Santacruz Silver Produces 22,641,051 Silver Equivalent Ounces in 2023
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News Release
January 22, 2024
Santacruz Silver Produces 22,641,051 Silver Equivalent Ounces in 2023
Vancouver, B.C. – Santacruz Silver Mining Ltd. (TSX.V:SCZ) ("Santacruz" or "the Company ”) reports its Q4 and
annual 2023 production results from its Bolivar mine , Porco mine, Caballo Blanco Group of mines (“Caballo
Blanco") and the San Lucas feed sourcing business (“San Lucas”), all located in Bolivi a, and the Zimapan mine
located in Mexico.
Highlights:
• Q4 2023 metals production included:
o 1,719,737 ounces of silver;
o 23,777 tonnes of zinc;
o 3,129 tonnes of lead;
o 290 tonnes of copper;
o For silver equivalent production of 5,757,228
ounces.
• 2023 annual metals production included:
o 7,004,582 ounces of silver;
o 91,616 tonnes of zinc;
o 12,366 tonnes of lead;
o 1,254 tonnes of copper;
o For silver equivalent production of 22,641,051
ounces.
• Zimapan mine continued to implement operational improvements and processed 204,507 tonnes of
material in Q4 2023, a 6% increase from the previous quarter and the most on a quarterly basis this year.
Arturo Préstamo, Executive Chairman and Interim CEO of Santacruz, commented, “Our team’s dedication enabled
us to achieve steady quarterly operations, which resulted in 5.7 million silver equivalent ounces produced in the
fourth quarter, and 22.6 million silver equivalent ounces produced in 2023. The improved production results in
the fourth quarter at the Zimapan mine are a direct r esult of the comprehensive management and operational
restructuring carried out in September and October. Th e objective of this restructuring process was to enhance
production tonnage and operational efficiency across both mines and the mill . Further efficiencies are expected
to be captured in Q1 2024.”
Mr. Préstamo continued, "Complementing our successes in Mexico, in Bolivia, the Caballo Blanco Group of mines
just achieved a significant milestone with the completion of the integration ramp connecting the Tres Amigos and
Colquechaquita mines on time and on budget . The 1,177-meter ramp was designed to facilitate increased
productivity and safety at both the Colquechaquita and Tres Amigos mines, and is expected to contribute to overall
production improvements at Caballo Blanco."
Mr. Préstamo concluded, “I would like to commend the dedicated and professional management teams in Mexico
and Bolivia for their instrumental role in achieving these significant milestones.”
Santacruz processed 489,41 7 tonnes of material in Q4 2023, a 5% increase from the previous quarter. Silver
equivalent ounce production increased 2% to 5,757,22 8 including 1,719,737 ounces of silver, 23,777 tonnes of
zinc, 3,129 tonnes of lead, and 290 tonnes of copper. While average throughputs, head grades and recoveries
varied slightly across all operations, the increase in material processed at Zimapan, and increases in mineralized
material purchased by San Lucas drove consistent metal production quarter-on-quarter.
At Zimapan major maintenance to the grinding circuit allowed for increased plant throughput. In addition, two
new underground loaders arrived at the mine in September, which enabled more efficient mining operations. As
a result, the mine processed 204,507 tonnes of material, a 6% increase when compared to the previous quarter.
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In mid-October, the SAG mill motor at Porco was removed to be rebuilt. A 25-day period of approximately 50%
grinding capacity followed as the Company was able to feed the ball mills directly with fine material until the
rebuilt motor was reinstalled and full production was attained on November 14, 2023. While the Company
expected production at Porco to be reduced during the quarter, increased throughput in December was able to
significantly offset the reductions experienced in October and November as result of the SAG mill maintenance.
When compared to Q4 2022 m aterial processed was in line with the previous year . This resulted in silver
equivalent ounce and all metal production being in lin e quart er-over-quarter, with the exception of coppe r.
Average copper head grades in Q4 2023 were 25% lower and as a result copper production decreased.
Annual 2023 production results benefitted from a full Q1 2023 production from the Bolivian operations. Annual
2022 figures are affected by the partial quarter of Bolivian production in Q1 2022. On March 18, 2022, the
Company closed the acquisition of the Bolivian assets from Glencore and the results of the operations of the
Bolivian assets are included from that date.
The Company continues to progress the National Instrument 43-101 technical reports for all its assets, and they
are expected to be completed by the end of Q1 2024.
