# EDGAR Filing Document

**Accession Number:** 0002091017
**File Stem:** 0001140361-25-045901
**Filing Date:** 2025-12
**Character Count:** 1761097
**Document Hash:** b44a38d647f394b217f51988d5677a57
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001140361-25-045901.hdr.sgml**: 20260511

**ACCESSION NUMBER**: 0001140361-25-045901

**CONFORMED SUBMISSION TYPE**: DRS

**PUBLIC DOCUMENT COUNT**: 132

**FILED AS OF DATE**: 20251218

**DATE AS OF CHANGE**: 20251218

**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:** DRS
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 377-08827
- **FILM NUMBER:** 251581005

**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 confidentially submitted to the Securities and Exchange Commission on December 17, 2025. <br>

#### This draft registration statement has not been publicly filed with the Securities and Exchange Commission and all information herein remains strictly confidential.

#### 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)

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| | | |
|:---|:---|:---|
| **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)** |

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#### 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 |

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#### 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 ☒ |

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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**

#### EXPLANATORY NOTE
Pursuant to the applicable provisions of the Fixing America's Surface Transportation Act, we are omitting our unaudited condensed consolidated financial statements as of and for the nine months ended September 30, 2025 and 2024. While this financial information is otherwise required by Regulation S-X, we reasonably believe that it will not be required to be separately presented in our registration statement at the time of the public filing for the contemplated offering. We intend to amend the registration statement to include all financial information required by Regulation S-X at the date of such amendment before distributing a preliminary prospectus to investors.

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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 DECEMBER 17, 2025** 

#### 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 intend to apply 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 24 of this prospectus.

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| | | |
|:---|:---|:---|
|  | **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 Book-Running Managers
<br> Morgan Stanley Scotiabank <br>

The date of this prospectus is , 2026.

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#### **TABLE OF CONTENTS**

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| | |
|:---|:---|
|  | **Page**  |
| [PROSPECTUS SUMMARY](#tSUM) | &nbsp;&nbsp;&nbsp;[1](#tSUM) |
| [THE OFFERING](#tTO) | &nbsp;&nbsp;[20](#tTO) |
| [SUMMARY CONSOLIDATED FINANCIAL DATA](#tSCF) | &nbsp;&nbsp;[22](#tSCF) |
| [RISK FACTORS](#tRF) | &nbsp;&nbsp;[24](#tRF) |
| [CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS](#tCSR) | &nbsp;&nbsp;[45](#tCSR) |
| [USE OF PROCEEDS](#tUOP) | &nbsp;&nbsp;[47](#tUOP) |
| [DIVIDEND POLICY](#tDP) | &nbsp;&nbsp;[48](#tDP) |
| [CAPITALIZATION](#tCAP) | &nbsp;&nbsp;[49](#tCAP) |
| [DILUTION](#tDIL) | &nbsp;&nbsp;[50](#tDIL) |
| [MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS](#tMDA) | &nbsp;&nbsp;[51](#tMDA) |
| &nbsp;&nbsp;[INDUSTRY OVERVIEW](#tIO) | &nbsp;&nbsp;[58](#tIO) |
| [BUSINESS](#tBUS) | &nbsp;&nbsp;[64](#tBUS) |
| [MANAGEMENT](#tMAN) | [102](#tMAN) |
| [EXECUTIVE AND DIRECTOR COMPENSATION](#tEXE) | [106](#tEXE) |
| [CERTAIN RELATIONSHIPS AND RELATED PARTY TRANSACTIONS](#tCUF) | [108](#tCUF) |
| [PRINCIPAL STOCKHOLDERS](#tPS) | [111](#tPS) |
| [DESCRIPTION OF CAPITAL STOCK](#tDOCS) | [112](#tDOCS) |
| &nbsp;&nbsp;[U.S. FEDERAL TAX CONSIDERATIONS FOR NON-U.S. HOLDERS OF COMMON STOCK](#tUFI) | [116](#tUFI) |
| [SHARES ELIGIBLE FOR FUTURE SALE](#tSEF) | [119](#tSEF) |
| [UNDERWRITING AND PLAN OF DISTRIBUTION](#tUWP) | [121](#tUWP) |
| [LEGAL MATTERS](#tLM) | [128](#tLM) |
| [EXPERTS](#tEXP) | [128](#tEXP) |
| [WHERE YOU CAN FIND MORE INFORMATION](#tWYC) | [129](#tWYC) |
| [GLOSSARY OF TECHNICAL TERMS](#tGOT) | [130](#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.** 

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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 financial statements for the years ended December 31, 2025 and 2024 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**") and 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 "**Class 5 Study**"). 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 December 21, 2023 and have not been updated since that time, and the Company, SLR and SRK consider the Mineral Resource estimate to remain current as of the end of 2025.

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 is based on supporting documentation prepared by Qualified Persons. The Sunshine Technical Report Summary has been prepared by Qualified Persons, as described herein.

#### QUALIFIED PERSON 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. 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.

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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 1,067 grams per tonne of Indicated Mineral Resources and 797 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 $180 million of investments that we have made over the last 15 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 activities at the Sunshine Complex to evaluate for the potential presence of other critical minerals such as gallium and germanium and may also in the future produce 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 28% of global mined supply coming from primary silver mines in 2024. 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, primarily from Mexico, China and Peru, which accounted for 49% of global supply in 2024, compared to only 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. 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 9,377 hectares of a target-rich, 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>

![](ny20061035x1_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. 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 tailings storage facility has sufficient capacity to support tailings production for the 25-year mine life envisioned in the Base Case of the Sunshine Technical Report Summary, which assumes the mining of Indicated and Inferred 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.

The Sunshine Mine includes substantial installed infrastructure, including approximately $180 million of investments that we have made over the last 15 years to maintain and modernize the Sunshine Complex and to consolidate the highly

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#### **TABLE OF CONTENTS**
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>

![](ny20061035x1_photo1.jpg)<br>

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

![](ny20061035x1_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 112.4 million ounces of Indicated Mineral Resources at average diluted grades of 31.1 opt and 164.6 million ounces of Inferred Mineral Resources at average diluted grades of 23.2 opt. The average diluted silver grade of both the Indicated 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>

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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 | 3613 | 31.1 | &nbsp;&nbsp;&nbsp;&nbsp;112.4 | &nbsp;&nbsp;&nbsp;&nbsp;3.3 | &nbsp;&nbsp;1067 | &nbsp;&nbsp;&nbsp;&nbsp;112.4  |
| Inferred<sup>(10)</sup> | 7079 | 23.2 | &nbsp;&nbsp;&nbsp;&nbsp;164.6 | &nbsp;&nbsp;&nbsp;&nbsp;6.4 | &nbsp;&nbsp;797 | &nbsp;&nbsp;&nbsp;&nbsp;164.6 |

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(1)<br> The effective date of Mineral Resources for the Sunshine Mine is December 21, 2023.

(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)<br> 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

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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 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. 

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

![](ny20061035x1_photo3.jpg)<br>

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

<br> *<u>South Yankee Boy Vein</u>* *<u>C-Fault Vein</u>* <br>

36 mineralized veins have been discovered at the Sunshine Mine as of December 21, 2023, 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 at the Sunshine Silver/Copper Refinery 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 Base Case of the Sunshine Technical Report Summary, which assumes the mining of Indicated and Inferred Mineral Resources, envisions an initial 25-year mine life and contemplates producing approximately 7 million ounces of silver per

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year on average over the first five years of mine life and approximately 6 million ounces of silver per year on average over the full 25-year mine life at an all-in sustaining cost ("**AISC**") (excluding potential copper and lead by-product credits) of $14.67 per ounce of silver produced over the first five years of mine life and $17.54 per ounce of silver produced over the full mine life. Assuming a silver price of $38.31 and operations at full capacity as described in the Base Case of the Sunshine Technical Report Summary, which assumes the mining of Indicated and Inferred Mineral Resources, the Sunshine Mine would generate approximately $259 million in revenue, $187 million in EBITDA and $164 million in operating cash flow on average over the first five years, and approximately $232 million in revenue, $149 million in EBITDA and $127 million in operating cash flow from silver production per year on average over the full 25-year mine life.

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

---

| | | |
|:---|:---|:---|
|  | **Base Case** | **Indicated Only Case**  |
| **Description**<br>|  |  |
| &nbsp;&nbsp;&nbsp;Mine Life | 25 Years | 9 Years  |
| &nbsp;&nbsp;&nbsp;Mining Rate | 935 tons per day | 390 tons per day  |
| &nbsp;&nbsp;&nbsp;Mineable Material | 8.2 M tons | 1.2 M tons  |
| **LOM Production** <br>|  |  |
| &nbsp;&nbsp;&nbsp;Avg. Head Grade (LOM) | 19.9 opt Ag | 26.4 opt Ag  |
| &nbsp;&nbsp;&nbsp;Ag Recovery | 96% | 97%  |
| &nbsp;&nbsp;&nbsp;Ag Production (Total \| Avg.) | 151.1 Moz Ag \| 6.0 Moz Ag | 30.4 Moz Ag \| 3.4 Moz Ag  |
| **Cost Metrics** <br>|  |  |
| &nbsp;&nbsp;&nbsp;Site Operating Costs | $180.58/ton processed | $302.68/ton processed  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Mining* | *$138.60/ton processed* | *$217.38/ton processed*  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Processing* | *$15.98/ton processed* | *$27.24/ton processed*  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*G&A & Tailings* | *$26.01/ton processed* | *$58.05/ton processed*  |
| Initial Capital | $290.2 M | $274.3 M  |
| &nbsp;&nbsp;&nbsp;Sustaining Capital (incl. closure) | $590.2 M | $228.2 M  |
| &nbsp;&nbsp;&nbsp;AISC | $17.54/oz Ag | $23.52/oz Ag  |
| &nbsp;&nbsp;&nbsp;After-tax NPV<sup>5%</sup> \| IRR | $1,122M \| 31.5% | $47M \| 8.0%  |
| **Financial Metrics<sup>(3)</sup>** <br>|  |  |
| &nbsp;&nbsp;&nbsp;Revenue (LOM \| Avg. Annual) | $5,800M \| $232M | $1,165M \| $129M  |
| &nbsp;&nbsp;&nbsp;EBITDA (LOM \| Avg. Annual) | $3,727M \| $149M | $678M \| $75M  |
| &nbsp;&nbsp;&nbsp;Operating Cash Flow (LOM \| Avg. Annual) | $3,187M \| $127M | $659M \| $73M |

---

(1)<br> Base Case assumes the mining of Indicated and Inferred Mineral Resources. Indicated Only Case assumes the mining of Indicated Mineral Resources only 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) Based on a constant silver price of $38.31/oz Ag in all years of the economic analysis. 

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

![](ny20061035x1_photo4.jpg)<br>

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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 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 and South Yankee Boy veins which lie proximal to the Sterling-Polaris-ConSil tunnel.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **DDH** | **Vein** | **From (m)** | **To (m)** | **Interval (m)** | **Ag (g/t)** | **Cu %** | **Pb %** | **Sb %**  |
| **FS-ST02** | C-Fault | 140.4 | 142.0 | &nbsp;&nbsp;&nbsp;&nbsp;1.6 | &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** | C-Fault | 143.4 | 144.0 | &nbsp;&nbsp;&nbsp;&nbsp;0.6 | &nbsp;&nbsp;&nbsp;&nbsp;340 | &nbsp;&nbsp;0.23 | 0.01 | 0.09  |
| **FS-ST08** | C-Fault | 144.3 | 146.6 | &nbsp;&nbsp;&nbsp;&nbsp;2.3 | &nbsp;&nbsp;&nbsp;&nbsp;297 | &nbsp;&nbsp;0.68 | 0.31 | 0.17  |
| **FS-ST23** | SYBoy | 254.1 | 254.6 | &nbsp;&nbsp;&nbsp;&nbsp;0.5 | &nbsp;&nbsp;3909 | &nbsp;&nbsp;1.62 | 0.16 | 1.17  |
| **FS-ST25** | SYBoy | 283.4 | 283.9 | &nbsp;&nbsp;&nbsp;&nbsp;0.5 | &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;1.7 | &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;0.5 | &nbsp;&nbsp;3607 | &nbsp;&nbsp;1.56 | 0.06 | 1.18  |
|  | including | 248.6 | 248.7 | &nbsp;&nbsp;&nbsp;&nbsp;0.2 | &nbsp;&nbsp;7989 | &nbsp;&nbsp;3.32 | 0.07 | 2.57  |
| **FS-ST10** | CFault Vein | 188.9 | 190.0 | &nbsp;&nbsp;&nbsp;&nbsp;1.0 | &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  |
| &nbsp;&nbsp;**FS-ST11** | CFault Vein | 204.5 | 205.8 | &nbsp;&nbsp;&nbsp;&nbsp;1.3 | &nbsp;&nbsp;3553 | &nbsp;&nbsp;1.51 | 0.00 | 1.01  |
|  | including | 205.4 | 205.6 | &nbsp;&nbsp;&nbsp;&nbsp;0.2 | 23931 | 10.40 | 0.01 | 6.76  |
| **FS-ST15** | CFault Vein | 221.1 | 221.3 | &nbsp;&nbsp;&nbsp;&nbsp;0.2 | &nbsp;&nbsp;1341 | &nbsp;&nbsp;0.73 | 0.09 | 0.48  |
| **FS-ST18** | CFault Vein | 195.1 | 195.2 | &nbsp;&nbsp;&nbsp;&nbsp;0.2 | &nbsp;&nbsp;1299 | &nbsp;&nbsp;0.60 | 6.79 | 0.46  |
| **FS-ST19** | CFault Vein | 219.6 | 220.9 | &nbsp;&nbsp;&nbsp;&nbsp;1.3 | &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;0.9 | &nbsp;&nbsp;&nbsp;&nbsp;915 | &nbsp;&nbsp;0.38 | 0.01 | 0.27  |
| **FS-ST22** | SYBoy | 245.7 | 245.8 | &nbsp;&nbsp;&nbsp;&nbsp;0.2 | &nbsp;&nbsp;4766 | &nbsp;&nbsp;1.71 | 0.12 | 1.31 |

---

#### 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 72% of 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 large 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 60% of total silver demand in 2024. 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. Industrial demand for silver is expected to increase by 17% by 2032 over 2026 levels, according to the CPM Group. 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.

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#### **TABLE OF CONTENTS**
<u>Forecast Industrial Demand for Silver</u>

![](ny20061035x1_barchart1.jpg)<br>

Source: CPM Group, June 2025

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 growing, as it has historically grown during periods of ongoing geopolitical, macroeconomic and financial risks, and devaluation of fiat currencies. 2025 has 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, primarily from Mexico, China and Peru, which collectively accounted for 49% of global supply in 2024, compared to only 4% from the United States. China, the world's second-largest silver producer in 2024, 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.

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 28% of global mined supply in 2024 came from primary silver mines. Due to the by-product nature of most mined silver, the price of silver has little direct influence on its supply, thereby reducing supply-side response to growing silver demand.

#### Pricing and Outlook
According to the Silver Institute's "World Silver Survey 2025" report, the current supply deficit in the silver market is expected to persist due to robust and growing demand for silver coupled with constrained supply. 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. Macro factors such as declining interest rates, inflation, geopolitical uncertainty and devaluation of fiat currencies provide additional tailwinds for potential further price appreciation.

#### 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 the most important antimony mineral and the chief source of the

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#### **TABLE OF CONTENTS**
metal. It 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 to 2040 (tonnes)</u>

![](ny20061035x1_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.

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.

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#### **TABLE OF CONTENTS**
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 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 capacity of up to 34.5 million pounds (15.6 kilotonnes) of finished antimony per year. 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 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)*

&nbsp;&nbsp;&nbsp;&nbsp;![](ny20061035x1_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.

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#### **TABLE OF CONTENTS**

#### 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 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. 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 development 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 December 21, 2023, known resources at the Sunshine Mine include Indicated Mineral Resources of 3.6 million tons in mineralized material at an average diluted silver grade of 31.1 opt, containing 112.4 million ounces of silver, and Inferred Mineral Resources of 7.1 million tons in mineralized material at an average diluted silver grade of 23.2 opt, containing 164.6 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, but the average diluted silver grade of both the Indicated 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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#### **TABLE OF CONTENTS**
<u>Global High-Grade Silver Assets – Average Diluted Silver Grade of Measured & Indicated Mineral Resources</u> <u>(grams per</u> <u>tonne</u><u>)</u><sup>(1)(2)(3)</sup>

![](ny20061035x1_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>

![](ny20061035x1_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 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. Excludes Sinda Ltd. for illustrative purposes. 

(3)<br> Measured 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 Indicated and Inferred Mineral Resources, contemplates producing approximately 7 million ounces of silver per year on average over the first five years of mine life and approximately 6 million ounces of silver per year on average over the full 25-year mine life, which would make it the second largest primary silver mine in the United States. These 6 million ounces would represent roughly 17% of the 36.2 million ounces of silver produced in the United States during 2024, according to the Silver Institute's "World Silver Survey 2025" report. Based on the Base Case of the Sunshine Technical Report Summary, which assumes the mining of Indicated and Inferred Mineral Resources, AISC is expected to average $17.54 per ounce of silver produced (excluding potential copper and lead by-product credits), significantly below the current spot price of silver ($62.09 per ounce as of December 12, 2025) as per the CME Group (COMEX global futures and commodities marketplace) and in the second-lowest quartile of global assets with silver production co-product AISC curve.

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<u>Current Co-Product Silver AISC Cost Curve ($/oz Ag Co-Product)</u>

![](ny20061035x1_linechart2.jpg)<br>

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

(1)<br> Source: 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 Indicated and Inferred Mineral Resources, estimates the after-tax net present value ("**NPV**") of the Sunshine Mine to be $1.1 billion, based on solely silver revenues, assuming a $38.31 per ounce silver price and a 5% discount rate. According to the Sunshine Technical Report Summary, increasing the assumed silver price to $49.80 per ounce and $61.30 per ounce would increase the after-tax NPV to $1.8 billion and $2.4 billion, respectively.

These after-tax NPVs do not account for potential contributions from copper and lead, as well as antimony and other critical minerals. 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 Base Case</u><sup>(1)(2)</sup>

---

| | | | |
|:---|:---|:---|:---|
| **Variance** | **Silver Price** | **NPV<sub>5%</sub>** | **IRR**  |
| *(%)* | *(US$/oz)* | *(US$M)* | *(%)*  |
| **100%** | &nbsp;&nbsp;**$38.31** | **$1122** | **31.5%**  |
| 130% | &nbsp;&nbsp;$49.80 | $1770 | 41.0%  |
| 160% | &nbsp;&nbsp;$61.30 | $2418 | 49.1% |

---

(1)<br> Base Case assumes the mining of Indicated and Inferred Mineral Resources. For analysis of the Indicated Only Case, which assumes the mining of Indicated Mineral Resources only, see "*Business—The Sunshine Complex—Economic Analysis*."

(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 stable, 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,

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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 $180 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 to achieve production. 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 have risen 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 building the Sunshine Antimony Plant, along with upgrading 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 Sunshine Antimony Plant with a potential nameplate capacity of up to 34.5 million pounds of finished antimony per year. 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 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. Samuel Engineering completed the Class 5 Study which evaluated an antimony plant with the capacity to produce approximately 34.5 million pounds of antimony per year, based on 100 tonnes per day of antimony concentrate. We plan to undertake a Feasibility Study as part of our technical evaluation ahead of a potential decision to pursue construction of the Sunshine Antimony Plant. On December 9, 2024, we entered into a 6-month memorandum of understanding with Perpetua Resources ("**Perpetua**") to evaluate the toll-processing of antimony feed from Perpetua's Stibnite deposit at the Sunshine Complex. We are continuing discussions with Perpetua, along with other stakeholders connected to antimony, critical minerals and U.S. critical mineral supply chains.

The existence of antimony at the Sunshine Mine (as demonstrated by decades of historic 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.

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#### Near-mine and district-wide exploration targets provide opportunity for significant resource conversion and discovery beyond existing mine plan
Within the Sunshine Mine Core Area, we see significant resource expansion potential in the Upper Country down-dip 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. The mineralization system that exists at the Sunshine Mine continues eastward and at depth.

We believe resource potential in 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 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 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 9,377 hectares. Consolidated ownership and control of this target-rich district provides us with exceptional blue-sky exploration upside. As of October 1, 2025, we have collected approximately 3,200 surface geochemistry samples and performed 62 line miles targeted drone magnetic surveys, targeting high-priority structures across 60% of the current land package.

We believe the exploration targets near the Sunshine Mine and across the broader land package could materially increase our resource base, extend our mine life and expand annual production.

#### 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 2024 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 based on taxation regime, certainty concerning disputed land claims, quality of infrastructure, socioeconomic agreements, 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. For over a decade, the Sunshine Mine has maintained a record of zero environmental incidents or violations. 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

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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.

Dr. Thomas S. Kaplan, Chairman of our Board of Directors, is the Chairman and Chief Executive Officer of The Electrum Group LLC (the "**Electrum Group**"). 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 and the Sunshine Silver/Copper Refinery, unlocking exploration potential both in the Sunshine Mine Core Area and within the large, newly consolidated and target rich regional land package, and the potential development of the Sunshine Antimony Plant.

Our key near- and long-term initiatives include:

&nbsp;&nbsp;&nbsp;&nbsp;•  ***Complete in-fill drilling, a Feasibility Study and detailed engineering for the Sunshine Mine.*** In 2026 and 2027, we plan to complete in-fill 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 Sunshine Antimony Plant and upgrade 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 upgrade the existing Sunshine Silver/Copper Refinery. 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 the successful construction of the Sunshine Antimony Plant to 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.

&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 in 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.

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&nbsp;&nbsp;&nbsp;&nbsp;•  ***Execute on mine plan while delivering strong production and cost performance.*** The Base Case of the Sunshine Technical Report Summary, which assumes the mining of Indicated and Inferred Mineral Resources, contemplates producing approximately 7 million ounces of silver per year on average over the first five years of mine life and approximately 6 million ounces of silver per year on average over the full 25-year mine life. As described in the Base Case of the Sunshine Technical Report Summary, which assumes the mining of Indicated and Inferred Mineral Resources, AISC is expected to average $17.54 per ounce of silver produced (excluding potential copper and lead by-product credits), which would place it in the second-lowest quartile of the co-product AISC curve comprising of silver-producing assets globally.

&nbsp;&nbsp;&nbsp;&nbsp;•  ***Conduct exploration activities near the Sunshine Mine and across the broader land package.*** We intend to continue our exploration activities to identify new mineralized zones in and around the Sunshine Mine, including the Upper Country, down-dip 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, 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 beyond the 25-year mine life envisioned in the Base Case of the Sunshine Technical Report Summary, which assumes the mining of Indicated and Inferred Mineral Resources.

&nbsp;&nbsp;&nbsp;&nbsp;•  ***Maintain focus on industry-leading safety standards and strong track record of environment 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 track record of zero environmental incidents or violations over the last decade, 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 enjoy a positive relationship 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 our 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 cannot provide investors with any assurance that we will generate any operating revenues or achieve profitable operations.

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

&nbsp;&nbsp;&nbsp;&nbsp;• Mineral Resource calculations at the Sunshine Mine are only estimates.

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

&nbsp;&nbsp;&nbsp;&nbsp;• Our refining operations pose inherent risks and costs that may negatively impact our business.

&nbsp;&nbsp;&nbsp;&nbsp;• We may not move forward with the development of the Sunshine Antimony Plant and the potential Sunshine Antimony Plant will be subject to certain risks associated with establishing new mining refining operations.

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

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&nbsp;&nbsp;&nbsp;&nbsp;• We will require additional financing in the future to bring the Sunshine Mine and the Sunshine Silver/Copper Refinery 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 and antimony are subject to change and a substantial or extended decline in the prices of silver 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, Ospraie and their respective affiliates will continue to have substantial control over us after 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, 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), and 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 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 have elected to 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. In particular, we currently intend to take advantage of the reduced disclosure requirements with respect to our executive compensation disclosure. As a result of this election, the information that we provide to stockholders may be different from that you might get from other public companies.

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

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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 exercised the option 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 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 for definition drilling and associated underground development costs, equipment and infrastructure expenses, to conduct a Feasibility Study for the restart of the Sunshine Mine and the construction and restart of our processing plant, a Feasibility Study for the Sunshine Antimony Plant and a Feasibility Study to refurbish the Sunshine Silver/Copper Refinery, as well as for pre-construction development expenses, exploration activities in underdefined areas including the Upper Country and on our broader land package, 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 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.

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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 intend to apply 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 this offering is based on the number of shares of common stock outstanding as of , 2025 and 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 this offering and other share-related information, excludes:

&nbsp;&nbsp;&nbsp;&nbsp;• &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 exercise of stock options outstanding as of      , 2025, at a weighted average exercise price of $ 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; additional shares of common stock reserved for future issuance under the Amended and Restated 2021 Long Term Incentive Plan (the "**LTIP** "), as well as any automatic increases in the number of shares of common stock reserved for future issuance under the LTIP; 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; shares of common stock issuable upon the exercise of warrants outstanding as of      , 2025, at a weighted average exercise price of $ per share.

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

Unless otherwise indicated, all information in this prospectus assumes:

&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;• 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 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. 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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| | | |
|:---|:---|:---|
|  | **Year Ended December 31,**  | **Year Ended December 31,**  |
|  | **2025** | **2024**  |
|  | **(in thousands, except for share and per share amounts)**  | **(in thousands, except for share and per share amounts)**  |
| **Statement of Operations Data:** <br>|  |  |
| &nbsp;&nbsp;**Sales** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$**96**  |
| **Operating Expenses:**<br>|  |  |
| &nbsp;&nbsp;&nbsp;Pre-development |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2662  |
| &nbsp;&nbsp;&nbsp;General and administrative |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5749  |
| &nbsp;&nbsp;&nbsp;Depreciation and amortization |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;577  |
| &nbsp;&nbsp;&nbsp;Cost of goods sold |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47  |
| &nbsp;&nbsp;&nbsp;Accretion expense |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;104  |
| &nbsp;&nbsp;**Operating loss** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9043**  |
| **Other income (expense):**<br>|  |  |
| &nbsp;&nbsp;&nbsp;Interest expense |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3872)  |
| &nbsp;&nbsp;&nbsp;Interest income |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23  |
| **Total other income (expense)** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(3849)**  |
| Income and mining tax expense |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—  |
| Net and comprehensive loss | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$**(12892)**  |
| Basic loss per share |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.51)  |
| Weighted average number of basic and diluted shares of common stock outstanding |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8543963  |
| Pro forma basic and diluted net loss per share<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$ |
| Weighted average shares outstanding used to compute pro forma basic and diluted net loss per share<sup>(1)</sup> |  |  |

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(1) The pro forma information gives effect to the issuance and sale of shares of common stock in this offering as if such event occurred on the first day of the period presented. The pro forma 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) pro forma net loss per share by $, 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 decrease (increase) pro forma net loss per share by $, assuming the assumed initial public offering price remains the same. 

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| | | |
|:---|:---|:---|
|  | **Year Ended December 31,**  | **Year Ended December 31,**  |
|  | **2025** | **2024**  |
|  | **(in thousands)**  | **(in thousands)**  |
| **Cash Flow Data:**<br>|  |  |
| Net cash used in operating activities | $| $(7724)  |
| Net cash used in investing activities |  | &nbsp;&nbsp;&nbsp;&nbsp;(863)  |
| Net cash provided by financing activities |  | &nbsp;&nbsp;&nbsp;8801 |

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| | | |
|:---|:---|:---|
|  | **As of December 31, 2025**  | **As of December 31, 2025**  |
|  | **Actual** | **As Adjusted<sup>(1)</sup>**  |
|  | **(in thousands)**  | **(in thousands)**  |
| **Balance Sheet Data:**<br>|  |  |
| Cash and cash equivalents | $| &nbsp;&nbsp;$ |
| Total assets |  |  |
| Total liabilities |  |  |
| Total stockholders' deficit |  |  |

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(1) The as adjusted information gives effect to 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) pro forma 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) pro forma 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 cannot provide investors with any assurance that we will 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 resume production in 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 and the Sunshine Silver/Copper Refinery for our future operations. The Sunshine Mine does not currently have any Proven 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 or Probable Mineral Reserves. The costs, timing and complexities of upgrading the Mineral Resources at the Sunshine Mine to Proven 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. There is no assurance that our mineral exploration program at the Sunshine Mine will establish the presence of any Proven or Probable Mineral Reserves. The failure to establish any Proven 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 there is no assurance that we will 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.
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.

Estimated Mineral Resources may have to be recalculated based on changes in metal prices, further exploration or development activity or actual production experience. This could materially and adversely affect estimates of the

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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 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.

#### 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, there is no assurance that unexpected conditions may not materially and adversely affect our business, results of operations or financial condition.

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#### Our refining operations pose inherent risks and costs that may negatively impact our business.
The operation of the Sunshine Silver/Copper Refinery 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. Such events could negatively impact our business, results of operations or financial condition.

***We may not move forward with the development of the Sunshine Antimony Plant and the potential Sunshine Antimony Plant will be subject to certain risks associated with establishing new mining refining operations.***

We expect to conduct a Feasibility Study related to the construction of a potential Sunshine Antimony Plant in the Sunshine Complex. Our plans with respect to the potential Sunshine Antimony Plant are dependent on the outcome of such Feasibility Study, as well as technical and engineering evaluations and other external factors outside of our control. There can be no assurance that we will move forward with 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. The development of the potential Sunshine Antimony Plant will be subject to certain risks associated with establishing new 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.

Additionally, there is no guarantee that, if we move forward with the potential Sunshine Antimony Plant, we will be able to achieve projected capacity on the timeline expected or at all. Historical quantities and production volume of 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 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.

***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 development of the Sunshine Mine 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 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 years ended December 31, 2025 and 2024, we incurred a net loss of approximately $ million and $12.9 million, respectively, and our net cash used in operating activities was approximately $ 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*."

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#### 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 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. As of December 31, 2024, our undiscounted reclamation obligations were estimated at approximately $4.2 million and the corresponding asset retirement obligation, which reflects the estimated present value of future closure obligations, was approximately $1.7 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 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 and the Sunshine Silver/Copper Refinery into sustained commercial operation.
We intend to use the net proceeds from this offering for definition drilling and associated underground development costs, equipment and infrastructure expenses, to conduct a Feasibility Study for the restart of the Sunshine Mine and the construction and restart of our processing plant, a Feasibility Study for the Sunshine Antimony Plant and a Feasibility Study to refurbish the Sunshine Silver/Copper Refinery, as well as for pre-construction development expenses, exploration activities in underdefined areas including the Upper Country and on our broader land package, and general corporate purposes. See "*Use of Proceeds*." We will require additional funding in the future to bring the Sunshine Mine and the Sunshine Silver/Copper Refinery 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, operating costs and our ability to successfully renegotiate the NSR Royalty owed to the U.S. Government and the Coeur d'Alene Tribe under the 2001 Consent Decree on terms that are favorable to us. See "*Business—The Sunshine Complex—Leases and Royalties—Royalty to U.S. Government and Coeur d'Alene Tribe*" and "*Business—Environmental, Health and Safety Matters—Hazardous Substances and Waste Management*."

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 Reserve estimates and potential

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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 development 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 Indicated and Inferred Mineral Resources, indicates that the Sunshine Mine is a silver project with an after-tax NPV of approximately $1.12 billion, assuming a 5% discount rate, an after-tax internal rate of return of approximately 31.5% and a 25-year mine life at modeled metals' prices. If the development of the Sunshine Mine is found to be economically feasible, its development will require obtaining 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;

&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 obtain 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;• 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 and the Sunshine Silver/Copper Refinery 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, we cannot provide assurance that our activities will result in profitable mining operations at the Sunshine Complex.

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#### 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 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. 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

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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 historic 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.

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, there is no assurance that such hedging program will 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

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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.

#### 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;• changes in sea levels could affect ocean transportation and shipping facilities that are used to transport supplies, equipment and workforce and products from our operations to world markets;

&nbsp;&nbsp;&nbsp;&nbsp;• extreme weather events have the potential to disrupt operations at our mines 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.

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***The prices of silver and antimony are subject to change and a substantial or extended decline in the prices of silver 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 and antimony. The prices of silver 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. We may also produce copper or lead as a by-product, as well as 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;

&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 futures exchange, 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 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 and antimony could adversely affect our future sales volume and revenues.
Our future revenues will depend, in substantial part, on the volume of silver and antimony 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

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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. Antimony is used for munitions production, flame retardants, batteries, semi-conductors and other key defense applications. 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 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. Our subsidiaries are separate legal entities, and although they are wholly owned and controlled by us, they have no obligation to make any funds available to us, whether in the form of loans, dividends or otherwise. 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 or joint ventures with strategic partners 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 or enter into joint ventures with strategic partners in the future. However, there can be no assurance that we will be able to identify attractive acquisition or joint venture candidates 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 or joint ventures, 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 historic 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.
Our directors and officers may serve as directors, officers and stockholders 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. Consequently, there is a possibility that our directors and officers may be in a position of conflict in the future. To the extent that such other companies may participate in ventures in which we are also participating, and 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.

Services for other companies may divert directors' and officers' attention from our principal project and other business concerns, which would adversely affect our business and operating results. We anticipate that at least some of our directors will also be directors of the Electrum Group, which could create, or appear to create, conflicts of interest with respect to matters involving both us and Electrum. Additionally, our Third Amended and Restated Certificate of Incorporation and the Stockholders' Agreement will provide for the allocation of certain corporate opportunities between us and Electrum. Under these provisions, we renounce any interest or expectancy in the business opportunities of Electrum and of our non-employee directors who are affiliated with Electrum, and neither Electrum nor our non-employee directors affiliated with Electrum have any obligation to offer us those opportunities. Accordingly, affiliates of Electrum 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.

#### 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

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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 applicable laws and regulations. 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*."

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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 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

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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 have been 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 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

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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.

#### We may be responsible for violations of anti-corruption and anti-bribery laws.
Our operations are governed by, and involve interactions with, various levels of government in foreign countries. We are required to comply with anti-corruption and anti-bribery laws, including the U.S. Foreign Corrupt Practices Act (the "**FCPA**"). These laws generally prohibit companies and company employees from engaging in bribery or other prohibited payments to foreign officials for the purpose of obtaining or retaining business. The FCPA also requires companies to maintain accurate books and records and internal controls.

In recent years, the frequency of enforcement and the severity of penalties under such laws have fluctuated across administrations. In February 2025, the Trump administration issued an executive order directing the Attorney General to pause investigations and enforcement actions brought under the FCPA for 180 days, subject to exceptions granted by the Attorney General. In June 2025, the U.S. Department of Justice issued new FCPA guidelines lifting such pause but laying out its new enforcement priorities. It is unclear how these new guidelines may affect our industry as whole or our business in particular. A company may be found liable for violations by not only its employees, but also by its contractors and third-party agents. Our internal procedures and programs may not always be effective in ensuring that we, our employees, contractors or third-party agents will comply strictly with all such applicable laws. If we become subject to an enforcement action or we are found to be in violation of such laws, this may have a material adverse effect on our reputation and may possibly result in significant penalties or sanctions, and may have a material adverse effect on our cash flows, financial condition or results of operations.

#### 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 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 base metal 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;

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&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;

&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, including any perception of misuse of sensitive information;

&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 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

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#### **TABLE OF CONTENTS**
$ per share, which is the midpoint of the offering price 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*."

***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 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 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 lock-up period described under "*Shares Eligible for Future Sale—Lock-Up Agreements*," without the prior written consent of Morgan Stanley & Co. LLC and Scotia Capital (USA) Inc. 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 and Scotia Capital (USA) Inc. 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. We will also enter into a registration rights agreement with holders of substantially all of our outstanding common stock in connection with this offering. See "*Certain Relationships and Related Party Transactions—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 certain of our 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, Ospraie and their respective affiliates will continue to have substantial control over us after 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), and Ospraie will 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 intend to enter into an agreement with Electrum and Ospraie (the "**Stockholders' Agreement**"), pursuant to which Electrum and Ospraie will have the right to nominate certain members of our Board of Directors. Electrum will have the right to nominate: (a) 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 (b) one member of our Board of Directors so long as Electrum beneficially owns (x) less than 35%, but at least 5%, of the then outstanding shares of our common stock. 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. See "*Certain Relationships and Related Party Transactions—Stockholders' Agreement*." The Stockholders' Agreement will also provide that 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 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 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. Notwithstanding the foregoing, we do not intend to take advantage of this exemption, and we currently expect that our Board of Directors and Compensation Committee will meet the director independence requirements under the NYSE corporate governance requirements applicable to a company that is not a "controlled company." If in the future we elect to rely on "controlled company" exemptions, 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.

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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 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.

***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 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.

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***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 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.

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#### Our Third Amended and Restated Certificate of Incorporation and the Stockholders' Agreement contain a provision renouncing our interest and expectancy in certain corporate opportunities.
Our Third Amended and Restated Certificate of Incorporation and the Stockholders' Agreement provide for the allocation of certain corporate opportunities between us and Electrum. Under these provisions, neither Electrum, its affiliates and subsidiaries, nor any of their 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 is not employed by us and also serves as a director, officer or employee of Electrum may pursue certain acquisition or other opportunities that may be complementary to our business and, as a result, such acquisition 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 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' Agreement are more fully described in "*Certain Relationships and Related Party Transactions—Stockholders' Agreement*."

***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 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, including estimated calculations of Mineral Resources 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 and Sunshine Silver/Copper Refinery for our future operating revenues;

&nbsp;&nbsp;&nbsp;&nbsp;• Mineral Resource calculations at the Sunshine Mine are only estimates;

&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 development of the Sunshine Antimony Plant and the risks associated with establishing new mining refining operations that the potential Sunshine Antimony Plant will 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 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;

&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;

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&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**  |
| &nbsp;&nbsp;Definition drilling and associated underground development costs | $|
| Equipment and infrastructure expenses |  |
| Feasibility Studies |  |
| &nbsp;&nbsp;Pre-construction development expenses |  |
| Exploration activities |  |
| General corporate purposes |  |
| **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 made 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 December 31, 2025:

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

&nbsp;&nbsp;&nbsp;&nbsp;• on an as adjusted basis to give effect to 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 December 31, 2025**  | **As of December 31, 2025**  |
|  | **Actual** | **As** <br>**Adjusted<sup>(1)</sup>**  |
|  | **(in thousands)**  | **(in thousands)**  |
| Cash and cash equivalents | $| $|
| Stockholders' deficit |  |  |
| Common stock, $0.001 par value; shares authorized; shares issued and outstanding, actual; shares authorized; shares issued and outstanding, as adjusted |  |  |
| Additional paid-in capital |  |  |
| Accumulated deficit |  |  |
| Total stockholders' deficit |  |  |
| Total capitalization | $| $|

---

(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 December 31, 2025 was $ million or $ per share of common stock. Consolidated net tangible book value per share represents consolidated tangible assets, less consolidated liabilities, divided by the aggregate number of shares of common stock outstanding.

After giving effect to 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 pro forma consolidated net tangible book value as of December 31, 2025 was $ million or $ per share of common stock. Pro forma consolidated net tangible book value per share represents pro forma consolidated tangible assets, less pro forma consolidated liabilities, divided by the aggregate number of shares of common stock outstanding after giving effect to the pro forma 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 pro forma consolidated net tangible book value per share immediately after this offering. The following table illustrates this per share dilution:

---

| | |
|:---|:---|
| Assumed initial public offering price | $|
| Consolidated net tangible book value per share as of December 31, 2025 | $— |
| Increase in consolidated net tangible book value per share attributable to pro forma adjustments |  |
| Pro forma consolidated net tangible book value per share as of December 31, 2025 |  |
| 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) pro forma 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) pro forma 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 pro forma consolidated net tangible book value per share would be $, and the dilution per share to new investors purchasing shares in this offering would be $.

The following table sets forth, as of December 31, 2025, after giving effect to 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 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 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 1,067 grams per tonne of Indicated Mineral Resources and 797 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 $180 million of investments that we have made over the last 15 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.

#### Components of Results of Operations

#### Pre-Development Expenses
Our pre-development expenses primarily relate to mining care and maintenance activities, infrastructure improvements and scoping studies at the Sunshine Mine. These expenses include shaft repair, decline excavation, other underground development costs, facility and surface repair, utility costs, mine-dewatering costs and associated labor.

#### General and Administrative Expenses
Our general and administrative expenses consist of mineral and concession lease payments, salaries and benefits, stock compensation, professional and consultant fees, insurance and other general administration costs. Our general and administrative expenses are expected to increase significantly as we prepare to operate as a public company. We expect higher costs related to salaries, benefits, stock 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 other 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 range from ten to twenty 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 using the moving average cost method.

#### 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 net deferred tax assets, as we believe it is more likely than not that the full benefit of these net deferred tax assets will not be realized before expiration. As of December 31, 2025, we had recorded a full valuation allowance of $ against the net deferred tax assets.

#### 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. There are currently no instances where we are paying any royalty based upon production and sales. See "*Business—The Sunshine Complex—Leases and Royalties*" and note 3 to our audited consolidated financial statements included elsewhere in this prospectus.

#### Results of Operations
The following table presents certain information relating to our operating results for the years ended December 31, 2025 and 2024.

---

| | | |
|:---|:---|:---|
|  | **Year Ended December 31,**  | **Year Ended December 31,**  |
|  | **2025** | **2024**  |
|  | *(in thousands, except for share and per* <br>*share amounts)*  | *(in thousands, except for share and per* <br>*share amounts)*  |
| **Sales** | &nbsp;&nbsp;**$** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$96**  |
| **Operating expenses:**<br>|  |  |
| &nbsp;&nbsp;&nbsp;Pre-development |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2662  |
| &nbsp;&nbsp;&nbsp;General and administrative |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5749  |
| &nbsp;&nbsp;&nbsp;Depreciation and amortization |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;577  |
| &nbsp;&nbsp;&nbsp;Cost of goods sold |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47  |
| &nbsp;&nbsp;&nbsp;Accretion expense |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;104  |
| **Operating loss** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9043**  |
| **Other income (expense):**<br>|  |  |
| &nbsp;&nbsp;&nbsp;Interest expense |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3872)  |
| &nbsp;&nbsp;&nbsp;Interest income |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23  |
| **Total other income (expense)** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3849)  |
| &nbsp;&nbsp;&nbsp;Income and mining tax expense |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—  |
| **Net and comprehensive loss** |  | &nbsp;&nbsp;&nbsp;&nbsp;**(12892)**  |
| Basic loss per share | &nbsp;&nbsp;$ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(1.51)  |
| Weighted average number of basic and diluted shares of common stock outstanding |  | &nbsp;&nbsp;8543963 |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;• Pre-development expense        by       % to $ for the year ended December 31, 2025, compared to $2.7 million for the year ended December 31, 2024, due to        .

&nbsp;&nbsp;&nbsp;&nbsp;• General and administrative expense        by       % to $ for the year ended December 31, 2025, compared to $5.7 million for the year ended December 31, 2024, due to        .

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&nbsp;&nbsp;&nbsp;&nbsp;• Depreciation and amortization        by       % to $ for the year ended December 31, 2025, compared to $0.6 million for the year ended December 31, 2024, primarily due to        .

&nbsp;&nbsp;&nbsp;&nbsp;• Cost of goods sold        by       % to $ for the year ended December 31, 2025, compared to $0.05 million for the year ended December 31, 2024, primarily due to        .

&nbsp;&nbsp;&nbsp;&nbsp;• Accretion expense        by       % to $ for the year ended December 31, 2025, compared to $0.1 million for the year ended December 31, 2024, primarily due to        .

&nbsp;&nbsp;&nbsp;&nbsp;• Total other expense        by       % to $ for the year ended December 31, 2025, compared to $3.8 million for the year ended December 31, 2024, primarily due to        .

#### Liquidity and Capital Resources
As of December 31, 2025, we had cash and cash equivalents of $ and working capital of $ compared to cash and cash equivalents of $2.0 million and working capital deficit of $31.0 million as of December 31, 2024. The in cash and cash equivalents and working capital was primarily due to .

As of December 31, 2025 and December 31, 2024, our related-party debt was $ and $27.1 million, respectively. We have no lines of credit or other bank financing arrangements. In March 2025, we 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 December 31, 2026.

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 expect that we will require additional funds at a later date to support operations at the Sunshine Complex which, depending upon the circumstances, may be in the form of equity, various forms of debt or a combination of debt and equity. 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 939,423 shares of common stock at a purchase price of $40.00 per share and warrants to purchase 469,712 shares of common stock at an exercise price of $50.00 per share 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 185,577 shares of common stock at a purchase price of $40.00 per share and warrants to purchase 92,789 shares of common stock at an exercise price of $50.00 per share (collectively, the "**Private Placement Transaction**"). Each warrant is exercisable until the earlier of July 15, 2027 or six months after the completion of this offering.

Additionally, on July 15, 2025, ESUS committed to purchase (subject to reduction by amounts sold to other qualified purchasers) up to 750,000 additional shares of our common stock at a purchase price of $40.00 per share and warrants to purchase up to 375,000 shares of common stock at an exercise price of $50.00 per share.

On July 21, 2025, we entered into a common stock purchase agreement with Douglas Groh, one of our directors, pursuant to which, among other things, we offered and sold 2,500 shares of common stock at a purchase price of $40.00 per share and warrants to purchase 1,250 shares of common stock at an exercise price of $50.00 per share.

On September 30, 2025, we entered into several common stock purchase agreements with various parties as further described below:

&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 12,500 shares of common stock at a purchase price of $40.00 per share and warrants to purchase 6,250 shares of common stock at an exercise price of $50.00 per share;

&nbsp;&nbsp;&nbsp;&nbsp;• a common stock purchase agreement with Douglas Groh pursuant to which, among other things, we offered and sold 10,000 shares of common stock at a purchase price of $40.00 per share and warrants to purchase 5,000 shares of common stock at an exercise price of $50.00 per share;

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&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 7,500 shares of common stock at a purchase price of $40.00 per share and warrants to purchase 3,750 shares of common stock at an exercise price of $50.00 per share;

&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 5,000 shares of common stock at a purchase price of $40.00 per share and warrants to purchase 2,500 shares of common stock at an exercise price of $50.00 per share; and

&nbsp;&nbsp;&nbsp;&nbsp;• common stock purchase agreements with certain other additional investors, pursuant to which, among other things, we offered and sold 63,569 shares of common stock at a purchase price of $40.00 per share and warrants to purchase 31,784 shares of common stock at an exercise price of $50.00 per share.

On November 5, 2025, we entered into an additional common stock purchase agreement with ESUS, pursuant to which, among other things, we offered and sold 375,000 shares of common stock at a purchase price of $40.00 per share and warrants to purchase 187,500 shares of common stock at an exercise price of $50.00 per share.

#### 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.

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 cancelled.

#### Convertible Notes
On September 2, 2022, we entered into a Convertible Note Purchase Agreement with ESUS and Ospraie Real Assets Fund LP (as successor-in-interest to the Municipal Employees' Retirement System of Michigan Group Trust) ("**Ospraie**") (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 warrants to purchase an aggregate of 535,470 shares of common stock at a price of $28.68 per share. The warrants are exercisable at any time before September 2, 2027.

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 1,231,985 shares of common stock.

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

---

| | | |
|:---|:---|:---|
|  | **Year Ended December 31,**  | **Year Ended December 31,**  |
|  | **2025** | **2024**  |
|  | **(in thousands)**  | **(in thousands)**  |
| **Net cash provided by (used in):**<br>|  |  |
| Operating activities | &nbsp;&nbsp;&nbsp;&nbsp;$ | &nbsp;&nbsp;&nbsp;**$(7724)**  |
| Investing activities |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(863)  |
| Financing activities |  | &nbsp;&nbsp;&nbsp;8801  |
| **Total change in cash** |  | &nbsp;&nbsp;&nbsp;&nbsp;**214** |

---

Cash used in operating activities was $ and $7.7 million for the year ended December 31, 2025 and 2024, respectively. The $ was primarily due to .

Cash used in investing activities was $ and $0.9 million for the year ended December 31, 2025 and 2024, respectively. The $ was primarily due to .

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Cash provided by financing activities was $ and $8.8 million for the year ended December 31, 2025 and 2024, respectively. The $ was primarily due to .

#### Contractual Obligations
As of December 31, 2025, 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 | $| $| $| $| $|
| &nbsp;&nbsp;&nbsp;Mineral leases, concessions and <br>agreements obligations<sup>(1)</sup> |  |  |  |  |  |
| **Total contractual obligations** | **$**  | **$**  | **$**  | **$**  | **$** |

---

(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 options to purchase 100,000 shares of common stock under the 2021 Long Term Incentive Plan. These 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 options to purchase shares of common stock under the LTIP. These 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 employee and director stock-based compensation as a cost in our consolidated financial statements. The total stock-based compensation expense incurred for the years ended December 31, 2025 and 2024 was $ and $0.4 million, respectively.

#### Off Balance Sheet Arrangements
Other than the advance NSR Royalty payments described in "*Business—The Sunshine Complex—Leases and Royalties*," 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
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 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 and Probable Mineral Reserves for that project.

Existing Proven and Probable Mineral Reserves and value beyond Proven and Probable Mineral Reserves, including mineralization other than Proven and Probable Mineral Reserves and other material that is not part of the Indicated or Inferred Mineral Resource base, are included when determining the fair value of mine site reporting units at acquisition and, subsequently, in determining whether the assets are impaired. The term "recoverable minerals" refers to the

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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 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 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 activities. Reclamation methods and requirements can differ depending on the mine and state rules and regulations in existence for certain locations. 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. Reclamation obligations are based on when the spending for an existing environmental disturbance will occur. As of December 31, 2024, our undiscounted reclamation obligations were estimated at approximately $4.2 million and the corresponding asset retirement obligation was approximately $1.7 million. Once we begin construction and production, we plan to review, on at least an annual basis, the reclamation obligation at the Sunshine Complex in accordance with guidance for accounting for asset retirement obligations.

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 the acquisition of additional reserves or early or delayed closure of a site. Changes in estimated settlement date or amounts are accounted for under Accounting Standards Codification 420 and are 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.

#### 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 significant 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.

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#### 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 antimony, gallium and germanium. We expect the principal source of future revenue to be the sale of concentrates containing silver, and to a lesser extent, antimony, gallium and germanium. 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 72% of 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 large 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 60% of total silver demand in 2024. 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. Industrial demand for silver is expected to increase by 17% by 2032 over 2026 levels, according to the CPM Group. 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>

![](ny20061035x1_barchart1.jpg)<br>

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

Source: CPM Group, June 2025

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 growing, as it has historically grown during periods of ongoing geopolitical, macroeconomic and financial risks, and devaluation of fiat currencies. 2025 has 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, primarily from Mexico, China and Peru, which collectively accounted for 49% of global supply in 2024, compared to only 4% from the United States. China, the world's second-largest silver producer in 2024, 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.

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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 28% of global mined supply in 2024 came from primary silver mines. Due to the by-product nature of most mined silver, the price of silver has little direct influence on its supply, thereby reducing supply-side response to growing silver demand.

#### Pricing and Outlook
According to the Silver Institute's "World Silver Survey 2025" report, the current supply deficit in the silver market is expected to persist due to robust and growing demand for silver coupled with constrained supply. 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. Macro factors such as declining interest rates, inflation, geopolitical uncertainty and devaluation of fiat currencies provide additional tailwinds for potential further price appreciation.

#### 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 the most important antimony mineral and the chief source of the metal. It 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 to 2040 (tonnes)</u>

![](ny20061035x1_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;![](ny20061035x1_barchart6x1.jpg) | &nbsp;&nbsp;&nbsp;![](ny20061035x1_barchart6x1.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>

![](ny20061035x1_barchart7x1.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 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 capacity of up to 34.5 million pounds (15.6 kilotonnes) of finished antimony per year. 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 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)*

![](ny20061035x1_linechart3x3.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 activities at the Sunshine Complex to evaluate for the potential presence of other critical minerals such as gallium and germanium and may also in the future produce 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.

*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 1,067 grams per tonne of Indicated Mineral Resources and 797 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 $180 million of investments that we have made over the last 15 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 activities at the Sunshine Complex to evaluate for the potential presence of other critical minerals such as gallium and germanium and may also in the future produce 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 28% of global mined supply coming from primary silver mines in 2024. 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, primarily from Mexico, China and Peru, which accounted for 49% of global supply in 2024, compared to only 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. 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

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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 9,377 hectares of a target-rich, 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>

![](ny20061035x1_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. 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 tailings storage facility has sufficient capacity to support tailings production for the 25-year mine life envisioned in the Base Case of the Sunshine Technical Report Summary, which assumes the mining of Indicated and Inferred 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.

The Sunshine Mine includes substantial installed infrastructure, including approximately $180 million of investments that we have made over the last 15 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.

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

![](ny20061035x1_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>

![](ny20061035x1_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 112.4 million ounces of Indicated Mineral Resources at average diluted grades of 31.1 opt and 164.6 million ounces of Inferred Mineral Resources at average diluted grades of 23.2 opt. The average diluted silver grade of both the Indicated 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  | 3613  | 31.1  | &nbsp;&nbsp;&nbsp;&nbsp;112.4  | &nbsp;&nbsp;&nbsp;&nbsp;3.3  | &nbsp;&nbsp;1067  | &nbsp;&nbsp;&nbsp;&nbsp;112.4  |
| Inferred<sup>(10)</sup>  | 7079  | 23.2  | &nbsp;&nbsp;&nbsp;&nbsp;164.6  | &nbsp;&nbsp;&nbsp;&nbsp;6.4  | &nbsp;&nbsp;797  | &nbsp;&nbsp;&nbsp;&nbsp;164.6 |

---

(1)<br> The effective date of Mineral Resources for the Sunshine Mine is December 21, 2023.

(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 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)<br> Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability. There is no certainty that all or any part of the

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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 Infill Drill Program)</u>

![](ny20061035x1_photo3.jpg)<br>

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

<br> *<u>South Yankee Boy Vein</u>* *<u>C-Fault Vein</u>* <br>

36 mineralized veins have been discovered at the Sunshine Mine as of December 21, 2023, 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 at the Sunshine Silver/Copper Refinery 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 Base Case of the Sunshine Technical Report Summary, which assumes the mining of Indicated and Inferred Mineral Resources, envisions an initial 25-year mine life and contemplates producing approximately 7 million ounces of silver per year on average over the first five years of mine life and approximately 6 million ounces of silver per year on average over the full 25-year mine life at an AISC (excluding potential copper and lead by-product credits) of $14.67 per ounce of silver produced over the first five years of mine life and $17.54 per ounce of silver produced over the full mine life. Assuming a silver price of $38.31 and operations at full capacity as described in the Base Case of the Sunshine Technical Report Summary, which assumes the mining of Indicated and Inferred Mineral Resources, the Sunshine Mine would generate approximately $259 million in revenue, $187 million in EBITDA and $164 million in operating cash flow on average over the first five years, and approximately $232 million in revenue, $149 million in EBITDA and $127 million in operating cash flow from silver production per year on average over the full 25-year mine life.

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

---

| | | |
|:---|:---|:---|
|  | **Base Case**  | **Indicated Only Case**  |
| **Description** <br>|  |  |
| &nbsp;&nbsp;&nbsp;Mine Life  | 25 Years  | 9 Years  |
| &nbsp;&nbsp;&nbsp;Mining Rate  | 935 tons per day  | 390 tons per day  |
| &nbsp;&nbsp;&nbsp;Mineable Material  | 8.2 M tons  | 1.2 M tons  |
| **LOM Production** <br>|  |  |
| &nbsp;&nbsp;&nbsp;Avg. Head Grade (LOM)  | 19.9 opt Ag  | 26.4 opt Ag  |
| &nbsp;&nbsp;&nbsp;Ag Recovery  | 96%  | 97%  |
| &nbsp;&nbsp;&nbsp;Ag Production (Total \| Avg.)  | 151.1 Moz Ag \| 6.0 Moz Ag  | 30.4 Moz Ag \| 3.4 Moz Ag  |
| **Cost Metrics** <br>|  |  |
| &nbsp;&nbsp;&nbsp;Site Operating Costs  | $180.58/ton processed  | $302.68/ton processed  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Mining*  | *$138.60/ton processed*  | *$217.38/ton processed*  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Processing*  | *$15.98/ton processed*  | *$27.24/ton processed*  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*G&A & Tailings*  | *$26.01/ton processed*  | *$58.05/ton processed*  |
| Initial Capital  | $290.2 M  | $274.3 M  |
| &nbsp;&nbsp;&nbsp;Sustaining Capital (incl. closure)  | $590.2 M  | $228.2 M  |
| &nbsp;&nbsp;&nbsp;AISC  | $17.54/oz Ag  | $23.52/oz Ag  |
| &nbsp;&nbsp;&nbsp;After-tax NPV<sub>5%</sub> \| IRR  | $1,122M \| 31.5%  | $47M \| 8.0%  |
| **Financial Metrics<sup>(3)</sup>** <br>|  |  |
| &nbsp;&nbsp;&nbsp;Revenue (LOM \| Avg. Annual)  | $5,800M \| $232M  | $1,165M \| $129M  |
| &nbsp;&nbsp;&nbsp;EBITDA (LOM \| Avg. Annual)  | $3,727M \| $149M  | $678M \| $75M  |
| &nbsp;&nbsp;&nbsp;Operating Cash Flow (LOM \| Avg. Annual)  | $3,187M \| $127M  | $659M \| $73M |

---

(1)<br> Base Case assumes the mining of Indicated and Inferred Mineral Resources. Indicated Only Case assumes the mining of Indicated Mineral Resources only 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) Based on a constant silver price of $38.31/oz Ag in all years of the economic analysis. 

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

![](ny20061035x1_photo4.jpg)<br>

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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 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 and South Yankee Boy veins which lie proximal to the Sterling-Polaris-ConSil tunnel.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **DDH**  | **Vein**  | **From (m)**  | **To (m)**  | **Interval (m)**  | **Ag (g/t)**  | **Cu %**  | **Pb %**  | **Sb %**  |
| **FS-ST02**  | C-Fault  | 140.4  | 142.0  | &nbsp;&nbsp;&nbsp;&nbsp;1.6  | &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**  | C-Fault  | 143.4  | 144.0  | &nbsp;&nbsp;&nbsp;&nbsp;0.6  | &nbsp;&nbsp;&nbsp;&nbsp;340  | &nbsp;&nbsp;0.23  | 0.01  | 0.09  |
| **FS-ST08**  | C-Fault  | 144.3  | 146.6  | &nbsp;&nbsp;&nbsp;&nbsp;2.3  | &nbsp;&nbsp;&nbsp;&nbsp;297  | &nbsp;&nbsp;0.68  | 0.31  | 0.17  |
| **FS-ST23**  | SYBoy  | 254.1  | 254.6  | &nbsp;&nbsp;&nbsp;&nbsp;0.5  | &nbsp;&nbsp;3909  | &nbsp;&nbsp;1.62  | 0.16  | 1.17  |
| **FS-ST25**  | SYBoy  | 283.4  | 283.9  | &nbsp;&nbsp;&nbsp;&nbsp;0.5  | &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;1.7  | &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;0.5  | &nbsp;&nbsp;3607  | &nbsp;&nbsp;1.56  | 0.06  | 1.18  |
|  | including  | 248.6  | 248.7  | &nbsp;&nbsp;&nbsp;&nbsp;0.2  | &nbsp;&nbsp;7989  | &nbsp;&nbsp;3.32  | 0.07  | 2.57  |
| **FS-ST10**  | CFault Vein  | 188.9  | 190.0  | &nbsp;&nbsp;&nbsp;&nbsp;1.0  | &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;1.3  | &nbsp;&nbsp;3553  | &nbsp;&nbsp;1.51  | 0.00  | 1.01  |
|  | including  | 205.4  | 205.6  | &nbsp;&nbsp;&nbsp;&nbsp;0.2  | 23931  | 10.40  | 0.01  | 6.76  |
| **FS-ST15**  | CFault Vein  | 221.1  | 221.3  | &nbsp;&nbsp;&nbsp;&nbsp;0.2  | &nbsp;&nbsp;1341  | &nbsp;&nbsp;0.73  | 0.09  | 0.48  |
| **FS-ST18**  | CFault Vein  | 195.1  | 195.2  | &nbsp;&nbsp;&nbsp;&nbsp;0.2  | &nbsp;&nbsp;1299  | &nbsp;&nbsp;0.60  | 6.79  | 0.46  |
| **FS-ST19**  | CFault Vein  | 219.6  | 220.9  | &nbsp;&nbsp;&nbsp;&nbsp;1.3  | &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;0.9  | &nbsp;&nbsp;&nbsp;&nbsp;915  | &nbsp;&nbsp;0.38  | 0.01  | 0.27  |
| **FS-ST22**  | SYBoy  | 245.7  | 245.8  | &nbsp;&nbsp;&nbsp;&nbsp;0.2  | &nbsp;&nbsp;4766  | &nbsp;&nbsp;1.71  | 0.12  | 1.31 |

---

#### 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 72% of 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 large 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 60% of total silver demand in 2024. 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. Industrial demand for silver is expected to increase by 17% by 2032 over 2026 levels, according to the CPM Group. 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.

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

![](ny20061035x1_barchart1.jpg)<br>

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

Source: CPM Group, June 2025

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 growing, as it has historically grown during periods of ongoing geopolitical, macroeconomic and financial risks, and devaluation of fiat currencies. 2025 has 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, primarily from Mexico, China and Peru, which collectively accounted for 49% of global supply in 2024, compared to only 4% from the United States. China, the world's second-largest silver producer in 2024, 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.

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 28% of global mined supply in 2024 came from primary silver mines. Due to the by-product nature of most mined silver, the price of silver has little direct influence on its supply, thereby reducing supply-side response to growing silver demand.

#### Pricing and Outlook
According to the Silver Institute's "World Silver Survey 2025" report, the current supply deficit in the silver market is expected to persist due to robust and growing demand for silver coupled with constrained supply. 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. Macro factors such as declining interest rates, inflation, geopolitical uncertainty and devaluation of fiat currencies provide additional tailwinds for potential further price appreciation.

#### 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 the most important antimony mineral and the chief source of the

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metal. It 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 to 2040 (tonnes)</u>

![](ny20061035x1_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.

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.

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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 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 capacity of up to 34.5 million pounds (15.6 kilotonnes) of finished antimony per year. 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 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)*

&nbsp;&nbsp;&nbsp;&nbsp;![](ny20061035x1_linechart3x4.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.

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#### 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 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. 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 development 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 December 21, 2023, known resources at the Sunshine Mine include Indicated Mineral Resources of 3.6 million tons in mineralized material at an average diluted silver grade of 31.1 opt, containing 112.4 million ounces of silver, and Inferred Mineral Resources of 7.1 million tons in mineralized material at an average diluted silver grade of 23.2 opt, containing 164.6 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, but the average diluted silver grade of both the Indicated 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 & Indicated Mineral Resources</u> <u>(grams per tonne)</u><sup>(1)(2)(3)</sup>

![](ny20061035x1_barchart2x1.jpg)<br>

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

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

![](ny20061035x1_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 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. Excludes Sinda Ltd. for illustrative purposes. 

(3)<br> Measured 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 Indicated and Inferred Mineral Resources, contemplates producing approximately 7 million ounces of silver per year on average over the first five years of mine life and approximately 6 million ounces of silver per year on average over the full 25-year mine life, which would make it the second largest primary silver mine in the United States. These 6 million ounces would represent roughly 17% of the 36.2 million ounces of silver produced in the United States during 2024, according to the Silver Institute's "World Silver Survey 2025" report. Based on the Base Case of the Sunshine Technical Report Summary, which assumes the mining of Indicated and Inferred Mineral Resources, AISC is expected to average $17.54 per ounce of silver produced (excluding potential copper and lead by-product credits), significantly below the current spot price of silver ($62.09 per ounce as of December 12, 2025) as per the CME Group (COMEX global futures and commodities marketplace) and in the second-lowest quartile of global assets with silver production co-product AISC curve.

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<u>Current Co-Product Silver AISC Cost Curve ($/oz Ag Co-Product)</u>

![](ny20061035x1_linechart2.jpg)<br>

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

(1)<br> Source: 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 Indicated and Inferred Mineral Resources, estimates the after-tax NPV of the Sunshine Mine to be $1.1 billion, based on solely silver revenues, assuming a $38.31 per ounce silver price and a 5% discount rate. According to the Sunshine Technical Report Summary, increasing the assumed silver price to $49.80 per ounce and $61.30 per ounce would increase the after-tax NPV to $1.8 billion and $2.4 billion, respectively.

These after-tax NPVs do not account for potential contributions from copper and lead, as well as antimony and other critical minerals. 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 Base Case</u><sup>(1)(2)</sup>

---

| | | | |
|:---|:---|:---|:---|
| **Variance**  | **Silver Price**  | **NPV<sub>5%</sub>**  | **IRR**  |
| *(%)*  | *(US$/oz)*  | *(US$M)*  | *(%)*  |
| **100%**  | &nbsp;&nbsp;**$38.31**  | **$1122**  | **31.5%**  |
| 130%  | &nbsp;&nbsp;$49.80  | $1770  | 41.0%  |
| 160%  | &nbsp;&nbsp;$61.30  | $2418  | 49.1% |

---

(1)<br> Base Case assumes the mining of Indicated and Inferred Mineral Resources. For analysis of the Indicated Only Case, which assumes the mining of Indicated Mineral Resources only, see "*Business—The Sunshine Complex—Economic Analysis*."

(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 stable, 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,

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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 $180 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 to achieve production. 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 have risen 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 building the Sunshine Antimony Plant, along with upgrading 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 Sunshine Antimony Plant with a potential nameplate capacity of up to 34.5 million pounds of finished antimony per year. 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 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. Samuel Engineering completed the Class 5 Study which evaluated an antimony plant with the capacity to produce approximately 34.5 million pounds of antimony per year, based on 100 tonnes per day of antimony concentrate. We plan to undertake a Feasibility Study as part of our technical evaluation ahead of a potential decision to pursue construction of the Sunshine Antimony Plant. On December 9, 2024, we entered into a 6-month memorandum of understanding with Perpetua to evaluate the toll-processing of antimony feed from Perpetua's Stibnite deposit at the Sunshine Complex. We are continuing discussions with Perpetua, along with other stakeholders connected to antimony, critical minerals and U.S. critical mineral supply chains.

The existence of antimony at the Sunshine Mine (as demonstrated by decades of historic 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.

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#### Near-mine and district-wide exploration targets provide opportunity for significant resource conversion and discovery beyond existing mine plan
Within the Sunshine Mine Core Area, we see significant resource expansion potential in the Upper Country down-dip 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. The mineralization system that exists at the Sunshine Mine continues eastward and at depth.

We believe resource potential in 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 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 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 9,377 hectares. Consolidated ownership and control of this target-rich district provides us with exceptional blue-sky exploration upside. As of October 1, 2025, we have collected approximately 3,200 surface geochemistry samples and performed 62 line miles targeted drone magnetic surveys, targeting high-priority structures across 60% of the current land package.

We believe the exploration targets near the Sunshine Mine and across the broader land package could materially increase our resource base, extend our mine life and expand annual production.

#### 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 2024 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 based on taxation regime, certainty concerning disputed land claims, quality of infrastructure, socioeconomic agreements, 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. For over a decade, the Sunshine Mine has maintained a record of zero environmental incidents or violations. 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

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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.

Dr. Thomas S. Kaplan, Chairman of our Board of Directors, is the Chairman and Chief Executive Officer of the Electrum Group. 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 and the Sunshine Silver/Copper Refinery, unlocking exploration potential both in the Sunshine Mine Core Area and within the large, newly consolidated and target rich regional land package, and the potential development of the Sunshine Antimony Plant.

Our key near- and long-term initiatives include:

&nbsp;&nbsp;&nbsp;&nbsp;•  ***Complete in-fill drilling, a Feasibility Study and detailed engineering for the Sunshine Mine.*** In 2026 and 2027, we plan to complete in-fill 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 Sunshine Antimony Plant and upgrade 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 upgrade the existing Sunshine Silver/Copper Refinery. 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 the successful construction of the Sunshine Antimony Plant to 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.

&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 in 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 mine plan while delivering strong production and cost performance.*** The Base Case of the Sunshine Technical Report Summary, which assumes the mining of Indicated and Inferred Mineral

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Resources, contemplates producing approximately 7 million ounces of silver per year on average over the first five years of mine life and approximately 6 million ounces of silver per year on average over the full 25-year mine life. As described in the Base Case of the Sunshine Technical Report Summary, which assumes the mining of Indicated and Inferred Mineral Resources, AISC is expected to average $17.54 per ounce of silver produced (excluding potential copper and lead by-product credits), which would place it in the second-lowest quartile of the co-product AISC curve comprising of silver-producing assets globally.

&nbsp;&nbsp;&nbsp;&nbsp;•  ***Conduct exploration activities near the Sunshine Mine and across the broader land package.*** We intend to continue our exploration activities to identify new mineralized zones in and around the Sunshine Mine, including the Upper Country, down-dip 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, 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 beyond the 25-year mine life envisioned in the Base Case of the Sunshine Technical Report Summary, which assumes the mining of Indicated and Inferred Mineral Resources.

&nbsp;&nbsp;&nbsp;&nbsp;•  ***Maintain focus on industry-leading safety standards and strong track record of environment 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 track record of zero environmental incidents or violations over the last decade, 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 enjoy a positive relationship 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 our 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>(1)(2)(3)(4)(5)(6)(7)(8)(10)(11)</sup> (As of December 21, 2023)

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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;3613 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31.1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;112427  |
| Measured & Indicated | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3613 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31.1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;112427  |
| Inferred<sup>(9)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7079 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23.2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;164570 |

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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. 

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(5)<br> All Mineral Resources are 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 Person 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 9,377 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>

![](ny20061035x1_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 $ million as of December 31, 2025.

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 the 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>

![](ny20061035x1_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 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

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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 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. We are negotiating with the U.S. government and the Coeur d'Alene Tribe to modify the 2001 Consent Decree's requirements to (1) upfront payments after signing a new agreement and after completing a Feasibility Study for the Sunshine Complex and (2) a lower percentage (e.g., in the low single-digit percentage) NSR Royalty with a maximum amount payable over the life of the mine. To date, however, an agreement has not been reached regarding these modifications.

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

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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.

#### 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

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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.

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.

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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 late 2025, an additional drilling campaign commenced in areas outside of the Mineral Resource with assay results pending. 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. Resource conversion of inferred mineralization to higher classification categories is likely to continue as we work toward restarting production.

We intend to use the net proceeds from this offering for definition drilling and associated underground development costs, equipment and infrastructure expenses, to conduct a Feasibility Study for the restart of the Sunshine Mine and the construction and restart of our processing plant, a Feasibility Study for the Sunshine Antimony Plant and a Feasibility Study to refurbish the Sunshine Silver/Copper Refinery, as well as for pre-construction development expenses, exploration activities in underdefined areas including the Upper Country and on our broader land package, and general corporate purposes. See "*Use of Proceeds*."

#### 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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#### 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 opt Ag. 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 opt Ag; samples with opt Ag values exceeding 25 opt Ag 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 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 deems 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

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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 December 21, 2023, which is the effective date of the Mineral Resource estimates in the Sunshine Technical Report Summary, and the Company, SLR and SRK consider the Mineral Resource estimate to remain current as of the end of 2025.

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 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.

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 significantly below the current spot price of silver ($62.09 per ounce as of December 12, 2025) as per the CME Group (COMEX global futures and commodities marketplace), as the Mineral Resource estimate was 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 Indicated and Inferred Mineral Resources.

Using these metrics, an underground cut-off grade of 8.8 opt Ag 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 December 21, 2023. 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><u>(kst)</u><sup>(1)(2)(3)(4)(5)(6)(7)(8)(10)(11)</sup> | **Ag Grade** <br><u>(opt)</u><sup>(1)(2)(3)(4)(5)(6)(7)(8)(10)(11)</sup> | **Contained Ag Metal** <br>**<u>(koz</u><u>)</u><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;3613 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31.1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;112427  |
| Measured & Indicated | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3613 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31.1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;112427  |
| Inferred<sup>(9)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7079 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23.2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;164570 |

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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 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.

#### 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

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with hydraulic fill. A broad range of stoping options were considered for the Sunshine Technical Report Summary, and a mixture of 56% conventional cut and fill stoping and 42% 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 8.2 million tons at an average silver grade of approximately 19.9 ounces of silver per ton, or 163,000 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.

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. 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.

Pre-production work will commence with the hoist upgrades, shaft rehabilitation (Jewell Shaft and Silver Summit Shaft) and mine dewater 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. Two years of development are required before the start of production. The Base Case in the Sunshine Technical Report Summary, which assumes the mining of Indicated and Inferred Mineral Resources, envisions an initial 25-year mine life, and our current mine plan contemplates producing approximately 7 million ounces of silver per year on average over the first five years of the mine life and approximately 6 million ounces of silver per year on average over the full 25-year mine life.

Approximately 80% of the tonnage and approximately 76% 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 production of up to 567 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

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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 $180 million of investments that we have made over the last 15 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.

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 are in compliance with active, valid permits and authorizations 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 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.

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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 $290.2 million and the corresponding sustaining capital costs for the full mine life are estimated to be approximately $569.0 million, as summarized in the table below.

<u>Mine Life Capital Cost Summary – Base Case ($ in millions)</u>

---

| | | | |
|:---|:---|:---|:---|
| **Area** | **Initial** | **Sustaining** | **Total**  |
| Mine Total | 176.6 | &nbsp;&nbsp;&nbsp;&nbsp;520.7 | 697.3  |
| Plant and Surface Total | &nbsp;&nbsp;57.0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48.3 | 105.4  |
| **Mine, Plant and Surface** | 233.6 | &nbsp;&nbsp;&nbsp;&nbsp;569.0 | 802.6  |
| Closure | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21.2 | &nbsp;&nbsp;21.2  |
| Contingency | &nbsp;&nbsp;56.6 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;56.6  |
| &nbsp;&nbsp;**Grand Total** | 290.2 | &nbsp;&nbsp;&nbsp;&nbsp;590.2 | 880.4 |

---

The Base Case pre-production capital costs are estimated to be $290.2 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 $590.2 million over the full 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 | 56.2  | 57.5  | &nbsp;&nbsp;62.9  | 176.6  |
| Plant and Surface Total | &nbsp;&nbsp;0.7  | 22.5  | &nbsp;&nbsp;33.8  | &nbsp;&nbsp;57.0  |
| &nbsp;&nbsp;**Mine, Plant and Surface** | 56.9  | 80.0  | &nbsp;&nbsp;96.7  | 233.6  |
| Contingency | 12.4  | 18.5  | &nbsp;&nbsp;25.7  | &nbsp;&nbsp;56.6  |
| **Grand Total** | 69.2  | 98.5  | 122.5  | 290.2 |

---

<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 16-25**  |
| Total Capital Expenditure | 590.2 | 26.1 | 36.5 | 20.6 | 29.7 | 26.3 | 222.3 | 228.7 |

---

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*Indicated Only Case* 

The Indicated Only Case initial capital costs are estimated to be $274.3 million, and the corresponding Indicated Only Case mine life sustaining capital is approximately $228.2 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 | 163.8 | 191.8 | 355.6  |
| Plant and Surface Total | 57 | 15.2 | 72.2  |
| **Mine, Plant and Surface** | 220.8 | 207.0 | 427.8  |
| Closure |  | 21.2 | 21.2  |
| Contingency | 53.5 |  | 53.5  |
| &nbsp;&nbsp;**Grand Total** | 274.3 | 228.2 | 502.5 |

---

#### Operating Costs
*Base Case* 

The Base Case mine life operating costs total $1,478 million and are estimated to be $180.58 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>

---

| | | |
|:---|:---|:---|
| **Area** | **Unit Costs**<br>**($ per ton processed)** | **Total Mine Life Costs**<br>**($ in millions)**  |
| Mine Services and Technical | 73.95  | 605.1  |
| Mining | 64.10  | 524.6  |
| Ore Sorter | 0.54  | 4.4  |
| Processing | 15.98  | 130.8  |
| Tailings Storage | 0.73  | 6.0  |
| &nbsp;&nbsp;General and Administrative | 25.28  | 206.9  |
| **Total Operating Cost** | 180.58  | **1477.8** |

---

*Indicated Only Case* 

The Indicated Only Case mine life operating costs total $370.3 million and are estimated to be $302.68 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>

---

| | | |
|:---|:---|:---|
| **Area** | **Unit Costs**<br>**($ per ton processed)** | **Total Mine Life Costs**<br>**($ in millions)**  |
| Mine Services and Technical | 159.16 | 194.7  |
| Mining | 58.22 | 71.2  |
| Ore Sorter |  |  |
| Processing | 27.24 | 33.3  |
| Tailings Storage | 1.07 | 1.3  |
| &nbsp;&nbsp;General and Administrative | 56.98 | 69.7  |
| **Total Operating Cost** | 302.68 | 370.3 |

---

#### Economic Analysis
*Base Case* 

The Sunshine Technical Report Summary's Base Case, which assumes the mining of Indicated and Inferred Mineral Resources, is based on a production plan with a 25-year mine life, and includes a mineralized material inventory of approximately 8.2 million tons at an average silver grade of approximately 19.9 ounces of silver per ton, or 163,000 ounces of silver.

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The mineralized material inventory in the Base Case includes approximately 6.5 million tons of mineralized material and 123.9 million tons of silver from Inferred Mineral Resources, which represent approximately 80% of total Base Case tonnage and 76% 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 7 million ounces of silver per year on average over the first five years of mine life and approximately 6 million ounces of silver per year on average over the full 25-year mine life at an AISC (excluding potential copper and lead by-product credits) of $14.67 per ounce of silver produced over the first five years of mine life and $17.54 per ounce of silver produced over the full mine life. Assuming a silver price of $38.31 and operations at full capacity as described in the Sunshine Technical Report Summary's Base Case, the Sunshine Mine would generate approximately $259 million in revenue, $187 million in EBITDA and $164 million in operating cash flow per year from silver production over the first five years, and approximately $232 million in revenue, $149 million in EBITDA and $127 million in operating cash flow from silver production over the full 25-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 activities at the Sunshine Complex to evaluate for the potential presence of critical minerals such as gallium and germanium and may also in the future produce 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 1.22 million tons at an average silver grade of approximately 26.5 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 3.4 million ounces of silver per year on average over the full nine-year mine life at an AISC (excluding potential copper and lead by-product credits) of $23.52 per ounce of silver produced over the full mine life. Assuming a silver price of $38.31 and operations at full capacity as described in the Sunshine Technical Report Summary's Indicated Only Case, the Sunshine Mine would generate approximately $129 million revenue, $75 million in EBITDA and $73 million in operating cash flow on average annually from silver production over the nine-year mine life.

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

---

| | | |
|:---|:---|:---|
|  | **Base Case** | **Indicated Only Case**  |
| **Description**<br>|  |  |
| &nbsp;&nbsp;&nbsp;Mine Life  | 25 Years | 9 Years  |
| &nbsp;&nbsp;&nbsp;Mining Rate | 935 tons per day | 390 tons per day  |
| &nbsp;&nbsp;&nbsp;Mineable Material | 8.2 M tons | 1.2 M tons  |
| **LOM Production**<br>|  |  |
| &nbsp;&nbsp;&nbsp;Avg. Head Grade (LOM) | 19.9 opt Ag | 26.4 opt Ag  |
| &nbsp;&nbsp;&nbsp;Ag Recovery | 96% | 97%  |
| &nbsp;&nbsp;&nbsp;Ag Production (Total \| Avg.) | 151.1 Moz Ag \| 6.0 Moz Ag | 30.4 Moz Ag \| 3.4 Moz Ag  |
| **Cost Metrics**<br>|  |  |
| &nbsp;&nbsp;&nbsp;Site Operating Costs | $180.58/ton processed | $302.68/ton processed  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Mining* | *$138.60/ton processed* | *$217.38/ton processed*  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Processing* | *$15.98/ton processed* | *$27.24/ton processed*  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*G&A & Tailings* | *$26.01/ton processed* | *$58.05/ton processed*  |
| &nbsp;&nbsp;&nbsp;Initial Capital | $290.2 M | $274.3 M  |
| &nbsp;&nbsp;&nbsp;Sustaining Capital (incl. closure) | $590.2 M | $228.2 M  |
| &nbsp;&nbsp;&nbsp;AISC | $17.54/oz Ag | $23.52/oz Ag  |
| &nbsp;&nbsp;&nbsp;After-tax NPV<sup>5%</sup> \| IRR | $1,122M \| 31.5% | $47M \| 8.0%  |
| **Financial Metrics<sup>(3)</sup>**<br>|  |  |
| &nbsp;&nbsp;&nbsp;Revenue (LOM \| Avg. Annual) | $5,800M \| $232M | $1,165M \| $129M  |
| &nbsp;&nbsp;&nbsp;EBITDA (LOM \| Avg. Annual) | $3,727M \| $149M | $678M \| $75M  |
| &nbsp;&nbsp;&nbsp;Operating Cash Flow (LOM \| Avg. Annual) | $3,187M \| $127M | $659M \| $73M |

---

(1)<br> Base Case assumes the mining of Indicated and Inferred Mineral Resources. Indicated Only Case assumes the mining of Indicated Mineral Resources only 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) Based on a constant silver price of $38.31/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 25-year mine life totals approximately $2.85 billion, simple payback occurs 2.7 years from start of production the AISC is approximately $17.54 per ounce of silver (including sustaining capital and final closure/reclamation costs of approximately $3.91 per ounce) and average annual silver production during operation is approximately 6.0 million ounces per year. The after-tax NPV of the Base Case for the Sunshine Mine is approximately $1.1 billion, based on solely silver revenues, assuming a $38.31 per ounce silver price and a 5% discount rate. Increasing the assumed silver price to $49.80 per ounce and $61.30 per ounce would increase the after-tax NPV for the Base Case to $1.8 billion and $2.4 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 25-year mine life totals approximately $175.4 million, simple payback occurs 5 years from start of production, the AISC is approximately $23.52 per ounce of silver (including sustaining capital and final closure/reclamation costs of approximately $7.50 per ounce) and average annual silver production during operation is approximately 4.0 million ounces per year. The after-tax NPV of the Indicated Only Case for the Sunshine Mine is approximately $46.8 million, based on solely silver revenues, assuming a $38.31 per ounce silver price and a 5% discount rate. Increasing the assumed silver price to $49.80 per ounce and $61.30 per ounce would increase the after-tax NPV for the Indicated Only Case to $237.0 million and $423.0 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 $38.31 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 an emergency personnel egress hoist;

&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;

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&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 16.6 kilometers of core in 38 drill holes; and

&nbsp;&nbsp;&nbsp;&nbsp;• completed an Initial Assessment in accordance with S-K 1300.

We intend to use the net proceeds from this offering for definition drilling and associated underground development costs, equipment and infrastructure expenses, to conduct a Feasibility Study for the restart of the Sunshine Mine and the construction and restart of our processing plant, a Feasibility Study for the Sunshine Antimony Plant and a Feasibility Study to refurbish the Sunshine Silver/Copper Refinery, as well as for pre-construction development expenses, exploration activities in underdefined areas including the Upper Country and on our broader land package, 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.

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

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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 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.

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#### 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.

![](ny20061035x1_sopchartx2.jpg)<br>

(1)<br> Recently transferred NPDES Permit.

(2)<br> Will be modified for the planned expansion of the Sunshine 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

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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. We are negotiating with the U.S. government and the Coeur d'Alene Tribe to modify the 2001 Consent Decree's requirements to (1) upfront payments after signing a new agreement and after completing a Feasibility Study for the Sunshine Complex and (2) a lower percentage (e.g., in the low single-digit percentage) NSR Royalty with a maximum amount payable over the life of the mine. To date, however, an agreement has not been reached regarding these modifications.

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. As of December 31, 2024, our undiscounted reclamation obligations were estimated at approximately $4.2 million and the corresponding asset retirement obligation, which reflects the estimated present value of future closure obligations, was approximately $1.7 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 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.

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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.

*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.

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*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 December 31, 2025, we had 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 includes disputes over the allocation of environmental remediation obligations at "Superfund" 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 believe that none of the litigation in which we are currently involved or have been involved since the beginning of our most recently completed financial year, 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 December 31, 2025:

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| | | |
|:---|:---|:---|
| **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;65 | Chairman of the Board of Directors  |
| &nbsp;&nbsp;Daniel Muñiz Quintanilla | &nbsp;&nbsp;52 | Director  |
| Ali Reza Erfan | &nbsp;&nbsp;60 | Director  |
| Douglas Groh | &nbsp;&nbsp;70 | 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. She is expected to join our Board of Directors upon the completion of this offering. 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 has served as a director of Sinda Ltd. since January 2022 and previously served 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 has also served as chief financial officer of Sinda Ltd. since January 2025. 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 is the owner and currently serves as chief executive officer of Tigris Financial Group Ltd. and Manul Capital Management LLC. He also serves as co-chief executive officer of GRAT Holdings LLC. Dr. Kaplan also serves as chairman of the board of directors of NOVAGOLD Resources Inc. 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* 

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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.

*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., and serves as a director and 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.* 

*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.* 

#### Board Composition
Our Third Amended and Restated Certificate of Incorporation and Amended and Restated Bylaws will provide that our Board of Directors shall consist of not less than directors and not more than 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 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' Agreement. See "*Certain Relationships and Related Party Transactions—Stockholders' Agreement*."

We have determined that each of , , and is an independent director within the meaning of the applicable rules of the SEC and the NYSE and that each of , , and 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 is a financial expert within the meaning of the applicable rules of the SEC and the NYSE.

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#### 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, 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 or a nominating and corporate governance committee, in each case composed entirely of independent directors. We do not intend to take advantage of this exemption.

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, (2) a majority of independent directors within 90 days of listing and (3) exclusively independent directors within one year of 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 Executive Committee will consist of (chair), and . The Executive Committee will operate pursuant to a charter approved by our Board of Directors. The Executive Committee has and may exercise all of the powers and authority of our Board of Directors, subject to such limitations as the Board of Directors and/or applicable law may from time to time impose.

The Audit Committee will consist of (chair), and , 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 person transactions for the purpose of recommending to the disinterested members of our Board of Directors that the transaction should be ratified and approved and 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 (chair), and , and will be comprised entirely of independent directors. The Compensation Committee will operate pursuant to a charter approved by our Board of Directors. The Compensation Committee will recommend and advise the independent directors of our Board of Directors with respect to the compensation for the Chief Executive Officer. The Compensation Committee will also recommend and advise our Board of Directors with respect to the compensation of directors and other executive officers. The Compensation Committee will 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 (chair), and . 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 (chair), and . 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 Mineral Resources and Mineral Reserve reporting.

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#### 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.

#### 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 executive officers may be granted only by our Board of Directors or a designated committee of our Board of Directors. All waivers granted to our directors and executive officers 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>**($)** | **Bonus** <br>**($)** | **Stock** <br>**Awards** <br>**($)** | **Stock** <br>**Option** <br>**Awards** <br>**($)** | **Non-Equity** <br>**Incentive** <br>**Plan** <br>**Compensation** <br>**($)** | **All Other** <br>**Compensation** <br>**($)** | **Total** <br>**($)**  |
| &nbsp;&nbsp;&nbsp;Heather White <br>*Chief Executive Officer*<br>| 2025 |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;André van Niekerk <br>*Chief Financial Officer*<br>| 2025 |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Michelle Shepston <br>*General Counsel*<br>| 2025 |  |  |  |  |  |  |  |

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#### 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.

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **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 |  |  |  |  |  |  |  |  |
| André van Niekerk |  |  |  |  |  |  |  |  |
| Michelle Shepston |  |  |  |  |  |  |  |  |

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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>**($)** | **Non-Equity** <br>**Incentive** <br>**Plan** <br>**Compensation** <br>**($)** | **Nonqualified** <br>**Deferred** <br>**Compensation** <br>**Earnings** <br>**($)** | **All Other** <br>**Compensation** <br>**($)** | **Total** <br>**($)**  |
| Thomas S. Kaplan |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Daniel Muñiz Quintanilla |  |  |  |  |  |  |  |
| Ali Reza Erfan |  |  |  |  |  |  |  |
| Douglas Groh |  |  |  |  |  |  |  |

---

In connection with the completion of this offering, we intend to adopt a non-employee director compensation program pursuant to which our non-employee directors will generally be eligible to receive annual cash retainers and equity awards for service on our Board of Directors and committees thereof (the "**Director Compensation Program**"). Following the implementation of the Director Compensation Program, its terms and conditions will remain subject to modification from time to time.

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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.

#### 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 Private Placement Transaction. 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 750,000 additional shares of our common stock at a purchase price of $40.00 per share and warrants to purchase up to 375,000 shares of common stock at an exercise price of $50.00 per share.

On July 21, 2025, we entered into a common stock purchase agreement with Douglas Groh, one of our directors, pursuant to which, among other things, we offered and sold 2,500 shares of common stock at a purchase price of $40.00 per share and warrants to purchase 1,250 shares of common stock at an exercise price of $50.00 per share.

On September 30, 2025, we entered into several common stock purchase agreements with various parties as further described below:

&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 12,500 shares of common stock at a purchase price of $40.00 per share and warrants to purchase 6,250 shares of common stock at an exercise price of $50.00 per share;

&nbsp;&nbsp;&nbsp;&nbsp;• a common stock purchase agreement with Douglas Groh pursuant to which, among other things, we offered and sold 10,000 shares of common stock at a purchase price of $40.00 per share and warrants to purchase 5,000 shares of common stock at an exercise price of $50.00 per share;

&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 7,500 shares of common stock at a purchase price of $40.00 per share and warrants to purchase 3,750 shares of common stock at an exercise price of $50.00 per share; and

&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 5,000 shares of common stock at a purchase price of $40.00 per share and warrants to purchase 2,500 shares of common stock at an exercise price of $50.00 per share.

On November 5, 2025, we entered into an additional common stock purchase agreement with ESUS, pursuant to which, among other things, we offered and sold 375,000 shares of common stock at a purchase price of $40.00 per share and warrants to purchase 187,500 shares of common stock at an exercise price of $50.00 per share.

#### 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, all outstanding amounts under the ESUS II Term Loan and ESUS Term Loans (totaling approximately $28.1 million) were cancelled in connection with the Private Placement Transaction.

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#### Convertible Notes
On September 2, 2022, we entered into the 2022 Convertible Note Purchase Agreement with ESUS and Ospraie 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 warrants to purchase an aggregate of 535,470 shares of common stock at an exercise price of $28.68 per share. The warrants are exercisable at any time before September 2, 2027.

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 1,231,985 shares of common stock.

#### Services Agreement
On January 1, 2021, we entered into a services agreement with Electrum, pursuant to which Electrum provides us with certain executive and managerial services. We paid $ and $0.1 million to Electrum in the years ended December 31, 2025 and 2024, respectively.

#### Sale of Mining Concessions
We intend to enter into an agreement with Electrum pursuant to which Electrum will sell to us certain mining concessions for an aggregate purchase price of $ upon completion of this offering.

#### Stockholders' Agreement
In connection with this offering, we intend to enter into the Stockholders' Agreement, pursuant to which Electrum and Ospraie will have the right to nominate certain members of our Board of Directors. Upon the completion of this offering: (i) Electrum will have the right to nominate: (a) a number of members of our Board of Directors that is one fewer than a majority of our Board of Directors following all nominations pursuant to such nomination right so long as Electrum beneficially owns in the aggregate at least 35% of the then outstanding shares of our common stock and (b) one member of our Board of Directors so long as Electrum beneficially owns in the aggregate (x) less than 35% of the then outstanding shares of our common stock and (y) at least 5% of the then outstanding shares of our common stock; and (ii) Ospraie will have 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 nominees of Electrum and Ospraie will need to be approved by our Board of Directors and elected at the annual meeting of stockholders.

The Stockholders' Agreement will also provide 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 the approval of Electrum in addition to any other vote by our Board of Directors or stockholders. The actions requiring Electrum approval include 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 of equity securities.

The Stockholders' Agreement will also provide 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 the 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 or similar transactions.

In addition, Electrum and Ospraie will have preemptive rights on new equity issuances except for public offerings, employee plans, mergers and acquisitions issuances, stock splits, and previously offered rights so long as they own, respectively, at least 5% of the then outstanding shares of our common stock.

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.

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#### Registration Rights Agreement
Prior to the completion of this offering, we will enter into a registration rights agreement with Electrum and Ospraie. Pursuant to the registration rights agreement, Electrum and Ospraie may require us to file a registration statement under the Securities Act, with respect to its shares following the expiration of the lock-up period described under "*Shares Eligible for Future Sale—Lock-Up Agreements*." We will not be obligated to effect more than three demand registrations within a 12-month period. All stockholders under the registration rights agreement will be entitled to piggyback registration rights with respect to any registration initiated by us or another stockholder or stockholders after the completion of this offering and will continue to hold this right until both Electrum and Ospraie beneficially own less than 5% of the then outstanding shares of our common stock.

#### Indemnification Agreements
In connection with this offering, we intend to enter into indemnification agreements with each of our directors and executive officers. These agreements, among other things, will 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 will provide, 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 December 31, 2025 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 December 31, 2025, 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 |  |
| Daniel Muñiz Quintanilla | &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;\*<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\*  |
| &nbsp;&nbsp;All executive officers, directors and director nominees as a group (persons) |  |
| **Greater than 5% Stockholders:**<br>|  |
| Electrum | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;%<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;%  |
| Ospraie | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;% |

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\* Represents beneficial ownership of less than 1%. 

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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. 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 shares of common stock, par value $ per share, and shares of preferred stock, par value $ per share.

#### Common Stock
*Common stock outstanding. As of December 31, 2025 there were shares of common stock outstanding which were held of record by stockholders. There will be shares of common stock outstanding after giving effect to 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 will provide 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 and of our non-employee directors who are affiliated with Electrum and that neither Electrum nor our non-employee directors affiliated with Electrum have any obligation to offer us those opportunities. Accordingly, affiliates of Electrum 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 for cause and 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 for cause 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

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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.

#### 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 intend to apply to list our common stock on the NYSE under the symbol "SSMR."

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#### Transfer Agent and Registrar
The transfer agent and registrar for the common stock is , located at .

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#### U.S. FEDERAL 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, changes to any of which subsequent to the date of this prospectus 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 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 common stock and thereafter as capital gain from the sale or exchange of such common stock.

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

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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 citizens and residents of the United States 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, exchange 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 any time during the calendar year in which the sale, exchange 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. 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 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.

Non-U.S. Holders are urged to consult their tax advisors regarding the application of these rules.

