SCZ.V · 2026-04-16 12:00:00

Santacruz Reports Q1 2026 Production of 1,341,499 Ounces of Silver and 21,640 Tonnes of Zinc, with Continued Recovery of Production at Bolivar Mine Including 2,686 Tonnes of Lead and 308 Tonnes of Copper Silver Production at Bolivar Increased by 28% QoQ

Production Results

Santacruz Reports Q1 2026 Production of

1,341,499 Ounces of Silver and 21,640 Tonnes

of Zinc, with Continued Recovery of

Production at Bolivar Mine

Including 2,686 Tonnes of Lead and 308 Tonnes of Copper

Silver Production at Bolivar Increased by 28% QoQ

Vancouver, British Columbia--(Newsfile Corp. - April 16, 2026) -

Santacruz Silver Mining Ltd.

(NASDAQ: SCZM) (TSXV: SCZ)

Santacruz

" or the "

Company

") announces that total production in

the first quarter of 2026 ("

Q1 2026

") was 1,341,499 ounces of silver, 21,640 tonnes of zinc, 2,686

tonnes of lead, and 308 tonnes of copper. This production was generated across the Company's

operations in Bolivia, including the Bolivar mine, the Porco mine, the Caballo Blanco Group of mines

Caballo Blanco

"), and the San Lucas Ore Sourcing Business, which includes the Reserva Mine ("

San

Lucas

"), as well as the Zimapan mine in Mexico.

Q1 2026 Production Highlights

Primary Production Metrics:

Silver:

1,341,499 ounces

Zinc:

21,640 tonnes

Lead:

2,686 tonnes

Copper:

308 tonnes

Supplemental Production Metrics:

Silver Equivalent Production

: 2,281,465 silver equivalent ounces

Zinc Equivalent Production

: 59,370 zinc equivalent tonnes

Arturo Préstamo, Executive Chairman and CEO of Santacruz, commented:

"Q1 2026 was marked by

strong operational progress at our Bolivar mine, where silver production increased 28% quarter-over-

quarter to 259,635 ounces, driven by ongoing recovery efforts made in the areas affected by the

localized flooding event that occurred in May 2025. Looking at our other assets in Bolivia, Caballo

Blanco remained a steady contributor, while San Lucas continued to enhance plant utilization and

operational flexibility. In Mexico, Zimapan consistently contributed to our consolidated production

performance. It's important to mention that as the Carnival holiday period in Bolivia occurs in Q1, the

number of operating days is reduced as compared with other quarters. With fewer operating days, a

reduction in production is expected. It's important to note that Bolivar's production increased in Q1

despite fewer operating days."

Mr. Préstamo added: "

In response to the recent increased volatility in silver prices, and to better reflect

the strength, resilience, and breadth of our silver-zinc co-product business model, we are enhancing

our production disclosure beginning with Q1 2026. Our enhanced production disclosures will place

greater emphasis on actual metal production, with silver equivalent and zinc equivalent metrics

presented as supplemental production metrics only. We believe this new approach provides investors

with a clearer, transparent, and more balanced view of operating performance across our diversified

production portfolio. In addition, the new production disclosures will more appropriately reflect San

Lucas's contribution, which differs from traditional mining operations, while remaining strategically

important to our portfolio in Bolivia."

Consolidated Production Summary

Production Summary - Total

Change

Primary production metrics

2026 Q1

2025 Q4

2025 Q1

2026-Q1 vs 2025-Q4

2026-Q1 vs 2025-Q1

Silver (ounces)

1,341,499

1,343,607

1,590,063

-16%

Zinc (tonnes)

21,640

23,846

20,719

-9%

Lead (tonnes)

2,686

3,000

2,718

-10%

-1%

Copper (tonnes)

308

287

279

10%

Change

Supplemental context metrics

2026 Q1

2025 Q4

2025 Q1

2026-Q1 vs 2025-Q4

2026-Q1 vs 2025-Q1

Silver Equivalent Produced

(ounces)

(1)

2,281,465

2,886,207

3,682,011

-21%

-38%

Zinc Equivalent Produced (tonnes)

(2)

59,370

49,993

41,407

19%

43%

(1) (2)

Calculation methods may differ from those used by other companies. Refer to the "Methodology for Silver Equivalent and Zinc Equivalent

Production Figures" section below.

Consolidated silver production remained broadly stable at 1,341,499 ounces in Q1 2026, compared to

1,343,607 ounces in Q4 2025. This resilient performance was underpinned by continued operational

momentum at the Bolivar mine, where silver production increased again on a quarter-over-quarter basis.

