SCZ.V · 2025-07-29 12:00:00

Santacruz Silver Produces 3,547,054 Silver Equivalent Ounces in Q2 2025 Including 1,423,081 ounces of silver and 21,148 tonnes of zinc

Resource Estimates Production Results

Santacruz Silver Produces 3,547,054 Silver

Equivalent Ounces in Q2 2025

Including 1,423,081 ounces of silver and 21,148 tonnes of zinc

VANCOUVER, BC

July 29, 2025

/CNW/ -

Santacruz Silver Mining Ltd.

(TSXV: SCZ) (OTCQX:

SCZMF) (FSE: 1SZ) ("Santacruz" or the "Company") reports its Q2 2025 production results from its

Bolivar 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

Q2 2025 Production Highlights:

Silver Equivalent Production:

3,547,054 silver equivalent ounces

Silver Production:

1,423,081 ounces

Zinc Production:

21,148 tonnes

Lead Production:

2,773 tonnes

Copper Production:

229 tonnes

Underground Development:

11,531 meters

Arturo Préstamo, Executive Chairman and CEO of Santacruz, commented, "Santacruz maintained

robust and stable production levels during the second quarter of 2025, and, notably,

San Lucas

reaffirmed its strategic importance within the Company this quarter, successfully compensating for

the slower production from the Bolivar mine. From Q1 2025 to Q2 2025, consolidated throughput

remained stable, increasing slightly by 2%; however, consolidated silver equivalent production

decreased by 4%, with silver ounces declining 11%. The reductions were primarily driven by flooding

at the Bolivar mine, which was caused by an unexpected water inflow event that temporarily

exceeded the system's designed pumping capacity. As a result, access to the high-grade

Pomabamba and Nane silver stopes at the Bolivar mine was suspended. The water overflow has

now been resolved, and work on both stopes is gradually being restored to normal. Consolidated

Zinc production was roughly unchanged, with a slight 2% decrease. Looking at the second half of the

year, we remain focused on maximizing silver production and metallurgical recoveries across all our

operations, an approach that is especially important in today's favorable silver price environment."

Production Summary

–

Total

Production Table

2025 Q2

2025 Q1

Change

Q2 vs Q1

2024 Q2

Change

Q2 vs Q2

2025 YTD

2024 YTD

Change

'25 YTD vs

'24 YTD

Material Processed (tonnes milled)

480,863

471,773

2 %

500,755

(4 %)

952,637

971,503

(2 %)

Silver Equivalent Produced (ounces)

(1)

3,547,054

3,688,129

(4 %)

4,166,364

(15 %)

7,235,183

8,042,752

(10 %)

Production

Silver (ounces)

1,423,081

1,590,063

(11 %)

1,671,359

(15 %)

3,013,144

3,253,308

(7 %)

Zinc (tonnes)

21,148

20,719

2 %

25,052

(16 %)

41,868

47,899

(13 %)

Lead (tonnes)

2,773

2,718

2 %

2,908

(5 %)

5,491

5,861

(6 %)

Copper (tonnes)

229

279

(18 %)

539

(19 %)

507

539

(6 %)

(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.

Bolivar Mine

Bolivar Production Table

(1)

2025 Q2

2025 Q1

Change

Q2 vs Q1

2024 Q2

Change

Q2 vs Q2

2025 YTD

2024 YTD

Change

'25 YTD vs

'24 YTD

Material Processed (tonnes milled)

54,803

62,356

(12 %)

72,151

(24 %)

117,159

144,952

(19 %)

Silver Equivalent Produced (ounces)

(2)

601,516

786,299

(24 %)

904,204

(33 %)

1,387,815

1,803,560

(23 %)

Production

Silver (ounces)

304,468

421,039

(28 %)

427,665

(29 %)

725,507

853,421

(15 %)

Zinc (tonnes)

3,225

3,983

(19 %)

5,168

(38 %)

7,208

10,231

(30 %)

Lead (tonnes)

182

201

(9 %)

300

(39 %)

383

694

(45 %)

Average Grade

Silver (g/t)

190

237

(20 %)

207

(8 %)

215

203

6 %

Zinc (%)

6.52

7.00

(7 %)

7.83

(17 %)

6.77

7.75

(13 %)

Lead (%)

0.44

0.47

(6 %)

0.57

(22 %)

0.46

0.65

(30 %)

Metal Recovery

Silver (%)

3 %

2 %

(1 %)

Zinc (%)

(1 %)

0 %

Lead (%)

10 %

3 %

(3 %)

(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.

Q2 2025 vs Q1 2025

Silver equivalent production decreased by 24% due to a 12% decline in tonnes processed; silver

ounces declined by 28% and zinc by 19%. These reductions stem from a mid-May water inflow that

flooded the Pomabamba South and Nané high grade areas, cutting access to planned stopes and

lowering average head grades (silver -20%, zinc -7%). A modest gain in silver recoveries (+3%) only

partially offset the impact of lower grades, while zinc recoveries were essentially flat (-1%).

San

Lucas'

flexible sourcing model has mitigated a significant portion of Bolivar's production shortfall,

helping sustain overall throughput and revenues until the affected areas are fully restored.

