historically, both copper and lead have contributed to the revenue stream; however, there was no resource data available to model these metals.

Stope designs were developed using the Deswik Stope Optimizer (DSO) software for both mining methods, the results were then sorted into cut and fill and long hole stopes. Cut-off grade, minimum width, and minimum dilution estimates were applied in the DSO. Mining shapes were developed for 27 of the 36 resource veins. The DSO results were reviewed and modified as necessary. For the Base Case, the DSO mining shapes were used to generate a total tonnage of potentially mineable material of 7.87 Mst grading 19.0 opt silver and containing 149 Moz of silver. The average mining width was 6.3 ft. Stoping blocks exist from the 100 Level to the 5900 Level. The mineable material estimate includes 36% dilution, which is carried at zero grade.

Mine production plans were prepared based upon accessing the closely grouped, larger, and higher grade areas early in the schedule. To further increase the early production rate growth, the Jewell Shaft Block and Upper Mine Block will be mined at the start of the schedule. The Upper Mine Block, from the 100 Level to the 1500 Level, will be mined with mechanized access from a surface adit (Sterling Tunnel). Jewell Shaft Block production commences from the 3100 Level to 3700 Level. New development and long hole stoping will use mechanized equipment. Haulage to the Jewell Shaft will be done by rail bound equipment for the levels from 1700 Level to 3700 Level and by trucks and/or load-haul-dump (LHD) equipment for areas below 3700 Level. BEV equipment is proposed to reduce ventilation requirements and improve working conditions in the Mine. Mine development plans were developed to service the planned production.

The mine ventilation system will use the existing circuit, including the Big Hole raise and the Jewell Shaft as intakes and the Silver Summit Shaft for an exhaust way. The combination of conventional cut and fill stoping and BEV equipment will reduce the fresh air demands compared to previous studies. The Upper Mine Block will be ventilated independently of the Jewell Shaft.

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<u> Silver Opportunity Partners LLC \| Sunshine Mine S-K 1300 Technical Report Summary on the Initial Assessment </u> <u> March 25, 2026 SLR Project No.: 123.020552.00001 </u>

The three year mine pre-production work will commence with the hoist upgrades, shaft rehabilitation (Jewell and Silver Summit) and mine dewatering to the bottom of the Jewell Shaft. The dewatering can commence at any time, and the balance of the work will require approximately one year. After the Jewell Hoist and Shaft work is complete the rehabilitation of workings and new development can commence. Annual mine production increases from approximately 115,000 tons in Year 1 to approximately 414,000 tons in Year 5, then averages approximately 335,000 stpa for 19 years.

Approximately 74% of the tonnage and approximately 68% of the contained silver in the Base Case LOM Plan is Inferred material. Inferred Mineral Resources are considered too geologically speculative to have the economic considerations applied to them that would enable them to be categorized as Mineral Reserves. There is no certainty that economic forecasts on which this IA is based will be realized.

An Indicated Only Case based solely on Indicated Mineral Resources was developed for the Project (there are no Measured Mineral Resources). The Indicated Only Case uses the same mining methods as the Base Case; however, the mining extent is limited by the available Measured and Indicated Mineral Resources. The Indicated Only Case has a three-year pre-production period followed by a nine-year operating life with mine production of up to 608 stpd.

A summary of the mineable material for the Base Case and the Indicated Only Case is presented in Table 1-7.

**Table 1-7: Potentially Mineable Material**

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| **Type of Mining** | **Base Case** | **Base Case** | **Base Case** | **Indicated Only Case** | **Indicated Only Case** | **Indicated Only Case** |
| **Type of Mining** | **Tonnage<br> (000 st)** | **Grade<br> (Ag opt)** | **Contained Silver<br> (Moz)** | **Tonnage<br> (000 st)** | **Grade<br> (Ag opt)** | **Contained Silver<br> (Moz)** |
| Conventional Cut and Fill | 4643 | 17.3 | 80 | 791 | 24.4 | 19.3 |
| Long Hole | 3010 | 22.2 | 67 | 657 | 27.1 | 17.8 |
| Development | 213 | 11.1 | 2 | 47 | 12.6 | 0.6 |
| **Total** | **7866** | **19.0** | **149** | **1495** | **25.2** | **37.7** |

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Notes: Tonnage is rounded. Totals may not sum due to rounding.

**1.3.9** **Mineral Processing** 

The IA considers that a new concentrator will be constructed in the same location as the existing concentrator building. The existing building will be demolished to the foundations, and new facilities and equipment will be installed.

Under the Base Case development and operating scenario, the new Sunshine Mine processing facility will receive approximately 1,000 stpd ROM mineralized material, hoisted from the Jewell Shaft and discharged into the ROM mineralized material storage bin adjacent to the mine headframe, as well as mineralized material from the Sterling Tunnel which will be delivered by truck to the Jewell Shaft ROM storage bin external feed hopper. The material will be drawn from the external hopper with an apron feeder and conveyor and discharged into the ROM storage bin. The capacity has been adjusted to 500 stpd for the Indicated Only Case and ore sorting was not used.

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<u> Silver Opportunity Partners LLC \| Sunshine Mine S-K 1300 Technical Report Summary on the Initial Assessment </u> <u> March 25, 2026 SLR Project No.: 123.020552.00001 </u>

Material will be drawn from the ROM storage bin into a three-stage crushing circuit including a primary gyratory, a secondary standard and tertiary shorthead crusher to produce a final grinding circuit feed size of P<sub>100</sub> 10 mm and P<sub>80</sub> 6 mm. Secondary crushed material will be screened to produce a 10 mm × 50 mm fraction that will be conveyed to an ore sorter for waste rejection. Ore sorter waste reject, approximately 44.2% of ore sorter feed (28.9% of mine feed), will be stockpiled, and the ore sorter product will be conveyed to tertiary crushing. Final crushed material will be conveyed into a fine material storage bin.

Material will be drawn from the fine material bin to feed the grinding and flotation circuits. The grinding circuit will consist of a ball mill and flash flotation cell closed by hydro cyclones. Flotation will include rougher/scavenger and cleaner flotation cells producing silver-copper, and lead flotation concentrates. The two concentrates will be thickened, filtered, and stored for bulk shipment to metal recovery facilities.

Concentrator tailing slurry will be thickened and pumped to a paste backfill plant or filtered and stored for dry stacking. The backfill plant will include a high-rate thickener and disk filter to produce a wet cake that will be mixed with Ordinary Portland Cement (OPC) to produce cemented backfill. The paste will be pumped with a high-pressure positive displacement pump to the connection to the shaft pipeline at the collar of the Jewell Shaft for delivery underground for backfill.

**1.3.10** **Project Infrastructure** 

The Sunshine Mine is a past producer and the facilities have been maintained on a care and maintenance basis for 20 years. The infrastructure to support the mine is in place and available for future use. The most significant change is the potential conversion of the tailings storage facility (TSF) to a dry stack facility.

The Sunshine site currently contains one existing TSF. The embankment forming the TSF was first constructed in 1978, with four subsequent raises throughout the facility's life. Tailings were last deposited in the facility in 2008, coinciding with the closing of the Sunshine processing plant.

SLR understands that SOP currently retains the services of Hydrometrics, Inc. of Helena, Montana, to perform routine Dam Safety Inspection (DSI) of the Sunshine TSF. The facility was originally designed by Dames & More of Vancouver, British Columbia, in 1978. The facility is classified by the State of Idaho Department of Water Resources (IDWR) as a "Significant" classification under their state system. The most recent inspection by the IDWR stated "the structure appeared to be generally suitable for continued use as a water management pond" with some caveats around the required repair of a decant accessway required (IDWR 2023).

The tailings were traditionally deposited from the north and eastern embankment crests, with the formation of a decant pond abutting natural ground to the east. The tailings have traditionally been fine grained and sandy mixtures, with natural separation of fines with increasing distance from the spigot locations. One decant tower exists in this pond location, and an additional emergency spillway in the form of a decant tower exists on the eastern tailings beach.

Excess water from process operations that may require treatment will be treated using oxidation and precipitation utilizing lime and polymer treatment. The waters to be treated include:

● Mine dewatering

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<u> Silver Opportunity Partners LLC \| Sunshine Mine S-K 1300 Technical Report Summary on the Initial Assessment </u> <u> March 25, 2026 SLR Project No.: 123.020552.00001 </u>

● Mill discharge water

● Grey water and runoff water

The proposed location of the water treatment plant (WTP) is to the northeast of the existing refinery.

**1.3.11** **Market Studies** 

The assumed cash flow model price for silver is based on a long-term outlook for silver as of February 25, 2026. The assumed silver price of $46.36 per ounce in all cash flow model years is below the current spot price for silver and is in line with the long-term view of several reputable market analysts.

An expression of interest from a local aggregate company was presented to SOP, offering $5.00/st ore sorter reject material produced. This amount has been included in the Project's cash flow model.

The Project will produce two separate concentrates for sale; a silver-copper concentrate and a lead-silver concentrate. Typical sales terms for each concentrate are listed in Section 16.2 of this TRS. The sales terms were applied in the cash flow model.

**1.3.12** **Environmental, Permitting and Social Considerations** 

Specific federal, state, and local (Shoshone County, Idaho) regulatory and permitting requirements apply to SOP, including the following:

● An Idaho Pollutant Discharge Elimination System (IPDES) permit, currently an administratively extended National Pollutant Discharge Elimination System (NPDES) Permit, Permit No. ID0000060 for the discharge of wastewater at three outfalls including from the Tailings Storage Facility and existing water treatment plant at Outfall 001

● An IPDES multi-sector general permit (MSGP), Permit No. IDR053001, for the discharge of contact stormwater

● An Idaho Department of Water Resources (IDWR) authorization for the operation of the Tailings Storge Facility (TSF)

● Spill Prevention, Control and Countermeasure (SPCC) Plan

Specific federal, state, and local (Shoshone County, Idaho) regulatory and permitting requirements will apply to SOP for the planned future activities and operation, including the following:

● An IPDES permit for the discharge of wastewater

● An IPDES multi-sector general permit (MSGP), Permit No. IDR053001, for the discharge of contact stormwater

● An IDWR authorization for the operation of the planned utilization of the TSF

● An IDEQ Air Quality Division Permit to Construct (PTC)

● An IDEQ Groundwater Monitoring Determination

● Various building demolition and construction permits issued by IDEQ, Shoshone County, and the United States Environmental Protection Agency (USEPA)

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|:---|:---|
| &nbsp;&nbsp;1-33 | ![](ny20061035x4_ex96-1img002.jpg) |

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<u> Silver Opportunity Partners LLC \| Sunshine Mine S-K 1300 Technical Report Summary on the Initial Assessment </u> <u> March 25, 2026 SLR Project No.: 123.020552.00001 </u>

SOP currently holds and is in compliance with active, valid permits for all current activities of the mining operation.

At present, there are no known environmental issues that impact the ability to extract Mineral Resources at the Property.

SOP is actively engaged with the local communities and stakeholders and there are no outstanding negotiations or social commitments for the planned operation of the mine.

SOP is currently in the queue to replace the administratively extended National Pollutant Discharge Elimination System (NPDES) Permit No. 000006-0 for the discharge of wastewater with an Idaho Pollutant Discharge Elimination System (IPDES) Permit (ID 0000060) in 2026/2027.

The discharge criteria will be updated resulting in the need to modify the treatment of water prior to discharge at Outfall 001.

Although not a regulatory requirement beyond the TSF permit, SOP has developed a reclamation plan and associated Reclamation Cost Estimate (RCE) for the mine site.

**1.3.13** **Capital and Operating Cost Estimates** 

The capital and operating costs presented in this TRS were estimated in Q2 2024 US dollars and have been escalated to Q3 2025 dollars. The cost estimates meet the requirements of an AACE Class 5 estimate with an accuracy range of -20% to -50% to +30% to +100% which also meets the requirements of S-K 1300 as the lower and upper limits of -50% to +50% lie within the AACE Class 5 estimate range. The cost estimates are considered to be reasonable and appropriate for an S-K 1300 TRS IA level of study considering that Class 5 estimates usually have 0% to 2% project definition per the AACE classification system.

The Base Case initial capital costs are estimated to be $286.9 million, the LOM sustaining capital is $560.2 million, and the closure cost is estimated to be $21.2 million, as summarized in Table 1-8.

The Indicated Only Case initial capital costs are estimated to be $239.6 million, the LOM sustaining capital is $265.3 million, and the closure cost is estimated to be $21.2 million, as summarized as summarized in Table 1-8.

**Table 1-8: Capital Summary**

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Area** | **Units** | **Base Case** | **Base Case** | **Base Case** | **Indicated Only Case** | **Indicated Only Case** | **Indicated Only Case** |
| **Area** | **Units** | **Initial** | **Sustaining** | **Total** | **Initial** | **Sustaining** | **Total** |
| Mine Total | $ million | 167.0 | 494.4 | 661.4 | 133.8 | 225.1 | 358.9 |
| Mill and Surface Total | $ million | 57.0 | 44.6 | 101.6 | 57.0 | 19.0 | 76.1 |
| **Mine Mill and Surface** | **$ million** | **224.0** | **539.0** | **763.1** | **190.8** | **244.1** | **434.9** |
| Closure | $ million | - | 21.2 | 21.2 | - | 21.2 | 21.2 |
| Contingency | $ million | 62.9 | - | 62.9 | 48.7 |  | 48.7 |
| **Grand Total** | **$ million** | **286.9** | **560.2** | **847.2** | **239.6** | **265.3** | **504.9** |

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The Base Case LOM operating costs total $1,427 million and are estimated to be $181.38 per ton processed, as summarized in Table 1-9. The Indicated Only Case LOM operating costs total $426.3 million and are estimated to be $285.10 per ton processed.

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| &nbsp;&nbsp;1-34 | ![](ny20061035x4_ex96-1img002.jpg) |

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<u> Silver Opportunity Partners LLC \| Sunshine Mine S-K 1300 Technical Report Summary on the Initial Assessment </u> <u> March 25, 2026 SLR Project No.: 123.020552.00001 </u>

The 'tons processed' is defined as the total feed to the plant, pre-ore sorting.

**Table 1-9: Operating Cost Summary**

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| | | | | |
|:---|:---|:---|:---|:---|
| **Area** | **Base Case** | **Base Case** | **Indicated Only Case** | **Indicated Only Case** |
| **Area** | **LOM Average Unit Costs<br> (US$/ton processed)** | **Total Cost<br> (US$ million)** | **LOM Average Unit Costs<br> (US$/ton processed)** | **Total Cost<br> (US$ million)** |
| Mine Services and Technical | 73.84 | 580.8 | 141.98 | 212.2 |
| Mineralized Material Mining | 64.45 | 507 | 63.66 | 95.2 |
| Ore Sorting | 0.51 | 4 | N/A | N/A |
| Processing | 16.22 | 127.6 | 27.24 | 40.7 |
| Tailings Storage | 0.75 | 5.9 | 1.07 | 1.6 |
| G&A | 25.62 | 201.5 | 51.14 | 76.5 |
| **Total Operating Cost** | **181.38** | **1426.8** | **285.10** | **426.3** |

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| &nbsp;&nbsp;1-35 | ![](ny20061035x4_ex96-1img002.jpg) |

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<u> Silver Opportunity Partners LLC \| Sunshine Mine S-K 1300 Technical Report Summary on the Initial Assessment </u> <u> March 25, 2026 SLR Project No.: 123.020552.00001 </u>

**2.0** **Introduction** 

SLR International Corporation (SLR) was retained by Silver Opportunity Partners LLC (SOP) to prepare an independent Technical Report Summary (TRS) on the Sunshine mine and processing facilities (the Sunshine Mine or the Project) located within the Coeur d'Alene Mining District, near Kellogg, Idaho, USA.

The purpose of this TRS is to provide the results of an Initial Assessment (IA) of the Sunshine Mine, including the presentation of economic analyses that are based on an Indicated and Inferred Mineral Resource extraction scenario (Base Case), and an Indicated Mineral Resource only extraction scenario (Indicated Only Case).

This TRS conforms to United States Securities and Exchange Commission's (SEC) Modernized Property Disclosure Requirements for Mining Registrants as described in Subpart 229.1300 of Regulation S-K, Disclosure by Registrants Engaged in Mining Operations (S-K 1300) and Item 601 (b)(96) Technical Report Summary.

The Sunshine Mine is owned by SOP, a private, wholly owned subsidiary of Sunshine Silver Mining & Refining Corporation (SSMRC), based in Kellogg, Idaho. The Sunshine Mine includes the previously producing Sunshine mine, processing plant, and surface facilities. Since acquiring the Sunshine Mine in 2010, SSMRC has been focused on identifying additional Mineral Resources while maintaining permits, acquiring strategic land holdings (such as the Sunshine Refinery) and maintaining existing underground infrastructure like pumping stations and haulage drifts. The Project is currently on care and maintenance.

Since the property was staked in 1884 Sunshine Mine has produced approximately 365 million ounces (Moz) of silver (Ag) along with lead (Pb), copper (Cu), and antimony (Sb). The Sunshine Mine operated continuously, except for a few brief periods, until 2001 when it was shut down due to low silver prices. The Project has been on care and maintenance since that time except for a brief operating period in 2008.

SRK Consulting (U.S.), Inc. (SRK) completed an internal scoping study in September 2023. In January 2024, SRK completed an updated Mineral Resource estimate with an effective date of December 21, 2023, which SLR audited and accepted.

In February 2026, SRK updated the 2023 block models to include a historical mined-out area discovered in one vein, which is reflected in the current Mineral Resource estimates as disclosed in this TRS. SRK, as the Mineral Resource Qualified Person (QP), considers the Mineral Resource estimate to be current as of February 24, 2026. No material work that would impact this Mineral Resource estimate has been completed and validated at the Project as of the date of the TRS. Ongoing exploration drilling results, while potentially material in the future, are pending and have not been quantified or incorporated into the current Mineral Resource estimate.

SLR selected a mixture of conventional cut and fill mining and long hole stoping to mine the narrow (6.3-foot (ft) average) stopes. In the Base Case, mining will extend from the 100 Level to the 5900 Level over a 24 year mine life producing 7.87 million short tons (Mst) of mineable material grading 19.0 troy ounces per short ton (opt) Ag at a nominal mine production rate of 1,000 short tons per day (stpd). Mined material will be processed in a new facility to produce two concentrates for the recovery of silver and other economic metals. Plant tails will be used as a product in the paste fill with the remainder being dried and stored on the existing tailings storage facility.

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| &nbsp;&nbsp;2-1 | ![](ny20061035x4_ex96-1img002.jpg) |

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<u> Silver Opportunity Partners LLC \| Sunshine Mine S-K 1300 Technical Report Summary on the Initial Assessment </u> <u> March 25, 2026 SLR Project No.: 123.020552.00001 </u>

The Base Case estimated initial capital costs are $287 million spent over a three year period, plus $539 million in sustaining capital costs over the life of the mine. The Base Case life of mine (LOM) operating costs are approximately $181.38 per short ton (st or ton) of plant feed after ore sorting.

An alternate production case based solely on Indicated Mineral Resources (Indicated Only Case) was also prepared. In the Indicated Only Case, mining will extend from the 2500 Level to the 4500 Level over a 10 year mine life producing approximately 1.50 Mst grading 25.2 opt Ag and containing 37.7 Moz of Ag at a rate of up to 608 stpd. With the exception of no ore sorting, processing and plant tails consist of the same facilities used in the Base Case.

For the Indicated Only Case, the estimated initial capital costs are $239.6 million spent over a three year period, plus $244.1 million in sustaining capital costs over the life of the mine. The Indicated Only Case LOM operating costs are approximately $285.10/ton of plant feed.

SOP plans are to resume mine operations at the Project when conditions warrant.

This TRS is considered by SLR to meet the requirements of an IA as defined in S-K 1300 regulations. The economic analysis contained in this TRS is preliminary in nature and is based, in part, on Inferred Mineral Resources that are considered too speculative geologically to have modifying factors applied to them that would enable them to be categorized as mineral reserves. There is no certainty that economic forecasts on which this Initial Assessment is based will be realized. Unlike mineral reserves, mineral resources do not have demonstrated economic viability.

**2.1** **Site Visits** 

SLR personnel visited the property on three occasions.

● SLR QPs visited from January 15 to 18, 2024. The primary focus of this visit was to tour the underground operation, surface shops, shaft hoisting room, and the tailings storage facility (TSF) and review historical data at the Sunshine Mine office.

● SLR QPs visited the Sunshine Mine from January 29 to 31, 2024, during which time they toured the underground operation, process concentrator, silver refinery, and surface facilities, and reviewed historical data at the Sunshine Mine office.

● SLR QPs visited the Sunshine Mine from March 25 to 28, 2024 to review plans and exchange information with SOP management and staff.

The SRK QP visited the Project site from February 28 to March 3, 2022, from May 29 to June 1, 2023, and from October 8 to 9, 2025. These field visits allowed independent observation of the property, geology, sampling procedures, underground workings, exploration drilling, and external laboratory. Additionally, the QP site visit fulfilled S-K 1300 requirements for disclosure and the required level of validation.

**2.2** **Sources of Information** 

The consultants preparing this TRS are specialists in the fields of geology, exploration, mineral resource estimation and classification, mining, metallurgy, HSE, and economics. None of the consultants or any associates employed in the preparation of this TRS have any beneficial interest in SOP. The consultants are not insiders, associates, or affiliates of SOP. The results of this TRS are not dependent upon any prior agreements concerning the conclusions to be reached, nor are there any undisclosed understandings concerning any future business dealings between SOP and the consultants. The consultants are being paid a fee for their work in accordance with normal professional consulting practice.

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| &nbsp;&nbsp;2-2 | ![](ny20061035x4_ex96-1img002.jpg) |

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<u> Silver Opportunity Partners LLC \| Sunshine Mine S-K 1300 Technical Report Summary on the Initial Assessment </u> <u> March 25, 2026 SLR Project No.: 123.020552.00001 </u>

Table 2-1 lists the companies for whom the qualified persons (QPs) that prepared this TRS work and their respective report responsibilities.

**Table 2-1: Qualified Persons and Responsibilities**

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| | |
|:---|:---|
| **Company** | **Section Responsibilities** |
| SRK Consulting (U.S.), Inc. | 1.1.1.1, 1.1.2.1 (portions pertaining to Geology), 1.1.2.2, 1.3.1 to 1.3.6, 3 to 9 (except sections 7.3 and 7.4), 11, 20, 22.1, 23.1 (portions pertaining to Geology), 23.2, and 28 |
| SLR International Corporation | 1.1, 1.1.1.2 to 1.1.1.6, 1.1.2.1, 1.1.2.3 to 1.1.2.7, 1.2, 1.3.7 to 1.3.13, 2, 10, 7.3, 7.4, 12 to 19, 21, 22.2 to 22.6, 23.1, 23.3 to 23.7, and 27 |
| ALL | 24, 25, 26 |

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During the preparation of this TRS, discussions were held with personnel from SOP and various consultants to SOP:

● Heather White, P.Eng., Chief Executive Officer, SOP

● Tom Henderson, General Manager, SOP

● Nicholas Furlin, Manager, Technical Services, SOP

● Molly McGee, Chief Mine Engineer, SOP

● Ryan Miles, Corporate Financial Evaluation, The Electrum Group

● Mike Irish, Manager, Processing and Environmental, SOP

The documentation reviewed, and other sources of information, are listed at the end of this TRS in Section 24.0 References. The QPs used their experience to determine if the information from previous reports was suitable for inclusion in this TRS and adjusted information that required amending. This TRS includes technical information that required subsequent calculations to derive subtotals, totals, and weighted averages. Such calculations inherently involve a degree of rounding and consequently introduce a margin of error; where these occur, the QPs do not consider them to be material.

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| &nbsp;&nbsp;2-3 | ![](ny20061035x4_ex96-1img002.jpg) |

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<u> Silver Opportunity Partners LLC \| Sunshine Mine S-K 1300 Technical Report Summary on the Initial Assessment </u> <u> March 25, 2026 SLR Project No.: 123.020552.00001 </u>

**2.3** **Abbreviations and Acronyms** 

Units of measurement used in this TRS conform to the U.S. system. All references to tons in this TRS are short tons unless otherwise noted. All currency in this TRS is US dollars (US$) unless otherwise noted.

**List of Units of Measure**

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| | | | |
|:---|:---|:---|:---|
| m | micron | &nbsp;&nbsp;km/h | kilometre per hour |
| mg | microgram | &nbsp;&nbsp;kPa | Kilopascal |
| a | annum | &nbsp;&nbsp;kVA | kilovolt-amperes |
| A | ampere | &nbsp;&nbsp;kW | Kilowatt |
| ac | acre (43,560 ft<sup>2</sup>) | &nbsp;&nbsp;kWh | kilowatt-hour |
| bbl | barrels | &nbsp;&nbsp;L | Litre |
| bcy | bank cubic yard | &nbsp;&nbsp;lb | Pound |
| Btu | British thermal units | &nbsp;&nbsp;L/s | litres per second |
| °C | degree Celsius | &nbsp;&nbsp;m | Metre |
| C$ | Canadian dollars | &nbsp;&nbsp;M | mega (million); molar |
| cal | calorie | &nbsp;&nbsp;m<sup>2</sup> | square metre |
| cfm | cubic feet per minute | &nbsp;&nbsp;m<sup>3</sup> | cubic metre |
| cm | centimetre | &nbsp;&nbsp;masl | metres above sea level |
| cm<sup>2</sup> | square centimetre | &nbsp;&nbsp;m<sup>3</sup>/h | cubic metres per hour |
| d | day | &nbsp;&nbsp;mi | Mile |
| dia | diameter | &nbsp;&nbsp;min | Minute |
| dmt | dry metric tonne | &nbsp;&nbsp;µm | Micrometre |
| dwt | dead-weight ton | &nbsp;&nbsp;mm | Millimetre |
| °F | degree Fahrenheit | &nbsp;&nbsp;mph | miles per hour |
| ft | foot | &nbsp;&nbsp;MVA | megavolt-amperes |
| ft<sup>2</sup> | square foot | &nbsp;&nbsp;MW | Megawatt |
| ft<sup>3</sup> | cubic foot | &nbsp;&nbsp;MWh | megawatt-hour |
| ft/s | foot per second | &nbsp;&nbsp;oz | Troy ounce (31.1035 g) |
| g | gram | &nbsp;&nbsp;oz/t, opt | ounce per short ton |
| G | giga (billion) | &nbsp;&nbsp;ppb | part per billion |
| gal | United States gallon | &nbsp;&nbsp;ppm | part per million |
| gpm | US gallons per minute | &nbsp;&nbsp;psia | pound per square inch absolute |
| g/L | gram per litre | &nbsp;&nbsp;psig | pound per square inch gauge |
| g/t | gram per tonne | &nbsp;&nbsp;RL | relative elevation |
| gr/ft<sup>3</sup> | grain per cubic foot | &nbsp;&nbsp;s | Second |
| gr/m<sup>3</sup> | grain per cubic metre | &nbsp;&nbsp;st, ton | short ton (2000 lb/ton) |
| ha | hectare | &nbsp;&nbsp;stpa | short ton per year |
| hp | horsepower | &nbsp;&nbsp;stpd | short ton per day |
| hr | hour | &nbsp;&nbsp;t | metric tonne |
| Hz | hertz | &nbsp;&nbsp;tpa | tonne per year |
| in. | inch | &nbsp;&nbsp;tpd | tonne per day |
| in<sup>2</sup> | square inch | &nbsp;&nbsp;US$ | United States dollar |
| J | joule | &nbsp;&nbsp;V | Volt |
| k | kilo (thousand) | &nbsp;&nbsp;W | Watt |
| kcal | kilocalorie | &nbsp;&nbsp;wmt | wet metric tonne |
| kg | kilogram | &nbsp;&nbsp;wt% | weight percent |
| km | kilometre | &nbsp;&nbsp;yd<sup>3</sup> | cubic yard |
| km<sup>2</sup> | square kilometre | &nbsp;&nbsp;yr | Year |

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| &nbsp;&nbsp;2-4 | ![](ny20061035x4_ex96-1img002.jpg) |

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<u> Silver Opportunity Partners LLC \| Sunshine Mine S-K 1300 Technical Report Summary on the Initial Assessment </u> <u> March 25, 2026 SLR Project No.: 123.020552.00001 </u>

**List of Acronyms and Abbreviations**

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| | |
|:---|:---|
| AA | atomic absorption |
| AC | alternating current |
| Ai | Abrasion index |
| BEV | battery electric vehicle |
| BLM | Biotic Ligand Model |
| BWI | Bond ball mill work index |
| CCF | conventional cut and fil |
| CERCLA | Comprehensive Response, Compensation, and Liability Act |
| COG | cut-off Grade |
| ConSil Adit | Consolidated Silver Summit Mine Adit |
| CPB | cemented paste backfill |
| CPTu | Cone Penetration Testing |
| CRM | certified reference material |
| CRP | Closure and Reclamation Plan |
| CWA | Clean Water Act |
| CWI | Bond Low Energy Impact work index |
| DBA | Dam Breach Assessment |
| DC | direct current |
| DMR | Discharge Monitoring Report |
| DMT | dissolved metals translator |
| DPM | diesel particulate matter |
| DRO | diesel range organics |
| DSI | Dam Safety Inspection |
| DSO | Deswik Stope optimizer |
| DSR | Dam Safety Review |
| EA | Environmental Assessment |
| EGL | equivalent grinding length |
| EIS | Environmental Impact Statement |
| ESA | Environmental Site Assessment |
| FW | Footwall |
| GISTM | Global Industry Standard on Tailings Management |
| HDS | high density sludge |
| HW | hanging wall |
| IA | Initial Assessment |
| ICP | Institutional Controls Program |
| IDEQ | Idaho Department of Environmental Quality |
| IDW2 | inverse distance weighting squared |
| IDWR | Idaho Department of Water Resources |
| IPDES | Idaho Pollutant Discharge Elimination System |
| ITRB | Independent Technical Review Board |
| LE | Limit Equilibrium |
| LH | long hole |

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| &nbsp;&nbsp;2-5 | ![](ny20061035x4_ex96-1img002.jpg) |

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<u> Silver Opportunity Partners LLC \| Sunshine Mine S-K 1300 Technical Report Summary on the Initial Assessment </u> <u> March 25, 2026 SLR Project No.: 123.020552.00001 </u>

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| | |
|:---|:---|
| LHD | load-haul-dump |
| LLDL | lower laboratory detection limit |
| LoF | life of facility |
| LOM | life of mine |
| MAC | Mining Association of Canada |
| MCL | maximum contaminant level |
| MSO | Mineable Stope Optimization |
| MSGP | multi-sector general permit |
| MWMP | Meteoric Water Mobility Procedure |
| NEPA | National Environmental Policy Act |
| NESHAP | National Emission Standards for Hazardous Air Pollutants |
| NN | nearest neighbor |
| NPDES | National Pollutant Discharge Elimination System |
| NPV | net present value |
| NSR | net smelter return |
| OMS | Operations, Maintenance and Surveillance |
| OPC | ordinary Portland cement |
| PAR | population at risk |
| PCBs | polychlorinated biphenyls |
| PEA | Preliminary Economic Assessment |
| PTC | Permit to Construct |
| RCE | Reclamation Cost Estimate |
| RPEE | reasonable prospects for economic extraction |
| RWI | Bond rod mill work index |
| SAG | semi-autogenous grinding |
| SG | specific gravity |
| SLS | Solid liquid separation |
| SMC | SAG mill comminution index |
| SPCC | spill prevention, control, and countermeasure |
| SVOC | semi-volatile organic compound |
| TDS | total dissolved solids |
| TF | tonnage factor (ft<sup>3</sup>/t) |
| TPH | total petroleum hydrocarbon |
| TSF | tailings storage facility |
| USACE | United States Army Corps of Engineers |
| USEPA | U.S. Environmental Protection Agency |
| USGS | U.S. Geological Survey |
| VFD | variable frequency drive |
| VOC | volatile organic compound |
| WRSF | waste rock storage facility |
| WTP | water treatment plant |

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| &nbsp;&nbsp;2-6 | ![](ny20061035x4_ex96-1img002.jpg) |

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<u> Silver Opportunity Partners LLC \| Sunshine Mine S-K 1300 Technical Report Summary on the Initial Assessment </u> <u> March 25, 2026 SLR Project No.: 123.020552.00001 </u>

**List of Periodic Elements**

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| | |
|:---|:---|
| Ag | Silver |
| Au | Gold |
| Cu | Copper |
| Pb | Lead |
| Sb | Antimony |
| Zn | Zinc |

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|:---|:---|
| &nbsp;&nbsp;2-7 | ![](ny20061035x4_ex96-1img002.jpg) |

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<u> Silver Opportunity Partners LLC \| Sunshine Mine S-K 1300 Technical Report Summary on the Initial Assessment </u> <u> March 25, 2026 SLR Project No.: 123.020552.00001 </u>

**3.0** **Property Description** 

**3.1** **Location** 

The Sunshine Mine is located in northern Idaho, approximately 37 miles east of Coeur d'Alene, along I-90. From I-90, the property is accessed at the Big Creek exit by heading south approximately 2.5 miles via a paved county road, which parallels Big Creek. The property is located in Shoshone County about 5.5 miles driving distance from the town of Kellogg, Idaho, which hosts a full complement of services. The closest major airport and metropolitan center are located in Spokane, Washington, approximately 68 miles west of Kellogg. The geographic coordinates of the Sunshine Mine are latitude 47°30'6″ North and longitude 116°4'10″ West.

The location of the Sunshine Mine is shown in Figure 3-1.

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| &nbsp;&nbsp;3-1 | ![](ny20061035x4_ex96-1img002.jpg) |

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<u> Silver Opportunity Partners LLC \| Sunshine Mine S-K 1300 Technical Report Summary on the Initial Assessment </u> <u> March 25, 2026 SLR Project No.: 123.020552.00001 </u>

Figure 3-1: Location Map

![](ny20061035x4_ex96-1img003.jpg)

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| &nbsp;&nbsp;3-2 | ![](ny20061035x4_ex96-1img002.jpg) |

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<u> Silver Opportunity Partners LLC \| Sunshine Mine S-K 1300 Technical Report Summary on the Initial Assessment </u> <u> March 25, 2026 SLR Project No.: 123.020552.00001 </u>

SOP conducted a review and re-staking of Bureau of Land Management (BLM) unpatented claims in late 2018. Significant historical claim fractions, duplications, and overlaps were identified and re-staked to generate a clean land position and reduce total claim requirements. The work afforded an opportunity to update claim monument locations and related claim corners, as required per Idaho law.

SOP retained the legal firm Dorsey & Whitney LLP of Salt Lake City, Utah, to perform a due diligence check of a small number of Sunshine Mine patented and unpatented claims in 2023, and findings were issued on June 19, 2023. SRK understands that, as of the report date of this TRS, land additions are in progress but have yet to be finalized.

Additionally, SOP contracted Burgex of Sandy, Utah, to perform a full review for all of SOP's owned, leased, patented, and unpatented claims. The Burgex report was delivered on October 24, 2023, and found no issues, fractions, duplications, or overlaps. It should be noted that formal reports were not issued; however, email correspondences were received by SOP.

**3.2** **Mineral Titles** 

The Project is 100% controlled by SOP and is comprised of patented and unpatented mining claims, which are both owned and leased from third parties, for a total Project area of 25,593 acres. Table 3-1 lists the property mineral rights and claims, which are also depicted on Figure 3-2. If fees are kept up to date with the federal government, claims do not expire in the United States. All unpatented claims have a $200/claim fee that must be paid annually by September 1. Section 28.0 includes additional detail, such as the name or number of each title, claim, mineral right, lease, or option under which SOP will operate the property.

**Table 3-1: Property Mineral Rights and Claims**

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| | | |
|:---|:---|:---|
| **Status** | **Claims** | **Claims** |
| **Status** | **No. of Patented<br> Claims** | **No. of Unpatented<br> Claims** |
| Owned | 235 | 877 |
| Leased | 16 | 189 |
| **Total** | **251** | **1066** |
| Total number of claims | 1317 | 1317 |
| Total surface area (acres) | 23171 | 23171 |
| Total claim area (acres) | 25593 | 25593 |

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Source: SOP 2025

Note: The total claim acreage includes the overlap of Sunshine Mining Company (SSMC)

**3.2.1** **Nature and Extent of Issuer's Interest** 

The Sunshine claims are organized by geographic area and/or district. The main areas are summarized as follows:

● Sunshine Mine Core Area: includes claims owned and leased by SOP

● Coeur d'Alene Mining District: includes claims owned or leased by SOP outside of the Sunshine Mine Core Area

● Lakeview Mining District: includes claims owned by SOP outside of Shoshone County

Figure 3-3 and Figure 3-4 shows the Sunshine claim areas, which are listed in Table 3-2.

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| &nbsp;&nbsp;3-3 | ![](ny20061035x4_ex96-1img002.jpg) |

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<u> Silver Opportunity Partners LLC \| Sunshine Mine S-K 1300 Technical Report Summary on the Initial Assessment </u> <u> March 25, 2026 SLR Project No.: 123.020552.00001 </u>

**Figure 3-2: Sunshine Mine Core Area Mineral Rights and Claim Map**

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| &nbsp;&nbsp;3-4 | ![](ny20061035x4_ex96-1img002.jpg) |

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<u> Silver Opportunity Partners LLC \| Sunshine Mine S-K 1300 Technical Report Summary on the Initial Assessment </u> <u> March 25, 2026 SLR Project No.: 123.020552.00001 </u>

**Figure 3-3: Sunshine Mine Core Area and Coeur d'Alene Mining District Map**

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| &nbsp;&nbsp;3-5 | ![](ny20061035x4_ex96-1img002.jpg) |

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<u> Silver Opportunity Partners LLC \| Sunshine Mine S-K 1300 Technical Report Summary on the Initial Assessment </u> <u> March 25, 2026 SLR Project No.: 123.020552.00001 </u>

**Figure 3-4: Lakeview Mining District Map**

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| &nbsp;&nbsp;3-6 | ![](ny20061035x4_ex96-1img002.jpg) |

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<u> Silver Opportunity Partners LLC \| Sunshine Mine S-K 1300 Technical Report Summary on the Initial Assessment </u> <u> March 25, 2026 SLR Project No.: 123.020552.00001 </u>

**Table 3-2: Summary of SOP Claims and Leases by Area**

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| | | | | |
|:---|:---|:---|:---|:---|
| **Property** | **Owner** | **Status** | **Claims** | **Claims** |
| **Property** | **Owner** | **Status** | **Patented** | **Unpatented** |
| **Sunshine Mine and Core Area** | **Sunshine Mine and Core Area** | | | |
| Sunshine Core Area | Silver Opportunity Partners, LLC | Owned | 165 | 456 |
| Metropolitan | Metropolitan Mines Corporation, Ltd. <br> (Metropolitan) | Leased | 2 | 50 |
| Chester, Bismark, Mineral Mountain | Chester Mining Company (Chester) | Leased | 13 | 0 |
| ALSM | American Silver Mining Company | Leased | 0 | 21 |
|  |  | **Total** | **180** | **527** |
| **Coeur d'Alene Mining District** | **Coeur d'Alene Mining District** |  |  |  |
| CDA Properties | Silver Opportunity Partners, LLC | Owned | 70 | 331 |
| Rock Creek | Rock Creek Mining Company | Leased | 1 | 118 |
|  |  | **Total** | **71** | **449** |
| **Lakeview Mining District (Bonner County, Idaho)** | **Lakeview Mining District (Bonner County, Idaho)** |  |  |  |
| Falls Creek | Silver Opportunity Partners, LLC | Owned | 0 | 90 |
|  |  | Leased | 0 | 0 |
|  |  | **Total** | **0** | **90** |

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Source: SOP 2025

**3.3** **Royalties, Agreements, and Encumbrances** 

Portions of the Sunshine Mine and Core Area are subject to a net smelter return (NSR) royalty formed under a 2001 settlement between the prior mine operator, the U.S. government, and the Coeur d'Alene Tribe. The agreement settled environmental claims seeking reimbursement for remediation, restoration, and other actions to address environmental damages to the Coeur d'Alene River and other natural resources in the Idaho Silver Valley.

Sections of the SOP holdings are subject to royalties payable to parties from whom mineral rights were acquired and/or leased. These agreements, detailed below, are triggered when SOP begins producing and selling metal-bearing concentrate. These royalties are based upon proceeds paid by smelters less certain costs, including costs incurred to transport the concentrates to the smelters, or NSR, for mineralized material produced in the property area subject to the royalties.

The royalties calculated are the aggregate of all potential royalties to all third parties and represent a reasonable estimate of the actual royalties that may be paid from production. A proportionate share of yearly production was assumed in calculating royalties on an annual basis.

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| &nbsp;&nbsp;3-7 | ![](ny20061035x4_ex96-1img002.jpg) |

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<u> Silver Opportunity Partners LLC \| Sunshine Mine S-K 1300 Technical Report Summary on the Initial Assessment </u> <u> March 25, 2026 SLR Project No.: 123.020552.00001 </u>

**3.3.1** **Sunshine Mine** 

SOP is required to pay between a 0% (at a silver price below $6.00/oz) and 7% (at a silver price of $10.00/oz or higher) NSR royalty under a consent decree entered by Sunshine Precious Metals, Inc. (SPMI) with the U.S. government and the Coeur d'Alene Tribe in 2001. All funds from the royalty must be used to pay for the remediation, restoration, and other actions to address certain environmental damage to the Coeur d'Alene River and other natural resources located in the Silver Valley of Idaho. The area subject to the royalty covers all the Sunshine Mine property, owned or leased by SOP, and purports to extend outward within a 1.61-kilometer (km) boundary of the property as set forth in the 2001 settlement agreement.

**3.3.2** **Metropolitan Mining Claims** 

SOP's lease with Metropolitan requires the company to pay advanced royalties of $12,000 annually until such time as mineralized material is produced from the Metropolitan property. Upon production, Metropolitan is to be paid either 16% or 50% of the net proceeds from the sale of materials produced from the mineralized material processed from these claims, depending upon the location of production. SOP has determined that the 16% net proceeds royalty is equivalent to a 4% Net Smelter Return (NSR) royalty for ease of royalty calculations in the cash flow analysis.

**3.3.3** **Chester Group and Mineral Mountain Mining Claims** 

Effective February 3, 2021, SOP entered into an Amended and Restated Mineral Lease and Agreement ("Chester Lease"), through which the Company leases 13 patented mining claims. The 10-year lease ends in 2031 and is renewable for five additional ten-year terms. The lease is subject to monthly advance royalty payments until such time as a royalty of 3.25% on NSR is payable. The Chester Lease also required a one-time payment due nine months from the effective date of the lease. The payment was to be made in SSMRC common stock, if an equity financing and share issuance occurred within nine months of the effective date of the Chester Lease. No equity financing occurred within nine months of the effective date and the payment of $50,000 was made in cash. The Company made $42,000 in lease payments during 2022.

**3.3.4** **Silver Summit/Con-Sil Mine** 

SOP is required to pay between a 2% (at a silver price below $5.00/oz) and 4% (at a silver price of $7.00/oz or higher) NSR royalty to Hecla Mining Company. The area subject to royalties surrounds the Silver Summit/Con-Sil Mine.

**3.3.5** **American Silver Mining Company Claims** 

SOP is required to pay a 2% NSR royalty to American Silver Mining Company on all leased minerals mined, removed, and sold by SOP during the 10-year lease term. The area subject to the royalty is east of the CAMP claim block on the eastern boundary of the Sunshine Core Area.

**3.4** **Environmental Liabilities and Permitting** 

**3.4.1** **Environmental Liabilities** 

There are no environmental issues that are anticipated to materially impact the ability to reopen the Sunshine Mine. This conclusion is based on an SOP review of the studies completed to date and planned for the immediate future and a review of the permits and approvals needed for the

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| &nbsp;&nbsp;3-8 | ![](ny20061035x4_ex96-1img002.jpg) |

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<u> Silver Opportunity Partners LLC \| Sunshine Mine S-K 1300 Technical Report Summary on the Initial Assessment </u> <u> March 25, 2026 SLR Project No.: 123.020552.00001 </u>

Project and associated regulatory requirements. No current environmental liabilities are known to exist for the Project.

**3.4.2** **Required Permits and Status** 

Various federal and state permits, plans, and approvals will be required for this Project. The permits are described in the Permit Handbook for the Sunshine Mine, produced previously by TetraTech and summarized in Table 3-3.

In certain situations, issuance of a federal permit requires compliance with the National Environmental Policy Act (NEPA) and development of an Environmental Impact Statement (EIS) or Environmental Assessment (EA).

Based on the current proposed operating plan, reopening of the Sunshine Mine will not require development of an EIS. The IPDES permit will be a re-issuance of an existing permit with IDEQ. CWA 404 actions, if any, would be authorized under a nationwide permit with United States Army Corps of Engineers (USACE). Neither of these federal actions will require development of an EIS or EA.

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| &nbsp;&nbsp;3-9 | ![](ny20061035x4_ex96-1img002.jpg) |

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<u> Silver Opportunity Partners LLC \| Sunshine Mine S-K 1300 Technical Report Summary on the Initial Assessment </u> <u> March 25, 2026 SLR Project No.: 123.020552.00001 </u>

**Table 3-3: Potential Sunshine Mine Activities and Permits**

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|:---|:---|:---|
| **Activity** | **Permit, Approval, and Certification Requirement** | **Responsible Agency** |
| Building demolition | Asbestos removal permit (not yet issued) | United States Environmental Protection Agency (USEPA) National Emission Standards for Hazardous Air Pollutants <br> (NESHAP) |
| Building demolition | Institutional controls permit (not yet issued) | Panhandle Health District |
| Building demolition | Site disturbance permit (not yet issued) | Shoshone County Planning and Zoning |
| Building demolition | Contaminated soil investigations and cleanup permit <br> (not yet issued) | Idaho Department of Environmental Quality (IDEQ) |
| Storm water runoff that discharges to waters of the U.S. during construction and operations | Multi-sector general permit (MSGP) (2008) and stormwater <br> pollution prevention plan (SWPPP) (expires March 2026) | IDEQ |
| Point source discharges of wastewater to waters of the U.S. | Idaho Pollutant Discharge Elimination System (IPDES) (indefinite permit extension) | IDEQ |
| Point source discharges of wastewater to waters of the U.S. | State Clean Water Act (CWA) 401 certification (indefinite permit extension) | IDEQ |
| Building construction | Building and site disturbance permit (not yet issued) | Shoshone County Planning and Zoning Department |
| Tailings impoundment modifications if beyond current design capacity | Form 1721 permit (not yet issued) | Idaho Department of Water Resources (IDWR) |
| Tailings dam modifications if beyond current design capacity | Form 1710 permit (not yet issued)<br>| IDWR |
| Tailings dam modifications if beyond current design capacity | CWA 404 permit for dredge and fill if in waters of <br> the U.S (not yet issued) | United States Army Corps of Engineers (USACE) |
| Tailings dam modifications if beyond current design capacity | 401 certification of the 404 permit, if necessary (not yet <br> issued) | IDEQ |
| Tailings dam operation | Idaho dam emergency action plan (no expiration, annual <br> review in good standing) | IDWR |

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| &nbsp;&nbsp;3-10 | ![](ny20061035x4_ex96-1img002.jpg) |

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<u> Silver Opportunity Partners LLC \| Sunshine Mine S-K 1300 Technical Report Summary on the Initial Assessment </u> <u> March 25, 2026 SLR Project No.: 123.020552.00001 </u>

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| | | |
|:---|:---|:---|
| Petroleum storage | Spill prevention, control, and countermeasure (SPCC) <br> (no expiration, annual review) | USEPA Region 10 |
| Process plant facility construction and operation | Air quality permit (not yet issued) | IDEQ |
| Groundwater protection | Point of compliance permit (not yet issued) | IDEQ |
| Waste rock facility expansion if in waters of the U.S. | CWA 404 permit (not yet issued) | USACE |
| Waste rock facility expansion if in waters of the U.S. | 401 certification of the 404 permit (not yet issued) | IDEQ |
| Repair or maintenance of outfalls if in waters of the U.S. | CWA 404 permit (not yet issued) | USACE |
| Refinery | No exposure certification for storm water under <br> MSGP/SWPPP (expires December 2025) | IDEQ |
| Refinery | Air quality permit (not yet issued) | IDEQ |
| Antimony Plant | No exposure certification for storm water under <br> MSGP/SWPPP (expires December 2025) | IDEQ |
| Antimony Plant | Air quality permit (not yet issued) | IDEQ |
| Antimony Plant | MSGP Construction Stormwater – confirm if required/size of disturbance/covered elsewhere | IDEQ |
| RCRA / Hazardous waste dependent on quantity of Haz waste generated, stored on-site and transported from refinery/plant | RCRA Subpart C Site Identification Form/ EPA ID | IDEQ |
| New mine water treatment plant | DEQ engineering approval on design | IDEQ |

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Source: SLR 2024, updated from TetraTech 2020.

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| &nbsp;&nbsp;3-11 | ![](ny20061035x4_ex96-1img002.jpg) |

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<u> Silver Opportunity Partners LLC \| Sunshine Mine S-K 1300 Technical Report Summary on the Initial Assessment </u> <u> March 25, 2026 SLR Project No.: 123.020552.00001 </u>

**3.5** **Other Significant Factors and Risks** 

The SRK QP is not aware of any other significant factors or risks are known that affect access, title, right, or ability to perform the proposed work program on the property.

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| &nbsp;&nbsp;3-12 | ![](ny20061035x4_ex96-1img002.jpg) |

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<u> Silver Opportunity Partners LLC \| Sunshine Mine S-K 1300 Technical Report Summary on the Initial Assessment </u> <u> March 25, 2026 SLR Project No.: 123.020552.00001 </u>

**4.0** **Accessibility, Climate, Local Resources, Infrastructure and Physiography** 

**4.1** **Accessibility** 

The Sunshine Mine is located approximately 37 mi east of Coeur d'Alene, Idaho. The Sunshine Mine is easily accessible by way of a 2.5-mile long, two lane paved road that parallels Big Creek and connects to US Interstate I-90 at Idaho Exit 54, which is called the Big Creek exit.

**4.2** **Climate** 

Climate in the area is typical of the western to northern-U.S. with snow, rain, and fog in the winter. While snowfall and winter storm events can occasionally restrict access to some surface facilities at higher elevations, mining and processing operations at Sunshine can operate year-round with a minimal number of weather-related delays or closures. Surface exploration activities are restricted to the late spring through early fall. Average precipitation in the area is approximately 33 inches, annually.

**4.3** **Local Resources** 

The two closest towns to the mine are Kellogg and Wallace, Idaho, with 2020 populations of approximately 2,314 and 791, respectively. Other surrounding communities include Osburn, Silverton, and Pinehurst. The mining history of the Idaho Silver Belt ensures a ready source of skilled and unskilled labor. Efforts are made by the local mining companies and suppliers to stimulate the local economies as much as possible, with the local area having numerous vendors that supply services to the mining industry such as welding, steel supply, transportation, and consumables.

Many industry supplies and services are obtained in Spokane, Washington, which is the largest metropolitan city in the area and has an international airport. Hospital services are available in the town of Kellogg, 6.7 miles from the Project. Rail service is available by trucking the concentrates approximately 70 miles to a siding in Superior, Montana, if it is ever needed.

Big Creek flows through the mine yard between the administration offices and the security check point. Big Creek flows into the Coeur d'Alene River, then on to Coeur d'Alene Lake and out of the Lake by way of the Spokane River to the Columbia River. Big Creek is the principal fresh water source for the mine and processing facility and has sufficient water rights to meet the needs of the operation.

**4.4** **Infrastructure** 

The plant facilities are, in general, old. The machinery in the buildings, e.g., hoists, compressors, and laboratory facilities, are well maintained and in good operating condition. SOP plans to remove the existing 1,000 stpd mill facility and build a new concentrator over a similar footprint. Upgrades are planned for the shaft, headframe, and hoisting system.

Power is supplied from a dedicated grid connection power line maintained by the local utility company, Avista Utilities. Back-up emergency use power is provided by a diesel generator. Process water is taken from the Big Creek and supplies are obtained from local and national suppliers.

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| &nbsp;&nbsp;4-1 | ![](ny20061035x4_ex96-1img002.jpg) |

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<u> Silver Opportunity Partners LLC \| Sunshine Mine S-K 1300 Technical Report Summary on the Initial Assessment </u> <u> March 25, 2026 SLR Project No.: 123.020552.00001 </u>

**4.5** **Physiography** 

The Sunshine Mine is located in the Big Creek Valley at an approximate elevation of 2,600 to 2,790 feet above sea level (fasl) with peaks around 4,800 fasl. The topography is typical of northern Idaho's countryside, hilly to mountainous and forested. Forests contain shrubs and tree species of Douglas fir, lodgepole pine, western larch, western white pine, grand fir, and western red cedar. Wildlife inhabiting the area are typical for the Rocky Mountain region including fish, bird, and mammal species.

Sunshine's main production shaft, the Jewell Shaft, and the mill are located above the base of a steep mountain, while the hoist room and other infrastructure facilities are located on a relatively level piece of property at the base of the mountain.

Figure 4-1 is a picture of the existing Sunshine headframe, concentrator buildings, warehouse, office, powerlines, and it shows the general land features.

**Figure 4-1: Sunshine Mine Surface Facilities**

Source: SRK 2022

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| &nbsp;&nbsp;4-2 | ![](ny20061035x4_ex96-1img002.jpg) |

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<u> Silver Opportunity Partners LLC \| Sunshine Mine S-K 1300 Technical Report Summary on the Initial Assessment </u> <u> March 25, 2026 SLR Project No.: 123.020552.00001 </u>

**5.0** **History** 

**5.1** **Prior Ownership** 

In May 2010, SOP, a wholly owned subsidiary of Sunshine Silver Mining & Refining Corporation (SSMRC) acquired most of the operating facilities and equipment at the Sunshine Mine from Sterling Mining Company (Sterling) via its bankruptcy proceedings. Also included in this purchase was Sterling's lease from Sunshine Precious Metals, Inc. (SPMI) on the mine and a purchase option in the lease for title to the Sunshine Mine, which had been exercised by Sterling prior to the sale to SOP. SOP closed on the exercise of the purchase option of the lease from SPMI in July 2010 to obtain title to the mine and the facilities.

In October 2013, SOP acquired the Sunshine Mining Company Silver and Copper Refinery (the Sunshine Refinery) from Formation Metals, U.S.; this is a fully permitted refinery located one mile north of the Sunshine Mine.

On October 30, 2020, SOP was part of a corporate reorganization wherein the corporate entity that held SOP was renamed as Gatos Silver, Inc., and the SSMRC entity, and its wholly-owned subsidiary SOP, which held the interest in the Project, became wholly owned subsidiaries of a new corporation, Silver Opportunity Partners Corporation (SOP Corp).

**5.2** **Exploration and Development History** 

Beginning in August 2003, Sterling undertook a surface exploration program that was followed by a three-hole drilling program totaling 2,473 ft. Multiple veins were intersected between Sunshine and Yankee Girl structures in the third drill hole. Based on this new data, underground contract drilling began in the Sterling Tunnel area in late 2006, targeting the area to the north of the portal. A total of 46,570 ft of exploration drilling was completed from 2004 to 2008.

**5.3** **Past Production** 

Since the property was staked in 1884 Sunshine Mine has produced 364,893,421 oz of silver from 12,953,045 short tons of ore through 2001, when the mine was closed. In addition to silver, the mine produced copper, lead, zinc, and antimony throughout much of the long mining history.

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| &nbsp;&nbsp;5-1 | ![](ny20061035x4_ex96-1img002.jpg) |

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<u> Silver Opportunity Partners LLC \| Sunshine Mine S-K 1300 Technical Report Summary on the Initial Assessment </u> <u> March 25, 2026 SLR Project No.: 123.020552.00001 </u>

**6.0** **Geological Setting, Mineralization, and Deposit** 

**6.1** **Regional Geology** 

The Coeur d'Alene Mining District is hosted in Precambrian (approximately 1.45 billion years old) metasedimentary rocks of the Belt Supergroup. For silver mineralization targeting, rocks of the Burke, Revett, and St. Regis Formations are prospective and belong to the Ravalli Group within the Belt Supergroup. These Middle Proterozoic rocks cover a large area of northern Idaho and western Montana with up to a 12.5 mi (20 km) thick layer of fine-grained siliciclastic strata. The Sunshine Mine and other Silver Valley deposits occur between the Osburn and Placer Creek faults that are significant regional-scale, east-to-west structures, as seen on Figure 6-1. The regional continuity of the Idaho Silver Belt mineralized system occurs along a strike length of over 20 miles.

**6.2** **Local and Property Geology** 

The Sunshine Mine is predominantly hosted in the St. Regis Formation, which is over 600 ft thick, and upper strata of the underlying Revett Formation. The lithostratigraphic boundary between these units is unclear. Rock types in the St. Regis are mainly argillite and siltite, which grade to siltite and quartzite in the Revett Formation. Both host units are intensely folded and faulted and metamorphosed to low-grade, greenschist facies.

The Project area is bisected by several east-to-west faults, namely Polaris, Syndicate, C Fault, and, further south, the Alhambra Fault. Figure 6-2 shows the general structural setting. Kinematics and rock fabric in the mine are reported to show dip-slip movement on the faults, even though the regional structural setting suggests that movement was strike-slip. Polaris is a normal fault, while the remainder have reverse displacement. The faults at Sunshine are variably mineralized. The C Fault is an example of a well-mineralized structure.

Dominant veins in the mine strike generally east-to-west between the faults and dip steeply (>60°) to the south. Subordinate veins are interpreted to crosscut between the major veins. The larger vein structures are quite extensive and can be traced over long strike distances and depths. Generally, mineralized veins vary between 1 ft to 5 ft thick with thicknesses pinching and swelling along strike. The strike length of individual veins has been tested up to 2.5 miles in length. Veins at Sunshine can continue from surface to over a mile deep.

Figure 6-3 describes the local formations in a stratigraphic column. Figure 6-4 and Figure 6-5 are a local geologic map and geological cross-section, respectively.

**6.2.1** **Significant Mineralized Zones** 

Over 36 veins have been named and mined at the Sunshine Mine. Historically, mined grades are exceptionally high in some areas, with averages over 100 opt Ag. The Sunshine and Chester Veins are particularly well endowed, with each reported to have produced over 90 million (M) oz of silver to date. Mineralization is comprised of tetrahedrite, freibergite, galena, and sphalerite, with typical gangue minerals of siderite, quartz, pyrite, and magnetite. Similar to other deposits in the Idaho Silver Valley, two main vein assemblages are distinguished, which tend to dominate certain areas of the mine: silver-copper veins and lead-zinc veins.

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| &nbsp;&nbsp;6-1 | ![](ny20061035x4_ex96-1img002.jpg) |

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<u> Silver Opportunity Partners LLC \| Sunshine Mine S-K 1300 Technical Report Summary on the Initial Assessment </u> <u> March 25, 2026 SLR Project No.: 123.020552.00001 </u>

**Figure 6-1: Mineral Belts of the Coeur d'Alene Mining District, Idaho**

![](ny20061035x4_ex96-1img008.jpg)

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| &nbsp;&nbsp;6-2 | ![](ny20061035x4_ex96-1img002.jpg) |

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<u> Silver Opportunity Partners LLC \| Sunshine Mine S-K 1300 Technical Report Summary on the Initial Assessment </u> <u> March 25, 2026 SLR Project No.: 123.020552.00001 </u>

**Figure 6-2: General Structural Setting**

![](ny20061035x4_ex96-1img009.jpg)

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| &nbsp;&nbsp;6-3 | ![](ny20061035x4_ex96-1img002.jpg) |

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<u> Silver Opportunity Partners LLC \| Sunshine Mine S-K 1300 Technical Report Summary on the Initial Assessment </u> <u> March 25, 2026 SLR Project No.: 123.020552.00001 </u>

**Figure 6-3: Stratigraphic Column**

![](ny20061035x4_ex96-1img010.jpg)

Source: SRK 2025

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| &nbsp;&nbsp;6-4 | ![](ny20061035x4_ex96-1img002.jpg) |

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<u> Silver Opportunity Partners LLC \| Sunshine Mine S-K 1300 Technical Report Summary on the Initial Assessment </u> <u> March 25, 2026 SLR Project No.: 123.020552.00001 </u>

**Figure 6-4: Geology Map of the Sunshine Mine Area**

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| &nbsp;&nbsp;6-5 | ![](ny20061035x4_ex96-1img002.jpg) |

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<u> Silver Opportunity Partners LLC \| Sunshine Mine S-K 1300 Technical Report Summary on the Initial Assessment </u> <u> March 25, 2026 SLR Project No.: 123.020552.00001 </u>

**Figure 6-5: Cross Section of the Sunshine Mine Area**

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| &nbsp;&nbsp;6-6 | ![](ny20061035x4_ex96-1img002.jpg) |

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<u> Silver Opportunity Partners LLC \| Sunshine Mine S-K 1300 Technical Report Summary on the Initial Assessment </u> <u> March 25, 2026 SLR Project No.: 123.020552.00001 </u>

6.3 Deposit Types

The deposits of the Coeur d'Alene Mining District, including Sunshine, are classified as clastic metasediment-hosted, lead-silver-zinc mesothermal vein deposits. In addition to Coeur d'Alene, a world-class silver district, this deposit type includes several historical mining localities globally, including the Harz Mountains and Freiberg in Germany, Keno Hill and Kokanee Range in Canada, and Příbram in the Czech Republic. These deposits are typified by the following general characteristics:

● Deposits are hosted in thick sequences of fine- to medium-grained clastic sedimentary rocks transected by deep-seated regional-scale faulting.

● Sedimentary basins occur in a wide range of tectonic environments, but all have been subject to deformation, intrusion, and regional metamorphism, typically greenschist facies.

● Economic minerals are predominantly galena and sphalerite with minor accessory pyrite and a wide range of sulphosalt minerals, including tetrahedrite, pyrargyrite, stephanite, bournonite, acanthite, and native silver.

● Gangue minerals are comprised of siderite and quartz, with lesser amounts of dolomite or calcite.

● Temperature of sulfide mineral deposition is in the range of 250 degrees Celsius (°C) to 300°C.

It is generally accepted that the veins of the Coeur d'Alene Mining District were formed during the Cretaceous to early Tertiary. Genesis of the orebodies may have been a result of regional-scale metamorphism and the development of hydrothermal systems associated with the emplacement of the Idaho Batholith pluton and concurrent deformation. Metamorphic hydrothermal fluids most likely scavenged syngenetic metals (silver, lead, zinc, and copper) from Proterozoic Belt Supergroup strata and emplaced these metals within pre-existing or concurrent structural features.

6.3.1 Geological Model

The signature for all economic deposits discovered within the Coeur d'Alene Mining District is vein-like morphology hosted within the metasediments of the Belt Super Group. Within the Sunshine Mine, as well as other sub-districts in the Coeur d'Alene Mining District, veins occur as branching fissures that crosscut the sedimentary host rocks. Previous studies have indicated the veins are of mesothermal origin.

The vein structures are known to branch or split, forming duplexing, and have anastomosing geometries. The majority of veins strike west, are steeply dipping, elongated down-dip, and can have strike lengths over 4,000 ft and dip lengths over 8,000 ft.

SRK incorporated geologic interpretations from the SOP's internal experts regarding the trends of vein domains and mineralization continuity. The SRK QP considers the current geological model to be sufficient for conceptual exploration targeting, geological modeling, and resource estimation of the Sunshine deposit.

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| 6-7 | ![](ny20061035x4_ex96-1img002.jpg) |

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<u> Silver Opportunity Partners LLC \| Sunshine Mine S-K 1300 Technical Report Summary on the Initial Assessment </u> <u> March 25, 2026 SLR Project No.: 123.020552.00001 </u>

7.0 Exploration

7.1 Exploration

The primary method of modern and historical exploration at Sunshine is underground drilling, mapping, and channel sampling, as discussed in Section 7.2. Historically, exploration underground was conducted by drifting on the veins, prior to the use of drilling rigs. In addition to drilling data, historical channel sample assays obtained during previous mining form the majority of data available for the current resource estimation.

In August 2003, it was reported that the previous operator conducted a surface exploration program. Sterling performed induced polarization (IP), resistivity, and chargeability geophysical surveys. Additionally, geochemical sampling was conducted at surface that yielded areas of exploration interest; however, the surface expression of the Sunshine vein system is generally weak with limited outcrops. Historical surface exploration results were not reviewed by the QP for the estimation of Mineral Resources.

7.2 Drilling

7.2.1 Type and Extent

From August 2022 until October of 2023, SOP completed a drilling campaign that totaled 54,369 ft of core in 38 drill holes (Table 7-1). The recent SOP drilling for exploration, delineation, and development conducted at the Sunshine Mine has been performed from surface and underground with diamond-core drills. Diameters ranged from BQ-sized core (1.42 inches or 3.64 cm) to HQ-sized core (2.5 inches or 6.35 cm), with less than (<) 5% of core completed at the smaller BQ-diameter. Work was completed by a national contract core drilling company (Boart Longyear from Salt Lake City, Utah); they operated two diamond drills (a smaller LM90 and a larger LM110). Figure 7-1 provides a vertical longitudinal projection of the recent drilling locations.

From 2010 to 2013, SOP drilled approximately 60,000 ft in 84 drill holes. Overall, the current drill hole database contains 3,618 underground drill holes that total 1,114,823.5 ft. All these diamond-core holes were drilled with substantially similar equipment and using equivalent procedures to the recent campaign. The longest underground drill hole is 3,130 ft (954 m). It is not uncommon for drill holes to be completed to lengths of approximately 1,500 ft to 2,000 ft (457 m to 610 m). Following completion, all drill holes are cemented for their entire length.

In August 2025, SOP commenced an additional drilling campaign. As of the TRS report date, approximately 48,000 feet (31%) of a planned 154,000-foot drilling campaign have been completed in 70 new drill holes. Results of this ongoing program are pending and will be included in future technical report updates.

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| 7-1 | ![](ny20061035x4_ex96-1img002.jpg) |

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<u> Silver Opportunity Partners LLC \| Sunshine Mine S-K 1300 Technical Report Summary on the Initial Assessment </u> <u> March 25, 2026 SLR Project No.: 123.020552.00001 </u>

**Figure 7-1: Vertical Longitudinal Projection of Recent SOP Drill Hole Locations**

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| 7-2 | ![](ny20061035x4_ex96-1img002.jpg) |

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<u> Silver Opportunity Partners LLC \| Sunshine Mine S-K 1300 Technical Report Summary on the Initial Assessment </u> <u> March 25, 2026 SLR Project No.: 123.020552.00001 </u>

7.2.2 Procedures

7.2.2.1 Deviation Surveys

Since 2010, drill hole locations and orientations are marked for the drillers by the supervising geologist and surveyed before and after drilling. After the initial setup on the drill hole, a Northrop Grumman LiPAD-100 Gyrocompass azimuth aligner was used in the recent SOP campaigns to double check the drill rig collar setup before commencing drilling. An initial 50 ft (15 m) check survey is completed to ensure downhole direction after coring was commenced. Then, regular downhole surveys were completed every 200 ft (60 m) on all diamond drill holes as the drill holes advanced. The primary survey tool was a Boart Longyear TruShot downhole survey tool. An Inertial Sensing Gyro survey tool was also used to double-check surveys in more magnetically problematic areas around known workings. Upon reaching the target depth, the drillers stop the hole and survey the bottom of the hole before cementing.

The Boart Longyear TruShot instrument also records the magnetic field strength, which is used to derive an average field strength for help in assessing individual orientation readings. If an obviously anomalous measurement is recorded, it is double-checked with the Inertial Sensing Gyro (as the gyro is a non-magnetic survey tool) and replaced after being checked against an average of adjacent readings. The survey data is recorded on paper and digitally forwarded to the supervising geologist for capture using the Microsoft Access digital core logging database. The surveyed drill holes are checked visually in 3D to confirm that they were oriented as planned and continuing in the correct location(s).

7.2.3 Drilling and Logging Procedures

For the modern exploration programs, the drillers place the core in waxed cardboard boxes labeled with the drill hole and footage, which are then enclosed and taped shut prior to transport to the shaft station on the respective drilling levels after the completion of each work shift. Core boxes are then placed in the shaft to be collected by mine staff and transported to the logging facility, which is located near the mine offices. The core logging facility has recently been completely remodeled and configured for ergonomic core logging. Traditional benches have been replaced with a series of roller-equipped racks with end stops. The core boxes are easily pushed (with no lifting) from station to station during the logging and sampling process, thus reducing the risk of dropping boxes. New lighting has been installed along with an overhead water supply system with spray hoses, as well as anti-fatigue matting. Upon receipt of the core at the logging facility, the core boxes are laid out in order on the roller tables.

Next, the geologists examine the drill holes to ensure correct run block footage and core orientation. Zones of core loss are noted, and geotechnical logging is conducted; this includes measurement of recovery and rock quality designation (RQD). Recovery was measured during drilling and checked during geological logging. Core recovery was generally very good (exceeding 90%). Core recovery can be difficult in certain faulted or sheared areas. The diamond drillers changed from wireline tools to conventional tools before encountering proven areas of loss, which significantly improved recovery. Recovery issues did not materially impact the reliability of the results.

The core is then logged for lithology and mineralogy, as well as sedimentary structures, veins, faults, and other structural features. Following this, a third logging pass is made noting type, style, and intensity of alteration. During the logging process, all the aforementioned geologic features are marked with China marker grease pencils to be visible in the core photographs. The core is then wetted and photographed using a purpose-built camera, lighting enclosure, scale, and color correction cards, which provide uniform digital images. In addition to the notations on the core for geological information, the sample boundaries and numbers are also marked to allow for easier validation of the assay results using the imagery.

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| 7-3 | ![](ny20061035x4_ex96-1img002.jpg) |

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<u> Silver Opportunity Partners LLC \| Sunshine Mine S-K 1300 Technical Report Summary on the Initial Assessment </u> <u> March 25, 2026 SLR Project No.: 123.020552.00001 </u>

During the recent SOP campaign, logging was conducted by contract geologists supplied by Tamarack Geological Services of Osburn, Idaho. The contract geologists were supervised by on-site SOP personnel. All data are digitally captured on notebook computers using a propriety Microsoft Access digital core logging database. The digital database is backed up weekly to a secure server.

7.2.3.1 Drill Hole Sampling

Upon completion of drill hole logging, the geologist marks the core for sampling. Specimens from each sample are measured for specific gravity (SG) using a water immersion method on unsealed core. Samples taken for assay range in length from a minimum of about 6 inches to a maximum of 4 ft (0.15 to 1.21 m) with breaks made based on lithological contacts, changes in estimated grade, or variation in mineralization style. Tags are placed in the boxes for each sample. Any visible sulfide or gangue mineralization is sampled. All samples are bracketed with a minimum of 2 ft (0.6 m) of apparently barren or uneconomic material.

For the recent drilling program, all core samples are sawn with a Corewise Pty Ltd. automatic saw, and half core samples are sent to the laboratory. The remaining half of all sampled intervals are retained in a separate storage facility on-site at the Sunshine Mine. The core photographs are also of such high quality that it is possible to check the core in detail after it has been discarded, if necessary. Sample tag books are filled out with drill hole identification number (ID), location, and from and to information, and a tag is placed in the sample bag. The sampled intervals are captured in the digital core logging database and then checked using a validation routine to confirm that there are no overlaps or accidental gaps.

Assay quality assurance/quality control (QA/QC) samples consist of blanks, certified reference standards, coarse duplicates, and pulp duplicates. The control samples are entered into the sample stream at a rate of one in 20 samples. All samples are recorded in the database, placed in cloth-polyethylene bags, and collected into reusable plastic shipping boxes (tote). As sufficient samples are gathered, the totes are delivered by the contract geologists to the American Analytical Services (AAS) laboratory in Osburn, Idaho.

7.2.3.2 Channel Sampling

In addition to drilling data, historical channel samples obtained during previous mining form the majority of data available for the current resource estimation. Assays from face samples collected during development and production have been the main data used for previous resource and reserve estimates throughout the long history of the Sunshine Mine.

During mining, chip samples from drift and stope faces and backs and sides of drifts and raises were obtained daily for grade control and resource estimation. Geologists collected samples in a horizontal channel, from left to right, across the mining face following a standardized procedure to sample a representative portion of the mineralized structure. Each of the sample points was referenced to an underground survey control point.

After sample collection, the geologists loaded the channel samples to the surface, where they were organized for transport to the assay laboratory. Sample tickets recorded the sample number, location, description, and sketch of the mining face where the sample was obtained. The sample booklets contained a detachable tag with duplicate sample numbers that was placed in each sample bag.

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| 7-4 | ![](ny20061035x4_ex96-1img002.jpg) |

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<u> Silver Opportunity Partners LLC \| Sunshine Mine S-K 1300 Technical Report Summary on the Initial Assessment </u> <u> March 25, 2026 SLR Project No.: 123.020552.00001 </u>

Veins were typically sampled at 4 ft to 6 ft intervals along drifts. Raises and stopes were sampled regularly, with sample intervals varying based on advance cycles. Linen and paper maps and cross-sections recorded the historical Sunshine data with accurate records of channel sampling. From 1995 onward, underground channel sample data were maintained in an electronic database. Previous data were digitized directly from the historical maps. Since 2022, SOP has worked to geo-reference the majority of available historical plan, level, and stope maps with handwritten sampling information into 3D and has validated all the historical channel data for accuracy in grade, thickness, and location. Figure 7-2 and Figure 7-3 provide a vertical longitudinal projection and a plan view, respectively, of drill hole and channel sample locations at Sunshine.

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| 7-5 | ![](ny20061035x4_ex96-1img002.jpg) |

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<u> Silver Opportunity Partners LLC \| Sunshine Mine S-K 1300 Technical Report Summary on the Initial Assessment </u> <u> March 25, 2026 SLR Project No.: 123.020552.00001 </u>

**Figure 7-2: Vertical Longitudinal Section of Drill Hole and Channel Sample Locations**

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| 7-6 | ![](ny20061035x4_ex96-1img002.jpg) |

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<u> Silver Opportunity Partners LLC \| Sunshine Mine S-K 1300 Technical Report Summary on the Initial Assessment </u> <u> March 25, 2026 SLR Project No.: 123.020552.00001 </u>

**Figure 7-3: Plan View of Drill Holes and Channel Sample Locations**

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| 7-7 | ![](ny20061035x4_ex96-1img002.jpg) |

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<u> Silver Opportunity Partners LLC \| Sunshine Mine S-K 1300 Technical Report Summary on the Initial Assessment </u> <u> March 25, 2026 SLR Project No.: 123.020552.00001 </u>

7.2.4 Interpretation and Relevant Results

SOP considered the recent drilling (occurring from August 2022 until October of 2023) to have been a successful program, with 38 drill holes totaling 54,369 ft drilled. Each of the completed drill holes was successful in intersecting planned targets or providing new knowledge in previously unknown areas. To date, one new vein structure was defined with drilling from the 2300-Level elevation. This silver-copper vein has been defined approximately 50 ft (15 m) south of the historical Yankee Girl Vein and is currently named the South Yankee Girl (SYG) Vein. SOP completed two drill holes targeting the SYG Vein, and both encountered silver mineralization. Drilling will continue to define the vertical and lateral limits of this new vein structure.

All the new and historical drilling data helped inform the first 3D geology model in Sunshine Mine's 140-year history. Continued work will be done to better define the Yankee Boy/Sunshine Vein extensions to the east and west, the C Fault Vein down dip and to the west, and the 10-Vein down dip, as well as to the east. Adding intercepts on all Sunshine veins with future drilling programs will better define the deposit and assist with mine planning. Resource conversion of Inferred mineralization to higher classification categories will continue as SOP works toward the resumption of production.

Table 7-1 summarizes detailed drill intercepts completed by SOP in 2022 and 2023 that are included in this MRE. The exact relationship between the sample length and the true thickness of the mineralization is not known. In general, the length of the sample intersections (apparent width) is greater than the true thickness measured perpendicular to the modeled vein wireframes. The SRK QP considers the drilling intersections to be representative of the mineralization. The measured vein angles with respect to the core axis are provided in the summary table. All summary intervals are reported proportionally to the length of the individual samples, and allowance for lower grade dilution zones are included, if encountered. No drilling, sampling, or recovery factors are known that could materially impact the accuracy and reliability of the results. The SRK QP considers the drilling and sampling process at Sunshine to meet generally accepted industry standards and to be sufficient for the current level of study.

In August 2025, SOP began an extensive and ongoing underground drilling program. Preliminary observations by SOP from the 2025-2026 campaign indicate that drilling has encountered mineralization in areas outside the current Mineral Resource estimate and may support upgraded resource classification in other infill areas. The new drillhole intercepts have confirmed the presence of stacked veins with similar silver grades to the current mineralization models. Additionally, the new drill holes have also confirmed areas of historical mined-out workings, which provides additional assurance to the spatial accuracy of the previous production records. The SRK QP has not quantified any potential changes to the Mineral Resource estimate from these ongoing drilling results, as the data requires appropriate verification and revised vein modeling that will occur in future updates to the current Mineral Resource estimate. These additional drilling results may prove to be material when evaluated and incorporated into an updated resource model.

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| 7-8 | ![](ny20061035x4_ex96-1img002.jpg) |

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<u> Silver Opportunity Partners LLC \| Sunshine Mine S-K 1300 Technical Report Summary on the Initial Assessment </u> <u> March 25, 2026 SLR Project No.: 123.020552.00001 </u>

**Table 7-1: Summary of 2022-2023 SOP Drill Hole Results**

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| &nbsp;&nbsp;**Drill Hole <br> ID** | &nbsp;&nbsp;**Azimuth <br> (°)** | &nbsp;&nbsp;**Dip <br> (°)** | &nbsp;&nbsp;**From <br> (ft)** | &nbsp;&nbsp;**To <br> (ft)** | &nbsp;&nbsp;**Sample Interval <br> (ft)** | &nbsp;&nbsp;**Angle TCA<sup>1</sup><br> (°)** | &nbsp;&nbsp;**Ag <br> (opt)** | &nbsp;&nbsp;**Ag <br> (g/t)** | &nbsp;&nbsp;**Cu <br> (%)** | &nbsp;&nbsp;**Pb <br> (%)** | &nbsp;&nbsp;**Zn <br> (%)** | &nbsp;&nbsp;**Vein** |
| &nbsp;&nbsp;ST-2670 | &nbsp;&nbsp;8.00 | &nbsp;&nbsp;-39.00 | &nbsp;&nbsp;713.2 | &nbsp;&nbsp;714.4 | &nbsp;&nbsp;1.2 | &nbsp;&nbsp;70 | &nbsp;&nbsp;90.6 | &nbsp;&nbsp;3104.660 | &nbsp;&nbsp;0.976 | &nbsp;&nbsp;2.976 | &nbsp;&nbsp;3.9760 | &nbsp;&nbsp;SYB Vein |
| &nbsp;&nbsp;ST-2670 | &nbsp;&nbsp;8.00 | &nbsp;&nbsp;-39.00 | &nbsp;&nbsp;724.0 | &nbsp;&nbsp;725.6 | &nbsp;&nbsp;1.6 | &nbsp;&nbsp;40 | &nbsp;&nbsp;26.8 | &nbsp;&nbsp;920.107 | &nbsp;&nbsp;1.100 | &nbsp;&nbsp;4.990 | &nbsp;&nbsp;0.0830 | &nbsp;&nbsp;NYB Vein |
| &nbsp;&nbsp;ST-2670 | &nbsp;&nbsp;8.00 | &nbsp;&nbsp;-36.00 | &nbsp;&nbsp;933.8 | &nbsp;&nbsp;935.0 | &nbsp;&nbsp;1.2 | &nbsp;&nbsp;35 | &nbsp;&nbsp;0.0 | &nbsp;&nbsp;1.411 | &nbsp;&nbsp;0.051 | &nbsp;&nbsp;3.010 | &nbsp;&nbsp;0.0050 | &nbsp;&nbsp;10 Vein |
| &nbsp;&nbsp;ST-2671 | &nbsp;&nbsp;9.37 | &nbsp;&nbsp;-48.80 | &nbsp;&nbsp;858.3 | &nbsp;&nbsp;860.6 | &nbsp;&nbsp;2.3 | &nbsp;&nbsp;60 | &nbsp;&nbsp;8.2 | &nbsp;&nbsp;281.959 | &nbsp;&nbsp;0.119 | &nbsp;&nbsp;0.050 | &nbsp;&nbsp;0.0140 | &nbsp;&nbsp;SYB Vein |
| &nbsp;&nbsp;ST-2671 | &nbsp;&nbsp;9.37 | &nbsp;&nbsp;-48.80 | &nbsp;&nbsp;863.8 | &nbsp;&nbsp;864.6 | &nbsp;&nbsp;0.8 | &nbsp;&nbsp;60 | &nbsp;&nbsp;60.9 | &nbsp;&nbsp;2088.590 | &nbsp;&nbsp;1.420 | &nbsp;&nbsp;0.050 | &nbsp;&nbsp;0.1130 | &nbsp;&nbsp;NYB Vein |
| &nbsp;&nbsp;ST-2671 | &nbsp;&nbsp;8.07 | &nbsp;&nbsp;-44.70 | &nbsp;&nbsp;1092.5 | &nbsp;&nbsp;1093.0 | &nbsp;&nbsp;0.5 | &nbsp;&nbsp;70 | &nbsp;&nbsp;8.9 | &nbsp;&nbsp;304.821 | &nbsp;&nbsp;0.005 | &nbsp;&nbsp;21.100 | &nbsp;&nbsp;0.0500 | &nbsp;&nbsp;10 Vein |
| &nbsp;&nbsp;ST-2671 | &nbsp;&nbsp;8.07 | &nbsp;&nbsp;-44.70 | &nbsp;&nbsp;1093.0 | &nbsp;&nbsp;1094.5 | &nbsp;&nbsp;1.5 | &nbsp;&nbsp;70 | &nbsp;&nbsp;1.1 | &nbsp;&nbsp;39.232 | &nbsp;&nbsp;0.005 | &nbsp;&nbsp;2.530 | &nbsp;&nbsp;0.0500 | &nbsp;&nbsp;10 Vein |
| &nbsp;&nbsp;ST-2671 | &nbsp;&nbsp;8.07 | &nbsp;&nbsp;-44.70 | &nbsp;&nbsp;1094.5 | &nbsp;&nbsp;1096.0 | &nbsp;&nbsp;1.5 | &nbsp;&nbsp;70 | &nbsp;&nbsp;13.2 | &nbsp;&nbsp;451.586 | &nbsp;&nbsp;0.052 | &nbsp;&nbsp;23.700 | &nbsp;&nbsp;0.0500 | &nbsp;&nbsp;10 Vein |
| &nbsp;&nbsp;ST-2671 | &nbsp;&nbsp;8.07 | &nbsp;&nbsp;-44.70 | &nbsp;&nbsp;1096.0 | &nbsp;&nbsp;1096.5 | &nbsp;&nbsp;0.5 | &nbsp;&nbsp;70 | &nbsp;&nbsp;16.5 | &nbsp;&nbsp;564.483 | &nbsp;&nbsp;0.042 | &nbsp;&nbsp;31.400 | &nbsp;&nbsp;0.0500 | &nbsp;&nbsp;10 Vein |
| &nbsp;&nbsp;ST-2674 | &nbsp;&nbsp;10.07 | &nbsp;&nbsp;-51.10 | &nbsp;&nbsp;827.0 | &nbsp;&nbsp;827.9 | &nbsp;&nbsp;0.9 | &nbsp;&nbsp;60 | &nbsp;&nbsp;82.3 | &nbsp;&nbsp;2822.410 | &nbsp;&nbsp;1.250 | &nbsp;&nbsp;0.050 | &nbsp;&nbsp;0.0940 | &nbsp;&nbsp;SYB Vein |
| &nbsp;&nbsp;ST-2674 | &nbsp;&nbsp;10.07 | &nbsp;&nbsp;-51.10 | &nbsp;&nbsp;834.4 | &nbsp;&nbsp;834.9 | &nbsp;&nbsp;0.5 | &nbsp;&nbsp;45 | &nbsp;&nbsp;230.5 | &nbsp;&nbsp;7902.76 | &nbsp;&nbsp;5.850 | &nbsp;&nbsp;0.663 | &nbsp;&nbsp;4.2400 | &nbsp;&nbsp;NYB Vein |
| &nbsp;&nbsp;ST-2674 | &nbsp;&nbsp;9.07 | &nbsp;&nbsp;-47.20 | &nbsp;&nbsp;1057.7 | &nbsp;&nbsp;1059.7 | &nbsp;&nbsp;2.0 | &nbsp;&nbsp;60 | &nbsp;&nbsp;21.4 | &nbsp;&nbsp;733.828 | &nbsp;&nbsp;0.005 | &nbsp;&nbsp;47.000 | &nbsp;&nbsp;0.0050 | &nbsp;&nbsp;10 Vein |
| &nbsp;&nbsp;ST-2674 | &nbsp;&nbsp;9.07 | &nbsp;&nbsp;-47.20 | &nbsp;&nbsp;1059.7 | &nbsp;&nbsp;1061.2 | &nbsp;&nbsp;1.5 | &nbsp;&nbsp;35 | &nbsp;&nbsp;11.5 | &nbsp;&nbsp;395.138 | &nbsp;&nbsp;0.005 | &nbsp;&nbsp;36.300 | &nbsp;&nbsp;0.0050 | &nbsp;&nbsp;10 Vein |
| &nbsp;&nbsp;ST-2675 | &nbsp;&nbsp;6.27 | &nbsp;&nbsp;-58.90 | &nbsp;&nbsp;798.6 | &nbsp;&nbsp;799.1 | &nbsp;&nbsp;0.5 | &nbsp;&nbsp;45 | &nbsp;&nbsp;23.0 | &nbsp;&nbsp;790.276 | &nbsp;&nbsp;0.911 | &nbsp;&nbsp;0.050 | &nbsp;&nbsp;0.0170 | &nbsp;&nbsp;Veinlet |
| &nbsp;&nbsp;ST-2676 | &nbsp;&nbsp;15.00 | &nbsp;&nbsp;-38.00 | &nbsp;&nbsp;733.0 | &nbsp;&nbsp;737.0 | &nbsp;&nbsp;4.0 | &nbsp;&nbsp;50 | &nbsp;&nbsp;4.7 | &nbsp;&nbsp;161.442 | &nbsp;&nbsp;0.069 | &nbsp;&nbsp;0.050 | &nbsp;&nbsp;0.0050 | &nbsp;&nbsp;SYB |
| &nbsp;&nbsp;ST-2676 | &nbsp;&nbsp;15.00 | &nbsp;&nbsp;-34.00 | &nbsp;&nbsp;951.2 | &nbsp;&nbsp;953.2 | &nbsp;&nbsp;2.0 | &nbsp;&nbsp;50 | &nbsp;&nbsp;3.8 | &nbsp;&nbsp;131.242 | &nbsp;&nbsp;0.005 | &nbsp;&nbsp;9.010 | &nbsp;&nbsp;0.0050 | &nbsp;&nbsp;10vn |
| &nbsp;&nbsp;ST-2676 | &nbsp;&nbsp;15.00 | &nbsp;&nbsp;-34.00 | &nbsp;&nbsp;953.2 | &nbsp;&nbsp;954.0 | &nbsp;&nbsp;0.8 | &nbsp;&nbsp;50 | &nbsp;&nbsp;21.4 | &nbsp;&nbsp;733.828 | &nbsp;&nbsp;0.012 | &nbsp;&nbsp;48.500 | &nbsp;&nbsp;0.0050 | &nbsp;&nbsp;10vn |
| &nbsp;&nbsp;ST-2676 | &nbsp;&nbsp;15.00 | &nbsp;&nbsp;-34.00 | &nbsp;&nbsp;954.0 | &nbsp;&nbsp;954.8 | &nbsp;&nbsp;0.8 | &nbsp;&nbsp;50 | &nbsp;&nbsp;5.0 | &nbsp;&nbsp;171.885 | &nbsp;&nbsp;0.005 | &nbsp;&nbsp;13.400 | &nbsp;&nbsp;0.0050 | &nbsp;&nbsp;10vn |
| &nbsp;&nbsp;ST-2676 | &nbsp;&nbsp;15.00 | &nbsp;&nbsp;-34.00 | &nbsp;&nbsp;958.8 | &nbsp;&nbsp;962.4 | &nbsp;&nbsp;3.6 | &nbsp;&nbsp;65 | &nbsp;&nbsp;6.3 | &nbsp;&nbsp;215.915 | &nbsp;&nbsp;0.060 | &nbsp;&nbsp;7.180 | &nbsp;&nbsp;0.0050 | &nbsp;&nbsp;10vn splay |
| &nbsp;&nbsp;ST-2677 | &nbsp;&nbsp;9.97 | &nbsp;&nbsp;-41.70 | &nbsp;&nbsp;981.8 | &nbsp;&nbsp;983.0 | &nbsp;&nbsp;1.2 | &nbsp;&nbsp;70 | &nbsp;&nbsp;18.1 | &nbsp;&nbsp;620.931 | &nbsp;&nbsp;0.101 | &nbsp;&nbsp;30.500 | &nbsp;&nbsp;0.0120 | &nbsp;&nbsp;10 Vein |
| &nbsp;&nbsp;ST-2677 | &nbsp;&nbsp;9.97 | &nbsp;&nbsp;-41.70 | &nbsp;&nbsp;983.0 | &nbsp;&nbsp;985.3 | &nbsp;&nbsp;2.3 | &nbsp;&nbsp;70 | &nbsp;&nbsp;7.6 | &nbsp;&nbsp;259.662 | &nbsp;&nbsp;0.160 | &nbsp;&nbsp;2.980 | &nbsp;&nbsp;0.0230 | &nbsp;&nbsp;10 Vein |
| &nbsp;&nbsp;ST-2677 | &nbsp;&nbsp;10.77 | &nbsp;&nbsp;-44.00 | &nbsp;&nbsp;761.5 | &nbsp;&nbsp;763.5 | &nbsp;&nbsp;2.0 | &nbsp;&nbsp;65 | &nbsp;&nbsp;3.3 | &nbsp;&nbsp;113.461 | &nbsp;&nbsp;0.043 | &nbsp;&nbsp;0.005 | &nbsp;&nbsp;0.0050 | &nbsp;&nbsp;SYB Vein |
| &nbsp;&nbsp;ST-2678 | &nbsp;&nbsp;15.50 | &nbsp;&nbsp;-41.00 | &nbsp;&nbsp;1050.0 | &nbsp;&nbsp;1050.5 | &nbsp;&nbsp;0.5 | &nbsp;&nbsp;80 | &nbsp;&nbsp;3.6 | &nbsp;&nbsp;123.904 | &nbsp;&nbsp;0.190 | &nbsp;&nbsp;0.050 | &nbsp;&nbsp;0.0050 | &nbsp;&nbsp;10 Vein |
| &nbsp;&nbsp;ST-2678 | &nbsp;&nbsp;15.50 | &nbsp;&nbsp;-41.00 | &nbsp;&nbsp;1050.5 | &nbsp;&nbsp;1050.9 | &nbsp;&nbsp;0.4 | &nbsp;&nbsp;65 | &nbsp;&nbsp;19.8 | &nbsp;&nbsp;677.379 | &nbsp;&nbsp;1.420 | &nbsp;&nbsp;0.207 | &nbsp;&nbsp;0.0560 | &nbsp;&nbsp;10 Vein |
| &nbsp;&nbsp;ST-2678 | &nbsp;&nbsp;15.50 | &nbsp;&nbsp;-41.00 | &nbsp;&nbsp;1050.9 | &nbsp;&nbsp;1051.4 | &nbsp;&nbsp;0.5 | &nbsp;&nbsp;65 | &nbsp;&nbsp;2.2 | &nbsp;&nbsp;74.794 | &nbsp;&nbsp;0.016 | &nbsp;&nbsp;2.160 | &nbsp;&nbsp;0.0050 | &nbsp;&nbsp;10 Vein |

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| 7-9 | ![](ny20061035x4_ex96-1img002.jpg) |

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<u> Silver Opportunity Partners LLC \| Sunshine Mine S-K 1300 Technical Report Summary on the Initial Assessment </u> <u> March 25, 2026 SLR Project No.: 123.020552.00001 </u>

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|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Drill Hole <br> ID** | &nbsp;&nbsp;**Azimuth <br> (°)** | &nbsp;&nbsp;**Dip <br> (°)** | &nbsp;&nbsp;**From <br> (ft)** | &nbsp;&nbsp;**To <br> (ft)** | &nbsp;&nbsp;**Sample Interval <br> (ft)** | &nbsp;&nbsp;**Angle TCA<sup>1</sup><br> (°)** | &nbsp;&nbsp;**Ag <br> (opt)** | &nbsp;&nbsp;**Ag <br> (g/t)** | &nbsp;&nbsp;**Cu <br> (%)** | &nbsp;&nbsp;**Pb <br> (%)** | &nbsp;&nbsp;**Zn <br> (%)** | &nbsp;&nbsp;**Vein** |
| &nbsp;&nbsp;ST-2678 | &nbsp;&nbsp;15.07 | &nbsp;&nbsp;-47.30 | &nbsp;&nbsp;818.7 | &nbsp;&nbsp;819.3 | &nbsp;&nbsp;0.6 | &nbsp;&nbsp;70 | &nbsp;&nbsp;54.3 | &nbsp;&nbsp;1862.790 | &nbsp;&nbsp;0.744 | &nbsp;&nbsp;0.050 | &nbsp;&nbsp;0.0650 | &nbsp;&nbsp;SYB Vein |
| &nbsp;&nbsp;ST-2678 | &nbsp;&nbsp;15.07 | &nbsp;&nbsp;-47.30 | &nbsp;&nbsp;824.0 | &nbsp;&nbsp;824.5 | &nbsp;&nbsp;0.5 | &nbsp;&nbsp;60 | &nbsp;&nbsp;12.8 | &nbsp;&nbsp;440.297 | &nbsp;&nbsp;0.267 | &nbsp;&nbsp;0.050 | &nbsp;&nbsp;0.0270 | &nbsp;&nbsp;SYB Vein |
| &nbsp;&nbsp;ST-2679 | &nbsp;&nbsp;17.27 | &nbsp;&nbsp;-57.90 | &nbsp;&nbsp;781.0 | &nbsp;&nbsp;783.0 | &nbsp;&nbsp;2.0 | &nbsp;&nbsp;50 | &nbsp;&nbsp;0.6 | &nbsp;&nbsp;21.337 | &nbsp;&nbsp;0.023 | &nbsp;&nbsp;0.005 | &nbsp;&nbsp;0.0028 | &nbsp;&nbsp;C Fault Vein |
| &nbsp;&nbsp;ST-2679 | &nbsp;&nbsp;17.27 | &nbsp;&nbsp;-57.90 | &nbsp;&nbsp;783.0 | &nbsp;&nbsp;783.2 | &nbsp;&nbsp;0.2 | &nbsp;&nbsp;50 | &nbsp;&nbsp;321.6 | &nbsp;&nbsp;11027.200 | &nbsp;&nbsp;12.000 | &nbsp;&nbsp;0.004 | &nbsp;&nbsp;0.5600 | &nbsp;&nbsp;C Fault Vein |
| &nbsp;&nbsp;ST-2679 | &nbsp;&nbsp;17.27 | &nbsp;&nbsp;-57.90 | &nbsp;&nbsp;783.2 | &nbsp;&nbsp;785.2 | &nbsp;&nbsp;2.0 | &nbsp;&nbsp;50 | &nbsp;&nbsp;1.7 | &nbsp;&nbsp;57.295 | &nbsp;&nbsp;0.042 | &nbsp;&nbsp;0.005 | &nbsp;&nbsp;0.0051 | &nbsp;&nbsp;C Fault Vein |
| &nbsp;&nbsp;ST-2679 | &nbsp;&nbsp;15.50 | &nbsp;&nbsp;-52.00 | &nbsp;&nbsp;917.5 | &nbsp;&nbsp;918.5 | &nbsp;&nbsp;1.0 | &nbsp;&nbsp;55 | &nbsp;&nbsp;54.0 | &nbsp;&nbsp;1851.500 | &nbsp;&nbsp;0.777 | &nbsp;&nbsp;0.072 | &nbsp;&nbsp;0.0772 | &nbsp;&nbsp;SYB Vein |
| &nbsp;&nbsp;ST-2680 | &nbsp;&nbsp;7.60 | &nbsp;&nbsp;-20.50 | &nbsp;&nbsp;873.5 | &nbsp;&nbsp;875.2 | &nbsp;&nbsp;1.7 | &nbsp;&nbsp;50 | &nbsp;&nbsp;48.6 | &nbsp;&nbsp;1665.220 | &nbsp;&nbsp;0.795 | &nbsp;&nbsp;18.200 | &nbsp;&nbsp;0.0830 | &nbsp;&nbsp;10 Vein |
| &nbsp;&nbsp;ST-2681A | &nbsp;&nbsp;26.00 | &nbsp;&nbsp;-59.00 | &nbsp;&nbsp;787.5 | &nbsp;&nbsp;789.8 | &nbsp;&nbsp;2.3 | &nbsp;&nbsp;45 | &nbsp;&nbsp;5.0 | &nbsp;&nbsp;170.474 | &nbsp;&nbsp;0.896 | &nbsp;&nbsp;0.050 | &nbsp;&nbsp;0.0500 | &nbsp;&nbsp;C Fault Vein |
| &nbsp;&nbsp;23-2301a | &nbsp;&nbsp;12.00 | &nbsp;&nbsp;-10.00 | &nbsp;&nbsp;2741.2 | &nbsp;&nbsp;2741.7 | &nbsp;&nbsp;0.5 | &nbsp;&nbsp;60 | &nbsp;&nbsp;3.5 | &nbsp;&nbsp;120.235 | &nbsp;&nbsp;0.510 | &nbsp;&nbsp;0.186 | &nbsp;&nbsp;0.0220 | &nbsp;&nbsp;Silverline |
| &nbsp;&nbsp;ST-2682 | &nbsp;&nbsp;16.00 | &nbsp;&nbsp;-18.00 | &nbsp;&nbsp;673.9 | &nbsp;&nbsp;674.0 | &nbsp;&nbsp;0.1 | &nbsp;&nbsp;70 | &nbsp;&nbsp;29.3 | &nbsp;&nbsp;1004.780 | &nbsp;&nbsp;0.860 | &nbsp;&nbsp;17.000 | &nbsp;&nbsp;0.0600 | &nbsp;&nbsp;SYB Vein |
| &nbsp;&nbsp;ST-2682 | &nbsp;&nbsp;15.00 | &nbsp;&nbsp;-19.00 | &nbsp;&nbsp;915.0 | &nbsp;&nbsp;916.6 | &nbsp;&nbsp;1.6 | &nbsp;&nbsp;65 | &nbsp;&nbsp;7.5 | &nbsp;&nbsp;257.404 | &nbsp;&nbsp;0.117 | &nbsp;&nbsp;5.880 | &nbsp;&nbsp;0.0130 | &nbsp;&nbsp;10 Vein |
| &nbsp;&nbsp;ST-2683 | &nbsp;&nbsp;20.00 | &nbsp;&nbsp;-36.00 | &nbsp;&nbsp;702.0 | &nbsp;&nbsp;704.0 | &nbsp;&nbsp;2.0 | &nbsp;&nbsp;70 | &nbsp;&nbsp;24.1 | &nbsp;&nbsp;826.967 | &nbsp;&nbsp;0.265 | &nbsp;&nbsp;0.050 | &nbsp;&nbsp;0.0250 | &nbsp;&nbsp;SYB Vein |
| &nbsp;&nbsp;ST-2683 | &nbsp;&nbsp;19.00 | &nbsp;&nbsp;-34.00 | &nbsp;&nbsp;953.3 | &nbsp;&nbsp;954.5 | &nbsp;&nbsp;1.2 | &nbsp;&nbsp;65 | &nbsp;&nbsp;4.8 | &nbsp;&nbsp;163.982 | &nbsp;&nbsp;0.005 | &nbsp;&nbsp;9.960 | &nbsp;&nbsp;0.0050 | &nbsp;&nbsp;10 Vein |
| &nbsp;&nbsp;ST-2683 | &nbsp;&nbsp;19.00 | &nbsp;&nbsp;-34.00 | &nbsp;&nbsp;956.5 | &nbsp;&nbsp;959.0 | &nbsp;&nbsp;2.5 | &nbsp;&nbsp;65 | &nbsp;&nbsp;38.5 | &nbsp;&nbsp;1320.890 | &nbsp;&nbsp;0.908 | &nbsp;&nbsp;12.600 | &nbsp;&nbsp;0.0650 | &nbsp;&nbsp;10 Vein |
| &nbsp;&nbsp;ST-2684 | &nbsp;&nbsp;355.57 | &nbsp;&nbsp;-54.00 | &nbsp;&nbsp;244.9 | &nbsp;&nbsp;246.0 | &nbsp;&nbsp;1.1 | &nbsp;&nbsp;50 | &nbsp;&nbsp;27.7 | &nbsp;&nbsp;948.331 | &nbsp;&nbsp;1.270 | &nbsp;&nbsp;0.116 | &nbsp;&nbsp;0.0890 | &nbsp;&nbsp;C Fault Vein |
| &nbsp;&nbsp;ST-2684 | &nbsp;&nbsp;355.57 | &nbsp;&nbsp;-54.00 | &nbsp;&nbsp;255.0 | &nbsp;&nbsp;256.5 | &nbsp;&nbsp;1.5 | &nbsp;&nbsp;55 | &nbsp;&nbsp;34.6 | &nbsp;&nbsp;1185.410 | &nbsp;&nbsp;2.120 | &nbsp;&nbsp;0.464 | &nbsp;&nbsp;0.0720 | &nbsp;&nbsp;C Fault Vein |
| &nbsp;&nbsp;ST-2684 | &nbsp;&nbsp;0.47 | &nbsp;&nbsp;-50.50 | &nbsp;&nbsp;578.2 | &nbsp;&nbsp;578.8 | &nbsp;&nbsp;0.6 | &nbsp;&nbsp;65 | &nbsp;&nbsp;31.3 | &nbsp;&nbsp;1072.520 | &nbsp;&nbsp;0.408 | &nbsp;&nbsp;0.217 | &nbsp;&nbsp;0.0400 | &nbsp;&nbsp;SYB Vein |
| &nbsp;&nbsp;ST-2685 | &nbsp;&nbsp;330.00 | &nbsp;&nbsp;-44.50 | &nbsp;&nbsp;313.7 | &nbsp;&nbsp;315.8 | &nbsp;&nbsp;2.1 | &nbsp;&nbsp;40 | &nbsp;&nbsp;7.3 | &nbsp;&nbsp;248.937 | &nbsp;&nbsp;0.696 | &nbsp;&nbsp;0.050 | &nbsp;&nbsp;0.0160 | &nbsp;&nbsp;C Fault Vein |
| &nbsp;&nbsp;ST-2685 | &nbsp;&nbsp;330.00 | &nbsp;&nbsp;-44.50 | &nbsp;&nbsp;315.8 | &nbsp;&nbsp;318.2 | &nbsp;&nbsp;2.4 | &nbsp;&nbsp;40 | &nbsp;&nbsp;144.1 | &nbsp;&nbsp;4939.220 | &nbsp;&nbsp;5.680 | &nbsp;&nbsp;0.776 | &nbsp;&nbsp;0.4200 | &nbsp;&nbsp;C Fault Vein |
| &nbsp;&nbsp;ST-2685 | &nbsp;&nbsp;330.00 | &nbsp;&nbsp;-44.50 | &nbsp;&nbsp;318.2 | &nbsp;&nbsp;320.8 | &nbsp;&nbsp;2.6 | &nbsp;&nbsp;40 | &nbsp;&nbsp;30.0 | &nbsp;&nbsp;1030.180 | &nbsp;&nbsp;2.320 | &nbsp;&nbsp;0.050 | &nbsp;&nbsp;0.0670 | &nbsp;&nbsp;C Fault Vein |
| &nbsp;&nbsp;ST-2685 | &nbsp;&nbsp;330.00 | &nbsp;&nbsp;-44.50 | &nbsp;&nbsp;320.8 | &nbsp;&nbsp;323.0 | &nbsp;&nbsp;2.2 | &nbsp;&nbsp;40 | &nbsp;&nbsp;4.5 | &nbsp;&nbsp;154.386 | &nbsp;&nbsp;0.760 | &nbsp;&nbsp;0.050 | &nbsp;&nbsp;0.0050 | &nbsp;&nbsp;C Fault Vein |
| &nbsp;&nbsp;ST-2685 | &nbsp;&nbsp;333.77 | &nbsp;&nbsp;-42.00 | &nbsp;&nbsp;616.2 | &nbsp;&nbsp;616.8 | &nbsp;&nbsp;0.6 | &nbsp;&nbsp;55 | &nbsp;&nbsp;1.7 | &nbsp;&nbsp;57.860 | &nbsp;&nbsp;0.033 | &nbsp;&nbsp;0.050 | &nbsp;&nbsp;0.0050 | &nbsp;&nbsp;SYB |
| &nbsp;&nbsp;ST-2685 | &nbsp;&nbsp;333.77 | &nbsp;&nbsp;-42.00 | &nbsp;&nbsp;619.8 | &nbsp;&nbsp;621.9 | &nbsp;&nbsp;2.1 | &nbsp;&nbsp;45 | &nbsp;&nbsp;5.6 | &nbsp;&nbsp;193.053 | &nbsp;&nbsp;0.099 | &nbsp;&nbsp;0.050 | &nbsp;&nbsp;0.0120 | &nbsp;&nbsp;NYB |
| &nbsp;&nbsp;ST-2686 | &nbsp;&nbsp;332.00 | &nbsp;&nbsp;-34.00 | &nbsp;&nbsp;309.9 | &nbsp;&nbsp;310.9 | &nbsp;&nbsp;1.0 | &nbsp;&nbsp;60 | &nbsp;&nbsp;42.3 | &nbsp;&nbsp;1450.720 | &nbsp;&nbsp;1.830 | &nbsp;&nbsp;0.050 | &nbsp;&nbsp;0.0760 | &nbsp;&nbsp;C Fault Vein |
| &nbsp;&nbsp;ST-2686 | &nbsp;&nbsp;335.97 | &nbsp;&nbsp;-30.00 | &nbsp;&nbsp;583.9 | &nbsp;&nbsp;586.0 | &nbsp;&nbsp;2.1 | &nbsp;&nbsp;50 | &nbsp;&nbsp;42.8 | &nbsp;&nbsp;1467.660 | &nbsp;&nbsp;0.512 | &nbsp;&nbsp;0.245 | &nbsp;&nbsp;0.0470 | &nbsp;&nbsp;SYB |
| &nbsp;&nbsp;23-2302 | &nbsp;&nbsp;198.87 | &nbsp;&nbsp;15.40 | &nbsp;&nbsp;1840.7 | &nbsp;&nbsp;1843.6 | &nbsp;&nbsp;2.9 | &nbsp;&nbsp;75 | &nbsp;&nbsp;0.0 | &nbsp;&nbsp;1.411 | &nbsp;&nbsp;0.029 | &nbsp;&nbsp;0.050 | &nbsp;&nbsp;0.0050 | &nbsp;&nbsp;YG |
| &nbsp;&nbsp;23-2302 | &nbsp;&nbsp;198.87 | &nbsp;&nbsp;15.40 | &nbsp;&nbsp;1843.6 | &nbsp;&nbsp;1844.5 | &nbsp;&nbsp;0.9 | &nbsp;&nbsp;75 | &nbsp;&nbsp;0.0 | &nbsp;&nbsp;1.411 | &nbsp;&nbsp;0.018 | &nbsp;&nbsp;0.050 | &nbsp;&nbsp;0.0050 | &nbsp;&nbsp;YG |

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|:---|:---|
| 7-10 | ![](ny20061035x4_ex96-1img002.jpg) |

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<u> Silver Opportunity Partners LLC \| Sunshine Mine S-K 1300 Technical Report Summary on the Initial Assessment </u> <u> March 25, 2026 SLR Project No.: 123.020552.00001 </u>

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| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Drill Hole <br> ID** | &nbsp;&nbsp;**Azimuth <br> (°)** | &nbsp;&nbsp;**Dip <br> (°)** | &nbsp;&nbsp;**From <br> (ft)** | &nbsp;&nbsp;**To <br> (ft)** | &nbsp;&nbsp;**Sample Interval <br> (ft)** | &nbsp;&nbsp;**Angle TCA<sup>1</sup><br> (°)** | &nbsp;&nbsp;**Ag <br> (opt)** | &nbsp;&nbsp;**Ag <br> (g/t)** | &nbsp;&nbsp;**Cu <br> (%)** | &nbsp;&nbsp;**Pb <br> (%)** | &nbsp;&nbsp;**Zn <br> (%)** | &nbsp;&nbsp;**Vein** |
| &nbsp;&nbsp;23-2302 | &nbsp;&nbsp;198.87 | &nbsp;&nbsp;15.40 | &nbsp;&nbsp;1844.5 | &nbsp;&nbsp;1846.3 | &nbsp;&nbsp;1.8 | &nbsp;&nbsp;75 | &nbsp;&nbsp;0.0 | &nbsp;&nbsp;1.411 | &nbsp;&nbsp;0.077 | &nbsp;&nbsp;0.050 | &nbsp;&nbsp;0.0050 | &nbsp;&nbsp;YG |
| &nbsp;&nbsp;23-2303 | &nbsp;&nbsp;206.97 | &nbsp;&nbsp;3.40 | &nbsp;&nbsp;2496.2 | &nbsp;&nbsp;2497.7 | &nbsp;&nbsp;1.5 | &nbsp;&nbsp;60 | &nbsp;&nbsp;55.0 | &nbsp;&nbsp;1885.370 | &nbsp;&nbsp;1.780 | &nbsp;&nbsp;0.050 | &nbsp;&nbsp;0.0699 | &nbsp;&nbsp;YG |
| &nbsp;&nbsp;23-2303 | &nbsp;&nbsp;206.97 | &nbsp;&nbsp;3.40 | &nbsp;&nbsp;2504.0 | &nbsp;&nbsp;2505.2 | &nbsp;&nbsp;1.2 | &nbsp;&nbsp;60 | &nbsp;&nbsp;50.4 | &nbsp;&nbsp;1727.320 | &nbsp;&nbsp;1.220 | &nbsp;&nbsp;0.050 | &nbsp;&nbsp;0.0538 | &nbsp;&nbsp;YG |
| &nbsp;&nbsp;23-2303 | &nbsp;&nbsp;206.97 | &nbsp;&nbsp;6.00 | &nbsp;&nbsp;2561.1 | &nbsp;&nbsp;2561.8 | &nbsp;&nbsp;0.7 | &nbsp;&nbsp;60 | &nbsp;&nbsp;0.3 | &nbsp;&nbsp;10.725 | &nbsp;&nbsp;0.450 | &nbsp;&nbsp;0.050 | &nbsp;&nbsp;0.0060 | &nbsp;&nbsp;YG South |
| &nbsp;&nbsp;ST-2687 | &nbsp;&nbsp;322.00 | &nbsp;&nbsp;-32.00 | &nbsp;&nbsp;407.4 | &nbsp;&nbsp;409.4 | &nbsp;&nbsp;2.0 | &nbsp;&nbsp;45 | &nbsp;&nbsp;10.0 | &nbsp;&nbsp;341.512 | &nbsp;&nbsp;0.277 | &nbsp;&nbsp;0.348 | &nbsp;&nbsp;0.0160 | &nbsp;&nbsp;C Fault Vein |
| &nbsp;&nbsp;ST-2687 | &nbsp;&nbsp;324.00 | &nbsp;&nbsp;-27.00 | &nbsp;&nbsp;654.5 | &nbsp;&nbsp;656.4 | &nbsp;&nbsp;1.9 | &nbsp;&nbsp;60 | &nbsp;&nbsp;6.1 | &nbsp;&nbsp;210.834 | &nbsp;&nbsp;0.070 | &nbsp;&nbsp;0.200 | &nbsp;&nbsp;0.0050 | &nbsp;&nbsp;SYB |
| &nbsp;&nbsp;ST-2689 | &nbsp;&nbsp;34.00 | &nbsp;&nbsp;-23.00 | &nbsp;&nbsp;320.3 | &nbsp;&nbsp;321.3 | &nbsp;&nbsp;1.0 | &nbsp;&nbsp;40 | &nbsp;&nbsp;78.0 | &nbsp;&nbsp;2675.650 | &nbsp;&nbsp;2.330 | &nbsp;&nbsp;3.970 | &nbsp;&nbsp;0.1760 | &nbsp;&nbsp;C Fault Vein |
| &nbsp;&nbsp;ST-2690 | &nbsp;&nbsp;20.47 | &nbsp;&nbsp;-69.30 | &nbsp;&nbsp;801.5 | &nbsp;&nbsp;802.4 | &nbsp;&nbsp;0.9 | &nbsp;&nbsp;30 | &nbsp;&nbsp;100.4 | &nbsp;&nbsp;3443.340 | &nbsp;&nbsp;1.050 | &nbsp;&nbsp;0.050 | &nbsp;&nbsp;0.1160 | &nbsp;&nbsp;SYB |
| &nbsp;&nbsp;ST-2690 | &nbsp;&nbsp;20.47 | &nbsp;&nbsp;-69.30 | &nbsp;&nbsp;802.4 | &nbsp;&nbsp;803.6 | &nbsp;&nbsp;1.2 | &nbsp;&nbsp;40 | &nbsp;&nbsp;79.0 | &nbsp;&nbsp;2709.520 | &nbsp;&nbsp;0.900 | &nbsp;&nbsp;0.173 | &nbsp;&nbsp;0.0960 | &nbsp;&nbsp;SYB |
| &nbsp;&nbsp;23-2304 | &nbsp;&nbsp;208.87 | &nbsp;&nbsp;19.20 | &nbsp;&nbsp;2359.7 | &nbsp;&nbsp;2360.2 | &nbsp;&nbsp;0.5 | &nbsp;&nbsp;65 | &nbsp;&nbsp;2.6 | &nbsp;&nbsp;89.753 | &nbsp;&nbsp;0.082 | &nbsp;&nbsp;0.050 | &nbsp;&nbsp;0.0050 | &nbsp;&nbsp;YG |
| &nbsp;&nbsp;23-2304 | &nbsp;&nbsp;208.87 | &nbsp;&nbsp;19.20 | &nbsp;&nbsp;2360.2 | &nbsp;&nbsp;2362.2 | &nbsp;&nbsp;2.0 | &nbsp;&nbsp;65 | &nbsp;&nbsp;2.5 | &nbsp;&nbsp;86.930 | &nbsp;&nbsp;0.047 | &nbsp;&nbsp;0.050 | &nbsp;&nbsp;0.0050 | &nbsp;&nbsp;YG |
| &nbsp;&nbsp;23-2304 | &nbsp;&nbsp;208.87 | &nbsp;&nbsp;19.20 | &nbsp;&nbsp;2371.6 | &nbsp;&nbsp;2372.1 | &nbsp;&nbsp;0.5 | &nbsp;&nbsp;30 | &nbsp;&nbsp;4.8 | &nbsp;&nbsp;163.982 | &nbsp;&nbsp;0.323 | &nbsp;&nbsp;0.101 | &nbsp;&nbsp;0.0170 | &nbsp;&nbsp;YG |
| &nbsp;&nbsp;19-2301 | &nbsp;&nbsp;11.00 | &nbsp;&nbsp;-2.20 | &nbsp;&nbsp;273.7 | &nbsp;&nbsp;275.2 | &nbsp;&nbsp;1.5 | &nbsp;&nbsp;60 | &nbsp;&nbsp;4.0 | &nbsp;&nbsp;137.169 | &nbsp;&nbsp;0.075 | &nbsp;&nbsp;0.050 | &nbsp;&nbsp;0.0050 | &nbsp;&nbsp;10 Vein |
| &nbsp;&nbsp;19-2301 | &nbsp;&nbsp;11.00 | &nbsp;&nbsp;-2.20 | &nbsp;&nbsp;275.2 | &nbsp;&nbsp;275.8 | &nbsp;&nbsp;0.6 | &nbsp;&nbsp;75 | &nbsp;&nbsp;187.7 | &nbsp;&nbsp;6435.100 | &nbsp;&nbsp;1.950 | &nbsp;&nbsp;0.119 | &nbsp;&nbsp;0.1540 | &nbsp;&nbsp;10 Vein |
| &nbsp;&nbsp;19-2302 | &nbsp;&nbsp;29.47 | &nbsp;&nbsp;23.30 | &nbsp;&nbsp;428.3 | &nbsp;&nbsp;430.3 | &nbsp;&nbsp;2.0 | &nbsp;&nbsp;60 | &nbsp;&nbsp;0.3 | &nbsp;&nbsp;8.947 | &nbsp;&nbsp;0.005 | &nbsp;&nbsp;0.050 | &nbsp;&nbsp;0.0050 | &nbsp;&nbsp;C Fault Vein |
| &nbsp;&nbsp;19-2302 | &nbsp;&nbsp;29.47 | &nbsp;&nbsp;23.30 | &nbsp;&nbsp;430.3 | &nbsp;&nbsp;431.7 | &nbsp;&nbsp;1.4 | &nbsp;&nbsp;80 | &nbsp;&nbsp;4.9 | &nbsp;&nbsp;167.651 | &nbsp;&nbsp;0.103 | &nbsp;&nbsp;0.255 | &nbsp;&nbsp;0.0050 | &nbsp;&nbsp;NYB |
| &nbsp;&nbsp;19-2304 | &nbsp;&nbsp;1.00 | &nbsp;&nbsp;36.00 | &nbsp;&nbsp;512.2 | &nbsp;&nbsp;513.0 | &nbsp;&nbsp;0.8 | &nbsp;&nbsp;60 | &nbsp;&nbsp;10.9 | &nbsp;&nbsp;375.381 | &nbsp;&nbsp;0.164 | &nbsp;&nbsp;0.050 | &nbsp;&nbsp;0.0050 | &nbsp;&nbsp;10VN |
| &nbsp;&nbsp;19-2304 | &nbsp;&nbsp;1.00 | &nbsp;&nbsp;36.00 | &nbsp;&nbsp;520.4 | &nbsp;&nbsp;521.0 | &nbsp;&nbsp;0.6 | &nbsp;&nbsp;60 | &nbsp;&nbsp;1.9 | &nbsp;&nbsp;65.762 | &nbsp;&nbsp;0.016 | &nbsp;&nbsp;0.896 | &nbsp;&nbsp;0.0050 | &nbsp;&nbsp;10VN |
| &nbsp;&nbsp;19-2306 | &nbsp;&nbsp;336.40 | &nbsp;&nbsp;27.20 | &nbsp;&nbsp;662.0 | &nbsp;&nbsp;663.9 | &nbsp;&nbsp;1.9 | &nbsp;&nbsp;30 | &nbsp;&nbsp;10.9 | &nbsp;&nbsp;372.559 | &nbsp;&nbsp;0.125 | &nbsp;&nbsp;13.800 | &nbsp;&nbsp;0.0180 | &nbsp;&nbsp;C Fault Vein |
| &nbsp;&nbsp;19-2306 | &nbsp;&nbsp;336.40 | &nbsp;&nbsp;27.20 | &nbsp;&nbsp;663.9 | &nbsp;&nbsp;665.0 | &nbsp;&nbsp;1.1 | &nbsp;&nbsp;30 | &nbsp;&nbsp;5.2 | &nbsp;&nbsp;178.377 | &nbsp;&nbsp;0.037 | &nbsp;&nbsp;4.310 | &nbsp;&nbsp;0.0050 | &nbsp;&nbsp;C Fault Vein |
| &nbsp;&nbsp;19-2306 | &nbsp;&nbsp;336.40 | &nbsp;&nbsp;27.20 | &nbsp;&nbsp;665.0 | &nbsp;&nbsp;668.0 | &nbsp;&nbsp;3.0 | &nbsp;&nbsp;30 | &nbsp;&nbsp;4.1 | &nbsp;&nbsp;138.863 | &nbsp;&nbsp;0.044 | &nbsp;&nbsp;6.540 | &nbsp;&nbsp;0.0050 | &nbsp;&nbsp;C Fault Vein |
| &nbsp;&nbsp;19-2306 | &nbsp;&nbsp;336.40 | &nbsp;&nbsp;27.20 | &nbsp;&nbsp;668.0 | &nbsp;&nbsp;669.7 | &nbsp;&nbsp;1.7 | &nbsp;&nbsp;30 | &nbsp;&nbsp;2.8 | &nbsp;&nbsp;95.398 | &nbsp;&nbsp;0.085 | &nbsp;&nbsp;3.110 | &nbsp;&nbsp;0.0050 | &nbsp;&nbsp;C Fault Vein |
| &nbsp;&nbsp;19-2307 | &nbsp;&nbsp;25.67 | &nbsp;&nbsp;40.60 | &nbsp;&nbsp;593.4 | &nbsp;&nbsp;594.6 | &nbsp;&nbsp;1.2 | &nbsp;&nbsp;30 | &nbsp;&nbsp;65.9 | &nbsp;&nbsp;2257.930 | &nbsp;&nbsp;0.836 | &nbsp;&nbsp;20.200 | &nbsp;&nbsp;0.0960 | &nbsp;&nbsp;NYB |
| &nbsp;&nbsp;19-2309 | &nbsp;&nbsp;343.77 | &nbsp;&nbsp;38.00 | &nbsp;&nbsp;867.0 | &nbsp;&nbsp;868.5 | &nbsp;&nbsp;1.5 | &nbsp;&nbsp;45 | &nbsp;&nbsp;16.5 | &nbsp;&nbsp;564.483 | &nbsp;&nbsp;0.156 | &nbsp;&nbsp;20.000 | &nbsp;&nbsp;0.0160 | &nbsp;&nbsp;C Fault Vein |
| &nbsp;&nbsp;19-2309 | &nbsp;&nbsp;343.77 | &nbsp;&nbsp;38.00 | &nbsp;&nbsp;868.5 | &nbsp;&nbsp;871.5 | &nbsp;&nbsp;3.0 | &nbsp;&nbsp;45 | &nbsp;&nbsp;8.4 | &nbsp;&nbsp;287.886 | &nbsp;&nbsp;0.037 | &nbsp;&nbsp;6.880 | &nbsp;&nbsp;0.0050 | &nbsp;&nbsp;C Fault Vein |
| &nbsp;&nbsp;19-2309 | &nbsp;&nbsp;343.77 | &nbsp;&nbsp;38.00 | &nbsp;&nbsp;871.5 | &nbsp;&nbsp;873.4 | &nbsp;&nbsp;1.9 | &nbsp;&nbsp;45 | &nbsp;&nbsp;32.6 | &nbsp;&nbsp;1117.680 | &nbsp;&nbsp;0.480 | &nbsp;&nbsp;29.100 | &nbsp;&nbsp;0.0830 | &nbsp;&nbsp;C Fault Vein |
| &nbsp;&nbsp;19-2309 | &nbsp;&nbsp;343.77 | &nbsp;&nbsp;38.00 | &nbsp;&nbsp;873.4 | &nbsp;&nbsp;875.3 | &nbsp;&nbsp;1.9 | &nbsp;&nbsp;45 | &nbsp;&nbsp;79.0 | &nbsp;&nbsp;2709.520 | &nbsp;&nbsp;1.580 | &nbsp;&nbsp;35.300 | &nbsp;&nbsp;0.3430 | &nbsp;&nbsp;C Fault Vein |

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| | |
|:---|:---|
| 7-11 | ![](ny20061035x4_ex96-1img002.jpg) |

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------

<u> Silver Opportunity Partners LLC \| Sunshine Mine S-K 1300 Technical Report Summary on the Initial Assessment </u> <u> March 25, 2026 SLR Project No.: 123.020552.00001 </u>

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Drill Hole <br> ID** | &nbsp;&nbsp;**Azimuth <br> (°)** | &nbsp;&nbsp;**Dip <br> (°)** | &nbsp;&nbsp;**From <br> (ft)** | &nbsp;&nbsp;**To <br> (ft)** | &nbsp;&nbsp;**Sample Interval <br> (ft)** | &nbsp;&nbsp;**Angle TCA<sup>1</sup><br> (°)** | &nbsp;&nbsp;**Ag <br> (opt)** | &nbsp;&nbsp;**Ag <br> (g/t)** | &nbsp;&nbsp;**Cu <br> (%)** | &nbsp;&nbsp;**Pb <br> (%)** | &nbsp;&nbsp;**Zn <br> (%)** | &nbsp;&nbsp;**Vein** |
| &nbsp;&nbsp;19-2309 | &nbsp;&nbsp;343.77 | &nbsp;&nbsp;38.00 | &nbsp;&nbsp;875.3 | &nbsp;&nbsp;880.0 | &nbsp;&nbsp;4.7 | &nbsp;&nbsp;45 | &nbsp;&nbsp;8.8 | &nbsp;&nbsp;301.998 | &nbsp;&nbsp;0.103 | &nbsp;&nbsp;4.680 | &nbsp;&nbsp;0.0250 | &nbsp;&nbsp;C Fault Vein |
| &nbsp;&nbsp;19-2309 | &nbsp;&nbsp;343.77 | &nbsp;&nbsp;38.00 | &nbsp;&nbsp;885.0 | &nbsp;&nbsp;890.0 | &nbsp;&nbsp;5.0 | &nbsp;&nbsp;55 | &nbsp;&nbsp;54.9 | &nbsp;&nbsp;1882.550 | &nbsp;&nbsp;1.270 | &nbsp;&nbsp;38.800 | &nbsp;&nbsp;0.1700 | &nbsp;&nbsp;C Fault Vein |
| &nbsp;&nbsp;19-2310 | &nbsp;&nbsp;333.00 | &nbsp;&nbsp;17.00 | &nbsp;&nbsp;472.0 | &nbsp;&nbsp;477.0 | &nbsp;&nbsp;5.0 | &nbsp;&nbsp;N/A | &nbsp;&nbsp;2.8 | &nbsp;&nbsp;94.551 | &nbsp;&nbsp;0.025 | &nbsp;&nbsp;4.520 | &nbsp;&nbsp;0.0050 | &nbsp;&nbsp;C Fault Vein |
| &nbsp;&nbsp;19-2311 | &nbsp;&nbsp;19-87 | &nbsp;&nbsp;38.70 | &nbsp;&nbsp;456.0 | &nbsp;&nbsp;459.0 | &nbsp;&nbsp;3.0 | &nbsp;&nbsp;N/A | &nbsp;&nbsp;11.7 | &nbsp;&nbsp;400.783 | &nbsp;&nbsp;0.180 | &nbsp;&nbsp;0.212 | &nbsp;&nbsp;0.0240 | &nbsp;&nbsp;C Fault Vein |

---

Source: SOP 2024

Notes:

&nbsp;&nbsp;&nbsp;&nbsp;1. TCA: To core axis; Angle TCA is degrees parallel to core axis.

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|:---|:---|
| 7-12 | ![](ny20061035x4_ex96-1img002.jpg) |

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<u> Silver Opportunity Partners LLC \| Sunshine Mine S-K 1300 Technical Report Summary on the Initial Assessment </u> <u> March 25, 2026 SLR Project No.: 123.020552.00001 </u>

7.3 Hydrogeology Data

In 2012, Golder Associates Inc. (Golder) prepared an initial hydrologic and hydrogeologic evaluation in support of previous studies for restarting operations at the Sunshine Mine. The findings from the hydrology and hydrogeology program were also intended to provide the data to support environmental and operational permit applications for the resumption of operations at the Sunshine Mine.

7.3.1 Surface Water Hydrology

The Sunshine Mine is located in the Big Creek watershed, which extends to elevations greater than 6,000 feet above mean sea level (fasl), which receives highly variable amounts of precipitation depending on elevation.

Surface water, alluvial groundwater, and seeps represent an interconnected hydrologic system in the area of the Sunshine Mine. Surface water in the Big Creek and Rosebud Creek watersheds exhibit limited impacts from historical mining activities at Sunshine. Water is near neutral pH with low total dissolved solids (TDS) concentrations. Surface water quality meets applicable Idaho aquatic-life standards.

Observed concentrations of antimony, mercury, arsenic, and iron in groundwater in the Big Creek watershed exceed EPA primary or secondary maximum contaminant levels (MCLs) for drinking water. The observed concentrations of antimony in groundwater exceed MCLs near the base of the ConSil Waste Rock pile. Antimony, arsenic, iron, manganese, sulfate and TDS were observed in groundwater at higher concentrations downstream of the tailings facility in the Big Creek watershed compared to upstream samples. Mercury concentrations vary across the study area and are likely representing the variability of background concentrations. Measured mercury concentrations may also be influenced by the turbidity of the groundwater samples.

Waste rock is characterized as non-acid generating under several different evaluation criteria. Seepage from the existing waste rock piles may have influenced trace metals concentrations in alluvial groundwater. The seepage from the Sunshine waste rock pile appears to influence strontium and manganese concentrations in groundwater. Seepage from the ConSil waste rock pile appears to influence manganese concentrations in groundwater.

Piezometers in the tailings dam were redeveloped in an attempt to improve the quality of water-level data from those locations.

Golder evaluated the site-wide water balance under historical and proposed future conditions. Further information regarding water needs of the proposed milling operations, planned paste backfill, and the water treatment/reuse circuit is necessary to complete a water balance for the future operating condition.

SSMRC or its predecessors own valid water rights dating from historical operations of the Sunshine Mining Company. Those water rights were adequate for historical mining and milling operations. According to past internal SSMRC files, the majority of the future water supply will be provided from mine dewatering discharges and re-use of water from the tailings facility. The existing water rights appear to be adequate to supply the water needs of the proposed future operations.

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|:---|:---|
| 7-13 | ![](ny20061035x4_ex96-1img002.jpg) |

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<u> Silver Opportunity Partners LLC \| Sunshine Mine S-K 1300 Technical Report Summary on the Initial Assessment </u> <u> March 25, 2026 SLR Project No.: 123.020552.00001 </u>

7.3.2 Hydrogeology

There are no specific hydrogeology studies to support the mine development plans; however, there is information available gathered during the mine's operating history and the more recent care and maintenance period.

The SLR QP understands from discussions with site personnel and site records that the ground water inflows to the mine are estimated to be from 100 gpm to 150 gpm, seasonably increasing to 150 gpm to 250 gpm. There are ground water inflows to the Jewell Shaft area and to the deeper Silver Summit Shaft. Water from the Silver Summit Shaft flows by gravity on the mine's 3300 Level to the Jewell Shaft.

7.4 Geotechnical Data

There are no specific geotechnical studies to support the mine development plans. The mine has a long operating history. Geotechnical data regarding rock strength, rock mass conditions, and in situ stresses at mines in the district and at the Sunshine Mine is available in the public domain, and in the mine records; however, there are few geotechnical reports from recent times. Rock quality data is currently being collected, and the workings are accessible down to the mine's 3400 Level. The available geotechnical information was used to inform the work in this TRS.

7.4.1 In Situ Stress Regime

The in situ stress state has been measured at numerous mines in the Coeur d'Alene district, indicating a northwesterly bearing of the major horizontal stress component. Breakouts, i.e., spalling or small scale failures, observed in 10 Shaft and 12 Shaft at the mine are consistent with the northwest orientation of the major stress as noted in Table 7-2. Measurements at the nearby Lucky Friday Mine indicate a ratio of the major horizontal to vertical stress of approximately 1.5.

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| | |
|:---|:---|
| **Table 7-2:** | **Summary of In Situ Stress Measurements, Coeur d'Alene Mining District USA (MPa)** |

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Mine** | **Crescent** | **Star** | **Lucky Friday** | **Lucky Friday** | **Sunshine Mine Breakouts** | **Sunshine Mine Breakouts** |
| **Level** | **3300 Level** | **7300 Level** | **4250 Level** | **5300 Level** | **12 Shaft** | **10 Shaft** |
| Stress σ<sub>S1</sub> | 7,830 psi (54.0 MPa) | 9,670 psi (66.7 MPa) | 12,910 psi (89 MPa) | 16,450 psi (113.4 MPa) |  |  |
| Bearing | N 20° W | N 21° W | N 38° W | S 80° W | N 80° W | N 65° W |
| Stress σ<sub>S2</sub> | 6,280 psi (43.3 MPa) | 7,220 psi (49.8 MPa) | 7,110 psi (49.0 MPa) | 10,600 psi (73.1 MPa) |  |  |
| \*Measured/Estimated Stress σ<sub>v</sub> | 150 psi<br> (1.0 MPa) | 100 psi<br> (0.7 MPa) | 170 psi<br> (1.2 MPa) | 260 psi <br> (1.8 MPa) |  |  |

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Source: Whyatt 2001

Notes: \* Measured vertical stress divided by an estimate of vertical stress based on depth of overburden

An in situ stress measurement using a USBM biaxial stress gauge was conducted on the 4800 Level of the Sunshine Mine in 1980 in conjunction West studies by Beus and Chan regarding shaft design in the Coeur d'Alene Mining District. Table 7-3 summarizes the findings from that stress measurement.

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<u> Silver Opportunity Partners LLC \| Sunshine Mine S-K 1300 Technical Report Summary on the Initial Assessment </u> <u> March 25, 2026 SLR Project No.: 123.020552.00001 </u>

**Table 7-3: In Situ Stress Measurement 4800 Level Sunshine Mine**

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|:---|:---|:---|:---|:---|:---|
| **Hole No.** | **Depth (ft)** | **Secondary Principal Stresses** | **Magnitude<br> (psi)** | **Azimuth** | **Ratio of Horizontal Stresses** |
| **A-19** | 18 | Horizontal H1<br> Horizontal H2<br> Vertical | 5625<br> 1630<br> 6547 | 088°<br> 358° | 3.5 |
| **A-22** | 16 | Horizontal H1<br> Horizontal H2<br> Vertical | 7224<br> 4006<br> 7426 | 075°<br> 345° | 1.8 |

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Notes: In situ free field 1 Stresses at 4800 Level, Sunshine Mine

Source: Langston, 2013

7.4.2 Seismicity

Seismicity at the Sunshine Mine has been documented. Basic rock burst mechanisms in the Coeur d'Alene District indicated that Sunshine Mine was one of the more seismically active mines with the most damaging seismicity related to pillar or face bursting. At the Sunshine Mine, the overhand mining method created numerous small pillars that were subjected to high stress concentrations. The relatively brittle silicified mineralized material and wall rocks of the Revette Formation were subject to localized sudden failures of these brittle rocks. Some instance of fault-slip related also has been noted. A fault-slip related seismic event between the 4400 Level and the 4600 Levels of the Chance vein was documented at the Project, but it appears that fault-slip related events are less prevalent at the Project than at other district mines. (reference)

7.4.3 Rock Strength

There has been no specific rock property testing of the Project rocks completed as part of preparing this TRS. The district has been the subject of several studies and there are rock properties reported for the Sunshine Mine and other district mines by Whyatt (1996). A selected summary of results for the Sunshine Mine is shown in Table 7-4.

**Table 7-4: Uniaxial Properties of Sunshine Mine Rocks**

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|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Rock Type and Level Number** | &nbsp;&nbsp;**Compressive Strength<br> (psi)** | &nbsp;&nbsp;**Tensile Strength<br> (psi)** | &nbsp;&nbsp;**Elastic Modulus<br> x10<sup>6</sup> psi** | &nbsp;&nbsp;**Poisson's Ratio** | &nbsp;&nbsp;**Description** |
| &nbsp;&nbsp;Vitreous Quartzite | &nbsp;&nbsp;Vitreous Quartzite | &nbsp;&nbsp;Vitreous Quartzite | &nbsp;&nbsp;Vitreous Quartzite | &nbsp;&nbsp;Vitreous Quartzite | &nbsp;&nbsp;Vitreous Quartzite |
| &nbsp;&nbsp;4800 | &nbsp;&nbsp;23000 | &nbsp;&nbsp;1250 | &nbsp;&nbsp;ND | &nbsp;&nbsp;ND | &nbsp;&nbsp;Fine grain quartzite |
| &nbsp;&nbsp;4800 | &nbsp;&nbsp;21800 | &nbsp;&nbsp;ND | &nbsp;&nbsp;ND | &nbsp;&nbsp;0.17 | &nbsp;&nbsp;Light gray fine grain quartzite |
| &nbsp;&nbsp;Sericitic Quartzite | &nbsp;&nbsp;Sericitic Quartzite | &nbsp;&nbsp;Sericitic Quartzite | &nbsp;&nbsp;Sericitic Quartzite | &nbsp;&nbsp;Sericitic Quartzite | &nbsp;&nbsp;Sericitic Quartzite |
| &nbsp;&nbsp;3700 | &nbsp;&nbsp;26600 | &nbsp;&nbsp;1930 | &nbsp;&nbsp;7.2 | &nbsp;&nbsp;0.23 | &nbsp;&nbsp;80% quartz |
| &nbsp;&nbsp;4800 | &nbsp;&nbsp;16900 | &nbsp;&nbsp;ND | &nbsp;&nbsp;7.2 | &nbsp;&nbsp;0.13 | &nbsp;&nbsp;Light purple argillaceous quartzite |
| &nbsp;&nbsp;Siltite - Argillite | &nbsp;&nbsp;Siltite - Argillite | &nbsp;&nbsp;Siltite - Argillite | &nbsp;&nbsp;Siltite - Argillite | &nbsp;&nbsp;Siltite - Argillite | &nbsp;&nbsp;Siltite - Argillite |

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<u> Silver Opportunity Partners LLC \| Sunshine Mine S-K 1300 Technical Report Summary on the Initial Assessment </u> <u> March 25, 2026 SLR Project No.: 123.020552.00001 </u>

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Rock Type and Level Number** | &nbsp;&nbsp;**Compressive Strength<br> (psi)** | &nbsp;&nbsp;**Tensile Strength<br> (psi)** | &nbsp;&nbsp;**Elastic Modulus<br> x10<sup>6</sup> psi** | &nbsp;&nbsp;**Poisson's Ratio** | &nbsp;&nbsp;**Description** |
| &nbsp;&nbsp;3100 | &nbsp;&nbsp;16400 | &nbsp;&nbsp;1940 | &nbsp;&nbsp;5.2 | &nbsp;&nbsp;0.18 | &nbsp;&nbsp;Grey to green platey argillite |
| &nbsp;&nbsp;Rock With Partially Healed Fractures | &nbsp;&nbsp;Rock With Partially Healed Fractures | &nbsp;&nbsp;Rock With Partially Healed Fractures | &nbsp;&nbsp;Rock With Partially Healed Fractures | &nbsp;&nbsp;Rock With Partially Healed Fractures | &nbsp;&nbsp;Rock With Partially Healed Fractures |
| &nbsp;&nbsp;4800 | &nbsp;&nbsp;24900 | &nbsp;&nbsp;ND | &nbsp;&nbsp;10.8 | &nbsp;&nbsp;0.19 | &nbsp;&nbsp;Light grey fine grained vitreous quartzite. Fractured |
| &nbsp;&nbsp;4800 | &nbsp;&nbsp;21800 | &nbsp;&nbsp;ND | &nbsp;&nbsp;8.9 | &nbsp;&nbsp;0.17 | &nbsp;&nbsp;Light grey fine grained vitreous quartzite. Intact |

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Source: Whyatt 1996

Note: ND – no data

7.4.4 Rock Quality Designation

A frequently used parameter is the rock quality designation (RQD), developed by Deere et al. (1967). RQD is defined as the ratio of core that has competent core sticks >4 in. for selected structural domains, or for specific length of core. The only geotechnical data collected in the 2023–2024 drilling was a record of the core RQD. The results of the RQD logging are summarized in Table 7-5

**Table 7-5: RQD Classification of Five Drill Holes**

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|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**RQD Range (%)** | &nbsp;&nbsp;**ST 2691** | &nbsp;&nbsp;**23-2303** | &nbsp;&nbsp;**19-2309** | &nbsp;&nbsp;**23-2304** | &nbsp;&nbsp;**27-2302** |
|  | &nbsp;&nbsp;Length Weighted Percent of Intervals | &nbsp;&nbsp;Length Weighted Percent of Intervals | &nbsp;&nbsp;Length Weighted Percent of Intervals | &nbsp;&nbsp;Length Weighted Percent of Intervals |  |
| &nbsp;&nbsp;0–25 | &nbsp;&nbsp;54% | &nbsp;&nbsp;28% | &nbsp;&nbsp;21% | &nbsp;&nbsp;40% | &nbsp;&nbsp;78% |
| &nbsp;&nbsp;25–50 | &nbsp;&nbsp;18% | &nbsp;&nbsp;26% | &nbsp;&nbsp;24% | &nbsp;&nbsp;23% | &nbsp;&nbsp;14% |
| &nbsp;&nbsp;50–75 | &nbsp;&nbsp;23% | &nbsp;&nbsp;30% | &nbsp;&nbsp;24% | &nbsp;&nbsp;21% | &nbsp;&nbsp;7% |
| &nbsp;&nbsp;75–90 | &nbsp;&nbsp;3% | &nbsp;&nbsp;10% | &nbsp;&nbsp;22% | &nbsp;&nbsp;12% | &nbsp;&nbsp;2% |
| &nbsp;&nbsp;90–100 | &nbsp;&nbsp;2% | &nbsp;&nbsp;6% | &nbsp;&nbsp;9% | &nbsp;&nbsp;4% | &nbsp;&nbsp;~ |

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<u> Silver Opportunity Partners LLC \| Sunshine Mine S-K 1300 Technical Report Summary on the Initial Assessment </u> <u> March 25, 2026 SLR Project No.: 123.020552.00001 </u>

8.0 Sample Preparation, Analyses, and Security

8.1 Overview

All drill hole samples from the Project since SOP ownership (2010 to present) have been analyzed at the American Analytical Services, Inc. (AAS) laboratory in nearby Osburn, Idaho. AAS is a third-party, commercial geochemical laboratory that operates independently of SSMRC and SOP. The AAS analytical facilities are International Organization for Standardization (ISO) 170525:2017 certified in the field of Chemical Testing – Metallurgical Products and Mine Samples (Certificate No. L25-90).

