Ospraie Management, LLC 4
4 · Sunshine Silver Mining & Refining Co · Filed Jun 8, 2026
Research Summary
AI-generated summary of this filing
Sunshine Silver (SSMR) 10% Owner Ospraie Exercises Warrant, Sells Shares
What Happened
Ospraie Real Assets Fund LP (a reported 10% owner) exercised a warrant tied to Sunshine Silver Mining & Refining Co (SSMR) on June 5, 2026. The warrant covered 2,615,060 shares exercisable at $2.87. As part of a cashless exercise, the issuer withheld 555,555 shares to cover the exercise consideration and issued 2,059,505 net shares to Ospraie. The Form 4 also reports a disposition of 555,555 shares valued at $7,499,993 (sale price $13.50), but a footnote clarifies the withholding was used to pay the exercise price and that no shares were sold by the reporting person(s).
Key Details
- Transaction date: June 5, 2026. Exercise price listed: $2.87 per share (total $7,505,222 if paid in cash). Reported sale price for the withheld shares: $13.50 per share (total $7,499,993).
- Shares issued to ORA Fund from the cashless exercise: 2,059,505 shares. 555,555 shares were withheld to satisfy the exercise cost.
- Footnotes: the warrant was automatically cashlessly exercised upon the closing of the IPO; the cashless exercise was effected by surrender/cancellation of shares to pay the exercise price. The newly issued shares remain subject to the IPO lock-up disclosed in the prospectus.
- Timeliness: Form filed June 8, 2026 for a June 5 transaction — filing appears timely (within required SEC business-day window).
- Reporting status: This filing is by an institutional 10% owner (not an executive). Related entities (investment manager and partners) are disclosed as having potential beneficial ownership per the footnotes.
Context
This was a cashless exercise of a warrant (derivative exercise) rather than a cash purchase; the company withheld shares to cover the exercise cost rather than ORA paying cash. For retail investors, exercises that result in net acquisition (here, 2,059,505 shares issued) can be informational, but note this is institutional activity tied to the IPO mechanics and the shares are subject to a lock-up.
Insider Transaction Report
- Exercise of In-Money
Common Stock, par value $0.001 per share
[F3][F4]2026-06-05$2.87/sh+2,615,060$7,505,222→ 25,314,550 total - Sale
Common Stock, par value $0.001 per share
[F1][F2][F3][F4]2026-06-05$13.50/sh−555,555$7,499,993→ 24,758,995 total - Exercise of In-Money
Warrant (right to buy)
[F5][F3][F4]2026-06-05+2,615,060→ 0 totalExercise: $2.87From: 2022-09-02→ Common Stock (2,615,060 underlying)
Footnotes (5)
- [F1]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.
- [F2]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.
- [F3]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.
- [F4]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.
- [F5]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.