Latest news with #SantacruzSilverMiningLtd
Cision Canada
29-07-2025
- Business
- Cision Canada
Santacruz Silver Produces 3,547,054 Silver Equivalent Ounces in Q2 2025
Including 1,423,081 ounces of silver and 21,148 tonnes of zinc VANCOUVER, BC, July 29, 2025 /CNW/ - Santacruz Silver Mining Ltd. (TSXV: SCZ) (OTCQX: SCZMF) (FSE: 1SZ) ("Santacruz" or the "Company") reports its Q2 2025 production results from its Bolivar mine, Porco mine, Caballo Blanco Group of mines ("Caballo Blanco") and the San Lucas Group which includes the Reserva Mina and the San Lucas feed sourcing business ("San Lucas"), all located in Bolivia, and the Zimapan mine located in Mexico. Q2 2025 Production Highlights: Silver Equivalent Production: 3,547,054 silver equivalent ounces Silver Production: 1,423,081 ounces Zinc Production: 21,148 tonnes Lead Production: 2,773 tonnes Copper Production: 229 tonnes Underground Development: 11,531 meters Arturo Préstamo, Executive Chairman and CEO of Santacruz, commented, "Santacruz maintained robust and stable production levels during the second quarter of 2025, and, notably, San Lucas reaffirmed its strategic importance within the Company this quarter, successfully compensating for the slower production from the Bolivar mine. From Q1 2025 to Q2 2025, consolidated throughput remained stable, increasing slightly by 2%; however, consolidated silver equivalent production decreased by 4%, with silver ounces declining 11%. The reductions were primarily driven by flooding at the Bolivar mine, which was caused by an unexpected water inflow event that temporarily exceeded the system's designed pumping capacity. As a result, access to the high-grade Pomabamba and Nane silver stopes at the Bolivar mine was suspended. The water overflow has now been resolved, and work on both stopes is gradually being restored to normal. Consolidated Zinc production was roughly unchanged, with a slight 2% decrease. Looking at the second half of the year, we remain focused on maximizing silver production and metallurgical recoveries across all our operations, an approach that is especially important in today's favorable silver price environment." Production Summary – Total (1) Silver Equivalent Produced (ounces) have been calculated using prices of $31.41/oz, $2,775.53/t, $2,085.90/t and $9,762.69/t for silver, zinc, lead and copper respectively applied to the metal production divided by the silver price as stated here. Bolivar Mine Bolivar Production Table (1) 2025 Q2 2025 Q1 Change Q2 vs Q1 2024 Q2 Change Q2 vs Q2 2025 YTD 2024 YTD Change '25 YTD vs '24 YTD Material Processed (tonnes milled) 54,803 62,356 (12 %) 72,151 (24 %) 117,159 144,952 (19 %) Silver Equivalent Produced (ounces) (2) 601,516 786,299 (24 %) 904,204 (33 %) 1,387,815 1,803,560 (23 %) Production Silver (ounces) 304,468 421,039 (28 %) 427,665 (29 %) 725,507 853,421 (15 %) Zinc (tonnes) 3,225 3,983 (19 %) 5,168 (38 %) 7,208 10,231 (30 %) Lead (tonnes) 182 201 (9 %) 300 (39 %) 383 694 (45 %) Average Grade Silver (g/t) 190 237 (20 %) 207 (8 %) 215 203 6 % Zinc (%) 6.52 7.00 (7 %) 7.83 (17 %) 6.77 7.75 (13 %) Lead (%) 0.44 0.47 (6 %) 0.57 (22 %) 0.46 0.65 (30 %) Metal Recovery Silver (%) 91 89 3 % 89 2 % 90 90 (1 %) Zinc (%) 90 91 (1 %) 92 (1 %) 91 91 0 % Lead (%) 75 68 10 % 73 3 % 71 73 (3 %) (1) Bolivar is presented at 100% whereas the Company records 45% of revenues and expenses in its consolidated financial statements. (2) Silver Equivalent Produced (ounces) have been calculated using prices of $31.41/oz, $2,775.53/t and $2,085.90/t for silver, zinc and lead respectively applied to the metal production divided by the silver price as stated here. Q2 2025 vs Q1 2025 Silver equivalent production decreased by 24% due to a 12% decline in tonnes processed; silver ounces declined by 28% and zinc by 19%. These reductions stem from a mid-May water inflow that flooded the Pomabamba South and Nané high grade areas, cutting access to planned stopes and lowering average head grades (silver -20%, zinc -7%). A modest gain in silver recoveries (+3%) only partially offset the impact of lower grades, while zinc recoveries were essentially flat (-1%). San Lucas' flexible sourcing model has mitigated a significant portion of Bolivar's production shortfall, helping sustain overall throughput and revenues until the affected areas are fully restored. Q2 2025 vs Q2 2024 Silver equivalent production was 33% lower year over year driven by a 24% decline in material processed; silver output dropped by 29% and zinc by 38%. The water inflow event described above limited mining flexibility and access to higher grade stopes, which resulted in weaker head grades (silver -8%, zinc -17%). Weaker head grades were marginally offset by improved silver recoveries (+2%) while zinc recoveries remained stable (-1%). San Lucas' flexible sourcing model has mitigated a significant portion of the Bolívar shortfall, helping sustain overall throughput and revenues until operations in the affected areas are fully restored. Porco Mine Porco Production Table (1) 2025 Q2 2025 Q1 Change Q2 vs Q1 2024 Q2 Change Q2 vs Q2 2025 YTD 2024 YTD Change '25 YTD vs '24 YTD Material Processed (tonnes milled) 49,152 47,501 3 % 51,307 (4 %) 96,653 102,169 (5 %) Silver Equivalent Produced (ounces) (2) 360,841 367,523 (2 %) 454,364 (21 %) 728,364 921,264 (21 %) Production Silver (ounces) 105,901 120,537 (12 %) 151,258 (30 %) 226,438 327,694 (31 %) Zinc (tonnes) 2,786 2,674 4 % 3,276 (15 %) 5,460 6,436 (15 %) Lead (tonnes) 132 161 (18 %) 205 (36 %) 293 374 (22 %) Average Grade Silver (g/t) 79 98 (20 %) 105 (25 %) 88 117 (25 %) Zinc (%) 6.03 5.99 1 % 6.76 (11 %) 6.01 6.74 (11 %) Lead (%) 0.41 0.46 (11 %) 0.52 (21 %) 0.44 0.49 (11 %) Metal Recovery Silver (%) 85 81 6 % 88 (3 %) 83 85 (3 %) Zinc (%) 94 94 0 % 94 0 % 94 93 1 % Lead (%) 65 73 (11 %) 77 (15 %) 69 74 (7 %) (1) Porco is presented at 100% whereas the Company records 45% of revenues and expenses in its consolidated financial statements. (2) Silver Equivalent Produced (ounces) have been calculated using prices of $31.41/oz, $2,775.53/t and $2,085.90/t for silver, zinc and lead respectively applied to the metal production divided by the silver price as stated here. Q2 2025 vs Q1 2025 Material processed increased by 3%, while silver equivalent production remained roughly the same. Silver production declined 12% due to a 20% decrease in head grades that was offset by a 6% improvement in recoveries. Zinc production grew 4% with stable head grades (-1%) and recoveries (nil %). The offsetting movement between silver grades and recoveries limited the impact on overall silver equivalent ounces. Q2 2025 vs Q2 2024 Material processed decreased by 4%, and silver equivalent production declined by 21%. Silver output was down 30% due to a 25% drop in silver head grades and a 3% decrease in recoveries. Zinc production fell 15% due to lower head grades (-11%) and recoveries remained consistent. Caballo Blanco Group Caballo Blanco Group Production Table (1) 2025 Q2 2025 Q1 Change Q2 vs Q1 2024 Q2 Change Q2 vs Q2 2025 YTD 2024 YTD Change '25 YTD vs '24 YTD Material Processed (tonnes milled) 57,773 51,648 12 % 83,661 (31 %) 109,421 156,123 (30 %) Silver Equivalent Produced (ounces) (2) 685,479 659,208 4 % 832,229 (18 %) 1,344,687 1,573,124 (15 %) Production Silver (ounces) 294,786 313,266 (6 %) 318,520 (7 %) 608,052 603,330 1 % Zinc (tonnes) 3,974 3,549 12 % 5,331 (25 %) 7,523 10,034 (25 %) Lead (tonnes) 595 486 22 % 641 (7 %) 1,082 1,252 (14 %) Average Grade Silver (g/t) 168 202 (17 %) 133 27 % 184 134 37 % Zinc (%) 7.32 7.28 0 % 6.96 5 % 7.30 7.00 4 % Lead (%) 1.23 1.15 7 % 1.04 18 % 1.19 1.07 11 % Metal Recovery Silver (%) 94 93 1 % 89 6 % 94 90 5 % Zinc (%) 94 94 0 % 92 3 % 94 92 3 % Lead (%) 84 82 2 % 74 13 % 83 75 11 % (2) The Caballo Blanco Group consists of the Colquechaquita and Tres Amigos mines. (1) Silver Equivalent Produced (ounces) have been calculated using prices of $31.41/oz, $2,775.53/t and $2,085.90/t for silver, zinc and lead respectively applied to the metal production divided by the silver price as stated here. Q2 2025 vs Q1 2025 Material processed increased by 12%, while silver equivalent production increased by 4%; the lower relative growth is due to reduced silver head grades (-17%) that were partially offset by slightly higher recoveries (1%). Silver production decreased 6% due to the grade variance. Zinc production increased 12% with stable grades and recoveries. Q2 2025 vs Q2 2024 Results between quarters are not directly comparable because prior‑year figures included three mines, whereas current performance reflects only Colquechaquita and Tres Amigos following the reorganization in which Reserva mine production was 100% dedicated to the San Lucas processing facility starting in the second quarter of 2024. Material processed decreased by 31%, yet silver equivalent production declined by only 18%, indicating improved efficiency. Silver output decreased by 7% as materially higher silver head grades (+27%) and improved recoveries (+6%) were offset by lower tonnes processed; this, combined with the positive trend in silver prices, supported revenues. Zinc production decreased 25% due to lower throughput, partly mitigated by modest improvements in zinc head grades (+5%) and recoveries (+3%). San Lucas Group San Lucas Group Production Table 2025 Q2 2025 Q1 Change Q2 vs Q1 2024 Q2 Change Q2 vs Q2 2025 YTD 2024 YTD Change '25 YTD vs '24 YTD Material Processed (tonnes milled) 94,973 86,695 10 % 83,900 13 % 181,669 153,121 19 % Silver Equivalent Produced (ounces) (1) 940,457 858,514 10 % 1,026,334 (8 %) 1,798,971 1,904,515 (6 %) Production Silver (ounces) 319,634 295,021 8 % 364,607 (12 %) 614,655 659,605 (7 %) Zinc (tonnes) 6,643 6,015 10 % 7,150 (7 %) 12,658 13,429 (6 %) Lead (tonnes) 509 481 6 % 450 13 % 990 877 13 % Average Grade Silver (g/t) 124 123 1 % 165 (25 %) 123 162 (24 %) Zinc (%) 7.81 7.65 2 % 9.31 (16 %) 7.73 9.58 (19 %) Lead (%) 0.90 0.84 8 % 0.86 5 % 0.87 0.91 (4 %) Metal Recovery Silver (%) 85 86 (2 %) 82 3 % 85 83 3 % Zinc (%) 90 91 (1 %) 91 (2 %) 90 92 (2 %) Lead (%) 59 66 (10 %) 62 (4 %) 62 63 (1 %) (1) Silver Equivalent Produced (ounces) have been calculated using prices of $31.41/oz, $2,775.53/t and $2,085.90/t for silver, zinc and lead respectively applied to the metal production divided by the silver price as stated here. Q2 2025 vs Q1 2025 The San Lucas ore sourcing and trading business operates under a margin‑based business model that maintains contribution margins by aligning ore purchase costs with its metallurgical content. Material processed increased by 10% and silver equivalent production grew proportionally by 10%, reflecting stable metallurgical performance. Silver output rose by 8% with stable head grades (1%) and slightly lower recoveries (-2%). Zinc production increased 10% due to marginal improvements in head grades (2%) and stable recoveries (-1%). San Lucas also fulfilled its strategic role by supporting overall Group mill utilization and helping to offset part of the impact from the temporary water flood event at Bolívar. Q2 2025 vs Q2 2024 The San Lucas ore sourcing and trading business operates under a margin‑based business model that