Santacruz Silver Announces Second Payment to Glencore of US$7.5 Million Under Acceleration Plan
Santacruz Silver Announces Second Payment
to Glencore of US$7.5 Million Under
Acceleration Plan
VANCOUVER, BC
,
May 6, 2025
/CNW/ -
Santacruz Silver Mining Ltd.
(TSXV: SCZ) (OTCQB:
SCZMF) (FSE: 1SZ) ("
Santacruz
" or the "
Company
") is pleased to announce that it has made the
second payment of
US$7.5 million
to Glencore as part of the Company's previously announced plan
to exercise its Acceleration Option and satisfy the Base Purchase Price related to the Bolivian
assets acquisition.
This second payment follows the initial
US$10 million
payment made on
March 20, 2025
, and is part
of a structured payment plan designed to deliver total payments of
US$40 million
by
October 31,
2025
. The plan is expected to generate
US$40 million
in savings and reinforces the Company's
commitment to financial discipline and long-term value creation.
Arturo Préstamo, Executive Chairman and CEO of Santacruz, commented: "We are thrilled to be
continuing to execute on this strategic plan, which reflects our disciplined financial approach. This
second payment to Glencore demonstrates our ability to honor our commitments while maintaining a
strong balance sheet and cash position. We remain focused on driving shareholder value through
prudent capital management and operational excellence." Mr. Préstamo added: "We would like to
thank Glencore once again for their continued support and collaborative approach throughout this
process. Our strong relationship with Glencore remains an important asset as we pursue our
strategic goals in
Bolivia
and beyond."
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 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
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 07:00e 06-MAY-25