The SRK QP audited the AAS laboratory on June 1, 2023. Portions of the laboratory were undergoing renovations, but the facility appeared generally adequate for the testing conducted.

Additional umpire assays were obtained from the third-party SVL Analytical, Inc. (SVL) laboratory located in Kellogg, Idaho. The SVL analytical facilities are ISO 170525:2017 certified in the field of Chemical Testing – Metallurgical Products (Certificate No. L25-243). The SRK QP audited the SVL laboratory on October 9, 2025.

Specific records are limited for sample preparation and analytical procedures used by historical Sunshine operators prior to SOP. During production, assays were completed at the in-house, non-commercial mine laboratory. The on-site laboratory facility has been dismantled and is no longer active.

8.2 Security Measures

8.2.1 Historical Sampling

Previous operators handled sample preparation and analysis of channel, rock chip, and drill core samples internally. Paper sample tag booklets are available on-site that document locations, lengths, and grades of various historical samples. Skeletonized drill core and coarse rejects are stored in a large core shed at the Sunshine Mine. Retention of sampling records and sample rejects is a positive indication of the diligence of the historical operators in maintaining adequate security measures.

8.2.2 Modern Sampling

For all recent drilling (2010 to present), core was delivered regularly from underground drill stations to the surface logging areas. The exploration office and logging facility are monitored and have an overnight security guard posted to maintain area protection. Only authorized personnel have access to the Sunshine drill core samples.

8.3 Sample Preparation for Analysis

8.3.1 Historical Sampling

Prior to SOP (pre-2010), detailed sample preparation methods were sparsely documented. Underground channel samples and drill core were delivered to an on-site preparation facility and crushed prior to laboratory analysis. Review of the available historical paper geologic logs, sampling booklets, and assay certificates indicates that a standard of care was exercised during sampling that was considered appropriate at the time.

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| 8-1 | ![](ny20061035x4_ex96-1img002.jpg) |

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<u> Silver Opportunity Partners LLC \| Sunshine Mine S-K 1300 Technical Report Summary on the Initial Assessment </u> <u> March 25, 2026 SLR Project No.: 123.020552.00001 </u>

8.3.2 Modern Sampling

SOP follows written procedures for sampling. Based on geological criteria, sample intervals are marked with metal tags inside each core box, which include the sample interval. Core sample lengths target 6.5 ft (2.0 m) or less. The sample intervals are measured to tenths of a foot and chosen by the geologists based on lithological and mineralization breaks observed during logging.

After logging and photographing, the drill core is cut with a diamond saw. Half of the core sample is placed in a new cotton-polyethylene bag with a unique sample tag, an integrated duplicate sample tag, and large sample numbers written in permanent marker. All sample bags are sealed with internal drawstrings. Multiple bags are collected onto a pallet for delivery to the AAS laboratory in Osburn. A sample dispatch sheet accompanies each sample delivery and outlines the desired analytical procedures. Sample numbers and footage are stored electronically and uploaded to a secure Microsoft Access database. After splitting, the samples are delivered to the AAS laboratory routinely with a dispatch sheet for required analytical work that maintains appropriate chain of custody.

AAS organizes and dries the samples. Then, the samples are crushed to 95% passing two-millimeter (mm) mesh, and a 250 g sub-sample is divided with a riffle splitter. The sample is pulverized to 90% passing 75 microns (µm), and the pulverizer is cleaned with sand between samples.

8.4 Sample Analysis

Historical assaying occurred at the Sunshine Mine laboratory, and exact procedures are unknown. No known bias exists in the earlier sample grades versus later analyses that would indicate the historical laboratories were not following established preparation and analytical protocols.

Currently, all modern samples are processed with a four-acid digestion and assayed first by atomic absorption (AA) spectrometry at the AAS laboratory. The lower laboratory detection limit (LLDL) for silver is 0.05 opt Ag. Silver values exceeding 25 opt Ag on the AA are subsequently fire assayed for silver. The resulting fire assays are used with priority over earlier AA results. Also, lead results above 30% Pb trigger a secondary volumetric titration analysis that is more accurate for higher concentrations.

8.5 QA/QC Procedures

No QA/QC results are documented for historical assays to verify the accuracy and precisions of the analytical procedures.

8.5.1 Standards

As silver is the only economic variable with sufficient assay coverage, the QA/QC data reviews below are only concerned with silver results. Sunshine also collects data related to copper, lead, zinc, and antimony that are available for future study. Certified reference material (CRM) standards from Minerals Exploration and Environmental Geochemistry (MEG) are purchased from Shea Clark Smith in Nevada. Table 8-1 lists the standards and results from the recent 2022/2023 SOP drilling campaign; Figure 8-1 to Figure 8-3 illustrate the standards and results.

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<u> Silver Opportunity Partners LLC \| Sunshine Mine S-K 1300 Technical Report Summary on the Initial Assessment </u> <u> March 25, 2026 SLR Project No.: 123.020552.00001 </u>

**Table 8-1: Summary of CRM Standards**

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|:---|:---|:---|:---|:---|
| **CRM Name** | **Number of Samples** | **Expected Ag <br> (g/t)** | **Number of Failures** | **Failure Rate<br> (%)** |
| MEG-AG-1 | 24 | 248.3 | 6 | 25.0 |
| MEG-AG-2 | 22 | 298.8 | 0 | 0.0 |
| MEG-AG-3 | 11 | 2653 | 0 | 0.0 |

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Source: SRK 2025

Note: CRM results are reported in grams per tonne to match the CRM expected values.

**Figure 8-1: Summary of MEG-AG-1 Standard for Ag (g/t)**

Source: SRK 2025

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| 8-3 | ![](ny20061035x4_ex96-1img002.jpg) |

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<u> Silver Opportunity Partners LLC \| Sunshine Mine S-K 1300 Technical Report Summary on the Initial Assessment </u> <u> March 25, 2026 SLR Project No.: 123.020552.00001 </u>

**Figure 8-2: Summary of MEG-AG-2 Standard for Ag (g/t)**

Source: SRK 2025

**Figure 8-3: Summary of MEG-AG-3 Standard for Ag (g/t)**

Source: SRK 2025

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<u> Silver Opportunity Partners LLC \| Sunshine Mine S-K 1300 Technical Report Summary on the Initial Assessment </u> <u> March 25, 2026 SLR Project No.: 123.020552.00001 </u>

Sunshine targets standard insertion after every 30 samples, which is a typical protocol. For the 2022/2023 drilling, a total of 57 CRM samples were provided, representing an insertion rate of 6.5% for all samples (n = 876), which exceeds the industry standard threshold of 5%. The 2022/2023 campaign used a relatively limited number of samples (i.e., fewer than 30 control analyses) for each CRM, such that the statistical significance of the results is questionable at this point. The MEG-AG-1 results are more sporadic than the other two CRMs, partly stemming from a lower standard deviation for this standard. Sunshine should investigate and document the possible reasons for these failures and consider discontinuing use of this standard until the failures are resolved. If these standards are old, it is recommended that additional blending be considered prior to future laboratory submission. Metal may have settled differentially in the matrix and could be the reason for more-haphazard standard behavior. If necessary, the sample batches surrounding the failed CRM can be re-analyzed. If acceptable QA/QC is observed, the new sample results may replace the original assays. The MEG-AG-2 and MEG-AG-3 results show minor low and high bias, respectively, relative to the expected CRM value. Overall, the number of failures beyond the three-sigma standard deviation are minimal.

In the 2020 PEA, TetraTech provided data from the 2010 to 2013 time period. The same MEG standards were used at limited levels with fewer than 10 results for comparison of each individual CRM. The digital compilation of this data was not located by Sunshine. SRK was not able to review the raw QA/QC data, but the SRK QP considered a review of the previous summary charts to be adequate. Overall, the silver results were acceptable with minimal failures.

8.5.2 Blanks

Sunshine provided data for 69 blank samples, as summarized in Table 8-2. The overall blank insertion frequency was 7.9%, which is above the typical industry target rate. SOP utilizes drill core from country rock surrounding veins as the blank material. It is possible that some of this material could be considered dirty blanks, where low-level metal content could be tested. Figure 8-4 shows the results, which demonstrate no material sample contamination compared to five times the LLDL.

**Table 8-2: Summary of Core Blanks**

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| **Blank Type** | **Number of Samples** | **Expected Ag <br> (opt)** | **Number of Failures** | **Failure Rate <br> (%)** |
| Core blanks | 69 | 0.25 | 1 | 1.4 |

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Source: SRK 2025

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| 8-5 | ![](ny20061035x4_ex96-1img002.jpg) |

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<u> Silver Opportunity Partners LLC \| Sunshine Mine S-K 1300 Technical Report Summary on the Initial Assessment </u> <u> March 25, 2026 SLR Project No.: 123.020552.00001 </u>

**Figure 8-4: Summary of Core Blank Results for Ag**

Source: SRK 2025

8.5.3 Duplicates

Sunshine provided data for 28 duplicate samples, as summarized in Table 8-3, Figure 8-5, and Figure 8-6. The Sunshine procedure is to periodically renumber and reanalyze fine pulp duplicates and coarse reject material as blind submissions to the AAS laboratory. The overall duplicate insertion rate is 3.2%, which is low compared to the industry target of 5% of samples. SRK recommends increasing the duplicate insertion frequency in future drilling campaigns. Fine duplicates are compared at 10% tolerance, and coarse duplicates are compared at 30% tolerance. Generally, a few outliers suggest that the original test result was biased high in some cases.

**Table 8-3: Summary of Duplicates**

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| **Duplicate Type** | **Number of Samples** | **Number of Outliers** | **Outlier Rate (%)** |
| Pulp | 11 | 2 | 18.2 |
| Coarse rejects | 17 | 3 | 17.6 |

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Source: SRK 2025

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| 8-6 | ![](ny20061035x4_ex96-1img002.jpg) |

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<u> Silver Opportunity Partners LLC \| Sunshine Mine S-K 1300 Technical Report Summary on the Initial Assessment </u> <u> March 25, 2026 SLR Project No.: 123.020552.00001 </u>

**Figure 8-5: Summary of Pulp Duplicate Results for Ag**

Source: SRK 2025

**Figure 8-6: Summary of Coarse Reject Results for Ag**

Source: SRK 2025

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<u> Silver Opportunity Partners LLC \| Sunshine Mine S-K 1300 Technical Report Summary on the Initial Assessment </u> <u> March 25, 2026 SLR Project No.: 123.020552.00001 </u>

8.5.4 Check Assays

Sunshine provided 128 check assay data pairs that were analyzed initially at AAS laboratory, as summarized in Table 8-4. The external umpire laboratory, SVL, was used to check the original AAS sample pulps. The insertion rates equate to 14.6% of the 876 total samples in 2023. SRK noted that AAS results are reported by AA, while SVL reports inductively coupled plasma (ICP) results that have different lower detection limits; this caused some spread in the data near the respective method detection limits. Overall, the check assay results adequately demonstrate the repeatability of analytical results between the two laboratories with minimal outliers, as shown in Figure 8-7.

Two higher-grade check assay pairs reported anomalous results: original 352 opt Ag assay versus 20.5 opt Ag umpire value and 65.9 opt Ag assay versus 18.8 opt Ag umpire value. SRK recommends that SOP investigate the few outlier pairs to determine if sample swaps occurred between laboratories prior to check assay testing. Sunshine should investigate and document the possible reasons for these failures.

**Table 8-4: Summary of Check Assays**

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| **Check Assays** | **Number of Samples** | **Number of Outliers** | **Outlier Rate (%)** |
| AAS to SVL | 128 | 3 | 2.3 |

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Source: SRK 2025

**Figure 8-7: Summary of Check Assay Pairs for Ag**

Source: SRK 2025

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<u> Silver Opportunity Partners LLC \| Sunshine Mine S-K 1300 Technical Report Summary on the Initial Assessment </u> <u> March 25, 2026 SLR Project No.: 123.020552.00001 </u>

8.5.5 Results

Review of the historical and modern QA/QC plots indicated there are a limited number of standards that failed against typical control limits of three-sigma standard deviation from the expected values. The maximum percentage of failures was for MEG-AG-1, which saw both high and low sporadic failures. Sunshine should investigate and document the possible reasons for these CRM failures, consider re-analyzing affected sample batches, and consider discontinuing use of this standard until the failures are resolved. It is the QP's opinion that the QA/QC data show no significant repeated bias and do not indicate any systematic errors affecting the Sunshine drilling results.

The majority of coarse reject duplicate pairs are within ±30% of one another. Although fewer data exist, pulp duplicate results show good precision at <10% variance between pairs. The comparison of the AAS primary laboratory to the SVL umpire laboratory showed minimal outliers between sample pair results. The duplicate and check assay results indicate acceptable preparation precision and repeatability of assays between laboratories. SRK recommends that SOP investigate the couple of higher-grade outlier umpire pairs and document the possible reasons for these failures. Additionally, future campaigns should target more high-grade samples for check assays.

Additional pulp and coarse duplicates should be analyzed to arrive at a statistically significant number of sample pairs for comparison. As exploration continues, additional CRM results will assist in monitoring the laboratory and can be evaluated for using the mean of Sunshine results versus the expected value on the standard certificate.

SRK reviewed limited historical QA/QC results provided in the 2020 TetraTech PEA for the 2010 to 2013 drilling campaigns. The results were similar to the recent campaign, with few overall results and indications of minor high and low bias for certain CRMs. In general, the results of the blank and duplicates were acceptable. No check assays were provided for the earlier SOP drilling.

8.6 Opinion on Adequacy

Specific records are limited for sampling procedures of the historical drilling programs; however, no known bias exists in the earlier sample grades compared to recent assay results. The SRK QP has reviewed the available QA/QC results documented by previous technical reports and in the recent drilling campaign. SOP has followed industry-accepted methods for QA/QC, including the use of standards, blanks, and duplicate samples in the 2023 drilling program. The SRK review indicated reliability of silver results based on CRM standards, blanks, pulp duplicates, coarse duplicates, and check assays. The SRK QP recommends a higher insertion frequency for fine and coarse duplicates in future drilling projects and a larger proportion of high-grade samples for umpire analyses.

The SRK QP has audited the security, sample preparation, and analytical procedures, which are consistent with generally accepted industry standards. In the QP's opinion, the Project's analytical data are acceptable for use in estimation and reporting of Mineral Resources.

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<u> Silver Opportunity Partners LLC \| Sunshine Mine S-K 1300 Technical Report Summary on the Initial Assessment </u> <u> March 25, 2026 SLR Project No.: 123.020552.00001 </u>

9.0 Data Verification

Data verification has been an integral part of SOP's work on the Project. The long-lived mine has an impressive collection of archived historical paper data in the on-site vault. SOP continues to organize and verify the substantial quantity of available historical data.

9.1 Site Visit

In accordance with S-K 1300 guidelines, the SRK QP has visited the Project site, making two field visits for 3.5-days each from February 28 to March 3, 2022, and from May 29 to June 1, 2023, and a third site visit from October 8 to 9, 2025. During the site visits, the SRK QP toured the property with Nick Furlin, Sunshine's Technical Services Manager, and Tom Henderson, General Manager of Sunshine Mine. The SRK QP reviewed general operations, drilling procedures, and sampling practices, examined available drill core, visited the external analytical laboratory, and conducted detailed data validation with available historical paper records. During the site visit, relevant information was collected for the preparation of this TRS and for review of exploration potential for planning future work programs. The SRK QP was given full access to relevant data. Interviews were conducted with site personnel to understand the procedures used to collect, record, store, and analyze the exploration data.

9.1.1 Discussions on Geological Attributes

During the site visit, the SRK QP reviewed the geology and the general geological understanding of the Sunshine deposit with the mine team. The discussions between the Sunshine geology team and the SRK QP focused on understanding geological data for use in modeling assistance, which included the genesis of the deposit, the main trends of mineralization, and the role played by the lithology and structural setting. The SRK QP assisted Sunshine with developing a protocol for verifying historical channel data back to level and stope map source documentation, in preparation for modeling the vein system in 3D. The SRK QP considers the current Sunshine geological interpretations of mineralization continuity and controls to be suitable for geological modeling.

9.1.2 Examination of Drill Holes

SRK examined available drill core intervals that were characteristic of mineralization styles for the deposit. The presence of silver and lead mineralization was confirmed in historical and recent drill core. SRK visited multiple active drilling stations and transected a good portion of the open underground workings. The locations of some historical drill holes were observed underground, and an overview of the claim/property boundaries was given. Drill holes are logged for lithology, structure, alteration, mineralization, and geotechnical information. Current digital logging procedures were observed by SRK during the site visit and are considered adequate.

9.1.3 Sampling Techniques and Data Collection

SRK observed the process of cutting and sampling drill holes from start to finish during the 2023 site visit. Sunshine follows acceptable internal written procedures for assay sampling and data collection, as described in Section 8.3.

SRK did not observe drill hole cutting and sampling while on-site. Core sampling equipment was observed, including a diamond blade wet saw and a pneumatic core splitter. At the time of the site visit, a Corewise Pty Ltd. automated diamond core saw was being installed. With this saw, samples are placed in a plastic cartridge and oriented along the cutline drawn by the geologists.

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<u> Silver Opportunity Partners LLC \| Sunshine Mine S-K 1300 Technical Report Summary on the Initial Assessment </u> <u> March 25, 2026 SLR Project No.: 123.020552.00001 </u>

The SRK QP considers the sampling protocols observed during the site visit to meet generally accepted industry practice.

9.2 QA/QC Analysis

Drill hole sampling conducted by Sunshine generally followed industry-accepted methods for QA/QC, including the use of standards, blanks, and duplicate samples. For every 30 samples, one standard, one pulp duplicate, and one blank are inserted into the sample stream, and expected values are blind to the laboratory. An appropriate mix of matrix-matched CRM standards were selected for the recent drilling program. SRK notes that two of the CRMs (MEG-AG-1 and MEG-AG-2) have similar expected silver grades, and another standard may provide a better spread in values. Also, SRK recommends introducing more fine and coarse duplicates into the sample stream for future drilling projects.

The SRK QP summarized and reviewed QA/QC data and results from the recent drilling program and also reviewed historical QA/QC results in previous technical reports. Section 8.0 discusses historical and modern QA/QC programs. The SRK QP reviewed the results, which are considered acceptable for use in the MRE.

9.3 Database Verification

During the May 2023 site visit, SRK gathered and scanned a portion of original laboratory data certificates, geological logs, stope maps, assay booklets, and other paper historical data for comparison to entries in the current database. In the Sunshine Mine office, SRK was able to source original sample tags and laboratory records from the 1950s and beyond that matched hand-drawn paper drill logs and stope sections with channel sampling results. The comparisons are not perfect, as not all data existed for each chosen drill hole, and some source information was secondary. For example, decades-old, original handwritten data on a drilling log was considered to be accurate if no other source file could be located in the archive.

The verification data subset was chosen randomly to be representative of the entire database, spatially and through time. SRK audited the following 22 drill holes: 19-131, 23-2268, 27-462, 27-1335, 27-2007, 27-2008, 27-2025, 31-214, 31-717, 31-977, 31-1757, 31-1760, 31-2047, 34-545, 34-429, 355-367, 37-388, 37-1403, 37-1406, 37-2221, ST-2629, and ST-2649. These drill holes represented 16 unique veins, and timing ranged from 1953 to 2013. The detailed drill hole data verification included 10,913 ft of drilling, which represents approximately 1% of total drilling footage.

The Sunshine database was compared line-by-line to the available fundamental drilling data, and only a few minor inconsistencies were discovered. For example, one collar survey elevation was written on a log as -412.59 and rounded in the database to -413 with slightly less precision. One copper assay was listed on the assay certificate as 0.031% Cu, but the database has -99 null value. In all instances, the observed minor inconsistencies are not considered material and have negligible impact on the suitability of the database for resource estimation.

Paper lithology logs exist with detailed descriptions; however, the database for lithology is sparse, as vein modeling is mainly driven by assays. Also, the review of drill logs revealed a material amount of potentially ore-grade assays that are not in the database. If carefully audited and captured into the database, these two aspects are noted as an opportunity for future vein models to incorporate additional historical data.

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<u> Silver Opportunity Partners LLC \| Sunshine Mine S-K 1300 Technical Report Summary on the Initial Assessment </u> <u> March 25, 2026 SLR Project No.: 123.020552.00001 </u>

SRK checked three hand-drawn level maps to original sample number booklets for grade and thickness. The audited levels were 3400-05 from 1957, 4600-15 from 1974, and 3700 ER1-H from 1999. No errors were found in the individual 69 data points between the paper records and the electronic database.

Throughout the vein modeling process, SRK provided peer review to the capture of thousands of historical channel data points. The Sunshine team geo-referenced historical plan, level, and stope maps with handwritten sampling information into 3D to validate all the many historical channel data for accuracy in grade, thickness, and location; this was a sizable undertaking that was a detailed and critical process to gaining additional comfort with the historical data that makes up an outsized portion of the total geological database at Sunshine. SRK provided a final audit on vein data and checked the Sunshine database (essentially sample-by-sample) back to the historical maps and cross-sections. Considerable effort was taken to clean the database of duplicate information. Double samples occurred somewhat frequently due to past digitization from adjacent stope maps with identical data in slightly different spatial locations. Additionally, grades and thicknesses were edited to match the source maps and many historical typographical errors were corrected during the verification process. This work culminated in the most representative database of historical and modern geological information in the history of the Sunshine Mine.

The SRK QP did not observe any material errors or major discrepancies during review of the existing final database provided by Sunshine. The lack of any significant errors being uncovered during data verification is relatively rare and provides evidence that the Sunshine database is maintained adequately, has been carefully vetted, and accurately represents the original collected sample data.

Additionally, SRK validated the final drilling database using Leapfrog Geo software for all required data elements, including verification that:

● Collar locations match topographic elevation and are in the correct location.

● Collar locations are unique for all drill holes.

● Downhole surveys are oriented to project below ground surface.

● Drilling data have consistent total depth (i.e., same ending depth in survey, collar, and assay files, as appropriate).

● No overlapping and missing sample intervals exist (i.e., from-to depths are correct in assay and geology data).

● Geologic unit names are unique and applied the same for identical lithologies.

No material errors were observed during SRK's review of the database provided by Sunshine. Inconsistencies were noted during previous database checking and detailed auditing exercises. These instances were corrected and do not represent material errors. Portions of the channel sample assays from face samples collected during historical development and production are lacking verification support due to age. In the SRK QP's opinion, the validation work completed to date indicates that any remaining errors are not deemed to be material to the overall database.

9.4 Limitations

No limitations were placed on the verification process. The SRK QP was given full access to data and site personnel to conduction the verification work.

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<u> Silver Opportunity Partners LLC \| Sunshine Mine S-K 1300 Technical Report Summary on the Initial Assessment </u> <u> March 25, 2026 SLR Project No.: 123.020552.00001 </u>

9.5 Opinion on Data Adequacy

SRK independently reviewed the current core sampling, cutting, logging, sample preparation, security, and laboratory analytical procedures followed at Sunshine during multiple site visits. The exploration and sampling protocols practiced at Sunshine are consistent with or exceed generally accepted industry guidance and are deemed adequate for the stage of the Project. In addition to modern drilling data, the current resource estimation relies heavily on historical channel samples obtained during previous mining. In the SRK QP's opinion, data verification checks performed internally by Sunshine staff, in combination with independent checks and detailed audits by the SRK QP, have resulted in sufficient validation of the fundamental drilling database at Sunshine. The SRK QP deems the data to be acceptable and adequately reliable for use in geological modeling and estimation of Mineral Resources.

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<u> Silver Opportunity Partners LLC \| Sunshine Mine S-K 1300 Technical Report Summary on the Initial Assessment </u> <u> March 25, 2026 SLR Project No.: 123.020552.00001 </u>

10.0 Mineral Processing and Metallurgical Testing

10.1 Introduction

The Sunshine Mine has a long operational history and has used the same basic flowsheet since the last major upgrades in the 1950s. Sunshine has relied on operating data to support mine planning and predict plant performance. As there has not been any recent metallurgical test work, this section will focus on historical concentrator performance to support the LOM plans and economics of the IA. Flotation testing performed in 2013 by ALS Metallurgy (formerly G&T Metallurgy), located in Kamloops, British Columbia, was also used to support the IA process design. SLR's QP has reviewed this supporting information and finds it to be acceptable for this level of study. The next stage of study will require identification of material types to be processed according to the mine plan, metallurgical drilling and sampling of the mineralized material types and performance of a complete metallurgical test program.

Mineral processing operations at the Sunshine Mine site date back to approximately 1921. Mill modernization and expansion took place in 1934, 1935, and 1955 with published tonnage rates in the range of 400 stpd in the 1930s and 1,000 stpd in the mid 1950s. Since the 1950s the mineral feed to the concentrator has been consistent. The only mineral of economic importance from the Chester vein was Tetrahedrite. The three primary ball mills consistently produced P60 200 mesh at a combined throughput rate of 45 tph. A 1,200 opt silver concentrate containing 24% copper and 19% antimony was produced at 97% silver recovery.

The last major modification of the mill was in the 1950s, which included the addition of 30 WEMCO Fagergren-56 flotation cells and 12 Galigher Agitair-36 flotation cells, replacing the old Denver flotation cells. The flow sheet for the new Sunshine concentrator will be based on the successful historical flowsheet.

When the Sunshine Mine last operated, the metallurgical facilities available included a 1,000 stpd flotation mill, an antimony metal plant, and a silver refinery. Since that time, the antimony plant has been demolished and the silver refinery put on care and maintenance. The current IA considered the economic trade-offs of (1) building a new concentrator to produce a silver-copper concentrate and a lead-silver concentrate for direct shipment to smelters, or (2) constructing a new antimony plant and refurbishing the silver refinery to produce lead concentrates, antimony metal, sodium antimonate, fine silver metal, and copper cathode metal. The studies demonstrated that the most economic course was to construct a new concentrator and ship concentrates direct to downstream smelters. The key to this recommended IA option of selling the two concentrates direct to market is finding buyers for the silver-copper (tetrahedrite) concentrate, which contains a high concentration of antimony. Budget level quotations were obtained from metal traders to confirm that this concentrate is saleable.

10.2 Descriptions of Historical Processes

The following subsections have been modified from Behre Dolbear (1999).

10.2.1 Concentrator

All mine mineralized material was delivered from the underground operations and stored as feed for the primary crushing circuit which consists of a 650-ton coarse ore bin discharging over a grizzly to a 3 ft primary gyratory crusher. The primary crusher discharge was fed to a ½-in. opening vibrating screen with half in openings, in closed circuit with a 4 ft diameter standard cone crusher. The screen undersize at < ½-in. was fed to three ball mills (one 9 ft × 7 ft Denver, two 8 ft × 4 ft Hardinge) operating in closed circuit with a combination of screw and cyclone classifiers. Classifier overflow, estimated at approximately 80 percent < 100 mesh Tyler, was sent to flotation to produce sequential silver-copper, lead-silver, and/or pyrite concentrates. Silver and lead concentrates were dewatered on disc filters and stacked for shipment as lead concentrates or arsenic and antimony removal (silver concentrates). Pyrite concentrates usually had an arsenic content high enough to discourage acceptance by smelters regardless of penalty clauses.

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| 10-1 | ![](ny20061035x4_ex96-1img002.jpg) |

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<u> Silver Opportunity Partners LLC \| Sunshine Mine S-K 1300 Technical Report Summary on the Initial Assessment </u> <u> March 25, 2026 SLR Project No.: 123.020552.00001 </u>

10.2.2 Antimony Plant

The following subsection has been modified from SRK (2023).

The silver-copper flotation concentrate was treated in the antimony plant to remove antimony and arsenic contaminants and produce marketable antimony metal and antimonate. The process is based on Sunshine's alkaline sulfide leach process that was used until 1993. The antimony leach plant used alkaline sulfide solution as a lixiviant to selectively leach antimony as well as some other metals including arsenic and mercury from the concentrate. Silver and copper remained in the concentrate leach residue, which was sent to the refinery for further processing.

The antimony-rich solution from the leach circuit went through an electrowinning process where the antimony was collected from solution at the cathodes as a fine metal product that was harvested from the cell, washed and packaged for shipment. Fouled anolyte solution from the electrowinning circuit, which contained residual antimony as well as other contaminants, was heated under pressure in an oxygen environment to oxidize the antimony sulfide as well as some of the other sulfides. After cooling sodium antimonate was precipitated from solution, filtered, packaged and sold as a marketable product. The tailings from the antimony plant were treated with ferrous sulfate to precipitate arsenic as a relatively stable ferric arsenate. After arsenic precipitation, lime was added to raise the pH to precipitate the other metal contaminants.

In 2013, Samuel Engineering prepared designs and a capital cost estimate for an antimony plant that would process 16 stpd of silver-copper concentrate containing 11.7% copper (Cu), 1,557 opt silver (Ag), 18.2% antimony (Sb), 0.9% arsenic (As) and 9.4% lead (Pb). The antimony plant was estimated to produce 5,045 lb/day of antimony metal cathode estimated to contain 97.5% Sb, 2.5% As and 0.04% mercury (Hg). In addition, production of 1,749 lb/day of antimonate was estimated. Samuel Engineering's design specifications are documented in their report, "Basis of Estimate – Capital Cost Estimate for Antimony Plant" September 2013. A schematic flowsheet for the antimony plant is shown in Figure 10-1. It is noted that the Samuel Engineering's design criteria assumed a lower grade silver-copper concentrate than what was produced during the metallurgical test program conducted by G&T in 2013. If ever an antimony plant were to be added back as part of the Sunshine flowsheet, additional test work would be required to confirm the quality of the silver-copper concentrate that would be produced, and confirmatory test work would be required to confirm the design criteria for the antimony plant.

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<u> Silver Opportunity Partners LLC \| Sunshine Mine S-K 1300 Technical Report Summary on the Initial Assessment </u> <u> March 25, 2026 SLR Project No.: 123.020552.00001 </u>

**Figure 10-1: Antimony Plant Process Flowsheet**

Source: TetraTech 2020.

10.2.3 Refinery

The existing silver refinery received silver concentrate produced at the antimony leach plant and used hydrometallurgical techniques to recover and refine silver and copper. A schematic flowsheet of the refinery is shown in Figure 10-2.

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| 10-3 | ![](ny20061035x4_ex96-1img002.jpg) |

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<u> Silver Opportunity Partners LLC \| Sunshine Mine S-K 1300 Technical Report Summary on the Initial Assessment </u> <u> March 25, 2026 SLR Project No.: 123.020552.00001 </u>

**Figure 10-2: Sunshine Refinery Flowsheet**

Source: Samuel Engineering 2013.

**Sulfuric Acid Leach**

Silver-copper concentrate leach residue from the antimony plant was delivered to the silver refinery where it was reground and pumped to the residue slurry storage tank before being transferred to the autoclave feed tank. Water and sulfuric acid were added to the autoclave feed tank to bring the solids content to 8% w/w and the sulfuric acid concentration to 200 g/L, then heated to 90˚C by flashing steam from the autoclaves. The prepared slurry was then leached in three autoclaves which were operated sequentially in batch leach mode. Nitric acid was added to the autoclaves and pressurized to 90 psig with oxygen. The exothermic batch leach ran for one hour at 90˚C. After the leach cycle was complete, the pressure from the autoclave was released into the next autoclave which was filled with slurry from the concentrate storage tank. The second autoclave then started its leach cycle and the pressure remaining in the first autoclave was used to advance the leached slurry to the leach slurry thickener feed tank. As the residue and molten sulfur cooled in the vessels, the sulfur formed into prills about 3 mm in diameter. The reactor discharged through a sulfur screen to the leach slurry thickener feed tank.

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<u> Silver Opportunity Partners LLC \| Sunshine Mine S-K 1300 Technical Report Summary on the Initial Assessment </u> <u> March 25, 2026 SLR Project No.: 123.020552.00001 </u>

**Leach Slurry Screening, Thickening and Filtration**

The leach slurry was first screened at 20 mesh to remove sulfur prills that formed as the leach solution cooled. The screened leached slurry was then thickened and filtered to 10% moisture content. The filtered pregnant leach solution (PLS) was then processed in the silver precipitation circuit.

**Silver Chloride Precipitation**

Silver was precipitated and recovered from the hot pregnant leach solution as silver chloride by adding sodium chloride (NaCl) to the silver- and copper-bearing pregnant solution. The silver was selectively precipitated from the pregnant solution as silver chloride (AgCl). The leach slurry containing the AgCl precipitate was then thickened and filtered. The AgCl filter cake was then processed in the silver chloride conversion circuit where it was eventually reduced to silver metal. The AgCl thickener overflow passed through a cartridge filter and on to the copper recovery circuit.

**Copper Production**

The copper-bearing solution from the silver chloride precipitation circuit was neutralized with slaked lime to a pH of about 2.2. The reaction created gypsum which was filtered from the solution and discharged to the tailings repulp tank. The filtrate was pumped to the solvent extraction circuit as copper-bearing pregnant leach solution, where it was contacted with an organic/extractant mixture which extracted the copper from the aqueous pregnant solution into the organic phase. The loaded organic was then contacted with lean electrolyte from the electrowinning circuit which stripped the copper from the loaded organic into the electrolyte. The rich copper- bearing electrolyte then flowed through the electrowinning circuit where high purity copper cathodes were produced as a saleable product.

**Silver Production**

Silver chloride filter cake from the silver precipitation process was collected in the AgCl collection bin where it was mixed with flux and smelted to elemental silver and poured into anode molds. The silver anodes were then electro-refined to produce high purity silver crystals. Approximately 80% of each anode was converted to pure silver crystals at the cathode where the crystals precipitated and were collected. The scrap anodes were either smelted in the scrap anode furnace or dissolved in nitric acid for electrolyte regeneration. The silver crystals were smelted in the fine silver furnace and poured into fine silver bars as a saleable product.

**10.3** **Mineral Processing Operating Results** 

The following subsection has been modified from Behre Dolbear (1999).

**10.3.1** **Ore Mineralogy** 

The Sunshine Mine mineralized material contains economic quantities of silver with by-product production of copper, lead, and antimony. The silver, copper, and antimony minerals are primarily argentiferous tetrahedrite, along with pyrite and varying amounts of galena, stibnite, and arsenopyrite.

The mill design configuration is flexible and has allowed for the production of different concentrates depending on the mineralogy being mined. The mill historically has produced silver-copper, pyrite-silver, and lead-silver concentrates. The current configuration of the mill has three separate flotation circuits which can be operated sequentially to produce silver-copper, lead-silver, and pyrite concentrates. The current plan is to produce two concentrates, silver-copper and lead-silver, while depressing the pyrite.

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<u> Silver Opportunity Partners LLC \| Sunshine Mine S-K 1300 Technical Report Summary on the Initial Assessment </u> <u> March 25, 2026 SLR Project No.: 123.020552.00001 </u>

Bournonite (PbCuSbS<sub>3</sub>) floats with Tetrahedrite reporting to the silver-copper concentrate and reducing the silver concentrate grade.

**10.3.2** **Historical Concentrate Grade- 1999** 

The Sunshine metallurgical complex has historically produced silver concentrates with silver grades in excess of 1,000 opt silver. Monthly average grades of untreated silver concentrates produced during 1999 are presented in Table 10-1.

**Table 10-1: Silver-Copper Flotation Concentrate Quality 1999**

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| &nbsp;&nbsp;**Month<br> (1999)** | &nbsp;&nbsp;**Ag<br> (opt)** | &nbsp;&nbsp;**As<br> (%)** | &nbsp;&nbsp;**Cu<br> (%)** | &nbsp;&nbsp;**Pb<br> (%)** | &nbsp;&nbsp;**Sb<br> (%)** | &nbsp;&nbsp;**Zn<br> (%)** |
| &nbsp;&nbsp;January | &nbsp;&nbsp;1312 | &nbsp;&nbsp;0.85 | &nbsp;&nbsp;16.90 | &nbsp;&nbsp;25.6 | &nbsp;&nbsp;13.7 | &nbsp;&nbsp;1.63 |
| &nbsp;&nbsp;February | &nbsp;&nbsp;1361 | &nbsp;&nbsp;0.80 | &nbsp;&nbsp;17.50 | &nbsp;&nbsp;22.1 | &nbsp;&nbsp;14.l | &nbsp;&nbsp;1.45 |
| &nbsp;&nbsp;March | &nbsp;&nbsp;1412 | &nbsp;&nbsp;0.91 | &nbsp;&nbsp;16.90 | &nbsp;&nbsp;23.9 | &nbsp;&nbsp;14.1 | &nbsp;&nbsp;1.47 |
| &nbsp;&nbsp;April | &nbsp;&nbsp;1245 | &nbsp;&nbsp;1.01 | &nbsp;&nbsp;17.89 | &nbsp;&nbsp;23.3 | &nbsp;&nbsp;14.1 | &nbsp;&nbsp;1.63 |
| &nbsp;&nbsp;May | &nbsp;&nbsp;1305 | &nbsp;&nbsp;0.99 | &nbsp;&nbsp;1 .40 | &nbsp;&nbsp;23.2 | &nbsp;&nbsp;13.9 | &nbsp;&nbsp;1.53 |
| &nbsp;&nbsp;Average | &nbsp;&nbsp;1327 | &nbsp;&nbsp;0.91 | &nbsp;&nbsp;17.3 | &nbsp;&nbsp;23.6 | &nbsp;&nbsp;14.0 | &nbsp;&nbsp;1.54 |

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Monthly average antimony plant residue analyses (cleaned silver concentrates), for the first five months of 1999 are presented in Table 10-2.

**Table 10-2: Antimony Plant Residue (Cleaned Silver Concentrate) Quality 1999**

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| &nbsp;&nbsp;**Month <br> (1999)** | &nbsp;&nbsp;**Ag<br> (opt)** | &nbsp;&nbsp;**As<br> (%)** | &nbsp;&nbsp;**Cu<br> (%)** | &nbsp;&nbsp;**Pb<br> (%)** | &nbsp;&nbsp;**Sb<br> (%)** | &nbsp;&nbsp;**Zn<br> (%)** |
| &nbsp;&nbsp;January | &nbsp;&nbsp;1141 | &nbsp;&nbsp;0.32 | &nbsp;&nbsp;19.30 | &nbsp;&nbsp;31.6 | &nbsp;&nbsp;1.23 | &nbsp;&nbsp;1.71 |
| &nbsp;&nbsp;February | &nbsp;&nbsp;1487 | &nbsp;&nbsp;0.34 | &nbsp;&nbsp;19.30 | &nbsp;&nbsp;27.0 | &nbsp;&nbsp;0.86 | &nbsp;&nbsp;1.55 |
| &nbsp;&nbsp;March | &nbsp;&nbsp;1544 | &nbsp;&nbsp;0.35 | &nbsp;&nbsp;17.90 | &nbsp;&nbsp;24.6 | &nbsp;&nbsp;1.85 | &nbsp;&nbsp;1.66 |
| &nbsp;&nbsp;April | &nbsp;&nbsp;1315 | &nbsp;&nbsp;0.30 | &nbsp;&nbsp;17.70 | &nbsp;&nbsp;26.1 | &nbsp;&nbsp;2.55 | &nbsp;&nbsp;1.78 |
| &nbsp;&nbsp;May | &nbsp;&nbsp;1366 | &nbsp;&nbsp;0.37 | &nbsp;&nbsp;17.80 | &nbsp;&nbsp;26.3 | &nbsp;&nbsp;2.73 | &nbsp;&nbsp;1.70 |
| &nbsp;&nbsp;Average | &nbsp;&nbsp;1371 | &nbsp;&nbsp;0.34 | &nbsp;&nbsp;18.30 | &nbsp;&nbsp;27.1 | &nbsp;&nbsp;1.8 | &nbsp;&nbsp;1.68 |

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Monthly average lead concentrate analyses for the first five months of 1999 are presented in Table 10-3.

**Table 10-3: Lead Flotation Concentrate Quality 1999**

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| &nbsp;&nbsp;**Month<br> (1999)** | &nbsp;&nbsp;**Ag<br> (opt)** | &nbsp;&nbsp;**As<br> (%)** | &nbsp;&nbsp;**Cu<br> (%)** | &nbsp;&nbsp;**Pb<br> (%)** | &nbsp;&nbsp;**Sb<br> (%)** | &nbsp;&nbsp;**Zn<br> (%)** |
| &nbsp;&nbsp;January | &nbsp;&nbsp;84.2 | &nbsp;&nbsp;0.85 | &nbsp;&nbsp;1.00 | &nbsp;&nbsp;39.30 | &nbsp;&nbsp;0.96 | &nbsp;&nbsp;0.156 |
| &nbsp;&nbsp;February | &nbsp;&nbsp;109.2 | &nbsp;&nbsp;0.95 | &nbsp;&nbsp;1.40 | &nbsp;&nbsp;40.80 | &nbsp;&nbsp;1.31 | &nbsp;&nbsp;0.175 |

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<u> Silver Opportunity Partners LLC \| Sunshine Mine S-K 1300 Technical Report Summary on the Initial Assessment </u> <u> March 25, 2026 SLR Project No.: 123.020552.00001 </u>

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| &nbsp;&nbsp;**Month<br> (1999)** | &nbsp;&nbsp;**Ag<br> (opt)** | &nbsp;&nbsp;**As<br> (%)** | &nbsp;&nbsp;**Cu<br> (%)** | &nbsp;&nbsp;**Pb<br> (%)** | &nbsp;&nbsp;**Sb<br> (%)** | &nbsp;&nbsp;**Zn<br> (%)** |
| &nbsp;&nbsp;March | &nbsp;&nbsp;168. l | &nbsp;&nbsp;0.53 | &nbsp;&nbsp;1.99 | &nbsp;&nbsp;57.97 | &nbsp;&nbsp;1.71 | &nbsp;&nbsp;0.217 |
| &nbsp;&nbsp;April | &nbsp;&nbsp;158.3 | &nbsp;&nbsp;0.39 | &nbsp;&nbsp;2.10 | &nbsp;&nbsp;58.21 | &nbsp;&nbsp;1.93 | &nbsp;&nbsp;0.242 |
| &nbsp;&nbsp;May | &nbsp;&nbsp;136.2 | &nbsp;&nbsp;0.06 | &nbsp;&nbsp;1.69 | &nbsp;&nbsp;53.90 | &nbsp;&nbsp;1.54 | &nbsp;&nbsp;0.206 |
| &nbsp;&nbsp;Average | &nbsp;&nbsp;131.2 | &nbsp;&nbsp;0.56 | &nbsp;&nbsp;1.64 | &nbsp;&nbsp;50.0 | &nbsp;&nbsp;1.5 | &nbsp;&nbsp;0.20 |

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A tabulation of payable and penalty elements for the silver-copper and lead flotation concentrates, and the cleaned silver-copper concentrate produced during the first five months in 1999 are presented in Table 10-4.

**Table 10-4: Analysis of Payable and Penalty Elements**

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| &nbsp;&nbsp;**Product** | &nbsp;&nbsp;**Elemental Analysis** | &nbsp;&nbsp;**Elemental Analysis** | &nbsp;&nbsp;**Elemental Analysis** | &nbsp;&nbsp;**Elemental Analysis** | &nbsp;&nbsp;**Elemental Analysis** | &nbsp;&nbsp;**Elemental Analysis** | &nbsp;&nbsp;**Elemental Analysis** | &nbsp;&nbsp;**Elemental Analysis** | &nbsp;&nbsp;**Elemental Analysis** | &nbsp;&nbsp;**Elemental Analysis** | &nbsp;&nbsp;**Elemental Analysis** | &nbsp;&nbsp;**Elemental Analysis** | &nbsp;&nbsp;**Elemental Analysis** |
| &nbsp;&nbsp;**Product** | &nbsp;&nbsp;**Ag<br> (opt)** | &nbsp;&nbsp;**As<br> (%)** | &nbsp;&nbsp;**Cd<br> (ppm)** | &nbsp;&nbsp;**Cu<br> (%)** | &nbsp;&nbsp;**Cr<br> (ppm)** | &nbsp;&nbsp;**Mn<br> (%)** | &nbsp;&nbsp;**Ni<br> (ppm)** | &nbsp;&nbsp;**Pb<br> (%)** | &nbsp;&nbsp;**Sb<br> (%)** | &nbsp;&nbsp;**Zn<br> (%)** | &nbsp;&nbsp;**S<br> (%)** | &nbsp;&nbsp;**Na<br> (%)** | &nbsp;&nbsp;**Bi<br> (%)** |
| &nbsp;&nbsp;Silver-Copper Concentrate | &nbsp;&nbsp;1327 | &nbsp;&nbsp;0.91 | &nbsp;&nbsp;0.008 | &nbsp;&nbsp;17.32 | &nbsp;&nbsp;32.2 | &nbsp;&nbsp;0.24 | &nbsp;&nbsp;0.015 | &nbsp;&nbsp;23.6 | &nbsp;&nbsp;14.0 | &nbsp;&nbsp;1.54 | &nbsp;&nbsp;22.4 |  |  |
| &nbsp;&nbsp;Cleaned Silver Concentrate | &nbsp;&nbsp;1371 | &nbsp;&nbsp;0.34 | &nbsp;&nbsp;0.008 | &nbsp;&nbsp;18.30 | &nbsp;&nbsp;20.7 | &nbsp;&nbsp;0.26 | &nbsp;&nbsp;0.013 | &nbsp;&nbsp;27.1 | &nbsp;&nbsp;1.8 | &nbsp;&nbsp;1.68 |  | &nbsp;&nbsp;8.90 | &nbsp;&nbsp;0.07 |
| &nbsp;&nbsp;Lead Concentrate | &nbsp;&nbsp;I 31.2 | &nbsp;&nbsp;0.56 | &nbsp;&nbsp;0.001 | &nbsp;&nbsp;1.64 | &nbsp;&nbsp;35.5 | &nbsp;&nbsp;0.47 | &nbsp;&nbsp;0.023 | &nbsp;&nbsp;50.0 | &nbsp;&nbsp;1.5 | &nbsp;&nbsp;0.20 | &nbsp;&nbsp;12.30 |  |  |

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**10.3.2.1** **Historical Silver Recovery** 

A review of production records published by Sunshine in Form 10K, Securities and Exchange Commission, for fiscal year ended December 31, 1998, (Behre Dolbear 1999) from December 1, 1998, through May 30, 1999, indicates that the mill has consistently yielded a tailing averaging 0.86 opt silver. With an average head grade of 26.1 opt silver, the indicated silver recovery is 96.7%.

The lead recovery, as published by Sunshine in Behre Dolbear (1999), indicates a recovery from mined ores of approximately 92.5 percent. This value has not been verified by a review of actual production records in as much as Sunshine does not publish monthly results of ore grades for metals other than silver.

The copper recovery, as published by Sunshine in Behre Dolbear (1999), indicates a recovery from mine ores of approximately 97%. This value has not been verified by a review of actual production records in as much as Sunshine does not publish monthly results of ore grades for metals other than silver. SLR notes that the copper and silver recoveries are similar as they are derived from the same mineral, tetrahedrite.

**10.4** **Historical Production** 

This section is extracted from SRK (2023) and presents a review of historical production from the Sunshine concentrator, metallurgical test work conducted in 2013 by G&T, now ALS Metallurgy, a third-party analytical and metallurgical laboratory located in Kamloops, British Columbia, and ore sorting test work conducted by Steinert GmbH in 2018.

Steinert is a manufacturer of ore sorting equipment that provided pilot scale tests on samples of Sunshine material in their factory in Germany to support the specification of equipment suitable for the Sunshine process facility. Steinert would ultimately provide mechanical, and performance guarantees for the system.

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<u> Silver Opportunity Partners LLC \| Sunshine Mine S-K 1300 Technical Report Summary on the Initial Assessment </u> <u> March 25, 2026 SLR Project No.: 123.020552.00001 </u>

ALS holds certifications, including ISO/IEC 17025 for laboratory competence, ISO 9001 for quality management, ISO 14001 for environmental management systems, and CALA Accreditation (Canada) from the Canadian Association for Laboratory Accreditation.

The Sunshine mine and mill were in production for several decades, and production for the period from 1950 to 2008 is summarized in Table 10-5. Silver recovery during this period averaged 97.2% from mineralized material that contained an average silver grade of 26.7 opt. The flotation concentrator flowsheet was modified several times over the years depending on the mineralogy of the ore, but generally included sequential flotation in which a separate silver-copper flotation concentrate was produced followed by flotation of either a silver-bearing pyrite concentrate or a silver-bearing lead concentrate, depending upon the lead (galena) content of the ore.

**Table 10-5: Summary of Sunshine Production (1950 – 2008)**

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Year** | &nbsp;&nbsp;**Tons** | &nbsp;&nbsp;**Ag opt** | &nbsp;&nbsp;**Contained Ag<br> (oz)** | &nbsp;&nbsp;**Recovered Ag<br> Ounces** | &nbsp;&nbsp;**Recovery<br> (Ag)** | &nbsp;&nbsp;**Primary Vein** |
| &nbsp;&nbsp;2008 | &nbsp;&nbsp;34465 | &nbsp;&nbsp;13.15 | &nbsp;&nbsp;453248 | &nbsp;&nbsp;431719 | &nbsp;&nbsp;95.3% | &nbsp;&nbsp;West Chance |
| &nbsp;&nbsp;2001<sup>1</sup> | &nbsp;&nbsp;20722 | &nbsp;&nbsp;26.02 | &nbsp;&nbsp;539125 | &nbsp;&nbsp;519177 | &nbsp;&nbsp;96.3% | &nbsp;&nbsp;West Chance |
| &nbsp;&nbsp;2000<sup>1</sup> | &nbsp;&nbsp;169036 | &nbsp;&nbsp;24.73 | &nbsp;&nbsp;4179561 | &nbsp;&nbsp;4024917 | &nbsp;&nbsp;96.3% | &nbsp;&nbsp;West Chance |
| &nbsp;&nbsp;1999<sup>1</sup> | &nbsp;&nbsp;217601 | &nbsp;&nbsp;25.70 | &nbsp;&nbsp;5592354 | &nbsp;&nbsp;5385437 | &nbsp;&nbsp;96.3% | &nbsp;&nbsp;West Chance |
| &nbsp;&nbsp;1998<sup>2</sup> | &nbsp;&nbsp;247866 | &nbsp;&nbsp;24.97 | &nbsp;&nbsp;6189679 | &nbsp;&nbsp;5991609 | &nbsp;&nbsp;96.8% | &nbsp;&nbsp;West Chance |
| &nbsp;&nbsp;1997<sup>2</sup> | &nbsp;&nbsp;183404 | &nbsp;&nbsp;23.96 | &nbsp;&nbsp;4393920 | &nbsp;&nbsp;4253315 | &nbsp;&nbsp;96.8% | &nbsp;&nbsp;West Chance |
| &nbsp;&nbsp;1996<sup>2</sup> | &nbsp;&nbsp;120909 | &nbsp;&nbsp;22.03 | &nbsp;&nbsp;2663115 | &nbsp;&nbsp;2577895 | &nbsp;&nbsp;96.8% | &nbsp;&nbsp;West Chance |
| &nbsp;&nbsp;1995<sup>2</sup> | &nbsp;&nbsp;101240 | &nbsp;&nbsp;17.67 | &nbsp;&nbsp;1788473 | &nbsp;&nbsp;1731242 | &nbsp;&nbsp;96.8% | &nbsp;&nbsp;West Chance |
| &nbsp;&nbsp;1994<sup>2</sup> | &nbsp;&nbsp;107056 | &nbsp;&nbsp;20.15 | &nbsp;&nbsp;2157507 | &nbsp;&nbsp;2088467 | &nbsp;&nbsp;96.8% | &nbsp;&nbsp;Chester |
| &nbsp;&nbsp;1993<sup>2</sup> | &nbsp;&nbsp;100441 | &nbsp;&nbsp;23.64 | &nbsp;&nbsp;2374127 | &nbsp;&nbsp;2298155 | &nbsp;&nbsp;96.8% | &nbsp;&nbsp;Chester |
| &nbsp;&nbsp;1992<sup>2</sup> | &nbsp;&nbsp;104602 | &nbsp;&nbsp;25.09 | &nbsp;&nbsp;2624342 | &nbsp;&nbsp;2540363 | &nbsp;&nbsp;96.8% | &nbsp;&nbsp;Chester |
| &nbsp;&nbsp;1991<sup>2</sup> | &nbsp;&nbsp;157323 | &nbsp;&nbsp;22.76 | &nbsp;&nbsp;3580301 | &nbsp;&nbsp;3465731 | &nbsp;&nbsp;96.8% | &nbsp;&nbsp;Copper |
| &nbsp;&nbsp;1990<sup>2</sup> | &nbsp;&nbsp;235072 | &nbsp;&nbsp;23.66 | &nbsp;&nbsp;5561986 | &nbsp;&nbsp;5384002 | &nbsp;&nbsp;96.8% | &nbsp;&nbsp;Copper |
| &nbsp;&nbsp;1989<sup>2</sup> | &nbsp;&nbsp;230837 | &nbsp;&nbsp;21.64 | &nbsp;&nbsp;4996239 | &nbsp;&nbsp;4836359 | &nbsp;&nbsp;96.8% | &nbsp;&nbsp;Chester |
| &nbsp;&nbsp;1988<sup>2</sup> | &nbsp;&nbsp;146659 | &nbsp;&nbsp;16.14 | &nbsp;&nbsp;2366993 | &nbsp;&nbsp;2291249 | &nbsp;&nbsp;96.8% | &nbsp;&nbsp;Chester |
| &nbsp;&nbsp;1987 |  |  |  |  |  | &nbsp;&nbsp;Chester |
| &nbsp;&nbsp;1986<sup>2</sup> | &nbsp;&nbsp;59604 | &nbsp;&nbsp;20.01 | &nbsp;&nbsp;1192545 | &nbsp;&nbsp;1154384 | &nbsp;&nbsp;96.8% | &nbsp;&nbsp;Chester |
| &nbsp;&nbsp;1985<sup>2</sup> | &nbsp;&nbsp;218509 | &nbsp;&nbsp;22.29 | &nbsp;&nbsp;4870251 | &nbsp;&nbsp;4714403 | &nbsp;&nbsp;96.8% | &nbsp;&nbsp;Chester |
| &nbsp;&nbsp;1984<sup>2</sup> | &nbsp;&nbsp;248568 | &nbsp;&nbsp;19.98 | &nbsp;&nbsp;4967017 | &nbsp;&nbsp;4808072 | &nbsp;&nbsp;96.8% | &nbsp;&nbsp;Chester |
| &nbsp;&nbsp;1983<sup>2</sup> | &nbsp;&nbsp;212064 | &nbsp;&nbsp;21.83 | &nbsp;&nbsp;4629581 | &nbsp;&nbsp;4481434 | &nbsp;&nbsp;96.8% | &nbsp;&nbsp;Chester |
| &nbsp;&nbsp;1982<sup>2</sup> | &nbsp;&nbsp;104824 | &nbsp;&nbsp;23.19 | &nbsp;&nbsp;2430357 | &nbsp;&nbsp;2352586 | &nbsp;&nbsp;96.8% | &nbsp;&nbsp;Chester |
| &nbsp;&nbsp;1981 | &nbsp;&nbsp;197154 | &nbsp;&nbsp;21.22 | &nbsp;&nbsp;4184532 | &nbsp;&nbsp;4050627 | &nbsp;&nbsp;96.8% | &nbsp;&nbsp;Chester |
| &nbsp;&nbsp;1980 | &nbsp;&nbsp;50961 | &nbsp;&nbsp;15.85 | &nbsp;&nbsp;807732 | &nbsp;&nbsp;767939 | &nbsp;&nbsp;95.1% | &nbsp;&nbsp;Chester |
| &nbsp;&nbsp;1979 | &nbsp;&nbsp;172228 | &nbsp;&nbsp;21.12 | &nbsp;&nbsp;3637455 | &nbsp;&nbsp;3511715 | &nbsp;&nbsp;96.5% | &nbsp;&nbsp;Chester |
| &nbsp;&nbsp;1978 | &nbsp;&nbsp;208850 | &nbsp;&nbsp;25.31 | &nbsp;&nbsp;5285994 | &nbsp;&nbsp;4947409 | &nbsp;&nbsp;93.6% | &nbsp;&nbsp;Chester |

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|:---|:---|
| 10-8 | ![](ny20061035x4_ex96-1img002.jpg) |

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<u> Silver Opportunity Partners LLC \| Sunshine Mine S-K 1300 Technical Report Summary on the Initial Assessment </u> <u> March 25, 2026 SLR Project No.: 123.020552.00001 </u>

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Year** | &nbsp;&nbsp;**Tons** | &nbsp;&nbsp;**Ag opt** | &nbsp;&nbsp;**Contained Ag<br> (oz)** | &nbsp;&nbsp;**Recovered Ag<br> Ounces** | &nbsp;&nbsp;**Recovery<br> (Ag)** | &nbsp;&nbsp;**Primary Vein** |
| &nbsp;&nbsp;1977 | &nbsp;&nbsp;155116 | &nbsp;&nbsp;24.81 | &nbsp;&nbsp;3848428 | &nbsp;&nbsp;3745496 | &nbsp;&nbsp;97.3% | &nbsp;&nbsp;Chester |
| &nbsp;&nbsp;1976 | &nbsp;&nbsp;45869 | &nbsp;&nbsp;24.59 | &nbsp;&nbsp;1127849 | &nbsp;&nbsp;1091758 | &nbsp;&nbsp;96.8% | &nbsp;&nbsp;Chester |
| &nbsp;&nbsp;1975 | &nbsp;&nbsp;225897 | &nbsp;&nbsp;23.22 | &nbsp;&nbsp;5245328 | &nbsp;&nbsp;5082471 | &nbsp;&nbsp;96.9% | &nbsp;&nbsp;Chester |
| &nbsp;&nbsp;1974 | &nbsp;&nbsp;162046 | &nbsp;&nbsp;24.81 | &nbsp;&nbsp;4020361 | &nbsp;&nbsp;3951966 | &nbsp;&nbsp;98.3% | &nbsp;&nbsp;Chester |
| &nbsp;&nbsp;1973 | &nbsp;&nbsp;123539 | &nbsp;&nbsp;25.53 | &nbsp;&nbsp;3153951 | &nbsp;&nbsp;3063526 | &nbsp;&nbsp;97.1% | &nbsp;&nbsp;Chester |
| &nbsp;&nbsp;1972 | &nbsp;&nbsp;103206 | &nbsp;&nbsp;27.73 | &nbsp;&nbsp;2861902 | &nbsp;&nbsp;2781783 | &nbsp;&nbsp;97.2% | &nbsp;&nbsp;Chester |
| &nbsp;&nbsp;1971 | &nbsp;&nbsp;258858 | &nbsp;&nbsp;27.83 | &nbsp;&nbsp;7204018 | &nbsp;&nbsp;7030098 | &nbsp;&nbsp;97.6% | &nbsp;&nbsp;Chester |
| &nbsp;&nbsp;1970 | &nbsp;&nbsp;252879 | &nbsp;&nbsp;34.24 | &nbsp;&nbsp;8658275 | &nbsp;&nbsp;8381210 | &nbsp;&nbsp;96.8% | &nbsp;&nbsp;Chester |
| &nbsp;&nbsp;1969 | &nbsp;&nbsp;271515 | &nbsp;&nbsp;31.68 | &nbsp;&nbsp;8601595 | &nbsp;&nbsp;8390787 | &nbsp;&nbsp;97.5% | &nbsp;&nbsp;Chester |
| &nbsp;&nbsp;1968 | &nbsp;&nbsp;252090 | &nbsp;&nbsp;32.02 | &nbsp;&nbsp;8071922 | &nbsp;&nbsp;7870837 | &nbsp;&nbsp;97.5% | &nbsp;&nbsp;Chester |
| &nbsp;&nbsp;1967 | &nbsp;&nbsp;239915 | &nbsp;&nbsp;32.98 | &nbsp;&nbsp;7912397 | &nbsp;&nbsp;7711343 | &nbsp;&nbsp;97.5% | &nbsp;&nbsp;Chester |
| &nbsp;&nbsp;1966 | &nbsp;&nbsp;190782 | &nbsp;&nbsp;39.23 | &nbsp;&nbsp;7484378 | &nbsp;&nbsp;7309448 | &nbsp;&nbsp;97.7% | &nbsp;&nbsp;Chester |
| &nbsp;&nbsp;1965 | &nbsp;&nbsp;169805 | &nbsp;&nbsp;38.70 | &nbsp;&nbsp;6571454 | &nbsp;&nbsp;6433223 | &nbsp;&nbsp;97.9% | &nbsp;&nbsp;Chester |
| &nbsp;&nbsp;1964 | &nbsp;&nbsp;131799 | &nbsp;&nbsp;35.86 | &nbsp;&nbsp;4726312 | &nbsp;&nbsp;4632348 | &nbsp;&nbsp;98.0% | &nbsp;&nbsp;Chester |
| &nbsp;&nbsp;1963 | &nbsp;&nbsp;132637 | &nbsp;&nbsp;38.25 | &nbsp;&nbsp;5073365 | &nbsp;&nbsp;4963491 | &nbsp;&nbsp;97.8% | &nbsp;&nbsp;Chester |
| &nbsp;&nbsp;1962 | &nbsp;&nbsp;135786 | &nbsp;&nbsp;35.07 | &nbsp;&nbsp;4762015 | &nbsp;&nbsp;4655278 | &nbsp;&nbsp;97.8% | &nbsp;&nbsp;Chester |
| &nbsp;&nbsp;1961 | &nbsp;&nbsp;188923 | &nbsp;&nbsp;32.43 | &nbsp;&nbsp;6126773 | &nbsp;&nbsp;6001790 | &nbsp;&nbsp;97.3% | &nbsp;&nbsp;Chester |
| &nbsp;&nbsp;1960 | &nbsp;&nbsp;232342 | &nbsp;&nbsp;27.14 | &nbsp;&nbsp;6305762 | &nbsp;&nbsp;6141789 | &nbsp;&nbsp;97.1% | &nbsp;&nbsp;Chester |
| &nbsp;&nbsp;1959 | &nbsp;&nbsp;234548 | &nbsp;&nbsp;27.89 | &nbsp;&nbsp;6541544 | &nbsp;&nbsp;6367520 | &nbsp;&nbsp;97.4% | &nbsp;&nbsp;Chester |
| &nbsp;&nbsp;1958 | &nbsp;&nbsp;231964 | &nbsp;&nbsp;27.11 | &nbsp;&nbsp;6288544 | &nbsp;&nbsp;6128915 | &nbsp;&nbsp;97.2% | &nbsp;&nbsp;Chester |
| &nbsp;&nbsp;1957 | &nbsp;&nbsp;206385 | &nbsp;&nbsp;26.36 | &nbsp;&nbsp;5440309 | &nbsp;&nbsp;5206268 | &nbsp;&nbsp;97.1% | &nbsp;&nbsp;Chester |
| &nbsp;&nbsp;1956 | &nbsp;&nbsp;200028 | &nbsp;&nbsp;26.30 | &nbsp;&nbsp;5260736 | &nbsp;&nbsp;5153134 | &nbsp;&nbsp;97.4% | &nbsp;&nbsp;Chester |
| &nbsp;&nbsp;1955 | &nbsp;&nbsp;225883 | &nbsp;&nbsp;28.17 | &nbsp;&nbsp;6363124 | &nbsp;&nbsp;6178749 | &nbsp;&nbsp;97.1% | &nbsp;&nbsp;Chester |
| &nbsp;&nbsp;1954 | &nbsp;&nbsp;260698 | &nbsp;&nbsp;33.96 | &nbsp;&nbsp;8853304 | &nbsp;&nbsp;8623377 | &nbsp;&nbsp;97.4% | &nbsp;&nbsp;Chester |
| &nbsp;&nbsp;1953 | &nbsp;&nbsp;249686 | &nbsp;&nbsp;30.72 | &nbsp;&nbsp;7670354 | &nbsp;&nbsp;7505277 | &nbsp;&nbsp;97.9% | &nbsp;&nbsp;Chester |
| &nbsp;&nbsp;1952 | &nbsp;&nbsp;222577 | &nbsp;&nbsp;37.46 | &nbsp;&nbsp;8337734 | &nbsp;&nbsp;8194536 | &nbsp;&nbsp;98.3% | &nbsp;&nbsp;Chester |
| &nbsp;&nbsp;1951 | &nbsp;&nbsp;220265 | &nbsp;&nbsp;36.90 | &nbsp;&nbsp;8127779 | &nbsp;&nbsp;7992707 | &nbsp;&nbsp;98.3% | &nbsp;&nbsp;Yankee Girl |
| &nbsp;&nbsp;1950 | &nbsp;&nbsp;251877 | &nbsp;&nbsp;33.50 | &nbsp;&nbsp;8437880 | &nbsp;&nbsp;8291948 | &nbsp;&nbsp;98.3% | &nbsp;&nbsp;Yankee Girl |
| &nbsp;&nbsp;**Total /Average** | &nbsp;&nbsp;**9226910** | &nbsp;&nbsp;**26.67** | &nbsp;&nbsp;**254543825** | &nbsp;&nbsp;**247489279** | &nbsp;&nbsp;**97.2%** |  |

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Source: SRK 2023

Notes:

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|:---|:---|
| 1 | Ag recovery estimated: 96.3% |

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|:---|:---|
| 2 | Ag recovery estimated: 96.8% |

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**10.5** **Metallurgical Test Work – G&T** 

G&T Metallurgy (G&T) conducted a metallurgical program during 2013 on two master composites from the Sunshine mine, which represented the Western Stope and the Eastern Stope. The Western stope composite consisted of 4,933 kg of bulk material which was blended from four separate totes and the Eastern stope composite consisted of 2,741 kg of material that was blended from two separate totes.

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| 10-9 | ![](ny20061035x4_ex96-1img002.jpg) |

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<u> Silver Opportunity Partners LLC \| Sunshine Mine S-K 1300 Technical Report Summary on the Initial Assessment </u> <u> March 25, 2026 SLR Project No.: 123.020552.00001 </u>

The Western Stope and Eastern Stope bulk samples were collected from two different locations along the Yankee Boy Split vein in the Sterling Tunnel 6725 exploration drift. The samples were taken from the muck piles generated from single shots in each location. Figure 10-3 shows the locations of the bulk sample collection sites.

Variability samples were collected from the same area.

● The first group of variability samples are high lead-silver and were taken by visually selecting and compositing lead-silver vein specimens from the 6725 bulk sample stope and a parallel lead-silver vein located in the east stope. A sample of lead-silver material from drill core was included from a new vein lead-silver structure 200 feet into the footwall of the Sunshine vein. The grade of the samples was 37.9 opt Ag, 0.63% Cu, 9.5% Pb, 0.51% Sb and 0.09% Zn. The grade of the separate core sample was 16.2 opt Ag, 0.25% Cu, 6.7% Pb, 0.19% Sb and 0.02% Zn.

● The second group of variability samples were high silver-copper. The samples were composited by visually selecting vein tetrahedrite specimens from the isolated muck piles in the 6725 bulk sample stope. This set of samples was not assayed.

● The third group is low silver-copper samples and were collected from the isolated muck piles in the 6725 bulk sample stope. The grade of the samples was 12.3 opt Ag, 0.21% Cu, 0.09% Pb, 0.14% Sb and 0.02% Zn.

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| 10-10 | ![](ny20061035x4_ex96-1img002.jpg) |

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<u> Silver Opportunity Partners LLC \| Sunshine Mine S-K 1300 Technical Report Summary on the Initial Assessment </u> <u> March 25, 2026 SLR Project No.: 123.020552.00001 </u>

**Figure 10-3: SSMC Map Bulk Sample Locations**

![](ny20061035x4_ex96-1img025.jpg)

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| 10-11 | ![](ny20061035x4_ex96-1img002.jpg) |

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<u> Silver Opportunity Partners LLC \| Sunshine Mine S-K 1300 Technical Report Summary on the Initial Assessment </u> <u> March 25, 2026 SLR Project No.: 123.020552.00001 </u>

The metallurgical program included mineralogical evaluation, comminution test work and both bench-scale and pilot plant test work. The results of this program are presented in G&T's report, "Metallurgical Flowsheet Development: Testing on Sunshine Mine Samples", March 2013. The head analyses for each composite are shown in Table 10-6. It is noted that the Western Stope composite was similar to the average silver, copper and lead grades expected at the Sunshine Mine, whereas the Eastern Stope composite was lower grade with very little contained copper and lead. Key results from G&T's metallurgical test program are summarized in this section.

**Table 10-6: Head Analyses and Mineralogical Composition of the Sunshine Master Composites**

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| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Element or Mineral** | &nbsp;&nbsp;**Symbol** | &nbsp;&nbsp;**Unit** | &nbsp;&nbsp;**Western Stope** | &nbsp;&nbsp;**Eastern Stope** |
| &nbsp;&nbsp;**Element** |  |  |  |  |
| &nbsp;&nbsp;Copper | &nbsp;&nbsp;Cu | &nbsp;&nbsp;% | &nbsp;&nbsp;0.25 | &nbsp;&nbsp;0.13 |
| &nbsp;&nbsp;Lead | &nbsp;&nbsp;Pb | &nbsp;&nbsp;% | &nbsp;&nbsp;0.44 | &nbsp;&nbsp;0.02 |
| &nbsp;&nbsp;Zinc | &nbsp;&nbsp;Zn | &nbsp;&nbsp;% | &nbsp;&nbsp;0.02 | &nbsp;&nbsp;0.01 |
| &nbsp;&nbsp;Iron | &nbsp;&nbsp;Fe | &nbsp;&nbsp;% | &nbsp;&nbsp;5.67 | &nbsp;&nbsp;5.44 |
| &nbsp;&nbsp;Arsenic | &nbsp;&nbsp;As | &nbsp;&nbsp;% | &nbsp;&nbsp;0.011 | &nbsp;&nbsp;0.010 |
| &nbsp;&nbsp;Gold | &nbsp;&nbsp;Au | &nbsp;&nbsp;g/t | &nbsp;&nbsp;0.07 | &nbsp;&nbsp;0.02 |
| &nbsp;&nbsp;Silver | &nbsp;&nbsp;Ag | &nbsp;&nbsp;g/t | &nbsp;&nbsp;637 | &nbsp;&nbsp;316 |
| &nbsp;&nbsp;Sulfur | &nbsp;&nbsp;S | &nbsp;&nbsp;% | &nbsp;&nbsp;1.08 | &nbsp;&nbsp;0.78 |
| &nbsp;&nbsp;Carbon | &nbsp;&nbsp;C | &nbsp;&nbsp;% | &nbsp;&nbsp;1.92 | &nbsp;&nbsp;1.93 |
| &nbsp;&nbsp;**Mineral** |  |  |  |  |
| &nbsp;&nbsp;Freibergite / Tetrahedrite | &nbsp;&nbsp;Te | &nbsp;&nbsp;% | &nbsp;&nbsp;0.50 | &nbsp;&nbsp;0.37 |
| &nbsp;&nbsp;Chalcopyrite | &nbsp;&nbsp;Cp | &nbsp;&nbsp;% | &nbsp;&nbsp;0.04 | &nbsp;&nbsp;0.05 |
| &nbsp;&nbsp;Galena | &nbsp;&nbsp;Ga | &nbsp;&nbsp;% | &nbsp;&nbsp;0.44 | &nbsp;&nbsp;0.02 |
| &nbsp;&nbsp;Sphalerite | &nbsp;&nbsp;Sp | &nbsp;&nbsp;% | &nbsp;&nbsp;0.02 | &nbsp;&nbsp;0.02 |
| &nbsp;&nbsp;Pyrite | &nbsp;&nbsp;Py | &nbsp;&nbsp;% | &nbsp;&nbsp;1.57 | &nbsp;&nbsp;1.39 |
| &nbsp;&nbsp;Quartz |  |  | &nbsp;&nbsp;64.9 | &nbsp;&nbsp;53.7 |
| &nbsp;&nbsp;Muscovite |  |  | &nbsp;&nbsp;12.2 | &nbsp;&nbsp;20.8 |
| &nbsp;&nbsp;Ankerite |  |  | &nbsp;&nbsp;8.7 | &nbsp;&nbsp;6.5 |
| &nbsp;&nbsp;Siderite |  |  | &nbsp;&nbsp;8.9 | &nbsp;&nbsp;8.8 |
| &nbsp;&nbsp;Feldspars |  |  | &nbsp;&nbsp;1.2 | &nbsp;&nbsp;6.8 |
| &nbsp;&nbsp;Other Gangue | &nbsp;&nbsp;Gn | &nbsp;&nbsp;% | &nbsp;&nbsp;1.5 | &nbsp;&nbsp;1.5 |

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Source: G&T 2013

**10.5.1** **Mineralogy and Liberation** 

QEMSCAN Particle Mineral Analysis was conducted on sized fractions of each of the composites. Key observations included:

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| 10-12 | ![](ny20061035x4_ex96-1img002.jpg) |

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<u> Silver Opportunity Partners LLC \| Sunshine Mine S-K 1300 Technical Report Summary on the Initial Assessment </u> <u> March 25, 2026 SLR Project No.: 123.020552.00001 </u>

● Observed copper sulfide minerals were primarily freibergite, tetrahedrite, and to a lesser extent, chalcopyrite. Freibergite, a complex mineral also containing silver, antimony, and arsenic, was the predominant silver-bearing mineral observed for both the Western Stope and Eastern Stope Composites.

● The sulfides in the Western Stope composite were 61% liberated at a nominal grind size of P<sub>80</sub> 150 microns (μm) and the Eastern Stope sulfides were 58% liberated at a P<sub>80</sub> 200μm grind size, which is usually adequate for rougher-stage copper sulfide flotation.

● The binary copper sulfides were interlocked with gangue, with an average composition of 37 percent copper sulfide and should be recoverable to a rougher concentrate.

● Liberation of galena in the Western Stope Composite was measured at about 65 percent. Most of the binary galena particles were interlocked with gangue and with an average composition of 43 percent galena, these galena-gangue binaries should be recoverable via flotation processes.

**10.5.2** **Comminution Test Work** 

Comminution test work was conducted on each of the test composites to determine the Bond ball mill work index (BWI), Bond rod mill work index (RWI), Bond Low Energy Impact work index (CWI), Abrasion index (Ai) and the SAG mill Comminution Index (SMC). The results are summarized in Table 10-7. The BWI was determined to be 14.0 kilowatt hours per tonne (kWh/t) for the Western Stope composite and 12.9 kWh/t for the Eastern Stope composite. These results indicate that the composites are moderately hard with respect to ball mill grinding and are moderately abrasive. It is noted that no Jar tests were conducted to evaluate rougher concentrate regrind power requirements. Regrind power requirements should be assessed during the next phase of study.

**Table 10-7: Summary of Comminution Test Work Conducted on the Sunshine Test Composites**

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Composite** | &nbsp;&nbsp;**Bond Ball Mill Work Index** | &nbsp;&nbsp;**Bond Ball Mill Work Index** | &nbsp;&nbsp;**Bond Rod Mill Work Index** | &nbsp;&nbsp;**Bond Rod Mill Work Index** | &nbsp;&nbsp;**Crusher Work index** | &nbsp;&nbsp; **Abrasion** <br> **Index**  | &nbsp;&nbsp; **SMC** <br> **A x B**  |
| &nbsp;&nbsp;**Composite** | &nbsp;&nbsp;**kWh/t** | &nbsp;&nbsp;**μm P<sub>80</sub>** | &nbsp;&nbsp;**kWh/t** | &nbsp;&nbsp;**μm P<sub>80</sub>** | &nbsp;&nbsp;**kWh/t** | &nbsp;&nbsp; **Abrasion** <br> **Index**  | &nbsp;&nbsp; **SMC** <br> **A x B**  |
| &nbsp;&nbsp;Western Stope | &nbsp;&nbsp;14.0 | &nbsp;&nbsp;81 | &nbsp;&nbsp;17.4 | &nbsp;&nbsp;916 | &nbsp;&nbsp;10.0 | &nbsp;&nbsp;0.081 | &nbsp;&nbsp;59.2 |
| &nbsp;&nbsp;Eastern Stope | &nbsp;&nbsp;12.9 | &nbsp;&nbsp;81 | &nbsp;&nbsp;14.3 | &nbsp;&nbsp;976 | &nbsp;&nbsp;- | &nbsp;&nbsp;0.181 | &nbsp;&nbsp;53.0 |

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Source: G&T 2013

**10.5.3** **Flotation Test Work – Locked Cycle** 

Flotation test work was conducted to evaluate several different flotation flowsheet options, which resulted in a flowsheet that included sequential silver-copper flotation followed by lead flotation for the Western Stope composite, which is similar to the flowsheet planned for the new Sunshine concentrator. No locked cycle test work was conducted on the Eastern Stope composite.

The silver-copper flotation flowsheet parameters included a primary grind of P<sub>80</sub> 195 μm and regrinding of the rougher concentrate to P80 13 μm before feeding cleaner and cleaner scavenger cells. The cleaner concentrate is final silver-copper concentrate. The cleaner tailings feeds the copper cleaner scavenger cells. The cleaner scavenger concentrate returns to the 1st cleaner feed and the cleaner tailings reports to the lead circuit feed. T The lead circuit is similar to the silver-copper circuit. The silver-copper tailings have a primary grind of P80 195 μm and the rougher concentrate is ground to P<sub>80</sub> 12 to 14 μm. The lead cleaner concentrate is final lead concentrate, and the lead cleaner tailings are combined with the lead rougher tailings and are final tailings.

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| 10-13 | ![](ny20061035x4_ex96-1img002.jpg) |

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<u> Silver Opportunity Partners LLC \| Sunshine Mine S-K 1300 Technical Report Summary on the Initial Assessment </u> <u> March 25, 2026 SLR Project No.: 123.020552.00001 </u>

The locked cycle test retention times for copper rougher and cleaner stages were 1.5 minutes and 10 minutes, respectively, with an additional two minutes for cleaner scavenger flotation. The lead rougher and cleaner stage retention times were six minutes and 10 minutes, respectively.

The results of locked cycle tests conducted on the Western Stope composite are shown in Table 10-8, and the locked cycle test flowsheet is shown in Figure 10-4. Silver recovery into the silver-copper concentrate ranged from 78.1% to 82.3% and averaged 79.6 %. Silver recovery into the lead-silver concentrate ranged from 9.7% to 11.3% and averaged 10.4%. Overall silver recovery averaged 90.0%. Copper recovery into the silver-copper concentrate averaged 81.2% into a concentrate that averaged 26.5% copper and 68,188 g/t silver. Lead recovery into the lead-silver concentrate averaged 64.3% into a concentrate that averaged 49.6% lead and 11,541 g/t silver.

**Table 10-8: Summary of Locked-Cycle Tests on the Western Stope Composite**

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|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Product** | &nbsp;&nbsp;**Weight %** | &nbsp;&nbsp;**Assay – Percent or g/t** | &nbsp;&nbsp;**Assay – Percent or g/t** | &nbsp;&nbsp;**Assay – Percent or g/t** | &nbsp;&nbsp;**Assay – Percent or g/t** | &nbsp;&nbsp;**Assay – Percent or g/t** | &nbsp;&nbsp;**Assay – Percent or g/t** | &nbsp;&nbsp;**Distribution - Percent** | &nbsp;&nbsp;**Distribution - Percent** | &nbsp;&nbsp;**Distribution - Percent** | &nbsp;&nbsp;**Distribution - Percent** | &nbsp;&nbsp;**Distribution - Percent** | &nbsp;&nbsp;**Distribution - Percent** |
| &nbsp;&nbsp;**Product** | &nbsp;&nbsp;**Weight %** | &nbsp;&nbsp;**Cu** | &nbsp;&nbsp;**Pb** | &nbsp;&nbsp;**Zn** | &nbsp;&nbsp;**Fe** | &nbsp;&nbsp;**S** | &nbsp;&nbsp;**Ag** | &nbsp;&nbsp;**Cu** | &nbsp;&nbsp;**Pb** | &nbsp;&nbsp;**Zn** | &nbsp;&nbsp;**Fe** | &nbsp;&nbsp;**S** | &nbsp;&nbsp;**Ag** |
| &nbsp;&nbsp;**Test 24 Western Stope** | &nbsp;&nbsp;**Test 24 Western Stope** | &nbsp;&nbsp;**Test 24 Western Stope** | &nbsp;&nbsp;**Test 24 Western Stope** | &nbsp;&nbsp;**Test 24 Western Stope** | &nbsp;&nbsp;**Test 24 Western Stope** | &nbsp;&nbsp;**Test 24 Western Stope** | &nbsp;&nbsp;**Test 24 Western Stope** | &nbsp;&nbsp;**Test 24 Western Stope** | &nbsp;&nbsp;**Test 24 Western Stope** | &nbsp;&nbsp;**Test 24 Western Stope** | &nbsp;&nbsp;**Test 24 Western Stope** | &nbsp;&nbsp;**Test 24 Western Stope** | &nbsp;&nbsp;**Test 24 Western Stope** |
| &nbsp;&nbsp;Flotation Feed | &nbsp;&nbsp;100 | &nbsp;&nbsp;0.21 | &nbsp;&nbsp;0.40 | &nbsp;&nbsp;0.03 | &nbsp;&nbsp;5.3 | &nbsp;&nbsp;0.98 | &nbsp;&nbsp;579 | &nbsp;&nbsp;100.0 | &nbsp;&nbsp;100.0 | &nbsp;&nbsp;100.0 | &nbsp;&nbsp;100.0 | &nbsp;&nbsp;100.0 | &nbsp;&nbsp;100.0 |
| &nbsp;&nbsp;Cu/Ag Conc | &nbsp;&nbsp;0.6 | &nbsp;&nbsp;27.2 | &nbsp;&nbsp;3.96 | &nbsp;&nbsp;2.33 | &nbsp;&nbsp;4.8 | &nbsp;&nbsp;23.6 | &nbsp;&nbsp;73498 | &nbsp;&nbsp;78.5 | &nbsp;&nbsp;6.1 | &nbsp;&nbsp;52.6 | &nbsp;&nbsp;0.6 | &nbsp;&nbsp;14.9 | &nbsp;&nbsp;78.1 |
| &nbsp;&nbsp;Pb/Ag Conc | &nbsp;&nbsp;0.5 | &nbsp;&nbsp;4.4 | &nbsp;&nbsp;55.5 | &nbsp;&nbsp;0.39 | &nbsp;&nbsp;7.4 | &nbsp;&nbsp;17.5 | &nbsp;&nbsp;13294 | &nbsp;&nbsp;10.3 | &nbsp;&nbsp;69.0 | &nbsp;&nbsp;7.1 | &nbsp;&nbsp;0.7 | &nbsp;&nbsp;8.8 | &nbsp;&nbsp;11.3 |
| &nbsp;&nbsp;**Test 26 Western Stope (with Cleaner Scavenger)** | &nbsp;&nbsp;**Test 26 Western Stope (with Cleaner Scavenger)** | &nbsp;&nbsp;**Test 26 Western Stope (with Cleaner Scavenger)** | &nbsp;&nbsp;**Test 26 Western Stope (with Cleaner Scavenger)** | &nbsp;&nbsp;**Test 26 Western Stope (with Cleaner Scavenger)** | &nbsp;&nbsp;**Test 26 Western Stope (with Cleaner Scavenger)** | &nbsp;&nbsp;**Test 26 Western Stope (with Cleaner Scavenger)** | &nbsp;&nbsp;**Test 26 Western Stope (with Cleaner Scavenger)** | &nbsp;&nbsp;**Test 26 Western Stope (with Cleaner Scavenger)** | &nbsp;&nbsp;**Test 26 Western Stope (with Cleaner Scavenger)** | &nbsp;&nbsp;**Test 26 Western Stope (with Cleaner Scavenger)** | &nbsp;&nbsp;**Test 26 Western Stope (with Cleaner Scavenger)** | &nbsp;&nbsp;**Test 26 Western Stope (with Cleaner Scavenger)** | &nbsp;&nbsp;**Test 26 Western Stope (with Cleaner Scavenger)** |
| &nbsp;&nbsp;Flotation Feed | &nbsp;&nbsp;100 | &nbsp;&nbsp;0.231 | &nbsp;&nbsp;0.41 | &nbsp;&nbsp;0.04 | &nbsp;&nbsp;5.4 | &nbsp;&nbsp;1.13 | &nbsp;&nbsp;587 | &nbsp;&nbsp;100.0 | &nbsp;&nbsp;100.0 | &nbsp;&nbsp;100.0 | &nbsp;&nbsp;100.0 | &nbsp;&nbsp;100.0 | &nbsp;&nbsp;100.0 |
| &nbsp;&nbsp;Cu/Ag Conc | &nbsp;&nbsp;0.7 | &nbsp;&nbsp;26.4 | &nbsp;&nbsp;4.39 | &nbsp;&nbsp;2.19 | &nbsp;&nbsp;4.8 | &nbsp;&nbsp;22.3 | &nbsp;&nbsp;66114 | &nbsp;&nbsp;83.5 | &nbsp;&nbsp;7.8 | &nbsp;&nbsp;40.9 | &nbsp;&nbsp;0.7 | &nbsp;&nbsp;14.4 | &nbsp;&nbsp;82.3 |
| &nbsp;&nbsp;Pb/Ag Conc | &nbsp;&nbsp;0.6 | &nbsp;&nbsp;3.2 | &nbsp;&nbsp;47.3 | &nbsp;&nbsp;0.42 | &nbsp;&nbsp;11.3 | &nbsp;&nbsp;21.0 | &nbsp;&nbsp;9644 | &nbsp;&nbsp;8.3 | &nbsp;&nbsp;67.8 | &nbsp;&nbsp;6.4 | &nbsp;&nbsp;1.2 | &nbsp;&nbsp;10.9 | &nbsp;&nbsp;9.7 |
| &nbsp;&nbsp;**Test 34 Western Stope (with Cleaner Scavenger)** | &nbsp;&nbsp;**Test 34 Western Stope (with Cleaner Scavenger)** | &nbsp;&nbsp;**Test 34 Western Stope (with Cleaner Scavenger)** | &nbsp;&nbsp;**Test 34 Western Stope (with Cleaner Scavenger)** | &nbsp;&nbsp;**Test 34 Western Stope (with Cleaner Scavenger)** | &nbsp;&nbsp;**Test 34 Western Stope (with Cleaner Scavenger)** | &nbsp;&nbsp;**Test 34 Western Stope (with Cleaner Scavenger)** | &nbsp;&nbsp;**Test 34 Western Stope (with Cleaner Scavenger)** | &nbsp;&nbsp;**Test 34 Western Stope (with Cleaner Scavenger)** | &nbsp;&nbsp;**Test 34 Western Stope (with Cleaner Scavenger)** | &nbsp;&nbsp;**Test 34 Western Stope (with Cleaner Scavenger)** | &nbsp;&nbsp;**Test 34 Western Stope (with Cleaner Scavenger)** | &nbsp;&nbsp;**Test 34 Western Stope (with Cleaner Scavenger)** | &nbsp;&nbsp;**Test 34 Western Stope (with Cleaner Scavenger)** |
| &nbsp;&nbsp;Flotation Feed | &nbsp;&nbsp;100 | &nbsp;&nbsp;0.225 | &nbsp;&nbsp;0.41 | &nbsp;&nbsp;0.03 | &nbsp;&nbsp;5.7 | &nbsp;&nbsp;1.03 | &nbsp;&nbsp;585 | &nbsp;&nbsp;100.0 | &nbsp;&nbsp;100.0 | &nbsp;&nbsp;100.0 | &nbsp;&nbsp;100.0 | &nbsp;&nbsp;100.0 | &nbsp;&nbsp;100.0 |
| &nbsp;&nbsp;Cu/Ag Conc | &nbsp;&nbsp;0.7 | &nbsp;&nbsp;26.0 | &nbsp;&nbsp;3.92 | &nbsp;&nbsp;2.22 | &nbsp;&nbsp;5.2 | &nbsp;&nbsp;22.0 | &nbsp;&nbsp;64952 | &nbsp;&nbsp;81.6 | &nbsp;&nbsp;6.7 | &nbsp;&nbsp;54.4 | &nbsp;&nbsp;0.6 | &nbsp;&nbsp;15.1 | &nbsp;&nbsp;78.5 |
| &nbsp;&nbsp;Pb/Ag Conc | &nbsp;&nbsp;0.5 | &nbsp;&nbsp;3.7 | &nbsp;&nbsp;45.9 | &nbsp;&nbsp;0.40 | &nbsp;&nbsp;11.3 | &nbsp;&nbsp;19.2 | &nbsp;&nbsp;11691 | &nbsp;&nbsp;8.2 | &nbsp;&nbsp;56.2 | &nbsp;&nbsp;7.0 | &nbsp;&nbsp;1.0 | &nbsp;&nbsp;9.4 | &nbsp;&nbsp;10.1 |

---

Source: G&T 2013

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| | |
|:---|:---|
| 10-14 | ![](ny20061035x4_ex96-1img002.jpg) |

---

------

<u> Silver Opportunity Partners LLC \| Sunshine Mine S-K 1300 Technical Report Summary on the Initial Assessment </u> <u> March 25, 2026 SLR Project No.: 123.020552.00001 </u>

**Figure 10-4: Locked Cycle Test Flowsheet used for the Western Stope Composite**

Source: G&T 2013

**10.5.4** **Flotation Test Work – Pilot Plant** 

The results of the pilot plant campaign on the Western Stope composite are presented in Table 10-9, and the Western Stope pilot plant flowsheet is shown in Figure 10-5. The flowsheet is similar to that of the locked cycle tests with sequential copper and lead circuits, each with rougher/scavenger flotation, regrind of rougher concentrates to 13 μm followed by two stages of cleaning. The second cleaner concentrate is final concentrate.

Silver recovery averaged 80% into the silver-copper concentrate and 12% into the Lead-silver concentrate. Overall silver recovery averaged 92%. Copper recovery averaged 82% into a silver-copper concentrate containing 22.3% Cu and 55,300 g/t Ag. Lead recovery averaged 51% into a lead-silver concentrate containing 49.0% Pb and 13,900 g/t Ag. Antimony content in the silver-copper concentrate was reported at 18.0% Sb and 4.51% Sb in the lead-silver concentrate.

The results of the pilot plant campaign on the Eastern Stope composite are presented in Table 10-10 , and the Eastern Stope pilot plant flowsheet is shown in Figure 10-6. It is noted that Eastern Stope pilot plant flowsheet only included silver-copper flotation and did not include lead flotation. Silver recovery averaged 91% into a silver-copper concentrate that averaged 16.4% Cu and 42,238 g/t Ag. Antimony content in the silver-copper concentrate was reported at 14.2% Sb.

---

| | |
|:---|:---|
| 10-15 | ![](ny20061035x4_ex96-1img002.jpg) |

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------

<u> Silver Opportunity Partners LLC \| Sunshine Mine S-K 1300 Technical Report Summary on the Initial Assessment </u> <u> March 25, 2026 SLR Project No.: 123.020552.00001 </u>

**Table 10-9: Summary of Pilot Plant Campaign on the Western Stope Composite**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Test** | &nbsp;&nbsp;**Product** | &nbsp;&nbsp;**Weight Percent** | &nbsp;&nbsp;**Assay – Percent or g/tonne** | &nbsp;&nbsp;**Assay – Percent or g/tonne** | &nbsp;&nbsp;**Assay – Percent or g/tonne** | &nbsp;&nbsp;**Assay – Percent or g/tonne** | &nbsp;&nbsp;**Distribution - Percent** | &nbsp;&nbsp;**Distribution - Percent** | &nbsp;&nbsp;**Distribution - Percent** | &nbsp;&nbsp;**Distribution - Percent** |
| &nbsp;&nbsp;**Test** | &nbsp;&nbsp;**Product** | &nbsp;&nbsp;**Weight Percent** | &nbsp;&nbsp;**Cu** | &nbsp;&nbsp;**Pb** | &nbsp;&nbsp;**Zn** | &nbsp;&nbsp;**Ag** | &nbsp;&nbsp;**Cu** | &nbsp;&nbsp;**Pb** | &nbsp;&nbsp;**Zn** | &nbsp;&nbsp;**Ag** |
| &nbsp;&nbsp;P4-A | &nbsp;&nbsp;Cu/Ag Conc | &nbsp;&nbsp;0.9 | &nbsp;&nbsp;21.4 | &nbsp;&nbsp;6.51 | &nbsp;&nbsp;1.39 | &nbsp;&nbsp;46400 | &nbsp;&nbsp;88 | &nbsp;&nbsp;17 | &nbsp;&nbsp;50 | &nbsp;&nbsp;80 |
| &nbsp;&nbsp;P4-A | &nbsp;&nbsp;Pb/Ag Conc | &nbsp;&nbsp;0.6 | &nbsp;&nbsp;2.73 | &nbsp;&nbsp;29.0 | &nbsp;&nbsp;0.34 | &nbsp;&nbsp;11900 | &nbsp;&nbsp;8 | &nbsp;&nbsp;52 | &nbsp;&nbsp;9 | &nbsp;&nbsp;14 |
| &nbsp;&nbsp;P4-B | &nbsp;&nbsp;Cu/Ag Conc | &nbsp;&nbsp;0.9 | &nbsp;&nbsp;21.9 | &nbsp;&nbsp;6.64 | &nbsp;&nbsp;1.57 | &nbsp;&nbsp;57200 | &nbsp;&nbsp;89 | &nbsp;&nbsp;15 | &nbsp;&nbsp;54 | &nbsp;&nbsp;87 |
| &nbsp;&nbsp;P4-B | &nbsp;&nbsp;Pb/Ag Conc | &nbsp;&nbsp;0.4 | &nbsp;&nbsp;3.45 | &nbsp;&nbsp;53.6 | &nbsp;&nbsp;0.33 | &nbsp;&nbsp;10100 | &nbsp;&nbsp;6 | &nbsp;&nbsp;53 | &nbsp;&nbsp;5 | &nbsp;&nbsp;7 |
| &nbsp;&nbsp;P4-C | &nbsp;&nbsp;Cu/Ag Conc | &nbsp;&nbsp;0.9 | &nbsp;&nbsp;20.4 | &nbsp;&nbsp;6.84 | &nbsp;&nbsp;1.44 | &nbsp;&nbsp;53900 | &nbsp;&nbsp;86 | &nbsp;&nbsp;16 | &nbsp;&nbsp;55 | &nbsp;&nbsp;84 |
| &nbsp;&nbsp;P4-C | &nbsp;&nbsp;Pb/Ag Conc | &nbsp;&nbsp;0.5 | &nbsp;&nbsp;3.70 | &nbsp;&nbsp;46.6 | &nbsp;&nbsp;0.32 | &nbsp;&nbsp;10800 | &nbsp;&nbsp;8 | &nbsp;&nbsp;56 | &nbsp;&nbsp;6 | &nbsp;&nbsp;9 |
| &nbsp;&nbsp;P5-A | &nbsp;&nbsp;Cu/Ag Conc | &nbsp;&nbsp;0.8 | &nbsp;&nbsp;21.3 | &nbsp;&nbsp;5.36 | &nbsp;&nbsp;1.75 | &nbsp;&nbsp;57600 | &nbsp;&nbsp;79 | &nbsp;&nbsp;10 | &nbsp;&nbsp;57 | &nbsp;&nbsp;79 |
| &nbsp;&nbsp;P5-A | &nbsp;&nbsp;Pb/Ag Conc | &nbsp;&nbsp;0.3 | &nbsp;&nbsp;7.63 | &nbsp;&nbsp;53.0 | &nbsp;&nbsp;0.56 | &nbsp;&nbsp;19900 | &nbsp;&nbsp;11 | &nbsp;&nbsp;39 | &nbsp;&nbsp;7 | &nbsp;&nbsp;11 |
| &nbsp;&nbsp;P5-B | &nbsp;&nbsp;Cu/Ag Conc | &nbsp;&nbsp;0.7 | &nbsp;&nbsp;22.3 | &nbsp;&nbsp;4.81 | &nbsp;&nbsp;1.76 | &nbsp;&nbsp;60200 | &nbsp;&nbsp;81 | &nbsp;&nbsp;8 | &nbsp;&nbsp;55 | &nbsp;&nbsp;81 |
| &nbsp;&nbsp;P5-B | &nbsp;&nbsp;Pb/Ag Conc | &nbsp;&nbsp;0.4 | &nbsp;&nbsp;5.30 | &nbsp;&nbsp;52.4 | &nbsp;&nbsp;0.39 | &nbsp;&nbsp;15100 | &nbsp;&nbsp;10 | &nbsp;&nbsp;48 | &nbsp;&nbsp;6 | &nbsp;&nbsp;11 |
| &nbsp;&nbsp;P5-C | &nbsp;&nbsp;Cu/Ag Conc | &nbsp;&nbsp;0.8 | &nbsp;&nbsp;20.2 | &nbsp;&nbsp;5.06 | &nbsp;&nbsp;1.29 | &nbsp;&nbsp;45200 | &nbsp;&nbsp;85 | &nbsp;&nbsp;10 | &nbsp;&nbsp;50 | &nbsp;&nbsp;82 |
| &nbsp;&nbsp;P5-C | &nbsp;&nbsp;Pb/Ag Conc | &nbsp;&nbsp;0.3 | &nbsp;&nbsp;4.07 | &nbsp;&nbsp;52.4 | &nbsp;&nbsp;0.32 | &nbsp;&nbsp;12400 | &nbsp;&nbsp;7 | &nbsp;&nbsp;42 | &nbsp;&nbsp;5 | &nbsp;&nbsp;9 |
| &nbsp;&nbsp;P6-D | &nbsp;&nbsp;Cu/Ag Conc | &nbsp;&nbsp;0.9 | &nbsp;&nbsp;21.5 | &nbsp;&nbsp;5.63 | &nbsp;&nbsp;1.54 | &nbsp;&nbsp;42900 | &nbsp;&nbsp;86 | &nbsp;&nbsp;11 | &nbsp;&nbsp;54 | &nbsp;&nbsp;81 |
| &nbsp;&nbsp;P6-D | &nbsp;&nbsp;Pb/Ag Conc | &nbsp;&nbsp;0.4 | &nbsp;&nbsp;3.81 | &nbsp;&nbsp;52.1 | &nbsp;&nbsp;0.27 | &nbsp;&nbsp;11700 | &nbsp;&nbsp;7 | &nbsp;&nbsp;49 | &nbsp;&nbsp;4 | &nbsp;&nbsp;10 |
| &nbsp;&nbsp;P6-A | &nbsp;&nbsp;Cu/Ag Conc | &nbsp;&nbsp;0.5 | &nbsp;&nbsp;23.5 | &nbsp;&nbsp;7.42 | &nbsp;&nbsp;1.36 | &nbsp;&nbsp;64700 | &nbsp;&nbsp;61 | &nbsp;&nbsp;8 | &nbsp;&nbsp;41 | &nbsp;&nbsp;60 |
| &nbsp;&nbsp;P6-A | &nbsp;&nbsp;Pb/Ag Conc | &nbsp;&nbsp;0.7 | &nbsp;&nbsp;9.04 | &nbsp;&nbsp;40.2 | &nbsp;&nbsp;0.59 | &nbsp;&nbsp;26300 | &nbsp;&nbsp;32 | &nbsp;&nbsp;60 | &nbsp;&nbsp;24 | &nbsp;&nbsp;33 |
| &nbsp;&nbsp;P6-B | &nbsp;&nbsp;Cu/Ag Conc | &nbsp;&nbsp;0.8 | &nbsp;&nbsp;22.9 | &nbsp;&nbsp;6.59 | &nbsp;&nbsp;1.82 | &nbsp;&nbsp;63600 | &nbsp;&nbsp;82 | &nbsp;&nbsp;10 | &nbsp;&nbsp;57 | &nbsp;&nbsp;82 |
| &nbsp;&nbsp;P6-B | &nbsp;&nbsp;Pb/Ag Conc | &nbsp;&nbsp;0.4 | &nbsp;&nbsp;5.79 | &nbsp;&nbsp;49.5 | &nbsp;&nbsp;0.44 | &nbsp;&nbsp;16500 | &nbsp;&nbsp;11 | &nbsp;&nbsp;41 | &nbsp;&nbsp;7 | &nbsp;&nbsp;12 |
| &nbsp;&nbsp;P6-C | &nbsp;&nbsp;Cu/Ag Conc | &nbsp;&nbsp;0.8 | &nbsp;&nbsp;20.6 | &nbsp;&nbsp;4.90 | &nbsp;&nbsp;1.77 | &nbsp;&nbsp;56700 | &nbsp;&nbsp;85 | &nbsp;&nbsp;8 | &nbsp;&nbsp;58 | &nbsp;&nbsp;85 |
| &nbsp;&nbsp;P6-C | &nbsp;&nbsp;Pb/Ag Conc | &nbsp;&nbsp;0.5 | &nbsp;&nbsp;3.77 | &nbsp;&nbsp;58.2 | &nbsp;&nbsp;0.29 | &nbsp;&nbsp;11300 | &nbsp;&nbsp;9 | &nbsp;&nbsp;51 | &nbsp;&nbsp;5 | &nbsp;&nbsp;9 |
| &nbsp;&nbsp;P6-D | &nbsp;&nbsp;Cu/Ag Conc | &nbsp;&nbsp;0.8 | &nbsp;&nbsp;22.7 | &nbsp;&nbsp;6.71 | &nbsp;&nbsp;1.71 | &nbsp;&nbsp;61600 | &nbsp;&nbsp;87 | &nbsp;&nbsp;11 | &nbsp;&nbsp;55 | &nbsp;&nbsp;87 |
| &nbsp;&nbsp;P6-D | &nbsp;&nbsp;Pb/Ag Conc | &nbsp;&nbsp;0.5 | &nbsp;&nbsp;3.23 | &nbsp;&nbsp;57.4 | &nbsp;&nbsp;0.22 | &nbsp;&nbsp;9500 | &nbsp;&nbsp;7 | &nbsp;&nbsp;58 | &nbsp;&nbsp;4 | &nbsp;&nbsp;8 |
| &nbsp;&nbsp;P7-A | &nbsp;&nbsp;Cu/Ag Conc | &nbsp;&nbsp;0.6 | &nbsp;&nbsp;24.0 | &nbsp;&nbsp;7.44 | &nbsp;&nbsp;1.79 | &nbsp;&nbsp;62200 | &nbsp;&nbsp;69 | &nbsp;&nbsp;9 | &nbsp;&nbsp;46 | &nbsp;&nbsp;68 |
| &nbsp;&nbsp;P7-A | &nbsp;&nbsp;Pb/Ag Conc | &nbsp;&nbsp;0.7 | &nbsp;&nbsp;7.08 | &nbsp;&nbsp;38.9 | &nbsp;&nbsp;0.48 | &nbsp;&nbsp;19600 | &nbsp;&nbsp;23 | &nbsp;&nbsp;52 | &nbsp;&nbsp;14 | &nbsp;&nbsp;24 |
| &nbsp;&nbsp;P7-B | &nbsp;&nbsp;Cu/Ag Conc | &nbsp;&nbsp;0.8 | &nbsp;&nbsp;23.4 | &nbsp;&nbsp;4.72 | &nbsp;&nbsp;1.73 | &nbsp;&nbsp;42400 | &nbsp;&nbsp;83 | &nbsp;&nbsp;7 | &nbsp;&nbsp;56 | &nbsp;&nbsp;81 |
| &nbsp;&nbsp;P7-B | &nbsp;&nbsp;Pb/Ag Conc | &nbsp;&nbsp;0.6 | &nbsp;&nbsp;3.99 | &nbsp;&nbsp;49.6 | &nbsp;&nbsp;0.33 | &nbsp;&nbsp;12100 | &nbsp;&nbsp;11 | &nbsp;&nbsp;62 | &nbsp;&nbsp;8 | &nbsp;&nbsp;13 |
| &nbsp;&nbsp;P7-C | &nbsp;&nbsp;Cu/Ag Conc | &nbsp;&nbsp;0.7 | &nbsp;&nbsp;25.4 | &nbsp;&nbsp;4.66 | &nbsp;&nbsp;1.70 | &nbsp;&nbsp;64500 | &nbsp;&nbsp;85 | &nbsp;&nbsp;7 | &nbsp;&nbsp;55 | &nbsp;&nbsp;83 |
| &nbsp;&nbsp;P7-C | &nbsp;&nbsp;Pb/Ag Conc | &nbsp;&nbsp;0.5 | &nbsp;&nbsp;3.35 | &nbsp;&nbsp;50.8 | &nbsp;&nbsp;0.27 | &nbsp;&nbsp;10400 | &nbsp;&nbsp;7 | &nbsp;&nbsp;46 | &nbsp;&nbsp;5 | &nbsp;&nbsp;8 |
| &nbsp;&nbsp;P7-D | &nbsp;&nbsp;Cu/Ag Conc | &nbsp;&nbsp;0.8 | &nbsp;&nbsp;23.5 | &nbsp;&nbsp;5.14 | &nbsp;&nbsp;1.68 | &nbsp;&nbsp;60100 | &nbsp;&nbsp;85 | &nbsp;&nbsp;9 | &nbsp;&nbsp;54 | &nbsp;&nbsp;84 |
| &nbsp;&nbsp;P7-D | &nbsp;&nbsp;Pb/Ag Conc | &nbsp;&nbsp;0.5 | &nbsp;&nbsp;3.39 | &nbsp;&nbsp;50.8 | &nbsp;&nbsp;0.28 | &nbsp;&nbsp;10200 | &nbsp;&nbsp;8 | &nbsp;&nbsp;54 | &nbsp;&nbsp;6 | &nbsp;&nbsp;9 |
| &nbsp;&nbsp;**Average** | &nbsp;&nbsp;Cu/Ag Conc | &nbsp;&nbsp;**0.8** | &nbsp;&nbsp;**22.3** | &nbsp;&nbsp;**5.90** | &nbsp;&nbsp;**1.62** | &nbsp;&nbsp;**55300** | &nbsp;&nbsp;**82** | &nbsp;&nbsp;**10** | &nbsp;&nbsp;**53** | &nbsp;&nbsp;**80** |
| &nbsp;&nbsp;**Average** | &nbsp;&nbsp;Pb/Ag Conc | &nbsp;&nbsp;**0.5** | &nbsp;&nbsp;**4.69** | &nbsp;&nbsp;**49.0** | &nbsp;&nbsp;**0.36** | &nbsp;&nbsp;**13900** | &nbsp;&nbsp;**11** | &nbsp;&nbsp;**51** | &nbsp;&nbsp;**8** | &nbsp;&nbsp;**12** |

---

Source: G&T 2013

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| | |
|:---|:---|
| 10-16 | ![](ny20061035x4_ex96-1img002.jpg) |

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<u> Silver Opportunity Partners LLC \| Sunshine Mine S-K 1300 Technical Report Summary on the Initial Assessment </u> <u> March 25, 2026 SLR Project No.: 123.020552.00001 </u>

**Figure 10-5: Pilot Plant Flowsheet Used for the Western Stope Composite**

![](ny20061035x4_ex96-1img027.jpg)

Source: G&T 2013

**Table 10-10: Pilot Plant Flowsheet Used for the Eastern Stope Composite**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Test** | &nbsp;&nbsp;**Product** | &nbsp;&nbsp;**Weight Percent** | &nbsp;&nbsp;**Assay – Percent or g/tonne** | &nbsp;&nbsp;**Assay – Percent or g/tonne** | &nbsp;&nbsp;**Assay – Percent or g/tonne** | &nbsp;&nbsp;**Assay – Percent or g/tonne** | &nbsp;&nbsp;**Distribution - Percent** | &nbsp;&nbsp;**Distribution - Percent** | &nbsp;&nbsp;**Distribution - Percent** | &nbsp;&nbsp;**Distribution - Percent** |
| &nbsp;&nbsp;**Test** | &nbsp;&nbsp;**Product** | &nbsp;&nbsp;**Weight Percent** | &nbsp;&nbsp;**Cu** | &nbsp;&nbsp;**Pb** | &nbsp;&nbsp;**Zn** | &nbsp;&nbsp;**Ag** | &nbsp;&nbsp;**Cu** | &nbsp;&nbsp;**Pb** | &nbsp;&nbsp;**Zn** | &nbsp;&nbsp;**Ag** |
| &nbsp;&nbsp;P1-A | &nbsp;&nbsp;Cu/Ag Conc | &nbsp;&nbsp;0.8 | &nbsp;&nbsp;15.7 | &nbsp;&nbsp;0.52 | &nbsp;&nbsp;1.11 | &nbsp;&nbsp;39700 | &nbsp;&nbsp;89 | &nbsp;&nbsp;20 | &nbsp;&nbsp;48 | &nbsp;&nbsp;91 |
| &nbsp;&nbsp;P1-B | &nbsp;&nbsp;Cu/Ag Conc | &nbsp;&nbsp;0.9 | &nbsp;&nbsp;12.6 | &nbsp;&nbsp;0.49 | &nbsp;&nbsp;0.64 | &nbsp;&nbsp;40600 | &nbsp;&nbsp;90 | &nbsp;&nbsp;20 | &nbsp;&nbsp;46 | &nbsp;&nbsp;90 |
| &nbsp;&nbsp;P2-A | &nbsp;&nbsp;Cu/Ag Conc | &nbsp;&nbsp;0.8 | &nbsp;&nbsp;14.2 | &nbsp;&nbsp;0.49 | &nbsp;&nbsp;0.78 | &nbsp;&nbsp;40700 | &nbsp;&nbsp;87 | &nbsp;&nbsp;31 | &nbsp;&nbsp;46 | &nbsp;&nbsp;88 |
| &nbsp;&nbsp;P2-B | &nbsp;&nbsp;Cu/Ag Conc | &nbsp;&nbsp;0.7 | &nbsp;&nbsp;17.0 | &nbsp;&nbsp;0.62 | &nbsp;&nbsp;0.88 | &nbsp;&nbsp;43000 | &nbsp;&nbsp;92 | &nbsp;&nbsp;20 | &nbsp;&nbsp;47 | &nbsp;&nbsp;91 |
| &nbsp;&nbsp;P2-C | &nbsp;&nbsp;Cu/Ag Con | &nbsp;&nbsp;0.6 | &nbsp;&nbsp;19.1 | &nbsp;&nbsp;0.60 | &nbsp;&nbsp;0.94 | &nbsp;&nbsp;46600 | &nbsp;&nbsp;91 | &nbsp;&nbsp;12 | &nbsp;&nbsp;46 | &nbsp;&nbsp;93 |
| &nbsp;&nbsp;P3-A | &nbsp;&nbsp;Cu/Ag Conc | &nbsp;&nbsp;0.8 | &nbsp;&nbsp;17.2 | &nbsp;&nbsp;0.57 | &nbsp;&nbsp;1.07 | &nbsp;&nbsp;39600 | &nbsp;&nbsp;84 | &nbsp;&nbsp;16 | &nbsp;&nbsp;42 | &nbsp;&nbsp;85 |
| &nbsp;&nbsp;P3-B | &nbsp;&nbsp;Cu/Ag Conc | &nbsp;&nbsp;1.0 | &nbsp;&nbsp;16.4 | &nbsp;&nbsp;0.59 | &nbsp;&nbsp;0.99 | &nbsp;&nbsp;39100 | &nbsp;&nbsp;93 | &nbsp;&nbsp;31 | &nbsp;&nbsp;45 | &nbsp;&nbsp;92 |
| &nbsp;&nbsp;P3-C | &nbsp;&nbsp;Cu/Ag Conc | &nbsp;&nbsp;0.8 | &nbsp;&nbsp;19.3 | &nbsp;&nbsp;0.58 | &nbsp;&nbsp;1.20 | &nbsp;&nbsp;48600 | &nbsp;&nbsp;94 | &nbsp;&nbsp;10 | &nbsp;&nbsp;49 | &nbsp;&nbsp;95 |
| &nbsp;&nbsp;**Average** | &nbsp;&nbsp;**Cu/Ag Conc** | &nbsp;&nbsp;**0.8** | &nbsp;&nbsp;**16.4** | &nbsp;&nbsp;**0.56** | &nbsp;&nbsp;**0.95** | &nbsp;&nbsp;**42238** | &nbsp;&nbsp;**90** | &nbsp;&nbsp;**20** | &nbsp;&nbsp;**46** | &nbsp;&nbsp;**91** |

---

Source: G&T 2013

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| | |
|:---|:---|
| 10-17 | ![](ny20061035x4_ex96-1img002.jpg) |

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<u> Silver Opportunity Partners LLC \| Sunshine Mine S-K 1300 Technical Report Summary on the Initial Assessment </u> <u> March 25, 2026 SLR Project No.: 123.020552.00001 </u>

**Figure 10-6: Pilot Plant Flowsheet Used for the Eastern Stope Composite**

Source: G&T 2013

**10.6** **Ore Sorting Test Work – Steinert** 

A 5,000 kg bulk sample from the Project was submitted for ore sorter testing at Steinert in 2018, the results of the ore sorter test program are fully documented in Steinert's report, "XRT Test Work Report – Sunshine Silver & Refining Corporation Waste Rock Sorting Test Work Opportunity", June 2018. The test work was conducted at Steinert's facilities in Walton, Kentucky, on a -50 mm / +10 mm test sample that had been crushed to -50 mm and screened at 10 mm to remove the -10 mm fines fraction that is considered too fine for efficient ore sorting. The results of this ore sorting test work are summarized in Table 10-11 and Figure 10-7, which show that 97.7% of silver was recovered into an ore sorter product containing 56.5 opt Ag while rejecting 44.2 wt% as waste.

**Table 10-11: Summary of Ore Sorter Test Results**

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| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Test No.** | &nbsp;&nbsp;**Sensor** | &nbsp;&nbsp;**Total Sample<br> (kg)** | &nbsp;&nbsp;**Feed Ag Grade<br> (opt)** | &nbsp;&nbsp;**Product<br> (kg)** | &nbsp;&nbsp;**Mass Recovery** | &nbsp;&nbsp;**ProductAg Grade<br> (opt)** | &nbsp;&nbsp;**Ag Recovery<br> (%)** | &nbsp;&nbsp;**Waste<br> (kg)** | &nbsp;&nbsp;**WasteAg Grade <br> (opt)** |
| &nbsp;&nbsp;1 | &nbsp;&nbsp;XRT | &nbsp;&nbsp;5001.0 | &nbsp;&nbsp;32.27 | &nbsp;&nbsp;1394.0 | &nbsp;&nbsp;27.9% | &nbsp;&nbsp;104.10 | &nbsp;&nbsp;89.9% | &nbsp;&nbsp;3607.0 | &nbsp;&nbsp;4.50 |
| &nbsp;&nbsp;2 | &nbsp;&nbsp;XRT | &nbsp;&nbsp;5001.0 | &nbsp;&nbsp;32.27 | &nbsp;&nbsp;1606.0 | &nbsp;&nbsp;32.1% | &nbsp;&nbsp;93.79 | &nbsp;&nbsp;93.3% | &nbsp;&nbsp;3395.0 | &nbsp;&nbsp;3.16 |
| &nbsp;&nbsp;3 | &nbsp;&nbsp;XRT | &nbsp;&nbsp;5001.0 | &nbsp;&nbsp;32.27 | &nbsp;&nbsp;1844.0 | &nbsp;&nbsp;36.9% | &nbsp;&nbsp;83.62 | &nbsp;&nbsp;95.6% | &nbsp;&nbsp;3157.0 | &nbsp;&nbsp;2.27 |
| &nbsp;&nbsp;4 | &nbsp;&nbsp;XRT | &nbsp;&nbsp;5001.0 | &nbsp;&nbsp;32.27 | &nbsp;&nbsp;2169.0 | &nbsp;&nbsp;43.4% | &nbsp;&nbsp;71.94 | &nbsp;&nbsp;96.7% | &nbsp;&nbsp;2832.0 | &nbsp;&nbsp;1.88 |
| &nbsp;&nbsp;5 | &nbsp;&nbsp;XRT | &nbsp;&nbsp;5001.0 | &nbsp;&nbsp;32.27 | &nbsp;&nbsp;2791.0 | &nbsp;&nbsp;55.8% | &nbsp;&nbsp;56.49 | &nbsp;&nbsp;97.7% | &nbsp;&nbsp;2210.0 | &nbsp;&nbsp;1.67 |

---

Source: Steinert 2018

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|:---|:---|
| 10-18 | ![](ny20061035x4_ex96-1img002.jpg) |

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<u> Silver Opportunity Partners LLC \| Sunshine Mine S-K 1300 Technical Report Summary on the Initial Assessment </u> <u> March 25, 2026 SLR Project No.: 123.020552.00001 </u>

**Figure 10-7: Summary of Ore Sorter Test Work on Sunshine Bulk Ore Sample**

Source: Steinert 2018

**10.7** **Solid-Liquid Separation – Pocock Industrial Inc.** 

A solid liquid separation study to determine the design parameters for thickening and filtration of Sunshine materials was performed by Pocock Industrial Inc. (Pocock), located in Salt Lake City, Utah. Pocock Industrial Inc. is a third-party testing facility specializing in solid liquid separation, including gravity settling, thickening and clarification, vacuum and pressure filtration, slurry rheology and bench, pilot and in plant equipment testing. They have been providing services to the mining industry since 1983. The results of the test work were presented in the document "Sample Characterization, Particle Size Analysis, Flocculant Screening, Gravity Sedimentation, Pulp Rheology, Vacuum Filtration and Pressure Filtration Studies, Conducted for Samuel Engineering and Sunshine Mine", February 2013 (Pocock 2013).

Solids liquid separation (SLS) tests were conducted on copper concentrate, lead concentrate and final tailings samples for Samuel Engineering for Sunshine Mine. The samples were received and tested by Pocock.

The results of sample characterization and particle size analysis are shown in Table 10-12.

**Table 10-12: Sunshine Concentrate and Tailings Sample Characterization**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Material** | **Average**<br> **Liquor**<br> **S.G.** | **Average**<br> **Solids**<br> **S.G.** | **pH** | **P<sub>90</sub>**<br> **(um)** | **P<sub>80</sub>**<br> **(um)** | **D<sub>50</sub>**<br> **(um)** | **Fraction Retained >25 um (%)** | **Fraction Passing <25 um (%)** |
| **Cu Conc.** | **1.0** | **4.52** | **7.62** | **184** | **136** | **55** | **67.37%** | **32.63%** |
| **Pb Conc.** | **1.0** | **4.91** | **8.15** | **46** | **30** | **—** | **22.02%** | **77.98%** |
| **Final Tails** | **1.0** | **2.88** | **8.40** | **—** | **171** | **51** | **58.83%** | **41.17%** |

---

Source: Pocock 2013

Hychem AF 304 was the flocculant selected from screening tests, to give the best settling performance for the materials tested. Hychem AF 304 is a medium to high molecular weight, 15% charge density anionic polyacrylamide. The effective minimum dose range, pH, temperature, solids concentration and flocculant concentration are summarized in Table 10-13.

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|:---|:---|
| 10-19 | ![](ny20061035x4_ex96-1img002.jpg) |

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<u> Silver Opportunity Partners LLC \| Sunshine Mine S-K 1300 Technical Report Summary on the Initial Assessment </u> <u> March 25, 2026 SLR Project No.: 123.020552.00001 </u>

**Table 10-13: Flocculant Dosage Parameters for Copper and Lead Concentrates and the Final Tailings**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Material** | **pH** | **Temp** <br> **(\*C)**<br>| **Initial Solids Concentration of Slurry Tested** | **Effective Minimum Dose Range <br> (g/MT)** | **Flocculant**<br>**concentration**<br>**Used**<br>**(g/L)**<br>| **Flocculant**<br>**Selected**<br>|
| **Cu Conc.** | **7.62** | **20** | **20%** | **5-15** | **0.1** | **Hychem AF304** |
| **Pb Cone.** | **8.15** | **20** | **20%** | **5-15** | **01** | **Hychem AF304** |
| **Final Tails** | **8.40** | **20** | **20%** | **15-25** | **0.1** | **Hychem AF304** |

---

Source: Pocock 2013

Two types of thickening tests were completed, static cylinder tests for conventional type thickeners and continuous dynamic thickening tests for sizing of high-rate thickener types.

In this IA, a high-rate thickener is defined as having a feed well with auto- dilution capabilities for pre-diluting the feed before flocculant contact; ability to dilute flocculant with thickener overflow to desired range of 0.1 g/L to 0.2 g/L prior to pulp contact in the feed well, and provide multiple flocculant injection points in the feed pipe and feed well for efficient flocculant delivery.

Pulp rheology data were collected on thickened underflow samples using a Fann Instrument Company (FANN) Model 35A viscometer fitted with a rotor and bob attachment providing the proper shear gap distance for the material tested. Maximum recommended underflow solids concentrations, based on rheology are shown in Table 10-14 along with recommended sizing criteria for both conventional and high-rate thickener types.

**Table 10-14: Thickener Sizing Criteria and Flocculant Dosage Rates for Copper and Lead Concentrates and the Final Tailings**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Material** | **Floc**<br> **Type** | **Floc Dose <br> (g/MT)** | **Thk Feed Solids**<br> **(%)** | **Unit Area for Conventional Thickener Sizing (m<sup>2</sup>/MTPD)** | **Hydraulic Rate for High Rate Thickener Sizing <br> (m<sup>3</sup>/m<sup>2</sup>•hr)** | **Estimated U'Flow Density for Standard Thickener**<br> **(%)** | **Thickener Type** <br> **Recommended** |
| **Cu Conc.** | **Hychem AF 304** | **10-15** | **25% - 30%** <br> **(Conventional)**<br>**20% - 25%** <br> **(High-Rate)** | **0.125** | **5.8 - 6.4**<br>**6.1**<br> **(Avg.)** | **70% - 73%** | **High-Rate** |
| **Pb Conc.** | **Hychem AF 304** | **10-15** | **25% - 30%** <br> **(Conventional)**<br>**20% - 25%** <br> **(High-Rate)** | **0.160-0.190** | **5.5- 6.0**<br>**5.8**<br> **(Avg.)** | **72% - 75%** | **High-Rate** |
| **Final Tails** | **Hychem AF 304** | **25-30** | **25% - 30%** <br> **(Conventional)**<br>**20% - 25%** <br> **(High-Rate)** | **0.260-0.320** | **4.6-5.2**<br>**4.9**<br> **(Avg.)** | **66% - 69%** | **High-Rate** |

---

Source: Pocock 2013

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| 10-20 | ![](ny20061035x4_ex96-1img002.jpg) |

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<u> Silver Opportunity Partners LLC \| Sunshine Mine S-K 1300 Technical Report Summary on the Initial Assessment </u> <u> March 25, 2026 SLR Project No.: 123.020552.00001 </u>

Vacuum belt filtration would likely be an economical dewatering technology for both the copper concentrate and the lead concentrate tested. Vacuum filtration is typically economically viable at or above a production rate of 300 kg/m<sup>2</sup>•hr.

It should be noted that a minimum cake thickness of 10 mm at the maximum cake moisture content determined to be dischargeable were used to minimize filter area requirements, as considered necessary for good operation and proper, adequate discharge for horizontal belt filter applications for the material tested.

A summary of the results of vacuum filtration testing is presented in Table 10-15

**Table 10-15: Summary of Vacuum Filtration Test Results**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Material** | **Filter Aid Used <br> (g/MT<sup>)</sup>** | **Filter Cloth Used <br> (CFM/ft<sup>2</sup>)** | **Filter**<br> **Feed**<br> **Solids**<br> **Cone..**<br> **(%)** | **Bulk Cake** **<br> Density <br> (Dry kg/m<sup>3</sup>)** | **Filter**<br> **Cake**<br> **Moisture**<br> **(%)** | **Cake**<br> **Thick.**<br> **(mm)** | **Production Rate** **<br> (Dry kg/m<sup>2</sup>●hr)** |
| **Cu Conc.** | **No Filter Aid** | **15-20** | **72.5%** | **2790.09** | **11.1%** | **10.0** | **1156** |
| **Pb Conc.** | **No Filter Aid** | **15-20** | **73.5%** | **2653.66** | **15.1%** | **10.0** | **985** |

---

Source: Pocock 2013

Based on the discharge of the filter cakes from both vacuum and pressure filtration testing it was seen that the cakes produced from pressure filtration were more easily discharged and had better stacking characteristics than those produced from vacuum filtration. Therefore, pressure filtration is recommended over vacuum filtration for the copper and lead concentrate materials tested.

A summary of pressure filtration test results and presented in Table 10-16.

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|:---|:---|
| 10-21 | ![](ny20061035x4_ex96-1img002.jpg) |

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<u> Silver Opportunity Partners LLC \| Sunshine Mine S-K 1300 Technical Report Summary on the Initial Assessment </u> <u> March 25, 2026 SLR Project No.: 123.020552.00001 </u>

**Table 10-16: Summary Pressure Filtration Test Results on Copper and Lead Concentrates**

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| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Material** | **Design**<br> **Tonnage**<br> **(MTPD)** | **Dry Bulk<br> Cake <br> Density,**<br> **(kg/m<sup>3</sup>)** | **Sizing** <br> **Basis<sub>(1)</sub>** <br> **(m<sup>3</sup>/MT)** <br> **dry solids** | **Recess**<br> **Plate**<br> **Depth<sub>(2)</sub>**<br> **(mm)** | **Chamber Spec<sub>(3)</sub>** <br> **(Len./Vol./Area)** <br> **(mm/m<sup>3</sup>/m<sup>2</sup>)** | **Filter**<br> **Feed**<br> **Solids**<br> **(%)** | **Fitter**<br> **Cake**<br> **Moist.**<br> **(%)** | **Filter**<br> **Cycle**<br> **Time<sub>(5)</sub>**<br> **(min)** | **Pressure Filter** <br> **Chambers** <br> **Required/** <br> **Number of Presses Required<sub>(6)</sub>** <br> **(Frame #***)* |
| **Cu**<br> **Conc.** | **10**<br> **(10.1 STPD)** | **2600.06** | **0.481** | **20** | **800/0.0153/0.86** | **71.8%** | **5.5%** | **12.0** | **79/1**<br> **(P/5.87)** |
| **Cu**<br> **Conc.** | **10**<br> **(10.1 STPD)** | **2600.06** | **0.481** | **20** | **800/0.0153/0.86** | **71.8%** | **5.5%** | **12.0** | **40/1**<br> **(P/2.93)** |
| **Cu**<br> **Conc.** | **10**<br> **(10.1 STPD)** | **2600.06** | **0.481** | **20** | **800/0.0153/0.86** | **71.8%** | **5.5%** | **12.0** | **27/1**<br> **(P/1.96)** |
| **Pb**<br> **Cone.** | **5**<br> **(5.28 STPD)** | **2564.81** | **0.487** | **15** | **1500/0.054/3.62** | **73.3%** | **7.0%** | **12.0** | **80/1**<br> **(P/5.95)** |
| **Pb**<br> **Cone.** | **5**<br> **(5.28 STPD)** | **2564.81** | **0.487** | **15** | **1500/0.054/3.62** | **73.3%** | **7.0%** | **12.0** | **40/1**<br> **(P/2.97)** |
| **Pb**<br> **Cone.** | **5**<br> **(5.28 STPD)** | **2564.81** | **0.487** | **15** | **1500/0.054/3.62** | **73.3%** | **7.0%** | **12.0** | **27/1**<br> **(P/1.98)** |

---

Source: Pocock 2013

**10.8** **Paste Backfill System** 

A paste backfill system is being considered at the Project because of ground control requirements and increased mineral recovery. The design criteria for a permanent paste backfill system was presented in MDS (2012).

The flowsheet used for cost estimation consists of optional cyclone classification and conventional thickening and filtration. The entire tailings stream would be processed by the backfill plant. The first process step would be optional cyclone classification followed by vacuum filtration producing a wet filter cake for mix preparation. Test work is required to establish thickening and filtration rates. Paste thickening cannot be considered because the paste thickener is not capable of producing a medium slump paste which is required to increase pipe friction in the Sunshine paste distribution system. SLR note that solid liquid separation studies have been performed by Pocock Industrial Inc., including thickening, vacuum filtration and pressure filtration.

It is necessary to maintain a certain percentage of ultrafine particles in order to provide paste stability. Generally, the rule of thumb is that 15% of the particle mass should pass 20 microns. The author indicates that the use of small cyclones, 6 inch in diameter, and bypassing some of the slurry directly to the high-capacity thickener can be an effective method to control the particle size distribution.

Improvements in mixing control and technology should be made to the Sunshine paste plant including the use of colloidal mixing of binder slurry.

The paste mixer should be mounted horizontally, and a weir gate added so the mixer is filled with paste.

With the planned volumetric rate ranging from 22 t 33 m<sup>3</sup>/hr, the distribution system should be 4-inch (100 mm) diameter nominal throughout except in the immediate vicinity of the stope discharge where three-inch pipe could be used. The flow velocity of paste is normally designed to fall within 0.5 to 1.0 m/sec. With the planned flowrate of 22 to 33 m<sup>3</sup>/h, the flow velocity ranges from 0.71 m/sec to 1.06 m/sec for 100 mm pipe.

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| 10-22 | ![](ny20061035x4_ex96-1img002.jpg) |

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<u> Silver Opportunity Partners LLC \| Sunshine Mine S-K 1300 Technical Report Summary on the Initial Assessment </u> <u> March 25, 2026 SLR Project No.: 123.020552.00001 </u>

A paste pump is required due to the requirement to distribute paste a significant distance horizontally before entering the borehole or shaft pipeline. Maximum pump pressures should not exceed 300 psi. In most cases, the pump will be metering paste to the surface borehole or shaft pipeline with only minimal pressure, i.e., 125 psi.

**10.8.1** **Design Criteria** 

**10.8.1.1** **Tailings Characteristics** 

● Specific gravity tailings particles – 2.90

● Specific gravity of process feed – 2.90

● Whole Tailings:

● % passing 74 microns, 75%

● % passing 20 microns, 25%

● Cyclone Underflow:

● % passing 74 microns, 85%

● % passing 20 microns, 18%

**10.8.1.2** **Paste Characteristics** 

● SG at 75% solids with 5% cement – 1.96

● Estimated slump at 75% solids with 5% cement – 8 inches

**10.8.1.3** **Rates** 

● Mining rate, short tons per day – 1,000

● Mining rate, ft<sup>3</sup> per day – 11,018 (312 m<sup>3</sup> per day)

● Average mining void production rate, ft<sup>3</sup>/h – 459 (13 m<sup>3</sup>/h)

● Planned utilisation of paste plant – 49%

● Paste, ft<sup>3</sup>/h – 777 to 1,165 (22 to 33 m<sup>3</sup>/h)

● Paste, dry short tons per hour (stph) – 32 to 48

● Tailings, dry stph – 33.5 to 50

● Binder, Portland Cement, dry stph – 1.8 to 2.6. Binder content could change depending on mining requirements.

**10.8.1.4** **Friction** 

● To mine backfill – 0.4 to 0.5 psi/ft. Note: Slump will be adjusted to provide near full pipe flow.

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|:---|:---|
| 10-23 | ![](ny20061035x4_ex96-1img002.jpg) |

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<u> Silver Opportunity Partners LLC \| Sunshine Mine S-K 1300 Technical Report Summary on the Initial Assessment </u> <u> March 25, 2026 SLR Project No.: 123.020552.00001 </u>

**10.8.1.5** **Pump** 

● Schwing or Putzmeister rock valve, 100 hp, 300 psi

**10.8.1.6** **Pipelines** 

● To mine backfill – 4 in. steel

● Pressure ratings – 1,200 psi

● Coupling type – Weld and Victaulic Clamp

● Elbows 5D radius

● Shaft pipeline option, 4 in. hardened pipe, Schedule 80

**10.8.1.7** **Boreholes** 

● Long boreholes for surface, fully grouted casing with inner hardened 4 inch pipe.

● Internal boreholes, fully grouted casing

**10.8.1.8** **Pressure Transducers** 

● Stainless steel or ceramic diaphragm at three locations

**10.8.1.9** **Mixing Plant** 

● Continuous style with batch mixing of cement and colloidal mixer

● Filtration characteristics, as presented in Section Solid Liquid Separation

● Thickening characteristics, Section Solid Liquid Separation

**10.9** **QP Opinion** 

The SLR QP has reviewed the supporting information for this IA, including laboratory metallurgical testing and historical operating results. The SLR QP finds that the supporting information is appropriate as the concentrator flowsheet is the same as the original operating concentrator and the material types are projected to be the same as those processed.

Overall, the SLR QP finds that the information available at the time of this writing is acceptable for this level of study. The next stage of study will require identification of material types to be processed according to the future mine plan, metallurgical drilling and sampling of the each of the material types and performance of a complete metallurgical test program on each of the material types to support design of the selected process.

The main deleterious element in the Sunshine process feed is antimony. The primary silver mineral is tetrahedrite which is a silver antimony sulfide mineral. The silver and antimony cannot be mechanically separated and therefore the concentrate must be sold to a smelter that will accept it or chemically process the tetrahedrite concentrate to remove the antimony prior to sale. A buyer for the concentrate was identified during the course of this IA.

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| 10-24 | ![](ny20061035x4_ex96-1img002.jpg) |

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<u> Silver Opportunity Partners LLC \| Sunshine Mine S-K 1300 Technical Report Summary on the Initial Assessment </u> <u> March 25, 2026 SLR Project No.: 123.020552.00001 </u>

**11.0** **Mineral Resource Estimates** 

**11.1** **Summary** 

Mineral Resources have been classified in accordance with the definitions for Mineral Resources in S-K 1300, which are consistent with current industry and global regulatory practices and standards, as embodied by the Committee for Reserves International Reporting Standards ("CRIRSCO"). Table 11-1 summarizes the Sunshine Mineral Resource estimate with an effective date of February 24, 2026.

The SRK QP is of the opinion that with consideration of the recommendations summarized in Sections 1 and 23 of this TRS, any issues relating to all relevant technical and economic factors likely to influence the prospect of economic extraction can be resolved with further work.

**Table 11-1: Sunshine Mine Underground Mineral Resources as of February 24, 2026, SRK Consulting (U.S.), Inc.**

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| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Classification** | &nbsp;&nbsp;**Tonnage <br> (000 st)** | &nbsp;&nbsp;**Ag Grade<br> (opt)** | &nbsp;&nbsp;**Contained Ag Metal<br> (koz)** |
| &nbsp;&nbsp;Measured | &nbsp;&nbsp;-- | &nbsp;&nbsp;-- | &nbsp;&nbsp;-- |
| &nbsp;&nbsp;Indicated | &nbsp;&nbsp;3485 | &nbsp;&nbsp;29.8 | &nbsp;&nbsp;103915 |
| &nbsp;&nbsp;**Measured and Indicated (M+I)** | &nbsp;&nbsp;**3485** | &nbsp;&nbsp;**29.8** | &nbsp;&nbsp;**103915** |
| &nbsp;&nbsp;Inferred | &nbsp;&nbsp;7061 | &nbsp;&nbsp;22.6 | &nbsp;&nbsp;159847 |

---

Source: SRK 2026

Notes:

&nbsp;&nbsp;&nbsp;&nbsp;1. The definitions for Mineral Resources in S-K 1300, which are consistent with the classification scheme under the CRIRSCO
 standards, were followed for the classification of Mineral Resources.