maintains contribution margins by aligning ore purchase costs with its metallurgical content. Material processed increased 13%; however, silver equivalent production decreased 8% as lower silver head grades (-25%) more than offset a 3% improvement in recoveries. Silver output declined 12% on the same grade trend. Zinc production decreased by 7% due to lower head grades (-16%) and stable recoveries (-2%). Through flexible sourcing, San Lucas continued to preserve margins and provided strategic support to mitigate the temporary disruption at Bolivar during the period. Zimapan Mine Zimapan Production Table 2025 Q2 2025 Q1 Change Q2 vs Q1 2024 Q2 Change Q2 vs Q2 2025 YTD 2024 YTD Change '25 YTD vs '24 YTD Material Processed (tonnes milled) 224,162 223,573 0 % 209,735 7 % 447,735 415,139 8 % Silver Equivalent Produced (ounces) (1) 958,761 1,016,585 (6 %) 949,233 1 % 1,975,347 1,840,289 7 % Production Silver (ounces) 398,293 440,199 (10 %) 403,309 (3 %) 838,492 809,259 4 % Zinc (tonnes) 4,521 4,498 1 % 4,127 10 % 9,019 7,769 16 % Lead (tonnes) 1,354 1,389 (3 %) 1,312 3 % 2,744 2,663 3 % Copper (tonnes) 229 279 (18 %) 284 (19 %) 507 539 (6 %) Average Grade Silver (g/t) 77 80 (3 %) 80 (3 %) 79 81 (3 %) Zinc (%) 2.62 2.56 2 % 2.46 7 % 2.59 2.38 9 % Lead (%) 0.80 0.72 11 % 0.73 10 % 0.76 0.78 (3 %) Copper (%) 0.22 0.26 (14 %) 0.30 (25 %) 0.24 0.29 (18 %) Metal Recovery Silver (%) 71 77 (7 %) 76 (6 %) 74 75 (1 %) Zinc (%) 77 79 (2 %) 80 (4 %) 78 79 (1 %) Lead (%) 76 86 (12 %) 86 (12 %) 81 83 (2 %) Copper (%) 45 48 (5 %) 45 0 % 47 44 6 % (1) Silver Equivalent Produced (ounces) have been calculated using prices of $31.41/oz, $2,775.53/t, $,2085.90/t and $9,762.69/t for silver, zinc, lead and copper respectively applied to the metal production divided by the silver price as stated here. Q2 2025 vs Q1 2025 Throughput was stable (nil%) while silver equivalent production decreased 6%. Silver output fell 10% due to a 7% drop in recoveries and slightly lower head grades (-3%). Zinc production was stable (+1%) with marginally higher head grades (+2%) offset by a slight decrease in recoveries (-2%). Q2 2025 vs Q2 2024 Material processed increased by 7%, and silver equivalent production improved by 1%, as a higher zinc contribution offset slightly lower silver production. Silver production decreased 3% due to modestly lower head grades (-3%) and a decrease in recoveries (-6%). Zinc production increased by 10%, supported by a 7% rise in head grades. Qualified Person Garth Kirkham, an independent consultant to the Company, is a qualified person under NI 43-101 and has approved the scientific and technical information contained within this news release. About Santacruz Silver Mining Ltd. Santacruz Silver is engaged in the operation, acquisition, exploration, and development of mineral properties across Latin America. In Bolivia, the Company operates the Bolivar, Porco, and Caballo Blanco mining complexes, with Caballo Blanco comprising the Tres Amigos and Colquechaquita mines. The Reserva mine, whose production is provided to the San Lucas ore sourcing and trading business, is also located in Bolivia. Additionally, the Company oversees the Soracaya exploration project. In Mexico, Santacruz operates the Zimapán mine. 'signed' Arturo Préstamo Elizondo, Executive Chairman and CEO Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. Forward Looking Information This news release includes certain statements and information that may constitute forward-looking information within the meaning of applicable Canadian securities laws. Forward-looking statements relate to future events or future performance and reflect the expectations or beliefs of management of the Company regarding future events. Generally, forward-looking statements and information can be identified by the use of forward-looking terminology such as "intends", "expects" or "anticipates", or variations of such words and phrases or statements that certain actions, events or results "may", "could", "should", "would" or will "potentially" or "likely" occur. This information and these statements, referred to herein as "forward-looking statements", are not historical facts, are made as of the date of this news release and include without limitation, cost reduction and enhanced metallurgical recovery (particularly of silver) in 2025. These forward-looking statements involve numerous risks and uncertainties and actual results might differ materially from results suggested in any forward-looking statements. These risks and uncertainties include, among other things, risks related to changes in general economic, business and political conditions, including changes in the financial markets, changes in applicable laws, and compliance with extensive government regulation, as well as those risk factors discussed or referred to in the Company's disclosure documents filed with the securities regulatory authorities in certain provinces of Canada and available at In making the forward-looking statements in this news release, the Company has applied several material assumptions, including without limitation, the assumption that the Company's capital investments will result in reduced costs and enhanced metallurgical recovery. There can be no assurance that any forward-looking information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, the reader should not place any undue reliance on forward-looking information or statements. The Company undertakes no obligation to update forward-looking information or statements, other than as required by applicable law. SOURCE Santacruz Silver Mining Ltd.
