Sunshine Silver Mining & Refining (SSMR)
Market Price (10/15/2026): $12.54 | Market Cap: $1.6 BilSector: Materials | Industry: Diversified Metals & Mining
Sunshine Silver Mining & Refining (SSMR)
Market Price (10/15/2026): $12.54Market Cap: $1.6 BilSector: MaterialsIndustry: Diversified Metals & Mining
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Cash is significant % of market capNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -19% Megatrend and thematic driversMegatrends include Renewable Energy Transition, Advanced Materials, and Strategic Resource Supply. Themes include Solar Energy Materials, Show more. | Weak multi-year price returns2Y Excs Rtn is -63%, 3Y Excs Rtn is -108% | Not profitable at operating income levelOp Inc LTMOperating Income, Last Twelve Months is -17 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -22901% Expensive valuation multiplesP/SPrice/Sales ratio is 20,145x Significant share based compensationSBC/Rev LTMShare Based Compensation / Revenue (Sales), Last Twelve Months (LTM) is 5851% Not cash flow generativeCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is -39507%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -57574% Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -6.6% Key risksSSMR key risks include [1] the potential failure or delay in restarting its Sunshine Complex operations and [2] uncertainty that its mineral resource estimates will match actual operational performance and results. |
| Cash is significant % of market capNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -19% |
| Megatrend and thematic driversMegatrends include Renewable Energy Transition, Advanced Materials, and Strategic Resource Supply. Themes include Solar Energy Materials, Show more. |
| Weak multi-year price returns2Y Excs Rtn is -63%, 3Y Excs Rtn is -108% |
| Not profitable at operating income levelOp Inc LTMOperating Income, Last Twelve Months is -17 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -22901% |
| Expensive valuation multiplesP/SPrice/Sales ratio is 20,145x |
| Significant share based compensationSBC/Rev LTMShare Based Compensation / Revenue (Sales), Last Twelve Months (LTM) is 5851% |
| Not cash flow generativeCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is -39507%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -57574% |
| Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -6.6% |
| Key risksSSMR key risks include [1] the potential failure or delay in restarting its Sunshine Complex operations and [2] uncertainty that its mineral resource estimates will match actual operational performance and results. |
Qualitative Assessment
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Sunshine Silver Mining & Refining (SSMR) stock has lost about 5% since 6/30/2026 because of the following key factors:
1. Significant Decline in Silver Prices and Negative Outlook.
The price of silver experienced a notable downturn, driven by macroeconomic factors since fiscal Q3 2026. The average closing price for silver fell from $58.41 in July to $57.79 in August, before recovering slightly to $66.61 in September 2026. However, as of October 13, 2026, the live silver price was approximately $59.72 per troy ounce. This decline was exacerbated by stronger-than-expected US inflation data in September 2026 (CPI rose to 3.7% year-on-year), which heightened expectations for further Federal Reserve interest rate hikes and led to a stronger US dollar, making dollar-denominated commodities like silver less attractive. Furthermore, J.P. Morgan Global Research revised its 2026 average silver price forecast down to $70 per ounce in August 2026, from a previous expectation of $84 per ounce, with a forecast of $63 per ounce for fiscal Q4 2026. Total silver demand is also projected to decline by 2% in 2026, with industrial fabrication expected to fall by 3% to a four-year low.
2. Increased Net Losses for a Pre-Revenue Stage Company.
Sunshine Silver Mining & Refining reported a net loss of $16.7 million, or $0.13 per basic and diluted share, for fiscal Q2 2026, which ended June 30, 2026. This represented a significant increase from the $7.0 million net loss in the prior-year period and missed the consensus analyst estimate of ($0.07) per share by $0.06. As a pre-revenue development stage company targeting production in late 2028, these growing losses, primarily driven by accelerated pre-development activities, infill drilling, and increased general and administrative expenditures, likely contributed to investor apprehension, especially amid a weakening silver market.