&nbsp;&nbsp;&nbsp;&nbsp;2. All dollar amounts are present in U.S. dollars, and all measurements are US Standard units.

&nbsp;&nbsp;&nbsp;&nbsp;3. MSO volume constrained resources with RPEE are stated as contained within vein estimation domains defined by an 8.8 opt Ag
 COG. The COG and MSO are based on an assumed silver price of $23.50/oz and operating cost assumptions, as follows: mining cost of $110.00 per short ton, processing cost of $20.85 per short ton, general and administrative (G&A) cost of $7.93
 per short ton, antimony plant for silver concentrate cost of $14.55 per short ton, refining for silver concentrate cost of $16.13 per short ton, and tailings storage cost of $4.27 per short ton.

&nbsp;&nbsp;&nbsp;&nbsp;4. MSO volumes are 9 ft high, 30 ft long, and minimum of 3 ft wide and are flagged by the individual modeled vein volumes. An
 unplanned mining dilution of 5% is applied for reporting.

&nbsp;&nbsp;&nbsp;&nbsp;5. All Mineral Resources are based on a data cut-off date of November 28, 2023, estimated in situ and reported as diluted
 within MSO volumes.

&nbsp;&nbsp;&nbsp;&nbsp;6. Average bulk density was assigned as 3.02 grams per cubic centimeter (g/cm<sup>3</sup>) for veins and 2.82 g/cm<sup>3</sup> for waste. The equivalent densities in US S Customary units are 0.0943 short tons per cubic foot (st/ft<sup>3</sup>) for veins and 0.088 st/ft<sup>3</sup>for waste.

&nbsp;&nbsp;&nbsp;&nbsp;7. Metallurgical recovery was assigned at 93% from metallurgical test work and history of mining production.

&nbsp;&nbsp;&nbsp;&nbsp;8. Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability. There is no certainty that all
 or any part of the Mineral Resources will be converted into Mineral Reserves in the future. The estimate of Mineral Resources may be materially affected by environmental permitting, legal, title, taxation, socio-political, marketing, or other
 relevant issues.

&nbsp;&nbsp;&nbsp;&nbsp;9. All quantities are rounded to the appropriate number of significant figures; consequently, sums may not add up due to
 rounding.

&nbsp;&nbsp;&nbsp;&nbsp;10. The Project is 100% attributable to SOP.

**11.2** **Introduction** 

This section describes the methodology for estimating Mineral Resources and summaries the key assumptions adopted by SRK. In the SRK QP's opinion, the MRE reported herein is a reasonable representation of the Mineral Resources found at the Project with the current level of sampling, data quality, and understanding.

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| 11-1 | ![](ny20061035x4_ex96-1img002.jpg) |

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<u> Silver Opportunity Partners LLC \| Sunshine Mine S-K 1300 Technical Report Summary on the Initial Assessment </u> <u> March 25, 2026 SLR Project No.: 123.020552.00001 </u>

Mineral Resources have been classified in accordance with the definitions for Mineral Resources in S-K 1300, which are consistent with the classification scheme under the CRIRSCO standards.

Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability. There is no certainty that all or any part of the Mineral Resources will be converted into Mineral Reserves.

The MRE was completed by the SRK QP, who is independent of SOP. The resource estimation is based on the current drill hole database and updated vein models provided by Sunshine. The resource estimation is supported by logging, drilling, and sampling current to a November 28, 2023, data cut-off date. SRK undertook the technical work on the geological model and grade estimates in December 2023, with the final assessment for reasonable prospects for economic extraction (RPEE) completed by the SRK QP on February 24, 2026, which is the effective date of the resource statement.

The estimation of Mineral Resources was completed using a geological domain model and resource block model constructed in Leapfrog Geo and Leapfrog Edge software (Version 2023.2.0). The resource estimation methodology involved the following procedures:

● Database and geological model review

● Data conditioning for statistical analysis (i.e., capping review and compositing)

● Block modeling and grade interpolation

● Resource classification and validation

● Assessment of RPEE

● Application of reporting COG for conceptual underground mining scenario

● Preparation of the Mineral Resource statement

**11.3** **Geological Database** 

The Sunshine geological database is maintained in a Microsoft Access database. SRK was provided three CSV exports: collar, assay, and survey. The Sunshine-provided collar database consisted of 1,446,453 ft of intervals from drilling and channel sampling. Of these sample intervals, the assay database contained 336,360 ft of assay intervals within the Project area. Only a portion of the assayed samples are coded and modeled as mineralized veins. The updated vein model has 36 unique vein codes that were modeled with a total of 102,194 sample intervals that total 293,490 ft in length, as summarized in Table 11-2. There are a handful of other minor veins with coded names that are not currently modeled.

**Table 11-2: Sunshine Modeled Vein Bounds**

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Count** | &nbsp;&nbsp;**Vein Name** | &nbsp;&nbsp;**Number of Samples** |
| &nbsp;&nbsp;1 | &nbsp;&nbsp;08DHW | &nbsp;&nbsp;4598 |
| &nbsp;&nbsp;2 | &nbsp;&nbsp;08BVein | &nbsp;&nbsp;642 |
| &nbsp;&nbsp;3 | &nbsp;&nbsp;09HW | &nbsp;&nbsp;2230 |
| &nbsp;&nbsp;4 | &nbsp;&nbsp;09Vein | &nbsp;&nbsp;2881 |

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|:---|:---|
| 11-2 | ![](ny20061035x4_ex96-1img002.jpg) |

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<u> Silver Opportunity Partners LLC \| Sunshine Mine S-K 1300 Technical Report Summary on the Initial Assessment </u> <u> March 25, 2026 SLR Project No.: 123.020552.00001 </u>

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Count** | &nbsp;&nbsp;**Vein Name** | &nbsp;&nbsp;**Number of Samples** |
| &nbsp;&nbsp;5 | &nbsp;&nbsp;10Vein | &nbsp;&nbsp;51 |
| &nbsp;&nbsp;6 | &nbsp;&nbsp;101Vein | &nbsp;&nbsp;33 |
| &nbsp;&nbsp;7 | &nbsp;&nbsp;625M | &nbsp;&nbsp;5314 |
| &nbsp;&nbsp;8 | &nbsp;&nbsp;BVein | &nbsp;&nbsp;291 |
| &nbsp;&nbsp;9 | &nbsp;&nbsp;CFault Vein | &nbsp;&nbsp;11344 |
| &nbsp;&nbsp;10 | &nbsp;&nbsp;Chester | &nbsp;&nbsp;26110 |
| &nbsp;&nbsp;11 | &nbsp;&nbsp;ChesterHang | &nbsp;&nbsp;4126 |
| &nbsp;&nbsp;12 | &nbsp;&nbsp;CopperVein | &nbsp;&nbsp;10323 |
| &nbsp;&nbsp;13 | &nbsp;&nbsp;DVein | &nbsp;&nbsp;3428 |
| &nbsp;&nbsp;14 | &nbsp;&nbsp;FVein | &nbsp;&nbsp;1116 |
| &nbsp;&nbsp;15 | &nbsp;&nbsp;GVein | &nbsp;&nbsp;7 |
| &nbsp;&nbsp;16 | &nbsp;&nbsp;HFWVein | &nbsp;&nbsp;26 |
| &nbsp;&nbsp;17 | &nbsp;&nbsp;HVein | &nbsp;&nbsp;2019 |
| &nbsp;&nbsp;18 | &nbsp;&nbsp;KFWVein | &nbsp;&nbsp;159 |
| &nbsp;&nbsp;19 | &nbsp;&nbsp;KVein | &nbsp;&nbsp;1519 |
| &nbsp;&nbsp;20 | &nbsp;&nbsp;NYBoy | &nbsp;&nbsp;8966 |
| &nbsp;&nbsp;21 | &nbsp;&nbsp;S78 | &nbsp;&nbsp;2430 |
| &nbsp;&nbsp;22 | &nbsp;&nbsp;Silver Summit No4 | &nbsp;&nbsp;771 |
| &nbsp;&nbsp;23 | &nbsp;&nbsp;Silverline | &nbsp;&nbsp;379 |
| &nbsp;&nbsp;24 | &nbsp;&nbsp;SilverSummitNo3 | &nbsp;&nbsp;319 |
| &nbsp;&nbsp;25 | &nbsp;&nbsp;SilverSyndicateLink | &nbsp;&nbsp;649 |
| &nbsp;&nbsp;26 | &nbsp;&nbsp;Sunshine2 | &nbsp;&nbsp;2072 |
| &nbsp;&nbsp;27 | &nbsp;&nbsp;SunshineFW | &nbsp;&nbsp;1255 |
| &nbsp;&nbsp;28 | &nbsp;&nbsp;SYBoy | &nbsp;&nbsp;2441 |
| &nbsp;&nbsp;29 | &nbsp;&nbsp;Syndicate Fault | &nbsp;&nbsp;2889 |
| &nbsp;&nbsp;30 | &nbsp;&nbsp;Vein06 | &nbsp;&nbsp;673 |
| &nbsp;&nbsp;31 | &nbsp;&nbsp;W16Vein | &nbsp;&nbsp;213 |
| &nbsp;&nbsp;32 | &nbsp;&nbsp;WestChanceFW | &nbsp;&nbsp;262 |
| &nbsp;&nbsp;33 | &nbsp;&nbsp;WestChanceFWWest | &nbsp;&nbsp;18 |
| &nbsp;&nbsp;34 | &nbsp;&nbsp;YankeeGirl | &nbsp;&nbsp;2467 |
| &nbsp;&nbsp;35 | &nbsp;&nbsp;YankeeGirl952Split | &nbsp;&nbsp;92 |
| &nbsp;&nbsp;36 | &nbsp;&nbsp;YankeeGirlFW | &nbsp;&nbsp;81 |
| &nbsp;&nbsp;Total | &nbsp;&nbsp;Total | &nbsp;&nbsp;102194 |

---

Source: SRK 2025

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|:---|:---|
| 11-3 | ![](ny20061035x4_ex96-1img002.jpg) |

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<u> Silver Opportunity Partners LLC \| Sunshine Mine S-K 1300 Technical Report Summary on the Initial Assessment </u> <u> March 25, 2026 SLR Project No.: 123.020552.00001 </u>

Minor modifications to the estimation drill hole database were required prior to compositing and exploratory data analysis (EDA). SRK performed the following procedures to the Sunshine database:

● SRK combined the vein codes for ChesterHang with the vein coded previously as ChesterHWSplit, as these were interpreted to be a single vein.

● SRK assigned a marginal bottom cut to the data based on one-half of the lower laboratory detection limit. Certain null variables were coded as -99, 0, and 0.0099 from a mixture of historical data treatment. A total of 726 null samples were assigned the following values: 0.025 opt Ag, 0.005% Cu, 0.05% Pb, and 0.05% Zn.

The key economic variable is silver, which is the only metal reported in the Sunshine Mineral Resource estimate. Significantly more non-null silver assay values (n = 101,443) exist compared to the base metals due to selective historical sampling practices. Within the modeled vein domains, non-null copper assays (n = 35,412) are 34.9% of silver samples, and non-null lead assays (n = 31,604) are 31.2% of silver samples. There are only 111 total zinc assays in the modeled veins.

Consequently, based on the available data, the following discussions and summary documentation are focused only on silver mineralization, grade, and continuity. Based on reviews of the database and QA/QC provided, as discussed in previous sections, the SRK QP is of the opinion that the silver assay data is adequately reliable to support mineral resource estimation.

Figure 11-1 and Figure 11-2 provide histograms of silver data and sample length, respectively, within all modeled veins. Figure 11-3 shows a sectional view of all the silver assay data.

**Figure 11-1: Histogram of Silver Assays in All Vein Bounds**

![](ny20061035x4_ex96-1img030.jpg)

Source: SRK 2025

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|:---|:---|
| 11-4 | ![](ny20061035x4_ex96-1img002.jpg) |

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<u> Silver Opportunity Partners LLC \| Sunshine Mine S-K 1300 Technical Report Summary on the Initial Assessment </u> <u> March 25, 2026 SLR Project No.: 123.020552.00001 </u>

**Figure 11-2: Histogram of Silver Sample Lengths in All Veins**

![](ny20061035x4_ex96-1img031.jpg)

Source: SRK 2025

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|:---|:---|
| 11-5 | ![](ny20061035x4_ex96-1img002.jpg) |

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<u> Silver Opportunity Partners LLC \| Sunshine Mine S-K 1300 Technical Report Summary on the Initial Assessment </u> <u> March 25, 2026 SLR Project No.: 123.020552.00001 </u>

**Figure 11-3: Longitudinal Section of Silver Data in All Veins**

![](ny20061035x4_ex96-1img032.jpg)

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|:---|:---|
| 11-6 | ![](ny20061035x4_ex96-1img002.jpg) |

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<u> Silver Opportunity Partners LLC \| Sunshine Mine S-K 1300 Technical Report Summary on the Initial Assessment </u> <u> March 25, 2026 SLR Project No.: 123.020552.00001 </u>

**11.4** **Geological Model** 

The Sunshine mineralization is interpreted to be hosted within structurally controlled, steeply dipping mesothermal vein systems cutting metasedimentary rocks. SOP and SRK worked together to define vein bounds and construct implicit 3D wireframes to capture the Sunshine geological interpretation of multiple sheeted vein systems with appropriate cross-cutting relationships. Veins were implicitly modeled using Leapfrog software. In total, 36 individual wireframes were constructed for the estimation, as shown on Figure 6-2. Figure 11-4 provides example cross sections of the North Yankee Boy Vein.

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|:---|:---|
| 11-7 | ![](ny20061035x4_ex96-1img002.jpg) |

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<u> Silver Opportunity Partners LLC \| Sunshine Mine S-K 1300 Technical Report Summary on the Initial Assessment </u> <u> March 25, 2026 SLR Project No.: 123.020552.00001 </u>

**Figure 11-4: Section Views of North Yankee Boy Vein**

![](ny20061035x4_ex96-1img033.jpg)

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|:---|:---|
| 11-8 | ![](ny20061035x4_ex96-1img002.jpg) |

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<u> Silver Opportunity Partners LLC \| Sunshine Mine S-K 1300 Technical Report Summary on the Initial Assessment </u> <u> March 25, 2026 SLR Project No.: 123.020552.00001 </u>

The wireframes were constructed using Leapfrog's interval selection tool in 3D. This tool identifies each intersection and defines hanging wall and footwall contacts, which are used to generate vein solids. The vein wireframes were extended to surface, along strike and at depth for exploration purposes. Following the defined cross-cutting interactions, the final veins were truncated at contacts with other veins, as appropriate. In cases where the interpretation allowed two veins to cross, a primary vein was chosen such that no volume duplication occurred at the intersection. Once the veins were defined, SOP completed a review to define the structural framework and truncated veins appropriately.

At the current level of study, separate 3D lithological domains for the host metasedimentary strata have not been created, due to vein location, orientation, and thickness being the dominant control on the resource area mineralization. SOP reports negligible variation of grade between the Revett and St. Regis Formations at Sunshine, which indicates that lithology is not a material control on mineralization. Away from significant sample support, the vein widths are assumed to be consistent with widths of sample-defined areas. Potential uncertainty in actual vein widths versus the interpreted and modeled domains in sparsely sampled areas was considered during Mineral Resource classification.

The final geological model was provided to SRK by SOP and verified by the SRK QP. After discussion with SOP, SRK combined the ChesterHang and ChesterHWSplit Veins, as the data was interpreted to belong to a single vein. Wireframes from the dynamic geological model were exported and used to create a static estimation domain (EstDom) model. The Sunshine resource estimate used the modeled geologic controls to constrain mineralization limits within the EstDom model, where veins are treated with hard boundary conditions.

**11.5** **Assay Capping and Compositing** 

The raw assay sample data were plotted on histogram and cumulative distribution graphs to review the population statistical distribution. As seen previously in Figure 11-1, the overall data for all modeled veins is skewed slightly to lower grades for silver and present a relatively normal distribution.

**11.5.1** **Compositing** 

SRK analyzed the mean length of the core drilling samples in order to determine appropriate composite lengths. During historical sampling, the assay sample lengths were chosen selectively to represent vein mineralization and were often a single combined sample across the entire vein width in underground channel samples. For estimation purposes, all samples were composited into vein width composites that average all samples into a single composited value crossing the estimation domain boundaries (vein width). This compositing method was chosen to provide consistent support with respect to a realistic mining scale and to support data smoothing across the variable width domains.

The mean composited interval length is 2.89 ft across all modeled veins, as seen on Figure 11-5. SRK also evaluated composite lengths for all 36 individual veins. Table 11-3 provides the composited lengths by vein. The composited lengths used in the vein modeling and estimation accurately reflect the character of the undulating vein systems at Sunshine.

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|:---|:---|
| 11-9 | ![](ny20061035x4_ex96-1img002.jpg) |

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<u> Silver Opportunity Partners LLC \| Sunshine Mine S-K 1300 Technical Report Summary on the Initial Assessment </u> <u> March 25, 2026 SLR Project No.: 123.020552.00001 </u>

**Figure 11-5: Histogram of Composite Lengths in All Vein Bounds**

![](ny20061035x4_ex96-1img034.jpg)

Source: SRK 2025

**Table 11-3: Summary of Composite Lengths for Individual Veins**

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Vein Name** | &nbsp;&nbsp;**Number of <br> Samples** | &nbsp;&nbsp;**Composite Length (ft)** | &nbsp;&nbsp;**Composite Length (ft)** | &nbsp;&nbsp;**Composite Length (ft)** | &nbsp;&nbsp;**Coefficient of <br> Variation (CV)** |
| &nbsp;&nbsp;**Vein Name** | &nbsp;&nbsp;**Number of <br> Samples** | &nbsp;&nbsp;**Mean** | &nbsp;&nbsp;**Minimum** | &nbsp;&nbsp;**Maximum** | &nbsp;&nbsp;**Coefficient of <br> Variation (CV)** |
| &nbsp;&nbsp;08DHW | &nbsp;&nbsp;4584 | &nbsp;&nbsp;2.81 | &nbsp;&nbsp;0.050 | &nbsp;&nbsp;10.5 | &nbsp;&nbsp;0.57 |
| &nbsp;&nbsp;08BVein | &nbsp;&nbsp;642 | &nbsp;&nbsp;1.62 | &nbsp;&nbsp;0.200 | &nbsp;&nbsp;12.6 | &nbsp;&nbsp;0.86 |
| &nbsp;&nbsp;09HW | &nbsp;&nbsp;2188 | &nbsp;&nbsp;1.43 | &nbsp;&nbsp;0.100 | &nbsp;&nbsp;8.3 | &nbsp;&nbsp;0.74 |
| &nbsp;&nbsp;09Vein | &nbsp;&nbsp;2879 | &nbsp;&nbsp;1.25 | &nbsp;&nbsp;0.050 | &nbsp;&nbsp;7.5 | &nbsp;&nbsp;0.55 |
| &nbsp;&nbsp;10Vein | &nbsp;&nbsp;25 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;0.300 | &nbsp;&nbsp;5.2 | &nbsp;&nbsp;0.65 |
| &nbsp;&nbsp;101Vein | &nbsp;&nbsp;22 | &nbsp;&nbsp;1.89 | &nbsp;&nbsp;0.100 | &nbsp;&nbsp;7.0 | &nbsp;&nbsp;0.88 |
| &nbsp;&nbsp;625M | &nbsp;&nbsp;5302 | &nbsp;&nbsp;1.72 | &nbsp;&nbsp;0.010 | &nbsp;&nbsp;12.7 | &nbsp;&nbsp;0.77 |
| &nbsp;&nbsp;B Vein | &nbsp;&nbsp;291 | &nbsp;&nbsp;5.04 | &nbsp;&nbsp;0.170 | &nbsp;&nbsp;8.0 | &nbsp;&nbsp;0.29 |
| &nbsp;&nbsp;C Fault Vein | &nbsp;&nbsp;11094 | &nbsp;&nbsp;1.96 | &nbsp;&nbsp;0.010 | &nbsp;&nbsp;23.0 | &nbsp;&nbsp;0.84 |
| &nbsp;&nbsp;Chester | &nbsp;&nbsp;26074 | &nbsp;&nbsp;3.55 | &nbsp;&nbsp;0.001 | &nbsp;&nbsp;39.3 | &nbsp;&nbsp;0.72 |
| &nbsp;&nbsp;ChesterHang | &nbsp;&nbsp;4101 | &nbsp;&nbsp;3.60 | &nbsp;&nbsp;0.009 | &nbsp;&nbsp;21.0 | &nbsp;&nbsp;0.72 |
| &nbsp;&nbsp;Copper Vein | &nbsp;&nbsp;10225 | &nbsp;&nbsp;3.68 | &nbsp;&nbsp;0.010 | &nbsp;&nbsp;19.2 | &nbsp;&nbsp;0.63 |
| &nbsp;&nbsp;D Vein | &nbsp;&nbsp;3416 | &nbsp;&nbsp;3.32 | &nbsp;&nbsp;0.040 | &nbsp;&nbsp;12.2 | &nbsp;&nbsp;0.57 |
| &nbsp;&nbsp;F Vein | &nbsp;&nbsp;1109 | &nbsp;&nbsp;1.74 | &nbsp;&nbsp;0.030 | &nbsp;&nbsp;6.3 | &nbsp;&nbsp;0.53 |
| &nbsp;&nbsp;G Vein | &nbsp;&nbsp;7 | &nbsp;&nbsp;2.24 | &nbsp;&nbsp;0.100 | &nbsp;&nbsp;9.8 | &nbsp;&nbsp;1.53 |
| &nbsp;&nbsp;HFW Vein | &nbsp;&nbsp;19 | &nbsp;&nbsp;2.90 | &nbsp;&nbsp;0.600 | &nbsp;&nbsp;11.5 | &nbsp;&nbsp;0.90 |
| &nbsp;&nbsp;H Vein | &nbsp;&nbsp;2019 | &nbsp;&nbsp;3.46 | &nbsp;&nbsp;0.200 | &nbsp;&nbsp;11.0 | &nbsp;&nbsp;0.49 |
| &nbsp;&nbsp;KFW Vein | &nbsp;&nbsp;159 | &nbsp;&nbsp;1.54 | &nbsp;&nbsp;0.010 | &nbsp;&nbsp;4.5 | &nbsp;&nbsp;0.64 |
| &nbsp;&nbsp;K Vein | &nbsp;&nbsp;1519 | &nbsp;&nbsp;1.67 | &nbsp;&nbsp;0.010 | &nbsp;&nbsp;7.3 | &nbsp;&nbsp;0.60 |

---

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|:---|:---|
| 11-10 | ![](ny20061035x4_ex96-1img002.jpg) |

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<u> Silver Opportunity Partners LLC \| Sunshine Mine S-K 1300 Technical Report Summary on the Initial Assessment </u> <u> March 25, 2026 SLR Project No.: 123.020552.00001 </u>

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Vein Name** | &nbsp;&nbsp;**Number of <br> Samples** | &nbsp;&nbsp;**Composite Length (ft)** | &nbsp;&nbsp;**Composite Length (ft)** | &nbsp;&nbsp;**Composite Length (ft)** | &nbsp;&nbsp;**Coefficient of <br> Variation (CV)** |
| &nbsp;&nbsp;**Vein Name** | &nbsp;&nbsp;**Number of <br> Samples** | &nbsp;&nbsp;**Mean** | &nbsp;&nbsp;**Minimum** | &nbsp;&nbsp;**Maximum** | &nbsp;&nbsp;**Coefficient of <br> Variation (CV)** |
| &nbsp;&nbsp;NY Boy | &nbsp;&nbsp;8944 | &nbsp;&nbsp;3.70 | &nbsp;&nbsp;0.009 | &nbsp;&nbsp;13.0 | &nbsp;&nbsp;0.57 |
| &nbsp;&nbsp;S78 | &nbsp;&nbsp;2429 | &nbsp;&nbsp;2.19 | &nbsp;&nbsp;0.050 | &nbsp;&nbsp;8.2 | &nbsp;&nbsp;0.56 |
| &nbsp;&nbsp;Silver Summit No4 | &nbsp;&nbsp;771 | &nbsp;&nbsp;4.36 | &nbsp;&nbsp;0.010 | &nbsp;&nbsp;19.0 | &nbsp;&nbsp;0.63 |
| &nbsp;&nbsp;Silverline | &nbsp;&nbsp;370 | &nbsp;&nbsp;1.53 | &nbsp;&nbsp;0.050 | &nbsp;&nbsp;9.0 | &nbsp;&nbsp;0.70 |
| &nbsp;&nbsp;SilverSummitNo3 | &nbsp;&nbsp;319 | &nbsp;&nbsp;2.91 | &nbsp;&nbsp;0.100 | &nbsp;&nbsp;10.6 | &nbsp;&nbsp;0.74 |
| &nbsp;&nbsp;Silver Syndicate Link | &nbsp;&nbsp;649 | &nbsp;&nbsp;3.86 | &nbsp;&nbsp;0.100 | &nbsp;&nbsp;10.0 | &nbsp;&nbsp;0.72 |
| &nbsp;&nbsp;Sunshine2 | &nbsp;&nbsp;2072 | &nbsp;&nbsp;1.92 | &nbsp;&nbsp;0.100 | &nbsp;&nbsp;5.4 | &nbsp;&nbsp;0.44 |
| &nbsp;&nbsp;Sunshine FW | &nbsp;&nbsp;1246 | &nbsp;&nbsp;1.62 | &nbsp;&nbsp;0.050 | &nbsp;&nbsp;7.5 | &nbsp;&nbsp;1.14 |
| &nbsp;&nbsp;SY Boy | &nbsp;&nbsp;2414 | &nbsp;&nbsp;2.85 | &nbsp;&nbsp;0.080 | &nbsp;&nbsp;8.5 | &nbsp;&nbsp;0.72 |
| &nbsp;&nbsp;Syndicate Fault | &nbsp;&nbsp;2821 | &nbsp;&nbsp;2.32 | &nbsp;&nbsp;0.050 | &nbsp;&nbsp;16.4 | &nbsp;&nbsp;0.86 |
| &nbsp;&nbsp;Vein06 | &nbsp;&nbsp;671 | &nbsp;&nbsp;1.28 | &nbsp;&nbsp;0.050 | &nbsp;&nbsp;9.3 | &nbsp;&nbsp;1.21 |
| &nbsp;&nbsp;W16Vein | &nbsp;&nbsp;209 | &nbsp;&nbsp;0.81 | &nbsp;&nbsp;0.010 | &nbsp;&nbsp;7.5 | &nbsp;&nbsp;0.92 |
| &nbsp;&nbsp;West Chance FW | &nbsp;&nbsp;253 | &nbsp;&nbsp;2.34 | &nbsp;&nbsp;0.010 | &nbsp;&nbsp;9.0 | &nbsp;&nbsp;0.83 |
| &nbsp;&nbsp;West Chance FW West | &nbsp;&nbsp;14 | &nbsp;&nbsp;0.90 | &nbsp;&nbsp;0.200 | &nbsp;&nbsp;1.8 | &nbsp;&nbsp;0.60 |
| &nbsp;&nbsp;Yankee Girl | &nbsp;&nbsp;2467 | &nbsp;&nbsp;1.31 | &nbsp;&nbsp;0.001 | &nbsp;&nbsp;10.0 | &nbsp;&nbsp;0.98 |
| &nbsp;&nbsp;Yankee Girl 952 Split | &nbsp;&nbsp;92 | &nbsp;&nbsp;0.74 | &nbsp;&nbsp;0.100 | &nbsp;&nbsp;2.0 | &nbsp;&nbsp;0.50 |
| &nbsp;&nbsp;Yankee Girl FW | &nbsp;&nbsp;79 | &nbsp;&nbsp;0.70 | &nbsp;&nbsp;0.100 | &nbsp;&nbsp;2.1 | &nbsp;&nbsp;0.64 |

---

Source: SRK 2025

**11.5.2** **Outlier Capping** 

SRK used Phinar's X10-Geo (X10) software to complete a detailed capping analysis for silver values on individual wireframe domains. To assess capping levels, the X10 software enables multiple levels of capping to be evaluated both visually and statistically. This capping was supported by review of log histograms and log-probability plots, based on breaks in slope or composite distribution. SRK analyzed the percentage of composites capped, total metal reduction, impact on the mean grades, and reduction in the CV to arrive at final capping levels. Additionally, SRK reviewed the high-grade outlier composite intervals in 3D to determine if groupings of samples may record actual locally consistent, high-grade mineralization in veins that may not need to be capped. In certain cases, the outlier grades are relatively clustered but were considered to be extreme representations of the overall grade population that required top cutting. Table 11-4 and Figure 11-6 show examples of the statistical capping analysis for the North Yankee Boy Vein.

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| 11-11 | ![](ny20061035x4_ex96-1img002.jpg) |

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<u> Silver Opportunity Partners LLC \| Sunshine Mine S-K 1300 Technical Report Summary on the Initial Assessment </u> <u> March 25, 2026 SLR Project No.: 123.020552.00001 </u>

**Table 11-4: Example of Statistical Capping Analysis for North Yankee Boy Silver Grade**

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| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Variable** | &nbsp;&nbsp;**Cap** | &nbsp;&nbsp;**Number of Capped Samples** | &nbsp;&nbsp;**Percentile<br> (%)** | &nbsp;&nbsp;**Percent of Capped <br> (%)** | &nbsp;&nbsp;**Contained Metal Reduction <br> (%)** | &nbsp;&nbsp;**Reduction <br> in CV <br> (%)** | &nbsp;&nbsp;**Count of <br> Samples** | &nbsp;&nbsp;**Minimum Ag Grade<br> (opt)** | &nbsp;&nbsp;**Maximum <br> Ag Grade<br> (opt)** | &nbsp;&nbsp;**Mean Ag <br> Grade <br> (opt)** | &nbsp;&nbsp;**CV after Capping** |
| &nbsp;&nbsp;Ag_OPT2 |  |  |  |  |  |  | &nbsp;&nbsp;8967 | &nbsp;&nbsp;0.025 | &nbsp;&nbsp;1563.5 | &nbsp;&nbsp;55.0 | &nbsp;&nbsp;1.23 |
| &nbsp;&nbsp;Ag_OPT2 | &nbsp;&nbsp;573.9 | &nbsp;&nbsp;8 | &nbsp;&nbsp;99.93 | &nbsp;&nbsp;0.1 | &nbsp;&nbsp;0.1 | &nbsp;&nbsp;0.9 | &nbsp;&nbsp;8967 | &nbsp;&nbsp;0.025 | &nbsp;&nbsp;573.9 | &nbsp;&nbsp;55.0 | &nbsp;&nbsp;1.22 |
| &nbsp;&nbsp;Ag_OPT2 | &nbsp;&nbsp;455.1 | &nbsp;&nbsp;26 | &nbsp;&nbsp;99.77 | &nbsp;&nbsp;0.3 | &nbsp;&nbsp;0.4 | &nbsp;&nbsp;2.1 | &nbsp;&nbsp;8967 | &nbsp;&nbsp;0.025 | &nbsp;&nbsp;455.1 | &nbsp;&nbsp;54.8 | &nbsp;&nbsp;1.2 |
| &nbsp;&nbsp;Ag_OPT2 | &nbsp;&nbsp;315.2 | &nbsp;&nbsp;106 | &nbsp;&nbsp;97 | &nbsp;&nbsp;1.2 | &nbsp;&nbsp;1.7 | &nbsp;&nbsp;6.0 | &nbsp;&nbsp;8967 | &nbsp;&nbsp;0.025 | &nbsp;&nbsp;315.2 | &nbsp;&nbsp;54.1 | &nbsp;&nbsp;1.16 |
| &nbsp;&nbsp;Ag_OPT2 > 455.1 | &nbsp;&nbsp;Ag_OPT2 > 455.1 | &nbsp;&nbsp;Ag_OPT2 > 455.1 |  |  |  |  | &nbsp;&nbsp;26 | &nbsp;&nbsp;456.6 | &nbsp;&nbsp;1563.5 | &nbsp;&nbsp;546.4 | &nbsp;&nbsp;0.21 |
| &nbsp;&nbsp;Ag_OPT2 less than or equal to (≤) 455.1 | &nbsp;&nbsp;Ag_OPT2 less than or equal to (≤) 455.1 | &nbsp;&nbsp;Ag_OPT2 less than or equal to (≤) 455.1 |  |  |  |  | &nbsp;&nbsp;8941 | &nbsp;&nbsp;0.025 | &nbsp;&nbsp;452.8 | &nbsp;&nbsp;53.8 | &nbsp;&nbsp;1.17 |

---

Source: SRK 2025

Note: Capping level was selected at 455.1 opt Ag.

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| 11-12 | ![](ny20061035x4_ex96-1img002.jpg) |

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<u> Silver Opportunity Partners LLC \| Sunshine Mine S-K 1300 Technical Report Summary on the Initial Assessment </u> <u> March 25, 2026 SLR Project No.: 123.020552.00001 </u>

**Figure 11-6: Log Probability Plot Capping Analysis for North Yankee Boy Silver Grade**

![](ny20061035x4_ex96-1img035.jpg)

Source: SRK 2025

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|:---|:---|
| 11-13 | ![](ny20061035x4_ex96-1img002.jpg) |

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<u> Silver Opportunity Partners LLC \| Sunshine Mine S-K 1300 Technical Report Summary on the Initial Assessment </u> <u> March 25, 2026 SLR Project No.: 123.020552.00001 </u>

For the Project, SRK applied capping at the raw sample level prior to vein compositing on an individual vein domain basis. Table 11-5 shows a summary of the final capping levels.

**Table 11-5: Applied Sample Capping Levels for Silver**

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| | |
|:---|:---|
| &nbsp;&nbsp;**Vein** | &nbsp;&nbsp;**Ag Cap <br> (opt)** |
| &nbsp;&nbsp;08DHW | &nbsp;&nbsp;510.3 |
| &nbsp;&nbsp;08BVein | &nbsp;&nbsp;414.4 |
| &nbsp;&nbsp;09HW | &nbsp;&nbsp;370.3 |
| &nbsp;&nbsp;09Vein | &nbsp;&nbsp;490.9 |
| &nbsp;&nbsp;10Vein | &nbsp;&nbsp;74.6 |
| &nbsp;&nbsp;101Vein | &nbsp;&nbsp;147.9 |
| &nbsp;&nbsp;625M | &nbsp;&nbsp;1239.9 |
| &nbsp;&nbsp;BVein | &nbsp;&nbsp;176.0 |
| &nbsp;&nbsp;CFault Vein | &nbsp;&nbsp;857.3 |
| &nbsp;&nbsp;Chester | &nbsp;&nbsp;780.8 |
| &nbsp;&nbsp;ChesterHang | &nbsp;&nbsp;518.0 |
| &nbsp;&nbsp;CopperVein | &nbsp;&nbsp;387.5 |
| &nbsp;&nbsp;DVein | &nbsp;&nbsp;409.0 |
| &nbsp;&nbsp;FVein | &nbsp;&nbsp;341.9 |
| &nbsp;&nbsp;GVein | &nbsp;&nbsp;47.9 |
| &nbsp;&nbsp;HFWVein | &nbsp;&nbsp;60.9 |
| &nbsp;&nbsp;HVein | &nbsp;&nbsp;374.9 |
| &nbsp;&nbsp;KFWVein | &nbsp;&nbsp;249.3 |
| &nbsp;&nbsp;KVein | &nbsp;&nbsp;438.8 |
| &nbsp;&nbsp;NYBoy | &nbsp;&nbsp;455.1 |
| &nbsp;&nbsp;S78 | &nbsp;&nbsp;282.1 |
| &nbsp;&nbsp;Silver Summit No4 | &nbsp;&nbsp;193.7 |
| &nbsp;&nbsp;Silverline | &nbsp;&nbsp;153.3 |
| &nbsp;&nbsp;SilverSummitNo3 | &nbsp;&nbsp;128.8 |
| &nbsp;&nbsp;SilverSyndicateLink | &nbsp;&nbsp;312.6 |
| &nbsp;&nbsp;Sunshine2 | &nbsp;&nbsp;216.1 |
| &nbsp;&nbsp;SunshineFW | &nbsp;&nbsp;677.3 |
| &nbsp;&nbsp;SYBoy | &nbsp;&nbsp;364.9 |
| &nbsp;&nbsp;Syndicate Fault | &nbsp;&nbsp;618.1 |
| &nbsp;&nbsp;Vein06 | &nbsp;&nbsp;639.9 |

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|:---|:---|
| 11-14 | ![](ny20061035x4_ex96-1img002.jpg) |

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<u> Silver Opportunity Partners LLC \| Sunshine Mine S-K 1300 Technical Report Summary on the Initial Assessment </u> <u> March 25, 2026 SLR Project No.: 123.020552.00001 </u>

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| | |
|:---|:---|
| &nbsp;&nbsp;**Vein** | &nbsp;&nbsp;**Ag Cap <br> (opt)** |
| &nbsp;&nbsp;W16Vein | &nbsp;&nbsp;1050.5 |
| &nbsp;&nbsp;WestChanceFW | &nbsp;&nbsp;254.7 |
| &nbsp;&nbsp;WestChanceFWWest | &nbsp;&nbsp;238.3 |
| &nbsp;&nbsp;YankeeGirl | &nbsp;&nbsp;449.1 |
| &nbsp;&nbsp;YankeeGirl952Split | &nbsp;&nbsp;156.8 |
| &nbsp;&nbsp;YankeeGirlFW | &nbsp;&nbsp;58.3 |

---

Source: SRK 2025

**11.6** **Bulk Density** 

Specific gravity (SG) test work has been completed by McClelland Laboratories, Inc. (McClelland) out of Sparks, Nevada, and by the Sunshine site personnel during the recent drilling campaign. A total of 80 samples were sent to the off-site laboratory for paraffin-wax-coated SG measurements. The results of these tests validated the on-site measurements, as corrected SG from the laboratory was similar with a mean of 2.87.

The Sunshine SG data were collected by Archimedes measurement on 309 individual samples. These samples were from the recent SOP drilling campaign. While clustered, the recent on-site SG measurements are considered to be representative of mineralization styles across the deposit.

The on-site SG data were evaluated statistically to determine if groupings could be split out based on mineralization. In the Coeur d'Alene Mining District, it is common to discriminate lead-rich veins as having a higher bulk density. Due to the current limited dataset, SRK determined that an SG difference by vein type could not be established and that only a split by vein and non-mineralized rock was prudent, as summarized in Table 11-6.

**Table 11-6: Specific Graphic Statistics**

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| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Domain** | &nbsp;&nbsp;**Count** | &nbsp;&nbsp;**Minimum SG** | &nbsp;&nbsp;**Maximum SG** | &nbsp;&nbsp;**Mean SG** |
| &nbsp;&nbsp;All | &nbsp;&nbsp;309 | &nbsp;&nbsp;2.53 | &nbsp;&nbsp;3.98 | &nbsp;&nbsp;2.82 |
| &nbsp;&nbsp;Waste | &nbsp;&nbsp;248 | &nbsp;&nbsp;2.53 | &nbsp;&nbsp;3.71 | &nbsp;&nbsp;2.82 |
| &nbsp;&nbsp;Vein | &nbsp;&nbsp;56 | &nbsp;&nbsp;2.61 | &nbsp;&nbsp;3.98 | &nbsp;&nbsp;3.02 |

---

Source: SRK 2025

A bulk density of 2.8 g/cm<sup>3</sup> was assigned to waste, and a bulk density of 3.0 g/cm<sup>3</sup> was assigned to all veins. SOP will continue to collect additional SG data in future campaigns and continue to grow the database of results for bulk density determination. Based on review of the available data and supporting analysis, SRK considers the assigned bulk density data reasonable and consistent with the general host lithologies reported. The QP for mineral resources considers the bulk density values suitable for use in resource tabulation.

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|:---|:---|
| 11-15 | ![](ny20061035x4_ex96-1img002.jpg) |

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<u> Silver Opportunity Partners LLC \| Sunshine Mine S-K 1300 Technical Report Summary on the Initial Assessment </u> <u> March 25, 2026 SLR Project No.: 123.020552.00001 </u>

**11.7** **Variogram Analysis** 

Spatial continuity through variography analysis by vein domain was attempted. Due to inconsistent drill hole spacing, extremely clustered data, and relatively limited data for certain domains, the resulting spatial models are poorly formed. Initially, rough variograms were used as a guide to general continuity and to inform anisotropy and distances of the estimation search neighborhood. SRK has also based assumptions on continuity at certain distances from data on experience with similar vein deposits.

**11.8** **Block Model** 

The estimation was constrained within the discrete vein domains with hard boundary conditions. The vein wireframes were interpreted by Sunshine based on historical level mapping and assay grades. Grade estimation was based on parent block dimensions of 20 ft in X-to-Y and 200 ft in Z. The Z-direction was rotated 90° in dip so that this axis stretches across the vein width. Each vein was estimated into separate block models. Each individual block model was rotated to a specific azimuth direction so that the blocks lined up with the average strike of the veins. The models were sub-blocked along the domain boundaries to 2 ft in X-to-Y and variable Z down to 0.1 ft.

The parent block dimensions are based on roughly one-third of the general drilling grid spacing, although the historical channel sampling is much more closely spaced. The sub-block size was selected to best represent and improve the accuracy between estimation domain wireframes. This schema of Z-rotation and variable sub-blocks provides the best representation of the wireframe volume but is a trade off in model file size. The sub-blocked resource models and block grade estimates were created using Leapfrog Edge software (Version 2023.2.0).

Table 11-7 summarizes the unique block extents of each vein. Figure 11-7 shows an example from North Yankee Boy Vein. Visual comparison between the geological model (wireframes) and the block model demonstrates an acceptable fit for the equivalent domains with <1.0% difference. It is the QP's opinion that the block model volumes are a satisfactory representation of the original wireframe volumes.

**Table 11-7: Block Model Extents Summary**

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Domain** | &nbsp;&nbsp;**Origin (ft)** | &nbsp;&nbsp;**Origin (ft)** | &nbsp;&nbsp;**Origin (ft)** | &nbsp;&nbsp;**Offset (ft)** | &nbsp;&nbsp;**Offset (ft)** | &nbsp;&nbsp;**Offset (ft)** | &nbsp;&nbsp;**Number of Blocks** | &nbsp;&nbsp;**Number of Blocks** | &nbsp;&nbsp;**Number of Blocks** | &nbsp;&nbsp;**Rotation (°)** | &nbsp;&nbsp;**Rotation (°)** |
| &nbsp;&nbsp;**Domain** | &nbsp;&nbsp;**X** | &nbsp;&nbsp;**Y** | &nbsp;&nbsp;**Z** | &nbsp;&nbsp;**X** | &nbsp;&nbsp;**Y** | &nbsp;&nbsp;**Z** | &nbsp;&nbsp;**X** | &nbsp;&nbsp;**Y** | &nbsp;&nbsp;**Z** | &nbsp;&nbsp;**Dip** | &nbsp;&nbsp;**Azimuth** |
| &nbsp;&nbsp;08DHW | &nbsp;&nbsp;76686.653 | &nbsp;&nbsp;-79177.874 | &nbsp;&nbsp;4178.880 | &nbsp;&nbsp;3300 | &nbsp;&nbsp;5840 | &nbsp;&nbsp;1400 | &nbsp;&nbsp;165 | &nbsp;&nbsp;292 | &nbsp;&nbsp;7 | &nbsp;&nbsp;90 | &nbsp;&nbsp;352.50 |
| &nbsp;&nbsp;08BVein | &nbsp;&nbsp;76104.719 | &nbsp;&nbsp;-78859.605 | &nbsp;&nbsp;4125.239 | &nbsp;&nbsp;2560 | &nbsp;&nbsp;7640 | &nbsp;&nbsp;2400 | &nbsp;&nbsp;128 | &nbsp;&nbsp;382 | &nbsp;&nbsp;12 | &nbsp;&nbsp;90 | &nbsp;&nbsp;336.00 |
| &nbsp;&nbsp;09HW | &nbsp;&nbsp;75916.624 | &nbsp;&nbsp;-79452.519 | &nbsp;&nbsp;781.887 | &nbsp;&nbsp;3000 | &nbsp;&nbsp;4300 | &nbsp;&nbsp;2000 | &nbsp;&nbsp;150 | &nbsp;&nbsp;215 | &nbsp;&nbsp;10 | &nbsp;&nbsp;90 | &nbsp;&nbsp;2.50 |
| &nbsp;&nbsp;09Vein | &nbsp;&nbsp;76357.252 | &nbsp;&nbsp;-79675.975 | &nbsp;&nbsp;445.035 | &nbsp;&nbsp;2280 | &nbsp;&nbsp;2880 | &nbsp;&nbsp;1200 | &nbsp;&nbsp;114 | &nbsp;&nbsp;144 | &nbsp;&nbsp;6 | &nbsp;&nbsp;90 | &nbsp;&nbsp;357.50 |
| &nbsp;&nbsp;10Vein | &nbsp;&nbsp;68788.230 | &nbsp;&nbsp;-79623.940 | &nbsp;&nbsp;5000.000 | &nbsp;&nbsp;10580 | &nbsp;&nbsp;6740 | &nbsp;&nbsp;1600 | &nbsp;&nbsp;529 | &nbsp;&nbsp;337 | &nbsp;&nbsp;8 | &nbsp;&nbsp;90 | &nbsp;&nbsp;352.00 |
| &nbsp;&nbsp;101Vein | &nbsp;&nbsp;76614.520 | &nbsp;&nbsp;-77226.530 | &nbsp;&nbsp;3885.780 | &nbsp;&nbsp;5400 | &nbsp;&nbsp;7440 | &nbsp;&nbsp;5000 | &nbsp;&nbsp;270 | &nbsp;&nbsp;372 | &nbsp;&nbsp;25 | &nbsp;&nbsp;90 | &nbsp;&nbsp;346.50 |
| &nbsp;&nbsp;625M | &nbsp;&nbsp;74170.030 | &nbsp;&nbsp;-76196.410 | &nbsp;&nbsp;3305.490 | &nbsp;&nbsp;8920 | &nbsp;&nbsp;6820 | &nbsp;&nbsp;5000 | &nbsp;&nbsp;446 | &nbsp;&nbsp;341 | &nbsp;&nbsp;25 | &nbsp;&nbsp;90 | &nbsp;&nbsp;3.00 |
| &nbsp;&nbsp;BVein | &nbsp;&nbsp;76548.790 | &nbsp;&nbsp;-78726.236 | &nbsp;&nbsp;4154.300 | &nbsp;&nbsp;1520 | &nbsp;&nbsp;4840 | &nbsp;&nbsp;1600 | &nbsp;&nbsp;76 | &nbsp;&nbsp;242 | &nbsp;&nbsp;8 | &nbsp;&nbsp;90 | &nbsp;&nbsp;348.00 |
| &nbsp;&nbsp;CFault Vein | &nbsp;&nbsp;69072.220 | &nbsp;&nbsp;-77088.160 | &nbsp;&nbsp;4517.030 | &nbsp;&nbsp;14700 | &nbsp;&nbsp;8060 | &nbsp;&nbsp;4200 | &nbsp;&nbsp;735 | &nbsp;&nbsp;403 | &nbsp;&nbsp;21 | &nbsp;&nbsp;90 | &nbsp;&nbsp;12.00 |
| &nbsp;&nbsp;Chester | &nbsp;&nbsp;77753.500 | &nbsp;&nbsp;-77918.100 | &nbsp;&nbsp;3850.570 | &nbsp;&nbsp;5100 | &nbsp;&nbsp;7380 | &nbsp;&nbsp;3600 | &nbsp;&nbsp;255 | &nbsp;&nbsp;369 | &nbsp;&nbsp;18 | &nbsp;&nbsp;90 | &nbsp;&nbsp;0.00 |

---

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|:---|:---|
| 11-16 | ![](ny20061035x4_ex96-1img002.jpg) |

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<u> Silver Opportunity Partners LLC \| Sunshine Mine S-K 1300 Technical Report Summary on the Initial Assessment </u> <u> March 25, 2026 SLR Project No.: 123.020552.00001 </u>

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| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Domain** | &nbsp;&nbsp;**Origin (ft)** | &nbsp;&nbsp;**Origin (ft)** | &nbsp;&nbsp;**Origin (ft)** | &nbsp;&nbsp;**Offset (ft)** | &nbsp;&nbsp;**Offset (ft)** | &nbsp;&nbsp;**Offset (ft)** | &nbsp;&nbsp;**Number of Blocks** | &nbsp;&nbsp;**Number of Blocks** | &nbsp;&nbsp;**Number of Blocks** | &nbsp;&nbsp;**Rotation (°)** | &nbsp;&nbsp;**Rotation (°)** |
| &nbsp;&nbsp;**Domain** | &nbsp;&nbsp;**X** | &nbsp;&nbsp;**Y** | &nbsp;&nbsp;**Z** | &nbsp;&nbsp;**X** | &nbsp;&nbsp;**Y** | &nbsp;&nbsp;**Z** | &nbsp;&nbsp;**X** | &nbsp;&nbsp;**Y** | &nbsp;&nbsp;**Z** | &nbsp;&nbsp;**Dip** | &nbsp;&nbsp;**Azimuth** |
| &nbsp;&nbsp;ChesterHang | &nbsp;&nbsp;78322.796 | &nbsp;&nbsp;-79311.256 | &nbsp;&nbsp;-238.620 | &nbsp;&nbsp;2260 | &nbsp;&nbsp;2820 | &nbsp;&nbsp;1800 | &nbsp;&nbsp;113 | &nbsp;&nbsp;141 | &nbsp;&nbsp;9 | &nbsp;&nbsp;90 | &nbsp;&nbsp;4.00 |
| &nbsp;&nbsp;CopperVein | &nbsp;&nbsp;69001.920 | &nbsp;&nbsp;-76550.170 | &nbsp;&nbsp;4160.890 | &nbsp;&nbsp;8840 | &nbsp;&nbsp;7700 | &nbsp;&nbsp;5000 | &nbsp;&nbsp;442 | &nbsp;&nbsp;385 | &nbsp;&nbsp;25 | &nbsp;&nbsp;90 | &nbsp;&nbsp;3.00 |
| &nbsp;&nbsp;DVein | &nbsp;&nbsp;70878.950 | &nbsp;&nbsp;-78431.920 | &nbsp;&nbsp;4135.950 | &nbsp;&nbsp;8220 | &nbsp;&nbsp;7640 | &nbsp;&nbsp;3000 | &nbsp;&nbsp;411 | &nbsp;&nbsp;382 | &nbsp;&nbsp;15 | &nbsp;&nbsp;90 | &nbsp;&nbsp;358.00 |
| &nbsp;&nbsp;FVein | &nbsp;&nbsp;77255.740 | &nbsp;&nbsp;-79400.220 | &nbsp;&nbsp;538.845 | &nbsp;&nbsp;5580 | &nbsp;&nbsp;4060 | &nbsp;&nbsp;2200 | &nbsp;&nbsp;279 | &nbsp;&nbsp;203 | &nbsp;&nbsp;11 | &nbsp;&nbsp;90 | &nbsp;&nbsp;357.75 |
| &nbsp;&nbsp;GVein | &nbsp;&nbsp;77486.350 | &nbsp;&nbsp;-79088.860 | &nbsp;&nbsp;3837.680 | &nbsp;&nbsp;4520 | &nbsp;&nbsp;6480 | &nbsp;&nbsp;2000 | &nbsp;&nbsp;226 | &nbsp;&nbsp;324 | &nbsp;&nbsp;10 | &nbsp;&nbsp;90 | &nbsp;&nbsp;345.00 |
| &nbsp;&nbsp;HFWVein | &nbsp;&nbsp;76783.330 | &nbsp;&nbsp;-78374.490 | &nbsp;&nbsp;3904.790 | &nbsp;&nbsp;3940 | &nbsp;&nbsp;7420 | &nbsp;&nbsp;3000 | &nbsp;&nbsp;197 | &nbsp;&nbsp;371 | &nbsp;&nbsp;15 | &nbsp;&nbsp;90 | &nbsp;&nbsp;341.08 |
| &nbsp;&nbsp;HVein | &nbsp;&nbsp;77495.490 | &nbsp;&nbsp;-79988.150 | &nbsp;&nbsp;-869.241 | &nbsp;&nbsp;2280 | &nbsp;&nbsp;2000 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;114 | &nbsp;&nbsp;100 | &nbsp;&nbsp;5 | &nbsp;&nbsp;90 | &nbsp;&nbsp;0.00 |
| &nbsp;&nbsp;KFWVein | &nbsp;&nbsp;78283.010 | &nbsp;&nbsp;-79967.715 | &nbsp;&nbsp;-1105.580 | &nbsp;&nbsp;2020 | &nbsp;&nbsp;1300 | &nbsp;&nbsp;600 | &nbsp;&nbsp;101 | &nbsp;&nbsp;65 | &nbsp;&nbsp;3 | &nbsp;&nbsp;90 | &nbsp;&nbsp;356.00 |
| &nbsp;&nbsp;KVein | &nbsp;&nbsp;78161.477 | &nbsp;&nbsp;-79371.141 | &nbsp;&nbsp;-154.161 | &nbsp;&nbsp;1920 | &nbsp;&nbsp;2840 | &nbsp;&nbsp;1600 | &nbsp;&nbsp;96 | &nbsp;&nbsp;142 | &nbsp;&nbsp;8 | &nbsp;&nbsp;90 | &nbsp;&nbsp;359.00 |
| &nbsp;&nbsp;NYBoy | &nbsp;&nbsp;71899.380 | &nbsp;&nbsp;-78714.410 | &nbsp;&nbsp;4165.050 | &nbsp;&nbsp;6620 | &nbsp;&nbsp;7680 | &nbsp;&nbsp;2800 | &nbsp;&nbsp;331 | &nbsp;&nbsp;384 | &nbsp;&nbsp;14 | &nbsp;&nbsp;90 | &nbsp;&nbsp;357.50 |
| &nbsp;&nbsp;S78 | &nbsp;&nbsp;74589.990 | &nbsp;&nbsp;-81749.510 | &nbsp;&nbsp;4171.180 | &nbsp;&nbsp;5560 | &nbsp;&nbsp;7680 | &nbsp;&nbsp;800 | &nbsp;&nbsp;278 | &nbsp;&nbsp;384 | &nbsp;&nbsp;4 | &nbsp;&nbsp;90 | &nbsp;&nbsp;320.00 |
| &nbsp;&nbsp;SilverSummitNo4 | &nbsp;&nbsp;69160.710 | &nbsp;&nbsp;-78826.890 | &nbsp;&nbsp;2667.320 | &nbsp;&nbsp;14180 | &nbsp;&nbsp;6200 | &nbsp;&nbsp;1800 | &nbsp;&nbsp;709 | &nbsp;&nbsp;310 | &nbsp;&nbsp;9 | &nbsp;&nbsp;90 | &nbsp;&nbsp;10.00 |
| &nbsp;&nbsp;Silverline | &nbsp;&nbsp;73705.230 | &nbsp;&nbsp;-75021.070 | &nbsp;&nbsp;2549.900 | &nbsp;&nbsp;9540 | &nbsp;&nbsp;6060 | &nbsp;&nbsp;3200 | &nbsp;&nbsp;477 | &nbsp;&nbsp;303 | &nbsp;&nbsp;16 | &nbsp;&nbsp;90 | &nbsp;&nbsp;6.00 |
| &nbsp;&nbsp;SilverSummitNo3 | &nbsp;&nbsp;77954.252 | &nbsp;&nbsp;-79568.059 | &nbsp;&nbsp;3954.480 | &nbsp;&nbsp;5320 | &nbsp;&nbsp;6240 | &nbsp;&nbsp;2400 | &nbsp;&nbsp;266 | &nbsp;&nbsp;312 | &nbsp;&nbsp;12 | &nbsp;&nbsp;90 | &nbsp;&nbsp;9.00 |
| &nbsp;&nbsp;SilverSyndicate Link | &nbsp;&nbsp;76861.400 | &nbsp;&nbsp;-78091.200 | &nbsp;&nbsp;3832.350 | &nbsp;&nbsp;5980 | &nbsp;&nbsp;7340 | &nbsp;&nbsp;3000 | &nbsp;&nbsp;299 | &nbsp;&nbsp;367 | &nbsp;&nbsp;15 | &nbsp;&nbsp;90 | &nbsp;&nbsp;357.00 |
| &nbsp;&nbsp;Sunshine2 | &nbsp;&nbsp;75595.171 | &nbsp;&nbsp;-80257.479 | &nbsp;&nbsp;4089.466 | &nbsp;&nbsp;3400 | &nbsp;&nbsp;6820 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;170 | &nbsp;&nbsp;341 | &nbsp;&nbsp;5 | &nbsp;&nbsp;90 | &nbsp;&nbsp;324.00 |
| &nbsp;&nbsp;SunshineFW | &nbsp;&nbsp;74616.205 | &nbsp;&nbsp;-78281.658 | &nbsp;&nbsp;4129.745 | &nbsp;&nbsp;3760 | &nbsp;&nbsp;5980 | &nbsp;&nbsp;2600 | &nbsp;&nbsp;188 | &nbsp;&nbsp;299 | &nbsp;&nbsp;13 | &nbsp;&nbsp;90 | &nbsp;&nbsp;358.50 |
| &nbsp;&nbsp;SYBoy | &nbsp;&nbsp;74637.401 | &nbsp;&nbsp;-78569.202 | &nbsp;&nbsp;4165.400 | &nbsp;&nbsp;5080 | &nbsp;&nbsp;5160 | &nbsp;&nbsp;1800 | &nbsp;&nbsp;254 | &nbsp;&nbsp;258 | &nbsp;&nbsp;9 | &nbsp;&nbsp;90 | &nbsp;&nbsp;0.00 |
| &nbsp;&nbsp;Syndicate Fault | &nbsp;&nbsp;69421.300 | &nbsp;&nbsp;-74620.760 | &nbsp;&nbsp;4084.120 | &nbsp;&nbsp;15400 | &nbsp;&nbsp;7580 | &nbsp;&nbsp;4200 | &nbsp;&nbsp;770 | &nbsp;&nbsp;379 | &nbsp;&nbsp;21 | &nbsp;&nbsp;90 | &nbsp;&nbsp;18.50 |
| &nbsp;&nbsp;Vein06 | &nbsp;&nbsp;73686.118 | &nbsp;&nbsp;-80026.884 | &nbsp;&nbsp;730.871 | &nbsp;&nbsp;2480 | &nbsp;&nbsp;4240 | &nbsp;&nbsp;2000 | &nbsp;&nbsp;124 | &nbsp;&nbsp;212 | &nbsp;&nbsp;10 | &nbsp;&nbsp;90 | &nbsp;&nbsp;346.00 |
| &nbsp;&nbsp;W16Vein | &nbsp;&nbsp;76880.210 | &nbsp;&nbsp;-77737.520 | &nbsp;&nbsp;3912.300 | &nbsp;&nbsp;6000 | &nbsp;&nbsp;5640 | &nbsp;&nbsp;2400 | &nbsp;&nbsp;300 | &nbsp;&nbsp;282 | &nbsp;&nbsp;12 | &nbsp;&nbsp;90 | &nbsp;&nbsp;0.50 |
| &nbsp;&nbsp;West ChanceFW | &nbsp;&nbsp;69545.470 | &nbsp;&nbsp;-74052.250 | &nbsp;&nbsp;3813.540 | &nbsp;&nbsp;11000 | &nbsp;&nbsp;7320 | &nbsp;&nbsp;6000 | &nbsp;&nbsp;550 | &nbsp;&nbsp;366 | &nbsp;&nbsp;30 | &nbsp;&nbsp;90 | &nbsp;&nbsp;16.50 |
| &nbsp;&nbsp;WestChanceFW West | &nbsp;&nbsp;69103.360 | &nbsp;&nbsp;-75116.770 | &nbsp;&nbsp;3378.190 | &nbsp;&nbsp;8400 | &nbsp;&nbsp;6900 | &nbsp;&nbsp;6000 | &nbsp;&nbsp;420 | &nbsp;&nbsp;345 | &nbsp;&nbsp;30 | &nbsp;&nbsp;90 | &nbsp;&nbsp;8.25 |
| &nbsp;&nbsp;YankeeGirl | &nbsp;&nbsp;68932.650 | &nbsp;&nbsp;-78288.650 | &nbsp;&nbsp;4942.490 | &nbsp;&nbsp;13580 | &nbsp;&nbsp;8440 | &nbsp;&nbsp;4000 | &nbsp;&nbsp;679 | &nbsp;&nbsp;422 | &nbsp;&nbsp;20 | &nbsp;&nbsp;90 | &nbsp;&nbsp;6.50 |
| &nbsp;&nbsp;YankeeGirl952Split | &nbsp;&nbsp;68288.920 | &nbsp;&nbsp;-78817.490 | &nbsp;&nbsp;4998.330 | &nbsp;&nbsp;4840 | &nbsp;&nbsp;8500 | &nbsp;&nbsp;5000 | &nbsp;&nbsp;242 | &nbsp;&nbsp;425 | &nbsp;&nbsp;25 | &nbsp;&nbsp;90 | &nbsp;&nbsp;350.50 |
| &nbsp;&nbsp;YankeeGirlFW | &nbsp;&nbsp;71789.700 | &nbsp;&nbsp;-79192.400 | &nbsp;&nbsp;4226.780 | &nbsp;&nbsp;7240 | &nbsp;&nbsp;7740 | &nbsp;&nbsp;4000 | &nbsp;&nbsp;362 | &nbsp;&nbsp;387 | &nbsp;&nbsp;20 | &nbsp;&nbsp;90 | &nbsp;&nbsp;0.00 |

---

Source: SRK 2025

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|:---|:---|
| 11-17 | ![](ny20061035x4_ex96-1img002.jpg) |

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<u> Silver Opportunity Partners LLC \| Sunshine Mine S-K 1300 Technical Report Summary on the Initial Assessment </u> <u> March 25, 2026 SLR Project No.: 123.020552.00001 </u>

**Figure 11-7: Plan Showing Block Model Extents Example, North Yankee Boy Vein**

![](ny20061035x4_ex96-1img036.jpg)

Source: SRK 2025

Table 11-8 shows the volumetric comparison between the wireframes and blocks with the Project.

**Table 11-8: Volume Comparison Between Wireframes and Block Models**

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Domain** | &nbsp;&nbsp;**Wireframe Volume <br> (cubic feet (ft<sup>3</sup>))** | &nbsp;&nbsp;**Block <br> Volume (ft<sup>3</sup>)** | &nbsp;&nbsp;**Difference <br> (%)** |
| &nbsp;&nbsp;08DHW | &nbsp;&nbsp;18515000 | &nbsp;&nbsp; 18544513 | &nbsp;&nbsp;0.16 |
| &nbsp;&nbsp;08BVein | &nbsp;&nbsp;3430600 | &nbsp;&nbsp; 3431198 | &nbsp;&nbsp;0.02 |
| &nbsp;&nbsp;09HW | &nbsp;&nbsp;20934000 | &nbsp;&nbsp; 20972629 | &nbsp;&nbsp;0.18 |
| &nbsp;&nbsp;09Vein | &nbsp;&nbsp;6746700 | &nbsp;&nbsp; 6752672 | &nbsp;&nbsp;0.09 |
| &nbsp;&nbsp;10Vein | &nbsp;&nbsp;46431000 | &nbsp;&nbsp; 46518147 | &nbsp;&nbsp;0.19 |
| &nbsp;&nbsp;101Vein | &nbsp;&nbsp;83760000 | &nbsp;&nbsp; 83899443 | &nbsp;&nbsp;0.17 |
| &nbsp;&nbsp;625M | &nbsp;&nbsp;56498000 | &nbsp;&nbsp; 56497004 | &nbsp;&nbsp;0.00 |
| &nbsp;&nbsp;BVein | &nbsp;&nbsp;9202400 | &nbsp;&nbsp; 9214571 | &nbsp;&nbsp;0.13 |
| &nbsp;&nbsp;CFault Vein | &nbsp;&nbsp;123420000 | &nbsp;&nbsp; 123428062 | &nbsp;&nbsp;0.01 |
| &nbsp;&nbsp;Chester | &nbsp;&nbsp;77063000 | &nbsp;&nbsp; 77055431 | &nbsp;&nbsp;-0.01 |
| &nbsp;&nbsp;ChesterHang | &nbsp;&nbsp;10476000 | &nbsp;&nbsp; 10475661 | &nbsp;&nbsp;0.00 |
| &nbsp;&nbsp;CopperVein | &nbsp;&nbsp;91515000 | &nbsp;&nbsp; 91502865 | &nbsp;&nbsp;-0.01 |
| &nbsp;&nbsp;DVein | &nbsp;&nbsp;75712000 | &nbsp;&nbsp; 75722593 | &nbsp;&nbsp;0.01 |
| &nbsp;&nbsp;FVein | &nbsp;&nbsp;27847000 | &nbsp;&nbsp; 27887845 | &nbsp;&nbsp;0.15 |
| &nbsp;&nbsp;GVein | &nbsp;&nbsp;3686500 | &nbsp;&nbsp; 3703825 | &nbsp;&nbsp;0.47 |
| &nbsp;&nbsp;HFWVein | &nbsp;&nbsp;31262000 | &nbsp;&nbsp; 31342056 | &nbsp;&nbsp;0.26 |

---

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| 11-18 | ![](ny20061035x4_ex96-1img002.jpg) |

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<u> Silver Opportunity Partners LLC \| Sunshine Mine S-K 1300 Technical Report Summary on the Initial Assessment </u> <u> March 25, 2026 SLR Project No.: 123.020552.00001 </u>

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| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Domain** | &nbsp;&nbsp;**Wireframe Volume <br> (cubic feet (ft<sup>3</sup>))** | &nbsp;&nbsp;**Block <br> Volume (ft<sup>3</sup>)** | &nbsp;&nbsp;**Difference <br> (%)** |
| &nbsp;&nbsp;HVein | &nbsp;&nbsp;7127400 | &nbsp;&nbsp; 7133388 | &nbsp;&nbsp;0.08 |
| &nbsp;&nbsp;KFWVein | &nbsp;&nbsp;980920 | &nbsp;&nbsp; 981319 | &nbsp;&nbsp;0.04 |
| &nbsp;&nbsp;KVein | &nbsp;&nbsp;3828200 | &nbsp;&nbsp; 3829636 | &nbsp;&nbsp;0.04 |
| &nbsp;&nbsp;NYBoy | &nbsp;&nbsp;54022000 | &nbsp;&nbsp; 54022928 | &nbsp;&nbsp;0.00 |
| &nbsp;&nbsp;S78 | &nbsp;&nbsp;19393000 | &nbsp;&nbsp; 19395653 | &nbsp;&nbsp;0.01 |
| &nbsp;&nbsp;Silver Summit No4 | &nbsp;&nbsp;197900000 | &nbsp;&nbsp; 198471847 | &nbsp;&nbsp;0.29 |
| &nbsp;&nbsp;Silverline | &nbsp;&nbsp;117150000 | &nbsp;&nbsp; 117148501 | &nbsp;&nbsp;0.00 |
| &nbsp;&nbsp;SilverSummitNo3 | &nbsp;&nbsp;28300000 | &nbsp;&nbsp; 28560725 | &nbsp;&nbsp;0.91 |
| &nbsp;&nbsp;SilverSyndicateLink | &nbsp;&nbsp;64143000 | &nbsp;&nbsp; 64258173 | &nbsp;&nbsp;0.18 |
| &nbsp;&nbsp;Sunshine2 | &nbsp;&nbsp;3831500 | &nbsp;&nbsp; 3831378 | &nbsp;&nbsp;0.00 |
| &nbsp;&nbsp;SunshineFW | &nbsp;&nbsp;22260000 | &nbsp;&nbsp; 22309875 | &nbsp;&nbsp;0.22 |
| &nbsp;&nbsp;SYBoy | &nbsp;&nbsp;28858000 | &nbsp;&nbsp; 28862135 | &nbsp;&nbsp;0.01 |
| &nbsp;&nbsp;Syndicate Fault | &nbsp;&nbsp;509760000 | &nbsp;&nbsp; 509457847 | &nbsp;&nbsp;-0.06 |
| &nbsp;&nbsp;Vein06 | &nbsp;&nbsp;2449000 | &nbsp;&nbsp; 2455393 | &nbsp;&nbsp;0.26 |
| &nbsp;&nbsp;W16Vein | &nbsp;&nbsp;26342000 | &nbsp;&nbsp; 26396710 | &nbsp;&nbsp;0.21 |
| &nbsp;&nbsp;WestChanceFW | &nbsp;&nbsp;55141000 | &nbsp;&nbsp; 55173974 | &nbsp;&nbsp;0.06 |
| &nbsp;&nbsp;WestChanceFWWest | &nbsp;&nbsp;24930000 | &nbsp;&nbsp; 24933725 | &nbsp;&nbsp;0.01 |
| &nbsp;&nbsp;YankeeGirl | &nbsp;&nbsp;128340000 | &nbsp;&nbsp; 128278758 | &nbsp;&nbsp;-0.05 |
| &nbsp;&nbsp;YankeeGirl952Split | &nbsp;&nbsp;17039000 | &nbsp;&nbsp; 17037972 | &nbsp;&nbsp;-0.01 |
| &nbsp;&nbsp;YankeeGirlFW | &nbsp;&nbsp;21079000 | &nbsp;&nbsp; 21075573 | &nbsp;&nbsp;-0.02 |
| &nbsp;&nbsp;All Veins | &nbsp;&nbsp;2019373220 | &nbsp;&nbsp;2020564023 | &nbsp;&nbsp;0.06 |

---

Source: SRK 2025

**11.9** **Grade Estimation Methodology** 

The 36 modeled vein domains were estimated for silver using an inverse distance weighting squared (IDW2) estimation methodology with bulk density scripted for vein and waste material. Due to inconsistency in the variography, kriging was not deemed appropriate at this stage. Copper, lead, and zinc were included in the estimation scheme for exploration guidance, using the same setup as silver, but they were not reported in the mineral resource due to the material lack of assay data. All block grade estimates were made in Leapfrog Edge software using vein-width composites.

**11.9.1** **Estimation Parameters** 

The grade estimation was performed using an IDW2 estimation methodology. A nearest neighbor (NN) estimation was also performed for validation purposes. The grade estimation evaluated all parent blocks with centroids within the estimation domains, and sub-blocks are coded based on the parent block centroid. Estimation within the veins considered only the composites and blocks within each unique domain and assumed hard boundary conditions with the host country rock. Bulk density was scripted by general domain based on analysis of SG measurements collected by SOP.

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|:---|:---|
| 11-19 | ![](ny20061035x4_ex96-1img002.jpg) |

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<u> Silver Opportunity Partners LLC \| Sunshine Mine S-K 1300 Technical Report Summary on the Initial Assessment </u> <u> March 25, 2026 SLR Project No.: 123.020552.00001 </u>

A two-pass search was used to optimize block estimation so that well-informed blocks are interpolated using a tighter search ellipse. The estimation search neighborhood was defined for individual veins. The selection criteria used for search ellipsoid size, number of samples, and other conditions are derived based on data spacing to ensure appropriate interpolation, as well as visual and statistical evaluation, during iterative trial estimation runs.

Pass 1 search distance was 100 ft in X-to-Y and 50 ft in Z (which in effect is limited by the composite lengths and hard boundaries used). Pass 2 search distance was 300 ft in X-to-Y and 150 ft in Z. The first and second pass search ellipses are oriented where the X-to-Y axes are perpendicular to the vein width and Z parallels strike. In this case, the shorter Z-dimension references the direction along the vein (strike) surface. Each search ellipse is oriented to dip straight down (90°) then rotated to parallel the general vein dip. Figure 11-8 provides a visual example of the search orientations.

**Figure 11-8: Example of Estimation Search Orientation for 08B Vein**

![](ny20061035x4_ex96-1img037.jpg)

Source: SRK 2025

Due to many closely spaced channel samples in most veins, declustering weights were determined for each vein and applied during the inverse distance estimation. A declustering ellipse is applied that adds weighting based on sample proximity to limit the impact of clustered samples on the mean assay values of each vein. Additionally, in Pass 2, an outlier restriction was used to limit the extrapolation of high grades at the edge of data support. Grades were clamped to the mean of the individual vein domains for distances beyond one-half of the Pass 2 search distance. In summary, the second pass was allowed to use the full grade values for 150 ft in X-to-Y and 75 ft in Z and afterwards regressed to the mean. Table 11-9 summarizes the search pass parameters. Table 11-10 lists the estimation parameters unique to each vein.

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|:---|:---|
| 11-20 | ![](ny20061035x4_ex96-1img002.jpg) |

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<u> Silver Opportunity Partners LLC \| Sunshine Mine S-K 1300 Technical Report Summary on the Initial Assessment </u> <u> March 25, 2026 SLR Project No.: 123.020552.00001 </u>

**Table 11-9: Search Pass Parameters for Sunshine Mineral Resources**

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Pass** | &nbsp;&nbsp;**X (ft)** | &nbsp;&nbsp;**Y (ft)** | &nbsp;&nbsp;**Z (ft)** | &nbsp;&nbsp;**Minimum Composites** | &nbsp;&nbsp;**Maximum Composites** |
| &nbsp;&nbsp;1 | &nbsp;&nbsp;100 | &nbsp;&nbsp;100 | &nbsp;&nbsp;50 | &nbsp;&nbsp;3 | &nbsp;&nbsp;8 |
| &nbsp;&nbsp;2 | &nbsp;&nbsp;300 | &nbsp;&nbsp;300 | &nbsp;&nbsp;150 | &nbsp;&nbsp;2 | &nbsp;&nbsp;20 |

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Source: SRK 2025

**Table 11-10: Unique Estimation Parameters for Sunshine Mineral Resources**

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| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Domain** | &nbsp;&nbsp;**Dip (°)** | &nbsp;&nbsp;**Dip Azimuth (°)** | &nbsp;&nbsp;**Pitch (°)** | &nbsp;&nbsp;**Declustering Ellipse (ft)** |
| &nbsp;&nbsp;08DHW | &nbsp;&nbsp;90 | &nbsp;&nbsp;90 | &nbsp;&nbsp;110 | &nbsp;&nbsp;200 x 200 x 100 |
| &nbsp;&nbsp;08BVein | &nbsp;&nbsp;90 | &nbsp;&nbsp;65 | &nbsp;&nbsp;110 | &nbsp;&nbsp;50 x 50 x 25 |
| &nbsp;&nbsp;09HW | &nbsp;&nbsp;90 | &nbsp;&nbsp;96 | &nbsp;&nbsp;114 | &nbsp;&nbsp;80 x 80 x 40 |
| &nbsp;&nbsp;09Vein | &nbsp;&nbsp;90 | &nbsp;&nbsp;94 | &nbsp;&nbsp;114 | &nbsp;&nbsp;100 x 100 x 50 |
| &nbsp;&nbsp;10Vein | &nbsp;&nbsp;90 | &nbsp;&nbsp;85 | &nbsp;&nbsp;110 | &nbsp;&nbsp;80 × 80 × 40 |
| &nbsp;&nbsp;101Vein | &nbsp;&nbsp;90 | &nbsp;&nbsp;75 | &nbsp;&nbsp;120 | &nbsp;&nbsp;200 × 200 × 100 |
| &nbsp;&nbsp;625M | &nbsp;&nbsp;90 | &nbsp;&nbsp;90 | &nbsp;&nbsp;124 | &nbsp;&nbsp;80 × 80 × 40 |
| &nbsp;&nbsp;BVein | &nbsp;&nbsp;90 | &nbsp;&nbsp;80 | &nbsp;&nbsp;105 | &nbsp;&nbsp;100 × 100 × 50 |
| &nbsp;&nbsp;CFault Vein | &nbsp;&nbsp;90 | &nbsp;&nbsp;90 | &nbsp;&nbsp;114 | &nbsp;&nbsp;200 × 200 × 100 |
| &nbsp;&nbsp;Chester | &nbsp;&nbsp;90 | &nbsp;&nbsp;90 | &nbsp;&nbsp;116 | &nbsp;&nbsp;120 × 120 × 60 |
| &nbsp;&nbsp;ChesterHang | &nbsp;&nbsp;90 | &nbsp;&nbsp;90 | &nbsp;&nbsp;118 | &nbsp;&nbsp;120 × 120 × 60 |
| &nbsp;&nbsp;CopperVein | &nbsp;&nbsp;90 | &nbsp;&nbsp;95 | &nbsp;&nbsp;124 | &nbsp;&nbsp;80 × 80 × 40 |
| &nbsp;&nbsp;DVein | &nbsp;&nbsp;90 | &nbsp;&nbsp;90 | &nbsp;&nbsp;110 | &nbsp;&nbsp;200 × 200 × 100 |
| &nbsp;&nbsp;FVein | &nbsp;&nbsp;90 | &nbsp;&nbsp;80 | &nbsp;&nbsp;120 | &nbsp;&nbsp;100 × 100 × 50 |
| &nbsp;&nbsp;GVein | &nbsp;&nbsp;90 | &nbsp;&nbsp;75 | &nbsp;&nbsp;108 | &nbsp;&nbsp;150 × 150 × 75 |
| &nbsp;&nbsp;HFWVein | &nbsp;&nbsp;90 | &nbsp;&nbsp;75 | &nbsp;&nbsp;110 | &nbsp;&nbsp;20 × 20 × 10 |
| &nbsp;&nbsp;HVein | &nbsp;&nbsp;90 | &nbsp;&nbsp;85 | &nbsp;&nbsp;114 | &nbsp;&nbsp;120 × 120 × 60 |
| &nbsp;&nbsp;KFWVein | &nbsp;&nbsp;90 | &nbsp;&nbsp;95 | &nbsp;&nbsp;118 | &nbsp;&nbsp;30 × 30 × 15 |
| &nbsp;&nbsp;KVein | &nbsp;&nbsp;90 | &nbsp;&nbsp;85 | &nbsp;&nbsp;118 | &nbsp;&nbsp;120 × 120 × 60 |
| &nbsp;&nbsp;NYBoy | &nbsp;&nbsp;90 | &nbsp;&nbsp;85 | &nbsp;&nbsp;110 | &nbsp;&nbsp;180 × 180 × 90 |
| &nbsp;&nbsp;S78 | &nbsp;&nbsp;90 | &nbsp;&nbsp;50 | &nbsp;&nbsp;95 | &nbsp;&nbsp;50 × 50 × 25 |
| &nbsp;&nbsp;Silver Summit No4 | &nbsp;&nbsp;90 | &nbsp;&nbsp;100 | &nbsp;&nbsp;105 | &nbsp;&nbsp;40 × 40 × 20 |
| &nbsp;&nbsp;Silverline | &nbsp;&nbsp;90 | &nbsp;&nbsp;95 | &nbsp;&nbsp;120 | &nbsp;&nbsp;180 × 180 × 90 |
| &nbsp;&nbsp;SilverSummitNo3 | &nbsp;&nbsp;90 | &nbsp;&nbsp;100 | &nbsp;&nbsp;110 | &nbsp;&nbsp;40 × 40 × 20 |
| &nbsp;&nbsp;SilverSyndicateLink | &nbsp;&nbsp;90 | &nbsp;&nbsp;85 | &nbsp;&nbsp;112 | &nbsp;&nbsp;110 × 110 × 55 |
| &nbsp;&nbsp;Sunshine2 | &nbsp;&nbsp;90 | &nbsp;&nbsp;50 | &nbsp;&nbsp;100 | &nbsp;&nbsp;60 × 60 × 30 |
| &nbsp;&nbsp;SunshineFW | &nbsp;&nbsp;90 | &nbsp;&nbsp;85 | &nbsp;&nbsp;115 | &nbsp;&nbsp;130 × 130 × 65 |

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|:---|:---|
| 11-21 | ![](ny20061035x4_ex96-1img002.jpg) |

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<u> Silver Opportunity Partners LLC \| Sunshine Mine S-K 1300 Technical Report Summary on the Initial Assessment </u> <u> March 25, 2026 SLR Project No.: 123.020552.00001 </u>

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| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Domain** | &nbsp;&nbsp;**Dip (°)** | &nbsp;&nbsp;**Dip Azimuth (°)** | &nbsp;&nbsp;**Pitch (°)** | &nbsp;&nbsp;**Declustering Ellipse (ft)** |
| &nbsp;&nbsp;SYBoy | &nbsp;&nbsp;90 | &nbsp;&nbsp;85 | &nbsp;&nbsp;107 | &nbsp;&nbsp;300 × 300 × 150 |
| &nbsp;&nbsp;Syndicate Fault | &nbsp;&nbsp;90 | &nbsp;&nbsp;105 | &nbsp;&nbsp;110 | &nbsp;&nbsp;150 × 150 × 75 |
| &nbsp;&nbsp;Vein06 | &nbsp;&nbsp;90 | &nbsp;&nbsp;80 | &nbsp;&nbsp;115 | &nbsp;&nbsp;80 × 80 × 40 |
| &nbsp;&nbsp;W16Vein | &nbsp;&nbsp;90 | &nbsp;&nbsp;90 | &nbsp;&nbsp;112 | &nbsp;&nbsp;60 × 60 × 30 |
| &nbsp;&nbsp;WestChanceFW | &nbsp;&nbsp;90 | &nbsp;&nbsp;105 | &nbsp;&nbsp;130 | &nbsp;&nbsp;50 × 50 × 25 |
| &nbsp;&nbsp;WestChanceFWWest | &nbsp;&nbsp;90 | &nbsp;&nbsp;95 | &nbsp;&nbsp;125 | &nbsp;&nbsp;70 × 70 × 35 |
| &nbsp;&nbsp;YankeeGirl | &nbsp;&nbsp;90 | &nbsp;&nbsp;90 | &nbsp;&nbsp;115 | &nbsp;&nbsp;180 × 180 × 90 |
| &nbsp;&nbsp;YankeeGirl952Split | &nbsp;&nbsp;90 | &nbsp;&nbsp;80 | &nbsp;&nbsp;112 | &nbsp;&nbsp;30 × 30 × 15 |
| &nbsp;&nbsp;YankeeGirlFW | &nbsp;&nbsp;90 | &nbsp;&nbsp;90 | &nbsp;&nbsp;114 | &nbsp;&nbsp;66 × 66 × 33 |

---

Source: SRK 2025

**11.9.2** **Depletion** 

Significant historical mining has occurred at Sunshine on the majority of the modeled veins. SOP constructed mined-out wireframes from available historical records that were digitized from geo-referenced longitudinal sections. The historical documentation of mined-out areas is believed to be reasonably accurate. In some areas, additional mining may have occurred that is undocumented and would affect mineable vein volumes. Based on the SOP documentation and the historical data reviewed to date, in the SRK QP's opinion, it is unlikely that significant mined-out areas remain undiscovered and not depleted from the current Mineral Resource estimate.

The historical mining areas were coded as mined in the veins to deplete the resource models. Figure 11-9 portrays an example of the historical workings that were removed from the North Yankee Boy Vein.

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|:---|:---|
| 11-22 | ![](ny20061035x4_ex96-1img002.jpg) |

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<u> Silver Opportunity Partners LLC \| Sunshine Mine S-K 1300 Technical Report Summary on the Initial Assessment </u> <u> March 25, 2026 SLR Project No.: 123.020552.00001 </u>

**Figure 11-9: Longitudinal Section of Mined-Out Areas at North Yankee Boy Vein**

![](ny20061035x4_ex96-1img038.jpg)

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|:---|:---|
| 11-23 | ![](ny20061035x4_ex96-1img002.jpg) |

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<u> Silver Opportunity Partners LLC \| Sunshine Mine S-K 1300 Technical Report Summary on the Initial Assessment </u> <u> March 25, 2026 SLR Project No.: 123.020552.00001 </u>

**11.9.3** **Post-Estimation Scripting** 

Post-estimation scripts were run on the model using Leapfrog Edge software to assign additional variables, as follows:

● Density values were assigned as 3.0 g/cm3 for vein and 2.8 g/cm<sup>3</sup> for waste.

● Historical mining was coded as mined or available.

● Classification was assigned based on separate classification models (see Section 11.11).

**11.9.4** **Estimation Summary** 

It is the SRK QP's opinion that the methodology and search neighborhood used to estimate the Sunshine resource model are consistent with industry standards, acceptable for the level of sample data, and produce quality estimation results in well-informed areas. Some portions of the deposit are considered poorly informed in terms of drilling and certainty of geological interpretation and should be targeted for future drilling to improve confidence in both geological continuity and grade estimation. The relative confidence in grade estimations based on estimation quality are considered in resource classification, as discussed in Section 11.11.

**11.10** **Model Validation** 

Multiple techniques were implemented to evaluate the validity of the resource block model, including the following:

● Interpolated block grades were visually checked by domain for comparison to capped composite assay grades.

● Estimation parameter results were reviewed to evaluate the overall performance of the grade estimation methodology by estimation pass and by block, including average number of composites, average number of drill holes, and average distance to samples.

● Statistical and graphical comparisons between resource block grades estimated by IDW2 were compared by domain to composite assay grades and to NN estimates.

**11.10.1** **Visual Comparison** 

Visual validation provides a comparison of the interpolated block model on a local scale. A thorough inspection was undertaken in 3D, comparing the sample grades in all veins with the block grades. The resulting block estimates demonstrate general conformity between local block estimates and nearby composites with an appropriate degree of smoothing in the block model.

The estimation methodology applied to all veins was generally based on the best-sampled structures, such as the North Yankee Boy Vein, which contains about 10% of the entire Sunshine resource. These structures generally show the most continuity up and down dip. The veins with significant sampling exhibit high variability in grades and vein thickness due to inherent local variability of mineralization over relatively short distances along strike. SRK considered grade continuity as a factor during the classification process.

Figure 11-10 provides a longitudinal section of the estimated block grades for silver at North Yankee Boy Vein.

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| 11-24 | ![](ny20061035x4_ex96-1img002.jpg) |

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<u> Silver Opportunity Partners LLC \| Sunshine Mine S-K 1300 Technical Report Summary on the Initial Assessment </u> <u> March 25, 2026 SLR Project No.: 123.020552.00001 </u>

**Figure 11-10: Longitudinal Section of Estimated Block Grades of Ag at North Yankee Boy Vein**

![](ny20061035x4_ex96-1img039.jpg)

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|:---|:---|
| 11-25 | ![](ny20061035x4_ex96-1img002.jpg) |

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<u> Silver Opportunity Partners LLC \| Sunshine Mine S-K 1300 Technical Report Summary on the Initial Assessment </u> <u> March 25, 2026 SLR Project No.: 123.020552.00001 </u>

**11.10.2** **Comparative Statistics** 

SRK reviewed statistics of mean grades of composited assay data and estimated silver block grades. Due to data clustering and the often-irregular sample grid, mean composite grades appear to be significantly higher than estimated mean block grades, however, mean grades between the NN estimate and IDW2 block grades are similar and within an acceptable range globally for the estimation to be considered appropriate. In general, bias observed for estimated blocks versus composites is caused by clustering effects from non-standardized sample spacing relative to the wireframe generation, which locally results in larger volumes of blocks being informed by relatively smaller population of samples. Table 11-11 provides a summary of the model validation by statistical analysis.

**Table 11-11: Model Validation by Statistical Analysis**

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Domain** | **Number of <br> Composites** | **Mean Ag Grade (opt)** | **Mean Ag Grade (opt)** | **Mean Ag Grade (opt)** | **Mean Ag Grade (opt)** | **Mean Ag Grade (opt)** | **Difference IDW2 <br> to Declustered <br> (%)** | **Difference IDW2 <br> to NN Estimate <br> (%)** |
| **Domain** | **Number of <br> Composites** | **Composites <br> (Length Weighted)** | **Naïve <br> Mean** | **Declustered** | **NN <br> Estimate** | **IDW2 <br> Estimate** | **Difference IDW2 <br> to Declustered <br> (%)** | **Difference IDW2 <br> to NN Estimate <br> (%)** |
| 08DHW | 4584 | 43.1 | 47.1 | 47.9 | 42.0 | 36.0 | -33 | -17 |
| 08BVein | 642 | 85.4 | 90.4 | 69.1 | 74.2 | 62.6 | -10 | -18 |
| 09HW | 2188 | 60.2 | 57.9 | 45.8 | 27.5 | 24.9 | -84 | -11 |
| 09Vein | 2879 | 53.2 | 62.5 | 57.3 | 40.3 | 40.7 | -41 | 1 |
| 10Vein | 25 | 18.1 | 19.0 | 19.1 | 22.0 | 16.1 | -19 | -36 |
| 101Vein | 22 | 37.2 | 48.7 | 38.4 | 40.7 | 28.1 | -37 | -45 |
| 625M | 5302 | 99.7 | 114.4 | 82.7 | 51.4 | 50.2 | -65 | -2 |
| BVein | 291 | 28.6 | 27.9 | 25.1 | 25.7 | 20.2 | -24 | -28 |
| CFault Vein | 11094 | 81.9 | 88.4 | 44.8 | 28.5 | 29.4 | -52 | 3 |
| Chester | 26074 | 78.9 | 80.1 | 59.8 | 52.0 | 49.9 | -20 | -4 |
| ChesterHang | 4101 | 67.5 | 66.6 | 42.9 | 33.1 | 34.1 | -26 | 3 |
| CopperVein | 10225 | 49.6 | 48.3 | 36.2 | 27.3 | 27.5 | -32 | 1 |
| DVein | 3416 | 65.8 | 61.9 | 42.6 | 34.5 | 32.2 | -32 | -7 |
| FVein | 1109 | 81.1 | 77.6 | 46.1 | 37.7 | 36.0 | -28 | -5 |
| GVein | 7 | 6.8 | 16.7 | 15.1 | 9.2 | 4.6 | -229 | -100 |
| HFWVein | 19 | 17.0 | 20.3 | 19.9 | 16.4 | 14.0 | -43 | -18 |
| HVein | 2019 | 58.1 | 62.4 | 29.4 | 24.0 | 24.0 | -23 | 0 |
| KFWVein | 159 | 115.1 | 115.0 | 109.1 | 79.9 | 79.7 | -37 | 0 |
| KVein | 1519 | 112.5 | 118.3 | 91.3 | 62.2 | 68.0 | -34 | 9 |
| NYBoy | 8944 | 54.8 | 51.4 | 37.9 | 35.1 | 33.9 | -12 | -4 |
| S78 | 2429 | 44.8 | 48.1 | 43.6 | 40.4 | 30.7 | -42 | -31 |
| Silver Summit No4 | 771 | 32.2 | 35.0 | 30.8 | 24.1 | 19.0 | -62 | -27 |

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|:---|:---|
| 11-26 | ![](ny20061035x4_ex96-1img002.jpg) |

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<u> Silver Opportunity Partners LLC \| Sunshine Mine S-K 1300 Technical Report Summary on the Initial Assessment </u> <u> March 25, 2026 SLR Project No.: 123.020552.00001 </u>

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Domain** | **Number of <br> Composites** | **Mean Ag Grade (opt)** | **Mean Ag Grade (opt)** | **Mean Ag Grade (opt)** | **Mean Ag Grade (opt)** | **Mean Ag Grade (opt)** | **Difference IDW2 <br> to Declustered <br> (%)** | **Difference IDW2 <br> to NN Estimate <br> (%)** |
| **Domain** | **Number of <br> Composites** | **Composites <br> (Length Weighted)** | **Naïve <br> Mean** | **Declustered** | **NN <br> Estimate** | **IDW2 <br> Estimate** | **Difference IDW2 <br> to Declustered <br> (%)** | **Difference IDW2 <br> to NN Estimate <br> (%)** |
| Silverline | 370 | 60.2 | 58.8 | 23.5 | 23.5 | 17.4 | -35 | -35 |
| SilverSummitNo3 | 319 | 25.6 | 29.7 | 28.0 | 19.7 | 16.5 | -70 | -20 |
| SilverSyndicateLink | 649 | 63.4 | 55.0 | 53.4 | 58.2 | 51.4 | -4 | -13 |
| Sunshine2 | 2072 | 48.8 | 50.3 | 45.9 | 32.6 | 35.8 | -28 | 9 |
| SunshineFW | 1246 | 64.4 | 116.9 | 62.9 | 25.4 | 23.9 | -164 | -6 |
| SYBoy | 2414 | 34.6 | 42.5 | 30.5 | 31.6 | 26.2 | -16 | -21 |
| Syndicate Fault | 2821 | 82.1 | 93.3 | 36.2 | 29.7 | 29.4 | -23 | -1 |
| Vein06 | 671 | 111.2 | 150.3 | 103.7 | 82.3 | 72.9 | -42 | -13 |
| W16Vein | 209 | 364.3 | 275.3 | 161.3 | 181.5 | 131.0 | -23 | -39 |
| WestChanceFW | 253 | 64.8 | 79.3 | 64.1 | 47.5 | 46.9 | -37 | -1 |
| WestChanceFWWest | 14 | 27.7 | 48.3 | 48.9 | 48.7 | 24.2 | -102 | -101 |
| YankeeGirl | 2467 | 47.4 | 57.1 | 47.1 | 39.7 | 32.8 | -43 | -21 |
| YankeeGirl952Split | 92 | 49.5 | 49.9 | 46.5 | 33.8 | 30.0 | -55 | -13 |
| YankeeGirlFW | 79 | 17.7 | 18.8 | 18.8 | 17.6 | 15.4 | -22 | -14 |

---

Source: SRK 2025

Globally across all vein domains, the results of the comparison indicate that the SRK estimates using IDW2 report a weighted average of 4.8% less than the NN grade estimate, with individual domain estimates reporting above or below the input composite means; it is the QP's opinion that this in an indication of an acceptable estimate with an appropriate amount of grade smoothing. Individual domain differences between the NN estimate and blocks are related to clustering of higher or lower grades on an individual vein basis. The highest variance domains are typically associated with small volume veins with the least amount of samples. SRK reviewed areas of the block model with discrepancies and, through visual validation, considers the estimation fit-for-purpose and appropriate at the stated resource classification.

**11.10.3** **Swath Plots** 

Silver swath plots were generated for each vein to validate the model globally by comparison to NN estimates. The sectional profiles compare mean block grades and NN values in X (strike) and Y (dip) directions (Figure 11-11 and Figure 11-12). Swath plots in the Z direction are not considered, as these are parallel to the vein width due to model rotation. The swath plots illustrate an acceptable correlation between block grades (blue line) and the unbiased NN estimator (green line); composites are shown in red.

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| 11-27 | ![](ny20061035x4_ex96-1img002.jpg) |

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<u> Silver Opportunity Partners LLC \| Sunshine Mine S-K 1300 Technical Report Summary on the Initial Assessment </u> <u> March 25, 2026 SLR Project No.: 123.020552.00001 </u>

**Figure 11-11: Swath Plot in X (Strike) Direction for North Yankee Boy Vein**

![](ny20061035x4_ex96-1img040.jpg)

Source: SRK 2025

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| 11-28 | ![](ny20061035x4_ex96-1img002.jpg) |

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<u> Silver Opportunity Partners LLC \| Sunshine Mine S-K 1300 Technical Report Summary on the Initial Assessment </u> <u> March 25, 2026 SLR Project No.: 123.020552.00001 </u>

**Figure 11-12: Swath Plot in Y (Dip) Direction for North Yankee Boy Vein**

![](ny20061035x4_ex96-1img041.jpg)

Source: SRK 2025

11.11 Classification

The Mineral Resources are classified in accordance with S-K 1300 definitions and reflect the relative confidence of the grade estimates and the continuity of the mineralization. This classification is based on several factors, including geological understanding and uncertainty, confidence in the geological continuity of the mineralized structures, the quality and quantity of fundamental exploration data supporting the estimates, geostatistical confidence in the tonnage and grade estimates, data QA/QC and verification to original sources, bulk density determinations, accuracy of drill collar locations, accuracy of topographic surface, quality of the assay data, and many other factors that influence the confidence of the resource estimation. No single factor controls the resource classification; rather, each factor influences the result.

Portions of blocks within the estimation domains have been categorized as Indicated and Inferred Resources consistent with S-K 1300 guidelines. Additional mineralized material in the estimation domains was not deemed acceptable for classification at this time and is considered unclassified material with exploration potential. Separate classification models derived from distance buffer volumes were used to apply the appropriate block classification to the mineral resources. The following criteria have been used to create the models:

● No Measured Mineral Resources are reported for the Project.

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|:---|:---|
| 11-29 | ![](ny20061035x4_ex96-1img002.jpg) |

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<u> Silver Opportunity Partners LLC \| Sunshine Mine S-K 1300 Technical Report Summary on the Initial Assessment </u> <u> March 25, 2026 SLR Project No.: 123.020552.00001 </u>

● Indicated Mineral Resource classification is assigned to blocks that have drill spacing <60 ft and composites constrained within modeled vein wireframes.

● Inferred Mineral Resource classification is assigned to blocks based on moderate confidence in geology, grade continuity with drill spacing <300 ft, and composites constrained within modeled vein wireframes.

● Historical channel samples were not able to be validated to the same level as modern drilling, which leads to greater uncertainty. However, the majority of these historical assays have been mined and were exclude from the summary of Mineral Resources.

These distances were selected based on the experience of Sunshine geologists in reference to continuity, as well as SRK's experience with maximum grade continuity in similar vein deposits. The classified blocks represent mineralized material constrained within a modeled wireframe volume.

Numerical modeling was selected over manual digitization of continuity to provide a more-uniform application of classification to the large number of discrete vein domains. SRK generated 60 ft and 300 ft distance buffers to vein composites for each individual veins. The contiguous portions of these distance buffers were evaluated to determine locations where vein intercepts seemed correlated within the structure as the individual spacings. Manual smoothing of the results focused on significant overlapping of distance buffers, but in certain scenarios the distance between classified samples can be greater than the assigned minimum drill spacing. The preliminary numerical distance buffers were clipped against the vein wireframes to code the classification by the sub-block centroids within the wireframe. Additionally, resulting unusual remnants distal to the primary contiguous distance buffers were removed, as geological and grade continuity in these areas was less certain. Note that depending on sample geometry, the actual average distance between composites in the estimates may be slightly larger than the correlated distance buffers. In the QP for mineral resources' opinion, the classification for Sunshine is reasonable for the type of mineralization, deposit morphology, and current level of sample data.

Figure 11-13 shows the classification applied to the North Yankee Boy Vein. This longitudinal section can be directly compared to previous sections that show mined-out areas and grade distribution relative to drilling.

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| 11-30 | ![](ny20061035x4_ex96-1img002.jpg) |

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<u> Silver Opportunity Partners LLC \| Sunshine Mine S-K 1300 Technical Report Summary on the Initial Assessment </u> <u> March 25, 2026 SLR Project No.: 123.020552.00001 </u>

**Figure 11-13: Longitudinal Section of Classification at North Yankee Boy Vein**

![](ny20061035x4_ex96-1img042.jpg)

Note: The white areas surrounding stope samples are mined out and are depleted from the stated resource.

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|:---|:---|
| 11-31 | ![](ny20061035x4_ex96-1img002.jpg) |

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<u> Silver Opportunity Partners LLC \| Sunshine Mine S-K 1300 Technical Report Summary on the Initial Assessment </u> <u> March 25, 2026 SLR Project No.: 123.020552.00001 </u>

**11.12** **Demonstration of Reasonable Prospects for Economic Extraction** 

As per S-K 1300, Mineral Resources must demonstrate RPEE. To satisfy this implication, SRK applied a COG that accounts for operation costs based on the proposed underground mining method, assumed processing costs, assumed G&A costs, metallurgical recovery, and market-driven metal pricing. Sunshine provided the cost inputs based on an internal 2023 scoping study for the Project. The following technical and economic parameters are assumed and accounted for in the determination of COG:

● Mining cost: $110.00 per short ton

● Processing cost: $20.85 per short ton

● G&A cost: $7.93 per short ton

● Antimony plant cost for silver concentrate: $14.55 per short ton

● Refining cost for silver concentrate: $16.13 per short ton

● Tailings storage cost: $4.27 per short ton

● Silver price: $23.50 per troy ounce

● Silver recovery: mill (97%) times hydrometallurgical estimate (96%) yields an overall 93% (from metallurgical test work and history of actual production)

● Silver payability: 95%

● Mining dilution: 5%

Silver is an over-the-counter, publicly-traded metal and pricing assumptions were derived from long-term market consensus forecasts provided by SOP. The estimates were from market analysts at major banks (e.g. Scotia, RBC, Canaccord, Morgan Stanley). The assumed silver price used in the resource COG determination is below the current spot price and is relatively conservative as the Mineral Resource estimate was originally completed in December 2023. In the opinion of the SRK QP, the estimated commodity pricing used to calculate the resource COG is reasonable for up to a 25-year period, which exceeds the currently envisioned mine life which is based on mining inventory from both Indicated and Inferred Mineral Resource categories.

Applying the aforementioned technical and economic assumptions, an underground COG of 8.8 opt Ag was used for reporting Mineral Resources at Sunshine. Additionally, the underground Mineral Resources were constrained within MSO wireframes derived from the parameters stated above. No mine planning or scheduling is considered in the MSO, as all block volumes above the diluted COG are considered to meet RPEE at this stage of the Project. Figure 11-14 provides a longitudinal section of North Yankee Boy Vein showing MSO volumes.

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| 11-32 | ![](ny20061035x4_ex96-1img002.jpg) |

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<u> Silver Opportunity Partners LLC \| Sunshine Mine S-K 1300 Technical Report Summary on the Initial Assessment </u> <u> March 25, 2026 SLR Project No.: 123.020552.00001 </u>

**Figure 11-14: Longitudinal Section of North Yankee Boy Vein showing MSO Volumes**

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| 11-33 | ![](ny20061035x4_ex96-1img002.jpg) |

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<u> Silver Opportunity Partners LLC \| Sunshine Mine S-K 1300 Technical Report Summary on the Initial Assessment </u> <u> March 25, 2026 SLR Project No.: 123.020552.00001 </u>

**11.13** **Mineral Resource Statement** 

Definitions for resource categories used in this TRS are those defined by SEC in S-K 1300. Mineral Resources are classified into Measured, Indicated, and Inferred categories.

Material of economic interest refers to diamonds, natural solid inorganic material, or natural solid fossilized organic material including base and precious metals, coal, and industrial minerals. The RPEE requirements generally imply that the quantity and grade estimate meet certain economic thresholds and that the Mineral Resources are reported at an appropriate COG, considering extraction scenarios and processing recoveries.

SRK defined the Mineral Resource based on COG derived from assumed economics for underground mining potential on blocks constrained within MSO volumes. The summarized tonnage and grades are reported on a diluted basis in the MSO volumes. SRK applied a COG that accounts for benchmarked operational costs based on the assumed mining method proposed, assumed processing costs, assumed G&A costs, metallurgical recovery, and market-driven metal pricing, as discussed in Section 16.

Table 11-12 presents the Project Mineral Resource statement. Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability. There is no certainty that all or any part of the Mineral Resources will be converted into Mineral Reserves in the future. The estimate of Mineral Resources may be materially affected by environmental permitting, legal, title, taxation, socio-political, marketing, or other relevant issues.

Table 11-13 shows the estimated Indicated resources by vein, and Table 11-14 shows the estimated Inferred resources by vein.

The SRK QP is of the opinion that with consideration of the recommendations summarized in Sections 1 and 23 of this TRS, any issues relating to all relevant technical and economic factors likely to influence the prospect of economic extraction can be resolved with further work.

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|:---|:---|
| 11-34 | ![](ny20061035x4_ex96-1img002.jpg) |

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<u> Silver Opportunity Partners LLC \| Sunshine Mine S-K 1300 Technical Report Summary on the Initial Assessment </u> <u> March 25, 2026 SLR Project No.: 123.020552.00001 </u>

**Table 11-12: Sunshine Mine Underground Mineral Resources as of February 24, 2026, SRK Consulting (U.S.), Inc.**

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| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Classification** | &nbsp;&nbsp;**Tonnage <br> (000 st)** | &nbsp;&nbsp;**Ag Grade<br> (opt)** | &nbsp;&nbsp;**Contained Ag Metal<br> (koz)** |
| &nbsp;&nbsp;Measured | &nbsp;&nbsp;-- | &nbsp;&nbsp;-- | &nbsp;&nbsp;-- |
| &nbsp;&nbsp;Indicated | &nbsp;&nbsp;3485 | &nbsp;&nbsp;29.8 | &nbsp;&nbsp;103915 |
| &nbsp;&nbsp;**Measured and Indicated (M+I)** | &nbsp;&nbsp;**3485** | &nbsp;&nbsp;**29.8** | &nbsp;&nbsp;**103915** |
| &nbsp;&nbsp;Inferred | &nbsp;&nbsp;7061 | &nbsp;&nbsp;22.6 | &nbsp;&nbsp;159847 |

---

Source: SRK 2026

Notes:

&nbsp;&nbsp;&nbsp;&nbsp;1. The definitions for Mineral Resources in S-K 1300, which are consistent with the classification scheme under the CRIRSCO
 standards, were followed for the classification of Mineral Resources.

&nbsp;&nbsp;&nbsp;&nbsp;2. All dollar amounts are present in U.S. dollars, and all measurements are US Standard units.

&nbsp;&nbsp;&nbsp;&nbsp;3. MSO volume constrained resources with RPEE are stated as contained within vein estimation domains defined by an 8.8 opt Ag
 COG. The COG and MSO are based on an assumed silver price of $23.50/oz and operating cost assumptions, as follows: mining cost of $110.00 per short ton, processing cost of $20.85 per short ton, general and administrative (G&A) cost of $7.93
 per short ton, antimony plant for silver concentrate cost of $14.55 per short ton, refining for silver concentrate cost of $16.13 per short ton, and tailings storage cost of $4.27 per short ton.

&nbsp;&nbsp;&nbsp;&nbsp;4. MSO volumes are 9 ft high, 30 ft long, and minimum of 3 ft wide and are flagged by the individual modeled vein volumes. An
 unplanned mining dilution of 5% is applied for reporting.

&nbsp;&nbsp;&nbsp;&nbsp;5. All Mineral Resources are based on a data cut-off date of November 28, 2023, estimated in situ and reported as diluted
 within MSO volumes.

&nbsp;&nbsp;&nbsp;&nbsp;6. Average bulk density was assigned as 3.02 grams per cubic centimeter (g/cm<sup>3</sup>) for veins and 2.82 g/cm<sup>3</sup> for waste. The equivalent densities in US S Customary units are 0.0943 short tons per cubic foot (st/ft<sup>3</sup>) for veins and 0.088 st/ft<sup>3</sup>for waste.

&nbsp;&nbsp;&nbsp;&nbsp;7. Metallurgical recovery was assigned at 93% from metallurgical test work and history of mining production.

&nbsp;&nbsp;&nbsp;&nbsp;8. Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability. There is no certainty that all
 or any part of the Mineral Resources will be converted into Mineral Reserves in the future. The estimate of Mineral Resources may be materially affected by environmental permitting, legal, title, taxation, socio-political, marketing, or other
 relevant issues.

&nbsp;&nbsp;&nbsp;&nbsp;9. All quantities are rounded to the appropriate number of significant figures; consequently, sums may not add up due to
 rounding.

&nbsp;&nbsp;&nbsp;&nbsp;10. The Project is 100% attributable to SOP.

**Table 11-13: Estimated Indicated Resources by Vein**

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| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Vein** | &nbsp;&nbsp;**Tonnage <br> (000 st)** | &nbsp;&nbsp;**Ag Grade (opt)** | &nbsp;&nbsp;**Contained Metal Ag (koz)** |
| &nbsp;&nbsp;08BVein | &nbsp;&nbsp; 19.4 | &nbsp;&nbsp; 34.0 | &nbsp;&nbsp;659 |
| &nbsp;&nbsp;08DHW | &nbsp;&nbsp; 122.8 | &nbsp;&nbsp; 24.8 | &nbsp;&nbsp;3043 |
| &nbsp;&nbsp;09HW | &nbsp;&nbsp; 70.0 | &nbsp;&nbsp; 22.8 | &nbsp;&nbsp;1596 |
| &nbsp;&nbsp;09Vein | &nbsp;&nbsp; 241.3 | &nbsp;&nbsp; 36.0 | &nbsp;&nbsp;8694 |
| &nbsp;&nbsp;101Vein | &nbsp;&nbsp; 23.0 | &nbsp;&nbsp; 33.1 | &nbsp;&nbsp;761 |
| &nbsp;&nbsp;10Vein | &nbsp;&nbsp; 24.4 | &nbsp;&nbsp; 16.2 | &nbsp;&nbsp;395 |
| &nbsp;&nbsp;625M | &nbsp;&nbsp; 84.8 | &nbsp;&nbsp; 32.4 | &nbsp;&nbsp;2748 |
| &nbsp;&nbsp;BVein | &nbsp;&nbsp; 55.8 | &nbsp;&nbsp; 34.0 | &nbsp;&nbsp;1895 |
| &nbsp;&nbsp;CFault Vein | &nbsp;&nbsp; 310.2 | &nbsp;&nbsp; 29.8 | &nbsp;&nbsp;9232 |
| &nbsp;&nbsp;Chester | &nbsp;&nbsp; 436.4 | &nbsp;&nbsp; 31.4 | &nbsp;&nbsp;13705 |

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|:---|:---|
| 11-35 | ![](ny20061035x4_ex96-1img002.jpg) |

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<u> Silver Opportunity Partners LLC \| Sunshine Mine S-K 1300 Technical Report Summary on the Initial Assessment </u> <u> March 25, 2026 SLR Project No.: 123.020552.00001 </u>

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Vein** | &nbsp;&nbsp;**Tonnage <br> (000 st)** | &nbsp;&nbsp;**Ag Grade (opt)** | &nbsp;&nbsp;**Contained Metal Ag (koz)** |
| &nbsp;&nbsp;ChesterHang | &nbsp;&nbsp; 213.8 | &nbsp;&nbsp; 32.9 | &nbsp;&nbsp;7044 |
| &nbsp;&nbsp;CopperVein | &nbsp;&nbsp; 137.0 | &nbsp;&nbsp; 24.2 | &nbsp;&nbsp;3313 |
| &nbsp;&nbsp;DVein | &nbsp;&nbsp; 98.7 | &nbsp;&nbsp; 28.3 | &nbsp;&nbsp;2794 |
| &nbsp;&nbsp;FVein | &nbsp;&nbsp; 34.3 | &nbsp;&nbsp; 24.6 | &nbsp;&nbsp;844 |
| &nbsp;&nbsp;GVein | &nbsp;&nbsp;-- | &nbsp;&nbsp;-- | &nbsp;&nbsp;-- |
| &nbsp;&nbsp;HFWVein | &nbsp;&nbsp; 21.0 | &nbsp;&nbsp; 16.2 | &nbsp;&nbsp;340 |
| &nbsp;&nbsp;HVein | &nbsp;&nbsp; 27.7 | &nbsp;&nbsp; 27.8 | &nbsp;&nbsp;771 |
| &nbsp;&nbsp;KFWVein | &nbsp;&nbsp; 8.3 | &nbsp;&nbsp; 47.4 | &nbsp;&nbsp;391 |
| &nbsp;&nbsp;KVein | &nbsp;&nbsp; 32.6 | &nbsp;&nbsp; 29.0 | &nbsp;&nbsp;945 |
| &nbsp;&nbsp;NYBoy | &nbsp;&nbsp; 387.6 | &nbsp;&nbsp; 33.9 | &nbsp;&nbsp;13124 |
| &nbsp;&nbsp;S78 | &nbsp;&nbsp; 55.4 | &nbsp;&nbsp; 24.1 | &nbsp;&nbsp;1338 |
| &nbsp;&nbsp;Silver Summit No4 | &nbsp;&nbsp; 157.7 | &nbsp;&nbsp; 32.5 | &nbsp;&nbsp;5128 |
| &nbsp;&nbsp;Silverline | &nbsp;&nbsp; 15.4 | &nbsp;&nbsp; 24.4 | &nbsp;&nbsp;375 |
| &nbsp;&nbsp;SilverSummitNo3 | &nbsp;&nbsp; 95.4 | &nbsp;&nbsp; 24.3 | &nbsp;&nbsp;2317 |
| &nbsp;&nbsp;SilverSyndicateLink | &nbsp;&nbsp;82.3 | &nbsp;&nbsp; 26.4 | &nbsp;&nbsp;2173 |
| &nbsp;&nbsp;Sunshine2 | &nbsp;&nbsp; 21.2 | &nbsp;&nbsp; 22.6 | &nbsp;&nbsp;480 |
| &nbsp;&nbsp;SunshineFW | &nbsp;&nbsp; 39.9 | &nbsp;&nbsp; 25.2 | &nbsp;&nbsp;1006 |
| &nbsp;&nbsp;SYBoy | &nbsp;&nbsp; 209.1 | &nbsp;&nbsp; 27.0 | &nbsp;&nbsp;5637 |
| &nbsp;&nbsp;Syndicate Fault | &nbsp;&nbsp; 182.0 | &nbsp;&nbsp; 30.9 | &nbsp;&nbsp;5618 |
| &nbsp;&nbsp;Vein06 | &nbsp;&nbsp; 36.8 | &nbsp;&nbsp; 39.3 | &nbsp;&nbsp;1448 |
| &nbsp;&nbsp;W16Vein | &nbsp;&nbsp; 14.0 | &nbsp;&nbsp; 68.9 | &nbsp;&nbsp;963 |
| &nbsp;&nbsp;WestChanceFW | &nbsp;&nbsp; 18.5 | &nbsp;&nbsp; 30.1 | &nbsp;&nbsp;556 |
| &nbsp;&nbsp;WestChanceFWWest | &nbsp;&nbsp; 4.9 | &nbsp;&nbsp; 18.1 | &nbsp;&nbsp;89 |
| &nbsp;&nbsp;YankeeGirl | &nbsp;&nbsp; 186.1 | &nbsp;&nbsp; 22.6 | &nbsp;&nbsp;4213 |
| &nbsp;&nbsp;YankeeGirl952Split | &nbsp;&nbsp; 14.7 | &nbsp;&nbsp; 16.5 | &nbsp;&nbsp;242 |
| &nbsp;&nbsp;YankeeGirlFW | &nbsp;&nbsp; 3.1 | &nbsp;&nbsp; 11.6 | &nbsp;&nbsp;36 |
| &nbsp;&nbsp;**Indicated Totals** | &nbsp;&nbsp;**3485.3** | &nbsp;&nbsp;**29.8** | &nbsp;&nbsp;**103915** |

---

Source: SRK 2026

Note: Refer to the notes following Table 11-12. Totals of individual veins may not sum to reported resource due to rounding.

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|:---|:---|
| 11-36 | ![](ny20061035x4_ex96-1img002.jpg) |

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<u> Silver Opportunity Partners LLC \| Sunshine Mine S-K 1300 Technical Report Summary on the Initial Assessment </u> <u> March 25, 2026 SLR Project No.: 123.020552.00001 </u>

**Table 11-14: Estimated Inferred Resources by Vein**

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| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Vein** | &nbsp;&nbsp;**Tonnage <br> (000 st)** | &nbsp;&nbsp;**Ag Grade <br> (opt)** | &nbsp;&nbsp;**Contained Metal <br> (koz Ag)** |
| &nbsp;&nbsp;08BVein | &nbsp;&nbsp; 42.1 | &nbsp;&nbsp; 24.4 | &nbsp;&nbsp;1025 |
| &nbsp;&nbsp;08DHW | &nbsp;&nbsp; 146.8 | &nbsp;&nbsp; 19.3 | &nbsp;&nbsp;2826 |
| &nbsp;&nbsp;09HW | &nbsp;&nbsp; 84.5 | &nbsp;&nbsp; 15.0 | &nbsp;&nbsp;1266 |
| &nbsp;&nbsp;09Vein | &nbsp;&nbsp; 152.0 | &nbsp;&nbsp; 23.0 | &nbsp;&nbsp;3501 |
| &nbsp;&nbsp;101Vein | &nbsp;&nbsp; 85.3 | &nbsp;&nbsp; 27.0 | &nbsp;&nbsp;2300 |
| &nbsp;&nbsp;10Vein | &nbsp;&nbsp; 25.0 | &nbsp;&nbsp; 15.2 | &nbsp;&nbsp;379 |
| &nbsp;&nbsp;625M | &nbsp;&nbsp; 183.1 | &nbsp;&nbsp; 28.9 | &nbsp;&nbsp;5297 |
| &nbsp;&nbsp;BVein | &nbsp;&nbsp; 181.2 | &nbsp;&nbsp; 23.9 | &nbsp;&nbsp;4335 |
| &nbsp;&nbsp;CFault Vein | &nbsp;&nbsp; 518.3 | &nbsp;&nbsp; 24.2 | &nbsp;&nbsp;12519 |
| &nbsp;&nbsp;Chester | &nbsp;&nbsp; 561.7 | &nbsp;&nbsp; 26.7 | &nbsp;&nbsp;14982 |
| &nbsp;&nbsp;ChesterHang | &nbsp;&nbsp; 344.0 | &nbsp;&nbsp; 25.1 | &nbsp;&nbsp;8641 |
| &nbsp;&nbsp;CopperVein | &nbsp;&nbsp; 259.2 | &nbsp;&nbsp; 17.7 | &nbsp;&nbsp;4585 |
| &nbsp;&nbsp;DVein | &nbsp;&nbsp; 396.8 | &nbsp;&nbsp; 20.9 | &nbsp;&nbsp;8293 |
| &nbsp;&nbsp;FVein | &nbsp;&nbsp; 68.7 | &nbsp;&nbsp; 18.9 | &nbsp;&nbsp;1300 |
| &nbsp;&nbsp;GVein | &nbsp;&nbsp; 5.9 | &nbsp;&nbsp; 12.8 | &nbsp;&nbsp;76 |
| &nbsp;&nbsp;HFWVein | &nbsp;&nbsp; 43.6 | &nbsp;&nbsp; 13.2 | &nbsp;&nbsp;574 |
| &nbsp;&nbsp;HVein | &nbsp;&nbsp; 33.4 | &nbsp;&nbsp; 18.4 | &nbsp;&nbsp;614 |
| &nbsp;&nbsp;KFWVein | &nbsp;&nbsp; 43.3 | &nbsp;&nbsp; 36.8 | &nbsp;&nbsp;1595 |
| &nbsp;&nbsp;KVein | &nbsp;&nbsp; 78.5 | &nbsp;&nbsp; 22.3 | &nbsp;&nbsp;1748 |
| &nbsp;&nbsp;NYBoy | &nbsp;&nbsp; 514.1 | &nbsp;&nbsp; 26.2 | &nbsp;&nbsp;13475 |
| &nbsp;&nbsp;S78 | &nbsp;&nbsp; 129.6 | &nbsp;&nbsp; 17.7 | &nbsp;&nbsp;2296 |
| &nbsp;&nbsp;Silver Summit No4 | &nbsp;&nbsp; 680.3 | &nbsp;&nbsp; 20.4 | &nbsp;&nbsp;13883 |
| &nbsp;&nbsp;Silverline | &nbsp;&nbsp; 48.8 | &nbsp;&nbsp; 16.8 | &nbsp;&nbsp;820 |
| &nbsp;&nbsp;SilverSummitNo3 | &nbsp;&nbsp; 321.9 | &nbsp;&nbsp; 16.4 | &nbsp;&nbsp;5268 |
| &nbsp;&nbsp;SilverSyndicateLink | &nbsp;&nbsp;247.1 | &nbsp;&nbsp; 17.7 | &nbsp;&nbsp;4381 |
| &nbsp;&nbsp;Sunshine2 | &nbsp;&nbsp; 36.4 | &nbsp;&nbsp; 17.5 | &nbsp;&nbsp;637 |
| &nbsp;&nbsp;SunshineFW | &nbsp;&nbsp; 75.2 | &nbsp;&nbsp; 27.0 | &nbsp;&nbsp;2027 |
| &nbsp;&nbsp;SYBoy | &nbsp;&nbsp; 428.6 | &nbsp;&nbsp; 21.4 | &nbsp;&nbsp;9166 |
| &nbsp;&nbsp;Syndicate Fault | &nbsp;&nbsp; 553.1 | &nbsp;&nbsp; 25.4 | &nbsp;&nbsp;14064 |
| &nbsp;&nbsp;Vein06 | &nbsp;&nbsp; 41.8 | &nbsp;&nbsp; 25.6 | &nbsp;&nbsp;1072 |
| &nbsp;&nbsp;W16Vein | &nbsp;&nbsp; 56.0 | &nbsp;&nbsp; 91.3 | &nbsp;&nbsp;5119 |
| &nbsp;&nbsp;WestChanceFW | &nbsp;&nbsp; 48.0 | &nbsp;&nbsp; 20.3 | &nbsp;&nbsp;972 |

---

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|:---|:---|
| 11-37 | ![](ny20061035x4_ex96-1img002.jpg) |

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<u> Silver Opportunity Partners LLC \| Sunshine Mine S-K 1300 Technical Report Summary on the Initial Assessment </u> <u> March 25, 2026 SLR Project No.: 123.020552.00001 </u>

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Vein** | &nbsp;&nbsp;**Tonnage <br> (000 st)** | &nbsp;&nbsp;**Ag Grade <br> (opt)** | &nbsp;&nbsp;**Contained Metal <br> (koz Ag)** |
| &nbsp;&nbsp;WestChanceFWWest | &nbsp;&nbsp; 4.6 | &nbsp;&nbsp; 20.9 | &nbsp;&nbsp;95 |
| &nbsp;&nbsp;YankeeGirl | &nbsp;&nbsp; 580.0 | &nbsp;&nbsp; 17.6 | &nbsp;&nbsp;10196 |
| &nbsp;&nbsp;YankeeGirl952Split | &nbsp;&nbsp; 35.9 | &nbsp;&nbsp; 12.7 | &nbsp;&nbsp;457 |
| &nbsp;&nbsp;YankeeGirlFW | &nbsp;&nbsp; 6.3 | &nbsp;&nbsp; 10.4 | &nbsp;&nbsp;65 |
| &nbsp;&nbsp;**Inferred Totals** | &nbsp;&nbsp;**7060.9** | &nbsp;&nbsp;**22.6** | &nbsp;&nbsp;**159847** |

---

Source: SRK 2026

Note: Refer to the notes following Table 11-12. Totals of individual veins may not sum to reported resource due to rounding.

**11.13.1** **Mineral Resource Sensitivity** 

To demonstrate sensitivity to the determined COG, the mineralized domains were analyzed at various grades above the current economic COG. Stope panels above the COG are included within the MSO runs at 8.8 opt Ag for all veins. Note that this methodology may generate slightly different volumes than optimizing new MSO runs at different grades, which would require more time and study. This analysis is presented to illustrate the continuity of the grade estimates at various cut-off increments and the sensitivity of the Mineral Resource to changes in COG assumptions.

The reader is cautioned that Table 11-15 and Table 11-16 should not be misconstrued with the Mineral Resource statement provided earlier. These tables are only presented to show the sensitivity of the block model estimated grades and tonnages to the selection of COG. All figures are rounded to reflect the relative accuracy of the estimates. To assess the sensitivity of the resource to silver COG, SRK summarized tonnage, grade, and contained metal above a series of increasing grades by classification category. The sensitivity results for Indicated and Inferred blocks have been separated for reporting; no Measured Resources were determined. The assumed underground silver COG used in this TRS (8.8 opt Ag) is highlighted in Table 11-15 and Table 11-16.

**Table 11-15: Grade Tonnage Table of Sunshine Indicated Resources**

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| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Ag Cut-Off <br> (opt)** | &nbsp;&nbsp;**Tonnage <br> (000 st)** | &nbsp;&nbsp;**Ag Grade<br> (opt)** | &nbsp;&nbsp;**Contained Metal <br> (koz Ag)** |
| &nbsp;&nbsp;**8.8** | &nbsp;&nbsp;**3485** | &nbsp;&nbsp;**29.8** | &nbsp;&nbsp;**103915** |
| &nbsp;&nbsp;9.5 | &nbsp;&nbsp;3387 | &nbsp;&nbsp;30.4 | &nbsp;&nbsp;103038 |
| &nbsp;&nbsp;10.0 | &nbsp;&nbsp;3333 | &nbsp;&nbsp;30.8 | &nbsp;&nbsp;102511 |
| &nbsp;&nbsp;10.5 | &nbsp;&nbsp;3269 | &nbsp;&nbsp;31.2 | &nbsp;&nbsp;101849 |
| &nbsp;&nbsp;11.0 | &nbsp;&nbsp;3208 | &nbsp;&nbsp;31.5 | &nbsp;&nbsp;101199 |
| &nbsp;&nbsp;11.5 | &nbsp;&nbsp;3140 | &nbsp;&nbsp;32.0 | &nbsp;&nbsp;100428 |

---

Source: SRK 2026

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| 11-38 | ![](ny20061035x4_ex96-1img002.jpg) |

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<u> Silver Opportunity Partners LLC \| Sunshine Mine S-K 1300 Technical Report Summary on the Initial Assessment </u> <u> March 25, 2026 SLR Project No.: 123.020552.00001 </u>

**Table 11-16: Grade Tonnage Table of Sunshine Inferred Resources**

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| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Ag Cut-Off <br> (opt)** | &nbsp;&nbsp;**Tonnage <br> (000 st)** | &nbsp;&nbsp;**Ag Grade<br> (opt)** | &nbsp;&nbsp;**Contained Metal <br> (koz Ag)** |
| &nbsp;&nbsp;**8.8** | &nbsp;&nbsp;**7061** | &nbsp;&nbsp;**22.6** | &nbsp;&nbsp;**159847** |
| &nbsp;&nbsp;9.5 | &nbsp;&nbsp;6702 | &nbsp;&nbsp;23.4 | &nbsp;&nbsp;156678 |
| &nbsp;&nbsp;10.0 | &nbsp;&nbsp;6503 | &nbsp;&nbsp;23.8 | &nbsp;&nbsp;154750 |
| &nbsp;&nbsp;10.5 | &nbsp;&nbsp;6280 | &nbsp;&nbsp;24.3 | &nbsp;&nbsp;152479 |
| &nbsp;&nbsp;11.0 | &nbsp;&nbsp;6041 | &nbsp;&nbsp;24.8 | &nbsp;&nbsp;149927 |
| &nbsp;&nbsp;11.5 | &nbsp;&nbsp;5799 | &nbsp;&nbsp;25.4 | &nbsp;&nbsp;147215 |

---

Source: SRK 2026

**11.13.2** **Uncertainty in Mineral Resource Estimation** 

SRK notes that future economic assessment could result in a change in the COG, which would result in a change in the tonnage of available minable material. Mineralization represented by the resource block model was evaluated for RPEE for underground mining methods. SRK did not independently audit recovery, processing costs, or other assumptions for deriving COG but does consider the inputs to be reasonable.

Portions of the deposit remain sparsely drilled, including some high-grade zones that should be investigated through more-closely spaced sample intervals (including twin or wedged drill holes), which would improve understanding of the grade distribution and continuity.

The current Sunshine vein interpretations locally, in some areas, make assumptions on continuity that are subject to potentially significant volumetric changes, especially in zones of limited sample support. SRK relied upon the SOP geological interpretation to construct wireframes for estimation purposes and had validated the geological model. Potential inaccuracies in consistent determination of actual vein widths, orientations, unknown structural offsets, or changes in continuity within the interpreted domains were reflected in the classification of Mineral Resources, predominantly in the lack of any Measured material. SRK recommends additional drilling and sampling as the Project progresses to determine grade variability and vein domain interpretations with higher confidence.

Development of RPEE relies on the historical documentation of mined-out areas, which is believed to be reasonably accurate. In some areas, additional mining may have occurred that is undocumented and would affect mineable vein volumes. Based on the SOP documentation and the historical data reviewed to date, in the SRK QP's opinion, it is unlikely that significant mined-out areas remain undiscovered and not depleted from the current Mineral Resource estimate. Additionally, some stopes from the MSO runs may be deemed higher risk in future mine planning.

The property is subject to net smelter return (NSR) royalty agreements, as discussed in Section 3.3. At present, only silver is available in the database for resource estimation. The ability to calculate accurate NSR values and potential royalties may require estimation of additional metal variables, depending on the specifics of the current agreements. Therefore, the limited base metal assays in the current geological database may pose a risk to future NSR calculation.

With the exception of these potential risks to Mineral Resources, SRK is not aware of any other factors to which the mineral resource estimates could be materially affected, such as environmental, permitting, legal, title, taxation, socio-economic, marketing, political, or other relevant factors.

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| 11-39 | ![](ny20061035x4_ex96-1img002.jpg) |

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<u> Silver Opportunity Partners LLC \| Sunshine Mine S-K 1300 Technical Report Summary on the Initial Assessment </u> <u> March 25, 2026 SLR Project No.: 123.020552.00001 </u>

**11.13.3** **Comparison with Previous Estimate** 

Previous estimate comparisons are not relevant for this TRS. SRK Consulting (U.S.), Inc. (SRK) completed an internal scoping study in September 2023. In January 2024, SRK completed an updated Mineral Resource estimate with an effective date of December 21, 2023, which was audited and accepted by SLR.

In February 2026, SRK updated the 2023 block models to include a historical mined-out area discovered in one vein, which is reflected in the current Mineral Resource estimate. The Mineral Resource estimate is current as of the TRS report date with inclusion of the recently discovered additional depletion. Otherwise, the current 2026 Mineral Resource used the same block model supporting the previous 2023 estimate.

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| 11-40 | ![](ny20061035x4_ex96-1img002.jpg) |

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<u> Silver Opportunity Partners LLC \| Sunshine Mine S-K 1300 Technical Report Summary on the Initial Assessment </u> <u> March 25, 2026 SLR Project No.: 123.020552.00001 </u>

**12.0** **Mineral Reserve Estimates** 

This section does not apply as there have been no Mineral Reserves estimated for the Sunshine property.

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|:---|:---|
| 12-1 | ![](ny20061035x4_ex96-1img002.jpg) |

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<u> Silver Opportunity Partners LLC \| Sunshine Mine S-K 1300 Technical Report Summary on the Initial Assessment </u> <u> March 25, 2026 SLR Project No.: 123.020552.00001 </u>

**13.0** **Mining Methods** 

**13.1** **Introduction** 

The Sunshine Mine commenced operations in 1884. Mine operations ceased in 2001. The Mine operated briefly in 2008 and has been maintained on a care and maintenance basis since then. The historical mine workings are extensive and exist over a vertical extent of 6,500 ft, 15,000 ft along strike, and 2,000 ft across the dip.

The mine is accessed by shafts, winzes, and adits. The mine levels are approximately 200 ft apart, and shaft stations are spaced 400 ft apart. The Jewell Shaft is currently the only access into and out of the underground mine. The mine is currently flooded to approximately the 3400 Level. SOP's focus has been on maintaining and upgrading the mine infrastructure including the dewatering systems to the 3100 Level. Schematics of the existing mine workings are shown in Figure 13-1 and Figure 13-2.

The Mineral Resource is contained in 36 veins. Historical mining activity has occurred on most of the veins. The veins are narrow, typical of Coeur d'Alene mineralization styles, and generally dip at 60° to 70°. Preliminary mine designs have been completed on 27 veins with an average mining width of 6.3 ft. These veins represent 96% of the Inferred and Indicated Mineral Resource silver ounces. Mine designs were not completed on the remaining nine veins due to their small size and limited economic benefit. The mining design extends from the 100 Level to the 5900 Level. The 27 veins in the mine plan were grouped into seven mining areas, or "mining blocks", as listed:

● Jewell Shaft Block

● Silver Summit Block

● Lower Mine Block

● Yankee Girl Block

● C Fault Block

● Upper Mine Block

● Syndicate Fault Mine Block

SLR developed two LOM plans. The Base Case considers Indicated and Inferred Mineral Resources. The Indicated Only Case considers only Indicated Mineral Resources.

**13.1.1** **Base Case Life of Mine Plan** 

The Base Case LOM plan is based upon the mining of material from Indicated and Inferred Mineral Resource categories. Approximately 74% of the tonnage in the Base Case LOM plan are Inferred Mineral Resource tons, and approximately 68% of the contained silver ounces are within Inferred Mineral Resource.

The planned mineable material totals 7.9 Mst grading 19.0 opt Ag, which is planned to be mined over a 24 year period following three years of pre-production work. The average stope width is 6.3 ft. Mining is planned to be a combination of narrow long hole (LH) stopes and conventional cut and fill (CCF) stopes. Mechanized equipment will be used in the long hole stopes with rail haulage to the shaft in the Jewell Shaft Block. Workings above the 1700 Level and below the 3700 Level will use mechanized haulage and be accessed by ramp systems.

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|:---|:---|
| 13-1 | ![](ny20061035x4_ex96-1img002.jpg) |

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<u> Silver Opportunity Partners LLC \| Sunshine Mine S-K 1300 Technical Report Summary on the Initial Assessment </u> <u> March 25, 2026 SLR Project No.: 123.020552.00001 </u>

The condition of the mine workings below the 3100 Level is largely unknown as the mine is flooded to the 3400 Level. Some upper area workings have been sealed to prevent access and the Silver Summit Shaft has been inspected by video camera to assess the repairs required. The plan to re-open and recommence mining activities will start with mine dewatering to the bottom of the Jewell Shaft, the rehabilitation of shafts, and hoist modifications. Development and rehabilitation of existing mine workings will then progress from Jewell Shaft toward the first production areas. The development of the Upper Mine Block, which will be mined independent of Jewell Shaft, can commence at any time but is scheduled to commence in Year 1.

**13.1.2** **Indicated Only Case Life of Mine Plan** 

The Indicated Only Case LOM plan is based solely on Indicated Mineral Resources. The planned mineable material totals 1.50 Mst grading 25.2 opt Ag, which is planned to be mined over a 10-year period following three years of pre-production work.

The Indicated Only Case LOM plan assumes the same mining methods as the Base Case LOM plan; however, operations will be focused on the Indicated Mineral Resources located between the 2700 Level and 4700 Level of the mine. The Indicated Only Case LOM plan focuses on levels with reasonable quantities of Indicated Mineral Resources that could be developed over a shorter mine life.

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|:---|:---|
| 13-2 | ![](ny20061035x4_ex96-1img002.jpg) |

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<u> Silver Opportunity Partners LLC \| Sunshine Mine S-K 1300 Technical Report Summary on the Initial Assessment </u> <u> March 25, 2026 SLR Project No.: 123.020552.00001 </u>

**Figure 13-1: Mine As-Built in Plan View**

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|:---|:---|
| 13-3 | ![](ny20061035x4_ex96-1img002.jpg) |

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<u> Silver Opportunity Partners LLC \| Sunshine Mine S-K 1300 Technical Report Summary on the Initial Assessment </u> <u> March 25, 2026 SLR Project No.: 123.020552.00001 </u>

**Figure 13-2: Mine As-Built in Longitudinal Section View**

![](ny20061035x4_ex96-1img045.jpg)

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|:---|:---|
| 13-4 | ![](ny20061035x4_ex96-1img002.jpg) |

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<u> Silver Opportunity Partners LLC \| Sunshine Mine S-K 1300 Technical Report Summary on the Initial Assessment </u> <u> March 25, 2026 SLR Project No.: 123.020552.00001 </u>

**13.2** **Mine Design** 

The mine designs in the IA are based upon the rehabilitation of the existing mine facilities and workings and completing the necessary development to exploit the potential mineable material based upon the Mineral Resource estimate detailed in Section 11.0.

**13.2.1** **Mine Production** 

The Base Case LOM plan is based on a nominal production rate of 1,000 stpd from a mix of CCF and LH stopes. These methods were selected after a detailed review of the veins and consideration of alternative mining methods as described in Section 13.3.2. Mine production ramps up to the nominal rate of 1,000 stpd over the initial five-year period.

The Indicated Only Case LOM plan production ramps up to 608 stpd by Year 4. The mine life of the Indicated Only Case is ten years with a LOM average mine production rate of 427 stpd of mineralized material.

**13.2.2** **Mine Access** 

Primary access to the lower levels of the mine is through the four-compartment, 23 ft by 7.5 ft Jewell Shaft. This shaft is located in the northwest quadrant of the Sunshine mineral deposits. The shaft extends vertically downward 4,088 ft with primary haulage ways connecting on the 3100 and 3700 levels. There are two hoists: a double drum skip/cage hoist and a single drum service hoist. The Jewell Shaft is in service; however, it will require rehabilitation in addition to that undertaken to date, prior to operations. After modifications and rehabilitation, the Jewell Shaft will have a nominal hoisting capacity of 1,600 stpd of mineralized material and waste. There are skip loading pockets on the 2300, 2700, 3100, and 3700 Levels. Table 13-1 provides additional detail for the naming of the levels and the relative distances between the levels. In both LOM plan scenarios, the Jewell Shaft provides access to all mining blocks except the Upper Mine Block.

The Silver Summit Shaft will provide a secondary escapeway from 3000 Level. The Silver Summit Shaft is a three compartment, 17 ft by 7.5 ft winze, which extends to the 5400 Level. Rehabilitation work on the Silver Summit Shaft and hoist was started by previous owners; however, this work will need to be inspected, with any additional rehabilitation requirements evaluated, and completed prior to production. Required work on the Silver Summit Shaft includes re-support of the hoistroom, repair and re-support of shaft, and installation of cable guides to the 3000 Level.

There are ramp systems in several areas of the Mine; however, these ramps do not currently connect level-to-level. The majority of existing mine levels that are connected to the Jewell Shaft are tracked. Levels driven in later years were mined with rubber-tired equipment and are thus not tracked. Shaft stations are generally on a 400 ft spacing. There are several internal shafts (Section 16.8.1.6) (i.e., winzes) that have been used in the past; however, they are not included for production or hoisting in the current LOM plan scenarios but may become available for ventilation purposes.

The existing ramp system will be expanded to access long hole stope sublevels. Between 1700 Level and 3700 Level, haulage to the shaft or ore/waste passes will be by rail. Below 3700 Level, haulage will be by underground mine trucks.

The Upper Mine Block, from 100 Level to 1500 Level, is planned to be developed as an independent mining area. It will have ramp access from surface, and it will be developed using trackless mechanized equipment. The Upper Mine Block does not contribute to the Indicated Only Case.

