Exhibit 96.1

 

 

S-K 1300 Technical Report Summary
on the Initial Assessment

 

Sunshine Mine, Idaho, USA

 

Silver Opportunity Partners LLC

 

2209 Big Creek Rd., Kellogg, ID 83837

 

Prepared by:

 

SLR International Corporation

 

1658 Cole Blvd, Suite 100, Lakewood, Colorado, 80401

 

SLR Project No.: 123.020552.00001

 

Report Date:

 

March 25, 2026

 

Revision: 2

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Silver Opportunity Partners LLC | Sunshine Mine

S-K 1300 Technical Report Summary on the Initial Assessment

March 25, 2026

SLR Project No.: 123.020552.00001

 

Table of Contents

 

Table of Contents i
1.0 Executive Summary 1-1
1.1 Summary 1-1
1.2 Economic Analysis 1-17
1.3 Technical Summary 1-26
2.0 Introduction 2-1
2.1 Site Visits 2-2
2.2 Sources of Information 2-2
2.3 Abbreviations and Acronyms 2-4
3.0 Property Description 3-1
3.1 Location 3-1
3.2 Mineral Titles 3-3
3.3 Royalties, Agreements, and Encumbrances 3-7
3.4 Environmental Liabilities and Permitting 3-8
3.5 Other Significant Factors and Risks 3-12
4.0 Accessibility, Climate, Local Resources, Infrastructure and Physiography 4-1
4.1 Accessibility 4-1
4.2 Climate 4-1
4.3 Local Resources 4-1
4.4 Infrastructure 4-1
4.5 Physiography 4-2
5.0 History 5-1
5.1 Prior Ownership 5-1
5.2 Exploration and Development History 5-1
5.3 Past Production 5-1
6.0 Geological Setting, Mineralization, and Deposit 6-1
6.1 Regional Geology 6-1
6.2 Local and Property Geology 6-1
6.3 Deposit Types 6-7
7.0 Exploration 7-1
7.1 Exploration 7-1
7.2 Drilling 7-1
7.3 Hydrogeology Data 7-13

 

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Silver Opportunity Partners LLC | Sunshine Mine

S-K 1300 Technical Report Summary on the Initial Assessment

March 25, 2026

SLR Project No.: 123.020552.00001

 

7.4 Geotechnical Data 7-14
8.0 Sample Preparation, Analyses, and Security 8-1
8.1 Overview 8-1
8.2 Security Measures 8-1
8.3 Sample Preparation for Analysis 8-1
8.4 Sample Analysis 8-2
8.5 QA/QC Procedures 8-2
8.6 Opinion on Adequacy 8-9
9.0 Data Verification 9-1
9.1 Site Visit 9-1
9.2 QA/QC Analysis 9-2
9.3 Database Verification 9-2
9.4 Limitations 9-3
9.5 Opinion on Data Adequacy 9-4
10.0 Mineral Processing and Metallurgical Testing 10-1
10.1 Introduction 10-1
10.2 Descriptions of Historical Processes 10-1
10.3 Mineral Processing Operating Results 10-5
10.4 Historical Production 10-7
10.5 Metallurgical Test Work – G&T 10-9
10.6 Ore Sorting Test Work – Steinert 10-18
10.7 Solid-Liquid Separation – Pocock Industrial Inc. 10-19
10.8 Paste Backfill System 10-22
10.9 QP Opinion 10-24
11.0 Mineral Resource Estimates 11-1
11.1 Summary 11-1
11.2 Introduction 11-1
11.3 Geological Database 11-2
11.4 Geological Model 11-7
11.5 Assay Capping and Compositing 11-9
11.6 Bulk Density 11-15
11.7 Variogram Analysis 11-16
11.8 Block Model 11-16
11.9 Grade Estimation Methodology 11-19

 

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Silver Opportunity Partners LLC | Sunshine Mine

S-K 1300 Technical Report Summary on the Initial Assessment

March 25, 2026

SLR Project No.: 123.020552.00001

 

11.10 Model Validation 11-24
11.11 Classification 11-29
11.12 Demonstration of Reasonable Prospects for Economic Extraction 11-32
11.13 Mineral Resource Statement 11-34
12.0 Mineral Reserve Estimates 12-1
13.0 Mining Methods 13-1
13.1 Introduction 13-1
13.2 Mine Design 13-5
13.3 Mining Method 13-12
13.4 Potentially Mineable Material 13-21
13.5 Geomechanics 13-32
13.6 Pre-Production Schedule 13-36
13.7 Life of Mine Plan Scenarios 13-39
13.8 Mining Infrastructure 13-48
13.9 Mine Equipment 13-59
13.10 Items for Consideration in the Next Stage of Work 13-60
14.0 Processing and Recovery Methods 14-1
14.1 Summary Process Description 14-1
14.2 Process Description 14-2
14.3 Metal Recovery 14-6
15.0 Infrastructure 15-1
15.1 Site Layout and Access 15-1
15.2 Waste Rock Storage Facilities 15-4
15.3 Energy Supply 15-4
15.4 Compressed Air 15-4
15.5 Water 15-5
15.6 Site Buildings 15-6
15.7 Security 15-6
15.8 Tailings 15-7
15.9 Employee Transportation 15-13
16.0 Market Studies 16-1
16.1 Markets 16-1
16.2 Contracts 16-1
17.0 Environmental Studies, Permitting, and Plans, Negotiations, or Agreements with Local Individuals or Groups 17-1

 

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Silver Opportunity Partners LLC | Sunshine Mine

S-K 1300 Technical Report Summary on the Initial Assessment

March 25, 2026

SLR Project No.: 123.020552.00001

 

17.1 Summary 17-1
17.2 Environmental Studies 17-2
17.3 Project Permitting 17-4
17.4 Environmental Impacts 17-6
17.5 Environmental Monitoring and Reporting 17-7
17.6 Community Relations and Social Responsibilities 17-7
17.7 Mine Closure Requirements 17-7
17.8 QP Opinion 17-8
18.0 Capital and Operating Costs 18-1
18.1 Capital Costs 18-1
18.2 Operating Costs 18-5
19.0 Economic Analysis 19-1
19.1 Base Case 19-1
19.2 Indicated Only Case 19-7
19.3 Comparison of Cases 19-13
20.0 Adjacent Properties 20-1
21.0 Other Relevant Data and Information 21-1
22.0 Interpretation and Conclusions 22-1
22.1 Geology and Mineral Resources 22-1
22.2 Mining and Mineral Reserves 22-3
22.3 Mineral Processing 22-6
22.4 Infrastructure 22-10
22.5 Environment 22-10
22.6 Capital and Operating Costs 22-11
23.0 Recommendations 23-1
23.1 Summary 23-1
23.2 Geology and Mineral Resources 23-2
23.3 Mining and Mineral Reserves 23-3
23.4 Mineral Processing 23-4
23.5 Infrastructure 23-4
23.6 Environment 23-5
23.7 Capital and Operating Costs 23-5
24.0 References 24-1
25.0 Reliance on Information Provided by the Registrant 25-1

 

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Silver Opportunity Partners LLC | Sunshine Mine

S-K 1300 Technical Report Summary on the Initial Assessment

March 25, 2026

SLR Project No.: 123.020552.00001

 

26.0 Date and Signature Page 26-1
27.0 Appendix 1 Cash Flow Analysis 27-1
28.0 Appendix 2 List of Claims 28-1

 

Tables

 

Table 1-1: Recommended PFS Tasks and Cost Ranges 1-13
Table 1-2: Resource Definition Drilling Capital Estimate 1-14
Table 1-3: After-Tax Cash Flow Summary – Base Case 1-19
Table 1-4: After-Tax Cash Flow Summary – Indicated Only Case 1-23
Table 1-5: Comparison of Cash Flow – Base Case and Indicated Only Case 1-24
Table 1-6: Sunshine Mine Underground Mineral Resources as of February 24, 2026, SRK Consulting (U.S.), Inc. 1-29
Table 1-7: Potentially Mineable Material 1-31
Table 1-8: Capital Summary 1-34
Table 1-9: Operating Cost Summary 1-35
Table 2-1: Qualified Persons and Responsibilities 2-3
Table 3-1: Property Mineral Rights and Claims 3-3
Table 3-2: Summary of SOP Claims and Leases by Area 3-7
Table 3-3: Potential Sunshine Mine Activities and Permits 3-10
Table 7-1: Summary of 2022-2023 SOP Drill Hole Results 7-9
Table 7-2: Summary of In Situ Stress Measurements, Coeur d’Alene Mining District USA (MPa) 7-14
Table 7-3: In Situ Stress Measurement 4800 Level Sunshine Mine 7-15
Table 7-4: Uniaxial Properties of Sunshine Mine Rocks 7-15
Table 7-5: RQD Classification of Five Drill Holes 7-16
Table 8-1: Summary of CRM Standards 8-3
Table 8-2: Summary of Core Blanks 8-5
Table 8-3: Summary of Duplicates 8-6
Table 8-4: Summary of Check Assays 8-8
Table 10-1: Silver-Copper Flotation Concentrate Quality 1999 10-6
Table 10-2: Antimony Plant Residue (Cleaned Silver Concentrate) Quality 1999 10-6
Table 10-3: Lead Flotation Concentrate Quality 1999 10-6
Table 10-4: Analysis of Payable and Penalty Elements 10-7
Table 10-5: Summary of Sunshine Production (1950 – 2008) 10-8

 

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Silver Opportunity Partners LLC | Sunshine Mine

S-K 1300 Technical Report Summary on the Initial Assessment

March 25, 2026

SLR Project No.: 123.020552.00001

 

Table 10-6: Head Analyses and Mineralogical Composition of the Sunshine Master Composites 10-12
Table 10-7: Summary of Comminution Test Work Conducted on the Sunshine Test Composites 10-13
Table 10-8: Summary of Locked-Cycle Tests on the Western Stope Composite 10-14
Table 10-9: Summary of Pilot Plant Campaign on the Western Stope Composite 10-16
Table 10-10: Pilot Plant Flowsheet Used for the Eastern Stope Composite 10-17
Table 10-11: Summary of Ore Sorter Test Results 10-18
Table 10-12: Sunshine Concentrate and Tailings Sample Characterization 10-19
Table 10-13: Flocculant Dosage Parameters for Copper and Lead Concentrates and the Final Tailings 10-20
Table 10-14: Thickener Sizing Criteria and Flocculant Dosage Rates for Copper and Lead Concentrates and the Final Tailings 10-20
Table 10-15: Summary of Vacuum Filtration Test Results 10-21
Table 10-16: Summary Pressure Filtration Test Results on Copper and Lead Concentrates 10-22
Table 11-1: Sunshine Mine Underground Mineral Resources as of February 24, 2026, SRK Consulting (U.S.), Inc. 11-1
Table 11-2: Sunshine Modeled Vein Bounds 11-2
Table 11-3: Summary of Composite Lengths for Individual Veins 11-10
Table 11-4: Example of Statistical Capping Analysis for North Yankee Boy Silver Grade 11-12
Table 11-5: Applied Sample Capping Levels for Silver 11-14
Table 11-6: Specific Graphic Statistics 11-15
Table 11-7: Block Model Extents Summary 11-16
Table 11-8: Volume Comparison Between Wireframes and Block Models 11-18
Table 11-9: Search Pass Parameters for Sunshine Mineral Resources 11-21
Table 11-10: Unique Estimation Parameters for Sunshine Mineral Resources 11-21
Table 11-11: Model Validation by Statistical Analysis 11-26
Table 11-12: Sunshine Mine Underground Mineral Resources as of February 24, 2026, SRK Consulting (U.S.), Inc. 11-35
Table 11-13: Estimated Indicated Resources by Vein 11-35
Table 11-14: Estimated Inferred Resources by Vein 11-37
Table 11-15: Grade Tonnage Table of Sunshine Indicated Resources 11-38
Table 11-16: Grade Tonnage Table of Sunshine Inferred Resources 11-39
Table 13-1: Jewell Shaft Elevations 13-6
Table 13-2: Cut and Fill Stope Design Parameters 13-14

 

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Silver Opportunity Partners LLC | Sunshine Mine

S-K 1300 Technical Report Summary on the Initial Assessment

March 25, 2026

SLR Project No.: 123.020552.00001

 

Table 13-3: Long Hole Stope Design Parameters 13-17
Table 13-4: Stope Optimizer Input Parameters 13-22
Table 13-5: Mineable Inventory Cut-Off Grade Estimation 13-23
Table 13-6: Potentially Mineable Material – Base Case LOM Plan 13-26
Table 13-7: Base Case LOM Plan – Production Summary by Vein 13-27
Table 13-8: Base Case LOM Plan – Production Summary by Level 13-28
Table 13-9: Annual Percentage of Inferred Resources in the Base Case LOM Plan 13-29
Table 13-10: Indicated LOM Plan by Year 13-31
Table 13-11: RQD Domain Classification 13-32
Table 13-12: RQD Classification of Five Drill Holes 13-33
Table 13-13: Base Case and Indicated Only Case LOM Plans – Mine Production Summary 13-40
Table 13-16: Base Case – LOM Total Development 13-43
Table 13-17: Indicated Only Case – Mine Production Data 13-46
Table 13-18: Indicated Only Case – LOM Total Development 13-47
Table 13-19: Jewell Shaft Block Mine Ventilation Requirement for Equipment 13-53
Table 13-20: Mine Equipment List 13-59
Table 14-1: Concentrator Production Criteria 14-1
Table 14-2: Process Reagents and Consumables 14-6
Table 14-3: Annual Sunshine Concentrator Operating Results Reported from 1988-1999 14-7
Table 16-1: Silver-Copper Concentrate Terms 16-2
Table 16-2: Lead-Silver Concentrate Terms 16-2
Table 17-1: SOP Environmental Permits for Operation 17-5
Table 18-1: LOM Capital Summary – Base Case 18-1
Table 18-2: Pre-Production Capital Cost by Year – Base Case 18-1
Table 18-3: Mine Pre-Production Capital Cost by Year – Base Case 18-2
Table 18-4: Plant and Surface Pre-production Capital Cost by Year – Base Case 18-2
Table 18-5: Sustaining Capital Cost by Year 18-4
Table 18-6: LOM Capital Summary – Indicated Only Case 18-5
Table 18-7: Operating Cost Summary – Base Case 18-5
Table 18-8: Unit Mine Operating Costs – Base Case 18-6
Table 18-9: LOM Mine Operating Costs – Base Case 18-7
Table 18-10: Process Labor Costs – Base Case – 1,000 stpd 18-8
Table 18-11: Power Consumption and Unit Costs – Base Case – 1,000 stpd 18-8
Table 18-12: Reagents and Consumables Unit Costs - Base Case – 1,000 stpd 18-8

 

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Silver Opportunity Partners LLC | Sunshine Mine

S-K 1300 Technical Report Summary on the Initial Assessment

March 25, 2026

SLR Project No.: 123.020552.00001

 

Table 18-13: Process Operating Unit Costs Summary – Base Case – 1,000 stpd 18-9
Table 18-14: Steady State (Year 5) Workforce – Base Case 18-9
Table 18-15: Operating Cost Summary – Indicated Only Case 18-10
Table 18-16: Process Labor Costs – Indicated Only Case – 500 stpd 18-10
Table 18-17: Power Consumption and Unit Costs – Indicated Only Case – 500 stpd 18-10
Table 18-18: Reagents and Consumables Unit Costs - Indicated Only Case – 500 stpd 18-11
Table 18-19: Process Operating Unit Costs Summary – Indicated Only Case – 500 stpd 18-11
Table 18-20: Steady State (Year 4) Workforce – Indicated Only Case – 500 stpd 18-11
Table 19-1: After-Tax Cash Flow Summary – Base Case 19-3
Table 19-2: After-Tax Sensitivity Analysis – Base Case 19-5
Table 19-3: After-Tax Cash Flow Summary – Indicated Only Case 19-9
Table 19-4: After-Tax Sensitivity Analysis – Indicated Only Case 19-11
Table 20-1: BHMC Bunker Hill Mine Mineral Resource Estimate, Effective August 29, 2022 20-4
Table 23-1: Recommended PFS Tasks and Cost Ranges 23-1
Table 23-2: Resource Definition Drilling Capital Estimate 23-2

 

Figures

 

Figure 3-1: Location Map 3-2
Figure 3-2: Sunshine Mine Core Area Mineral Rights and Claim Map 3-4
Figure 3-3: Sunshine Mine Core Area and Coeur d’Alene Mining District Map 3-5
Figure 3-4: Lakeview Mining District Map 3-6
Figure 4-1: Sunshine Mine Surface Facilities 4-2
Figure 6-1: Mineral Belts of the Coeur d’Alene Mining District, Idaho 6-2
Figure 6-2: General Structural Setting 6-3
Figure 6-3: Stratigraphic Column 6-4
Figure 6-4: Geology Map of the Sunshine Mine Area 6-5
Figure 6-5: Cross Section of the Sunshine Mine Area 6-6
Figure 7-1: Vertical Longitudinal Projection of Recent SOP Drill Hole Locations 7-2
Figure 7-2: Vertical Longitudinal Section of Drill Hole and Channel Sample Locations 7-6
Figure 7-3: Plan View of Drill Holes and Channel Sample Locations 7-7
Figure 8-1: Summary of MEG-AG-1 Standard for Ag (g/t) 8-3
Figure 8-2: Summary of MEG-AG-2 Standard for Ag (g/t) 8-4

 

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Silver Opportunity Partners LLC | Sunshine Mine

S-K 1300 Technical Report Summary on the Initial Assessment

March 25, 2026

SLR Project No.: 123.020552.00001

 

Figure 8-3: Summary of MEG-AG-3 Standard for Ag (g/t) 8-4
Figure 8-4: Summary of Core Blank Results for Ag 8-6
Figure 8-5: Summary of Pulp Duplicate Results for Ag 8-7
Figure 8-6: Summary of Coarse Reject Results for Ag 8-7
Figure 8-7: Summary of Check Assay Pairs for Ag 8-8
Figure 10-1: Antimony Plant Process Flowsheet 10-3
Figure 10-2: Sunshine Refinery Flowsheet 10-4
Figure 10-3: SSMC Map Bulk Sample Locations 10-11
Figure 10-4: Locked Cycle Test Flowsheet used for the Western Stope Composite 10-15
Figure 10-5: Pilot Plant Flowsheet Used for the Western Stope Composite 10-17
Figure 10-6: Pilot Plant Flowsheet Used for the Eastern Stope Composite 10-18
Figure 10-7: Summary of Ore Sorter Test Work on Sunshine Bulk Ore Sample 10-19
Figure 11-1: Histogram of Silver Assays in All Vein Bounds 11-4
Figure 11-2: Histogram of Silver Sample Lengths in All Veins 11-5
Figure 11-3: Longitudinal Section of Silver Data in All Veins 11-6
Figure 11-4: Section Views of North Yankee Boy Vein 11-8
Figure 11-5: Histogram of Composite Lengths in All Vein Bounds 11-10
Figure 11-6: Log Probability Plot Capping Analysis for North Yankee Boy Silver Grade 11-13
Figure 11-7: Plan Showing Block Model Extents Example, North Yankee Boy Vein 11-18
Figure 11-8: Example of Estimation Search Orientation for 08B Vein 11-20
Figure 11-9: Longitudinal Section of Mined-Out Areas at North Yankee Boy Vein 11-23
Figure 11-10: Longitudinal Section of Estimated Block Grades of Ag at North Yankee Boy Vein 11-25
Figure 11-11: Swath Plot in X (Strike) Direction for North Yankee Boy Vein 11-28
Figure 11-12: Swath Plot in Y (Dip) Direction for North Yankee Boy Vein 11-29
Figure 11-13: Longitudinal Section of Classification at North Yankee Boy Vein 11-31
Figure 11-14: Longitudinal Section of North Yankee Boy Vein showing MSO Volumes 11-33
Figure 13-1: Mine As-Built in Plan View 13-3
Figure 13-2: Mine As-Built in Longitudinal Section View 13-4
Figure 13-3: Longitudinal Section View showing Mining Blocks and LOM Production Designs (Base Case) 13-8
Figure 13-4: LOM Production Designs Plan and Section Views (Base Case) 13-9
Figure 13-5: Schematic Longitudinal Section View showing Mining Blocks and Indicated Only Plan LOM Production Designs 13-10
Figure 13-6: Indicated Only Plan LOM Production Designs Schematic Plan and Section Views 13-11

 

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Silver Opportunity Partners LLC | Sunshine Mine

S-K 1300 Technical Report Summary on the Initial Assessment

March 25, 2026

SLR Project No.: 123.020552.00001

 

Figure 13-7: Mining Method Comparison 13-13
Figure 13-8: Section Views of Schematic showing Cut and Fill Stope 13-15
Figure 13-9: Section Views of Schematic showing Long Hole Stope 13-18
Figure 13-10: Mining Method Sensitivity Analysis 13-19
Figure 13-11: Base Case Mining Method Longitudinal Section 13-20
Figure 13-12: Development Cycle Breakdown 13-21
Figure 13-13: Mineable Material by Distance to Depleted Region 13-25
Figure 13-14: Waterfall Chart Showing Conversion to Mineable Ounces 13-26
Figure 13-15: Base Case LOM Plan – Mine Production Designs in Longitudinal Section 13-30
Figure 13-16: Mineable Indicated Mineral Resource Tonnage by Level 13-31
Figure 13-17: Adjustment Factors for Stability Assessment 13-35
Figure 13-18: Mathews Stability Graph for Long Hole Stopes 13-35
Figure 13-19: Pre-Production Schedule 13-38
Figure 13-20: Base Case LOM Production by Mining Method (tons) 13-41
Figure 13-21: Base Case LOM Production by Mining Method (Contained Ounces Silver) 13-42
Figure 13-22: Base Case LOM – Mine Development Schedule 13-44
Figure 13-23: Base Case LOM – Material Movement Schedule 13-44
Figure 13-24: Base Case – LOM Active Areas by Activity Type and Year 13-45
Figure 13-25: Indicated Only Case – Mine Production Tonnage and Head Grade 13-46
Figure 13-26: Indicated Only Case – Metal Production and Head Grade 13-47
Figure 13-27: Indicated Only Case LOM Mine Development Schedule 13-48
Figure 13-28: Ventilation Schematic 13-52
Figure 13-29: Jewell Shaft Dewatering Schematic 13-56
Figure 14-1: Mill Crusher Flowsheet 14-8
Figure 14-2: Flotation Flowsheet 14-9
Figure 14-3: Concentrator Block Flow Diagram 14-10
Figure 15-1: Overall Site Layout 15-2
Figure 15-2: Mine and Concentrator Site Layout 15-3
Figure 15-3: Existing TSF General Arrangement 15-8
Figure 15-4: Northern Embankment Raise Configuration 15-9
Figure 15-5: Potential LoF Dry-Stack Arrangement on Existing Sunshine TSF 15-11
Figure 16-1: Monthly Silver Price ($/oz) 16-1
Figure 18-2: Steady State Site Workforce – Base Case 18-9
Figure 18-3: Site Workforce – Indicated Only Case 18-12

 

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Silver Opportunity Partners LLC | Sunshine Mine

S-K 1300 Technical Report Summary on the Initial Assessment

March 25, 2026

SLR Project No.: 123.020552.00001

 

Figure 19-1: After-Tax NPV Sensitivity Analysis – Base Case 19-6
Figure 19-2: After-Tax IRR Sensitivity Analysis – Base Case 19-7
Figure 19-3: After-Tax NPV Sensitivity Analysis – Indicated Only Case 19-12
Figure 19-4: After-Tax IRR Sensitivity Analysis – Indicated Only Case 19-12
Figure 20-1: AGS, Galena Complex, 2015 MRE, Exclusive of Mineral Reserves 20-2
Figure 20-2: AGE, Galena Complex, 2015 Mineral Reserve Estimate 20-3
Figure 20-3: Adjacent Properties 20-5

 

Appendix Tables

 

Table 27-1: Project Cashflow (Base Case) 27-2
Table 27-2: Project Cashflow (Indicated Only Case) 27-6
Table 28-1: List of Patented Claims 28-1
Table 28-2: List of Unpatented Claims 28-9

 

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Silver Opportunity Partners LLC | Sunshine Mine

S-K 1300 Technical Report Summary on the Initial Assessment

March 25, 2026

SLR Project No.: 123.020552.00001

 

1.0 Executive Summary

 

1.1 Summary

 

SLR International Corporation (SLR) was retained by Silver Opportunity Partners LLC (SOP) to prepare an independent S-K 1300 Technical Report Summary (TRS) on the Sunshine mine and processing facilities (the Sunshine Mine or the Project) located within the Coeur d’Alene Mining District, near Kellogg, Idaho, USA.

 

The purpose of this TRS is to provide the results of an Initial Assessment (IA) of the Sunshine Mine, including the presentation of economic analyses that are based on an Indicated and Inferred Mineral Resource extraction scenario (Base Case), and an Indicated Mineral Resource only extraction scenario (Indicated Only Case).

 

This TRS conforms to United States Securities and Exchange Commission’s (SEC) Modernized Property Disclosure Requirements for Mining Registrants as described in Subpart 229.1300 of Regulation S-K, Disclosure by Registrants Engaged in Mining Operations (S-K 1300) and Item 601 (b)(96) Technical Report Summary.

 

The Sunshine Mine is owned by SOP, a private, wholly owned subsidiary of Sunshine Silver Mining & Refining Corporation (SSMRC), based in Kellogg, Idaho. The Sunshine Mine includes the previously producing Sunshine mine, processing plant, and surface facilities. Since acquiring the Sunshine Mine in 2010, SSMRC has been focused on identifying additional Mineral Resources while maintaining permits, acquiring strategic land holdings (such as the Sunshine Refinery) and rehabilitating underground infrastructure like pumping stations and haulage drifts. The Project is currently on care and maintenance.

 

Since the Sunshine mine was discovered in 1884, the mine has produced approximately 365 million ounces (Moz) of silver (Ag) along with lead (Pb), copper (Cu), and antimony (Sb). The Sunshine mine operated continuously, except for a few brief periods, until 2001 when it was shut down due to low silver prices. The Project has been on care and maintenance since that time except for a brief operating period in 2008.

 

SRK Consulting (U.S.), Inc. (SRK) completed an internal scoping study in September 2023. In January 2024, SRK completed an updated Mineral Resource estimate with an effective date of December 21, 2023, which SLR audited and accepted.

 

In February 2026, SRK updated the 2023 block models to include a historical mined-out area discovered in one vein, which is reflected in the current Mineral Resource estimates disclosed in this TRS. SRK, as the Mineral Resource Qualified Person (QP), considers the Mineral Resource estimate to be current as of February 24, 2026. No material work that would impact this Mineral Resource estimate has been completed and validated at the Project as of the date of the TRS. Ongoing drilling results, while potentially material in the future, are pending and have not been quantified or incorporated into the current Mineral Resource estimate.

 

SLR selected a mixture of conventional cut and fill mining and long hole stoping to mine the narrow (6.3-foot (ft) average) stopes. In the Base Case, mining will extend from the 100 Level to the 5900 Level over a 24 year mine life producing 7.87 million short tons (Mst) of mineable material grading 19.0 troy ounces per short ton (opt) Ag at a nominal mine production rate of 1,000 short tons per day (stpd). Mined material will be processed in a new facility to produce two concentrates for the recovery of silver and other economic metals. Plant tails will be used as a product in the paste fill with the remainder being filtered and stored on the existing tailings storage facility.

 

  1-1

 

Silver Opportunity Partners LLC | Sunshine Mine

S-K 1300 Technical Report Summary on the Initial Assessment

March 25, 2026

SLR Project No.: 123.020552.00001

 

The estimated Base Case initial capital costs are $286.9 million spent over a three year period, plus $560.2 million in sustaining capital costs over the life of the mine. The Base Case life of mine (LOM) operating costs are approximately $181.38 per short ton (st or ton).

 

An alternate production case based solely on Indicated Mineral Resources was also prepared. In the Indicated Only Case, mining will extend from the 2700 Level to the 4700 Level over a ten year mine life producing 1.5 Mst of mineable material grading 25.2 opt Ag at a production rate of up to 608 stpd. Processing and plant tails would use the same facilities as the Base Case.

 

For the Indicated Only Case, the estimated initial capital costs are $239.6 million spent over a three-year period, plus $265.3 million in sustaining capital costs over the life of the mine. The Indicated Only Case LOM operating costs are approximately $285.10/ton.

 

SOP plans are to resume mine operations at the Project when conditions warrant.

 

This TRS is considered by SLR to meet the requirements of an IA as defined in S-K 1300 regulations. The economic analysis contained in this TRS is based, in part, on Inferred Mineral Resources, and is preliminary in nature. Inferred Mineral Resources are considered too geologically speculative to have the economic considerations applied to them that would enable them to be categorized as Mineral Reserves. There is no certainty that economic forecasts on which this IA is based will be realized.

 

1.1.1 Conclusions

 

The Project demonstrates a positive cashflow in both the Base Case (including Inferred Mineral Resources) and in the Indicated Only Case which is based solely upon Indicated Mineral Resources. SLR concludes that the Project warrants further study and offer the following conclusions on the Project by area:

 

1.1.1.1 Geology and Mineral Resources

 

● Despite a long and productive mining history, the existing Project represents a brownfield underground project with high potential for expansion and definition of the mesothermal silver vein systems through continued exploration. The upper levels of the mine have had limited drilling and development due to the historical exploration methodology available during the early years of the mine’s operation. Additionally, the current economic outlook for silver and base minerals has changed drastically, and updated cut-off grades are lower than previous. SOP conducted recent infill and exploration drilling that expanded Mineral Resources. During future exploration and development phases, additional drilling has the potential to grow the known resource and potentially discover unidentified veins.

 

● Portions of the deposit remain sparsely drilled by modern methods, and continued drilling would improve understanding of the grade distribution and mineralization continuity. Future exploration programs should include a combination of infill drilling to improve geological understanding and the confidence in the Mineral Resource estimate, coupled with wider-spaced, step-out drilling to test prospective areas for new veins.

 

● From August 2022 until October of 2023, SOP completed a drilling campaign that totaled 54,369 ft of core in 38 drill holes. Each of the completed drill holes was successful in intersecting planned targets or providing new knowledge in previously unknown areas. All the new and historical drilling data helped inform the geology model, which is the first 3D model in the Sunshine Mine’s 140-year history. This will be helpful for ongoing exploration targeting. Resource conversion of Inferred mineralization to higher classification categories is likely to continue as SOP works toward the resumption of production.

 

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Silver Opportunity Partners LLC | Sunshine Mine

S-K 1300 Technical Report Summary on the Initial Assessment

March 25, 2026

SLR Project No.: 123.020552.00001

 

● The SRK QP has audited the security, sample preparation, and analytical procedures, and they are consistent with generally accepted industry standards. Specific records are limited for sampling procedures of the historical drilling programs; however, no known bias exists in the earlier sample grades compared to recent assay results. SOP has generally followed industry-accepted methods for QA/QC, including the use of standards, blanks, and duplicate samples in the 2023 drilling program. The SRK QP has reviewed all available QA/QC results, and they are considered adequate for an acceptable level of confidence in analytical data for the reporting of Mineral Resources, as per S-K 1300 guidelines.

 

● SRK independently reviewed the core sampling, cutting, logging, sample preparation, security, and laboratory analytical procedures followed at Sunshine during multiple site visits. The exploration and sampling protocols practiced at Sunshine are consistent with or exceed generally accepted industry guidance and are deemed adequate for the stage of the Project. In the SRK QP’s opinion, data verification checks performed internally by Sunshine staff, in combination with independent checks and detailed audits by the SRK QP, have resulted in sufficient validation of the fundamental drilling database at Sunshine. The data is acceptable and adequately reliable for use in geological modeling and estimation of Mineral Resources.

 

● Mineral Resources have been stated in this TRS for the Project and have been classified in accordance with S-K 1300 definitions, which are consistent with the classification scheme under the CRIRSCO standards, based on sampling density and confidence in the geological model and estimation. In the SRK QP’s opinion, the results of the exploration work completed on the Project to date are of substantial technical merit to recommend additional exploration expenditures.

 

● In August 2025, SOP began an extensive and ongoing underground drilling program. As of the TRS report date, approximately 48,000 feet (31%) of a planned 154,000-ft drilling campaign have been completed in 70 new drill holes. Preliminary observations by SOP indicate that the ongoing drilling has encountered mineralization in areas outside the current Mineral Resource estimate and may support upgraded resource classification in other infill areas. The SRK QP has not quantified any potential changes to the Mineral Resource estimate from these ongoing drilling results, as the data requires appropriate verification and revised vein modeling that will occur in future updates to the current Mineral Resource estimate. These additional drilling results may prove to be material when evaluated and incorporated into an updated resource model.

 

● To the extent known, there are no significant risks or uncertainties that could be expected reasonably to affect the reliability or confidence in the Sunshine drilling and sampling information provided by SOP. The SRK QP identified some minor risks:

 

○ The majority of the data supporting the Resource is historical in nature, including underground channel samples and small-diameter core drill holes, which should be confirmed by additional definition drilling.

 

○ The current Sunshine vein interpretations locally, in some areas, make assumptions on continuity that are subject to potentially significant volumetric changes, especially in zones of limited sample support. SRK relied upon the SOP geological interpretation to construct wireframes for estimation purposes and had validated the geological model. Potential inaccuracies in consistent determination of actual vein widths, orientations, unknown structural offsets, or changes in continuity within the interpreted domains were reflected in the classification of Mineral Resources, predominantly in the lack of any Measured material. SRK recommends additional drilling and sampling as the Project progresses to determine grade variability and vein domain interpretations with higher confidence.

 

  1-3

 

Silver Opportunity Partners LLC | Sunshine Mine

S-K 1300 Technical Report Summary on the Initial Assessment

March 25, 2026

SLR Project No.: 123.020552.00001

 

○ Development of reasonable prospects for economic extraction (RPEE) relies on the historical documentation of mined-out areas, which is believed to be reasonably accurate. In some areas, additional mining may have occurred that is undocumented and would affect mineable vein volumes. Based on the SOP documentation and the historical data reviewed to date, in the SRK QP’s opinion, it is unlikely that significant mined-out areas remain undiscovered and not depleted from the current Mineral Resource estimate. Drill holes from the 2025–2026 campaign have confirmed that areas of identified historical mined-out workings spatially match previous production records. Additionally, some stopes that meet RPEE from the Mineable Stope Optimization (MSO) runs may be deemed higher risk in future mine planning.

 

○ SRK notes that future economic assessment could result in a change in the cut-off grade (COG), which would result in a change in the tonnage of available minable material. Mineralization represented by the resource block model was evaluated for RPEE for underground mining methods. The SRK QP did not independently audit recovery, processing costs, or other assumptions for deriving the COG but does consider the inputs to be reasonable.

 

○ The property is subject to net smelter return (NSR) royalty agreements. At present, only silver is available in the database for resource estimation. The ability to calculate accurate NSR values and potential royalties may require estimation of additional metal variables, depending on the specifics of the current agreements. Therefore, the limited base metal assays in the current geological database may pose a risk to future NSR calculation.

 

1.1.1.2 Mining and Mineral Reserves

 

● There are currently no Mineral Reserves estimated at the Sunshine Mine.

 

● The plans and schedules in this IA are based, in part, on Inferred Mineral Resources, and are preliminary in nature.

 

● The Mineral Resources and the planned mining are spread through a large volume of rock, which is 6,000 ft deep, 2,000 ft across the dip and 15,000 ft along strike.

 

● The Sunshine mine has numerous past producing stopes and an extensive existing network of existing shafts, winzes, drifts, raises, and ramps to access the Mineral Resources.

 

● The condition of the existing workings varies widely. Headings below the 3100 Level have been flooded for a number of years and many shafts, winzes, and headings have not been available for inspection for a number of years. Dewatering of the mine and rehabilitation of existing workings will be required to support a return to production.

 

● Major mine infrastructure, including shafts, hoists, and compressors, is in working order and used daily. Other components will require inspection, upgrading, and rehabilitation. Full production requires expansion of the electrical and compressed air systems.

 

  1-4

 

Silver Opportunity Partners LLC | Sunshine Mine

S-K 1300 Technical Report Summary on the Initial Assessment

March 25, 2026

SLR Project No.: 123.020552.00001

 

● Various mining methods were considered, and a mixture of conventional cut and fill (CCF) stoping and long hole (LH) stoping were selected as the best options considering the narrow (6.3 ft average) mining width and 60° to 70° dip.

 

● Past revenue included copper, lead, and antimony. The mine plans and designs were developed based on the Mineral Resource estimate, which considers only silver as the valued metal. There is limited laboratory assay data for copper, lead, and antimony, and the Mineral Resource block model does not include data for these elements.

 

● Cut-off grades were estimated based on initial operating cost estimates and a smelter return model using silver as the sole revenue source. The potentially mineable material is not sensitive to the COG estimate.

 

● The Indicated and Inferred Mineral Resources were analyzed using Deswik Stope optimizer (DSO) to generate potential stope shapes. The DSO evaluated the Mineral Resources based on minimum mining dimensions and dilution parameters considered suitable for each of the two methods. The DSO was run separately for each mining method. The DSO parameters are listed:

 

○ COG of 9 opt silver Ag for CCF and 8 opt silver Ag for LH stopes, with no value included for byproducts

 

○ Dilution of one foot on each wall (two feet total) for both cut and fill and long hole stopes

 

○ Minimum mining width of four feet for CCF stopes and three feet for LH stopes

 

● Additional dilution to account for long hole stope sublevel development, which must be wider than the vein, was added to the long hole stoping shapes.

 

● The stope shapes in excess of 30,000 short tons between 200 ft vertical levels were considered for long hole stoping, and smaller shapes were selected for cut and fill stoping.

 

● These shapes were then reviewed considering the size, grade, proximity to old workings, and geotechnical complexities to develop the potentially mineable tonnage. Material located less than 20 ft from historical workings was removed from the estimate to account for survey issues, ground conditions, and the potential for open voids. Production and development plans were developed for the resultant shapes.

 

● From the review of the Deswik Stope Optimizer (DSO) results, stoping is planned for 27 separate veins with an average width of 6.3 ft using CCF stoping for 61% of the tonnage (55% of the silver ounces) and long hole stoping for 39% of the tonnage (45% of the silver ounces).

 

● The Base Case potentially mineable material totals 7.87 million short tons (Mst) grading 19.0 opt Ag and containing 150 Moz Ag, comprising:

 

○ 4.64 Mst grading 17.3 opt Ag and containing 80 Moz Ag in cut and fill stopes

 

○ 3.01 Mst grading 22.2 opt Ag and containing 67 Moz Ag in long hole stopes

 

○ 0.2 Mst grading 11.1 opt Ag and containing 2 Moz Ag in stope development

 

● Mined voids will be backfilled with paste fill delivered from the mill. The mine will use 62% of the mill tailings before the ore sorter is in service and 88% of the mill tailings after the ore sorter is in place. No refilling of existing voids is included in the plan.

 

  1-5

 

Silver Opportunity Partners LLC | Sunshine Mine

S-K 1300 Technical Report Summary on the Initial Assessment

March 25, 2026

SLR Project No.: 123.020552.00001

 

● There was no new geotechnical testing undertaken for this IA and only limited geotechnical data was located regarding rock strength, rock mass conditions, and in situ stresses at the Sunshine mine. SLR used observations from the site visit and the data from the recent exploration drilling to develop an assessment of the long hole stope stability.

 

● The 27 veins in the mine plan were grouped into seven mining areas, or “mining blocks”. A production schedule was developed based upon the tonnage and grade by mine level and by mining area.

 

● The Project schedule includes a three year preproduction period for mine dewatering, rehabilitation and upgrading of the hoists and shafts, and initial mine development and a seven year production ramp-up period.

 

● The potentially mineable material included in the current Mineral Resources is sufficient to provide a 24-year production plan.

 

● Mine production will commence from the Jewell Shaft Block, accessed via the Jewell Shaft, and the Upper Mine Block area, which will be accessed via a decline from surface and mined as an independent area from the other six mining blocks.

 

● The production schedule provides significantly higher than average head grades in the early years of the mine plan.

 

● At full production rate the mine operations will be wide-spread, with approximately 20 operating stopes spread over 15 mining levels.

 

● Mining below the 3700 Level and from 1500 Level upwards will be by mechanized access declines and drifts. From 3700 Level to 1700 Level, mechanized equipment will be used for development and long hole stoping, but rock haulage will be by rail to the Jewell Shaft. Below the 3700 Level, the access and rock haul will be with rubber tired mobile equipment.

 

● Mine development requirements were estimated and scheduled to match the production plan. The LOM development totals include the following:

 

○ 326,000 ft of lateral development

 

○ 35,900 ft of vertical development

 

○ 79,600 ft of heading rehabilitation

 

● All mobile equipment required for the plan will be purchased as there are limited serviceable units remaining.

 

● The mine infrastructure has remained in place and been kept on a care and maintenance basis. The mine is currently flooded to approximately 3,400 ft below surface and the water level is being maintained.

 

● Hoist upgrades are planned for the Jewell Chippy and Silver Summit hoists and repairs to the two shafts will be necessary. Jewell Shaft repairs focus on rehabilitation of the flooded portion of the shaft and pocket repairs. The Silver Summit Shaft will be rehabilitated to the 3000 Level for use as secondary egress, ventilation, and large material and equipment movement.

 

  1-6

 

Silver Opportunity Partners LLC | Sunshine Mine

S-K 1300 Technical Report Summary on the Initial Assessment

March 25, 2026

SLR Project No.: 123.020552.00001

 

● Expansion and upgrades to the mine dewatering and electrical distribution systems will be installed. A paste fill delivery system in the Jewell Shaft and across mine levels will be installed.

 

● The Base Case LOM plan includes Inferred Mineral Resources totaling 5.8 Mst grading 17.6 opt Ag and containing 102 Moz Ag. This is 74% of the Base Case tonnage and 68% of the Base Case silver ounces.

 

● An Indicated Only Case LOM plan was generated based solely on Indicated Mineral Resources (noting that there are no estimated Measured Mineral Resources). The Indicated Only Case includes 1.5 Mst grading 25.2 opt Ag with 44% LH stope tonnage and 56% CCF stope tonnage. The Indicated Only Case extends for a period of ten years with production rates up to 608 stpd.

 

● Mine development requirements for the Indicated Only Case were estimated and scheduled to match the production plan. The Indicated Only Case LOM development totals include the following:

 

○ 154,000 ft of lateral development

 

○ 18,000 ft of vertical development

 

○ 62,000 ft of heading rehabilitation

 

● Potential opportunities for improvement of the LOM plan include:

 

○ Conversion of Indicated Mineral Resources to Probable Mineral Reserves.

 

○ Higher recovery of material adjacent to existing stopes.

 

○ Reduced dilution or minimum mining width in steepest dipping CCF stopes.

 

○ Reduction of standoff to existing voids via the aid of backfill or other means.

 

○ Increased LH stope sizes and resultant productivity rates associated with improved geotechnical understanding.

 

● Risks identified by the SLR QPs include the following:

 

○ After detailed inspections, the upgrading and rehabilitation may require additional work beyond that currently included in the LOM plan.

 

○ The narrow mining width limits production capacity of the stopes and increases the potential for waste dilution due to mining beyond the vein limits. Overbreak in the long hole stopes due to any combination of poor drilling control, ground failures, inadequate blasting control, inadequate planning for sublevel locations, and/or inadequate geological control of development would result in higher dilution and lower head grade.

 

○ Developing, equipping, assigning personnel, and supervising the widespread operations, with stopes and development faces over a series of levels, will require effective management to meet the production targets.

 

○ The development and stoping require skilled personnel whom it may be necessary to train in the mine.

 

○ The paste backfill system poses a production risk as the mine and process facilities operate on different schedules and the utilization of mill tailings for paste is high, at 62% before the ore sorter is in service and 88% of the mill tailings after the ore sorter is in service.

 

  1-7

 

Silver Opportunity Partners LLC | Sunshine Mine

S-K 1300 Technical Report Summary on the Initial Assessment

March 25, 2026

SLR Project No.: 123.020552.00001

 

○ Mine labor rates are at the lower end of the local area scale and are based on overtime averaging and no contract bonus. These risks are partially offset by the factor for payroll burden.

 

○ The limited geotechnical data available poses a risk to stope stability and ground support requirements. If the ground conditions are worse or stresses higher than anticipated then stopes size may need to be reduced, and capital development and mining operation costs could increase.

 

○ Vein geometry is not well understood in veins that do not have significant mining history. Higher variability in vein geometry (thickness, dip) will make achieving the planned extraction and dilution rates difficult.

 

1.1.1.3 Mineral Processing

 

● The Project has a long operational history and has used the same basic, flexible flowsheet since the last major upgrades in the 1950s. Sunshine has relied on operating data to support mine planning and predict plant performance. There has not been any recent metallurgical test work, so historical concentrator performance will be used to support the LOM plans and economics of this IA. Flotation testing performed in 2013 by ALS Metallurgy (formerly G&T Metallurgy), located in Kamloops, British Columbia was also used to support the IA process design. SLR’s QP has reviewed this supporting information and finds it to be acceptable for this level of study. The next stage of study will require identification of material types to be processed according to the mine plan, metallurgical drilling and sampling of the ore types, and performance of a complete metallurgical test program.

 

● When the Sunshine Mine last operated, the metallurgical facilities available included a 1,000 short ton per day flotation mill; an antimony metal plant; and a silver refinery producing fine silver and copper cathode metal.

 

● The antimony plant has been demolished and the silver refinery put on care and maintenance. The IA considered the economic trade-offs of building a new concentrator to produce silver-copper and lead concentrates for direct shipment to smelters, or to construct a new antimony plant and refurbish the silver refinery to produce lead concentrates, antimony metal, sodium antimonate, fine silver metal and copper cathode metal.

 

● Previous studies indicated that the most economic course was to construct a new concentrator and ship concentrates to smelters. The key to this option is finding buyers for the silver-copper (tetrahedrite) concentrate that will contain a high concentration of antimony. Budget level quotations were obtained from metal traders to confirm that the concentrate can be sold.

 

● The Project’s mineralized material contains economic quantities of silver, copper, lead, and antimony. Silver, copper, and antimony are primarily contained in argentiferous tetrahedrite and freibergite which form a solid solution series. Other minerals include silver bearing galena, pyrite, stibnite and arsenopyrite.

 

● The existing processing plant design configuration is flexible and has allowed the production of different concentrates depending on the mineralogy being mined. The IA configuration of the processing plant is the same and has three separate flotation circuits which can be operated sequentially to produce silver-copper, lead-silver, and pyrite concentrates. The current plan is to produce two concentrates, silver-copper and lead-silver, while depressing the pyrite.

 

  1-8

 

Silver Opportunity Partners LLC | Sunshine Mine

S-K 1300 Technical Report Summary on the Initial Assessment

March 25, 2026

SLR Project No.: 123.020552.00001

 

● A review of production records from December 1, 1998, through May 30, 1999, indicates that the processing plant has consistently yielded tailings averaging 0.86 opt Ag. With an average head grade of 26.1 opt Ag, the indicated silver recovery is 96.7%.

 

● The lead recovery, as published by Sunshine in Form 10K, Securities and Exchange Commission, for fiscal year ended December 31, 1998 (Behre Dolbear 1999), indicates a recovery from mined ores of approximately 92.5%. This value has not been verified by a review of actual production records in as much as Sunshine did not publish monthly results of ore grades for metals other than silver.

 

● The copper recovery, as published by Behre Dolbear (1999) indicates a recovery from mine ores of approximately 97%. SLR notes that the copper and silver recoveries are similar as they are derived from the same mineral, tetrahedrite.

 

● G&T Metallurgy (G&T), now ALS Metallurgy, conducted a metallurgical program during 2013 on two master composites from the Sunshine Mine, which represented the Western Stope and the Eastern Stope. The Western stope composite consisted of 4,933 kg of bulk material and the Eastern stope composite consisted of 2,741 kg of material. The metallurgical program included mineralogical evaluation, comminution test work and both bench-scale and pilot plant test work. SLR notes that this is the only concentrator test work available for the IA.

 

● Observed copper sulfide minerals were primarily freibergite, tetrahedrite, and to a lesser extent, chalcopyrite. Freibergite, a complex mineral also containing silver, antimony, and arsenic, was the predominant silver-bearing mineral observed for both the Western Stope and Eastern Stope Composites.

 

● The sulfides in the Western Stope composite were 61% liberated at a nominal grind size of P80 150 microns (μm) and the Eastern Stope sulfides were 58% liberated at a P80 200 μm grind size which was sufficient for flotation. Liberation of galena in the Western Stope Composite was measured at approximately 65%. SLR notes that the IA design and the original Sunshine primary grind were P80 106 µm, improving initial mineral liberation.

 

● Comminution test work was conducted on each of the test composites to determine the Bond ball mill work index (BWI), Bond rod mill work index (RWI), Bond Low Energy Impact work index (CWI), Abrasion index (Ai) and the SAG mill Comminution Index (SMC). The BWI was determined to be 14.0 kilowatt hours per tonne (kWh/t) for the Western Stope composite and 12.9 kWh/t for the Eastern Stope composite.

 

● The G&T silver-copper flotation flowsheet parameters included a primary grind of P80 195 μm and regrinding of the rougher concentrate to P80 13 µm before feeding cleaner, and cleaner scavenger cells. The lead circuit is similar to the silver-copper circuit.

 

● The results of locked cycle tests conducted on the Western Stope composite indicate silver recovery into the silver-copper concentrate ranged from 78.1% to 82.3% and averaged 79.6%. Silver recovery into the lead-silver concentrate ranged from 9.7% to 11.3% and averaged 10.4%. Overall silver recovery averaged 90.0%. Copper recovery into the silver-copper concentrate averaged 81.2% into a concentrate that averaged 26.5% copper and 1,989 opt silver. Lead recovery into the lead-silver concentrate averaged 64.3% into a concentrate that averaged 49.6% lead and 337 opt silver. SLR notes that copper and silver recoveries are similar in that they are contained in the same mineral, tetrahedrite.

 

  1-9

 

Silver Opportunity Partners LLC | Sunshine Mine

S-K 1300 Technical Report Summary on the Initial Assessment

March 25, 2026

SLR Project No.: 123.020552.00001

 

● Pilot plant campaigns were performed on the Western Stope and Eastern stope composites. The flowsheet was similar to the locked cycle tests with sequential copper and lead circuits, each with a primary grind size of P80 195 µm, rougher/scavenger flotation, regrind of rougher concentrates to 13 µm followed by two stages of cleaning. The second cleaner concentrate is the final concentrate.

 

● Pilot plant results for the Western Stope composite were that silver recovery averaged 80% into the silver-copper concentrate containing 22.3% copper and 1,613 opt silver, and 12% silver recovery into the lead-silver concentrate. Overall silver recovery averaged 92%. Lead recovery averaged 51% into a lead-silver concentrate containing 49.0% lead and 406 opt silver. Antimony content in the silver-copper concentrate was reported to be 18.0%, and 4.51% in the lead-silver concentrate.

 

● Eastern Stope pilot plant flowsheet only included silver-copper flotation and did not include lead flotation. Silver recovery averaged 91% into a silver-copper concentrate that averaged 16.4% copper and 1,232 opt silver. Antimony content in the silver-copper concentrate was reported to be 14.2%.

 

● A 5,000 kg bulk sample from the Sunshine Mine was submitted for ore sorter testing at Steinert in 2018, the results of the ore sorter test program are fully documented in Steinert (2018). The results of this ore sorting test show that 97.7% of silver was recovered into an ore sorter product containing 56.5 opt silver while rejecting 44.2 wt% as waste. Ore sorting has been included in the IA flow sheet (Base Case only).

 

● Solid liquid separation (SLS) tests were conducted on copper concentrate, lead concentrate, and final tailings samples for Samuel Engineering for the Sunshine Mine in 2013. The samples were received and tested by Pocock Industrial, Inc., located in Salt Lake City, Utah (Pocock). Design parameters were determined for thickening, vacuum filtration, and pressure filtration for the study.

 

● A paste backfill system is being considered at the Project to assist with ground control and increase mining recovery. The design criteria for a permanent paste backfill system was prepared by Mine Systems Design Inc. (MDS 2012). The flowsheet used for cost estimation consists of optional cyclone classification and conventional thickening and filtration. SLR notes that solid liquid separation studies have been performed by Pocock, including thickening, vacuum filtration and pressure filtration that can be used to support backfill plant equipment selection.

 

● The Sunshine IA considers that a new concentrator (the IA processing facility) will be constructed in the same location as the existing concentrator building. The existing building will be demolished to the foundations and new facilities and equipment will be installed.

 

● The Base Case IA processing facility will receive a nominal 1,000 stpd of ROM mineralized material, hoisted either from the Jewell Shaft and discharged into the ROM mineralized material storage bin adjacent to the mine headframe, or from the Sterling Tunnel, delivered by truck to the Jewell Shaft ROM storage bin external feed hopper.

 

● Material will be drawn from the ROM storage bin into a three staged crushing circuit including a primary gyratory, a secondary standard, and tertiary shorthead crusher to produce a final grinding circuit feed size of P100 10 mm and P80 6 mm. The grinding circuit will consist of a ball mill and flash flotation cell closed by hydro cyclones. Flotation will include rougher/scavenger and cleaner flotation cells producing silver-copper and lead flotation concentrates. The two concentrates will be thickened, filtered, and stored for bulk shipment to metal recovery facilities. Concentrator tailing slurry will be thickened and pumped to a paste backfill plant, the product of which will be pumped underground for backfill. Excess tailings material will be filtered and transported to a dry stack tailings storage facility.

 

  1-10

 

Silver Opportunity Partners LLC | Sunshine Mine

S-K 1300 Technical Report Summary on the Initial Assessment

March 25, 2026

SLR Project No.: 123.020552.00001

 

● The Sunshine concentrator operating results from 1994 to 1999 reported silver ounces recovered to the silver and lead concentrates. The average silver recovery to the silver concentrate and lead concentrate during the period was 84.8% and 12.1%, respectively for total silver recovery of 96.9%. Silver recovery to the silver concentrate ranged from 81.2% to 96.7%, and the silver recovery to the lead concentrate ranged from 0.43% to 16.2%.

 

● Overall silver recovery from ROM material is estimated to be 95.8% including losses during ore sorting and flotation.

 

1.1.1.4 Infrastructure

 

● The key mine infrastructure has been maintained on a care and maintenance basis since the mine last operated and is available for future use.

 

● The tailings storage facility (TSF) in its current state has a remaining storage capacity of approximately 100,000 short tons before an additional raise is required. There is a conceptual plan, subject to any additional permit approvals, for the TSF to be converted to a dry stack facility. This arrangement could achieve the desired Life of Facility (LoF) tailings storage requirement proposed in this IA (833 kst), with a crest elevation of 2,498 ft, 13 ft above the current embankment crest level.

 

● Given the uncertainties in tailings material geotechnical properties, degree of consolidation, and liquefaction potential, along with an assumed population at risk (PAR) through proximity to the interstate highway, the precautionary approach is to assume that the TSF represents a material risk in its current state until these can be quantified.

 

● Over the Base Case LOM plan, approximately 11% of the mine production tonnage (97 tpd) will be directed to the TSF for deposition and storage and 26% of the tonnage will be ore sorter reject. The remaining tailings will be used as paste backfill in the mine.

 

● Without the installation of the ore sorter, the tailings production increases to 37% of the tonnage mined (330 stpd).

 

● Process/industrial water for the mine is available from four water right licenses including three that can draw directly from Big Creek. Potable water is provided by the Central Shoshone Water District.

 

● Power is supplied from a dedicated power line and is maintained by the local utility company, Avista. Back-up emergency use power is provided by a diesel generator.

 

● Surface water run-on and septic effluent are effectively and properly managed reducing the need for further treatment.

 

● The current water treatment plant will be upgraded or replaced prior to restart, following planned issuance of an updated permit for wastewater discharge.

 

  1-11

 

Silver Opportunity Partners LLC | Sunshine Mine

S-K 1300 Technical Report Summary on the Initial Assessment

March 25, 2026

SLR Project No.: 123.020552.00001

 

1.1.1.5 Environment

 

● SOP is in compliance with all current permits and authorizations.

 

● The wastewater discharge permit, National Pollutant Discharge Elimination System (NPDES) Permit, Permit No. 000006-0, was transferred to the Idaho Environmental Quality (IDEQ) and is now an Idaho Pollutant Discharge Elimination System (IPDES) Permit, Permit No. ID0000060. This permit is in the process of being updated to reflect current discharge standards.

 

● The wastewater discharge criteria are not defined at this time, and studies are ongoing; therefore, the treatment technology anticipated may change. It is anticipated that either improvements will be made to the current water treatment plant, or a new water treatment plant will be constructed to meet future wastewater discharge criteria; provisions have been identified to do so.

 

● Additional permit modifications and new permits, which include federal, state and local (Shoshone County, Idaho and the Panhandle Health District) agencies, will be required for the operation of the mine. The permit modifications and new permits to be obtained are not anticipated to be challenging and will not trigger the National Environmental Policy Act (NEPA).

 

● Although not a regulatory requirement beyond the TSF permit, SOP has developed a reclamation plan and associated Reclamation Cost Estimate (RCE) for the mine site.

 

1.1.1.6 Capital and Operating Costs

 

The capital and operating costs in this TRS were estimated in Q2 2024 US dollars and have been escalated to Q3 2025 dollars. The cost estimates meet the requirements of an AACE International (AACE) Class 5 estimate with an accuracy range of -20% to -50% to +30% to +100% which also meets the requirements of S-K 1300 as the lower and upper limits of -50% to +50% lie within the AACE Class 5 estimate range. The cost estimates are considered to be reasonable and appropriate for an S-K 1300 IA considering that Class 5 estimates usually have 0% to 2% project definition per the AACE classification system.

 

For the proposed Base Case:

 

● The initial capital cost is estimated to be $287 million, including contingency, and the LOM sustaining capital cost is estimated to be $539 million plus $21.2 million for closure.

 

● The LOM site operating costs total $1,427 million and are estimated to average $181.38 per ton processed. The ‘tons processed’ is defined as the total mill feed to the plant, pre-ore sorting.

 

For the Indicated Only Case:

 

● The initial capital cost is estimated to be $240 million including contingency and the LOM sustaining capital cost is estimated to be $244 million.

 

● The LOM site operating costs total $426 million and are estimated to average $285.10 per ton processed. The ‘tons processed’ is defined as the total mill feed to the plant (There is no ore sorting in this scenario).

 

  1-12

 

Silver Opportunity Partners LLC | Sunshine Mine

S-K 1300 Technical Report Summary on the Initial Assessment

March 25, 2026

SLR Project No.: 123.020552.00001

 

1.1.2 Recommendations

 

1.1.2.1 Summary

 

The QPs recommend that this Project progress to the next level of study, a Prefeasibility Study (PFS). During a typical PFS, the Company will gather more information and perform trade off studies to validate the selected mining, processing, tailings disposal, and water treatment methods. The total cost for the recommended work plan ranges from US$32.3 million to US$47.7 million, which is detailed in Table 1-1.

 

Table 1-1: Recommended PFS Tasks and Cost Ranges

 

Discipline Area Task Description Cost Range
(US$ 000)
Geology Resource Definition Drill Program (see detail Table 1-2) 30,000–40,500
Mining Geotechnical Laboratory Testing 25–50
Mining Test Stoping for Proposed Mining Methods (Optional, could be incorporated as part of the Drill Exploration Program development) 1,000–2,000
Mining Equipment Specifications 20–30
Process Ore Sorting Testing 10–15
Process Crushing and Comminution Testing, Lock-Cycle Flotation Testing (3 Major Mineral Types), Mineralogy Variability Testing (3 Major Types) 150–200
Process Finalize Flow Sheet, Piping and Instrumentation Diagrams (P&IDs), Plant Layouts 200–300
Process Equipment Specifications 50–75
Tailings Tailings Rheology 30–70
Tailings Dry Stack 30–50
Tailings Paste Backfill Testing and Design 80–120
Water Treatment Testing and Concept 20–30
Water Treatment Plant Design, P&IDs, Plant Layouts (Update Lyntek Design) Assuming no Antimony Plant and Silver Refinery. 20–30
Capital Cost Shaft Rehabilitation and Hoisting Estimate by Vendors No Charge
Capital Cost Detailed Equipment Cost Estimates by Vendors No Charge
Operating Cost Detailed Material and Supply Cost Estimates by Vendors No Charge
Marketing Studies Increase Detail 30–40
PFS 0.20% to 1.50% of Initial Capital Cost Estimate 600–4,200
Total   32,265–47,710

 

  1-13

 

Silver Opportunity Partners LLC | Sunshine Mine

S-K 1300 Technical Report Summary on the Initial Assessment

March 25, 2026

SLR Project No.: 123.020552.00001

 

1.1.2.2 Geology and Mineral Resources

 

The SRK QP offers the following recommendations related to geology and Mineral Resources:

 

1 Include infill drilling in the next drilling campaign to improve confidence of areas categorized as Inferred Mineral Resources and step-out drilling to identify potential new veins.

 

2 As additional drilling phases are completed, refine the 3D geological model with appropriate estimation methodology and classification to report updated Mineral Resources to industry standards.

 

3 Update the QA/QC protocols and procedures to ensure that certified reference material (CRM) samples are well blended and the duplicate insertion frequency meets or exceeds the industry standard.

 

4 As part of the next drilling program, collect metallurgical samples, perform geotechnical drilling and obtain samples for laboratory testing, identify ground characteristics of old stope areas and areas adjacent to mined out stopes,

 

5 A resource definition program must be completed to advance the Project to its next phase. The drilling program targets upgrading and converting of Inferred Resources planned for extraction in the first ten years of the mine life. Some step-out drilling potential exists from planned drill stations; however, resource expansion is not the driver for selecting drill station locations. The upgrading of the resource material from Inferred Mineral Resources to Indicated and/or Measured Mineral Resources is necessary for conversion to Mineral Reserves that can be incorporated into future prefeasibility or feasibility studies. A tentative drill program was prepared for budgetary purposes and may shift dynamically during execution. New drill stations are planned from new ramps driven from the Sterling Tunnel and new development drives from 2300 Level and 3100 Level. New drift designs are planned such that they have future utility as main haulage and access routes. Costs associated with the drill plan are outlined in Table 1-2.

 

Table 1-2: Resource Definition Drilling Capital Estimate

 

Location Feet Unit Rate
(US$)		 Total
(US$ 000)
Sterling      
48 Hole Drill Program 48,000 100 4,800
Horizontal Development 3,300 2,000 6,600
Vertical Development 150 4,000 600
Infrastructure Upgrades to Support Drilling - - 1,025
Subtotal     13,025
2300      
56 Hole Drill Program 56,000 100 5,600
Horizontal Development 3,500 2,000 7,000
Infrastructure Upgrades to Support Drilling - - 950
Subtotal     13,550

 

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Silver Opportunity Partners LLC | Sunshine Mine

S-K 1300 Technical Report Summary on the Initial Assessment

March 25, 2026

SLR Project No.: 123.020552.00001

 

Location Feet Unit Rate
(US$)		 Total
(US$ 000)
3100      
53 Hole Drill Program 53,000 100 5,300
Horizontal Development 1,800 2,000 3,600
Infrastructure Upgrades to Support Drilling - - 1,700
Subtotal     10,600
Total     37,175

 

1.1.2.3 Mining and Mineral Reserves

 

The SLR QP offers the following recommendations related to Mineral Reserves and Mining:

 

1 Review the results of this IA to assess the potential economic results of a prefeasibility study based solely on conversion of Indicated Mineral Resources and if warranted, advance the mine planning to that of a prefeasibility study to permit the conversion of Indicated Mineral Resources to Probable Mineral Reserves.

 

2 Review the mine design criteria with regard to achievable minimum mining widths, extraction and dilution.

 

3 Review the long hole stoping plans with a view to increasing the sublevel interval.

 

4 Continue the mine dewatering and lower the water level to dewater successive levels of the mine.

 

5 Undertake manual and/or remote control (drone) monitoring of the as many of the existing workings as possible to assess ground conditions and to determine their suitability for use as ventilation ways or escapeways

 

6 Undertake a geotechnical investigation and design program that evaluates in situ and re-distributed ground stresses, intact rock strengths, rock mass conditions, stope stability, and required ground support measures.

 

7 Complete a detailed ventilation model including air flows and mine heat considerations.

 

8 Review the compressed air supply, distribution and consumption to refine the estimated requirements.

 

9 Conduct more detailed testing and design work related to the use of paste backfill and system design including:

 

a) Review and revision of the paste fill plans based upon the planned production rates and mining locations.

 

b) Confirmation of the paste fill distribution plans.

 

c) Detailed paste fill testing including:

 

i. Test work on classified tailings samples.

 

ii. Classification test work.

 

iii. Dewatering tests.

 

iv. Rheology and sedimentation tests.

 

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Silver Opportunity Partners LLC | Sunshine Mine

S-K 1300 Technical Report Summary on the Initial Assessment

March 25, 2026

SLR Project No.: 123.020552.00001

 

v. Flow testing.

 

vi. Basic engineering of the paste fill preparation.

 

d) Assessment of the potential of filling old open stopes with paste fill to reduce the required tailings impoundment space

 

e) Consideration of the required paste fill storage considering the weekly work schedules planned and an allowance for the logistics of the underground filling operations.

 

10 Include the use of battery electric vehicles (BEV) in the equipment fleet to the maximum extent possible.

 

11 Review and refine the work requirements, schedule, and cost estimates for the hoist, shaft and headgear repairs required to support operations.

 

1.1.2.4 Mineral Processing

 

The SLR QP offers the following recommendations related to Mineral Processing:

 

1 Select representative samples from each of the planned mining areas and perform composite and variability metallurgical testing, including material characterization, mineralogy, comminution, ore sorting, flotation, and solid-liquid separation on each of the material types, to develop design and plant operating criteria for the next stage of the Project.

 

a) Flotation testing should include liberation and recovery by particle size studies to determine the optimum primary grind and concentrate regrind particle sizes for each of the concentrates.

 

2 Update marketing studies to validate potential buyers, pricing, and contract terms for each of the concentrates.

 

1.1.2.5 Infrastructure

 

Based on a review of the documentation provided, SLR has the following recommendations regarding the existing TSF:

 

1 Perform a Dam Safety Review (DSR) by a competent and experienced tailings engineer, including intrusive investigation of the tailings mass and the foundations to understand the risk associated with the facility in its current state. This would also likely include a preliminary Dam Breach Assessment (DBA).

 

2 Complete all recommendations proposed in the last Dam Safety Inspection (DSI) without delay; complete all recommendations from future DSIs.

 

3 Appoint an appropriately qualified Independent Technical Review Board (ITRB) (or independent reviewer).

 

4 Keep the current decant pond to the smallest possible volume at all times and expedite measures to not rely on the facility for general mine water management.

 

5 Advance studies associated with final dry stack height and buttressing requirements.

 

6 Update the Operations, Maintenance and Surveillance (OMS) Manual for the TSF in accordance with Mining Association of Canada (MAC) guidelines and other industry recognized standard guidance for tailings facilities.

 

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Silver Opportunity Partners LLC | Sunshine Mine

S-K 1300 Technical Report Summary on the Initial Assessment

March 25, 2026

SLR Project No.: 123.020552.00001

 

SLR offers the following recommendations related to future use of the facility:

 

1 Convert the existing TSF to a dry stack facility

 

2 Include consideration of the non-ore sorter case in the design of the TSF facility

 

SLR offers the following recommendations related to the water treatment plant:

 

1 Upgrade or replace the current water treatment plant if required.

 

1.1.2.6 Environment

 

1 Continue to engage with IDEQ to facilitate the issuance of an updated IPDES wastewater discharge permit. This permit will provide the design criteria for the improvements required for the water treatment plant.

 

2 Engage with agencies such as IDEQ, Idaho Department of Water Resources (IDWR), and Shoshone County related to the permits required for future operation.

 

3 Continue to engage with local stakeholders and the community.

 

1.1.2.7 Capital and Operating Costs

 

1 Further refine the cost capital and operating cost estimates in the next stage of study.

 

1.2 Economic Analysis

 

The economic analyses contained in this TRS are preliminary in nature and are based, in part, on Inferred Mineral Resources that are considered too speculative geologically to have modifying factors applied to them that would enable them to be categorized as Mineral Reserves.

 

It is important to note that unlike Mineral Reserves, Mineral Resources do not have demonstrated economic viability and there is no certainty that the economic projections presented in this TRS will be realized.

 

Taxes and revenues are assumed. Discounted cash flow analyses are based on assumed production rates and revenues from available Mineral Resources.

 

SLR notes that the economic analysis presented in this section is based on revenue from silver only. After-tax cash flow projections have been generated from the Base Case and Indicated Only Case LOM production schedules and capital and operating cost estimates and are summarized in the sub-sections that follow.

 

1.2.1 Base Case

 

1.2.1.1 Economic Criteria

 

The Project’s Base Case is based on a production plan with a mine life of 24 years, and includes a mineralized material inventory of approximately 7.9 Mst at a LOM average silver grade of approximately 19 opt.

 

The Base Case mineralized material inventory includes approximately 5.8 Mst of Inferred Mineral Resources containing 102 Moz of silver (approximately 74% of total Base Case tonnage and 68% of total Base Case silver ounces). The remaining material in the mined inventory is from Indicated Mineral Resources.

 

A summary of the Base Case criteria is provided below.

 

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Silver Opportunity Partners LLC | Sunshine Mine

S-K 1300 Technical Report Summary on the Initial Assessment

March 25, 2026

SLR Project No.: 123.020552.00001

 

Revenue

 

● LOM average mine production rate of approximately 864 short tons per day of mineralized material inventory (350,000 short tons per year).

 

● Silver metallurgical recovery, including ore sorting, as indicated by historical averages and test work, averaging 95.8%.

 

● Silver produced in a silver-copper concentrate and a lead-silver concentrate. Silver payable at

 

○ Silver-copper concentrate – Ag payable: 97%.

 

○ Lead-silver concentrate – Ag payable: 95%.

 

● Metal price: $46.36 per ounce silver (all years).

 

● LOM average unit Net Smelter Return (NSR) of $1,050/t milled, including doré refining, transport, and insurance costs.

 

● Additional $5/t ore sorter reject sold as aggregate.

 

● Revenue is recognized at the time of production.

 

● Total LOM Earnings Before Income Tax Depreciation and Amortization (EBITDA or operating margin) of approximately $4.38 billion.

 

● LOM concentrate tonnage totalling approximately 314,000 short wet tons.

 

Costs

 

● Pre-production period: 36 months (Year -3 to Year-1).

 

● Mine life: 24 years after pre-production period.

 

● LOM production plan as summarized in Table 13-13.

 

● Total initial capital costs of approximately $286.9 million.

 

● LOM sustaining capital costs of approximately $539.1 million.

 

● Reclamation and closure costs of approximately $21.2 million.

 

● Total LOM unit operating cost averaging $181.38 per short ton of plant feed, pre-ore sorting.

 

Taxation and Royalties

 

A summary of the estimated taxes and royalties paid over the LOM are itemized below.

 

● Taxes:

 

○ The Project is subject to a State Income Tax rate of 5.8% and a Federal Income Tax rate of 21%.

 

○ LOM taxes total approximately $696.8 million.

 

● Royalties:

 

○ Sunshine 7% NSR: $438.3 million.

 

○ Metropolitan 16% Net Proceeds: $8 million.

 

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Silver Opportunity Partners LLC | Sunshine Mine

S-K 1300 Technical Report Summary on the Initial Assessment

March 25, 2026

SLR Project No.: 123.020552.00001

 

○ Silver Summit/Con-Sil 4% NSR: $22.5 million.

 

○ LOM royalties total approximately: $468.9 million.

 

1.2.1.2 Cash Flow Analysis

 

Considering the Project’s Base Case on a stand-alone basis, the LOM undiscounted pre-tax cash flow totals approximately $3.53 billion, the LOM undiscounted after-tax cash flow totals approximately $2.83 billion, and simple payback occurs 1.9 years from the start of production in Year 1.

 

The Total All-in Sustaining Cost (AISC) is approximately $18.81 per ounce of silver, including sustaining capital and final closure/reclamation costs of approximately $4.04 per ounce.

 

Average annual silver production during operation is approximately 5.8 million ounces per year.

 

A discount rate of 5% has been applied in this TRS for the Project. This rate reflects prevailing industry standards for evaluating precious-metal projects in North America. The after-tax Net Present Value (NPV) at a 5% discount rate is approximately $1.43 billion, and the after-tax Internal Rate of Return (IRR) is approximately 38.3%.

 

A LOM summary of the Base Case Project economics is presented in Table 1-3. A full annual cash flow model summary is presented in Section 27.0 Table 27-1.

 

Table 1-3: After-Tax Cash Flow Summary – Base Case

 

Description LOM Value
Mineable Inventory  
Indicated Mineral Resources (Mst) 2.1
Ag (Moz) 48
Grade (opt) 22.8
Inferred Mineral Resources (Mst) 5.8
Ag (Moz) 102
Grade (opt) 17.5
Total Material Mineralized Inventory (Mst) 7.9
Ag (Moz) 150
Grade (opt) 19.0
Revenue  
Realized Market Prices  
Ag ($/oz) 46.36
Payable Metal  
Ag (Moz) 139
Subtotal – Silver Gross Revenue ($ million) 6,425
Aggregate Sales ($ million) 12
Total Gross Revenue ($ million) 6,437

 

  1-19

 

Silver Opportunity Partners LLC | Sunshine Mine

S-K 1300 Technical Report Summary on the Initial Assessment

March 25, 2026

SLR Project No.: 123.020552.00001

 

Description LOM Value
Operating Costs ($ million)  
Mining Cost (1,088)
Process Cost (132)
Tailings Cost (6)
G & A Cost (201)
Concentrate Freight Cost (17)
TC/RC and penalties (146)
Royalties/Duties (469)
Total Operating Costs ($ million) (2,059)
Operating Margin (EBITDA) ($ million) 4,378
Total Tax Payable (697)
Working Capital 0
Operating Cash Flow ($ million) 3,681
Initial Capital (287)
Sustaining Capital (539)
Closure/Reclamation Capital (21)
Total Capital ($ million) (847)
   
Pre-tax Free Cash Flow ($ million) 3,531
Pre-tax NPV @ 5% ($ million) 1,793
Pre-tax IRR (%) 41.9%
   
After-tax Free Cash Flow ($ million) 2,834
After-tax NPV @ 5% ($ million) 1,434
After-tax IRR (%) 38.3%
AISC ($/oz Ag) 18.81

 

1.2.1.3 Sensitivity Analysis

 

Project risks can be identified in both economic and non-economic terms. Key economic risks were examined by running cash flow sensitivities on the following parameters:

 

● Silver price

 

● Silver metallurgical recovery

 

● Silver milled head grade

 

● Total site operating costs

 

  1-20

 

Silver Opportunity Partners LLC | Sunshine Mine

S-K 1300 Technical Report Summary on the Initial Assessment

March 25, 2026

SLR Project No.: 123.020552.00001

 

● Total capital costs

 

The after-tax NPV 5% and IRR sensitivities for the Base Case have been calculated for -20% to +20% variations for milled head grade, at -10% to +3% for metallurgical recovery of silver, and at -15% to +35% for operating and capital costs. Given the elevated spot price for silver at the time of report preparation, the after-tax NPV 5% and IRR sensitivities for the Base Case have been calculated for -20% to +73% variations in silver price.

 

The Base Case is most sensitive to silver price, head grade, and recovery. The IRR is least sensitive to operating cost. The NPV5% is least sensitive to capital costs.

 

1.2.2 Indicated Only Case

 

1.2.2.1 Economic Criteria

 

The Indicated Only Case assumes a production schedule based exclusively on Indicated Mineral Resources, resulting in a mineralized material inventory of 1.5 Mst and a projected mine life of ten years. A summary of the Indicated Only Case criteria is provided below.

 

Revenue

 

● LOM average production rate of approximately 430 short tons per day from underground Indicated Mineral Resources.

 

● The Indicated Only Case does not include the ore sorting phase, and mine production is fed directly to the process plant.

 

● Silver metallurgical recovery averaging 97%.

 

● Silver produced in a silver-copper concentrate and a lead-silver concentrate. Silver payable at

 

○ Silver-copper concentrate – Ag payable: 97%.

 

○ Lead-silver concentrate – Ag payable: 95%.

 

● Metal price: $46.36 per ounce silver (all years).

 

● LOM average unit Net Smelter Return (NSR) of $990/st milled, including doré refining, transport, and insurance costs.

 

● Revenue is recognized at the time of production.

 

● Total LOM Earnings Before Income Tax Depreciation and Amortization (EBITDA) of approximately $1,054 million.

 

● LOM concentrate tonnage totalling approximately 68,000 short wet tons.

 

Costs

 

● Pre-production period: 36 months (Year -3 to Year-1).

 

● Mine life: Ten years after pre-production period.

 

● LOM production plan as summarized in Table 13-13

 

● Total initial capital costs of approximately $239.6 million.

 

● LOM sustaining capital costs of approximately $244.1 million.

 

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Silver Opportunity Partners LLC | Sunshine Mine

S-K 1300 Technical Report Summary on the Initial Assessment

March 25, 2026

SLR Project No.: 123.020552.00001

 

● Reclamation and closure costs of approximately $21.2 million.

 

● Total LOM unit operating cost averaging $285.10 per short ton of plant feed.

 

Taxation and Royalties

 

A summary of the estimated taxes and royalties paid over the LOM is itemized below.

 

● Taxes:

 

○ The Project is subject to a State Income Tax rate of 5.8% and a Federal Income Tax rate of 21%.

 

○ Total LOM taxes of approximately $87.8 million.

 

● Royalties:

 

○ Sunshine 7% NSR: $112.0 million.

 

○ Metropolitan 16% Net Proceeds: $1.3 million.

 

○ Silver Summit/Con-Sil 4% NSR: $5.8 million.

 

○ Total LOM royalties of approximately $119.1 million.

 

1.2.2.2 Cash Flow Analysis

 

Considering the Project’s Indicated Only Case on a stand-alone basis, the LOM undiscounted pre-tax cash flow totals approximately $549.2 million, the LOM undiscounted after-tax cash flow totals approximately $461.3 million, and simple payback occurs 3.4 years from start of production (Year 1).

 

The Total All-in Sustaining Cost (AISC) is approximately $24.06 per ounce of silver, including sustaining capital and final closure/reclamation costs of approximately $7.50 per ounce.

 

The average annual silver production from Year 2 to Year 9 (years of full production) is approximately 4 Moz per year.

 

A discount rate of 5% has been applied in this TRS for the Project. This rate reflects prevailing industry standards for evaluating precious-metal projects in North America. The after-tax Net Present Value (NPV) at a 5% discount rate is approximately $270.4 million, and the after-tax Internal Rate of Return (IRR) is approximately 21.1%.

 

A LOM summary of the Indicated Only Case Project economics is presented in Table 1-4. A full annual cash flow model summary is presented in Section 27.0 Table 27-2.

 

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Silver Opportunity Partners LLC | Sunshine Mine

S-K 1300 Technical Report Summary on the Initial Assessment

March 25, 2026

SLR Project No.: 123.020552.00001

 

Table 1-4: After-Tax Cash Flow Summary – Indicated Only Case

 

Description LOM Value
Mineable Inventory  
Indicated Mineral Resources (Mst) 1.5
Contained Ag (Moz) 37.7
Grade (opt) 25.20
Inferred Mineral Resources (Mst) -
Ag (Moz) -
Grade (opt) -
Total Mined Inventory (Mst) 1.5
Contained Ag (Moz) 37.7
Grade (opt) 25.20
Revenue  
Realized Market Prices  
Ag ($/oz) 46.36
Payable Metal  
Ag (Moz) 35.4
Subtotal – Silver Gross Revenue ($ million) 1,640
Aggregate Sales ($ million) -
Total Gross Revenue ($ million) 1,640
Operating Costs ($ million)  
Mining Cost (307)
Process Cost (41)
Tailings Cost (2)
G & A Cost (76)
Concentrate Freight Cost (4)
TC/RC and penalties (37)
Royalties/Duties (119)
Total Operating Costs ($ million) (586)
Operating Margin (EBITDA) ($ million) 1,054
Total Tax Payable (88)
Working Capital* 0
Operating Cash Flow ($ million) 966
Initial Capital (240)
Sustaining Capital (244)

 

  1-23

 

Silver Opportunity Partners LLC | Sunshine Mine

S-K 1300 Technical Report Summary on the Initial Assessment

March 25, 2026

SLR Project No.: 123.020552.00001

 

Description LOM Value
Closure/Reclamation Capital (21)
Total Capital ($ million) (505)
   
Pre-tax Free Cash Flow ($ million) 549
Pre-tax NPV @ 5% ($ million) 328
Pre-tax IRR (%) 23.0%
   
After-tax Free Cash Flow ($ million) 461
After-tax NPV @ 5% ($ million) 270
After-tax IRR (%) 21.1%
AISC ($/oz Ag) 24.06

 

1.2.2.3 Sensitivity Analysis

 

Project risks can be identified in both economic and non-economic terms. Key economic risks were examined by running cash flow sensitivities on the following parameters:

 

● Silver price

 

● Silver metallurgical recovery

 

● Silver milled head grade

 

● Total site operating costs

 

● Total capital costs

 

The after-tax NPV 5% and IRR sensitivities for the Indicated Only Case have been calculated for -20% to +20% variations for milled head grade, at -10% to +3% for metallurgical recovery of silver, and at -15% to +35% for operating and capital costs. Given the elevated spot price for silver at the time of report preparation, the after-tax NPV 5% and IRR sensitivities for the Indicated Only Case have been calculated for -20% to +73% variations in silver price.

 

The Indicated Only Case is most sensitive to silver price, followed by head grade, recovery, and capital, and least sensitive to operating cost.

 

1.2.3 Comparison of Cases

 

Table 1-5 presents a comparison of cash flow results for the Project’s LOM Base Case and LOM Indicated Only Case scenarios.

 

Table 1-5: Comparison of Cash Flow – Base Case and Indicated Only Case

 

Description Base Case Indicated
Only Case		 Difference Relative
to Base Case
Mineable Inventory      
Mine Life (years) 24 10 (14)

 

  1-24

 

Silver Opportunity Partners LLC | Sunshine Mine

S-K 1300 Technical Report Summary on the Initial Assessment

March 25, 2026

SLR Project No.: 123.020552.00001

 

Description Base Case Indicated
Only Case		 Difference Relative
to Base Case
Indicated Mineral Resources (Mst) 2.1 1.5 (0.6)
Ag (Moz) 48 37 (11)
Grade (opt) 22.8 25.2 2.4
Inferred Mineral Resources (Mst) 5.8 - (5.8)
Ag (Moz) 102 - (102)
Grade (opt) 17.5 - (17.5)
Total Mined Inventory (Mst) 7.9 1.5 (6.4)
Ag (Moz) 150 37 (112)
Grade (opt) 19.0 25.2 6.2
Revenue      
Realized Market Prices      
Ag ($/oz) 46.36 46.36 -
Payable Metal      
Ag (Moz) 139 35 (103)
Subtotal – Silver Gross Revenue ($ million) 6,425 1,640 (4,785)
Aggregate Sales ($ million) 12 - (12)
Total Gross Revenue ($ million) 6,437 1,640 (4,797)
Operating Costs ($ million)      
Mining Cost (1,088) (307) 780
Process Cost (132) (41) 91
Tailings Cost (6) (2) 4
G & A Cost (201) (76) 125
Concentrate Freight Cost (17) (4) 13
TC/RC and penalties (146) (37) 109
Royalties/Duties (469) (119) 350
Total Operating Costs ($ million) (2,059) (586) 1,473
Operating Margin (EBITDA) ($ million) 4,378 1,054 (3,324)
Total Tax Payable (697) (88) 609
Working Capital 0 0 0
Operating Cash Flow ($ million) 3,681 966 (2,715)
Initial Capital (287) (240) 47
Sustaining Capital (539) (244) 295
Closure/Reclamation Capital (21) (21) 0

 

  1-25

 

Silver Opportunity Partners LLC | Sunshine Mine

S-K 1300 Technical Report Summary on the Initial Assessment

March 25, 2026

SLR Project No.: 123.020552.00001

 

Description Base Case Indicated
Only Case		 Difference Relative
to Base Case
Total Capital ($ million) (847) (505) 342
       
Pre-tax Free Cash Flow ($ million) 3,531 549 (2,981)
Pre-tax NPV @ 5% ($ million) 1,793 328 (1,465)
Pre-tax IRR 41.9% 23.0% (19.0%)
       
After-tax Free Cash Flow ($ million) 2,834 461 (2,372)
After-tax NPV @ 5% ($ million) 1,434 270 (1,164)
After-tax IRR (%) 38.3% 21.1% (17.3%)
AISC (U$/oz Ag) 18.81 24.06 5.25

 

1.3 Technical Summary

 

1.3.1 Property Description and Location

 

The geographic coordinates of the Sunshine Mine are latitude 47°30’6” north and longitude 116°4’10” west. The property is located about 4.5 miles southeast of the town of Kellogg, Idaho in Shoshone County. The towns of Kellogg and Wallace host a full complement of services for the mine. The closest major airport and metropolitan center are in Spokane, Washington, approximately 68 miles west of Kellogg.

 

1.3.2 Land Tenure

 

The property is covered by 251 patented mining claims and 1,066 unpatented mining claims for a total acreage of 25,593 acres. All fees and taxes are up to date.

 

1.3.3 History

 

The Sunshine Mine has been operated for over 100 years by various companies. Since the property was staked in 1884 Sunshine Mine has produced 364,893,421 ounces (oz) of silver from 12,953,045 short tons of ore through 2001, when the mine was closed. In addition to silver, the mine produced copper (Cu), lead (Pb), zinc (Zn), and antimony (Sb) throughout much of the long mining history.

 

1.3.4 Geology and Mineralization

 

The Coeur d’Alene Mining District (also known as Silver Valley), including Sunshine, hosts silver -lead-zinc mesothermal vein deposits that are contained in Precambrian (approximately 1.45 billion years old) metasedimentary rocks of the Belt Supergroup. The Sunshine mine is predominantly hosted in the St. Regis Formation, which is over 600 feet (ft) thick, and upper strata of the underlying Revett Formation. Rock types in the St. Regis Formation are mainly argillite and siltite, which grade to siltite and quartzite in the Revett Formation. Both host units are intensely folded and faulted and metamorphosed to low-grade, greenschist facies.

 

Dominant veins in the mine strike generally east-to-west between the faults and dip steeply (greater than (>) 60 degrees (°)) to the south. Over 35 veins have been named and mined at the Sunshine mine. Historically, mined grades are exceptionally high in some areas with averages over 100 troy ounces per short ton (opt) Ag. Mineralization is comprised of tetrahedrite, galena, and sphalerite, with typical gangue minerals of siderite, quartz, pyrite, and magnetite.

 

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Silver Opportunity Partners LLC | Sunshine Mine

S-K 1300 Technical Report Summary on the Initial Assessment

March 25, 2026

SLR Project No.: 123.020552.00001

 

1.3.5 Exploration Status

 

In May 2010, SOP acquired most of the operating facilities and equipment at the Sunshine Mine from Sterling via its bankruptcy proceedings. From August 2022 until October of 2023, SOP completed a drilling campaign that totaled 54,369 ft of core in 38 drill holes. Each of the completed drill holes was successful in intersecting planned targets or providing new knowledge in previously unknown areas. From 2010 to 2013, SOP drilled approximately 60,000 ft in 84 drill holes. Overall, the current drill hole database contains 3,618 underground drill holes that total 1,114,823.5 ft. All these diamond-core holes were drilled with substantially similar equipment and using equivalent procedures to the recent campaign.

 

In addition to drilling data, historical channel samples obtained during previous mining form the majority of data available for the current resource estimation. Assays from face samples collected during development and production have been the main data used for previous resource and reserve estimates throughout the long history of the Sunshine Mine.

 

During mining, chip samples from drift and stope faces and backs and sides of drifts and raises were obtained daily for grade control and resource estimation. Hand-drawn maps and cross-sections recorded much of the historical Sunshine data, with accurate and detailed records of channel sampling. Since 2022, SOP worked to geo-reference the majority of available maps in three dimensions (3D) and commenced an exhaustive validation of the many historical channel data for accuracy in grade, thickness, and location.

 

All the new and historical sampling data helped inform the first 3D geology model in the long history of the Sunshine Mine. Future drilling programs plan to continue adding intercepts on all Sunshine veins to better define the deposit and assist with mine planning. Resource conversion of Inferred mineralization to higher classification categories will continue as SOP works toward the resumption of production.

 

1.3.6 Mineral Resources

 

The Mineral Resource presented herein represents an evaluation of 36 veins at the Sunshine mine. The resource estimation is supported by logging, drilling, and sampling current to the November 28, 2023, data cut-off date. No additional assay data was available after the data cut-off date. SRK undertook the technical work on the geological model and grade estimates in December 2023, with the final assessment for RPEE completed by the SRK QP on February 24, 2026, which is the effective date of the current resource statement. SRK, as Mineral Resource Qualified Person (QP), considers the estimate to be current as of the date of the TRS. No material work that would impact this Mineral Resource estimate has been completed and validated at the Project as of the date of the TRS. Ongoing exploration drilling results, while potentially material in the future, are pending and have not been quantified or incorporated into the current Mineral Resource estimate.

 

The resource estimation methodology involved the following procedures:

 

● Database and geological model review

 

● Data conditioning for statistical analysis (i.e., capping review and compositing)

 

● Block modeling and grade interpolation

 

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Silver Opportunity Partners LLC | Sunshine Mine

S-K 1300 Technical Report Summary on the Initial Assessment

March 25, 2026

SLR Project No.: 123.020552.00001

 

● Resource classification and validation

 

● Assessment of RPEE

 

● Application of reporting COG for conceptual underground mining scenario

 

● Preparation of the mineral resource statement

 

SRK defined the Mineral Resource (Table 1-6) based on a COG derived from assumed economics for underground mining. The estimation is constrained within mineable stope optimization (MSO) volumes and discrete vein wireframes interpreted by SOP based on geological logging, assay grades, and historical mining maps, sections, and other records. Mineral resources are not mineral reserves and do not have demonstrated economic viability. There is no certainty that all or any part of the mineral resources will be converted into mineral reserves in the future. The estimate of mineral resources may be materially affected by environmental permitting, legal, title, taxation, socio-political, marketing, or other relevant issues.

 

The SRK QP is of the opinion that with consideration of the recommendations summarized in Sections 1 and 23 of this TRS, any issues relating to all relevant technical and economic factors likely to influence the prospect of economic extraction can be resolved with further work.

 

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Silver Opportunity Partners LLC | Sunshine Mine

S-K 1300 Technical Report Summary on the Initial Assessment

March 25, 2026 

SLR Project No.: 123.020552.00001 

 

Table 1-6: Sunshine Mine Underground Mineral Resources as of February 24, 2026, SRK Consulting (U.S.), Inc.

 

Classification Tonnage
(000 st)		 Ag Grade
(opt)		 Contained Ag Metal
(koz)
Measured -- -- --
Indicated 3,485 29.8 103,915
Measured and Indicated 3,485 29.8 103,915
Inferred 7,061 22.6 159,847

Source: SRK 2026

Notes:

 

1.     The definitions for Mineral Resources in S-K 1300, which are consistent with the classification scheme under the CRIRSCO standards, were followed for the classification of Mineral Resources.

2.     All dollar amounts are present in U.S. dollars, and all measurements are US Standard units.

3.     MSO volume constrained resources with RPEE are stated as contained within vein estimation domains defined by an 8.8 opt Ag COG. The COG and MSO are based on an assumed silver price of $23.50/oz and operating cost assumptions, as follows: mining cost of $110.00 per short ton, processing cost of $20.85 per short ton, general and administrative (G&A) cost of $7.93 per short ton, antimony plant for silver concentrate cost of $14.55 per short ton, refining for silver concentrate cost of $16.13 per short ton, and tailings storage cost of $4.27 per short ton.

