SCZ.V · 2025-06-09 12:00:00

Santacruz Silver Produces 3,688,129 Silver Equivalent Ounces in Q1 2025 Including 1,590,063 ounces of silver and 20,719 tonnes of zinc

Resource Estimates Production Results

Santacruz Silver Produces 3,688,129 Silver

Equivalent Ounces in Q1 2025

Including 1,590,063 ounces of silver and 20,719 tonnes of zinc

VANCOUVER, BC

June 9, 2025

/CNW/ -

Santacruz Silver Mining Ltd.

(TSXV: SCZ) (OTCQB:

SCZMF) (FSE: 1SZ) ("Santacruz" or the "Company") reports its Q1 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

Q1 2025 Production Highlights:

Silver Equivalent Production:

3,688,129 silver equivalent ounces

Silver Production:

1,590,063 ounces

Zinc Production:

20,719 tonnes

Lead Production:

2,718 tonnes

Copper Production:

279 tonnes

Underground Development:

10,135 meters

Arturo Préstamo, Executive Chairman and CEO of Santacruz, commented, "Santacruz started 2025

with strong contributions from its Mexican operations, driven by steady production growth, solid mill

throughput, and disciplined mine execution. Whilst in

Bolivia

, at our

San Lucas

ore sourcing business,

our margin-based model supported profitability through flexible ore sourcing and cost flexibility,

despite normal head grade variability."

Mr. Préstamo continued, "Operations at Bolívar, Porco, and Caballo Blanco remained firmly focused

on maximizing silver production and metallurgical recoveries, aligned with this year´s mine plan. Our

strategic focus on silver production has proven especially beneficial, considering the favorable silver

price environment, and we are reaffirming our commitment to prioritizing silver production across our

portfolio of assets. Lower throughput from our Bolivian operations in Q1 reflects the typical seasonal

slowdown experienced during the first quarter of the year."

Production Summary

–

Total

Production Table

2025 Q1

2024 Q4

Change

Q1 vs Q4

2025-YTD

2024-YTD

Change

'25-YTD vs

'24-YTD

Material Processed (tonnes milled)

471,773

493,141

(4 %)

471,773

470,749

0 %

Silver Equivalent Produced (ounces)

(1)

3,688,129

4,097,327

(10 %)

3,688,129

3,876,388

(5 %)

Production

Silver (ounces)

1,590,063

1,761,686

(10 %)

1,590,063

1,581,949

1 %

Zinc (tonnes)

20,719

23,357

(11 %)

20,719

22,847

(9 %)

Lead (tonnes)

2,718

2,932

(7 %)

2,718

2,953

(8 %)

Copper (tonnes)

279

248

13 %

279

256

9 %

(1)

Silver Equivalent Produced (ounces) have been calculated using prices of $23.85/oz, $2,775.53/ton, $2,085.90/ton and $9,762.69/ton 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 Q1

2024 Q4

Change

Q1 vs Q4

2025-YTD

2024-YTD

Change

'25-YTD vs

'24-YTD

Material Processed (tonnes milled)

62,356

69,411

(10 %)

62,356

72,801

(14 %)

Silver Equivalent Produced (ounces)

(2)

786,299

920,614

(15 %)

786,299

899,355

(13 %)

Production

Silver (ounces)

421,039

491,377

(14 %)

421,039

425,756

(1 %)

Zinc (tonnes)

3,983

4,611

(14 %)

3,983

5,063

(21 %)

Lead (tonnes)

201

327

(39 %)

201

395

(49 %)

Average Grade

Silver (g/t)

237

236

0 %

237

199

19 %

Zinc (%)

7.00

7.19

(3 %)

7.00

7.68

(9 %)

Lead (%)

0.47

0.64

(27 %)

0.47

0.74

(36 %)

Metal Recovery

Silver (%)

(4 %)

(2 %)

Zinc (%)

(1 %)

0 %

Lead (%)

(8 %)

(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 $23.85/oz, $2,775.53/ton, $2,085.90/ton and $9,762.69/ton for silver, zinc, lead and copper

respectively applied to the metal production divided by the silver price as stated here.