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| 13-5 | ![](ny20061035x4_ex96-1img002.jpg) |

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<u> Silver Opportunity Partners LLC \| Sunshine Mine S-K 1300 Technical Report Summary on the Initial Assessment </u> <u> March 25, 2026 SLR Project No.: 123.020552.00001 </u>

**Table 13-1: Jewell Shaft Elevations**

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Level Name** | &nbsp;&nbsp;**Sill Elevation<br> (fasl)** | &nbsp;&nbsp;**Distance From Collar<br> (ft)** | &nbsp;&nbsp;**Distance from Top Station<br> (ft)** | &nbsp;&nbsp;**Level Elevation Difference<br> (ft)** | &nbsp;&nbsp;**Comments** |
| &nbsp;&nbsp;Collar | &nbsp;&nbsp;2703.97 | &nbsp;&nbsp;- | &nbsp;&nbsp;100.35 |  |  |
| &nbsp;&nbsp;Top Station | &nbsp;&nbsp;2603.62 | &nbsp;&nbsp;100.35 | &nbsp;&nbsp;- | &nbsp;&nbsp;100.35 |  |
| &nbsp;&nbsp;500 Level | &nbsp;&nbsp;2174.68 | &nbsp;&nbsp;529.29 | &nbsp;&nbsp;428.94 | &nbsp;&nbsp;428.94 | &nbsp;&nbsp;No loading pocket |
| &nbsp;&nbsp;1700 Level | &nbsp;&nbsp;974.22 | &nbsp;&nbsp;1729.75 | &nbsp;&nbsp;1629.40 | &nbsp;&nbsp;586.88 | &nbsp;&nbsp;No loading pocket |
| &nbsp;&nbsp;1900 Level | &nbsp;&nbsp;785.18 | &nbsp;&nbsp;1918.79 | &nbsp;&nbsp;1818.44 | &nbsp;&nbsp;189.04 | &nbsp;&nbsp;Development pocket |
| &nbsp;&nbsp;2300 Level | &nbsp;&nbsp;375.68 | &nbsp;&nbsp;2328.29 | &nbsp;&nbsp;2227.94 | &nbsp;&nbsp;409.50 | &nbsp;&nbsp;Loading pocket |
| &nbsp;&nbsp;2500 Level | &nbsp;&nbsp;172.87 | &nbsp;&nbsp;2531.10 | &nbsp;&nbsp;2430.75 | &nbsp;&nbsp;202.81 | &nbsp;&nbsp;Development pocket |
| &nbsp;&nbsp;2700 Level | &nbsp;&nbsp;(28.46) | &nbsp;&nbsp;2732.43 | &nbsp;&nbsp;2632.08 | &nbsp;&nbsp;201.33 | &nbsp;&nbsp;Loading pocket |
| &nbsp;&nbsp;3100 Level | &nbsp;&nbsp;(427.14) | &nbsp;&nbsp;3131.11 | &nbsp;&nbsp;3030.76 | &nbsp;&nbsp;398.68 | &nbsp;&nbsp;Main Station, Two Loading Pockets |
| &nbsp;&nbsp;3500 Level | &nbsp;&nbsp;(824.69) | &nbsp;&nbsp;3528.66 | &nbsp;&nbsp;3428.31 | &nbsp;&nbsp;397.55 | &nbsp;&nbsp;Currently Flooded |
| &nbsp;&nbsp;3700 Level | &nbsp;&nbsp;(1023.50) | &nbsp;&nbsp;3727.47 | &nbsp;&nbsp;3627.12 | &nbsp;&nbsp;198.81 | &nbsp;&nbsp;Currently Flooded - Main Station, Two Loading Pockets |
| &nbsp;&nbsp;3840 Level | &nbsp;&nbsp;(1162.42) | &nbsp;&nbsp;3866.39 | &nbsp;&nbsp;3766.04 | &nbsp;&nbsp;138.92 | &nbsp;&nbsp;Currently Flooded |
| &nbsp;&nbsp;4000 Level | &nbsp;&nbsp;(1312.93) | &nbsp;&nbsp;4016.90 | &nbsp;&nbsp;3916.55 | &nbsp;&nbsp;150.51 | &nbsp;&nbsp;Currently Flooded |
| &nbsp;&nbsp;4000 Sump | &nbsp;&nbsp;(1384.42) | &nbsp;&nbsp;4088.39 | &nbsp;&nbsp;3988.04 | &nbsp;&nbsp;71.49 | &nbsp;&nbsp;Currently Flooded |

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**13.2.3** **Mine Layout** 

The current Project mine workings consist of a complex of shafts, winzes, adits, raises, and mine levels. Existing mine levels are typically horizontal, driven to serve the track mining operation, and spaced at 200 ft vertical intervals. Horizontal and vertical openings are in varying condition depending on the level of rehabilitation that has taken place, whether the level has been allowed to flood in the past, and the local ground conditions. Future mine plans will use existing mine workings where possible to minimize the amount of new waste development. Drift rehabilitation has been scheduled to re-support sections of old workings and to permit larger, modern mobile equipment clearance.

The evaluation of the 36 distinct veins in the Mineral Resource led to mine designs for 27 veins, which were grouped into six mining blocks for mine planning. The blocks reflect access and spacing considerations as well as estimated mineable tonnage, grade, and silver content. The core of the deposit is split into the Upper Mine Block (100 Level through 1500 Level), Jewell Shaft Block (1700 Level through 3900 Level), and the Lower Mine Block (4100 Level through 5900 Level). Designs and plans for the remaining four mining blocks were developed separately from the three core blocks due to their relatively high separation distance. Yankee Girl Block is offset 1,700 ft into the hanging wall and located on the western end of the deposit. Silver Summit Block is offset 2,000 ft into the hanging wall and located on the eastern end of the deposit. C Fault Block is located along the same trend as the core of the deposit; however, it is located approximately 2,000 ft to the west of the core of the deposit. Syndicate Fault Block is located to the north of Jewell Shaft, offset approximately 1,000 feet from the core of the deposit into the footwall. The seven blocks are identified in Figure 13-3.

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| 13-6 | ![](ny20061035x4_ex96-1img002.jpg) |

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<u> Silver Opportunity Partners LLC \| Sunshine Mine S-K 1300 Technical Report Summary on the Initial Assessment </u> <u> March 25, 2026 SLR Project No.: 123.020552.00001 </u>

The Upper Mine Block will be accessed through a dedicated decline driven from the Sterling Tunnel, with all waste and process feed hauled to surface by underground mine trucks. This plan will allow the Upper Mine Block to be mined independently from the rest of the Mine and support a more rapid ramp-up of the production rate.

The Jewell Shaft Block will be accessed through the four Jewell Shaft stations on the main levels: 2300 Level, 2700 Level, 3100 Level, and 3700 Level. Process feed and waste will be handled through ore and waste passes to one of the four main levels and hauled by rail to the Jewell Shaft before being skipped to surface. The Lower Mine Block is a 2000 ft-deep extension of the Jewell Shaft Block and will be accessed by ramps extended below the 3900 Level. All process feed and waste from the Lower Mine will be hauled up to the 3700 Level. The remaining blocks will be accessed by extensions of the existing levels and/or access ramps to lower levels.

Plan and section views of the Base Case Mine LOM production designs are presented in Figure 13-3 and Figure 13-4, respectively. Existing lateral and vertical workings are shown in grey, while historical production stopes are hidden for clarity. Production designs are color coded by vein.

Plan and section views of the Indicated Only Case LOM production designs are presented in Figure 13-5 and Figure 13-6.

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| 13-7 | ![](ny20061035x4_ex96-1img002.jpg) |

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<u> Silver Opportunity Partners LLC \| Sunshine Mine S-K 1300 Technical Report Summary on the Initial Assessment </u> <u> March 25, 2026 SLR Project No.: 123.020552.00001 </u>

**Figure 13-3: Longitudinal Section View showing Mining Blocks and LOM Production Designs (Base Case)**

![](ny20061035x4_ex96-1img046.jpg)

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| 13-8 | ![](ny20061035x4_ex96-1img002.jpg) |

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<u> Silver Opportunity Partners LLC \| Sunshine Mine S-K 1300 Technical Report Summary on the Initial Assessment </u> <u> March 25, 2026 SLR Project No.: 123.020552.00001 </u>

**Figure 13-4: LOM Production Designs Plan and Section Views (Base Case)**

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| 13-9 | ![](ny20061035x4_ex96-1img002.jpg) |

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<u> Silver Opportunity Partners LLC \| Sunshine Mine S-K 1300 Technical Report Summary on the Initial Assessment </u> <u> March 25, 2026 SLR Project No.: 123.020552.00001 </u>

**Figure 13-5: Schematic Longitudinal Section View showing Mining Blocks and Indicated Only Plan LOM Production Designs**

![](ny20061035x4_ex96-1img048.jpg)

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| 13-10 | ![](ny20061035x4_ex96-1img002.jpg) |

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<u> Silver Opportunity Partners LLC \| Sunshine Mine S-K 1300 Technical Report Summary on the Initial Assessment </u> <u> March 25, 2026 SLR Project No.: 123.020552.00001 </u>

**Figure 13-6: Indicated Only Plan LOM Production Designs Schematic Plan and Section Views**

![](ny20061035x4_ex96-1img049.jpg)

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| 13-11 | ![](ny20061035x4_ex96-1img002.jpg) |

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<u> Silver Opportunity Partners LLC \| Sunshine Mine S-K 1300 Technical Report Summary on the Initial Assessment </u> <u> March 25, 2026 SLR Project No.: 123.020552.00001 </u>

**13.3** **Mining Method** 

**13.3.1** **Historical Mining Methods** 

Mining began in 1884 with timbered and shrinkage stoping, which remain open or filled with waste rock. This method was followed by overhand cut and fill mining with raise access to the stopes beginning in the 1930s. In the 1950s, hydraulic sandfill (hydraulically placed classified mill tailings) was used as part of the overhand cut and fill method. In the1990s, a two-ramp system of upper and lower crosscuts was developed to provide mechanical access to some of the stopes. There are mine workings to the 5800 Level, which were developed from winzes and are not included in the current LOM plan scenarios. Much of the Mine was developed by driving drifts directly on the veins.

In the conventional cut-and-fill mining method, a stope of mineralized material was developed by extending a drift to the bottom of the typical 200 ft high stope block. Once accessed, the ore block was mined in a series of horizontal slices, or cuts, starting at the bottom. The cuts were typically 9 ft high, and after each cut was mined, the resultant void was filled with sandfill for wall support. By limiting open spans to only one cut height, ground stability issues were minimized.

Raises were maintained from the level below and up through the filled cuts to the active cut. Raises were boxed off from the sandfill on both sides and provided access to the work area. The raises had four compartments: two divided compartments to manage rock, a timber slide for materials, and an isolated manway.

Stopes were advanced by jackleg drilling and blasting. The broken rock, a mixture of mineralized material and waste, was pulled to the raise using a slusher. The rock was loaded into rail cars at the bottom of the raise and hauled to the main production shafts. Generally, slusher stopes were less than 6 ft wide, which was too narrow for mechanical equipment.

**13.3.2** **Planned Mining Methods** 

Several potential mining methods were considered including conventional and mechanized systems. Given the narrowness of the veins and the 60° to 70° dip of the veins, the ability to mine narrow stopes and minimize dilution were considered high priorities in method selection. The mining methods used at similar narrow-vein style deposits were studied to understand achievable productivities and minimum mining widths. The main methods considered were cut and fill, long hole, shrinkage, resuing (the intentional separate mining of footwall ore and waste in each cut), and Alimak mining, with several variations of each included in the assessment.

For comparison, each method was ranked against 12 criteria on a scale of 1 to 10. A simplified table of the method ranking is presented in Figure 13-7. This ranking pointed to cut and fill, resuing, and long hole mining as the most favorable methods. Although resuing was ranked highly because of it is selective nature, it was ultimately discarded due its low productivity concerns and the inability to reach the targeted production rate for the deposit.

Key considerations in the potential mechanization of the mining method are listed:

● The narrow width of the veins

● The vein boundary is not gradational; it is an abrupt change from mineralized material to waste

● The dip of the deposit, which impacts the opening size for mechanized equipment operation

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| 13-12 | ![](ny20061035x4_ex96-1img002.jpg) |

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<u> Silver Opportunity Partners LLC \| Sunshine Mine S-K 1300 Technical Report Summary on the Initial Assessment </u> <u> March 25, 2026 SLR Project No.: 123.020552.00001 </u>

● The absence of multiple parallel veins that could be access and mined together

**Figure 13-7: Mining Method Comparison**

![](ny20061035x4_ex96-1img050.jpg)

**13.3.2.1** **Cut and Fill** 

Conventional cut and fill (CCF) mining was selected as the predominant mining method for the deposit. This method minimizes the amount of waste development required to access and service the stoping areas since the main level overcuts and undercuts and service raises can be driven on ore. The method is highly selective and flexible since the vein can be mapped each round and adjustments made to maximize extraction and minimize dilution. This is a proven mining method, which was used for decades at the Sunshine Mine.

CCF mining commences with the establishment of a stope overcut and undercut, driven on mineralized material on the main levels, which are typically spaced at 200 ft vertical intervals. A central raise will be driven using Alimak mining that will provide access between the over- and undercuts, provide ventilation to the active face, and serve as an ore pass to the stope undercut. Cut and fill drives will be driven eight feet high from the access raise to the stope extent before being backfilled with paste. Once the paste has cured, the next cut will be taken above or below the backfilled cut depending on whether overhand or underhand techniques are being used. The overall production rate for a CCF stope is 40 stpd including mining, backfilling, backfill cure time, and typical delays in the cycle.

CCF mining will be accomplished using jackleg drills for face advance and for ground support installation. Slushers will be used to move muck to the stope ore pass and ultimately into rail cars or LHDs and haul trucks, depending on the location in lower levels of the Mine.

Design parameters for CCF stopes are presented in Table 13-2. A cross-section schematic showing an idealized CCF stope is presented in Figure 13-8.

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| 13-13 | ![](ny20061035x4_ex96-1img002.jpg) |

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<u> Silver Opportunity Partners LLC \| Sunshine Mine S-K 1300 Technical Report Summary on the Initial Assessment </u> <u> March 25, 2026 SLR Project No.: 123.020552.00001 </u>

**Table 13-2: Cut and Fill Stope Design Parameters**

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|:---|:---|:---|
| &nbsp;&nbsp;**Parameter** | &nbsp;&nbsp;**Unit** | &nbsp;&nbsp;**Value** |
| &nbsp;&nbsp;Stope Height (typical) | &nbsp;&nbsp;feet | &nbsp;&nbsp;200 |
| &nbsp;&nbsp;Cut Height | &nbsp;&nbsp;feet | &nbsp;&nbsp;8 |
| &nbsp;&nbsp;Round Length | &nbsp;&nbsp;feet | &nbsp;&nbsp;7.5 |
| &nbsp;&nbsp;Minimum Width (no dilution) | &nbsp;&nbsp;feet | &nbsp;&nbsp;4 |
| &nbsp;&nbsp;Minimum Width (including hanging wall and footwall dilution) | &nbsp;&nbsp;feet | &nbsp;&nbsp;6 |
| &nbsp;&nbsp;Raise spacing | &nbsp;&nbsp;feet | &nbsp;&nbsp;150 |
| &nbsp;&nbsp;Overall Production Rate | &nbsp;&nbsp;stpd | &nbsp;&nbsp;40 |

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| 13-14 | ![](ny20061035x4_ex96-1img002.jpg) |

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<u> Silver Opportunity Partners LLC \| Sunshine Mine S-K 1300 Technical Report Summary on the Initial Assessment </u> <u> March 25, 2026 SLR Project No.: 123.020552.00001 </u>

**Figure 13-8: Section Views of Schematic showing Cut and Fill Stope**

![](ny20061035x4_ex96-1img051.jpg)

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| 13-15 | ![](ny20061035x4_ex96-1img002.jpg) |

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<u> Silver Opportunity Partners LLC \| Sunshine Mine S-K 1300 Technical Report Summary on the Initial Assessment </u> <u> March 25, 2026 SLR Project No.: 123.020552.00001 </u>

The use and application of overhand versus underhand cut and fill has not been specified in the mine plan as this will depend upon factors that require more definition including geotechnical stress considerations, the proximity to mined out areas, and meeting medium term productivity and grade targets. SLR considers the cost and productivity differences between overhand and underhand cut and fill to be within the error range of this IA. SLR anticipates that underhand cut and fill will be the predominant method used at depth due to the higher stresses.

**13.3.2.2** **Long Hole** 

Long hole (LH) mining was selected as a more productive mining method for use in selected areas of the deposit where vein width, orebody continuity, and geotechnical conditions are favorable.

LH mining will typically be executed in a bottom-up direction using sub-levels, working from the stope undercut on a main mining level in 50 ft vertical advances. Sub-level access will be gained from a sub-level in a nearby stope or from a dedicated stope access ramp that will be driven on the footwall side of the vein. Access to a LH stope will be from an adjacent stope when the distance along strike to the next long hole stope is less than 350 ft. At distances greater than this, a dedicated access ramp will be driven to minimize waste development.

With the required lateral access in place, an Alimak raise will be established nearby the stope to serve as an ore pass from sublevels down to the main haulage level. Alternatively, the ore pass may be developed in stages from the access ramp.

Sublevel ore drives, eight feet high by eight feet wide, will be driven along the vein to the planned stope extent. Eight feet is considered the minimum sublevel width necessary to facilitate production mining in narrow veins. Also, where vein width is less than eight feet, additional dilution will result. Using a long hole drill, a drop raise and production blastholes will be drilled. Production will progress in a longitudinal-retreat sequence from the stope extent back to the access point. It is expected that stopes will be cycled in approximately 100 ft strike lengths depending on the geotechnical conditions.

Stopes will be backfilled with paste backfill. Once the paste has cured, a new drop raise will be established and stoping will commence on the sublevel or begin on the sublevel above. The overall production rate for a long hole stope is 108 stpd including mining, backfilling, backfill cure time, and typical delays. Driving long hole accesses and sublevels will progress at an average rate of 63 stpd, meaning that approximately two long hole stopes will need to be in a development cycle for every one that is in a production cycle.

LH mining will be accomplished using single boom jumbos for sublevel face advance and jackleg drills for ground support installation. Long holes will be drilled with single boom long hole drills while 2 yd LHDs will be used to move muck to ore passes and track haulage drifts.

Design parameters for long hole stopes are presented in Table 13-3. A cross-section schematic showing an idealized long hole stope is presented in Figure 13-9.

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| 13-16 | ![](ny20061035x4_ex96-1img002.jpg) |

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<u> Silver Opportunity Partners LLC \| Sunshine Mine S-K 1300 Technical Report Summary on the Initial Assessment </u> <u> March 25, 2026 SLR Project No.: 123.020552.00001 </u>

**Table 13-3: Long Hole Stope Design Parameters**

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| &nbsp;&nbsp;**Parameter** | &nbsp;&nbsp;**Unit** | &nbsp;&nbsp;**Value** |
| &nbsp;&nbsp;Stope Height (typical) | &nbsp;&nbsp;feet | &nbsp;&nbsp;200 |
| &nbsp;&nbsp;Sublevel Spacing | &nbsp;&nbsp;feet | &nbsp;&nbsp;50 |
| &nbsp;&nbsp;Sublevel Height | &nbsp;&nbsp;feet | &nbsp;&nbsp;8 |
| &nbsp;&nbsp;Sublevel Width | &nbsp;&nbsp;feet | &nbsp;&nbsp;8 |
| &nbsp;&nbsp;Minimum Width (no dilution) | &nbsp;&nbsp;feet | &nbsp;&nbsp;3 |
| &nbsp;&nbsp;Minimum Width (including hanging wall and footwall dilution) | &nbsp;&nbsp;feet | &nbsp;&nbsp;5 |
| &nbsp;&nbsp;Average Production Rate | &nbsp;&nbsp;stpd | &nbsp;&nbsp;108 |

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| 13-17 | ![](ny20061035x4_ex96-1img002.jpg) |

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<u> Silver Opportunity Partners LLC \| Sunshine Mine S-K 1300 Technical Report Summary on the Initial Assessment </u> <u> March 25, 2026 SLR Project No.: 123.020552.00001 </u>

**Figure 13-9: Section Views of Schematic showing Long Hole Stope**

![](ny20061035x4_ex96-1img052.jpg)

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| 13-18 | ![](ny20061035x4_ex96-1img002.jpg) |

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<u> Silver Opportunity Partners LLC \| Sunshine Mine S-K 1300 Technical Report Summary on the Initial Assessment </u> <u> March 25, 2026 SLR Project No.: 123.020552.00001 </u>

Long hole mining is more productive than CCF mining and has a lower unit operating cost; however, the use of LH mining requires additional waste development to access sublevels, and more expensive equipment to drive larger headings, handle higher tonnages, and drill long holes. To assess the trade-off between higher productivity and higher capital cost, SLR completed a sensitivity analysis that compared the economics of mining a typical stope using the two methods. The results show that stope economics are most sensitive to stope length and stope height, followed by operating costs and productivities. The breakeven stope size between the two methods is approximately 30,000 st, where stopes larger than this are best mined by long hole, and stopes smaller than this by CCF.

This is a simplified approach, and the preferred method for a given area will depend upon an array of factors including stope geometry, available access, and geotechnical conditions. SLR considers it reasonable to use the 30,000 st stope size cut-off as a means of categorizing areas into preferable mining methods for this level of study.

A chart showing the sensitivity to various input parameters is presented in Figure 13-10. The chart shows the difference in net present value (NPV) between using long hole mining compared to CCF mining for an identical stope. A positive NPV difference favors long hole mining, while a negative NPV difference favors CCF.

**Figure 13-10: Mining Method Sensitivity Analysis**

A longitudinal section showing the application of the two mining methods is presented in Figure 13-11.

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| 13-19 | ![](ny20061035x4_ex96-1img002.jpg) |

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<u> Silver Opportunity Partners LLC \| Sunshine Mine S-K 1300 Technical Report Summary on the Initial Assessment </u> <u> March 25, 2026 SLR Project No.: 123.020552.00001 </u>

**Figure 13-11: Base Case Mining Method Longitudinal Section**

![](ny20061035x4_ex96-1img054.jpg)

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| 13-20 | ![](ny20061035x4_ex96-1img002.jpg) |

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<u> Silver Opportunity Partners LLC \| Sunshine Mine S-K 1300 Technical Report Summary on the Initial Assessment </u> <u> March 25, 2026 SLR Project No.: 123.020552.00001 </u>

13.3.2.3 Mine Development

Conventional drill and blast techniques will be used for mine development. Equipment will include single boom jumbos, 2-yd LHDs, and jackleg drills for ground support installation.

The mine development cycle will consist of drilling, blasting, mucking, and installation of ground support after each advance cycle. Typical heading sizes will range from nine feet wide and high where only track haulage equipment will be operated, to 11 feet wide and high where truck haulage will be used.

All vertical development is planned to be completed using raise climbers (Alimak) and handheld drills.

A typical lateral heading will be cycled in 14 to 15 hours depending on size and ground conditions. A breakdown of the cycle components is presented in Figure 13-12.

**Figure 13-12: Development Cycle Breakdown**

![](ny20061035x4_ex96-1img055.jpg)

13.4 Potentially Mineable Material

Potentially mineable material was estimated by applying mineable shape criteria and conversion factors to the geological models and then selecting the preferred mining method. The process is summarized as follows:

● The Deswik Stope Optimizer (DSO) tool was used to calculate optimal mineable shapes in all relevant veins. Independent DSO runs were completed for both CCF and long hole methods.

● Mining extraction factors and external dilution (in the case of long hole stoping) were applied to material captured in the DSO shapes.

● Mining shapes were excluded that were deemed not mineable due to proximity to historical workings, isolation from other Resources, or unfavorable location or geometries.

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| 13-21 | ![](ny20061035x4_ex96-1img002.jpg) |

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<u> Silver Opportunity Partners LLC \| Sunshine Mine S-K 1300 Technical Report Summary on the Initial Assessment </u> <u> March 25, 2026 SLR Project No.: 123.020552.00001 </u>

● The remaining shapes were checked for adherence to cut-off grade (COG) requirements.

● The preferred mining method for each stoping area was selected.

13.4.1 Stope Optimizer

The DSO tool was used to create potentially mineable production designs for each vein independently. This was completed for 27 of the 36 veins included in the Indicated and Inferred Mineral Resources estimate, which represents 96% of the Inferred and Indicated Mineral Resource silver ounces. The DSO tool was run twice on each vein using unique parameters representative of the two selected mining methods. The key DSO input parameters are presented for the two mining methods in Table 13-4.

**Table 13-4: Stope Optimizer Input Parameters**

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|:---|:---|:---|
| **Parameter** | **CCF** | **LH** |
| Stope Height (feet) | 8 | 33 |
| Stope Length (feet) | 15 | 30 |
| Minimum Mining Width (feet) | 4 | 3 |
| Maximum Mining Width (feet) | 16 | 16 |
| Stope Pillar (feet) | 0.01 | 20 |
| Hanging Wall Dilution (feet) | 1 | 1 |
| Footwall Dilution (feet) | 1 | 1 |
| COG (Ag opt) | 9 | 8 |
| Subshapes on Length (feet) | 3 | 3 |

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The lower stope lengths and heights for CCF mining represent the higher selectively inherent to the method roughly equal to a single cut height and two round lengths. Similarly, the long hole stope width and height is equal to the first estimate on sublevel spacing and workable lengths in strike changes. Though the long hole stope height was set to 33 ft in the DSO tool, stopes were ultimately planned using a 50 ft vertical spacing.

A minimum mining width of four feet for CCF plus one foot of both hanging wall and footwall dilution result in a final minimum mining width of six feet, which is considered the absolute minimum to permit personnel and conventional equipment access in the heading. The added wall dilution accounts for waste that can be expected to be mined due to imperfect mining along the vein contact and vein variation across the round lengths and cut heights.

A minimum mining width of three feet for long hole represents the minimum width achievable with controlled long hole blasting using 50 ft sublevel spacing. One foot of dilution was applied to both hanging wall and footwall to represent expected unplanned overbreak associated with wall sloughing in conjunction with hanging wall and footwall dilution parameters to represent the minimum width where personnel access can still be maintained in a production heading.

Stope pillars were set to near zero for CCF, permitting cuts to be created adjacent to one another; a 20 ft pillar was required for the long hole method. For each method, the maximum mining width was set to 16 ft. Because the veins have well-defined mineralized material/waste contacts and are not multi-vein packages, the maximum mining width parameter is immaterial as each DSO shape should fully encapsulate all mineralized material across the vein width.

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| 13-22 | ![](ny20061035x4_ex96-1img002.jpg) |

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<u> Silver Opportunity Partners LLC \| Sunshine Mine S-K 1300 Technical Report Summary on the Initial Assessment </u> <u> March 25, 2026 SLR Project No.: 123.020552.00001 </u>

Cut-off grade estimates were determined from an NSR calculation that incorporated preliminary revenue and cost assumptions. The higher COG for CCF reflects the higher mining operating cost for the method compared to long hole.

13.4.2 Cut-Off Grade

The COG for the DSO inputs was estimated to be 8 opt Ag for long hole stoping and 9 opt Ag for cut and fill stoping with no credit for any byproducts. Historical records indicate that byproducts may add approximately 5% to the revenue but these metals are not modelled in the Mineral Resource estimate. There are mineralized resources with silver grades near or even slightly below the COG after accounting for dilution additional to the DSO shapes. Overall, the individual mineralized shape grades are significantly above the COG, and the estimate of mineable tonnage is not sensitive to changes in the COG.

After the operating cost estimates were finalized, a check of the COGs was completed and is summarized in Table 13-5. As designs are refined in the future, SLR recommends a review of the stope shapes and COGs.

**Table 13-5: Mineable Inventory Cut-Off Grade Estimation**

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| | | | | |
|:---|:---|:---|:---|:---|
| **Parameter** | **Units** | **Average** | **LH** | **CF** |
| Silver Price | $/oz | 24.00 | 24.00 | 24.00 |
| Silver Recovery (Mill) | % | 96.5% | 96.5% | 96.5% |
| Silver Recovery (Recovery Smelter) | % | 96.4% | 96.4% | 96.4% |
| TCRC (treatment and refining charges) | $/oz | 1.50 | 1.50 | 1.50 |
| Net Smelter Revenue | $/oz | 20.83 | 20.83 | 20.83 |
| Royalties Royalty (average 7.8%) | $/oz | 1.62 | 1.62 | 1.62 |
| Net Revenue per Ounce | $/oz | 19.20 | 19.20 | 19.20 |
| Mine Fixed Costs | $/st | 70.60 | 70.60 | 70.60 |
| Ore Mining Variable Costs | $/st | 61.20 | 42.00 | 74.00 |
| Plant Cost | $/st | 21.50 | 21.50 | 21.50 |
| Tailings Disposal | $/st | 1.50 | 1.50 | 1.50 |
| G&A | $/st | 26.95 | 26.95 | 26.95 |
| **Unit Cost** | **$/st** | **181.75** | **162.55** | **194.55** |
| **Breakeven Cut-off Grade** | **opt Ag** | **9.5** | **8.5** | **10.1** |

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13.4.3 Dilution

Dilution equal to one foot on the hanging wall (HW) side, and one foot on the footwall (FW) side was applied to both CCF and LH shapes in the DSO process. The dilution captured within the DSO process totals 33% by mass and represents both planned and unplanned dilution.

LH sublevels will be driven at a minimum width of eight feet to facilitate long hole drilling and mucking. Where the vein is narrower than eight feet this results in the sublevel extending into waste. LH sublevels were not included in the optimizer design, so this dilution was accounted for by applying an external dilution factor to LH shapes. The external dilution factor depends on vein width, where a higher percentage is applied to narrow veins, and is equal to an average of 7.5% across all LH stoping areas.

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| 13-23 | ![](ny20061035x4_ex96-1img002.jpg) |

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<u> Silver Opportunity Partners LLC \| Sunshine Mine S-K 1300 Technical Report Summary on the Initial Assessment </u> <u> March 25, 2026 SLR Project No.: 123.020552.00001 </u>

The total average dilution of the mineable material is estimated to be 36%. The SLR QP is of the opinion that the applied dilution parameters are suitable based on experience in similar mining methods and orebodies.

13.4.4 Extraction

Mining extraction factors of 95% and 90% were applied to CCF and LH, respectively, for both tonnage and metal content. These values account for imperfect mining selectivity and variation within the actual veins compared to the geological model. The lower factor for LH stoping is the result of a lower selectivity inherent to the method, which limits the ability to compensate for variations in vein dip and strike.

The SLR QP is of the opinion that the applied extraction parameters are suitable based on experience in similar mining methods and orebodies and visual inspection of the geological model.

13.4.5 Mineability

With material values assigned to each mining shape, an assessment was made on the mineability of each shape with respect to geometry, proximity to historical workings, and likely economic benefit to the Project. Stopes deemed un-mineable had their production quantities removed from mineable material. Un-mineable shapes included those that were too close to mined out workings, occurred in unfavorable geometry that would not allow for an economic stope to be generated, or located too far from other Resources to permit economic extraction.

A large portion of the Mineral Resources are near historical production workings, and mining is planned on many of the same veins that were exploited through previous production periods. An unknown number of the old openings were not backfilled or surveyed in detail. The rock mass competency surrounding historical workings is unknown and thus mining near these workings must be approached with caution. The amount of mineable material near to historical workings was quantified by measuring the shortest distance from any mined-out production working to the centroid of each DSO shape. A summary of the tons and grade of material at 10 ft increments is presented in Figure 13-13. Each 10 ft bin contains between 6% and 9% of the total mineable material on a tonnage and silver contained ounces basis. Grades are slightly higher near to the depleted region. For this IA, a 20 ft standoff distance was selected, with shapes falling inside this distance removed from the mining plan.

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| 13-24 | ![](ny20061035x4_ex96-1img002.jpg) |

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<u> Silver Opportunity Partners LLC \| Sunshine Mine S-K 1300 Technical Report Summary on the Initial Assessment </u> <u> March 25, 2026 SLR Project No.: 123.020552.00001 </u>

**Figure 13-13: Mineable Material by Distance to Depleted Region**

![](ny20061035x4_ex96-1img056.jpg)

Ultimately, using a single standoff distance will not be appropriate for the deposit since the actual requirement will depend on several local factors including in situ and redistributed stresses (depth), the presence of backfill, and mining sequence. There is an opportunity to use test holes, seismic measurements, and cavity monitoring and surveying to better understand the location and extent of mined out areas, and condition of surrounding rock mass. Adding further definition to this assessment and developing appropriate evaluation and mitigation techniques is both an opportunity and risk to the mining of this deposit.

The location and orientation of stope shapes was considered to ensure economic viability of isolated regions. For these isolated regions, the NSR value was estimated based upon the tons and grade of the group of DSO shapes and preliminary operating costs estimates. A high-level estimate was developed for lateral and vertical waste development required to reach the region. If the development cost exceeded the NSR, the group of mining shapes was removed from the mining plan.

Finally, some specific areas were removed from the mining plan for geotechnical reasons. Usually this was done because the shapes were depleted on three or more sides or access would be very difficult through mined out areas. In these areas the ground stresses will be highly altered and concentrated, and resultant mining conditions expected to be problematic. The review of shapes for geotechnical reasons was completed through visual inspection of the DSO shapes that remained after applying the 20 ft standoff distance and isolation test.

13.4.6 Summary

A waterfall chart showing the progression from Indicated and Inferred Mineral Resource to potentially mineable material is presented in Figure 13-14. The chart shows values for CCF stope designs only, though a similar dataset exists for LH stope designs. The application of the factors discussed and exclusion of un-mineable shapes was carried forward on mine-wide designs for both CCF and LH stopes. Only after all factors and reductions were made was a decision made on the preferred mining method in a specific area. The totals in the waterfall chart are indicative of a theoretical mine plan that used exclusively CCF and, therefore, do not match the actual mine plan totals.

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| 13-25 | ![](ny20061035x4_ex96-1img002.jpg) |

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<u> Silver Opportunity Partners LLC \| Sunshine Mine S-K 1300 Technical Report Summary on the Initial Assessment </u> <u> March 25, 2026 SLR Project No.: 123.020552.00001 </u>

**Figure 13-14: Waterfall Chart Showing Conversion to Mineable Ounces**

![](ny20061035x4_ex96-1img057.jpg)

The total contained silver in the Base Case LOM Plan is approximately 149.5 Moz. This represents an overall mining conversion rate of 57%. The two largest reductions to Mineral Resources are a result of the application of a depletion standoff (-16%) and the removal of isolated regions and areas of geotechnical concern (-9%).

13.4.7 Base Case LOM Plan

A summary of the potentially mineable material by mining method is presented in Table 13-6. A schematic showing final production designs from the 27 planned veins are presented in Figure 13-15. CCF stoping is used for 61% of the tonnage (55% of the silver ounces) and long hole stoping for 39% of the tonnage (45% of the silver ounces).

**Table 13-6: Potentially Mineable Material – Base Case LOM Plan**

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| | | | |
|:---|:---|:---|:---|
| | **Tonnage<br> (000 st)** | **Grade<br> (opt Ag)** | **Contained Silver<br> (Moz)** |
| Conventional Cut and Fill Stoping | 4643 | 17.3 | 80.3 |
| Long Hole Stoping | 3010 | 22.2 | 66.8 |
| Development Headings | 213 | 11.1 | 2.4 |
| **Total** | **7866** | **19.0** | **149.5** |

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A summary of production totals by vein is presented in Table 13-7, and a summary by mine level is presented in Table 13-8.

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| 13-26 | ![](ny20061035x4_ex96-1img002.jpg) |

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<u> Silver Opportunity Partners LLC \| Sunshine Mine S-K 1300 Technical Report Summary on the Initial Assessment </u> <u> March 25, 2026 SLR Project No.: 123.020552.00001 </u>

**Table 13-7: Base Case LOM Plan – Production Summary by Vein**

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Vein** | **Tonnage<br> (000 st)** | **Contained Silver<br> (000 oz)** | **Average Grade<br> (opt Ag)** | **% LH** | **% CCF** |
| 08B Vein | 60 | 1004 | 16.9 | 0% | 100% |
| 08DHW | 154 | 2262 | 14.7 | 25% | 75% |
| 09_Vein | 295 | 6860 | 23.3 | 89% | 11% |
| 09 HW | 73 | 1077 | 14.7 | 0% | 100% |
| 101 Vein | 121 | 2516 | 20.8 | 56% | 44% |
| 10 Vein | 40 | 521 | 13.1 | 0% | 100% |
| 625M | 294 | 5613 | 19.1 | 36% | 64% |
| B_Vein | 236 | 5148 | 21.8 | 93% | 7% |
| C Fault Vein | 713 | 13131 | 18.4 | 39% | 61% |
| Chester | 888 | 17362 | 19.6 | 15% | 85% |
| Chester Hang | 345 | 6963 | 20.2 | 0% | 100% |
| Copper Vein | 308 | 4410 | 14.3 | 0% | 100% |
| D Vein | 472 | 7852 | 16.6 | 38% | 62% |
| F Vein | 92 | 1319 | 14.3 | 22% | 78% |
| NY_Boy | 622 | 14486 | 23.3 | 41% | 59% |
| S78 | 140 | 1878 | 13.5 | 68% | 32% |
| Silver Summit No3 | 273 | 4582 | 16.8 | 79% | 21% |
| Silver Summit No4 | 729 | 12696 | 17.4 | 72% | 28% |
| Silver Syndicate Link | 231 | 4479 | 19.4 | 59% | 41% |
| Sunshine FW | 72 | 1697 | 23.6 | 45% | 55% |
| SY_Boy | 380 | 7025 | 18.5 | 27% | 73% |
| Syndicate Fault | 608 | 12586 | 20.7 | 51% | 49% |
| Vein 06 | 54 | 1359 | 25.1 | 0% | 100% |
| W16 Vein | 84 | 4058 | 48.6 | 50% | 50% |
| West Chance FW | 63 | 917 | 14.6 | 0% | 100% |
| West Chance FW West | 11 | 136 | 12.1 | 0% | 100% |
| Yankee Girl | 511 | 7585 | 14.8 | 14% | 86% |
| **TOTAL** | **7866** | **149521** | **19.0** | **39%<sup>1</sup>** | **61%<sup>1</sup>** |

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Notes:

<sup>1</sup> Weighted average by tons

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| 13-27 | ![](ny20061035x4_ex96-1img002.jpg) |

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<u> Silver Opportunity Partners LLC \| Sunshine Mine S-K 1300 Technical Report Summary on the Initial Assessment </u> <u> March 25, 2026 SLR Project No.: 123.020552.00001 </u>

**Table 13-8: Base Case LOM Plan – Production Summary by Level**

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| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Level** | **Indicated Material** | **Indicated Material** | **Indicated Material** | **Inferred Material** | **Inferred Material** | **Inferred Material** | **Base Case Plan Total** | **Base Case Plan Total** | **Base Case Plan Total** |
| **Level** | **Tons <br> (kst)** | **Grade<br> (opt)** | **Contained <br> (koz Ag)** | **Tons <br> (kst)** | **Grade<br> (opt)** | **Contained <br> (koz Ag)** | **Tons<br> (kst)** | **Grade<br> (opt)** | **Contained <br> (koz Ag)** |
| 100 | - | - | - | 43 | 26.3 | 1132 | 43 | 26.3 | 1132 |
| 300 | - | - | - | 5 | 9.8 | 47 | 5 | 9.8 | 47 |
| 500 | 3 | 18.5 | 61 | 68 | 18.6 | 1260 | 71 | 18.6 | 1322 |
| 700 | 27 | 19.3 | 524 | 100 | 18.2 | 1822 | 127 | 18.5 | 2346 |
| 900 | 63 | 12.4 | 774 | 38 | 10.6 | 405 | 101 | 11.7 | 1179 |
| 1100 | 22 | 10.8 | 234 | 27 | 11.5 | 305 | 48 | 11.2 | 538 |
| 1300 | 41 | 15.6 | 637 | 128 | 14.0 | 1790 | 169 | 14.4 | 2427 |
| 1500 | 22 | 12.4 | 272 | 106 | 13.7 | 1450 | 128 | 13.5 | 1722 |
| 1700 | 16 | 16.7 | 269 | 22 | 13.4 | 300 | 39 | 14.8 | 569 |
| 1900 | 62 | 13.5 | 843 | 96 | 13.9 | 1333 | 159 | 13.7 | 2176 |
| 2100 | 18 | 22.6 | 397 | 120 | 12.6 | 1518 | 138 | 13.9 | 1915 |
| 2300 | 51 | 18.8 | 966 | 447 | 13.2 | 5886 | 498 | 13.7 | 6852 |
| 2500 | 42 | 27.9 | 1169 | 209 | 15.7 | 3276 | 251 | 17.7 | 4444 |
| 2700 | 71 | 18.5 | 1305 | 268 | 13.8 | 3694 | 339 | 14.8 | 4999 |
| 2900 | 101 | 28.3 | 2863 | 330 | 20.1 | 6630 | 431 | 22.0 | 9493 |
| 3100 | 103 | 27.3 | 2815 | 198 | 19.2 | 3796 | 301 | 22.0 | 6611 |
| 3300 | 225 | 26.0 | 5835 | 540 | 22.1 | 11935 | 765 | 23.2 | 17770 |
| 3500 | 173 | 28.4 | 4904 | 399 | 19.4 | 7753 | 572 | 22.1 | 12658 |
| 3700 | 152 | 24.0 | 3647 | 311 | 18.5 | 5733 | 462 | 20.3 | 9379 |
| 3900 | 109 | 23.9 | 2603 | 189 | 26.5 | 5006 | 298 | 25.5 | 7609 |
| 4100 | 171 | 27.3 | 4672 | 431 | 18.8 | 8088 | 602 | 21.2 | 12760 |
| 4300 | 128 | 21.6 | 2769 | 277 | 20.5 | 5677 | 406 | 20.8 | 8446 |
| 4500 | 141 | 24.7 | 3489 | 544 | 13.8 | 7504 | 685 | 16.0 | 10993 |
| 4700 | 88 | 21.3 | 1868 | 148 | 20.7 | 3066 | 236 | 20.9 | 4934 |
| 4900 | 28 | 30.2 | 848 | 151 | 20.0 | 3015 | 179 | 21.6 | 3862 |
| 5100 | 59 | 19.2 | 1127 | 145 | 17.8 | 2588 | 204 | 18.2 | 3715 |
| 5300 | 44 | 21.1 | 921 | 228 | 15.6 | 3565 | 271 | 16.5 | 4486 |
| 5500 | 22 | 24.8 | 540 | 39 | 18.7 | 724 | 61 | 20.9 | 1265 |
| 5700 | 84 | 15.6 | 1308 | 168 | 12.7 | 2138 | 252 | 13.7 | 3446 |
| 5900 | 1 | 15.7 | 23 | 25 | 15.9 | 402 | 27 | 15.9 | 426 |
| **Total** | **2066** | **23.1** | **47681** | **5801** | **17.6** | **10184** | **7866** | **19.0** | **149521** |

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| 13-28 | ![](ny20061035x4_ex96-1img002.jpg) |

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<u> Silver Opportunity Partners LLC \| Sunshine Mine S-K 1300 Technical Report Summary on the Initial Assessment </u> <u> March 25, 2026 SLR Project No.: 123.020552.00001 </u>

The annual proportion of Inferred Mineral Resources within the Base Case LOM plan is shown in Table 13-9.

**Table 13-9: Annual Percentage of Inferred Resources in the Base Case LOM Plan**

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Year** | **Total Indicated** | **Total Indicated** | **Total Indicated** | **Base Case Mineable Total** | **Base Case Mineable Total** | **Base Case Mineable Total** | **% Inferred** | **% Inferred** |
| **Year** | **Tons <br> (kst)** | **Contained <br> Metal <br> (koz Ag)** | **Silver Grade<br> (opt)** | **Tons <br> (kst)** | **Contained <br> Metal <br> (koz Ag)** | **Silver Grade<br> (opt)** | **Tonnage** | **Ag Ounces** |
| -3 | - | - | - | - | - | - | - |  |
| -2 | 5 | 122 | 24.7 | 34 | 400 | 11.8 | 85% | 70% |
| -1 | 8 | 202 | 25.4 | 37 | 415 | 11.2 | 79% | 51% |
| 1 | 62 | 2138 | 34.6 | 115 | 3866 | 33.5 | 46% | 45% |
| 2 | 87 | 3427 | 39.3 | 243 | 7572 | 31.2 | 64% | 55% |
| 3 | 61 | 1577 | 25.8 | 297 | 7269 | 24.5 | 79% | 78% |
| 4 | 109 | 2558 | 23.5 | 356 | 7773 | 21.8 | 69% | 67% |
| 5 | 95 | 2072 | 21.8 | 414 | 8521 | 20.6 | 77% | 76% |
| 6 | 85 | 1967 | 23.2 | 390 | 7545 | 19.4 | 78% | 74% |
| 7 | 101 | 2141 | 21.3 | 323 | 5831 | 18.1 | 69% | 63% |
| 8 | 94 | 2089 | 22.3 | 311 | 5630 | 18.1 | 70% | 63% |
| 9 | 89 | 2057 | 23.0 | 328 | 5888 | 17.9 | 73% | 65% |
| 10 | 81 | 2022 | 25.1 | 337 | 6214 | 18.4 | 76% | 67% |
| 11 | 85 | 1810 | 21.2 | 337 | 6130 | 18.2 | 75% | 70% |
| 12 | 88 | 1970 | 22.3 | 338 | 6221 | 18.4 | 74% | 68% |
| 13 | 91 | 2010 | 22.1 | 350 | 6400 | 18.3 | 74% | 69% |
| 14 | 96 | 2085 | 21.7 | 355 | 6371 | 18.0 | 73% | 67% |
| 15 | 98 | 2160 | 22.1 | 355 | 6554 | 18.5 | 72% | 67% |
| 16 | 100 | 2208 | 22.1 | 355 | 6579 | 18.5 | 72% | 66% |
| 17 | 95 | 2015 | 21.1 | 352 | 6174 | 17.5 | 73% | 67% |
| 18 | 88 | 1788 | 20.4 | 352 | 5993 | 17.0 | 75% | 70% |
| 19 | 83 | 1727 | 20.7 | 352 | 6060 | 17.2 | 76% | 71% |
| 20 | 83 | 1675 | 20.1 | 352 | 5876 | 16.7 | 76% | 71% |
| 21 | 85 | 1765 | 20.7 | 356 | 6121 | 17.2 | 76% | 71% |
| 22 | 88 | 1845 | 21.0 | 354 | 6119 | 17.3 | 75% | 70% |
| 23 | 62 | 1284 | 20.9 | 279 | 4660 | 16.7 | 78% | 72% |
| 24 | 47 | 968 | 20.7 | 195 | 3337 | 17.1 | 76% | 71% |
| **TOTAL** | **2066** | **47681** | **23.1** | **7866** | **149521** | **19.0** | **74%** | **68%** |

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| 13-29 | ![](ny20061035x4_ex96-1img002.jpg) |

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<u> Silver Opportunity Partners LLC \| Sunshine Mine S-K 1300 Technical Report Summary on the Initial Assessment </u> <u> March 25, 2026 SLR Project No.: 123.020552.00001 </u>

**Figure 13-15: Base Case LOM Plan – Mine Production Designs in Longitudinal Section**

![](ny20061035x4_ex96-1img058.jpg)

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| 13-30 | ![](ny20061035x4_ex96-1img002.jpg) |

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<u> Silver Opportunity Partners LLC \| Sunshine Mine S-K 1300 Technical Report Summary on the Initial Assessment </u> <u> March 25, 2026 SLR Project No.: 123.020552.00001 </u>

13.4.8 Indicated Only Case LOM Plan

An Indicated Only plan using only Indicated Mineral Resources was developed for the Project. Stope shapes were selected from the stope optimizer runs developed for the Base Case LOM plan. The Indicated mineable material within the stope optimizer runs totals 2.0 Mst containing 46.8 Moz of silver and grading 23.4 opt silver. The distribution of the Indicated mineable tonnage by mine level is shown in Figure 13-16. Based upon the limited tonnage above the 2500 Level and below the 4700 Level, the mine plan was focused on the interval from 2700 Level to 4700 Level. These restrictions reduced the Indicated LOM Plan to 1.50 Mst grading 25.2 opt Ag and containing 37.7 Moz of silver.

**Figure 13-16: Mineable Indicated Mineral Resource Tonnage by Level**

![](ny20061035x4_ex96-1img059.jpg)

**Table 13-10: Indicated LOM Plan by Year**

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| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Year** | **Total LH** | **Total LH** | **Total LH** | **Total CCF** | **Total CCF** | **Total CCF** | **Ore Drives** | **Ore Drives** | **Ore Drives** | **Total** | **Total** | **Total** |
| **Year** | **Tons <br> (kst)** | **Ag <br> (koz)** | **Grade<br> (opt)** | **Tons<br> (kst)** | **Ag <br> (koz)** | **Grade<br> (opt)** | **Tons<br> (kst)** | **Ag <br> (koz)** | **Grade<br> (opt)** | **Tons <br> (kst)** | **Ag <br> (koz)** | **Grade<br> (opt)** |
| 1 | 38 | 1353 | 35.3 | 23 | 603 | 26.7 | 8 | 85 | 11 | 68 | 2040 | 29.8 |
| 2 | 74 | 2325 | 31.3 | 49 | 1232 | 25.1 | 11 | 121 | 11 | 134 | 3678 | 27.4 |
| 3 | 95 | 2768 | 29.1 | 82 | 2018 | 24.6 | 11 | 121 | 11 | 188 | 4907 | 26.1 |
| 4 | 107 | 3022 | 28.1 | 95 | 2340 | 24.7 | 11 | 121 | 11 | 213 | 5483 | 25.7 |
| 5 | 89 | 2201 | 24.8 | 109 | 2616 | 24.0 | 3 | 36 | 11 | 201 | 4853 | 24.2 |
| 6 | 83 | 1850 | 22.3 | 119 | 2887 | 24.3 | - | - | - | 201 | 4738 | 23.5 |
| 7 | 72 | 1746 | 24.4 | 119 | 2871 | 24.0 | 1 | 34 | 24 | 192 | 4651 | 24.2 |
| 8 | 49 | 1282 | 26.2 | 95 | 2238 | 23.6 | 2 | 40 | 24 | 145 | 3560 | 24.5 |
| 9 | 39 | 947 | 24.1 | 67 | 1575 | 23.5 | 2 | 40 | 24 | 108 | 2562 | 23.7 |
| 10 | 10 | 304 | 29.8 | 34 | 906 | 26.8 | - | - | – | 44 | 1210 | 27.5 |
| **TOTAL** | **657** | **17799** | **27.1** | **791** | **19284** | **24.4** | **47** | **597** | **12.6** | **1495** | **37680** | **25.2** |

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| 13-31 | ![](ny20061035x4_ex96-1img002.jpg) |

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<u> Silver Opportunity Partners LLC \| Sunshine Mine S-K 1300 Technical Report Summary on the Initial Assessment </u> <u> March 25, 2026 SLR Project No.: 123.020552.00001 </u>

13.5 Geomechanics

Limited geotechnical data exists regarding rock strength, rock mass conditions, and in situ stresses at the Project. SLR relied upon earlier study work to inform mining geotechnical considerations and estimate ground control requirements. Details of rock strength and rock mass stress conditions are described in Section 7.4. Considering the uniaxial compressive strength, the rock masses are considered to be "medium hard to hard".

13.5.1 Rock Quality Designation

A frequently used parameter in mining geomechanics is the Rock Quality Designation (RQD), developed by Deere et al. (1967). RQD is defined as the ratio of core that has competent core segments >4 in. for selected structural domains, or for specific length of core. The RQD is given as a ratio or percentage. Table 13-11 gives a rock quality classification based on the RQD.

The only geotechnical data collected in the 2023–2024 drilling was a record of the core RQD. SLR reviewed the RQD data from the 2024 diamond drilling program and used a domain classification based upon the drill core RQD as shown in Table 13-11. More detailed geotechnical logging of drill core has been implemented in 2025.

**Table 13-11: RQD Domain Classification**

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| | | | | |
|:---|:---|:---|:---|:---|
| **RQD Range (%)** | **Rock Quality** | **Description** | **Domain Classification** | **Support Classification** |
| 0–25 | Very Poor | Highly fractured, broken ground | Domain 1 | Requires heavy support—cable bolts, shotcrete, mesh. |
| 25–50 | Poor | Fairly broken, minor intact core | Domain 2 | Systematic bolting, mesh, and possibly yielding support recommended. |
| 50–75 | Fair | Moderate jointing, fair supportable ground | Domain 3 | Rebar bolts and mesh adequate. |
| 75–90 | Good | Slightly fractured, minor joints | Domain 4 | Spot bolting or minimal support sufficient. |
| 90–100 | Excellent | Intact to near-intact rock | Domain 5 | Spot bolting or minimal support sufficient. |

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The details of the RQD review for two of the drill holes are shown below.

● Borehole ST-2691

○ The upper 30–40 ft shows intermittent zones of very low to zero RQD.

○ A few isolated zones at depth (>60 ft) register RQD > 70%, indicating small pockets of good rock.

○ The overall pattern suggests highly fractured rock with frequent poor intervals.

○ There's a notable absence of long stretches of competent rock, indicating a lack of geomechanical continuity.

● Borehole 23-2303

○ A highly variable profile with alternating poor and good quality segments.

○ Many low-RQD zones (≤25%) indicative of very poor ground.

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| 13-32 | ![](ny20061035x4_ex96-1img002.jpg) |

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<u> Silver Opportunity Partners LLC \| Sunshine Mine S-K 1300 Technical Report Summary on the Initial Assessment </u> <u> March 25, 2026 SLR Project No.: 123.020552.00001 </u>

○ Zones with RQD > 75% are sparse but present, suggesting localised competent ground.

○ Mid-depth intervals (40–140 ft approx.) show slightly higher average RQD but still remain variable.

○ Generally, this borehole reflects a fractured and structurally disturbed ground mass with alternating competent layers.

**Table 13-12: RQD Classification of Five Drill Holes**

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|:---|:---|:---|:---|:---|:---|:---|
| **RQD Range** | **Geotechnical Domain** | **% of Intervals in each Domain** | **% of Intervals in each Domain** | **% of Intervals in each Domain** | **% of Intervals in each Domain** | **% of Intervals in each Domain** |
| | | **ST 2691** | **23-2303** | **19-2309** | **23-2304** | **27-2302** |
| 0–25 | Domain 1 | 54% | 28% | 21% | 40% | 78% |
| 25–50 | Domain 2 | 18% | 26% | 24% | 23% | 14% |
| 50–75 | Domain 3 | 23% | 30% | 24% | 21% | 7% |
| 75–90 | Domain 4 | 3% | 10% | 22% | 12% | 2% |
| 90–100 | Domain 5 | 2% | 6% | 9% | 4% | ~ |

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The summarized RQD data includes all the zero values (Domain 1, very poor) for the complete hole and more detailed review is required to assess the rock characteristics in specific zones of interest such as stopes and major infrastructure. The results in Table 13-12 portray an abundance of very poor ground which is not supported by the long term stability of the headings and underground inspections.

As part of future diamond drilling programs, SLR provided SOP with a detailed geotechnical logging procedure which has been implemented and additional geotechnical testing has been recommended to support future studies.

13.5.2 Q System Rock Mass Classification

The Q system for rock mass classification was developed by Barton and expresses the quality of the rock mass as a "Q-value". This value is used for design and support recommendations for underground excavations.

The Q-value is determined from the equation:

![](ny20061035x4_ex96-1img059a.jpg)

Where:

RQD is the rock quality designation

Jn the joint set number which is related to the size of the intact blocks in the rock mass

Ja the joint alteration number related to the shear strength along discontinuity planes

Jr the joint roughness number

Jw the water parameter

SRF the stress reduction factor

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| 13-33 | ![](ny20061035x4_ex96-1img002.jpg) |

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<u> Silver Opportunity Partners LLC \| Sunshine Mine S-K 1300 Technical Report Summary on the Initial Assessment </u> <u> March 25, 2026 SLR Project No.: 123.020552.00001 </u>

A multiplication of the three terms results in the Q parameter, which can range between 0.001 for an exceptionally poor rock mass to 1000 for an exceptionally good rock mass. The numerical values of the class boundaries for the different rock mass qualities are subdivisions of the Q range on a logarithmic scale.

The Q-value determines the quality of the rock mass, but the support of an underground excavation is based not only on the Q-value but is also determined by the different terms in the above equation. This leads to a very extensive list of classes for support recommendations.

13.5.3 Stope Stability

Stope stability for long hole mining was assessed using the stability graph method and core logs and core photos from selected drill holes. Hanging wall stability was analyzed as it expected to govern stope stability behavior due to the dip and orientation with respect to rock mass structure. Core intervals through ore veins and in the surrounding hanging wall and footwall of the rock mass were logged from photo evaluation.

The Mathews stability graph for open stope design uses a modified Q vale, Q', where:

![](ny20061035x4_ex96-1img059b.jpg)

Q' is then used to estimate the stability number, N, which is defined as:

![](ny20061035x4_ex96-1img059c.jpg)

Where:

A is a rock stress factor

B is a joint orientation factor

Cis a surface orientation factor

A total of 10 data points were obtained from three drill holes that intersected the Yankee Girl, C Fault, and SY Boy veins. Q' results ranged from 1.7 to 40, with a median value of 12.5. Values were assigned for the three adjustments factors, A, B, and C, required for stability graph assessment.

Factor A, the rock stress factor related to the ratio between compressive strength to induced stress, was assigned a middle value of 0.5. This was selected because intact rock strength is expected to be medium to high. However, induced stresses will vary widely depending on mining depth and, due to a lack of intact rock strength data, there is a high degree of uncertainty in this factor. A minimum value of 0.2 was assigned to Factor B, the joint orientation factor. Although detailed structural data is not available core photos and orebody knowledge suggest that major structures will be sub-parallel to the vein contacts. A value of 6 was assigned to Factor C, the gravity adjustment factor. This factor has the highest degree of confidence due to the relative uniformity in stope dips. A visual of the three factors selected is presented in Figure 13-17.

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| 13-34 | ![](ny20061035x4_ex96-1img002.jpg) |

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<u> Silver Opportunity Partners LLC \| Sunshine Mine S-K 1300 Technical Report Summary on the Initial Assessment </u> <u> March 25, 2026 SLR Project No.: 123.020552.00001 </u>

**Figure 13-17: Adjustment Factors for Stability Assessment**

N values range from 1.0 to 24.0 with a medium value of 7.5. These values are plotted on the Y-axis of the stability graph. To assess hydraulic radius, the X-axis of the stability graph, stope height was set to 50 feet equal to the vertical sub-level spacing in the proposed mine design. The stope length was adjusted until the median N' value intersected 'stable' line on the Mathews Stability Graph. This corresponds with a stope strike length of 100 ft. A plot showing the range of N' values for a 50 ft high by 100 ft long stope wall is presented in Figure 13-18. There is a wide range of Q' values from the selected logging intervals, which results in a large spread in N' values and in turn predicted hanging wall sloughing.

**Figure 13-18: Mathews Stability Graph for Long Hole Stopes**

![](ny20061035x4_ex96-1img061.jpg)

SLR recommends that future work include a geotechnical investigation and design program that evaluates in situ and re-distributed ground stresses, intact rock strengths, rock mass conditions, stope stability, and required ground support measures. Future design work should consider the stress regime associated with different mining methods and mining sequences, particularly at depth and while working around mined-out workings. The dewatering strategy and required remediation measures must also be carefully considered from a geotechnical perspective.

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| 13-35 | ![](ny20061035x4_ex96-1img002.jpg) |

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<u> Silver Opportunity Partners LLC \| Sunshine Mine S-K 1300 Technical Report Summary on the Initial Assessment </u> <u> March 25, 2026 SLR Project No.: 123.020552.00001 </u>

13.5.4 Ground Support

Ground support designs were developed by Langston and Associates in 2012 as part of a Prefeasibility Geotechnical Analysis and Review (Langston and Associates 2012). Support recommendations were developed for narrow and wide spans, and good, fair, and poor ground conditions. In the absence of new data, SLR adapted the Langston ground support recommendations to facilitate cost estimation for lateral development, vertical development, and production stoping. Ground support by heading type is outlined below. SLR did not have information regarding the location or distribution of the three conditions classes and thus used the recommendations for 'good' ground in all headings.

13.5.4.1 Lateral Development

This ground support regime was applied to all level accesses, inter-level ramps, cut and fill ore drives, and long hole levels and sub-levels.

● Friction bolts, four feet long, installed on 3 ft x 3 ft pattern

● Two straps installed longitudinally in back

● Welded wire mesh across back and upper sidewalls

13.5.4.2 Vertical Development

The following ground support regime was applied to all vertical excavations, including ventilations raises, escapeways, stope accessways, and muck passes: friction bolts, four feet long, installed on 4 ft × 4 ft pattern

13.5.4.3 Long Hole Stopes

No secondary support has been included in long hole stopes designs or costs. Stope spans will be restricted by strike to limit unplanned dilution associated with hanging wall or footwall sloughing to an acceptable level.

13.6 Pre-Production Schedule

13.6.1 Base Case

In the Project development schedule, there is a three-year pre-production period when surface and underground infrastructure is rehabilitated and constructed. The high priority items include mine dewatering, headframe and Jewell hoist replacement, chippy hoist repairs and upgrades, shaft rehabilitation, mine level rehabilitation, and mine development. An outline of the pre-production activities is presented in Figure 13-19.

13.6.1.1 Jewell Shaft Area

The early focus will be on drawing down the water level to the bottom of Jewell Shaft to permit rehabilitation of the shaft from the 3100 Level to shaft bottom near 4100 Level. During dewatering, the Jewell Shaft headframe will be repaired and the hoist will be upgraded as necessary. With the new Jewell hoist in place, services to support full production will be installed in the shaft and loading pockets repaired and upgraded on the 2700 Level, 3100 Level, and 3700 Level. All this aforementioned work is on the critical path to first production.

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| 13-36 | ![](ny20061035x4_ex96-1img002.jpg) |

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<u> Silver Opportunity Partners LLC \| Sunshine Mine S-K 1300 Technical Report Summary on the Initial Assessment </u> <u> March 25, 2026 SLR Project No.: 123.020552.00001 </u>

Rehabilitation of existing mine levels has been undertaken on a limited basis but will restart on a full scale basis as soon as Jewell Shaft upgrades are complete and the shaft and skip can be returned to service. The 3100 Level and 3700 Level require the most rehabilitation work and this will be prioritized. As rehabilitation is completed on these two levels the number of work faces will increase to include rehabilitation and new lateral development on the 2900 Level, 3100 Level, 3300 Level, 3500 Level, and 3700 Level. This development work will include the establishment of main travel and haulage ways, inter-level ramps, ventilation and secondary egress connections, and ore passes and ventilation raises.

13.6.1.2 Silver Summit Shaft

Silver Summit upgrades will be completed including rehabilitation of the hoist room, installation of hoist upgrades, and rehabilitation of the shaft down to 3100 Level concurrently with the work in the Jewell Shaft. Although this work is not on the critical path, it must be complete prior to first production as Silver Summit Shaft serves as a secondary egress for most of the mine and is a main ventilation exhaust pathway.

13.6.1.3 Upper Mine Block

Mine development work toward 100 Level is required to support early production from the Upper Mine Block of the deposit. Access to this zone will be gained from a decline taking off from the existing Sterling Tunnel. The majority of the Upper Mine Block is new lateral and vertical development rather than rehabilitation of existing openings. This work can be started at any time as it is independent of the Jewell Shaft rehabilitation.

To facilitate mineral exploration, dedicated exploration drifts may be required depending on the desired targets areas. SLR notes there is no dedicated exploration related development in the mine plan. It may benefit the Project to include some exploration work in the pre-production period to expand the Mineral Resource. To effectively mine the deposit, a strong understanding of the location and grades of the veins is required, which will likely require more definition drilling that has not been considered in the mine plan.

13.6.1.4 Lower and Other Blocks

The lower blocks and the extensions beyond the immediate mining area are planned for later in the LOM plan.

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| 13-37 | ![](ny20061035x4_ex96-1img002.jpg) |

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<u> Silver Opportunity Partners LLC \| Sunshine Mine S-K 1300 Technical Report Summary on the Initial Assessment </u> <u> March 25, 2026 SLR Project No.: 123.020552.00001 </u>

**Figure 13-19: Pre-Production Schedule**

![](ny20061035x4_ex96-1img061a.jpg)

13.6.2 Indicated Only Case (Indicated) Pre-Production Schedule

The Indicated Only Case focuses on the Jewell Shaft area from 2700 Level and below, plus the Yankee Girl, and Silver Summit areas.

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| 13-38 | ![](ny20061035x4_ex96-1img002.jpg) |

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<u> Silver Opportunity Partners LLC \| Sunshine Mine S-K 1300 Technical Report Summary on the Initial Assessment </u> <u> March 25, 2026 SLR Project No.: 123.020552.00001 </u>

13.7 Life of Mine Plan Scenarios

LOM plan scenarios (Base Case and Indicated Only Case) were prepared by SLR with input from SOP staff and other consultants. In both LOM plan scenarios, certain areas of mining related to rehabilitation and upgrades, particularly the work related to the hoists and shafts, will be undertaken by specialized contractors. Ongoing mine dewatering and contractor support will be completed by company personnel. Mine development will be completed by SOP crews using new equipment purchased for the Project.

The Base Case production target is a nominal 1,000 stpd and the corresponding production plan ramps up to a rate of approximately 1,100 stpd over a five-year operating period. In the opinion of the SLR QP, which is based upon experience in production build-ups in this type of mine, the ramp-up period reflects an aggressive build-up. Following three years of pre-production, the Sunshine deposits are mined over a 24-year life with mine production totaling 7,866 kst and approximately 149.5 Moz of contained silver. The Base Case LOM plan mine production summary is presented in Table 13-13.

An alternate case using only Indicated Mineral Resources (the Indicated Only Case) was prepared. The Indicated Only Case contains significantly less material than the Base Case, and the target was the maximum reasonable production rate. The Indicated Only Case mine production plan ramps up to a rate of 608 stpd in Year 4, and the LOM average mine production rate is 427 stpd. Following three years of pre-production, the Sunshine deposits are mined over a ten year life with mine production totaling approximately 1,495 kst and 37.7 Moz of contained silver. The Indicated Only Case LOM plan mine production summary is presented in Table 13-13.

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| 13-39 | ![](ny20061035x4_ex96-1img002.jpg) |

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<u> Silver Opportunity Partners LLC \| Sunshine Mine S-K 1300 Technical Report Summary on the Initial Assessment </u> <u> March 25, 2026 SLR Project No.: 123.020552.00001 </u>

**Table 13-13: Base Case and Indicated Only Case LOM Plans – Mine Production Summary**

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| | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Production Year** | **Production Year** | **Production Year** | **Production Year** | **Production Year** | **Production Year** | **Production Year** | **Production Year** | **Production Year** | **Production Year** | **Production Year** | **Production Year** | **Production Year** | **Production Year** |
| **Base Case** | **LOM** | **-3** | **-2** | **-1** | **1** | **2** | **3** | **4** | **5** | **6** | **7** | **8** | **9** | **10** | **11** |
| Tons (kst) | **7866** |  | 34 | 37 | 115 | 243 | 297 | 356 | 414 | 390 | 323 | 311 | 328 | 337 | 337 |
| Contained Silver (Moz) | **149.5** |  | 400 | 415 | 3866 | 7572 | 7269 | 7773 | 8521 | 7545 | 5831 | 5630 | 5888 | 6214 | 6130 |
| Grade (opt) | **19.0** |  | 11.8 | 11.2 | 33.5 | 31.2 | 24.5 | 21.8 | 20.6 | 19.4 | 18.1 | 18.1 | 17.9 | 18.4 | 18.2 |
|  |  | 12 | 13 | 14 | 15 | 16 | 17 | 18 | 19 | 20 | 21 | 22 | 23 | 24 |  |
| Tons (kst) | Tons (kst) | 338 | 350 | 355 | 355 | 355 | 352 | 352 | 352 | 352 | 356 | 354 | 279 | 195 |  |
| Contained Silver (Moz) | Contained Silver (Moz) | 6221 | 6400 | 6371 | 6554 | 6579 | 6174 | 5993 | 6060 | 5876 | 6121 | 6119 | 4660 | 3337 |  |
| Grade (opt) | Grade (opt) | 18.4 | 18.3 | 18.0 | 18.5 | 18.5 | 17.5 | 17.0 | 17.2 | 16.7 | 17.2 | 17.3 | 16.7 | 17.1 |  |
| **Indicated Only Case<sup>1</sup>** | **LOM** | **-3** | **-2** | **-1** | **1** | **2** | **3** | **4** | **5** | **6** | **7** | **8** | **9** | **10** | **11** |
| Tons (kst) | **1495** |  |  |  | 68 | 134 | 188 | 213 | 201 | 201 | 192 | 145 | 108 | 44 |  |
| Contained Silver (Moz) | **37.7** |  |  |  | 2040 | 3678 | 4907 | 5483 | 4853 | 4738 | 4651 | 3560 | 2562 | 1210 |  |
| Grade (opt) | **25.2** |  |  |  | 29.8 | 27.4 | 26.1 | 25.7 | 24.2 | 23.5 | 24.2 | 24.5 | 23.7 | 27.5 |  |

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Note: <sup>1</sup>The Indicated only Case was not scheduled in mine planning software and does not have the same level of detail built into the pre-production and early production years; therefore, no process plant feed was captured within the pre-production period.

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<u> Silver Opportunity Partners LLC \| Sunshine Mine S-K 1300 Technical Report Summary on the Initial Assessment </u> <u> March 25, 2026 SLR Project No.: 123.020552.00001 </u>

13.7.1 Base Case LOM Plan

Mine designs were completed in Deswik software, which was used to integrate the geological models and mine as-builts data. The production schedule was completed using both Deswik and Microsoft Excel. To give more resolution to the early mine life, Deswik was used to schedule material from 2300 Level to 4100 Level. These levels are mined between Year 1 and Year 11 and comprise 29% of the total production tons in the mine plan. The remainder of the production and mine development was scheduled in Microsoft Excel to facilitate more rapid scenario development and analysis. Reported production totals are comprised of Indicated and Inferred Mineral Resources that have been adjusted as outlined in Section 13.4.

Mine production is ramped up over four years from 115 kstpa in Year 1 to the final sustained rate of approximately 350 kstpa in Year 4. The mined silver grade is higher at the start of the LOM plan, exceeding 31 opt in each of the first two years of production before gradually reducing to between 16 opt and 19 opt for the remainder of the mine life. Maximum annual mined silver production of 8,521 koz occurs in Year 5, with an annual average of approximately 6,200 koz over the 24-year mine life.

The production breakdown by year is presented in Figure 13-20 and Figure 13-21. Of the production total, 26% of tons and 32% of metal is from stopes classified as Indicated Mineral Resources, while 74% of tons and 68% of metal is from stopes classified as Inferred Mineral Resources.

**Figure 13-20: Base Case LOM Production by Mining Method (tons)**

![](ny20061035x4_ex96-1img062.jpg)

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| 13-41 | ![](ny20061035x4_ex96-1img002.jpg) |

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<u> Silver Opportunity Partners LLC \| Sunshine Mine S-K 1300 Technical Report Summary on the Initial Assessment </u> <u> March 25, 2026 SLR Project No.: 123.020552.00001 </u>

**Figure 13-21: Base Case LOM Production by Mining Method (Contained Ounces Silver)**

![](ny20061035x4_ex96-1img063.jpg)

13.7.1.1 Jewell Block

Early mine production comes from the core of the deposit between 2700 Level and 3900 Level, accessed from Jewell Shaft. These levels contain the most tons and silver ounces in the deposit and have the highest ore grades and lowest development requirements. All material mined on these levels reports to the main haulage levels of 3100 Level and 3700 Levels and into the level loading pockets at Jewell Shaft.

Mine production from Jewell Shaft progresses upward starting in Year 4 when 2300 Level and 2500 Level come online. Production progresses upward in single level increments until 1700 Level, the final level in this block, comes online in Year 13. During this period, two additional haulage levels (2700 Level and 2300 Level), including new Jewell Shaft loading pockets, are established.

13.7.1.2 Upper Mine Block

The Upper Mine Block is that part of the mine from the 100 Level to the 1500 Level. This block contains 9% of the total mineable tonnage, is composed of 77% cut and fill stopes and the average grade is 17.6 opt Ag. The block can be accessed by extending the decline from surface independent of the Jewell Shaft. Mining of the block commences in Year 2 to increase the early production rate and shorten the ramp-up period.

Mine production begins in the Upper Mine Block on 100 Level, and all material from this block is trucked to surface. By bringing production online in two distinct blocks with different ore handling systems, early production risk is reduced. Production from the Upper Mine Block is spit between the early and late stages of the mine life. A ramp connection between the Upper Mine Block and the Jewell Shaft Block is made in Year 9 ahead of the production start on 1300 Level. This connection will allow for vehicle access from surface to the lower portions of the mine.

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| 13-42 | ![](ny20061035x4_ex96-1img002.jpg) |

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<u> Silver Opportunity Partners LLC \| Sunshine Mine S-K 1300 Technical Report Summary on the Initial Assessment </u> <u> March 25, 2026 SLR Project No.: 123.020552.00001 </u>

13.7.1.3 Lower and Outlying Blocks

The Jewell Shaft cannot directly service levels below 3900 Level. Thus, material handling from the lower portion of the mine is trucked through internal ramps to 3700 Level and moved through that level to the loading pocket. Mining in the Lower Mine Block commences on 4100 Level in Year 7. The mine is deepened as ore inventory requires with a new level being brought online on average every 1.8 years. The deepest level in the mine, 5900 Level, commences in Year 23.

Due to their relative distance from the core of the deposit, the mining of Yankee Girl, the two Silver Summit veins, C Fault, and Syndicate Fault have been scheduled as independent blocks. In general, these blocks have higher development requirements than veins in the core of the deposit and are scheduled to be mined through the middle and late portion of the mine life. Yankee Girl is accessed from the Jewell Shaft area on 3100 Level and 3700 Level. Silver Summit is accessed from the Jewell Shaft on 3700 Level and from Silver Summit Shaft on 3000 Level. C Fault is accessed from the Jewell Shaft on 2300 Level and 3700 Level.

The Base Case mine development requirements were scheduled to meet the production sequence and timeline discussed above. Development requirements have been quantified for rehabilitation of existing lateral openings, new lateral development in waste, and new vertical development. All on-ore lateral development is captured with the production costs and cycle times and thus not included within the development schedule. The approximate LOM development totals for the Base Case are presented in Table 13-14.

**Table 13-14: Base Case – LOM Total Development**

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| | **Distance (ft)** |
| Lateral Waste | 326005 |
| Vertical Waste | 35896 |
| Rehabilitation | 79642 |
| **Total** | **441543** |

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Note: Numbers are approximate and do not add due to rounding.

Development requirements ramp-up through the pre-production period and into the first years of production. A peak is reached in Years 2 and 3 when 31,500 ft of total development is scheduled. In Year 3, this is comprised of 26,200 ft of lateral waste development, 3,100 ft of rehabilitation, and 2,200 ft of vertical (raise) development. Development requirements generally trend downward over the subsequent mine life; however, short peaks occur in years 11 and 16 coinciding with development towards the Silver Summit and Yankee Girl mining blocks.

The Base Case mine development requirements by year are presented in Figure 13-11. Material movement by year is presented in Figure 13-13. Maximum skipping requirements of approximately 1,050 stpd occurs in Years 16 through 19 corresponding with the increased development in the lower portion of the mine and the maximum mine production rate. All mined waste and mineralized material is either skipped to surface via Jewell Shaft or trucked to surface from the upper portions of the mine.

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| 13-43 | ![](ny20061035x4_ex96-1img002.jpg) |

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<u> Silver Opportunity Partners LLC \| Sunshine Mine S-K 1300 Technical Report Summary on the Initial Assessment </u> <u> March 25, 2026 SLR Project No.: 123.020552.00001 </u>

**Figure 13-22: Base Case LOM – Mine Development Schedule**

![](ny20061035x4_ex96-1img064.jpg)

**Figure 13-23: Base Case LOM – Material Movement Schedule**

![](ny20061035x4_ex96-1img065.jpg)

The number of active mining areas grows through the pre-production and early production period to support the planned production ramp-up. The number of areas under development is highest in years two and three when development activities, include lateral, vertical and rehabilitation, occurs on upwards of 10 levels. During that period up to five of those levels will require rehabilitation and vertical development. The total number of active development headings drops through years four and six before increasing again in year seven. From there development typically occurs in up to five mining areas per year until the final years of the mine life when development is completed.

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<u> Silver Opportunity Partners LLC \| Sunshine Mine S-K 1300 Technical Report Summary on the Initial Assessment </u> <u> March 25, 2026 SLR Project No.: 123.020552.00001 </u>

Similar to development headings, the number of active production increases through the production ramp up, reaching an early mine life peak of 20 in Year 4. Of this total there are 12 LH stoping areas and eight CCF stoping areas. The number of active stoping areas decreases in year five through eight coinciding with a decreasing in total production rates, before increasing again in year nine. The number of active production areas holds relatively steady, between 20 and 23 from years nine to 15 before trailing off toward the end of the mine life. Active areas by activity type and year are presented in Figure 13-24.

The workforce size and operating cost estimates are based upon unit operating rates for production and mine services.

**Figure 13-24: Base Case – LOM Active Areas by Activity Type and Year**

![](ny20061035x4_ex96-1img066.jpg)

13.7.2 Indicated Only Case LOM Plan

An Indicated Only Case LOM plan using only Indicated Mineral Resources was developed from the mineable shapes defined in the previous sections. The production schedule was completed using Microsoft Excel to facilitate rapid scenario development and analysis. Reported production totals are comprised of Indicated Mineral Resources that have been adjusted as discussed in Section 13.4. The Indicated Only Case LOM Plan is based upon production from the 2700 Level to the 4700 Level. Indicated Mineral Resources above this area were insufficient to support inclusion in the Indicated Only Case LOM plan. The Indicated Mineral Resources below 4700 Level will not be available for development considering the time required for mine dewatering.

The Indicated Only Case mine production ramps up to 188,000 stpa in Year 3 and averages 190,000 stpa for the six-year period from Year 3 through Year 8 after which production falls off and operations cease after Year 10. Total production is 1.50 Mst grading 25.2 opt silver, containing 37.7 million ounces of silver.

The Indicated Only Case mine production breakdown by year is presented in Table 13-15, Figure 13-25, and Figure 13-26.

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<u> Silver Opportunity Partners LLC \| Sunshine Mine S-K 1300 Technical Report Summary on the Initial Assessment </u> <u> March 25, 2026 SLR Project No.: 123.020552.00001 </u>

**Table 13-15: Indicated Only Case – Mine Production Data**

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|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Year** | **Total LH** | **Total LH** | **Total LH** | **Total CCF** | **Total CCF** | **Total CCF** | **Ore Drives** | **Ore Drives** | **Ore Drives** | **Total** | **Total** | **Total** |
| | **Tons <br> (kst)** | **Ag <br> (koz)** | **Grade<br> (opt)** | **Tons <br> (kst)** | **Ag <br> (koz)** | **Grade <br> (opt)** | **Tons<br> (kst)** | **Ag <br> (koz)** | **Grade** | **Tons <br> (kst)** | **Ag<br> (koz)** | **Grade<br> (opt)** |
| 1 | 38 | 1353 | 35.3 | 23 | 603 | 26.7 | 8 | 85 | 11.2 | 68 | 2040 | 29.8 |
| 2 | 74 | 2325 | 31.3 | 49 | 1232 | 25.1 | 11 | 121 | 11.3 | 134 | 3678 | 27.4 |
| 3 | 95 | 2768 | 29.1 | 82 | 2018 | 24.6 | 11 | 121 | 11.3 | 188 | 4907 | 26.1 |
| 4 | 107 | 3022 | 28.1 | 95 | 2340 | 24.7 | 11 | 121 | 11.3 | 213 | 5483 | 25.7 |
| 5 | 89 | 2201 | 24.8 | 109 | 2616 | 24.0 | 3 | 36 | 11.5 | 201 | 4853 | 24.2 |
| 6 | 83 | 1850 | 22.3 | 119 | 2887 | 24.3 | - | - |  | 201 | 4738 | 23.5 |
| 7 | 72 | 1746 | 24.4 | 119 | 2871 | 24.0 | 1 | 34 | 24.4 | 192 | 4651 | 24.2 |
| 8 | 49 | 1282 | 26.2 | 95 | 2238 | 23.6 | 2 | 40 | 24.4 | 145 | 3560 | 24.5 |
| 9 | 39 | 947 | 24.1 | 67 | 1575 | 23.5 | 2 | 40 | 24.4 | 108 | 2562 | 23.7 |
| 10 | 10 | 304 | 29.8 | 34 | 906 | 26.8 | - | - |  | 44 | 1210 | 27.5 |
| **TOTAL** | **657** | **17799** | **27.1** | **791** | **19284** | **24.4** | **47** | **597** | **12.6** | **1495** | **37680** | **25.2** |

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**Figure 13-25: Indicated Only Case – Mine Production Tonnage and Head Grade**

![](ny20061035x4_ex96-1img067.jpg)

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| 13-46 | ![](ny20061035x4_ex96-1img002.jpg) |

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<u> Silver Opportunity Partners LLC \| Sunshine Mine S-K 1300 Technical Report Summary on the Initial Assessment </u> <u> March 25, 2026 SLR Project No.: 123.020552.00001 </u>

**Figure 13-26: Indicated Only Case – Metal Production and Head Grade**

![](ny20061035x4_ex96-1img068.jpg)

The Indicated Only Case mine development requirements were scheduled to meet the production sequence and timeline discussed above. Development requirements have been quantified for rehabilitation of existing lateral openings, new lateral development in waste, and new vertical development. All on-ore lateral development is captured with the production costs and cycle times and thus not included within the development schedule. The approximate LOM development totals for the Indicated Only Case are presented in Table 13-16.

**Table 13-16: Indicated Only Case – LOM Total Development**

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| | **Distance (feet)** |
| Lateral Waste | 154000 |
| Vertical Waste | 18000 |
| Rehabilitation | 62000 |
| **Total** | **234000** |

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Note: Numbers are approximate and do not add due to rounding.

The Indicated Only Case mine development requirements by year are presented in Figure 13-11. Material movement by year is presented in Figure 13-13. Maximum skipping requirements of approximately 1,009 stpd occur in Year 3. All mined waste and process feed are skipped to surface via Jewell Shaft.

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<u> Silver Opportunity Partners LLC \| Sunshine Mine S-K 1300 Technical Report Summary on the Initial Assessment </u> <u> March 25, 2026 SLR Project No.: 123.020552.00001 </u>

**Figure 13-27: Indicated Only Case LOM Mine Development Schedule**

![](ny20061035x4_ex96-1img069.jpg)

13.8 Mining Infrastructure

Mining infrastructure has been maintained and upgraded since the last operations occurred in 2008. Prior to operations re-commencing, further upgrades to the shafts, hoisting facilities, and mine workings are required.

13.8.1 Shafts and Hoists

13.8.1.1 Jewell Shaft

The Jewell Shaft is currently the only access into and out of the underground mine. It is a four-compartment shaft with two skip/cage compartments, a cage compartment, and a services compartment. There is no manway in the shaft.

The Jewell shaft stations are:

● 500 Level – small station and level access

● 1700 Level - level access and mine dewatering pump station, small station no loading pocket

● 1900 Level – level access and freshwater dam location

● 2300 Level – large station and loading pocket

● 2500 Level – small station, no loading pocket

● 2700 Level – level access and mine dewatering pump station, large station and loading pocket

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<u> Silver Opportunity Partners LLC \| Sunshine Mine S-K 1300 Technical Report Summary on the Initial Assessment </u> <u> March 25, 2026 SLR Project No.: 123.020552.00001 </u>

● 3100 Level – level access, mine dewatering pump station, ore loading pocket with 800 st to 1,000 st capacity

● 3500 Level

● 3700 Level – ore pocket with 500-ton capacity and waste loading pocket with 1,500- to 2,000-ton capacity

● 3840 Level

● 4000 Level

● 4000 Level sump

The Jewell Shaft is flooded to the 3400 Level.

The planned rehabilitation work for the Jewell Shaft includes the following:

● Dewatering to the shaft bottom

● Re-blocking and ground support as required

● Replacement of timber as required

● Replacement of air and water lines

● Removal of superfluous lines

● Installation of a second 13.8 kV power cable

● Installation of a paste backfill delivery line in the shaft

● Upgrades and repairs to the loading pockets

13.8.1.2 Jewell Hoists

There are two hoists that service the Jewell Shaft: the main skipping hoist and a service (or Chippy) hoist, which services the auxiliary compartment. The Jewell hoist has been replaced with a new unit.

**Main Hoist**

The new Jewell main hoist, installed in 2026 and for use primarily for skipping, is a 1,500 HP Siemag-Tecberg 8.5 ft diameter double drum grooved for 1 1/8-in. diameter rope. The hoist has a rated operating rope speed of 2,000 feet per minute (fpm). There are two 4-st capacity kibble-style skips in balance each with a trailer cage. The hoisting depth is 3,900 ft from the 3700 Level pocket to the rock dump as the topography climbs steeply behind the shaft.

The hoisting capacity is estimated to be 1,600 stpd considering a three-shift operation and allowances for services and maintenance. There may be additional opportunities to improve the shaft efficiency.

**Service Hoist (Chippy)**

The Chippy hoist is a 1968 Nordberg 10 ft diameter single drum hoist with 1 ½-in. diameter rope and moves a 36-person conveyance with four linked cabs. The hoist has a 1,000 hp motor supplied by an MG set with a 1,100 hp motor and a 720 kW generator.

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<u> Silver Opportunity Partners LLC \| Sunshine Mine S-K 1300 Technical Report Summary on the Initial Assessment </u> <u> March 25, 2026 SLR Project No.: 123.020552.00001 </u>

13.8.1.3 Jewell Headframe

The Jewell headframe is a steel structure designed in the 1930s. Previous infrastructure reviews have considered a range of options from refurbishment to replacement. For this IA, the selected option is to refurbish the headframe with the addition of some stiffening members and completion of any necessary repairs. The headframe foundation requires examination and may require modifications.

13.8.1.4 Silver Summit Shaft

The Silver Summit Shaft is a four compartment 17 ft by 7.5 ft winze extending to a depth of approximately 4,000 ft. A secondary winze and hoist are in place on the 4000 Level and the winze extends to approximately 5400 Level. The shaft is located approximately 8,700 ft laterally from the Jewell Shaft and is flooded to approximately the 3000 Level. Once rehabilitated and in service, it will serve as a second access to the Mine as well as an exhaust airway.

The Silver Summit Shaft and the associated lower winze have stations at the 600, 1200, 1500, 2500, 3000, 4000, and 5400 levels. The development on the 4000 Level and 5400 Level includes crosscuts from the shaft and development along the strike of the deposit. There are intermediate levels between the 2500 Level and the 4000 Level.

The 3000 Level on the Silver Summit Shaft connects to the 3100 Level for access to the Jewell Shaft. The winze was initially sunk to the 4100 Level and subsequently deepened to the 5400 Level with a hoist on the 4000 Level. It is unclear as to whether there is an offset at 4100 Level or simply an additional compartment below that level.

As of the date of this Report, the Silver Summit shaft timbers failed and the condition of the shaft is unknown. For this Report, it is assumed that the Silver Summit Shaft will be cleared, re-supported, and supplied with rope guides so that the shaft can be used for emergency egress and for the movement of larger pieces of equipment that would not fit in the Jewell shaft. The Silver Summit Shaft will only be rehabilitated to the 3000 Level.

13.8.1.5 Silver Summit Hoist

The Silver Summit hoist is a 1952 Coeur d'Alene's Wallace Foundry 600 hp variable frequency drive (VFD) seven-foot diameter, Lebus grooved, double drum hoist with 1-1/8-in. diameter ropes. The hoist has 24,000 lb rope pull and a three-short-ton capacity from 4100 Level. Multiple clutch disc brakes on both drums, the hoist room, and the hoist electrical infrastructure and drive were rebuilt in 2007 and last operated in 2012. A new steel head frame and sheave wheel deck were installed in 2012. The hoist has been maintained in a warm and dry condition.

13.8.1.6 Big Hole

Big Hole is an existing seven-foot diameter inclined raisebore from 1900 Level to surface that currently serves as the mine's main exhaust air pathway.

13.8.1.7 Ancillary Shafts and Winzes

The inclined shaft was the initial shaft access to the mine and extends from surface to the 1900 Level (1,900 ft below surface). The inclined shaft was sealed at the top and bottom at the time of the 2012 fire, and its current condition is unknown. There are additional shafts and winzes in the mine that were developed and that have operated intermittently. The levels serviced by the internal winzes are listed:

● No. 3 Shaft extends from 1900 Level to 3100 Level

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<u> Silver Opportunity Partners LLC \| Sunshine Mine S-K 1300 Technical Report Summary on the Initial Assessment </u> <u> March 25, 2026 SLR Project No.: 123.020552.00001 </u>

● No. 4 Shaft extends from 3100 Level to 3700 Level

● No. 5 Shaft extends from 3100 Level to 4000 Level

● No. 10 Shaft extends from 3100 Level to 5400 Level

● No. 12 Shaft extends from 3700 Level to 5200 Level

There are additional older shafts and winzes in the mine. There is no plan to re-activate any of the winzes beyond the Silver Summit for hoisting operations. The existing underground mine openings should be reviewed for possible use as ventilation pathways.

13.8.1.8 Evaluation of Shaft Conditions

SLR recommends remote control (drone) evaluation of the inclined shaft, the No. 3 Shaft, the No. 4 Shaft, the No. 5 Shaft, the No. 10 Shaft, the No. 12 Shaft, the Silver Dollar Shaft, and other winzes from the previous ventilation circuit to determine their suitability for use as ventilation pathways or as additional escapeways. Some of the recommended evaluation activities will not be possible until the winzes are dewatered.

13.8.2 Secondary Egress

The primary access into the underground mine is via the Jewell Shaft. The planned secondary access for the mine is via the Silver Summit Shaft. There is an access from the Jewell Shaft to the Silver Summit on the 3100 Level, and future levels will be connected with a series of ramps and/or service raises to access the 3100 Level.

Secondary access for the Upper Mining Block will be via the ConSil Adit. This area is currently in use and is in good condition.

13.8.3 Ventilation

The mine is a complex network of openings with numerous opportunities for ventilation leakage, losses, and short-circuiting. The key driver for the mine's new fresh air requirement is assumed to be the legislated fresh air requirements necessary to operate diesel-powered mobile equipment, both in terms of airflow as well as to control exposure to diesel particulate matter (DPM). In this IA, SLR selected battery electric vehicle (BEV) mobile equipment to reduce the mine ventilation requirements and to reduce heat load into the mine.

SLR recommends more detailed ventilation modeling and design in the next stage of study, including consideration of mine air contaminants and the mine heat load.

13.8.3.1 Primary Ventilation

Primary ventilation for all mining blocks (except the Upper Mine Block) will be accomplished using a pull system distributed through existing mine openings. A push system will be used in the Upper Mine Block (100 Level to 1500 Level). Jewell Shaft will be the main fresh air route, while Big Hole, Silver Summit Shaft, and the ConSil Adit will serve as the main exhaust routes.

The existing 54 in diameter, 300 hp axial fan on Big Hole will continue to be used as a main exhaust fan. In the current ventilation configuration, the exhaust capacity is approximately 140 kcfm. A new 200 hp exhaust fan could be installed in the ConSil Adit that will pull an estimated 250 kcfm of air up the Silver Summit Shaft.

A schematic of the proposed ventilation system is presented in Figure 13-28.

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<u> Silver Opportunity Partners LLC \| Sunshine Mine S-K 1300 Technical Report Summary on the Initial Assessment </u> <u> March 25, 2026 SLR Project No.: 123.020552.00001 </u>

**Figure 13-28: Ventilation Schematic**

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<u> Silver Opportunity Partners LLC \| Sunshine Mine S-K 1300 Technical Report Summary on the Initial Assessment </u> <u> March 25, 2026 SLR Project No.: 123.020552.00001 </u>

13.8.3.2 Jewell Shaft Block Ventilation

Jewell Shaft will be the main fresh air source supplying the Jewell Shaft Block on the four main haulage levels. The 3700 Level is a main fresh air distribution level where fresh air is supplied to C Fault, Yankee Girl, and the Silver Summit mining blocks. Exhaust air will be distributed through a series of inter-level ramps and raises and exit the block through Big Hole at 1900 Level and Silver Summit Shaft through a new connection on 3100 Level.

Fresh air will be directed to the Lower Mine Block through the main ramp and returned through a series of inter-level exhaust raises before being exhausted using the Jewell Shaft Block exhaust network.

Fresh air will be fed to Yankee Girl, C Fault, and Silver Summit blocks from Jewell Shaft on 3700 Level. Air will be distributed through these blocks using a series of inter-level ramps and raises. C Fault will exhaust through the 2300 Level connection and up Big Hole. Yankee Girl will exhaust on 3100 Level back to the Jewell Shaft Block network. Silver Summit Block will exhaust on 3000 Level up the Silver Summit Shaft.

Air flow requirements have been estimated using base flows by mining activity and tied to the number of active headings in the LOM schedule. A build-up of the ventilation flow requirements is presented in Table 13-17.

**Table 13-17: Jewell Shaft Block Mine Ventilation Requirement for Equipment**

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Mine Area** | **Equipment Type** | **Units** | **Unit Power<br> (hp)** | **Total Power<br> (hp)** | **100% Usage<br> (cfm)** | **Usage Factor** | **Diesel Requirement<br> (cfm)** | **BEV Requirement<br> (cfm)** |
| Stope access | Jumbo | 11 | 66 | 726 | 57000 | 15% | 9000 | 4500 |
| Stope access | LHD | 5 | 140 | 700 | 55000 | 75% | 41000 | 20500 |
| Level loading | LHD | shared |  |  | - |  | - | - |
| Level loading | Truck | 3 | 280 | 840 | 66000 | 75% | 50000 | 25000 |
| Stope | LHD | 8 | 100 | 800 | 62000 | 65% | 40000 | 20000 |
| Stope | Long hole Drill | 8 | 66 | 528 | 41000 | 10% | 4000 | 2000 |
| Service | Light Duty | 13 | 25 | 325 | 25000 | 25% | 6000 | 3000 |
| Service | Medium Duty | 2 | 70 | 140 | 11000 | 10% | 1000 | 500 |
| **Subtotal** |  | **50** |  | **4059** | **317000** |  | **151000** | **75500** |
| Miscellaneous requirements | Miscellaneous requirements |  | 40% |  | 127000 |  | 60000 | 30000 |
| Subtotal |  |  |  |  | 444000 |  | 211000 | 105500 |
| Mine Losses |  |  | 40% |  | 178000 | - | 84000 | 42000 |
| **Total Required** |  |  |  |  | **622000** |  | **295000** | **147500** |

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13.8.3.3 Upper Mine Block Ventilation

The Upper Mine Block will be mined and ventilated independently from the rest of the Mine. This will be achieved by routing fresh air from the Sterling Tunnel (adit) through the access ramp and returning exhaust through a series of inter-level raises. A 100 hp primary fan will be installed in the Sterling tunnel to push air into this block. The Polaris Shaft is available as an exhaust point for this block with a connection included in the mine design 500 Level. With a single truck, an LHD, and a jumbo, the installed diesel power is approximately 500 hp. Based on the horsepower alone, the fresh air requirement is 39,000 cfm.

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<u> Silver Opportunity Partners LLC \| Sunshine Mine S-K 1300 Technical Report Summary on the Initial Assessment </u> <u> March 25, 2026 SLR Project No.: 123.020552.00001 </u>

13.8.4 Dewatering

The Sunshine mine workings are currently flooded to the 3400 Level. All existing mine dewatering facilities are in the Jewell Shaft. Water from the Silver Summit Shaft flows through the mine workings to the Jewell Shaft. The mine water inflow is estimated to vary seasonally from 150 gpm to 250 gpm. Water levels in the mine have varied over time reaching a reported maximum of 3227 ft below the Jewell shaft collar at the recommencement of pumping in 2007.

Mine dewatering is achieved with a series of pumps in the Jewell Shaft as shown schematically in Figure 13-29 The system includes a submersible pump in the Jewell Shaft at 3500 Level lifting water to the pump station at the 3100 Level. From there, water is pumped to the 2700 Level pump station and then to the 1700 Level for delivery to surface. The dewatering line in the Jewell Shaft is an 8 in. diameter steel line. The pumping capacity from the 1700 Level is approximately 650 gpm.

The dewatering system includes the following pumps:

● One Goulds 75 hp submersible pump suspended at 3500 Level from the 3100 Level (376 gpm capacity)

● One 100 hp two-stage centrifugal pump at the 3100 Level (500 gpm)

● Two 400 hp two-stage centrifugal pumps at the 2700 Level, one operating and one spare (1,000 gpm, each)

● Two 350 hp eight-stage centrifugal pumps at the 1700 Level, one operating and one spare (600 gpm, each)

The existing dewatering system has demonstrated the capacity to reduce the water level in the mine. The mine currently has the ability to reduce the water elevation by approximately 0.72 ft/day down to approximately 3500 Level. Preliminary calculations indicate that 1,600 hp of installed pump capacity will be required to achieve the necessary dewatering. This calculation assumes the need to pump 1,000 gpm up 5,000 ft and at 80% system efficiency.

Improvements planned for the mine dewatering system include a new 8 in. diameter pipe column for the Jewell Shaft from the 3700 Level to the 3100 Level and from 1200 Level to the collar. Additionally, the 3700 pump stations will be re-established with the existing IR CNTA-8 pumps.

In the future, pumping in the Silver Summit Shaft will be required to move water from below the 3000 Level when access below that level is required in the Silver Summit Shaft. This water will be pumped to the 3100 Level and piped to the Jewell Shaft for pumping to surface.

A list of the key elements in the planned dewatering system follows:

● Shaft bottom pumping to the 4000 Level

● Mine dewatering below the 3700 Level via sumps and piping to the 3700 Level

● Re-establishment of the 3700 Level pump station

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<u> Silver Opportunity Partners LLC \| Sunshine Mine S-K 1300 Technical Report Summary on the Initial Assessment </u> <u> March 25, 2026 SLR Project No.: 123.020552.00001 </u>

● Mine water from the 3000 Level of the Silver Summit Shaft pumped at the 3100 Level Jewell pump station

Pumps for the new pump stations will be models consistent with current pumps to reduce the need for spares.

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<u> Silver Opportunity Partners LLC \| Sunshine Mine S-K 1300 Technical Report Summary on the Initial Assessment </u> <u> March 25, 2026 SLR Project No.: 123.020552.00001 </u>

**Figure 13-29: Jewell Shaft Dewatering Schematic**

![](ny20061035x4_ex96-1img071.jpg)

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<u> Silver Opportunity Partners LLC \| Sunshine Mine S-K 1300 Technical Report Summary on the Initial Assessment </u> <u> March 25, 2026 SLR Project No.: 123.020552.00001 </u>

13.8.5 Compressed Air

The compressed air system currently consists of a compressor plant (compressors and receivers) located near the collar of the Jewell Shaft, a 12-in. diameter air line in the Jewell shaft, and 6-in diameter lines on the levels. The distribution is extensive and will increase as the number of operating levels rises with the restart of production.

When last operating in 2001, the total compressor plant capacity was noted to be 18,050 cfm. Since then, several compressor units have been decommissioned and removed.

The current compressed air system includes the following compressors:

● Two Atlas Copco 700 hp screw compressors with a combined capacity of 6,000 cfm

● One Atlas Copco GA 90, VFD, 125 hp 566 cfm, installed 2017

● One Ingersol Rand R75-125 100 hp 455 cfm, installed 2014 at Silver Summit

● Four 600 cfm portable diesel compressors

The two smaller units are considered operational back-ups, meaning the current operational capacity is 6,000 cfm.

Mining will use air powered drills in the cut and fill stopes. Development jumbos will use hydraulic drills that can be run with on board compressors for the required flushing air. The recommended long hole drills are hydraulic units, recognizing the high compressed air demand for larger drills. Compressed air losses associated with system leakage in a major mine distribution system are expected to be up to 40%.

Considering the operating requirements, leakages, and losses, the peak compressed air requirement in the early years of mining is estimated to be approximately 8,000 cfm, with an average demand of approximately 3,600 cfm. This is estimated to increase to a peak of approximately 14,000 cfm and an average of 7,000 cfm later in the mine life. Peak demand is primarily driven by the number of operational air powered drills, and the performance of these drills will greatly depend on a suitably large and reliable compressed air system. To fill the 8,000 cfm supply gap, two new 700 hp compressors with cooling packages will be added on surface. The inclusion of cooling packages will eliminate the need to use cooling water from Big Creek.

SLR recommends that the compressed air supply, distribution, and consumption be reviewed in the next stage of study.

13.8.6 Backfill

Historically, the Sunshine Mine has used hydraulic sandfill and uncemented rockfill in cut and fill stopes. Paste fill will be used in this mine plan to minimize surface tailings storage and meet backfill strength requirements. The use of paste fill will allow for variations in backfill strength depending on mining sequence, ground condition, proximity to former workings, and mining depth.

13.8.6.1 Backfill Requirements

For the purpose of this IA, it is assumed that:

● All new stoping voids must be filled.

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<u> Silver Opportunity Partners LLC \| Sunshine Mine S-K 1300 Technical Report Summary on the Initial Assessment </u> <u> March 25, 2026 SLR Project No.: 123.020552.00001 </u>

● Waste generated from development will be negligible and cost-prohibitive to use as backfill considering the required timing, locations, and the logistics of backfilling.

● Existing voids will not be a significant consumer of paste fill.

Considering the relative bulk densities of the process feed (10 ft<sup>3</sup>/ton) and the paste fill 17.4 ft<sup>3</sup>/ton, the Mine will require approximately 60% of the process feed tonnage mined to be returned as paste backfill. The paste requirement is for 62% of the mill tailings before the ore sorter is in service and 88% of the mill tailings after the ore sorter is in service.

It will be necessary to schedule the paste fill to accommodate the various locations to be filled, the planned fill delivery rate, and the different work schedules for the mill and the Mine. At a paste fill rate of 50 stph, it will be necessary to be delivering paste for 12 hours per day at the full operating rate.

13.8.6.2 Paste System Design

In 2012, conceptual paste fill system planning was completed by MDS based on a 1,000 stpd operation (MDS 2012). A 50 stph filling rate was selected and coupled with a distribution system using four-inch schedule 80 pipelines or lined boreholes to deliver paste fill to the 3100 Level and then on to the stopes.

Full tailings stream testing by G&T in 2013 indicated that the seven-day strength with 4% binder was 31 psi to 37 psi, which is considered appropriate for overhand stoping, and that with 10% binder, the seven-day strength rose to 111 psi to 130 psi, which is considered appropriate for underhand stoping methods. The test report noted the high proportion (60% minus 20-micron particles) of ultrafine material in the sample tested. The test report recommended further testing on classified tailings together with further material testing to develop the parameters for the basic engineering.

MDS discussed the main distribution alternatives of cased boreholes or a pipeline in the shaft to deliver paste fill to the 3100 Level followed by piping and boreholes within the mine for delivery of the paste to the stopes. In the case of the shaft pipeline, the development of a lined dump void near the shaft was recommended in case it became necessary to dump the line in an emergency.

The conceptual paste backfill design report included a higher conversion of the daily mine tonnage to paste backfill than noted in other larger mines. SLR recommends further study of the paste fill potential quantities, preparation, storage, delivery systems and placement schedules for the Sunshine mine.

SLR selected the use of a pipeline in the shaft for the IA rather than a system of cased boreholes based on the costs and uncertainty in boring, casing, and intercepting long delivery holes.

The paste fill system included in this assessment includes:

● Paste fill preparation plant on surface including storage and delivery lines to the Jewell Shaft.

● Delivery line in the Jewell Shaft to the 3100 Level including tees at each mining level connected to the shaft.

● Development of shaft line dump sumps on the 2700 Level and 3100 Level.

● Level distribution lines to the initial stopes in the LOM plans.

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<u> Silver Opportunity Partners LLC \| Sunshine Mine S-K 1300 Technical Report Summary on the Initial Assessment </u> <u> March 25, 2026 SLR Project No.: 123.020552.00001 </u>

13.8.6.3 Paste Fill Recommendations

SLR recommends the following work related to the use of paste backfill and system design:

● Additional test work on the size distribution and paste fill characteristics (size distribution, slump, water bleed, and flow characteristics)

● More detailed design of the distribution system (piping, pumps, and operations)

● Consideration of the required storage considering the weekly work schedules planned and an allowance for the logistics of the underground filling operations.

13.8.7 Power

The power consumption for the Mine is estimated to be 3.9 MW when fully in operation with approximately 7.8 MW installed electrical power in the Mine. Approximately 50% of the Mine electrical load is located on surface. Electrical power is distributed into the underground mine via a 13.2 kV cable in the Jewell Shaft and then via substations to the working places. For this IA, SLR assumed that a second 13.2 kV line will be installed in the Jewell Shaft and the grounding system in the Mine will be upgraded to improve the level of protection.

13.9 Mine Equipment

The mine fixed equipment will be a mixture of new and refurbished equipment. The mine hoists will be upgraded for full scale operations. The mine compressor station will be upgraded and augmented with additional new compressors.

None of the previously existing mobile and small equipment within the Mine is considered for use in the IA and it will be replaced with new equipment, summarized in Table 13-18. The fleet size reflects the requirement to operate in multiple areas on independent levels. The fleet includes rubber-tired equipment for level development, ramp development, stope development and long hole stoping.

● Rail bound equipment is planned for rock haulage on the levels from 3700 Level up to 1500 Level.

● Below 3700 Level, the access and haulage are all based upon rubber tired mechanized equipment.

● For the mining from surface to 1500 Level (Upper Mine Block), the mining will rely on rubber tired mobile equipment. As the upper levels are independent of the remainder of the mine, the use of diesel-powered equipment could be considered for this area.

**Table 13-18: Mine Equipment List**

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| **Equipment Type** | **Number of Units** |
| 2 yd LHD | 13 |
| Trucks | 3 |
| Raise drill | 2 |
| Long hole drill | 8 |
| Jumbo | 11 |
| Raise climber | 2 |

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<u> Silver Opportunity Partners LLC \| Sunshine Mine S-K 1300 Technical Report Summary on the Initial Assessment </u> <u> March 25, 2026 SLR Project No.: 123.020552.00001 </u>

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| **Equipment Type** | **Number of Units** |
| Service vehicles | 13 |
| **Subtotal** | **52** |
| Jackleg drills | 72 |
| Auxiliary fans | 19 |
| Loci 6-t | 8 |
| Loci Service | 8 |
| Rock cars | 30 |
| Utility rail cars | 20 |

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The SLR QP recommends the use of BEV units for the trucks, loaders, and service vehicles. BEV equipment will reduce the mine ventilation requirements and reduce problems related to the DPM in the air. BEV vehicles will also significantly reduce the heat generated in the Mine from equipment operation. The use of BEV units will require charging stations to be located in the operating areas.

The SLR QP recommends that the details for the use of BEV be developed in the next stage of study.

13.10 Items for Consideration in the Next Stage of Work

SLR offers the following list of work topics for consideration and further study as the Project advances:

● Shafts and access

○ Inspect and better define the scope of work for the repair and rehabilitation work required for the Jewell and Silver Summit shafts.

○ Review and refine the options for the Jewell hoist upgrades or replacement.

○ Confirm the compartment sizes to ensure that the planned mining equipment can be moved into the mine.

● Hoists and Headframes

○ Update the assessments related to the structural and mechanical conditions of the hoists and headgears with a view to the work required to return the facilities to a condition suitable for regular, long-term operation.

● Mine inspection

○ Review conditions in accessible workings and compile a report on the conditions and the required rehabilitation.

○ Consider remote survey activities to confirm conditions in the mine (possible a drone survey), and in particular, to evaluate the conditions in access raises, the inclined shaft, and the internal shafts to assess their usefulness.

● Geotechnical Review

○ Undertake a geotechnical review to assess stope stability, stope spans, and dilution assumptions.

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<u> Silver Opportunity Partners LLC \| Sunshine Mine S-K 1300 Technical Report Summary on the Initial Assessment </u> <u> March 25, 2026 SLR Project No.: 123.020552.00001 </u>

○ Review the impact of higher stresses at depth on opening stability and ground support requirements.

○ Develop criteria for the selection of overhand mining or underhand mining based on depth or proximity to previously mined areas.

● Paste fill

○ Review and revise the paste fill plans based upon the changes in the planned production rates and the planned mining locations.

○ Confirm the ability to distribute paste fill to the planned mining locations.

○ Undertake detailed paste fill testing including:

● Test work on classified tailings samples.

● Classification test work.

● Dewatering test.

● Rheology and sedimentation tests.

● Basic engineering of the paste fill preparation.

○ Given the proposed mine production plans, undertake more detailed studies of the paste fill distribution system.

○ To reduce the required tailings impoundment space, assess the potential of filling old open stopes with paste fill

● Production Mining

○ Undertake more detailed studies on achievable minimum mining widths, extraction, and dilution.

○ Complete an economic analysis for each stoping block to confirm that positive cashflows are generated.

○ Develop procedures for mining near voids or backfilled areas.

○ Evaluate necessary stand-off distances.

● Long hole Stoping

○ Consider increasing the sublevel interval.

○ Develop procedures for drill hole monitoring and criteria for re-drilling.

○ Incorporate cavity surveys to assess the performance of the long hole stoping.

● Dewatering

○ To assess the rates of inflow and dewatering, closely monitor pumping and water level changes.

● Rock handling

○ Assess the mine rock handling systems and the potential replacement of track haulage in the upper levels with a system of ore and waste passes and level haulage on fewer main levels.

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| 13-61 | ![](ny20061035x4_ex96-1img002.jpg) |

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<u> Silver Opportunity Partners LLC \| Sunshine Mine S-K 1300 Technical Report Summary on the Initial Assessment </u> <u> March 25, 2026 SLR Project No.: 123.020552.00001 </u>

● Mine equipment

○ Complete a detailed evaluation of the implications of using BEV equipment in the mine.

● Ventilation

○ Complete a mine-wide ventilation assessment that includes primary and auxiliary ventilation circuit design and heat load analysis.

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| 13-62 | ![](ny20061035x4_ex96-1img002.jpg) |

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<u> Silver Opportunity Partners LLC \| Sunshine Mine S-K 1300 Technical Report Summary on the Initial Assessment </u> <u> March 25, 2026 SLR Project No.: 123.020552.00001 </u>

14.0 Processing and Recovery Methods

14.1 Summary Process Description

The Sunshine IA considers that a new concentrator will be constructed in the same location as the existing concentrator building. The existing building will be demolished to the foundations, and new facilities and equipment will be installed.

The new Sunshine Mine processing facility (the IA processing facility) will receive a nominal 1,000 stpd of ROM mineralized material (Base Case), hoisted from the Jewell Shaft, and discharged into the ROM mineralized material storage bin adjacent to the mine headframe. In addition, process feed from the Sterling Tunnel will be delivered by truck to the Jewell Shaft ROM storage bin external feed hopper. The material will be drawn from the external hopper with an apron feeder and discharged into the ROM storage bin. The capacity has been adjusted to 500 stpd for the Indicated Only Case and ore sorting was not used.

Material will be drawn from the ROM storage bin into a three staged crushing circuit including a primary gyratory, a secondary standard, and tertiary shorthead crusher to produce a final grinding circuit feed size of P<sub>100 </sub>10 mm and P<sub>80</sub> 6 mm. Secondary crushed material will be screened to produce a 10 mm × 50 mm fraction that will be conveyed to an ore sorter for waste rejection. Ore sorter waste reject, approximately 44.2% of ore sorter feed, (28.9% of mine feed), will be stockpiled, and the ore sorter product will be conveyed to tertiary crushing. Final crushed material will be conveyed into a fine ore storage bin.

Process feed will be drawn from the fine ore bin to feed the grinding and flotation circuits. The grinding circuit will consist of a ball mill and flash flotation cell closed by hydro cyclones. Flotation will include rougher/scavenger and cleaner flotation cells producing silver-copper, and lead-silver flotation concentrates. The two concentrates will be thickened, filtered, and stored for bulk shipment to metal recovery facilities.

Concentrator tailing slurry will be thickened and pumped to a paste backfill plant or filtered and stored for dry-stacking. The backfill plant will include a high-rate thickener and disk filter to produce a wet cake that will be mixed with Ordinary Portland Cement (OPC) to produce cemented backfill. The paste will be pumped with a high-pressure positive displacement pump to the connection to the shaft pipeline at the collar of the Jewell Shaft for delivery underground for backfill.

Concentrator operating parameters are presented in Table 14-1.

**Table 14-1: Concentrator Production Criteria**

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| | | | |
|:---|:---|:---|:---|
| **Parameter** | **Units** | **Base Case Criteria** | **Indicated Only Case Criteria** |
| ROM material | stpd | 1000 | 500 |
| Crushing Circuit Availability (7-day operation) | % | 75 | 75 |
| Grinding and Flotation Circuit Availability (5-day operation) | % | 71.2 | 71.2 |
| Crusher Product Size | mm | 10 | 10 |
| **Ore Sorter (Year 5)** | **Ore Sorter (Year 5)** | **Ore Sorter (Year 5)** | **Ore Sorter (Year 5)** |
| Fines by-pass | % | 34.55 | N/A |

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| 14-1 | ![](ny20061035x4_ex96-1img002.jpg) |

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<u> Silver Opportunity Partners LLC \| Sunshine Mine S-K 1300 Technical Report Summary on the Initial Assessment </u> <u> March 25, 2026 SLR Project No.: 123.020552.00001 </u>

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| | | | |
|:---|:---|:---|:---|
| **Parameter** | **Units** | **Base Case Criteria** | **Indicated Only Case Criteria** |
| Fines by-pass | stpd | 345.2 | N/A |
| Feed | stpd | 654.7 | N/A |
| Product | % | 55.8 | N/A |
| Product | stpd | 365.4 | N/A |
| Reject | % | 44.2 | N/A |
| Reject | stpd | 289.3 | N/A |
| Ag Recovery (Ore Sorter) | % | 97.7 | N/A |
| Ag overall recovery (product + fines) | % | 94.8 | N/A |
| **Flotation Concentrator (No Ore Sorter, Year 1 – 5)** | **Flotation Concentrator (No Ore Sorter, Year 1 – 5)** | **Flotation Concentrator (No Ore Sorter, Year 1 – 5)** | **Flotation Concentrator (No Ore Sorter, Year 1 – 5)** |
| Feed | stpd | 1000 | 500 |
| Operating Schedule (5 days/week) | % | 71.2 | 71.2 |
| Design Concentrator Capacity | stpd | 1400 | 700 |
| Operating Availability | % | 92.0 | 92.0 |
| Mill Feed Rate | stph | 64.4 | 31.7 |
| Mill Feed Rate with Ore Sorter | stph | 41.6 | N/A |
| Silver Recovery to Silver-Copper Concentrate | % | 84.83 | 84.83 |
| Silver Recovery to Lead-Silver Concentrate | % | 12.14 | 12.14 |
| Total Silver Recovery to Concentrates | % | 97.0 | 97.0 |
| Overall Silver Recovery including Ore Sorting | % | 95.8 | N/A |

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14.2 Process Description

The IA processing facility will receive ROM mineralized material, hoisted from the Jewell Shaft, and discharged into the ROM mineralized material storage bin adjacent to the mine headframe. In addition, mineralized material from the Sterling Tunnel will be delivered by truck to the Jewell Shaft ROM storage bin external feed hopper. The material will be either direct dumped or stockpiled and transferred to the feed hopper with a frontend loader. The mineralized material will be drawn from the external hopper with an apron feeder and conveyor and discharged into the ROM storage bin.

14.2.1 Crushing and Ore Sorting

ROM material will be drawn from the ROM storage bin with an apron feeder to the primary crusher feed conveyor. The feed conveyor will be equipped with a belt magnet and metal detector and will discharge over a vibrating grizzly feeder with 3 in. bar spacing into the existing 3 ft Fuller Traylor primary gyratory crusher. The grizzly oversized material will feed the crusher while the grizzly undersize and primary crushed product will be combined on the crusher discharge conveyor and conveyed to the primary vibrating screen.

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| 14-2 | ![](ny20061035x4_ex96-1img002.jpg) |

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<u> Silver Opportunity Partners LLC \| Sunshine Mine S-K 1300 Technical Report Summary on the Initial Assessment </u> <u> March 25, 2026 SLR Project No.: 123.020552.00001 </u>

The primary screen oversize will feed the secondary HP200 or equivalent standard cone crusher with a 70 mm (2.75 in.) closed side setting. The screen undersize (-10 mm) will be conveyed to the fine material bin feeding the grinding circuit.

The secondary crusher discharge will be screened on a double deck vibrating screen with 50 mm top deck screen openings and 10 mm bottom deck screen openings. The screen undersize (-10 mm) will be conveyed to the fine material bin, the bottom deck screen oversize (-50 mm +10 mm fraction) will be conveyed to tertiary crushing or to the ore sorter, which will be added in Year 5 of operation, and the +50 mm fraction will be conveyed back to the secondary crusher.

It is estimated that 65.5% of the ROM material (654.7 stpd) will feed the ore sorter and that 34.5% (345.2 stpd) will bypass the ore sorter as minus 10 mm product. The ore sorter will use an X-Ray transmission sensor, XRT, to detect and high-pressure air jets to separate waste material from the feed. The waste reject material is projected by the vendor to be approximately 44.2% (289.3 stpd) of the ore sorter feed which is approximately 28.9% of the ROM crusher crushing circuit feed. The ore sorter product will be approximately 55.8% (365.4 stpd) of the ore sorter feed and will advance to the tertiary crushing circuit.

Ore sorting is not included in the Indicated Only Case production plan.

The tertiary crushing circuit will comprise a HP200 or equivalent 4.25 ft shorthead cone crusher with a 10 mm closed side setting (CSS) that will crush the material to -10 mm, operating in closed circuit with the tertiary screen. The tertiary screen oversize will be conveyed to the tertiary crusher feed and the screen undersize will be conveyed to the fine material bin.

14.2.2 Grinding and Flash Flotation

Crushed mineralized material will be drawn from the 650-ton fine material storage bin with an apron feeder to the grinding mill feed conveyor. The conveyor will be equipped with a belt weigh scale to determine the mill feed rate and totalized production, and an automatic belt sampler to collect mill feed samples to determine mill feed grade and other characteristics. The mill feed conveyor will discharge into a single 11.5 ft diameter by 16 ft equivalent grinding length (EGL) ball mill with a 1,000 hp drive. The material will be ground to a P<sub>80</sub> 106 μm (P75 75 μm) in the ball mill which will operate in closed circuit with hydro cyclones and a flash flotation cell. The mill will discharge over an integral trommel screen to collect ball fragment.

The trommel screen undersize will flow by gravity to the flash flotation cell feed pump box where the slurry will be diluted to 56% solids and pumped to a 222.5 ft<sup>3</sup>, (6.3 m<sup>3</sup>) flash flotation cell to extract coarsely liberated sulfide minerals into a high-grade flotation concentrate that will report directly to either the silver-copper or lead-silver product concentrate thickeners depending on concentrate grade, bypassing the flotation circuit. This process prevents overgrinding of softer liberated minerals. The flash flotation cell underflow will flow by gravity to the cyclone feed pump box and will be pumped to the hydro cyclone classifiers for size separation. The cyclone underflow will flow by gravity to the ball mill feed, closing the circuit, and the cyclone overflow slurry containing P<sub>80</sub> 106 µm product material will advance to the flotation circuit conditioning tanks.

14.2.3 Flotation

The configuration of the sequential flotation circuit selected, as shown in Figure 14-1, is the flotation circuit operated historically by Sunshine. Flotation feed material will be conditioned with flotation reagents to float the silver-copper mineral and depress the lead and iron sulfide minerals and then advanced to the silver-copper rougher/scavenger flotation circuit.

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| 14-3 | ![](ny20061035x4_ex96-1img002.jpg) |

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<u> Silver Opportunity Partners LLC \| Sunshine Mine S-K 1300 Technical Report Summary on the Initial Assessment </u> <u> March 25, 2026 SLR Project No.: 123.020552.00001 </u>

14.2.3.1 Silver-Copper Flotation

Copper and silver are primarily contained in the mineral Tetrahedrite/Freibergite, a silver, copper, antimony, sulfide mineral forming a single flotation concentrate. The feed slurry will be conditioned in two 47 ft<sup>3</sup> (1.1 m<sup>3</sup>) agitated tanks in series. The conditioned slurry will feed a bank of four 47 ft<sup>3</sup> (1.1 m<sup>3</sup>) naturally aspirated rougher flotation cells followed by four 47 ft<sup>3</sup> (1.1 m<sup>3</sup>) scavenger flotation cells. The rougher scavenger flotation tailings will feed the second stage lead flotation circuit. The scavenger concentrate will be returned to the rougher feed for reprocessing.

The silver-copper rougher flotation concentrate will be pumped to a bank of two 47 ft<sup>3</sup> (1.1 m<sup>3</sup>) first cleaner flotation cells. The first cleaner tailings will be returned to the silver-copper rougher feed. The first cleaner concentrate will be pumped to a second cleaner circuit, referred to by Sunshine as a silver retreatment circuit, comprising a bank of six 22.5 ft<sup>3</sup> forced air flotation cells. The first two cells will act as conditioners for reagent addition. The second cleaner tailing slurry primarily contains galena and pyrite and is pumped to the lead concentrate regrind circuit. The second cleaner concentrate is processed in a bank of two 22.5 ft<sup>3</sup> third cleaner flotation cells. The third cleaner tailings are recycled to the second cleaner circuit feed and the third cleaner concentrate is final silver-copper concentrate and is pumped to the concentrate filter feed tank. The concentrate is then filtered with disc filters, which discharge into the concentrate storage bund area in preparation for bulk shipment by truck to a smelter.

14.2.3.2 Lead Flotation

The silver-copper scavenger flotation tailing will be conditioned with flotation reagents and will flow to the lead rougher/scavenger flotation circuit. The feed slurry will be conditioned in two 47 ft<sup>3</sup> (1.1 m<sup>3</sup>) agitated tanks in series. The conditioned slurry will feed a bank of four 47 ft<sup>3</sup> (1.1 m<sup>3</sup>) naturally aspirated rougher flotation cells followed by four 47 ft<sup>3</sup> (1.1 m<sup>3</sup>) scavenger flotation cells. The scavenger flotation concentrate will be returned to the lead rougher feed. The rougher flotation concentrate will be pumped to a bank of 2- 47 ft<sup>3</sup> (1.1 m<sup>3</sup>) first cleaner flotation cells. The first cleaner tailings will be returned to the lead rougher feed. The first cleaner concentrate will be pumped to the lead concentrate regrind circuit.

**Lead Re-grind Circuit**

The lead regrind circuit comprises a single 6.0 ft diameter by 9 ft EGL ball mill with a 120 hp (89.4kW) drive. The feed to the mill will be the silver-copper second cleaner tailings slurry and the lead cleaner concentrate slurry. The mill will operate in closed circuit to produce a 35% solids slurry with a P<sub>80</sub> 37 μm (P<sub>80</sub> 400 mesh) particle size distribution to feed the second lead cleaner cells. The ball mill will discharge over an integrated trommel screen to separate ball fragments. The trommel screen undersize slurry will be diluted to 55% solids and pumped to a hydro cyclone for size separation.

The cyclone overflow at 35% solids will flow to a bank of 4-22.5 ft<sup>3</sup> (0.637 m<sup>3</sup>) second lead cleaner flotation cells and the cyclone underflow will flow to the regrind mill feed closing the milling circuit. The ball mill circulating load will be approximately 267%.

The second cleaner flotation tailings will be pumped to the third circuit rougher feed. The second cleaner flotation cell concentrate will be pumped to the final lead concentrate filter feed tank. The concentrate will be pumped from the filter feed tank a disc filter for dewatering. The filtered concentrate discharges into a lead concentrate storage bund area in preparation for bulk shipment by truck to a smelter.

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| 14-4 | ![](ny20061035x4_ex96-1img002.jpg) |

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<u> Silver Opportunity Partners LLC \| Sunshine Mine S-K 1300 Technical Report Summary on the Initial Assessment </u> <u> March 25, 2026 SLR Project No.: 123.020552.00001 </u>

**Third Flotation Circuit – Pb Scavenger**

The lead flotation scavenger tailings flow to the third flotation circuit which can be used for producing a pyrite concentrate or in the current case as an extended lead scavenger and pyrite rejection circuit. Additional flotation reagents are added to the feed of the third circuit which consists of a bank of four 47 ft<sup>3</sup> (1.1 m<sup>3</sup>) naturally aspirated rougher flotation cells followed by four 47 ft<sup>3</sup> (1.1 m<sup>3</sup>) scavenger flotation cells. The scavenger concentrate will be returned to the third circuit rougher feed. The rougher flotation concentrate will be pumped to a bank of two 47 ft<sup>3</sup> (1.1 m<sup>3</sup>) first cleaner flotation cells. The first cleaner tailings will be returned to the third circuit rougher feed. The first cleaner concentrate will be pumped to the feed of the lead circuit rougher flotation cells.

**Concentrator Tailings**

The third circuit scavenger flotation tailings will be final concentrator tailings and will be pumped to a high-rate tailings thickener for solid liquid separation. The thickener overflow solution will be pumped to the process water storage tank to be distributed throughout the concentrator. The underflow slurry with a density of approximately 66% to 69% solids will be pumped to the paste backfill plant slurry storage tank, and the balance if any will be pumped to the tailings filter for dewatering and stockpiling in preparation for hauling and dry-stacking. Approximately 85% of the tailings will be used as paste backfill and the remainder will be dry-stacked tailings.

**Paste Backfill Plant**

The thickened tailings slurry will be pumped to a disk filter to create a wet filter cake, which will be conveyed to the paste mixer feed hopper along with a binder comprising 5% ordinary Portland cement (OPC) to produce cemented paste backfill (CPB). The mixed cemented paste backfill will be pumped to the mine delivery pipeline at the collar of the Jewell shaft using a positive displacement concrete pump, such as a Schwing Rock Valve pump.

The intension is to use whole tailings for paste production, but if necessary to remove fines, the tailings can be classified using cyclones and the water and slimes in the cyclone overflow recycled to the tailing thickener.

14.2.4 Power Consumption

The total estimated power requirement for the concentrator is 3,000 kW (3,780 connected hp). This includes crushing, grinding, flotation, pumping, concentrate handling and storage, reagent mixing and storage, process utilities, and tailings handling and pumping, using as much tailings as possible as a cemented paste mine backfill. Based on typical demand and load factors, the maximum demand is estimated to be 2,850 kW and the average demand is estimated to be 2,550 kW. The additional estimated power for the antimony plant is approximately 1,800 kW and the additional estimated power for the refinery is 2,063 kW.

14.2.5 Water Consumption

The estimated make-up water requirement for flotation plant operations is 12.6 l/s, based on 15% moisture in the flotation concentrate filter cake, a 50% (w/w) slurry being sent to the TSF, and the balance of the water recovered from the process plant recycled to the flotation plant.

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| 14-5 | ![](ny20061035x4_ex96-1img002.jpg) |

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<u> Silver Opportunity Partners LLC \| Sunshine Mine S-K 1300 Technical Report Summary on the Initial Assessment </u> <u> March 25, 2026 SLR Project No.: 123.020552.00001 </u>

14.2.6 Reagents and Consumables

The milling and downstream production facilities at the Sunshine Mine site do not employ any process reagents or heavy consumables which are in difficult or short supply. A listing of representative reagents and supplies is indicated in Table 14-2.

**Table 14-2: Process Reagents and Consumables**

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| | | |
|:---|:---|:---|
| **Reagents and Consumables** | **Consumer** | **Consumption (lbs/ton)** |
| Crusher liners | Jaw and cone crushers | 0.376 |
| Ball mill liners | Ball mill | 0.279 |
| 3 in. grinding balls | Ball mill | 0.633 |
| 1 in. grinding balls | Re-grind ball mill | 0.106 |
| Aero 3477 | Silver sulfide promoter | 0.006 |
| Aeroflot 242 | Galena promoter | 0.022 |
| Zinc sulfate | Pyrite and galena depressant | 0.171 |
| Sodium sulfite | Pyrite and galena depressant | 0.216 |
| MIBC | Frother | 0.059 |

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14.2.7 Labor Requirements and Proposed Work Schedules

Crusher operations are scheduled on two shifts, five days per week. The mill schedule is increased to seven days per week to compensate for increased mine tonnage as necessary.

When on a 5-day, 15-shift schedule, the mill uses 23 personnel in crushing, grinding, flotation and dewatering operations.

Maintenance staffing is included in the mill staffing. Maintenance personnel have been assigned to a five day per week, one shift per day schedule.

14.3 Metal Recovery

14.3.1 Silver Recovery

14.3.1.1 Ore Sorter Silver Recovery

Preliminary ore sorter test work conducted by Steinert indicated that 97.7% of the silver could be recovered into an ore sorter product while rejecting representing 44.2 wt% to waste.

14.3.1.2 Flotation Concentrator Silver Recovery

A review of historical Sunshine production records over the period from 1950–2008 demonstrate consistent overall silver recovery into separate silver-copper and lead-silver flotation concentrates that averaged about 97%. Given that mined material is expected to be similar to historical ore mined by Sunshine with respect to mineralogy and grade, SLR believes that 97% silver recovery in the flotation concentrator is reasonable.

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| 14-6 | ![](ny20061035x4_ex96-1img002.jpg) |

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<u> Silver Opportunity Partners LLC \| Sunshine Mine S-K 1300 Technical Report Summary on the Initial Assessment </u> <u> March 25, 2026 SLR Project No.: 123.020552.00001 </u>

Table 14-3 presents the actual reported operating results from 1988 to 1999 except for 1990. The results from 1994 to 1999 reported silver ounces recovered to the silver and lead concentrates. The average silver recovery to the silver concentrate and lead concentrate during the period was 84.8% and 12.1% respectively. Silver recovery to the silver concentrate ranged from 81.2% to 96.7% and the silver recovery to the lead concentrate ranged from 0.43% to 16.2%.

**Table 14-3: Annual Sunshine Concentrator Operating Results Reported from 1988-1999**

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| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Year** | **Dry Feed, tons** | **Feed Grade<br> (opt Ag)** | **Calculated Feed Ag<br> (oz)** | **Reported Ag to Ag Conc<br> (oz)** | **Reported Ag to Pb Conc<br> (oz)** | **Total Ag Recovered to Conc<br> (oz)** | **Calculated Ag Recovery, %** | **% Ag Recovery to Ag Conc<br> (%)** | **% Ag Recovery to Pb Conc<br> (%)** |
| 1988 | 247866 | 24.15 | 5985964 | 4574892 | 932689 | 5507581 | 92.01% | 76.43% | 15.58% |
| 1989 | 230837 | 21.47 | 4955238 | 4836360 | 0 | 4836360 | 97.60% | 97.60% | 0.00% |
| 1991 | 159907 | 22.54 | 3604402 | 3495945 |  | 3495945 | 96.99% | 96.99% | 0.00% |
| 1992 | 104602 | 24.77 | 2590992 | 2540363 | 0 | 2540363 | 98.05% | 98.05% | 0.00% |
| 1993 | 100441 | 23.49 | 2359359 | 2298155 | 0 | 2298155 | 97.41% | 97.41% | 0.00% |
| 1994 | 107056 | 20.08 | 2149684 | 2079290 | 9177 | 2088467 | 97.15% | 96.73% | 0.43% |
| 1995 | 101240 | 17.66 | 1787898 | 1662226 | 69016 | 1731242 | 96.83% | 92.97% | 3.86% |
| 1996 | 120909 | 22.04 | 2664834 | 2403802 | 178888 | 2582690 | 96.92% | 90.20% | 6.71% |
| 1997 | 183403 | 23.95 | 4392502 | 3564669 | 709917 | 4274586 | 97.32% | 81.15% | 16.16% |
| 1998 | 245000 | 24.45 | 5990372 | 4867533 | 938935 | 5806468 | 96.93% | 81.26% | 15.67% |
| 1999 | 230000 | 23.41 | 5385328 | 4400352 | 810491 | 5210843 | 96.76% | 81.71% | 15.05% |
| 1994 - 1999 | 987608 | 22.65 | 22370619 | 18977872 | 2716424 | 21694296 | 96.98% | 84.83% | 12.14% |

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The silver recoveries reported by G&T during their metallurgical program conducted in 2013 demonstrated overall silver recoveries of about 90 - 92% into separate silver-copper and lead-silver concentrates. SLR has reviewed the G&T test work and notes that they used a coarser primary grind during rougher and scavenger flotation than used by Sunshine and the coarser grind could likely explain the lower silver recoveries that G&T reported.

14.3.1.3 Overall Concentrator Silver Recovery

An overall silver recovery from ROM material is estimated at 94.8% and includes losses during ore sorting and flotation.

14.3.2 Copper Recovery

Based on locked cycle flotation test work conducted by G&T, copper recovery is estimated to be 80% into the silver-copper flotation concentrate at a concentrate grade of about 26% Cu. Any Copper reporting to the lead flotation concentrate is not expected to be payable.

14.3.3 Lead Recovery

Based on locked cycle flotation test work conducted by G&T, payable lead recovery is estimated at 64% into lead flotation concentrates averaging about 50% Pb.

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| 14-7 | ![](ny20061035x4_ex96-1img002.jpg) |

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<u> Silver Opportunity Partners LLC \| Sunshine Mine S-K 1300 Technical Report Summary on the Initial Assessment </u> <u> March 25, 2026 SLR Project No.: 123.020552.00001 </u>

**Figure 14-1: Mill Crusher Flowsheet**

![](ny20061035x4_ex96-1img072.jpg)

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| 14-8 | ![](ny20061035x4_ex96-1img002.jpg) |

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<u> Silver Opportunity Partners LLC \| Sunshine Mine S-K 1300 Technical Report Summary on the Initial Assessment </u> <u> March 25, 2026 SLR Project No.: 123.020552.00001 </u>

**Figure 14-2: Flotation Flowsheet**

![](ny20061035x4_ex96-1img073.jpg)

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| 14-9 | ![](ny20061035x4_ex96-1img002.jpg) |

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<u> Silver Opportunity Partners LLC \| Sunshine Mine S-K 1300 Technical Report Summary on the Initial Assessment </u> <u> March 25, 2026 SLR Project No.: 123.020552.00001 </u>

**Figure 14-3: Concentrator Block Flow Diagram**

![](ny20061035x4_ex96-1img074.jpg)

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| 14-10 | ![](ny20061035x4_ex96-1img002.jpg) |

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<u> Silver Opportunity Partners LLC \| Sunshine Mine S-K 1300 Technical Report Summary on the Initial Assessment </u> <u> March 25, 2026 SLR Project No.: 123.020552.00001 </u>

**15.0** **Infrastructure** 

The Sunshine Mine is a past-producing operation and the facilities have been maintained on a care and maintenance basis for approximately 20 years. The infrastructure to support the mine is in place and available for future use.

**15.1** **Site Layout and Access** 

The Sunshine Mine is located approximately 37 mi (60 km) east of Coeur d'Alene, Idaho, along I-90, and 4.5 mi (7.25 km) southeast of the town of Kellogg, Idaho, at the Big Creek exit (Exit 54). From the Big Creek exit, the Sunshine Mine is accessed by an existing, county maintained, 2.5 mi long, two-lane paved road, called the Big Creek Road.

The Sunshine Mine is located in a constrained, topographically challenged area, i.e., in the bottom of a narrow canyon, and is divided into an east and west side by Big Creek. Big Creek Road passes through the property on the west side of Big Creek and most of the existing mine site, dating back to the early 1900s, is situated on the east side of Big Creek. Access to the main plant site is over a Sunshine-owned bridge across Big Creek. A guard house is located at this entrance. Security personnel maintain perimeter security and perform roving patrols around the site area. Natural barriers, including Big Creek and rugged mountainous terrain, are augmented with wire fencing. The current site layout and topography are shown in Figure 15-1. Figure 15-2 presents the detailed layout for the mine site infrastructure.

**15.1.1** **Main Access Road** 

The main access road to the Project is Big Creek Road, which is paved and well-maintained year-round. Roads to all plant facilities currently exist, so no new roads need to be constructed.

With the mine site just south of I-90, there are no logistical issues for either equipment and supply deliveries or shipment of concentrates for refining. From I-90, concentrate can be trucked to smelters and refineries located in Idaho, Montana, or Canada, or transported overseas.

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| 15-1 | ![](ny20061035x4_ex96-1img002.jpg) |

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<u> Silver Opportunity Partners LLC \| Sunshine Mine S-K 1300 Technical Report Summary on the Initial Assessment </u> <u> March 25, 2026 SLR Project No.: 123.020552.00001 </u>

**Figure 15-1: Overall Site Layout**

![](ny20061035x4_ex96-1img075.jpg)

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| 15-2 | ![](ny20061035x4_ex96-1img002.jpg) |

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<u> Silver Opportunity Partners LLC \| Sunshine Mine S-K 1300 Technical Report Summary on the Initial Assessment </u> <u> March 25, 2026 SLR Project No.: 123.020552.00001 </u>

**Figure 15-2: Mine and Concentrator Site Layout**

![](ny20061035x4_ex96-1img076.jpg)

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| 15-3 | ![](ny20061035x4_ex96-1img002.jpg) |

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<u> Silver Opportunity Partners LLC \| Sunshine Mine S-K 1300 Technical Report Summary on the Initial Assessment </u> <u> March 25, 2026 SLR Project No.: 123.020552.00001 </u>

**15.2** **Waste Rock Storage Facilities** 

The waste rock storage facility (WRSF) is located approximately one-quarter mile north of the mine site on the east side of Big Creek Road. It currently has the capacity to handle the waste from the Sterling Tunnel. Some of the existing waste rock will be used for development of the remaining lifts for the TSF. SOP is also permitted to store waste rock in the ConSil WRSF located approximately four miles east of the mine site. Costs to transport waste rock by truck from the Jewell Shaft to the ConSil WRSF have been included in mine development costs.

**15.3** **Energy Supply** 

**15.3.1** **Electrical Power** 

In this IA, the combined mine and processing facility electrical energy demand is estimated to be 3.9 MW for the mine and 2.4 MW to 3.2 MW (after the ore sorter is installed) for the processing facility for a total of 6.3 MW to 7.1 MW of electrical energy.

Electrical power is supplied by Avista, a large northwest U.S. power supplier. The main power source for the mine is a 13.2 kV power line that parallels Big Creek Road and terminates at the Avista Shont substation (12.3 kV at 7.5 MVA) located two miles north of the Sunshine Mine property. The Shont substation capacity is 9 MVA.

There are eight distribution grid main breakers providing protection and isolation, with every sub-branch substation providing fused main disconnecting. All 480 V secondaries are three-phase and power 10 kVA to 20 kVA and 240V/120V single-phase transformers for lighting circuits, single phase loads. All 13.2 kV points of distribution use open air gang lockable disconnects.