4.     MSO volumes are 9 ft high, 30 ft long, and minimum of 3 ft wide and are flagged by the individual modeled vein volumes. An unplanned mining dilution of 5% is applied for reporting.

5.     All Mineral Resources are based on a data cut-off date of November 28, 2023, estimated in situ and reported as diluted within MSO volumes.

6.     Average bulk density was assigned as 3.02 grams per cubic centimeter (g/cm3) for veins and 2.82 g/cm3 for waste. The equivalent densities in US S Customary units are 0.0943 short tons per cubic foot (st/ft3) for veins and 0.088 st/ft3 for waste.

7.     Metallurgical recovery was assigned at 93% from metallurgical test work and history of mining production.

8.     Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability. There is no certainty that all or any part of the Mineral Resources will be converted into Mineral Reserves in the future. The estimate of Mineral Resources may be materially affected by environmental permitting, legal, title, taxation, socio-political, marketing, or other relevant issues.

9.     All quantities are rounded to the appropriate number of significant figures; consequently, sums may not add up due to rounding. 

10.   The Project is 100% attributable to SOP.

 

Despite a long and productive mining history, the Sunshine Mine represents a brownfield underground project with high potential for expansion and definition of the mesothermal silver vein systems through continued exploration. The upper levels of the mine have had limited drilling and development due to the historical exploration methodology available during the early part of the over-100-year mining history. Additionally, the current economic outlook for silver and base minerals has changed drastically, and updated COGs are more permissive than witnessed by past operators. SOP conducted recent infill and exploration drilling that expanded mineral resources. During future exploration and development phases, additional drilling has the potential to grow the known resource and potentially discover additional previously unidentified veins.

 

In the SRK QP’s opinion, the results of the diamond drilling work completed to date and extensive historical sampling are of substantial technical merit to recommend additional drilling expenditures. The next drill campaign should include a combination of targets, including infill drilling to improve confidence of areas categorized as Inferred mineral resources and step-out drilling to identify potential new veins. The updated Leapfrog geological model and recent drilling have improved known mineralization continuity, improved geological understanding of the deposit, and consolidated structural data, which will be helpful for future exploration targeting. An updated MRE has been reported using the newly developed 3D geological model with appropriate estimation methodology and classification of resources to industry standards.

 

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Silver Opportunity Partners LLC | Sunshine Mine

S-K 1300 Technical Report Summary on the Initial Assessment

March 25, 2026 

SLR Project No.: 123.020552.00001 

 

1.3.7 Mineral Reserves

 

There are currently no Mineral Reserves estimated for the Sunshine mine.

 

1.3.8 Mining

 

Underground mine plans and production schedules were prepared by SLR, using the Mineral Resource estimate described in Section 11.0 of this TRS. The LOM plans are based upon the use of the existing infrastructure and portions of the mine workings to provide mineralized material feed of approximately 350,000 short tons per year.

 

The mine exists within a 6,000 ft deep, 15,000 ft long strike, and 2,000 ft cross dip volume. The mine is accessed by the 4,000 ft deep Jewell Shaft, which has the 3700 Level as the lowest operating level. The 5,400 ft deep Silver Summit Shaft and associated lower winze will be used for a second access. Levels are named by the depth below the Jewell Shaft collar. Future access below the 3700 Level will be via mechanized headings to the 5900 Level. Historical shafts and winzes that serviced intermediate and lower levels are not planned for future use.

 

The mineralized materials are situated in narrow (approximately 5 ft wide) individual veins which typically dip at 60° to 70°. Historically the mining has used a mixture of mainly conventional and some mechanized cut and fill stoping with hydraulic fill. A broad range of stoping options were considered and a mixture of 61% conventional cut and fill stoping and 39% mechanized long hole stoping were selected for this IA.

 

Silver cut-off grades varied based on the mining method: 8 opt for the long hole mining method and 9 opt for conventional cut and fill mining. Cut-off grades were only based on silver. Historically, both copper and lead have contributed to the revenue stream; however, there was no resource data available to model these metals.

 

Stope designs were developed using the Deswik Stope Optimizer (DSO) software for both mining methods, the results were then sorted into cut and fill and long hole stopes. Cut-off grade, minimum width, and minimum dilution estimates were applied in the DSO. Mining shapes were developed for 27 of the 36 resource veins. The DSO results were reviewed and modified as necessary. For the Base Case, the DSO mining shapes were used to generate a total tonnage of potentially mineable material of 7.87 Mst grading 19.0 opt silver and containing 149 Moz of silver. The average mining width was 6.3 ft. Stoping blocks exist from the 100 Level to the 5900 Level. The mineable material estimate includes 36% dilution, which is carried at zero grade.

 

Mine production plans were prepared based upon accessing the closely grouped, larger, and higher grade areas early in the schedule. To further increase the early production rate growth, the Jewell Shaft Block and Upper Mine Block will be mined at the start of the schedule. The Upper Mine Block, from the 100 Level to the 1500 Level, will be mined with mechanized access from a surface adit (Sterling Tunnel). Jewell Shaft Block production commences from the 3100 Level to 3700 Level. New development and long hole stoping will use mechanized equipment. Haulage to the Jewell Shaft will be done by rail bound equipment for the levels from 1700 Level to 3700 Level and by trucks and/or load-haul-dump (LHD) equipment for areas below 3700 Level. BEV equipment is proposed to reduce ventilation requirements and improve working conditions in the Mine. Mine development plans were developed to service the planned production.

 

The mine ventilation system will use the existing circuit, including the Big Hole raise and the Jewell Shaft as intakes and the Silver Summit Shaft for an exhaust way. The combination of conventional cut and fill stoping and BEV equipment will reduce the fresh air demands compared to previous studies. The Upper Mine Block will be ventilated independently of the Jewell Shaft.

 

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Silver Opportunity Partners LLC | Sunshine Mine

S-K 1300 Technical Report Summary on the Initial Assessment

March 25, 2026 

SLR Project No.: 123.020552.00001 

 

 

The three year mine pre-production work will commence with the hoist upgrades, shaft rehabilitation (Jewell and Silver Summit) and mine dewatering to the bottom of the Jewell Shaft. The dewatering can commence at any time, and the balance of the work will require approximately one year. After the Jewell Hoist and Shaft work is complete the rehabilitation of workings and new development can commence. Annual mine production increases from approximately 115,000 tons in Year 1 to approximately 414,000 tons in Year 5, then averages approximately 335,000 stpa for 19 years.

 

Approximately 74% of the tonnage and approximately 68% of the contained silver in the Base Case LOM Plan is Inferred material. Inferred Mineral Resources are considered too geologically speculative to have the economic considerations applied to them that would enable them to be categorized as Mineral Reserves. There is no certainty that economic forecasts on which this IA is based will be realized.

 

An Indicated Only Case based solely on Indicated Mineral Resources was developed for the Project (there are no Measured Mineral Resources). The Indicated Only Case uses the same mining methods as the Base Case; however, the mining extent is limited by the available Measured and Indicated Mineral Resources. The Indicated Only Case has a three-year pre-production period followed by a nine-year operating life with mine production of up to 608 stpd.

 

A summary of the mineable material for the Base Case and the Indicated Only Case is presented in Table 1-7.

 

Table 1-7: Potentially Mineable Material

 

Type of Mining Base Case Indicated Only Case
Tonnage
(000 st)		 Grade
(Ag opt)		 Contained Silver
(Moz)		 Tonnage
(000 st)		 Grade
(Ag opt)		 Contained Silver
(Moz)
Conventional Cut and Fill 4,643 17.3 80 791 24.4 19.3
Long Hole 3,010 22.2 67 657 27.1 17.8
Development 213 11.1 2 47 12.6 0.6
Total 7,866 19.0 149 1,495 25.2 37.7

 

Notes: Tonnage is rounded. Totals may not sum due to rounding.

 

1.3.9 Mineral Processing

 

The IA considers that a new concentrator will be constructed in the same location as the existing concentrator building. The existing building will be demolished to the foundations, and new facilities and equipment will be installed.

 

Under the Base Case development and operating scenario, the new Sunshine Mine processing facility will receive approximately 1,000 stpd ROM mineralized material, hoisted from the Jewell Shaft and discharged into the ROM mineralized material storage bin adjacent to the mine headframe, as well as mineralized material from the Sterling Tunnel which will be delivered by truck to the Jewell Shaft ROM storage bin external feed hopper. The material will be drawn from the external hopper with an apron feeder and conveyor and discharged into the ROM storage bin. The capacity has been adjusted to 500 stpd for the Indicated Only Case and ore sorting was not used.

 

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Silver Opportunity Partners LLC | Sunshine Mine

S-K 1300 Technical Report Summary on the Initial Assessment

March 25, 2026 

SLR Project No.: 123.020552.00001 

 

Material will be drawn from the ROM storage bin into a three-stage crushing circuit including a primary gyratory, a secondary standard and tertiary shorthead crusher to produce a final grinding circuit feed size of P100 10 mm and P80 6 mm. Secondary crushed material will be screened to produce a 10 mm × 50 mm fraction that will be conveyed to an ore sorter for waste rejection. Ore sorter waste reject, approximately 44.2% of ore sorter feed (28.9% of mine feed), will be stockpiled, and the ore sorter product will be conveyed to tertiary crushing. Final crushed material will be conveyed into a fine material storage bin.

 

Material will be drawn from the fine material bin to feed the grinding and flotation circuits. The grinding circuit will consist of a ball mill and flash flotation cell closed by hydro cyclones. Flotation will include rougher/scavenger and cleaner flotation cells producing silver-copper, and lead flotation concentrates. The two concentrates will be thickened, filtered, and stored for bulk shipment to metal recovery facilities.

 

Concentrator tailing slurry will be thickened and pumped to a paste backfill plant or filtered and stored for dry stacking. The backfill plant will include a high-rate thickener and disk filter to produce a wet cake that will be mixed with Ordinary Portland Cement (OPC) to produce cemented backfill. The paste will be pumped with a high-pressure positive displacement pump to the connection to the shaft pipeline at the collar of the Jewell Shaft for delivery underground for backfill.

 

1.3.10 Project Infrastructure

 

The Sunshine Mine is a past producer and the facilities have been maintained on a care and maintenance basis for 20 years. The infrastructure to support the mine is in place and available for future use. The most significant change is the potential conversion of the tailings storage facility (TSF) to a dry stack facility.

 

The Sunshine site currently contains one existing TSF. The embankment forming the TSF was first constructed in 1978, with four subsequent raises throughout the facility’s life. Tailings were last deposited in the facility in 2008, coinciding with the closing of the Sunshine processing plant.

 

SLR understands that SOP currently retains the services of Hydrometrics, Inc. of Helena, Montana, to perform routine Dam Safety Inspection (DSI) of the Sunshine TSF. The facility was originally designed by Dames & More of Vancouver, British Columbia, in 1978. The facility is classified by the State of Idaho Department of Water Resources (IDWR) as a “Significant” classification under their state system. The most recent inspection by the IDWR stated “the structure appeared to be generally suitable for continued use as a water management pond” with some caveats around the required repair of a decant accessway required (IDWR 2023).

 

The tailings were traditionally deposited from the north and eastern embankment crests, with the formation of a decant pond abutting natural ground to the east. The tailings have traditionally been fine grained and sandy mixtures, with natural separation of fines with increasing distance from the spigot locations. One decant tower exists in this pond location, and an additional emergency spillway in the form of a decant tower exists on the eastern tailings beach.

 

Excess water from process operations that may require treatment will be treated using oxidation and precipitation utilizing lime and polymer treatment. The waters to be treated include:

 

● Mine dewatering

 

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Silver Opportunity Partners LLC | Sunshine Mine

S-K 1300 Technical Report Summary on the Initial Assessment

March 25, 2026 

SLR Project No.: 123.020552.00001 

 

● Mill discharge water

 

● Grey water and runoff water

 

The proposed location of the water treatment plant (WTP) is to the northeast of the existing refinery.

 

1.3.11 Market Studies

 

The assumed cash flow model price for silver is based on a long-term outlook for silver as of February 25, 2026. The assumed silver price of $46.36 per ounce in all cash flow model years is below the current spot price for silver and is in line with the long-term view of several reputable market analysts.

 

An expression of interest from a local aggregate company was presented to SOP, offering $5.00/st ore sorter reject material produced. This amount has been included in the Project’s cash flow model.

 

The Project will produce two separate concentrates for sale; a silver-copper concentrate and a lead-silver concentrate. Typical sales terms for each concentrate are listed in Section 16.2 of this TRS. The sales terms were applied in the cash flow model.

 

1.3.12 Environmental, Permitting and Social Considerations

 

Specific federal, state, and local (Shoshone County, Idaho) regulatory and permitting requirements apply to SOP, including the following:

 

● An Idaho Pollutant Discharge Elimination System (IPDES) permit, currently an administratively extended National Pollutant Discharge Elimination System (NPDES) Permit, Permit No. ID0000060 for the discharge of wastewater at three outfalls including from the Tailings Storage Facility and existing water treatment plant at Outfall 001

 

● An IPDES multi-sector general permit (MSGP), Permit No. IDR053001, for the discharge of contact stormwater

 

● An Idaho Department of Water Resources (IDWR) authorization for the operation of the Tailings Storge Facility (TSF)

 

● Spill Prevention, Control and Countermeasure (SPCC) Plan

 

Specific federal, state, and local (Shoshone County, Idaho) regulatory and permitting requirements will apply to SOP for the planned future activities and operation, including the following:

 

● An IPDES permit for the discharge of wastewater

 

● An IPDES multi-sector general permit (MSGP), Permit No. IDR053001, for the discharge of contact stormwater

 

● An IDWR authorization for the operation of the planned utilization of the TSF

 

● An IDEQ Air Quality Division Permit to Construct (PTC)

 

● An IDEQ Groundwater Monitoring Determination

 

● Various building demolition and construction permits issued by IDEQ, Shoshone County, and the United States Environmental Protection Agency (USEPA)

 

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Silver Opportunity Partners LLC | Sunshine Mine

S-K 1300 Technical Report Summary on the Initial Assessment

March 25, 2026 

SLR Project No.: 123.020552.00001 

 

SOP currently holds and is in compliance with active, valid permits for all current activities of the mining operation.

 

At present, there are no known environmental issues that impact the ability to extract Mineral Resources at the Property.

 

SOP is actively engaged with the local communities and stakeholders and there are no outstanding negotiations or social commitments for the planned operation of the mine.

 

SOP is currently in the queue to replace the administratively extended National Pollutant Discharge Elimination System (NPDES) Permit No. 000006-0 for the discharge of wastewater with an Idaho Pollutant Discharge Elimination System (IPDES) Permit (ID 0000060) in 2026/2027.

 

The discharge criteria will be updated resulting in the need to modify the treatment of water prior to discharge at Outfall 001.

 

Although not a regulatory requirement beyond the TSF permit, SOP has developed a reclamation plan and associated Reclamation Cost Estimate (RCE) for the mine site.

 

1.3.13 Capital and Operating Cost Estimates

 

The capital and operating costs presented in this TRS were estimated in Q2 2024 US dollars and have been escalated to Q3 2025 dollars. The cost estimates meet the requirements of an AACE Class 5 estimate with an accuracy range of -20% to -50% to +30% to +100% which also meets the requirements of S-K 1300 as the lower and upper limits of -50% to +50% lie within the AACE Class 5 estimate range. The cost estimates are considered to be reasonable and appropriate for an S-K 1300 TRS IA level of study considering that Class 5 estimates usually have 0% to 2% project definition per the AACE classification system.

 

The Base Case initial capital costs are estimated to be $286.9 million, the LOM sustaining capital is $560.2 million, and the closure cost is estimated to be $21.2 million, as summarized in Table 1-8.

 

The Indicated Only Case initial capital costs are estimated to be $239.6 million, the LOM sustaining capital is $265.3 million, and the closure cost is estimated to be $21.2 million, as summarized as summarized in Table 1-8.

 

Table 1-8: Capital Summary

 

Area Units Base Case Indicated Only Case
Initial Sustaining Total Initial Sustaining Total
Mine Total $ million 167.0 494.4 661.4 133.8 225.1 358.9
Mill and Surface Total $ million 57.0 44.6 101.6 57.0 19.0 76.1
Mine Mill and Surface $ million 224.0 539.0 763.1 190.8 244.1 434.9
Closure $ million - 21.2 21.2 - 21.2 21.2
Contingency $ million 62.9 - 62.9 48.7   48.7
Grand Total $ million 286.9 560.2 847.2 239.6 265.3 504.9

 

The Base Case LOM operating costs total $1,427 million and are estimated to be $181.38 per ton processed, as summarized in Table 1-9. The Indicated Only Case LOM operating costs total $426.3 million and are estimated to be $285.10 per ton processed.

 

 

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Silver Opportunity Partners LLC | Sunshine Mine

S-K 1300 Technical Report Summary on the Initial Assessment

March 25, 2026 

SLR Project No.: 123.020552.00001 

 

The ‘tons processed’ is defined as the total feed to the plant, pre-ore sorting.

 

Table 1-9: Operating Cost Summary

 

Area Base Case Indicated Only Case
LOM Average Unit Costs
(US$/ton processed)		 Total Cost
(US$ million)		 LOM Average Unit Costs
(US$/ton processed)		 Total Cost
(US$ million)
Mine Services and Technical 73.84 580.8 141.98 212.2
Mineralized Material Mining 64.45 507.0 63.66 95.2
Ore Sorting 0.51 4.0 N/A N/A
Processing 16.22 127.6 27.24 40.7
Tailings Storage 0.75 5.9 1.07 1.6
G&A 25.62 201.5 51.14 76.5
Total Operating Cost 181.38 1,426.8 285.10 426.3

 

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Silver Opportunity Partners LLC | Sunshine Mine

S-K 1300 Technical Report Summary on the Initial Assessment

March 25, 2026 

SLR Project No.: 123.020552.00001 

 

2.0 Introduction

 

SLR International Corporation (SLR) was retained by Silver Opportunity Partners LLC (SOP) to prepare an independent Technical Report Summary (TRS) on the Sunshine mine and processing facilities (the Sunshine Mine or the Project) located within the Coeur d’Alene Mining District, near Kellogg, Idaho, USA.

 

The purpose of this TRS is to provide the results of an Initial Assessment (IA) of the Sunshine Mine, including the presentation of economic analyses that are based on an Indicated and Inferred Mineral Resource extraction scenario (Base Case), and an Indicated Mineral Resource only extraction scenario (Indicated Only Case).

 

This TRS conforms to United States Securities and Exchange Commission’s (SEC) Modernized Property Disclosure Requirements for Mining Registrants as described in Subpart 229.1300 of Regulation S-K, Disclosure by Registrants Engaged in Mining Operations (S-K 1300) and Item 601 (b)(96) Technical Report Summary.

 

The Sunshine Mine is owned by SOP, a private, wholly owned subsidiary of Sunshine Silver Mining & Refining Corporation (SSMRC), based in Kellogg, Idaho. The Sunshine Mine includes the previously producing Sunshine mine, processing plant, and surface facilities. Since acquiring the Sunshine Mine in 2010, SSMRC has been focused on identifying additional Mineral Resources while maintaining permits, acquiring strategic land holdings (such as the Sunshine Refinery) and maintaining existing underground infrastructure like pumping stations and haulage drifts. The Project is currently on care and maintenance.

 

Since the property was staked in 1884 Sunshine Mine has produced approximately 365 million ounces (Moz) of silver (Ag) along with lead (Pb), copper (Cu), and antimony (Sb). The Sunshine Mine operated continuously, except for a few brief periods, until 2001 when it was shut down due to low silver prices. The Project has been on care and maintenance since that time except for a brief operating period in 2008.

 

SRK Consulting (U.S.), Inc. (SRK) completed an internal scoping study in September 2023. In January 2024, SRK completed an updated Mineral Resource estimate with an effective date of December 21, 2023, which SLR audited and accepted.

 

In February 2026, SRK updated the 2023 block models to include a historical mined-out area discovered in one vein, which is reflected in the current Mineral Resource estimates as disclosed in this TRS. SRK, as the Mineral Resource Qualified Person (QP), considers the Mineral Resource estimate to be current as of February 24, 2026. No material work that would impact this Mineral Resource estimate has been completed and validated at the Project as of the date of the TRS. Ongoing exploration drilling results, while potentially material in the future, are pending and have not been quantified or incorporated into the current Mineral Resource estimate.

 

SLR selected a mixture of conventional cut and fill mining and long hole stoping to mine the narrow (6.3-foot (ft) average) stopes. In the Base Case, mining will extend from the 100 Level to the 5900 Level over a 24 year mine life producing 7.87 million short tons (Mst) of mineable material grading 19.0 troy ounces per short ton (opt) Ag at a nominal mine production rate of 1,000 short tons per day (stpd). Mined material will be processed in a new facility to produce two concentrates for the recovery of silver and other economic metals. Plant tails will be used as a product in the paste fill with the remainder being dried and stored on the existing tailings storage facility.

 

 

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Silver Opportunity Partners LLC | Sunshine Mine

S-K 1300 Technical Report Summary on the Initial Assessment

March 25, 2026 

SLR Project No.: 123.020552.00001 

 

The Base Case estimated initial capital costs are $287 million spent over a three year period, plus $539 million in sustaining capital costs over the life of the mine. The Base Case life of mine (LOM) operating costs are approximately $181.38 per short ton (st or ton) of plant feed after ore sorting.

 

An alternate production case based solely on Indicated Mineral Resources (Indicated Only Case) was also prepared. In the Indicated Only Case, mining will extend from the 2500 Level to the 4500 Level over a 10 year mine life producing approximately 1.50 Mst grading 25.2 opt Ag and containing 37.7 Moz of Ag at a rate of up to 608 stpd. With the exception of no ore sorting, processing and plant tails consist of the same facilities used in the Base Case.

 

For the Indicated Only Case, the estimated initial capital costs are $239.6 million spent over a three year period, plus $244.1 million in sustaining capital costs over the life of the mine. The Indicated Only Case LOM operating costs are approximately $285.10/ton of plant feed.

 

SOP plans are to resume mine operations at the Project when conditions warrant.

 

This TRS is considered by SLR to meet the requirements of an IA as defined in S-K 1300 regulations. The economic analysis contained in this TRS is preliminary in nature and is based, in part, on Inferred Mineral Resources that are considered too speculative geologically to have modifying factors applied to them that would enable them to be categorized as mineral reserves. There is no certainty that economic forecasts on which this Initial Assessment is based will be realized. Unlike mineral reserves, mineral resources do not have demonstrated economic viability.

 

2.1 Site Visits

 

SLR personnel visited the property on three occasions.

 

● SLR QPs visited from January 15 to 18, 2024. The primary focus of this visit was to tour the underground operation, surface shops, shaft hoisting room, and the tailings storage facility (TSF) and review historical data at the Sunshine Mine office.

 

● SLR QPs visited the Sunshine Mine from January 29 to 31, 2024, during which time they toured the underground operation, process concentrator, silver refinery, and surface facilities, and reviewed historical data at the Sunshine Mine office.

 

● SLR QPs visited the Sunshine Mine from March 25 to 28, 2024 to review plans and exchange information with SOP management and staff.

 

The SRK QP visited the Project site from February 28 to March 3, 2022, from May 29 to June 1, 2023, and from October 8 to 9, 2025. These field visits allowed independent observation of the property, geology, sampling procedures, underground workings, exploration drilling, and external laboratory. Additionally, the QP site visit fulfilled S-K 1300 requirements for disclosure and the required level of validation.

 

2.2 Sources of Information

 

The consultants preparing this TRS are specialists in the fields of geology, exploration, mineral resource estimation and classification, mining, metallurgy, HSE, and economics. None of the consultants or any associates employed in the preparation of this TRS have any beneficial interest in SOP. The consultants are not insiders, associates, or affiliates of SOP. The results of this TRS are not dependent upon any prior agreements concerning the conclusions to be reached, nor are there any undisclosed understandings concerning any future business dealings between SOP and the consultants. The consultants are being paid a fee for their work in accordance with normal professional consulting practice.

 

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Silver Opportunity Partners LLC | Sunshine Mine

S-K 1300 Technical Report Summary on the Initial Assessment

March 25, 2026 

SLR Project No.: 123.020552.00001 

 

Table 2-1 lists the companies for whom the qualified persons (QPs) that prepared this TRS work and their respective report responsibilities.

 

Table 2-1: Qualified Persons and Responsibilities

 

Company Section Responsibilities
SRK Consulting (U.S.), Inc. 1.1.1.1, 1.1.2.1 (portions pertaining to Geology), 1.1.2.2, 1.3.1 to 1.3.6, 3 to 9 (except sections 7.3 and 7.4), 11, 20, 22.1, 23.1 (portions pertaining to Geology), 23.2, and 28
SLR International Corporation 1.1, 1.1.1.2 to 1.1.1.6, 1.1.2.1, 1.1.2.3 to 1.1.2.7, 1.2, 1.3.7 to 1.3.13, 2, 10, 7.3, 7.4, 12 to 19, 21, 22.2 to 22.6, 23.1, 23.3 to 23.7, and 27
ALL 24, 25, 26

 

During the preparation of this TRS, discussions were held with personnel from SOP and various consultants to SOP:

 

● Heather White, P.Eng., Chief Executive Officer, SOP

 

● Tom Henderson, General Manager, SOP

 

● Nicholas Furlin, Manager, Technical Services, SOP

 

● Molly McGee, Chief Mine Engineer, SOP

 

● Ryan Miles, Corporate Financial Evaluation, The Electrum Group

 

● Mike Irish, Manager, Processing and Environmental, SOP

 

The documentation reviewed, and other sources of information, are listed at the end of this TRS in Section 24.0 References. The QPs used their experience to determine if the information from previous reports was suitable for inclusion in this TRS and adjusted information that required amending. This TRS includes technical information that required subsequent calculations to derive subtotals, totals, and weighted averages. Such calculations inherently involve a degree of rounding and consequently introduce a margin of error; where these occur, the QPs do not consider them to be material.

 

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Silver Opportunity Partners LLC | Sunshine Mine

S-K 1300 Technical Report Summary on the Initial Assessment

March 25, 2026 

SLR Project No.: 123.020552.00001 

 

2.3 Abbreviations and Acronyms

 

Units of measurement used in this TRS conform to the U.S. system. All references to tons in this TRS are short tons unless otherwise noted. All currency in this TRS is US dollars (US$) unless otherwise noted.

 

List of Units of Measure

 

m micron km/h kilometre per hour
mg microgram kPa Kilopascal
a annum kVA kilovolt-amperes
A ampere kW Kilowatt
ac acre (43,560 ft2) kWh kilowatt-hour
bbl barrels L Litre
bcy bank cubic yard lb Pound
Btu British thermal units L/s litres per second
°C degree Celsius m Metre
C$ Canadian dollars M mega (million); molar
cal calorie m2 square metre
cfm cubic feet per minute m3 cubic metre
cm centimetre masl metres above sea level
cm2 square centimetre m3/h cubic metres per hour
d day mi Mile
dia diameter min Minute
dmt dry metric tonne µm Micrometre
dwt dead-weight ton mm Millimetre
°F degree Fahrenheit mph miles per hour
ft foot MVA megavolt-amperes
ft2 square foot MW Megawatt
ft3 cubic foot MWh megawatt-hour
ft/s foot per second oz Troy ounce (31.1035 g)
g gram oz/t, opt ounce per short ton
G giga (billion) ppb part per billion
gal United States gallon ppm part per million
gpm US gallons per minute psia pound per square inch absolute
g/L gram per litre psig pound per square inch gauge
g/t gram per tonne RL relative elevation
gr/ft3 grain per cubic foot s Second
gr/m3 grain per cubic metre st, ton short ton (2000 lb/ton)
ha hectare stpa short ton per year
hp horsepower stpd short ton per day
hr hour t metric tonne
Hz hertz tpa tonne per year
in. inch tpd tonne per day
in2 square inch US$ United States dollar
J joule V Volt
k kilo (thousand) W Watt
kcal kilocalorie wmt wet metric tonne
kg kilogram wt% weight percent
km kilometre yd3 cubic yard
km2 square kilometre yr Year

 

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Silver Opportunity Partners LLC | Sunshine Mine

S-K 1300 Technical Report Summary on the Initial Assessment

March 25, 2026 

SLR Project No.: 123.020552.00001 

 

List of Acronyms and Abbreviations

 

AA atomic absorption
AC alternating current
Ai Abrasion index
BEV battery electric vehicle
BLM Biotic Ligand Model
BWI Bond ball mill work index
CCF conventional cut and fil
CERCLA Comprehensive Response, Compensation, and Liability Act
COG cut-off Grade
ConSil Adit Consolidated Silver Summit Mine Adit
CPB cemented paste backfill
CPTu Cone Penetration Testing
CRM certified reference material
CRP Closure and Reclamation Plan
CWA Clean Water Act
CWI Bond Low Energy Impact work index
DBA Dam Breach Assessment
DC direct current
DMR Discharge Monitoring Report
DMT dissolved metals translator
DPM diesel particulate matter
DRO diesel range organics
DSI Dam Safety Inspection
DSO Deswik Stope optimizer
DSR Dam Safety Review
EA Environmental Assessment
EGL equivalent grinding length
EIS Environmental Impact Statement
ESA Environmental Site Assessment
FW Footwall
GISTM Global Industry Standard on Tailings Management
HDS high density sludge
HW hanging wall
IA Initial Assessment
ICP Institutional Controls Program
IDEQ Idaho Department of Environmental Quality
IDW2 inverse distance weighting squared
IDWR Idaho Department of Water Resources
IPDES Idaho Pollutant Discharge Elimination System
ITRB Independent Technical Review Board
LE Limit Equilibrium
LH long hole

 

  2-5

 

 

Silver Opportunity Partners LLC | Sunshine Mine

S-K 1300 Technical Report Summary on the Initial Assessment

March 25, 2026 

SLR Project No.: 123.020552.00001 

 

LHD load-haul-dump
LLDL lower laboratory detection limit
LoF life of facility
LOM life of mine
MAC Mining Association of Canada
MCL maximum contaminant level
MSO Mineable Stope Optimization
MSGP multi-sector general permit
MWMP Meteoric Water Mobility Procedure
NEPA National Environmental Policy Act
NESHAP National Emission Standards for Hazardous Air Pollutants
NN nearest neighbor
NPDES National Pollutant Discharge Elimination System
NPV net present value
NSR net smelter return
OMS Operations, Maintenance and Surveillance
OPC ordinary Portland cement
PAR population at risk
PCBs polychlorinated biphenyls
PEA Preliminary Economic Assessment
PTC Permit to Construct
RCE Reclamation Cost Estimate
RPEE reasonable prospects for economic extraction
RWI Bond rod mill work index
SAG semi-autogenous grinding
SG specific gravity
SLS Solid liquid separation
SMC SAG mill comminution index
SPCC spill prevention, control, and countermeasure
SVOC semi-volatile organic compound
TDS total dissolved solids
TF tonnage factor (ft3/t)
TPH total petroleum hydrocarbon
TSF tailings storage facility
USACE United States Army Corps of Engineers
USEPA U.S. Environmental Protection Agency
USGS U.S. Geological Survey
VFD variable frequency drive
VOC volatile organic compound
WRSF waste rock storage facility
WTP water treatment plant

 

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Silver Opportunity Partners LLC | Sunshine Mine

S-K 1300 Technical Report Summary on the Initial Assessment

March 25, 2026 

SLR Project No.: 123.020552.00001 

 

List of Periodic Elements

 

Ag Silver
Au Gold
Cu Copper
Pb Lead
Sb Antimony
Zn Zinc

 

  2-7

 

 

Silver Opportunity Partners LLC | Sunshine Mine

S-K 1300 Technical Report Summary on the Initial Assessment

March 25, 2026 

SLR Project No.: 123.020552.00001 

 

3.0 Property Description

 

3.1 Location

 

The Sunshine Mine is located in northern Idaho, approximately 37 miles east of Coeur d’Alene, along I-90. From I-90, the property is accessed at the Big Creek exit by heading south approximately 2.5 miles via a paved county road, which parallels Big Creek. The property is located in Shoshone County about 5.5 miles driving distance from the town of Kellogg, Idaho, which hosts a full complement of services. The closest major airport and metropolitan center are located in Spokane, Washington, approximately 68 miles west of Kellogg. The geographic coordinates of the Sunshine Mine are latitude 47°30′6″ North and longitude 116°4′10″ West.

 

The location of the Sunshine Mine is shown in Figure 3-1.

 

 

  3-1

 

 

Silver Opportunity Partners LLC | Sunshine Mine

S-K 1300 Technical Report Summary on the Initial Assessment

March 25, 2026 

SLR Project No.: 123.020552.00001 

 

Figure 3-1: Location Map

 

 

 

  3-2

 

 

Silver Opportunity Partners LLC | Sunshine Mine

S-K 1300 Technical Report Summary on the Initial Assessment

March 25, 2026 

SLR Project No.: 123.020552.00001 

 

SOP conducted a review and re-staking of Bureau of Land Management (BLM) unpatented claims in late 2018. Significant historical claim fractions, duplications, and overlaps were identified and re-staked to generate a clean land position and reduce total claim requirements. The work afforded an opportunity to update claim monument locations and related claim corners, as required per Idaho law.

 

SOP retained the legal firm Dorsey & Whitney LLP of Salt Lake City, Utah, to perform a due diligence check of a small number of Sunshine Mine patented and unpatented claims in 2023, and findings were issued on June 19, 2023. SRK understands that, as of the report date of this TRS, land additions are in progress but have yet to be finalized.

 

Additionally, SOP contracted Burgex of Sandy, Utah, to perform a full review for all of SOP’s owned, leased, patented, and unpatented claims. The Burgex report was delivered on October 24, 2023, and found no issues, fractions, duplications, or overlaps. It should be noted that formal reports were not issued; however, email correspondences were received by SOP.

 

3.2 Mineral Titles

 

The Project is 100% controlled by SOP and is comprised of patented and unpatented mining claims, which are both owned and leased from third parties, for a total Project area of 25,593 acres. Table 3-1 lists the property mineral rights and claims, which are also depicted on Figure 3-2. If fees are kept up to date with the federal government, claims do not expire in the United States. All unpatented claims have a $200/claim fee that must be paid annually by September 1. Section 28.0 includes additional detail, such as the name or number of each title, claim, mineral right, lease, or option under which SOP will operate the property.

 

Table 3-1: Property Mineral Rights and Claims

 

Status Claims
No. of Patented
Claims		 No. of Unpatented
Claims
Owned 235  877
Leased 16  189
Total 251  1,066
Total number of claims 1,317
Total surface area (acres) 23,171
Total claim area (acres) 25,593

Source: SOP 2025

Note: The total claim acreage includes the overlap of Sunshine Mining Company (SSMC)

 

3.2.1 Nature and Extent of Issuer’s Interest

 

The Sunshine claims are organized by geographic area and/or district. The main areas are summarized as follows:

 

● Sunshine Mine Core Area: includes claims owned and leased by SOP

 

● Coeur d’Alene Mining District: includes claims owned or leased by SOP outside of the Sunshine Mine Core Area

 

● Lakeview Mining District: includes claims owned by SOP outside of Shoshone County

 

Figure 3-3 and Figure 3-4 shows the Sunshine claim areas, which are listed in Table 3-2.

 

  3-3

 

 

Silver Opportunity Partners LLC | Sunshine Mine

S-K 1300 Technical Report Summary on the Initial Assessment

March 25, 2026 

SLR Project No.: 123.020552.00001 

 

Figure 3-2: Sunshine Mine Core Area Mineral Rights and Claim Map

 

 

 

  3-4

 

 

Silver Opportunity Partners LLC | Sunshine Mine

S-K 1300 Technical Report Summary on the Initial Assessment

March 25, 2026 

SLR Project No.: 123.020552.00001 

 

Figure 3-3: Sunshine Mine Core Area and Coeur d’Alene Mining District Map

 

 

 

  3-5

 

 

Silver Opportunity Partners LLC | Sunshine Mine

S-K 1300 Technical Report Summary on the Initial Assessment

March 25, 2026 

SLR Project No.: 123.020552.00001 

 

Figure 3-4: Lakeview Mining District Map

 

 

 

  3-6

 

 

Silver Opportunity Partners LLC | Sunshine Mine

S-K 1300 Technical Report Summary on the Initial Assessment

March 25, 2026 

SLR Project No.: 123.020552.00001 

 

Table 3-2: Summary of SOP Claims and Leases by Area

 

Property Owner Status Claims
Patented Unpatented
Sunshine Mine and Core Area      
Sunshine Core Area Silver Opportunity Partners, LLC Owned 165 456
Metropolitan Metropolitan Mines Corporation, Ltd.
(Metropolitan)		 Leased 2 50
Chester, Bismark, Mineral Mountain Chester Mining Company (Chester) Leased 13 0
ALSM American Silver Mining Company Leased 0 21
    Total 180 527
Coeur d’Alene Mining District      
CDA Properties Silver Opportunity Partners, LLC Owned 70 331
Rock Creek Rock Creek Mining Company Leased 1 118
    Total 71 449
Lakeview Mining District (Bonner County, Idaho)      
Falls Creek Silver Opportunity Partners, LLC Owned 0 90
    Leased 0 0
    Total 0 90

 

Source: SOP 2025

 

3.3 Royalties, Agreements, and Encumbrances

 

Portions of the Sunshine Mine and Core Area are subject to a net smelter return (NSR) royalty formed under a 2001 settlement between the prior mine operator, the U.S. government, and the Coeur d’Alene Tribe. The agreement settled environmental claims seeking reimbursement for remediation, restoration, and other actions to address environmental damages to the Coeur d’Alene River and other natural resources in the Idaho Silver Valley.

 

Sections of the SOP holdings are subject to royalties payable to parties from whom mineral rights were acquired and/or leased. These agreements, detailed below, are triggered when SOP begins producing and selling metal-bearing concentrate. These royalties are based upon proceeds paid by smelters less certain costs, including costs incurred to transport the concentrates to the smelters, or NSR, for mineralized material produced in the property area subject to the royalties.

 

The royalties calculated are the aggregate of all potential royalties to all third parties and represent a reasonable estimate of the actual royalties that may be paid from production. A proportionate share of yearly production was assumed in calculating royalties on an annual basis.

 

  3-7

 

 

Silver Opportunity Partners LLC | Sunshine Mine

S-K 1300 Technical Report Summary on the Initial Assessment

March 25, 2026 

SLR Project No.: 123.020552.00001 

 

3.3.1 Sunshine Mine

 

SOP is required to pay between a 0% (at a silver price below $6.00/oz) and 7% (at a silver price of $10.00/oz or higher) NSR royalty under a consent decree entered by Sunshine Precious Metals, Inc. (SPMI) with the U.S. government and the Coeur d’Alene Tribe in 2001. All funds from the royalty must be used to pay for the remediation, restoration, and other actions to address certain environmental damage to the Coeur d’Alene River and other natural resources located in the Silver Valley of Idaho. The area subject to the royalty covers all the Sunshine Mine property, owned or leased by SOP, and purports to extend outward within a 1.61-kilometer (km) boundary of the property as set forth in the 2001 settlement agreement.

 

3.3.2 Metropolitan Mining Claims

 

SOP’s lease with Metropolitan requires the company to pay advanced royalties of $12,000 annually until such time as mineralized material is produced from the Metropolitan property. Upon production, Metropolitan is to be paid either 16% or 50% of the net proceeds from the sale of materials produced from the mineralized material processed from these claims, depending upon the location of production. SOP has determined that the 16% net proceeds royalty is equivalent to a 4% Net Smelter Return (NSR) royalty for ease of royalty calculations in the cash flow analysis.

 

3.3.3 Chester Group and Mineral Mountain Mining Claims

 

Effective February 3, 2021, SOP entered into an Amended and Restated Mineral Lease and Agreement (“Chester Lease”), through which the Company leases 13 patented mining claims. The 10-year lease ends in 2031 and is renewable for five additional ten-year terms. The lease is subject to monthly advance royalty payments until such time as a royalty of 3.25% on NSR is payable. The Chester Lease also required a one-time payment due nine months from the effective date of the lease. The payment was to be made in SSMRC common stock, if an equity financing and share issuance occurred within nine months of the effective date of the Chester Lease. No equity financing occurred within nine months of the effective date and the payment of $50,000 was made in cash. The Company made $42,000 in lease payments during 2022.

 

3.3.4 Silver Summit/Con-Sil Mine

 

SOP is required to pay between a 2% (at a silver price below $5.00/oz) and 4% (at a silver price of $7.00/oz or higher) NSR royalty to Hecla Mining Company. The area subject to royalties surrounds the Silver Summit/Con-Sil Mine.

 

3.3.5 American Silver Mining Company Claims

 

SOP is required to pay a 2% NSR royalty to American Silver Mining Company on all leased minerals mined, removed, and sold by SOP during the 10-year lease term. The area subject to the royalty is east of the CAMP claim block on the eastern boundary of the Sunshine Core Area.

 

3.4 Environmental Liabilities and Permitting

 

3.4.1 Environmental Liabilities

 

There are no environmental issues that are anticipated to materially impact the ability to reopen the Sunshine Mine. This conclusion is based on an SOP review of the studies completed to date and planned for the immediate future and a review of the permits and approvals needed for the

 

  3-8

 

 

Silver Opportunity Partners LLC | Sunshine Mine

S-K 1300 Technical Report Summary on the Initial Assessment

March 25, 2026 

SLR Project No.: 123.020552.00001 

 

Project and associated regulatory requirements. No current environmental liabilities are known to exist for the Project.

 

3.4.2 Required Permits and Status

 

Various federal and state permits, plans, and approvals will be required for this Project. The permits are described in the Permit Handbook for the Sunshine Mine, produced previously by TetraTech and summarized in Table 3-3.

 

In certain situations, issuance of a federal permit requires compliance with the National Environmental Policy Act (NEPA) and development of an Environmental Impact Statement (EIS) or Environmental Assessment (EA).

 

Based on the current proposed operating plan, reopening of the Sunshine Mine will not require development of an EIS. The IPDES permit will be a re-issuance of an existing permit with IDEQ. CWA 404 actions, if any, would be authorized under a nationwide permit with United States Army Corps of Engineers (USACE). Neither of these federal actions will require development of an EIS or EA.

 

  3-9

 

 

Silver Opportunity Partners LLC | Sunshine Mine

S-K 1300 Technical Report Summary on the Initial Assessment

March 25, 2026 

SLR Project No.: 123.020552.00001 

 

Table 3-3: Potential Sunshine Mine Activities and Permits

 

Activity Permit, Approval, and Certification Requirement Responsible Agency
Building demolition Asbestos removal permit (not yet issued) United States Environmental Protection Agency (USEPA) National Emission Standards for Hazardous Air Pollutants
(NESHAP)
Institutional controls permit (not yet issued) Panhandle Health District
Site disturbance permit (not yet issued) Shoshone County Planning and Zoning
Contaminated soil investigations and cleanup permit
(not yet issued)		 Idaho Department of Environmental Quality (IDEQ)
Storm water runoff that discharges to waters of the U.S. during construction and operations Multi-sector general permit (MSGP) (2008) and stormwater
pollution prevention plan (SWPPP) (expires March 2026)		 IDEQ
Point source discharges of wastewater to waters of the U.S. Idaho Pollutant Discharge Elimination System (IPDES) (indefinite permit extension) IDEQ
State Clean Water Act (CWA) 401 certification (indefinite permit extension) IDEQ
Building construction Building and site disturbance permit (not yet issued) Shoshone County Planning and Zoning Department
Tailings impoundment modifications if beyond current design capacity Form 1721 permit (not yet issued) Idaho Department of Water Resources (IDWR)
Tailings dam modifications if beyond current design capacity

Form 1710 permit (not yet issued)

 

 IDWR
CWA 404 permit for dredge and fill if in waters of
the U.S (not yet issued)		 United States Army Corps of Engineers (USACE)
401 certification of the 404 permit, if necessary (not yet
issued)		 IDEQ
Tailings dam operation Idaho dam emergency action plan (no expiration, annual
review in good standing)		 IDWR

 

  3-10

 

 

Silver Opportunity Partners LLC | Sunshine Mine

S-K 1300 Technical Report Summary on the Initial Assessment

March 25, 2026 

SLR Project No.: 123.020552.00001 

 

Petroleum storage Spill prevention, control, and countermeasure (SPCC)
(no expiration, annual review)		 USEPA Region 10
Process plant facility construction and operation Air quality permit (not yet issued) IDEQ
Groundwater protection Point of compliance permit (not yet issued) IDEQ
Waste rock facility expansion if in waters of the U.S. CWA 404 permit (not yet issued) USACE
401 certification of the 404 permit (not yet issued) IDEQ
Repair or maintenance of outfalls if in waters of the U.S. CWA 404 permit (not yet issued) USACE
Refinery No exposure certification for storm water under
MSGP/SWPPP (expires December 2025)		 IDEQ
Air quality permit (not yet issued) IDEQ
Antimony Plant No exposure certification for storm water under  
MSGP/SWPPP (expires December 2025) 		 IDEQ
Air quality permit (not yet issued)  IDEQ
MSGP Construction Stormwater – confirm if required/size of disturbance/covered elsewhere IDEQ
RCRA / Hazardous waste dependent on quantity of Haz waste generated, stored on-site and transported from refinery/plant RCRA Subpart C Site Identification Form/ EPA ID IDEQ
New mine water treatment plant DEQ engineering approval on design IDEQ

Source: SLR 2024, updated from TetraTech 2020.

 

  3-11

 

 

Silver Opportunity Partners LLC | Sunshine Mine

S-K 1300 Technical Report Summary on the Initial Assessment

March 25, 2026 

SLR Project No.: 123.020552.00001 

 

3.5 Other Significant Factors and Risks

 

The SRK QP is not aware of any other significant factors or risks are known that affect access, title, right, or ability to perform the proposed work program on the property.

 

  3-12

 

 

Silver Opportunity Partners LLC | Sunshine Mine

S-K 1300 Technical Report Summary on the Initial Assessment

March 25, 2026 

SLR Project No.: 123.020552.00001 

 

4.0 Accessibility, Climate, Local Resources, Infrastructure and Physiography

 

4.1 Accessibility

 

The Sunshine Mine is located approximately 37 mi east of Coeur d’Alene, Idaho. The Sunshine Mine is easily accessible by way of a 2.5-mile long, two lane paved road that parallels Big Creek and connects to US Interstate I-90 at Idaho Exit 54, which is called the Big Creek exit.

 

4.2 Climate

 

Climate in the area is typical of the western to northern-U.S. with snow, rain, and fog in the winter. While snowfall and winter storm events can occasionally restrict access to some surface facilities at higher elevations, mining and processing operations at Sunshine can operate year-round with a minimal number of weather-related delays or closures. Surface exploration activities are restricted to the late spring through early fall. Average precipitation in the area is approximately 33 inches, annually.

 

4.3 Local Resources

 

The two closest towns to the mine are Kellogg and Wallace, Idaho, with 2020 populations of approximately 2,314 and 791, respectively. Other surrounding communities include Osburn, Silverton, and Pinehurst. The mining history of the Idaho Silver Belt ensures a ready source of skilled and unskilled labor. Efforts are made by the local mining companies and suppliers to stimulate the local economies as much as possible, with the local area having numerous vendors that supply services to the mining industry such as welding, steel supply, transportation, and consumables.

 

Many industry supplies and services are obtained in Spokane, Washington, which is the largest metropolitan city in the area and has an international airport. Hospital services are available in the town of Kellogg, 6.7 miles from the Project. Rail service is available by trucking the concentrates approximately 70 miles to a siding in Superior, Montana, if it is ever needed.

 

Big Creek flows through the mine yard between the administration offices and the security check point. Big Creek flows into the Coeur d’Alene River, then on to Coeur d’Alene Lake and out of the Lake by way of the Spokane River to the Columbia River. Big Creek is the principal fresh water source for the mine and processing facility and has sufficient water rights to meet the needs of the operation.

 

4.4 Infrastructure

 

The plant facilities are, in general, old. The machinery in the buildings, e.g., hoists, compressors, and laboratory facilities, are well maintained and in good operating condition. SOP plans to remove the existing 1,000 stpd mill facility and build a new concentrator over a similar footprint. Upgrades are planned for the shaft, headframe, and hoisting system.

 

Power is supplied from a dedicated grid connection power line maintained by the local utility company, Avista Utilities. Back-up emergency use power is provided by a diesel generator. Process water is taken from the Big Creek and supplies are obtained from local and national suppliers.

 

 

  4-1

 

 

Silver Opportunity Partners LLC | Sunshine Mine

S-K 1300 Technical Report Summary on the Initial Assessment

March 25, 2026 

SLR Project No.: 123.020552.00001 

 

4.5 Physiography

 

The Sunshine Mine is located in the Big Creek Valley at an approximate elevation of 2,600 to 2,790 feet above sea level (fasl) with peaks around 4,800 fasl. The topography is typical of northern Idaho’s countryside, hilly to mountainous and forested. Forests contain shrubs and tree species of Douglas fir, lodgepole pine, western larch, western white pine, grand fir, and western red cedar. Wildlife inhabiting the area are typical for the Rocky Mountain region including fish, bird, and mammal species.

 

Sunshine’s main production shaft, the Jewell Shaft, and the mill are located above the base of a steep mountain, while the hoist room and other infrastructure facilities are located on a relatively level piece of property at the base of the mountain.

 

Figure 4-1 is a picture of the existing Sunshine headframe, concentrator buildings, warehouse, office, powerlines, and it shows the general land features.

 

Figure 4-1: Sunshine Mine Surface Facilities

 

 

Source: SRK 2022

 

  4-2

 

 

Silver Opportunity Partners LLC | Sunshine Mine

S-K 1300 Technical Report Summary on the Initial Assessment

March 25, 2026 

SLR Project No.: 123.020552.00001 

 

5.0 History

 

5.1 Prior Ownership

 

In May 2010, SOP, a wholly owned subsidiary of Sunshine Silver Mining & Refining Corporation (SSMRC) acquired most of the operating facilities and equipment at the Sunshine Mine from Sterling Mining Company (Sterling) via its bankruptcy proceedings. Also included in this purchase was Sterling’s lease from Sunshine Precious Metals, Inc. (SPMI) on the mine and a purchase option in the lease for title to the Sunshine Mine, which had been exercised by Sterling prior to the sale to SOP. SOP closed on the exercise of the purchase option of the lease from SPMI in July 2010 to obtain title to the mine and the facilities.

 

In October 2013, SOP acquired the Sunshine Mining Company Silver and Copper Refinery (the Sunshine Refinery) from Formation Metals, U.S.; this is a fully permitted refinery located one mile north of the Sunshine Mine.

 

On October 30, 2020, SOP was part of a corporate reorganization wherein the corporate entity that held SOP was renamed as Gatos Silver, Inc., and the SSMRC entity, and its wholly-owned subsidiary SOP, which held the interest in the Project, became wholly owned subsidiaries of a new corporation, Silver Opportunity Partners Corporation (SOP Corp).

 

5.2 Exploration and Development History

 

Beginning in August 2003, Sterling undertook a surface exploration program that was followed by a three-hole drilling program totaling 2,473 ft. Multiple veins were intersected between Sunshine and Yankee Girl structures in the third drill hole. Based on this new data, underground contract drilling began in the Sterling Tunnel area in late 2006, targeting the area to the north of the portal. A total of 46,570 ft of exploration drilling was completed from 2004 to 2008.

 

5.3 Past Production

 

Since the property was staked in 1884 Sunshine Mine has produced 364,893,421 oz of silver from 12,953,045 short tons of ore through 2001, when the mine was closed. In addition to silver, the mine produced copper, lead, zinc, and antimony throughout much of the long mining history.

 

 

  5-1

 

 

Silver Opportunity Partners LLC | Sunshine Mine

S-K 1300 Technical Report Summary on the Initial Assessment

March 25, 2026 

SLR Project No.: 123.020552.00001 

 

6.0 Geological Setting, Mineralization, and Deposit

 

6.1 Regional Geology

 

The Coeur d’Alene Mining District is hosted in Precambrian (approximately 1.45 billion years old) metasedimentary rocks of the Belt Supergroup. For silver mineralization targeting, rocks of the Burke, Revett, and St. Regis Formations are prospective and belong to the Ravalli Group within the Belt Supergroup. These Middle Proterozoic rocks cover a large area of northern Idaho and western Montana with up to a 12.5 mi (20 km) thick layer of fine-grained siliciclastic strata. The Sunshine Mine and other Silver Valley deposits occur between the Osburn and Placer Creek faults that are significant regional-scale, east-to-west structures, as seen on Figure 6-1. The regional continuity of the Idaho Silver Belt mineralized system occurs along a strike length of over 20 miles.

 

6.2 Local and Property Geology

 

The Sunshine Mine is predominantly hosted in the St. Regis Formation, which is over 600 ft thick, and upper strata of the underlying Revett Formation. The lithostratigraphic boundary between these units is unclear. Rock types in the St. Regis are mainly argillite and siltite, which grade to siltite and quartzite in the Revett Formation. Both host units are intensely folded and faulted and metamorphosed to low-grade, greenschist facies.

 

The Project area is bisected by several east-to-west faults, namely Polaris, Syndicate, C Fault, and, further south, the Alhambra Fault. Figure 6-2 shows the general structural setting. Kinematics and rock fabric in the mine are reported to show dip-slip movement on the faults, even though the regional structural setting suggests that movement was strike-slip. Polaris is a normal fault, while the remainder have reverse displacement. The faults at Sunshine are variably mineralized. The C Fault is an example of a well-mineralized structure.

 

Dominant veins in the mine strike generally east-to-west between the faults and dip steeply (>60°) to the south. Subordinate veins are interpreted to crosscut between the major veins. The larger vein structures are quite extensive and can be traced over long strike distances and depths. Generally, mineralized veins vary between 1 ft to 5 ft thick with thicknesses pinching and swelling along strike. The strike length of individual veins has been tested up to 2.5 miles in length. Veins at Sunshine can continue from surface to over a mile deep.

 

Figure 6-3 describes the local formations in a stratigraphic column. Figure 6-4 and Figure 6-5 are a local geologic map and geological cross-section, respectively.

 

6.2.1 Significant Mineralized Zones

 

Over 36 veins have been named and mined at the Sunshine Mine. Historically, mined grades are exceptionally high in some areas, with averages over 100 opt Ag. The Sunshine and Chester Veins are particularly well endowed, with each reported to have produced over 90 million (M) oz of silver to date. Mineralization is comprised of tetrahedrite, freibergite, galena, and sphalerite, with typical gangue minerals of siderite, quartz, pyrite, and magnetite. Similar to other deposits in the Idaho Silver Valley, two main vein assemblages are distinguished, which tend to dominate certain areas of the mine: silver-copper veins and lead-zinc veins.

 

 

  6-1

 

 

Silver Opportunity Partners LLC | Sunshine Mine

S-K 1300 Technical Report Summary on the Initial Assessment

March 25, 2026 

SLR Project No.: 123.020552.00001 

 

Figure 6-1: Mineral Belts of the Coeur d’Alene Mining District, Idaho

 

 

 

  6-2

 

 

Silver Opportunity Partners LLC | Sunshine Mine

S-K 1300 Technical Report Summary on the Initial Assessment

March 25, 2026 

SLR Project No.: 123.020552.00001 

 

Figure 6-2: General Structural Setting

 

 

 

  6-3

 

 

Silver Opportunity Partners LLC | Sunshine Mine

S-K 1300 Technical Report Summary on the Initial Assessment

March 25, 2026 

SLR Project No.: 123.020552.00001 

 

Figure 6-3: Stratigraphic Column

 

 

Source: SRK 2025

 

  6-4

 

 

Silver Opportunity Partners LLC | Sunshine Mine

S-K 1300 Technical Report Summary on the Initial Assessment

March 25, 2026 

SLR Project No.: 123.020552.00001 

 

 

Figure 6-4: Geology Map of the Sunshine Mine Area

 

 

 

  6-5

 

 

Silver Opportunity Partners LLC | Sunshine Mine

S-K 1300 Technical Report Summary on the Initial Assessment

March 25, 2026 

SLR Project No.: 123.020552.00001 

 

Figure 6-5: Cross Section of the Sunshine Mine Area

 

 

 

  6-6

 

 

Silver Opportunity Partners LLC | Sunshine Mine

S-K 1300 Technical Report Summary on the Initial Assessment

March 25, 2026

SLR Project No.: 123.020552.00001

 

6.3 Deposit Types

 

The deposits of the Coeur d’Alene Mining District, including Sunshine, are classified as clastic metasediment-hosted, lead-silver-zinc mesothermal vein deposits. In addition to Coeur d’Alene, a world-class silver district, this deposit type includes several historical mining localities globally, including the Harz Mountains and Freiberg in Germany, Keno Hill and Kokanee Range in Canada, and Příbram in the Czech Republic. These deposits are typified by the following general characteristics:

 

● Deposits are hosted in thick sequences of fine- to medium-grained clastic sedimentary rocks transected by deep-seated regional-scale faulting.

 

● Sedimentary basins occur in a wide range of tectonic environments, but all have been subject to deformation, intrusion, and regional metamorphism, typically greenschist facies.

 

● Economic minerals are predominantly galena and sphalerite with minor accessory pyrite and a wide range of sulphosalt minerals, including tetrahedrite, pyrargyrite, stephanite, bournonite, acanthite, and native silver.

 

● Gangue minerals are comprised of siderite and quartz, with lesser amounts of dolomite or calcite.

 

● Temperature of sulfide mineral deposition is in the range of 250 degrees Celsius (°C) to 300°C.

 

It is generally accepted that the veins of the Coeur d’Alene Mining District were formed during the Cretaceous to early Tertiary. Genesis of the orebodies may have been a result of regional-scale metamorphism and the development of hydrothermal systems associated with the emplacement of the Idaho Batholith pluton and concurrent deformation. Metamorphic hydrothermal fluids most likely scavenged syngenetic metals (silver, lead, zinc, and copper) from Proterozoic Belt Supergroup strata and emplaced these metals within pre-existing or concurrent structural features.

 

6.3.1 Geological Model

 

The signature for all economic deposits discovered within the Coeur d’Alene Mining District is vein-like morphology hosted within the metasediments of the Belt Super Group. Within the Sunshine Mine, as well as other sub-districts in the Coeur d’Alene Mining District, veins occur as branching fissures that crosscut the sedimentary host rocks. Previous studies have indicated the veins are of mesothermal origin.

 

The vein structures are known to branch or split, forming duplexing, and have anastomosing geometries. The majority of veins strike west, are steeply dipping, elongated down-dip, and can have strike lengths over 4,000 ft and dip lengths over 8,000 ft.

 

SRK incorporated geologic interpretations from the SOP’s internal experts regarding the trends of vein domains and mineralization continuity. The SRK QP considers the current geological model to be sufficient for conceptual exploration targeting, geological modeling, and resource estimation of the Sunshine deposit.

 

6-7

Silver Opportunity Partners LLC | Sunshine Mine

S-K 1300 Technical Report Summary on the Initial Assessment

March 25, 2026

SLR Project No.: 123.020552.00001

 

7.0 Exploration

 

7.1 Exploration

 

The primary method of modern and historical exploration at Sunshine is underground drilling, mapping, and channel sampling, as discussed in Section 7.2. Historically, exploration underground was conducted by drifting on the veins, prior to the use of drilling rigs. In addition to drilling data, historical channel sample assays obtained during previous mining form the majority of data available for the current resource estimation.

 

In August 2003, it was reported that the previous operator conducted a surface exploration program. Sterling performed induced polarization (IP), resistivity, and chargeability geophysical surveys. Additionally, geochemical sampling was conducted at surface that yielded areas of exploration interest; however, the surface expression of the Sunshine vein system is generally weak with limited outcrops. Historical surface exploration results were not reviewed by the QP for the estimation of Mineral Resources.

 

7.2 Drilling

 

7.2.1 Type and Extent

 

From August 2022 until October of 2023, SOP completed a drilling campaign that totaled 54,369 ft of core in 38 drill holes (Table 7-1). The recent SOP drilling for exploration, delineation, and development conducted at the Sunshine Mine has been performed from surface and underground with diamond-core drills. Diameters ranged from BQ-sized core (1.42 inches or 3.64 cm) to HQ-sized core (2.5 inches or 6.35 cm), with less than (<) 5% of core completed at the smaller BQ-diameter. Work was completed by a national contract core drilling company (Boart Longyear from Salt Lake City, Utah); they operated two diamond drills (a smaller LM90 and a larger LM110). Figure 7-1 provides a vertical longitudinal projection of the recent drilling locations.

 

From 2010 to 2013, SOP drilled approximately 60,000 ft in 84 drill holes. Overall, the current drill hole database contains 3,618 underground drill holes that total 1,114,823.5 ft. All these diamond-core holes were drilled with substantially similar equipment and using equivalent procedures to the recent campaign. The longest underground drill hole is 3,130 ft (954 m). It is not uncommon for drill holes to be completed to lengths of approximately 1,500 ft to 2,000 ft (457 m to 610 m). Following completion, all drill holes are cemented for their entire length.

 

In August 2025, SOP commenced an additional drilling campaign. As of the TRS report date, approximately 48,000 feet (31%) of a planned 154,000-foot drilling campaign have been completed in 70 new drill holes. Results of this ongoing program are pending and will be included in future technical report updates.

 

7-1

Silver Opportunity Partners LLC | Sunshine Mine

S-K 1300 Technical Report Summary on the Initial Assessment

March 25, 2026

SLR Project No.: 123.020552.00001

 

Figure 7-1: Vertical Longitudinal Projection of Recent SOP Drill Hole Locations

 

 

7-2

Silver Opportunity Partners LLC | Sunshine Mine

S-K 1300 Technical Report Summary on the Initial Assessment

March 25, 2026

SLR Project No.: 123.020552.00001

 

7.2.2 Procedures

 

7.2.2.1 Deviation Surveys

 

Since 2010, drill hole locations and orientations are marked for the drillers by the supervising geologist and surveyed before and after drilling. After the initial setup on the drill hole, a Northrop Grumman LiPAD-100 Gyrocompass azimuth aligner was used in the recent SOP campaigns to double check the drill rig collar setup before commencing drilling. An initial 50 ft (15 m) check survey is completed to ensure downhole direction after coring was commenced. Then, regular downhole surveys were completed every 200 ft (60 m) on all diamond drill holes as the drill holes advanced. The primary survey tool was a Boart Longyear TruShot downhole survey tool. An Inertial Sensing Gyro survey tool was also used to double-check surveys in more magnetically problematic areas around known workings. Upon reaching the target depth, the drillers stop the hole and survey the bottom of the hole before cementing.

 

The Boart Longyear TruShot instrument also records the magnetic field strength, which is used to derive an average field strength for help in assessing individual orientation readings. If an obviously anomalous measurement is recorded, it is double-checked with the Inertial Sensing Gyro (as the gyro is a non-magnetic survey tool) and replaced after being checked against an average of adjacent readings. The survey data is recorded on paper and digitally forwarded to the supervising geologist for capture using the Microsoft Access digital core logging database. The surveyed drill holes are checked visually in 3D to confirm that they were oriented as planned and continuing in the correct location(s).

 

7.2.3 Drilling and Logging Procedures

 

For the modern exploration programs, the drillers place the core in waxed cardboard boxes labeled with the drill hole and footage, which are then enclosed and taped shut prior to transport to the shaft station on the respective drilling levels after the completion of each work shift. Core boxes are then placed in the shaft to be collected by mine staff and transported to the logging facility, which is located near the mine offices. The core logging facility has recently been completely remodeled and configured for ergonomic core logging. Traditional benches have been replaced with a series of roller-equipped racks with end stops. The core boxes are easily pushed (with no lifting) from station to station during the logging and sampling process, thus reducing the risk of dropping boxes. New lighting has been installed along with an overhead water supply system with spray hoses, as well as anti-fatigue matting. Upon receipt of the core at the logging facility, the core boxes are laid out in order on the roller tables.

 

Next, the geologists examine the drill holes to ensure correct run block footage and core orientation. Zones of core loss are noted, and geotechnical logging is conducted; this includes measurement of recovery and rock quality designation (RQD). Recovery was measured during drilling and checked during geological logging. Core recovery was generally very good (exceeding 90%). Core recovery can be difficult in certain faulted or sheared areas. The diamond drillers changed from wireline tools to conventional tools before encountering proven areas of loss, which significantly improved recovery. Recovery issues did not materially impact the reliability of the results.

 

The core is then logged for lithology and mineralogy, as well as sedimentary structures, veins, faults, and other structural features. Following this, a third logging pass is made noting type, style, and intensity of alteration. During the logging process, all the aforementioned geologic features are marked with China marker grease pencils to be visible in the core photographs. The core is then wetted and photographed using a purpose-built camera, lighting enclosure, scale, and color correction cards, which provide uniform digital images. In addition to the notations on the core for geological information, the sample boundaries and numbers are also marked to allow for easier validation of the assay results using the imagery.

 

7-3

Silver Opportunity Partners LLC | Sunshine Mine

S-K 1300 Technical Report Summary on the Initial Assessment

March 25, 2026

SLR Project No.: 123.020552.00001

 

During the recent SOP campaign, logging was conducted by contract geologists supplied by Tamarack Geological Services of Osburn, Idaho. The contract geologists were supervised by on-site SOP personnel. All data are digitally captured on notebook computers using a propriety Microsoft Access digital core logging database. The digital database is backed up weekly to a secure server.

 

7.2.3.1 Drill Hole Sampling

 

Upon completion of drill hole logging, the geologist marks the core for sampling. Specimens from each sample are measured for specific gravity (SG) using a water immersion method on unsealed core. Samples taken for assay range in length from a minimum of about 6 inches to a maximum of 4 ft (0.15 to 1.21 m) with breaks made based on lithological contacts, changes in estimated grade, or variation in mineralization style. Tags are placed in the boxes for each sample. Any visible sulfide or gangue mineralization is sampled. All samples are bracketed with a minimum of 2 ft (0.6 m) of apparently barren or uneconomic material.

 

For the recent drilling program, all core samples are sawn with a Corewise Pty Ltd. automatic saw, and half core samples are sent to the laboratory. The remaining half of all sampled intervals are retained in a separate storage facility on-site at the Sunshine Mine. The core photographs are also of such high quality that it is possible to check the core in detail after it has been discarded, if necessary. Sample tag books are filled out with drill hole identification number (ID), location, and from and to information, and a tag is placed in the sample bag. The sampled intervals are captured in the digital core logging database and then checked using a validation routine to confirm that there are no overlaps or accidental gaps.

 

Assay quality assurance/quality control (QA/QC) samples consist of blanks, certified reference standards, coarse duplicates, and pulp duplicates. The control samples are entered into the sample stream at a rate of one in 20 samples. All samples are recorded in the database, placed in cloth-polyethylene bags, and collected into reusable plastic shipping boxes (tote). As sufficient samples are gathered, the totes are delivered by the contract geologists to the American Analytical Services (AAS) laboratory in Osburn, Idaho.

 

7.2.3.2 Channel Sampling

 

In addition to drilling data, historical channel samples obtained during previous mining form the majority of data available for the current resource estimation. Assays from face samples collected during development and production have been the main data used for previous resource and reserve estimates throughout the long history of the Sunshine Mine.

 

During mining, chip samples from drift and stope faces and backs and sides of drifts and raises were obtained daily for grade control and resource estimation. Geologists collected samples in a horizontal channel, from left to right, across the mining face following a standardized procedure to sample a representative portion of the mineralized structure. Each of the sample points was referenced to an underground survey control point.

 

After sample collection, the geologists loaded the channel samples to the surface, where they were organized for transport to the assay laboratory. Sample tickets recorded the sample number, location, description, and sketch of the mining face where the sample was obtained. The sample booklets contained a detachable tag with duplicate sample numbers that was placed in each sample bag.

 

7-4

Silver Opportunity Partners LLC | Sunshine Mine

S-K 1300 Technical Report Summary on the Initial Assessment

March 25, 2026

SLR Project No.: 123.020552.00001

 

Veins were typically sampled at 4 ft to 6 ft intervals along drifts. Raises and stopes were sampled regularly, with sample intervals varying based on advance cycles. Linen and paper maps and cross-sections recorded the historical Sunshine data with accurate records of channel sampling. From 1995 onward, underground channel sample data were maintained in an electronic database. Previous data were digitized directly from the historical maps. Since 2022, SOP has worked to geo-reference the majority of available historical plan, level, and stope maps with handwritten sampling information into 3D and has validated all the historical channel data for accuracy in grade, thickness, and location. Figure 7-2 and Figure 7-3 provide a vertical longitudinal projection and a plan view, respectively, of drill hole and channel sample locations at Sunshine.

 

7-5

Silver Opportunity Partners LLC | Sunshine Mine

S-K 1300 Technical Report Summary on the Initial Assessment

March 25, 2026

SLR Project No.: 123.020552.00001

 

Figure 7-2: Vertical Longitudinal Section of Drill Hole and Channel Sample Locations

 

 

7-6

Silver Opportunity Partners LLC | Sunshine Mine

S-K 1300 Technical Report Summary on the Initial Assessment

March 25, 2026

SLR Project No.: 123.020552.00001

 

Figure 7-3: Plan View of Drill Holes and Channel Sample Locations

 

 

7-7

Silver Opportunity Partners LLC | Sunshine Mine

S-K 1300 Technical Report Summary on the Initial Assessment

March 25, 2026

SLR Project No.: 123.020552.00001

 

7.2.4 Interpretation and Relevant Results

 

SOP considered the recent drilling (occurring from August 2022 until October of 2023) to have been a successful program, with 38 drill holes totaling 54,369 ft drilled. Each of the completed drill holes was successful in intersecting planned targets or providing new knowledge in previously unknown areas. To date, one new vein structure was defined with drilling from the 2300-Level elevation. This silver-copper vein has been defined approximately 50 ft (15 m) south of the historical Yankee Girl Vein and is currently named the South Yankee Girl (SYG) Vein. SOP completed two drill holes targeting the SYG Vein, and both encountered silver mineralization. Drilling will continue to define the vertical and lateral limits of this new vein structure.

 

All the new and historical drilling data helped inform the first 3D geology model in Sunshine Mine’s 140-year history. Continued work will be done to better define the Yankee Boy/Sunshine Vein extensions to the east and west, the C Fault Vein down dip and to the west, and the 10-Vein down dip, as well as to the east. Adding intercepts on all Sunshine veins with future drilling programs will better define the deposit and assist with mine planning. Resource conversion of Inferred mineralization to higher classification categories will continue as SOP works toward the resumption of production.

 

Table 7-1 summarizes detailed drill intercepts completed by SOP in 2022 and 2023 that are included in this MRE. The exact relationship between the sample length and the true thickness of the mineralization is not known. In general, the length of the sample intersections (apparent width) is greater than the true thickness measured perpendicular to the modeled vein wireframes. The SRK QP considers the drilling intersections to be representative of the mineralization. The measured vein angles with respect to the core axis are provided in the summary table. All summary intervals are reported proportionally to the length of the individual samples, and allowance for lower grade dilution zones are included, if encountered. No drilling, sampling, or recovery factors are known that could materially impact the accuracy and reliability of the results. The SRK QP considers the drilling and sampling process at Sunshine to meet generally accepted industry standards and to be sufficient for the current level of study.

 

In August 2025, SOP began an extensive and ongoing underground drilling program. Preliminary observations by SOP from the 2025-2026 campaign indicate that drilling has encountered mineralization in areas outside the current Mineral Resource estimate and may support upgraded resource classification in other infill areas. The new drillhole intercepts have confirmed the presence of stacked veins with similar silver grades to the current mineralization models. Additionally, the new drill holes have also confirmed areas of historical mined-out workings, which provides additional assurance to the spatial accuracy of the previous production records. The SRK QP has not quantified any potential changes to the Mineral Resource estimate from these ongoing drilling results, as the data requires appropriate verification and revised vein modeling that will occur in future updates to the current Mineral Resource estimate. These additional drilling results may prove to be material when evaluated and incorporated into an updated resource model.

 

7-8

Silver Opportunity Partners LLC | Sunshine Mine

S-K 1300 Technical Report Summary on the Initial Assessment

March 25, 2026

SLR Project No.: 123.020552.00001

 

Table 7-1: Summary of 2022-2023 SOP Drill Hole Results

 

Drill Hole
ID		 Azimuth
(°)		 Dip
(°)		 From
(ft)		 To
(ft)		 Sample Interval
(ft)		 Angle TCA1
(°)		 Ag
(opt)		 Ag
(g/t)		 Cu
(%)		 Pb
(%)		 Zn
(%)		 Vein
ST-2670 8.00 -39.00 713.2 714.4 1.2 70 90.6 3,104.660 0.976 2.976 3.9760 SYB Vein
ST-2670 8.00 -39.00 724.0 725.6 1.6 40 26.8 920.107 1.100 4.990 0.0830 NYB Vein
ST-2670 8.00 -36.00 933.8 935.0 1.2 35 0.0 1.411 0.051 3.010 0.0050 10 Vein
ST-2671 9.37 -48.80 858.3 860.6 2.3 60 8.2 281.959 0.119 0.050 0.0140 SYB Vein
ST-2671 9.37 -48.80 863.8 864.6 0.8 60 60.9 2,088.590 1.420 0.050 0.1130 NYB Vein
ST-2671 8.07 -44.70 1,092.5 1,093.0 0.5 70 8.9 304.821 0.005 21.100 0.0500 10 Vein
ST-2671 8.07 -44.70 1,093.0 1,094.5 1.5 70 1.1 39.232 0.005 2.530 0.0500 10 Vein
ST-2671 8.07 -44.70 1,094.5 1,096.0 1.5 70 13.2 451.586 0.052 23.700 0.0500 10 Vein
ST-2671 8.07 -44.70 1,096.0 1,096.5 0.5 70 16.5 564.483 0.042 31.400 0.0500 10 Vein
ST-2674 10.07 -51.10 827.0 827.9 0.9 60 82.3 2,822.410 1.250 0.050 0.0940 SYB Vein
ST-2674 10.07 -51.10 834.4 834.9 0.5 45 230.5 7,902.76 5.850 0.663 4.2400 NYB Vein
ST-2674 9.07 -47.20 1,057.7 1,059.7 2.0 60 21.4 733.828 0.005 47.000 0.0050 10 Vein
ST-2674 9.07 -47.20 1,059.7 1,061.2 1.5 35 11.5 395.138 0.005 36.300 0.0050 10 Vein
ST-2675 6.27 -58.90 798.6 799.1 0.5 45 23.0 790.276 0.911 0.050 0.0170 Veinlet
ST-2676 15.00 -38.00 733.0 737.0 4.0 50 4.7 161.442 0.069 0.050 0.0050 SYB
ST-2676 15.00 -34.00 951.2 953.2 2.0 50 3.8 131.242 0.005 9.010 0.0050 10vn
ST-2676 15.00 -34.00 953.2 954.0 0.8 50 21.4 733.828 0.012 48.500 0.0050 10vn
ST-2676 15.00 -34.00 954.0 954.8 0.8 50 5.0 171.885 0.005 13.400 0.0050 10vn
ST-2676 15.00 -34.00 958.8 962.4 3.6 65 6.3 215.915 0.060 7.180 0.0050 10vn splay
ST-2677 9.97 -41.70 981.8 983.0 1.2 70 18.1 620.931 0.101 30.500 0.0120 10 Vein
ST-2677 9.97 -41.70 983.0 985.3 2.3 70 7.6 259.662 0.160 2.980 0.0230 10 Vein
ST-2677 10.77 -44.00 761.5 763.5 2.0 65 3.3 113.461 0.043 0.005 0.0050 SYB Vein
ST-2678 15.50 -41.00 1,050.0 1,050.5 0.5 80 3.6 123.904 0.190 0.050 0.0050 10 Vein
ST-2678 15.50 -41.00 1,050.5 1,050.9 0.4 65 19.8 677.379 1.420 0.207 0.0560 10 Vein
ST-2678 15.50 -41.00 1,050.9 1,051.4 0.5 65 2.2 74.794 0.016 2.160 0.0050 10 Vein

 

7-9

Silver Opportunity Partners LLC | Sunshine Mine

S-K 1300 Technical Report Summary on the Initial Assessment

March 25, 2026

SLR Project No.: 123.020552.00001

 

Drill Hole
ID		 Azimuth
(°)		 Dip
(°)		 From
(ft)		 To
(ft)		 Sample Interval
(ft)		 Angle TCA1
(°)		 Ag
(opt)		 Ag
(g/t)		 Cu
(%)		 Pb
(%)		 Zn
(%)		 Vein
ST-2678 15.07 -47.30 818.7 819.3 0.6 70 54.3 1,862.790 0.744 0.050 0.0650 SYB Vein
ST-2678 15.07 -47.30 824.0 824.5 0.5 60 12.8 440.297 0.267 0.050 0.0270 SYB Vein
ST-2679 17.27 -57.90 781.0 783.0 2.0 50 0.6 21.337 0.023 0.005 0.0028 C Fault Vein
ST-2679 17.27 -57.90 783.0 783.2 0.2 50 321.6 11,027.200 12.000 0.004 0.5600 C Fault Vein
ST-2679 17.27 -57.90 783.2 785.2 2.0 50 1.7 57.295 0.042 0.005 0.0051 C Fault Vein
ST-2679 15.50 -52.00 917.5 918.5 1.0 55 54.0 1,851.500 0.777 0.072 0.0772 SYB Vein
ST-2680 7.60 -20.50 873.5 875.2 1.7 50 48.6 1,665.220 0.795 18.200 0.0830 10 Vein
ST-2681A 26.00 -59.00 787.5 789.8 2.3 45 5.0 170.474 0.896 0.050 0.0500 C Fault Vein
23-2301a 12.00 -10.00 2,741.2 2,741.7 0.5 60 3.5 120.235 0.510 0.186 0.0220 Silverline
ST-2682 16.00 -18.00 673.9 674.0 0.1 70 29.3 1,004.780 0.860 17.000 0.0600 SYB Vein
ST-2682 15.00 -19.00 915.0 916.6 1.6 65 7.5 257.404 0.117 5.880 0.0130 10 Vein
ST-2683 20.00 -36.00 702.0 704.0 2.0 70 24.1 826.967 0.265 0.050 0.0250 SYB Vein
ST-2683 19.00 -34.00 953.3 954.5 1.2 65 4.8 163.982 0.005 9.960 0.0050 10 Vein
ST-2683 19.00 -34.00 956.5 959.0 2.5 65 38.5 1,320.890 0.908 12.600 0.0650 10 Vein
ST-2684 355.57 -54.00 244.9 246.0 1.1 50 27.7 948.331 1.270 0.116 0.0890 C Fault Vein
ST-2684 355.57 -54.00 255.0 256.5 1.5 55 34.6 1,185.410 2.120 0.464 0.0720 C Fault Vein
ST-2684 0.47 -50.50 578.2 578.8 0.6 65 31.3 1,072.520 0.408 0.217 0.0400 SYB Vein
ST-2685 330.00 -44.50 313.7 315.8 2.1 40 7.3 248.937 0.696 0.050 0.0160 C Fault Vein
ST-2685 330.00 -44.50 315.8 318.2 2.4 40 144.1 4,939.220 5.680 0.776 0.4200 C Fault Vein
ST-2685 330.00 -44.50 318.2 320.8 2.6 40 30.0 1,030.180 2.320 0.050 0.0670 C Fault Vein
ST-2685 330.00 -44.50 320.8 323.0 2.2 40 4.5 154.386 0.760 0.050 0.0050 C Fault Vein
ST-2685 333.77 -42.00 616.2 616.8 0.6 55 1.7 57.860 0.033 0.050 0.0050 SYB
ST-2685 333.77 -42.00 619.8 621.9 2.1 45 5.6 193.053 0.099 0.050 0.0120 NYB
ST-2686 332.00 -34.00 309.9 310.9 1.0 60 42.3 1,450.720 1.830 0.050 0.0760 C Fault Vein
ST-2686 335.97 -30.00 583.9 586.0 2.1 50 42.8 1,467.660 0.512 0.245 0.0470 SYB
23-2302 198.87 15.40 1,840.7 1,843.6 2.9 75 0.0 1.411 0.029 0.050 0.0050 YG
23-2302 198.87 15.40 1,843.6 1,844.5 0.9 75 0.0 1.411 0.018 0.050 0.0050 YG

 

7-10

Silver Opportunity Partners LLC | Sunshine Mine

S-K 1300 Technical Report Summary on the Initial Assessment

March 25, 2026

SLR Project No.: 123.020552.00001

 

Drill Hole
ID		 Azimuth
(°)		 Dip
(°)		 From
(ft)		 To
(ft)		 Sample Interval
(ft)		 Angle TCA1
(°)		 Ag
(opt)		 Ag
(g/t)		 Cu
(%)		 Pb
(%)		 Zn
(%)		 Vein
23-2302 198.87 15.40 1,844.5 1,846.3 1.8 75 0.0 1.411 0.077 0.050 0.0050 YG
23-2303 206.97 3.40 2,496.2 2,497.7 1.5 60 55.0 1,885.370 1.780 0.050 0.0699 YG
23-2303 206.97 3.40 2,504.0 2,505.2 1.2 60 50.4 1,727.320 1.220 0.050 0.0538 YG
23-2303 206.97 6.00 2,561.1 2,561.8 0.7 60 0.3 10.725 0.450 0.050 0.0060 YG South
ST-2687 322.00 -32.00 407.4 409.4 2.0 45 10.0 341.512 0.277 0.348 0.0160 C Fault Vein
ST-2687 324.00 -27.00 654.5 656.4 1.9 60 6.1 210.834 0.070 0.200 0.0050 SYB
ST-2689 34.00 -23.00 320.3 321.3 1.0 40 78.0 2,675.650 2.330 3.970 0.1760 C Fault Vein
ST-2690 20.47 -69.30 801.5 802.4 0.9 30 100.4 3,443.340 1.050 0.050 0.1160 SYB
ST-2690 20.47 -69.30 802.4 803.6 1.2 40 79.0 2,709.520 0.900 0.173 0.0960 SYB
23-2304 208.87 19.20 2,359.7 2,360.2 0.5 65 2.6 89.753 0.082 0.050 0.0050 YG
23-2304 208.87 19.20 2,360.2 2,362.2 2.0 65 2.5 86.930 0.047 0.050 0.0050 YG
23-2304 208.87 19.20 2,371.6 2,372.1 0.5 30 4.8 163.982 0.323 0.101 0.0170 YG
19-2301 11.00 -2.20 273.7 275.2 1.5 60 4.0 137.169 0.075 0.050 0.0050 10 Vein
19-2301 11.00 -2.20 275.2 275.8 0.6 75 187.7 6,435.100 1.950 0.119 0.1540 10 Vein
19-2302 29.47 23.30 428.3 430.3 2.0 60 0.3 8.947 0.005 0.050 0.0050 C Fault Vein
19-2302 29.47 23.30 430.3 431.7 1.4 80 4.9 167.651 0.103 0.255 0.0050 NYB
19-2304 1.00 36.00 512.2 513.0 0.8 60 10.9 375.381 0.164 0.050 0.0050 10VN
19-2304 1.00 36.00 520.4 521.0 0.6 60 1.9 65.762 0.016 0.896 0.0050 10VN
19-2306 336.40 27.20 662.0 663.9 1.9 30 10.9 372.559 0.125 13.800 0.0180 C Fault Vein
19-2306 336.40 27.20 663.9 665.0 1.1 30 5.2 178.377 0.037 4.310 0.0050 C Fault Vein
19-2306 336.40 27.20 665.0 668.0 3.0 30 4.1 138.863 0.044 6.540 0.0050 C Fault Vein
19-2306 336.40 27.20 668.0 669.7 1.7 30 2.8 95.398 0.085 3.110 0.0050 C Fault Vein
19-2307 25.67 40.60 593.4 594.6 1.2 30 65.9 2,257.930 0.836 20.200 0.0960 NYB
19-2309 343.77 38.00 867.0 868.5 1.5 45 16.5 564.483 0.156 20.000 0.0160 C Fault Vein
19-2309 343.77 38.00 868.5 871.5 3.0 45 8.4 287.886 0.037 6.880 0.0050 C Fault Vein
19-2309 343.77 38.00 871.5 873.4 1.9 45 32.6 1,117.680 0.480 29.100 0.0830 C Fault Vein
19-2309 343.77 38.00 873.4 875.3 1.9 45 79.0 2,709.520 1.580 35.300 0.3430 C Fault Vein

 

7-11

Silver Opportunity Partners LLC | Sunshine Mine

S-K 1300 Technical Report Summary on the Initial Assessment

March 25, 2026

SLR Project No.: 123.020552.00001

 

Drill Hole
ID		 Azimuth
(°)		 Dip
(°)		 From
(ft)		 To
(ft)		 Sample Interval
(ft)		 Angle TCA1
(°)		 Ag
(opt)		 Ag
(g/t)		 Cu
(%)		 Pb
(%)		 Zn
(%)		 Vein
19-2309 343.77 38.00 875.3 880.0 4.7 45 8.8 301.998 0.103 4.680 0.0250 C Fault Vein
19-2309 343.77 38.00 885.0 890.0 5.0 55 54.9 1,882.550 1.270 38.800 0.1700 C Fault Vein
19-2310 333.00 17.00 472.0 477.0 5.0 N/A 2.8 94.551 0.025 4.520 0.0050 C Fault Vein
19-2311 19-87 38.70 456.0 459.0 3.0 N/A 11.7 400.783 0.180 0.212 0.0240 C Fault Vein

Source: SOP 2024

Notes:

1. TCA: To core axis; Angle TCA is degrees parallel to core axis.

 

7-12

Silver Opportunity Partners LLC | Sunshine Mine

S-K 1300 Technical Report Summary on the Initial Assessment

March 25, 2026

SLR Project No.: 123.020552.00001

 

7.3 Hydrogeology Data

 

In 2012, Golder Associates Inc. (Golder) prepared an initial hydrologic and hydrogeologic evaluation in support of previous studies for restarting operations at the Sunshine Mine. The findings from the hydrology and hydrogeology program were also intended to provide the data to support environmental and operational permit applications for the resumption of operations at the Sunshine Mine.

 

7.3.1 Surface Water Hydrology

 

The Sunshine Mine is located in the Big Creek watershed, which extends to elevations greater than 6,000 feet above mean sea level (fasl), which receives highly variable amounts of precipitation depending on elevation.

 

Surface water, alluvial groundwater, and seeps represent an interconnected hydrologic system in the area of the Sunshine Mine. Surface water in the Big Creek and Rosebud Creek watersheds exhibit limited impacts from historical mining activities at Sunshine. Water is near neutral pH with low total dissolved solids (TDS) concentrations. Surface water quality meets applicable Idaho aquatic-life standards.

 

Observed concentrations of antimony, mercury, arsenic, and iron in groundwater in the Big Creek watershed exceed EPA primary or secondary maximum contaminant levels (MCLs) for drinking water. The observed concentrations of antimony in groundwater exceed MCLs near the base of the ConSil Waste Rock pile. Antimony, arsenic, iron, manganese, sulfate and TDS were observed in groundwater at higher concentrations downstream of the tailings facility in the Big Creek watershed compared to upstream samples. Mercury concentrations vary across the study area and are likely representing the variability of background concentrations. Measured mercury concentrations may also be influenced by the turbidity of the groundwater samples.

 

Waste rock is characterized as non-acid generating under several different evaluation criteria. Seepage from the existing waste rock piles may have influenced trace metals concentrations in alluvial groundwater. The seepage from the Sunshine waste rock pile appears to influence strontium and manganese concentrations in groundwater. Seepage from the ConSil waste rock pile appears to influence manganese concentrations in groundwater.

 

Piezometers in the tailings dam were redeveloped in an attempt to improve the quality of water-level data from those locations.

 

Golder evaluated the site-wide water balance under historical and proposed future conditions. Further information regarding water needs of the proposed milling operations, planned paste backfill, and the water treatment/reuse circuit is necessary to complete a water balance for the future operating condition.

 

SSMRC or its predecessors own valid water rights dating from historical operations of the Sunshine Mining Company. Those water rights were adequate for historical mining and milling operations. According to past internal SSMRC files, the majority of the future water supply will be provided from mine dewatering discharges and re-use of water from the tailings facility. The existing water rights appear to be adequate to supply the water needs of the proposed future operations.

 

7-13

Silver Opportunity Partners LLC | Sunshine Mine

S-K 1300 Technical Report Summary on the Initial Assessment

March 25, 2026

SLR Project No.: 123.020552.00001

 

7.3.2 Hydrogeology

 

There are no specific hydrogeology studies to support the mine development plans; however, there is information available gathered during the mine’s operating history and the more recent care and maintenance period.

 

The SLR QP understands from discussions with site personnel and site records that the ground water inflows to the mine are estimated to be from 100 gpm to 150 gpm, seasonably increasing to 150 gpm to 250 gpm. There are ground water inflows to the Jewell Shaft area and to the deeper Silver Summit Shaft. Water from the Silver Summit Shaft flows by gravity on the mine’s 3300 Level to the Jewell Shaft.

 

7.4 Geotechnical Data

 

There are no specific geotechnical studies to support the mine development plans. The mine has a long operating history. Geotechnical data regarding rock strength, rock mass conditions, and in situ stresses at mines in the district and at the Sunshine Mine is available in the public domain, and in the mine records; however, there are few geotechnical reports from recent times. Rock quality data is currently being collected, and the workings are accessible down to the mine’s 3400 Level. The available geotechnical information was used to inform the work in this TRS.

 

7.4.1 In Situ Stress Regime

 

The in situ stress state has been measured at numerous mines in the Coeur d’Alene district, indicating a northwesterly bearing of the major horizontal stress component. Breakouts, i.e., spalling or small scale failures, observed in 10 Shaft and 12 Shaft at the mine are consistent with the northwest orientation of the major stress as noted in Table 7-2. Measurements at the nearby Lucky Friday Mine indicate a ratio of the major horizontal to vertical stress of approximately 1.5.

 

Table 7-2: Summary of In Situ Stress Measurements, Coeur d’Alene Mining District USA (MPa)

 

Mine Crescent Star Lucky Friday Sunshine Mine Breakouts
Level 3300 Level 7300 Level 4250 Level 5300 Level 12 Shaft 10 Shaft
 Stress σS1 7,830 psi (54.0 MPa) 9,670 psi (66.7 MPa) 12,910 psi (89 MPa) 16,450 psi (113.4 MPa)    
Bearing N 20° W N 21° W N 38° W S 80° W N 80° W N 65° W
Stress σS2 6,280 psi (43.3 MPa) 7,220 psi (49.8 MPa) 7,110 psi (49.0 MPa) 10,600 psi (73.1 MPa)    
*Measured/Estimated Stress σv 150 psi
(1.0 MPa)		 100 psi
(0.7 MPa)		 170 psi
(1.2 MPa)		 260 psi
(1.8 MPa)		    

Source: Whyatt 2001

Notes: * Measured vertical stress divided by an estimate of vertical stress based on depth of overburden

 

An in situ stress measurement using a USBM biaxial stress gauge was conducted on the 4800 Level of the Sunshine Mine in 1980 in conjunction West studies by Beus and Chan regarding shaft design in the Coeur d’Alene Mining District. Table 7-3 summarizes the findings from that stress measurement.

 

7-14

Silver Opportunity Partners LLC | Sunshine Mine

S-K 1300 Technical Report Summary on the Initial Assessment

March 25, 2026

SLR Project No.: 123.020552.00001

 

Table 7-3: In Situ Stress Measurement 4800 Level Sunshine Mine

 

Hole No. Depth (ft) Secondary Principal Stresses Magnitude
 (psi)		 Azimuth Ratio of Horizontal Stresses
A-19 18

Horizontal H1

Horizontal H2

Vertical

5,625

1,630

6,547

088°

358°

 3.5
A-22 16

Horizontal H1

Horizontal H2

Vertical

7,224

4,006

7,426

075°

345°

 1.8

Notes: In situ free field 1 Stresses at 4800 Level, Sunshine Mine

Source: Langston, 2013

 

7.4.2 Seismicity

 

Seismicity at the Sunshine Mine has been documented. Basic rock burst mechanisms in the Coeur d’Alene District indicated that Sunshine Mine was one of the more seismically active mines with the most damaging seismicity related to pillar or face bursting. At the Sunshine Mine, the overhand mining method created numerous small pillars that were subjected to high stress concentrations. The relatively brittle silicified mineralized material and wall rocks of the Revette Formation were subject to localized sudden failures of these brittle rocks. Some instance of fault-slip related also has been noted. A fault-slip related seismic event between the 4400 Level and the 4600 Levels of the Chance vein was documented at the Project, but it appears that fault-slip related events are less prevalent at the Project than at other district mines. (reference)

 

7.4.3 Rock Strength

 

There has been no specific rock property testing of the Project rocks completed as part of preparing this TRS. The district has been the subject of several studies and there are rock properties reported for the Sunshine Mine and other district mines by Whyatt (1996). A selected summary of results for the Sunshine Mine is shown in Table 7-4.

