Statement of Changes in Beneficial Ownership (Form 4)

FORM 4 Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b). Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF SECURITIES Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934 or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL OMB Number: 3235-0287 Estimated average burden hours per response... 0.5

(Print or Type Responses)

1. Name and Address of Reporting Person * Ospraie Real Assets Fund LP 2. Issuer Name and Ticker or Trading Symbol Sunshine Silver Mining & Refining Co [SSMR] 5. Relationship of Reporting Person(s) to Issuer (Check all applicable) _____ Director __X__ 10% Owner _____ Officer (give title below) _____ Other (specify below) (Last) (First) (Middle) C/O OSPRAIE MANAGEMENT, LLC, 411 THEODORE FREMD AVENUE, SUITE 240 3. Date of Earliest Transaction (Month/Day/Year) 06/05/2026 (Street) RYE, NY 10580 4. If Amendment, Date Original Filed (Month/Day/Year) 6. Individual or Joint/Group Filing (Check Applicable Line) ___ Form filed by One Reporting Person _X_ Form filed by More than One Reporting Person (City) (State) (Zip) Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned

1.Title of Security (Instr. 3) 2. Transaction Date (Month/Day/Year) 2A. Deemed Execution Date, if any (Month/Day/Year) 3. Transaction Code (Instr. 8) 4. Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5) 5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4) 6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4) 7. Nature of Indirect Beneficial Ownership (Instr. 4) Code V Amount (A) or (D) Price Common Stock, par value $0.001 per share 06/05/2026 X 2,615,060 A $2.87 25,314,550 D(3)(4) Common Stock, par value $0.001 per share 06/05/2026 S(1)(2) 555,555 D $13.5 24,758,995 D(3)(4)

Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
	Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB control number.		SEC 1474 (9-02)

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned
(e.g., puts, calls, warrants, options, convertible securities)

1. Title of Derivative Security (Instr. 3)

2. Conversion or Exercise Price of Derivative Security

3. Transaction Date (Month/Day/Year)

3A. Deemed Execution Date, if any (Month/Day/Year)

4. Transaction Code (Instr. 8)

5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4, and 5)

6. Date Exercisable and Expiration Date (Month/Day/Year)

7. Title and Amount of Underlying Securities (Instr. 3 and 4)

8. Price of Derivative Security (Instr. 5)

9. Number of Derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)

10. Ownership Form of Derivative Security: Direct (D) or Indirect (I) (Instr. 4)

11. Nature of Indirect Beneficial Ownership (Instr. 4)

Code

V

(A)

(D)

Date Exercisable

Expiration Date

Title

Amount or Number of Shares

Warrant (right to buy)

$2.87

06/05/2026

X

2,615,060

09/02/2022

(5)

Common Stock

2,615,060

$ 0

0

D(3)(4)

Reporting Owners

Reporting Owner Name / Address	Relationships
	Director	10% Owner	Officer	Other
Ospraie Real Assets Fund LP C/O OSPRAIE MANAGEMENT, LLC 411 THEODORE FREMD AVENUE, SUITE 240 RYE, NY 10580		X
Ospraie Real Assets GP LLC C/O OSPRAIE MANAGEMENT, LLC 411 THEODORE FREMD AVENUE, SUITE 240 RYE, NY 10580		X
Ospraie Management, LLC 411 THEODORE FREMD AVENUE, SUITE 240 RYE, NY 10580		X
Ospraie Holding I, L.P. C/O OSPRAIE MANAGEMENT, LLC 411 THEODORE FREMD AVENUE, SUITE 240 RYE, NY 10580		X
Ospraie Management, Inc. C/O OSPRAIE MANAGEMENT, LLC 411 THEODORE FREMD AVENUE, SUITE 240 RYE, NY 10580		X
Anderson Dwight C/O OSPRAIE MANAGEMENT, LLC 411 THEODORE FREMD AVENUE, SUITE 240 RYE, NY 10580		X

Signatures

Ospraie Real Assets Fund LP By: Ospraie Real Assets GP LLC, its General Partner By: /s/ Dwight Anderson Managing Member		06/08/2026
**Signature of Reporting Person		Date
Ospraie Real Assets GP LLC By: Dwight Anderson Managing Member		06/08/2026
**Signature of Reporting Person		Date
Ospraie Management, LLC By: Ospraie Holding I, L.P., its Managing Member By: Ospraie Management, Inc., its General Partner By: /s/ Dwight Anderson Sole Owner		06/08/2026
**Signature of Reporting Person		Date
Ospraie Holding I, L.P. By: Ospraie Management, Inc., its General Partner By: /s/ Dwight Anderson Sole Owner		06/08/2026
**Signature of Reporting Person		Date
Ospraie Management, Inc. By: /s/ Dwight Anderson Sole Owner		06/08/2026
**Signature of Reporting Person		Date
/s/ Dwight Anderson		06/08/2026
**Signature of Reporting Person		Date

Explanation of Responses:

*	If the form is filed by more than one reporting person, see Instruction 4(b)(v).
**	Intentional misstatements or omissions of facts constitute Federal Criminal Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
(1)	On June 5, 2026, in connection with the closing by Sunshine Silver Mining & Refining Company (the "Issuer") of the initial public offering of its common stock (the "IPO"), a warrant to purchase 2,615,060 shares of the common stock of the Issuer (the "Warrant"), exercisable at $2.87 per share, held by Ospraie Real Assets Fund LP ("ORA Fund"), was automatically exercised on a cashless basis, resulting in the Issuer withholding 555,555 of the warrant shares to pay the exercise price and issuing to ORA Fund the remaining 2,059,505 shares.
(2)	The Warrant was outstanding as of the date of the Issuer's prospectus (the "Prospectus") relating to the IPO as disclosed in the Prospectus. This filing solely relates to the cashless exercise of the Warrant, which was effected solely by the surrender to the Issuer of shares of the Issuer's common stock issuable upon exercise of the Warrant and the Issuer's cancellation thereof to pay the exercise price of the Warrant. No shares of the Issuer's common stock were sold by the reporting person(s) and the shares issued to ORA Fund upon the cashless exercise of the Warrant remain subject to the lock-up agreement that was entered into by ORA Fund in connection with the IPO and disclosed in the Prospectus.
(3)	Ospraie Management, LLC ("OM LLC") is the investment manager of ORA Fund and has been delegated voting and investment power and thus beneficial ownership of the securities of the Issuer held by ORA Fund. Ospraie Holding I, LP ("Ospraie Holding") may be deemed to beneficially own the securities of the Issuer held by ORA Fund as the managing member of OM LLC. Ospraie Management, Inc. ("OM Inc.") may be deemed to beneficially own the securities of the Issuer held by ORA Fund as the general partner of Ospraie Holding.
(4)	Ospraie Real Assets GP LLC ("Ospraie GP") may be deemed to beneficially own the securities of the Issuer held by ORA Fund as the general partner of ORA Fund. Dwight Anderson may be deemed to beneficially own the securities of the Issuer held by ORA Fund as the managing member of Ospraie GP and as the sole owner of OM Inc. Each reporting person disclaims beneficial ownership of the securities reported herein except to the extent of his or its pecuniary interest therein, if any.
(5)	The warrant is exercisable until September 2, 2027; provided, that the warrant shall automatically be deemed to be exercised, on a cashless exercise basis, as to all shares of common stock of the Issuer for which it shall not previously have been exercised, upon the closing of an initial public offering by the Issuer.

Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure. Potential persons who are to respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB number.