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#### 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 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 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 described below and the provisions of Rules 144 and 701, these shares will be available for sale in the public market as follows:

---

| | |
|:---|:---|
| **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). |

---

#### 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 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 December 31, 2025, options to purchase a total of shares of our common stock were outstanding, substantially all of which are subject to lock-up agreements. After this offering, an additional shares of our common stock will be available for future option grants under the 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 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 lock-up period, without the prior written consent of Morgan Stanley & Co. LLC and Scotia Capital (USA) Inc. 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 common stock owned by them following the expiration of the lock-up period described above under "*—Lock-up Agreements*." See "*Certain Relationships and Related Party Transactions—Registration Rights Agreement*."

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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 and Scotia Capital (USA) Inc. 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:

---

| | |
|:---|:---|
| **Name** | **Number of Shares**  |
| Morgan Stanley & Co. LLC |  |
| Scotia Capital (USA) Inc. |  |
| &nbsp;&nbsp;**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 intend to apply 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 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 and Scotia Capital (USA) Inc. 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 and Scotia Capital (USA) Inc. 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 to do not apply to:

&nbsp;&nbsp;&nbsp;&nbsp;• the sale of shares to the underwriters;

&nbsp;&nbsp;&nbsp;&nbsp;• the issuance by the Company of shares of common stock upon the exercise of an option or a warrant or the conversion of a security outstanding on the date of this prospectus of which the underwriters have been advised in writing;

&nbsp;&nbsp;&nbsp;&nbsp;• transactions by any person other than us relating to shares of common stock or other securities acquired in open market transactions after the completion of the offering of the shares; 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 such open market transactions; or

&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 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 and Scotia Capital (USA) Inc., 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

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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.

#### 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

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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 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,

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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.

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

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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.

<u>For Qualified Institutional Investors ("</u>***<u>QII</u>****<u>")</u>* 

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.

<u>For Non-QII Investors</u>

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 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

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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.

#### 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, 2024, and for the year ended December 31, 2024, 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.

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"**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. 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 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.

"**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.

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"**Ore body**" means a mineral deposit, or portion thereof, that can be mined economically 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, 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.

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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, 2024](#tCBD) | [F-3](#tCBD) |
| [Consolidated Statement of Operations and Comprehensive Loss for the year ended December 31, 2024](#tCSLS) | [F-4](#tCSLS) |
| [Consolidated Statement of Changes in Stockholders' Deficit for the year ended December 31, 2024](#tCSSE) | [F-5](#tCSSE) |
| [Consolidated Statement of Cash Flows for the year ended December 31, 2024](#tCSCF) | [F-6](#tCSCF) |
| &nbsp;&nbsp;[Notes to the Consolidated Financial Statements](#tNCFS) | [F-7](#tNCFS) |

---

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#### Report of Independent Registered Public Accounting Firm
To the Shareholders and the Board of Directors of Sunshine Silver Mining & Refining Company

#### Opinion on the Financial Statements
We have audited the accompanying consolidated balance sheet of Sunshine Silver Mining & Refining Company (the Company) as of December 31, 2024, the related consolidated statement of operations and comprehensive loss, changes in stockholders' deficit and cash flows for the year then ended, 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, 2024, and the results of its operations and its cash flows for the year then ended 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 audit. 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 audit in accordance with the standards of the PCAOB and in accordance with auditing standards generally accepted in the United States of America. 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 audit, 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 audit 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 audit 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 audit provides a reasonable basis for our opinion.

We have served as the Company's auditor since 2023. <br>

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

/s/ Ernst & Young LLP <br>

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

Denver, Colorado <br>

December 17, 2025

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

#### Consolidated Balance Sheet <br>

#### Expressed in United States Dollars

---

| | |
|:---|:---|
|  | **December 31, 2024**  |
|  | **$**  |
| **ASSETS**<br>|  |
| &nbsp;&nbsp;&nbsp;**Current assets**<br>|  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cash and cash equivalents | &nbsp;&nbsp;&nbsp;&nbsp;1967846  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prepaid expenses | &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;329858  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other current assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2485  |
| &nbsp;&nbsp;&nbsp;**Total current assets** | &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;Metals inventory | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;344178  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Property, plant and equipment, net | &nbsp;&nbsp;&nbsp;24293963  |
| **TOTAL ASSETS** | &nbsp;&nbsp;&nbsp;**27998932**  |
| **LIABILITIES AND STOCKHOLDERS' DEFICIT**<br>|  |
| &nbsp;&nbsp;&nbsp;**Current liabilities**<br>|  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts payable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;111905  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accrued liabilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;421623  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Note payable | &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;29476223  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accrued interest | &nbsp;&nbsp;&nbsp;&nbsp;3709315  |
| &nbsp;&nbsp;&nbsp;**Total current liabilities** | &nbsp;&nbsp;&nbsp;**34130227**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accrued interest | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;510600  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reclamation obligations | &nbsp;&nbsp;&nbsp;&nbsp;1703850  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notes payable | &nbsp;&nbsp;&nbsp;&nbsp;9000000  |
| **TOTAL LIABILITIES** | &nbsp;&nbsp;&nbsp;**45344677** |
| **COMMITMENTS AND CONTINGENCIES (Note 16)**<br>|  |
| **SUBSEQUENT EVENTS (Note 17)**<br>|  |
| **STOCKHOLDERS' DEFICIT**<br>|  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Common Stock - $0.001 par value, 12,000,000 shares authorized, 8,543,963 shares issued and outstanding at December 31, 2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8544  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Additional paid-in capital | &nbsp;&nbsp;152479834  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accumulated deficit | &nbsp;&nbsp;(169834123)  |
| **Total stockholders' deficit** | &nbsp;&nbsp;**(17345745)**  |
| **TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIT** | &nbsp;&nbsp;&nbsp;**27998932** |

---

The accompanying notes form an integral part of these consolidated financial statements.<br>

F-3<br>

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#### **TABLE OF CONTENTS**

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

#### Consolidated Statement of Operations and Comprehensive Loss<br>

#### Expressed in United States Dollars

---

| | |
|:---|:---|
|  | **Year Ended** <br>**December 31, 2024**  |
|  | **$**  |
| &nbsp;&nbsp;**Sales** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96075  |
| **Operating expenses:**<br>|  |
| &nbsp;&nbsp;&nbsp;Pre-Development | &nbsp;&nbsp;&nbsp;2661750  |
| &nbsp;&nbsp;&nbsp;General and administrative | &nbsp;&nbsp;&nbsp;5749067  |
| &nbsp;&nbsp;&nbsp;Depreciation and amortization | &nbsp;&nbsp;&nbsp;&nbsp;576842  |
| &nbsp;&nbsp;&nbsp;Cost of goods sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47009  |
| &nbsp;&nbsp;&nbsp;Accretion expense | &nbsp;&nbsp;&nbsp;&nbsp;103991  |
| &nbsp;&nbsp;**Operating loss** | &nbsp;&nbsp;&nbsp;**9042584** |
| **Other income (expense):**<br>|  |
| &nbsp;&nbsp;&nbsp;Interest expense | &nbsp;&nbsp;&nbsp;(3872090)  |
| &nbsp;&nbsp;&nbsp;Interest income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22659  |
| **Total other income (expense)** | &nbsp;&nbsp;&nbsp;**(3849431)**  |
| &nbsp;&nbsp;&nbsp;Income and mining tax expense | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—  |
| **Net and comprehensive loss** | &nbsp;&nbsp;&nbsp;**(12892015)** |
| Basic and diluted loss per common share | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.51)  |
| Weighted average number of basic and diluted shares of common stock outstanding | &nbsp;&nbsp;&nbsp;8543963 |

---

The accompanying notes form an integral part of these consolidated financial statements.<br>

F-4<br>

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#### **TABLE OF CONTENTS**

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

#### Consolidated Statement of Changes in Stockholders' Deficit<br>

#### Expressed in United States Dollars

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Common Stock** | **Common Stock** | **Additional** <br>**Paid-in** <br>**Capital** | **Accumulated** <br>**Deficit** | **Total**  |
|  | **Number of** <br>**common** <br>**shares** | **Amount**  | **Additional** <br>**Paid-in** <br>**Capital** | **Accumulated** <br>**Deficit** | **Total**  |
|  | **#** | **$** | **$** | **$** | **$**  |
| &nbsp;&nbsp;**Balance – December 31, 2023** | **8543963** | **8544** | **152102034** | **(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;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;(12892015) | (12892015)  |
| &nbsp;&nbsp;**Balance – December 31, 2024** | **8543963** | **8544** | **152479834** | **(169834123)** | **(17345745)** |

---

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 Statement of Cash Flows <br>

#### Expressed in United States Dollars

---

| | |
|:---|:---|
|  | **Year Ended** <br>**December 31, 2024**  |
|  | **$**  |
| **Cash Flows from Operating activities:**<br>|  |
| **Net loss** | &nbsp;&nbsp;&nbsp;(12892015)  |
| *Adjustments to reconcile net loss to net cash used in operating activities:*<br>|  |
| &nbsp;&nbsp;&nbsp;Depreciation and amortization | &nbsp;&nbsp;&nbsp;&nbsp;576842  |
| &nbsp;&nbsp;&nbsp;Stock-based compensation | &nbsp;&nbsp;&nbsp;&nbsp;377800  |
| &nbsp;&nbsp;&nbsp;Reclamation obligation accretion | &nbsp;&nbsp;&nbsp;&nbsp;103991  |
| &nbsp;&nbsp;&nbsp;Convertible notes discount amortization | &nbsp;&nbsp;&nbsp;1715126  |
| *Changes in operating assets and liabilities:*<br>|  |
| &nbsp;&nbsp;&nbsp;Prepaid expenses | &nbsp;&nbsp;&nbsp;&nbsp;465335  |
| &nbsp;&nbsp;&nbsp;Materials and supplies inventory | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58341  |
| &nbsp;&nbsp;&nbsp;Metals inventory | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(94178)  |
| &nbsp;&nbsp;&nbsp;Other current assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28817  |
| &nbsp;&nbsp;&nbsp;Accounts payable | &nbsp;&nbsp;&nbsp;&nbsp;(230353)  |
| &nbsp;&nbsp;&nbsp;Accrued liabilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12517  |
| &nbsp;&nbsp;&nbsp;Accrued and accreted interest | &nbsp;&nbsp;&nbsp;2154042  |
| Net cash used in operating activities | &nbsp;&nbsp;&nbsp;(7723735) |
| **Cash Flows from Investing activities:**<br>|  |
| &nbsp;&nbsp;&nbsp;Additions to property, plant and equipment | &nbsp;&nbsp;&nbsp;(1138306)  |
| &nbsp;&nbsp;&nbsp;Maturity of short-term investment | &nbsp;&nbsp;&nbsp;&nbsp;275039  |
| Net cash used in investing activities | &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;(199188)  |
| &nbsp;&nbsp;&nbsp;Proceeds from notes payable | &nbsp;&nbsp;&nbsp;9000000  |
| Net cash provided by financing activities | &nbsp;&nbsp;&nbsp;8800812 |
| **Increase in Cash and cash equivalents and Restricted cash** | &nbsp;&nbsp;&nbsp;&nbsp;**213810**  |
| Cash and cash equivalents and Restricted cash, beginning | &nbsp;&nbsp;&nbsp;2029075  |
| **Cash and cash equivalents and Restricted cash, ending** | &nbsp;&nbsp;&nbsp;**2242885**  |
| **Supplemental disclosure of non-cash financing activities:**<br>|  |
| &nbsp;&nbsp;Financing of Insurance Premiums with Note Payable | &nbsp;&nbsp;&nbsp;&nbsp;610350  |
| Interest paid | &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>

------

#### **TABLE OF CONTENTS**

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

#### Notes to the Consolidated Financial Statements<br>

#### For the Year Ended December 31, 2024<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 company that continues to work at developing the Sunshine Complex with the goal of putting it into production.

In May 2010, the Company's wholly-owned subsidiary Silver Opportunities Partners LLC ("SOP") was acquired from Sterling Mining Company ("Sterling"), through Sterling's bankruptcy proceedings, including the majority of the operating facilities and equipment at the Sunshine Mine, and 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 exercised the option 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 (Denver) with an effective date of December 21, 2023, and has not since been updated.

2. **SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES** 

---

| | |
|:---|:---|
| 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.

---

| | |
|:---|:---|
| 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 recoverability of exploration and pre-development assets, reclamation obligations, valuation of stock options, valuation of warrants and convertible debt, and valuation allowances for deferred tax assets. Accordingly, actual results will differ from those amounts estimated in these financial statements.

F-7<br>

------

#### **TABLE OF CONTENTS**

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

#### Notes to the Consolidated Financial Statements<br>

#### For the Year Ended December 31, 2024<br>

#### Expressed in United States Dollars, unless otherwise indicated <br>

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

---

| | |
|:---|:---|
| 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 outflows from operations, which are both expected to continue. Working capital deficits are expected, acknowledging that periods of positive working capital may occur based upon the timing and expenditure of financing proceeds. The Company received an unlimited financial support commitment letter from Electrum Silver US LLC ("ESUS"), the Company's largest stockholder, to ensure the Company is able to satisfy its obligations as a going concern through December 31, 2026.

---

| | |
|:---|:---|
| 2.4<br>| **Risks and Uncertainties**  |

---

As a mining exploration and development company, the Company's growth and future profitability depends significantly on the prevailing prices of minerals, primarily of silver. Commodity prices are historically volatile and there can be no assurance that mineral prices will not be subject to significant future fluctuations. 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 exploration and development assets are dependent on its ability to continue to fund exploration and development activities. A lack of financial support may negatively impact the Company's exploration and development activities.

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.

---

| | |
|:---|:---|
| 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 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 balances in deposit accounts may, at times, exceed federally insured limits, and did at December 31, 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, 2024, 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 the forecasted usage of its material and supplies to determine if a provision for obsolete stock is warranted.

Metals inventory that is not expected to be processed within the next twelve months is classified as a non-current asset.

---

| | |
|:---|:---|
| 2.8<br>| **Restricted cash**  |

---

Restricted cash is held by a regulatory authority as collateral to cover future potential costs associated with the Company's tailings storage facility. At December 31, 2024, the Company classified restricted cash as a non-current asset, as it is not expected to be recovered within the twelve-month period from that date.

F-8<br>

------

#### **TABLE OF CONTENTS**

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

#### Notes to the Consolidated Financial Statements<br>

#### For the Year Ended December 31, 2024<br>

#### Expressed in United States Dollars, unless otherwise indicated <br>

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

---

| | |
|:---|:---|
| 2.9<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 range from ten to twenty years. The estimated useful lives of furniture, fixtures, and computers range from three to ten years.

---

| | |
|:---|:---|
| 2.10<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.

---

| | |
|:---|:---|
| 2.11<br>| **Accounts Payable and Accrued Liabilities**  |

---

Accounts payable and accrued liabilities represent amounts the Company owes to its vendors and service providers.

---

| | |
|:---|:---|
| 2.12<br>| **Convertible Notes Issued with Warrants**  |

---

The Company accounts for 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 debt. The Company allocates the issuance costs between the debt instruments and detachable warrants based on the relative fair value of each instrument if both are recorded and carried at amortized cost.

---

| | |
|:---|:---|
| 2.13<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, 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. The Company did not recognize any impairment of long-lived assets for the year ended December 31, 2024.

---

| | |
|:---|:---|
| 2.14<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

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, 2024<br>

#### Expressed in United States Dollars, unless otherwise indicated <br>

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>
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 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 to which other compensation of the grantee is reported.

---

| | |
|:---|:---|
| 2.15<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.

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.

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.

---

| | |
|:---|:---|
| 2.16<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.

---

| | |
|:---|:---|
| 2.17<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.

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, 2024<br>

#### Expressed in United States Dollars, unless otherwise indicated <br>

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>
The dilutive effect of outstanding stock options and warrants is reflected in diluted earnings per share by application of the treasury stock method. The effect of the Company's outstanding stock options, convertible notes payable, and warrants were excluded for the year ended December 31, 2024, because they were anti-dilutive.

---

| | |
|:---|:---|
| 2.18<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.

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.

---

| | |
|:---|:---|
| 2.19<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 Accounting Standards Codification 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.

---

| | |
|:---|:---|
| 2.20<br>| **Recently Adopted Accounting Standards**  |

---

In November 2023, the Financial Accounting Standards Board (FASB) issued Accounting Standard Update 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.

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, 2024<br>

#### Expressed in United States Dollars, unless otherwise indicated <br>

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

---

| | |
|:---|:---|
| 2.21<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.

3. **PROPERTY, PLANT, AND EQUIPMENT**

---

| | |
|:---|:---|
| 3.1<br>| **Property, Plant, and Equipment**  |

---

At December 31, 2024, property, plant and equipment consisted of the following:

---

| | |
|:---|:---|
|  | **December 31, 2024**  |
|  | &nbsp;&nbsp;$ |
| Mineral properties | &nbsp;&nbsp;&nbsp;17954729  |
| &nbsp;&nbsp;Plant & equipment | &nbsp;&nbsp;&nbsp;18376345  |
| &nbsp;&nbsp;Land | &nbsp;&nbsp;&nbsp;&nbsp;1814080  |
| Buildings & improvements | &nbsp;&nbsp;&nbsp;13700503  |
| Furniture, fixtures & computers | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;731846  |
| Property, plant & equipment at cost | &nbsp;&nbsp;&nbsp;52577503  |
| Less: accumulated depreciation | &nbsp;&nbsp;(28283540)  |
| **Property, plant & equipment, net** | &nbsp;&nbsp;&nbsp;**24293963** |

---

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 back in service. The Company recognized $576,842 of depreciation and amortization expense during the year ended December 31, 2024.

---

| | |
|:---|:---|
| 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 year ended December 31, 2024, and accordingly, the Company did not pay any royalties based on production or sales.

---

| | |
|:---|:---|
| 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 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-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, 2024<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. The Company is negotiating with the U.S. government and the Coeur d'Alene Tribe to modify the 2001 Consent Decree's requirements to (1) upfront payments after signing a new agreement and after completing a feasibility study for the Sunshine Mine Core Area and (2) a lower percentage (e.g., in the low single-digit percentage) NSR Royalty with a maximum amount payable over the life of the mine. To date, however, an agreement has not been reached regarding these modifications.

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>| **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 Company's common shares 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.

---

| | |
|:---|:---|
| 3.2.3<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.

---

| | |
|:---|:---|
| 3.2.4<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

F-13<br>

------

#### **TABLE OF CONTENTS**

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

#### Notes to the Consolidated Financial Statements<br>

#### For the Year Ended December 31, 2024<br>

#### Expressed in United States Dollars, unless otherwise indicated <br>

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>
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.

---

| | |
|:---|:---|
| 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>| **Lease payments**  |

---

Lease expenses for the properties in Notes 3.2.1 through 3.2.6 are reported as general and administrative expenses on the consolidated statement of operations. The following table sets out lease payments made during the year ended December 31, 2024.

---

| | |
|:---|:---|
| **Lease payments during the year ended** | **2024**  |
| **December 31,** | **$**  |
| Chester Group and Mineral Mountain Mining Claims | 42000  |
| Metropolitan Mines Mining Claims | 12000  |
| Rock Creek | &nbsp;&nbsp;6000  |
| American Silver Mining Company | 12000  |
| &nbsp;&nbsp;**Total** | **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, 2024**  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$ |
| 2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60000  |
| 2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60000  |
| 2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60000  |
| 2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60000  |
| 2029 and thereafter | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;148500  |
| **Total** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**388500** |

---

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, 2024<br>

#### Expressed in United States Dollars, unless otherwise indicated <br>

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>
4. **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, 2024, the Company's financial assets and liabilities consist of: cash and cash equivalents, restricted cash, short-term investments, accounts payable, notes payable to finance insurance premiums, and accrued liabilities. The carrying amounts of these financial instruments approximate their fair values due to their short maturities.

5. **RELATED PARTY TRANSACTIONS** 

Effective January 1, 2021, the Company entered into a related party management services agreement ("MSA") with the Electrum Group ("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 year ended December 31, 2024, the Company recorded $239,599 for the provision of services under the MSA. $134,685 was paid for these services for the year ended December 31, 2024.

Effective May 28, 2021, the Company entered into a related party special advisor agreement with Daniel Quintanilla, a member of the Board of Directors. Pursuant to the agreement, Mr. Quintanilla provides services outside of his role as a member of the board related to the overall strategy of the business and equity or debt raises. The agreement specified annual fees of $250,000. The agreement was amended on October 24, 2022 to increase the annual fee to $500,000. The Company paid $441,667 for the year ended December 31, 2024 under this agreement and has amounts outstanding of $58,333 as of December 31, 2024. Total charges of $500,000 were recorded in 'General and administrative' expense for the year ended December 31, 2024.

Additional related party transactions are described at Notes 6, 7, 9, 10, 12 and 17.

6. **NOTES PAYABLE** 

---

| | |
|:---|:---|
| 6.1<br>| **Summary of Notes Payable**  |

---

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Accrued Interest**  |
|  | **December 31, 2024** | **December 31, 2024**  |
|  | &nbsp;&nbsp;&nbsp;$ | &nbsp;&nbsp;&nbsp;&nbsp;$ |
| **Balance at beginning of year** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—  |
| ESUS II Note Payable (Note 6.2) | &nbsp;&nbsp;&nbsp;6500000 | &nbsp;&nbsp;&nbsp;&nbsp;485267  |
| ESUS Note Payable (Note 6.3) | &nbsp;&nbsp;&nbsp;2500000 | &nbsp;&nbsp;&nbsp;&nbsp;25333  |
| **Balance, ending** | &nbsp;&nbsp;&nbsp;**9000000** | &nbsp;&nbsp;&nbsp;&nbsp;**510600** |

---

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, 2024<br>

#### Expressed in United States Dollars, unless otherwise indicated <br>

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

---

| | |
|:---|:---|
| 6.2<br>| **Term Loan Agreement with Electrum Silver US II LLC ("ESUS II") for Total Aggregate Principal Amount of $6,500,000**  |

---

ESUS II is a shareholder of the Company that is under common control of the majority shareholder group of the Company. On April 11, 2024, the Company entered into a term loan agreement with ESUS II, a related party, for an aggregate total principal amount of $6,500,000, receivable in multiple tranches (the "ESUS II Note Payable"). The loan bears interest at a rate of 12% per annum, compounded annually. The unpaid principal and any accrued interest thereon is 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 become due and payable pursuant to default terms. A Qualified Equity Financing is 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 are due upon maturity, and early payments of principal and interest may be made without penalty. The fair value (level three) of the note payable approximates carrying value.

Subsequent to December 31, 2024, on July 15, 2025, the principal balance of $6,500,000 and accrued interest of $923,098 were cancelled with an equity issuance. See Note 17 for further information.

---

| | |
|:---|:---|
| 6.3<br>| **Term Loan Agreement with Electrum Silver US LLC ("ESUS") for Total Aggregate Principal Amount of $7,000,000**  |

---

ESUS is a shareholder of the Company that is under common control of the majority shareholder group of the Company. On November 12, 2024, the Company entered into a term loan agreement with ESUS, a related party, for an aggregate total principal amount of $7,000,000, receivable in multiple tranches (the "ESUS Note Payable"). The loan bears interest at a rate of 12% per annum, compounded annually. The unpaid principal and any accrued interest thereon is 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 become due and payable pursuant to default terms. Principal and interest are due upon maturity, and early payments of principal and interest may be made without penalty. The fair value (level three) of the note payable approximates carrying value.

Subsequent to December 31, 2024, on July 15, 2025, the principal balance of $7,000,000 and accrued interest of $366,500 were cancelled with an equity issuance. See Note 17 for further information.

---

| | |
|:---|:---|
| 6.4<br>| **Financing of Insurance Premiums with Note Payable with Original Principal Amount of $610,350**  |

---

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 will be repaid with ten monthly payments of $47,163, beginning in December of 2024. The note bears interest at 7.7% per annum. The balance owed at December 31, 2024 was $411,161.

7. **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 shares of the Company. At closing, ESUS's principal amount was $15,714,608, which included the conversion of the 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 273,964 warrants and MERS was issued 261,506 warrants. The Convertible Notes bear interest at an annual rate of 5%, compounding annually. The outstanding principal amount and accrued and unpaid interest are due and payable on September 2, 2025. The Convertible Notes have an automatic conversion feature where, upon the consummation of a "Qualified Financing", the outstanding principal amount plus accrued and unpaid interest will automatically convert into common shares at a price per share equal to the lesser of (a) the price per share of the Qualified Financing or (b) $28.68 per share. A

F-16<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, 2024<br>

#### Expressed in United States Dollars, unless otherwise indicated <br>

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>
Qualified Financing is 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 shares of the Company.

In connection with the issuance of the Convertible Notes, the Company recorded debt discounts and issuance costs of $4,974,903. The effective interest rate applicable since the issuance of the Convertible Notes is 11.7%.

---

| | |
|:---|:---|
|  | **2024**  |
| **Carrying value of Convertible Notes** | $|
| At January 1, | &nbsp;&nbsp;27761097  |
| Amortization of debt discount | &nbsp;&nbsp;&nbsp;1715126  |
| **At December 31,** | &nbsp;&nbsp;**29476223**  |
| *Unamortized debt discounts and issuance costs* | &nbsp;&nbsp;&nbsp;*1238385* |

---

---

| | |
|:---|:---|
|  | **2024**  |
| **Accrued Interest - Convertible Notes** | $|
| At January 1, | &nbsp;&nbsp;2065873  |
| Interest expense | &nbsp;&nbsp;1643442  |
| **At December 31,** | &nbsp;&nbsp;**3709315** |

---

At December 31, 2024, the fair value (level three) of the convertible notes payable was approximately $34,500,000 based upon a conversion price of $28.68 per share. Subsequent to December 31, 2024, the convertible debt and accrued interest was settled at $28.68 per share, which was below the fair value of common shares at the subsequent-date conversion (see further information at Note 17).

8. **RECLAMATION OBLIGATIONS** 

The Company recorded accretion expense related to the reclamation obligations of $103,991 during the year ended December 31, 2024. The following table summarizes activity in the Company's reclamation obligations:

---

| | |
|:---|:---|
|  | **2024**  |
|  | $|
| At January 1, | &nbsp;&nbsp;1599859  |
| &nbsp;&nbsp;&nbsp;Accretion expense | &nbsp;&nbsp;&nbsp;&nbsp;103991  |
| **At December 31,** | &nbsp;&nbsp;**1703850** |

---

9. **WARRANTS** 

In connection with the issuance of the Convertible Notes (Note 7), 535,470 warrants were issued to ESUS and MERS. The warrants are convertible into the Company's common stock at an exercise price of $28.68 per share. The warrants are exercisable for a whole number of common shares 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. Since the convertible debt carried at amortized cost was issued with equity-classified warrants, the 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.

Subsequent to December 31, 2024, new warrants were issued; see Note 17.

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, 2024<br>

#### Expressed in United States Dollars, unless otherwise indicated <br>

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>
10. **STOCKHOLDERS' EQUITY (DEFICIT)** 

The Company is authorized to issue up to 12,000,000 shares of $0.001 par value common stock. 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. The Company does not intend to pay any dividends in the foreseeable future and currently intends to retain all future earnings to finance the business. 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.

On October 30, 2020, the Company issued 8,543,963 shares of common stock, which remained outstanding at December 31, 2024.

The number of shares authorized for issuance was increased to 15,000,000 after December 31, 2024, and common shares were issued; see Note 17.

11. **LOSS PER COMMON SHARE** 

The Company calculates basic income (loss) per common share by dividing income (loss) available to common shareholders by the weighted average number of shares of common stock outstanding during the period. Diluted income (loss) per share is calculated by dividing income (loss) available to common shareholders by the weighted average number of shares of common stock outstanding during the period plus the effect of potential dilutive common shares during the period using the treasury stock method.

The following table represents net loss per common share – basic:

---

| | |
|:---|:---|
|  | **Year Ended** <br>**December 31, 2024**  |
| **Numerator: Net loss** | &nbsp;&nbsp;$(12892015)  |
| **Denominator: Number of basic weighted average common shares** | &nbsp;&nbsp;&nbsp;&nbsp;8543963  |
| **Basic loss per share per common share** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(1.51)** |

---

The following were excluded from diluted loss per share because the Company incurred net losses and the effect would be anti-dilutive.

---

| | |
|:---|:---|
|  | **Year Ended** <br>**December 31, 2024**  |
| &nbsp;&nbsp;Warrants | &nbsp;&nbsp;&nbsp;&nbsp;535470  |
| Stock options | &nbsp;&nbsp;&nbsp;&nbsp;50000  |
| &nbsp;&nbsp;Potential shares from convertible debt at $28.68 per share | &nbsp;&nbsp;&nbsp;&nbsp;1200276  |
| **Total** | &nbsp;&nbsp;&nbsp;&nbsp;**1785746** |

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F-18<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, 2024<br>

#### Expressed in United States Dollars, unless otherwise indicated <br>

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>
12. **STOCK-BASED COMPENSATION**

On May 28, 2021, SSMR created the 2021 Long Term Incentive Plan ("LTIP") under which stock options, stock appreciation rights, stock awards, or cash awards can be issued to employees, consultants, and directors of the Company. In 2021, the Company issued 100,000 consultant stock options under the LTIP. These stock options entitle the holder to purchase one share of the Company's common stock. 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. The weighted average grant date fair value of the consultant stock options was $18.89. There were no stock options issued subsequent to the 2021 issuance through December 31, 2024.

At December 31, 2024, there were 100,000 stock options outstanding with a weighted average exercise price of $45.66 and weighted average remaining contractual term of 6.4 years. At December 31, 2024, 71,667 stock options were vested and exercisable. At December 31, 2024, 50,000 options outstanding, of which 35,833 were vested, had an exercise price greater than the estimated value per share of common stock.

Total unrecognized compensation expense for stock options at December 31, 2024 was $530,990, which is expected to be recognized over a period of 1.4 years.

For the year ended December 31, 2024, the Company recognized stock-based compensation expense from the vesting of stock options of $377,800, all of which is included in 'General and administrative' expense.

Subsequent to December 31, 2024, the LTIP was amended and stock options were granted; see Note 17.

13. **SALES** 

During the year ended December 31, 2024, the Company sold 1,539 ounces of silver from metals inventory, which generated sales of $96,075 and costs of goods sold of $47,009. Metals inventory and costs of goods sold are reported using the weighted-average cost method.

14. **INCOME TAXES** 

The Company's loss before income taxes in the U.S. was $12,892,015 for the year ended December 31, 2024. There was no current or deferred income tax expense (benefit) for the year ended December 31, 2024.

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** <br>**December 31, 2024**  |
|  | &nbsp;&nbsp;&nbsp;$ |
| Tax provision (benefit) | &nbsp;&nbsp;&nbsp;(2707323)  |
| State tax (benefit) | &nbsp;&nbsp;&nbsp;&nbsp;(579593)  |
| Other | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60819  |
| Change in valuation allowance | &nbsp;&nbsp;&nbsp;3226097  |
| **Total income tax expense (benefit)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |

---

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.

F-19<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, 2024<br>

#### Expressed in United States Dollars, unless otherwise indicated <br>

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>
The components of the net deferred tax assets are summarized as follows (the Company did not have any deferred tax liabilities):

---

| | |
|:---|:---|
|  | **December 31, 2024**  |
|  | &nbsp;&nbsp;$ |
| Mineral properties | &nbsp;&nbsp;&nbsp;&nbsp;8585776  |
| Property, plant and equipment | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;956158  |
| Exploration and development | &nbsp;&nbsp;&nbsp;&nbsp;2245558  |
| &nbsp;&nbsp;Operating loss carryforward | &nbsp;&nbsp;&nbsp;&nbsp;7097333  |
| Stock options | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;357342  |
| Interest | &nbsp;&nbsp;&nbsp;&nbsp;2079298  |
| &nbsp;&nbsp;Other | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48750  |
| Total deferred tax assets | &nbsp;&nbsp;&nbsp;21370215  |
| Valuation allowance | &nbsp;&nbsp;(21370215)  |
| Total deferred tax assets | &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;— |

---

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 $3,226,097 for the year ended December 31, 2024.

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, 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, 2024, the Company had $27,800,000 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 2044. The table below shows the expiration dates of the state NOLs at December 31, 2024.

---

| | |
|:---|:---|
| **State NOL Year Incurred** | **NOL Expiration Year**  |
|  | $— |
| 2020 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2040  |
| 2021 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2041  |
| 2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2042  |
| 2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2043  |
| 2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2044  |
| **Total** |  |

---

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, 2024<br>

#### Expressed in United States Dollars, unless otherwise indicated <br>

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>
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, 2022, 2023, and 2024 (unfiled as of the date of these Financial Statements) remain subject to audit.

As of December 31, 2024, 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, 2024, as it is more likely than not that all tax positions have a high probability of being upheld by the taxing authorities. The Company recognizes penalties and accrued interest related to unrecognized tax benefits in interest expense and penalties in operating expenses. No such interest or penalties were recognized during the periods presented.

15. **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. 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.

---

| | |
|:---|:---|
|  | **Year Ended** <br>**December 31, 2024**  |
|  | &nbsp;&nbsp;&nbsp;$ |
| **Pre-Development**<br>|  |
| Labor | &nbsp;&nbsp;&nbsp;1521376  |
| Materials and other directly related expenses | &nbsp;&nbsp;&nbsp;1048885  |
| &nbsp;&nbsp;Other | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;91489  |
| **Total Pre-Development** | &nbsp;&nbsp;&nbsp;**2661750**  |
| **General and Administrative**<br>|  |
| Labor | &nbsp;&nbsp;&nbsp;3111901  |
| &nbsp;&nbsp;Other | &nbsp;&nbsp;&nbsp;2637166  |
| **Total General and Administrative** | &nbsp;&nbsp;&nbsp;**5749067** |

---

16. **COMMITMENTS AND CONTINGENCIES** 

---

| | |
|:---|:---|
| 16.1<br>| **Financing Commitment Subsequent to December 31, 2024**  |

---

Subsequent to December 31, 2024, as part of an equity financing, the Company committed to issue shares of common stock and warrants in exchange for cash; see Note 17.

---

| | |
|:---|:---|
| 16.2<br>| **Other Commitments and Contingencies**  |

---

The Company has no other material commitments or contingencies outside of those disclosed in these financial statements.

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, 2024<br>

#### Expressed in United States Dollars, unless otherwise indicated <br>

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>
17. **SUBSEQUENT EVENTS** 

The Company evaluated events after December 31, 2024, and through the date the consolidated financial statements were issued (the "Report Date"), and identified the following subsequent events.

---

| | |
|:---|:---|
| 17.1<br>| **Equity Financing and Increase in Authorized Common Stock in July 2025**  |

---

On July 15, 2025, the Company adopted a Second Amended and Restated Certificate of Incorporation, which increased its authorized common stock to 15,000,000 shares.

On July 15, 2025, the Company initially closed a private offering transaction of up to $75,000,000 (the "Offering") in units ("Units"). Each Unit consists of one share of common stock at a purchase price of $40.00 per share, and a half warrant exercisable into common shares ("Unit"). Each whole warrant is exercisable for one common share at a price of $50.00 per common share for a period ending on the earlier 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 included the following:

i) $16,903,801 cash invested by ESUS for the purchase of 422,595 Units; 

ii) the settlement of the outstanding term loans and the related accrued interest totaling $28,096,199 in exchange for 702,405 Units; and 

iii) a commitment from ESUS, to purchase the balance of an additional 750,000 Units for $30,000,000 by December 31, 2025, if not issued to other investors ("ESUS Commitment"). Through the Report Date, the Company sold 101,069 Units to other investors for cash proceeds of $4,042,760 which reduced the ESUS Commitment, of which 40,000 Units sold for $1,600,000 were to members of management. On November 5, 2025, ESUS purchased 375,000 Units for $15,000,000. Accordingly, at the Report Date, the remaining ESUS Commitment was $10,957,240, representing 273,931 Units. 

The Convertible Note holders agreed that the Offering was considered a Qualifying Financing and the Convertible Note holders, ESUS and Ospraie, converted the principal balance of $30,714,608 and accrued interest of $4,618,730 at $28.68 per share in exchange for 1,231,985 common shares immediately prior to the Offering.

---

| | |
|:---|:---|
| 17.2<br>| **Debt Financing**  |

---

ESUS, a related party, provided up to $15,000,000 under the terms of a convertible note payable dated April 1, 2025 (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. It bore interest at 12%, compounded annually. Principal and unpaid interest 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 agreement become 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.

Between February 2025 and April 2025, the Company received an aggregate total of $17,600,000 on the ESUS November 2024 Note Payable and the ESUS April 2025 Note Payable. All notes payable, including the ESUS April 2025 Note Payable, and accrued interest thereon, were settled as part of the Offering.

---

| | |
|:---|:---|
| 17.3<br>| **Long-Term Incentive Plan Amendment and Stock Option Grant**  |

---

On July 15, 2025, the Board and the Stockholders of the Company ratified an amended Long Term Incentive Plan allowing for stock awards representing up to 10% of the Company's outstanding common stock on a rolling basis. The Company issued 762,300 stock options to management after December 31, 2024.

F-22<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 (to be filed as Exhibit 1.1 to this Registration Statement) will provide for indemnification of directors and officers of the Registrant by the underwriters against certain liabilities.

II-1<br>

------

#### **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 July 15, 2025 and December 31, 2025, we issued options to purchase     shares of common stock under the Amended and Restated 2021 Long Term Incentive Plan.

&nbsp;&nbsp;&nbsp;&nbsp;• Between January 1, 2023 and December 31, 2025, we issued an aggregate of    shares of common stock upon exercise of stock options 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 1,231,985 shares of common stock.

&nbsp;&nbsp;&nbsp;&nbsp;• On September 2, 2022, we issued warrants to purchase an aggregate of 535,470 shares of common stock at an exercise price of $28.68 per share in connection with the issuance of convertible notes. Between January 1, 2023 and December 31, 2025, we issued an aggregate of    shares of common stock upon exercise of such warrants.

&nbsp;&nbsp;&nbsp;&nbsp;• Between July 15, 2025 and December 31, 2025, we issued    shares of common stock for an aggregate purchase price of approximately $.

&nbsp;&nbsp;&nbsp;&nbsp;• Between July 15, 2025 and December 31, 2025, we issued warrants to purchase    shares of common stock at an exercise price of $50.00 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. 

II-2<br>

------

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. 

(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\* | Second Amended and Restated Certificate of Incorporation, as currently in effect  |
| 3.2\* | Form of Third Amended and Restated Certificate of Incorporation, to be effective upon the completion of this offering  |
| 3.3\* | Bylaws, as currently in effect  |
| 3.4\* | Form of Amended and Restated Bylaws, to be effective upon the completion of this offering  |
| 5.1\* | Opinion of Skadden, Arps, Slate, Meagher & Flom LLP  |
| 10.1\* | Amended and Restated 2021 Long Term Incentive Plan  |
| 10.2\* | 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)  |
| 10.3\* | Form of Stockholders' Agreement  |
| 10.4\* | Form of Indemnification Agreement  |
| 10.5\* | Form of Registration Rights Agreement  |
| 21.1\* | Subsidiaries of the Registrant  |
| 23.1\* | Consent of Ernst & Young LLP  |
| 23.2\* | Consent of Skadden, Arps, Slate, Meagher & Flom LLP (included in Exhibit 5.1)  |
| 23.3\* | Consent of SLR International Corporation  |
| 23.4\* | Consent of SRK Consulting (U.S.), Inc.  |
| 24.1\* | Power of Attorney (included on signature page)  |
| 96.1 | S-K 1300 Technical Report Summary on the Initial Assessment, Sunshine Mine, Idaho, USA, dated December 12, 2025  |
| 107\* | Calculation of Filing Fee Table |

---

\*<br> To be filed by amendment

II-4<br>

------

#### **TABLE OF CONTENTS**

#### 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 , 2026.

---

| | | |
|:---|:---|:---|
| SUNSHINE SILVER MINING & REFINING COMPANY  | SUNSHINE SILVER MINING & REFINING COMPANY  | SUNSHINE SILVER MINING & REFINING COMPANY  |
| By: |  |  |
|  | 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**  |
|  | Chief Executive Officer and Director <br>(principal executive officer) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;, 2026 |
| Heather White | Chief Executive Officer and Director <br>(principal executive officer) |  |
|  | Chief Financial Officer (principal financial officer and principal accounting officer) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;, 2026  |
| André van Niekerk | Chief Financial Officer (principal financial officer and principal accounting officer) |  |
|  | 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;, 2026 |
| Daniel Muñiz Quintanilla | Director |  |
|  | 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;, 2026  |
| Ali Reza Erfan | Director |  |
|  | 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;, 2026  |
| Thomas S. Kaplan | Director |  |
|  | 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;, 2026 |
| Douglas Groh | Director |  |

---

II-5<br>

## Exhibit 96.1

**Exhibit 96.1**

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

---

| |
|:---|
| &nbsp;&nbsp; <br>![](ny20061035x1ex96-1_image02.jpg)<br>**S-K 1300 Technical Report Summary**<br> **on the Initial Assessment**<br>**Sunshine Mine, Idaho, USA**<br>**Silver Opportunity Partners LLC**<br>2209 Big Creek Rd., Kellogg, ID 83837<br>Prepared by:<br>**SLR International Corporation**<br>1658 Cole Blvd, Suite 100, Lakewood, Colorado, 80401<br>SLR Project No.: 123.020552.00001<br>Report Date:<br>December 12, 2025<br>Revision: 4  |
| &nbsp;&nbsp;&nbsp;&nbsp; ![](ny20061035x1ex96-1_image03.jpg) |
| &nbsp;&nbsp;&nbsp;&nbsp; ![](ny20061035x1ex96-1_image03.jpg) |

---

------

<u> Silver Opportunity Partners LLC \| Sunshine Mine S-K 1300 Technical Report Summary on the Initial Assessment </u> <u> December 12, 2025 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) | 1-16 |
| [1.3](#a005) | [Technical Summary](#a005) | 1-25 |
| **[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) | 3-11 |
| **[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 ![](ny20061035x1ex96-1_image04.jpg)

------

<u> Silver Opportunity Partners LLC \| Sunshine Mine S-K 1300 Technical Report Summary on the Initial Assessment </u> <u> December 12, 2025 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) | 11-2 |
| [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 ![](ny20061035x1ex96-1_image04.jpg)

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<u> Silver Opportunity Partners LLC \| Sunshine Mine S-K 1300 Technical Report Summary on the Initial Assessment </u> <u> December 12, 2025 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) | 13-20 |
| [13.5](#a078) | [Geomechanics](#a078) | 13-31 |
| [13.6](#a079) | [Pre-Production Schedule](#a079) | 13-35 |
| [13.7](#a080) | [Life of Mine Plan Scenarios](#a080) | 13-38 |
| [13.8](#a081) | [Mining Infrastructure](#a081) | 13-51 |
| [13.9](#a082) | [Mine Equipment](#a082) | 13-63 |
| [13.10](#a083) | [Items for Consideration in the Next Stage of Work](#a083) | 13-64 |
| **[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 ![](ny20061035x1ex96-1_image04.jpg)

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<u> Silver Opportunity Partners LLC \| Sunshine Mine S-K 1300 Technical Report Summary on the Initial Assessment </u> <u> December 12, 2025 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) | 22-2 |
| [22.3](#a122) | [Mineral Processing](#a122) | 22-6 |
| [22.4](#a123) | [Infrastructure](#a123) | 22-9 |
| [22.5](#a124) | [Environment](#a124) | 22-10 |
| [22.6](#a125) | [Capital and Operating Costs](#a125) | 22-10 |
| **[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 ![](ny20061035x1ex96-1_image04.jpg)

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<u> Silver Opportunity Partners LLC \| Sunshine Mine S-K 1300 Technical Report Summary on the Initial Assessment </u> <u> December 12, 2025 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 | 1-12 |
| 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 | 1-22 |
| 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 December 21, 2023, SRK Consulting (U.S.), Inc. | 1-28 |
| Table 1-7: | Potentially Mineable Material | 1-30 |
| Table 1-8: | Capital Summary | 1-33 |
| Table 1-9: | Operating Cost Summary | 1-34 |
| 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 Recent 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 ![](ny20061035x1ex96-1_image04.jpg)

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<u> Silver Opportunity Partners LLC \| Sunshine Mine S-K 1300 Technical Report Summary on the Initial Assessment </u> <u> December 12, 2025 SLR Project No.: 123.020552.00001 </u>

---

| | | |
|:---|:---|:---|
| 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 December 21, 2023, 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 December 21, 2023, 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 | 13-13 |

---

vi ![](ny20061035x1ex96-1_image04.jpg)

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<u> Silver Opportunity Partners LLC \| Sunshine Mine S-K 1300 Technical Report Summary on the Initial Assessment </u> <u> December 12, 2025 SLR Project No.: 123.020552.00001 </u>

---

| | | |
|:---|:---|:---|
| Table 13-3: | Long Hole Stope Design Parameters | 13-16 |
| Table 13-4: | Stope Optimizer Input Parameters | 13-21 |
| Table 13-5: | Mineable Inventory Cut-Off Grade Estimation | 13-22 |
| Table 13-6: | Potentially Mineable Material – Base Case LOM Plan | 13-25 |
| Table 13-7: | Base Case LOM Plan – Production Summary by Vein | 13-26 |
| Table 13-8: | Base Case LOM Plan – Production Summary by Level | 13-27 |
| Table 13-9: | Annual Percentage of Inferred Resources in the Base Case LOM Plan | 13-28 |
| Table 13-10: | Indicated LOM Plan by Year | 13-30 |
| Table 13-11: | RQD Domain Classification | 13-31 |
| Table 13-12: | RQD Classification of Five Drill Holes | 13-32 |
| Table 13-13: | Base Case and Indicated Only Case LOM Plans – Mine Production Summary | 13-39 |
| Table 13-14: | Base Case LOM Production – Mined Silver Ounces by Level or Area | 13-43 |
| Table 13-15: | Base Case LOM Production – Mined Tons by Level or Area | 13-44 |
| Table 13-16: | Base Case – LOM Total Development | 13-46 |
| Table 13-17: | Indicated Only Case – Mine Production Data | 13-49 |
| Table 13-18: | Indicated Only Case – LOM Total Development | 13-50 |
| Table 13-19: | Jewell Shaft Block Mine Ventilation Requirement for Equipment | 13-57 |
| Table 13-20: | Mine Equipment List | 13-63 |
| 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 | 18-3 |
| 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 | 18-6 |
| 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 | 18-9 |

---

vii ![](ny20061035x1ex96-1_image04.jpg)

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<u> Silver Opportunity Partners LLC \| Sunshine Mine S-K 1300 Technical Report Summary on the Initial Assessment </u> <u> December 12, 2025 SLR Project No.: 123.020552.00001 </u>

---

| | | |
|:---|:---|:---|
| Table 18-11: | Power Consumption and Unit Costs – Base Case | 18-9 |
| Table 18-12: | Reagents and Consumables Unit Costs - Base Case | 18-9 |
| Table 18-13: | Process Operating Unit Costs Summary – Base Case | 18-9 |
| Table 18-14: | Steady State (Year 5) Workforce – Base Case | 18-10 |
| Table 18-15: | Operating Cost Summary – Indicated Only Case | 18-11 |
| Table 18-16: | Process Labor Costs – Indicated Only Case | 18-11 |
| Table 18-17: | Power Consumption and Unit Costs – Indicated Only Case | 18-11 |
| Table 18-18: | Reagents and Consumables Unit Costs - Indicated Only Case | 18-12 |
| Table 18-19: | Process Operating Unit Costs Summary – Indicated Only Case | 18-12 |
| Table 18-20: | Steady State (Year 5) Workforce – Indicated Only Case | 18-12 |
| 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 | 19-8 |
| 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 |

---

**Figures**

---

| | | |
|:---|:---|:---|
| 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 |

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viii ![](ny20061035x1ex96-1_image04.jpg)

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<u> Silver Opportunity Partners LLC \| Sunshine Mine S-K 1300 Technical Report Summary on the Initial Assessment </u> <u> December 12, 2025 SLR Project No.: 123.020552.00001 </u>

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| | | |
|:---|:---|:---|
| Figure 8-2: | Summary of MEG-AG-2 Standard for Ag (g/t) | 8-4 |
| 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 |

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ix ![](ny20061035x1ex96-1_image04.jpg)

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<u> Silver Opportunity Partners LLC \| Sunshine Mine S-K 1300 Technical Report Summary on the Initial Assessment </u> <u> December 12, 2025 SLR Project No.: 123.020552.00001 </u>

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| | | |
|:---|:---|:---|
| Figure 13-6: | Indicated Only Plan LOM Production Designs Schematic Plan and Section Views | 13-11 |
| Figure 13-7: | Mining Method Comparison | 13-13 |
| Figure 13-8: | Section Views of Schematic showing Cut and Fill Stope | 13-14 |
| Figure 13-9: | Section Views of Schematic showing Long Hole Stope | 13-17 |
| Figure 13-10: | Mining Method Sensitivity Analysis | 13-18 |
| Figure 13-11: | Base Case Mining Method Longitudinal Section | 13-19 |
| Figure 13-12: | Development Cycle Breakdown | 13-20 |
| Figure 13-13: | Mineable Material by Distance to Depleted Region | 13-24 |
| Figure 13-14: | Waterfall Chart Showing Conversion to Mineable Ounces | 13-25 |
| Figure 13-15: | Base Case LOM Plan – Mine Production Designs in Longitudinal Section | 13-29 |
| Figure 13-16: | Mineable Indicated Mineral Resource Tonnage by Level | 13-30 |
| Figure 13-17: | Adjustment Factors for Stability Assessment | 13-34 |
| Figure 13-18: | Mathews Stability Graph for Long Hole Stopes | 13-34 |
| Figure 13-19: | Pre-Production Schedule | 13-37 |
| Figure 13-20: | Base Case LOM Production by Mining Method (tons) | 13-40 |
| Figure 13-21: | Base Case LOM Production by Mining Method (Contained Ounces Silver) | 13-41 |
| Figure 13-22: | Base Case LOM – Mine Development Schedule | 13-47 |
| Figure 13-23: | Base Case LOM – Material Movement Schedule | 13-47 |
| Figure 13-24: | Base Case – LOM Active Headings | 13-48 |
| Figure 13-25: | Indicated Only Case – Mine Production Tonnage | 13-49 |
| Figure 13-26: | Indicated Only Case – Metal Production and Head Grade | 13-50 |
| Figure 13-27: | Indicated Only Case LOM Mine Development Schedule | 13-51 |
| Figure 13-28: | Ventilation Schematic | 13-56 |
| Figure 13-29: | Jewell Shaft Dewatering Schematic | 13-60 |
| 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 18-1: | Mine Operating Cost per Ton – Base Case | 18-8 |

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x ![](ny20061035x1ex96-1_image04.jpg)

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<u> Silver Opportunity Partners LLC \| Sunshine Mine S-K 1300 Technical Report Summary on the Initial Assessment </u> <u> December 12, 2025 SLR Project No.: 123.020552.00001 </u>

---

| | | |
|:---|:---|:---|
| Figure 18-2: | Steady State Site Workforce – Base Case | 18-10 |
| Figure 18-3: | Site Workforce – Indicated Only Case | 18-13 |
| Figure 19-1: | After-Tax NPV Sensitivity Analysis – Base Case | 19-6 |
| Figure 19-2: | After-Tax IRR Sensitivity Analysis – Base Case | 19-6 |
| 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> December 12, 2025 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 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 (Denver) (SRK) completed an internal scoping study in September 2023 and, in January 2024, SRK completed an updated Mineral Resource estimate with an effective date of December 21, 2023, which is included in this TRS. SLR audited and accepted the SRK Mineral Resource estimate. No material work has been completed at the Project that would impact this Mineral Resource estimate, and the SRK Qualified Person (QP) considers the Mineral Resource estimate to be current as at the date of the TRS.

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 25 year mine life producing 8.18 million short tons (Mst) of mineable material grading 19.9 troy ounces per short ton (opt) Ag at a rate of up to 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.

The estimated Base Case capital costs are $290.2 million spent over a three year period, plus $580.2 million in sustaining capital (including reclamation and closure costs) over the life of the mine. The Base Case life of mine (LOM) operating costs are approximately $180.58/ton.

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<u> Silver Opportunity Partners LLC \| Sunshine Mine S-K 1300 Technical Report Summary on the Initial Assessment </u> <u> December 12, 2025 SLR Project No.: 123.020552.00001 </u>

An alternate production case based solely on Indicated Mineral Resources was also prepared. In the Indicated Only Case, mining will extend from the 2500 Level to the 4500 Level over a nine year mine life producing 1.22 Mst of mineable material grading 26.5 opt Ag at a production rate of up to 567 stpd. Processing and plant tails would use the same facilities as the Base Case.

For the Indicated Only Case, the estimated capital costs are $274.3 million spent over a three-year period, plus $207.0 million in sustaining capital over the life of the mine. The Indicated Only Case LOM operating costs are approximately $302.68/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 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> December 12, 2025 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.

● 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. Additionally, some stopes 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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<u> Silver Opportunity Partners LLC \| Sunshine Mine S-K 1300 Technical Report Summary on the Initial Assessment </u> <u> December 12, 2025 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.

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 are 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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<u> Silver Opportunity Partners LLC \| Sunshine Mine S-K 1300 Technical Report Summary on the Initial Assessment </u> <u> December 12, 2025 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 57% of the tonnage (49% of the silver ounces) and long hole stoping for 43% of the tonnage (51% of the silver ounces).

● The Base Case potentially mineable material totals 8.18 million short tons (Mst) grading 19.9 opt Ag and containing 163 Moz Ag, comprising:

○ 4.64 Mst grading 17.3 opt Ag and containing 80 Moz Ag in cut and fill stopes

○ 3.54 Mst grading 23.3 opt Ag and containing 83 Moz Ag in long hole stopes

● 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 25-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.

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<u> Silver Opportunity Partners LLC \| Sunshine Mine S-K 1300 Technical Report Summary on the Initial Assessment </u> <u> December 12, 2025 SLR Project No.: 123.020552.00001 </u>

● 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:

○ 320,000 ft of lateral development

○ 34,000 ft of vertical development

○ 80,000 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 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 6.58 Mst grading 18.9 opt Ag and containing 124 Moz Ag. This is 80% of the Base Case tonnage and 76% of the Base Case silver ounces.

● An Indicated Only Case LOM plan was generated based solely on Measured and Indicated Mineral Resources. The Indicated Only Case includes 1.22 Mst grading 26.5 opt Ag with 58% LH stope tonnage and 42% CCF stope tonnage. The Indicated Only Case extends for a period of nine years with production rates up to 567 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:

○ 131,000 ft of lateral development

○ 13,000 ft of vertical development

○ 66,000 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.

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<u> Silver Opportunity Partners LLC \| Sunshine Mine S-K 1300 Technical Report Summary on the Initial Assessment </u> <u> December 12, 2025 SLR Project No.: 123.020552.00001 </u>

○ 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.

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.

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<u> Silver Opportunity Partners LLC \| Sunshine Mine S-K 1300 Technical Report Summary on the Initial Assessment </u> <u> December 12, 2025 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.

● The 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 by SLR's QP 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> December 12, 2025 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%.

● 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).

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<u> Silver Opportunity Partners LLC \| Sunshine Mine S-K 1300 Technical Report Summary on the Initial Assessment </u> <u> December 12, 2025 SLR Project No.: 123.020552.00001 </u>

● 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 IA processing facility will receive 1,000 stpd 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 94.7% including losses during ore sorting and flotation.

● The total integrated operating cost (crushing, ore sorting and flotation concentrator) is estimated at US$21.66/ton material processed with ore sorting and US$20.77/ton without ore sorting, a difference of US$0.89/ton.

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<u> Silver Opportunity Partners LLC \| Sunshine Mine S-K 1300 Technical Report Summary on the Initial Assessment </u> <u> December 12, 2025 SLR Project No.: 123.020552.00001 </u>

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 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.

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).

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<u> Silver Opportunity Partners LLC \| Sunshine Mine S-K 1300 Technical Report Summary on the Initial Assessment </u> <u> December 12, 2025 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.

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. The estimates are considered to meet the requirements of an AACE Class 5 estimate basis with an accuracy range of -20% to -50% to +30% to +100%.

For the proposed Base Case:

● The initial capital cost is estimated to be $290.2 million, including contingency, and the LOM sustaining capital cost is estimated to be $569.0 million plus $21.2 million for closure.

● The LOM site operating costs total $1,478 million and are estimated to average $180.58 per ton processed. The 'tons processed' is defined as the ore fed to the total mill feed to the plant, pre-ore sorting.

For the Indicated Only Case:

● The initial capital cost is estimated to be $274.3 million including contingency and the LOM sustaining capital cost is estimated to be $207.0 million.

● The LOM site operating costs total $370 million and are estimated to average $302.68 per ton processed. The 'tons processed' is defined as the ore fed to the total mill feed to the plant, pre-ore sorting.

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 |

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<u> Silver Opportunity Partners LLC \| Sunshine Mine S-K 1300 Technical Report Summary on the Initial Assessment </u> <u> December 12, 2025 SLR Project No.: 123.020552.00001 </u>

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|:---|:---|:---|
| **Discipline Area** | **Task Description** | **Cost Range<br> (US$000)** |
| 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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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 exploration 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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<u> Silver Opportunity Partners LLC \| Sunshine Mine S-K 1300 Technical Report Summary on the Initial Assessment </u> <u> December 12, 2025 SLR Project No.: 123.020552.00001 </u>

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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 Inferred Resource planned in the first ten years of the mine life. Some step-out potential exists from planned stations, but expansion is not the driver for drill station locations. The upgrading of the resource material is necessary for its inclusion in a prefeasibility-level mine plan. A tentative drill program has been prepared for budgetary purposes. Stations are planned from new ramps driven from the Sterling Tunnel and new development drives from 2300 and 3100. 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 (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** |
| **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.

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<u> Silver Opportunity Partners LLC \| Sunshine Mine S-K 1300 Technical Report Summary on the Initial Assessment </u> <u> December 12, 2025 SLR Project No.: 123.020552.00001 </u>

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.

&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.

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<u> Silver Opportunity Partners LLC \| Sunshine Mine S-K 1300 Technical Report Summary on the Initial Assessment </u> <u> December 12, 2025 SLR Project No.: 123.020552.00001 </u>

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.

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.

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<u> Silver Opportunity Partners LLC \| Sunshine Mine S-K 1300 Technical Report Summary on the Initial Assessment </u> <u> December 12, 2025 SLR Project No.: 123.020552.00001 </u>

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 25 years, and includes a mineralized material inventory of approximately 8.2 Mst at a LOM average silver grade of approximately 19.9 opt.

The mineralized material inventory in the Base Case includes approximately 6.5 Mst of mineralized material and 123.9 Moz of silver from Inferred Mineral Resources (approximately 80% of total Base Case tonnage and 76% of total Base Case silver ounces, respectively). The remainder of the material in the mined inventory is from Indicated Mineral Resources.

A summary of the Base Case criteria is provided below.

**Revenue**

● Mining rate of approximately 935 short tons per day of mineralized material inventory (354,000 short tons per year).

● Silver metallurgical recovery, including ore sorting, as indicated by historical averages and test work, averaging 96%.

● 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: $38.31 per ounce silver (all years).

● Unit Net Smelter Return (NSR) of $923/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 $3.73 billion.

● LOM concentrate tonnage totalling approximately 332,482 wet short tons.

**Costs**

● Pre-production period: 36 months (Year -3 to Year-1).

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<u> Silver Opportunity Partners LLC \| Sunshine Mine S-K 1300 Technical Report Summary on the Initial Assessment </u> <u> December 12, 2025 SLR Project No.: 123.020552.00001 </u>

● Mine life: 25 years after pre-production period.

● LOM production plan as summarized in Table 13-13.

● Total initial capital costs of approximately $290.2 million.

● LOM sustaining capital costs of approximately $569.0 million.

● Reclamation and closure costs of approximately $21.2 million.

● Total LOM unit operating cost averaging $180.58 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 $540.6 million.

● Royalties:

○ Sunshine 7% NSR - $392.7 million.

○ Metropolitan 16% Net Proceeds - $6.6 million.

○ Silver Summit/Con-Sil 4% NSR - $18.5 million.

○ LOM royalties total approximately $417.8 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 $2.85 billion, and simple payback occurs 2.7 years from start of production in Year 1.

The Total All-in Sustaining Cost (AISC) is approximately $17.54 per ounce of silver, including sustaining capital and final closure/reclamation costs of approximately $3.91 per ounce.

Average annual silver production during operation is approximately six million ounces per year.

The after-tax Net Present Value (NPV) at a 5% discount rate is approximately $1.12 billion, and the after-tax Internal Rate of Return (IRR) is approximately 31.5%.

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.

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<u> Silver Opportunity Partners LLC \| Sunshine Mine S-K 1300 Technical Report Summary on the Initial Assessment </u> <u> December 12, 2025 SLR Project No.: 123.020552.00001 </u>

**Table 1-3: &nbsp;&nbsp;&nbsp;&nbsp; After-Tax Cash Flow Summary – Base Case**

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| | |
|:---|:---|
| &nbsp;&nbsp;**Description** | &nbsp;&nbsp;**Value** |
| &nbsp;&nbsp;**Mineable Inventory** |  |
| &nbsp;&nbsp;Indicated Mineral Resources (Mst) | &nbsp;&nbsp;1.6 |
| &nbsp;&nbsp;Ag (Moz) | &nbsp;&nbsp;38.7 |
| &nbsp;&nbsp;Grade (opt) | &nbsp;&nbsp;24.2 |
| &nbsp;&nbsp;Inferred Mineral Resources (Mst) | &nbsp;&nbsp;6.5 |
| &nbsp;&nbsp;Ag (Moz) | &nbsp;&nbsp;123.9 |
| &nbsp;&nbsp;Grade (opt) | &nbsp;&nbsp;18.9 |
| &nbsp;&nbsp;Total Material Mineralized Inventory (Mst) | &nbsp;&nbsp;8.2 |
| &nbsp;&nbsp;Ag (Moz) | &nbsp;&nbsp;163.0 |
| &nbsp;&nbsp;Grade (opt) | &nbsp;&nbsp;19.9 |
| &nbsp;&nbsp;**Revenue** |  |
| &nbsp;&nbsp;**Realized Market Prices** |  |
| &nbsp;&nbsp;Ag ($/oz) | &nbsp;&nbsp;38.31 |
| &nbsp;&nbsp;**Payable Metal** |  |
| &nbsp;&nbsp;Ag (Moz) | &nbsp;&nbsp;151.1 |
| &nbsp;&nbsp;**Subtotal – Silver Gross Revenue ($ million)** | &nbsp;&nbsp;**5787** |
| &nbsp;&nbsp;**Aggregate Sales ($ million)** | &nbsp;&nbsp;**13** |
| &nbsp;&nbsp;**Total Gross Revenue ($ million)** | &nbsp;&nbsp;**5800** |
| &nbsp;&nbsp;**Operating Costs ($ million)** |  |
| &nbsp;&nbsp;Mining Cost | &nbsp;&nbsp;(1130) |
| &nbsp;&nbsp;Process Cost | &nbsp;&nbsp;(135) |
| &nbsp;&nbsp;Tailings Cost | &nbsp;&nbsp;(6) |
| &nbsp;&nbsp;G & A Cost | &nbsp;&nbsp;(207) |
| &nbsp;&nbsp;Concentrate Freight Cost | &nbsp;&nbsp;(18) |
| &nbsp;&nbsp;TC/RC | &nbsp;&nbsp;(127) |
| &nbsp;&nbsp;Penalties | &nbsp;&nbsp;(31) |
| &nbsp;&nbsp;Royalties/Duties | &nbsp;&nbsp;(418) |
| &nbsp;&nbsp;**Total Operating Costs ($ million)** | &nbsp;&nbsp;**(2072)** |
| &nbsp;&nbsp;**Operating Margin (EBITDA) ($ million)** | &nbsp;&nbsp;**3727** |
| &nbsp;&nbsp;Total Tax Payable | &nbsp;&nbsp;(541) |
| &nbsp;&nbsp;Working Capital\* | &nbsp;&nbsp;0 |
| &nbsp;&nbsp;**Operating Cash Flow ($ million)** | &nbsp;&nbsp;**3187** |
| &nbsp;&nbsp;Initial Capital | &nbsp;&nbsp;(290) |

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<u> Silver Opportunity Partners LLC \| Sunshine Mine S-K 1300 Technical Report Summary on the Initial Assessment </u> <u> December 12, 2025 SLR Project No.: 123.020552.00001 </u>

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| | |
|:---|:---|
| &nbsp;&nbsp;**Description** | &nbsp;&nbsp;**Value** |
| &nbsp;&nbsp;Sustaining Capital | &nbsp;&nbsp;(569) |
| &nbsp;&nbsp;Closure/Reclamation Capital | &nbsp;&nbsp;(21) |
| &nbsp;&nbsp;**Total Capital ($ million)** | &nbsp;&nbsp;**(880)** |
| &nbsp;&nbsp;**Pre-tax Free Cash Flow ($ million)** | &nbsp;&nbsp;**2847** |
| &nbsp;&nbsp;**Pre-tax NPV @ 5% ($ million)** | &nbsp;&nbsp;**1393** |
| &nbsp;&nbsp;**Pre-tax IRR (%)** | &nbsp;&nbsp;**34.4** |
| &nbsp;&nbsp;**After-tax Free Cash Flow ($ million)** | &nbsp;&nbsp;**2306** |
| &nbsp;&nbsp;**After-tax NPV @ 5% ($ million)** | &nbsp;&nbsp;**1122** |
| &nbsp;&nbsp;**After-tax IRR (%)** | &nbsp;&nbsp;**31.5** |
| &nbsp;&nbsp;**AISC ($/oz Ag)** | &nbsp;&nbsp;**17.54** |

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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

● 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 +60% 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 projected mine life of nine years. A summary of the Indicated Only Case criteria is provided below.

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<u> Silver Opportunity Partners LLC \| Sunshine Mine S-K 1300 Technical Report Summary on the Initial Assessment </u> <u> December 12, 2025 SLR Project No.: 123.020552.00001 </u>

**Revenue**

● LOM Mining rate average of approximately 390 short tons per day from underground Indicated Mineral Resources.

● The Indicated Only Case does not include the ore sorting phase, and the ore tons mined are 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: $38.31 per ounce silver (all years).

● Unit Net Smelter Return (NSR) of $857/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 $677.9 million.

● LOM concentrate tonnage totalling approximately 56,965 wst.

**Costs**

● Pre-production period: 36 months (Year -3 to Year-1).

● Mine life: Nine years after pre-production period.

● LOM production plan as summarized in Table 13-13

● Total initial capital costs of approximately $274.3 million.

● LOM sustaining capital costs of approximately $207.0 million.

● Reclamation and closure costs of approximately $21.2 million.

● Total LOM unit operating cost averaging $302.68 per short ton of plant feed.

**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%.

○ Total LOM taxes of approximately $18.8 million.

● Royalties:

○ Sunshine 7% NSR - $79.1 million.

○ Metropolitan 16% Net Proceeds - $266.1 thousands.

○ Silver Summit/Con-Sil 4% NSR - $2.7 million.

○ Total LOM royalties of approximately $82.1 million.

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<u> Silver Opportunity Partners LLC \| Sunshine Mine S-K 1300 Technical Report Summary on the Initial Assessment </u> <u> December 12, 2025 SLR Project No.: 123.020552.00001 </u>

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 $175.4 million, and simple payback occurs five years from start of production (Year 1).

The Total All-in Sustaining Cost (AISC) is approximately $23.52 per ounce of silver, including sustaining capital and final closure/reclamation costs of approximately $7.50 per ounce.

Average annual silver production during operation is approximately 4 Moz per year.

The after-tax Net Present Value (NPV) at a 5% discount rate is approximately $46.8 million, and the after-tax Internal Rate of Return (IRR) is approximately 8.0%.

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.

**Table 1-4:&nbsp;&nbsp;&nbsp;&nbsp; After-Tax Cash Flow Summary – Indicated Only Case**

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| | |
|:---|:---|
| &nbsp;&nbsp;**Description** | &nbsp;&nbsp;**Value** |
| &nbsp;&nbsp;**Mineable Inventory** |  |
| &nbsp;&nbsp;Indicated Mineral Resources (Mst) | &nbsp;&nbsp;1.2 |
| &nbsp;&nbsp;Ag (Moz) | &nbsp;&nbsp;32.4 |
| &nbsp;&nbsp;Grade (opt) | &nbsp;&nbsp;26.4 |
| &nbsp;&nbsp;Inferred Mineral Resources (Mst) | &nbsp;&nbsp;- |
| &nbsp;&nbsp;Ag (Moz) | &nbsp;&nbsp;- |
| &nbsp;&nbsp;Grade (opt) | &nbsp;&nbsp;- |
| &nbsp;&nbsp;Total Mined Inventory (Mst) | &nbsp;&nbsp;1.2 |
| &nbsp;&nbsp;Ag (Moz) | &nbsp;&nbsp;32.4 |
| &nbsp;&nbsp;Grade (opt) | &nbsp;&nbsp;26.4 |
| &nbsp;&nbsp;**Revenue** |  |
| &nbsp;&nbsp;**Realized Market Prices** |  |
| &nbsp;&nbsp;Ag ($/oz) | &nbsp;&nbsp;38.31 |
| &nbsp;&nbsp;**Payable Metal** |  |
| &nbsp;&nbsp;Ag (Moz) | &nbsp;&nbsp;30.4 |
| &nbsp;&nbsp;**Subtotal – Silver Gross Revenue ($ million)** | &nbsp;&nbsp;**1165** |
| &nbsp;&nbsp;**Aggregate Sales ($ million)** | &nbsp;&nbsp;**-** |
| &nbsp;&nbsp;**Total Gross Revenue ($ million)** | &nbsp;&nbsp;**1165** |
| &nbsp;&nbsp;**Operating Costs ($ million)** |  |
| &nbsp;&nbsp;Mining Cost | &nbsp;&nbsp;(266) |
| &nbsp;&nbsp;Process Cost | &nbsp;&nbsp;(33) |
| &nbsp;&nbsp;Tailings Cost | &nbsp;&nbsp;(1) |

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<u> Silver Opportunity Partners LLC \| Sunshine Mine S-K 1300 Technical Report Summary on the Initial Assessment </u> <u> December 12, 2025 SLR Project No.: 123.020552.00001 </u>

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| | |
|:---|:---|
| &nbsp;&nbsp;**Description** | &nbsp;&nbsp;**Value** |
| &nbsp;&nbsp;G & A Cost | &nbsp;&nbsp;(70) |
| &nbsp;&nbsp;Concentrate Freight Cost | &nbsp;&nbsp;(3) |
| &nbsp;&nbsp;TC/RC | &nbsp;&nbsp;(25) |
| &nbsp;&nbsp;Penalties | &nbsp;&nbsp;(6) |
| &nbsp;&nbsp;Royalties/Duties | &nbsp;&nbsp;(82) |
| &nbsp;&nbsp;**Total Operating Costs ($ million)** | &nbsp;&nbsp;**(487)** |
| &nbsp;&nbsp;**Operating Margin (EBITDA) ($ million)** | &nbsp;&nbsp;**678** |
| &nbsp;&nbsp;Total Tax Payable | &nbsp;&nbsp;(19) |
| &nbsp;&nbsp;Working Capital\* | &nbsp;&nbsp;(0) |
| &nbsp;&nbsp;**Operating Cash Flow ($ million)** | &nbsp;&nbsp;**659** |
| &nbsp;&nbsp;Initial Capital | &nbsp;&nbsp;(274) |
| &nbsp;&nbsp;Sustaining Capital | &nbsp;&nbsp;(207) |
| &nbsp;&nbsp;Closure/Reclamation Capital | &nbsp;&nbsp;(21) |
| &nbsp;&nbsp;**Total Capital ($ million)** | &nbsp;&nbsp;**(503)** |
| &nbsp;&nbsp;**Pre-tax Free Cash Flow ($ million)** | &nbsp;&nbsp;**175** |
| &nbsp;&nbsp;**Pre-tax NPV @ 5% ($ million)** | &nbsp;&nbsp;**59** |
| &nbsp;&nbsp;**Pre-tax IRR (%)** | &nbsp;&nbsp;**8.7** |
| &nbsp;&nbsp;**After-tax Free Cash Flow ($ million)** | &nbsp;&nbsp;**157** |
| &nbsp;&nbsp;**After-tax NPV @ 5% ($ million)** | &nbsp;&nbsp;**47** |
| &nbsp;&nbsp;**After-tax IRR (%)** | &nbsp;&nbsp;**8.0** |
| &nbsp;&nbsp;**AISC ($/oz Ag)** | &nbsp;&nbsp;**23.52** |

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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 +60% variations in silver price.

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<u> Silver Opportunity Partners LLC \| Sunshine Mine S-K 1300 Technical Report Summary on the Initial Assessment </u> <u> December 12, 2025 SLR Project No.: 123.020552.00001 </u>

The Indicated Only Case is most sensitive to silver price, 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 Base Case and Indicated Only Case scenarios.

**Table 1-5: &nbsp;&nbsp;&nbsp;&nbsp; Comparison of Cash Flow – Base Case and Indicated Only Case**

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| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Description** | &nbsp;&nbsp;**Base Case** | &nbsp;&nbsp;**Indicated Only Case** | &nbsp;&nbsp;**Difference Relative to Base Case** |
| &nbsp;&nbsp;**Mineable Inventory** |  |  |  |
| &nbsp;&nbsp;Indicated Mineral Resources (Mst) | &nbsp;&nbsp;1.6 | &nbsp;&nbsp;1.2 | &nbsp;&nbsp;0.4 |
| &nbsp;&nbsp;Ag (Moz) | &nbsp;&nbsp;38.7 | &nbsp;&nbsp;32.4 | &nbsp;&nbsp;6.3 |
| &nbsp;&nbsp;Grade (opt) | &nbsp;&nbsp;24.2 | &nbsp;&nbsp;26.4 | &nbsp;&nbsp;(2.2) |
| &nbsp;&nbsp;Inferred Mineral Resources (Mst) | &nbsp;&nbsp;6.5 | &nbsp;&nbsp;- |  |
| &nbsp;&nbsp;Ag (Moz) | &nbsp;&nbsp;123.9 | &nbsp;&nbsp;- |  |
| &nbsp;&nbsp;Grade (opt) | &nbsp;&nbsp;18.9 | &nbsp;&nbsp;- |  |
| &nbsp;&nbsp;Total Mined Inventory (Mst) | &nbsp;&nbsp;8.2 | &nbsp;&nbsp;1.2 | &nbsp;&nbsp;7.0 |
| &nbsp;&nbsp;Ag (Moz) | &nbsp;&nbsp;163.0 | &nbsp;&nbsp;32.4 | &nbsp;&nbsp;130.6 |
| &nbsp;&nbsp;Grade (opt) | &nbsp;&nbsp;19.9 | &nbsp;&nbsp;26.4 | &nbsp;&nbsp;(6.5) |
| &nbsp;&nbsp;**Revenue** |  |  |  |
| &nbsp;&nbsp;**Realized Market Prices** |  |  |  |
| &nbsp;&nbsp;Ag ($/oz) | &nbsp;&nbsp;38.31 | &nbsp;&nbsp;38.31 | &nbsp;&nbsp;- |
| &nbsp;&nbsp;**Payable Metal** |  |  |  |
| &nbsp;&nbsp;Ag (Moz) | &nbsp;&nbsp;151.1 | &nbsp;&nbsp;30.4 | &nbsp;&nbsp;120.7 |
| &nbsp;&nbsp;**Subtotal – Silver Gross Revenue ($ million)** | &nbsp;&nbsp;**5787** | &nbsp;&nbsp;**1165** | &nbsp;&nbsp;**4622** |
| &nbsp;&nbsp;**Aggregate Sales ($ million)** | &nbsp;&nbsp;**13** | &nbsp;&nbsp;**-** | &nbsp;&nbsp;**13** |
| &nbsp;&nbsp;**Total Gross Revenue ($ million)** | &nbsp;&nbsp;**5800** | &nbsp;&nbsp;**1165** | &nbsp;&nbsp;**4635** |
| &nbsp;&nbsp;**Operating Costs ($ million)** |  |  |  |
| &nbsp;&nbsp;Mining Cost | &nbsp;&nbsp;(1130) | &nbsp;&nbsp;(266) | &nbsp;&nbsp;(864) |
| &nbsp;&nbsp;Process Cost | &nbsp;&nbsp;(135) | &nbsp;&nbsp;(33) | &nbsp;&nbsp;(102) |
| &nbsp;&nbsp;Tailings Cost | &nbsp;&nbsp;(6) | &nbsp;&nbsp;(1) | &nbsp;&nbsp;(5) |
| &nbsp;&nbsp;G & A Cost | &nbsp;&nbsp;(207) | &nbsp;&nbsp;(70) | &nbsp;&nbsp;(137) |
| &nbsp;&nbsp;Concentrate Freight Cost | &nbsp;&nbsp;(18) | &nbsp;&nbsp;(3) | &nbsp;&nbsp;(15) |
| &nbsp;&nbsp;TC/RC | &nbsp;&nbsp;(127) | &nbsp;&nbsp;(25) | &nbsp;&nbsp;(102) |

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<u> Silver Opportunity Partners LLC \| Sunshine Mine S-K 1300 Technical Report Summary on the Initial Assessment </u> <u> December 12, 2025 SLR Project No.: 123.020552.00001 </u>

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| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Description** | &nbsp;&nbsp;**Base Case** | &nbsp;&nbsp;**Alternate Case** | &nbsp;&nbsp;**Difference Relative to Base Case** |
| &nbsp;&nbsp;Penalties | &nbsp;&nbsp;(31) | &nbsp;&nbsp;(6) | &nbsp;&nbsp;(25) |
| &nbsp;&nbsp;Royalties/Duties | &nbsp;&nbsp;(418) | &nbsp;&nbsp;(82) | &nbsp;&nbsp;(336) |
| &nbsp;&nbsp;**Total Operating Costs ($ million)** | &nbsp;&nbsp;**(2072)** | &nbsp;&nbsp;**(487)** | &nbsp;&nbsp;**(1585)** |
| &nbsp;&nbsp;**Operating Margin (EBITDA) ($ million)** | &nbsp;&nbsp;**3727** | &nbsp;&nbsp;**678** | &nbsp;&nbsp;**3049** |
| &nbsp;&nbsp;Total Tax Payable | &nbsp;&nbsp;(541) | &nbsp;&nbsp;(19) | &nbsp;&nbsp;(522) |
| &nbsp;&nbsp;Working Capital | &nbsp;&nbsp;0 | &nbsp;&nbsp;(0) | &nbsp;&nbsp;- |
| &nbsp;&nbsp;**Operating Cash Flow ($ million)** | &nbsp;&nbsp;**3187** | &nbsp;&nbsp;**659** | &nbsp;&nbsp;**2528** |
| &nbsp;&nbsp;Initial Capital | &nbsp;&nbsp;(290) | &nbsp;&nbsp;(274) | &nbsp;&nbsp;(16) |
| &nbsp;&nbsp;Sustaining Capital | &nbsp;&nbsp;(569) | &nbsp;&nbsp;(207) | &nbsp;&nbsp;(362) |
| &nbsp;&nbsp;Closure/Reclamation Capital | &nbsp;&nbsp;(21) | &nbsp;&nbsp;(21) | &nbsp;&nbsp;- |
| &nbsp;&nbsp;**Total Capital ($ million)** | &nbsp;&nbsp;**(880)** | &nbsp;&nbsp;**(503)** | &nbsp;&nbsp;**(378)** |
| &nbsp;&nbsp;**Pre-tax Free Cash Flow ($ million)** | &nbsp;&nbsp;**2847** | &nbsp;&nbsp;**175** | &nbsp;&nbsp;**2672** |
| &nbsp;&nbsp;**Pre-tax NPV @ 5% ($ million)** | &nbsp;&nbsp;**1393** | &nbsp;&nbsp;**59** | &nbsp;&nbsp;**1334** |
| &nbsp;&nbsp;**Pre-tax IRR** | &nbsp;&nbsp;**34.4%** | &nbsp;&nbsp;**8.7%** | &nbsp;&nbsp;**25.7%** |
| &nbsp;&nbsp;**After-tax Free Cash Flow ($ million)** | &nbsp;&nbsp;**2306** | &nbsp;&nbsp;**157** | &nbsp;&nbsp;**2150** |
| &nbsp;&nbsp;**After-tax NPV @ 5% ($ million)** | &nbsp;&nbsp;**1122** | &nbsp;&nbsp;**47** | &nbsp;&nbsp;**1075** |
| &nbsp;&nbsp;**After-tax IRR (%)** | &nbsp;&nbsp;**31.5** | &nbsp;&nbsp;**8.0** | &nbsp;&nbsp;**23.5** |
| &nbsp;&nbsp;**AISC (U$/oz Ag)** | &nbsp;&nbsp;**17.54** | &nbsp;&nbsp;**23.52** | &nbsp;&nbsp;**(5.98)** |

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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.

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<u> Silver Opportunity Partners LLC \| Sunshine Mine S-K 1300 Technical Report Summary on the Initial Assessment </u> <u> December 12, 2025 SLR Project No.: 123.020552.00001 </u>

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.

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 on December 21, 2023, which is the effective date of the resource statement. No work has been completed at the Project that would have a material impact on the Mineral Resource estimate, and the SRK QP is of the opinion that the Mineral Resource estimate remains current at the date of this IA.

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<u> Silver Opportunity Partners LLC \| Sunshine Mine S-K 1300 Technical Report Summary on the Initial Assessment </u> <u> December 12, 2025 SLR Project No.: 123.020552.00001 </u>

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

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> December 12, 2025 SLR Project No.: 123.020552.00001 </u>

Table 1-6: Sunshine Mine Underground Mineral Resources as of December 21, 2023, 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;3613 | &nbsp;&nbsp;31.1 | &nbsp;&nbsp;112427 |
| &nbsp;&nbsp;**Measured and Indicated** | &nbsp;&nbsp;**3613** | &nbsp;&nbsp;**31.1** | &nbsp;&nbsp;**112427** |
| &nbsp;&nbsp;Inferred | &nbsp;&nbsp;7079 | &nbsp;&nbsp;23.2 | &nbsp;&nbsp;164570 |
| Source: SRK 2025 <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 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.  | Source: SRK 2025 <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 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.  | Source: SRK 2025 <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 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.  | Source: SRK 2025 <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 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> December 12, 2025 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 56% conventional cut and fill stoping and 42% mechanized long hole stoping were selected for this IA.

Silver cut-off grades varied based on the mining method: 8 ounces per short ton (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 8.180 Mst grading 19.9 opt silver and containing 163 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. 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> December 12, 2025 SLR Project No.: 123.020552.00001 </u>

Pre-production work will commence with the hoist upgrades, shaft rehabilitation (Jewell and Silver Summit) and mine dewater 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. Two years of development are required before the start of production. Annual mine production increases from 100,000 tons in year one to 324,000 tons in year five, and then averages 353,000 stpa for 20 years.

Approximately 80% of the tonnage and approximately 76% 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 production of up to 567 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 | 4542 | 17.2 | 78 | 464 | 20.9 | 9.7 |
| Long Hole | 3440 | 23.4 | 80 | 731 | 29.9 | 21.9 |
| Development | 201 | 21.6 | 4 | 28 | 29.4 | 0.8 |
| **Total** | **8180** | **19.9** | **163** | **1223** | **26.5** | **32.4** |

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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 ore 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> December 12, 2025 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> December 12, 2025 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 October 31, 2025. The assumed silver price of US$38.31 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 has been presented to SOP of $5.00/t for waste material produced. SLR has included this amount in the Project's cash flow model, which represents approximately $10 million over the LOM (1% of the LOM cash flow). Other mines in the Silver Valley are already realizing revenue from the sale of unwanted waste. The screened waste represents approximately 2.54 Mt over the life of the Project.

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

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<u> Silver Opportunity Partners LLC \| Sunshine Mine S-K 1300 Technical Report Summary on the Initial Assessment </u> <u> December 12, 2025 SLR Project No.: 123.020552.00001 </u>

● Various building demolition and construction permits issued by IDEQ, Shoshone County, and the United States Environmental Protection Agency (USEPA)

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 in this TRS were estimated in Q2 2024 US dollars and have been escalated to Q3 2025. The estimates are considered to meet the requirements of an AACE Class 5 estimate basis with an accuracy range of -20% to -50% to +30% to +100%.

The Base Case initial capital costs are estimated to be $290.2 million, the LOM sustaining capital is $569.0 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 $274.3 million, the LOM sustaining capital is $207.0 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 | 176.6 | 520.7 | 697.3 | 163.8 | 191.8 | 355.6 |
| Mill and Surface Total | $ million | 57.0 | 48.3 | 105.4 | 57.0 | 15.2 | 72.2 |
| **Mine Mill and Surface** | **$ million** | **233.6** | **569.0** | **802.6** | **220.8** | **207.0** | **427.8** |
| Closure | $ million |  | 21.2 | 21.2 |  | 21.2 | 21.2 |
| Contingency | $ million | 56.6 |  | 56.6 | 53.5 |  | 53.5 |
| **Grand Total** | **$ million** | **290.2** | **590.2** | **880.4** | **274.3** | **228.2** | **502.5** |

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The Base Case LOM operating costs total $1,478 million and are estimated to be $180.58 per ton processed, as summarized in

Table 1-9. The 'tons processed' is defined as the total feed to the plant, pre-ore sorting. The Indicated Only Case LOM operating costs total $370.3 million and are estimated to be $302.68 per ton processed.

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<u> Silver Opportunity Partners LLC \| Sunshine Mine S-K 1300 Technical Report Summary on the Initial Assessment </u> <u> December 12, 2025 SLR Project No.: 123.020552.00001 </u>

Table 1-9: Operating Cost Summary

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|:---|:---|:---|:---|:---|
| | **Base Case** | **Base Case** | **Indicated Only Case** | **Indicated Only Case** |
| **Area** | **Unit Costs<br> (US$/ton processed)** | **Total Cost<br> (US$ million)** | **Unit Costs<br> (US$/ton processed)** | **Total Cost<br> (US$ million)** |
| Mine Services and Technical | 73.95 | 605.1 | 159.16 | 194.7 |
| Ore Mining | 64.11 | 524.6 | 58.22 | 71.2 |
| Ore Sorting | 0.54 | 4.4 |  |  |
| Processing | 15.98 | 130.8 | 27.24 | 33.3 |
| Tailings Storage | 0.73 | 6.0 | 7.46 | 1.3 |
| G&A | 25.28 | 206.9 | 56.98 | 69.7 |
| **Total Operating Cost** | **180.58** | **1477.8** | **302.68** | **370.3** |

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<u> Silver Opportunity Partners LLC \| Sunshine Mine S-K 1300 Technical Report Summary on the Initial Assessment </u> <u> December 12, 2025 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 (Denver) (SRK) completed an internal scoping study in September 2023 and, in January 2024, SRK completed an updated Mineral Resource estimate with an effective date of December 21, 2023 (SRK 2024), which is included in this TRS. SLR audited and accepted the SRK Mineral Resource estimate. There has been no additional technical work completed since the effective date of the Mineral Resource estimate that would have a material impact on the estimate. As such, the Mineral Resource estimate remains current as at the report date of this TRS.

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 25 year mine life producing 8.18 million short tons (Mst) of mineable material grading 19.9 troy ounces per short ton (opt) Ag at a rate of up to 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.

The Base Case estimated capital costs are $290.2 million spent over a three year period, plus $569.0 million in sustaining capital over the life of the mine. The life of mine (LOM) operating costs are approximately $180.58/ton.

An alternate production case based solely on Indicated Mineral Resources 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 1.22 Mst of mineable material grading 26.5 opt Ag at a rate of up to 567 stpd. Processing and plant tails would use the same facilities as the Base Case.

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<u> Silver Opportunity Partners LLC \| Sunshine Mine S-K 1300 Technical Report Summary on the Initial Assessment </u> <u> December 12, 2025 SLR Project No.: 123.020552.00001 </u>

For the Indicated Only Case, the estimated capital costs are $274.3 million spent over a three year period, plus $207 million in sustaining capital over the life of the mine. The Indicated Only Case LOM operating costs are approximately $302.68/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 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.

Table 2-1 lists the companies for whom the qualified persons (QPs) that prepared this TRS work and their respective report responsibilities.

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<u> Silver Opportunity Partners LLC \| Sunshine Mine S-K 1300 Technical Report Summary on the Initial Assessment </u> <u> December 12, 2025 SLR Project No.: 123.020552.00001 </u>

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, Senior 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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| 2-3 | ![](ny20061035x1ex96-1_image04.jpg) |

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<u> Silver Opportunity Partners LLC \| Sunshine Mine S-K 1300 Technical Report Summary on the Initial Assessment </u> <u> December 12, 2025 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, e.g., 2,000 lb equals 1 ton. All currency in this TRS is US dollars (US$) unless otherwise noted.

