Sunshine Silver Mining & Refining Corp. is exploring a $400 million initial public offering to fund the reopening of an Idaho mine, according to people familiar with the matter. The potential listing adds to a growing pipeline of mining IPOs as elevated metals prices attract renewed investor interest in the sector.

The proposed offering reflects broader optimism in commodity markets, where silver and other industrial metals have benefited from supply constraints and steady demand. Mining companies that previously idled operations during periods of low prices are now seeking capital to restart production as market conditions improve.

The IPO would provide Sunshine Silver with the resources to bring the Idaho operation back online, potentially benefiting from current favorable pricing environments. The move underscores how rising metals prices are creating opportunities for companies to unlock value from previously dormant assets.