Q2 2025 vs Q2 2024

Silver equivalent production was 33% lower year over year driven by a 24% decline in material

processed; silver output dropped by 29% and zinc by 38%. The water inflow event described above

limited mining flexibility and access to higher grade stopes, which resulted in weaker head grades

(silver -8%, zinc -17%). Weaker head grades were marginally offset by improved silver recoveries

(+2%) while zinc recoveries remained stable (-1%).

San Lucas'

flexible sourcing model has mitigated

a significant portion of the Bolívar shortfall, helping sustain overall throughput and revenues until

operations in the affected areas are fully restored.

Porco Mine

Porco Production Table

(1)

2025 Q2

2025 Q1

Change

Q2 vs Q1

2024 Q2

Change

Q2 vs Q2

2025 YTD

2024 YTD

Change

'25 YTD vs

'24 YTD

Material Processed (tonnes milled)

49,152

47,501

3 %

51,307

(4 %)

96,653

102,169

(5 %)

Silver Equivalent Produced (ounces)

(2)

360,841

367,523

(2 %)

454,364

(21 %)

728,364

921,264

(21 %)

Production

Silver (ounces)

105,901

120,537

(12 %)

151,258

(30 %)

226,438

327,694

(31 %)

Zinc (tonnes)

2,786

2,674

4 %

3,276

(15 %)

5,460

6,436

(15 %)

Lead (tonnes)

132

161

(18 %)

205

(36 %)

293

374

(22 %)

Average Grade

Silver (g/t)

(20 %)

105

(25 %)

117

(25 %)

Zinc (%)

6.03

5.99

1 %

6.76

(11 %)

6.01

6.74

(11 %)

Lead (%)

0.41

0.46

(11 %)

0.52

(21 %)

0.44

0.49

(11 %)

Metal Recovery

Silver (%)

6 %

(3 %)

Zinc (%)

0 %

1 %

Lead (%)

(11 %)

(15 %)

(7 %)

(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.

Q2 2025 vs Q1 2025

Material processed increased by 3%, while silver equivalent production remained roughly the same.

Silver production declined 12% due to a 20% decrease in head grades that was offset by a 6%

improvement in recoveries. Zinc production grew 4% with stable head grades (-1%) and recoveries

(nil %). The offsetting movement between silver grades and recoveries limited the impact on overall

silver equivalent ounces.

Q2 2025 vs Q2 2024

Material processed decreased by 4%, and silver equivalent production declined by 21%. Silver

output was down 30% due to a 25% drop in silver head grades and a 3% decrease in recoveries.

Zinc production fell 15% due to lower head grades (-11%) and recoveries remained consistent.

Caballo Blanco Group

Caballo Blanco Group Production Table

(1)

2025 Q2

2025 Q1

Change

Q2 vs Q1

2024 Q2

Change

Q2 vs Q2

2025 YTD

2024 YTD

Change

'25 YTD vs

'24 YTD

Material Processed (tonnes milled)

57,773

51,648

12 %

83,661

(31 %)

109,421

156,123

(30 %)

Silver Equivalent Produced (ounces)

(2)

685,479

659,208

4 %

832,229

(18 %)

1,344,687

1,573,124

(15 %)

Production

Silver (ounces)

294,786

313,266

(6 %)

318,520

(7 %)

608,052

603,330

1 %

Zinc (tonnes)

3,974

3,549

12 %

5,331

(25 %)

7,523

10,034

(25 %)

Lead (tonnes)

595

486

22 %

641

(7 %)

1,082

1,252

(14 %)

Average Grade

Silver (g/t)

168

202

(17 %)

133

27 %

184

134

37 %

Zinc (%)

7.32

7.28

0 %

6.96

5 %

7.30

7.00

4 %

Lead (%)

1.23

1.15

7 %

1.04

18 %

1.19

1.07

11 %

Metal Recovery

Silver (%)

1 %

6 %

5 %

Zinc (%)

0 %

3 %

Lead (%)

2 %

13 %

11 %

(2)

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.

Q2 2025 vs Q1 2025

Material processed increased by 12%, while silver equivalent production increased by 4%; the lower

relative growth is due to reduced silver head grades (-17%) that were partially offset by slightly

higher recoveries (1%). Silver production decreased 6% due to the grade variance. Zinc production

increased 12% with stable grades and recoveries.

Q2 2025 vs Q2 2024

Results between quarters are not directly comparable because prior

year figures included three

mines, whereas current performance reflects only Colquechaquita and Tres Amigos following the

reorganization in which Reserva mine production was 100% dedicated to the

San Lucas

processing

facility starting in the second quarter of 2024. Material processed decreased by 31%, yet silver

equivalent production declined by only 18%, indicating improved efficiency. Silver output decreased

by 7% as materially higher silver head grades (+27%) and improved recoveries (+6%) were offset

by lower tonnes processed; this, combined with the positive trend in silver prices, supported

revenues. Zinc production decreased 25% due to lower throughput, partly mitigated by modest

improvements in zinc head grades (+5%) and recoveries (+3%).