**List of Units of Measure**

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| | | | |
|:---|:---|:---|:---|
| μ | micron | &nbsp;&nbsp;km/h | kilometre per hour |
| μg | 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;mm | Micrometre |
| dwt | dead-weight ton | &nbsp;&nbsp;μm | 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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|:---|:---|
| 2-4 | ![](ny20061035x1ex96-1_image04.jpg) |

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<u> Silver Opportunity Partners LLC \| Sunshine Mine S-K 1300 Technical Report Summary on the Initial Assessment </u> <u> December 12, 2025 SLR Project No.: 123.020552.00001 </u>

**List of Acronyms and Abbreviations**

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| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;AA | atomic absorption |
| &nbsp;&nbsp;&nbsp;AC | alternating current |
| &nbsp;&nbsp;&nbsp;Ai | Abrasion index |
| &nbsp;&nbsp;&nbsp;BEV | battery electric vehicle |
| &nbsp;&nbsp;&nbsp;BLM | Biotic Ligand Model |
| &nbsp;&nbsp;&nbsp;BWI | Bond ball mill work index |
| &nbsp;&nbsp;&nbsp;CCF | conventional cut and fil |
| &nbsp;&nbsp;&nbsp;CERCLA | Comprehensive Response, Compensation, and Liability Act |
| &nbsp;&nbsp;&nbsp;COG | cut-off Grade |
| &nbsp;&nbsp;&nbsp;ConSil Adit | Consolidated Silver Summit Mine Adit |
| &nbsp;&nbsp;&nbsp;CPB | cemented paste backfill |
| &nbsp;&nbsp;&nbsp;CPTu | Cone Penetration Testing |
| &nbsp;&nbsp;&nbsp;CRM | certified reference material |
| &nbsp;&nbsp;&nbsp;CRP | Closure and Reclamation Plan |
| &nbsp;&nbsp;&nbsp;CWA | Clean Water Act |
| &nbsp;&nbsp;&nbsp;CWI | Bond Low Energy Impact work index |
| &nbsp;&nbsp;&nbsp;DBA | Dam Breach Assessment |
| &nbsp;&nbsp;&nbsp;DC | direct current |
| &nbsp;&nbsp;&nbsp;DMR | Discharge Monitoring Report |
| &nbsp;&nbsp;&nbsp;DMT | dissolved metals translator |
| &nbsp;&nbsp;&nbsp;DPM | diesel particulate matter |
| &nbsp;&nbsp;&nbsp;DRO | diesel range organics |
| &nbsp;&nbsp;&nbsp;DSI | Dam Safety Inspection |
| &nbsp;&nbsp;&nbsp;DSO | Deswik Stope optimizer |
| &nbsp;&nbsp;&nbsp;DSR | Dam Safety Review |
| &nbsp;&nbsp;&nbsp;EA | Environmental Assessment |
| &nbsp;&nbsp;&nbsp;EGL | equivalent grinding length |
| &nbsp;&nbsp;&nbsp;EIS | Environmental Impact Statement |
| &nbsp;&nbsp;&nbsp;ESA | Environmental Site Assessment |
| &nbsp;&nbsp;&nbsp;FW | Footwall |
| &nbsp;&nbsp;&nbsp;GISTM | Global Industry Standard on Tailings Management |
| &nbsp;&nbsp;&nbsp;HDS | high density sludge |
| &nbsp;&nbsp;&nbsp;HW | hanging wall |
| &nbsp;&nbsp;&nbsp;IA | Initial Assessment |
| &nbsp;&nbsp;&nbsp;ICP | Institutional Controls Program |
| &nbsp;&nbsp;&nbsp;IDEQ | Idaho Department of Environmental Quality |
| &nbsp;&nbsp;&nbsp;IDW2 | inverse distance weighting squared |
| &nbsp;&nbsp;&nbsp;IDWR | Idaho Department of Water Resources |
| &nbsp;&nbsp;&nbsp;IPDES | Idaho Pollutant Discharge Elimination System |
| &nbsp;&nbsp;&nbsp;ITRB | Independent Technical Review Board |
| &nbsp;&nbsp;&nbsp;LE | Limit Equilibrium |
| &nbsp;&nbsp;&nbsp;LH | long hole |

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|:---|:---|
| 2-5 | ![](ny20061035x1ex96-1_image04.jpg) |

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<u> Silver Opportunity Partners LLC \| Sunshine Mine S-K 1300 Technical Report Summary on the Initial Assessment </u> <u> December 12, 2025 SLR Project No.: 123.020552.00001 </u>

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| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;LHD | load-haul-dump |
| &nbsp;&nbsp;&nbsp;LLDL | lower laboratory detection limit |
| &nbsp;&nbsp;&nbsp;LoF | life of facility |
| &nbsp;&nbsp;&nbsp;LOM | life of mine |
| &nbsp;&nbsp;&nbsp;MAC | Mining Association of Canada |
| &nbsp;&nbsp;&nbsp;MCL | maximum contaminant level |
| &nbsp;&nbsp;&nbsp;MSO | Mineable Stope Optimization |
| &nbsp;&nbsp;&nbsp;MSGP | multi-sector general permit |
| &nbsp;&nbsp;&nbsp;MWMP | Meteoric Water Mobility Procedure |
| &nbsp;&nbsp;&nbsp;NEPA | National Environmental Policy Act |
| &nbsp;&nbsp;&nbsp;NESHAP | National Emission Standards for Hazardous Air Pollutants |
| &nbsp;&nbsp;&nbsp;NN | nearest neighbor |
| &nbsp;&nbsp;&nbsp;NPDES | National Pollutant Discharge Elimination System |
| &nbsp;&nbsp;&nbsp;NPV | net present value |
| &nbsp;&nbsp;&nbsp;NSR | net smelter return |
| &nbsp;&nbsp;&nbsp;OMS | Operations, Maintenance and Surveillance |
| &nbsp;&nbsp;&nbsp;OPC | ordinary Portland cement |
| &nbsp;&nbsp;&nbsp;PAR | population at risk |
| &nbsp;&nbsp;&nbsp;PCBs | polychlorinated biphenyls |
| &nbsp;&nbsp;&nbsp;PEA | Preliminary Economic Assessment |
| &nbsp;&nbsp;&nbsp;PTC | Permit to Construct |
| &nbsp;&nbsp;&nbsp;RCE | Reclamation Cost Estimate |
| &nbsp;&nbsp;&nbsp;RPEE | reasonable prospects for economic extraction |
| &nbsp;&nbsp;&nbsp;RWI | Bond rod mill work index |
| &nbsp;&nbsp;&nbsp;SAG | semi-autogenous grinding |
| &nbsp;&nbsp;&nbsp;SG | specific gravity |
| &nbsp;&nbsp;&nbsp;SLS | Solid liquid separation |
| &nbsp;&nbsp;&nbsp;SMC | SAG mill comminution index |
| &nbsp;&nbsp;&nbsp;SPCC | spill prevention, control, and countermeasure |
| &nbsp;&nbsp;&nbsp;SVOC | semi-volatile organic compound |
| &nbsp;&nbsp;&nbsp;TDS | total dissolved solids |
| &nbsp;&nbsp;&nbsp;TF | tonnage factor (ft<sup>3</sup>/t) |
| &nbsp;&nbsp;&nbsp;TPH | total petroleum hydrocarbon |
| &nbsp;&nbsp;&nbsp;TSF | tailings storage facility |
| &nbsp;&nbsp;&nbsp;USACE | United States Army Corps of Engineers |
| &nbsp;&nbsp;&nbsp;USEPA | U.S. Environmental Protection Agency |
| &nbsp;&nbsp;&nbsp;USGS | U.S. Geological Survey |
| &nbsp;&nbsp;&nbsp;VFD | variable frequency drive |
| &nbsp;&nbsp;&nbsp;VOC | volatile organic compound |
| &nbsp;&nbsp;&nbsp;WRSF | waste rock storage facility |
| &nbsp;&nbsp;&nbsp;WTP | water treatment plant |

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|:---|:---|
| 2-6 | ![](ny20061035x1ex96-1_image04.jpg) |

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<u> Silver Opportunity Partners LLC \| Sunshine Mine S-K 1300 Technical Report Summary on the Initial Assessment </u> <u> December 12, 2025 SLR Project No.: 123.020552.00001 </u>

**List of Periodic Elements**

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| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;Ag | Silver |
| &nbsp;&nbsp;&nbsp;Au | Gold |
| &nbsp;&nbsp;&nbsp;Cu | Copper |
| &nbsp;&nbsp;&nbsp;Pb | Lead |
| &nbsp;&nbsp;&nbsp;Sb | Antimony |
| &nbsp;&nbsp;&nbsp;Zn | Zinc |

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| | |
|:---|:---|
| 2-7 | ![](ny20061035x1ex96-1_image04.jpg) |

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<u> Silver Opportunity Partners LLC \| Sunshine Mine S-K 1300 Technical Report Summary on the Initial Assessment </u> <u> December 12, 2025 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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|:---|:---|
| 3-1 | ![](ny20061035x1ex96-1_image04.jpg) |

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<u> Silver Opportunity Partners LLC \| Sunshine Mine S-K 1300 Technical Report Summary on the Initial Assessment </u> <u> December 12, 2025 SLR Project No.: 123.020552.00001 </u>

**Figure 3-1:&nbsp;&nbsp;&nbsp;&nbsp; Location Map**

![](ny20061035x1ex96-1_image05.jpg)

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| 3-2 | ![](ny20061035x1ex96-1_image04.jpg) |

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<u> Silver Opportunity Partners LLC \| Sunshine Mine S-K 1300 Technical Report Summary on the Initial Assessment </u> <u> December 12, 2025 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: &nbsp;&nbsp;&nbsp;&nbsp; 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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| 3-3 | ![](ny20061035x1ex96-1_image04.jpg) |

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<u> Silver Opportunity Partners LLC \| Sunshine Mine S-K 1300 Technical Report Summary on the Initial Assessment </u> <u> December 12, 2025 SLR Project No.: 123.020552.00001 </u>

**Figure 3-2:&nbsp;&nbsp;&nbsp;&nbsp; Sunshine Mine Core Area Mineral Rights and Claim Map**

![](ny20061035x1ex96-1_image06.jpg)

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| 3-4 | ![](ny20061035x1ex96-1_image04.jpg) |

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<u> Silver Opportunity Partners LLC \| Sunshine Mine S-K 1300 Technical Report Summary on the Initial Assessment </u> <u> December 12, 2025 SLR Project No.: 123.020552.00001 </u>

**Figure 3-3:&nbsp;&nbsp;&nbsp;&nbsp; Sunshine Mine Core Area and Coeur d'Alene Mining District Map**

![](ny20061035x1ex96-1_image07.jpg)

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| 3-5 | ![](ny20061035x1ex96-1_image04.jpg) |

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<u> Silver Opportunity Partners LLC \| Sunshine Mine S-K 1300 Technical Report Summary on the Initial Assessment </u> <u> December 12, 2025 SLR Project No.: 123.020552.00001 </u>

**Figure 3-4:&nbsp;&nbsp;&nbsp;&nbsp; Lakeview Mining District Map**

![](ny20061035x1ex96-1_image08.jpg)

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| 3-6 | ![](ny20061035x1ex96-1_image04.jpg) |

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<u> Silver Opportunity Partners LLC \| Sunshine Mine S-K 1300 Technical Report Summary on the Initial Assessment </u> <u> December 12, 2025 SLR Project No.: 123.020552.00001 </u>

**Table 3-2:&nbsp;&nbsp;&nbsp;&nbsp; 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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| 3-7 | ![](ny20061035x1ex96-1_image04.jpg) |

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<u> Silver Opportunity Partners LLC \| Sunshine Mine S-K 1300 Technical Report Summary on the Initial Assessment </u> <u> December 12, 2025 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 Project and associated regulatory requirements. No current environmental liabilities are known to exist for the Project.

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| 3-8 | ![](ny20061035x1ex96-1_image04.jpg) |

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<u> Silver Opportunity Partners LLC \| Sunshine Mine S-K 1300 Technical Report Summary on the Initial Assessment </u> <u> December 12, 2025 SLR Project No.: 123.020552.00001 </u>

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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|:---|:---|
| 3-9 | ![](ny20061035x1ex96-1_image04.jpg) |

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<u> Silver Opportunity Partners LLC \| Sunshine Mine S-K 1300 Technical Report Summary on the Initial Assessment </u> <u> December 12, 2025 SLR Project No.: 123.020552.00001 </u>

**Table 3-3: &nbsp;&nbsp;&nbsp;&nbsp;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 |
| 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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| 3-10 | ![](ny20061035x1ex96-1_image04.jpg) |

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<u> Silver Opportunity Partners LLC \| Sunshine Mine S-K 1300 Technical Report Summary on the Initial Assessment </u> <u> December 12, 2025 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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| 3-11 | ![](ny20061035x1ex96-1_image04.jpg) |

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<u> Silver Opportunity Partners LLC \| Sunshine Mine S-K 1300 Technical Report Summary on the Initial Assessment </u> <u> December 12, 2025 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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| 4-1 | ![](ny20061035x1ex96-1_image04.jpg) |

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<u> Silver Opportunity Partners LLC \| Sunshine Mine S-K 1300 Technical Report Summary on the Initial Assessment </u> <u> December 12, 2025 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**

![](ny20061035x1ex96-1_image09.jpg)

Source: SRK 2022

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| 4-2 | ![](ny20061035x1ex96-1_image04.jpg) |

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<u> Silver Opportunity Partners LLC \| Sunshine Mine S-K 1300 Technical Report Summary on the Initial Assessment </u> <u> December 12, 2025 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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| 5-1 | ![](ny20061035x1ex96-1_image04.jpg) |

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<u> Silver Opportunity Partners LLC \| Sunshine Mine S-K 1300 Technical Report Summary on the Initial Assessment </u> <u> December 12, 2025 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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| 6-1 | ![](ny20061035x1ex96-1_image04.jpg) |

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<u> Silver Opportunity Partners LLC \| Sunshine Mine S-K 1300 Technical Report Summary on the Initial Assessment </u> <u> December 12, 2025 SLR Project No.: 123.020552.00001 </u>

**Figure 6-1: Mineral Belts of the Coeur d'Alene Mining District, Idaho**

![](ny20061035x1ex96-1_image10.jpg)

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| 6-2 | ![](ny20061035x1ex96-1_image04.jpg) |

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<u> Silver Opportunity Partners LLC \| Sunshine Mine S-K 1300 Technical Report Summary on the Initial Assessment </u> <u> December 12, 2025 SLR Project No.: 123.020552.00001 </u>

**Figure 6-2: General Structural Setting**

![](ny20061035x1ex96-1_image11.jpg)

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| 6-3 | ![](ny20061035x1ex96-1_image04.jpg) |

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<u> Silver Opportunity Partners LLC \| Sunshine Mine S-K 1300 Technical Report Summary on the Initial Assessment </u> <u> December 12, 2025 SLR Project No.: 123.020552.00001 </u>

**Figure 6-3: Stratigraphic Column**

![](ny20061035x1ex96-1_image12.jpg)

Source: SRK 2025

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| 6-4 | ![](ny20061035x1ex96-1_image04.jpg) |

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<u> Silver Opportunity Partners LLC \| Sunshine Mine S-K 1300 Technical Report Summary on the Initial Assessment </u> <u> December 12, 2025 SLR Project No.: 123.020552.00001 </u>

**Figure 6-4: Geology Map of the Sunshine Mine Area**

![](ny20061035x1ex96-1_image13.jpg)

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| 6-5 | ![](ny20061035x1ex96-1_image04.jpg) |

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<u> Silver Opportunity Partners LLC \| Sunshine Mine S-K 1300 Technical Report Summary on the Initial Assessment </u> <u> December 12, 2025 SLR Project No.: 123.020552.00001 </u>

**Figure 6-5: Cross Section of the Sunshine Mine Area**

![](ny20061035x1ex96-1_image14.jpg)

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| 6-6 | ![](ny20061035x1ex96-1_image04.jpg) |

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<u> Silver Opportunity Partners LLC \| Sunshine Mine S-K 1300 Technical Report Summary on the Initial Assessment </u> <u> December 12, 2025 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 | ![](ny20061035x1ex96-1_image04.jpg) |

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<u> Silver Opportunity Partners LLC \| Sunshine Mine S-K 1300 Technical Report Summary on the Initial Assessment </u> <u> December 12, 2025 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). In late 2025, an additional drilling campaign commenced in areas outside of the mineral resource with assay results pending. 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.

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| 7-1 | ![](ny20061035x1ex96-1_image04.jpg) |

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<u> Silver Opportunity Partners LLC \| Sunshine Mine S-K 1300 Technical Report Summary on the Initial Assessment </u> <u> December 12, 2025 SLR Project No.: 123.020552.00001 </u>

**Figure 7-1: Vertical Longitudinal Projection of Recent SOP Drill Hole Locations**

![](ny20061035x1ex96-1_image15.jpg)

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| 7-2 | ![](ny20061035x1ex96-1_image04.jpg) |

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<u> Silver Opportunity Partners LLC \| Sunshine Mine S-K 1300 Technical Report Summary on the Initial Assessment </u> <u> December 12, 2025 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 | ![](ny20061035x1ex96-1_image04.jpg) |

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<u> Silver Opportunity Partners LLC \| Sunshine Mine S-K 1300 Technical Report Summary on the Initial Assessment </u> <u> December 12, 2025 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 | ![](ny20061035x1ex96-1_image04.jpg) |

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<u> Silver Opportunity Partners LLC \| Sunshine Mine S-K 1300 Technical Report Summary on the Initial Assessment </u> <u> December 12, 2025 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 | ![](ny20061035x1ex96-1_image04.jpg) |

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<u> Silver Opportunity Partners LLC \| Sunshine Mine S-K 1300 Technical Report Summary on the Initial Assessment </u> <u> December 12, 2025 SLR Project No.: 123.020552.00001 </u>

**Figure 7-2: Vertical Longitudinal Section of Drill Hole and Channel Sample Locations**

![](ny20061035x1ex96-1_image16.jpg)

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| 7-6 | ![](ny20061035x1ex96-1_image04.jpg) |

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<u> Silver Opportunity Partners LLC \| Sunshine Mine S-K 1300 Technical Report Summary on the Initial Assessment </u> <u> December 12, 2025 SLR Project No.: 123.020552.00001 </u>

**Figure 7-3: Plan View of Drill Holes and Channel Sample Locations**

![](ny20061035x1ex96-1_image17.jpg)

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<u> Silver Opportunity Partners LLC \| Sunshine Mine S-K 1300 Technical Report Summary on the Initial Assessment </u> <u> December 12, 2025 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.

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| 7-8 | ![](ny20061035x1ex96-1_image04.jpg) |

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<u> Silver Opportunity Partners LLC \| Sunshine Mine S-K 1300 Technical Report Summary on the Initial Assessment </u> <u> December 12, 2025 SLR Project No.: 123.020552.00001 </u>

**Table 7-1: Summary of Recent 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 | ![](ny20061035x1ex96-1_image04.jpg) |

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<u> Silver Opportunity Partners LLC \| Sunshine Mine S-K 1300 Technical Report Summary on the Initial Assessment </u> <u> December 12, 2025 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;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 | ![](ny20061035x1ex96-1_image04.jpg) |

---

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<u> Silver Opportunity Partners LLC \| Sunshine Mine S-K 1300 Technical Report Summary on the Initial Assessment </u> <u> December 12, 2025 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;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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<u> Silver Opportunity Partners LLC \| Sunshine Mine S-K 1300 Technical Report Summary on the Initial Assessment </u> <u> December 12, 2025 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;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 |

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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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<u> Silver Opportunity Partners LLC \| Sunshine Mine S-K 1300 Technical Report Summary on the Initial Assessment </u> <u> December 12, 2025 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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<u> Silver Opportunity Partners LLC \| Sunshine Mine S-K 1300 Technical Report Summary on the Initial Assessment </u> <u> December 12, 2025 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.

**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 <br> Breakouts** | **Sunshine Mine <br> Breakouts** |
| **Level** | **3300 Level** | **7300 Level** | **4250 Level** | **5300 Level** | **12 Shaft** | **10 Shaft** |
| Stress σ<sub>S1</sub> | 7,830 psi <br> (54.0 MPa) | 9,670 psi<br> (66.7 MPa) | 12,910 psi <br> (89 MPa) | 16,450 psi <br> (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 <br> (43.3 MPa) | 7,220 psi <br> (49.8 MPa) | 7,110 psi<br> (49.0 MPa) | 10,600 psi<br> (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

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<u> Silver Opportunity Partners LLC \| Sunshine Mine S-K 1300 Technical Report Summary on the Initial Assessment </u> <u> December 12, 2025 SLR Project No.: 123.020552.00001 </u>

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.

**Table 7-3: In Situ Stress Measurement 4800 Level Sunshine Mine**

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Hole No.** | **Depth (ft)** | **Secondary <br> Principal <br> Stresses** | **Magnitude<br> (psi)** | **Azimuth** | **Ratio of <br> Horizontal <br> 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 ore 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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|:---|:---|:---|:---|:---|:---|
| **Rock Type <br> and Level <br> Number** | **Compressive <br> Strength<br> (psi)** | **Tensile<br> Strength<br> (psi)** | **Elastic <br> Modulus<br> x10<sup>6</sup> psi** | **Poisson's <br> Ratio** | **Description** |
| Vitreous Quartzite | Vitreous Quartzite | Vitreous Quartzite | Vitreous Quartzite | Vitreous Quartzite | Vitreous Quartzite |
| 4800 | 23000 | 1250 | ND | ND | Fine grain quartzite |
| 4800 | 21800 | ND | ND | 0.17 | Light gray fine grain quartzite |
| Sericitic Quartzite | Sericitic Quartzite | Sericitic Quartzite | Sericitic Quartzite | Sericitic Quartzite | Sericitic Quartzite |
| 3700 | 26600 | 1930 | 7.2 | 0.23 | 80% quartz |
| 4800 | 16900 | ND | 7.2 | 0.13 | Light purple argillaceous quartzite |
| Siltite - Argillite | Siltite - Argillite | Siltite - Argillite | Siltite - Argillite | Siltite - Argillite | 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> December 12, 2025 SLR Project No.: 123.020552.00001 </u>

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Rock Type <br> and Level <br> Number** | **Compressive <br> Strength<br> (psi)** | **Tensile<br> Strength<br> (psi)** | **Elastic <br> Modulus<br> x10<sup>6</sup> psi** | **Poisson's <br> Ratio** | **Description** |
| 3100 | 16400 | 1940 | 5.2 | 0.18 | Grey to green platey argillite |
| Rock With Partially Healed Fractures | Rock With Partially Healed Fractures | Rock With Partially Healed Fractures | Rock With Partially Healed Fractures | Rock With Partially Healed Fractures | Rock With Partially Healed Fractures |
| 4800 | 24900 | ND | 10.8 | 0.19 | Light grey fine grained vitreous quartzite. Fractured |
| 4800 | 21800 | ND | 8.9 | 0.17 | 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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|:---|:---|:---|:---|:---|:---|
| **RQD Range (%)** | **ST 2691** | **23-2303** | **19-2309** | **23-2304** | **27-2302** |
|  | Length Weighted Percent of Intervals | Length Weighted Percent of Intervals | Length Weighted Percent of Intervals | Length Weighted Percent of Intervals |  |
| 0–25 | 54% | 28% | 21% | 40% | 78% |
| 25–50 | 18% | 26% | 24% | 23% | 14% |
| 50–75 | 23% | 30% | 24% | 21% | 7% |
| 75–90 | 3% | 10% | 22% | 12% | 2% |
| 90–100 | 2% | 6% | 9% | 4% | ~ |

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<u> Silver Opportunity Partners LLC \| Sunshine Mine S-K 1300 Technical Report Summary on the Initial Assessment </u> <u> December 12, 2025 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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<u> Silver Opportunity Partners LLC \| Sunshine Mine S-K 1300 Technical Report Summary on the Initial Assessment </u> <u> December 12, 2025 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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| 8-2 | ![](ny20061035x1ex96-1_image04.jpg) |

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<u> Silver Opportunity Partners LLC \| Sunshine Mine S-K 1300 Technical Report Summary on the Initial Assessment </u> <u> December 12, 2025 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)**

![](ny20061035x1ex96-1_image18.jpg)

Source: SRK 2025

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| 8-3 | ![](ny20061035x1ex96-1_image04.jpg) |

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<u> Silver Opportunity Partners LLC \| Sunshine Mine S-K 1300 Technical Report Summary on the Initial Assessment </u> <u> December 12, 2025 SLR Project No.: 123.020552.00001 </u>

**Figure 8-2: Summary of MEG-AG-2 Standard for Ag (g/t)**

![](ny20061035x1ex96-1_image19.jpg)

Source: SRK 2025

**Figure 8-3: Summary of MEG-AG-3 Standard for Ag (g/t)**

![](ny20061035x1ex96-1_image20.jpg)

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> December 12, 2025 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 | ![](ny20061035x1ex96-1_image04.jpg) |

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<u> Silver Opportunity Partners LLC \| Sunshine Mine S-K 1300 Technical Report Summary on the Initial Assessment </u> <u> December 12, 2025 SLR Project No.: 123.020552.00001 </u>

**Figure 8-4: Summary of Core Blank Results for Ag**

![](ny20061035x1ex96-1_image21.jpg)

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 | ![](ny20061035x1ex96-1_image04.jpg) |

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<u> Silver Opportunity Partners LLC \| Sunshine Mine S-K 1300 Technical Report Summary on the Initial Assessment </u> <u> December 12, 2025 SLR Project No.: 123.020552.00001 </u>

**Figure 8-5: Summary of Pulp Duplicate Results for Ag**

![](ny20061035x1ex96-1_image22.jpg)

Source: SRK 2025

**Figure 8-6: Summary of Coarse Reject Results for Ag**

![](ny20061035x1ex96-1_image23.jpg)

Source: SRK 2025

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| 8-7 | ![](ny20061035x1ex96-1_image04.jpg) |

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<u> Silver Opportunity Partners LLC \| Sunshine Mine S-K 1300 Technical Report Summary on the Initial Assessment </u> <u> December 12, 2025 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**

![](ny20061035x1ex96-1_image24.jpg)

Source: SRK 2025

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| 8-8 | ![](ny20061035x1ex96-1_image04.jpg) |

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<u> Silver Opportunity Partners LLC \| Sunshine Mine S-K 1300 Technical Report Summary on the Initial Assessment </u> <u> December 12, 2025 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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| 8-9 | ![](ny20061035x1ex96-1_image04.jpg) |

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<u> Silver Opportunity Partners LLC \| Sunshine Mine S-K 1300 Technical Report Summary on the Initial Assessment </u> <u> December 12, 2025 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.

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<u> Silver Opportunity Partners LLC \| Sunshine Mine S-K 1300 Technical Report Summary on the Initial Assessment </u> <u> December 12, 2025 SLR Project No.: 123.020552.00001 </u>

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.

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> December 12, 2025 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> December 12, 2025 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> December 12, 2025 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 ore 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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<u> Silver Opportunity Partners LLC \| Sunshine Mine S-K 1300 Technical Report Summary on the Initial Assessment </u> <u> December 12, 2025 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> December 12, 2025 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 | ![](ny20061035x1ex96-1_image04.jpg) |

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<u> Silver Opportunity Partners LLC \| Sunshine Mine S-K 1300 Technical Report Summary on the Initial Assessment </u> <u> December 12, 2025 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> December 12, 2025 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> December 12, 2025 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: &nbsp;&nbsp;&nbsp;&nbsp; Silver-Copper Flotation Concentrate Quality 1999**

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Month<br> (1999)** | **Ag<br> (opt)** | **As<br> (%)** | **Cu<br> (%)** | **Pb<br> (%)** | **Sb<br> (%)** | **Zn<br> (%)** |
| January | 1312 | 0.85 | 16.90 | 25.6 | 13.7 | 1.63 |
| February | 1361 | 0.80 | 17.50 | 22.1 | 14.l | 1.45 |
| March | 1412 | 0.91 | 16.90 | 23.9 | 14.1 | 1.47 |
| April | 1245 | 1.01 | 17.89 | 23.3 | 14.1 | 1.63 |
| May | 1305 | 0.99 | 1 .40 | 23.2 | 13.9 | 1.53 |
| Average | 1327 | 0.91 | 17.3 | 23.6 | 14 | 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: &nbsp;&nbsp;&nbsp;&nbsp; Antimony Plant Residue (Cleaned Silver Concentrate) Quality 1999**

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Month <br> (1999)** | **Ag<br> (opt)** | **As<br> (%)** | **Cu<br> (%)** | **Pb<br> (%)** | **Sb<br> (%)** | **Zn<br> (%)** |
| January | 1141 | 0.32 | 19.30 | 31.6 | 1.23 | 1.71 |
| February | 1487 | 0.34 | 19.30 | 27.0 | 0.86 | 1.55 |
| March | 1544 | 0.35 | 17.90 | 24.6 | 1.85 | 1.66 |
| April | 1315 | 0.30 | 17.70 | 26.1 | 2.55 | 1.78 |
| May | 1366 | 0.37 | 17.80 | 26.3 | 2.73 | 1.70 |
| Average | 1371 | 0.34 | 18.30 | 27.1 | 1.8 | 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: &nbsp;&nbsp;&nbsp;&nbsp;Lead Flotation Concentrate Quality 1999**

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|:---|:---|:---|:---|:---|:---|:---|
| **Month<br> (1999)** | **Ag<br> (opt)** | **As<br> (%)** | **Cu<br> (%)** | **Pb<br> (%)** | **Sb<br> (%)** | **Zn<br> (%)** |
| January | 84.2 | 0.85 | 1.00 | 39.30 | 0.96 | 0.156 |
| February | 109.2 | 0.95 | 1.40 | 40.80 | 1.31 | 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> December 12, 2025 SLR Project No.: 123.020552.00001 </u>

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Month<br> (1999)** | **Ag<br> (opt)** | **As<br> (%)** | **Cu<br> (%)** | **Pb<br> (%)** | **Sb<br> (%)** | **Zn<br> (%)** |
| March | 168. l | 0.53 | 1.99 | 57.97 | 1.71 | 0.217 |
| April | 158.3 | 0.39 | 2.10 | 58.21 | 1.93 | 0.242 |
| May | 136.2 | 0.06 | 1.69 | 53.90 | 1.54 | 0.206 |
| Average | 131.2 | 0.56 | 1.64 | 50.0 | 1.5 | 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: &nbsp;&nbsp;&nbsp;&nbsp; Analysis of Payable and Penalty Elements**

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| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Product** | **Elemental Analysis** | **Elemental Analysis** | **Elemental Analysis** | **Elemental Analysis** | **Elemental Analysis** | **Elemental Analysis** | **Elemental Analysis** | **Elemental Analysis** | **Elemental Analysis** | **Elemental Analysis** | **Elemental Analysis** | **Elemental Analysis** | **Elemental Analysis** |
| **Product** | **Ag<br> (opt)** | **As<br> (%)** | **Cd<br> (ppm)** | **Cu<br> (%)** | **Cr<br> (ppm)** | **Mn<br> (%)** | **Ni<br> (ppm)** | **Pb<br> (%)** | **Sb<br> (%)** | **Zn<br> (%)** | **S<br> (%)** | **Na<br> (%)** | **Bi<br> (%)** |
| Silver-Copper Concentrate | 1327 | 0.91 | 0.008 | 17.32 | 32.2 | 0.24 | 0.015 | 23.6 | 14.0 | 1.54 | 22.4 |  |  |
| Cleaned Silver Concentrate | 1371 | 0.34 | 0.008 | 18.30 | 20.7 | 0.26 | 0.013 | 27.1 | 1.8 | 1.68 |  | 8.90 | 0.07 |
| Lead Concentrate | I 31.2 | 0.56 | 0.001 | 1.64 | 35.5 | 0.47 | 0.023 | 50.0 | 1.5 | 0.20 | 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> December 12, 2025 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: &nbsp;&nbsp;&nbsp;&nbsp;Summary of Sunshine Production (1950 – 2008)**

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|:---|:---|:---|:---|:---|:---|:---|
| **Year** | **Tons** | **Ag opt** | **Contained Ag<br> (oz)** | **Recovered Ag<br> Ounces** | **Recovery<br> (Ag)** | **Primary Vein** |
| 2008 | 34465 | 13.15 | 453248 | 431719 | 95.3% | West Chance |
| 2001<sup>1</sup> | 20722 | 26.02 | 539125 | 519177 | 96.3% | West Chance |
| 2000<sup>1</sup> | 169036 | 24.73 | 4179561 | 4024917 | 96.3% | West Chance |
| 1999<sup>1</sup> | 217601 | 25.70 | 5592354 | 5385437 | 96.3% | West Chance |
| 1998<sup>2</sup> | 247866 | 24.97 | 6189679 | 5991609 | 96.8% | West Chance |
| 1997<sup>2</sup> | 183404 | 23.96 | 4393920 | 4253315 | 96.8% | West Chance |
| 1996<sup>2</sup> | 120909 | 22.03 | 2663115 | 2577895 | 96.8% | West Chance |
| 1995<sup>2</sup> | 101240 | 17.67 | 1788473 | 1731242 | 96.8% | West Chance |
| 1994<sup>2</sup> | 107056 | 20.15 | 2157507 | 2088467 | 96.8% | Chester |
| 1993<sup>2</sup> | 100441 | 23.64 | 2374127 | 2298155 | 96.8% | Chester |
| 1992<sup>2</sup> | 104602 | 25.09 | 2624342 | 2540363 | 96.8% | Chester |
| 1991<sup>2</sup> | 157323 | 22.76 | 3580301 | 3465731 | 96.8% | Copper |
| 1990<sup>2</sup> | 235072 | 23.66 | 5561986 | 5384002 | 96.8% | Copper |
| 1989<sup>2</sup> | 230837 | 21.64 | 4996239 | 4836359 | 96.8% | Chester |
| 1988<sup>2</sup> | 146659 | 16.14 | 2366993 | 2291249 | 96.8% | Chester |
| 1987 |  |  |  |  |  | Chester |
| 1986<sup>2</sup> | 59604 | 20.01 | 1192545 | 1154384 | 96.8% | Chester |
| 1985<sup>2</sup> | 218509 | 22.29 | 4870251 | 4714403 | 96.8% | Chester |
| 1984<sup>2</sup> | 248568 | 19.98 | 4967017 | 4808072 | 96.8% | Chester |
| 1983<sup>2</sup> | 212064 | 21.83 | 4629581 | 4481434 | 96.8% | Chester |
| 1982<sup>2</sup> | 104824 | 23.19 | 2430357 | 2352586 | 96.8% | Chester |
| 1981 | 197154 | 21.22 | 4184532 | 4050627 | 96.8% | Chester |
| 1980 | 50961 | 15.85 | 807732 | 767939 | 95.1% | Chester |
| 1979 | 172228 | 21.12 | 3637455 | 3511715 | 96.5% | Chester |
| 1978 | 208850 | 25.31 | 5285994 | 4947409 | 93.6% | Chester |

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<u> Silver Opportunity Partners LLC \| Sunshine Mine S-K 1300 Technical Report Summary on the Initial Assessment </u> <u> December 12, 2025 SLR Project No.: 123.020552.00001 </u>

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|:---|:---|:---|:---|:---|:---|:---|
| **Year** | **Tons** | **Ag opt** | **Contained Ag<br> (oz)** | **Recovered Ag<br> Ounces** | **Recovery<br> (Ag)** | **Primary Vein** |
| 1977 | 155116 | 24.81 | 3848428 | 3745496 | 97.3% | Chester |
| 1976 | 45869 | 24.59 | 1127849 | 1091758 | 96.8% | Chester |
| 1975 | 225897 | 23.22 | 5245328 | 5082471 | 96.9% | Chester |
| 1974 | 162046 | 24.81 | 4020361 | 3951966 | 98.3% | Chester |
| 1973 | 123539 | 25.53 | 3153951 | 3063526 | 97.1% | Chester |
| 1972 | 103206 | 27.73 | 2861902 | 2781783 | 97.2% | Chester |
| 1971 | 258858 | 27.83 | 7204018 | 7030098 | 97.6% | Chester |
| 1970 | 252879 | 34.24 | 8658275 | 8381210 | 96.8% | Chester |
| 1969 | 271515 | 31.68 | 8601595 | 8390787 | 97.5% | Chester |
| 1968 | 252090 | 32.02 | 8071922 | 7870837 | 97.5% | Chester |
| 1967 | 239915 | 32.98 | 7912397 | 7711343 | 97.5% | Chester |
| 1966 | 190782 | 39.23 | 7484378 | 7309448 | 97.7% | Chester |
| 1965 | 169805 | 38.70 | 6571454 | 6433223 | 97.9% | Chester |
| 1964 | 131799 | 35.86 | 4726312 | 4632348 | 98.0% | Chester |
| 1963 | 132637 | 38.25 | 5073365 | 4963491 | 97.8% | Chester |
| 1962 | 135786 | 35.07 | 4762015 | 4655278 | 97.8% | Chester |
| 1961 | 188923 | 32.43 | 6126773 | 6001790 | 97.3% | Chester |
| 1960 | 232342 | 27.14 | 6305762 | 6141789 | 97.1% | Chester |
| 1959 | 234548 | 27.89 | 6541544 | 6367520 | 97.4% | Chester |
| 1958 | 231964 | 27.11 | 6288544 | 6128915 | 97.2% | Chester |
| 1957 | 206385 | 26.36 | 5440309 | 5206268 | 97.1% | Chester |
| 1956 | 200028 | 26.30 | 5260736 | 5153134 | 97.4% | Chester |
| 1955 | 225883 | 28.17 | 6363124 | 6178749 | 97.1% | Chester |
| 1954 | 260698 | 33.96 | 8853304 | 8623377 | 97.4% | Chester |
| 1953 | 249686 | 30.72 | 7670354 | 7505277 | 97.9% | Chester |
| 1952 | 222577 | 37.46 | 8337734 | 8194536 | 98.3% | Chester |
| 1951 | 220265 | 36.90 | 8127779 | 7992707 | 98.3% | Yankee Girl |
| 1950 | 251877 | 33.50 | 8437880 | 8291948 | 98.3% | Yankee Girl |
| **Total /Average** | **9226910** | **26.67** | **254543825** | **247489279** | **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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<u> Silver Opportunity Partners LLC \| Sunshine Mine S-K 1300 Technical Report Summary on the Initial Assessment </u> <u> December 12, 2025 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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<u> Silver Opportunity Partners LLC \| Sunshine Mine S-K 1300 Technical Report Summary on the Initial Assessment </u> <u> December 12, 2025 SLR Project No.: 123.020552.00001 </u>

**Figure 10-3: &nbsp;&nbsp;&nbsp;&nbsp;SSMC Map Bulk Sample Locations**

![](ny20061035x1ex96-1_image27.jpg)

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<u> Silver Opportunity Partners LLC \| Sunshine Mine S-K 1300 Technical Report Summary on the Initial Assessment </u> <u> December 12, 2025 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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|:---|:---|:---|:---|:---|
| **Element or Mineral** | **Symbol** | **Unit** | **Western Stope** | **Eastern Stope** |
| **Element** | | | | |
| Copper | Cu | % | 0.25 | 0.13 |
| Lead | Pb | % | 0.44 | 0.02 |
| Zinc | Zn | % | 0.02 | 0.01 |
| Iron | Fe | % | 5.67 | 5.44 |
| Arsenic | As | % | 0.011 | 0.010 |
| Gold | Au | g/t | 0.07 | 0.02 |
| Silver | Ag | g/t | 637 | 316 |
| Sulfur | S | % | 1.08 | 0.78 |
| Carbon | C | % | 1.92 | 1.93 |
| **Mineral** |  |  |  |  |
| Freibergite / Tetrahedrite | Te | % | 0.50 | 0.37 |
| Chalcopyrite | Cp | % | 0.04 | 0.05 |
| Galena | Ga | % | 0.44 | 0.02 |
| Sphalerite | Sp | % | 0.02 | 0.02 |
| Pyrite | Py | % | 1.57 | 1.39 |
| Quartz |  |  | 64.9 | 53.7 |
| Muscovite |  |  | 12.2 | 20.8 |
| Ankerite |  |  | 8.7 | 6.5 |
| Siderite |  |  | 8.9 | 8.8 |
| Feldspars |  |  | 1.2 | 6.8 |
| Other Gangue | Gn | % | 1.5 | 1.5 |

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Source: G&T 2013

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<u> Silver Opportunity Partners LLC \| Sunshine Mine S-K 1300 Technical Report Summary on the Initial Assessment </u> <u> December 12, 2025 SLR Project No.: 123.020552.00001 </u>

10.5.1 Mineralogy and Liberation

QEMSCAN Particle Mineral Analysis was conducted on sized fractions of each of the composites. Key observations included:

● 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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|:---|:---|:---|:---|:---|:---|:---|:---|
| **Composite** | **Bond Ball Mill Work Index** | **Bond Ball Mill Work Index** | **Bond Rod Mill Work Index** | **Bond Rod Mill Work Index** | **Crusher Work index** | **Abrasion** <br> **Index**  | **SMC** <br> **A x B** |
| **Composite** | **kWh/t** | **μm P<sub>80</sub>** | **kWh/t** | **μm P<sub>80</sub>** | **kWh/t** | **Abrasion** <br> **Index**  | **SMC** <br> **A x B** |
| Western Stope | 14.0 | 81 | 17.4 | 916 | 10.0 | 0.081 | 59.2 |
| Eastern Stope | 12.9 | 81 | 14.3 | 976 | - | 0.181 | 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.

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<u> Silver Opportunity Partners LLC \| Sunshine Mine S-K 1300 Technical Report Summary on the Initial Assessment </u> <u> December 12, 2025 SLR Project No.: 123.020552.00001 </u>

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.

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: &nbsp;&nbsp;&nbsp;&nbsp;Summary of Locked-Cycle Tests on the Western Stope Composite**

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| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Product** | **Weight %** | **Assay – Percent or g/t** | **Assay – Percent or g/t** | **Assay – Percent or g/t** | **Assay – Percent or g/t** | **Assay – Percent or g/t** | **Assay – Percent or g/t** | **Distribution - Percent** | **Distribution - Percent** | **Distribution - Percent** | **Distribution - Percent** | **Distribution - Percent** | **Distribution - Percent** |
| **Product** | **Weight %** | **Cu** | **Pb** | **Zn** | **Fe** | **S** | **Ag** | **Cu** | **Pb** | **Zn** | **Fe** | **S** | **Ag** |
| **Test 24 Western Stope** | **Test 24 Western Stope** | **Test 24 Western Stope** | **Test 24 Western Stope** | **Test 24 Western Stope** | **Test 24 Western Stope** | **Test 24 Western Stope** | **Test 24 Western Stope** | **Test 24 Western Stope** | **Test 24 Western Stope** | **Test 24 Western Stope** | **Test 24 Western Stope** | **Test 24 Western Stope** | **Test 24 Western Stope** |
| Flotation Feed | 100 | 0.21 | 0.40 | 0.03 | 5.3 | 0.98 | 579 | 100 | 100 | 100 | 100 | 100 | 100 |
| Cu/Ag Conc | 0.6 | 27.2 | 3.96 | 2.33 | 4.8 | 23.6 | 73498 | 78.5 | 6.1 | 52.6 | 0.6 | 14.9 | 78.1 |
| Pb/Ag Conc | 0.5 | 4.4 | 55.5 | 0.39 | 7.4 | 17.5 | 13294 | 10.3 | 69 | 7.1 | 0.7 | 8.8 | 11.3 |
| **Test 26 Western Stope (with Cleaner Scavenger)** | **Test 26 Western Stope (with Cleaner Scavenger)** | **Test 26 Western Stope (with Cleaner Scavenger)** | **Test 26 Western Stope (with Cleaner Scavenger)** | **Test 26 Western Stope (with Cleaner Scavenger)** | **Test 26 Western Stope (with Cleaner Scavenger)** | **Test 26 Western Stope (with Cleaner Scavenger)** | **Test 26 Western Stope (with Cleaner Scavenger)** | **Test 26 Western Stope (with Cleaner Scavenger)** | **Test 26 Western Stope (with Cleaner Scavenger)** | **Test 26 Western Stope (with Cleaner Scavenger)** | **Test 26 Western Stope (with Cleaner Scavenger)** | **Test 26 Western Stope (with Cleaner Scavenger)** | **Test 26 Western Stope (with Cleaner Scavenger)** |
| Flotation Feed | 100 | 0.231 | 0.41 | 0.04 | 5.4 | 1.13 | 587 | 100 | 100 | 100 | 100 | 100 | 100 |
| Cu/Ag Conc | 0.7 | 26.4 | 4.39 | 2.19 | 4.8 | 22.3 | 66114 | 83.5 | 7.8 | 40.9 | 0.7 | 14.4 | 82.3 |
| Pb/Ag Conc | 0.6 | 3.2 | 47.3 | 0.42 | 11.3 | 21 | 9644 | 8.3 | 67.8 | 6.4 | 1.2 | 10.9 | 9.7 |
| **Test 34 Western Stope (with Cleaner Scavenger)** | **Test 34 Western Stope (with Cleaner Scavenger)** | **Test 34 Western Stope (with Cleaner Scavenger)** | **Test 34 Western Stope (with Cleaner Scavenger)** | **Test 34 Western Stope (with Cleaner Scavenger)** | **Test 34 Western Stope (with Cleaner Scavenger)** | **Test 34 Western Stope (with Cleaner Scavenger)** | **Test 34 Western Stope (with Cleaner Scavenger)** | **Test 34 Western Stope (with Cleaner Scavenger)** | **Test 34 Western Stope (with Cleaner Scavenger)** | **Test 34 Western Stope (with Cleaner Scavenger)** | **Test 34 Western Stope (with Cleaner Scavenger)** | **Test 34 Western Stope (with Cleaner Scavenger)** | **Test 34 Western Stope (with Cleaner Scavenger)** |
| Flotation Feed | 100 | 0.225 | 0.41 | 0.03 | 5.7 | 1.03 | 585 | 100 | 100 | 100 | 100 | 100 | 100 |
| Cu/Ag Conc | 0.7 | 26 | 3.92 | 2.22 | 5.2 | 22 | 64952 | 81.6 | 6.7 | 54.4 | 0.6 | 15.1 | 78.5 |
| Pb/Ag Conc | 0.5 | 3.7 | 45.9 | 0.40 | 11.3 | 19.2 | 11691 | 8.2 | 56.2 | 7 | 1 | 9.4 | 10.1 |

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Source: G&T 2013

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| 10-14 | ![](ny20061035x1ex96-1_image04.jpg) |

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<u> Silver Opportunity Partners LLC \| Sunshine Mine S-K 1300 Technical Report Summary on the Initial Assessment </u> <u> December 12, 2025 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.

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| 10-15 | ![](ny20061035x1ex96-1_image04.jpg) |

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<u> Silver Opportunity Partners LLC \| Sunshine Mine S-K 1300 Technical Report Summary on the Initial Assessment </u> <u> December 12, 2025 SLR Project No.: 123.020552.00001 </u>

**Table 10-9: &nbsp;&nbsp;&nbsp;&nbsp;Summary of Pilot Plant Campaign on the Western Stope Composite**

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| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Test** | **Product** | **Weight Percent** | **Assay – Percent or g/tonne** | **Assay – Percent or g/tonne** | **Assay – Percent or g/tonne** | **Assay – Percent or g/tonne** | **Distribution - Percent** | **Distribution - Percent** | **Distribution - Percent** | **Distribution - Percent** |
| **Test** | **Product** | **Weight Percent** | **Cu** | **Pb** | **Zn** | **Ag** | **Cu** | **Pb** | **Zn** | **Ag** |
| P4-A | Cu/Ag Conc | 0.9 | 21.4 | 6.51 | 1.39 | 46400 | 88 | 17 | 50 | 80 |
| P4-A | Pb/Ag Conc | 0.6 | 2.73 | 29.0 | 0.34 | 11900 | 8 | 52 | 9 | 14 |
| P4-B | Cu/Ag Conc | 0.9 | 21.9 | 6.64 | 1.57 | 57200 | 89 | 15 | 54 | 87 |
| P4-B | Pb/Ag Conc | 0.4 | 3.45 | 53.6 | 0.33 | 10100 | 6 | 53 | 5 | 7 |
| P4-C | Cu/Ag Conc | 0.9 | 20.4 | 6.84 | 1.44 | 53900 | 86 | 16 | 55 | 84 |
| P4-C | Pb/Ag Conc | 0.5 | 3.70 | 46.6 | 0.32 | 10800 | 8 | 56 | 6 | 9 |
| P5-A | Cu/Ag Conc | 0.8 | 21.3 | 5.36 | 1.75 | 57600 | 79 | 10 | 57 | 79 |
| P5-A | Pb/Ag Conc | 0.3 | 7.63 | 53.0 | 0.56 | 19900 | 11 | 39 | 7 | 11 |
| P5-B | Cu/Ag Conc | 0.7 | 22.3 | 4.81 | 1.76 | 60200 | 81 | 8 | 55 | 81 |
| P5-B | Pb/Ag Conc | 0.4 | 5.30 | 52.4 | 0.39 | 15100 | 10 | 48 | 6 | 11 |
| P5-C | Cu/Ag Conc | 0.8 | 20.2 | 5.06 | 1.29 | 45200 | 85 | 10 | 50 | 82 |
| P5-C | Pb/Ag Conc | 0.3 | 4.07 | 52.4 | 0.32 | 12400 | 7 | 42 | 5 | 9 |
| P6-D | Cu/Ag Conc | 0.9 | 21.5 | 5.63 | 1.54 | 42900 | 86 | 11 | 54 | 81 |
| P6-D | Pb/Ag Conc | 0.4 | 3.81 | 52.1 | 0.27 | 11700 | 7 | 49 | 4 | 10 |
| P6-A | Cu/Ag Conc | 0.5 | 23.5 | 7.42 | 1.36 | 64700 | 61 | 8 | 41 | 60 |
| P6-A | Pb/Ag Conc | 0.7 | 9.04 | 40.2 | 0.59 | 26300 | 32 | 60 | 24 | 33 |
| P6-B | Cu/Ag Conc | 0.8 | 22.9 | 6.59 | 1.82 | 63600 | 82 | 10 | 57 | 82 |
| P6-B | Pb/Ag Conc | 0.4 | 5.79 | 49.5 | 0.44 | 16500 | 11 | 41 | 7 | 12 |
| P6-C | Cu/Ag Conc | 0.8 | 20.6 | 4.90 | 1.77 | 56700 | 85 | 8 | 58 | 85 |
| P6-C | Pb/Ag Conc | 0.5 | 3.77 | 58.2 | 0.29 | 11300 | 9 | 51 | 5 | 9 |
| P6-D | Cu/Ag Conc | 0.8 | 22.7 | 6.71 | 1.71 | 61600 | 87 | 11 | 55 | 87 |
| P6-D | Pb/Ag Conc | 0.5 | 3.23 | 57.4 | 0.22 | 9500 | 7 | 58 | 4 | 8 |
| P7-A | Cu/Ag Conc | 0.6 | 24.0 | 7.44 | 1.79 | 62200 | 69 | 9 | 46 | 68 |
| P7-A | Pb/Ag Conc | 0.7 | 7.08 | 38.9 | 0.48 | 19600 | 23 | 52 | 14 | 24 |
| P7-B | Cu/Ag Conc | 0.8 | 23.4 | 4.72 | 1.73 | 42400 | 83 | 7 | 56 | 81 |
| P7-B | Pb/Ag Conc | 0.6 | 3.99 | 49.6 | 0.33 | 12100 | 11 | 62 | 8 | 13 |
| P7-C | Cu/Ag Conc | 0.7 | 25.4 | 4.66 | 1.70 | 64500 | 85 | 7 | 55 | 83 |
| P7-C | Pb/Ag Conc | 0.5 | 3.35 | 50.8 | 0.27 | 10400 | 7 | 46 | 5 | 8 |
| P7-D | Cu/Ag Conc | 0.8 | 23.5 | 5.14 | 1.68 | 60100 | 85 | 9 | 54 | 84 |
| P7-D | Pb/Ag Conc | 0.5 | 3.39 | 50.8 | 0.28 | 10200 | 8 | 54 | 6 | 9 |
| **Average** | Cu/Ag Conc | **0.8** | **22.3** | **5.90** | **1.62** | **55300** | **82** | **10** | **53** | **80** |
| **Average** | Pb/Ag Conc | **0.5** | **4.69** | **49.0** | **0.36** | **13900** | **11** | **51** | **8** | **12** |

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Source: G&T 2013

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| 10-16 | ![](ny20061035x1ex96-1_image04.jpg) |

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<u> Silver Opportunity Partners LLC \| Sunshine Mine S-K 1300 Technical Report Summary on the Initial Assessment </u> <u> December 12, 2025 SLR Project No.: 123.020552.00001 </u>

**Figure 10-5: &nbsp;&nbsp;&nbsp;&nbsp;Pilot Plant Flowsheet Used for the Western Stope Composite**

![](ny20061035x1ex96-1_image29.jpg)

Source: G&T 2013

**Table 10-10: Pilot Plant Flowsheet Used for the Eastern Stope Composite**

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| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Test** | **Product** | **Weight Percent** | **Assay – Percent or g/tonne** | **Assay – Percent or g/tonne** | **Assay – Percent or g/tonne** | **Assay – Percent or g/tonne** | **Distribution - Percent** | **Distribution - Percent** | **Distribution - Percent** | **Distribution - Percent** |
| **Test** | **Product** | **Weight Percent** | **Cu** | **Pb** | **Zn** | **Ag** | **Cu** | **Pb** | **Zn** | **Ag** |
| P1-A | Cu/Ag Conc | 0.8 | 15.7 | 0.52 | 1.11 | 39700 | 89 | 20 | 48 | 91 |
| P1-B | Cu/Ag Conc | 0.9 | 12.6 | 0.49 | 0.64 | 40600 | 90 | 20 | 46 | 90 |
| P2-A | Cu/Ag Conc | 0.8 | 14.2 | 0.49 | 0.78 | 40700 | 87 | 31 | 46 | 88 |
| P2-B | Cu/Ag Conc | 0.7 | 17 | 0.62 | 0.88 | 43000 | 92 | 20 | 47 | 91 |
| P2-C | Cu/Ag Con | 0.6 | 19.1 | 0.60 | 0.94 | 46600 | 91 | 12 | 46 | 93 |
| P3-A | Cu/Ag Conc | 0.8 | 17.2 | 0.57 | 1.07 | 39600 | 84 | 16 | 42 | 85 |
| P3-B | Cu/Ag Conc | 1 | 16.4 | 0.59 | 0.99 | 39100 | 93 | 31 | 45 | 92 |
| P3-C | Cu/Ag Conc | 0.8 | 19.3 | 0.58 | 1.20 | 48600 | 94 | 10 | 49 | 95 |
| **Average** | **Cu/Ag Conc** | **0.8** | **16.4** | **0.56** | **0.95** | **42238** | **90** | **20** | **46** | **91** |

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Source: G&T 2013

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| 10-17 | ![](ny20061035x1ex96-1_image04.jpg) |

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<u> Silver Opportunity Partners LLC \| Sunshine Mine S-K 1300 Technical Report Summary on the Initial Assessment </u> <u> December 12, 2025 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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|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Test No.** | **Sensor** | **Total Sample<br> (kg)** | **Feed Ag Grade<br> (opt)** | **Product<br> (kg)** | **Mass Recovery** | **ProductAg Grade<br> (opt)** | **Ag Recovery<br> (%)** | **Waste<br> (kg)** | **WasteAg Grade <br> (opt)** |
| 1 | XRT | 5001.0 | 32.27 | 1394.0 | 27.9% | 104.10 | 89.9% | 3607.0 | 4.50 |
| 2 | XRT | 5001.0 | 32.27 | 1606.0 | 32.1% | 93.79 | 93.3% | 3395.0 | 3.16 |
| 3 | XRT | 5001.0 | 32.27 | 1844.0 | 36.9% | 83.62 | 95.6% | 3157.0 | 2.27 |
| 4 | XRT | 5001.0 | 32.27 | 2169.0 | 43.4% | 71.94 | 96.7% | 2832.0 | 1.88 |
| 5 | XRT | 5001.0 | 32.27 | 2791.0 | 55.8% | 56.49 | 97.7% | 2210.0 | 1.67 |

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Source: Steinert 2018

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| 10-18 | ![](ny20061035x1ex96-1_image04.jpg) |

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<u> Silver Opportunity Partners LLC \| Sunshine Mine S-K 1300 Technical Report Summary on the Initial Assessment </u> <u> December 12, 2025 SLR Project No.: 123.020552.00001 </u>

**Figure 10-7: Summary of Ore Sorter Test Work on Sunshine Bulk Ore Sample**

![](ny20061035x1ex96-1_image31.jpg)

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**

![](ny20061035x1ex96-1_image32.jpg)

Source: Pocock 2013

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| 10-19 | ![](ny20061035x1ex96-1_image04.jpg) |

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<u> Silver Opportunity Partners LLC \| Sunshine Mine S-K 1300 Technical Report Summary on the Initial Assessment </u> <u> December 12, 2025 SLR Project No.: 123.020552.00001 </u>

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.

Table 10-13: Flocculant Dosage Parameters for Copper and Lead Concentrates and the Final Tailings

![](ny20061035x1ex96-1_image33.jpg)

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

![](ny20061035x1ex96-1_image34.jpg)

Source: Pocock 2013

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| 10-20 | ![](ny20061035x1ex96-1_image04.jpg) |

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<u> Silver Opportunity Partners LLC \| Sunshine Mine S-K 1300 Technical Report Summary on the Initial Assessment </u> <u> December 12, 2025 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: &nbsp;&nbsp;&nbsp;&nbsp; Summary of Vacuum Filtration Test Results**

![](ny20061035x1ex96-1_image35.jpg)

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 | ![](ny20061035x1ex96-1_image04.jpg) |

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<u> Silver Opportunity Partners LLC \| Sunshine Mine S-K 1300 Technical Report Summary on the Initial Assessment </u> <u> December 12, 2025 SLR Project No.: 123.020552.00001 </u>

Table 10-16: Summary Pressure Filtration Test Results on Copper and Lead Concentrates

![](ny20061035x1ex96-1_image36.jpg)

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 | ![](ny20061035x1ex96-1_image04.jpg) |

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<u> Silver Opportunity Partners LLC \| Sunshine Mine S-K 1300 Technical Report Summary on the Initial Assessment </u> <u> December 12, 2025 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 Ore – 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, m<sup>3</sup> per day – 312

● Average mining void production rate, m<sup>3</sup>/h – 13

● Planned utilisation of paste plant – 49%

● Paste, m<sup>3</sup>/h – 22 to 33

● 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 | ![](ny20061035x1ex96-1_image04.jpg) |

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<u> Silver Opportunity Partners LLC \| Sunshine Mine S-K 1300 Technical Report Summary on the Initial Assessment </u> <u> December 12, 2025 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 ore 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 | ![](ny20061035x1ex96-1_image04.jpg) |

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<u> Silver Opportunity Partners LLC \| Sunshine Mine S-K 1300 Technical Report Summary on the Initial Assessment </u> <u> December 12, 2025 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 Resources with an effective date of December 21, 2023.

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 December 21, 2023, SRK Consulting (U.S.), Inc.

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| | | | |
|:---|:---|:---|:---|
| **Classification** | **Tonnage <br> (000 st)** | **Ag Grade<br> (opt)** | **Contained Ag Metal<br> (koz)** |
| Measured | -- | -- | -- |
| Indicated | 3613 | 31.1 | 112427 |
| **Measured and Indicated (M+I)** | **3613** | **31.1** | **112427** |
| Inferred | 7079 | 23.2 | 164570 |

---

Source: SRK 2025

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 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.

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| 11-1 | ![](ny20061035x1ex96-1_image04.jpg) |

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<u> Silver Opportunity Partners LLC \| Sunshine Mine S-K 1300 Technical Report Summary on the Initial Assessment </u> <u> December 12, 2025 SLR Project No.: 123.020552.00001 </u>

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.

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 on December 21, 2023, 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: &nbsp;&nbsp;&nbsp;&nbsp;Sunshine Modeled Vein Bounds**

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| | | |
|:---|:---|:---|
| **Count** | **Vein Name** | **Number of Samples** |
| 1 | 08DHW | 4,598 |
| 2 | 08BVein | 642 |
| 3 | 09HW | 2,230 |
| 4 | 09Vein | 2,881 |

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|:---|:---|
| 11-2 | ![](ny20061035x1ex96-1_image04.jpg) |

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<u> Silver Opportunity Partners LLC \| Sunshine Mine S-K 1300 Technical Report Summary on the Initial Assessment </u> <u> December 12, 2025 SLR Project No.: 123.020552.00001 </u>

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| | | |
|:---|:---|:---|
| **Count** | **Vein Name** | **Number of Samples** |
| 5 | 10Vein | 51 |
| 6 | 101Vein | 33 |
| 7 | 625M | 5314 |
| 8 | BVein | 291 |
| 9 | CFault Vein | 11344 |
| 10 | Chester | 26110 |
| 11 | ChesterHang | 4126 |
| 12 | CopperVein | 10323 |
| 13 | DVein | 3428 |
| 14 | FVein | 1116 |
| 15 | GVein | 7 |
| 16 | HFWVein | 26 |
| 17 | HVein | 2019 |
| 18 | KFWVein | 159 |
| 19 | KVein | 1519 |
| 20 | NYBoy | 8966 |
| 21 | S78 | 2430 |
| 22 | Silver Summit No4 | 771 |
| 23 | Silverline | 379 |
| 24 | SilverSummitNo3 | 319 |
| 25 | SilverSyndicateLink | 649 |
| 26 | Sunshine2 | 2072 |
| 27 | SunshineFW | 1255 |
| 28 | SYBoy | 2441 |
| 29 | Syndicate Fault | 2889 |
| 30 | Vein06 | 673 |
| 31 | W16Vein | 213 |
| 32 | WestChanceFW | 262 |
| 33 | WestChanceFWWest | 18 |
| 34 | YankeeGirl | 2467 |
| 35 | YankeeGirl952Split | 92 |
| 36 | YankeeGirlFW | 81 |
| Total | Total | 102194 |

---

Source: SRK 2025

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|:---|:---|
| 11-3 | ![](ny20061035x1ex96-1_image04.jpg) |

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<u> Silver Opportunity Partners LLC \| Sunshine Mine S-K 1300 Technical Report Summary on the Initial Assessment </u> <u> December 12, 2025 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: &nbsp;&nbsp;&nbsp;&nbsp;Histogram of Silver Assays in All Vein Bounds**

![](ny20061035x1ex96-1_image37.jpg)

Source: SRK 2025

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| 11-4 | ![](ny20061035x1ex96-1_image04.jpg) |

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<u> Silver Opportunity Partners LLC \| Sunshine Mine S-K 1300 Technical Report Summary on the Initial Assessment </u> <u> December 12, 2025 SLR Project No.: 123.020552.00001 </u>

**Figure 11-2: Histogram of Silver Sample Lengths in All Veins**

![](ny20061035x1ex96-1_image38.jpg)

Source: SRK 2025

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| 11-5 | ![](ny20061035x1ex96-1_image04.jpg) |

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<u> Silver Opportunity Partners LLC \| Sunshine Mine S-K 1300 Technical Report Summary on the Initial Assessment </u> <u> December 12, 2025 SLR Project No.: 123.020552.00001 </u>

**Figure 11-3: &nbsp;&nbsp;&nbsp;&nbsp;Longitudinal Section of Silver Data in All Veins**

![](ny20061035x1ex96-1_image39.jpg)

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| 11-6 | ![](ny20061035x1ex96-1_image04.jpg) |

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<u> Silver Opportunity Partners LLC \| Sunshine Mine S-K 1300 Technical Report Summary on the Initial Assessment </u> <u> December 12, 2025 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 | ![](ny20061035x1ex96-1_image04.jpg) |

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<u> Silver Opportunity Partners LLC \| Sunshine Mine S-K 1300 Technical Report Summary on the Initial Assessment </u> <u> December 12, 2025 SLR Project No.: 123.020552.00001 </u>

**Figure 11-4: &nbsp;&nbsp;&nbsp;&nbsp; Section Views of North Yankee Boy Vein**

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| 11-8 | ![](ny20061035x1ex96-1_image04.jpg) |

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<u> Silver Opportunity Partners LLC \| Sunshine Mine S-K 1300 Technical Report Summary on the Initial Assessment </u> <u> December 12, 2025 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 | ![](ny20061035x1ex96-1_image04.jpg) |

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<u> Silver Opportunity Partners LLC \| Sunshine Mine S-K 1300 Technical Report Summary on the Initial Assessment </u> <u> December 12, 2025 SLR Project No.: 123.020552.00001 </u>

**Figure 11-5: &nbsp;&nbsp;&nbsp;&nbsp;Histogram of Composite Lengths in All Vein Bounds**

![](ny20061035x1ex96-1_image41.jpg)

Source: SRK 2025

**Table 11-3: &nbsp;&nbsp;&nbsp;&nbsp;Summary of Composite Lengths for Individual Veins**

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Vein Name** | **Number of <br> Samples** | **Composite Length (ft)** | **Composite Length (ft)** | **Composite Length (ft)** | **Coefficient of <br> Variation (CV)** |
| **Vein Name** | **Number of <br> Samples** | **Mean** | **Minimum** | **Maximum** | **Coefficient of <br> Variation (CV)** |
| 08DHW | 4584 | 2.81 | 0.050 | 10.5 | 0.57 |
| 08BVein | 642 | 1.62 | 0.200 | 12.6 | 0.86 |
| 09HW | 2188 | 1.43 | 0.100 | 8.3 | 0.74 |
| 09Vein | 2879 | 1.25 | 0.050 | 7.5 | 0.55 |
| 10Vein | 25 | 1.52 | 0.300 | 5.2 | 0.65 |
| 101Vein | 22 | 1.89 | 0.100 | 7.0 | 0.88 |
| 625M | 5302 | 1.72 | 0.010 | 12.7 | 0.77 |
| B Vein | 291 | 5.04 | 0.170 | 8.0 | 0.29 |
| C Fault Vein | 11094 | 1.96 | 0.010 | 23.0 | 0.84 |
| Chester | 26074 | 3.55 | 0.001 | 39.3 | 0.72 |
| ChesterHang | 4101 | 3.60 | 0.009 | 21.0 | 0.72 |
| Copper Vein | 10225 | 3.68 | 0.010 | 19.2 | 0.63 |
| D Vein | 3416 | 3.32 | 0.040 | 12.2 | 0.57 |
| F Vein | 1109 | 1.74 | 0.030 | 6.3 | 0.53 |
| G Vein | 7 | 2.24 | 0.100 | 9.8 | 1.53 |
| HFW Vein | 19 | 2.90 | 0.600 | 11.5 | 0.90 |
| H Vein | 2019 | 3.46 | 0.200 | 11.0 | 0.49 |
| KFW Vein | 159 | 1.54 | 0.010 | 4.5 | 0.64 |
| K Vein | 1519 | 1.67 | 0.010 | 7.3 | 0.60 |

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| 11-10 | ![](ny20061035x1ex96-1_image04.jpg) |

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<u> Silver Opportunity Partners LLC \| Sunshine Mine S-K 1300 Technical Report Summary on the Initial Assessment </u> <u> December 12, 2025 SLR Project No.: 123.020552.00001 </u>

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Vein Name** | **Number of <br> Samples** | **Composite Length (ft)** | **Composite Length (ft)** | **Composite Length (ft)** | **Coefficient of <br> Variation (CV)** |
| **Vein Name** | **Number of <br> Samples** | **Mean** | **Minimum** | **Maximum** | **Coefficient of <br> Variation (CV)** |
| NY Boy | 8944 | 3.70 | 0.009 | 13.0 | 0.57 |
| S78 | 2429 | 2.19 | 0.050 | 8.2 | 0.56 |
| Silver Summit No4 | 771 | 4.36 | 0.010 | 19.0 | 0.63 |
| Silverline | 370 | 1.53 | 0.050 | 9.0 | 0.70 |
| SilverSummitNo3 | 319 | 2.91 | 0.100 | 10.6 | 0.74 |
| Silver Syndicate Link | 649 | 3.86 | 0.100 | 10.0 | 0.72 |
| Sunshine2 | 2072 | 1.92 | 0.100 | 5.4 | 0.44 |
| Sunshine FW | 1246 | 1.62 | 0.050 | 7.5 | 1.14 |
| SY Boy | 2414 | 2.85 | 0.080 | 8.5 | 0.72 |
| Syndicate Fault | 2821 | 2.32 | 0.050 | 16.4 | 0.86 |
| Vein06 | 671 | 1.28 | 0.050 | 9.3 | 1.21 |
| W16Vein | 209 | 0.81 | 0.010 | 7.5 | 0.92 |
| West Chance FW | 253 | 2.34 | 0.010 | 9.0 | 0.83 |
| West Chance FW West | 14 | 0.90 | 0.200 | 1.8 | 0.60 |
| Yankee Girl | 2467 | 1.31 | 0.001 | 10.0 | 0.98 |
| Yankee Girl 952 Split | 92 | 0.74 | 0.100 | 2.0 | 0.50 |
| Yankee Girl FW | 79 | 0.70 | 0.100 | 2.1 | 0.64 |

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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 | ![](ny20061035x1ex96-1_image04.jpg) |

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<u> Silver Opportunity Partners LLC \| Sunshine Mine S-K 1300 Technical Report Summary on the Initial Assessment </u> <u> December 12, 2025 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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| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Variable** | **Cap** | **Number of Capped Samples** | **Percentile<br> (%)** | **Percent of Capped <br> (%)** | **Contained Metal Reduction <br> (%)** | **Reduction <br> in CV <br> (%)** | **Count of <br> Samples** | **Minimum Ag Grade<br> (opt)** | **Maximum <br> Ag Grade<br> (opt)** | **Mean Ag <br> Grade <br> (opt)** | **CV after Capping** |
| Ag_OPT2 |  |  |  |  |  |  | 8967 | 0.025 | 1563.5 | 55.0 | 1.23 |
| Ag_OPT2 | 573.9 | 8 | 99.93 | 0.1 | 0.1 | 0.9 | 8967 | 0.025 | 573.9 | 55.0 | 1.22 |
| Ag_OPT2 | 455.1 | 26 | 99.77 | 0.3 | 0.4 | 2.1 | 8967 | 0.025 | 455.1 | 54.8 | 1.2 |
| Ag_OPT2 | 315.2 | 106 | 97 | 1.2 | 1.7 | 6.0 | 8967 | 0.025 | 315.2 | 54.1 | 1.16 |
| Ag_OPT2 > 455.1 | Ag_OPT2 > 455.1 | Ag_OPT2 > 455.1 |  |  |  |  | 26 | 456.6 | 1563.5 | 546.4 | 0.21 |
| Ag_OPT2 less than or equal to (≤) 455.1 | Ag_OPT2 less than or equal to (≤) 455.1 | Ag_OPT2 less than or equal to (≤) 455.1 |  |  |  |  | 8941 | 0.025 | 452.8 | 53.8 | 1.17 |

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Source: SRK 2025

Note: Capping level was selected at 455.1 opt Ag.

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| 11-12 | ![](ny20061035x1ex96-1_image04.jpg) |

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<u> Silver Opportunity Partners LLC \| Sunshine Mine S-K 1300 Technical Report Summary on the Initial Assessment </u> <u> December 12, 2025 SLR Project No.: 123.020552.00001 </u>

**Figure 11-6: &nbsp;&nbsp;&nbsp;&nbsp;Log Probability Plot Capping Analysis for North Yankee Boy Silver Grade**

Source: SRK 2025

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| 11-13 | ![](ny20061035x1ex96-1_image04.jpg) |

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<u> Silver Opportunity Partners LLC \| Sunshine Mine S-K 1300 Technical Report Summary on the Initial Assessment </u> <u> December 12, 2025 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: &nbsp;&nbsp;&nbsp;&nbsp;Applied Sample Capping Levels for Silver**

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| | |
|:---|:---|
| **Vein** | **Ag Cap <br> (opt)** |
| 08DHW | 510.3 |
| 08BVein | 414.4 |
| 09HW | 370.3 |
| 09Vein | 490.9 |
| 10Vein | 74.6 |
| 101Vein | 147.9 |
| 625M | 1239.9 |
| BVein | 176.0 |
| CFault Vein | 857.3 |
| Chester | 780.8 |
| ChesterHang | 518.0 |
| CopperVein | 387.5 |
| DVein | 409.0 |
| FVein | 341.9 |
| GVein | 47.9 |
| HFWVein | 60.9 |
| HVein | 374.9 |
| KFWVein | 249.3 |
| KVein | 438.8 |
| NYBoy | 455.1 |
| S78 | 282.1 |
| Silver Summit No4 | 193.7 |
| Silverline | 153.3 |
| SilverSummitNo3 | 128.8 |
| SilverSyndicateLink | 312.6 |
| Sunshine2 | 216.1 |
| SunshineFW | 677.3 |
| SYBoy | 364.9 |
| Syndicate Fault | 618.1 |
| Vein06 | 639.9 |

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| 11-14 | ![](ny20061035x1ex96-1_image04.jpg) |

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<u> Silver Opportunity Partners LLC \| Sunshine Mine S-K 1300 Technical Report Summary on the Initial Assessment </u> <u> December 12, 2025 SLR Project No.: 123.020552.00001 </u>

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| | |
|:---|:---|
| **Vein** | **Ag Cap <br> (opt)** |
| W16Vein | 1,050.5 |
| WestChanceFW | 254.7 |
| WestChanceFWWest | 238.3 |
| YankeeGirl | 449.1 |
| YankeeGirl952Split | 156.8 |
| YankeeGirlFW | 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: &nbsp;&nbsp;&nbsp;&nbsp;Specific Graphic Statistics**

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| | | | | |
|:---|:---|:---|:---|:---|
| **Domain** | **Count** | **Minimum SG** | **Maximum SG** | **Mean SG** |
| All | 309 | 2.53 | 3.98 | 2.82 |
| Waste | 248 | 2.53 | 3.71 | 2.82 |
| Vein | 56 | 2.61 | 3.98 | 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 | ![](ny20061035x1ex96-1_image04.jpg) |

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<u> Silver Opportunity Partners LLC \| Sunshine Mine S-K 1300 Technical Report Summary on the Initial Assessment </u> <u> December 12, 2025 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: &nbsp;&nbsp;&nbsp;&nbsp;Block Model Extents Summary**

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| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Domain** | **Origin (ft)** | **Origin (ft)** | **Origin (ft)** | **Offset (ft)** | **Offset (ft)** | **Offset (ft)** | **Number of Blocks** | **Number of Blocks** | **Number of Blocks** | **Rotation (°)** | **Rotation (°)** |
| **Domain** | **X** | **Y** | **Z** | **X** | **Y** | **Z** | **X** | **Y** | **Z** | **Dip** | **Azimuth** |
| 08DHW | 76686.653 | -79177.874 | 4178.880 | 3300 | 5840 | 1400 | 165 | 292 | 7 | 90 | 352.50 |
| 08BVein | 76104.719 | -78859.605 | 4125.239 | 2560 | 7640 | 2400 | 128 | 382 | 12 | 90 | 336.00 |
| 09HW | 75916.624 | -79452.519 | 781.887 | 3000 | 4300 | 2000 | 150 | 215 | 10 | 90 | 2.50 |
| 09Vein | 76357.252 | -79675.975 | 445.035 | 2280 | 2880 | 1200 | 114 | 144 | 6 | 90 | 357.50 |
| 10Vein | 68788.230 | -79623.940 | 5000.000 | 10580 | 6740 | 1600 | 529 | 337 | 8 | 90 | 352.00 |
| 101Vein | 76614.520 | -77226.530 | 3885.780 | 5400 | 7440 | 5000 | 270 | 372 | 25 | 90 | 346.50 |
| 625M | 74170.030 | -76196.410 | 3305.490 | 8920 | 6820 | 5000 | 446 | 341 | 25 | 90 | 3.00 |
| BVein | 76548.790 | -78726.236 | 4154.300 | 1520 | 4840 | 1600 | 76 | 242 | 8 | 90 | 348.00 |
| CFault Vein | 69072.220 | -77088.160 | 4517.030 | 14700 | 8060 | 4200 | 735 | 403 | 21 | 90 | 12.00 |
| Chester | 77753.500 | -77918.100 | 3850.570 | 5100 | 7380 | 3600 | 255 | 369 | 18 | 90 | 0.00 |

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| 11-16 | ![](ny20061035x1ex96-1_image04.jpg) |

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<u> Silver Opportunity Partners LLC \| Sunshine Mine S-K 1300 Technical Report Summary on the Initial Assessment </u> <u> December 12, 2025 SLR Project No.: 123.020552.00001 </u>

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| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Domain** | **Origin (ft)** | **Origin (ft)** | **Origin (ft)** | **Offset (ft)** | **Offset (ft)** | **Offset (ft)** | **Number of Blocks** | **Number of Blocks** | **Number of Blocks** | **Rotation (°)** | **Rotation (°)** |
| **Domain** | **X** | **Y** | **Z** | **X** | **Y** | **Z** | **X** | **Y** | **Z** | **Dip** | **Azimuth** |
| ChesterHang | 78322.796 | -79311.256 | -238.620 | 2260 | 2820 | 1800 | 113 | 141 | 9 | 90 | 4.00 |
| CopperVein | 69001.920 | -76550.170 | 4160.890 | 8840 | 7700 | 5000 | 442 | 385 | 25 | 90 | 3.00 |
| DVein | 70878.950 | -78431.920 | 4135.950 | 8220 | 7640 | 3000 | 411 | 382 | 15 | 90 | 358.00 |
| FVein | 77255.740 | -79400.220 | 538.845 | 5580 | 4060 | 2200 | 279 | 203 | 11 | 90 | 357.75 |
| GVein | 77486.350 | -79088.860 | 3837.680 | 4520 | 6480 | 2000 | 226 | 324 | 10 | 90 | 345.00 |
| HFWVein | 76783.330 | -78374.490 | 3904.790 | 3940 | 7420 | 3000 | 197 | 371 | 15 | 90 | 341.08 |
| HVein | 77495.490 | -79988.150 | -869.241 | 2280 | 2000 | 1000 | 114 | 100 | 5 | 90 | 0.00 |
| KFWVein | 78283.010 | -79967.715 | -1105.580 | 2020 | 1300 | 600 | 101 | 65 | 3 | 90 | 356.00 |
| KVein | 78161.477 | -79371.141 | -154.161 | 1920 | 2840 | 1600 | 96 | 142 | 8 | 90 | 359.00 |
| NYBoy | 71899.380 | -78714.410 | 4165.050 | 6620 | 7680 | 2800 | 331 | 384 | 14 | 90 | 357.50 |
| S78 | 74589.990 | -81749.510 | 4171.180 | 5560 | 7680 | 800 | 278 | 384 | 4 | 90 | 320.00 |
| SilverSummitNo4 | 69160.710 | -78826.890 | 2667.320 | 14180 | 6200 | 1800 | 709 | 310 | 9 | 90 | 10.00 |
| Silverline | 73705.230 | -75021.070 | 2549.900 | 9540 | 6060 | 3200 | 477 | 303 | 16 | 90 | 6.00 |
| SilverSummitNo3 | 77954.252 | -79568.059 | 3954.480 | 5320 | 6240 | 2400 | 266 | 312 | 12 | 90 | 9.00 |
| SilverSyndicate Link | 76861.400 | -78091.200 | 3832.350 | 5980 | 7340 | 3000 | 299 | 367 | 15 | 90 | 357.00 |
| Sunshine2 | 75595.171 | -80257.479 | 4089.466 | 3400 | 6820 | 1000 | 170 | 341 | 5 | 90 | 324.00 |
| SunshineFW | 74616.205 | -78281.658 | 4129.745 | 3760 | 5980 | 2600 | 188 | 299 | 13 | 90 | 358.50 |
| SYBoy | 74637.401 | -78569.202 | 4165.400 | 5080 | 5160 | 1800 | 254 | 258 | 9 | 90 | 0.00 |
| Syndicate Fault | 69421.300 | -74620.760 | 4084.120 | 15400 | 7580 | 4200 | 770 | 379 | 21 | 90 | 18.50 |
| Vein06 | 73686.118 | -80026.884 | 730.871 | 2480 | 4240 | 2000 | 124 | 212 | 10 | 90 | 346.00 |
| W16Vein | 76880.210 | -77737.520 | 3912.300 | 6000 | 5640 | 2400 | 300 | 282 | 12 | 90 | 0.50 |
| West ChanceFW | 69545.470 | -74052.250 | 3813.540 | 11000 | 7320 | 6000 | 550 | 366 | 30 | 90 | 16.50 |
| WestChanceFW West | 69103.360 | -75116.770 | 3378.190 | 8400 | 6900 | 6000 | 420 | 345 | 30 | 90 | 8.25 |
| YankeeGirl | 68932.650 | -78288.650 | 4942.490 | 13580 | 8440 | 4000 | 679 | 422 | 20 | 90 | 6.50 |
| YankeeGirl952Split | 68288.920 | -78817.490 | 4998.330 | 4840 | 8500 | 5000 | 242 | 425 | 25 | 90 | 350.50 |
| YankeeGirlFW | 71789.700 | -79192.400 | 4226.780 | 7240 | 7740 | 4000 | 362 | 387 | 20 | 90 | 0.00 |

---

Source: SRK 2025

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| 11-17 | ![](ny20061035x1ex96-1_image04.jpg) |

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<u> Silver Opportunity Partners LLC \| Sunshine Mine S-K 1300 Technical Report Summary on the Initial Assessment </u> <u> December 12, 2025 SLR Project No.: 123.020552.00001 </u>

**Figure 11-7: &nbsp;&nbsp;&nbsp;&nbsp;Plan Showing Block Model Extents Example, North Yankee Boy Vein**

Source: SRK 2025

Table 11-8 shows the volumetric comparison between the wireframes and blocks with the Project.

**Table 11-8: &nbsp;&nbsp;&nbsp;&nbsp; Volume Comparison Between Wireframes and Block Models**

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| | | | |
|:---|:---|:---|:---|
| **Domain** | **Wireframe Volume <br> (cubic feet (ft<sup>3</sup>))** | **Block <br> Volume (ft<sup>3</sup>)** | **Difference <br> (%)** |
| 08DHW | 18515000 | 18544513 | 0.16 |
| 08BVein | 3430600 | 3431198 | 0.02 |
| 09HW | 20934000 | 20972629 | 0.18 |
| 09Vein | 6746700 | 6752672 | 0.09 |
| 10Vein | 46431000 | 46518147 | 0.19 |
| 101Vein | 83760000 | 83899443 | 0.17 |
| 625M | 56498000 | 56497004 | 0.00 |
| BVein | 9202400 | 9214571 | 0.13 |
| CFault Vein | 123420000 | 123428062 | 0.01 |
| Chester | 77063000 | 77055431 | -0.01 |
| ChesterHang | 10476000 | 10475661 | 0.00 |
| CopperVein | 91515000 | 91502865 | -0.01 |
| DVein | 75712000 | 75722593 | 0.01 |
| FVein | 27847000 | 27887845 | 0.15 |
| GVein | 3686500 | 3703825 | 0.47 |
| HFWVein | 31262000 | 31342056 | 0.26 |

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| 11-18 | ![](ny20061035x1ex96-1_image04.jpg) |

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<u> Silver Opportunity Partners LLC \| Sunshine Mine S-K 1300 Technical Report Summary on the Initial Assessment </u> <u> December 12, 2025 SLR Project No.: 123.020552.00001 </u>

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| | | | |
|:---|:---|:---|:---|
| **Domain** | **Wireframe Volume <br> (cubic feet (ft<sup>3</sup>))** | **Block <br> Volume (ft<sup>3</sup>)** | **Difference <br> (%)** |
| HVein | 7127400 | 7133388 | 0.08 |
| KFWVein | 980920 | 981319 | 0.04 |
| KVein | 3828200 | 3829636 | 0.04 |
| NYBoy | 54022000 | 54022928 | 0.00 |
| S78 | 19393000 | 19395653 | 0.01 |
| Silver Summit No4 | 197900000 | 198471847 | 0.29 |
| Silverline | 117150000 | 117148501 | 0.00 |
| SilverSummitNo3 | 28300000 | 28560725 | 0.91 |
| SilverSyndicateLink | 64143000 | 64258173 | 0.18 |
| Sunshine2 | 3831500 | 3831378 | 0.00 |
| SunshineFW | 22260000 | 22309875 | 0.22 |
| SYBoy | 28858000 | 28862135 | 0.01 |
| Syndicate Fault | 509760000 | 509457847 | -0.06 |
| Vein06 | 2449000 | 2455393 | 0.26 |
| W16Vein | 26342000 | 26396710 | 0.21 |
| WestChanceFW | 55141000 | 55173974 | 0.06 |
| WestChanceFWWest | 24930000 | 24933725 | 0.01 |
| YankeeGirl | 128340000 | 128278758 | -0.05 |
| YankeeGirl952Split | 17039000 | 17037972 | -0.01 |
| YankeeGirlFW | 21079000 | 21075573 | -0.02 |
| All Veins | 2019373220 | 2020564023 | 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 | ![](ny20061035x1ex96-1_image04.jpg) |

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<u> Silver Opportunity Partners LLC \| Sunshine Mine S-K 1300 Technical Report Summary on the Initial Assessment </u> <u> December 12, 2025 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: &nbsp;&nbsp;&nbsp;&nbsp;Example of Estimation Search Orientation for 08B Vein**

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|:---|:---|
| ![](ny20061035x1ex96-1_image44.jpg) | &nbsp;&nbsp;![](ny20061035x1ex96-1_image45.jpg) |

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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 | ![](ny20061035x1ex96-1_image04.jpg) |

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<u> Silver Opportunity Partners LLC \| Sunshine Mine S-K 1300 Technical Report Summary on the Initial Assessment </u> <u> December 12, 2025 SLR Project No.: 123.020552.00001 </u>

**Table 11-9:&nbsp;&nbsp;&nbsp;&nbsp; Search Pass Parameters for Sunshine Mineral Resources**

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Pass** | **X (ft)** | **Y (ft)** | **Z (ft)** | **Minimum Composites** | **Maximum Composites** |
| 1 | 100 | 100 | 50 | 3 | 8 |
| 2 | 300 | 300 | 150 | 2 | 20 |

---

Source: SRK 2025

**Table 11-10: Unique Estimation Parameters for Sunshine Mineral Resources**

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| | | | | |
|:---|:---|:---|:---|:---|
| **Domain** | **Dip (°)** | **Dip Azimuth (°)** | **Pitch (°)** | **Declustering Ellipse (ft)** |
| 08DHW | 90 | 90 | 110 | 200 x 200 x 100 |
| 08BVein | 90 | 65 | 110 | 50 x 50 x 25 |
| 09HW | 90 | 96 | 114 | 80 x 80 x 40 |
| 09Vein | 90 | 94 | 114 | 100 x 100 x 50 |
| 10Vein | 90 | 85 | 110 | 80 × 80 × 40 |
| 101Vein | 90 | 75 | 120 | 200 × 200 × 100 |
| 625M | 90 | 90 | 124 | 80 × 80 × 40 |
| BVein | 90 | 80 | 105 | 100 × 100 × 50 |
| CFault Vein | 90 | 90 | 114 | 200 × 200 × 100 |
| Chester | 90 | 90 | 116 | 120 × 120 × 60 |
| ChesterHang | 90 | 90 | 118 | 120 × 120 × 60 |
| CopperVein | 90 | 95 | 124 | 80 × 80 × 40 |
| DVein | 90 | 90 | 110 | 200 × 200 × 100 |
| FVein | 90 | 80 | 120 | 100 × 100 × 50 |
| GVein | 90 | 75 | 108 | 150 × 150 × 75 |
| HFWVein | 90 | 75 | 110 | 20 × 20 × 10 |
| HVein | 90 | 85 | 114 | 120 × 120 × 60 |
| KFWVein | 90 | 95 | 118 | 30 × 30 × 15 |
| KVein | 90 | 85 | 118 | 120 × 120 × 60 |
| NYBoy | 90 | 85 | 110 | 180 × 180 × 90 |
| S78 | 90 | 50 | 95 | 50 × 50 × 25 |
| Silver Summit No4 | 90 | 100 | 105 | 40 × 40 × 20 |
| Silverline | 90 | 95 | 120 | 180 × 180 × 90 |
| SilverSummitNo3 | 90 | 100 | 110 | 40 × 40 × 20 |
| SilverSyndicateLink | 90 | 85 | 112 | 110 × 110 × 55 |
| Sunshine2 | 90 | 50 | 100 | 60 × 60 × 30 |
| SunshineFW | 90 | 85 | 115 | 130 × 130 × 65 |

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| 11-21 | ![](ny20061035x1ex96-1_image04.jpg) |

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<u> Silver Opportunity Partners LLC \| Sunshine Mine S-K 1300 Technical Report Summary on the Initial Assessment </u> <u> December 12, 2025 SLR Project No.: 123.020552.00001 </u>

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| | | | | |
|:---|:---|:---|:---|:---|
| **Domain** | **Dip (°)** | **Dip Azimuth (°)** | **Pitch (°)** | **Declustering Ellipse (ft)** |
| SYBoy | 90 | 85 | 107 | 300 × 300 × 150 |
| Syndicate Fault | 90 | 105 | 110 | 150 × 150 × 75 |
| Vein06 | 90 | 80 | 115 | 80 × 80 × 40 |
| W16Vein | 90 | 90 | 112 | 60 × 60 × 30 |
| WestChanceFW | 90 | 105 | 130 | 50 × 50 × 25 |
| WestChanceFWWest | 90 | 95 | 125 | 70 × 70 × 35 |
| YankeeGirl | 90 | 90 | 115 | 180 × 180 × 90 |
| YankeeGirl952Split | 90 | 80 | 112 | 30 × 30 × 15 |
| YankeeGirlFW | 90 | 90 | 114 | 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 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 | ![](ny20061035x1ex96-1_image04.jpg) |

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<u> Silver Opportunity Partners LLC \| Sunshine Mine S-K 1300 Technical Report Summary on the Initial Assessment </u> <u> December 12, 2025 SLR Project No.: 123.020552.00001 </u>

**Figure 11-9: Longitudinal Section of Mined-Out Areas at North Yankee Boy Vein**![](ny20061035x1ex96-1_image46.jpg)

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| 11-23 | ![](ny20061035x1ex96-1_image04.jpg) |

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<u> Silver Opportunity Partners LLC \| Sunshine Mine S-K 1300 Technical Report Summary on the Initial Assessment </u> <u> December 12, 2025 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 | ![](ny20061035x1ex96-1_image04.jpg) |

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<u> Silver Opportunity Partners LLC \| Sunshine Mine S-K 1300 Technical Report Summary on the Initial Assessment </u> <u> December 12, 2025 SLR Project No.: 123.020552.00001 </u>

**Figure 11-10: Longitudinal Section of Estimated Block Grades of Ag at North Yankee Boy Vein**

![](ny20061035x1ex96-1_image47.jpg)

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| 11-25 | ![](ny20061035x1ex96-1_image04.jpg) |

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<u> Silver Opportunity Partners LLC \| Sunshine Mine S-K 1300 Technical Report Summary on the Initial Assessment </u> <u> December 12, 2025 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 | ![](ny20061035x1ex96-1_image04.jpg) |

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<u> Silver Opportunity Partners LLC \| Sunshine Mine S-K 1300 Technical Report Summary on the Initial Assessment </u> <u> December 12, 2025 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 | ![](ny20061035x1ex96-1_image04.jpg) |

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<u> Silver Opportunity Partners LLC \| Sunshine Mine S-K 1300 Technical Report Summary on the Initial Assessment </u> <u> December 12, 2025 SLR Project No.: 123.020552.00001 </u>

**Figure 11-11: Swath Plot in X (Strike) Direction for North Yankee Boy Vein**

![](ny20061035x1ex96-1_image48.jpg)

Source: SRK 2025

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| 11-28 | ![](ny20061035x1ex96-1_image04.jpg) |

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<u> Silver Opportunity Partners LLC \| Sunshine Mine S-K 1300 Technical Report Summary on the Initial Assessment </u> <u> December 12, 2025 SLR Project No.: 123.020552.00001 </u>

**Figure 11-12: Swath Plot in Y (Dip) Direction for North Yankee Boy Vein**

![](ny20061035x1ex96-1_image49.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 | ![](ny20061035x1ex96-1_image04.jpg) |

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<u> Silver Opportunity Partners LLC \| Sunshine Mine S-K 1300 Technical Report Summary on the Initial Assessment </u> <u> December 12, 2025 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 | ![](ny20061035x1ex96-1_image04.jpg) |

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<u> Silver Opportunity Partners LLC \| Sunshine Mine S-K 1300 Technical Report Summary on the Initial Assessment </u> <u> December 12, 2025 SLR Project No.: 123.020552.00001 </u>

**Figure 11-13: Longitudinal Section of Classification at North Yankee Boy Vein**

![](ny20061035x1ex96-1_image50.jpg)

Note: The white areas surrounding stope samples are mined out and are depleted from the stated resource.

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| 11-31 | ![](ny20061035x1ex96-1_image04.jpg) |

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<u> Silver Opportunity Partners LLC \| Sunshine Mine S-K 1300 Technical Report Summary on the Initial Assessment </u> <u> December 12, 2025 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 utilized silver price is below the current spot price and is relatively conservative as the Mineral Resource estimate was 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 twenty-five year period, which exceeds the currently envisioned life of mine upside case.

Using these metrics, 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 economic 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 | ![](ny20061035x1ex96-1_image04.jpg) |

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<u> Silver Opportunity Partners LLC \| Sunshine Mine S-K 1300 Technical Report Summary on the Initial Assessment </u> <u> December 12, 2025 SLR Project No.: 123.020552.00001 </u>

**Figure 11-14: Longitudinal Section of North Yankee Boy Vein showing MSO Volumes**

![](ny20061035x1ex96-1_image51.jpg)

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| 11-33 | ![](ny20061035x1ex96-1_image04.jpg) |

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<u> Silver Opportunity Partners LLC \| Sunshine Mine S-K 1300 Technical Report Summary on the Initial Assessment </u> <u> December 12, 2025 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 0.

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 | ![](ny20061035x1ex96-1_image04.jpg) |

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<u> Silver Opportunity Partners LLC \| Sunshine Mine S-K 1300 Technical Report Summary on the Initial Assessment </u> <u> December 12, 2025 SLR Project No.: 123.020552.00001 </u>

**Table 11-12: Sunshine Mine Underground Mineral Resources as of December 21, 2023, SRK Consulting (U.S.), Inc.**

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| | | | |
|:---|:---|:---|:---|
| **Classification** | **Tonnage <br> (000 st)** | **Ag Grade<br> (opt)** | **Contained Ag Metal<br> (koz)** |
| Measured | -- | -- | -- |
| Indicated | 3613 | 31.1 | 112427 |
| **Measured and Indicated (M+I)** | **3613** | **31.1** | **112427** |
| Inferred | 7079 | 23.2 | 164570 |

---

Source: SRK 2025

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 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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| | | | |
|:---|:---|:---|:---|
| **Vein** | **Tonnage <br> (000 st)** | **Ag Grade (opt)** | **Contained Metal Ag (koz)** |
| 08BVein | 19.4 | 34.0 | 659 |
| 08DHW | 122.8 | 24.8 | 3043 |
| 09HW | 70.0 | 22.8 | 1596 |
| 09Vein | 241.3 | 36.0 | 8694 |
| 101Vein | 23.0 | 33.1 | 761 |
| 10Vein | 24.4 | 16.2 | 395 |
| 625M | 84.8 | 32.4 | 2748 |
| BVein | 55.8 | 34.0 | 1895 |
| CFault Vein | 310.2 | 29.8 | 9232 |
| Chester | 436.4 | 31.4 | 13705 |

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| 11-35 | ![](ny20061035x1ex96-1_image04.jpg) |

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<u> Silver Opportunity Partners LLC \| Sunshine Mine S-K 1300 Technical Report Summary on the Initial Assessment </u> <u> December 12, 2025 SLR Project No.: 123.020552.00001 </u>

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| | | | |
|:---|:---|:---|:---|
| **Vein** | **Tonnage <br> (000 st)** | **Ag Grade (opt)** | **Contained Metal Ag (koz)** |
| ChesterHang | 213.8 | 32.9 | 7044 |
| CopperVein | 137.0 | 24.2 | 3313 |
| DVein | 98.7 | 28.3 | 2794 |
| FVein | 34.3 | 24.6 | 844 |
| GVein | -- | -- | -- |
| HFWVein | 21.0 | 16.2 | 340 |
| HVein | 27.7 | 27.8 | 771 |
| KFWVein | 8.3 | 47.4 | 391 |
| KVein | 32.6 | 29.0 | 945 |
| NYBoy | 387.6 | 33.9 | 13124 |
| S78 | 55.4 | 24.1 | 1338 |
| Silver Summit No4 | 157.7 | 32.5 | 5128 |
| Silverline | 15.4 | 24.4 | 375 |
| SilverSummitNo3 | 95.4 | 24.3 | 2317 |
| SilverSyndicateLink | 210.2 | 50.8 | 10686 |
| Sunshine2 | 21.2 | 22.6 | 480 |
| SunshineFW | 39.9 | 25.2 | 1006 |
| SYBoy | 209.1 | 27.0 | 5637 |
| Syndicate Fault | 182.0 | 30.9 | 5618 |
| Vein06 | 36.8 | 39.3 | 1448 |
| W16Vein | 14.0 | 68.9 | 963 |
| WestChanceFW | 18.5 | 30.1 | 556 |
| WestChanceFWWest | 4.9 | 18.1 | 89 |
| YankeeGirl | 186.1 | 22.6 | 4213 |
| YankeeGirl952Split | 14.7 | 16.5 | 242 |
| YankeeGirlFW | 3.1 | 11.6 | 36 |
| **Indicated Totals** | **3613.5** | **31.1** | **112426** |

---

Source: SRK 2025

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 | ![](ny20061035x1ex96-1_image04.jpg) |

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<u> Silver Opportunity Partners LLC \| Sunshine Mine S-K 1300 Technical Report Summary on the Initial Assessment </u> <u> December 12, 2025 SLR Project No.: 123.020552.00001 </u>

**Table 11-14: Estimated Inferred Resources by Vein**

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| | | | |
|:---|:---|:---|:---|
| **Vein** | **Tonnage <br> (000 st)** | **Ag Grade <br> (opt)** | **Contained Metal <br> (koz Ag)** |
| 08BVein | 42.1 | 24.4 | 1025 |
| 08DHW | 146.8 | 19.3 | 2826 |
| 09HW | 84.5 | 15.0 | 1266 |
| 09Vein | 152.0 | 23.0 | 3501 |
| 101Vein | 85.3 | 27.0 | 2300 |
| 10Vein | 25.0 | 15.2 | 379 |
| 625M | 183.1 | 28.9 | 5297 |
| BVein | 181.2 | 23.9 | 4335 |
| CFault Vein | 518.3 | 24.2 | 12519 |
| Chester | 561.7 | 26.7 | 14982 |
| ChesterHang | 344.0 | 25.1 | 8641 |
| CopperVein | 259.2 | 17.7 | 4585 |
| DVein | 396.8 | 20.9 | 8293 |
| FVein | 68.7 | 18.9 | 1300 |
| GVein | 5.9 | 12.8 | 76 |
| HFWVein | 43.6 | 13.2 | 574 |
| HVein | 33.4 | 18.4 | 614 |
| KFWVein | 43.3 | 36.8 | 1595 |
| KVein | 78.5 | 22.3 | 1748 |
| NYBoy | 514.1 | 26.2 | 13475 |
| S78 | 129.6 | 17.7 | 2296 |
| Silver Summit No4 | 680.3 | 20.4 | 13883 |
| Silverline | 48.8 | 16.8 | 820 |
| SilverSummitNo3 | 321.9 | 16.4 | 5268 |
| SilverSyndicateLink | 265.6 | 34.3 | 9103 |
| Sunshine2 | 36.4 | 17.5 | 637 |
| SunshineFW | 75.2 | 27.0 | 2027 |
| SYBoy | 428.6 | 21.4 | 9166 |
| Syndicate Fault | 553.1 | 25.4 | 14064 |
| Vein06 | 41.8 | 25.6 | 1072 |
| W16Vein | 56.0 | 91.3 | 5119 |
| WestChanceFW | 48.0 | 20.3 | 972 |

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| 11-37 | ![](ny20061035x1ex96-1_image04.jpg) |

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<u> Silver Opportunity Partners LLC \| Sunshine Mine S-K 1300 Technical Report Summary on the Initial Assessment </u> <u> December 12, 2025 SLR Project No.: 123.020552.00001 </u>

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| | | | |
|:---|:---|:---|:---|
| **Vein** | **Tonnage <br> (000 st)** | **Ag Grade <br> (opt)** | **Contained Metal <br> (koz Ag)** |
| WestChanceFWWest | 4.6 | 20.9 | 95 |
| YankeeGirl | 580.0 | 17.6 | 10196 |
| YankeeGirl952Split | 35.9 | 12.7 | 457 |
| YankeeGirlFW | 6.3 | 10.4 | 65 |
| Inferred Totals | 7079.6 | 23.2 | 164571 |

---

Source: SRK 2025

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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| | | | |
|:---|:---|:---|:---|
| **Ag Cut-Off <br> (opt)** | **Tonnage <br> (000 st)** | **Ag Grade<br> (opt)** | **Contained Metal <br> (koz Ag)** |
| 8.8 | 3613 | 31.1 | 112427 |
| 9.5 | 3517 | 31.7 | 111569 |
| 10.0 | 3465 | 32.1 | 111066 |
| 10.5 | 3404 | 32.4 | 110434 |
| 11.0 | 3345 | 32.8 | 109803 |
| 11.5 | 3277 | 33.3 | 109039 |

---

Source: SRK 2025

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| 11-38 | ![](ny20061035x1ex96-1_image04.jpg) |

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<u> Silver Opportunity Partners LLC \| Sunshine Mine S-K 1300 Technical Report Summary on the Initial Assessment </u> <u> December 12, 2025 SLR Project No.: 123.020552.00001 </u>

**Table 11-16: Grade Tonnage Table of Sunshine Inferred Resources**

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| | | | |
|:---|:---|:---|:---|
| **Ag Cut-Off <br> (opt)** | **Tonnage <br> (000 st)** | **Ag Grade<br> (opt)** | **Contained Metal <br> (koz Ag)** |
| 8.8 | 7079 | 23.2 | 164570 |
| 9.5 | 6721 | 24.0 | 161405 |
| 10.0 | 6529 | 24.4 | 159548 |
| 10.5 | 6317 | 24.9 | 157394 |
| 11.0 | 6091 | 25.4 | 154984 |
| 11.5 | 5869 | 26.0 | 152497 |

---

Source: SRK 2025

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. 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 | ![](ny20061035x1ex96-1_image04.jpg) |

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<u> Silver Opportunity Partners LLC \| Sunshine Mine S-K 1300 Technical Report Summary on the Initial Assessment </u> <u> December 12, 2025 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 and an updated Mineral Resource estimate in January 2024 with an effective date of December 21, 2023 (SRK 2024). SLR audited and accepted the SRK Mineral Resource estimate. The same Mineral Resource is included in this TRS and remains current.