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Sunshine Silver Mining & Refining (SSMR) stock has lost about 5% since 6/30/2026 because of the following key factors:
1. Significant Decline in Silver Prices and Negative Outlook.
The price of silver experienced a notable downturn, driven by macroeconomic factors since fiscal Q3 2026. The average closing price for silver fell from $58.41 in July to $57.79 in August, before recovering slightly to $66.61 in September 2026. However, as of October 13, 2026, the live silver price was approximately $59.72 per troy ounce. This decline was exacerbated by stronger-than-expected US inflation data in September 2026 (CPI rose to 3.7% year-on-year), which heightened expectations for further Federal Reserve interest rate hikes and led to a stronger US dollar, making dollar-denominated commodities like silver less attractive. Furthermore, J.P. Morgan Global Research revised its 2026 average silver price forecast down to $70 per ounce in August 2026, from a previous expectation of $84 per ounce, with a forecast of $63 per ounce for fiscal Q4 2026. Total silver demand is also projected to decline by 2% in 2026, with industrial fabrication expected to fall by 3% to a four-year low.
2. Increased Net Losses for a Pre-Revenue Stage Company.
Sunshine Silver Mining & Refining reported a net loss of $16.7 million, or $0.13 per basic and diluted share, for fiscal Q2 2026, which ended June 30, 2026. This represented a significant increase from the $7.0 million net loss in the prior-year period and missed the consensus analyst estimate of ($0.07) per share by $0.06. As a pre-revenue development stage company targeting production in late 2028, these growing losses, primarily driven by accelerated pre-development activities, infill drilling, and increased general and administrative expenditures, likely contributed to investor apprehension, especially amid a weakening silver market.
3. Surge in Short Interest.
Bearish sentiment towards SSMR intensified during the period, evidenced by a substantial increase in short interest. As of September 30, 2026, short interest in Sunshine Silver Mining & Refining more than doubled, rising by 107.4% from September 15, 2026, to reach 2,698,048 shares. This represented 1.9% of the company's outstanding stock and a short-interest ratio of 2.9 days, indicating a growing bet among investors that the stock price would decline further.
4. Analyst Price Target Reductions and Downgrades.
Several financial analysts adjusted their outlook for SSMR, contributing to negative investor sentiment. Morgan Stanley reduced its price target for Sunshine Silver Mining & Refining from $23.00 to $20.00 on October 7, 2026, while maintaining an "overweight" rating. Additionally, Wall Street Zen downgraded the stock from a "hold" to a "sell" rating on August 15, 2026, and Weiss Ratings initiated coverage with a "sell (d)" rating on August 31, 2026. These revisions likely influenced investor perception and contributed to the stock's downward trend.
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Stock Movement Drivers
Fundamental Drivers
The -6.7% change in SSMR stock from 6/30/2026 to 10/14/2026 was primarily driven by a 0.0% change in the company's Shares Outstanding (Mil).| (LTM values as of) | 6302026 | 10142026 | Change |
|---|---|---|---|
| Stock Price ($) | 13.22 | 12.34 | -6.7% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | � | � | 0.0% |
| Net Income Margin (%) | � | � | 0.0% |
| P/E Multiple | � | � | 0.0% |
| Shares Outstanding (Mil) | 141 | 141 | 0.0% |
| Cumulative Contribution | 0.0% |
Market Drivers
6/30/2026 to 10/14/2026| Return | Correlation | |
|---|---|---|
| SSMR | -6.7% | |
| Market (SPY) | 3.1% | 33.0% |
| Sector (XLB) | -2.3% | 46.5% |
Fundamental Drivers
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Market Drivers
3/31/2026 to 10/14/2026| Return | Correlation | |
|---|---|---|
| SSMR | ||
| Market (SPY) | 18.6% | 45.5% |
| Sector (XLB) | -0.2% | 47.7% |
Fundamental Drivers
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Market Drivers
9/30/2025 to 10/14/2026| Return | Correlation | |
|---|---|---|
| SSMR | ||
| Market (SPY) | 16.5% | 45.5% |
| Sector (XLB) | 12.3% | 47.7% |
Fundamental Drivers
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Market Drivers
9/30/2023 to 10/14/2026| Return | Correlation | |
|---|---|---|
| SSMR | ||
| Market (SPY) | 86.2% | 45.5% |
| Sector (XLB) | 33.3% | 47.7% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| SSMR Return | - | - | - | - | - | -20% | -20% |
| Peers Return | -26% | -21% | -16% | 36% | 205% | -10% | 82% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 14% | 108% |
Monthly Win Rates [3] | |||||||
| SSMR Win Rate | - | - | - | - | - | 40% | |
| Peers Win Rate | 32% | 47% | 45% | 48% | 68% | 38% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 50% | |
Max Drawdowns [4] | |||||||
| SSMR Max Drawdown | - | - | - | - | - | - | |
| Peers Max Drawdown | -50% | -53% | -48% | -35% | -31% | -49% | |
| S&P 500 Max Drawdown | -5% | -25% | -10% | -8% | -19% | -9% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: HL, PAAS, AG, CDE, EXK.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 10/14/2026 (YTD)
How Low Can It Go
SSMR has limited trading history. Below is the Materials sector ETF (XLB) in its place.