The planned work will not require changes to or expansion of the electrical supply. There will be significant changes to the underground supply and grounding system to support the plan. Emergency backup power is supplied by a 1 MVA 2.3 kV generator and 400 kVA 480 V substation, to power service hoist, office, boiler plant, brick house, machine shop. The unit is interlocked from utility.

**15.3.2** **Natural Gas** 

Avista can supply up to 16 million Btu (MMBtu) of natural gas to the site. Historically, the site's average natural gas usage has been 10.3 MMBtu.

**15.4** **Compressed Air** 

The current compressed air system has two, Atlas Copco 700 hp screw compressors (2.3 kV) with a combined capacity of 6,000 cfm, which were installed in 2007. Two additional Atlas Copco 700 hp compressors are planned to be added to supplement the current system, including a new compressor house and a cooling package upgrade to eliminate the need to use cooling water from Big Creek.

As noted in Section 13, the compressed air needs will rise as the mine production increases. The compressed air supply and distribution system warrants further review.

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| 15-4 | ![](ny20061035x4_ex96-1img002.jpg) |

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<u> Silver Opportunity Partners LLC \| Sunshine Mine S-K 1300 Technical Report Summary on the Initial Assessment </u> <u> March 25, 2026 SLR Project No.: 123.020552.00001 </u>

**15.5** **Water** 

Water supply is satisfactory as Big Creek passes directly through the mine site and Sunshine currently has four water rights licenses: three surface water licenses from Big Creek and one groundwater well. Water from Big Creek is drawn from an intake station located south of the mine and is used for water supply, including process make-up, non-contact cooling, fire protection, and other non-potable uses. The combined water volume available is approximately 4,042 gallons per minute (gpm). Water storage is not an issue for the mine due to the abundance of water rights. The Project does have two, permitted water wells that also provide process water.

Preliminary water requirements for the Project were previously developed by Golder Associates. The complete make-up water requirement of 200 gpm can be taken from Big Creek from a pump station located 1.0 mi south of the mine site, should mine water from dewatering or reclaim water from the TSF be temporarily unavailable for any reason. Currently, two, new steel storage tanks for fresh and fire water and process water are planned, with capacities of 200,000 gallons and 20,000 gallons, respectively. Recycling of water from the process plant, and use of mine water from mine dewatering will be maximized to the extent possible to reduce the amount of freshwater make-up required.

Potable water is obtained from a 4-in. diameter water line that parallels Big Creek Road to the mine and is owned and maintained by the municipal water district, Central Shoshone County Water.

**15.5.1** **Water Treatment** 

Current water rights total available for use total 4,042 gpm.

Excess water from process operations that may require treatment will be treated using oxidation and precipitation utilizing lime and polymer treatment. The waters to be treated include:

● Mine dewatering

● Mill discharge water

● Grey water and runoff water

The proposed location of the water treatment plant (WTP) is to the northeast of the existing refinery. This area is currently not in use and is large enough to accommodate all water treatment needs, and if necessary, temporary storage of produced solids. Refer to Figure 15-1 for a conceptual site general arrangement.

The WTP will consist of a high-density sludge (HDS) system which utilizes lime precipitation for the treatment of iron, manganese, and other trace heavy metals at a peak flow rate of 800 gpm. This treatment approach is a demonstrated treatment approach for similar influent water quality characteristics and anticipated effluent discharge criteria. Anticipated discharge standards were projected by SLR based on recent permitting activity in the area.

Mine water will be treated underground using an anti-scalant to prevent iron and hardness scaling in pipes, prior to being pumped to the surface for use in the process to the extent possible. Treated water from the WTP is expected to meet all discharge standards for surface discharge and may be discharged to Outfall 001 depending on the processing facility's make-up water requirements at the time. The solids or sludge generated from the treatment of water are expected to be non-hazardous and will be sufficiently stable to be disposed of within the existing TSF. Total solids generation is estimated to be approximately 14.2 tons (dry) solids per day.

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| 15-5 | ![](ny20061035x4_ex96-1img002.jpg) |

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<u> Silver Opportunity Partners LLC \| Sunshine Mine S-K 1300 Technical Report Summary on the Initial Assessment </u> <u> March 25, 2026 SLR Project No.: 123.020552.00001 </u>

Any site precipitation (rain and snow melt) and surface runoff will be intercepted prior to coming into contact with process areas and diverted offsite to a sediment basin, then discharged to Big Creek.

**15.5.2** **Fire Protection Water** 

It is planned that the existing fire protection system (comprised of a diesel driven fire pump, hydrants, and dry pipe sprinklers) will be modernized and extended throughout the new facilities at site.

The Silver Valley Fire Rescue is located approximately five miles (8 km) from the mine site and responds in a timely manner. The mine does not maintain a fire brigade or firefighting hoses.

**15.6** **Site Buildings** 

The existing Sunshine Mine has necessary building infrastructure for production including administration buildings, warehouses, shops, and dry facilities. All buildings are usable; however, some will require re-modeling.

**15.7** **Security** 

Access to the main plant site is via an SOP-owned bridge across Big Creek. A guard house is located at this entrance and currently staffed during non-business hours. Security personnel maintain perimeter security, authorizing access to incoming personnel, and performing roving patrols around the site area. Natural barriers, including Big Creek and rugged terrain to the north of the mine are augmented with wire fencing to enhance security.

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| 15-6 | ![](ny20061035x4_ex96-1img002.jpg) |

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<u> Silver Opportunity Partners LLC \| Sunshine Mine S-K 1300 Technical Report Summary on the Initial Assessment </u> <u> March 25, 2026 SLR Project No.: 123.020552.00001 </u>

**15.8** **Tailings** 

**15.8.1** **Introduction** 

The Project site currently contains one existing TSF. The embankment forming the existing TSF was first constructed in 1978, with four subsequent dam raises throughout the facility's life. Tailings were last deposited in the facility in 2008, coinciding with the closing of the Sunshine processing plant.

SLR understands that SOP currently retains the services of Hydrometrics, Inc. of Helena, Montana (Hydrometrics), to perform routine Dam Safety Inspection (DSI) of the existing TSF.

The facility was originally designed by Dames & More of Vancouver, British Columbia, in 1978.

The facility is classified by the State of Idaho Department of Water Resources (IDWR) as a "Significant" classification under their state system.

A recent inspection by the IDWR stated "the structure appeared to be generally suitable for continued use as a water management pond" with some caveats around the required repair of a decant accessway required (IDWR 2023).

The tailings were deposited from the north and eastern embankment crests, with the formation of a decant pond abutting natural ground to the east. The tailings have traditionally been fine grained and sandy mixtures, with natural separation of fines with increasing distance from the spigot locations. One decant tower exists in this pond location, and an additional emergency spillway in the form of a decant tower exists on the eastern tailings beach.

The general arrangement of the existing TSF is presented in Figure 15-3, with the downstream proximity to I-90 also presented.

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| 15-7 | ![](ny20061035x4_ex96-1img002.jpg) |

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<u> Silver Opportunity Partners LLC \| Sunshine Mine S-K 1300 Technical Report Summary on the Initial Assessment </u> <u> March 25, 2026 SLR Project No.: 123.020552.00001 </u>

**Figure 15-3: Existing TSF General Arrangement**

![](ny20061035x4_ex96-1img077.jpg)

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| 15-8 | ![](ny20061035x4_ex96-1img002.jpg) |

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<u> Silver Opportunity Partners LLC \| Sunshine Mine S-K 1300 Technical Report Summary on the Initial Assessment </u> <u> March 25, 2026 SLR Project No.: 123.020552.00001 </u>

**15.8.2** **Facility Description, Design, and Construction History** 

Construction of the existing TSF began in 1978, with first tailings deposition commencing in 1979. Three dam raises of varying upstream and downstream construction methods along the length of the embankment were also completed. The Stage 5 upstream raise is currently in a partially complete state, with raising activities ceasing in 1999. The decant pond is currently being maintained at Stage 4 consented levels. The existing TSF is currently being used as a mine water management pond, with active pumping into and out of its basin.

The facility, in its current partially completed Stage 5 state, has a maximum embankment height of approximately 55 ft, with downstream slopes as steep as 2H:1V. The current Stage 5 crest elevation is 2,485 ft, compared to its designed elevation of 2,490 ft. The current facility is approved for two subsequent raises (to Stage 7), to a final crest elevation of 2,510 ft.

Foundation conditions for the existing TSF consists of predominantly river gravels, which were also used in combination with mine waste rock to form the bulk fill of the embankments. An imported sand filter layer was also incorporated on the upstream side of the starter embankments and subsequent raises. The facility is unlined, with foundations and embankment materials known to be relatively permeable.

The most recent stability assessment provided to SLR was performed by AMEC in 2012 (AMEC 2012a) and an excerpt from this is presented in Figure 15-4 to illustrate the existing TSF section geometry in its most unfavorable upstream raise configuration (the northern embankment).

**Figure 15-4: Northern Embankment Raise Configuration**

Source: AMEC 2012a

**15.8.3** **Future Use of the Facility** 

The facility in its current state has a remaining storage capacity of approximately 100 kst (AMEC 2012a), before an additional raise is required. The facility is currently permitted for two additional raises (to Stage 7), which would provide an additional 840 kst of tailings storage (AMEC 2012a).

While SLR was not engaged to perform a formal trade-off study for future above-ground tailings deposition options, three options were considered at a high level appropriate for an IA, namely:

1 Continue upstream raising to Stage 7, with a potential conversion to dry-stack placement beyond Stage 7 (the current plan proposed by AMEC)

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| 15-9 | ![](ny20061035x4_ex96-1img002.jpg) |

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<u> Silver Opportunity Partners LLC \| Sunshine Mine S-K 1300 Technical Report Summary on the Initial Assessment </u> <u> March 25, 2026 SLR Project No.: 123.020552.00001 </u>

2 Identify an alternate site for a new tailings facility

3 Convert the current facility to a dry-stack facility at its current level (Stage 5)

Through ongoing discussions with SOP, Option 3 (immediate conversion to dry-stack) was selected as the most beneficial option to pursue, primarily as it lowers the risk profile of the facility relative to Option 1. A cursory inspection of available topography data by SLR resulted in Option 2 (a new facility) being the most unfavorable option, given the lack of any appropriate site identified, and the long lead times associated with permitting and constructing a new facility.

A potential Option 3 configuration is presented in Figure 15-5. This arrangement could achieve the desired Life of Facility (LoF) tailings storage requirement proposed in the IA (833 kst), with a crest elevation of 2,498 ft, 13 ft above the current embankment crest level. A preliminary cost estimate for such a configuration is presented in Section 18.0. This configuration relies on achieving compacted tailings densities of 90 lb/ft<sup>3</sup>, as originally proposed by AMEC.

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| 15-10 | ![](ny20061035x4_ex96-1img002.jpg) |

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<u> Silver Opportunity Partners LLC \| Sunshine Mine S-K 1300 Technical Report Summary on the Initial Assessment </u> <u> March 25, 2026 SLR Project No.: 123.020552.00001 </u>

**Figure 15-5: Potential LoF Dry-Stack Arrangement on Existing Sunshine TSF**

![](ny20061035x4_ex96-1img079.jpg)

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| 15-11 | ![](ny20061035x4_ex96-1img002.jpg) |

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<u> Silver Opportunity Partners LLC \| Sunshine Mine S-K 1300 Technical Report Summary on the Initial Assessment </u> <u> March 25, 2026 SLR Project No.: 123.020552.00001 </u>

SLR notes that the current state of tailings practice and understanding has changed materially since the initial design of the Sunshine TSF (in the 1970s), and subsequently, stability enhancing downstream buttressing for any future use of the existing Sunshine TSF is a likely outcome. Likely required buttressing is not presented in Figure 15-5, but considered feasible by SLR at this time, with a reasonable allowance for downstream buttressing included in our cost estimate.

The final dry-stack and buttressing configuration will require further detailed study and likely will require the use of intrusive investigation of the tailings mass and the foundations, by means of Cone Penetration Testing (CPTu) and potentially additional borehole investigation. Even more substantial buttressing volumes and associated costs than are already allowed for cannot be ruled out at this point.

**15.8.4** **Inspections and Dam Safety Reviews** 

The TSF has been inspected by IDWR on an annual basis, with records back to 2017 provided to SLR.

Hydrometrics, registered Professional Engineers in the State of Idaho, performed a recent (non-government) Dam Safety Inspection (DSI) in 2023 (Hydrometrics 2023). The inspection generally included visual observation of the crest, downstream slopes and associated decant infrastructure. The inspection concluded that the facility appeared to be constructed, maintained, and operated in accordance with the approved design, with what appears to be minor improvements or adjustments prescribed. To SLR's knowledge, no Dam Safety Reviews (DSRs) have been completed for the Sunshine TSF.

**15.8.5** **Current Facility Risk** 

This facility risk assessment is based on a desktop review of information provided by SOP and SLR's opinion is based on the understanding derived from said information. SLR is currently in the process of performing a DSR of the existing TSF to better understand the risk associated with the current facility, and its potential future use.

No Global Industry Standard on Tailings Management (GISTM) consequence classification is known to exist, or assessment to have been performed.

The most recent Limit Equilibrium (LE) stability analyses reviewed by SLR was the forementioned AMEC (2012a) analysis. SLR notes that AMEC was not asked to perform a DSR, rather only to provide an assessment for potential expansion options. While the AMEC work suggest satisfactory stability outcomes, it should be noted that these assessments lack any undrained strength analyses, nor post seismic analyses, in line with current North American and International tailings best practice guidelines (Canadian Dam Association, International Commission on Large Dams, or GISTM). SLR notes that the seismic hazard at the site is not negligible and could have material implications for stability. To SLR's knowledge, the state of the tailings (state parameter, saturation ratio) is largely unknown in the upstream tailings mass.

Given the uncertainties in tailings material geotechnical properties, degree of consolidation, and liquefaction potential, along with an assumed population at risk (PAR) through proximity to the interstate highway, the precautionary approach is to assume that the facility represents a material risk in its current state until these can be quantified by SLR's current DSR.

The use of the facility as a water storage basin further raises the risk profile, as water storage on upstream TSF generally promotes unfavorable pore pressure conditions in the tailings mass and is not current best practice.

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<u> Silver Opportunity Partners LLC \| Sunshine Mine S-K 1300 Technical Report Summary on the Initial Assessment </u> <u> March 25, 2026 SLR Project No.: 123.020552.00001 </u>

Stability enhancements, if required, could be achieved via downstream buttressing. Improvements in water management, if required, could be achieved by a supplemental barge-based pump decant, for example.

The potential groundwater and surface water risk to the environment associated with this unlined facility has not been studied by SLR to date.

If GISTM conformance were desired, in its current state, the Sunshine TSF would require a significant set of studies to be completed, and most likely physical dam safety improvements.

SLR relies on the statements and conclusions of AMEC and Hydrometrics and provides only those conclusions already stated in Section 15.8.3 regarding the existing stability of the Sunshine TSF.

**15.9** **Employee Transportation** 

With the Project being located near a well populated region, SOP does not provide company housing or transportation. Movement of workers about the Project site is by company-supplied vehicles, and these vehicles are available for use for work-related travel between the Mine and work locations and local communities.

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<u> Silver Opportunity Partners LLC \| Sunshine Mine S-K 1300 Technical Report Summary on the Initial Assessment </u> <u> March 25, 2026 SLR Project No.: 123.020552.00001 </u>

**16.0** **Market Studies** 

**16.1** **Markets** 

The assumed cash flow model price for silver is based on the long-term outlook from the analyst consensus as of February 25, 2026, provided by SOP. The assumed silver price of $46.36 per ounce in all cash flow model years is below the current spot price for silver, is in line with the long-term view of several reputable market analysts, and is aligned with SLR's internal pricing guidelines.

An expression of interest from a local aggregate company was presented to SOP, offering $5.00/st for the rejected material produced by the ore sorter. This amount has been included in the Project's cash flow model.

Figure 16-1 shows the 3-year monthly price for silver.

**Figure 16-1: Monthly Silver Price ($/oz)**

![](ny20061035x4_ex96-1img080.jpg)

Source: COMEX 2026

**16.2** **Contracts** 

Contracts for the Project are expected to include design and construction contracts for the facilities and mine development; however, none of these contracts are in place at this time. Contracts for the transportation and treatment of concentrates will also be required. Treatment terms in the IA are based upon initial discussions with metal traders. There are no special considerations related to the transportation of the concentrates.

Contracts will be negotiated and executed as necessary. For contracts with affiliated parties, the same terms, rates, or charges as could be obtained had the contract been negotiated at arm's length with an unaffiliated third party will be used.

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| 16-1 | ![](ny20061035x4_ex96-1img002.jpg) |

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<u> Silver Opportunity Partners LLC \| Sunshine Mine S-K 1300 Technical Report Summary on the Initial Assessment </u> <u> March 25, 2026 SLR Project No.: 123.020552.00001 </u>

**16.2.1** **Concentrate Terms** 

The cash flow valuation of the mineralized material inventory production schedule also includes assumptions on treatment charges and the net smelter return (NSR) related to sale of the concentrates.

**Table 16-1: Silver-Copper Concentrate Terms**

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| &nbsp;&nbsp;**Area** | &nbsp;&nbsp;**Terms** | &nbsp;&nbsp;**Notes** | &nbsp;&nbsp;**Refining Charges** |
| &nbsp;&nbsp;Treatment charge | &nbsp;&nbsp;$250/dmt |  |  |
| &nbsp;&nbsp;**Payables** |  |  |  |
| &nbsp;&nbsp;Ag | &nbsp;&nbsp;97% | &nbsp;&nbsp;2.92 oz/st deduction | &nbsp;&nbsp;Refining $0.60/oz |
| &nbsp;&nbsp;**Penalties fractions pro rata** |  |  |  |
| &nbsp;&nbsp;Bi | &nbsp;&nbsp;$2.00/dmt |  |  |
| &nbsp;&nbsp;As | &nbsp;&nbsp;$27.00/dmt |  |  |
| &nbsp;&nbsp;Sb | &nbsp;&nbsp;$150/dmt |  |  |
| &nbsp;&nbsp;Hg | &nbsp;&nbsp;$111.00 |  |  |

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Note: Treatment charges and penalties are shown in metric units as per international smelter contract norms.

**Table 16-2: Lead-Silver Concentrate Terms**

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| &nbsp;&nbsp;**Area** | &nbsp;&nbsp;**Terms** | &nbsp;&nbsp;**Notes** | &nbsp;&nbsp;**Refining Charges** |
| &nbsp;&nbsp;Treatment charge | &nbsp;&nbsp;$60/dmt |  |  |
| &nbsp;&nbsp;**Payables** |  |  |  |
| &nbsp;&nbsp;Ag | &nbsp;&nbsp;95% | &nbsp;&nbsp;1.46 oz/st deduction | &nbsp;&nbsp;Refining $0.6/oz |

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| 16-2 | ![](ny20061035x4_ex96-1img002.jpg) |

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<u> Silver Opportunity Partners LLC \| Sunshine Mine S-K 1300 Technical Report Summary on the Initial Assessment </u> <u> March 25, 2026 SLR Project No.: 123.020552.00001 </u>

**17.0** **Environmental Studies, Permitting, and Plans, Negotiations, or Agreements with Local Individuals or Groups** 

**17.1** **Summary** 

Specific federal, state, and local (Shoshone County, Idaho) regulatory and permitting requirements apply and will apply to SOP. SOP currently holds active, valid permits for all current facets of the mining operation and are in compliance with all permits. At present, there are no known environmental issues that impact the ability to extract Mineral Resources at the Property. SOP is actively engaged with the local communities and stakeholders, and there are no outstanding negotiations or social commitments for the operation of the Sunshine Mine.

With the proximity to several watersheds (including Big Creek and the South Fork of the Coeur d'Alene River (South Fork), areas of population (7.25 km miles from Kellogg, Idaho), other mining operations, and the Bunker Hill Mining and Metallurgical Complex Superfund Site, maintaining protection of the environment, regulatory compliance and engagement with regulatory and non-regulatory stakeholders is critical for the progression of the Project.

The Sunshine Mine has been operated for various periods between 1884 until 2008, with numerous changes of ownership, operating rates, and processing methods employed. The current property holdings reportedly consist of approximately 25,593 acres including fee simple ownership, patented mining claims, and unpatented mining claims. The primary components of the Project around which environmental monitoring and permitting are associated include the following:

● mine, consisting of multiple adits and shafts, ventilation shafts, and headframe

● plant site, consisting of the processing facility and support facilities such as offices, maintenance shops, etc.

● waste rock storge facility (WRSF)

● tailings storage facility (TSF)

● water treatment plant (WTP)

● Adjacent Consolidated Silver Mine (also known as Silver Summit and ConSil) and the ConSil mill, waste rock, and tailings area

● Sunshine Precious Metals Refinery located at 1098 Big Creek Road

The Sunshine Mine and related facilities are located in the Big Creek watershed. Big Creek flows into the South Fork. The ConSil facilities are located in the Rosebud Creek watershed. Rosebud Creek flows toward the South Fork; however, surface water flow in the creek appears to infiltrate downhill of the mine facilities and before reaching the South Fork. No surface discharge to the South Fork has been identified or observed via Rosebud Creek. The South Fork is included on the State of Idaho's Clean Water Act (CWA) 2010 and Draft 2012 303(d) list as impaired (exceeding water quality standards) for suspended sediments, cadmium, lead, and zinc. This is due to historical mine operations located in the Silver Valley that discharged mine wastes and tailings into the South Fork and tributaries before environmental laws were created.

The U.S. Environmental Protection Agency (USEPA or EPA) included the South Fork and adjacent areas, including Sunshine, ConSil, and numerous other historical mines in the Upper Basin of the Coeur d'Alene River (the Basin), in the Bunker Hill Mining and Metallurgical Complex Superfund Site, which is listed pursuant to the Comprehensive Response, Compensation, and Liability Act (CERCLA). EPA Region 10 has developed a Remedial Investigation/Feasibility Study for the CERCLA site and, in August 2012, issued an Interim Record of Decision Amendment, which proposed remediation of certain parts of the Basin.

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| 17-1 | ![](ny20061035x4_ex96-1img002.jpg) |

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<u> Silver Opportunity Partners LLC \| Sunshine Mine S-K 1300 Technical Report Summary on the Initial Assessment </u> <u> March 25, 2026 SLR Project No.: 123.020552.00001 </u>

**17.2** **Environmental Studies** 

Environmental data currently exists for the Sunshine mine and processing facilities, ConSil, and Sunshine Precious Metals Refinery from several sources, including:

● Monitoring, studies, and reporting performed as required under permits for past and current mine operations

● Monitoring and studies associated with past mine operations

● Monitoring and studies used for the Superfund documents prepared by the USEPA and Idaho Department of Environmental Quality (IDEQ)

● 2004 Site Characterization Report prepared for the former owners of the refinery property

In 2012, SOP initiated environmental studies to provide the following information:

● Surface water quality and hydrology

● Groundwater hydrogeology

● Waste rock geochemical characteristics

In 2013, as part of a Phase II Environmental Site Assessment (ESA) conducted in connection with the acquisition of the Sunshine Refinery, SOP performed soil, surface water, and groundwater sampling at key locations throughout the refinery property.

**17.2.1** **Hydrology, Hydrogeology and Water Quality** 

A hydrology/hydrogeology baseline study to supplement the available historical data was initiated in March 2012 by Golder Associates Inc. (Golder)) in support of the integrated Preliminary Economic Assessment and Feasibility Study for restarting operations at the Sunshine Mine. The findings from the hydrology and hydrogeology program were also intended to provide the data likely required to support environmental and operational permit applications for the resumption of operations at SOP.

Tasks involved in this scope of work included:

● Surface water characterization

● Groundwater characterization

● Waste rock and tailings characterizations

● Water balance and dewatering characterization

● Water supply and water rights evaluation

The field investigations performed to support the IA included:

● Two surface water sampling events completed in March and May 2012

● One soil drilling and groundwater sampling event in April 2012

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<u> Silver Opportunity Partners LLC \| Sunshine Mine S-K 1300 Technical Report Summary on the Initial Assessment </u> <u> March 25, 2026 SLR Project No.: 123.020552.00001 </u>

● One waste rock drilling and sampling event in April 2012

In addition, SOP implemented an annual receiving water quality monitoring program in compliance with National Pollutant Discharge Elimination System (NPDES) permit requirements, which includes the collection of samples from Big Creek, above and below mine facilities, and from the South Fork, upstream of the NPDES outfall and downstream of the confluence with Big Creek.

Measurements of surface water flow have been collected in Big Creek, the South Fork, and in Rosebud Creek at the same locations identified for water quality analysis. The U.S. Geological Survey (USGS) maintains several stream flow stations on the South Fork that provide historical and real time data that can also be used to characterize hydrology around the site. The Big Creek watershed hydrograph is dominated by spring snowmelt typical in north Idaho.

**17.2.2** **Surface Water to support future IPDES Permitting** 

IDEQ adopted the 2007 USEPA recommended aquatic life copper criteria, which are based on using the Biotic Ligand Model (BLM) that requires 11 site-specific input values. IDEQ uses the aquatic life criteria that are adopted in the state regulations for calculating effluent limits. In the absence of site-specific BLM input values, IDEQ uses default regional BLM criteria, which for mountain streams (as is the South Fork Coeur d'Alene River) are low [1.0 micrograms per liter (µg/L) acute and 0.6 µg/L chronic].

SOP conducted a site-specific BLM study to develop site-specific copper criteria, for implementation in future Idaho Pollutant Discharge Elimination System (IPDES) permitting. The study was initiated in early 2022 such that a completed study will be available for the next permit renewal and avoid IDEQ implementation of the default criteria. In conjunction with the BLM study, samples are also being collected to support calculation of a site-specific dissolved metals translator (DMT) for copper. The default dissolved metals translator for copper, which translates the dissolved criteria to total for permit limit application is 0.96. In SLR's experience, the DMT for copper is typically in the 0.5 to 0.8 range. A calculated, site-specific DMT for copper in this typical range would result in a less stringent, more representative copper criteria and permit limits.

The BLM study plan was reviewed by IDEQ prior to sampling beginning in April 2022 and was completed in 2024. Data collected during each BLM sample event include the BLM input parameters at a location downstream of outfall 001 on a monthly basis.

**17.2.3** **Hydrogeology** 

Hydrogeology baseline studies included the collection of groundwater from the alluvial (shallow) groundwater system and collection of water exiting the mine portals and seeps. Groundwater was sampled at 17 locations within the Big Creek and Rosebud Creek drainages. This preliminary groundwater characterization effort was conducted at temporary monitoring locations established through direct-push and air-rotary drilling methods. The establishment of a permanent network of groundwater monitoring wells is currently being considered, based on the results of these initial investigations.

During the Phase II ESA of the refinery property, five existing monitoring wells around the refinery property were sampled for total petroleum hydrocarbon (TPH)-diesel range organics (DRO), volatile organic compounds (VOCs), semi-volatile organic compounds (SVOCs), total and dissolved metals, polychlorinated biphenyls (PCBs), and wet chemistry. Samples collected from several of the wells indicated concentrations of copper, iron, antimony, and manganese above drinking water limits. However, as no down gradient domestic wells use the alluvial aquifer for drinking water, there are currently no exposure pathways affecting human health.

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<u> Silver Opportunity Partners LLC \| Sunshine Mine S-K 1300 Technical Report Summary on the Initial Assessment </u> <u> March 25, 2026 SLR Project No.: 123.020552.00001 </u>

**17.2.4** **Soils** 

Surface and shallow subsurface (to approximately five feet) soil sampling was performed as part of the Phase II ESA at the refinery property. Soil samples from eight test pits and one additional surface location were obtained and analyzed for TPH, VOCs, SVOCs, metals, and PCBs.

Elevated levels of antimony, arsenic, cobalt, lead, mercury, and silver were detected in soil samples, consistent with the understanding that mined material was used as fill for the refinery pad. Other constituents were not detected above reporting limits.

**17.2.5** **Rock and Mine Waste Characterization** 

SOP plans to place waste rock produced during renewed underground mining on the existing Sunshine WRSF. SOP intends to use some of this waste rock at the TSF for construction of additional dam raises and ultimately for closure. There was limited waste rock geochemical data available; therefore, a preliminary characterization program was conducted to evaluate the potential for acid generation and metal leaching from waste rock and to evaluate geotechnical properties. Samples representing the range of rock types in the Sunshine and ConSil WRSFs were collected and subjected to the following test procedures:

● Mineralogical and elemental analyses

● Static geochemical testing and acid-base accounting using standard geochemical techniques (sulfur analysis, paste pH, acid neutralization potential, and acid generating potential) to determine acid rock drainage potential

● Meteoric Water Mobility Procedure (MWMP) analyses to evaluate metals leaching potential

The primary findings of this preliminary analysis are as follows:

● Waste rock is non-acid generating under several different evaluation criteria.

● Trace metal concentrations are generally low or below reporting limits in the MWMP leachates from the ConSil and Sunshine waste rock samples.

● Concentrations of antimony, arsenic, barium, boron, copper, manganese, molybdenum, and strontium were detected above reporting limits. The remaining trace metals were all below 0.5 mg/L in the waste-rock leachates.

**17.2.6** **Tailings Storage Facility IDWR Authorization** 

The TSF is inspected monthly by Sunshine staff and annually by Idaho Department of Water Resources (IDWR) inspectors. Sunshine will need to supply IDWR with the designs for review and approval before additional dam lifts are added. IDWR issues a certificate to operate the impoundment annually.

**17.3** **Project Permitting** 

Numerous federal and state permits, plans, and approvals will be required for this Project. The permits are presented in Table 17-1.

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| 17-4 | ![](ny20061035x4_ex96-1img002.jpg) |

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<u> Silver Opportunity Partners LLC \| Sunshine Mine S-K 1300 Technical Report Summary on the Initial Assessment </u> <u> March 25, 2026 SLR Project No.: 123.020552.00001 </u>

In certain situations, issuance of a Federal permit requires compliance with the National Environmental Policy Act (NEPA) and development of an Environmental Impact Statement (EIS) or Environmental Assessment (EA). Based on the current proposed operating plan, reopening of the Sunshine Mine will not require development of an EA or EIS.

**Table 17-1: SOP Environmental Permits for Operation**

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| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Agency** | &nbsp;&nbsp;**Permit Name** | &nbsp;&nbsp;**Activity** | &nbsp;&nbsp;**Status** |
| &nbsp;&nbsp;IDEQ <sup>1</sup> | &nbsp;&nbsp;IPDES Permit No. ID0000060 | &nbsp;&nbsp;Waste water discharge | &nbsp;&nbsp;Active |
| &nbsp;&nbsp;IDEQ | &nbsp;&nbsp;IPDES No. IDR053001 | &nbsp;&nbsp;Storm water discharge | &nbsp;&nbsp;Active |
| &nbsp;&nbsp;IDWR <sup>2</sup> | &nbsp;&nbsp;IDWR File: 94-xx03 | &nbsp;&nbsp;Tailings Storage Facility authorization | &nbsp;&nbsp;Active |
| &nbsp;&nbsp;Federal Bureau of Alcohol, Tobacco and Firearms | &nbsp;&nbsp;Explosives License 9ID00382 | &nbsp;&nbsp;Transport, ship, receive, or possess explosives materials | &nbsp;&nbsp;Active |
| &nbsp;&nbsp;IDEQ | &nbsp;&nbsp;Permit to Construct | &nbsp;&nbsp;Air quality | &nbsp;&nbsp;Required |
| &nbsp;&nbsp;IDEQ | &nbsp;&nbsp;Point of Compliance | &nbsp;&nbsp;Groundwater monitoring | &nbsp;&nbsp;Required |
| &nbsp;&nbsp;IDEQ | &nbsp;&nbsp;Tier II Air Quality Permit | &nbsp;&nbsp;Air quality | &nbsp;&nbsp;Required |
| &nbsp;&nbsp;USEPA | &nbsp;&nbsp;EPA/RCRA ID | &nbsp;&nbsp;Hazardous waste generation and storage | &nbsp;&nbsp;Required |
| &nbsp;&nbsp;Shoshone County Planning and Zoning Department | &nbsp;&nbsp;Building and Site Disturbance Permit-permit not yet issued | &nbsp;&nbsp;Demolition and Building | &nbsp;&nbsp;Required |
| &nbsp;&nbsp;USEPA | &nbsp;&nbsp;Asbestos Removal | &nbsp;&nbsp;Demolition | &nbsp;&nbsp;Required |
| &nbsp;&nbsp;Panhandle Health District | &nbsp;&nbsp;Institutional Controls Program (ICP) Permit | &nbsp;&nbsp;Metal contaminated soils removal | &nbsp;&nbsp;Active |

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Notes:

&nbsp;&nbsp;&nbsp;&nbsp;1. Recently transferred NPDES Permit.

&nbsp;&nbsp;&nbsp;&nbsp;2. Will be modified for the planned expansion of the TSF.

**17.3.1** **NPDES Permit Status and Re-issuance** 

Permit Discharge Monitoring Reports (DMRs) are submitted each month and sampling is conducted and reported according to permit requirements.

SSMRC is currently in the queue to replace the currently administratively extended IPDES Permit ID0000060 as the Project is further developed. The former NPDES permit was assigned to the IDEQ IPDES permitting system, which is linked to the EPA website for NetDMR reporting. A new permit will likely be more restrictive and require a new water treatment plant.

Sunshine applied for and was granted continued coverage under the IDEQ multisector general permit (MSGP) in June 2021. The Storm Water Pollution Prevention Plan was updated to reflect the new permit and the mine site is inspected monthly to maintain compliance.

**17.3.2** **Air Permit** 

IDEQ conducted an air quality compliance inspection in 2015 and found no violations.

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| 17-5 | ![](ny20061035x4_ex96-1img002.jpg) |

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<u> Silver Opportunity Partners LLC \| Sunshine Mine S-K 1300 Technical Report Summary on the Initial Assessment </u> <u> March 25, 2026 SLR Project No.: 123.020552.00001 </u>

A preliminary emissions inventory for the Project has been developed and SOP has been in communication with the Air Quality Division of the IDEQ regarding air permitting requirements. Based on the work performed to date it is anticipated that the facility will be considered a minor source and a Permit to Construct (PTC) will be required prior to commencing demolition of the existing processing facilities and construction of the new processing facilities. In anticipation of developing a permit application, an Air Dispersion Modeling Protocol was submitted and was approved by the IDEQ in December 2013; this may require an update.

Although no evaluation of potential emissions from the proposed processing facilities have been performed, documents reviewed as part of the Phase I ESA conducted for the refinery property indicate that the facility operated in compliance with Idaho air quality regulations under a PTC exempt status. Additional evaluations regarding emissions related to the new processing facilities and planned operations will need to be conducted to support permitting.

SOP will apply for an IDEP PTC before demolition of the existing processing facilities and constructing the facilities commences. Once a complete PTC application is submitted, IDEQ strives to issue a permit within 100 days.

**17.3.3** **CERCLA Issues** 

USEPA has proposed cleanup actions that may affect some aspects of SOP's plans for reopening the Sunshine Mine. Likewise, it is important to ensure that proposed mine activities do not adversely affect the cleanup activities. According to USEPA's Proposed Plan, the USEPA intends to manage its Superfund responsibilities in the Upper Basin in a manner that will allow for responsible mining and mineral processing activities as well as exploration and development.

In 2001, the former owners of the Sunshine Mine (Sunshine Mining and Refining Company and SPMI) entered into a consent decree with the U.S. Government and Coeur d'Alene Tribe that settled Sunshine's CERCLA liability and federal natural resource damage claims. SOP should continue to consult with USEPA and IDEQ to ensure that reopening the Sunshine Mine will not impact cleanup activities and that cleanup activities will not affect proposed mine operations. Any contaminated soils or other materials from historical operations encountered during demolition or construction must be managed and disposed under the Institutional Controls Program (ICP) program administered by the Panhandle Health District.

**17.3.4** **Tailings Storage Facility Authorization** 

The TSF is current authorized for operation and reclamation by IDWR under permit IDWR File: 94-xx03 and is in compliance with state regulations operating under the current annual IDWR certificate. This authorization will require an amendment to allow for future expansion.

**17.4** **Environmental Impacts** 

SOP is currently in compliance with all active permits presented in Table 17-1. At present, there are no known environmental issues that impact the ability to extract Mineral Resources at the Property. Specifically, no threatened or endangered species are known to exist at the site; there are no year-round watercourses on the Property; groundwater impact of mining has been addressed, and all environmental regulations and permit conditions are continuously being met.

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| 17-6 | ![](ny20061035x4_ex96-1img002.jpg) |

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<u> Silver Opportunity Partners LLC \| Sunshine Mine S-K 1300 Technical Report Summary on the Initial Assessment </u> <u> March 25, 2026 SLR Project No.: 123.020552.00001 </u>

**17.5** **Environmental Monitoring and Reporting** 

Environmental monitoring and reporting are conducted in accordance with various active permits listed in Table 17-1. This monitoring includes surface water, stormwater discharge, and hydrogeology at the TSF. Additional, nonregulatory monitoring includes surface water. Data collected is routinely reported to federal and state agencies to demonstrate compliance. Agency representatives from IDEQ and IDWR also conduct routine compliance inspections.

Future environmental monitoring will be defined by the active, amended, active and required permits and authorizations listed in Table 17-1 and includes surface water, stormwater discharge, air emissions, and hydrogeology at the TSF. Environmental monitoring will be conducted during operations and be required post-closure for multiple permits and authorizations.

**17.6** **Community Relations and Social Responsibilities** 

There are currently no outstanding negotiations or social requirements regarding operations at the mine. There are no formal discussions required with local stakeholders or Native American tribal representatives; however, mine management does meet informally to provide general updates and to discuss proposed requests from the community and local stakeholders for donations and support. Additionally, SSMRC is and will remain committed to local direct hiring, local indirect contracting, and procurement of local goods and services.

**17.7** **Mine Closure Requirements** 

IDWR requires a financial assurance for abandonment and closure of tailings storage embankments; therefore, a closure plan and cost estimate has been prepared and is routinely reviewed and approved by IDWR. This existing plan for the Sunshine TSF includes:

● dewatering the facility

● capping the facility

● the construction of a spillway to route precipitation around the dam to a detention pond

The State of Idaho does not require a closure and reclamation plan for underground mining operations and there are no State of Idaho regulations that specifically govern the closure of underground mining operations in Idaho. Furthermore, reclamation requirements to which surface mines are subject are not applicable to the Project. Regardless of the regulatory requirements in Idaho, a Closure and Reclamation Plan (CRP) has been developed for the Project that is consistent with sound scientific and engineering practices and meets or exceeds industry best practices for closure and reclamation. The estimated cost for Reclamation and Closure at the end of mine life is $20 million.

The CRP includes preliminary plans and conceptual designs for the closure and reclamation of the following major Project facilities.

● Demolition and offsite disposal of the Sunshine Mine surface facilities

● Portals, shafts, and access roads

● Removal of the bank stabilization wall along Big Creek, contouring and stabilization

● Gravel access roads

● Demolition and offsite disposal of the ConSil mill and other buildings at the ConSil claim

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| 17-7 | ![](ny20061035x4_ex96-1img002.jpg) |

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<u> Silver Opportunity Partners LLC \| Sunshine Mine S-K 1300 Technical Report Summary on the Initial Assessment </u> <u> March 25, 2026 SLR Project No.: 123.020552.00001 </u>

● Sunshine WRSF and haul road

● ConSil WRSF and Silver Summit portal yard

● TSF

● Removal of tailings lines

● Removal and disposal of contaminated soils

● Ancillary surface disturbance

● Sunshine Refinery and Antimony Plant

The reclamation plan for the Project employs reclamation techniques that include:

● Decontamination, demolition, removal of foundations, and disposal of surface facilities and underground equipment

● Sealing of Project-related portals and shafts to prevent human and wildlife access and mitigate fall hazards, respectively

● Closure of the TSF

● Grading of the WRSFs

● Grading of the haul and gravel mine roads

● Management of storm water from reclaimed areas to control runoff and limit channel scour sedimentation to Big Creek and Rosebud Creek

● Placement of growth media and revegetation of the TSF, WRSFs, processing facility areas, roads, etc.

● Post closure monitoring and maintenance

More detailed design and estimated costs for closure and reclamation will be developed as the Project advances.

**17.7.1** **Financial Assurance Requirements** 

Although there are no regulatory requirements regarding the closure and reclamation of underground mines in Idaho, the IDWR requires financial assurance for abandonment and closure of tailings storage embankments. The closure plan and cost estimate are reviewed annually by IDWR. The cost to implement this closure plan was estimated at $279,039, which is the basis for the current financial assurance in the form of a certificate of deposit in a cash account for the mine based on State of Idaho regulations.

IDWR requires that updates to the surety bond be submitted when an additional, previously approved, stage of the impoundment is constructed. As plans for future expansion of the existing TSF are developed, more detailed closure and reclamation designs should be developed in support of fulfilling the IDWR financial assurance requirements.

**17.8** **QP Opinion** 

The SLR QP is of the opinion that the current plans are adequate to address any issues related to environmental compliance, permitting and local individuals or groups. Plans will be modified as needed to address new issues as they arise.

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| 17-8 | ![](ny20061035x4_ex96-1img002.jpg) |

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<u> Silver Opportunity Partners LLC \| Sunshine Mine S-K 1300 Technical Report Summary on the Initial Assessment </u> <u> March 25, 2026 SLR Project No.: 123.020552.00001 </u>

**18.0** **Capital and Operating Costs** 

The capital and operating costs presented in this TRS were estimated in Q2 2024 US dollars and have been escalated to Q3 2025. The cost estimates meet the requirements of an AACE International (AACE) Class 5 estimate with an accuracy range of -20% to -50% to +30% to +100% which also meets the requirements of S-K 1300 as the lower and upper limits of -50% to +50% lie within the AACE Class 5 estimate range. The cost estimates are considered to be reasonable and appropriate for an S-K 1300 TRS IA level of study considering that Class 5 estimates usually have 0% to 2% project definition per the AACE classification system.

**18.1** **Capital Costs** 

**18.1.1** **Base Case** 

The Base Case initial capital costs are estimated to be $286.9 million and corresponding LOM sustaining capital is approximately $560.2 million, as summarized in Table 18-1.

Capital costs were estimated in Q2 2024 US dollars and were escalated to Q3 2025 US dollars as follows:

&nbsp;&nbsp;&nbsp;&nbsp;● Underground capital 3.1%

&nbsp;&nbsp;&nbsp;&nbsp;● Processing capital 5.9%

&nbsp;&nbsp;&nbsp;&nbsp;● G&A capital 2.0%

**Table 18-1: LOM Capital Summary – Base Case**

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| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Area** | &nbsp;&nbsp;**Units** | &nbsp;&nbsp;**Initial** | &nbsp;&nbsp;**Sustaining** | &nbsp;&nbsp;**Total** |
| &nbsp;&nbsp;Mine Total | &nbsp;&nbsp;$ million | &nbsp;&nbsp;167.0 | &nbsp;&nbsp;494.4 | &nbsp;&nbsp;661.4 |
| &nbsp;&nbsp;Plant and Surface Total | &nbsp;&nbsp;$ million | &nbsp;&nbsp;57.0 | &nbsp;&nbsp;44.6 | &nbsp;&nbsp;101.6 |
| &nbsp;&nbsp;**Mine, Plant, and Surface** | &nbsp;&nbsp;**$ million** | &nbsp;&nbsp;**224.0** | &nbsp;&nbsp;**539.0** | &nbsp;&nbsp;**763.1** |
| &nbsp;&nbsp;Closure | &nbsp;&nbsp;$ million | &nbsp;&nbsp;- | &nbsp;&nbsp;21.2 | &nbsp;&nbsp;21.2 |
| &nbsp;&nbsp;Contingency | &nbsp;&nbsp;$ million | &nbsp;&nbsp;62.9 | &nbsp;&nbsp;- | &nbsp;&nbsp;62.9 |
| &nbsp;&nbsp;**Grand Total** | &nbsp;&nbsp;**$ million** | &nbsp;&nbsp;**286.9** | &nbsp;&nbsp;**560.2** | &nbsp;&nbsp;**847.2** |
| &nbsp;&nbsp;Note: Table values may not sum due to rounding. | &nbsp;&nbsp;Note: Table values may not sum due to rounding. | &nbsp;&nbsp;Note: Table values may not sum due to rounding. | &nbsp;&nbsp;Note: Table values may not sum due to rounding. | &nbsp;&nbsp;Note: Table values may not sum due to rounding. |

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**18.1.1.1** **Pre-Production Capital Costs** 

The Base Case pre-production capital costs are estimated to be $286.9 million over a three-year construction period. The cost breakdown by area is shown in Table 18-2.

**Table 18-2: Pre-Production Capital Cost by Year – Base Case**

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Area** | &nbsp;&nbsp;**Units** | &nbsp;&nbsp;**Year -3** | &nbsp;&nbsp;**Year -2** | &nbsp;&nbsp;**Year -1** | &nbsp;&nbsp;**Total** |
| &nbsp;&nbsp;Mine Total | &nbsp;&nbsp;$ million | &nbsp;&nbsp;55.5 | &nbsp;&nbsp; 64.1 | &nbsp;&nbsp;47.4 | &nbsp;&nbsp;167.0 |
| &nbsp;&nbsp;Plant and Surface Total | &nbsp;&nbsp;$ million | &nbsp;&nbsp;0.7 | &nbsp;&nbsp; 22.5 | &nbsp;&nbsp;33.8 | &nbsp;&nbsp;57.0 |
| &nbsp;&nbsp;**Mine, Plant, and Surface** | &nbsp;&nbsp;**$ million** | &nbsp;&nbsp;**56.1** | &nbsp;&nbsp;**86.6** | &nbsp;&nbsp;**81.3** | &nbsp;&nbsp;**224.0** |
| &nbsp;&nbsp;Contingency | &nbsp;&nbsp;$ million | &nbsp;&nbsp;16.6 | &nbsp;&nbsp;24.4 | &nbsp;&nbsp;21.9 | &nbsp;&nbsp;62.9 |
| &nbsp;&nbsp;**Grand Total** | &nbsp;&nbsp;**$ million** | &nbsp;&nbsp;**72.8** | &nbsp;&nbsp;**111.0** | &nbsp;&nbsp;**103.2** | &nbsp;&nbsp;**286.9** |
| &nbsp;&nbsp;Note: Table values may not sum due to rounding. | &nbsp;&nbsp;Note: Table values may not sum due to rounding. | &nbsp;&nbsp;Note: Table values may not sum due to rounding. | &nbsp;&nbsp;Note: Table values may not sum due to rounding. | &nbsp;&nbsp;Note: Table values may not sum due to rounding. | &nbsp;&nbsp;Note: Table values may not sum due to rounding. |

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| 18-1 | ![](ny20061035x4_ex96-1img002.jpg) |

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<u> Silver Opportunity Partners LLC \| Sunshine Mine S-K 1300 Technical Report Summary on the Initial Assessment </u> <u> March 25, 2026 SLR Project No.: 123.020552.00001 </u>

**Mine Pre-Production Capital Costs**

The Base Case mine pre-production capital costs are estimated to be $217.1 million, including contingency. The cost breakdown by area and year is shown in Table 18-3. The mine capital costs were estimated from a combination of cost estimates for work at the Sunshine Mine, recent drift rehabilitation experience, estimates from other projects and escalation of previous estimates for work at the Project.

Mine development costs are based upon company crews, equipment, and supervision and direction. Mine development, mine general and mine services costs were developed on a first principles basis. The direct mine development costs are estimated to be $1,038/ft for level development and $760/ft for raise development. The mine general and mine services capital includes costs for supervision, maintenance, and technical support.

A breakdown of the cost elements for development is shown in Table 18-3. Tramming, mine services, hoisting, supervision and maintenance labor are included as fixed costs in the Mine General costs.

After the pre-production period the development capital cost reflects the direct development costs while the mine services, supervision and maintenance are carried in the operating costs. All development waste is planned to removed from the Jewell dump to a waste dump by contractors at a cost of $3.84 per ton.

Mine equipment costs are based on manufacturer's quotation from other projects and from reference materials. Infrastructure capital costs are based upon previous estimates for repair and upgrade, local experience with work on the infrastructure and order of magnitude estimates for certain aspects where the final scope is not yet determined.

**Table 18-3: Mine Pre-Production Capital Cost by Year – Base Case**

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | &nbsp;&nbsp;**Yr -3** | &nbsp;&nbsp;**Yr -2** | &nbsp;&nbsp;**Yr -1** | &nbsp;&nbsp;**Total** |
| &nbsp;&nbsp;Mine Infrastructure | &nbsp;&nbsp;$ million | &nbsp;&nbsp;35.0 | &nbsp;&nbsp;13.4 | &nbsp;&nbsp;0.4 | &nbsp;&nbsp;48.8 |
| &nbsp;&nbsp;Mine Equipment | &nbsp;&nbsp;$ million | &nbsp;&nbsp;5.5 | &nbsp;&nbsp;12.0 | &nbsp;&nbsp;9.0 | &nbsp;&nbsp;26.5 |
| &nbsp;&nbsp;Mine Development | &nbsp;&nbsp;$ million | &nbsp;&nbsp;4.6 | &nbsp;&nbsp;23.0 | &nbsp;&nbsp;17.4 | &nbsp;&nbsp;44.9 |
| &nbsp;&nbsp;Mine General | &nbsp;&nbsp;$ million | &nbsp;&nbsp;10.4 | &nbsp;&nbsp;15.7 | &nbsp;&nbsp;20.7 | &nbsp;&nbsp;46.8 |
| &nbsp;&nbsp;**Mine Capital** | &nbsp;&nbsp;**$ million** | &nbsp;&nbsp;**55.5** | &nbsp;&nbsp;**64.1** | &nbsp;&nbsp;**47.4** | &nbsp;&nbsp;**167.0** |
| &nbsp;&nbsp;Mine Capital Expenditures Contingency | &nbsp;&nbsp;$ million | &nbsp;&nbsp;16.6 | &nbsp;&nbsp;19.2 | &nbsp;&nbsp;14.2 | &nbsp;&nbsp;50.1 |
| &nbsp;&nbsp;**Mine Total** | &nbsp;&nbsp;**$ million** | &nbsp;&nbsp;**72.1** | &nbsp;&nbsp;**83.3** | &nbsp;&nbsp;**61.7** | &nbsp;&nbsp;**217.1** |

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**Plant and Surface Pre-Production Capital Costs**

The Base Case plant and surface pre-production capital costs are estimated to be $69.8 million including contingency. The cost breakdown by area and year is shown in Table 18-4.

**Table 18-4: Plant and Surface Pre-production Capital Cost by Year – Base Case**

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|:---|:---|:---|:---|:---|:---|
|  |  | &nbsp;&nbsp;**Yr -3** | &nbsp;&nbsp;**Yr -2** | &nbsp;&nbsp;**Yr -1** | &nbsp;&nbsp;**Total** |
| &nbsp;&nbsp;Site-Prep Demolition | &nbsp;&nbsp;$ million | &nbsp;&nbsp;0.7 | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;**0.7** |
| &nbsp;&nbsp;Ore Sorting | &nbsp;&nbsp;$ million | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;**-** |

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| 18-2 | ![](ny20061035x4_ex96-1img002.jpg) |

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<u> Silver Opportunity Partners LLC \| Sunshine Mine S-K 1300 Technical Report Summary on the Initial Assessment </u> <u> March 25, 2026 SLR Project No.: 123.020552.00001 </u>

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | &nbsp;&nbsp;**Yr -3** | &nbsp;&nbsp;**Yr -2** | &nbsp;&nbsp;**Yr -1** | &nbsp;&nbsp;**Total** |
| &nbsp;&nbsp;Concentrator | &nbsp;&nbsp;$ million | &nbsp;&nbsp;- | &nbsp;&nbsp;13.0 | &nbsp;&nbsp;19.5 | &nbsp;&nbsp;**32.5** |
| &nbsp;&nbsp;Filtration and Dry-Stack Tailings | &nbsp;&nbsp;$ million | &nbsp;&nbsp;- | &nbsp;&nbsp;6.6 | &nbsp;&nbsp;9.9 | &nbsp;&nbsp;**16.6** |
| &nbsp;&nbsp;Paste Backfill (Surface Facility) | &nbsp;&nbsp;$ million | &nbsp;&nbsp;- | &nbsp;&nbsp;1.2 | &nbsp;&nbsp;1.8 | &nbsp;&nbsp;**3.0** |
| &nbsp;&nbsp;Water Treatment Plant | &nbsp;&nbsp;$ million | &nbsp;&nbsp;- | &nbsp;&nbsp;1.7 | &nbsp;&nbsp;2.6 | &nbsp;&nbsp;**4.3** |
| &nbsp;&nbsp;**Subtotal** | &nbsp;&nbsp;**$ million** | &nbsp;&nbsp;**0.7** | &nbsp;&nbsp;**22.5** | &nbsp;&nbsp;**33.8** | &nbsp;&nbsp;**57.0** |
| &nbsp;&nbsp;Contingency | &nbsp;&nbsp;$ million | &nbsp;&nbsp;- | &nbsp;&nbsp;5.1 | &nbsp;&nbsp;7.7 | &nbsp;&nbsp;**12.8** |
| &nbsp;&nbsp;**Mill/Surface Total** | &nbsp;&nbsp;**$ million** | &nbsp;&nbsp;**0.7** | &nbsp;&nbsp;**27.7** | &nbsp;&nbsp;**41.5** | &nbsp;&nbsp;**69.8** |
| &nbsp;&nbsp;Note: Table values may not sum due to rounding. | &nbsp;&nbsp;Note: Table values may not sum due to rounding. | &nbsp;&nbsp;Note: Table values may not sum due to rounding. | &nbsp;&nbsp;Note: Table values may not sum due to rounding. | &nbsp;&nbsp;Note: Table values may not sum due to rounding. | &nbsp;&nbsp;Note: Table values may not sum due to rounding. |

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The Base Case surface and plant capital cost estimates are based on the following assumptions:

● Supply of construction labor is local and readily available. Project hourly labor rate is $85.00 per hour.

● Material and labor costs have been based on a 45% material/equipment and 55% labor ratio.

● Freight costs have been estimated using 6% supply costs.

● Labor and commodity pricing are based on database sources.

● Ratios of mechanical equipment costs were used to determine discipline costs.

● Spares are included as 3% of total equipment supply costs.

● First fills estimates are based on 1% of total equipment supply costs.

● EPCM costs are estimated at 15% of total direct costs.

● Owner's costs are based on a build up from the current holding costs and total $2.9 million.

**Initial Capital Cost Contingency**

AACE International defines a contingency as "An amount added to an estimate to allow for items, conditions or events for which the state, occurrence and/or effect is uncertain and that experience shows will likely result, in the aggregate, in an additional cost". Contingency is expected to be spent in the course of the execution of the work.

For the mine initial capital, the contingency, based upon the estimator's experience and the level of design, was estimated to be 30% of Direct and Indirect Costs. For the plant and surface estimate the contingency was factored as 20% for equipment supply, 20% on demolition, and 40% on the balance of the estimate. The weighted surface and plant contingency is 22.5% of plant Direct and Indirect costs.

**18.1.1.2** **Sustaining Capital** 

The Base Case sustaining capital costs total $560.2 million over the LOM, as summarized in Table 18-5. The mine equipment category reflects the balance of the initial equipment fleet while ongoing equipment replacements and/or overhauls are included in the mine general category. Mine development costs reflect the estimated unit cost as applied to the LOM development plan. After the pre-production period, the development capital cost reflects the direct development costs while the mine services, supervision, and maintenance are carried in the operating costs. All development waste is planned to be removed from the Jewell WRSF to a WRSF by contractors at a cost of $3.84/ton.

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| 18-3 | ![](ny20061035x4_ex96-1img002.jpg) |

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<u> Silver Opportunity Partners LLC \| Sunshine Mine S-K 1300 Technical Report Summary on the Initial Assessment </u> <u> March 25, 2026 SLR Project No.: 123.020552.00001 </u>

The plant and surface sustaining capital has been estimated as 3.0% of the initial capital cost per year.

**Table 18-5: Sustaining Capital Cost by Year**

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| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Year** |  | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Year 1** | &nbsp;&nbsp;**Year 2** | &nbsp;&nbsp;**Year 3** | &nbsp;&nbsp;**Year 4** | &nbsp;&nbsp;**Year 5** | &nbsp;&nbsp;**Years <br> 6 to 15** | &nbsp;&nbsp;**Years <br> 16 to 25** |
| &nbsp;&nbsp;Mine Equipment | &nbsp;&nbsp;$ million | &nbsp;&nbsp;3.3 | &nbsp;&nbsp;3.3 | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;- |
| &nbsp;&nbsp;Mine Development | &nbsp;&nbsp;$ million | &nbsp;&nbsp;353.5 | &nbsp;&nbsp;23.7 | &nbsp;&nbsp;27.6 | &nbsp;&nbsp;30.4 | &nbsp;&nbsp;13.4 | &nbsp;&nbsp;4.8 | &nbsp;&nbsp;138.5 | &nbsp;&nbsp;115.0 |
| &nbsp;&nbsp;Mine General | &nbsp;&nbsp;$ million | &nbsp;&nbsp;137.7 | &nbsp;&nbsp;2.2 | &nbsp;&nbsp;5.0 | &nbsp;&nbsp;4.0 | &nbsp;&nbsp;5.2 | &nbsp;&nbsp;8.8 | &nbsp;&nbsp;78.4 | &nbsp;&nbsp;34.0 |
| &nbsp;&nbsp;Ore Sorting | &nbsp;&nbsp;$ million | &nbsp;&nbsp;7.4 | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;4.9 | &nbsp;&nbsp;- | &nbsp;&nbsp;1.5 | &nbsp;&nbsp;1.0 |
| &nbsp;&nbsp;Concentrator | &nbsp;&nbsp;$ million | &nbsp;&nbsp;21.5 | &nbsp;&nbsp;1.0 | &nbsp;&nbsp;1.0 | &nbsp;&nbsp;1.0 | &nbsp;&nbsp;1.0 | &nbsp;&nbsp;1.0 | &nbsp;&nbsp;9.8 | &nbsp;&nbsp;6.8 |
| &nbsp;&nbsp;Filtration and Dry-Stack Tailings | &nbsp;&nbsp;$ million | &nbsp;&nbsp;10.9 | &nbsp;&nbsp;0.5 | &nbsp;&nbsp;0.5 | &nbsp;&nbsp;0.5 | &nbsp;&nbsp;0.5 | &nbsp;&nbsp;0.5 | &nbsp;&nbsp;5.0 | &nbsp;&nbsp;3.5 |
| &nbsp;&nbsp;Paste Backfill (Surface Facility) | &nbsp;&nbsp;$ million | &nbsp;&nbsp;2.0 | &nbsp;&nbsp;0.1 | &nbsp;&nbsp;0.1 | &nbsp;&nbsp;0.1 | &nbsp;&nbsp;0.1 | &nbsp;&nbsp;0.1 | &nbsp;&nbsp;0.9 | &nbsp;&nbsp;0.6 |
| &nbsp;&nbsp;Water Treatment Plant | &nbsp;&nbsp;$ million | &nbsp;&nbsp;2.8 | &nbsp;&nbsp;0.1 | &nbsp;&nbsp;0.1 | &nbsp;&nbsp;0.1 | &nbsp;&nbsp;0.1 | &nbsp;&nbsp;0.1 | &nbsp;&nbsp;1.3 | &nbsp;&nbsp;0.9 |
| &nbsp;&nbsp;Closure | &nbsp;&nbsp;$ million | &nbsp;&nbsp;21.2 |  |  |  |  |  |  | &nbsp;&nbsp;21.2 |
| &nbsp;&nbsp;**Total Capital Expenditure** | &nbsp;&nbsp;**$ million** | &nbsp;&nbsp;560.2 | &nbsp;&nbsp;**30.9** | &nbsp;&nbsp;**34.4** | &nbsp;&nbsp;**36.1** | &nbsp;&nbsp;**25.2** | &nbsp;&nbsp;**15.3** | &nbsp;&nbsp;**235.2** | &nbsp;&nbsp;**183.1** |
| &nbsp;&nbsp;Note: Table values may not sum due to rounding. | &nbsp;&nbsp;Note: Table values may not sum due to rounding. | &nbsp;&nbsp;Note: Table values may not sum due to rounding. | &nbsp;&nbsp;Note: Table values may not sum due to rounding. | &nbsp;&nbsp;Note: Table values may not sum due to rounding. | &nbsp;&nbsp;Note: Table values may not sum due to rounding. | &nbsp;&nbsp;Note: Table values may not sum due to rounding. | &nbsp;&nbsp;Note: Table values may not sum due to rounding. | &nbsp;&nbsp;Note: Table values may not sum due to rounding. | &nbsp;&nbsp;Note: Table values may not sum due to rounding. |

---

**18.1.1.3** **Exclusions** 

Exclusions from the capital cost estimate include, but are not limited to, the following:

● Engineering and studies required to advance the level of engineering study

● Project financing and interest charges

● Working capital

● Escalation during construction

● Permits, fees and process royalties

● Any additional civil, concrete work due to the adverse soil condition and location

● Insurance during construction

● Taxes

● Import duties and custom fees

● Sunk costs

● Pilot plant and other test work

● Exploration drilling

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|:---|:---|
| 18-4 | ![](ny20061035x4_ex96-1img002.jpg) |

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<u> Silver Opportunity Partners LLC \| Sunshine Mine S-K 1300 Technical Report Summary on the Initial Assessment </u> <u> March 25, 2026 SLR Project No.: 123.020552.00001 </u>

**18.1.2** **Indicated Only Case** 

The Indicated Only Case capital cost estimates are considered to meet the requirements of an AACE Class 5 estimate. The capital costs were escalated to Q3 2025 as described in Section 18.1.1. The Indicated Only Case initial capital costs are estimated to be $239.6 million, and the corresponding Indicated Only Case LOM sustaining capital costs (including closure) are approximately $265.3 million, as summarized in Table 18-6.

The Indicated Only Case capital costs are high as the rehabilitation requirements are the same as for the Base Case, and a new process plant, paste fill plant, and tailings area revisions are required for the plan. The Indicated Only Case sustaining capital is significantly less than the Base Case as mine development and equipment replacement are reduced.

**Table 18-6: LOM Capital Summary – Indicated Only Case**

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Area** | &nbsp;&nbsp;**Units** | &nbsp;&nbsp;**Initial** | &nbsp;&nbsp;**Sustaining** | &nbsp;&nbsp;**Total** |
| &nbsp;&nbsp;Mine Total | &nbsp;&nbsp;$ million | &nbsp;&nbsp;133.8 | &nbsp;&nbsp;225.1 | &nbsp;&nbsp;358.9 |
| &nbsp;&nbsp;Plant and Surface Total | &nbsp;&nbsp;$ million | &nbsp;&nbsp;57.0 | &nbsp;&nbsp;19.0 | &nbsp;&nbsp;76.1 |
| &nbsp;&nbsp;**Mine, Plant, and Surface** | &nbsp;&nbsp;**$ million** | &nbsp;&nbsp;**190.8** | &nbsp;&nbsp;**244.1** | &nbsp;&nbsp;434.9 |
| &nbsp;&nbsp;Closure | &nbsp;&nbsp;$ million |  | &nbsp;&nbsp;21.2 | &nbsp;&nbsp;21.2 |
| &nbsp;&nbsp;Contingency | &nbsp;&nbsp;$ million | &nbsp;&nbsp;48.7 |  | &nbsp;&nbsp;48.7 |
| &nbsp;&nbsp;**Grand Total** | &nbsp;&nbsp;**$ million** | &nbsp;&nbsp;**239.6** | &nbsp;&nbsp;**265.3** | &nbsp;&nbsp;**504.9** |
| &nbsp;&nbsp;Note: Table values may not sum due to rounding. | &nbsp;&nbsp;Note: Table values may not sum due to rounding. | &nbsp;&nbsp;Note: Table values may not sum due to rounding. | &nbsp;&nbsp;Note: Table values may not sum due to rounding. | &nbsp;&nbsp;Note: Table values may not sum due to rounding. |

---

Capital cost exclusions for the Indicated Only Case are shown in Section 18.1.1.3.

**18.2** **Operating Costs** 

**18.2.1** **Base Case** 

The Base Case LOM operating costs total $1,427 million and are estimated to be $181.38 per ton processed, as summarized in Table 18-7. The costs were estimated in Q2 2024 US dollars and subsequently escalated to Q3 2025 US dollars as follows:

&nbsp;&nbsp;&nbsp;&nbsp;● Underground mine 4.8%

&nbsp;&nbsp;&nbsp;&nbsp;● Processing 1.4%

&nbsp;&nbsp;&nbsp;&nbsp;● G&A 2.0%

The tons processed is defined as the total mill feed to the plant, pre-ore sorting.

**Table 18-7: Operating Cost Summary – Base Case**

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Area** | &nbsp;&nbsp;**LOM Average Unit Cost <br> ($/ton processed)** | &nbsp;&nbsp;**Total LOM Costs <br> ($ million)** |
| &nbsp;&nbsp;Mine Services and Technical | &nbsp;&nbsp;73.84 | &nbsp;&nbsp;580.8 |
| &nbsp;&nbsp;Ore Mining | &nbsp;&nbsp;64.45 | &nbsp;&nbsp;507.0 |
| &nbsp;&nbsp;Ore Sorting | &nbsp;&nbsp;0.51 | &nbsp;&nbsp;4.0 |
| &nbsp;&nbsp;Processing | &nbsp;&nbsp;16.22 | &nbsp;&nbsp;127.6 |
| &nbsp;&nbsp;Tailings Storage | &nbsp;&nbsp;0.75 | &nbsp;&nbsp;5.9 |

---

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|:---|:---|
| 18-5 | ![](ny20061035x4_ex96-1img002.jpg) |

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<u> Silver Opportunity Partners LLC \| Sunshine Mine S-K 1300 Technical Report Summary on the Initial Assessment </u> <u> March 25, 2026 SLR Project No.: 123.020552.00001 </u>

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Area** | &nbsp;&nbsp;**LOM Average Unit Cost <br> ($/ton processed)** | &nbsp;&nbsp;**Total LOM Costs <br> ($ million)** |
| &nbsp;&nbsp;G&A | &nbsp;&nbsp;25.62 | &nbsp;&nbsp;201.5 |
| &nbsp;&nbsp;**Total Operating Cost** | &nbsp;&nbsp;**181.38** | &nbsp;&nbsp;**1426.8** |
| &nbsp;&nbsp;Note: Table values may not sum due to rounding. | &nbsp;&nbsp;Note: Table values may not sum due to rounding. | &nbsp;&nbsp;Note: Table values may not sum due to rounding. |

---

**18.2.1.1** **Underground Mine** 

Base Case mine operating costs were estimated from a build up of the mine services, mine technical and mining activity costs. The mine will operate 24 hours per day with a mixture of 10-hour shift for stoping and development and 12-hour shifts for hoists and tramming. The crews will work a 4 day on and 4 day off rotation.

Labor rates were based on rates within the mine area, although at the lower end of that scale. The operating costs include overtime averaging for the planned work schedules. Wage rates in the mine department range from $25.20/hr to $49.50/hr. There is no contract bonus for the miners in the estimate and the load on salaries and wages is 46%. A detailed labor build up was prepared for the estimate.

The variable items in the mine costs are the direct development and stoping activities. For stoping and development, the operating costs were developed from first principles with the direct labor needs estimated and costs applied based on the labor rates.

Supplies costs were estimated from other projects, cost guides and recent listed supplies costs.

The long hole stoping unit cost a blend of the sublevel development costs (14% of average stoping costs) and the intervening stoping costs (86% of average stoping costs). The cut and fill stoping costs area combination of the stoping costs plus the initial sublevel development and $7.68/ton for the initial service raise. Cement, to be added to the paste backfill, was included at $150/ton cement with 5% cement addition per ton of paste fill for the cut and fill stopes and 7% for the long hole stopes.

Stoping costs include the stope sublevel development.

The unit mine operating costs are summarized in Table 18-8. Except for the cut and fill stope service raises, all the level and raise development costs are included in the capital costs.

**Table 18-8: Unit Mine Operating Costs – Base Case**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Item** | &nbsp;&nbsp;**Unit** | &nbsp;&nbsp;**Labor** | &nbsp;&nbsp;**Equipment** | &nbsp;&nbsp;**Supplies** | &nbsp;&nbsp;**Total** |
| &nbsp;&nbsp;Long Hole Stoping | &nbsp;&nbsp;$/ton | &nbsp;&nbsp;13.74 | &nbsp;&nbsp;8.92 | &nbsp;&nbsp;21.71 | &nbsp;&nbsp;**44.36** |
| &nbsp;&nbsp;Cut and Fill Stoping | &nbsp;&nbsp;$/ton | &nbsp;&nbsp;26.84 | &nbsp;&nbsp;9.73 | &nbsp;&nbsp;40.70 | &nbsp;&nbsp;**77.27** |
| &nbsp;&nbsp;Ore Drives | &nbsp;&nbsp;$/ton | &nbsp;&nbsp;23.60 | &nbsp;&nbsp;13.08 | &nbsp;&nbsp;68.12 | &nbsp;&nbsp;**104.80** |
| &nbsp;&nbsp;Level Development | &nbsp;&nbsp;$/ft | &nbsp;&nbsp;237.62 | &nbsp;&nbsp;131.67 | &nbsp;&nbsp;685.82 | &nbsp;&nbsp;**1055.12** |
| &nbsp;&nbsp;Raise Development | &nbsp;&nbsp;$/ft | &nbsp;&nbsp;236.86 | &nbsp;&nbsp;316.55 | &nbsp;&nbsp;218.81 | &nbsp;&nbsp;**772.22** |
| &nbsp;&nbsp;Note: Table values may not sum due to rounding. | &nbsp;&nbsp;Note: Table values may not sum due to rounding. | &nbsp;&nbsp;Note: Table values may not sum due to rounding. | &nbsp;&nbsp;Note: Table values may not sum due to rounding. | &nbsp;&nbsp;Note: Table values may not sum due to rounding. | &nbsp;&nbsp;Note: Table values may not sum due to rounding. |

---

A high proportion of the mine costs are effectively fixed costs. These are costs related to the operation of the shafts, mining levels, mine services (tramming, movement of supplies, installation and maintenance of services), supervision and maintenance labor to support production activity. These costs of approximately $19.6 million annually are carried as fixed annual costs in the estimates and have not been allocated against stoping or mine development.

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|:---|:---|
| 18-6 | ![](ny20061035x4_ex96-1img002.jpg) |

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<u> Silver Opportunity Partners LLC \| Sunshine Mine S-K 1300 Technical Report Summary on the Initial Assessment </u> <u> March 25, 2026 SLR Project No.: 123.020552.00001 </u>

The annual cost is composed of $16.2 million for labor and $3.4 million for supplies and energy. Electrical energy is included at a rate of $0.06/kWh. Mine operating costs include sublevel development in the stopes and the raises for the cut and fill stopes; however, all the ramp development and level development is considered to be a capital cost. the overall mine costs per ton mined are summarized in Table 18-9.

**Table 18-9: LOM Mine Operating Costs – Base Case**

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Operating Cost Area** | &nbsp;&nbsp;**Unit** | &nbsp;&nbsp;**Cost** |
| &nbsp;&nbsp;Mine Services Materials | &nbsp;&nbsp;$000 | &nbsp;&nbsp;83610 |
| &nbsp;&nbsp;Mine Services Labor | &nbsp;&nbsp;$000 | &nbsp;&nbsp;396573 |
| &nbsp;&nbsp;Mineralized Material Mining | &nbsp;&nbsp;$000 | &nbsp;&nbsp;506985 |
| &nbsp;&nbsp;Mine Technical Materials | &nbsp;&nbsp;$000 | &nbsp;&nbsp;20268 |
| &nbsp;&nbsp;Mine Technical Labor | &nbsp;&nbsp;$000 | &nbsp;&nbsp;80376 |
| &nbsp;&nbsp;**Mine Cost** | &nbsp;&nbsp;**$000** | &nbsp;&nbsp;**1087812** |
| &nbsp;&nbsp;**<u>Unit Cost</u>** |  |  |
| &nbsp;&nbsp;Mine Services | &nbsp;&nbsp;$/ton | &nbsp;&nbsp;61.05 |
| &nbsp;&nbsp;Ore Mining | &nbsp;&nbsp;$/ton | &nbsp;&nbsp;64.45 |
| &nbsp;&nbsp;Mine Technical | &nbsp;&nbsp;$/ton | &nbsp;&nbsp;12.79 |
| &nbsp;&nbsp;**Mine Cost** | &nbsp;&nbsp;**$/ton** | &nbsp;&nbsp;**138.29** |
| &nbsp;&nbsp;Note: Table values may not sum due to rounding. | &nbsp;&nbsp;Note: Table values may not sum due to rounding. | &nbsp;&nbsp;Note: Table values may not sum due to rounding. |

---

**18.2.1.2** **Mineral Processing Facilities** 

**Basis of Base Case**

The total unit process operating cost for the 1,000 stpd crushing plant and flotation concentrator is estimated to be $22.09 per ton of material processed. This operating cost was developed using historical Sunshine concentrator unit consumptions of reagents, materials and supplies, and labor rates typical in the local Silver Valley mines. The concentrator power consumption was determined from the installed power from an equipment list, load list developed as the basis for the capital cost estimate. The power price is based on the escalated InfoMine 2022 cost model unit power cost of $0.061/kWh, and bench marked against operating costs for similar flotation concentrators.

**Ore Sorter Operating Cost**

The ore sorter unit operating cost is estimated to be $0.71/ton processed and is based on a single ore sorter, beginning in Year 5 of the LOM, that will process approximately 33 stph of sized (10 mm × 50 mm) secondary crushed material and a unit power cost of $0.061/kWh. Electrical power will be the major operating cost due to the need for large volumes of compressed air.

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|:---|:---|
| 18-7 | ![](ny20061035x4_ex96-1img002.jpg) |

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<u> Silver Opportunity Partners LLC \| Sunshine Mine S-K 1300 Technical Report Summary on the Initial Assessment </u> <u> March 25, 2026 SLR Project No.: 123.020552.00001 </u>

**Total Integrated Concentrator Operating Cost**

The total unit process operating cost (crushing, ore sorting, and flotation concentrator) is estimated at $22.09/ton of material processed with ore sorting and $21.38/ton of material processed without ore sorting, a difference of $0.71/ton. The concentrator operating cost summary with the ore sorter are presented in Table 18-10 through Table 18-13. Ore sorting reduces the amount of material that needs to be processed.

**Table 18-10: Process Labor Costs – Base Case – 1,000 stpd**

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Labor** | &nbsp;&nbsp;**Process Labor Cost<br> ($)** | &nbsp;&nbsp;**Base Case Unit Cost<br> ($/ton)** |
| &nbsp;&nbsp;Crushing | &nbsp;&nbsp; 835850 | &nbsp;&nbsp;2.29 |
| &nbsp;&nbsp;Milling | &nbsp;&nbsp;4716533 | &nbsp;&nbsp;12.92 |
| &nbsp;&nbsp;**Total Process Labor** | &nbsp;&nbsp;**5552383** | &nbsp;&nbsp;**15.21** |

---

Note: Identical for scenarios with ore sorting and without ore sorting.

**Table 18-11: Power Consumption and Unit Costs – Base Case – 1,000 stpd**

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Power <br> (Base Case)** | &nbsp;&nbsp;**Installed Power<br> (kW)** | &nbsp;&nbsp;**Consumption<br> (kWh/ton)** | &nbsp;&nbsp;**Unit Rate<br> ($/kWh)** | &nbsp;&nbsp;**Unit Cost<br> ($/ton)** |
| &nbsp;&nbsp;Ore Sorter Power | &nbsp;&nbsp;769 | &nbsp;&nbsp; 11.67 | &nbsp;&nbsp;0.06 | &nbsp;&nbsp;0.71 |
| &nbsp;&nbsp;Crusher Power with Ore Sorter | &nbsp;&nbsp;1291 | &nbsp;&nbsp;27.88 | &nbsp;&nbsp;0.06 | &nbsp;&nbsp;1.69 |
| &nbsp;&nbsp;Milling Power | &nbsp;&nbsp;1765.7 | &nbsp;&nbsp;38.1 | &nbsp;&nbsp;0.06 | &nbsp;&nbsp;2.33 |
| &nbsp;&nbsp;**Total Power with Ore Sorter** | &nbsp;&nbsp;**3056.5** | &nbsp;&nbsp;**66.0** | &nbsp;&nbsp;**0.06** | &nbsp;&nbsp;**4.02** |

---

**Table 18-12: Reagents and Consumables Unit Costs - Base Case – 1,000 stpd**

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Reagents and Consumables** | &nbsp;&nbsp;**Consumption<br> (lb/ton)** | &nbsp;&nbsp;**Unit Prices $/lb** | &nbsp;&nbsp;**Unit Costs $/ton** |
| &nbsp;&nbsp;Crusher liners | &nbsp;&nbsp;0.376 | &nbsp;&nbsp;1.54 | &nbsp;&nbsp;0.58 |
| &nbsp;&nbsp;Ball mill liners | &nbsp;&nbsp;0.216 | &nbsp;&nbsp;3.48 | &nbsp;&nbsp;0.75 |
| &nbsp;&nbsp;3-inch grinding balls | &nbsp;&nbsp;0.633 | &nbsp;&nbsp;1.12 | &nbsp;&nbsp;0.71 |
| &nbsp;&nbsp;1-inch grinding balls | &nbsp;&nbsp;0.106 | &nbsp;&nbsp;1.12 | &nbsp;&nbsp;0.11 |
| &nbsp;&nbsp;Aero 3477 | &nbsp;&nbsp;0.006 | &nbsp;&nbsp;2.63 | &nbsp;&nbsp;0.02 |
| &nbsp;&nbsp;AEROFLOAT 242 | &nbsp;&nbsp;0.020 | &nbsp;&nbsp;6.04 | &nbsp;&nbsp;0.12 |
| &nbsp;&nbsp;Zinc Sulfate | &nbsp;&nbsp;0.170 | &nbsp;&nbsp;1.22 | &nbsp;&nbsp;0.20 |
| &nbsp;&nbsp;Sodium metabisulfite | &nbsp;&nbsp;0.000 | &nbsp;&nbsp;0.82 | &nbsp;&nbsp;0.00 |
| &nbsp;&nbsp;Sodium sulfite | &nbsp;&nbsp;0.210 | &nbsp;&nbsp;1.12 | &nbsp;&nbsp;0.23 |
| &nbsp;&nbsp;MIBC | &nbsp;&nbsp;0.059 | &nbsp;&nbsp;2.44 | &nbsp;&nbsp;0.14 |
| &nbsp;&nbsp;**Reagents and Consumables** |  |  | &nbsp;&nbsp;**2.86** |

---

Note: Identical for scenarios with ore sorting and without ore sorting.

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|:---|:---|
| 18-8 | ![](ny20061035x4_ex96-1img002.jpg) |

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<u> Silver Opportunity Partners LLC \| Sunshine Mine S-K 1300 Technical Report Summary on the Initial Assessment </u> <u> March 25, 2026 SLR Project No.: 123.020552.00001 </u>

**Table 18-13: Process Operating Unit Costs Summary – Base Case – 1,000 stpd**

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Total Process Operating Costs** | &nbsp;&nbsp;**Base Case <br> ($/ton)** |
| &nbsp;&nbsp;Crushing Cost with Ore Sorter | &nbsp;&nbsp;4.56 |
| &nbsp;&nbsp;Milling Cost with Ore Sorter | &nbsp;&nbsp;17.53 |
| &nbsp;&nbsp;**Total Process Cost with Ore Sorter** | &nbsp;&nbsp;**22.09** |

---

**18.2.1.3** **Administration** 

The Base Case site G&A costs during operations are estimated to be $9.0 million per year including $4.4 million per year for salaries and labor.

**18.2.1.4** **Site Labor** 

The Base Case labor levels will build up over the initial startup period. The steady state labor is shown in Table 18-14.

**Table 18-14: Steady State (Year 5) Workforce – Base Case**

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| | |
|:---|:---|
| &nbsp;&nbsp;**Department** | &nbsp;&nbsp;**Total** |
| &nbsp;&nbsp;Mine | &nbsp;&nbsp;190 |
| &nbsp;&nbsp;Mine Maintenance | &nbsp;&nbsp;41 |
| &nbsp;&nbsp;Technical Services | &nbsp;&nbsp;22 |
| &nbsp;&nbsp;Plant and Surface | &nbsp;&nbsp;49 |
| &nbsp;&nbsp;G&A | &nbsp;&nbsp;37 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**339** |

---

The annual workforce is shown in Figure 18-1.

**Figure 18-1: Steady State Site Workforce – Base Case**

![](ny20061035x4_ex96-1img081.jpg)

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|:---|:---|
| 18-9 | ![](ny20061035x4_ex96-1img002.jpg) |

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<u> Silver Opportunity Partners LLC \| Sunshine Mine S-K 1300 Technical Report Summary on the Initial Assessment </u> <u> March 25, 2026 SLR Project No.: 123.020552.00001 </u>

**18.2.2** **Indicated Only Case** 

The Indicated Only Case LOM operating costs total $426.3 million and are estimated to be $285.10 per ton processed, as summarized in Table 18-15. The costs were estimated in Q2 2024 US dollars and subsequently escalated to Q3 2025 US dollars.

The tons processed is defined as the total mill feed to the plant.

**Table 18-15: Operating Cost Summary – Indicated Only Case**

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Area** | &nbsp;&nbsp;**LOM Average Unit Cost <br> ($/ton processed)** | &nbsp;&nbsp;**Total LOM Costs <br> ($ million)** |
| &nbsp;&nbsp;Mine Services and Technical | &nbsp;&nbsp;141.98 | &nbsp;&nbsp;212.2 |
| &nbsp;&nbsp;Mineralized Material Mining | &nbsp;&nbsp;63.66 | &nbsp;&nbsp;95.2 |
| &nbsp;&nbsp;Ore Sorting | &nbsp;&nbsp;- | &nbsp;&nbsp;- |
| &nbsp;&nbsp;Processing | &nbsp;&nbsp;27.24 | &nbsp;&nbsp;40.7 |
| &nbsp;&nbsp;Tailings Storage | &nbsp;&nbsp;1.07 | &nbsp;&nbsp;1.6 |
| &nbsp;&nbsp;G&A | &nbsp;&nbsp;51.14 | &nbsp;&nbsp;76.5 |
| &nbsp;&nbsp;**Total Operating Cost** | &nbsp;&nbsp;**285.10** | &nbsp;&nbsp;**426.3** |

---

**Basis of Indicated Only Case**

The mine operating costs for the Indicated Only Case were developed using the same information used to develop the Base Case. Fixed cost items were reviewed and adjusted as necessary considering the shorter mine life and the reduced level of activity.

The process operating costs for the 500 stpd Indicated Only Case, summarized in Table 18-16 through Table 18-19, were developed using the same labor cost and unit rates for reagent and material consumptions as the Base Case scenario. Major equipment including crushers and grinding mills were resized for 500 stpd, and the resulting power requirements were used to determine the Indicated Only Case power consumption. Ore sorting is not included in the Indicated Only Case scenario. The total unit operating cost for the Indicated Only Case is $27.24/ton.

**Table 18-16: Process Labor Costs – Indicated Only Case – 500 stpd**

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Labor** | &nbsp;&nbsp;**Process Labor Cost<br> ($)** | &nbsp;&nbsp;Indicated Only Case Unit Cost <br> ($/ton) |
| &nbsp;&nbsp;Crushing | &nbsp;&nbsp;599968 | &nbsp;&nbsp;3.29 |
| &nbsp;&nbsp;Milling | &nbsp;&nbsp;3296123 | &nbsp;&nbsp;18.06 |
| &nbsp;&nbsp;**Total Process Labor** | &nbsp;&nbsp;**3896091** | &nbsp;&nbsp;**21.35** |

---

**Table 18-17: Power Consumption and Unit Costs – Indicated Only Case – 500 stpd**

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Power** | &nbsp;&nbsp;**Installed Power (kW)** | &nbsp;&nbsp;**Consumption (kWh/ton)** | &nbsp;&nbsp;**Unit Rate<br> ($/kWh)** | &nbsp;&nbsp;**Unit Cost ($/ton)** |
| &nbsp;&nbsp;Primary crusher | &nbsp;&nbsp;74.6 | &nbsp;&nbsp;1.61 | &nbsp;&nbsp;0.06 | &nbsp;&nbsp;0.10 |
| &nbsp;&nbsp;Secondary crusher | &nbsp;&nbsp;149.2 | &nbsp;&nbsp;3.22 | &nbsp;&nbsp;0.06 | &nbsp;&nbsp;0.20 |

---

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|:---|:---|
| 18-10 | ![](ny20061035x4_ex96-1img002.jpg) |

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<u> Silver Opportunity Partners LLC \| Sunshine Mine S-K 1300 Technical Report Summary on the Initial Assessment </u> <u> March 25, 2026 SLR Project No.: 123.020552.00001 </u>

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| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Power** | &nbsp;&nbsp;**Installed Power (kW)** | &nbsp;&nbsp;**Consumption (kWh/ton)** | &nbsp;&nbsp;**Unit Rate<br> ($/kWh)** | &nbsp;&nbsp;**Unit Cost ($/ton)** |
| &nbsp;&nbsp;Tertiary crusher | &nbsp;&nbsp;298.4 | &nbsp;&nbsp;6.44 | &nbsp;&nbsp;0.06 | &nbsp;&nbsp;0.39 |
| &nbsp;&nbsp;Milling Power | &nbsp;&nbsp;1765.7 | &nbsp;&nbsp;38.30 | &nbsp;&nbsp;0.06 | &nbsp;&nbsp;2.32 |
| &nbsp;&nbsp;**Total Power** | &nbsp;&nbsp;**2287.9** | &nbsp;&nbsp;**48.70** | &nbsp;&nbsp;**0.06** | &nbsp;&nbsp;**3.01** |

---

**Table 18-18: Reagents and Consumables Unit Costs - Indicated Only Case – 500 stpd**

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| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Reagents and Consumables** | &nbsp;&nbsp;**Consumption (lb/ton)** | &nbsp;&nbsp;**Unit Prices $/lb** | &nbsp;&nbsp;**Unit Costs $/ton** |
| &nbsp;&nbsp;Crusher liners | &nbsp;&nbsp;0.376 | &nbsp;&nbsp;1.54 | &nbsp;&nbsp;0.58 |
| &nbsp;&nbsp;Ball mill liners | &nbsp;&nbsp;0.216 | &nbsp;&nbsp;3.48 | &nbsp;&nbsp;0.75 |
| &nbsp;&nbsp;3-inch grinding balls | &nbsp;&nbsp;0.633 | &nbsp;&nbsp;1.12 | &nbsp;&nbsp;0.70 |
| &nbsp;&nbsp;1-inch grinding balls | &nbsp;&nbsp;0.106 | &nbsp;&nbsp;1.12 | &nbsp;&nbsp;0.11 |
| &nbsp;&nbsp;Aero 3477 | &nbsp;&nbsp;0.006 | &nbsp;&nbsp;2.63 | &nbsp;&nbsp;0.02 |
| &nbsp;&nbsp;AEROFLOAT 242 | &nbsp;&nbsp;0.022 | &nbsp;&nbsp;6.04 | &nbsp;&nbsp;0.13 |
| &nbsp;&nbsp;Zinc Sulfate | &nbsp;&nbsp;0.171 | &nbsp;&nbsp;1.22 | &nbsp;&nbsp;0.21 |
| &nbsp;&nbsp;Sodium metabisulfite | &nbsp;&nbsp;0.000 | &nbsp;&nbsp;0.82 | &nbsp;&nbsp;0.00 |
| &nbsp;&nbsp;Sodium sulfite | &nbsp;&nbsp;0.216 | &nbsp;&nbsp;1.12 | &nbsp;&nbsp;0.23 |
| &nbsp;&nbsp;MIBC | &nbsp;&nbsp;0.059 | &nbsp;&nbsp;2.44 | &nbsp;&nbsp;0.15 |
| &nbsp;&nbsp;**Reagents and Consumables** |  |  | &nbsp;&nbsp;**2.88** |

---

Note: Identical for scenarios with ore sorting and without ore sorting.

**Table 18-19: Process Operating Unit Costs Summary – Indicated Only Case – 500 stpd**

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| | |
|:---|:---|
| &nbsp;&nbsp;**Total Process Operating Costs** | &nbsp;&nbsp;**Indicated Only Case <br> ($/ton)** |
| &nbsp;&nbsp;Crushing Cost without Ore Sorter | &nbsp;&nbsp;4.56 |
| &nbsp;&nbsp;Milling Cost without Ore Sorter | &nbsp;&nbsp;22.68 |
| &nbsp;&nbsp;**Total Process Cost without Ore Sorter** | &nbsp;&nbsp;**27.24** |

---

G&A costs were reviewed considering the lower throughput and shorter mine life.

The Indicated Only Case labor levels will build up over the initial startup period. The steady state labor is shown in Table 18-20.

**Table 18-20: Steady State (Year 4) Workforce – Indicated Only Case – 500 stpd**

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| | |
|:---|:---|
| &nbsp;&nbsp;**Department** | &nbsp;&nbsp;**Total** |
| &nbsp;&nbsp;Mine | &nbsp;&nbsp;150 |
| &nbsp;&nbsp;Mine Maintenance | &nbsp;&nbsp;39 |
| &nbsp;&nbsp;Technical Services | &nbsp;&nbsp;22 |
| &nbsp;&nbsp;Plant and Surface | &nbsp;&nbsp;65 |
| &nbsp;&nbsp;G&A | &nbsp;&nbsp;37 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**318** |

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|:---|:---|
| 18-11 | ![](ny20061035x4_ex96-1img002.jpg) |

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<u> Silver Opportunity Partners LLC \| Sunshine Mine S-K 1300 Technical Report Summary on the Initial Assessment </u> <u> March 25, 2026 SLR Project No.: 123.020552.00001 </u>

The Indicated Only Case annual workforce is shown in Figure 18-2.

**Figure 18-2: Site Workforce – Indicated Only Case**![](ny20061035x4_ex96-1img082.jpg)

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| | |
|:---|:---|
| 18-12 | ![](ny20061035x4_ex96-1img002.jpg) |

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<u> Silver Opportunity Partners LLC \| Sunshine Mine S-K 1300 Technical Report Summary on the Initial Assessment </u> <u> March 25, 2026 SLR Project No.: 123.020552.00001 </u>

19.0 Economic Analysis

The economic analyses contained in this TRS are preliminary in nature and are based, in part, on Inferred Mineral Resources that are considered too speculative geologically to have modifying factors applied to them that would enable them to be categorized as Mineral Reserves.

It is important to note that, unlike Mineral Reserves, Mineral Resources do not have demonstrated economic viability, and there is no certainty that the economic projections presented in this IA will be realized.

Taxes and revenues are assumed. Discounted cash flow analyses are based on assumed production rates and revenues from available Mineral Resources.

SLR notes that the economic analysis presented in this section is based on revenue from silver only. After-tax cash flow projections have been generated from the Base Case and Indicated Only Case LOM production schedules and capital and operating cost estimates and are summarized in the sub-sections that follow.

19.1 Base Case

19.1.1 Economic Criteria

The Project's Base Case is based on a production plan with a mine life of 24 years, and includes a mineralized material inventory of approximately 7.9 Mst at a LOM average silver grade of approximately 19 opt.

The Base Case mineralized material inventory includes approximately 5.8 Mst of Inferred Mineral Resources containing 102 Moz of silver (approximately 74% of total Base Case tonnage and 68% of total Base Case silver ounces). The remaining material in the mined inventory is from Indicated Mineral Resources.

A summary of the Base Case criteria is provided below.

19.1.1.1 Revenue

● LOM average mine production rate of approximately 864 short tons per day of mineralized material inventory (350,000 short tons per year).

● Silver metallurgical recovery, including ore sorting, as indicated by historical averages and test work, averaging 95.8%.

● Silver produced in a silver-copper concentrate and a lead-silver concentrate. Silver payable at:

○ Silver-copper concentrate – Ag payable: 97%.

○ Lead-silver concentrate – Ag payable: 95%.

● Metal price: $46.36 per ounce silver (all years).

● LOM average unit Net Smelter Return (NSR) of $1,050/t milled, including doré refining, transport, and insurance costs.

● Additional $5/t ore sorter reject sold as aggregate.

● Revenue is recognized at the time of production.

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|:---|:---|
| 19-1 | ![](ny20061035x4_ex96-1img002.jpg) |

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<u> Silver Opportunity Partners LLC \| Sunshine Mine S-K 1300 Technical Report Summary on the Initial Assessment </u> <u> March 25, 2026 SLR Project No.: 123.020552.00001 </u>

● Total LOM Earnings Before Income Tax Depreciation and Amortization (EBITDA or operating margin) of approximately $4.38 billion.

● LOM concentrate tonnage totaling approximately 314,000 short wet tons.

19.1.1.2 Costs

● Pre-production period: 36 months (Year -3 to Year-1).

● Mine life: 24 years after pre-production period.

● LOM production plan as summarized in Table 13-13.

● Total initial capital costs of approximately $286.9 million.

● LOM sustaining capital costs of approximately $539.1 million.

● Reclamation and closure costs of approximately $21.2 million.

● Total LOM unit operating cost averaging $181.38 per short ton of plant feed, pre-ore sorting.

19.1.1.3 Taxation and Royalties

A summary of the estimated taxes and royalties paid over the LOM are itemized below.

● Taxes:

○ The Project is subject to a State Income Tax rate of 5.8% and a Federal Income Tax rate of 21%.

○ LOM taxes total approximately $696.8 million.

● Royalties:

○ Sunshine 7% NSR: $438.3 million.

○ Metropolitan 16% Net Proceeds: $8 million.

○ Silver Summit/Con-Sil 4% NSR: $22.5 million.

○ LOM royalties total approximately: $468.9 million.

19.1.2 Cash Flow Analysis

Considering the Project's Base Case on a stand-alone basis, the LOM undiscounted pre-tax cash flow totals approximately $3.53 billion, the LOM undiscounted after-tax cash flow totals approximately $2.83 billion, and simple payback occurs 1.9 years from the start of production in Year 1.

The Total All-in Sustaining Cost (AISC) is approximately $18.81 per ounce of silver, including sustaining capital and final closure/reclamation costs of approximately $4.04 per ounce.

Average annual silver production during operation is approximately 5.8 million ounces per year.

A discount rate of 5% has been applied in this TRS for the Project. This rate reflects prevailing industry standards for evaluating precious-metal projects in North America. The after-tax Net Present Value (NPV) at a 5% discount rate is approximately $1.43 billion, and the after-tax Internal Rate of Return (IRR) is approximately 38.3%.

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|:---|:---|
| 19-2 | ![](ny20061035x4_ex96-1img002.jpg) |

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<u> Silver Opportunity Partners LLC \| Sunshine Mine S-K 1300 Technical Report Summary on the Initial Assessment </u> <u> March 25, 2026 SLR Project No.: 123.020552.00001 </u>

A LOM summary of the Base Case Project economics is presented in Table 19-1. A full annual cash flow model summary is presented in Section 27.0 Table 27-1.

**Table 19-1: After-Tax Cash Flow Summary – Base Case**

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| | |
|:---|:---|
| **Description** | **LOM Value** |
| **Mineable Inventory** | |
| Indicated Mineral Resources (Mst) | 2.1 |
| Ag (Moz) | 48 |
| Grade (opt) | 22.8 |
| Inferred Mineral Resources (Mst) | 5.8 |
| Ag (Moz) | 102 |
| Grade (opt) | 17.5 |
| Total Mineralized Material Inventory (Mst) | 7.9 |
| Ag (Moz) | 150 |
| Grade (opt) | 19.0 |
| **Revenue** |  |
| **Realized Market Prices** |  |
| Ag ($/oz) | 46.36 |
| **Payable Metal** |  |
| Ag (Moz) | 139 |
| **Subtotal – Silver Gross Revenue ($ million)** | **6425** |
| **Aggregate Sales ($ million)** | **12** |
| **Total Gross Revenue ($ million)** | **6437** |
| **Operating Costs ($ million)** |  |
| Mining Cost | (1088) |
| Process Cost | (132) |
| Tailings Cost | (6) |
| G & A Cost | (201) |
| Concentrate Freight Cost | (17) |
| TC/RC and penalties | (146) |
| Royalties/Duties | (469) |
| **Total Operating Costs ($ million)** | **(2059)** |
| **Operating Margin (EBITDA) ($ million)** | **4378** |
| Total Tax Payable | (697) |
| Working Capital | 0 |
| **Operating Cash Flow ($ million)** | **3681** |

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|:---|:---|
| 19-3 | ![](ny20061035x4_ex96-1img002.jpg) |

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<u> Silver Opportunity Partners LLC \| Sunshine Mine S-K 1300 Technical Report Summary on the Initial Assessment </u> <u> March 25, 2026 SLR Project No.: 123.020552.00001 </u>

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| | |
|:---|:---|
| **Description** | **LOM Value** |
| Initial Capital | (287) |
| Sustaining Capital | (539) |
| Closure/Reclamation Capital | (21) |
| **Total Capital ($ million)** | **(847)** |
| **Pre-tax Free Cash Flow ($ million)** | **3531** |
| **Pre-tax NPV @ 5% ($ million)** | **1793** |
| **Pre-tax IRR (%)** | **41.9%** |
| **After-tax Free Cash Flow ($ million)** | **2834** |
| **After-tax NPV @ 5% ($ million)** | **1434** |
| **After-tax IRR (%)** | **38.3%** |
| **AISC ($/oz Ag)** | **18.81** |
| Note: Table values may not sum due to rounding. | Note: Table values may not sum due to rounding. |

---

19.1.3 Sensitivity Analysis

Project risks can be identified in both economic and non-economic terms. Key economic risks were examined by running cash flow sensitivities on the following parameters:

● Silver price

● Silver metallurgical recovery

● Silver milled head grade

● Total site operating costs

● Total capital costs

The after-tax NPV 5% and IRR sensitivities for the Base Case have been calculated for -20% to +20% variations for milled head grade, at -10% to +3% for metallurgical recovery of silver, and at -15% to +35% for operating and capital costs. Given the elevated spot price for silver at the time of report preparation, the after-tax NPV 5% and IRR sensitivities for the Base Case have been calculated for -20% to +73% variations in silver price. The sensitivities are presented in Table 19-1, Figure 19-1, and Figure 19-2.

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|:---|:---|
| 19-4 | ![](ny20061035x4_ex96-1img002.jpg) |

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<u> Silver Opportunity Partners LLC \| Sunshine Mine S-K 1300 Technical Report Summary on the Initial Assessment </u> <u> March 25, 2026 SLR Project No.: 123.020552.00001 </u>

**Table 19-2: After-Tax Sensitivity Analysis – Base Case**

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| | | | |
|:---|:---|:---|:---|
| **Variance** | **Milled Head Grade**<br> **(opt Ag)** | **NPV at 5%**<br> **($ million)** | **IRR** |
| 80% | 21.37 | $951 | 30.0% |
| 90% | 24.04 | $1193 | 34.3% |
| **100%** | **26.71** | **$1434** | **38.3%** |
| 110% | 29.38 | $1675 | 42.1% |
| 120% | 32.05 | $1916 | 45.5% |
| **Variance** | **Recovery**<br> **(% Ag)** | **NPV at 5%**<br> **($ million)** | **IRR** |
| 90% | 87.3% | $1194 | 34.3% |
| 95% | 92.2% | $1314 | 36.4% |
| **100%** | **97.0%** | **$1434** | **38.3%** |
| 102.5% | 99.4% | $1494 | 39.3% |
| 103% | 99.9% | $1506 | 39.5% |
| **Variance** | **Silver Price**<br> **($/oz Ag)** | **NPV at 5%**<br> **($ million)** | **IRR** |
| 80% | $37.09 | $940 | 29.7% |
| 90% | $41.72 | $1188 | 34.2% |
| **100%** | **$46.36** | **$1434** | **38.3%** |
| 130% | $60.27 | $2173 | 49.0% |
| 173% | $80.00 | $3220 | 61.5% |
| **Variance** | **Site Operating Costs**<br> **($/t)** | **NPV at 5%**<br> **($ million)** | **IRR** |
| 85% | $154 | $1544 | 39.8% |
| 93% | $168 | $1489 | 39.0% |
| **100%** | **$181** | **$1434** | **38.3%** |
| 118% | $213 | $1306 | 36.6% |
| 135% | $245 | $1178 | 34.8% |
| **Variance** | **Capital Costs**<br> **($ million)** | **NPV at 5%**<br> **($ million)** | **IRR** |
| 85% | $723 | $1499 | 43.6% |
| 93% | $785 | $1467 | 40.8% |
| **100%** | **$847** | **$1434** | **38.3%** |
| 118% | $992 | $1358 | 33.4% |
| 135% | $1136 | $1281 | 29.5% |

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|:---|:---|
| 19-5 | ![](ny20061035x4_ex96-1img002.jpg) |

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<u> Silver Opportunity Partners LLC \| Sunshine Mine S-K 1300 Technical Report Summary on the Initial Assessment </u> <u> March 25, 2026 SLR Project No.: 123.020552.00001 </u>

**Figure 19-1: After-Tax NPV Sensitivity Analysis – Base Case**

![](ny20061035x4_ex96-1img083.jpg)

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|:---|:---|
| 19-6 | ![](ny20061035x4_ex96-1img002.jpg) |

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<u> Silver Opportunity Partners LLC \| Sunshine Mine S-K 1300 Technical Report Summary on the Initial Assessment </u> <u> March 25, 2026 SLR Project No.: 123.020552.00001 </u>

**Figure 19-2: After-Tax IRR Sensitivity Analysis – Base Case**

![](ny20061035x4_ex96-1img084.jpg)

19.2 Indicated Only Case

19.2.1 Economic Criteria

The Indicated Only Case assumes a production schedule based exclusively on Indicated Mineral Resources, resulting in a mineralized material inventory of 1.5 Mst and a projected mine life of ten years. A summary of the Indicated Only Case criteria is provided below.

19.2.1.1 Revenue

● LOM average production rate of approximately 430 short tons per day from underground Indicated Mineral Resources.

● The Indicated Only Case does not include the ore sorting phase, and mine production is fed directly to the mill.

● Silver metallurgical recovery averaging 97%.

● Silver produced in a silver-copper concentrate and a lead-silver concentrate. Silver payable at:

○ Silver-copper concentrate – Ag payable: 97%.

○ Lead-silver concentrate – Ag payable: 95%.

● Metal price: $46.36 per ounce silver (all years).

● LOM average unit Net Smelter Return (NSR) of $990/st milled, including doré refining, transport, and insurance costs.

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|:---|:---|
| 19-7 | ![](ny20061035x4_ex96-1img002.jpg) |

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<u> Silver Opportunity Partners LLC \| Sunshine Mine S-K 1300 Technical Report Summary on the Initial Assessment </u> <u> March 25, 2026 SLR Project No.: 123.020552.00001 </u>

● Revenue is recognized at the time of production.

● Total LOM Earnings Before Income Tax Depreciation and Amortization (EBITDA) of approximately $1,054 million.

● LOM concentrate tonnage totalling approximately 68,000 short wet tons

19.2.1.2 Costs

● Pre-production period: 36 months (Year -3 to Year-1).

● Mine life: Ten years after pre-production period.

● LOM production plan as summarized in Table 13-13.

● Total initial capital costs of approximately $239.6 million.

● LOM sustaining capital costs of approximately $244.1 million.

● Reclamation and closure costs of approximately $21.2 million.

● Total LOM unit operating cost averaging $285.10 per short ton of plant feed.

19.2.1.3 Taxation and Royalties

A summary of the estimated taxes and royalties paid over the LOM is itemized below.

● Taxes:

○ The Project is subject to a State Income Tax rate of 5.8% and a Federal Income Tax rate of 21%.

○ Total LOM taxes of approximately $87.8 million.

● Royalties:

○ Sunshine 7% NSR: $112.0 million.

○ Metropolitan 16% Net Proceeds: $1.3 million.

○ Silver Summit/Con-Sil 4% NSR: $5.8 million.

○ Total LOM royalties of approximately $119.1 million.

19.2.2 Cash Flow Analysis

Considering the Project's Indicated Only Case on a stand-alone basis, the LOM undiscounted pre-tax cash flow totals approximately $549.2 million, the LOM undiscounted after-tax cash flow totals approximately $461.3 million, and simple payback occurs 3.4 years from start of production (Year 1).

The Total All-in Sustaining Cost (AISC) is approximately $24.06 per ounce of silver, including sustaining capital and final closure/reclamation costs of approximately $7.50 per ounce.

The average annual silver production from Year 2 to Year 9 (years of full production) is approximately 4 Moz per year.

A discount rate of 5% has been applied in this TRS for the Project. This rate reflects prevailing industry standards for evaluating precious-metal projects in North America. The after-tax Net Present Value (NPV) at a 5% discount rate is approximately $270.4 million, and the after-tax Internal Rate of Return (IRR) is approximately 21.1%.

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|:---|:---|
| 19-8 | ![](ny20061035x4_ex96-1img002.jpg) |

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<u> Silver Opportunity Partners LLC \| Sunshine Mine S-K 1300 Technical Report Summary on the Initial Assessment </u> <u> March 25, 2026 SLR Project No.: 123.020552.00001 </u>

A LOM summary of the Indicated Only Case Project economics is presented in Table 19-3. A full annual cash flow model summary is presented in Section 27.0 Table 27-2.

**Table 19-3: After-Tax Cash Flow Summary – Indicated Only Case**

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| | |
|:---|:---|
| **Description** | **LOM Value** |
| **Mineable Inventory** | |
| Indicated Mineral Resources (Mst) | 1.5 |
| Contained Ag (Moz) | 37.7 |
| Grade (opt) | 25.20 |
| Inferred Mineral Resources (Mst) | - |
| Contained Ag (Moz) | - |
| Grade (opt) | - |
| Total Mined Inventory (Mst) | 1.5 |
| Contained Ag (Moz) | 37.7 |
| Grade (opt) | 25.20 |
| **Revenue** |  |
| **Realized Market Prices** |  |
| Ag ($/oz) | 46.36 |
| **Payable Metal** |  |
| Ag (Moz) | 35.4 |
| **Subtotal – Silver Gross Revenue ($ million)** | **1640** |
| **Aggregate Sales ($ million)** | **-** |
| **Total Gross Revenue ($ million)** | **1640** |
| **Operating Costs ($ million)** |  |
| Mining Cost | (307) |
| Process Cost | (41) |
| Tailings Cost | (2) |
| G & A Cost | (76) |
| Concentrate Freight Cost | (4) |
| TC/RC and penalties | (37) |
| Royalties/Duties | (119) |
| **Total Operating Costs ($ million)** | **(586)** |
| **Operating Margin (EBITDA) ($ million)** | **1054** |
| Total Tax Payable | (88) |
| Working Capital | 0 |
| **Operating Cash Flow ($ million)** | **966** |

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|:---|:---|
| 19-9 | ![](ny20061035x4_ex96-1img002.jpg) |

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<u> Silver Opportunity Partners LLC \| Sunshine Mine S-K 1300 Technical Report Summary on the Initial Assessment </u> <u> March 25, 2026 SLR Project No.: 123.020552.00001 </u>

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| | |
|:---|:---|
| **Description** | **LOM Value** |
| Initial Capital | (240) |
| Sustaining Capital | (244) |
| Closure/Reclamation Capital | (21) |
| **Total Capital ($ million)** | **(505)** |
| **Pre-tax Free Cash Flow ($ million)** | **549** |
| **Pre-tax NPV @ 5% ($ million)** | **328** |
| **Pre-tax IRR (%)** | **23.0%** |
| **After-tax Free Cash Flow ($ million)** | **461** |
| **After-tax NPV @ 5% ($ million)** | **270** |
| **After-tax IRR (%)** | **21.1%** |
| **AISC ($/oz Ag)** | **24.06** |
| Note: Table values may not sum due to rounding. | Note: Table values may not sum due to rounding. |

---

19.2.3 Sensitivity Analysis

Project risks can be identified in both economic and non-economic terms. Key economic risks were examined by running cash flow sensitivities on the following parameters:

● Silver price

● Silver metallurgical recovery

● Silver milled head grade

● Total site operating costs

● Total capital costs

The after-tax NPV 5% and IRR sensitivities for the Indicated Only Case have been calculated for -20% to +20% variations for milled head grade, at -10% to +3% for metallurgical recovery of silver, and at -15% to +35% for operating and capital costs. Given the elevated spot price for silver at the time of report preparation, the after-tax NPV 5% and IRR sensitivities for the Indicated Only Case have been calculated for -20% to +73% variations in silver price. The sensitivities are presented in Table 19-4, Figure 19-3, and Figure 19-4.

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|:---|:---|
| 19-10 | ![](ny20061035x4_ex96-1img002.jpg) |

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<u> Silver Opportunity Partners LLC \| Sunshine Mine S-K 1300 Technical Report Summary on the Initial Assessment </u> <u> March 25, 2026 SLR Project No.: 123.020552.00001 </u>

**Table 19-4: After-Tax Sensitivity Analysis – Indicated Only Case**

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| | | | |
|:---|:---|:---|:---|
| **Variance** | **Milled Head Grade**<br> **(opt Ag)** | **NPV at 5%**<br> **($ million)** | **IRR** |
| 80% | 20.16 | $95 | 11.5% |
| 90% | 22.68 | $183 | 16.6% |
| **100%** | **25.20** | **$270** | **21.1%** |
| 110% | 27.72 | $355 | 24.9% |
| 120% | 30.24 | $437 | 28.3% |
| **Variance** | **Recovery**<br> **(% Ag)** | **NPV at 5%**<br> **($ million)** | **IRR** |
| 90% | 87.3% | $184 | 16.7% |
| 95% | 92.2% | $227 | 18.9% |
| **100%** | **97.0%** | **$270** | **21.1%** |
| 102.5% | 99.4% | $292 | 22.1% |
| 103% | 99.9% | $296 | 22.3% |
| **Variance** | **Silver Price**<br> **($/oz Ag)** | **NPV at 5%**<br> **($ million)** | **IRR** |
| 80% | $37.09 | $91 | 11.3% |
| 90% | $41.72 | $181 | 16.5% |
| **100%** | **$46.36** | **$270** | **21.1%** |
| 130% | $60.27 | $524 | 31.7% |
| 173% | $80.00 | $878 | 43.2% |
| **Variance** | **Site Operating Costs**<br> **($/t)** | **NPV at 5%**<br> **($ million)** | **IRR** |
| 85% | $242 | $315 | 23.1% |
| 93% | $264 | $293 | 22.1% |
| **100%** | **$285** | **$270** | **21.1%** |
| 118% | $335 | $218 | 18.5% |
| 135% | $385 | $165 | 15.8% |
| **Variance** | **Capital Costs**<br> **($ million)** | **NPV at 5%**<br> **($ million)** | **IRR** |
| 85% | $432 | $333 | 26.5% |
| 93% | $469 | $302 | 23.6% |
| **100%** | **$505** | **$270** | **21.1%** |
| 118% | $589 | $194 | 15.7% |
| 135% | $674 | $117 | 11.0% |

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|:---|:---|
| 19-11 | ![](ny20061035x4_ex96-1img002.jpg) |

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<u> Silver Opportunity Partners LLC \| Sunshine Mine S-K 1300 Technical Report Summary on the Initial Assessment </u> <u> March 25, 2026 SLR Project No.: 123.020552.00001 </u>

**Figure 19-3: After-Tax NPV Sensitivity Analysis – Indicated Only Case**

![](ny20061035x4_ex96-1img085.jpg)

**Figure 19-4: After-Tax IRR Sensitivity Analysis – Indicated Only Case**

![](ny20061035x4_ex96-1img086.jpg)

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|:---|:---|
| 19-12 | ![](ny20061035x4_ex96-1img002.jpg) |

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<u> Silver Opportunity Partners LLC \| Sunshine Mine S-K 1300 Technical Report Summary on the Initial Assessment </u> <u> March 25, 2026 SLR Project No.: 123.020552.00001 </u>

19.3 Comparison of Cases

Table 19-5 presents a comparison of cash flow results for the Project's LOM Base Case and LOM Indicated Only Case scenarios.

**Table 19-5: Comparison of Cash Flow – Base Case and Indicated Only Case**

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| | | | |
|:---|:---|:---|:---|
| **Description** | **Base Case** | **Indicated <br> Only Case** | **Difference Relative <br> to Base Case** |
| **Mineable Inventory** | | | |
| Mine Life (years) | 24 | 10 | (14) |
| Indicated Mineral Resources (Mst) | 2.1 | 1.5 | (0.6) |
| Ag (Moz) | 48 | 37 | (11) |
| Grade (opt) | 22.8 | 25.2 | 2.4 |
| Inferred Mineral Resources (Mst) | 5.8 | - | (5.8) |
| Ag (Moz) | 102 | - | (102) |
| Grade (opt) | 17.5 | - | (17.5) |
| Total Mined Inventory (Mst) | 7.9 | 1.5 | (6.4) |
| Ag (Moz) | 150 | 37 | (112) |
| Grade (opt) | 19.0 | 25.2 | 6.2 |
| **Revenue** |  |  |  |
| **Realized Market Prices** |  |  |  |
| Ag ($/oz) | 46.36 | 46.36 | - |
| **Payable Metal** |  |  |  |
| Ag (Moz) | 138.6 | 35.4 | (103.2) |
| **Subtotal – Silver Gross Revenue ($ million)** | **6425** | **1640** | **(4785)** |
| **Aggregate Sales ($ million)** | **12** | **-** | **(12)** |
| **Total Gross Revenue ($ million)** | **6437** | **1640** | **(4797)** |
| **Operating Costs ($ million)** |  |  |  |
| Mining Cost | (1088) | (307) | 780 |
| Process Cost | (132) | (41) | 91 |
| Tailings Cost | (6) | (2) | 4 |
| G & A Cost | (201) | (76) | 125 |
| Concentrate Freight Cost | (17) | (4) | 13 |
| TC/RC and penalties | (146) | (37) | 109 |
| Royalties/Duties | (469) | (119) | 350 |
| **Total Operating Costs ($ million)** | **(2059)** | **(586)** | 1473 |
| **Operating Margin (EBITDA) ($ million)** | **4378** | **1054** | **(3324)** |

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| 19-13 | ![](ny20061035x4_ex96-1img002.jpg) |

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<u> Silver Opportunity Partners LLC \| Sunshine Mine S-K 1300 Technical Report Summary on the Initial Assessment </u> <u> March 25, 2026 SLR Project No.: 123.020552.00001 </u>

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| | | | |
|:---|:---|:---|:---|
| **Description** | **Base Case** | **Indicated <br> Only Case** | **Difference Relative**<br> **to Base Case** |
| Total Tax Payable | (697) | (88) | 609 |
| Working Capital | 0 | 0 | 0 |
| **Operating Cash Flow ($ million)** | **3681** | **966** | **(2715)** |
| Initial Capital | (287) | (240) | 47 |
| Sustaining Capital | (539) | (244) | 295 |
| Closure/Reclamation Capital | (21) | (21) | 0 |
| **Total Capital ($ million)** | **(847)** | **(505)** | **342** |
| **Pre-tax Free Cash Flow ($ million)** | **3531** | **549** | **(2981)** |
| **Pre-tax NPV @ 5% ($ million)** | **1793** | **328** | **(1465)** |
| **Pre-tax IRR** | **41.9%** | **23.0%** | **(19.0%)** |
| **After-tax Free Cash Flow ($ million)** | **2834** | **461** | **(2372)** |
| **After-tax NPV @ 5% ($ million)** | **1434** | **270** | **(1164)** |
| **After-tax IRR (%)** | **38.3%** | **21.1%** | **(17.3%)** |
| **AISC (U$/oz Ag)** | **18.81** | **24.06** | **5.25** |

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| 19-14 | ![](ny20061035x4_ex96-1img002.jpg) |

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<u> Silver Opportunity Partners LLC \| Sunshine Mine S-K 1300 Technical Report Summary on the Initial Assessment </u> <u> March 25, 2026 SLR Project No.: 123.020552.00001 </u>

20.0 Adjacent Properties

Information on adjacent properties is not material to this TRS; however, data from adjacent properties is readily available in the public space. The QP for mineral resources has not verified information outside the Project area. The reported adjacent property data is not necessarily indicative of the mineralization or future potential mineral resources at Sunshine.

The Coeur d' Alene Mining District of Shoshone County in northern Idaho has produced more silver than any other mining district in the United States and is historically one of the top three silver districts in the world in total silver produced. Through 2006, the Coeur d' Alene Mining District has produced more than 1.2 billion ounces of silver. There are two adjacent properties to the Sunshine Mine.

The Galena Mine is owned and commercially operated by Americas Gold and Silver (AGS). The Galena property lies 5 miles (8 km) to the east but is immediately adjacent to Sunshine mineral rights. Historically, the Galena Mine produced over 250 million ounces of silver in its 50 years of operating history. A full NI 43-101 Technical Report on the Galena complex can be found on AGS's website (https://americas-gold.com/), as well as on the System for Electronic Document Analysis and Retrieval (SEDAR). Figure 20-1 and Figure 20-2 provide tables of mineral resources and mineral reserves for the Galena Complex, respectively. The QP for mineral resources has not verified information outside the Project area. The reported adjacent property data are not necessarily indicative of the mineralization or future potential mineral resources at Sunshine.

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| 20-1 | ![](ny20061035x4_ex96-1img002.jpg) |

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<u> Silver Opportunity Partners LLC \| Sunshine Mine S-K 1300 Technical Report Summary on the Initial Assessment </u> <u> March 25, 2026 SLR Project No.: 123.020552.00001 </u>

**Figure 20-1: AGS, Galena Complex, 2015 MRE, Exclusive of Mineral Reserves**

![](ny20061035x4_ex96-1img087.jpg)

Source: AGS 2016

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| 20-2 | ![](ny20061035x4_ex96-1img002.jpg) |

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<u> Silver Opportunity Partners LLC \| Sunshine Mine S-K 1300 Technical Report Summary on the Initial Assessment </u> <u> March 25, 2026 SLR Project No.: 123.020552.00001 </u>

**Figure 20-2: AGE, Galena Complex, 2015 Mineral Reserve Estimate**

![](ny20061035x4_ex96-1img087a.jpg)

Source: AGS 2016

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| 20-3 | ![](ny20061035x4_ex96-1img002.jpg) |

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<u> Silver Opportunity Partners LLC \| Sunshine Mine S-K 1300 Technical Report Summary on the Initial Assessment </u> <u> March 25, 2026 SLR Project No.: 123.020552.00001 </u>

The second property adjacent to Sunshine is the Bunker Hill Mine owned by Bunker Hill Mining Corporation (BHMC). The Bunker Hill property lies 3.4 miles (5.5 km) to the west but is immediately adjacent to some Sunshine mineral rights. Historically, the Bunker Hill Mine produced over 165 million ounces of silver in its 106 years of operating history. The mine has been closed since 1991 and is in the process of reopening. A NI 43-101 Technical Report on the Bunker Hill Mine can be found on BHMC's website (<u>https://www.bunkerhillmining.com/</u>), as well as on SEDAR. Table 20-1 provides a table of mineral resources for the Bunker Hill Mine.

**Table 20-1: BHMC Bunker Hill Mine Mineral Resource Estimate, Effective August 29, 2022**

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|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Classification** | **Tonnage<br> (000 tons)** | **NSR<br> ($/ton)** | **Grade<br> (Ag opt)** | **Contained Metal<br> (000 oz Ag)** | **Grade<br> (% Pb)** | **Contained Metal<br> (000 lb Pb)** | **Grade <br> (% Zn)** | **Contained Metal<br> (000 lb Zn)** |
| Measured | 2374 | 119.60 | 1.01 | 2404 | 2.46 | 116574 | 5.37 | 254811 |
| Indicated | 4662 | 119.81 | 1.00 | 4657 | 2.37 | 221295 | 5.48 | 510964 |
| **Measured and Indicated** | 7036 | 119.74 | 1.00 | 7061 | 2.40 | 337869 | 5.44 | 765774 |
| Inferred | 6943 | 126.28 | 1.52 | 10532 | 2.87 | 398901 | 4.96 | 688482 |

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Source: BHMC 2022

Note: Bunker Hill MRE, inclusive of Mineral Reserves with an NSR of $70/ton cut-off value using $20/oz Ag, $1.20/lb Zn, and $1.00/lb lead. Resources estimated at 3.30% Zn COG

The SRK QP has not independently verified this information and this information is not necessarily indicative of the mineralization at the Sunshine Mine.

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| 20-4 | ![](ny20061035x4_ex96-1img002.jpg) |

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<u> Silver Opportunity Partners LLC \| Sunshine Mine S-K 1300 Technical Report Summary on the Initial Assessment </u> <u> March 25, 2026 SLR Project No.: 123.020552.00001 </u>

**Figure 20-3: Adjacent Properties**

![](ny20061035x4_ex96-1img088.jpg)

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| 20-5 | ![](ny20061035x4_ex96-1img002.jpg) |

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<u> Silver Opportunity Partners LLC \| Sunshine Mine S-K 1300 Technical Report Summary on the Initial Assessment </u> <u> March 25, 2026 SLR Project No.: 123.020552.00001 </u>

21.0 Other Relevant Data and Information

SOP has digitized a large volume of historical geological records and continues to work to incorporate this data into the Project's 3D resource model. A significant new drilling program is underway, with modern mapping activities identifying additional mineralization from the underground mine's existing workings.

The economic analysis presented in Section 19.0 is based on revenue from silver only. Anomalous copper, lead, and antimony were contained in the Project's historical production and represent notable Project upside. SOP is currently undertaking additional work to model these metals and recognize their economic impact. SOP aims to deliver a feasibility study for a restart of mining and refining operations at the Project in 2027.

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| 21-1 | ![](ny20061035x4_ex96-1img002.jpg) |

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<u> Silver Opportunity Partners LLC \| Sunshine Mine S-K 1300 Technical Report Summary on the Initial Assessment </u> <u> March 25, 2026 SLR Project No.: 123.020552.00001 </u>

22.0 Interpretation and Conclusions

The Project demonstrates a positive cashflow in both the Base Case (including Inferred Mineral Resources) and in the Indicated Only Case which is based solely upon Indicated Mineral Resources. SLR concludes that the Project warrants further study and offer the following conclusions on the Project by area:

22.1 Geology and Mineral Resources

● Despite a long and productive mining history, the existing Project represents a brownfield underground project with high potential for expansion and definition of the mesothermal silver vein systems through continued exploration. The upper levels of the mine have had limited drilling and development due to the historical exploration methodology available during the early years of the mine's operation. Additionally, the current economic outlook for silver and base minerals has changed drastically, and updated cut-off grades are lower than previous. SOP conducted recent infill and exploration drilling that expanded Mineral Resources. During future exploration and development phases, additional drilling has the potential to grow the known resource and potentially discover unidentified veins.

● Portions of the deposit remain sparsely drilled by modern methods, and continued drilling would improve understanding of the grade distribution and mineralization continuity. Future exploration programs should include a combination of infill drilling to improve geological understanding and the confidence in the Mineral Resource estimate, coupled with wider-spaced, step-out drilling to test prospective areas for new veins.

● From August 2022 until October of 2023, SOP completed a drilling campaign that totaled 54,369 ft of core in 38 drill holes. Each of the completed drill holes was successful in intersecting planned targets or providing new knowledge in previously unknown areas. All the new and historical drilling data helped inform the geology model, which is the first 3D model in the Sunshine Mine's 140-year history. This will be helpful for ongoing exploration targeting. Resource conversion of Inferred mineralization to higher classification categories is likely to continue as SOP works toward the resumption of production.

● The SRK QP has audited the security, sample preparation, and analytical procedures, and they are consistent with generally accepted industry standards. Specific records are limited for sampling procedures of the historical drilling programs; however, no known bias exists in the earlier sample grades compared to recent assay results. SOP has generally followed industry-accepted methods for QA/QC, including the use of standards, blanks, and duplicate samples in the 2023 drilling program. The SRK QP has reviewed all available QA/QC results, and they are considered adequate for an acceptable level of confidence in analytical data for the reporting of Mineral Resources, as per S-K 1300 guidelines.

● SRK independently reviewed the core sampling, cutting, logging, sample preparation, security, and laboratory analytical procedures followed at Sunshine during multiple site visits. The exploration and sampling protocols practiced at Sunshine are consistent with or exceed generally accepted industry guidance and are deemed adequate for the stage of the Project. In the SRK QP's opinion, data verification checks performed internally by Sunshine staff, in combination with independent checks and detailed audits by the SRK QP, have resulted in sufficient validation of the fundamental drilling database at Sunshine. The data is acceptable and adequately reliable for use in geological modeling and estimation of Mineral Resources.

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| 22-1 | ![](ny20061035x4_ex96-1img002.jpg) |

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<u> Silver Opportunity Partners LLC \| Sunshine Mine S-K 1300 Technical Report Summary on the Initial Assessment </u> <u> March 25, 2026 SLR Project No.: 123.020552.00001 </u>

● Mineral Resources have been stated in this TRS for the Project and have been classified in accordance with S-K 1300 definitions, which are consistent with the classification scheme under the CRIRSCO standards, based on sampling density and confidence in the geological model and estimation. In the SRK QP's opinion, the results of the exploration work completed on the Project to date are of substantial technical merit to recommend additional exploration expenditures.

● In August 2025, SOP began an extensive and ongoing underground exploration drilling program. As of the TRS report date, approximately 48,000 feet (31%) of a planned 154,000-ft drilling campaign have been completed in 70 new drill holes. Preliminary observations by SOP indicate that the ongoing drilling has encountered mineralization in areas outside the current Mineral Resource estimate and may support upgraded resource classification in other infill areas. The SRK QP has not quantified any potential changes to the Mineral Resource estimate from these ongoing drilling results, as the data requires appropriate verification and revised vein modeling that will occur in future updates to the current Mineral Resource estimate. These additional drilling results may prove to be material when evaluated and incorporated into an updated resource model.

● To the extent known, there are no significant risks or uncertainties that could be expected reasonably to affect the reliability or confidence in the Sunshine drilling and sampling information provided by SOP. The SRK QP identified some minor risks:

○ The majority of the data supporting the Resource is historical in nature, including underground channel samples and small-diameter core drill holes, which should be confirmed by additional definition drilling.

○ The current Sunshine vein interpretations locally, in some areas, make assumptions on continuity that are subject to potentially significant volumetric changes, especially in zones of limited sample support. SRK relied upon the SOP geological interpretation to construct wireframes for estimation purposes and had validated the geological model. Potential inaccuracies in consistent determination of actual vein widths, orientations, unknown structural offsets, or changes in continuity within the interpreted domains were reflected in the classification of Mineral Resources, predominantly in the lack of any Measured material. SRK recommends additional drilling and sampling as the Project progresses to determine grade variability and vein domain interpretations with higher confidence.

○ Development of reasonable prospects for economic extraction (RPEE) relies on the historical documentation of mined-out areas, which is believed to be reasonably accurate. In some areas, additional mining may have occurred that is undocumented and would affect mineable vein volumes. Based on the SOP documentation and the historical data reviewed to date, in the SRK QP's opinion, it is unlikely that significant mined-out areas remain undiscovered and not depleted from the current Mineral Resource estimate. Drill holes from the 2025–2026 campaign have confirmed that areas of identified historical mined-out workings spatially match previous production records. Additionally, some stopes that meet RPEE from the Mineable Stope Optimization (MSO) runs may be deemed higher risk in future mine planning.

○ SRK notes that future economic assessment could result in a change in the cut-off grade (COG), which would result in a change in the tonnage of available minable material. Mineralization represented by the resource block model was evaluated for RPEE for underground mining methods. The SRK QP did not independently audit recovery, processing costs, or other assumptions for deriving the COG but does consider the inputs to be reasonable.

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| 22-2 | ![](ny20061035x4_ex96-1img002.jpg) |

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<u> Silver Opportunity Partners LLC \| Sunshine Mine S-K 1300 Technical Report Summary on the Initial Assessment </u> <u> March 25, 2026 SLR Project No.: 123.020552.00001 </u>

○ The property is subject to net smelter return (NSR) royalty agreements. At present, only silver is available in the database for resource estimation. The ability to calculate accurate NSR values and potential royalties may require estimation of additional metal variables, depending on the specifics of the current agreements. Therefore, the limited base metal assays in the current geological database may pose a risk to future NSR calculation.

22.2 Mining and Mineral Reserves

● There are currently no Mineral Reserves estimated at the Sunshine Mine.

● The plans and schedules in this IA are based, in part, on Inferred Mineral Resources, and are preliminary in nature.

● The Mineral Resources and the planned mining are spread through a large volume of rock, which is 6,000 ft deep, 2,000 ft across the dip and 15,000 ft along strike.

● The Sunshine mine has numerous past producing stopes and an extensive existing network of existing shafts, winzes, drifts, raises, and ramps to access the Mineral Resources.

● The condition of the existing workings varies widely. Headings below the 3100 Level have been flooded for a number of years and many shafts, winzes, and headings have not been available for inspection for a number of years. Dewatering of the mine and rehabilitation of existing workings will be required to support a return to production.

● Major mine infrastructure, including shafts, hoists, and compressors, is in working order and used daily. Other components will require inspection, upgrading, and rehabilitation. Full production requires expansion of the electrical and compressed air systems.

● Various mining methods were considered, and a mixture of conventional cut and fill (CCF) stoping and long hole (LH) stoping were selected as the best options considering the narrow (6.3 ft average) mining width and 60° to 70° dip.

● Past revenue included copper, lead, and antimony. The mine plans and designs were developed based on the Mineral Resource estimate, which considers only silver as the valued metal. There is limited laboratory assay data for copper, lead, and antimony, and the Mineral Resource block model does not include data for these elements.

● Cut-off grades were estimated based on initial operating cost estimates and a smelter return model using silver as the sole revenue source. The potentially mineable material is not sensitive to the COG estimate.

● The Indicated and Inferred Mineral Resources were analyzed using Deswik Stope optimizer (DSO) to generate potential stope shapes. The DSO evaluated the Mineral Resources based on minimum mining dimensions and dilution parameters considered suitable for each of the two methods. The DSO was run separately for each mining method. The DSO parameters are listed:

○ COG of 9 opt silver Ag for CCF and 8 opt silver Ag for LH stopes, with no value included for byproducts

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| 22-3 | ![](ny20061035x4_ex96-1img002.jpg) |

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<u> Silver Opportunity Partners LLC \| Sunshine Mine S-K 1300 Technical Report Summary on the Initial Assessment </u> <u> March 25, 2026 SLR Project No.: 123.020552.00001 </u>

○ Dilution of one foot on each wall (two feet total) for both cut and fill and long hole stopes

○ Minimum mining width of four feet for CCF stopes and three feet for LH stopes

● Additional dilution to account for long hole stope sublevel development, which must be wider than the vein, was added to the long hole stoping shapes.

● The stope shapes in excess of 30,000 short tons between 200 ft vertical levels were considered for long hole stoping, and smaller shapes were selected for cut and fill stoping.

● These shapes were then reviewed considering the size, grade, proximity to old workings, and geotechnical complexities to develop the potentially mineable tonnage. Material located less than 20 ft from historical workings was removed from the estimate to account for survey issues, ground conditions, and the potential for open voids. Production and development plans were developed for the resultant shapes.

● From the review of the Deswik Stope Optimizer (DSO) results, stoping is planned for 27 separate veins with an average width of 6.3 ft using CCF stoping for 61% of the tonnage (55% of the silver ounces) and long hole stoping for 39% of the tonnage (45% of the silver ounces).

● The Base Case potentially mineable material totals 7.87 million short tons (Mst) grading 19.0 opt Ag and containing 150 Moz Ag, comprising:

○ 4.64 Mst grading 17.3 opt Ag and containing 80 Moz Ag in cut and fill stopes

○ 3.01 Mst grading 22.2 opt Ag and containing 67 Moz Ag in long hole stopes

○ 0.2 Mst grading 11.1 opt Ag and containing 2 Moz Ag in stope development

● Mined voids will be backfilled with paste fill delivered from the mill. The mine will use 62% of the mill tailings before the ore sorter is in service and 88% of the mill tailings after the ore sorter is in place. No refilling of existing voids is included in the plan.

● There was no new geotechnical testing undertaken for this IA and only limited geotechnical data was located regarding rock strength, rock mass conditions, and in situ stresses at the Sunshine mine. SLR used observations from the site visit and the data from the recent exploration drilling to develop an assessment of the long hole stope stability.

● The 27 veins in the mine plan were grouped into seven mining areas, or "mining blocks". A production schedule was developed based upon the tonnage and grade by mine level and by mining area.

● The Project schedule includes a three year preproduction period for mine dewatering, rehabilitation and upgrading of the hoists and shafts, and initial mine development and a seven year production ramp-up period.

● The potentially mineable material included in the current Mineral Resources is sufficient to provide a 24-year production plan.

● Mine production will commence from the Jewell Shaft Block, accessed via the Jewell Shaft, and the Upper Mine Block area, which will be accessed via a decline from surface and mined as an independent area from the other six mining blocks.

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<u> Silver Opportunity Partners LLC \| Sunshine Mine S-K 1300 Technical Report Summary on the Initial Assessment </u> <u> March 25, 2026 SLR Project No.: 123.020552.00001 </u>

● The production schedule provides significantly higher than average head grades in the early years of the mine plan.

● At full production rate the mine operations will be wide-spread, with approximately 20 operating stopes spread over 15 mining levels.

● Mining below the 3700 Level and from 1500 Level upwards will be by mechanized access declines and drifts. From 3700 Level to 1700 Level, mechanized equipment will be used for development and long hole stoping, but rock haulage will be by rail to the Jewell Shaft. Below the 3700 Level, the access and rock haul will be with rubber tired mobile equipment.

● Mine development requirements were estimated and scheduled to match the production plan. The LOM development totals include the following:

○ 326,000 ft of lateral development

○ 35,900 ft of vertical development

○ 79,600 ft of heading rehabilitation

● All mobile equipment required for the plan will be purchased as there are limited serviceable units remaining.

● The mine infrastructure has remained in place and been kept on a care and maintenance basis. The mine is currently flooded to approximately 3,400 ft below surface and the water level is being maintained.

● Hoist upgrades are planned for the Jewell Chippy and Silver Summit hoists and repairs to the two shafts will be necessary. Jewell Shaft repairs focus on rehabilitation of the flooded portion of the shaft and pocket repairs. The Silver Summit Shaft will be rehabilitated to the 3000 Level for use as secondary egress, ventilation, and large material and equipment movement.

● Expansion and upgrades to the mine dewatering and electrical distribution systems will be installed. A paste fill delivery system in the Jewell Shaft and across mine levels will be installed.

● The Base Case LOM plan includes Inferred Mineral Resources totaling 5.8 Mst grading 17.6 opt Ag and containing 102 Moz Ag. This is 74% of the Base Case tonnage and 68% of the Base Case silver ounces.

● An Indicated Only Case LOM plan was generated based solely on Indicated Mineral Resources (noting that there are no estimated Measured Mineral Resources). The Indicated Only Case includes 1.5 Mst grading 25.2 opt Ag with 44% LH stope tonnage and 56% CCF stope tonnage. The Indicated Only Case extends for a period of ten years with production rates up to 608 stpd.

● Mine development requirements for the Indicated Only Case were estimated and scheduled to match the production plan. The Indicated Only Case LOM development totals include the following:

○ 154,000 ft of lateral development

○ 18,000 ft of vertical development

○ 62,000 ft of heading rehabilitation

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| 22-5 | ![](ny20061035x4_ex96-1img002.jpg) |

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<u> Silver Opportunity Partners LLC \| Sunshine Mine S-K 1300 Technical Report Summary on the Initial Assessment </u> <u> March 25, 2026 SLR Project No.: 123.020552.00001 </u>

● Potential opportunities for improvement of the LOM plan include:

○ Conversion of Indicated Mineral Resources to Probable Mineral Reserves.

○ Higher recovery of material adjacent to existing stopes.

○ Reduced dilution or minimum mining width in steepest dipping CCF stopes.

○ Reduction of standoff to existing voids via the aid of backfill or other means.

○ Increased LH stope sizes and resultant productivity rates associated with improved geotechnical understanding.

● Risks identified by the SLR QPs include the following:

○ After detailed inspections, the upgrading and rehabilitation may require additional work beyond that currently included in the LOM plan.

○ The narrow mining width limits production capacity of the stopes and increases the potential for waste dilution due to mining beyond the vein limits. Overbreak in the long hole stopes due to any combination of poor drilling control, ground failures, inadequate blasting control, inadequate planning for sublevel locations, and/or inadequate geological control of development would result in higher dilution and lower head grade.

○ Developing, equipping, assigning personnel, and supervising the widespread operations, with stopes and development faces over a series of levels, will require effective management to meet the production targets.

○ The development and stoping require skilled personnel whom it may be necessary to train in the mine.

○ The paste backfill system poses a production risk as the mine and process facilities operate on different schedules and the utilization of mill tailings for paste is high, at 62% before the ore sorter is in service and 88% of the mill tailings after the ore sorter is in service.

○ Mine labor rates are at the lower end of the local area scale and are based on overtime averaging and no contract bonus. These risks are partially offset by the factor for payroll burden.

○ The limited geotechnical data available poses a risk to stope stability and ground support requirements. If the ground conditions are worse or stresses higher than anticipated then stopes size may need to be reduced, and capital development and mining operation costs could increase.

○ Vein geometry is not well understood in veins that do not have significant mining history. Higher variability in vein geometry (thickness, dip) will make achieving the planned extraction and dilution rates difficult.

22.3 Mineral Processing

● The Project has a long operational history and has used the same basic, flexible flowsheet since the last major upgrades in the 1950s. Sunshine has relied on operating data to support mine planning and predict plant performance. There has not been any recent metallurgical test work, so historical concentrator performance will be used to support the LOM plans and economics of this IA. Flotation testing performed in 2013 by ALS Metallurgy (formerly G&T Metallurgy), located in Kamloops, British Columbia was also used to support the IA process design. SLR's QP has reviewed this supporting information and finds it to be acceptable for this level of study. The next stage of study will require identification of material types to be processed according to the mine plan, metallurgical drilling and sampling of the ore types, and performance of a complete metallurgical test program.

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<u> Silver Opportunity Partners LLC \| Sunshine Mine S-K 1300 Technical Report Summary on the Initial Assessment </u> <u> March 25, 2026 SLR Project No.: 123.020552.00001 </u>

● When the Sunshine Mine last operated, the metallurgical facilities available included a 1,000 short ton per day flotation mill; an antimony metal plant; and a silver refinery producing fine silver and copper cathode metal.

