KAPLAN THOMAS SCOTT 4
4 · Sunshine Silver Mining & Refining Co · Filed Jun 8, 2026
Research Summary
AI-generated summary of this filing
Sunshine Silver (SSMR) Chairman Thomas S. Kaplan Exercises Warrants
What Happened
- Thomas S. Kaplan, Chairman of Sunshine Silver Mining & Refining Co.'s board, net‑exercised warrants on 2026-06-05 to acquire 2,739,640 shares at $2.87 per share (total value ≈ $7,862,767). As part of the net/cashless exercise, 582,022 shares were surrendered/withheld at an effective value of $13.50 per share (≈ $7,857,297) to cover the exercise price/tax liability. In the same filing he was also granted 8,929 restricted stock units (RSUs) that will vest subject to continued board service (see footnote).
Key Details
- Transaction date: 2026-06-05; Form 4 filed: 2026-06-08 (appears timely).
- Main transactions reported:
- M (Exercise/conversion): +2,739,640 shares @ $2.87 (acquired) — net exercise of warrants. (Footnote F2)
- F (Payment/tax withholding): -582,022 shares @ $13.50 (disposed) — shares withheld to cover exercise price/taxes.
- A (Award): +8,929 RSUs granted; vesting subject to service conditions. (Footnote F1)
- M (Derivative disposition): 2,739,640 shares reported as derivative disposition @ $0 — reflects the conversion/surrender mechanics of the warrants.
- Post‑transaction total holdings are not specified in the excerpt; the filing’s remarks note the reporting persons may be part of a group that beneficially owns >10% of the company (disclaimer applied). (Footnotes F3–F7 explain related entities and ownership structure.)
- No indication this was a 10b5‑1 plan or a gift; transaction was a net/cashless exercise (shares withheld to satisfy costs/liabilities).
Context
- This is effectively a warrant exercise with share withholding (cashless/net exercise) rather than an open‑market sale or purchase — common when insiders convert derivative instruments into shares and use some shares to cover costs or taxes.
- Because Kaplan is reported as a 10% owner (and connected entities are involved per footnotes), this is institutional/insider capital structuring rather than a routine small personal purchase. The RSU grant is time‑based and contingent on continued board service, not an immediate purchase.
Insider Transaction Report
Form 4
KAPLAN THOMAS SCOTT
Director10% Owner
Transactions
- Award
Common Stock
[F1]2026-06-05+8,929→ 8,929 total - Exercise/Conversion
Common Stock
[F2][F3]2026-06-05$2.87/sh+2,739,640$7,862,767→ 78,677,940 total(indirect: By LLC) - Tax Payment
Common Stock
[F2][F3]2026-06-05$13.50/sh−582,022$7,857,297→ 78,095,918 total(indirect: By LLC) - Exercise/Conversion
Warrant (right to buy)
[F2][F3]2026-06-05−2,739,640→ 0 total(indirect: By LLC)Exercise: $2.87From: 2022-09-02Exp: 2027-09-02→ Common Stock (2,739,640 underlying)
Holdings
- 7,365,270(indirect: By LLC)
Common Stock
[F4] - 1,266,260(indirect: By Tigris Financial Group Ltd.)
Common Stock
[F5] - 60,010(indirect: By LLC)
Common Stock
[F6] - 393,230(indirect: By LLC)
Common Stock
[F7]
Footnotes (7)
- [F1]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.
- [F2]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.
- [F3]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.
- [F4]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.
- [F5]These securities are owned directly by Tigris Financial Group Ltd., which is wholly owned by Thomas S. Kaplan.
- [F6]These securities are owned directly by Manul Capital Management LLC. Thomas S. Kaplan serves as managing member of Manul Capital Management LLC.
- [F7]These securities are owned directly by GRAT Holdings LLC. Thomas S. Kaplan serves as managing member of GRAT Holdings LLC.