Sunshine Silver Mining & Refining Provides Update On Sunshine Mine; Feasibility Study Targeted For Completion In Q2 2027 With Reopening In Late 2028

The Company's ongoing operational readiness program is focused on advancing underground development, modernizing critical infrastructure and preparing surface facilities in support of a feasibility study targeted for completion in the second quarter of 2027 and the Sunshine Mine's planned return to production in late 2028.

Recent notable progress includes:

Advancement of underground development, rehabilitation and drilling activities, supported by continued investment in new underground mining equipment;
Initiation of the multiphase Silver Summit Hoist and Shaft upgrade project and completion of the new production hoist servicing the Jewell Shaft; and
Development of an additional access portal within the Sterling Ramp system, which services the Upper Country of the mine.
In parallel with underground readiness activities, Sunshine continues to advance site preparation work through demolition of the legacy mill and related infrastructure. The work, which began in 2025, is expected to be completed by year-end and is intended to prepare the site for construction of a new processing facility contemplated in the Company's current development plan. The plan presently assumes initial processing of up to approximately 1,000 tons per day, however, along with associated infrastructure, it is being designed to accommodate potential future throughput increases up to approximately 2,000 tons per day — providing flexibility as the Sunshine Mine advances through feasibility and toward a construction decision.