Associated Press
26-06-2025
- Business
- Associated Press
OTC Markets Group Welcomes Santacruz Silver Mining Ltd. to OTCQX
NEW YORK, June 26, 2025 (GLOBE NEWSWIRE) -- OTC Markets Group Inc. (OTCQX: OTCM), operator of regulated markets for trading 12,000 U.S. and international securities, today announced Santacruz Silver Mining Ltd. (TSX-V: SCZ; OTCQX: SCZMF), which engages in the operation, acquisition, exploration, and development of mineral properties in Latin America, has qualified to trade on the OTCQX® Best Market. Santacruz Silver Mining Ltd. upgraded to OTCQX from the OTCQB® Venture Market. Santacruz Silver Mining Ltd. begins trading today on OTCQX under the symbol 'SCZMF.' U.S. investors can find current financial disclosure and Real-Time Level 2 quotes for the company on The OTCQX Market is designed for established, investor-focused U.S. and international companies. To qualify for OTCQX, companies must meet high financial standards, follow best practice corporate governance, and demonstrate compliance with applicable securities laws. Graduating to the OTCQX Market marks an important milestone for companies, enabling them to demonstrate their qualifications and build visibility among U.S. investors. Executive Chairman and CEO, Arturo Préstamo, commented: 'Graduating to the OTCQX Best Market is an important milestone for Santacruz Silver and a reflection of our continued commitment to transparency, operational excellence, and disciplined growth. This achievement strengthens our visibility and accessibility among U.S. investors as we advance our strategy to grow a leading silver and base metals producer in Latin America.' About Santacruz Silver Mining Ltd. Santacruz Silver is engaged in the operation, acquisition, exploration, and development of mineral properties across Latin America. In Bolivia, the Company operates the Bolivar, Porco, and Caballo Blanco mining complexes, with Caballo Blanco comprising the Tres Amigos and Colquechaquita mines. The Reserva mine, whose production is provided to the San Lucas ore sourcing and trading business, is also located in Bolivia. Additionally, the Company oversees the Soracaya exploration project. In Mexico, Santacruz operates the Zimapán mine. About OTC Markets Group Inc. OTC Markets Group Inc. (OTCQX: OTCM) operates regulated markets for trading 12,000 U.S. and international securities. Our data-driven disclosure standards form the foundation of our three public markets: OTCQX® Best Market, OTCQB® Venture Market and Pink® Open Market. Our OTC Link® Alternative Trading Systems (ATSs) provide critical market infrastructure that broker-dealers rely on to facilitate trading. Our innovative model offers companies more efficient access to the U.S. financial markets. OTC Link ATS, OTC Link ECN, OTC Link NQB, and MOON ATS™ are each an SEC regulated ATS, operated by OTC Link LLC, a FINRA and SEC registered broker-dealer, member SIPC. To learn more about how we create better informed and more efficient markets, visit Subscribe to the OTC Markets RSS Feed Media Contact: OTC Markets Group Inc., +1 (212) 896-4428, [email protected]
Cision Canada
16-06-2025
- Business
- Cision Canada
Santacruz Silver Announces Appointment of Andrés Bedregal as Chief Financial Officer
VANCOUVER, BC, June 16, 2025 /CNW/ - Santacruz Silver Mining Ltd. (TSXV: SCZ) (OTCQB: SCZMF) (FSE: 1SZ) ("Santacruz" or "the Company") is pleased to announce that Mr. Andrés Bedregal, who has served as the Company's interim Chief Financial Officer since October 15, 2024, has been appointed Chief Financial Officer effective immediately. Arturo Préstamo, Executive Chairman and CEO of Santacruz, commented: "We want to congratulate Andrés on his well-deserved appointment as Santacruz's CFO. During his tenure as interim CFO, he has demonstrated exceptional leadership and a deep understanding of the Company's financial operations, helping us navigate through important milestones. Andrés has been instrumental in strengthening Santacruz's balance sheet through disciplined financial management, which has greatly improved the Company's financial health and ability to grow. He played a big role in securing better terms for our Bolivian asset acquisition through the Accelerated Option Plan, which will lead us to debt-free path by year-end. There is no one better suited for this position. Andrés has proven himself as an invaluable member of the team, and we're confident his dedication and expertise will continue to drive Santacruz forward." Mr. Bedregal is also the current CFO for Sinchi Wayra S.A., a wholly-owned subsidiary of Santacruz Silver Mining, Ltd., a position he has held since joining Sinchi Wayra S.A. in 2022. As CFO of Sinchi Wayra, Mr. Bedregal has successfully led the Bolivian finance group's upgrade of the financial and management reporting systems, as well as contributed to strategic business decisions, over the past three years. Mr. Bedregal has extensive expertise in financial planning, investment analysis, and leveraging data-driven tools to enhance decision-making processes. His skills include M&A, risk assessment, and the execution of complex financial strategies. Mr. Bedregal holds a Bachelor of Arts in Economics and Political Science from the University of Kansas, Lawrence, Kansas, USA. Additionally, Mr. Bedregal earned a Master's Degree in Finance (MDF) from the Universidad Católica Boliviana and an MBA from the Universidad Privada Boliviana in La Paz, Bolivia. He is also a Level III Candidate in the CFA Program from the CFA Institute. As CFO of Santacruz, Mr. Bedregal will continue to strengthen the Company's financial discipline, optimize capital allocation, and drive initiatives that support Santacruz's continued growth. About Santacruz Silver Mining Ltd. Santacruz Silver is engaged in the operation, acquisition, exploration, and development of mineral properties across Latin America. In Bolivia, the Company operates the Bolivar, Porco, and Caballo Blanco mining complexes, with Caballo Blanco comprising the Tres Amigos and Colquechaquita mines. The Reserva mine, whose production is provided to the San Lucas ore sourcing and trading business, is also located in Bolivia. Additionally, the Company oversees the Soracaya exploration project. In Mexico, Santacruz operates the Zimapán mine. 'signed' Arturo Préstamo Elizondo, Executive Chairman and Chief Executive Officer Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. SOURCE Santacruz Silver Mining Ltd.