San Lucas Group

San Lucas Group Production Table

2025 Q2

2025 Q1

Change

Q2 vs Q1

2024 Q2

Change

Q2 vs Q2

2025 YTD

2024 YTD

Change

'25 YTD vs

'24 YTD

Material Processed (tonnes milled)

94,973

86,695

10 %

83,900

13 %

181,669

153,121

19 %

Silver Equivalent Produced (ounces)

(1)

940,457

858,514

10 %

1,026,334

(8 %)

1,798,971

1,904,515

(6 %)

Production

Silver (ounces)

319,634

295,021

8 %

364,607

(12 %)

614,655

659,605

(7 %)

Zinc (tonnes)

6,643

6,015

10 %

7,150

(7 %)

12,658

13,429

(6 %)

Lead (tonnes)

509

481

6 %

450

13 %

990

877

13 %

Average Grade

Silver (g/t)

124

123

1 %

165

(25 %)

123

162

(24 %)

Zinc (%)

7.81

7.65

2 %

9.31

(16 %)

7.73

9.58

(19 %)

Lead (%)

0.90

0.84

8 %

0.86

5 %

0.87

0.91

(4 %)

Metal Recovery

Silver (%)

(2 %)

3 %

Zinc (%)

(1 %)

(2 %)

Lead (%)

(10 %)

(4 %)

(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.

Q2 2025 vs Q1 2025

The

San Lucas

ore sourcing and trading business operates under a margin

based business model

that maintains contribution margins by aligning ore purchase costs with its metallurgical content.

Material processed increased by 10% and silver equivalent production grew proportionally by 10%,

reflecting stable metallurgical performance. Silver output rose by 8% with stable head grades (1%)

and slightly lower recoveries (-2%). Zinc production increased 10% due to marginal improvements in

head grades (2%) and stable recoveries (-1%).

San Lucas

also fulfilled its strategic role by

supporting overall Group mill utilization and helping to offset part of the impact from the temporary

water flood event at Bolívar.

Q2 2025 vs Q2 2024

The

San Lucas

ore sourcing and trading business operates under a margin

based business model

that maintains contribution margins by aligning ore purchase costs with its metallurgical content.

Material processed increased 13%; however, silver equivalent production decreased 8% as lower

silver head grades (-25%) more than offset a 3% improvement in recoveries. Silver output declined

12% on the same grade trend. Zinc production decreased by 7% due to lower head grades (-16%)

and stable recoveries (-2%). Through flexible sourcing,

San Lucas

continued to preserve margins

and provided strategic support to mitigate the temporary disruption at Bolivar during the period.

Zimapan Mine

Zimapan Production Table

2025 Q2

2025 Q1

Change

Q2 vs Q1

2024 Q2

Change

Q2 vs Q2

2025 YTD

2024 YTD

Change

'25 YTD vs

'24 YTD

Material Processed (tonnes milled)

224,162

223,573

0 %

209,735

7 %

447,735

415,139

8 %

Silver Equivalent Produced (ounces)

(1)

958,761

1,016,585

(6 %)

949,233

1 %

1,975,347

1,840,289

7 %

Production

Silver (ounces)

398,293

440,199

(10 %)

403,309

(3 %)

838,492

809,259

4 %

Zinc (tonnes)

4,521

4,498

1 %

4,127

10 %

9,019

7,769

16 %

Lead (tonnes)

1,354

1,389

(3 %)

1,312

3 %

2,744

2,663

3 %

Copper (tonnes)

229

279

(18 %)

284

(19 %)

507

539

(6 %)

Average Grade

Silver (g/t)

(3 %)

Zinc (%)

2.62

2.56

2 %

2.46

7 %

2.59

2.38

9 %

Lead (%)

0.80

0.72

11 %

0.73

10 %

0.76

0.78

(3 %)

Copper (%)

0.22

0.26

(14 %)

0.30

(25 %)

0.24

0.29

(18 %)

Metal Recovery

Silver (%)

(7 %)

(6 %)

(1 %)

Zinc (%)

(2 %)

(4 %)

(1 %)

Lead (%)

(12 %)

(2 %)

Copper (%)

(5 %)

0 %

6 %

(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.

Q2 2025 vs Q1 2025

Throughput was stable (nil%) while silver equivalent production decreased 6%. Silver output fell 10%

due to a 7% drop in recoveries and slightly lower head grades (-3%). Zinc production was stable

(+1%) with marginally higher head grades (+2%) offset by a slight decrease in recoveries (-2%).

Q2 2025 vs Q2 2024

Material processed increased by 7%, and silver equivalent production improved by 1%, as a higher

zinc contribution offset slightly lower silver production. Silver production decreased 3% due to

modestly lower head grades (-3%) and a decrease in recoveries (-6%). Zinc production increased

by 10%, supported by a 7% rise in head grades.

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

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, cost reduction and

enhanced metallurgical recovery (particularly of silver) in 2025.

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.

SOURCE

Santacruz Silver Mining Ltd.

View original content to download multimedia:

http://www.newswire.ca/en/releases/archive/July2025/29/c7168.html

%SEDAR: 00031795E

For further information:

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

CO: Santacruz Silver Mining Ltd.

CNW 17:00e 29-JUL-25

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