| Event | XLB | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -17.0% | -18.8% |
| % Gain to Breakeven | 20.5% | 23.1% |
| Time to Breakeven | 84 days | 79 days |
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -12.5% | -9.5% |
| % Gain to Breakeven | 14.3% | 10.5% |
| Time to Breakeven | 52 days | 24 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -23.5% | -24.5% |
| % Gain to Breakeven | 30.7% | 32.4% |
| Time to Breakeven | 456 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -36.2% | -33.7% |
| % Gain to Breakeven | 56.8% | 50.9% |
| Time to Breakeven | 114 days | 140 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -18.3% | -19.2% |
| % Gain to Breakeven | 22.4% | 23.8% |
| Time to Breakeven | 101 days | 105 days |
| 2015-2016 China Devaluation / Global Growth Scare | ||
| % Loss | -17.9% | -12.2% |
| % Gain to Breakeven | 21.7% | 13.9% |
| Time to Breakeven | 52 days | 62 days |
In The Past
State Street Materials Select Sector SPDR ETF's stock fell -17.0% during the 2025 US Tariff Shock. Such a loss loss requires a 20.5% gain to breakeven.
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SSMR has limited trading history. Below is the Materials sector ETF (XLB) in its place.
| Event | XLB | S&P 500 |
|---|---|---|
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -23.5% | -24.5% |
| % Gain to Breakeven | 30.7% | 32.4% |
| Time to Breakeven | 456 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -36.2% | -33.7% |
| % Gain to Breakeven | 56.8% | 50.9% |
| Time to Breakeven | 114 days | 140 days |
| 2014-2016 Oil Price Collapse | ||
| % Loss | -23.8% | -6.8% |
| % Gain to Breakeven | 31.2% | 7.3% |
| Time to Breakeven | 171 days | 15 days |
| 2011 US Debt Ceiling Crisis & European Contagion | ||
| % Loss | -28.2% | -17.9% |
| % Gain to Breakeven | 39.3% | 21.8% |
| Time to Breakeven | 459 days | 123 days |
| 2008-2009 Global Financial Crisis | ||
| % Loss | -56.6% | -53.4% |
| % Gain to Breakeven | 130.3% | 114.4% |
| Time to Breakeven | 701 days | 1085 days |
In The Past
State Street Materials Select Sector SPDR ETF's stock fell -17.0% during the 2025 US Tariff Shock. Such a loss loss requires a 20.5% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
About Sunshine Silver Mining & Refining (SSMR)
Sunshine Silver Mining & Refining (SSMR) is the owner and developer of the Sunshine Mine and Sunshine Silver/Copper Refinery complex located in Kellogg, Idaho. This historic, permitted facility is recognized as one of the highest-grade primary silver resources globally. The company has made substantial investments over the past 16 years to modernize the complex and consolidate its land package, securing the major permits required to restart mining, milling, and refining operations, which are projected to commence in 2028.
The company's primary product will be silver, but it also plans to produce meaningful quantities of antimony, copper, and lead as by-products, with ongoing evaluation for the potential recovery of other critical minerals such as gallium and germanium. SSMR intends to leverage its historical antimony production expertise to become a significant centralized hub for refined antimony in North America, processing both its own concentrates and external third-party material. These minerals are vital for applications spanning national security, industrial revitalization, and energy independence, including uses in munitions, electronics, electric vehicles, and renewable energy technologies.