 

Table 7-4: Uniaxial Properties of Sunshine Mine Rocks

 

Rock Type and Level Number Compressive Strength
(psi)		 Tensile Strength
(psi)		 Elastic Modulus
x106 psi		 Poisson’s Ratio Description
Vitreous Quartzite
4800 23,000 1,250 ND ND Fine grain quartzite
4800 21,800 ND ND 0.17 Light gray fine grain quartzite
Sericitic Quartzite
3700 26,600 1,930 7.2 0.23 80% quartz
4800 16,900 ND 7.2 0.13 Light purple argillaceous quartzite
Siltite - Argillite

 

7-15

Silver Opportunity Partners LLC | Sunshine Mine

S-K 1300 Technical Report Summary on the Initial Assessment

March 25, 2026

SLR Project No.: 123.020552.00001

 

Rock Type and Level Number Compressive Strength
(psi)		 Tensile Strength
(psi)		 Elastic Modulus
x106 psi		 Poisson’s Ratio Description
3100 16,400 1,940 5.2 0.18 Grey to green platey argillite
Rock With Partially Healed Fractures
4800 24,900 ND 10.8 0.19 Light grey fine grained vitreous quartzite. Fractured
4800 21,800 ND 8.9 0.17 Light grey fine grained vitreous quartzite. Intact

Source: Whyatt 1996

Note: ND – no data

 

7.4.4 Rock Quality Designation

 

A frequently used parameter is the rock quality designation (RQD), developed by Deere et al. (1967). RQD is defined as the ratio of core that has competent core sticks >4 in. for selected structural domains, or for specific length of core. The only geotechnical data collected in the 2023–2024 drilling was a record of the core RQD. The results of the RQD logging are summarized in Table 7-5

 

Table 7-5: RQD Classification of Five Drill Holes

 

RQD Range (%) ST 2691 23-2303 19-2309 23-2304 27-2302
  Length Weighted Percent of Intervals  
0–25 54% 28% 21% 40% 78%
25–50 18% 26% 24% 23% 14%
50–75 23% 30% 24% 21% 7%
75–90 3% 10% 22% 12% 2%
90–100 2% 6% 9% 4% ~

 

7-16

Silver Opportunity Partners LLC | Sunshine Mine

S-K 1300 Technical Report Summary on the Initial Assessment

March 25, 2026

SLR Project No.: 123.020552.00001

 

8.0 Sample Preparation, Analyses, and Security

 

8.1 Overview

 

All drill hole samples from the Project since SOP ownership (2010 to present) have been analyzed at the American Analytical Services, Inc. (AAS) laboratory in nearby Osburn, Idaho. AAS is a third-party, commercial geochemical laboratory that operates independently of SSMRC and SOP. The AAS analytical facilities are International Organization for Standardization (ISO) 170525:2017 certified in the field of Chemical Testing – Metallurgical Products and Mine Samples (Certificate No. L25-90).

 

The SRK QP audited the AAS laboratory on June 1, 2023. Portions of the laboratory were undergoing renovations, but the facility appeared generally adequate for the testing conducted.

 

Additional umpire assays were obtained from the third-party SVL Analytical, Inc. (SVL) laboratory located in Kellogg, Idaho. The SVL analytical facilities are ISO 170525:2017 certified in the field of Chemical Testing – Metallurgical Products (Certificate No. L25-243). The SRK QP audited the SVL laboratory on October 9, 2025.

 

Specific records are limited for sample preparation and analytical procedures used by historical Sunshine operators prior to SOP. During production, assays were completed at the in-house, non-commercial mine laboratory. The on-site laboratory facility has been dismantled and is no longer active.

 

8.2 Security Measures

 

8.2.1 Historical Sampling

 

Previous operators handled sample preparation and analysis of channel, rock chip, and drill core samples internally. Paper sample tag booklets are available on-site that document locations, lengths, and grades of various historical samples. Skeletonized drill core and coarse rejects are stored in a large core shed at the Sunshine Mine. Retention of sampling records and sample rejects is a positive indication of the diligence of the historical operators in maintaining adequate security measures.

 

8.2.2 Modern Sampling

 

For all recent drilling (2010 to present), core was delivered regularly from underground drill stations to the surface logging areas. The exploration office and logging facility are monitored and have an overnight security guard posted to maintain area protection. Only authorized personnel have access to the Sunshine drill core samples.

 

8.3 Sample Preparation for Analysis

 

8.3.1 Historical Sampling

 

Prior to SOP (pre-2010), detailed sample preparation methods were sparsely documented. Underground channel samples and drill core were delivered to an on-site preparation facility and crushed prior to laboratory analysis. Review of the available historical paper geologic logs, sampling booklets, and assay certificates indicates that a standard of care was exercised during sampling that was considered appropriate at the time.

 

8-1

Silver Opportunity Partners LLC | Sunshine Mine

S-K 1300 Technical Report Summary on the Initial Assessment

March 25, 2026

SLR Project No.: 123.020552.00001

 

8.3.2 Modern Sampling

 

SOP follows written procedures for sampling. Based on geological criteria, sample intervals are marked with metal tags inside each core box, which include the sample interval. Core sample lengths target 6.5 ft (2.0 m) or less. The sample intervals are measured to tenths of a foot and chosen by the geologists based on lithological and mineralization breaks observed during logging.

 

After logging and photographing, the drill core is cut with a diamond saw. Half of the core sample is placed in a new cotton-polyethylene bag with a unique sample tag, an integrated duplicate sample tag, and large sample numbers written in permanent marker. All sample bags are sealed with internal drawstrings. Multiple bags are collected onto a pallet for delivery to the AAS laboratory in Osburn. A sample dispatch sheet accompanies each sample delivery and outlines the desired analytical procedures. Sample numbers and footage are stored electronically and uploaded to a secure Microsoft Access database. After splitting, the samples are delivered to the AAS laboratory routinely with a dispatch sheet for required analytical work that maintains appropriate chain of custody.

 

AAS organizes and dries the samples. Then, the samples are crushed to 95% passing two-millimeter (mm) mesh, and a 250 g sub-sample is divided with a riffle splitter. The sample is pulverized to 90% passing 75 microns (µm), and the pulverizer is cleaned with sand between samples.

 

8.4 Sample Analysis

 

Historical assaying occurred at the Sunshine Mine laboratory, and exact procedures are unknown. No known bias exists in the earlier sample grades versus later analyses that would indicate the historical laboratories were not following established preparation and analytical protocols.

 

Currently, all modern samples are processed with a four-acid digestion and assayed first by atomic absorption (AA) spectrometry at the AAS laboratory. The lower laboratory detection limit (LLDL) for silver is 0.05 opt Ag. Silver values exceeding 25 opt Ag on the AA are subsequently fire assayed for silver. The resulting fire assays are used with priority over earlier AA results. Also, lead results above 30% Pb trigger a secondary volumetric titration analysis that is more accurate for higher concentrations.

 

8.5 QA/QC Procedures

 

No QA/QC results are documented for historical assays to verify the accuracy and precisions of the analytical procedures.

 

8.5.1 Standards

 

As silver is the only economic variable with sufficient assay coverage, the QA/QC data reviews below are only concerned with silver results. Sunshine also collects data related to copper, lead, zinc, and antimony that are available for future study. Certified reference material (CRM) standards from Minerals Exploration and Environmental Geochemistry (MEG) are purchased from Shea Clark Smith in Nevada. Table 8-1 lists the standards and results from the recent 2022/2023 SOP drilling campaign; Figure 8-1 to Figure 8-3 illustrate the standards and results.

 

8-2

Silver Opportunity Partners LLC | Sunshine Mine

S-K 1300 Technical Report Summary on the Initial Assessment

March 25, 2026

SLR Project No.: 123.020552.00001

 

Table 8-1: Summary of CRM Standards

 

CRM Name Number of Samples Expected Ag
(g/t)		 Number of Failures Failure Rate
(%)
MEG-AG-1 24 248.3 6 25.0
MEG-AG-2 22 298.8 0 0.0
MEG-AG-3 11 2,653 0 0.0

Source: SRK 2025

Note: CRM results are reported in grams per tonne to match the CRM expected values.

 

Figure 8-1: Summary of MEG-AG-1 Standard for Ag (g/t)

 

 

Source: SRK 2025

 

8-3

Silver Opportunity Partners LLC | Sunshine Mine

S-K 1300 Technical Report Summary on the Initial Assessment

March 25, 2026

SLR Project No.: 123.020552.00001

 

Figure 8-2: Summary of MEG-AG-2 Standard for Ag (g/t)

 

 

Source: SRK 2025

 

Figure 8-3: Summary of MEG-AG-3 Standard for Ag (g/t)

 

 

Source: SRK 2025

 

8-4

Silver Opportunity Partners LLC | Sunshine Mine

S-K 1300 Technical Report Summary on the Initial Assessment

March 25, 2026

SLR Project No.: 123.020552.00001

 

Sunshine targets standard insertion after every 30 samples, which is a typical protocol. For the 2022/2023 drilling, a total of 57 CRM samples were provided, representing an insertion rate of 6.5% for all samples (n = 876), which exceeds the industry standard threshold of 5%. The 2022/2023 campaign used a relatively limited number of samples (i.e., fewer than 30 control analyses) for each CRM, such that the statistical significance of the results is questionable at this point. The MEG-AG-1 results are more sporadic than the other two CRMs, partly stemming from a lower standard deviation for this standard. Sunshine should investigate and document the possible reasons for these failures and consider discontinuing use of this standard until the failures are resolved. If these standards are old, it is recommended that additional blending be considered prior to future laboratory submission. Metal may have settled differentially in the matrix and could be the reason for more-haphazard standard behavior. If necessary, the sample batches surrounding the failed CRM can be re-analyzed. If acceptable QA/QC is observed, the new sample results may replace the original assays. The MEG-AG-2 and MEG-AG-3 results show minor low and high bias, respectively, relative to the expected CRM value. Overall, the number of failures beyond the three-sigma standard deviation are minimal.

 

In the 2020 PEA, TetraTech provided data from the 2010 to 2013 time period. The same MEG standards were used at limited levels with fewer than 10 results for comparison of each individual CRM. The digital compilation of this data was not located by Sunshine. SRK was not able to review the raw QA/QC data, but the SRK QP considered a review of the previous summary charts to be adequate. Overall, the silver results were acceptable with minimal failures.

 

8.5.2 Blanks

 

Sunshine provided data for 69 blank samples, as summarized in Table 8-2. The overall blank insertion frequency was 7.9%, which is above the typical industry target rate. SOP utilizes drill core from country rock surrounding veins as the blank material. It is possible that some of this material could be considered dirty blanks, where low-level metal content could be tested. Figure 8-4 shows the results, which demonstrate no material sample contamination compared to five times the LLDL.

 

Table 8-2: Summary of Core Blanks

 

Blank Type Number of Samples Expected Ag
(opt)		 Number of Failures Failure Rate
(%)
Core blanks 69 0.25 1 1.4

 

Source: SRK 2025

 

8-5

Silver Opportunity Partners LLC | Sunshine Mine

S-K 1300 Technical Report Summary on the Initial Assessment

March 25, 2026

SLR Project No.: 123.020552.00001

 

Figure 8-4: Summary of Core Blank Results for Ag

 

 

Source: SRK 2025

 

8.5.3 Duplicates

 

Sunshine provided data for 28 duplicate samples, as summarized in Table 8-3, Figure 8-5, and Figure 8-6. The Sunshine procedure is to periodically renumber and reanalyze fine pulp duplicates and coarse reject material as blind submissions to the AAS laboratory. The overall duplicate insertion rate is 3.2%, which is low compared to the industry target of 5% of samples. SRK recommends increasing the duplicate insertion frequency in future drilling campaigns. Fine duplicates are compared at 10% tolerance, and coarse duplicates are compared at 30% tolerance. Generally, a few outliers suggest that the original test result was biased high in some cases.

 

Table 8-3: Summary of Duplicates

 

Duplicate Type Number of Samples Number of Outliers Outlier Rate (%)
Pulp 11 2 18.2
Coarse rejects 17 3 17.6

 

Source: SRK 2025

 

8-6

Silver Opportunity Partners LLC | Sunshine Mine

S-K 1300 Technical Report Summary on the Initial Assessment

March 25, 2026

SLR Project No.: 123.020552.00001

 

Figure 8-5: Summary of Pulp Duplicate Results for Ag

 

 

Source: SRK 2025

 

Figure 8-6: Summary of Coarse Reject Results for Ag

 

 

Source: SRK 2025

 

8-7

Silver Opportunity Partners LLC | Sunshine Mine

S-K 1300 Technical Report Summary on the Initial Assessment

March 25, 2026

SLR Project No.: 123.020552.00001

 

8.5.4 Check Assays

 

Sunshine provided 128 check assay data pairs that were analyzed initially at AAS laboratory, as summarized in Table 8-4. The external umpire laboratory, SVL, was used to check the original AAS sample pulps. The insertion rates equate to 14.6% of the 876 total samples in 2023. SRK noted that AAS results are reported by AA, while SVL reports inductively coupled plasma (ICP) results that have different lower detection limits; this caused some spread in the data near the respective method detection limits. Overall, the check assay results adequately demonstrate the repeatability of analytical results between the two laboratories with minimal outliers, as shown in Figure 8-7.

 

Two higher-grade check assay pairs reported anomalous results: original 352 opt Ag assay versus 20.5 opt Ag umpire value and 65.9 opt Ag assay versus 18.8 opt Ag umpire value. SRK recommends that SOP investigate the few outlier pairs to determine if sample swaps occurred between laboratories prior to check assay testing. Sunshine should investigate and document the possible reasons for these failures.

 

Table 8-4: Summary of Check Assays

 

Check Assays Number of Samples Number of Outliers Outlier Rate (%)
AAS to SVL 128 3 2.3

 

Source: SRK 2025

 

Figure 8-7: Summary of Check Assay Pairs for Ag

 

 

Source: SRK 2025

 

8-8

Silver Opportunity Partners LLC | Sunshine Mine

S-K 1300 Technical Report Summary on the Initial Assessment

March 25, 2026

SLR Project No.: 123.020552.00001

 

8.5.5 Results

 

Review of the historical and modern QA/QC plots indicated there are a limited number of standards that failed against typical control limits of three-sigma standard deviation from the expected values. The maximum percentage of failures was for MEG-AG-1, which saw both high and low sporadic failures. Sunshine should investigate and document the possible reasons for these CRM failures, consider re-analyzing affected sample batches, and consider discontinuing use of this standard until the failures are resolved. It is the QP’s opinion that the QA/QC data show no significant repeated bias and do not indicate any systematic errors affecting the Sunshine drilling results.

 

The majority of coarse reject duplicate pairs are within ±30% of one another. Although fewer data exist, pulp duplicate results show good precision at <10% variance between pairs. The comparison of the AAS primary laboratory to the SVL umpire laboratory showed minimal outliers between sample pair results. The duplicate and check assay results indicate acceptable preparation precision and repeatability of assays between laboratories. SRK recommends that SOP investigate the couple of higher-grade outlier umpire pairs and document the possible reasons for these failures. Additionally, future campaigns should target more high-grade samples for check assays.

 

Additional pulp and coarse duplicates should be analyzed to arrive at a statistically significant number of sample pairs for comparison. As exploration continues, additional CRM results will assist in monitoring the laboratory and can be evaluated for using the mean of Sunshine results versus the expected value on the standard certificate.

 

SRK reviewed limited historical QA/QC results provided in the 2020 TetraTech PEA for the 2010 to 2013 drilling campaigns. The results were similar to the recent campaign, with few overall results and indications of minor high and low bias for certain CRMs. In general, the results of the blank and duplicates were acceptable. No check assays were provided for the earlier SOP drilling.

 

8.6 Opinion on Adequacy

 

Specific records are limited for sampling procedures of the historical drilling programs; however, no known bias exists in the earlier sample grades compared to recent assay results. The SRK QP has reviewed the available QA/QC results documented by previous technical reports and in the recent drilling campaign. SOP has followed industry-accepted methods for QA/QC, including the use of standards, blanks, and duplicate samples in the 2023 drilling program. The SRK review indicated reliability of silver results based on CRM standards, blanks, pulp duplicates, coarse duplicates, and check assays. The SRK QP recommends a higher insertion frequency for fine and coarse duplicates in future drilling projects and a larger proportion of high-grade samples for umpire analyses.

 

The SRK QP has audited the security, sample preparation, and analytical procedures, which are consistent with generally accepted industry standards. In the QP’s opinion, the Project’s analytical data are acceptable for use in estimation and reporting of Mineral Resources.

 

8-9

Silver Opportunity Partners LLC | Sunshine Mine

S-K 1300 Technical Report Summary on the Initial Assessment

March 25, 2026

SLR Project No.: 123.020552.00001

 

9.0 Data Verification

 

Data verification has been an integral part of SOP’s work on the Project. The long-lived mine has an impressive collection of archived historical paper data in the on-site vault. SOP continues to organize and verify the substantial quantity of available historical data.

 

9.1 Site Visit

 

In accordance with S-K 1300 guidelines, the SRK QP has visited the Project site, making two field visits for 3.5-days each from February 28 to March 3, 2022, and from May 29 to June 1, 2023, and a third site visit from October 8 to 9, 2025. During the site visits, the SRK QP toured the property with Nick Furlin, Sunshine’s Technical Services Manager, and Tom Henderson, General Manager of Sunshine Mine. The SRK QP reviewed general operations, drilling procedures, and sampling practices, examined available drill core, visited the external analytical laboratory, and conducted detailed data validation with available historical paper records. During the site visit, relevant information was collected for the preparation of this TRS and for review of exploration potential for planning future work programs. The SRK QP was given full access to relevant data. Interviews were conducted with site personnel to understand the procedures used to collect, record, store, and analyze the exploration data.

 

9.1.1 Discussions on Geological Attributes

 

During the site visit, the SRK QP reviewed the geology and the general geological understanding of the Sunshine deposit with the mine team. The discussions between the Sunshine geology team and the SRK QP focused on understanding geological data for use in modeling assistance, which included the genesis of the deposit, the main trends of mineralization, and the role played by the lithology and structural setting. The SRK QP assisted Sunshine with developing a protocol for verifying historical channel data back to level and stope map source documentation, in preparation for modeling the vein system in 3D. The SRK QP considers the current Sunshine geological interpretations of mineralization continuity and controls to be suitable for geological modeling.

 

9.1.2 Examination of Drill Holes

 

SRK examined available drill core intervals that were characteristic of mineralization styles for the deposit. The presence of silver and lead mineralization was confirmed in historical and recent drill core. SRK visited multiple active drilling stations and transected a good portion of the open underground workings. The locations of some historical drill holes were observed underground, and an overview of the claim/property boundaries was given. Drill holes are logged for lithology, structure, alteration, mineralization, and geotechnical information. Current digital logging procedures were observed by SRK during the site visit and are considered adequate.

 

9.1.3 Sampling Techniques and Data Collection

 

SRK observed the process of cutting and sampling drill holes from start to finish during the 2023 site visit. Sunshine follows acceptable internal written procedures for assay sampling and data collection, as described in Section 8.3.

 

SRK did not observe drill hole cutting and sampling while on-site. Core sampling equipment was observed, including a diamond blade wet saw and a pneumatic core splitter. At the time of the site visit, a Corewise Pty Ltd. automated diamond core saw was being installed. With this saw, samples are placed in a plastic cartridge and oriented along the cutline drawn by the geologists.

 

9-1

Silver Opportunity Partners LLC | Sunshine Mine

S-K 1300 Technical Report Summary on the Initial Assessment

March 25, 2026

SLR Project No.: 123.020552.00001

 

The SRK QP considers the sampling protocols observed during the site visit to meet generally accepted industry practice.

 

9.2 QA/QC Analysis

 

Drill hole sampling conducted by Sunshine generally followed industry-accepted methods for QA/QC, including the use of standards, blanks, and duplicate samples. For every 30 samples, one standard, one pulp duplicate, and one blank are inserted into the sample stream, and expected values are blind to the laboratory. An appropriate mix of matrix-matched CRM standards were selected for the recent drilling program. SRK notes that two of the CRMs (MEG-AG-1 and MEG-AG-2) have similar expected silver grades, and another standard may provide a better spread in values. Also, SRK recommends introducing more fine and coarse duplicates into the sample stream for future drilling projects.

 

The SRK QP summarized and reviewed QA/QC data and results from the recent drilling program and also reviewed historical QA/QC results in previous technical reports. Section 8.0 discusses historical and modern QA/QC programs. The SRK QP reviewed the results, which are considered acceptable for use in the MRE.

 

9.3 Database Verification

 

During the May 2023 site visit, SRK gathered and scanned a portion of original laboratory data certificates, geological logs, stope maps, assay booklets, and other paper historical data for comparison to entries in the current database. In the Sunshine Mine office, SRK was able to source original sample tags and laboratory records from the 1950s and beyond that matched hand-drawn paper drill logs and stope sections with channel sampling results. The comparisons are not perfect, as not all data existed for each chosen drill hole, and some source information was secondary. For example, decades-old, original handwritten data on a drilling log was considered to be accurate if no other source file could be located in the archive.

 

The verification data subset was chosen randomly to be representative of the entire database, spatially and through time. SRK audited the following 22 drill holes: 19-131, 23-2268, 27-462, 27-1335, 27-2007, 27-2008, 27-2025, 31-214, 31-717, 31-977, 31-1757, 31-1760, 31-2047, 34-545, 34-429, 355-367, 37-388, 37-1403, 37-1406, 37-2221, ST-2629, and ST-2649. These drill holes represented 16 unique veins, and timing ranged from 1953 to 2013. The detailed drill hole data verification included 10,913 ft of drilling, which represents approximately 1% of total drilling footage.

 

The Sunshine database was compared line-by-line to the available fundamental drilling data, and only a few minor inconsistencies were discovered. For example, one collar survey elevation was written on a log as -412.59 and rounded in the database to -413 with slightly less precision. One copper assay was listed on the assay certificate as 0.031% Cu, but the database has -99 null value. In all instances, the observed minor inconsistencies are not considered material and have negligible impact on the suitability of the database for resource estimation.

 

Paper lithology logs exist with detailed descriptions; however, the database for lithology is sparse, as vein modeling is mainly driven by assays. Also, the review of drill logs revealed a material amount of potentially ore-grade assays that are not in the database. If carefully audited and captured into the database, these two aspects are noted as an opportunity for future vein models to incorporate additional historical data.

 

9-2

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S-K 1300 Technical Report Summary on the Initial Assessment

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SLR Project No.: 123.020552.00001

 

SRK checked three hand-drawn level maps to original sample number booklets for grade and thickness. The audited levels were 3400-05 from 1957, 4600-15 from 1974, and 3700 ER1-H from 1999. No errors were found in the individual 69 data points between the paper records and the electronic database.

 

Throughout the vein modeling process, SRK provided peer review to the capture of thousands of historical channel data points. The Sunshine team geo-referenced historical plan, level, and stope maps with handwritten sampling information into 3D to validate all the many historical channel data for accuracy in grade, thickness, and location; this was a sizable undertaking that was a detailed and critical process to gaining additional comfort with the historical data that makes up an outsized portion of the total geological database at Sunshine. SRK provided a final audit on vein data and checked the Sunshine database (essentially sample-by-sample) back to the historical maps and cross-sections. Considerable effort was taken to clean the database of duplicate information. Double samples occurred somewhat frequently due to past digitization from adjacent stope maps with identical data in slightly different spatial locations. Additionally, grades and thicknesses were edited to match the source maps and many historical typographical errors were corrected during the verification process. This work culminated in the most representative database of historical and modern geological information in the history of the Sunshine Mine.

 

The SRK QP did not observe any material errors or major discrepancies during review of the existing final database provided by Sunshine. The lack of any significant errors being uncovered during data verification is relatively rare and provides evidence that the Sunshine database is maintained adequately, has been carefully vetted, and accurately represents the original collected sample data.

 

Additionally, SRK validated the final drilling database using Leapfrog Geo software for all required data elements, including verification that:

 

● Collar locations match topographic elevation and are in the correct location.

 

● Collar locations are unique for all drill holes.

 

● Downhole surveys are oriented to project below ground surface.

 

● Drilling data have consistent total depth (i.e., same ending depth in survey, collar, and assay files, as appropriate).

 

● No overlapping and missing sample intervals exist (i.e., from-to depths are correct in assay and geology data).

 

● Geologic unit names are unique and applied the same for identical lithologies.

 

No material errors were observed during SRK’s review of the database provided by Sunshine. Inconsistencies were noted during previous database checking and detailed auditing exercises. These instances were corrected and do not represent material errors. Portions of the channel sample assays from face samples collected during historical development and production are lacking verification support due to age. In the SRK QP’s opinion, the validation work completed to date indicates that any remaining errors are not deemed to be material to the overall database.

 

9.4 Limitations

 

No limitations were placed on the verification process. The SRK QP was given full access to data and site personnel to conduction the verification work.

 

9-3

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S-K 1300 Technical Report Summary on the Initial Assessment

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SLR Project No.: 123.020552.00001

 

9.5 Opinion on Data Adequacy

 

SRK independently reviewed the current core sampling, cutting, logging, sample preparation, security, and laboratory analytical procedures followed at Sunshine during multiple site visits. The exploration and sampling protocols practiced at Sunshine are consistent with or exceed generally accepted industry guidance and are deemed adequate for the stage of the Project. In addition to modern drilling data, the current resource estimation relies heavily on historical channel samples obtained during previous mining. In the SRK QP’s opinion, data verification checks performed internally by Sunshine staff, in combination with independent checks and detailed audits by the SRK QP, have resulted in sufficient validation of the fundamental drilling database at Sunshine. The SRK QP deems the data to be acceptable and adequately reliable for use in geological modeling and estimation of Mineral Resources.

 

9-4

Silver Opportunity Partners LLC | Sunshine Mine

S-K 1300 Technical Report Summary on the Initial Assessment

March 25, 2026

SLR Project No.: 123.020552.00001

 

10.0 Mineral Processing and Metallurgical Testing

 

10.1 Introduction

 

The Sunshine Mine has a long operational history and has used the same basic flowsheet since the last major upgrades in the 1950s. Sunshine has relied on operating data to support mine planning and predict plant performance. As there has not been any recent metallurgical test work, this section will focus on historical concentrator performance to support the LOM plans and economics of the IA. Flotation testing performed in 2013 by ALS Metallurgy (formerly G&T Metallurgy), located in Kamloops, British Columbia, was also used to support the IA process design. SLR’s QP has reviewed this supporting information and finds it to be acceptable for this level of study. The next stage of study will require identification of material types to be processed according to the mine plan, metallurgical drilling and sampling of the mineralized material types and performance of a complete metallurgical test program.

 

Mineral processing operations at the Sunshine Mine site date back to approximately 1921. Mill modernization and expansion took place in 1934, 1935, and 1955 with published tonnage rates in the range of 400 stpd in the 1930s and 1,000 stpd in the mid 1950s. Since the 1950s the mineral feed to the concentrator has been consistent. The only mineral of economic importance from the Chester vein was Tetrahedrite. The three primary ball mills consistently produced P60 200 mesh at a combined throughput rate of 45 tph. A 1,200 opt silver concentrate containing 24% copper and 19% antimony was produced at 97% silver recovery.

 

The last major modification of the mill was in the 1950s, which included the addition of 30 WEMCO Fagergren-56 flotation cells and 12 Galigher Agitair-36 flotation cells, replacing the old Denver flotation cells. The flow sheet for the new Sunshine concentrator will be based on the successful historical flowsheet.

 

When the Sunshine Mine last operated, the metallurgical facilities available included a 1,000 stpd flotation mill, an antimony metal plant, and a silver refinery. Since that time, the antimony plant has been demolished and the silver refinery put on care and maintenance. The current IA considered the economic trade-offs of (1) building a new concentrator to produce a silver-copper concentrate and a lead-silver concentrate for direct shipment to smelters, or (2) constructing a new antimony plant and refurbishing the silver refinery to produce lead concentrates, antimony metal, sodium antimonate, fine silver metal, and copper cathode metal. The studies demonstrated that the most economic course was to construct a new concentrator and ship concentrates direct to downstream smelters. The key to this recommended IA option of selling the two concentrates direct to market is finding buyers for the silver-copper (tetrahedrite) concentrate, which contains a high concentration of antimony. Budget level quotations were obtained from metal traders to confirm that this concentrate is saleable.

 

10.2 Descriptions of Historical Processes

 

The following subsections have been modified from Behre Dolbear (1999).

 

10.2.1 Concentrator

 

All mine mineralized material was delivered from the underground operations and stored as feed for the primary crushing circuit which consists of a 650-ton coarse ore bin discharging over a grizzly to a 3 ft primary gyratory crusher. The primary crusher discharge was fed to a ½-in. opening vibrating screen with half in openings, in closed circuit with a 4 ft diameter standard cone crusher. The screen undersize at < ½-in. was fed to three ball mills (one 9 ft × 7 ft Denver, two 8 ft × 4 ft Hardinge) operating in closed circuit with a combination of screw and cyclone classifiers. Classifier overflow, estimated at approximately 80 percent < 100 mesh Tyler, was sent to flotation to produce sequential silver-copper, lead-silver, and/or pyrite concentrates. Silver and lead concentrates were dewatered on disc filters and stacked for shipment as lead concentrates or arsenic and antimony removal (silver concentrates). Pyrite concentrates usually had an arsenic content high enough to discourage acceptance by smelters regardless of penalty clauses.

 

10-1

Silver Opportunity Partners LLC | Sunshine Mine

S-K 1300 Technical Report Summary on the Initial Assessment

March 25, 2026

SLR Project No.: 123.020552.00001

 

10.2.2 Antimony Plant

 

The following subsection has been modified from SRK (2023).

 

The silver-copper flotation concentrate was treated in the antimony plant to remove antimony and arsenic contaminants and produce marketable antimony metal and antimonate. The process is based on Sunshine’s alkaline sulfide leach process that was used until 1993. The antimony leach plant used alkaline sulfide solution as a lixiviant to selectively leach antimony as well as some other metals including arsenic and mercury from the concentrate. Silver and copper remained in the concentrate leach residue, which was sent to the refinery for further processing.

 

The antimony-rich solution from the leach circuit went through an electrowinning process where the antimony was collected from solution at the cathodes as a fine metal product that was harvested from the cell, washed and packaged for shipment. Fouled anolyte solution from the electrowinning circuit, which contained residual antimony as well as other contaminants, was heated under pressure in an oxygen environment to oxidize the antimony sulfide as well as some of the other sulfides. After cooling sodium antimonate was precipitated from solution, filtered, packaged and sold as a marketable product. The tailings from the antimony plant were treated with ferrous sulfate to precipitate arsenic as a relatively stable ferric arsenate. After arsenic precipitation, lime was added to raise the pH to precipitate the other metal contaminants.

 

In 2013, Samuel Engineering prepared designs and a capital cost estimate for an antimony plant that would process 16 stpd of silver-copper concentrate containing 11.7% copper (Cu), 1,557 opt silver (Ag), 18.2% antimony (Sb), 0.9% arsenic (As) and 9.4% lead (Pb). The antimony plant was estimated to produce 5,045 lb/day of antimony metal cathode estimated to contain 97.5% Sb, 2.5% As and 0.04% mercury (Hg). In addition, production of 1,749 lb/day of antimonate was estimated. Samuel Engineering’s design specifications are documented in their report, “Basis of Estimate – Capital Cost Estimate for Antimony Plant” September 2013. A schematic flowsheet for the antimony plant is shown in Figure 10-1. It is noted that the Samuel Engineering’s design criteria assumed a lower grade silver-copper concentrate than what was produced during the metallurgical test program conducted by G&T in 2013. If ever an antimony plant were to be added back as part of the Sunshine flowsheet, additional test work would be required to confirm the quality of the silver-copper concentrate that would be produced, and confirmatory test work would be required to confirm the design criteria for the antimony plant.

 

10-2

Silver Opportunity Partners LLC | Sunshine Mine

S-K 1300 Technical Report Summary on the Initial Assessment

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SLR Project No.: 123.020552.00001

 

Figure 10-1: Antimony Plant Process Flowsheet

 

 

Source: TetraTech 2020.

 

10.2.3 Refinery

 

The existing silver refinery received silver concentrate produced at the antimony leach plant and used hydrometallurgical techniques to recover and refine silver and copper. A schematic flowsheet of the refinery is shown in Figure 10-2.

 

10-3

Silver Opportunity Partners LLC | Sunshine Mine

S-K 1300 Technical Report Summary on the Initial Assessment

March 25, 2026

SLR Project No.: 123.020552.00001

 

Figure 10-2: Sunshine Refinery Flowsheet

 

 

Source: Samuel Engineering 2013.

 

Sulfuric Acid Leach

 

Silver-copper concentrate leach residue from the antimony plant was delivered to the silver refinery where it was reground and pumped to the residue slurry storage tank before being transferred to the autoclave feed tank. Water and sulfuric acid were added to the autoclave feed tank to bring the solids content to 8% w/w and the sulfuric acid concentration to 200 g/L, then heated to 90˚C by flashing steam from the autoclaves. The prepared slurry was then leached in three autoclaves which were operated sequentially in batch leach mode. Nitric acid was added to the autoclaves and pressurized to 90 psig with oxygen. The exothermic batch leach ran for one hour at 90˚C. After the leach cycle was complete, the pressure from the autoclave was released into the next autoclave which was filled with slurry from the concentrate storage tank. The second autoclave then started its leach cycle and the pressure remaining in the first autoclave was used to advance the leached slurry to the leach slurry thickener feed tank. As the residue and molten sulfur cooled in the vessels, the sulfur formed into prills about 3 mm in diameter. The reactor discharged through a sulfur screen to the leach slurry thickener feed tank.

 

10-4

 

Silver Opportunity Partners LLC | Sunshine Mine

S-K 1300 Technical Report Summary on the Initial Assessment

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SLR Project No.: 123.020552.00001

 

Leach Slurry Screening, Thickening and Filtration

 

The leach slurry was first screened at 20 mesh to remove sulfur prills that formed as the leach solution cooled. The screened leached slurry was then thickened and filtered to 10% moisture content. The filtered pregnant leach solution (PLS) was then processed in the silver precipitation circuit.

 

Silver Chloride Precipitation

 

Silver was precipitated and recovered from the hot pregnant leach solution as silver chloride by adding sodium chloride (NaCl) to the silver- and copper-bearing pregnant solution. The silver was selectively precipitated from the pregnant solution as silver chloride (AgCl). The leach slurry containing the AgCl precipitate was then thickened and filtered. The AgCl filter cake was then processed in the silver chloride conversion circuit where it was eventually reduced to silver metal. The AgCl thickener overflow passed through a cartridge filter and on to the copper recovery circuit.

 

Copper Production

 

The copper-bearing solution from the silver chloride precipitation circuit was neutralized with slaked lime to a pH of about 2.2. The reaction created gypsum which was filtered from the solution and discharged to the tailings repulp tank. The filtrate was pumped to the solvent extraction circuit as copper-bearing pregnant leach solution, where it was contacted with an organic/extractant mixture which extracted the copper from the aqueous pregnant solution into the organic phase. The loaded organic was then contacted with lean electrolyte from the electrowinning circuit which stripped the copper from the loaded organic into the electrolyte. The rich copper- bearing electrolyte then flowed through the electrowinning circuit where high purity copper cathodes were produced as a saleable product.

 

Silver Production

 

Silver chloride filter cake from the silver precipitation process was collected in the AgCl collection bin where it was mixed with flux and smelted to elemental silver and poured into anode molds. The silver anodes were then electro-refined to produce high purity silver crystals. Approximately 80% of each anode was converted to pure silver crystals at the cathode where the crystals precipitated and were collected. The scrap anodes were either smelted in the scrap anode furnace or dissolved in nitric acid for electrolyte regeneration. The silver crystals were smelted in the fine silver furnace and poured into fine silver bars as a saleable product.

 

10.3 Mineral Processing Operating Results

 

The following subsection has been modified from Behre Dolbear (1999).

 

10.3.1 Ore Mineralogy

 

The Sunshine Mine mineralized material contains economic quantities of silver with by-product production of copper, lead, and antimony. The silver, copper, and antimony minerals are primarily argentiferous tetrahedrite, along with pyrite and varying amounts of galena, stibnite, and arsenopyrite.

 

The mill design configuration is flexible and has allowed for the production of different concentrates depending on the mineralogy being mined. The mill historically has produced silver-copper, pyrite-silver, and lead-silver concentrates. The current configuration of the mill has three separate flotation circuits which can be operated sequentially to produce silver-copper, lead-silver, and pyrite concentrates. The current plan is to produce two concentrates, silver-copper and lead-silver, while depressing the pyrite.

 

10-5

  

 

Silver Opportunity Partners LLC | Sunshine Mine

S-K 1300 Technical Report Summary on the Initial Assessment

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SLR Project No.: 123.020552.00001

  

Bournonite (PbCuSbS3) floats with Tetrahedrite reporting to the silver-copper concentrate and reducing the silver concentrate grade.

 

10.3.2 Historical Concentrate Grade- 1999

 

The Sunshine metallurgical complex has historically produced silver concentrates with silver grades in excess of 1,000 opt silver. Monthly average grades of untreated silver concentrates produced during 1999 are presented in Table 10-1.

 

Table 10-1: Silver-Copper Flotation Concentrate Quality 1999

 

Month
(1999)		 Ag
(opt)		 As
(%)		 Cu
(%)		 Pb
(%)		 Sb
(%)		 Zn
(%)
January 1,312 0.85 16.90 25.6 13.7 1.63
February 1,361 0.80 17.50 22.1 14.l 1.45
March 1,412 0.91 16.90 23.9 14.1 1.47
April 1,245 1.01 17.89 23.3 14.1 1.63
May 1,305 0.99 1 .40 23.2 13.9 1.53
Average 1,327 0.91 17.3 23.6 14.0 1.54

 

Monthly average antimony plant residue analyses (cleaned silver concentrates), for the first five months of 1999 are presented in Table 10-2.

 

Table 10-2: Antimony Plant Residue (Cleaned Silver Concentrate) Quality 1999

 

Month
(1999)		 Ag
(opt)		 As
(%)		 Cu
(%)		 Pb
(%)		 Sb
(%)		 Zn
(%)
January 1,141 0.32 19.30 31.6 1.23 1.71
February 1,487 0.34 19.30 27.0 0.86 1.55
March 1,544 0.35 17.90 24.6 1.85 1.66
April 1,315 0.30 17.70 26.1 2.55 1.78
May 1,366 0.37 17.80 26.3 2.73 1.70
Average 1,371 0.34 18.30 27.1 1.8 1.68

 

Monthly average lead concentrate analyses for the first five months of 1999 are presented in Table 10-3.

 

Table 10-3: Lead Flotation Concentrate Quality 1999

 

Month
(1999)		 Ag
(opt)		 As
(%)		 Cu
(%)		 Pb
(%)		 Sb
(%)		 Zn
(%)
January 84.2 0.85 1.00 39.30 0.96 0.156
February 109.2 0.95 1.40 40.80 1.31 0.175

 

10-6

  

 

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Month
(1999)		 Ag
(opt)		 As
(%)		 Cu
(%)		 Pb
(%)		 Sb
(%)		 Zn
(%)
March 168. l 0.53 1.99 57.97 1.71 0.217
April 158.3 0.39 2.10 58.21 1.93 0.242
May 136.2 0.06 1.69 53.90 1.54 0.206
Average 131.2 0.56 1.64 50.0 1.5 0.20

 

A tabulation of payable and penalty elements for the silver-copper and lead flotation concentrates, and the cleaned silver-copper concentrate produced during the first five months in 1999 are presented in Table 10-4.

 

Table 10-4: Analysis of Payable and Penalty Elements

 

Product Elemental Analysis
Ag
(opt)		 As
(%)		 Cd
(ppm)		 Cu
(%)		 Cr
(ppm)		 Mn
(%)		 Ni
(ppm)		 Pb
(%)		 Sb
(%)		 Zn
(%)		 S
(%)		 Na
(%)		 Bi
(%)
Silver-Copper Concentrate 1,327 0.91 0.008 17.32 32.2 0.24 0.015 23.6 14.0 1.54 22.4    
Cleaned Silver Concentrate 1,371 0.34 0.008 18.30 20.7 0.26 0.013 27.1 1.8 1.68   8.90 0.07
Lead Concentrate I 31.2 0.56 0.001 1.64 35.5 0.47 0.023 50.0 1.5 0.20 12.30    

 

10.3.2.1 Historical Silver Recovery

 

A review of production records published by Sunshine in Form 10K, Securities and Exchange Commission, for fiscal year ended December 31, 1998, (Behre Dolbear 1999) from December 1, 1998, through May 30, 1999, indicates that the mill has consistently yielded a tailing averaging 0.86 opt silver. With an average head grade of 26.1 opt silver, the indicated silver recovery is 96.7%.

 

The lead recovery, as published by Sunshine in Behre Dolbear (1999), indicates a recovery from mined ores of approximately 92.5 percent. This value has not been verified by a review of actual production records in as much as Sunshine does not publish monthly results of ore grades for metals other than silver.

 

The copper recovery, as published by Sunshine in Behre Dolbear (1999), indicates a recovery from mine ores of approximately 97%. This value has not been verified by a review of actual production records in as much as Sunshine does not publish monthly results of ore grades for metals other than silver. SLR notes that the copper and silver recoveries are similar as they are derived from the same mineral, tetrahedrite.

 

10.4 Historical Production

 

This section is extracted from SRK (2023) and presents a review of historical production from the Sunshine concentrator, metallurgical test work conducted in 2013 by G&T, now ALS Metallurgy, a third-party analytical and metallurgical laboratory located in Kamloops, British Columbia, and ore sorting test work conducted by Steinert GmbH in 2018.

 

Steinert is a manufacturer of ore sorting equipment that provided pilot scale tests on samples of Sunshine material in their factory in Germany to support the specification of equipment suitable for the Sunshine process facility. Steinert would ultimately provide mechanical, and performance guarantees for the system.

 

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Silver Opportunity Partners LLC | Sunshine Mine

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ALS holds certifications, including ISO/IEC 17025 for laboratory competence, ISO 9001 for quality management, ISO 14001 for environmental management systems, and CALA Accreditation (Canada) from the Canadian Association for Laboratory Accreditation.

 

The Sunshine mine and mill were in production for several decades, and production for the period from 1950 to 2008 is summarized in Table 10-5. Silver recovery during this period averaged 97.2% from mineralized material that contained an average silver grade of 26.7 opt. The flotation concentrator flowsheet was modified several times over the years depending on the mineralogy of the ore, but generally included sequential flotation in which a separate silver-copper flotation concentrate was produced followed by flotation of either a silver-bearing pyrite concentrate or a silver-bearing lead concentrate, depending upon the lead (galena) content of the ore.

 

Table 10-5: Summary of Sunshine Production (1950 – 2008)

 

Year Tons Ag opt Contained Ag
(oz)		 Recovered Ag
Ounces		 Recovery
(Ag)		 Primary Vein
2008 34,465 13.15 453,248 431,719 95.3% West Chance
20011 20,722 26.02 539,125 519,177 96.3% West Chance
20001 169,036 24.73 4,179,561 4,024,917 96.3% West Chance
19991 217,601 25.70 5,592,354 5,385,437 96.3% West Chance
19982 247,866 24.97 6,189,679 5,991,609 96.8% West Chance
19972 183,404 23.96 4,393,920 4,253,315 96.8% West Chance
19962 120,909 22.03 2,663,115 2,577,895 96.8% West Chance
19952 101,240 17.67 1,788,473 1,731,242 96.8% West Chance
19942 107,056 20.15 2,157,507 2,088,467 96.8% Chester
19932 100,441 23.64 2,374,127 2,298,155 96.8% Chester
19922 104,602 25.09 2,624,342 2,540,363 96.8% Chester
19912 157,323 22.76 3,580,301 3,465,731 96.8% Copper
19902 235,072 23.66 5,561,986 5,384,002 96.8% Copper
19892 230,837 21.64 4,996,239 4,836,359 96.8% Chester
19882 146,659 16.14 2,366,993 2,291,249 96.8% Chester
1987           Chester
19862 59,604 20.01 1,192,545 1,154,384 96.8% Chester
19852 218,509 22.29 4,870,251 4,714,403 96.8% Chester
19842 248,568 19.98 4,967,017 4,808,072 96.8% Chester
19832 212,064 21.83 4,629,581 4,481,434 96.8% Chester
19822 104,824 23.19 2,430,357 2,352,586 96.8% Chester
1981 197,154 21.22 4,184,532 4,050,627 96.8% Chester
1980 50,961 15.85 807,732 767,939 95.1% Chester
1979 172,228 21.12 3,637,455 3,511,715 96.5% Chester
1978 208,850 25.31 5,285,994 4,947,409 93.6% Chester

 

10-8

  

 

Silver Opportunity Partners LLC | Sunshine Mine

S-K 1300 Technical Report Summary on the Initial Assessment

March 25, 2026

SLR Project No.: 123.020552.00001

 

Year Tons Ag opt Contained Ag
(oz)		 Recovered Ag
Ounces		 Recovery
(Ag)		 Primary Vein
1977 155,116 24.81 3,848,428 3,745,496 97.3% Chester
1976 45,869 24.59 1,127,849 1,091,758 96.8% Chester
1975 225,897 23.22 5,245,328 5,082,471 96.9% Chester
1974 162,046 24.81 4,020,361 3,951,966 98.3% Chester
1973 123,539 25.53 3,153,951 3,063,526 97.1% Chester
1972 103,206 27.73 2,861,902 2,781,783 97.2% Chester
1971 258,858 27.83 7,204,018 7,030,098 97.6% Chester
1970 252,879 34.24 8,658,275 8,381,210 96.8% Chester
1969 271,515 31.68 8,601,595 8,390,787 97.5% Chester
1968 252,090 32.02 8,071,922 7,870,837 97.5% Chester
1967 239,915 32.98 7,912,397 7,711,343 97.5% Chester
1966 190,782 39.23 7,484,378 7,309,448 97.7% Chester
1965 169,805 38.70 6,571,454 6,433,223 97.9% Chester
1964 131,799 35.86 4,726,312 4,632,348 98.0% Chester
1963 132,637 38.25 5,073,365 4,963,491 97.8% Chester
1962 135,786 35.07 4,762,015 4,655,278 97.8% Chester
1961 188,923 32.43 6,126,773 6,001,790 97.3% Chester
1960 232,342 27.14 6,305,762 6,141,789 97.1% Chester
1959 234,548 27.89 6,541,544 6,367,520 97.4% Chester
1958 231,964 27.11 6,288,544 6,128,915 97.2% Chester
1957 206,385 26.36 5,440,309 5,206,268 97.1% Chester
1956 200,028 26.30 5,260,736 5,153,134 97.4% Chester
1955 225,883 28.17 6,363,124 6,178,749 97.1% Chester
1954 260,698 33.96 8,853,304 8,623,377 97.4% Chester
1953 249,686 30.72 7,670,354 7,505,277 97.9% Chester
1952 222,577 37.46 8,337,734 8,194,536 98.3% Chester
1951 220,265 36.90 8,127,779 7,992,707 98.3% Yankee Girl
1950 251,877 33.50 8,437,880 8,291,948 98.3% Yankee Girl
Total /Average 9,226,910 26.67 254,543,825 247,489,279 97.2%  

Source: SRK 2023 

Notes: 

1 Ag recovery estimated: 96.3%

2 Ag recovery estimated: 96.8%

 

10.5 Metallurgical Test Work – G&T

 

G&T Metallurgy (G&T) conducted a metallurgical program during 2013 on two master composites from the Sunshine mine, which represented the Western Stope and the Eastern Stope. The Western stope composite consisted of 4,933 kg of bulk material which was blended from four separate totes and the Eastern stope composite consisted of 2,741 kg of material that was blended from two separate totes.

 

10-9

  

 

Silver Opportunity Partners LLC | Sunshine Mine

S-K 1300 Technical Report Summary on the Initial Assessment

March 25, 2026

SLR Project No.: 123.020552.00001

 

The Western Stope and Eastern Stope bulk samples were collected from two different locations along the Yankee Boy Split vein in the Sterling Tunnel 6725 exploration drift. The samples were taken from the muck piles generated from single shots in each location. Figure 10-3 shows the locations of the bulk sample collection sites.

 

Variability samples were collected from the same area.

 

● The first group of variability samples are high lead-silver and were taken by visually selecting and compositing lead-silver vein specimens from the 6725 bulk sample stope and a parallel lead-silver vein located in the east stope. A sample of lead-silver material from drill core was included from a new vein lead-silver structure 200 feet into the footwall of the Sunshine vein. The grade of the samples was 37.9 opt Ag, 0.63% Cu, 9.5% Pb, 0.51% Sb and 0.09% Zn. The grade of the separate core sample was 16.2 opt Ag, 0.25% Cu, 6.7% Pb, 0.19% Sb and 0.02% Zn.

 

● The second group of variability samples were high silver-copper. The samples were composited by visually selecting vein tetrahedrite specimens from the isolated muck piles in the 6725 bulk sample stope. This set of samples was not assayed.

 

● The third group is low silver-copper samples and were collected from the isolated muck piles in the 6725 bulk sample stope. The grade of the samples was 12.3 opt Ag, 0.21% Cu, 0.09% Pb, 0.14% Sb and 0.02% Zn.

 

10-10

  

 

Silver Opportunity Partners LLC | Sunshine Mine

S-K 1300 Technical Report Summary on the Initial Assessment

March 25, 2026

SLR Project No.: 123.020552.00001

 

Figure 10-3: SSMC Map Bulk Sample Locations

 

 

 

10-11

  

 

Silver Opportunity Partners LLC | Sunshine Mine

S-K 1300 Technical Report Summary on the Initial Assessment

March 25, 2026

SLR Project No.: 123.020552.00001

  

The metallurgical program included mineralogical evaluation, comminution test work and both bench-scale and pilot plant test work. The results of this program are presented in G&T’s report, “Metallurgical Flowsheet Development: Testing on Sunshine Mine Samples”, March 2013. The head analyses for each composite are shown in Table 10-6. It is noted that the Western Stope composite was similar to the average silver, copper and lead grades expected at the Sunshine Mine, whereas the Eastern Stope composite was lower grade with very little contained copper and lead. Key results from G&T’s metallurgical test program are summarized in this section.

 

Table 10-6: Head Analyses and Mineralogical Composition of the Sunshine Master Composites

 

Element or Mineral Symbol Unit Western Stope Eastern Stope
Element        
Copper Cu % 0.25 0.13
Lead Pb % 0.44 0.02
Zinc Zn % 0.02 0.01
Iron Fe % 5.67 5.44
Arsenic As % 0.011 0.010
Gold Au g/t 0.07 0.02
Silver Ag g/t 637 316
Sulfur S % 1.08 0.78
Carbon C % 1.92 1.93
Mineral        
Freibergite / Tetrahedrite Te % 0.50 0.37
Chalcopyrite Cp % 0.04 0.05
Galena Ga % 0.44 0.02
Sphalerite Sp % 0.02 0.02
Pyrite Py % 1.57 1.39
Quartz     64.9 53.7
Muscovite     12.2 20.8
Ankerite     8.7 6.5
Siderite     8.9 8.8
Feldspars     1.2 6.8
Other Gangue Gn % 1.5 1.5

Source: G&T 2013

 

10.5.1 Mineralogy and Liberation

 

QEMSCAN Particle Mineral Analysis was conducted on sized fractions of each of the composites. Key observations included:

 

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Silver Opportunity Partners LLC | Sunshine Mine

S-K 1300 Technical Report Summary on the Initial Assessment

March 25, 2026

SLR Project No.: 123.020552.00001

 

● Observed copper sulfide minerals were primarily freibergite, tetrahedrite, and to a lesser extent, chalcopyrite. Freibergite, a complex mineral also containing silver, antimony, and arsenic, was the predominant silver-bearing mineral observed for both the Western Stope and Eastern Stope Composites.

 

● The sulfides in the Western Stope composite were 61% liberated at a nominal grind size of P80 150 microns (μm) and the Eastern Stope sulfides were 58% liberated at a P80 200μm grind size, which is usually adequate for rougher-stage copper sulfide flotation.

 

● The binary copper sulfides were interlocked with gangue, with an average composition of 37 percent copper sulfide and should be recoverable to a rougher concentrate.

 

● Liberation of galena in the Western Stope Composite was measured at about 65 percent. Most of the binary galena particles were interlocked with gangue and with an average composition of 43 percent galena, these galena-gangue binaries should be recoverable via flotation processes.

 

10.5.2 Comminution Test Work

 

Comminution test work was conducted on each of the test composites to determine the Bond ball mill work index (BWI), Bond rod mill work index (RWI), Bond Low Energy Impact work index (CWI), Abrasion index (Ai) and the SAG mill Comminution Index (SMC). The results are summarized in Table 10-7. The BWI was determined to be 14.0 kilowatt hours per tonne (kWh/t) for the Western Stope composite and 12.9 kWh/t for the Eastern Stope composite. These results indicate that the composites are moderately hard with respect to ball mill grinding and are moderately abrasive. It is noted that no Jar tests were conducted to evaluate rougher concentrate regrind power requirements. Regrind power requirements should be assessed during the next phase of study.

 

Table 10-7: Summary of Comminution Test Work Conducted on the Sunshine Test Composites

 

Composite Bond Ball Mill Work Index Bond Rod Mill Work Index Crusher Work index

Abrasion 

Index 

SMC 

A x B 
kWh/t μm P80 kWh/t μm P80 kWh/t
Western Stope 14.0 81 17.4 916 10.0 0.081 59.2
Eastern Stope 12.9 81 14.3 976 - 0.181 53.0

Source: G&T 2013

 

10.5.3 Flotation Test Work – Locked Cycle

 

Flotation test work was conducted to evaluate several different flotation flowsheet options, which resulted in a flowsheet that included sequential silver-copper flotation followed by lead flotation for the Western Stope composite, which is similar to the flowsheet planned for the new Sunshine concentrator. No locked cycle test work was conducted on the Eastern Stope composite.

 

The silver-copper flotation flowsheet parameters included a primary grind of P80 195 μm and regrinding of the rougher concentrate to P80 13 μm before feeding cleaner and cleaner scavenger cells. The cleaner concentrate is final silver-copper concentrate. The cleaner tailings feeds the copper cleaner scavenger cells. The cleaner scavenger concentrate returns to the 1st cleaner feed and the cleaner tailings reports to the lead circuit feed. T The lead circuit is similar to the silver-copper circuit. The silver-copper tailings have a primary grind of P80 195 μm and the rougher concentrate is ground to P80 12 to 14 μm. The lead cleaner concentrate is final lead concentrate, and the lead cleaner tailings are combined with the lead rougher tailings and are final tailings.

 

10-13

  

 

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S-K 1300 Technical Report Summary on the Initial Assessment

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SLR Project No.: 123.020552.00001

 

The locked cycle test retention times for copper rougher and cleaner stages were 1.5 minutes and 10 minutes, respectively, with an additional two minutes for cleaner scavenger flotation. The lead rougher and cleaner stage retention times were six minutes and 10 minutes, respectively.

 

The results of locked cycle tests conducted on the Western Stope composite are shown in Table 10-8, and the locked cycle test flowsheet is shown in Figure 10-4. Silver recovery into the silver-copper concentrate ranged from 78.1% to 82.3% and averaged 79.6 %. Silver recovery into the lead-silver concentrate ranged from 9.7% to 11.3% and averaged 10.4%. Overall silver recovery averaged 90.0%. Copper recovery into the silver-copper concentrate averaged 81.2% into a concentrate that averaged 26.5% copper and 68,188 g/t silver. Lead recovery into the lead-silver concentrate averaged 64.3% into a concentrate that averaged 49.6% lead and 11,541 g/t silver.

 

Table 10-8: Summary of Locked-Cycle Tests on the Western Stope Composite

 

Product Weight % Assay – Percent or g/t Distribution - Percent
Cu Pb Zn Fe S Ag Cu Pb Zn Fe S Ag
Test 24 Western Stope
Flotation Feed 100 0.21 0.40 0.03 5.3 0.98 579 100.0 100.0 100.0 100.0 100.0 100.0
Cu/Ag Conc 0.6 27.2 3.96 2.33 4.8 23.6 73,498 78.5 6.1 52.6 0.6 14.9 78.1
Pb/Ag Conc 0.5 4.4 55.5 0.39 7.4 17.5 13,294 10.3 69.0 7.1 0.7 8.8 11.3
Test 26 Western Stope (with Cleaner Scavenger)
Flotation Feed 100 0.231 0.41 0.04 5.4 1.13 587 100.0 100.0 100.0 100.0 100.0 100.0
Cu/Ag Conc 0.7 26.4 4.39 2.19 4.8 22.3 66,114 83.5 7.8 40.9 0.7 14.4 82.3
Pb/Ag Conc 0.6 3.2 47.3 0.42 11.3 21.0 9,644 8.3 67.8 6.4 1.2 10.9 9.7
Test 34 Western Stope (with Cleaner Scavenger)
Flotation Feed 100 0.225 0.41 0.03 5.7 1.03 585 100.0 100.0 100.0 100.0 100.0 100.0
Cu/Ag Conc 0.7 26.0 3.92 2.22 5.2 22.0 64,952 81.6 6.7 54.4 0.6 15.1 78.5
Pb/Ag Conc 0.5 3.7 45.9 0.40 11.3 19.2 11,691 8.2 56.2 7.0 1.0 9.4 10.1

Source: G&T 2013

 

10-14

  

 

Silver Opportunity Partners LLC | Sunshine Mine

S-K 1300 Technical Report Summary on the Initial Assessment

March 25, 2026

SLR Project No.: 123.020552.00001

 

Figure 10-4: Locked Cycle Test Flowsheet used for the Western Stope Composite

 

  

Source: G&T 2013

 

10.5.4 Flotation Test Work – Pilot Plant

 

The results of the pilot plant campaign on the Western Stope composite are presented in Table 10-9, and the Western Stope pilot plant flowsheet is shown in Figure 10-5. The flowsheet is similar to that of the locked cycle tests with sequential copper and lead circuits, each with rougher/scavenger flotation, regrind of rougher concentrates to 13 μm followed by two stages of cleaning. The second cleaner concentrate is final concentrate.

 

Silver recovery averaged 80% into the silver-copper concentrate and 12% into the Lead-silver concentrate. Overall silver recovery averaged 92%. Copper recovery averaged 82% into a silver-copper concentrate containing 22.3% Cu and 55,300 g/t Ag. Lead recovery averaged 51% into a lead-silver concentrate containing 49.0% Pb and 13,900 g/t Ag. Antimony content in the silver-copper concentrate was reported at 18.0% Sb and 4.51% Sb in the lead-silver concentrate.

 

The results of the pilot plant campaign on the Eastern Stope composite are presented in Table 10-10 , and the Eastern Stope pilot plant flowsheet is shown in Figure 10-6. It is noted that Eastern Stope pilot plant flowsheet only included silver-copper flotation and did not include lead flotation. Silver recovery averaged 91% into a silver-copper concentrate that averaged 16.4% Cu and 42,238 g/t Ag. Antimony content in the silver-copper concentrate was reported at 14.2% Sb.

 

10-15

  

 

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S-K 1300 Technical Report Summary on the Initial Assessment

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SLR Project No.: 123.020552.00001

 

Table 10-9: Summary of Pilot Plant Campaign on the Western Stope Composite

 

Test Product Weight Percent Assay – Percent or g/tonne Distribution - Percent
Cu Pb Zn Ag Cu Pb Zn Ag
P4-A Cu/Ag Conc 0.9 21.4 6.51 1.39 46,400 88 17 50 80
Pb/Ag Conc 0.6 2.73 29.0 0.34 11,900 8 52 9 14
P4-B Cu/Ag Conc 0.9 21.9 6.64 1.57 57,200 89 15 54 87
Pb/Ag Conc 0.4 3.45 53.6 0.33 10,100 6 53 5 7
P4-C Cu/Ag Conc 0.9 20.4 6.84 1.44 53,900 86 16 55 84
Pb/Ag Conc 0.5 3.70 46.6 0.32 10,800 8 56 6 9
P5-A Cu/Ag Conc 0.8 21.3 5.36 1.75 57,600 79 10 57 79
Pb/Ag Conc 0.3 7.63 53.0 0.56 19,900 11 39 7 11
P5-B Cu/Ag Conc 0.7 22.3 4.81 1.76 60,200 81 8 55 81
Pb/Ag Conc 0.4 5.30 52.4 0.39 15,100 10 48 6 11
P5-C Cu/Ag Conc 0.8 20.2 5.06 1.29 45,200 85 10 50 82
Pb/Ag Conc 0.3 4.07 52.4 0.32 12,400 7 42 5 9
P6-D Cu/Ag Conc 0.9 21.5 5.63 1.54 42,900 86 11 54 81
Pb/Ag Conc 0.4 3.81 52.1 0.27 11,700 7 49 4 10
P6-A Cu/Ag Conc 0.5 23.5 7.42 1.36 64,700 61 8 41 60
Pb/Ag Conc 0.7 9.04 40.2 0.59 26,300 32 60 24 33
P6-B Cu/Ag Conc 0.8 22.9 6.59 1.82 63,600 82 10 57 82
Pb/Ag Conc 0.4 5.79 49.5 0.44 16,500 11 41 7 12
P6-C Cu/Ag Conc 0.8 20.6 4.90 1.77 56,700 85 8 58 85
Pb/Ag Conc 0.5 3.77 58.2 0.29 11,300 9 51 5 9
P6-D Cu/Ag Conc 0.8 22.7 6.71 1.71 61,600 87 11 55 87
Pb/Ag Conc 0.5 3.23 57.4 0.22 9,500 7 58 4 8
P7-A Cu/Ag Conc 0.6 24.0 7.44 1.79 62,200 69 9 46 68
Pb/Ag Conc 0.7 7.08 38.9 0.48 19,600 23 52 14 24
P7-B Cu/Ag Conc 0.8 23.4 4.72 1.73 42,400 83 7 56 81
Pb/Ag Conc 0.6 3.99 49.6 0.33 12,100 11 62 8 13
P7-C Cu/Ag Conc 0.7 25.4 4.66 1.70 64,500 85 7 55 83
Pb/Ag Conc 0.5 3.35 50.8 0.27 10,400 7 46 5 8
P7-D Cu/Ag Conc 0.8 23.5 5.14 1.68 60,100 85 9 54 84
Pb/Ag Conc 0.5 3.39 50.8 0.28 10,200 8 54 6 9
Average Cu/Ag Conc 0.8 22.3 5.90 1.62 55,300 82 10 53 80
Pb/Ag Conc 0.5 4.69 49.0 0.36 13,900 11 51 8 12

 

Source: G&T 2013

 

10-16

  

 

Silver Opportunity Partners LLC | Sunshine Mine

S-K 1300 Technical Report Summary on the Initial Assessment

March 25, 2026

SLR Project No.: 123.020552.00001

 

Figure 10-5: Pilot Plant Flowsheet Used for the Western Stope Composite

 

 

 

Source: G&T 2013

 

Table 10-10: Pilot Plant Flowsheet Used for the Eastern Stope Composite

 

Test Product Weight Percent Assay – Percent or g/tonne Distribution - Percent
Cu Pb Zn Ag Cu Pb Zn Ag
P1-A Cu/Ag Conc 0.8 15.7 0.52 1.11 39,700 89 20 48 91
P1-B Cu/Ag Conc 0.9 12.6 0.49 0.64 40,600 90 20 46 90
P2-A Cu/Ag Conc 0.8 14.2 0.49 0.78 40,700 87 31 46 88
P2-B Cu/Ag Conc 0.7 17.0 0.62 0.88 43,000 92 20 47 91
P2-C Cu/Ag Con 0.6 19.1 0.60 0.94 46,600 91 12 46 93
P3-A Cu/Ag Conc 0.8 17.2 0.57 1.07 39,600 84 16 42 85
P3-B Cu/Ag Conc 1.0 16.4 0.59 0.99 39,100 93 31 45 92
P3-C Cu/Ag Conc 0.8 19.3 0.58 1.20 48,600 94 10 49 95
Average Cu/Ag Conc 0.8 16.4 0.56 0.95 42,238 90 20 46 91

 

Source: G&T 2013

 

10-17

  

 

Silver Opportunity Partners LLC | Sunshine Mine

S-K 1300 Technical Report Summary on the Initial Assessment

March 25, 2026

SLR Project No.: 123.020552.00001

 

Figure 10-6: Pilot Plant Flowsheet Used for the Eastern Stope Composite

 

 

 

Source: G&T 2013

 

10.6 Ore Sorting Test Work – Steinert

 

A 5,000 kg bulk sample from the Project was submitted for ore sorter testing at Steinert in 2018, the results of the ore sorter test program are fully documented in Steinert’s report, “XRT Test Work Report – Sunshine Silver & Refining Corporation Waste Rock Sorting Test Work Opportunity”, June 2018. The test work was conducted at Steinert’s facilities in Walton, Kentucky, on a -50 mm / +10 mm test sample that had been crushed to -50 mm and screened at 10 mm to remove the -10 mm fines fraction that is considered too fine for efficient ore sorting. The results of this ore sorting test work are summarized in Table 10-11 and Figure 10-7, which show that 97.7% of silver was recovered into an ore sorter product containing 56.5 opt Ag while rejecting 44.2 wt% as waste.

 

Table 10-11: Summary of Ore Sorter Test Results

 

Test No. Sensor Total Sample
(kg)		 Feed Ag Grade
(opt)		 Product
(kg)		 Mass Recovery ProductAg Grade
(opt)		 Ag Recovery
(%)		 Waste
(kg)		 WasteAg Grade
(opt)
1 XRT 5,001.0 32.27 1,394.0 27.9% 104.10 89.9% 3,607.0 4.50
2 XRT 5,001.0 32.27 1,606.0 32.1% 93.79 93.3% 3,395.0 3.16
3 XRT 5,001.0 32.27 1,844.0 36.9% 83.62 95.6% 3,157.0 2.27
4 XRT 5,001.0 32.27 2,169.0 43.4% 71.94 96.7% 2,832.0 1.88
5 XRT 5,001.0 32.27 2,791.0 55.8% 56.49 97.7% 2,210.0 1.67

 

Source: Steinert 2018

 

10-18

  

 

Silver Opportunity Partners LLC | Sunshine Mine

S-K 1300 Technical Report Summary on the Initial Assessment

March 25, 2026

SLR Project No.: 123.020552.00001

 

Figure 10-7: Summary of Ore Sorter Test Work on Sunshine Bulk Ore Sample

 

 

 

Source: Steinert 2018

 

10.7 Solid-Liquid Separation – Pocock Industrial Inc.

 

A solid liquid separation study to determine the design parameters for thickening and filtration of Sunshine materials was performed by Pocock Industrial Inc. (Pocock), located in Salt Lake City, Utah. Pocock Industrial Inc. is a third-party testing facility specializing in solid liquid separation, including gravity settling, thickening and clarification, vacuum and pressure filtration, slurry rheology and bench, pilot and in plant equipment testing. They have been providing services to the mining industry since 1983. The results of the test work were presented in the document “Sample Characterization, Particle Size Analysis, Flocculant Screening, Gravity Sedimentation, Pulp Rheology, Vacuum Filtration and Pressure Filtration Studies, Conducted for Samuel Engineering and Sunshine Mine”, February 2013 (Pocock 2013).

 

Solids liquid separation (SLS) tests were conducted on copper concentrate, lead concentrate and final tailings samples for Samuel Engineering for Sunshine Mine. The samples were received and tested by Pocock.

 

The results of sample characterization and particle size analysis are shown in Table 10-12.

 

Table 10-12: Sunshine Concentrate and Tailings Sample Characterization

 

Material

Average

Liquor

S.G.

Average

Solids

S.G.

 pH

P90

(um)

P80

(um)

D50

(um)

 Fraction Retained >25 um (%) Fraction Passing <25 um (%)
Cu Conc. 1.0 4.52 7.62 184 136 55 67.37% 32.63%
Pb Conc. 1.0 4.91 8.15 46 30 — 22.02% 77.98%
Final Tails 1.0 2.88 8.40 — 171 51 58.83% 41.17%

 

Source: Pocock 2013

 

Hychem AF 304 was the flocculant selected from screening tests, to give the best settling performance for the materials tested. Hychem AF 304 is a medium to high molecular weight, 15% charge density anionic polyacrylamide. The effective minimum dose range, pH, temperature, solids concentration and flocculant concentration are summarized in Table 10-13.

 

10-19

  

 

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S-K 1300 Technical Report Summary on the Initial Assessment

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SLR Project No.: 123.020552.00001

 

Table 10-13: Flocculant Dosage Parameters for Copper and Lead Concentrates and the Final Tailings

 

Material pH

Temp 

(*C)

 Initial Solids Concentration of Slurry Tested Effective Minimum Dose Range
(g/MT)

Flocculant

concentration

Used

(g/L)

Flocculant

Selected
Cu Conc. 7.62 20 20% 5-15 0.1 Hychem AF304
Pb Cone. 8.15 20 20% 5-15 0,1 Hychem AF304
Final Tails 8.40 20 20% 15-25 0.1 Hychem AF304

 

Source: Pocock 2013

 

Two types of thickening tests were completed, static cylinder tests for conventional type thickeners and continuous dynamic thickening tests for sizing of high-rate thickener types.

 

In this IA, a high-rate thickener is defined as having a feed well with auto- dilution capabilities for pre-diluting the feed before flocculant contact; ability to dilute flocculant with thickener overflow to desired range of 0.1 g/L to 0.2 g/L prior to pulp contact in the feed well, and provide multiple flocculant injection points in the feed pipe and feed well for efficient flocculant delivery.

 

Pulp rheology data were collected on thickened underflow samples using a Fann Instrument Company (FANN) Model 35A viscometer fitted with a rotor and bob attachment providing the proper shear gap distance for the material tested. Maximum recommended underflow solids concentrations, based on rheology are shown in Table 10-14 along with recommended sizing criteria for both conventional and high-rate thickener types.

 

Table 10-14: Thickener Sizing Criteria and Flocculant Dosage Rates for Copper and Lead Concentrates and the Final Tailings

 

Material

Floc

Type

 Floc Dose
(g/MT)

Thk Feed Solids

(%)

 Unit Area for Conventional Thickener Sizing (m2/MTPD) Hydraulic Rate for High Rate Thickener Sizing
(m3/m2•hr)		 Estimated U’Flow Density for Standard Thickener
(%)		 Thickener Type
Recommended
Cu Conc. Hychem AF 304 10-15

25% - 30%
(Conventional)

 

20% - 25%
(High-Rate)

 0.125

5.8 - 6.4

 

6.1

(Avg.)

 70% - 73% High-Rate
Pb Conc. Hychem AF 304 10-15

25% - 30%
(Conventional)

 

20% - 25%
(High-Rate)

 0.160-0.190

5.5- 6.0

 

5.8

(Avg.)

 72% - 75% High-Rate
Final Tails Hychem AF 304 25-30

25% - 30%
(Conventional)

 

20% - 25%
(High-Rate)

 0.260-0.320

4.6-5.2

 

4.9

(Avg.)

 66% - 69% High-Rate

 

Source: Pocock 2013

 

10-20

  

 

Silver Opportunity Partners LLC | Sunshine Mine

S-K 1300 Technical Report Summary on the Initial Assessment

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SLR Project No.: 123.020552.00001

 

Vacuum belt filtration would likely be an economical dewatering technology for both the copper concentrate and the lead concentrate tested. Vacuum filtration is typically economically viable at or above a production rate of 300 kg/m2•hr.

 

It should be noted that a minimum cake thickness of 10 mm at the maximum cake moisture content determined to be dischargeable were used to minimize filter area requirements, as considered necessary for good operation and proper, adequate discharge for horizontal belt filter applications for the material tested.

 

A summary of the results of vacuum filtration testing is presented in Table 10-15

 

Table 10-15: Summary of Vacuum Filtration Test Results

 

Material Filter Aid Used
(g/MT)		 Filter Cloth Used
(CFM/ft2)

Filter

Feed

Solids

Cone..

(%)

 Bulk Cake
Density
(Dry kg/m3)

Filter

Cake

Moisture

(%)

Cake

Thick.

(mm)

 Production Rate
(Dry kg/m2●hr)
Cu Conc. No Filter Aid 15-20 72.5% 2790.09 11.1% 10.0 1156
Pb Conc. No Filter Aid 15-20 73.5% 2653.66 15.1% 10.0 985

 

Source: Pocock 2013

 

Based on the discharge of the filter cakes from both vacuum and pressure filtration testing it was seen that the cakes produced from pressure filtration were more easily discharged and had better stacking characteristics than those produced from vacuum filtration. Therefore, pressure filtration is recommended over vacuum filtration for the copper and lead concentrate materials tested.

 

A summary of pressure filtration test results and presented in Table 10-16.

 

10-21

  

 

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S-K 1300 Technical Report Summary on the Initial Assessment

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Table 10-16: Summary Pressure Filtration Test Results on Copper and Lead Concentrates

 

Material

Design

Tonnage

(MTPD)

Dry Bulk
Cake
Density,

(kg/m3)

 Sizing
Basis(1)
(m3/MT)
dry solids

Recess

Plate

Depth(2)

(mm)

 Chamber Spec(3)
(Len./Vol./Area)
(mm/m3/m2)

Filter

Feed

Solids

(%)

Fitter

Cake

Moist.

(%)

Filter

Cycle

Time(5)

(min)

 Pressure Filter
Chambers
Required/
Number of Presses Required(6)
(Frame #)

Cu

Conc.

10

(10.1 STPD)

 2600.06 0.481 20 800/0.0153/0.86 71.8% 5.5% 12.0

79/1

(P/5.87)

40/1

(P/2.93)

27/1

(P/1.96)

Pb

Cone.

5

(5.28 STPD)

 2564.81 0.487 15 1500/0.054/3.62 73.3% 7.0% 12.0

80/1

(P/5.95)

40/1

(P/2.97)

27/1

(P/1.98)

  

Source: Pocock 2013

 

10.8 Paste Backfill System

 

A paste backfill system is being considered at the Project because of ground control requirements and increased mineral recovery. The design criteria for a permanent paste backfill system was presented in MDS (2012).

 

The flowsheet used for cost estimation consists of optional cyclone classification and conventional thickening and filtration. The entire tailings stream would be processed by the backfill plant. The first process step would be optional cyclone classification followed by vacuum filtration producing a wet filter cake for mix preparation. Test work is required to establish thickening and filtration rates. Paste thickening cannot be considered because the paste thickener is not capable of producing a medium slump paste which is required to increase pipe friction in the Sunshine paste distribution system. SLR note that solid liquid separation studies have been performed by Pocock Industrial Inc., including thickening, vacuum filtration and pressure filtration.

 

It is necessary to maintain a certain percentage of ultrafine particles in order to provide paste stability. Generally, the rule of thumb is that 15% of the particle mass should pass 20 microns. The author indicates that the use of small cyclones, 6 inch in diameter, and bypassing some of the slurry directly to the high-capacity thickener can be an effective method to control the particle size distribution.

 

Improvements in mixing control and technology should be made to the Sunshine paste plant including the use of colloidal mixing of binder slurry.

 

The paste mixer should be mounted horizontally, and a weir gate added so the mixer is filled with paste.

 

With the planned volumetric rate ranging from 22 t 33 m3/hr, the distribution system should be 4-inch (100 mm) diameter nominal throughout except in the immediate vicinity of the stope discharge where three-inch pipe could be used. The flow velocity of paste is normally designed to fall within 0.5 to 1.0 m/sec. With the planned flowrate of 22 to 33 m3/h, the flow velocity ranges from 0.71 m/sec to 1.06 m/sec for 100 mm pipe.

 

10-22

  

 

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S-K 1300 Technical Report Summary on the Initial Assessment

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A paste pump is required due to the requirement to distribute paste a significant distance horizontally before entering the borehole or shaft pipeline. Maximum pump pressures should not exceed 300 psi. In most cases, the pump will be metering paste to the surface borehole or shaft pipeline with only minimal pressure, i.e., 125 psi.

 

10.8.1 Design Criteria

 

10.8.1.1 Tailings Characteristics

 

● Specific gravity tailings particles – 2.90

 

● Specific gravity of process feed – 2.90

 

● Whole Tailings:

 

● % passing 74 microns, 75%

 

● % passing 20 microns, 25%

 

● Cyclone Underflow:

 

● % passing 74 microns, 85%

 

● % passing 20 microns, 18%

 

10.8.1.2 Paste Characteristics

 

● SG at 75% solids with 5% cement – 1.96

 

● Estimated slump at 75% solids with 5% cement – 8 inches

 

10.8.1.3 Rates

 

● Mining rate, short tons per day – 1,000

 

● Mining rate, ft3 per day – 11,018 (312 m3 per day)

 

● Average mining void production rate, ft3/h – 459 (13 m3/h)

 

● Planned utilisation of paste plant – 49%

 

● Paste, ft3/h – 777 to 1,165 (22 to 33 m3/h)

 

● Paste, dry short tons per hour (stph) – 32 to 48

 

● Tailings, dry stph – 33.5 to 50

 

● Binder, Portland Cement, dry stph – 1.8 to 2.6. Binder content could change depending on mining requirements.

 

10.8.1.4 Friction

 

● To mine backfill – 0.4 to 0.5 psi/ft. Note: Slump will be adjusted to provide near full pipe flow.

 

10-23

  

 

Silver Opportunity Partners LLC | Sunshine Mine

S-K 1300 Technical Report Summary on the Initial Assessment

March 25, 2026

SLR Project No.: 123.020552.00001

 

10.8.1.5 Pump

 

● Schwing or Putzmeister rock valve, 100 hp, 300 psi

 

10.8.1.6 Pipelines

 

● To mine backfill – 4 in. steel

 

● Pressure ratings – 1,200 psi

 

● Coupling type – Weld and Victaulic Clamp

 

● Elbows 5D radius

 

● Shaft pipeline option, 4 in. hardened pipe, Schedule 80

 

10.8.1.7 Boreholes

 

● Long boreholes for surface, fully grouted casing with inner hardened 4 inch pipe.

 

● Internal boreholes, fully grouted casing

 

10.8.1.8 Pressure Transducers

 

● Stainless steel or ceramic diaphragm at three locations

 

10.8.1.9 Mixing Plant

 

● Continuous style with batch mixing of cement and colloidal mixer

 

● Filtration characteristics, as presented in Section Solid Liquid Separation

 

● Thickening characteristics, Section Solid Liquid Separation

 

10.9 QP Opinion

 

The SLR QP has reviewed the supporting information for this IA, including laboratory metallurgical testing and historical operating results. The SLR QP finds that the supporting information is appropriate as the concentrator flowsheet is the same as the original operating concentrator and the material types are projected to be the same as those processed.

 

Overall, the SLR QP finds that the information available at the time of this writing is acceptable for this level of study. The next stage of study will require identification of material types to be processed according to the future mine plan, metallurgical drilling and sampling of the each of the material types and performance of a complete metallurgical test program on each of the material types to support design of the selected process.

 

The main deleterious element in the Sunshine process feed is antimony. The primary silver mineral is tetrahedrite which is a silver antimony sulfide mineral. The silver and antimony cannot be mechanically separated and therefore the concentrate must be sold to a smelter that will accept it or chemically process the tetrahedrite concentrate to remove the antimony prior to sale. A buyer for the concentrate was identified during the course of this IA.

 

10-24

  

 

Silver Opportunity Partners LLC | Sunshine Mine

S-K 1300 Technical Report Summary on the Initial Assessment

March 25, 2026

SLR Project No.: 123.020552.00001

 

11.0 Mineral Resource Estimates

 

11.1 Summary

 

Mineral Resources have been classified in accordance with the definitions for Mineral Resources in S-K 1300, which are consistent with current industry and global regulatory practices and standards, as embodied by the Committee for Reserves International Reporting Standards (“CRIRSCO”). Table 11-1 summarizes the Sunshine Mineral Resource estimate with an effective date of February 24, 2026.

 

The SRK QP is of the opinion that with consideration of the recommendations summarized in Sections 1 and 23 of this TRS, any issues relating to all relevant technical and economic factors likely to influence the prospect of economic extraction can be resolved with further work.

 

Table 11-1: Sunshine Mine Underground Mineral Resources as of February 24, 2026, SRK Consulting (U.S.), Inc.

 

Classification Tonnage
(000 st)		 Ag Grade
(opt)		 Contained Ag Metal
(koz)
Measured -- -- --
Indicated 3,485 29.8 103,915
Measured and Indicated (M+I) 3,485 29.8 103,915
Inferred 7,061 22.6 159,847

Source: SRK 2026 

Notes: 

1. The definitions for Mineral Resources in S-K 1300, which are consistent with the classification scheme under the CRIRSCO standards, were followed for the classification of Mineral Resources.

2. All dollar amounts are present in U.S. dollars, and all measurements are US Standard units.

3. MSO volume constrained resources with RPEE are stated as contained within vein estimation domains defined by an 8.8 opt Ag COG. The COG and MSO are based on an assumed silver price of $23.50/oz and operating cost assumptions, as follows: mining cost of $110.00 per short ton, processing cost of $20.85 per short ton, general and administrative (G&A) cost of $7.93 per short ton, antimony plant for silver concentrate cost of $14.55 per short ton, refining for silver concentrate cost of $16.13 per short ton, and tailings storage cost of $4.27 per short ton.

4. MSO volumes are 9 ft high, 30 ft long, and minimum of 3 ft wide and are flagged by the individual modeled vein volumes. An unplanned mining dilution of 5% is applied for reporting.

5. All Mineral Resources are based on a data cut-off date of November 28, 2023, estimated in situ and reported as diluted within MSO volumes.

6. Average bulk density was assigned as 3.02 grams per cubic centimeter (g/cm3) for veins and 2.82 g/cm3 for waste. The equivalent densities in US S Customary units are 0.0943 short tons per cubic foot (st/ft3) for veins and 0.088 st/ft3 for waste.

7. Metallurgical recovery was assigned at 93% from metallurgical test work and history of mining production.

8. Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability. There is no certainty that all or any part of the Mineral Resources will be converted into Mineral Reserves in the future. The estimate of Mineral Resources may be materially affected by environmental permitting, legal, title, taxation, socio-political, marketing, or other relevant issues.

9. All quantities are rounded to the appropriate number of significant figures; consequently, sums may not add up due to rounding.

10. The Project is 100% attributable to SOP.

 

11.2 Introduction

 

This section describes the methodology for estimating Mineral Resources and summaries the key assumptions adopted by SRK. In the SRK QP’s opinion, the MRE reported herein is a reasonable representation of the Mineral Resources found at the Project with the current level of sampling, data quality, and understanding.

 

11-1

  

 

Silver Opportunity Partners LLC | Sunshine Mine

S-K 1300 Technical Report Summary on the Initial Assessment

March 25, 2026

SLR Project No.: 123.020552.00001

 

Mineral Resources have been classified in accordance with the definitions for Mineral Resources in S-K 1300, which are consistent with the classification scheme under the CRIRSCO standards.

 

Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability. There is no certainty that all or any part of the Mineral Resources will be converted into Mineral Reserves.

 

The MRE was completed by the SRK QP, who is independent of SOP. The resource estimation is based on the current drill hole database and updated vein models provided by Sunshine. The resource estimation is supported by logging, drilling, and sampling current to a November 28, 2023, data cut-off date. SRK undertook the technical work on the geological model and grade estimates in December 2023, with the final assessment for reasonable prospects for economic extraction (RPEE) completed by the SRK QP on February 24, 2026, which is the effective date of the resource statement.

 

The estimation of Mineral Resources was completed using a geological domain model and resource block model constructed in Leapfrog Geo and Leapfrog Edge software (Version 2023.2.0). The resource estimation methodology involved the following procedures:

 

● Database and geological model review

 

● Data conditioning for statistical analysis (i.e., capping review and compositing)

 

● Block modeling and grade interpolation

 

● Resource classification and validation

 

● Assessment of RPEE

 

● Application of reporting COG for conceptual underground mining scenario

 

● Preparation of the Mineral Resource statement

 

11.3 Geological Database

 

The Sunshine geological database is maintained in a Microsoft Access database. SRK was provided three CSV exports: collar, assay, and survey. The Sunshine-provided collar database consisted of 1,446,453 ft of intervals from drilling and channel sampling. Of these sample intervals, the assay database contained 336,360 ft of assay intervals within the Project area. Only a portion of the assayed samples are coded and modeled as mineralized veins. The updated vein model has 36 unique vein codes that were modeled with a total of 102,194 sample intervals that total 293,490 ft in length, as summarized in Table 11-2. There are a handful of other minor veins with coded names that are not currently modeled.

 

Table 11-2: Sunshine Modeled Vein Bounds

 

Count Vein Name Number of Samples
1 08DHW 4,598
2 08BVein 642
3 09HW 2,230
4 09Vein 2,881

 

11-2

  

 

Silver Opportunity Partners LLC | Sunshine Mine

S-K 1300 Technical Report Summary on the Initial Assessment

March 25, 2026

SLR Project No.: 123.020552.00001

 

Count Vein Name Number of Samples
5 10Vein 51
6 101Vein 33
7 625M 5,314
8 BVein 291
9 CFault Vein 11,344
10 Chester 26,110
11 ChesterHang 4,126
12 CopperVein 10,323
13 DVein 3,428
14 FVein 1,116
15 GVein 7
16 HFWVein 26
17 HVein 2,019
18 KFWVein 159
19 KVein 1,519
20 NYBoy 8,966
21 S78 2,430
22 Silver Summit No4 771
23 Silverline 379
24 SilverSummitNo3 319
25 SilverSyndicateLink 649
26 Sunshine2 2,072
27 SunshineFW 1,255
28 SYBoy 2,441
29 Syndicate Fault 2,889
30 Vein06 673
31 W16Vein 213
32 WestChanceFW 262
33 WestChanceFWWest 18
34 YankeeGirl 2,467
35 YankeeGirl952Split 92
36 YankeeGirlFW 81
Total 102,194

Source: SRK 2025

 

11-3

  

 

Silver Opportunity Partners LLC | Sunshine Mine

S-K 1300 Technical Report Summary on the Initial Assessment

March 25, 2026

SLR Project No.: 123.020552.00001

 

Minor modifications to the estimation drill hole database were required prior to compositing and exploratory data analysis (EDA). SRK performed the following procedures to the Sunshine database:

 

● SRK combined the vein codes for ChesterHang with the vein coded previously as ChesterHWSplit, as these were interpreted to be a single vein.

 

● SRK assigned a marginal bottom cut to the data based on one-half of the lower laboratory detection limit. Certain null variables were coded as -99, 0, and 0.0099 from a mixture of historical data treatment. A total of 726 null samples were assigned the following values: 0.025 opt Ag, 0.005% Cu, 0.05% Pb, and 0.05% Zn.

 

The key economic variable is silver, which is the only metal reported in the Sunshine Mineral Resource estimate. Significantly more non-null silver assay values (n = 101,443) exist compared to the base metals due to selective historical sampling practices. Within the modeled vein domains, non-null copper assays (n = 35,412) are 34.9% of silver samples, and non-null lead assays (n = 31,604) are 31.2% of silver samples. There are only 111 total zinc assays in the modeled veins.

 

Consequently, based on the available data, the following discussions and summary documentation are focused only on silver mineralization, grade, and continuity. Based on reviews of the database and QA/QC provided, as discussed in previous sections, the SRK QP is of the opinion that the silver assay data is adequately reliable to support mineral resource estimation.

 

Figure 11-1 and Figure 11-2 provide histograms of silver data and sample length, respectively, within all modeled veins. Figure 11-3 shows a sectional view of all the silver assay data.

 

Figure 11-1: Histogram of Silver Assays in All Vein Bounds

 

 

 

Source: SRK 2025

 

11-4

  

 

Silver Opportunity Partners LLC | Sunshine Mine

S-K 1300 Technical Report Summary on the Initial Assessment

March 25, 2026

SLR Project No.: 123.020552.00001

 

Figure 11-2: Histogram of Silver Sample Lengths in All Veins

 

 

 

Source: SRK 2025

 

11-5

  

 

Silver Opportunity Partners LLC | Sunshine Mine

S-K 1300 Technical Report Summary on the Initial Assessment

March 25, 2026

SLR Project No.: 123.020552.00001

 

Figure 11-3: Longitudinal Section of Silver Data in All Veins

 

 

 

11-6

  

 

Silver Opportunity Partners LLC | Sunshine Mine

S-K 1300 Technical Report Summary on the Initial Assessment

March 25, 2026

SLR Project No.: 123.020552.00001

 

11.4 Geological Model

 

The Sunshine mineralization is interpreted to be hosted within structurally controlled, steeply dipping mesothermal vein systems cutting metasedimentary rocks. SOP and SRK worked together to define vein bounds and construct implicit 3D wireframes to capture the Sunshine geological interpretation of multiple sheeted vein systems with appropriate cross-cutting relationships. Veins were implicitly modeled using Leapfrog software. In total, 36 individual wireframes were constructed for the estimation, as shown on Figure 6-2. Figure 11-4 provides example cross sections of the North Yankee Boy Vein.

 

11-7

  

 

Silver Opportunity Partners LLC | Sunshine Mine

S-K 1300 Technical Report Summary on the Initial Assessment

March 25, 2026

SLR Project No.: 123.020552.00001

 

Figure 11-4: Section Views of North Yankee Boy Vein

 

 

 

11-8

  

 

Silver Opportunity Partners LLC | Sunshine Mine

S-K 1300 Technical Report Summary on the Initial Assessment

March 25, 2026

SLR Project No.: 123.020552.00001

 

The wireframes were constructed using Leapfrog’s interval selection tool in 3D. This tool identifies each intersection and defines hanging wall and footwall contacts, which are used to generate vein solids. The vein wireframes were extended to surface, along strike and at depth for exploration purposes. Following the defined cross-cutting interactions, the final veins were truncated at contacts with other veins, as appropriate. In cases where the interpretation allowed two veins to cross, a primary vein was chosen such that no volume duplication occurred at the intersection. Once the veins were defined, SOP completed a review to define the structural framework and truncated veins appropriately.

 

At the current level of study, separate 3D lithological domains for the host metasedimentary strata have not been created, due to vein location, orientation, and thickness being the dominant control on the resource area mineralization. SOP reports negligible variation of grade between the Revett and St. Regis Formations at Sunshine, which indicates that lithology is not a material control on mineralization. Away from significant sample support, the vein widths are assumed to be consistent with widths of sample-defined areas. Potential uncertainty in actual vein widths versus the interpreted and modeled domains in sparsely sampled areas was considered during Mineral Resource classification.

 

The final geological model was provided to SRK by SOP and verified by the SRK QP. After discussion with SOP, SRK combined the ChesterHang and ChesterHWSplit Veins, as the data was interpreted to belong to a single vein. Wireframes from the dynamic geological model were exported and used to create a static estimation domain (EstDom) model. The Sunshine resource estimate used the modeled geologic controls to constrain mineralization limits within the EstDom model, where veins are treated with hard boundary conditions.

 

11.5 Assay Capping and Compositing

 

The raw assay sample data were plotted on histogram and cumulative distribution graphs to review the population statistical distribution. As seen previously in Figure 11-1, the overall data for all modeled veins is skewed slightly to lower grades for silver and present a relatively normal distribution.

