FORM 4		UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934 or Section 30(h) of the Investment Company Act of 1940	OMB APPROVAL OMB Number: 3235-0287 Expires: December 31, 2014 Estimated average burden hours per response: 0.5
	Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

1. Name and Address of Reporting Person * Ospraie Real Assets Fund LP (Last) (First) (Middle) C/O OSPRAIE MANAGEMENT, LLC 411 THEODORE FREMD AVENUE, SUITE 240 (Street) RYE NY 10580 (City) (State) (Zip)	2. Issuer Name and Ticker or Trading Symbol Sunshine Silver Mining & Refining Co [ SSMR ]	5. Relationship of Reporting Person(s) to Issuer (Check all applicable) Director X 10% Owner Officer (give title below) Other (specify below)
	3. Date of Earliest Transaction (Month/Day/Year) 06/05/2026
	4. 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 Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common Stock, par value $0.001 per share	06/05/2026		X		2,615,060	A	$ 2.87	25,314,550	D (3) (4)
Common Stock, par value $0.001 per share	06/05/2026		S (1) (2)		555,555	D	$ 13.5	24,758,995	D (3) (4)

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Warrant (right to buy)	$ 2.87	06/05/2026		X		2,615,060		09/02/2022	(5)	Common Stock	2,615,060	$ 0	0	D (3) (4)

Explanation of Responses:

1. On June 5, 2026, in connection with the closing by Sunshine Silver Mining & Refining Company (the "Issuer") of the initial public offering of its common stock (the "IPO"), a warrant to purchase 2,615,060 shares of the common stock of the Issuer (the "Warrant"), exercisable at $2.87 per share, held by Ospraie Real Assets Fund LP ("ORA Fund"), was automatically exercised on a cashless basis, resulting in the Issuer withholding 555,555 of the warrant shares to pay the exercise price and issuing to ORA Fund the remaining 2,059,505 shares.

2. The Warrant was outstanding as of the date of the Issuer's prospectus (the "Prospectus") relating to the IPO as disclosed in the Prospectus. This filing solely relates to the cashless exercise of the Warrant, which was effected solely by the surrender to the Issuer of shares of the Issuer's common stock issuable upon exercise of the Warrant and the Issuer's cancellation thereof to pay the exercise price of the Warrant. No shares of the Issuer's common stock were sold by the reporting person(s) and the shares issued to ORA Fund upon the cashless exercise of the Warrant remain subject to the lock-up agreement that was entered into by ORA Fund in connection with the IPO and disclosed in the Prospectus.

3. Ospraie Management, LLC ("OM LLC") is the investment manager of ORA Fund and has been delegated voting and investment power and thus beneficial ownership of the securities of the Issuer held by ORA Fund. Ospraie Holding I, LP ("Ospraie Holding") may be deemed to beneficially own the securities of the Issuer held by ORA Fund as the managing member of OM LLC. Ospraie Management, Inc. ("OM Inc.") may be deemed to beneficially own the securities of the Issuer held by ORA Fund as the general partner of Ospraie Holding.

4. Ospraie Real Assets GP LLC ("Ospraie GP") may be deemed to beneficially own the securities of the Issuer held by ORA Fund as the general partner of ORA Fund. Dwight Anderson may be deemed to beneficially own the securities of the Issuer held by ORA Fund as the managing member of Ospraie GP and as the sole owner of OM Inc. Each reporting person disclaims beneficial ownership of the securities reported herein except to the extent of his or its pecuniary interest therein, if any.

5. The warrant is exercisable until September 2, 2027; provided, that the warrant shall automatically be deemed to be exercised, on a cashless exercise basis, as to all shares of common stock of the Issuer for which it shall not previously have been exercised, upon the closing of an initial public offering by the Issuer.

	Ospraie Real Assets Fund LP By: Ospraie Real Assets GP LLC, its General Partner By: /s/ Dwight Anderson Managing Member	06/08/2026
	** Signature of Reporting Person	Date
	Ospraie Real Assets GP LLC By: Dwight Anderson Managing Member	06/08/2026
	** Signature of Reporting Person	Date
	Ospraie Management, LLC By: Ospraie Holding I, L.P., its Managing Member By: Ospraie Management, Inc., its General Partner By: /s/ Dwight Anderson Sole Owner	06/08/2026
	** Signature of Reporting Person	Date
	Ospraie Holding I, L.P. By: Ospraie Management, Inc., its General Partner By: /s/ Dwight Anderson Sole Owner	06/08/2026
	** Signature of Reporting Person	Date
	Ospraie Management, Inc. By: /s/ Dwight Anderson Sole Owner	06/08/2026
	** Signature of Reporting Person	Date
	/s/ Dwight Anderson	06/08/2026
	** 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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