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

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1. Name and Address of Reporting Person * KAPLAN THOMAS SCOTT 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) __X__ Director __X__ 10% Owner _____ Officer (give title below) _____ Other (specify below) (Last) (First) (Middle) 600 FIFTH AVENUE, 24TH FLOOR, 3. Date of Earliest Transaction (Month/Day/Year) 06/05/2026 (Street) NEW YORK, NY 10020 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 06/05/2026 A 8,929(1) A $ 0 8,929 D Common Stock 06/05/2026 M(2) 2,739,640 A $2.87 78,677,940 I By Electrum Silver US LLC(3) Common Stock 06/05/2026 F(2) 582,022 D $13.5 78,095,918 I By Electrum Silver US LLC(3) Common Stock 7,365,270 I By Electrum Silver US II LLC(4) Common Stock 1,266,260 I By Tigris Financial Group Ltd.(5) Common Stock 60,010 I By Manul Capital Management LLC(6) Common Stock 393,230 I By GRAT Holdings LLC(7)

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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

M(2)

2,739,640

09/02/2022

09/02/2027

Common Stock

2,739,640

$ 0

0

I

By Electrum Silver US LLC(3)

Reporting Owners

Reporting Owner Name / Address	Relationships
	Director	10% Owner	Officer	Other
KAPLAN THOMAS SCOTT 600 FIFTH AVENUE, 24TH FLOOR NEW YORK, NY 10020	X	X
Electrum Silver US LLC C/O THE ELECTRUM GROUP LLC 600 FIFTH AVENUE, 24TH FLOOR NEW YORK, NY 10020	X	X
Electrum Strategic Management LLC C/O THE ELECTRUM GROUP LLC 600 FIFTH AVENUE, 24TH FLOOR NEW YORK, NY 10020	X	X
ELECTRUM GLOBAL HOLDINGS L.P. C/O THE ELECTRUM GROUP LLC 600 FIFTH AVENUE, 24TH FLOOR NEW YORK, NY 10020	X	X
TEG Global GP Ltd. C/O THE ELECTRUM GROUP LLC 600 FIFTH AVENUE, 24TH FLOOR NEW YORK, NY 10020	X	X
Electrum Group LLC 600 FIFTH AVENUE, 24TH FLOOR NEW YORK, NY 10020	X	X
Electrum Silver US II LLC C/O THE ELECTRUM GROUP LLC 600 FIFTH AVENUE, 24TH FLOOR NEW YORK, NY 10020	X	X
Electrum Strategic Opportunities Fund II L.P. C/O THE ELECTRUM GROUP LLC 600 FIFTH AVENUE, 24TH FLOOR NEW YORK, NY 10020	X	X
Electrum Strategic Opportunities Fund II GP L.P. C/O THE ELECTRUM GROUP LLC 600 FIFTH AVENUE, 24TH FLOOR NEW YORK, NY 10020	X	X
ESOF II GP Ltd. C/O THE ELECTRUM GROUP LLC 600 FIFTH AVENUE, 24TH FLOOR NEW YORK, NY 10020	X	X

