Santacruz Silver Announces US$10 Million Initial Payment to Glencore under Voluntary Plan to Exercise Acceleration Option
Santacruz Silver Announces US$10 Million
Initial Payment to Glencore under Voluntary
Plan to Exercise Acceleration Option
VANCOUVER, BC
,
March 20, 2025
/CNW/ -
Santacruz Silver Mining Ltd.
(TSXV: SCZ) (OTCQB:
SCZMF) (FSE: 1SZ) ("Santacruz" or "the Company") is pleased to announce that the Company has
structured and implemented a plan to exercise its Acceleration Option to satisfy the Base Purchase
Price owed to Glencore, by making payments on a schedule that aligns the accelerated timing whilst
meeting the Company's commitment to financial discipline and a strong balance sheet. The plan's
primary objective is to save the Company
US$40 million
.
The Company successfully completed the first component of this plan, an initial payment to Glencore
of
USD$10 million
, on
March 20, 2025
. Moving forward under the plan, Santacruz will make bi-
monthly payments of
USD$7.5 million
commencing in
May 2025
until reaching a total of
USD$40
million
, with all payments scheduled to be completed by
October 31, 2025
. This structured plan
reflects the Company's commitment to fulfilling its obligations and achieving cost savings while
maintaining financial discipline and strong cash reserves over time.
Arturo Préstamo, Executive Chairman and CEO of Santacruz, commented: "This accelerated
payment to Glencore highlights our strong financial discipline and commitment to seeking out and
capitalizing on opportunities to enhance shareholder value. This payment plan is structured to
preserve an optimal level of working capital while further strengthening the Company's ability to
achieve long-term growth and value creation objectives."
Mr. Préstamo added: "We sincerely appreciate Glencore's continuous support. Glencore's
professionalism and collaborative approach have been key to maintaining an exceptional business
relationship, which has greatly contributed to our current success. We look forward to continuing this
strong partnership in the future."
Please refer to the Company's
October 3, 2024
, and
April 4, 2024
news releases for details on the
payment structure for the Bolivian assets acquisition.
About Santacruz Silver Mining Ltd
.
Santacruz Silver
is engaged in the operation, acquisition, exploration, and development of mineral
properties in
Latin America
. The Bolivian operations comprise the Bolivar, Porco and the Caballo
Blanco Group, which consists of the Tres Amigos and Colquechaquita mines. The Soracaya
exploration project and San Lucas ore sourcing and trading business are also in
Bolivia
. The
Zimapan mine is in Mexico.
'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, statements regarding the
Company's payment of funds and exercise 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
make payments in accordance with the Company's plan or may fail 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
www.sedarplus.ca
.
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 will that
Company will have sufficient funds to exercise the Acceleration Option prior to the end of October,
2025.
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.
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For further information:
For further information please contact: Arturo Préstamo Elizondo,
Santacruz Silver Mining Ltd., Email: [email protected], Telephone: +52 81 83 785707;
Andrés Bedregal, Santacruz Silver Mining Ltd., Email: [email protected], Telephone: +591
22444849
CO: Santacruz Silver Mining Ltd.
CNW 13:23e 20-MAR-25