Consolidated zinc production was 21,640 tonnes, down 9% from 23,846 tonnes in the prior quarter,

while lead production decreased 10% to 2,686 tonnes and copper production increased 7% to 308

tonnes. Compared with Q1 2025, consolidated silver production decreased 16%, while consolidated

zinc production increased 4%. Lead production was broadly unchanged year over year, and copper

production increased 10%.

For additional context, and as a supplement to our primary metal production disclosure, silver-equivalent

AgEq

") production for Q1 2026 totaled 2,281,465 ounces, while zinc-equivalent ("

ZnEq

") production

reached 59,370 tonnes. As both metrics are influenced by relative metal prices, the Company believes

the quarter is best assessed based on actual metal production, particularly silver and zinc, with AgEq

and ZnEq presented solely as supplemental reference metrics reflecting the Company's multi-metal

production profile. Readers are cautioned that silver-equivalent calculations can become less

representative in periods when silver price significantly outperforms the prices of other metals.

Bolivar Mine

Change

2026 Q1

2025 Q4

2025 Q1

2026-Q1 vs 2025-Q4

2026-Q1 vs 2025-Q1

Material Processed (tonnes milled)

65,044

63,267

62,356

Metal production

(1)

Silver (ounces)

259,635

202,193

421,040

28%

-38%

Zinc (tonnes)

3,656

3,973

3,983

-8%

Lead (tonnes)

198

187

201

-1%

Average Grade

Silver (g/t)

141

108

237

30%

-41%

Zinc (%)

6.06

6.75

7.00

-10%

-13%

Lead (%)

0.43

0.40

0.47

-9%

Metal Recovery

Silver (%)

-4%

Zinc (%)

Lead (%)

-6%

(1)

Bolivar is presented at 100% whereas the Company records 45% of revenues and expenses in its consolidated financial statements.

Q1 2026 vs Q4 2025

Compared with Q4 2025, Bolivar's silver production increased 28% to 259,635 ounces from 202,193

ounces, supported by a meaningful increase in silver head grades as recovery activities continued to

advance in the areas affected by the 2025 flooding event. Zinc production decreased 8% to 3,656

tonnes from 3,973 tonnes, reflecting lower zinc grades, while recoveries remained broadly stable. Lead

production increased modestly to 198 tonnes from 187 tonnes. Notably, this gradual improvement was

achieved in a quarter with fewer effective working days than Q4 2025, which reflects the typical

seasonality of Bolivia's operating calendar when comparing the first quarter to the preceding fourth

quarter, and further reinforces the view that Bolivar's recovery continued to progress well.

Q1 2026 vs Q1 2025

Compared with Q1 2025, Bolivar's silver production decreased 38% from 421,040 ounces to 259,635

ounces, while zinc production decreased 8% from 3,983 tonnes to 3,656 tonnes. Lead production was

broadly unchanged at 198 tonnes compared with 201 tonnes in Q1 2025. While production remained

below the prior year's quarter, Q1 2026 demonstrated continued progress along the recovery trajectory,

particularly when compared to the more recent quarters following Bolivar's May 2025 flooding event.

Porco Mine

Change

2026 Q1

2025 Q4

2025 Q1

2026-Q1 vs 2025-Q4

2026-Q1 vs 2025-Q1

Material Processed (tonnes milled)

45,297

51,416

47,501

-12%

-5%

Metal production(

Silver (ounces)

70,708

82,047

120,537

-14%

-41%

Zinc (tonnes)

2,833

2,727

2,674

Lead (tonnes)

114

108

161

-29%

Average Grade

Silver (g/t)

-3%

-39%

Zinc (%)

6.61

5.66

5.99

17%

10%

Lead (%)

0.34

0.28

0.46

21%

-26%

Metal Recovery

Silver (%)

Zinc (%)

Lead (%)

-1%

(1)

Porco is presented at 100% whereas the Company records 45% of revenues and expenses in its consolidated financial statements.

Q1 2026 vs Q4 2025

Compared with Q4 2025, Porco's silver production decreased 14% to 70,708 ounces from 82,047

ounces, while zinc production increased 4% to 2,833 tonnes from 2,727 tonnes. Lead production

increased 6% to 114 tonnes from 108 tonnes. Q1 2026 remained consistent with Porco's role as a

predominantly zinc-oriented underground operation, with stronger zinc grades and recoveries supporting

zinc output.

Q1 2026 vs Q1 2025

Compared with Q1 2025, Porco's silver production decreased 41% from 120,537 ounces to 70,708

ounces, while zinc production increased 6% from 2,674 tonnes to 2,833 tonnes. Lead production

decreased to 114 tonnes from 161 tonnes. This result remained consistent with mine sequencing

focused on zinc-rich areas and Porco's role as a predominantly zinc-oriented operation.