 

11.5.1 Compositing

 

SRK analyzed the mean length of the core drilling samples in order to determine appropriate composite lengths. During historical sampling, the assay sample lengths were chosen selectively to represent vein mineralization and were often a single combined sample across the entire vein width in underground channel samples. For estimation purposes, all samples were composited into vein width composites that average all samples into a single composited value crossing the estimation domain boundaries (vein width). This compositing method was chosen to provide consistent support with respect to a realistic mining scale and to support data smoothing across the variable width domains.

 

The mean composited interval length is 2.89 ft across all modeled veins, as seen on Figure 11-5. SRK also evaluated composite lengths for all 36 individual veins. Table 11-3 provides the composited lengths by vein. The composited lengths used in the vein modeling and estimation accurately reflect the character of the undulating vein systems at Sunshine.

 

11-9

  

 

Silver Opportunity Partners LLC | Sunshine Mine

S-K 1300 Technical Report Summary on the Initial Assessment

March 25, 2026

SLR Project No.: 123.020552.00001

 

Figure 11-5: Histogram of Composite Lengths in All Vein Bounds

 

 

 

Source: SRK 2025

 

Table 11-3: Summary of Composite Lengths for Individual Veins

 

Vein Name Number of
Samples		 Composite Length (ft) Coefficient of
Variation (CV)
Mean Minimum Maximum
08DHW 4,584 2.81 0.050 10.5 0.57
08BVein 642 1.62 0.200 12.6 0.86
09HW 2,188 1.43 0.100 8.3 0.74
09Vein 2,879 1.25 0.050 7.5 0.55
10Vein 25 1.52 0.300 5.2 0.65
101Vein 22 1.89 0.100 7.0 0.88
625M 5,302 1.72 0.010 12.7 0.77
B Vein 291 5.04 0.170 8.0 0.29
C Fault Vein 11,094 1.96 0.010 23.0 0.84
Chester 26,074 3.55 0.001 39.3 0.72
ChesterHang 4,101 3.60 0.009 21.0 0.72
Copper Vein 10,225 3.68 0.010 19.2 0.63
D Vein 3,416 3.32 0.040 12.2 0.57
F Vein 1,109 1.74 0.030 6.3 0.53
G Vein 7 2.24 0.100 9.8 1.53
HFW Vein 19 2.90 0.600 11.5 0.90
H Vein 2,019 3.46 0.200 11.0 0.49
KFW Vein 159 1.54 0.010 4.5 0.64
K Vein 1,519 1.67 0.010 7.3 0.60

 

11-10

  

 

Silver Opportunity Partners LLC | Sunshine Mine

S-K 1300 Technical Report Summary on the Initial Assessment

March 25, 2026

SLR Project No.: 123.020552.00001

 

Vein Name Number of
Samples		 Composite Length (ft) Coefficient of
Variation (CV)
Mean Minimum Maximum
NY Boy 8,944 3.70 0.009 13.0 0.57
S78 2,429 2.19 0.050 8.2 0.56
Silver Summit No4 771 4.36 0.010 19.0 0.63
Silverline 370 1.53 0.050 9.0 0.70
SilverSummitNo3 319 2.91 0.100 10.6 0.74
Silver Syndicate Link 649 3.86 0.100 10.0 0.72
Sunshine2 2,072 1.92 0.100 5.4 0.44
Sunshine FW 1,246 1.62 0.050 7.5 1.14
SY Boy 2,414 2.85 0.080 8.5 0.72
Syndicate Fault 2,821 2.32 0.050 16.4 0.86
Vein06 671 1.28 0.050 9.3 1.21
W16Vein 209 0.81 0.010 7.5 0.92
West Chance FW 253 2.34 0.010 9.0 0.83
West Chance FW West 14 0.90 0.200 1.8 0.60
Yankee Girl 2,467 1.31 0.001 10.0 0.98
Yankee Girl 952 Split 92 0.74 0.100 2.0 0.50
Yankee Girl FW 79 0.70 0.100 2.1 0.64

Source: SRK 2025

 

11.5.2 Outlier Capping

 

SRK used Phinar’s X10-Geo (X10) software to complete a detailed capping analysis for silver values on individual wireframe domains. To assess capping levels, the X10 software enables multiple levels of capping to be evaluated both visually and statistically. This capping was supported by review of log histograms and log-probability plots, based on breaks in slope or composite distribution. SRK analyzed the percentage of composites capped, total metal reduction, impact on the mean grades, and reduction in the CV to arrive at final capping levels. Additionally, SRK reviewed the high-grade outlier composite intervals in 3D to determine if groupings of samples may record actual locally consistent, high-grade mineralization in veins that may not need to be capped. In certain cases, the outlier grades are relatively clustered but were considered to be extreme representations of the overall grade population that required top cutting. Table 11-4 and Figure 11-6 show examples of the statistical capping analysis for the North Yankee Boy Vein.

 

11-11

  

 

Silver Opportunity Partners LLC | Sunshine Mine

S-K 1300 Technical Report Summary on the Initial Assessment

March 25, 2026

SLR Project No.: 123.020552.00001

 

Table 11-4: Example of Statistical Capping Analysis for North Yankee Boy Silver Grade

 

Variable Cap Number of Capped Samples Percentile
(%)		 Percent of Capped
(%)		 Contained Metal Reduction
(%)		 Reduction
in CV
(%)		 Count of
Samples		 Minimum Ag Grade
(opt)		 Maximum
Ag Grade
(opt)		 Mean Ag
Grade
(opt)		 CV after Capping
Ag_OPT2             8,967 0.025 1563.5 55.0 1.23
Ag_OPT2 573.9 8 99.93 0.1 0.1 0.9 8,967 0.025 573.9 55.0 1.22
Ag_OPT2 455.1 26 99.77 0.3 0.4 2.1 8,967 0.025 455.1 54.8 1.2
Ag_OPT2 315.2 106 97 1.2 1.7 6.0 8,967 0.025 315.2 54.1 1.16
Ag_OPT2 > 455.1         26 456.6 1,563.5 546.4 0.21
Ag_OPT2 less than or equal to (≤) 455.1         8,941 0.025 452.8 53.8 1.17

Source: SRK 2025 

Note: Capping level was selected at 455.1 opt Ag.

 

11-12

  

 

Silver Opportunity Partners LLC | Sunshine Mine

S-K 1300 Technical Report Summary on the Initial Assessment

March 25, 2026

SLR Project No.: 123.020552.00001

 

Figure 11-6: Log Probability Plot Capping Analysis for North Yankee Boy Silver Grade

 

 

 

Source: SRK 2025

 

11-13

  

 

Silver Opportunity Partners LLC | Sunshine Mine

S-K 1300 Technical Report Summary on the Initial Assessment

March 25, 2026

SLR Project No.: 123.020552.00001

 

For the Project, SRK applied capping at the raw sample level prior to vein compositing on an individual vein domain basis. Table 11-5 shows a summary of the final capping levels.

 

Table 11-5: Applied Sample Capping Levels for Silver

 

Vein Ag Cap
(opt)
08DHW 510.3
08BVein 414.4
09HW 370.3
09Vein 490.9
10Vein 74.6
101Vein 147.9
625M 1,239.9
BVein 176.0
CFault Vein 857.3
Chester 780.8
ChesterHang 518.0
CopperVein 387.5
DVein 409.0
FVein 341.9
GVein 47.9
HFWVein 60.9
HVein 374.9
KFWVein 249.3
KVein 438.8
NYBoy 455.1
S78 282.1
Silver Summit No4 193.7
Silverline 153.3
SilverSummitNo3 128.8
SilverSyndicateLink 312.6
Sunshine2 216.1
SunshineFW 677.3
SYBoy 364.9
Syndicate Fault 618.1
Vein06 639.9

 

11-14

  

 

Silver Opportunity Partners LLC | Sunshine Mine

S-K 1300 Technical Report Summary on the Initial Assessment

March 25, 2026

SLR Project No.: 123.020552.00001

 

Vein Ag Cap
(opt)
W16Vein 1,050.5
WestChanceFW 254.7
WestChanceFWWest 238.3
YankeeGirl 449.1
YankeeGirl952Split 156.8
YankeeGirlFW 58.3

Source: SRK 2025

 

11.6 Bulk Density

 

Specific gravity (SG) test work has been completed by McClelland Laboratories, Inc. (McClelland) out of Sparks, Nevada, and by the Sunshine site personnel during the recent drilling campaign. A total of 80 samples were sent to the off-site laboratory for paraffin-wax-coated SG measurements. The results of these tests validated the on-site measurements, as corrected SG from the laboratory was similar with a mean of 2.87.

 

The Sunshine SG data were collected by Archimedes measurement on 309 individual samples. These samples were from the recent SOP drilling campaign. While clustered, the recent on-site SG measurements are considered to be representative of mineralization styles across the deposit.

 

The on-site SG data were evaluated statistically to determine if groupings could be split out based on mineralization. In the Coeur d’Alene Mining District, it is common to discriminate lead-rich veins as having a higher bulk density. Due to the current limited dataset, SRK determined that an SG difference by vein type could not be established and that only a split by vein and non-mineralized rock was prudent, as summarized in Table 11-6.

 

Table 11-6: Specific Graphic Statistics

 

Domain Count Minimum SG Maximum SG Mean SG
All 309 2.53 3.98 2.82
Waste 248 2.53 3.71 2.82
Vein 56 2.61 3.98 3.02

Source: SRK 2025

 

A bulk density of 2.8 g/cm3 was assigned to waste, and a bulk density of 3.0 g/cm3 was assigned to all veins. SOP will continue to collect additional SG data in future campaigns and continue to grow the database of results for bulk density determination. Based on review of the available data and supporting analysis, SRK considers the assigned bulk density data reasonable and consistent with the general host lithologies reported. The QP for mineral resources considers the bulk density values suitable for use in resource tabulation.

 

11-15

  

 

Silver Opportunity Partners LLC | Sunshine Mine

S-K 1300 Technical Report Summary on the Initial Assessment

March 25, 2026

SLR Project No.: 123.020552.00001

 

11.7 Variogram Analysis

 

Spatial continuity through variography analysis by vein domain was attempted. Due to inconsistent drill hole spacing, extremely clustered data, and relatively limited data for certain domains, the resulting spatial models are poorly formed. Initially, rough variograms were used as a guide to general continuity and to inform anisotropy and distances of the estimation search neighborhood. SRK has also based assumptions on continuity at certain distances from data on experience with similar vein deposits.

 

11.8 Block Model

 

The estimation was constrained within the discrete vein domains with hard boundary conditions. The vein wireframes were interpreted by Sunshine based on historical level mapping and assay grades. Grade estimation was based on parent block dimensions of 20 ft in X-to-Y and 200 ft in Z. The Z-direction was rotated 90° in dip so that this axis stretches across the vein width. Each vein was estimated into separate block models. Each individual block model was rotated to a specific azimuth direction so that the blocks lined up with the average strike of the veins. The models were sub-blocked along the domain boundaries to 2 ft in X-to-Y and variable Z down to 0.1 ft.

 

The parent block dimensions are based on roughly one-third of the general drilling grid spacing, although the historical channel sampling is much more closely spaced. The sub-block size was selected to best represent and improve the accuracy between estimation domain wireframes. This schema of Z-rotation and variable sub-blocks provides the best representation of the wireframe volume but is a trade off in model file size. The sub-blocked resource models and block grade estimates were created using Leapfrog Edge software (Version 2023.2.0).

 

Table 11-7 summarizes the unique block extents of each vein. Figure 11-7 shows an example from North Yankee Boy Vein. Visual comparison between the geological model (wireframes) and the block model demonstrates an acceptable fit for the equivalent domains with <1.0% difference. It is the QP’s opinion that the block model volumes are a satisfactory representation of the original wireframe volumes.

 

Table 11-7: Block Model Extents Summary

 

Domain Origin (ft) Offset (ft) Number of Blocks Rotation (°)
X Y Z X Y Z X Y Z Dip Azimuth
08DHW 76,686.653 -79,177.874 4,178.880 3,300 5,840 1,400 165 292 7 90 352.50
08BVein 76,104.719 -78,859.605 4,125.239 2,560 7,640 2,400 128 382 12 90 336.00
09HW 75,916.624 -79,452.519 781.887 3,000 4,300 2,000 150 215 10 90 2.50
09Vein 76,357.252 -79,675.975 445.035 2,280 2,880 1,200 114 144 6 90 357.50
10Vein 68,788.230 -79,623.940 5,000.000 10,580 6,740 1,600 529 337 8 90 352.00
101Vein 76,614.520 -77,226.530 3,885.780 5,400 7,440 5,000 270 372 25 90 346.50
625M 74,170.030 -76,196.410 3,305.490 8,920 6,820 5,000 446 341 25 90 3.00
BVein 76,548.790 -78,726.236 4,154.300 1,520 4,840 1,600 76 242 8 90 348.00
CFault Vein 69,072.220 -77,088.160 4,517.030 14,700 8,060 4,200 735 403 21 90 12.00
Chester 77,753.500 -77,918.100 3,850.570 5,100 7,380 3,600 255 369 18 90 0.00

 

11-16

  

 

Silver Opportunity Partners LLC | Sunshine Mine

S-K 1300 Technical Report Summary on the Initial Assessment

March 25, 2026

SLR Project No.: 123.020552.00001

 

Domain Origin (ft) Offset (ft) Number of Blocks Rotation (°)
X Y Z X Y Z X Y Z Dip Azimuth
ChesterHang 78,322.796 -79,311.256 -238.620 2,260 2,820 1,800 113 141 9 90 4.00
CopperVein 69,001.920 -76,550.170 4,160.890 8,840 7,700 5,000 442 385 25 90 3.00
DVein 70,878.950 -78,431.920 4,135.950 8,220 7,640 3,000 411 382 15 90 358.00
FVein 77,255.740 -79,400.220 538.845 5,580 4,060 2,200 279 203 11 90 357.75
GVein 77,486.350 -79,088.860 3,837.680 4,520 6,480 2,000 226 324 10 90 345.00
HFWVein 76,783.330 -78,374.490 3,904.790 3,940 7,420 3,000 197 371 15 90 341.08
HVein 77,495.490 -79,988.150 -869.241 2,280 2,000 1,000 114 100 5 90 0.00
KFWVein 78,283.010 -79,967.715 -1,105.580 2,020 1,300 600 101 65 3 90 356.00
KVein 78,161.477 -79,371.141 -154.161 1,920 2,840 1,600 96 142 8 90 359.00
NYBoy 71,899.380 -78,714.410 4,165.050 6,620 7,680 2,800 331 384 14 90 357.50
S78 74,589.990 -81,749.510 4,171.180 5,560 7,680 800 278 384 4 90 320.00
SilverSummitNo4 69,160.710 -78,826.890 2,667.320 14,180 6,200 1,800 709 310 9 90 10.00
Silverline 73,705.230 -75,021.070 2,549.900 9,540 6,060 3,200 477 303 16 90 6.00
SilverSummitNo3 77,954.252 -79,568.059 3,954.480 5,320 6,240 2,400 266 312 12 90 9.00
SilverSyndicate Link 76,861.400 -78,091.200 3,832.350 5,980 7,340 3,000 299 367 15 90 357.00
Sunshine2 75,595.171 -80,257.479 4,089.466 3,400 6,820 1,000 170 341 5 90 324.00
SunshineFW 74,616.205 -78,281.658 4,129.745 3,760 5,980 2,600 188 299 13 90 358.50
SYBoy 74,637.401 -78,569.202 4,165.400 5,080 5,160 1,800 254 258 9 90 0.00
Syndicate Fault 69,421.300 -74,620.760 4,084.120 15,400 7,580 4,200 770 379 21 90 18.50
Vein06 73,686.118 -80,026.884 730.871 2,480 4,240 2,000 124 212 10 90 346.00
W16Vein 76,880.210 -77,737.520 3,912.300 6,000 5,640 2,400 300 282 12 90 0.50
West ChanceFW 69,545.470 -74,052.250 3,813.540 11,000 7,320 6,000 550 366 30 90 16.50
WestChanceFW West 69,103.360 -75,116.770 3,378.190 8,400 6,900 6,000 420 345 30 90 8.25
YankeeGirl 68,932.650 -78,288.650 4,942.490 13,580 8,440 4,000 679 422 20 90 6.50
YankeeGirl952Split 68,288.920 -78,817.490 4,998.330 4,840 8,500 5,000 242 425 25 90 350.50
YankeeGirlFW 71,789.700 -79,192.400 4,226.780 7,240 7,740 4,000 362 387 20 90 0.00

Source: SRK 2025

 

11-17

  

 

Silver Opportunity Partners LLC | Sunshine Mine

S-K 1300 Technical Report Summary on the Initial Assessment

March 25, 2026

SLR Project No.: 123.020552.00001

 

Figure 11-7: Plan Showing Block Model Extents Example, North Yankee Boy Vein

 

  

Source: SRK 2025

 

Table 11-8 shows the volumetric comparison between the wireframes and blocks with the Project.

 

Table 11-8: Volume Comparison Between Wireframes and Block Models

 

Domain Wireframe Volume
(cubic feet (ft3))		 Block
Volume (ft3)		 Difference
(%)
08DHW 18,515,000  18,544,513 0.16
08BVein 3,430,600  3,431,198 0.02
09HW 20,934,000  20,972,629 0.18
09Vein 6,746,700  6,752,672 0.09
10Vein 46,431,000  46,518,147 0.19
101Vein 83,760,000  83,899,443 0.17
625M 56,498,000  56,497,004 0.00
BVein 9,202,400  9,214,571 0.13
CFault Vein 123,420,000  123,428,062 0.01
Chester 77,063,000  77,055,431 -0.01
ChesterHang 10,476,000  10,475,661 0.00
CopperVein 91,515,000  91,502,865 -0.01
DVein 75,712,000  75,722,593 0.01
FVein 27,847,000  27,887,845 0.15
GVein 3,686,500  3,703,825 0.47
HFWVein 31,262,000  31,342,056 0.26

 

11-18

  

 

Silver Opportunity Partners LLC | Sunshine Mine

S-K 1300 Technical Report Summary on the Initial Assessment

March 25, 2026

SLR Project No.: 123.020552.00001

 

Domain Wireframe Volume
(cubic feet (ft3))		 Block
Volume (ft3)		 Difference
(%)
HVein 7,127,400  7,133,388 0.08
KFWVein 980,920  981,319 0.04
KVein 3,828,200  3,829,636 0.04
NYBoy 54,022,000  54,022,928 0.00
S78 19,393,000  19,395,653 0.01
Silver Summit No4 197,900,000  198,471,847 0.29
Silverline 117,150,000  117,148,501 0.00
SilverSummitNo3 28,300,000  28,560,725 0.91
SilverSyndicateLink 64,143,000  64,258,173 0.18
Sunshine2 3,831,500  3,831,378 0.00
SunshineFW 22,260,000  22,309,875 0.22
SYBoy 28,858,000  28,862,135 0.01
Syndicate Fault 509,760,000  509,457,847 -0.06
Vein06 2,449,000  2,455,393 0.26
W16Vein 26,342,000  26,396,710 0.21
WestChanceFW 55,141,000  55,173,974 0.06
WestChanceFWWest 24,930,000  24,933,725 0.01
YankeeGirl 128,340,000  128,278,758 -0.05
YankeeGirl952Split 17,039,000  17,037,972 -0.01
YankeeGirlFW 21,079,000  21,075,573 -0.02
All Veins 2,019,373,220 2,020,564,023 0.06

Source: SRK 2025

 

11.9 Grade Estimation Methodology

 

The 36 modeled vein domains were estimated for silver using an inverse distance weighting squared (IDW2) estimation methodology with bulk density scripted for vein and waste material. Due to inconsistency in the variography, kriging was not deemed appropriate at this stage. Copper, lead, and zinc were included in the estimation scheme for exploration guidance, using the same setup as silver, but they were not reported in the mineral resource due to the material lack of assay data. All block grade estimates were made in Leapfrog Edge software using vein-width composites.

 

11.9.1 Estimation Parameters

 

The grade estimation was performed using an IDW2 estimation methodology. A nearest neighbor (NN) estimation was also performed for validation purposes. The grade estimation evaluated all parent blocks with centroids within the estimation domains, and sub-blocks are coded based on the parent block centroid. Estimation within the veins considered only the composites and blocks within each unique domain and assumed hard boundary conditions with the host country rock. Bulk density was scripted by general domain based on analysis of SG measurements collected by SOP.

 

11-19

  

 

Silver Opportunity Partners LLC | Sunshine Mine

S-K 1300 Technical Report Summary on the Initial Assessment

March 25, 2026

SLR Project No.: 123.020552.00001

 

A two-pass search was used to optimize block estimation so that well-informed blocks are interpolated using a tighter search ellipse. The estimation search neighborhood was defined for individual veins. The selection criteria used for search ellipsoid size, number of samples, and other conditions are derived based on data spacing to ensure appropriate interpolation, as well as visual and statistical evaluation, during iterative trial estimation runs.

 

Pass 1 search distance was 100 ft in X-to-Y and 50 ft in Z (which in effect is limited by the composite lengths and hard boundaries used). Pass 2 search distance was 300 ft in X-to-Y and 150 ft in Z. The first and second pass search ellipses are oriented where the X-to-Y axes are perpendicular to the vein width and Z parallels strike. In this case, the shorter Z-dimension references the direction along the vein (strike) surface. Each search ellipse is oriented to dip straight down (90°) then rotated to parallel the general vein dip. Figure 11-8 provides a visual example of the search orientations.

 

Figure 11-8: Example of Estimation Search Orientation for 08B Vein

 

 

 

Source: SRK 2025

 

Due to many closely spaced channel samples in most veins, declustering weights were determined for each vein and applied during the inverse distance estimation. A declustering ellipse is applied that adds weighting based on sample proximity to limit the impact of clustered samples on the mean assay values of each vein. Additionally, in Pass 2, an outlier restriction was used to limit the extrapolation of high grades at the edge of data support. Grades were clamped to the mean of the individual vein domains for distances beyond one-half of the Pass 2 search distance. In summary, the second pass was allowed to use the full grade values for 150 ft in X-to-Y and 75 ft in Z and afterwards regressed to the mean. Table 11-9 summarizes the search pass parameters. Table 11-10 lists the estimation parameters unique to each vein.

 

11-20

  

 

Silver Opportunity Partners LLC | Sunshine Mine

S-K 1300 Technical Report Summary on the Initial Assessment

March 25, 2026

SLR Project No.: 123.020552.00001

 

Table 11-9: Search Pass Parameters for Sunshine Mineral Resources

 

Pass X (ft) Y (ft) Z (ft) Minimum Composites Maximum Composites
1 100 100 50 3 8
2 300 300 150 2 20

Source: SRK 2025

 

Table 11-10: Unique Estimation Parameters for Sunshine Mineral Resources

 

Domain Dip (°) Dip Azimuth (°) Pitch (°) Declustering Ellipse (ft)
08DHW 90 90 110 200 x 200 x 100
08BVein 90 65 110 50 x 50 x 25
09HW 90 96 114 80 x 80 x 40
09Vein 90 94 114 100 x 100 x 50
10Vein 90 85 110 80 × 80 × 40
101Vein 90 75 120 200 × 200 × 100
625M 90 90 124 80 × 80 × 40
BVein 90 80 105 100 × 100 × 50
CFault Vein 90 90 114 200 × 200 × 100
Chester 90 90 116 120 × 120 × 60
ChesterHang 90 90 118 120 × 120 × 60
CopperVein 90 95 124 80 × 80 × 40
DVein 90 90 110 200 × 200 × 100
FVein 90 80 120 100 × 100 × 50
GVein 90 75 108 150 × 150 × 75
HFWVein 90 75 110 20 × 20 × 10
HVein 90 85 114 120 × 120 × 60
KFWVein 90 95 118 30 × 30 × 15
KVein 90 85 118 120 × 120 × 60
NYBoy 90 85 110 180 × 180 × 90
S78 90 50 95 50 × 50 × 25
Silver Summit No4 90 100 105 40 × 40 × 20
Silverline 90 95 120 180 × 180 × 90
SilverSummitNo3 90 100 110 40 × 40 × 20
SilverSyndicateLink 90 85 112 110 × 110 × 55
Sunshine2 90 50 100 60 × 60 × 30
SunshineFW 90 85 115 130 × 130 × 65

 

11-21

  

 

Silver Opportunity Partners LLC | Sunshine Mine

S-K 1300 Technical Report Summary on the Initial Assessment

March 25, 2026

SLR Project No.: 123.020552.00001

 

Domain Dip (°) Dip Azimuth (°) Pitch (°) Declustering Ellipse (ft)
SYBoy 90 85 107 300 × 300 × 150
Syndicate Fault 90 105 110 150 × 150 × 75
Vein06 90 80 115 80 × 80 × 40
W16Vein 90 90 112 60 × 60 × 30
WestChanceFW 90 105 130 50 × 50 × 25
WestChanceFWWest 90 95 125 70 × 70 × 35
YankeeGirl 90 90 115 180 × 180 × 90
YankeeGirl952Split 90 80 112 30 × 30 × 15
YankeeGirlFW 90 90 114 66 × 66 × 33

Source: SRK 2025

 

11.9.2 Depletion

 

Significant historical mining has occurred at Sunshine on the majority of the modeled veins. SOP constructed mined-out wireframes from available historical records that were digitized from geo-referenced longitudinal sections. The historical documentation of mined-out areas is believed to be reasonably accurate. In some areas, additional mining may have occurred that is undocumented and would affect mineable vein volumes. Based on the SOP documentation and the historical data reviewed to date, in the SRK QP’s opinion, it is unlikely that significant mined-out areas remain undiscovered and not depleted from the current Mineral Resource estimate.

 

The historical mining areas were coded as mined in the veins to deplete the resource models. Figure 11-9 portrays an example of the historical workings that were removed from the North Yankee Boy Vein.

 

11-22

  

 

Silver Opportunity Partners LLC | Sunshine Mine

S-K 1300 Technical Report Summary on the Initial Assessment

March 25, 2026

SLR Project No.: 123.020552.00001

 

Figure 11-9: Longitudinal Section of Mined-Out Areas at North Yankee Boy Vein

 

 

 

11-23

  

 

Silver Opportunity Partners LLC | Sunshine Mine

S-K 1300 Technical Report Summary on the Initial Assessment

March 25, 2026

SLR Project No.: 123.020552.00001

  

11.9.3 Post-Estimation Scripting

 

Post-estimation scripts were run on the model using Leapfrog Edge software to assign additional variables, as follows:

 

● Density values were assigned as 3.0 g/cm3 for vein and 2.8 g/cm3 for waste.

 

● Historical mining was coded as mined or available.

 

● Classification was assigned based on separate classification models (see Section 11.11).

 

11.9.4 Estimation Summary

 

It is the SRK QP’s opinion that the methodology and search neighborhood used to estimate the Sunshine resource model are consistent with industry standards, acceptable for the level of sample data, and produce quality estimation results in well-informed areas. Some portions of the deposit are considered poorly informed in terms of drilling and certainty of geological interpretation and should be targeted for future drilling to improve confidence in both geological continuity and grade estimation. The relative confidence in grade estimations based on estimation quality are considered in resource classification, as discussed in Section 11.11.

 

11.10 Model Validation

 

Multiple techniques were implemented to evaluate the validity of the resource block model, including the following:

 

● Interpolated block grades were visually checked by domain for comparison to capped composite assay grades.

 

● Estimation parameter results were reviewed to evaluate the overall performance of the grade estimation methodology by estimation pass and by block, including average number of composites, average number of drill holes, and average distance to samples.

 

● Statistical and graphical comparisons between resource block grades estimated by IDW2 were compared by domain to composite assay grades and to NN estimates.

 

11.10.1 Visual Comparison

 

Visual validation provides a comparison of the interpolated block model on a local scale. A thorough inspection was undertaken in 3D, comparing the sample grades in all veins with the block grades. The resulting block estimates demonstrate general conformity between local block estimates and nearby composites with an appropriate degree of smoothing in the block model.

 

The estimation methodology applied to all veins was generally based on the best-sampled structures, such as the North Yankee Boy Vein, which contains about 10% of the entire Sunshine resource. These structures generally show the most continuity up and down dip. The veins with significant sampling exhibit high variability in grades and vein thickness due to inherent local variability of mineralization over relatively short distances along strike. SRK considered grade continuity as a factor during the classification process.

 

Figure 11-10 provides a longitudinal section of the estimated block grades for silver at North Yankee Boy Vein.

 

11-24

  

 

Silver Opportunity Partners LLC | Sunshine Mine

S-K 1300 Technical Report Summary on the Initial Assessment

March 25, 2026

SLR Project No.: 123.020552.00001

 

Figure 11-10: Longitudinal Section of Estimated Block Grades of Ag at North Yankee Boy Vein

 

 

 

11-25

  

 

Silver Opportunity Partners LLC | Sunshine Mine

S-K 1300 Technical Report Summary on the Initial Assessment

March 25, 2026

SLR Project No.: 123.020552.00001

 

11.10.2 Comparative Statistics

 

SRK reviewed statistics of mean grades of composited assay data and estimated silver block grades. Due to data clustering and the often-irregular sample grid, mean composite grades appear to be significantly higher than estimated mean block grades, however, mean grades between the NN estimate and IDW2 block grades are similar and within an acceptable range globally for the estimation to be considered appropriate. In general, bias observed for estimated blocks versus composites is caused by clustering effects from non-standardized sample spacing relative to the wireframe generation, which locally results in larger volumes of blocks being informed by relatively smaller population of samples. Table 11-11 provides a summary of the model validation by statistical analysis.

 

Table 11-11: Model Validation by Statistical Analysis

 

Domain Number of
Composites		 Mean Ag Grade (opt) Difference IDW2
to Declustered
(%)		 Difference IDW2
to NN Estimate
(%)
Composites
(Length Weighted)		 Naïve
Mean		 Declustered NN
Estimate		 IDW2
Estimate
08DHW 4,584 43.1 47.1 47.9 42.0 36.0 -33 -17
08BVein 642 85.4 90.4 69.1 74.2 62.6 -10 -18
09HW 2,188 60.2 57.9 45.8 27.5 24.9 -84 -11
09Vein 2,879 53.2 62.5 57.3 40.3 40.7 -41 1
10Vein 25 18.1 19.0 19.1 22.0 16.1 -19 -36
101Vein 22 37.2 48.7 38.4 40.7 28.1 -37 -45
625M 5,302 99.7 114.4 82.7 51.4 50.2 -65 -2
BVein 291 28.6 27.9 25.1 25.7 20.2 -24 -28
CFault Vein 11,094 81.9 88.4 44.8 28.5 29.4 -52 3
Chester 26,074 78.9 80.1 59.8 52.0 49.9 -20 -4
ChesterHang 4,101 67.5 66.6 42.9 33.1 34.1 -26 3
CopperVein 10,225 49.6 48.3 36.2 27.3 27.5 -32 1
DVein 3,416 65.8 61.9 42.6 34.5 32.2 -32 -7
FVein 1,109 81.1 77.6 46.1 37.7 36.0 -28 -5
GVein 7 6.8 16.7 15.1 9.2 4.6 -229 -100
HFWVein 19 17.0 20.3 19.9 16.4 14.0 -43 -18
HVein 2,019 58.1 62.4 29.4 24.0 24.0 -23 0
KFWVein 159 115.1 115.0 109.1 79.9 79.7 -37 0
KVein 1,519 112.5 118.3 91.3 62.2 68.0 -34 9
NYBoy 8,944 54.8 51.4 37.9 35.1 33.9 -12 -4
S78 2,429 44.8 48.1 43.6 40.4 30.7 -42 -31
Silver Summit No4 771 32.2 35.0 30.8 24.1 19.0 -62 -27

 

11-26

  

 

Silver Opportunity Partners LLC | Sunshine Mine

S-K 1300 Technical Report Summary on the Initial Assessment

March 25, 2026

SLR Project No.: 123.020552.00001

 

Domain Number of
Composites		 Mean Ag Grade (opt) Difference IDW2
to Declustered
(%)		 Difference IDW2
to NN Estimate
(%)
Composites
(Length Weighted)		 Naïve
Mean		 Declustered NN
Estimate		 IDW2
Estimate
Silverline 370 60.2 58.8 23.5 23.5 17.4 -35 -35
SilverSummitNo3 319 25.6 29.7 28.0 19.7 16.5 -70 -20
SilverSyndicateLink 649 63.4 55.0 53.4 58.2 51.4 -4 -13
Sunshine2 2,072 48.8 50.3 45.9 32.6 35.8 -28 9
SunshineFW 1,246 64.4 116.9 62.9 25.4 23.9 -164 -6
SYBoy 2,414 34.6 42.5 30.5 31.6 26.2 -16 -21
Syndicate Fault 2,821 82.1 93.3 36.2 29.7 29.4 -23 -1
Vein06 671 111.2 150.3 103.7 82.3 72.9 -42 -13
W16Vein 209 364.3 275.3 161.3 181.5 131.0 -23 -39
WestChanceFW 253 64.8 79.3 64.1 47.5 46.9 -37 -1
WestChanceFWWest 14 27.7 48.3 48.9 48.7 24.2 -102 -101
YankeeGirl 2,467 47.4 57.1 47.1 39.7 32.8 -43 -21
YankeeGirl952Split 92 49.5 49.9 46.5 33.8 30.0 -55 -13
YankeeGirlFW 79 17.7 18.8 18.8 17.6 15.4 -22 -14

Source: SRK 2025

 

Globally across all vein domains, the results of the comparison indicate that the SRK estimates using IDW2 report a weighted average of 4.8% less than the NN grade estimate, with individual domain estimates reporting above or below the input composite means; it is the QP’s opinion that this in an indication of an acceptable estimate with an appropriate amount of grade smoothing. Individual domain differences between the NN estimate and blocks are related to clustering of higher or lower grades on an individual vein basis. The highest variance domains are typically associated with small volume veins with the least amount of samples. SRK reviewed areas of the block model with discrepancies and, through visual validation, considers the estimation fit-for-purpose and appropriate at the stated resource classification.

 

11.10.3 Swath Plots

 

Silver swath plots were generated for each vein to validate the model globally by comparison to NN estimates. The sectional profiles compare mean block grades and NN values in X (strike) and Y (dip) directions (Figure 11-11 and Figure 11-12). Swath plots in the Z direction are not considered, as these are parallel to the vein width due to model rotation. The swath plots illustrate an acceptable correlation between block grades (blue line) and the unbiased NN estimator (green line); composites are shown in red.

 

11-27

  

 

Silver Opportunity Partners LLC | Sunshine Mine

S-K 1300 Technical Report Summary on the Initial Assessment

March 25, 2026

SLR Project No.: 123.020552.00001

 

Figure 11-11: Swath Plot in X (Strike) Direction for North Yankee Boy Vein

 

 

 

Source: SRK 2025

 

11-28

  

 

Silver Opportunity Partners LLC | Sunshine Mine

S-K 1300 Technical Report Summary on the Initial Assessment

March 25, 2026

SLR Project No.: 123.020552.00001

 

Figure 11-12: Swath Plot in Y (Dip) Direction for North Yankee Boy Vein

 

 

 

Source: SRK 2025

 

11.11 Classification

 

The Mineral Resources are classified in accordance with S-K 1300 definitions and reflect the relative confidence of the grade estimates and the continuity of the mineralization. This classification is based on several factors, including geological understanding and uncertainty, confidence in the geological continuity of the mineralized structures, the quality and quantity of fundamental exploration data supporting the estimates, geostatistical confidence in the tonnage and grade estimates, data QA/QC and verification to original sources, bulk density determinations, accuracy of drill collar locations, accuracy of topographic surface, quality of the assay data, and many other factors that influence the confidence of the resource estimation. No single factor controls the resource classification; rather, each factor influences the result.

 

Portions of blocks within the estimation domains have been categorized as Indicated and Inferred Resources consistent with S-K 1300 guidelines. Additional mineralized material in the estimation domains was not deemed acceptable for classification at this time and is considered unclassified material with exploration potential. Separate classification models derived from distance buffer volumes were used to apply the appropriate block classification to the mineral resources. The following criteria have been used to create the models:

 

● No Measured Mineral Resources are reported for the Project.

 

11-29

  

 

Silver Opportunity Partners LLC | Sunshine Mine

S-K 1300 Technical Report Summary on the Initial Assessment

March 25, 2026

SLR Project No.: 123.020552.00001

 

● Indicated Mineral Resource classification is assigned to blocks that have drill spacing <60 ft and composites constrained within modeled vein wireframes.

 

● Inferred Mineral Resource classification is assigned to blocks based on moderate confidence in geology, grade continuity with drill spacing <300 ft, and composites constrained within modeled vein wireframes.

 

● Historical channel samples were not able to be validated to the same level as modern drilling, which leads to greater uncertainty. However, the majority of these historical assays have been mined and were exclude from the summary of Mineral Resources.

 

These distances were selected based on the experience of Sunshine geologists in reference to continuity, as well as SRK’s experience with maximum grade continuity in similar vein deposits. The classified blocks represent mineralized material constrained within a modeled wireframe volume.

 

Numerical modeling was selected over manual digitization of continuity to provide a more-uniform application of classification to the large number of discrete vein domains. SRK generated 60 ft and 300 ft distance buffers to vein composites for each individual veins. The contiguous portions of these distance buffers were evaluated to determine locations where vein intercepts seemed correlated within the structure as the individual spacings. Manual smoothing of the results focused on significant overlapping of distance buffers, but in certain scenarios the distance between classified samples can be greater than the assigned minimum drill spacing. The preliminary numerical distance buffers were clipped against the vein wireframes to code the classification by the sub-block centroids within the wireframe. Additionally, resulting unusual remnants distal to the primary contiguous distance buffers were removed, as geological and grade continuity in these areas was less certain. Note that depending on sample geometry, the actual average distance between composites in the estimates may be slightly larger than the correlated distance buffers. In the QP for mineral resources’ opinion, the classification for Sunshine is reasonable for the type of mineralization, deposit morphology, and current level of sample data.

 

Figure 11-13 shows the classification applied to the North Yankee Boy Vein. This longitudinal section can be directly compared to previous sections that show mined-out areas and grade distribution relative to drilling.

 

11-30

  

 

Silver Opportunity Partners LLC | Sunshine Mine

S-K 1300 Technical Report Summary on the Initial Assessment

March 25, 2026

SLR Project No.: 123.020552.00001

 

Figure 11-13: Longitudinal Section of Classification at North Yankee Boy Vein

 

 

 

Note: The white areas surrounding stope samples are mined out and are depleted from the stated resource.

 

11-31

  

 

Silver Opportunity Partners LLC | Sunshine Mine

S-K 1300 Technical Report Summary on the Initial Assessment

March 25, 2026

SLR Project No.: 123.020552.00001

 

11.12 Demonstration of Reasonable Prospects for Economic Extraction

 

As per S-K 1300, Mineral Resources must demonstrate RPEE. To satisfy this implication, SRK applied a COG that accounts for operation costs based on the proposed underground mining method, assumed processing costs, assumed G&A costs, metallurgical recovery, and market-driven metal pricing. Sunshine provided the cost inputs based on an internal 2023 scoping study for the Project. The following technical and economic parameters are assumed and accounted for in the determination of COG:

 

● Mining cost: $110.00 per short ton

 

● Processing cost: $20.85 per short ton

 

● G&A cost: $7.93 per short ton

 

● Antimony plant cost for silver concentrate: $14.55 per short ton

 

● Refining cost for silver concentrate: $16.13 per short ton

 

● Tailings storage cost: $4.27 per short ton

 

● Silver price: $23.50 per troy ounce

 

● Silver recovery: mill (97%) times hydrometallurgical estimate (96%) yields an overall 93% (from metallurgical test work and history of actual production)

 

● Silver payability: 95%

 

● Mining dilution: 5%

 

Silver is an over-the-counter, publicly-traded metal and pricing assumptions were derived from long-term market consensus forecasts provided by SOP. The estimates were from market analysts at major banks (e.g. Scotia, RBC, Canaccord, Morgan Stanley). The assumed silver price used in the resource COG determination is below the current spot price and is relatively conservative as the Mineral Resource estimate was originally completed in December 2023. In the opinion of the SRK QP, the estimated commodity pricing used to calculate the resource COG is reasonable for up to a 25-year period, which exceeds the currently envisioned mine life which is based on mining inventory from both Indicated and Inferred Mineral Resource categories.

 

Applying the aforementioned technical and economic assumptions, an underground COG of 8.8 opt Ag was used for reporting Mineral Resources at Sunshine. Additionally, the underground Mineral Resources were constrained within MSO wireframes derived from the parameters stated above. No mine planning or scheduling is considered in the MSO, as all block volumes above the diluted COG are considered to meet RPEE at this stage of the Project. Figure 11-14 provides a longitudinal section of North Yankee Boy Vein showing MSO volumes.

 

11-32

  

 

Silver Opportunity Partners LLC | Sunshine Mine

S-K 1300 Technical Report Summary on the Initial Assessment

March 25, 2026

SLR Project No.: 123.020552.00001

 

Figure 11-14: Longitudinal Section of North Yankee Boy Vein showing MSO Volumes

 

  

 

11-33

  

 

Silver Opportunity Partners LLC | Sunshine Mine

S-K 1300 Technical Report Summary on the Initial Assessment

March 25, 2026

SLR Project No.: 123.020552.00001

 

11.13 Mineral Resource Statement

 

Definitions for resource categories used in this TRS are those defined by SEC in S-K 1300. Mineral Resources are classified into Measured, Indicated, and Inferred categories.

 

Material of economic interest refers to diamonds, natural solid inorganic material, or natural solid fossilized organic material including base and precious metals, coal, and industrial minerals. The RPEE requirements generally imply that the quantity and grade estimate meet certain economic thresholds and that the Mineral Resources are reported at an appropriate COG, considering extraction scenarios and processing recoveries.

 

SRK defined the Mineral Resource based on COG derived from assumed economics for underground mining potential on blocks constrained within MSO volumes. The summarized tonnage and grades are reported on a diluted basis in the MSO volumes. SRK applied a COG that accounts for benchmarked operational costs based on the assumed mining method proposed, assumed processing costs, assumed G&A costs, metallurgical recovery, and market-driven metal pricing, as discussed in Section 16.

 

Table 11-12 presents the Project Mineral Resource statement. Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability. There is no certainty that all or any part of the Mineral Resources will be converted into Mineral Reserves in the future. The estimate of Mineral Resources may be materially affected by environmental permitting, legal, title, taxation, socio-political, marketing, or other relevant issues.

 

Table 11-13 shows the estimated Indicated resources by vein, and Table 11-14 shows the estimated Inferred resources by vein.

 

The SRK QP is of the opinion that with consideration of the recommendations summarized in Sections 1 and 23 of this TRS, any issues relating to all relevant technical and economic factors likely to influence the prospect of economic extraction can be resolved with further work.

 

11-34

  

 

Silver Opportunity Partners LLC | Sunshine Mine

S-K 1300 Technical Report Summary on the Initial Assessment

March 25, 2026

SLR Project No.: 123.020552.00001

 

Table 11-12: Sunshine Mine Underground Mineral Resources as of February 24, 2026, SRK Consulting (U.S.), Inc.

 

Classification Tonnage
(000 st)		 Ag Grade
(opt)		 Contained Ag Metal
(koz)
Measured -- -- --
Indicated 3,485 29.8 103,915
Measured and Indicated (M+I) 3,485 29.8 103,915
Inferred 7,061 22.6 159,847

Source: SRK 2026 

Notes: 

1. The definitions for Mineral Resources in S-K 1300, which are consistent with the classification scheme under the CRIRSCO standards, were followed for the classification of Mineral Resources.

2. All dollar amounts are present in U.S. dollars, and all measurements are US Standard units.

3. MSO volume constrained resources with RPEE are stated as contained within vein estimation domains defined by an 8.8 opt Ag COG. The COG and MSO are based on an assumed silver price of $23.50/oz and operating cost assumptions, as follows: mining cost of $110.00 per short ton, processing cost of $20.85 per short ton, general and administrative (G&A) cost of $7.93 per short ton, antimony plant for silver concentrate cost of $14.55 per short ton, refining for silver concentrate cost of $16.13 per short ton, and tailings storage cost of $4.27 per short ton.

4. MSO volumes are 9 ft high, 30 ft long, and minimum of 3 ft wide and are flagged by the individual modeled vein volumes. An unplanned mining dilution of 5% is applied for reporting.

5. All Mineral Resources are based on a data cut-off date of November 28, 2023, estimated in situ and reported as diluted within MSO volumes.

6. Average bulk density was assigned as 3.02 grams per cubic centimeter (g/cm3) for veins and 2.82 g/cm3 for waste. The equivalent densities in US S Customary units are 0.0943 short tons per cubic foot (st/ft3) for veins and 0.088 st/ft3 for waste.

7. Metallurgical recovery was assigned at 93% from metallurgical test work and history of mining production.

8. Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability. There is no certainty that all or any part of the Mineral Resources will be converted into Mineral Reserves in the future. The estimate of Mineral Resources may be materially affected by environmental permitting, legal, title, taxation, socio-political, marketing, or other relevant issues.

9. All quantities are rounded to the appropriate number of significant figures; consequently, sums may not add up due to rounding.

10. The Project is 100% attributable to SOP.

 

Table 11-13: Estimated Indicated Resources by Vein

 

Vein Tonnage
(000 st)		 Ag Grade (opt) Contained Metal Ag (koz)
08BVein  19.4  34.0 659
08DHW  122.8  24.8 3,043
09HW  70.0  22.8 1,596
09Vein  241.3  36.0 8,694
101Vein  23.0  33.1 761
10Vein  24.4  16.2 395
625M  84.8  32.4 2,748
BVein  55.8  34.0 1,895
CFault Vein  310.2  29.8 9,232
Chester  436.4  31.4 13,705

 

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Silver Opportunity Partners LLC | Sunshine Mine

S-K 1300 Technical Report Summary on the Initial Assessment

March 25, 2026

SLR Project No.: 123.020552.00001

 

Vein Tonnage
(000 st)		 Ag Grade (opt) Contained Metal Ag (koz)
ChesterHang  213.8  32.9 7,044
CopperVein  137.0  24.2 3,313
DVein  98.7  28.3 2,794
FVein  34.3  24.6 844
GVein -- -- --
HFWVein  21.0  16.2 340
HVein  27.7  27.8 771
KFWVein  8.3  47.4 391
KVein  32.6  29.0 945
NYBoy  387.6  33.9 13,124
S78  55.4  24.1 1,338
Silver Summit No4  157.7  32.5 5,128
Silverline  15.4  24.4 375
SilverSummitNo3  95.4  24.3 2,317
SilverSyndicateLink 82.3  26.4 2,173
Sunshine2  21.2  22.6 480
SunshineFW  39.9  25.2 1,006
SYBoy  209.1  27.0 5,637
Syndicate Fault  182.0  30.9 5,618
Vein06  36.8  39.3 1,448
W16Vein  14.0  68.9 963
WestChanceFW  18.5  30.1 556
WestChanceFWWest  4.9  18.1 89
YankeeGirl  186.1  22.6 4,213
YankeeGirl952Split  14.7  16.5 242
YankeeGirlFW  3.1  11.6 36
Indicated Totals 3,485.3 29.8 103,915

Source: SRK 2026 

Note: Refer to the notes following Table 11-12. Totals of individual veins may not sum to reported resource due to rounding.

 

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Silver Opportunity Partners LLC | Sunshine Mine

S-K 1300 Technical Report Summary on the Initial Assessment

March 25, 2026

SLR Project No.: 123.020552.00001

 

Table 11-14: Estimated Inferred Resources by Vein

 

Vein Tonnage
(000 st)		 Ag Grade
(opt)		 Contained Metal
(koz Ag)
08BVein  42.1  24.4 1,025
08DHW  146.8  19.3 2,826
09HW  84.5  15.0 1,266
09Vein  152.0  23.0 3,501
101Vein  85.3  27.0 2,300
10Vein  25.0  15.2 379
625M  183.1  28.9 5,297
BVein  181.2  23.9 4,335
CFault Vein  518.3  24.2 12,519
Chester  561.7  26.7 14,982
ChesterHang  344.0  25.1 8,641
CopperVein  259.2  17.7 4,585
DVein  396.8  20.9 8,293
FVein  68.7  18.9 1,300
GVein  5.9  12.8 76
HFWVein  43.6  13.2 574
HVein  33.4  18.4 614
KFWVein  43.3  36.8 1,595
KVein  78.5  22.3 1,748
NYBoy  514.1  26.2 13,475
S78  129.6  17.7 2,296
Silver Summit No4  680.3  20.4 13,883
Silverline  48.8  16.8 820
SilverSummitNo3  321.9  16.4 5,268
SilverSyndicateLink 247.1  17.7 4,381
Sunshine2  36.4  17.5 637
SunshineFW  75.2  27.0 2,027
SYBoy  428.6  21.4 9,166
Syndicate Fault  553.1  25.4 14,064
Vein06  41.8  25.6 1,072
W16Vein  56.0  91.3 5,119
WestChanceFW  48.0  20.3 972

 

11-37

  

 

Silver Opportunity Partners LLC | Sunshine Mine

S-K 1300 Technical Report Summary on the Initial Assessment

March 25, 2026

SLR Project No.: 123.020552.00001

 

Vein Tonnage
(000 st)		 Ag Grade
(opt)		 Contained Metal
(koz Ag)
WestChanceFWWest  4.6  20.9 95
YankeeGirl  580.0  17.6 10,196
YankeeGirl952Split  35.9  12.7 457
YankeeGirlFW  6.3  10.4 65
Inferred Totals 7,060.9 22.6 159,847

Source: SRK 2026 

Note: Refer to the notes following Table 11-12. Totals of individual veins may not sum to reported resource due to rounding.

 

11.13.1 Mineral Resource Sensitivity

 

To demonstrate sensitivity to the determined COG, the mineralized domains were analyzed at various grades above the current economic COG. Stope panels above the COG are included within the MSO runs at 8.8 opt Ag for all veins. Note that this methodology may generate slightly different volumes than optimizing new MSO runs at different grades, which would require more time and study. This analysis is presented to illustrate the continuity of the grade estimates at various cut-off increments and the sensitivity of the Mineral Resource to changes in COG assumptions.

 

The reader is cautioned that Table 11-15 and Table 11-16 should not be misconstrued with the Mineral Resource statement provided earlier. These tables are only presented to show the sensitivity of the block model estimated grades and tonnages to the selection of COG. All figures are rounded to reflect the relative accuracy of the estimates. To assess the sensitivity of the resource to silver COG, SRK summarized tonnage, grade, and contained metal above a series of increasing grades by classification category. The sensitivity results for Indicated and Inferred blocks have been separated for reporting; no Measured Resources were determined. The assumed underground silver COG used in this TRS (8.8 opt Ag) is highlighted in Table 11-15 and Table 11-16.

 

Table 11-15: Grade Tonnage Table of Sunshine Indicated Resources

 

Ag Cut-Off
(opt)		 Tonnage
(000 st)		 Ag Grade
(opt)		 Contained Metal
(koz Ag)
8.8 3,485 29.8 103,915
9.5 3,387 30.4 103,038
10.0 3,333 30.8 102,511
10.5 3,269 31.2 101,849
11.0 3,208 31.5 101,199
11.5 3,140 32.0 100,428

Source: SRK 2026

 

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Silver Opportunity Partners LLC | Sunshine Mine

S-K 1300 Technical Report Summary on the Initial Assessment

March 25, 2026

SLR Project No.: 123.020552.00001

 

Table 11-16: Grade Tonnage Table of Sunshine Inferred Resources

 

Ag Cut-Off
(opt)		 Tonnage
(000 st)		 Ag Grade
(opt)		 Contained Metal
(koz Ag)
8.8 7,061 22.6 159,847
9.5 6,702 23.4 156,678
10.0 6,503 23.8 154,750
10.5 6,280 24.3 152,479
11.0 6,041 24.8 149,927
11.5 5,799 25.4 147,215

Source: SRK 2026

 

11.13.2 Uncertainty in Mineral Resource Estimation

 

SRK notes that future economic assessment could result in a change in the COG, which would result in a change in the tonnage of available minable material. Mineralization represented by the resource block model was evaluated for RPEE for underground mining methods. SRK did not independently audit recovery, processing costs, or other assumptions for deriving COG but does consider the inputs to be reasonable.

 

Portions of the deposit remain sparsely drilled, including some high-grade zones that should be investigated through more-closely spaced sample intervals (including twin or wedged drill holes), which would improve understanding of the grade distribution and continuity.

 

The current Sunshine vein interpretations locally, in some areas, make assumptions on continuity that are subject to potentially significant volumetric changes, especially in zones of limited sample support. SRK relied upon the SOP geological interpretation to construct wireframes for estimation purposes and had validated the geological model. Potential inaccuracies in consistent determination of actual vein widths, orientations, unknown structural offsets, or changes in continuity within the interpreted domains were reflected in the classification of Mineral Resources, predominantly in the lack of any Measured material. SRK recommends additional drilling and sampling as the Project progresses to determine grade variability and vein domain interpretations with higher confidence.

 

Development of RPEE relies on the historical documentation of mined-out areas, which is believed to be reasonably accurate. In some areas, additional mining may have occurred that is undocumented and would affect mineable vein volumes. Based on the SOP documentation and the historical data reviewed to date, in the SRK QP’s opinion, it is unlikely that significant mined-out areas remain undiscovered and not depleted from the current Mineral Resource estimate. Additionally, some stopes from the MSO runs may be deemed higher risk in future mine planning.

 

The property is subject to net smelter return (NSR) royalty agreements, as discussed in Section 3.3. At present, only silver is available in the database for resource estimation. The ability to calculate accurate NSR values and potential royalties may require estimation of additional metal variables, depending on the specifics of the current agreements. Therefore, the limited base metal assays in the current geological database may pose a risk to future NSR calculation.

 

With the exception of these potential risks to Mineral Resources, SRK is not aware of any other factors to which the mineral resource estimates could be materially affected, such as environmental, permitting, legal, title, taxation, socio-economic, marketing, political, or other relevant factors.

 

11-39

  

 

Silver Opportunity Partners LLC | Sunshine Mine

S-K 1300 Technical Report Summary on the Initial Assessment

March 25, 2026

SLR Project No.: 123.020552.00001

 

11.13.3 Comparison with Previous Estimate

 

Previous estimate comparisons are not relevant for this TRS. SRK Consulting (U.S.), Inc. (SRK) completed an internal scoping study in September 2023. In January 2024, SRK completed an updated Mineral Resource estimate with an effective date of December 21, 2023, which was audited and accepted by SLR.

 

In February 2026, SRK updated the 2023 block models to include a historical mined-out area discovered in one vein, which is reflected in the current Mineral Resource estimate. The Mineral Resource estimate is current as of the TRS report date with inclusion of the recently discovered additional depletion. Otherwise, the current 2026 Mineral Resource used the same block model supporting the previous 2023 estimate.

 

11-40

  

 

Silver Opportunity Partners LLC | Sunshine Mine

S-K 1300 Technical Report Summary on the Initial Assessment

March 25, 2026

SLR Project No.: 123.020552.00001

 

12.0 Mineral Reserve Estimates

 

This section does not apply as there have been no Mineral Reserves estimated for the Sunshine property.

 

12-1

  

 

Silver Opportunity Partners LLC | Sunshine Mine

S-K 1300 Technical Report Summary on the Initial Assessment

March 25, 2026

SLR Project No.: 123.020552.00001

 

13.0 Mining Methods

 

13.1 Introduction

 

The Sunshine Mine commenced operations in 1884. Mine operations ceased in 2001. The Mine operated briefly in 2008 and has been maintained on a care and maintenance basis since then. The historical mine workings are extensive and exist over a vertical extent of 6,500 ft, 15,000 ft along strike, and 2,000 ft across the dip.

 

The mine is accessed by shafts, winzes, and adits. The mine levels are approximately 200 ft apart, and shaft stations are spaced 400 ft apart. The Jewell Shaft is currently the only access into and out of the underground mine. The mine is currently flooded to approximately the 3400 Level. SOP’s focus has been on maintaining and upgrading the mine infrastructure including the dewatering systems to the 3100 Level. Schematics of the existing mine workings are shown in Figure 13-1 and Figure 13-2.

 

The Mineral Resource is contained in 36 veins. Historical mining activity has occurred on most of the veins. The veins are narrow, typical of Coeur d’Alene mineralization styles, and generally dip at 60° to 70°. Preliminary mine designs have been completed on 27 veins with an average mining width of 6.3 ft. These veins represent 96% of the Inferred and Indicated Mineral Resource silver ounces. Mine designs were not completed on the remaining nine veins due to their small size and limited economic benefit. The mining design extends from the 100 Level to the 5900 Level. The 27 veins in the mine plan were grouped into seven mining areas, or “mining blocks”, as listed:

 

● Jewell Shaft Block

 

● Silver Summit Block

 

● Lower Mine Block

 

● Yankee Girl Block

 

● C Fault Block

 

● Upper Mine Block

 

● Syndicate Fault Mine Block

 

SLR developed two LOM plans. The Base Case considers Indicated and Inferred Mineral Resources. The Indicated Only Case considers only Indicated Mineral Resources.

 

13.1.1 Base Case Life of Mine Plan

 

The Base Case LOM plan is based upon the mining of material from Indicated and Inferred Mineral Resource categories. Approximately 74% of the tonnage in the Base Case LOM plan are Inferred Mineral Resource tons, and approximately 68% of the contained silver ounces are within Inferred Mineral Resource.

 

The planned mineable material totals 7.9 Mst grading 19.0 opt Ag, which is planned to be mined over a 24 year period following three years of pre-production work. The average stope width is 6.3 ft. Mining is planned to be a combination of narrow long hole (LH) stopes and conventional cut and fill (CCF) stopes. Mechanized equipment will be used in the long hole stopes with rail haulage to the shaft in the Jewell Shaft Block. Workings above the 1700 Level and below the 3700 Level will use mechanized haulage and be accessed by ramp systems.

 

13-1

  

 

Silver Opportunity Partners LLC | Sunshine Mine

S-K 1300 Technical Report Summary on the Initial Assessment

March 25, 2026

SLR Project No.: 123.020552.00001

 

The condition of the mine workings below the 3100 Level is largely unknown as the mine is flooded to the 3400 Level. Some upper area workings have been sealed to prevent access and the Silver Summit Shaft has been inspected by video camera to assess the repairs required. The plan to re-open and recommence mining activities will start with mine dewatering to the bottom of the Jewell Shaft, the rehabilitation of shafts, and hoist modifications. Development and rehabilitation of existing mine workings will then progress from Jewell Shaft toward the first production areas. The development of the Upper Mine Block, which will be mined independent of Jewell Shaft, can commence at any time but is scheduled to commence in Year 1.

 

13.1.2 Indicated Only Case Life of Mine Plan

 

The Indicated Only Case LOM plan is based solely on Indicated Mineral Resources. The planned mineable material totals 1.50 Mst grading 25.2 opt Ag, which is planned to be mined over a 10-year period following three years of pre-production work.

 

The Indicated Only Case LOM plan assumes the same mining methods as the Base Case LOM plan; however, operations will be focused on the Indicated Mineral Resources located between the 2700 Level and 4700 Level of the mine. The Indicated Only Case LOM plan focuses on levels with reasonable quantities of Indicated Mineral Resources that could be developed over a shorter mine life.

 

13-2

  

 

Silver Opportunity Partners LLC | Sunshine Mine

S-K 1300 Technical Report Summary on the Initial Assessment

March 25, 2026

SLR Project No.: 123.020552.00001

 

Figure 13-1: Mine As-Built in Plan View

 

 

 

13-3

  

 

Silver Opportunity Partners LLC | Sunshine Mine

S-K 1300 Technical Report Summary on the Initial Assessment

March 25, 2026

SLR Project No.: 123.020552.00001

  

Figure 13-2: Mine As-Built in Longitudinal Section View

 

 

 

13-4

  

 

Silver Opportunity Partners LLC | Sunshine Mine

S-K 1300 Technical Report Summary on the Initial Assessment

March 25, 2026

SLR Project No.: 123.020552.00001

 

13.2 Mine Design

 

The mine designs in the IA are based upon the rehabilitation of the existing mine facilities and workings and completing the necessary development to exploit the potential mineable material based upon the Mineral Resource estimate detailed in Section 11.0.

 

13.2.1 Mine Production

 

The Base Case LOM plan is based on a nominal production rate of 1,000 stpd from a mix of CCF and LH stopes. These methods were selected after a detailed review of the veins and consideration of alternative mining methods as described in Section 13.3.2. Mine production ramps up to the nominal rate of 1,000 stpd over the initial five-year period.

 

The Indicated Only Case LOM plan production ramps up to 608 stpd by Year 4. The mine life of the Indicated Only Case is ten years with a LOM average mine production rate of 427 stpd of mineralized material.

 

13.2.2 Mine Access

 

Primary access to the lower levels of the mine is through the four-compartment, 23 ft by 7.5 ft Jewell Shaft. This shaft is located in the northwest quadrant of the Sunshine mineral deposits. The shaft extends vertically downward 4,088 ft with primary haulage ways connecting on the 3100 and 3700 levels. There are two hoists: a double drum skip/cage hoist and a single drum service hoist. The Jewell Shaft is in service; however, it will require rehabilitation in addition to that undertaken to date, prior to operations. After modifications and rehabilitation, the Jewell Shaft will have a nominal hoisting capacity of 1,600 stpd of mineralized material and waste. There are skip loading pockets on the 2300, 2700, 3100, and 3700 Levels. Table 13-1 provides additional detail for the naming of the levels and the relative distances between the levels. In both LOM plan scenarios, the Jewell Shaft provides access to all mining blocks except the Upper Mine Block.

 

The Silver Summit Shaft will provide a secondary escapeway from 3000 Level. The Silver Summit Shaft is a three compartment, 17 ft by 7.5 ft winze, which extends to the 5400 Level. Rehabilitation work on the Silver Summit Shaft and hoist was started by previous owners; however, this work will need to be inspected, with any additional rehabilitation requirements evaluated, and completed prior to production. Required work on the Silver Summit Shaft includes re-support of the hoistroom, repair and re-support of shaft, and installation of cable guides to the 3000 Level.

 

There are ramp systems in several areas of the Mine; however, these ramps do not currently connect level-to-level. The majority of existing mine levels that are connected to the Jewell Shaft are tracked. Levels driven in later years were mined with rubber-tired equipment and are thus not tracked. Shaft stations are generally on a 400 ft spacing. There are several internal shafts (Section 16.8.1.6) (i.e., winzes) that have been used in the past; however, they are not included for production or hoisting in the current LOM plan scenarios but may become available for ventilation purposes.

 

The existing ramp system will be expanded to access long hole stope sublevels. Between 1700 Level and 3700 Level, haulage to the shaft or ore/waste passes will be by rail. Below 3700 Level, haulage will be by underground mine trucks.

 

The Upper Mine Block, from 100 Level to 1500 Level, is planned to be developed as an independent mining area. It will have ramp access from surface, and it will be developed using trackless mechanized equipment. The Upper Mine Block does not contribute to the Indicated Only Case.

 

13-5

  

 

Silver Opportunity Partners LLC | Sunshine Mine

S-K 1300 Technical Report Summary on the Initial Assessment

March 25, 2026

SLR Project No.: 123.020552.00001

 

Table 13-1: Jewell Shaft Elevations

 

Level Name Sill Elevation
(fasl)		 Distance From Collar
(ft)		 Distance from Top Station
(ft)		 Level Elevation Difference
(ft)		 Comments
Collar 2,703.97 - 100.35    
Top Station 2,603.62 100.35 - 100.35  
500 Level 2,174.68 529.29 428.94 428.94 No loading pocket
1700 Level 974.22 1,729.75 1,629.40 586.88 No loading pocket
1900 Level 785.18 1,918.79 1,818.44 189.04 Development pocket
2300 Level 375.68 2,328.29 2,227.94 409.50 Loading pocket
2500 Level 172.87 2,531.10 2,430.75 202.81 Development pocket
2700 Level (28.46) 2,732.43 2,632.08 201.33 Loading pocket
3100 Level (427.14) 3,131.11 3,030.76 398.68 Main Station, Two Loading Pockets
3500 Level (824.69) 3,528.66 3,428.31 397.55 Currently Flooded
3700 Level (1,023.50) 3,727.47 3,627.12 198.81 Currently Flooded - Main Station, Two Loading Pockets
3840 Level (1,162.42) 3,866.39 3,766.04 138.92 Currently Flooded
4000 Level (1,312.93) 4,016.90 3,916.55 150.51 Currently Flooded
4000 Sump (1,384.42) 4,088.39 3,988.04 71.49 Currently Flooded

 

13.2.3 Mine Layout

 

The current Project mine workings consist of a complex of shafts, winzes, adits, raises, and mine levels. Existing mine levels are typically horizontal, driven to serve the track mining operation, and spaced at 200 ft vertical intervals. Horizontal and vertical openings are in varying condition depending on the level of rehabilitation that has taken place, whether the level has been allowed to flood in the past, and the local ground conditions. Future mine plans will use existing mine workings where possible to minimize the amount of new waste development. Drift rehabilitation has been scheduled to re-support sections of old workings and to permit larger, modern mobile equipment clearance.

 

The evaluation of the 36 distinct veins in the Mineral Resource led to mine designs for 27 veins, which were grouped into six mining blocks for mine planning. The blocks reflect access and spacing considerations as well as estimated mineable tonnage, grade, and silver content. The core of the deposit is split into the Upper Mine Block (100 Level through 1500 Level), Jewell Shaft Block (1700 Level through 3900 Level), and the Lower Mine Block (4100 Level through 5900 Level). Designs and plans for the remaining four mining blocks were developed separately from the three core blocks due to their relatively high separation distance. Yankee Girl Block is offset 1,700 ft into the hanging wall and located on the western end of the deposit. Silver Summit Block is offset 2,000 ft into the hanging wall and located on the eastern end of the deposit. C Fault Block is located along the same trend as the core of the deposit; however, it is located approximately 2,000 ft to the west of the core of the deposit. Syndicate Fault Block is located to the north of Jewell Shaft, offset approximately 1,000 feet from the core of the deposit into the footwall. The seven blocks are identified in Figure 13-3.

 

13-6

  

 

Silver Opportunity Partners LLC | Sunshine Mine

S-K 1300 Technical Report Summary on the Initial Assessment

March 25, 2026

SLR Project No.: 123.020552.00001

 

The Upper Mine Block will be accessed through a dedicated decline driven from the Sterling Tunnel, with all waste and process feed hauled to surface by underground mine trucks. This plan will allow the Upper Mine Block to be mined independently from the rest of the Mine and support a more rapid ramp-up of the production rate.

 

The Jewell Shaft Block will be accessed through the four Jewell Shaft stations on the main levels: 2300 Level, 2700 Level, 3100 Level, and 3700 Level. Process feed and waste will be handled through ore and waste passes to one of the four main levels and hauled by rail to the Jewell Shaft before being skipped to surface. The Lower Mine Block is a 2000 ft-deep extension of the Jewell Shaft Block and will be accessed by ramps extended below the 3900 Level. All process feed and waste from the Lower Mine will be hauled up to the 3700 Level. The remaining blocks will be accessed by extensions of the existing levels and/or access ramps to lower levels.

 

Plan and section views of the Base Case Mine LOM production designs are presented in Figure 13-3 and Figure 13-4, respectively. Existing lateral and vertical workings are shown in grey, while historical production stopes are hidden for clarity. Production designs are color coded by vein.

 

Plan and section views of the Indicated Only Case LOM production designs are presented in Figure 13-5 and Figure 13-6.

 

13-7

  

 

Silver Opportunity Partners LLC | Sunshine Mine

S-K 1300 Technical Report Summary on the Initial Assessment

March 25, 2026

SLR Project No.: 123.020552.00001

 

Figure 13-3: Longitudinal Section View showing Mining Blocks and LOM Production Designs (Base Case)

 

 

 

13-8

  

 

Silver Opportunity Partners LLC | Sunshine Mine

S-K 1300 Technical Report Summary on the Initial Assessment

March 25, 2026

SLR Project No.: 123.020552.00001

  

Figure 13-4: LOM Production Designs Plan and Section Views (Base Case)

 

 

 

13-9

  

 

Silver Opportunity Partners LLC | Sunshine Mine

S-K 1300 Technical Report Summary on the Initial Assessment

March 25, 2026

SLR Project No.: 123.020552.00001

  

Figure 13-5: Schematic Longitudinal Section View showing Mining Blocks and Indicated Only Plan LOM Production Designs

 

 

 

13-10

  

 

Silver Opportunity Partners LLC | Sunshine Mine

S-K 1300 Technical Report Summary on the Initial Assessment

March 25, 2026

SLR Project No.: 123.020552.00001

  

Figure 13-6: Indicated Only Plan LOM Production Designs Schematic Plan and Section Views

 

 

 

13-11

  

 

Silver Opportunity Partners LLC | Sunshine Mine

S-K 1300 Technical Report Summary on the Initial Assessment

March 25, 2026

SLR Project No.: 123.020552.00001

  

13.3 Mining Method

 

13.3.1 Historical Mining Methods

 

Mining began in 1884 with timbered and shrinkage stoping, which remain open or filled with waste rock. This method was followed by overhand cut and fill mining with raise access to the stopes beginning in the 1930s. In the 1950s, hydraulic sandfill (hydraulically placed classified mill tailings) was used as part of the overhand cut and fill method. In the1990s, a two-ramp system of upper and lower crosscuts was developed to provide mechanical access to some of the stopes. There are mine workings to the 5800 Level, which were developed from winzes and are not included in the current LOM plan scenarios. Much of the Mine was developed by driving drifts directly on the veins.

 

In the conventional cut-and-fill mining method, a stope of mineralized material was developed by extending a drift to the bottom of the typical 200 ft high stope block. Once accessed, the ore block was mined in a series of horizontal slices, or cuts, starting at the bottom. The cuts were typically 9 ft high, and after each cut was mined, the resultant void was filled with sandfill for wall support. By limiting open spans to only one cut height, ground stability issues were minimized.

 

Raises were maintained from the level below and up through the filled cuts to the active cut. Raises were boxed off from the sandfill on both sides and provided access to the work area. The raises had four compartments: two divided compartments to manage rock, a timber slide for materials, and an isolated manway.

 

Stopes were advanced by jackleg drilling and blasting. The broken rock, a mixture of mineralized material and waste, was pulled to the raise using a slusher. The rock was loaded into rail cars at the bottom of the raise and hauled to the main production shafts. Generally, slusher stopes were less than 6 ft wide, which was too narrow for mechanical equipment.

 

13.3.2 Planned Mining Methods

 

Several potential mining methods were considered including conventional and mechanized systems. Given the narrowness of the veins and the 60° to 70° dip of the veins, the ability to mine narrow stopes and minimize dilution were considered high priorities in method selection. The mining methods used at similar narrow-vein style deposits were studied to understand achievable productivities and minimum mining widths. The main methods considered were cut and fill, long hole, shrinkage, resuing (the intentional separate mining of footwall ore and waste in each cut), and Alimak mining, with several variations of each included in the assessment.

 

For comparison, each method was ranked against 12 criteria on a scale of 1 to 10. A simplified table of the method ranking is presented in Figure 13-7. This ranking pointed to cut and fill, resuing, and long hole mining as the most favorable methods. Although resuing was ranked highly because of it is selective nature, it was ultimately discarded due its low productivity concerns and the inability to reach the targeted production rate for the deposit.

 

Key considerations in the potential mechanization of the mining method are listed:

 

● The narrow width of the veins

 

● The vein boundary is not gradational; it is an abrupt change from mineralized material to waste

 

● The dip of the deposit, which impacts the opening size for mechanized equipment operation

 

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● The absence of multiple parallel veins that could be access and mined together

 

Figure 13-7: Mining Method Comparison

 

 

 

13.3.2.1 Cut and Fill

 

Conventional cut and fill (CCF) mining was selected as the predominant mining method for the deposit. This method minimizes the amount of waste development required to access and service the stoping areas since the main level overcuts and undercuts and service raises can be driven on ore. The method is highly selective and flexible since the vein can be mapped each round and adjustments made to maximize extraction and minimize dilution. This is a proven mining method, which was used for decades at the Sunshine Mine.

 

CCF mining commences with the establishment of a stope overcut and undercut, driven on mineralized material on the main levels, which are typically spaced at 200 ft vertical intervals. A central raise will be driven using Alimak mining that will provide access between the over- and undercuts, provide ventilation to the active face, and serve as an ore pass to the stope undercut. Cut and fill drives will be driven eight feet high from the access raise to the stope extent before being backfilled with paste. Once the paste has cured, the next cut will be taken above or below the backfilled cut depending on whether overhand or underhand techniques are being used. The overall production rate for a CCF stope is 40 stpd including mining, backfilling, backfill cure time, and typical delays in the cycle.

 

CCF mining will be accomplished using jackleg drills for face advance and for ground support installation. Slushers will be used to move muck to the stope ore pass and ultimately into rail cars or LHDs and haul trucks, depending on the location in lower levels of the Mine.

 

Design parameters for CCF stopes are presented in Table 13-2. A cross-section schematic showing an idealized CCF stope is presented in Figure 13-8.

 

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Table 13-2: Cut and Fill Stope Design Parameters

 

Parameter Unit Value
Stope Height (typical) feet 200
Cut Height feet 8
Round Length feet 7.5
Minimum Width (no dilution) feet 4
Minimum Width (including hanging wall and footwall dilution) feet 6
Raise spacing feet 150
Overall Production Rate stpd 40

 

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Figure 13-8: Section Views of Schematic showing Cut and Fill Stope

 

 

 

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The use and application of overhand versus underhand cut and fill has not been specified in the mine plan as this will depend upon factors that require more definition including geotechnical stress considerations, the proximity to mined out areas, and meeting medium term productivity and grade targets. SLR considers the cost and productivity differences between overhand and underhand cut and fill to be within the error range of this IA. SLR anticipates that underhand cut and fill will be the predominant method used at depth due to the higher stresses.

 

13.3.2.2 Long Hole

 

Long hole (LH) mining was selected as a more productive mining method for use in selected areas of the deposit where vein width, orebody continuity, and geotechnical conditions are favorable.

 

LH mining will typically be executed in a bottom-up direction using sub-levels, working from the stope undercut on a main mining level in 50 ft vertical advances. Sub-level access will be gained from a sub-level in a nearby stope or from a dedicated stope access ramp that will be driven on the footwall side of the vein. Access to a LH stope will be from an adjacent stope when the distance along strike to the next long hole stope is less than 350 ft. At distances greater than this, a dedicated access ramp will be driven to minimize waste development.

 

With the required lateral access in place, an Alimak raise will be established nearby the stope to serve as an ore pass from sublevels down to the main haulage level. Alternatively, the ore pass may be developed in stages from the access ramp.

 

Sublevel ore drives, eight feet high by eight feet wide, will be driven along the vein to the planned stope extent. Eight feet is considered the minimum sublevel width necessary to facilitate production mining in narrow veins. Also, where vein width is less than eight feet, additional dilution will result. Using a long hole drill, a drop raise and production blastholes will be drilled. Production will progress in a longitudinal-retreat sequence from the stope extent back to the access point. It is expected that stopes will be cycled in approximately 100 ft strike lengths depending on the geotechnical conditions.

 

Stopes will be backfilled with paste backfill. Once the paste has cured, a new drop raise will be established and stoping will commence on the sublevel or begin on the sublevel above. The overall production rate for a long hole stope is 108 stpd including mining, backfilling, backfill cure time, and typical delays. Driving long hole accesses and sublevels will progress at an average rate of 63 stpd, meaning that approximately two long hole stopes will need to be in a development cycle for every one that is in a production cycle.

 

LH mining will be accomplished using single boom jumbos for sublevel face advance and jackleg drills for ground support installation. Long holes will be drilled with single boom long hole drills while 2 yd LHDs will be used to move muck to ore passes and track haulage drifts.

 

Design parameters for long hole stopes are presented in Table 13-3. A cross-section schematic showing an idealized long hole stope is presented in Figure 13-9.

 

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Table 13-3: Long Hole Stope Design Parameters

 

Parameter Unit Value
Stope Height (typical) feet 200
Sublevel Spacing feet 50
Sublevel Height feet 8
Sublevel Width feet 8
Minimum Width (no dilution) feet 3
Minimum Width (including hanging wall and footwall dilution) feet 5
Average Production Rate stpd 108

 

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Figure 13-9: Section Views of Schematic showing Long Hole Stope

 

 

 

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Long hole mining is more productive than CCF mining and has a lower unit operating cost; however, the use of LH mining requires additional waste development to access sublevels, and more expensive equipment to drive larger headings, handle higher tonnages, and drill long holes. To assess the trade-off between higher productivity and higher capital cost, SLR completed a sensitivity analysis that compared the economics of mining a typical stope using the two methods. The results show that stope economics are most sensitive to stope length and stope height, followed by operating costs and productivities. The breakeven stope size between the two methods is approximately 30,000 st, where stopes larger than this are best mined by long hole, and stopes smaller than this by CCF.

 

This is a simplified approach, and the preferred method for a given area will depend upon an array of factors including stope geometry, available access, and geotechnical conditions. SLR considers it reasonable to use the 30,000 st stope size cut-off as a means of categorizing areas into preferable mining methods for this level of study.

 

A chart showing the sensitivity to various input parameters is presented in Figure 13-10. The chart shows the difference in net present value (NPV) between using long hole mining compared to CCF mining for an identical stope. A positive NPV difference favors long hole mining, while a negative NPV difference favors CCF.

 

Figure 13-10: Mining Method Sensitivity Analysis

 

 

 

A longitudinal section showing the application of the two mining methods is presented in Figure 13-11.

 

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Figure 13-11: Base Case Mining Method Longitudinal Section

 

 

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13.3.2.3 Mine Development

 

Conventional drill and blast techniques will be used for mine development. Equipment will include single boom jumbos, 2-yd LHDs, and jackleg drills for ground support installation.

 

The mine development cycle will consist of drilling, blasting, mucking, and installation of ground support after each advance cycle. Typical heading sizes will range from nine feet wide and high where only track haulage equipment will be operated, to 11 feet wide and high where truck haulage will be used.

 

All vertical development is planned to be completed using raise climbers (Alimak) and handheld drills.

 

A typical lateral heading will be cycled in 14 to 15 hours depending on size and ground conditions. A breakdown of the cycle components is presented in Figure 13-12.

 

Figure 13-12: Development Cycle Breakdown

 

 

13.4 Potentially Mineable Material

 

Potentially mineable material was estimated by applying mineable shape criteria and conversion factors to the geological models and then selecting the preferred mining method. The process is summarized as follows:

 

● The Deswik Stope Optimizer (DSO) tool was used to calculate optimal mineable shapes in all relevant veins. Independent DSO runs were completed for both CCF and long hole methods.

 

● Mining extraction factors and external dilution (in the case of long hole stoping) were applied to material captured in the DSO shapes.

 

● Mining shapes were excluded that were deemed not mineable due to proximity to historical workings, isolation from other Resources, or unfavorable location or geometries.

 

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● The remaining shapes were checked for adherence to cut-off grade (COG) requirements.

 

● The preferred mining method for each stoping area was selected.

 

13.4.1 Stope Optimizer

 

The DSO tool was used to create potentially mineable production designs for each vein independently. This was completed for 27 of the 36 veins included in the Indicated and Inferred Mineral Resources estimate, which represents 96% of the Inferred and Indicated Mineral Resource silver ounces. The DSO tool was run twice on each vein using unique parameters representative of the two selected mining methods. The key DSO input parameters are presented for the two mining methods in Table 13-4.

 

Table 13-4: Stope Optimizer Input Parameters

 

Parameter CCF LH
Stope Height (feet) 8 33
Stope Length (feet) 15 30
Minimum Mining Width (feet) 4 3
Maximum Mining Width (feet) 16 16
Stope Pillar (feet) 0.01 20
Hanging Wall Dilution (feet) 1 1
Footwall Dilution (feet) 1 1
COG (Ag opt) 9 8
Subshapes on Length (feet) 3 3

 

The lower stope lengths and heights for CCF mining represent the higher selectively inherent to the method roughly equal to a single cut height and two round lengths. Similarly, the long hole stope width and height is equal to the first estimate on sublevel spacing and workable lengths in strike changes. Though the long hole stope height was set to 33 ft in the DSO tool, stopes were ultimately planned using a 50 ft vertical spacing.

 

A minimum mining width of four feet for CCF plus one foot of both hanging wall and footwall dilution result in a final minimum mining width of six feet, which is considered the absolute minimum to permit personnel and conventional equipment access in the heading. The added wall dilution accounts for waste that can be expected to be mined due to imperfect mining along the vein contact and vein variation across the round lengths and cut heights.

 

A minimum mining width of three feet for long hole represents the minimum width achievable with controlled long hole blasting using 50 ft sublevel spacing. One foot of dilution was applied to both hanging wall and footwall to represent expected unplanned overbreak associated with wall sloughing in conjunction with hanging wall and footwall dilution parameters to represent the minimum width where personnel access can still be maintained in a production heading.

 

Stope pillars were set to near zero for CCF, permitting cuts to be created adjacent to one another; a 20 ft pillar was required for the long hole method. For each method, the maximum mining width was set to 16 ft. Because the veins have well-defined mineralized material/waste contacts and are not multi-vein packages, the maximum mining width parameter is immaterial as each DSO shape should fully encapsulate all mineralized material across the vein width.

 

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Cut-off grade estimates were determined from an NSR calculation that incorporated preliminary revenue and cost assumptions. The higher COG for CCF reflects the higher mining operating cost for the method compared to long hole.

 

13.4.2 Cut-Off Grade

 

The COG for the DSO inputs was estimated to be 8 opt Ag for long hole stoping and 9 opt Ag for cut and fill stoping with no credit for any byproducts. Historical records indicate that byproducts may add approximately 5% to the revenue but these metals are not modelled in the Mineral Resource estimate. There are mineralized resources with silver grades near or even slightly below the COG after accounting for dilution additional to the DSO shapes. Overall, the individual mineralized shape grades are significantly above the COG, and the estimate of mineable tonnage is not sensitive to changes in the COG.

 

After the operating cost estimates were finalized, a check of the COGs was completed and is summarized in Table 13-5. As designs are refined in the future, SLR recommends a review of the stope shapes and COGs.

 

Table 13-5: Mineable Inventory Cut-Off Grade Estimation

 

Parameter Units Average LH CF
Silver Price $/oz 24.00 24.00 24.00
Silver Recovery (Mill) % 96.5% 96.5% 96.5%
Silver Recovery (Recovery Smelter) % 96.4% 96.4% 96.4%
TCRC (treatment and refining charges) $/oz 1.50 1.50 1.50
Net Smelter Revenue $/oz 20.83 20.83 20.83
Royalties Royalty (average 7.8%) $/oz 1.62 1.62 1.62
Net Revenue per Ounce $/oz 19.20 19.20 19.20
         
Mine Fixed Costs $/st 70.60 70.60 70.60
Ore Mining Variable Costs $/st 61.20 42.00 74.00
Plant Cost $/st 21.50 21.50 21.50
Tailings Disposal $/st 1.50 1.50 1.50
G&A $/st 26.95 26.95 26.95
Unit Cost $/st 181.75 162.55 194.55
         
Breakeven Cut-off Grade opt Ag 9.5 8.5 10.1

 

13.4.3 Dilution

 

Dilution equal to one foot on the hanging wall (HW) side, and one foot on the footwall (FW) side was applied to both CCF and LH shapes in the DSO process. The dilution captured within the DSO process totals 33% by mass and represents both planned and unplanned dilution.

 

LH sublevels will be driven at a minimum width of eight feet to facilitate long hole drilling and mucking. Where the vein is narrower than eight feet this results in the sublevel extending into waste. LH sublevels were not included in the optimizer design, so this dilution was accounted for by applying an external dilution factor to LH shapes. The external dilution factor depends on vein width, where a higher percentage is applied to narrow veins, and is equal to an average of 7.5% across all LH stoping areas.

 

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The total average dilution of the mineable material is estimated to be 36%. The SLR QP is of the opinion that the applied dilution parameters are suitable based on experience in similar mining methods and orebodies.

 

13.4.4 Extraction

 

Mining extraction factors of 95% and 90% were applied to CCF and LH, respectively, for both tonnage and metal content. These values account for imperfect mining selectivity and variation within the actual veins compared to the geological model. The lower factor for LH stoping is the result of a lower selectivity inherent to the method, which limits the ability to compensate for variations in vein dip and strike.

 

The SLR QP is of the opinion that the applied extraction parameters are suitable based on experience in similar mining methods and orebodies and visual inspection of the geological model.

 

13.4.5 Mineability

 

With material values assigned to each mining shape, an assessment was made on the mineability of each shape with respect to geometry, proximity to historical workings, and likely economic benefit to the Project. Stopes deemed un-mineable had their production quantities removed from mineable material. Un-mineable shapes included those that were too close to mined out workings, occurred in unfavorable geometry that would not allow for an economic stope to be generated, or located too far from other Resources to permit economic extraction.

 

A large portion of the Mineral Resources are near historical production workings, and mining is planned on many of the same veins that were exploited through previous production periods. An unknown number of the old openings were not backfilled or surveyed in detail. The rock mass competency surrounding historical workings is unknown and thus mining near these workings must be approached with caution. The amount of mineable material near to historical workings was quantified by measuring the shortest distance from any mined-out production working to the centroid of each DSO shape. A summary of the tons and grade of material at 10 ft increments is presented in Figure 13-13. Each 10 ft bin contains between 6% and 9% of the total mineable material on a tonnage and silver contained ounces basis. Grades are slightly higher near to the depleted region. For this IA, a 20 ft standoff distance was selected, with shapes falling inside this distance removed from the mining plan.

 

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Figure 13-13: Mineable Material by Distance to Depleted Region

 

 

Ultimately, using a single standoff distance will not be appropriate for the deposit since the actual requirement will depend on several local factors including in situ and redistributed stresses (depth), the presence of backfill, and mining sequence. There is an opportunity to use test holes, seismic measurements, and cavity monitoring and surveying to better understand the location and extent of mined out areas, and condition of surrounding rock mass. Adding further definition to this assessment and developing appropriate evaluation and mitigation techniques is both an opportunity and risk to the mining of this deposit.

 

The location and orientation of stope shapes was considered to ensure economic viability of isolated regions. For these isolated regions, the NSR value was estimated based upon the tons and grade of the group of DSO shapes and preliminary operating costs estimates. A high-level estimate was developed for lateral and vertical waste development required to reach the region. If the development cost exceeded the NSR, the group of mining shapes was removed from the mining plan.

 

Finally, some specific areas were removed from the mining plan for geotechnical reasons. Usually this was done because the shapes were depleted on three or more sides or access would be very difficult through mined out areas. In these areas the ground stresses will be highly altered and concentrated, and resultant mining conditions expected to be problematic. The review of shapes for geotechnical reasons was completed through visual inspection of the DSO shapes that remained after applying the 20 ft standoff distance and isolation test.

 

13.4.6 Summary

 

A waterfall chart showing the progression from Indicated and Inferred Mineral Resource to potentially mineable material is presented in Figure 13-14. The chart shows values for CCF stope designs only, though a similar dataset exists for LH stope designs. The application of the factors discussed and exclusion of un-mineable shapes was carried forward on mine-wide designs for both CCF and LH stopes. Only after all factors and reductions were made was a decision made on the preferred mining method in a specific area. The totals in the waterfall chart are indicative of a theoretical mine plan that used exclusively CCF and, therefore, do not match the actual mine plan totals.

 

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Figure 13-14: Waterfall Chart Showing Conversion to Mineable Ounces

 

 

The total contained silver in the Base Case LOM Plan is approximately 149.5 Moz. This represents an overall mining conversion rate of 57%. The two largest reductions to Mineral Resources are a result of the application of a depletion standoff (-16%) and the removal of isolated regions and areas of geotechnical concern (-9%).

 

13.4.7 Base Case LOM Plan

 

A summary of the potentially mineable material by mining method is presented in Table 13-6. A schematic showing final production designs from the 27 planned veins are presented in Figure 13-15. CCF stoping is used for 61% of the tonnage (55% of the silver ounces) and long hole stoping for 39% of the tonnage (45% of the silver ounces).

 

Table 13-6: Potentially Mineable Material – Base Case LOM Plan

 

  Tonnage
(000 st)		 Grade
(opt Ag)		 Contained Silver
(Moz)
Conventional Cut and Fill Stoping 4,643 17.3 80.3
Long Hole Stoping 3,010 22.2 66.8
Development Headings 213 11.1 2.4
Total 7,866 19.0 149.5

 

A summary of production totals by vein is presented in Table 13-7, and a summary by mine level is presented in Table 13-8.

 

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Table 13-7: Base Case LOM Plan – Production Summary by Vein

 

Vein Tonnage
(000 st)		 Contained Silver
(000 oz)		 Average Grade
(opt Ag)		 % LH % CCF
08B Vein  60  1,004  16.9 0% 100%
08DHW  154  2,262  14.7 25% 75%
09_Vein  295  6,860  23.3 89% 11%
09 HW  73  1,077  14.7 0% 100%
101 Vein  121  2,516  20.8 56% 44%
10 Vein  40  521  13.1 0% 100%
625M  294  5,613  19.1 36% 64%
B_Vein  236  5,148  21.8 93% 7%
C Fault Vein  713  13,131  18.4 39% 61%
Chester  888  17,362  19.6 15% 85%
Chester Hang  345  6,963  20.2 0% 100%
Copper Vein  308  4,410  14.3 0% 100%
D Vein  472  7,852  16.6 38% 62%
F Vein  92  1,319  14.3 22% 78%
NY_Boy  622  14,486  23.3 41% 59%
S78  140  1,878  13.5 68% 32%
Silver Summit No3  273  4,582  16.8 79% 21%
Silver Summit No4  729  12,696  17.4 72% 28%
Silver Syndicate Link  231  4,479  19.4 59% 41%
Sunshine FW  72  1,697  23.6 45% 55%
SY_Boy  380  7,025  18.5 27% 73%
Syndicate Fault  608  12,586  20.7 51% 49%
Vein 06  54  1,359  25.1 0% 100%
W16 Vein  84  4,058  48.6 50% 50%
West Chance FW  63  917  14.6 0% 100%
West Chance FW West  11  136  12.1 0% 100%
Yankee Girl  511  7,585  14.8 14% 86%
TOTAL 7,866 149,521 19.0 39%1 61%1

 

Notes:

 

1 Weighted average by tons

 

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Table 13-8: Base Case LOM Plan – Production Summary by Level

 

Level Indicated Material Inferred Material Base Case Plan Total
Tons
(kst)		 Grade
(opt)		 Contained
(koz Ag)		 Tons
(kst)		 Grade
(opt)		 Contained
(koz Ag)		 Tons
(kst)		 Grade
(opt)		 Contained
(koz Ag)
100  -  -  -  43  26.3  1,132  43  26.3  1,132
300  -  -  -  5  9.8  47  5  9.8  47
500  3  18.5  61  68  18.6  1,260  71  18.6  1,322
700  27  19.3  524  100  18.2  1,822  127  18.5  2,346
900  63  12.4  774  38  10.6  405  101  11.7  1,179
1100  22  10.8  234  27  11.5  305  48  11.2  538
1300  41  15.6  637  128  14.0  1,790  169  14.4  2,427
1500  22  12.4  272  106  13.7  1,450  128  13.5  1,722
1700  16  16.7  269  22  13.4  300  39  14.8  569
1900  62  13.5  843  96  13.9  1,333  159  13.7  2,176
2100  18  22.6  397  120  12.6  1,518  138  13.9  1,915
2300  51  18.8  966  447  13.2  5,886  498  13.7  6,852
2500  42  27.9  1,169  209  15.7  3,276  251  17.7  4,444
2700  71  18.5  1,305  268  13.8  3,694  339  14.8  4,999
2900  101  28.3  2,863  330  20.1  6,630  431  22.0  9,493
3100  103  27.3  2,815  198  19.2  3,796  301  22.0  6,611
3300  225  26.0  5,835  540  22.1  11,935  765  23.2  17,770
3500  173  28.4  4,904  399  19.4  7,753  572  22.1  12,658
3700  152  24.0  3,647  311  18.5  5,733  462  20.3  9,379
3900  109  23.9  2,603  189  26.5  5,006  298  25.5  7,609
4100  171  27.3  4,672  431  18.8  8,088  602  21.2  12,760
4300  128  21.6  2,769  277  20.5  5,677  406  20.8  8,446
4500  141  24.7  3,489  544  13.8  7,504  685  16.0  10,993
4700  88  21.3  1,868  148  20.7  3,066  236  20.9  4,934
4900  28  30.2  848  151  20.0  3,015  179  21.6  3,862
5100  59  19.2  1,127  145  17.8  2,588  204  18.2  3,715
5300  44  21.1  921  228  15.6  3,565  271  16.5  4,486
5500  22  24.8  540  39  18.7  724  61  20.9  1,265
5700  84  15.6  1,308  168  12.7  2,138  252  13.7  3,446
5900  1  15.7  23  25  15.9  402  27  15.9  426
Total 2,066 23.1 47,681 5,801 17.6 101,84 7,866 19.0 149,521

 

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S-K 1300 Technical Report Summary on the Initial Assessment

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SLR Project No.: 123.020552.00001

 

The annual proportion of Inferred Mineral Resources within the Base Case LOM plan is shown in Table 13-9.

