Santacruz Silver Produces 3,424,817 Silver Equivalent Ounces in Q3 2025, Comprising of 1,241,929 Ounces of Silver, 21,581 Tonnes of Zinc, 2,603 Tonnes of Lead, and 331 Tonnes of Copper
Santacruz Silver Produces 3,424,817 Silver
Equivalent Ounces in Q3 2025, Comprising of
1,241,929 Ounces of Silver, 21,581 Tonnes of
Zinc, 2,603 Tonnes of Lead, and 331 Tonnes of
Copper
Vancouver, British Columbia--(Newsfile Corp. - November 3, 2025) -
Santacruz Silver Mining Ltd.
(TSXV: SCZ) (OTCQX: SCZMF) (FSE: 1SZ)
("
Santacruz
" or the "
Company
") reports its Q3 2025
production results from its Bolívar 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.
Q3 2025 Production Highlights:
Silver Equivalent Production:
3,424,817 silver equivalent ounces
Silver Production:
1,241,929 ounces
Zinc Production:
21,581 tonnes
Lead Production:
2,603 tonnes
Copper Production:
331 tonnes
Underground Development:
12,634 meters
Arturo Préstamo, Executive Chairman and CEO of Santacruz, commented, "During Q3 2025, Santacruz
maintained steady consolidated production, supported by strong operational performance from Caballo
Blanco and San Lucas, which helped offset the lower silver production at the Bolívar mine. In Mexico,
Zimapán continued to deliver stable production, reflecting consistent plant throughput and recoveries.
This quarter fully captured the impacts of the water inflow event that occurred at the Bolívar Mine in May
2025. The event resulted in restricted access to the high silver grade areas. In response, we have been
actively working on strengthening the pumping system at Bolívar, with the fourth line commissioned in
September and the installation of a fifth submersible line underway, which together will increase total
pumping capacity to 340 liters per second (l/s). These improvements are facilitating the gradual
dewatering and recovery of the affected zones in the Bolívar mine. We expect production from the high-
grade Pomabamba and Nané areas at Bolívar to resume in February 2026 and ramp up steadily through
the remainder of the year."
Production Summary - Total
Production Table
2025 Q3
2025 Q2
Change
Q3 vs Q2
2024 Q3
Change
Q3 vs Q3
2025 YTD
2024 YTD
Change
'25 YTD
vs '24 YTD
Material Processed (tonnes milled)
486,585
480,863
1%
491,260
(1%)
1,439,221
1,462,764
(2%)
Silver Equivalent Produced (ounces)
(1)
3,424,817
3,547,054
(3%)
4,033,214
(15%)
10,660,000
12,075,966
(12%)
Production
Silver (ounces)
1,241,929
1,423,081
(13%)
1,703,387
(27%)
4,255,073
4,956,694
(14%)
Zinc (tonnes)
21,581
21,148
2%
23,143
(7%)
63,449
71,042
(11%)
Lead (tonnes)
2,603
2,773
(6%)
3,027
(14%)
8,094
8,888
(9%)
Copper (tonnes)
331
229
45%
270
23%
839
809
4%
(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.
Bolívar Mine
Bolivar Production Table
(1)
2025 Q3
2025 Q2
Change
Q3 vs Q2
2024 Q3
Change
Q3 vs Q3
2025 YTD
2024 YTD
Change
'25 YTD
vs '24 YTD
Material Processed (tonnes milled)
52,023
54,803
(5%)
70,271
(26%)
169,181
215,223
(21%)
Silver Equivalent Produced (ounces)
(2)
420,612
601,516
(30%)
905,862
(54%)
1,808,427
2,709,422
(33%)
Production
Silver (ounces)
132,146
304,468
(57%)
483,300
(73%)
857,653
1,336,720
(36%)
Zinc (tonnes)
3,186
3,225
(1%)
4,553
(30%)
10,394
14,784
(30%)
Lead (tonnes)
104
182
(43%)
305
(66%)
487
999
(51%)
Average Grade
Silver (g/t)
89
190
(53%)
231
(62%)
176
212
(17%)
Zinc (%)
6.61
6.52
1%
7.19
(8%)
6.72
7.57
(11%)
Lead (%)
0.31
0.44
(29%)
0.61
(49%)
0.41
0.64
(36%)
Metal Recovery
Silver (%)
89
91
(2%)
93
(4%)
89
91
(2%)
Zinc (%)
93
90
3%
90
3%
91
91
1%
Lead (%)
64
75
(15%)
71
(10%)
70
72
(4%)
(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.
Q3 2025 vs Q2 2025
In Q3 2025, Bolívar's performance reflected the ongoing impact of the water inflow event that occurred in
mid-May 2025 and continued to restrict access to the high silver head grade Pomabamba and Nané
areas. Silver equivalent production decreased (-30%) due to lower silver head grade (-53%) and
reduced silver output (-57%). Rehabilitation and dewatering advanced steadily during the quarter, with
the fourth pumping line commissioned in September 2025, increasing total capacity to around 300 l/s
and enabling a gradual reduction in water levels. In parallel, installation of the fifth submersible pumping
line began in mid-October, targeting a combined capacity of 340 l/s to accelerate recovery efforts and
restore full access to the high silver head grade Pomabamba and Nané zones, where production is
expected to resume in February 2026. The installation schedule experienced a delay due to logistics
related to the delivery of the purchased water pumps. Additionally, drilling above Level 340 began in
October 2025 to expand resources toward the southern extension of Pomabamba.
