Is SSMR diluting shareholders?

Read three numbers together: shares outstanding over time (143.7M as of 2026-08-12), warrants that can convert into new shares (9.4M reported), and how much cash runway remains. A company short on cash with live registrations is structurally likely to issue shares.

Where do these numbers come from?

SEC EDGAR only: the XBRL company-facts API for shares, warrants and cash, and filing metadata for registrations and pricings. Every figure shows its source form, and nothing here is estimated by us beyond the arithmetic stated next to it.

Why might a warrant tranche be missing from the table?

The tranche table is built from the dimensions the company tagged in its own 10-Q or 10-K XBRL. A tranche the filer chose not to dimension does not appear, and its absence proves nothing: the exhibits remain the ground truth. Everything shown carries the filing it came from.

Dilution profile // every instrument, one screen, from SEC filings

Sunshine Silver Mining & Refining Co (SSMR)

CIK 2091017 · all EDGAR filings →

Overall dilution risk

HIGHworst of 2 computed signals (offering ability)

= the worst band among the computed sub-ratings, no hidden weighting

not every sub-rating was computable; treat as a floor

Offering ability

HIGH$100M registered

= total registered offering amount from the fee exhibits of live registrations (bands: $1M / $20M)

registered capacity, not remaining: amounts already taken down are not subtracted yet

Overhead supply

LOWwarrants = 7% of O/S

= warrant shares outstanding divided by current shares outstanding (bands: 20% / 50%)

warrants only; converts, ATMs and equity lines are not in free structured data, so the true overhead is AT LEAST this

Historical dilution

NOT COMPUTEDunder 3 years of share history on file

= share count now vs 3 years ago

Cash need

NOT COMPUTEDrunway not computable from latest facts

= cash vs trailing operating burn

Same rating bands the category standard uses, but free, with the formula on the chip and the gaps in the data said out loud.

Shares outstanding over time

Fewer than two cover-page share counts on file, so there is no history to chart.

Cash runway

Not enough filing data

can’t compute a runway

Full breakdown: cash runway tool · source filing →

Warrants

Tranche	Warrants	Exercise price	Term	Notes
ESUS Warrants	2.7M	$2.87	—	—
Ospraie Warrants	2.6M	$2.87	—	—

Tranches exactly as the company dimensioned them in its 10-Q filed Aug 12, 2026 →. Groupings can overlap (a “Series E and F” row is not additive with a “Series E” row), so do not sum this column. A tranche the filer did not tag is absent here, not absent from the cap table. DOWN-ROUND = the filer tagged price-protection accounting scoped to that tranche.

Warrants outstanding: 9.4M underlying shares, as reported Jun 30, 2026 (10-Q).

Reported exercise price: $5 (aggregate figure as tagged; individual tranches vary).

Rough fully diluted estimate: 153.1M = 143.7M O/S + 9.4M warrant shares. An estimate, not a filing figure: it ignores converts, options and RSUs, and the two inputs carry different as-of dates.

Convertible notes

Reported conversion price: $2.87 (aggregate figure as tagged; individual notes can vary).

This filer tagged totals without per-note dimensions in its 10-Q filed Aug 12, 2026 →, so per-note terms (maturities, individual conversion prices) live in the exhibit prose and are not parsed here.

Fully diluted build-up

Shares outstanding plus every potential-share instrument the filer tagged in XBRL, each at its own as-of date. An estimate assembled from filed figures, not a filing figure itself.

Shares outstanding	143.7M	Aug 12, 2026
+ ESUS Warrants (if exercised)	2.7M	Apr 29, 2026
+ Ospraie Warrants (if exercised)	2.6M	Apr 29, 2026
Fully diluted estimate	149.1M	+3.7% vs O/S

Still excluded, because the filer does not tag them in countable form: employee options and RSUs, any instrument living only in exhibit prose, and instruments above missing a share count. Inputs carry different as-of dates, shown per row. Each figure traces to the tranche and note tables above and their cited filings.

Registrations and offerings

Registered offering capacity on live registrations: $100.0Mfrom the structured fee exhibits; registered is not remaining, takedowns are not subtracted

S-1May 11, 2026$100.0M registeredfiling →

Last 12 months: 1 executed · 2 registered.

EXECUTEDJun 5, 2026Final prospectus — offering priced (typical for IPOs and marketed share deals)424B4 →

EFFECTIVEJun 3, 2026SEC declared a registration effective — selling can beginEFFECT →

REGISTEREDMay 26, 2026S-1/A registration — capacity to sell shares, not a sale yetS-1/A →

REGISTEREDMay 11, 2026S-1 registration — capacity to sell shares, not a sale yetS-1 →

Full history and shelf status: offering checker · S-3 shelf checker

Source: SEC EDGAR XBRL company facts and filing metadata, fetched live and cached briefly. Share counts are cover-page figures with their form named. Warrant tranches and convertible notes come from the dimensioned facts in the latest 10-Q/10-K instance document, exactly as the company tagged them; untagged tranches and notes are absent, not disproven. Nothing on this page is manually verified and nothing is behind a login: what free data supports is shown, what it cannot support is stated. Not investment advice.

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