FORM 3

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 INITIAL STATEMENT OF BENEFICIAL OWNERSHIP OF SECURITIES Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934 or Section 30(h) of the Investment Company Act of 1940

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1. Name and Address of Reporting Person * KAPLAN THOMAS SCOTT (Last) (First) (Middle) 600 FIFTH AVENUE, 24TH FLOOR (Street) NEW YORK NY 10020 (City) (State) (Zip)	2. Date of Event Requiring Statement (Month/Day/Year) 06/03/2026	3. Issuer Name and Ticker or Trading Symbol Sunshine Silver Mining & Refining Co [ SSMR ]
		4. Relationship of Reporting Person(s) to Issuer (Check all applicable) X Director X 10% Owner Officer (give title below) Other (specify below)	5. If Amendment, Date of Original Filed (Month/Day/Year)
			6. Individual or Joint/Group Filing (Check Applicable Line) Form filed by One Reporting Person X Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Beneficially Owned
1. Title of Security (Instr. 4)	2. Amount of Securities Beneficially Owned (Instr. 4)	3. Ownership Form: Direct (D) or Indirect (I) (Instr. 5)	4. Nature of Indirect Beneficial Ownership (Instr. 5)
Common Stock	75,938,300	I	By Electrum Silver US LLC (1)
Common Stock	7,365,270	I	By Electrum Silver US II LLC (2)
Common Stock	1,266,260	I	By Tigris Financial Group Ltd. (3)
Common Stock	60,010	I	By Manul Capital Management LLC (4)
Common Stock	393,230	I	By GRAT Holdings LLC (5)

Table II - Derivative Securities Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 4)	2. Date Exercisable and Expiration Date (Month/Day/Year)		3. Title and Amount of Securities Underlying Derivative Security (Instr. 4)		4. Conversion or Exercise Price of Derivative Security	5. Ownership Form: Direct (D) or Indirect (I) (Instr. 5)	6. Nature of Indirect Beneficial Ownership (Instr. 5)
	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Warrant (right to buy)	09/02/2022	09/02/2027	Common Stock	2,739,640	2.87	I	By Electrum Silver US LLC (1)
Warrant (right to buy)	07/15/2025	07/15/2027	Common Stock	4,697,120	5	I	By Electrum Silver US LLC (1)
Warrant (right to buy)	11/05/2025	11/05/2027	Common Stock	1,875,000	5	I	By Electrum Silver US LLC (1)
Warrant (right to buy)	12/29/2025	12/29/2027	Common Stock	1,369,650	5	I	By Electrum Silver US LLC (1)
Warrant (right to buy)	07/15/2025	07/15/2027	Common Stock	927,890	5	I	By Electrum Silver US II LLC (2)

Explanation of Responses:

1. These securities are owned directly by Electrum Silver US LLC ("ESUS"). Electrum Strategic Management LLC ("ESM") is the manager of ESUS. ESM is wholly owned by Electrum Global Holdings L.P. ("Global Holdco"), and TEG Global GP Ltd. ("TEG Global") is the general partner of Global Holdco. The Electrum Group LLC ("TEG") acts as an investment advisor to Global Holdco. Thomas S. Kaplan, Chairman of the Issuer's Board of Directors, is also Chairman, Chief Executive Officer and Chief Investment Officer of TEG. Each of these reporting persons (other than Mr. Kaplan who is a director of the Issuer) may be deemed to be a director by deputization of the Issuer.

2. These securities are owned directly by Electrum Silver US II LLC ("ESUS II"). Electrum Strategic Opportunities Fund II L.P. ("ESOF II") owns 99% of ESUS II, and ESM is the manager of ESUS II. ESM is wholly owned by Global Holdco, and TEG Global is the general partner of Global Holdco. The general partner of ESOF II is Electrum Strategic Opportunities Fund II GP L.P. ("ESOF II GP L.P."), and the general partner of ESOF II GP L.P. is ESOF II GP Ltd. ("ESOF II GP"). ESOF II GP is wholly owned by Global Holdco. TEG acts as an investment advisor to ESOF II. Thomas S. Kaplan, Chairman of the Issuer's Board of Directors, is also Chairman, Chief Executive Officer and Chief Investment Officer of TEG. Each of these reporting persons (other than Mr. Kaplan who is a director of the Issuer) may be deemed to be a director by deputization of the Issuer.

3. These securities are owned directly by Tigris Financial Group Ltd., which is wholly owned by Thomas S. Kaplan.

4. These securities are owned directly by Manul Capital Management LLC. Thomas S. Kaplan serves as managing member of Manul Capital Management LLC.

5. These securities are owned directly by GRAT Holdings LLC. Thomas S. Kaplan serves as managing member of GRAT Holdings LLC.

Remarks:

The reporting persons may be deemed to be members of a Section 13(d) group that collectively beneficially owns more than 10% of the Issuer's outstanding common stock. The filing of this report shall not be deemed to be an admission that the reporting persons are members of such a group. Each reporting person disclaims beneficial ownership of the securities reported herein except to the extent of its pecuniary interest, if any, and this report shall not be deemed to be an admission that any such reporting person is the beneficial owner of such securities for purposes of Section 16 or for any other purpose. Because no more than 10 reporting persons can file any one Form 3 through the Securities and Exchange Commission's EDGAR system, certain affiliates of the reporting persons have filed a separate Form 3.

	/s/ Thomas S. Kaplan	06/03/2026
	** Signature of Reporting Person	Date
	Electrum Silver US LLC, By: Electrum Strategic Management, its Manager, By: /s/ Andrew M. Shapiro, Managing Director	06/03/2026
	** Signature of Reporting Person	Date
	Electrum Strategic Management LLC, By: /s/ Andrew M. Shapiro, Managing Director	06/03/2026
	** Signature of Reporting Person	Date
	Electrum Global Holdings L.P., By: TEG Global GP Ltd., its general partner, By: /s/ Andrew M. Shapiro, Director	06/03/2026
	** Signature of Reporting Person	Date
	TEG Global GP Ltd., By: /s/ Andrew M. Shapiro, Director	06/03/2026
	** Signature of Reporting Person	Date
	The Electrum Group LLC, By: /s/ Michael H. Williams, Senior Managing Director	06/03/2026
	** Signature of Reporting Person	Date
	Electrum Silver US II LLC, By: Electrum Strategic Management, its Manager By: /s/ Andrew M. Shapiro, Managing Director	06/03/2026
	** Signature of Reporting Person	Date
	Electrum Strategic Opportunities Fund II L.P., By: Electrum Strategic Opportunities Fund II GP L.P., its general partner, By: ESOF II GP Ltd., its general partner, By: /s/ Michael H. Williams, Director	06/03/2026
	** Signature of Reporting Person	Date
	Electrum Strategic Opportunities Fund II GP L.P., By: ESOF II GP Ltd., its general partner, By: /s/ Michael H. Williams, Director	06/03/2026
	** Signature of Reporting Person	Date
	ESOF II GP Ltd., By: /s/ Michael H. Williams, Director	06/03/2026
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
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