Malaysian Reserve
13-06-2025
- Business
- Malaysian Reserve
Santacruz Silver Reports First Quarter 2025 Results
VANCOUVER, BC, June 12, 2025 /CNW/ – Santacruz Silver Mining Ltd. (TSXV:SCZ) (OTCQB:SCZMF) (FSE:1SZ) ('Santacruz' or the 'Company') reports its financial and operating results for the quarter ended March 31, 2025 ('Q1 2025'). The full version of the Q1 2025 financial statements ('Financial Statements') and accompanying Management's Discussion and Analysis (the 'MD&A') can be viewed on the Company's website at or on SEDAR+ at All amounts are expressed in U.S. dollars, unless otherwise stated. Q1 2025 Highlights Revenues of $70.3 million, a 34% increase year-over-year. Gross Profit of $27.9 million, a 6882% increase year-over-year. Net Income of $9.5 million, a 93% decrease year-over-year1. Adjusted EBITDA of $27.5 million, a 2202% increase year-over-year. Cash and cash equivalents of $32.5 million, a 706% increase year-over-year. Working Capital of $51.7 million, a 7530% increase year-over-year. Cash cost per silver equivalent ounce sold ($/oz) of $17.84, a 16% decrease year-over-year. AISC per silver equivalent ounce sold of $22.34, a 8% decrease year-over-year. Silver Equivalent Ounces produced of 3,688,129, a 5% decrease year-over-year2. ___________________________ 1. The decrease in Net Income is related to an extraordinary gain recorded in Q1 2024 from the adjustment to the consideration payable. Please refer to Note 10 of the financial statements for further details. 2. The Full Q1 2025 production results were released in a news release dated June 9, 2025. Arturo Préstamo, Executive Chairman and CEO of Santacruz, commented: 'Q1 2025 represents a strong beginning to the year, reflecting our continued emphasis on operational efficiency and financial discipline. We achieved a notable year-over-year improvement in profitability and cash generation, with gross profit, and adjusted EBITDA all registering substantial growth. These results underscore the strength, flexibility, and scalability of Santacruz's business model. We remain firmly focused on driving long-term value through disciplined capital allocation and a commitment to safety and operational excellence.' Mr. Préstamo continued, 'We maintained a strong liquidity position at quarter-end, closing with $33 million in cash and cash equivalents. This was achieved despite a $10 million payment under the voluntary acceleration plan and the settlement of more than $19 million of 2024 current income tax. These outcomes reflect the strength of our underlying cash flows and our prudent approach to financial management, which continue to support our strategic priorities as we strengthen our balance sheet integrity. Backed by a seasoned team in Mexico, Bolivia, and Canada, along with a flexible and efficient operating model and a strong track record of execution, we are well-positioned to take advantage of today´s metal prices and keep delivering sustainable, long-term value for our shareholders.' Selected consolidated financial and operating information for Q1 2025 and Q1 2024 and Q4 2024 are presented below. All financial information is prepared in accordance with International Financial Reporting Standards ('IFRS'), and all dollar amounts are expressed in thousands of US dollars, except per unit amounts, unless otherwise noted. Production In Q1 2025, the Company processed 471,773 tonnes of ore, producing 3,688,129 silver equivalent ounces. This total includes 1,590,063 ounces of silver and 20,719 tonnes of zinc. Q1 2025 vs Q4 2024 In Q1 2025, ore processed was slightly lower than in Q4 2024, reflecting the typical seasonal slowdown, particularly across Bolivian operations, as well as scheduled mine sequencing and temporary constraints that modestly impacted throughput. Notably, Zimapán had a 3% increase in processed mineralized material, supported by sustained operational efficiency and continuous optimization efforts. Silver equivalent production was 10% lower, primarily due to reduced head grades and throughput. Silver output declined by 10%, while zinc production was 11% lower, consistent with the expected mine plan for the quarter. Despite these lower volumes, the Company remained focused on maximizing margins by prioritizing higher-silver-content zones. With temporary constraints now resolved and silver prices trending favorably, operations are well-positioned to deliver strong cash flow generation throughout the year. Q1 2025 vs Q1 2024 In Q1 2025, consolidated operational performance remained stable year-over-year, with total tonnes processed virtually unchanged compared to Q1 2024. Silver equivalent production was 5% lower, reflecting the impact of temporary operational constraints and expected ore body variability at certain Bolivian operations. Despite these factors, silver output remained flat, supported by higher silver head grades at key operations and improved metallurgical recoveries, particularly at the Caballo Blanco Group. Zinc production decreased by 9%, primarily due to lower throughput and head grades at Porco and Caballo Blanco, partially offset by strong results at Zimapán, where zinc output rose 23% year-over-year. Zimapán also led overall growth, increasing material processed by 9% and silver equivalent production by 14%, highlighting its operational improvements, as we develop and prepare level 960 now with all required underground equipment at site. The strategic reorganization of the Caballo Blanco and San Lucas, particularly the reallocation of Reserva mine's output, also contributed to improved metallurgical efficiency and stable margins. These results highlight the flexibility provided by the Company's diversified asset base and its focus on maximizing recoveries. Cash Cost and All-in Sustaining Cost per Silver Equivalent Ounce Sold Starting January 