Caballo Blanco Group

Change

2026 Q1

2025 Q4

2025 Q1

2026-Q1 vs 2025-Q4

2026-Q1 vs 2025-Q1

Material Processed (tonnes milled)

58,999

63,067

51,648

-6%

14%

Metal production

(1)

Silver (ounces)

306,888

289,446

313,266

-2%

Zinc (tonnes)

3,967

4,409

3,549

-10%

12%

Lead (tonnes)

767

769

486

58%

Average Grade

Silver (g/t)

175

156

202

12%

-14%

Zinc (%)

7.15

7.39

7.28

-3%

-2%

Lead (%)

1.54

1.51

1.15

34%

Metal Recovery

Silver (%)

-1%

Zinc (%)

-1%

Lead (%)

(1)

The Caballo Blanco Group consists of the Colquechaquita and Tres Amigos mines.

Q1 2026 vs Q4 2025

Compared with Q4 2025, Caballo Blanco's silver production increased by 6% to 306,888 ounces from

289,446 ounces. Zinc production decreased by 10% to 3,967 tonnes from 4,409 tonnes, while lead

production was broadly stable at 767 tonnes compared with 769 tonnes in the prior quarter. Higher silver

grades, together with modestly improved silver recoveries, supported solid silver performance in Q1

2026, while the operation continued to perform consistently as one of the Company's more stable

contributors.

Q1 2026 vs Q1 2025

Compared with Q1 2025, Caballo Blanco's silver production was broadly stable at 306,888 ounces

versus 313,266 ounces, while zinc production increased 12% from 3,549 tonnes to 3,967 tonnes. Lead

production increased 58% from 486 tonnes to 767 tonnes. Caballo Blanco continued to demonstrate

solid production performance and strong operating consistency.

Zimapan Mine

Change

2026 Q1

2025 Q4

2025 Q1

2026-Q1 vs 2025-Q4

2026-Q1 vs 2025-Q1

Material Processed (tonnes milled)

223,670

222,703

223,573

Metal production

(1)

Silver (ounces)

362,863

403,321

440,199

-10%

-18%

Zinc (tonnes)

4,040

5,008

4,498

-19%

-10%

Lead (tonnes)

1,005

1,237

1,389

-19%

-28%

Copper (tonnes)

308

287

279

10%

Average Grade

Silver (g/t)

-2%

Zinc (%)

2.55

2.89

2.56

-12%

Lead (%)

0.62

0.72

-14%

Copper (%)

0.25

0.26

-4%

Metal Recovery

Silver (%)

-8%

-16%

Zinc (%)

-9%

-10%

Lead (%)

-6%

-15%

Copper (%)

14%

Q1 2026 vs Q4 2025

Compared with Q4 2025, Zimapan's silver production decreased 10% to 362,863 ounces from 403,321

ounces, while zinc production decreased 19% to 4,040 tonnes from 5,008 tonnes. Lead production

decreased 19% to 1,005 tonnes from 1,237 tonnes, while copper production increased 7% to 308

tonnes from 287 tonnes. The quarter reflected lower grades and recoveries in silver, zinc, and lead, while

copper performance improved.

The lower production was primarily driven by reduced ventilated mining areas, including limited

ventilation in higher-grade zones at Level 960, following a contractor delay in the completion of a

ventilation Robbins incline shaft. In addition, there were intermittent operating days at the milling facility

due to power supply interruptions by the Comisión Federal de Electricidad (CFE), the national power

company.

Q1 2026 vs Q1 2025

Compared with Q1 2025, Zimapan's silver production decreased 18% from 440,199 ounces to 362,863

ounces, while zinc production decreased 10% from 4,498 tonnes to 4,040 tonnes. Lead production

decreased 28% from 1,389 tonnes to 1,005 tonnes, while copper production increased 10% from 279

tonnes to 308 tonnes. The year-over-year result was mixed, but Zimapan remained an important

contributor to consolidated output and continues to be managed with a focus on recoveries and

concentrate quality.

San Lucas Ore Sourcing Business

Change

2026 Q1

2025 Q4

2025 Q1

2026-Q1 vs 2025-Q4

2026-Q1 vs 2025-Q1

Material Processed (tonnes milled)

94,767

105,587

86,695

-10%

Metal production

Silver (ounces)

341,405

366,600

295,021

-7%

16%

Zinc (tonnes)

7,144

7,729

6,015

-8%

19%

Lead (tonnes)

602

699

481

-14%

25%

Average Grade

Silver (g/t)

139

135

123

13%

Zinc (%)

8.47

8.20

7.65

11%

Lead (%)

1.00

0.97

0.84

19%

Metal Recovery

Silver (%)

-6%

Zinc (%)

-2%

Lead (%)

-7%

-4%

San Lucas is the Company's ore sourcing and trading business in Bolivia and should be regarded as a

strategic component of the broader Bolivian production portfolio. By procuring mineralized material from

third-party suppliers and processing it through the Company's existing plants, San Lucas supports higher

plant utilization, enhances fixed-cost absorption, and increases overall operating flexibility. Given its

margin-based structure, purchase prices are aligned to contained metal value. San Lucas is best

evaluated on the basis of margin generation and its contribution to overall operating efficiency, rather

than on average feed grade alone.