Q3 2025 vs Q3 2024
On a year-over-year basis, Bolívar's performance remained constrained by restricted access to
Pomabamba following the May flooding event, with silver equivalent production down (-54%), silver head
grade (-62%), recoveries (-4%), and silver production (-73%) all declining. Progress on dewatering
continued, with the fifth pumping line expected to be fully operational by year-end, enabling access to the
Pomabamba South vein, which contains reserves with high silver head grades, averaging 309 g/t Ag.
Production from this area is expected to resume in February 2026, significantly improving Bolívar's
overall silver grade profile.
Porco Mine
Porco Production Table
(1)
2025 Q3
2025 Q2
Change
Q3 vs Q2
2024 Q3
Change
Q3 vs Q3
2025 YTD
2024 YTD
Change
'25 YTD
vs '24 YTD
Material Processed (tonnes milled)
49,161
49,152
0%
48,714
1%
145,815
150,883
(3%)
Silver Equivalent Produced (ounces)
(2)
318,694
360,841
(12%)
417,690
(24%)
1,047,058
1,338,954
(22%)
Production
Silver (ounces)
92,001
105,901
(13%)
171,972
(47%)
318,439
499,666
(36%)
Zinc (tonnes)
2,488
2,786
(11%)
2,626
(5%)
7,948
9,062
(12%)
Lead (tonnes)
103
132
(22%)
206
(50%)
396
581
(32%)
Average Grade
Silver (g/t)
71
79
(10%)
133
(47%)
82
122
(33%)
Zinc (%)
5.43
6.03
(10%)
5.74
(5%)
5.82
6.42
(9%)
Lead (%)
0.30
0.41
(27%)
0.55
(45%)
0.39
0.51
(23%)
Metal Recovery
Silver (%)
82
85
(3%)
83
0%
83
84
(2%)
Zinc (%)
93
94
(1%)
94
(1%)
94
94
0%
Lead (%)
69
65
6%
78
(11%)
69
75
(8%)
(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.
Q3 2025 vs Q2 2025
Porco, the Company's predominantly zinc underground mine, reported an 11% decrease in zinc
production compared to the previous quarter, mainly due to a 10% decline in zinc head grade.
Throughput remained steady and zinc recoveries were stable at 93%, supported by ongoing
metallurgical optimization and consistent plant performance. Silver output declined, as operations
continued to target zinc-rich zones consistent with Porco's production focus.
Q3 2025 vs Q3 2024
Porco recorded a 5% year-over-year decrease in zinc production, reflecting slightly lower zinc grades
and stable throughput levels. Zinc recoveries remained strong (93%), demonstrating solid process
control and operational efficiency. The mine plan during 2025 prioritized zinc-dominant zones with lower
silver content, resulting in a reduction (-47%) in silver production compared to Q3 2024. Overall, Porco
continues to perform as a reliable zinc-producing asset, maintaining stable operations and strong
metallurgical performance.
Caballo Blanco Group
Caballo Blanco Group Production Table
(1)
2025 Q3
2025 Q2
Change
Q3 vs Q2
2024 Q3
Change
Q3 vs Q3
2025 YTD
2024 YTD
Change
'25 YTD
vs '24 YTD
Material Processed (tonnes milled)
62,221
57,773
8%
58,374
7%
171,642
214,497
(20%)
Silver Equivalent Produced (ounces)
(2)
707,465
685,479
3%
646,605
9%
2,052,152
2,219,729
(8%)
Production
Silver (ounces)
294,524
294,786
0%
248,605
18%
902,576
851,934
6%
Zinc (tonnes)
4,131
3,974
4%
4,117
0%
11,654
14,151
(18%)
Lead (tonnes)
722
595
21%
515
40%
1,804
1,767
2%
Average Grade
Silver (g/t)
160
168
(5%)
148
8%
176
138
27%
Zinc (%)
7.14
7.32
(2%)
7.56
(6%)
7.24
7.15
1%
Lead (%)
1.45
1.23
18%
1.16
25%
1.28
1.09
18%
Metal Recovery
Silver (%)
92
94
(2%)
89
3%
93
90
4%
Zinc (%)
93
94
(1%)
93
0%
94
92
2%
Lead (%)
80
84
(4%)
76
5%
82
75
8%
(3)
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.
Q3 2025 vs Q2 2025
Caballo Blanco's production for the quarter benefited from higher milled tonnes (+8%), leading to a 3%
increase in silver equivalent and stable silver production. The silver head grade declined moderately (-
5%), resulting in a slight reduction in recoveries (-2%).
