Sunshine Silver Mining & Refining Company’s $310.5 Million IPO

Cleary Gottlieb represented the underwriters, led by Morgan Stanley & Co. LLC, Scotia Capital (USA) Inc., and BMO Capital Markets Corp., in Sunshine Silver Mining & Refining Company’s $310.5 million initial public offering.

Canaccord Genuity LLC, Citigroup Global Markets Inc., and RBC Capital Markets LLC acted as joint bookrunners.

Sunshine Silver Mining & Refining Company offered 23 million of its shares of common stock at an initial offering price of $13.50 per share, including the full exercise by the underwriters of their option to purchase additional shares.

The offering priced on June 3, 2026, and closed on June 5, 2026. Sunshine Silver Mining & Refining Company’s common stock began trading on the New York Stock Exchange on June 4, 2026, under the ticker symbol “SSMR.”

Sunshine Silver Mining & Refining Company is dedicated to bringing the historic, permitted Sunshine Mine back into production. The Sunshine Mine is one of the highest-grade primary silver resources in the world, and Sunshine Silver Mining & Refining Company is one of the few U.S.-based entities with a vertically integrated mine-to-mill-to-refinery platform, supported by a permitted onsite silver refinery and the major permits required for antimony production.

For more information, please see the press release.

The Cleary capital markets team was led by partners Lesley Janzen and Jorge Juantorena, associates Jose Andres de Saro and Katherine Hebb, and law clerk Ville Latola, with support from associates Omelebele Edeoga and Jean Choi. Partner Jonathan Mendes de Oliveira advised on mining disclosure matters. Partner Matthew Brigham and associates Nathaniel Pribil and Yoolim Lee advised on tax matters. Partner Amanda Toy and associate Makesi Buddy advised on executive compensation and employee benefits matters. Partner Samuel Chang and associate Kerry Mullins advised on sanctions matters. Senior attorney Jim Corsiglia advised on regulatory matters. Partner Michael Sanders advised on anti-money laundering matters. Partner Beau Sterling and associate Madison Bush advised on environmental matters. Real estate attorney Jacqueline Debs advised on real estate matters.