SSMR operates within a unique segment of the mining industry as a primary silver producer in the United States, a nation actively working to bolster its domestic critical mineral production and reduce reliance on foreign supply chains. The U.S. government recently added silver, along with antimony, copper, lead, gallium, and germanium, to its "List of Critical Minerals," underscoring their strategic importance. SSMR's focus on domestically sourced and processed critical minerals positions it as a key player supporting U.S. efforts to strengthen its supply chains for essential materials across various high-tech and defense industries.
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Here are 1-2 brief analogies to describe Sunshine Silver Mining & Refining (SSMR):
- Imagine a future Hecla Mining (a major U.S. silver producer) that's bringing a legendary, high-grade American silver mine back to life.
- Think of it as a U.S. 'critical minerals' champion, similar to MP Materials (a key U.S. rare earths producer), but focused on restarting a historic silver and antimony mine.
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- Silver: A high-grade precious metal primarily mined and refined from the Sunshine Mine, utilized in electronics, clean energy, and as a store of value.
- Antimony: A critical mineral produced from the Sunshine Mine, essential for munitions, flame retardants, and batteries.
- Copper: An essential base metal produced as a by-product from the Sunshine Mine, critical for electrification and energy transition applications.
- Lead: A base metal produced as a by-product from the Sunshine Mine, used in energy storage and national defense applications.
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Sunshine Silver Mining & Refining (SSMR) is currently in the development phase and plans to restart mining, milling, and refining operations in 2028. As such, the company does not have existing major customers. However, based on the description of its planned products—refined silver, antimony, copper, lead, and potentially gallium and germanium—SSMR will primarily sell to other companies (B2B) for various industrial and strategic applications.
Based on the end-use applications of these critical minerals and metals, the future major customer categories for Sunshine Silver Mining & Refining are expected to include:
- Electronics, Technology, and Renewable Energy Manufacturers: This category encompasses companies involved in producing photovoltaic cells, electronics, electric vehicles, sensors, 5G mobile telecommunications infrastructure, data center electronics, LED lights, laser diodes, high-efficiency solar cells, fiber optics, infrared optical systems, semiconductors, and batteries. These manufacturers will require silver, copper, gallium, germanium, and antimony for their products.
- Defense and Security Industries: Companies manufacturing munitions, and those involved in other key defense and national security applications, will be significant customers for antimony, lead, and potentially other critical minerals such as gallium and germanium for advanced defense systems.
- Industrial and Chemical Sectors: This includes industries requiring raw materials for applications such as flame retardants (antimony), energy storage (lead), electrification infrastructure (copper), and corrosive-resistant welding (silver).
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Heather White, Chief Executive Officer and Director
Ms. White is a seasoned mining engineer, developer, operator, and executive with 30 years of experience. She has held senior management roles at mining companies such as INCO Ltd, P.T INCO, Voisey's Bay Nickel Company, Vale, NOVAGOLD Resources Inc. and Nickel Creek Platinum. Her extensive career includes working in underground and open pit operations across various locations including Ontario, Indonesia, Newfoundland and Labrador, Alaska, British Columbia, Yukon, and Idaho.
Andre van Niekerk, Chief Financial Officer
Andre van Niekerk serves as the Chief Financial Officer for Sunshine Silver Mining & Refining Company.
Ryan Kee, Vice President, Finance
Mr. Kee is a finance and accounting leader with 15 years of experience in public accounting, financial reporting, and team development. He has built and developed accounting teams for Canadian-listed (IFRS) companies, primarily South American junior miners. He previously served as CFO at Grown Rogue International Inc., VP Finance at SolGold plc, and In-Country CFO for AGM Inc., a subsidiary of Guyana Goldfields Inc.
Tom Henderson, General Manager
Mr. Henderson is a mining engineer with over 40 years of experience in underground and open pit mining. His roles have ranged from miner to Chief Operating Officer, developing and operating mines in the U.S. (Idaho, Nevada, and Alaska) and globally. He has held positions at Freeport's Grasberg Mine, Barrick's Goldstrike Mine, and Coeur Kensington Mine, as well as several mines in the Silver Valley.
Mike Irish, Metallurgist
Mr. Irish is an accomplished metallurgist and expert in refining and marketing, with a notable work history at the original Sunshine Mine & Refinery and with Essential Metals. He oversees Sunshine's metallurgy, mineral processing, refining, and environmental permitting and management. He is highly regarded for his expertise in building and refurbishing mills and refineries while minimizing environmental impacts, specializing in zero-liquid-discharge refining operations.