Fourth Quarter 2023 Production Summary – Consolidated
2023-Q4 2023-Q3
Change
Q4 vs Q3
(%) 2022-Q4
Change
Q4 vs Q4
(%) 2023 YTD
2022
YTD(1)(2)
Change
’23 vs ‘22
(%)
Material Processed (tonnes milled) 489,417 467,563 5 482,626 1 1,883,446 1,646,271 14
Silver Equivalent Produced (AgEq ounces) (3) 5,757,228 5,669,905 2 5,744,128 - 22,641,051 18,112,725 25
Silver Ounces Produced 1,719,737 1,728,863 (1) 1,793,936 (4) 7,004,582 5,599,223 25
Zinc Tonnes Produced 23,777 23,095 3 23,111 3 91,616 72,533 26
Lead Tonnes Produced 3,129 3,370 (7) 2,900 8 12,366 10,065 23
Copper Tonnes Produced 290 252 15 386 (25) 1,254 1,287 (31)
Development Metres 10,573 10,838 (3) 10,653 (1) 42,906 34,455 25
Fourth Quarter 2023 Production Summary – By Mine
Bolivar (4) Porco (4)
Caballo
Blanco
Group(5)
San Lucas
Feed
Sourcing(6) Zimapan
Material Processed (tonnes milled) 74,742 47,057 79,768 83,343 204,507
Silver Equivalent Produced (AgEq ounces) (3) 1,239,099 565,611 1,193,534 1,596,427 1,162,558
Silver Ounces Produced 490,269 142,625 350,050 350,770 386,023
Zinc Tonnes Produced 4,673 2,667 5,095 7,801 3,540
Lead Tonnes Produced 357 157 685 548 1,383
Copper Tonnes Produced N/A N/A N/A N/A 290
Average head grades per mine:
Silver (g/t) 223 112 149 157 79
Zinc (%) 6.86 6.01 6.87 10.16 2.29
Lead (%) 0.67 0.46 1.11 0.99 0.83
Copper (%) N/A N/A N/A N/A 0.30
Metal recovery per mine:
Silver (%) 92 84 92 83 74
Zinc (%) 91 94 93 92 75
Lead (%) 72 73 77 66 82
Copper (%) N/A N/A N/A N/A 47
Development Metres 2,784 1,795 3,744 N/A 2,250
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(1) On March 18, 2022 the Company closed the acquisition of all Bolivian assets from Glencore and the results of the Bolivian Operations are includ ed in the consolidated
results of the Company from that date.
(2) Bolivian production from March 18, 2022 to December 31, 2022.
(3) Silver Equivalent Produced (ounces) have been calculated using prices of $21.86/oz, $1.52/lb, $0.91/lb and $3.67/lb for silver, zinc, lead and copper respectively applied to
the metal production divided by the silver price.
(4) Bolivar and Porco are presented at 100% production, whereas the Company records 45% of revenues and expenses in its consolidated financial statemen ts.
(5) The Caballo Blanco Group consists of the Colquechaquita, Tres Amigos and Reserva mines.
(6) San Lucas sources mineralized material from regional supplier s and utilizes processing capacity at the Bolivar, Porco and Don Diego plants.
Qualified Person
Wayne Corso, a consultant to the Company, is a qualified person under NI 43-101 and has approved the
scientific and technical information related to operational matters contained in this news release.
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 are comprised of the Bolivar, Porco and the Caballo Blanco Group, which consists of
the Tres Amigos, Reserva and Colquechaquita mines . T he Soracaya exploration project and San Lucas feed sourcing
business are also in Bolivia. The Zimapan mine is located in Mexico.
‘signed’
Arturo Préstamo Elizondo,
Executive Chairman and Interim CEO
For further information please contact:
Arturo Préstamo
Santacruz Silver Mining Ltd.
Email: [email protected]
Telephone: +52 81 83 785707
Sabina Srubiski
Manager, Investor Relations
Santacruz Silver Mining Ltd.
Email: [email protected]
Telephone: +1 888 883 2011
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 expected benefits of the integration ramp at
Caballo Blanco.
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,
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risks that the integration ramp at Caballo Blanco will not provide the benefits currently expected by management, 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, that the Company will derive the expected benefits from the integration ramp.