Q1-2025 vs Q4-2024

Compared to Q4 2024, Bolívar processed 10% less ore in Q1 2025, reflecting the typical

seasonality of first-quarter operations and temporary operational constraints that have been

resolved. Silver equivalent production decreased by 15%, slightly more than the reduction in ore

processed. Silver output declined 14%, primarily due to an 8% drop in recoveries, while head grades

remained stable. Zinc production was down 14%, consistent with marginal decreases in head

grades (-3%) and recoveries (-1%).

Q1-2025 vs Q1-2024

In Q1 2025, Bolívar processed 14% less ore compared to Q1 2024, primarily due to temporary

operational constraints that reduced the number of available shifts. Silver equivalent production

declined by 13%, in line with the lower throughput tonnage. Silver production remained stable (-1%

YoY), supported by a 19% increase in silver head grades, which offset a slight decline in recoveries

(-3%). The head grades processed during the quarter are consistent with the mineralization profile

anticipated in the mine plan. Zinc production decreased 21%, resulting from a 9% decline in head

grades, while recoveries held steady (+1%).

Porco Mine

Porco Production Table

(1)

2025 Q1

2024 Q4

Change

Q1 vs Q4

2025-YTD

2024-YTD

Change

'25-YTD vs

'24-YTD

Material Processed (tonnes milled)

47,501

53,702

(12 %)

47,501

50,862

(7 %)

Silver Equivalent Produced (ounces)

(2)

367,523

423,387

(13 %)

367,523

466,900

(21 %)

Production

Silver (ounces)

120,537

145,585

(17 %)

120,537

176,436

(32 %)

Zinc (tonnes)

2,674

2,983

(10 %)

2,674

3,160

(15 %)

Lead (tonnes)

161

215

(25 %)

161

169

(5 %)

Average Grade

Silver (g/t)

102

(4 %)

130

(25 %)

Zinc (%)

5.99

5.89

2 %

5.99

6.72

(11 %)

Lead (%)

0.46

0.51

(10 %)

0.46

0 %

Metal Recovery

Silver (%)

(1 %)

(2 %)

Zinc (%)

0 %

2 %

Lead (%)

(6 %)

1 %

(3)

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

(1)

Silver Equivalent Produced (ounces) have been calculated using prices of $23.85/oz, $2,775.53/ton, $2,085.90/ton and $9,762.69/ton for silver, zinc, lead and copper

respectively applied to the metal production divided by the silver price as stated here.

Q1-2025 vs Q4-2024

Porco processed 12% less ore in Q1 2025 compared to Q4 2024, consistent with the seasonal

production pattern typical of first quarters. Silver equivalent production decreased by 13%, in line

with the reduction in tonnes processed. Silver output was down 17%, resulting from a 5% decrease

in silver head grades and a 2% drop in recoveries. Zinc production fell 10%, with a 2% increase in

head grades offset by stable recoveries. These results reflect the scheduled mining sequence and

expected ore characteristics for the quarter.

Q1-2025 vs Q1-2024

Ore processed at Porco declined by 7% versus Q1 2024 due to temporary equipment availability

issues, which have been fully resolved. Silver equivalent production fell 21%, driven by lower head

grades from the zones mined during the period. Silver output dropped 32%, caused by a 25%

decrease in silver head grades and a 3% reduction in recoveries. Zinc production declined 15%, due

to an 11% drop in head grades, while recoveries improved by 2%. The temporary decrease in head

grades are within expectations because of the ore body characteristics and are in line with the mine

plan.