 

Table 13-9: Annual Percentage of Inferred Resources in the Base Case LOM Plan

 

Year Total Indicated Base Case Mineable Total % Inferred
Tons
(kst)		 Contained
Metal
(koz Ag)		 Silver Grade
(opt)		 Tons
(kst)		 Contained
Metal
(koz Ag)		 Silver Grade
(opt)		 Tonnage Ag Ounces
-3 - - - - - - -  
-2  5  122  24.7  34  400  11.8 85% 70%
-1  8  202  25.4  37  415  11.2 79% 51%
1  62  2,138  34.6  115  3,866  33.5 46% 45%
2  87  3,427  39.3  243  7,572  31.2 64% 55%
3  61  1,577  25.8  297  7,269  24.5 79% 78%
4  109  2,558  23.5  356  7,773  21.8 69% 67%
5  95  2,072  21.8  414  8,521  20.6 77% 76%
6  85  1,967  23.2  390  7,545  19.4 78% 74%
7  101  2,141  21.3  323  5,831  18.1 69% 63%
8  94  2,089  22.3  311  5,630  18.1 70% 63%
9  89  2,057  23.0  328  5,888  17.9 73% 65%
10  81  2,022  25.1  337  6,214  18.4 76% 67%
11  85  1,810  21.2  337  6,130  18.2 75% 70%
12  88  1,970  22.3  338  6,221  18.4 74% 68%
13  91  2,010  22.1  350  6,400  18.3 74% 69%
14  96  2,085  21.7  355  6,371  18.0 73% 67%
15  98  2,160  22.1  355  6,554  18.5 72% 67%
16  100  2,208  22.1  355  6,579  18.5 72% 66%
17  95  2,015  21.1  352  6,174  17.5 73% 67%
18  88  1,788  20.4  352  5,993  17.0 75% 70%
19  83  1,727  20.7  352  6,060  17.2 76% 71%
20  83  1,675  20.1  352  5,876  16.7 76% 71%
21  85  1,765  20.7  356  6,121  17.2 76% 71%
22  88  1,845  21.0  354  6,119  17.3 75% 70%
23  62  1,284  20.9  279  4,660  16.7 78% 72%
24  47  968  20.7  195  3,337  17.1 76% 71%
TOTAL 2,066 47,681 23.1 7,866 149,521 19.0 74% 68%

 

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Silver Opportunity Partners LLC | Sunshine Mine

S-K 1300 Technical Report Summary on the Initial Assessment

March 25, 2026

SLR Project No.: 123.020552.00001

 

Figure 13-15: Base Case LOM Plan – Mine Production Designs in Longitudinal Section

 

 

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S-K 1300 Technical Report Summary on the Initial Assessment

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SLR Project No.: 123.020552.00001

 

13.4.8 Indicated Only Case LOM Plan

 

An Indicated Only plan using only Indicated Mineral Resources was developed for the Project. Stope shapes were selected from the stope optimizer runs developed for the Base Case LOM plan. The Indicated mineable material within the stope optimizer runs totals 2.0 Mst containing 46.8 Moz of silver and grading 23.4 opt silver. The distribution of the Indicated mineable tonnage by mine level is shown in Figure 13-16. Based upon the limited tonnage above the 2500 Level and below the 4700 Level, the mine plan was focused on the interval from 2700 Level to 4700 Level. These restrictions reduced the Indicated LOM Plan to 1.50 Mst grading 25.2 opt Ag and containing 37.7 Moz of silver.

 

Figure 13-16: Mineable Indicated Mineral Resource Tonnage by Level

 

 

Table 13-10: Indicated LOM Plan by Year

 

Year Total LH Total CCF Ore Drives Total
Tons
(kst)		 Ag
(koz)		 Grade
(opt)		 Tons
(kst)		 Ag
(koz)		 Grade
(opt)		 Tons
(kst)		 Ag
(koz)		 Grade
(opt)		 Tons
(kst)		 Ag
(koz)		 Grade
(opt)
1 38 1,353 35.3  23  603  26.7  8  85  11  68  2,040  29.8
2 74 2,325 31.3  49  1,232  25.1  11  121  11  134  3,678  27.4
3 95 2,768 29.1  82  2,018  24.6  11  121  11  188  4,907  26.1
4 107 3,022 28.1  95  2,340  24.7  11  121  11  213  5,483  25.7
5 89 2,201 24.8  109  2,616  24.0  3  36  11  201  4,853  24.2
6 83 1,850 22.3  119  2,887  24.3  -  - -  201  4,738  23.5
7 72 1,746 24.4  119  2,871  24.0  1  34  24  192  4,651  24.2
8 49 1,282 26.2  95  2,238  23.6  2  40  24  145  3,560  24.5
9 39 947 24.1  67  1,575  23.5  2  40  24  108  2,562  23.7
10 10 304 29.8  34  906  26.8  -  - –  44  1,210  27.5
TOTAL 657 17,799 27.1 791 19,284 24.4 47 597 12.6 1,495 37,680 25.2

 

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S-K 1300 Technical Report Summary on the Initial Assessment

March 25, 2026

SLR Project No.: 123.020552.00001

 

13.5 Geomechanics

 

Limited geotechnical data exists regarding rock strength, rock mass conditions, and in situ stresses at the Project. SLR relied upon earlier study work to inform mining geotechnical considerations and estimate ground control requirements. Details of rock strength and rock mass stress conditions are described in Section 7.4. Considering the uniaxial compressive strength, the rock masses are considered to be “medium hard to hard”.

 

13.5.1 Rock Quality Designation

 

A frequently used parameter in mining geomechanics is the Rock Quality Designation (RQD), developed by Deere et al. (1967). RQD is defined as the ratio of core that has competent core segments >4 in. for selected structural domains, or for specific length of core. The RQD is given as a ratio or percentage. Table 13-11 gives a rock quality classification based on the RQD.

 

The only geotechnical data collected in the 2023–2024 drilling was a record of the core RQD. SLR reviewed the RQD data from the 2024 diamond drilling program and used a domain classification based upon the drill core RQD as shown in Table 13-11. More detailed geotechnical logging of drill core has been implemented in 2025.

 

Table 13-11: RQD Domain Classification

 

RQD Range (%) Rock Quality Description Domain Classification Support Classification
0–25 Very Poor Highly fractured, broken ground Domain 1 Requires heavy support—cable bolts, shotcrete, mesh.
25–50 Poor Fairly broken, minor intact core Domain 2 Systematic bolting, mesh, and possibly yielding support recommended.
50–75 Fair Moderate jointing, fair supportable ground Domain 3 Rebar bolts and mesh adequate. 
75–90 Good Slightly fractured, minor joints Domain 4 Spot bolting or minimal support sufficient. 
90–100 Excellent Intact to near-intact rock Domain 5

 

The details of the RQD review for two of the drill holes are shown below.

 

● Borehole ST-2691

 

○ The upper 30–40 ft shows intermittent zones of very low to zero RQD.

 

○ A few isolated zones at depth (>60 ft) register RQD > 70%, indicating small pockets of good rock.

 

○ The overall pattern suggests highly fractured rock with frequent poor intervals.

 

○ There’s a notable absence of long stretches of competent rock, indicating a lack of geomechanical continuity.

 

● Borehole 23-2303

 

○ A highly variable profile with alternating poor and good quality segments.

 

○ Many low-RQD zones (≤25%) indicative of very poor ground.

 

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S-K 1300 Technical Report Summary on the Initial Assessment

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○ Zones with RQD > 75% are sparse but present, suggesting localised competent ground.

 

○ Mid-depth intervals (40–140 ft approx.) show slightly higher average RQD but still remain variable.

 

○ Generally, this borehole reflects a fractured and structurally disturbed ground mass with alternating competent layers.

 

Table 13-12: RQD Classification of Five Drill Holes

 

RQD Range Geotechnical Domain % of Intervals in each Domain
    ST 2691 23-2303 19-2309 23-2304 27-2302
0–25 Domain 1 54% 28% 21% 40% 78%
25–50 Domain 2 18% 26% 24% 23% 14%
50–75 Domain 3 23% 30% 24% 21% 7%
75–90 Domain 4 3% 10% 22% 12% 2%
90–100 Domain 5 2% 6% 9% 4% ~

 

The summarized RQD data includes all the zero values (Domain 1, very poor) for the complete hole and more detailed review is required to assess the rock characteristics in specific zones of interest such as stopes and major infrastructure. The results in Table 13-12 portray an abundance of very poor ground which is not supported by the long term stability of the headings and underground inspections.

 

As part of future diamond drilling programs, SLR provided SOP with a detailed geotechnical logging procedure which has been implemented and additional geotechnical testing has been recommended to support future studies.

 

13.5.2 Q System Rock Mass Classification

 

The Q system for rock mass classification was developed by Barton and expresses the quality of the rock mass as a “Q-value”. This value is used for design and support recommendations for underground excavations.

 

The Q-value is determined from the equation:

 

 

Where:

 

RQD is the rock quality designation

 

Jn the joint set number which is related to the size of the intact blocks in the rock mass

 

Ja the joint alteration number related to the shear strength along discontinuity planes

 

Jr the joint roughness number

 

Jw the water parameter

 

SRF the stress reduction factor

 

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A multiplication of the three terms results in the Q parameter, which can range between 0.001 for an exceptionally poor rock mass to 1000 for an exceptionally good rock mass. The numerical values of the class boundaries for the different rock mass qualities are subdivisions of the Q range on a logarithmic scale.

 

The Q-value determines the quality of the rock mass, but the support of an underground excavation is based not only on the Q-value but is also determined by the different terms in the above equation. This leads to a very extensive list of classes for support recommendations.

 

13.5.3 Stope Stability

 

Stope stability for long hole mining was assessed using the stability graph method and core logs and core photos from selected drill holes. Hanging wall stability was analyzed as it expected to govern stope stability behavior due to the dip and orientation with respect to rock mass structure. Core intervals through ore veins and in the surrounding hanging wall and footwall of the rock mass were logged from photo evaluation.

 

The Mathews stability graph for open stope design uses a modified Q vale, Q’, where:

 

 

Q’ is then used to estimate the stability number, N, which is defined as:

 

 

Where:

 

A is a rock stress factor

 

B is a joint orientation factor

 

Cis a surface orientation factor

 

A total of 10 data points were obtained from three drill holes that intersected the Yankee Girl, C Fault, and SY Boy veins. Q′ results ranged from 1.7 to 40, with a median value of 12.5. Values were assigned for the three adjustments factors, A, B, and C, required for stability graph assessment.

 

Factor A, the rock stress factor related to the ratio between compressive strength to induced stress, was assigned a middle value of 0.5. This was selected because intact rock strength is expected to be medium to high. However, induced stresses will vary widely depending on mining depth and, due to a lack of intact rock strength data, there is a high degree of uncertainty in this factor. A minimum value of 0.2 was assigned to Factor B, the joint orientation factor. Although detailed structural data is not available core photos and orebody knowledge suggest that major structures will be sub-parallel to the vein contacts. A value of 6 was assigned to Factor C, the gravity adjustment factor. This factor has the highest degree of confidence due to the relative uniformity in stope dips. A visual of the three factors selected is presented in Figure 13-17.

 

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S-K 1300 Technical Report Summary on the Initial Assessment

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SLR Project No.: 123.020552.00001

 

Figure 13-17: Adjustment Factors for Stability Assessment

 

 

 

N values range from 1.0 to 24.0 with a medium value of 7.5. These values are plotted on the Y-axis of the stability graph. To assess hydraulic radius, the X-axis of the stability graph, stope height was set to 50 feet equal to the vertical sub-level spacing in the proposed mine design. The stope length was adjusted until the median N′ value intersected ‘stable’ line on the Mathews Stability Graph. This corresponds with a stope strike length of 100 ft. A plot showing the range of N′ values for a 50 ft high by 100 ft long stope wall is presented in Figure 13-18. There is a wide range of Q′ values from the selected logging intervals, which results in a large spread in N′ values and in turn predicted hanging wall sloughing.

 

Figure 13-18: Mathews Stability Graph for Long Hole Stopes

 

 

SLR recommends that future work include a geotechnical investigation and design program that evaluates in situ and re-distributed ground stresses, intact rock strengths, rock mass conditions, stope stability, and required ground support measures. Future design work should consider the stress regime associated with different mining methods and mining sequences, particularly at depth and while working around mined-out workings. The dewatering strategy and required remediation measures must also be carefully considered from a geotechnical perspective.

 

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S-K 1300 Technical Report Summary on the Initial Assessment

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13.5.4 Ground Support

 

Ground support designs were developed by Langston and Associates in 2012 as part of a Prefeasibility Geotechnical Analysis and Review (Langston and Associates 2012). Support recommendations were developed for narrow and wide spans, and good, fair, and poor ground conditions. In the absence of new data, SLR adapted the Langston ground support recommendations to facilitate cost estimation for lateral development, vertical development, and production stoping. Ground support by heading type is outlined below. SLR did not have information regarding the location or distribution of the three conditions classes and thus used the recommendations for ‘good’ ground in all headings.

 

13.5.4.1 Lateral Development

 

This ground support regime was applied to all level accesses, inter-level ramps, cut and fill ore drives, and long hole levels and sub-levels.

 

● Friction bolts, four feet long, installed on 3 ft x 3 ft pattern

 

● Two straps installed longitudinally in back

 

● Welded wire mesh across back and upper sidewalls

 

13.5.4.2 Vertical Development

 

The following ground support regime was applied to all vertical excavations, including ventilations raises, escapeways, stope accessways, and muck passes: friction bolts, four feet long, installed on 4 ft × 4 ft pattern

 

13.5.4.3 Long Hole Stopes

 

No secondary support has been included in long hole stopes designs or costs. Stope spans will be restricted by strike to limit unplanned dilution associated with hanging wall or footwall sloughing to an acceptable level.

 

13.6 Pre-Production Schedule

 

13.6.1 Base Case

 

In the Project development schedule, there is a three-year pre-production period when surface and underground infrastructure is rehabilitated and constructed. The high priority items include mine dewatering, headframe and Jewell hoist replacement, chippy hoist repairs and upgrades, shaft rehabilitation, mine level rehabilitation, and mine development. An outline of the pre-production activities is presented in Figure 13-19.

 

13.6.1.1 Jewell Shaft Area

 

The early focus will be on drawing down the water level to the bottom of Jewell Shaft to permit rehabilitation of the shaft from the 3100 Level to shaft bottom near 4100 Level. During dewatering, the Jewell Shaft headframe will be repaired and the hoist will be upgraded as necessary. With the new Jewell hoist in place, services to support full production will be installed in the shaft and loading pockets repaired and upgraded on the 2700 Level, 3100 Level, and 3700 Level. All this aforementioned work is on the critical path to first production.

 

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Rehabilitation of existing mine levels has been undertaken on a limited basis but will restart on a full scale basis as soon as Jewell Shaft upgrades are complete and the shaft and skip can be returned to service. The 3100 Level and 3700 Level require the most rehabilitation work and this will be prioritized. As rehabilitation is completed on these two levels the number of work faces will increase to include rehabilitation and new lateral development on the 2900 Level, 3100 Level, 3300 Level, 3500 Level, and 3700 Level. This development work will include the establishment of main travel and haulage ways, inter-level ramps, ventilation and secondary egress connections, and ore passes and ventilation raises.

 

13.6.1.2 Silver Summit Shaft

 

Silver Summit upgrades will be completed including rehabilitation of the hoist room, installation of hoist upgrades, and rehabilitation of the shaft down to 3100 Level concurrently with the work in the Jewell Shaft. Although this work is not on the critical path, it must be complete prior to first production as Silver Summit Shaft serves as a secondary egress for most of the mine and is a main ventilation exhaust pathway.

 

13.6.1.3 Upper Mine Block

 

Mine development work toward 100 Level is required to support early production from the Upper Mine Block of the deposit. Access to this zone will be gained from a decline taking off from the existing Sterling Tunnel. The majority of the Upper Mine Block is new lateral and vertical development rather than rehabilitation of existing openings. This work can be started at any time as it is independent of the Jewell Shaft rehabilitation.

 

To facilitate mineral exploration, dedicated exploration drifts may be required depending on the desired targets areas. SLR notes there is no dedicated exploration related development in the mine plan. It may benefit the Project to include some exploration work in the pre-production period to expand the Mineral Resource. To effectively mine the deposit, a strong understanding of the location and grades of the veins is required, which will likely require more definition drilling that has not been considered in the mine plan.

 

13.6.1.4 Lower and Other Blocks

 

The lower blocks and the extensions beyond the immediate mining area are planned for later in the LOM plan.

 

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Figure 13-19: Pre-Production Schedule

 

 

13.6.2 Indicated Only Case (Indicated) Pre-Production Schedule

 

The Indicated Only Case focuses on the Jewell Shaft area from 2700 Level and below, plus the Yankee Girl, and Silver Summit areas.

 

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13.7 Life of Mine Plan Scenarios

 

LOM plan scenarios (Base Case and Indicated Only Case) were prepared by SLR with input from SOP staff and other consultants. In both LOM plan scenarios, certain areas of mining related to rehabilitation and upgrades, particularly the work related to the hoists and shafts, will be undertaken by specialized contractors. Ongoing mine dewatering and contractor support will be completed by company personnel. Mine development will be completed by SOP crews using new equipment purchased for the Project.

 

The Base Case production target is a nominal 1,000 stpd and the corresponding production plan ramps up to a rate of approximately 1,100 stpd over a five-year operating period. In the opinion of the SLR QP, which is based upon experience in production build-ups in this type of mine, the ramp-up period reflects an aggressive build-up. Following three years of pre-production, the Sunshine deposits are mined over a 24-year life with mine production totaling 7,866 kst and approximately 149.5 Moz of contained silver. The Base Case LOM plan mine production summary is presented in Table 13-13.

 

An alternate case using only Indicated Mineral Resources (the Indicated Only Case) was prepared. The Indicated Only Case contains significantly less material than the Base Case, and the target was the maximum reasonable production rate. The Indicated Only Case mine production plan ramps up to a rate of 608 stpd in Year 4, and the LOM average mine production rate is 427 stpd. Following three years of pre-production, the Sunshine deposits are mined over a ten year life with mine production totaling approximately 1,495 kst and 37.7 Moz of contained silver. The Indicated Only Case LOM plan mine production summary is presented in Table 13-13.

 

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Table 13-13: Base Case and Indicated Only Case LOM Plans – Mine Production Summary

 

  Production Year
Base Case LOM -3 -2 -1 1 2 3 4 5 6 7 8 9 10 11
Tons (kst) 7,866   34 37 115 243 297 356 414 390 323 311 328 337 337
Contained Silver (Moz) 149.5   400 415 3,866 7,572 7,269 7,773 8,521 7,545 5,831 5,630 5,888 6,214 6,130
Grade (opt) 19.0   11.8 11.2 33.5 31.2 24.5 21.8 20.6 19.4 18.1 18.1 17.9 18.4 18.2
  12 13 14 15 16 17 18 19 20 21 22 23 24  
Tons (kst) 338 350 355 355 355 352 352 352 352 356 354 279 195  
Contained Silver (Moz) 6,221 6,400 6,371 6,554 6,579 6,174 5,993 6,060 5,876 6,121 6,119 4,660 3,337  
Grade (opt) 18.4 18.3 18.0 18.5 18.5 17.5 17.0 17.2 16.7 17.2 17.3 16.7 17.1  
Indicated Only Case1 LOM -3 -2 -1 1 2 3 4 5 6 7 8 9 10 11
Tons (kst) 1,495       68 134 188 213 201 201 192 145 108 44  
Contained Silver (Moz) 37.7       2,040 3,678 4,907 5,483 4,853 4,738 4,651 3,560 2,562 1,210  
Grade (opt) 25.2       29.8 27.4 26.1 25.7 24.2 23.5 24.2 24.5 23.7 27.5  

 

Note: 1The Indicated only Case was not scheduled in mine planning software and does not have the same level of detail built into the pre-production and early production years; therefore, no process plant feed was captured within the pre-production period.

 

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13.7.1 Base Case LOM Plan

 

Mine designs were completed in Deswik software, which was used to integrate the geological models and mine as-builts data. The production schedule was completed using both Deswik and Microsoft Excel. To give more resolution to the early mine life, Deswik was used to schedule material from 2300 Level to 4100 Level. These levels are mined between Year 1 and Year 11 and comprise 29% of the total production tons in the mine plan. The remainder of the production and mine development was scheduled in Microsoft Excel to facilitate more rapid scenario development and analysis. Reported production totals are comprised of Indicated and Inferred Mineral Resources that have been adjusted as outlined in Section 13.4.

 

Mine production is ramped up over four years from 115 kstpa in Year 1 to the final sustained rate of approximately 350 kstpa in Year 4. The mined silver grade is higher at the start of the LOM plan, exceeding 31 opt in each of the first two years of production before gradually reducing to between 16 opt and 19 opt for the remainder of the mine life. Maximum annual mined silver production of 8,521 koz occurs in Year 5, with an annual average of approximately 6,200 koz over the 24-year mine life.

 

The production breakdown by year is presented in Figure 13-20 and Figure 13-21. Of the production total, 26% of tons and 32% of metal is from stopes classified as Indicated Mineral Resources, while 74% of tons and 68% of metal is from stopes classified as Inferred Mineral Resources.

 

Figure 13-20: Base Case LOM Production by Mining Method (tons)

 

 

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Figure 13-21: Base Case LOM Production by Mining Method (Contained Ounces Silver)

 

 

13.7.1.1 Jewell Block

 

Early mine production comes from the core of the deposit between 2700 Level and 3900 Level, accessed from Jewell Shaft. These levels contain the most tons and silver ounces in the deposit and have the highest ore grades and lowest development requirements. All material mined on these levels reports to the main haulage levels of 3100 Level and 3700 Levels and into the level loading pockets at Jewell Shaft.

 

Mine production from Jewell Shaft progresses upward starting in Year 4 when 2300 Level and 2500 Level come online. Production progresses upward in single level increments until 1700 Level, the final level in this block, comes online in Year 13. During this period, two additional haulage levels (2700 Level and 2300 Level), including new Jewell Shaft loading pockets, are established.

 

13.7.1.2 Upper Mine Block

 

The Upper Mine Block is that part of the mine from the 100 Level to the 1500 Level. This block contains 9% of the total mineable tonnage, is composed of 77% cut and fill stopes and the average grade is 17.6 opt Ag. The block can be accessed by extending the decline from surface independent of the Jewell Shaft. Mining of the block commences in Year 2 to increase the early production rate and shorten the ramp-up period.

 

Mine production begins in the Upper Mine Block on 100 Level, and all material from this block is trucked to surface. By bringing production online in two distinct blocks with different ore handling systems, early production risk is reduced. Production from the Upper Mine Block is spit between the early and late stages of the mine life. A ramp connection between the Upper Mine Block and the Jewell Shaft Block is made in Year 9 ahead of the production start on 1300 Level. This connection will allow for vehicle access from surface to the lower portions of the mine.

 

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13.7.1.3 Lower and Outlying Blocks

 

The Jewell Shaft cannot directly service levels below 3900 Level. Thus, material handling from the lower portion of the mine is trucked through internal ramps to 3700 Level and moved through that level to the loading pocket. Mining in the Lower Mine Block commences on 4100 Level in Year 7. The mine is deepened as ore inventory requires with a new level being brought online on average every 1.8 years. The deepest level in the mine, 5900 Level, commences in Year 23.

 

Due to their relative distance from the core of the deposit, the mining of Yankee Girl, the two Silver Summit veins, C Fault, and Syndicate Fault have been scheduled as independent blocks. In general, these blocks have higher development requirements than veins in the core of the deposit and are scheduled to be mined through the middle and late portion of the mine life. Yankee Girl is accessed from the Jewell Shaft area on 3100 Level and 3700 Level. Silver Summit is accessed from the Jewell Shaft on 3700 Level and from Silver Summit Shaft on 3000 Level. C Fault is accessed from the Jewell Shaft on 2300 Level and 3700 Level.

 

The Base Case mine development requirements were scheduled to meet the production sequence and timeline discussed above. Development requirements have been quantified for rehabilitation of existing lateral openings, new lateral development in waste, and new vertical development. All on-ore lateral development is captured with the production costs and cycle times and thus not included within the development schedule. The approximate LOM development totals for the Base Case are presented in Table 13-14.

 

Table 13-14: Base Case – LOM Total Development

 

  Distance (ft)
Lateral Waste 326,005
Vertical Waste 35,896
Rehabilitation 79,642
Total 441,543

 

Note: Numbers are approximate and do not add due to rounding.

 

Development requirements ramp-up through the pre-production period and into the first years of production. A peak is reached in Years 2 and 3 when 31,500 ft of total development is scheduled. In Year 3, this is comprised of 26,200 ft of lateral waste development, 3,100 ft of rehabilitation, and 2,200 ft of vertical (raise) development. Development requirements generally trend downward over the subsequent mine life; however, short peaks occur in years 11 and 16 coinciding with development towards the Silver Summit and Yankee Girl mining blocks.

 

The Base Case mine development requirements by year are presented in Figure 13-11. Material movement by year is presented in Figure 13-13. Maximum skipping requirements of approximately 1,050 stpd occurs in Years 16 through 19 corresponding with the increased development in the lower portion of the mine and the maximum mine production rate. All mined waste and mineralized material is either skipped to surface via Jewell Shaft or trucked to surface from the upper portions of the mine.

 

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Figure 13-22: Base Case LOM – Mine Development Schedule

 

 

Figure 13-23: Base Case LOM – Material Movement Schedule

 

 

The number of active mining areas grows through the pre-production and early production period to support the planned production ramp-up. The number of areas under development is highest in years two and three when development activities, include lateral, vertical and rehabilitation, occurs on upwards of 10 levels. During that period up to five of those levels will require rehabilitation and vertical development. The total number of active development headings drops through years four and six before increasing again in year seven. From there development typically occurs in up to five mining areas per year until the final years of the mine life when development is completed.

 

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Similar to development headings, the number of active production increases through the production ramp up, reaching an early mine life peak of 20 in Year 4. Of this total there are 12 LH stoping areas and eight CCF stoping areas. The number of active stoping areas decreases in year five through eight coinciding with a decreasing in total production rates, before increasing again in year nine. The number of active production areas holds relatively steady, between 20 and 23 from years nine to 15 before trailing off toward the end of the mine life. Active areas by activity type and year are presented in Figure 13-24.

 

The workforce size and operating cost estimates are based upon unit operating rates for production and mine services.

 

Figure 13-24: Base Case – LOM Active Areas by Activity Type and Year

 

 

13.7.2 Indicated Only Case LOM Plan

 

An Indicated Only Case LOM plan using only Indicated Mineral Resources was developed from the mineable shapes defined in the previous sections. The production schedule was completed using Microsoft Excel to facilitate rapid scenario development and analysis. Reported production totals are comprised of Indicated Mineral Resources that have been adjusted as discussed in Section 13.4. The Indicated Only Case LOM Plan is based upon production from the 2700 Level to the 4700 Level. Indicated Mineral Resources above this area were insufficient to support inclusion in the Indicated Only Case LOM plan. The Indicated Mineral Resources below 4700 Level will not be available for development considering the time required for mine dewatering.

 

The Indicated Only Case mine production ramps up to 188,000 stpa in Year 3 and averages 190,000 stpa for the six-year period from Year 3 through Year 8 after which production falls off and operations cease after Year 10. Total production is 1.50 Mst grading 25.2 opt silver, containing 37.7 million ounces of silver.

 

The Indicated Only Case mine production breakdown by year is presented in Table 13-15, Figure 13-25, and Figure 13-26.

 

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Table 13-15: Indicated Only Case – Mine Production Data

 

Year Total LH Total CCF Ore Drives Total
  Tons
(kst)		 Ag
(koz)		 Grade
(opt)		 Tons
(kst)		 Ag
(koz)		 Grade
(opt)		 Tons
(kst)		 Ag
(koz)		 Grade Tons
(kst)		 Ag
(koz)		 Grade
(opt)
1 38 1,353 35.3 23 603 26.7 8 85 11.2 68 2,040 29.8
2 74 2,325 31.3 49 1,232 25.1 11 121 11.3 134 3,678 27.4
3 95 2,768 29.1 82 2,018 24.6 11 121 11.3 188 4,907 26.1
4 107 3,022 28.1 95 2,340 24.7 11 121 11.3 213 5,483 25.7
5 89 2,201 24.8 109 2,616 24.0 3 36 11.5 201 4,853 24.2
6 83 1,850 22.3 119 2,887 24.3 - -   201 4,738 23.5
7 72 1,746 24.4 119 2,871 24.0 1 34 24.4 192 4,651 24.2
8 49 1,282 26.2 95 2,238 23.6 2 40 24.4 145 3,560 24.5
9 39 947 24.1 67 1,575 23.5 2 40 24.4 108 2,562 23.7
10 10 304 29.8 34 906 26.8 - -   44 1,210 27.5
TOTAL 657 17,799 27.1 791 19,284 24.4 47 597 12.6 1,495 37,680 25.2

 

Figure 13-25: Indicated Only Case – Mine Production Tonnage and Head Grade

 

 

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Figure 13-26: Indicated Only Case – Metal Production and Head Grade

 

 

The Indicated Only Case mine development requirements were scheduled to meet the production sequence and timeline discussed above. Development requirements have been quantified for rehabilitation of existing lateral openings, new lateral development in waste, and new vertical development. All on-ore lateral development is captured with the production costs and cycle times and thus not included within the development schedule. The approximate LOM development totals for the Indicated Only Case are presented in Table 13-16.

 

Table 13-16: Indicated Only Case – LOM Total Development

 

  Distance (feet)
Lateral Waste 154,000
Vertical Waste 18,000
Rehabilitation 62,000
Total 234,000

 

Note: Numbers are approximate and do not add due to rounding.

 

The Indicated Only Case mine development requirements by year are presented in Figure 13-11. Material movement by year is presented in Figure 13-13. Maximum skipping requirements of approximately 1,009 stpd occur in Year 3. All mined waste and process feed are skipped to surface via Jewell Shaft.

 

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Figure 13-27: Indicated Only Case LOM Mine Development Schedule

 

 

13.8 Mining Infrastructure

 

Mining infrastructure has been maintained and upgraded since the last operations occurred in 2008. Prior to operations re-commencing, further upgrades to the shafts, hoisting facilities, and mine workings are required.

 

13.8.1 Shafts and Hoists

 

13.8.1.1 Jewell Shaft

 

The Jewell Shaft is currently the only access into and out of the underground mine. It is a four-compartment shaft with two skip/cage compartments, a cage compartment, and a services compartment. There is no manway in the shaft.

 

The Jewell shaft stations are:

 

● 500 Level – small station and level access

 

● 1700 Level - level access and mine dewatering pump station, small station no loading pocket

 

● 1900 Level – level access and freshwater dam location

 

● 2300 Level – large station and loading pocket

 

● 2500 Level – small station, no loading pocket

 

● 2700 Level – level access and mine dewatering pump station, large station and loading pocket

 

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● 3100 Level – level access, mine dewatering pump station, ore loading pocket with 800 st to 1,000 st capacity

 

● 3500 Level

 

● 3700 Level – ore pocket with 500-ton capacity and waste loading pocket with 1,500- to 2,000-ton capacity

 

● 3840 Level

 

● 4000 Level

 

● 4000 Level sump

 

The Jewell Shaft is flooded to the 3400 Level.

 

The planned rehabilitation work for the Jewell Shaft includes the following:

 

● Dewatering to the shaft bottom

 

● Re-blocking and ground support as required

 

● Replacement of timber as required

 

● Replacement of air and water lines

 

● Removal of superfluous lines

 

● Installation of a second 13.8 kV power cable

 

● Installation of a paste backfill delivery line in the shaft

 

● Upgrades and repairs to the loading pockets

 

13.8.1.2 Jewell Hoists

 

There are two hoists that service the Jewell Shaft: the main skipping hoist and a service (or Chippy) hoist, which services the auxiliary compartment. The Jewell hoist has been replaced with a new unit.

 

Main Hoist

 

The new Jewell main hoist, installed in 2026 and for use primarily for skipping, is a 1,500 HP Siemag-Tecberg 8.5 ft diameter double drum grooved for 1 1/8-in. diameter rope. The hoist has a rated operating rope speed of 2,000 feet per minute (fpm). There are two 4-st capacity kibble-style skips in balance each with a trailer cage. The hoisting depth is 3,900 ft from the 3700 Level pocket to the rock dump as the topography climbs steeply behind the shaft.

 

The hoisting capacity is estimated to be 1,600 stpd considering a three-shift operation and allowances for services and maintenance. There may be additional opportunities to improve the shaft efficiency.

 

Service Hoist (Chippy)

 

The Chippy hoist is a 1968 Nordberg 10 ft diameter single drum hoist with 1 ½-in. diameter rope and moves a 36-person conveyance with four linked cabs. The hoist has a 1,000 hp motor supplied by an MG set with a 1,100 hp motor and a 720 kW generator.

 

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13.8.1.3 Jewell Headframe

 

The Jewell headframe is a steel structure designed in the 1930s. Previous infrastructure reviews have considered a range of options from refurbishment to replacement. For this IA, the selected option is to refurbish the headframe with the addition of some stiffening members and completion of any necessary repairs. The headframe foundation requires examination and may require modifications.

 

13.8.1.4 Silver Summit Shaft

 

The Silver Summit Shaft is a four compartment 17 ft by 7.5 ft winze extending to a depth of approximately 4,000 ft. A secondary winze and hoist are in place on the 4000 Level and the winze extends to approximately 5400 Level. The shaft is located approximately 8,700 ft laterally from the Jewell Shaft and is flooded to approximately the 3000 Level. Once rehabilitated and in service, it will serve as a second access to the Mine as well as an exhaust airway.

 

The Silver Summit Shaft and the associated lower winze have stations at the 600, 1200, 1500, 2500, 3000, 4000, and 5400 levels. The development on the 4000 Level and 5400 Level includes crosscuts from the shaft and development along the strike of the deposit. There are intermediate levels between the 2500 Level and the 4000 Level.

 

The 3000 Level on the Silver Summit Shaft connects to the 3100 Level for access to the Jewell Shaft. The winze was initially sunk to the 4100 Level and subsequently deepened to the 5400 Level with a hoist on the 4000 Level. It is unclear as to whether there is an offset at 4100 Level or simply an additional compartment below that level.

 

As of the date of this Report, the Silver Summit shaft timbers failed and the condition of the shaft is unknown. For this Report, it is assumed that the Silver Summit Shaft will be cleared, re-supported, and supplied with rope guides so that the shaft can be used for emergency egress and for the movement of larger pieces of equipment that would not fit in the Jewell shaft. The Silver Summit Shaft will only be rehabilitated to the 3000 Level.

 

13.8.1.5 Silver Summit Hoist

 

The Silver Summit hoist is a 1952 Coeur d’Alene’s Wallace Foundry 600 hp variable frequency drive (VFD) seven-foot diameter, Lebus grooved, double drum hoist with 1-1/8-in. diameter ropes. The hoist has 24,000 lb rope pull and a three-short-ton capacity from 4100 Level. Multiple clutch disc brakes on both drums, the hoist room, and the hoist electrical infrastructure and drive were rebuilt in 2007 and last operated in 2012. A new steel head frame and sheave wheel deck were installed in 2012. The hoist has been maintained in a warm and dry condition.

 

13.8.1.6 Big Hole

 

Big Hole is an existing seven-foot diameter inclined raisebore from 1900 Level to surface that currently serves as the mine’s main exhaust air pathway.

 

13.8.1.7 Ancillary Shafts and Winzes

 

The inclined shaft was the initial shaft access to the mine and extends from surface to the 1900 Level (1,900 ft below surface). The inclined shaft was sealed at the top and bottom at the time of the 2012 fire, and its current condition is unknown. There are additional shafts and winzes in the mine that were developed and that have operated intermittently. The levels serviced by the internal winzes are listed:

 

● No. 3 Shaft extends from 1900 Level to 3100 Level

 

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● No. 4 Shaft extends from 3100 Level to 3700 Level

 

● No. 5 Shaft extends from 3100 Level to 4000 Level

 

● No. 10 Shaft extends from 3100 Level to 5400 Level

 

● No. 12 Shaft extends from 3700 Level to 5200 Level

 

There are additional older shafts and winzes in the mine. There is no plan to re-activate any of the winzes beyond the Silver Summit for hoisting operations. The existing underground mine openings should be reviewed for possible use as ventilation pathways.

 

13.8.1.8 Evaluation of Shaft Conditions

 

SLR recommends remote control (drone) evaluation of the inclined shaft, the No. 3 Shaft, the No. 4 Shaft, the No. 5 Shaft, the No. 10 Shaft, the No. 12 Shaft, the Silver Dollar Shaft, and other winzes from the previous ventilation circuit to determine their suitability for use as ventilation pathways or as additional escapeways. Some of the recommended evaluation activities will not be possible until the winzes are dewatered.

 

13.8.2 Secondary Egress

 

The primary access into the underground mine is via the Jewell Shaft. The planned secondary access for the mine is via the Silver Summit Shaft. There is an access from the Jewell Shaft to the Silver Summit on the 3100 Level, and future levels will be connected with a series of ramps and/or service raises to access the 3100 Level.

 

Secondary access for the Upper Mining Block will be via the ConSil Adit. This area is currently in use and is in good condition.

 

13.8.3 Ventilation

 

The mine is a complex network of openings with numerous opportunities for ventilation leakage, losses, and short-circuiting. The key driver for the mine’s new fresh air requirement is assumed to be the legislated fresh air requirements necessary to operate diesel-powered mobile equipment, both in terms of airflow as well as to control exposure to diesel particulate matter (DPM). In this IA, SLR selected battery electric vehicle (BEV) mobile equipment to reduce the mine ventilation requirements and to reduce heat load into the mine.

 

SLR recommends more detailed ventilation modeling and design in the next stage of study, including consideration of mine air contaminants and the mine heat load.

 

13.8.3.1 Primary Ventilation

 

Primary ventilation for all mining blocks (except the Upper Mine Block) will be accomplished using a pull system distributed through existing mine openings. A push system will be used in the Upper Mine Block (100 Level to 1500 Level). Jewell Shaft will be the main fresh air route, while Big Hole, Silver Summit Shaft, and the ConSil Adit will serve as the main exhaust routes.

 

The existing 54 in diameter, 300 hp axial fan on Big Hole will continue to be used as a main exhaust fan. In the current ventilation configuration, the exhaust capacity is approximately 140 kcfm. A new 200 hp exhaust fan could be installed in the ConSil Adit that will pull an estimated 250 kcfm of air up the Silver Summit Shaft.

 

A schematic of the proposed ventilation system is presented in Figure 13-28.

 

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Figure 13-28: Ventilation Schematic

 

 

 

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13.8.3.2 Jewell Shaft Block Ventilation

 

Jewell Shaft will be the main fresh air source supplying the Jewell Shaft Block on the four main haulage levels. The 3700 Level is a main fresh air distribution level where fresh air is supplied to C Fault, Yankee Girl, and the Silver Summit mining blocks. Exhaust air will be distributed through a series of inter-level ramps and raises and exit the block through Big Hole at 1900 Level and Silver Summit Shaft through a new connection on 3100 Level.

 

Fresh air will be directed to the Lower Mine Block through the main ramp and returned through a series of inter-level exhaust raises before being exhausted using the Jewell Shaft Block exhaust network.

 

Fresh air will be fed to Yankee Girl, C Fault, and Silver Summit blocks from Jewell Shaft on 3700 Level. Air will be distributed through these blocks using a series of inter-level ramps and raises. C Fault will exhaust through the 2300 Level connection and up Big Hole. Yankee Girl will exhaust on 3100 Level back to the Jewell Shaft Block network. Silver Summit Block will exhaust on 3000 Level up the Silver Summit Shaft.

 

Air flow requirements have been estimated using base flows by mining activity and tied to the number of active headings in the LOM schedule. A build-up of the ventilation flow requirements is presented in Table 13-17.

 

Table 13-17: Jewell Shaft Block Mine Ventilation Requirement for Equipment

 

Mine Area Equipment Type Units Unit Power
(hp)		 Total Power
(hp)		 100% Usage
(cfm)		 Usage Factor Diesel Requirement
(cfm)		 BEV Requirement
(cfm)
Stope access Jumbo 11 66 726 57,000 15% 9,000 4,500
LHD 5 140 700 55,000 75% 41,000 20,500
Level loading LHD shared     -   - -
Truck 3 280 840 66,000 75% 50,000 25,000
Stope LHD 8 100 800 62,000 65% 40,000 20,000
Long hole Drill 8 66 528 41,000 10% 4,000 2,000
Service Light Duty 13 25 325 25,000 25% 6,000 3,000
Medium Duty 2 70 140 11,000 10% 1,000 500
Subtotal   50   4,059 317,000   151,000 75,500
                 
Miscellaneous requirements   40%   127,000   60,000 30,000
Subtotal         444,000   211,000 105,500
Mine Losses     40%   178,000 - 84,000 42,000
Total Required         622,000   295,000 147,500

 

13.8.3.3 Upper Mine Block Ventilation

 

The Upper Mine Block will be mined and ventilated independently from the rest of the Mine. This will be achieved by routing fresh air from the Sterling Tunnel (adit) through the access ramp and returning exhaust through a series of inter-level raises. A 100 hp primary fan will be installed in the Sterling tunnel to push air into this block. The Polaris Shaft is available as an exhaust point for this block with a connection included in the mine design 500 Level. With a single truck, an LHD, and a jumbo, the installed diesel power is approximately 500 hp. Based on the horsepower alone, the fresh air requirement is 39,000 cfm.

 

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13.8.4 Dewatering

 

The Sunshine mine workings are currently flooded to the 3400 Level. All existing mine dewatering facilities are in the Jewell Shaft. Water from the Silver Summit Shaft flows through the mine workings to the Jewell Shaft. The mine water inflow is estimated to vary seasonally from 150 gpm to 250 gpm. Water levels in the mine have varied over time reaching a reported maximum of 3227 ft below the Jewell shaft collar at the recommencement of pumping in 2007.

 

Mine dewatering is achieved with a series of pumps in the Jewell Shaft as shown schematically in Figure 13-29 The system includes a submersible pump in the Jewell Shaft at 3500 Level lifting water to the pump station at the 3100 Level. From there, water is pumped to the 2700 Level pump station and then to the 1700 Level for delivery to surface. The dewatering line in the Jewell Shaft is an 8 in. diameter steel line. The pumping capacity from the 1700 Level is approximately 650 gpm.

 

The dewatering system includes the following pumps:

 

● One Goulds 75 hp submersible pump suspended at 3500 Level from the 3100 Level (376 gpm capacity)

 

● One 100 hp two-stage centrifugal pump at the 3100 Level (500 gpm)

 

● Two 400 hp two-stage centrifugal pumps at the 2700 Level, one operating and one spare (1,000 gpm, each)

 

● Two 350 hp eight-stage centrifugal pumps at the 1700 Level, one operating and one spare (600 gpm, each)

 

The existing dewatering system has demonstrated the capacity to reduce the water level in the mine. The mine currently has the ability to reduce the water elevation by approximately 0.72 ft/day down to approximately 3500 Level. Preliminary calculations indicate that 1,600 hp of installed pump capacity will be required to achieve the necessary dewatering. This calculation assumes the need to pump 1,000 gpm up 5,000 ft and at 80% system efficiency.

 

Improvements planned for the mine dewatering system include a new 8 in. diameter pipe column for the Jewell Shaft from the 3700 Level to the 3100 Level and from 1200 Level to the collar. Additionally, the 3700 pump stations will be re-established with the existing IR CNTA-8 pumps.

 

In the future, pumping in the Silver Summit Shaft will be required to move water from below the 3000 Level when access below that level is required in the Silver Summit Shaft. This water will be pumped to the 3100 Level and piped to the Jewell Shaft for pumping to surface.

 

A list of the key elements in the planned dewatering system follows:

 

● Shaft bottom pumping to the 4000 Level

 

● Mine dewatering below the 3700 Level via sumps and piping to the 3700 Level

 

● Re-establishment of the 3700 Level pump station

 

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● Mine water from the 3000 Level of the Silver Summit Shaft pumped at the 3100 Level Jewell pump station

 

Pumps for the new pump stations will be models consistent with current pumps to reduce the need for spares.

 

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Figure 13-29: Jewell Shaft Dewatering Schematic

 

 

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13.8.5 Compressed Air

 

The compressed air system currently consists of a compressor plant (compressors and receivers) located near the collar of the Jewell Shaft, a 12-in. diameter air line in the Jewell shaft, and 6-in diameter lines on the levels. The distribution is extensive and will increase as the number of operating levels rises with the restart of production.

 

When last operating in 2001, the total compressor plant capacity was noted to be 18,050 cfm. Since then, several compressor units have been decommissioned and removed.

 

The current compressed air system includes the following compressors:

 

● Two Atlas Copco 700 hp screw compressors with a combined capacity of 6,000 cfm

 

● One Atlas Copco GA 90, VFD, 125 hp 566 cfm, installed 2017

 

● One Ingersol Rand R75-125 100 hp 455 cfm, installed 2014 at Silver Summit

 

● Four 600 cfm portable diesel compressors

 

The two smaller units are considered operational back-ups, meaning the current operational capacity is 6,000 cfm.

 

Mining will use air powered drills in the cut and fill stopes. Development jumbos will use hydraulic drills that can be run with on board compressors for the required flushing air. The recommended long hole drills are hydraulic units, recognizing the high compressed air demand for larger drills. Compressed air losses associated with system leakage in a major mine distribution system are expected to be up to 40%.

 

Considering the operating requirements, leakages, and losses, the peak compressed air requirement in the early years of mining is estimated to be approximately 8,000 cfm, with an average demand of approximately 3,600 cfm. This is estimated to increase to a peak of approximately 14,000 cfm and an average of 7,000 cfm later in the mine life. Peak demand is primarily driven by the number of operational air powered drills, and the performance of these drills will greatly depend on a suitably large and reliable compressed air system. To fill the 8,000 cfm supply gap, two new 700 hp compressors with cooling packages will be added on surface. The inclusion of cooling packages will eliminate the need to use cooling water from Big Creek.

 

SLR recommends that the compressed air supply, distribution, and consumption be reviewed in the next stage of study.

 

13.8.6 Backfill

 

Historically, the Sunshine Mine has used hydraulic sandfill and uncemented rockfill in cut and fill stopes. Paste fill will be used in this mine plan to minimize surface tailings storage and meet backfill strength requirements. The use of paste fill will allow for variations in backfill strength depending on mining sequence, ground condition, proximity to former workings, and mining depth.

 

13.8.6.1 Backfill Requirements

 

For the purpose of this IA, it is assumed that:

 

● All new stoping voids must be filled.

 

 

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● Waste generated from development will be negligible and cost-prohibitive to use as backfill considering the required timing, locations, and the logistics of backfilling.

 

● Existing voids will not be a significant consumer of paste fill.

 

Considering the relative bulk densities of the process feed (10 ft3/ton) and the paste fill 17.4 ft3/ton, the Mine will require approximately 60% of the process feed tonnage mined to be returned as paste backfill. The paste requirement is for 62% of the mill tailings before the ore sorter is in service and 88% of the mill tailings after the ore sorter is in service.

 

It will be necessary to schedule the paste fill to accommodate the various locations to be filled, the planned fill delivery rate, and the different work schedules for the mill and the Mine. At a paste fill rate of 50 stph, it will be necessary to be delivering paste for 12 hours per day at the full operating rate.

 

13.8.6.2 Paste System Design

 

In 2012, conceptual paste fill system planning was completed by MDS based on a 1,000 stpd operation (MDS 2012). A 50 stph filling rate was selected and coupled with a distribution system using four-inch schedule 80 pipelines or lined boreholes to deliver paste fill to the 3100 Level and then on to the stopes.

 

Full tailings stream testing by G&T in 2013 indicated that the seven-day strength with 4% binder was 31 psi to 37 psi, which is considered appropriate for overhand stoping, and that with 10% binder, the seven-day strength rose to 111 psi to 130 psi, which is considered appropriate for underhand stoping methods. The test report noted the high proportion (60% minus 20-micron particles) of ultrafine material in the sample tested. The test report recommended further testing on classified tailings together with further material testing to develop the parameters for the basic engineering.

 

MDS discussed the main distribution alternatives of cased boreholes or a pipeline in the shaft to deliver paste fill to the 3100 Level followed by piping and boreholes within the mine for delivery of the paste to the stopes. In the case of the shaft pipeline, the development of a lined dump void near the shaft was recommended in case it became necessary to dump the line in an emergency.

 

The conceptual paste backfill design report included a higher conversion of the daily mine tonnage to paste backfill than noted in other larger mines. SLR recommends further study of the paste fill potential quantities, preparation, storage, delivery systems and placement schedules for the Sunshine mine.

 

SLR selected the use of a pipeline in the shaft for the IA rather than a system of cased boreholes based on the costs and uncertainty in boring, casing, and intercepting long delivery holes.

 

The paste fill system included in this assessment includes:

 

● Paste fill preparation plant on surface including storage and delivery lines to the Jewell Shaft.

 

● Delivery line in the Jewell Shaft to the 3100 Level including tees at each mining level connected to the shaft.

 

● Development of shaft line dump sumps on the 2700 Level and 3100 Level.

 

● Level distribution lines to the initial stopes in the LOM plans.

 

 

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SLR Project No.: 123.020552.00001

 

13.8.6.3 Paste Fill Recommendations

 

SLR recommends the following work related to the use of paste backfill and system design:

 

● Additional test work on the size distribution and paste fill characteristics (size distribution, slump, water bleed, and flow characteristics)

 

● More detailed design of the distribution system (piping, pumps, and operations)

 

● Consideration of the required storage considering the weekly work schedules planned and an allowance for the logistics of the underground filling operations.

 

13.8.7 Power

 

The power consumption for the Mine is estimated to be 3.9 MW when fully in operation with approximately 7.8 MW installed electrical power in the Mine. Approximately 50% of the Mine electrical load is located on surface. Electrical power is distributed into the underground mine via a 13.2 kV cable in the Jewell Shaft and then via substations to the working places. For this IA, SLR assumed that a second 13.2 kV line will be installed in the Jewell Shaft and the grounding system in the Mine will be upgraded to improve the level of protection.

 

13.9 Mine Equipment

 

The mine fixed equipment will be a mixture of new and refurbished equipment. The mine hoists will be upgraded for full scale operations. The mine compressor station will be upgraded and augmented with additional new compressors.

 

None of the previously existing mobile and small equipment within the Mine is considered for use in the IA and it will be replaced with new equipment, summarized in Table 13-18. The fleet size reflects the requirement to operate in multiple areas on independent levels. The fleet includes rubber-tired equipment for level development, ramp development, stope development and long hole stoping.

 

● Rail bound equipment is planned for rock haulage on the levels from 3700 Level up to 1500 Level.

 

● Below 3700 Level, the access and haulage are all based upon rubber tired mechanized equipment.

 

● For the mining from surface to 1500 Level (Upper Mine Block), the mining will rely on rubber tired mobile equipment. As the upper levels are independent of the remainder of the mine, the use of diesel-powered equipment could be considered for this area.

 

Table 13-18: Mine Equipment List

 

Equipment Type Number of Units
2 yd LHD 13
Trucks 3
Raise drill 2
Long hole drill 8
Jumbo 11
Raise climber 2

 

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Silver Opportunity Partners LLC | Sunshine Mine

S-K 1300 Technical Report Summary on the Initial Assessment

March 25, 2026

SLR Project No.: 123.020552.00001

 

Equipment Type Number of Units
Service vehicles 13
Subtotal 52
Jackleg drills 72
Auxiliary fans 19
Loci 6-t 8
Loci Service 8
Rock cars 30
Utility rail cars 20

 

The SLR QP recommends the use of BEV units for the trucks, loaders, and service vehicles. BEV equipment will reduce the mine ventilation requirements and reduce problems related to the DPM in the air. BEV vehicles will also significantly reduce the heat generated in the Mine from equipment operation. The use of BEV units will require charging stations to be located in the operating areas.

 

The SLR QP recommends that the details for the use of BEV be developed in the next stage of study.

 

13.10 Items for Consideration in the Next Stage of Work

 

SLR offers the following list of work topics for consideration and further study as the Project advances:

 

● Shafts and access

 

○ Inspect and better define the scope of work for the repair and rehabilitation work required for the Jewell and Silver Summit shafts.

 

○ Review and refine the options for the Jewell hoist upgrades or replacement.

 

○ Confirm the compartment sizes to ensure that the planned mining equipment can be moved into the mine.

 

● Hoists and Headframes

 

○ Update the assessments related to the structural and mechanical conditions of the hoists and headgears with a view to the work required to return the facilities to a condition suitable for regular, long-term operation.

 

● Mine inspection

 

○ Review conditions in accessible workings and compile a report on the conditions and the required rehabilitation.

 

○ Consider remote survey activities to confirm conditions in the mine (possible a drone survey), and in particular, to evaluate the conditions in access raises, the inclined shaft, and the internal shafts to assess their usefulness.

 

● Geotechnical Review

 

○ Undertake a geotechnical review to assess stope stability, stope spans, and dilution assumptions.

 

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S-K 1300 Technical Report Summary on the Initial Assessment

March 25, 2026

SLR Project No.: 123.020552.00001

 

○ Review the impact of higher stresses at depth on opening stability and ground support requirements.

 

○ Develop criteria for the selection of overhand mining or underhand mining based on depth or proximity to previously mined areas.

 

● Paste fill

 

○ Review and revise the paste fill plans based upon the changes in the planned production rates and the planned mining locations.

 

○ Confirm the ability to distribute paste fill to the planned mining locations.

 

○ Undertake detailed paste fill testing including:

 

● Test work on classified tailings samples.

 

● Classification test work.

 

● Dewatering test.

 

● Rheology and sedimentation tests.

 

● Basic engineering of the paste fill preparation.

 

○ Given the proposed mine production plans, undertake more detailed studies of the paste fill distribution system.

 

○ To reduce the required tailings impoundment space, assess the potential of filling old open stopes with paste fill

 

● Production Mining

 

○ Undertake more detailed studies on achievable minimum mining widths, extraction, and dilution.

 

○ Complete an economic analysis for each stoping block to confirm that positive cashflows are generated.

 

○ Develop procedures for mining near voids or backfilled areas.

 

○ Evaluate necessary stand-off distances.

 

● Long hole Stoping

 

○ Consider increasing the sublevel interval.

 

○ Develop procedures for drill hole monitoring and criteria for re-drilling.

 

○ Incorporate cavity surveys to assess the performance of the long hole stoping.

 

● Dewatering

 

○ To assess the rates of inflow and dewatering, closely monitor pumping and water level changes.

 

● Rock handling

 

○ Assess the mine rock handling systems and the potential replacement of track haulage in the upper levels with a system of ore and waste passes and level haulage on fewer main levels.

 

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Silver Opportunity Partners LLC | Sunshine Mine

S-K 1300 Technical Report Summary on the Initial Assessment

March 25, 2026

SLR Project No.: 123.020552.00001

 

● Mine equipment

 

○ Complete a detailed evaluation of the implications of using BEV equipment in the mine.

 

● Ventilation

 

○ Complete a mine-wide ventilation assessment that includes primary and auxiliary ventilation circuit design and heat load analysis.

 

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Silver Opportunity Partners LLC | Sunshine Mine

S-K 1300 Technical Report Summary on the Initial Assessment

March 25, 2026

SLR Project No.: 123.020552.00001

 

14.0 Processing and Recovery Methods

 

14.1 Summary Process Description

 

The Sunshine IA considers that a new concentrator will be constructed in the same location as the existing concentrator building. The existing building will be demolished to the foundations, and new facilities and equipment will be installed.

 

The new Sunshine Mine processing facility (the IA processing facility) will receive a nominal 1,000 stpd of ROM mineralized material (Base Case), hoisted from the Jewell Shaft, and discharged into the ROM mineralized material storage bin adjacent to the mine headframe. In addition, process feed from the Sterling Tunnel will be delivered by truck to the Jewell Shaft ROM storage bin external feed hopper. The material will be drawn from the external hopper with an apron feeder and discharged into the ROM storage bin. The capacity has been adjusted to 500 stpd for the Indicated Only Case and ore sorting was not used.

 

Material will be drawn from the ROM storage bin into a three staged crushing circuit including a primary gyratory, a secondary standard, and tertiary shorthead crusher to produce a final grinding circuit feed size of P100 10 mm and P80 6 mm. Secondary crushed material will be screened to produce a 10 mm × 50 mm fraction that will be conveyed to an ore sorter for waste rejection. Ore sorter waste reject, approximately 44.2% of ore sorter feed, (28.9% of mine feed), will be stockpiled, and the ore sorter product will be conveyed to tertiary crushing. Final crushed material will be conveyed into a fine ore storage bin.

 

Process feed will be drawn from the fine ore bin to feed the grinding and flotation circuits. The grinding circuit will consist of a ball mill and flash flotation cell closed by hydro cyclones. Flotation will include rougher/scavenger and cleaner flotation cells producing silver-copper, and lead-silver flotation concentrates. The two concentrates will be thickened, filtered, and stored for bulk shipment to metal recovery facilities.

 

Concentrator tailing slurry will be thickened and pumped to a paste backfill plant or filtered and stored for dry-stacking. The backfill plant will include a high-rate thickener and disk filter to produce a wet cake that will be mixed with Ordinary Portland Cement (OPC) to produce cemented backfill. The paste will be pumped with a high-pressure positive displacement pump to the connection to the shaft pipeline at the collar of the Jewell Shaft for delivery underground for backfill.

 

Concentrator operating parameters are presented in Table 14-1.

 

Table 14-1: Concentrator Production Criteria

 

Parameter Units Base Case Criteria Indicated Only Case Criteria
ROM material stpd 1,000 500
Crushing Circuit Availability (7-day operation) % 75 75
Grinding and Flotation Circuit Availability (5-day operation) % 71.2 71.2
Crusher Product Size mm 10 10
Ore Sorter (Year 5)
Fines by-pass % 34.55 N/A

 

14-1

 

 

Silver Opportunity Partners LLC | Sunshine Mine

S-K 1300 Technical Report Summary on the Initial Assessment

March 25, 2026

SLR Project No.: 123.020552.00001

 

Parameter Units Base Case Criteria Indicated Only Case Criteria
Fines by-pass stpd 345.2 N/A
Feed stpd 654.7 N/A
Product % 55.8 N/A
Product stpd 365.4 N/A
Reject % 44.2 N/A
Reject stpd 289.3 N/A
Ag Recovery (Ore Sorter) % 97.7 N/A
Ag overall recovery (product + fines) % 94.8 N/A
Flotation Concentrator (No Ore Sorter, Year 1 – 5)
Feed stpd 1,000 500
Operating Schedule  (5 days/week) % 71.2 71.2
Design Concentrator Capacity stpd 1,400 700
Operating Availability % 92.0 92.0
Mill Feed Rate stph 64.4 31.7
Mill Feed Rate with Ore Sorter stph 41.6 N/A
Silver Recovery to Silver-Copper Concentrate % 84.83 84.83
Silver Recovery to Lead-Silver Concentrate % 12.14 12.14
Total Silver Recovery to Concentrates % 97.0 97.0
Overall Silver Recovery including Ore Sorting % 95.8 N/A

 

14.2 Process Description

 

The IA processing facility will receive ROM mineralized material, hoisted from the Jewell Shaft, and discharged into the ROM mineralized material storage bin adjacent to the mine headframe. In addition, mineralized material from the Sterling Tunnel will be delivered by truck to the Jewell Shaft ROM storage bin external feed hopper. The material will be either direct dumped or stockpiled and transferred to the feed hopper with a frontend loader. The mineralized material will be drawn from the external hopper with an apron feeder and conveyor and discharged into the ROM storage bin.

 

14.2.1 Crushing and Ore Sorting

 

ROM material will be drawn from the ROM storage bin with an apron feeder to the primary crusher feed conveyor. The feed conveyor will be equipped with a belt magnet and metal detector and will discharge over a vibrating grizzly feeder with 3 in. bar spacing into the existing 3 ft Fuller Traylor primary gyratory crusher. The grizzly oversized material will feed the crusher while the grizzly undersize and primary crushed product will be combined on the crusher discharge conveyor and conveyed to the primary vibrating screen.

 

14-2

 

 

Silver Opportunity Partners LLC | Sunshine Mine

S-K 1300 Technical Report Summary on the Initial Assessment

March 25, 2026

SLR Project No.: 123.020552.00001

 

The primary screen oversize will feed the secondary HP200 or equivalent standard cone crusher with a 70 mm (2.75 in.) closed side setting. The screen undersize (-10 mm) will be conveyed to the fine material bin feeding the grinding circuit.

 

The secondary crusher discharge will be screened on a double deck vibrating screen with 50 mm top deck screen openings and 10 mm bottom deck screen openings. The screen undersize (-10 mm) will be conveyed to the fine material bin, the bottom deck screen oversize (-50 mm +10 mm fraction) will be conveyed to tertiary crushing or to the ore sorter, which will be added in Year 5 of operation, and the +50 mm fraction will be conveyed back to the secondary crusher.

 

It is estimated that 65.5% of the ROM material (654.7 stpd) will feed the ore sorter and that 34.5% (345.2 stpd) will bypass the ore sorter as minus 10 mm product. The ore sorter will use an X-Ray transmission sensor, XRT, to detect and high-pressure air jets to separate waste material from the feed. The waste reject material is projected by the vendor to be approximately 44.2% (289.3 stpd) of the ore sorter feed which is approximately 28.9% of the ROM crusher crushing circuit feed. The ore sorter product will be approximately 55.8% (365.4 stpd) of the ore sorter feed and will advance to the tertiary crushing circuit.

 

Ore sorting is not included in the Indicated Only Case production plan.

 

The tertiary crushing circuit will comprise a HP200 or equivalent 4.25 ft shorthead cone crusher with a 10 mm closed side setting (CSS) that will crush the material to -10 mm, operating in closed circuit with the tertiary screen. The tertiary screen oversize will be conveyed to the tertiary crusher feed and the screen undersize will be conveyed to the fine material bin.

 

14.2.2 Grinding and Flash Flotation

 

Crushed mineralized material will be drawn from the 650-ton fine material storage bin with an apron feeder to the grinding mill feed conveyor. The conveyor will be equipped with a belt weigh scale to determine the mill feed rate and totalized production, and an automatic belt sampler to collect mill feed samples to determine mill feed grade and other characteristics. The mill feed conveyor will discharge into a single 11.5 ft diameter by 16 ft equivalent grinding length (EGL) ball mill with a 1,000 hp drive. The material will be ground to a P80 106 μm (P75 75 μm) in the ball mill which will operate in closed circuit with hydro cyclones and a flash flotation cell. The mill will discharge over an integral trommel screen to collect ball fragment.

 

The trommel screen undersize will flow by gravity to the flash flotation cell feed pump box where the slurry will be diluted to 56% solids and pumped to a 222.5 ft3, (6.3 m3) flash flotation cell to extract coarsely liberated sulfide minerals into a high-grade flotation concentrate that will report directly to either the silver-copper or lead-silver product concentrate thickeners depending on concentrate grade, bypassing the flotation circuit. This process prevents overgrinding of softer liberated minerals. The flash flotation cell underflow will flow by gravity to the cyclone feed pump box and will be pumped to the hydro cyclone classifiers for size separation. The cyclone underflow will flow by gravity to the ball mill feed, closing the circuit, and the cyclone overflow slurry containing P80 106 µm product material will advance to the flotation circuit conditioning tanks.

 

14.2.3 Flotation

 

The configuration of the sequential flotation circuit selected, as shown in Figure 14-1, is the flotation circuit operated historically by Sunshine. Flotation feed material will be conditioned with flotation reagents to float the silver-copper mineral and depress the lead and iron sulfide minerals and then advanced to the silver-copper rougher/scavenger flotation circuit.

 

14-3

 

 

Silver Opportunity Partners LLC | Sunshine Mine

S-K 1300 Technical Report Summary on the Initial Assessment

March 25, 2026

SLR Project No.: 123.020552.00001

 

14.2.3.1 Silver-Copper Flotation

 

Copper and silver are primarily contained in the mineral Tetrahedrite/Freibergite, a silver, copper, antimony, sulfide mineral forming a single flotation concentrate. The feed slurry will be conditioned in two 47 ft3 (1.1 m3) agitated tanks in series. The conditioned slurry will feed a bank of four 47 ft3 (1.1 m3) naturally aspirated rougher flotation cells followed by four 47 ft3 (1.1 m3) scavenger flotation cells. The rougher scavenger flotation tailings will feed the second stage lead flotation circuit. The scavenger concentrate will be returned to the rougher feed for reprocessing.

 

The silver-copper rougher flotation concentrate will be pumped to a bank of two 47 ft3 (1.1 m3) first cleaner flotation cells. The first cleaner tailings will be returned to the silver-copper rougher feed. The first cleaner concentrate will be pumped to a second cleaner circuit, referred to by Sunshine as a silver retreatment circuit, comprising a bank of six 22.5 ft3 forced air flotation cells. The first two cells will act as conditioners for reagent addition. The second cleaner tailing slurry primarily contains galena and pyrite and is pumped to the lead concentrate regrind circuit. The second cleaner concentrate is processed in a bank of two 22.5 ft3 third cleaner flotation cells. The third cleaner tailings are recycled to the second cleaner circuit feed and the third cleaner concentrate is final silver-copper concentrate and is pumped to the concentrate filter feed tank. The concentrate is then filtered with disc filters, which discharge into the concentrate storage bund area in preparation for bulk shipment by truck to a smelter.

 

14.2.3.2 Lead Flotation

 

The silver-copper scavenger flotation tailing will be conditioned with flotation reagents and will flow to the lead rougher/scavenger flotation circuit. The feed slurry will be conditioned in two 47 ft3 (1.1 m3) agitated tanks in series. The conditioned slurry will feed a bank of four 47 ft3 (1.1 m3) naturally aspirated rougher flotation cells followed by four 47 ft3 (1.1 m3) scavenger flotation cells. The scavenger flotation concentrate will be returned to the lead rougher feed. The rougher flotation concentrate will be pumped to a bank of 2- 47 ft3 (1.1 m3) first cleaner flotation cells. The first cleaner tailings will be returned to the lead rougher feed. The first cleaner concentrate will be pumped to the lead concentrate regrind circuit.

 

Lead Re-grind Circuit

 

The lead regrind circuit comprises a single 6.0 ft diameter by 9 ft EGL ball mill with a 120 hp (89.4kW) drive. The feed to the mill will be the silver-copper second cleaner tailings slurry and the lead cleaner concentrate slurry. The mill will operate in closed circuit to produce a 35% solids slurry with a P80 37 μm (P80 400 mesh) particle size distribution to feed the second lead cleaner cells. The ball mill will discharge over an integrated trommel screen to separate ball fragments. The trommel screen undersize slurry will be diluted to 55% solids and pumped to a hydro cyclone for size separation.

 

The cyclone overflow at 35% solids will flow to a bank of 4-22.5 ft3 (0.637 m3) second lead cleaner flotation cells and the cyclone underflow will flow to the regrind mill feed closing the milling circuit. The ball mill circulating load will be approximately 267%.

 

The second cleaner flotation tailings will be pumped to the third circuit rougher feed. The second cleaner flotation cell concentrate will be pumped to the final lead concentrate filter feed tank. The concentrate will be pumped from the filter feed tank a disc filter for dewatering. The filtered concentrate discharges into a lead concentrate storage bund area in preparation for bulk shipment by truck to a smelter.

 

14-4

 

 

Silver Opportunity Partners LLC | Sunshine Mine

S-K 1300 Technical Report Summary on the Initial Assessment

March 25, 2026

SLR Project No.: 123.020552.00001

 

Third Flotation Circuit – Pb Scavenger

 

The lead flotation scavenger tailings flow to the third flotation circuit which can be used for producing a pyrite concentrate or in the current case as an extended lead scavenger and pyrite rejection circuit. Additional flotation reagents are added to the feed of the third circuit which consists of a bank of four 47 ft3 (1.1 m3) naturally aspirated rougher flotation cells followed by four 47 ft3 (1.1 m3) scavenger flotation cells. The scavenger concentrate will be returned to the third circuit rougher feed. The rougher flotation concentrate will be pumped to a bank of two 47 ft3 (1.1 m3) first cleaner flotation cells. The first cleaner tailings will be returned to the third circuit rougher feed. The first cleaner concentrate will be pumped to the feed of the lead circuit rougher flotation cells.

 

Concentrator Tailings

 

The third circuit scavenger flotation tailings will be final concentrator tailings and will be pumped to a high-rate tailings thickener for solid liquid separation. The thickener overflow solution will be pumped to the process water storage tank to be distributed throughout the concentrator. The underflow slurry with a density of approximately 66% to 69% solids will be pumped to the paste backfill plant slurry storage tank, and the balance if any will be pumped to the tailings filter for dewatering and stockpiling in preparation for hauling and dry-stacking. Approximately 85% of the tailings will be used as paste backfill and the remainder will be dry-stacked tailings.

 

Paste Backfill Plant

 

The thickened tailings slurry will be pumped to a disk filter to create a wet filter cake, which will be conveyed to the paste mixer feed hopper along with a binder comprising 5% ordinary Portland cement (OPC) to produce cemented paste backfill (CPB). The mixed cemented paste backfill will be pumped to the mine delivery pipeline at the collar of the Jewell shaft using a positive displacement concrete pump, such as a Schwing Rock Valve pump.

 

The intension is to use whole tailings for paste production, but if necessary to remove fines, the tailings can be classified using cyclones and the water and slimes in the cyclone overflow recycled to the tailing thickener.

 

14.2.4 Power Consumption

 

The total estimated power requirement for the concentrator is 3,000 kW (3,780 connected hp). This includes crushing, grinding, flotation, pumping, concentrate handling and storage, reagent mixing and storage, process utilities, and tailings handling and pumping, using as much tailings as possible as a cemented paste mine backfill. Based on typical demand and load factors, the maximum demand is estimated to be 2,850 kW and the average demand is estimated to be 2,550 kW. The additional estimated power for the antimony plant is approximately 1,800 kW and the additional estimated power for the refinery is 2,063 kW.

 

14.2.5 Water Consumption

 

The estimated make-up water requirement for flotation plant operations is 12.6 l/s, based on 15% moisture in the flotation concentrate filter cake, a 50% (w/w) slurry being sent to the TSF, and the balance of the water recovered from the process plant recycled to the flotation plant.

 

14-5

 

 

Silver Opportunity Partners LLC | Sunshine Mine

S-K 1300 Technical Report Summary on the Initial Assessment

March 25, 2026

SLR Project No.: 123.020552.00001

 

14.2.6 Reagents and Consumables

 

The milling and downstream production facilities at the Sunshine Mine site do not employ any process reagents or heavy consumables which are in difficult or short supply. A listing of representative reagents and supplies is indicated in Table 14-2.

 

Table 14-2: Process Reagents and Consumables

 

Reagents and Consumables Consumer Consumption (lbs/ton)
Crusher liners Jaw and cone crushers 0.376
Ball mill liners Ball mill 0.279
3 in. grinding balls Ball mill 0.633
1 in. grinding balls Re-grind ball mill 0.106
Aero 3477 Silver sulfide promoter 0.006
Aeroflot 242 Galena promoter 0.022
Zinc sulfate Pyrite and galena depressant 0.171
Sodium sulfite Pyrite and galena depressant 0.216
MIBC Frother 0.059

 

14.2.7 Labor Requirements and Proposed Work Schedules

 

Crusher operations are scheduled on two shifts, five days per week. The mill schedule is increased to seven days per week to compensate for increased mine tonnage as necessary.

 

When on a 5-day, 15-shift schedule, the mill uses 23 personnel in crushing, grinding, flotation and dewatering operations.

 

Maintenance staffing is included in the mill staffing. Maintenance personnel have been assigned to a five day per week, one shift per day schedule.

 

14.3 Metal Recovery

 

14.3.1 Silver Recovery

 

14.3.1.1 Ore Sorter Silver Recovery

 

Preliminary ore sorter test work conducted by Steinert indicated that 97.7% of the silver could be recovered into an ore sorter product while rejecting representing 44.2 wt% to waste.

 

14.3.1.2 Flotation Concentrator Silver Recovery

 

A review of historical Sunshine production records over the period from 1950–2008 demonstrate consistent overall silver recovery into separate silver-copper and lead-silver flotation concentrates that averaged about 97%. Given that mined material is expected to be similar to historical ore mined by Sunshine with respect to mineralogy and grade, SLR believes that 97% silver recovery in the flotation concentrator is reasonable.

 

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Silver Opportunity Partners LLC | Sunshine Mine

S-K 1300 Technical Report Summary on the Initial Assessment

March 25, 2026

SLR Project No.: 123.020552.00001

 

Table 14-3 presents the actual reported operating results from 1988 to 1999 except for 1990. The results from 1994 to 1999 reported silver ounces recovered to the silver and lead concentrates. The average silver recovery to the silver concentrate and lead concentrate during the period was 84.8% and 12.1% respectively. Silver recovery to the silver concentrate ranged from 81.2% to 96.7% and the silver recovery to the lead concentrate ranged from 0.43% to 16.2%.

 

Table 14-3: Annual Sunshine Concentrator Operating Results Reported from 1988-1999

 

Year Dry Feed, tons Feed Grade
(opt Ag)		 Calculated Feed Ag
(oz)		 Reported Ag to Ag Conc
(oz)		 Reported Ag to Pb Conc
(oz)		 Total Ag Recovered to Conc
(oz)		 Calculated Ag Recovery, % % Ag Recovery to Ag Conc
(%)		 % Ag Recovery to Pb Conc
(%)
1988 247,866 24.15 5,985,964 4,574,892 932,689 5,507,581 92.01% 76.43% 15.58%
1989 230,837 21.47 4,955,238 4,836,360 0 4,836,360 97.60% 97.60% 0.00%
1991 159,907 22.54 3,604,402 3,495,945   3,495,945 96.99% 96.99% 0.00%
1992 104,602 24.77 2,590,992 2,540,363 0 2,540,363 98.05% 98.05% 0.00%
1993 100,441 23.49 2,359,359 2,298,155 0 2,298,155 97.41% 97.41% 0.00%
1994 107,056 20.08 2,149,684 2,079,290 9,177 2,088,467 97.15% 96.73% 0.43%
1995 101,240 17.66 1,787,898 1,662,226 69,016 1,731,242 96.83% 92.97% 3.86%
1996 120,909 22.04 2,664,834 2,403,802 178,888 2,582,690 96.92% 90.20% 6.71%
1997 183,403 23.95 4,392,502 3,564,669 709,917 4,274,586 97.32% 81.15% 16.16%
1998 245,000 24.45 5,990,372 4,867,533 938,935 5,806,468 96.93% 81.26% 15.67%
1999 230,000 23.41 5,385,328 4,400,352 810,491 5,210,843 96.76% 81.71% 15.05%
1994 - 1999 987,608 22.65 22,370,619 18,977,872 2,716,424 21,694,296 96.98% 84.83% 12.14%

 

The silver recoveries reported by G&T during their metallurgical program conducted in 2013 demonstrated overall silver recoveries of about 90 - 92% into separate silver-copper and lead-silver concentrates. SLR has reviewed the G&T test work and notes that they used a coarser primary grind during rougher and scavenger flotation than used by Sunshine and the coarser grind could likely explain the lower silver recoveries that G&T reported.

 

14.3.1.3 Overall Concentrator Silver Recovery

 

An overall silver recovery from ROM material is estimated at 94.8% and includes losses during ore sorting and flotation.

 

14.3.2 Copper Recovery

 

Based on locked cycle flotation test work conducted by G&T, copper recovery is estimated to be 80% into the silver-copper flotation concentrate at a concentrate grade of about 26% Cu. Any Copper reporting to the lead flotation concentrate is not expected to be payable.

 

14.3.3 Lead Recovery

 

Based on locked cycle flotation test work conducted by G&T, payable lead recovery is estimated at 64% into lead flotation concentrates averaging about 50% Pb.

 

14-7

 

 

Silver Opportunity Partners LLC | Sunshine Mine

S-K 1300 Technical Report Summary on the Initial Assessment

March 25, 2026

SLR Project No.: 123.020552.00001

 

Figure 14-1: Mill Crusher Flowsheet

 

 

 

14-8

 

 

Silver Opportunity Partners LLC | Sunshine Mine

S-K 1300 Technical Report Summary on the Initial Assessment

March 25, 2026

SLR Project No.: 123.020552.00001

 

Figure 14-2: Flotation Flowsheet

 

 

14-9

 

 

Silver Opportunity Partners LLC | Sunshine Mine

S-K 1300 Technical Report Summary on the Initial Assessment

March 25, 2026

SLR Project No.: 123.020552.00001

 

Figure 14-3: Concentrator Block Flow Diagram

 

 

14-10

 

 

Silver Opportunity Partners LLC | Sunshine Mine

S-K 1300 Technical Report Summary on the Initial Assessment

March 25, 2026

SLR Project No.: 123.020552.00001

 

15.0 Infrastructure

 

The Sunshine Mine is a past-producing operation and the facilities have been maintained on a care and maintenance basis for approximately 20 years. The infrastructure to support the mine is in place and available for future use.

 

15.1 Site Layout and Access

 

The Sunshine Mine is located approximately 37 mi (60 km) east of Coeur d’Alene, Idaho, along I-90, and 4.5 mi (7.25 km) southeast of the town of Kellogg, Idaho, at the Big Creek exit (Exit 54). From the Big Creek exit, the Sunshine Mine is accessed by an existing, county maintained, 2.5 mi long, two-lane paved road, called the Big Creek Road.

 

The Sunshine Mine is located in a constrained, topographically challenged area, i.e., in the bottom of a narrow canyon, and is divided into an east and west side by Big Creek. Big Creek Road passes through the property on the west side of Big Creek and most of the existing mine site, dating back to the early 1900s, is situated on the east side of Big Creek. Access to the main plant site is over a Sunshine-owned bridge across Big Creek. A guard house is located at this entrance. Security personnel maintain perimeter security and perform roving patrols around the site area. Natural barriers, including Big Creek and rugged mountainous terrain, are augmented with wire fencing. The current site layout and topography are shown in Figure 15-1. Figure 15-2 presents the detailed layout for the mine site infrastructure.

 

15.1.1 Main Access Road

 

The main access road to the Project is Big Creek Road, which is paved and well-maintained year-round. Roads to all plant facilities currently exist, so no new roads need to be constructed.

 

With the mine site just south of I-90, there are no logistical issues for either equipment and supply deliveries or shipment of concentrates for refining. From I-90, concentrate can be trucked to smelters and refineries located in Idaho, Montana, or Canada, or transported overseas.

 

15-1

  

 

Silver Opportunity Partners LLC | Sunshine Mine

S-K 1300 Technical Report Summary on the Initial Assessment

March 25, 2026

SLR Project No.: 123.020552.00001

 

Figure 15-1: Overall Site Layout

 

 

 

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Silver Opportunity Partners LLC | Sunshine Mine

S-K 1300 Technical Report Summary on the Initial Assessment

March 25, 2026

SLR Project No.: 123.020552.00001

 

Figure 15-2: Mine and Concentrator Site Layout

 

 

 

15-3

  

 

Silver Opportunity Partners LLC | Sunshine Mine

S-K 1300 Technical Report Summary on the Initial Assessment

March 25, 2026

SLR Project No.: 123.020552.00001

  

15.2 Waste Rock Storage Facilities

 

The waste rock storage facility (WRSF) is located approximately one-quarter mile north of the mine site on the east side of Big Creek Road. It currently has the capacity to handle the waste from the Sterling Tunnel. Some of the existing waste rock will be used for development of the remaining lifts for the TSF. SOP is also permitted to store waste rock in the ConSil WRSF located approximately four miles east of the mine site. Costs to transport waste rock by truck from the Jewell Shaft to the ConSil WRSF have been included in mine development costs.

 

15.3 Energy Supply

 

15.3.1 Electrical Power

 

In this IA, the combined mine and processing facility electrical energy demand is estimated to be 3.9 MW for the mine and 2.4 MW to 3.2 MW (after the ore sorter is installed) for the processing facility for a total of 6.3 MW to 7.1 MW of electrical energy.

 

Electrical power is supplied by Avista, a large northwest U.S. power supplier. The main power source for the mine is a 13.2 kV power line that parallels Big Creek Road and terminates at the Avista Shont substation (12.3 kV at 7.5 MVA) located two miles north of the Sunshine Mine property. The Shont substation capacity is 9 MVA.

 

There are eight distribution grid main breakers providing protection and isolation, with every sub-branch substation providing fused main disconnecting. All 480 V secondaries are three-phase and power 10 kVA to 20 kVA and 240V/120V single-phase transformers for lighting circuits, single phase loads. All 13.2 kV points of distribution use open air gang lockable disconnects.

 

The planned work will not require changes to or expansion of the electrical supply. There will be significant changes to the underground supply and grounding system to support the plan. Emergency backup power is supplied by a 1 MVA 2.3 kV generator and 400 kVA 480 V substation, to power service hoist, office, boiler plant, brick house, machine shop. The unit is interlocked from utility.

 

15.3.2 Natural Gas

 

Avista can supply up to 16 million Btu (MMBtu) of natural gas to the site. Historically, the site’s average natural gas usage has been 10.3 MMBtu.

 

15.4 Compressed Air

 

The current compressed air system has two, Atlas Copco 700 hp screw compressors (2.3 kV) with a combined capacity of 6,000 cfm, which were installed in 2007. Two additional Atlas Copco 700 hp compressors are planned to be added to supplement the current system, including a new compressor house and a cooling package upgrade to eliminate the need to use cooling water from Big Creek.

 

As noted in Section 13, the compressed air needs will rise as the mine production increases. The compressed air supply and distribution system warrants further review.

 

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Silver Opportunity Partners LLC | Sunshine Mine

S-K 1300 Technical Report Summary on the Initial Assessment

March 25, 2026

SLR Project No.: 123.020552.00001

 

15.5 Water

 

Water supply is satisfactory as Big Creek passes directly through the mine site and Sunshine currently has four water rights licenses: three surface water licenses from Big Creek and one groundwater well. Water from Big Creek is drawn from an intake station located south of the mine and is used for water supply, including process make-up, non-contact cooling, fire protection, and other non-potable uses. The combined water volume available is approximately 4,042 gallons per minute (gpm). Water storage is not an issue for the mine due to the abundance of water rights. The Project does have two, permitted water wells that also provide process water.

 

Preliminary water requirements for the Project were previously developed by Golder Associates. The complete make-up water requirement of 200 gpm can be taken from Big Creek from a pump station located 1.0 mi south of the mine site, should mine water from dewatering or reclaim water from the TSF be temporarily unavailable for any reason. Currently, two, new steel storage tanks for fresh and fire water and process water are planned, with capacities of 200,000 gallons and 20,000 gallons, respectively. Recycling of water from the process plant, and use of mine water from mine dewatering will be maximized to the extent possible to reduce the amount of freshwater make-up required.

 

Potable water is obtained from a 4-in. diameter water line that parallels Big Creek Road to the mine and is owned and maintained by the municipal water district, Central Shoshone County Water.

 

15.5.1 Water Treatment

 

Current water rights total available for use total 4,042 gpm.

 

Excess water from process operations that may require treatment will be treated using oxidation and precipitation utilizing lime and polymer treatment. The waters to be treated include:

 

● Mine dewatering

 

● Mill discharge water

 

● Grey water and runoff water

 

The proposed location of the water treatment plant (WTP) is to the northeast of the existing refinery. This area is currently not in use and is large enough to accommodate all water treatment needs, and if necessary, temporary storage of produced solids. Refer to Figure 15-1 for a conceptual site general arrangement.

 

The WTP will consist of a high-density sludge (HDS) system which utilizes lime precipitation for the treatment of iron, manganese, and other trace heavy metals at a peak flow rate of 800 gpm. This treatment approach is a demonstrated treatment approach for similar influent water quality characteristics and anticipated effluent discharge criteria. Anticipated discharge standards were projected by SLR based on recent permitting activity in the area.

 

Mine water will be treated underground using an anti-scalant to prevent iron and hardness scaling in pipes, prior to being pumped to the surface for use in the process to the extent possible. Treated water from the WTP is expected to meet all discharge standards for surface discharge and may be discharged to Outfall 001 depending on the processing facility’s make-up water requirements at the time. The solids or sludge generated from the treatment of water are expected to be non-hazardous and will be sufficiently stable to be disposed of within the existing TSF. Total solids generation is estimated to be approximately 14.2 tons (dry) solids per day.

 

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Silver Opportunity Partners LLC | Sunshine Mine

S-K 1300 Technical Report Summary on the Initial Assessment

March 25, 2026

SLR Project No.: 123.020552.00001

 

Any site precipitation (rain and snow melt) and surface runoff will be intercepted prior to coming into contact with process areas and diverted offsite to a sediment basin, then discharged to Big Creek.

 

15.5.2 Fire Protection Water

 

It is planned that the existing fire protection system (comprised of a diesel driven fire pump, hydrants, and dry pipe sprinklers) will be modernized and extended throughout the new facilities at site.

 

The Silver Valley Fire Rescue is located approximately five miles (8 km) from the mine site and responds in a timely manner. The mine does not maintain a fire brigade or firefighting hoses.

 

15.6 Site Buildings

 

The existing Sunshine Mine has necessary building infrastructure for production including administration buildings, warehouses, shops, and dry facilities. All buildings are usable; however, some will require re-modeling.

 

15.7 Security

 

Access to the main plant site is via an SOP-owned bridge across Big Creek. A guard house is located at this entrance and currently staffed during non-business hours. Security personnel maintain perimeter security, authorizing access to incoming personnel, and performing roving patrols around the site area. Natural barriers, including Big Creek and rugged terrain to the north of the mine are augmented with wire fencing to enhance security.

 

15-6

  

 

Silver Opportunity Partners LLC | Sunshine Mine

S-K 1300 Technical Report Summary on the Initial Assessment

March 25, 2026

SLR Project No.: 123.020552.00001

 

15.8 Tailings

 

15.8.1 Introduction

 

The Project site currently contains one existing TSF. The embankment forming the existing TSF was first constructed in 1978, with four subsequent dam raises throughout the facility’s life. Tailings were last deposited in the facility in 2008, coinciding with the closing of the Sunshine processing plant.

 

SLR understands that SOP currently retains the services of Hydrometrics, Inc. of Helena, Montana (Hydrometrics), to perform routine Dam Safety Inspection (DSI) of the existing TSF.

 

The facility was originally designed by Dames & More of Vancouver, British Columbia, in 1978.

 

The facility is classified by the State of Idaho Department of Water Resources (IDWR) as a “Significant” classification under their state system.

 

A recent inspection by the IDWR stated “the structure appeared to be generally suitable for continued use as a water management pond” with some caveats around the required repair of a decant accessway required (IDWR 2023).

 

The tailings were deposited from the north and eastern embankment crests, with the formation of a decant pond abutting natural ground to the east. The tailings have traditionally been fine grained and sandy mixtures, with natural separation of fines with increasing distance from the spigot locations. One decant tower exists in this pond location, and an additional emergency spillway in the form of a decant tower exists on the eastern tailings beach.

 

The general arrangement of the existing TSF is presented in Figure 15-3, with the downstream proximity to I-90 also presented.

 

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Silver Opportunity Partners LLC | Sunshine Mine

S-K 1300 Technical Report Summary on the Initial Assessment

March 25, 2026

SLR Project No.: 123.020552.00001

 

Figure 15-3: Existing TSF General Arrangement

 

 

 

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Silver Opportunity Partners LLC | Sunshine Mine

S-K 1300 Technical Report Summary on the Initial Assessment

March 25, 2026

SLR Project No.: 123.020552.00001

  

15.8.2 Facility Description, Design, and Construction History

 

Construction of the existing TSF began in 1978, with first tailings deposition commencing in 1979. Three dam raises of varying upstream and downstream construction methods along the length of the embankment were also completed. The Stage 5 upstream raise is currently in a partially complete state, with raising activities ceasing in 1999. The decant pond is currently being maintained at Stage 4 consented levels. The existing TSF is currently being used as a mine water management pond, with active pumping into and out of its basin.

 

The facility, in its current partially completed Stage 5 state, has a maximum embankment height of approximately 55 ft, with downstream slopes as steep as 2H:1V. The current Stage 5 crest elevation is 2,485 ft, compared to its designed elevation of 2,490 ft. The current facility is approved for two subsequent raises (to Stage 7), to a final crest elevation of 2,510 ft.

 

Foundation conditions for the existing TSF consists of predominantly river gravels, which were also used in combination with mine waste rock to form the bulk fill of the embankments. An imported sand filter layer was also incorporated on the upstream side of the starter embankments and subsequent raises. The facility is unlined, with foundations and embankment materials known to be relatively permeable.

 

The most recent stability assessment provided to SLR was performed by AMEC in 2012 (AMEC 2012a) and an excerpt from this is presented in Figure 15-4 to illustrate the existing TSF section geometry in its most unfavorable upstream raise configuration (the northern embankment).

 

Figure 15-4: Northern Embankment Raise Configuration

 

 

 

Source: AMEC 2012a

 

15.8.3 Future Use of the Facility

 

The facility in its current state has a remaining storage capacity of approximately 100 kst (AMEC 2012a), before an additional raise is required. The facility is currently permitted for two additional raises (to Stage 7), which would provide an additional 840 kst of tailings storage (AMEC 2012a).

 

While SLR was not engaged to perform a formal trade-off study for future above-ground tailings deposition options, three options were considered at a high level appropriate for an IA, namely:

 

1 Continue upstream raising to Stage 7, with a potential conversion to dry-stack placement beyond Stage 7 (the current plan proposed by AMEC)

 

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Silver Opportunity Partners LLC | Sunshine Mine

S-K 1300 Technical Report Summary on the Initial Assessment

March 25, 2026

SLR Project No.: 123.020552.00001

 

2 Identify an alternate site for a new tailings facility

 

3 Convert the current facility to a dry-stack facility at its current level (Stage 5)

 

Through ongoing discussions with SOP, Option 3 (immediate conversion to dry-stack) was selected as the most beneficial option to pursue, primarily as it lowers the risk profile of the facility relative to Option 1. A cursory inspection of available topography data by SLR resulted in Option 2 (a new facility) being the most unfavorable option, given the lack of any appropriate site identified, and the long lead times associated with permitting and constructing a new facility.

 

A potential Option 3 configuration is presented in Figure 15-5. This arrangement could achieve the desired Life of Facility (LoF) tailings storage requirement proposed in the IA (833 kst), with a crest elevation of 2,498 ft, 13 ft above the current embankment crest level. A preliminary cost estimate for such a configuration is presented in Section 18.0. This configuration relies on achieving compacted tailings densities of 90 lb/ft3, as originally proposed by AMEC.