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| 11-40 | ![](ny20061035x1ex96-1_image04.jpg) |

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<u> Silver Opportunity Partners LLC \| Sunshine Mine S-K 1300 Technical Report Summary on the Initial Assessment </u> <u> December 12, 2025 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 | ![](ny20061035x1ex96-1_image04.jpg) |

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<u> Silver Opportunity Partners LLC \| Sunshine Mine S-K 1300 Technical Report Summary on the Initial Assessment </u> <u> December 12, 2025 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 80% of the tonnage in the Base Case LOM plan are Inferred Mineral Resource tons, and approximately 76% of the contained silver ounces are within Inferred Mineral Resource.

The planned mineable material totals 8.18 Mst grading 19.9 opt Ag, which is planned to be mined over a 25 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 | ![](ny20061035x1ex96-1_image04.jpg) |

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<u> Silver Opportunity Partners LLC \| Sunshine Mine S-K 1300 Technical Report Summary on the Initial Assessment </u> <u> December 12, 2025 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 not been inspected. 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 -2.

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 1.22 Mst grading 26.5 opt Ag, which is planned to be mined over a nine-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 2500 Level and 4500 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 | ![](ny20061035x1ex96-1_image04.jpg) |

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<u> Silver Opportunity Partners LLC \| Sunshine Mine S-K 1300 Technical Report Summary on the Initial Assessment </u> <u> December 12, 2025 SLR Project No.: 123.020552.00001 </u>

**Figure 13-1: Mine As-Built in Plan View**

![](ny20061035x1ex96-1_image52.jpg)

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| 13-3 | ![](ny20061035x1ex96-1_image04.jpg) |

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<u> Silver Opportunity Partners LLC \| Sunshine Mine S-K 1300 Technical Report Summary on the Initial Assessment </u> <u> December 12, 2025 SLR Project No.: 123.020552.00001 </u>

**Figure 13-2: Mine As-Built in Longitudinal Section View**

![](ny20061035x1ex96-1_image53.jpg)

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| 13-4 | ![](ny20061035x1ex96-1_image04.jpg) |

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<u> Silver Opportunity Partners LLC \| Sunshine Mine S-K 1300 Technical Report Summary on the Initial Assessment </u> <u> December 12, 2025 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 production rate of up to 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 will ramp up to the planned rate of 1,000 stpd over the initial seven-year period.

The Indicated Only Case LOM plan production ramps up to 484 stpd by Year 3. The mine life of the Indicated Only Case is nine years with an average mine production rate of 388 stpd of ore.

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 orebody. 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 | ![](ny20061035x1ex96-1_image04.jpg) |

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<u> Silver Opportunity Partners LLC \| Sunshine Mine S-K 1300 Technical Report Summary on the Initial Assessment </u> <u> December 12, 2025 SLR Project No.: 123.020552.00001 </u>

**Table 13-1: Jewell Shaft Elevations**

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| **Level Name** | **Sill <br> Elevation<br> (fasl)** | **Distance <br> From <br> Collar<br> (ft)** | **Distance <br> from Top <br> Station<br> (ft)** | **Level <br> Elevation <br> Difference<br> (ft)** | **Comments** |
| Collar | 2703.97 | - | 100.35 |  |  |
| Top Station | 2603.62 | 100.35 | - | 100.35 |  |
| 500 Level | 2174.68 | 529.29 | 428.94 | 428.94 | No loading pocket |
| 1700 Level | 974.22 | 1729.75 | 1629.40 | 586.88 | No loading pocket |
| 1900 Level | 785.18 | 1918.79 | 1818.44 | 189.04 | Development pocket |
| 2300 Level | 375.68 | 2328.29 | 2227.94 | 409.50 | Loading pocket |
| 2500 Level | 172.87 | 2531.10 | 2430.75 | 202.81 | Development pocket |
| 2700 Level | (28.46) | 2732.43 | 2632.08 | 201.33 | Loading pocket |
| 3100 Level | (427.14) | 3131.11 | 3030.76 | 398.68 | Main Station, Two Loading Pockets |
| 3500 Level | (824.69) | 3528.66 | 3428.31 | 397.55 | Currently Flooded |
| 3700 Level | (1023.50) | 3727.47 | 3627.12 | 198.81 | Currently Flooded - Main Station, Two Loading Pockets |
| 3840 Level | (1162.42) | 3866.39 | 3766.04 | 138.92 | Currently Flooded |
| 4000 Level | (1312.93) | 4016.90 | 3916.55 | 150.51 | Currently Flooded |
| 4000 Sump | (1384.42) | 4088.39 | 3988.04 | 71.49 | 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 | ![](ny20061035x1ex96-1_image04.jpg) |

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<u> Silver Opportunity Partners LLC \| Sunshine Mine S-K 1300 Technical Report Summary on the Initial Assessment </u> <u> December 12, 2025 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 ore 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. Ore 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 ore 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 | ![](ny20061035x1ex96-1_image04.jpg) |

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<u> Silver Opportunity Partners LLC \| Sunshine Mine S-K 1300 Technical Report Summary on the Initial Assessment </u> <u> December 12, 2025 SLR Project No.: 123.020552.00001 </u>

**Figure 13-3: Longitudinal Section View showing Mining Blocks and LOM Production Designs (Base Case)**

![](ny20061035x1ex96-1_image54.jpg)

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| 13-8 | ![](ny20061035x1ex96-1_image04.jpg) |

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<u> Silver Opportunity Partners LLC \| Sunshine Mine S-K 1300 Technical Report Summary on the Initial Assessment </u> <u> December 12, 2025 SLR Project No.: 123.020552.00001 </u>

**Figure 13-4: LOM Production Designs Plan and Section Views (Base Case)**

![](ny20061035x1ex96-1_image55.jpg)

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| 13-9 | ![](ny20061035x1ex96-1_image04.jpg) |

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<u> Silver Opportunity Partners LLC \| Sunshine Mine S-K 1300 Technical Report Summary on the Initial Assessment </u> <u> December 12, 2025 SLR Project No.: 123.020552.00001 </u>

**Figure 13-5: Schematic Longitudinal Section View showing Mining Blocks and Indicated Only Plan LOM Production Designs**

![](ny20061035x1ex96-1_image56.jpg)

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| 13-10 | ![](ny20061035x1ex96-1_image04.jpg) |

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<u> Silver Opportunity Partners LLC \| Sunshine Mine S-K 1300 Technical Report Summary on the Initial Assessment </u> <u> December 12, 2025 SLR Project No.: 123.020552.00001 </u>

**Figure 13-6: Indicated Only Plan LOM Production Designs Schematic Plan and Section Views**

![](ny20061035x1ex96-1_image57.jpg)

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| 13-11 | ![](ny20061035x1ex96-1_image04.jpg) |

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<u> Silver Opportunity Partners LLC \| Sunshine Mine S-K 1300 Technical Report Summary on the Initial Assessment </u> <u> December 12, 2025 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 were:

● The narrow width of the veins.

● The vein boundary is not gradational; it is an abrupt change from ore to waste.

● The dip of the deposit, which impacts the opening size for mechanized equipment operation.

● The absence of multiple parallel veins that could be access and mined together.

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| 13-12 | ![](ny20061035x1ex96-1_image04.jpg) |

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<u> Silver Opportunity Partners LLC \| Sunshine Mine S-K 1300 Technical Report Summary on the Initial Assessment </u> <u> December 12, 2025 SLR Project No.: 123.020552.00001 </u>

**Figure 13-7: Mining Method Comparison**

![](ny20061035x1ex96-1_image58.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 ore 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.

**Table 13-2: Cut and Fill Stope Design Parameters**

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| Parameter | Unit | Value |
| Stope Height (typical) | feet | 200 |
| Cut Height | feet | 8 |
| Round Length | feet | 7.5 |
| Minimum Width (no dilution) | feet | 4 |
| Minimum Width (including hanging wall and footwall dilution) | feet | 6 |
| Raise spacing | feet | 150 |
| Overall Production Rate | stpd | 40 |

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| 13-13 | ![](ny20061035x1ex96-1_image04.jpg) |

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<u> Silver Opportunity Partners LLC \| Sunshine Mine S-K 1300 Technical Report Summary on the Initial Assessment </u> <u> December 12, 2025 SLR Project No.: 123.020552.00001 </u>

**Figure 13-8: Section Views of Schematic showing Cut and Fill Stope**

![](ny20061035x1ex96-1_image59.jpg)

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| 13-14 | ![](ny20061035x1ex96-1_image04.jpg) |

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<u> Silver Opportunity Partners LLC \| Sunshine Mine S-K 1300 Technical Report Summary on the Initial Assessment </u> <u> December 12, 2025 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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| 13-15 | ![](ny20061035x1ex96-1_image04.jpg) |

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<u> Silver Opportunity Partners LLC \| Sunshine Mine S-K 1300 Technical Report Summary on the Initial Assessment </u> <u> December 12, 2025 SLR Project No.: 123.020552.00001 </u>

**Table 13-3: Long Hole Stope Design Parameters**

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| **Parameter** | **Unit** | **Value** |
| Stope Height (typical) | feet | 200 |
| Sublevel Spacing | feet | 50 |
| Sublevel Height | feet | 8 |
| Sublevel Width | feet | 8 |
| Minimum Width (no dilution) | feet | 3 |
| Minimum Width (including hanging wall and footwall dilution) | feet | 5 |
| Average Production Rate | stpd | 108 |

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| 13-16 | ![](ny20061035x1ex96-1_image04.jpg) |

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<u> Silver Opportunity Partners LLC \| Sunshine Mine S-K 1300 Technical Report Summary on the Initial Assessment </u> <u> December 12, 2025 SLR Project No.: 123.020552.00001 </u>

**Figure 13-9: Section Views of Schematic showing Long Hole Stope**

![](ny20061035x1ex96-1_image60.jpg)

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<u> Silver Opportunity Partners LLC \| Sunshine Mine S-K 1300 Technical Report Summary on the Initial Assessment </u> <u> December 12, 2025 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**

![](ny20061035x1ex96-1_image61.jpg)

A longitudinal section showing the application of the two mining methods is presented in Figure 13-11.

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| 13-18 | ![](ny20061035x1ex96-1_image04.jpg) |

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<u> Silver Opportunity Partners LLC \| Sunshine Mine S-K 1300 Technical Report Summary on the Initial Assessment </u> <u> December 12, 2025 SLR Project No.: 123.020552.00001 </u>

**Figure 13-11: Base Case Mining Method Longitudinal Section**

![](ny20061035x1ex96-1_image62.jpg)

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| 13-19 | ![](ny20061035x1ex96-1_image04.jpg) |

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<u> Silver Opportunity Partners LLC \| Sunshine Mine S-K 1300 Technical Report Summary on the Initial Assessment </u> <u> December 12, 2025 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**

![](ny20061035x1ex96-1_image63.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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| 13-20 | ![](ny20061035x1ex96-1_image04.jpg) |

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<u> Silver Opportunity Partners LLC \| Sunshine Mine S-K 1300 Technical Report Summary on the Initial Assessment </u> <u> December 12, 2025 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 ore/waste contacts and are not multi-vein packages, the maximum mining width parameter is immaterial as each DSO shape should fully encapsulate all ore across the vein width.

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| 13-21 | ![](ny20061035x1ex96-1_image04.jpg) |

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<u> Silver Opportunity Partners LLC \| Sunshine Mine S-K 1300 Technical Report Summary on the Initial Assessment </u> <u> December 12, 2025 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.

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| 13-22 | ![](ny20061035x1ex96-1_image04.jpg) |

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<u> Silver Opportunity Partners LLC \| Sunshine Mine S-K 1300 Technical Report Summary on the Initial Assessment </u> <u> December 12, 2025 SLR Project No.: 123.020552.00001 </u>

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.

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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| 13-23 | ![](ny20061035x1ex96-1_image04.jpg) |

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<u> Silver Opportunity Partners LLC \| Sunshine Mine S-K 1300 Technical Report Summary on the Initial Assessment </u> <u> December 12, 2025 SLR Project No.: 123.020552.00001 </u>

**Figure 13-13: Mineable Material by Distance to Depleted Region**

![](ny20061035x1ex96-1_image64.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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| 13-24 | ![](ny20061035x1ex96-1_image04.jpg) |

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<u> Silver Opportunity Partners LLC \| Sunshine Mine S-K 1300 Technical Report Summary on the Initial Assessment </u> <u> December 12, 2025 SLR Project No.: 123.020552.00001 </u>

**Figure 13-14: Waterfall Chart Showing Conversion to Mineable Ounces**

![](ny20061035x1ex96-1_image65.jpg)

The total contained silver in the Base Case LOM Plan is 163 Moz. This represents an overall mining conversion rate of 59%. 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 57% of the tonnage (49% of the silver ounces) and long hole stoping for 43% of the tonnage (51% 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 | 4640 | 17.3 | 80 |
| Long Hole | 3540 | 23.3 | 83 |
| **Total** | **8180** | **19.9** | **163** |

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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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| 13-25 | ![](ny20061035x1ex96-1_image04.jpg) |

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<u> Silver Opportunity Partners LLC \| Sunshine Mine S-K 1300 Technical Report Summary on the Initial Assessment </u> <u> December 12, 2025 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 t)** | **Contained Silver<br> (000 oz)** | **Average<br> Grade<br> (opt Ag)** | **Volume<br> (000 ft<sup>3</sup>)** | **Stope<br> Width<br> (ft)** | **% LH** | **% CCF** |
| 08B Vein | 58 | 1020 | 17.5 | 620 | 6.0 | 0% | 100% |
| 08DHW | 151 | 2284 | 15.1 | 1610 | 6.0 | 25% | 75% |
| 09_Vein | 299 | 7111 | 23.8 | 3183 | 5.7 | 85% | 15% |
| 09 HW | 72 | 1103 | 15.2 | 770 | 6.1 | 0% | 100% |
| 101 Vein | 121 | 2517 | 20.8 | 1286 | 6.3 | 57% | 43% |
| 10 Vein | 40 | 521 | 13.1 | 422 | 6.1 | 0% | 100% |
| 625M | 293 | 5613 | 19.1 | 3120 | 6.2 | 37% | 63% |
| B_Vein | 235 | 5221 | 22.2 | 2499 | 7.4 | 89% | 11% |
| C Fault Vein | 720 | 13156 | 18.3 | 7663 | 6.5 | 40% | 60% |
| Chester | 867 | 17323 | 20.0 | 9225 | 6.5 | 15% | 85% |
| Chester Hang | 343 | 7013 | 20.4 | 3652 | 6.5 | 0% | 100% |
| Copper Vein | 306 | 4419 | 14.4 | 3255 | 6.1 | 0% | 100% |
| D Vein | 465 | 7937 | 17.1 | 4949 | 6.7 | 37% | 63% |
| F Vein | 89 | 1337 | 15.0 | 951 | 6.0 | 21% | 79% |
| NY_Boy | 632 | 15101 | 23.9 | 6724 | 6.6 | 39% | 61% |
| S78 | 136 | 1867 | 13.7 | 1449 | 5.7 | 66% | 34% |
| Silver Summit No3 | 279 | 4582 | 16.4 | 2969 | 5.9 | 80% | 20% |
| Silver Summit No4 | 742 | 12697 | 17.1 | 7896 | 6.3 | 73% | 27% |
| Silver Syndicate Link | 552 | 16553 | 30.0 | 5870 | 6.2 | 75% | 25% |
| Sunshine FW | 66 | 1708 | 25.9 | 702 | 6.0 | 42% | 58% |
| SY_Boy | 379 | 7016 | 18.5 | 4031 | 6.3 | 27% | 73% |
| Syndicate Fault | 625 | 12924 | 20.7 | 6644 | 6.2 | 64% | 36% |
| Vein 06 | 50 | 1353 | 27.2 | 530 | 6.0 | 0% | 100% |
| W16 Vein | 79 | 3964 | 50.2 | 840 | 5.9 | 48% | 52% |
| West Chance FW | 62 | 920 | 14.8 | 663 | 6.0 | 0% | 100% |
| West Chance FW West | 11 | 137 | 12.2 | 119 | 6.0 | 0% | 100% |
| Yankee Girl | 509 | 7612 | 14.9 | 5418 | 6.0 | 15% | 85% |
| **TOTAL** | **8183** | **163013** | **19.9** | **87058** | **6.3<sup>1</sup>** | **42%<sup>1</sup>** | **56%<sup>1</sup>** |

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Notes:

<sup>1</sup> Weighted average by tons

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| 13-26 | ![](ny20061035x1ex96-1_image04.jpg) |

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<u> Silver Opportunity Partners LLC \| Sunshine Mine S-K 1300 Technical Report Summary on the Initial Assessment </u> <u> December 12, 2025 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 (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 | - | - | - | 40 | 28.3 | 1129 | 40 | 28.3 | 1129 |
| 300 | - | - | - | 3 | 14.6 | 47 | 3 | 14.6 | 47 |
| 500 | 1 | 11.6 | 9 | 63 | 20.8 | 1311 | 64 | 20.7 | 1320 |
| 700 | 33 | 14.9 | 487 | 92 | 20.3 | 1857 | 124 | 18.8 | 2344 |
| 900 | 42 | 16.4 | 682 | 38 | 12.9 | 495 | 80 | 14.7 | 1177 |
| 1100 | 13 | 11.7 | 156 | 25 | 15.0 | 382 | 39 | 13.9 | 537 |
| 1300 | 17 | 22.5 | 390 | 122 | 16.7 | 2044 | 140 | 17.4 | 2434 |
| 1500 | 9 | 12.5 | 115 | 111 | 14.5 | 1606 | 120 | 14.3 | 1721 |
| 1700 | 3 | 17.8 | 48 | 31 | 17.0 | 521 | 33 | 17.1 | 569 |
| 1900 | 16 | 13.9 | 223 | 98 | 19.9 | 1951 | 114 | 19.0 | 2173 |
| 2100 | 1 | 38.7 | 33 | 120 | 17.4 | 2092 | 121 | 17.5 | 2125 |
| 2300 | - | - | - | 364 | 19.1 | 6944 | 364 | 19.1 | 6944 |
| 2500 | 19 | 38.4 | 730 | 210 | 19.0 | 3992 | 229 | 20.6 | 4722 |
| 2700 | 18 | 14.4 | 261 | 259 | 20.2 | 5221 | 277 | 19.8 | 5482 |
| 2900 | 90 | 28.0 | 2535 | 432 | 24.7 | 10690 | 522 | 25.3 | 13225 |
| 3100 | 67 | 32.3 | 2163 | 279 | 17.8 | 4954 | 346 | 20.6 | 7118 |
| 3300 | 346 | 32.2 | 11120 | 568 | 20.5 | 11665 | 914 | 24.9 | 22785 |
| 3500 | 187 | 25.7 | 4785 | 498 | 18.0 | 8975 | 685 | 20.1 | 13760 |
| 3700 | 219 | 21.0 | 4599 | 347 | 16.6 | 5759 | 567 | 18.3 | 10359 |
| 3900 | 97 | 17.3 | 1676 | 258 | 23.1 | 5967 | 355 | 21.5 | 7643 |
| 4100 | 177 | 24.4 | 4308 | 539 | 17.6 | 9512 | 716 | 19.3 | 13819 |
| 4300 | 68 | 17.6 | 1194 | 390 | 18.5 | 7231 | 458 | 18.4 | 8425 |
| 4500 | 42 | 15.6 | 661 | 591 | 17.6 | 10421 | 634 | 17.5 | 11081 |
| 4700 | 57 | 16.2 | 931 | 229 | 17.4 | 3990 | 286 | 17.2 | 4921 |
| 4900 | 7 | 22.9 | 167 | 195 | 19.0 | 3697 | 202 | 19.1 | 3864 |
| 5100 | 32 | 18.9 | 614 | 179 | 17.2 | 3090 | 212 | 17.5 | 3704 |
| 5300 | 2 | 17.5 | 43 | 254 | 17.5 | 4441 | 257 | 17.5 | 4484 |
| 5500 | 9 | 25.9 | 224 | 51 | 20.5 | 1037 | 59 | 21.3 | 1261 |
| 5700 | 28 | 18.2 | 518 | 160 | 18.3 | 2917 | 188 | 18.2 | 3436 |
| 5900 | - | - | - | 35 | 12.9 | 445 | 35 | 12.9 | 445 |
| **Total** | **1601** | **24.2** | **38672** | **6582** | **18.9** | **124383** | **8183** | **19.9** | **163055** |

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The annual proportion of Inferred Mineral Resources within the Base Case LOM plan is shown in Table 13-9.

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| 13-27 | ![](ny20061035x1ex96-1_image04.jpg) |

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<u> Silver Opportunity Partners LLC \| Sunshine Mine S-K 1300 Technical Report Summary on the Initial Assessment </u> <u> December 12, 2025 SLR Project No.: 123.020552.00001 </u>

**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** |
| 1 | 20 | 640 | 32.1 | 100 | 3483 | 34.8 | 80% | 82% |
| 2 | 128 | 4732 | 37.0 | 156 | 5984 | 38.4 | 18% | 21% |
| 3 | 170 | 5446 | 32.1 | 261 | 8234 | 31.5 | 35% | 34% |
| 4 | 199 | 4759 | 24.0 | 287 | 9757 | 34.0 | 31% | 51% |
| 5 | 202 | 5329 | 26.4 | 324 | 8627 | 26.6 | 38% | 38% |
| 6 | 184 | 4861 | 26.4 | 342 | 8358 | 24.4 | 46% | 42% |
| 7 | 124 | 2686 | 21.7 | 346 | 8138 | 23.5 | 64% | 67% |
| 8 | 113 | 2242 | 19.9 | 355 | 6505 | 18.3 | 68% | 66% |
| 9 | 92 | 1828 | 19.8 | 350 | 5798 | 16.6 | 74% | 68% |
| 10 | 60 | 1042 | 17.3 | 354 | 6164 | 17.4 | 83% | 83% |
| 11 | 29 | 515 | 17.8 | 353 | 5903 | 16.7 | 92% | 91% |
| 12 | 21 | 251 | 11.9 | 354 | 5763 | 16.3 | 94% | 96% |
| 13 | 14 | 225 | 15.6 | 352 | 6092 | 17.3 | 96% | 96% |
| 14 | 10 | 173 | 17.0 | 354 | 6235 | 17.6 | 97% | 97% |
| 15 | 8 | 127 | 16.4 | 352 | 6418 | 18.2 | 98% | 98% |
| 16 | 7 | 114 | 16.2 | 351 | 6425 | 18.3 | 98% | 98% |
| 17 | 53 | 1034 | 19.7 | 356 | 6314 | 17.7 | 85% | 84% |
| 18 | 28 | 518 | 18.2 | 358 | 6593 | 18.4 | 92% | 92% |
| 19 | 34 | 496 | 14.8 | 354 | 6321 | 17.9 | 91% | 92% |
| 20 | 1 | 11 | 12.5 | 356 | 6221 | 17.5 | 100% | 100% |
| 21 | - | - |  | 345 | 6058 | 17.5 | 100% | 100% |
| 22 | 37 | 605 | 16.2 | 355 | 6073 | 17.1 | 90% | 90% |
| 23 | 16 | 244 | 14.8 | 359 | 6077 | 16.9 | 95% | 96% |
| 24 | 16 | 238 | 14.9 | 355 | 5946 | 16.7 | 96% | 96% |
| 25 | 35 | 557 | 15.9 | 354 | 5526 | 15.6 | 90% | 90% |
| **TOTAL** | **1601** | **38672** | **24.2** | **8183** | **163013** | **19.9** | **80%** | **76%** |

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| 13-28 | ![](ny20061035x1ex96-1_image04.jpg) |

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<u> Silver Opportunity Partners LLC \| Sunshine Mine S-K 1300 Technical Report Summary on the Initial Assessment </u> <u> December 12, 2025 SLR Project No.: 123.020552.00001 </u>

**Figure 13-15: Base Case LOM Plan – Mine Production Designs in Longitudinal Section**

![](ny20061035x1ex96-1_image66.jpg)

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| 13-29 | ![](ny20061035x1ex96-1_image04.jpg) |

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<u> Silver Opportunity Partners LLC \| Sunshine Mine S-K 1300 Technical Report Summary on the Initial Assessment </u> <u> December 12, 2025 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 1.6 Mst containing 38.7 Moz of silver and grading 24.2 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 2500 Level to 4700 Level. These restrictions reduced the Indicated LOM Plan to 1.22 Mst grading 26.5 opt Ag and containing 32.4 Moz of silver.

**Figure 13-16: Mineable Indicated Mineral Resource Tonnage by Level**

![](ny20061035x1ex96-1_image67.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** | **LH <br> Tons <br> (kst)** | **LH Ag <br> (koz)** | **LH <br> Grade** | **CCF <br> Tons <br> (kst)** | **CCF <br> Ag <br> (koz)** | **CCF <br> Grade** | **Dev Ore <br> Tons <br> (kst)** | **Dev <br> Ore Ag <br> (koz)** | **Grade** | **Tons <br> (kst)** | **Ag Oz <br> (koz)** | **Grade <br> (opt)** |
| 1 | 5 | 247 | 46.8 | 10 | 204 | 21.2 | 5 | 189 | 37.4 | 20 | 640 | 32.1 |
| 2 | 99 | 4107 | 41.4 | 23 | 383 | 16.6 | 5 | 242 | 44.0 | 128 | 4732 | 37.0 |
| 3 | 120 | 4274 | 35.5 | 41 | 993 | 24.1 | 8 | 179 | 23.0 | 170 | 5446 | 32.1 |
| 4 | 86 | 2224 | 25.8 | 111 | 2519 | 22.7 | 1 | 16 | 11.9 | 199 | 4759 | 24.0 |
| 5 | 151 | 4293 | 28.4 | 40 | 845 | 21.4 | - | - |  | 191 | 5139 | 27.0 |
| 6 | 123 | 3447 | 28.1 | 56 | 1242 | 22.2 | 6 | 172 | 31.1 | 184 | 4861 | 26.4 |
| 7 | 64 | 1497 | 23.4 | 60 | 1189 | 19.8 | - | - |  | 124 | 2686 | 21.7 |
| 8 | 43 | 966 | 22.3 | 66 | 1241 | 18.7 | 3 | 35 | 11.3 | 113 | 2242 | 19.9 |
| 9 | 39 | 806 | 20.9 | 57 | 1082 | 18.9 | - | - |  | 96 | 1888 | 19.7 |
| **TOTAL** | **730** | **21861** | **29.9** | **464** | **9698** | **20.9** | **28** | **833** | **29.8** | **1225** | **32393** | **26.4** |

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<u> Silver Opportunity Partners LLC \| Sunshine Mine S-K 1300 Technical Report Summary on the Initial Assessment </u> <u> December 12, 2025 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 <br> Range (%)** | **Rock <br> Quality** | **Description** | **Domain <br> 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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<u> Silver Opportunity Partners LLC \| Sunshine Mine S-K 1300 Technical Report Summary on the Initial Assessment </u> <u> December 12, 2025 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 <br> 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:

![](ny20061035x1ex96-1_image68.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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| 13-32 | ![](ny20061035x1ex96-1_image04.jpg) |

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<u> Silver Opportunity Partners LLC \| Sunshine Mine S-K 1300 Technical Report Summary on the Initial Assessment </u> <u> December 12, 2025 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:

![](ny20061035x1ex96-1_image69.jpg)

Q' is then used to estimate the stability number, N, which is defined as:

![](ny20061035x1ex96-1_image69a.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 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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| 13-33 | ![](ny20061035x1ex96-1_image04.jpg) |

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<u> Silver Opportunity Partners LLC \| Sunshine Mine S-K 1300 Technical Report Summary on the Initial Assessment </u> <u> December 12, 2025 SLR Project No.: 123.020552.00001 </u>

**Figure 13-17: Adjustment Factors for Stability Assessment**

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| &nbsp;&nbsp;**Factor A** | &nbsp;&nbsp;**Factor B** | &nbsp;&nbsp;**Factor C** |
| &nbsp;&nbsp;![](ny20061035x1ex96-1_image70.jpg) | &nbsp;&nbsp;![](ny20061035x1ex96-1_image70a.jpg) | &nbsp;&nbsp;![](ny20061035x1ex96-1_image70b.jpg) |

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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**

![](ny20061035x1ex96-1_image71.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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| 13-34 | ![](ny20061035x1ex96-1_image04.jpg) |

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<u> Silver Opportunity Partners LLC \| Sunshine Mine S-K 1300 Technical Report Summary on the Initial Assessment </u> <u> December 12, 2025 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 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 rehabilitated 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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<u> Silver Opportunity Partners LLC \| Sunshine Mine S-K 1300 Technical Report Summary on the Initial Assessment </u> <u> December 12, 2025 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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<u> Silver Opportunity Partners LLC \| Sunshine Mine S-K 1300 Technical Report Summary on the Initial Assessment </u> <u> December 12, 2025 SLR Project No.: 123.020552.00001 </u>

**Figure 13-19: Pre-Production Schedule**

![](ny20061035x1ex96-1_image72.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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<u> Silver Opportunity Partners LLC \| Sunshine Mine S-K 1300 Technical Report Summary on the Initial Assessment </u> <u> December 12, 2025 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 the Client's 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 1,000 stpd and the corresponding production plan ramps up to a rate of 1,000 stpd over a seven-year operating period. The ramp-up period reflects SLR's opinion and experience related to the production build up in this type of mine. Following three years of pre-production, the Sunshine deposits are mined over a 25-year life with mine production totaling 8,183 kst and 163 Moz of silver. The Base Case LOM plan mine production summary is presented in Table 13-13.

An alternate case using only Indicated Mineral Resources 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 production plan ramps up to a rate of 484 stpd in Year 3, and the average production is 467 stpd for a six year operating period (Year 3 to Year 8). Following three years of pre-production, the Sunshine deposits are mined over a nine year life with mine production totaling 1,223 kst and 32.4 Moz of silver. The Indicated Only Case LOM plan mine production summary is presented in Table 13-13.

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<u> Silver Opportunity Partners LLC \| Sunshine Mine S-K 1300 Technical Report Summary on the Initial Assessment </u> <u> December 12, 2025 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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|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**LOM <br> Total** | &nbsp;&nbsp;**Production Year** | &nbsp;&nbsp;**Production Year** | &nbsp;&nbsp;**Production Year** | &nbsp;&nbsp;**Production Year** | &nbsp;&nbsp;**Production Year** | &nbsp;&nbsp;**Production Year** | &nbsp;&nbsp;**Production Year** | &nbsp;&nbsp;**Production Year** | &nbsp;&nbsp;**Production Year** | &nbsp;&nbsp;**Production Year** | &nbsp;&nbsp;**Production Year** | &nbsp;&nbsp;**Production Year** | &nbsp;&nbsp;**Production Year** | &nbsp;&nbsp;**Production Year** | &nbsp;&nbsp;**Production Year** | &nbsp;&nbsp;**Production Year** | &nbsp;&nbsp;**Production Year** | &nbsp;&nbsp;**Production Year** | &nbsp;&nbsp;**Production Year** | &nbsp;&nbsp;**Production Year** | &nbsp;&nbsp;**Production Year** | &nbsp;&nbsp;**Production Year** | &nbsp;&nbsp;**Production Year** | &nbsp;&nbsp;**Production Year** | &nbsp;&nbsp;**Production Year** |
|  | &nbsp;&nbsp;**LOM <br> Total** | &nbsp;&nbsp;1 | &nbsp;&nbsp;2 | &nbsp;&nbsp;3 | &nbsp;&nbsp;4 | &nbsp;&nbsp;5 | &nbsp;&nbsp;6 | &nbsp;&nbsp;7 | &nbsp;&nbsp;8 | &nbsp;&nbsp;9 | &nbsp;&nbsp;10 | &nbsp;&nbsp;11 | &nbsp;&nbsp;12 | &nbsp;&nbsp;13 | &nbsp;&nbsp;14 | &nbsp;&nbsp;15 | &nbsp;&nbsp;16 | &nbsp;&nbsp;17 | &nbsp;&nbsp;18 | &nbsp;&nbsp;19 | &nbsp;&nbsp;20 | &nbsp;&nbsp;21 | &nbsp;&nbsp;22 | &nbsp;&nbsp;23 | &nbsp;&nbsp;24 | &nbsp;&nbsp;25 |
| &nbsp;&nbsp;Base Case |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Tons (kst) | &nbsp;&nbsp;**8183** | &nbsp;&nbsp;100 | &nbsp;&nbsp;156 | &nbsp;&nbsp;261 | &nbsp;&nbsp;287 | &nbsp;&nbsp;324 | &nbsp;&nbsp;342 | &nbsp;&nbsp;346 | &nbsp;&nbsp;355 | &nbsp;&nbsp;350 | &nbsp;&nbsp;354 | &nbsp;&nbsp;353 | &nbsp;&nbsp;354 | &nbsp;&nbsp;352 | &nbsp;&nbsp;354 | &nbsp;&nbsp;352 | &nbsp;&nbsp;351 | &nbsp;&nbsp;356 | &nbsp;&nbsp;358 | &nbsp;&nbsp;354 | &nbsp;&nbsp;356 | &nbsp;&nbsp;345 | &nbsp;&nbsp;355 | &nbsp;&nbsp;359 | &nbsp;&nbsp;355 | &nbsp;&nbsp;354 |
| &nbsp;&nbsp;Contained Silver (Moz) | &nbsp;&nbsp;**163.01** | &nbsp;&nbsp;3.48 | &nbsp;&nbsp;5.98 | &nbsp;&nbsp;8.23 | &nbsp;&nbsp;9.76 | &nbsp;&nbsp;8.63 | &nbsp;&nbsp;8.36 | &nbsp;&nbsp;8.14 | &nbsp;&nbsp;6.51 | &nbsp;&nbsp;5.80 | &nbsp;&nbsp;6.16 | &nbsp;&nbsp;5.90 | &nbsp;&nbsp;5.76 | &nbsp;&nbsp;6.09 | &nbsp;&nbsp;6.24 | &nbsp;&nbsp;6.42 | &nbsp;&nbsp;6.43 | &nbsp;&nbsp;6.31 | &nbsp;&nbsp;6.59 | &nbsp;&nbsp;6.32 | &nbsp;&nbsp;6.22 | &nbsp;&nbsp;6.06 | &nbsp;&nbsp;6.07 | &nbsp;&nbsp;6.08 | &nbsp;&nbsp;5.95 | &nbsp;&nbsp;5.53 |
| &nbsp;&nbsp;Grade (opt) | &nbsp;&nbsp;**19.9** | &nbsp;&nbsp;34.8 | &nbsp;&nbsp;38.4 | &nbsp;&nbsp;31.5 | &nbsp;&nbsp;34.0 | &nbsp;&nbsp;26.6 | &nbsp;&nbsp;24.4 | &nbsp;&nbsp;23.5 | &nbsp;&nbsp;18.3 | &nbsp;&nbsp;16.6 | &nbsp;&nbsp;17.4 | &nbsp;&nbsp;16.7 | &nbsp;&nbsp;16.3 | &nbsp;&nbsp;17.3 | &nbsp;&nbsp;17.6 | &nbsp;&nbsp;18.2 | &nbsp;&nbsp;18.3 | &nbsp;&nbsp;17.7 | &nbsp;&nbsp;18.4 | &nbsp;&nbsp;17.9 | &nbsp;&nbsp;17.5 | &nbsp;&nbsp;17.5 | &nbsp;&nbsp;17.1 | &nbsp;&nbsp;16.9 | &nbsp;&nbsp;16.7 | &nbsp;&nbsp;15.6 |
| &nbsp;&nbsp;Indicated Only Case |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Tons (kst) | &nbsp;&nbsp;**1223** | &nbsp;&nbsp;20 | &nbsp;&nbsp;128 | &nbsp;&nbsp;170 | &nbsp;&nbsp;199 | &nbsp;&nbsp;191 | &nbsp;&nbsp;184 | &nbsp;&nbsp;124 | &nbsp;&nbsp;113 | &nbsp;&nbsp;96 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Contained Silver (Moz) | &nbsp;&nbsp;**32.39** | &nbsp;&nbsp;0.64 | &nbsp;&nbsp;4.73 | &nbsp;&nbsp;5.45 | &nbsp;&nbsp;4.76 | &nbsp;&nbsp;5.14 | &nbsp;&nbsp;4.86 | &nbsp;&nbsp;2.69 | &nbsp;&nbsp;2.24 | &nbsp;&nbsp;1.89 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Grade (opt) | &nbsp;&nbsp;**26.5** | &nbsp;&nbsp;32.1 | &nbsp;&nbsp;37.0 | &nbsp;&nbsp;32.1 | &nbsp;&nbsp;24.0 | &nbsp;&nbsp;27.0 | &nbsp;&nbsp;26.4 | &nbsp;&nbsp;21.7 | &nbsp;&nbsp;19.9 | &nbsp;&nbsp;19.7 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |

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<u> Silver Opportunity Partners LLC \| Sunshine Mine S-K 1300 Technical Report Summary on the Initial Assessment </u> <u> December 12, 2025 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 13 and comprise 30% of the total production tons in the mine plan. The remainder of the production and all 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.

Production is ramped up over seven years from 100 kstpa in Year 1 to the final sustained rate of 350 kstpa. The mined silver grade is higher at the start of the LOM plan, exceeding 32 opt in each of the first four years of production before gradually reducing to between 16 opt and 19 opt for the remainder of the mine life. Maximum silver production of 9,750 koz occurs in Year 4, with an annual average of 6,500 koz over the 25-year mine life.

The production breakdown by year is presented in Figure 13-20 and Figure 13-21. Of the production total, 20% of tons and 24% of metal is from stopes classified as Indicated Mineral Resources, while 80% of tons and 76% of metal is from stopes classified as Inferred Mineral Resources.

**Figure 13-20: Base Case LOM Production by Mining Method (tons)**

![](ny20061035x1ex96-1_image73.jpg)

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<u> Silver Opportunity Partners LLC \| Sunshine Mine S-K 1300 Technical Report Summary on the Initial Assessment </u> <u> December 12, 2025 SLR Project No.: 123.020552.00001 </u>

**Figure 13-21: Base Case LOM Production by Mining Method (Contained Ounces Silver)**

![](ny20061035x1ex96-1_image74.jpg)

13.7.1.1 Jewell Block

Early mine production comes from the core of the deposit between 2900 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 5 when 2500 Level and 2700 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 7% 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 1 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 6 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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<u> Silver Opportunity Partners LLC \| Sunshine Mine S-K 1300 Technical Report Summary on the Initial Assessment </u> <u> December 12, 2025 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 4 and then is not deepened until Year 15 when 4300 Level is brought online. From then on, subsequent levels are commenced on a yearly basis until 5900 Level, the deepest level in the mine, commences in Year 24.

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. Table 13-13 presents a summary of the annual mine production plan. A production timeline is presented by mining block and level in Table 13-14 and Table 13-15. In the middle years of the mine life, there will be mining activity on up to 15 separate levels and approximately 20 stopes in various phases of the operating cycle to meet the mine production target.

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<u> Silver Opportunity Partners LLC \| Sunshine Mine S-K 1300 Technical Report Summary on the Initial Assessment </u> <u> December 12, 2025 SLR Project No.: 123.020552.00001 </u>

**Table 13-14: Base Case LOM Production – Mined Silver Ounces by Level or Area**

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| &nbsp;&nbsp;**Block** | &nbsp;&nbsp;**Level** | &nbsp;&nbsp;**LOM Total Ag** <br> **(Moz)** | &nbsp;&nbsp;**Production Year** | &nbsp;&nbsp;**Production Year** | &nbsp;&nbsp;**Production Year** | &nbsp;&nbsp;**Production Year** | &nbsp;&nbsp;**Production Year** | &nbsp;&nbsp;**Production Year** | &nbsp;&nbsp;**Production Year** | &nbsp;&nbsp;**Production Year** | &nbsp;&nbsp;**Production Year** | &nbsp;&nbsp;**Production Year** | &nbsp;&nbsp;**Production Year** | &nbsp;&nbsp;**Production Year** | &nbsp;&nbsp;**Production Year** | &nbsp;&nbsp;**Production Year** | &nbsp;&nbsp;**Production Year** | &nbsp;&nbsp;**Production Year** | &nbsp;&nbsp;**Production Year** | &nbsp;&nbsp;**Production Year** | &nbsp;&nbsp;**Production Year** | &nbsp;&nbsp;**Production Year** | &nbsp;&nbsp;**Production Year** | &nbsp;&nbsp;**Production Year** | &nbsp;&nbsp;**Production Year** | &nbsp;&nbsp;**Production Year** | &nbsp;&nbsp;**Production Year** |
| &nbsp;&nbsp;**Block** | &nbsp;&nbsp;**Level** | &nbsp;&nbsp;**LOM Total Ag** <br> **(Moz)** | &nbsp;&nbsp;1 | &nbsp;&nbsp;2 | &nbsp;&nbsp;3 | &nbsp;&nbsp;4 | &nbsp;&nbsp;5 | &nbsp;&nbsp;6 | &nbsp;&nbsp;7 | &nbsp;&nbsp;8 | &nbsp;&nbsp;9 | &nbsp;&nbsp;10 | &nbsp;&nbsp;11 | &nbsp;&nbsp;12 | &nbsp;&nbsp;13 | &nbsp;&nbsp;14 | &nbsp;&nbsp;15 | &nbsp;&nbsp;16 | &nbsp;&nbsp;17 | &nbsp;&nbsp;18 | &nbsp;&nbsp;19 | &nbsp;&nbsp;20 | &nbsp;&nbsp;21 | &nbsp;&nbsp;22 | &nbsp;&nbsp;23 | &nbsp;&nbsp;24 | &nbsp;&nbsp;25 |
| &nbsp;&nbsp;Upper Mine Block | &nbsp;&nbsp;100 | &nbsp;&nbsp;1.13 | &nbsp;&nbsp;0.28 | &nbsp;&nbsp;0.45 | &nbsp;&nbsp;0.40 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Upper Mine Block | &nbsp;&nbsp;300 | &nbsp;&nbsp;0.05 |  |  |  |  | &nbsp;&nbsp;0.01 | &nbsp;&nbsp;0.02 | &nbsp;&nbsp;0.01 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Upper Mine Block | &nbsp;&nbsp;500 | &nbsp;&nbsp;1.32 |  |  | &nbsp;&nbsp;0.33 | &nbsp;&nbsp;0.33 | &nbsp;&nbsp;0.46 | &nbsp;&nbsp;0.20 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Upper Mine Block | &nbsp;&nbsp;700 | &nbsp;&nbsp;2.34 |  |  | &nbsp;&nbsp;0.59 | &nbsp;&nbsp;0.59 | &nbsp;&nbsp;0.59 | &nbsp;&nbsp;0.59 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Upper Mine Block | &nbsp;&nbsp;900 | &nbsp;&nbsp;1.18 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | &nbsp;&nbsp;0.30 | &nbsp;&nbsp;0.30 | &nbsp;&nbsp;0.59 |
| &nbsp;&nbsp;Upper Mine Block | &nbsp;&nbsp;1100 | &nbsp;&nbsp;0.54 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | &nbsp;&nbsp;0.13 | &nbsp;&nbsp;0.13 | &nbsp;&nbsp;0.27 |
| &nbsp;&nbsp;Upper Mine Block | &nbsp;&nbsp;1300 | &nbsp;&nbsp;2.43 |  |  |  |  |  |  | &nbsp;&nbsp;0.61 | &nbsp;&nbsp;0.61 |  |  |  |  |  | &nbsp;&nbsp;0.61 |  |  |  |  |  |  |  |  |  |  | &nbsp;&nbsp;0.61 |
| &nbsp;&nbsp;Upper Mine Block | &nbsp;&nbsp;1500 | &nbsp;&nbsp;1.72 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | &nbsp;&nbsp;0.17 |  |  | &nbsp;&nbsp;0.52 | &nbsp;&nbsp;0.43 | &nbsp;&nbsp;0.60 |
| &nbsp;&nbsp;Jewell Shaft | &nbsp;&nbsp;1700 | &nbsp;&nbsp;0.57 |  |  |  |  |  |  |  |  |  |  |  |  | &nbsp;&nbsp;0.11 | &nbsp;&nbsp;0.14 | &nbsp;&nbsp;0.17 | &nbsp;&nbsp;0.08 | &nbsp;&nbsp;0.06 |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Jewell Shaft | &nbsp;&nbsp;1900 | &nbsp;&nbsp;2.17 |  |  |  |  |  |  |  |  |  |  |  | &nbsp;&nbsp;0.22 | &nbsp;&nbsp;0.65 | &nbsp;&nbsp;0.54 | &nbsp;&nbsp;0.54 | &nbsp;&nbsp;0.22 |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Jewell Shaft | &nbsp;&nbsp;2100 | &nbsp;&nbsp;1.68 |  |  |  |  |  |  |  |  |  |  | &nbsp;&nbsp;0.59 | &nbsp;&nbsp;0.22 | &nbsp;&nbsp;0.42 | &nbsp;&nbsp;0.17 | &nbsp;&nbsp;0.17 | &nbsp;&nbsp;0.12 |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Jewell Shaft | &nbsp;&nbsp;2300 | &nbsp;&nbsp;5.67 |  |  |  |  |  |  | &nbsp;&nbsp;0.14 | &nbsp;&nbsp;0.42 | &nbsp;&nbsp;0.66 | &nbsp;&nbsp;1.20 | &nbsp;&nbsp;1.03 | &nbsp;&nbsp;0.55 | &nbsp;&nbsp;0.70 | &nbsp;&nbsp;0.51 | &nbsp;&nbsp;0.37 | &nbsp;&nbsp;0.10 |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Jewell Shaft | &nbsp;&nbsp;2500 | &nbsp;&nbsp;2.83 |  |  |  |  | &nbsp;&nbsp;0.60 | &nbsp;&nbsp;0.61 |  | &nbsp;&nbsp;0.75 | &nbsp;&nbsp;0.35 | &nbsp;&nbsp;0.12 | &nbsp;&nbsp;0.21 | &nbsp;&nbsp;0.18 | &nbsp;&nbsp;0.02 |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Jewell Shaft | &nbsp;&nbsp;2700 | &nbsp;&nbsp;4.85 |  |  |  |  | &nbsp;&nbsp;0.01 | &nbsp;&nbsp;0.22 | &nbsp;&nbsp;1.38 | &nbsp;&nbsp;1.30 | &nbsp;&nbsp;1.32 | &nbsp;&nbsp;0.40 | &nbsp;&nbsp;0.12 | &nbsp;&nbsp;0.09 |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Jewell Shaft | &nbsp;&nbsp;2900 | &nbsp;&nbsp;11.11 | &nbsp;&nbsp;0.23 | &nbsp;&nbsp;0.10 | &nbsp;&nbsp;0.24 | &nbsp;&nbsp;5.26 | &nbsp;&nbsp;2.67 | &nbsp;&nbsp;0.21 | &nbsp;&nbsp;0.33 | &nbsp;&nbsp;0.84 | &nbsp;&nbsp;0.80 | &nbsp;&nbsp;0.08 | &nbsp;&nbsp;0.10 | &nbsp;&nbsp;0.11 | &nbsp;&nbsp;0.70 | &nbsp;&nbsp;0.70 |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Jewell Shaft | &nbsp;&nbsp;3100 | &nbsp;&nbsp;1.84 |  |  | &nbsp;&nbsp;0.02 | &nbsp;&nbsp;0.02 | &nbsp;&nbsp;0.40 | &nbsp;&nbsp;0.23 | &nbsp;&nbsp;0.21 | &nbsp;&nbsp;0.36 | &nbsp;&nbsp;0.18 | &nbsp;&nbsp;0.05 | &nbsp;&nbsp;0.24 | &nbsp;&nbsp;0.03 | &nbsp;&nbsp;0.05 | &nbsp;&nbsp;0.02 |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Jewell Shaft | &nbsp;&nbsp;3300 | &nbsp;&nbsp;15.04 | &nbsp;&nbsp;1.74 | &nbsp;&nbsp;4.33 | &nbsp;&nbsp;2.58 | &nbsp;&nbsp;1.56 | &nbsp;&nbsp;1.15 | &nbsp;&nbsp;1.30 | &nbsp;&nbsp;0.25 | &nbsp;&nbsp;0.64 | &nbsp;&nbsp;0.73 | &nbsp;&nbsp;0.17 | &nbsp;&nbsp;0.24 | &nbsp;&nbsp;0.03 | &nbsp;&nbsp;0.14 | &nbsp;&nbsp;0.16 |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Jewell Shaft | &nbsp;&nbsp;3500 | &nbsp;&nbsp;9.57 |  | &nbsp;&nbsp;0.49 | &nbsp;&nbsp;2.02 | &nbsp;&nbsp;0.94 | &nbsp;&nbsp;0.57 | &nbsp;&nbsp;2.28 | &nbsp;&nbsp;1.19 | &nbsp;&nbsp;0.25 | &nbsp;&nbsp;0.68 | &nbsp;&nbsp;0.31 | &nbsp;&nbsp;0.20 | &nbsp;&nbsp;0.40 | &nbsp;&nbsp;0.07 | &nbsp;&nbsp;0.12 | &nbsp;&nbsp;0.06 |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Jewell Shaft | &nbsp;&nbsp;3700 | &nbsp;&nbsp;7.83 | &nbsp;&nbsp;0.09 | &nbsp;&nbsp;0.18 | &nbsp;&nbsp;1.74 | &nbsp;&nbsp;0.55 |  | &nbsp;&nbsp;1.07 | &nbsp;&nbsp;0.82 | &nbsp;&nbsp;0.72 | &nbsp;&nbsp;0.38 | &nbsp;&nbsp;0.31 | &nbsp;&nbsp;0.32 | &nbsp;&nbsp;0.23 | &nbsp;&nbsp;0.27 | &nbsp;&nbsp;0.32 | &nbsp;&nbsp;0.32 | &nbsp;&nbsp;0.32 | &nbsp;&nbsp;0.19 |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Jewell Shaft | &nbsp;&nbsp;3900 | &nbsp;&nbsp;6.71 | &nbsp;&nbsp;0.33 | &nbsp;&nbsp;0.05 |  | &nbsp;&nbsp;0.06 | &nbsp;&nbsp;0.32 | &nbsp;&nbsp;0.61 | &nbsp;&nbsp;2.62 | &nbsp;&nbsp;0.31 | &nbsp;&nbsp;0.07 | &nbsp;&nbsp;1.11 | &nbsp;&nbsp;0.25 | &nbsp;&nbsp;0.49 | &nbsp;&nbsp;0.28 | &nbsp;&nbsp;0.19 |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Lower Mine | &nbsp;&nbsp;4100 | &nbsp;&nbsp;9.54 |  |  |  | &nbsp;&nbsp;0.03 | &nbsp;&nbsp;1.12 | &nbsp;&nbsp;0.19 |  |  | &nbsp;&nbsp;0.03 | &nbsp;&nbsp;0.34 |  | &nbsp;&nbsp;0.99 | &nbsp;&nbsp;1.07 | &nbsp;&nbsp;0.93 | &nbsp;&nbsp;1.27 | &nbsp;&nbsp;1.53 | &nbsp;&nbsp;1.30 | &nbsp;&nbsp;0.74 |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Lower Mine | &nbsp;&nbsp;4300 | &nbsp;&nbsp;4.52 |  |  |  |  |  |  |  |  |  |  |  |  |  |  | &nbsp;&nbsp;1.29 | &nbsp;&nbsp;0.87 | &nbsp;&nbsp;0.96 | &nbsp;&nbsp;0.95 | &nbsp;&nbsp;0.29 | &nbsp;&nbsp;0.16 |  |  |  |  |  |
| &nbsp;&nbsp;Lower Mine | &nbsp;&nbsp;4500 | &nbsp;&nbsp;5.64 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | &nbsp;&nbsp;0.99 | &nbsp;&nbsp;1.13 | &nbsp;&nbsp;1.21 | &nbsp;&nbsp;1.13 | &nbsp;&nbsp;1.18 |  |  |  |  |  |
| &nbsp;&nbsp;Lower Mine | &nbsp;&nbsp;4700 | &nbsp;&nbsp;3.14 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | &nbsp;&nbsp;0.26 | &nbsp;&nbsp;0.68 | &nbsp;&nbsp;0.63 | &nbsp;&nbsp;0.25 | &nbsp;&nbsp;0.79 | &nbsp;&nbsp;0.54 |  |  |  |
| &nbsp;&nbsp;Lower Mine | &nbsp;&nbsp;4900 | &nbsp;&nbsp;3.63 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | &nbsp;&nbsp;0.72 | &nbsp;&nbsp;0.72 | &nbsp;&nbsp;0.64 | &nbsp;&nbsp;0.89 | &nbsp;&nbsp;0.65 |  |  |  |
| &nbsp;&nbsp;Lower Mine | &nbsp;&nbsp;5100 | &nbsp;&nbsp;3.45 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | &nbsp;&nbsp;0.46 | &nbsp;&nbsp;0.36 | &nbsp;&nbsp;0.69 | &nbsp;&nbsp;0.86 | &nbsp;&nbsp;0.52 | &nbsp;&nbsp;0.56 |  |
| &nbsp;&nbsp;Lower Mine | &nbsp;&nbsp;5300 | &nbsp;&nbsp;3.35 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | &nbsp;&nbsp;0.50 | &nbsp;&nbsp;0.84 | &nbsp;&nbsp;0.84 | &nbsp;&nbsp;0.67 | &nbsp;&nbsp;0.50 |  |
| &nbsp;&nbsp;Lower Mine | &nbsp;&nbsp;5500 | &nbsp;&nbsp;1.26 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | &nbsp;&nbsp;0.19 | &nbsp;&nbsp;0.19 | &nbsp;&nbsp;0.89 |  |  |
| &nbsp;&nbsp;Lower Mine | &nbsp;&nbsp;5700 | &nbsp;&nbsp;3.44 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | &nbsp;&nbsp;0.52 | &nbsp;&nbsp;2.92 |  |
| &nbsp;&nbsp;Lower Mine | &nbsp;&nbsp;5900 | &nbsp;&nbsp;0.45 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | &nbsp;&nbsp;0.45 |  |

---

---

| | |
|:---|:---|
| 13-43 | ![](ny20061035x1ex96-1_image04.jpg) |

---

------

<u> Silver Opportunity Partners LLC \| Sunshine Mine S-K 1300 Technical Report Summary on the Initial Assessment </u> <u> December 12, 2025 SLR Project No.: 123.020552.00001 </u>

---

| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Block** | &nbsp;&nbsp;**Level** | &nbsp;&nbsp;**LOM Total Ag** <br> **(Moz)** | &nbsp;&nbsp;**Production Year** | &nbsp;&nbsp;**Production Year** | &nbsp;&nbsp;**Production Year** | &nbsp;&nbsp;**Production Year** | &nbsp;&nbsp;**Production Year** | &nbsp;&nbsp;**Production Year** | &nbsp;&nbsp;**Production Year** | &nbsp;&nbsp;**Production Year** | &nbsp;&nbsp;**Production Year** | &nbsp;&nbsp;**Production Year** | &nbsp;&nbsp;**Production Year** | &nbsp;&nbsp;**Production Year** | &nbsp;&nbsp;**Production Year** | &nbsp;&nbsp;**Production Year** | &nbsp;&nbsp;**Production Year** | &nbsp;&nbsp;**Production Year** | &nbsp;&nbsp;**Production Year** | &nbsp;&nbsp;**Production Year** | &nbsp;&nbsp;**Production Year** | &nbsp;&nbsp;**Production Year** | &nbsp;&nbsp;**Production Year** | &nbsp;&nbsp;**Production Year** | &nbsp;&nbsp;**Production Year** | &nbsp;&nbsp;**Production Year** | &nbsp;&nbsp;**Production Year** |
| &nbsp;&nbsp;**Block** | &nbsp;&nbsp;**Level** | &nbsp;&nbsp;**LOM Total Ag** <br> **(Moz)** | &nbsp;&nbsp;1 | &nbsp;&nbsp;2 | &nbsp;&nbsp;3 | &nbsp;&nbsp;4 | &nbsp;&nbsp;5 | &nbsp;&nbsp;6 | &nbsp;&nbsp;7 | &nbsp;&nbsp;8 | &nbsp;&nbsp;9 | &nbsp;&nbsp;10 | &nbsp;&nbsp;11 | &nbsp;&nbsp;12 | &nbsp;&nbsp;13 | &nbsp;&nbsp;14 | &nbsp;&nbsp;15 | &nbsp;&nbsp;16 | &nbsp;&nbsp;17 | &nbsp;&nbsp;18 | &nbsp;&nbsp;19 | &nbsp;&nbsp;20 | &nbsp;&nbsp;21 | &nbsp;&nbsp;22 | &nbsp;&nbsp;23 | &nbsp;&nbsp;24 | &nbsp;&nbsp;25 |
| &nbsp;&nbsp;Silver Summit | &nbsp;&nbsp;2500 to 4400 | &nbsp;&nbsp;17.28 |  |  |  |  |  |  |  |  |  | &nbsp;&nbsp;1.35 | &nbsp;&nbsp;1.96 | &nbsp;&nbsp;1.54 | &nbsp;&nbsp;1.62 | &nbsp;&nbsp;2.46 | &nbsp;&nbsp;1.61 | &nbsp;&nbsp;1.61 | &nbsp;&nbsp;1.49 | &nbsp;&nbsp;0.86 | &nbsp;&nbsp;1.61 | &nbsp;&nbsp;0.86 | &nbsp;&nbsp;0.30 |  |  |  |  |
| &nbsp;&nbsp;Syndicate Fault | &nbsp;&nbsp;4100 to 5300 | &nbsp;&nbsp;5.37 |  |  |  |  |  |  |  |  | &nbsp;&nbsp;0.60 | &nbsp;&nbsp;0.69 | &nbsp;&nbsp;0.65 | &nbsp;&nbsp;0.67 | &nbsp;&nbsp;0.62 |  | &nbsp;&nbsp;0.61 | &nbsp;&nbsp;0.60 | &nbsp;&nbsp;0.16 | &nbsp;&nbsp;0.50 |  | &nbsp;&nbsp;0.27 |  |  |  |  |  |
| &nbsp;&nbsp;C Fault | &nbsp;&nbsp;2100 to 4800 | &nbsp;&nbsp;9.40 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | &nbsp;&nbsp;0.20 | &nbsp;&nbsp;1.10 | &nbsp;&nbsp;1.25 | &nbsp;&nbsp;1.48 | &nbsp;&nbsp;1.47 | &nbsp;&nbsp;1.57 | &nbsp;&nbsp;0.65 | &nbsp;&nbsp;1.68 |
| &nbsp;&nbsp;Yankee Girl | &nbsp;&nbsp;2500 to 4000 | &nbsp;&nbsp;7.61 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | &nbsp;&nbsp;0.76 | &nbsp;&nbsp;0.73 | &nbsp;&nbsp;0.38 | &nbsp;&nbsp;0.57 | &nbsp;&nbsp;0.90 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;0.98 |  | &nbsp;&nbsp;1.77 |
| &nbsp;&nbsp;Development<sup>2</sup> | &nbsp;&nbsp;All | &nbsp;&nbsp;4.35 | &nbsp;&nbsp;0.81 | &nbsp;&nbsp;0.38 | &nbsp;&nbsp;0.31 | &nbsp;&nbsp;0.42 | &nbsp;&nbsp;0.72 | &nbsp;&nbsp;0.82 | &nbsp;&nbsp;0.57 | &nbsp;&nbsp;0.30 |  | &nbsp;&nbsp;0.03 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;TOTAL |  | &nbsp;&nbsp;163.01 | &nbsp;&nbsp;3.48 | &nbsp;&nbsp;5.98 | &nbsp;&nbsp;8.23 | &nbsp;&nbsp;9.76 | &nbsp;&nbsp;8.63 | &nbsp;&nbsp;8.36 | &nbsp;&nbsp;8.14 | &nbsp;&nbsp;6.51 | &nbsp;&nbsp;5.80 | &nbsp;&nbsp;6.16 | &nbsp;&nbsp;5.90 | &nbsp;&nbsp;5.76 | &nbsp;&nbsp;6.09 | &nbsp;&nbsp;6.24 | &nbsp;&nbsp;6.42 | &nbsp;&nbsp;6.43 | &nbsp;&nbsp;6.31 | &nbsp;&nbsp;6.59 | &nbsp;&nbsp;6.32 | &nbsp;&nbsp;6.22 | &nbsp;&nbsp;6.06 | &nbsp;&nbsp;6.07 | &nbsp;&nbsp;6.08 | &nbsp;&nbsp;5.95 | &nbsp;&nbsp;5.53 |

---

Notes:

<sup>1</sup> Numbers may not add due to rounding

<sup>2</sup> Development headings scheduled in first 10 years only. In later years material from development headings is captured within production stopes and reported by level/area.

**Table 13-15: Base Case LOM Production – Mined Tons by Level or Area**

---

| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Block** | &nbsp;&nbsp;**Level** | &nbsp;&nbsp;**LOM Total Tons**<br> **(kst)** | &nbsp;&nbsp;**Production Year** | &nbsp;&nbsp;**Production Year** | &nbsp;&nbsp;**Production Year** | &nbsp;&nbsp;**Production Year** | &nbsp;&nbsp;**Production Year** | &nbsp;&nbsp;**Production Year** | &nbsp;&nbsp;**Production Year** | &nbsp;&nbsp;**Production Year** | &nbsp;&nbsp;**Production Year** | &nbsp;&nbsp;**Production Year** | &nbsp;&nbsp;**Production Year** | &nbsp;&nbsp;**Production Year** | &nbsp;&nbsp;**Production Year** | &nbsp;&nbsp;**Production Year** | &nbsp;&nbsp;**Production Year** | &nbsp;&nbsp;**Production Year** | &nbsp;&nbsp;**Production Year** | &nbsp;&nbsp;**Production Year** | &nbsp;&nbsp;**Production Year** | &nbsp;&nbsp;**Production Year** | &nbsp;&nbsp;**Production Year** | &nbsp;&nbsp;**Production Year** | &nbsp;&nbsp;**Production Year** | &nbsp;&nbsp;**Production Year** | &nbsp;&nbsp;**Production Year** |
| &nbsp;&nbsp;**Block** | &nbsp;&nbsp;**Level** | &nbsp;&nbsp;**LOM Total Tons**<br> **(kst)** | &nbsp;&nbsp;1 | &nbsp;&nbsp;2 | &nbsp;&nbsp;3 | &nbsp;&nbsp;4 | &nbsp;&nbsp;5 | &nbsp;&nbsp;6 | &nbsp;&nbsp;7 | &nbsp;&nbsp;8 | &nbsp;&nbsp;9 | &nbsp;&nbsp;10 | &nbsp;&nbsp;11 | &nbsp;&nbsp;12 | &nbsp;&nbsp;13 | &nbsp;&nbsp;14 | &nbsp;&nbsp;15 | &nbsp;&nbsp;16 | &nbsp;&nbsp;17 | &nbsp;&nbsp;18 | &nbsp;&nbsp;19 | &nbsp;&nbsp;20 | &nbsp;&nbsp;21 | &nbsp;&nbsp;22 | &nbsp;&nbsp;23 | &nbsp;&nbsp;24 | &nbsp;&nbsp;25 |
| &nbsp;&nbsp;Upper Mine Block | &nbsp;&nbsp;100 | &nbsp;&nbsp;40 | &nbsp;&nbsp;10 | &nbsp;&nbsp;16 | &nbsp;&nbsp;14 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Upper Mine Block | &nbsp;&nbsp;300 | &nbsp;&nbsp;3 |  |  |  |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;1 | &nbsp;&nbsp;1 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Upper Mine Block | &nbsp;&nbsp;500 | &nbsp;&nbsp;64 |  |  | &nbsp;&nbsp;16 | &nbsp;&nbsp;16 | &nbsp;&nbsp;22 | &nbsp;&nbsp;10 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Upper Mine Block | &nbsp;&nbsp;700 | &nbsp;&nbsp;124 |  |  | &nbsp;&nbsp;31 | &nbsp;&nbsp;31 | &nbsp;&nbsp;31 | &nbsp;&nbsp;31 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Upper Mine Block | &nbsp;&nbsp;900 | &nbsp;&nbsp;80 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | &nbsp;&nbsp;20 | &nbsp;&nbsp;20 | &nbsp;&nbsp;40 |
| &nbsp;&nbsp;Upper Mine Block | &nbsp;&nbsp;1100 | &nbsp;&nbsp;39 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | &nbsp;&nbsp;10 | &nbsp;&nbsp;10 | &nbsp;&nbsp;19 |
| &nbsp;&nbsp;Upper Mine Block | &nbsp;&nbsp;1300 | &nbsp;&nbsp;140 |  |  |  |  |  |  | &nbsp;&nbsp;35 | &nbsp;&nbsp;35 |  |  |  |  |  | &nbsp;&nbsp;35 |  |  |  |  |  |  |  |  |  |  | &nbsp;&nbsp;35 |
| &nbsp;&nbsp;Upper Mine Block | &nbsp;&nbsp;1500 | &nbsp;&nbsp;120 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | &nbsp;&nbsp;12 |  |  | &nbsp;&nbsp;36 | &nbsp;&nbsp;30 | &nbsp;&nbsp;42 |
| &nbsp;&nbsp;Jewell Shaft | &nbsp;&nbsp;1700 | &nbsp;&nbsp;33 |  |  |  |  |  |  |  |  |  |  |  |  | &nbsp;&nbsp;7 | &nbsp;&nbsp;8 | &nbsp;&nbsp;10 | &nbsp;&nbsp;5 | &nbsp;&nbsp;4 |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Jewell Shaft | &nbsp;&nbsp;1900 | &nbsp;&nbsp;114 |  |  |  |  |  |  |  |  |  |  |  | &nbsp;&nbsp;11 | &nbsp;&nbsp;34 | &nbsp;&nbsp;29 | &nbsp;&nbsp;29 | &nbsp;&nbsp;11 |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Jewell Shaft | &nbsp;&nbsp;2100 | &nbsp;&nbsp;95 |  |  |  |  |  |  |  |  |  |  | &nbsp;&nbsp;33 | &nbsp;&nbsp;12 | &nbsp;&nbsp;24 | &nbsp;&nbsp;10 | &nbsp;&nbsp;10 | &nbsp;&nbsp;7 |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Jewell Shaft | &nbsp;&nbsp;2300 | &nbsp;&nbsp;302 |  |  |  |  |  |  | &nbsp;&nbsp;7 | &nbsp;&nbsp;23 | &nbsp;&nbsp;45 | &nbsp;&nbsp;63 | &nbsp;&nbsp;51 | &nbsp;&nbsp;28 | &nbsp;&nbsp;36 | &nbsp;&nbsp;26 | &nbsp;&nbsp;18 | &nbsp;&nbsp;5 |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Jewell Shaft | &nbsp;&nbsp;2500 | &nbsp;&nbsp;147 |  |  |  |  | &nbsp;&nbsp;22 | &nbsp;&nbsp;23 |  | &nbsp;&nbsp;41 | &nbsp;&nbsp;23 | &nbsp;&nbsp;8 | &nbsp;&nbsp;15 | &nbsp;&nbsp;12 | &nbsp;&nbsp;2 |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Jewell Shaft | &nbsp;&nbsp;2700 | &nbsp;&nbsp;233 |  |  |  |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;11 | &nbsp;&nbsp;69 | &nbsp;&nbsp;61 | &nbsp;&nbsp;50 | &nbsp;&nbsp;24 | &nbsp;&nbsp;8 | &nbsp;&nbsp;8 |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Jewell Shaft | &nbsp;&nbsp;2900 | &nbsp;&nbsp;390 | &nbsp;&nbsp;9 | &nbsp;&nbsp;4 | &nbsp;&nbsp;6 | &nbsp;&nbsp;133 | &nbsp;&nbsp;82 | &nbsp;&nbsp;7 | &nbsp;&nbsp;16 | &nbsp;&nbsp;45 | &nbsp;&nbsp;54 | &nbsp;&nbsp;6 | &nbsp;&nbsp;8 | &nbsp;&nbsp;10 | &nbsp;&nbsp;5 | &nbsp;&nbsp;5 |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Jewell Shaft | &nbsp;&nbsp;3100 | &nbsp;&nbsp;110 |  |  | &nbsp;&nbsp;2 | &nbsp;&nbsp;2 | &nbsp;&nbsp;18 | &nbsp;&nbsp;10 | &nbsp;&nbsp;11 | &nbsp;&nbsp;19 | &nbsp;&nbsp;14 | &nbsp;&nbsp;3 | &nbsp;&nbsp;19 | &nbsp;&nbsp;4 | &nbsp;&nbsp;5 | &nbsp;&nbsp;2 |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Jewell Shaft | &nbsp;&nbsp;3300 | &nbsp;&nbsp;493 | &nbsp;&nbsp;43 | &nbsp;&nbsp;103 | &nbsp;&nbsp;61 | &nbsp;&nbsp;39 | &nbsp;&nbsp;42 | &nbsp;&nbsp;50 | &nbsp;&nbsp;13 | &nbsp;&nbsp;35 | &nbsp;&nbsp;50 | &nbsp;&nbsp;11 | &nbsp;&nbsp;18 | &nbsp;&nbsp;2 | &nbsp;&nbsp;15 | &nbsp;&nbsp;11 |  |  |  |  |  |  |  |  |  |  |  |

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<u> Silver Opportunity Partners LLC \| Sunshine Mine S-K 1300 Technical Report Summary on the Initial Assessment </u> <u> December 12, 2025 SLR Project No.: 123.020552.00001 </u>

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| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Block** | &nbsp;&nbsp;**Level** | &nbsp;&nbsp;**LOM Total Tons**<br> **(kst)** | &nbsp;&nbsp;**Production Year** | &nbsp;&nbsp;**Production Year** | &nbsp;&nbsp;**Production Year** | &nbsp;&nbsp;**Production Year** | &nbsp;&nbsp;**Production Year** | &nbsp;&nbsp;**Production Year** | &nbsp;&nbsp;**Production Year** | &nbsp;&nbsp;**Production Year** | &nbsp;&nbsp;**Production Year** | &nbsp;&nbsp;**Production Year** | &nbsp;&nbsp;**Production Year** | &nbsp;&nbsp;**Production Year** | &nbsp;&nbsp;**Production Year** | &nbsp;&nbsp;**Production Year** | &nbsp;&nbsp;**Production Year** | &nbsp;&nbsp;**Production Year** | &nbsp;&nbsp;**Production Year** | &nbsp;&nbsp;**Production Year** | &nbsp;&nbsp;**Production Year** | &nbsp;&nbsp;**Production Year** | &nbsp;&nbsp;**Production Year** | &nbsp;&nbsp;**Production Year** | &nbsp;&nbsp;**Production Year** | &nbsp;&nbsp;**Production Year** | &nbsp;&nbsp;**Production Year** |
| &nbsp;&nbsp;**Block** | &nbsp;&nbsp;**Level** | &nbsp;&nbsp;**LOM Total Tons**<br> **(kst)** | &nbsp;&nbsp;1 | &nbsp;&nbsp;2 | &nbsp;&nbsp;3 | &nbsp;&nbsp;4 | &nbsp;&nbsp;5 | &nbsp;&nbsp;6 | &nbsp;&nbsp;7 | &nbsp;&nbsp;8 | &nbsp;&nbsp;9 | &nbsp;&nbsp;10 | &nbsp;&nbsp;11 | &nbsp;&nbsp;12 | &nbsp;&nbsp;13 | &nbsp;&nbsp;14 | &nbsp;&nbsp;15 | &nbsp;&nbsp;16 | &nbsp;&nbsp;17 | &nbsp;&nbsp;18 | &nbsp;&nbsp;19 | &nbsp;&nbsp;20 | &nbsp;&nbsp;21 | &nbsp;&nbsp;22 | &nbsp;&nbsp;23 | &nbsp;&nbsp;24 | &nbsp;&nbsp;25 |
|  | &nbsp;&nbsp;3500 | &nbsp;&nbsp;401 |  | &nbsp;&nbsp;15 | &nbsp;&nbsp;66 | &nbsp;&nbsp;28 | &nbsp;&nbsp;17 | &nbsp;&nbsp;77 | &nbsp;&nbsp;50 | &nbsp;&nbsp;14 | &nbsp;&nbsp;53 | &nbsp;&nbsp;19 | &nbsp;&nbsp;16 | &nbsp;&nbsp;33 | &nbsp;&nbsp;5 | &nbsp;&nbsp;7 | &nbsp;&nbsp;3 |  |  |  |  |  |  |  |  |  |  |
|  | &nbsp;&nbsp;3700 | &nbsp;&nbsp;392 | &nbsp;&nbsp;6 | &nbsp;&nbsp;6 | &nbsp;&nbsp;52 | &nbsp;&nbsp;17 |  | &nbsp;&nbsp;49 | &nbsp;&nbsp;42 | &nbsp;&nbsp;38 | &nbsp;&nbsp;23 | &nbsp;&nbsp;21 | &nbsp;&nbsp;23 | &nbsp;&nbsp;19 | &nbsp;&nbsp;20 | &nbsp;&nbsp;21 | &nbsp;&nbsp;21 | &nbsp;&nbsp;21 | &nbsp;&nbsp;13 |  |  |  |  |  |  |  |  |
|  | &nbsp;&nbsp;3900 | &nbsp;&nbsp;289 | &nbsp;&nbsp;8 | &nbsp;&nbsp;1 |  | &nbsp;&nbsp;2 | &nbsp;&nbsp;13 | &nbsp;&nbsp;27 | &nbsp;&nbsp;67 | &nbsp;&nbsp;20 | &nbsp;&nbsp;5 | &nbsp;&nbsp;67 | &nbsp;&nbsp;17 | &nbsp;&nbsp;33 | &nbsp;&nbsp;18 | &nbsp;&nbsp;11 |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Lower Mine | &nbsp;&nbsp;4100 | &nbsp;&nbsp;472 |  |  |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;39 | &nbsp;&nbsp;7 |  |  | &nbsp;&nbsp;2 | &nbsp;&nbsp;16 |  | &nbsp;&nbsp;55 | &nbsp;&nbsp;55 | &nbsp;&nbsp;46 | &nbsp;&nbsp;65 | &nbsp;&nbsp;79 | &nbsp;&nbsp;66 | &nbsp;&nbsp;40 |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Lower Mine | &nbsp;&nbsp;4300 | &nbsp;&nbsp;238 |  |  |  |  |  |  |  |  |  |  |  |  |  |  | &nbsp;&nbsp;68 | &nbsp;&nbsp;46 | &nbsp;&nbsp;50 | &nbsp;&nbsp;50 | &nbsp;&nbsp;15 | &nbsp;&nbsp;9 |  |  |  |  |  |
| &nbsp;&nbsp;Lower Mine | &nbsp;&nbsp;4500 | &nbsp;&nbsp;289 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | &nbsp;&nbsp;50 | &nbsp;&nbsp;59 | &nbsp;&nbsp;62 | &nbsp;&nbsp;58 | &nbsp;&nbsp;61 |  |  |  |  |  |
| &nbsp;&nbsp;Lower Mine | &nbsp;&nbsp;4700 | &nbsp;&nbsp;170 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | &nbsp;&nbsp;15 | &nbsp;&nbsp;36 | &nbsp;&nbsp;34 | &nbsp;&nbsp;15 | &nbsp;&nbsp;42 | &nbsp;&nbsp;27 |  |  |  |
| &nbsp;&nbsp;Lower Mine | &nbsp;&nbsp;4900 | &nbsp;&nbsp;186 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | &nbsp;&nbsp;37 | &nbsp;&nbsp;37 | &nbsp;&nbsp;33 | &nbsp;&nbsp;45 | &nbsp;&nbsp;34 |  |  |  |
| &nbsp;&nbsp;Lower Mine | &nbsp;&nbsp;5100 | &nbsp;&nbsp;198 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | &nbsp;&nbsp;26 | &nbsp;&nbsp;20 | &nbsp;&nbsp;40 | &nbsp;&nbsp;50 | &nbsp;&nbsp;30 | &nbsp;&nbsp;33 |  |
| &nbsp;&nbsp;Lower Mine | &nbsp;&nbsp;5300 | &nbsp;&nbsp;198 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | &nbsp;&nbsp;30 | &nbsp;&nbsp;49 | &nbsp;&nbsp;49 | &nbsp;&nbsp;40 | &nbsp;&nbsp;30 |  |
| &nbsp;&nbsp;Lower Mine | &nbsp;&nbsp;5500 | &nbsp;&nbsp;59 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | &nbsp;&nbsp;9 | &nbsp;&nbsp;9 | &nbsp;&nbsp;41 |  |  |
| &nbsp;&nbsp;Lower Mine | &nbsp;&nbsp;5700 | &nbsp;&nbsp;188 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | &nbsp;&nbsp;28 | &nbsp;&nbsp;160 |  |
| &nbsp;&nbsp;Lower Mine | &nbsp;&nbsp;5900 | &nbsp;&nbsp;35 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | &nbsp;&nbsp;35 |  |
| &nbsp;&nbsp;Silver Summit | &nbsp;&nbsp;2500 to 4400 | &nbsp;&nbsp;1021 |  |  |  |  |  |  |  |  |  | &nbsp;&nbsp;79 | &nbsp;&nbsp;113 | &nbsp;&nbsp;92 | &nbsp;&nbsp;95 | &nbsp;&nbsp;143 | &nbsp;&nbsp;97 | &nbsp;&nbsp;97 | &nbsp;&nbsp;89 | &nbsp;&nbsp;51 | &nbsp;&nbsp;97 | &nbsp;&nbsp;51 | &nbsp;&nbsp;18 |  |  |  |  |
| &nbsp;&nbsp;Syndicate Fault | &nbsp;&nbsp;4100 to 5300 | &nbsp;&nbsp;272 |  |  |  |  |  |  |  |  | &nbsp;&nbsp;30 | &nbsp;&nbsp;35 | &nbsp;&nbsp;33 | &nbsp;&nbsp;34 | &nbsp;&nbsp;32 |  | &nbsp;&nbsp;32 | &nbsp;&nbsp;30 | &nbsp;&nbsp;8 | &nbsp;&nbsp;24 |  | &nbsp;&nbsp;14 |  |  |  |  |  |
| &nbsp;&nbsp;C Fault | &nbsp;&nbsp;2100 to 4800 | &nbsp;&nbsp;536 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | &nbsp;&nbsp;9 | &nbsp;&nbsp;61 | &nbsp;&nbsp;73 | &nbsp;&nbsp;83 | &nbsp;&nbsp;84 | &nbsp;&nbsp;89 | &nbsp;&nbsp;38 | &nbsp;&nbsp;98 |
| &nbsp;&nbsp;Yankee Girl | &nbsp;&nbsp;2500 to 4000 | &nbsp;&nbsp;509 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | &nbsp;&nbsp;51 | &nbsp;&nbsp;49 | &nbsp;&nbsp;25 | &nbsp;&nbsp;38 | &nbsp;&nbsp;58 | &nbsp;&nbsp;102 | &nbsp;&nbsp;65 |  | &nbsp;&nbsp;119 |
| &nbsp;&nbsp;Development<sup>2</sup> | &nbsp;&nbsp;All | &nbsp;&nbsp;201 | &nbsp;&nbsp;23 | &nbsp;&nbsp;12 | &nbsp;&nbsp;13 | &nbsp;&nbsp;18 | &nbsp;&nbsp;35 | &nbsp;&nbsp;39 | &nbsp;&nbsp;36 | &nbsp;&nbsp;23 |  | &nbsp;&nbsp;2 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;TOTAL |  | &nbsp;&nbsp;8183 | &nbsp;&nbsp;100 | &nbsp;&nbsp;156 | &nbsp;&nbsp;261 | &nbsp;&nbsp;287 | &nbsp;&nbsp;324 | &nbsp;&nbsp;342 | &nbsp;&nbsp;346 | &nbsp;&nbsp;355 | &nbsp;&nbsp;350 | &nbsp;&nbsp;354 | &nbsp;&nbsp;353 | &nbsp;&nbsp;354 | &nbsp;&nbsp;352 | &nbsp;&nbsp;354 | &nbsp;&nbsp;352 | &nbsp;&nbsp;351 | &nbsp;&nbsp;356 | &nbsp;&nbsp;358 | &nbsp;&nbsp;354 | &nbsp;&nbsp;356 | &nbsp;&nbsp;345 | &nbsp;&nbsp;355 | &nbsp;&nbsp;359 | &nbsp;&nbsp;355 | &nbsp;&nbsp;354 |

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Notes:

<sup>1</sup> Numbers may not add due to rounding.

<sup>2</sup> Development headings scheduled in first 10 years only. In later years material from development headings is captured within production stopes and reported by level/area. Mine Development

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<u> Silver Opportunity Partners LLC \| Sunshine Mine S-K 1300 Technical Report Summary on the Initial Assessment </u> <u> December 12, 2025 SLR Project No.: 123.020552.00001 </u>

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 13-16.

**Table 13-16: Base Case – LOM Total Development**

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| | |
|:---|:---|
| | **Distance (ft)** |
| Lateral Waste | 320000 |
| Vertical Waste | 34000 |
| Rehabilitation | 80000 |
| **Total** | **433000** |

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Note: Numbers are approximate and do not add due to rounding.

The greatest development occurs during the pre-production period when a total of 30,900 ft of development occurs in Year -1. This is comprised of 17,300 ft of lateral waste development, 11,000 ft of rehabilitation, and 2,600 ft of vertical (raise) development. Production Year 2 marks the second highest development requirement over the LOM when just over 25,000 ft is required. Development requirements trend downward over the subsequent 11 years to a low of 6,800 ft in Year 13.

In Years 14 and 15, development requirements ramp-up and persist between 21,000 ft and 24,000 ft until Year 19 when they taper off toward the end of the mine life. The higher development through this period corresponds with the start of production in Yankee Girl and the Lower 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 ore is either skipped to surface via Jewell Shaft or trucked to surface from the upper portions of the mine.

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| 13-46 | ![](ny20061035x1ex96-1_image04.jpg) |

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<u> Silver Opportunity Partners LLC \| Sunshine Mine S-K 1300 Technical Report Summary on the Initial Assessment </u> <u> December 12, 2025 SLR Project No.: 123.020552.00001 </u>

**Figure 13-22: Base Case LOM – Mine Development Schedule**

![](ny20061035x1ex96-1_image75.jpg)

**Figure 13-23: Base Case LOM – Material Movement Schedule**

![](ny20061035x1ex96-1_image76.jpg)

The number of active headings grows throughout the mine life as the proportion of production coming from CCF mining increases. The number of development headings is highest in the final pre-production year when up to seven headings will be active at one time, with four lateral waste headings, a single vertical heading, and two to three rehabilitation headings required to meet the development targets. The total number of active development headings will remain between two and five for the remainder of the mine life.

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<u> Silver Opportunity Partners LLC \| Sunshine Mine S-K 1300 Technical Report Summary on the Initial Assessment </u> <u> December 12, 2025 SLR Project No.: 123.020552.00001 </u>

Five long hole stopes are active by Year 4 in the production ramp-up. This number starts to reduce in Year 11 when the contribution of LH mining to overall production lessens. In contrast, the number of active CCF stopes increases steadily throughout the mine life. The number of active CCF stopes jumps from nine to 15 in Year 10 before rising to just over 20 by the end of the mine life. Active headings by type and by 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. The operating costs and workforce requirements rise later in the mine life along with the increased proportion of cut-and-fill stoping.

**Figure 13-24: Base Case – LOM Active Headings**

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 Deswik mine planning software and Microsoft Excel. Deswik was used to schedule material from 2300 Level to 4100 Level. The remainder of the production and all mine development was scheduled in MS Excel to facilitate more 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 2500 Level to the 4500 Level. Indicated Mineral Resources above this area were insufficient to support inclusion in the Indicated Only Case LOM plan. The Indicated Mineral Resources below 4500 Level will not be available for development considering the time required for mine dewatering.

The Indicated Only Case mine production ramps up to 170,000 stpa in Year 3 and averages 186,000 stpa for the four-year period from Year 3 through Year 6 after which production falls off and operations cease after Year 9. Total production is 1.22 Mst grading 26.5 opt silver, containing 32.4 million ounces of silver.

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<u> Silver Opportunity Partners LLC \| Sunshine Mine S-K 1300 Technical Report Summary on the Initial Assessment </u> <u> December 12, 2025 SLR Project No.: 123.020552.00001 </u>

The Indicated Only Case mine production breakdown by year is presented in Table 13-17, Figure 13-25, and Figure 13-26.

**Table 13-17: 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** |
| | **LH Tons (kst)** | **LH Ag (koz)** | **LH Grade** | **CCF Tons (kst)** | **CCF Ag (koz)** | **CCF Grade** | **Dev Ore Tons (kst)** | **Dev Ore Ag (koz)** | **Grade** | **Tons (kst)** | **Ag Oz (koz)** | **Grade (opt)** |
| 1 | 5 | 247 | 46.8 | 10 | 204 | 21.2 | 5 | 189 | 37.4 | 20 | 640 | 32.1 |
| 2 | 99 | 4107 | 41.4 | 23 | 383 | 16.6 | 5 | 242 | 44.0 | 128 | 4732 | 37.0 |
| 3 | 120 | 4274 | 35.5 | 41 | 993 | 24.1 | 8 | 179 | 23.0 | 170 | 5446 | 32.1 |
| 4 | 86 | 2224 | 25.8 | 111 | 2519 | 22.7 | 1 | 16 | 11.9 | 199 | 4759 | 24.0 |
| 5 | 151 | 4293 | 28.4 | 40 | 845 | 21.4 | - | - |  | 191 | 5139 | 27.0 |
| 6 | 123 | 3447 | 28.1 | 56 | 1242 | 22.2 | 6 | 172 | 31.1 | 184 | 4861 | 26.4 |
| 7 | 64 | 1497 | 23.4 | 60 | 1189 | 19.8 | - | - |  | 124 | 2686 | 21.7 |
| 8 | 43 | 966 | 22.3 | 66 | 1241 | 18.7 | 3 | 35 | 11.3 | 113 | 2242 | 19.9 |
| 9 | 39 | 806 | 20.9 | 57 | 1082 | 18.9 | - | - |  | 96 | 1888 | 19.7 |
| TOTAL | 730 | 21861 | 29.9 | 464 | 9698 | 20.9 | 28 | 833 | 29.8 | 1223 | 32393 | 26.5 |

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**Figure 13-25: Indicated Only Case – Mine Production Tonnage**

![](ny20061035x1ex96-1_image78.jpg)

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<u> Silver Opportunity Partners LLC \| Sunshine Mine S-K 1300 Technical Report Summary on the Initial Assessment </u> <u> December 12, 2025 SLR Project No.: 123.020552.00001 </u>

**Figure 13-26: Indicated Only Case – Metal Production and Head Grade**

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 13-18.

**Table 13-18: Indicated Only Case – LOM Total Development**

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| | |
|:---|:---|
| | **Distance (feet)** |
| Lateral Waste | 131000 |
| Vertical Waste | 13000 |
| Rehabilitation | 66000 |
| **Total** | **211000** |

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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 1,444 stpd occur in Year 2. All mined waste and ore are skipped to surface via Jewell Shaft.

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| 13-50 | ![](ny20061035x1ex96-1_image04.jpg) |

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<u> Silver Opportunity Partners LLC \| Sunshine Mine S-K 1300 Technical Report Summary on the Initial Assessment </u> <u> December 12, 2025 SLR Project No.: 123.020552.00001 </u>

**Figure 13-27: Indicated Only Case LOM Mine Development Schedule**

![](ny20061035x1ex96-1_image80.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> December 12, 2025 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.

**Main Hoist**

The main hoist, used primarily for skipping, is a 1916 Nordberg eight-foot diameter double drum hoist fitted with Lebus shells grooved for 1 1/8-in. diameter rope. The hoist motor is a 700 hp DC motor with power from a two-unit motor generator set with a 700 hp motor and a 500 kW DC generator. There are two 4-st capacity kibble-style skips in balance each with a trailer cage. The hoist rope speed is approximately 1,722 feet per minute (fpm). 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 hoist has been in service at the Mine since 1935. There have been studies considering a range of options from refurbishment to complete replacement. For this IA, to reduce the initial capital requirements, SOP's current plan is to replace the main hoist in the second quarter of 2026.

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.

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<u> Silver Opportunity Partners LLC \| Sunshine Mine S-K 1300 Technical Report Summary on the Initial Assessment </u> <u> December 12, 2025 SLR Project No.: 123.020552.00001 </u>

**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.

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.

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<u> Silver Opportunity Partners LLC \| Sunshine Mine S-K 1300 Technical Report Summary on the Initial Assessment </u> <u> December 12, 2025 SLR Project No.: 123.020552.00001 </u>

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

● 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.

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<u> Silver Opportunity Partners LLC \| Sunshine Mine S-K 1300 Technical Report Summary on the Initial Assessment </u> <u> December 12, 2025 SLR Project No.: 123.020552.00001 </u>

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> December 12, 2025 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> December 12, 2025 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 13-19.

**Table 13-19: 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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<u> Silver Opportunity Partners LLC \| Sunshine Mine S-K 1300 Technical Report Summary on the Initial Assessment </u> <u> December 12, 2025 SLR Project No.: 123.020552.00001 </u>

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.

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> December 12, 2025 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> December 12, 2025 SLR Project No.: 123.020552.00001 </u>

**Figure 13-29: Jewell Shaft Dewatering Schematic**

![](ny20061035x1ex96-1_image82.jpg)

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<u> Silver Opportunity Partners LLC \| Sunshine Mine S-K 1300 Technical Report Summary on the Initial Assessment </u> <u> December 12, 2025 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> December 12, 2025 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 ore (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 ore 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> December 12, 2025 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 13-20. 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 13-20: 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> December 12, 2025 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> December 12, 2025 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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<u> Silver Opportunity Partners LLC \| Sunshine Mine S-K 1300 Technical Report Summary on the Initial Assessment </u> <u> December 12, 2025 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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<u> Silver Opportunity Partners LLC \| Sunshine Mine S-K 1300 Technical Report Summary on the Initial Assessment </u> <u> December 12, 2025 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 1,000 stpd 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, ore 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.