● The antimony plant has been demolished and the silver refinery put on care and maintenance. The IA considered the economic trade-offs of building a new concentrator to produce silver-copper and lead concentrates for direct shipment to smelters, or to construct a new antimony plant and refurbish the silver refinery to produce lead concentrates, antimony metal, sodium antimonate, fine silver metal and copper cathode metal.

● Previous studies indicated that the most economic course was to construct a new concentrator and ship concentrates to smelters. The key to this option is finding buyers for the silver-copper (tetrahedrite) concentrate that will contain a high concentration of antimony. Budget level quotations were obtained from metal traders to confirm that the concentrate can be sold.

● The Project's mineralized material contains economic quantities of silver, copper, lead, and antimony. Silver, copper, and antimony are primarily contained in argentiferous tetrahedrite and freibergite which form a solid solution series. Other minerals include silver bearing galena, pyrite, stibnite and arsenopyrite.

● The existing processing plant design configuration is flexible and has allowed the production of different concentrates depending on the mineralogy being mined. The IA configuration of the processing plant is the same and has three separate flotation circuits which can be operated sequentially to produce silver-copper, lead-silver, and pyrite concentrates. The current plan is to produce two concentrates, silver-copper and lead-silver, while depressing the pyrite.

● A review of production records from December 1, 1998, through May 30, 1999, indicates that the processing plant has consistently yielded tailings averaging 0.86 opt Ag. With an average head grade of 26.1 opt Ag, the indicated silver recovery is 96.7%.

● The lead recovery, as published by Sunshine in Form 10K, Securities and Exchange Commission, for fiscal year ended December 31, 1998 (Behre Dolbear 1999), indicates a recovery from mined ores of approximately 92.5%. This value has not been verified by a review of actual production records in as much as Sunshine did not publish monthly results of ore grades for metals other than silver.

● The copper recovery, as published by Behre Dolbear (1999) indicates a recovery from mine ores of approximately 97%. SLR notes that the copper and silver recoveries are similar as they are derived from the same mineral, tetrahedrite.

● G&T Metallurgy (G&T), now ALS Metallurgy, conducted a metallurgical program during 2013 on two master composites from the Sunshine Mine, which represented the Western Stope and the Eastern Stope. The Western stope composite consisted of 4,933 kg of bulk material and the Eastern stope composite consisted of 2,741 kg of material. The metallurgical program included mineralogical evaluation, comminution test work and both bench-scale and pilot plant test work. SLR notes that this is the only concentrator test work available for the IA.

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<u> Silver Opportunity Partners LLC \| Sunshine Mine S-K 1300 Technical Report Summary on the Initial Assessment </u> <u> March 25, 2026 SLR Project No.: 123.020552.00001 </u>

● Observed copper sulfide minerals were primarily freibergite, tetrahedrite, and to a lesser extent, chalcopyrite. Freibergite, a complex mineral also containing silver, antimony, and arsenic, was the predominant silver-bearing mineral observed for both the Western Stope and Eastern Stope Composites.

● The sulfides in the Western Stope composite were 61% liberated at a nominal grind size of P<sub>80</sub> 150 microns (μm) and the Eastern Stope sulfides were 58% liberated at a P<sub>80</sub> 200 μm grind size which was sufficient for flotation. Liberation of galena in the Western Stope Composite was measured at approximately 65%. SLR notes that the IA design and the original Sunshine primary grind were P<sub>80</sub> 106 µm, improving initial mineral liberation.

● Comminution test work was conducted on each of the test composites to determine the Bond ball mill work index (BWI), Bond rod mill work index (RWI), Bond Low Energy Impact work index (CWI), Abrasion index (Ai) and the SAG mill Comminution Index (SMC). The BWI was determined to be 14.0 kilowatt hours per tonne (kWh/t) for the Western Stope composite and 12.9 kWh/t for the Eastern Stope composite.

● The G&T silver-copper flotation flowsheet parameters included a primary grind of P<sub>80 </sub>195 μm and regrinding of the rougher concentrate to P<sub>80</sub> 13 µm before feeding cleaner, and cleaner scavenger cells. The lead circuit is similar to the silver-copper circuit.

● The results of locked cycle tests conducted on the Western Stope composite indicate silver recovery into the silver-copper concentrate ranged from 78.1% to 82.3% and averaged 79.6%. Silver recovery into the lead-silver concentrate ranged from 9.7% to 11.3% and averaged 10.4%. Overall silver recovery averaged 90.0%. Copper recovery into the silver-copper concentrate averaged 81.2% into a concentrate that averaged 26.5% copper and 1,989 opt silver. Lead recovery into the lead-silver concentrate averaged 64.3% into a concentrate that averaged 49.6% lead and 337 opt silver. SLR notes that copper and silver recoveries are similar in that they are contained in the same mineral, tetrahedrite.

● Pilot plant campaigns were performed on the Western Stope and Eastern stope composites. The flowsheet was similar to the locked cycle tests with sequential copper and lead circuits, each with a primary grind size of P<sub>80</sub> 195 µm, rougher/scavenger flotation, regrind of rougher concentrates to 13 µm followed by two stages of cleaning. The second cleaner concentrate is the final concentrate.

● Pilot plant results for the Western Stope composite were that silver recovery averaged 80% into the silver-copper concentrate containing 22.3% copper and 1,613 opt silver, and 12% silver recovery into the lead-silver concentrate. Overall silver recovery averaged 92%. Lead recovery averaged 51% into a lead-silver concentrate containing 49.0% lead and 406 opt silver. Antimony content in the silver-copper concentrate was reported to be 18.0%, and 4.51% in the lead-silver concentrate.

● Eastern Stope pilot plant flowsheet only included silver-copper flotation and did not include lead flotation. Silver recovery averaged 91% into a silver-copper concentrate that averaged 16.4% copper and 1,232 opt silver. Antimony content in the silver-copper concentrate was reported to be 14.2%.

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<u> Silver Opportunity Partners LLC \| Sunshine Mine S-K 1300 Technical Report Summary on the Initial Assessment </u> <u> March 25, 2026 SLR Project No.: 123.020552.00001 </u>

● A 5,000 kg bulk sample from the Sunshine Mine was submitted for ore sorter testing at Steinert in 2018, the results of the ore sorter test program are fully documented in Steinert (2018). The results of this ore sorting test show that 97.7% of silver was recovered into an ore sorter product containing 56.5 opt silver while rejecting 44.2 wt% as waste. Ore sorting has been included in the IA flow sheet (Base Case only).

● Solid liquid separation (SLS) tests were conducted on copper concentrate, lead concentrate, and final tailings samples for Samuel Engineering for the Sunshine Mine in 2013. The samples were received and tested by Pocock Industrial, Inc., located in Salt Lake City, Utah (Pocock). Design parameters were determined for thickening, vacuum filtration, and pressure filtration for the study.

● A paste backfill system is being considered at the Project to assist with ground control and increase mining recovery. The design criteria for a permanent paste backfill system was prepared by Mine Systems Design Inc. (MDS 2012). The flowsheet used for cost estimation consists of optional cyclone classification and conventional thickening and filtration. SLR notes that solid liquid separation studies have been performed by Pocock, including thickening, vacuum filtration and pressure filtration that can be used to support backfill plant equipment selection.

● The Sunshine IA considers that a new concentrator (the IA processing facility) will be constructed in the same location as the existing concentrator building. The existing building will be demolished to the foundations and new facilities and equipment will be installed.

● The Base Case IA processing facility will receive a nominal 1,000 stpd of ROM mineralized material, hoisted either from the Jewell Shaft and discharged into the ROM mineralized material storage bin adjacent to the mine headframe, or from the Sterling Tunnel, delivered by truck to the Jewell Shaft ROM storage bin external feed hopper.

● Material will be drawn from the ROM storage bin into a three staged crushing circuit including a primary gyratory, a secondary standard, and tertiary shorthead crusher to produce a final grinding circuit feed size of P<sub>100</sub> 10 mm and P<sub>80</sub> 6 mm. The grinding circuit will consist of a ball mill and flash flotation cell closed by hydro cyclones. Flotation will include rougher/scavenger and cleaner flotation cells producing silver-copper and lead flotation concentrates. The two concentrates will be thickened, filtered, and stored for bulk shipment to metal recovery facilities. Concentrator tailing slurry will be thickened and pumped to a paste backfill plant, the product of which will be pumped underground for backfill. Excess tailings material will be filtered and transported to a dry stack tailings storage facility.

● The Sunshine concentrator operating results from 1994 to 1999 reported silver ounces recovered to the silver and lead concentrates. The average silver recovery to the silver concentrate and lead concentrate during the period was 84.8% and 12.1%, respectively for total silver recovery of 96.9%. Silver recovery to the silver concentrate ranged from 81.2% to 96.7%, and the silver recovery to the lead concentrate ranged from 0.43% to 16.2%.

● Overall silver recovery from ROM material is estimated to be 95.8% including losses during ore sorting and flotation.

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<u> Silver Opportunity Partners LLC \| Sunshine Mine S-K 1300 Technical Report Summary on the Initial Assessment </u> <u> March 25, 2026 SLR Project No.: 123.020552.00001 </u>

22.4 Infrastructure

● The key mine infrastructure has been maintained on a care and maintenance basis since the mine last operated and is available for future use.

● The tailings storage facility (TSF) in its current state has a remaining storage capacity of approximately 100 thousand short tons (kst) before an additional raise is required. There is a conceptual plan, subject to any additional permit approvals, for the TSF to be converted to a dry stack facility. This arrangement could achieve the desired Life of Facility (LoF) tailings storage requirement proposed in this IA (833 kst), with a crest elevation of 2,498 ft, 13 ft above the current embankment crest level.

● Given the uncertainties in tailings material geotechnical properties, degree of consolidation, and liquefaction potential, along with an assumed population at risk (PAR) through proximity to the interstate highway, the precautionary approach is to assume that the TSF represents a material risk in its current state until these can be quantified.

● Over the Base Case LOM plan, approximately 11% of the mine production tonnage (97 tpd) will be directed to the TSF for deposition and storage and 26% of the tonnage will be ore sorter reject. The remaining tailings will be used as paste backfill in the mine.

● Without the installation of the ore sorter, the tailings production increases to 37% of the tonnage mined (330 stpd).

● Process/industrial water for the mine is available from four water right licenses including three that can draw directly from Big Creek. Potable water is provided by the Central Shoshone Water District.

● Power is supplied from a dedicated power line and is maintained by the local utility company, Avista. Back-up emergency use power is provided by a diesel generator.

● Surface water run-on and septic effluent are effectively and properly managed reducing the need for further treatment.

● The current water treatment plant will be upgraded or replaced prior to restart, following planned issuance of an updated permit for wastewater discharge.

22.5 Environment

● SOP is in compliance with all current permits and authorizations.

● The wastewater discharge permit, National Pollutant Discharge Elimination System (NPDES) Permit, Permit No. 000006-0, was transferred to the Idaho Environmental Quality (IDEQ) and is now an Idaho Pollutant Discharge Elimination System (IPDES) Permit, Permit No. ID0000060. This permit is in the process of being updated to reflect current discharge standards.

● The wastewater discharge criteria is not defined at this time and studies are ongoing; therefore, the treatment technology anticipated may change. It is anticipated that either improvements will be made to the current water treatment plant, or a new water treatment plant will be constructed to meet future wastewater discharge criteria; provisions have been identified to do so.

● Additional permit modifications and new permits, which include federal, state and local (Shoshone County, Idaho and the Panhandle Health District) agencies, will be required for the operation of the mine. The permit modifications and new permits to be obtained are not anticipated to be challenging and will not trigger the National Environmental Policy Act (NEPA).

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<u> Silver Opportunity Partners LLC \| Sunshine Mine S-K 1300 Technical Report Summary on the Initial Assessment </u> <u> March 25, 2026 SLR Project No.: 123.020552.00001 </u>

● Although not a regulatory requirement beyond the TSF permit, SOP has developed a reclamation plan and associated Reclamation Cost Estimate (RCE) for the mine site.

22.6 Capital and Operating Costs

The capital and operating costs in this TRS were estimated in Q2 2024 US dollars and have been escalated to Q3 2025 dollars. The cost estimates meet the requirements of an AACE International (AACE) Class 5 estimate with an accuracy range of -20% to -50% to +30% to +100% which also meets the requirements of S-K 1300 as the lower and upper limits of -50% to +50% lie within the AACE Class 5 estimate range. The cost estimates are considered to be reasonable and appropriate for an S-K 1300 IA considering that Class 5 estimates usually have 0% to 2% project definition per the AACE classification system.

For the proposed Base Case:

● The initial capital cost is estimated to be $287 million, including contingency, and the LOM sustaining capital cost is estimated to be $539 million plus $21.2 million for closure.

● The LOM site operating costs total $1,427 million and are estimated to average $181.38 per ton processed. The 'tons processed' is defined as the total mill feed to the plant, pre-ore sorting.

For the Indicated Only Case:

● The initial capital cost is estimated to be $240 million including contingency and the LOM sustaining capital cost is estimated to be $244 million.

● The LOM site operating costs total $426 million and are estimated to average $285.10 per ton processed. The 'tons processed' is defined as the total mill feed to the plant (There is no ore sorting in this scenario).

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<u> Silver Opportunity Partners LLC \| Sunshine Mine S-K 1300 Technical Report Summary on the Initial Assessment </u> <u> March 25, 2026 SLR Project No.: 123.020552.00001 </u>

23.0 Recommendations

23.1 Summary

The QPs recommend that this Project progress to the next level of study, a Prefeasibility Study (PFS). During a typical PFS, the Company will gather more information and perform trade off studies to validate the selected mining, processing, tailings disposal, and water treatment methods. The total cost for the recommended work plan ranges from US$32.3 million to US$47.7 million, which is detailed in Table 23-1.

**Table 23-1: &nbsp;&nbsp;&nbsp;&nbsp;Recommended PFS Tasks and Cost Ranges**

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| &nbsp;&nbsp;**Discipline Area** | &nbsp;&nbsp;**Task Description** | &nbsp;&nbsp;**Cost Range<br> (US$000)** |
| &nbsp;&nbsp;Geology | &nbsp;&nbsp;Resource Definition Drill Program (see detail Table 23-2) | &nbsp;&nbsp;30000–40500 |
| &nbsp;&nbsp;Mining | &nbsp;&nbsp;Geotechnical Laboratory Testing | &nbsp;&nbsp;25–50 |
| &nbsp;&nbsp;Mining | &nbsp;&nbsp;Test Stoping for Proposed Mining Methods (Optional, could be incorporated as part of the Drill Exploration Program development) | &nbsp;&nbsp;1000–2000 |
| &nbsp;&nbsp;Mining | &nbsp;&nbsp;Equipment Specifications | &nbsp;&nbsp;20–30 |
| &nbsp;&nbsp;Process | &nbsp;&nbsp;Ore Sorting Testing | &nbsp;&nbsp;10–15 |
| &nbsp;&nbsp;Process | &nbsp;&nbsp;Crushing and Comminution Testing, Lock-Cycle Flotation Testing (3 Major Mineral Types), Mineralogy Variability Testing (3 Major Types) | &nbsp;&nbsp;150–200 |
| &nbsp;&nbsp;Process | &nbsp;&nbsp;Finalize Flow Sheet, Piping and Instrumentation Diagrams (P&IDs), Plant Layouts | &nbsp;&nbsp;200–300 |
| &nbsp;&nbsp;Process | &nbsp;&nbsp;Equipment Specifications | &nbsp;&nbsp;50–75 |
| &nbsp;&nbsp;Tailings | &nbsp;&nbsp;Tailings Rheology | &nbsp;&nbsp;30–70 |
| &nbsp;&nbsp;Tailings | &nbsp;&nbsp;Dry Stack | &nbsp;&nbsp;30–50 |
| &nbsp;&nbsp;Tailings | &nbsp;&nbsp;Paste Backfill Testing and Design | &nbsp;&nbsp;80–120 |
| &nbsp;&nbsp;Water Treatment | &nbsp;&nbsp;Testing and Concept | &nbsp;&nbsp;20–30 |
| &nbsp;&nbsp;Water Treatment | &nbsp;&nbsp;Plant Design, P&IDs, Plant Layouts (Update Lyntek Design) Assuming no Antimony Plant and Silver Refinery. | &nbsp;&nbsp;20–30 |
| &nbsp;&nbsp;Capital Cost | &nbsp;&nbsp;Shaft Rehabilitation and Hoisting Estimate by Vendors | &nbsp;&nbsp;No Charge |
| &nbsp;&nbsp;Capital Cost | &nbsp;&nbsp;Detailed Equipment Cost Estimates by Vendors | &nbsp;&nbsp;No Charge |
| &nbsp;&nbsp;Operating Cost | &nbsp;&nbsp;Detailed Material and Supply Cost Estimates by Vendors | &nbsp;&nbsp;No Charge |
| &nbsp;&nbsp;Marketing Studies | &nbsp;&nbsp;Increase Detail | &nbsp;&nbsp;30–40 |
| &nbsp;&nbsp;PFS | &nbsp;&nbsp;0.20% to 1.50% of Initial Capital Cost Estimate | &nbsp;&nbsp;600–4200 |
| &nbsp;&nbsp;**Total** |  | &nbsp;&nbsp;**32265–47710** |

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<u> Silver Opportunity Partners LLC \| Sunshine Mine S-K 1300 Technical Report Summary on the Initial Assessment </u> <u> March 25, 2026 SLR Project No.: 123.020552.00001 </u>

23.2 Geology and Mineral Resources

The SRK QP offers the following recommendations related to geology and Mineral Resources:

1 Include infill drilling in the next drilling campaign to improve confidence of areas categorized as Inferred Mineral Resources and step-out drilling to identify potential new veins.

2 As additional drilling phases are completed, refine the 3D geological model with appropriate estimation methodology and classification to report updated Mineral Resources to industry standards.

3 Update the QA/QC protocols and procedures to ensure that certified reference material (CRM) samples are well blended and the duplicate insertion frequency meets or exceeds the industry standard.

4 As part of the next drilling program, collect metallurgical samples, perform geotechnical drilling and obtain samples for laboratory testing, identify ground characteristics of old stope areas and areas adjacent to mined out stopes,

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| 5 | A resource definition program must be completed to advance the Project to its next phase. The drilling program targets upgrading and converting of Inferred Resources planned for extraction in the first ten years of the mine life. Some step-out drilling potential exists from planned drill stations; however, resource expansion is not the driver for selecting drill station locations. The upgrading of the resource material from Inferred Mineral Resources to Indicated and/or Measured Mineral Resources is necessary for conversion to Mineral Reserves that can be incorporated into future prefeasibility or feasibility studies. A tentative drill program was prepared for budgetary purposes and may shift dynamically during execution. New drill stations are planned from new ramps driven from the Sterling Tunnel and new development drives from 2300 Level and 3100 Level. New drift designs are planned such that they have future utility as main haulage and access routes. Costs associated with the drill plan are outlined in Table 23-2. |

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**Table 23-2: &nbsp;&nbsp;&nbsp;&nbsp;Resource Definition Drilling Capital Estimate**

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|:---|:---|:---|:---|
| &nbsp;&nbsp;**Location** | &nbsp;&nbsp;**Feet** | &nbsp;&nbsp;**Unit Rate <br> (US$)** | &nbsp;&nbsp;**Total <br> (US$000)** |
| &nbsp;&nbsp;**Sterling** |  |  |  |
| &nbsp;&nbsp;48 Hole Drill Program | &nbsp;&nbsp;48000 | &nbsp;&nbsp;100 | &nbsp;&nbsp;4800 |
| &nbsp;&nbsp;Horizontal Development | &nbsp;&nbsp;3300 | &nbsp;&nbsp;2000 | &nbsp;&nbsp;6600 |
| &nbsp;&nbsp;Vertical Development | &nbsp;&nbsp;150 | &nbsp;&nbsp;4000 | &nbsp;&nbsp;600 |
| &nbsp;&nbsp;Infrastructure Upgrades to Support Drilling | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;1025 |
| &nbsp;&nbsp;**Subtotal** |  |  | &nbsp;&nbsp;**13025** |
| &nbsp;&nbsp;**2300** |  |  |  |
| &nbsp;&nbsp;56 Hole Drill Program | &nbsp;&nbsp;56000 | &nbsp;&nbsp;100 | &nbsp;&nbsp;5600 |
| &nbsp;&nbsp;Horizontal Development | &nbsp;&nbsp;3500 | &nbsp;&nbsp;2000 | &nbsp;&nbsp;7000 |
| &nbsp;&nbsp;Infrastructure Upgrades to Support Drilling | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;950 |
| &nbsp;&nbsp;**Subtotal** |  |  | &nbsp;&nbsp;**13550** |

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<u> Silver Opportunity Partners LLC \| Sunshine Mine S-K 1300 Technical Report Summary on the Initial Assessment </u> <u> March 25, 2026 SLR Project No.: 123.020552.00001 </u>

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|:---|:---|:---|:---|
| &nbsp;&nbsp;**Location** | &nbsp;&nbsp;**Feet** | &nbsp;&nbsp;**Unit Rate (US$)** | &nbsp;&nbsp;**Total <br> (US$000)** |
| &nbsp;&nbsp;**3100** |  |  |  |
| &nbsp;&nbsp;53 Hole Drill Program | &nbsp;&nbsp;53000 | &nbsp;&nbsp;100 | &nbsp;&nbsp;5300 |
| &nbsp;&nbsp;Horizontal Development | &nbsp;&nbsp;1800 | &nbsp;&nbsp;2000 | &nbsp;&nbsp;3600 |
| &nbsp;&nbsp;Infrastructure Upgrades to Support Drilling | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;1700 |
| &nbsp;&nbsp;**Subtotal** |  |  | &nbsp;&nbsp;**10600** |
| &nbsp;&nbsp;**Total** |  |  | &nbsp;&nbsp;**37175** |

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23.3 Mining and Mineral Reserves

The SLR QP offers the following recommendations related to Mineral Reserves and Mining:

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| 1 | Review the results of this IA to assess the potential economic results of a prefeasibility study based solely on conversion of Indicated Mineral Resources and if warranted, advance the mine planning to that of a prefeasibility study to permit the conversion of Indicated Mineral Resources to Probable Mineral Reserves. |

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2 Review the mine design criteria with regard to achievable minimum mining widths, extraction and dilution.

3 Review the long hole stoping plans with a view to increasing the sublevel interval.

4 Continue the mine dewatering and lower the water level to dewater successive levels of the mine.

5 Undertake manual and/or remote control (drone) monitoring of the as many of the existing workings as possible to assess ground conditions and to determine their suitability for use as ventilation ways or escapeways

6 Undertake a geotechnical investigation and design program that evaluates in situ and re-distributed ground stresses, intact rock strengths, rock mass conditions, stope stability, and required ground support measures.

7 Complete a detailed ventilation model including air flows and mine heat considerations.

8 Review the compressed air supply, distribution and consumption to refine the estimated requirements.

9 Conduct more detailed testing and design work related to the use of paste backfill and system design including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) Review and revision of the paste fill plans based upon the planned production rates and mining locations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Confirmation of the paste fill distribution plans.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) Detailed paste fill testing including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. Test work on classified tailings samples.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. Classification test work.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii. Dewatering tests.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iv. Rheology and sedimentation tests.

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<u> Silver Opportunity Partners LLC \| Sunshine Mine S-K 1300 Technical Report Summary on the Initial Assessment </u> <u> March 25, 2026 SLR Project No.: 123.020552.00001 </u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;v. Flow testing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;vi. Basic engineering of the paste fill preparation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) Assessment of the potential of filling old open stopes with paste fill to reduce the required tailings impoundment space

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e) Consideration of the required paste fill storage considering the weekly work schedules planned and an allowance for the logistics of the underground filling operations.

10 Include the use of battery electric vehicles (BEV) in the equipment fleet to the maximum extent possible.

11 Review and refine the work requirements, schedule, and cost estimates for the hoist, shaft and headgear repairs required to support operations.

23.4 Mineral Processing

The SLR QP offers the following recommendations related to Mineral Processing:

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| 1 | Select representative samples from each of the planned mining areas and perform composite and variability metallurgical testing, including material characterization, mineralogy, comminution, ore sorting, flotation, and solid-liquid separation on each of the material types, to develop design and plant operating criteria for the next stage of the Project. |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) Flotation testing should include liberation and recovery by particle size studies to determine the optimum primary grind and concentrate regrind particle sizes for each of the
 concentrates.

2 Update marketing studies to validate potential buyers, pricing, and contract terms for each of the concentrates.

23.5 Infrastructure

Based on a review of the documentation provided, SLR has the following recommendations regarding the existing TSF:

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| 3 | Perform a Dam Safety Review (DSR) by a competent and experienced tailings engineer, including intrusive investigation of the tailings mass and the foundations to understand the risk associated with the facility in its current state. This would also likely include a preliminary Dam Breach Assessment (DBA). |

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4 Complete all recommendations proposed in the last Dam Safety Inspection (DSI) without delay; complete all recommendations from future DSIs.

5 Appoint an appropriately qualified Independent Technical Review Board (ITRB) (or independent reviewer).

6 Keep the current decant pond to the smallest possible volume at all times and expedite measures to not rely on the facility for general mine water management.

7 Advance studies associated with final dry stack height and buttressing requirements.

8 Update the Operations, Maintenance and Surveillance (OMS) Manual for the TSF in accordance with Mining Association of Canada (MAC) guidelines and other industry recognized standard guidance for tailings facilities.

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<u> Silver Opportunity Partners LLC \| Sunshine Mine S-K 1300 Technical Report Summary on the Initial Assessment </u> <u> March 25, 2026 SLR Project No.: 123.020552.00001 </u>

SLR offers the following recommendations related to future use of the facility:

1 Convert the existing TSF to a dry stack facility

2 Include consideration of the non-ore sorter case in the design of the TSF facility

SLR offers the following recommendations related to the water treatment plant:

1 Upgrade or replace the current water treatment plant if required.

23.6 Environment

1 Continue to engage with IDEQ to facilitate the issuance of an updated IPDES wastewater discharge permit. This permit will provide the design criteria for the improvements required for the water treatment plant.

2 Engage with agencies such as IDEQ, Idaho Department of Water Resources (IDWR), and Shoshone County related to the permits required for future operation.

3 Continue to engage with local stakeholders and the community.

23.7 Capital and Operating Costs

1 Further refine the cost capital and operating cost estimates in the next stage of study.

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<u> Silver Opportunity Partners LLC \| Sunshine Mine S-K 1300 Technical Report Summary on the Initial Assessment </u> <u> March 25, 2026 SLR Project No.: 123.020552.00001 </u>

24.0 References

AACE International. 2012. Cost Estimate Classification System – As Applied in the Mining and Mineral Processing Industries, AACE International Recommended Practice No. 47R-11, 17 p.

Allen, John L. 1998. Sunshine Mine, Responding to Changes in Ore Feed, Sunshine Mining and Refining Company, Engineering and Mining Journal, February 1998.

AMEC. 2012a. Sunshine Mine Project; Evaluation of Existing Tailings Storage Facility Expansion Potential, May 2012.

AMEC. 2012b. Sunshine Mine, Kellogg ID Cursory Site Visit for Proposed Geotechnical Investigation, October 2012

American Gold and Silver (AGS). 2016. NI 43-101 Technical Report on the Galena Complex, Shoshone County, Idaho, USA, Americas Silver Corporation, December 23, 2016, p. 114.

BBE Consulting. 2013. Sunshine Mine Feasibility (mine ventilation)

Behre Dolbear and Company Inc. 1999.Due Diligence Report on the Sunshine Mine, Idaho, December 1999.

BBE Consulting. 2012. Sunshine Mine Concept Study: Ventilation and Cooling Requirements (Rev 0)

Bunker Hill Mining Corp. (BHMC). 2022. NI 43-101 Technical Report and Pre-Feasibility Study for Underground Mining, Milling, and Concentration of Lead, Silver, and Zinc at the Bunker Hill Mine, Shoshone County, Idaho, USA, Bunker Hill Mining Corp., August 29, 2022, p. 103.Canadian Institute of Mining, Metallurgy and Petroleum (CIM). 2014. CIM Definition Standards for Mineral Resources and Mineral Reserves, adopted by the CIM Council on May 10, 2014.

CIM. 2019. CIM Estimation of Mineral Resources and Mineral Reserves Best Practice Guidelines, adopted by the CIM Council on November 29, 2019.

COMEXLive.org. COMEX Silver, <u>https://comexlive.org/silver/</u> (accessed on March 18, 2026).

Dames & Moore. 1978. Report on Investigation and Design Tailings Impoundment Facility, Kellogg, Idaho, For Sunshine Mining Company. July 1978.

Dames & Moore. 1979. Report on Construction Activities, Tailings Impoundment Facility, Kellogg, Idaho, For Sunshine Mining Company. April 1979.

Golder Associates Inc., Draft Hydrology/Hydrogeology Baseline Study, Sunshine Silver Mine, July 11, 2012.

Google, 2003. Map of Sunshine Mine Vicinity, Retrieved December 10, 2023, from <u>www.google.com</u>.

G&T. 2013. Metallurgical Flowsheet Development Testing on Sunshine Mine Samples, Idaho, USA. KM3390, Final Report, March 20, 2013.

Hydrometrics, Inc. 2023. Sunshine Mine Tailings Storage Facility Engineer's Report of Safety Inspection, dated November 2023.

IDWR. Sunshine No.2 MTIS Inspection and Storage Authorization, March 2023.

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<u> Silver Opportunity Partners LLC \| Sunshine Mine S-K 1300 Technical Report Summary on the Initial Assessment </u> <u> March 25, 2026 SLR Project No.: 123.020552.00001 </u>

Itasca Consulting Group, Inc., Scoping Level Geotechnical Mining Assessment for Re-Opening of the Sunshine Mine, June 23, 2012

Langston and Associates. 2012. Sunshine Silver Mine Prefeasibility Study Geotechnical Analysis and Review

Langston and Associates, Sunshine Silver Mines Technical Follow-up, January 17, 2013

McLean, Michael E., Mine Manager, Sunshine Mine, Return to Production Critical Path Development od the Sunshine Mine, February 27, 2007

Nickel, Greg, Chief Geologist, Sunshine Mine Pumping and Water Treatment Q&A, November 13, 2013

Mine Systems Design, Inc. (MDS) 2012. Sunshine PEA, Design Rationale and Paste Distribution System Conceptual Backfill System Design

MDS. 2013. Sunshine Silver Mines Sunshine Mine Paste Backfill Total Tailings Test work Report.

Pocock Industrial Inc. 2013. Sample Characterization, Particle Size Analysis, Flocculant Screening, Gravity Sedimentation, Pulp Rheology, Vacuum Filtration and Pressure Filtration Studies. Conducted for Samuel Engineering and Sunshine Mine. February 2013.

Samuel Engineering. 2013. Basis of Estimate – Capital Cost for Antimony Plant, Sunshine Silver Mines Corporation, Sunshine Mine Project, Project Number 13062-02, September 6, 2013.

SRK Consulting (US) Inc. (SRK). 2023. Sunshine Mine Scoping Study Summary, Prepared for Silver Opportunity Partners, September 26, 2023.

SRK. 2024. NI 43-101 Technical Report, Sunshine Mine, Idaho, Effective Date: December 21, 2023. Prepared for Silver Opportunity Partners, LLC by SRK Consulting (U.S.), Inc. January 24, 2024.

Steinert GmbH. 2018. XRT Test Work Report, Sunshine Mining and Refining Corporation, Waste Rock Sorting Test Work, Opportunity No. 7826, June 20, 2018.

Sunshine Silver Mines, Sunshine Mine, Ground Control; Guidelines, October 2014.

Sunshine Mining Company, Engineers File 520, Sunshine Mine Jewell Shaft Pumping System, prepared for Sterling Mining Co., by J.R. Thomas, October 31, 2003

TetraTech. 2020. Initial Assessment – Preliminary Economic Assessment NI 43-101 Technical Report on the Sunshine Silver Miner Project, effective January 17, 2020, p. 234.

Thomas, J.R. 2003. Jewell Shaft Pumping System, October 31, 2003.

Whyatt, White & Johnson, USBM RI 9616, Strength and Deformation Properties of Belt Strata, Coeur d'Alene Mining District, ID

Whyatt, Blake, Williams and White, Sixty Years of Rock Bursting in the Coeur d'Alene district of Northern Idaho: Lessons Learned and Remaining Issues, 2002

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<u> Silver Opportunity Partners LLC \| Sunshine Mine S-K 1300 Technical Report Summary on the Initial Assessment </u> <u> March 25, 2026 SLR Project No.: 123.020552.00001 </u>

25.0 Reliance on Information Provided by the Registrant

This TRS has been prepared by SLR for Silver Opportunity Partners (SOP or Sunshine). The information, conclusions, opinions, and estimates contained herein are based on:

● Information available to SLR at the time of preparation of this TRS.

● Assumptions, conditions, and qualifications as set forth in this TRS.

● Data, reports, and other information supplied by SOP and other third-party sources.

For this TRS, the SRK QP, who is responsible for Section 3.0, has relied on ownership information provided by SOP in legal opinions provided by Burgex (Burgex 2023) and Dorsey & Whitney LLP (Dorsey & Whitney 2023). The SRK QP considers it reasonable to rely on these legal opinions as the listed firms are responsible for maintaining this information.

SLR and SRK have not researched property title or mineral rights for the Sunshine Mine and express no opinion as to the ownership status of the property.

SLR has relied on SOP for guidance on applicable taxes, royalties, and other government levies or interests, applicable to revenue or income from Sunshine Mine in Sections 1.0, 19.0, and 21.0.

The Qualified Persons have taken all appropriate steps, in their professional opinion, to ensure that the above information from SOP is sound.

Except as provided by applicable laws, any use of this TRS by any third party is at that party's sole risk.

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|:---|:---|
| 25-1 | ![](ny20061035x4_ex96-1img002.jpg) |

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<u> Silver Opportunity Partners LLC \| Sunshine Mine S-K 1300 Technical Report Summary on the Initial Assessment </u> <u> March 25, 2026 SLR Project No.: 123.020552.00001 </u>

26.0 Date and Signature Page

This report titled "S-K 1300 Technical Report Summary on the Initial Assessment, Sunshine Mine, Idaho, USA", dated March 25, 2026, was prepared and signed by:

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| | |
|:---|:---|
|  | **(Signed) *SLR International Corporation*** |
| Dated at Lakewood, CO |  |
| March 25, 2026 | SLR International Corporation |

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This report titled "S-K 1300 Technical Report Summary on the Initial Assessment, Sunshine Mine, Idaho, USA" dated March 25, 2026, was prepared and signed by:

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| | |
|:---|:---|
|  | **(Signed) *SRK Consulting (U.S.), Inc.*** |
| Dated at Denver, CO |  |
| March 25, 2026 | SRK Consulting (U.S.), Inc. |

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|:---|:---|
| 26-1 | ![](ny20061035x4_ex96-1img002.jpg) |

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<u> Silver Opportunity Partners LLC \| Sunshine Mine S-K 1300 Technical Report Summary on the Initial Assessment </u> <u> March 25, 2026 SLR Project No.: 123.020552.00001 </u>

**27.0** **Appendix 1 Cash Flow Analysis** 

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|:---|:---|
| 27-1 | ![](ny20061035x4_ex96-1img002.jpg) |

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<u> Silver Opportunity Partners LLC \| Sunshine Mine S-K 1300 Technical Report Summary on the Initial Assessment </u> <u> March 25, 2026 SLR Project No.: 123.020552.00001 </u>

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|:---|:---|
| **Table 27-1:** | **Project Cashflow (Base Case)** |

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![](ny20061035x4_ex96-1img089.jpg)

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|:---|:---|
| 27-2 | ![](ny20061035x4_ex96-1img002.jpg) |

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<u> Silver Opportunity Partners LLC \| Sunshine Mine S-K 1300 Technical Report Summary on the Initial Assessment </u> <u> March 25, 2026 SLR Project No.: 123.020552.00001 </u>

![](ny20061035x4_ex96-1img089a.jpg)

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|:---|:---|
| 27-3 | ![](ny20061035x4_ex96-1img002.jpg) |

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<u> Silver Opportunity Partners LLC \| Sunshine Mine S-K 1300 Technical Report Summary on the Initial Assessment </u> <u> March 25, 2026 SLR Project No.: 123.020552.00001 </u>

![](ny20061035x4_ex96-1img089b.jpg)

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|:---|:---|
| 27-4 | ![](ny20061035x4_ex96-1img002.jpg) |

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<u> Silver Opportunity Partners LLC \| Sunshine Mine S-K 1300 Technical Report Summary on the Initial Assessment </u> <u> March 25, 2026 SLR Project No.: 123.020552.00001 </u>

![](ny20061035x4_ex96-1img089c.jpg)

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|:---|:---|
| 27-5 | ![](ny20061035x4_ex96-1img002.jpg) |

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<u> Silver Opportunity Partners LLC \| Sunshine Mine S-K 1300 Technical Report Summary on the Initial Assessment </u> <u> March 25, 2026 SLR Project No.: 123.020552.00001 </u>

**Table 27-2:&nbsp;&nbsp;&nbsp;&nbsp;Project Cashflow (Indicated Only Case)**

![](ny20061035x4_ex96-1img089d.jpg)

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|:---|:---|
| 27-6 | ![](ny20061035x4_ex96-1img002.jpg) |

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<u> Silver Opportunity Partners LLC \| Sunshine Mine S-K 1300 Technical Report Summary on the Initial Assessment </u> <u> March 25, 2026 SLR Project No.: 123.020552.00001 </u>

![](ny20061035x4_ex96-1img089e.jpg)

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|:---|:---|
| 27-7 | ![](ny20061035x4_ex96-1img002.jpg) |

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<u> Silver Opportunity Partners LLC \| Sunshine Mine S-K 1300 Technical Report Summary on the Initial Assessment </u> <u> March 25, 2026 SLR Project No.: 123.020552.00001 </u>

![](ny20061035x4_ex96-1img089f.jpg)

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|:---|:---|
| 27-8 | ![](ny20061035x4_ex96-1img002.jpg) |

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<u> Silver Opportunity Partners LLC \| Sunshine Mine S-K 1300 Technical Report Summary on the Initial Assessment </u> <u> March 25, 2026 SLR Project No.: 123.020552.00001 </u>

**28.0** **Appendix 2 List of Claims** 

**Table 28-1:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;List of Patented Claims**

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**License Code** | &nbsp;&nbsp;&nbsp;**License Name** | &nbsp;&nbsp;&nbsp;**Parties** | &nbsp;&nbsp;&nbsp;**Interest** | &nbsp;&nbsp;&nbsp;**Area<br> (ac)** | &nbsp;&nbsp;&nbsp;**Map Reference** |
| &nbsp;&nbsp;&nbsp;1 | &nbsp;&nbsp;&nbsp;700_Polaris Lode | &nbsp;&nbsp;&nbsp;Polaris Lode | &nbsp;&nbsp;&nbsp;Sunshine Mine (100%); Sunshine Mine | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;18.93 | &nbsp;&nbsp;&nbsp;United States, 48N 3E,14, 15; Shoshone |
| &nbsp;&nbsp;&nbsp;2 | &nbsp;&nbsp;&nbsp;701_Southern Cross | &nbsp;&nbsp;&nbsp;Southern Cross | &nbsp;&nbsp;&nbsp;Sunshine Mine (100%); Sunshine Mine | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;18.13 | &nbsp;&nbsp;&nbsp;United States, 48N 3E,15; Shoshone |
| &nbsp;&nbsp;&nbsp;3 | &nbsp;&nbsp;&nbsp;702_Omega Lode | &nbsp;&nbsp;&nbsp;Omega Lode | &nbsp;&nbsp;&nbsp;Sunshine Mine (100%); Sunshine Mine | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;16.64 | &nbsp;&nbsp;&nbsp;United States, 48N 3E,14, 15; Shoshone |
| &nbsp;&nbsp;&nbsp;4 | &nbsp;&nbsp;&nbsp;883_Mineral Point (Lot No.42) | &nbsp;&nbsp;&nbsp;Mineral Point (Lot No.42) | &nbsp;&nbsp;&nbsp;Other (0%); Sunshine Mine | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;19.45 | &nbsp;&nbsp;&nbsp;United States, 48N 3E,24; 48N 4E,19; Shoshone |
| &nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;1006_Coeur dAlene Nellie | &nbsp;&nbsp;&nbsp;Coeur dAlene Nellie | &nbsp;&nbsp;&nbsp;Other (0%); Sunshine Mine | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;14.12 | &nbsp;&nbsp;&nbsp;United States, 48N 3E,13, 14, 23, 24; Shoshone |
| &nbsp;&nbsp;&nbsp;6 | &nbsp;&nbsp;&nbsp;1006_Emma Nevada | &nbsp;&nbsp;&nbsp;Emma Nevada | &nbsp;&nbsp;&nbsp;Other (0%); Sunshine Mine | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;15.48 | &nbsp;&nbsp;&nbsp;United States, 48N 3E,13, 14; Shoshone |
| &nbsp;&nbsp;&nbsp;7 | &nbsp;&nbsp;&nbsp;1335_Josephine | &nbsp;&nbsp;&nbsp;Josephine | &nbsp;&nbsp;&nbsp;Sunshine Mine (100%); Sunshine Mine | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;19.36 | &nbsp;&nbsp;&nbsp;United States, 48N 5E,16, 17; Shoshone |
| &nbsp;&nbsp;&nbsp;8 | &nbsp;&nbsp;&nbsp;1354_Snowdrift | &nbsp;&nbsp;&nbsp;Snowdrift | &nbsp;&nbsp;&nbsp;Sunshine Mine (100%); Sunshine Mine & Hecla | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;18.44 | &nbsp;&nbsp;&nbsp;United States, 48N 5E,16, 17, 20, 21; Shoshone |
| &nbsp;&nbsp;&nbsp;9 | &nbsp;&nbsp;&nbsp;1482_Cape Nome | &nbsp;&nbsp;&nbsp;Cape Nome | &nbsp;&nbsp;&nbsp;Other (0%); Rock Creek Silver-Lead; Sunshine Mine | &nbsp;&nbsp;&nbsp;Leased | &nbsp;&nbsp;&nbsp;17.93 | &nbsp;&nbsp;&nbsp;United States, 47N 5E,5; Shoshone |
| &nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;2083_Bartlett | &nbsp;&nbsp;&nbsp;Bartlett | &nbsp;&nbsp;&nbsp;Other (0%); Chester Mining Company; Sunshine Mine | &nbsp;&nbsp;&nbsp;Leased | &nbsp;&nbsp;&nbsp;20.54 | &nbsp;&nbsp;&nbsp;United States, 48N 3E,14; Shoshone |
| &nbsp;&nbsp;&nbsp;11 | &nbsp;&nbsp;&nbsp;2083_Chester | &nbsp;&nbsp;&nbsp;Chester | &nbsp;&nbsp;&nbsp;Other (0%); Chester Mining Company; Sunshine Mine | &nbsp;&nbsp;&nbsp;Leased | &nbsp;&nbsp;&nbsp;16.19 | &nbsp;&nbsp;&nbsp;United States, 48N 3E,14, 15; Shoshone |
| &nbsp;&nbsp;&nbsp;12 | &nbsp;&nbsp;&nbsp;2083_Hanna | &nbsp;&nbsp;&nbsp;Hanna | &nbsp;&nbsp;&nbsp;Other (0%); Chester Mining Company; Sunshine Mine | &nbsp;&nbsp;&nbsp;Leased | &nbsp;&nbsp;&nbsp;20.54 | &nbsp;&nbsp;&nbsp;United States, 48N 3E,14; Shoshone |
| &nbsp;&nbsp;&nbsp;13 | &nbsp;&nbsp;&nbsp;2083_McKinley | &nbsp;&nbsp;&nbsp;McKinley | &nbsp;&nbsp;&nbsp;Other (0%); Chester Mining Company; Sunshine Mine | &nbsp;&nbsp;&nbsp;Leased | &nbsp;&nbsp;&nbsp;20.54 | &nbsp;&nbsp;&nbsp;United States, 48N 3E,14; Shoshone |
| &nbsp;&nbsp;&nbsp;14 | &nbsp;&nbsp;&nbsp;2083_Protection | &nbsp;&nbsp;&nbsp;Protection | &nbsp;&nbsp;&nbsp;Other (0%); Chester Mining Company; Sunshine Mine | &nbsp;&nbsp;&nbsp;Leased | &nbsp;&nbsp;&nbsp;14.99 | &nbsp;&nbsp;&nbsp;United States, 48N 3E,14, 15, 22, 23; Shoshone |
| &nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;2083_Step and Half | &nbsp;&nbsp;&nbsp;Step and Half | &nbsp;&nbsp;&nbsp;Other (0%); Chester Mining Company; Sunshine Mine | &nbsp;&nbsp;&nbsp;Leased | &nbsp;&nbsp;&nbsp;13.26 | &nbsp;&nbsp;&nbsp;United States, 48N 3E,14; Shoshone |
| &nbsp;&nbsp;&nbsp;16 | &nbsp;&nbsp;&nbsp;2183_Ben Harrison | &nbsp;&nbsp;&nbsp;Ben Harrison | &nbsp;&nbsp;&nbsp;Sunshine Mine (100%); Sunshine Mine | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;15.83 | &nbsp;&nbsp;&nbsp;United States, 48N 5E,17; Shoshone |
| &nbsp;&nbsp;&nbsp;17 | &nbsp;&nbsp;&nbsp;2267A_Cleaveland | &nbsp;&nbsp;&nbsp;Cleaveland | &nbsp;&nbsp;&nbsp;Sunshine Mine (100%); Sunshine Mine | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;19.81 | &nbsp;&nbsp;&nbsp;United States, 48N 3E,15, 22; Shoshone |
| &nbsp;&nbsp;&nbsp;18 | &nbsp;&nbsp;&nbsp;2267A_Norcross | &nbsp;&nbsp;&nbsp;Norcross | &nbsp;&nbsp;&nbsp;Sunshine Mine (100%); Sunshine Mine | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;7.18 | &nbsp;&nbsp;&nbsp;United States, 48N 3E,15, 22; Shoshone |
| &nbsp;&nbsp;&nbsp;19 | &nbsp;&nbsp;&nbsp;2267A_Sherman | &nbsp;&nbsp;&nbsp;Sherman | &nbsp;&nbsp;&nbsp;Other (0%); Sunshine Mine | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;6.07 | &nbsp;&nbsp;&nbsp;United States, 48N 3E,15; Shoshone |
| &nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;2267A_Yankee Load | &nbsp;&nbsp;&nbsp;Yankee Load | &nbsp;&nbsp;&nbsp;Other (0%); Sunshine Mine | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;15.81 | &nbsp;&nbsp;&nbsp;United States, 48N 3E,15, 22; Shoshone |
| &nbsp;&nbsp;&nbsp;21 | &nbsp;&nbsp;&nbsp;2267B_Yankee Mill Site | &nbsp;&nbsp;&nbsp;Yankee Mill Site | &nbsp;&nbsp;&nbsp;Sunshine Mine (100%); Sunshine Mine | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;4.74 | &nbsp;&nbsp;&nbsp;United States, 48N 3E,15; Shoshone |
| &nbsp;&nbsp;&nbsp;22 | &nbsp;&nbsp;&nbsp;2506_Ranger | &nbsp;&nbsp;&nbsp;Ranger | &nbsp;&nbsp;&nbsp;Sunshine Mine (100%); Sunshine Mine | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;12.72 | &nbsp;&nbsp;&nbsp;United States, 48N 5E,17; Shoshone |
| &nbsp;&nbsp;&nbsp;23 | &nbsp;&nbsp;&nbsp;2539_Banner | &nbsp;&nbsp;&nbsp;Banner | &nbsp;&nbsp;&nbsp;Other (0%); Sunshine Mine | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;18.48 | &nbsp;&nbsp;&nbsp;United States, 47N 5E,2, 3; Shoshone |
| &nbsp;&nbsp;&nbsp;24 | &nbsp;&nbsp;&nbsp;2539_Oregon | &nbsp;&nbsp;&nbsp;Oregon | &nbsp;&nbsp;&nbsp;Other (0%); Sunshine Mine | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;17.67 | &nbsp;&nbsp;&nbsp;United States, 47N 5E,3; Shoshone |
| &nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;2539_Puzzler Boy | &nbsp;&nbsp;&nbsp;Puzzler Boy | &nbsp;&nbsp;&nbsp;Other (0%); Sunshine Mine | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;18.41 | &nbsp;&nbsp;&nbsp;United States, 47N 5E,3; Shoshone |
| &nbsp;&nbsp;&nbsp;26 | &nbsp;&nbsp;&nbsp;2539_Sister Roary | &nbsp;&nbsp;&nbsp;Sister Roary | &nbsp;&nbsp;&nbsp;Other (0%); Sunshine Mine | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;4.34 | &nbsp;&nbsp;&nbsp;United States, 47N 5E,3; Shoshone |

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|:---|:---|
| 28-1 | ![](ny20061035x4_ex96-1img002.jpg) |

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<u> Silver Opportunity Partners LLC \| Sunshine Mine S-K 1300 Technical Report Summary on the Initial Assessment </u> <u> March 25, 2026 SLR Project No.: 123.020552.00001 </u>

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**License Code** | &nbsp;&nbsp;&nbsp;**License Name** | &nbsp;&nbsp;&nbsp;**Parties** | &nbsp;&nbsp;&nbsp;**Interest** | &nbsp;&nbsp;&nbsp;**Area<br> (ac)** | &nbsp;&nbsp;&nbsp;**Map Reference** |
| &nbsp;&nbsp;&nbsp;27 | &nbsp;&nbsp;&nbsp;2539_Snyly | &nbsp;&nbsp;&nbsp;Snyly | &nbsp;&nbsp;&nbsp;Sunshine Mine (100%); Other (0%) | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;13.00 | &nbsp;&nbsp;&nbsp;United States, 47N 5E,3, 4; Shoshone |
| &nbsp;&nbsp;&nbsp;28 | &nbsp;&nbsp;&nbsp;2641_Blue Bell | &nbsp;&nbsp;&nbsp;Blue Bell | &nbsp;&nbsp;&nbsp;Other (0%); Sunshine Mine | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;16.70 | &nbsp;&nbsp;&nbsp;United States, 48N 2E,17; Shoshone |
| &nbsp;&nbsp;&nbsp;29 | &nbsp;&nbsp;&nbsp;2641_Center Star | &nbsp;&nbsp;&nbsp;Center Star | &nbsp;&nbsp;&nbsp;Other (0%); Sunshine Mine | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;14.22 | &nbsp;&nbsp;&nbsp;United States, 48N 2E,17, 20; Shoshone |
| &nbsp;&nbsp;&nbsp;30 | &nbsp;&nbsp;&nbsp;2641_Gold Standard | &nbsp;&nbsp;&nbsp;Gold Standard | &nbsp;&nbsp;&nbsp;Other (0%); Sunshine Mine | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;19.01 | &nbsp;&nbsp;&nbsp;United States, 48N 2E,17, 20; Shoshone |
| &nbsp;&nbsp;&nbsp;31 | &nbsp;&nbsp;&nbsp;2641_Mucker | &nbsp;&nbsp;&nbsp;Mucker | &nbsp;&nbsp;&nbsp;Other (0%); Sunshine Mine | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;14.75 | &nbsp;&nbsp;&nbsp;United States, 48N 2E,17; Shoshone |
| &nbsp;&nbsp;&nbsp;32 | &nbsp;&nbsp;&nbsp;2641_Surprise | &nbsp;&nbsp;&nbsp;Surprise | &nbsp;&nbsp;&nbsp;Other (0%); Sunshine Mine | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;14.76 | &nbsp;&nbsp;&nbsp;United States, 48N 2E,17, 20; Shoshone |
| &nbsp;&nbsp;&nbsp;33 | &nbsp;&nbsp;&nbsp;2807_Bay Horse | &nbsp;&nbsp;&nbsp;Bay Horse | &nbsp;&nbsp;&nbsp;Other (0%); Sunshine Mine | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 48N 3E,19, 20; Shoshone |
| &nbsp;&nbsp;&nbsp;34 | &nbsp;&nbsp;&nbsp;2807_Corona | &nbsp;&nbsp;&nbsp;Corona | &nbsp;&nbsp;&nbsp;Other (0%); Sunshine Mine | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.24 | &nbsp;&nbsp;&nbsp;United States, 48N 3E,20; Shoshone |
| &nbsp;&nbsp;&nbsp;35 | &nbsp;&nbsp;&nbsp;2807_Corona No.1 | &nbsp;&nbsp;&nbsp;Corona No.1 | &nbsp;&nbsp;&nbsp;Other (0%); Sunshine Mine | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.24 | &nbsp;&nbsp;&nbsp;United States, 48N 3E,20; Shoshone |
| &nbsp;&nbsp;&nbsp;36 | &nbsp;&nbsp;&nbsp;2807_Corona No.2 | &nbsp;&nbsp;&nbsp;Corona No.2 | &nbsp;&nbsp;&nbsp;Other (0%); Sunshine Mine | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.24 | &nbsp;&nbsp;&nbsp;United States, 48N 3E,20; Shoshone |
| &nbsp;&nbsp;&nbsp;37 | &nbsp;&nbsp;&nbsp;2807_Corona No.3 | &nbsp;&nbsp;&nbsp;Corona No.3 | &nbsp;&nbsp;&nbsp;Other (0%); Sunshine Mine | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.24 | &nbsp;&nbsp;&nbsp;United States, 48N 3E,20; Shoshone |
| &nbsp;&nbsp;&nbsp;38 | &nbsp;&nbsp;&nbsp;2807_Excellsior | &nbsp;&nbsp;&nbsp;Excellsior | &nbsp;&nbsp;&nbsp;Other (0%); Sunshine Mine | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 48N 3E,20; Shoshone |
| &nbsp;&nbsp;&nbsp;39 | &nbsp;&nbsp;&nbsp;2807_Gem | &nbsp;&nbsp;&nbsp;Gem | &nbsp;&nbsp;&nbsp;Other (0%); Sunshine Mine | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.57 | &nbsp;&nbsp;&nbsp;United States, 48N 3E,19, 20; Shoshone |
| &nbsp;&nbsp;&nbsp;40 | &nbsp;&nbsp;&nbsp;2807_Grouse | &nbsp;&nbsp;&nbsp;Grouse | &nbsp;&nbsp;&nbsp;Other (0%); Sunshine Mine | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 48N 3E,20; Shoshone |
| &nbsp;&nbsp;&nbsp;41 | &nbsp;&nbsp;&nbsp;2807_Happy Day | &nbsp;&nbsp;&nbsp;Happy Day | &nbsp;&nbsp;&nbsp;Other (0%); Sunshine Mine | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;11.53 | &nbsp;&nbsp;&nbsp;United States, 48N 3E,19; Shoshone |
| &nbsp;&nbsp;&nbsp;42 | &nbsp;&nbsp;&nbsp;2807_Happy Jack | &nbsp;&nbsp;&nbsp;Happy Jack | &nbsp;&nbsp;&nbsp;Other (0%); Sunshine Mine | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;9.06 | &nbsp;&nbsp;&nbsp;United States, 48N 3E,19; Shoshone |
| &nbsp;&nbsp;&nbsp;43 | &nbsp;&nbsp;&nbsp;2807_Rockford | &nbsp;&nbsp;&nbsp;Rockford | &nbsp;&nbsp;&nbsp;Other (0%); Sunshine Mine | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 48N 3E,20; Shoshone |
| &nbsp;&nbsp;&nbsp;44 | &nbsp;&nbsp;&nbsp;2853_Globe | &nbsp;&nbsp;&nbsp;Globe | &nbsp;&nbsp;&nbsp;Other (0%); Finucane; Sunshine Mine | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;18.50 | &nbsp;&nbsp;&nbsp;United States, 48N 2E,21, 22; Shoshone |
| &nbsp;&nbsp;&nbsp;45 | &nbsp;&nbsp;&nbsp;2974_Lead Point No.1 | &nbsp;&nbsp;&nbsp;Lead Point No.1 | &nbsp;&nbsp;&nbsp;Sunshine Mine (100%); Sunshine Mine | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;18.25 | &nbsp;&nbsp;&nbsp;United States, 48N 3E,25; Shoshone |
| &nbsp;&nbsp;&nbsp;46 | &nbsp;&nbsp;&nbsp;2974_Lead Point No.2 | &nbsp;&nbsp;&nbsp;Lead Point No.2 | &nbsp;&nbsp;&nbsp;Sunshine Mine (100%); Sunshine Mine | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;19.44 | &nbsp;&nbsp;&nbsp;United States, 48N 3E,25; Shoshone |
| &nbsp;&nbsp;&nbsp;47 | &nbsp;&nbsp;&nbsp;3081A_Black Pine | &nbsp;&nbsp;&nbsp;Black Pine | &nbsp;&nbsp;&nbsp;Sunshine Mine (100%); Sunshine Mine | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;1.41 | &nbsp;&nbsp;&nbsp;United States, 48N 5E,17, 20; Shoshone |
| &nbsp;&nbsp;&nbsp;48 | &nbsp;&nbsp;&nbsp;3081A_Erin Amended | &nbsp;&nbsp;&nbsp;Erin Amended | &nbsp;&nbsp;&nbsp;Sunshine Mine (100%); Sunshine Mine | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;18.16 | &nbsp;&nbsp;&nbsp;United States, 48N 5E,17; Shoshone |
| &nbsp;&nbsp;&nbsp;49 | &nbsp;&nbsp;&nbsp;3081A_Gilt Edge | &nbsp;&nbsp;&nbsp;Gilt Edge | &nbsp;&nbsp;&nbsp;Sunshine Mine (100%); Sunshine Mine | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;16.85 | &nbsp;&nbsp;&nbsp;United States, 48N 5E,17, 20; Shoshone |
| &nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;3081A_Gilt Edge Fraction | &nbsp;&nbsp;&nbsp;Gilt Edge Fraction | &nbsp;&nbsp;&nbsp;Sunshine Mine (100%); Sunshine Mine | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;4.82 | &nbsp;&nbsp;&nbsp;United States, 48N 5E,20; Shoshone |
| &nbsp;&nbsp;&nbsp;51 | &nbsp;&nbsp;&nbsp;3081A_Iron Silver Fr. Am. | &nbsp;&nbsp;&nbsp;Iron Silver Fr. Am. | &nbsp;&nbsp;&nbsp;Sunshine Mine (100%); Sunshine Mine | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;14.76 | &nbsp;&nbsp;&nbsp;United States, 48N 5E,17, 20; Shoshone |
| &nbsp;&nbsp;&nbsp;52 | &nbsp;&nbsp;&nbsp;3081A_Maid of Erin | &nbsp;&nbsp;&nbsp;Maid of Erin | &nbsp;&nbsp;&nbsp;Sunshine Mine (100%); Sunshine Mine | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;8.95 | &nbsp;&nbsp;&nbsp;United States, 48N 5E,16, 17; Shoshone |
| &nbsp;&nbsp;&nbsp;53 | &nbsp;&nbsp;&nbsp;3081A_Mcsweeny | &nbsp;&nbsp;&nbsp;Mcsweeny | &nbsp;&nbsp;&nbsp;Other (0%); Sunshine Mine | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;0.21 | &nbsp;&nbsp;&nbsp;United States, 48N 5E,16, 17, 20, 21; Shoshone |
| &nbsp;&nbsp;&nbsp;54 | &nbsp;&nbsp;&nbsp;3081A_Nobel Schley Am. | &nbsp;&nbsp;&nbsp;Nobel Schley Am. | &nbsp;&nbsp;&nbsp;Other (0%); Sunshine Mine | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;17.20 | &nbsp;&nbsp;&nbsp;United States, 48N 5E,17; Shoshone |
| &nbsp;&nbsp;&nbsp;55 | &nbsp;&nbsp;&nbsp;3081A_Patrick Henry Am. | &nbsp;&nbsp;&nbsp;Patrick Henry Am. | &nbsp;&nbsp;&nbsp;Sunshine Mine (100%); Sunshine Mine | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;10.56 | &nbsp;&nbsp;&nbsp;United States, 48N 5E,17; Shoshone |
| &nbsp;&nbsp;&nbsp;56 | &nbsp;&nbsp;&nbsp;3081A_Patrick Henry Fr. Am. | &nbsp;&nbsp;&nbsp;Patrick Henry Fr. Am. | &nbsp;&nbsp;&nbsp;Sunshine Mine (100%); Sunshine Mine | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;8.28 | &nbsp;&nbsp;&nbsp;United States, 48N 5E,17; Shoshone |

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|:---|:---|
| 28-2 | ![](ny20061035x4_ex96-1img002.jpg) |

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<u> Silver Opportunity Partners LLC \| Sunshine Mine S-K 1300 Technical Report Summary on the Initial Assessment </u> <u> March 25, 2026 SLR Project No.: 123.020552.00001 </u>

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**License Code** | &nbsp;&nbsp;&nbsp;**License Name** | &nbsp;&nbsp;&nbsp;**Parties** | &nbsp;&nbsp;&nbsp;**Interest** | &nbsp;&nbsp;&nbsp;**Area<br> (ac)** | &nbsp;&nbsp;&nbsp;**Map Reference** |
| &nbsp;&nbsp;&nbsp;57 | &nbsp;&nbsp;&nbsp;3081A_Sampson | &nbsp;&nbsp;&nbsp;Sampson | &nbsp;&nbsp;&nbsp;Sunshine Mine (100%); Sunshine Mine | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;8.26 | &nbsp;&nbsp;&nbsp;United States, 48N 5E,17; Shoshone |
| &nbsp;&nbsp;&nbsp;58 | &nbsp;&nbsp;&nbsp;3081A_Snow Cap | &nbsp;&nbsp;&nbsp;Snow Cap | &nbsp;&nbsp;&nbsp;Sunshine Mine (100%); Sunshine Mine | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;0.06 | &nbsp;&nbsp;&nbsp;United States, 48N 5E,20, 21; Shoshone |
| &nbsp;&nbsp;&nbsp;59 | &nbsp;&nbsp;&nbsp;3081A_Snow Flake Fr. | &nbsp;&nbsp;&nbsp;Snow Flake Fr. | &nbsp;&nbsp;&nbsp;Sunshine Mine (100%); Sunshine Mine | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;5.37 | &nbsp;&nbsp;&nbsp;United States, 48N 5E,17, 20, 21; Shoshone |
| &nbsp;&nbsp;&nbsp;60 | &nbsp;&nbsp;&nbsp;3081A_White Pine Amended | &nbsp;&nbsp;&nbsp;White Pine Amended | &nbsp;&nbsp;&nbsp;Sunshine Mine (100%); Sunshine Mine | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;15.15 | &nbsp;&nbsp;&nbsp;United States, 48N 5E,17; Shoshone |
| &nbsp;&nbsp;&nbsp;61 | &nbsp;&nbsp;&nbsp;3081B_Maid of Erin Millsite | &nbsp;&nbsp;&nbsp;Maid of Erin Millsite | &nbsp;&nbsp;&nbsp;Sunshine Mine (100%); Sunshine Mine | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;4.87 | &nbsp;&nbsp;&nbsp;United States, 48N 5E,17; Shoshone |
| &nbsp;&nbsp;&nbsp;62 | &nbsp;&nbsp;&nbsp;3081B_Nobel Schley Millsite | &nbsp;&nbsp;&nbsp;Nobel Schley Millsite | &nbsp;&nbsp;&nbsp;Sunshine Mine (100%); Sunshine Mine | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;4.80 | &nbsp;&nbsp;&nbsp;United States, 48N 5E,8, 17; Shoshone |
| &nbsp;&nbsp;&nbsp;63 | &nbsp;&nbsp;&nbsp;3169_American | &nbsp;&nbsp;&nbsp;American | &nbsp;&nbsp;&nbsp;Other (0%); Sunshine Mine | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;18.70 | &nbsp;&nbsp;&nbsp;United States, 48N 3E,14, 15, 22; Shoshone |
| &nbsp;&nbsp;&nbsp;64 | &nbsp;&nbsp;&nbsp;3169_Iron King | &nbsp;&nbsp;&nbsp;Iron King | &nbsp;&nbsp;&nbsp;Sunshine Mine (100%); Sunshine Mine | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;19.14 | &nbsp;&nbsp;&nbsp;United States, 48N 3E,22; Shoshone |
| &nbsp;&nbsp;&nbsp;65 | &nbsp;&nbsp;&nbsp;3169_Majestic | &nbsp;&nbsp;&nbsp;Majestic | &nbsp;&nbsp;&nbsp;Other (0%); Sunshine Mine | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.12 | &nbsp;&nbsp;&nbsp;United States, 48N 3E,22; Shoshone |
| &nbsp;&nbsp;&nbsp;66 | &nbsp;&nbsp;&nbsp;3169_McKenzie | &nbsp;&nbsp;&nbsp;McKenzie | &nbsp;&nbsp;&nbsp;Sunshine Mine (100%); Sunshine Mine | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.33 | &nbsp;&nbsp;&nbsp;United States, 48N 3E,22; Shoshone |
| &nbsp;&nbsp;&nbsp;67 | &nbsp;&nbsp;&nbsp;3169_McKenzie Fraction | &nbsp;&nbsp;&nbsp;McKenzie Fraction | &nbsp;&nbsp;&nbsp;Sunshine Mine (100%); Sunshine Mine | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;14.09 | &nbsp;&nbsp;&nbsp;United States, 48N 3E,15, 22; Shoshone |
| &nbsp;&nbsp;&nbsp;68 | &nbsp;&nbsp;&nbsp;3169_Rambo | &nbsp;&nbsp;&nbsp;Rambo | &nbsp;&nbsp;&nbsp;Other (0%); Sunshine Mine | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.04 | &nbsp;&nbsp;&nbsp;United States, 48N 3E,15, 22; Shoshone |
| &nbsp;&nbsp;&nbsp;69 | &nbsp;&nbsp;&nbsp;3169_Rambo Fraction | &nbsp;&nbsp;&nbsp;Rambo Fraction | &nbsp;&nbsp;&nbsp;Other (0%); Sunshine Mine | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;6.90 | &nbsp;&nbsp;&nbsp;United States, 48N 3E,15, 22; Shoshone |
| &nbsp;&nbsp;&nbsp;70 | &nbsp;&nbsp;&nbsp;3169_Sunshine | &nbsp;&nbsp;&nbsp;Sunshine | &nbsp;&nbsp;&nbsp;Sunshine Mine (100%); Sunshine Mine | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;19.14 | &nbsp;&nbsp;&nbsp;United States, 48N 3E,22; Shoshone |
| &nbsp;&nbsp;&nbsp;71 | &nbsp;&nbsp;&nbsp;3169_Thin | &nbsp;&nbsp;&nbsp;Thin | &nbsp;&nbsp;&nbsp;Sunshine Mine (100%); Sunshine Mine | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;15.66 | &nbsp;&nbsp;&nbsp;United States, 48N 3E,21, 22; Shoshone |
| &nbsp;&nbsp;&nbsp;72 | &nbsp;&nbsp;&nbsp;3169_Yakima | &nbsp;&nbsp;&nbsp;Yakima | &nbsp;&nbsp;&nbsp;Other (0%); Sunshine Mine | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.33 | &nbsp;&nbsp;&nbsp;United States, 48N 3E,22; Shoshone |
| &nbsp;&nbsp;&nbsp;73 | &nbsp;&nbsp;&nbsp;3170_Grizzly Bear | &nbsp;&nbsp;&nbsp;Grizzly Bear | &nbsp;&nbsp;&nbsp;Other (0%); Sunshine Mine | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;10.15 | &nbsp;&nbsp;&nbsp;United States, 48N 3E,23; Shoshone |
| &nbsp;&nbsp;&nbsp;74 | &nbsp;&nbsp;&nbsp;3170_Jumbo # 5 | &nbsp;&nbsp;&nbsp;Jumbo # 5 | &nbsp;&nbsp;&nbsp;Sunshine Mine (25%); Sunshine Mine | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;17.59 | &nbsp;&nbsp;&nbsp;United States, 48N 3E,23; Shoshone |
| &nbsp;&nbsp;&nbsp;75 | &nbsp;&nbsp;&nbsp;3170_Jumbo # 6 | &nbsp;&nbsp;&nbsp;Jumbo # 6 | &nbsp;&nbsp;&nbsp;Other (0%); Sunshine Mine | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;19.46 | &nbsp;&nbsp;&nbsp;United States, 48N 3E,23; Shoshone |
| &nbsp;&nbsp;&nbsp;76 | &nbsp;&nbsp;&nbsp;3170_Jumbo No. 1 | &nbsp;&nbsp;&nbsp;Jumbo No. 1 | &nbsp;&nbsp;&nbsp;Other (0%); Sunshine Mine | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;14.97 | &nbsp;&nbsp;&nbsp;United States, 48N 3E,23; Shoshone |
| &nbsp;&nbsp;&nbsp;77 | &nbsp;&nbsp;&nbsp;3170_Jumbo No. 2 | &nbsp;&nbsp;&nbsp;Jumbo No. 2 | &nbsp;&nbsp;&nbsp;Other (0%); Sunshine Mine | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;17.01 | &nbsp;&nbsp;&nbsp;United States, 48N 3E,23, 24; Shoshone |
| &nbsp;&nbsp;&nbsp;78 | &nbsp;&nbsp;&nbsp;3170_Jumbo No. 3 | &nbsp;&nbsp;&nbsp;Jumbo No. 3 | &nbsp;&nbsp;&nbsp;Other (0%); Sunshine Mine | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;14.19 | &nbsp;&nbsp;&nbsp;United States, 48N 3E,23; Shoshone |
| &nbsp;&nbsp;&nbsp;79 | &nbsp;&nbsp;&nbsp;3170_Jumbo No. 4 | &nbsp;&nbsp;&nbsp;Jumbo No. 4 | &nbsp;&nbsp;&nbsp;Other (0%); Sunshine Mine | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;17.86 | &nbsp;&nbsp;&nbsp;United States, 48N 3E,23, 24; Shoshone |
| &nbsp;&nbsp;&nbsp;80 | &nbsp;&nbsp;&nbsp;3170_Key West | &nbsp;&nbsp;&nbsp;Key West | &nbsp;&nbsp;&nbsp;Other (0%); Sunshine Mine | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;11.90 | &nbsp;&nbsp;&nbsp;United States, 48N 3E,23; Shoshone |
| &nbsp;&nbsp;&nbsp;81 | &nbsp;&nbsp;&nbsp;3170_Protection Fraction | &nbsp;&nbsp;&nbsp;Protection Fraction | &nbsp;&nbsp;&nbsp;Other (0%); Sunshine Mine | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;3.01 | &nbsp;&nbsp;&nbsp;United States, 48N 3E,14, 15, 22, 23; Shoshone |
| &nbsp;&nbsp;&nbsp;82 | &nbsp;&nbsp;&nbsp;3170_Torpedo | &nbsp;&nbsp;&nbsp;Torpedo | &nbsp;&nbsp;&nbsp;Other (0%); Sunshine Mine | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;13.55 | &nbsp;&nbsp;&nbsp;United States, 48N 3E,23; Shoshone |
| &nbsp;&nbsp;&nbsp;83 | &nbsp;&nbsp;&nbsp;3174_West End | &nbsp;&nbsp;&nbsp;West End | &nbsp;&nbsp;&nbsp;Other (0%); Sunshine Mine | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;15.21 | &nbsp;&nbsp;&nbsp;United States, 48N 3E,14, 23; Shoshone |
| &nbsp;&nbsp;&nbsp;84 | &nbsp;&nbsp;&nbsp;3191_Rainbow No.2 | &nbsp;&nbsp;&nbsp;Rainbow No.2 | &nbsp;&nbsp;&nbsp;Other (0%); Sunshine Mine | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;15.50 | &nbsp;&nbsp;&nbsp;United States, 48N 4E,19; Shoshone |
| &nbsp;&nbsp;&nbsp;85 | &nbsp;&nbsp;&nbsp;3220_Go Between | &nbsp;&nbsp;&nbsp;Go Between | &nbsp;&nbsp;&nbsp;Other (0%); Sunshine Mine | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;14.21 | &nbsp;&nbsp;&nbsp;United States, 48N 3E,13; Shoshone |
| &nbsp;&nbsp;&nbsp;86 | &nbsp;&nbsp;&nbsp;3220_Homestake | &nbsp;&nbsp;&nbsp;Homestake | &nbsp;&nbsp;&nbsp;Sunshine Mine (50%); Sunshine Mine | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;17.91 | &nbsp;&nbsp;&nbsp;United States, 48N 3E,13; Shoshone |

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|:---|:---|
| 28-3 | ![](ny20061035x4_ex96-1img002.jpg) |

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<u> Silver Opportunity Partners LLC \| Sunshine Mine S-K 1300 Technical Report Summary on the Initial Assessment </u> <u> March 25, 2026 SLR Project No.: 123.020552.00001 </u>

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**License Code** | &nbsp;&nbsp;&nbsp;**License Name** | &nbsp;&nbsp;&nbsp;**Parties** | &nbsp;&nbsp;&nbsp;**Interest** | &nbsp;&nbsp;&nbsp;**Area<br> (ac)** | &nbsp;&nbsp;&nbsp;**Map Reference** |
| &nbsp;&nbsp;&nbsp;87 | &nbsp;&nbsp;&nbsp;3220_Maxwell Fraction | &nbsp;&nbsp;&nbsp;Maxwell Fraction | &nbsp;&nbsp;&nbsp;Other (0%); Sunshine Mine | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;4.22 | &nbsp;&nbsp;&nbsp;United States, 48N 3E,13; Shoshone |
| &nbsp;&nbsp;&nbsp;88 | &nbsp;&nbsp;&nbsp;3220_Maxwell No. 1 | &nbsp;&nbsp;&nbsp;Maxwell No. 1 | &nbsp;&nbsp;&nbsp;Other (0%); Sunshine Mine | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;19.91 | &nbsp;&nbsp;&nbsp;United States, 48N 3E,13, 14; Shoshone |
| &nbsp;&nbsp;&nbsp;89 | &nbsp;&nbsp;&nbsp;3220_Maxwell No. 2 | &nbsp;&nbsp;&nbsp;Maxwell No. 2 | &nbsp;&nbsp;&nbsp;Other (0%); Sunshine Mine | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.65 | &nbsp;&nbsp;&nbsp;United States, 48N 3E,13, 14; Shoshone |
| &nbsp;&nbsp;&nbsp;90 | &nbsp;&nbsp;&nbsp;3220_Maxwell No. 3 | &nbsp;&nbsp;&nbsp;Maxwell No. 3 | &nbsp;&nbsp;&nbsp;Sunshine Mine (100%); Sunshine Mine | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;11.00 | &nbsp;&nbsp;&nbsp;United States, 48N 3E,13; Shoshone |
| &nbsp;&nbsp;&nbsp;91 | &nbsp;&nbsp;&nbsp;3220_North | &nbsp;&nbsp;&nbsp;North | &nbsp;&nbsp;&nbsp;Other (0%); Sunshine Mine | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;4.39 | &nbsp;&nbsp;&nbsp;United States, 48N 3E,13, 14; Shoshone |
| &nbsp;&nbsp;&nbsp;92 | &nbsp;&nbsp;&nbsp;3221_Blue Jay No.1 | &nbsp;&nbsp;&nbsp;Blue Jay No.1 | &nbsp;&nbsp;&nbsp;Other (0%); Sunshine Mine | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;12.92 | &nbsp;&nbsp;&nbsp;United States, 48N 3E,13, 23, 24; Shoshone |
| &nbsp;&nbsp;&nbsp;93 | &nbsp;&nbsp;&nbsp;3221_Blue Jay No.2 | &nbsp;&nbsp;&nbsp;Blue Jay No.2 | &nbsp;&nbsp;&nbsp;Other (0%); Sunshine Mine | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;13.12 | &nbsp;&nbsp;&nbsp;United States, 48N 3E,23, 24; Shoshone |
| &nbsp;&nbsp;&nbsp;94 | &nbsp;&nbsp;&nbsp;3240_Instructive | &nbsp;&nbsp;&nbsp;Instructive | &nbsp;&nbsp;&nbsp;Other (0%); Chester Mining Company; Sunshine Mine | &nbsp;&nbsp;&nbsp;Leased | &nbsp;&nbsp;&nbsp;8.19 | &nbsp;&nbsp;&nbsp;United States, 48N 3E,14, 15; Shoshone |
| &nbsp;&nbsp;&nbsp;95 | &nbsp;&nbsp;&nbsp;3240_Little Giant | &nbsp;&nbsp;&nbsp;Little Giant | &nbsp;&nbsp;&nbsp;Other (0%); Chester Mining Company; Sunshine Mine | &nbsp;&nbsp;&nbsp;Leased | &nbsp;&nbsp;&nbsp;6.84 | &nbsp;&nbsp;&nbsp;United States, 48N 3E,14, 15; Shoshone |
| &nbsp;&nbsp;&nbsp;96 | &nbsp;&nbsp;&nbsp;3240_Monitor | &nbsp;&nbsp;&nbsp;Monitor | &nbsp;&nbsp;&nbsp;Other (0%); Chester Mining Company; Sunshine Mine | &nbsp;&nbsp;&nbsp;Leased | &nbsp;&nbsp;&nbsp;19.98 | &nbsp;&nbsp;&nbsp;United States, 48N 3E,14; Shoshone |
| &nbsp;&nbsp;&nbsp;97 | &nbsp;&nbsp;&nbsp;3261_Aetna | &nbsp;&nbsp;&nbsp;Aetna | &nbsp;&nbsp;&nbsp;Sunshine Mine (100%); Sunshine Mine | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;9.80 | &nbsp;&nbsp;&nbsp;United States, 48N 3E,24; Shoshone |
| &nbsp;&nbsp;&nbsp;98 | &nbsp;&nbsp;&nbsp;3261_Bernardy No. 8 | &nbsp;&nbsp;&nbsp;Bernardy No. 8 | &nbsp;&nbsp;&nbsp;Sunshine Mine (100%); Sunshine Mine | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;4.23 | &nbsp;&nbsp;&nbsp;United States, 48N 3E,23, 24; Shoshone |
| &nbsp;&nbsp;&nbsp;99 | &nbsp;&nbsp;&nbsp;3261_Little Gem | &nbsp;&nbsp;&nbsp;Little Gem | &nbsp;&nbsp;&nbsp;Sunshine Mine (100%); Sunshine Mine | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.02 | &nbsp;&nbsp;&nbsp;United States, 48N 3E,23, 24; Shoshone |
| &nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;3261_Lucky Boy | &nbsp;&nbsp;&nbsp;Lucky Boy | &nbsp;&nbsp;&nbsp;Sunshine Mine (100%); Sunshine Mine | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;16.06 | &nbsp;&nbsp;&nbsp;United States, 48N 3E,23, 24; Shoshone |
| &nbsp;&nbsp;&nbsp;101 | &nbsp;&nbsp;&nbsp;3261_Lucky Stone | &nbsp;&nbsp;&nbsp;Lucky Stone | &nbsp;&nbsp;&nbsp;Sunshine Mine (100%); Sunshine Mine | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;15.22 | &nbsp;&nbsp;&nbsp;United States, 48N 3E,24; Shoshone |
| &nbsp;&nbsp;&nbsp;102 | &nbsp;&nbsp;&nbsp;3261_Lucky Stone No. 2 | &nbsp;&nbsp;&nbsp;Lucky Stone No. 2 | &nbsp;&nbsp;&nbsp;Sunshine Mine (100%); Sunshine Mine | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;6.53 | &nbsp;&nbsp;&nbsp;United States, 48N 3E,24; Shoshone |
| &nbsp;&nbsp;&nbsp;103 | &nbsp;&nbsp;&nbsp;3261_Lucky Stone No. 3 | &nbsp;&nbsp;&nbsp;Lucky Stone No. 3 | &nbsp;&nbsp;&nbsp;Sunshine Mine (100%); Sunshine Mine | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;11.95 | &nbsp;&nbsp;&nbsp;United States, 48N 3E,23, 24; Shoshone |
| &nbsp;&nbsp;&nbsp;104 | &nbsp;&nbsp;&nbsp;3261_Lucky Stone No. 4 | &nbsp;&nbsp;&nbsp;Lucky Stone No. 4 | &nbsp;&nbsp;&nbsp;Sunshine Mine (100%); Sunshine Mine | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;5.70 | &nbsp;&nbsp;&nbsp;United States, 48N 3E,23, 24; Shoshone |
| &nbsp;&nbsp;&nbsp;105 | &nbsp;&nbsp;&nbsp;3261_Manitoba | &nbsp;&nbsp;&nbsp;Manitoba | &nbsp;&nbsp;&nbsp;Sunshine Mine (100%); Sunshine Mine | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;19.33 | &nbsp;&nbsp;&nbsp;United States, 48N 3E,23, 24; Shoshone |
| &nbsp;&nbsp;&nbsp;106 | &nbsp;&nbsp;&nbsp;3261_Morning Glory | &nbsp;&nbsp;&nbsp;Morning Glory | &nbsp;&nbsp;&nbsp;Sunshine Mine (100%); Sunshine Mine | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;18.90 | &nbsp;&nbsp;&nbsp;United States, 48N 3E,24; Shoshone |
| &nbsp;&nbsp;&nbsp;107 | &nbsp;&nbsp;&nbsp;3261_Morning Glory Fraction | &nbsp;&nbsp;&nbsp;Morning Glory Fraction | &nbsp;&nbsp;&nbsp;Sunshine Mine (100%); Sunshine Mine | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;17.48 | &nbsp;&nbsp;&nbsp;United States, 48N 3E,24; Shoshone |
| &nbsp;&nbsp;&nbsp;108 | &nbsp;&nbsp;&nbsp;3261_Morning Glory No. 2 | &nbsp;&nbsp;&nbsp;Morning Glory No. 2 | &nbsp;&nbsp;&nbsp;Sunshine Mine (100%); Sunshine Mine | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;11.12 | &nbsp;&nbsp;&nbsp;United States, 48N 3E,24; Shoshone |
| &nbsp;&nbsp;&nbsp;109 | &nbsp;&nbsp;&nbsp;3261_Reid | &nbsp;&nbsp;&nbsp;Reid | &nbsp;&nbsp;&nbsp;Sunshine Mine (100%); Sunshine Mine | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;13.40 | &nbsp;&nbsp;&nbsp;United States, 48N 3E,24; Shoshone |
| &nbsp;&nbsp;&nbsp;110 | &nbsp;&nbsp;&nbsp;3261_Walters Lode | &nbsp;&nbsp;&nbsp;Walters Lode | &nbsp;&nbsp;&nbsp;Sunshine Mine (100%); Sunshine Mine | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;10.13 | &nbsp;&nbsp;&nbsp;United States, 48N 3E,24; Shoshone |
| &nbsp;&nbsp;&nbsp;111 | &nbsp;&nbsp;&nbsp;3268_Kaiser | &nbsp;&nbsp;&nbsp;Kaiser | &nbsp;&nbsp;&nbsp;Other (0%); Sunshine Mine | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;18.29 | &nbsp;&nbsp;&nbsp;United States, 48N 3E,24; Shoshone |
| &nbsp;&nbsp;&nbsp;112 | &nbsp;&nbsp;&nbsp;3268_May | &nbsp;&nbsp;&nbsp;May | &nbsp;&nbsp;&nbsp;Other (0%); Sunshine Mine | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;10.44 | &nbsp;&nbsp;&nbsp;United States, 48N 3E,24; Shoshone |
| &nbsp;&nbsp;&nbsp;113 | &nbsp;&nbsp;&nbsp;3268_Nora | &nbsp;&nbsp;&nbsp;Nora | &nbsp;&nbsp;&nbsp;Other (0%); Sunshine Mine | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.61 | &nbsp;&nbsp;&nbsp;United States, 48N 3E,24; Shoshone |
| &nbsp;&nbsp;&nbsp;114 | &nbsp;&nbsp;&nbsp;3268_Norway | &nbsp;&nbsp;&nbsp;Norway | &nbsp;&nbsp;&nbsp;Other (0%); Sunshine Mine | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.60 | &nbsp;&nbsp;&nbsp;United States, 48N 3E,24; Shoshone |
| &nbsp;&nbsp;&nbsp;115 | &nbsp;&nbsp;&nbsp;3271_Goethe | &nbsp;&nbsp;&nbsp;Goethe | &nbsp;&nbsp;&nbsp;Other (0%); Sunshine Mine | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;1.16 | &nbsp;&nbsp;&nbsp;United States, 48N 3E,14, 23; Shoshone |
| &nbsp;&nbsp;&nbsp;116 | &nbsp;&nbsp;&nbsp;3272_Gretchen | &nbsp;&nbsp;&nbsp;Gretchen | &nbsp;&nbsp;&nbsp;Other (0%); Metropolitian Mines; Sunshine Mine | &nbsp;&nbsp;&nbsp;Leased | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 48N 3E,22, 23; Shoshone |

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|:---|:---|
| 28-4 | ![](ny20061035x4_ex96-1img002.jpg) |

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<u> Silver Opportunity Partners LLC \| Sunshine Mine S-K 1300 Technical Report Summary on the Initial Assessment </u> <u> March 25, 2026 SLR Project No.: 123.020552.00001 </u>

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**License Code** | &nbsp;&nbsp;&nbsp;**License Name** | &nbsp;&nbsp;&nbsp;**Parties** | &nbsp;&nbsp;&nbsp;**Interest** | &nbsp;&nbsp;&nbsp;**Area<br> (ac)** | &nbsp;&nbsp;&nbsp;**Map Reference** |
| &nbsp;&nbsp;&nbsp;117 | &nbsp;&nbsp;&nbsp;3272_Hans | &nbsp;&nbsp;&nbsp;Hans | &nbsp;&nbsp;&nbsp;Other (0%); Sunshine Mine | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;16.23 | &nbsp;&nbsp;&nbsp;United States, 48N 3E,22; Shoshone |
| &nbsp;&nbsp;&nbsp;118 | &nbsp;&nbsp;&nbsp;3272_Plover | &nbsp;&nbsp;&nbsp;Plover | &nbsp;&nbsp;&nbsp;Other (0%); Metropolitian Mines; Sunshine Mine | &nbsp;&nbsp;&nbsp;Leased | &nbsp;&nbsp;&nbsp;20.41 | &nbsp;&nbsp;&nbsp;United States, 48N 3E,22; Shoshone |
| &nbsp;&nbsp;&nbsp;119 | &nbsp;&nbsp;&nbsp;3272_Rotbart | &nbsp;&nbsp;&nbsp;Rotbart | &nbsp;&nbsp;&nbsp;Other (0%); Sunshine Mine | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;10.87 | &nbsp;&nbsp;&nbsp;United States, 48N 3E,15, 22; Shoshone |
| &nbsp;&nbsp;&nbsp;120 | &nbsp;&nbsp;&nbsp;3272_Schiller | &nbsp;&nbsp;&nbsp;Schiller | &nbsp;&nbsp;&nbsp;Other (0%); Sunshine Mine | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;11.12 | &nbsp;&nbsp;&nbsp;United States, 48N 3E,22; Shoshone |
| &nbsp;&nbsp;&nbsp;121 | &nbsp;&nbsp;&nbsp;3272_Zwerg | &nbsp;&nbsp;&nbsp;Zwerg | &nbsp;&nbsp;&nbsp;Other (0%); Sunshine Mine | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;2.07 | &nbsp;&nbsp;&nbsp;United States, 48N 3E,14, 15, 22; Shoshone |
| &nbsp;&nbsp;&nbsp;122 | &nbsp;&nbsp;&nbsp;3273_Baldur | &nbsp;&nbsp;&nbsp;Baldur | &nbsp;&nbsp;&nbsp;Other (0%); Sunshine Mine | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;11.04 | &nbsp;&nbsp;&nbsp;United States, 48N 3E,16; Shoshone |
| &nbsp;&nbsp;&nbsp;123 | &nbsp;&nbsp;&nbsp;3273_Baldur Fraction | &nbsp;&nbsp;&nbsp;Baldur Fraction | &nbsp;&nbsp;&nbsp;Other (0%); Sunshine Mine | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;6.60 | &nbsp;&nbsp;&nbsp;United States, 48N 3E,16; Shoshone |
| &nbsp;&nbsp;&nbsp;124 | &nbsp;&nbsp;&nbsp;3273_Bonanza Fraction | &nbsp;&nbsp;&nbsp;Bonanza Fraction | &nbsp;&nbsp;&nbsp;Other (0%); Sunshine Mine | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 48N 3E,21; Shoshone |
| &nbsp;&nbsp;&nbsp;125 | &nbsp;&nbsp;&nbsp;3273_Contact Mountain | &nbsp;&nbsp;&nbsp;Contact Mountain | &nbsp;&nbsp;&nbsp;Other (0%); Sunshine Mine | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.63 | &nbsp;&nbsp;&nbsp;United States, 48N 3E,16, 21; Shoshone |
| &nbsp;&nbsp;&nbsp;126 | &nbsp;&nbsp;&nbsp;3273_Gail Fraction | &nbsp;&nbsp;&nbsp;Gail Fraction | &nbsp;&nbsp;&nbsp;Other (0%); Sunshine Mine | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;3.67 | &nbsp;&nbsp;&nbsp;United States, 48N 3E,16, 21; Shoshone |
| &nbsp;&nbsp;&nbsp;127 | &nbsp;&nbsp;&nbsp;3273_Gullickson Fraction | &nbsp;&nbsp;&nbsp;Gullickson Fraction | &nbsp;&nbsp;&nbsp;Sunshine Mine (100%); Sunshine Mine | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;1.87 | &nbsp;&nbsp;&nbsp;United States, 48N 3E,21; Shoshone |
| &nbsp;&nbsp;&nbsp;128 | &nbsp;&nbsp;&nbsp;3273_Hattie Anne | &nbsp;&nbsp;&nbsp;Hattie Anne | &nbsp;&nbsp;&nbsp;Other (0%); Sunshine Mine | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;1.83 | &nbsp;&nbsp;&nbsp;United States, 48N 3E,21; Shoshone |
| &nbsp;&nbsp;&nbsp;129 | &nbsp;&nbsp;&nbsp;3273_Hilda | &nbsp;&nbsp;&nbsp;Hilda | &nbsp;&nbsp;&nbsp;Other (0%); Sunshine Mine | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;17.32 | &nbsp;&nbsp;&nbsp;United States, 48N 3E,21, 22; Shoshone |
| &nbsp;&nbsp;&nbsp;130 | &nbsp;&nbsp;&nbsp;3273_Mary E. | &nbsp;&nbsp;&nbsp;Mary E. | &nbsp;&nbsp;&nbsp;Sunshine Mine (100%); Sunshine Mine | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;19.10 | &nbsp;&nbsp;&nbsp;United States, 48N 3E,21, 22; Shoshone |
| &nbsp;&nbsp;&nbsp;131 | &nbsp;&nbsp;&nbsp;3273_Oslo | &nbsp;&nbsp;&nbsp;Oslo | &nbsp;&nbsp;&nbsp;Sunshine Mine (100%); Sunshine Mine | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;17.64 | &nbsp;&nbsp;&nbsp;United States, 48N 3E,21, 22; Shoshone |
| &nbsp;&nbsp;&nbsp;132 | &nbsp;&nbsp;&nbsp;3273_Red Umblrella Fraction | &nbsp;&nbsp;&nbsp;Red Umblrella Fraction | &nbsp;&nbsp;&nbsp;Other (0%); Sunshine Mine | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;5.11 | &nbsp;&nbsp;&nbsp;United States, 48N 3E,21; Shoshone |
| &nbsp;&nbsp;&nbsp;133 | &nbsp;&nbsp;&nbsp;3273_Red Umbrella | &nbsp;&nbsp;&nbsp;Red Umbrella | &nbsp;&nbsp;&nbsp;Other (0%); Sunshine Mine | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.65 | &nbsp;&nbsp;&nbsp;United States, 48N 3E,21; Shoshone |
| &nbsp;&nbsp;&nbsp;134 | &nbsp;&nbsp;&nbsp;3273_Rex | &nbsp;&nbsp;&nbsp;Rex | &nbsp;&nbsp;&nbsp;Other (0%); Sunshine Mine | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.65 | &nbsp;&nbsp;&nbsp;United States, 48N 3E,21; Shoshone |
| &nbsp;&nbsp;&nbsp;135 | &nbsp;&nbsp;&nbsp;3273_Rex Fraction | &nbsp;&nbsp;&nbsp;Rex Fraction | &nbsp;&nbsp;&nbsp;Other (0%); Sunshine Mine | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;5.33 | &nbsp;&nbsp;&nbsp;United States, 48N 3E,21; Shoshone |
| &nbsp;&nbsp;&nbsp;136 | &nbsp;&nbsp;&nbsp;3273_Roberts | &nbsp;&nbsp;&nbsp;Roberts | &nbsp;&nbsp;&nbsp;Other (0%); Sunshine Mine | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.65 | &nbsp;&nbsp;&nbsp;United States, 48N 3E,21; Shoshone |
| &nbsp;&nbsp;&nbsp;137 | &nbsp;&nbsp;&nbsp;3273_Roberts Fraction | &nbsp;&nbsp;&nbsp;Roberts Fraction | &nbsp;&nbsp;&nbsp;Other (0%); Sunshine Mine | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;5.79 | &nbsp;&nbsp;&nbsp;United States, 48N 3E,21; Shoshone |
| &nbsp;&nbsp;&nbsp;138 | &nbsp;&nbsp;&nbsp;3273_Roberts No.1 | &nbsp;&nbsp;&nbsp;Roberts No.1 | &nbsp;&nbsp;&nbsp;Other (0%); Sunshine Mine | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;11.82 | &nbsp;&nbsp;&nbsp;United States, 48N 3E,21; Shoshone |
| &nbsp;&nbsp;&nbsp;139 | &nbsp;&nbsp;&nbsp;3273_S. C. I. No.5 | &nbsp;&nbsp;&nbsp;S. C. I. No.5 | &nbsp;&nbsp;&nbsp;Other (0%); Sunshine Mine | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;15.08 | &nbsp;&nbsp;&nbsp;United States, 48N 3E,16, 17, 20, 21; Shoshone |
| &nbsp;&nbsp;&nbsp;140 | &nbsp;&nbsp;&nbsp;3273_S. C. I. No.5 Fraction | &nbsp;&nbsp;&nbsp;S. C. I. No.5 Fraction | &nbsp;&nbsp;&nbsp;Other (0%); Sunshine Mine | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;4.10 | &nbsp;&nbsp;&nbsp;United States, 48N 3E,17, 20; Shoshone |
| &nbsp;&nbsp;&nbsp;141 | &nbsp;&nbsp;&nbsp;3273_S. C. I. No.6 | &nbsp;&nbsp;&nbsp;S. C. I. No.6 | &nbsp;&nbsp;&nbsp;Other (0%); Sunshine Mine | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;11.72 | &nbsp;&nbsp;&nbsp;United States, 48N 3E,16, 17, 20; Shoshone |
| &nbsp;&nbsp;&nbsp;142 | &nbsp;&nbsp;&nbsp;3273_S. C. I. No.10 | &nbsp;&nbsp;&nbsp;S. C. I. No.10 | &nbsp;&nbsp;&nbsp;Other (0%); Sunshine Mine | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;10.44 | &nbsp;&nbsp;&nbsp;United States, 48N 3E,21; Shoshone |
| &nbsp;&nbsp;&nbsp;143 | &nbsp;&nbsp;&nbsp;3273_Stevie Corcoran | &nbsp;&nbsp;&nbsp;Stevie Corcoran | &nbsp;&nbsp;&nbsp;Sunshine Mine (100%); Sunshine Mine | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.24 | &nbsp;&nbsp;&nbsp;United States, 48N 3E,15, 16, 21, 22; Shoshone |
| &nbsp;&nbsp;&nbsp;144 | &nbsp;&nbsp;&nbsp;3273_Venus | &nbsp;&nbsp;&nbsp;Venus | &nbsp;&nbsp;&nbsp;Other (0%); Sunshine Mine | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.65 | &nbsp;&nbsp;&nbsp;United States, 48N 3E,16, 21; Shoshone |
| &nbsp;&nbsp;&nbsp;145 | &nbsp;&nbsp;&nbsp;3281_Fourthought | &nbsp;&nbsp;&nbsp;Fourthought | &nbsp;&nbsp;&nbsp;Sunshine Mine (100%); Sunshine Mine | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;18.47 | &nbsp;&nbsp;&nbsp;United States, 48N 3E,13, 24; Shoshone |
| &nbsp;&nbsp;&nbsp;146 | &nbsp;&nbsp;&nbsp;3281_Plainview Fraction | &nbsp;&nbsp;&nbsp;Plainview Fraction | &nbsp;&nbsp;&nbsp;Sunshine Mine (50%); Sunshine Mine | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;2.38 | &nbsp;&nbsp;&nbsp;United States, 48N 3E,13, 24; Shoshone |

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|:---|:---|
| 28-5 | ![](ny20061035x4_ex96-1img002.jpg) |

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------

<u> Silver Opportunity Partners LLC \| Sunshine Mine S-K 1300 Technical Report Summary on the Initial Assessment </u> <u> March 25, 2026 SLR Project No.: 123.020552.00001 </u>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**License Code** | &nbsp;&nbsp;&nbsp;**License Name** | &nbsp;&nbsp;&nbsp;**Parties** | &nbsp;&nbsp;&nbsp;**Interest** | &nbsp;&nbsp;&nbsp;**Area<br> (ac)** | &nbsp;&nbsp;&nbsp;**Map Reference** |
| &nbsp;&nbsp;&nbsp;147 | &nbsp;&nbsp;&nbsp;3281_Plainview No. 1 | &nbsp;&nbsp;&nbsp;Plainview No. 1 | &nbsp;&nbsp;&nbsp;Sunshine Mine (100%); Sunshine Mine | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;19.46 | &nbsp;&nbsp;&nbsp;United States, 48N 3E,13, 24; Shoshone |
| &nbsp;&nbsp;&nbsp;148 | &nbsp;&nbsp;&nbsp;3281_Plainview No. 2 | &nbsp;&nbsp;&nbsp;Plainview No. 2 | &nbsp;&nbsp;&nbsp;Sunshine Mine (100%); Sunshine Mine | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;15.53 | &nbsp;&nbsp;&nbsp;United States, 48N 3E,13, 24; Shoshone |
| &nbsp;&nbsp;&nbsp;149 | &nbsp;&nbsp;&nbsp;3281_Silver Hill | &nbsp;&nbsp;&nbsp;Silver Hill | &nbsp;&nbsp;&nbsp;Sunshine Mine (100%); Sunshine Mine | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;19.97 | &nbsp;&nbsp;&nbsp;United States, 48N 3E,13; Shoshone |
| &nbsp;&nbsp;&nbsp;150 | &nbsp;&nbsp;&nbsp;3281_Toughnut | &nbsp;&nbsp;&nbsp;Toughnut | &nbsp;&nbsp;&nbsp;Sunshine Mine (100%); Sunshine Mine | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;17.01 | &nbsp;&nbsp;&nbsp;United States, 48N 3E,13; Shoshone |
| &nbsp;&nbsp;&nbsp;151 | &nbsp;&nbsp;&nbsp;3290_Shoshone No.1 | &nbsp;&nbsp;&nbsp;Shoshone No.1 | &nbsp;&nbsp;&nbsp;Other (0%); Sunshine Mine | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;14.65 | &nbsp;&nbsp;&nbsp;United States, 48N 3E,14, 23; Shoshone |
| &nbsp;&nbsp;&nbsp;152 | &nbsp;&nbsp;&nbsp;3290_Wallace No.1 | &nbsp;&nbsp;&nbsp;Wallace No.1 | &nbsp;&nbsp;&nbsp;Other (0%); Sunshine Mine | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;9.86 | &nbsp;&nbsp;&nbsp;United States, 48N 3E,14, 23; Shoshone |
| &nbsp;&nbsp;&nbsp;153 | &nbsp;&nbsp;&nbsp;3291_Crescent No.5 | &nbsp;&nbsp;&nbsp;Crescent No.5 | &nbsp;&nbsp;&nbsp;Other (0%); Sunshine Mine | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.65 | &nbsp;&nbsp;&nbsp;United States, 48N 3E,21; Shoshone |
| &nbsp;&nbsp;&nbsp;154 | &nbsp;&nbsp;&nbsp;3291_Giant No.9 | &nbsp;&nbsp;&nbsp;Giant No.9 | &nbsp;&nbsp;&nbsp;Other (0%); Sunshine Mine | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;11.01 | &nbsp;&nbsp;&nbsp;United States, 48N 3E,20, 21; Shoshone |
| &nbsp;&nbsp;&nbsp;155 | &nbsp;&nbsp;&nbsp;3291_W 5 | &nbsp;&nbsp;&nbsp;W 5 | &nbsp;&nbsp;&nbsp;Other (0%); Sunshine Mine | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;19.99 | &nbsp;&nbsp;&nbsp;United States, 48N 3E,19; Shoshone |
| &nbsp;&nbsp;&nbsp;156 | &nbsp;&nbsp;&nbsp;3292A_Anna | &nbsp;&nbsp;&nbsp;Anna | &nbsp;&nbsp;&nbsp;Other (0%); Sunshine Mine | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;19.93 | &nbsp;&nbsp;&nbsp;United States, 48N 3E,14; Shoshone |
| &nbsp;&nbsp;&nbsp;157 | &nbsp;&nbsp;&nbsp;3292A_Anna No.2 | &nbsp;&nbsp;&nbsp;Anna No.2 | &nbsp;&nbsp;&nbsp;Other (0%); Sunshine Mine | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 48N 3E,14; Shoshone |
| &nbsp;&nbsp;&nbsp;158 | &nbsp;&nbsp;&nbsp;3292A_August | &nbsp;&nbsp;&nbsp;August | &nbsp;&nbsp;&nbsp;Other (0%); Sunshine Mine | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;11.45 | &nbsp;&nbsp;&nbsp;United States, 48N 3E,14; Shoshone |
| &nbsp;&nbsp;&nbsp;159 | &nbsp;&nbsp;&nbsp;3292A_Bell | &nbsp;&nbsp;&nbsp;Bell | &nbsp;&nbsp;&nbsp;Other (0%); Sunshine Mine | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.63 | &nbsp;&nbsp;&nbsp;United States, 48N 3E,14; Shoshone |
| &nbsp;&nbsp;&nbsp;160 | &nbsp;&nbsp;&nbsp;3292A_Buffalo | &nbsp;&nbsp;&nbsp;Buffalo | &nbsp;&nbsp;&nbsp;Other (0%); Sunshine Mine | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;17.19 | &nbsp;&nbsp;&nbsp;United States, 48N 3E,14; Shoshone |
| &nbsp;&nbsp;&nbsp;161 | &nbsp;&nbsp;&nbsp;3292A_Des Moines | &nbsp;&nbsp;&nbsp;Des Moines | &nbsp;&nbsp;&nbsp;Other (0%); Sunshine Mine | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;9.55 | &nbsp;&nbsp;&nbsp;United States, 48N 3E,14; Shoshone |
| &nbsp;&nbsp;&nbsp;162 | &nbsp;&nbsp;&nbsp;3292A_Frigga | &nbsp;&nbsp;&nbsp;Frigga | &nbsp;&nbsp;&nbsp;Other (0%); Sunshine Mine | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 48N 3E,14; Shoshone |
| &nbsp;&nbsp;&nbsp;163 | &nbsp;&nbsp;&nbsp;3292A_Germania | &nbsp;&nbsp;&nbsp;Germania | &nbsp;&nbsp;&nbsp;Other (0%); Sunshine Mine | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;6.86 | &nbsp;&nbsp;&nbsp;United States, 48N 3E,14; Shoshone |
| &nbsp;&nbsp;&nbsp;164 | &nbsp;&nbsp;&nbsp;3292A_Good Hope | &nbsp;&nbsp;&nbsp;Good Hope | &nbsp;&nbsp;&nbsp;Other (0%); Sunshine Mine | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;19.70 | &nbsp;&nbsp;&nbsp;United States, 48N 3E,14; Shoshone |
| &nbsp;&nbsp;&nbsp;165 | &nbsp;&nbsp;&nbsp;3292A_H Lode | &nbsp;&nbsp;&nbsp;H Lode | &nbsp;&nbsp;&nbsp;Other (0%); Sunshine Mine | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;10.10 | &nbsp;&nbsp;&nbsp;United States, 48N 3E,14; Shoshone |
| &nbsp;&nbsp;&nbsp;166 | &nbsp;&nbsp;&nbsp;3292A_Iowa | &nbsp;&nbsp;&nbsp;Iowa | &nbsp;&nbsp;&nbsp;Other (0%); Sunshine Mine | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;16.76 | &nbsp;&nbsp;&nbsp;United States, 48N 3E,14, 23, 24; Shoshone |
| &nbsp;&nbsp;&nbsp;167 | &nbsp;&nbsp;&nbsp;3292A_June | &nbsp;&nbsp;&nbsp;June | &nbsp;&nbsp;&nbsp;Other (0%); Sunshine Mine | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;0.63 | &nbsp;&nbsp;&nbsp;United States, 48N 3E,14; Shoshone |
| &nbsp;&nbsp;&nbsp;168 | &nbsp;&nbsp;&nbsp;3292A_K Lode | &nbsp;&nbsp;&nbsp;K Lode | &nbsp;&nbsp;&nbsp;Other (0%); Sunshine Mine | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;9.16 | &nbsp;&nbsp;&nbsp;United States, 48N 3E,11, 14; Shoshone |
| &nbsp;&nbsp;&nbsp;169 | &nbsp;&nbsp;&nbsp;3292A_Last Chance | &nbsp;&nbsp;&nbsp;Last Chance | &nbsp;&nbsp;&nbsp;Other (0%); Sunshine Mine | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.52 | &nbsp;&nbsp;&nbsp;United States, 48N 3E,14; Shoshone |
| &nbsp;&nbsp;&nbsp;170 | &nbsp;&nbsp;&nbsp;3292A_Lotten | &nbsp;&nbsp;&nbsp;Lotten | &nbsp;&nbsp;&nbsp;Other (0%); Sunshine Mine | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 48N 3E,14; Shoshone |
| &nbsp;&nbsp;&nbsp;171 | &nbsp;&nbsp;&nbsp;3292A_Mannie | &nbsp;&nbsp;&nbsp;Mannie | &nbsp;&nbsp;&nbsp;Other (0%); Sunshine Mine | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;19.19 | &nbsp;&nbsp;&nbsp;United States, 48N 3E,14; Shoshone |
| &nbsp;&nbsp;&nbsp;172 | &nbsp;&nbsp;&nbsp;3292A_Maple | &nbsp;&nbsp;&nbsp;Maple | &nbsp;&nbsp;&nbsp;Other (0%); Sunshine Mine | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;11.69 | &nbsp;&nbsp;&nbsp;United States, 48N 3E,14; Shoshone |
| &nbsp;&nbsp;&nbsp;173 | &nbsp;&nbsp;&nbsp;3292A_May | &nbsp;&nbsp;&nbsp;May | &nbsp;&nbsp;&nbsp;Other (0%); Sunshine Mine | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.39 | &nbsp;&nbsp;&nbsp;United States, 48N 3E,14; Shoshone |
| &nbsp;&nbsp;&nbsp;174 | &nbsp;&nbsp;&nbsp;3292A_New York | &nbsp;&nbsp;&nbsp;New York | &nbsp;&nbsp;&nbsp;Other (0%); Sunshine Mine | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;14.99 | &nbsp;&nbsp;&nbsp;United States, 48N 3E,13, 14; Shoshone |
| &nbsp;&nbsp;&nbsp;175 | &nbsp;&nbsp;&nbsp;3292A_Ore Grand | &nbsp;&nbsp;&nbsp;Ore Grand | &nbsp;&nbsp;&nbsp;Other (0%); Sunshine Mine | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;10.09 | &nbsp;&nbsp;&nbsp;United States, 48N 3E,13, 14; Shoshone |
| &nbsp;&nbsp;&nbsp;176 | &nbsp;&nbsp;&nbsp;3292A_Ore Or No Go | &nbsp;&nbsp;&nbsp;Ore Or No Go | &nbsp;&nbsp;&nbsp;Other (0%); Sunshine Mine | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 48N 3E,14; Shoshone |

---

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| | |
|:---|:---|
| 28-6 | ![](ny20061035x4_ex96-1img002.jpg) |

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------

<u> Silver Opportunity Partners LLC \| Sunshine Mine S-K 1300 Technical Report Summary on the Initial Assessment </u> <u> March 25, 2026 SLR Project No.: 123.020552.00001 </u>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**License Code** | &nbsp;&nbsp;&nbsp;**License Name** | &nbsp;&nbsp;&nbsp;**Parties** | &nbsp;&nbsp;&nbsp;**Interest** | &nbsp;&nbsp;&nbsp;**Area<br> (ac)** | &nbsp;&nbsp;&nbsp;**Map Reference** |
| &nbsp;&nbsp;&nbsp;177 | &nbsp;&nbsp;&nbsp;3292A_Orvil | &nbsp;&nbsp;&nbsp;Orvil | &nbsp;&nbsp;&nbsp;Other (0%); Sunshine Mine | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;13.76 | &nbsp;&nbsp;&nbsp;United States, 48N 3E,13, 14; Shoshone |
| &nbsp;&nbsp;&nbsp;178 | &nbsp;&nbsp;&nbsp;3292A_Sven | &nbsp;&nbsp;&nbsp;Sven | &nbsp;&nbsp;&nbsp;Other (0%); Sunshine Mine | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 48N 3E,14; Shoshone |
| &nbsp;&nbsp;&nbsp;179 | &nbsp;&nbsp;&nbsp;3292A_U.S. | &nbsp;&nbsp;&nbsp;U.S. | &nbsp;&nbsp;&nbsp;Other (0%); Sunshine Mine | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;17.21 | &nbsp;&nbsp;&nbsp;United States, 48N 3E,14; Shoshone |
| &nbsp;&nbsp;&nbsp;180 | &nbsp;&nbsp;&nbsp;3292B_United Lead Millsite | &nbsp;&nbsp;&nbsp;United Lead Millsite | &nbsp;&nbsp;&nbsp;Other (0%); Sunshine Mine | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;3.05 | &nbsp;&nbsp;&nbsp;United States, 48N 3E,14; Shoshone |
| &nbsp;&nbsp;&nbsp;181 | &nbsp;&nbsp;&nbsp;3299_Chief | &nbsp;&nbsp;&nbsp;Chief | &nbsp;&nbsp;&nbsp;Sunshine Mine (50%); Sunshine Mine | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;8.19 | &nbsp;&nbsp;&nbsp;United States, 48N 3E,15, 16, 22; Shoshone |
| &nbsp;&nbsp;&nbsp;182 | &nbsp;&nbsp;&nbsp;3304_Bernardy #1 | &nbsp;&nbsp;&nbsp;Bernardy #1 | &nbsp;&nbsp;&nbsp;Other (0%); Sunshine Mine | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;15.09 | &nbsp;&nbsp;&nbsp;United States, 48N 3E,23; Shoshone |
| &nbsp;&nbsp;&nbsp;183 | &nbsp;&nbsp;&nbsp;3304_Bernardy #2 | &nbsp;&nbsp;&nbsp;Bernardy #2 | &nbsp;&nbsp;&nbsp;Other (0%); Sunshine Mine | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;16.92 | &nbsp;&nbsp;&nbsp;United States, 48N 3E,23; Shoshone |
| &nbsp;&nbsp;&nbsp;184 | &nbsp;&nbsp;&nbsp;3304_Bernardy #3 | &nbsp;&nbsp;&nbsp;Bernardy #3 | &nbsp;&nbsp;&nbsp;Other (0%); Sunshine Mine | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;16.92 | &nbsp;&nbsp;&nbsp;United States, 48N 3E,23; Shoshone |
| &nbsp;&nbsp;&nbsp;185 | &nbsp;&nbsp;&nbsp;3304_Bernardy #4 | &nbsp;&nbsp;&nbsp;Bernardy #4 | &nbsp;&nbsp;&nbsp;Other (0%); Sunshine Mine | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.16 | &nbsp;&nbsp;&nbsp;United States, 48N 3E,23; Shoshone |
| &nbsp;&nbsp;&nbsp;186 | &nbsp;&nbsp;&nbsp;3304_Bernardy #5 | &nbsp;&nbsp;&nbsp;Bernardy #5 | &nbsp;&nbsp;&nbsp;Other (0%); Sunshine Mine | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.16 | &nbsp;&nbsp;&nbsp;United States, 48N 3E,23; Shoshone |
| &nbsp;&nbsp;&nbsp;187 | &nbsp;&nbsp;&nbsp;3304_Bernardy #6 | &nbsp;&nbsp;&nbsp;Bernardy #6 | &nbsp;&nbsp;&nbsp;Sunshine Mine (50%); Sunshine Mine | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;11.17 | &nbsp;&nbsp;&nbsp;United States, 48N 3E,23; Shoshone |
| &nbsp;&nbsp;&nbsp;188 | &nbsp;&nbsp;&nbsp;3304_Bernardy #7 | &nbsp;&nbsp;&nbsp;Bernardy #7 | &nbsp;&nbsp;&nbsp;Sunshine Mine (50%); Sunshine Mine | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;9.30 | &nbsp;&nbsp;&nbsp;United States, 48N 3E,23; Shoshone |
| &nbsp;&nbsp;&nbsp;189 | &nbsp;&nbsp;&nbsp;3304_Bernardy #9 | &nbsp;&nbsp;&nbsp;Bernardy #9 | &nbsp;&nbsp;&nbsp;Other (0%); Sunshine Mine | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.16 | &nbsp;&nbsp;&nbsp;United States, 48N 3E,23; Shoshone |
| &nbsp;&nbsp;&nbsp;190 | &nbsp;&nbsp;&nbsp;3304_Bernardy #10 | &nbsp;&nbsp;&nbsp;Bernardy #10 | &nbsp;&nbsp;&nbsp;Other (0%); Sunshine Mine | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;10.67 | &nbsp;&nbsp;&nbsp;United States, 48N 3E,23; Shoshone |
| &nbsp;&nbsp;&nbsp;191 | &nbsp;&nbsp;&nbsp;3304_Bernardy #11 | &nbsp;&nbsp;&nbsp;Bernardy #11 | &nbsp;&nbsp;&nbsp;Other (0%); Sunshine Mine | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;4.77 | &nbsp;&nbsp;&nbsp;United States, 48N 3E,23; Shoshone |
| &nbsp;&nbsp;&nbsp;192 | &nbsp;&nbsp;&nbsp;3304_Bernardy #12 | &nbsp;&nbsp;&nbsp;Bernardy #12 | &nbsp;&nbsp;&nbsp;Other (0%); Sunshine Mine | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.16 | &nbsp;&nbsp;&nbsp;United States, 48N 3E,23; Shoshone |
| &nbsp;&nbsp;&nbsp;193 | &nbsp;&nbsp;&nbsp;3304_Bernardy #13 | &nbsp;&nbsp;&nbsp;Bernardy #13 | &nbsp;&nbsp;&nbsp;Sunshine Mine (50%); Sunshine Mine | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;8.32 | &nbsp;&nbsp;&nbsp;United States, 48N 3E,23; Shoshone |
| &nbsp;&nbsp;&nbsp;194 | &nbsp;&nbsp;&nbsp;3305_Herschey | &nbsp;&nbsp;&nbsp;Herschey | &nbsp;&nbsp;&nbsp;Other (0%); Hayden Hill Consolidated | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;9.92 | &nbsp;&nbsp;&nbsp;United States, 48N 3E,14, 23; Shoshone |
| &nbsp;&nbsp;&nbsp;195 | &nbsp;&nbsp;&nbsp;3308_Helen Fraction | &nbsp;&nbsp;&nbsp;Helen Fraction | &nbsp;&nbsp;&nbsp;Sunshine Mine (100%); Sunshine Mine | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;1.58 | &nbsp;&nbsp;&nbsp;United States, 48N 3E,15; Shoshone |
| &nbsp;&nbsp;&nbsp;196 | &nbsp;&nbsp;&nbsp;3308_Josephine Fraction | &nbsp;&nbsp;&nbsp;Josephine Fraction | &nbsp;&nbsp;&nbsp;Other (0%); Sunshine Mine | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;8.54 | &nbsp;&nbsp;&nbsp;United States, 48N 3E,15; Shoshone |
| &nbsp;&nbsp;&nbsp;197 | &nbsp;&nbsp;&nbsp;3308_Merit Fraction No.2 | &nbsp;&nbsp;&nbsp;Merit Fraction No.2 | &nbsp;&nbsp;&nbsp;Sunshine Mine (50%); Sunshine Mine | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;6.46 | &nbsp;&nbsp;&nbsp;United States, 48N 3E,15; Shoshone |
| &nbsp;&nbsp;&nbsp;198 | &nbsp;&nbsp;&nbsp;3310_Dipper | &nbsp;&nbsp;&nbsp;Dipper | &nbsp;&nbsp;&nbsp;Other (0%); Mineral Mountain; Sunshine Mine | &nbsp;&nbsp;&nbsp;Leased | &nbsp;&nbsp;&nbsp;10.92 | &nbsp;&nbsp;&nbsp;United States, 48N 3E,14; Shoshone |
| &nbsp;&nbsp;&nbsp;199 | &nbsp;&nbsp;&nbsp;3315_May Day | &nbsp;&nbsp;&nbsp;May Day | &nbsp;&nbsp;&nbsp;Sunshine Mine (100%); Sunshine Mine | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;18.94 | &nbsp;&nbsp;&nbsp;United States, 48N 3E,15; Shoshone |
| &nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;3318_Frances | &nbsp;&nbsp;&nbsp;Frances | &nbsp;&nbsp;&nbsp;Other (0%); Sunshine Mine | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.87 | &nbsp;&nbsp;&nbsp;United States, 48N 3E,15; Shoshone |
| &nbsp;&nbsp;&nbsp;201 | &nbsp;&nbsp;&nbsp;3318_Helen | &nbsp;&nbsp;&nbsp;Helen | &nbsp;&nbsp;&nbsp;Other (0%); Sunshine Mine | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;18.59 | &nbsp;&nbsp;&nbsp;United States, 48N 3E,15; Shoshone |
| &nbsp;&nbsp;&nbsp;202 | &nbsp;&nbsp;&nbsp;3318_Josephine | &nbsp;&nbsp;&nbsp;Josephine | &nbsp;&nbsp;&nbsp;Other (0%); Sunshine Mine | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;19.22 | &nbsp;&nbsp;&nbsp;United States, 48N 3E,15; Shoshone |
| &nbsp;&nbsp;&nbsp;203 | &nbsp;&nbsp;&nbsp;3318_Lucky Day | &nbsp;&nbsp;&nbsp;Lucky Day | &nbsp;&nbsp;&nbsp;Other (0%); Sunshine Mine | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.87 | &nbsp;&nbsp;&nbsp;United States, 48N 3E,15; Shoshone |
| &nbsp;&nbsp;&nbsp;204 | &nbsp;&nbsp;&nbsp;3318_Portland | &nbsp;&nbsp;&nbsp;Portland | &nbsp;&nbsp;&nbsp;Other (0%); Sunshine Mine | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.15 | &nbsp;&nbsp;&nbsp;United States, 48N 3E,15; Shoshone |
| &nbsp;&nbsp;&nbsp;205 | &nbsp;&nbsp;&nbsp;3318_Prudential | &nbsp;&nbsp;&nbsp;Prudential | &nbsp;&nbsp;&nbsp;Sunshine Mine (100%); Sunshine Mine | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;16.00 | &nbsp;&nbsp;&nbsp;United States, 48N 3E,15; Shoshone |
| &nbsp;&nbsp;&nbsp;206 | &nbsp;&nbsp;&nbsp;3318_Radio | &nbsp;&nbsp;&nbsp;Radio | &nbsp;&nbsp;&nbsp;Sunshine Mine (100%); Sunshine Mine | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;15.01 | &nbsp;&nbsp;&nbsp;United States, 48N 3E,15; Shoshone |

---

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| | |
|:---|:---|
| 28-7 | ![](ny20061035x4_ex96-1img002.jpg) |

---

------

<u> Silver Opportunity Partners LLC \| Sunshine Mine S-K 1300 Technical Report Summary on the Initial Assessment </u> <u> March 25, 2026 SLR Project No.: 123.020552.00001 </u>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**License Code** | &nbsp;&nbsp;&nbsp;**License Name** | &nbsp;&nbsp;&nbsp;**Parties** | &nbsp;&nbsp;&nbsp;**Interest** | &nbsp;&nbsp;&nbsp;**Area<br> (ac)** | &nbsp;&nbsp;&nbsp;**Map Reference** |
| &nbsp;&nbsp;&nbsp;207 | &nbsp;&nbsp;&nbsp;3318_Silverine Fraction | &nbsp;&nbsp;&nbsp;Silverine Fraction | &nbsp;&nbsp;&nbsp;Sunshine Mine (100%); Sunshine Mine | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;5.99 | &nbsp;&nbsp;&nbsp;United States, 48N 3E,15; Shoshone |
| &nbsp;&nbsp;&nbsp;208 | &nbsp;&nbsp;&nbsp;3318_Silver State | &nbsp;&nbsp;&nbsp;Silver State | &nbsp;&nbsp;&nbsp;Other (0%); Sunshine Mine | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;14.19 | &nbsp;&nbsp;&nbsp;United States, 48N 3E,15; Shoshone |
| &nbsp;&nbsp;&nbsp;209 | &nbsp;&nbsp;&nbsp;3318_Spokane | &nbsp;&nbsp;&nbsp;Spokane | &nbsp;&nbsp;&nbsp;Other (0%); Sunshine Mine | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;8.47 | &nbsp;&nbsp;&nbsp;United States, 48N 3E,15; Shoshone |
| &nbsp;&nbsp;&nbsp;210 | &nbsp;&nbsp;&nbsp;3319_New York No.1 | &nbsp;&nbsp;&nbsp;New York No.1 | &nbsp;&nbsp;&nbsp;Other (0%); Chester Mining Co.; Sunshine Mine | &nbsp;&nbsp;&nbsp;Leased | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 48N 3E,21, 28; Shoshone |
| &nbsp;&nbsp;&nbsp;211 | &nbsp;&nbsp;&nbsp;3320_Bismark No.1 | &nbsp;&nbsp;&nbsp;Bismark No.1 | &nbsp;&nbsp;&nbsp;Other (0%); Chester Mining Co.; Sunshine Mine | &nbsp;&nbsp;&nbsp;Leased | &nbsp;&nbsp;&nbsp;20.52 | &nbsp;&nbsp;&nbsp;United States, 48N 3E,21; Shoshone |
| &nbsp;&nbsp;&nbsp;212 | &nbsp;&nbsp;&nbsp;3320_Bismark No.3 | &nbsp;&nbsp;&nbsp;Bismark No.3 | &nbsp;&nbsp;&nbsp;Other (0%); Chester Mining Co.; Sunshine Mine | &nbsp;&nbsp;&nbsp;Leased | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 48N 3E,21, 28; Shoshone |
| &nbsp;&nbsp;&nbsp;213 | &nbsp;&nbsp;&nbsp;3321_Black Diamond | &nbsp;&nbsp;&nbsp;Black Diamond | &nbsp;&nbsp;&nbsp;Sunshine Mine (100%); Sunshine Mine | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;16.40 | &nbsp;&nbsp;&nbsp;United States, 48N 3E,24, 25, 26; Shoshone |
| &nbsp;&nbsp;&nbsp;214 | &nbsp;&nbsp;&nbsp;3321_Gray Copper | &nbsp;&nbsp;&nbsp;Gray Copper | &nbsp;&nbsp;&nbsp;Sunshine Mine (100%); Sunshine Mine | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;11.50 | &nbsp;&nbsp;&nbsp;United States, 48N 3E,23; Shoshone |
| &nbsp;&nbsp;&nbsp;215 | &nbsp;&nbsp;&nbsp;3321_Lucky Stone No.9 | &nbsp;&nbsp;&nbsp;Lucky Stone No.9 | &nbsp;&nbsp;&nbsp;Sunshine Mine (100%); Sunshine Mine | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;17.98 | &nbsp;&nbsp;&nbsp;United States, 48N 3E,23, 24; Shoshone |
| &nbsp;&nbsp;&nbsp;216 | &nbsp;&nbsp;&nbsp;3321_Lucky Stone No.10 | &nbsp;&nbsp;&nbsp;Lucky Stone No.10 | &nbsp;&nbsp;&nbsp;Sunshine Mine (100%); Sunshine Mine | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.62 | &nbsp;&nbsp;&nbsp;United States, 48N 3E,23, 24, 25, 26; Shoshone |
| &nbsp;&nbsp;&nbsp;217 | &nbsp;&nbsp;&nbsp;3321_Lucky Stone No.11 | &nbsp;&nbsp;&nbsp;Lucky Stone No.11 | &nbsp;&nbsp;&nbsp;Sunshine Mine (100%); Sunshine Mine | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;18.04 | &nbsp;&nbsp;&nbsp;United States, 48N 3E,23, 24, 25; Shoshone |
| &nbsp;&nbsp;&nbsp;218 | &nbsp;&nbsp;&nbsp;3321_McFarren | &nbsp;&nbsp;&nbsp;McFarren | &nbsp;&nbsp;&nbsp;Sunshine Mine (100%); Sunshine Mine | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.62 | &nbsp;&nbsp;&nbsp;United States, 48N 3E,23, 26; Shoshone |
| &nbsp;&nbsp;&nbsp;219 | &nbsp;&nbsp;&nbsp;3321_McRoy | &nbsp;&nbsp;&nbsp;McRoy | &nbsp;&nbsp;&nbsp;Sunshine Mine (100%); Sunshine Mine | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.56 | &nbsp;&nbsp;&nbsp;United States, 48N 3E,23, 26; Shoshone |
| &nbsp;&nbsp;&nbsp;220 | &nbsp;&nbsp;&nbsp;3321_Sophia | &nbsp;&nbsp;&nbsp;Sophia | &nbsp;&nbsp;&nbsp;Sunshine Mine (100%); Sunshine Mine | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;19.09 | &nbsp;&nbsp;&nbsp;United States, 48N 3E,23; Shoshone |
| &nbsp;&nbsp;&nbsp;221 | &nbsp;&nbsp;&nbsp;3328_Ebba | &nbsp;&nbsp;&nbsp;Ebba | &nbsp;&nbsp;&nbsp;Sunshine Mine (100%); Sunshine Mine | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.56 | &nbsp;&nbsp;&nbsp;United States, 48N 3E,26; Shoshone |
| &nbsp;&nbsp;&nbsp;222 | &nbsp;&nbsp;&nbsp;3328_Lead | &nbsp;&nbsp;&nbsp;Lead | &nbsp;&nbsp;&nbsp;Sunshine Mine (100%); Sunshine Mine | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;19.22 | &nbsp;&nbsp;&nbsp;United States, 48N 3E,25; Shoshone |
| &nbsp;&nbsp;&nbsp;223 | &nbsp;&nbsp;&nbsp;3328_Merger | &nbsp;&nbsp;&nbsp;Merger | &nbsp;&nbsp;&nbsp;Sunshine Mine (100%); Sunshine Mine | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;19.25 | &nbsp;&nbsp;&nbsp;United States, 48N 3E,25; Shoshone |
| &nbsp;&nbsp;&nbsp;224 | &nbsp;&nbsp;&nbsp;3328_MP | &nbsp;&nbsp;&nbsp;MP | &nbsp;&nbsp;&nbsp;Sunshine Mine (100%); Sunshine Mine | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.47 | &nbsp;&nbsp;&nbsp;United States, 48N 3E,25; Shoshone |
| &nbsp;&nbsp;&nbsp;225 | &nbsp;&nbsp;&nbsp;3328_New | &nbsp;&nbsp;&nbsp;New | &nbsp;&nbsp;&nbsp;Sunshine Mine (100%); Sunshine Mine | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.48 | &nbsp;&nbsp;&nbsp;United States, 48N 3E,26; Shoshone |
| &nbsp;&nbsp;&nbsp;226 | &nbsp;&nbsp;&nbsp;3328_OK | &nbsp;&nbsp;&nbsp;OK | &nbsp;&nbsp;&nbsp;Sunshine Mine (100%); Sunshine Mine | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.48 | &nbsp;&nbsp;&nbsp;United States, 48N 3E,25; Shoshone |
| &nbsp;&nbsp;&nbsp;227 | &nbsp;&nbsp;&nbsp;3328_Ore | &nbsp;&nbsp;&nbsp;Ore | &nbsp;&nbsp;&nbsp;Sunshine Mine (100%); Sunshine Mine | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.56 | &nbsp;&nbsp;&nbsp;United States, 48N 3E,26; Shoshone |
| &nbsp;&nbsp;&nbsp;228 | &nbsp;&nbsp;&nbsp;3328_Silver | &nbsp;&nbsp;&nbsp;Silver | &nbsp;&nbsp;&nbsp;Sunshine Mine (100%); Sunshine Mine | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;16.53 | &nbsp;&nbsp;&nbsp;United States, 48N 3E,25, 26; Shoshone |
| &nbsp;&nbsp;&nbsp;229 | &nbsp;&nbsp;&nbsp;3328_Vein | &nbsp;&nbsp;&nbsp;Vein | &nbsp;&nbsp;&nbsp;Sunshine Mine (100%); Sunshine Mine | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.56 | &nbsp;&nbsp;&nbsp;United States, 48N 3E,23, 26; Shoshone |
| &nbsp;&nbsp;&nbsp;230 | &nbsp;&nbsp;&nbsp;3335_Crane | &nbsp;&nbsp;&nbsp;Crane | &nbsp;&nbsp;&nbsp;Sunshine Mine (100%); Sunshine Mine | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;15.72 | &nbsp;&nbsp;&nbsp;United States, 48N 3E,15; Shoshone |
| &nbsp;&nbsp;&nbsp;231 | &nbsp;&nbsp;&nbsp;3382_Australia | &nbsp;&nbsp;&nbsp;Australia | &nbsp;&nbsp;&nbsp;Other (0%); Sunshine Mine | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.23 | &nbsp;&nbsp;&nbsp;United States, 48N 4E,19; Shoshone |
| &nbsp;&nbsp;&nbsp;232 | &nbsp;&nbsp;&nbsp;3382_Century | &nbsp;&nbsp;&nbsp;Century | &nbsp;&nbsp;&nbsp;Other (0%); Sunshine Mine | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.54 | &nbsp;&nbsp;&nbsp;United States, 48N 3E,24; 48N 4E,19; Shoshone |
| &nbsp;&nbsp;&nbsp;233 | &nbsp;&nbsp;&nbsp;3382_Columbia | &nbsp;&nbsp;&nbsp;Columbia | &nbsp;&nbsp;&nbsp;Other (0%); Sunshine Mine | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;16.01 | &nbsp;&nbsp;&nbsp;United States, 48N 4E,19; Shoshone |
| &nbsp;&nbsp;&nbsp;234 | &nbsp;&nbsp;&nbsp;3382_Commodore Truxton | &nbsp;&nbsp;&nbsp;Commodore Truxton | &nbsp;&nbsp;&nbsp;Other (0%); Sunshine Mine | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;13.35 | &nbsp;&nbsp;&nbsp;United States, 48N 3E,24; Shoshone |
| &nbsp;&nbsp;&nbsp;235 | &nbsp;&nbsp;&nbsp;3382_Diamond Point | &nbsp;&nbsp;&nbsp;Diamond Point | &nbsp;&nbsp;&nbsp;Other (0%); Sunshine Mine | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.04 | &nbsp;&nbsp;&nbsp;United States, 48N 3E,24; 48N 4E,19; Shoshone |

---

---

| | |
|:---|:---|
| 28-8 | ![](ny20061035x4_ex96-1img002.jpg) |

---

------

<u> Silver Opportunity Partners LLC \| Sunshine Mine S-K 1300 Technical Report Summary on the Initial Assessment </u> <u> March 25, 2026 SLR Project No.: 123.020552.00001 </u>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**License Code** | &nbsp;&nbsp;&nbsp;**License Name** | &nbsp;&nbsp;&nbsp;**Parties** | &nbsp;&nbsp;&nbsp;**Interest** | &nbsp;&nbsp;&nbsp;**Area<br> (ac)** | &nbsp;&nbsp;&nbsp;**Map Reference** |
| &nbsp;&nbsp;&nbsp;236 | &nbsp;&nbsp;&nbsp;3382_Diamond Point No. 2 | &nbsp;&nbsp;&nbsp;Diamond Point No. 2 | &nbsp;&nbsp;&nbsp;Other (0%); Sunshine Mine | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.33 | &nbsp;&nbsp;&nbsp;United States, 48N 3E,13, 24; 48N 4E,18, 19; Shoshone |
| &nbsp;&nbsp;&nbsp;237 | &nbsp;&nbsp;&nbsp;3382_Emma | &nbsp;&nbsp;&nbsp;Emma | &nbsp;&nbsp;&nbsp;Other (0%); Sunshine Mine | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.47 | &nbsp;&nbsp;&nbsp;United States, 48N 3E,24; Shoshone |
| &nbsp;&nbsp;&nbsp;238 | &nbsp;&nbsp;&nbsp;3382_Emma Extension | &nbsp;&nbsp;&nbsp;Emma Extension | &nbsp;&nbsp;&nbsp;Other (0%); Sunshine Mine | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;8.02 | &nbsp;&nbsp;&nbsp;United States, 48N 3E,24; 48N 4E,19; Shoshone |
| &nbsp;&nbsp;&nbsp;239 | &nbsp;&nbsp;&nbsp;3382_Lonesome Pine No.1 | &nbsp;&nbsp;&nbsp;Lonesome Pine No.1 | &nbsp;&nbsp;&nbsp;Other (0%); Sunshine Mine | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;18.01 | &nbsp;&nbsp;&nbsp;United States, 48N 4E,19; Shoshone |
| &nbsp;&nbsp;&nbsp;240 | &nbsp;&nbsp;&nbsp;3382_Lonesome Pine No.2 | &nbsp;&nbsp;&nbsp;Lonesome Pine No.2 | &nbsp;&nbsp;&nbsp;Other (0%); Sunshine Mine | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;15.43 | &nbsp;&nbsp;&nbsp;United States, 48N 4E,19; Shoshone |
| &nbsp;&nbsp;&nbsp;241 | &nbsp;&nbsp;&nbsp;3382_Lonesome Pine No.4 | &nbsp;&nbsp;&nbsp;Lonesome Pine No.4 | &nbsp;&nbsp;&nbsp;Other (0%); Sunshine Mine | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.65 | &nbsp;&nbsp;&nbsp;United States, 48N 4E,19; Shoshone |
| &nbsp;&nbsp;&nbsp;242 | &nbsp;&nbsp;&nbsp;3382_Lonesome Pine No.5 | &nbsp;&nbsp;&nbsp;Lonesome Pine No.5 | &nbsp;&nbsp;&nbsp;Other (0%); Sunshine Mine | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;11.32 | &nbsp;&nbsp;&nbsp;United States, 48N 4E,19; Shoshone |
| &nbsp;&nbsp;&nbsp;243 | &nbsp;&nbsp;&nbsp;3382_Maggie | &nbsp;&nbsp;&nbsp;Maggie | &nbsp;&nbsp;&nbsp;Other (0%); Sunshine Mine | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.50 | &nbsp;&nbsp;&nbsp;United States, 48N 3E,24; 48N 4E,19; Shoshone |
| &nbsp;&nbsp;&nbsp;244 | &nbsp;&nbsp;&nbsp;3382_Maggie Fraction | &nbsp;&nbsp;&nbsp;Maggie Fraction | &nbsp;&nbsp;&nbsp;Other (0%); Sunshine Mine | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;7.18 | &nbsp;&nbsp;&nbsp;United States, 48N 4E,19; Shoshone |
| &nbsp;&nbsp;&nbsp;245 | &nbsp;&nbsp;&nbsp;3382_Mineral Point Fraction | &nbsp;&nbsp;&nbsp;Mineral Point Fraction | &nbsp;&nbsp;&nbsp;Other (0%); Sunshine Mine | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;7.93 | &nbsp;&nbsp;&nbsp;United States, 48N 3E,13, 24; 48N 4E,19; Shoshone |
| &nbsp;&nbsp;&nbsp;246 | &nbsp;&nbsp;&nbsp;3407_Blue Bell | &nbsp;&nbsp;&nbsp;Blue Bell | &nbsp;&nbsp;&nbsp;Other (0%); Sunshine Mine | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;3.45 | &nbsp;&nbsp;&nbsp;United States, 48N 3E,14, 23; Shoshone |
| &nbsp;&nbsp;&nbsp;247 | &nbsp;&nbsp;&nbsp;3407_Hidden Treasure | &nbsp;&nbsp;&nbsp;Hidden Treasure | &nbsp;&nbsp;&nbsp;Other (0%); Sunshine Mine | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;12.99 | &nbsp;&nbsp;&nbsp;United States, 48N 3E,14, 23; Shoshone |
| &nbsp;&nbsp;&nbsp;248 | &nbsp;&nbsp;&nbsp;3407_Silver Dollar | &nbsp;&nbsp;&nbsp;Silver Dollar | &nbsp;&nbsp;&nbsp;Other (0%); Sunshine Mine | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;2.23 | &nbsp;&nbsp;&nbsp;United States, 48N 3E,23; Shoshone |
| &nbsp;&nbsp;&nbsp;249 | &nbsp;&nbsp;&nbsp;3407_Trail | &nbsp;&nbsp;&nbsp;Trail | &nbsp;&nbsp;&nbsp;Other (0%); Sunshine Mine | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;16.07 | &nbsp;&nbsp;&nbsp;United States, 48N 3E,14, 23; Shoshone |
| &nbsp;&nbsp;&nbsp;250 | &nbsp;&nbsp;&nbsp;3464_New Hope | &nbsp;&nbsp;&nbsp;New Hope | &nbsp;&nbsp;&nbsp;Other (0%); Sunshine Mine | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;1.71 | &nbsp;&nbsp;&nbsp;United States, 48N 3E,23; Shoshone |
| &nbsp;&nbsp;&nbsp;251 | &nbsp;&nbsp;&nbsp;3464_Purim | &nbsp;&nbsp;&nbsp;Purim | &nbsp;&nbsp;&nbsp;Other (0%); Sunshine Mine | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;19.56 | &nbsp;&nbsp;&nbsp;United States, 48N 3E,14, 15, 22, 23; Shoshone |
|  | &nbsp;&nbsp;&nbsp;Total (acreage)\* |  |  |  | &nbsp;&nbsp;&nbsp;3661.16 |  |
|  | &nbsp;&nbsp;&nbsp;Total (hectares)\* |  |  |  | &nbsp;&nbsp;&nbsp;1481.62 |  |
| &nbsp;&nbsp;&nbsp;\*Includes any overlap of claims. | &nbsp;&nbsp;&nbsp;\*Includes any overlap of claims. | &nbsp;&nbsp;&nbsp;\*Includes any overlap of claims. | &nbsp;&nbsp;&nbsp;\*Includes any overlap of claims. | &nbsp;&nbsp;&nbsp;\*Includes any overlap of claims. | &nbsp;&nbsp;&nbsp;\*Includes any overlap of claims. | &nbsp;&nbsp;&nbsp;\*Includes any overlap of claims. |

