This is a routine initial ownership filing with no trading activity or corporate event. Monitor for any subsequent Form 4 filings or Schedule 13D amendments that could signal changes in the Electrum group's stake or intentions.
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Executive Summary
This is an initial statement of beneficial ownership (Form 3) filed by Thomas S. Kaplan and a network of Electrum-affiliated entities (Electrum Silver US LLC, Electrum Silver US II LLC, and others) upon becoming reporting persons for Sunshine Silver Mining & Refining Co. The filing discloses aggregate beneficial ownership of approximately 85.9 million shares of common stock (including shares held indirectly through subsidiaries and warrants) and multiple tranches of warrants exercisable at $2.87–$5.00 per share, expiring between 2027 and 2029. Kaplan serves as Chairman of the issuer's board, and the Electrum entities may be deemed directors by deputization. The filing is a routine initial ownership disclosure with no material financial data or corporate action.
Key Facts
- Thomas S. Kaplan and 10 affiliated Electrum entities filed Form 3 as initial beneficial ownership reports for Sunshine Silver Mining & Refining Co.
- Kaplan is Chairman of the issuer's Board of Directors; Electrum entities may be deemed directors by deputization.
- Electrum Silver US LLC directly owns 75,938,300 shares of common stock and holds warrants to purchase an additional 10,682,410 shares at exercise prices of $2.87–$5.00.
- Electrum Silver US II LLC directly owns 7,365,270 shares and holds warrants for 927,890 shares at $5.00.
- Additional indirect holdings include 1,266,260 shares via Tigris Financial Group Ltd., 60,010 via Manul Capital Management LLC, and 393,230 via GRAT Holdings LLC.
- No transaction prices, offering amounts, or financial performance data are disclosed in this filing.
Financial Impact
No financial impact; filing discloses existing beneficial ownership positions with no new transactions or capital changes.
Risk Factors
- No material risks identified from this filing; it is a standard initial beneficial ownership disclosure.
Documents Analyzed
This report is based on 3 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 3 Filing (Primary) | 0001193125-26-255717 |
| Document: 0001193125-26-255717-index.html | 0001193125-26-255717 |
| Document: 0001193125-26-255717.txt | 0001193125-26-255717 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 19, 2026 8d ago | 8-K | $11.60 $13.09 | ▲ +12.84% | ▲ +12.99% | $13.09 (+12.84%) |
Sep 21, 2026 5w ago | 8-K | $16.15 $14.89 | ▼ −7.80% | ▼ −6.78% | $13.09 (−18.95%) |
Sep 18, 2026 5w ago | 8-K | $17.18 $15.35 | ▼ −10.65% | ▼ −11.92% | $13.09 (−23.81%) |
Aug 18, 2026 9w ago | ANALYST-UPGRADE | $15.94 $18.60 | ▲ +16.69% | ▲ +16.89% | $13.09 (−17.88%) |
Aug 12, 2026 10w ago | Press Release | $16.24 $17.45 | ▲ +7.45% | ▲ +9.42% | $13.09 (−19.40%) |
Jul 28, 2026 12w ago | Press Release | $13.97 $14.83 | ▲ +6.16% | ▲ +3.89% | $13.09 (−6.30%) |
Jun 8, 2026 20w ago | Insider Cluster | $14.50 $15.03 | ▼ −3.66% | ▼ −1.24% | $13.09 (+9.72%) |
Jun 8, 2026 20w ago | Insider Cluster | $14.50 $15.03 | ▲ +3.66% | ▲ +1.24% | $13.09 (−9.72%) |
Jun 8, 2026 20w ago | Insider Cluster | $14.50 $15.03 | ▲ +3.66% | ▲ +1.24% | $13.09 (−9.72%) |
Jun 8, 2026 20w ago | Insider Cluster | $14.50 $15.03 | ▲ +3.66% | ▲ +1.24% | $13.09 (−9.72%) |
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