Ore 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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<u> Silver Opportunity Partners LLC \| Sunshine Mine S-K 1300 Technical Report Summary on the Initial Assessment </u> <u> December 12, 2025 SLR Project No.: 123.020552.00001 </u>

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|:---|:---|:---|:---|
| **Parameter** | **Units** | **Base Case Criteria** | **Alternate 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 |
| Overall Silver Recovery including Ore Sorting | % | 94.7 | 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 | ![](ny20061035x1ex96-1_image04.jpg) |

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<u> Silver Opportunity Partners LLC \| Sunshine Mine S-K 1300 Technical Report Summary on the Initial Assessment </u> <u> December 12, 2025 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 ft3, (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 | ![](ny20061035x1ex96-1_image04.jpg) |

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<u> Silver Opportunity Partners LLC \| Sunshine Mine S-K 1300 Technical Report Summary on the Initial Assessment </u> <u> December 12, 2025 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 | ![](ny20061035x1ex96-1_image04.jpg) |

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<u> Silver Opportunity Partners LLC \| Sunshine Mine S-K 1300 Technical Report Summary on the Initial Assessment </u> <u> December 12, 2025 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 | ![](ny20061035x1ex96-1_image04.jpg) |

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<u> Silver Opportunity Partners LLC \| Sunshine Mine S-K 1300 Technical Report Summary on the Initial Assessment </u> <u> December 12, 2025 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 | ![](ny20061035x1ex96-1_image04.jpg) |

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<u> Silver Opportunity Partners LLC \| Sunshine Mine S-K 1300 Technical Report Summary on the Initial Assessment </u> <u> December 12, 2025 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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|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Year** | &nbsp;&nbsp;**Dry Feed, tons** | &nbsp;&nbsp;**Feed Grade<br> (opt Ag)** | &nbsp;&nbsp;**Calculated Feed Ag<br> (oz)** | &nbsp;&nbsp;**Reported Ag to Ag Conc<br> (oz)** | &nbsp;&nbsp;**Reported Ag to Pb Conc<br> (oz)** | &nbsp;&nbsp;**Total Ag Recovered to Conc<br> (oz)** | &nbsp;&nbsp;**Calculated Ag Recovery, %** | &nbsp;&nbsp;**% Ag Recovery to Ag Conc<br> (%)** | &nbsp;&nbsp;**% 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 | ![](ny20061035x1ex96-1_image04.jpg) |

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<u> Silver Opportunity Partners LLC \| Sunshine Mine S-K 1300 Technical Report Summary on the Initial Assessment </u> <u> December 12, 2025 SLR Project No.: 123.020552.00001 </u>

**Figure 14-1: Mill Crusher Flowsheet**

![](ny20061035x1ex96-1_image83.jpg)

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| 14-8 | ![](ny20061035x1ex96-1_image04.jpg) |

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<u> Silver Opportunity Partners LLC \| Sunshine Mine S-K 1300 Technical Report Summary on the Initial Assessment </u> <u> December 12, 2025 SLR Project No.: 123.020552.00001 </u>

**Figure 14-2: Flotation Flowsheet**

![](ny20061035x1ex96-1_image84.jpg)

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| 14-9 | ![](ny20061035x1ex96-1_image04.jpg) |

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<u> Silver Opportunity Partners LLC \| Sunshine Mine S-K 1300 Technical Report Summary on the Initial Assessment </u> <u> December 12, 2025 SLR Project No.: 123.020552.00001 </u>

**Figure 14-3: Concentrator Block Flow Diagram**

![](ny20061035x1ex96-1_image85.jpg)

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| 14-10 | ![](ny20061035x1ex96-1_image04.jpg) |

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<u> Silver Opportunity Partners LLC \| Sunshine Mine S-K 1300 Technical Report Summary on the Initial Assessment </u> <u> December 12, 2025 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 | ![](ny20061035x1ex96-1_image04.jpg) |

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<u> Silver Opportunity Partners LLC \| Sunshine Mine S-K 1300 Technical Report Summary on the Initial Assessment </u> <u> December 12, 2025 SLR Project No.: 123.020552.00001 </u>

**Figure 15-1: Overall Site Layout**

![](ny20061035x1ex96-1_image86.jpg)

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| 15-2 | ![](ny20061035x1ex96-1_image04.jpg) |

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<u> Silver Opportunity Partners LLC \| Sunshine Mine S-K 1300 Technical Report Summary on the Initial Assessment </u> <u> December 12, 2025 SLR Project No.: 123.020552.00001 </u>

**Figure 15-2: Mine and Concentrator Site Layout**

![](ny20061035x1ex96-1_image87.jpg)

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| 15-3 | ![](ny20061035x1ex96-1_image04.jpg) |

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<u> Silver Opportunity Partners LLC \| Sunshine Mine S-K 1300 Technical Report Summary on the Initial Assessment </u> <u> December 12, 2025 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 0, 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 | ![](ny20061035x1ex96-1_image04.jpg) |

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<u> Silver Opportunity Partners LLC \| Sunshine Mine S-K 1300 Technical Report Summary on the Initial Assessment </u> <u> December 12, 2025 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 | ![](ny20061035x1ex96-1_image04.jpg) |

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<u> Silver Opportunity Partners LLC \| Sunshine Mine S-K 1300 Technical Report Summary on the Initial Assessment </u> <u> December 12, 2025 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 Shoshone County Fire District 2 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 | ![](ny20061035x1ex96-1_image04.jpg) |

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<u> Silver Opportunity Partners LLC \| Sunshine Mine S-K 1300 Technical Report Summary on the Initial Assessment </u> <u> December 12, 2025 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 | ![](ny20061035x1ex96-1_image04.jpg) |

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<u> Silver Opportunity Partners LLC \| Sunshine Mine S-K 1300 Technical Report Summary on the Initial Assessment </u> <u> December 12, 2025 SLR Project No.: 123.020552.00001 </u>

**Figure 15-3: Existing TSF General Arrangement**

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| 15-8 | ![](ny20061035x1ex96-1_image04.jpg) |

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<u> Silver Opportunity Partners LLC \| Sunshine Mine S-K 1300 Technical Report Summary on the Initial Assessment </u> <u> December 12, 2025 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**![](ny20061035x1ex96-1_image89.jpg)

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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<u> Silver Opportunity Partners LLC \| Sunshine Mine S-K 1300 Technical Report Summary on the Initial Assessment </u> <u> December 12, 2025 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 18.1. 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 | ![](ny20061035x1ex96-1_image04.jpg) |

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<u> Silver Opportunity Partners LLC \| Sunshine Mine S-K 1300 Technical Report Summary on the Initial Assessment </u> <u> December 12, 2025 SLR Project No.: 123.020552.00001 </u>

**Figure 15-5: Potential LoF Dry-Stack Arrangement on Existing Sunshine TSF**

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| 15-11 | ![](ny20061035x1ex96-1_image04.jpg) |

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<u> Silver Opportunity Partners LLC \| Sunshine Mine S-K 1300 Technical Report Summary on the Initial Assessment </u> <u> December 12, 2025 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> December 12, 2025 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> December 12, 2025 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 a long-term outlook for silver as of October 31, 2025. The assumed silver price of $38.31 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.

Figure 16-1 shows the 3-year monthly price for silver.

**Figure 16-1: Monthly Silver Price ($/oz)**

Source: COMEX 2025

**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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<u> Silver Opportunity Partners LLC \| Sunshine Mine S-K 1300 Technical Report Summary on the Initial Assessment </u> <u> December 12, 2025 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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<u> Silver Opportunity Partners LLC \| Sunshine Mine S-K 1300 Technical Report Summary on the Initial Assessment </u> <u> December 12, 2025 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.

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<u> Silver Opportunity Partners LLC \| Sunshine Mine S-K 1300 Technical Report Summary on the Initial Assessment </u> <u> December 12, 2025 SLR Project No.: 123.020552.00001 </u>

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.

**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

● One waste rock drilling and 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> December 12, 2025 SLR Project No.: 123.020552.00001 </u>

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> December 12, 2025 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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<u> Silver Opportunity Partners LLC \| Sunshine Mine S-K 1300 Technical Report Summary on the Initial Assessment </u> <u> December 12, 2025 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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<u> Silver Opportunity Partners LLC \| Sunshine Mine S-K 1300 Technical Report Summary on the Initial Assessment </u> <u> December 12, 2025 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 | ![](ny20061035x1ex96-1_image04.jpg) |

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<u> Silver Opportunity Partners LLC \| Sunshine Mine S-K 1300 Technical Report Summary on the Initial Assessment </u> <u> December 12, 2025 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 | ![](ny20061035x1ex96-1_image04.jpg) |

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<u> Silver Opportunity Partners LLC \| Sunshine Mine S-K 1300 Technical Report Summary on the Initial Assessment </u> <u> December 12, 2025 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 | ![](ny20061035x1ex96-1_image04.jpg) |

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<u> Silver Opportunity Partners LLC \| Sunshine Mine S-K 1300 Technical Report Summary on the Initial Assessment </u> <u> December 12, 2025 SLR Project No.: 123.020552.00001 </u>

**18.0** **Capital and Operating Costs** 

**18.1** **Capital Costs** 

The capital cost estimates are considered to meet the requirements of the American Association of Cost Engineers (AACE) Class 5 estimate with an accuracy range of -20% to -50% to +30% to +100%.

**18.1.1** **Base Case** 

The Base Case initial capital costs are estimated to be $290.2 million and corresponding LOM sustaining capital is approximately $569.0 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:

● Underground capital 3.1%

● Processing capital 5.9%

● 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;176.6 | &nbsp;&nbsp;520.7 | &nbsp;&nbsp;697.3 |
| &nbsp;&nbsp;Plant and Surface Total | &nbsp;&nbsp;$ million | &nbsp;&nbsp;57.0 | &nbsp;&nbsp;48.3 | &nbsp;&nbsp; 105.4 |
| &nbsp;&nbsp;**Mine, Plant, and Surface** | &nbsp;&nbsp;**$ million** | &nbsp;&nbsp;**233.6** | &nbsp;&nbsp;**569.0** | &nbsp;&nbsp;**802.6** |
| &nbsp;&nbsp;Closure | &nbsp;&nbsp;$ million | &nbsp;&nbsp;- | &nbsp;&nbsp;21.2 | &nbsp;&nbsp;21.2 |
| &nbsp;&nbsp;Contingency | &nbsp;&nbsp;$ million | &nbsp;&nbsp;56.6 | &nbsp;&nbsp;- | &nbsp;&nbsp;56.6 |
| &nbsp;&nbsp;**Grand Total** | &nbsp;&nbsp;**$ million** | &nbsp;&nbsp;**290.2** | &nbsp;&nbsp;**590.2** | &nbsp;&nbsp;**880.4** |

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**18.1.1.1** **Pre-Production Capital Costs** 

The Base Case pre-production capital costs are estimated to be $290.2 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;**Year -3** | &nbsp;&nbsp;**Year -2** | &nbsp;&nbsp;**Year -1** | &nbsp;&nbsp;**Total** |
| &nbsp;&nbsp;Mine Total | &nbsp;&nbsp;$ million | &nbsp;&nbsp;56.2 | &nbsp;&nbsp;57.5 | &nbsp;&nbsp;62.9 | &nbsp;&nbsp;176.6 |
| &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;**56.9** | &nbsp;&nbsp;**80.0** | &nbsp;&nbsp;**96.7** | &nbsp;&nbsp;**233.6** |
| &nbsp;&nbsp;Contingency | &nbsp;&nbsp;$ million | &nbsp;&nbsp;12.4 | &nbsp;&nbsp;18.5 | &nbsp;&nbsp;25.7 | &nbsp;&nbsp;56.6 |
| &nbsp;&nbsp;**Grand Total** | &nbsp;&nbsp;**$ million** | &nbsp;&nbsp;**69.2** | &nbsp;&nbsp;**98.5** | &nbsp;&nbsp;**122.5** | &nbsp;&nbsp;**290.2** |

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| 18-1 | ![](ny20061035x1ex96-1_image04.jpg) |

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<u> Silver Opportunity Partners LLC \| Sunshine Mine S-K 1300 Technical Report Summary on the Initial Assessment </u> <u> December 12, 2025 SLR Project No.: 123.020552.00001 </u>

**Mine Pre-Production Capital Costs**

The Base Case mine pre-production capital costs are estimated to be $220.4 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;45.2 | &nbsp;&nbsp;14.8 | &nbsp;&nbsp;0.4 | &nbsp;&nbsp;60.4 |
| &nbsp;&nbsp;Mine Equipment | &nbsp;&nbsp;$ million | &nbsp;&nbsp;- | &nbsp;&nbsp;20.5 | &nbsp;&nbsp;16.3 | &nbsp;&nbsp;36.8 |
| &nbsp;&nbsp;Mine Development | &nbsp;&nbsp;$ million | &nbsp;&nbsp;- | &nbsp;&nbsp;5.2 | &nbsp;&nbsp;25.5 | &nbsp;&nbsp;30.7 |
| &nbsp;&nbsp;Mine General | &nbsp;&nbsp;$ million | &nbsp;&nbsp;11.0 | &nbsp;&nbsp;17.0 | &nbsp;&nbsp;20.7 | &nbsp;&nbsp;48.7 |
| &nbsp;&nbsp;**Mine Capital** | &nbsp;&nbsp;**$ million** | &nbsp;&nbsp;**56.2** | &nbsp;&nbsp;**57.5** | &nbsp;&nbsp;**62.9** | &nbsp;&nbsp;**176.6** |
| &nbsp;&nbsp;Mine Capital Expenditures Contingency | &nbsp;&nbsp;$ million | &nbsp;&nbsp;12.4 | &nbsp;&nbsp;13.4 | &nbsp;&nbsp;18.0 | &nbsp;&nbsp;43.8 |
| &nbsp;&nbsp;**Mine Total** | &nbsp;&nbsp;**$ million** | &nbsp;&nbsp;**68.6** | &nbsp;&nbsp;**70.9** | &nbsp;&nbsp;**81.0** | &nbsp;&nbsp;**220.4** |

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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 $66 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 | ![](ny20061035x1ex96-1_image04.jpg) |

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<u> Silver Opportunity Partners LLC \| Sunshine Mine S-K 1300 Technical Report Summary on the Initial Assessment </u> <u> December 12, 2025 SLR Project No.: 123.020552.00001 </u>

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | | **Yr -3** | **Yr -2** | **Yr-1** | **Total** |
| Concentrator | $ million | - | 13.0 | 19.5 | **32.5** |
| Filtration and Dry-Stack Tailings | $ million | - | 6.6 | 9.9 | **16.6** |
| Paste Backfill (Surface Facility) | $ million | - | 1.2 | 1.8 | **3.0** |
| Water Treatment Plant | $ million | - | 1.7 | 2.6 | **4.3** |
| **Subtotal** | **$ million** | **0.7** | **22.5** | **33.8** | **57.0** |
| Contingency | $ million | - | 5.1 | 7.7 | **12.8** |
| **Mill/Surface Total** | **$ million** | **0.7** | **27.7** | **41.5** | **69.8** |

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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 25% 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 contingency is 22.4% of plant Direct and Indirect costs.

18.1.1.2 Sustaining Capital

The Base Case sustaining capital costs total $590.2 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 | ![](ny20061035x1ex96-1_image04.jpg) |

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<u> Silver Opportunity Partners LLC \| Sunshine Mine S-K 1300 Technical Report Summary on the Initial Assessment </u> <u> December 12, 2025 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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| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Year** | | **Total** | **Year 1** | **Year 2** | **Year 3** | **Year 4** | **Year 5** | **Years <br> 6 to 15** | **Years <br> 16 to 25** |
| Mine Equipment | $ million | 9.8 | 5.5 | 4.3 | - | - | - | - | - |
| Mine Development | $ million | 373.2 | 16.7 | 25.5 | 14.9 | 17.9 | 15.8 | 125.5 | 157 |
| Mine General | $ million | 137.7 | 2.2 | 5 | 4 | 5.2 | 8.8 | 78.4 | 34.1 |
| Ore Sorting | $ million | 7.7 | - | - | - | 4.9 | - | 1.5 | 1.3 |
| Concentrator | $ million | 23.4 | 1 | 1 | 1 | 1 | 1 | 9.8 | 8.8 |
| Filtration and Dry-Stack Tailings | $ million | 11.9 | 0.5 | 0.5 | 0.5 | 0.5 | 0.5 | 5 | 4.5 |
| Paste Backfill (Surface Facility) | $ million | 2.2 | 0.1 | 0.1 | 0.1 | 0.1 | 0.1 | 0.9 | 0.8 |
| Water Treatment Plant | $ million | 3.1 | 0.1 | 0.1 | 0.1 | 0.1 | 0.1 | 1.3 | 1.1 |
| Closure | $ million | 21.2 |  |  |  |  |  |  | 21.2 |
| **Total Capital Expenditure** | **$ million** | **590.2** | **26.1** | **36.5** | **20.6** | **29.7** | **26.3** | **222.3** | **228.7** |

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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 | ![](ny20061035x1ex96-1_image04.jpg) |

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<u> Silver Opportunity Partners LLC \| Sunshine Mine S-K 1300 Technical Report Summary on the Initial Assessment </u> <u> December 12, 2025 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 $274.3 million, and the corresponding Indicated Only Case LOM sustaining capital is approximately $228.2 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: &nbsp;&nbsp;&nbsp;&nbsp;LOM Capital Summary – Indicated Only Case**

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| | | | | |
|:---|:---|:---|:---|:---|
| **Area** | **Units** | **Initial** | **Sustaining** | **Total** |
| Mine Total | $ million | 163.8 | 191.8 | 355.6 |
| Plant and Surface Total | $ million | 57 | 15.2 | 72.2 |
| **Mine, Plant, and Surface** | **$ million** | **220.8** | **207.0** | **427.8** |
| Closure | $ million |  | 21.2 | 21.2 |
| Contingency | $ million | 53.5 |  | 53.5 |
| **Grand Total** | **$ million** | **274.3** | **228.2** | **502.5** |

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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 $1,478 million and are estimated to be $180.58 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: &nbsp;&nbsp;&nbsp;&nbsp;Operating Cost Summary – Base Case**

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|:---|:---|:---|
| **Area** | **Unit Cost <br> ($/ton processed)** | **Total LOM Costs <br> ($ million)** |
| Mine Services and Technical | 73.95 | 605.1 |
| Ore Mining | 64.10 | 524.6 |
| Ore Sorting | 0.54 | 4.4 |
| Processing | 15.98 | 130.8 |
| Tailings Storage | 0.73 | 6.0 |

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| 18-5 | ![](ny20061035x1ex96-1_image04.jpg) |

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<u> Silver Opportunity Partners LLC \| Sunshine Mine S-K 1300 Technical Report Summary on the Initial Assessment </u> <u> December 12, 2025 SLR Project No.: 123.020552.00001 </u>

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|:---|:---|:---|
| **Area** | **Unit Cost <br> ($/ton processed)** | **Total LOM Costs <br> ($ million)** |
| G&A | 25.28 | 206.9 |
| **Total Operating Cost** | **180.58** | **1477.8** |

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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: &nbsp;&nbsp;&nbsp;&nbsp;Unit Mine Operating Costs – Base Case**

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Item** | **Unit** | **Labor** | **Equipment** | **Supplies** | **Total** |
| Long Hole Stoping | $/ton | 13.74 | 8.92 | 21.71 | **44.36** |
| Cut and Fill Stoping | $/ton | 26.84 | 9.73 | 40.70 | **77.27** |
| Ore Drives | $/ton | 23.60 | 13.08 | 68.12 | **104.80** |
| Level Development | $/ft | 237.62 | 131.67 | 685.82 | **1055.12** |
| Raise Development | $/ft | 236.86 | 316.55 | 218.81 | **772.22** |

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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 | ![](ny20061035x1ex96-1_image04.jpg) |

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<u> Silver Opportunity Partners LLC \| Sunshine Mine S-K 1300 Technical Report Summary on the Initial Assessment </u> <u> December 12, 2025 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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| | | |
|:---|:---|:---|
| **Operating Cost Area** | **Unit** | **Cost** |
| Mine Services Materials | $000 | 86806 |
| Mine Services Labor | $000 | 413781 |
| Ore Mining | $000 | 524362 |
| Mine Technical Materials | $000 | 21042 |
| Mine Technical Labor | $000 | 83794 |
| **Mine Cost** | **$000** | **1129785** |
| **<u>Unit Cost</u>** |  |  |
| Mine Services | $/ton | 61.22 |
| Ore Mining | $/ton | 64.14 |
| Mine Technical | $/ton | 12.83 |
| **Mine Cost** | **$/ton** | **138.19** |

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The LOM mine operating costs are shown in Figure 18-1.

**Figure 18-1: Mine Operating Cost per Ton – Base Case**

![](ny20061035x1ex96-1_image92.jpg)

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|:---|:---|
| 18-7 | ![](ny20061035x1ex96-1_image04.jpg) |

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<u> Silver Opportunity Partners LLC \| Sunshine Mine S-K 1300 Technical Report Summary on the Initial Assessment </u> <u> December 12, 2025 SLR Project No.: 123.020552.00001 </u>

18.2.1.2 Mineral Processing Facilities

**Basis of Base Case**

The operating cost for the 1,000 st/day crushing plant and flotation concentrator is estimated to be $21.38/ton 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 operating cost is estimated to be $0.71/ton processed and is based on a single ore sorter 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.

**Total Integrated Concentrator Operating Cost**

The total integrated operating cost (crushing, ore sorting, and flotation concentrator) is estimated at $22.20/ton material processed with ore sorting and $21.49/ton 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**

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| | | |
|:---|:---|:---|
| **Labor** | **Process Labor Cost<br> ($)** | **Base Case Unit Cost<br> ($/ton)** |
| Crushing | 858061 | $2.35 |
| Milling | 4716533 | $12.92 |
| **Total Process Labor** | **5574594** | **$15.27** |

---

Note: Identical for scenarios with ore sorting and without ore sorting.

**Table 18-11: Power Consumption and Unit Costs – Base Case**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Power <br> (Base Case)** | **Installed <br> Power<br> (kW)** | **Consumption<br> (kWh/ton)** | **Unit <br> Rate<br> ($/kWh)** | **Unit <br> Cost<br> ($/ton)** |
| Ore Sorter Power | 769 | 11.67 | $0.06 | $0.71 |
| Crusher Power with Ore Sorter | 1291 | 27.88 | $0.06 | $1.69 |
| Milling Power | 1765.7 | 38.1 | $0.06 | $2.33 |
| **Total Power with Ore Sorter** | **3056.5** | **66.0** | **$0.06** | **$4.02** |

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|:---|:---|
| 18-8 | ![](ny20061035x1ex96-1_image04.jpg) |

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<u> Silver Opportunity Partners LLC \| Sunshine Mine S-K 1300 Technical Report Summary on the Initial Assessment </u> <u> December 12, 2025 SLR Project No.: 123.020552.00001 </u>

**Table 18-12: Reagents and Consumables Unit Costs - Base Case**

---

| | | | |
|:---|:---|:---|:---|
| **Reagents and Consumables** | **Consumption<br> (lb/ton)** | **Unit Prices $/lb** | **Unit Costs $/ton** |
| Crusher liners | 0.376 | $1.54 | $0.58 |
| Ball mill liners | 0.216 | $3.48 | $0.75 |
| 3-inch grinding balls | 0.633 | $1.12 | $0.71 |
| 1-inch grinding balls | 0.106 | $1.12 | $0.12 |
| Aero 3477 | 0.006 | $2.63 | $0.02 |
| AEROFLOAT 242 | 0.022 | $6.04 | $0.13 |
| Zinc Sulfate | 0.171 | $1.22 | $0.21 |
| Sodium metabisulfite | 0.000 | $0.82 | $0.00 |
| Sodium sulfite | 0.216 | $1.12 | $0.24 |
| MIBC | 0.059 | $2.44 | $0.14 |
| **Reagents and Consumables** |  |  | **$2.91** |

---

Note: Identical for scenarios with ore sorting and without ore sorting.

**Table 18-13: Process Operating Unit Costs Summary – Base Case**

---

| | |
|:---|:---|
| **Total Process Operating Costs** | **Base Case <br> ($/ton)** |
| Crushing Cost with Ore Sorter | $4.62 |
| Milling Cost with Ore Sorter | $17.58 |
| **Total Process Cost with Ore Sorter** | **$22.20** |

---

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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| | |
|:---|:---|
| **Department** | **Total** |
| Mine | 190 |
| Mine Maintenance | 41 |
| Technical Services | 22 |
| Plant and Surface | 49 |
| G&A | 37 |
| **Total** | **339** |

---

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|:---|:---|
| 18-9 | ![](ny20061035x1ex96-1_image04.jpg) |

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<u> Silver Opportunity Partners LLC \| Sunshine Mine S-K 1300 Technical Report Summary on the Initial Assessment </u> <u> December 12, 2025 SLR Project No.: 123.020552.00001 </u>

The annual workforce is shown in Figure 18-2.

**Figure 18-2: Steady State Site Workforce – Base Case**

![](ny20061035x1ex96-1_image93.jpg)

18.2.2 Indicated Only Case

The Indicated Only Case LOM operating costs total $370.3 million and are estimated to be $302.68 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**

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| | | |
|:---|:---|:---|
| **Area** | **Unit Cost <br> ($/ton processed)** | **Total LOM Costs <br> ($ million)** |
| Mine Services and Technical | 159.16 | 194.7 |
| Ore Mining | 58.22 | 71.2 |
| Ore Sorting |  |  |
| Processing | 27.24 | 33.3 |
| Tailings Storage | 1.07 | 1.3 |
| G&A | 56.98 | 69.7 |
| **Total Operating Cost** | **302.68** | **370.3** |

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|:---|:---|
| 18-10 | ![](ny20061035x1ex96-1_image04.jpg) |

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<u> Silver Opportunity Partners LLC \| Sunshine Mine S-K 1300 Technical Report Summary on the Initial Assessment </u> <u> December 12, 2025 SLR Project No.: 123.020552.00001 </u>

**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 $27.28/ton.

**Table 18-16: Process Labor Costs – Indicated Only Case**

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| | | |
|:---|:---|:---|
| **Labor** | **Process Labor Cost<br> ($)** | **Indicated Only Case Unit Cost <br> ($/ton)** |
| Crushing | 599968 | $3.29 |
| Milling | 3296123 | $18.06 |
| **Total Process Labor** | **3896091** | **$21.35** |

---

**Table 18-17: Power Consumption and Unit Costs – Indicated Only Case**

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| | | | | |
|:---|:---|:---|:---|:---|
| **Power** | **Installed Power (kW)** | **Consumption (kWh/ton)** | **Unit Rate ($/kWh)** | **Unit Cost ($/ton)** |
| Primary crusher | 74.6 | 1.61 | $0.06 | $0.10 |
| Secondary crusher | 149.2 | 3.22 | $0.06 | $0.20 |
| Tertiary crusher | 298.4 | 6.44 | $0.06 | $0.39 |
| Milling Power | 1765.7 | 38.30 | $0.06 | $2.33 |
| **Total Power** | **2287.9** | **48.70** | **$0.06** | **$3.02** |

---

**Table 18-18: Reagents and Consumables Unit Costs - Alternative Case**

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| | | | |
|:---|:---|:---|:---|
| **Reagents and Consumables** | **Consumption<br> (lb/ton)** | **Unit Prices $/lb** | **Unit Costs $/ton** |
| Crusher liners | 0.376 | $1.54 | $0.58 |
| Ball mill liners | 0.216 | $3.48 | $0.75 |
| 3-inch grinding balls | 0.633 | $1.12 | $0.71 |
| 1-inch grinding balls | 0.106 | $1.12 | $0.12 |
| Aero 3477 | 0.006 | $2.63 | $0.02 |
| AEROFLOAT 242 | 0.022 | $6.04 | $0.13 |
| Zinc Sulfate | 0.171 | $1.22 | $0.21 |
| Sodium metabisulfite | 0.000 | $0.82 | $0.00 |
| Sodium sulfite | 0.216 | $1.12 | $0.24 |
| MIBC | 0.059 | $2.44 | $0.15 |
| **Reagents and Consumables** |  |  | **$2.91** |

---

Note: Identical for scenarios with ore sorting and without ore sorting.

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| | |
|:---|:---|
| 18-11 | ![](ny20061035x1ex96-1_image04.jpg) |

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<u> Silver Opportunity Partners LLC \| Sunshine Mine S-K 1300 Technical Report Summary on the Initial Assessment </u> <u> December 12, 2025 SLR Project No.: 123.020552.00001 </u>

**Table 18-19: Process Operating Unit Costs Summary – Indicated Only Case**

---

| | |
|:---|:---|
| **Total Process Operating Costs** | **Indicated Only Case <br> ($/ton)** |
| Crushing Cost without Ore Sorter | $4.56 |
| Milling Cost without Ore Sorter | $22.72 |
| **Total Process Cost without Ore Sorter** | **$27.28** |

---

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 5) Workforce – Indicated Only Case**

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| | |
|:---|:---|
| **Department** | **Total** |
| Mine | 135 |
| Mine Maintenance | 41 |
| Technical Services | 22 |
| Plant and Surface | 66 |
| G&A | 37 |
| **Total** | **301** |

---

The Indicated Only Case annual workforce is shown in Figure 18-3.

**Figure 18-3: Site Workforce – Indicated Only Case**

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|:---|:---|
| 18-12 | ![](ny20061035x1ex96-1_image04.jpg) |

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<u> Silver Opportunity Partners LLC \| Sunshine Mine S-K 1300 Technical Report Summary on the Initial Assessment </u> <u> December 12, 2025 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 25 years, and includes a mineralized material inventory of approximately 8.2 Mst at a LOM average silver grade of approximately 19.9 opt.

The mineralized material inventory in the Base Case includes approximately 6.5 Mst of mineralized material and 123.9 Moz of silver from Inferred Mineral Resources (approximately 80% of total Base Case tonnage and 76% of total Base Case silver ounces, respectively). The remainder of the 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

● Mining rate of approximately 935 short tons per day of mineralized material inventory (354,000 short tons per year).

● Silver metallurgical recovery, including ore sorting, as indicated by historical averages and test work, averaging 96%.

● 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: $38.31 per ounce silver (all years).

● Unit Net Smelter Return (NSR) of $923/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 | ![](ny20061035x1ex96-1_image04.jpg) |

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<u> Silver Opportunity Partners LLC \| Sunshine Mine S-K 1300 Technical Report Summary on the Initial Assessment </u> <u> December 12, 2025 SLR Project No.: 123.020552.00001 </u>

● Total LOM Earnings Before Income Tax Depreciation and Amortization (EBITDA or operating margin) of approximately $3.73 billion.

● LOM concentrate tonnage totalling approximately 332,482 wet short tons.

19.1.1.2 Costs

● Pre-production period: 36 months (Year -3 to Year-1).

● Mine life: 25 years after pre-production period.

● LOM production plan as summarized in Table 13-13.

● Total initial capital costs of approximately $290.2 million.

● LOM sustaining capital costs of approximately $569.0 million.

● Reclamation and closure costs of approximately $21.2 million.

● Total LOM unit operating cost averaging $180.58 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 $540.6 million.

● Royalties:

○ Sunshine 7% NSR - $392.7 million.

○ Metropolitan 16% Net Proceeds - $6.6 million.

○ Silver Summit/Con-Sil 4% NSR - $18.5 million.

○ LOM royalties total approximately $417.8 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 $2.85 billion, and simple payback occurs 2.7 years from start of production in Year 1.

The Total All-in Sustaining Cost (AISC) is approximately $17.54 per ounce of silver, including sustaining capital and final closure/reclamation costs of approximately $3.91 per ounce.

Average annual silver production during operation is approximately six million ounces per year.

The after-tax Net Present Value (NPV) at a 5% discount rate is approximately $1.12 billion, and the after-tax Internal Rate of Return (IRR) is approximately 31.5%.

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.

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|:---|:---|
| 19-2 | ![](ny20061035x1ex96-1_image04.jpg) |

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<u> Silver Opportunity Partners LLC \| Sunshine Mine S-K 1300 Technical Report Summary on the Initial Assessment </u> <u> December 12, 2025 SLR Project No.: 123.020552.00001 </u>

**Table 19-1: After-Tax Cash Flow Summary – Base Case**

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| | |
|:---|:---|
| **Description** | **Value** |
| **Mineable Inventory** | |
| Indicated Mineral Resources (Mst) | 1.6 |
| Ag (Moz) | 38.7 |
| Grade (opt) | 24.2 |
| Inferred Mineral Resources (Mst) | 6.5 |
| Ag (Moz) | 123.9 |
| Grade (opt) | 18.9 |
| Total Mineralized Material Inventory (Mst) | 8.2 |
| Ag (Moz) | 163.0 |
| Grade (opt) | 19.9 |
| **Revenue** |  |
| **Realized Market Prices** |  |
| Ag ($/oz) | 38.31 |
| **Payable Metal** |  |
| Ag (Moz) | 151.1 |
| **Subtotal – Silver Gross Revenue ($ million)** | **5787** |
| **Aggregate Sales ($ million)** | **13** |
| **Total Gross Revenue ($ million)** | **5800** |
| **Operating Costs ($ million)** |  |
| Mining Cost | (1130) |
| Process Cost | (135) |
| Tailings Cost | (6) |
| G & A Cost | (207) |
| Concentrate Freight Cost | (18) |
| TC/RC | (127) |
| Penalties | (31) |
| Royalties/Duties | (418) |
| **Total Operating Costs ($ million)** | **(2072)** |
| **Operating Margin (EBITDA) ($ million)** | **3727** |
| Total Tax Payable | (541) |
| Working Capital\* | 0 |
| **Operating Cash Flow ($ million)** | **3187** |
| Initial Capital | (290) |

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|:---|:---|
| 19-3 | ![](ny20061035x1ex96-1_image04.jpg) |

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<u> Silver Opportunity Partners LLC \| Sunshine Mine S-K 1300 Technical Report Summary on the Initial Assessment </u> <u> December 12, 2025 SLR Project No.: 123.020552.00001 </u>

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| | |
|:---|:---|
| **Description** | **Value** |
| Sustaining Capital | (569) |
| Closure/Reclamation Capital | (21) |
| **Total Capital ($ million)** | **(880)** |
| **Pre-tax Free Cash Flow ($ million)** | **2847** |
| **Pre-tax NPV @ 5% ($ million)** | **1393** |
| **Pre-tax IRR (%)** | **34.4** |
| **After-tax Free Cash Flow ($ million)** | **2306** |
| **After-tax NPV @ 5% ($ million)** | **1122** |
| **After-tax IRR (%)** | **31.5** |
| **AISC ($/oz Ag)** | **17.54** |

---

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 +60% 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 | ![](ny20061035x1ex96-1_image04.jpg) |

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<u> Silver Opportunity Partners LLC \| Sunshine Mine S-K 1300 Technical Report Summary on the Initial Assessment </u> <u> December 12, 2025 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% | 22.85 | $696 | 24.0% |
| 90% | 25.70 | $911 | 27.9% |
| **100%** | **28.56** | **$1122** | **31.5%** |
| 110% | 31.41 | $1332 | 34.8% |
| 120% | 34.27 | $1542 | 37.9% |
| **Variance** | **Recovery**<br> **(% Ag)** | **NPV at 5%**<br> **($ million)** | **IRR** |
| 90% | 87% | $911 | 27.9% |
| 95% | 92% | $1017 | 29.8% |
| **100%** | **97%** | **$1122** | **31.5%** |
| 102.5% | 99% | $1174 | 32.4% |
| 103% | 100% | $1185 | 32.6% |
| **Variance** | **Silver Price**<br> **($/oz Ag)** | **NPV at 5%**<br> **($ million)** | **IRR** |
| 80% | $30.65 | $684 | 23.7% |
| 90% | $34.48 | $905 | 27.8% |
| **100%** | **$38.31** | **$1122** | **31.5%** |
| 130% | $49.80 | $1770 | 41.0% |
| 160% | $61.30 | $2418 | 49.1% |
| **Variance** | **Site Operating Costs**<br> **($/t)** | **NPV at 5%**<br> **($ million)** | **IRR** |
| 85% | $153 | $1231 | 33.0% |
| 93% | $167 | $1177 | 32.3% |
| **100%** | **$181** | **$1122** | **31.5%** |
| 118% | $212 | $995 | 29.8% |
| 135% | $244 | $867 | 27.9% |
| **Variance** | **Capital Costs**<br> **($ million)** | **NPV at 5%**<br> **($ million)** | **IRR** |
| 85% | $752 | $1188 | 36.0% |
| 93% | $816 | $1155 | 33.7% |
| **100%** | **$880** | **$1122** | **31.5%** |
| 118% | $1031 | $1044 | 27.3% |
| 135% | $1181 | $964 | 23.9% |

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| 19-5 | ![](ny20061035x1ex96-1_image04.jpg) |

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<u> Silver Opportunity Partners LLC \| Sunshine Mine S-K 1300 Technical Report Summary on the Initial Assessment </u> <u> December 12, 2025 SLR Project No.: 123.020552.00001 </u>

**Figure 19-1: After-Tax NPV Sensitivity Analysis – Base Case**

![](ny20061035x1ex96-1_image95.jpg)

**Figure 19-2: After-Tax IRR Sensitivity Analysis – Base Case**

![](ny20061035x1ex96-1_image96.jpg)

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|:---|:---|
| 19-6 | ![](ny20061035x1ex96-1_image04.jpg) |

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<u> Silver Opportunity Partners LLC \| Sunshine Mine S-K 1300 Technical Report Summary on the Initial Assessment </u> <u> December 12, 2025 SLR Project No.: 123.020552.00001 </u>

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 projected mine life of nine years. A summary of the Indicated Only Case criteria is provided below.

19.2.1.1 Revenue

● LOM Mining rate average of approximately 390 short tons per day from underground Indicated Mineral Resources.

● The Indicated Only Case does not include the ore sorting phase, and the ore tons mined are 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: $38.31 per ounce silver (all years).

● Unit Net Smelter Return (NSR) of $857/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 $677.9 million.

● LOM concentrate tonnage totalling approximately 56,965 wst.

19.2.1.2 Costs

● Pre-production period: 36 months (Year -3 to Year-1).

● Mine life: Nine years after pre-production period.

● LOM production plan as summarized in Table 13-13

● Total initial capital costs of approximately $274.3 million.

● LOM sustaining capital costs of approximately $207.0 million.

● Reclamation and closure costs of approximately $21.2 million.

● Total LOM unit operating cost averaging $302.68 per short ton of plant feed.

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|:---|:---|
| 19-7 | ![](ny20061035x1ex96-1_image04.jpg) |

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<u> Silver Opportunity Partners LLC \| Sunshine Mine S-K 1300 Technical Report Summary on the Initial Assessment </u> <u> December 12, 2025 SLR Project No.: 123.020552.00001 </u>

19.2.1.3 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%.

○ Total LOM taxes of approximately $18.8 million.

● Royalties:

○ Sunshine 7% NSR - $79.1 million.

○ Metropolitan 16% Net Proceeds - $266.1 thousands.

○ Silver Summit/Con-Sil 4% NSR - $2.7 million.

○ Total LOM royalties of approximately $82.1 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 $175.4 million, and simple payback occurs five years from start of production (Year 1).

The Total All-in Sustaining Cost (AISC) is approximately $23.52 per ounce of silver, including sustaining capital and final closure/reclamation costs of approximately $7.50 per ounce.

Average annual silver production during operation is approximately 4 Moz per year.

The after-tax Net Present Value (NPV) at a 5% discount rate is approximately $46.8 million, and the after-tax Internal Rate of Return (IRR) is approximately 8.0%.

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** | **Value** |
| **Mineable Inventory** | |
| Indicated Mineral Resources (Mst) | 1.2 |
| Ag (Moz) | 32.4 |
| Grade (opt) | 26.4 |
| Inferred Mineral Resources (Mst) | - |
| Ag (Moz) | - |
| Grade (opt) | - |
| Total Mined Inventory (Mst) | 1.2 |
| Ag (Moz) | 32.4 |
| Grade (opt) | 26.4 |
| **Revenue** |  |
| **Realized Market Prices** |  |
| Ag ($/oz) | 38.31 |
| **Payable Metal** |  |
| Ag (Moz) | 30.4 |

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|:---|:---|
| 19-8 | ![](ny20061035x1ex96-1_image04.jpg) |

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<u> Silver Opportunity Partners LLC \| Sunshine Mine S-K 1300 Technical Report Summary on the Initial Assessment </u> <u> December 12, 2025 SLR Project No.: 123.020552.00001 </u>

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| | |
|:---|:---|
| **Description** | **Value** |
| **Subtotal – Silver Gross Revenue ($ million)** | **1165** |
| **Aggregate Sales ($ million)** | **-** |
| **Total Gross Revenue ($ million)** | **1165** |
| **Operating Costs ($ million)** |  |
| Mining Cost | (266) |
| Process Cost | (33) |
| Tailings Cost | (1) |
| G & A Cost | (70) |
| Concentrate Freight Cost | (3) |
| TC/RC | (25) |
| Penalties | (6) |
| Royalties/Duties | (82) |
| **Total Operating Costs ($ million)** | **(487)** |
| **Operating Margin (EBITDA) ($ million)** | **678** |
| Total Tax Payable | (19) |
| Working Capital\* | (0) |
| **Operating Cash Flow ($ million)** | **659** |
| Initial Capital | (274) |
| Sustaining Capital | (207) |
| Closure/Reclamation Capital | (21) |
| **Total Capital ($ million)** | **(503)** |
| **Pre-tax Free Cash Flow ($ million)** | **175** |
| **Pre-tax NPV @ 5% ($ million)** | **59** |
| **Pre-tax IRR (%)** | **8.7** |
| **After-tax Free Cash Flow ($ million)** | **157** |
| **After-tax NPV @ 5% ($ million)** | **47** |
| **After-tax IRR (%)** | **8.0** |
| **AISC ($/oz Ag)** | **23.52** |

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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

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| 19-9 | ![](ny20061035x1ex96-1_image04.jpg) |

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<u> Silver Opportunity Partners LLC \| Sunshine Mine S-K 1300 Technical Report Summary on the Initial Assessment </u> <u> December 12, 2025 SLR Project No.: 123.020552.00001 </u>

● 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 +60% 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 | ![](ny20061035x1ex96-1_image04.jpg) |

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<u> Silver Opportunity Partners LLC \| Sunshine Mine S-K 1300 Technical Report Summary on the Initial Assessment </u> <u> December 12, 2025 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% | 21.18 | (92) | -2.2% |
| 90% | 23.83 | (17) | 3.8% |
| **100%** | **26.48** | **47** | **8.0%** |
| 110% | 29.12 | 109 | 11.7% |
| 120% | 31.77 | 171 | 15.0% |
| **Variance** | **Recovery**<br> **(% Ag)** | **NPV at 5%**<br> **($ million)** | **IRR** |
| 90% | 87.3% | (17) | 3.8% |
| 95% | 92.2% | 15 | 6.0% |
| **100%** | **97.0%** | **47** | **8.0%** |
| 102.5% | 99.4% | 63 | 9.0% |
| 103% | 99.9% | 66 | 9.2% |
| **Variance** | **Silver Price**<br> **($/oz Ag)** | **NPV at 5%**<br> **($ million)** | **IRR** |
| 80% | $30.65 | (96) | -2.6% |
| 90% | $34.48 | (19) | 3.7% |
| **100%** | **$38.31** | **47** | **8.0%** |
| 130% | $49.80 | 237 | 18.3% |
| 160% | $61.30 | 423 | 26.1% |
| **Variance** | **Site Operating Costs**<br> **($/t)** | **NPV at 5%**<br> **($ million)** | **IRR** |
| 85% | $257 | 86 | 10.4% |
| 93% | $280 | 67 | 9.2% |
| **100%** | **$303** | **47** | **8.0%** |
| 118% | $356 | 1 | 5.0% |
| 135% | $409 | (46) | 1.6% |
| **Variance** | **Capital Costs**<br> **($ million)** | **NPV at 5%**<br> **($ million)** | **IRR** |
| 85% | $430 | 113 | 13.0% |
| 93% | $466 | 80 | 10.4% |
| **100%** | **$503** | **47** | **8.0%** |
| 118% | $587 | (30) | 3.2% |
| 135% | $671 | (107) | -1.0% |

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| 19-11 | ![](ny20061035x1ex96-1_image04.jpg) |

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<u> Silver Opportunity Partners LLC \| Sunshine Mine S-K 1300 Technical Report Summary on the Initial Assessment </u> <u> December 12, 2025 SLR Project No.: 123.020552.00001 </u>

**Figure** 19-3: After-Tax NPV Sensitivity Analysis – Indicated Only Case**

![](ny20061035x1ex96-1_image97.jpg)

**Figure** 19-4: After-Tax IRR Sensitivity Analysis – Indicated Only Case**

![](ny20061035x1ex96-1_image98.jpg)

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| 19-12 | ![](ny20061035x1ex96-1_image04.jpg) |

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<u> Silver Opportunity Partners LLC \| Sunshine Mine S-K 1300 Technical Report Summary on the Initial Assessment </u> <u> December 12, 2025 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 Base Case and 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 Only Case** | **Difference Relative to Base Case** |
| **Mineable Inventory** | | | |
| Indicated Mineral Resources (Mst) | 1.6 | 1.2 | 0.4 |
| Ag (Moz) | 38.7 | 32.4 | 6.3 |
| Grade (opt) | 24.2 | 26.4 | (2.2) |
| Inferred Mineral Resources (Mst) | 6.5 | - |  |
| Ag (Moz) | 123.9 | - |  |
| Grade (opt) | 18.9 | - |  |
| Total Mined Inventory (Mst) | 8.2 | 1.2 | 7.0 |
| Ag (Moz) | 163.0 | 32.4 | 130.6 |
| Grade (opt) | 19.9 | 26.4 | (6.5) |
| **Revenue** |  |  |  |
| **Realized Market Prices** |  |  |  |
| Ag ($/oz) | 38.31 | 38.31 | - |
| **Payable Metal** |  |  |  |
| Ag (Moz) | 151.1 | 30.4 | 120.7 |
| **Subtotal – Silver Gross Revenue ($ million)** | **5787** | **1165** | **4622** |
| **Aggregate Sales ($ million)** | **13** | **-** | **13** |
| **Total Gross Revenue ($ million)** | **5800** | **1165** | **4635** |
| **Operating Costs ($ million)** |  |  |  |
| Mining Cost | (1130) | (266) | (864) |
| Process Cost | (135) | (33) | (102) |
| Tailings Cost | (6) | (1) | (5) |
| G & A Cost | (207) | (70) | (137) |
| Concentrate Freight Cost | (18) | (3) | (15) |
| TC/RC | (127) | (25) | (102) |
| Penalties | (31) | (6) | (25) |
| Royalties/Duties | (418) | (82) | (336) |
| **Total Operating Costs ($ million)** | **(2072)** | **(487)** | **(1585)** |
| **Operating Margin (EBITDA) ($ million)** | **3727** | **678** | **3049** |

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| 19-13 | ![](ny20061035x1ex96-1_image04.jpg) |

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<u> Silver Opportunity Partners LLC \| Sunshine Mine S-K 1300 Technical Report Summary on the Initial Assessment </u> <u> December 12, 2025 SLR Project No.: 123.020552.00001 </u>

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| | | | |
|:---|:---|:---|:---|
| **Description** | **Base Case** | **Alternate Case** | **Difference Relative to Base Case** |
| Total Tax Payable | (541) | (19) | (522) |
| Working Capital | 0 | (0) | - |
| **Operating Cash Flow ($ million)** | **3187** | **659** | **2528** |
| Initial Capital | (290) | (274) | (16) |
| Sustaining Capital | (569) | (207) | (362) |
| Closure/Reclamation Capital | (21) | (21) | - |
| **Total Capital ($ million)** | **(880)** | **(503)** | **(378)** |
| **Pre-tax Free Cash Flow ($ million)** | **2847** | **175** | **2672** |
| **Pre-tax NPV @ 5% ($ million)** | **1393** | **59** | **1334** |
| **Pre-tax IRR** | **34.4%** | **8.7%** | **25.7%** |
| **After-tax Free Cash Flow ($ million)** | **2306** | **157** | **2150** |
| **After-tax NPV @ 5% ($ million)** | **1122** | **47** | **1075** |
| **After-tax IRR (%)** | **31.5** | **8.0** | **23.5** |
| **AISC (U$/oz Ag)** | **17.54** | **23.52** | **(5.98)** |

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| 19-14 | ![](ny20061035x1ex96-1_image04.jpg) |

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<u> Silver Opportunity Partners LLC \| Sunshine Mine S-K 1300 Technical Report Summary on the Initial Assessment </u> <u> December 12, 2025 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 | ![](ny20061035x1ex96-1_image04.jpg) |

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<u> Silver Opportunity Partners LLC \| Sunshine Mine S-K 1300 Technical Report Summary on the Initial Assessment </u> <u> December 12, 2025 SLR Project No.: 123.020552.00001 </u>

**Figure 20-1: AGS, Galena Complex, 2015 MRE, Exclusive of Mineral Reserves**

![](ny20061035x1ex96-1_image99.jpg)

Source: AGS 2016

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| 20-2 | ![](ny20061035x1ex96-1_image04.jpg) |

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<u> Silver Opportunity Partners LLC \| Sunshine Mine S-K 1300 Technical Report Summary on the Initial Assessment </u> <u> December 12, 2025 SLR Project No.: 123.020552.00001 </u>

**Figure 20-2: AGE, Galena Complex, 2015 Mineral Reserve Estimate**

![](ny20061035x1ex96-1_image100.jpg)

Source: AGS 2016

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| 20-3 | ![](ny20061035x1ex96-1_image04.jpg) |

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<u> Silver Opportunity Partners LLC \| Sunshine Mine S-K 1300 Technical Report Summary on the Initial Assessment </u> <u> December 12, 2025 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 | ![](ny20061035x1ex96-1_image04.jpg) |

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<u> Silver Opportunity Partners LLC \| Sunshine Mine S-K 1300 Technical Report Summary on the Initial Assessment </u> <u> December 12, 2025 SLR Project No.: 123.020552.00001 </u>

**Figure 20-3: Adjacent Properties**

![](ny20061035x1ex96-1_image101.jpg)

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| 20-5 | ![](ny20061035x1ex96-1_image04.jpg) |

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<u> Silver Opportunity Partners LLC \| Sunshine Mine S-K 1300 Technical Report Summary on the Initial Assessment </u> <u> December 12, 2025 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 | ![](ny20061035x1ex96-1_image04.jpg) |

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<u> Silver Opportunity Partners LLC \| Sunshine Mine S-K 1300 Technical Report Summary on the Initial Assessment </u> <u> December 12, 2025 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 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 | ![](ny20061035x1ex96-1_image04.jpg) |

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<u> Silver Opportunity Partners LLC \| Sunshine Mine S-K 1300 Technical Report Summary on the Initial Assessment </u> <u> December 12, 2025 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.

● 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. Additionally, some stopes 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.

22.2 Mining and Mineral Reserves

● There are currently no Mineral Reserves estimated at the Sunshine Mine.

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| 22-2 | ![](ny20061035x1ex96-1_image04.jpg) |

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<u> Silver Opportunity Partners LLC \| Sunshine Mine S-K 1300 Technical Report Summary on the Initial Assessment </u> <u> December 12, 2025 SLR Project No.: 123.020552.00001 </u>

● 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 are 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

○ 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.

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| 22-3 | ![](ny20061035x1ex96-1_image04.jpg) |

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<u> Silver Opportunity Partners LLC \| Sunshine Mine S-K 1300 Technical Report Summary on the Initial Assessment </u> <u> December 12, 2025 SLR Project No.: 123.020552.00001 </u>

● 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 57% of the tonnage (49% of the silver ounces) and long hole stoping for 43% of the tonnage (51% of the silver ounces).

● The Base Case potentially mineable material totals 8.18 million short tons (Mst) grading 19.9 opt Ag and containing 163 Moz Ag, comprising:

○ 4.64 Mst grading 17.3 opt Ag and containing 80 Moz Ag in cut and fill stopes

○ 3.54 Mst grading 23.3 opt Ag and containing 83 Moz Ag in long hole stopes

● 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 25-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:

○ 320,000 ft of lateral development

○ 34,000 ft of vertical development

○ 80,000 ft of heading rehabilitation

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| 22-4 | ![](ny20061035x1ex96-1_image04.jpg) |

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<u> Silver Opportunity Partners LLC \| Sunshine Mine S-K 1300 Technical Report Summary on the Initial Assessment </u> <u> December 12, 2025 SLR Project No.: 123.020552.00001 </u>

● 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 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 6.58 Mst grading 18.9 opt Ag and containing 124 Moz Ag. This is 80% of the Base Case tonnage and 76% of the Base Case silver ounces.

● An Indicated Only Case LOM plan was generated based solely on Indicated Mineral Resources. The Indicated Only Case includes 1.22 Mst grading 26.5 opt Ag with 58% LH stope tonnage and 42% CCF stope tonnage. The Indicated Only Case extends for a period of nine years with production rates up to 567 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:

○ 131,000 ft of lateral development

○ 13,000 ft of vertical development

○ 66,000 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.

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<u> Silver Opportunity Partners LLC \| Sunshine Mine S-K 1300 Technical Report Summary on the Initial Assessment </u> <u> December 12, 2025 SLR Project No.: 123.020552.00001 </u>

○ 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.

● 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.

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<u> Silver Opportunity Partners LLC \| Sunshine Mine S-K 1300 Technical Report Summary on the Initial Assessment </u> <u> December 12, 2025 SLR Project No.: 123.020552.00001 </u>

● The 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 by SLR's QP 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.

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<u> Silver Opportunity Partners LLC \| Sunshine Mine S-K 1300 Technical Report Summary on the Initial Assessment </u> <u> December 12, 2025 SLR Project No.: 123.020552.00001 </u>

● 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%.

● 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.

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<u> Silver Opportunity Partners LLC \| Sunshine Mine S-K 1300 Technical Report Summary on the Initial Assessment </u> <u> December 12, 2025 SLR Project No.: 123.020552.00001 </u>

● 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 IA processing facility will receive 1,000 stpd 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 94.7% including losses during ore sorting and flotation.

● The total integrated operating cost (crushing, ore sorting and flotation concentrator) is estimated at US$21.66/ton material processed with ore sorting and US$20.77/ton without ore sorting, a difference of US$0.89/ton.

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.

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<u> Silver Opportunity Partners LLC \| Sunshine Mine S-K 1300 Technical Report Summary on the Initial Assessment </u> <u> December 12, 2025 SLR Project No.: 123.020552.00001 </u>

● 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).

● 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. The estimates are considered to meet the requirements of an AACE Class 5 estimate basis with an accuracy range of -20% to -50% to +30% to +100%.

For the proposed Base Case:

● The initial capital cost is estimated to be $290.2 million, including contingency, and the LOM sustaining capital cost is estimated to be $569.0 million plus $21.2 million for closure.

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<u> Silver Opportunity Partners LLC \| Sunshine Mine S-K 1300 Technical Report Summary on the Initial Assessment </u> <u> December 12, 2025 SLR Project No.: 123.020552.00001 </u>

● The LOM site operating costs total $1,478 million and are estimated to average $180.58 per ton processed. The 'tons processed' is defined as the ore fed to the total mill feed to the plant, pre-ore sorting.

For the Indicated Only Case:

● The initial capital cost is estimated to be $274.3 million including contingency and the LOM sustaining capital cost is estimated to be $207.0 million.

● The LOM site operating costs total $370 million and are estimated to average $302.68 per ton processed. The 'tons processed' is defined as the ore fed to the total mill feed to the plant, pre-ore sorting.

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<u> Silver Opportunity Partners LLC \| Sunshine Mine S-K 1300 Technical Report Summary on the Initial Assessment </u> <u> December 12, 2025 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: 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 23-2) | 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> December 12, 2025 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 exploration 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 Inferred Resource planned in the first ten years of the mine life. Some step-out potential exists from planned stations, but expansion is not the driver for drill station locations. The upgrading of the resource material is necessary for its inclusion in a prefeasibility-level mine plan. A tentative drill program has been prepared for budgetary purposes. Stations are planned from new ramps driven from the Sterling Tunnel and new development drives from 2300 and 3100. 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: 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** |
| **3100** |  |  |  |
| 53 Hole Drill Program | 53000 | 100 | 5300 |

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<u> Silver Opportunity Partners LLC \| Sunshine Mine S-K 1300 Technical Report Summary on the Initial Assessment </u> <u> December 12, 2025 SLR Project No.: 123.020552.00001 </u>

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| **Location** | **Feet** | **Unit Rate <br> (US$)** | **Total <br> (US$000)** |
| Horizontal Development | 1800 | 2000 | 3600 |
| Infrastructure Upgrades to Support Drilling | - | - | 1700 |
| **Subtotal** |  |  | **10600** |
| **Total** |  |  | **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.

&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.

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<u> Silver Opportunity Partners LLC \| Sunshine Mine S-K 1300 Technical Report Summary on the Initial Assessment </u> <u> December 12, 2025 SLR Project No.: 123.020552.00001 </u>

&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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| 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.

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

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<u> Silver Opportunity Partners LLC \| Sunshine Mine S-K 1300 Technical Report Summary on the Initial Assessment </u> <u> December 12, 2025 SLR Project No.: 123.020552.00001 </u>

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> December 12, 2025 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.

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.

Itasca Consulting Group, Inc., Scoping Level Geotechnical Mining Assessment for Re-Opening of the Sunshine Mine, June 23, 2012

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| 24-1 | ![](ny20061035x1ex96-1_image04.jpg) |

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<u> Silver Opportunity Partners LLC \| Sunshine Mine S-K 1300 Technical Report Summary on the Initial Assessment </u> <u> December 12, 2025 SLR Project No.: 123.020552.00001 </u>

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 an 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> December 12, 2025 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 has not researched property title or mineral rights for the Sunshine Mine and expresses 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 | ![](ny20061035x1ex96-1_image04.jpg) |

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<u> Silver Opportunity Partners LLC \| Sunshine Mine S-K 1300 Technical Report Summary on the Initial Assessment </u> <u> December 12, 2025 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 December 12, 2025, was prepared and signed by:

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|  | **(Signed) *SLR International Corporation*** |
| Dated at Lakewood, CO |  |
| December 12, 2025 | SLR International Corporation |

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This report titled "S-K 1300 Technical Report Summary on the Initial Assessment for the Sunshine Mine, Idaho, USA" dated December 12, 2025, was prepared and signed by:

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|  | **(Signed) *SRK Consulting (U.S.), Inc.*** |
| Dated at Denver, CO |  |
| December 12, 2025 | SRK Consulting (U.S.), Inc. |

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| 26-1 | ![](ny20061035x1ex96-1_image04.jpg) |

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<u> Silver Opportunity Partners LLC \| Sunshine Mine S-K 1300 Technical Report Summary on the Initial Assessment </u> <u> December 12, 2025 SLR Project No.: 123.020552.00001 </u>

27.0 Appendix 1 Cash Flow Analysis

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| 27-1 | ![](ny20061035x1ex96-1_image04.jpg) |

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<u> Silver Opportunity Partners LLC \| Sunshine Mine S-K 1300 Technical Report Summary on the Initial Assessment </u> <u> December 12, 2025 SLR Project No.: 123.020552.00001 </u>

**Table 27-1:&nbsp;&nbsp;&nbsp;&nbsp; Project Cashflow (Base Case)**

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| 27-2 | ![](ny20061035x1ex96-1_image04.jpg) |

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<u> Silver Opportunity Partners LLC \| Sunshine Mine S-K 1300 Technical Report Summary on the Initial Assessment </u> <u> December 12, 2025 SLR Project No.: 123.020552.00001 </u>

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<u> Silver Opportunity Partners LLC \| Sunshine Mine S-K 1300 Technical Report Summary on the Initial Assessment </u> <u> December 12, 2025 SLR Project No.: 123.020552.00001 </u>

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<u> Silver Opportunity Partners LLC \| Sunshine Mine S-K 1300 Technical Report Summary on the Initial Assessment </u> <u> December 12, 2025 SLR Project No.: 123.020552.00001 </u>

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| 27-5 | ![](ny20061035x1ex96-1_image04.jpg) |

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<u> Silver Opportunity Partners LLC \| Sunshine Mine S-K 1300 Technical Report Summary on the Initial Assessment </u> <u> December 12, 2025 SLR Project No.: 123.020552.00001 </u>

**Table 27-2:&nbsp;&nbsp;&nbsp;&nbsp; Project Cashflow (Indicated Only Case)**

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| 27-6 | ![](ny20061035x1ex96-1_image04.jpg) |

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<u> Silver Opportunity Partners LLC \| Sunshine Mine S-K 1300 Technical Report Summary on the Initial Assessment </u> <u> December 12, 2025 SLR Project No.: 123.020552.00001 </u>

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<u> Silver Opportunity Partners LLC \| Sunshine Mine S-K 1300 Technical Report Summary on the Initial Assessment </u> <u> December 12, 2025 SLR Project No.: 123.020552.00001 </u>

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| 27-8 | ![](ny20061035x1ex96-1_image04.jpg) |

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<u> Silver Opportunity Partners LLC \| Sunshine Mine S-K 1300 Technical Report Summary on the Initial Assessment </u> <u> December 12, 2025 SLR Project No.: 123.020552.00001 </u>

**28.0** **Appendix 2 List of Claims** 

**Table 28-1:&nbsp;&nbsp;&nbsp;&nbsp; List of Patented Claims**

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|:---|:---|:---|:---|:---|:---|:---|
| | &nbsp;&nbsp;**License Code** | &nbsp;&nbsp;**License Name** | &nbsp;&nbsp;**Parties** | &nbsp;&nbsp;**Interest** | &nbsp;&nbsp;**Area<br> (ac)** | &nbsp;&nbsp;**Map Reference** |
| &nbsp;&nbsp;1 | &nbsp;&nbsp;700_Polaris Lode | &nbsp;&nbsp;Polaris Lode | &nbsp;&nbsp;Sunshine Mine (100%); Sunshine Mine | &nbsp;&nbsp;Owned | &nbsp;&nbsp;18.93 | &nbsp;&nbsp;United States, 48N 3E,14, 15; Shoshone |
| &nbsp;&nbsp;2 | &nbsp;&nbsp;701_Southern Cross | &nbsp;&nbsp;Southern Cross | &nbsp;&nbsp;Sunshine Mine (100%); Sunshine Mine | &nbsp;&nbsp;Owned | &nbsp;&nbsp;18.13 | &nbsp;&nbsp;United States, 48N 3E,15; Shoshone |
| &nbsp;&nbsp;3 | &nbsp;&nbsp;702_Omega Lode | &nbsp;&nbsp;Omega Lode | &nbsp;&nbsp;Sunshine Mine (100%); Sunshine Mine | &nbsp;&nbsp;Owned | &nbsp;&nbsp;16.64 | &nbsp;&nbsp;United States, 48N 3E,14, 15; Shoshone |
| &nbsp;&nbsp;4 | &nbsp;&nbsp;883_Mineral Point (Lot No.42) | &nbsp;&nbsp;Mineral Point (Lot No.42) | &nbsp;&nbsp;Other (0%); Sunshine Mine | &nbsp;&nbsp;Owned | &nbsp;&nbsp;19.45 | &nbsp;&nbsp;United States, 48N 3E,24; 48N 4E,19; Shoshone |
| &nbsp;&nbsp;5 | &nbsp;&nbsp;1006_Coeur dAlene Nellie | &nbsp;&nbsp;Coeur dAlene Nellie | &nbsp;&nbsp;Other (0%); Sunshine Mine | &nbsp;&nbsp;Owned | &nbsp;&nbsp;14.12 | &nbsp;&nbsp;United States, 48N 3E,13, 14, 23, 24; Shoshone |
| &nbsp;&nbsp;6 | &nbsp;&nbsp;1006_Emma Nevada | &nbsp;&nbsp;Emma Nevada | &nbsp;&nbsp;Other (0%); Sunshine Mine | &nbsp;&nbsp;Owned | &nbsp;&nbsp;15.48 | &nbsp;&nbsp;United States, 48N 3E,13, 14; Shoshone |
| &nbsp;&nbsp;7 | &nbsp;&nbsp;1335_Josephine | &nbsp;&nbsp;Josephine | &nbsp;&nbsp;Sunshine Mine (100%); Sunshine Mine | &nbsp;&nbsp;Owned | &nbsp;&nbsp;19.36 | &nbsp;&nbsp;United States, 48N 5E,16, 17; Shoshone |
| &nbsp;&nbsp;8 | &nbsp;&nbsp;1354_Snowdrift | &nbsp;&nbsp;Snowdrift | &nbsp;&nbsp;Sunshine Mine (100%); Sunshine Mine & Hecla | &nbsp;&nbsp;Owned | &nbsp;&nbsp;18.44 | &nbsp;&nbsp;United States, 48N 5E,16, 17, 20, 21; Shoshone |
| &nbsp;&nbsp;9 | &nbsp;&nbsp;1482_Cape Nome | &nbsp;&nbsp;Cape Nome | &nbsp;&nbsp;Other (0%); Rock Creek Silver-Lead; Sunshine Mine | &nbsp;&nbsp;Leased | &nbsp;&nbsp;17.93 | &nbsp;&nbsp;United States, 47N 5E,5; Shoshone |
| &nbsp;&nbsp;10 | &nbsp;&nbsp;2083_Bartlett | &nbsp;&nbsp;Bartlett | &nbsp;&nbsp;Other (0%); Chester Mining Company; Sunshine Mine | &nbsp;&nbsp;Leased | &nbsp;&nbsp;20.54 | &nbsp;&nbsp;United States, 48N 3E,14; Shoshone |
| &nbsp;&nbsp;11 | &nbsp;&nbsp;2083_Chester | &nbsp;&nbsp;Chester | &nbsp;&nbsp;Other (0%); Chester Mining Company; Sunshine Mine | &nbsp;&nbsp;Leased | &nbsp;&nbsp;16.19 | &nbsp;&nbsp;United States, 48N 3E,14, 15; Shoshone |
| &nbsp;&nbsp;12 | &nbsp;&nbsp;2083_Hanna | &nbsp;&nbsp;Hanna | &nbsp;&nbsp;Other (0%); Chester Mining Company; Sunshine Mine | &nbsp;&nbsp;Leased | &nbsp;&nbsp;20.54 | &nbsp;&nbsp;United States, 48N 3E,14; Shoshone |
| &nbsp;&nbsp;13 | &nbsp;&nbsp;2083_McKinley | &nbsp;&nbsp;McKinley | &nbsp;&nbsp;Other (0%); Chester Mining Company; Sunshine Mine | &nbsp;&nbsp;Leased | &nbsp;&nbsp;20.54 | &nbsp;&nbsp;United States, 48N 3E,14; Shoshone |
| &nbsp;&nbsp;14 | &nbsp;&nbsp;2083_Protection | &nbsp;&nbsp;Protection | &nbsp;&nbsp;Other (0%); Chester Mining Company; Sunshine Mine | &nbsp;&nbsp;Leased | &nbsp;&nbsp;14.99 | &nbsp;&nbsp;United States, 48N 3E,14, 15, 22, 23; Shoshone |
| &nbsp;&nbsp;15 | &nbsp;&nbsp;2083_Step and Half | &nbsp;&nbsp;Step and Half | &nbsp;&nbsp;Other (0%); Chester Mining Company; Sunshine Mine | &nbsp;&nbsp;Leased | &nbsp;&nbsp;13.26 | &nbsp;&nbsp;United States, 48N 3E,14; Shoshone |
| &nbsp;&nbsp;16 | &nbsp;&nbsp;2183_Ben Harrison | &nbsp;&nbsp;Ben Harrison | &nbsp;&nbsp;Sunshine Mine (100%); Sunshine Mine | &nbsp;&nbsp;Owned | &nbsp;&nbsp;15.83 | &nbsp;&nbsp;United States, 48N 5E,17; Shoshone |
| &nbsp;&nbsp;17 | &nbsp;&nbsp;2267A_Cleaveland | &nbsp;&nbsp;Cleaveland | &nbsp;&nbsp;Sunshine Mine (100%); Sunshine Mine | &nbsp;&nbsp;Owned | &nbsp;&nbsp;19.81 | &nbsp;&nbsp;United States, 48N 3E,15, 22; Shoshone |
| &nbsp;&nbsp;18 | &nbsp;&nbsp;2267A_Norcross | &nbsp;&nbsp;Norcross | &nbsp;&nbsp;Sunshine Mine (100%); Sunshine Mine | &nbsp;&nbsp;Owned | &nbsp;&nbsp;7.18 | &nbsp;&nbsp;United States, 48N 3E,15, 22; Shoshone |
| &nbsp;&nbsp;19 | &nbsp;&nbsp;2267A_Sherman | &nbsp;&nbsp;Sherman | &nbsp;&nbsp;Other (0%); Sunshine Mine | &nbsp;&nbsp;Owned | &nbsp;&nbsp;6.07 | &nbsp;&nbsp;United States, 48N 3E,15; Shoshone |
| &nbsp;&nbsp;20 | &nbsp;&nbsp;2267A_Yankee Load | &nbsp;&nbsp;Yankee Load | &nbsp;&nbsp;Other (0%); Sunshine Mine | &nbsp;&nbsp;Owned | &nbsp;&nbsp;15.81 | &nbsp;&nbsp;United States, 48N 3E,15, 22; Shoshone |
| &nbsp;&nbsp;21 | &nbsp;&nbsp;2267B_Yankee Mill Site | &nbsp;&nbsp;Yankee Mill Site | &nbsp;&nbsp;Sunshine Mine (100%); Sunshine Mine | &nbsp;&nbsp;Owned | &nbsp;&nbsp;4.74 | &nbsp;&nbsp;United States, 48N 3E,15; Shoshone |
| &nbsp;&nbsp;22 | &nbsp;&nbsp;2506_Ranger | &nbsp;&nbsp;Ranger | &nbsp;&nbsp;Sunshine Mine (100%); Sunshine Mine | &nbsp;&nbsp;Owned | &nbsp;&nbsp;12.72 | &nbsp;&nbsp;United States, 48N 5E,17; Shoshone |
| &nbsp;&nbsp;23 | &nbsp;&nbsp;2539_Banner | &nbsp;&nbsp;Banner | &nbsp;&nbsp;Other (0%); Sunshine Mine | &nbsp;&nbsp;Owned | &nbsp;&nbsp;18.48 | &nbsp;&nbsp;United States, 47N 5E,2, 3; Shoshone |
| &nbsp;&nbsp;24 | &nbsp;&nbsp;2539_Oregon | &nbsp;&nbsp;Oregon | &nbsp;&nbsp;Other (0%); Sunshine Mine | &nbsp;&nbsp;Owned | &nbsp;&nbsp;17.67 | &nbsp;&nbsp;United States, 47N 5E,3; Shoshone |
| &nbsp;&nbsp;25 | &nbsp;&nbsp;2539_Puzzler Boy | &nbsp;&nbsp;Puzzler Boy | &nbsp;&nbsp;Other (0%); Sunshine Mine | &nbsp;&nbsp;Owned | &nbsp;&nbsp;18.41 | &nbsp;&nbsp;United States, 47N 5E,3; Shoshone |
| &nbsp;&nbsp;26 | &nbsp;&nbsp;2539_Sister Roary | &nbsp;&nbsp;Sister Roary | &nbsp;&nbsp;Other (0%); Sunshine Mine | &nbsp;&nbsp;Owned | &nbsp;&nbsp;4.34 | &nbsp;&nbsp;United States, 47N 5E,3; Shoshone |

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| 28-1 | ![](ny20061035x1ex96-1_image04.jpg) |

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<u> Silver Opportunity Partners LLC \| Sunshine Mine S-K 1300 Technical Report Summary on the Initial Assessment </u> <u> December 12, 2025 SLR Project No.: 123.020552.00001 </u>

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|:---|:---|:---|:---|:---|:---|:---|
| | &nbsp;&nbsp;**License Code** | &nbsp;&nbsp;**License Name** | &nbsp;&nbsp;**Parties** | &nbsp;&nbsp;**Interest** | &nbsp;&nbsp;**Area<br> (ac)** | &nbsp;&nbsp;**Map Reference** |
| &nbsp;&nbsp;27 | &nbsp;&nbsp;2539_Snyly | &nbsp;&nbsp;Snyly | &nbsp;&nbsp;Sunshine Mine (100%); Other (0%) | &nbsp;&nbsp;Owned | &nbsp;&nbsp;13.00 | &nbsp;&nbsp;United States, 47N 5E,3, 4; Shoshone |
| &nbsp;&nbsp;28 | &nbsp;&nbsp;2641_Blue Bell | &nbsp;&nbsp;Blue Bell | &nbsp;&nbsp;Other (0%); Sunshine Mine | &nbsp;&nbsp;Owned | &nbsp;&nbsp;16.70 | &nbsp;&nbsp;United States, 48N 2E,17; Shoshone |
| &nbsp;&nbsp;29 | &nbsp;&nbsp;2641_Center Star | &nbsp;&nbsp;Center Star | &nbsp;&nbsp;Other (0%); Sunshine Mine | &nbsp;&nbsp;Owned | &nbsp;&nbsp;14.22 | &nbsp;&nbsp;United States, 48N 2E,17, 20; Shoshone |
| &nbsp;&nbsp;30 | &nbsp;&nbsp;2641_Gold Standard | &nbsp;&nbsp;Gold Standard | &nbsp;&nbsp;Other (0%); Sunshine Mine | &nbsp;&nbsp;Owned | &nbsp;&nbsp;19.01 | &nbsp;&nbsp;United States, 48N 2E,17, 20; Shoshone |
| &nbsp;&nbsp;31 | &nbsp;&nbsp;2641_Mucker | &nbsp;&nbsp;Mucker | &nbsp;&nbsp;Other (0%); Sunshine Mine | &nbsp;&nbsp;Owned | &nbsp;&nbsp;14.75 | &nbsp;&nbsp;United States, 48N 2E,17; Shoshone |
| &nbsp;&nbsp;32 | &nbsp;&nbsp;2641_Surprise | &nbsp;&nbsp;Surprise | &nbsp;&nbsp;Other (0%); Sunshine Mine | &nbsp;&nbsp;Owned | &nbsp;&nbsp;14.76 | &nbsp;&nbsp;United States, 48N 2E,17, 20; Shoshone |
| &nbsp;&nbsp;33 | &nbsp;&nbsp;2807_Bay Horse | &nbsp;&nbsp;Bay Horse | &nbsp;&nbsp;Other (0%); Sunshine Mine | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 48N 3E,19, 20; Shoshone |
| &nbsp;&nbsp;34 | &nbsp;&nbsp;2807_Corona | &nbsp;&nbsp;Corona | &nbsp;&nbsp;Other (0%); Sunshine Mine | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.24 | &nbsp;&nbsp;United States, 48N 3E,20; Shoshone |
| &nbsp;&nbsp;35 | &nbsp;&nbsp;2807_Corona No.1 | &nbsp;&nbsp;Corona No.1 | &nbsp;&nbsp;Other (0%); Sunshine Mine | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.24 | &nbsp;&nbsp;United States, 48N 3E,20; Shoshone |
| &nbsp;&nbsp;36 | &nbsp;&nbsp;2807_Corona No.2 | &nbsp;&nbsp;Corona No.2 | &nbsp;&nbsp;Other (0%); Sunshine Mine | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.24 | &nbsp;&nbsp;United States, 48N 3E,20; Shoshone |
| &nbsp;&nbsp;37 | &nbsp;&nbsp;2807_Corona No.3 | &nbsp;&nbsp;Corona No.3 | &nbsp;&nbsp;Other (0%); Sunshine Mine | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.24 | &nbsp;&nbsp;United States, 48N 3E,20; Shoshone |
| &nbsp;&nbsp;38 | &nbsp;&nbsp;2807_Excellsior | &nbsp;&nbsp;Excellsior | &nbsp;&nbsp;Other (0%); Sunshine Mine | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 48N 3E,20; Shoshone |
| &nbsp;&nbsp;39 | &nbsp;&nbsp;2807_Gem | &nbsp;&nbsp;Gem | &nbsp;&nbsp;Other (0%); Sunshine Mine | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.57 | &nbsp;&nbsp;United States, 48N 3E,19, 20; Shoshone |
| &nbsp;&nbsp;40 | &nbsp;&nbsp;2807_Grouse | &nbsp;&nbsp;Grouse | &nbsp;&nbsp;Other (0%); Sunshine Mine | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 48N 3E,20; Shoshone |
| &nbsp;&nbsp;41 | &nbsp;&nbsp;2807_Happy Day | &nbsp;&nbsp;Happy Day | &nbsp;&nbsp;Other (0%); Sunshine Mine | &nbsp;&nbsp;Owned | &nbsp;&nbsp;11.53 | &nbsp;&nbsp;United States, 48N 3E,19; Shoshone |
| &nbsp;&nbsp;42 | &nbsp;&nbsp;2807_Happy Jack | &nbsp;&nbsp;Happy Jack | &nbsp;&nbsp;Other (0%); Sunshine Mine | &nbsp;&nbsp;Owned | &nbsp;&nbsp;9.06 | &nbsp;&nbsp;United States, 48N 3E,19; Shoshone |
| &nbsp;&nbsp;43 | &nbsp;&nbsp;2807_Rockford | &nbsp;&nbsp;Rockford | &nbsp;&nbsp;Other (0%); Sunshine Mine | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 48N 3E,20; Shoshone |
| &nbsp;&nbsp;44 | &nbsp;&nbsp;2853_Globe | &nbsp;&nbsp;Globe | &nbsp;&nbsp;Other (0%); Finucane; Sunshine Mine | &nbsp;&nbsp;Owned | &nbsp;&nbsp;18.50 | &nbsp;&nbsp;United States, 48N 2E,21, 22; Shoshone |
| &nbsp;&nbsp;45 | &nbsp;&nbsp;2974_Lead Point No.1 | &nbsp;&nbsp;Lead Point No.1 | &nbsp;&nbsp;Sunshine Mine (100%); Sunshine Mine | &nbsp;&nbsp;Owned | &nbsp;&nbsp;18.25 | &nbsp;&nbsp;United States, 48N 3E,25; Shoshone |
| &nbsp;&nbsp;46 | &nbsp;&nbsp;2974_Lead Point No.2 | &nbsp;&nbsp;Lead Point No.2 | &nbsp;&nbsp;Sunshine Mine (100%); Sunshine Mine | &nbsp;&nbsp;Owned | &nbsp;&nbsp;19.44 | &nbsp;&nbsp;United States, 48N 3E,25; Shoshone |
| &nbsp;&nbsp;47 | &nbsp;&nbsp;3081A_Black Pine | &nbsp;&nbsp;Black Pine | &nbsp;&nbsp;Sunshine Mine (100%); Sunshine Mine | &nbsp;&nbsp;Owned | &nbsp;&nbsp;1.41 | &nbsp;&nbsp;United States, 48N 5E,17, 20; Shoshone |
| &nbsp;&nbsp;48 | &nbsp;&nbsp;3081A_Erin Amended | &nbsp;&nbsp;Erin Amended | &nbsp;&nbsp;Sunshine Mine (100%); Sunshine Mine | &nbsp;&nbsp;Owned | &nbsp;&nbsp;18.16 | &nbsp;&nbsp;United States, 48N 5E,17; Shoshone |
| &nbsp;&nbsp;49 | &nbsp;&nbsp;3081A_Gilt Edge | &nbsp;&nbsp;Gilt Edge | &nbsp;&nbsp;Sunshine Mine (100%); Sunshine Mine | &nbsp;&nbsp;Owned | &nbsp;&nbsp;16.85 | &nbsp;&nbsp;United States, 48N 5E,17, 20; Shoshone |
| &nbsp;&nbsp;50 | &nbsp;&nbsp;3081A_Gilt Edge Fraction | &nbsp;&nbsp;Gilt Edge Fraction | &nbsp;&nbsp;Sunshine Mine (100%); Sunshine Mine | &nbsp;&nbsp;Owned | &nbsp;&nbsp;4.82 | &nbsp;&nbsp;United States, 48N 5E,20; Shoshone |
| &nbsp;&nbsp;51 | &nbsp;&nbsp;3081A_Iron Silver Fr. Am. | &nbsp;&nbsp;Iron Silver Fr. Am. | &nbsp;&nbsp;Sunshine Mine (100%); Sunshine Mine | &nbsp;&nbsp;Owned | &nbsp;&nbsp;14.76 | &nbsp;&nbsp;United States, 48N 5E,17, 20; Shoshone |
| &nbsp;&nbsp;52 | &nbsp;&nbsp;3081A_Maid of Erin | &nbsp;&nbsp;Maid of Erin | &nbsp;&nbsp;Sunshine Mine (100%); Sunshine Mine | &nbsp;&nbsp;Owned | &nbsp;&nbsp;8.95 | &nbsp;&nbsp;United States, 48N 5E,16, 17; Shoshone |
| &nbsp;&nbsp;53 | &nbsp;&nbsp;3081A_Mcsweeny | &nbsp;&nbsp;Mcsweeny | &nbsp;&nbsp;Other (0%); Sunshine Mine | &nbsp;&nbsp;Owned | &nbsp;&nbsp;0.21 | &nbsp;&nbsp;United States, 48N 5E,16, 17, 20, 21; Shoshone |
| &nbsp;&nbsp;54 | &nbsp;&nbsp;3081A_Nobel Schley Am. | &nbsp;&nbsp;Nobel Schley Am. | &nbsp;&nbsp;Other (0%); Sunshine Mine | &nbsp;&nbsp;Owned | &nbsp;&nbsp;17.20 | &nbsp;&nbsp;United States, 48N 5E,17; Shoshone |
| &nbsp;&nbsp;55 | &nbsp;&nbsp;3081A_Patrick Henry Am. | &nbsp;&nbsp;Patrick Henry Am. | &nbsp;&nbsp;Sunshine Mine (100%); Sunshine Mine | &nbsp;&nbsp;Owned | &nbsp;&nbsp;10.56 | &nbsp;&nbsp;United States, 48N 5E,17; Shoshone |
| &nbsp;&nbsp;56 | &nbsp;&nbsp;3081A_Patrick Henry Fr. Am. | &nbsp;&nbsp;Patrick Henry Fr. Am. | &nbsp;&nbsp;Sunshine Mine (100%); Sunshine Mine | &nbsp;&nbsp;Owned | &nbsp;&nbsp;8.28 | &nbsp;&nbsp;United States, 48N 5E,17; Shoshone |

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<u> Silver Opportunity Partners LLC \| Sunshine Mine S-K 1300 Technical Report Summary on the Initial Assessment </u> <u> December 12, 2025 SLR Project No.: 123.020552.00001 </u>

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|:---|:---|:---|:---|:---|:---|:---|
| | &nbsp;&nbsp;**License Code** | &nbsp;&nbsp;**License Name** | &nbsp;&nbsp;**Parties** | &nbsp;&nbsp;**Interest** | &nbsp;&nbsp;**Area<br> (ac)** | &nbsp;&nbsp;**Map Reference** |
| &nbsp;&nbsp;57 | &nbsp;&nbsp;3081A_Sampson | &nbsp;&nbsp;Sampson | &nbsp;&nbsp;Sunshine Mine (100%); Sunshine Mine | &nbsp;&nbsp;Owned | &nbsp;&nbsp;8.26 | &nbsp;&nbsp;United States, 48N 5E,17; Shoshone |
| &nbsp;&nbsp;58 | &nbsp;&nbsp;3081A_Snow Cap | &nbsp;&nbsp;Snow Cap | &nbsp;&nbsp;Sunshine Mine (100%); Sunshine Mine | &nbsp;&nbsp;Owned | &nbsp;&nbsp;0.06 | &nbsp;&nbsp;United States, 48N 5E,20, 21; Shoshone |
| &nbsp;&nbsp;59 | &nbsp;&nbsp;3081A_Snow Flake Fr. | &nbsp;&nbsp;Snow Flake Fr. | &nbsp;&nbsp;Sunshine Mine (100%); Sunshine Mine | &nbsp;&nbsp;Owned | &nbsp;&nbsp;5.37 | &nbsp;&nbsp;United States, 48N 5E,17, 20, 21; Shoshone |
| &nbsp;&nbsp;60 | &nbsp;&nbsp;3081A_White Pine Amended | &nbsp;&nbsp;White Pine Amended | &nbsp;&nbsp;Sunshine Mine (100%); Sunshine Mine | &nbsp;&nbsp;Owned | &nbsp;&nbsp;15.15 | &nbsp;&nbsp;United States, 48N 5E,17; Shoshone |
| &nbsp;&nbsp;61 | &nbsp;&nbsp;3081B_Maid of Erin Millsite | &nbsp;&nbsp;Maid of Erin Millsite | &nbsp;&nbsp;Sunshine Mine (100%); Sunshine Mine | &nbsp;&nbsp;Owned | &nbsp;&nbsp;4.87 | &nbsp;&nbsp;United States, 48N 5E,17; Shoshone |
| &nbsp;&nbsp;62 | &nbsp;&nbsp;3081B_Nobel Schley Millsite | &nbsp;&nbsp;Nobel Schley Millsite | &nbsp;&nbsp;Sunshine Mine (100%); Sunshine Mine | &nbsp;&nbsp;Owned | &nbsp;&nbsp;4.80 | &nbsp;&nbsp;United States, 48N 5E,8, 17; Shoshone |
| &nbsp;&nbsp;63 | &nbsp;&nbsp;3169_American | &nbsp;&nbsp;American | &nbsp;&nbsp;Other (0%); Sunshine Mine | &nbsp;&nbsp;Owned | &nbsp;&nbsp;18.70 | &nbsp;&nbsp;United States, 48N 3E,14, 15, 22; Shoshone |
| &nbsp;&nbsp;64 | &nbsp;&nbsp;3169_Iron King | &nbsp;&nbsp;Iron King | &nbsp;&nbsp;Sunshine Mine (100%); Sunshine Mine | &nbsp;&nbsp;Owned | &nbsp;&nbsp;19.14 | &nbsp;&nbsp;United States, 48N 3E,22; Shoshone |
| &nbsp;&nbsp;65 | &nbsp;&nbsp;3169_Majestic | &nbsp;&nbsp;Majestic | &nbsp;&nbsp;Other (0%); Sunshine Mine | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.12 | &nbsp;&nbsp;United States, 48N 3E,22; Shoshone |
| &nbsp;&nbsp;66 | &nbsp;&nbsp;3169_McKenzie | &nbsp;&nbsp;McKenzie | &nbsp;&nbsp;Sunshine Mine (100%); Sunshine Mine | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.33 | &nbsp;&nbsp;United States, 48N 3E,22; Shoshone |
| &nbsp;&nbsp;67 | &nbsp;&nbsp;3169_McKenzie Fraction | &nbsp;&nbsp;McKenzie Fraction | &nbsp;&nbsp;Sunshine Mine (100%); Sunshine Mine | &nbsp;&nbsp;Owned | &nbsp;&nbsp;14.09 | &nbsp;&nbsp;United States, 48N 3E,15, 22; Shoshone |
| &nbsp;&nbsp;68 | &nbsp;&nbsp;3169_Rambo | &nbsp;&nbsp;Rambo | &nbsp;&nbsp;Other (0%); Sunshine Mine | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.04 | &nbsp;&nbsp;United States, 48N 3E,15, 22; Shoshone |
| &nbsp;&nbsp;69 | &nbsp;&nbsp;3169_Rambo Fraction | &nbsp;&nbsp;Rambo Fraction | &nbsp;&nbsp;Other (0%); Sunshine Mine | &nbsp;&nbsp;Owned | &nbsp;&nbsp;6.90 | &nbsp;&nbsp;United States, 48N 3E,15, 22; Shoshone |
| &nbsp;&nbsp;70 | &nbsp;&nbsp;3169_Sunshine | &nbsp;&nbsp;Sunshine | &nbsp;&nbsp;Sunshine Mine (100%); Sunshine Mine | &nbsp;&nbsp;Owned | &nbsp;&nbsp;19.14 | &nbsp;&nbsp;United States, 48N 3E,22; Shoshone |
| &nbsp;&nbsp;71 | &nbsp;&nbsp;3169_Thin | &nbsp;&nbsp;Thin | &nbsp;&nbsp;Sunshine Mine (100%); Sunshine Mine | &nbsp;&nbsp;Owned | &nbsp;&nbsp;15.66 | &nbsp;&nbsp;United States, 48N 3E,21, 22; Shoshone |
| &nbsp;&nbsp;72 | &nbsp;&nbsp;3169_Yakima | &nbsp;&nbsp;Yakima | &nbsp;&nbsp;Other (0%); Sunshine Mine | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.33 | &nbsp;&nbsp;United States, 48N 3E,22; Shoshone |
| &nbsp;&nbsp;73 | &nbsp;&nbsp;3170_Grizzly Bear | &nbsp;&nbsp;Grizzly Bear | &nbsp;&nbsp;Other (0%); Sunshine Mine | &nbsp;&nbsp;Owned | &nbsp;&nbsp;10.15 | &nbsp;&nbsp;United States, 48N 3E,23; Shoshone |
| &nbsp;&nbsp;74 | &nbsp;&nbsp;3170_Jumbo # 5 | &nbsp;&nbsp;Jumbo # 5 | &nbsp;&nbsp;Sunshine Mine (25%); Sunshine Mine | &nbsp;&nbsp;Owned | &nbsp;&nbsp;17.59 | &nbsp;&nbsp;United States, 48N 3E,23; Shoshone |
| &nbsp;&nbsp;75 | &nbsp;&nbsp;3170_Jumbo # 6 | &nbsp;&nbsp;Jumbo # 6 | &nbsp;&nbsp;Other (0%); Sunshine Mine | &nbsp;&nbsp;Owned | &nbsp;&nbsp;19.46 | &nbsp;&nbsp;United States, 48N 3E,23; Shoshone |
| &nbsp;&nbsp;76 | &nbsp;&nbsp;3170_Jumbo No. 1 | &nbsp;&nbsp;Jumbo No. 1 | &nbsp;&nbsp;Other (0%); Sunshine Mine | &nbsp;&nbsp;Owned | &nbsp;&nbsp;14.97 | &nbsp;&nbsp;United States, 48N 3E,23; Shoshone |
| &nbsp;&nbsp;77 | &nbsp;&nbsp;3170_Jumbo No. 2 | &nbsp;&nbsp;Jumbo No. 2 | &nbsp;&nbsp;Other (0%); Sunshine Mine | &nbsp;&nbsp;Owned | &nbsp;&nbsp;17.01 | &nbsp;&nbsp;United States, 48N 3E,23, 24; Shoshone |
| &nbsp;&nbsp;78 | &nbsp;&nbsp;3170_Jumbo No. 3 | &nbsp;&nbsp;Jumbo No. 3 | &nbsp;&nbsp;Other (0%); Sunshine Mine | &nbsp;&nbsp;Owned | &nbsp;&nbsp;14.19 | &nbsp;&nbsp;United States, 48N 3E,23; Shoshone |
| &nbsp;&nbsp;79 | &nbsp;&nbsp;3170_Jumbo No. 4 | &nbsp;&nbsp;Jumbo No. 4 | &nbsp;&nbsp;Other (0%); Sunshine Mine | &nbsp;&nbsp;Owned | &nbsp;&nbsp;17.86 | &nbsp;&nbsp;United States, 48N 3E,23, 24; Shoshone |
| &nbsp;&nbsp;80 | &nbsp;&nbsp;3170_Key West | &nbsp;&nbsp;Key West | &nbsp;&nbsp;Other (0%); Sunshine Mine | &nbsp;&nbsp;Owned | &nbsp;&nbsp;11.90 | &nbsp;&nbsp;United States, 48N 3E,23; Shoshone |
| &nbsp;&nbsp;81 | &nbsp;&nbsp;3170_Protection Fraction | &nbsp;&nbsp;Protection Fraction | &nbsp;&nbsp;Other (0%); Sunshine Mine | &nbsp;&nbsp;Owned | &nbsp;&nbsp;3.01 | &nbsp;&nbsp;United States, 48N 3E,14, 15, 22, 23; Shoshone |
| &nbsp;&nbsp;82 | &nbsp;&nbsp;3170_Torpedo | &nbsp;&nbsp;Torpedo | &nbsp;&nbsp;Other (0%); Sunshine Mine | &nbsp;&nbsp;Owned | &nbsp;&nbsp;13.55 | &nbsp;&nbsp;United States, 48N 3E,23; Shoshone |
| &nbsp;&nbsp;83 | &nbsp;&nbsp;3174_West End | &nbsp;&nbsp;West End | &nbsp;&nbsp;Other (0%); Sunshine Mine | &nbsp;&nbsp;Owned | &nbsp;&nbsp;15.21 | &nbsp;&nbsp;United States, 48N 3E,14, 23; Shoshone |
| &nbsp;&nbsp;84 | &nbsp;&nbsp;3191_Rainbow No.2 | &nbsp;&nbsp;Rainbow No.2 | &nbsp;&nbsp;Other (0%); Sunshine Mine | &nbsp;&nbsp;Owned | &nbsp;&nbsp;15.50 | &nbsp;&nbsp;United States, 48N 4E,19; Shoshone |
| &nbsp;&nbsp;85 | &nbsp;&nbsp;3220_Go Between | &nbsp;&nbsp;Go Between | &nbsp;&nbsp;Other (0%); Sunshine Mine | &nbsp;&nbsp;Owned | &nbsp;&nbsp;14.21 | &nbsp;&nbsp;United States, 48N 3E,13; Shoshone |
| &nbsp;&nbsp;86 | &nbsp;&nbsp;3220_Homestake | &nbsp;&nbsp;Homestake | &nbsp;&nbsp;Sunshine Mine (50%); Sunshine Mine | &nbsp;&nbsp;Owned | &nbsp;&nbsp;17.91 | &nbsp;&nbsp;United States, 48N 3E,13; Shoshone |

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|:---|:---|
| 28-3 | ![](ny20061035x1ex96-1_image04.jpg) |

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<u> Silver Opportunity Partners LLC \| Sunshine Mine S-K 1300 Technical Report Summary on the Initial Assessment </u> <u> December 12, 2025 SLR Project No.: 123.020552.00001 </u>