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The key risks for Sunshine Silver Mining & Refining (SSMR) are:
- Risk of failure or delay in restarting the Sunshine Complex operations: The company's business plan is critically dependent on successfully restarting mining, milling, and refining operations at the Sunshine Complex by 2028. Any significant delays, inability to achieve planned production levels and grades, or substantial cost overruns during the restart and ramp-up phases would severely impact the company's financial performance and overall viability.
- Exposure to volatile commodity prices: Sunshine Silver Mining & Refining's future revenues and profitability are directly and significantly influenced by the market prices of silver, antimony, copper, and lead. Adverse fluctuations or prolonged declines in these commodity prices could negatively affect the economic viability of the Sunshine Mine and the company's financial results.
- Uncertainty of mineral resource estimates and actual operational performance: While the company has reported significant Indicated and Inferred Mineral Resources, the actual quantity, grade, and recoverability of these minerals, as well as the technical and operational challenges inherent in underground mining and processing, carry inherent uncertainties. Actual production rates, operating costs, and capital expenditures could differ materially from current expectations and impact the project's profitability.
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Sunshine Silver Mining & Refining (SSMR) operates in several critical mineral markets. Here are the addressable market sizes for its main products:
- Silver: The global silver market size was valued at USD 21.91 billion in 2025 and is anticipated to reach USD 29.37 billion by 2034. Another estimate indicates the global silver market reached USD 23.51 billion in 2025 and is projected to expand to USD 36.51 billion by 2035. Global silver mine production is projected to yield 835 million ounces in 2025.
- Antimony: The U.S. antimony market was estimated at USD 244.8 million in 2023 and is expected to reach USD 550 million by 2035. Another source notes the U.S. antimony market generated USD 352.2 million in revenue in 2023 and is expected to reach USD 487.6 million by 2030. Globally, the antimony market size was valued at USD 2.85 billion in 2025 and is expected to reach USD 4.78 billion by 2033.
- Copper: The United States copper market was valued at USD 21.02 billion in 2025 and is projected to reach USD 37.52 billion by 2034. The global copper market size was calculated at USD 349.14 billion in 2025 and is expected to reach around USD 573.24 billion by 2035.
- Lead: The North America lead market accounted for USD 4.1 billion in 2025. The U.S. lead mining market generated a revenue of USD 709.5 million in 2022 and is expected to reach USD 833.9 million by 2030. The global lead market size was valued at USD 30.9 billion in 2025 and is projected to reach USD 43.1 billion by 2035.
- Gallium: The U.S. gallium market generated a revenue of USD 7.6 million in 2024 and is expected to reach USD 15.0 million by 2033. The global gallium market size was USD 947 million in 2024 and is predicted to reach USD 3030.2 million by 2032.
- Germanium: The global germanium market size was valued at USD 319.9 million in 2024 and is projected to reach USD 481.4 million by 2035. While specific U.S. market data for germanium was not explicitly found in the search results, the North America market for germanium is expected to witness strong growth at a 4.5% CAGR from 2026 to 2034.
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Expected Drivers of Future Revenue Growth for Sunshine Silver Mining & Refining (SSMR) Over the Next 2-3 Years
- Restart of Silver Mining and Refining Operations: The primary driver of future revenue growth is the planned restart of mining, milling, and refining operations at the Sunshine Complex in 2028. This will initiate the production and sale of high-grade silver from one of the world's largest primary silver resources in the United States.
- Production and Sale of Antimony, Copper, and Lead By-products: Upon the restart of operations at the Sunshine Mine, Sunshine Silver Mining & Refining plans to produce antimony, copper, and lead as by-products. These additional revenue streams, alongside silver, will contribute to overall revenue growth.
- Development of the Sunshine Antimony Plant and Toll Processing: The potential new Sunshine Antimony Plant aims to process antimony-bearing concentrate from the Sunshine Mine and also toll-process external, third-party antimony-bearing concentrates. This initiative could position the Sunshine Complex as a significant hub for refined antimony production in North America, substantially increasing antimony-related revenue.
- Potential Production of Gallium and Germanium: The company has begun early-stage sampling and testing to evaluate the presence and potential recovery of critical minerals like gallium and germanium. If successful, the future production of these critical minerals could introduce new revenue streams.
