Sunshine Silver Mining & Refining Company has launched its initial public offering. The company is offering 20 million shares priced between US$13.50 and US$16.50 apiece.
This offering, announced on Tuesday, targets a valuation of up to US$2.32 billion and could raise as much as US$330 million. The shares will list on the New York Stock Exchange under the ticker symbol “SSMR.” Morgan Stanley (NYSE: MS), Scotiabank and BMO Capital Markets are acting as the joint lead book-running managers for the offering.
Sunshine plans to use the new capital to restart and expand the historic Sunshine Mine in Kellogg, Idaho. This site ranks as one of the world’s highest-grade primary silver projects. It is estimated to hold roughly 104 million ounces of the precious metal. Throughout its long history, the mine has produced more than 360 million ounces.
The Sunshine Mine carries a proud yet tragic legacy. Miners worked its rich silver veins for decades in Idaho’s Coeur d’Alene Mining District. In May of 1972, a devastating underground fire broke out. Smoke and carbon monoxide filled the space and trapped many workers. Ninety-one miners died in the disaster while 80 others managed to escape. Two others were trapped for a week underground as a result but remarkably managed to survive.
The tragedy stands as one of the worst in U.S. hard-rock mining history. It helped drive important safety reforms, including the Mine Safety and Health Act of 1977. Today, a memorial honours the lost miners with a towering statue and 91 small tombstones.
Sunshine Silver now works to bring the permitted mine back into production with modern tech and strong safety standards.
Read more: NevGold launches 20,000-metre drill campaign at Nevada antimony-gold project
Site will soon host an antimony refinery
Sunshine Silver also plans to build a major U.S. antimony processing facility at the site. Antimony is a critical mineral for national security. Producers supply the element for munitions, semiconductors, energy storage and other important applications.
The refinery will process material from the Sunshine Mine and feed from other producers. Sunshine has an ambitious goal of being able to supply about 40 per cent of U.S. annual antimony demand at first from this operation, with potential to reach 80 per cent by 2031.
The IPO places Sunshine Silver among active American players in the public markets. Companies such as United States Antimony Corp (NYSE: UAMY) focus on antimony production. Americas Gold and Silver Corporation (TSE: USA) (NYSEAMERICAN: USAS) (FRA: SZ71) operates a silver-antimony mine in Idaho and recently expanded through acquisitions like the Crescent Mine. Furthermore, NevGold Corp (CVE: NAU) (OTCMKTS: NAUFF) (FRA: 5E50) is advancing gold and antimony assets in the broader region.
Both Sunshine and Americas highlight the strong potential of Idaho’s silver-antimony deposits in the Silver Valley. Sunshine’s lead geologist, Logan Owen, has experience with both companies.
Going public gives Sunshine greater access to capital, higher visibility and the ability to accelerate development in this mining-friendly state.
Read more: NevGold pushes toward potential 2027 antimony production at Limousine Butte
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