Freedom: Sunshine Silver Mining & Refining to List on NYSE with $2.1B Valuation

Sunshine Silver Mining & Refining will conduct an IPO on the NYSE on June 4 under the ticker SSMR, noted Freedom analysts.

Sunshine Silver Mining & Refining is an American mining company focused on the development of the Sunshine Mine silver deposit and associated processing facilities in the state of Idaho. The company’s key asset is the historic silver deposit located in Kellogg, which also contains reserves of antimony, copper, and lead.

The issuer plans to offer 20 million shares at a price of $13.50 to $16.50 per share. The offering volume will be approximately $300 million, valuing the company's IPO market capitalization at $2.112 billion. Underwriters of the deal include Morgan Stanley (MS), Citigroup (C), Scotia Capital, BMO Capital Markets, Canaccord Genuity, and RBC Capital Markets.

The company acquired the Sunshine Mine in 2010 and has since been carrying out modernization work at the site. Currently, no production activities are underway, which results in the absence of operating revenue. The launch of ore mining, processing, and refining operations is scheduled for 2028.

The proceeds from the IPO will be directed toward further preparation of the mine and infrastructure ahead of the start of commercial operations. In addition to the mine, Sunshine Silver owns and leases land plots in the Coeur d’Alene and Lakeview mining districts of Idaho.

Not an individual investment recommendation.