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Share Issuance
- Sunshine Silver Mining & Refining priced its Initial Public Offering (IPO) on June 4, 2026, offering 20,000,000 shares at $13.50 per share, raising $270 million.
- Underwriters have a 30-day option to purchase an additional 3,000,000 shares at the IPO offering price.
- The company's Additional Paid-In Capital increased significantly from $0.00 million in March 2025 to $266.02 million in December 2025, and further to $267.85 million as of March 2026.
Inbound Investments
- The company raised $270 million through its Initial Public Offering in June 2026, marking a significant investment from public markets.
Capital Expenditures
- Sunshine Silver Mining & Refining has invested approximately $208 million over the last 16 years to maintain and modernize the Sunshine Complex.
- Proceeds from the recent IPO are expected to fund development and feasibility work as the company targets a 2028 restart of mining operations.
- The company's focus for capital expenditures is on maintaining and modernizing its site in preparation for restarting mining, milling, and refining operations.
Research & Analysis
Invest in Strategies
Wealth Management
Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 14.94 |
| Mkt Cap | 8.8 |
| Rev LTM | 1,626 |
| Op Inc LTM | 739 |
| FCF LTM | 549 |
| FCF 3Y Avg | 222 |
| CFO LTM | 780 |
| CFO 3Y Avg | 388 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 98.5% |
| Rev Chg 3Y Avg | 47.9% |
| Rev Chg Q | 56.5% |
| QoQ Delta Rev Chg LTM | 10.0% |
| Op Inc Chg LTM | 254.2% |
| Op Inc Chg 3Y Avg | 364.3% |
| Op Mgn LTM | 37.7% |
| Op Mgn 3Y Avg | 22.1% |
| QoQ Delta Op Mgn LTM | 2.3% |
| CFO/Rev LTM | 42.5% |
| CFO/Rev 3Y Avg | 30.0% |
| FCF/Rev LTM | 30.2% |
| FCF/Rev 3Y Avg | 9.9% |
Price Behavior
| Market Price | $12.34 | |
| Market Cap ($ Bil) | 1.5 | |
| First Trading Date | 06/04/2026 | |
| Distance from 52W High | -34.8% | |
| 50 Days | 200 Days | |
| DMA Price | $16.36 | |
| DMA Trend | up | |
| Distance from DMA | -24.6% | |
| 3M | 1YR | |
| Volatility | 64.5% | 69.1% |
| Downside Capture | 214.39 | |
| Upside Capture | 228.78 | |
| Correlation (S&P 500) | 30.4% |
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 1.75 | 1.15 | 1.63 | -0.16 | 0.52 | -0.13 |
| Up Beta | -7.09 | -2.48 | -0.45 | -1.11 | -1.82 | -0.85 |
| Down Beta | 9.64 | 6.82 | 4.78 | -2.72 | -0.11 | -0.71 |
| Up Capture | 93% | 170% | 196% | 99% | 43% | 4% |
| Bmk +ve Days | 6 | 16 | 27 | 66 | 132 | 424 |
| Stock +ve Days | 10 | 21 | 34 | 41 | 41 | 41 |
| Down Capture | 369% | 167% | 134% | 175% | 90% | 52% |
| Bmk -ve Days | 16 | 26 | 37 | 60 | 120 | 328 |
| Stock -ve Days | 12 | 21 | 30 | 39 | 39 | 39 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with SSMR | |
|---|---|---|---|---|
| SSMR | -28.1% | 69.1% | -1.03 | - |
| Sector ETF (XLB) | 14.2% | 17.7% | 0.59 | 47.7% |
| Equity (SPY) | 17.1% | 12.7% | 0.96 | 45.5% |
| Gold (GLD) | -0.6% | 29.4% | -0.02 | 68.8% |
| Commodities (DBC) | 49.3% | 20.7% | 1.82 | 7.3% |
| Real Estate (VNQ) | 5.7% | 13.7% | 0.15 | 7.1% |
| Bitcoin (BTCUSD) | -27.9% | 43.7% | -0.63 | 42.5% |
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Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with SSMR | |