Signatures

/s/ Thomas S. Kaplan		06/08/2026
**Signature of Reporting Person		Date
Electrum Silver US LLC, By: Electrum Strategic Management, its Manager, By: /s/ Andrew M. Shapiro, Managing Director		06/08/2026
**Signature of Reporting Person		Date
Electrum Strategic Management LLC, By: /s/ Andrew M. Shapiro, Managing Director		06/08/2026
**Signature of Reporting Person		Date
Electrum Global Holdings L.P., By: TEG Global GP Ltd., its general partner, By: /s/ Andrew M. Shapiro, Director		06/08/2026
**Signature of Reporting Person		Date
TEG Global GP Ltd., By: /s/ Andrew M. Shapiro, Director		06/08/2026
**Signature of Reporting Person		Date
The Electrum Group LLC, By: /s/ Michael H. Williams, Senior Managing Director		06/08/2026
**Signature of Reporting Person		Date
Electrum Silver US II LLC, By: Electrum Strategic Management, its Manager By: /s/ Andrew M. Shapiro, Managing Director		06/08/2026
**Signature of Reporting Person		Date
Electrum Strategic Opportunities Fund II L.P., By: Electrum Strategic Opportunities Fund II GP L.P., its general partner, By: ESOF II GP Ltd., its general partner, By: /s/ Michael H. Williams, Director		06/08/2026
**Signature of Reporting Person		Date
Electrum Strategic Opportunities Fund II GP L.P., By: ESOF II GP Ltd., its general partner, By: /s/ Michael H. Williams, Director		06/08/2026
**Signature of Reporting Person		Date
ESOF II GP Ltd., By: /s/ Michael H. Williams, Director		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)	Represents restricted stock units ("RSUs") granted to Thomas S. Kaplan. Each RSU represents a contingent right to receive one share of the Issuer's common stock. The RSUs vest in full on the earlier of (i) the first anniversary of the grant date or (ii) the day immediately proceeding the date of the Issuer's 2027 Annual Meeting of Stockholders, subject to Mr. Kaplan's continued service as a member of the Issuer's Board of Directors through such date.
(2)	This transaction relates to the net exercise of warrants to purchase 2,739,640 shares of the Issuer's common stock immediately prior to the completion of the initial public offering of the Issuer's common stock, in accordance with the terms of the warrants.
(3)	These securities are owned directly by Electrum Silver US LLC ("ESUS"). Electrum Strategic Management LLC ("ESM") is the manager of ESUS. ESM is wholly owned by Electrum Global Holdings L.P. ("Global Holdco"), and TEG Global GP Ltd. ("TEG Global") is the general partner of Global Holdco. The Electrum Group LLC ("TEG") acts as an investment advisor to Global Holdco. Thomas S. Kaplan, Chairman of the Issuer's Board of Directors, is also Chairman, Chief Executive Officer and Chief Investment Officer of TEG. Each of these reporting persons (other than Mr. Kaplan who is a director of the Issuer) may be deemed to be a director by deputization of the Issuer.
(4)	These securities are owned directly by Electrum Silver US II LLC ("ESUS II"). Electrum Strategic Opportunities Fund II L.P. ("ESOF II") owns 99% of ESUS II, and ESM is the manager of ESUS II. ESM is wholly owned by Global Holdco, and TEG Global is the general partner of Global Holdco. The general partner of ESOF II is Electrum Strategic Opportunities Fund II GP L.P. ("ESOF II GP L.P."), and the general partner of ESOF II GP L.P. is ESOF II GP Ltd. ("ESOF II GP"). ESOF II GP is wholly owned by Global Holdco. TEG acts as an investment advisor to ESOF II. Thomas S. Kaplan, Chairman of the Issuer's Board of Directors, is also Chairman, Chief Executive Officer and Chief Investment Officer of TEG. Each of these reporting persons (other than Mr. Kaplan who is a director of the Issuer) may be deemed to be a director by deputization of the Issuer.
(5)	These securities are owned directly by Tigris Financial Group Ltd., which is wholly owned by Thomas S. Kaplan.
(6)	These securities are owned directly by Manul Capital Management LLC. Thomas S. Kaplan serves as managing member of Manul Capital Management LLC.
(7)	These securities are owned directly by GRAT Holdings LLC. Thomas S. Kaplan serves as managing member of GRAT Holdings LLC.
Remarks: The reporting persons may be deemed to be members of a Section 13(d) group that collectively beneficially owns more than 10% of the Issuer's outstanding common stock. The filing of this report shall not be deemed to be an admission that the reporting persons are members of such a group. Each reporting person disclaims beneficial ownership of the securities reported herein except to the extent of its pecuniary interest, if any, and this report shall not be deemed to be an admission that any such reporting person is the beneficial owner of such securities for purposes of Section 16 or for any other purpose. Because no more than 10 reporting persons can file any one Form 4 through the Securities and Exchange Commission's EDGAR system, certain affiliates of the reporting persons have filed a separate Form 4.

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