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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Supplemental Table: Full Year Quarterly Production Results
2023-Q4 2023-Q3 2023-Q2 2023-Q1 2023
Material Processed (tonnes milled)
Bolivar (2) 74,742 77,298 66,689 74,353 293,082
Porco (2) 47,057 47,786 46,085 49,909 190,837
Caballo Blanco Group 79,768 76,864 74,268 85,817 316,718
San Lucas 83,343 73,456 85,258 71,448 313,506
Zimapan 204,507 192,158 171,668 200,970 769,303
Consolidated 489,417 467,563 443,969 482,497 1,883,447
Silver Equivalent Produced (ounces) (1)
Bolivar (2) 1,239,099 1,343,000 961,580 1,249,153 4,792,833
Porco (2) 565,611 625,401 689,902 679,144 2,560,057
Caballo Blanco Group 1,193,534 1,118,711 1,211,475 1,436,322 4,960,043
San Lucas 1,596,427 1,399,187 1,827,724 1,195,164 6,018,502
Zimapan 1,162,558 1,183,606 878,854 1,084,600 4,309,618
Consolidated 5,757,228 5,669,905 5,569,535 5,644,383 22,641,051
Silver Ounces Produced
Bolivar (2) 490,269 502,931 424,664 555,914 1,973,779
Porco (2)) 142,625 165,066 195,509 162,015 665,216
Caballo Blanco Group 350,050 319,674 399,811 475,026 1,544,561
San Lucas 350,770 362,443 495,344 255,623 1,464,180
Zimapan 386,023 378,748 271,133 320,942 1,356,846
Consolidated 1,719,737 1,728,863 1,786,461 1,769,520 7,004,582
Zinc Tonnes Produced
Bolivar (2) 4,673 5,214 3,323 4,313 17,523
Porco (2) 2,667 2,891 3,098 3,245 11,901
Caballo Blanco Group 5,095 4,805 4,804 5,650 20,355
San Lucas 7,801 6,454 8,315 5,848 28,418
Zimapan 3,540 3,731 2,741 3,407 13,419
Consolidated 23,777 23,095 22,281 22,463 91,616
Lead Tonnes Produced
Bolivar (2) 357 449 302 353 1,461
Porco (2) 157 190 214 217 777
Caballo Blanco Group 685 684 825 1,043 3,237
San Lucas 548 522 635 473 2,177
Zimapan 1,383 1,526 849 957 4,714
Consolidated 3,129 3,370 2,824 3,043 12,366
Average Silver head grade per mine (g/t)
Bolivar (2) 223 221 217 250 228
Porco (2) 112 119 154 122 128
Caballo Blanco Group 149 144 182 187 167
San Lucas 157 183 216 125 171
Zimapan 79 80 69 70 75
Average Zinc head grade per mine (%)
Bolivar (2) 6.86 7.41 5.57 6.40 6.64
Porco (2) 6.01 6.40 7.15 6.89 6.65
Caballo Blanco Group 6.87 6.80 6.98 7.01 6.92
San Lucas 10.16 9.55 10.69 8.90 9.82
Zimapan 2.29 2.49 2.25 2.20 2.31
Average Lead head grade per mine (%)
Bolivar (2) 0.67 0.79 0.62 0.65 0.69
Porco (2) 0.46 0.52 0.58 0.58 0.54
Caballo Blanco Group 1.11 1.22 1.44 1.50 1.33
San Lucas 0.99 1.06 1.21 0.94 1.05
Zimapan 0.83 0.97 0.67 0.63 0.78
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2023-Q4 2023-Q3 2023-Q2 2023-Q1 2023
Average Silver recovery per mine (%)
Bolivar (2) 92 92 91 93 92
Porco (2) 84 90 86 83 86
Caballo Blanco Group 92 90 92 92 91
San Lucas 83 84 84 89 85
Zimapan 74 76 71 71 73
Average Zinc recovery per mine (%)
Bolivar (2) 91 91 90 91 91
Porco (2) 94 95 94 94 94
Caballo Blanco Group 93 92 93 94 93
San Lucas 92 92 91 92 92
Zimapan 75 78 71 77 76
Average Lead recovery per mine (%)
Bolivar (2) 72 74 74 73 73
Porco (2) 73 76 80 75 76
Caballo Blanco Group 77 73 77 81 77
San Lucas 66 67 62 70 66
Zimapan 82 82 74 76 79
(1) Silver Equivalent Produced (ounces) have been calculated using prices of $21.86/oz, $1.52/lb, $0.91/lb and $3.67/lb for silver, zinc, lead and copper respectively app lied to
the metal production divided by the silver price.
(2) Bolivar and Porco are presented at 100% whereas the Company records 45% of revenues and expenses in its consolidated financial statements.