Q1 2026 vs Q4 2025

Compared with Q4 2025, San Lucas produced 341,405 ounces of silver, 7,144 tonnes of zinc, and 602

tonnes of lead, compared with 366,600 ounces of silver, 7,729 tonnes of zinc, and 699 tonnes of lead.

While metal production was lower quarter over quarter, San Lucas continued to fulfill its strategic role in

supporting plant utilization and operating flexibility across the Bolivian platform.

Q1 2026 vs Q1 2025

Compared with Q1 2025, San Lucas increased silver production by 16% from 295,021 ounces to

341,405 ounces, zinc production by 19% from 6,015 tonnes to 7,144 tonnes, and lead production by

25% from 481 tonnes to 602 tonnes. The year-over-year improvement highlights the value of San Lucas

as a flexible feed sourcing platform that supports mill utilization, fixed-cost absorption, and commercial

flexibility across the Company's Bolivian operations.

Methodology for the Calculation of Silver Equivalent and Zinc Equivalent Production Figures

Commencing Q1 2026, the Company has improved its production disclosure by reporting Zinc

Equivalent tonnes produced and has changed the method of calculating Silver Equivalent Ounces

produced. The Company considers silver equivalent ("

AgEq

") ounces and zinc equivalent ("

ZnEq

tonnes to be useful supplemental production metrics for evaluating its multi-metal production profile.

These measures are commonly used in the mining industry as reference metrics to facilitate period-over-

period comparisons and, where relevant, benchmarking against industry peers. They should be viewed

as supplemental to, and not a substitute for, the actual metal production volumes disclosed on a metal-

by-metal basis.

AgEq ounces and ZnEq tonnes are calculated by applying conversion factors that normalize the value of

each non-reference metal to the selected reference metal. For AgEq ounces, the values of zinc, lead,

and copper are converted into silver equivalent ounces. For ZnEq tonnes, the values of silver, lead, and

copper are converted into zinc equivalent tonnes. Each conversion factor is derived from the ratio of the

in-situ metal value of the contained fine metal to the price of the reference metal used in the equivalency

calculation. The denominator used to calculate silver equivalent ounces is the silver price, while the

denominator used to calculate zinc equivalent tonnes is the zinc price. This methodology expresses

multi-metal production in a common unit of measure. Since the silver price and zinc price are the

denominators in each metric, price variations of these metals can significantly affect the result, especially

when one metal price changes significantly relative to the other metal prices.

The metal prices used in the calculation of AgEq and ZnEq are based on the average quarterly prices

quoted on the London Metal Exchange ("

LME

"). Previously, the Company used budgeted metal prices

which were only updated annually. The Company considers that it is more appropriate to use the

quarter's actual prices to determine the period's AgEq and ZnEq production volumes to better reflect

production results in the context of volatile market prices. Previously reported AgEq ounces produced

have been updated using the period's corresponding quarterly average LME prices instead of the

budgeted prices which were previously used.

To view an enhanced version of this graphic, please visit:

https://images.newsfilecorp.com/files/4406/293006_8dbcf3bed4177a34_010full.jpg

The methods used by the Company to calculate these equivalencies may differ from those used by other

companies reporting similar metrics and therefore may not be directly comparable. These measures are

intended to provide additional information and should not be considered in isolation or as a substitute for

performance measures prepared in accordance with International Financial Reporting Standards

IFRS

").

Qualified Person

Garth Kirkham, P.Geo., 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 Zimapan mine.

'signed'

Arturo Préstamo Elizondo,

Executive Chairman and CEO

For further information please contact:

Arturo Préstamo

Santacruz Silver Mining Ltd.

Email:

[email protected]

Telephone: +52 81 83 785707

Andrés Bedregal

Santacruz Silver Mining Ltd.

Email:

[email protected]

Telephone: +591 22444849

Eduardo Torrecillas

Santacruz Silver Mining Ltd.

Email:

[email protected]

Telephone: +591 22444849

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the

policies of the TSX Venture Exchange) nor the Nasdaq Capital Market LLC accepts responsibility for

the adequacy or accuracy of this news release. No stock exchange, securities commission or other

regulatory authority has approved or disapproved the information contained herein.

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.

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

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'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.

To view the source version of this press release, please visit

https://www.newsfilecorp.com/release/293006

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