 

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Silver Opportunity Partners LLC | Sunshine Mine

S-K 1300 Technical Report Summary on the Initial Assessment

March 25, 2026

SLR Project No.: 123.020552.00001

 

Figure 15-5: Potential LoF Dry-Stack Arrangement on Existing Sunshine TSF

 

 

 

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Silver Opportunity Partners LLC | Sunshine Mine

S-K 1300 Technical Report Summary on the Initial Assessment

March 25, 2026

SLR Project No.: 123.020552.00001

  

SLR notes that the current state of tailings practice and understanding has changed materially since the initial design of the Sunshine TSF (in the 1970s), and subsequently, stability enhancing downstream buttressing for any future use of the existing Sunshine TSF is a likely outcome. Likely required buttressing is not presented in Figure 15-5, but considered feasible by SLR at this time, with a reasonable allowance for downstream buttressing included in our cost estimate.

 

The final dry-stack and buttressing configuration will require further detailed study and likely will require the use of intrusive investigation of the tailings mass and the foundations, by means of Cone Penetration Testing (CPTu) and potentially additional borehole investigation. Even more substantial buttressing volumes and associated costs than are already allowed for cannot be ruled out at this point.

 

15.8.4 Inspections and Dam Safety Reviews

 

The TSF has been inspected by IDWR on an annual basis, with records back to 2017 provided to SLR.

 

Hydrometrics, registered Professional Engineers in the State of Idaho, performed a recent (non-government) Dam Safety Inspection (DSI) in 2023 (Hydrometrics 2023). The inspection generally included visual observation of the crest, downstream slopes and associated decant infrastructure. The inspection concluded that the facility appeared to be constructed, maintained, and operated in accordance with the approved design, with what appears to be minor improvements or adjustments prescribed. To SLR’s knowledge, no Dam Safety Reviews (DSRs) have been completed for the Sunshine TSF.

 

15.8.5 Current Facility Risk

 

This facility risk assessment is based on a desktop review of information provided by SOP and SLR’s opinion is based on the understanding derived from said information. SLR is currently in the process of performing a DSR of the existing TSF to better understand the risk associated with the current facility, and its potential future use.

 

No Global Industry Standard on Tailings Management (GISTM) consequence classification is known to exist, or assessment to have been performed.

 

The most recent Limit Equilibrium (LE) stability analyses reviewed by SLR was the forementioned AMEC (2012a) analysis. SLR notes that AMEC was not asked to perform a DSR, rather only to provide an assessment for potential expansion options. While the AMEC work suggest satisfactory stability outcomes, it should be noted that these assessments lack any undrained strength analyses, nor post seismic analyses, in line with current North American and International tailings best practice guidelines (Canadian Dam Association, International Commission on Large Dams, or GISTM). SLR notes that the seismic hazard at the site is not negligible and could have material implications for stability. To SLR’s knowledge, the state of the tailings (state parameter, saturation ratio) is largely unknown in the upstream tailings mass.

 

Given the uncertainties in tailings material geotechnical properties, degree of consolidation, and liquefaction potential, along with an assumed population at risk (PAR) through proximity to the interstate highway, the precautionary approach is to assume that the facility represents a material risk in its current state until these can be quantified by SLR’s current DSR.

 

The use of the facility as a water storage basin further raises the risk profile, as water storage on upstream TSF generally promotes unfavorable pore pressure conditions in the tailings mass and is not current best practice.

 

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Silver Opportunity Partners LLC | Sunshine Mine

S-K 1300 Technical Report Summary on the Initial Assessment

March 25, 2026

SLR Project No.: 123.020552.00001

 

Stability enhancements, if required, could be achieved via downstream buttressing. Improvements in water management, if required, could be achieved by a supplemental barge-based pump decant, for example.

 

The potential groundwater and surface water risk to the environment associated with this unlined facility has not been studied by SLR to date.

 

If GISTM conformance were desired, in its current state, the Sunshine TSF would require a significant set of studies to be completed, and most likely physical dam safety improvements.

 

SLR relies on the statements and conclusions of AMEC and Hydrometrics and provides only those conclusions already stated in Section 15.8.3 regarding the existing stability of the Sunshine TSF.

 

15.9 Employee Transportation

 

With the Project being located near a well populated region, SOP does not provide company housing or transportation. Movement of workers about the Project site is by company-supplied vehicles, and these vehicles are available for use for work-related travel between the Mine and work locations and local communities.

 

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Silver Opportunity Partners LLC | Sunshine Mine

S-K 1300 Technical Report Summary on the Initial Assessment

March 25, 2026

SLR Project No.: 123.020552.00001

 

16.0 Market Studies

 

16.1 Markets

 

The assumed cash flow model price for silver is based on the long-term outlook from the analyst consensus as of February 25, 2026, provided by SOP. The assumed silver price of $46.36 per ounce in all cash flow model years is below the current spot price for silver, is in line with the long-term view of several reputable market analysts, and is aligned with SLR’s internal pricing guidelines.

 

An expression of interest from a local aggregate company was presented to SOP, offering $5.00/st for the rejected material produced by the ore sorter. This amount has been included in the Project’s cash flow model.

 

Figure 16-1 shows the 3-year monthly price for silver.

 

Figure 16-1: Monthly Silver Price ($/oz)

 

 

 

Source: COMEX 2026

 

16.2 Contracts

 

Contracts for the Project are expected to include design and construction contracts for the facilities and mine development; however, none of these contracts are in place at this time. Contracts for the transportation and treatment of concentrates will also be required. Treatment terms in the IA are based upon initial discussions with metal traders. There are no special considerations related to the transportation of the concentrates.

 

Contracts will be negotiated and executed as necessary. For contracts with affiliated parties, the same terms, rates, or charges as could be obtained had the contract been negotiated at arm’s length with an unaffiliated third party will be used.

 

16-1

  

 

Silver Opportunity Partners LLC | Sunshine Mine

S-K 1300 Technical Report Summary on the Initial Assessment

March 25, 2026

SLR Project No.: 123.020552.00001

 

16.2.1 Concentrate Terms

 

The cash flow valuation of the mineralized material inventory production schedule also includes assumptions on treatment charges and the net smelter return (NSR) related to sale of the concentrates.

 

Table 16-1: Silver-Copper Concentrate Terms

 

Area Terms Notes Refining Charges
Treatment charge $250/dmt    
Payables      
Ag 97% 2.92 oz/st deduction Refining $0.60/oz
Penalties fractions pro rata      
Bi $2.00/dmt    
As $27.00/dmt    
Sb $150/dmt    
Hg $111.00    

Note: Treatment charges and penalties are shown in metric units as per international smelter contract norms.

 

Table 16-2: Lead-Silver Concentrate Terms

 

Area Terms Notes Refining Charges
Treatment charge $60/dmt    
Payables      
Ag 95% 1.46 oz/st deduction Refining $0.6/oz

 

16-2

  

 

Silver Opportunity Partners LLC | Sunshine Mine

S-K 1300 Technical Report Summary on the Initial Assessment

March 25, 2026

SLR Project No.: 123.020552.00001

 

17.0 Environmental Studies, Permitting, and Plans, Negotiations, or Agreements with Local Individuals or Groups

 

17.1 Summary

 

Specific federal, state, and local (Shoshone County, Idaho) regulatory and permitting requirements apply and will apply to SOP. SOP currently holds active, valid permits for all current facets of the mining operation and are in compliance with all permits. At present, there are no known environmental issues that impact the ability to extract Mineral Resources at the Property. SOP is actively engaged with the local communities and stakeholders, and there are no outstanding negotiations or social commitments for the operation of the Sunshine Mine.

 

With the proximity to several watersheds (including Big Creek and the South Fork of the Coeur d’Alene River (South Fork), areas of population (7.25 km miles from Kellogg, Idaho), other mining operations, and the Bunker Hill Mining and Metallurgical Complex Superfund Site, maintaining protection of the environment, regulatory compliance and engagement with regulatory and non-regulatory stakeholders is critical for the progression of the Project.

 

The Sunshine Mine has been operated for various periods between 1884 until 2008, with numerous changes of ownership, operating rates, and processing methods employed. The current property holdings reportedly consist of approximately 25,593 acres including fee simple ownership, patented mining claims, and unpatented mining claims. The primary components of the Project around which environmental monitoring and permitting are associated include the following:

 

● mine, consisting of multiple adits and shafts, ventilation shafts, and headframe

 

● plant site, consisting of the processing facility and support facilities such as offices, maintenance shops, etc.

 

● waste rock storge facility (WRSF)

 

● tailings storage facility (TSF)

 

● water treatment plant (WTP)

 

● Adjacent Consolidated Silver Mine (also known as Silver Summit and ConSil) and the ConSil mill, waste rock, and tailings area

 

● Sunshine Precious Metals Refinery located at 1098 Big Creek Road

 

The Sunshine Mine and related facilities are located in the Big Creek watershed. Big Creek flows into the South Fork. The ConSil facilities are located in the Rosebud Creek watershed. Rosebud Creek flows toward the South Fork; however, surface water flow in the creek appears to infiltrate downhill of the mine facilities and before reaching the South Fork. No surface discharge to the South Fork has been identified or observed via Rosebud Creek. The South Fork is included on the State of Idaho’s Clean Water Act (CWA) 2010 and Draft 2012 303(d) list as impaired (exceeding water quality standards) for suspended sediments, cadmium, lead, and zinc. This is due to historical mine operations located in the Silver Valley that discharged mine wastes and tailings into the South Fork and tributaries before environmental laws were created.

 

The U.S. Environmental Protection Agency (USEPA or EPA) included the South Fork and adjacent areas, including Sunshine, ConSil, and numerous other historical mines in the Upper Basin of the Coeur d’Alene River (the Basin), in the Bunker Hill Mining and Metallurgical Complex Superfund Site, which is listed pursuant to the Comprehensive Response, Compensation, and Liability Act (CERCLA). EPA Region 10 has developed a Remedial Investigation/Feasibility Study for the CERCLA site and, in August 2012, issued an Interim Record of Decision Amendment, which proposed remediation of certain parts of the Basin.

 

17-1

  

 

Silver Opportunity Partners LLC | Sunshine Mine

S-K 1300 Technical Report Summary on the Initial Assessment

March 25, 2026

SLR Project No.: 123.020552.00001

 

17.2 Environmental Studies

 

Environmental data currently exists for the Sunshine mine and processing facilities, ConSil, and Sunshine Precious Metals Refinery from several sources, including:

 

● Monitoring, studies, and reporting performed as required under permits for past and current mine operations

 

● Monitoring and studies associated with past mine operations

 

● Monitoring and studies used for the Superfund documents prepared by the USEPA and Idaho Department of Environmental Quality (IDEQ)

 

● 2004 Site Characterization Report prepared for the former owners of the refinery property

 

In 2012, SOP initiated environmental studies to provide the following information:

 

● Surface water quality and hydrology

 

● Groundwater hydrogeology

 

● Waste rock geochemical characteristics

 

In 2013, as part of a Phase II Environmental Site Assessment (ESA) conducted in connection with the acquisition of the Sunshine Refinery, SOP performed soil, surface water, and groundwater sampling at key locations throughout the refinery property.

 

17.2.1 Hydrology, Hydrogeology and Water Quality

 

A hydrology/hydrogeology baseline study to supplement the available historical data was initiated in March 2012 by Golder Associates Inc. (Golder)) in support of the integrated Preliminary Economic Assessment and Feasibility Study for restarting operations at the Sunshine Mine. The findings from the hydrology and hydrogeology program were also intended to provide the data likely required to support environmental and operational permit applications for the resumption of operations at SOP.

 

Tasks involved in this scope of work included:

 

● Surface water characterization

 

● Groundwater characterization

 

● Waste rock and tailings characterizations

 

● Water balance and dewatering characterization

 

● Water supply and water rights evaluation

 

The field investigations performed to support the IA included:

 

● Two surface water sampling events completed in March and May 2012

 

● One soil drilling and groundwater sampling event in April 2012

 

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Silver Opportunity Partners LLC | Sunshine Mine

S-K 1300 Technical Report Summary on the Initial Assessment

March 25, 2026

SLR Project No.: 123.020552.00001

 

● One waste rock drilling and sampling event in April 2012

 

In addition, SOP implemented an annual receiving water quality monitoring program in compliance with National Pollutant Discharge Elimination System (NPDES) permit requirements, which includes the collection of samples from Big Creek, above and below mine facilities, and from the South Fork, upstream of the NPDES outfall and downstream of the confluence with Big Creek.

 

Measurements of surface water flow have been collected in Big Creek, the South Fork, and in Rosebud Creek at the same locations identified for water quality analysis. The U.S. Geological Survey (USGS) maintains several stream flow stations on the South Fork that provide historical and real time data that can also be used to characterize hydrology around the site. The Big Creek watershed hydrograph is dominated by spring snowmelt typical in north Idaho.

 

17.2.2 Surface Water to support future IPDES Permitting

 

IDEQ adopted the 2007 USEPA recommended aquatic life copper criteria, which are based on using the Biotic Ligand Model (BLM) that requires 11 site-specific input values. IDEQ uses the aquatic life criteria that are adopted in the state regulations for calculating effluent limits. In the absence of site-specific BLM input values, IDEQ uses default regional BLM criteria, which for mountain streams (as is the South Fork Coeur d’Alene River) are low [1.0 micrograms per liter (µg/L) acute and 0.6 µg/L chronic].

 

SOP conducted a site-specific BLM study to develop site-specific copper criteria, for implementation in future Idaho Pollutant Discharge Elimination System (IPDES) permitting. The study was initiated in early 2022 such that a completed study will be available for the next permit renewal and avoid IDEQ implementation of the default criteria. In conjunction with the BLM study, samples are also being collected to support calculation of a site-specific dissolved metals translator (DMT) for copper. The default dissolved metals translator for copper, which translates the dissolved criteria to total for permit limit application is 0.96. In SLR’s experience, the DMT for copper is typically in the 0.5 to 0.8 range. A calculated, site-specific DMT for copper in this typical range would result in a less stringent, more representative copper criteria and permit limits.

 

The BLM study plan was reviewed by IDEQ prior to sampling beginning in April 2022 and was completed in 2024. Data collected during each BLM sample event include the BLM input parameters at a location downstream of outfall 001 on a monthly basis.

 

17.2.3 Hydrogeology

 

Hydrogeology baseline studies included the collection of groundwater from the alluvial (shallow) groundwater system and collection of water exiting the mine portals and seeps. Groundwater was sampled at 17 locations within the Big Creek and Rosebud Creek drainages. This preliminary groundwater characterization effort was conducted at temporary monitoring locations established through direct-push and air-rotary drilling methods. The establishment of a permanent network of groundwater monitoring wells is currently being considered, based on the results of these initial investigations.

 

During the Phase II ESA of the refinery property, five existing monitoring wells around the refinery property were sampled for total petroleum hydrocarbon (TPH)-diesel range organics (DRO), volatile organic compounds (VOCs), semi-volatile organic compounds (SVOCs), total and dissolved metals, polychlorinated biphenyls (PCBs), and wet chemistry. Samples collected from several of the wells indicated concentrations of copper, iron, antimony, and manganese above drinking water limits. However, as no down gradient domestic wells use the alluvial aquifer for drinking water, there are currently no exposure pathways affecting human health.

 

17-3

  

 

Silver Opportunity Partners LLC | Sunshine Mine

S-K 1300 Technical Report Summary on the Initial Assessment

March 25, 2026

SLR Project No.: 123.020552.00001

 

17.2.4 Soils

 

Surface and shallow subsurface (to approximately five feet) soil sampling was performed as part of the Phase II ESA at the refinery property. Soil samples from eight test pits and one additional surface location were obtained and analyzed for TPH, VOCs, SVOCs, metals, and PCBs.

 

Elevated levels of antimony, arsenic, cobalt, lead, mercury, and silver were detected in soil samples, consistent with the understanding that mined material was used as fill for the refinery pad. Other constituents were not detected above reporting limits.

 

17.2.5 Rock and Mine Waste Characterization

 

SOP plans to place waste rock produced during renewed underground mining on the existing Sunshine WRSF. SOP intends to use some of this waste rock at the TSF for construction of additional dam raises and ultimately for closure. There was limited waste rock geochemical data available; therefore, a preliminary characterization program was conducted to evaluate the potential for acid generation and metal leaching from waste rock and to evaluate geotechnical properties. Samples representing the range of rock types in the Sunshine and ConSil WRSFs were collected and subjected to the following test procedures:

 

● Mineralogical and elemental analyses

 

● Static geochemical testing and acid-base accounting using standard geochemical techniques (sulfur analysis, paste pH, acid neutralization potential, and acid generating potential) to determine acid rock drainage potential

 

● Meteoric Water Mobility Procedure (MWMP) analyses to evaluate metals leaching potential

 

The primary findings of this preliminary analysis are as follows:

 

● Waste rock is non-acid generating under several different evaluation criteria.

 

● Trace metal concentrations are generally low or below reporting limits in the MWMP leachates from the ConSil and Sunshine waste rock samples.

 

● Concentrations of antimony, arsenic, barium, boron, copper, manganese, molybdenum, and strontium were detected above reporting limits. The remaining trace metals were all below 0.5 mg/L in the waste-rock leachates.

 

17.2.6 Tailings Storage Facility IDWR Authorization

 

The TSF is inspected monthly by Sunshine staff and annually by Idaho Department of Water Resources (IDWR) inspectors. Sunshine will need to supply IDWR with the designs for review and approval before additional dam lifts are added. IDWR issues a certificate to operate the impoundment annually.

 

17.3 Project Permitting

 

Numerous federal and state permits, plans, and approvals will be required for this Project. The permits are presented in Table 17-1.

 

17-4

  

 

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S-K 1300 Technical Report Summary on the Initial Assessment

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SLR Project No.: 123.020552.00001

 

In certain situations, issuance of a Federal permit requires compliance with the National Environmental Policy Act (NEPA) and development of an Environmental Impact Statement (EIS) or Environmental Assessment (EA). Based on the current proposed operating plan, reopening of the Sunshine Mine will not require development of an EA or EIS.

 

Table 17-1: SOP Environmental Permits for Operation

 

Agency Permit Name Activity Status
IDEQ 1 IPDES Permit No. ID0000060 Waste water discharge Active
IDEQ IPDES No. IDR053001 Storm water discharge Active
IDWR 2 IDWR File: 94-xx03 Tailings Storage Facility authorization Active
Federal Bureau of Alcohol, Tobacco and Firearms Explosives License 9ID00382 Transport, ship, receive, or possess explosives materials Active
IDEQ Permit to Construct Air quality Required
IDEQ Point of Compliance Groundwater monitoring Required
IDEQ Tier II Air Quality Permit Air quality Required
USEPA EPA/RCRA ID Hazardous waste generation and storage Required
Shoshone County Planning and Zoning Department Building and Site Disturbance Permit-permit not yet issued Demolition and Building Required
USEPA Asbestos Removal Demolition Required
Panhandle Health District Institutional Controls Program (ICP) Permit Metal contaminated soils removal Active

Notes:

 

1. Recently transferred NPDES Permit.

2. Will be modified for the planned expansion of the TSF.

 

17.3.1 NPDES Permit Status and Re-issuance

 

Permit Discharge Monitoring Reports (DMRs) are submitted each month and sampling is conducted and reported according to permit requirements.

 

SSMRC is currently in the queue to replace the currently administratively extended IPDES Permit ID0000060 as the Project is further developed. The former NPDES permit was assigned to the IDEQ IPDES permitting system, which is linked to the EPA website for NetDMR reporting. A new permit will likely be more restrictive and require a new water treatment plant.

 

Sunshine applied for and was granted continued coverage under the IDEQ multisector general permit (MSGP) in June 2021. The Storm Water Pollution Prevention Plan was updated to reflect the new permit and the mine site is inspected monthly to maintain compliance.

 

17.3.2 Air Permit

 

IDEQ conducted an air quality compliance inspection in 2015 and found no violations.

 

17-5

  

 

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S-K 1300 Technical Report Summary on the Initial Assessment

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SLR Project No.: 123.020552.00001

 

A preliminary emissions inventory for the Project has been developed and SOP has been in communication with the Air Quality Division of the IDEQ regarding air permitting requirements. Based on the work performed to date it is anticipated that the facility will be considered a minor source and a Permit to Construct (PTC) will be required prior to commencing demolition of the existing processing facilities and construction of the new processing facilities. In anticipation of developing a permit application, an Air Dispersion Modeling Protocol was submitted and was approved by the IDEQ in December 2013; this may require an update.

 

Although no evaluation of potential emissions from the proposed processing facilities have been performed, documents reviewed as part of the Phase I ESA conducted for the refinery property indicate that the facility operated in compliance with Idaho air quality regulations under a PTC exempt status. Additional evaluations regarding emissions related to the new processing facilities and planned operations will need to be conducted to support permitting.

 

SOP will apply for an IDEP PTC before demolition of the existing processing facilities and constructing the facilities commences. Once a complete PTC application is submitted, IDEQ strives to issue a permit within 100 days.

 

17.3.3 CERCLA Issues

 

USEPA has proposed cleanup actions that may affect some aspects of SOP’s plans for reopening the Sunshine Mine. Likewise, it is important to ensure that proposed mine activities do not adversely affect the cleanup activities. According to USEPA’s Proposed Plan, the USEPA intends to manage its Superfund responsibilities in the Upper Basin in a manner that will allow for responsible mining and mineral processing activities as well as exploration and development.

 

In 2001, the former owners of the Sunshine Mine (Sunshine Mining and Refining Company and SPMI) entered into a consent decree with the U.S. Government and Coeur d’Alene Tribe that settled Sunshine’s CERCLA liability and federal natural resource damage claims. SOP should continue to consult with USEPA and IDEQ to ensure that reopening the Sunshine Mine will not impact cleanup activities and that cleanup activities will not affect proposed mine operations. Any contaminated soils or other materials from historical operations encountered during demolition or construction must be managed and disposed under the Institutional Controls Program (ICP) program administered by the Panhandle Health District.

 

17.3.4 Tailings Storage Facility Authorization

 

The TSF is current authorized for operation and reclamation by IDWR under permit IDWR File: 94-xx03 and is in compliance with state regulations operating under the current annual IDWR certificate. This authorization will require an amendment to allow for future expansion.

 

17.4 Environmental Impacts

 

SOP is currently in compliance with all active permits presented in Table 17-1. At present, there are no known environmental issues that impact the ability to extract Mineral Resources at the Property. Specifically, no threatened or endangered species are known to exist at the site; there are no year-round watercourses on the Property; groundwater impact of mining has been addressed, and all environmental regulations and permit conditions are continuously being met.

 

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S-K 1300 Technical Report Summary on the Initial Assessment

March 25, 2026

SLR Project No.: 123.020552.00001

 

17.5 Environmental Monitoring and Reporting

 

Environmental monitoring and reporting are conducted in accordance with various active permits listed in Table 17-1. This monitoring includes surface water, stormwater discharge, and hydrogeology at the TSF. Additional, nonregulatory monitoring includes surface water. Data collected is routinely reported to federal and state agencies to demonstrate compliance. Agency representatives from IDEQ and IDWR also conduct routine compliance inspections.

 

Future environmental monitoring will be defined by the active, amended, active and required permits and authorizations listed in Table 17-1 and includes surface water, stormwater discharge, air emissions, and hydrogeology at the TSF. Environmental monitoring will be conducted during operations and be required post-closure for multiple permits and authorizations.

 

17.6 Community Relations and Social Responsibilities

 

There are currently no outstanding negotiations or social requirements regarding operations at the mine. There are no formal discussions required with local stakeholders or Native American tribal representatives; however, mine management does meet informally to provide general updates and to discuss proposed requests from the community and local stakeholders for donations and support. Additionally, SSMRC is and will remain committed to local direct hiring, local indirect contracting, and procurement of local goods and services.

 

17.7 Mine Closure Requirements

 

IDWR requires a financial assurance for abandonment and closure of tailings storage embankments; therefore, a closure plan and cost estimate has been prepared and is routinely reviewed and approved by IDWR. This existing plan for the Sunshine TSF includes:

 

● dewatering the facility

 

● capping the facility

 

● the construction of a spillway to route precipitation around the dam to a detention pond

 

The State of Idaho does not require a closure and reclamation plan for underground mining operations and there are no State of Idaho regulations that specifically govern the closure of underground mining operations in Idaho. Furthermore, reclamation requirements to which surface mines are subject are not applicable to the Project. Regardless of the regulatory requirements in Idaho, a Closure and Reclamation Plan (CRP) has been developed for the Project that is consistent with sound scientific and engineering practices and meets or exceeds industry best practices for closure and reclamation. The estimated cost for Reclamation and Closure at the end of mine life is $20 million.

 

The CRP includes preliminary plans and conceptual designs for the closure and reclamation of the following major Project facilities.

 

● Demolition and offsite disposal of the Sunshine Mine surface facilities

 

● Portals, shafts, and access roads

 

● Removal of the bank stabilization wall along Big Creek, contouring and stabilization

 

● Gravel access roads

 

● Demolition and offsite disposal of the ConSil mill and other buildings at the ConSil claim

 

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S-K 1300 Technical Report Summary on the Initial Assessment

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SLR Project No.: 123.020552.00001

 

● Sunshine WRSF and haul road

 

● ConSil WRSF and Silver Summit portal yard

 

● TSF

 

● Removal of tailings lines

 

● Removal and disposal of contaminated soils

 

● Ancillary surface disturbance

 

● Sunshine Refinery and Antimony Plant

 

The reclamation plan for the Project employs reclamation techniques that include:

 

● Decontamination, demolition, removal of foundations, and disposal of surface facilities and underground equipment

 

● Sealing of Project-related portals and shafts to prevent human and wildlife access and mitigate fall hazards, respectively

 

● Closure of the TSF

 

● Grading of the WRSFs

 

● Grading of the haul and gravel mine roads

 

● Management of storm water from reclaimed areas to control runoff and limit channel scour sedimentation to Big Creek and Rosebud Creek

 

● Placement of growth media and revegetation of the TSF, WRSFs, processing facility areas, roads, etc.

 

● Post closure monitoring and maintenance

 

More detailed design and estimated costs for closure and reclamation will be developed as the Project advances.

 

17.7.1 Financial Assurance Requirements

 

Although there are no regulatory requirements regarding the closure and reclamation of underground mines in Idaho, the IDWR requires financial assurance for abandonment and closure of tailings storage embankments. The closure plan and cost estimate are reviewed annually by IDWR. The cost to implement this closure plan was estimated at $279,039, which is the basis for the current financial assurance in the form of a certificate of deposit in a cash account for the mine based on State of Idaho regulations.

 

IDWR requires that updates to the surety bond be submitted when an additional, previously approved, stage of the impoundment is constructed. As plans for future expansion of the existing TSF are developed, more detailed closure and reclamation designs should be developed in support of fulfilling the IDWR financial assurance requirements.

 

17.8 QP Opinion

 

The SLR QP is of the opinion that the current plans are adequate to address any issues related to environmental compliance, permitting and local individuals or groups. Plans will be modified as needed to address new issues as they arise.

 

17-8

  

 

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S-K 1300 Technical Report Summary on the Initial Assessment

March 25, 2026

SLR Project No.: 123.020552.00001

 

18.0 Capital and Operating Costs

 

The capital and operating costs presented in this TRS were estimated in Q2 2024 US dollars and have been escalated to Q3 2025. The cost estimates meet the requirements of an AACE International (AACE) Class 5 estimate with an accuracy range of -20% to -50% to +30% to +100% which also meets the requirements of S-K 1300 as the lower and upper limits of -50% to +50% lie within the AACE Class 5 estimate range. The cost estimates are considered to be reasonable and appropriate for an S-K 1300 TRS IA level of study considering that Class 5 estimates usually have 0% to 2% project definition per the AACE classification system.

 

18.1 Capital Costs

 

18.1.1 Base Case

 

The Base Case initial capital costs are estimated to be $286.9 million and corresponding LOM sustaining capital is approximately $560.2 million, as summarized in Table 18-1.

 

Capital costs were estimated in Q2 2024 US dollars and were escalated to Q3 2025 US dollars as follows:

 

● Underground capital 3.1%

 

● Processing capital 5.9%

 

● G&A capital 2.0%

 

Table 18-1: LOM Capital Summary – Base Case

 

Area Units Initial Sustaining Total
Mine Total $ million 167.0 494.4 661.4
Plant and Surface Total $ million 57.0 44.6 101.6
Mine, Plant, and Surface $ million 224.0 539.0 763.1
Closure $ million - 21.2 21.2
Contingency $ million 62.9 - 62.9
Grand Total $ million 286.9 560.2 847.2
Note: Table values may not sum due to rounding.

 

18.1.1.1 Pre-Production Capital Costs

 

The Base Case pre-production capital costs are estimated to be $286.9 million over a three-year construction period. The cost breakdown by area is shown in Table 18-2.

 

Table 18-2: Pre-Production Capital Cost by Year – Base Case

 

Area Units Year -3 Year -2 Year -1 Total
Mine Total $ million 55.5  64.1 47.4 167.0
Plant and Surface Total $ million 0.7  22.5 33.8 57.0
Mine, Plant, and Surface $ million 56.1 86.6 81.3 224.0
Contingency $ million 16.6 24.4 21.9 62.9
Grand Total $ million 72.8 111.0 103.2 286.9
Note: Table values may not sum due to rounding.

 

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S-K 1300 Technical Report Summary on the Initial Assessment

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SLR Project No.: 123.020552.00001

 

Mine Pre-Production Capital Costs

 

The Base Case mine pre-production capital costs are estimated to be $217.1 million, including contingency. The cost breakdown by area and year is shown in Table 18-3. The mine capital costs were estimated from a combination of cost estimates for work at the Sunshine Mine, recent drift rehabilitation experience, estimates from other projects and escalation of previous estimates for work at the Project.

 

Mine development costs are based upon company crews, equipment, and supervision and direction. Mine development, mine general and mine services costs were developed on a first principles basis. The direct mine development costs are estimated to be $1,038/ft for level development and $760/ft for raise development. The mine general and mine services capital includes costs for supervision, maintenance, and technical support.

 

A breakdown of the cost elements for development is shown in Table 18-3. Tramming, mine services, hoisting, supervision and maintenance labor are included as fixed costs in the Mine General costs.

 

After the pre-production period the development capital cost reflects the direct development costs while the mine services, supervision and maintenance are carried in the operating costs. All development waste is planned to removed from the Jewell dump to a waste dump by contractors at a cost of $3.84 per ton.

 

Mine equipment costs are based on manufacturer’s quotation from other projects and from reference materials. Infrastructure capital costs are based upon previous estimates for repair and upgrade, local experience with work on the infrastructure and order of magnitude estimates for certain aspects where the final scope is not yet determined.

 

Table 18-3: Mine Pre-Production Capital Cost by Year – Base Case

 

    Yr -3 Yr -2 Yr -1 Total
Mine Infrastructure $ million 35.0 13.4 0.4 48.8
Mine Equipment $ million 5.5 12.0 9.0 26.5
Mine Development $ million 4.6 23.0 17.4 44.9
Mine General $ million 10.4 15.7 20.7 46.8
Mine Capital $ million 55.5 64.1 47.4 167.0
Mine Capital Expenditures Contingency $ million 16.6 19.2 14.2 50.1
Mine Total $ million 72.1 83.3 61.7 217.1

 

Plant and Surface Pre-Production Capital Costs

 

The Base Case plant and surface pre-production capital costs are estimated to be $69.8 million including contingency. The cost breakdown by area and year is shown in Table 18-4.

 

Table 18-4: Plant and Surface Pre-production Capital Cost by Year – Base Case

 

    Yr -3 Yr -2 Yr -1 Total
Site-Prep Demolition $ million 0.7 -    -    0.7
Ore Sorting $ million -    -    -    -   

 

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S-K 1300 Technical Report Summary on the Initial Assessment

March 25, 2026

SLR Project No.: 123.020552.00001

 

    Yr -3 Yr -2 Yr -1 Total
Concentrator $ million - 13.0 19.5 32.5
Filtration and Dry-Stack Tailings $ million - 6.6 9.9 16.6
Paste Backfill (Surface Facility) $ million - 1.2 1.8 3.0
Water Treatment Plant $ million - 1.7 2.6 4.3
Subtotal $ million 0.7 22.5 33.8 57.0
Contingency $ million - 5.1 7.7 12.8
Mill/Surface Total $ million 0.7 27.7 41.5 69.8
Note:  Table values may not sum due to rounding.

 

The Base Case surface and plant capital cost estimates are based on the following assumptions:

 

● Supply of construction labor is local and readily available. Project hourly labor rate is $85.00 per hour.

 

● Material and labor costs have been based on a 45% material/equipment and 55% labor ratio.

 

● Freight costs have been estimated using 6% supply costs.

 

● Labor and commodity pricing are based on database sources.

 

● Ratios of mechanical equipment costs were used to determine discipline costs.

 

● Spares are included as 3% of total equipment supply costs.

 

● First fills estimates are based on 1% of total equipment supply costs.

 

● EPCM costs are estimated at 15% of total direct costs.

 

● Owner’s costs are based on a build up from the current holding costs and total $2.9 million.

 

Initial Capital Cost Contingency

 

AACE International defines a contingency as “An amount added to an estimate to allow for items, conditions or events for which the state, occurrence and/or effect is uncertain and that experience shows will likely result, in the aggregate, in an additional cost”. Contingency is expected to be spent in the course of the execution of the work.

 

For the mine initial capital, the contingency, based upon the estimator’s experience and the level of design, was estimated to be 30% of Direct and Indirect Costs. For the plant and surface estimate the contingency was factored as 20% for equipment supply, 20% on demolition, and 40% on the balance of the estimate. The weighted surface and plant contingency is 22.5% of plant Direct and Indirect costs.

 

18.1.1.2 Sustaining Capital

 

The Base Case sustaining capital costs total $560.2 million over the LOM, as summarized in Table 18-5. The mine equipment category reflects the balance of the initial equipment fleet while ongoing equipment replacements and/or overhauls are included in the mine general category. Mine development costs reflect the estimated unit cost as applied to the LOM development plan. After the pre-production period, the development capital cost reflects the direct development costs while the mine services, supervision, and maintenance are carried in the operating costs. All development waste is planned to be removed from the Jewell WRSF to a WRSF by contractors at a cost of $3.84/ton.

 

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S-K 1300 Technical Report Summary on the Initial Assessment

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SLR Project No.: 123.020552.00001

 

The plant and surface sustaining capital has been estimated as 3.0% of the initial capital cost per year.

 

Table 18-5: Sustaining Capital Cost by Year

 

Year   Total Year 1 Year 2 Year 3 Year 4 Year 5 Years
6 to 15		 Years
16 to 25
Mine Equipment $ million 3.3 3.3 - - - - - -
Mine Development $ million 353.5 23.7 27.6 30.4 13.4 4.8 138.5 115.0
Mine General $ million 137.7 2.2 5.0 4.0 5.2 8.8 78.4 34.0
Ore Sorting $ million 7.4 - - - 4.9 - 1.5 1.0
Concentrator $ million 21.5 1.0 1.0 1.0 1.0 1.0 9.8 6.8
Filtration and Dry-Stack Tailings $ million 10.9 0.5 0.5 0.5 0.5 0.5 5.0 3.5
Paste Backfill (Surface Facility) $ million 2.0 0.1 0.1 0.1 0.1 0.1 0.9 0.6
Water Treatment Plant $ million 2.8 0.1 0.1 0.1 0.1 0.1 1.3 0.9
Closure $ million 21.2             21.2
Total Capital Expenditure $ million 560.2 30.9 34.4 36.1 25.2 15.3 235.2 183.1
Note:  Table values may not sum due to rounding.

 

18.1.1.3 Exclusions

 

Exclusions from the capital cost estimate include, but are not limited to, the following:

 

● Engineering and studies required to advance the level of engineering study

 

● Project financing and interest charges

 

● Working capital

 

● Escalation during construction

 

● Permits, fees and process royalties

 

● Any additional civil, concrete work due to the adverse soil condition and location

 

● Insurance during construction

 

● Taxes

 

● Import duties and custom fees

 

● Sunk costs

 

● Pilot plant and other test work

 

● Exploration drilling

 

18-4

  

 

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S-K 1300 Technical Report Summary on the Initial Assessment

March 25, 2026

SLR Project No.: 123.020552.00001

 

18.1.2 Indicated Only Case

 

The Indicated Only Case capital cost estimates are considered to meet the requirements of an AACE Class 5 estimate. The capital costs were escalated to Q3 2025 as described in Section 18.1.1. The Indicated Only Case initial capital costs are estimated to be $239.6 million, and the corresponding Indicated Only Case LOM sustaining capital costs (including closure) are approximately $265.3 million, as summarized in Table 18-6.

 

The Indicated Only Case capital costs are high as the rehabilitation requirements are the same as for the Base Case, and a new process plant, paste fill plant, and tailings area revisions are required for the plan. The Indicated Only Case sustaining capital is significantly less than the Base Case as mine development and equipment replacement are reduced.

 

Table 18-6: LOM Capital Summary – Indicated Only Case

 

Area Units Initial Sustaining Total
Mine Total $ million 133.8 225.1 358.9
Plant and Surface Total $ million 57.0 19.0 76.1
Mine, Plant, and Surface $ million 190.8 244.1 434.9
Closure $ million   21.2 21.2
Contingency $ million 48.7   48.7
Grand Total $ million 239.6 265.3 504.9
Note:  Table values may not sum due to rounding.

 

Capital cost exclusions for the Indicated Only Case are shown in Section 18.1.1.3.

 

18.2 Operating Costs

 

18.2.1 Base Case

 

The Base Case LOM operating costs total $1,427 million and are estimated to be $181.38 per ton processed, as summarized in Table 18-7. The costs were estimated in Q2 2024 US dollars and subsequently escalated to Q3 2025 US dollars as follows:

 

● Underground mine 4.8%

● Processing 1.4%

● G&A 2.0%

 

The tons processed is defined as the total mill feed to the plant, pre-ore sorting.

 

Table 18-7: Operating Cost Summary – Base Case

 

Area LOM Average Unit Cost
($/ton processed)		 Total LOM Costs
($ million)
Mine Services and Technical 73.84 580.8
Ore Mining 64.45 507.0
Ore Sorting 0.51 4.0
Processing 16.22 127.6
Tailings Storage 0.75 5.9

 

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Silver Opportunity Partners LLC | Sunshine Mine

S-K 1300 Technical Report Summary on the Initial Assessment

March 25, 2026

SLR Project No.: 123.020552.00001

  

Area LOM Average Unit Cost
($/ton processed)		 Total LOM Costs
($ million)
G&A 25.62 201.5
Total Operating Cost 181.38 1,426.8
Note:  Table values may not sum due to rounding.

 

18.2.1.1 Underground Mine

 

Base Case mine operating costs were estimated from a build up of the mine services, mine technical and mining activity costs. The mine will operate 24 hours per day with a mixture of 10-hour shift for stoping and development and 12-hour shifts for hoists and tramming. The crews will work a 4 day on and 4 day off rotation.

 

Labor rates were based on rates within the mine area, although at the lower end of that scale. The operating costs include overtime averaging for the planned work schedules. Wage rates in the mine department range from $25.20/hr to $49.50/hr. There is no contract bonus for the miners in the estimate and the load on salaries and wages is 46%. A detailed labor build up was prepared for the estimate.

 

The variable items in the mine costs are the direct development and stoping activities. For stoping and development, the operating costs were developed from first principles with the direct labor needs estimated and costs applied based on the labor rates.

 

Supplies costs were estimated from other projects, cost guides and recent listed supplies costs.

 

The long hole stoping unit cost a blend of the sublevel development costs (14% of average stoping costs) and the intervening stoping costs (86% of average stoping costs). The cut and fill stoping costs area combination of the stoping costs plus the initial sublevel development and $7.68/ton for the initial service raise. Cement, to be added to the paste backfill, was included at $150/ton cement with 5% cement addition per ton of paste fill for the cut and fill stopes and 7% for the long hole stopes.

 

Stoping costs include the stope sublevel development.

 

The unit mine operating costs are summarized in Table 18-8. Except for the cut and fill stope service raises, all the level and raise development costs are included in the capital costs.

 

Table 18-8: Unit Mine Operating Costs – Base Case

 

Item Unit Labor Equipment Supplies Total
Long Hole Stoping $/ton 13.74 8.92 21.71 44.36
Cut and Fill Stoping $/ton 26.84 9.73 40.70 77.27
Ore Drives $/ton 23.60 13.08 68.12 104.80
Level Development $/ft 237.62 131.67 685.82 1,055.12
Raise Development $/ft 236.86 316.55 218.81 772.22
Note:  Table values may not sum due to rounding.

 

A high proportion of the mine costs are effectively fixed costs. These are costs related to the operation of the shafts, mining levels, mine services (tramming, movement of supplies, installation and maintenance of services), supervision and maintenance labor to support production activity. These costs of approximately $19.6 million annually are carried as fixed annual costs in the estimates and have not been allocated against stoping or mine development.

 

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S-K 1300 Technical Report Summary on the Initial Assessment

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SLR Project No.: 123.020552.00001

 

The annual cost is composed of $16.2 million for labor and $3.4 million for supplies and energy. Electrical energy is included at a rate of $0.06/kWh. Mine operating costs include sublevel development in the stopes and the raises for the cut and fill stopes; however, all the ramp development and level development is considered to be a capital cost. the overall mine costs per ton mined are summarized in Table 18-9.

 

Table 18-9: LOM Mine Operating Costs – Base Case

 

Operating Cost Area Unit Cost
Mine Services Materials $ 000 83,610
Mine Services Labor $ 000 396,573
Mineralized Material Mining $ 000 506,985
Mine Technical Materials $ 000 20,268
Mine Technical Labor $ 000 80,376
Mine Cost $ 000 1,087,812
     
Unit Cost    
Mine Services $/ton 61.05
Ore Mining $/ton 64.45
Mine Technical $/ton 12.79
Mine Cost $/ton 138.29
Note:  Table values may not sum due to rounding.

 

18.2.1.2 Mineral Processing Facilities

 

Basis of Base Case

 

The total unit process operating cost for the 1,000 stpd crushing plant and flotation concentrator is estimated to be $22.09 per ton of material processed. This operating cost was developed using historical Sunshine concentrator unit consumptions of reagents, materials and supplies, and labor rates typical in the local Silver Valley mines. The concentrator power consumption was determined from the installed power from an equipment list, load list developed as the basis for the capital cost estimate. The power price is based on the escalated InfoMine 2022 cost model unit power cost of $0.061/kWh, and bench marked against operating costs for similar flotation concentrators.

 

Ore Sorter Operating Cost

 

The ore sorter unit operating cost is estimated to be $0.71/ton processed and is based on a single ore sorter, beginning in Year 5 of the LOM, that will process approximately 33 stph of sized (10 mm × 50 mm) secondary crushed material and a unit power cost of $0.061/kWh. Electrical power will be the major operating cost due to the need for large volumes of compressed air.

 

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S-K 1300 Technical Report Summary on the Initial Assessment

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SLR Project No.: 123.020552.00001

 

Total Integrated Concentrator Operating Cost

 

The total unit process operating cost (crushing, ore sorting, and flotation concentrator) is estimated at $22.09/ton of material processed with ore sorting and $21.38/ton of material processed without ore sorting, a difference of $0.71/ton. The concentrator operating cost summary with the ore sorter are presented in Table 18-10 through Table 18-13. Ore sorting reduces the amount of material that needs to be processed.

 

Table 18-10: Process Labor Costs – Base Case – 1,000 stpd

 

Labor Process Labor Cost
($)		 Base Case Unit Cost
($/ton)
Crushing  835,850 2.29
Milling 4,716,533 12.92
Total Process Labor 5,552,383 15.21

Note: Identical for scenarios with ore sorting and without ore sorting.

 

Table 18-11: Power Consumption and Unit Costs – Base Case – 1,000 stpd

 

Power
(Base Case)		 Installed Power
(kW)		 Consumption
(kWh/ton)		 Unit Rate
($/kWh)		 Unit Cost
($/ton)
Ore Sorter Power 769  11.67 0.06 0.71
Crusher Power with Ore Sorter 1,291 27.88 0.06 1.69
Milling Power 1765.7 38.1 0.06 2.33
Total Power with Ore Sorter 3,056.5 66.0 0.06 4.02

 

Table 18-12: Reagents and Consumables Unit Costs - Base Case – 1,000 stpd

 

Reagents and Consumables Consumption
(lb/ton)		 Unit Prices $/lb Unit Costs $/ton
Crusher liners 0.376 1.54 0.58
Ball mill liners 0.216 3.48 0.75
3-inch grinding balls 0.633 1.12 0.71
1-inch grinding balls 0.106 1.12 0.11
Aero 3477 0.006 2.63 0.02
AEROFLOAT 242 0.020 6.04 0.12
Zinc Sulfate 0.170 1.22 0.20
Sodium metabisulfite 0.000 0.82 0.00
Sodium sulfite 0.210 1.12 0.23
MIBC 0.059 2.44 0.14
Reagents and Consumables     2.86

Note: Identical for scenarios with ore sorting and without ore sorting.

 

18-8

  

 

Silver Opportunity Partners LLC | Sunshine Mine

S-K 1300 Technical Report Summary on the Initial Assessment

March 25, 2026

SLR Project No.: 123.020552.00001

 

Table 18-13: Process Operating Unit Costs Summary – Base Case – 1,000 stpd

 

Total Process Operating Costs Base Case
($/ton)
Crushing Cost with Ore Sorter 4.56
Milling Cost with Ore Sorter 17.53
Total Process Cost with Ore Sorter 22.09

 

18.2.1.3 Administration

 

The Base Case site G&A costs during operations are estimated to be $9.0 million per year including $4.4 million per year for salaries and labor.

 

18.2.1.4 Site Labor

 

The Base Case labor levels will build up over the initial startup period. The steady state labor is shown in Table 18-14.

 

Table 18-14: Steady State (Year 5) Workforce – Base Case

 

Department Total
Mine 190
Mine Maintenance 41
Technical Services 22
Plant and Surface 49
G&A 37
Total 339

 

The annual workforce is shown in Figure 18-1.

 

Figure 18-1: Steady State Site Workforce – Base Case

 

 

 

18-9

  

 

Silver Opportunity Partners LLC | Sunshine Mine

S-K 1300 Technical Report Summary on the Initial Assessment

March 25, 2026

SLR Project No.: 123.020552.00001

 

18.2.2 Indicated Only Case

 

The Indicated Only Case LOM operating costs total $426.3 million and are estimated to be $285.10 per ton processed, as summarized in Table 18-15. The costs were estimated in Q2 2024 US dollars and subsequently escalated to Q3 2025 US dollars.

 

The tons processed is defined as the total mill feed to the plant.

 

Table 18-15: Operating Cost Summary – Indicated Only Case

 

Area LOM Average Unit Cost
($/ton processed)		 Total LOM Costs
($ million)
Mine Services and Technical 141.98 212.2
Mineralized Material Mining 63.66 95.2
Ore Sorting - -
Processing 27.24 40.7
Tailings Storage 1.07 1.6
G&A 51.14 76.5
Total Operating Cost 285.10 426.3

 

Basis of Indicated Only Case

 

The mine operating costs for the Indicated Only Case were developed using the same information used to develop the Base Case. Fixed cost items were reviewed and adjusted as necessary considering the shorter mine life and the reduced level of activity.

 

The process operating costs for the 500 stpd Indicated Only Case, summarized in Table 18-16 through Table 18-19, were developed using the same labor cost and unit rates for reagent and material consumptions as the Base Case scenario. Major equipment including crushers and grinding mills were resized for 500 stpd, and the resulting power requirements were used to determine the Indicated Only Case power consumption. Ore sorting is not included in the Indicated Only Case scenario. The total unit operating cost for the Indicated Only Case is $27.24/ton.

 

Table 18-16: Process Labor Costs – Indicated Only Case – 500 stpd

 

Labor Process Labor Cost
($)		 Indicated Only Case Unit Cost
($/ton)
Crushing 599,968 3.29
Milling 3,296,123 18.06
Total Process Labor 3,896,091 21.35

 

Table 18-17: Power Consumption and Unit Costs – Indicated Only Case – 500 stpd

 

Power Installed Power (kW) Consumption (kWh/ton) Unit Rate
($/kWh)		 Unit Cost ($/ton)
Primary crusher 74.6 1.61 0.06 0.10
Secondary crusher 149.2 3.22 0.06 0.20

 

18-10

  

 

Silver Opportunity Partners LLC | Sunshine Mine

S-K 1300 Technical Report Summary on the Initial Assessment

March 25, 2026

SLR Project No.: 123.020552.00001

 

Power Installed Power (kW) Consumption (kWh/ton) Unit Rate
($/kWh)		 Unit Cost ($/ton)
Tertiary crusher 298.4 6.44 0.06 0.39
Milling Power 1,765.7 38.30 0.06 2.32
Total Power 2,287.9 48.70 0.06 3.01

 

Table 18-18: Reagents and Consumables Unit Costs - Indicated Only Case – 500 stpd

 

Reagents and Consumables Consumption (lb/ton) Unit Prices $/lb Unit Costs $/ton
Crusher liners 0.376 1.54 0.58
Ball mill liners 0.216 3.48 0.75
3-inch grinding balls 0.633 1.12 0.70
1-inch grinding balls 0.106 1.12 0.11
Aero 3477 0.006 2.63 0.02
AEROFLOAT 242 0.022 6.04 0.13
Zinc Sulfate 0.171 1.22 0.21
Sodium metabisulfite 0.000 0.82 0.00
Sodium sulfite 0.216 1.12 0.23
MIBC 0.059 2.44 0.15
Reagents and Consumables     2.88

Note: Identical for scenarios with ore sorting and without ore sorting.

 

Table 18-19: Process Operating Unit Costs Summary – Indicated Only Case – 500 stpd

 

Total Process Operating Costs Indicated Only Case
($/ton)
Crushing Cost without Ore Sorter 4.56
Milling Cost without Ore Sorter 22.68
Total Process Cost without Ore Sorter 27.24

 

G&A costs were reviewed considering the lower throughput and shorter mine life.

 

The Indicated Only Case labor levels will build up over the initial startup period. The steady state labor is shown in Table 18-20.

 

Table 18-20: Steady State (Year 4) Workforce – Indicated Only Case – 500 stpd

 

Department Total
Mine 150
Mine Maintenance 39
Technical Services 22
Plant and Surface 65
G&A 37
Total 318

 

18-11

  

 

Silver Opportunity Partners LLC | Sunshine Mine

S-K 1300 Technical Report Summary on the Initial Assessment

March 25, 2026

SLR Project No.: 123.020552.00001

 

The Indicated Only Case annual workforce is shown in Figure 18-2.

 

Figure 18-2: Site Workforce – Indicated Only Case 

 

18-12

  

 

Silver Opportunity Partners LLC | Sunshine Mine

S-K 1300 Technical Report Summary on the Initial Assessment

March 25, 2026 

SLR Project No.: 123.020552.00001

 

19.0 Economic Analysis

 

The economic analyses contained in this TRS are preliminary in nature and are based, in part, on Inferred Mineral Resources that are considered too speculative geologically to have modifying factors applied to them that would enable them to be categorized as Mineral Reserves.

 

It is important to note that, unlike Mineral Reserves, Mineral Resources do not have demonstrated economic viability, and there is no certainty that the economic projections presented in this IA will be realized.

 

Taxes and revenues are assumed. Discounted cash flow analyses are based on assumed production rates and revenues from available Mineral Resources.

 

SLR notes that the economic analysis presented in this section is based on revenue from silver only. After-tax cash flow projections have been generated from the Base Case and Indicated Only Case LOM production schedules and capital and operating cost estimates and are summarized in the sub-sections that follow.

 

19.1 Base Case

 

19.1.1 Economic Criteria

 

The Project’s Base Case is based on a production plan with a mine life of 24 years, and includes a mineralized material inventory of approximately 7.9 Mst at a LOM average silver grade of approximately 19 opt.

 

The Base Case mineralized material inventory includes approximately 5.8 Mst of Inferred Mineral Resources containing 102 Moz of silver (approximately 74% of total Base Case tonnage and 68% of total Base Case silver ounces). The remaining material in the mined inventory is from Indicated Mineral Resources.

 

A summary of the Base Case criteria is provided below.

 

19.1.1.1 Revenue

 

● LOM average mine production rate of approximately 864 short tons per day of mineralized material inventory (350,000 short tons per year).

 

● Silver metallurgical recovery, including ore sorting, as indicated by historical averages and test work, averaging 95.8%.

 

● Silver produced in a silver-copper concentrate and a lead-silver concentrate. Silver payable at:

 

○ Silver-copper concentrate – Ag payable: 97%.

 

○ Lead-silver concentrate – Ag payable: 95%.

 

● Metal price: $46.36 per ounce silver (all years).

 

● LOM average unit Net Smelter Return (NSR) of $1,050/t milled, including doré refining, transport, and insurance costs.

 

● Additional $5/t ore sorter reject sold as aggregate.

 

● Revenue is recognized at the time of production.

 

  19-1  
 

 

Silver Opportunity Partners LLC | Sunshine Mine

S-K 1300 Technical Report Summary on the Initial Assessment

March 25, 2026 

SLR Project No.: 123.020552.00001

 

● Total LOM Earnings Before Income Tax Depreciation and Amortization (EBITDA or operating margin) of approximately $4.38 billion.

 

● LOM concentrate tonnage totaling approximately 314,000 short wet tons.

 

19.1.1.2 Costs

 

● Pre-production period: 36 months (Year -3 to Year-1).

 

● Mine life: 24 years after pre-production period.

 

● LOM production plan as summarized in Table 13-13.

 

● Total initial capital costs of approximately $286.9 million.

 

● LOM sustaining capital costs of approximately $539.1 million.

 

● Reclamation and closure costs of approximately $21.2 million.

 

● Total LOM unit operating cost averaging $181.38 per short ton of plant feed, pre-ore sorting.

 

19.1.1.3 Taxation and Royalties

 

A summary of the estimated taxes and royalties paid over the LOM are itemized below.

 

● Taxes:

 

○ The Project is subject to a State Income Tax rate of 5.8% and a Federal Income Tax rate of 21%.

 

○ LOM taxes total approximately $696.8 million.

 

● Royalties:

 

○ Sunshine 7% NSR: $438.3 million.

 

○ Metropolitan 16% Net Proceeds: $8 million.

 

○ Silver Summit/Con-Sil 4% NSR: $22.5 million.

 

○ LOM royalties total approximately: $468.9 million.

 

19.1.2 Cash Flow Analysis

 

Considering the Project’s Base Case on a stand-alone basis, the LOM undiscounted pre-tax cash flow totals approximately $3.53 billion, the LOM undiscounted after-tax cash flow totals approximately $2.83 billion, and simple payback occurs 1.9 years from the start of production in Year 1.

 

The Total All-in Sustaining Cost (AISC) is approximately $18.81 per ounce of silver, including sustaining capital and final closure/reclamation costs of approximately $4.04 per ounce.

 

Average annual silver production during operation is approximately 5.8 million ounces per year.

 

A discount rate of 5% has been applied in this TRS for the Project. This rate reflects prevailing industry standards for evaluating precious-metal projects in North America. The after-tax Net Present Value (NPV) at a 5% discount rate is approximately $1.43 billion, and the after-tax Internal Rate of Return (IRR) is approximately 38.3%.

 

  19-2  

 

Silver Opportunity Partners LLC | Sunshine Mine

S-K 1300 Technical Report Summary on the Initial Assessment

March 25, 2026 

SLR Project No.: 123.020552.00001

 

A LOM summary of the Base Case Project economics is presented in Table 19-1. A full annual cash flow model summary is presented in Section 27.0 Table 27-1.

 

Table 19-1: After-Tax Cash Flow Summary – Base Case

 

Description LOM Value
Mineable Inventory  
Indicated Mineral Resources (Mst) 2.1
Ag (Moz) 48
Grade (opt) 22.8
Inferred Mineral Resources (Mst) 5.8
Ag (Moz) 102
Grade (opt) 17.5
Total Mineralized Material Inventory (Mst) 7.9
Ag (Moz) 150
Grade (opt) 19.0
Revenue  
Realized Market Prices  
Ag ($/oz) 46.36
Payable Metal  
Ag (Moz) 139
Subtotal – Silver Gross Revenue ($ million) 6,425
Aggregate Sales ($ million) 12
Total Gross Revenue ($ million) 6,437
Operating Costs ($ million)  
Mining Cost (1,088)
Process Cost (132)
Tailings Cost (6)
G & A Cost (201)
Concentrate Freight Cost (17)
TC/RC and penalties (146)
Royalties/Duties (469)
Total Operating Costs ($ million) (2,059)
Operating Margin (EBITDA) ($ million) 4,378
Total Tax Payable (697)
Working Capital 0
Operating Cash Flow ($ million) 3,681

 

  19-3  

 

Silver Opportunity Partners LLC | Sunshine Mine

S-K 1300 Technical Report Summary on the Initial Assessment

March 25, 2026 

SLR Project No.: 123.020552.00001

 

Description LOM Value
Initial Capital (287)
Sustaining Capital (539)
Closure/Reclamation Capital (21)
Total Capital ($ million) (847)
   
Pre-tax Free Cash Flow ($ million) 3,531
Pre-tax NPV @ 5% ($ million) 1,793
Pre-tax IRR (%) 41.9%
   
After-tax Free Cash Flow ($ million) 2,834
After-tax NPV @ 5% ($ million) 1,434
After-tax IRR (%) 38.3%
AISC ($/oz Ag) 18.81
Note:  Table values may not sum due to rounding.

 

19.1.3 Sensitivity Analysis

 

Project risks can be identified in both economic and non-economic terms. Key economic risks were examined by running cash flow sensitivities on the following parameters:

 

● Silver price

 

● Silver metallurgical recovery

 

● Silver milled head grade

 

● Total site operating costs

 

● Total capital costs

 

The after-tax NPV 5% and IRR sensitivities for the Base Case have been calculated for -20% to +20% variations for milled head grade, at -10% to +3% for metallurgical recovery of silver, and at -15% to +35% for operating and capital costs. Given the elevated spot price for silver at the time of report preparation, the after-tax NPV 5% and IRR sensitivities for the Base Case have been calculated for -20% to +73% variations in silver price. The sensitivities are presented in Table 19-1, Figure 19-1, and Figure 19-2.

 

  19-4  

 

Silver Opportunity Partners LLC | Sunshine Mine

S-K 1300 Technical Report Summary on the Initial Assessment

March 25, 2026 

SLR Project No.: 123.020552.00001

 

Table 19-2: After-Tax Sensitivity Analysis – Base Case

 

Variance Milled Head Grade
(opt Ag) 		NPV at 5%
($ million)		 IRR
80% 21.37 $951 30.0%
90% 24.04 $1,193 34.3%
100% 26.71 $1,434 38.3%
110% 29.38 $1,675 42.1%
120% 32.05 $1,916 45.5%
Variance Recovery
(% Ag)		 NPV at 5%
($ million)		 IRR
90% 87.3% $1,194 34.3%
95% 92.2% $1,314 36.4%
100% 97.0% $1,434 38.3%
102.5% 99.4% $1,494 39.3%
103% 99.9% $1,506 39.5%
Variance Silver Price
($/oz Ag)		 NPV at 5%
($ million)		 IRR
80% $37.09 $940 29.7%
90% $41.72 $1,188 34.2%
100% $46.36 $1,434 38.3%
130% $60.27 $2,173 49.0%
173% $80.00 $3,220 61.5%
Variance Site Operating Costs
($/t)		 NPV at 5%
($ million)		 IRR
85% $154 $1,544 39.8%
93% $168 $1,489 39.0%
100% $181 $1,434 38.3%
118% $213 $1,306 36.6%
135% $245 $1,178 34.8%
Variance Capital Costs
($ million)		 NPV at 5%
($ million)		 IRR
85% $723 $1,499 43.6%
93% $785 $1,467 40.8%
100% $847 $1,434 38.3%
118% $992 $1,358 33.4%
135% $1,136 $1,281 29.5%

 

  19-5  

 

Silver Opportunity Partners LLC | Sunshine Mine

S-K 1300 Technical Report Summary on the Initial Assessment

March 25, 2026 

SLR Project No.: 123.020552.00001

 

Figure 19-1: After-Tax NPV Sensitivity Analysis – Base Case

 

 

  19-6  

 

Silver Opportunity Partners LLC | Sunshine Mine

S-K 1300 Technical Report Summary on the Initial Assessment

March 25, 2026 

SLR Project No.: 123.020552.00001

 

Figure 19-2: After-Tax IRR Sensitivity Analysis – Base Case

 

 

19.2 Indicated Only Case

 

19.2.1 Economic Criteria

 

The Indicated Only Case assumes a production schedule based exclusively on Indicated Mineral Resources, resulting in a mineralized material inventory of 1.5 Mst and a projected mine life of ten years. A summary of the Indicated Only Case criteria is provided below.

 

19.2.1.1 Revenue

 

● LOM average production rate of approximately 430 short tons per day from underground Indicated Mineral Resources.

 

● The Indicated Only Case does not include the ore sorting phase, and mine production is fed directly to the mill.

 

● Silver metallurgical recovery averaging 97%.

 

● Silver produced in a silver-copper concentrate and a lead-silver concentrate. Silver payable at:

 

○ Silver-copper concentrate – Ag payable: 97%.

 

○ Lead-silver concentrate – Ag payable: 95%.

 

● Metal price: $46.36 per ounce silver (all years).

 

● LOM average unit Net Smelter Return (NSR) of $990/st milled, including doré refining, transport, and insurance costs.

 

  19-7  

 

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S-K 1300 Technical Report Summary on the Initial Assessment

March 25, 2026 

SLR Project No.: 123.020552.00001

 

● Revenue is recognized at the time of production.

 

● Total LOM Earnings Before Income Tax Depreciation and Amortization (EBITDA) of approximately $1,054 million.

 

● LOM concentrate tonnage totalling approximately 68,000 short wet tons

 

19.2.1.2 Costs

 

● Pre-production period: 36 months (Year -3 to Year-1).

 

● Mine life: Ten years after pre-production period.

 

● LOM production plan as summarized in Table 13-13.

 

● Total initial capital costs of approximately $239.6 million.

 

● LOM sustaining capital costs of approximately $244.1 million.

 

● Reclamation and closure costs of approximately $21.2 million.

 

● Total LOM unit operating cost averaging $285.10 per short ton of plant feed.

 

19.2.1.3 Taxation and Royalties

 

A summary of the estimated taxes and royalties paid over the LOM is itemized below.

 

● Taxes:

 

○ The Project is subject to a State Income Tax rate of 5.8% and a Federal Income Tax rate of 21%.

 

○ Total LOM taxes of approximately $87.8 million.

 

● Royalties:

 

○ Sunshine 7% NSR: $112.0 million.

 

○ Metropolitan 16% Net Proceeds: $1.3 million.

 

○ Silver Summit/Con-Sil 4% NSR: $5.8 million.

 

○ Total LOM royalties of approximately $119.1 million.

 

19.2.2 Cash Flow Analysis

 

Considering the Project’s Indicated Only Case on a stand-alone basis, the LOM undiscounted pre-tax cash flow totals approximately $549.2 million, the LOM undiscounted after-tax cash flow totals approximately $461.3 million, and simple payback occurs 3.4 years from start of production (Year 1).

 

The Total All-in Sustaining Cost (AISC) is approximately $24.06 per ounce of silver, including sustaining capital and final closure/reclamation costs of approximately $7.50 per ounce.

 

The average annual silver production from Year 2 to Year 9 (years of full production) is approximately 4 Moz per year.

 

A discount rate of 5% has been applied in this TRS for the Project. This rate reflects prevailing industry standards for evaluating precious-metal projects in North America. The after-tax Net Present Value (NPV) at a 5% discount rate is approximately $270.4 million, and the after-tax Internal Rate of Return (IRR) is approximately 21.1%.

 

  19-8  

 

Silver Opportunity Partners LLC | Sunshine Mine

S-K 1300 Technical Report Summary on the Initial Assessment

March 25, 2026 

SLR Project No.: 123.020552.00001

 

A LOM summary of the Indicated Only Case Project economics is presented in Table 19-3. A full annual cash flow model summary is presented in Section 27.0 Table 27-2.

 

Table 19-3: After-Tax Cash Flow Summary – Indicated Only Case

 

Description LOM Value
Mineable Inventory  
Indicated Mineral Resources (Mst) 1.5
Contained Ag (Moz) 37.7
Grade (opt) 25.20
Inferred Mineral Resources (Mst) -
Contained Ag (Moz) -
Grade (opt) -
Total Mined Inventory (Mst) 1.5
Contained Ag (Moz) 37.7
Grade (opt) 25.20
Revenue  
Realized Market Prices  
Ag ($/oz) 46.36
Payable Metal  
Ag (Moz) 35.4
Subtotal – Silver Gross Revenue ($ million) 1,640
Aggregate Sales ($ million) -
Total Gross Revenue ($ million) 1,640
Operating Costs ($ million)  
Mining Cost (307)
Process Cost (41)
Tailings Cost (2)
G & A Cost (76)
Concentrate Freight Cost (4)
TC/RC and penalties (37)
Royalties/Duties (119)
Total Operating Costs ($ million) (586)
Operating Margin (EBITDA) ($ million) 1,054
Total Tax Payable (88)
Working Capital 0
Operating Cash Flow ($ million) 966

 

  19-9  

 

Silver Opportunity Partners LLC | Sunshine Mine

S-K 1300 Technical Report Summary on the Initial Assessment

March 25, 2026 

SLR Project No.: 123.020552.00001

 

Description LOM Value
Initial Capital (240)
Sustaining Capital (244)
Closure/Reclamation Capital (21)
Total Capital ($ million) (505)
   
Pre-tax Free Cash Flow ($ million) 549
Pre-tax NPV @ 5% ($ million) 328
Pre-tax IRR (%) 23.0%
   
After-tax Free Cash Flow ($ million) 461
After-tax NPV @ 5% ($ million) 270
After-tax IRR (%) 21.1%
AISC ($/oz Ag) 24.06
Note:  Table values may not sum due to rounding.

 

19.2.3 Sensitivity Analysis

 

Project risks can be identified in both economic and non-economic terms. Key economic risks were examined by running cash flow sensitivities on the following parameters:

 

● Silver price

 

● Silver metallurgical recovery

 

● Silver milled head grade

 

● Total site operating costs

 

● Total capital costs

 

The after-tax NPV 5% and IRR sensitivities for the Indicated Only Case have been calculated for -20% to +20% variations for milled head grade, at -10% to +3% for metallurgical recovery of silver, and at -15% to +35% for operating and capital costs. Given the elevated spot price for silver at the time of report preparation, the after-tax NPV 5% and IRR sensitivities for the Indicated Only Case have been calculated for -20% to +73% variations in silver price. The sensitivities are presented in Table 19-4, Figure 19-3, and Figure 19-4.

 

  19-10  

 

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S-K 1300 Technical Report Summary on the Initial Assessment

March 25, 2026 

SLR Project No.: 123.020552.00001

 

Table 19-4: After-Tax Sensitivity Analysis – Indicated Only Case

 

Variance Milled Head Grade
(opt Ag) 		NPV at 5%
($ million)		 IRR
80% 20.16 $95 11.5%
90% 22.68 $183 16.6%
100% 25.20 $270 21.1%
110% 27.72 $355 24.9%
120% 30.24 $437 28.3%
Variance Recovery
(% Ag)		 NPV at 5%
($ million)		 IRR
90% 87.3% $184 16.7%
95% 92.2% $227 18.9%
100% 97.0% $270 21.1%
102.5% 99.4% $292 22.1%
103% 99.9% $296 22.3%
Variance Silver Price
($/oz Ag)		 NPV at 5%
($ million)		 IRR
80% $37.09 $91 11.3%
90% $41.72 $181 16.5%
100% $46.36 $270 21.1%
130% $60.27 $524 31.7%
173% $80.00 $878 43.2%
Variance Site Operating Costs
($/t)		 NPV at 5%
($ million)		 IRR
85% $242 $315 23.1%
93% $264 $293 22.1%
100% $285 $270 21.1%
118% $335 $218 18.5%
135% $385 $165 15.8%
Variance Capital Costs
($ million)		 NPV at 5%
($ million)		 IRR
85% $432 $333 26.5%
93% $469 $302 23.6%
100% $505 $270 21.1%
118% $589 $194 15.7%
135% $674 $117 11.0%

 

  19-11  

 

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S-K 1300 Technical Report Summary on the Initial Assessment

March 25, 2026 

SLR Project No.: 123.020552.00001

 

Figure 19-3: After-Tax NPV Sensitivity Analysis – Indicated Only Case

 

 

Figure 19-4: After-Tax IRR Sensitivity Analysis – Indicated Only Case

 

 

  19-12  

 

Silver Opportunity Partners LLC | Sunshine Mine

S-K 1300 Technical Report Summary on the Initial Assessment

March 25, 2026 

SLR Project No.: 123.020552.00001

 

19.3 Comparison of Cases

 

Table 19-5 presents a comparison of cash flow results for the Project’s LOM Base Case and LOM Indicated Only Case scenarios.

 

Table 19-5: Comparison of Cash Flow – Base Case and Indicated Only Case

 

Description Base Case Indicated
Only Case		 Difference Relative
to Base Case
Mineable Inventory      
Mine Life (years) 24 10 (14)
Indicated Mineral Resources (Mst) 2.1 1.5 (0.6)
Ag (Moz) 48 37 (11)
Grade (opt) 22.8 25.2 2.4
Inferred Mineral Resources (Mst) 5.8 - (5.8)
Ag (Moz) 102 - (102)
Grade (opt) 17.5 - (17.5)
Total Mined Inventory (Mst) 7.9 1.5 (6.4)
Ag (Moz) 150 37 (112)
Grade (opt) 19.0 25.2 6.2
Revenue      
Realized Market Prices      
Ag ($/oz) 46.36 46.36 -
Payable Metal      
Ag (Moz) 138.6 35.4 (103.2)
Subtotal – Silver Gross Revenue ($ million) 6,425 1,640 (4,785)
Aggregate Sales ($ million) 12 - (12)
Total Gross Revenue ($ million) 6,437 1,640 (4,797)
Operating Costs ($ million)      
Mining Cost (1,088) (307) 780
Process Cost (132) (41) 91
Tailings Cost (6) (2) 4
G & A Cost (201) (76) 125
Concentrate Freight Cost (17) (4) 13
TC/RC and penalties (146) (37) 109
Royalties/Duties (469) (119) 350
Total Operating Costs ($ million) (2,059) (586) 1,473
Operating Margin (EBITDA) ($ million) 4,378 1,054 (3,324)

 

  19-13  

 

Silver Opportunity Partners LLC | Sunshine Mine

S-K 1300 Technical Report Summary on the Initial Assessment

March 25, 2026 

SLR Project No.: 123.020552.00001

 

Description Base Case Indicated
Only Case

Difference Relative

to Base Case
Total Tax Payable (697) (88) 609
Working Capital 0 0 0
Operating Cash Flow ($ million) 3,681 966 (2,715)
Initial Capital (287) (240) 47
Sustaining Capital (539) (244) 295
Closure/Reclamation Capital (21) (21) 0
Total Capital ($ million) (847) (505) 342
       
Pre-tax Free Cash Flow ($ million) 3,531 549 (2,981)
Pre-tax NPV @ 5% ($ million) 1,793 328 (1,465)
Pre-tax IRR 41.9% 23.0% (19.0%)
       
After-tax Free Cash Flow ($ million) 2,834 461 (2,372)
After-tax NPV @ 5% ($ million) 1,434 270 (1,164)
After-tax IRR (%) 38.3% 21.1% (17.3%)
AISC (U$/oz Ag) 18.81 24.06 5.25

 

  19-14  

 

Silver Opportunity Partners LLC | Sunshine Mine

S-K 1300 Technical Report Summary on the Initial Assessment

March 25, 2026 

SLR Project No.: 123.020552.00001

 

20.0 Adjacent Properties

 

Information on adjacent properties is not material to this TRS; however, data from adjacent properties is readily available in the public space. The QP for mineral resources has not verified information outside the Project area. The reported adjacent property data is not necessarily indicative of the mineralization or future potential mineral resources at Sunshine.

 

The Coeur d’ Alene Mining District of Shoshone County in northern Idaho has produced more silver than any other mining district in the United States and is historically one of the top three silver districts in the world in total silver produced. Through 2006, the Coeur d’ Alene Mining District has produced more than 1.2 billion ounces of silver. There are two adjacent properties to the Sunshine Mine.

 

The Galena Mine is owned and commercially operated by Americas Gold and Silver (AGS). The Galena property lies 5 miles (8 km) to the east but is immediately adjacent to Sunshine mineral rights. Historically, the Galena Mine produced over 250 million ounces of silver in its 50 years of operating history. A full NI 43-101 Technical Report on the Galena complex can be found on AGS’s website (https://americas-gold.com/), as well as on the System for Electronic Document Analysis and Retrieval (SEDAR). Figure 20-1 and Figure 20-2 provide tables of mineral resources and mineral reserves for the Galena Complex, respectively. The QP for mineral resources has not verified information outside the Project area. The reported adjacent property data are not necessarily indicative of the mineralization or future potential mineral resources at Sunshine.

 

  20-1  

 

Silver Opportunity Partners LLC | Sunshine Mine

S-K 1300 Technical Report Summary on the Initial Assessment

March 25, 2026 

SLR Project No.: 123.020552.00001

 

Figure 20-1: AGS, Galena Complex, 2015 MRE, Exclusive of Mineral Reserves

 

 

Source: AGS 2016

 

  20-2  

 

Silver Opportunity Partners LLC | Sunshine Mine

S-K 1300 Technical Report Summary on the Initial Assessment

March 25, 2026 

SLR Project No.: 123.020552.00001

  

Figure 20-2: AGE, Galena Complex, 2015 Mineral Reserve Estimate

 

 

Source: AGS 2016

 

  20-3  

 

Silver Opportunity Partners LLC | Sunshine Mine

S-K 1300 Technical Report Summary on the Initial Assessment

March 25, 2026 

SLR Project No.: 123.020552.00001

 

The second property adjacent to Sunshine is the Bunker Hill Mine owned by Bunker Hill Mining Corporation (BHMC). The Bunker Hill property lies 3.4 miles (5.5 km) to the west but is immediately adjacent to some Sunshine mineral rights. Historically, the Bunker Hill Mine produced over 165 million ounces of silver in its 106 years of operating history. The mine has been closed since 1991 and is in the process of reopening. A NI 43-101 Technical Report on the Bunker Hill Mine can be found on BHMC’s website (https://www.bunkerhillmining.com/), as well as on SEDAR. Table 20-1 provides a table of mineral resources for the Bunker Hill Mine.

 

Table 20-1: BHMC Bunker Hill Mine Mineral Resource Estimate, Effective August 29, 2022

 

Classification Tonnage
(000 tons)		 NSR
($/ton)		 Grade
(Ag opt)		 Contained Metal
(000 oz Ag)		 Grade
(% Pb)		 Contained Metal
(000 lb Pb)		 Grade
(% Zn)		 Contained Metal
(000 lb Zn)
Measured 2,374 119.60 1.01 2,404 2.46 116,574 5.37 254,811
Indicated 4,662 119.81 1.00 4,657 2.37 221,295 5.48 510,964
Measured and Indicated 7,036 119.74 1.00 7,061 2.40 337,869 5.44 765,774
Inferred 6,943 126.28 1.52 10,532 2.87 398,901 4.96 688,482

 

Source: BHMC 2022

Note: Bunker Hill MRE, inclusive of Mineral Reserves with an NSR of $70/ton cut-off value using $20/oz Ag, $1.20/lb Zn, and $1.00/lb lead. Resources estimated at 3.30% Zn COG

 

The SRK QP has not independently verified this information and this information is not necessarily indicative of the mineralization at the Sunshine Mine.

 

  20-4  

 

Silver Opportunity Partners LLC | Sunshine Mine

S-K 1300 Technical Report Summary on the Initial Assessment

March 25, 2026 

SLR Project No.: 123.020552.00001

 

Figure 20-3: Adjacent Properties

 

 

  20-5  

 

Silver Opportunity Partners LLC | Sunshine Mine

S-K 1300 Technical Report Summary on the Initial Assessment

March 25, 2026 

SLR Project No.: 123.020552.00001

 

21.0 Other Relevant Data and Information

 

SOP has digitized a large volume of historical geological records and continues to work to incorporate this data into the Project’s 3D resource model. A significant new drilling program is underway, with modern mapping activities identifying additional mineralization from the underground mine’s existing workings.

 

The economic analysis presented in Section 19.0 is based on revenue from silver only. Anomalous copper, lead, and antimony were contained in the Project’s historical production and represent notable Project upside. SOP is currently undertaking additional work to model these metals and recognize their economic impact. SOP aims to deliver a feasibility study for a restart of mining and refining operations at the Project in 2027.

 

  21-1  

 

Silver Opportunity Partners LLC | Sunshine Mine

S-K 1300 Technical Report Summary on the Initial Assessment

March 25, 2026 

SLR Project No.: 123.020552.00001

 

22.0 Interpretation and Conclusions

 

The Project demonstrates a positive cashflow in both the Base Case (including Inferred Mineral Resources) and in the Indicated Only Case which is based solely upon Indicated Mineral Resources. SLR concludes that the Project warrants further study and offer the following conclusions on the Project by area:

 

22.1 Geology and Mineral Resources

 

● Despite a long and productive mining history, the existing Project represents a brownfield underground project with high potential for expansion and definition of the mesothermal silver vein systems through continued exploration. The upper levels of the mine have had limited drilling and development due to the historical exploration methodology available during the early years of the mine’s operation. Additionally, the current economic outlook for silver and base minerals has changed drastically, and updated cut-off grades are lower than previous. SOP conducted recent infill and exploration drilling that expanded Mineral Resources. During future exploration and development phases, additional drilling has the potential to grow the known resource and potentially discover unidentified veins.

 

● Portions of the deposit remain sparsely drilled by modern methods, and continued drilling would improve understanding of the grade distribution and mineralization continuity. Future exploration programs should include a combination of infill drilling to improve geological understanding and the confidence in the Mineral Resource estimate, coupled with wider-spaced, step-out drilling to test prospective areas for new veins.

 

● From August 2022 until October of 2023, SOP completed a drilling campaign that totaled 54,369 ft of core in 38 drill holes. Each of the completed drill holes was successful in intersecting planned targets or providing new knowledge in previously unknown areas. All the new and historical drilling data helped inform the geology model, which is the first 3D model in the Sunshine Mine’s 140-year history. This will be helpful for ongoing exploration targeting. Resource conversion of Inferred mineralization to higher classification categories is likely to continue as SOP works toward the resumption of production.

 

● The SRK QP has audited the security, sample preparation, and analytical procedures, and they are consistent with generally accepted industry standards. Specific records are limited for sampling procedures of the historical drilling programs; however, no known bias exists in the earlier sample grades compared to recent assay results. SOP has generally followed industry-accepted methods for QA/QC, including the use of standards, blanks, and duplicate samples in the 2023 drilling program. The SRK QP has reviewed all available QA/QC results, and they are considered adequate for an acceptable level of confidence in analytical data for the reporting of Mineral Resources, as per S-K 1300 guidelines.

 

● SRK independently reviewed the core sampling, cutting, logging, sample preparation, security, and laboratory analytical procedures followed at Sunshine during multiple site visits. The exploration and sampling protocols practiced at Sunshine are consistent with or exceed generally accepted industry guidance and are deemed adequate for the stage of the Project. In the SRK QP’s opinion, data verification checks performed internally by Sunshine staff, in combination with independent checks and detailed audits by the SRK QP, have resulted in sufficient validation of the fundamental drilling database at Sunshine. The data is acceptable and adequately reliable for use in geological modeling and estimation of Mineral Resources.

 

  22-1  

 

Silver Opportunity Partners LLC | Sunshine Mine

S-K 1300 Technical Report Summary on the Initial Assessment

March 25, 2026 

SLR Project No.: 123.020552.00001

 

● Mineral Resources have been stated in this TRS for the Project and have been classified in accordance with S-K 1300 definitions, which are consistent with the classification scheme under the CRIRSCO standards, based on sampling density and confidence in the geological model and estimation. In the SRK QP’s opinion, the results of the exploration work completed on the Project to date are of substantial technical merit to recommend additional exploration expenditures.

 

● In August 2025, SOP began an extensive and ongoing underground exploration drilling program. As of the TRS report date, approximately 48,000 feet (31%) of a planned 154,000-ft drilling campaign have been completed in 70 new drill holes. Preliminary observations by SOP indicate that the ongoing drilling has encountered mineralization in areas outside the current Mineral Resource estimate and may support upgraded resource classification in other infill areas. The SRK QP has not quantified any potential changes to the Mineral Resource estimate from these ongoing drilling results, as the data requires appropriate verification and revised vein modeling that will occur in future updates to the current Mineral Resource estimate. These additional drilling results may prove to be material when evaluated and incorporated into an updated resource model.

 

● To the extent known, there are no significant risks or uncertainties that could be expected reasonably to affect the reliability or confidence in the Sunshine drilling and sampling information provided by SOP. The SRK QP identified some minor risks:

 

○ The majority of the data supporting the Resource is historical in nature, including underground channel samples and small-diameter core drill holes, which should be confirmed by additional definition drilling.

 

○ The current Sunshine vein interpretations locally, in some areas, make assumptions on continuity that are subject to potentially significant volumetric changes, especially in zones of limited sample support. SRK relied upon the SOP geological interpretation to construct wireframes for estimation purposes and had validated the geological model. Potential inaccuracies in consistent determination of actual vein widths, orientations, unknown structural offsets, or changes in continuity within the interpreted domains were reflected in the classification of Mineral Resources, predominantly in the lack of any Measured material. SRK recommends additional drilling and sampling as the Project progresses to determine grade variability and vein domain interpretations with higher confidence.

 

○ Development of reasonable prospects for economic extraction (RPEE) relies on the historical documentation of mined-out areas, which is believed to be reasonably accurate. In some areas, additional mining may have occurred that is undocumented and would affect mineable vein volumes. Based on the SOP documentation and the historical data reviewed to date, in the SRK QP’s opinion, it is unlikely that significant mined-out areas remain undiscovered and not depleted from the current Mineral Resource estimate. Drill holes from the 2025–2026 campaign have confirmed that areas of identified historical mined-out workings spatially match previous production records. Additionally, some stopes that meet RPEE from the Mineable Stope Optimization (MSO) runs may be deemed higher risk in future mine planning.

 

○ SRK notes that future economic assessment could result in a change in the cut-off grade (COG), which would result in a change in the tonnage of available minable material. Mineralization represented by the resource block model was evaluated for RPEE for underground mining methods. The SRK QP did not independently audit recovery, processing costs, or other assumptions for deriving the COG but does consider the inputs to be reasonable.

 

  22-2  

 

Silver Opportunity Partners LLC | Sunshine Mine

S-K 1300 Technical Report Summary on the Initial Assessment

March 25, 2026 

SLR Project No.: 123.020552.00001

 

○ The property is subject to net smelter return (NSR) royalty agreements. At present, only silver is available in the database for resource estimation. The ability to calculate accurate NSR values and potential royalties may require estimation of additional metal variables, depending on the specifics of the current agreements. Therefore, the limited base metal assays in the current geological database may pose a risk to future NSR calculation.

 

22.2 Mining and Mineral Reserves

 

● There are currently no Mineral Reserves estimated at the Sunshine Mine.

 

● The plans and schedules in this IA are based, in part, on Inferred Mineral Resources, and are preliminary in nature.

 

● The Mineral Resources and the planned mining are spread through a large volume of rock, which is 6,000 ft deep, 2,000 ft across the dip and 15,000 ft along strike.

 

● The Sunshine mine has numerous past producing stopes and an extensive existing network of existing shafts, winzes, drifts, raises, and ramps to access the Mineral Resources.

 

● The condition of the existing workings varies widely. Headings below the 3100 Level have been flooded for a number of years and many shafts, winzes, and headings have not been available for inspection for a number of years. Dewatering of the mine and rehabilitation of existing workings will be required to support a return to production.

 

● Major mine infrastructure, including shafts, hoists, and compressors, is in working order and used daily. Other components will require inspection, upgrading, and rehabilitation. Full production requires expansion of the electrical and compressed air systems.

 

● Various mining methods were considered, and a mixture of conventional cut and fill (CCF) stoping and long hole (LH) stoping were selected as the best options considering the narrow (6.3 ft average) mining width and 60° to 70° dip.

 

● Past revenue included copper, lead, and antimony. The mine plans and designs were developed based on the Mineral Resource estimate, which considers only silver as the valued metal. There is limited laboratory assay data for copper, lead, and antimony, and the Mineral Resource block model does not include data for these elements.

 

● Cut-off grades were estimated based on initial operating cost estimates and a smelter return model using silver as the sole revenue source. The potentially mineable material is not sensitive to the COG estimate.

 

● The Indicated and Inferred Mineral Resources were analyzed using Deswik Stope optimizer (DSO) to generate potential stope shapes. The DSO evaluated the Mineral Resources based on minimum mining dimensions and dilution parameters considered suitable for each of the two methods. The DSO was run separately for each mining method. The DSO parameters are listed:

 

○ COG of 9 opt silver Ag for CCF and 8 opt silver Ag for LH stopes, with no value included for byproducts

 

  22-3  

 

Silver Opportunity Partners LLC | Sunshine Mine

S-K 1300 Technical Report Summary on the Initial Assessment

March 25, 2026 

SLR Project No.: 123.020552.00001

 

○ Dilution of one foot on each wall (two feet total) for both cut and fill and long hole stopes

 

○ Minimum mining width of four feet for CCF stopes and three feet for LH stopes

 

● Additional dilution to account for long hole stope sublevel development, which must be wider than the vein, was added to the long hole stoping shapes.

 

● The stope shapes in excess of 30,000 short tons between 200 ft vertical levels were considered for long hole stoping, and smaller shapes were selected for cut and fill stoping.

 

● These shapes were then reviewed considering the size, grade, proximity to old workings, and geotechnical complexities to develop the potentially mineable tonnage. Material located less than 20 ft from historical workings was removed from the estimate to account for survey issues, ground conditions, and the potential for open voids. Production and development plans were developed for the resultant shapes.

 

● From the review of the Deswik Stope Optimizer (DSO) results, stoping is planned for 27 separate veins with an average width of 6.3 ft using CCF stoping for 61% of the tonnage (55% of the silver ounces) and long hole stoping for 39% of the tonnage (45% of the silver ounces).

 

● The Base Case potentially mineable material totals 7.87 million short tons (Mst) grading 19.0 opt Ag and containing 150 Moz Ag, comprising:

 

○ 4.64 Mst grading 17.3 opt Ag and containing 80 Moz Ag in cut and fill stopes

 

○ 3.01 Mst grading 22.2 opt Ag and containing 67 Moz Ag in long hole stopes

 

○ 0.2 Mst grading 11.1 opt Ag and containing 2 Moz Ag in stope development

 

● Mined voids will be backfilled with paste fill delivered from the mill. The mine will use 62% of the mill tailings before the ore sorter is in service and 88% of the mill tailings after the ore sorter is in place. No refilling of existing voids is included in the plan.

 

● There was no new geotechnical testing undertaken for this IA and only limited geotechnical data was located regarding rock strength, rock mass conditions, and in situ stresses at the Sunshine mine. SLR used observations from the site visit and the data from the recent exploration drilling to develop an assessment of the long hole stope stability.

 

● The 27 veins in the mine plan were grouped into seven mining areas, or “mining blocks”. A production schedule was developed based upon the tonnage and grade by mine level and by mining area.

 

● The Project schedule includes a three year preproduction period for mine dewatering, rehabilitation and upgrading of the hoists and shafts, and initial mine development and a seven year production ramp-up period.

 

● The potentially mineable material included in the current Mineral Resources is sufficient to provide a 24-year production plan.

 

● Mine production will commence from the Jewell Shaft Block, accessed via the Jewell Shaft, and the Upper Mine Block area, which will be accessed via a decline from surface and mined as an independent area from the other six mining blocks.

 

  22-4  

 

Silver Opportunity Partners LLC | Sunshine Mine

S-K 1300 Technical Report Summary on the Initial Assessment

March 25, 2026 

SLR Project No.: 123.020552.00001

 

● The production schedule provides significantly higher than average head grades in the early years of the mine plan.

 

● At full production rate the mine operations will be wide-spread, with approximately 20 operating stopes spread over 15 mining levels.

 

● Mining below the 3700 Level and from 1500 Level upwards will be by mechanized access declines and drifts. From 3700 Level to 1700 Level, mechanized equipment will be used for development and long hole stoping, but rock haulage will be by rail to the Jewell Shaft. Below the 3700 Level, the access and rock haul will be with rubber tired mobile equipment.

 

● Mine development requirements were estimated and scheduled to match the production plan. The LOM development totals include the following:

 

○ 326,000 ft of lateral development

 

○ 35,900 ft of vertical development

 

○ 79,600 ft of heading rehabilitation

 

● All mobile equipment required for the plan will be purchased as there are limited serviceable units remaining.

 

● The mine infrastructure has remained in place and been kept on a care and maintenance basis. The mine is currently flooded to approximately 3,400 ft below surface and the water level is being maintained.

 

● Hoist upgrades are planned for the Jewell Chippy and Silver Summit hoists and repairs to the two shafts will be necessary. Jewell Shaft repairs focus on rehabilitation of the flooded portion of the shaft and pocket repairs. The Silver Summit Shaft will be rehabilitated to the 3000 Level for use as secondary egress, ventilation, and large material and equipment movement.

 

● Expansion and upgrades to the mine dewatering and electrical distribution systems will be installed. A paste fill delivery system in the Jewell Shaft and across mine levels will be installed.

 

● The Base Case LOM plan includes Inferred Mineral Resources totaling 5.8 Mst grading 17.6 opt Ag and containing 102 Moz Ag. This is 74% of the Base Case tonnage and 68% of the Base Case silver ounces.

 

● An Indicated Only Case LOM plan was generated based solely on Indicated Mineral Resources (noting that there are no estimated Measured Mineral Resources). The Indicated Only Case includes 1.5 Mst grading 25.2 opt Ag with 44% LH stope tonnage and 56% CCF stope tonnage. The Indicated Only Case extends for a period of ten years with production rates up to 608 stpd.

 

● Mine development requirements for the Indicated Only Case were estimated and scheduled to match the production plan. The Indicated Only Case LOM development totals include the following:

 

○ 154,000 ft of lateral development

 

○ 18,000 ft of vertical development

 

○ 62,000 ft of heading rehabilitation

 

  22-5  

 

Silver Opportunity Partners LLC | Sunshine Mine

S-K 1300 Technical Report Summary on the Initial Assessment

March 25, 2026 

SLR Project No.: 123.020552.00001

 

● Potential opportunities for improvement of the LOM plan include:

 

○ Conversion of Indicated Mineral Resources to Probable Mineral Reserves.

 

○ Higher recovery of material adjacent to existing stopes.

 

○ Reduced dilution or minimum mining width in steepest dipping CCF stopes.

 

○ Reduction of standoff to existing voids via the aid of backfill or other means.

 

○ Increased LH stope sizes and resultant productivity rates associated with improved geotechnical understanding.

 

● Risks identified by the SLR QPs include the following:

 

○ After detailed inspections, the upgrading and rehabilitation may require additional work beyond that currently included in the LOM plan.

 

○ The narrow mining width limits production capacity of the stopes and increases the potential for waste dilution due to mining beyond the vein limits. Overbreak in the long hole stopes due to any combination of poor drilling control, ground failures, inadequate blasting control, inadequate planning for sublevel locations, and/or inadequate geological control of development would result in higher dilution and lower head grade.

 

○ Developing, equipping, assigning personnel, and supervising the widespread operations, with stopes and development faces over a series of levels, will require effective management to meet the production targets.

 

○ The development and stoping require skilled personnel whom it may be necessary to train in the mine.