1, 2025, Bolivian operations adopted a new exchange rate methodology supported by IAS 21, replacing the fixed official rate (6.96 BOB/USD) with a market-based spot rate (average 12.20 BOB/USD) obtained from banks. Under IAS 21, entities should estimate a spot rate at which an orderly exchange transaction would take place between market participants under prevailing economic conditions. Recording BOB denominated transactions in USD using the market-based rate, provides a more accurate representation of the economic reality of the underlying transactions. Q1 2025 vs Q4 2024 Costs improved notably in Q1 2025 when compared to Q4 2024, with consolidated cash cost and AISC per silver equivalent ounce sold decreasing to $17.84 and $22.34, respectively, from $22.38 and $27.83. This improvement was mainly driven by the Bolivian operations (Bolívar, Porco, Caballo Blanco, and San Lucas) which reported significant reductions across all cost metrics. Caballo Blanco Group saw the most considerable improvements. In contrast, Zimapan's AISC increased from $27.13 to $34.32/oz, as a significant portion of its annual capital budget was deployed during Q1 to accelerate key investments aimed at increasing future production at Carrizal mine level 960. Q1 2025 vs Q1 2024 Compared to Q1 2024, there were substantial cost improvements during Q1 2025. Consolidated cash cost decreased from $21.19 to $17.84/oz, and AISC from $24.27 to $22.34/oz. The most notable improvements came from Caballo Blanco, where AISC dropped significantly due to better metallurgical performance as a consequence of achieving improvements and efficiencies at underground and milling operations. Zimapán, however, recorded an increase in AISC to $34.32/oz (from $22.59), as a substantial portion of its budgeted CAPEX was executed in Q1 to bring forward investments that support higher production in upcoming quarters at Carrizal mine at level 960. Webinar Details CEO Arturo Préstamo and Interim CFO Andrés Bedregal will present at a webinar hosted by Adelaide Capital on Thursday, June 19th at 2:00 pm ET. Investors and shareholders are invited to participate in the webinar. Registration Link: The webinar will also be live-streamed on the Adelaide Capital YouTube Channel, where a replay will be available after the event: Questions can be submitted during the session or in advance to olenka@ Qualified Person Qualified Person Garth Kirkham an independent consultant to the Company, is a qualified person under NI 43-101 and has approved the scientific and technical information contained within this news release. About Santacruz Silver Mining Ltd. Santacruz Silver is engaged in the operation, acquisition, exploration, and development of mineral properties across Latin America. In Bolivia, the Company operates the Bolivar, Porco, and Caballo Blanco mining complexes, with Caballo Blanco comprising the Tres Amigos and Colquechaquita mines. The Reserva mine, whose production is provided to the San Lucas ore sourcing and trading business, is also located in Bolivia. Additionally, the Company oversees the Soracaya exploration project. In Mexico, Santacruz operates the Zimapán mine. Non-GAAP Measures The financial results in this news release include references to non-GAAP measures, which include Cash Cost of Production per Tonne, Cash Cost per Silver Equivalent Ounce Sold, All-in Sustaining Cash Cost per Silver Equivalent Ounce Sold, Average Realized Price per Ounce of Silver Equivalent Sold, and Adjusted EBITDA. These measures are widely used in the mining industry as a benchmark for performance but do not have a standardized meaning and may differ from methods used by other companies with similar descriptions. The data is intended to provide additional information and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with GAAP. For a reconciliation of non-GAAP and GAAP measures, please refer to the 'Non-GAAP Measures' section in the Company's Q1 2025 Management Discussion and Analysis, which is available on SEDAR+ at 'signed'Arturo Préstamo Elizondo,Executive Chairman and CEO Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. Forward Looking Information This news release includes certain statements and information that may constitute forward-looking information within the meaning of applicable Canadian securities laws. Forward-looking statements relate to future events or future performance and reflect the expectations or beliefs of the management of the Company regarding future events. Generally, forward-looking statements and information can be identified by the use of forward-looking terminology such as 'intends', 'expects' or 'anticipates', or variations of such words and phrases or statements that certain actions, events or results 'may', 'could', 'should', 'would' or will 'potentially' or 'likely' occur. This information and these statements, referred to herein as 'forward-looking statements', are not historical facts, are made as of the date of this news release and include without limitation, statements regarding the Company's payment of the Acceleration Option. These forward-looking statements involve numerous risks and uncertainties and actual results might differ materially from results suggested in any forward-looking statements. These risks and uncertainties include, among other things, risks that the Company may not have sufficient funds to exercise the Acceleration Option, risks related to changes in general economic, business and political conditions, including changes in the financial markets, changes in applicable laws, and compliance with extensive government regulation, as well as those risk factors discussed or referred to in the Company's disclosure documents filed with the securities regulatory authorities in certain provinces of Canada and available at There can be no assurance that any forward-looking information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, the reader should not place any undue reliance on forward-looking information or statements. The Company undertakes no obligation to update forward-looking information or statements, other than as required by applicable law.