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | &nbsp;&nbsp;**License Code** | &nbsp;&nbsp;**License Name** | &nbsp;&nbsp;**Parties** | &nbsp;&nbsp;**Interest** | &nbsp;&nbsp;**Area<br> (ac)** | &nbsp;&nbsp;**Map Reference** |
| &nbsp;&nbsp;87 | &nbsp;&nbsp;3220_Maxwell Fraction | &nbsp;&nbsp;Maxwell Fraction | &nbsp;&nbsp;Other (0%); Sunshine Mine | &nbsp;&nbsp;Owned | &nbsp;&nbsp;4.22 | &nbsp;&nbsp;United States, 48N 3E,13; Shoshone |
| &nbsp;&nbsp;88 | &nbsp;&nbsp;3220_Maxwell No. 1 | &nbsp;&nbsp;Maxwell No. 1 | &nbsp;&nbsp;Other (0%); Sunshine Mine | &nbsp;&nbsp;Owned | &nbsp;&nbsp;19.91 | &nbsp;&nbsp;United States, 48N 3E,13, 14; Shoshone |
| &nbsp;&nbsp;89 | &nbsp;&nbsp;3220_Maxwell No. 2 | &nbsp;&nbsp;Maxwell No. 2 | &nbsp;&nbsp;Other (0%); Sunshine Mine | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.65 | &nbsp;&nbsp;United States, 48N 3E,13, 14; Shoshone |
| &nbsp;&nbsp;90 | &nbsp;&nbsp;3220_Maxwell No. 3 | &nbsp;&nbsp;Maxwell No. 3 | &nbsp;&nbsp;Sunshine Mine (100%); Sunshine Mine | &nbsp;&nbsp;Owned | &nbsp;&nbsp;11.00 | &nbsp;&nbsp;United States, 48N 3E,13; Shoshone |
| &nbsp;&nbsp;91 | &nbsp;&nbsp;3220_North | &nbsp;&nbsp;North | &nbsp;&nbsp;Other (0%); Sunshine Mine | &nbsp;&nbsp;Owned | &nbsp;&nbsp;4.39 | &nbsp;&nbsp;United States, 48N 3E,13, 14; Shoshone |
| &nbsp;&nbsp;92 | &nbsp;&nbsp;3221_Blue Jay No.1 | &nbsp;&nbsp;Blue Jay No.1 | &nbsp;&nbsp;Other (0%); Sunshine Mine | &nbsp;&nbsp;Owned | &nbsp;&nbsp;12.92 | &nbsp;&nbsp;United States, 48N 3E,13, 23, 24; Shoshone |
| &nbsp;&nbsp;93 | &nbsp;&nbsp;3221_Blue Jay No.2 | &nbsp;&nbsp;Blue Jay No.2 | &nbsp;&nbsp;Other (0%); Sunshine Mine | &nbsp;&nbsp;Owned | &nbsp;&nbsp;13.12 | &nbsp;&nbsp;United States, 48N 3E,23, 24; Shoshone |
| &nbsp;&nbsp;94 | &nbsp;&nbsp;3240_Instructive | &nbsp;&nbsp;Instructive | &nbsp;&nbsp;Other (0%); Chester Mining Company; Sunshine Mine | &nbsp;&nbsp;Leased | &nbsp;&nbsp;8.19 | &nbsp;&nbsp;United States, 48N 3E,14, 15; Shoshone |
| &nbsp;&nbsp;95 | &nbsp;&nbsp;3240_Little Giant | &nbsp;&nbsp;Little Giant | &nbsp;&nbsp;Other (0%); Chester Mining Company; Sunshine Mine | &nbsp;&nbsp;Leased | &nbsp;&nbsp;6.84 | &nbsp;&nbsp;United States, 48N 3E,14, 15; Shoshone |
| &nbsp;&nbsp;96 | &nbsp;&nbsp;3240_Monitor | &nbsp;&nbsp;Monitor | &nbsp;&nbsp;Other (0%); Chester Mining Company; Sunshine Mine | &nbsp;&nbsp;Leased | &nbsp;&nbsp;19.98 | &nbsp;&nbsp;United States, 48N 3E,14; Shoshone |
| &nbsp;&nbsp;97 | &nbsp;&nbsp;3261_Aetna | &nbsp;&nbsp;Aetna | &nbsp;&nbsp;Sunshine Mine (100%); Sunshine Mine | &nbsp;&nbsp;Owned | &nbsp;&nbsp;9.80 | &nbsp;&nbsp;United States, 48N 3E,24; Shoshone |
| &nbsp;&nbsp;98 | &nbsp;&nbsp;3261_Bernardy No. 8 | &nbsp;&nbsp;Bernardy No. 8 | &nbsp;&nbsp;Sunshine Mine (100%); Sunshine Mine | &nbsp;&nbsp;Owned | &nbsp;&nbsp;4.23 | &nbsp;&nbsp;United States, 48N 3E,23, 24; Shoshone |
| &nbsp;&nbsp;99 | &nbsp;&nbsp;3261_Little Gem | &nbsp;&nbsp;Little Gem | &nbsp;&nbsp;Sunshine Mine (100%); Sunshine Mine | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.02 | &nbsp;&nbsp;United States, 48N 3E,23, 24; Shoshone |
| &nbsp;&nbsp;100 | &nbsp;&nbsp;3261_Lucky Boy | &nbsp;&nbsp;Lucky Boy | &nbsp;&nbsp;Sunshine Mine (100%); Sunshine Mine | &nbsp;&nbsp;Owned | &nbsp;&nbsp;16.06 | &nbsp;&nbsp;United States, 48N 3E,23, 24; Shoshone |
| &nbsp;&nbsp;101 | &nbsp;&nbsp;3261_Lucky Stone | &nbsp;&nbsp;Lucky Stone | &nbsp;&nbsp;Sunshine Mine (100%); Sunshine Mine | &nbsp;&nbsp;Owned | &nbsp;&nbsp;15.22 | &nbsp;&nbsp;United States, 48N 3E,24; Shoshone |
| &nbsp;&nbsp;102 | &nbsp;&nbsp;3261_Lucky Stone No. 2 | &nbsp;&nbsp;Lucky Stone No. 2 | &nbsp;&nbsp;Sunshine Mine (100%); Sunshine Mine | &nbsp;&nbsp;Owned | &nbsp;&nbsp;6.53 | &nbsp;&nbsp;United States, 48N 3E,24; Shoshone |
| &nbsp;&nbsp;103 | &nbsp;&nbsp;3261_Lucky Stone No. 3 | &nbsp;&nbsp;Lucky Stone No. 3 | &nbsp;&nbsp;Sunshine Mine (100%); Sunshine Mine | &nbsp;&nbsp;Owned | &nbsp;&nbsp;11.95 | &nbsp;&nbsp;United States, 48N 3E,23, 24; Shoshone |
| &nbsp;&nbsp;104 | &nbsp;&nbsp;3261_Lucky Stone No. 4 | &nbsp;&nbsp;Lucky Stone No. 4 | &nbsp;&nbsp;Sunshine Mine (100%); Sunshine Mine | &nbsp;&nbsp;Owned | &nbsp;&nbsp;5.70 | &nbsp;&nbsp;United States, 48N 3E,23, 24; Shoshone |
| &nbsp;&nbsp;105 | &nbsp;&nbsp;3261_Manitoba | &nbsp;&nbsp;Manitoba | &nbsp;&nbsp;Sunshine Mine (100%); Sunshine Mine | &nbsp;&nbsp;Owned | &nbsp;&nbsp;19.33 | &nbsp;&nbsp;United States, 48N 3E,23, 24; Shoshone |
| &nbsp;&nbsp;106 | &nbsp;&nbsp;3261_Morning Glory | &nbsp;&nbsp;Morning Glory | &nbsp;&nbsp;Sunshine Mine (100%); Sunshine Mine | &nbsp;&nbsp;Owned | &nbsp;&nbsp;18.90 | &nbsp;&nbsp;United States, 48N 3E,24; Shoshone |
| &nbsp;&nbsp;107 | &nbsp;&nbsp;3261_Morning Glory Fraction | &nbsp;&nbsp;Morning Glory Fraction | &nbsp;&nbsp;Sunshine Mine (100%); Sunshine Mine | &nbsp;&nbsp;Owned | &nbsp;&nbsp;17.48 | &nbsp;&nbsp;United States, 48N 3E,24; Shoshone |
| &nbsp;&nbsp;108 | &nbsp;&nbsp;3261_Morning Glory No. 2 | &nbsp;&nbsp;Morning Glory No. 2 | &nbsp;&nbsp;Sunshine Mine (100%); Sunshine Mine | &nbsp;&nbsp;Owned | &nbsp;&nbsp;11.12 | &nbsp;&nbsp;United States, 48N 3E,24; Shoshone |
| &nbsp;&nbsp;109 | &nbsp;&nbsp;3261_Reid | &nbsp;&nbsp;Reid | &nbsp;&nbsp;Sunshine Mine (100%); Sunshine Mine | &nbsp;&nbsp;Owned | &nbsp;&nbsp;13.40 | &nbsp;&nbsp;United States, 48N 3E,24; Shoshone |
| &nbsp;&nbsp;110 | &nbsp;&nbsp;3261_Walters Lode | &nbsp;&nbsp;Walters Lode | &nbsp;&nbsp;Sunshine Mine (100%); Sunshine Mine | &nbsp;&nbsp;Owned | &nbsp;&nbsp;10.13 | &nbsp;&nbsp;United States, 48N 3E,24; Shoshone |
| &nbsp;&nbsp;111 | &nbsp;&nbsp;3268_Kaiser | &nbsp;&nbsp;Kaiser | &nbsp;&nbsp;Other (0%); Sunshine Mine | &nbsp;&nbsp;Owned | &nbsp;&nbsp;18.29 | &nbsp;&nbsp;United States, 48N 3E,24; Shoshone |
| &nbsp;&nbsp;112 | &nbsp;&nbsp;3268_May | &nbsp;&nbsp;May | &nbsp;&nbsp;Other (0%); Sunshine Mine | &nbsp;&nbsp;Owned | &nbsp;&nbsp;10.44 | &nbsp;&nbsp;United States, 48N 3E,24; Shoshone |
| &nbsp;&nbsp;113 | &nbsp;&nbsp;3268_Nora | &nbsp;&nbsp;Nora | &nbsp;&nbsp;Other (0%); Sunshine Mine | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.61 | &nbsp;&nbsp;United States, 48N 3E,24; Shoshone |
| &nbsp;&nbsp;114 | &nbsp;&nbsp;3268_Norway | &nbsp;&nbsp;Norway | &nbsp;&nbsp;Other (0%); Sunshine Mine | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.60 | &nbsp;&nbsp;United States, 48N 3E,24; Shoshone |
| &nbsp;&nbsp;115 | &nbsp;&nbsp;3271_Goethe | &nbsp;&nbsp;Goethe | &nbsp;&nbsp;Other (0%); Sunshine Mine | &nbsp;&nbsp;Owned | &nbsp;&nbsp;1.16 | &nbsp;&nbsp;United States, 48N 3E,14, 23; Shoshone |
| &nbsp;&nbsp;116 | &nbsp;&nbsp;3272_Gretchen | &nbsp;&nbsp;Gretchen | &nbsp;&nbsp;Other (0%); Metropolitian Mines; Sunshine Mine | &nbsp;&nbsp;Leased | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 48N 3E,22, 23; Shoshone |

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|:---|:---|
| 28-4 | ![](ny20061035x1ex96-1_image04.jpg) |

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<u> Silver Opportunity Partners LLC \| Sunshine Mine S-K 1300 Technical Report Summary on the Initial Assessment </u> <u> December 12, 2025 SLR Project No.: 123.020552.00001 </u>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | &nbsp;&nbsp;**License Code** | &nbsp;&nbsp;**License Name** | &nbsp;&nbsp;**Parties** | &nbsp;&nbsp;**Interest** | &nbsp;&nbsp;**Area<br> (ac)** | &nbsp;&nbsp;**Map Reference** |
| &nbsp;&nbsp;117 | &nbsp;&nbsp;3272_Hans | &nbsp;&nbsp;Hans | &nbsp;&nbsp;Other (0%); Sunshine Mine | &nbsp;&nbsp;Owned | &nbsp;&nbsp;16.23 | &nbsp;&nbsp;United States, 48N 3E,22; Shoshone |
| &nbsp;&nbsp;118 | &nbsp;&nbsp;3272_Plover | &nbsp;&nbsp;Plover | &nbsp;&nbsp;Other (0%); Metropolitian Mines; Sunshine Mine | &nbsp;&nbsp;Leased | &nbsp;&nbsp;20.41 | &nbsp;&nbsp;United States, 48N 3E,22; Shoshone |
| &nbsp;&nbsp;119 | &nbsp;&nbsp;3272_Rotbart | &nbsp;&nbsp;Rotbart | &nbsp;&nbsp;Other (0%); Sunshine Mine | &nbsp;&nbsp;Owned | &nbsp;&nbsp;10.87 | &nbsp;&nbsp;United States, 48N 3E,15, 22; Shoshone |
| &nbsp;&nbsp;120 | &nbsp;&nbsp;3272_Schiller | &nbsp;&nbsp;Schiller | &nbsp;&nbsp;Other (0%); Sunshine Mine | &nbsp;&nbsp;Owned | &nbsp;&nbsp;11.12 | &nbsp;&nbsp;United States, 48N 3E,22; Shoshone |
| &nbsp;&nbsp;121 | &nbsp;&nbsp;3272_Zwerg | &nbsp;&nbsp;Zwerg | &nbsp;&nbsp;Other (0%); Sunshine Mine | &nbsp;&nbsp;Owned | &nbsp;&nbsp;2.07 | &nbsp;&nbsp;United States, 48N 3E,14, 15, 22; Shoshone |
| &nbsp;&nbsp;122 | &nbsp;&nbsp;3273_Baldur | &nbsp;&nbsp;Baldur | &nbsp;&nbsp;Other (0%); Sunshine Mine | &nbsp;&nbsp;Owned | &nbsp;&nbsp;11.04 | &nbsp;&nbsp;United States, 48N 3E,16; Shoshone |
| &nbsp;&nbsp;123 | &nbsp;&nbsp;3273_Baldur Fraction | &nbsp;&nbsp;Baldur Fraction | &nbsp;&nbsp;Other (0%); Sunshine Mine | &nbsp;&nbsp;Owned | &nbsp;&nbsp;6.60 | &nbsp;&nbsp;United States, 48N 3E,16; Shoshone |
| &nbsp;&nbsp;124 | &nbsp;&nbsp;3273_Bonanza Fraction | &nbsp;&nbsp;Bonanza Fraction | &nbsp;&nbsp;Other (0%); Sunshine Mine | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 48N 3E,21; Shoshone |
| &nbsp;&nbsp;125 | &nbsp;&nbsp;3273_Contact Mountain | &nbsp;&nbsp;Contact Mountain | &nbsp;&nbsp;Other (0%); Sunshine Mine | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.63 | &nbsp;&nbsp;United States, 48N 3E,16, 21; Shoshone |
| &nbsp;&nbsp;126 | &nbsp;&nbsp;3273_Gail Fraction | &nbsp;&nbsp;Gail Fraction | &nbsp;&nbsp;Other (0%); Sunshine Mine | &nbsp;&nbsp;Owned | &nbsp;&nbsp;3.67 | &nbsp;&nbsp;United States, 48N 3E,16, 21; Shoshone |
| &nbsp;&nbsp;127 | &nbsp;&nbsp;3273_Gullickson Fraction | &nbsp;&nbsp;Gullickson Fraction | &nbsp;&nbsp;Sunshine Mine (100%); Sunshine Mine | &nbsp;&nbsp;Owned | &nbsp;&nbsp;1.87 | &nbsp;&nbsp;United States, 48N 3E,21; Shoshone |
| &nbsp;&nbsp;128 | &nbsp;&nbsp;3273_Hattie Anne | &nbsp;&nbsp;Hattie Anne | &nbsp;&nbsp;Other (0%); Sunshine Mine | &nbsp;&nbsp;Owned | &nbsp;&nbsp;1.83 | &nbsp;&nbsp;United States, 48N 3E,21; Shoshone |
| &nbsp;&nbsp;129 | &nbsp;&nbsp;3273_Hilda | &nbsp;&nbsp;Hilda | &nbsp;&nbsp;Other (0%); Sunshine Mine | &nbsp;&nbsp;Owned | &nbsp;&nbsp;17.32 | &nbsp;&nbsp;United States, 48N 3E,21, 22; Shoshone |
| &nbsp;&nbsp;130 | &nbsp;&nbsp;3273_Mary E. | &nbsp;&nbsp;Mary E. | &nbsp;&nbsp;Sunshine Mine (100%); Sunshine Mine | &nbsp;&nbsp;Owned | &nbsp;&nbsp;19.10 | &nbsp;&nbsp;United States, 48N 3E,21, 22; Shoshone |
| &nbsp;&nbsp;131 | &nbsp;&nbsp;3273_Oslo | &nbsp;&nbsp;Oslo | &nbsp;&nbsp;Sunshine Mine (100%); Sunshine Mine | &nbsp;&nbsp;Owned | &nbsp;&nbsp;17.64 | &nbsp;&nbsp;United States, 48N 3E,21, 22; Shoshone |
| &nbsp;&nbsp;132 | &nbsp;&nbsp;3273_Red Umblrella Fraction | &nbsp;&nbsp;Red Umblrella Fraction | &nbsp;&nbsp;Other (0%); Sunshine Mine | &nbsp;&nbsp;Owned | &nbsp;&nbsp;5.11 | &nbsp;&nbsp;United States, 48N 3E,21; Shoshone |
| &nbsp;&nbsp;133 | &nbsp;&nbsp;3273_Red Umbrella | &nbsp;&nbsp;Red Umbrella | &nbsp;&nbsp;Other (0%); Sunshine Mine | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.65 | &nbsp;&nbsp;United States, 48N 3E,21; Shoshone |
| &nbsp;&nbsp;134 | &nbsp;&nbsp;3273_Rex | &nbsp;&nbsp;Rex | &nbsp;&nbsp;Other (0%); Sunshine Mine | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.65 | &nbsp;&nbsp;United States, 48N 3E,21; Shoshone |
| &nbsp;&nbsp;135 | &nbsp;&nbsp;3273_Rex Fraction | &nbsp;&nbsp;Rex Fraction | &nbsp;&nbsp;Other (0%); Sunshine Mine | &nbsp;&nbsp;Owned | &nbsp;&nbsp;5.33 | &nbsp;&nbsp;United States, 48N 3E,21; Shoshone |
| &nbsp;&nbsp;136 | &nbsp;&nbsp;3273_Roberts | &nbsp;&nbsp;Roberts | &nbsp;&nbsp;Other (0%); Sunshine Mine | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.65 | &nbsp;&nbsp;United States, 48N 3E,21; Shoshone |
| &nbsp;&nbsp;137 | &nbsp;&nbsp;3273_Roberts Fraction | &nbsp;&nbsp;Roberts Fraction | &nbsp;&nbsp;Other (0%); Sunshine Mine | &nbsp;&nbsp;Owned | &nbsp;&nbsp;5.79 | &nbsp;&nbsp;United States, 48N 3E,21; Shoshone |
| &nbsp;&nbsp;138 | &nbsp;&nbsp;3273_Roberts No.1 | &nbsp;&nbsp;Roberts No.1 | &nbsp;&nbsp;Other (0%); Sunshine Mine | &nbsp;&nbsp;Owned | &nbsp;&nbsp;11.82 | &nbsp;&nbsp;United States, 48N 3E,21; Shoshone |
| &nbsp;&nbsp;139 | &nbsp;&nbsp;3273_S. C. I. No.5 | &nbsp;&nbsp;S. C. I. No.5 | &nbsp;&nbsp;Other (0%); Sunshine Mine | &nbsp;&nbsp;Owned | &nbsp;&nbsp;15.08 | &nbsp;&nbsp;United States, 48N 3E,16, 17, 20, 21; Shoshone |
| &nbsp;&nbsp;140 | &nbsp;&nbsp;3273_S. C. I. No.5 Fraction | &nbsp;&nbsp;S. C. I. No.5 Fraction | &nbsp;&nbsp;Other (0%); Sunshine Mine | &nbsp;&nbsp;Owned | &nbsp;&nbsp;4.10 | &nbsp;&nbsp;United States, 48N 3E,17, 20; Shoshone |
| &nbsp;&nbsp;141 | &nbsp;&nbsp;3273_S. C. I. No.6 | &nbsp;&nbsp;S. C. I. No.6 | &nbsp;&nbsp;Other (0%); Sunshine Mine | &nbsp;&nbsp;Owned | &nbsp;&nbsp;11.72 | &nbsp;&nbsp;United States, 48N 3E,16, 17, 20; Shoshone |
| &nbsp;&nbsp;142 | &nbsp;&nbsp;3273_S. C. I. No.10 | &nbsp;&nbsp;S. C. I. No.10 | &nbsp;&nbsp;Other (0%); Sunshine Mine | &nbsp;&nbsp;Owned | &nbsp;&nbsp;10.44 | &nbsp;&nbsp;United States, 48N 3E,21; Shoshone |
| &nbsp;&nbsp;143 | &nbsp;&nbsp;3273_Stevie Corcoran | &nbsp;&nbsp;Stevie Corcoran | &nbsp;&nbsp;Sunshine Mine (100%); Sunshine Mine | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.24 | &nbsp;&nbsp;United States, 48N 3E,15, 16, 21, 22; Shoshone |
| &nbsp;&nbsp;144 | &nbsp;&nbsp;3273_Venus | &nbsp;&nbsp;Venus | &nbsp;&nbsp;Other (0%); Sunshine Mine | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.65 | &nbsp;&nbsp;United States, 48N 3E,16, 21; Shoshone |
| &nbsp;&nbsp;145 | &nbsp;&nbsp;3281_Fourthought | &nbsp;&nbsp;Fourthought | &nbsp;&nbsp;Sunshine Mine (100%); Sunshine Mine | &nbsp;&nbsp;Owned | &nbsp;&nbsp;18.47 | &nbsp;&nbsp;United States, 48N 3E,13, 24; Shoshone |
| &nbsp;&nbsp;146 | &nbsp;&nbsp;3281_Plainview Fraction | &nbsp;&nbsp;Plainview Fraction | &nbsp;&nbsp;Sunshine Mine (50%); Sunshine Mine | &nbsp;&nbsp;Owned | &nbsp;&nbsp;2.38 | &nbsp;&nbsp;United States, 48N 3E,13, 24; Shoshone |

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|:---|:---|
| 28-5 | ![](ny20061035x1ex96-1_image04.jpg) |

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<u> Silver Opportunity Partners LLC \| Sunshine Mine S-K 1300 Technical Report Summary on the Initial Assessment </u> <u> December 12, 2025 SLR Project No.: 123.020552.00001 </u>

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | &nbsp;&nbsp;**License Code** | &nbsp;&nbsp;**License Name** | &nbsp;&nbsp;**Parties** | &nbsp;&nbsp;**Interest** | &nbsp;&nbsp;**Area<br> (ac)** | &nbsp;&nbsp;**Map Reference** |
| &nbsp;&nbsp;147 | &nbsp;&nbsp;3281_Plainview No. 1 | &nbsp;&nbsp;Plainview No. 1 | &nbsp;&nbsp;Sunshine Mine (100%); Sunshine Mine | &nbsp;&nbsp;Owned | &nbsp;&nbsp;19.46 | &nbsp;&nbsp;United States, 48N 3E,13, 24; Shoshone |
| &nbsp;&nbsp;148 | &nbsp;&nbsp;3281_Plainview No. 2 | &nbsp;&nbsp;Plainview No. 2 | &nbsp;&nbsp;Sunshine Mine (100%); Sunshine Mine | &nbsp;&nbsp;Owned | &nbsp;&nbsp;15.53 | &nbsp;&nbsp;United States, 48N 3E,13, 24; Shoshone |
| &nbsp;&nbsp;149 | &nbsp;&nbsp;3281_Silver Hill | &nbsp;&nbsp;Silver Hill | &nbsp;&nbsp;Sunshine Mine (100%); Sunshine Mine | &nbsp;&nbsp;Owned | &nbsp;&nbsp;19.97 | &nbsp;&nbsp;United States, 48N 3E,13; Shoshone |
| &nbsp;&nbsp;150 | &nbsp;&nbsp;3281_Toughnut | &nbsp;&nbsp;Toughnut | &nbsp;&nbsp;Sunshine Mine (100%); Sunshine Mine | &nbsp;&nbsp;Owned | &nbsp;&nbsp;17.01 | &nbsp;&nbsp;United States, 48N 3E,13; Shoshone |
| &nbsp;&nbsp;151 | &nbsp;&nbsp;3290_Shoshone No.1 | &nbsp;&nbsp;Shoshone No.1 | &nbsp;&nbsp;Other (0%); Sunshine Mine | &nbsp;&nbsp;Owned | &nbsp;&nbsp;14.65 | &nbsp;&nbsp;United States, 48N 3E,14, 23; Shoshone |
| &nbsp;&nbsp;152 | &nbsp;&nbsp;3290_Wallace No.1 | &nbsp;&nbsp;Wallace No.1 | &nbsp;&nbsp;Other (0%); Sunshine Mine | &nbsp;&nbsp;Owned | &nbsp;&nbsp;9.86 | &nbsp;&nbsp;United States, 48N 3E,14, 23; Shoshone |
| &nbsp;&nbsp;153 | &nbsp;&nbsp;3291_Crescent No.5 | &nbsp;&nbsp;Crescent No.5 | &nbsp;&nbsp;Other (0%); Sunshine Mine | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.65 | &nbsp;&nbsp;United States, 48N 3E,21; Shoshone |
| &nbsp;&nbsp;154 | &nbsp;&nbsp;3291_Giant No.9 | &nbsp;&nbsp;Giant No.9 | &nbsp;&nbsp;Other (0%); Sunshine Mine | &nbsp;&nbsp;Owned | &nbsp;&nbsp;11.01 | &nbsp;&nbsp;United States, 48N 3E,20, 21; Shoshone |
| &nbsp;&nbsp;155 | &nbsp;&nbsp;3291_W 5 | &nbsp;&nbsp;W 5 | &nbsp;&nbsp;Other (0%); Sunshine Mine | &nbsp;&nbsp;Owned | &nbsp;&nbsp;19.99 | &nbsp;&nbsp;United States, 48N 3E,19; Shoshone |
| &nbsp;&nbsp;156 | &nbsp;&nbsp;3292A_Anna | &nbsp;&nbsp;Anna | &nbsp;&nbsp;Other (0%); Sunshine Mine | &nbsp;&nbsp;Owned | &nbsp;&nbsp;19.93 | &nbsp;&nbsp;United States, 48N 3E,14; Shoshone |
| &nbsp;&nbsp;157 | &nbsp;&nbsp;3292A_Anna No.2 | &nbsp;&nbsp;Anna No.2 | &nbsp;&nbsp;Other (0%); Sunshine Mine | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 48N 3E,14; Shoshone |
| &nbsp;&nbsp;158 | &nbsp;&nbsp;3292A_August | &nbsp;&nbsp;August | &nbsp;&nbsp;Other (0%); Sunshine Mine | &nbsp;&nbsp;Owned | &nbsp;&nbsp;11.45 | &nbsp;&nbsp;United States, 48N 3E,14; Shoshone |
| &nbsp;&nbsp;159 | &nbsp;&nbsp;3292A_Bell | &nbsp;&nbsp;Bell | &nbsp;&nbsp;Other (0%); Sunshine Mine | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.63 | &nbsp;&nbsp;United States, 48N 3E,14; Shoshone |
| &nbsp;&nbsp;160 | &nbsp;&nbsp;3292A_Buffalo | &nbsp;&nbsp;Buffalo | &nbsp;&nbsp;Other (0%); Sunshine Mine | &nbsp;&nbsp;Owned | &nbsp;&nbsp;17.19 | &nbsp;&nbsp;United States, 48N 3E,14; Shoshone |
| &nbsp;&nbsp;161 | &nbsp;&nbsp;3292A_Des Moines | &nbsp;&nbsp;Des Moines | &nbsp;&nbsp;Other (0%); Sunshine Mine | &nbsp;&nbsp;Owned | &nbsp;&nbsp;9.55 | &nbsp;&nbsp;United States, 48N 3E,14; Shoshone |
| &nbsp;&nbsp;162 | &nbsp;&nbsp;3292A_Frigga | &nbsp;&nbsp;Frigga | &nbsp;&nbsp;Other (0%); Sunshine Mine | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 48N 3E,14; Shoshone |
| &nbsp;&nbsp;163 | &nbsp;&nbsp;3292A_Germania | &nbsp;&nbsp;Germania | &nbsp;&nbsp;Other (0%); Sunshine Mine | &nbsp;&nbsp;Owned | &nbsp;&nbsp;6.86 | &nbsp;&nbsp;United States, 48N 3E,14; Shoshone |
| &nbsp;&nbsp;164 | &nbsp;&nbsp;3292A_Good Hope | &nbsp;&nbsp;Good Hope | &nbsp;&nbsp;Other (0%); Sunshine Mine | &nbsp;&nbsp;Owned | &nbsp;&nbsp;19.70 | &nbsp;&nbsp;United States, 48N 3E,14; Shoshone |
| &nbsp;&nbsp;165 | &nbsp;&nbsp;3292A_H Lode | &nbsp;&nbsp;H Lode | &nbsp;&nbsp;Other (0%); Sunshine Mine | &nbsp;&nbsp;Owned | &nbsp;&nbsp;10.10 | &nbsp;&nbsp;United States, 48N 3E,14; Shoshone |
| &nbsp;&nbsp;166 | &nbsp;&nbsp;3292A_Iowa | &nbsp;&nbsp;Iowa | &nbsp;&nbsp;Other (0%); Sunshine Mine | &nbsp;&nbsp;Owned | &nbsp;&nbsp;16.76 | &nbsp;&nbsp;United States, 48N 3E,14, 23, 24; Shoshone |
| &nbsp;&nbsp;167 | &nbsp;&nbsp;3292A_June | &nbsp;&nbsp;June | &nbsp;&nbsp;Other (0%); Sunshine Mine | &nbsp;&nbsp;Owned | &nbsp;&nbsp;0.63 | &nbsp;&nbsp;United States, 48N 3E,14; Shoshone |
| &nbsp;&nbsp;168 | &nbsp;&nbsp;3292A_K Lode | &nbsp;&nbsp;K Lode | &nbsp;&nbsp;Other (0%); Sunshine Mine | &nbsp;&nbsp;Owned | &nbsp;&nbsp;9.16 | &nbsp;&nbsp;United States, 48N 3E,11, 14; Shoshone |
| &nbsp;&nbsp;169 | &nbsp;&nbsp;3292A_Last Chance | &nbsp;&nbsp;Last Chance | &nbsp;&nbsp;Other (0%); Sunshine Mine | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.52 | &nbsp;&nbsp;United States, 48N 3E,14; Shoshone |
| &nbsp;&nbsp;170 | &nbsp;&nbsp;3292A_Lotten | &nbsp;&nbsp;Lotten | &nbsp;&nbsp;Other (0%); Sunshine Mine | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 48N 3E,14; Shoshone |
| &nbsp;&nbsp;171 | &nbsp;&nbsp;3292A_Mannie | &nbsp;&nbsp;Mannie | &nbsp;&nbsp;Other (0%); Sunshine Mine | &nbsp;&nbsp;Owned | &nbsp;&nbsp;19.19 | &nbsp;&nbsp;United States, 48N 3E,14; Shoshone |
| &nbsp;&nbsp;172 | &nbsp;&nbsp;3292A_Maple | &nbsp;&nbsp;Maple | &nbsp;&nbsp;Other (0%); Sunshine Mine | &nbsp;&nbsp;Owned | &nbsp;&nbsp;11.69 | &nbsp;&nbsp;United States, 48N 3E,14; Shoshone |
| &nbsp;&nbsp;173 | &nbsp;&nbsp;3292A_May | &nbsp;&nbsp;May | &nbsp;&nbsp;Other (0%); Sunshine Mine | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.39 | &nbsp;&nbsp;United States, 48N 3E,14; Shoshone |
| &nbsp;&nbsp;174 | &nbsp;&nbsp;3292A_New York | &nbsp;&nbsp;New York | &nbsp;&nbsp;Other (0%); Sunshine Mine | &nbsp;&nbsp;Owned | &nbsp;&nbsp;14.99 | &nbsp;&nbsp;United States, 48N 3E,13, 14; Shoshone |
| &nbsp;&nbsp;175 | &nbsp;&nbsp;3292A_Ore Grand | &nbsp;&nbsp;Ore Grand | &nbsp;&nbsp;Other (0%); Sunshine Mine | &nbsp;&nbsp;Owned | &nbsp;&nbsp;10.09 | &nbsp;&nbsp;United States, 48N 3E,13, 14; Shoshone |
| &nbsp;&nbsp;176 | &nbsp;&nbsp;3292A_Ore Or No Go | &nbsp;&nbsp;Ore Or No Go | &nbsp;&nbsp;Other (0%); Sunshine Mine | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 48N 3E,14; Shoshone |

---

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| | |
|:---|:---|
| 28-6 | ![](ny20061035x1ex96-1_image04.jpg) |

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------

<u> Silver Opportunity Partners LLC \| Sunshine Mine S-K 1300 Technical Report Summary on the Initial Assessment </u> <u> December 12, 2025 SLR Project No.: 123.020552.00001 </u>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | &nbsp;&nbsp;**License Code** | &nbsp;&nbsp;**License Name** | &nbsp;&nbsp;**Parties** | &nbsp;&nbsp;**Interest** | &nbsp;&nbsp;**Area<br> (ac)** | &nbsp;&nbsp;**Map Reference** |
| &nbsp;&nbsp;177 | &nbsp;&nbsp;3292A_Orvil | &nbsp;&nbsp;Orvil | &nbsp;&nbsp;Other (0%); Sunshine Mine | &nbsp;&nbsp;Owned | &nbsp;&nbsp;13.76 | &nbsp;&nbsp;United States, 48N 3E,13, 14; Shoshone |
| &nbsp;&nbsp;178 | &nbsp;&nbsp;3292A_Sven | &nbsp;&nbsp;Sven | &nbsp;&nbsp;Other (0%); Sunshine Mine | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 48N 3E,14; Shoshone |
| &nbsp;&nbsp;179 | &nbsp;&nbsp;3292A_U.S. | &nbsp;&nbsp;U.S. | &nbsp;&nbsp;Other (0%); Sunshine Mine | &nbsp;&nbsp;Owned | &nbsp;&nbsp;17.21 | &nbsp;&nbsp;United States, 48N 3E,14; Shoshone |
| &nbsp;&nbsp;180 | &nbsp;&nbsp;3292B_United Lead Millsite | &nbsp;&nbsp;United Lead Millsite | &nbsp;&nbsp;Other (0%); Sunshine Mine | &nbsp;&nbsp;Owned | &nbsp;&nbsp;3.05 | &nbsp;&nbsp;United States, 48N 3E,14; Shoshone |
| &nbsp;&nbsp;181 | &nbsp;&nbsp;3299_Chief | &nbsp;&nbsp;Chief | &nbsp;&nbsp;Sunshine Mine (50%); Sunshine Mine | &nbsp;&nbsp;Owned | &nbsp;&nbsp;8.19 | &nbsp;&nbsp;United States, 48N 3E,15, 16, 22; Shoshone |
| &nbsp;&nbsp;182 | &nbsp;&nbsp;3304_Bernardy #1 | &nbsp;&nbsp;Bernardy #1 | &nbsp;&nbsp;Other (0%); Sunshine Mine | &nbsp;&nbsp;Owned | &nbsp;&nbsp;15.09 | &nbsp;&nbsp;United States, 48N 3E,23; Shoshone |
| &nbsp;&nbsp;183 | &nbsp;&nbsp;3304_Bernardy #2 | &nbsp;&nbsp;Bernardy #2 | &nbsp;&nbsp;Other (0%); Sunshine Mine | &nbsp;&nbsp;Owned | &nbsp;&nbsp;16.92 | &nbsp;&nbsp;United States, 48N 3E,23; Shoshone |
| &nbsp;&nbsp;184 | &nbsp;&nbsp;3304_Bernardy #3 | &nbsp;&nbsp;Bernardy #3 | &nbsp;&nbsp;Other (0%); Sunshine Mine | &nbsp;&nbsp;Owned | &nbsp;&nbsp;16.92 | &nbsp;&nbsp;United States, 48N 3E,23; Shoshone |
| &nbsp;&nbsp;185 | &nbsp;&nbsp;3304_Bernardy #4 | &nbsp;&nbsp;Bernardy #4 | &nbsp;&nbsp;Other (0%); Sunshine Mine | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.16 | &nbsp;&nbsp;United States, 48N 3E,23; Shoshone |
| &nbsp;&nbsp;186 | &nbsp;&nbsp;3304_Bernardy #5 | &nbsp;&nbsp;Bernardy #5 | &nbsp;&nbsp;Other (0%); Sunshine Mine | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.16 | &nbsp;&nbsp;United States, 48N 3E,23; Shoshone |
| &nbsp;&nbsp;187 | &nbsp;&nbsp;3304_Bernardy #6 | &nbsp;&nbsp;Bernardy #6 | &nbsp;&nbsp;Sunshine Mine (50%); Sunshine Mine | &nbsp;&nbsp;Owned | &nbsp;&nbsp;11.17 | &nbsp;&nbsp;United States, 48N 3E,23; Shoshone |
| &nbsp;&nbsp;188 | &nbsp;&nbsp;3304_Bernardy #7 | &nbsp;&nbsp;Bernardy #7 | &nbsp;&nbsp;Sunshine Mine (50%); Sunshine Mine | &nbsp;&nbsp;Owned | &nbsp;&nbsp;9.30 | &nbsp;&nbsp;United States, 48N 3E,23; Shoshone |
| &nbsp;&nbsp;189 | &nbsp;&nbsp;3304_Bernardy #9 | &nbsp;&nbsp;Bernardy #9 | &nbsp;&nbsp;Other (0%); Sunshine Mine | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.16 | &nbsp;&nbsp;United States, 48N 3E,23; Shoshone |
| &nbsp;&nbsp;190 | &nbsp;&nbsp;3304_Bernardy #10 | &nbsp;&nbsp;Bernardy #10 | &nbsp;&nbsp;Other (0%); Sunshine Mine | &nbsp;&nbsp;Owned | &nbsp;&nbsp;10.67 | &nbsp;&nbsp;United States, 48N 3E,23; Shoshone |
| &nbsp;&nbsp;191 | &nbsp;&nbsp;3304_Bernardy #11 | &nbsp;&nbsp;Bernardy #11 | &nbsp;&nbsp;Other (0%); Sunshine Mine | &nbsp;&nbsp;Owned | &nbsp;&nbsp;4.77 | &nbsp;&nbsp;United States, 48N 3E,23; Shoshone |
| &nbsp;&nbsp;192 | &nbsp;&nbsp;3304_Bernardy #12 | &nbsp;&nbsp;Bernardy #12 | &nbsp;&nbsp;Other (0%); Sunshine Mine | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.16 | &nbsp;&nbsp;United States, 48N 3E,23; Shoshone |
| &nbsp;&nbsp;193 | &nbsp;&nbsp;3304_Bernardy #13 | &nbsp;&nbsp;Bernardy #13 | &nbsp;&nbsp;Sunshine Mine (50%); Sunshine Mine | &nbsp;&nbsp;Owned | &nbsp;&nbsp;8.32 | &nbsp;&nbsp;United States, 48N 3E,23; Shoshone |
| &nbsp;&nbsp;194 | &nbsp;&nbsp;3305_Herschey | &nbsp;&nbsp;Herschey | &nbsp;&nbsp;Other (0%); Hayden Hill Consolidated | &nbsp;&nbsp;Owned | &nbsp;&nbsp;9.92 | &nbsp;&nbsp;United States, 48N 3E,14, 23; Shoshone |
| &nbsp;&nbsp;195 | &nbsp;&nbsp;3308_Helen Fraction | &nbsp;&nbsp;Helen Fraction | &nbsp;&nbsp;Sunshine Mine (100%); Sunshine Mine | &nbsp;&nbsp;Owned | &nbsp;&nbsp;1.58 | &nbsp;&nbsp;United States, 48N 3E,15; Shoshone |
| &nbsp;&nbsp;196 | &nbsp;&nbsp;3308_Josephine Fraction | &nbsp;&nbsp;Josephine Fraction | &nbsp;&nbsp;Other (0%); Sunshine Mine | &nbsp;&nbsp;Owned | &nbsp;&nbsp;8.54 | &nbsp;&nbsp;United States, 48N 3E,15; Shoshone |
| &nbsp;&nbsp;197 | &nbsp;&nbsp;3308_Merit Fraction No.2 | &nbsp;&nbsp;Merit Fraction No.2 | &nbsp;&nbsp;Sunshine Mine (50%); Sunshine Mine | &nbsp;&nbsp;Owned | &nbsp;&nbsp;6.46 | &nbsp;&nbsp;United States, 48N 3E,15; Shoshone |
| &nbsp;&nbsp;198 | &nbsp;&nbsp;3310_Dipper | &nbsp;&nbsp;Dipper | &nbsp;&nbsp;Other (0%); Mineral Mountain; Sunshine Mine | &nbsp;&nbsp;Leased | &nbsp;&nbsp;10.92 | &nbsp;&nbsp;United States, 48N 3E,14; Shoshone |
| &nbsp;&nbsp;199 | &nbsp;&nbsp;3315_May Day | &nbsp;&nbsp;May Day | &nbsp;&nbsp;Sunshine Mine (100%); Sunshine Mine | &nbsp;&nbsp;Owned | &nbsp;&nbsp;18.94 | &nbsp;&nbsp;United States, 48N 3E,15; Shoshone |
| &nbsp;&nbsp;200 | &nbsp;&nbsp;3318_Frances | &nbsp;&nbsp;Frances | &nbsp;&nbsp;Other (0%); Sunshine Mine | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.87 | &nbsp;&nbsp;United States, 48N 3E,15; Shoshone |
| &nbsp;&nbsp;201 | &nbsp;&nbsp;3318_Helen | &nbsp;&nbsp;Helen | &nbsp;&nbsp;Other (0%); Sunshine Mine | &nbsp;&nbsp;Owned | &nbsp;&nbsp;18.59 | &nbsp;&nbsp;United States, 48N 3E,15; Shoshone |
| &nbsp;&nbsp;202 | &nbsp;&nbsp;3318_Josephine | &nbsp;&nbsp;Josephine | &nbsp;&nbsp;Other (0%); Sunshine Mine | &nbsp;&nbsp;Owned | &nbsp;&nbsp;19.22 | &nbsp;&nbsp;United States, 48N 3E,15; Shoshone |
| &nbsp;&nbsp;203 | &nbsp;&nbsp;3318_Lucky Day | &nbsp;&nbsp;Lucky Day | &nbsp;&nbsp;Other (0%); Sunshine Mine | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.87 | &nbsp;&nbsp;United States, 48N 3E,15; Shoshone |
| &nbsp;&nbsp;204 | &nbsp;&nbsp;3318_Portland | &nbsp;&nbsp;Portland | &nbsp;&nbsp;Other (0%); Sunshine Mine | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.15 | &nbsp;&nbsp;United States, 48N 3E,15; Shoshone |
| &nbsp;&nbsp;205 | &nbsp;&nbsp;3318_Prudential | &nbsp;&nbsp;Prudential | &nbsp;&nbsp;Sunshine Mine (100%); Sunshine Mine | &nbsp;&nbsp;Owned | &nbsp;&nbsp;16.00 | &nbsp;&nbsp;United States, 48N 3E,15; Shoshone |
| &nbsp;&nbsp;206 | &nbsp;&nbsp;3318_Radio | &nbsp;&nbsp;Radio | &nbsp;&nbsp;Sunshine Mine (100%); Sunshine Mine | &nbsp;&nbsp;Owned | &nbsp;&nbsp;15.01 | &nbsp;&nbsp;United States, 48N 3E,15; Shoshone |

---

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| | |
|:---|:---|
| 28-7 | ![](ny20061035x1ex96-1_image04.jpg) |

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------

<u> Silver Opportunity Partners LLC \| Sunshine Mine S-K 1300 Technical Report Summary on the Initial Assessment </u> <u> December 12, 2025 SLR Project No.: 123.020552.00001 </u>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | &nbsp;&nbsp;**License Code** | &nbsp;&nbsp;**License Name** | &nbsp;&nbsp;**Parties** | &nbsp;&nbsp;**Interest** | &nbsp;&nbsp;**Area<br> (ac)** | &nbsp;&nbsp;**Map Reference** |
| &nbsp;&nbsp;207 | &nbsp;&nbsp;3318_Silverine Fraction | &nbsp;&nbsp;Silverine Fraction | &nbsp;&nbsp;Sunshine Mine (100%); Sunshine Mine | &nbsp;&nbsp;Owned | &nbsp;&nbsp;5.99 | &nbsp;&nbsp;United States, 48N 3E,15; Shoshone |
| &nbsp;&nbsp;208 | &nbsp;&nbsp;3318_Silver State | &nbsp;&nbsp;Silver State | &nbsp;&nbsp;Other (0%); Sunshine Mine | &nbsp;&nbsp;Owned | &nbsp;&nbsp;14.19 | &nbsp;&nbsp;United States, 48N 3E,15; Shoshone |
| &nbsp;&nbsp;209 | &nbsp;&nbsp;3318_Spokane | &nbsp;&nbsp;Spokane | &nbsp;&nbsp;Other (0%); Sunshine Mine | &nbsp;&nbsp;Owned | &nbsp;&nbsp;8.47 | &nbsp;&nbsp;United States, 48N 3E,15; Shoshone |
| &nbsp;&nbsp;210 | &nbsp;&nbsp;3319_New York No.1 | &nbsp;&nbsp;New York No.1 | &nbsp;&nbsp;Other (0%); Chester Mining Co.; Sunshine Mine | &nbsp;&nbsp;Leased | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 48N 3E,21, 28; Shoshone |
| &nbsp;&nbsp;211 | &nbsp;&nbsp;3320_Bismark No.1 | &nbsp;&nbsp;Bismark No.1 | &nbsp;&nbsp;Other (0%); Chester Mining Co.; Sunshine Mine | &nbsp;&nbsp;Leased | &nbsp;&nbsp;20.52 | &nbsp;&nbsp;United States, 48N 3E,21; Shoshone |
| &nbsp;&nbsp;212 | &nbsp;&nbsp;3320_Bismark No.3 | &nbsp;&nbsp;Bismark No.3 | &nbsp;&nbsp;Other (0%); Chester Mining Co.; Sunshine Mine | &nbsp;&nbsp;Leased | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 48N 3E,21, 28; Shoshone |
| &nbsp;&nbsp;213 | &nbsp;&nbsp;3321_Black Diamond | &nbsp;&nbsp;Black Diamond | &nbsp;&nbsp;Sunshine Mine (100%); Sunshine Mine | &nbsp;&nbsp;Owned | &nbsp;&nbsp;16.40 | &nbsp;&nbsp;United States, 48N 3E,24, 25, 26; Shoshone |
| &nbsp;&nbsp;214 | &nbsp;&nbsp;3321_Gray Copper | &nbsp;&nbsp;Gray Copper | &nbsp;&nbsp;Sunshine Mine (100%); Sunshine Mine | &nbsp;&nbsp;Owned | &nbsp;&nbsp;11.50 | &nbsp;&nbsp;United States, 48N 3E,23; Shoshone |
| &nbsp;&nbsp;215 | &nbsp;&nbsp;3321_Lucky Stone No.9 | &nbsp;&nbsp;Lucky Stone No.9 | &nbsp;&nbsp;Sunshine Mine (100%); Sunshine Mine | &nbsp;&nbsp;Owned | &nbsp;&nbsp;17.98 | &nbsp;&nbsp;United States, 48N 3E,23, 24; Shoshone |
| &nbsp;&nbsp;216 | &nbsp;&nbsp;3321_Lucky Stone No.10 | &nbsp;&nbsp;Lucky Stone No.10 | &nbsp;&nbsp;Sunshine Mine (100%); Sunshine Mine | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.62 | &nbsp;&nbsp;United States, 48N 3E,23, 24, 25, 26; Shoshone |
| &nbsp;&nbsp;217 | &nbsp;&nbsp;3321_Lucky Stone No.11 | &nbsp;&nbsp;Lucky Stone No.11 | &nbsp;&nbsp;Sunshine Mine (100%); Sunshine Mine | &nbsp;&nbsp;Owned | &nbsp;&nbsp;18.04 | &nbsp;&nbsp;United States, 48N 3E,23, 24, 25; Shoshone |
| &nbsp;&nbsp;218 | &nbsp;&nbsp;3321_McFarren | &nbsp;&nbsp;McFarren | &nbsp;&nbsp;Sunshine Mine (100%); Sunshine Mine | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.62 | &nbsp;&nbsp;United States, 48N 3E,23, 26; Shoshone |
| &nbsp;&nbsp;219 | &nbsp;&nbsp;3321_McRoy | &nbsp;&nbsp;McRoy | &nbsp;&nbsp;Sunshine Mine (100%); Sunshine Mine | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.56 | &nbsp;&nbsp;United States, 48N 3E,23, 26; Shoshone |
| &nbsp;&nbsp;220 | &nbsp;&nbsp;3321_Sophia | &nbsp;&nbsp;Sophia | &nbsp;&nbsp;Sunshine Mine (100%); Sunshine Mine | &nbsp;&nbsp;Owned | &nbsp;&nbsp;19.09 | &nbsp;&nbsp;United States, 48N 3E,23; Shoshone |
| &nbsp;&nbsp;221 | &nbsp;&nbsp;3328_Ebba | &nbsp;&nbsp;Ebba | &nbsp;&nbsp;Sunshine Mine (100%); Sunshine Mine | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.56 | &nbsp;&nbsp;United States, 48N 3E,26; Shoshone |
| &nbsp;&nbsp;222 | &nbsp;&nbsp;3328_Lead | &nbsp;&nbsp;Lead | &nbsp;&nbsp;Sunshine Mine (100%); Sunshine Mine | &nbsp;&nbsp;Owned | &nbsp;&nbsp;19.22 | &nbsp;&nbsp;United States, 48N 3E,25; Shoshone |
| &nbsp;&nbsp;223 | &nbsp;&nbsp;3328_Merger | &nbsp;&nbsp;Merger | &nbsp;&nbsp;Sunshine Mine (100%); Sunshine Mine | &nbsp;&nbsp;Owned | &nbsp;&nbsp;19.25 | &nbsp;&nbsp;United States, 48N 3E,25; Shoshone |
| &nbsp;&nbsp;224 | &nbsp;&nbsp;3328_MP | &nbsp;&nbsp;MP | &nbsp;&nbsp;Sunshine Mine (100%); Sunshine Mine | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.47 | &nbsp;&nbsp;United States, 48N 3E,25; Shoshone |
| &nbsp;&nbsp;225 | &nbsp;&nbsp;3328_New | &nbsp;&nbsp;New | &nbsp;&nbsp;Sunshine Mine (100%); Sunshine Mine | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.48 | &nbsp;&nbsp;United States, 48N 3E,26; Shoshone |
| &nbsp;&nbsp;226 | &nbsp;&nbsp;3328_OK | &nbsp;&nbsp;OK | &nbsp;&nbsp;Sunshine Mine (100%); Sunshine Mine | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.48 | &nbsp;&nbsp;United States, 48N 3E,25; Shoshone |
| &nbsp;&nbsp;227 | &nbsp;&nbsp;3328_Ore | &nbsp;&nbsp;Ore | &nbsp;&nbsp;Sunshine Mine (100%); Sunshine Mine | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.56 | &nbsp;&nbsp;United States, 48N 3E,26; Shoshone |
| &nbsp;&nbsp;228 | &nbsp;&nbsp;3328_Silver | &nbsp;&nbsp;Silver | &nbsp;&nbsp;Sunshine Mine (100%); Sunshine Mine | &nbsp;&nbsp;Owned | &nbsp;&nbsp;16.53 | &nbsp;&nbsp;United States, 48N 3E,25, 26; Shoshone |
| &nbsp;&nbsp;229 | &nbsp;&nbsp;3328_Vein | &nbsp;&nbsp;Vein | &nbsp;&nbsp;Sunshine Mine (100%); Sunshine Mine | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.56 | &nbsp;&nbsp;United States, 48N 3E,23, 26; Shoshone |
| &nbsp;&nbsp;230 | &nbsp;&nbsp;3335_Crane | &nbsp;&nbsp;Crane | &nbsp;&nbsp;Sunshine Mine (100%); Sunshine Mine | &nbsp;&nbsp;Owned | &nbsp;&nbsp;15.72 | &nbsp;&nbsp;United States, 48N 3E,15; Shoshone |
| &nbsp;&nbsp;231 | &nbsp;&nbsp;3382_Australia | &nbsp;&nbsp;Australia | &nbsp;&nbsp;Other (0%); Sunshine Mine | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.23 | &nbsp;&nbsp;United States, 48N 4E,19; Shoshone |
| &nbsp;&nbsp;232 | &nbsp;&nbsp;3382_Century | &nbsp;&nbsp;Century | &nbsp;&nbsp;Other (0%); Sunshine Mine | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.54 | &nbsp;&nbsp;United States, 48N 3E,24; 48N 4E,19; Shoshone |
| &nbsp;&nbsp;233 | &nbsp;&nbsp;3382_Columbia | &nbsp;&nbsp;Columbia | &nbsp;&nbsp;Other (0%); Sunshine Mine | &nbsp;&nbsp;Owned | &nbsp;&nbsp;16.01 | &nbsp;&nbsp;United States, 48N 4E,19; Shoshone |
| &nbsp;&nbsp;234 | &nbsp;&nbsp;3382_Commodore Truxton | &nbsp;&nbsp;Commodore Truxton | &nbsp;&nbsp;Other (0%); Sunshine Mine | &nbsp;&nbsp;Owned | &nbsp;&nbsp;13.35 | &nbsp;&nbsp;United States, 48N 3E,24; Shoshone |
| &nbsp;&nbsp;235 | &nbsp;&nbsp;3382_Diamond Point | &nbsp;&nbsp;Diamond Point | &nbsp;&nbsp;Other (0%); Sunshine Mine | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.04 | &nbsp;&nbsp;United States, 48N 3E,24; 48N 4E,19; Shoshone |

---

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| | |
|:---|:---|
| 28-8 | ![](ny20061035x1ex96-1_image04.jpg) |

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------

<u> Silver Opportunity Partners LLC \| Sunshine Mine S-K 1300 Technical Report Summary on the Initial Assessment </u> <u> December 12, 2025 SLR Project No.: 123.020552.00001 </u>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | &nbsp;&nbsp;**License Code** | &nbsp;&nbsp;**License Name** | &nbsp;&nbsp;**Parties** | &nbsp;&nbsp;**Interest** | &nbsp;&nbsp;**Area<br> (ac)** | &nbsp;&nbsp;**Map Reference** |
| &nbsp;&nbsp;236 | &nbsp;&nbsp;3382_Diamond Point No. 2 | &nbsp;&nbsp;Diamond Point No. 2 | &nbsp;&nbsp;Other (0%); Sunshine Mine | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.33 | &nbsp;&nbsp;United States, 48N 3E,13, 24; 48N 4E,18, 19; Shoshone |
| &nbsp;&nbsp;237 | &nbsp;&nbsp;3382_Emma | &nbsp;&nbsp;Emma | &nbsp;&nbsp;Other (0%); Sunshine Mine | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.47 | &nbsp;&nbsp;United States, 48N 3E,24; Shoshone |
| &nbsp;&nbsp;238 | &nbsp;&nbsp;3382_Emma Extension | &nbsp;&nbsp;Emma Extension | &nbsp;&nbsp;Other (0%); Sunshine Mine | &nbsp;&nbsp;Owned | &nbsp;&nbsp;8.02 | &nbsp;&nbsp;United States, 48N 3E,24; 48N 4E,19; Shoshone |
| &nbsp;&nbsp;239 | &nbsp;&nbsp;3382_Lonesome Pine No.1 | &nbsp;&nbsp;Lonesome Pine No.1 | &nbsp;&nbsp;Other (0%); Sunshine Mine | &nbsp;&nbsp;Owned | &nbsp;&nbsp;18.01 | &nbsp;&nbsp;United States, 48N 4E,19; Shoshone |
| &nbsp;&nbsp;240 | &nbsp;&nbsp;3382_Lonesome Pine No.2 | &nbsp;&nbsp;Lonesome Pine No.2 | &nbsp;&nbsp;Other (0%); Sunshine Mine | &nbsp;&nbsp;Owned | &nbsp;&nbsp;15.43 | &nbsp;&nbsp;United States, 48N 4E,19; Shoshone |
| &nbsp;&nbsp;241 | &nbsp;&nbsp;3382_Lonesome Pine No.4 | &nbsp;&nbsp;Lonesome Pine No.4 | &nbsp;&nbsp;Other (0%); Sunshine Mine | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.65 | &nbsp;&nbsp;United States, 48N 4E,19; Shoshone |
| &nbsp;&nbsp;242 | &nbsp;&nbsp;3382_Lonesome Pine No.5 | &nbsp;&nbsp;Lonesome Pine No.5 | &nbsp;&nbsp;Other (0%); Sunshine Mine | &nbsp;&nbsp;Owned | &nbsp;&nbsp;11.32 | &nbsp;&nbsp;United States, 48N 4E,19; Shoshone |
| &nbsp;&nbsp;243 | &nbsp;&nbsp;3382_Maggie | &nbsp;&nbsp;Maggie | &nbsp;&nbsp;Other (0%); Sunshine Mine | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.50 | &nbsp;&nbsp;United States, 48N 3E,24; 48N 4E,19; Shoshone |
| &nbsp;&nbsp;244 | &nbsp;&nbsp;3382_Maggie Fraction | &nbsp;&nbsp;Maggie Fraction | &nbsp;&nbsp;Other (0%); Sunshine Mine | &nbsp;&nbsp;Owned | &nbsp;&nbsp;7.18 | &nbsp;&nbsp;United States, 48N 4E,19; Shoshone |
| &nbsp;&nbsp;245 | &nbsp;&nbsp;3382_Mineral Point Fraction | &nbsp;&nbsp;Mineral Point Fraction | &nbsp;&nbsp;Other (0%); Sunshine Mine | &nbsp;&nbsp;Owned | &nbsp;&nbsp;7.93 | &nbsp;&nbsp;United States, 48N 3E,13, 24; 48N 4E,19; Shoshone |
| &nbsp;&nbsp;246 | &nbsp;&nbsp;3407_Blue Bell | &nbsp;&nbsp;Blue Bell | &nbsp;&nbsp;Other (0%); Sunshine Mine | &nbsp;&nbsp;Owned | &nbsp;&nbsp;3.45 | &nbsp;&nbsp;United States, 48N 3E,14, 23; Shoshone |
| &nbsp;&nbsp;247 | &nbsp;&nbsp;3407_Hidden Treasure | &nbsp;&nbsp;Hidden Treasure | &nbsp;&nbsp;Other (0%); Sunshine Mine | &nbsp;&nbsp;Owned | &nbsp;&nbsp;12.99 | &nbsp;&nbsp;United States, 48N 3E,14, 23; Shoshone |
| &nbsp;&nbsp;248 | &nbsp;&nbsp;3407_Silver Dollar | &nbsp;&nbsp;Silver Dollar | &nbsp;&nbsp;Other (0%); Sunshine Mine | &nbsp;&nbsp;Owned | &nbsp;&nbsp;2.23 | &nbsp;&nbsp;United States, 48N 3E,23; Shoshone |
| &nbsp;&nbsp;249 | &nbsp;&nbsp;3407_Trail | &nbsp;&nbsp;Trail | &nbsp;&nbsp;Other (0%); Sunshine Mine | &nbsp;&nbsp;Owned | &nbsp;&nbsp;16.07 | &nbsp;&nbsp;United States, 48N 3E,14, 23; Shoshone |
| &nbsp;&nbsp;250 | &nbsp;&nbsp;3464_New Hope | &nbsp;&nbsp;New Hope | &nbsp;&nbsp;Other (0%); Sunshine Mine | &nbsp;&nbsp;Owned | &nbsp;&nbsp;1.71 | &nbsp;&nbsp;United States, 48N 3E,23; Shoshone |
| &nbsp;&nbsp;251 | &nbsp;&nbsp;3464_Purim | &nbsp;&nbsp;Purim | &nbsp;&nbsp;Other (0%); Sunshine Mine | &nbsp;&nbsp;Owned | &nbsp;&nbsp;19.56 | &nbsp;&nbsp;United States, 48N 3E,14, 15, 22, 23; Shoshone |
|  | &nbsp;&nbsp;Total (acreage)\* |  |  |  | &nbsp;&nbsp;3661.16 |  |
|  | &nbsp;&nbsp;Total (hectares)\* |  |  |  | &nbsp;&nbsp;1481.62 |  |
| &nbsp;&nbsp;\*Includes any overlap of claims. | &nbsp;&nbsp;\*Includes any overlap of claims. | &nbsp;&nbsp;\*Includes any overlap of claims. | &nbsp;&nbsp;\*Includes any overlap of claims. | &nbsp;&nbsp;\*Includes any overlap of claims. | &nbsp;&nbsp;\*Includes any overlap of claims. | &nbsp;&nbsp;\*Includes any overlap of claims. |

---

**Table 28-2:&nbsp;&nbsp;&nbsp;&nbsp; List of Unpatented Claims**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | &nbsp;&nbsp;**License Code** | &nbsp;&nbsp;**License Name** | &nbsp;&nbsp;**Parties** | &nbsp;&nbsp;**Type** | &nbsp;&nbsp;**Interest** | &nbsp;&nbsp;**Area<br> (ac)** | &nbsp;&nbsp;**Map Reference** |
| &nbsp;&nbsp;1 | &nbsp;&nbsp;ID105270050 | &nbsp;&nbsp;Merger 21 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.924 | &nbsp;&nbsp;United States, 48N 3E,13, 24; Shoshone |
| &nbsp;&nbsp;2 | &nbsp;&nbsp;ID105270051 | &nbsp;&nbsp;Merger 22 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.914 | &nbsp;&nbsp;United States, 48N 3E,24; Shoshone |
| &nbsp;&nbsp;3 | &nbsp;&nbsp;ID105270052 | &nbsp;&nbsp;Merger 23 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.914 | &nbsp;&nbsp;United States, 48N 3E,13, 24; Shoshone |
| &nbsp;&nbsp;4 | &nbsp;&nbsp;ID105779544 | &nbsp;&nbsp;IDLV 1 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.903 | &nbsp;&nbsp;United States, 48N 3E,28; Shoshone |
| &nbsp;&nbsp;5 | &nbsp;&nbsp;ID105779545 | &nbsp;&nbsp;IDLV 2 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.903 | &nbsp;&nbsp;United States, 48N 3E,28; Shoshone |
| &nbsp;&nbsp;6 | &nbsp;&nbsp;ID105779546 | &nbsp;&nbsp;IDLV 3 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.903 | &nbsp;&nbsp;United States, 48N 3E,28; Shoshone |

---

---

| | |
|:---|:---|
| 28-9 | ![](ny20061035x1ex96-1_image04.jpg) |

---

------

<u> Silver Opportunity Partners LLC \| Sunshine Mine S-K 1300 Technical Report Summary on the Initial Assessment </u> <u> December 12, 2025 SLR Project No.: 123.020552.00001 </u>

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | &nbsp;&nbsp;**License Code** | &nbsp;&nbsp;**License Name** | &nbsp;&nbsp;**Parties** | &nbsp;&nbsp;**Type** | &nbsp;&nbsp;**Interest** | &nbsp;&nbsp;**Area<br> (ac)** | &nbsp;&nbsp;**Map Reference** |
| &nbsp;&nbsp;7 | &nbsp;&nbsp;ID105779547 | &nbsp;&nbsp;IDLV 4 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.903 | &nbsp;&nbsp;United States, 48N 3E,28; Shoshone |
| &nbsp;&nbsp;8 | &nbsp;&nbsp;ID105779548 | &nbsp;&nbsp;IDLV 5 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.903 | &nbsp;&nbsp;United States, 48N 3E,27, 28; Shoshone |
| &nbsp;&nbsp;9 | &nbsp;&nbsp;ID105779549 | &nbsp;&nbsp;IDLV 6 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.903 | &nbsp;&nbsp;United States, 48N 3E,28; Shoshone |
| &nbsp;&nbsp;10 | &nbsp;&nbsp;ID105779550 | &nbsp;&nbsp;IDLV 7 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.903 | &nbsp;&nbsp;United States, 48N 3E,27, 28; Shoshone |
| &nbsp;&nbsp;11 | &nbsp;&nbsp;ID105779551 | &nbsp;&nbsp;IDLV 8 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.903 | &nbsp;&nbsp;United States, 48N 3E,27; Shoshone |
| &nbsp;&nbsp;12 | &nbsp;&nbsp;ID105779552 | &nbsp;&nbsp;IDLV 9 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.903 | &nbsp;&nbsp;United States, 48N 3E,27; Shoshone |
| &nbsp;&nbsp;13 | &nbsp;&nbsp;ID105779553 | &nbsp;&nbsp;IDLV 10 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.903 | &nbsp;&nbsp;United States, 48N 3E,27; Shoshone |
| &nbsp;&nbsp;14 | &nbsp;&nbsp;ID105779554 | &nbsp;&nbsp;IDLV 11 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.904 | &nbsp;&nbsp;United States, 48N 3E,27; Shoshone |
| &nbsp;&nbsp;15 | &nbsp;&nbsp;ID105779555 | &nbsp;&nbsp;IDLV 12 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.903 | &nbsp;&nbsp;United States, 48N 3E,27; Shoshone |
| &nbsp;&nbsp;16 | &nbsp;&nbsp;ID105779556 | &nbsp;&nbsp;IDLV 13 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.903 | &nbsp;&nbsp;United States, 48N 3E,26; Shoshone |
| &nbsp;&nbsp;17 | &nbsp;&nbsp;ID105779557 | &nbsp;&nbsp;IDLV 14 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.903 | &nbsp;&nbsp;United States, 48N 3E,27, 34; Shoshone |
| &nbsp;&nbsp;18 | &nbsp;&nbsp;ID105779558 | &nbsp;&nbsp;IDLV 15 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.903 | &nbsp;&nbsp;United States, 48N 3E,27, 34; Shoshone |
| &nbsp;&nbsp;19 | &nbsp;&nbsp;ID105779559 | &nbsp;&nbsp;IDLV 16 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.903 | &nbsp;&nbsp;United States, 48N 3E,27, 34; Shoshone |
| &nbsp;&nbsp;20 | &nbsp;&nbsp;ID105779560 | &nbsp;&nbsp;IDLV 17 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.903 | &nbsp;&nbsp;United States, 48N 3E,26, 27, 34, 35; Shoshone |
| &nbsp;&nbsp;21 | &nbsp;&nbsp;ID105779561 | &nbsp;&nbsp;IDLV 18 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.903 | &nbsp;&nbsp;United States, 48N 3E,34; Shoshone |
| &nbsp;&nbsp;22 | &nbsp;&nbsp;ID105779562 | &nbsp;&nbsp;IDLV 19 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.903 | &nbsp;&nbsp;United States, 48N 3E,34; Shoshone |
| &nbsp;&nbsp;23 | &nbsp;&nbsp;ID105779563 | &nbsp;&nbsp;IDLV 20 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.903 | &nbsp;&nbsp;United States, 48N 3E,34, 35; Shoshone |
| &nbsp;&nbsp;24 | &nbsp;&nbsp;ID105779564 | &nbsp;&nbsp;IDLV 21 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.903 | &nbsp;&nbsp;United States, 48N 3E,34; Shoshone |
| &nbsp;&nbsp;25 | &nbsp;&nbsp;ID105779565 | &nbsp;&nbsp;IDLV 22 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.904 | &nbsp;&nbsp;United States, 48N 3E,34; Shoshone |
| &nbsp;&nbsp;26 | &nbsp;&nbsp;ID105779566 | &nbsp;&nbsp;IDLV 23 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.903 | &nbsp;&nbsp;United States, 48N 3E,34, 35; Shoshone |
| &nbsp;&nbsp;27 | &nbsp;&nbsp;ID105779567 | &nbsp;&nbsp;IDLV 24 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.903 | &nbsp;&nbsp;United States, 48N 3E,34; Shoshone |
| &nbsp;&nbsp;28 | &nbsp;&nbsp;ID105779568 | &nbsp;&nbsp;IDLV 25 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.903 | &nbsp;&nbsp;United States, 48N 3E,34, 35; Shoshone |
| &nbsp;&nbsp;29 | &nbsp;&nbsp;ID105779569 | &nbsp;&nbsp;Edna 2 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.391 | &nbsp;&nbsp;United States, 48N 3E,27; Shoshone |
| &nbsp;&nbsp;30 | &nbsp;&nbsp;ID105779570 | &nbsp;&nbsp;Edna 3 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;18.261 | &nbsp;&nbsp;United States, 48N 3E,26, 27; Shoshone |
| &nbsp;&nbsp;31 | &nbsp;&nbsp;ID105779571 | &nbsp;&nbsp;MT 1 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.191 | &nbsp;&nbsp;United States, 48N 3E,23, 26; Shoshone |
| &nbsp;&nbsp;32 | &nbsp;&nbsp;ID105779572 | &nbsp;&nbsp;MT 2 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.191 | &nbsp;&nbsp;United States, 48N 3E,23, 26; Shoshone |
| &nbsp;&nbsp;33 | &nbsp;&nbsp;ID105779573 | &nbsp;&nbsp;Maxwell Fraction 2 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.885 | &nbsp;&nbsp;United States, 48N 3E,13; Shoshone |
| &nbsp;&nbsp;34 | &nbsp;&nbsp;ID105779574 | &nbsp;&nbsp;Go Between 2 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.509 | &nbsp;&nbsp;United States, 48N 3E,13; Shoshone |
| &nbsp;&nbsp;35 | &nbsp;&nbsp;ID105779575 | &nbsp;&nbsp;Homestake 2 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.509 | &nbsp;&nbsp;United States, 48N 3E,13; Shoshone |

---

---

| | |
|:---|:---|
| 28-10 | ![](ny20061035x1ex96-1_image04.jpg) |

---

------

<u> Silver Opportunity Partners LLC \| Sunshine Mine S-K 1300 Technical Report Summary on the Initial Assessment </u> <u> December 12, 2025 SLR Project No.: 123.020552.00001 </u>

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | &nbsp;&nbsp;**License Code** | &nbsp;&nbsp;**License Name** | &nbsp;&nbsp;**Parties** | &nbsp;&nbsp;**Type** | &nbsp;&nbsp;**Interest** | &nbsp;&nbsp;**Area<br> (ac)** | &nbsp;&nbsp;**Map Reference** |
| &nbsp;&nbsp;36 | &nbsp;&nbsp;ID105779576 | &nbsp;&nbsp;Merger 24 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.903 | &nbsp;&nbsp;United States, 48N 3E,13; Shoshone |
| &nbsp;&nbsp;37 | &nbsp;&nbsp;ID105779577 | &nbsp;&nbsp;Merger 25 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.903 | &nbsp;&nbsp;United States, 48N 4E,19; Shoshone |
| &nbsp;&nbsp;38 | &nbsp;&nbsp;ID105803276 | &nbsp;&nbsp;R 4 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Leased | &nbsp;&nbsp;20.657 | &nbsp;&nbsp;United States, 48N 5E,31; Shoshone |
| &nbsp;&nbsp;39 | &nbsp;&nbsp;ID105803277 | &nbsp;&nbsp;R 5 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Leased | &nbsp;&nbsp;20.648 | &nbsp;&nbsp;United States, 48N 5E,31; Shoshone |
| &nbsp;&nbsp;40 | &nbsp;&nbsp;ID105803278 | &nbsp;&nbsp;R 6 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Leased | &nbsp;&nbsp;20.391 | &nbsp;&nbsp;United States, 48N 5E,31; Shoshone |
| &nbsp;&nbsp;41 | &nbsp;&nbsp;ID105803279 | &nbsp;&nbsp;R 7 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Leased | &nbsp;&nbsp;21.077 | &nbsp;&nbsp;United States, 48N 5E,31; Shoshone |
| &nbsp;&nbsp;42 | &nbsp;&nbsp;ID105803280 | &nbsp;&nbsp;R 8 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Leased | &nbsp;&nbsp;21.109 | &nbsp;&nbsp;United States, 48N 5E,31; Shoshone |
| &nbsp;&nbsp;43 | &nbsp;&nbsp;IMC 17293 | &nbsp;&nbsp;Surprise | &nbsp;&nbsp;American Silver Mining Company LLC<br> (100%); BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Leased | &nbsp;&nbsp;20.487 | &nbsp;&nbsp;United States, 48N 3E,24; Shoshone |
| &nbsp;&nbsp;44 | &nbsp;&nbsp;IMC 17294 | &nbsp;&nbsp;Norwich Fraction No.1 | &nbsp;&nbsp;American Silver Mining Company LLC<br> (100%); BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Leased | &nbsp;&nbsp;20.904 | &nbsp;&nbsp;United States, 48N 3E,24; 48N 4E,19; Shoshone |
| &nbsp;&nbsp;45 | &nbsp;&nbsp;IMC 17295 | &nbsp;&nbsp;Norwich Fraction No.2 | &nbsp;&nbsp;American Silver Mining Company LLC<br> (100%); BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Leased | &nbsp;&nbsp;20.813 | &nbsp;&nbsp;United States, 48N 3E,24; 48N 4E,19; Shoshone |
| &nbsp;&nbsp;46 | &nbsp;&nbsp;IMC 17296 | &nbsp;&nbsp;Lucky Friday | &nbsp;&nbsp;American Silver Mining Company LLC<br> (100%); BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Leased | &nbsp;&nbsp;19.022 | &nbsp;&nbsp;United States, 48N 4E,19; Shoshone |
| &nbsp;&nbsp;47 | &nbsp;&nbsp;IMC 17297 | &nbsp;&nbsp;Lucky Friday No.1 | &nbsp;&nbsp;American Silver Mining Company LLC<br> (100%); BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Leased | &nbsp;&nbsp;20.901 | &nbsp;&nbsp;United States, 48N 4E,19; Shoshone |
| &nbsp;&nbsp;48 | &nbsp;&nbsp;IMC 17298 | &nbsp;&nbsp;Luck Friday No.2 | &nbsp;&nbsp;American Silver Mining Company LLC<br> (100%); BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Leased | &nbsp;&nbsp;21.045 | &nbsp;&nbsp;United States, 48N 3E,24; 48N 4E,19; Shoshone |
| &nbsp;&nbsp;49 | &nbsp;&nbsp;IMC 17299 | &nbsp;&nbsp;Lucky Friday No.3 | &nbsp;&nbsp;American Silver Mining Company LLC<br> (100%); BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Leased | &nbsp;&nbsp;20.696 | &nbsp;&nbsp;United States, 48N 4E,19; Shoshone |
| &nbsp;&nbsp;50 | &nbsp;&nbsp;IMC 17300 | &nbsp;&nbsp;Lucky Friday No.4 | &nbsp;&nbsp;American Silver Mining Company LLC<br> (100%); BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Leased | &nbsp;&nbsp;20.644 | &nbsp;&nbsp;United States, 48N 4E,19, 30; Shoshone |
| &nbsp;&nbsp;51 | &nbsp;&nbsp;IMC 17301 | &nbsp;&nbsp;Lucky Norwich | &nbsp;&nbsp;American Silver Mining Company LLC<br> (100%); BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Leased | &nbsp;&nbsp;4.783 | &nbsp;&nbsp;United States, 48N 3E,24; 48N 4E,19; Shoshone |
| &nbsp;&nbsp;52 | &nbsp;&nbsp;IMC 17302 | &nbsp;&nbsp;Lutita | &nbsp;&nbsp;American Silver Mining Company LLC<br> (100%); BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Leased | &nbsp;&nbsp;3.995 | &nbsp;&nbsp;United States, 48N 3E,24; Shoshone |
| &nbsp;&nbsp;53 | &nbsp;&nbsp;IMC 17303 | &nbsp;&nbsp;Edwone Fraction | &nbsp;&nbsp;American Silver Mining Company LLC<br> (100%); BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Leased | &nbsp;&nbsp;0.404 | &nbsp;&nbsp;United States, 48N 3E,24; Shoshone |
| &nbsp;&nbsp;54 | &nbsp;&nbsp;IMC 17304 | &nbsp;&nbsp;Kentucky Silver | &nbsp;&nbsp;American Silver Mining Company LLC<br> (100%); BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Leased | &nbsp;&nbsp;2.187 | &nbsp;&nbsp;United States, 48N 3E,24; Shoshone |
| &nbsp;&nbsp;55 | &nbsp;&nbsp;IMC 17305 | &nbsp;&nbsp;Enid | &nbsp;&nbsp;American Silver Mining Company LLC<br> (100%); BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Leased | &nbsp;&nbsp;9.518 | &nbsp;&nbsp;United States, 48N 3E,24; 48N 4E,19; Shoshone |
| &nbsp;&nbsp;56 | &nbsp;&nbsp;IMC 17306 | &nbsp;&nbsp;Conrad | &nbsp;&nbsp;American Silver Mining Company LLC<br> (100%); BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Leased | &nbsp;&nbsp;9.5 | &nbsp;&nbsp;United States, 48N 3E,24; Shoshone |

---

---

| | |
|:---|:---|
| 28-11 | ![](ny20061035x1ex96-1_image04.jpg) |

---

------

<u> Silver Opportunity Partners LLC \| Sunshine Mine S-K 1300 Technical Report Summary on the Initial Assessment </u> <u> December 12, 2025 SLR Project No.: 123.020552.00001 </u>

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | &nbsp;&nbsp;**License Code** | &nbsp;&nbsp;**License Name** | &nbsp;&nbsp;**Parties** | &nbsp;&nbsp;**Type** | &nbsp;&nbsp;**Interest** | &nbsp;&nbsp;**Area<br> (ac)** | &nbsp;&nbsp;**Map Reference** |
| &nbsp;&nbsp;57 | &nbsp;&nbsp;IMC 17307 | &nbsp;&nbsp;Blue Jay | &nbsp;&nbsp;American Silver Mining Company LLC<br> (100%); BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Leased | &nbsp;&nbsp;20.889 | &nbsp;&nbsp;United States, 48N 3E,24; Shoshone |
| &nbsp;&nbsp;58 | &nbsp;&nbsp;IMC 17308 | &nbsp;&nbsp;Collins | &nbsp;&nbsp;American Silver Mining Company LLC<br> (100%); BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Leased | &nbsp;&nbsp;20.552 | &nbsp;&nbsp;United States, 48N 3E,24; 48N 4E,19; Shoshone |
| &nbsp;&nbsp;59 | &nbsp;&nbsp;IMC 17309 | &nbsp;&nbsp;North Star | &nbsp;&nbsp;American Silver Mining Company LLC<br> (100%); BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Leased | &nbsp;&nbsp;20.903 | &nbsp;&nbsp;United States, 48N 4E,19; Shoshone |
| &nbsp;&nbsp;60 | &nbsp;&nbsp;IMC 17310 | &nbsp;&nbsp;Silver Leaf | &nbsp;&nbsp;American Silver Mining Company LLC<br> (100%); BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Leased | &nbsp;&nbsp;20.903 | &nbsp;&nbsp;United States, 48N 3E,24; Shoshone |
| &nbsp;&nbsp;61 | &nbsp;&nbsp;IMC 17311 | &nbsp;&nbsp;Kentucky | &nbsp;&nbsp;American Silver Mining Company LLC<br> (100%); BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Leased | &nbsp;&nbsp;20.844 | &nbsp;&nbsp;United States, 48N 3E,24; Shoshone |
| &nbsp;&nbsp;62 | &nbsp;&nbsp;IMC 17312 | &nbsp;&nbsp;Buckeye | &nbsp;&nbsp;American Silver Mining Company LLC<br> (100%); BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Leased | &nbsp;&nbsp;20.844 | &nbsp;&nbsp;United States, 48N 3E,24; Shoshone |
| &nbsp;&nbsp;63 | &nbsp;&nbsp;IMC 17313 | &nbsp;&nbsp;Maud S | &nbsp;&nbsp;American Silver Mining Company LLC<br> (100%); BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Leased | &nbsp;&nbsp;20.837 | &nbsp;&nbsp;United States, 48N 3E,24; Shoshone |
| &nbsp;&nbsp;64 | &nbsp;&nbsp;IMC 175831 | &nbsp;&nbsp;Barbarosa | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.443 | &nbsp;&nbsp;United States, 48N 3E,22, 23; Shoshone |
| &nbsp;&nbsp;65 | &nbsp;&nbsp;IMC 175832 | &nbsp;&nbsp;Western Star | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.871 | &nbsp;&nbsp;United States, 48N 3E,22, 23; Shoshone |
| &nbsp;&nbsp;66 | &nbsp;&nbsp;IMC 226792 | &nbsp;&nbsp;Silver Hill 1 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 47N 3E,6; 48N 3E,31; Shoshone |
| &nbsp;&nbsp;67 | &nbsp;&nbsp;IMC 226793 | &nbsp;&nbsp;Silver Hill 2 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 47N 3E,6; Shoshone |
| &nbsp;&nbsp;68 | &nbsp;&nbsp;IMC 226794 | &nbsp;&nbsp;Silver Hill 3 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 47N 3E,6; Shoshone |
| &nbsp;&nbsp;69 | &nbsp;&nbsp;IMC 226795 | &nbsp;&nbsp;Silver Hill 4 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 47N 3E,6; Shoshone |
| &nbsp;&nbsp;70 | &nbsp;&nbsp;IMC 226796 | &nbsp;&nbsp;Silver Hill 5 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 47N 3E,6; Shoshone |
| &nbsp;&nbsp;71 | &nbsp;&nbsp;IMC 226797 | &nbsp;&nbsp;Silver Hill 6 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 47N 3E,6; 48N 3E,31; Shoshone |
| &nbsp;&nbsp;72 | &nbsp;&nbsp;IMC 226798 | &nbsp;&nbsp;Silver Hill 7 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 47N 3E,6; Shoshone |
| &nbsp;&nbsp;73 | &nbsp;&nbsp;IMC 226799 | &nbsp;&nbsp;Silver Hill 8 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 47N 3E,6; Shoshone |
| &nbsp;&nbsp;74 | &nbsp;&nbsp;IMC 226800 | &nbsp;&nbsp;Silver Hill 9 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 47N 3E,6; Shoshone |
| &nbsp;&nbsp;75 | &nbsp;&nbsp;IMC 226801 | &nbsp;&nbsp;Silver Hill 10 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 47N 3E,6; Shoshone |
| &nbsp;&nbsp;76 | &nbsp;&nbsp;IMC 226802 | &nbsp;&nbsp;Silver Hill 11 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 48N 3E,31, 32; Shoshone |
| &nbsp;&nbsp;77 | &nbsp;&nbsp;IMC 226803 | &nbsp;&nbsp;Silver Hill 12 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 47N 3E,5, 6; 48N 3E,31, 32; Shoshone |
| &nbsp;&nbsp;78 | &nbsp;&nbsp;IMC 226804 | &nbsp;&nbsp;Silver Hill 13 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 47N 3E,5, 6; Shoshone |
| &nbsp;&nbsp;79 | &nbsp;&nbsp;IMC 226805 | &nbsp;&nbsp;Silver Hill 14 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 47N 3E,5, 6; Shoshone |
| &nbsp;&nbsp;80 | &nbsp;&nbsp;IMC 226806 | &nbsp;&nbsp;Silver Hill 15 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 47N 3E,5, 6; Shoshone |

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|:---|:---|
| 28-12 | ![](ny20061035x1ex96-1_image04.jpg) |

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<u> Silver Opportunity Partners LLC \| Sunshine Mine S-K 1300 Technical Report Summary on the Initial Assessment </u> <u> December 12, 2025 SLR Project No.: 123.020552.00001 </u>

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | &nbsp;&nbsp;**License Code** | &nbsp;&nbsp;**License Name** | &nbsp;&nbsp;**Parties** | &nbsp;&nbsp;**Type** | &nbsp;&nbsp;**Interest** | &nbsp;&nbsp;**Area<br> (ac)** | &nbsp;&nbsp;**Map Reference** |
| &nbsp;&nbsp;81 | &nbsp;&nbsp;IMC 226807 | &nbsp;&nbsp;Silver Hill 16 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 47N 3E,5, 6; Shoshone |
| &nbsp;&nbsp;82 | &nbsp;&nbsp;IMC 226808 | &nbsp;&nbsp;Silver Hill 17 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 48N 3E,32; Shoshone |
| &nbsp;&nbsp;83 | &nbsp;&nbsp;IMC 226809 | &nbsp;&nbsp;Silver Hill 18 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 47N 3E,5; 48N 3E,32; Shoshone |
| &nbsp;&nbsp;84 | &nbsp;&nbsp;IMC 226810 | &nbsp;&nbsp;Silver Hill 19 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 47N 3E,5; Shoshone |
| &nbsp;&nbsp;85 | &nbsp;&nbsp;IMC 226811 | &nbsp;&nbsp;Silver Hill 20 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 47N 3E,5; Shoshone |
| &nbsp;&nbsp;86 | &nbsp;&nbsp;IMC 226812 | &nbsp;&nbsp;Silver Hill 21 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 47N 3E,5; Shoshone |
| &nbsp;&nbsp;87 | &nbsp;&nbsp;IMC 226813 | &nbsp;&nbsp;Silver Hill 22 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 47N 3E,5; Shoshone |
| &nbsp;&nbsp;88 | &nbsp;&nbsp;IMC 226814 | &nbsp;&nbsp;Silver Hill 23 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.903 | &nbsp;&nbsp;United States, 48N 3E,32; Shoshone |
| &nbsp;&nbsp;89 | &nbsp;&nbsp;IMC 226815 | &nbsp;&nbsp;Silver Hill 24 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.903 | &nbsp;&nbsp;United States, 47N 3E,5; 48N 3E,32; Shoshone |
| &nbsp;&nbsp;90 | &nbsp;&nbsp;IMC 226816 | &nbsp;&nbsp;Silver Hill 25 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 47N 3E,5; Shoshone |
| &nbsp;&nbsp;91 | &nbsp;&nbsp;IMC 226817 | &nbsp;&nbsp;Silver Hill 26 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 47N 3E,5; Shoshone |
| &nbsp;&nbsp;92 | &nbsp;&nbsp;IMC 226818 | &nbsp;&nbsp;Silver Hill 27 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 47N 3E,5; Shoshone |
| &nbsp;&nbsp;93 | &nbsp;&nbsp;IMC 226819 | &nbsp;&nbsp;Silver Hill 28 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 47N 3E,5; Shoshone |
| &nbsp;&nbsp;94 | &nbsp;&nbsp;IMC 226820 | &nbsp;&nbsp;JD #1 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 48N 3E,36; Shoshone |
| &nbsp;&nbsp;95 | &nbsp;&nbsp;IMC 226821 | &nbsp;&nbsp;JD #2 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 48N 3E,36; Shoshone |
| &nbsp;&nbsp;96 | &nbsp;&nbsp;IMC 226822 | &nbsp;&nbsp;JD #3 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 48N 3E,36; Shoshone |
| &nbsp;&nbsp;97 | &nbsp;&nbsp;IMC 226823 | &nbsp;&nbsp;JD #4 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 48N 3E,36; Shoshone |
| &nbsp;&nbsp;98 | &nbsp;&nbsp;IMC 226824 | &nbsp;&nbsp;JD #5 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 48N 3E,35, 36; Shoshone |
| &nbsp;&nbsp;99 | &nbsp;&nbsp;IMC 226825 | &nbsp;&nbsp;JD #6 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 48N 3E,36; Shoshone |
| &nbsp;&nbsp;100 | &nbsp;&nbsp;IMC 226826 | &nbsp;&nbsp;JD #7 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 48N 3E,36; Shoshone |
| &nbsp;&nbsp;101 | &nbsp;&nbsp;IMC 226827 | &nbsp;&nbsp;JD #8 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 48N 3E,36; Shoshone |
| &nbsp;&nbsp;102 | &nbsp;&nbsp;IMC 226828 | &nbsp;&nbsp;JD #9 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 48N 3E,35, 36; Shoshone |
| &nbsp;&nbsp;103 | &nbsp;&nbsp;IMC 226829 | &nbsp;&nbsp;SILVER APEX 3 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 48N 4E,5, 6; Shoshone |
| &nbsp;&nbsp;104 | &nbsp;&nbsp;IMC 226830 | &nbsp;&nbsp;SILVER APEX 4 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 48N 4E,5, 6; 49N 4E,32; Shoshone |
| &nbsp;&nbsp;105 | &nbsp;&nbsp;IMC 226831 | &nbsp;&nbsp;SILVER APEX 5 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 48N 4E,5; 49N 4E,32; Shoshone |
| &nbsp;&nbsp;106 | &nbsp;&nbsp;IMC 226832 | &nbsp;&nbsp;SILVER APEX 6 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 48N 4E,5; Shoshone |
| &nbsp;&nbsp;107 | &nbsp;&nbsp;IMC 226833 | &nbsp;&nbsp;S 4951 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 48N 5E,24, 25; Shoshone |

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|:---|:---|
| 28-13 | ![](ny20061035x1ex96-1_image04.jpg) |

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<u> Silver Opportunity Partners LLC \| Sunshine Mine S-K 1300 Technical Report Summary on the Initial Assessment </u> <u> December 12, 2025 SLR Project No.: 123.020552.00001 </u>

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | &nbsp;&nbsp;**License Code** | &nbsp;&nbsp;**License Name** | &nbsp;&nbsp;**Parties** | &nbsp;&nbsp;**Type** | &nbsp;&nbsp;**Interest** | &nbsp;&nbsp;**Area<br> (ac)** | &nbsp;&nbsp;**Map Reference** |
| &nbsp;&nbsp;108 | &nbsp;&nbsp;IMC 226834 | &nbsp;&nbsp;S 4952 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 48N 5E,19, 24, 25; 48N 6E,19; Shoshone |
| &nbsp;&nbsp;109 | &nbsp;&nbsp;IMC 226835 | &nbsp;&nbsp;S 4953 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 48N 5E,19, 24, 25, 30; 48N 6E,19, 25, 30; Shoshone |
| &nbsp;&nbsp;110 | &nbsp;&nbsp;IMC 226836 | &nbsp;&nbsp;S 4954 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 48N 5E,25, 30; 48N 6E,25, 30; Shoshone |
| &nbsp;&nbsp;111 | &nbsp;&nbsp;IMC 226837 | &nbsp;&nbsp;S 4955 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 48N 5E,25, 30; 48N 6E,25, 30; Shoshone |
| &nbsp;&nbsp;112 | &nbsp;&nbsp;IMC 226838 | &nbsp;&nbsp;S 4956 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 48N 6E,30; Shoshone |
| &nbsp;&nbsp;113 | &nbsp;&nbsp;IMC 226839 | &nbsp;&nbsp;S 4957 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 48N 6E,30; Shoshone |
| &nbsp;&nbsp;114 | &nbsp;&nbsp;IMC 226840 | &nbsp;&nbsp;S 4958 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 48N 6E,30; Shoshone |
| &nbsp;&nbsp;115 | &nbsp;&nbsp;IMC 226841 | &nbsp;&nbsp;S 4959 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 48N 6E,30; Shoshone |
| &nbsp;&nbsp;116 | &nbsp;&nbsp;IMC 226842 | &nbsp;&nbsp;S 5049 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 48N 5E,19, 24; 48N 6E,19; Shoshone |
| &nbsp;&nbsp;117 | &nbsp;&nbsp;IMC 226843 | &nbsp;&nbsp;S 5059 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 48N 6E,30; Shoshone |
| &nbsp;&nbsp;118 | &nbsp;&nbsp;IMC 226844 | &nbsp;&nbsp;S 5060 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 48N 6E,30; Shoshone |
| &nbsp;&nbsp;119 | &nbsp;&nbsp;IMC 226845 | &nbsp;&nbsp;S 5148 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 48N 5E,19, 24; 48N 6E,19; Shoshone |
| &nbsp;&nbsp;120 | &nbsp;&nbsp;IMC 226846 | &nbsp;&nbsp;S 5149 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 48N 5E,19, 24; 48N 6E,19; Shoshone |
| &nbsp;&nbsp;121 | &nbsp;&nbsp;IMC 226847 | &nbsp;&nbsp;S 5151 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 48N 6E,30; Shoshone |
| &nbsp;&nbsp;122 | &nbsp;&nbsp;IMC 226848 | &nbsp;&nbsp;S 5159 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 48N 6E,19, 30; Shoshone |
| &nbsp;&nbsp;123 | &nbsp;&nbsp;IMC 226849 | &nbsp;&nbsp;SNOW 1 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 48N 6E,29; Shoshone |
| &nbsp;&nbsp;124 | &nbsp;&nbsp;IMC 226850 | &nbsp;&nbsp;SNOW 2 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 48N 6E,29; Shoshone |
| &nbsp;&nbsp;125 | &nbsp;&nbsp;IMC 226851 | &nbsp;&nbsp;SNOW 3 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 48N 6E,29; Shoshone |
| &nbsp;&nbsp;126 | &nbsp;&nbsp;IMC 226852 | &nbsp;&nbsp;SNOW 4 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 48N 6E,29; Shoshone |
| &nbsp;&nbsp;127 | &nbsp;&nbsp;IMC 226853 | &nbsp;&nbsp;SNOW 5 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 48N 6E,29; Shoshone |
| &nbsp;&nbsp;128 | &nbsp;&nbsp;IMC 226854 | &nbsp;&nbsp;SNOW 6 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 48N 6E,29; Shoshone |
| &nbsp;&nbsp;129 | &nbsp;&nbsp;IMC 226855 | &nbsp;&nbsp;SNOW 7 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 48N 6E,20, 29; Shoshone |
| &nbsp;&nbsp;130 | &nbsp;&nbsp;IMC 226856 | &nbsp;&nbsp;SNOW 8 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 48N 6E,20, 29; Shoshone |
| &nbsp;&nbsp;131 | &nbsp;&nbsp;IMC 226857 | &nbsp;&nbsp;BL 1 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 48N 6E,33, 34; Shoshone |
| &nbsp;&nbsp;132 | &nbsp;&nbsp;IMC 226858 | &nbsp;&nbsp;BL 2 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 48N 6E,34; Shoshone |
| &nbsp;&nbsp;133 | &nbsp;&nbsp;IMC 226859 | &nbsp;&nbsp;BL 3 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 48N 6E,33; Shoshone |

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|:---|:---|
| 28-14 | ![](ny20061035x1ex96-1_image04.jpg) |

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<u> Silver Opportunity Partners LLC \| Sunshine Mine S-K 1300 Technical Report Summary on the Initial Assessment </u> <u> December 12, 2025 SLR Project No.: 123.020552.00001 </u>