|---|---|---|---|---|
| SSMR | -6.4% | 69.1% | -1.03 | - |
| Sector ETF (XLB) | 6.3% | 19.1% | 0.21 | 47.7% |
| Equity (SPY) | 13.6% | 17.1% | 0.60 | 45.5% |
| Gold (GLD) | 17.9% | 18.9% | 0.76 | 68.8% |
| Commodities (DBC) | 10.0% | 19.5% | 0.39 | 7.3% |
| Real Estate (VNQ) | 1.2% | 18.8% | -0.05 | 7.1% |
| Bitcoin (BTCUSD) | 8.5% | 51.8% | 0.34 | 42.5% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with SSMR | |
|---|---|---|---|---|
| SSMR | -3.2% | 69.1% | -1.03 | - |
| Sector ETF (XLB) | 9.9% | 20.7% | 0.42 | 47.7% |
| Equity (SPY) | 15.4% | 17.9% | 0.73 | 45.5% |
| Gold (GLD) | 12.0% | 16.4% | 0.60 | 68.8% |
| Commodities (DBC) | 8.2% | 18.1% | 0.37 | 7.3% |
| Real Estate (VNQ) | 4.8% | 20.7% | 0.19 | 7.1% |
| Bitcoin (BTCUSD) | 63.5% | 66.2% | 1.03 | 42.5% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Earnings Returns History
Updated 9/18/2026| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 8/12/2026 | -6.1% | -1.2% | -2.2% |
| SUMMARY STATS | |||
| # Positive | 0 | 0 | 0 |
| # Negative | 1 | 1 | 1 |
| Median Positive | |||
| Median Negative | -6.1% | -1.2% | -2.2% |
| Max Positive | |||
| Max Negative | -6.1% | -1.2% | -2.2% |
| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 8/12/2026 | -6.1% | -1.2% | -2.2% |
| SUMMARY STATS | |||
| # Positive | 0 | 0 | 0 |
| # Negative | 1 | 1 | 1 |
| Median Positive | |||
| Median Negative | -6.1% | -1.2% | -2.2% |
| Max Positive | |||
| Max Negative | -6.1% | -1.2% | -2.2% |
Insider Activity
Updated 6/8/2026| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Ospraie, Real Assets Fund LP | Direct | Sell | 6082026 | 13.50 | 555,555 | 7,499,992 | 334,246,432 | Form | |
| 2 | Shepston, Michelle H | General Counsel | Direct | Buy | 6082026 | 13.50 | 5,000 | 67,500 | 67,500 | Form |
| 3 | Shepston, Michelle H | General Counsel | Daughter | Buy | 6082026 | 13.50 | 65 | 878 | 878 | Form |
| 4 | White, Heather Eileen | Chief Executive Officer | Direct | Buy | 6082026 | 13.50 | 2,000 | 27,000 | 27,000 | Form |
| 5 | Radford, Lawrence P | Direct | Buy | 6082026 | 13.50 | 2,500 | 33,750 | 154,292 | Form |
| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Ospraie, Real Assets Fund LP | Direct | Sell | 6082026 | 13.50 | 555,555 | 7,499,992 | 334,246,432 | Form | |
| 2 | Shepston, Michelle H | General Counsel | Direct | Buy | 6082026 | 13.50 | 5,000 | 67,500 | 67,500 | Form |
| 3 | Shepston, Michelle H | General Counsel | Daughter | Buy | 6082026 | 13.50 | 65 | 878 | 878 | Form |
| 4 | White, Heather Eileen | Chief Executive Officer | Direct | Buy | 6082026 | 13.50 | 2,000 | 27,000 | 27,000 | Form |
| 5 | Radford, Lawrence P | Direct | Buy | 6082026 | 13.50 | 2,500 | 33,750 | 154,292 | Form | |
| 6 | Groh, Douglas | Direct | Buy | 6082026 | 13.50 | 10,000 | 135,000 | 1,943,042 | Form | |
| 7 | El-Erian, Anna | Direct | Buy | 6082026 | 13.50 | 40,000 | 540,000 | 660,542 | Form |
Industry Resources
| Materials Resources |
| Chemical & Engineering News (C&EN) |
| Mining.com |
| Plastics News |
| Diversified Metals & Mining Resources |
| Mining Technology |
| International Mining |
| Northern Miner |
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
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