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13-06-2025
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Santacruz Silver Reports First Quarter 2025 Results
VANCOUVER, BC, June 12, 2025 /CNW/ - Santacruz Silver Mining Ltd. (TSXV:SCZ) (OTCQB:SCZMF) (FSE:1SZ) ("Santacruz" or the "Company") reports its financial and operating results for the quarter ended March 31, 2025 ("Q1 2025"). The full version of the Q1 2025 financial statements ("Financial Statements") and accompanying Management's Discussion and Analysis (the "MD&A") can be viewed on the Company's website at or on SEDAR+ at All amounts are expressed in U.S. dollars, unless otherwise stated. Q1 2025 Highlights Revenues of $70.3 million, a 34% increase year-over-year. Gross Profit of $27.9 million, a 6882% increase year-over-year. Net Income of $9.5 million, a 93% decrease year-over-year1. Adjusted EBITDA of $27.5 million, a 2202% increase year-over-year. Cash and cash equivalents of $32.5 million, a 706% increase year-over-year. Working Capital of $51.7 million, a 7530% increase year-over-year. Cash cost per silver equivalent ounce sold ($/oz) of $17.84, a 16% decrease year-over-year. AISC per silver equivalent ounce sold of $22.34, a 8% decrease year-over-year. Silver Equivalent Ounces produced of 3,688,129, a 5% decrease year-over-year2. ___________________________ 1. The decrease in Net Income is related to an extraordinary gain recorded in Q1 2024 from the adjustment to the consideration payable. Please refer to Note 10 of the financial statements for further details. 2. The Full Q1 2025 production results were released in a news release dated June 9, 2025. Arturo Préstamo, Executive Chairman and CEO of Santacruz, commented: "Q1 2025 represents a strong beginning to the year, reflecting our continued emphasis on operational efficiency and financial discipline. We achieved a notable year-over-year improvement in profitability and cash generation, with gross profit, and adjusted EBITDA all registering substantial growth. These results underscore the strength, flexibility, and scalability of Santacruz's business model. We remain firmly focused on driving long-term value through disciplined capital allocation and a commitment to safety and operational excellence." Mr. Préstamo continued, "We maintained a strong liquidity position at quarter-end, closing with $33 million in cash and cash equivalents. This was achieved despite a $10 million payment under the voluntary acceleration plan and the settlement of more than $19 million of 2024 current income tax. These outcomes reflect the strength of our underlying cash flows and our prudent approach to financial management, which continue to support our strategic priorities as we strengthen our balance sheet integrity. Backed by a seasoned team in Mexico, Bolivia, and Canada, along with a flexible and efficient operating model and a strong track record of execution, we are well-positioned to take advantage of today´s metal prices and keep delivering sustainable, long-term value for our shareholders." Selected consolidated financial and operating information for Q1 2025 and Q1 2024 and Q4 2024 are presented below. All financial information is prepared in accordance with International Financial Reporting Standards ("IFRS"), and all dollar amounts are expressed in thousands of US dollars, except per unit amounts, unless otherwise noted. Production In Q1 2025, the Company processed 471,773 tonnes of ore, producing 3,688,129 silver equivalent ounces. This total includes 1,590,063 ounces of silver and 20,719 tonnes of zinc. Q1 2025 vs Q4 2024 In Q1 2025, ore processed was slightly lower than in Q4 2024, reflecting the typical seasonal slowdown, particularly across Bolivian operations, as well as scheduled mine sequencing and temporary constraints that modestly impacted throughput. Notably, Zimapán had a 3% increase in processed mineralized material, supported by sustained operational efficiency and continuous optimization efforts. Silver equivalent production was 10% lower, primarily due to reduced head grades and throughput. Silver output declined by 10%, while zinc production was 11% lower, consistent with the expected mine plan for the quarter. Despite these lower volumes, the Company remained focused on maximizing margins by prioritizing higher-silver-content zones. With temporary constraints now resolved and silver prices trending favorably, operations are well-positioned to deliver strong cash flow generation throughout the year. Q1 2025 vs Q1 2024 In Q1 2025, consolidated operational performance remained stable year-over-year, with total tonnes processed virtually unchanged compared to Q1 2024. Silver equivalent production was 5% lower, reflecting the impact of temporary operational constraints and expected ore body variability at certain Bolivian operations. Despite these factors, silver output remained flat, supported by higher silver head grades at key operations and improved metallurgical recoveries, particularly at the Caballo Blanco Group. Zinc production decreased by 9%, primarily due to lower throughput and head grades at Porco and Caballo Blanco, partially offset by strong results at Zimapán, where zinc output rose 23% year-over-year. Zimapán also led overall growth, increasing material processed by 9% and silver equivalent production by 14%, highlighting its operational improvements, as we develop and prepare level 960 now with all required underground equipment at site. The strategic reorganization of the Caballo Blanco and San Lucas, particularly the reallocation of Reserva mine's output, also contributed to improved metallurgical efficiency and stable margins. These results highlight the flexibility provided by the Company's diversified asset base and its focus on maximizing recoveries. Cash Cost and All-in Sustaining Cost per Silver Equivalent Ounce Sold Starting January 1, 2025, Bolivian operations adopted a new exchange rate methodology supported by IAS 21, replacing the fixed official rate (6.96 BOB/USD) with a market-based spot rate (average 12.20 BOB/USD) obtained