Q3 2025 vs Q3 2024
Compared with Q3 2024, Caballo Blanco's operational improvements resulted in silver equivalent
production up 9% and silver output up 18%, supported by annual silver head grade growth (+8%) and
recoveries (+3%). These improvements reflect ongoing plant and mining optimizations.
San Lucas Group
San Lucas Group Production Table
2025 Q3
2025 Q1
Change
Q3 vs Q2
2024 Q3
Change
Q3 vs Q3
2025 YTD
2024 YTD
Change
'25 YTD
vs '24 YTD
Material Processed (tonnes milled)
100,550
94,973
6%
96,160
5%
282,218
249,280
13%
Silver Equivalent Produced (ounces)
(1)
986,403
940,457
5%
1,052,528
(6%)
2,785,374
2,957,043
(6%)
Production
Silver (ounces)
326,873
319,634
2%
354,877
(8%)
941,528
1,014,482
(7%)
Zinc (tonnes)
7,032
6,643
6%
7,525
(7%)
19,690
20,954
(6%)
Lead (tonnes)
575
509
13%
493
17%
1,565
1,370
14%
Average Grade
Silver (g/t)
126
124
2%
135
(6%)
124
152
(18%)
Zinc (%)
7.86
7.81
1%
8.62
(9%)
7.78
9.21
(16%)
Lead (%)
0.90
0.90
0%
0.80
13%
0.88
0.87
2%
Metal Recovery
Silver (%)
80
85
(6%)
85
(6%)
83
84
0%
Zinc (%)
89
90
(1%)
91
(2%)
90
91
(2%)
Lead (%)
63
59
7%
64
(1%)
63
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.
Q3 2025 vs Q2 2025
San Lucas continued to play a strategic support role this quarter, with processed ore up 6%. Silver
equivalent production increased (+5%), and silver output was up (+2%). The operation's flexibility and
reliable throughput helped offset the negative impacts of reduced volumes and grades at Bolívar,
especially in the context of the ongoing rehabilitation and restricted access to silver high-grade areas.
Slight head grade improvement (+2%) and steady recoveries (-6%) contributed to overall plant efficiency
for the group.
Q3 2025 vs Q3 2024
On an annual basis, San Lucas's support was crucial for sustaining group-level throughput and mitigating
Bolívar's production losses. Silver equivalent production slipped 6%, silver output declined 8%, and
processed tonnes increased 5%. The modest drop in silver head grade (-6%) and recoveries (-6%)
continued trends from previous quarters, but operational flexibility and the crucial support to Bolívar were
key to maintaining stable results across Santacruz's Bolivian operations.
Zimapan Mine
Zimapan Production Table
2025 Q3
2025 Q2
Change
Q3 vs Q2
2024 Q3
Change
Q3 vs Q3
2025 YTD
2024 YTD
Change
'25 YTD
vs '24 YTD
Material Processed (tonnes milled)
222,629
224,162
(1%)
217,741
2%
670,364
632,880
6%
Silver Equivalent Produced (ounces)
(1)
991,643
958,761
3%
1,010,529
(2%)
2,966,990
2,850,819
4%
Production
Silver (ounces)
396,385
398,293
0%
444,634
(11%)
1,234,877
1,253,893
(2%)
Zinc (tonnes)
4,744
4,521
5%
4,322
10%
13,763
12,092
14%
Lead (tonnes)
1,099
1,354
(19%)
1,508
(27%)
3,843
4,171
(8%)
Copper (tonnes)
331
229
45%
270
23%
839
809
4%
Average Grade
Silver (g/t)
77
77
(1%)
82
(6%)
78
81
(4%)
Zinc (%)
2.90
2.62
11%
2.58
12%
2.69
2.45
10%
Lead (%)
0.67
0.80
(17%)
0.77
(13%)
0.73
0.78
(6%)
Copper (%)
0.29
0.22
27%
0.29
(1%)
0.26
0.29
(12%)
Metal Recovery
Silver (%)
72
71
1%
78
(7%)
74
76
(3%)
Zinc (%)
73
77
(5%)
77
(5%)
76
78
(2%)
Lead (%)
74
76
(2%)
90
(18%)
79
85
(8%)
Copper (%)
52
45
15%
43
22%
48
44
11%
(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.
Q3 2025 vs Q2 2025
Zimapan posted a 3% increase in silver equivalent output and a 5% rise in zinc, with lead up 19% and
copper up 45% on steady throughput (+1%). Silver head grade and recoveries were stable (-1%), and
production gains were driven by higher grades in zinc.
Q3 2025 vs Q3 2024
Year-on-year, Zimapan's silver equivalent production declined (-2%), largely due to a decrease in silver
head grade (-6%) and a decline in recoveries (-7%). Despite this, zinc was up 10% strengthened on
targeted stope development and improvements in feed quality.
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 Zimapán mine.
'signed'
Arturo Préstamo Elizondo,
Executive Chairman and CEO
For further information please contact:
Arturo Préstamo
Santacruz Silver Mining Ltd.
Email:
Telephone: +52 81 83 785707
Andrés Bedregal
Santacruz Silver Mining Ltd.
Email:
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) 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.
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/272892