The IPO raised approximately $310 million, leaving the company with $288.7 million in cash and no long-term debt at quarter-end. Management expects the proceeds to fund key activities for the next 12 months but anticipates needing additional capital as it approaches production. The Sunshine Mine feasibility study is targeted for completion in Q2 2027, with construction potentially beginning in 2027 and first silver production targeted for late 2028.
Drilling, underground development and studies for the silver-copper refinery and a potential antimony plant are advancing through 2026 and early 2027. Sunshine Silver Mining & Refining (NYSE:SSMR) reported a wider second-quarter loss as it accelerated development work at its Sunshine Mine in Idaho and incurred costs associated with becoming a publicly traded company. The company posted a net loss of $16.7 million, or $0.13 per share, for the second quarter of 2026, compared with a net loss of $7 million, or $0.08 per share, a year earlier.
Chief Financial Officer André van Niekerk said the increase primarily reflected higher pre-development spending, including drilling and technical work supporting three feasibility studies, as well as higher public-company costs. → Lumentum Just Delivered the AI Growth Investors Wanted Pre-development expense rose $7 million from the prior-year period, while general and administrative expense increased $4.7 million, driven by personnel additions, stock-based compensation, and expanded legal and accounting services. Other income and expense improved by $2.1 million from the year-earlier quarter, which van Niekerk attributed to lower interest expense and interest earned on initial public offering proceeds. Sunshine completed its initial public offering during the quarter, raising approximately $310 million, according to Chief Executive Officer Heather White.
The company ended the second quarter with $288.7 million of cash, compared with $31 million at the end of 2025, and had no long-term debt as of June 30. → Ryman Checks Into a $1.38B Hospitality Upgrade Cash used in operating activities totaled $22.8 million in the first six months of 2026, compared with $7.2 million in the prior-year period. Cash used in investing activities was $9.5 million, up $5.2 million year over year, reflecting investment in mining equipment and infrastructure. Van Niekerk said IPO proceeds fully fund the company's key work streams for the next 12 months.
However, he said additional capital will be needed over time as Sunshine moves toward production and evaluates its mine-to-refinery plans. The company intends to prioritize debt financing and other non-dilutive capital sources when its feasibility work provides greater clarity on capital requirements. → Joby's Defense Pivot Accelerates With $500M Resonant Sciences Deal During the question-and-answer session, van Niekerk said general and administrative expenses are expected to remain elevated through the second half of 2026 before beginning to taper in the first quarter of 2027. He also said exploration and development spending is expected to rise in the third and fourth quarters as work programs ramp up.
White said the Sunshine Mine feasibility study remains the company's central development priority and is expected to be completed in the second quarter of 2027. Subject to a final investment decision, Sunshine plans to begin construction and continue mine development and infrastructure upgrades in 2027, targeting first silver production in late 2028 and a ramp to commercial production in 2029. The company completed about 1,200 meters of underground development in the first half of 2026.
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