from banks. Under IAS 21, entities should estimate a spot rate at which an orderly exchange transaction would take place between market participants under prevailing economic conditions. Recording BOB denominated transactions in USD using the market-based rate, provides a more accurate representation of the economic reality of the underlying transactions. Q1 2025 vs Q4 2024 Costs improved notably in Q1 2025 when compared to Q4 2024, with consolidated cash cost and AISC per silver equivalent ounce sold decreasing to $17.84 and $22.34, respectively, from $22.38 and $27.83. This improvement was mainly driven by the Bolivian operations (Bolívar, Porco, Caballo Blanco, and San Lucas) which reported significant reductions across all cost metrics. Caballo Blanco Group saw the most considerable improvements. In contrast, Zimapan's AISC increased from $27.13 to $34.32/oz, as a significant portion of its annual capital budget was deployed during Q1 to accelerate key investments aimed at increasing future production at Carrizal mine level 960. Q1 2025 vs Q1 2024 Compared to Q1 2024, there were substantial cost improvements during Q1 2025. Consolidated cash cost decreased from $21.19 to $17.84/oz, and AISC from $24.27 to $22.34/oz. The most notable improvements came from Caballo Blanco, where AISC dropped significantly due to better metallurgical performance as a consequence of achieving improvements and efficiencies at underground and milling operations. Zimapán, however, recorded an increase in AISC to $34.32/oz (from $22.59), as a substantial portion of its budgeted CAPEX was executed in Q1 to bring forward investments that support higher production in upcoming quarters at Carrizal mine at level 960. Webinar Details CEO Arturo Préstamo and Interim CFO Andrés Bedregal will present at a webinar hosted by Adelaide Capital on Thursday, June 19th at 2:00 pm ET. Investors and shareholders are invited to participate in the webinar. Registration Link: The webinar will also be live-streamed on the Adelaide Capital YouTube Channel, where a replay will be available after the event: Questions can be submitted during the session or in advance to olenka@ Qualified Person Qualified Person Garth Kirkham an independent consultant to the Company, is a qualified person under NI 43-101 and has approved the scientific and technical information contained within this news release. About Santacruz Silver Mining Ltd. Santacruz Silver is engaged in the operation, acquisition, exploration, and development of mineral properties across Latin America. In Bolivia, the Company operates the Bolivar, Porco, and Caballo Blanco mining complexes, with Caballo Blanco comprising the Tres Amigos and Colquechaquita mines. The Reserva mine, whose production is provided to the San Lucas ore sourcing and trading business, is also located in Bolivia. Additionally, the Company oversees the Soracaya exploration project. In Mexico, Santacruz operates the Zimapán mine. Non-GAAP Measures The financial results in this news release include references to non-GAAP measures, which include Cash Cost of Production per Tonne, Cash Cost per Silver Equivalent Ounce Sold, All-in Sustaining Cash Cost per Silver Equivalent Ounce Sold, Average Realized Price per Ounce of Silver Equivalent Sold, and Adjusted EBITDA. These measures are widely used in the mining industry as a benchmark for performance but do not have a standardized meaning and may differ from methods used by other companies with similar descriptions. The data is intended to provide additional information and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with GAAP. For a reconciliation of non-GAAP and GAAP measures, please refer to the "Non-GAAP Measures" section in the Company's Q1 2025 Management Discussion and Analysis, which is available on SEDAR+ at 'signed'Arturo Préstamo Elizondo,Executive Chairman and CEO Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. Forward Looking Information This news release includes certain statements and information that may constitute forward-looking information within the meaning of applicable Canadian securities laws. Forward-looking statements relate to future events or future performance and reflect the expectations or beliefs of the management of the Company regarding future events. Generally, forward-looking statements and information can be identified by the use of forward-looking terminology such as "intends", "expects" or "anticipates", or variations of such words and phrases or statements that certain actions, events or results "may", "could", "should", "would" or will "potentially" or "likely" occur. This information and these statements, referred to herein as "forward-looking statements", are not historical facts, are made as of the date of this news release and include without limitation, statements regarding the Company's payment of the Acceleration Option. These forward-looking statements involve numerous risks and uncertainties and actual results might differ materially from results suggested in any forward-looking statements. These risks and uncertainties include, among other things, risks that the Company may not have sufficient funds to exercise the Acceleration Option, risks related to changes in general economic, business and political conditions, including changes in the financial markets, changes in applicable laws, and compliance with extensive government regulation, as well as those risk factors discussed or referred to in the Company's disclosure documents filed with the securities regulatory authorities in certain provinces of Canada and available at There can be no assurance that any forward-looking information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, the reader should not place any undue reliance on forward-looking information or statements. The Company undertakes no obligation to update forward-looking information or statements, other than as required by applicable law. SOURCE Santacruz Silver Mining Ltd. View original content to download multimedia: Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