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | &nbsp;&nbsp;**License Code** | &nbsp;&nbsp;**License Name** | &nbsp;&nbsp;**Parties** | &nbsp;&nbsp;**Type** | &nbsp;&nbsp;**Interest** | &nbsp;&nbsp;**Area<br> (ac)** | &nbsp;&nbsp;**Map Reference** |
| &nbsp;&nbsp;134 | &nbsp;&nbsp;IMC 226860 | &nbsp;&nbsp;BL 4 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 48N 6E,33, 34; Shoshone |
| &nbsp;&nbsp;135 | &nbsp;&nbsp;IMC 226861 | &nbsp;&nbsp;BL 5 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 48N 6E,33; Shoshone |
| &nbsp;&nbsp;136 | &nbsp;&nbsp;IMC 226862 | &nbsp;&nbsp;BL 6 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 48N 6E,33, 34; Shoshone |
| &nbsp;&nbsp;137 | &nbsp;&nbsp;IMC 226863 | &nbsp;&nbsp;BL 7 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 48N 6E,33; Shoshone |
| &nbsp;&nbsp;138 | &nbsp;&nbsp;IMC 226864 | &nbsp;&nbsp;BL 8 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 48N 6E,33, 34; Shoshone |
| &nbsp;&nbsp;139 | &nbsp;&nbsp;IMC 226865 | &nbsp;&nbsp;BL 9 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 48N 6E,33; Shoshone |
| &nbsp;&nbsp;140 | &nbsp;&nbsp;IMC 226866 | &nbsp;&nbsp;BL 10 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 48N 6E,33, 34; Shoshone |
| &nbsp;&nbsp;141 | &nbsp;&nbsp;IMC 226867 | &nbsp;&nbsp;W 1 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 48N 2E,23; Shoshone |
| &nbsp;&nbsp;142 | &nbsp;&nbsp;IMC 226868 | &nbsp;&nbsp;W 2 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 48N 2E,23, 24; Shoshone |
| &nbsp;&nbsp;143 | &nbsp;&nbsp;IMC 226869 | &nbsp;&nbsp;W 3 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 48N 2E,23, 24; Shoshone |
| &nbsp;&nbsp;144 | &nbsp;&nbsp;IMC 226870 | &nbsp;&nbsp;W 4 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 48N 2E,23, 24; Shoshone |
| &nbsp;&nbsp;145 | &nbsp;&nbsp;IMC 226871 | &nbsp;&nbsp;W 5 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 48N 2E,23, 24; Shoshone |
| &nbsp;&nbsp;146 | &nbsp;&nbsp;IMC 226872 | &nbsp;&nbsp;W 6 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 48N 2E,24; Shoshone |
| &nbsp;&nbsp;147 | &nbsp;&nbsp;IMC 226873 | &nbsp;&nbsp;W 7 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 48N 2E,24; Shoshone |
| &nbsp;&nbsp;148 | &nbsp;&nbsp;IMC 226874 | &nbsp;&nbsp;W 8 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 48N 2E,24; Shoshone |
| &nbsp;&nbsp;149 | &nbsp;&nbsp;IMC 226875 | &nbsp;&nbsp;W 9 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 48N 2E,24; Shoshone |
| &nbsp;&nbsp;150 | &nbsp;&nbsp;IMC 226876 | &nbsp;&nbsp;W 10 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 48N 2E,24; Shoshone |
| &nbsp;&nbsp;151 | &nbsp;&nbsp;IMC 226877 | &nbsp;&nbsp;SYDNEY #1 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 48N 2E,21, 22; Shoshone |
| &nbsp;&nbsp;152 | &nbsp;&nbsp;IMC 226878 | &nbsp;&nbsp;SYDNEY #2 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 48N 2E,21, 22; Shoshone |
| &nbsp;&nbsp;153 | &nbsp;&nbsp;IMC 226879 | &nbsp;&nbsp;SYDNEY #3 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 48N 2E,22; Shoshone |
| &nbsp;&nbsp;154 | &nbsp;&nbsp;IMC 226880 | &nbsp;&nbsp;SYDNEY #4 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 48N 2E,22; Shoshone |
| &nbsp;&nbsp;155 | &nbsp;&nbsp;IMC 226881 | &nbsp;&nbsp;SYDNEY #5 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 48N 2E,22; Shoshone |
| &nbsp;&nbsp;156 | &nbsp;&nbsp;IMC 226882 | &nbsp;&nbsp;SYDNEY #6 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 48N 2E,22; Shoshone |
| &nbsp;&nbsp;157 | &nbsp;&nbsp;IMC 226883 | &nbsp;&nbsp;SYDNEY #7 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 48N 2E,22; Shoshone |
| &nbsp;&nbsp;158 | &nbsp;&nbsp;IMC 226884 | &nbsp;&nbsp;SYDNEY #8 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 48N 2E,22; Shoshone |
| &nbsp;&nbsp;159 | &nbsp;&nbsp;IMC 226885 | &nbsp;&nbsp;SYDNEY #9 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 48N 2E,22; Shoshone |
| &nbsp;&nbsp;160 | &nbsp;&nbsp;IMC 226886 | &nbsp;&nbsp;SYDNEY #10 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 48N 2E,22; Shoshone |
| &nbsp;&nbsp;161 | &nbsp;&nbsp;IMC 226887 | &nbsp;&nbsp;SYDNEY #11 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 48N 2E,22; Shoshone |
| &nbsp;&nbsp;162 | &nbsp;&nbsp;IMC 226888 | &nbsp;&nbsp;SYDNEY #12 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 48N 2E,22; Shoshone |
| &nbsp;&nbsp;163 | &nbsp;&nbsp;IMC 226889 | &nbsp;&nbsp;SYDNEY #13 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 48N 2E,22, 23; Shoshone |

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|:---|:---|
| 28-15 | ![](ny20061035x1ex96-1_image04.jpg) |

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<u> Silver Opportunity Partners LLC \| Sunshine Mine S-K 1300 Technical Report Summary on the Initial Assessment </u> <u> December 12, 2025 SLR Project No.: 123.020552.00001 </u>

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | &nbsp;&nbsp;**License Code** | &nbsp;&nbsp;**License Name** | &nbsp;&nbsp;**Parties** | &nbsp;&nbsp;**Type** | &nbsp;&nbsp;**Interest** | &nbsp;&nbsp;**Area<br> (ac)** | &nbsp;&nbsp;**Map Reference** |
| &nbsp;&nbsp;164 | &nbsp;&nbsp;IMC 226890 | &nbsp;&nbsp;SYDNEY #14 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 48N 2E,22, 23; Shoshone |
| &nbsp;&nbsp;165 | &nbsp;&nbsp;IMC 226891 | &nbsp;&nbsp;SYDNEY #15 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 48N 2E,22, 23, 27; Shoshone |
| &nbsp;&nbsp;166 | &nbsp;&nbsp;IMC 226892 | &nbsp;&nbsp;H 1 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 48N 2E,26; Shoshone |
| &nbsp;&nbsp;167 | &nbsp;&nbsp;IMC 226893 | &nbsp;&nbsp;H 2 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 48N 2E,26; Shoshone |
| &nbsp;&nbsp;168 | &nbsp;&nbsp;IMC 226894 | &nbsp;&nbsp;H 3 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 48N 2E,25, 26; Shoshone |
| &nbsp;&nbsp;169 | &nbsp;&nbsp;IMC 226895 | &nbsp;&nbsp;H 4 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 48N 2E,25, 26; Shoshone |
| &nbsp;&nbsp;170 | &nbsp;&nbsp;IMC 226896 | &nbsp;&nbsp;HI #10 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 48N 2E,23, 26; Shoshone |
| &nbsp;&nbsp;171 | &nbsp;&nbsp;IMC 226897 | &nbsp;&nbsp;HI #11 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 48N 2E,23, 24, 25, 26; Shoshone |
| &nbsp;&nbsp;172 | &nbsp;&nbsp;IMC 226898 | &nbsp;&nbsp;HI #12 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 48N 2E,24, 25; Shoshone |
| &nbsp;&nbsp;173 | &nbsp;&nbsp;IMC 226899 | &nbsp;&nbsp;EAGLE #1 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 48N 2E,27; Shoshone |
| &nbsp;&nbsp;174 | &nbsp;&nbsp;IMC 226900 | &nbsp;&nbsp;EAGLE #2 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 48N 2E,27, 34; Shoshone |
| &nbsp;&nbsp;175 | &nbsp;&nbsp;IMC 226901 | &nbsp;&nbsp;EAGLE #3 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 48N 2E,27; Shoshone |
| &nbsp;&nbsp;176 | &nbsp;&nbsp;IMC 226902 | &nbsp;&nbsp;EAGLE #4 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 48N 2E,27, 34; Shoshone |
| &nbsp;&nbsp;177 | &nbsp;&nbsp;IMC 226903 | &nbsp;&nbsp;EAGLE #5 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 48N 2E,27; Shoshone |
| &nbsp;&nbsp;178 | &nbsp;&nbsp;IMC 226904 | &nbsp;&nbsp;EAGLE #6 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 48N 2E,27, 34; Shoshone |
| &nbsp;&nbsp;179 | &nbsp;&nbsp;IMC 226905 | &nbsp;&nbsp;EAGLE #7 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 48N 2E,27; Shoshone |
| &nbsp;&nbsp;180 | &nbsp;&nbsp;IMC 226906 | &nbsp;&nbsp;EAGLE #8 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 48N 2E,27, 34; Shoshone |
| &nbsp;&nbsp;181 | &nbsp;&nbsp;IMC 226907 | &nbsp;&nbsp;EAGLE #9 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 48N 2E,26, 27, 34, 35; Shoshone |
| &nbsp;&nbsp;182 | &nbsp;&nbsp;IMC 226908 | &nbsp;&nbsp;EAGLE #10 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 48N 2E,27, 34, 35; Shoshone |
| &nbsp;&nbsp;183 | &nbsp;&nbsp;IMC 226909 | &nbsp;&nbsp;EAGLE #11 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 48N 2E,26, 35; Shoshone |
| &nbsp;&nbsp;184 | &nbsp;&nbsp;IMC 226910 | &nbsp;&nbsp;EAGLE #12 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 48N 2E,35; Shoshone |
| &nbsp;&nbsp;185 | &nbsp;&nbsp;IMC 226911 | &nbsp;&nbsp;EAGLE #13 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 48N 2E,26, 35; Shoshone |
| &nbsp;&nbsp;186 | &nbsp;&nbsp;IMC 226912 | &nbsp;&nbsp;EAGLE #14 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 48N 2E,35; Shoshone |
| &nbsp;&nbsp;187 | &nbsp;&nbsp;IMC 226913 | &nbsp;&nbsp;EAGLE #15 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 48N 2E,26, 35; Shoshone |
| &nbsp;&nbsp;188 | &nbsp;&nbsp;IMC 226914 | &nbsp;&nbsp;EAGLE #16 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 48N 2E,35; Shoshone |
| &nbsp;&nbsp;189 | &nbsp;&nbsp;IMC 226915 | &nbsp;&nbsp;EAGLE #17 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 48N 2E,26, 35; Shoshone |
| &nbsp;&nbsp;190 | &nbsp;&nbsp;IMC 226916 | &nbsp;&nbsp;EAGLE #18 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;19.529 | &nbsp;&nbsp;United States, 48N 2E,35; Shoshone |

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|:---|:---|
| 28-16 | ![](ny20061035x1ex96-1_image04.jpg) |

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<u> Silver Opportunity Partners LLC \| Sunshine Mine S-K 1300 Technical Report Summary on the Initial Assessment </u> <u> December 12, 2025 SLR Project No.: 123.020552.00001 </u>

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | &nbsp;&nbsp;**License Code** | &nbsp;&nbsp;**License Name** | &nbsp;&nbsp;**Parties** | &nbsp;&nbsp;**Type** | &nbsp;&nbsp;**Interest** | &nbsp;&nbsp;**Area<br> (ac)** | &nbsp;&nbsp;**Map Reference** |
| &nbsp;&nbsp;191 | &nbsp;&nbsp;IMC 226917 | &nbsp;&nbsp;EAGLE #19 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 48N 2E,26, 35; Shoshone |
| &nbsp;&nbsp;192 | &nbsp;&nbsp;IMC 226918 | &nbsp;&nbsp;EAGLE #20 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;19.529 | &nbsp;&nbsp;United States, 48N 2E,35; Shoshone |
| &nbsp;&nbsp;193 | &nbsp;&nbsp;IMC 226919 | &nbsp;&nbsp;EAGLE #21 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 48N 2E,34; Shoshone |
| &nbsp;&nbsp;194 | &nbsp;&nbsp;IMC 226920 | &nbsp;&nbsp;EAGLE #22 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 48N 2E,34; Shoshone |
| &nbsp;&nbsp;195 | &nbsp;&nbsp;IMC 226921 | &nbsp;&nbsp;EAGLE #23 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 48N 2E,34; Shoshone |
| &nbsp;&nbsp;196 | &nbsp;&nbsp;IMC 226922 | &nbsp;&nbsp;EAGLE #24 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 48N 2E,34; Shoshone |
| &nbsp;&nbsp;197 | &nbsp;&nbsp;IMC 226923 | &nbsp;&nbsp;EAGLE #25 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 48N 2E,34, 35; Shoshone |
| &nbsp;&nbsp;198 | &nbsp;&nbsp;IMC 226924 | &nbsp;&nbsp;EAGLE #26 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 48N 2E,35; Shoshone |
| &nbsp;&nbsp;199 | &nbsp;&nbsp;IMC 226925 | &nbsp;&nbsp;EAGLE #27 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 48N 2E,35; Shoshone |
| &nbsp;&nbsp;200 | &nbsp;&nbsp;IMC 226926 | &nbsp;&nbsp;EAGLE #28 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 48N 2E,35; Shoshone |
| &nbsp;&nbsp;201 | &nbsp;&nbsp;IMC 226927 | &nbsp;&nbsp;EAGLE #29 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 48N 2E,35; Shoshone |
| &nbsp;&nbsp;202 | &nbsp;&nbsp;IMC 226928 | &nbsp;&nbsp;UTICA | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Leased | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 48N 3E,22; Shoshone |
| &nbsp;&nbsp;203 | &nbsp;&nbsp;IMC 226929 | &nbsp;&nbsp;LORA NO 2 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Leased | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 48N 3E,22; Shoshone |
| &nbsp;&nbsp;204 | &nbsp;&nbsp;IMC 226930 | &nbsp;&nbsp;HUDSON | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Leased | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 48N 3E,22; Shoshone |
| &nbsp;&nbsp;205 | &nbsp;&nbsp;IMC 226931 | &nbsp;&nbsp;STUDEBAKER | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Leased | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 48N 3E,22, 23; Shoshone |
| &nbsp;&nbsp;206 | &nbsp;&nbsp;IMC 226932 | &nbsp;&nbsp;SAXON | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Leased | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 48N 3E,22, 23; Shoshone |
| &nbsp;&nbsp;207 | &nbsp;&nbsp;IMC 226933 | &nbsp;&nbsp;WAYNE | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Leased | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 48N 3E,22; Shoshone |
| &nbsp;&nbsp;208 | &nbsp;&nbsp;IMC 226934 | &nbsp;&nbsp;JOHN G | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Leased | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 48N 3E,22, 23; Shoshone |
| &nbsp;&nbsp;209 | &nbsp;&nbsp;IMC 226935 | &nbsp;&nbsp;LAUREL | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Leased | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 48N 3E,22; Shoshone |
| &nbsp;&nbsp;210 | &nbsp;&nbsp;IMC 226936 | &nbsp;&nbsp;MADALENE | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Leased | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 48N 3E,22; Shoshone |
| &nbsp;&nbsp;211 | &nbsp;&nbsp;IMC 226937 | &nbsp;&nbsp;PEARL | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Leased | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 48N 3E,22, 27; Shoshone |
| &nbsp;&nbsp;212 | &nbsp;&nbsp;IMC 226938 | &nbsp;&nbsp;NI WOT | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Leased | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 48N 3E,22; Shoshone |
| &nbsp;&nbsp;213 | &nbsp;&nbsp;IMC 226939 | &nbsp;&nbsp;TOUGH GOING | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Leased | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 48N 3E,22; Shoshone |
| &nbsp;&nbsp;214 | &nbsp;&nbsp;IMC 226940 | &nbsp;&nbsp;BOSTON FRACTION | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Leased | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 48N 3E,22; Shoshone |
| &nbsp;&nbsp;215 | &nbsp;&nbsp;IMC 226941 | &nbsp;&nbsp;GRANT | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Leased | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 48N 3E,22; Shoshone |
| &nbsp;&nbsp;216 | &nbsp;&nbsp;IMC 226942 | &nbsp;&nbsp;LORA NO 1 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Leased | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 48N 3E,22; Shoshone |
| &nbsp;&nbsp;217 | &nbsp;&nbsp;IMC 226943 | &nbsp;&nbsp;KING | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Leased | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 48N 3E,22; Shoshone |
| &nbsp;&nbsp;218 | &nbsp;&nbsp;IMC 226944 | &nbsp;&nbsp;METROPOLITAN | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Leased | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 48N 3E,22; Shoshone |
| &nbsp;&nbsp;219 | &nbsp;&nbsp;IMC 226945 | &nbsp;&nbsp;MET #1 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Leased | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 48N 3E,22; Shoshone |
| &nbsp;&nbsp;220 | &nbsp;&nbsp;IMC 226946 | &nbsp;&nbsp;MET #1 FR. | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Leased | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 48N 3E,22; Shoshone |

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|:---|:---|
| 28-17 | ![](ny20061035x1ex96-1_image04.jpg) |

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<u> Silver Opportunity Partners LLC \| Sunshine Mine S-K 1300 Technical Report Summary on the Initial Assessment </u> <u> December 12, 2025 SLR Project No.: 123.020552.00001 </u>

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | &nbsp;&nbsp;**License Code** | &nbsp;&nbsp;**License Name** | &nbsp;&nbsp;**Parties** | &nbsp;&nbsp;**Type** | &nbsp;&nbsp;**Interest** | &nbsp;&nbsp;**Area<br> (ac)** | &nbsp;&nbsp;**Map Reference** |
| &nbsp;&nbsp;221 | &nbsp;&nbsp;IMC 226947 | &nbsp;&nbsp;MET #2 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Leased | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 48N 3E,22; Shoshone |
| &nbsp;&nbsp;222 | &nbsp;&nbsp;IMC 226948 | &nbsp;&nbsp;METROPOLITAN 2 FR | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Leased | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 48N 3E,22; Shoshone |
| &nbsp;&nbsp;223 | &nbsp;&nbsp;IMC 226949 | &nbsp;&nbsp;MET #3 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Leased | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 48N 3E,22; Shoshone |
| &nbsp;&nbsp;224 | &nbsp;&nbsp;IMC 226950 | &nbsp;&nbsp;MET #4 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Leased | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 48N 3E,22; Shoshone |
| &nbsp;&nbsp;225 | &nbsp;&nbsp;IMC 226951 | &nbsp;&nbsp;MET #5 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Leased | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 48N 3E,22, 27; Shoshone |
| &nbsp;&nbsp;226 | &nbsp;&nbsp;IMC 226952 | &nbsp;&nbsp;MET #6 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Leased | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 48N 3E,22, 27; Shoshone |
| &nbsp;&nbsp;227 | &nbsp;&nbsp;IMC 226953 | &nbsp;&nbsp;MET #7 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Leased | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 48N 3E,27; Shoshone |
| &nbsp;&nbsp;228 | &nbsp;&nbsp;IMC 226954 | &nbsp;&nbsp;MET #8 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Leased | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 48N 3E,27; Shoshone |
| &nbsp;&nbsp;229 | &nbsp;&nbsp;IMC 226955 | &nbsp;&nbsp;MET #10 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Leased | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 48N 3E,22, 23; Shoshone |
| &nbsp;&nbsp;230 | &nbsp;&nbsp;IMC 226956 | &nbsp;&nbsp;MET #11 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Leased | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 48N 3E,22, 27; Shoshone |
| &nbsp;&nbsp;231 | &nbsp;&nbsp;IMC 226957 | &nbsp;&nbsp;MET #12 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Leased | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 48N 3E,27, 28; Shoshone |
| &nbsp;&nbsp;232 | &nbsp;&nbsp;IMC 226958 | &nbsp;&nbsp;MET #13 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Leased | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 48N 3E,22, 23; Shoshone |
| &nbsp;&nbsp;233 | &nbsp;&nbsp;IMC 226959 | &nbsp;&nbsp;MET #13 FR. | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Leased | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 48N 3E,22, 23; Shoshone |
| &nbsp;&nbsp;234 | &nbsp;&nbsp;IMC 226960 | &nbsp;&nbsp;MET #14 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Leased | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 48N 3E,21, 22, 27, 28; Shoshone |
| &nbsp;&nbsp;235 | &nbsp;&nbsp;IMC 226961 | &nbsp;&nbsp;MET #15 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Leased | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 48N 3E,21, 22; Shoshone |
| &nbsp;&nbsp;236 | &nbsp;&nbsp;IMC 226962 | &nbsp;&nbsp;MET #16 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Leased | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 48N 3E,28; Shoshone |
| &nbsp;&nbsp;237 | &nbsp;&nbsp;IMC 226963 | &nbsp;&nbsp;MET #17 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Leased | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 48N 3E,21, 28; Shoshone |
| &nbsp;&nbsp;238 | &nbsp;&nbsp;IMC 226964 | &nbsp;&nbsp;MET #18 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Leased | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 48N 3E,28; Shoshone |
| &nbsp;&nbsp;239 | &nbsp;&nbsp;IMC 226965 | &nbsp;&nbsp;COLBERT 2 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Leased | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 48N 3E,21, 28; Shoshone |
| &nbsp;&nbsp;240 | &nbsp;&nbsp;IMC 226966 | &nbsp;&nbsp;WADLEIGH | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Leased | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 48N 3E,27, 28; Shoshone |
| &nbsp;&nbsp;241 | &nbsp;&nbsp;IMC 226967 | &nbsp;&nbsp;WADLEIGH FR. | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Leased | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 48N 3E,27, 28; Shoshone |
| &nbsp;&nbsp;242 | &nbsp;&nbsp;IMC 226968 | &nbsp;&nbsp;MALLIGAN | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Leased | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 48N 3E,28; Shoshone |
| &nbsp;&nbsp;243 | &nbsp;&nbsp;IMC 226969 | &nbsp;&nbsp;STEVENS | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Leased | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 48N 3E,28; Shoshone |
| &nbsp;&nbsp;244 | &nbsp;&nbsp;IMC 226970 | &nbsp;&nbsp;NEWSOME | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Leased | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 48N 3E,27, 28; Shoshone |
| &nbsp;&nbsp;245 | &nbsp;&nbsp;IMC 226971 | &nbsp;&nbsp;BURNS | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Leased | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 48N 3E,27; Shoshone |
| &nbsp;&nbsp;246 | &nbsp;&nbsp;IMC 226972 | &nbsp;&nbsp;BELL | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Leased | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 48N 3E,27; Shoshone |
| &nbsp;&nbsp;247 | &nbsp;&nbsp;IMC 226973 | &nbsp;&nbsp;IZARD | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Leased | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 48N 3E,27; Shoshone |
| &nbsp;&nbsp;248 | &nbsp;&nbsp;IMC 226974 | &nbsp;&nbsp;IZARD FR. | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Leased | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 48N 3E,27; Shoshone |
| &nbsp;&nbsp;249 | &nbsp;&nbsp;IMC 226975 | &nbsp;&nbsp;COMNER | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Leased | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 48N 3E,27, 28; Shoshone |

---

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| | |
|:---|:---|
| 28-18 | ![](ny20061035x1ex96-1_image04.jpg) |

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------

<u> Silver Opportunity Partners LLC \| Sunshine Mine S-K 1300 Technical Report Summary on the Initial Assessment </u> <u> December 12, 2025 SLR Project No.: 123.020552.00001 </u>

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | &nbsp;&nbsp;**License Code** | &nbsp;&nbsp;**License Name** | &nbsp;&nbsp;**Parties** | &nbsp;&nbsp;**Type** | &nbsp;&nbsp;**Interest** | &nbsp;&nbsp;**Area<br> (ac)** | &nbsp;&nbsp;**Map Reference** |
| &nbsp;&nbsp;250 | &nbsp;&nbsp;IMC 226976 | &nbsp;&nbsp;SA 1 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 48N 3E,20, 21, 28, 29; Shoshone |
| &nbsp;&nbsp;251 | &nbsp;&nbsp;IMC 226977 | &nbsp;&nbsp;SA 2 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 48N 3E,28, 29; Shoshone |
| &nbsp;&nbsp;252 | &nbsp;&nbsp;IMC 226978 | &nbsp;&nbsp;SA 3 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 48N 3E,20, 29; Shoshone |
| &nbsp;&nbsp;253 | &nbsp;&nbsp;IMC 226979 | &nbsp;&nbsp;SA 4 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 48N 3E,29; Shoshone |
| &nbsp;&nbsp;254 | &nbsp;&nbsp;IMC 226980 | &nbsp;&nbsp;SA 5 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 48N 3E,20, 29; Shoshone |
| &nbsp;&nbsp;255 | &nbsp;&nbsp;IMC 226981 | &nbsp;&nbsp;SA 6 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 48N 3E,29; Shoshone |
| &nbsp;&nbsp;256 | &nbsp;&nbsp;IMC 226982 | &nbsp;&nbsp;SA 7 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 48N 3E,20, 29; Shoshone |
| &nbsp;&nbsp;257 | &nbsp;&nbsp;IMC 226983 | &nbsp;&nbsp;SA 8 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 48N 3E,29; Shoshone |
| &nbsp;&nbsp;258 | &nbsp;&nbsp;IMC 226984 | &nbsp;&nbsp;SA 9 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 48N 3E,20, 29; Shoshone |
| &nbsp;&nbsp;259 | &nbsp;&nbsp;IMC 226985 | &nbsp;&nbsp;SA 10 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 48N 3E,29; Shoshone |
| &nbsp;&nbsp;260 | &nbsp;&nbsp;IMC 226986 | &nbsp;&nbsp;FRANCES | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 48N 3E,26, 27; Shoshone |
| &nbsp;&nbsp;261 | &nbsp;&nbsp;IMC 226987 | &nbsp;&nbsp;RD 2 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 48N 3E,27; Shoshone |
| &nbsp;&nbsp;262 | &nbsp;&nbsp;IMC 226988 | &nbsp;&nbsp;RD 1 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 48N 3E,27; Shoshone |
| &nbsp;&nbsp;263 | &nbsp;&nbsp;IMC 226989 | &nbsp;&nbsp;RD 6 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 48N 3E,27; Shoshone |
| &nbsp;&nbsp;264 | &nbsp;&nbsp;IMC 226990 | &nbsp;&nbsp;RD 7 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 48N 3E,27; Shoshone |
| &nbsp;&nbsp;265 | &nbsp;&nbsp;IMC 226991 | &nbsp;&nbsp;RD 12 FR | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 48N 3E,27; Shoshone |
| &nbsp;&nbsp;266 | &nbsp;&nbsp;IMC 226992 | &nbsp;&nbsp;RD 13 FR | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 48N 3E,27; Shoshone |
| &nbsp;&nbsp;267 | &nbsp;&nbsp;IMC 226993 | &nbsp;&nbsp;RD 14 FR | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 48N 3E,27; Shoshone |
| &nbsp;&nbsp;268 | &nbsp;&nbsp;IMC 226994 | &nbsp;&nbsp;RD 15 FR | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 48N 3E,27; Shoshone |
| &nbsp;&nbsp;269 | &nbsp;&nbsp;IMC 226995 | &nbsp;&nbsp;RD 16 FR | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 48N 3E,27; Shoshone |
| &nbsp;&nbsp;270 | &nbsp;&nbsp;IMC 226996 | &nbsp;&nbsp;RD 17 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 48N 3E,26, 27; Shoshone |
| &nbsp;&nbsp;271 | &nbsp;&nbsp;IMC 226997 | &nbsp;&nbsp;RD 18 FR | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 48N 3E,26, 27; Shoshone |
| &nbsp;&nbsp;272 | &nbsp;&nbsp;IMC 226998 | &nbsp;&nbsp;RD 19 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 48N 3E,26; Shoshone |
| &nbsp;&nbsp;273 | &nbsp;&nbsp;IMC 226999 | &nbsp;&nbsp;RD 20 FR | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 48N 3E,26; Shoshone |
| &nbsp;&nbsp;274 | &nbsp;&nbsp;IMC 227000 | &nbsp;&nbsp;MOXEY | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 48N 3E,26; Shoshone |
| &nbsp;&nbsp;275 | &nbsp;&nbsp;IMC 227001 | &nbsp;&nbsp;FAHEY | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 48N 3E,26, 27; Shoshone |
| &nbsp;&nbsp;276 | &nbsp;&nbsp;IMC 227002 | &nbsp;&nbsp;Edna #2 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 48N 3E,27; Shoshone |
| &nbsp;&nbsp;277 | &nbsp;&nbsp;IMC 227003 | &nbsp;&nbsp;RYAN | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 48N 3E,27; Shoshone |
| &nbsp;&nbsp;278 | &nbsp;&nbsp;IMC 227004 | &nbsp;&nbsp;LEONARD | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 48N 3E,27; Shoshone |

---

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| | |
|:---|:---|
| 28-19 | ![](ny20061035x1ex96-1_image04.jpg) |

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------

<u> Silver Opportunity Partners LLC \| Sunshine Mine S-K 1300 Technical Report Summary on the Initial Assessment </u> <u> December 12, 2025 SLR Project No.: 123.020552.00001 </u>

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | &nbsp;&nbsp;**License Code** | &nbsp;&nbsp;**License Name** | &nbsp;&nbsp;**Parties** | &nbsp;&nbsp;**Type** | &nbsp;&nbsp;**Interest** | &nbsp;&nbsp;**Area<br> (ac)** | &nbsp;&nbsp;**Map Reference** |
| &nbsp;&nbsp;279 | &nbsp;&nbsp;IMC 227005 | &nbsp;&nbsp;LYNN | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 48N 3E,26, 27; Shoshone |
| &nbsp;&nbsp;280 | &nbsp;&nbsp;IMC 227006 | &nbsp;&nbsp;SILVER CLIFF | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 48N 3E,26, 27; Shoshone |
| &nbsp;&nbsp;281 | &nbsp;&nbsp;IMC 227007 | &nbsp;&nbsp;BJ EXTENSION | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Leased | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 47N 5E,5; Shoshone |
| &nbsp;&nbsp;282 | &nbsp;&nbsp;IMC 227008 | &nbsp;&nbsp;BJF | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Leased | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 47N 5E,5; 48N 5E,32; Shoshone |
| &nbsp;&nbsp;283 | &nbsp;&nbsp;IMC 227009 | &nbsp;&nbsp;BLUE JAY | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Leased | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 47N 5E,5; 48N 5E,31, 32; Shoshone |
| &nbsp;&nbsp;284 | &nbsp;&nbsp;IMC 227010 | &nbsp;&nbsp;C.R. | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Leased | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 47N 5E,5; 48N 5E,31, 32; Shoshone |
| &nbsp;&nbsp;285 | &nbsp;&nbsp;IMC 227011 | &nbsp;&nbsp;D-1 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Leased | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 47N 5E,5; Shoshone |
| &nbsp;&nbsp;286 | &nbsp;&nbsp;IMC 227012 | &nbsp;&nbsp;D-7 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Leased | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 47N 5E,5; Shoshone |
| &nbsp;&nbsp;287 | &nbsp;&nbsp;IMC 227013 | &nbsp;&nbsp;D-8 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Leased | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 47N 5E,5; Shoshone |
| &nbsp;&nbsp;288 | &nbsp;&nbsp;IMC 227014 | &nbsp;&nbsp;D-9 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Leased | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 47N 5E,5; Shoshone |
| &nbsp;&nbsp;289 | &nbsp;&nbsp;IMC 227015 | &nbsp;&nbsp;E-7 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Leased | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 47N 5E,5; Shoshone |
| &nbsp;&nbsp;290 | &nbsp;&nbsp;IMC 227016 | &nbsp;&nbsp;EDNA MAE | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Leased | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 47N 5E,5; 48N 5E,31; Shoshone |
| &nbsp;&nbsp;291 | &nbsp;&nbsp;IMC 227017 | &nbsp;&nbsp;F-1 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Leased | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 47N 5E,5; Shoshone |
| &nbsp;&nbsp;292 | &nbsp;&nbsp;IMC 227018 | &nbsp;&nbsp;FLORA | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Leased | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 47N 5E,5; Shoshone |
| &nbsp;&nbsp;293 | &nbsp;&nbsp;IMC 227019 | &nbsp;&nbsp;G12 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Leased | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 48N 5E,31, 32; Shoshone |
| &nbsp;&nbsp;294 | &nbsp;&nbsp;IMC 227020 | &nbsp;&nbsp;GREY COPPER #1 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Leased | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 47N 5E,5; Shoshone |
| &nbsp;&nbsp;295 | &nbsp;&nbsp;IMC 227021 | &nbsp;&nbsp;NOOK | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Leased | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 47N 5E,5, 6; Shoshone |
| &nbsp;&nbsp;296 | &nbsp;&nbsp;IMC 227022 | &nbsp;&nbsp;R.C.-79 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Leased | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 47N 5E,5; Shoshone |
| &nbsp;&nbsp;297 | &nbsp;&nbsp;IMC 227023 | &nbsp;&nbsp;R.C.-80 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Leased | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 47N 5E,5; Shoshone |
| &nbsp;&nbsp;298 | &nbsp;&nbsp;IMC 227024 | &nbsp;&nbsp;R.C.-81 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Leased | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 47N 5E,5; Shoshone |
| &nbsp;&nbsp;299 | &nbsp;&nbsp;IMC 227025 | &nbsp;&nbsp;R.C.-81B | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Leased | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 47N 5E,5; Shoshone |
| &nbsp;&nbsp;300 | &nbsp;&nbsp;IMC 227026 | &nbsp;&nbsp;R.C.-92B | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Leased | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 47N 5E,4, 5; Shoshone |
| &nbsp;&nbsp;301 | &nbsp;&nbsp;IMC 227027 | &nbsp;&nbsp;R.C.E. NO. 2 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Leased | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 47N 5E,5; 48N 5E,32; Shoshone |
| &nbsp;&nbsp;302 | &nbsp;&nbsp;IMC 227028 | &nbsp;&nbsp;R.C.E. NO. 5 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Leased | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 47N 5E,5; Shoshone |
| &nbsp;&nbsp;303 | &nbsp;&nbsp;IMC 227029 | &nbsp;&nbsp;ROCK CREEK EXT #3 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Leased | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 47N 5E,5; Shoshone |
| &nbsp;&nbsp;304 | &nbsp;&nbsp;IMC 227030 | &nbsp;&nbsp;SILVER COIN | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Leased | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 47N 5E,5, 6; 48N 5E,31; Shoshone |

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| | |
|:---|:---|
| 28-20 | ![](ny20061035x1ex96-1_image04.jpg) |

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------

<u> Silver Opportunity Partners LLC \| Sunshine Mine S-K 1300 Technical Report Summary on the Initial Assessment </u> <u> December 12, 2025 SLR Project No.: 123.020552.00001 </u>

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | &nbsp;&nbsp;**License Code** | &nbsp;&nbsp;**License Name** | &nbsp;&nbsp;**Parties** | &nbsp;&nbsp;**Type** | &nbsp;&nbsp;**Interest** | &nbsp;&nbsp;**Area<br> (ac)** | &nbsp;&nbsp;**Map Reference** |
| &nbsp;&nbsp;305 | &nbsp;&nbsp;IMC 227031 | &nbsp;&nbsp;SILVER DOLLAR | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Leased | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 47N 5E,5; Shoshone |
| &nbsp;&nbsp;306 | &nbsp;&nbsp;IMC 227032 | &nbsp;&nbsp;WOODCUTTER | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Leased | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 47N 5E,5; Shoshone |
| &nbsp;&nbsp;307 | &nbsp;&nbsp;IMC 227033 | &nbsp;&nbsp;WA 1 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 47N 5E,3; 48N 5E,33, 34; Shoshone |
| &nbsp;&nbsp;308 | &nbsp;&nbsp;IMC 227034 | &nbsp;&nbsp;WA 2 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 47N 5E,3; 48N 5E,34; Shoshone |
| &nbsp;&nbsp;309 | &nbsp;&nbsp;IMC 227035 | &nbsp;&nbsp;WA 3 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 47N 5E,3; Shoshone |
| &nbsp;&nbsp;310 | &nbsp;&nbsp;IMC 227036 | &nbsp;&nbsp;WA 4 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 47N 5E,3; Shoshone |
| &nbsp;&nbsp;311 | &nbsp;&nbsp;IMC 227037 | &nbsp;&nbsp;WA 5 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 47N 5E,3; Shoshone |
| &nbsp;&nbsp;312 | &nbsp;&nbsp;IMC 227038 | &nbsp;&nbsp;WA 6 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 47N 5E,3; Shoshone |
| &nbsp;&nbsp;313 | &nbsp;&nbsp;IMC 227039 | &nbsp;&nbsp;WA 7 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 47N 5E,3; Shoshone |
| &nbsp;&nbsp;314 | &nbsp;&nbsp;IMC 227040 | &nbsp;&nbsp;WA 8 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 47N 5E,3; Shoshone |
| &nbsp;&nbsp;315 | &nbsp;&nbsp;IMC 227041 | &nbsp;&nbsp;WA 9 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 47N 5E,3; Shoshone |
| &nbsp;&nbsp;316 | &nbsp;&nbsp;IMC 227042 | &nbsp;&nbsp;WA 10 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 47N 5E,3; Shoshone |
| &nbsp;&nbsp;317 | &nbsp;&nbsp;IMC 227043 | &nbsp;&nbsp;WA 11 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 47N 5E,3; Shoshone |
| &nbsp;&nbsp;318 | &nbsp;&nbsp;IMC 227044 | &nbsp;&nbsp;WA 12 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 47N 5E,3; Shoshone |
| &nbsp;&nbsp;319 | &nbsp;&nbsp;IMC 227045 | &nbsp;&nbsp;WA 13 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 47N 5E,3; Shoshone |
| &nbsp;&nbsp;320 | &nbsp;&nbsp;IMC 227046 | &nbsp;&nbsp;WA 14 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 47N 5E,3; Shoshone |
| &nbsp;&nbsp;321 | &nbsp;&nbsp;IMC 227047 | &nbsp;&nbsp;WA 15 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 47N 5E,3; Shoshone |
| &nbsp;&nbsp;322 | &nbsp;&nbsp;IMC 227048 | &nbsp;&nbsp;WA 16 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 47N 5E,3; Shoshone |
| &nbsp;&nbsp;323 | &nbsp;&nbsp;IMC 227049 | &nbsp;&nbsp;WA 17 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 47N 5E,3; Shoshone |
| &nbsp;&nbsp;324 | &nbsp;&nbsp;IMC 227050 | &nbsp;&nbsp;WA 18 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 47N 5E,3; Shoshone |
| &nbsp;&nbsp;325 | &nbsp;&nbsp;IMC 227051 | &nbsp;&nbsp;WA 19 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 47N 5E,2, 3; Shoshone |
| &nbsp;&nbsp;326 | &nbsp;&nbsp;IMC 227052 | &nbsp;&nbsp;WA 20 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 47N 5E,2, 3; Shoshone |
| &nbsp;&nbsp;327 | &nbsp;&nbsp;IMC 227053 | &nbsp;&nbsp;WA 21 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 47N 5E,2, 3; Shoshone |
| &nbsp;&nbsp;328 | &nbsp;&nbsp;IMC 227054 | &nbsp;&nbsp;WA 22 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 47N 5E,2, 3; Shoshone |
| &nbsp;&nbsp;329 | &nbsp;&nbsp;IMC 227055 | &nbsp;&nbsp;WA 23 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 47N 5E,2, 3; Shoshone |
| &nbsp;&nbsp;330 | &nbsp;&nbsp;IMC 227056 | &nbsp;&nbsp;WA 24 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 47N 5E,2, 3; Shoshone |
| &nbsp;&nbsp;331 | &nbsp;&nbsp;IMC 227057 | &nbsp;&nbsp;A 1 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 47N 5E,3; Shoshone |
| &nbsp;&nbsp;332 | &nbsp;&nbsp;IMC 227058 | &nbsp;&nbsp;A 3 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 47N 5E,2, 3; Shoshone |
| &nbsp;&nbsp;333 | &nbsp;&nbsp;IMC 227059 | &nbsp;&nbsp;A 4 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 47N 5E,2, 3; Shoshone |

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| | |
|:---|:---|
| 28-21 | ![](ny20061035x1ex96-1_image04.jpg) |

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------

<u> Silver Opportunity Partners LLC \| Sunshine Mine S-K 1300 Technical Report Summary on the Initial Assessment </u> <u> December 12, 2025 SLR Project No.: 123.020552.00001 </u>

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | &nbsp;&nbsp;**License Code** | &nbsp;&nbsp;**License Name** | &nbsp;&nbsp;**Parties** | &nbsp;&nbsp;**Type** | &nbsp;&nbsp;**Interest** | &nbsp;&nbsp;**Area<br> (ac)** | &nbsp;&nbsp;**Map Reference** |
| &nbsp;&nbsp;334 | &nbsp;&nbsp;IMC 227060 | &nbsp;&nbsp;A 6 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 47N 5E,2; Shoshone |
| &nbsp;&nbsp;335 | &nbsp;&nbsp;IMC 227061 | &nbsp;&nbsp;A 7 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 47N 5E,2; Shoshone |
| &nbsp;&nbsp;336 | &nbsp;&nbsp;IMC 227062 | &nbsp;&nbsp;A 8 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 47N 5E,2; 48N 5E,35; Shoshone |
| &nbsp;&nbsp;337 | &nbsp;&nbsp;IMC 227063 | &nbsp;&nbsp;A 9 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 47N 5E,2; Shoshone |
| &nbsp;&nbsp;338 | &nbsp;&nbsp;IMC 227064 | &nbsp;&nbsp;A 10 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 47N 5E,2; Shoshone |
| &nbsp;&nbsp;339 | &nbsp;&nbsp;IMC 227065 | &nbsp;&nbsp;A 11 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 47N 5E,2; Shoshone |
| &nbsp;&nbsp;340 | &nbsp;&nbsp;IMC 227066 | &nbsp;&nbsp;A 12 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 47N 5E,2; Shoshone |
| &nbsp;&nbsp;341 | &nbsp;&nbsp;IMC 227067 | &nbsp;&nbsp;A 13 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 47N 5E,2; Shoshone |
| &nbsp;&nbsp;342 | &nbsp;&nbsp;IMC 227068 | &nbsp;&nbsp;A 14 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 47N 5E,2; Shoshone |
| &nbsp;&nbsp;343 | &nbsp;&nbsp;IMC 227069 | &nbsp;&nbsp;A 15 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 47N 5E,2; Shoshone |
| &nbsp;&nbsp;344 | &nbsp;&nbsp;IMC 227070 | &nbsp;&nbsp;A 16 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 47N 5E,2; Shoshone |
| &nbsp;&nbsp;345 | &nbsp;&nbsp;IMC 227071 | &nbsp;&nbsp;A 17 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 47N 5E,2; Shoshone |
| &nbsp;&nbsp;346 | &nbsp;&nbsp;IMC 227072 | &nbsp;&nbsp;A 18 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 47N 5E,2; Shoshone |
| &nbsp;&nbsp;347 | &nbsp;&nbsp;IMC 227073 | &nbsp;&nbsp;A 19 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 47N 5E,2; Shoshone |
| &nbsp;&nbsp;348 | &nbsp;&nbsp;IMC 227074 | &nbsp;&nbsp;A 20 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 47N 5E,2, 11; Shoshone |
| &nbsp;&nbsp;349 | &nbsp;&nbsp;IMC 227075 | &nbsp;&nbsp;A 21 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 47N 5E,11; Shoshone |
| &nbsp;&nbsp;350 | &nbsp;&nbsp;IMC 227076 | &nbsp;&nbsp;A 22 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 47N 5E,1, 2; Shoshone |
| &nbsp;&nbsp;351 | &nbsp;&nbsp;IMC 227077 | &nbsp;&nbsp;A 23 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 47N 5E,1, 2; Shoshone |
| &nbsp;&nbsp;352 | &nbsp;&nbsp;IMC 227078 | &nbsp;&nbsp;A 24 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 47N 5E,1, 2, 11, 12; Shoshone |
| &nbsp;&nbsp;353 | &nbsp;&nbsp;IMC 227079 | &nbsp;&nbsp;A 25 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 47N 5E,11, 12; Shoshone |
| &nbsp;&nbsp;354 | &nbsp;&nbsp;IMC 227080 | &nbsp;&nbsp;A 28 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 47N 5E,2, 3; 48N 5E,34; Shoshone |
| &nbsp;&nbsp;355 | &nbsp;&nbsp;IMC 227081 | &nbsp;&nbsp;A 29 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 47N 5E,2; 48N 5E,34, 35; Shoshone |
| &nbsp;&nbsp;356 | &nbsp;&nbsp;IMC 227082 | &nbsp;&nbsp;GH 1 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Leased | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 47N 5E,4, 5; Shoshone |
| &nbsp;&nbsp;357 | &nbsp;&nbsp;IMC 227083 | &nbsp;&nbsp;GH 2 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Leased | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 47N 5E,4, 5; Shoshone |
| &nbsp;&nbsp;358 | &nbsp;&nbsp;IMC 227084 | &nbsp;&nbsp;GH 3 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Leased | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 47N 5E,4, 5; Shoshone |
| &nbsp;&nbsp;359 | &nbsp;&nbsp;IMC 227085 | &nbsp;&nbsp;GH 4 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Leased | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 47N 5E,4, 5; Shoshone |
| &nbsp;&nbsp;360 | &nbsp;&nbsp;IMC 227086 | &nbsp;&nbsp;GH 5 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Leased | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 47N 5E,4, 5; Shoshone |

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| | |
|:---|:---|
| 28-22 | ![](ny20061035x1ex96-1_image04.jpg) |

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------

<u> Silver Opportunity Partners LLC \| Sunshine Mine S-K 1300 Technical Report Summary on the Initial Assessment </u> <u> December 12, 2025 SLR Project No.: 123.020552.00001 </u>

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | &nbsp;&nbsp;**License Code** | &nbsp;&nbsp;**License Name** | &nbsp;&nbsp;**Parties** | &nbsp;&nbsp;**Type** | &nbsp;&nbsp;**Interest** | &nbsp;&nbsp;**Area<br> (ac)** | &nbsp;&nbsp;**Map Reference** |
| &nbsp;&nbsp;361 | &nbsp;&nbsp;IMC 227087 | &nbsp;&nbsp;GH 6 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Leased | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 47N 5E,4, 5, 8, 9; Shoshone |
| &nbsp;&nbsp;362 | &nbsp;&nbsp;IMC 227088 | &nbsp;&nbsp;GH 7 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Leased | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 47N 5E,8, 9; Shoshone |
| &nbsp;&nbsp;363 | &nbsp;&nbsp;IMC 227089 | &nbsp;&nbsp;GH 8 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Leased | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 47N 5E,8, 9; Shoshone |
| &nbsp;&nbsp;364 | &nbsp;&nbsp;IMC 227090 | &nbsp;&nbsp;GH 9 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 47N 5E,8, 9; Shoshone |
| &nbsp;&nbsp;365 | &nbsp;&nbsp;IMC 227091 | &nbsp;&nbsp;GH 10 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 47N 5E,8, 9; Shoshone |
| &nbsp;&nbsp;366 | &nbsp;&nbsp;IMC 227092 | &nbsp;&nbsp;GH 11 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 47N 5E,8, 9; Shoshone |
| &nbsp;&nbsp;367 | &nbsp;&nbsp;IMC 227093 | &nbsp;&nbsp;GH 12 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Leased | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 47N 5E,4; Shoshone |
| &nbsp;&nbsp;368 | &nbsp;&nbsp;IMC 227094 | &nbsp;&nbsp;GH 13 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Leased | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 47N 5E,4; Shoshone |
| &nbsp;&nbsp;369 | &nbsp;&nbsp;IMC 227095 | &nbsp;&nbsp;GH 14 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Leased | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 47N 5E,4; Shoshone |
| &nbsp;&nbsp;370 | &nbsp;&nbsp;IMC 227096 | &nbsp;&nbsp;GH 15 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Leased | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 47N 5E,4; Shoshone |
| &nbsp;&nbsp;371 | &nbsp;&nbsp;IMC 227097 | &nbsp;&nbsp;GH 16 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Leased | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 47N 5E,4; Shoshone |
| &nbsp;&nbsp;372 | &nbsp;&nbsp;IMC 227098 | &nbsp;&nbsp;GH 17 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Leased | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 47N 5E,4, 9; Shoshone |
| &nbsp;&nbsp;373 | &nbsp;&nbsp;IMC 227099 | &nbsp;&nbsp;GH 18 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Leased | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 47N 5E,9; Shoshone |
| &nbsp;&nbsp;374 | &nbsp;&nbsp;IMC 227100 | &nbsp;&nbsp;GH 19 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Leased | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 47N 5E,9; Shoshone |
| &nbsp;&nbsp;375 | &nbsp;&nbsp;IMC 227101 | &nbsp;&nbsp;GH 20 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 47N 5E,9; Shoshone |
| &nbsp;&nbsp;376 | &nbsp;&nbsp;IMC 227102 | &nbsp;&nbsp;GH 21 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 47N 5E,9; Shoshone |
| &nbsp;&nbsp;377 | &nbsp;&nbsp;IMC 227103 | &nbsp;&nbsp;GH 22 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 47N 5E,9; Shoshone |
| &nbsp;&nbsp;378 | &nbsp;&nbsp;IMC 227104 | &nbsp;&nbsp;GH 23 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Leased | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 47N 5E,4; Shoshone |
| &nbsp;&nbsp;379 | &nbsp;&nbsp;IMC 227105 | &nbsp;&nbsp;GH 24 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Leased | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 47N 5E,4; Shoshone |
| &nbsp;&nbsp;380 | &nbsp;&nbsp;IMC 227106 | &nbsp;&nbsp;GH 25 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Leased | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 47N 5E,4; Shoshone |
| &nbsp;&nbsp;381 | &nbsp;&nbsp;IMC 227107 | &nbsp;&nbsp;GH 26 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 47N 5E,4; Shoshone |
| &nbsp;&nbsp;382 | &nbsp;&nbsp;IMC 227108 | &nbsp;&nbsp;GH 27 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 47N 5E,4; Shoshone |
| &nbsp;&nbsp;383 | &nbsp;&nbsp;IMC 227109 | &nbsp;&nbsp;GH 28 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 47N 5E,4, 9; Shoshone |
| &nbsp;&nbsp;384 | &nbsp;&nbsp;IMC 227110 | &nbsp;&nbsp;GH 29 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 47N 5E,9; Shoshone |
| &nbsp;&nbsp;385 | &nbsp;&nbsp;IMC 227111 | &nbsp;&nbsp;GH 30 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 47N 5E,9; Shoshone |
| &nbsp;&nbsp;386 | &nbsp;&nbsp;IMC 227112 | &nbsp;&nbsp;GH 31 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 47N 5E,3, 4; Shoshone |
| &nbsp;&nbsp;387 | &nbsp;&nbsp;IMC 227113 | &nbsp;&nbsp;GH 32 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 47N 5E,3, 4; Shoshone |
| &nbsp;&nbsp;388 | &nbsp;&nbsp;IMC 227114 | &nbsp;&nbsp;GH 33 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 47N 5E,3, 4; Shoshone |
| &nbsp;&nbsp;389 | &nbsp;&nbsp;IMC 227115 | &nbsp;&nbsp;GH 34 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 47N 5E,3, 4; Shoshone |

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| | |
|:---|:---|
| 28-23 | ![](ny20061035x1ex96-1_image04.jpg) |

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------

<u> Silver Opportunity Partners LLC \| Sunshine Mine S-K 1300 Technical Report Summary on the Initial Assessment </u> <u> December 12, 2025 SLR Project No.: 123.020552.00001 </u>

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | &nbsp;&nbsp;**License Code** | &nbsp;&nbsp;**License Name** | &nbsp;&nbsp;**Parties** | &nbsp;&nbsp;**Type** | &nbsp;&nbsp;**Interest** | &nbsp;&nbsp;**Area<br> (ac)** | &nbsp;&nbsp;**Map Reference** |
| &nbsp;&nbsp;390 | &nbsp;&nbsp;IMC 227116 | &nbsp;&nbsp;GH 35 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 47N 5E,3, 4, 9, 10; Shoshone |
| &nbsp;&nbsp;391 | &nbsp;&nbsp;IMC 227117 | &nbsp;&nbsp;GH 36 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 47N 5E,9, 10; Shoshone |
| &nbsp;&nbsp;392 | &nbsp;&nbsp;IMC 227118 | &nbsp;&nbsp;GH 37 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 47N 5E,9, 10; Shoshone |
| &nbsp;&nbsp;393 | &nbsp;&nbsp;IMC 227119 | &nbsp;&nbsp;GH 38 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 47N 5E,3, 10; Shoshone |
| &nbsp;&nbsp;394 | &nbsp;&nbsp;IMC 227120 | &nbsp;&nbsp;GH 39 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 47N 5E,10; Shoshone |
| &nbsp;&nbsp;395 | &nbsp;&nbsp;IMC 227121 | &nbsp;&nbsp;GH 40 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 47N 5E,10; Shoshone |
| &nbsp;&nbsp;396 | &nbsp;&nbsp;IMC 227122 | &nbsp;&nbsp;R 9 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Leased | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 48N 5E,31, 32; Shoshone |
| &nbsp;&nbsp;397 | &nbsp;&nbsp;IMC 227123 | &nbsp;&nbsp;P 1 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Leased | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 47N 5E,6; 48N 5E,31; Shoshone |
| &nbsp;&nbsp;398 | &nbsp;&nbsp;IMC 227124 | &nbsp;&nbsp;P 2 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Leased | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 47N 5E,6; 48N 5E,31; Shoshone |
| &nbsp;&nbsp;399 | &nbsp;&nbsp;IMC 227125 | &nbsp;&nbsp;P 3 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Leased | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 47N 5E,5, 6; 48N 5E,31; Shoshone |
| &nbsp;&nbsp;400 | &nbsp;&nbsp;IMC 227126 | &nbsp;&nbsp;P 4 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Leased | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 47N 5E,5; 48N 5E,31; Shoshone |
| &nbsp;&nbsp;401 | &nbsp;&nbsp;IMC 227127 | &nbsp;&nbsp;P 5 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Leased | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 47N 5E,5; 48N 5E,31, 32; Shoshone |
| &nbsp;&nbsp;402 | &nbsp;&nbsp;IMC 227128 | &nbsp;&nbsp;P 6 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Leased | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 47N 5E,6; Shoshone |
| &nbsp;&nbsp;403 | &nbsp;&nbsp;IMC 227129 | &nbsp;&nbsp;P 7 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Leased | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 47N 5E,5, 6; Shoshone |
| &nbsp;&nbsp;404 | &nbsp;&nbsp;IMC 227130 | &nbsp;&nbsp;P 8 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Leased | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 47N 5E,5, 6; Shoshone |
| &nbsp;&nbsp;405 | &nbsp;&nbsp;IMC 227131 | &nbsp;&nbsp;P 9 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Leased | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 47N 5E,5; Shoshone |
| &nbsp;&nbsp;406 | &nbsp;&nbsp;IMC 227132 | &nbsp;&nbsp;P 10 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Leased | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 47N 5E,5; Shoshone |
| &nbsp;&nbsp;407 | &nbsp;&nbsp;IMC 227133 | &nbsp;&nbsp;P 11 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Leased | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 47N 5E,6; Shoshone |
| &nbsp;&nbsp;408 | &nbsp;&nbsp;IMC 227134 | &nbsp;&nbsp;P 12 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Leased | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 47N 5E,5, 6; Shoshone |
| &nbsp;&nbsp;409 | &nbsp;&nbsp;IMC 227135 | &nbsp;&nbsp;P 13 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Leased | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 47N 5E,5; Shoshone |
| &nbsp;&nbsp;410 | &nbsp;&nbsp;IMC 227136 | &nbsp;&nbsp;P 14 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Leased | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 47N 5E,5; Shoshone |
| &nbsp;&nbsp;411 | &nbsp;&nbsp;IMC 227137 | &nbsp;&nbsp;P 15 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Leased | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 47N 5E,5; Shoshone |
| &nbsp;&nbsp;412 | &nbsp;&nbsp;IMC 227138 | &nbsp;&nbsp;P 16 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Leased | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 47N 5E,6; Shoshone |
| &nbsp;&nbsp;413 | &nbsp;&nbsp;IMC 227139 | &nbsp;&nbsp;P 17 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Leased | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 47N 5E,5, 6; Shoshone |
| &nbsp;&nbsp;414 | &nbsp;&nbsp;IMC 227140 | &nbsp;&nbsp;P 18 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Leased | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 47N 5E,5; Shoshone |
| &nbsp;&nbsp;415 | &nbsp;&nbsp;IMC 227141 | &nbsp;&nbsp;P 19 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Leased | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 47N 5E,5; Shoshone |

---

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| | |
|:---|:---|
| 28-24 | ![](ny20061035x1ex96-1_image04.jpg) |

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------

<u> Silver Opportunity Partners LLC \| Sunshine Mine S-K 1300 Technical Report Summary on the Initial Assessment </u> <u> December 12, 2025 SLR Project No.: 123.020552.00001 </u>

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | &nbsp;&nbsp;**License Code** | &nbsp;&nbsp;**License Name** | &nbsp;&nbsp;**Parties** | &nbsp;&nbsp;**Type** | &nbsp;&nbsp;**Interest** | &nbsp;&nbsp;**Area<br> (ac)** | &nbsp;&nbsp;**Map Reference** |
| &nbsp;&nbsp;416 | &nbsp;&nbsp;IMC 227142 | &nbsp;&nbsp;P 20 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Leased | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 47N 5E,5; Shoshone |
| &nbsp;&nbsp;417 | &nbsp;&nbsp;IMC 227143 | &nbsp;&nbsp;P 21 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Leased | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 47N 5E,5; Shoshone |
| &nbsp;&nbsp;418 | &nbsp;&nbsp;IMC 227144 | &nbsp;&nbsp;P 22 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Leased | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 47N 5E,5; Shoshone |
| &nbsp;&nbsp;419 | &nbsp;&nbsp;IMC 227145 | &nbsp;&nbsp;P 23 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Leased | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 47N 5E,5; Shoshone |
| &nbsp;&nbsp;420 | &nbsp;&nbsp;IMC 227146 | &nbsp;&nbsp;P 24 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Leased | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 47N 5E,5; Shoshone |
| &nbsp;&nbsp;421 | &nbsp;&nbsp;IMC 227147 | &nbsp;&nbsp;P 25 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Leased | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 47N 5E,5; Shoshone |
| &nbsp;&nbsp;422 | &nbsp;&nbsp;IMC 227148 | &nbsp;&nbsp;P 26 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Leased | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 47N 5E,5; Shoshone |
| &nbsp;&nbsp;423 | &nbsp;&nbsp;IMC 227149 | &nbsp;&nbsp;RC 1 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Leased | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 47N 5E,6; Shoshone |
| &nbsp;&nbsp;424 | &nbsp;&nbsp;IMC 227150 | &nbsp;&nbsp;RC 2 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Leased | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 47N 5E,6, 7; Shoshone |
| &nbsp;&nbsp;425 | &nbsp;&nbsp;IMC 227151 | &nbsp;&nbsp;RC 3 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 47N 5E,7; Shoshone |
| &nbsp;&nbsp;426 | &nbsp;&nbsp;IMC 227152 | &nbsp;&nbsp;RC 4 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 47N 5E,7; Shoshone |
| &nbsp;&nbsp;427 | &nbsp;&nbsp;IMC 227153 | &nbsp;&nbsp;RC 5 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 47N 5E,7; Shoshone |
| &nbsp;&nbsp;428 | &nbsp;&nbsp;IMC 227154 | &nbsp;&nbsp;RC 6 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Leased | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 47N 5E,5, 6; Shoshone |
| &nbsp;&nbsp;429 | &nbsp;&nbsp;IMC 227155 | &nbsp;&nbsp;RC 7 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Leased | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 47N 5E,5, 6, 7, 8; Shoshone |
| &nbsp;&nbsp;430 | &nbsp;&nbsp;IMC 227156 | &nbsp;&nbsp;RC 8 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Leased | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 47N 5E,7, 8; Shoshone |
| &nbsp;&nbsp;431 | &nbsp;&nbsp;IMC 227157 | &nbsp;&nbsp;RC 9 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 47N 5E,7, 8; Shoshone |
| &nbsp;&nbsp;432 | &nbsp;&nbsp;IMC 227158 | &nbsp;&nbsp;RC 10 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 47N 5E,7, 8; Shoshone |
| &nbsp;&nbsp;433 | &nbsp;&nbsp;IMC 227159 | &nbsp;&nbsp;RC 11 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 47N 5E,7, 8; Shoshone |
| &nbsp;&nbsp;434 | &nbsp;&nbsp;IMC 227160 | &nbsp;&nbsp;RC 12 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Leased | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 47N 5E,5, 8; Shoshone |
| &nbsp;&nbsp;435 | &nbsp;&nbsp;IMC 227161 | &nbsp;&nbsp;RC 13 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 47N 5E,8; Shoshone |
| &nbsp;&nbsp;436 | &nbsp;&nbsp;IMC 227162 | &nbsp;&nbsp;RC 14 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 47N 5E,8; Shoshone |
| &nbsp;&nbsp;437 | &nbsp;&nbsp;IMC 227163 | &nbsp;&nbsp;RC 15 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 47N 5E,8; Shoshone |
| &nbsp;&nbsp;438 | &nbsp;&nbsp;IMC 227164 | &nbsp;&nbsp;RC 16 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 47N 5E,8; Shoshone |
| &nbsp;&nbsp;439 | &nbsp;&nbsp;IMC 227165 | &nbsp;&nbsp;RC 17 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 47N 5E,8; Shoshone |
| &nbsp;&nbsp;440 | &nbsp;&nbsp;IMC 227166 | &nbsp;&nbsp;RC 18 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Leased | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 47N 5E,5; Shoshone |
| &nbsp;&nbsp;441 | &nbsp;&nbsp;IMC 227167 | &nbsp;&nbsp;RC 19 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Leased | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 47N 5E,5; Shoshone |
| &nbsp;&nbsp;442 | &nbsp;&nbsp;IMC 227168 | &nbsp;&nbsp;RC 20 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Leased | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 47N 5E,5, 8; Shoshone |
| &nbsp;&nbsp;443 | &nbsp;&nbsp;IMC 227169 | &nbsp;&nbsp;RC 21 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Leased | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 47N 5E,8; Shoshone |
| &nbsp;&nbsp;444 | &nbsp;&nbsp;IMC 227170 | &nbsp;&nbsp;RC 22 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 47N 5E,8; Shoshone |
| &nbsp;&nbsp;445 | &nbsp;&nbsp;IMC 227171 | &nbsp;&nbsp;RC 23 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 47N 5E,8; Shoshone |

---

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| | |
|:---|:---|
| 28-25 | ![](ny20061035x1ex96-1_image04.jpg) |

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------

<u> Silver Opportunity Partners LLC \| Sunshine Mine S-K 1300 Technical Report Summary on the Initial Assessment </u> <u> December 12, 2025 SLR Project No.: 123.020552.00001 </u>

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | &nbsp;&nbsp;**License Code** | &nbsp;&nbsp;**License Name** | &nbsp;&nbsp;**Parties** | &nbsp;&nbsp;**Type** | &nbsp;&nbsp;**Interest** | &nbsp;&nbsp;**Area<br> (ac)** | &nbsp;&nbsp;**Map Reference** |
| &nbsp;&nbsp;446 | &nbsp;&nbsp;IMC 227172 | &nbsp;&nbsp;RC 24 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 47N 5E,8; Shoshone |
| &nbsp;&nbsp;447 | &nbsp;&nbsp;IMC 227173 | &nbsp;&nbsp;RC 25 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 47N 5E,8; Shoshone |
| &nbsp;&nbsp;448 | &nbsp;&nbsp;IMC 227174 | &nbsp;&nbsp;RC 26 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Leased | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 47N 5E,5; Shoshone |
| &nbsp;&nbsp;449 | &nbsp;&nbsp;IMC 227175 | &nbsp;&nbsp;RC 27 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Leased | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 47N 5E,5; Shoshone |
| &nbsp;&nbsp;450 | &nbsp;&nbsp;IMC 227176 | &nbsp;&nbsp;RC 28 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Leased | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 47N 5E,5, 8; Shoshone |
| &nbsp;&nbsp;451 | &nbsp;&nbsp;IMC 227177 | &nbsp;&nbsp;RC 29 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Leased | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 47N 5E,8; Shoshone |
| &nbsp;&nbsp;452 | &nbsp;&nbsp;IMC 227178 | &nbsp;&nbsp;RC 30 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 47N 5E,8; Shoshone |
| &nbsp;&nbsp;453 | &nbsp;&nbsp;IMC 227179 | &nbsp;&nbsp;RC 31 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 47N 5E,8; Shoshone |
| &nbsp;&nbsp;454 | &nbsp;&nbsp;IMC 227180 | &nbsp;&nbsp;RC 32 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 47N 5E,8; Shoshone |
| &nbsp;&nbsp;455 | &nbsp;&nbsp;IMC 227181 | &nbsp;&nbsp;RC 33 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 47N 5E,8; Shoshone |
| &nbsp;&nbsp;456 | &nbsp;&nbsp;IMC 227182 | &nbsp;&nbsp;MU 1 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 48N 5E,34, 35; Shoshone |
| &nbsp;&nbsp;457 | &nbsp;&nbsp;IMC 227183 | &nbsp;&nbsp;MU 2 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 48N 5E,34, 35; Shoshone |
| &nbsp;&nbsp;458 | &nbsp;&nbsp;IMC 227184 | &nbsp;&nbsp;MU 3 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 48N 5E,34; Shoshone |
| &nbsp;&nbsp;459 | &nbsp;&nbsp;IMC 227185 | &nbsp;&nbsp;MU 4 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 48N 5E,34, 35; Shoshone |
| &nbsp;&nbsp;460 | &nbsp;&nbsp;IMC 227186 | &nbsp;&nbsp;AE 1 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 47N 6E,6; Shoshone |
| &nbsp;&nbsp;461 | &nbsp;&nbsp;IMC 227187 | &nbsp;&nbsp;AE 2 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 47N 6E,6; Shoshone |
| &nbsp;&nbsp;462 | &nbsp;&nbsp;IMC 227188 | &nbsp;&nbsp;AE 3 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 47N 6E,6; Shoshone |
| &nbsp;&nbsp;463 | &nbsp;&nbsp;IMC 227189 | &nbsp;&nbsp;AE 4 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 47N 6E,6; Shoshone |
| &nbsp;&nbsp;464 | &nbsp;&nbsp;IMC 227190 | &nbsp;&nbsp;AE 5 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 47N 6E,6, 7; Shoshone |
| &nbsp;&nbsp;465 | &nbsp;&nbsp;IMC 227191 | &nbsp;&nbsp;AE 6 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 47N 6E,6; Shoshone |
| &nbsp;&nbsp;466 | &nbsp;&nbsp;IMC 227192 | &nbsp;&nbsp;AE 7 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 47N 6E,6; Shoshone |
| &nbsp;&nbsp;467 | &nbsp;&nbsp;IMC 227193 | &nbsp;&nbsp;AE 8 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 47N 6E,6; Shoshone |
| &nbsp;&nbsp;468 | &nbsp;&nbsp;IMC 227194 | &nbsp;&nbsp;AE 9 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 47N 6E,6; Shoshone |
| &nbsp;&nbsp;469 | &nbsp;&nbsp;IMC 227195 | &nbsp;&nbsp;AE 10 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 47N 6E,6; Shoshone |
| &nbsp;&nbsp;470 | &nbsp;&nbsp;IMC 227196 | &nbsp;&nbsp;AE 11 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 47N 6E,5, 6; Shoshone |
| &nbsp;&nbsp;471 | &nbsp;&nbsp;IMC 227197 | &nbsp;&nbsp;AE 12 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 47N 6E,5, 6; Shoshone |
| &nbsp;&nbsp;472 | &nbsp;&nbsp;IMC 227198 | &nbsp;&nbsp;AE 13 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 47N 6E,5, 6; Shoshone |
| &nbsp;&nbsp;473 | &nbsp;&nbsp;IMC 227199 | &nbsp;&nbsp;RCM 1 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Leased | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 47N 5E,6; 48N 5E,31; Shoshone |
| &nbsp;&nbsp;474 | &nbsp;&nbsp;IMC 227200 | &nbsp;&nbsp;RCM 2 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Leased | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 47N 5E,6; 48N 5E,31; Shoshone |

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|:---|:---|
| 28-26 | ![](ny20061035x1ex96-1_image04.jpg) |

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<u> Silver Opportunity Partners LLC \| Sunshine Mine S-K 1300 Technical Report Summary on the Initial Assessment </u> <u> December 12, 2025 SLR Project No.: 123.020552.00001 </u>

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | &nbsp;&nbsp;**License Code** | &nbsp;&nbsp;**License Name** | &nbsp;&nbsp;**Parties** | &nbsp;&nbsp;**Type** | &nbsp;&nbsp;**Interest** | &nbsp;&nbsp;**Area<br> (ac)** | &nbsp;&nbsp;**Map Reference** |
| &nbsp;&nbsp;475 | &nbsp;&nbsp;IMC 227201 | &nbsp;&nbsp;RCM 3 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Leased | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 47N 5E,6; Shoshone |
| &nbsp;&nbsp;476 | &nbsp;&nbsp;IMC 227202 | &nbsp;&nbsp;RCM 4 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Leased | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 47N 5E,6; Shoshone |
| &nbsp;&nbsp;477 | &nbsp;&nbsp;IMC 227203 | &nbsp;&nbsp;RCM 5 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Leased | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 47N 5E,6; Shoshone |
| &nbsp;&nbsp;478 | &nbsp;&nbsp;IMC 227204 | &nbsp;&nbsp;RCM 6 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Leased | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 47N 5E,6; Shoshone |
| &nbsp;&nbsp;479 | &nbsp;&nbsp;IMC 227205 | &nbsp;&nbsp;RCM 7 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Leased | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 47N 5E,6; Shoshone |
| &nbsp;&nbsp;480 | &nbsp;&nbsp;IMC 227206 | &nbsp;&nbsp;RCM 8 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Leased | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 47N 5E,6; Shoshone |
| &nbsp;&nbsp;481 | &nbsp;&nbsp;IMC 227207 | &nbsp;&nbsp;RCM 9 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Leased | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 47N 5E,6; Shoshone |
| &nbsp;&nbsp;482 | &nbsp;&nbsp;IMC 227208 | &nbsp;&nbsp;RCM 10 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Leased | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 47N 5E,6; Shoshone |
| &nbsp;&nbsp;483 | &nbsp;&nbsp;IMC 227209 | &nbsp;&nbsp;RCM 11 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Leased | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 47N 5E,6; Shoshone |
| &nbsp;&nbsp;484 | &nbsp;&nbsp;IMC 227210 | &nbsp;&nbsp;RCM 12 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Leased | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 47N 5E,6; Shoshone |
| &nbsp;&nbsp;485 | &nbsp;&nbsp;IMC 227211 | &nbsp;&nbsp;RCM 13 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Leased | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 47N 5E,6; Shoshone |
| &nbsp;&nbsp;486 | &nbsp;&nbsp;IMC 227212 | &nbsp;&nbsp;RCM 14 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Leased | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 47N 5E,6, 7; Shoshone |
| &nbsp;&nbsp;487 | &nbsp;&nbsp;IMC 227213 | &nbsp;&nbsp;RCM 15 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Leased | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 47N 5E,6, 7; Shoshone |
| &nbsp;&nbsp;488 | &nbsp;&nbsp;IMC 227214 | &nbsp;&nbsp;RCM 16 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Leased | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 48N 5E,32; Shoshone |
| &nbsp;&nbsp;489 | &nbsp;&nbsp;IMC 227215 | &nbsp;&nbsp;RCM 17 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Leased | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 48N 5E,32; Shoshone |
| &nbsp;&nbsp;490 | &nbsp;&nbsp;IMC 227216 | &nbsp;&nbsp;RCM 18 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Leased | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 48N 5E,32; Shoshone |
| &nbsp;&nbsp;491 | &nbsp;&nbsp;IMC 227217 | &nbsp;&nbsp;RCM 19 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Leased | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 47N 5E,5; 48N 5E,32; Shoshone |
| &nbsp;&nbsp;492 | &nbsp;&nbsp;IMC 227218 | &nbsp;&nbsp;RCM 20 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Leased | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 47N 5E,5; 48N 5E,32; Shoshone |
| &nbsp;&nbsp;493 | &nbsp;&nbsp;IMC 227219 | &nbsp;&nbsp;RCM 21 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Leased | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 47N 5E,4, 5; 48N 5E,32; Shoshone |
| &nbsp;&nbsp;494 | &nbsp;&nbsp;IMC 227220 | &nbsp;&nbsp;RCM 22 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Leased | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 47N 5E,5; Shoshone |
| &nbsp;&nbsp;495 | &nbsp;&nbsp;IMC 227221 | &nbsp;&nbsp;RCM 23 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Leased | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 47N 5E,4, 5; Shoshone |
| &nbsp;&nbsp;496 | &nbsp;&nbsp;IMC 227222 | &nbsp;&nbsp;RCM 24 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Leased | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 47N 5E,4, 5; Shoshone |
| &nbsp;&nbsp;497 | &nbsp;&nbsp;IMC 227223 | &nbsp;&nbsp;RCM 25 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Leased | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 47N 5E,5; Shoshone |
| &nbsp;&nbsp;498 | &nbsp;&nbsp;IMC 227224 | &nbsp;&nbsp;RCM 26 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Leased | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 47N 5E,5; Shoshone |
| &nbsp;&nbsp;499 | &nbsp;&nbsp;IMC 227225 | &nbsp;&nbsp;RCM 27 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Leased | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 47N 5E,5; Shoshone |
| &nbsp;&nbsp;500 | &nbsp;&nbsp;IMC 227226 | &nbsp;&nbsp;CAD 1 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 48N 3E,24; Shoshone |
| &nbsp;&nbsp;501 | &nbsp;&nbsp;IMC 227227 | &nbsp;&nbsp;CAD 2 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 48N 3E,24; Shoshone |
| &nbsp;&nbsp;502 | &nbsp;&nbsp;IMC 227228 | &nbsp;&nbsp;CAD 3 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 48N 3E,26; Shoshone |

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| | |
|:---|:---|
| 28-27 | ![](ny20061035x1ex96-1_image04.jpg) |

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<u> Silver Opportunity Partners LLC \| Sunshine Mine S-K 1300 Technical Report Summary on the Initial Assessment </u> <u> December 12, 2025 SLR Project No.: 123.020552.00001 </u>

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | &nbsp;&nbsp;**License Code** | &nbsp;&nbsp;**License Name** | &nbsp;&nbsp;**Parties** | &nbsp;&nbsp;**Type** | &nbsp;&nbsp;**Interest** | &nbsp;&nbsp;**Area<br> (ac)** | &nbsp;&nbsp;**Map Reference** |
| &nbsp;&nbsp;503 | &nbsp;&nbsp;IMC 227229 | &nbsp;&nbsp;CAD 4 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 48N 3E,25, 26; Shoshone |
| &nbsp;&nbsp;504 | &nbsp;&nbsp;IMC 227230 | &nbsp;&nbsp;CAD 5 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 48N 3E,25; Shoshone |
| &nbsp;&nbsp;505 | &nbsp;&nbsp;IMC 227231 | &nbsp;&nbsp;CAD 6 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 48N 3E,25; Shoshone |
| &nbsp;&nbsp;506 | &nbsp;&nbsp;IMC 227232 | &nbsp;&nbsp;CAD 7 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 48N 3E,25; Shoshone |
| &nbsp;&nbsp;507 | &nbsp;&nbsp;IMC 227233 | &nbsp;&nbsp;CAD 8 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 48N 3E,25; Shoshone |
| &nbsp;&nbsp;508 | &nbsp;&nbsp;IMC 227234 | &nbsp;&nbsp;CAD 9 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 48N 3E,25; Shoshone |
| &nbsp;&nbsp;509 | &nbsp;&nbsp;IMC 227235 | &nbsp;&nbsp;CAD 10 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 48N 3E,25; Shoshone |
| &nbsp;&nbsp;510 | &nbsp;&nbsp;IMC 227236 | &nbsp;&nbsp;CAD 11 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 48N 3E,25; Shoshone |
| &nbsp;&nbsp;511 | &nbsp;&nbsp;IMC 227237 | &nbsp;&nbsp;CAD 12 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 48N 3E,25; 48N 4E,30; Shoshone |
| &nbsp;&nbsp;512 | &nbsp;&nbsp;IMC 227238 | &nbsp;&nbsp;CAD 13 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 48N 4E,30; Shoshone |
| &nbsp;&nbsp;513 | &nbsp;&nbsp;IMC 227239 | &nbsp;&nbsp;CAD 14 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 48N 4E,30; Shoshone |
| &nbsp;&nbsp;514 | &nbsp;&nbsp;IMC 227240 | &nbsp;&nbsp;CAD 15 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 48N 4E,30; Shoshone |
| &nbsp;&nbsp;515 | &nbsp;&nbsp;IMC 227241 | &nbsp;&nbsp;CAD 16 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 48N 3E,25; Shoshone |
| &nbsp;&nbsp;516 | &nbsp;&nbsp;IMC 227242 | &nbsp;&nbsp;CAD 17 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 48N 3E,25; 48N 4E,30; Shoshone |
| &nbsp;&nbsp;517 | &nbsp;&nbsp;IMC 227243 | &nbsp;&nbsp;CAD 18 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 48N 4E,30; Shoshone |
| &nbsp;&nbsp;518 | &nbsp;&nbsp;IMC 227244 | &nbsp;&nbsp;CAD 19 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 48N 4E,30; Shoshone |
| &nbsp;&nbsp;519 | &nbsp;&nbsp;IMC 227245 | &nbsp;&nbsp;CAD 20 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 48N 4E,30; Shoshone |
| &nbsp;&nbsp;520 | &nbsp;&nbsp;IMC 227246 | &nbsp;&nbsp;CAD 21 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 48N 3E,24, 25; Shoshone |
| &nbsp;&nbsp;521 | &nbsp;&nbsp;IMC 227247 | &nbsp;&nbsp;CAD 22 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 48N 3E,24, 25; 48N 4E,19, 30; Shoshone |
| &nbsp;&nbsp;522 | &nbsp;&nbsp;IMC 227248 | &nbsp;&nbsp;Merger 1 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 48N 3E,13; Shoshone |
| &nbsp;&nbsp;523 | &nbsp;&nbsp;IMC 227249 | &nbsp;&nbsp;Merger 2 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 48N 3E,13, 24; Shoshone |
| &nbsp;&nbsp;524 | &nbsp;&nbsp;IMC 227250 | &nbsp;&nbsp;Merger 3 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 48N 3E,13, 24; Shoshone |
| &nbsp;&nbsp;525 | &nbsp;&nbsp;IMC 227251 | &nbsp;&nbsp;Merger 4 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 48N 3E,13, 24; 48N 4E,18, 19; Shoshone |
| &nbsp;&nbsp;526 | &nbsp;&nbsp;IMC 227252 | &nbsp;&nbsp;Merger 5 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 48N 3E,24; Shoshone |
| &nbsp;&nbsp;527 | &nbsp;&nbsp;IMC 227253 | &nbsp;&nbsp;Merger 6 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 48N 3E,24; Shoshone |
| &nbsp;&nbsp;528 | &nbsp;&nbsp;IMC 227254 | &nbsp;&nbsp;Merger 7 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 48N 3E,23, 24; Shoshone |
| &nbsp;&nbsp;529 | &nbsp;&nbsp;IMC 227255 | &nbsp;&nbsp;Merger 8 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 48N 3E,24; Shoshone |

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| | |
|:---|:---|
| 28-28 | ![](ny20061035x1ex96-1_image04.jpg) |

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------

<u> Silver Opportunity Partners LLC \| Sunshine Mine S-K 1300 Technical Report Summary on the Initial Assessment </u> <u> December 12, 2025 SLR Project No.: 123.020552.00001 </u>

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | &nbsp;&nbsp;**License Code** | &nbsp;&nbsp;**License Name** | &nbsp;&nbsp;**Parties** | &nbsp;&nbsp;**Type** | &nbsp;&nbsp;**Interest** | &nbsp;&nbsp;**Area<br> (ac)** | &nbsp;&nbsp;**Map Reference** |
| &nbsp;&nbsp;530 | &nbsp;&nbsp;IMC 227256 | &nbsp;&nbsp;Merger 9 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 48N 3E,24; Shoshone |
| &nbsp;&nbsp;531 | &nbsp;&nbsp;IMC 227257 | &nbsp;&nbsp;Merger 10 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 48N 3E,23, 24; Shoshone |
| &nbsp;&nbsp;532 | &nbsp;&nbsp;IMC 227258 | &nbsp;&nbsp;Merger 11 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 48N 3E,24; Shoshone |
| &nbsp;&nbsp;533 | &nbsp;&nbsp;IMC 227259 | &nbsp;&nbsp;Merger 12 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 48N 3E,23, 26; Shoshone |
| &nbsp;&nbsp;534 | &nbsp;&nbsp;IMC 227260 | &nbsp;&nbsp;Merger 13 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 48N 3E,23, 24, 25, 26; Shoshone |
| &nbsp;&nbsp;535 | &nbsp;&nbsp;IMC 227261 | &nbsp;&nbsp;Merger 14 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 48N 3E,24, 25; Shoshone |
| &nbsp;&nbsp;536 | &nbsp;&nbsp;IMC 227262 | &nbsp;&nbsp;Merger 15 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 48N 3E,24, 25; Shoshone |
| &nbsp;&nbsp;537 | &nbsp;&nbsp;IMC 227263 | &nbsp;&nbsp;Merger 16 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 48N 3E,24, 25; Shoshone |
| &nbsp;&nbsp;538 | &nbsp;&nbsp;IMC 227264 | &nbsp;&nbsp;Merger 17 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 48N 4E,19; Shoshone |
| &nbsp;&nbsp;539 | &nbsp;&nbsp;IMC 227265 | &nbsp;&nbsp;Merger 18 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 48N 4E,19; Shoshone |
| &nbsp;&nbsp;540 | &nbsp;&nbsp;IMC 227266 | &nbsp;&nbsp;Merger 19 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 48N 4E,19; Shoshone |
| &nbsp;&nbsp;541 | &nbsp;&nbsp;IMC 227267 | &nbsp;&nbsp;Merger 20 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 48N 4E,19; Shoshone |
| &nbsp;&nbsp;542 | &nbsp;&nbsp;IMC 227268 | &nbsp;&nbsp;STERLING 1 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 48N 4E,30; Shoshone |
| &nbsp;&nbsp;543 | &nbsp;&nbsp;IMC 227269 | &nbsp;&nbsp;STERLING 2 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 48N 4E,30; Shoshone |
| &nbsp;&nbsp;544 | &nbsp;&nbsp;IMC 227270 | &nbsp;&nbsp;STERLING 3 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 48N 4E,29, 30, 31, 32; Shoshone |
| &nbsp;&nbsp;545 | &nbsp;&nbsp;IMC 227271 | &nbsp;&nbsp;STERLING 4 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 48N 4E,29, 32; Shoshone |
| &nbsp;&nbsp;546 | &nbsp;&nbsp;IMC 227272 | &nbsp;&nbsp;STERLING 5 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 48N 4E,29, 30; Shoshone |
| &nbsp;&nbsp;547 | &nbsp;&nbsp;IMC 227273 | &nbsp;&nbsp;STERLING 6 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 48N 4E,29, 30, 32; Shoshone |
| &nbsp;&nbsp;548 | &nbsp;&nbsp;IMC 227274 | &nbsp;&nbsp;STERLING 7 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 48N 4E,29, 32; Shoshone |
| &nbsp;&nbsp;549 | &nbsp;&nbsp;IMC 227275 | &nbsp;&nbsp;STERLING 8 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 48N 4E,32; Shoshone |
| &nbsp;&nbsp;550 | &nbsp;&nbsp;IMC 227276 | &nbsp;&nbsp;STERLING 9 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 48N 4E,29, 32; Shoshone |
| &nbsp;&nbsp;551 | &nbsp;&nbsp;IMC 227277 | &nbsp;&nbsp;STERLING 10 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 48N 4E,29; Shoshone |
| &nbsp;&nbsp;552 | &nbsp;&nbsp;IMC 227278 | &nbsp;&nbsp;STERLING 11 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 48N 4E,32; Shoshone |
| &nbsp;&nbsp;553 | &nbsp;&nbsp;IMC 227279 | &nbsp;&nbsp;STERLING 12 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 48N 4E,32, 33; Shoshone |
| &nbsp;&nbsp;554 | &nbsp;&nbsp;IMC 227280 | &nbsp;&nbsp;ELK 1 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 48N 3E,11, 14; Shoshone |
| &nbsp;&nbsp;555 | &nbsp;&nbsp;IMC 227281 | &nbsp;&nbsp;ELK 2 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 48N 3E,11, 14; Shoshone |
| &nbsp;&nbsp;556 | &nbsp;&nbsp;IMC 227282 | &nbsp;&nbsp;ELK 3 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 48N 3E,11; Shoshone |
| &nbsp;&nbsp;557 | &nbsp;&nbsp;IMC 227283 | &nbsp;&nbsp;ELK 4 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 48N 3E,11, 14; Shoshone |

---

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| | |
|:---|:---|
| 28-29 | ![](ny20061035x1ex96-1_image04.jpg) |

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------

<u> Silver Opportunity Partners LLC \| Sunshine Mine S-K 1300 Technical Report Summary on the Initial Assessment </u> <u> December 12, 2025 SLR Project No.: 123.020552.00001 </u>

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | &nbsp;&nbsp;**License Code** | &nbsp;&nbsp;**License Name** | &nbsp;&nbsp;**Parties** | &nbsp;&nbsp;**Type** | &nbsp;&nbsp;**Interest** | &nbsp;&nbsp;**Area<br> (ac)** | &nbsp;&nbsp;**Map Reference** |
| &nbsp;&nbsp;558 | &nbsp;&nbsp;IMC 227284 | &nbsp;&nbsp;ELK 5 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 48N 3E,14; Shoshone |
| &nbsp;&nbsp;559 | &nbsp;&nbsp;IMC 227285 | &nbsp;&nbsp;ELK 6 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 48N 3E,10, 14, 15; Shoshone |
| &nbsp;&nbsp;560 | &nbsp;&nbsp;IMC 227286 | &nbsp;&nbsp;ELK 7 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 48N 3E,10, 15; Shoshone |
| &nbsp;&nbsp;561 | &nbsp;&nbsp;IMC 227287 | &nbsp;&nbsp;ELK 8 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 48N 3E,15; Shoshone |
| &nbsp;&nbsp;562 | &nbsp;&nbsp;IMC 227288 | &nbsp;&nbsp;ELK 9 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 48N 3E,14, 15; Shoshone |
| &nbsp;&nbsp;563 | &nbsp;&nbsp;IMC 227289 | &nbsp;&nbsp;ELK 10 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 48N 3E,15; Shoshone |
| &nbsp;&nbsp;564 | &nbsp;&nbsp;IMC 227290 | &nbsp;&nbsp;ELK 11 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 48N 3E,14, 15; Shoshone |
| &nbsp;&nbsp;565 | &nbsp;&nbsp;IMC 227291 | &nbsp;&nbsp;ELK 12 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 48N 3E,14, 15; Shoshone |
| &nbsp;&nbsp;566 | &nbsp;&nbsp;IMC 227292 | &nbsp;&nbsp;ELK 13 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 48N 3E,14; Shoshone |
| &nbsp;&nbsp;567 | &nbsp;&nbsp;IMC 227293 | &nbsp;&nbsp;ELK 14 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 48N 3E,14, 15; Shoshone |
| &nbsp;&nbsp;568 | &nbsp;&nbsp;IMC 227294 | &nbsp;&nbsp;ELK 15 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 48N 3E,14, 15; Shoshone |
| &nbsp;&nbsp;569 | &nbsp;&nbsp;IMC 227295 | &nbsp;&nbsp;ELK 16 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 48N 3E,15; Shoshone |
| &nbsp;&nbsp;570 | &nbsp;&nbsp;IMC 227296 | &nbsp;&nbsp;ELK 17 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 48N 3E,15; Shoshone |
| &nbsp;&nbsp;571 | &nbsp;&nbsp;IMC 227297 | &nbsp;&nbsp;LIBERAL KING | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 48N 2E,16, 17, 20, 21; Shoshone |
| &nbsp;&nbsp;572 | &nbsp;&nbsp;IMC 227298 | &nbsp;&nbsp;SUNSET #3 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 48N 2E,16, 21; Shoshone |
| &nbsp;&nbsp;573 | &nbsp;&nbsp;IMC 227299 | &nbsp;&nbsp;SUNSET #4 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 48N 2E,21; Shoshone |
| &nbsp;&nbsp;574 | &nbsp;&nbsp;IMC 227300 | &nbsp;&nbsp;SUNSET #5 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 48N 2E,20, 21; Shoshone |
| &nbsp;&nbsp;575 | &nbsp;&nbsp;IMC 227301 | &nbsp;&nbsp;SUNSET #6 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 48N 2E,20; Shoshone |
| &nbsp;&nbsp;576 | &nbsp;&nbsp;IMC 227302 | &nbsp;&nbsp;SUNSET #7 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 48N 2E,21; Shoshone |
| &nbsp;&nbsp;577 | &nbsp;&nbsp;IMC 227303 | &nbsp;&nbsp;SUNSET #8 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 48N 2E,21; Shoshone |
| &nbsp;&nbsp;578 | &nbsp;&nbsp;IMC 227304 | &nbsp;&nbsp;LONE PINE | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 48N 3E,20, 21; Shoshone |
| &nbsp;&nbsp;579 | &nbsp;&nbsp;IMC 227305 | &nbsp;&nbsp;GIANT NO 1 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 48N 3E,20, 21; Shoshone |
| &nbsp;&nbsp;580 | &nbsp;&nbsp;IMC 227306 | &nbsp;&nbsp;GIANT NO 7 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 48N 3E,20, 21; Shoshone |
| &nbsp;&nbsp;581 | &nbsp;&nbsp;IMC 227307 | &nbsp;&nbsp;GIANT NO 8 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 48N 3E,20, 21; Shoshone |
| &nbsp;&nbsp;582 | &nbsp;&nbsp;IMC 227308 | &nbsp;&nbsp;GIANT NO 10 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 48N 3E,21; Shoshone |
| &nbsp;&nbsp;583 | &nbsp;&nbsp;IMC 227309 | &nbsp;&nbsp;GIANT NO 11 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 48N 3E,21; Shoshone |
| &nbsp;&nbsp;584 | &nbsp;&nbsp;IMC 227310 | &nbsp;&nbsp;GIANT NO 12 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 48N 3E,21; Shoshone |
| &nbsp;&nbsp;585 | &nbsp;&nbsp;IMC 227311 | &nbsp;&nbsp;S C I NO 7 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 48N 3E,21; Shoshone |
| &nbsp;&nbsp;586 | &nbsp;&nbsp;IMC 227312 | &nbsp;&nbsp;S C I NO 8 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 48N 3E,21; Shoshone |

---

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| | |
|:---|:---|
| 28-30 | ![](ny20061035x1ex96-1_image04.jpg) |

---

------

<u> Silver Opportunity Partners LLC \| Sunshine Mine S-K 1300 Technical Report Summary on the Initial Assessment </u> <u> December 12, 2025 SLR Project No.: 123.020552.00001 </u>

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | &nbsp;&nbsp;**License Code** | &nbsp;&nbsp;**License Name** | &nbsp;&nbsp;**Parties** | &nbsp;&nbsp;**Type** | &nbsp;&nbsp;**Interest** | &nbsp;&nbsp;**Area<br> (ac)** | &nbsp;&nbsp;**Map Reference** |
| &nbsp;&nbsp;587 | &nbsp;&nbsp;IMC 227313 | &nbsp;&nbsp;S C I NO 9 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 48N 3E,21; Shoshone |
| &nbsp;&nbsp;588 | &nbsp;&nbsp;IMC 227314 | &nbsp;&nbsp;Crescent No. 1 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 48N 3E,21; Shoshone |
| &nbsp;&nbsp;589 | &nbsp;&nbsp;IMC 227315 | &nbsp;&nbsp;Crescent No. 2 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 48N 3E,21; Shoshone |
| &nbsp;&nbsp;590 | &nbsp;&nbsp;IMC 227316 | &nbsp;&nbsp;Crescent No. 3 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 48N 3E,21; Shoshone |
| &nbsp;&nbsp;591 | &nbsp;&nbsp;IMC 227317 | &nbsp;&nbsp;Crescent No. 4 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 48N 3E,21; Shoshone |
| &nbsp;&nbsp;592 | &nbsp;&nbsp;IMC 227318 | &nbsp;&nbsp;Crescent No. 5 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 48N 3E,21; Shoshone |
| &nbsp;&nbsp;593 | &nbsp;&nbsp;IMC 227319 | &nbsp;&nbsp;Crescent No. 6 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 48N 3E,21; Shoshone |
| &nbsp;&nbsp;594 | &nbsp;&nbsp;IMC 227320 | &nbsp;&nbsp;Crescent No. 7 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 48N 3E,21, 22; Shoshone |
| &nbsp;&nbsp;595 | &nbsp;&nbsp;IMC 227321 | &nbsp;&nbsp;Crescent No. 8 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.8 | &nbsp;&nbsp;United States, 48N 3E,21, 22; Shoshone |
| &nbsp;&nbsp;596 | &nbsp;&nbsp;IMC 227322 | &nbsp;&nbsp;Crescent No. 9 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 48N 3E,21, 22; Shoshone |
| &nbsp;&nbsp;597 | &nbsp;&nbsp;IMC 227323 | &nbsp;&nbsp;Crescent No. 10 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 48N 3E,21, 22; Shoshone |
| &nbsp;&nbsp;598 | &nbsp;&nbsp;IMC 227324 | &nbsp;&nbsp;Crescent No. 11 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 48N 3E,21, 22; Shoshone |
| &nbsp;&nbsp;599 | &nbsp;&nbsp;IMC 227325 | &nbsp;&nbsp;BLUE GOOSE 2 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 48N 3E,15, 16; Shoshone |
| &nbsp;&nbsp;600 | &nbsp;&nbsp;IMC 227326 | &nbsp;&nbsp;SNOWSTORM | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 48N 3E,15, 16; Shoshone |
| &nbsp;&nbsp;601 | &nbsp;&nbsp;IMC 227327 | &nbsp;&nbsp;SNOWSLIDE | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 48N 3E,16; Shoshone |
| &nbsp;&nbsp;602 | &nbsp;&nbsp;IMC 227328 | &nbsp;&nbsp;BLUE GOOSE 1 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 48N 3E,16; Shoshone |
| &nbsp;&nbsp;603 | &nbsp;&nbsp;IMC 227329 | &nbsp;&nbsp;MAY DAY | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 48N 3E,15, 16, 22; Shoshone |
| &nbsp;&nbsp;604 | &nbsp;&nbsp;IMC 227330 | &nbsp;&nbsp;FALLS CREEK #1 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 54N 1W,1; Bonner |
| &nbsp;&nbsp;605 | &nbsp;&nbsp;IMC 227331 | &nbsp;&nbsp;FALLS CREEK #2 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 54N 1W,1; Bonner |
| &nbsp;&nbsp;606 | &nbsp;&nbsp;IMC 227332 | &nbsp;&nbsp;FALLS CREEK #3 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 54N 1E,6; 54N 1W,1; Bonner |
| &nbsp;&nbsp;607 | &nbsp;&nbsp;IMC 227333 | &nbsp;&nbsp;FALLS CREEK #4 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 54N 1E,6; 54N 1W,1; Bonner |
| &nbsp;&nbsp;608 | &nbsp;&nbsp;IMC 227334 | &nbsp;&nbsp;FALLS CREEK #5 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 54N 1W,1; Bonner |
| &nbsp;&nbsp;609 | &nbsp;&nbsp;IMC 227335 | &nbsp;&nbsp;FALLS CREEK #6 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 54N 1W,1; Bonner |
| &nbsp;&nbsp;610 | &nbsp;&nbsp;IMC 227336 | &nbsp;&nbsp;FALLS CREEK #7 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 54N 1W,1; Bonner |
| &nbsp;&nbsp;611 | &nbsp;&nbsp;IMC 227337 | &nbsp;&nbsp;FALLS CREEK #8 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 54N 1W,1; Bonner |
| &nbsp;&nbsp;612 | &nbsp;&nbsp;IMC 227338 | &nbsp;&nbsp;FALLS CREEK #9 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 54N 1W,1; Bonner |
| &nbsp;&nbsp;613 | &nbsp;&nbsp;IMC 227339 | &nbsp;&nbsp;FALLS CREEK #10 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 54N 1W,1; 55N 1W,35, 36; Bonner |
| &nbsp;&nbsp;614 | &nbsp;&nbsp;IMC 227340 | &nbsp;&nbsp;FALLS CREEK #11 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 54N 1W,1, 2; 55N 1W,35, 36; Bonner |

