Ospraie Management, LLC 4

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.