---

**Table 28-2:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;List of Unpatented Claims**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**License Code** | &nbsp;&nbsp;&nbsp;**License Name** | &nbsp;&nbsp;&nbsp;**Parties** | &nbsp;&nbsp;&nbsp;**Type** | &nbsp;&nbsp;&nbsp;**Interest** | &nbsp;&nbsp;&nbsp;**Area<br> (ac)** | &nbsp;&nbsp;&nbsp;**Map Reference** |
| &nbsp;&nbsp;&nbsp;1 | &nbsp;&nbsp;&nbsp;ID105270050 | &nbsp;&nbsp;&nbsp;Merger 21 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.924 | &nbsp;&nbsp;&nbsp;United States, 48N 3E,13, 24; Shoshone |
| &nbsp;&nbsp;&nbsp;2 | &nbsp;&nbsp;&nbsp;ID105270051 | &nbsp;&nbsp;&nbsp;Merger 22 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.914 | &nbsp;&nbsp;&nbsp;United States, 48N 3E,24; Shoshone |
| &nbsp;&nbsp;&nbsp;3 | &nbsp;&nbsp;&nbsp;ID105270052 | &nbsp;&nbsp;&nbsp;Merger 23 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.914 | &nbsp;&nbsp;&nbsp;United States, 48N 3E,13, 24; Shoshone |
| &nbsp;&nbsp;&nbsp;4 | &nbsp;&nbsp;&nbsp;ID105779544 | &nbsp;&nbsp;&nbsp;IDLV 1 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.903 | &nbsp;&nbsp;&nbsp;United States, 48N 3E,28; Shoshone |
| &nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;ID105779545 | &nbsp;&nbsp;&nbsp;IDLV 2 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.903 | &nbsp;&nbsp;&nbsp;United States, 48N 3E,28; Shoshone |
| &nbsp;&nbsp;&nbsp;6 | &nbsp;&nbsp;&nbsp;ID105779546 | &nbsp;&nbsp;&nbsp;IDLV 3 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.903 | &nbsp;&nbsp;&nbsp;United States, 48N 3E,28; Shoshone |

---

---

| | |
|:---|:---|
| 28-9 | ![](ny20061035x4_ex96-1img002.jpg) |

---

------

<u> Silver Opportunity Partners LLC \| Sunshine Mine S-K 1300 Technical Report Summary on the Initial Assessment </u> <u> March 25, 2026 SLR Project No.: 123.020552.00001 </u>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**License Code** | &nbsp;&nbsp;&nbsp;**License Name** | &nbsp;&nbsp;&nbsp;**Parties** | &nbsp;&nbsp;&nbsp;**Type** | &nbsp;&nbsp;&nbsp;**Interest** | &nbsp;&nbsp;&nbsp;**Area<br> (ac)** | &nbsp;&nbsp;&nbsp;**Map Reference** |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;7 | &nbsp;&nbsp;&nbsp;ID105779547 | &nbsp;&nbsp;&nbsp;IDLV 4 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.903 | &nbsp;&nbsp;&nbsp;United States, 48N 3E,28; Shoshone |
| &nbsp;&nbsp;&nbsp;8 | &nbsp;&nbsp;&nbsp;ID105779548 | &nbsp;&nbsp;&nbsp;IDLV 5 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.903 | &nbsp;&nbsp;&nbsp;United States, 48N 3E,27, 28; Shoshone |
| &nbsp;&nbsp;&nbsp;9 | &nbsp;&nbsp;&nbsp;ID105779549 | &nbsp;&nbsp;&nbsp;IDLV 6 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.903 | &nbsp;&nbsp;&nbsp;United States, 48N 3E,28; Shoshone |
| &nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;ID105779550 | &nbsp;&nbsp;&nbsp;IDLV 7 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.903 | &nbsp;&nbsp;&nbsp;United States, 48N 3E,27, 28; Shoshone |
| &nbsp;&nbsp;&nbsp;11 | &nbsp;&nbsp;&nbsp;ID105779551 | &nbsp;&nbsp;&nbsp;IDLV 8 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.903 | &nbsp;&nbsp;&nbsp;United States, 48N 3E,27; Shoshone |
| &nbsp;&nbsp;&nbsp;12 | &nbsp;&nbsp;&nbsp;ID105779552 | &nbsp;&nbsp;&nbsp;IDLV 9 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.903 | &nbsp;&nbsp;&nbsp;United States, 48N 3E,27; Shoshone |
| &nbsp;&nbsp;&nbsp;13 | &nbsp;&nbsp;&nbsp;ID105779553 | &nbsp;&nbsp;&nbsp;IDLV 10 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.903 | &nbsp;&nbsp;&nbsp;United States, 48N 3E,27; Shoshone |
| &nbsp;&nbsp;&nbsp;14 | &nbsp;&nbsp;&nbsp;ID105779554 | &nbsp;&nbsp;&nbsp;IDLV 11 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.904 | &nbsp;&nbsp;&nbsp;United States, 48N 3E,27; Shoshone |
| &nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;ID105779555 | &nbsp;&nbsp;&nbsp;IDLV 12 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.903 | &nbsp;&nbsp;&nbsp;United States, 48N 3E,27; Shoshone |
| &nbsp;&nbsp;&nbsp;16 | &nbsp;&nbsp;&nbsp;ID105779556 | &nbsp;&nbsp;&nbsp;IDLV 13 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.903 | &nbsp;&nbsp;&nbsp;United States, 48N 3E,26; Shoshone |
| &nbsp;&nbsp;&nbsp;17 | &nbsp;&nbsp;&nbsp;ID105779557 | &nbsp;&nbsp;&nbsp;IDLV 14 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.903 | &nbsp;&nbsp;&nbsp;United States, 48N 3E,27, 34; Shoshone |
| &nbsp;&nbsp;&nbsp;18 | &nbsp;&nbsp;&nbsp;ID105779558 | &nbsp;&nbsp;&nbsp;IDLV 15 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.903 | &nbsp;&nbsp;&nbsp;United States, 48N 3E,27, 34; Shoshone |
| &nbsp;&nbsp;&nbsp;19 | &nbsp;&nbsp;&nbsp;ID105779559 | &nbsp;&nbsp;&nbsp;IDLV 16 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.903 | &nbsp;&nbsp;&nbsp;United States, 48N 3E,27, 34; Shoshone |
| &nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;ID105779560 | &nbsp;&nbsp;&nbsp;IDLV 17 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.903 | &nbsp;&nbsp;&nbsp;United States, 48N 3E,26, 27, 34, 35; Shoshone |
| &nbsp;&nbsp;&nbsp;21 | &nbsp;&nbsp;&nbsp;ID105779561 | &nbsp;&nbsp;&nbsp;IDLV 18 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.903 | &nbsp;&nbsp;&nbsp;United States, 48N 3E,34; Shoshone |
| &nbsp;&nbsp;&nbsp;22 | &nbsp;&nbsp;&nbsp;ID105779562 | &nbsp;&nbsp;&nbsp;IDLV 19 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.903 | &nbsp;&nbsp;&nbsp;United States, 48N 3E,34; Shoshone |
| &nbsp;&nbsp;&nbsp;23 | &nbsp;&nbsp;&nbsp;ID105779563 | &nbsp;&nbsp;&nbsp;IDLV 20 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.903 | &nbsp;&nbsp;&nbsp;United States, 48N 3E,34, 35; Shoshone |
| &nbsp;&nbsp;&nbsp;24 | &nbsp;&nbsp;&nbsp;ID105779564 | &nbsp;&nbsp;&nbsp;IDLV 21 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.903 | &nbsp;&nbsp;&nbsp;United States, 48N 3E,34; Shoshone |
| &nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;ID105779565 | &nbsp;&nbsp;&nbsp;IDLV 22 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.904 | &nbsp;&nbsp;&nbsp;United States, 48N 3E,34; Shoshone |
| &nbsp;&nbsp;&nbsp;26 | &nbsp;&nbsp;&nbsp;ID105779566 | &nbsp;&nbsp;&nbsp;IDLV 23 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.903 | &nbsp;&nbsp;&nbsp;United States, 48N 3E,34, 35; Shoshone |
| &nbsp;&nbsp;&nbsp;27 | &nbsp;&nbsp;&nbsp;ID105779567 | &nbsp;&nbsp;&nbsp;IDLV 24 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.903 | &nbsp;&nbsp;&nbsp;United States, 48N 3E,34; Shoshone |
| &nbsp;&nbsp;&nbsp;28 | &nbsp;&nbsp;&nbsp;ID105779568 | &nbsp;&nbsp;&nbsp;IDLV 25 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.903 | &nbsp;&nbsp;&nbsp;United States, 48N 3E,34, 35; Shoshone |
| &nbsp;&nbsp;&nbsp;29 | &nbsp;&nbsp;&nbsp;ID105779569 | &nbsp;&nbsp;&nbsp;Edna 2 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.391 | &nbsp;&nbsp;&nbsp;United States, 48N 3E,27; Shoshone |
| &nbsp;&nbsp;&nbsp;30 | &nbsp;&nbsp;&nbsp;ID105779570 | &nbsp;&nbsp;&nbsp;Edna 3 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;18.261 | &nbsp;&nbsp;&nbsp;United States, 48N 3E,26, 27; Shoshone |
| &nbsp;&nbsp;&nbsp;31 | &nbsp;&nbsp;&nbsp;ID105779571 | &nbsp;&nbsp;&nbsp;MT 1 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.191 | &nbsp;&nbsp;&nbsp;United States, 48N 3E,23, 26; Shoshone |
| &nbsp;&nbsp;&nbsp;32 | &nbsp;&nbsp;&nbsp;ID105779572 | &nbsp;&nbsp;&nbsp;MT 2 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.191 | &nbsp;&nbsp;&nbsp;United States, 48N 3E,23, 26; Shoshone |
| &nbsp;&nbsp;&nbsp;33 | &nbsp;&nbsp;&nbsp;ID105779573 | &nbsp;&nbsp;&nbsp;Maxwell Fraction 2 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.885 | &nbsp;&nbsp;&nbsp;United States, 48N 3E,13; Shoshone |
| &nbsp;&nbsp;&nbsp;34 | &nbsp;&nbsp;&nbsp;ID105779574 | &nbsp;&nbsp;&nbsp;Go Between 2 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.509 | &nbsp;&nbsp;&nbsp;United States, 48N 3E,13; Shoshone |
| &nbsp;&nbsp;&nbsp;35 | &nbsp;&nbsp;&nbsp;ID105779575 | &nbsp;&nbsp;&nbsp;Homestake 2 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.509 | &nbsp;&nbsp;&nbsp;United States, 48N 3E,13; Shoshone |

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|:---|:---|
| 28-10 | ![](ny20061035x4_ex96-1img002.jpg) |

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<u> Silver Opportunity Partners LLC \| Sunshine Mine S-K 1300 Technical Report Summary on the Initial Assessment </u> <u> March 25, 2026 SLR Project No.: 123.020552.00001 </u>

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**License Code** | &nbsp;&nbsp;&nbsp;**License Name** | &nbsp;&nbsp;&nbsp;**Parties** | &nbsp;&nbsp;&nbsp;**Type** | &nbsp;&nbsp;&nbsp;**Interest** | &nbsp;&nbsp;&nbsp;**Area<br> (ac)** | &nbsp;&nbsp;&nbsp;**Map Reference** |
| &nbsp;&nbsp;&nbsp;36 | &nbsp;&nbsp;&nbsp;ID105779576 | &nbsp;&nbsp;&nbsp;Merger 24 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.903 | &nbsp;&nbsp;&nbsp;United States, 48N 3E,13; Shoshone |
| &nbsp;&nbsp;&nbsp;37 | &nbsp;&nbsp;&nbsp;ID105779577 | &nbsp;&nbsp;&nbsp;Merger 25 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.903 | &nbsp;&nbsp;&nbsp;United States, 48N 4E,19; Shoshone |
| &nbsp;&nbsp;&nbsp;38 | &nbsp;&nbsp;&nbsp;ID105803276 | &nbsp;&nbsp;&nbsp;R 4 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Leased | &nbsp;&nbsp;&nbsp;20.657 | &nbsp;&nbsp;&nbsp;United States, 48N 5E,31; Shoshone |
| &nbsp;&nbsp;&nbsp;39 | &nbsp;&nbsp;&nbsp;ID105803277 | &nbsp;&nbsp;&nbsp;R 5 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Leased | &nbsp;&nbsp;&nbsp;20.648 | &nbsp;&nbsp;&nbsp;United States, 48N 5E,31; Shoshone |
| &nbsp;&nbsp;&nbsp;40 | &nbsp;&nbsp;&nbsp;ID105803278 | &nbsp;&nbsp;&nbsp;R 6 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Leased | &nbsp;&nbsp;&nbsp;20.391 | &nbsp;&nbsp;&nbsp;United States, 48N 5E,31; Shoshone |
| &nbsp;&nbsp;&nbsp;41 | &nbsp;&nbsp;&nbsp;ID105803279 | &nbsp;&nbsp;&nbsp;R 7 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Leased | &nbsp;&nbsp;&nbsp;21.077 | &nbsp;&nbsp;&nbsp;United States, 48N 5E,31; Shoshone |
| &nbsp;&nbsp;&nbsp;42 | &nbsp;&nbsp;&nbsp;ID105803280 | &nbsp;&nbsp;&nbsp;R 8 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Leased | &nbsp;&nbsp;&nbsp;21.109 | &nbsp;&nbsp;&nbsp;United States, 48N 5E,31; Shoshone |
| &nbsp;&nbsp;&nbsp;43 | &nbsp;&nbsp;&nbsp;IMC 17293 | &nbsp;&nbsp;&nbsp;Surprise | &nbsp;&nbsp;&nbsp;American Silver Mining Company LLC (100%); BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Leased | &nbsp;&nbsp;&nbsp;20.487 | &nbsp;&nbsp;&nbsp;United States, 48N 3E,24; Shoshone |
| &nbsp;&nbsp;&nbsp;44 | &nbsp;&nbsp;&nbsp;IMC 17294 | &nbsp;&nbsp;&nbsp;Norwich Fraction No.1 | &nbsp;&nbsp;&nbsp;American Silver Mining Company LLC (100%); BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Leased | &nbsp;&nbsp;&nbsp;20.904 | &nbsp;&nbsp;&nbsp;United States, 48N 3E,24; 48N 4E,19; Shoshone |
| &nbsp;&nbsp;&nbsp;45 | &nbsp;&nbsp;&nbsp;IMC 17295 | &nbsp;&nbsp;&nbsp;Norwich Fraction No.2 | &nbsp;&nbsp;&nbsp;American Silver Mining Company LLC (100%); BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Leased | &nbsp;&nbsp;&nbsp;20.813 | &nbsp;&nbsp;&nbsp;United States, 48N 3E,24; 48N 4E,19; Shoshone |
| &nbsp;&nbsp;&nbsp;46 | &nbsp;&nbsp;&nbsp;IMC 17296 | &nbsp;&nbsp;&nbsp;Lucky Friday | &nbsp;&nbsp;&nbsp;American Silver Mining Company LLC (100%); BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Leased | &nbsp;&nbsp;&nbsp;19.022 | &nbsp;&nbsp;&nbsp;United States, 48N 4E,19; Shoshone |
| &nbsp;&nbsp;&nbsp;47 | &nbsp;&nbsp;&nbsp;IMC 17297 | &nbsp;&nbsp;&nbsp;Lucky Friday No.1 | &nbsp;&nbsp;&nbsp;American Silver Mining Company LLC (100%); BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Leased | &nbsp;&nbsp;&nbsp;20.901 | &nbsp;&nbsp;&nbsp;United States, 48N 4E,19; Shoshone |
| &nbsp;&nbsp;&nbsp;48 | &nbsp;&nbsp;&nbsp;IMC 17298 | &nbsp;&nbsp;&nbsp;Luck Friday No.2 | &nbsp;&nbsp;&nbsp;American Silver Mining Company LLC (100%); BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Leased | &nbsp;&nbsp;&nbsp;21.045 | &nbsp;&nbsp;&nbsp;United States, 48N 3E,24; 48N 4E,19; Shoshone |
| &nbsp;&nbsp;&nbsp;49 | &nbsp;&nbsp;&nbsp;IMC 17299 | &nbsp;&nbsp;&nbsp;Lucky Friday No.3 | &nbsp;&nbsp;&nbsp;American Silver Mining Company LLC (100%); BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Leased | &nbsp;&nbsp;&nbsp;20.696 | &nbsp;&nbsp;&nbsp;United States, 48N 4E,19; Shoshone |
| &nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;IMC 17300 | &nbsp;&nbsp;&nbsp;Lucky Friday No.4 | &nbsp;&nbsp;&nbsp;American Silver Mining Company LLC (100%); BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Leased | &nbsp;&nbsp;&nbsp;20.644 | &nbsp;&nbsp;&nbsp;United States, 48N 4E,19, 30; Shoshone |
| &nbsp;&nbsp;&nbsp;51 | &nbsp;&nbsp;&nbsp;IMC 17301 | &nbsp;&nbsp;&nbsp;Lucky Norwich | &nbsp;&nbsp;&nbsp;American Silver Mining Company LLC (100%); BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Leased | &nbsp;&nbsp;&nbsp;4.783 | &nbsp;&nbsp;&nbsp;United States, 48N 3E,24; 48N 4E,19; Shoshone |
| &nbsp;&nbsp;&nbsp;52 | &nbsp;&nbsp;&nbsp;IMC 17302 | &nbsp;&nbsp;&nbsp;Lutita | &nbsp;&nbsp;&nbsp;American Silver Mining Company LLC (100%); BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Leased | &nbsp;&nbsp;&nbsp;3.995 | &nbsp;&nbsp;&nbsp;United States, 48N 3E,24; Shoshone |
| &nbsp;&nbsp;&nbsp;53 | &nbsp;&nbsp;&nbsp;IMC 17303 | &nbsp;&nbsp;&nbsp;Edwone Fraction | &nbsp;&nbsp;&nbsp;American Silver Mining Company LLC (100%); BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Leased | &nbsp;&nbsp;&nbsp;0.404 | &nbsp;&nbsp;&nbsp;United States, 48N 3E,24; Shoshone |
| &nbsp;&nbsp;&nbsp;54 | &nbsp;&nbsp;&nbsp;IMC 17304 | &nbsp;&nbsp;&nbsp;Kentucky Silver | &nbsp;&nbsp;&nbsp;American Silver Mining Company LLC (100%); BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Leased | &nbsp;&nbsp;&nbsp;2.187 | &nbsp;&nbsp;&nbsp;United States, 48N 3E,24; Shoshone |
| &nbsp;&nbsp;&nbsp;55 | &nbsp;&nbsp;&nbsp;IMC 17305 | &nbsp;&nbsp;&nbsp;Enid | &nbsp;&nbsp;&nbsp;American Silver Mining Company LLC (100%); BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Leased | &nbsp;&nbsp;&nbsp;9.518 | &nbsp;&nbsp;&nbsp;United States, 48N 3E,24; 48N 4E,19; Shoshone |
| &nbsp;&nbsp;&nbsp;56 | &nbsp;&nbsp;&nbsp;IMC 17306 | &nbsp;&nbsp;&nbsp;Conrad | &nbsp;&nbsp;&nbsp;American Silver Mining Company LLC (100%); BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Leased | &nbsp;&nbsp;&nbsp;9.5 | &nbsp;&nbsp;&nbsp;United States, 48N 3E,24; Shoshone |

---

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| | |
|:---|:---|
| 28-11 | ![](ny20061035x4_ex96-1img002.jpg) |

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------

<u> Silver Opportunity Partners LLC \| Sunshine Mine S-K 1300 Technical Report Summary on the Initial Assessment </u> <u> March 25, 2026 SLR Project No.: 123.020552.00001 </u>

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**License Code** | &nbsp;&nbsp;&nbsp;**License Name** | &nbsp;&nbsp;&nbsp;**Parties** | &nbsp;&nbsp;&nbsp;**Type** | &nbsp;&nbsp;&nbsp;**Interest** | &nbsp;&nbsp;&nbsp;**Area<br> (ac)** | &nbsp;&nbsp;&nbsp;**Map Reference** |
| &nbsp;&nbsp;&nbsp;57 | &nbsp;&nbsp;&nbsp;IMC 17307 | &nbsp;&nbsp;&nbsp;Blue Jay | &nbsp;&nbsp;&nbsp;American Silver Mining Company LLC (100%); BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Leased | &nbsp;&nbsp;&nbsp;20.889 | &nbsp;&nbsp;&nbsp;United States, 48N 3E,24; Shoshone |
| &nbsp;&nbsp;&nbsp;58 | &nbsp;&nbsp;&nbsp;IMC 17308 | &nbsp;&nbsp;&nbsp;Collins | &nbsp;&nbsp;&nbsp;American Silver Mining Company LLC (100%); BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Leased | &nbsp;&nbsp;&nbsp;20.552 | &nbsp;&nbsp;&nbsp;United States, 48N 3E,24; 48N 4E,19; Shoshone |
| &nbsp;&nbsp;&nbsp;59 | &nbsp;&nbsp;&nbsp;IMC 17309 | &nbsp;&nbsp;&nbsp;North Star | &nbsp;&nbsp;&nbsp;American Silver Mining Company LLC (100%); BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Leased | &nbsp;&nbsp;&nbsp;20.903 | &nbsp;&nbsp;&nbsp;United States, 48N 4E,19; Shoshone |
| &nbsp;&nbsp;&nbsp;60 | &nbsp;&nbsp;&nbsp;IMC 17310 | &nbsp;&nbsp;&nbsp;Silver Leaf | &nbsp;&nbsp;&nbsp;American Silver Mining Company LLC (100%); BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Leased | &nbsp;&nbsp;&nbsp;20.903 | &nbsp;&nbsp;&nbsp;United States, 48N 3E,24; Shoshone |
| &nbsp;&nbsp;&nbsp;61 | &nbsp;&nbsp;&nbsp;IMC 17311 | &nbsp;&nbsp;&nbsp;Kentucky | &nbsp;&nbsp;&nbsp;American Silver Mining Company LLC (100%); BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Leased | &nbsp;&nbsp;&nbsp;20.844 | &nbsp;&nbsp;&nbsp;United States, 48N 3E,24; Shoshone |
| &nbsp;&nbsp;&nbsp;62 | &nbsp;&nbsp;&nbsp;IMC 17312 | &nbsp;&nbsp;&nbsp;Buckeye | &nbsp;&nbsp;&nbsp;American Silver Mining Company LLC (100%); BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Leased | &nbsp;&nbsp;&nbsp;20.844 | &nbsp;&nbsp;&nbsp;United States, 48N 3E,24; Shoshone |
| &nbsp;&nbsp;&nbsp;63 | &nbsp;&nbsp;&nbsp;IMC 17313 | &nbsp;&nbsp;&nbsp;Maud S | &nbsp;&nbsp;&nbsp;American Silver Mining Company LLC (100%); BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Leased | &nbsp;&nbsp;&nbsp;20.837 | &nbsp;&nbsp;&nbsp;United States, 48N 3E,24; Shoshone |
| &nbsp;&nbsp;&nbsp;64 | &nbsp;&nbsp;&nbsp;IMC 175831 | &nbsp;&nbsp;&nbsp;Barbarosa | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.443 | &nbsp;&nbsp;&nbsp;United States, 48N 3E,22, 23; Shoshone |
| &nbsp;&nbsp;&nbsp;65 | &nbsp;&nbsp;&nbsp;IMC 175832 | &nbsp;&nbsp;&nbsp;Western Star | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.871 | &nbsp;&nbsp;&nbsp;United States, 48N 3E,22, 23; Shoshone |
| &nbsp;&nbsp;&nbsp;66 | &nbsp;&nbsp;&nbsp;IMC 226792 | &nbsp;&nbsp;&nbsp;Silver Hill 1 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 47N 3E,6; 48N 3E,31; Shoshone |
| &nbsp;&nbsp;&nbsp;67 | &nbsp;&nbsp;&nbsp;IMC 226793 | &nbsp;&nbsp;&nbsp;Silver Hill 2 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 47N 3E,6; Shoshone |
| &nbsp;&nbsp;&nbsp;68 | &nbsp;&nbsp;&nbsp;IMC 226794 | &nbsp;&nbsp;&nbsp;Silver Hill 3 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 47N 3E,6; Shoshone |
| &nbsp;&nbsp;&nbsp;69 | &nbsp;&nbsp;&nbsp;IMC 226795 | &nbsp;&nbsp;&nbsp;Silver Hill 4 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 47N 3E,6; Shoshone |
| &nbsp;&nbsp;&nbsp;70 | &nbsp;&nbsp;&nbsp;IMC 226796 | &nbsp;&nbsp;&nbsp;Silver Hill 5 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 47N 3E,6; Shoshone |
| &nbsp;&nbsp;&nbsp;71 | &nbsp;&nbsp;&nbsp;IMC 226797 | &nbsp;&nbsp;&nbsp;Silver Hill 6 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 47N 3E,6; 48N 3E,31; Shoshone |
| &nbsp;&nbsp;&nbsp;72 | &nbsp;&nbsp;&nbsp;IMC 226798 | &nbsp;&nbsp;&nbsp;Silver Hill 7 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 47N 3E,6; Shoshone |
| &nbsp;&nbsp;&nbsp;73 | &nbsp;&nbsp;&nbsp;IMC 226799 | &nbsp;&nbsp;&nbsp;Silver Hill 8 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 47N 3E,6; Shoshone |
| &nbsp;&nbsp;&nbsp;74 | &nbsp;&nbsp;&nbsp;IMC 226800 | &nbsp;&nbsp;&nbsp;Silver Hill 9 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 47N 3E,6; Shoshone |
| &nbsp;&nbsp;&nbsp;75 | &nbsp;&nbsp;&nbsp;IMC 226801 | &nbsp;&nbsp;&nbsp;Silver Hill 10 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 47N 3E,6; Shoshone |
| &nbsp;&nbsp;&nbsp;76 | &nbsp;&nbsp;&nbsp;IMC 226802 | &nbsp;&nbsp;&nbsp;Silver Hill 11 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 48N 3E,31, 32; Shoshone |
| &nbsp;&nbsp;&nbsp;77 | &nbsp;&nbsp;&nbsp;IMC 226803 | &nbsp;&nbsp;&nbsp;Silver Hill 12 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 47N 3E,5, 6; 48N 3E,31, 32; Shoshone |
| &nbsp;&nbsp;&nbsp;78 | &nbsp;&nbsp;&nbsp;IMC 226804 | &nbsp;&nbsp;&nbsp;Silver Hill 13 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 47N 3E,5, 6; Shoshone |
| &nbsp;&nbsp;&nbsp;79 | &nbsp;&nbsp;&nbsp;IMC 226805 | &nbsp;&nbsp;&nbsp;Silver Hill 14 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 47N 3E,5, 6; Shoshone |
| &nbsp;&nbsp;&nbsp;80 | &nbsp;&nbsp;&nbsp;IMC 226806 | &nbsp;&nbsp;&nbsp;Silver Hill 15 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 47N 3E,5, 6; Shoshone |

---

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| | |
|:---|:---|
| 28-12 | ![](ny20061035x4_ex96-1img002.jpg) |

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<u> Silver Opportunity Partners LLC \| Sunshine Mine S-K 1300 Technical Report Summary on the Initial Assessment </u> <u> March 25, 2026 SLR Project No.: 123.020552.00001 </u>

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**License Code** | &nbsp;&nbsp;&nbsp;**License Name** | &nbsp;&nbsp;&nbsp;**Parties** | &nbsp;&nbsp;&nbsp;**Type** | &nbsp;&nbsp;&nbsp;**Interest** | &nbsp;&nbsp;&nbsp;**Area<br> (ac)** | &nbsp;&nbsp;&nbsp;**Map Reference** |
| &nbsp;&nbsp;&nbsp;81 | &nbsp;&nbsp;&nbsp;IMC 226807 | &nbsp;&nbsp;&nbsp;Silver Hill 16 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 47N 3E,5, 6; Shoshone |
| &nbsp;&nbsp;&nbsp;82 | &nbsp;&nbsp;&nbsp;IMC 226808 | &nbsp;&nbsp;&nbsp;Silver Hill 17 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 48N 3E,32; Shoshone |
| &nbsp;&nbsp;&nbsp;83 | &nbsp;&nbsp;&nbsp;IMC 226809 | &nbsp;&nbsp;&nbsp;Silver Hill 18 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 47N 3E,5; 48N 3E,32; Shoshone |
| &nbsp;&nbsp;&nbsp;84 | &nbsp;&nbsp;&nbsp;IMC 226810 | &nbsp;&nbsp;&nbsp;Silver Hill 19 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 47N 3E,5; Shoshone |
| &nbsp;&nbsp;&nbsp;85 | &nbsp;&nbsp;&nbsp;IMC 226811 | &nbsp;&nbsp;&nbsp;Silver Hill 20 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 47N 3E,5; Shoshone |
| &nbsp;&nbsp;&nbsp;86 | &nbsp;&nbsp;&nbsp;IMC 226812 | &nbsp;&nbsp;&nbsp;Silver Hill 21 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 47N 3E,5; Shoshone |
| &nbsp;&nbsp;&nbsp;87 | &nbsp;&nbsp;&nbsp;IMC 226813 | &nbsp;&nbsp;&nbsp;Silver Hill 22 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 47N 3E,5; Shoshone |
| &nbsp;&nbsp;&nbsp;88 | &nbsp;&nbsp;&nbsp;IMC 226814 | &nbsp;&nbsp;&nbsp;Silver Hill 23 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.903 | &nbsp;&nbsp;&nbsp;United States, 48N 3E,32; Shoshone |
| &nbsp;&nbsp;&nbsp;89 | &nbsp;&nbsp;&nbsp;IMC 226815 | &nbsp;&nbsp;&nbsp;Silver Hill 24 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.903 | &nbsp;&nbsp;&nbsp;United States, 47N 3E,5; 48N 3E,32; Shoshone |
| &nbsp;&nbsp;&nbsp;90 | &nbsp;&nbsp;&nbsp;IMC 226816 | &nbsp;&nbsp;&nbsp;Silver Hill 25 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 47N 3E,5; Shoshone |
| &nbsp;&nbsp;&nbsp;91 | &nbsp;&nbsp;&nbsp;IMC 226817 | &nbsp;&nbsp;&nbsp;Silver Hill 26 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 47N 3E,5; Shoshone |
| &nbsp;&nbsp;&nbsp;92 | &nbsp;&nbsp;&nbsp;IMC 226818 | &nbsp;&nbsp;&nbsp;Silver Hill 27 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 47N 3E,5; Shoshone |
| &nbsp;&nbsp;&nbsp;93 | &nbsp;&nbsp;&nbsp;IMC 226819 | &nbsp;&nbsp;&nbsp;Silver Hill 28 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 47N 3E,5; Shoshone |
| &nbsp;&nbsp;&nbsp;94 | &nbsp;&nbsp;&nbsp;IMC 226820 | &nbsp;&nbsp;&nbsp;JD #1 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 48N 3E,36; Shoshone |
| &nbsp;&nbsp;&nbsp;95 | &nbsp;&nbsp;&nbsp;IMC 226821 | &nbsp;&nbsp;&nbsp;JD #2 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 48N 3E,36; Shoshone |
| &nbsp;&nbsp;&nbsp;96 | &nbsp;&nbsp;&nbsp;IMC 226822 | &nbsp;&nbsp;&nbsp;JD #3 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 48N 3E,36; Shoshone |
| &nbsp;&nbsp;&nbsp;97 | &nbsp;&nbsp;&nbsp;IMC 226823 | &nbsp;&nbsp;&nbsp;JD #4 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 48N 3E,36; Shoshone |
| &nbsp;&nbsp;&nbsp;98 | &nbsp;&nbsp;&nbsp;IMC 226824 | &nbsp;&nbsp;&nbsp;JD #5 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 48N 3E,35, 36; Shoshone |
| &nbsp;&nbsp;&nbsp;99 | &nbsp;&nbsp;&nbsp;IMC 226825 | &nbsp;&nbsp;&nbsp;JD #6 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 48N 3E,36; Shoshone |
| &nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;IMC 226826 | &nbsp;&nbsp;&nbsp;JD #7 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 48N 3E,36; Shoshone |
| &nbsp;&nbsp;&nbsp;101 | &nbsp;&nbsp;&nbsp;IMC 226827 | &nbsp;&nbsp;&nbsp;JD #8 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 48N 3E,36; Shoshone |
| &nbsp;&nbsp;&nbsp;102 | &nbsp;&nbsp;&nbsp;IMC 226828 | &nbsp;&nbsp;&nbsp;JD #9 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 48N 3E,35, 36; Shoshone |
| &nbsp;&nbsp;&nbsp;103 | &nbsp;&nbsp;&nbsp;IMC 226829 | &nbsp;&nbsp;&nbsp;SILVER APEX 3 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 48N 4E,5, 6; Shoshone |
| &nbsp;&nbsp;&nbsp;104 | &nbsp;&nbsp;&nbsp;IMC 226830 | &nbsp;&nbsp;&nbsp;SILVER APEX 4 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 48N 4E,5, 6; 49N 4E,32; Shoshone |
| &nbsp;&nbsp;&nbsp;105 | &nbsp;&nbsp;&nbsp;IMC 226831 | &nbsp;&nbsp;&nbsp;SILVER APEX 5 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 48N 4E,5; 49N 4E,32; Shoshone |
| &nbsp;&nbsp;&nbsp;106 | &nbsp;&nbsp;&nbsp;IMC 226832 | &nbsp;&nbsp;&nbsp;SILVER APEX 6 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 48N 4E,5; Shoshone |
| &nbsp;&nbsp;&nbsp;107 | &nbsp;&nbsp;&nbsp;IMC 226833 | &nbsp;&nbsp;&nbsp;S 4951 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 48N 5E,24, 25; Shoshone |

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|:---|:---|
| 28-13 | ![](ny20061035x4_ex96-1img002.jpg) |

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<u> Silver Opportunity Partners LLC \| Sunshine Mine S-K 1300 Technical Report Summary on the Initial Assessment </u> <u> March 25, 2026 SLR Project No.: 123.020552.00001 </u>

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**License Code** | &nbsp;&nbsp;&nbsp;**License Name** | &nbsp;&nbsp;&nbsp;**Parties** | &nbsp;&nbsp;&nbsp;**Type** | &nbsp;&nbsp;&nbsp;**Interest** | &nbsp;&nbsp;&nbsp;**Area<br> (ac)** | &nbsp;&nbsp;&nbsp;**Map Reference** |
| &nbsp;&nbsp;&nbsp;108 | &nbsp;&nbsp;&nbsp;IMC 226834 | &nbsp;&nbsp;&nbsp;S 4952 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 48N 5E,19, 24, 25; 48N 6E,19; Shoshone |
| &nbsp;&nbsp;&nbsp;109 | &nbsp;&nbsp;&nbsp;IMC 226835 | &nbsp;&nbsp;&nbsp;S 4953 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 48N 5E,19, 24, 25, 30; 48N 6E,19, 25, 30; Shoshone |
| &nbsp;&nbsp;&nbsp;110 | &nbsp;&nbsp;&nbsp;IMC 226836 | &nbsp;&nbsp;&nbsp;S 4954 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 48N 5E,25, 30; 48N 6E,25, 30; Shoshone |
| &nbsp;&nbsp;&nbsp;111 | &nbsp;&nbsp;&nbsp;IMC 226837 | &nbsp;&nbsp;&nbsp;S 4955 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 48N 5E,25, 30; 48N 6E,25, 30; Shoshone |
| &nbsp;&nbsp;&nbsp;112 | &nbsp;&nbsp;&nbsp;IMC 226838 | &nbsp;&nbsp;&nbsp;S 4956 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 48N 6E,30; Shoshone |
| &nbsp;&nbsp;&nbsp;113 | &nbsp;&nbsp;&nbsp;IMC 226839 | &nbsp;&nbsp;&nbsp;S 4957 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 48N 6E,30; Shoshone |
| &nbsp;&nbsp;&nbsp;114 | &nbsp;&nbsp;&nbsp;IMC 226840 | &nbsp;&nbsp;&nbsp;S 4958 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 48N 6E,30; Shoshone |
| &nbsp;&nbsp;&nbsp;115 | &nbsp;&nbsp;&nbsp;IMC 226841 | &nbsp;&nbsp;&nbsp;S 4959 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 48N 6E,30; Shoshone |
| &nbsp;&nbsp;&nbsp;116 | &nbsp;&nbsp;&nbsp;IMC 226842 | &nbsp;&nbsp;&nbsp;S 5049 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 48N 5E,19, 24; 48N 6E,19; Shoshone |
| &nbsp;&nbsp;&nbsp;117 | &nbsp;&nbsp;&nbsp;IMC 226843 | &nbsp;&nbsp;&nbsp;S 5059 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 48N 6E,30; Shoshone |
| &nbsp;&nbsp;&nbsp;118 | &nbsp;&nbsp;&nbsp;IMC 226844 | &nbsp;&nbsp;&nbsp;S 5060 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 48N 6E,30; Shoshone |
| &nbsp;&nbsp;&nbsp;119 | &nbsp;&nbsp;&nbsp;IMC 226845 | &nbsp;&nbsp;&nbsp;S 5148 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 48N 5E,19, 24; 48N 6E,19; Shoshone |
| &nbsp;&nbsp;&nbsp;120 | &nbsp;&nbsp;&nbsp;IMC 226846 | &nbsp;&nbsp;&nbsp;S 5149 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 48N 5E,19, 24; 48N 6E,19; Shoshone |
| &nbsp;&nbsp;&nbsp;121 | &nbsp;&nbsp;&nbsp;IMC 226847 | &nbsp;&nbsp;&nbsp;S 5151 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 48N 6E,30; Shoshone |
| &nbsp;&nbsp;&nbsp;122 | &nbsp;&nbsp;&nbsp;IMC 226848 | &nbsp;&nbsp;&nbsp;S 5159 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 48N 6E,19, 30; Shoshone |
| &nbsp;&nbsp;&nbsp;123 | &nbsp;&nbsp;&nbsp;IMC 226849 | &nbsp;&nbsp;&nbsp;SNOW 1 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 48N 6E,29; Shoshone |
| &nbsp;&nbsp;&nbsp;124 | &nbsp;&nbsp;&nbsp;IMC 226850 | &nbsp;&nbsp;&nbsp;SNOW 2 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 48N 6E,29; Shoshone |
| &nbsp;&nbsp;&nbsp;125 | &nbsp;&nbsp;&nbsp;IMC 226851 | &nbsp;&nbsp;&nbsp;SNOW 3 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 48N 6E,29; Shoshone |
| &nbsp;&nbsp;&nbsp;126 | &nbsp;&nbsp;&nbsp;IMC 226852 | &nbsp;&nbsp;&nbsp;SNOW 4 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 48N 6E,29; Shoshone |
| &nbsp;&nbsp;&nbsp;127 | &nbsp;&nbsp;&nbsp;IMC 226853 | &nbsp;&nbsp;&nbsp;SNOW 5 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 48N 6E,29; Shoshone |
| &nbsp;&nbsp;&nbsp;128 | &nbsp;&nbsp;&nbsp;IMC 226854 | &nbsp;&nbsp;&nbsp;SNOW 6 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 48N 6E,29; Shoshone |
| &nbsp;&nbsp;&nbsp;129 | &nbsp;&nbsp;&nbsp;IMC 226855 | &nbsp;&nbsp;&nbsp;SNOW 7 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 48N 6E,20, 29; Shoshone |
| &nbsp;&nbsp;&nbsp;130 | &nbsp;&nbsp;&nbsp;IMC 226856 | &nbsp;&nbsp;&nbsp;SNOW 8 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 48N 6E,20, 29; Shoshone |
| &nbsp;&nbsp;&nbsp;131 | &nbsp;&nbsp;&nbsp;IMC 226857 | &nbsp;&nbsp;&nbsp;BL 1 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 48N 6E,33, 34; Shoshone |
| &nbsp;&nbsp;&nbsp;132 | &nbsp;&nbsp;&nbsp;IMC 226858 | &nbsp;&nbsp;&nbsp;BL 2 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 48N 6E,34; Shoshone |
| &nbsp;&nbsp;&nbsp;133 | &nbsp;&nbsp;&nbsp;IMC 226859 | &nbsp;&nbsp;&nbsp;BL 3 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 48N 6E,33; Shoshone |

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|:---|:---|
| 28-14 | ![](ny20061035x4_ex96-1img002.jpg) |

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------

<u> Silver Opportunity Partners LLC \| Sunshine Mine S-K 1300 Technical Report Summary on the Initial Assessment </u> <u> March 25, 2026 SLR Project No.: 123.020552.00001 </u>

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**License Code** | &nbsp;&nbsp;&nbsp;**License Name** | &nbsp;&nbsp;&nbsp;**Parties** | &nbsp;&nbsp;&nbsp;**Type** | &nbsp;&nbsp;&nbsp;**Interest** | &nbsp;&nbsp;&nbsp;**Area<br> (ac)** | &nbsp;&nbsp;&nbsp;**Map Reference** |
| &nbsp;&nbsp;&nbsp;134 | &nbsp;&nbsp;&nbsp;IMC 226860 | &nbsp;&nbsp;&nbsp;BL 4 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 48N 6E,33, 34; Shoshone |
| &nbsp;&nbsp;&nbsp;135 | &nbsp;&nbsp;&nbsp;IMC 226861 | &nbsp;&nbsp;&nbsp;BL 5 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 48N 6E,33; Shoshone |
| &nbsp;&nbsp;&nbsp;136 | &nbsp;&nbsp;&nbsp;IMC 226862 | &nbsp;&nbsp;&nbsp;BL 6 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 48N 6E,33, 34; Shoshone |
| &nbsp;&nbsp;&nbsp;137 | &nbsp;&nbsp;&nbsp;IMC 226863 | &nbsp;&nbsp;&nbsp;BL 7 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 48N 6E,33; Shoshone |
| &nbsp;&nbsp;&nbsp;138 | &nbsp;&nbsp;&nbsp;IMC 226864 | &nbsp;&nbsp;&nbsp;BL 8 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 48N 6E,33, 34; Shoshone |
| &nbsp;&nbsp;&nbsp;139 | &nbsp;&nbsp;&nbsp;IMC 226865 | &nbsp;&nbsp;&nbsp;BL 9 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 48N 6E,33; Shoshone |
| &nbsp;&nbsp;&nbsp;140 | &nbsp;&nbsp;&nbsp;IMC 226866 | &nbsp;&nbsp;&nbsp;BL 10 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 48N 6E,33, 34; Shoshone |
| &nbsp;&nbsp;&nbsp;141 | &nbsp;&nbsp;&nbsp;IMC 226867 | &nbsp;&nbsp;&nbsp;W 1 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 48N 2E,23; Shoshone |
| &nbsp;&nbsp;&nbsp;142 | &nbsp;&nbsp;&nbsp;IMC 226868 | &nbsp;&nbsp;&nbsp;W 2 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 48N 2E,23, 24; Shoshone |
| &nbsp;&nbsp;&nbsp;143 | &nbsp;&nbsp;&nbsp;IMC 226869 | &nbsp;&nbsp;&nbsp;W 3 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 48N 2E,23, 24; Shoshone |
| &nbsp;&nbsp;&nbsp;144 | &nbsp;&nbsp;&nbsp;IMC 226870 | &nbsp;&nbsp;&nbsp;W 4 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 48N 2E,23, 24; Shoshone |
| &nbsp;&nbsp;&nbsp;145 | &nbsp;&nbsp;&nbsp;IMC 226871 | &nbsp;&nbsp;&nbsp;W 5 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 48N 2E,23, 24; Shoshone |
| &nbsp;&nbsp;&nbsp;146 | &nbsp;&nbsp;&nbsp;IMC 226872 | &nbsp;&nbsp;&nbsp;W 6 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 48N 2E,24; Shoshone |
| &nbsp;&nbsp;&nbsp;147 | &nbsp;&nbsp;&nbsp;IMC 226873 | &nbsp;&nbsp;&nbsp;W 7 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 48N 2E,24; Shoshone |
| &nbsp;&nbsp;&nbsp;148 | &nbsp;&nbsp;&nbsp;IMC 226874 | &nbsp;&nbsp;&nbsp;W 8 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 48N 2E,24; Shoshone |
| &nbsp;&nbsp;&nbsp;149 | &nbsp;&nbsp;&nbsp;IMC 226875 | &nbsp;&nbsp;&nbsp;W 9 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 48N 2E,24; Shoshone |
| &nbsp;&nbsp;&nbsp;150 | &nbsp;&nbsp;&nbsp;IMC 226876 | &nbsp;&nbsp;&nbsp;W 10 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 48N 2E,24; Shoshone |
| &nbsp;&nbsp;&nbsp;151 | &nbsp;&nbsp;&nbsp;IMC 226877 | &nbsp;&nbsp;&nbsp;SYDNEY #1 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 48N 2E,21, 22; Shoshone |
| &nbsp;&nbsp;&nbsp;152 | &nbsp;&nbsp;&nbsp;IMC 226878 | &nbsp;&nbsp;&nbsp;SYDNEY #2 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 48N 2E,21, 22; Shoshone |
| &nbsp;&nbsp;&nbsp;153 | &nbsp;&nbsp;&nbsp;IMC 226879 | &nbsp;&nbsp;&nbsp;SYDNEY #3 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 48N 2E,22; Shoshone |
| &nbsp;&nbsp;&nbsp;154 | &nbsp;&nbsp;&nbsp;IMC 226880 | &nbsp;&nbsp;&nbsp;SYDNEY #4 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 48N 2E,22; Shoshone |
| &nbsp;&nbsp;&nbsp;155 | &nbsp;&nbsp;&nbsp;IMC 226881 | &nbsp;&nbsp;&nbsp;SYDNEY #5 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 48N 2E,22; Shoshone |
| &nbsp;&nbsp;&nbsp;156 | &nbsp;&nbsp;&nbsp;IMC 226882 | &nbsp;&nbsp;&nbsp;SYDNEY #6 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 48N 2E,22; Shoshone |
| &nbsp;&nbsp;&nbsp;157 | &nbsp;&nbsp;&nbsp;IMC 226883 | &nbsp;&nbsp;&nbsp;SYDNEY #7 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 48N 2E,22; Shoshone |
| &nbsp;&nbsp;&nbsp;158 | &nbsp;&nbsp;&nbsp;IMC 226884 | &nbsp;&nbsp;&nbsp;SYDNEY #8 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 48N 2E,22; Shoshone |
| &nbsp;&nbsp;&nbsp;159 | &nbsp;&nbsp;&nbsp;IMC 226885 | &nbsp;&nbsp;&nbsp;SYDNEY #9 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 48N 2E,22; Shoshone |
| &nbsp;&nbsp;&nbsp;160 | &nbsp;&nbsp;&nbsp;IMC 226886 | &nbsp;&nbsp;&nbsp;SYDNEY #10 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 48N 2E,22; Shoshone |
| &nbsp;&nbsp;&nbsp;161 | &nbsp;&nbsp;&nbsp;IMC 226887 | &nbsp;&nbsp;&nbsp;SYDNEY #11 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 48N 2E,22; Shoshone |
| &nbsp;&nbsp;&nbsp;162 | &nbsp;&nbsp;&nbsp;IMC 226888 | &nbsp;&nbsp;&nbsp;SYDNEY #12 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 48N 2E,22; Shoshone |
| &nbsp;&nbsp;&nbsp;163 | &nbsp;&nbsp;&nbsp;IMC 226889 | &nbsp;&nbsp;&nbsp;SYDNEY #13 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 48N 2E,22, 23; Shoshone |

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| | |
|:---|:---|
| 28-15 | ![](ny20061035x4_ex96-1img002.jpg) |

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------

<u> Silver Opportunity Partners LLC \| Sunshine Mine S-K 1300 Technical Report Summary on the Initial Assessment </u> <u> March 25, 2026 SLR Project No.: 123.020552.00001 </u>

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**License Code** | &nbsp;&nbsp;&nbsp;**License Name** | &nbsp;&nbsp;&nbsp;**Parties** | &nbsp;&nbsp;&nbsp;**Type** | &nbsp;&nbsp;&nbsp;**Interest** | &nbsp;&nbsp;&nbsp;**Area<br> (ac)** | &nbsp;&nbsp;&nbsp;**Map Reference** |
| &nbsp;&nbsp;&nbsp;164 | &nbsp;&nbsp;&nbsp;IMC 226890 | &nbsp;&nbsp;&nbsp;SYDNEY #14 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 48N 2E,22, 23; Shoshone |
| &nbsp;&nbsp;&nbsp;165 | &nbsp;&nbsp;&nbsp;IMC 226891 | &nbsp;&nbsp;&nbsp;SYDNEY #15 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 48N 2E,22, 23, 27; Shoshone |
| &nbsp;&nbsp;&nbsp;166 | &nbsp;&nbsp;&nbsp;IMC 226892 | &nbsp;&nbsp;&nbsp;H 1 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 48N 2E,26; Shoshone |
| &nbsp;&nbsp;&nbsp;167 | &nbsp;&nbsp;&nbsp;IMC 226893 | &nbsp;&nbsp;&nbsp;H 2 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 48N 2E,26; Shoshone |
| &nbsp;&nbsp;&nbsp;168 | &nbsp;&nbsp;&nbsp;IMC 226894 | &nbsp;&nbsp;&nbsp;H 3 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 48N 2E,25, 26; Shoshone |
| &nbsp;&nbsp;&nbsp;169 | &nbsp;&nbsp;&nbsp;IMC 226895 | &nbsp;&nbsp;&nbsp;H 4 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 48N 2E,25, 26; Shoshone |
| &nbsp;&nbsp;&nbsp;170 | &nbsp;&nbsp;&nbsp;IMC 226896 | &nbsp;&nbsp;&nbsp;HI #10 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 48N 2E,23, 26; Shoshone |
| &nbsp;&nbsp;&nbsp;171 | &nbsp;&nbsp;&nbsp;IMC 226897 | &nbsp;&nbsp;&nbsp;HI #11 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 48N 2E,23, 24, 25, 26; Shoshone |
| &nbsp;&nbsp;&nbsp;172 | &nbsp;&nbsp;&nbsp;IMC 226898 | &nbsp;&nbsp;&nbsp;HI #12 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 48N 2E,24, 25; Shoshone |
| &nbsp;&nbsp;&nbsp;173 | &nbsp;&nbsp;&nbsp;IMC 226899 | &nbsp;&nbsp;&nbsp;EAGLE #1 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 48N 2E,27; Shoshone |
| &nbsp;&nbsp;&nbsp;174 | &nbsp;&nbsp;&nbsp;IMC 226900 | &nbsp;&nbsp;&nbsp;EAGLE #2 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 48N 2E,27, 34; Shoshone |
| &nbsp;&nbsp;&nbsp;175 | &nbsp;&nbsp;&nbsp;IMC 226901 | &nbsp;&nbsp;&nbsp;EAGLE #3 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 48N 2E,27; Shoshone |
| &nbsp;&nbsp;&nbsp;176 | &nbsp;&nbsp;&nbsp;IMC 226902 | &nbsp;&nbsp;&nbsp;EAGLE #4 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 48N 2E,27, 34; Shoshone |
| &nbsp;&nbsp;&nbsp;177 | &nbsp;&nbsp;&nbsp;IMC 226903 | &nbsp;&nbsp;&nbsp;EAGLE #5 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 48N 2E,27; Shoshone |
| &nbsp;&nbsp;&nbsp;178 | &nbsp;&nbsp;&nbsp;IMC 226904 | &nbsp;&nbsp;&nbsp;EAGLE #6 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 48N 2E,27, 34; Shoshone |
| &nbsp;&nbsp;&nbsp;179 | &nbsp;&nbsp;&nbsp;IMC 226905 | &nbsp;&nbsp;&nbsp;EAGLE #7 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 48N 2E,27; Shoshone |
| &nbsp;&nbsp;&nbsp;180 | &nbsp;&nbsp;&nbsp;IMC 226906 | &nbsp;&nbsp;&nbsp;EAGLE #8 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 48N 2E,27, 34; Shoshone |
| &nbsp;&nbsp;&nbsp;181 | &nbsp;&nbsp;&nbsp;IMC 226907 | &nbsp;&nbsp;&nbsp;EAGLE #9 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 48N 2E,26, 27, 34, 35; Shoshone |
| &nbsp;&nbsp;&nbsp;182 | &nbsp;&nbsp;&nbsp;IMC 226908 | &nbsp;&nbsp;&nbsp;EAGLE #10 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 48N 2E,27, 34, 35; Shoshone |
| &nbsp;&nbsp;&nbsp;183 | &nbsp;&nbsp;&nbsp;IMC 226909 | &nbsp;&nbsp;&nbsp;EAGLE #11 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 48N 2E,26, 35; Shoshone |
| &nbsp;&nbsp;&nbsp;184 | &nbsp;&nbsp;&nbsp;IMC 226910 | &nbsp;&nbsp;&nbsp;EAGLE #12 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 48N 2E,35; Shoshone |
| &nbsp;&nbsp;&nbsp;185 | &nbsp;&nbsp;&nbsp;IMC 226911 | &nbsp;&nbsp;&nbsp;EAGLE #13 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 48N 2E,26, 35; Shoshone |
| &nbsp;&nbsp;&nbsp;186 | &nbsp;&nbsp;&nbsp;IMC 226912 | &nbsp;&nbsp;&nbsp;EAGLE #14 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 48N 2E,35; Shoshone |
| &nbsp;&nbsp;&nbsp;187 | &nbsp;&nbsp;&nbsp;IMC 226913 | &nbsp;&nbsp;&nbsp;EAGLE #15 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 48N 2E,26, 35; Shoshone |
| &nbsp;&nbsp;&nbsp;188 | &nbsp;&nbsp;&nbsp;IMC 226914 | &nbsp;&nbsp;&nbsp;EAGLE #16 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 48N 2E,35; Shoshone |
| &nbsp;&nbsp;&nbsp;189 | &nbsp;&nbsp;&nbsp;IMC 226915 | &nbsp;&nbsp;&nbsp;EAGLE #17 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 48N 2E,26, 35; Shoshone |
| &nbsp;&nbsp;&nbsp;190 | &nbsp;&nbsp;&nbsp;IMC 226916 | &nbsp;&nbsp;&nbsp;EAGLE #18 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;19.529 | &nbsp;&nbsp;&nbsp;United States, 48N 2E,35; Shoshone |

---

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| | |
|:---|:---|
| 28-16 | ![](ny20061035x4_ex96-1img002.jpg) |

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------

<u> Silver Opportunity Partners LLC \| Sunshine Mine S-K 1300 Technical Report Summary on the Initial Assessment </u> <u> March 25, 2026 SLR Project No.: 123.020552.00001 </u>

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**License Code** | &nbsp;&nbsp;&nbsp;**License Name** | &nbsp;&nbsp;&nbsp;**Parties** | &nbsp;&nbsp;&nbsp;**Type** | &nbsp;&nbsp;&nbsp;**Interest** | &nbsp;&nbsp;&nbsp;**Area<br> (ac)** | &nbsp;&nbsp;&nbsp;**Map Reference** |
| &nbsp;&nbsp;&nbsp;191 | &nbsp;&nbsp;&nbsp;IMC 226917 | &nbsp;&nbsp;&nbsp;EAGLE #19 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 48N 2E,26, 35; Shoshone |
| &nbsp;&nbsp;&nbsp;192 | &nbsp;&nbsp;&nbsp;IMC 226918 | &nbsp;&nbsp;&nbsp;EAGLE #20 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;19.529 | &nbsp;&nbsp;&nbsp;United States, 48N 2E,35; Shoshone |
| &nbsp;&nbsp;&nbsp;193 | &nbsp;&nbsp;&nbsp;IMC 226919 | &nbsp;&nbsp;&nbsp;EAGLE #21 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 48N 2E,34; Shoshone |
| &nbsp;&nbsp;&nbsp;194 | &nbsp;&nbsp;&nbsp;IMC 226920 | &nbsp;&nbsp;&nbsp;EAGLE #22 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 48N 2E,34; Shoshone |
| &nbsp;&nbsp;&nbsp;195 | &nbsp;&nbsp;&nbsp;IMC 226921 | &nbsp;&nbsp;&nbsp;EAGLE #23 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 48N 2E,34; Shoshone |
| &nbsp;&nbsp;&nbsp;196 | &nbsp;&nbsp;&nbsp;IMC 226922 | &nbsp;&nbsp;&nbsp;EAGLE #24 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 48N 2E,34; Shoshone |
| &nbsp;&nbsp;&nbsp;197 | &nbsp;&nbsp;&nbsp;IMC 226923 | &nbsp;&nbsp;&nbsp;EAGLE #25 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 48N 2E,34, 35; Shoshone |
| &nbsp;&nbsp;&nbsp;198 | &nbsp;&nbsp;&nbsp;IMC 226924 | &nbsp;&nbsp;&nbsp;EAGLE #26 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 48N 2E,35; Shoshone |
| &nbsp;&nbsp;&nbsp;199 | &nbsp;&nbsp;&nbsp;IMC 226925 | &nbsp;&nbsp;&nbsp;EAGLE #27 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 48N 2E,35; Shoshone |
| &nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;IMC 226926 | &nbsp;&nbsp;&nbsp;EAGLE #28 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 48N 2E,35; Shoshone |
| &nbsp;&nbsp;&nbsp;201 | &nbsp;&nbsp;&nbsp;IMC 226927 | &nbsp;&nbsp;&nbsp;EAGLE #29 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 48N 2E,35; Shoshone |
| &nbsp;&nbsp;&nbsp;202 | &nbsp;&nbsp;&nbsp;IMC 226928 | &nbsp;&nbsp;&nbsp;UTICA | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Leased | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 48N 3E,22; Shoshone |
| &nbsp;&nbsp;&nbsp;203 | &nbsp;&nbsp;&nbsp;IMC 226929 | &nbsp;&nbsp;&nbsp;LORA NO 2 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Leased | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 48N 3E,22; Shoshone |
| &nbsp;&nbsp;&nbsp;204 | &nbsp;&nbsp;&nbsp;IMC 226930 | &nbsp;&nbsp;&nbsp;HUDSON | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Leased | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 48N 3E,22; Shoshone |
| &nbsp;&nbsp;&nbsp;205 | &nbsp;&nbsp;&nbsp;IMC 226931 | &nbsp;&nbsp;&nbsp;STUDEBAKER | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Leased | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 48N 3E,22, 23; Shoshone |
| &nbsp;&nbsp;&nbsp;206 | &nbsp;&nbsp;&nbsp;IMC 226932 | &nbsp;&nbsp;&nbsp;SAXON | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Leased | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 48N 3E,22, 23; Shoshone |
| &nbsp;&nbsp;&nbsp;207 | &nbsp;&nbsp;&nbsp;IMC 226933 | &nbsp;&nbsp;&nbsp;WAYNE | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Leased | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 48N 3E,22; Shoshone |
| &nbsp;&nbsp;&nbsp;208 | &nbsp;&nbsp;&nbsp;IMC 226934 | &nbsp;&nbsp;&nbsp;JOHN G | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Leased | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 48N 3E,22, 23; Shoshone |
| &nbsp;&nbsp;&nbsp;209 | &nbsp;&nbsp;&nbsp;IMC 226935 | &nbsp;&nbsp;&nbsp;LAUREL | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Leased | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 48N 3E,22; Shoshone |
| &nbsp;&nbsp;&nbsp;210 | &nbsp;&nbsp;&nbsp;IMC 226936 | &nbsp;&nbsp;&nbsp;MADALENE | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Leased | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 48N 3E,22; Shoshone |
| &nbsp;&nbsp;&nbsp;211 | &nbsp;&nbsp;&nbsp;IMC 226937 | &nbsp;&nbsp;&nbsp;PEARL | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Leased | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 48N 3E,22, 27; Shoshone |
| &nbsp;&nbsp;&nbsp;212 | &nbsp;&nbsp;&nbsp;IMC 226938 | &nbsp;&nbsp;&nbsp;NI WOT | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Leased | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 48N 3E,22; Shoshone |
| &nbsp;&nbsp;&nbsp;213 | &nbsp;&nbsp;&nbsp;IMC 226939 | &nbsp;&nbsp;&nbsp;TOUGH GOING | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Leased | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 48N 3E,22; Shoshone |
| &nbsp;&nbsp;&nbsp;214 | &nbsp;&nbsp;&nbsp;IMC 226940 | &nbsp;&nbsp;&nbsp;BOSTON FRACTION | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Leased | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 48N 3E,22; Shoshone |
| &nbsp;&nbsp;&nbsp;215 | &nbsp;&nbsp;&nbsp;IMC 226941 | &nbsp;&nbsp;&nbsp;GRANT | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Leased | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 48N 3E,22; Shoshone |
| &nbsp;&nbsp;&nbsp;216 | &nbsp;&nbsp;&nbsp;IMC 226942 | &nbsp;&nbsp;&nbsp;LORA NO 1 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Leased | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 48N 3E,22; Shoshone |
| &nbsp;&nbsp;&nbsp;217 | &nbsp;&nbsp;&nbsp;IMC 226943 | &nbsp;&nbsp;&nbsp;KING | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Leased | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 48N 3E,22; Shoshone |
| &nbsp;&nbsp;&nbsp;218 | &nbsp;&nbsp;&nbsp;IMC 226944 | &nbsp;&nbsp;&nbsp;METROPOLITAN | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Leased | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 48N 3E,22; Shoshone |
| &nbsp;&nbsp;&nbsp;219 | &nbsp;&nbsp;&nbsp;IMC 226945 | &nbsp;&nbsp;&nbsp;MET #1 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Leased | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 48N 3E,22; Shoshone |
| &nbsp;&nbsp;&nbsp;220 | &nbsp;&nbsp;&nbsp;IMC 226946 | &nbsp;&nbsp;&nbsp;MET #1 FR. | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Leased | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 48N 3E,22; Shoshone |

---

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| | |
|:---|:---|
| 28-17 | ![](ny20061035x4_ex96-1img002.jpg) |

---

------

<u> Silver Opportunity Partners LLC \| Sunshine Mine S-K 1300 Technical Report Summary on the Initial Assessment </u> <u> March 25, 2026 SLR Project No.: 123.020552.00001 </u>

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**License Code** | &nbsp;&nbsp;&nbsp;**License Name** | &nbsp;&nbsp;&nbsp;**Parties** | &nbsp;&nbsp;&nbsp;**Type** | &nbsp;&nbsp;&nbsp;**Interest** | &nbsp;&nbsp;&nbsp;**Area<br> (ac)** | &nbsp;&nbsp;&nbsp;**Map Reference** |
| &nbsp;&nbsp;&nbsp;221 | &nbsp;&nbsp;&nbsp;IMC 226947 | &nbsp;&nbsp;&nbsp;MET #2 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Leased | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 48N 3E,22; Shoshone |
| &nbsp;&nbsp;&nbsp;222 | &nbsp;&nbsp;&nbsp;IMC 226948 | &nbsp;&nbsp;&nbsp;METROPOLITAN 2 FR | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Leased | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 48N 3E,22; Shoshone |
| &nbsp;&nbsp;&nbsp;223 | &nbsp;&nbsp;&nbsp;IMC 226949 | &nbsp;&nbsp;&nbsp;MET #3 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Leased | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 48N 3E,22; Shoshone |
| &nbsp;&nbsp;&nbsp;224 | &nbsp;&nbsp;&nbsp;IMC 226950 | &nbsp;&nbsp;&nbsp;MET #4 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Leased | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 48N 3E,22; Shoshone |
| &nbsp;&nbsp;&nbsp;225 | &nbsp;&nbsp;&nbsp;IMC 226951 | &nbsp;&nbsp;&nbsp;MET #5 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Leased | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 48N 3E,22, 27; Shoshone |
| &nbsp;&nbsp;&nbsp;226 | &nbsp;&nbsp;&nbsp;IMC 226952 | &nbsp;&nbsp;&nbsp;MET #6 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Leased | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 48N 3E,22, 27; Shoshone |
| &nbsp;&nbsp;&nbsp;227 | &nbsp;&nbsp;&nbsp;IMC 226953 | &nbsp;&nbsp;&nbsp;MET #7 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Leased | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 48N 3E,27; Shoshone |
| &nbsp;&nbsp;&nbsp;228 | &nbsp;&nbsp;&nbsp;IMC 226954 | &nbsp;&nbsp;&nbsp;MET #8 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Leased | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 48N 3E,27; Shoshone |
| &nbsp;&nbsp;&nbsp;229 | &nbsp;&nbsp;&nbsp;IMC 226955 | &nbsp;&nbsp;&nbsp;MET #10 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Leased | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 48N 3E,22, 23; Shoshone |
| &nbsp;&nbsp;&nbsp;230 | &nbsp;&nbsp;&nbsp;IMC 226956 | &nbsp;&nbsp;&nbsp;MET #11 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Leased | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 48N 3E,22, 27; Shoshone |
| &nbsp;&nbsp;&nbsp;231 | &nbsp;&nbsp;&nbsp;IMC 226957 | &nbsp;&nbsp;&nbsp;MET #12 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Leased | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 48N 3E,27, 28; Shoshone |
| &nbsp;&nbsp;&nbsp;232 | &nbsp;&nbsp;&nbsp;IMC 226958 | &nbsp;&nbsp;&nbsp;MET #13 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Leased | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 48N 3E,22, 23; Shoshone |
| &nbsp;&nbsp;&nbsp;233 | &nbsp;&nbsp;&nbsp;IMC 226959 | &nbsp;&nbsp;&nbsp;MET #13 FR. | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Leased | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 48N 3E,22, 23; Shoshone |
| &nbsp;&nbsp;&nbsp;234 | &nbsp;&nbsp;&nbsp;IMC 226960 | &nbsp;&nbsp;&nbsp;MET #14 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Leased | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 48N 3E,21, 22, 27, 28; Shoshone |
| &nbsp;&nbsp;&nbsp;235 | &nbsp;&nbsp;&nbsp;IMC 226961 | &nbsp;&nbsp;&nbsp;MET #15 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Leased | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 48N 3E,21, 22; Shoshone |
| &nbsp;&nbsp;&nbsp;236 | &nbsp;&nbsp;&nbsp;IMC 226962 | &nbsp;&nbsp;&nbsp;MET #16 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Leased | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 48N 3E,28; Shoshone |
| &nbsp;&nbsp;&nbsp;237 | &nbsp;&nbsp;&nbsp;IMC 226963 | &nbsp;&nbsp;&nbsp;MET #17 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Leased | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 48N 3E,21, 28; Shoshone |
| &nbsp;&nbsp;&nbsp;238 | &nbsp;&nbsp;&nbsp;IMC 226964 | &nbsp;&nbsp;&nbsp;MET #18 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Leased | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 48N 3E,28; Shoshone |
| &nbsp;&nbsp;&nbsp;239 | &nbsp;&nbsp;&nbsp;IMC 226965 | &nbsp;&nbsp;&nbsp;COLBERT 2 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Leased | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 48N 3E,21, 28; Shoshone |
| &nbsp;&nbsp;&nbsp;240 | &nbsp;&nbsp;&nbsp;IMC 226966 | &nbsp;&nbsp;&nbsp;WADLEIGH | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Leased | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 48N 3E,27, 28; Shoshone |
| &nbsp;&nbsp;&nbsp;241 | &nbsp;&nbsp;&nbsp;IMC 226967 | &nbsp;&nbsp;&nbsp;WADLEIGH FR. | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Leased | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 48N 3E,27, 28; Shoshone |
| &nbsp;&nbsp;&nbsp;242 | &nbsp;&nbsp;&nbsp;IMC 226968 | &nbsp;&nbsp;&nbsp;MALLIGAN | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Leased | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 48N 3E,28; Shoshone |
| &nbsp;&nbsp;&nbsp;243 | &nbsp;&nbsp;&nbsp;IMC 226969 | &nbsp;&nbsp;&nbsp;STEVENS | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Leased | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 48N 3E,28; Shoshone |
| &nbsp;&nbsp;&nbsp;244 | &nbsp;&nbsp;&nbsp;IMC 226970 | &nbsp;&nbsp;&nbsp;NEWSOME | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Leased | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 48N 3E,27, 28; Shoshone |
| &nbsp;&nbsp;&nbsp;245 | &nbsp;&nbsp;&nbsp;IMC 226971 | &nbsp;&nbsp;&nbsp;BURNS | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Leased | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 48N 3E,27; Shoshone |
| &nbsp;&nbsp;&nbsp;246 | &nbsp;&nbsp;&nbsp;IMC 226972 | &nbsp;&nbsp;&nbsp;BELL | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Leased | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 48N 3E,27; Shoshone |
| &nbsp;&nbsp;&nbsp;247 | &nbsp;&nbsp;&nbsp;IMC 226973 | &nbsp;&nbsp;&nbsp;IZARD | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Leased | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 48N 3E,27; Shoshone |
| &nbsp;&nbsp;&nbsp;248 | &nbsp;&nbsp;&nbsp;IMC 226974 | &nbsp;&nbsp;&nbsp;IZARD FR. | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Leased | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 48N 3E,27; Shoshone |
| &nbsp;&nbsp;&nbsp;249 | &nbsp;&nbsp;&nbsp;IMC 226975 | &nbsp;&nbsp;&nbsp;COMNER | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Leased | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 48N 3E,27, 28; Shoshone |

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|:---|:---|
| 28-18 | ![](ny20061035x4_ex96-1img002.jpg) |

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<u> Silver Opportunity Partners LLC \| Sunshine Mine S-K 1300 Technical Report Summary on the Initial Assessment </u> <u> March 25, 2026 SLR Project No.: 123.020552.00001 </u>

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**License Code** | &nbsp;&nbsp;&nbsp;**License Name** | &nbsp;&nbsp;&nbsp;**Parties** | &nbsp;&nbsp;&nbsp;**Type** | &nbsp;&nbsp;&nbsp;**Interest** | &nbsp;&nbsp;&nbsp;**Area<br> (ac)** | &nbsp;&nbsp;&nbsp;**Map Reference** |
| &nbsp;&nbsp;&nbsp;250 | &nbsp;&nbsp;&nbsp;IMC 226976 | &nbsp;&nbsp;&nbsp;SA 1 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 48N 3E,20, 21, 28, 29; Shoshone |
| &nbsp;&nbsp;&nbsp;251 | &nbsp;&nbsp;&nbsp;IMC 226977 | &nbsp;&nbsp;&nbsp;SA 2 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 48N 3E,28, 29; Shoshone |
| &nbsp;&nbsp;&nbsp;252 | &nbsp;&nbsp;&nbsp;IMC 226978 | &nbsp;&nbsp;&nbsp;SA 3 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 48N 3E,20, 29; Shoshone |
| &nbsp;&nbsp;&nbsp;253 | &nbsp;&nbsp;&nbsp;IMC 226979 | &nbsp;&nbsp;&nbsp;SA 4 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 48N 3E,29; Shoshone |
| &nbsp;&nbsp;&nbsp;254 | &nbsp;&nbsp;&nbsp;IMC 226980 | &nbsp;&nbsp;&nbsp;SA 5 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 48N 3E,20, 29; Shoshone |
| &nbsp;&nbsp;&nbsp;255 | &nbsp;&nbsp;&nbsp;IMC 226981 | &nbsp;&nbsp;&nbsp;SA 6 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 48N 3E,29; Shoshone |
| &nbsp;&nbsp;&nbsp;256 | &nbsp;&nbsp;&nbsp;IMC 226982 | &nbsp;&nbsp;&nbsp;SA 7 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 48N 3E,20, 29; Shoshone |
| &nbsp;&nbsp;&nbsp;257 | &nbsp;&nbsp;&nbsp;IMC 226983 | &nbsp;&nbsp;&nbsp;SA 8 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 48N 3E,29; Shoshone |
| &nbsp;&nbsp;&nbsp;258 | &nbsp;&nbsp;&nbsp;IMC 226984 | &nbsp;&nbsp;&nbsp;SA 9 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 48N 3E,20, 29; Shoshone |
| &nbsp;&nbsp;&nbsp;259 | &nbsp;&nbsp;&nbsp;IMC 226985 | &nbsp;&nbsp;&nbsp;SA 10 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 48N 3E,29; Shoshone |
| &nbsp;&nbsp;&nbsp;260 | &nbsp;&nbsp;&nbsp;IMC 226986 | &nbsp;&nbsp;&nbsp;FRANCES | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 48N 3E,26, 27; Shoshone |
| &nbsp;&nbsp;&nbsp;261 | &nbsp;&nbsp;&nbsp;IMC 226987 | &nbsp;&nbsp;&nbsp;RD 2 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 48N 3E,27; Shoshone |
| &nbsp;&nbsp;&nbsp;262 | &nbsp;&nbsp;&nbsp;IMC 226988 | &nbsp;&nbsp;&nbsp;RD 1 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 48N 3E,27; Shoshone |
| &nbsp;&nbsp;&nbsp;263 | &nbsp;&nbsp;&nbsp;IMC 226989 | &nbsp;&nbsp;&nbsp;RD 6 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 48N 3E,27; Shoshone |
| &nbsp;&nbsp;&nbsp;264 | &nbsp;&nbsp;&nbsp;IMC 226990 | &nbsp;&nbsp;&nbsp;RD 7 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 48N 3E,27; Shoshone |
| &nbsp;&nbsp;&nbsp;265 | &nbsp;&nbsp;&nbsp;IMC 226991 | &nbsp;&nbsp;&nbsp;RD 12 FR | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 48N 3E,27; Shoshone |
| &nbsp;&nbsp;&nbsp;266 | &nbsp;&nbsp;&nbsp;IMC 226992 | &nbsp;&nbsp;&nbsp;RD 13 FR | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 48N 3E,27; Shoshone |
| &nbsp;&nbsp;&nbsp;267 | &nbsp;&nbsp;&nbsp;IMC 226993 | &nbsp;&nbsp;&nbsp;RD 14 FR | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 48N 3E,27; Shoshone |
| &nbsp;&nbsp;&nbsp;268 | &nbsp;&nbsp;&nbsp;IMC 226994 | &nbsp;&nbsp;&nbsp;RD 15 FR | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 48N 3E,27; Shoshone |
| &nbsp;&nbsp;&nbsp;269 | &nbsp;&nbsp;&nbsp;IMC 226995 | &nbsp;&nbsp;&nbsp;RD 16 FR | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 48N 3E,27; Shoshone |
| &nbsp;&nbsp;&nbsp;270 | &nbsp;&nbsp;&nbsp;IMC 226996 | &nbsp;&nbsp;&nbsp;RD 17 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 48N 3E,26, 27; Shoshone |
| &nbsp;&nbsp;&nbsp;271 | &nbsp;&nbsp;&nbsp;IMC 226997 | &nbsp;&nbsp;&nbsp;RD 18 FR | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 48N 3E,26, 27; Shoshone |
| &nbsp;&nbsp;&nbsp;272 | &nbsp;&nbsp;&nbsp;IMC 226998 | &nbsp;&nbsp;&nbsp;RD 19 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 48N 3E,26; Shoshone |
| &nbsp;&nbsp;&nbsp;273 | &nbsp;&nbsp;&nbsp;IMC 226999 | &nbsp;&nbsp;&nbsp;RD 20 FR | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 48N 3E,26; Shoshone |
| &nbsp;&nbsp;&nbsp;274 | &nbsp;&nbsp;&nbsp;IMC 227000 | &nbsp;&nbsp;&nbsp;MOXEY | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 48N 3E,26; Shoshone |
| &nbsp;&nbsp;&nbsp;275 | &nbsp;&nbsp;&nbsp;IMC 227001 | &nbsp;&nbsp;&nbsp;FAHEY | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 48N 3E,26, 27; Shoshone |
| &nbsp;&nbsp;&nbsp;276 | &nbsp;&nbsp;&nbsp;IMC 227002 | &nbsp;&nbsp;&nbsp;Edna #2 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 48N 3E,27; Shoshone |
| &nbsp;&nbsp;&nbsp;277 | &nbsp;&nbsp;&nbsp;IMC 227003 | &nbsp;&nbsp;&nbsp;RYAN | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 48N 3E,27; Shoshone |
| &nbsp;&nbsp;&nbsp;278 | &nbsp;&nbsp;&nbsp;IMC 227004 | &nbsp;&nbsp;&nbsp;LEONARD | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 48N 3E,27; Shoshone |

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| | |
|:---|:---|
| 28-19 | ![](ny20061035x4_ex96-1img002.jpg) |

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------

<u> Silver Opportunity Partners LLC \| Sunshine Mine S-K 1300 Technical Report Summary on the Initial Assessment </u> <u> March 25, 2026 SLR Project No.: 123.020552.00001 </u>

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**License Code** | &nbsp;&nbsp;&nbsp;**License Name** | &nbsp;&nbsp;&nbsp;**Parties** | &nbsp;&nbsp;&nbsp;**Type** | &nbsp;&nbsp;&nbsp;**Interest** | &nbsp;&nbsp;&nbsp;**Area<br> (ac)** | &nbsp;&nbsp;&nbsp;**Map Reference** |
| &nbsp;&nbsp;&nbsp;279 | &nbsp;&nbsp;&nbsp;IMC 227005 | &nbsp;&nbsp;&nbsp;LYNN | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 48N 3E,26, 27; Shoshone |
| &nbsp;&nbsp;&nbsp;280 | &nbsp;&nbsp;&nbsp;IMC 227006 | &nbsp;&nbsp;&nbsp;SILVER CLIFF | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 48N 3E,26, 27; Shoshone |
| &nbsp;&nbsp;&nbsp;281 | &nbsp;&nbsp;&nbsp;IMC 227007 | &nbsp;&nbsp;&nbsp;BJ EXTENSION | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Leased | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 47N 5E,5; Shoshone |
| &nbsp;&nbsp;&nbsp;282 | &nbsp;&nbsp;&nbsp;IMC 227008 | &nbsp;&nbsp;&nbsp;BJF | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Leased | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 47N 5E,5; 48N 5E,32; Shoshone |
| &nbsp;&nbsp;&nbsp;283 | &nbsp;&nbsp;&nbsp;IMC 227009 | &nbsp;&nbsp;&nbsp;BLUE JAY | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Leased | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 47N 5E,5; 48N 5E,31, 32; Shoshone |
| &nbsp;&nbsp;&nbsp;284 | &nbsp;&nbsp;&nbsp;IMC 227010 | &nbsp;&nbsp;&nbsp;C.R. | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Leased | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 47N 5E,5; 48N 5E,31, 32; Shoshone |
| &nbsp;&nbsp;&nbsp;285 | &nbsp;&nbsp;&nbsp;IMC 227011 | &nbsp;&nbsp;&nbsp;D-1 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Leased | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 47N 5E,5; Shoshone |
| &nbsp;&nbsp;&nbsp;286 | &nbsp;&nbsp;&nbsp;IMC 227012 | &nbsp;&nbsp;&nbsp;D-7 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Leased | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 47N 5E,5; Shoshone |
| &nbsp;&nbsp;&nbsp;287 | &nbsp;&nbsp;&nbsp;IMC 227013 | &nbsp;&nbsp;&nbsp;D-8 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Leased | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 47N 5E,5; Shoshone |
| &nbsp;&nbsp;&nbsp;288 | &nbsp;&nbsp;&nbsp;IMC 227014 | &nbsp;&nbsp;&nbsp;D-9 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Leased | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 47N 5E,5; Shoshone |
| &nbsp;&nbsp;&nbsp;289 | &nbsp;&nbsp;&nbsp;IMC 227015 | &nbsp;&nbsp;&nbsp;E-7 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Leased | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 47N 5E,5; Shoshone |
| &nbsp;&nbsp;&nbsp;290 | &nbsp;&nbsp;&nbsp;IMC 227016 | &nbsp;&nbsp;&nbsp;EDNA MAE | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Leased | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 47N 5E,5; 48N 5E,31; Shoshone |
| &nbsp;&nbsp;&nbsp;291 | &nbsp;&nbsp;&nbsp;IMC 227017 | &nbsp;&nbsp;&nbsp;F-1 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Leased | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 47N 5E,5; Shoshone |
| &nbsp;&nbsp;&nbsp;292 | &nbsp;&nbsp;&nbsp;IMC 227018 | &nbsp;&nbsp;&nbsp;FLORA | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Leased | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 47N 5E,5; Shoshone |
| &nbsp;&nbsp;&nbsp;293 | &nbsp;&nbsp;&nbsp;IMC 227019 | &nbsp;&nbsp;&nbsp;G12 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Leased | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 48N 5E,31, 32; Shoshone |
| &nbsp;&nbsp;&nbsp;294 | &nbsp;&nbsp;&nbsp;IMC 227020 | &nbsp;&nbsp;&nbsp;GREY COPPER #1 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Leased | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 47N 5E,5; Shoshone |
| &nbsp;&nbsp;&nbsp;295 | &nbsp;&nbsp;&nbsp;IMC 227021 | &nbsp;&nbsp;&nbsp;NOOK | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Leased | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 47N 5E,5, 6; Shoshone |
| &nbsp;&nbsp;&nbsp;296 | &nbsp;&nbsp;&nbsp;IMC 227022 | &nbsp;&nbsp;&nbsp;R.C.-79 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Leased | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 47N 5E,5; Shoshone |
| &nbsp;&nbsp;&nbsp;297 | &nbsp;&nbsp;&nbsp;IMC 227023 | &nbsp;&nbsp;&nbsp;R.C.-80 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Leased | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 47N 5E,5; Shoshone |
| &nbsp;&nbsp;&nbsp;298 | &nbsp;&nbsp;&nbsp;IMC 227024 | &nbsp;&nbsp;&nbsp;R.C.-81 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Leased | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 47N 5E,5; Shoshone |
| &nbsp;&nbsp;&nbsp;299 | &nbsp;&nbsp;&nbsp;IMC 227025 | &nbsp;&nbsp;&nbsp;R.C.-81B | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Leased | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 47N 5E,5; Shoshone |
| &nbsp;&nbsp;&nbsp;300 | &nbsp;&nbsp;&nbsp;IMC 227026 | &nbsp;&nbsp;&nbsp;R.C.-92B | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Leased | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 47N 5E,4, 5; Shoshone |
| &nbsp;&nbsp;&nbsp;301 | &nbsp;&nbsp;&nbsp;IMC 227027 | &nbsp;&nbsp;&nbsp;R.C.E. NO. 2 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Leased | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 47N 5E,5; 48N 5E,32; Shoshone |
| &nbsp;&nbsp;&nbsp;302 | &nbsp;&nbsp;&nbsp;IMC 227028 | &nbsp;&nbsp;&nbsp;R.C.E. NO. 5 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Leased | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 47N 5E,5; Shoshone |
| &nbsp;&nbsp;&nbsp;303 | &nbsp;&nbsp;&nbsp;IMC 227029 | &nbsp;&nbsp;&nbsp;ROCK CREEK EXT #3 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Leased | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 47N 5E,5; Shoshone |
| &nbsp;&nbsp;&nbsp;304 | &nbsp;&nbsp;&nbsp;IMC 227030 | &nbsp;&nbsp;&nbsp;SILVER COIN | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Leased | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 47N 5E,5, 6; 48N 5E,31; Shoshone |

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| 28-20 | ![](ny20061035x4_ex96-1img002.jpg) |

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<u> Silver Opportunity Partners LLC \| Sunshine Mine S-K 1300 Technical Report Summary on the Initial Assessment </u> <u> March 25, 2026 SLR Project No.: 123.020552.00001 </u>

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**License Code** | &nbsp;&nbsp;&nbsp;**License Name** | &nbsp;&nbsp;&nbsp;**Parties** | &nbsp;&nbsp;&nbsp;**Type** | &nbsp;&nbsp;&nbsp;**Interest** | &nbsp;&nbsp;&nbsp;**Area<br> (ac)** | &nbsp;&nbsp;&nbsp;**Map Reference** |
| &nbsp;&nbsp;&nbsp;305 | &nbsp;&nbsp;&nbsp;IMC 227031 | &nbsp;&nbsp;&nbsp;SILVER DOLLAR | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Leased | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 47N 5E,5; Shoshone |
| &nbsp;&nbsp;&nbsp;306 | &nbsp;&nbsp;&nbsp;IMC 227032 | &nbsp;&nbsp;&nbsp;WOODCUTTER | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Leased | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 47N 5E,5; Shoshone |
| &nbsp;&nbsp;&nbsp;307 | &nbsp;&nbsp;&nbsp;IMC 227033 | &nbsp;&nbsp;&nbsp;WA 1 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 47N 5E,3; 48N 5E,33, 34; Shoshone |
| &nbsp;&nbsp;&nbsp;308 | &nbsp;&nbsp;&nbsp;IMC 227034 | &nbsp;&nbsp;&nbsp;WA 2 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 47N 5E,3; 48N 5E,34; Shoshone |
| &nbsp;&nbsp;&nbsp;309 | &nbsp;&nbsp;&nbsp;IMC 227035 | &nbsp;&nbsp;&nbsp;WA 3 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 47N 5E,3; Shoshone |
| &nbsp;&nbsp;&nbsp;310 | &nbsp;&nbsp;&nbsp;IMC 227036 | &nbsp;&nbsp;&nbsp;WA 4 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 47N 5E,3; Shoshone |
| &nbsp;&nbsp;&nbsp;311 | &nbsp;&nbsp;&nbsp;IMC 227037 | &nbsp;&nbsp;&nbsp;WA 5 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 47N 5E,3; Shoshone |
| &nbsp;&nbsp;&nbsp;312 | &nbsp;&nbsp;&nbsp;IMC 227038 | &nbsp;&nbsp;&nbsp;WA 6 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 47N 5E,3; Shoshone |
| &nbsp;&nbsp;&nbsp;313 | &nbsp;&nbsp;&nbsp;IMC 227039 | &nbsp;&nbsp;&nbsp;WA 7 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 47N 5E,3; Shoshone |
| &nbsp;&nbsp;&nbsp;314 | &nbsp;&nbsp;&nbsp;IMC 227040 | &nbsp;&nbsp;&nbsp;WA 8 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 47N 5E,3; Shoshone |
| &nbsp;&nbsp;&nbsp;315 | &nbsp;&nbsp;&nbsp;IMC 227041 | &nbsp;&nbsp;&nbsp;WA 9 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 47N 5E,3; Shoshone |
| &nbsp;&nbsp;&nbsp;316 | &nbsp;&nbsp;&nbsp;IMC 227042 | &nbsp;&nbsp;&nbsp;WA 10 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 47N 5E,3; Shoshone |
| &nbsp;&nbsp;&nbsp;317 | &nbsp;&nbsp;&nbsp;IMC 227043 | &nbsp;&nbsp;&nbsp;WA 11 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 47N 5E,3; Shoshone |
| &nbsp;&nbsp;&nbsp;318 | &nbsp;&nbsp;&nbsp;IMC 227044 | &nbsp;&nbsp;&nbsp;WA 12 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 47N 5E,3; Shoshone |
| &nbsp;&nbsp;&nbsp;319 | &nbsp;&nbsp;&nbsp;IMC 227045 | &nbsp;&nbsp;&nbsp;WA 13 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 47N 5E,3; Shoshone |
| &nbsp;&nbsp;&nbsp;320 | &nbsp;&nbsp;&nbsp;IMC 227046 | &nbsp;&nbsp;&nbsp;WA 14 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 47N 5E,3; Shoshone |
| &nbsp;&nbsp;&nbsp;321 | &nbsp;&nbsp;&nbsp;IMC 227047 | &nbsp;&nbsp;&nbsp;WA 15 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 47N 5E,3; Shoshone |
| &nbsp;&nbsp;&nbsp;322 | &nbsp;&nbsp;&nbsp;IMC 227048 | &nbsp;&nbsp;&nbsp;WA 16 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 47N 5E,3; Shoshone |
| &nbsp;&nbsp;&nbsp;323 | &nbsp;&nbsp;&nbsp;IMC 227049 | &nbsp;&nbsp;&nbsp;WA 17 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 47N 5E,3; Shoshone |
| &nbsp;&nbsp;&nbsp;324 | &nbsp;&nbsp;&nbsp;IMC 227050 | &nbsp;&nbsp;&nbsp;WA 18 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 47N 5E,3; Shoshone |
| &nbsp;&nbsp;&nbsp;325 | &nbsp;&nbsp;&nbsp;IMC 227051 | &nbsp;&nbsp;&nbsp;WA 19 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 47N 5E,2, 3; Shoshone |
| &nbsp;&nbsp;&nbsp;326 | &nbsp;&nbsp;&nbsp;IMC 227052 | &nbsp;&nbsp;&nbsp;WA 20 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 47N 5E,2, 3; Shoshone |
| &nbsp;&nbsp;&nbsp;327 | &nbsp;&nbsp;&nbsp;IMC 227053 | &nbsp;&nbsp;&nbsp;WA 21 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 47N 5E,2, 3; Shoshone |
| &nbsp;&nbsp;&nbsp;328 | &nbsp;&nbsp;&nbsp;IMC 227054 | &nbsp;&nbsp;&nbsp;WA 22 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 47N 5E,2, 3; Shoshone |
| &nbsp;&nbsp;&nbsp;329 | &nbsp;&nbsp;&nbsp;IMC 227055 | &nbsp;&nbsp;&nbsp;WA 23 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 47N 5E,2, 3; Shoshone |
| &nbsp;&nbsp;&nbsp;330 | &nbsp;&nbsp;&nbsp;IMC 227056 | &nbsp;&nbsp;&nbsp;WA 24 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 47N 5E,2, 3; Shoshone |
| &nbsp;&nbsp;&nbsp;331 | &nbsp;&nbsp;&nbsp;IMC 227057 | &nbsp;&nbsp;&nbsp;A 1 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 47N 5E,3; Shoshone |
| &nbsp;&nbsp;&nbsp;332 | &nbsp;&nbsp;&nbsp;IMC 227058 | &nbsp;&nbsp;&nbsp;A 3 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 47N 5E,2, 3; Shoshone |
| &nbsp;&nbsp;&nbsp;333 | &nbsp;&nbsp;&nbsp;IMC 227059 | &nbsp;&nbsp;&nbsp;A 4 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 47N 5E,2, 3; Shoshone |

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|:---|:---|
| 28-21 | ![](ny20061035x4_ex96-1img002.jpg) |

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<u> Silver Opportunity Partners LLC \| Sunshine Mine S-K 1300 Technical Report Summary on the Initial Assessment </u> <u> March 25, 2026 SLR Project No.: 123.020552.00001 </u>

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**License Code** | &nbsp;&nbsp;&nbsp;**License Name** | &nbsp;&nbsp;&nbsp;**Parties** | &nbsp;&nbsp;&nbsp;**Type** | &nbsp;&nbsp;&nbsp;**Interest** | &nbsp;&nbsp;&nbsp;**Area<br> (ac)** | &nbsp;&nbsp;&nbsp;**Map Reference** |
| &nbsp;&nbsp;&nbsp;334 | &nbsp;&nbsp;&nbsp;IMC 227060 | &nbsp;&nbsp;&nbsp;A 6 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 47N 5E,2; Shoshone |
| &nbsp;&nbsp;&nbsp;335 | &nbsp;&nbsp;&nbsp;IMC 227061 | &nbsp;&nbsp;&nbsp;A 7 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 47N 5E,2; Shoshone |
| &nbsp;&nbsp;&nbsp;336 | &nbsp;&nbsp;&nbsp;IMC 227062 | &nbsp;&nbsp;&nbsp;A 8 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 47N 5E,2; 48N 5E,35; Shoshone |
| &nbsp;&nbsp;&nbsp;337 | &nbsp;&nbsp;&nbsp;IMC 227063 | &nbsp;&nbsp;&nbsp;A 9 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 47N 5E,2; Shoshone |
| &nbsp;&nbsp;&nbsp;338 | &nbsp;&nbsp;&nbsp;IMC 227064 | &nbsp;&nbsp;&nbsp;A 10 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 47N 5E,2; Shoshone |
| &nbsp;&nbsp;&nbsp;339 | &nbsp;&nbsp;&nbsp;IMC 227065 | &nbsp;&nbsp;&nbsp;A 11 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 47N 5E,2; Shoshone |
| &nbsp;&nbsp;&nbsp;340 | &nbsp;&nbsp;&nbsp;IMC 227066 | &nbsp;&nbsp;&nbsp;A 12 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 47N 5E,2; Shoshone |
| &nbsp;&nbsp;&nbsp;341 | &nbsp;&nbsp;&nbsp;IMC 227067 | &nbsp;&nbsp;&nbsp;A 13 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 47N 5E,2; Shoshone |
| &nbsp;&nbsp;&nbsp;342 | &nbsp;&nbsp;&nbsp;IMC 227068 | &nbsp;&nbsp;&nbsp;A 14 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 47N 5E,2; Shoshone |
| &nbsp;&nbsp;&nbsp;343 | &nbsp;&nbsp;&nbsp;IMC 227069 | &nbsp;&nbsp;&nbsp;A 15 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 47N 5E,2; Shoshone |
| &nbsp;&nbsp;&nbsp;344 | &nbsp;&nbsp;&nbsp;IMC 227070 | &nbsp;&nbsp;&nbsp;A 16 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 47N 5E,2; Shoshone |
| &nbsp;&nbsp;&nbsp;345 | &nbsp;&nbsp;&nbsp;IMC 227071 | &nbsp;&nbsp;&nbsp;A 17 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 47N 5E,2; Shoshone |
| &nbsp;&nbsp;&nbsp;346 | &nbsp;&nbsp;&nbsp;IMC 227072 | &nbsp;&nbsp;&nbsp;A 18 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 47N 5E,2; Shoshone |
| &nbsp;&nbsp;&nbsp;347 | &nbsp;&nbsp;&nbsp;IMC 227073 | &nbsp;&nbsp;&nbsp;A 19 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 47N 5E,2; Shoshone |
| &nbsp;&nbsp;&nbsp;348 | &nbsp;&nbsp;&nbsp;IMC 227074 | &nbsp;&nbsp;&nbsp;A 20 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 47N 5E,2, 11; Shoshone |
| &nbsp;&nbsp;&nbsp;349 | &nbsp;&nbsp;&nbsp;IMC 227075 | &nbsp;&nbsp;&nbsp;A 21 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 47N 5E,11; Shoshone |
| &nbsp;&nbsp;&nbsp;350 | &nbsp;&nbsp;&nbsp;IMC 227076 | &nbsp;&nbsp;&nbsp;A 22 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 47N 5E,1, 2; Shoshone |
| &nbsp;&nbsp;&nbsp;351 | &nbsp;&nbsp;&nbsp;IMC 227077 | &nbsp;&nbsp;&nbsp;A 23 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 47N 5E,1, 2; Shoshone |
| &nbsp;&nbsp;&nbsp;352 | &nbsp;&nbsp;&nbsp;IMC 227078 | &nbsp;&nbsp;&nbsp;A 24 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 47N 5E,1, 2, 11, 12; Shoshone |
| &nbsp;&nbsp;&nbsp;353 | &nbsp;&nbsp;&nbsp;IMC 227079 | &nbsp;&nbsp;&nbsp;A 25 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 47N 5E,11, 12; Shoshone |
| &nbsp;&nbsp;&nbsp;354 | &nbsp;&nbsp;&nbsp;IMC 227080 | &nbsp;&nbsp;&nbsp;A 28 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 47N 5E,2, 3; 48N 5E,34; Shoshone |
| &nbsp;&nbsp;&nbsp;355 | &nbsp;&nbsp;&nbsp;IMC 227081 | &nbsp;&nbsp;&nbsp;A 29 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 47N 5E,2; 48N 5E,34, 35; Shoshone |
| &nbsp;&nbsp;&nbsp;356 | &nbsp;&nbsp;&nbsp;IMC 227082 | &nbsp;&nbsp;&nbsp;GH 1 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Leased | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 47N 5E,4, 5; Shoshone |
| &nbsp;&nbsp;&nbsp;357 | &nbsp;&nbsp;&nbsp;IMC 227083 | &nbsp;&nbsp;&nbsp;GH 2 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Leased | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 47N 5E,4, 5; Shoshone |
| &nbsp;&nbsp;&nbsp;358 | &nbsp;&nbsp;&nbsp;IMC 227084 | &nbsp;&nbsp;&nbsp;GH 3 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Leased | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 47N 5E,4, 5; Shoshone |
| &nbsp;&nbsp;&nbsp;359 | &nbsp;&nbsp;&nbsp;IMC 227085 | &nbsp;&nbsp;&nbsp;GH 4 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Leased | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 47N 5E,4, 5; Shoshone |
| &nbsp;&nbsp;&nbsp;360 | &nbsp;&nbsp;&nbsp;IMC 227086 | &nbsp;&nbsp;&nbsp;GH 5 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Leased | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 47N 5E,4, 5; Shoshone |

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|:---|:---|
| 28-22 | ![](ny20061035x4_ex96-1img002.jpg) |

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<u> Silver Opportunity Partners LLC \| Sunshine Mine S-K 1300 Technical Report Summary on the Initial Assessment </u> <u> March 25, 2026 SLR Project No.: 123.020552.00001 </u>

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**License Code** | &nbsp;&nbsp;&nbsp;**License Name** | &nbsp;&nbsp;&nbsp;**Parties** | &nbsp;&nbsp;&nbsp;**Type** | &nbsp;&nbsp;&nbsp;**Interest** | &nbsp;&nbsp;&nbsp;**Area<br> (ac)** | &nbsp;&nbsp;&nbsp;**Map Reference** |
| &nbsp;&nbsp;&nbsp;361 | &nbsp;&nbsp;&nbsp;IMC 227087 | &nbsp;&nbsp;&nbsp;GH 6 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Leased | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 47N 5E,4, 5, 8, 9; Shoshone |
| &nbsp;&nbsp;&nbsp;362 | &nbsp;&nbsp;&nbsp;IMC 227088 | &nbsp;&nbsp;&nbsp;GH 7 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Leased | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 47N 5E,8, 9; Shoshone |
| &nbsp;&nbsp;&nbsp;363 | &nbsp;&nbsp;&nbsp;IMC 227089 | &nbsp;&nbsp;&nbsp;GH 8 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Leased | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 47N 5E,8, 9; Shoshone |
| &nbsp;&nbsp;&nbsp;364 | &nbsp;&nbsp;&nbsp;IMC 227090 | &nbsp;&nbsp;&nbsp;GH 9 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 47N 5E,8, 9; Shoshone |
| &nbsp;&nbsp;&nbsp;365 | &nbsp;&nbsp;&nbsp;IMC 227091 | &nbsp;&nbsp;&nbsp;GH 10 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 47N 5E,8, 9; Shoshone |
| &nbsp;&nbsp;&nbsp;366 | &nbsp;&nbsp;&nbsp;IMC 227092 | &nbsp;&nbsp;&nbsp;GH 11 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 47N 5E,8, 9; Shoshone |
| &nbsp;&nbsp;&nbsp;367 | &nbsp;&nbsp;&nbsp;IMC 227093 | &nbsp;&nbsp;&nbsp;GH 12 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Leased | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 47N 5E,4; Shoshone |
| &nbsp;&nbsp;&nbsp;368 | &nbsp;&nbsp;&nbsp;IMC 227094 | &nbsp;&nbsp;&nbsp;GH 13 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Leased | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 47N 5E,4; Shoshone |
| &nbsp;&nbsp;&nbsp;369 | &nbsp;&nbsp;&nbsp;IMC 227095 | &nbsp;&nbsp;&nbsp;GH 14 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Leased | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 47N 5E,4; Shoshone |
| &nbsp;&nbsp;&nbsp;370 | &nbsp;&nbsp;&nbsp;IMC 227096 | &nbsp;&nbsp;&nbsp;GH 15 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Leased | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 47N 5E,4; Shoshone |
| &nbsp;&nbsp;&nbsp;371 | &nbsp;&nbsp;&nbsp;IMC 227097 | &nbsp;&nbsp;&nbsp;GH 16 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Leased | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 47N 5E,4; Shoshone |
| &nbsp;&nbsp;&nbsp;372 | &nbsp;&nbsp;&nbsp;IMC 227098 | &nbsp;&nbsp;&nbsp;GH 17 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Leased | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 47N 5E,4, 9; Shoshone |
| &nbsp;&nbsp;&nbsp;373 | &nbsp;&nbsp;&nbsp;IMC 227099 | &nbsp;&nbsp;&nbsp;GH 18 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Leased | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 47N 5E,9; Shoshone |
| &nbsp;&nbsp;&nbsp;374 | &nbsp;&nbsp;&nbsp;IMC 227100 | &nbsp;&nbsp;&nbsp;GH 19 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Leased | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 47N 5E,9; Shoshone |
| &nbsp;&nbsp;&nbsp;375 | &nbsp;&nbsp;&nbsp;IMC 227101 | &nbsp;&nbsp;&nbsp;GH 20 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 47N 5E,9; Shoshone |
| &nbsp;&nbsp;&nbsp;376 | &nbsp;&nbsp;&nbsp;IMC 227102 | &nbsp;&nbsp;&nbsp;GH 21 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 47N 5E,9; Shoshone |
| &nbsp;&nbsp;&nbsp;377 | &nbsp;&nbsp;&nbsp;IMC 227103 | &nbsp;&nbsp;&nbsp;GH 22 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 47N 5E,9; Shoshone |
| &nbsp;&nbsp;&nbsp;378 | &nbsp;&nbsp;&nbsp;IMC 227104 | &nbsp;&nbsp;&nbsp;GH 23 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Leased | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 47N 5E,4; Shoshone |
| &nbsp;&nbsp;&nbsp;379 | &nbsp;&nbsp;&nbsp;IMC 227105 | &nbsp;&nbsp;&nbsp;GH 24 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Leased | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 47N 5E,4; Shoshone |
| &nbsp;&nbsp;&nbsp;380 | &nbsp;&nbsp;&nbsp;IMC 227106 | &nbsp;&nbsp;&nbsp;GH 25 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Leased | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 47N 5E,4; Shoshone |
| &nbsp;&nbsp;&nbsp;381 | &nbsp;&nbsp;&nbsp;IMC 227107 | &nbsp;&nbsp;&nbsp;GH 26 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 47N 5E,4; Shoshone |
| &nbsp;&nbsp;&nbsp;382 | &nbsp;&nbsp;&nbsp;IMC 227108 | &nbsp;&nbsp;&nbsp;GH 27 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 47N 5E,4; Shoshone |
| &nbsp;&nbsp;&nbsp;383 | &nbsp;&nbsp;&nbsp;IMC 227109 | &nbsp;&nbsp;&nbsp;GH 28 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 47N 5E,4, 9; Shoshone |
| &nbsp;&nbsp;&nbsp;384 | &nbsp;&nbsp;&nbsp;IMC 227110 | &nbsp;&nbsp;&nbsp;GH 29 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 47N 5E,9; Shoshone |
| &nbsp;&nbsp;&nbsp;385 | &nbsp;&nbsp;&nbsp;IMC 227111 | &nbsp;&nbsp;&nbsp;GH 30 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 47N 5E,9; Shoshone |
| &nbsp;&nbsp;&nbsp;386 | &nbsp;&nbsp;&nbsp;IMC 227112 | &nbsp;&nbsp;&nbsp;GH 31 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 47N 5E,3, 4; Shoshone |
| &nbsp;&nbsp;&nbsp;387 | &nbsp;&nbsp;&nbsp;IMC 227113 | &nbsp;&nbsp;&nbsp;GH 32 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 47N 5E,3, 4; Shoshone |
| &nbsp;&nbsp;&nbsp;388 | &nbsp;&nbsp;&nbsp;IMC 227114 | &nbsp;&nbsp;&nbsp;GH 33 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 47N 5E,3, 4; Shoshone |
| &nbsp;&nbsp;&nbsp;389 | &nbsp;&nbsp;&nbsp;IMC 227115 | &nbsp;&nbsp;&nbsp;GH 34 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 47N 5E,3, 4; Shoshone |

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|:---|:---|
| 28-23 | ![](ny20061035x4_ex96-1img002.jpg) |

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------

<u> Silver Opportunity Partners LLC \| Sunshine Mine S-K 1300 Technical Report Summary on the Initial Assessment </u> <u> March 25, 2026 SLR Project No.: 123.020552.00001 </u>

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**License Code** | &nbsp;&nbsp;&nbsp;**License Name** | &nbsp;&nbsp;&nbsp;**Parties** | &nbsp;&nbsp;&nbsp;**Type** | &nbsp;&nbsp;&nbsp;**Interest** | &nbsp;&nbsp;&nbsp;**Area<br> (ac)** | &nbsp;&nbsp;&nbsp;**Map Reference** |
| &nbsp;&nbsp;&nbsp;390 | &nbsp;&nbsp;&nbsp;IMC 227116 | &nbsp;&nbsp;&nbsp;GH 35 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 47N 5E,3, 4, 9, 10; Shoshone |
| &nbsp;&nbsp;&nbsp;391 | &nbsp;&nbsp;&nbsp;IMC 227117 | &nbsp;&nbsp;&nbsp;GH 36 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 47N 5E,9, 10; Shoshone |
| &nbsp;&nbsp;&nbsp;392 | &nbsp;&nbsp;&nbsp;IMC 227118 | &nbsp;&nbsp;&nbsp;GH 37 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 47N 5E,9, 10; Shoshone |
| &nbsp;&nbsp;&nbsp;393 | &nbsp;&nbsp;&nbsp;IMC 227119 | &nbsp;&nbsp;&nbsp;GH 38 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 47N 5E,3, 10; Shoshone |
| &nbsp;&nbsp;&nbsp;394 | &nbsp;&nbsp;&nbsp;IMC 227120 | &nbsp;&nbsp;&nbsp;GH 39 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 47N 5E,10; Shoshone |
| &nbsp;&nbsp;&nbsp;395 | &nbsp;&nbsp;&nbsp;IMC 227121 | &nbsp;&nbsp;&nbsp;GH 40 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 47N 5E,10; Shoshone |
| &nbsp;&nbsp;&nbsp;396 | &nbsp;&nbsp;&nbsp;IMC 227122 | &nbsp;&nbsp;&nbsp;R 9 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Leased | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 48N 5E,31, 32; Shoshone |
| &nbsp;&nbsp;&nbsp;397 | &nbsp;&nbsp;&nbsp;IMC 227123 | &nbsp;&nbsp;&nbsp;P 1 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Leased | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 47N 5E,6; 48N 5E,31; Shoshone |
| &nbsp;&nbsp;&nbsp;398 | &nbsp;&nbsp;&nbsp;IMC 227124 | &nbsp;&nbsp;&nbsp;P 2 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Leased | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 47N 5E,6; 48N 5E,31; Shoshone |
| &nbsp;&nbsp;&nbsp;399 | &nbsp;&nbsp;&nbsp;IMC 227125 | &nbsp;&nbsp;&nbsp;P 3 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Leased | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 47N 5E,5, 6; 48N 5E,31; Shoshone |
| &nbsp;&nbsp;&nbsp;400 | &nbsp;&nbsp;&nbsp;IMC 227126 | &nbsp;&nbsp;&nbsp;P 4 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Leased | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 47N 5E,5; 48N 5E,31; Shoshone |
| &nbsp;&nbsp;&nbsp;401 | &nbsp;&nbsp;&nbsp;IMC 227127 | &nbsp;&nbsp;&nbsp;P 5 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Leased | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 47N 5E,5; 48N 5E,31, 32; Shoshone |
| &nbsp;&nbsp;&nbsp;402 | &nbsp;&nbsp;&nbsp;IMC 227128 | &nbsp;&nbsp;&nbsp;P 6 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Leased | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 47N 5E,6; Shoshone |
| &nbsp;&nbsp;&nbsp;403 | &nbsp;&nbsp;&nbsp;IMC 227129 | &nbsp;&nbsp;&nbsp;P 7 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Leased | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 47N 5E,5, 6; Shoshone |
| &nbsp;&nbsp;&nbsp;404 | &nbsp;&nbsp;&nbsp;IMC 227130 | &nbsp;&nbsp;&nbsp;P 8 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Leased | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 47N 5E,5, 6; Shoshone |
| &nbsp;&nbsp;&nbsp;405 | &nbsp;&nbsp;&nbsp;IMC 227131 | &nbsp;&nbsp;&nbsp;P 9 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Leased | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 47N 5E,5; Shoshone |
| &nbsp;&nbsp;&nbsp;406 | &nbsp;&nbsp;&nbsp;IMC 227132 | &nbsp;&nbsp;&nbsp;P 10 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Leased | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 47N 5E,5; Shoshone |
| &nbsp;&nbsp;&nbsp;407 | &nbsp;&nbsp;&nbsp;IMC 227133 | &nbsp;&nbsp;&nbsp;P 11 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Leased | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 47N 5E,6; Shoshone |
| &nbsp;&nbsp;&nbsp;408 | &nbsp;&nbsp;&nbsp;IMC 227134 | &nbsp;&nbsp;&nbsp;P 12 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Leased | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 47N 5E,5, 6; Shoshone |
| &nbsp;&nbsp;&nbsp;409 | &nbsp;&nbsp;&nbsp;IMC 227135 | &nbsp;&nbsp;&nbsp;P 13 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Leased | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 47N 5E,5; Shoshone |
| &nbsp;&nbsp;&nbsp;410 | &nbsp;&nbsp;&nbsp;IMC 227136 | &nbsp;&nbsp;&nbsp;P 14 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Leased | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 47N 5E,5; Shoshone |
| &nbsp;&nbsp;&nbsp;411 | &nbsp;&nbsp;&nbsp;IMC 227137 | &nbsp;&nbsp;&nbsp;P 15 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Leased | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 47N 5E,5; Shoshone |
| &nbsp;&nbsp;&nbsp;412 | &nbsp;&nbsp;&nbsp;IMC 227138 | &nbsp;&nbsp;&nbsp;P 16 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Leased | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 47N 5E,6; Shoshone |
| &nbsp;&nbsp;&nbsp;413 | &nbsp;&nbsp;&nbsp;IMC 227139 | &nbsp;&nbsp;&nbsp;P 17 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Leased | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 47N 5E,5, 6; Shoshone |
| &nbsp;&nbsp;&nbsp;414 | &nbsp;&nbsp;&nbsp;IMC 227140 | &nbsp;&nbsp;&nbsp;P 18 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Leased | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 47N 5E,5; Shoshone |
| &nbsp;&nbsp;&nbsp;415 | &nbsp;&nbsp;&nbsp;IMC 227141 | &nbsp;&nbsp;&nbsp;P 19 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Leased | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 47N 5E,5; Shoshone |

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| | |
|:---|:---|
| 28-24  | ![](ny20061035x4_ex96-1img002.jpg) |

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------

<u> Silver Opportunity Partners LLC \| Sunshine Mine S-K 1300 Technical Report Summary on the Initial Assessment </u> <u> March 25, 2026 SLR Project No.: 123.020552.00001 </u>

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**License Code** | &nbsp;&nbsp;&nbsp;**License Name** | &nbsp;&nbsp;&nbsp;**Parties** | &nbsp;&nbsp;&nbsp;**Type** | &nbsp;&nbsp;&nbsp;**Interest** | &nbsp;&nbsp;&nbsp;**Area<br> (ac)** | &nbsp;&nbsp;&nbsp;**Map Reference** |
| &nbsp;&nbsp;&nbsp;416 | &nbsp;&nbsp;&nbsp;IMC 227142 | &nbsp;&nbsp;&nbsp;P 20 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Leased | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 47N 5E,5; Shoshone |
| &nbsp;&nbsp;&nbsp;417 | &nbsp;&nbsp;&nbsp;IMC 227143 | &nbsp;&nbsp;&nbsp;P 21 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Leased | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 47N 5E,5; Shoshone |
| &nbsp;&nbsp;&nbsp;418 | &nbsp;&nbsp;&nbsp;IMC 227144 | &nbsp;&nbsp;&nbsp;P 22 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Leased | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 47N 5E,5; Shoshone |
| &nbsp;&nbsp;&nbsp;419 | &nbsp;&nbsp;&nbsp;IMC 227145 | &nbsp;&nbsp;&nbsp;P 23 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Leased | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 47N 5E,5; Shoshone |
| &nbsp;&nbsp;&nbsp;420 | &nbsp;&nbsp;&nbsp;IMC 227146 | &nbsp;&nbsp;&nbsp;P 24 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Leased | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 47N 5E,5; Shoshone |
| &nbsp;&nbsp;&nbsp;421 | &nbsp;&nbsp;&nbsp;IMC 227147 | &nbsp;&nbsp;&nbsp;P 25 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Leased | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 47N 5E,5; Shoshone |
| &nbsp;&nbsp;&nbsp;422 | &nbsp;&nbsp;&nbsp;IMC 227148 | &nbsp;&nbsp;&nbsp;P 26 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Leased | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 47N 5E,5; Shoshone |
| &nbsp;&nbsp;&nbsp;423 | &nbsp;&nbsp;&nbsp;IMC 227149 | &nbsp;&nbsp;&nbsp;RC 1 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Leased | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 47N 5E,6; Shoshone |
| &nbsp;&nbsp;&nbsp;424 | &nbsp;&nbsp;&nbsp;IMC 227150 | &nbsp;&nbsp;&nbsp;RC 2 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Leased | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 47N 5E,6, 7; Shoshone |
| &nbsp;&nbsp;&nbsp;425 | &nbsp;&nbsp;&nbsp;IMC 227151 | &nbsp;&nbsp;&nbsp;RC 3 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 47N 5E,7; Shoshone |
| &nbsp;&nbsp;&nbsp;426 | &nbsp;&nbsp;&nbsp;IMC 227152 | &nbsp;&nbsp;&nbsp;RC 4 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 47N 5E,7; Shoshone |
| &nbsp;&nbsp;&nbsp;427 | &nbsp;&nbsp;&nbsp;IMC 227153 | &nbsp;&nbsp;&nbsp;RC 5 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 47N 5E,7; Shoshone |
| &nbsp;&nbsp;&nbsp;428 | &nbsp;&nbsp;&nbsp;IMC 227154 | &nbsp;&nbsp;&nbsp;RC 6 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Leased | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 47N 5E,5, 6; Shoshone |
| &nbsp;&nbsp;&nbsp;429 | &nbsp;&nbsp;&nbsp;IMC 227155 | &nbsp;&nbsp;&nbsp;RC 7 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Leased | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 47N 5E,5, 6, 7, 8; Shoshone |
| &nbsp;&nbsp;&nbsp;430 | &nbsp;&nbsp;&nbsp;IMC 227156 | &nbsp;&nbsp;&nbsp;RC 8 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Leased | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 47N 5E,7, 8; Shoshone |
| &nbsp;&nbsp;&nbsp;431 | &nbsp;&nbsp;&nbsp;IMC 227157 | &nbsp;&nbsp;&nbsp;RC 9 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 47N 5E,7, 8; Shoshone |
| &nbsp;&nbsp;&nbsp;432 | &nbsp;&nbsp;&nbsp;IMC 227158 | &nbsp;&nbsp;&nbsp;RC 10 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 47N 5E,7, 8; Shoshone |
| &nbsp;&nbsp;&nbsp;433 | &nbsp;&nbsp;&nbsp;IMC 227159 | &nbsp;&nbsp;&nbsp;RC 11 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 47N 5E,7, 8; Shoshone |
| &nbsp;&nbsp;&nbsp;434 | &nbsp;&nbsp;&nbsp;IMC 227160 | &nbsp;&nbsp;&nbsp;RC 12 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Leased | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 47N 5E,5, 8; Shoshone |
| &nbsp;&nbsp;&nbsp;435 | &nbsp;&nbsp;&nbsp;IMC 227161 | &nbsp;&nbsp;&nbsp;RC 13 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 47N 5E,8; Shoshone |
| &nbsp;&nbsp;&nbsp;436 | &nbsp;&nbsp;&nbsp;IMC 227162 | &nbsp;&nbsp;&nbsp;RC 14 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 47N 5E,8; Shoshone |
| &nbsp;&nbsp;&nbsp;437 | &nbsp;&nbsp;&nbsp;IMC 227163 | &nbsp;&nbsp;&nbsp;RC 15 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 47N 5E,8; Shoshone |
| &nbsp;&nbsp;&nbsp;438 | &nbsp;&nbsp;&nbsp;IMC 227164 | &nbsp;&nbsp;&nbsp;RC 16 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 47N 5E,8; Shoshone |
| &nbsp;&nbsp;&nbsp;439 | &nbsp;&nbsp;&nbsp;IMC 227165 | &nbsp;&nbsp;&nbsp;RC 17 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 47N 5E,8; Shoshone |
| &nbsp;&nbsp;&nbsp;440 | &nbsp;&nbsp;&nbsp;IMC 227166 | &nbsp;&nbsp;&nbsp;RC 18 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Leased | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 47N 5E,5; Shoshone |
| &nbsp;&nbsp;&nbsp;441 | &nbsp;&nbsp;&nbsp;IMC 227167 | &nbsp;&nbsp;&nbsp;RC 19 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Leased | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 47N 5E,5; Shoshone |
| &nbsp;&nbsp;&nbsp;442 | &nbsp;&nbsp;&nbsp;IMC 227168 | &nbsp;&nbsp;&nbsp;RC 20 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Leased | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 47N 5E,5, 8; Shoshone |
| &nbsp;&nbsp;&nbsp;443 | &nbsp;&nbsp;&nbsp;IMC 227169 | &nbsp;&nbsp;&nbsp;RC 21 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Leased | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 47N 5E,8; Shoshone |
| &nbsp;&nbsp;&nbsp;444 | &nbsp;&nbsp;&nbsp;IMC 227170 | &nbsp;&nbsp;&nbsp;RC 22 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 47N 5E,8; Shoshone |
| &nbsp;&nbsp;&nbsp;445 | &nbsp;&nbsp;&nbsp;IMC 227171 | &nbsp;&nbsp;&nbsp;RC 23 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 47N 5E,8; Shoshone |

---

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| | |
|:---|:---|
| 28-25 | ![](ny20061035x4_ex96-1img002.jpg) |

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------

<u> Silver Opportunity Partners LLC \| Sunshine Mine S-K 1300 Technical Report Summary on the Initial Assessment </u> <u> March 25, 2026 SLR Project No.: 123.020552.00001 </u>

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**License Code** | &nbsp;&nbsp;&nbsp;**License Name** | &nbsp;&nbsp;&nbsp;**Parties** | &nbsp;&nbsp;&nbsp;**Type** | &nbsp;&nbsp;&nbsp;**Interest** | &nbsp;&nbsp;&nbsp;**Area<br> (ac)** | &nbsp;&nbsp;&nbsp;**Map Reference** |

---

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;446 | &nbsp;&nbsp;&nbsp;IMC 227172 | &nbsp;&nbsp;&nbsp;RC 24 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 47N 5E,8; Shoshone |

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;447 | &nbsp;&nbsp;&nbsp;IMC 227173 | &nbsp;&nbsp;&nbsp;RC 25 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 47N 5E,8; Shoshone |
| &nbsp;&nbsp;&nbsp;448 | &nbsp;&nbsp;&nbsp;IMC 227174 | &nbsp;&nbsp;&nbsp;RC 26 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Leased | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 47N 5E,5; Shoshone |
| &nbsp;&nbsp;&nbsp;449 | &nbsp;&nbsp;&nbsp;IMC 227175 | &nbsp;&nbsp;&nbsp;RC 27 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Leased | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 47N 5E,5; Shoshone |
| &nbsp;&nbsp;&nbsp;450 | &nbsp;&nbsp;&nbsp;IMC 227176 | &nbsp;&nbsp;&nbsp;RC 28 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Leased | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 47N 5E,5, 8; Shoshone |
| &nbsp;&nbsp;&nbsp;451 | &nbsp;&nbsp;&nbsp;IMC 227177 | &nbsp;&nbsp;&nbsp;RC 29 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Leased | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 47N 5E,8; Shoshone |
| &nbsp;&nbsp;&nbsp;452 | &nbsp;&nbsp;&nbsp;IMC 227178 | &nbsp;&nbsp;&nbsp;RC 30 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 47N 5E,8; Shoshone |
| &nbsp;&nbsp;&nbsp;453 | &nbsp;&nbsp;&nbsp;IMC 227179 | &nbsp;&nbsp;&nbsp;RC 31 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 47N 5E,8; Shoshone |
| &nbsp;&nbsp;&nbsp;454 | &nbsp;&nbsp;&nbsp;IMC 227180 | &nbsp;&nbsp;&nbsp;RC 32 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 47N 5E,8; Shoshone |
| &nbsp;&nbsp;&nbsp;455 | &nbsp;&nbsp;&nbsp;IMC 227181 | &nbsp;&nbsp;&nbsp;RC 33 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 47N 5E,8; Shoshone |
| &nbsp;&nbsp;&nbsp;456 | &nbsp;&nbsp;&nbsp;IMC 227182 | &nbsp;&nbsp;&nbsp;MU 1 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 48N 5E,34, 35; Shoshone |
| &nbsp;&nbsp;&nbsp;457 | &nbsp;&nbsp;&nbsp;IMC 227183 | &nbsp;&nbsp;&nbsp;MU 2 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 48N 5E,34, 35; Shoshone |
| &nbsp;&nbsp;&nbsp;458 | &nbsp;&nbsp;&nbsp;IMC 227184 | &nbsp;&nbsp;&nbsp;MU 3 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 48N 5E,34; Shoshone |
| &nbsp;&nbsp;&nbsp;459 | &nbsp;&nbsp;&nbsp;IMC 227185 | &nbsp;&nbsp;&nbsp;MU 4 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 48N 5E,34, 35; Shoshone |
| &nbsp;&nbsp;&nbsp;460 | &nbsp;&nbsp;&nbsp;IMC 227186 | &nbsp;&nbsp;&nbsp;AE 1 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 47N 6E,6; Shoshone |
| &nbsp;&nbsp;&nbsp;461 | &nbsp;&nbsp;&nbsp;IMC 227187 | &nbsp;&nbsp;&nbsp;AE 2 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 47N 6E,6; Shoshone |
| &nbsp;&nbsp;&nbsp;462 | &nbsp;&nbsp;&nbsp;IMC 227188 | &nbsp;&nbsp;&nbsp;AE 3 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 47N 6E,6; Shoshone |
| &nbsp;&nbsp;&nbsp;463 | &nbsp;&nbsp;&nbsp;IMC 227189 | &nbsp;&nbsp;&nbsp;AE 4 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 47N 6E,6; Shoshone |
| &nbsp;&nbsp;&nbsp;464 | &nbsp;&nbsp;&nbsp;IMC 227190 | &nbsp;&nbsp;&nbsp;AE 5 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 47N 6E,6, 7; Shoshone |
| &nbsp;&nbsp;&nbsp;465 | &nbsp;&nbsp;&nbsp;IMC 227191 | &nbsp;&nbsp;&nbsp;AE 6 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 47N 6E,6; Shoshone |
| &nbsp;&nbsp;&nbsp;466 | &nbsp;&nbsp;&nbsp;IMC 227192 | &nbsp;&nbsp;&nbsp;AE 7 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 47N 6E,6; Shoshone |
| &nbsp;&nbsp;&nbsp;467 | &nbsp;&nbsp;&nbsp;IMC 227193 | &nbsp;&nbsp;&nbsp;AE 8 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 47N 6E,6; Shoshone |
| &nbsp;&nbsp;&nbsp;468 | &nbsp;&nbsp;&nbsp;IMC 227194 | &nbsp;&nbsp;&nbsp;AE 9 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 47N 6E,6; Shoshone |
| &nbsp;&nbsp;&nbsp;469 | &nbsp;&nbsp;&nbsp;IMC 227195 | &nbsp;&nbsp;&nbsp;AE 10 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 47N 6E,6; Shoshone |
| &nbsp;&nbsp;&nbsp;470 | &nbsp;&nbsp;&nbsp;IMC 227196 | &nbsp;&nbsp;&nbsp;AE 11 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 47N 6E,5, 6; Shoshone |
| &nbsp;&nbsp;&nbsp;471 | &nbsp;&nbsp;&nbsp;IMC 227197 | &nbsp;&nbsp;&nbsp;AE 12 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 47N 6E,5, 6; Shoshone |
| &nbsp;&nbsp;&nbsp;472 | &nbsp;&nbsp;&nbsp;IMC 227198 | &nbsp;&nbsp;&nbsp;AE 13 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 47N 6E,5, 6; Shoshone |
| &nbsp;&nbsp;&nbsp;473 | &nbsp;&nbsp;&nbsp;IMC 227199 | &nbsp;&nbsp;&nbsp;RCM 1 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Leased | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 47N 5E,6; 48N 5E,31; Shoshone |
| &nbsp;&nbsp;&nbsp;474 | &nbsp;&nbsp;&nbsp;IMC 227200 | &nbsp;&nbsp;&nbsp;RCM 2 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Leased | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 47N 5E,6; 48N 5E,31; Shoshone |

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| | |
|:---|:---|
| 28-26 | ![](ny20061035x4_ex96-1img002.jpg) |

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------

<u> Silver Opportunity Partners LLC \| Sunshine Mine S-K 1300 Technical Report Summary on the Initial Assessment </u> <u> March 25, 2026 SLR Project No.: 123.020552.00001 </u>

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**License Code** | &nbsp;&nbsp;&nbsp;**License Name** | &nbsp;&nbsp;&nbsp;**Parties** | &nbsp;&nbsp;&nbsp;**Type** | &nbsp;&nbsp;&nbsp;**Interest** | &nbsp;&nbsp;&nbsp;**Area<br> (ac)** | &nbsp;&nbsp;&nbsp;**Map Reference** |
| &nbsp;&nbsp;&nbsp;475 | &nbsp;&nbsp;&nbsp;IMC 227201 | &nbsp;&nbsp;&nbsp;RCM 3 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Leased | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 47N 5E,6; Shoshone |
| &nbsp;&nbsp;&nbsp;476 | &nbsp;&nbsp;&nbsp;IMC 227202 | &nbsp;&nbsp;&nbsp;RCM 4 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Leased | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 47N 5E,6; Shoshone |
| &nbsp;&nbsp;&nbsp;477 | &nbsp;&nbsp;&nbsp;IMC 227203 | &nbsp;&nbsp;&nbsp;RCM 5 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Leased | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 47N 5E,6; Shoshone |
| &nbsp;&nbsp;&nbsp;478 | &nbsp;&nbsp;&nbsp;IMC 227204 | &nbsp;&nbsp;&nbsp;RCM 6 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Leased | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 47N 5E,6; Shoshone |
| &nbsp;&nbsp;&nbsp;479 | &nbsp;&nbsp;&nbsp;IMC 227205 | &nbsp;&nbsp;&nbsp;RCM 7 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Leased | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 47N 5E,6; Shoshone |
| &nbsp;&nbsp;&nbsp;480 | &nbsp;&nbsp;&nbsp;IMC 227206 | &nbsp;&nbsp;&nbsp;RCM 8 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Leased | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 47N 5E,6; Shoshone |
| &nbsp;&nbsp;&nbsp;481 | &nbsp;&nbsp;&nbsp;IMC 227207 | &nbsp;&nbsp;&nbsp;RCM 9 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Leased | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 47N 5E,6; Shoshone |
| &nbsp;&nbsp;&nbsp;482 | &nbsp;&nbsp;&nbsp;IMC 227208 | &nbsp;&nbsp;&nbsp;RCM 10 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Leased | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 47N 5E,6; Shoshone |
| &nbsp;&nbsp;&nbsp;483 | &nbsp;&nbsp;&nbsp;IMC 227209 | &nbsp;&nbsp;&nbsp;RCM 11 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Leased | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 47N 5E,6; Shoshone |
| &nbsp;&nbsp;&nbsp;484 | &nbsp;&nbsp;&nbsp;IMC 227210 | &nbsp;&nbsp;&nbsp;RCM 12 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Leased | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 47N 5E,6; Shoshone |
| &nbsp;&nbsp;&nbsp;485 | &nbsp;&nbsp;&nbsp;IMC 227211 | &nbsp;&nbsp;&nbsp;RCM 13 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Leased | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 47N 5E,6; Shoshone |
| &nbsp;&nbsp;&nbsp;486 | &nbsp;&nbsp;&nbsp;IMC 227212 | &nbsp;&nbsp;&nbsp;RCM 14 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Leased | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 47N 5E,6, 7; Shoshone |
| &nbsp;&nbsp;&nbsp;487 | &nbsp;&nbsp;&nbsp;IMC 227213 | &nbsp;&nbsp;&nbsp;RCM 15 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Leased | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 47N 5E,6, 7; Shoshone |
| &nbsp;&nbsp;&nbsp;488 | &nbsp;&nbsp;&nbsp;IMC 227214 | &nbsp;&nbsp;&nbsp;RCM 16 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Leased | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 48N 5E,32; Shoshone |
| &nbsp;&nbsp;&nbsp;489 | &nbsp;&nbsp;&nbsp;IMC 227215 | &nbsp;&nbsp;&nbsp;RCM 17 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Leased | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 48N 5E,32; Shoshone |
| &nbsp;&nbsp;&nbsp;490 | &nbsp;&nbsp;&nbsp;IMC 227216 | &nbsp;&nbsp;&nbsp;RCM 18 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Leased | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 48N 5E,32; Shoshone |
| &nbsp;&nbsp;&nbsp;491 | &nbsp;&nbsp;&nbsp;IMC 227217 | &nbsp;&nbsp;&nbsp;RCM 19 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Leased | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 47N 5E,5; 48N 5E,32; Shoshone |
| &nbsp;&nbsp;&nbsp;492 | &nbsp;&nbsp;&nbsp;IMC 227218 | &nbsp;&nbsp;&nbsp;RCM 20 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Leased | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 47N 5E,5; 48N 5E,32; Shoshone |
| &nbsp;&nbsp;&nbsp;493 | &nbsp;&nbsp;&nbsp;IMC 227219 | &nbsp;&nbsp;&nbsp;RCM 21 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Leased | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 47N 5E,4, 5; 48N 5E,32; Shoshone |
| &nbsp;&nbsp;&nbsp;494 | &nbsp;&nbsp;&nbsp;IMC 227220 | &nbsp;&nbsp;&nbsp;RCM 22 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Leased | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 47N 5E,5; Shoshone |
| &nbsp;&nbsp;&nbsp;495 | &nbsp;&nbsp;&nbsp;IMC 227221 | &nbsp;&nbsp;&nbsp;RCM 23 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Leased | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 47N 5E,4, 5; Shoshone |
| &nbsp;&nbsp;&nbsp;496 | &nbsp;&nbsp;&nbsp;IMC 227222 | &nbsp;&nbsp;&nbsp;RCM 24 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Leased | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 47N 5E,4, 5; Shoshone |
| &nbsp;&nbsp;&nbsp;497 | &nbsp;&nbsp;&nbsp;IMC 227223 | &nbsp;&nbsp;&nbsp;RCM 25 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Leased | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 47N 5E,5; Shoshone |
| &nbsp;&nbsp;&nbsp;498 | &nbsp;&nbsp;&nbsp;IMC 227224 | &nbsp;&nbsp;&nbsp;RCM 26 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Leased | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 47N 5E,5; Shoshone |
| &nbsp;&nbsp;&nbsp;499 | &nbsp;&nbsp;&nbsp;IMC 227225 | &nbsp;&nbsp;&nbsp;RCM 27 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Leased | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 47N 5E,5; Shoshone |
| &nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;IMC 227226 | &nbsp;&nbsp;&nbsp;CAD 1 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 48N 3E,24; Shoshone |
| &nbsp;&nbsp;&nbsp;501 | &nbsp;&nbsp;&nbsp;IMC 227227 | &nbsp;&nbsp;&nbsp;CAD 2 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 48N 3E,24; Shoshone |
| &nbsp;&nbsp;&nbsp;502 | &nbsp;&nbsp;&nbsp;IMC 227228 | &nbsp;&nbsp;&nbsp;CAD 3 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 48N 3E,26; Shoshone |

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|:---|:---|
| 28-27 | ![](ny20061035x4_ex96-1img002.jpg) |

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------

<u> Silver Opportunity Partners LLC \| Sunshine Mine S-K 1300 Technical Report Summary on the Initial Assessment </u> <u> March 25, 2026 SLR Project No.: 123.020552.00001 </u>

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**License Code** | &nbsp;&nbsp;&nbsp;**License Name** | &nbsp;&nbsp;&nbsp;**Parties** | &nbsp;&nbsp;&nbsp;**Type** | &nbsp;&nbsp;&nbsp;**Interest** | &nbsp;&nbsp;&nbsp;**Area<br> (ac)** | &nbsp;&nbsp;&nbsp;**Map Reference** |
| &nbsp;&nbsp;&nbsp;503 | &nbsp;&nbsp;&nbsp;IMC 227229 | &nbsp;&nbsp;&nbsp;CAD 4 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 48N 3E,25, 26; Shoshone |
| &nbsp;&nbsp;&nbsp;504 | &nbsp;&nbsp;&nbsp;IMC 227230 | &nbsp;&nbsp;&nbsp;CAD 5 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 48N 3E,25; Shoshone |
| &nbsp;&nbsp;&nbsp;505 | &nbsp;&nbsp;&nbsp;IMC 227231 | &nbsp;&nbsp;&nbsp;CAD 6 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 48N 3E,25; Shoshone |
| &nbsp;&nbsp;&nbsp;506 | &nbsp;&nbsp;&nbsp;IMC 227232 | &nbsp;&nbsp;&nbsp;CAD 7 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 48N 3E,25; Shoshone |
| &nbsp;&nbsp;&nbsp;507 | &nbsp;&nbsp;&nbsp;IMC 227233 | &nbsp;&nbsp;&nbsp;CAD 8 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 48N 3E,25; Shoshone |
| &nbsp;&nbsp;&nbsp;508 | &nbsp;&nbsp;&nbsp;IMC 227234 | &nbsp;&nbsp;&nbsp;CAD 9 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 48N 3E,25; Shoshone |
| &nbsp;&nbsp;&nbsp;509 | &nbsp;&nbsp;&nbsp;IMC 227235 | &nbsp;&nbsp;&nbsp;CAD 10 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 48N 3E,25; Shoshone |
| &nbsp;&nbsp;&nbsp;510 | &nbsp;&nbsp;&nbsp;IMC 227236 | &nbsp;&nbsp;&nbsp;CAD 11 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 48N 3E,25; Shoshone |
| &nbsp;&nbsp;&nbsp;511 | &nbsp;&nbsp;&nbsp;IMC 227237 | &nbsp;&nbsp;&nbsp;CAD 12 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 48N 3E,25; 48N 4E,30; Shoshone |
| &nbsp;&nbsp;&nbsp;512 | &nbsp;&nbsp;&nbsp;IMC 227238 | &nbsp;&nbsp;&nbsp;CAD 13 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 48N 4E,30; Shoshone |
| &nbsp;&nbsp;&nbsp;513 | &nbsp;&nbsp;&nbsp;IMC 227239 | &nbsp;&nbsp;&nbsp;CAD 14 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 48N 4E,30; Shoshone |
| &nbsp;&nbsp;&nbsp;514 | &nbsp;&nbsp;&nbsp;IMC 227240 | &nbsp;&nbsp;&nbsp;CAD 15 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 48N 4E,30; Shoshone |
| &nbsp;&nbsp;&nbsp;515 | &nbsp;&nbsp;&nbsp;IMC 227241 | &nbsp;&nbsp;&nbsp;CAD 16 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 48N 3E,25; Shoshone |
| &nbsp;&nbsp;&nbsp;516 | &nbsp;&nbsp;&nbsp;IMC 227242 | &nbsp;&nbsp;&nbsp;CAD 17 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 48N 3E,25; 48N 4E,30; Shoshone |
| &nbsp;&nbsp;&nbsp;517 | &nbsp;&nbsp;&nbsp;IMC 227243 | &nbsp;&nbsp;&nbsp;CAD 18 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 48N 4E,30; Shoshone |
| &nbsp;&nbsp;&nbsp;518 | &nbsp;&nbsp;&nbsp;IMC 227244 | &nbsp;&nbsp;&nbsp;CAD 19 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 48N 4E,30; Shoshone |
| &nbsp;&nbsp;&nbsp;519 | &nbsp;&nbsp;&nbsp;IMC 227245 | &nbsp;&nbsp;&nbsp;CAD 20 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 48N 4E,30; Shoshone |
| &nbsp;&nbsp;&nbsp;520 | &nbsp;&nbsp;&nbsp;IMC 227246 | &nbsp;&nbsp;&nbsp;CAD 21 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 48N 3E,24, 25; Shoshone |
| &nbsp;&nbsp;&nbsp;521 | &nbsp;&nbsp;&nbsp;IMC 227247 | &nbsp;&nbsp;&nbsp;CAD 22 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 48N 3E,24, 25; 48N 4E,19, 30; Shoshone |
| &nbsp;&nbsp;&nbsp;522 | &nbsp;&nbsp;&nbsp;IMC 227248 | &nbsp;&nbsp;&nbsp;Merger 1 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 48N 3E,13; Shoshone |
| &nbsp;&nbsp;&nbsp;523 | &nbsp;&nbsp;&nbsp;IMC 227249 | &nbsp;&nbsp;&nbsp;Merger 2 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 48N 3E,13, 24; Shoshone |
| &nbsp;&nbsp;&nbsp;524 | &nbsp;&nbsp;&nbsp;IMC 227250 | &nbsp;&nbsp;&nbsp;Merger 3 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 48N 3E,13, 24; Shoshone |
| &nbsp;&nbsp;&nbsp;525 | &nbsp;&nbsp;&nbsp;IMC 227251 | &nbsp;&nbsp;&nbsp;Merger 4 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 48N 3E,13, 24; 48N 4E,18, 19; Shoshone |
| &nbsp;&nbsp;&nbsp;526 | &nbsp;&nbsp;&nbsp;IMC 227252 | &nbsp;&nbsp;&nbsp;Merger 5 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 48N 3E,24; Shoshone |
| &nbsp;&nbsp;&nbsp;527 | &nbsp;&nbsp;&nbsp;IMC 227253 | &nbsp;&nbsp;&nbsp;Merger 6 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 48N 3E,24; Shoshone |
| &nbsp;&nbsp;&nbsp;528 | &nbsp;&nbsp;&nbsp;IMC 227254 | &nbsp;&nbsp;&nbsp;Merger 7 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 48N 3E,23, 24; Shoshone |
| &nbsp;&nbsp;&nbsp;529 | &nbsp;&nbsp;&nbsp;IMC 227255 | &nbsp;&nbsp;&nbsp;Merger 8 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 48N 3E,24; Shoshone |