 

○ The paste backfill system poses a production risk as the mine and process facilities operate on different schedules and the utilization of mill tailings for paste is high, at 62% before the ore sorter is in service and 88% of the mill tailings after the ore sorter is in service.

 

○ Mine labor rates are at the lower end of the local area scale and are based on overtime averaging and no contract bonus. These risks are partially offset by the factor for payroll burden.

 

○ The limited geotechnical data available poses a risk to stope stability and ground support requirements. If the ground conditions are worse or stresses higher than anticipated then stopes size may need to be reduced, and capital development and mining operation costs could increase.

 

○ Vein geometry is not well understood in veins that do not have significant mining history. Higher variability in vein geometry (thickness, dip) will make achieving the planned extraction and dilution rates difficult.

 

22.3 Mineral Processing

 

● The Project has a long operational history and has used the same basic, flexible flowsheet since the last major upgrades in the 1950s. Sunshine has relied on operating data to support mine planning and predict plant performance. There has not been any recent metallurgical test work, so historical concentrator performance will be used to support the LOM plans and economics of this IA. Flotation testing performed in 2013 by ALS Metallurgy (formerly G&T Metallurgy), located in Kamloops, British Columbia was also used to support the IA process design. SLR’s QP has reviewed this supporting information and finds it to be acceptable for this level of study. The next stage of study will require identification of material types to be processed according to the mine plan, metallurgical drilling and sampling of the ore types, and performance of a complete metallurgical test program.

 

  22-6  

 

Silver Opportunity Partners LLC | Sunshine Mine

S-K 1300 Technical Report Summary on the Initial Assessment

March 25, 2026 

SLR Project No.: 123.020552.00001

 

● When the Sunshine Mine last operated, the metallurgical facilities available included a 1,000 short ton per day flotation mill; an antimony metal plant; and a silver refinery producing fine silver and copper cathode metal.

 

● The antimony plant has been demolished and the silver refinery put on care and maintenance. The IA considered the economic trade-offs of building a new concentrator to produce silver-copper and lead concentrates for direct shipment to smelters, or to construct a new antimony plant and refurbish the silver refinery to produce lead concentrates, antimony metal, sodium antimonate, fine silver metal and copper cathode metal.

 

● Previous studies indicated that the most economic course was to construct a new concentrator and ship concentrates to smelters. The key to this option is finding buyers for the silver-copper (tetrahedrite) concentrate that will contain a high concentration of antimony. Budget level quotations were obtained from metal traders to confirm that the concentrate can be sold.

 

● The Project’s mineralized material contains economic quantities of silver, copper, lead, and antimony. Silver, copper, and antimony are primarily contained in argentiferous tetrahedrite and freibergite which form a solid solution series. Other minerals include silver bearing galena, pyrite, stibnite and arsenopyrite.

 

● The existing processing plant design configuration is flexible and has allowed the production of different concentrates depending on the mineralogy being mined. The IA configuration of the processing plant is the same and has three separate flotation circuits which can be operated sequentially to produce silver-copper, lead-silver, and pyrite concentrates. The current plan is to produce two concentrates, silver-copper and lead-silver, while depressing the pyrite.

 

● A review of production records from December 1, 1998, through May 30, 1999, indicates that the processing plant has consistently yielded tailings averaging 0.86 opt Ag. With an average head grade of 26.1 opt Ag, the indicated silver recovery is 96.7%.

 

● The lead recovery, as published by Sunshine in Form 10K, Securities and Exchange Commission, for fiscal year ended December 31, 1998 (Behre Dolbear 1999), indicates a recovery from mined ores of approximately 92.5%. This value has not been verified by a review of actual production records in as much as Sunshine did not publish monthly results of ore grades for metals other than silver.

 

● The copper recovery, as published by Behre Dolbear (1999) indicates a recovery from mine ores of approximately 97%. SLR notes that the copper and silver recoveries are similar as they are derived from the same mineral, tetrahedrite.

 

● G&T Metallurgy (G&T), now ALS Metallurgy, conducted a metallurgical program during 2013 on two master composites from the Sunshine Mine, which represented the Western Stope and the Eastern Stope. The Western stope composite consisted of 4,933 kg of bulk material and the Eastern stope composite consisted of 2,741 kg of material. The metallurgical program included mineralogical evaluation, comminution test work and both bench-scale and pilot plant test work. SLR notes that this is the only concentrator test work available for the IA.

 

  22-7  

 

Silver Opportunity Partners LLC | Sunshine Mine

S-K 1300 Technical Report Summary on the Initial Assessment

March 25, 2026 

SLR Project No.: 123.020552.00001

 

● Observed copper sulfide minerals were primarily freibergite, tetrahedrite, and to a lesser extent, chalcopyrite. Freibergite, a complex mineral also containing silver, antimony, and arsenic, was the predominant silver-bearing mineral observed for both the Western Stope and Eastern Stope Composites.

 

● The sulfides in the Western Stope composite were 61% liberated at a nominal grind size of P80 150 microns (μm) and the Eastern Stope sulfides were 58% liberated at a P80 200 μm grind size which was sufficient for flotation. Liberation of galena in the Western Stope Composite was measured at approximately 65%. SLR notes that the IA design and the original Sunshine primary grind were P80 106 µm, improving initial mineral liberation.

 

● Comminution test work was conducted on each of the test composites to determine the Bond ball mill work index (BWI), Bond rod mill work index (RWI), Bond Low Energy Impact work index (CWI), Abrasion index (Ai) and the SAG mill Comminution Index (SMC). The BWI was determined to be 14.0 kilowatt hours per tonne (kWh/t) for the Western Stope composite and 12.9 kWh/t for the Eastern Stope composite.

 

● The G&T silver-copper flotation flowsheet parameters included a primary grind of P80 195 μm and regrinding of the rougher concentrate to P80 13 µm before feeding cleaner, and cleaner scavenger cells. The lead circuit is similar to the silver-copper circuit.

 

● The results of locked cycle tests conducted on the Western Stope composite indicate silver recovery into the silver-copper concentrate ranged from 78.1% to 82.3% and averaged 79.6%. Silver recovery into the lead-silver concentrate ranged from 9.7% to 11.3% and averaged 10.4%. Overall silver recovery averaged 90.0%. Copper recovery into the silver-copper concentrate averaged 81.2% into a concentrate that averaged 26.5% copper and 1,989 opt silver. Lead recovery into the lead-silver concentrate averaged 64.3% into a concentrate that averaged 49.6% lead and 337 opt silver. SLR notes that copper and silver recoveries are similar in that they are contained in the same mineral, tetrahedrite.

 

● Pilot plant campaigns were performed on the Western Stope and Eastern stope composites. The flowsheet was similar to the locked cycle tests with sequential copper and lead circuits, each with a primary grind size of P80 195 µm, rougher/scavenger flotation, regrind of rougher concentrates to 13 µm followed by two stages of cleaning. The second cleaner concentrate is the final concentrate.

 

● Pilot plant results for the Western Stope composite were that silver recovery averaged 80% into the silver-copper concentrate containing 22.3% copper and 1,613 opt silver, and 12% silver recovery into the lead-silver concentrate. Overall silver recovery averaged 92%. Lead recovery averaged 51% into a lead-silver concentrate containing 49.0% lead and 406 opt silver. Antimony content in the silver-copper concentrate was reported to be 18.0%, and 4.51% in the lead-silver concentrate.

 

● Eastern Stope pilot plant flowsheet only included silver-copper flotation and did not include lead flotation. Silver recovery averaged 91% into a silver-copper concentrate that averaged 16.4% copper and 1,232 opt silver. Antimony content in the silver-copper concentrate was reported to be 14.2%.

 

  22-8  

 

Silver Opportunity Partners LLC | Sunshine Mine

S-K 1300 Technical Report Summary on the Initial Assessment

March 25, 2026 

SLR Project No.: 123.020552.00001

 

● A 5,000 kg bulk sample from the Sunshine Mine was submitted for ore sorter testing at Steinert in 2018, the results of the ore sorter test program are fully documented in Steinert (2018). The results of this ore sorting test show that 97.7% of silver was recovered into an ore sorter product containing 56.5 opt silver while rejecting 44.2 wt% as waste. Ore sorting has been included in the IA flow sheet (Base Case only).

 

● Solid liquid separation (SLS) tests were conducted on copper concentrate, lead concentrate, and final tailings samples for Samuel Engineering for the Sunshine Mine in 2013. The samples were received and tested by Pocock Industrial, Inc., located in Salt Lake City, Utah (Pocock). Design parameters were determined for thickening, vacuum filtration, and pressure filtration for the study.

 

● A paste backfill system is being considered at the Project to assist with ground control and increase mining recovery. The design criteria for a permanent paste backfill system was prepared by Mine Systems Design Inc. (MDS 2012). The flowsheet used for cost estimation consists of optional cyclone classification and conventional thickening and filtration. SLR notes that solid liquid separation studies have been performed by Pocock, including thickening, vacuum filtration and pressure filtration that can be used to support backfill plant equipment selection.

 

● The Sunshine IA considers that a new concentrator (the IA processing facility) will be constructed in the same location as the existing concentrator building. The existing building will be demolished to the foundations and new facilities and equipment will be installed.

 

● The Base Case IA processing facility will receive a nominal 1,000 stpd of ROM mineralized material, hoisted either from the Jewell Shaft and discharged into the ROM mineralized material storage bin adjacent to the mine headframe, or from the Sterling Tunnel, delivered by truck to the Jewell Shaft ROM storage bin external feed hopper.

 

● Material will be drawn from the ROM storage bin into a three staged crushing circuit including a primary gyratory, a secondary standard, and tertiary shorthead crusher to produce a final grinding circuit feed size of P100 10 mm and P80 6 mm. The grinding circuit will consist of a ball mill and flash flotation cell closed by hydro cyclones. Flotation will include rougher/scavenger and cleaner flotation cells producing silver-copper and lead flotation concentrates. The two concentrates will be thickened, filtered, and stored for bulk shipment to metal recovery facilities. Concentrator tailing slurry will be thickened and pumped to a paste backfill plant, the product of which will be pumped underground for backfill. Excess tailings material will be filtered and transported to a dry stack tailings storage facility.

 

● The Sunshine concentrator operating results from 1994 to 1999 reported silver ounces recovered to the silver and lead concentrates. The average silver recovery to the silver concentrate and lead concentrate during the period was 84.8% and 12.1%, respectively for total silver recovery of 96.9%. Silver recovery to the silver concentrate ranged from 81.2% to 96.7%, and the silver recovery to the lead concentrate ranged from 0.43% to 16.2%.

 

● Overall silver recovery from ROM material is estimated to be 95.8% including losses during ore sorting and flotation.

 

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Silver Opportunity Partners LLC | Sunshine Mine

S-K 1300 Technical Report Summary on the Initial Assessment

March 25, 2026 

SLR Project No.: 123.020552.00001

 

22.4 Infrastructure

 

● The key mine infrastructure has been maintained on a care and maintenance basis since the mine last operated and is available for future use.

 

● The tailings storage facility (TSF) in its current state has a remaining storage capacity of approximately 100 thousand short tons (kst) before an additional raise is required. There is a conceptual plan, subject to any additional permit approvals, for the TSF to be converted to a dry stack facility. This arrangement could achieve the desired Life of Facility (LoF) tailings storage requirement proposed in this IA (833 kst), with a crest elevation of 2,498 ft, 13 ft above the current embankment crest level.

 

● Given the uncertainties in tailings material geotechnical properties, degree of consolidation, and liquefaction potential, along with an assumed population at risk (PAR) through proximity to the interstate highway, the precautionary approach is to assume that the TSF represents a material risk in its current state until these can be quantified.

 

● Over the Base Case LOM plan, approximately 11% of the mine production tonnage (97 tpd) will be directed to the TSF for deposition and storage and 26% of the tonnage will be ore sorter reject. The remaining tailings will be used as paste backfill in the mine.

 

● Without the installation of the ore sorter, the tailings production increases to 37% of the tonnage mined (330 stpd).

 

● Process/industrial water for the mine is available from four water right licenses including three that can draw directly from Big Creek. Potable water is provided by the Central Shoshone Water District.

 

● Power is supplied from a dedicated power line and is maintained by the local utility company, Avista. Back-up emergency use power is provided by a diesel generator.

 

● Surface water run-on and septic effluent are effectively and properly managed reducing the need for further treatment.

 

● The current water treatment plant will be upgraded or replaced prior to restart, following planned issuance of an updated permit for wastewater discharge.

 

22.5 Environment

 

● SOP is in compliance with all current permits and authorizations.

 

● The wastewater discharge permit, National Pollutant Discharge Elimination System (NPDES) Permit, Permit No. 000006-0, was transferred to the Idaho Environmental Quality (IDEQ) and is now an Idaho Pollutant Discharge Elimination System (IPDES) Permit, Permit No. ID0000060. This permit is in the process of being updated to reflect current discharge standards.

 

● The wastewater discharge criteria is not defined at this time and studies are ongoing; therefore, the treatment technology anticipated may change. It is anticipated that either improvements will be made to the current water treatment plant, or a new water treatment plant will be constructed to meet future wastewater discharge criteria; provisions have been identified to do so.

 

● Additional permit modifications and new permits, which include federal, state and local (Shoshone County, Idaho and the Panhandle Health District) agencies, will be required for the operation of the mine. The permit modifications and new permits to be obtained are not anticipated to be challenging and will not trigger the National Environmental Policy Act (NEPA).

 

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Silver Opportunity Partners LLC | Sunshine Mine

S-K 1300 Technical Report Summary on the Initial Assessment

March 25, 2026 

SLR Project No.: 123.020552.00001

 

● Although not a regulatory requirement beyond the TSF permit, SOP has developed a reclamation plan and associated Reclamation Cost Estimate (RCE) for the mine site.

 

22.6 Capital and Operating Costs

 

The capital and operating costs in this TRS were estimated in Q2 2024 US dollars and have been escalated to Q3 2025 dollars. The cost estimates meet the requirements of an AACE International (AACE) Class 5 estimate with an accuracy range of -20% to -50% to +30% to +100% which also meets the requirements of S-K 1300 as the lower and upper limits of -50% to +50% lie within the AACE Class 5 estimate range. The cost estimates are considered to be reasonable and appropriate for an S-K 1300 IA considering that Class 5 estimates usually have 0% to 2% project definition per the AACE classification system.

 

For the proposed Base Case:

 

● The initial capital cost is estimated to be $287 million, including contingency, and the LOM sustaining capital cost is estimated to be $539 million plus $21.2 million for closure.

 

● The LOM site operating costs total $1,427 million and are estimated to average $181.38 per ton processed. The ‘tons processed’ is defined as the total mill feed to the plant, pre-ore sorting.

 

For the Indicated Only Case:

 

● The initial capital cost is estimated to be $240 million including contingency and the LOM sustaining capital cost is estimated to be $244 million.

 

● The LOM site operating costs total $426 million and are estimated to average $285.10 per ton processed. The ‘tons processed’ is defined as the total mill feed to the plant (There is no ore sorting in this scenario).

 

  22-11  

 

Silver Opportunity Partners LLC | Sunshine Mine

S-K 1300 Technical Report Summary on the Initial Assessment

March 25, 2026 

SLR Project No.: 123.020552.00001

 

23.0 Recommendations

 

23.1 Summary

 

The QPs recommend that this Project progress to the next level of study, a Prefeasibility Study (PFS). During a typical PFS, the Company will gather more information and perform trade off studies to validate the selected mining, processing, tailings disposal, and water treatment methods. The total cost for the recommended work plan ranges from US$32.3 million to US$47.7 million, which is detailed in Table 23-1.

 

Table 23-1:     Recommended PFS Tasks and Cost Ranges

 

Discipline Area Task Description Cost Range
(US$ 000)
Geology Resource Definition Drill Program (see detail Table 23-2) 30,000–40,500
Mining Geotechnical Laboratory Testing 25–50
Mining Test Stoping for Proposed Mining Methods (Optional, could be incorporated as part of the Drill Exploration Program development) 1,000–2,000
Mining Equipment Specifications 20–30
Process Ore Sorting Testing 10–15
Process Crushing and Comminution Testing, Lock-Cycle Flotation Testing (3 Major Mineral Types), Mineralogy Variability Testing (3 Major Types) 150–200
Process Finalize Flow Sheet, Piping and Instrumentation Diagrams (P&IDs), Plant Layouts 200–300
Process Equipment Specifications 50–75
Tailings Tailings Rheology 30–70
Tailings Dry Stack 30–50
Tailings Paste Backfill Testing and Design 80–120
Water Treatment Testing and Concept 20–30
Water Treatment Plant Design, P&IDs, Plant Layouts (Update Lyntek Design) Assuming no Antimony Plant and Silver Refinery. 20–30
Capital Cost Shaft Rehabilitation and Hoisting Estimate by Vendors No Charge
Capital Cost Detailed Equipment Cost Estimates by Vendors No Charge
Operating Cost Detailed Material and Supply Cost Estimates by Vendors No Charge
Marketing Studies Increase Detail 30–40
PFS 0.20% to 1.50% of Initial Capital Cost Estimate 600–4,200
Total   32,265–47,710

 

  23-1  

 

Silver Opportunity Partners LLC | Sunshine Mine

S-K 1300 Technical Report Summary on the Initial Assessment

March 25, 2026 

SLR Project No.: 123.020552.00001

 

23.2 Geology and Mineral Resources

 

The SRK QP offers the following recommendations related to geology and Mineral Resources:

 

1 Include infill drilling in the next drilling campaign to improve confidence of areas categorized as Inferred Mineral Resources and step-out drilling to identify potential new veins.

 

2 As additional drilling phases are completed, refine the 3D geological model with appropriate estimation methodology and classification to report updated Mineral Resources to industry standards.

 

3 Update the QA/QC protocols and procedures to ensure that certified reference material (CRM) samples are well blended and the duplicate insertion frequency meets or exceeds the industry standard.

 

4 As part of the next drilling program, collect metallurgical samples, perform geotechnical drilling and obtain samples for laboratory testing, identify ground characteristics of old stope areas and areas adjacent to mined out stopes,

 

5 A resource definition program must be completed to advance the Project to its next phase. The drilling program targets upgrading and converting of Inferred Resources planned for extraction in the first ten years of the mine life. Some step-out drilling potential exists from planned drill stations; however, resource expansion is not the driver for selecting drill station locations. The upgrading of the resource material from Inferred Mineral Resources to Indicated and/or Measured Mineral Resources is necessary for conversion to Mineral Reserves that can be incorporated into future prefeasibility or feasibility studies. A tentative drill program was prepared for budgetary purposes and may shift dynamically during execution. New drill stations are planned from new ramps driven from the Sterling Tunnel and new development drives from 2300 Level and 3100 Level. New drift designs are planned such that they have future utility as main haulage and access routes. Costs associated with the drill plan are outlined in Table 23-2.

 

Table 23-2:     Resource Definition Drilling Capital Estimate

 

Location Feet Unit Rate
(US$)		 Total
(US$ 000)
Sterling      
48 Hole Drill Program 48,000 100 4,800
Horizontal Development 3,300 2,000 6,600
Vertical Development 150 4,000 600
Infrastructure Upgrades to Support Drilling - - 1,025
Subtotal     13,025
2300      
56 Hole Drill Program 56,000 100 5,600
Horizontal Development 3,500 2,000 7,000
Infrastructure Upgrades to Support Drilling - - 950
Subtotal     13,550

 

  23-2  

 

Silver Opportunity Partners LLC | Sunshine Mine

S-K 1300 Technical Report Summary on the Initial Assessment

March 25, 2026 

SLR Project No.: 123.020552.00001

 

Location Feet Unit Rate (US$) Total
(US$ 000)
3100      
53 Hole Drill Program 53,000 100 5,300
Horizontal Development 1,800 2,000 3,600
Infrastructure Upgrades to Support Drilling - - 1,700
Subtotal     10,600
Total     37,175

 

23.3 Mining and Mineral Reserves

 

The SLR QP offers the following recommendations related to Mineral Reserves and Mining:

 

1 Review the results of this IA to assess the potential economic results of a prefeasibility study based solely on conversion of Indicated Mineral Resources and if warranted, advance the mine planning to that of a prefeasibility study to permit the conversion of Indicated Mineral Resources to Probable Mineral Reserves.

 

2 Review the mine design criteria with regard to achievable minimum mining widths, extraction and dilution.

 

3 Review the long hole stoping plans with a view to increasing the sublevel interval.

 

4 Continue the mine dewatering and lower the water level to dewater successive levels of the mine.

 

5 Undertake manual and/or remote control (drone) monitoring of the as many of the existing workings as possible to assess ground conditions and to determine their suitability for use as ventilation ways or escapeways

 

6 Undertake a geotechnical investigation and design program that evaluates in situ and re-distributed ground stresses, intact rock strengths, rock mass conditions, stope stability, and required ground support measures.

 

7 Complete a detailed ventilation model including air flows and mine heat considerations.

 

8 Review the compressed air supply, distribution and consumption to refine the estimated requirements.

 

9 Conduct more detailed testing and design work related to the use of paste backfill and system design including:

 

a) Review and revision of the paste fill plans based upon the planned production rates and mining locations.

 

b) Confirmation of the paste fill distribution plans.

 

c) Detailed paste fill testing including:

 

i. Test work on classified tailings samples.

 

ii. Classification test work.

 

iii. Dewatering tests.

 

iv. Rheology and sedimentation tests.

 

  23-3  

 

Silver Opportunity Partners LLC | Sunshine Mine

S-K 1300 Technical Report Summary on the Initial Assessment

March 25, 2026 

SLR Project No.: 123.020552.00001

 

v. Flow testing.

 

vi. Basic engineering of the paste fill preparation.

 

d) Assessment of the potential of filling old open stopes with paste fill to reduce the required tailings impoundment space

 

e) Consideration of the required paste fill storage considering the weekly work schedules planned and an allowance for the logistics of the underground filling operations.

 

10 Include the use of battery electric vehicles (BEV) in the equipment fleet to the maximum extent possible.

 

11 Review and refine the work requirements, schedule, and cost estimates for the hoist, shaft and headgear repairs required to support operations.

 

23.4 Mineral Processing

 

The SLR QP offers the following recommendations related to Mineral Processing:

 

1 Select representative samples from each of the planned mining areas and perform composite and variability metallurgical testing, including material characterization, mineralogy, comminution, ore sorting, flotation, and solid-liquid separation on each of the material types, to develop design and plant operating criteria for the next stage of the Project.

 

a) Flotation testing should include liberation and recovery by particle size studies to determine the optimum primary grind and concentrate regrind particle sizes for each of the concentrates.

 

2 Update marketing studies to validate potential buyers, pricing, and contract terms for each of the concentrates.

 

23.5 Infrastructure

 

Based on a review of the documentation provided, SLR has the following recommendations regarding the existing TSF:

 

3 Perform a Dam Safety Review (DSR) by a competent and experienced tailings engineer, including intrusive investigation of the tailings mass and the foundations to understand the risk associated with the facility in its current state. This would also likely include a preliminary Dam Breach Assessment (DBA).

 

4 Complete all recommendations proposed in the last Dam Safety Inspection (DSI) without delay; complete all recommendations from future DSIs.

 

5 Appoint an appropriately qualified Independent Technical Review Board (ITRB) (or independent reviewer).

 

6 Keep the current decant pond to the smallest possible volume at all times and expedite measures to not rely on the facility for general mine water management.

 

7 Advance studies associated with final dry stack height and buttressing requirements.

 

8 Update the Operations, Maintenance and Surveillance (OMS) Manual for the TSF in accordance with Mining Association of Canada (MAC) guidelines and other industry recognized standard guidance for tailings facilities.

 

  23-4  

 

Silver Opportunity Partners LLC | Sunshine Mine

S-K 1300 Technical Report Summary on the Initial Assessment

March 25, 2026 

SLR Project No.: 123.020552.00001

 

SLR offers the following recommendations related to future use of the facility:

 

1 Convert the existing TSF to a dry stack facility

 

2 Include consideration of the non-ore sorter case in the design of the TSF facility

 

SLR offers the following recommendations related to the water treatment plant:

 

1 Upgrade or replace the current water treatment plant if required.

 

23.6 Environment

 

1 Continue to engage with IDEQ to facilitate the issuance of an updated IPDES wastewater discharge permit. This permit will provide the design criteria for the improvements required for the water treatment plant.

 

2 Engage with agencies such as IDEQ, Idaho Department of Water Resources (IDWR), and Shoshone County related to the permits required for future operation.

 

3 Continue to engage with local stakeholders and the community.

 

23.7 Capital and Operating Costs

 

1 Further refine the cost capital and operating cost estimates in the next stage of study.

 

  23-5  

 

Silver Opportunity Partners LLC | Sunshine Mine

S-K 1300 Technical Report Summary on the Initial Assessment

March 25, 2026 

SLR Project No.: 123.020552.00001

 

24.0 References

 

AACE International. 2012. Cost Estimate Classification System – As Applied in the Mining and Mineral Processing Industries, AACE International Recommended Practice No. 47R-11, 17 p.

 

Allen, John L. 1998. Sunshine Mine, Responding to Changes in Ore Feed, Sunshine Mining and Refining Company, Engineering and Mining Journal, February 1998.

 

AMEC. 2012a. Sunshine Mine Project; Evaluation of Existing Tailings Storage Facility Expansion Potential, May 2012.

 

AMEC. 2012b. Sunshine Mine, Kellogg ID Cursory Site Visit for Proposed Geotechnical Investigation, October 2012

 

American Gold and Silver (AGS). 2016. NI 43-101 Technical Report on the Galena Complex, Shoshone County, Idaho, USA, Americas Silver Corporation, December 23, 2016, p. 114.

 

BBE Consulting. 2013. Sunshine Mine Feasibility (mine ventilation)

 

Behre Dolbear and Company Inc. 1999.Due Diligence Report on the Sunshine Mine, Idaho, December 1999.

 

BBE Consulting. 2012. Sunshine Mine Concept Study: Ventilation and Cooling Requirements (Rev 0)

 

Bunker Hill Mining Corp. (BHMC). 2022. NI 43-101 Technical Report and Pre-Feasibility Study for Underground Mining, Milling, and Concentration of Lead, Silver, and Zinc at the Bunker Hill Mine, Shoshone County, Idaho, USA, Bunker Hill Mining Corp., August 29, 2022, p. 103.Canadian Institute of Mining, Metallurgy and Petroleum (CIM). 2014. CIM Definition Standards for Mineral Resources and Mineral Reserves, adopted by the CIM Council on May 10, 2014.

 

CIM. 2019. CIM Estimation of Mineral Resources and Mineral Reserves Best Practice Guidelines, adopted by the CIM Council on November 29, 2019.

 

COMEXLive.org. COMEX Silver, https://comexlive.org/silver/ (accessed on March 18, 2026).

 

Dames & Moore. 1978. Report on Investigation and Design Tailings Impoundment Facility, Kellogg, Idaho, For Sunshine Mining Company. July 1978.

 

Dames & Moore. 1979. Report on Construction Activities, Tailings Impoundment Facility, Kellogg, Idaho, For Sunshine Mining Company. April 1979.

 

Golder Associates Inc., Draft Hydrology/Hydrogeology Baseline Study, Sunshine Silver Mine, July 11, 2012.

 

Google, 2003. Map of Sunshine Mine Vicinity, Retrieved December 10, 2023, from www.google.com.

 

G&T. 2013. Metallurgical Flowsheet Development Testing on Sunshine Mine Samples, Idaho, USA. KM3390, Final Report, March 20, 2013.

 

Hydrometrics, Inc. 2023. Sunshine Mine Tailings Storage Facility Engineer’s Report of Safety Inspection, dated November 2023.

 

IDWR. Sunshine No.2 MTIS Inspection and Storage Authorization, March 2023.

 

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Silver Opportunity Partners LLC | Sunshine Mine

S-K 1300 Technical Report Summary on the Initial Assessment

March 25, 2026 

SLR Project No.: 123.020552.00001

 

Itasca Consulting Group, Inc., Scoping Level Geotechnical Mining Assessment for Re-Opening of the Sunshine Mine, June 23, 2012

 

Langston and Associates. 2012. Sunshine Silver Mine Prefeasibility Study Geotechnical Analysis and Review

 

Langston and Associates, Sunshine Silver Mines Technical Follow-up, January 17, 2013

 

McLean, Michael E., Mine Manager, Sunshine Mine, Return to Production Critical Path Development od the Sunshine Mine, February 27, 2007

 

Nickel, Greg, Chief Geologist, Sunshine Mine Pumping and Water Treatment Q&A, November 13, 2013

 

Mine Systems Design, Inc. (MDS) 2012. Sunshine PEA, Design Rationale and Paste Distribution System Conceptual Backfill System Design

 

MDS. 2013. Sunshine Silver Mines Sunshine Mine Paste Backfill Total Tailings Test work Report.

 

Pocock Industrial Inc. 2013. Sample Characterization, Particle Size Analysis, Flocculant Screening, Gravity Sedimentation, Pulp Rheology, Vacuum Filtration and Pressure Filtration Studies. Conducted for Samuel Engineering and Sunshine Mine. February 2013.

 

Samuel Engineering. 2013. Basis of Estimate – Capital Cost for Antimony Plant, Sunshine Silver Mines Corporation, Sunshine Mine Project, Project Number 13062-02, September 6, 2013.

 

SRK Consulting (US) Inc. (SRK). 2023. Sunshine Mine Scoping Study Summary, Prepared for Silver Opportunity Partners, September 26, 2023.

 

SRK. 2024. NI 43-101 Technical Report, Sunshine Mine, Idaho, Effective Date: December 21, 2023. Prepared for Silver Opportunity Partners, LLC by SRK Consulting (U.S.), Inc. January 24, 2024.

 

Steinert GmbH. 2018. XRT Test Work Report, Sunshine Mining and Refining Corporation, Waste Rock Sorting Test Work, Opportunity No. 7826, June 20, 2018.

 

Sunshine Silver Mines, Sunshine Mine, Ground Control; Guidelines, October 2014.

 

Sunshine Mining Company, Engineers File 520, Sunshine Mine Jewell Shaft Pumping System, prepared for Sterling Mining Co., by J.R. Thomas, October 31, 2003

 

TetraTech. 2020. Initial Assessment – Preliminary Economic Assessment NI 43-101 Technical Report on the Sunshine Silver Miner Project, effective January 17, 2020, p. 234.

 

Thomas, J.R. 2003. Jewell Shaft Pumping System, October 31, 2003.

 

Whyatt, White & Johnson, USBM RI 9616, Strength and Deformation Properties of Belt Strata, Coeur d’Alene Mining District, ID

 

Whyatt, Blake, Williams and White, Sixty Years of Rock Bursting in the Coeur d’Alene district of Northern Idaho: Lessons Learned and Remaining Issues, 2002

 

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Silver Opportunity Partners LLC | Sunshine Mine

S-K 1300 Technical Report Summary on the Initial Assessment

March 25, 2026 

SLR Project No.: 123.020552.00001

 

25.0 Reliance on Information Provided by the Registrant

 

This TRS has been prepared by SLR for Silver Opportunity Partners (SOP or Sunshine). The information, conclusions, opinions, and estimates contained herein are based on:

 

● Information available to SLR at the time of preparation of this TRS.

 

● Assumptions, conditions, and qualifications as set forth in this TRS.

 

● Data, reports, and other information supplied by SOP and other third-party sources.

 

For this TRS, the SRK QP, who is responsible for Section 3.0, has relied on ownership information provided by SOP in legal opinions provided by Burgex (Burgex 2023) and Dorsey & Whitney LLP (Dorsey & Whitney 2023). The SRK QP considers it reasonable to rely on these legal opinions as the listed firms are responsible for maintaining this information.

 

SLR and SRK have not researched property title or mineral rights for the Sunshine Mine and express no opinion as to the ownership status of the property.

 

SLR has relied on SOP for guidance on applicable taxes, royalties, and other government levies or interests, applicable to revenue or income from Sunshine Mine in Sections 1.0, 19.0, and 21.0.

 

The Qualified Persons have taken all appropriate steps, in their professional opinion, to ensure that the above information from SOP is sound.

 

Except as provided by applicable laws, any use of this TRS by any third party is at that party’s sole risk.

 

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Silver Opportunity Partners LLC | Sunshine Mine

S-K 1300 Technical Report Summary on the Initial Assessment

March 25, 2026 

SLR Project No.: 123.020552.00001

 

26.0 Date and Signature Page

 

This report titled “S-K 1300 Technical Report Summary on the Initial Assessment, Sunshine Mine, Idaho, USA”, dated March 25, 2026, was prepared and signed by:

 

  (Signed) SLR International Corporation
   
Dated at Lakewood, CO  
March 25, 2026 SLR International Corporation

 

This report titled “S-K 1300 Technical Report Summary on the Initial Assessment, Sunshine Mine, Idaho, USA” dated March 25, 2026, was prepared and signed by:

 

  (Signed) SRK Consulting (U.S.), Inc.
Dated at Denver, CO  
March 25, 2026 SRK Consulting (U.S.), Inc.

 

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Silver Opportunity Partners LLC | Sunshine Mine

S-K 1300 Technical Report Summary on the Initial Assessment

March 25, 2026

SLR Project No.: 123.020552.00001

 

27.0 Appendix 1 Cash Flow Analysis

 

 

  27-1

 

 

Silver Opportunity Partners LLC | Sunshine Mine

S-K 1300 Technical Report Summary on the Initial Assessment

March 25, 2026

SLR Project No.: 123.020552.00001

 

Table 27-1: Project Cashflow (Base Case)

 

 

 

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Silver Opportunity Partners LLC | Sunshine Mine

S-K 1300 Technical Report Summary on the Initial Assessment

March 25, 2026

SLR Project No.: 123.020552.00001

 

 

 

  27-3

 

Silver Opportunity Partners LLC | Sunshine Mine

S-K 1300 Technical Report Summary on the Initial Assessment

March 25, 2026

SLR Project No.: 123.020552.00001

 

 

 

  27-4

  

Silver Opportunity Partners LLC | Sunshine Mine

S-K 1300 Technical Report Summary on the Initial Assessment

March 25, 2026

SLR Project No.: 123.020552.00001

 

 

 

  27-5

  

Silver Opportunity Partners LLC | Sunshine Mine

S-K 1300 Technical Report Summary on the Initial Assessment

March 25, 2026

SLR Project No.: 123.020552.00001

 

Table 27-2:    Project Cashflow (Indicated Only Case)

 

 

 

  27-6

 

 

 

Silver Opportunity Partners LLC | Sunshine Mine

S-K 1300 Technical Report Summary on the Initial Assessment

March 25, 2026

SLR Project No.: 123.020552.00001

 

 

 

  27-7

 

 

 

Silver Opportunity Partners LLC | Sunshine Mine

S-K 1300 Technical Report Summary on the Initial Assessment

March 25, 2026

SLR Project No.: 123.020552.00001

 

 

 

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Silver Opportunity Partners LLC | Sunshine Mine

S-K 1300 Technical Report Summary on the Initial Assessment

March 25, 2026 

SLR Project No.: 123.020552.00001

 

28.0 Appendix 2 List of Claims

 

Table 28-1:            List of Patented Claims

 

  License Code License Name Parties Interest Area
(ac)		 Map Reference
1 700_Polaris Lode Polaris Lode Sunshine Mine (100%); Sunshine Mine Owned 18.93 United States, 48N 3E,14, 15; Shoshone
2 701_Southern Cross Southern Cross Sunshine Mine (100%); Sunshine Mine Owned 18.13 United States, 48N 3E,15; Shoshone
3 702_Omega Lode Omega Lode Sunshine Mine (100%); Sunshine Mine Owned 16.64 United States, 48N 3E,14, 15; Shoshone
4 883_Mineral Point (Lot No.42) Mineral Point (Lot No.42) Other (0%); Sunshine Mine Owned 19.45 United States, 48N 3E,24; 48N 4E,19; Shoshone
5 1006_Coeur dAlene Nellie Coeur dAlene Nellie Other (0%); Sunshine Mine Owned 14.12 United States, 48N 3E,13, 14, 23, 24; Shoshone
6 1006_Emma Nevada Emma Nevada Other (0%); Sunshine Mine Owned 15.48 United States, 48N 3E,13, 14; Shoshone
7 1335_Josephine Josephine Sunshine Mine (100%); Sunshine Mine Owned 19.36 United States, 48N 5E,16, 17; Shoshone
8 1354_Snowdrift Snowdrift Sunshine Mine (100%); Sunshine Mine & Hecla Owned 18.44 United States, 48N 5E,16, 17, 20, 21; Shoshone
9 1482_Cape Nome Cape Nome Other (0%); Rock Creek Silver-Lead; Sunshine Mine Leased 17.93 United States, 47N 5E,5; Shoshone
10 2083_Bartlett Bartlett Other (0%); Chester Mining Company; Sunshine Mine Leased 20.54 United States, 48N 3E,14; Shoshone
11 2083_Chester Chester Other (0%); Chester Mining Company; Sunshine Mine Leased 16.19 United States, 48N 3E,14, 15; Shoshone
12 2083_Hanna Hanna Other (0%); Chester Mining Company; Sunshine Mine Leased 20.54 United States, 48N 3E,14; Shoshone
13 2083_McKinley McKinley Other (0%); Chester Mining Company; Sunshine Mine Leased 20.54 United States, 48N 3E,14; Shoshone
14 2083_Protection Protection Other (0%); Chester Mining Company; Sunshine Mine Leased 14.99 United States, 48N 3E,14, 15, 22, 23; Shoshone
15 2083_Step and Half Step and Half Other (0%); Chester Mining Company; Sunshine Mine Leased 13.26 United States, 48N 3E,14; Shoshone
16 2183_Ben Harrison Ben Harrison Sunshine Mine (100%); Sunshine Mine Owned 15.83 United States, 48N 5E,17; Shoshone
17 2267A_Cleaveland Cleaveland Sunshine Mine (100%); Sunshine Mine Owned 19.81 United States, 48N 3E,15, 22; Shoshone
18 2267A_Norcross Norcross Sunshine Mine (100%); Sunshine Mine Owned 7.18 United States, 48N 3E,15, 22; Shoshone
19 2267A_Sherman Sherman Other (0%); Sunshine Mine Owned 6.07 United States, 48N 3E,15; Shoshone
20 2267A_Yankee Load Yankee Load Other (0%); Sunshine Mine Owned 15.81 United States, 48N 3E,15, 22; Shoshone
21 2267B_Yankee Mill Site Yankee Mill Site Sunshine Mine (100%); Sunshine Mine Owned 4.74 United States, 48N 3E,15; Shoshone
22 2506_Ranger Ranger Sunshine Mine (100%); Sunshine Mine Owned 12.72 United States, 48N 5E,17; Shoshone
23 2539_Banner Banner Other (0%); Sunshine Mine Owned 18.48 United States, 47N 5E,2, 3; Shoshone
24 2539_Oregon Oregon Other (0%); Sunshine Mine Owned 17.67 United States, 47N 5E,3; Shoshone
25 2539_Puzzler Boy Puzzler Boy Other (0%); Sunshine Mine Owned 18.41 United States, 47N 5E,3; Shoshone
26 2539_Sister Roary Sister Roary Other (0%); Sunshine Mine Owned 4.34 United States, 47N 5E,3; Shoshone

 

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Silver Opportunity Partners LLC | Sunshine Mine

S-K 1300 Technical Report Summary on the Initial Assessment

March 25, 2026 

SLR Project No.: 123.020552.00001

 

 

  License Code License Name Parties Interest Area
(ac)		 Map Reference
27 2539_Snyly Snyly Sunshine Mine (100%); Other (0%) Owned 13.00 United States, 47N 5E,3, 4; Shoshone
28 2641_Blue Bell Blue Bell Other (0%); Sunshine Mine Owned 16.70 United States, 48N 2E,17; Shoshone
29 2641_Center Star Center Star Other (0%); Sunshine Mine Owned 14.22 United States, 48N 2E,17, 20; Shoshone
30 2641_Gold Standard Gold Standard Other (0%); Sunshine Mine Owned 19.01 United States, 48N 2E,17, 20; Shoshone
31 2641_Mucker Mucker Other (0%); Sunshine Mine Owned 14.75 United States, 48N 2E,17; Shoshone
32 2641_Surprise Surprise Other (0%); Sunshine Mine Owned 14.76 United States, 48N 2E,17, 20; Shoshone
33 2807_Bay Horse Bay Horse Other (0%); Sunshine Mine Owned 20.66 United States, 48N 3E,19, 20; Shoshone
34 2807_Corona Corona Other (0%); Sunshine Mine Owned 20.24 United States, 48N 3E,20; Shoshone
35 2807_Corona No.1 Corona No.1 Other (0%); Sunshine Mine Owned 20.24 United States, 48N 3E,20; Shoshone
36 2807_Corona No.2 Corona No.2 Other (0%); Sunshine Mine Owned 20.24 United States, 48N 3E,20; Shoshone
37 2807_Corona No.3 Corona No.3 Other (0%); Sunshine Mine Owned 20.24 United States, 48N 3E,20; Shoshone
38 2807_Excellsior Excellsior Other (0%); Sunshine Mine Owned 20.66 United States, 48N 3E,20; Shoshone
39 2807_Gem Gem Other (0%); Sunshine Mine Owned 20.57 United States, 48N 3E,19, 20; Shoshone
40 2807_Grouse Grouse Other (0%); Sunshine Mine Owned 20.66 United States, 48N 3E,20; Shoshone
41 2807_Happy Day Happy Day Other (0%); Sunshine Mine Owned 11.53 United States, 48N 3E,19; Shoshone
42 2807_Happy Jack Happy Jack Other (0%); Sunshine Mine Owned 9.06 United States, 48N 3E,19; Shoshone
43 2807_Rockford Rockford Other (0%); Sunshine Mine Owned 20.66 United States, 48N 3E,20; Shoshone
44 2853_Globe Globe Other (0%); Finucane; Sunshine Mine Owned 18.50 United States, 48N 2E,21, 22; Shoshone
45 2974_Lead Point No.1 Lead Point No.1 Sunshine Mine (100%); Sunshine Mine Owned 18.25 United States, 48N 3E,25; Shoshone
46 2974_Lead Point No.2 Lead Point No.2 Sunshine Mine (100%); Sunshine Mine Owned 19.44 United States, 48N 3E,25; Shoshone
47 3081A_Black Pine Black Pine Sunshine Mine (100%); Sunshine Mine Owned 1.41 United States, 48N 5E,17, 20; Shoshone
48 3081A_Erin Amended Erin Amended Sunshine Mine (100%); Sunshine Mine Owned 18.16 United States, 48N 5E,17; Shoshone
49 3081A_Gilt Edge Gilt Edge Sunshine Mine (100%); Sunshine Mine Owned 16.85 United States, 48N 5E,17, 20; Shoshone
50 3081A_Gilt Edge Fraction Gilt Edge Fraction Sunshine Mine (100%); Sunshine Mine Owned 4.82 United States, 48N 5E,20; Shoshone
51 3081A_Iron Silver Fr. Am. Iron Silver Fr. Am. Sunshine Mine (100%); Sunshine Mine Owned 14.76 United States, 48N 5E,17, 20; Shoshone
52 3081A_Maid of Erin Maid of Erin Sunshine Mine (100%); Sunshine Mine Owned 8.95 United States, 48N 5E,16, 17; Shoshone
53 3081A_Mcsweeny Mcsweeny Other (0%); Sunshine Mine Owned 0.21 United States, 48N 5E,16, 17, 20, 21; Shoshone
54 3081A_Nobel Schley Am. Nobel Schley Am. Other (0%); Sunshine Mine Owned 17.20 United States, 48N 5E,17; Shoshone
55 3081A_Patrick Henry Am. Patrick Henry Am. Sunshine Mine (100%); Sunshine Mine Owned 10.56 United States, 48N 5E,17; Shoshone
56 3081A_Patrick Henry Fr. Am. Patrick Henry Fr. Am. Sunshine Mine (100%); Sunshine Mine Owned 8.28 United States, 48N 5E,17; Shoshone

 

  28-2  

 

Silver Opportunity Partners LLC | Sunshine Mine

S-K 1300 Technical Report Summary on the Initial Assessment

March 25, 2026 

SLR Project No.: 123.020552.00001

 

 

  License Code License Name Parties Interest Area
(ac)		 Map Reference
57 3081A_Sampson Sampson Sunshine Mine (100%); Sunshine Mine Owned 8.26 United States, 48N 5E,17; Shoshone
58 3081A_Snow Cap Snow Cap Sunshine Mine (100%); Sunshine Mine Owned 0.06 United States, 48N 5E,20, 21; Shoshone
59 3081A_Snow Flake Fr. Snow Flake Fr. Sunshine Mine (100%); Sunshine Mine Owned 5.37 United States, 48N 5E,17, 20, 21; Shoshone
60 3081A_White Pine Amended White Pine Amended Sunshine Mine (100%); Sunshine Mine Owned 15.15 United States, 48N 5E,17; Shoshone
61 3081B_Maid of Erin Millsite Maid of Erin Millsite Sunshine Mine (100%); Sunshine Mine Owned 4.87 United States, 48N 5E,17; Shoshone
62 3081B_Nobel Schley Millsite Nobel Schley Millsite Sunshine Mine (100%); Sunshine Mine Owned 4.80 United States, 48N 5E,8, 17; Shoshone
63 3169_American American Other (0%); Sunshine Mine Owned 18.70 United States, 48N 3E,14, 15, 22; Shoshone
64 3169_Iron King Iron King Sunshine Mine (100%); Sunshine Mine Owned 19.14 United States, 48N 3E,22; Shoshone
65 3169_Majestic Majestic Other (0%); Sunshine Mine Owned 20.12 United States, 48N 3E,22; Shoshone
66 3169_McKenzie McKenzie Sunshine Mine (100%); Sunshine Mine Owned 20.33 United States, 48N 3E,22; Shoshone
67 3169_McKenzie Fraction McKenzie Fraction Sunshine Mine (100%); Sunshine Mine Owned 14.09 United States, 48N 3E,15, 22; Shoshone
68 3169_Rambo Rambo Other (0%); Sunshine Mine Owned 20.04 United States, 48N 3E,15, 22; Shoshone
69 3169_Rambo Fraction Rambo Fraction Other (0%); Sunshine Mine Owned 6.90 United States, 48N 3E,15, 22; Shoshone
70 3169_Sunshine Sunshine Sunshine Mine (100%); Sunshine Mine Owned 19.14 United States, 48N 3E,22; Shoshone
71 3169_Thin Thin Sunshine Mine (100%); Sunshine Mine Owned 15.66 United States, 48N 3E,21, 22; Shoshone
72 3169_Yakima Yakima Other (0%); Sunshine Mine Owned 20.33 United States, 48N 3E,22; Shoshone
73 3170_Grizzly Bear Grizzly Bear Other (0%); Sunshine Mine Owned 10.15 United States, 48N 3E,23; Shoshone
74 3170_Jumbo # 5 Jumbo # 5 Sunshine Mine (25%); Sunshine Mine Owned 17.59 United States, 48N 3E,23; Shoshone
75 3170_Jumbo # 6 Jumbo # 6 Other (0%); Sunshine Mine Owned 19.46 United States, 48N 3E,23; Shoshone
76 3170_Jumbo No. 1 Jumbo No. 1 Other (0%); Sunshine Mine Owned 14.97 United States, 48N 3E,23; Shoshone
77 3170_Jumbo No. 2 Jumbo No. 2 Other (0%); Sunshine Mine Owned 17.01 United States, 48N 3E,23, 24; Shoshone
78 3170_Jumbo No. 3 Jumbo No. 3 Other (0%); Sunshine Mine Owned 14.19 United States, 48N 3E,23; Shoshone
79 3170_Jumbo No. 4 Jumbo No. 4 Other (0%); Sunshine Mine Owned 17.86 United States, 48N 3E,23, 24; Shoshone
80 3170_Key West Key West Other (0%); Sunshine Mine Owned 11.90 United States, 48N 3E,23; Shoshone
81 3170_Protection Fraction Protection Fraction Other (0%); Sunshine Mine Owned 3.01 United States, 48N 3E,14, 15, 22, 23; Shoshone
82 3170_Torpedo Torpedo Other (0%); Sunshine Mine Owned 13.55 United States, 48N 3E,23; Shoshone
83 3174_West End West End Other (0%); Sunshine Mine Owned 15.21 United States, 48N 3E,14, 23; Shoshone
84 3191_Rainbow No.2 Rainbow No.2 Other (0%); Sunshine Mine Owned 15.50 United States, 48N 4E,19; Shoshone
85 3220_Go Between Go Between Other (0%); Sunshine Mine Owned 14.21 United States, 48N 3E,13; Shoshone
86 3220_Homestake Homestake Sunshine Mine (50%); Sunshine Mine Owned 17.91 United States, 48N 3E,13; Shoshone

 

  28-3  

 

Silver Opportunity Partners LLC | Sunshine Mine

S-K 1300 Technical Report Summary on the Initial Assessment

March 25, 2026 

SLR Project No.: 123.020552.00001

 

 

  License Code License Name Parties Interest Area
(ac)		 Map Reference
87 3220_Maxwell Fraction Maxwell Fraction Other (0%); Sunshine Mine Owned 4.22 United States, 48N 3E,13; Shoshone
88 3220_Maxwell No. 1 Maxwell No. 1 Other (0%); Sunshine Mine Owned 19.91 United States, 48N 3E,13, 14; Shoshone
89 3220_Maxwell No. 2 Maxwell No. 2 Other (0%); Sunshine Mine Owned 20.65 United States, 48N 3E,13, 14; Shoshone
90 3220_Maxwell No. 3 Maxwell No. 3 Sunshine Mine (100%); Sunshine Mine Owned 11.00 United States, 48N 3E,13; Shoshone
91 3220_North North Other (0%); Sunshine Mine Owned 4.39 United States, 48N 3E,13, 14; Shoshone
92 3221_Blue Jay No.1 Blue Jay No.1 Other (0%); Sunshine Mine Owned 12.92 United States, 48N 3E,13, 23, 24; Shoshone
93 3221_Blue Jay No.2 Blue Jay No.2 Other (0%); Sunshine Mine Owned 13.12 United States, 48N 3E,23, 24; Shoshone
94 3240_Instructive Instructive Other (0%); Chester Mining Company; Sunshine Mine Leased 8.19 United States, 48N 3E,14, 15; Shoshone
95 3240_Little Giant Little Giant Other (0%); Chester Mining Company; Sunshine Mine Leased 6.84 United States, 48N 3E,14, 15; Shoshone
96 3240_Monitor Monitor Other (0%); Chester Mining Company; Sunshine Mine Leased 19.98 United States, 48N 3E,14; Shoshone
97 3261_Aetna Aetna Sunshine Mine (100%); Sunshine Mine Owned 9.80 United States, 48N 3E,24; Shoshone
98 3261_Bernardy No. 8 Bernardy No. 8 Sunshine Mine (100%); Sunshine Mine Owned 4.23 United States, 48N 3E,23, 24; Shoshone
99 3261_Little Gem Little Gem Sunshine Mine (100%); Sunshine Mine Owned 20.02 United States, 48N 3E,23, 24; Shoshone
100 3261_Lucky Boy Lucky Boy Sunshine Mine (100%); Sunshine Mine Owned 16.06 United States, 48N 3E,23, 24; Shoshone
101 3261_Lucky Stone Lucky Stone Sunshine Mine (100%); Sunshine Mine Owned 15.22 United States, 48N 3E,24; Shoshone
102 3261_Lucky Stone No. 2 Lucky Stone No. 2 Sunshine Mine (100%); Sunshine Mine Owned 6.53 United States, 48N 3E,24; Shoshone
103 3261_Lucky Stone No. 3 Lucky Stone No. 3 Sunshine Mine (100%); Sunshine Mine Owned 11.95 United States, 48N 3E,23, 24; Shoshone
104 3261_Lucky Stone No. 4 Lucky Stone No. 4 Sunshine Mine (100%); Sunshine Mine Owned 5.70 United States, 48N 3E,23, 24; Shoshone
105 3261_Manitoba Manitoba Sunshine Mine (100%); Sunshine Mine Owned 19.33 United States, 48N 3E,23, 24; Shoshone
106 3261_Morning Glory Morning Glory Sunshine Mine (100%); Sunshine Mine Owned 18.90 United States, 48N 3E,24; Shoshone
107 3261_Morning Glory Fraction Morning Glory Fraction Sunshine Mine (100%); Sunshine Mine Owned 17.48 United States, 48N 3E,24; Shoshone
108 3261_Morning Glory No. 2 Morning Glory No. 2 Sunshine Mine (100%); Sunshine Mine Owned 11.12 United States, 48N 3E,24; Shoshone
109 3261_Reid Reid Sunshine Mine (100%); Sunshine Mine Owned 13.40 United States, 48N 3E,24; Shoshone
110 3261_Walters Lode Walters Lode Sunshine Mine (100%); Sunshine Mine Owned 10.13 United States, 48N 3E,24; Shoshone
111 3268_Kaiser Kaiser Other (0%); Sunshine Mine Owned 18.29 United States, 48N 3E,24; Shoshone
112 3268_May May Other (0%); Sunshine Mine Owned 10.44 United States, 48N 3E,24; Shoshone
113 3268_Nora Nora Other (0%); Sunshine Mine Owned 20.61 United States, 48N 3E,24; Shoshone
114 3268_Norway Norway Other (0%); Sunshine Mine Owned 20.60 United States, 48N 3E,24; Shoshone
115 3271_Goethe Goethe Other (0%); Sunshine Mine Owned 1.16 United States, 48N 3E,14, 23; Shoshone
116 3272_Gretchen Gretchen Other (0%); Metropolitian Mines; Sunshine Mine Leased 20.66 United States, 48N 3E,22, 23; Shoshone

 

  28-4  

 

Silver Opportunity Partners LLC | Sunshine Mine

S-K 1300 Technical Report Summary on the Initial Assessment

March 25, 2026 

SLR Project No.: 123.020552.00001

 

 

  License Code License Name Parties Interest Area
(ac)		 Map Reference
117 3272_Hans Hans Other (0%); Sunshine Mine Owned 16.23 United States, 48N 3E,22; Shoshone
118 3272_Plover Plover Other (0%); Metropolitian Mines; Sunshine Mine Leased 20.41 United States, 48N 3E,22; Shoshone
119 3272_Rotbart Rotbart Other (0%); Sunshine Mine Owned 10.87 United States, 48N 3E,15, 22; Shoshone
120 3272_Schiller Schiller Other (0%); Sunshine Mine Owned 11.12 United States, 48N 3E,22; Shoshone
121 3272_Zwerg Zwerg Other (0%); Sunshine Mine Owned 2.07 United States, 48N 3E,14, 15, 22; Shoshone
122 3273_Baldur Baldur Other (0%); Sunshine Mine Owned 11.04 United States, 48N 3E,16; Shoshone
123 3273_Baldur Fraction Baldur Fraction Other (0%); Sunshine Mine Owned 6.60 United States, 48N 3E,16; Shoshone
124 3273_Bonanza Fraction Bonanza Fraction Other (0%); Sunshine Mine Owned 20.66 United States, 48N 3E,21; Shoshone
125 3273_Contact Mountain Contact Mountain Other (0%); Sunshine Mine Owned 20.63 United States, 48N 3E,16, 21; Shoshone
126 3273_Gail Fraction Gail Fraction Other (0%); Sunshine Mine Owned 3.67 United States, 48N 3E,16, 21; Shoshone
127 3273_Gullickson Fraction Gullickson Fraction Sunshine Mine (100%); Sunshine Mine Owned 1.87 United States, 48N 3E,21; Shoshone
128 3273_Hattie Anne Hattie Anne Other (0%); Sunshine Mine Owned 1.83 United States, 48N 3E,21; Shoshone
129 3273_Hilda Hilda Other (0%); Sunshine Mine Owned 17.32 United States, 48N 3E,21, 22; Shoshone
130 3273_Mary E. Mary E. Sunshine Mine (100%); Sunshine Mine Owned 19.10 United States, 48N 3E,21, 22; Shoshone
131 3273_Oslo Oslo Sunshine Mine (100%); Sunshine Mine Owned 17.64 United States, 48N 3E,21, 22; Shoshone
132 3273_Red Umblrella Fraction Red Umblrella Fraction Other (0%); Sunshine Mine Owned 5.11 United States, 48N 3E,21; Shoshone
133 3273_Red Umbrella Red Umbrella Other (0%); Sunshine Mine Owned 20.65 United States, 48N 3E,21; Shoshone
134 3273_Rex Rex Other (0%); Sunshine Mine Owned 20.65 United States, 48N 3E,21; Shoshone
135 3273_Rex Fraction Rex Fraction Other (0%); Sunshine Mine Owned 5.33 United States, 48N 3E,21; Shoshone
136 3273_Roberts Roberts Other (0%); Sunshine Mine Owned 20.65 United States, 48N 3E,21; Shoshone
137 3273_Roberts Fraction Roberts Fraction Other (0%); Sunshine Mine Owned 5.79 United States, 48N 3E,21; Shoshone
138 3273_Roberts No.1 Roberts No.1 Other (0%); Sunshine Mine Owned 11.82 United States, 48N 3E,21; Shoshone
139 3273_S. C. I. No.5 S. C. I. No.5 Other (0%); Sunshine Mine Owned 15.08 United States, 48N 3E,16, 17, 20, 21; Shoshone
140 3273_S. C. I. No.5 Fraction S. C. I. No.5 Fraction Other (0%); Sunshine Mine Owned 4.10 United States, 48N 3E,17, 20; Shoshone
141 3273_S. C. I. No.6 S. C. I. No.6 Other (0%); Sunshine Mine Owned 11.72 United States, 48N 3E,16, 17, 20; Shoshone
142 3273_S. C. I. No.10 S. C. I. No.10 Other (0%); Sunshine Mine Owned 10.44 United States, 48N 3E,21; Shoshone
143 3273_Stevie Corcoran Stevie Corcoran Sunshine Mine (100%); Sunshine Mine Owned 20.24 United States, 48N 3E,15, 16, 21, 22; Shoshone
144 3273_Venus Venus Other (0%); Sunshine Mine Owned 20.65 United States, 48N 3E,16, 21; Shoshone
145 3281_Fourthought Fourthought Sunshine Mine (100%); Sunshine Mine Owned 18.47 United States, 48N 3E,13, 24; Shoshone
146 3281_Plainview Fraction Plainview Fraction Sunshine Mine (50%); Sunshine Mine Owned 2.38 United States, 48N 3E,13, 24; Shoshone

 

  28-5  

 

Silver Opportunity Partners LLC | Sunshine Mine

S-K 1300 Technical Report Summary on the Initial Assessment

March 25, 2026 

SLR Project No.: 123.020552.00001

 

 

  License Code License Name Parties Interest Area
(ac)		 Map Reference
147 3281_Plainview No. 1 Plainview No. 1 Sunshine Mine (100%); Sunshine Mine Owned 19.46 United States, 48N 3E,13, 24; Shoshone
148 3281_Plainview No. 2 Plainview No. 2 Sunshine Mine (100%); Sunshine Mine Owned 15.53 United States, 48N 3E,13, 24; Shoshone
149 3281_Silver Hill Silver Hill Sunshine Mine (100%); Sunshine Mine Owned 19.97 United States, 48N 3E,13; Shoshone
150 3281_Toughnut Toughnut Sunshine Mine (100%); Sunshine Mine Owned 17.01 United States, 48N 3E,13; Shoshone
151 3290_Shoshone No.1 Shoshone No.1 Other (0%); Sunshine Mine Owned 14.65 United States, 48N 3E,14, 23; Shoshone
152 3290_Wallace No.1 Wallace No.1 Other (0%); Sunshine Mine Owned 9.86 United States, 48N 3E,14, 23; Shoshone
153 3291_Crescent No.5 Crescent No.5 Other (0%); Sunshine Mine Owned 20.65 United States, 48N 3E,21; Shoshone
154 3291_Giant No.9 Giant No.9 Other (0%); Sunshine Mine Owned 11.01 United States, 48N 3E,20, 21; Shoshone
155 3291_W 5 W 5 Other (0%); Sunshine Mine Owned 19.99 United States, 48N 3E,19; Shoshone
156 3292A_Anna Anna Other (0%); Sunshine Mine Owned 19.93 United States, 48N 3E,14; Shoshone
157 3292A_Anna No.2 Anna No.2 Other (0%); Sunshine Mine Owned 20.66 United States, 48N 3E,14; Shoshone
158 3292A_August August Other (0%); Sunshine Mine Owned 11.45 United States, 48N 3E,14; Shoshone
159 3292A_Bell Bell Other (0%); Sunshine Mine Owned 20.63 United States, 48N 3E,14; Shoshone
160 3292A_Buffalo Buffalo Other (0%); Sunshine Mine Owned 17.19 United States, 48N 3E,14; Shoshone
161 3292A_Des Moines Des Moines Other (0%); Sunshine Mine Owned 9.55 United States, 48N 3E,14; Shoshone
162 3292A_Frigga Frigga Other (0%); Sunshine Mine Owned 20.66 United States, 48N 3E,14; Shoshone
163 3292A_Germania Germania Other (0%); Sunshine Mine Owned 6.86 United States, 48N 3E,14; Shoshone
164 3292A_Good Hope Good Hope Other (0%); Sunshine Mine Owned 19.70 United States, 48N 3E,14; Shoshone
165 3292A_H Lode H Lode Other (0%); Sunshine Mine Owned 10.10 United States, 48N 3E,14; Shoshone
166 3292A_Iowa Iowa Other (0%); Sunshine Mine Owned 16.76 United States, 48N 3E,14, 23, 24; Shoshone
167 3292A_June June Other (0%); Sunshine Mine Owned 0.63 United States, 48N 3E,14; Shoshone
168 3292A_K Lode K Lode Other (0%); Sunshine Mine Owned 9.16 United States, 48N 3E,11, 14; Shoshone
169 3292A_Last Chance Last Chance Other (0%); Sunshine Mine Owned 20.52 United States, 48N 3E,14; Shoshone
170 3292A_Lotten Lotten Other (0%); Sunshine Mine Owned 20.66 United States, 48N 3E,14; Shoshone
171 3292A_Mannie Mannie Other (0%); Sunshine Mine Owned 19.19 United States, 48N 3E,14; Shoshone
172 3292A_Maple Maple Other (0%); Sunshine Mine Owned 11.69 United States, 48N 3E,14; Shoshone
173 3292A_May May Other (0%); Sunshine Mine Owned 20.39 United States, 48N 3E,14; Shoshone
174 3292A_New York New York Other (0%); Sunshine Mine Owned 14.99 United States, 48N 3E,13, 14; Shoshone
175 3292A_Ore Grand Ore Grand Other (0%); Sunshine Mine Owned 10.09 United States, 48N 3E,13, 14; Shoshone
176 3292A_Ore Or No Go Ore Or No Go Other (0%); Sunshine Mine Owned 20.66 United States, 48N 3E,14; Shoshone

 

  28-6  

 

Silver Opportunity Partners LLC | Sunshine Mine

S-K 1300 Technical Report Summary on the Initial Assessment

March 25, 2026 

SLR Project No.: 123.020552.00001

 

 

  License Code License Name Parties Interest Area
(ac)		 Map Reference
177 3292A_Orvil Orvil Other (0%); Sunshine Mine Owned 13.76 United States, 48N 3E,13, 14; Shoshone
178 3292A_Sven Sven Other (0%); Sunshine Mine Owned 20.66 United States, 48N 3E,14; Shoshone
179 3292A_U.S. U.S. Other (0%); Sunshine Mine Owned 17.21 United States, 48N 3E,14; Shoshone
180 3292B_United Lead Millsite United Lead Millsite Other (0%); Sunshine Mine Owned 3.05 United States, 48N 3E,14; Shoshone
181 3299_Chief Chief Sunshine Mine (50%); Sunshine Mine Owned 8.19 United States, 48N 3E,15, 16, 22; Shoshone
182 3304_Bernardy #1 Bernardy #1 Other (0%); Sunshine Mine Owned 15.09 United States, 48N 3E,23; Shoshone
183 3304_Bernardy #2 Bernardy #2 Other (0%); Sunshine Mine Owned 16.92 United States, 48N 3E,23; Shoshone
184 3304_Bernardy #3 Bernardy #3 Other (0%); Sunshine Mine Owned 16.92 United States, 48N 3E,23; Shoshone
185 3304_Bernardy #4 Bernardy #4 Other (0%); Sunshine Mine Owned 20.16 United States, 48N 3E,23; Shoshone
186 3304_Bernardy #5 Bernardy #5 Other (0%); Sunshine Mine Owned 20.16 United States, 48N 3E,23; Shoshone
187 3304_Bernardy #6 Bernardy #6 Sunshine Mine (50%); Sunshine Mine Owned 11.17 United States, 48N 3E,23; Shoshone
188 3304_Bernardy #7 Bernardy #7 Sunshine Mine (50%); Sunshine Mine Owned 9.30 United States, 48N 3E,23; Shoshone
189 3304_Bernardy #9 Bernardy #9 Other (0%); Sunshine Mine Owned 20.16 United States, 48N 3E,23; Shoshone
190 3304_Bernardy #10 Bernardy #10 Other (0%); Sunshine Mine Owned 10.67 United States, 48N 3E,23; Shoshone
191 3304_Bernardy #11 Bernardy #11 Other (0%); Sunshine Mine Owned 4.77 United States, 48N 3E,23; Shoshone
192 3304_Bernardy #12 Bernardy #12 Other (0%); Sunshine Mine Owned 20.16 United States, 48N 3E,23; Shoshone
193 3304_Bernardy #13 Bernardy #13 Sunshine Mine (50%); Sunshine Mine Owned 8.32 United States, 48N 3E,23; Shoshone
194 3305_Herschey Herschey Other (0%); Hayden Hill Consolidated Owned 9.92 United States, 48N 3E,14, 23; Shoshone
195 3308_Helen Fraction Helen Fraction Sunshine Mine (100%); Sunshine Mine Owned 1.58 United States, 48N 3E,15; Shoshone
196 3308_Josephine Fraction Josephine Fraction Other (0%); Sunshine Mine Owned 8.54 United States, 48N 3E,15; Shoshone
197 3308_Merit Fraction No.2 Merit Fraction No.2 Sunshine Mine (50%); Sunshine Mine Owned 6.46 United States, 48N 3E,15; Shoshone
198 3310_Dipper Dipper Other (0%); Mineral Mountain; Sunshine Mine Leased 10.92 United States, 48N 3E,14; Shoshone
199 3315_May Day May Day Sunshine Mine (100%); Sunshine Mine Owned 18.94 United States, 48N 3E,15; Shoshone
200 3318_Frances Frances Other (0%); Sunshine Mine Owned 20.87 United States, 48N 3E,15; Shoshone
201 3318_Helen Helen Other (0%); Sunshine Mine Owned 18.59 United States, 48N 3E,15; Shoshone
202 3318_Josephine Josephine Other (0%); Sunshine Mine Owned 19.22 United States, 48N 3E,15; Shoshone
203 3318_Lucky Day Lucky Day Other (0%); Sunshine Mine Owned 20.87 United States, 48N 3E,15; Shoshone
204 3318_Portland Portland Other (0%); Sunshine Mine Owned 20.15 United States, 48N 3E,15; Shoshone
205 3318_Prudential Prudential Sunshine Mine (100%); Sunshine Mine Owned 16.00 United States, 48N 3E,15; Shoshone
206 3318_Radio Radio Sunshine Mine (100%); Sunshine Mine Owned 15.01 United States, 48N 3E,15; Shoshone

 

  28-7  

 

Silver Opportunity Partners LLC | Sunshine Mine

S-K 1300 Technical Report Summary on the Initial Assessment

March 25, 2026 

SLR Project No.: 123.020552.00001

 

 

  License Code License Name Parties Interest Area
(ac)		 Map Reference
207 3318_Silverine Fraction Silverine Fraction Sunshine Mine (100%); Sunshine Mine Owned 5.99 United States, 48N 3E,15; Shoshone
208 3318_Silver State Silver State Other (0%); Sunshine Mine Owned 14.19 United States, 48N 3E,15; Shoshone
209 3318_Spokane Spokane Other (0%); Sunshine Mine Owned 8.47 United States, 48N 3E,15; Shoshone
210 3319_New York No.1 New York No.1 Other (0%); Chester Mining Co.; Sunshine Mine Leased 20.66 United States, 48N 3E,21, 28; Shoshone
211 3320_Bismark No.1 Bismark No.1 Other (0%); Chester Mining Co.; Sunshine Mine Leased 20.52 United States, 48N 3E,21; Shoshone
212 3320_Bismark No.3 Bismark No.3 Other (0%); Chester Mining Co.; Sunshine Mine Leased 20.66 United States, 48N 3E,21, 28; Shoshone
213 3321_Black Diamond Black Diamond Sunshine Mine (100%); Sunshine Mine Owned 16.40 United States, 48N 3E,24, 25, 26; Shoshone
214 3321_Gray Copper Gray Copper Sunshine Mine (100%); Sunshine Mine Owned 11.50 United States, 48N 3E,23; Shoshone
215 3321_Lucky Stone No.9 Lucky Stone No.9 Sunshine Mine (100%); Sunshine Mine Owned 17.98 United States, 48N 3E,23, 24; Shoshone
216 3321_Lucky Stone No.10 Lucky Stone No.10 Sunshine Mine (100%); Sunshine Mine Owned 20.62 United States, 48N 3E,23, 24, 25, 26; Shoshone
217 3321_Lucky Stone No.11 Lucky Stone No.11 Sunshine Mine (100%); Sunshine Mine Owned 18.04 United States, 48N 3E,23, 24, 25; Shoshone
218 3321_McFarren McFarren Sunshine Mine (100%); Sunshine Mine Owned 20.62 United States, 48N 3E,23, 26; Shoshone
219 3321_McRoy McRoy Sunshine Mine (100%); Sunshine Mine Owned 20.56 United States, 48N 3E,23, 26; Shoshone
220 3321_Sophia Sophia Sunshine Mine (100%); Sunshine Mine Owned 19.09 United States, 48N 3E,23; Shoshone
221 3328_Ebba Ebba Sunshine Mine (100%); Sunshine Mine Owned 20.56 United States, 48N 3E,26; Shoshone
222 3328_Lead Lead Sunshine Mine (100%); Sunshine Mine Owned 19.22 United States, 48N 3E,25; Shoshone
223 3328_Merger Merger Sunshine Mine (100%); Sunshine Mine Owned 19.25 United States, 48N 3E,25; Shoshone
224 3328_MP MP Sunshine Mine (100%); Sunshine Mine Owned 20.47 United States, 48N 3E,25; Shoshone
225 3328_New New Sunshine Mine (100%); Sunshine Mine Owned 20.48 United States, 48N 3E,26; Shoshone
226 3328_OK OK Sunshine Mine (100%); Sunshine Mine Owned 20.48 United States, 48N 3E,25; Shoshone
227 3328_Ore Ore Sunshine Mine (100%); Sunshine Mine Owned 20.56 United States, 48N 3E,26; Shoshone
228 3328_Silver Silver Sunshine Mine (100%); Sunshine Mine Owned 16.53 United States, 48N 3E,25, 26; Shoshone
229 3328_Vein Vein Sunshine Mine (100%); Sunshine Mine Owned 20.56 United States, 48N 3E,23, 26; Shoshone
230 3335_Crane Crane Sunshine Mine (100%); Sunshine Mine Owned 15.72 United States, 48N 3E,15; Shoshone
231 3382_Australia Australia Other (0%); Sunshine Mine Owned 20.23 United States, 48N 4E,19; Shoshone
232 3382_Century Century Other (0%); Sunshine Mine Owned 20.54 United States, 48N 3E,24; 48N 4E,19; Shoshone
233 3382_Columbia Columbia Other (0%); Sunshine Mine Owned 16.01 United States, 48N 4E,19; Shoshone
234 3382_Commodore Truxton Commodore Truxton Other (0%); Sunshine Mine Owned 13.35 United States, 48N 3E,24; Shoshone
235 3382_Diamond Point Diamond Point Other (0%); Sunshine Mine Owned 20.04 United States, 48N 3E,24; 48N 4E,19; Shoshone

 

 

  28-8  

 

Silver Opportunity Partners LLC | Sunshine Mine

S-K 1300 Technical Report Summary on the Initial Assessment

March 25, 2026 

SLR Project No.: 123.020552.00001

 

 

  License Code License Name Parties Interest Area
(ac)		 Map Reference
236 3382_Diamond Point No. 2 Diamond Point No. 2 Other (0%); Sunshine Mine Owned 20.33 United States, 48N 3E,13, 24; 48N 4E,18, 19; Shoshone
237 3382_Emma Emma Other (0%); Sunshine Mine Owned 20.47 United States, 48N 3E,24; Shoshone
238 3382_Emma Extension Emma Extension Other (0%); Sunshine Mine Owned 8.02 United States, 48N 3E,24; 48N 4E,19; Shoshone
239 3382_Lonesome Pine No.1 Lonesome Pine No.1 Other (0%); Sunshine Mine Owned 18.01 United States, 48N 4E,19; Shoshone
240 3382_Lonesome Pine No.2 Lonesome Pine No.2 Other (0%); Sunshine Mine Owned 15.43 United States, 48N 4E,19; Shoshone
241 3382_Lonesome Pine No.4 Lonesome Pine No.4 Other (0%); Sunshine Mine Owned 20.65 United States, 48N 4E,19; Shoshone
242 3382_Lonesome Pine No.5 Lonesome Pine No.5 Other (0%); Sunshine Mine Owned 11.32 United States, 48N 4E,19; Shoshone
243 3382_Maggie Maggie Other (0%); Sunshine Mine Owned 20.50 United States, 48N 3E,24; 48N 4E,19; Shoshone
244 3382_Maggie Fraction Maggie Fraction Other (0%); Sunshine Mine Owned 7.18 United States, 48N 4E,19; Shoshone
245 3382_Mineral Point Fraction Mineral Point Fraction Other (0%); Sunshine Mine Owned 7.93 United States, 48N 3E,13, 24; 48N 4E,19; Shoshone
246 3407_Blue Bell Blue Bell Other (0%); Sunshine Mine Owned 3.45 United States, 48N 3E,14, 23; Shoshone
247 3407_Hidden Treasure Hidden Treasure Other (0%); Sunshine Mine Owned 12.99 United States, 48N 3E,14, 23; Shoshone
248 3407_Silver Dollar Silver Dollar Other (0%); Sunshine Mine Owned 2.23 United States, 48N 3E,23; Shoshone
249 3407_Trail Trail Other (0%); Sunshine Mine Owned 16.07 United States, 48N 3E,14, 23; Shoshone
250 3464_New Hope New Hope Other (0%); Sunshine Mine Owned 1.71 United States, 48N 3E,23; Shoshone
251 3464_Purim Purim Other (0%); Sunshine Mine Owned 19.56 United States, 48N 3E,14, 15, 22, 23; Shoshone
  Total (acreage)*       3,661.16  
  Total (hectares)*       1,481.62  
*Includes any overlap of claims.

 

Table 28-2:        List of Unpatented Claims

 

  License Code License Name Parties Type Interest Area
(ac)		 Map Reference
1 ID105270050 Merger 21 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.924 United States, 48N 3E,13, 24; Shoshone
2 ID105270051 Merger 22 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.914 United States, 48N 3E,24; Shoshone
3 ID105270052 Merger 23 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.914 United States, 48N 3E,13, 24; Shoshone
4 ID105779544 IDLV 1 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.903 United States, 48N 3E,28; Shoshone
5 ID105779545 IDLV 2 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.903 United States, 48N 3E,28; Shoshone
6 ID105779546 IDLV 3 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.903 United States, 48N 3E,28; Shoshone

 

  28-9  

 

Silver Opportunity Partners LLC | Sunshine Mine

S-K 1300 Technical Report Summary on the Initial Assessment

March 25, 2026 

SLR Project No.: 123.020552.00001

 

 

  License Code License Name Parties Type Interest Area
(ac)		 Map Reference
7 ID105779547 IDLV 4 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.903 United States, 48N 3E,28; Shoshone
8 ID105779548 IDLV 5 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.903 United States, 48N 3E,27, 28; Shoshone
9 ID105779549 IDLV 6 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.903 United States, 48N 3E,28; Shoshone
10 ID105779550 IDLV 7 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.903 United States, 48N 3E,27, 28; Shoshone
11 ID105779551 IDLV 8 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.903 United States, 48N 3E,27; Shoshone
12 ID105779552 IDLV 9 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.903 United States, 48N 3E,27; Shoshone
13 ID105779553 IDLV 10 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.903 United States, 48N 3E,27; Shoshone
14 ID105779554 IDLV 11 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.904 United States, 48N 3E,27; Shoshone
15 ID105779555 IDLV 12 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.903 United States, 48N 3E,27; Shoshone
16 ID105779556 IDLV 13 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.903 United States, 48N 3E,26; Shoshone
17 ID105779557 IDLV 14 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.903 United States, 48N 3E,27, 34; Shoshone
18 ID105779558 IDLV 15 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.903 United States, 48N 3E,27, 34; Shoshone
19 ID105779559 IDLV 16 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.903 United States, 48N 3E,27, 34; Shoshone
20 ID105779560 IDLV 17 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.903 United States, 48N 3E,26, 27, 34, 35; Shoshone
21 ID105779561 IDLV 18 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.903 United States, 48N 3E,34; Shoshone
22 ID105779562 IDLV 19 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.903 United States, 48N 3E,34; Shoshone
23 ID105779563 IDLV 20 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.903 United States, 48N 3E,34, 35; Shoshone
24 ID105779564 IDLV 21 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.903 United States, 48N 3E,34; Shoshone
25 ID105779565 IDLV 22 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.904 United States, 48N 3E,34; Shoshone
26 ID105779566 IDLV 23 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.903 United States, 48N 3E,34, 35; Shoshone
27 ID105779567 IDLV 24 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.903 United States, 48N 3E,34; Shoshone
28 ID105779568 IDLV 25 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.903 United States, 48N 3E,34, 35; Shoshone
29 ID105779569 Edna 2 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.391 United States, 48N 3E,27; Shoshone
30 ID105779570 Edna 3 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 18.261 United States, 48N 3E,26, 27; Shoshone
31 ID105779571 MT 1 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.191 United States, 48N 3E,23, 26; Shoshone
32 ID105779572 MT 2 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.191 United States, 48N 3E,23, 26; Shoshone
33 ID105779573 Maxwell Fraction 2 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.885 United States, 48N 3E,13; Shoshone
34 ID105779574 Go Between 2 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.509 United States, 48N 3E,13; Shoshone
35 ID105779575 Homestake 2 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.509 United States, 48N 3E,13; Shoshone

 

  28-10  

 

Silver Opportunity Partners LLC | Sunshine Mine

S-K 1300 Technical Report Summary on the Initial Assessment

March 25, 2026 

SLR Project No.: 123.020552.00001

 

 

  License Code License Name Parties Type Interest Area
(ac)		 Map Reference
36 ID105779576 Merger 24 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.903 United States, 48N 3E,13; Shoshone
37 ID105779577 Merger 25 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.903 United States, 48N 4E,19; Shoshone
38 ID105803276 R 4 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Leased 20.657 United States, 48N 5E,31; Shoshone
39 ID105803277 R 5 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Leased 20.648 United States, 48N 5E,31; Shoshone
40 ID105803278 R 6 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Leased 20.391 United States, 48N 5E,31; Shoshone
41 ID105803279 R 7 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Leased 21.077 United States, 48N 5E,31; Shoshone
42 ID105803280 R 8 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Leased 21.109 United States, 48N 5E,31; Shoshone
43 IMC 17293 Surprise American Silver Mining Company LLC (100%); BLM (100%); Sunshine Mine (100%) USA: Lode Claim Leased 20.487 United States, 48N 3E,24; Shoshone
44 IMC 17294 Norwich Fraction No.1 American Silver Mining Company LLC (100%); BLM (100%); Sunshine Mine (100%) USA: Lode Claim Leased 20.904 United States, 48N 3E,24; 48N 4E,19; Shoshone
45 IMC 17295 Norwich Fraction No.2 American Silver Mining Company LLC (100%); BLM (100%); Sunshine Mine (100%) USA: Lode Claim Leased 20.813 United States, 48N 3E,24; 48N 4E,19; Shoshone
46 IMC 17296 Lucky Friday American Silver Mining Company LLC (100%); BLM (100%); Sunshine Mine (100%) USA: Lode Claim Leased 19.022 United States, 48N 4E,19; Shoshone
47 IMC 17297 Lucky Friday No.1 American Silver Mining Company LLC (100%); BLM (100%); Sunshine Mine (100%) USA: Lode Claim Leased 20.901 United States, 48N 4E,19; Shoshone
48 IMC 17298 Luck Friday No.2 American Silver Mining Company LLC (100%); BLM (100%); Sunshine Mine (100%) USA: Lode Claim Leased 21.045 United States, 48N 3E,24; 48N 4E,19; Shoshone
49 IMC 17299 Lucky Friday No.3 American Silver Mining Company LLC (100%); BLM (100%); Sunshine Mine (100%) USA: Lode Claim Leased 20.696 United States, 48N 4E,19; Shoshone
50 IMC 17300 Lucky Friday No.4 American Silver Mining Company LLC (100%); BLM (100%); Sunshine Mine (100%) USA: Lode Claim Leased 20.644 United States, 48N 4E,19, 30; Shoshone
51 IMC 17301 Lucky Norwich American Silver Mining Company LLC (100%); BLM (100%); Sunshine Mine (100%) USA: Lode Claim Leased 4.783 United States, 48N 3E,24; 48N 4E,19; Shoshone
52 IMC 17302 Lutita American Silver Mining Company LLC (100%); BLM (100%); Sunshine Mine (100%) USA: Lode Claim Leased 3.995 United States, 48N 3E,24; Shoshone
53 IMC 17303 Edwone Fraction American Silver Mining Company LLC (100%); BLM (100%); Sunshine Mine (100%) USA: Lode Claim Leased 0.404 United States, 48N 3E,24; Shoshone
54 IMC 17304 Kentucky Silver American Silver Mining Company LLC (100%); BLM (100%); Sunshine Mine (100%) USA: Lode Claim Leased 2.187 United States, 48N 3E,24; Shoshone
55 IMC 17305 Enid American Silver Mining Company LLC (100%); BLM (100%); Sunshine Mine (100%) USA: Lode Claim Leased 9.518 United States, 48N 3E,24; 48N 4E,19; Shoshone
56 IMC 17306 Conrad American Silver Mining Company LLC (100%); BLM (100%); Sunshine Mine (100%) USA: Lode Claim Leased 9.5 United States, 48N 3E,24; Shoshone

 

  28-11  

 

Silver Opportunity Partners LLC | Sunshine Mine

S-K 1300 Technical Report Summary on the Initial Assessment

March 25, 2026 

SLR Project No.: 123.020552.00001

 

 

  License Code License Name Parties Type Interest Area
(ac)		 Map Reference
57 IMC 17307 Blue Jay American Silver Mining Company LLC (100%); BLM (100%); Sunshine Mine (100%) USA: Lode Claim Leased 20.889 United States, 48N 3E,24; Shoshone
58 IMC 17308 Collins American Silver Mining Company LLC (100%); BLM (100%); Sunshine Mine (100%) USA: Lode Claim Leased 20.552 United States, 48N 3E,24; 48N 4E,19; Shoshone
59 IMC 17309 North Star American Silver Mining Company LLC (100%); BLM (100%); Sunshine Mine (100%) USA: Lode Claim Leased 20.903 United States, 48N 4E,19; Shoshone
60 IMC 17310 Silver Leaf American Silver Mining Company LLC (100%); BLM (100%); Sunshine Mine (100%) USA: Lode Claim Leased 20.903 United States, 48N 3E,24; Shoshone
61 IMC 17311 Kentucky American Silver Mining Company LLC (100%); BLM (100%); Sunshine Mine (100%) USA: Lode Claim Leased 20.844 United States, 48N 3E,24; Shoshone
62 IMC 17312 Buckeye American Silver Mining Company LLC (100%); BLM (100%); Sunshine Mine (100%) USA: Lode Claim Leased 20.844 United States, 48N 3E,24; Shoshone
63 IMC 17313 Maud S American Silver Mining Company LLC (100%); BLM (100%); Sunshine Mine (100%) USA: Lode Claim Leased 20.837 United States, 48N 3E,24; Shoshone
64 IMC 175831 Barbarosa BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.443 United States, 48N 3E,22, 23; Shoshone
65 IMC 175832 Western Star BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.871 United States, 48N 3E,22, 23; Shoshone
66 IMC 226792 Silver Hill 1 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 47N 3E,6; 48N 3E,31; Shoshone
67 IMC 226793 Silver Hill 2 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 47N 3E,6; Shoshone
68 IMC 226794 Silver Hill 3 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 47N 3E,6; Shoshone
69 IMC 226795 Silver Hill 4 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 47N 3E,6; Shoshone
70 IMC 226796 Silver Hill 5 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 47N 3E,6; Shoshone
71 IMC 226797 Silver Hill 6 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 47N 3E,6; 48N 3E,31; Shoshone
72 IMC 226798 Silver Hill 7 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 47N 3E,6; Shoshone
73 IMC 226799 Silver Hill 8 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 47N 3E,6; Shoshone
74 IMC 226800 Silver Hill 9 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 47N 3E,6; Shoshone
75 IMC 226801 Silver Hill 10 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 47N 3E,6; Shoshone
76 IMC 226802 Silver Hill 11 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 48N 3E,31, 32; Shoshone
77 IMC 226803 Silver Hill 12 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 47N 3E,5, 6; 48N 3E,31, 32; Shoshone
78 IMC 226804 Silver Hill 13 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 47N 3E,5, 6; Shoshone
79 IMC 226805 Silver Hill 14 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 47N 3E,5, 6; Shoshone
80 IMC 226806 Silver Hill 15 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 47N 3E,5, 6; Shoshone

 

  28-12  

 

Silver Opportunity Partners LLC | Sunshine Mine

S-K 1300 Technical Report Summary on the Initial Assessment

March 25, 2026 

SLR Project No.: 123.020552.00001

 

 

  License Code License Name Parties Type Interest Area
(ac)		 Map Reference
81 IMC 226807 Silver Hill 16 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 47N 3E,5, 6; Shoshone
82 IMC 226808 Silver Hill 17 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 48N 3E,32; Shoshone
83 IMC 226809 Silver Hill 18 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 47N 3E,5; 48N 3E,32; Shoshone
84 IMC 226810 Silver Hill 19 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 47N 3E,5; Shoshone
85 IMC 226811 Silver Hill 20 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 47N 3E,5; Shoshone
86 IMC 226812 Silver Hill 21 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 47N 3E,5; Shoshone
87 IMC 226813 Silver Hill 22 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 47N 3E,5; Shoshone
88 IMC 226814 Silver Hill 23 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.903 United States, 48N 3E,32; Shoshone
89 IMC 226815 Silver Hill 24 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.903 United States, 47N 3E,5; 48N 3E,32; Shoshone
90 IMC 226816 Silver Hill 25 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 47N 3E,5; Shoshone
91 IMC 226817 Silver Hill 26 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 47N 3E,5; Shoshone
92 IMC 226818 Silver Hill 27 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 47N 3E,5; Shoshone
93 IMC 226819 Silver Hill 28 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 47N 3E,5; Shoshone
94 IMC 226820 JD #1 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 48N 3E,36; Shoshone
95 IMC 226821 JD #2 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 48N 3E,36; Shoshone
96 IMC 226822 JD #3 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 48N 3E,36; Shoshone
97 IMC 226823 JD #4 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 48N 3E,36; Shoshone
98 IMC 226824 JD #5 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 48N 3E,35, 36; Shoshone
99 IMC 226825 JD #6 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 48N 3E,36; Shoshone
100 IMC 226826 JD #7 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 48N 3E,36; Shoshone
101 IMC 226827 JD #8 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 48N 3E,36; Shoshone
102 IMC 226828 JD #9 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 48N 3E,35, 36; Shoshone
103 IMC 226829 SILVER APEX 3 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 48N 4E,5, 6; Shoshone
104 IMC 226830 SILVER APEX 4 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 48N 4E,5, 6; 49N 4E,32; Shoshone
105 IMC 226831 SILVER APEX 5 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 48N 4E,5; 49N 4E,32; Shoshone
106 IMC 226832 SILVER APEX 6 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 48N 4E,5; Shoshone
107 IMC 226833 S 4951 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 48N 5E,24, 25; Shoshone

 

  28-13  

 

Silver Opportunity Partners LLC | Sunshine Mine

S-K 1300 Technical Report Summary on the Initial Assessment

March 25, 2026 

SLR Project No.: 123.020552.00001

 

 

  License Code License Name Parties Type Interest Area
(ac)		 Map Reference
108 IMC 226834 S 4952 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 48N 5E,19, 24, 25; 48N 6E,19; Shoshone
109 IMC 226835 S 4953 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 48N 5E,19, 24, 25, 30; 48N 6E,19, 25, 30; Shoshone
110 IMC 226836 S 4954 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 48N 5E,25, 30; 48N 6E,25, 30; Shoshone
111 IMC 226837 S 4955 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 48N 5E,25, 30; 48N 6E,25, 30; Shoshone
112 IMC 226838 S 4956 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 48N 6E,30; Shoshone
113 IMC 226839 S 4957 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 48N 6E,30; Shoshone
114 IMC 226840 S 4958 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 48N 6E,30; Shoshone
115 IMC 226841 S 4959 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 48N 6E,30; Shoshone
116 IMC 226842 S 5049 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 48N 5E,19, 24; 48N 6E,19; Shoshone
117 IMC 226843 S 5059 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 48N 6E,30; Shoshone
118 IMC 226844 S 5060 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 48N 6E,30; Shoshone
119 IMC 226845 S 5148 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 48N 5E,19, 24; 48N 6E,19; Shoshone
120 IMC 226846 S 5149 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 48N 5E,19, 24; 48N 6E,19; Shoshone
121 IMC 226847 S 5151 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 48N 6E,30; Shoshone
122 IMC 226848 S 5159 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 48N 6E,19, 30; Shoshone
123 IMC 226849 SNOW 1 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 48N 6E,29; Shoshone
124 IMC 226850 SNOW 2 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 48N 6E,29; Shoshone
125 IMC 226851 SNOW 3 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 48N 6E,29; Shoshone
126 IMC 226852 SNOW 4 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 48N 6E,29; Shoshone
127 IMC 226853 SNOW 5 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 48N 6E,29; Shoshone
128 IMC 226854 SNOW 6 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 48N 6E,29; Shoshone
129 IMC 226855 SNOW 7 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 48N 6E,20, 29; Shoshone
130 IMC 226856 SNOW 8 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 48N 6E,20, 29; Shoshone
131 IMC 226857 BL 1 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 48N 6E,33, 34; Shoshone
132 IMC 226858 BL 2 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 48N 6E,34; Shoshone
133 IMC 226859 BL 3 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 48N 6E,33; Shoshone

 

  28-14  

 

Silver Opportunity Partners LLC | Sunshine Mine

S-K 1300 Technical Report Summary on the Initial Assessment

March 25, 2026 

SLR Project No.: 123.020552.00001

 

 