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|:---|:---|
| 28-31 | ![](ny20061035x1ex96-1_image04.jpg) |

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------

<u> Silver Opportunity Partners LLC \| Sunshine Mine S-K 1300 Technical Report Summary on the Initial Assessment </u> <u> December 12, 2025 SLR Project No.: 123.020552.00001 </u>

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | &nbsp;&nbsp;**License Code** | &nbsp;&nbsp;**License Name** | &nbsp;&nbsp;**Parties** | &nbsp;&nbsp;**Type** | &nbsp;&nbsp;**Interest** | &nbsp;&nbsp;**Area<br> (ac)** | &nbsp;&nbsp;**Map Reference** |
| &nbsp;&nbsp;615 | &nbsp;&nbsp;IMC 227341 | &nbsp;&nbsp;FALLS CREEK #12 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 54N 1W,1, 2; Bonner |
| &nbsp;&nbsp;616 | &nbsp;&nbsp;IMC 227342 | &nbsp;&nbsp;FALLS CREEK #13 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 54N 1E,6; Bonner |
| &nbsp;&nbsp;617 | &nbsp;&nbsp;IMC 227343 | &nbsp;&nbsp;FALLS CREEK #14 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 54N 1E,6; 54N 1W,1; Bonner |
| &nbsp;&nbsp;618 | &nbsp;&nbsp;IMC 227344 | &nbsp;&nbsp;FALLS CREEK #15 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 54N 1E,6; 54N 1W,1; Bonner |
| &nbsp;&nbsp;619 | &nbsp;&nbsp;IMC 227345 | &nbsp;&nbsp;NEW FALLS #1 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 55N 1E,31; Bonner |
| &nbsp;&nbsp;620 | &nbsp;&nbsp;IMC 227346 | &nbsp;&nbsp;NEW FALLS #2 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 55N 1E,31; Bonner |
| &nbsp;&nbsp;621 | &nbsp;&nbsp;IMC 227347 | &nbsp;&nbsp;NEW FALLS #3 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 55N 1E,31; Bonner |
| &nbsp;&nbsp;622 | &nbsp;&nbsp;IMC 227348 | &nbsp;&nbsp;NEW FALLS #4 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 55N 1E,31; Bonner |
| &nbsp;&nbsp;623 | &nbsp;&nbsp;IMC 227349 | &nbsp;&nbsp;NEW FALLS #5 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 54N 1W,11; Bonner |
| &nbsp;&nbsp;624 | &nbsp;&nbsp;IMC 227350 | &nbsp;&nbsp;NEW FALLS #6 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 54N 1W,11; Bonner |
| &nbsp;&nbsp;625 | &nbsp;&nbsp;IMC 227351 | &nbsp;&nbsp;NEW FALLS #7 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 54N 1W,11; Bonner |
| &nbsp;&nbsp;626 | &nbsp;&nbsp;IMC 227352 | &nbsp;&nbsp;NEW FALLS #8 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 54N 1W,11; Bonner |
| &nbsp;&nbsp;627 | &nbsp;&nbsp;IMC 227353 | &nbsp;&nbsp;NEW FALLS #9 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 54N 1W,11; Bonner |
| &nbsp;&nbsp;628 | &nbsp;&nbsp;IMC 227354 | &nbsp;&nbsp;NEW FALLS #10 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 55N 1E,31; Bonner |
| &nbsp;&nbsp;629 | &nbsp;&nbsp;IMC 227355 | &nbsp;&nbsp;NEW FALLS #11 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 54N 1W,2, 11; Bonner |
| &nbsp;&nbsp;630 | &nbsp;&nbsp;IMC 227356 | &nbsp;&nbsp;NEW FALLS #12 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 54N 1W,2, 11; Bonner |
| &nbsp;&nbsp;631 | &nbsp;&nbsp;IMC 227357 | &nbsp;&nbsp;NEW FALLS #13 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 54N 1W,2, 11; Bonner |
| &nbsp;&nbsp;632 | &nbsp;&nbsp;IMC 227358 | &nbsp;&nbsp;NEW FALLS #14 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 54N 1W,2, 11; Bonner |
| &nbsp;&nbsp;633 | &nbsp;&nbsp;IMC 227359 | &nbsp;&nbsp;NEW FALLS #15 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 54N 1W,11; Bonner |
| &nbsp;&nbsp;634 | &nbsp;&nbsp;IMC 227360 | &nbsp;&nbsp;NEW FALLS #16 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 55N 1E,31; Bonner |
| &nbsp;&nbsp;635 | &nbsp;&nbsp;IMC 227361 | &nbsp;&nbsp;NEW FALLS #17 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 54N 1W,2; Bonner |
| &nbsp;&nbsp;636 | &nbsp;&nbsp;IMC 227362 | &nbsp;&nbsp;NEW FALLS #18 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 54N 1W,2; Bonner |
| &nbsp;&nbsp;637 | &nbsp;&nbsp;IMC 227363 | &nbsp;&nbsp;NEW FALLS #19 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 54N 1W,2; Bonner |
| &nbsp;&nbsp;638 | &nbsp;&nbsp;IMC 227364 | &nbsp;&nbsp;NORTH FALLS #20 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;18.624 | &nbsp;&nbsp;United States, 54N 1W,2, 11; Bonner |
| &nbsp;&nbsp;639 | &nbsp;&nbsp;IMC 227365 | &nbsp;&nbsp;NEW FALLS #21 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 54N 1E,6; 55N 1E,31; Bonner |
| &nbsp;&nbsp;640 | &nbsp;&nbsp;IMC 227366 | &nbsp;&nbsp;NEW FALLS #22 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 55N 1E,31; Bonner |
| &nbsp;&nbsp;641 | &nbsp;&nbsp;IMC 227367 | &nbsp;&nbsp;NEW FALLS #23 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 54N 1W,2; Bonner |
| &nbsp;&nbsp;642 | &nbsp;&nbsp;IMC 227368 | &nbsp;&nbsp;NEW FALLS #24 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 54N 1W,2; Bonner |
| &nbsp;&nbsp;643 | &nbsp;&nbsp;IMC 227369 | &nbsp;&nbsp;NEW FALLS #25 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 54N 1W,1, 2; Bonner |

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| | |
|:---|:---|
| 28-32 | ![](ny20061035x1ex96-1_image04.jpg) |

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<u> Silver Opportunity Partners LLC \| Sunshine Mine S-K 1300 Technical Report Summary on the Initial Assessment </u> <u> December 12, 2025 SLR Project No.: 123.020552.00001 </u>

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | &nbsp;&nbsp;**License Code** | &nbsp;&nbsp;**License Name** | &nbsp;&nbsp;**Parties** | &nbsp;&nbsp;**Type** | &nbsp;&nbsp;**Interest** | &nbsp;&nbsp;**Area<br> (ac)** | &nbsp;&nbsp;**Map Reference** |
| &nbsp;&nbsp;644 | &nbsp;&nbsp;IMC 227370 | &nbsp;&nbsp;NEW FALLS #26 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 54N 1W,1, 2; Bonner |
| &nbsp;&nbsp;645 | &nbsp;&nbsp;IMC 227371 | &nbsp;&nbsp;NEW FALLS #27 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 54N 1E,6; 55N 1E,31; Bonner |
| &nbsp;&nbsp;646 | &nbsp;&nbsp;IMC 227372 | &nbsp;&nbsp;NEW FALLS #28 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 54N 1W,1; 55N 1E,31; 55N 1W,36; Bonner |
| &nbsp;&nbsp;647 | &nbsp;&nbsp;IMC 227373 | &nbsp;&nbsp;NEW FALLS #29 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 54N 1W,2; Bonner |
| &nbsp;&nbsp;648 | &nbsp;&nbsp;IMC 227374 | &nbsp;&nbsp;NEW FALLS #30 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 54N 1W,1, 2; Bonner |
| &nbsp;&nbsp;649 | &nbsp;&nbsp;IMC 227375 | &nbsp;&nbsp;NEW FALLS #31 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 54N 1W,1, 2; Bonner |
| &nbsp;&nbsp;650 | &nbsp;&nbsp;IMC 227376 | &nbsp;&nbsp;NEW FALLS #32 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 54N 1W,1; Bonner |
| &nbsp;&nbsp;651 | &nbsp;&nbsp;IMC 227377 | &nbsp;&nbsp;NEW FALLS #33 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 54N 1W,1; Bonner |
| &nbsp;&nbsp;652 | &nbsp;&nbsp;IMC 227378 | &nbsp;&nbsp;NEW FALLS #34 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 55N 1E,31; Bonner |
| &nbsp;&nbsp;653 | &nbsp;&nbsp;IMC 227379 | &nbsp;&nbsp;NEW FALLS #35 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 55N 1W,35, 36; Bonner |
| &nbsp;&nbsp;654 | &nbsp;&nbsp;IMC 227380 | &nbsp;&nbsp;NEW FALLS #36 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 55N 1W,36; Bonner |
| &nbsp;&nbsp;655 | &nbsp;&nbsp;IMC 227381 | &nbsp;&nbsp;NEW FALLS #37 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 54N 1W,1; 55N 1W,36; Bonner |
| &nbsp;&nbsp;656 | &nbsp;&nbsp;IMC 227382 | &nbsp;&nbsp;NEW FALLS #38 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 54N 1W,1; 55N 1W,36; Bonner |
| &nbsp;&nbsp;657 | &nbsp;&nbsp;IMC 227383 | &nbsp;&nbsp;NEW FALLS #39 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 54N 1W,1; 55N 1W,36; Bonner |
| &nbsp;&nbsp;658 | &nbsp;&nbsp;IMC 227384 | &nbsp;&nbsp;NEW FALLS #40 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 54N 1W,1; 55N 1W,36; Bonner |
| &nbsp;&nbsp;659 | &nbsp;&nbsp;IMC 227385 | &nbsp;&nbsp;NEW FALLS #41 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 54N 1W,1; 55N 1W,36; Bonner |
| &nbsp;&nbsp;660 | &nbsp;&nbsp;IMC 227386 | &nbsp;&nbsp;NEW FALLS #42 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 54N 1W,1; 55N 1W,36; Bonner |
| &nbsp;&nbsp;661 | &nbsp;&nbsp;IMC 227387 | &nbsp;&nbsp;NEW FALLS #43 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 55N 1W,35, 36; Bonner |
| &nbsp;&nbsp;662 | &nbsp;&nbsp;IMC 227388 | &nbsp;&nbsp;NEW FALLS #44 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 55N 1W,35, 36; Bonner |
| &nbsp;&nbsp;663 | &nbsp;&nbsp;IMC 227389 | &nbsp;&nbsp;NEW FALLS #45 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 55N 1W,35, 36; Bonner |
| &nbsp;&nbsp;664 | &nbsp;&nbsp;IMC 227390 | &nbsp;&nbsp;NEW FALLS #46 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 55N 1W,36; Bonner |
| &nbsp;&nbsp;665 | &nbsp;&nbsp;IMC 227391 | &nbsp;&nbsp;NEW FALLS #47 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 55N 1W,36; Bonner |
| &nbsp;&nbsp;666 | &nbsp;&nbsp;IMC 227392 | &nbsp;&nbsp;NEW FALLS #48 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 55N 1W,36; Bonner |
| &nbsp;&nbsp;667 | &nbsp;&nbsp;IMC 227393 | &nbsp;&nbsp;NEW FALLS #49 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 54N 1W,1; 55N 1E,31; 55N 1W,36; Bonner |
| &nbsp;&nbsp;668 | &nbsp;&nbsp;IMC 227394 | &nbsp;&nbsp;NEW FALLS #50 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 55N 1W,35, 36; Bonner |

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| | |
|:---|:---|
| 28-33 | ![](ny20061035x1ex96-1_image04.jpg) |

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------

<u> Silver Opportunity Partners LLC \| Sunshine Mine S-K 1300 Technical Report Summary on the Initial Assessment </u> <u> December 12, 2025 SLR Project No.: 123.020552.00001 </u>

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | &nbsp;&nbsp;**License Code** | &nbsp;&nbsp;**License Name** | &nbsp;&nbsp;**Parties** | &nbsp;&nbsp;**Type** | &nbsp;&nbsp;**Interest** | &nbsp;&nbsp;**Area<br> (ac)** | &nbsp;&nbsp;**Map Reference** |
| &nbsp;&nbsp;669 | &nbsp;&nbsp;IMC 227395 | &nbsp;&nbsp;NEW FALLS #51 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 55N 1W,36; Bonner |
| &nbsp;&nbsp;670 | &nbsp;&nbsp;IMC 227396 | &nbsp;&nbsp;NEW FALLS #52 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 55N 1W,36; Bonner |
| &nbsp;&nbsp;671 | &nbsp;&nbsp;IMC 227397 | &nbsp;&nbsp;NEW FALLS #53 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 55N 1W,36; Bonner |
| &nbsp;&nbsp;672 | &nbsp;&nbsp;IMC 227398 | &nbsp;&nbsp;NEW FALLS #54 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 55N 1W,36; Bonner |
| &nbsp;&nbsp;673 | &nbsp;&nbsp;IMC 227399 | &nbsp;&nbsp;NEW FALLS #55 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 55N 1W,36; Bonner |
| &nbsp;&nbsp;674 | &nbsp;&nbsp;IMC 227400 | &nbsp;&nbsp;NEW FALLS #56 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 55N 1W,36; Bonner |
| &nbsp;&nbsp;675 | &nbsp;&nbsp;IMC 227401 | &nbsp;&nbsp;NEW FALLS #57 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 55N 1E,31; 55N 1W,36; Bonner |
| &nbsp;&nbsp;676 | &nbsp;&nbsp;IMC 227402 | &nbsp;&nbsp;NEW FALLS #58 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 55N 1E,31; 55N 1W,36; Bonner |
| &nbsp;&nbsp;677 | &nbsp;&nbsp;IMC 227403 | &nbsp;&nbsp;NEW FALLS #59 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 55N 1W,25, 36; Bonner |
| &nbsp;&nbsp;678 | &nbsp;&nbsp;IMC 227404 | &nbsp;&nbsp;NEW FALLS #60 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 55N 1W,36; Bonner |
| &nbsp;&nbsp;679 | &nbsp;&nbsp;IMC 227405 | &nbsp;&nbsp;NEW FALLS #61 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 55N 1W,36; Bonner |
| &nbsp;&nbsp;680 | &nbsp;&nbsp;IMC 227406 | &nbsp;&nbsp;NEW FALLS #62 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 55N 1W,36; Bonner |
| &nbsp;&nbsp;681 | &nbsp;&nbsp;IMC 227407 | &nbsp;&nbsp;NEW FALLS #63 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 55N 1W,36; Bonner |
| &nbsp;&nbsp;682 | &nbsp;&nbsp;IMC 227408 | &nbsp;&nbsp;NEW FALLS #64 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 55N 1E,31; 55N 1W,36; Bonner |
| &nbsp;&nbsp;683 | &nbsp;&nbsp;IMC 227409 | &nbsp;&nbsp;NEW FALLS #65 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 55N 1E,31; 55N 1W,36; Bonner |
| &nbsp;&nbsp;684 | &nbsp;&nbsp;IMC 227410 | &nbsp;&nbsp;NEW FALLS #66 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 55N 1E,31; 55N 1W,36; Bonner |
| &nbsp;&nbsp;685 | &nbsp;&nbsp;IMC 227411 | &nbsp;&nbsp;NEW FALLS #67 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 55N 1E,31; Bonner |
| &nbsp;&nbsp;686 | &nbsp;&nbsp;IMC 227412 | &nbsp;&nbsp;NEW FALLS #68 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 54N 1E,6; 55N 1E,31; Bonner |
| &nbsp;&nbsp;687 | &nbsp;&nbsp;IMC 227413 | &nbsp;&nbsp;NEW FALLS #69 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 54N 1E,6; 55N 1E,31; Bonner |
| &nbsp;&nbsp;688 | &nbsp;&nbsp;IMC 227414 | &nbsp;&nbsp;NEW FALLS #70 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 55N 1E,30, 31; Bonner |
| &nbsp;&nbsp;689 | &nbsp;&nbsp;IMC 227415 | &nbsp;&nbsp;NEW FALLS #71 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 55N 1E,30, 31; Bonner |
| &nbsp;&nbsp;690 | &nbsp;&nbsp;IMC 227416 | &nbsp;&nbsp;NEW FALLS #72 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 55N 1E,30, 31; Bonner |
| &nbsp;&nbsp;691 | &nbsp;&nbsp;IMC 227417 | &nbsp;&nbsp;NEW FALLS #73 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 54N 1E,6; 55N 1E,31; Bonner |
| &nbsp;&nbsp;692 | &nbsp;&nbsp;IMC 227418 | &nbsp;&nbsp;NEW FALLS #74 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 55N 1E,30; Bonner |
| &nbsp;&nbsp;693 | &nbsp;&nbsp;IMC 227419 | &nbsp;&nbsp;NEW FALLS #75 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 55N 1E,30, 31; Bonner |

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|:---|:---|
| 28-34 | ![](ny20061035x1ex96-1_image04.jpg) |

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------

<u> Silver Opportunity Partners LLC \| Sunshine Mine S-K 1300 Technical Report Summary on the Initial Assessment </u> <u> December 12, 2025 SLR Project No.: 123.020552.00001 </u>

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | &nbsp;&nbsp;**License Code** | &nbsp;&nbsp;**License Name** | &nbsp;&nbsp;**Parties** | &nbsp;&nbsp;**Type** | &nbsp;&nbsp;**Interest** | &nbsp;&nbsp;**Area<br> (ac)** | &nbsp;&nbsp;**Map Reference** |
| &nbsp;&nbsp;694 | &nbsp;&nbsp;IMC 227730 | &nbsp;&nbsp;Lone Pine #1 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 48N 3E,20, 21; Shoshone |
| &nbsp;&nbsp;695 | &nbsp;&nbsp;IMC 227731 | &nbsp;&nbsp;Lone Pine #2 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 48N 3E,20, 21; Shoshone |
| &nbsp;&nbsp;696 | &nbsp;&nbsp;IMC 227732 | &nbsp;&nbsp;Hillside | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 48N 3E,20, 29; Shoshone |
| &nbsp;&nbsp;697 | &nbsp;&nbsp;IMC 227733 | &nbsp;&nbsp;Hillside #1 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 48N 3E,28, 29; Shoshone |
| &nbsp;&nbsp;698 | &nbsp;&nbsp;IMC 227734 | &nbsp;&nbsp;Hillside #2 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.895 | &nbsp;&nbsp;United States, 48N 3E,28, 29; Shoshone |
| &nbsp;&nbsp;699 | &nbsp;&nbsp;IMC 227735 | &nbsp;&nbsp;Hillside #3 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.895 | &nbsp;&nbsp;United States, 48N 3E,28, 29; Shoshone |
| &nbsp;&nbsp;700 | &nbsp;&nbsp;IMC 227736 | &nbsp;&nbsp;Humbolt | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 48N 3E,21, 28; Shoshone |
| &nbsp;&nbsp;701 | &nbsp;&nbsp;IMC 227737 | &nbsp;&nbsp;Humbolt #1 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 48N 3E,21; Shoshone |
| &nbsp;&nbsp;702 | &nbsp;&nbsp;IMC 227738 | &nbsp;&nbsp;Humbolt #2 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 48N 3E,21; Shoshone |
| &nbsp;&nbsp;703 | &nbsp;&nbsp;IMC 227739 | &nbsp;&nbsp;Humbolt #3 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 48N 3E,21; Shoshone |
| &nbsp;&nbsp;704 | &nbsp;&nbsp;IMC 227740 | &nbsp;&nbsp;Crescent | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 48N 3E,21; Shoshone |
| &nbsp;&nbsp;705 | &nbsp;&nbsp;IMC 227741 | &nbsp;&nbsp;Crescent #1 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Leased | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 48N 3E,21; Shoshone |
| &nbsp;&nbsp;706 | &nbsp;&nbsp;IMC 227742 | &nbsp;&nbsp;Crescent #8 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Leased | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 48N 3E,21; Shoshone |
| &nbsp;&nbsp;707 | &nbsp;&nbsp;IMC 227743 | &nbsp;&nbsp;S.C.I. #11 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 48N 3E,20, 21; Shoshone |
| &nbsp;&nbsp;708 | &nbsp;&nbsp;IMC 227744 | &nbsp;&nbsp;S.C.I. #12 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 48N 3E,20, 21, 28, 29; Shoshone |
| &nbsp;&nbsp;709 | &nbsp;&nbsp;IMC 227745 | &nbsp;&nbsp;S.C.I. #13 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 48N 3E,28, 29; Shoshone |
| &nbsp;&nbsp;710 | &nbsp;&nbsp;IMC 227746 | &nbsp;&nbsp;S.C.I. #14 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.895 | &nbsp;&nbsp;United States, 48N 3E,28, 29; Shoshone |
| &nbsp;&nbsp;711 | &nbsp;&nbsp;IMC 227747 | &nbsp;&nbsp;S.C.I. #15 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 48N 3E,28; Shoshone |
| &nbsp;&nbsp;712 | &nbsp;&nbsp;IMC 227748 | &nbsp;&nbsp;S.C.I. #16 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.679 | &nbsp;&nbsp;United States, 48N 3E,28; Shoshone |
| &nbsp;&nbsp;713 | &nbsp;&nbsp;IMC 227749 | &nbsp;&nbsp;S.C.I. #17 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.679 | &nbsp;&nbsp;United States, 48N 3E,28; Shoshone |
| &nbsp;&nbsp;714 | &nbsp;&nbsp;IMC 227750 | &nbsp;&nbsp;S.C.I. #18 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 48N 3E,20, 29; Shoshone |
| &nbsp;&nbsp;715 | &nbsp;&nbsp;IMC 227751 | &nbsp;&nbsp;S.C.I. #19 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 48N 3E,29; Shoshone |
| &nbsp;&nbsp;716 | &nbsp;&nbsp;IMC 227752 | &nbsp;&nbsp;LC #15 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 48N 4E,31, 32; Shoshone |
| &nbsp;&nbsp;717 | &nbsp;&nbsp;IMC 227753 | &nbsp;&nbsp;LC #16 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 48N 4E,31, 32; Shoshone |
| &nbsp;&nbsp;718 | &nbsp;&nbsp;IMC 227754 | &nbsp;&nbsp;LC #19 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 48N 4E,31; Shoshone |
| &nbsp;&nbsp;719 | &nbsp;&nbsp;IMC 227755 | &nbsp;&nbsp;LC #20 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 48N 4E,31; Shoshone |
| &nbsp;&nbsp;720 | &nbsp;&nbsp;IMC 227756 | &nbsp;&nbsp;LC #21 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 48N 4E,31; Shoshone |
| &nbsp;&nbsp;721 | &nbsp;&nbsp;IMC 227757 | &nbsp;&nbsp;LC #24 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 48N 4E,31; Shoshone |
| &nbsp;&nbsp;722 | &nbsp;&nbsp;IMC 227758 | &nbsp;&nbsp;LC #25 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 48N 4E,31; Shoshone |

---

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| | |
|:---|:---|
| 28-35 | ![](ny20061035x1ex96-1_image04.jpg) |

---

------

<u> Silver Opportunity Partners LLC \| Sunshine Mine S-K 1300 Technical Report Summary on the Initial Assessment </u> <u> December 12, 2025 SLR Project No.: 123.020552.00001 </u>

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | &nbsp;&nbsp;**License Code** | &nbsp;&nbsp;**License Name** | &nbsp;&nbsp;**Parties** | &nbsp;&nbsp;**Type** | &nbsp;&nbsp;**Interest** | &nbsp;&nbsp;**Area<br> (ac)** | &nbsp;&nbsp;**Map Reference** |
| &nbsp;&nbsp;723 | &nbsp;&nbsp;IMC 227759 | &nbsp;&nbsp;LC #26 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 48N 4E,31; Shoshone |
| &nbsp;&nbsp;724 | &nbsp;&nbsp;IMC 227760 | &nbsp;&nbsp;LC #29 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 48N 4E,31; Shoshone |
| &nbsp;&nbsp;725 | &nbsp;&nbsp;IMC 227761 | &nbsp;&nbsp;LC #30 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 48N 4E,31; Shoshone |
| &nbsp;&nbsp;726 | &nbsp;&nbsp;IMC 227762 | &nbsp;&nbsp;LC #31 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 48N 4E,31; Shoshone |
| &nbsp;&nbsp;727 | &nbsp;&nbsp;IMC 227763 | &nbsp;&nbsp;LC #32 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 48N 4E,31; Shoshone |
| &nbsp;&nbsp;728 | &nbsp;&nbsp;IMC 227764 | &nbsp;&nbsp;LC #35 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 48N 3E,25, 36; 48N 4E,31; Shoshone |
| &nbsp;&nbsp;729 | &nbsp;&nbsp;IMC 227765 | &nbsp;&nbsp;LC #36 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 48N 3E,36; 48N 4E,31; Shoshone |
| &nbsp;&nbsp;730 | &nbsp;&nbsp;IMC 227766 | &nbsp;&nbsp;LC #37 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 48N 3E,36; 48N 4E,31; Shoshone |
| &nbsp;&nbsp;731 | &nbsp;&nbsp;IMC 227767 | &nbsp;&nbsp;LC #38 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 48N 3E,36; 48N 4E,31; Shoshone |
| &nbsp;&nbsp;732 | &nbsp;&nbsp;IMC 227768 | &nbsp;&nbsp;LC #39 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 48N 3E,36; 48N 4E,31; Shoshone |
| &nbsp;&nbsp;733 | &nbsp;&nbsp;IMC 227769 | &nbsp;&nbsp;LC #46 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 48N 3E,25, 36; Shoshone |
| &nbsp;&nbsp;734 | &nbsp;&nbsp;IMC 227770 | &nbsp;&nbsp;LC #47 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 48N 3E,36; Shoshone |
| &nbsp;&nbsp;735 | &nbsp;&nbsp;IMC 227771 | &nbsp;&nbsp;LC #48 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 48N 3E,36; 48N 4E,31; Shoshone |
| &nbsp;&nbsp;736 | &nbsp;&nbsp;IMC 227772 | &nbsp;&nbsp;LC #49 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 48N 4E,31; Shoshone |
| &nbsp;&nbsp;737 | &nbsp;&nbsp;IMC 227773 | &nbsp;&nbsp;LC #50 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 48N 4E,31; Shoshone |
| &nbsp;&nbsp;738 | &nbsp;&nbsp;IMC 227774 | &nbsp;&nbsp;LC #53 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 48N 3E,36; Shoshone |
| &nbsp;&nbsp;739 | &nbsp;&nbsp;IMC 227775 | &nbsp;&nbsp;LC #54 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 48N 3E,36; 48N 4E,31; Shoshone |
| &nbsp;&nbsp;740 | &nbsp;&nbsp;IMC 227776 | &nbsp;&nbsp;LC #55 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 48N 3E,36; Shoshone |
| &nbsp;&nbsp;741 | &nbsp;&nbsp;IMC 227777 | &nbsp;&nbsp;LC #56 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 48N 4E,31, 32; Shoshone |
| &nbsp;&nbsp;742 | &nbsp;&nbsp;IMC 227778 | &nbsp;&nbsp;LC #59 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 48N 3E,36; Shoshone |
| &nbsp;&nbsp;743 | &nbsp;&nbsp;IMC 227779 | &nbsp;&nbsp;LC #60 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 48N 3E,36; 48N 4E,31; Shoshone |
| &nbsp;&nbsp;744 | &nbsp;&nbsp;IMC 227780 | &nbsp;&nbsp;Idaho Leadville #1 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 48N 3E,36; Shoshone |
| &nbsp;&nbsp;745 | &nbsp;&nbsp;IMC 227781 | &nbsp;&nbsp;Idaho Leadville #2 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 48N 3E,36; Shoshone |
| &nbsp;&nbsp;746 | &nbsp;&nbsp;IMC 227782 | &nbsp;&nbsp;Idaho Leadville #3 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 48N 3E,36; Shoshone |
| &nbsp;&nbsp;747 | &nbsp;&nbsp;IMC 227783 | &nbsp;&nbsp;Idaho Leadville #4 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 48N 3E,36; Shoshone |

---

---

| | |
|:---|:---|
| 28-36 | ![](ny20061035x1ex96-1_image04.jpg) |

---

------

<u> Silver Opportunity Partners LLC \| Sunshine Mine S-K 1300 Technical Report Summary on the Initial Assessment </u> <u> December 12, 2025 SLR Project No.: 123.020552.00001 </u>

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | &nbsp;&nbsp;**License Code** | &nbsp;&nbsp;**License Name** | &nbsp;&nbsp;**Parties** | &nbsp;&nbsp;**Type** | &nbsp;&nbsp;**Interest** | &nbsp;&nbsp;**Area<br> (ac)** | &nbsp;&nbsp;**Map Reference** |
| &nbsp;&nbsp;748 | &nbsp;&nbsp;IMC 227784 | &nbsp;&nbsp;Idaho Leadville #5 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 48N 3E,25, 26, 35, 36; Shoshone |
| &nbsp;&nbsp;749 | &nbsp;&nbsp;IMC 227785 | &nbsp;&nbsp;Idaho Leadville #6 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 48N 3E,36; Shoshone |
| &nbsp;&nbsp;750 | &nbsp;&nbsp;IMC 227786 | &nbsp;&nbsp;Idaho Leadville #7 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 48N 3E,35, 36; Shoshone |
| &nbsp;&nbsp;751 | &nbsp;&nbsp;IMC 227787 | &nbsp;&nbsp;Idaho Leadville #8 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 48N 3E,35, 36; Shoshone |
| &nbsp;&nbsp;752 | &nbsp;&nbsp;IMC 227788 | &nbsp;&nbsp;Idaho Leadville #9 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 48N 3E,35, 36; Shoshone |
| &nbsp;&nbsp;753 | &nbsp;&nbsp;IMC 227789 | &nbsp;&nbsp;Idaho Leadville #11 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 48N 3E,35; Shoshone |
| &nbsp;&nbsp;754 | &nbsp;&nbsp;IMC 227790 | &nbsp;&nbsp;Idaho Leadville #13 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 48N 3E,26, 35; Shoshone |
| &nbsp;&nbsp;755 | &nbsp;&nbsp;IMC 227791 | &nbsp;&nbsp;Idaho Leadville #14 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 48N 3E,26, 35; Shoshone |
| &nbsp;&nbsp;756 | &nbsp;&nbsp;IMC 227792 | &nbsp;&nbsp;Idaho Leadville #15 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 48N 3E,25, 26; Shoshone |
| &nbsp;&nbsp;757 | &nbsp;&nbsp;IMC 227793 | &nbsp;&nbsp;Idaho Leadville #16 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 48N 3E,26, 35; Shoshone |
| &nbsp;&nbsp;758 | &nbsp;&nbsp;IMC 227794 | &nbsp;&nbsp;Idaho Leadville #18 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 48N 3E,26; Shoshone |
| &nbsp;&nbsp;759 | &nbsp;&nbsp;IMC 227795 | &nbsp;&nbsp;Idaho Leadville #19 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 48N 3E,26; Shoshone |
| &nbsp;&nbsp;760 | &nbsp;&nbsp;IMC 227796 | &nbsp;&nbsp;Idaho Leadville #20 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 48N 3E,26; Shoshone |
| &nbsp;&nbsp;761 | &nbsp;&nbsp;IMC 227797 | &nbsp;&nbsp;Idaho Leadville #21 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 48N 3E,26; Shoshone |
| &nbsp;&nbsp;762 | &nbsp;&nbsp;IMC 227798 | &nbsp;&nbsp;Idaho Leadville #22 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 48N 3E,26; Shoshone |
| &nbsp;&nbsp;763 | &nbsp;&nbsp;IMC 227799 | &nbsp;&nbsp;Idaho Leadville #23 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 48N 3E,26; Shoshone |
| &nbsp;&nbsp;764 | &nbsp;&nbsp;IMC 227800 | &nbsp;&nbsp;Idaho Leadville #24 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 48N 3E,23, 26; Shoshone |
| &nbsp;&nbsp;765 | &nbsp;&nbsp;IMC 227801 | &nbsp;&nbsp;Idaho Leadville #25 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.903 | &nbsp;&nbsp;United States, 48N 3E,26; Shoshone |
| &nbsp;&nbsp;766 | &nbsp;&nbsp;IMC 227802 | &nbsp;&nbsp;Idaho Leadville #26 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 48N 3E,26; Shoshone |
| &nbsp;&nbsp;767 | &nbsp;&nbsp;IMC 227803 | &nbsp;&nbsp;Idaho Leadville #28 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 48N 3E,26; Shoshone |
| &nbsp;&nbsp;768 | &nbsp;&nbsp;IMC 227804 | &nbsp;&nbsp;Idaho Leadville #30 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 48N 3E,26, 27; Shoshone |
| &nbsp;&nbsp;769 | &nbsp;&nbsp;IMC 227805 | &nbsp;&nbsp;Idaho Leadville #31 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 48N 3E,26; Shoshone |
| &nbsp;&nbsp;770 | &nbsp;&nbsp;IMC 227806 | &nbsp;&nbsp;Idaho Leadville #32 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 48N 3E,26; Shoshone |
| &nbsp;&nbsp;771 | &nbsp;&nbsp;IMC 227807 | &nbsp;&nbsp;MET #21 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 48N 3E,22, 23; Shoshone |
| &nbsp;&nbsp;772 | &nbsp;&nbsp;IMC 227808 | &nbsp;&nbsp;MET #22 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 48N 3E,23; Shoshone |
| &nbsp;&nbsp;773 | &nbsp;&nbsp;IMC 227809 | &nbsp;&nbsp;MET #23 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 48N 3E,23; Shoshone |
| &nbsp;&nbsp;774 | &nbsp;&nbsp;IMC 227810 | &nbsp;&nbsp;MET #24 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 48N 3E,22, 23, 26, 27; Shoshone |
| &nbsp;&nbsp;775 | &nbsp;&nbsp;IMC 227811 | &nbsp;&nbsp;Colbert 1 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 48N 3E,21, 28; Shoshone |
| &nbsp;&nbsp;776 | &nbsp;&nbsp;IMC 227812 | &nbsp;&nbsp;RDMET #1 FR | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 48N 3E,23; Shoshone |

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|:---|:---|
| 28-37 | ![](ny20061035x1ex96-1_image04.jpg) |

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<u> Silver Opportunity Partners LLC \| Sunshine Mine S-K 1300 Technical Report Summary on the Initial Assessment </u> <u> December 12, 2025 SLR Project No.: 123.020552.00001 </u>

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | &nbsp;&nbsp;**License Code** | &nbsp;&nbsp;**License Name** | &nbsp;&nbsp;**Parties** | &nbsp;&nbsp;**Type** | &nbsp;&nbsp;**Interest** | &nbsp;&nbsp;**Area<br> (ac)** | &nbsp;&nbsp;**Map Reference** |
| &nbsp;&nbsp;777 | &nbsp;&nbsp;IMC 227813 | &nbsp;&nbsp;RDMET #4 FR | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 48N 3E,23, 26; Shoshone |
| &nbsp;&nbsp;778 | &nbsp;&nbsp;IMC 227814 | &nbsp;&nbsp;RDMET #3 FR | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 48N 3E,23; Shoshone |
| &nbsp;&nbsp;779 | &nbsp;&nbsp;IMC 227815 | &nbsp;&nbsp;Mary Lode | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 48N 3E,27; Shoshone |
| &nbsp;&nbsp;780 | &nbsp;&nbsp;IMC 227816 | &nbsp;&nbsp;Linda | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 48N 3E,27; Shoshone |
| &nbsp;&nbsp;781 | &nbsp;&nbsp;IMC 227817 | &nbsp;&nbsp;Ann | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 48N 3E,27; Shoshone |
| &nbsp;&nbsp;782 | &nbsp;&nbsp;IMC 227818 | &nbsp;&nbsp;Joanna | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 48N 3E,27; Shoshone |
| &nbsp;&nbsp;783 | &nbsp;&nbsp;IMC 227819 | &nbsp;&nbsp;Nancy | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 48N 3E,27; Shoshone |
| &nbsp;&nbsp;784 | &nbsp;&nbsp;IMC 227820 | &nbsp;&nbsp;Edna | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 48N 3E,27; Shoshone |
| &nbsp;&nbsp;785 | &nbsp;&nbsp;IMC 227821 | &nbsp;&nbsp;Star | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 48N 3E,26, 27; Shoshone |
| &nbsp;&nbsp;786 | &nbsp;&nbsp;IMC 227822 | &nbsp;&nbsp;Sydney | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 48N 3E,26, 27; Shoshone |
| &nbsp;&nbsp;787 | &nbsp;&nbsp;IMC 227823 | &nbsp;&nbsp;Steve | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 48N 3E,27, 28; Shoshone |
| &nbsp;&nbsp;788 | &nbsp;&nbsp;IMC 227824 | &nbsp;&nbsp;Colbert | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 48N 3E,28; Shoshone |
| &nbsp;&nbsp;789 | &nbsp;&nbsp;IMC 227825 | &nbsp;&nbsp;MET #9 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 48N 3E,22, 23, 26; Shoshone |
| &nbsp;&nbsp;790 | &nbsp;&nbsp;IMC 227826 | &nbsp;&nbsp;Denver #2 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 48N 2E,22, 23, 27; Shoshone |
| &nbsp;&nbsp;791 | &nbsp;&nbsp;IMC 227827 | &nbsp;&nbsp;Denver #3 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 48N 2E,22, 27; Shoshone |
| &nbsp;&nbsp;792 | &nbsp;&nbsp;IMC 227828 | &nbsp;&nbsp;Denver #4 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 48N 2E,22, 27; Shoshone |
| &nbsp;&nbsp;793 | &nbsp;&nbsp;IMC 227829 | &nbsp;&nbsp;Denver #5 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 48N 2E,27; Shoshone |
| &nbsp;&nbsp;794 | &nbsp;&nbsp;IMC 227830 | &nbsp;&nbsp;Denver #6 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 48N 2E,27; Shoshone |
| &nbsp;&nbsp;795 | &nbsp;&nbsp;IMC 227831 | &nbsp;&nbsp;Denver #7 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 48N 2E,27; Shoshone |
| &nbsp;&nbsp;796 | &nbsp;&nbsp;IMC 227832 | &nbsp;&nbsp;Denver #8 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 48N 2E,27; Shoshone |
| &nbsp;&nbsp;797 | &nbsp;&nbsp;IMC 227833 | &nbsp;&nbsp;Denver #9 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 48N 2E,26, 27; Shoshone |
| &nbsp;&nbsp;798 | &nbsp;&nbsp;IMC 227834 | &nbsp;&nbsp;Denver #10 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 48N 2E,26, 27; Shoshone |
| &nbsp;&nbsp;799 | &nbsp;&nbsp;IMC 227835 | &nbsp;&nbsp;Denver #11 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 48N 2E,27; Shoshone |
| &nbsp;&nbsp;800 | &nbsp;&nbsp;IMC 227836 | &nbsp;&nbsp;Denver #15 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 48N 2E,27; Shoshone |
| &nbsp;&nbsp;801 | &nbsp;&nbsp;IMC 227837 | &nbsp;&nbsp;Denver #16 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 48N 2E,26, 27; Shoshone |
| &nbsp;&nbsp;802 | &nbsp;&nbsp;IMC 227838 | &nbsp;&nbsp;Denver #17 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 48N 2E,26, 27; Shoshone |
| &nbsp;&nbsp;803 | &nbsp;&nbsp;IMC 227839 | &nbsp;&nbsp;Denver #18 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 48N 2E,26, 27; Shoshone |
| &nbsp;&nbsp;804 | &nbsp;&nbsp;IMC 227840 | &nbsp;&nbsp;Denver #19 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 48N 2E,26; Shoshone |
| &nbsp;&nbsp;805 | &nbsp;&nbsp;IMC 227841 | &nbsp;&nbsp;Denver #20 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 48N 2E,26; Shoshone |

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| | |
|:---|:---|
| 28-38 | ![](ny20061035x1ex96-1_image04.jpg) |

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<u> Silver Opportunity Partners LLC \| Sunshine Mine S-K 1300 Technical Report Summary on the Initial Assessment </u> <u> December 12, 2025 SLR Project No.: 123.020552.00001 </u>

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | &nbsp;&nbsp;**License Code** | &nbsp;&nbsp;**License Name** | &nbsp;&nbsp;**Parties** | &nbsp;&nbsp;**Type** | &nbsp;&nbsp;**Interest** | &nbsp;&nbsp;**Area<br> (ac)** | &nbsp;&nbsp;**Map Reference** |
| &nbsp;&nbsp;806 | &nbsp;&nbsp;IMC 227842 | &nbsp;&nbsp;Denver #21 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 48N 2E,26; Shoshone |
| &nbsp;&nbsp;807 | &nbsp;&nbsp;IMC 227843 | &nbsp;&nbsp;Denver #22 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 48N 2E,26; Shoshone |
| &nbsp;&nbsp;808 | &nbsp;&nbsp;IMC 227844 | &nbsp;&nbsp;Denver #23 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 48N 2E,26; Shoshone |
| &nbsp;&nbsp;809 | &nbsp;&nbsp;IMC 227845 | &nbsp;&nbsp;Denver #24 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 48N 2E,26; Shoshone |
| &nbsp;&nbsp;810 | &nbsp;&nbsp;IMC 227846 | &nbsp;&nbsp;Denver #25 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 48N 2E,26; Shoshone |
| &nbsp;&nbsp;811 | &nbsp;&nbsp;IMC 227847 | &nbsp;&nbsp;Denver #26 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 48N 2E,25, 26; Shoshone |
| &nbsp;&nbsp;812 | &nbsp;&nbsp;IMC 227848 | &nbsp;&nbsp;Denver #27 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 48N 2E,25, 26, 35, 36; Shoshone |
| &nbsp;&nbsp;813 | &nbsp;&nbsp;IMC 227849 | &nbsp;&nbsp;Denver #28 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 48N 2E,25, 35, 36; Shoshone |
| &nbsp;&nbsp;814 | &nbsp;&nbsp;IMC 227850 | &nbsp;&nbsp;Denver #29 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 48N 2E,25, 36; Shoshone |
| &nbsp;&nbsp;815 | &nbsp;&nbsp;IMC 227851 | &nbsp;&nbsp;Denver #30 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 48N 2E,25, 36; Shoshone |
| &nbsp;&nbsp;816 | &nbsp;&nbsp;IMC 227852 | &nbsp;&nbsp;Denver #31 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 48N 2E,25, 36; Shoshone |
| &nbsp;&nbsp;817 | &nbsp;&nbsp;IMC 227853 | &nbsp;&nbsp;Denver #32 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 48N 2E,25, 36; Shoshone |
| &nbsp;&nbsp;818 | &nbsp;&nbsp;IMC 227854 | &nbsp;&nbsp;Denver #33 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 48N 2E,25, 36; Shoshone |
| &nbsp;&nbsp;819 | &nbsp;&nbsp;IMC 227855 | &nbsp;&nbsp;Denver #34 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 48N 2E,25, 36; Shoshone |
| &nbsp;&nbsp;820 | &nbsp;&nbsp;IMC 227856 | &nbsp;&nbsp;Denver #35 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 48N 2E,25, 36; Shoshone |
| &nbsp;&nbsp;821 | &nbsp;&nbsp;IMC 227857 | &nbsp;&nbsp;Denver #36 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 48N 2E,25, 36; 48N 3E,30; Shoshone |
| &nbsp;&nbsp;822 | &nbsp;&nbsp;IMC 227858 | &nbsp;&nbsp;Denver #37 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 48N 2E,25, 36; 48N 3E,30, 31; Shoshone |
| &nbsp;&nbsp;823 | &nbsp;&nbsp;IMC 227859 | &nbsp;&nbsp;Denver #38 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 48N 3E,30, 31; Shoshone |
| &nbsp;&nbsp;824 | &nbsp;&nbsp;IMC 227860 | &nbsp;&nbsp;Denver #39 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 48N 3E,30, 31; Shoshone |
| &nbsp;&nbsp;825 | &nbsp;&nbsp;IMC 227861 | &nbsp;&nbsp;Denver #40 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 48N 3E,30; Shoshone |
| &nbsp;&nbsp;826 | &nbsp;&nbsp;IMC 227862 | &nbsp;&nbsp;Denver #41 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 48N 2E,26; Shoshone |
| &nbsp;&nbsp;827 | &nbsp;&nbsp;IMC 227863 | &nbsp;&nbsp;Denver #42 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 48N 2E,26; Shoshone |
| &nbsp;&nbsp;828 | &nbsp;&nbsp;IMC 227864 | &nbsp;&nbsp;Denver #43 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 48N 2E,26; Shoshone |
| &nbsp;&nbsp;829 | &nbsp;&nbsp;IMC 227865 | &nbsp;&nbsp;Denver #44 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 48N 2E,26; Shoshone |
| &nbsp;&nbsp;830 | &nbsp;&nbsp;IMC 227866 | &nbsp;&nbsp;Lookout #1 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 48N 2E,20; Shoshone |
| &nbsp;&nbsp;831 | &nbsp;&nbsp;IMC 227867 | &nbsp;&nbsp;Lookout #2 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 48N 2E,20; Shoshone |
| &nbsp;&nbsp;832 | &nbsp;&nbsp;IMC 227868 | &nbsp;&nbsp;Lookout #3 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 48N 2E,20; Shoshone |

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| | |
|:---|:---|
| 28-39 | ![](ny20061035x1ex96-1_image04.jpg) |

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<u> Silver Opportunity Partners LLC \| Sunshine Mine S-K 1300 Technical Report Summary on the Initial Assessment </u> <u> December 12, 2025 SLR Project No.: 123.020552.00001 </u>

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | &nbsp;&nbsp;**License Code** | &nbsp;&nbsp;**License Name** | &nbsp;&nbsp;**Parties** | &nbsp;&nbsp;**Type** | &nbsp;&nbsp;**Interest** | &nbsp;&nbsp;**Area<br> (ac)** | &nbsp;&nbsp;**Map Reference** |
| &nbsp;&nbsp;833 | &nbsp;&nbsp;IMC 227869 | &nbsp;&nbsp;Lookout #4 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 48N 2E,20; Shoshone |
| &nbsp;&nbsp;834 | &nbsp;&nbsp;IMC 227870 | &nbsp;&nbsp;Lookout #5 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 48N 2E,20; Shoshone |
| &nbsp;&nbsp;835 | &nbsp;&nbsp;IMC 227871 | &nbsp;&nbsp;Lookout #6 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 48N 2E,20, 21; Shoshone |
| &nbsp;&nbsp;836 | &nbsp;&nbsp;IMC 227872 | &nbsp;&nbsp;Lookout #7 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 48N 2E,20; Shoshone |
| &nbsp;&nbsp;837 | &nbsp;&nbsp;IMC 227873 | &nbsp;&nbsp;Lookout #8 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 48N 2E,20, 21; Shoshone |
| &nbsp;&nbsp;838 | &nbsp;&nbsp;IMC 227874 | &nbsp;&nbsp;Lookout #9 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 48N 2E,20, 21; Shoshone |
| &nbsp;&nbsp;839 | &nbsp;&nbsp;IMC 227875 | &nbsp;&nbsp;Lookout #10 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 48N 2E,21; Shoshone |
| &nbsp;&nbsp;840 | &nbsp;&nbsp;IMC 227876 | &nbsp;&nbsp;Lookout #11 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 48N 2E,20, 21; Shoshone |
| &nbsp;&nbsp;841 | &nbsp;&nbsp;IMC 227877 | &nbsp;&nbsp;Lookout #12 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 48N 2E,21; Shoshone |
| &nbsp;&nbsp;842 | &nbsp;&nbsp;IMC 227878 | &nbsp;&nbsp;Lookout #13 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 48N 2E,21; Shoshone |
| &nbsp;&nbsp;843 | &nbsp;&nbsp;IMC 227879 | &nbsp;&nbsp;Lookout #14 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 48N 2E,21; Shoshone |
| &nbsp;&nbsp;844 | &nbsp;&nbsp;IMC 227880 | &nbsp;&nbsp;Lookout #15 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 48N 2E,21; Shoshone |
| &nbsp;&nbsp;845 | &nbsp;&nbsp;IMC 227881 | &nbsp;&nbsp;Lookout #16 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 48N 2E,21; Shoshone |
| &nbsp;&nbsp;846 | &nbsp;&nbsp;IMC 227882 | &nbsp;&nbsp;Lookout #17 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 48N 2E,21; Shoshone |
| &nbsp;&nbsp;847 | &nbsp;&nbsp;IMC 227883 | &nbsp;&nbsp;Lookout #18 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 48N 2E,21; Shoshone |
| &nbsp;&nbsp;848 | &nbsp;&nbsp;IMC 227884 | &nbsp;&nbsp;Lookout #19 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 48N 2E,21, 28; Shoshone |
| &nbsp;&nbsp;849 | &nbsp;&nbsp;IMC 227885 | &nbsp;&nbsp;Lookout #20 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 48N 2E,21; Shoshone |
| &nbsp;&nbsp;850 | &nbsp;&nbsp;IMC 227886 | &nbsp;&nbsp;Lookout #21 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 48N 2E,21, 28; Shoshone |
| &nbsp;&nbsp;851 | &nbsp;&nbsp;IMC 227887 | &nbsp;&nbsp;Lookout #22 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 48N 2E,21, 22; Shoshone |
| &nbsp;&nbsp;852 | &nbsp;&nbsp;IMC 227888 | &nbsp;&nbsp;Lookout #23 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 48N 2E,22; Shoshone |
| &nbsp;&nbsp;853 | &nbsp;&nbsp;IMC 227889 | &nbsp;&nbsp;Lookout #24 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 48N 2E,20; Shoshone |
| &nbsp;&nbsp;854 | &nbsp;&nbsp;IMC 227890 | &nbsp;&nbsp;Lookout #25 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 48N 2E,21, 28; Shoshone |
| &nbsp;&nbsp;855 | &nbsp;&nbsp;IMC 227891 | &nbsp;&nbsp;Lookout #26 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 48N 2E,21, 28; Shoshone |
| &nbsp;&nbsp;856 | &nbsp;&nbsp;IMC 227892 | &nbsp;&nbsp;Lookout #28 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 48N 2E,21, 28, 29; Shoshone |
| &nbsp;&nbsp;857 | &nbsp;&nbsp;IMC 227893 | &nbsp;&nbsp;Lookout #29 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 48N 2E,21, 28; Shoshone |
| &nbsp;&nbsp;858 | &nbsp;&nbsp;IMC 227894 | &nbsp;&nbsp;Lookout #30 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 48N 2E,21, 28; Shoshone |
| &nbsp;&nbsp;859 | &nbsp;&nbsp;IMC 227895 | &nbsp;&nbsp;Lookout #31 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 48N 2E,21, 28; Shoshone |
| &nbsp;&nbsp;860 | &nbsp;&nbsp;IMC 227896 | &nbsp;&nbsp;Lookout #32 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 48N 2E,28; Shoshone |
| &nbsp;&nbsp;861 | &nbsp;&nbsp;IMC 227897 | &nbsp;&nbsp;Lookout #33 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 48N 2E,28; Shoshone |

---

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| | |
|:---|:---|
| 28-40 | ![](ny20061035x1ex96-1_image04.jpg) |

---

------

<u> Silver Opportunity Partners LLC \| Sunshine Mine S-K 1300 Technical Report Summary on the Initial Assessment </u> <u> December 12, 2025 SLR Project No.: 123.020552.00001 </u>

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | &nbsp;&nbsp;**License Code** | &nbsp;&nbsp;**License Name** | &nbsp;&nbsp;**Parties** | &nbsp;&nbsp;**Type** | &nbsp;&nbsp;**Interest** | &nbsp;&nbsp;**Area<br> (ac)** | &nbsp;&nbsp;**Map Reference** |
| &nbsp;&nbsp;862 | &nbsp;&nbsp;IMC 227898 | &nbsp;&nbsp;Lookout #34 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 48N 2E,28; Shoshone |
| &nbsp;&nbsp;863 | &nbsp;&nbsp;IMC 227899 | &nbsp;&nbsp;Lookout #35 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 48N 2E,28; Shoshone |
| &nbsp;&nbsp;864 | &nbsp;&nbsp;IMC 227900 | &nbsp;&nbsp;Lookout #36 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 48N 2E,27, 28; Shoshone |
| &nbsp;&nbsp;865 | &nbsp;&nbsp;IMC 227901 | &nbsp;&nbsp;Lookout #37 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 48N 2E,27, 28; Shoshone |
| &nbsp;&nbsp;866 | &nbsp;&nbsp;IMC 227902 | &nbsp;&nbsp;Lookout #38 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 48N 2E,27, 28; Shoshone |
| &nbsp;&nbsp;867 | &nbsp;&nbsp;IMC 227903 | &nbsp;&nbsp;Lookout #39 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 48N 2E,20; Shoshone |
| &nbsp;&nbsp;868 | &nbsp;&nbsp;IMC 227904 | &nbsp;&nbsp;Lookout 21 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 48N 2E,28, 29; Shoshone |
| &nbsp;&nbsp;869 | &nbsp;&nbsp;IMC 227905 | &nbsp;&nbsp;Lookout 25 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 48N 2E,28; Shoshone |
| &nbsp;&nbsp;870 | &nbsp;&nbsp;IMC 227906 | &nbsp;&nbsp;RQ 1 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 47N 5E,1; 48N 5E,35, 36; Shoshone |
| &nbsp;&nbsp;871 | &nbsp;&nbsp;IMC 227907 | &nbsp;&nbsp;RQ 2 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 47N 5E,1; Shoshone |
| &nbsp;&nbsp;872 | &nbsp;&nbsp;IMC 227908 | &nbsp;&nbsp;RQ 3 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 47N 5E,1; Shoshone |
| &nbsp;&nbsp;873 | &nbsp;&nbsp;IMC 227909 | &nbsp;&nbsp;RQ 4 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 47N 5E,1; 48N 5E,36; Shoshone |
| &nbsp;&nbsp;874 | &nbsp;&nbsp;IMC 227910 | &nbsp;&nbsp;RQ 5 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 47N 5E,1; Shoshone |
| &nbsp;&nbsp;875 | &nbsp;&nbsp;IMC 227911 | &nbsp;&nbsp;RQ 6 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 47N 5E,1; Shoshone |
| &nbsp;&nbsp;876 | &nbsp;&nbsp;IMC 227912 | &nbsp;&nbsp;RQ 7 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 47N 5E,1; Shoshone |
| &nbsp;&nbsp;877 | &nbsp;&nbsp;IMC 227913 | &nbsp;&nbsp;RQ 8 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 47N 5E,1; 48N 5E,36; Shoshone |
| &nbsp;&nbsp;878 | &nbsp;&nbsp;IMC 227914 | &nbsp;&nbsp;RQ 9 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 47N 5E,1; Shoshone |
| &nbsp;&nbsp;879 | &nbsp;&nbsp;IMC 227915 | &nbsp;&nbsp;RQ 10 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 47N 5E,1; Shoshone |
| &nbsp;&nbsp;880 | &nbsp;&nbsp;IMC 227916 | &nbsp;&nbsp;RQ 11 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 47N 5E,1; Shoshone |
| &nbsp;&nbsp;881 | &nbsp;&nbsp;IMC 227917 | &nbsp;&nbsp;RQ 12 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 47N 5E,1; 47N 6E,6; 48N 5E,36; Shoshone |
| &nbsp;&nbsp;882 | &nbsp;&nbsp;IMC 227918 | &nbsp;&nbsp;RQ 13 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 47N 5E,1; 47N 6E,6; Shoshone |
| &nbsp;&nbsp;883 | &nbsp;&nbsp;IMC 227919 | &nbsp;&nbsp;RQ 14 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 47N 5E,1; 47N 6E,6; Shoshone |
| &nbsp;&nbsp;884 | &nbsp;&nbsp;IMC 227920 | &nbsp;&nbsp;RQ 15 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 47N 5E,1; 47N 6E,6; Shoshone |
| &nbsp;&nbsp;885 | &nbsp;&nbsp;IMC 227921 | &nbsp;&nbsp;RQ 16 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 47N 5E,1; 47N 6E,6; Shoshone |
| &nbsp;&nbsp;886 | &nbsp;&nbsp;IMC 227922 | &nbsp;&nbsp;RQ 17 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 47N 5E,1; Shoshone |

---

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| | |
|:---|:---|
| 28-41 | ![](ny20061035x1ex96-1_image04.jpg) |

---

------

<u> Silver Opportunity Partners LLC \| Sunshine Mine S-K 1300 Technical Report Summary on the Initial Assessment </u> <u> December 12, 2025 SLR Project No.: 123.020552.00001 </u>

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | &nbsp;&nbsp;**License Code** | &nbsp;&nbsp;**License Name** | &nbsp;&nbsp;**Parties** | &nbsp;&nbsp;**Type** | &nbsp;&nbsp;**Interest** | &nbsp;&nbsp;**Area<br> (ac)** | &nbsp;&nbsp;**Map Reference** |
| &nbsp;&nbsp;887 | &nbsp;&nbsp;IMC 227923 | &nbsp;&nbsp;RQ 18 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 47N 5E,1; Shoshone |
| &nbsp;&nbsp;888 | &nbsp;&nbsp;IMC 227924 | &nbsp;&nbsp;RQ 19 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 47N 5E,1; Shoshone |
| &nbsp;&nbsp;889 | &nbsp;&nbsp;IMC 227925 | &nbsp;&nbsp;RQ 20 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 47N 5E,1; Shoshone |
| &nbsp;&nbsp;890 | &nbsp;&nbsp;IMC 227926 | &nbsp;&nbsp;RQ 21 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 47N 5E,1; Shoshone |
| &nbsp;&nbsp;891 | &nbsp;&nbsp;IMC 227927 | &nbsp;&nbsp;RQ 22 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 47N 5E,1; Shoshone |
| &nbsp;&nbsp;892 | &nbsp;&nbsp;IMC 227928 | &nbsp;&nbsp;RQ 23 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 47N 5E,1, 12; Shoshone |
| &nbsp;&nbsp;893 | &nbsp;&nbsp;IMC 227929 | &nbsp;&nbsp;RQ 24 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 47N 5E,12; Shoshone |
| &nbsp;&nbsp;894 | &nbsp;&nbsp;IMC 227930 | &nbsp;&nbsp;RQ 25 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 47N 5E,1; Shoshone |
| &nbsp;&nbsp;895 | &nbsp;&nbsp;IMC 227931 | &nbsp;&nbsp;RQ 26 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 47N 5E,1; Shoshone |
| &nbsp;&nbsp;896 | &nbsp;&nbsp;IMC 227932 | &nbsp;&nbsp;RQ 27 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 47N 5E,1; Shoshone |
| &nbsp;&nbsp;897 | &nbsp;&nbsp;IMC 227933 | &nbsp;&nbsp;RQ 28 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;21.141 | &nbsp;&nbsp;United States, 47N 5E,1; Shoshone |
| &nbsp;&nbsp;898 | &nbsp;&nbsp;IMC 227934 | &nbsp;&nbsp;RQ 29 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 47N 5E,1, 12; Shoshone |
| &nbsp;&nbsp;899 | &nbsp;&nbsp;IMC 227935 | &nbsp;&nbsp;RQ 30 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 47N 5E,1, 12; Shoshone |
| &nbsp;&nbsp;900 | &nbsp;&nbsp;IMC 227936 | &nbsp;&nbsp;RQ 31 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 47N 5E,1; 47N 6E,6; Shoshone |
| &nbsp;&nbsp;901 | &nbsp;&nbsp;IMC 227937 | &nbsp;&nbsp;RQ 32 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 47N 5E,1; 47N 6E,6; Shoshone |
| &nbsp;&nbsp;902 | &nbsp;&nbsp;IMC 227938 | &nbsp;&nbsp;RQ 33 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 47N 5E,1; 47N 6E,6; Shoshone |
| &nbsp;&nbsp;903 | &nbsp;&nbsp;IMC 227939 | &nbsp;&nbsp;RQ 34 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 47N 5E,1; 47N 6E,6; Shoshone |
| &nbsp;&nbsp;904 | &nbsp;&nbsp;IMC 227940 | &nbsp;&nbsp;RQ 35 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 47N 5E,1, 12; 47N 6E,6, 7; Shoshone |
| &nbsp;&nbsp;905 | &nbsp;&nbsp;IMC 227941 | &nbsp;&nbsp;RQ 36 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 47N 5E,1; Shoshone |
| &nbsp;&nbsp;906 | &nbsp;&nbsp;IMC 227942 | &nbsp;&nbsp;RQ 37 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 47N 5E,1; Shoshone |
| &nbsp;&nbsp;907 | &nbsp;&nbsp;IMC 227943 | &nbsp;&nbsp;RQ 38 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 47N 5E,1, 12; Shoshone |
| &nbsp;&nbsp;908 | &nbsp;&nbsp;IMC 227944 | &nbsp;&nbsp;RQ 39 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 47N 5E,12; Shoshone |
| &nbsp;&nbsp;909 | &nbsp;&nbsp;IMC 227945 | &nbsp;&nbsp;Sun South #1 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 48N 3E,34; Shoshone |
| &nbsp;&nbsp;910 | &nbsp;&nbsp;IMC 227946 | &nbsp;&nbsp;Sun South #2 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 48N 3E,34; Shoshone |
| &nbsp;&nbsp;911 | &nbsp;&nbsp;IMC 227947 | &nbsp;&nbsp;Sun South #3 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 48N 3E,34; Shoshone |
| &nbsp;&nbsp;912 | &nbsp;&nbsp;IMC 227948 | &nbsp;&nbsp;Sun South #4 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 48N 3E,34; Shoshone |
| &nbsp;&nbsp;913 | &nbsp;&nbsp;IMC 227949 | &nbsp;&nbsp;Sun South #5 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 48N 3E,34; Shoshone |

---

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| | |
|:---|:---|
| 28-42 | ![](ny20061035x1ex96-1_image04.jpg) |

---

------

<u> Silver Opportunity Partners LLC \| Sunshine Mine S-K 1300 Technical Report Summary on the Initial Assessment </u> <u> December 12, 2025 SLR Project No.: 123.020552.00001 </u>

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | &nbsp;&nbsp;**License Code** | &nbsp;&nbsp;**License Name** | &nbsp;&nbsp;**Parties** | &nbsp;&nbsp;**Type** | &nbsp;&nbsp;**Interest** | &nbsp;&nbsp;**Area<br> (ac)** | &nbsp;&nbsp;**Map Reference** |
| &nbsp;&nbsp;914 | &nbsp;&nbsp;IMC 227950 | &nbsp;&nbsp;Sun South #6 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 48N 3E,34; Shoshone |
| &nbsp;&nbsp;915 | &nbsp;&nbsp;IMC 227951 | &nbsp;&nbsp;Sun South #7 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 48N 3E,34; Shoshone |
| &nbsp;&nbsp;916 | &nbsp;&nbsp;IMC 227952 | &nbsp;&nbsp;Sun South #8 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 48N 3E,34; Shoshone |
| &nbsp;&nbsp;917 | &nbsp;&nbsp;IMC 227953 | &nbsp;&nbsp;Sun South #9 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 48N 3E,34; Shoshone |
| &nbsp;&nbsp;918 | &nbsp;&nbsp;IMC 227954 | &nbsp;&nbsp;Sun South #10 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 48N 3E,34; Shoshone |
| &nbsp;&nbsp;919 | &nbsp;&nbsp;IMC 227955 | &nbsp;&nbsp;Sun South #11 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 48N 3E,34; Shoshone |
| &nbsp;&nbsp;920 | &nbsp;&nbsp;IMC 227956 | &nbsp;&nbsp;Sun South #12 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 47N 3E,3; 48N 3E,34; Shoshone |
| &nbsp;&nbsp;921 | &nbsp;&nbsp;IMC 227957 | &nbsp;&nbsp;Sun South #13 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 48N 3E,34; Shoshone |
| &nbsp;&nbsp;922 | &nbsp;&nbsp;IMC 227958 | &nbsp;&nbsp;Sun South #14 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 48N 3E,34; Shoshone |
| &nbsp;&nbsp;923 | &nbsp;&nbsp;IMC 227959 | &nbsp;&nbsp;Sun South #15 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 48N 3E,34; Shoshone |
| &nbsp;&nbsp;924 | &nbsp;&nbsp;IMC 227960 | &nbsp;&nbsp;Sun South #16 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 48N 3E,34; Shoshone |
| &nbsp;&nbsp;925 | &nbsp;&nbsp;IMC 227961 | &nbsp;&nbsp;Sun South #17 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 48N 3E,34; Shoshone |
| &nbsp;&nbsp;926 | &nbsp;&nbsp;IMC 227962 | &nbsp;&nbsp;Sun South #18 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 48N 3E,34; Shoshone |
| &nbsp;&nbsp;927 | &nbsp;&nbsp;IMC 227963 | &nbsp;&nbsp;Sun South #19 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 48N 3E,34; Shoshone |
| &nbsp;&nbsp;928 | &nbsp;&nbsp;IMC 227964 | &nbsp;&nbsp;Sun South #20 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 48N 3E,34, 35; Shoshone |
| &nbsp;&nbsp;929 | &nbsp;&nbsp;IMC 227965 | &nbsp;&nbsp;Sun South #21 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 48N 3E,34, 35; Shoshone |
| &nbsp;&nbsp;930 | &nbsp;&nbsp;IMC 227966 | &nbsp;&nbsp;Sun South #22 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 48N 3E,34, 35; Shoshone |
| &nbsp;&nbsp;931 | &nbsp;&nbsp;IMC 227967 | &nbsp;&nbsp;Sun South #23 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 48N 3E,34, 35; Shoshone |
| &nbsp;&nbsp;932 | &nbsp;&nbsp;IMC 227968 | &nbsp;&nbsp;Sun South #24 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 48N 3E,34, 35; Shoshone |
| &nbsp;&nbsp;933 | &nbsp;&nbsp;IMC 227969 | &nbsp;&nbsp;Sun South #25 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 48N 3E,35; Shoshone |
| &nbsp;&nbsp;934 | &nbsp;&nbsp;IMC 227970 | &nbsp;&nbsp;Sun South #26 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 48N 3E,35; Shoshone |
| &nbsp;&nbsp;935 | &nbsp;&nbsp;IMC 227971 | &nbsp;&nbsp;Sun South #27 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 48N 3E,35; Shoshone |
| &nbsp;&nbsp;936 | &nbsp;&nbsp;IMC 227972 | &nbsp;&nbsp;Sun South #28 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 48N 3E,35; Shoshone |
| &nbsp;&nbsp;937 | &nbsp;&nbsp;IMC 227973 | &nbsp;&nbsp;Sun South #29 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 48N 3E,35; Shoshone |
| &nbsp;&nbsp;938 | &nbsp;&nbsp;IMC 227974 | &nbsp;&nbsp;Sun South #30 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 48N 3E,35; Shoshone |
| &nbsp;&nbsp;939 | &nbsp;&nbsp;IMC 227975 | &nbsp;&nbsp;Sun South #31 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 48N 3E,35; Shoshone |
| &nbsp;&nbsp;940 | &nbsp;&nbsp;IMC 227976 | &nbsp;&nbsp;Sun South #32 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 48N 3E,35; Shoshone |
| &nbsp;&nbsp;941 | &nbsp;&nbsp;IMC 227977 | &nbsp;&nbsp;Sun South #33 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 48N 3E,26, 35; Shoshone |
| &nbsp;&nbsp;942 | &nbsp;&nbsp;IMC 227978 | &nbsp;&nbsp;Sun South #34 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 47N 3E,3, 4; 48N 3E,33, 34; Shoshone |

---

---

| | |
|:---|:---|
| 28-43 | ![](ny20061035x1ex96-1_image04.jpg) |

---

------

<u> Silver Opportunity Partners LLC \| Sunshine Mine S-K 1300 Technical Report Summary on the Initial Assessment </u> <u> December 12, 2025 SLR Project No.: 123.020552.00001 </u>

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | &nbsp;&nbsp;**License Code** | &nbsp;&nbsp;**License Name** | &nbsp;&nbsp;**Parties** | &nbsp;&nbsp;**Type** | &nbsp;&nbsp;**Interest** | &nbsp;&nbsp;**Area<br> (ac)** | &nbsp;&nbsp;**Map Reference** |
| &nbsp;&nbsp;943 | &nbsp;&nbsp;IMC 227979 | &nbsp;&nbsp;Sun South #35 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 48N 3E,33, 34; Shoshone |
| &nbsp;&nbsp;944 | &nbsp;&nbsp;IMC 227980 | &nbsp;&nbsp;Sun South #36 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 48N 3E,33, 34; Shoshone |
| &nbsp;&nbsp;945 | &nbsp;&nbsp;IMC 227981 | &nbsp;&nbsp;Sun South #37 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 48N 3E,33, 34; Shoshone |
| &nbsp;&nbsp;946 | &nbsp;&nbsp;IMC 227982 | &nbsp;&nbsp;Sun South #38 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 48N 3E,33, 34; Shoshone |
| &nbsp;&nbsp;947 | &nbsp;&nbsp;IMC 227983 | &nbsp;&nbsp;Sun South #39 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 48N 3E,33, 34; Shoshone |
| &nbsp;&nbsp;948 | &nbsp;&nbsp;IMC 227984 | &nbsp;&nbsp;Sun South #40 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 48N 3E,33, 34; Shoshone |
| &nbsp;&nbsp;949 | &nbsp;&nbsp;IMC 227985 | &nbsp;&nbsp;Sun South #41 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 48N 3E,33, 34; Shoshone |
| &nbsp;&nbsp;950 | &nbsp;&nbsp;IMC 227986 | &nbsp;&nbsp;Sun South #42 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 48N 3E,27, 28, 33, 34; Shoshone |
| &nbsp;&nbsp;951 | &nbsp;&nbsp;IMC 227987 | &nbsp;&nbsp;Sun South #43 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 48N 3E,27, 28; Shoshone |
| &nbsp;&nbsp;952 | &nbsp;&nbsp;IMC 227988 | &nbsp;&nbsp;Sun South #44 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 48N 3E,27, 28; Shoshone |
| &nbsp;&nbsp;953 | &nbsp;&nbsp;IMC 227989 | &nbsp;&nbsp;Sun South #45 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 48N 3E,27, 28; Shoshone |
| &nbsp;&nbsp;954 | &nbsp;&nbsp;IMC 227990 | &nbsp;&nbsp;Sun South #46 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 47N 3E,4; 48N 3E,33; Shoshone |
| &nbsp;&nbsp;955 | &nbsp;&nbsp;IMC 227991 | &nbsp;&nbsp;Sun South #47 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 48N 3E,33; Shoshone |
| &nbsp;&nbsp;956 | &nbsp;&nbsp;IMC 227992 | &nbsp;&nbsp;Sun South #48 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 48N 3E,33; Shoshone |
| &nbsp;&nbsp;957 | &nbsp;&nbsp;IMC 227993 | &nbsp;&nbsp;Sun South #49 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 48N 3E,33; Shoshone |
| &nbsp;&nbsp;958 | &nbsp;&nbsp;IMC 227994 | &nbsp;&nbsp;Sun South #50 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 48N 3E,33; Shoshone |
| &nbsp;&nbsp;959 | &nbsp;&nbsp;IMC 227995 | &nbsp;&nbsp;Sun South #51 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 48N 3E,33; Shoshone |
| &nbsp;&nbsp;960 | &nbsp;&nbsp;IMC 227996 | &nbsp;&nbsp;Sun South #52 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 48N 3E,33; Shoshone |
| &nbsp;&nbsp;961 | &nbsp;&nbsp;IMC 227997 | &nbsp;&nbsp;Sun South #53 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 48N 3E,33; Shoshone |
| &nbsp;&nbsp;962 | &nbsp;&nbsp;IMC 227998 | &nbsp;&nbsp;Sun South #54 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 48N 3E,28, 33; Shoshone |
| &nbsp;&nbsp;963 | &nbsp;&nbsp;IMC 227999 | &nbsp;&nbsp;Sun South #55 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 48N 3E,28; Shoshone |
| &nbsp;&nbsp;964 | &nbsp;&nbsp;IMC 228000 | &nbsp;&nbsp;Sun South #56 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 48N 3E,28; Shoshone |
| &nbsp;&nbsp;965 | &nbsp;&nbsp;IMC 228001 | &nbsp;&nbsp;Sun South #57 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 48N 3E,28; Shoshone |
| &nbsp;&nbsp;966 | &nbsp;&nbsp;IMC 228002 | &nbsp;&nbsp;Sun South #58 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 47N 3E,4; 48N 3E,33; Shoshone |
| &nbsp;&nbsp;967 | &nbsp;&nbsp;IMC 228003 | &nbsp;&nbsp;Sun South #59 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 48N 3E,33; Shoshone |
| &nbsp;&nbsp;968 | &nbsp;&nbsp;IMC 228004 | &nbsp;&nbsp;Sun South #60 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 48N 3E,33; Shoshone |
| &nbsp;&nbsp;969 | &nbsp;&nbsp;IMC 228005 | &nbsp;&nbsp;Sun South #61 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 48N 3E,33; Shoshone |
| &nbsp;&nbsp;970 | &nbsp;&nbsp;IMC 228006 | &nbsp;&nbsp;Sun South #62 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 48N 3E,33; Shoshone |

---

---

| | |
|:---|:---|
| 28-44 | ![](ny20061035x1ex96-1_image04.jpg) |

---

------

<u> Silver Opportunity Partners LLC \| Sunshine Mine S-K 1300 Technical Report Summary on the Initial Assessment </u> <u> December 12, 2025 SLR Project No.: 123.020552.00001 </u>

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | &nbsp;&nbsp;**License Code** | &nbsp;&nbsp;**License Name** | &nbsp;&nbsp;**Parties** | &nbsp;&nbsp;**Type** | &nbsp;&nbsp;**Interest** | &nbsp;&nbsp;**Area<br> (ac)** | &nbsp;&nbsp;**Map Reference** |
| &nbsp;&nbsp;971 | &nbsp;&nbsp;IMC 228007 | &nbsp;&nbsp;Sun South #63 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 48N 3E,33; Shoshone |
| &nbsp;&nbsp;972 | &nbsp;&nbsp;IMC 228008 | &nbsp;&nbsp;Sun South #64 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 48N 3E,33; Shoshone |
| &nbsp;&nbsp;973 | &nbsp;&nbsp;IMC 228009 | &nbsp;&nbsp;Sun South #65 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 48N 3E,33; Shoshone |
| &nbsp;&nbsp;974 | &nbsp;&nbsp;IMC 228010 | &nbsp;&nbsp;Sun South #66 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 48N 3E,28, 33; Shoshone |
| &nbsp;&nbsp;975 | &nbsp;&nbsp;IMC 228011 | &nbsp;&nbsp;Sun South #67 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 48N 3E,28; Shoshone |
| &nbsp;&nbsp;976 | &nbsp;&nbsp;IMC 228012 | &nbsp;&nbsp;Sun South #68 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 48N 3E,28; Shoshone |
| &nbsp;&nbsp;977 | &nbsp;&nbsp;IMC 228013 | &nbsp;&nbsp;Sun South #69 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 48N 3E,28; Shoshone |
| &nbsp;&nbsp;978 | &nbsp;&nbsp;IMC 228014 | &nbsp;&nbsp;Sun South #70 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 48N 3E,28; Shoshone |
| &nbsp;&nbsp;979 | &nbsp;&nbsp;IMC 228015 | &nbsp;&nbsp;Sun South #71 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 47N 3E,4; 48N 3E,32, 33; Shoshone |
| &nbsp;&nbsp;980 | &nbsp;&nbsp;IMC 228016 | &nbsp;&nbsp;Sun South #72 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 48N 3E,32, 33; Shoshone |
| &nbsp;&nbsp;981 | &nbsp;&nbsp;IMC 228017 | &nbsp;&nbsp;Sun South #73 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 48N 3E,32, 33; Shoshone |
| &nbsp;&nbsp;982 | &nbsp;&nbsp;IMC 228018 | &nbsp;&nbsp;Sun South #74 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 48N 3E,32, 33; Shoshone |
| &nbsp;&nbsp;983 | &nbsp;&nbsp;IMC 228019 | &nbsp;&nbsp;Sun South #75 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 48N 3E,32, 33; Shoshone |
| &nbsp;&nbsp;984 | &nbsp;&nbsp;IMC 228020 | &nbsp;&nbsp;Sun South #76 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 48N 3E,32, 33; Shoshone |
| &nbsp;&nbsp;985 | &nbsp;&nbsp;IMC 228021 | &nbsp;&nbsp;Sun South #77 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 48N 3E,32, 33; Shoshone |
| &nbsp;&nbsp;986 | &nbsp;&nbsp;IMC 228022 | &nbsp;&nbsp;Sun South #78 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 48N 3E,32, 33; Shoshone |
| &nbsp;&nbsp;987 | &nbsp;&nbsp;IMC 228023 | &nbsp;&nbsp;Sun South #79 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 48N 3E,28, 29, 32, 33; Shoshone |
| &nbsp;&nbsp;988 | &nbsp;&nbsp;IMC 228024 | &nbsp;&nbsp;Sun South #80 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 48N 3E,28, 29; Shoshone |
| &nbsp;&nbsp;989 | &nbsp;&nbsp;IMC 228025 | &nbsp;&nbsp;Sun South #81 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 48N 3E,28, 29; Shoshone |
| &nbsp;&nbsp;990 | &nbsp;&nbsp;IMC 228026 | &nbsp;&nbsp;Sun South #82 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 48N 3E,28, 29; Shoshone |
| &nbsp;&nbsp;991 | &nbsp;&nbsp;IMC 228027 | &nbsp;&nbsp;Sun South #83 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 48N 3E,28, 29; Shoshone |
| &nbsp;&nbsp;992 | &nbsp;&nbsp;IMC 228028 | &nbsp;&nbsp;Sun South #84 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 47N 3E,4, 5; 48N 3E,32; Shoshone |
| &nbsp;&nbsp;993 | &nbsp;&nbsp;IMC 228029 | &nbsp;&nbsp;Sun South #85 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 48N 3E,32; Shoshone |
| &nbsp;&nbsp;994 | &nbsp;&nbsp;IMC 228030 | &nbsp;&nbsp;Sun South #86 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 48N 3E,32; Shoshone |
| &nbsp;&nbsp;995 | &nbsp;&nbsp;IMC 228031 | &nbsp;&nbsp;Sun South #87 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 48N 3E,32; Shoshone |
| &nbsp;&nbsp;996 | &nbsp;&nbsp;IMC 228032 | &nbsp;&nbsp;Sun South #88 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 48N 3E,32; Shoshone |
| &nbsp;&nbsp;997 | &nbsp;&nbsp;IMC 228033 | &nbsp;&nbsp;Sun South #89 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 48N 3E,32; Shoshone |
| &nbsp;&nbsp;998 | &nbsp;&nbsp;IMC 228034 | &nbsp;&nbsp;Sun South #90 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 48N 3E,32; Shoshone |

---

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| | |
|:---|:---|
| 28-45 | ![](ny20061035x1ex96-1_image04.jpg) |

---

------

<u> Silver Opportunity Partners LLC \| Sunshine Mine S-K 1300 Technical Report Summary on the Initial Assessment </u> <u> December 12, 2025 SLR Project No.: 123.020552.00001 </u>

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | &nbsp;&nbsp;**License Code** | &nbsp;&nbsp;**License Name** | &nbsp;&nbsp;**Parties** | &nbsp;&nbsp;**Type** | &nbsp;&nbsp;**Interest** | &nbsp;&nbsp;**Area<br> (ac)** | &nbsp;&nbsp;**Map Reference** |
| &nbsp;&nbsp;999 | &nbsp;&nbsp;IMC 228035 | &nbsp;&nbsp;Sun South #91 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 48N 3E,32; Shoshone |
| &nbsp;&nbsp;1000 | &nbsp;&nbsp;IMC 228036 | &nbsp;&nbsp;Sun South #92 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 48N 3E,29, 32; Shoshone |
| &nbsp;&nbsp;1001 | &nbsp;&nbsp;IMC 228037 | &nbsp;&nbsp;Sun South #93 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 48N 3E,29; Shoshone |
| &nbsp;&nbsp;1002 | &nbsp;&nbsp;IMC 228038 | &nbsp;&nbsp;Sun South #94 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 48N 3E,29; Shoshone |
| &nbsp;&nbsp;1003 | &nbsp;&nbsp;IMC 228039 | &nbsp;&nbsp;Sun South #95 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 48N 3E,29; Shoshone |
| &nbsp;&nbsp;1004 | &nbsp;&nbsp;IMC 228040 | &nbsp;&nbsp;Sun South #96 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 48N 3E,29; Shoshone |
| &nbsp;&nbsp;1005 | &nbsp;&nbsp;IMC 228041 | &nbsp;&nbsp;Sun South #97 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 47N 3E,5; 48N 3E,32; Shoshone |
| &nbsp;&nbsp;1006 | &nbsp;&nbsp;IMC 228042 | &nbsp;&nbsp;Sun South #98 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 48N 3E,32; Shoshone |
| &nbsp;&nbsp;1007 | &nbsp;&nbsp;IMC 228043 | &nbsp;&nbsp;Sun South #99 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 48N 3E,32; Shoshone |
| &nbsp;&nbsp;1008 | &nbsp;&nbsp;IMC 228044 | &nbsp;&nbsp;Sun South #100 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 48N 3E,32; Shoshone |
| &nbsp;&nbsp;1009 | &nbsp;&nbsp;IMC 228045 | &nbsp;&nbsp;Sun South #101 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 48N 3E,32; Shoshone |
| &nbsp;&nbsp;1010 | &nbsp;&nbsp;IMC 228046 | &nbsp;&nbsp;Sun South #102 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 48N 3E,32; Shoshone |
| &nbsp;&nbsp;1011 | &nbsp;&nbsp;IMC 228047 | &nbsp;&nbsp;Sun South #103 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 48N 3E,32; Shoshone |
| &nbsp;&nbsp;1012 | &nbsp;&nbsp;IMC 228048 | &nbsp;&nbsp;Sun South #104 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 48N 3E,32; Shoshone |
| &nbsp;&nbsp;1013 | &nbsp;&nbsp;IMC 228049 | &nbsp;&nbsp;Sun South #105 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 48N 3E,29, 32; Shoshone |
| &nbsp;&nbsp;1014 | &nbsp;&nbsp;IMC 228050 | &nbsp;&nbsp;Sun South #106 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 48N 3E,29; Shoshone |
| &nbsp;&nbsp;1015 | &nbsp;&nbsp;IMC 228051 | &nbsp;&nbsp;Sun South #107 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 48N 3E,29; Shoshone |
| &nbsp;&nbsp;1016 | &nbsp;&nbsp;IMC 228052 | &nbsp;&nbsp;Sun South #108 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 48N 3E,29; Shoshone |
| &nbsp;&nbsp;1017 | &nbsp;&nbsp;IMC 228053 | &nbsp;&nbsp;Sun South #109 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 48N 3E,29; Shoshone |
| &nbsp;&nbsp;1018 | &nbsp;&nbsp;IMC 228054 | &nbsp;&nbsp;Sun South #112 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 48N 3E,32; Shoshone |
| &nbsp;&nbsp;1019 | &nbsp;&nbsp;IMC 228055 | &nbsp;&nbsp;Sun South #113 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 48N 3E,32; Shoshone |
| &nbsp;&nbsp;1020 | &nbsp;&nbsp;IMC 228056 | &nbsp;&nbsp;Sun South #114 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 48N 3E,32; Shoshone |
| &nbsp;&nbsp;1021 | &nbsp;&nbsp;IMC 228057 | &nbsp;&nbsp;Sun South #115 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 48N 3E,32; Shoshone |
| &nbsp;&nbsp;1022 | &nbsp;&nbsp;IMC 228058 | &nbsp;&nbsp;Sun South #116 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 48N 3E,32; Shoshone |
| &nbsp;&nbsp;1023 | &nbsp;&nbsp;IMC 228059 | &nbsp;&nbsp;Sun South #117 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 48N 3E,32; Shoshone |
| &nbsp;&nbsp;1024 | &nbsp;&nbsp;IMC 228060 | &nbsp;&nbsp;Sun South #118 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.903 | &nbsp;&nbsp;United States, 48N 3E,29, 32; Shoshone |
| &nbsp;&nbsp;1025 | &nbsp;&nbsp;IMC 228061 | &nbsp;&nbsp;Sun South #119 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 48N 3E,29; Shoshone |
| &nbsp;&nbsp;1026 | &nbsp;&nbsp;IMC 228062 | &nbsp;&nbsp;Sun South #120 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 48N 3E,29; Shoshone |
| &nbsp;&nbsp;1027 | &nbsp;&nbsp;IMC 228063 | &nbsp;&nbsp;Sun South #121 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 48N 3E,29; Shoshone |

---

---

| | |
|:---|:---|
| 28-46 | ![](ny20061035x1ex96-1_image04.jpg) |

---

------

<u> Silver Opportunity Partners LLC \| Sunshine Mine S-K 1300 Technical Report Summary on the Initial Assessment </u> <u> December 12, 2025 SLR Project No.: 123.020552.00001 </u>

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | &nbsp;&nbsp;**License Code** | &nbsp;&nbsp;**License Name** | &nbsp;&nbsp;**Parties** | &nbsp;&nbsp;**Type** | &nbsp;&nbsp;**Interest** | &nbsp;&nbsp;**Area<br> (ac)** | &nbsp;&nbsp;**Map Reference** |
| &nbsp;&nbsp;1028 | &nbsp;&nbsp;IMC 228064 | &nbsp;&nbsp;Sun South #122 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 48N 3E,29; Shoshone |
| &nbsp;&nbsp;1029 | &nbsp;&nbsp;IMC 228065 | &nbsp;&nbsp;Sun South #123 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 48N 3E,29; Shoshone |
| &nbsp;&nbsp;1030 | &nbsp;&nbsp;IMC 228066 | &nbsp;&nbsp;Sun South #124 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 48N 3E,29; Shoshone |
| &nbsp;&nbsp;1031 | &nbsp;&nbsp;IMC 228067 | &nbsp;&nbsp;Sun South #125 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 48N 3E,29; Shoshone |
| &nbsp;&nbsp;1032 | &nbsp;&nbsp;IMC 228068 | &nbsp;&nbsp;Sun South #126 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 48N 3E,35, 36; Shoshone |
| &nbsp;&nbsp;1033 | &nbsp;&nbsp;IMC 228069 | &nbsp;&nbsp;Sun South #127 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 48N 3E,35, 36; Shoshone |
| &nbsp;&nbsp;1034 | &nbsp;&nbsp;IMC 228070 | &nbsp;&nbsp;Sun South #128 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 48N 3E,31, 32; Shoshone |
| &nbsp;&nbsp;1035 | &nbsp;&nbsp;IMC 228071 | &nbsp;&nbsp;Sun South #129 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 48N 3E,31, 32; Shoshone |
| &nbsp;&nbsp;1036 | &nbsp;&nbsp;IMC 228072 | &nbsp;&nbsp;Sun South #130 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 48N 3E,31, 32; Shoshone |
| &nbsp;&nbsp;1037 | &nbsp;&nbsp;IMC 228073 | &nbsp;&nbsp;Sun South #131 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 48N 3E,31, 32; Shoshone |
| &nbsp;&nbsp;1038 | &nbsp;&nbsp;IMC 228074 | &nbsp;&nbsp;Sun South #132 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 48N 3E,31, 32; Shoshone |
| &nbsp;&nbsp;1039 | &nbsp;&nbsp;IMC 228075 | &nbsp;&nbsp;Sun South #133 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 48N 3E,31, 32; Shoshone |
| &nbsp;&nbsp;1040 | &nbsp;&nbsp;IMC 228076 | &nbsp;&nbsp;Sun South #134 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 48N 3E,29, 30, 31, 32; Shoshone |
| &nbsp;&nbsp;1041 | &nbsp;&nbsp;IMC 228077 | &nbsp;&nbsp;Sun South #135 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 48N 3E,29, 30; Shoshone |
| &nbsp;&nbsp;1042 | &nbsp;&nbsp;IMC 228078 | &nbsp;&nbsp;Sun South #136 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 48N 3E,29, 30; Shoshone |
| &nbsp;&nbsp;1043 | &nbsp;&nbsp;IMC 228079 | &nbsp;&nbsp;Sun South #137 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 48N 3E,29, 30; Shoshone |
| &nbsp;&nbsp;1044 | &nbsp;&nbsp;IMC 228080 | &nbsp;&nbsp;Sun South #138 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 48N 3E,29, 30; Shoshone |
| &nbsp;&nbsp;1045 | &nbsp;&nbsp;IMC 228081 | &nbsp;&nbsp;Sun South #139 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 48N 3E,29, 30; Shoshone |
| &nbsp;&nbsp;1046 | &nbsp;&nbsp;IMC 228082 | &nbsp;&nbsp;Sun South #140 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 48N 3E,29, 30; Shoshone |
| &nbsp;&nbsp;1047 | &nbsp;&nbsp;IMC 228083 | &nbsp;&nbsp;Sun South #141 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 48N 3E,29, 30; Shoshone |
| &nbsp;&nbsp;1048 | &nbsp;&nbsp;IMC 228084 | &nbsp;&nbsp;Sun South #142 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 48N 3E,35, 36; Shoshone |
| &nbsp;&nbsp;1049 | &nbsp;&nbsp;IMC 228085 | &nbsp;&nbsp;Sun South #143 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 48N 3E,35, 36; Shoshone |
| &nbsp;&nbsp;1050 | &nbsp;&nbsp;IMC 228086 | &nbsp;&nbsp;Sun South #144 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 48N 3E,31; Shoshone |
| &nbsp;&nbsp;1051 | &nbsp;&nbsp;IMC 228087 | &nbsp;&nbsp;Sun South #145 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 48N 3E,31; Shoshone |
| &nbsp;&nbsp;1052 | &nbsp;&nbsp;IMC 228088 | &nbsp;&nbsp;Sun South #146 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 48N 3E,31; Shoshone |
| &nbsp;&nbsp;1053 | &nbsp;&nbsp;IMC 228089 | &nbsp;&nbsp;Sun South #147 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 48N 3E,31; Shoshone |
| &nbsp;&nbsp;1054 | &nbsp;&nbsp;IMC 228090 | &nbsp;&nbsp;Sun South #148 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 48N 3E,31; Shoshone |
| &nbsp;&nbsp;1055 | &nbsp;&nbsp;IMC 228091 | &nbsp;&nbsp;Sun South #149 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 48N 3E,31; Shoshone |
| &nbsp;&nbsp;1056 | &nbsp;&nbsp;IMC 228092 | &nbsp;&nbsp;Sun South #150 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 48N 3E,30, 31; Shoshone |

---

---

| | |
|:---|:---|
| 28-47 | ![](ny20061035x1ex96-1_image04.jpg) |

---

------

<u> Silver Opportunity Partners LLC \| Sunshine Mine S-K 1300 Technical Report Summary on the Initial Assessment </u> <u> December 12, 2025 SLR Project No.: 123.020552.00001 </u>

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | &nbsp;&nbsp;**License Code** | &nbsp;&nbsp;**License Name** | &nbsp;&nbsp;**Parties** | &nbsp;&nbsp;**Type** | &nbsp;&nbsp;**Interest** | &nbsp;&nbsp;**Area<br> (ac)** | &nbsp;&nbsp;**Map Reference** |
| &nbsp;&nbsp;1057 | &nbsp;&nbsp;IMC 228093 | &nbsp;&nbsp;Sun South #151 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 48N 3E,30, 31; Shoshone |
| &nbsp;&nbsp;1058 | &nbsp;&nbsp;IMC 228094 | &nbsp;&nbsp;Sun South #152 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 48N 3E,35; Shoshone |
| &nbsp;&nbsp;1059 | &nbsp;&nbsp;IMC 228095 | &nbsp;&nbsp;Sun South #153 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 48N 3E,35; Shoshone |
| &nbsp;&nbsp;1060 | &nbsp;&nbsp;IMC 228096 | &nbsp;&nbsp;Sun South #154 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 48N 3E,35; Shoshone |
| &nbsp;&nbsp;1061 | &nbsp;&nbsp;IMC 228097 | &nbsp;&nbsp;Sun South #155 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 48N 3E,35; Shoshone |
| &nbsp;&nbsp;1062 | &nbsp;&nbsp;IMC 228098 | &nbsp;&nbsp;Sun South #156 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 48N 3E,35; Shoshone |
| &nbsp;&nbsp;1063 | &nbsp;&nbsp;IMC 228099 | &nbsp;&nbsp;Sun South #157 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 48N 3E,35; Shoshone |
| &nbsp;&nbsp;1064 | &nbsp;&nbsp;IMC 228100 | &nbsp;&nbsp;Sun South #158 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 48N 3E,35; Shoshone |
| &nbsp;&nbsp;1065 | &nbsp;&nbsp;IMC 228101 | &nbsp;&nbsp;Sun South #159 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 48N 3E,26, 35; Shoshone |
| &nbsp;&nbsp;1066 | &nbsp;&nbsp;IMC 228102 | &nbsp;&nbsp;Sun South #160 | &nbsp;&nbsp;BLM (100%); Sunshine Mine (100%) | &nbsp;&nbsp;USA: Lode Claim | &nbsp;&nbsp;Owned | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;United States, 48N 3E,35, 36; Shoshone |
|  | &nbsp;&nbsp;Total (acreage)\* |  |  |  |  | &nbsp;&nbsp;21932.64 |  |
|  | &nbsp;&nbsp;Total (hectares)\* |  |  |  |  | &nbsp;&nbsp;8875.83 |  |
| &nbsp;&nbsp;\*This will include any overlap of Claims. | &nbsp;&nbsp;\*This will include any overlap of Claims. | &nbsp;&nbsp;\*This will include any overlap of Claims. | &nbsp;&nbsp;\*This will include any overlap of Claims. | &nbsp;&nbsp;\*This will include any overlap of Claims. | &nbsp;&nbsp;\*This will include any overlap of Claims. | &nbsp;&nbsp;\*This will include any overlap of Claims. | &nbsp;&nbsp;\*This will include any overlap of Claims. |

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