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Sunshine Silver Mining & Refining Co·4

Jun 8, 6:05 PM ET

GRAT Holdings LLC 4

Research Summary

AI-generated summary

Updated

SSMR 10% Owner Tigris Financial Exercises Warrants, Withholds Shares

What Happened
Tigris Financial Group Ltd. (a reported 10% owner of Sunshine Silver Mining & Refining Co., SSMR) exercised warrants on 2026-06-05 to acquire 2,739,640 shares at an exercise price of $2.87 per share (total cost ≈ $7,862,767). To satisfy the exercise price/tax obligations, 582,022 shares were surrendered/withheld (treated as a disposition) at $13.50 per share (value ≈ $7,857,297). In addition, 8,929 restricted stock units (RSUs) were granted (each convertible to one share subject to vesting conditions) to Thomas S. Kaplan.

Key Details

  • Transaction date: 2026-06-05; Form 4 filed: 2026-06-08 (timely within the Section 16 reporting window).
  • Warrants exercised: 2,739,640 shares at $2.87 each — aggregate exercise cost ≈ $7.86M.
  • Shares withheld/disposed to cover exercise price/taxes: 582,022 shares at $13.50 each — value ≈ $7.86M.
  • RSU grant: 8,929 RSUs (each convertible to one share), vesting on the earlier of 1 year after grant or immediately before the 2027 annual meeting, subject to continued board service (footnote F1).
  • Net new shares delivered to Tigris (after withholding): 2,157,618 shares (2,739,640 acquired less 582,022 withheld).
  • Ownership/relationships: Tigris is wholly owned by Thomas S. Kaplan (footnote F5). Other footnotes describe related Electrum entities and possible Section 13(d) group status; reporting persons disclaim beneficial ownership except to extent of pecuniary interest.
  • Footnote F2 states this was a net exercise of warrants immediately prior to the issuer’s IPO in accordance with warrant terms.

Context

  • This was an exercise/conversion of derivative securities (warrants) with shares withheld to cover payment/tax obligations — effectively a cashless/net exercise common in such transactions.
  • The RSUs granted are contingent awards that vest with continued board service and do not represent immediate free shares.
  • As a 10% owner entity (not a rank-and-file executive trade), this reflects a financing/structural transaction rather than a straightforward buy or sell signal by a company insider.