Sunshine Silver Mining & Refining Company filed its Form 10-Q for the quarterly period ended September 30, 2026 with the SEC on November 12, 2026, reporting a net loss of $20.9 million for the third quarter.

Key Highlights

  • Net loss of $20,914 thousand for the three months ended September 30, 2026, compared to a net loss of $9,726 thousand in operating loss for the same prior-year period.
  • Cash and cash equivalents of $261,438 thousand as of September 30, 2026, up from $30,976 thousand at December 31, 2025.
  • Total assets of $314,397 thousand at September 30, 2026, versus $68,840 thousand at December 31, 2025.
  • Pre-development expenses of $13,066 thousand for Q3 2026, compared to $5,090 thousand in Q3 2025.
  • 143,940,693 shares of common stock issued and outstanding as of November 12, 2026, up from 116,509,480 at December 31, 2025.
  • Accumulated deficit of $255,463 thousand as of September 30, 2026, compared to $204,577 thousand at December 31, 2025.
  • No revenue recorded for the three or nine months ended September 30, 2026, versus $194 thousand and $270 thousand in the respective prior-year periods.

Sunshine Silver Mining Reports Q3 2026 Financial Results With No Revenue and Rising Pre-Development Costs

According to the filing, Sunshine Silver Mining & Refining Company (NYSE:SSMR) recorded no sales for either the three or nine months ended September 30, 2026, compared to $194 thousand and $270 thousand in the same periods of 2025. The company reported a net and comprehensive loss of $20,914 thousand for the third quarter of 2026, widening from the prior-year comparable period. For the nine months ended September 30, 2026, the operating loss totaled $54,176 thousand, compared to $18,200 thousand in the first nine months of 2025.

The filing disclosed that pre-development expenses were the largest component of operating costs, totaling $13,066 thousand for Q3 2026 and $30,641 thousand for the nine-month period, up from $5,090 thousand and $9,411 thousand in the respective 2025 periods. General and administrative expenses also increased to $9,677 thousand for the quarter and $22,144 thousand for the nine months, compared to $4,186 thousand and $7,978 thousand in the prior-year periods. Interest income of $2,450 thousand for Q3 2026, up from $135 thousand in Q3 2025, partially offset the operating loss, the company disclosed.

The balance sheet reflects a substantial increase in liquidity. The filing reported cash and cash equivalents of $261,438 thousand at September 30, 2026, compared to $30,976 thousand at December 31, 2025. Total stockholders' equity rose to $304,897 thousand from $61,562 thousand over the same period, with additional paid-in capital increasing to $560,216 thousand from $266,022 thousand. The common stock authorization was expanded to 3,500,000,000 shares from 150,000,000 shares authorized at December 31, 2025, according to the filing. The company identified itself as a non-accelerated filer, smaller reporting company, and emerging growth company. The filing also notes forward-looking statements regarding a planned late 2028 production restart and related feasibility studies are the company's own and subject to its cautionary language.

What Was Disclosed

Sunshine Silver Mining & Refining Company filed its quarterly report for the period ended September 30, 2026, disclosing no revenue, a net loss of $20,914 thousand for the quarter, significantly higher pre-development costs, and a large increase in cash and total assets compared to year-end 2025.