---

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| | |
|:---|:---|
| 28-28 | ![](ny20061035x4_ex96-1img002.jpg) |

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------

<u> Silver Opportunity Partners LLC \| Sunshine Mine S-K 1300 Technical Report Summary on the Initial Assessment </u> <u> March 25, 2026 SLR Project No.: 123.020552.00001 </u>

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**License Code** | &nbsp;&nbsp;&nbsp;**License Name** | &nbsp;&nbsp;&nbsp;**Parties** | &nbsp;&nbsp;&nbsp;**Type** | &nbsp;&nbsp;&nbsp;**Interest** | &nbsp;&nbsp;&nbsp;**Area<br> (ac)** | &nbsp;&nbsp;&nbsp;**Map Reference** |
| &nbsp;&nbsp;&nbsp;530 | &nbsp;&nbsp;&nbsp;IMC 227256 | &nbsp;&nbsp;&nbsp;Merger 9 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 48N 3E,24; Shoshone |
| &nbsp;&nbsp;&nbsp;531 | &nbsp;&nbsp;&nbsp;IMC 227257 | &nbsp;&nbsp;&nbsp;Merger 10 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 48N 3E,23, 24; Shoshone |
| &nbsp;&nbsp;&nbsp;532 | &nbsp;&nbsp;&nbsp;IMC 227258 | &nbsp;&nbsp;&nbsp;Merger 11 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 48N 3E,24; Shoshone |
| &nbsp;&nbsp;&nbsp;533 | &nbsp;&nbsp;&nbsp;IMC 227259 | &nbsp;&nbsp;&nbsp;Merger 12 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 48N 3E,23, 26; Shoshone |
| &nbsp;&nbsp;&nbsp;534 | &nbsp;&nbsp;&nbsp;IMC 227260 | &nbsp;&nbsp;&nbsp;Merger 13 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 48N 3E,23, 24, 25, 26; Shoshone |
| &nbsp;&nbsp;&nbsp;535 | &nbsp;&nbsp;&nbsp;IMC 227261 | &nbsp;&nbsp;&nbsp;Merger 14 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 48N 3E,24, 25; Shoshone |
| &nbsp;&nbsp;&nbsp;536 | &nbsp;&nbsp;&nbsp;IMC 227262 | &nbsp;&nbsp;&nbsp;Merger 15 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 48N 3E,24, 25; Shoshone |
| &nbsp;&nbsp;&nbsp;537 | &nbsp;&nbsp;&nbsp;IMC 227263 | &nbsp;&nbsp;&nbsp;Merger 16 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 48N 3E,24, 25; Shoshone |
| &nbsp;&nbsp;&nbsp;538 | &nbsp;&nbsp;&nbsp;IMC 227264 | &nbsp;&nbsp;&nbsp;Merger 17 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 48N 4E,19; Shoshone |
| &nbsp;&nbsp;&nbsp;539 | &nbsp;&nbsp;&nbsp;IMC 227265 | &nbsp;&nbsp;&nbsp;Merger 18 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 48N 4E,19; Shoshone |
| &nbsp;&nbsp;&nbsp;540 | &nbsp;&nbsp;&nbsp;IMC 227266 | &nbsp;&nbsp;&nbsp;Merger 19 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 48N 4E,19; Shoshone |
| &nbsp;&nbsp;&nbsp;541 | &nbsp;&nbsp;&nbsp;IMC 227267 | &nbsp;&nbsp;&nbsp;Merger 20 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 48N 4E,19; Shoshone |
| &nbsp;&nbsp;&nbsp;542 | &nbsp;&nbsp;&nbsp;IMC 227268 | &nbsp;&nbsp;&nbsp;STERLING 1 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 48N 4E,30; Shoshone |
| &nbsp;&nbsp;&nbsp;543 | &nbsp;&nbsp;&nbsp;IMC 227269 | &nbsp;&nbsp;&nbsp;STERLING 2 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 48N 4E,30; Shoshone |
| &nbsp;&nbsp;&nbsp;544 | &nbsp;&nbsp;&nbsp;IMC 227270 | &nbsp;&nbsp;&nbsp;STERLING 3 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 48N 4E,29, 30, 31, 32; Shoshone |
| &nbsp;&nbsp;&nbsp;545 | &nbsp;&nbsp;&nbsp;IMC 227271 | &nbsp;&nbsp;&nbsp;STERLING 4 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 48N 4E,29, 32; Shoshone |
| &nbsp;&nbsp;&nbsp;546 | &nbsp;&nbsp;&nbsp;IMC 227272 | &nbsp;&nbsp;&nbsp;STERLING 5 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 48N 4E,29, 30; Shoshone |
| &nbsp;&nbsp;&nbsp;547 | &nbsp;&nbsp;&nbsp;IMC 227273 | &nbsp;&nbsp;&nbsp;STERLING 6 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 48N 4E,29, 30, 32; Shoshone |
| &nbsp;&nbsp;&nbsp;548 | &nbsp;&nbsp;&nbsp;IMC 227274 | &nbsp;&nbsp;&nbsp;STERLING 7 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 48N 4E,29, 32; Shoshone |
| &nbsp;&nbsp;&nbsp;549 | &nbsp;&nbsp;&nbsp;IMC 227275 | &nbsp;&nbsp;&nbsp;STERLING 8 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 48N 4E,32; Shoshone |
| &nbsp;&nbsp;&nbsp;550 | &nbsp;&nbsp;&nbsp;IMC 227276 | &nbsp;&nbsp;&nbsp;STERLING 9 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 48N 4E,29, 32; Shoshone |
| &nbsp;&nbsp;&nbsp;551 | &nbsp;&nbsp;&nbsp;IMC 227277 | &nbsp;&nbsp;&nbsp;STERLING 10 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 48N 4E,29; Shoshone |
| &nbsp;&nbsp;&nbsp;552 | &nbsp;&nbsp;&nbsp;IMC 227278 | &nbsp;&nbsp;&nbsp;STERLING 11 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 48N 4E,32; Shoshone |
| &nbsp;&nbsp;&nbsp;553 | &nbsp;&nbsp;&nbsp;IMC 227279 | &nbsp;&nbsp;&nbsp;STERLING 12 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 48N 4E,32, 33; Shoshone |
| &nbsp;&nbsp;&nbsp;554 | &nbsp;&nbsp;&nbsp;IMC 227280 | &nbsp;&nbsp;&nbsp;ELK 1 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 48N 3E,11, 14; Shoshone |
| &nbsp;&nbsp;&nbsp;555 | &nbsp;&nbsp;&nbsp;IMC 227281 | &nbsp;&nbsp;&nbsp;ELK 2 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 48N 3E,11, 14; Shoshone |
| &nbsp;&nbsp;&nbsp;556 | &nbsp;&nbsp;&nbsp;IMC 227282 | &nbsp;&nbsp;&nbsp;ELK 3 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 48N 3E,11; Shoshone |
| &nbsp;&nbsp;&nbsp;557 | &nbsp;&nbsp;&nbsp;IMC 227283 | &nbsp;&nbsp;&nbsp;ELK 4 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 48N 3E,11, 14; Shoshone |

---

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| | |
|:---|:---|
| 28-29 | ![](ny20061035x4_ex96-1img002.jpg) |

---

------

<u> Silver Opportunity Partners LLC \| Sunshine Mine S-K 1300 Technical Report Summary on the Initial Assessment </u> <u> March 25, 2026 SLR Project No.: 123.020552.00001 </u>

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**License Code** | &nbsp;&nbsp;&nbsp;**License Name** | &nbsp;&nbsp;&nbsp;**Parties** | &nbsp;&nbsp;&nbsp;**Type** | &nbsp;&nbsp;&nbsp;**Interest** | &nbsp;&nbsp;&nbsp;**Area<br> (ac)** | &nbsp;&nbsp;&nbsp;**Map Reference** |
| &nbsp;&nbsp;&nbsp;558 | &nbsp;&nbsp;&nbsp;IMC 227284 | &nbsp;&nbsp;&nbsp;ELK 5 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 48N 3E,14; Shoshone |
| &nbsp;&nbsp;&nbsp;559 | &nbsp;&nbsp;&nbsp;IMC 227285 | &nbsp;&nbsp;&nbsp;ELK 6 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 48N 3E,10, 14, 15; Shoshone |
| &nbsp;&nbsp;&nbsp;560 | &nbsp;&nbsp;&nbsp;IMC 227286 | &nbsp;&nbsp;&nbsp;ELK 7 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 48N 3E,10, 15; Shoshone |
| &nbsp;&nbsp;&nbsp;561 | &nbsp;&nbsp;&nbsp;IMC 227287 | &nbsp;&nbsp;&nbsp;ELK 8 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 48N 3E,15; Shoshone |
| &nbsp;&nbsp;&nbsp;562 | &nbsp;&nbsp;&nbsp;IMC 227288 | &nbsp;&nbsp;&nbsp;ELK 9 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 48N 3E,14, 15; Shoshone |
| &nbsp;&nbsp;&nbsp;563 | &nbsp;&nbsp;&nbsp;IMC 227289 | &nbsp;&nbsp;&nbsp;ELK 10 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 48N 3E,15; Shoshone |
| &nbsp;&nbsp;&nbsp;564 | &nbsp;&nbsp;&nbsp;IMC 227290 | &nbsp;&nbsp;&nbsp;ELK 11 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 48N 3E,14, 15; Shoshone |
| &nbsp;&nbsp;&nbsp;565 | &nbsp;&nbsp;&nbsp;IMC 227291 | &nbsp;&nbsp;&nbsp;ELK 12 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 48N 3E,14, 15; Shoshone |
| &nbsp;&nbsp;&nbsp;566 | &nbsp;&nbsp;&nbsp;IMC 227292 | &nbsp;&nbsp;&nbsp;ELK 13 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 48N 3E,14; Shoshone |
| &nbsp;&nbsp;&nbsp;567 | &nbsp;&nbsp;&nbsp;IMC 227293 | &nbsp;&nbsp;&nbsp;ELK 14 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 48N 3E,14, 15; Shoshone |
| &nbsp;&nbsp;&nbsp;568 | &nbsp;&nbsp;&nbsp;IMC 227294 | &nbsp;&nbsp;&nbsp;ELK 15 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 48N 3E,14, 15; Shoshone |
| &nbsp;&nbsp;&nbsp;569 | &nbsp;&nbsp;&nbsp;IMC 227295 | &nbsp;&nbsp;&nbsp;ELK 16 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 48N 3E,15; Shoshone |
| &nbsp;&nbsp;&nbsp;570 | &nbsp;&nbsp;&nbsp;IMC 227296 | &nbsp;&nbsp;&nbsp;ELK 17 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 48N 3E,15; Shoshone |
| &nbsp;&nbsp;&nbsp;571 | &nbsp;&nbsp;&nbsp;IMC 227297 | &nbsp;&nbsp;&nbsp;LIBERAL KING | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 48N 2E,16, 17, 20, 21; Shoshone |
| &nbsp;&nbsp;&nbsp;572 | &nbsp;&nbsp;&nbsp;IMC 227298 | &nbsp;&nbsp;&nbsp;SUNSET #3 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 48N 2E,16, 21; Shoshone |
| &nbsp;&nbsp;&nbsp;573 | &nbsp;&nbsp;&nbsp;IMC 227299 | &nbsp;&nbsp;&nbsp;SUNSET #4 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 48N 2E,21; Shoshone |
| &nbsp;&nbsp;&nbsp;574 | &nbsp;&nbsp;&nbsp;IMC 227300 | &nbsp;&nbsp;&nbsp;SUNSET #5 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 48N 2E,20, 21; Shoshone |
| &nbsp;&nbsp;&nbsp;575 | &nbsp;&nbsp;&nbsp;IMC 227301 | &nbsp;&nbsp;&nbsp;SUNSET #6 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 48N 2E,20; Shoshone |
| &nbsp;&nbsp;&nbsp;576 | &nbsp;&nbsp;&nbsp;IMC 227302 | &nbsp;&nbsp;&nbsp;SUNSET #7 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 48N 2E,21; Shoshone |
| &nbsp;&nbsp;&nbsp;577 | &nbsp;&nbsp;&nbsp;IMC 227303 | &nbsp;&nbsp;&nbsp;SUNSET #8 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 48N 2E,21; Shoshone |
| &nbsp;&nbsp;&nbsp;578 | &nbsp;&nbsp;&nbsp;IMC 227304 | &nbsp;&nbsp;&nbsp;LONE PINE | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 48N 3E,20, 21; Shoshone |
| &nbsp;&nbsp;&nbsp;579 | &nbsp;&nbsp;&nbsp;IMC 227305 | &nbsp;&nbsp;&nbsp;GIANT NO 1 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 48N 3E,20, 21; Shoshone |
| &nbsp;&nbsp;&nbsp;580 | &nbsp;&nbsp;&nbsp;IMC 227306 | &nbsp;&nbsp;&nbsp;GIANT NO 7 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 48N 3E,20, 21; Shoshone |
| &nbsp;&nbsp;&nbsp;581 | &nbsp;&nbsp;&nbsp;IMC 227307 | &nbsp;&nbsp;&nbsp;GIANT NO 8 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 48N 3E,20, 21; Shoshone |
| &nbsp;&nbsp;&nbsp;582 | &nbsp;&nbsp;&nbsp;IMC 227308 | &nbsp;&nbsp;&nbsp;GIANT NO 10 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 48N 3E,21; Shoshone |
| &nbsp;&nbsp;&nbsp;583 | &nbsp;&nbsp;&nbsp;IMC 227309 | &nbsp;&nbsp;&nbsp;GIANT NO 11 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 48N 3E,21; Shoshone |
| &nbsp;&nbsp;&nbsp;584 | &nbsp;&nbsp;&nbsp;IMC 227310 | &nbsp;&nbsp;&nbsp;GIANT NO 12 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 48N 3E,21; Shoshone |
| &nbsp;&nbsp;&nbsp;585 | &nbsp;&nbsp;&nbsp;IMC 227311 | &nbsp;&nbsp;&nbsp;S C I NO 7 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 48N 3E,21; Shoshone |
| &nbsp;&nbsp;&nbsp;586 | &nbsp;&nbsp;&nbsp;IMC 227312 | &nbsp;&nbsp;&nbsp;S C I NO 8 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 48N 3E,21; Shoshone |

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| | |
|:---|:---|
| 28-30 | ![](ny20061035x4_ex96-1img002.jpg) |

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------

<u> Silver Opportunity Partners LLC \| Sunshine Mine S-K 1300 Technical Report Summary on the Initial Assessment </u> <u> March 25, 2026 SLR Project No.: 123.020552.00001 </u>

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**License Code** | &nbsp;&nbsp;&nbsp;**License Name** | &nbsp;&nbsp;&nbsp;**Parties** | &nbsp;&nbsp;&nbsp;**Type** | &nbsp;&nbsp;&nbsp;**Interest** | &nbsp;&nbsp;&nbsp;**Area<br> (ac)** | &nbsp;&nbsp;&nbsp;**Map Reference** |

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;587 | &nbsp;&nbsp;&nbsp;IMC 227313 | &nbsp;&nbsp;&nbsp;S C I NO 9 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 48N 3E,21; Shoshone |

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;588 | &nbsp;&nbsp;&nbsp;IMC 227314 | &nbsp;&nbsp;&nbsp;Crescent No. 1 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 48N 3E,21; Shoshone |
| &nbsp;&nbsp;&nbsp;589 | &nbsp;&nbsp;&nbsp;IMC 227315 | &nbsp;&nbsp;&nbsp;Crescent No. 2 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 48N 3E,21; Shoshone |
| &nbsp;&nbsp;&nbsp;590 | &nbsp;&nbsp;&nbsp;IMC 227316 | &nbsp;&nbsp;&nbsp;Crescent No. 3 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 48N 3E,21; Shoshone |
| &nbsp;&nbsp;&nbsp;591 | &nbsp;&nbsp;&nbsp;IMC 227317 | &nbsp;&nbsp;&nbsp;Crescent No. 4 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 48N 3E,21; Shoshone |
| &nbsp;&nbsp;&nbsp;592 | &nbsp;&nbsp;&nbsp;IMC 227318 | &nbsp;&nbsp;&nbsp;Crescent No. 5 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 48N 3E,21; Shoshone |
| &nbsp;&nbsp;&nbsp;593 | &nbsp;&nbsp;&nbsp;IMC 227319 | &nbsp;&nbsp;&nbsp;Crescent No. 6 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 48N 3E,21; Shoshone |
| &nbsp;&nbsp;&nbsp;594 | &nbsp;&nbsp;&nbsp;IMC 227320 | &nbsp;&nbsp;&nbsp;Crescent No. 7 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 48N 3E,21, 22; Shoshone |
| &nbsp;&nbsp;&nbsp;595 | &nbsp;&nbsp;&nbsp;IMC 227321 | &nbsp;&nbsp;&nbsp;Crescent No. 8 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.8 | &nbsp;&nbsp;&nbsp;United States, 48N 3E,21, 22; Shoshone |
| &nbsp;&nbsp;&nbsp;596 | &nbsp;&nbsp;&nbsp;IMC 227322 | &nbsp;&nbsp;&nbsp;Crescent No. 9 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 48N 3E,21, 22; Shoshone |
| &nbsp;&nbsp;&nbsp;597 | &nbsp;&nbsp;&nbsp;IMC 227323 | &nbsp;&nbsp;&nbsp;Crescent No. 10 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 48N 3E,21, 22; Shoshone |
| &nbsp;&nbsp;&nbsp;598 | &nbsp;&nbsp;&nbsp;IMC 227324 | &nbsp;&nbsp;&nbsp;Crescent No. 11 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 48N 3E,21, 22; Shoshone |
| &nbsp;&nbsp;&nbsp;599 | &nbsp;&nbsp;&nbsp;IMC 227325 | &nbsp;&nbsp;&nbsp;BLUE GOOSE 2 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 48N 3E,15, 16; Shoshone |
| &nbsp;&nbsp;&nbsp;600 | &nbsp;&nbsp;&nbsp;IMC 227326 | &nbsp;&nbsp;&nbsp;SNOWSTORM | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 48N 3E,15, 16; Shoshone |
| &nbsp;&nbsp;&nbsp;601 | &nbsp;&nbsp;&nbsp;IMC 227327 | &nbsp;&nbsp;&nbsp;SNOWSLIDE | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 48N 3E,16; Shoshone |
| &nbsp;&nbsp;&nbsp;602 | &nbsp;&nbsp;&nbsp;IMC 227328 | &nbsp;&nbsp;&nbsp;BLUE GOOSE 1 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 48N 3E,16; Shoshone |
| &nbsp;&nbsp;&nbsp;603 | &nbsp;&nbsp;&nbsp;IMC 227329 | &nbsp;&nbsp;&nbsp;MAY DAY | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 48N 3E,15, 16, 22; Shoshone |
| &nbsp;&nbsp;&nbsp;604 | &nbsp;&nbsp;&nbsp;IMC 227330 | &nbsp;&nbsp;&nbsp;FALLS CREEK #1 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 54N 1W,1; Bonner |
| &nbsp;&nbsp;&nbsp;605 | &nbsp;&nbsp;&nbsp;IMC 227331 | &nbsp;&nbsp;&nbsp;FALLS CREEK #2 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 54N 1W,1; Bonner |
| &nbsp;&nbsp;&nbsp;606 | &nbsp;&nbsp;&nbsp;IMC 227332 | &nbsp;&nbsp;&nbsp;FALLS CREEK #3 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 54N 1E,6; 54N 1W,1; Bonner |
| &nbsp;&nbsp;&nbsp;607 | &nbsp;&nbsp;&nbsp;IMC 227333 | &nbsp;&nbsp;&nbsp;FALLS CREEK #4 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 54N 1E,6; 54N 1W,1; Bonner |
| &nbsp;&nbsp;&nbsp;608 | &nbsp;&nbsp;&nbsp;IMC 227334 | &nbsp;&nbsp;&nbsp;FALLS CREEK #5 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 54N 1W,1; Bonner |
| &nbsp;&nbsp;&nbsp;609 | &nbsp;&nbsp;&nbsp;IMC 227335 | &nbsp;&nbsp;&nbsp;FALLS CREEK #6 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 54N 1W,1; Bonner |
| &nbsp;&nbsp;&nbsp;610 | &nbsp;&nbsp;&nbsp;IMC 227336 | &nbsp;&nbsp;&nbsp;FALLS CREEK #7 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 54N 1W,1; Bonner |
| &nbsp;&nbsp;&nbsp;611 | &nbsp;&nbsp;&nbsp;IMC 227337 | &nbsp;&nbsp;&nbsp;FALLS CREEK #8 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 54N 1W,1; Bonner |
| &nbsp;&nbsp;&nbsp;612 | &nbsp;&nbsp;&nbsp;IMC 227338 | &nbsp;&nbsp;&nbsp;FALLS CREEK #9 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 54N 1W,1; Bonner |
| &nbsp;&nbsp;&nbsp;613 | &nbsp;&nbsp;&nbsp;IMC 227339 | &nbsp;&nbsp;&nbsp;FALLS CREEK #10 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 54N 1W,1; 55N 1W,35, 36; Bonner |
| &nbsp;&nbsp;&nbsp;614 | &nbsp;&nbsp;&nbsp;IMC 227340 | &nbsp;&nbsp;&nbsp;FALLS CREEK #11 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 54N 1W,1, 2; 55N 1W,35, 36; Bonner |

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| | |
|:---|:---|
| 28-31 | ![](ny20061035x4_ex96-1img002.jpg) |

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------

<u> Silver Opportunity Partners LLC \| Sunshine Mine S-K 1300 Technical Report Summary on the Initial Assessment </u> <u> March 25, 2026 SLR Project No.: 123.020552.00001 </u>

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**License Code** | &nbsp;&nbsp;&nbsp;**License Name** | &nbsp;&nbsp;&nbsp;**Parties** | &nbsp;&nbsp;&nbsp;**Type** | &nbsp;&nbsp;&nbsp;**Interest** | &nbsp;&nbsp;&nbsp;**Area<br> (ac)** | &nbsp;&nbsp;&nbsp;**Map Reference** |
| &nbsp;&nbsp;&nbsp;615 | &nbsp;&nbsp;&nbsp;IMC 227341 | &nbsp;&nbsp;&nbsp;FALLS CREEK #12 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 54N 1W,1, 2; Bonner |
| &nbsp;&nbsp;&nbsp;616 | &nbsp;&nbsp;&nbsp;IMC 227342 | &nbsp;&nbsp;&nbsp;FALLS CREEK #13 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 54N 1E,6; Bonner |
| &nbsp;&nbsp;&nbsp;617 | &nbsp;&nbsp;&nbsp;IMC 227343 | &nbsp;&nbsp;&nbsp;FALLS CREEK #14 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 54N 1E,6; 54N 1W,1; Bonner |
| &nbsp;&nbsp;&nbsp;618 | &nbsp;&nbsp;&nbsp;IMC 227344 | &nbsp;&nbsp;&nbsp;FALLS CREEK #15 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 54N 1E,6; 54N 1W,1; Bonner |
| &nbsp;&nbsp;&nbsp;619 | &nbsp;&nbsp;&nbsp;IMC 227345 | &nbsp;&nbsp;&nbsp;NEW FALLS #1 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 55N 1E,31; Bonner |
| &nbsp;&nbsp;&nbsp;620 | &nbsp;&nbsp;&nbsp;IMC 227346 | &nbsp;&nbsp;&nbsp;NEW FALLS #2 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 55N 1E,31; Bonner |
| &nbsp;&nbsp;&nbsp;621 | &nbsp;&nbsp;&nbsp;IMC 227347 | &nbsp;&nbsp;&nbsp;NEW FALLS #3 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 55N 1E,31; Bonner |
| &nbsp;&nbsp;&nbsp;622 | &nbsp;&nbsp;&nbsp;IMC 227348 | &nbsp;&nbsp;&nbsp;NEW FALLS #4 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 55N 1E,31; Bonner |
| &nbsp;&nbsp;&nbsp;623 | &nbsp;&nbsp;&nbsp;IMC 227349 | &nbsp;&nbsp;&nbsp;NEW FALLS #5 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 54N 1W,11; Bonner |
| &nbsp;&nbsp;&nbsp;624 | &nbsp;&nbsp;&nbsp;IMC 227350 | &nbsp;&nbsp;&nbsp;NEW FALLS #6 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 54N 1W,11; Bonner |
| &nbsp;&nbsp;&nbsp;625 | &nbsp;&nbsp;&nbsp;IMC 227351 | &nbsp;&nbsp;&nbsp;NEW FALLS #7 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 54N 1W,11; Bonner |
| &nbsp;&nbsp;&nbsp;626 | &nbsp;&nbsp;&nbsp;IMC 227352 | &nbsp;&nbsp;&nbsp;NEW FALLS #8 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 54N 1W,11; Bonner |
| &nbsp;&nbsp;&nbsp;627 | &nbsp;&nbsp;&nbsp;IMC 227353 | &nbsp;&nbsp;&nbsp;NEW FALLS #9 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 54N 1W,11; Bonner |
| &nbsp;&nbsp;&nbsp;628 | &nbsp;&nbsp;&nbsp;IMC 227354 | &nbsp;&nbsp;&nbsp;NEW FALLS #10 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 55N 1E,31; Bonner |
| &nbsp;&nbsp;&nbsp;629 | &nbsp;&nbsp;&nbsp;IMC 227355 | &nbsp;&nbsp;&nbsp;NEW FALLS #11 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 54N 1W,2, 11; Bonner |
| &nbsp;&nbsp;&nbsp;630 | &nbsp;&nbsp;&nbsp;IMC 227356 | &nbsp;&nbsp;&nbsp;NEW FALLS #12 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 54N 1W,2, 11; Bonner |
| &nbsp;&nbsp;&nbsp;631 | &nbsp;&nbsp;&nbsp;IMC 227357 | &nbsp;&nbsp;&nbsp;NEW FALLS #13 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 54N 1W,2, 11; Bonner |
| &nbsp;&nbsp;&nbsp;632 | &nbsp;&nbsp;&nbsp;IMC 227358 | &nbsp;&nbsp;&nbsp;NEW FALLS #14 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 54N 1W,2, 11; Bonner |
| &nbsp;&nbsp;&nbsp;633 | &nbsp;&nbsp;&nbsp;IMC 227359 | &nbsp;&nbsp;&nbsp;NEW FALLS #15 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 54N 1W,11; Bonner |
| &nbsp;&nbsp;&nbsp;634 | &nbsp;&nbsp;&nbsp;IMC 227360 | &nbsp;&nbsp;&nbsp;NEW FALLS #16 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 55N 1E,31; Bonner |
| &nbsp;&nbsp;&nbsp;635 | &nbsp;&nbsp;&nbsp;IMC 227361 | &nbsp;&nbsp;&nbsp;NEW FALLS #17 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 54N 1W,2; Bonner |
| &nbsp;&nbsp;&nbsp;636 | &nbsp;&nbsp;&nbsp;IMC 227362 | &nbsp;&nbsp;&nbsp;NEW FALLS #18 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 54N 1W,2; Bonner |
| &nbsp;&nbsp;&nbsp;637 | &nbsp;&nbsp;&nbsp;IMC 227363 | &nbsp;&nbsp;&nbsp;NEW FALLS #19 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 54N 1W,2; Bonner |
| &nbsp;&nbsp;&nbsp;638 | &nbsp;&nbsp;&nbsp;IMC 227364 | &nbsp;&nbsp;&nbsp;NORTH FALLS #20 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;18.624 | &nbsp;&nbsp;&nbsp;United States, 54N 1W,2, 11; Bonner |
| &nbsp;&nbsp;&nbsp;639 | &nbsp;&nbsp;&nbsp;IMC 227365 | &nbsp;&nbsp;&nbsp;NEW FALLS #21 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 54N 1E,6; 55N 1E,31; Bonner |
| &nbsp;&nbsp;&nbsp;640 | &nbsp;&nbsp;&nbsp;IMC 227366 | &nbsp;&nbsp;&nbsp;NEW FALLS #22 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 55N 1E,31; Bonner |
| &nbsp;&nbsp;&nbsp;641 | &nbsp;&nbsp;&nbsp;IMC 227367 | &nbsp;&nbsp;&nbsp;NEW FALLS #23 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 54N 1W,2; Bonner |
| &nbsp;&nbsp;&nbsp;642 | &nbsp;&nbsp;&nbsp;IMC 227368 | &nbsp;&nbsp;&nbsp;NEW FALLS #24 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 54N 1W,2; Bonner |
| &nbsp;&nbsp;&nbsp;643 | &nbsp;&nbsp;&nbsp;IMC 227369 | &nbsp;&nbsp;&nbsp;NEW FALLS #25 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 54N 1W,1, 2; Bonner |

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|:---|:---|
| 28-32 | ![](ny20061035x4_ex96-1img002.jpg) |

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<u> Silver Opportunity Partners LLC \| Sunshine Mine S-K 1300 Technical Report Summary on the Initial Assessment </u> <u> March 25, 2026 SLR Project No.: 123.020552.00001 </u>

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**License Code** | &nbsp;&nbsp;&nbsp;**License Name** | &nbsp;&nbsp;&nbsp;**Parties** | &nbsp;&nbsp;&nbsp;**Type** | &nbsp;&nbsp;&nbsp;**Interest** | &nbsp;&nbsp;&nbsp;**Area<br> (ac)** | &nbsp;&nbsp;&nbsp;**Map Reference** |
| &nbsp;&nbsp;&nbsp;644 | &nbsp;&nbsp;&nbsp;IMC 227370 | &nbsp;&nbsp;&nbsp;NEW FALLS #26 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 54N 1W,1, 2; Bonner |
| &nbsp;&nbsp;&nbsp;645 | &nbsp;&nbsp;&nbsp;IMC 227371 | &nbsp;&nbsp;&nbsp;NEW FALLS #27 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 54N 1E,6; 55N 1E,31; Bonner |
| &nbsp;&nbsp;&nbsp;646 | &nbsp;&nbsp;&nbsp;IMC 227372 | &nbsp;&nbsp;&nbsp;NEW FALLS #28 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 54N 1W,1; 55N 1E,31; 55N 1W,36; Bonner |
| &nbsp;&nbsp;&nbsp;647 | &nbsp;&nbsp;&nbsp;IMC 227373 | &nbsp;&nbsp;&nbsp;NEW FALLS #29 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 54N 1W,2; Bonner |
| &nbsp;&nbsp;&nbsp;648 | &nbsp;&nbsp;&nbsp;IMC 227374 | &nbsp;&nbsp;&nbsp;NEW FALLS #30 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 54N 1W,1, 2; Bonner |
| &nbsp;&nbsp;&nbsp;649 | &nbsp;&nbsp;&nbsp;IMC 227375 | &nbsp;&nbsp;&nbsp;NEW FALLS #31 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 54N 1W,1, 2; Bonner |
| &nbsp;&nbsp;&nbsp;650 | &nbsp;&nbsp;&nbsp;IMC 227376 | &nbsp;&nbsp;&nbsp;NEW FALLS #32 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 54N 1W,1; Bonner |
| &nbsp;&nbsp;&nbsp;651 | &nbsp;&nbsp;&nbsp;IMC 227377 | &nbsp;&nbsp;&nbsp;NEW FALLS #33 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 54N 1W,1; Bonner |
| &nbsp;&nbsp;&nbsp;652 | &nbsp;&nbsp;&nbsp;IMC 227378 | &nbsp;&nbsp;&nbsp;NEW FALLS #34 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 55N 1E,31; Bonner |
| &nbsp;&nbsp;&nbsp;653 | &nbsp;&nbsp;&nbsp;IMC 227379 | &nbsp;&nbsp;&nbsp;NEW FALLS #35 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 55N 1W,35, 36; Bonner |
| &nbsp;&nbsp;&nbsp;654 | &nbsp;&nbsp;&nbsp;IMC 227380 | &nbsp;&nbsp;&nbsp;NEW FALLS #36 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 55N 1W,36; Bonner |
| &nbsp;&nbsp;&nbsp;655 | &nbsp;&nbsp;&nbsp;IMC 227381 | &nbsp;&nbsp;&nbsp;NEW FALLS #37 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 54N 1W,1; 55N 1W,36; Bonner |
| &nbsp;&nbsp;&nbsp;656 | &nbsp;&nbsp;&nbsp;IMC 227382 | &nbsp;&nbsp;&nbsp;NEW FALLS #38 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 54N 1W,1; 55N 1W,36; Bonner |
| &nbsp;&nbsp;&nbsp;657 | &nbsp;&nbsp;&nbsp;IMC 227383 | &nbsp;&nbsp;&nbsp;NEW FALLS #39 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 54N 1W,1; 55N 1W,36; Bonner |
| &nbsp;&nbsp;&nbsp;658 | &nbsp;&nbsp;&nbsp;IMC 227384 | &nbsp;&nbsp;&nbsp;NEW FALLS #40 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 54N 1W,1; 55N 1W,36; Bonner |
| &nbsp;&nbsp;&nbsp;659 | &nbsp;&nbsp;&nbsp;IMC 227385 | &nbsp;&nbsp;&nbsp;NEW FALLS #41 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 54N 1W,1; 55N 1W,36; Bonner |
| &nbsp;&nbsp;&nbsp;660 | &nbsp;&nbsp;&nbsp;IMC 227386 | &nbsp;&nbsp;&nbsp;NEW FALLS #42 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 54N 1W,1; 55N 1W,36; Bonner |
| &nbsp;&nbsp;&nbsp;661 | &nbsp;&nbsp;&nbsp;IMC 227387 | &nbsp;&nbsp;&nbsp;NEW FALLS #43 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 55N 1W,35, 36; Bonner |
| &nbsp;&nbsp;&nbsp;662 | &nbsp;&nbsp;&nbsp;IMC 227388 | &nbsp;&nbsp;&nbsp;NEW FALLS #44 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 55N 1W,35, 36; Bonner |
| &nbsp;&nbsp;&nbsp;663 | &nbsp;&nbsp;&nbsp;IMC 227389 | &nbsp;&nbsp;&nbsp;NEW FALLS #45 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 55N 1W,35, 36; Bonner |
| &nbsp;&nbsp;&nbsp;664 | &nbsp;&nbsp;&nbsp;IMC 227390 | &nbsp;&nbsp;&nbsp;NEW FALLS #46 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 55N 1W,36; Bonner |
| &nbsp;&nbsp;&nbsp;665 | &nbsp;&nbsp;&nbsp;IMC 227391 | &nbsp;&nbsp;&nbsp;NEW FALLS #47 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 55N 1W,36; Bonner |
| &nbsp;&nbsp;&nbsp;666 | &nbsp;&nbsp;&nbsp;IMC 227392 | &nbsp;&nbsp;&nbsp;NEW FALLS #48 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 55N 1W,36; Bonner |
| &nbsp;&nbsp;&nbsp;667 | &nbsp;&nbsp;&nbsp;IMC 227393 | &nbsp;&nbsp;&nbsp;NEW FALLS #49 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 54N 1W,1; 55N 1E,31; 55N 1W,36; Bonner |
| &nbsp;&nbsp;&nbsp;668 | &nbsp;&nbsp;&nbsp;IMC 227394 | &nbsp;&nbsp;&nbsp;NEW FALLS #50 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 55N 1W,35, 36; Bonner |

---

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| | |
|:---|:---|
| 28-33 | ![](ny20061035x4_ex96-1img002.jpg) |

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<u> Silver Opportunity Partners LLC \| Sunshine Mine S-K 1300 Technical Report Summary on the Initial Assessment </u> <u> March 25, 2026 SLR Project No.: 123.020552.00001 </u>

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**License Code** | &nbsp;&nbsp;&nbsp;**License Name** | &nbsp;&nbsp;&nbsp;**Parties** | &nbsp;&nbsp;&nbsp;**Type** | &nbsp;&nbsp;&nbsp;**Interest** | &nbsp;&nbsp;&nbsp;**Area<br> (ac)** | &nbsp;&nbsp;&nbsp;**Map Reference** |
| &nbsp;&nbsp;&nbsp;669 | &nbsp;&nbsp;&nbsp;IMC 227395 | &nbsp;&nbsp;&nbsp;NEW FALLS #51 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 55N 1W,36; Bonner |
| &nbsp;&nbsp;&nbsp;670 | &nbsp;&nbsp;&nbsp;IMC 227396 | &nbsp;&nbsp;&nbsp;NEW FALLS #52 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 55N 1W,36; Bonner |
| &nbsp;&nbsp;&nbsp;671 | &nbsp;&nbsp;&nbsp;IMC 227397 | &nbsp;&nbsp;&nbsp;NEW FALLS #53 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 55N 1W,36; Bonner |
| &nbsp;&nbsp;&nbsp;672 | &nbsp;&nbsp;&nbsp;IMC 227398 | &nbsp;&nbsp;&nbsp;NEW FALLS #54 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 55N 1W,36; Bonner |
| &nbsp;&nbsp;&nbsp;673 | &nbsp;&nbsp;&nbsp;IMC 227399 | &nbsp;&nbsp;&nbsp;NEW FALLS #55 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 55N 1W,36; Bonner |
| &nbsp;&nbsp;&nbsp;674 | &nbsp;&nbsp;&nbsp;IMC 227400 | &nbsp;&nbsp;&nbsp;NEW FALLS #56 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 55N 1W,36; Bonner |
| &nbsp;&nbsp;&nbsp;675 | &nbsp;&nbsp;&nbsp;IMC 227401 | &nbsp;&nbsp;&nbsp;NEW FALLS #57 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 55N 1E,31; 55N 1W,36; Bonner |
| &nbsp;&nbsp;&nbsp;676 | &nbsp;&nbsp;&nbsp;IMC 227402 | &nbsp;&nbsp;&nbsp;NEW FALLS #58 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 55N 1E,31; 55N 1W,36; Bonner |
| &nbsp;&nbsp;&nbsp;677 | &nbsp;&nbsp;&nbsp;IMC 227403 | &nbsp;&nbsp;&nbsp;NEW FALLS #59 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 55N 1W,25, 36; Bonner |
| &nbsp;&nbsp;&nbsp;678 | &nbsp;&nbsp;&nbsp;IMC 227404 | &nbsp;&nbsp;&nbsp;NEW FALLS #60 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 55N 1W,36; Bonner |
| &nbsp;&nbsp;&nbsp;679 | &nbsp;&nbsp;&nbsp;IMC 227405 | &nbsp;&nbsp;&nbsp;NEW FALLS #61 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 55N 1W,36; Bonner |
| &nbsp;&nbsp;&nbsp;680 | &nbsp;&nbsp;&nbsp;IMC 227406 | &nbsp;&nbsp;&nbsp;NEW FALLS #62 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 55N 1W,36; Bonner |
| &nbsp;&nbsp;&nbsp;681 | &nbsp;&nbsp;&nbsp;IMC 227407 | &nbsp;&nbsp;&nbsp;NEW FALLS #63 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 55N 1W,36; Bonner |
| &nbsp;&nbsp;&nbsp;682 | &nbsp;&nbsp;&nbsp;IMC 227408 | &nbsp;&nbsp;&nbsp;NEW FALLS #64 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 55N 1E,31; 55N 1W,36; Bonner |
| &nbsp;&nbsp;&nbsp;683 | &nbsp;&nbsp;&nbsp;IMC 227409 | &nbsp;&nbsp;&nbsp;NEW FALLS #65 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 55N 1E,31; 55N 1W,36; Bonner |
| &nbsp;&nbsp;&nbsp;684 | &nbsp;&nbsp;&nbsp;IMC 227410 | &nbsp;&nbsp;&nbsp;NEW FALLS #66 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 55N 1E,31; 55N 1W,36; Bonner |
| &nbsp;&nbsp;&nbsp;685 | &nbsp;&nbsp;&nbsp;IMC 227411 | &nbsp;&nbsp;&nbsp;NEW FALLS #67 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 55N 1E,31; Bonner |
| &nbsp;&nbsp;&nbsp;686 | &nbsp;&nbsp;&nbsp;IMC 227412 | &nbsp;&nbsp;&nbsp;NEW FALLS #68 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 54N 1E,6; 55N 1E,31; Bonner |
| &nbsp;&nbsp;&nbsp;687 | &nbsp;&nbsp;&nbsp;IMC 227413 | &nbsp;&nbsp;&nbsp;NEW FALLS #69 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 54N 1E,6; 55N 1E,31; Bonner |
| &nbsp;&nbsp;&nbsp;688 | &nbsp;&nbsp;&nbsp;IMC 227414 | &nbsp;&nbsp;&nbsp;NEW FALLS #70 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 55N 1E,30, 31; Bonner |
| &nbsp;&nbsp;&nbsp;689 | &nbsp;&nbsp;&nbsp;IMC 227415 | &nbsp;&nbsp;&nbsp;NEW FALLS #71 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 55N 1E,30, 31; Bonner |
| &nbsp;&nbsp;&nbsp;690 | &nbsp;&nbsp;&nbsp;IMC 227416 | &nbsp;&nbsp;&nbsp;NEW FALLS #72 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 55N 1E,30, 31; Bonner |
| &nbsp;&nbsp;&nbsp;691 | &nbsp;&nbsp;&nbsp;IMC 227417 | &nbsp;&nbsp;&nbsp;NEW FALLS #73 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 54N 1E,6; 55N 1E,31; Bonner |
| &nbsp;&nbsp;&nbsp;692 | &nbsp;&nbsp;&nbsp;IMC 227418 | &nbsp;&nbsp;&nbsp;NEW FALLS #74 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 55N 1E,30; Bonner |
| &nbsp;&nbsp;&nbsp;693 | &nbsp;&nbsp;&nbsp;IMC 227419 | &nbsp;&nbsp;&nbsp;NEW FALLS #75 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 55N 1E,30, 31; Bonner |

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| | |
|:---|:---|
| 28-34  | ![](ny20061035x4_ex96-1img002.jpg) |

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<u> Silver Opportunity Partners LLC \| Sunshine Mine S-K 1300 Technical Report Summary on the Initial Assessment </u> <u> March 25, 2026 SLR Project No.: 123.020552.00001 </u>

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**License Code** | &nbsp;&nbsp;&nbsp;**License Name** | &nbsp;&nbsp;&nbsp;**Parties** | &nbsp;&nbsp;&nbsp;**Type** | &nbsp;&nbsp;&nbsp;**Interest** | &nbsp;&nbsp;&nbsp;**Area<br> (ac)** | &nbsp;&nbsp;&nbsp;**Map Reference** |
| &nbsp;&nbsp;&nbsp;694 | &nbsp;&nbsp;&nbsp;IMC 227730 | &nbsp;&nbsp;&nbsp;Lone Pine #1 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 48N 3E,20, 21; Shoshone |
| &nbsp;&nbsp;&nbsp;695 | &nbsp;&nbsp;&nbsp;IMC 227731 | &nbsp;&nbsp;&nbsp;Lone Pine #2 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 48N 3E,20, 21; Shoshone |
| &nbsp;&nbsp;&nbsp;696 | &nbsp;&nbsp;&nbsp;IMC 227732 | &nbsp;&nbsp;&nbsp;Hillside | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 48N 3E,20, 29; Shoshone |
| &nbsp;&nbsp;&nbsp;697 | &nbsp;&nbsp;&nbsp;IMC 227733 | &nbsp;&nbsp;&nbsp;Hillside #1 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 48N 3E,28, 29; Shoshone |
| &nbsp;&nbsp;&nbsp;698 | &nbsp;&nbsp;&nbsp;IMC 227734 | &nbsp;&nbsp;&nbsp;Hillside #2 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.895 | &nbsp;&nbsp;&nbsp;United States, 48N 3E,28, 29; Shoshone |
| &nbsp;&nbsp;&nbsp;699 | &nbsp;&nbsp;&nbsp;IMC 227735 | &nbsp;&nbsp;&nbsp;Hillside #3 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.895 | &nbsp;&nbsp;&nbsp;United States, 48N 3E,28, 29; Shoshone |
| &nbsp;&nbsp;&nbsp;700 | &nbsp;&nbsp;&nbsp;IMC 227736 | &nbsp;&nbsp;&nbsp;Humbolt | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 48N 3E,21, 28; Shoshone |
| &nbsp;&nbsp;&nbsp;701 | &nbsp;&nbsp;&nbsp;IMC 227737 | &nbsp;&nbsp;&nbsp;Humbolt #1 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 48N 3E,21; Shoshone |
| &nbsp;&nbsp;&nbsp;702 | &nbsp;&nbsp;&nbsp;IMC 227738 | &nbsp;&nbsp;&nbsp;Humbolt #2 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 48N 3E,21; Shoshone |
| &nbsp;&nbsp;&nbsp;703 | &nbsp;&nbsp;&nbsp;IMC 227739 | &nbsp;&nbsp;&nbsp;Humbolt #3 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 48N 3E,21; Shoshone |
| &nbsp;&nbsp;&nbsp;704 | &nbsp;&nbsp;&nbsp;IMC 227740 | &nbsp;&nbsp;&nbsp;Crescent | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 48N 3E,21; Shoshone |
| &nbsp;&nbsp;&nbsp;705 | &nbsp;&nbsp;&nbsp;IMC 227741 | &nbsp;&nbsp;&nbsp;Crescent #1 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Leased | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 48N 3E,21; Shoshone |
| &nbsp;&nbsp;&nbsp;706 | &nbsp;&nbsp;&nbsp;IMC 227742 | &nbsp;&nbsp;&nbsp;Crescent #8 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Leased | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 48N 3E,21; Shoshone |
| &nbsp;&nbsp;&nbsp;707 | &nbsp;&nbsp;&nbsp;IMC 227743 | &nbsp;&nbsp;&nbsp;S.C.I. #11 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 48N 3E,20, 21; Shoshone |
| &nbsp;&nbsp;&nbsp;708 | &nbsp;&nbsp;&nbsp;IMC 227744 | &nbsp;&nbsp;&nbsp;S.C.I. #12 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 48N 3E,20, 21, 28, 29; Shoshone |
| &nbsp;&nbsp;&nbsp;709 | &nbsp;&nbsp;&nbsp;IMC 227745 | &nbsp;&nbsp;&nbsp;S.C.I. #13 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 48N 3E,28, 29; Shoshone |
| &nbsp;&nbsp;&nbsp;710 | &nbsp;&nbsp;&nbsp;IMC 227746 | &nbsp;&nbsp;&nbsp;S.C.I. #14 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.895 | &nbsp;&nbsp;&nbsp;United States, 48N 3E,28, 29; Shoshone |
| &nbsp;&nbsp;&nbsp;711 | &nbsp;&nbsp;&nbsp;IMC 227747 | &nbsp;&nbsp;&nbsp;S.C.I. #15 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 48N 3E,28; Shoshone |
| &nbsp;&nbsp;&nbsp;712 | &nbsp;&nbsp;&nbsp;IMC 227748 | &nbsp;&nbsp;&nbsp;S.C.I. #16 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.679 | &nbsp;&nbsp;&nbsp;United States, 48N 3E,28; Shoshone |
| &nbsp;&nbsp;&nbsp;713 | &nbsp;&nbsp;&nbsp;IMC 227749 | &nbsp;&nbsp;&nbsp;S.C.I. #17 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.679 | &nbsp;&nbsp;&nbsp;United States, 48N 3E,28; Shoshone |
| &nbsp;&nbsp;&nbsp;714 | &nbsp;&nbsp;&nbsp;IMC 227750 | &nbsp;&nbsp;&nbsp;S.C.I. #18 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 48N 3E,20, 29; Shoshone |
| &nbsp;&nbsp;&nbsp;715 | &nbsp;&nbsp;&nbsp;IMC 227751 | &nbsp;&nbsp;&nbsp;S.C.I. #19 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 48N 3E,29; Shoshone |
| &nbsp;&nbsp;&nbsp;716 | &nbsp;&nbsp;&nbsp;IMC 227752 | &nbsp;&nbsp;&nbsp;LC #15 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 48N 4E,31, 32; Shoshone |
| &nbsp;&nbsp;&nbsp;717 | &nbsp;&nbsp;&nbsp;IMC 227753 | &nbsp;&nbsp;&nbsp;LC #16 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 48N 4E,31, 32; Shoshone |
| &nbsp;&nbsp;&nbsp;718 | &nbsp;&nbsp;&nbsp;IMC 227754 | &nbsp;&nbsp;&nbsp;LC #19 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 48N 4E,31; Shoshone |
| &nbsp;&nbsp;&nbsp;719 | &nbsp;&nbsp;&nbsp;IMC 227755 | &nbsp;&nbsp;&nbsp;LC #20 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 48N 4E,31; Shoshone |
| &nbsp;&nbsp;&nbsp;720 | &nbsp;&nbsp;&nbsp;IMC 227756 | &nbsp;&nbsp;&nbsp;LC #21 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 48N 4E,31; Shoshone |
| &nbsp;&nbsp;&nbsp;721 | &nbsp;&nbsp;&nbsp;IMC 227757 | &nbsp;&nbsp;&nbsp;LC #24 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 48N 4E,31; Shoshone |
| &nbsp;&nbsp;&nbsp;722 | &nbsp;&nbsp;&nbsp;IMC 227758 | &nbsp;&nbsp;&nbsp;LC #25 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 48N 4E,31; Shoshone |

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|:---|:---|
| 28-35 | ![](ny20061035x4_ex96-1img002.jpg) |

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<u> Silver Opportunity Partners LLC \| Sunshine Mine S-K 1300 Technical Report Summary on the Initial Assessment </u> <u> March 25, 2026 SLR Project No.: 123.020552.00001 </u>

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**License Code** | &nbsp;&nbsp;&nbsp;**License Name** | &nbsp;&nbsp;&nbsp;**Parties** | &nbsp;&nbsp;&nbsp;**Type** | &nbsp;&nbsp;&nbsp;**Interest** | &nbsp;&nbsp;&nbsp;**Area<br> (ac)** | &nbsp;&nbsp;&nbsp;**Map Reference** |
| &nbsp;&nbsp;&nbsp;723 | &nbsp;&nbsp;&nbsp;IMC 227759 | &nbsp;&nbsp;&nbsp;LC #26 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 48N 4E,31; Shoshone |
| &nbsp;&nbsp;&nbsp;724 | &nbsp;&nbsp;&nbsp;IMC 227760 | &nbsp;&nbsp;&nbsp;LC #29 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 48N 4E,31; Shoshone |
| &nbsp;&nbsp;&nbsp;725 | &nbsp;&nbsp;&nbsp;IMC 227761 | &nbsp;&nbsp;&nbsp;LC #30 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 48N 4E,31; Shoshone |
| &nbsp;&nbsp;&nbsp;726 | &nbsp;&nbsp;&nbsp;IMC 227762 | &nbsp;&nbsp;&nbsp;LC #31 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 48N 4E,31; Shoshone |
| &nbsp;&nbsp;&nbsp;727 | &nbsp;&nbsp;&nbsp;IMC 227763 | &nbsp;&nbsp;&nbsp;LC #32 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 48N 4E,31; Shoshone |
| &nbsp;&nbsp;&nbsp;728 | &nbsp;&nbsp;&nbsp;IMC 227764 | &nbsp;&nbsp;&nbsp;LC #35 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 48N 3E,25, 36; 48N 4E,31; Shoshone |
| &nbsp;&nbsp;&nbsp;729 | &nbsp;&nbsp;&nbsp;IMC 227765 | &nbsp;&nbsp;&nbsp;LC #36 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 48N 3E,36; 48N 4E,31; Shoshone |
| &nbsp;&nbsp;&nbsp;730 | &nbsp;&nbsp;&nbsp;IMC 227766 | &nbsp;&nbsp;&nbsp;LC #37 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 48N 3E,36; 48N 4E,31; Shoshone |
| &nbsp;&nbsp;&nbsp;731 | &nbsp;&nbsp;&nbsp;IMC 227767 | &nbsp;&nbsp;&nbsp;LC #38 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 48N 3E,36; 48N 4E,31; Shoshone |
| &nbsp;&nbsp;&nbsp;732 | &nbsp;&nbsp;&nbsp;IMC 227768 | &nbsp;&nbsp;&nbsp;LC #39 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 48N 3E,36; 48N 4E,31; Shoshone |
| &nbsp;&nbsp;&nbsp;733 | &nbsp;&nbsp;&nbsp;IMC 227769 | &nbsp;&nbsp;&nbsp;LC #46 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 48N 3E,25, 36; Shoshone |
| &nbsp;&nbsp;&nbsp;734 | &nbsp;&nbsp;&nbsp;IMC 227770 | &nbsp;&nbsp;&nbsp;LC #47 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 48N 3E,36; Shoshone |
| &nbsp;&nbsp;&nbsp;735 | &nbsp;&nbsp;&nbsp;IMC 227771 | &nbsp;&nbsp;&nbsp;LC #48 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 48N 3E,36; 48N 4E,31; Shoshone |
| &nbsp;&nbsp;&nbsp;736 | &nbsp;&nbsp;&nbsp;IMC 227772 | &nbsp;&nbsp;&nbsp;LC #49 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 48N 4E,31; Shoshone |
| &nbsp;&nbsp;&nbsp;737 | &nbsp;&nbsp;&nbsp;IMC 227773 | &nbsp;&nbsp;&nbsp;LC #50 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 48N 4E,31; Shoshone |
| &nbsp;&nbsp;&nbsp;738 | &nbsp;&nbsp;&nbsp;IMC 227774 | &nbsp;&nbsp;&nbsp;LC #53 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 48N 3E,36; Shoshone |
| &nbsp;&nbsp;&nbsp;739 | &nbsp;&nbsp;&nbsp;IMC 227775 | &nbsp;&nbsp;&nbsp;LC #54 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 48N 3E,36; 48N 4E,31; Shoshone |
| &nbsp;&nbsp;&nbsp;740 | &nbsp;&nbsp;&nbsp;IMC 227776 | &nbsp;&nbsp;&nbsp;LC #55 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 48N 3E,36; Shoshone |
| &nbsp;&nbsp;&nbsp;741 | &nbsp;&nbsp;&nbsp;IMC 227777 | &nbsp;&nbsp;&nbsp;LC #56 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 48N 4E,31, 32; Shoshone |
| &nbsp;&nbsp;&nbsp;742 | &nbsp;&nbsp;&nbsp;IMC 227778 | &nbsp;&nbsp;&nbsp;LC #59 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 48N 3E,36; Shoshone |
| &nbsp;&nbsp;&nbsp;743 | &nbsp;&nbsp;&nbsp;IMC 227779 | &nbsp;&nbsp;&nbsp;LC #60 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 48N 3E,36; 48N 4E,31; Shoshone |
| &nbsp;&nbsp;&nbsp;744 | &nbsp;&nbsp;&nbsp;IMC 227780 | &nbsp;&nbsp;&nbsp;Idaho Leadville #1 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 48N 3E,36; Shoshone |
| &nbsp;&nbsp;&nbsp;745 | &nbsp;&nbsp;&nbsp;IMC 227781 | &nbsp;&nbsp;&nbsp;Idaho Leadville #2 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 48N 3E,36; Shoshone |
| &nbsp;&nbsp;&nbsp;746 | &nbsp;&nbsp;&nbsp;IMC 227782 | &nbsp;&nbsp;&nbsp;Idaho Leadville #3 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 48N 3E,36; Shoshone |
| &nbsp;&nbsp;&nbsp;747 | &nbsp;&nbsp;&nbsp;IMC 227783 | &nbsp;&nbsp;&nbsp;Idaho Leadville #4 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 48N 3E,36; Shoshone |

---

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| | |
|:---|:---|
| 28-36 | ![](ny20061035x4_ex96-1img002.jpg) |

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------

<u> Silver Opportunity Partners LLC \| Sunshine Mine S-K 1300 Technical Report Summary on the Initial Assessment </u> <u> March 25, 2026 SLR Project No.: 123.020552.00001 </u>

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**License Code** | &nbsp;&nbsp;&nbsp;**License Name** | &nbsp;&nbsp;&nbsp;**Parties** | &nbsp;&nbsp;&nbsp;**Type** | &nbsp;&nbsp;&nbsp;**Interest** | &nbsp;&nbsp;&nbsp;**Area<br> (ac)** | &nbsp;&nbsp;&nbsp;**Map Reference** |
| &nbsp;&nbsp;&nbsp;748 | &nbsp;&nbsp;&nbsp;IMC 227784 | &nbsp;&nbsp;&nbsp;Idaho Leadville #5 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 48N 3E,25, 26, 35, 36; Shoshone |
| &nbsp;&nbsp;&nbsp;749 | &nbsp;&nbsp;&nbsp;IMC 227785 | &nbsp;&nbsp;&nbsp;Idaho Leadville #6 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 48N 3E,36; Shoshone |
| &nbsp;&nbsp;&nbsp;750 | &nbsp;&nbsp;&nbsp;IMC 227786 | &nbsp;&nbsp;&nbsp;Idaho Leadville #7 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 48N 3E,35, 36; Shoshone |
| &nbsp;&nbsp;&nbsp;751 | &nbsp;&nbsp;&nbsp;IMC 227787 | &nbsp;&nbsp;&nbsp;Idaho Leadville #8 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 48N 3E,35, 36; Shoshone |
| &nbsp;&nbsp;&nbsp;752 | &nbsp;&nbsp;&nbsp;IMC 227788 | &nbsp;&nbsp;&nbsp;Idaho Leadville #9 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 48N 3E,35, 36; Shoshone |
| &nbsp;&nbsp;&nbsp;753 | &nbsp;&nbsp;&nbsp;IMC 227789 | &nbsp;&nbsp;&nbsp;Idaho Leadville #11 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 48N 3E,35; Shoshone |
| &nbsp;&nbsp;&nbsp;754 | &nbsp;&nbsp;&nbsp;IMC 227790 | &nbsp;&nbsp;&nbsp;Idaho Leadville #13 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 48N 3E,26, 35; Shoshone |
| &nbsp;&nbsp;&nbsp;755 | &nbsp;&nbsp;&nbsp;IMC 227791 | &nbsp;&nbsp;&nbsp;Idaho Leadville #14 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 48N 3E,26, 35; Shoshone |
| &nbsp;&nbsp;&nbsp;756 | &nbsp;&nbsp;&nbsp;IMC 227792 | &nbsp;&nbsp;&nbsp;Idaho Leadville #15 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 48N 3E,25, 26; Shoshone |
| &nbsp;&nbsp;&nbsp;757 | &nbsp;&nbsp;&nbsp;IMC 227793 | &nbsp;&nbsp;&nbsp;Idaho Leadville #16 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 48N 3E,26, 35; Shoshone |
| &nbsp;&nbsp;&nbsp;758 | &nbsp;&nbsp;&nbsp;IMC 227794 | &nbsp;&nbsp;&nbsp;Idaho Leadville #18 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 48N 3E,26; Shoshone |
| &nbsp;&nbsp;&nbsp;759 | &nbsp;&nbsp;&nbsp;IMC 227795 | &nbsp;&nbsp;&nbsp;Idaho Leadville #19 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 48N 3E,26; Shoshone |
| &nbsp;&nbsp;&nbsp;760 | &nbsp;&nbsp;&nbsp;IMC 227796 | &nbsp;&nbsp;&nbsp;Idaho Leadville #20 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 48N 3E,26; Shoshone |
| &nbsp;&nbsp;&nbsp;761 | &nbsp;&nbsp;&nbsp;IMC 227797 | &nbsp;&nbsp;&nbsp;Idaho Leadville #21 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 48N 3E,26; Shoshone |
| &nbsp;&nbsp;&nbsp;762 | &nbsp;&nbsp;&nbsp;IMC 227798 | &nbsp;&nbsp;&nbsp;Idaho Leadville #22 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 48N 3E,26; Shoshone |
| &nbsp;&nbsp;&nbsp;763 | &nbsp;&nbsp;&nbsp;IMC 227799 | &nbsp;&nbsp;&nbsp;Idaho Leadville #23 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 48N 3E,26; Shoshone |
| &nbsp;&nbsp;&nbsp;764 | &nbsp;&nbsp;&nbsp;IMC 227800 | &nbsp;&nbsp;&nbsp;Idaho Leadville #24 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 48N 3E,23, 26; Shoshone |
| &nbsp;&nbsp;&nbsp;765 | &nbsp;&nbsp;&nbsp;IMC 227801 | &nbsp;&nbsp;&nbsp;Idaho Leadville #25 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.903 | &nbsp;&nbsp;&nbsp;United States, 48N 3E,26; Shoshone |
| &nbsp;&nbsp;&nbsp;766 | &nbsp;&nbsp;&nbsp;IMC 227802 | &nbsp;&nbsp;&nbsp;Idaho Leadville #26 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 48N 3E,26; Shoshone |
| &nbsp;&nbsp;&nbsp;767 | &nbsp;&nbsp;&nbsp;IMC 227803 | &nbsp;&nbsp;&nbsp;Idaho Leadville #28 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 48N 3E,26; Shoshone |
| &nbsp;&nbsp;&nbsp;768 | &nbsp;&nbsp;&nbsp;IMC 227804 | &nbsp;&nbsp;&nbsp;Idaho Leadville #30 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 48N 3E,26, 27; Shoshone |
| &nbsp;&nbsp;&nbsp;769 | &nbsp;&nbsp;&nbsp;IMC 227805 | &nbsp;&nbsp;&nbsp;Idaho Leadville #31 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 48N 3E,26; Shoshone |
| &nbsp;&nbsp;&nbsp;770 | &nbsp;&nbsp;&nbsp;IMC 227806 | &nbsp;&nbsp;&nbsp;Idaho Leadville #32 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 48N 3E,26; Shoshone |
| &nbsp;&nbsp;&nbsp;771 | &nbsp;&nbsp;&nbsp;IMC 227807 | &nbsp;&nbsp;&nbsp;MET #21 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 48N 3E,22, 23; Shoshone |
| &nbsp;&nbsp;&nbsp;772 | &nbsp;&nbsp;&nbsp;IMC 227808 | &nbsp;&nbsp;&nbsp;MET #22 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 48N 3E,23; Shoshone |
| &nbsp;&nbsp;&nbsp;773 | &nbsp;&nbsp;&nbsp;IMC 227809 | &nbsp;&nbsp;&nbsp;MET #23 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 48N 3E,23; Shoshone |
| &nbsp;&nbsp;&nbsp;774 | &nbsp;&nbsp;&nbsp;IMC 227810 | &nbsp;&nbsp;&nbsp;MET #24 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 48N 3E,22, 23, 26, 27; Shoshone |
| &nbsp;&nbsp;&nbsp;775 | &nbsp;&nbsp;&nbsp;IMC 227811 | &nbsp;&nbsp;&nbsp;Colbert 1 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 48N 3E,21, 28; Shoshone |
| &nbsp;&nbsp;&nbsp;776 | &nbsp;&nbsp;&nbsp;IMC 227812 | &nbsp;&nbsp;&nbsp;RDMET #1 FR | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 48N 3E,23; Shoshone |

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|:---|:---|
| 28-37 | ![](ny20061035x4_ex96-1img002.jpg) |

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<u> Silver Opportunity Partners LLC \| Sunshine Mine S-K 1300 Technical Report Summary on the Initial Assessment </u> <u> March 25, 2026 SLR Project No.: 123.020552.00001 </u>

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**License Code** | &nbsp;&nbsp;&nbsp;**License Name** | &nbsp;&nbsp;&nbsp;**Parties** | &nbsp;&nbsp;&nbsp;**Type** | &nbsp;&nbsp;&nbsp;**Interest** | &nbsp;&nbsp;&nbsp;**Area<br> (ac)** | &nbsp;&nbsp;&nbsp;**Map Reference** |
| &nbsp;&nbsp;&nbsp;777 | &nbsp;&nbsp;&nbsp;IMC 227813 | &nbsp;&nbsp;&nbsp;RDMET #4 FR | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 48N 3E,23, 26; Shoshone |
| &nbsp;&nbsp;&nbsp;778 | &nbsp;&nbsp;&nbsp;IMC 227814 | &nbsp;&nbsp;&nbsp;RDMET #3 FR | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 48N 3E,23; Shoshone |
| &nbsp;&nbsp;&nbsp;779 | &nbsp;&nbsp;&nbsp;IMC 227815 | &nbsp;&nbsp;&nbsp;Mary Lode | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 48N 3E,27; Shoshone |
| &nbsp;&nbsp;&nbsp;780 | &nbsp;&nbsp;&nbsp;IMC 227816 | &nbsp;&nbsp;&nbsp;Linda | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 48N 3E,27; Shoshone |
| &nbsp;&nbsp;&nbsp;781 | &nbsp;&nbsp;&nbsp;IMC 227817 | &nbsp;&nbsp;&nbsp;Ann | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 48N 3E,27; Shoshone |
| &nbsp;&nbsp;&nbsp;782 | &nbsp;&nbsp;&nbsp;IMC 227818 | &nbsp;&nbsp;&nbsp;Joanna | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 48N 3E,27; Shoshone |
| &nbsp;&nbsp;&nbsp;783 | &nbsp;&nbsp;&nbsp;IMC 227819 | &nbsp;&nbsp;&nbsp;Nancy | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 48N 3E,27; Shoshone |
| &nbsp;&nbsp;&nbsp;784 | &nbsp;&nbsp;&nbsp;IMC 227820 | &nbsp;&nbsp;&nbsp;Edna | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 48N 3E,27; Shoshone |
| &nbsp;&nbsp;&nbsp;785 | &nbsp;&nbsp;&nbsp;IMC 227821 | &nbsp;&nbsp;&nbsp;Star | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 48N 3E,26, 27; Shoshone |
| &nbsp;&nbsp;&nbsp;786 | &nbsp;&nbsp;&nbsp;IMC 227822 | &nbsp;&nbsp;&nbsp;Sydney | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 48N 3E,26, 27; Shoshone |
| &nbsp;&nbsp;&nbsp;787 | &nbsp;&nbsp;&nbsp;IMC 227823 | &nbsp;&nbsp;&nbsp;Steve | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 48N 3E,27, 28; Shoshone |
| &nbsp;&nbsp;&nbsp;788 | &nbsp;&nbsp;&nbsp;IMC 227824 | &nbsp;&nbsp;&nbsp;Colbert | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 48N 3E,28; Shoshone |
| &nbsp;&nbsp;&nbsp;789 | &nbsp;&nbsp;&nbsp;IMC 227825 | &nbsp;&nbsp;&nbsp;MET #9 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 48N 3E,22, 23, 26; Shoshone |
| &nbsp;&nbsp;&nbsp;790 | &nbsp;&nbsp;&nbsp;IMC 227826 | &nbsp;&nbsp;&nbsp;Denver #2 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 48N 2E,22, 23, 27; Shoshone |
| &nbsp;&nbsp;&nbsp;791 | &nbsp;&nbsp;&nbsp;IMC 227827 | &nbsp;&nbsp;&nbsp;Denver #3 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 48N 2E,22, 27; Shoshone |
| &nbsp;&nbsp;&nbsp;792 | &nbsp;&nbsp;&nbsp;IMC 227828 | &nbsp;&nbsp;&nbsp;Denver #4 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 48N 2E,22, 27; Shoshone |
| &nbsp;&nbsp;&nbsp;793 | &nbsp;&nbsp;&nbsp;IMC 227829 | &nbsp;&nbsp;&nbsp;Denver #5 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 48N 2E,27; Shoshone |
| &nbsp;&nbsp;&nbsp;794 | &nbsp;&nbsp;&nbsp;IMC 227830 | &nbsp;&nbsp;&nbsp;Denver #6 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 48N 2E,27; Shoshone |
| &nbsp;&nbsp;&nbsp;795 | &nbsp;&nbsp;&nbsp;IMC 227831 | &nbsp;&nbsp;&nbsp;Denver #7 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 48N 2E,27; Shoshone |
| &nbsp;&nbsp;&nbsp;796 | &nbsp;&nbsp;&nbsp;IMC 227832 | &nbsp;&nbsp;&nbsp;Denver #8 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 48N 2E,27; Shoshone |
| &nbsp;&nbsp;&nbsp;797 | &nbsp;&nbsp;&nbsp;IMC 227833 | &nbsp;&nbsp;&nbsp;Denver #9 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 48N 2E,26, 27; Shoshone |
| &nbsp;&nbsp;&nbsp;798 | &nbsp;&nbsp;&nbsp;IMC 227834 | &nbsp;&nbsp;&nbsp;Denver #10 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 48N 2E,26, 27; Shoshone |
| &nbsp;&nbsp;&nbsp;799 | &nbsp;&nbsp;&nbsp;IMC 227835 | &nbsp;&nbsp;&nbsp;Denver #11 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 48N 2E,27; Shoshone |
| &nbsp;&nbsp;&nbsp;800 | &nbsp;&nbsp;&nbsp;IMC 227836 | &nbsp;&nbsp;&nbsp;Denver #15 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 48N 2E,27; Shoshone |
| &nbsp;&nbsp;&nbsp;801 | &nbsp;&nbsp;&nbsp;IMC 227837 | &nbsp;&nbsp;&nbsp;Denver #16 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 48N 2E,26, 27; Shoshone |
| &nbsp;&nbsp;&nbsp;802 | &nbsp;&nbsp;&nbsp;IMC 227838 | &nbsp;&nbsp;&nbsp;Denver #17 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 48N 2E,26, 27; Shoshone |
| &nbsp;&nbsp;&nbsp;803 | &nbsp;&nbsp;&nbsp;IMC 227839 | &nbsp;&nbsp;&nbsp;Denver #18 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 48N 2E,26, 27; Shoshone |
| &nbsp;&nbsp;&nbsp;804 | &nbsp;&nbsp;&nbsp;IMC 227840 | &nbsp;&nbsp;&nbsp;Denver #19 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 48N 2E,26; Shoshone |
| &nbsp;&nbsp;&nbsp;805 | &nbsp;&nbsp;&nbsp;IMC 227841 | &nbsp;&nbsp;&nbsp;Denver #20 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 48N 2E,26; Shoshone |

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|:---|:---|
| 28-38 | ![](ny20061035x4_ex96-1img002.jpg) |

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------

<u> Silver Opportunity Partners LLC \| Sunshine Mine S-K 1300 Technical Report Summary on the Initial Assessment </u> <u> March 25, 2026 SLR Project No.: 123.020552.00001 </u>

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**License Code** | &nbsp;&nbsp;&nbsp;**License Name** | &nbsp;&nbsp;&nbsp;**Parties** | &nbsp;&nbsp;&nbsp;**Type** | &nbsp;&nbsp;&nbsp;**Interest** | &nbsp;&nbsp;&nbsp;**Area<br> (ac)** | &nbsp;&nbsp;&nbsp;**Map Reference** |
| &nbsp;&nbsp;&nbsp;806 | &nbsp;&nbsp;&nbsp;IMC 227842 | &nbsp;&nbsp;&nbsp;Denver #21 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 48N 2E,26; Shoshone |
| &nbsp;&nbsp;&nbsp;807 | &nbsp;&nbsp;&nbsp;IMC 227843 | &nbsp;&nbsp;&nbsp;Denver #22 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 48N 2E,26; Shoshone |
| &nbsp;&nbsp;&nbsp;808 | &nbsp;&nbsp;&nbsp;IMC 227844 | &nbsp;&nbsp;&nbsp;Denver #23 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 48N 2E,26; Shoshone |
| &nbsp;&nbsp;&nbsp;809 | &nbsp;&nbsp;&nbsp;IMC 227845 | &nbsp;&nbsp;&nbsp;Denver #24 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 48N 2E,26; Shoshone |
| &nbsp;&nbsp;&nbsp;810 | &nbsp;&nbsp;&nbsp;IMC 227846 | &nbsp;&nbsp;&nbsp;Denver #25 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 48N 2E,26; Shoshone |
| &nbsp;&nbsp;&nbsp;811 | &nbsp;&nbsp;&nbsp;IMC 227847 | &nbsp;&nbsp;&nbsp;Denver #26 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 48N 2E,25, 26; Shoshone |
| &nbsp;&nbsp;&nbsp;812 | &nbsp;&nbsp;&nbsp;IMC 227848 | &nbsp;&nbsp;&nbsp;Denver #27 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 48N 2E,25, 26, 35, 36; Shoshone |
| &nbsp;&nbsp;&nbsp;813 | &nbsp;&nbsp;&nbsp;IMC 227849 | &nbsp;&nbsp;&nbsp;Denver #28 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 48N 2E,25, 35, 36; Shoshone |
| &nbsp;&nbsp;&nbsp;814 | &nbsp;&nbsp;&nbsp;IMC 227850 | &nbsp;&nbsp;&nbsp;Denver #29 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 48N 2E,25, 36; Shoshone |
| &nbsp;&nbsp;&nbsp;815 | &nbsp;&nbsp;&nbsp;IMC 227851 | &nbsp;&nbsp;&nbsp;Denver #30 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 48N 2E,25, 36; Shoshone |
| &nbsp;&nbsp;&nbsp;816 | &nbsp;&nbsp;&nbsp;IMC 227852 | &nbsp;&nbsp;&nbsp;Denver #31 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 48N 2E,25, 36; Shoshone |
| &nbsp;&nbsp;&nbsp;817 | &nbsp;&nbsp;&nbsp;IMC 227853 | &nbsp;&nbsp;&nbsp;Denver #32 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 48N 2E,25, 36; Shoshone |
| &nbsp;&nbsp;&nbsp;818 | &nbsp;&nbsp;&nbsp;IMC 227854 | &nbsp;&nbsp;&nbsp;Denver #33 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 48N 2E,25, 36; Shoshone |
| &nbsp;&nbsp;&nbsp;819 | &nbsp;&nbsp;&nbsp;IMC 227855 | &nbsp;&nbsp;&nbsp;Denver #34 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 48N 2E,25, 36; Shoshone |
| &nbsp;&nbsp;&nbsp;820 | &nbsp;&nbsp;&nbsp;IMC 227856 | &nbsp;&nbsp;&nbsp;Denver #35 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 48N 2E,25, 36; Shoshone |
| &nbsp;&nbsp;&nbsp;821 | &nbsp;&nbsp;&nbsp;IMC 227857 | &nbsp;&nbsp;&nbsp;Denver #36 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 48N 2E,25, 36; 48N 3E,30; Shoshone |
| &nbsp;&nbsp;&nbsp;822 | &nbsp;&nbsp;&nbsp;IMC 227858 | &nbsp;&nbsp;&nbsp;Denver #37 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 48N 2E,25, 36; 48N 3E,30, 31; Shoshone |
| &nbsp;&nbsp;&nbsp;823 | &nbsp;&nbsp;&nbsp;IMC 227859 | &nbsp;&nbsp;&nbsp;Denver #38 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 48N 3E,30, 31; Shoshone |
| &nbsp;&nbsp;&nbsp;824 | &nbsp;&nbsp;&nbsp;IMC 227860 | &nbsp;&nbsp;&nbsp;Denver #39 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 48N 3E,30, 31; Shoshone |
| &nbsp;&nbsp;&nbsp;825 | &nbsp;&nbsp;&nbsp;IMC 227861 | &nbsp;&nbsp;&nbsp;Denver #40 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 48N 3E,30; Shoshone |
| &nbsp;&nbsp;&nbsp;826 | &nbsp;&nbsp;&nbsp;IMC 227862 | &nbsp;&nbsp;&nbsp;Denver #41 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 48N 2E,26; Shoshone |
| &nbsp;&nbsp;&nbsp;827 | &nbsp;&nbsp;&nbsp;IMC 227863 | &nbsp;&nbsp;&nbsp;Denver #42 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 48N 2E,26; Shoshone |
| &nbsp;&nbsp;&nbsp;828 | &nbsp;&nbsp;&nbsp;IMC 227864 | &nbsp;&nbsp;&nbsp;Denver #43 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 48N 2E,26; Shoshone |
| &nbsp;&nbsp;&nbsp;829 | &nbsp;&nbsp;&nbsp;IMC 227865 | &nbsp;&nbsp;&nbsp;Denver #44 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 48N 2E,26; Shoshone |
| &nbsp;&nbsp;&nbsp;830 | &nbsp;&nbsp;&nbsp;IMC 227866 | &nbsp;&nbsp;&nbsp;Lookout #1 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 48N 2E,20; Shoshone |
| &nbsp;&nbsp;&nbsp;831 | &nbsp;&nbsp;&nbsp;IMC 227867 | &nbsp;&nbsp;&nbsp;Lookout #2 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 48N 2E,20; Shoshone |
| &nbsp;&nbsp;&nbsp;832 | &nbsp;&nbsp;&nbsp;IMC 227868 | &nbsp;&nbsp;&nbsp;Lookout #3 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 48N 2E,20; Shoshone |

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| | |
|:---|:---|
| 28-39 | ![](ny20061035x4_ex96-1img002.jpg) |

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------

<u> Silver Opportunity Partners LLC \| Sunshine Mine S-K 1300 Technical Report Summary on the Initial Assessment </u> <u> March 25, 2026 SLR Project No.: 123.020552.00001 </u>

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**License Code** | &nbsp;&nbsp;&nbsp;**License Name** | &nbsp;&nbsp;&nbsp;**Parties** | &nbsp;&nbsp;&nbsp;**Type** | &nbsp;&nbsp;&nbsp;**Interest** | &nbsp;&nbsp;&nbsp;**Area<br> (ac)** | &nbsp;&nbsp;&nbsp;**Map Reference** |
| &nbsp;&nbsp;&nbsp;833 | &nbsp;&nbsp;&nbsp;IMC 227869 | &nbsp;&nbsp;&nbsp;Lookout #4 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 48N 2E,20; Shoshone |
| &nbsp;&nbsp;&nbsp;834 | &nbsp;&nbsp;&nbsp;IMC 227870 | &nbsp;&nbsp;&nbsp;Lookout #5 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 48N 2E,20; Shoshone |
| &nbsp;&nbsp;&nbsp;835 | &nbsp;&nbsp;&nbsp;IMC 227871 | &nbsp;&nbsp;&nbsp;Lookout #6 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 48N 2E,20, 21; Shoshone |
| &nbsp;&nbsp;&nbsp;836 | &nbsp;&nbsp;&nbsp;IMC 227872 | &nbsp;&nbsp;&nbsp;Lookout #7 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 48N 2E,20; Shoshone |
| &nbsp;&nbsp;&nbsp;837 | &nbsp;&nbsp;&nbsp;IMC 227873 | &nbsp;&nbsp;&nbsp;Lookout #8 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 48N 2E,20, 21; Shoshone |
| &nbsp;&nbsp;&nbsp;838 | &nbsp;&nbsp;&nbsp;IMC 227874 | &nbsp;&nbsp;&nbsp;Lookout #9 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 48N 2E,20, 21; Shoshone |
| &nbsp;&nbsp;&nbsp;839 | &nbsp;&nbsp;&nbsp;IMC 227875 | &nbsp;&nbsp;&nbsp;Lookout #10 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 48N 2E,21; Shoshone |
| &nbsp;&nbsp;&nbsp;840 | &nbsp;&nbsp;&nbsp;IMC 227876 | &nbsp;&nbsp;&nbsp;Lookout #11 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 48N 2E,20, 21; Shoshone |
| &nbsp;&nbsp;&nbsp;841 | &nbsp;&nbsp;&nbsp;IMC 227877 | &nbsp;&nbsp;&nbsp;Lookout #12 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 48N 2E,21; Shoshone |
| &nbsp;&nbsp;&nbsp;842 | &nbsp;&nbsp;&nbsp;IMC 227878 | &nbsp;&nbsp;&nbsp;Lookout #13 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 48N 2E,21; Shoshone |
| &nbsp;&nbsp;&nbsp;843 | &nbsp;&nbsp;&nbsp;IMC 227879 | &nbsp;&nbsp;&nbsp;Lookout #14 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 48N 2E,21; Shoshone |
| &nbsp;&nbsp;&nbsp;844 | &nbsp;&nbsp;&nbsp;IMC 227880 | &nbsp;&nbsp;&nbsp;Lookout #15 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 48N 2E,21; Shoshone |
| &nbsp;&nbsp;&nbsp;845 | &nbsp;&nbsp;&nbsp;IMC 227881 | &nbsp;&nbsp;&nbsp;Lookout #16 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 48N 2E,21; Shoshone |
| &nbsp;&nbsp;&nbsp;846 | &nbsp;&nbsp;&nbsp;IMC 227882 | &nbsp;&nbsp;&nbsp;Lookout #17 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 48N 2E,21; Shoshone |
| &nbsp;&nbsp;&nbsp;847 | &nbsp;&nbsp;&nbsp;IMC 227883 | &nbsp;&nbsp;&nbsp;Lookout #18 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 48N 2E,21; Shoshone |
| &nbsp;&nbsp;&nbsp;848 | &nbsp;&nbsp;&nbsp;IMC 227884 | &nbsp;&nbsp;&nbsp;Lookout #19 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 48N 2E,21, 28; Shoshone |
| &nbsp;&nbsp;&nbsp;849 | &nbsp;&nbsp;&nbsp;IMC 227885 | &nbsp;&nbsp;&nbsp;Lookout #20 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 48N 2E,21; Shoshone |
| &nbsp;&nbsp;&nbsp;850 | &nbsp;&nbsp;&nbsp;IMC 227886 | &nbsp;&nbsp;&nbsp;Lookout #21 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 48N 2E,21, 28; Shoshone |
| &nbsp;&nbsp;&nbsp;851 | &nbsp;&nbsp;&nbsp;IMC 227887 | &nbsp;&nbsp;&nbsp;Lookout #22 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 48N 2E,21, 22; Shoshone |
| &nbsp;&nbsp;&nbsp;852 | &nbsp;&nbsp;&nbsp;IMC 227888 | &nbsp;&nbsp;&nbsp;Lookout #23 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 48N 2E,22; Shoshone |
| &nbsp;&nbsp;&nbsp;853 | &nbsp;&nbsp;&nbsp;IMC 227889 | &nbsp;&nbsp;&nbsp;Lookout #24 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 48N 2E,20; Shoshone |
| &nbsp;&nbsp;&nbsp;854 | &nbsp;&nbsp;&nbsp;IMC 227890 | &nbsp;&nbsp;&nbsp;Lookout #25 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 48N 2E,21, 28; Shoshone |
| &nbsp;&nbsp;&nbsp;855 | &nbsp;&nbsp;&nbsp;IMC 227891 | &nbsp;&nbsp;&nbsp;Lookout #26 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 48N 2E,21, 28; Shoshone |
| &nbsp;&nbsp;&nbsp;856 | &nbsp;&nbsp;&nbsp;IMC 227892 | &nbsp;&nbsp;&nbsp;Lookout #28 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 48N 2E,21, 28, 29; Shoshone |
| &nbsp;&nbsp;&nbsp;857 | &nbsp;&nbsp;&nbsp;IMC 227893 | &nbsp;&nbsp;&nbsp;Lookout #29 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 48N 2E,21, 28; Shoshone |
| &nbsp;&nbsp;&nbsp;858 | &nbsp;&nbsp;&nbsp;IMC 227894 | &nbsp;&nbsp;&nbsp;Lookout #30 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 48N 2E,21, 28; Shoshone |
| &nbsp;&nbsp;&nbsp;859 | &nbsp;&nbsp;&nbsp;IMC 227895 | &nbsp;&nbsp;&nbsp;Lookout #31 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 48N 2E,21, 28; Shoshone |
| &nbsp;&nbsp;&nbsp;860 | &nbsp;&nbsp;&nbsp;IMC 227896 | &nbsp;&nbsp;&nbsp;Lookout #32 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 48N 2E,28; Shoshone |
| &nbsp;&nbsp;&nbsp;861 | &nbsp;&nbsp;&nbsp;IMC 227897 | &nbsp;&nbsp;&nbsp;Lookout #33 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 48N 2E,28; Shoshone |

---

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| | |
|:---|:---|
| 28-40 | ![](ny20061035x4_ex96-1img002.jpg) |

---

------

<u> Silver Opportunity Partners LLC \| Sunshine Mine S-K 1300 Technical Report Summary on the Initial Assessment </u> <u> March 25, 2026 SLR Project No.: 123.020552.00001 </u>

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**License Code** | &nbsp;&nbsp;&nbsp;**License Name** | &nbsp;&nbsp;&nbsp;**Parties** | &nbsp;&nbsp;&nbsp;**Type** | &nbsp;&nbsp;&nbsp;**Interest** | &nbsp;&nbsp;&nbsp;**Area<br> (ac)** | &nbsp;&nbsp;&nbsp;**Map Reference** |
| &nbsp;&nbsp;&nbsp;862 | &nbsp;&nbsp;&nbsp;IMC 227898 | &nbsp;&nbsp;&nbsp;Lookout #34 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 48N 2E,28; Shoshone |
| &nbsp;&nbsp;&nbsp;863 | &nbsp;&nbsp;&nbsp;IMC 227899 | &nbsp;&nbsp;&nbsp;Lookout #35 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 48N 2E,28; Shoshone |
| &nbsp;&nbsp;&nbsp;864 | &nbsp;&nbsp;&nbsp;IMC 227900 | &nbsp;&nbsp;&nbsp;Lookout #36 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 48N 2E,27, 28; Shoshone |
| &nbsp;&nbsp;&nbsp;865 | &nbsp;&nbsp;&nbsp;IMC 227901 | &nbsp;&nbsp;&nbsp;Lookout #37 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 48N 2E,27, 28; Shoshone |
| &nbsp;&nbsp;&nbsp;866 | &nbsp;&nbsp;&nbsp;IMC 227902 | &nbsp;&nbsp;&nbsp;Lookout #38 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 48N 2E,27, 28; Shoshone |
| &nbsp;&nbsp;&nbsp;867 | &nbsp;&nbsp;&nbsp;IMC 227903 | &nbsp;&nbsp;&nbsp;Lookout #39 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 48N 2E,20; Shoshone |
| &nbsp;&nbsp;&nbsp;868 | &nbsp;&nbsp;&nbsp;IMC 227904 | &nbsp;&nbsp;&nbsp;Lookout 21 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 48N 2E,28, 29; Shoshone |
| &nbsp;&nbsp;&nbsp;869 | &nbsp;&nbsp;&nbsp;IMC 227905 | &nbsp;&nbsp;&nbsp;Lookout 25 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 48N 2E,28; Shoshone |
| &nbsp;&nbsp;&nbsp;870 | &nbsp;&nbsp;&nbsp;IMC 227906 | &nbsp;&nbsp;&nbsp;RQ 1 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 47N 5E,1; 48N 5E,35, 36; Shoshone |
| &nbsp;&nbsp;&nbsp;871 | &nbsp;&nbsp;&nbsp;IMC 227907 | &nbsp;&nbsp;&nbsp;RQ 2 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 47N 5E,1; Shoshone |
| &nbsp;&nbsp;&nbsp;872 | &nbsp;&nbsp;&nbsp;IMC 227908 | &nbsp;&nbsp;&nbsp;RQ 3 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 47N 5E,1; Shoshone |
| &nbsp;&nbsp;&nbsp;873 | &nbsp;&nbsp;&nbsp;IMC 227909 | &nbsp;&nbsp;&nbsp;RQ 4 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 47N 5E,1; 48N 5E,36; Shoshone |
| &nbsp;&nbsp;&nbsp;874 | &nbsp;&nbsp;&nbsp;IMC 227910 | &nbsp;&nbsp;&nbsp;RQ 5 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 47N 5E,1; Shoshone |
| &nbsp;&nbsp;&nbsp;875 | &nbsp;&nbsp;&nbsp;IMC 227911 | &nbsp;&nbsp;&nbsp;RQ 6 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 47N 5E,1; Shoshone |
| &nbsp;&nbsp;&nbsp;876 | &nbsp;&nbsp;&nbsp;IMC 227912 | &nbsp;&nbsp;&nbsp;RQ 7 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 47N 5E,1; Shoshone |
| &nbsp;&nbsp;&nbsp;877 | &nbsp;&nbsp;&nbsp;IMC 227913 | &nbsp;&nbsp;&nbsp;RQ 8 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 47N 5E,1; 48N 5E,36; Shoshone |
| &nbsp;&nbsp;&nbsp;878 | &nbsp;&nbsp;&nbsp;IMC 227914 | &nbsp;&nbsp;&nbsp;RQ 9 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 47N 5E,1; Shoshone |
| &nbsp;&nbsp;&nbsp;879 | &nbsp;&nbsp;&nbsp;IMC 227915 | &nbsp;&nbsp;&nbsp;RQ 10 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 47N 5E,1; Shoshone |
| &nbsp;&nbsp;&nbsp;880 | &nbsp;&nbsp;&nbsp;IMC 227916 | &nbsp;&nbsp;&nbsp;RQ 11 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 47N 5E,1; Shoshone |
| &nbsp;&nbsp;&nbsp;881 | &nbsp;&nbsp;&nbsp;IMC 227917 | &nbsp;&nbsp;&nbsp;RQ 12 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 47N 5E,1; 47N 6E,6; 48N 5E,36; Shoshone |
| &nbsp;&nbsp;&nbsp;882 | &nbsp;&nbsp;&nbsp;IMC 227918 | &nbsp;&nbsp;&nbsp;RQ 13 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 47N 5E,1; 47N 6E,6; Shoshone |
| &nbsp;&nbsp;&nbsp;883 | &nbsp;&nbsp;&nbsp;IMC 227919 | &nbsp;&nbsp;&nbsp;RQ 14 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 47N 5E,1; 47N 6E,6; Shoshone |
| &nbsp;&nbsp;&nbsp;884 | &nbsp;&nbsp;&nbsp;IMC 227920 | &nbsp;&nbsp;&nbsp;RQ 15 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 47N 5E,1; 47N 6E,6; Shoshone |
| &nbsp;&nbsp;&nbsp;885 | &nbsp;&nbsp;&nbsp;IMC 227921 | &nbsp;&nbsp;&nbsp;RQ 16 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 47N 5E,1; 47N 6E,6; Shoshone |
| &nbsp;&nbsp;&nbsp;886 | &nbsp;&nbsp;&nbsp;IMC 227922 | &nbsp;&nbsp;&nbsp;RQ 17 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 47N 5E,1; Shoshone |

---

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| | |
|:---|:---|
| 28-41 | ![](ny20061035x4_ex96-1img002.jpg) |

---

------

<u> Silver Opportunity Partners LLC \| Sunshine Mine S-K 1300 Technical Report Summary on the Initial Assessment </u> <u> March 25, 2026 SLR Project No.: 123.020552.00001 </u>

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**License Code** | &nbsp;&nbsp;&nbsp;**License Name** | &nbsp;&nbsp;&nbsp;**Parties** | &nbsp;&nbsp;&nbsp;**Type** | &nbsp;&nbsp;&nbsp;**Interest** | &nbsp;&nbsp;&nbsp;**Area<br> (ac)** | &nbsp;&nbsp;&nbsp;**Map Reference** |
| &nbsp;&nbsp;&nbsp;887 | &nbsp;&nbsp;&nbsp;IMC 227923 | &nbsp;&nbsp;&nbsp;RQ 18 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 47N 5E,1; Shoshone |
| &nbsp;&nbsp;&nbsp;888 | &nbsp;&nbsp;&nbsp;IMC 227924 | &nbsp;&nbsp;&nbsp;RQ 19 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 47N 5E,1; Shoshone |
| &nbsp;&nbsp;&nbsp;889 | &nbsp;&nbsp;&nbsp;IMC 227925 | &nbsp;&nbsp;&nbsp;RQ 20 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 47N 5E,1; Shoshone |
| &nbsp;&nbsp;&nbsp;890 | &nbsp;&nbsp;&nbsp;IMC 227926 | &nbsp;&nbsp;&nbsp;RQ 21 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 47N 5E,1; Shoshone |
| &nbsp;&nbsp;&nbsp;891 | &nbsp;&nbsp;&nbsp;IMC 227927 | &nbsp;&nbsp;&nbsp;RQ 22 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 47N 5E,1; Shoshone |
| &nbsp;&nbsp;&nbsp;892 | &nbsp;&nbsp;&nbsp;IMC 227928 | &nbsp;&nbsp;&nbsp;RQ 23 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 47N 5E,1, 12; Shoshone |
| &nbsp;&nbsp;&nbsp;893 | &nbsp;&nbsp;&nbsp;IMC 227929 | &nbsp;&nbsp;&nbsp;RQ 24 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 47N 5E,12; Shoshone |
| &nbsp;&nbsp;&nbsp;894 | &nbsp;&nbsp;&nbsp;IMC 227930 | &nbsp;&nbsp;&nbsp;RQ 25 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 47N 5E,1; Shoshone |
| &nbsp;&nbsp;&nbsp;895 | &nbsp;&nbsp;&nbsp;IMC 227931 | &nbsp;&nbsp;&nbsp;RQ 26 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 47N 5E,1; Shoshone |
| &nbsp;&nbsp;&nbsp;896 | &nbsp;&nbsp;&nbsp;IMC 227932 | &nbsp;&nbsp;&nbsp;RQ 27 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 47N 5E,1; Shoshone |
| &nbsp;&nbsp;&nbsp;897 | &nbsp;&nbsp;&nbsp;IMC 227933 | &nbsp;&nbsp;&nbsp;RQ 28 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;21.141 | &nbsp;&nbsp;&nbsp;United States, 47N 5E,1; Shoshone |
| &nbsp;&nbsp;&nbsp;898 | &nbsp;&nbsp;&nbsp;IMC 227934 | &nbsp;&nbsp;&nbsp;RQ 29 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 47N 5E,1, 12; Shoshone |
| &nbsp;&nbsp;&nbsp;899 | &nbsp;&nbsp;&nbsp;IMC 227935 | &nbsp;&nbsp;&nbsp;RQ 30 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 47N 5E,1, 12; Shoshone |
| &nbsp;&nbsp;&nbsp;900 | &nbsp;&nbsp;&nbsp;IMC 227936 | &nbsp;&nbsp;&nbsp;RQ 31 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 47N 5E,1; 47N 6E,6; Shoshone |
| &nbsp;&nbsp;&nbsp;901 | &nbsp;&nbsp;&nbsp;IMC 227937 | &nbsp;&nbsp;&nbsp;RQ 32 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 47N 5E,1; 47N 6E,6; Shoshone |
| &nbsp;&nbsp;&nbsp;902 | &nbsp;&nbsp;&nbsp;IMC 227938 | &nbsp;&nbsp;&nbsp;RQ 33 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 47N 5E,1; 47N 6E,6; Shoshone |
| &nbsp;&nbsp;&nbsp;903 | &nbsp;&nbsp;&nbsp;IMC 227939 | &nbsp;&nbsp;&nbsp;RQ 34 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 47N 5E,1; 47N 6E,6; Shoshone |
| &nbsp;&nbsp;&nbsp;904 | &nbsp;&nbsp;&nbsp;IMC 227940 | &nbsp;&nbsp;&nbsp;RQ 35 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 47N 5E,1, 12; 47N 6E,6, 7; Shoshone |
| &nbsp;&nbsp;&nbsp;905 | &nbsp;&nbsp;&nbsp;IMC 227941 | &nbsp;&nbsp;&nbsp;RQ 36 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 47N 5E,1; Shoshone |
| &nbsp;&nbsp;&nbsp;906 | &nbsp;&nbsp;&nbsp;IMC 227942 | &nbsp;&nbsp;&nbsp;RQ 37 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 47N 5E,1; Shoshone |
| &nbsp;&nbsp;&nbsp;907 | &nbsp;&nbsp;&nbsp;IMC 227943 | &nbsp;&nbsp;&nbsp;RQ 38 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 47N 5E,1, 12; Shoshone |
| &nbsp;&nbsp;&nbsp;908 | &nbsp;&nbsp;&nbsp;IMC 227944 | &nbsp;&nbsp;&nbsp;RQ 39 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 47N 5E,12; Shoshone |
| &nbsp;&nbsp;&nbsp;909 | &nbsp;&nbsp;&nbsp;IMC 227945 | &nbsp;&nbsp;&nbsp;Sun South #1 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 48N 3E,34; Shoshone |
| &nbsp;&nbsp;&nbsp;910 | &nbsp;&nbsp;&nbsp;IMC 227946 | &nbsp;&nbsp;&nbsp;Sun South #2 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 48N 3E,34; Shoshone |
| &nbsp;&nbsp;&nbsp;911 | &nbsp;&nbsp;&nbsp;IMC 227947 | &nbsp;&nbsp;&nbsp;Sun South #3 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 48N 3E,34; Shoshone |
| &nbsp;&nbsp;&nbsp;912 | &nbsp;&nbsp;&nbsp;IMC 227948 | &nbsp;&nbsp;&nbsp;Sun South #4 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 48N 3E,34; Shoshone |
| &nbsp;&nbsp;&nbsp;913 | &nbsp;&nbsp;&nbsp;IMC 227949 | &nbsp;&nbsp;&nbsp;Sun South #5 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 48N 3E,34; Shoshone |

---

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|:---|:---|
| 28-42 | ![](ny20061035x4_ex96-1img002.jpg) |

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------

<u> Silver Opportunity Partners LLC \| Sunshine Mine S-K 1300 Technical Report Summary on the Initial Assessment </u> <u> March 25, 2026 SLR Project No.: 123.020552.00001 </u>

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**License Code** | &nbsp;&nbsp;&nbsp;**License Name** | &nbsp;&nbsp;&nbsp;**Parties** | &nbsp;&nbsp;&nbsp;**Type** | &nbsp;&nbsp;&nbsp;**Interest** | &nbsp;&nbsp;&nbsp;**Area<br> (ac)** | &nbsp;&nbsp;&nbsp;**Map Reference** |
| &nbsp;&nbsp;&nbsp;914 | &nbsp;&nbsp;&nbsp;IMC 227950 | &nbsp;&nbsp;&nbsp;Sun South #6 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 48N 3E,34; Shoshone |
| &nbsp;&nbsp;&nbsp;915 | &nbsp;&nbsp;&nbsp;IMC 227951 | &nbsp;&nbsp;&nbsp;Sun South #7 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 48N 3E,34; Shoshone |
| &nbsp;&nbsp;&nbsp;916 | &nbsp;&nbsp;&nbsp;IMC 227952 | &nbsp;&nbsp;&nbsp;Sun South #8 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 48N 3E,34; Shoshone |
| &nbsp;&nbsp;&nbsp;917 | &nbsp;&nbsp;&nbsp;IMC 227953 | &nbsp;&nbsp;&nbsp;Sun South #9 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 48N 3E,34; Shoshone |
| &nbsp;&nbsp;&nbsp;918 | &nbsp;&nbsp;&nbsp;IMC 227954 | &nbsp;&nbsp;&nbsp;Sun South #10 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 48N 3E,34; Shoshone |
| &nbsp;&nbsp;&nbsp;919 | &nbsp;&nbsp;&nbsp;IMC 227955 | &nbsp;&nbsp;&nbsp;Sun South #11 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 48N 3E,34; Shoshone |
| &nbsp;&nbsp;&nbsp;920 | &nbsp;&nbsp;&nbsp;IMC 227956 | &nbsp;&nbsp;&nbsp;Sun South #12 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 47N 3E,3; 48N 3E,34; Shoshone |
| &nbsp;&nbsp;&nbsp;921 | &nbsp;&nbsp;&nbsp;IMC 227957 | &nbsp;&nbsp;&nbsp;Sun South #13 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 48N 3E,34; Shoshone |
| &nbsp;&nbsp;&nbsp;922 | &nbsp;&nbsp;&nbsp;IMC 227958 | &nbsp;&nbsp;&nbsp;Sun South #14 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 48N 3E,34; Shoshone |
| &nbsp;&nbsp;&nbsp;923 | &nbsp;&nbsp;&nbsp;IMC 227959 | &nbsp;&nbsp;&nbsp;Sun South #15 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 48N 3E,34; Shoshone |
| &nbsp;&nbsp;&nbsp;924 | &nbsp;&nbsp;&nbsp;IMC 227960 | &nbsp;&nbsp;&nbsp;Sun South #16 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 48N 3E,34; Shoshone |
| &nbsp;&nbsp;&nbsp;925 | &nbsp;&nbsp;&nbsp;IMC 227961 | &nbsp;&nbsp;&nbsp;Sun South #17 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 48N 3E,34; Shoshone |
| &nbsp;&nbsp;&nbsp;926 | &nbsp;&nbsp;&nbsp;IMC 227962 | &nbsp;&nbsp;&nbsp;Sun South #18 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 48N 3E,34; Shoshone |
| &nbsp;&nbsp;&nbsp;927 | &nbsp;&nbsp;&nbsp;IMC 227963 | &nbsp;&nbsp;&nbsp;Sun South #19 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 48N 3E,34; Shoshone |
| &nbsp;&nbsp;&nbsp;928 | &nbsp;&nbsp;&nbsp;IMC 227964 | &nbsp;&nbsp;&nbsp;Sun South #20 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 48N 3E,34, 35; Shoshone |
| &nbsp;&nbsp;&nbsp;929 | &nbsp;&nbsp;&nbsp;IMC 227965 | &nbsp;&nbsp;&nbsp;Sun South #21 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 48N 3E,34, 35; Shoshone |
| &nbsp;&nbsp;&nbsp;930 | &nbsp;&nbsp;&nbsp;IMC 227966 | &nbsp;&nbsp;&nbsp;Sun South #22 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 48N 3E,34, 35; Shoshone |
| &nbsp;&nbsp;&nbsp;931 | &nbsp;&nbsp;&nbsp;IMC 227967 | &nbsp;&nbsp;&nbsp;Sun South #23 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 48N 3E,34, 35; Shoshone |
| &nbsp;&nbsp;&nbsp;932 | &nbsp;&nbsp;&nbsp;IMC 227968 | &nbsp;&nbsp;&nbsp;Sun South #24 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 48N 3E,34, 35; Shoshone |
| &nbsp;&nbsp;&nbsp;933 | &nbsp;&nbsp;&nbsp;IMC 227969 | &nbsp;&nbsp;&nbsp;Sun South #25 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 48N 3E,35; Shoshone |
| &nbsp;&nbsp;&nbsp;934 | &nbsp;&nbsp;&nbsp;IMC 227970 | &nbsp;&nbsp;&nbsp;Sun South #26 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 48N 3E,35; Shoshone |
| &nbsp;&nbsp;&nbsp;935 | &nbsp;&nbsp;&nbsp;IMC 227971 | &nbsp;&nbsp;&nbsp;Sun South #27 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 48N 3E,35; Shoshone |
| &nbsp;&nbsp;&nbsp;936 | &nbsp;&nbsp;&nbsp;IMC 227972 | &nbsp;&nbsp;&nbsp;Sun South #28 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 48N 3E,35; Shoshone |
| &nbsp;&nbsp;&nbsp;937 | &nbsp;&nbsp;&nbsp;IMC 227973 | &nbsp;&nbsp;&nbsp;Sun South #29 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 48N 3E,35; Shoshone |
| &nbsp;&nbsp;&nbsp;938 | &nbsp;&nbsp;&nbsp;IMC 227974 | &nbsp;&nbsp;&nbsp;Sun South #30 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 48N 3E,35; Shoshone |
| &nbsp;&nbsp;&nbsp;939 | &nbsp;&nbsp;&nbsp;IMC 227975 | &nbsp;&nbsp;&nbsp;Sun South #31 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 48N 3E,35; Shoshone |
| &nbsp;&nbsp;&nbsp;940 | &nbsp;&nbsp;&nbsp;IMC 227976 | &nbsp;&nbsp;&nbsp;Sun South #32 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 48N 3E,35; Shoshone |
| &nbsp;&nbsp;&nbsp;941 | &nbsp;&nbsp;&nbsp;IMC 227977 | &nbsp;&nbsp;&nbsp;Sun South #33 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 48N 3E,26, 35; Shoshone |
| &nbsp;&nbsp;&nbsp;942 | &nbsp;&nbsp;&nbsp;IMC 227978 | &nbsp;&nbsp;&nbsp;Sun South #34 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 47N 3E,3, 4; 48N 3E,33, 34; Shoshone |

---

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| | |
|:---|:---|
| 28-43 | ![](ny20061035x4_ex96-1img002.jpg) |

---

------

<u> Silver Opportunity Partners LLC \| Sunshine Mine S-K 1300 Technical Report Summary on the Initial Assessment </u> <u> March 25, 2026 SLR Project No.: 123.020552.00001 </u>

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**License Code** | &nbsp;&nbsp;&nbsp;**License Name** | &nbsp;&nbsp;&nbsp;**Parties** | &nbsp;&nbsp;&nbsp;**Type** | &nbsp;&nbsp;&nbsp;**Interest** | &nbsp;&nbsp;&nbsp;**Area<br> (ac)** | &nbsp;&nbsp;&nbsp;**Map Reference** |
| &nbsp;&nbsp;&nbsp;943 | &nbsp;&nbsp;&nbsp;IMC 227979 | &nbsp;&nbsp;&nbsp;Sun South #35 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 48N 3E,33, 34; Shoshone |
| &nbsp;&nbsp;&nbsp;944 | &nbsp;&nbsp;&nbsp;IMC 227980 | &nbsp;&nbsp;&nbsp;Sun South #36 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 48N 3E,33, 34; Shoshone |
| &nbsp;&nbsp;&nbsp;945 | &nbsp;&nbsp;&nbsp;IMC 227981 | &nbsp;&nbsp;&nbsp;Sun South #37 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 48N 3E,33, 34; Shoshone |
| &nbsp;&nbsp;&nbsp;946 | &nbsp;&nbsp;&nbsp;IMC 227982 | &nbsp;&nbsp;&nbsp;Sun South #38 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 48N 3E,33, 34; Shoshone |
| &nbsp;&nbsp;&nbsp;947 | &nbsp;&nbsp;&nbsp;IMC 227983 | &nbsp;&nbsp;&nbsp;Sun South #39 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 48N 3E,33, 34; Shoshone |
| &nbsp;&nbsp;&nbsp;948 | &nbsp;&nbsp;&nbsp;IMC 227984 | &nbsp;&nbsp;&nbsp;Sun South #40 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 48N 3E,33, 34; Shoshone |
| &nbsp;&nbsp;&nbsp;949 | &nbsp;&nbsp;&nbsp;IMC 227985 | &nbsp;&nbsp;&nbsp;Sun South #41 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 48N 3E,33, 34; Shoshone |
| &nbsp;&nbsp;&nbsp;950 | &nbsp;&nbsp;&nbsp;IMC 227986 | &nbsp;&nbsp;&nbsp;Sun South #42 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 48N 3E,27, 28, 33, 34; Shoshone |
| &nbsp;&nbsp;&nbsp;951 | &nbsp;&nbsp;&nbsp;IMC 227987 | &nbsp;&nbsp;&nbsp;Sun South #43 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 48N 3E,27, 28; Shoshone |
| &nbsp;&nbsp;&nbsp;952 | &nbsp;&nbsp;&nbsp;IMC 227988 | &nbsp;&nbsp;&nbsp;Sun South #44 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 48N 3E,27, 28; Shoshone |
| &nbsp;&nbsp;&nbsp;953 | &nbsp;&nbsp;&nbsp;IMC 227989 | &nbsp;&nbsp;&nbsp;Sun South #45 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 48N 3E,27, 28; Shoshone |
| &nbsp;&nbsp;&nbsp;954 | &nbsp;&nbsp;&nbsp;IMC 227990 | &nbsp;&nbsp;&nbsp;Sun South #46 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 47N 3E,4; 48N 3E,33; Shoshone |
| &nbsp;&nbsp;&nbsp;955 | &nbsp;&nbsp;&nbsp;IMC 227991 | &nbsp;&nbsp;&nbsp;Sun South #47 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 48N 3E,33; Shoshone |
| &nbsp;&nbsp;&nbsp;956 | &nbsp;&nbsp;&nbsp;IMC 227992 | &nbsp;&nbsp;&nbsp;Sun South #48 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 48N 3E,33; Shoshone |
| &nbsp;&nbsp;&nbsp;957 | &nbsp;&nbsp;&nbsp;IMC 227993 | &nbsp;&nbsp;&nbsp;Sun South #49 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 48N 3E,33; Shoshone |
| &nbsp;&nbsp;&nbsp;958 | &nbsp;&nbsp;&nbsp;IMC 227994 | &nbsp;&nbsp;&nbsp;Sun South #50 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 48N 3E,33; Shoshone |
| &nbsp;&nbsp;&nbsp;959 | &nbsp;&nbsp;&nbsp;IMC 227995 | &nbsp;&nbsp;&nbsp;Sun South #51 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 48N 3E,33; Shoshone |
| &nbsp;&nbsp;&nbsp;960 | &nbsp;&nbsp;&nbsp;IMC 227996 | &nbsp;&nbsp;&nbsp;Sun South #52 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 48N 3E,33; Shoshone |
| &nbsp;&nbsp;&nbsp;961 | &nbsp;&nbsp;&nbsp;IMC 227997 | &nbsp;&nbsp;&nbsp;Sun South #53 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 48N 3E,33; Shoshone |
| &nbsp;&nbsp;&nbsp;962 | &nbsp;&nbsp;&nbsp;IMC 227998 | &nbsp;&nbsp;&nbsp;Sun South #54 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 48N 3E,28, 33; Shoshone |
| &nbsp;&nbsp;&nbsp;963 | &nbsp;&nbsp;&nbsp;IMC 227999 | &nbsp;&nbsp;&nbsp;Sun South #55 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 48N 3E,28; Shoshone |
| &nbsp;&nbsp;&nbsp;964 | &nbsp;&nbsp;&nbsp;IMC 228000 | &nbsp;&nbsp;&nbsp;Sun South #56 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 48N 3E,28; Shoshone |
| &nbsp;&nbsp;&nbsp;965 | &nbsp;&nbsp;&nbsp;IMC 228001 | &nbsp;&nbsp;&nbsp;Sun South #57 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 48N 3E,28; Shoshone |
| &nbsp;&nbsp;&nbsp;966 | &nbsp;&nbsp;&nbsp;IMC 228002 | &nbsp;&nbsp;&nbsp;Sun South #58 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 47N 3E,4; 48N 3E,33; Shoshone |
| &nbsp;&nbsp;&nbsp;967 | &nbsp;&nbsp;&nbsp;IMC 228003 | &nbsp;&nbsp;&nbsp;Sun South #59 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 48N 3E,33; Shoshone |
| &nbsp;&nbsp;&nbsp;968 | &nbsp;&nbsp;&nbsp;IMC 228004 | &nbsp;&nbsp;&nbsp;Sun South #60 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 48N 3E,33; Shoshone |
| &nbsp;&nbsp;&nbsp;969 | &nbsp;&nbsp;&nbsp;IMC 228005 | &nbsp;&nbsp;&nbsp;Sun South #61 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 48N 3E,33; Shoshone |
| &nbsp;&nbsp;&nbsp;970 | &nbsp;&nbsp;&nbsp;IMC 228006 | &nbsp;&nbsp;&nbsp;Sun South #62 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 48N 3E,33; Shoshone |

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|:---|:---|
| 28-44 | ![](ny20061035x4_ex96-1img002.jpg) |

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<u> Silver Opportunity Partners LLC \| Sunshine Mine S-K 1300 Technical Report Summary on the Initial Assessment </u> <u> March 25, 2026 SLR Project No.: 123.020552.00001 </u>

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**License Code** | &nbsp;&nbsp;&nbsp;**License Name** | &nbsp;&nbsp;&nbsp;**Parties** | &nbsp;&nbsp;&nbsp;**Type** | &nbsp;&nbsp;&nbsp;**Interest** | &nbsp;&nbsp;&nbsp;**Area<br> (ac)** | &nbsp;&nbsp;&nbsp;**Map Reference** |
| &nbsp;&nbsp;&nbsp;971 | &nbsp;&nbsp;&nbsp;IMC 228007 | &nbsp;&nbsp;&nbsp;Sun South #63 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 48N 3E,33; Shoshone |
| &nbsp;&nbsp;&nbsp;972 | &nbsp;&nbsp;&nbsp;IMC 228008 | &nbsp;&nbsp;&nbsp;Sun South #64 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 48N 3E,33; Shoshone |
| &nbsp;&nbsp;&nbsp;973 | &nbsp;&nbsp;&nbsp;IMC 228009 | &nbsp;&nbsp;&nbsp;Sun South #65 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 48N 3E,33; Shoshone |
| &nbsp;&nbsp;&nbsp;974 | &nbsp;&nbsp;&nbsp;IMC 228010 | &nbsp;&nbsp;&nbsp;Sun South #66 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 48N 3E,28, 33; Shoshone |
| &nbsp;&nbsp;&nbsp;975 | &nbsp;&nbsp;&nbsp;IMC 228011 | &nbsp;&nbsp;&nbsp;Sun South #67 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 48N 3E,28; Shoshone |
| &nbsp;&nbsp;&nbsp;976 | &nbsp;&nbsp;&nbsp;IMC 228012 | &nbsp;&nbsp;&nbsp;Sun South #68 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 48N 3E,28; Shoshone |
| &nbsp;&nbsp;&nbsp;977 | &nbsp;&nbsp;&nbsp;IMC 228013 | &nbsp;&nbsp;&nbsp;Sun South #69 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 48N 3E,28; Shoshone |
| &nbsp;&nbsp;&nbsp;978 | &nbsp;&nbsp;&nbsp;IMC 228014 | &nbsp;&nbsp;&nbsp;Sun South #70 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 48N 3E,28; Shoshone |
| &nbsp;&nbsp;&nbsp;979 | &nbsp;&nbsp;&nbsp;IMC 228015 | &nbsp;&nbsp;&nbsp;Sun South #71 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 47N 3E,4; 48N 3E,32, 33; Shoshone |
| &nbsp;&nbsp;&nbsp;980 | &nbsp;&nbsp;&nbsp;IMC 228016 | &nbsp;&nbsp;&nbsp;Sun South #72 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 48N 3E,32, 33; Shoshone |
| &nbsp;&nbsp;&nbsp;981 | &nbsp;&nbsp;&nbsp;IMC 228017 | &nbsp;&nbsp;&nbsp;Sun South #73 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 48N 3E,32, 33; Shoshone |
| &nbsp;&nbsp;&nbsp;982 | &nbsp;&nbsp;&nbsp;IMC 228018 | &nbsp;&nbsp;&nbsp;Sun South #74 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 48N 3E,32, 33; Shoshone |
| &nbsp;&nbsp;&nbsp;983 | &nbsp;&nbsp;&nbsp;IMC 228019 | &nbsp;&nbsp;&nbsp;Sun South #75 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 48N 3E,32, 33; Shoshone |
| &nbsp;&nbsp;&nbsp;984 | &nbsp;&nbsp;&nbsp;IMC 228020 | &nbsp;&nbsp;&nbsp;Sun South #76 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 48N 3E,32, 33; Shoshone |
| &nbsp;&nbsp;&nbsp;985 | &nbsp;&nbsp;&nbsp;IMC 228021 | &nbsp;&nbsp;&nbsp;Sun South #77 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 48N 3E,32, 33; Shoshone |
| &nbsp;&nbsp;&nbsp;986 | &nbsp;&nbsp;&nbsp;IMC 228022 | &nbsp;&nbsp;&nbsp;Sun South #78 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 48N 3E,32, 33; Shoshone |
| &nbsp;&nbsp;&nbsp;987 | &nbsp;&nbsp;&nbsp;IMC 228023 | &nbsp;&nbsp;&nbsp;Sun South #79 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 48N 3E,28, 29, 32, 33; Shoshone |
| &nbsp;&nbsp;&nbsp;988 | &nbsp;&nbsp;&nbsp;IMC 228024 | &nbsp;&nbsp;&nbsp;Sun South #80 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 48N 3E,28, 29; Shoshone |
| &nbsp;&nbsp;&nbsp;989 | &nbsp;&nbsp;&nbsp;IMC 228025 | &nbsp;&nbsp;&nbsp;Sun South #81 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 48N 3E,28, 29; Shoshone |
| &nbsp;&nbsp;&nbsp;990 | &nbsp;&nbsp;&nbsp;IMC 228026 | &nbsp;&nbsp;&nbsp;Sun South #82 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 48N 3E,28, 29; Shoshone |
| &nbsp;&nbsp;&nbsp;991 | &nbsp;&nbsp;&nbsp;IMC 228027 | &nbsp;&nbsp;&nbsp;Sun South #83 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 48N 3E,28, 29; Shoshone |
| &nbsp;&nbsp;&nbsp;992 | &nbsp;&nbsp;&nbsp;IMC 228028 | &nbsp;&nbsp;&nbsp;Sun South #84 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 47N 3E,4, 5; 48N 3E,32; Shoshone |
| &nbsp;&nbsp;&nbsp;993 | &nbsp;&nbsp;&nbsp;IMC 228029 | &nbsp;&nbsp;&nbsp;Sun South #85 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 48N 3E,32; Shoshone |
| &nbsp;&nbsp;&nbsp;994 | &nbsp;&nbsp;&nbsp;IMC 228030 | &nbsp;&nbsp;&nbsp;Sun South #86 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 48N 3E,32; Shoshone |
| &nbsp;&nbsp;&nbsp;995 | &nbsp;&nbsp;&nbsp;IMC 228031 | &nbsp;&nbsp;&nbsp;Sun South #87 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 48N 3E,32; Shoshone |
| &nbsp;&nbsp;&nbsp;996 | &nbsp;&nbsp;&nbsp;IMC 228032 | &nbsp;&nbsp;&nbsp;Sun South #88 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 48N 3E,32; Shoshone |
| &nbsp;&nbsp;&nbsp;997 | &nbsp;&nbsp;&nbsp;IMC 228033 | &nbsp;&nbsp;&nbsp;Sun South #89 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 48N 3E,32; Shoshone |
| &nbsp;&nbsp;&nbsp;998 | &nbsp;&nbsp;&nbsp;IMC 228034 | &nbsp;&nbsp;&nbsp;Sun South #90 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 48N 3E,32; Shoshone |

---

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| | |
|:---|:---|
| 28-45 | ![](ny20061035x4_ex96-1img002.jpg) |

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------

<u> Silver Opportunity Partners LLC \| Sunshine Mine S-K 1300 Technical Report Summary on the Initial Assessment </u> <u> March 25, 2026 SLR Project No.: 123.020552.00001 </u>

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**License Code** | &nbsp;&nbsp;&nbsp;**License Name** | &nbsp;&nbsp;&nbsp;**Parties** | &nbsp;&nbsp;&nbsp;**Type** | &nbsp;&nbsp;&nbsp;**Interest** | &nbsp;&nbsp;&nbsp;**Area<br> (ac)** | &nbsp;&nbsp;&nbsp;**Map Reference** |
| &nbsp;&nbsp;&nbsp;999 | &nbsp;&nbsp;&nbsp;IMC 228035 | &nbsp;&nbsp;&nbsp;Sun South #91 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 48N 3E,32; Shoshone |
| &nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;IMC 228036 | &nbsp;&nbsp;&nbsp;Sun South #92 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 48N 3E,29, 32; Shoshone |
| &nbsp;&nbsp;&nbsp;1001 | &nbsp;&nbsp;&nbsp;IMC 228037 | &nbsp;&nbsp;&nbsp;Sun South #93 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 48N 3E,29; Shoshone |
| &nbsp;&nbsp;&nbsp;1002 | &nbsp;&nbsp;&nbsp;IMC 228038 | &nbsp;&nbsp;&nbsp;Sun South #94 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 48N 3E,29; Shoshone |
| &nbsp;&nbsp;&nbsp;1003 | &nbsp;&nbsp;&nbsp;IMC 228039 | &nbsp;&nbsp;&nbsp;Sun South #95 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 48N 3E,29; Shoshone |
| &nbsp;&nbsp;&nbsp;1004 | &nbsp;&nbsp;&nbsp;IMC 228040 | &nbsp;&nbsp;&nbsp;Sun South #96 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 48N 3E,29; Shoshone |
| &nbsp;&nbsp;&nbsp;1005 | &nbsp;&nbsp;&nbsp;IMC 228041 | &nbsp;&nbsp;&nbsp;Sun South #97 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 47N 3E,5; 48N 3E,32; Shoshone |
| &nbsp;&nbsp;&nbsp;1006 | &nbsp;&nbsp;&nbsp;IMC 228042 | &nbsp;&nbsp;&nbsp;Sun South #98 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 48N 3E,32; Shoshone |
| &nbsp;&nbsp;&nbsp;1007 | &nbsp;&nbsp;&nbsp;IMC 228043 | &nbsp;&nbsp;&nbsp;Sun South #99 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 48N 3E,32; Shoshone |
| &nbsp;&nbsp;&nbsp;1008 | &nbsp;&nbsp;&nbsp;IMC 228044 | &nbsp;&nbsp;&nbsp;Sun South #100 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 48N 3E,32; Shoshone |
| &nbsp;&nbsp;&nbsp;1009 | &nbsp;&nbsp;&nbsp;IMC 228045 | &nbsp;&nbsp;&nbsp;Sun South #101 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 48N 3E,32; Shoshone |
| &nbsp;&nbsp;&nbsp;1010 | &nbsp;&nbsp;&nbsp;IMC 228046 | &nbsp;&nbsp;&nbsp;Sun South #102 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 48N 3E,32; Shoshone |
| &nbsp;&nbsp;&nbsp;1011 | &nbsp;&nbsp;&nbsp;IMC 228047 | &nbsp;&nbsp;&nbsp;Sun South #103 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 48N 3E,32; Shoshone |
| &nbsp;&nbsp;&nbsp;1012 | &nbsp;&nbsp;&nbsp;IMC 228048 | &nbsp;&nbsp;&nbsp;Sun South #104 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 48N 3E,32; Shoshone |
| &nbsp;&nbsp;&nbsp;1013 | &nbsp;&nbsp;&nbsp;IMC 228049 | &nbsp;&nbsp;&nbsp;Sun South #105 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 48N 3E,29, 32; Shoshone |
| &nbsp;&nbsp;&nbsp;1014 | &nbsp;&nbsp;&nbsp;IMC 228050 | &nbsp;&nbsp;&nbsp;Sun South #106 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 48N 3E,29; Shoshone |
| &nbsp;&nbsp;&nbsp;1015 | &nbsp;&nbsp;&nbsp;IMC 228051 | &nbsp;&nbsp;&nbsp;Sun South #107 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 48N 3E,29; Shoshone |
| &nbsp;&nbsp;&nbsp;1016 | &nbsp;&nbsp;&nbsp;IMC 228052 | &nbsp;&nbsp;&nbsp;Sun South #108 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 48N 3E,29; Shoshone |
| &nbsp;&nbsp;&nbsp;1017 | &nbsp;&nbsp;&nbsp;IMC 228053 | &nbsp;&nbsp;&nbsp;Sun South #109 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 48N 3E,29; Shoshone |
| &nbsp;&nbsp;&nbsp;1018 | &nbsp;&nbsp;&nbsp;IMC 228054 | &nbsp;&nbsp;&nbsp;Sun South #112 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 48N 3E,32; Shoshone |
| &nbsp;&nbsp;&nbsp;1019 | &nbsp;&nbsp;&nbsp;IMC 228055 | &nbsp;&nbsp;&nbsp;Sun South #113 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 48N 3E,32; Shoshone |
| &nbsp;&nbsp;&nbsp;1020 | &nbsp;&nbsp;&nbsp;IMC 228056 | &nbsp;&nbsp;&nbsp;Sun South #114 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 48N 3E,32; Shoshone |
| &nbsp;&nbsp;&nbsp;1021 | &nbsp;&nbsp;&nbsp;IMC 228057 | &nbsp;&nbsp;&nbsp;Sun South #115 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 48N 3E,32; Shoshone |
| &nbsp;&nbsp;&nbsp;1022 | &nbsp;&nbsp;&nbsp;IMC 228058 | &nbsp;&nbsp;&nbsp;Sun South #116 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 48N 3E,32; Shoshone |
| &nbsp;&nbsp;&nbsp;1023 | &nbsp;&nbsp;&nbsp;IMC 228059 | &nbsp;&nbsp;&nbsp;Sun South #117 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 48N 3E,32; Shoshone |
| &nbsp;&nbsp;&nbsp;1024 | &nbsp;&nbsp;&nbsp;IMC 228060 | &nbsp;&nbsp;&nbsp;Sun South #118 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.903 | &nbsp;&nbsp;&nbsp;United States, 48N 3E,29, 32; Shoshone |
| &nbsp;&nbsp;&nbsp;1025 | &nbsp;&nbsp;&nbsp;IMC 228061 | &nbsp;&nbsp;&nbsp;Sun South #119 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 48N 3E,29; Shoshone |
| &nbsp;&nbsp;&nbsp;1026 | &nbsp;&nbsp;&nbsp;IMC 228062 | &nbsp;&nbsp;&nbsp;Sun South #120 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 48N 3E,29; Shoshone |
| &nbsp;&nbsp;&nbsp;1027 | &nbsp;&nbsp;&nbsp;IMC 228063 | &nbsp;&nbsp;&nbsp;Sun South #121 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 48N 3E,29; Shoshone |

---

---

| | |
|:---|:---|
| 28-46 | ![](ny20061035x4_ex96-1img002.jpg) |

---

------

<u> Silver Opportunity Partners LLC \| Sunshine Mine S-K 1300 Technical Report Summary on the Initial Assessment </u> <u> March 25, 2026 SLR Project No.: 123.020552.00001 </u>

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**License Code** | &nbsp;&nbsp;&nbsp;**License Name** | &nbsp;&nbsp;&nbsp;**Parties** | &nbsp;&nbsp;&nbsp;**Type** | &nbsp;&nbsp;&nbsp;**Interest** | &nbsp;&nbsp;&nbsp;**Area<br> (ac)** | &nbsp;&nbsp;&nbsp;**Map Reference** |
| &nbsp;&nbsp;&nbsp;1028 | &nbsp;&nbsp;&nbsp;IMC 228064 | &nbsp;&nbsp;&nbsp;Sun South #122 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 48N 3E,29; Shoshone |
| &nbsp;&nbsp;&nbsp;1029 | &nbsp;&nbsp;&nbsp;IMC 228065 | &nbsp;&nbsp;&nbsp;Sun South #123 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 48N 3E,29; Shoshone |
| &nbsp;&nbsp;&nbsp;1030 | &nbsp;&nbsp;&nbsp;IMC 228066 | &nbsp;&nbsp;&nbsp;Sun South #124 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 48N 3E,29; Shoshone |
| &nbsp;&nbsp;&nbsp;1031 | &nbsp;&nbsp;&nbsp;IMC 228067 | &nbsp;&nbsp;&nbsp;Sun South #125 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 48N 3E,29; Shoshone |
| &nbsp;&nbsp;&nbsp;1032 | &nbsp;&nbsp;&nbsp;IMC 228068 | &nbsp;&nbsp;&nbsp;Sun South #126 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 48N 3E,35, 36; Shoshone |
| &nbsp;&nbsp;&nbsp;1033 | &nbsp;&nbsp;&nbsp;IMC 228069 | &nbsp;&nbsp;&nbsp;Sun South #127 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 48N 3E,35, 36; Shoshone |
| &nbsp;&nbsp;&nbsp;1034 | &nbsp;&nbsp;&nbsp;IMC 228070 | &nbsp;&nbsp;&nbsp;Sun South #128 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 48N 3E,31, 32; Shoshone |
| &nbsp;&nbsp;&nbsp;1035 | &nbsp;&nbsp;&nbsp;IMC 228071 | &nbsp;&nbsp;&nbsp;Sun South #129 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 48N 3E,31, 32; Shoshone |
| &nbsp;&nbsp;&nbsp;1036 | &nbsp;&nbsp;&nbsp;IMC 228072 | &nbsp;&nbsp;&nbsp;Sun South #130 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 48N 3E,31, 32; Shoshone |
| &nbsp;&nbsp;&nbsp;1037 | &nbsp;&nbsp;&nbsp;IMC 228073 | &nbsp;&nbsp;&nbsp;Sun South #131 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 48N 3E,31, 32; Shoshone |
| &nbsp;&nbsp;&nbsp;1038 | &nbsp;&nbsp;&nbsp;IMC 228074 | &nbsp;&nbsp;&nbsp;Sun South #132 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 48N 3E,31, 32; Shoshone |
| &nbsp;&nbsp;&nbsp;1039 | &nbsp;&nbsp;&nbsp;IMC 228075 | &nbsp;&nbsp;&nbsp;Sun South #133 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 48N 3E,31, 32; Shoshone |
| &nbsp;&nbsp;&nbsp;1040 | &nbsp;&nbsp;&nbsp;IMC 228076 | &nbsp;&nbsp;&nbsp;Sun South #134 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 48N 3E,29, 30, 31, 32; Shoshone |
| &nbsp;&nbsp;&nbsp;1041 | &nbsp;&nbsp;&nbsp;IMC 228077 | &nbsp;&nbsp;&nbsp;Sun South #135 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 48N 3E,29, 30; Shoshone |
| &nbsp;&nbsp;&nbsp;1042 | &nbsp;&nbsp;&nbsp;IMC 228078 | &nbsp;&nbsp;&nbsp;Sun South #136 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 48N 3E,29, 30; Shoshone |
| &nbsp;&nbsp;&nbsp;1043 | &nbsp;&nbsp;&nbsp;IMC 228079 | &nbsp;&nbsp;&nbsp;Sun South #137 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 48N 3E,29, 30; Shoshone |
| &nbsp;&nbsp;&nbsp;1044 | &nbsp;&nbsp;&nbsp;IMC 228080 | &nbsp;&nbsp;&nbsp;Sun South #138 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 48N 3E,29, 30; Shoshone |
| &nbsp;&nbsp;&nbsp;1045 | &nbsp;&nbsp;&nbsp;IMC 228081 | &nbsp;&nbsp;&nbsp;Sun South #139 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 48N 3E,29, 30; Shoshone |
| &nbsp;&nbsp;&nbsp;1046 | &nbsp;&nbsp;&nbsp;IMC 228082 | &nbsp;&nbsp;&nbsp;Sun South #140 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 48N 3E,29, 30; Shoshone |
| &nbsp;&nbsp;&nbsp;1047 | &nbsp;&nbsp;&nbsp;IMC 228083 | &nbsp;&nbsp;&nbsp;Sun South #141 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 48N 3E,29, 30; Shoshone |
| &nbsp;&nbsp;&nbsp;1048 | &nbsp;&nbsp;&nbsp;IMC 228084 | &nbsp;&nbsp;&nbsp;Sun South #142 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 48N 3E,35, 36; Shoshone |
| &nbsp;&nbsp;&nbsp;1049 | &nbsp;&nbsp;&nbsp;IMC 228085 | &nbsp;&nbsp;&nbsp;Sun South #143 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 48N 3E,35, 36; Shoshone |
| &nbsp;&nbsp;&nbsp;1050 | &nbsp;&nbsp;&nbsp;IMC 228086 | &nbsp;&nbsp;&nbsp;Sun South #144 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 48N 3E,31; Shoshone |
| &nbsp;&nbsp;&nbsp;1051 | &nbsp;&nbsp;&nbsp;IMC 228087 | &nbsp;&nbsp;&nbsp;Sun South #145 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 48N 3E,31; Shoshone |
| &nbsp;&nbsp;&nbsp;1052 | &nbsp;&nbsp;&nbsp;IMC 228088 | &nbsp;&nbsp;&nbsp;Sun South #146 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 48N 3E,31; Shoshone |
| &nbsp;&nbsp;&nbsp;1053 | &nbsp;&nbsp;&nbsp;IMC 228089 | &nbsp;&nbsp;&nbsp;Sun South #147 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 48N 3E,31; Shoshone |
| &nbsp;&nbsp;&nbsp;1054 | &nbsp;&nbsp;&nbsp;IMC 228090 | &nbsp;&nbsp;&nbsp;Sun South #148 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 48N 3E,31; Shoshone |
| &nbsp;&nbsp;&nbsp;1055 | &nbsp;&nbsp;&nbsp;IMC 228091 | &nbsp;&nbsp;&nbsp;Sun South #149 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 48N 3E,31; Shoshone |
| &nbsp;&nbsp;&nbsp;1056 | &nbsp;&nbsp;&nbsp;IMC 228092 | &nbsp;&nbsp;&nbsp;Sun South #150 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 48N 3E,30, 31; Shoshone |

---

---

| | |
|:---|:---|
| 28-47 | ![](ny20061035x4_ex96-1img002.jpg) |

---

------

<u> Silver Opportunity Partners LLC \| Sunshine Mine S-K 1300 Technical Report Summary on the Initial Assessment </u> <u> March 25, 2026 SLR Project No.: 123.020552.00001 </u>

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**License Code** | &nbsp;&nbsp;&nbsp;**License Name** | &nbsp;&nbsp;&nbsp;**Parties** | &nbsp;&nbsp;&nbsp;**Type** | &nbsp;&nbsp;&nbsp;**Interest** | &nbsp;&nbsp;&nbsp;**Area<br> (ac)** | &nbsp;&nbsp;&nbsp;**Map Reference** |
| &nbsp;&nbsp;&nbsp;1057 | &nbsp;&nbsp;&nbsp;IMC 228093 | &nbsp;&nbsp;&nbsp;Sun South #151 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 48N 3E,30, 31; Shoshone |
| &nbsp;&nbsp;&nbsp;1058 | &nbsp;&nbsp;&nbsp;IMC 228094 | &nbsp;&nbsp;&nbsp;Sun South #152 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 48N 3E,35; Shoshone |
| &nbsp;&nbsp;&nbsp;1059 | &nbsp;&nbsp;&nbsp;IMC 228095 | &nbsp;&nbsp;&nbsp;Sun South #153 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 48N 3E,35; Shoshone |
| &nbsp;&nbsp;&nbsp;1060 | &nbsp;&nbsp;&nbsp;IMC 228096 | &nbsp;&nbsp;&nbsp;Sun South #154 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 48N 3E,35; Shoshone |
| &nbsp;&nbsp;&nbsp;1061 | &nbsp;&nbsp;&nbsp;IMC 228097 | &nbsp;&nbsp;&nbsp;Sun South #155 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 48N 3E,35; Shoshone |
| &nbsp;&nbsp;&nbsp;1062 | &nbsp;&nbsp;&nbsp;IMC 228098 | &nbsp;&nbsp;&nbsp;Sun South #156 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 48N 3E,35; Shoshone |
| &nbsp;&nbsp;&nbsp;1063 | &nbsp;&nbsp;&nbsp;IMC 228099 | &nbsp;&nbsp;&nbsp;Sun South #157 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 48N 3E,35; Shoshone |
| &nbsp;&nbsp;&nbsp;1064 | &nbsp;&nbsp;&nbsp;IMC 228100 | &nbsp;&nbsp;&nbsp;Sun South #158 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 48N 3E,35; Shoshone |
| &nbsp;&nbsp;&nbsp;1065 | &nbsp;&nbsp;&nbsp;IMC 228101 | &nbsp;&nbsp;&nbsp;Sun South #159 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 48N 3E,26, 35; Shoshone |
| &nbsp;&nbsp;&nbsp;1066 | &nbsp;&nbsp;&nbsp;IMC 228102 | &nbsp;&nbsp;&nbsp;Sun South #160 | &nbsp;&nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;&nbsp;Owned | &nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;United States, 48N 3E,35, 36; Shoshone |
|  | &nbsp;&nbsp;&nbsp;Total (acreage)\* |  |  |  |  | &nbsp;&nbsp;&nbsp;21932.64 |  |
|  | &nbsp;&nbsp;&nbsp;Total (hectares)\* |  |  |  |  | &nbsp;&nbsp;&nbsp;8875.83 |  |
| &nbsp;&nbsp;&nbsp;\*This will include any overlap of Claims. | &nbsp;&nbsp;&nbsp;\*This will include any overlap of Claims. | &nbsp;&nbsp;&nbsp;\*This will include any overlap of Claims. | &nbsp;&nbsp;&nbsp;\*This will include any overlap of Claims. | &nbsp;&nbsp;&nbsp;\*This will include any overlap of Claims. | &nbsp;&nbsp;&nbsp;\*This will include any overlap of Claims. | &nbsp;&nbsp;&nbsp;\*This will include any overlap of Claims. | &nbsp;&nbsp;&nbsp;\*This will include any overlap of Claims. |

---

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| | |
|:---|:---|
| 28-48 | ![](ny20061035x4_ex96-1img002.jpg) |

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![](ny20061035x4_ex96-1img090.jpg)

## Ex-Filing

?xml version='1.0' encoding='ASCII'?

------

**Exhibit 107**

**CALCULATION OF FILING FEE TABLE**

**Form S-1**

(Form Type)

**Sunshine Silver Mining & Refining Company**

(Exact Name of Registrant as Specified in its Charter)

**<u>Table 1: Newly Registered Securities</u>**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Security Type** | **Security Class Title** | **Fee Calculation Rule** | **Amount Registered** | **Proposed Maximum Offering Price Per Unit** | **Maximum Aggregate <br>Offering Price<sup>(1)(2)</sup>** | **Fee Rate** | &nbsp;&nbsp; **Amount of Registration Fee** |
| &nbsp;&nbsp; Fees to Be Paid  | Equity | Common stock, $0.001 par value per share | Rule 457(o) |  |  | $100000000 | $0.00013810 | $13810.00 |
| &nbsp;&nbsp; Fees Previously Paid  |  |  |  |  |  |  |  |  |
|  | &nbsp;&nbsp; **Total Offering Amounts** | &nbsp;&nbsp; **Total Offering Amounts** | &nbsp;&nbsp; **Total Offering Amounts** | &nbsp;&nbsp; **Total Offering Amounts** |  | $100000000 |  | $13810.00 |
|  | &nbsp;&nbsp; **Total Fees Previously Paid** | &nbsp;&nbsp; **Total Fees Previously Paid** | &nbsp;&nbsp; **Total Fees Previously Paid** | &nbsp;&nbsp; **Total Fees Previously Paid** |  |  |  |  |
|  | &nbsp;&nbsp; **Total Fee Offsets** | &nbsp;&nbsp; **Total Fee Offsets** | &nbsp;&nbsp; **Total Fee Offsets** | &nbsp;&nbsp; **Total Fee Offsets** |  |  |  |  |
|  | &nbsp;&nbsp; **Net Fee Due** | &nbsp;&nbsp; **Net Fee Due** | &nbsp;&nbsp; **Net Fee Due** | &nbsp;&nbsp; **Net Fee Due** |  |  |  | $13810.00 |

---

(1) Includes the aggregate offering price of additional shares that the underwriters have the option to purchase to cover over-allotments, if any.

(2) Estimated solely for the purpose of calculating the registration fee in accordance with Rule 457(o) under the Securities Act of 1933, as amended.

------