# Sunshine Silver Mining & Refining Company (SSMR)

> Source: Nexqual · https://nexqual.com/SSMR · data as of 2026-10-22 20:00 UTC · cite as "Nexqual, Sunshine Silver Mining & Refining Company (SSMR), nexqual.com/SSMR" · informational, not investment advice.

**Price:** USD 13.17 (-0.83% on the day) · last close of Oct 22, 2026; US market pre market, not a live price. Prev close 13.28 · day 12.64–13.57 · 52w 11.38–19.61 · market cap $1.89B · NYQ

## Key facts
- Insider open-market sales, last ~7 months: 1 Form 4 filings, $7.5M; 1 not under a Rule 10b5-1 plan ($7.5M); 0 by opportunistic insiders, 0 by routine insiders (three-year test, Cohen, Malloy & Pomorski 2012).
- Insider open-market purchases, last ~7 months: 5 Form 4 filings, $804K; 0 by opportunistic insiders, 0 by routine insiders.
- Analysts: Buy (mean 1.83 on a 1–5 scale) (6 analysts), mean target USD 19.17 (range 16–21).
- Total return with dividends: 1Y -23.2% vs S&P 500 +14.9%; 5Y -5.9% vs S&P 500 +80.3%.
- Next earnings: 2026-11-11, EPS estimate USD -0.07, revenue estimate $0K.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/B 5.9x · Earnings yield -2.17%

## Insider sales (SEC Form 4, open-market, last ~7 months)
0 of 1 under a Rule 10b5-1 trading plan (scheduled in advance). Unplanned sales were timed by the insider.
| Trade date | Insider | Role | Shares | Value | % of holdings sold | 10b5-1 plan | Insider type |
|---|---|---|---|---|---|---|---|
| 2026-06-05 | Ospraie Real Assets Fund Lp |  | 555,555 | $7.5M | 2.2% | No | Too little history (no open-market trades in 2023–2025) |
% of holdings sold = shares sold ÷ (shares sold + all holdings the insider reported on that Form 4, direct and through trusts).
Insider type follows Cohen, Malloy & Pomorski (Journal of Finance, 2012). An insider who traded the stock in the same calendar month in each of the past three years is a routine trader; one who traded in each of those years without such a pattern is an opportunistic trader. In their study, trades by opportunistic insiders predicted future returns and trades by routine insiders did not. Counts open-market purchases and sales only (SEC Form 4 codes P and S) by that insider in that company. Not investment advice.

## Insider purchases (SEC Form 4, open-market, last ~7 months)
5 purchases, $804K. Private placements, offerings, dividend reinvestment and employee stock purchase plan buys are excluded.
| Trade date | Insider | Role | Shares | Value | Avg price | Insider type |
|---|---|---|---|---|---|---|
| 2026-06-05 | Shepston Michelle H | General Counsel | 5,065 | $68K | 13.5 | Too little history (no open-market trades in 2023–2025) |
| 2026-06-05 | White Heather Eileen | Chief Executive Officer | 2,000 | $27K | 13.5 | Too little history (no open-market trades in 2023–2025) |
| 2026-06-05 | Radford Lawrence P | Director | 2,500 | $34K | 13.5 | Too little history (no open-market trades in 2023–2025) |
| 2026-06-05 | Groh Douglas | Director | 10,000 | $135K | 13.5 | Too little history (no open-market trades in 2023–2025) |
| 2026-06-05 | El-Erian Anna | Director | 40,000 | $540K | 13.5 | Too little history (no open-market trades in 2023–2025) |

## Analysts
Consensus Buy (mean 1.83 on a 1–5 scale), 6 analysts; mean target USD 19.17 (low 16, high 21).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-10-07 | Morgan Stanley | Target lowered | Overweight | $23 → $20 |
| 2026-09-16 | RBC Capital | Target raised | Sector Perform | $15 → $16 |
| 2026-08-18 | Canaccord Genuity | Initiated | Speculative Buy | $20 |
| 2026-07-14 | Scotiabank | Target raised | Sector Outperform | $20 → $21 |
| 2026-06-29 | Morgan Stanley | Initiated | Overweight | $23 |
| 2026-06-29 | Scotiabank | Initiated | Sector Outperform | $20 |
| 2026-06-29 | Citigroup | Initiated | Buy | $18 |
| 2026-06-29 | BMO Capital | Initiated | Outperform | $16.5 |

## Total return (dividends reinvested)
|  | 1Y (from 2026-06-04) | 5Y (from 2026-06-01) |
|---|---|---|
| Total return | -23.2% | -5.9% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | — | — |
| Volatility (annualized) | 70.6% | 67.4% |
| Max drawdown | -38.9% (Aug 2026→Oct 2026) | -37.9% (Aug 2026→Oct 2026) |

## Peers (Other Industrial Metals & Mining)
NEXA (Nexa Resources S.A.) USD 11.16 -7.77% · ALM (Almonty Industries Inc.) USD 8.75 -6.32% · SKE (Skeena Resources Limited) USD 28.74 -9.25% · USAR (USA Rare Earth, Inc.) USD 9.63 -5.87% · MTRN (Materion Corporation) USD 219.12 -12.43% · MP (MP Materials Corp.) USD 38.56 -2.38%

## More
Full page: https://nexqual.com/SSMR · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $-0.07 | $-0.07 | +0.0% | $0 | 2 |
| Next quarter (ends 2026-12-31) | $-0.07 | $-0.07 | +0.0% | $0 | 2 |
| Current fiscal year (ends 2026-12-31) | $-0.36 | $-0.33 | +10.8% | $0 | 2 |
| Next fiscal year (ends 2027-12-31) | $-0.28 | $-0.28 | +0.0% | $0 | 2 |

## Options: expected move (Cboe, 15-min delayed)

Expected move by 2026-11-20 (includes earnings 2026-11-11): ±14.8%; last 1 reports averaged ±4.5%.

| Expiration | Days | ATM IV | Expected move |
|---|---|---|---|
| 2026-11-20 | 28 | 64.4% | ±14.8% |
| 2026-12-18 | 56 | 61.7% | ±19.7% |
| 2027-01-15 | 84 | 60.4% | ±23.3% |
| 2027-04-16 | 175 | 62.8% | ±34.2% |