  License Code License Name Parties Type Interest Area
(ac)		 Map Reference
134 IMC 226860 BL 4 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 48N 6E,33, 34; Shoshone
135 IMC 226861 BL 5 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 48N 6E,33; Shoshone
136 IMC 226862 BL 6 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 48N 6E,33, 34; Shoshone
137 IMC 226863 BL 7 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 48N 6E,33; Shoshone
138 IMC 226864 BL 8 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 48N 6E,33, 34; Shoshone
139 IMC 226865 BL 9 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 48N 6E,33; Shoshone
140 IMC 226866 BL 10 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 48N 6E,33, 34; Shoshone
141 IMC 226867 W 1 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 48N 2E,23; Shoshone
142 IMC 226868 W 2 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 48N 2E,23, 24; Shoshone
143 IMC 226869 W 3 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 48N 2E,23, 24; Shoshone
144 IMC 226870 W 4 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 48N 2E,23, 24; Shoshone
145 IMC 226871 W 5 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 48N 2E,23, 24; Shoshone
146 IMC 226872 W 6 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 48N 2E,24; Shoshone
147 IMC 226873 W 7 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 48N 2E,24; Shoshone
148 IMC 226874 W 8 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 48N 2E,24; Shoshone
149 IMC 226875 W 9 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 48N 2E,24; Shoshone
150 IMC 226876 W 10 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 48N 2E,24; Shoshone
151 IMC 226877 SYDNEY #1 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 48N 2E,21, 22; Shoshone
152 IMC 226878 SYDNEY #2 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 48N 2E,21, 22; Shoshone
153 IMC 226879 SYDNEY #3 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 48N 2E,22; Shoshone
154 IMC 226880 SYDNEY #4 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 48N 2E,22; Shoshone
155 IMC 226881 SYDNEY #5 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 48N 2E,22; Shoshone
156 IMC 226882 SYDNEY #6 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 48N 2E,22; Shoshone
157 IMC 226883 SYDNEY #7 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 48N 2E,22; Shoshone
158 IMC 226884 SYDNEY #8 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 48N 2E,22; Shoshone
159 IMC 226885 SYDNEY #9 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 48N 2E,22; Shoshone
160 IMC 226886 SYDNEY #10 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 48N 2E,22; Shoshone
161 IMC 226887 SYDNEY #11 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 48N 2E,22; Shoshone
162 IMC 226888 SYDNEY #12 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 48N 2E,22; Shoshone
163 IMC 226889 SYDNEY #13 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 48N 2E,22, 23; Shoshone

 

  28-15  

 

Silver Opportunity Partners LLC | Sunshine Mine

S-K 1300 Technical Report Summary on the Initial Assessment

March 25, 2026 

SLR Project No.: 123.020552.00001

 

 

  License Code License Name Parties Type Interest Area
(ac)		 Map Reference
164 IMC 226890 SYDNEY #14 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 48N 2E,22, 23; Shoshone
165 IMC 226891 SYDNEY #15 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 48N 2E,22, 23, 27; Shoshone
166 IMC 226892 H 1 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 48N 2E,26; Shoshone
167 IMC 226893 H 2 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 48N 2E,26; Shoshone
168 IMC 226894 H 3 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 48N 2E,25, 26; Shoshone
169 IMC 226895 H 4 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 48N 2E,25, 26; Shoshone
170 IMC 226896 HI #10 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 48N 2E,23, 26; Shoshone
171 IMC 226897 HI #11 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 48N 2E,23, 24, 25, 26; Shoshone
172 IMC 226898 HI #12 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 48N 2E,24, 25; Shoshone
173 IMC 226899 EAGLE #1 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 48N 2E,27; Shoshone
174 IMC 226900 EAGLE #2 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 48N 2E,27, 34; Shoshone
175 IMC 226901 EAGLE #3 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 48N 2E,27; Shoshone
176 IMC 226902 EAGLE #4 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 48N 2E,27, 34; Shoshone
177 IMC 226903 EAGLE #5 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 48N 2E,27; Shoshone
178 IMC 226904 EAGLE #6 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 48N 2E,27, 34; Shoshone
179 IMC 226905 EAGLE #7 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 48N 2E,27; Shoshone
180 IMC 226906 EAGLE #8 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 48N 2E,27, 34; Shoshone
181 IMC 226907 EAGLE #9 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 48N 2E,26, 27, 34, 35; Shoshone
182 IMC 226908 EAGLE #10 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 48N 2E,27, 34, 35; Shoshone
183 IMC 226909 EAGLE #11 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 48N 2E,26, 35; Shoshone
184 IMC 226910 EAGLE #12 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 48N 2E,35; Shoshone
185 IMC 226911 EAGLE #13 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 48N 2E,26, 35; Shoshone
186 IMC 226912 EAGLE #14 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 48N 2E,35; Shoshone
187 IMC 226913 EAGLE #15 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 48N 2E,26, 35; Shoshone
188 IMC 226914 EAGLE #16 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 48N 2E,35; Shoshone
189 IMC 226915 EAGLE #17 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 48N 2E,26, 35; Shoshone
190 IMC 226916 EAGLE #18 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 19.529 United States, 48N 2E,35; Shoshone

 

  28-16  

 

Silver Opportunity Partners LLC | Sunshine Mine

S-K 1300 Technical Report Summary on the Initial Assessment

March 25, 2026 

SLR Project No.: 123.020552.00001

 

 

  License Code License Name Parties Type Interest Area
(ac)		 Map Reference
191 IMC 226917 EAGLE #19 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 48N 2E,26, 35; Shoshone
192 IMC 226918 EAGLE #20 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 19.529 United States, 48N 2E,35; Shoshone
193 IMC 226919 EAGLE #21 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 48N 2E,34; Shoshone
194 IMC 226920 EAGLE #22 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 48N 2E,34; Shoshone
195 IMC 226921 EAGLE #23 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 48N 2E,34; Shoshone
196 IMC 226922 EAGLE #24 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 48N 2E,34; Shoshone
197 IMC 226923 EAGLE #25 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 48N 2E,34, 35; Shoshone
198 IMC 226924 EAGLE #26 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 48N 2E,35; Shoshone
199 IMC 226925 EAGLE #27 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 48N 2E,35; Shoshone
200 IMC 226926 EAGLE #28 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 48N 2E,35; Shoshone
201 IMC 226927 EAGLE #29 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 48N 2E,35; Shoshone
202 IMC 226928 UTICA BLM (100%); Sunshine Mine (100%) USA: Lode Claim Leased 20.66 United States, 48N 3E,22; Shoshone
203 IMC 226929 LORA NO 2 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Leased 20.66 United States, 48N 3E,22; Shoshone
204 IMC 226930 HUDSON BLM (100%); Sunshine Mine (100%) USA: Lode Claim Leased 20.66 United States, 48N 3E,22; Shoshone
205 IMC 226931 STUDEBAKER BLM (100%); Sunshine Mine (100%) USA: Lode Claim Leased 20.66 United States, 48N 3E,22, 23; Shoshone
206 IMC 226932 SAXON BLM (100%); Sunshine Mine (100%) USA: Lode Claim Leased 20.66 United States, 48N 3E,22, 23; Shoshone
207 IMC 226933 WAYNE BLM (100%); Sunshine Mine (100%) USA: Lode Claim Leased 20.66 United States, 48N 3E,22; Shoshone
208 IMC 226934 JOHN G BLM (100%); Sunshine Mine (100%) USA: Lode Claim Leased 20.66 United States, 48N 3E,22, 23; Shoshone
209 IMC 226935 LAUREL BLM (100%); Sunshine Mine (100%) USA: Lode Claim Leased 20.66 United States, 48N 3E,22; Shoshone
210 IMC 226936 MADALENE BLM (100%); Sunshine Mine (100%) USA: Lode Claim Leased 20.66 United States, 48N 3E,22; Shoshone
211 IMC 226937 PEARL BLM (100%); Sunshine Mine (100%) USA: Lode Claim Leased 20.66 United States, 48N 3E,22, 27; Shoshone
212 IMC 226938 NI WOT BLM (100%); Sunshine Mine (100%) USA: Lode Claim Leased 20.66 United States, 48N 3E,22; Shoshone
213 IMC 226939 TOUGH GOING BLM (100%); Sunshine Mine (100%) USA: Lode Claim Leased 20.66 United States, 48N 3E,22; Shoshone
214 IMC 226940 BOSTON FRACTION BLM (100%); Sunshine Mine (100%) USA: Lode Claim Leased 20.66 United States, 48N 3E,22; Shoshone
215 IMC 226941 GRANT BLM (100%); Sunshine Mine (100%) USA: Lode Claim Leased 20.66 United States, 48N 3E,22; Shoshone
216 IMC 226942 LORA NO 1 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Leased 20.66 United States, 48N 3E,22; Shoshone
217 IMC 226943 KING BLM (100%); Sunshine Mine (100%) USA: Lode Claim Leased 20.66 United States, 48N 3E,22; Shoshone
218 IMC 226944 METROPOLITAN BLM (100%); Sunshine Mine (100%) USA: Lode Claim Leased 20.66 United States, 48N 3E,22; Shoshone
219 IMC 226945 MET #1 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Leased 20.66 United States, 48N 3E,22; Shoshone
220 IMC 226946 MET #1 FR. BLM (100%); Sunshine Mine (100%) USA: Lode Claim Leased 20.66 United States, 48N 3E,22; Shoshone

 

  28-17  

 

Silver Opportunity Partners LLC | Sunshine Mine

S-K 1300 Technical Report Summary on the Initial Assessment

March 25, 2026 

SLR Project No.: 123.020552.00001

 

 

  License Code License Name Parties Type Interest Area
(ac)		 Map Reference
221 IMC 226947 MET #2 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Leased 20.66 United States, 48N 3E,22; Shoshone
222 IMC 226948 METROPOLITAN 2 FR BLM (100%); Sunshine Mine (100%) USA: Lode Claim Leased 20.66 United States, 48N 3E,22; Shoshone
223 IMC 226949 MET #3 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Leased 20.66 United States, 48N 3E,22; Shoshone
224 IMC 226950 MET #4 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Leased 20.66 United States, 48N 3E,22; Shoshone
225 IMC 226951 MET #5 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Leased 20.66 United States, 48N 3E,22, 27; Shoshone
226 IMC 226952 MET #6 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Leased 20.66 United States, 48N 3E,22, 27; Shoshone
227 IMC 226953 MET #7 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Leased 20.66 United States, 48N 3E,27; Shoshone
228 IMC 226954 MET #8 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Leased 20.66 United States, 48N 3E,27; Shoshone
229 IMC 226955 MET #10 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Leased 20.66 United States, 48N 3E,22, 23; Shoshone
230 IMC 226956 MET #11 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Leased 20.66 United States, 48N 3E,22, 27; Shoshone
231 IMC 226957 MET #12 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Leased 20.66 United States, 48N 3E,27, 28; Shoshone
232 IMC 226958 MET #13 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Leased 20.66 United States, 48N 3E,22, 23; Shoshone
233 IMC 226959 MET #13 FR. BLM (100%); Sunshine Mine (100%) USA: Lode Claim Leased 20.66 United States, 48N 3E,22, 23; Shoshone
234 IMC 226960 MET #14 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Leased 20.66 United States, 48N 3E,21, 22, 27, 28; Shoshone
235 IMC 226961 MET #15 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Leased 20.66 United States, 48N 3E,21, 22; Shoshone
236 IMC 226962 MET #16 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Leased 20.66 United States, 48N 3E,28; Shoshone
237 IMC 226963 MET #17 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Leased 20.66 United States, 48N 3E,21, 28; Shoshone
238 IMC 226964 MET #18 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Leased 20.66 United States, 48N 3E,28; Shoshone
239 IMC 226965 COLBERT 2 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Leased 20.66 United States, 48N 3E,21, 28; Shoshone
240 IMC 226966 WADLEIGH BLM (100%); Sunshine Mine (100%) USA: Lode Claim Leased 20.66 United States, 48N 3E,27, 28; Shoshone
241 IMC 226967 WADLEIGH FR. BLM (100%); Sunshine Mine (100%) USA: Lode Claim Leased 20.66 United States, 48N 3E,27, 28; Shoshone
242 IMC 226968 MALLIGAN BLM (100%); Sunshine Mine (100%) USA: Lode Claim Leased 20.66 United States, 48N 3E,28; Shoshone
243 IMC 226969 STEVENS BLM (100%); Sunshine Mine (100%) USA: Lode Claim Leased 20.66 United States, 48N 3E,28; Shoshone
244 IMC 226970 NEWSOME BLM (100%); Sunshine Mine (100%) USA: Lode Claim Leased 20.66 United States, 48N 3E,27, 28; Shoshone
245 IMC 226971 BURNS BLM (100%); Sunshine Mine (100%) USA: Lode Claim Leased 20.66 United States, 48N 3E,27; Shoshone
246 IMC 226972 BELL BLM (100%); Sunshine Mine (100%) USA: Lode Claim Leased 20.66 United States, 48N 3E,27; Shoshone
247 IMC 226973 IZARD BLM (100%); Sunshine Mine (100%) USA: Lode Claim Leased 20.66 United States, 48N 3E,27; Shoshone
248 IMC 226974 IZARD FR. BLM (100%); Sunshine Mine (100%) USA: Lode Claim Leased 20.66 United States, 48N 3E,27; Shoshone
249 IMC 226975 COMNER BLM (100%); Sunshine Mine (100%) USA: Lode Claim Leased 20.66 United States, 48N 3E,27, 28; Shoshone

 

  28-18  

 

Silver Opportunity Partners LLC | Sunshine Mine

S-K 1300 Technical Report Summary on the Initial Assessment

March 25, 2026 

SLR Project No.: 123.020552.00001

 

 

  License Code License Name Parties Type Interest Area
(ac)		 Map Reference
250 IMC 226976 SA 1 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 48N 3E,20, 21, 28, 29; Shoshone
251 IMC 226977 SA 2 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 48N 3E,28, 29; Shoshone
252 IMC 226978 SA 3 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 48N 3E,20, 29; Shoshone
253 IMC 226979 SA 4 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 48N 3E,29; Shoshone
254 IMC 226980 SA 5 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 48N 3E,20, 29; Shoshone
255 IMC 226981 SA 6 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 48N 3E,29; Shoshone
256 IMC 226982 SA 7 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 48N 3E,20, 29; Shoshone
257 IMC 226983 SA 8 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 48N 3E,29; Shoshone
258 IMC 226984 SA 9 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 48N 3E,20, 29; Shoshone
259 IMC 226985 SA 10 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 48N 3E,29; Shoshone
260 IMC 226986 FRANCES BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 48N 3E,26, 27; Shoshone
261 IMC 226987 RD 2 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 48N 3E,27; Shoshone
262 IMC 226988 RD 1 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 48N 3E,27; Shoshone
263 IMC 226989 RD 6 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 48N 3E,27; Shoshone
264 IMC 226990 RD 7 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 48N 3E,27; Shoshone
265 IMC 226991 RD 12 FR BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 48N 3E,27; Shoshone
266 IMC 226992 RD 13 FR BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 48N 3E,27; Shoshone
267 IMC 226993 RD 14 FR BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 48N 3E,27; Shoshone
268 IMC 226994 RD 15 FR BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 48N 3E,27; Shoshone
269 IMC 226995 RD 16 FR BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 48N 3E,27; Shoshone
270 IMC 226996 RD 17 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 48N 3E,26, 27; Shoshone
271 IMC 226997 RD 18 FR BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 48N 3E,26, 27; Shoshone
272 IMC 226998 RD 19 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 48N 3E,26; Shoshone
273 IMC 226999 RD 20 FR BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 48N 3E,26; Shoshone
274 IMC 227000 MOXEY BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 48N 3E,26; Shoshone
275 IMC 227001 FAHEY BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 48N 3E,26, 27; Shoshone
276 IMC 227002 Edna  #2 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 48N 3E,27; Shoshone
277 IMC 227003 RYAN BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 48N 3E,27; Shoshone
278 IMC 227004 LEONARD BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 48N 3E,27; Shoshone

 

  28-19  

 

Silver Opportunity Partners LLC | Sunshine Mine

S-K 1300 Technical Report Summary on the Initial Assessment

March 25, 2026 

SLR Project No.: 123.020552.00001

 

 

  License Code License Name Parties Type Interest Area
(ac)		 Map Reference
279 IMC 227005 LYNN BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 48N 3E,26, 27; Shoshone
280 IMC 227006 SILVER CLIFF BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 48N 3E,26, 27; Shoshone
281 IMC 227007 BJ EXTENSION BLM (100%); Sunshine Mine (100%) USA: Lode Claim Leased 20.66 United States, 47N 5E,5; Shoshone
282 IMC 227008 BJF BLM (100%); Sunshine Mine (100%) USA: Lode Claim Leased 20.66 United States, 47N 5E,5; 48N 5E,32; Shoshone
283 IMC 227009 BLUE JAY BLM (100%); Sunshine Mine (100%) USA: Lode Claim Leased 20.66 United States, 47N 5E,5; 48N 5E,31, 32; Shoshone
284 IMC 227010 C.R. BLM (100%); Sunshine Mine (100%) USA: Lode Claim Leased 20.66 United States, 47N 5E,5; 48N 5E,31, 32; Shoshone
285 IMC 227011 D-1 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Leased 20.66 United States, 47N 5E,5; Shoshone
286 IMC 227012 D-7 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Leased 20.66 United States, 47N 5E,5; Shoshone
287 IMC 227013 D-8 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Leased 20.66 United States, 47N 5E,5; Shoshone
288 IMC 227014 D-9 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Leased 20.66 United States, 47N 5E,5; Shoshone
289 IMC 227015 E-7 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Leased 20.66 United States, 47N 5E,5; Shoshone
290 IMC 227016 EDNA MAE BLM (100%); Sunshine Mine (100%) USA: Lode Claim Leased 20.66 United States, 47N 5E,5; 48N 5E,31; Shoshone
291 IMC 227017 F-1 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Leased 20.66 United States, 47N 5E,5; Shoshone
292 IMC 227018 FLORA BLM (100%); Sunshine Mine (100%) USA: Lode Claim Leased 20.66 United States, 47N 5E,5; Shoshone
293 IMC 227019 G12 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Leased 20.66 United States, 48N 5E,31, 32; Shoshone
294 IMC 227020 GREY COPPER #1 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Leased 20.66 United States, 47N 5E,5; Shoshone
295 IMC 227021 NOOK BLM (100%); Sunshine Mine (100%) USA: Lode Claim Leased 20.66 United States, 47N 5E,5, 6; Shoshone
296 IMC 227022 R.C.-79 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Leased 20.66 United States, 47N 5E,5; Shoshone
297 IMC 227023 R.C.-80 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Leased 20.66 United States, 47N 5E,5; Shoshone
298 IMC 227024 R.C.-81 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Leased 20.66 United States, 47N 5E,5; Shoshone
299 IMC 227025 R.C.-81B BLM (100%); Sunshine Mine (100%) USA: Lode Claim Leased 20.66 United States, 47N 5E,5; Shoshone
300 IMC 227026 R.C.-92B BLM (100%); Sunshine Mine (100%) USA: Lode Claim Leased 20.66 United States, 47N 5E,4, 5; Shoshone
301 IMC 227027 R.C.E. NO. 2 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Leased 20.66 United States, 47N 5E,5; 48N 5E,32; Shoshone
302 IMC 227028 R.C.E. NO. 5 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Leased 20.66 United States, 47N 5E,5; Shoshone
303 IMC 227029 ROCK CREEK EXT #3 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Leased 20.66 United States, 47N 5E,5; Shoshone
304 IMC 227030 SILVER COIN BLM (100%); Sunshine Mine (100%) USA: Lode Claim Leased 20.66 United States, 47N 5E,5, 6; 48N 5E,31; Shoshone

 

  28-20  

 

Silver Opportunity Partners LLC | Sunshine Mine

S-K 1300 Technical Report Summary on the Initial Assessment

March 25, 2026 

SLR Project No.: 123.020552.00001

 

 

  License Code License Name Parties Type Interest Area
(ac)		 Map Reference
305 IMC 227031 SILVER DOLLAR BLM (100%); Sunshine Mine (100%) USA: Lode Claim Leased 20.66 United States, 47N 5E,5; Shoshone
306 IMC 227032 WOODCUTTER BLM (100%); Sunshine Mine (100%) USA: Lode Claim Leased 20.66 United States, 47N 5E,5; Shoshone
307 IMC 227033 WA 1 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 47N 5E,3; 48N 5E,33, 34; Shoshone
308 IMC 227034 WA 2 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 47N 5E,3; 48N 5E,34; Shoshone
309 IMC 227035 WA 3 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 47N 5E,3; Shoshone
310 IMC 227036 WA 4 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 47N 5E,3; Shoshone
311 IMC 227037 WA 5 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 47N 5E,3; Shoshone
312 IMC 227038 WA 6 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 47N 5E,3; Shoshone
313 IMC 227039 WA 7 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 47N 5E,3; Shoshone
314 IMC 227040 WA 8 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 47N 5E,3; Shoshone
315 IMC 227041 WA 9 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 47N 5E,3; Shoshone
316 IMC 227042 WA 10 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 47N 5E,3; Shoshone
317 IMC 227043 WA 11 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 47N 5E,3; Shoshone
318 IMC 227044 WA 12 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 47N 5E,3; Shoshone
319 IMC 227045 WA 13 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 47N 5E,3; Shoshone
320 IMC 227046 WA 14 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 47N 5E,3; Shoshone
321 IMC 227047 WA 15 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 47N 5E,3; Shoshone
322 IMC 227048 WA 16 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 47N 5E,3; Shoshone
323 IMC 227049 WA 17 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 47N 5E,3; Shoshone
324 IMC 227050 WA 18 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 47N 5E,3; Shoshone
325 IMC 227051 WA 19 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 47N 5E,2, 3; Shoshone
326 IMC 227052 WA 20 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 47N 5E,2, 3; Shoshone
327 IMC 227053 WA 21 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 47N 5E,2, 3; Shoshone
328 IMC 227054 WA 22 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 47N 5E,2, 3; Shoshone
329 IMC 227055 WA 23 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 47N 5E,2, 3; Shoshone
330 IMC 227056 WA 24 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 47N 5E,2, 3; Shoshone
331 IMC 227057 A 1 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 47N 5E,3; Shoshone
332 IMC 227058 A 3 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 47N 5E,2, 3; Shoshone
333 IMC 227059 A 4 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 47N 5E,2, 3; Shoshone

 

  28-21  

 

Silver Opportunity Partners LLC | Sunshine Mine

S-K 1300 Technical Report Summary on the Initial Assessment

March 25, 2026 

SLR Project No.: 123.020552.00001

 

 

  License Code License Name Parties Type Interest Area
(ac)		 Map Reference
334 IMC 227060 A 6 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 47N 5E,2; Shoshone
335 IMC 227061 A 7 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 47N 5E,2; Shoshone
336 IMC 227062 A 8 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 47N 5E,2; 48N 5E,35; Shoshone
337 IMC 227063 A 9 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 47N 5E,2; Shoshone
338 IMC 227064 A 10 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 47N 5E,2; Shoshone
339 IMC 227065 A 11 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 47N 5E,2; Shoshone
340 IMC 227066 A 12 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 47N 5E,2; Shoshone
341 IMC 227067 A 13 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 47N 5E,2; Shoshone
342 IMC 227068 A 14 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 47N 5E,2; Shoshone
343 IMC 227069 A 15 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 47N 5E,2; Shoshone
344 IMC 227070 A 16 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 47N 5E,2; Shoshone
345 IMC 227071 A 17 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 47N 5E,2; Shoshone
346 IMC 227072 A 18 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 47N 5E,2; Shoshone
347 IMC 227073 A 19 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 47N 5E,2; Shoshone
348 IMC 227074 A 20 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 47N 5E,2, 11; Shoshone
349 IMC 227075 A 21 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 47N 5E,11; Shoshone
350 IMC 227076 A 22 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 47N 5E,1, 2; Shoshone
351 IMC 227077 A 23 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 47N 5E,1, 2; Shoshone
352 IMC 227078 A 24 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 47N 5E,1, 2, 11, 12; Shoshone
353 IMC 227079 A 25 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 47N 5E,11, 12; Shoshone
354 IMC 227080 A 28 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 47N 5E,2, 3; 48N 5E,34; Shoshone
355 IMC 227081 A 29 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 47N 5E,2; 48N 5E,34, 35; Shoshone
356 IMC 227082 GH 1 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Leased 20.66 United States, 47N 5E,4, 5; Shoshone
357 IMC 227083 GH 2 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Leased 20.66 United States, 47N 5E,4, 5; Shoshone
358 IMC 227084 GH 3 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Leased 20.66 United States, 47N 5E,4, 5; Shoshone
359 IMC 227085 GH 4 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Leased 20.66 United States, 47N 5E,4, 5; Shoshone
360 IMC 227086 GH 5 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Leased 20.66 United States, 47N 5E,4, 5; Shoshone

 

  28-22  

 

Silver Opportunity Partners LLC | Sunshine Mine

S-K 1300 Technical Report Summary on the Initial Assessment

March 25, 2026 

SLR Project No.: 123.020552.00001

 

 

  License Code License Name Parties Type Interest Area
(ac)		 Map Reference
361 IMC 227087 GH 6 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Leased 20.66 United States, 47N 5E,4, 5, 8, 9; Shoshone
362 IMC 227088 GH 7 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Leased 20.66 United States, 47N 5E,8, 9; Shoshone
363 IMC 227089 GH 8 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Leased 20.66 United States, 47N 5E,8, 9; Shoshone
364 IMC 227090 GH 9 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 47N 5E,8, 9; Shoshone
365 IMC 227091 GH 10 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 47N 5E,8, 9; Shoshone
366 IMC 227092 GH 11 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 47N 5E,8, 9; Shoshone
367 IMC 227093 GH 12 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Leased 20.66 United States, 47N 5E,4; Shoshone
368 IMC 227094 GH 13 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Leased 20.66 United States, 47N 5E,4; Shoshone
369 IMC 227095 GH 14 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Leased 20.66 United States, 47N 5E,4; Shoshone
370 IMC 227096 GH 15 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Leased 20.66 United States, 47N 5E,4; Shoshone
371 IMC 227097 GH 16 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Leased 20.66 United States, 47N 5E,4; Shoshone
372 IMC 227098 GH 17 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Leased 20.66 United States, 47N 5E,4, 9; Shoshone
373 IMC 227099 GH 18 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Leased 20.66 United States, 47N 5E,9; Shoshone
374 IMC 227100 GH 19 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Leased 20.66 United States, 47N 5E,9; Shoshone
375 IMC 227101 GH 20 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 47N 5E,9; Shoshone
376 IMC 227102 GH 21 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 47N 5E,9; Shoshone
377 IMC 227103 GH 22 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 47N 5E,9; Shoshone
378 IMC 227104 GH 23 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Leased 20.66 United States, 47N 5E,4; Shoshone
379 IMC 227105 GH 24 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Leased 20.66 United States, 47N 5E,4; Shoshone
380 IMC 227106 GH 25 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Leased 20.66 United States, 47N 5E,4; Shoshone
381 IMC 227107 GH 26 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 47N 5E,4; Shoshone
382 IMC 227108 GH 27 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 47N 5E,4; Shoshone
383 IMC 227109 GH 28 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 47N 5E,4, 9; Shoshone
384 IMC 227110 GH 29 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 47N 5E,9; Shoshone
385 IMC 227111 GH 30 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 47N 5E,9; Shoshone
386 IMC 227112 GH 31 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 47N 5E,3, 4; Shoshone
387 IMC 227113 GH 32 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 47N 5E,3, 4; Shoshone
388 IMC 227114 GH 33 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 47N 5E,3, 4; Shoshone
389 IMC 227115 GH 34 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 47N 5E,3, 4; Shoshone

 

  28-23  

 

Silver Opportunity Partners LLC | Sunshine Mine

S-K 1300 Technical Report Summary on the Initial Assessment

March 25, 2026 

SLR Project No.: 123.020552.00001

 

 

  License Code License Name Parties Type Interest Area
(ac)		 Map Reference
390 IMC 227116 GH 35 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 47N 5E,3, 4, 9, 10; Shoshone
391 IMC 227117 GH 36 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 47N 5E,9, 10; Shoshone
392 IMC 227118 GH 37 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 47N 5E,9, 10; Shoshone
393 IMC 227119 GH 38 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 47N 5E,3, 10; Shoshone
394 IMC 227120 GH 39 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 47N 5E,10; Shoshone
395 IMC 227121 GH 40 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 47N 5E,10; Shoshone
396 IMC 227122 R 9 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Leased 20.66 United States, 48N 5E,31, 32; Shoshone
397 IMC 227123 P 1 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Leased 20.66 United States, 47N 5E,6; 48N 5E,31; Shoshone
398 IMC 227124 P 2 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Leased 20.66 United States, 47N 5E,6; 48N 5E,31; Shoshone
399 IMC 227125 P 3 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Leased 20.66 United States, 47N 5E,5, 6; 48N 5E,31; Shoshone
400 IMC 227126 P 4 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Leased 20.66 United States, 47N 5E,5; 48N 5E,31; Shoshone
401 IMC 227127 P 5 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Leased 20.66 United States, 47N 5E,5; 48N 5E,31, 32; Shoshone
402 IMC 227128 P 6 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Leased 20.66 United States, 47N 5E,6; Shoshone
403 IMC 227129 P 7 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Leased 20.66 United States, 47N 5E,5, 6; Shoshone
404 IMC 227130 P 8 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Leased 20.66 United States, 47N 5E,5, 6; Shoshone
405 IMC 227131 P 9 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Leased 20.66 United States, 47N 5E,5; Shoshone
406 IMC 227132 P 10 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Leased 20.66 United States, 47N 5E,5; Shoshone
407 IMC 227133 P 11 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Leased 20.66 United States, 47N 5E,6; Shoshone
408 IMC 227134 P 12 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Leased 20.66 United States, 47N 5E,5, 6; Shoshone
409 IMC 227135 P 13 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Leased 20.66 United States, 47N 5E,5; Shoshone
410 IMC 227136 P 14 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Leased 20.66 United States, 47N 5E,5; Shoshone
411 IMC 227137 P 15 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Leased 20.66 United States, 47N 5E,5; Shoshone
412 IMC 227138 P 16 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Leased 20.66 United States, 47N 5E,6; Shoshone
413 IMC 227139 P 17 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Leased 20.66 United States, 47N 5E,5, 6; Shoshone
414 IMC 227140 P 18 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Leased 20.66 United States, 47N 5E,5; Shoshone
415 IMC 227141 P 19 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Leased 20.66 United States, 47N 5E,5; Shoshone

 

 

28-24 

  

 

Silver Opportunity Partners LLC | Sunshine Mine

S-K 1300 Technical Report Summary on the Initial Assessment

March 25, 2026 

SLR Project No.: 123.020552.00001

 

 

  License Code License Name Parties Type Interest Area
(ac)		 Map Reference
416 IMC 227142 P 20 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Leased 20.66 United States, 47N 5E,5; Shoshone
417 IMC 227143 P 21 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Leased 20.66 United States, 47N 5E,5; Shoshone
418 IMC 227144 P 22 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Leased 20.66 United States, 47N 5E,5; Shoshone
419 IMC 227145 P 23 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Leased 20.66 United States, 47N 5E,5; Shoshone
420 IMC 227146 P 24 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Leased 20.66 United States, 47N 5E,5; Shoshone
421 IMC 227147 P 25 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Leased 20.66 United States, 47N 5E,5; Shoshone
422 IMC 227148 P 26 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Leased 20.66 United States, 47N 5E,5; Shoshone
423 IMC 227149 RC 1 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Leased 20.66 United States, 47N 5E,6; Shoshone
424 IMC 227150 RC 2 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Leased 20.66 United States, 47N 5E,6, 7; Shoshone
425 IMC 227151 RC 3 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 47N 5E,7; Shoshone
426 IMC 227152 RC 4 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 47N 5E,7; Shoshone
427 IMC 227153 RC 5 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 47N 5E,7; Shoshone
428 IMC 227154 RC 6 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Leased 20.66 United States, 47N 5E,5, 6; Shoshone
429 IMC 227155 RC 7 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Leased 20.66 United States, 47N 5E,5, 6, 7, 8; Shoshone
430 IMC 227156 RC 8 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Leased 20.66 United States, 47N 5E,7, 8; Shoshone
431 IMC 227157 RC 9 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 47N 5E,7, 8; Shoshone
432 IMC 227158 RC 10 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 47N 5E,7, 8; Shoshone
433 IMC 227159 RC 11 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 47N 5E,7, 8; Shoshone
434 IMC 227160 RC 12 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Leased 20.66 United States, 47N 5E,5, 8; Shoshone
435 IMC 227161 RC 13 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 47N 5E,8; Shoshone
436 IMC 227162 RC 14 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 47N 5E,8; Shoshone
437 IMC 227163 RC 15 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 47N 5E,8; Shoshone
438 IMC 227164 RC 16 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 47N 5E,8; Shoshone
439 IMC 227165 RC 17 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 47N 5E,8; Shoshone
440 IMC 227166 RC 18 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Leased 20.66 United States, 47N 5E,5; Shoshone
441 IMC 227167 RC 19 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Leased 20.66 United States, 47N 5E,5; Shoshone
442 IMC 227168 RC 20 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Leased 20.66 United States, 47N 5E,5, 8; Shoshone
443 IMC 227169 RC 21 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Leased 20.66 United States, 47N 5E,8; Shoshone
444 IMC 227170 RC 22 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 47N 5E,8; Shoshone
445 IMC 227171 RC 23 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 47N 5E,8; Shoshone

  

  28-25  

 

Silver Opportunity Partners LLC | Sunshine Mine

S-K 1300 Technical Report Summary on the Initial Assessment

March 25, 2026 

SLR Project No.: 123.020552.00001

 

 

  License Code License Name Parties Type Interest Area
(ac)		 Map Reference

446 IMC 227172 RC 24 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 47N 5E,8; Shoshone

447 IMC 227173 RC 25 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 47N 5E,8; Shoshone
448 IMC 227174 RC 26 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Leased 20.66 United States, 47N 5E,5; Shoshone
449 IMC 227175 RC 27 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Leased 20.66 United States, 47N 5E,5; Shoshone
450 IMC 227176 RC 28 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Leased 20.66 United States, 47N 5E,5, 8; Shoshone
451 IMC 227177 RC 29 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Leased 20.66 United States, 47N 5E,8; Shoshone
452 IMC 227178 RC 30 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 47N 5E,8; Shoshone
453 IMC 227179 RC 31 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 47N 5E,8; Shoshone
454 IMC 227180 RC 32 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 47N 5E,8; Shoshone
455 IMC 227181 RC 33 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 47N 5E,8; Shoshone
456 IMC 227182 MU 1 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 48N 5E,34, 35; Shoshone
457 IMC 227183 MU 2 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 48N 5E,34, 35; Shoshone
458 IMC 227184 MU 3 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 48N 5E,34; Shoshone
459 IMC 227185 MU 4 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 48N 5E,34, 35; Shoshone
460 IMC 227186 AE 1 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 47N 6E,6; Shoshone
461 IMC 227187 AE 2 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 47N 6E,6; Shoshone
462 IMC 227188 AE 3 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 47N 6E,6; Shoshone
463 IMC 227189 AE 4 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 47N 6E,6; Shoshone
464 IMC 227190 AE 5 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 47N 6E,6, 7; Shoshone
465 IMC 227191 AE 6 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 47N 6E,6; Shoshone
466 IMC 227192 AE 7 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 47N 6E,6; Shoshone
467 IMC 227193 AE 8 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 47N 6E,6; Shoshone
468 IMC 227194 AE 9 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 47N 6E,6; Shoshone
469 IMC 227195 AE 10 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 47N 6E,6; Shoshone
470 IMC 227196 AE 11 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 47N 6E,5, 6; Shoshone
471 IMC 227197 AE 12 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 47N 6E,5, 6; Shoshone
472 IMC 227198 AE 13 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 47N 6E,5, 6; Shoshone
473 IMC 227199 RCM 1 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Leased 20.66 United States, 47N 5E,6; 48N 5E,31; Shoshone
474 IMC 227200 RCM 2 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Leased 20.66 United States, 47N 5E,6; 48N 5E,31; Shoshone

 

  28-26  

 

Silver Opportunity Partners LLC | Sunshine Mine

S-K 1300 Technical Report Summary on the Initial Assessment

March 25, 2026 

SLR Project No.: 123.020552.00001

 

 

  License Code License Name Parties Type Interest Area
(ac)		 Map Reference
475 IMC 227201 RCM 3 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Leased 20.66 United States, 47N 5E,6; Shoshone
476 IMC 227202 RCM 4 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Leased 20.66 United States, 47N 5E,6; Shoshone
477 IMC 227203 RCM 5 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Leased 20.66 United States, 47N 5E,6; Shoshone
478 IMC 227204 RCM 6 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Leased 20.66 United States, 47N 5E,6; Shoshone
479 IMC 227205 RCM 7 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Leased 20.66 United States, 47N 5E,6; Shoshone
480 IMC 227206 RCM 8 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Leased 20.66 United States, 47N 5E,6; Shoshone
481 IMC 227207 RCM 9 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Leased 20.66 United States, 47N 5E,6; Shoshone
482 IMC 227208 RCM 10 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Leased 20.66 United States, 47N 5E,6; Shoshone
483 IMC 227209 RCM 11 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Leased 20.66 United States, 47N 5E,6; Shoshone
484 IMC 227210 RCM 12 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Leased 20.66 United States, 47N 5E,6; Shoshone
485 IMC 227211 RCM 13 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Leased 20.66 United States, 47N 5E,6; Shoshone
486 IMC 227212 RCM 14 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Leased 20.66 United States, 47N 5E,6, 7; Shoshone
487 IMC 227213 RCM 15 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Leased 20.66 United States, 47N 5E,6, 7; Shoshone
488 IMC 227214 RCM 16 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Leased 20.66 United States, 48N 5E,32; Shoshone
489 IMC 227215 RCM 17 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Leased 20.66 United States, 48N 5E,32; Shoshone
490 IMC 227216 RCM 18 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Leased 20.66 United States, 48N 5E,32; Shoshone
491 IMC 227217 RCM 19 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Leased 20.66 United States, 47N 5E,5; 48N 5E,32; Shoshone
492 IMC 227218 RCM 20 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Leased 20.66 United States, 47N 5E,5; 48N 5E,32; Shoshone
493 IMC 227219 RCM 21 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Leased 20.66 United States, 47N 5E,4, 5; 48N 5E,32; Shoshone
494 IMC 227220 RCM 22 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Leased 20.66 United States, 47N 5E,5; Shoshone
495 IMC 227221 RCM 23 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Leased 20.66 United States, 47N 5E,4, 5; Shoshone
496 IMC 227222 RCM 24 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Leased 20.66 United States, 47N 5E,4, 5; Shoshone
497 IMC 227223 RCM 25 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Leased 20.66 United States, 47N 5E,5; Shoshone
498 IMC 227224 RCM 26 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Leased 20.66 United States, 47N 5E,5; Shoshone
499 IMC 227225 RCM 27 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Leased 20.66 United States, 47N 5E,5; Shoshone
500 IMC 227226 CAD 1 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 48N 3E,24; Shoshone
501 IMC 227227 CAD 2 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 48N 3E,24; Shoshone
502 IMC 227228 CAD 3 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 48N 3E,26; Shoshone

 

  28-27  

 

Silver Opportunity Partners LLC | Sunshine Mine

S-K 1300 Technical Report Summary on the Initial Assessment

March 25, 2026 

SLR Project No.: 123.020552.00001

 

 

  License Code License Name Parties Type Interest Area
(ac)		 Map Reference
503 IMC 227229 CAD 4 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 48N 3E,25, 26; Shoshone
504 IMC 227230 CAD 5 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 48N 3E,25; Shoshone
505 IMC 227231 CAD 6 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 48N 3E,25; Shoshone
506 IMC 227232 CAD 7 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 48N 3E,25; Shoshone
507 IMC 227233 CAD 8 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 48N 3E,25; Shoshone
508 IMC 227234 CAD 9 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 48N 3E,25; Shoshone
509 IMC 227235 CAD 10 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 48N 3E,25; Shoshone
510 IMC 227236 CAD 11 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 48N 3E,25; Shoshone
511 IMC 227237 CAD 12 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 48N 3E,25; 48N 4E,30; Shoshone
512 IMC 227238 CAD 13 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 48N 4E,30; Shoshone
513 IMC 227239 CAD 14 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 48N 4E,30; Shoshone
514 IMC 227240 CAD 15 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 48N 4E,30; Shoshone
515 IMC 227241 CAD 16 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 48N 3E,25; Shoshone
516 IMC 227242 CAD 17 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 48N 3E,25; 48N 4E,30; Shoshone
517 IMC 227243 CAD 18 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 48N 4E,30; Shoshone
518 IMC 227244 CAD 19 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 48N 4E,30; Shoshone
519 IMC 227245 CAD 20 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 48N 4E,30; Shoshone
520 IMC 227246 CAD 21 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 48N 3E,24, 25; Shoshone
521 IMC 227247 CAD 22 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 48N 3E,24, 25; 48N 4E,19, 30; Shoshone
522 IMC 227248 Merger 1 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 48N 3E,13; Shoshone
523 IMC 227249 Merger 2 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 48N 3E,13, 24; Shoshone
524 IMC 227250 Merger 3 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 48N 3E,13, 24; Shoshone
525 IMC 227251 Merger 4 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 48N 3E,13, 24; 48N 4E,18, 19; Shoshone
526 IMC 227252 Merger 5 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 48N 3E,24; Shoshone
527 IMC 227253 Merger 6 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 48N 3E,24; Shoshone
528 IMC 227254 Merger 7 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 48N 3E,23, 24; Shoshone
529 IMC 227255 Merger 8 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 48N 3E,24; Shoshone

 

  28-28  

 

Silver Opportunity Partners LLC | Sunshine Mine

S-K 1300 Technical Report Summary on the Initial Assessment

March 25, 2026 

SLR Project No.: 123.020552.00001

 

 

  License Code License Name Parties Type Interest Area
(ac)		 Map Reference
530 IMC 227256 Merger 9 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 48N 3E,24; Shoshone
531 IMC 227257 Merger 10 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 48N 3E,23, 24; Shoshone
532 IMC 227258 Merger 11 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 48N 3E,24; Shoshone
533 IMC 227259 Merger 12 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 48N 3E,23, 26; Shoshone
534 IMC 227260 Merger 13 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 48N 3E,23, 24, 25, 26; Shoshone
535 IMC 227261 Merger 14 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 48N 3E,24, 25; Shoshone
536 IMC 227262 Merger 15 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 48N 3E,24, 25; Shoshone
537 IMC 227263 Merger 16 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 48N 3E,24, 25; Shoshone
538 IMC 227264 Merger 17 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 48N 4E,19; Shoshone
539 IMC 227265 Merger 18 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 48N 4E,19; Shoshone
540 IMC 227266 Merger 19 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 48N 4E,19; Shoshone
541 IMC 227267 Merger 20 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 48N 4E,19; Shoshone
542 IMC 227268 STERLING 1 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 48N 4E,30; Shoshone
543 IMC 227269 STERLING 2 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 48N 4E,30; Shoshone
544 IMC 227270 STERLING 3 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 48N 4E,29, 30, 31, 32; Shoshone
545 IMC 227271 STERLING 4 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 48N 4E,29, 32; Shoshone
546 IMC 227272 STERLING 5 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 48N 4E,29, 30; Shoshone
547 IMC 227273 STERLING 6 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 48N 4E,29, 30, 32; Shoshone
548 IMC 227274 STERLING 7 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 48N 4E,29, 32; Shoshone
549 IMC 227275 STERLING 8 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 48N 4E,32; Shoshone
550 IMC 227276 STERLING 9 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 48N 4E,29, 32; Shoshone
551 IMC 227277 STERLING 10 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 48N 4E,29; Shoshone
552 IMC 227278 STERLING 11 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 48N 4E,32; Shoshone
553 IMC 227279 STERLING 12 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 48N 4E,32, 33; Shoshone
554 IMC 227280 ELK 1 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 48N 3E,11, 14; Shoshone
555 IMC 227281 ELK 2 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 48N 3E,11, 14; Shoshone
556 IMC 227282 ELK 3 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 48N 3E,11; Shoshone
557 IMC 227283 ELK 4 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 48N 3E,11, 14; Shoshone

 

  28-29  

 

Silver Opportunity Partners LLC | Sunshine Mine

S-K 1300 Technical Report Summary on the Initial Assessment

March 25, 2026 

SLR Project No.: 123.020552.00001

 

 

  License Code License Name Parties Type Interest Area
(ac)		 Map Reference
558 IMC 227284 ELK 5 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 48N 3E,14; Shoshone
559 IMC 227285 ELK 6 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 48N 3E,10, 14, 15; Shoshone
560 IMC 227286 ELK 7 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 48N 3E,10, 15; Shoshone
561 IMC 227287 ELK 8 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 48N 3E,15; Shoshone
562 IMC 227288 ELK 9 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 48N 3E,14, 15; Shoshone
563 IMC 227289 ELK 10 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 48N 3E,15; Shoshone
564 IMC 227290 ELK 11 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 48N 3E,14, 15; Shoshone
565 IMC 227291 ELK 12 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 48N 3E,14, 15; Shoshone
566 IMC 227292 ELK 13 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 48N 3E,14; Shoshone
567 IMC 227293 ELK 14 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 48N 3E,14, 15; Shoshone
568 IMC 227294 ELK 15 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 48N 3E,14, 15; Shoshone
569 IMC 227295 ELK 16 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 48N 3E,15; Shoshone
570 IMC 227296 ELK 17 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 48N 3E,15; Shoshone
571 IMC 227297 LIBERAL KING BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 48N 2E,16, 17, 20, 21; Shoshone
572 IMC 227298 SUNSET #3 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 48N 2E,16, 21; Shoshone
573 IMC 227299 SUNSET #4 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 48N 2E,21; Shoshone
574 IMC 227300 SUNSET #5 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 48N 2E,20, 21; Shoshone
575 IMC 227301 SUNSET #6 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 48N 2E,20; Shoshone
576 IMC 227302 SUNSET #7 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 48N 2E,21; Shoshone
577 IMC 227303 SUNSET #8 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 48N 2E,21; Shoshone
578 IMC 227304 LONE PINE BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 48N 3E,20, 21; Shoshone
579 IMC 227305 GIANT NO 1 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 48N 3E,20, 21; Shoshone
580 IMC 227306 GIANT NO 7 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 48N 3E,20, 21; Shoshone
581 IMC 227307 GIANT NO 8 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 48N 3E,20, 21; Shoshone
582 IMC 227308 GIANT NO 10 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 48N 3E,21; Shoshone
583 IMC 227309 GIANT NO 11 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 48N 3E,21; Shoshone
584 IMC 227310 GIANT NO 12 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 48N 3E,21; Shoshone
585 IMC 227311 S C I NO 7 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 48N 3E,21; Shoshone
586 IMC 227312 S C I NO 8 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 48N 3E,21; Shoshone

  

  28-30  

 

Silver Opportunity Partners LLC | Sunshine Mine

S-K 1300 Technical Report Summary on the Initial Assessment

March 25, 2026 

SLR Project No.: 123.020552.00001

 

 

  License Code License Name Parties Type Interest Area
(ac)		 Map Reference

587 IMC 227313 S C I NO 9 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 48N 3E,21; Shoshone

588 IMC 227314 Crescent No. 1 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 48N 3E,21; Shoshone
589 IMC 227315 Crescent No. 2 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 48N 3E,21; Shoshone
590 IMC 227316 Crescent No. 3 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 48N 3E,21; Shoshone
591 IMC 227317 Crescent No. 4 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 48N 3E,21; Shoshone
592 IMC 227318 Crescent No. 5 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 48N 3E,21; Shoshone
593 IMC 227319 Crescent No. 6 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 48N 3E,21; Shoshone
594 IMC 227320 Crescent No. 7 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 48N 3E,21, 22; Shoshone
595 IMC 227321 Crescent No. 8 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.8 United States, 48N 3E,21, 22; Shoshone
596 IMC 227322 Crescent No. 9 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 48N 3E,21, 22; Shoshone
597 IMC 227323 Crescent No. 10 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 48N 3E,21, 22; Shoshone
598 IMC 227324 Crescent No. 11 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 48N 3E,21, 22; Shoshone
599 IMC 227325 BLUE GOOSE  2 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 48N 3E,15, 16; Shoshone
600 IMC 227326 SNOWSTORM BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 48N 3E,15, 16; Shoshone
601 IMC 227327 SNOWSLIDE BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 48N 3E,16; Shoshone
602 IMC 227328 BLUE GOOSE  1 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 48N 3E,16; Shoshone
603 IMC 227329 MAY DAY BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 48N 3E,15, 16, 22; Shoshone
604 IMC 227330 FALLS CREEK #1 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 54N 1W,1; Bonner
605 IMC 227331 FALLS CREEK #2 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 54N 1W,1; Bonner
606 IMC 227332 FALLS CREEK #3 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 54N 1E,6; 54N 1W,1; Bonner
607 IMC 227333 FALLS CREEK #4 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 54N 1E,6; 54N 1W,1; Bonner
608 IMC 227334 FALLS CREEK #5 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 54N 1W,1; Bonner
609 IMC 227335 FALLS CREEK #6 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 54N 1W,1; Bonner
610 IMC 227336 FALLS CREEK #7 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 54N 1W,1; Bonner
611 IMC 227337 FALLS CREEK #8 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 54N 1W,1; Bonner
612 IMC 227338 FALLS CREEK #9 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 54N 1W,1; Bonner
613 IMC 227339 FALLS CREEK #10 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 54N 1W,1; 55N 1W,35, 36; Bonner
614 IMC 227340 FALLS CREEK #11 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 54N 1W,1, 2; 55N 1W,35, 36; Bonner

 

  28-31  

 

Silver Opportunity Partners LLC | Sunshine Mine

S-K 1300 Technical Report Summary on the Initial Assessment

March 25, 2026 

SLR Project No.: 123.020552.00001

 

 

  License Code License Name Parties Type Interest Area
(ac)		 Map Reference
615 IMC 227341 FALLS CREEK #12 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 54N 1W,1, 2; Bonner
616 IMC 227342 FALLS CREEK #13 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 54N 1E,6; Bonner
617 IMC 227343 FALLS CREEK #14 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 54N 1E,6; 54N 1W,1; Bonner
618 IMC 227344 FALLS CREEK #15 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 54N 1E,6; 54N 1W,1; Bonner
619 IMC 227345 NEW FALLS #1 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 55N 1E,31; Bonner
620 IMC 227346 NEW FALLS #2 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 55N 1E,31; Bonner
621 IMC 227347 NEW FALLS #3 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 55N 1E,31; Bonner
622 IMC 227348 NEW FALLS #4 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 55N 1E,31; Bonner
623 IMC 227349 NEW FALLS #5 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 54N 1W,11; Bonner
624 IMC 227350 NEW FALLS #6 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 54N 1W,11; Bonner
625 IMC 227351 NEW FALLS #7 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 54N 1W,11; Bonner
626 IMC 227352 NEW FALLS #8 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 54N 1W,11; Bonner
627 IMC 227353 NEW FALLS #9 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 54N 1W,11; Bonner
628 IMC 227354 NEW FALLS #10 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 55N 1E,31; Bonner
629 IMC 227355 NEW FALLS #11 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 54N 1W,2, 11; Bonner
630 IMC 227356 NEW FALLS #12 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 54N 1W,2, 11; Bonner
631 IMC 227357 NEW FALLS #13 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 54N 1W,2, 11; Bonner
632 IMC 227358 NEW FALLS #14 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 54N 1W,2, 11; Bonner
633 IMC 227359 NEW FALLS #15 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 54N 1W,11; Bonner
634 IMC 227360 NEW FALLS #16 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 55N 1E,31; Bonner
635 IMC 227361 NEW FALLS #17 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 54N 1W,2; Bonner
636 IMC 227362 NEW FALLS #18 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 54N 1W,2; Bonner
637 IMC 227363 NEW FALLS #19 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 54N 1W,2; Bonner
638 IMC 227364 NORTH FALLS #20 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 18.624 United States, 54N 1W,2, 11; Bonner
639 IMC 227365 NEW FALLS #21 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 54N 1E,6; 55N 1E,31; Bonner
640 IMC 227366 NEW FALLS #22 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 55N 1E,31; Bonner
641 IMC 227367 NEW FALLS #23 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 54N 1W,2; Bonner
642 IMC 227368 NEW FALLS #24 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 54N 1W,2; Bonner
643 IMC 227369 NEW FALLS #25 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 54N 1W,1, 2; Bonner

 

  28-32  

 

Silver Opportunity Partners LLC | Sunshine Mine

S-K 1300 Technical Report Summary on the Initial Assessment

March 25, 2026 

SLR Project No.: 123.020552.00001

 

 

  License Code License Name Parties Type Interest Area
(ac)		 Map Reference
644 IMC 227370 NEW FALLS #26 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 54N 1W,1, 2; Bonner
645 IMC 227371 NEW FALLS #27 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 54N 1E,6; 55N 1E,31; Bonner
646 IMC 227372 NEW FALLS #28 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 54N 1W,1; 55N 1E,31; 55N 1W,36; Bonner
647 IMC 227373 NEW FALLS #29 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 54N 1W,2; Bonner
648 IMC 227374 NEW FALLS #30 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 54N 1W,1, 2; Bonner
649 IMC 227375 NEW FALLS #31 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 54N 1W,1, 2; Bonner
650 IMC 227376 NEW FALLS #32 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 54N 1W,1; Bonner
651 IMC 227377 NEW FALLS #33 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 54N 1W,1; Bonner
652 IMC 227378 NEW FALLS #34 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 55N 1E,31; Bonner
653 IMC 227379 NEW FALLS #35 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 55N 1W,35, 36; Bonner
654 IMC 227380 NEW FALLS #36 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 55N 1W,36; Bonner
655 IMC 227381 NEW FALLS #37 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 54N 1W,1; 55N 1W,36; Bonner
656 IMC 227382 NEW FALLS #38 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 54N 1W,1; 55N 1W,36; Bonner
657 IMC 227383 NEW FALLS #39 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 54N 1W,1; 55N 1W,36; Bonner
658 IMC 227384 NEW FALLS #40 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 54N 1W,1; 55N 1W,36; Bonner
659 IMC 227385 NEW FALLS #41 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 54N 1W,1; 55N 1W,36; Bonner
660 IMC 227386 NEW FALLS #42 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 54N 1W,1; 55N 1W,36; Bonner
661 IMC 227387 NEW FALLS #43 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 55N 1W,35, 36; Bonner
662 IMC 227388 NEW FALLS #44 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 55N 1W,35, 36; Bonner
663 IMC 227389 NEW FALLS #45 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 55N 1W,35, 36; Bonner
664 IMC 227390 NEW FALLS #46 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 55N 1W,36; Bonner
665 IMC 227391 NEW FALLS #47 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 55N 1W,36; Bonner
666 IMC 227392 NEW FALLS #48 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 55N 1W,36; Bonner
667 IMC 227393 NEW FALLS #49 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 54N 1W,1; 55N 1E,31; 55N 1W,36; Bonner
668 IMC 227394 NEW FALLS #50 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 55N 1W,35, 36; Bonner

 

  28-33  

 

Silver Opportunity Partners LLC | Sunshine Mine

S-K 1300 Technical Report Summary on the Initial Assessment

March 25, 2026 

SLR Project No.: 123.020552.00001

 

 

  License Code License Name Parties Type Interest Area
(ac)		 Map Reference
669 IMC 227395 NEW FALLS #51 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 55N 1W,36; Bonner
670 IMC 227396 NEW FALLS #52 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 55N 1W,36; Bonner
671 IMC 227397 NEW FALLS #53 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 55N 1W,36; Bonner
672 IMC 227398 NEW FALLS #54 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 55N 1W,36; Bonner
673 IMC 227399 NEW FALLS #55 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 55N 1W,36; Bonner
674 IMC 227400 NEW FALLS #56 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 55N 1W,36; Bonner
675 IMC 227401 NEW FALLS #57 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 55N 1E,31; 55N 1W,36; Bonner
676 IMC 227402 NEW FALLS #58 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 55N 1E,31; 55N 1W,36; Bonner
677 IMC 227403 NEW FALLS #59 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 55N 1W,25, 36; Bonner
678 IMC 227404 NEW FALLS #60 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 55N 1W,36; Bonner
679 IMC 227405 NEW FALLS #61 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 55N 1W,36; Bonner
680 IMC 227406 NEW FALLS #62 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 55N 1W,36; Bonner
681 IMC 227407 NEW FALLS #63 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 55N 1W,36; Bonner
682 IMC 227408 NEW FALLS #64 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 55N 1E,31; 55N 1W,36; Bonner
683 IMC 227409 NEW FALLS #65 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 55N 1E,31; 55N 1W,36; Bonner
684 IMC 227410 NEW FALLS #66 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 55N 1E,31; 55N 1W,36; Bonner
685 IMC 227411 NEW FALLS #67 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 55N 1E,31; Bonner
686 IMC 227412 NEW FALLS #68 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 54N 1E,6; 55N 1E,31; Bonner
687 IMC 227413 NEW FALLS #69 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 54N 1E,6; 55N 1E,31; Bonner
688 IMC 227414 NEW FALLS #70 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 55N 1E,30, 31; Bonner
689 IMC 227415 NEW FALLS #71 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 55N 1E,30, 31; Bonner
690 IMC 227416 NEW FALLS #72 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 55N 1E,30, 31; Bonner
691 IMC 227417 NEW FALLS #73 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 54N 1E,6; 55N 1E,31; Bonner
692 IMC 227418 NEW FALLS #74 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 55N 1E,30; Bonner
693 IMC 227419 NEW FALLS #75 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 55N 1E,30, 31; Bonner

 

 

28-34 

  

 

Silver Opportunity Partners LLC | Sunshine Mine

S-K 1300 Technical Report Summary on the Initial Assessment

March 25, 2026 

SLR Project No.: 123.020552.00001

 

 

  License Code License Name Parties Type Interest Area
(ac)		 Map Reference
694 IMC 227730 Lone Pine #1 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 48N 3E,20, 21; Shoshone
695 IMC 227731 Lone Pine #2 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 48N 3E,20, 21; Shoshone
696 IMC 227732 Hillside BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 48N 3E,20, 29; Shoshone
697 IMC 227733 Hillside #1 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 48N 3E,28, 29; Shoshone
698 IMC 227734 Hillside #2 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.895 United States, 48N 3E,28, 29; Shoshone
699 IMC 227735 Hillside #3 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.895 United States, 48N 3E,28, 29; Shoshone
700 IMC 227736 Humbolt BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 48N 3E,21, 28; Shoshone
701 IMC 227737 Humbolt #1 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 48N 3E,21; Shoshone
702 IMC 227738 Humbolt #2 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 48N 3E,21; Shoshone
703 IMC 227739 Humbolt #3 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 48N 3E,21; Shoshone
704 IMC 227740 Crescent BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 48N 3E,21; Shoshone
705 IMC 227741 Crescent #1 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Leased 20.66 United States, 48N 3E,21; Shoshone
706 IMC 227742 Crescent #8 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Leased 20.66 United States, 48N 3E,21; Shoshone
707 IMC 227743 S.C.I. #11 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 48N 3E,20, 21; Shoshone
708 IMC 227744 S.C.I. #12 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 48N 3E,20, 21, 28, 29; Shoshone
709 IMC 227745 S.C.I. #13 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 48N 3E,28, 29; Shoshone
710 IMC 227746 S.C.I. #14 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.895 United States, 48N 3E,28, 29; Shoshone
711 IMC 227747 S.C.I. #15 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 48N 3E,28; Shoshone
712 IMC 227748 S.C.I. #16 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.679 United States, 48N 3E,28; Shoshone
713 IMC 227749 S.C.I. #17 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.679 United States, 48N 3E,28; Shoshone
714 IMC 227750 S.C.I. #18 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 48N 3E,20, 29; Shoshone
715 IMC 227751 S.C.I. #19 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 48N 3E,29; Shoshone
716 IMC 227752 LC #15 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 48N 4E,31, 32; Shoshone
717 IMC 227753 LC #16 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 48N 4E,31, 32; Shoshone
718 IMC 227754 LC #19 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 48N 4E,31; Shoshone
719 IMC 227755 LC #20 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 48N 4E,31; Shoshone
720 IMC 227756 LC #21 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 48N 4E,31; Shoshone
721 IMC 227757 LC #24 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 48N 4E,31; Shoshone
722 IMC 227758 LC #25 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 48N 4E,31; Shoshone

 

  28-35  

 

Silver Opportunity Partners LLC | Sunshine Mine

S-K 1300 Technical Report Summary on the Initial Assessment

March 25, 2026 

SLR Project No.: 123.020552.00001

 

 

  License Code License Name Parties Type Interest Area
(ac)		 Map Reference
723 IMC 227759 LC #26 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 48N 4E,31; Shoshone
724 IMC 227760 LC #29 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 48N 4E,31; Shoshone
725 IMC 227761 LC #30 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 48N 4E,31; Shoshone
726 IMC 227762 LC #31 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 48N 4E,31; Shoshone
727 IMC 227763 LC #32 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 48N 4E,31; Shoshone
728 IMC 227764 LC #35 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 48N 3E,25, 36; 48N 4E,31; Shoshone
729 IMC 227765 LC #36 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 48N 3E,36; 48N 4E,31; Shoshone
730 IMC 227766 LC #37 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 48N 3E,36; 48N 4E,31; Shoshone
731 IMC 227767 LC #38 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 48N 3E,36; 48N 4E,31; Shoshone
732 IMC 227768 LC #39 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 48N 3E,36; 48N 4E,31; Shoshone
733 IMC 227769 LC #46 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 48N 3E,25, 36; Shoshone
734 IMC 227770 LC #47 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 48N 3E,36; Shoshone
735 IMC 227771 LC #48 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 48N 3E,36; 48N 4E,31; Shoshone
736 IMC 227772 LC #49 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 48N 4E,31; Shoshone
737 IMC 227773 LC #50 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 48N 4E,31; Shoshone
738 IMC 227774 LC #53 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 48N 3E,36; Shoshone
739 IMC 227775 LC #54 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 48N 3E,36; 48N 4E,31; Shoshone
740 IMC 227776 LC #55 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 48N 3E,36; Shoshone
741 IMC 227777 LC #56 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 48N 4E,31, 32; Shoshone
742 IMC 227778 LC #59 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 48N 3E,36; Shoshone
743 IMC 227779 LC #60 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 48N 3E,36; 48N 4E,31; Shoshone
744 IMC 227780 Idaho Leadville #1 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 48N 3E,36; Shoshone
745 IMC 227781 Idaho Leadville #2 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 48N 3E,36; Shoshone
746 IMC 227782 Idaho Leadville #3 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 48N 3E,36; Shoshone
747 IMC 227783 Idaho Leadville #4 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 48N 3E,36; Shoshone

 

  28-36  

 

Silver Opportunity Partners LLC | Sunshine Mine

S-K 1300 Technical Report Summary on the Initial Assessment

March 25, 2026 

SLR Project No.: 123.020552.00001

 

 

  License Code License Name Parties Type Interest Area
(ac)		 Map Reference
748 IMC 227784 Idaho Leadville #5 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 48N 3E,25, 26, 35, 36; Shoshone
749 IMC 227785 Idaho Leadville #6 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 48N 3E,36; Shoshone
750 IMC 227786 Idaho Leadville #7 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 48N 3E,35, 36; Shoshone
751 IMC 227787 Idaho Leadville #8 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 48N 3E,35, 36; Shoshone
752 IMC 227788 Idaho Leadville #9 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 48N 3E,35, 36; Shoshone
753 IMC 227789 Idaho Leadville #11 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 48N 3E,35; Shoshone
754 IMC 227790 Idaho Leadville #13 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 48N 3E,26, 35; Shoshone
755 IMC 227791 Idaho Leadville #14 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 48N 3E,26, 35; Shoshone
756 IMC 227792 Idaho Leadville #15 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 48N 3E,25, 26; Shoshone
757 IMC 227793 Idaho Leadville #16 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 48N 3E,26, 35; Shoshone
758 IMC 227794 Idaho Leadville #18 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 48N 3E,26; Shoshone
759 IMC 227795 Idaho Leadville #19 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 48N 3E,26; Shoshone
760 IMC 227796 Idaho Leadville #20 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 48N 3E,26; Shoshone
761 IMC 227797 Idaho Leadville #21 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 48N 3E,26; Shoshone
762 IMC 227798 Idaho Leadville #22 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 48N 3E,26; Shoshone
763 IMC 227799 Idaho Leadville #23 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 48N 3E,26; Shoshone
764 IMC 227800 Idaho Leadville #24 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 48N 3E,23, 26; Shoshone
765 IMC 227801 Idaho Leadville #25 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.903 United States, 48N 3E,26; Shoshone
766 IMC 227802 Idaho Leadville #26 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 48N 3E,26; Shoshone
767 IMC 227803 Idaho Leadville #28 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 48N 3E,26; Shoshone
768 IMC 227804 Idaho Leadville #30 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 48N 3E,26, 27; Shoshone
769 IMC 227805 Idaho Leadville #31 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 48N 3E,26; Shoshone
770 IMC 227806 Idaho Leadville #32 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 48N 3E,26; Shoshone
771 IMC 227807 MET #21 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 48N 3E,22, 23; Shoshone
772 IMC 227808 MET #22 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 48N 3E,23; Shoshone
773 IMC 227809 MET #23 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 48N 3E,23; Shoshone
774 IMC 227810 MET #24 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 48N 3E,22, 23, 26, 27; Shoshone
775 IMC 227811 Colbert 1 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 48N 3E,21, 28; Shoshone
776 IMC 227812 RDMET #1 FR BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 48N 3E,23; Shoshone

 

  28-37  

 

Silver Opportunity Partners LLC | Sunshine Mine

S-K 1300 Technical Report Summary on the Initial Assessment

March 25, 2026 

SLR Project No.: 123.020552.00001

 

 

  License Code License Name Parties Type Interest Area
(ac)		 Map Reference
777 IMC 227813 RDMET #4 FR BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 48N 3E,23, 26; Shoshone
778 IMC 227814 RDMET #3 FR BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 48N 3E,23; Shoshone
779 IMC 227815 Mary Lode BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 48N 3E,27; Shoshone
780 IMC 227816 Linda BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 48N 3E,27; Shoshone
781 IMC 227817 Ann BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 48N 3E,27; Shoshone
782 IMC 227818 Joanna BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 48N 3E,27; Shoshone
783 IMC 227819 Nancy BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 48N 3E,27; Shoshone
784 IMC 227820 Edna BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 48N 3E,27; Shoshone
785 IMC 227821 Star BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 48N 3E,26, 27; Shoshone
786 IMC 227822 Sydney BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 48N 3E,26, 27; Shoshone
787 IMC 227823 Steve BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 48N 3E,27, 28; Shoshone
788 IMC 227824 Colbert BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 48N 3E,28; Shoshone
789 IMC 227825 MET #9 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 48N 3E,22, 23, 26; Shoshone
790 IMC 227826 Denver #2 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 48N 2E,22, 23, 27; Shoshone
791 IMC 227827 Denver #3 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 48N 2E,22, 27; Shoshone
792 IMC 227828 Denver #4 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 48N 2E,22, 27; Shoshone
793 IMC 227829 Denver #5 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 48N 2E,27; Shoshone
794 IMC 227830 Denver #6 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 48N 2E,27; Shoshone
795 IMC 227831 Denver #7 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 48N 2E,27; Shoshone
796 IMC 227832 Denver #8 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 48N 2E,27; Shoshone
797 IMC 227833 Denver #9 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 48N 2E,26, 27; Shoshone
798 IMC 227834 Denver #10 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 48N 2E,26, 27; Shoshone
799 IMC 227835 Denver #11 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 48N 2E,27; Shoshone
800 IMC 227836 Denver #15 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 48N 2E,27; Shoshone
801 IMC 227837 Denver #16 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 48N 2E,26, 27; Shoshone
802 IMC 227838 Denver #17 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 48N 2E,26, 27; Shoshone
803 IMC 227839 Denver #18 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 48N 2E,26, 27; Shoshone
804 IMC 227840 Denver #19 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 48N 2E,26; Shoshone
805 IMC 227841 Denver #20 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 48N 2E,26; Shoshone

 

  28-38  

 

Silver Opportunity Partners LLC | Sunshine Mine

S-K 1300 Technical Report Summary on the Initial Assessment

March 25, 2026 

SLR Project No.: 123.020552.00001

 

 

  License Code License Name Parties Type Interest Area
(ac)		 Map Reference
806 IMC 227842 Denver #21 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 48N 2E,26; Shoshone
807 IMC 227843 Denver #22 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 48N 2E,26; Shoshone
808 IMC 227844 Denver #23 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 48N 2E,26; Shoshone
809 IMC 227845 Denver #24 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 48N 2E,26; Shoshone
810 IMC 227846 Denver #25 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 48N 2E,26; Shoshone
811 IMC 227847 Denver #26 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 48N 2E,25, 26; Shoshone
812 IMC 227848 Denver #27 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 48N 2E,25, 26, 35, 36; Shoshone
813 IMC 227849 Denver #28 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 48N 2E,25, 35, 36; Shoshone
814 IMC 227850 Denver #29 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 48N 2E,25, 36; Shoshone
815 IMC 227851 Denver #30 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 48N 2E,25, 36; Shoshone
816 IMC 227852 Denver #31 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 48N 2E,25, 36; Shoshone
817 IMC 227853 Denver #32 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 48N 2E,25, 36; Shoshone
818 IMC 227854 Denver #33 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 48N 2E,25, 36; Shoshone
819 IMC 227855 Denver #34 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 48N 2E,25, 36; Shoshone
820 IMC 227856 Denver #35 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 48N 2E,25, 36; Shoshone
821 IMC 227857 Denver #36 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 48N 2E,25, 36; 48N 3E,30; Shoshone
822 IMC 227858 Denver #37 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 48N 2E,25, 36; 48N 3E,30, 31; Shoshone
823 IMC 227859 Denver #38 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 48N 3E,30, 31; Shoshone
824 IMC 227860 Denver #39 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 48N 3E,30, 31; Shoshone
825 IMC 227861 Denver #40 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 48N 3E,30; Shoshone
826 IMC 227862 Denver #41 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 48N 2E,26; Shoshone
827 IMC 227863 Denver #42 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 48N 2E,26; Shoshone
828 IMC 227864 Denver #43 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 48N 2E,26; Shoshone
829 IMC 227865 Denver #44 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 48N 2E,26; Shoshone
830 IMC 227866 Lookout #1 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 48N 2E,20; Shoshone
831 IMC 227867 Lookout #2 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 48N 2E,20; Shoshone
832 IMC 227868 Lookout #3 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 48N 2E,20; Shoshone

 

  28-39  

 

Silver Opportunity Partners LLC | Sunshine Mine

S-K 1300 Technical Report Summary on the Initial Assessment

March 25, 2026 

SLR Project No.: 123.020552.00001

 

 

  License Code License Name Parties Type Interest Area
(ac)		 Map Reference
833 IMC 227869 Lookout #4 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 48N 2E,20; Shoshone
834 IMC 227870 Lookout #5 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 48N 2E,20; Shoshone
835 IMC 227871 Lookout #6 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 48N 2E,20, 21; Shoshone
836 IMC 227872 Lookout #7 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 48N 2E,20; Shoshone
837 IMC 227873 Lookout #8 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 48N 2E,20, 21; Shoshone
838 IMC 227874 Lookout #9 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 48N 2E,20, 21; Shoshone
839 IMC 227875 Lookout #10 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 48N 2E,21; Shoshone
840 IMC 227876 Lookout #11 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 48N 2E,20, 21; Shoshone
841 IMC 227877 Lookout #12 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 48N 2E,21; Shoshone
842 IMC 227878 Lookout #13 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 48N 2E,21; Shoshone
843 IMC 227879 Lookout #14 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 48N 2E,21; Shoshone
844 IMC 227880 Lookout #15 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 48N 2E,21; Shoshone
845 IMC 227881 Lookout #16 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 48N 2E,21; Shoshone
846 IMC 227882 Lookout #17 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 48N 2E,21; Shoshone
847 IMC 227883 Lookout #18 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 48N 2E,21; Shoshone
848 IMC 227884 Lookout #19 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 48N 2E,21, 28; Shoshone
849 IMC 227885 Lookout #20 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 48N 2E,21; Shoshone
850 IMC 227886 Lookout #21 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 48N 2E,21, 28; Shoshone
851 IMC 227887 Lookout #22 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 48N 2E,21, 22; Shoshone
852 IMC 227888 Lookout #23 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 48N 2E,22; Shoshone
853 IMC 227889 Lookout #24 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 48N 2E,20; Shoshone
854 IMC 227890 Lookout #25 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 48N 2E,21, 28; Shoshone
855 IMC 227891 Lookout #26 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 48N 2E,21, 28; Shoshone
856 IMC 227892 Lookout #28 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 48N 2E,21, 28, 29; Shoshone
857 IMC 227893 Lookout #29 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 48N 2E,21, 28; Shoshone
858 IMC 227894 Lookout #30 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 48N 2E,21, 28; Shoshone
859 IMC 227895 Lookout #31 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 48N 2E,21, 28; Shoshone
860 IMC 227896 Lookout #32 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 48N 2E,28; Shoshone
861 IMC 227897 Lookout #33 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 48N 2E,28; Shoshone

 

  28-40  

 

Silver Opportunity Partners LLC | Sunshine Mine

S-K 1300 Technical Report Summary on the Initial Assessment

March 25, 2026 

SLR Project No.: 123.020552.00001

 

 

  License Code License Name Parties Type Interest Area
(ac)		 Map Reference
862 IMC 227898 Lookout #34 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 48N 2E,28; Shoshone
863 IMC 227899 Lookout #35 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 48N 2E,28; Shoshone
864 IMC 227900 Lookout #36 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 48N 2E,27, 28; Shoshone
865 IMC 227901 Lookout #37 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 48N 2E,27, 28; Shoshone
866 IMC 227902 Lookout #38 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 48N 2E,27, 28; Shoshone
867 IMC 227903 Lookout #39 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 48N 2E,20; Shoshone
868 IMC 227904 Lookout 21 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 48N 2E,28, 29; Shoshone
869 IMC 227905 Lookout 25 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 48N 2E,28; Shoshone
870 IMC 227906 RQ 1 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 47N 5E,1; 48N 5E,35, 36; Shoshone
871 IMC 227907 RQ 2 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 47N 5E,1; Shoshone
872 IMC 227908 RQ 3 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 47N 5E,1; Shoshone
873 IMC 227909 RQ 4 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 47N 5E,1; 48N 5E,36; Shoshone
874 IMC 227910 RQ 5 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 47N 5E,1; Shoshone
875 IMC 227911 RQ 6 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 47N 5E,1; Shoshone
876 IMC 227912 RQ 7 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 47N 5E,1; Shoshone
877 IMC 227913 RQ 8 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 47N 5E,1; 48N 5E,36; Shoshone
878 IMC 227914 RQ 9 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 47N 5E,1; Shoshone
879 IMC 227915 RQ 10 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 47N 5E,1; Shoshone
880 IMC 227916 RQ 11 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 47N 5E,1; Shoshone
881 IMC 227917 RQ 12 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 47N 5E,1; 47N 6E,6; 48N 5E,36; Shoshone
882 IMC 227918 RQ 13 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 47N 5E,1; 47N 6E,6; Shoshone
883 IMC 227919 RQ 14 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 47N 5E,1; 47N 6E,6; Shoshone
884 IMC 227920 RQ 15 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 47N 5E,1; 47N 6E,6; Shoshone
885 IMC 227921 RQ 16 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 47N 5E,1; 47N 6E,6; Shoshone
886 IMC 227922 RQ 17 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 47N 5E,1; Shoshone

 

  28-41  

 

Silver Opportunity Partners LLC | Sunshine Mine

S-K 1300 Technical Report Summary on the Initial Assessment

March 25, 2026 

SLR Project No.: 123.020552.00001

 

 

  License Code License Name Parties Type Interest Area
(ac)		 Map Reference
887 IMC 227923 RQ 18 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 47N 5E,1; Shoshone
888 IMC 227924 RQ 19 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 47N 5E,1; Shoshone
889 IMC 227925 RQ 20 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 47N 5E,1; Shoshone
890 IMC 227926 RQ 21 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 47N 5E,1; Shoshone
891 IMC 227927 RQ 22 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 47N 5E,1; Shoshone
892 IMC 227928 RQ 23 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 47N 5E,1, 12; Shoshone
893 IMC 227929 RQ 24 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 47N 5E,12; Shoshone
894 IMC 227930 RQ 25 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 47N 5E,1; Shoshone
895 IMC 227931 RQ 26 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 47N 5E,1; Shoshone
896 IMC 227932 RQ 27 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 47N 5E,1; Shoshone
897 IMC 227933 RQ 28 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 21.141 United States, 47N 5E,1; Shoshone
898 IMC 227934 RQ 29 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 47N 5E,1, 12; Shoshone
899 IMC 227935 RQ 30 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 47N 5E,1, 12; Shoshone
900 IMC 227936 RQ 31 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 47N 5E,1; 47N 6E,6; Shoshone
901 IMC 227937 RQ 32 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 47N 5E,1; 47N 6E,6; Shoshone
902 IMC 227938 RQ 33 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 47N 5E,1; 47N 6E,6; Shoshone
903 IMC 227939 RQ 34 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 47N 5E,1; 47N 6E,6; Shoshone
904 IMC 227940 RQ 35 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 47N 5E,1, 12; 47N 6E,6, 7; Shoshone
905 IMC 227941 RQ 36 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 47N 5E,1; Shoshone
906 IMC 227942 RQ 37 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 47N 5E,1; Shoshone
907 IMC 227943 RQ 38 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 47N 5E,1, 12; Shoshone
908 IMC 227944 RQ 39 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 47N 5E,12; Shoshone
909 IMC 227945 Sun South #1 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 48N 3E,34; Shoshone
910 IMC 227946 Sun South #2 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 48N 3E,34; Shoshone
911 IMC 227947 Sun South #3 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 48N 3E,34; Shoshone
912 IMC 227948 Sun South #4 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 48N 3E,34; Shoshone
913 IMC 227949 Sun South #5 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 48N 3E,34; Shoshone

 

  28-42  

 

Silver Opportunity Partners LLC | Sunshine Mine

S-K 1300 Technical Report Summary on the Initial Assessment

March 25, 2026 

SLR Project No.: 123.020552.00001

 

 

  License Code License Name Parties Type Interest Area
(ac)		 Map Reference
914 IMC 227950 Sun South #6 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 48N 3E,34; Shoshone
915 IMC 227951 Sun South #7 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 48N 3E,34; Shoshone
916 IMC 227952 Sun South #8 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 48N 3E,34; Shoshone
917 IMC 227953 Sun South #9 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 48N 3E,34; Shoshone
918 IMC 227954 Sun South #10 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 48N 3E,34; Shoshone
919 IMC 227955 Sun South #11 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 48N 3E,34; Shoshone
920 IMC 227956 Sun South #12 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 47N 3E,3; 48N 3E,34; Shoshone
921 IMC 227957 Sun South #13 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 48N 3E,34; Shoshone
922 IMC 227958 Sun South #14 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 48N 3E,34; Shoshone
923 IMC 227959 Sun South #15 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 48N 3E,34; Shoshone
924 IMC 227960 Sun South #16 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 48N 3E,34; Shoshone
925 IMC 227961 Sun South #17 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 48N 3E,34; Shoshone
926 IMC 227962 Sun South #18 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 48N 3E,34; Shoshone
927 IMC 227963 Sun South #19 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 48N 3E,34; Shoshone
928 IMC 227964 Sun South #20 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 48N 3E,34, 35; Shoshone
929 IMC 227965 Sun South #21 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 48N 3E,34, 35; Shoshone
930 IMC 227966 Sun South #22 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 48N 3E,34, 35; Shoshone
931 IMC 227967 Sun South #23 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 48N 3E,34, 35; Shoshone
932 IMC 227968 Sun South #24 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 48N 3E,34, 35; Shoshone
933 IMC 227969 Sun South #25 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 48N 3E,35; Shoshone
934 IMC 227970 Sun South #26 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 48N 3E,35; Shoshone
935 IMC 227971 Sun South #27 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 48N 3E,35; Shoshone
936 IMC 227972 Sun South #28 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 48N 3E,35; Shoshone
937 IMC 227973 Sun South #29 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 48N 3E,35; Shoshone
938 IMC 227974 Sun South #30 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 48N 3E,35; Shoshone
939 IMC 227975 Sun South #31 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 48N 3E,35; Shoshone
940 IMC 227976 Sun South #32 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 48N 3E,35; Shoshone
941 IMC 227977 Sun South #33 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 48N 3E,26, 35; Shoshone
942 IMC 227978 Sun South #34 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 47N 3E,3, 4; 48N 3E,33, 34; Shoshone

 

  28-43  

 

Silver Opportunity Partners LLC | Sunshine Mine

S-K 1300 Technical Report Summary on the Initial Assessment

March 25, 2026 

SLR Project No.: 123.020552.00001

 

 

  License Code License Name Parties Type Interest Area
(ac)		 Map Reference
943 IMC 227979 Sun South #35 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 48N 3E,33, 34; Shoshone
944 IMC 227980 Sun South #36 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 48N 3E,33, 34; Shoshone
945 IMC 227981 Sun South #37 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 48N 3E,33, 34; Shoshone
946 IMC 227982 Sun South #38 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 48N 3E,33, 34; Shoshone
947 IMC 227983 Sun South #39 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 48N 3E,33, 34; Shoshone
948 IMC 227984 Sun South #40 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 48N 3E,33, 34; Shoshone
949 IMC 227985 Sun South #41 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 48N 3E,33, 34; Shoshone
950 IMC 227986 Sun South #42 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 48N 3E,27, 28, 33, 34; Shoshone
951 IMC 227987 Sun South #43 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 48N 3E,27, 28; Shoshone
952 IMC 227988 Sun South #44 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 48N 3E,27, 28; Shoshone
953 IMC 227989 Sun South #45 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 48N 3E,27, 28; Shoshone
954 IMC 227990 Sun South #46 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 47N 3E,4; 48N 3E,33; Shoshone
955 IMC 227991 Sun South #47 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 48N 3E,33; Shoshone
956 IMC 227992 Sun South #48 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 48N 3E,33; Shoshone
957 IMC 227993 Sun South #49 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 48N 3E,33; Shoshone
958 IMC 227994 Sun South #50 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 48N 3E,33; Shoshone
959 IMC 227995 Sun South #51 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 48N 3E,33; Shoshone
960 IMC 227996 Sun South #52 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 48N 3E,33; Shoshone
961 IMC 227997 Sun South #53 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 48N 3E,33; Shoshone
962 IMC 227998 Sun South #54 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 48N 3E,28, 33; Shoshone
963 IMC 227999 Sun South #55 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 48N 3E,28; Shoshone
964 IMC 228000 Sun South #56 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 48N 3E,28; Shoshone
965 IMC 228001 Sun South #57 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 48N 3E,28; Shoshone
966 IMC 228002 Sun South #58 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 47N 3E,4; 48N 3E,33; Shoshone
967 IMC 228003 Sun South #59 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 48N 3E,33; Shoshone
968 IMC 228004 Sun South #60 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 48N 3E,33; Shoshone
969 IMC 228005 Sun South #61 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 48N 3E,33; Shoshone
970 IMC 228006 Sun South #62 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 48N 3E,33; Shoshone

 

  28-44  

 

Silver Opportunity Partners LLC | Sunshine Mine

S-K 1300 Technical Report Summary on the Initial Assessment

March 25, 2026 

SLR Project No.: 123.020552.00001

 

 

  License Code License Name Parties Type Interest Area
(ac)		 Map Reference
971 IMC 228007 Sun South #63 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 48N 3E,33; Shoshone
972 IMC 228008 Sun South #64 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 48N 3E,33; Shoshone
973 IMC 228009 Sun South #65 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 48N 3E,33; Shoshone
974 IMC 228010 Sun South #66 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 48N 3E,28, 33; Shoshone
975 IMC 228011 Sun South #67 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 48N 3E,28; Shoshone
976 IMC 228012 Sun South #68 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 48N 3E,28; Shoshone
977 IMC 228013 Sun South #69 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 48N 3E,28; Shoshone
978 IMC 228014 Sun South #70 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 48N 3E,28; Shoshone
979 IMC 228015 Sun South #71 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 47N 3E,4; 48N 3E,32, 33; Shoshone
980 IMC 228016 Sun South #72 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 48N 3E,32, 33; Shoshone
981 IMC 228017 Sun South #73 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 48N 3E,32, 33; Shoshone
982 IMC 228018 Sun South #74 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 48N 3E,32, 33; Shoshone
983 IMC 228019 Sun South #75 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 48N 3E,32, 33; Shoshone
984 IMC 228020 Sun South #76 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 48N 3E,32, 33; Shoshone
985 IMC 228021 Sun South #77 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 48N 3E,32, 33; Shoshone
986 IMC 228022 Sun South #78 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 48N 3E,32, 33; Shoshone
987 IMC 228023 Sun South #79 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 48N 3E,28, 29, 32, 33; Shoshone
988 IMC 228024 Sun South #80 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 48N 3E,28, 29; Shoshone
989 IMC 228025 Sun South #81 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 48N 3E,28, 29; Shoshone
990 IMC 228026 Sun South #82 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 48N 3E,28, 29; Shoshone
991 IMC 228027 Sun South #83 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 48N 3E,28, 29; Shoshone
992 IMC 228028 Sun South #84 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 47N 3E,4, 5; 48N 3E,32; Shoshone
993 IMC 228029 Sun South #85 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 48N 3E,32; Shoshone
994 IMC 228030 Sun South #86 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 48N 3E,32; Shoshone
995 IMC 228031 Sun South #87 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 48N 3E,32; Shoshone
996 IMC 228032 Sun South #88 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 48N 3E,32; Shoshone
997 IMC 228033 Sun South #89 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 48N 3E,32; Shoshone
998 IMC 228034 Sun South #90 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 48N 3E,32; Shoshone

 

  28-45  

 

Silver Opportunity Partners LLC | Sunshine Mine

S-K 1300 Technical Report Summary on the Initial Assessment

March 25, 2026 

SLR Project No.: 123.020552.00001

 

 

  License Code License Name Parties Type Interest Area
(ac)		 Map Reference
999 IMC 228035 Sun South #91 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 48N 3E,32; Shoshone
1000 IMC 228036 Sun South #92 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 48N 3E,29, 32; Shoshone
1001 IMC 228037 Sun South #93 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 48N 3E,29; Shoshone
1002 IMC 228038 Sun South #94 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 48N 3E,29; Shoshone
1003 IMC 228039 Sun South #95 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 48N 3E,29; Shoshone
1004 IMC 228040 Sun South #96 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 48N 3E,29; Shoshone
1005 IMC 228041 Sun South #97 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 47N 3E,5; 48N 3E,32; Shoshone
1006 IMC 228042 Sun South #98 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 48N 3E,32; Shoshone
1007 IMC 228043 Sun South #99 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 48N 3E,32; Shoshone
1008 IMC 228044 Sun South #100 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 48N 3E,32; Shoshone
1009 IMC 228045 Sun South #101 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 48N 3E,32; Shoshone
1010 IMC 228046 Sun South #102 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 48N 3E,32; Shoshone
1011 IMC 228047 Sun South #103 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 48N 3E,32; Shoshone
1012 IMC 228048 Sun South #104 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 48N 3E,32; Shoshone
1013 IMC 228049 Sun South #105 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 48N 3E,29, 32; Shoshone
1014 IMC 228050 Sun South #106 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 48N 3E,29; Shoshone
1015 IMC 228051 Sun South #107 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 48N 3E,29; Shoshone
1016 IMC 228052 Sun South #108 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 48N 3E,29; Shoshone
1017 IMC 228053 Sun South #109 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 48N 3E,29; Shoshone
1018 IMC 228054 Sun South #112 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 48N 3E,32; Shoshone
1019 IMC 228055 Sun South #113 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 48N 3E,32; Shoshone
1020 IMC 228056 Sun South #114 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 48N 3E,32; Shoshone
1021 IMC 228057 Sun South #115 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 48N 3E,32; Shoshone
1022 IMC 228058 Sun South #116 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 48N 3E,32; Shoshone
1023 IMC 228059 Sun South #117 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 48N 3E,32; Shoshone
1024 IMC 228060 Sun South #118 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.903 United States, 48N 3E,29, 32; Shoshone
1025 IMC 228061 Sun South #119 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 48N 3E,29; Shoshone
1026 IMC 228062 Sun South #120 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 48N 3E,29; Shoshone
1027 IMC 228063 Sun South #121 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 48N 3E,29; Shoshone

 

  28-46  

 

Silver Opportunity Partners LLC | Sunshine Mine

S-K 1300 Technical Report Summary on the Initial Assessment

March 25, 2026 

SLR Project No.: 123.020552.00001

 

 

  License Code License Name Parties Type Interest Area
(ac)		 Map Reference
1028 IMC 228064 Sun South #122 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 48N 3E,29; Shoshone
1029 IMC 228065 Sun South #123 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 48N 3E,29; Shoshone
1030 IMC 228066 Sun South #124 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 48N 3E,29; Shoshone
1031 IMC 228067 Sun South #125 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 48N 3E,29; Shoshone
1032 IMC 228068 Sun South #126 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 48N 3E,35, 36; Shoshone
1033 IMC 228069 Sun South #127 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 48N 3E,35, 36; Shoshone
1034 IMC 228070 Sun South #128 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 48N 3E,31, 32; Shoshone
1035 IMC 228071 Sun South #129 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 48N 3E,31, 32; Shoshone
1036 IMC 228072 Sun South #130 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 48N 3E,31, 32; Shoshone
1037 IMC 228073 Sun South #131 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 48N 3E,31, 32; Shoshone
1038 IMC 228074 Sun South #132 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 48N 3E,31, 32; Shoshone
1039 IMC 228075 Sun South #133 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 48N 3E,31, 32; Shoshone
1040 IMC 228076 Sun South #134 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 48N 3E,29, 30, 31, 32; Shoshone
1041 IMC 228077 Sun South #135 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 48N 3E,29, 30; Shoshone
1042 IMC 228078 Sun South #136 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 48N 3E,29, 30; Shoshone
1043 IMC 228079 Sun South #137 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 48N 3E,29, 30; Shoshone
1044 IMC 228080 Sun South #138 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 48N 3E,29, 30; Shoshone
1045 IMC 228081 Sun South #139 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 48N 3E,29, 30; Shoshone
1046 IMC 228082 Sun South #140 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 48N 3E,29, 30; Shoshone
1047 IMC 228083 Sun South #141 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 48N 3E,29, 30; Shoshone
1048 IMC 228084 Sun South #142 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 48N 3E,35, 36; Shoshone
1049 IMC 228085 Sun South #143 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 48N 3E,35, 36; Shoshone
1050 IMC 228086 Sun South #144 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 48N 3E,31; Shoshone
1051 IMC 228087 Sun South #145 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 48N 3E,31; Shoshone
1052 IMC 228088 Sun South #146 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 48N 3E,31; Shoshone
1053 IMC 228089 Sun South #147 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 48N 3E,31; Shoshone
1054 IMC 228090 Sun South #148 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 48N 3E,31; Shoshone
1055 IMC 228091 Sun South #149 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 48N 3E,31; Shoshone
1056 IMC 228092 Sun South #150 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 48N 3E,30, 31; Shoshone

 

  28-47  

 

Silver Opportunity Partners LLC | Sunshine Mine

S-K 1300 Technical Report Summary on the Initial Assessment

March 25, 2026 

SLR Project No.: 123.020552.00001

 

 

  License Code License Name Parties Type Interest Area
(ac)		 Map Reference
1057 IMC 228093 Sun South #151 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 48N 3E,30, 31; Shoshone
1058 IMC 228094 Sun South #152 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 48N 3E,35; Shoshone
1059 IMC 228095 Sun South #153 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 48N 3E,35; Shoshone
1060 IMC 228096 Sun South #154 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 48N 3E,35; Shoshone
1061 IMC 228097 Sun South #155 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 48N 3E,35; Shoshone
1062 IMC 228098 Sun South #156 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 48N 3E,35; Shoshone
1063 IMC 228099 Sun South #157 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 48N 3E,35; Shoshone
1064 IMC 228100 Sun South #158 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 48N 3E,35; Shoshone
1065 IMC 228101 Sun South #159 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 48N 3E,26, 35; Shoshone
1066 IMC 228102 Sun South #160 BLM (100%); Sunshine Mine (100%) USA: Lode Claim Owned 20.66 United States, 48N 3E,35, 36; Shoshone
  Total (acreage)*         21,932.64  
  Total (hectares)*         8,875.83  
*This will include any overlap of Claims.

 

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