Caballo Blanco Group

Caballo Blanco Group Production Table

(1)

2025 Q1

2024 Q4

Change

Q1 vs Q4

2025-YTD

2024-YTD

Change

'25-YTD vs

'24-YTD

Material Processed (tonnes milled)

51,648

60,776

(15 %)

51,648

72,462

(29 %)

Silver Equivalent Produced (ounces)

(2)

659,208

798,976

(17 %)

659,208

740,895

(11 %)

Production

Silver (ounces)

313,266

368,822

(15 %)

313,266

284,809

10 %

Zinc (tonnes)

3,549

4,455

(20 %)

3,549

4,702

(25 %)

Lead (tonnes)

486

549

(11 %)

486

611

(20 %)

Average Grade

Silver (g/t)

202

205

(1 %)

202

136

49 %

Zinc (%)

7.28

7.84

(7 %)

7.28

7.04

3 %

Lead (%)

1.15

1.17

(2 %)

1.15

1.10

5 %

Metal Recovery

Silver (%)

1 %

3 %

Zinc (%)

1 %

2 %

Lead (%)

6 %

8 %

(4)

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

(1)

Silver Equivalent Produced (ounces) have been calculated using prices of $23.85/oz, $2,775.53/ton, $2,085.90/ton and $9,762.69/ton for silver, zinc, lead and copper

respectively applied to the metal production divided by the silver price as stated here.

Q1 2025 vs. Q4 2024

Compared to Q4 2024, Caballo Blanco processed 15% less ore in Q1 2025, in line with the

seasonal production plan of the first quarter. Silver equivalent production declined by 17%, aligned

with the decrease in throughput. Silver output decreased 15%, driven by a 2% drop in head grades,

while recoveries improved slightly (+1%). Zinc production decreased by 20%, driven by a 7%

reduction in head grades with stable recoveries. The results are consistent with the mine plan and

reflect a continued focus to reach zones with higher silver content.

Q1-2025 vs Q1-2024

In 2024 Caballo Blanco's operations underwent a strategic reorganization to optimize metallurgical

performance, in particular silver recoveries. As part of the reorganization, the Reserva mine's ore is

now mixed with ore sourced from the

San Lucas

trading business. Because all of Reserva's output is

fed to the

San Lucas

ore trading business, the Reserva mine's production results are now reported

as part of the San Lucas Group instead of the Caballo Blanco Group. Starting Q3 2024, Caballo

Blanco results no longer include Reserva's output and include only the output from its two core mines

(Colquechaquita and Tres Amigos). As a result of the reorganization, ore processed in Q1 2025

decreased by 29% compared to Q1 2024. However, silver equivalent production declined by only

11%, reflecting a significant improvement in metal output per tonne. Silver production decreased by

15%, which was offset by a 49% increase in silver head grades and a 4% improvement in

recoveries, both of which underscore the effectiveness of the new mine plan. Zinc production

declined by 25%, primarily due to less ore throughput and a 3% decrease in head grades, while

recoveries improved by 3%. The results demonstrate the positive impact of the Company's strategic

shift in enhancing operations and metallurgical outcomes.

San Lucas Group

San Lucas Group Production Table

2025 Q1

2024 Q4

Change

Q1 vs Q4

2025-YTD

2024-YTD

Change

'25-YTD vs

'24-YTD

Material Processed (tonnes milled)

86,695

92,369

(6 %)

86,695

69,220

25 %

Silver Equivalent Produced (ounces)

(1)

858,514

992,949

(14 %)

858,514

878,182

(2 %)

Production

Silver (ounces)

295,021

329,760

(11 %)

295,021

294,998

0 %

Zinc (tonnes)

6,015

7,089

(15 %)

6,015

6,279

(4 %)

Lead (tonnes)

481

554

(13 %)

481

427

13 %

Average Grade

Silver (g/t)

123

133

(8 %)

123

159

(23 %)

Zinc (%)

7.65

8.47

(10 %)

7.65

9.90

(23 %)

Lead (%)

0.84

0.93

(10 %)

0.84

0.96

(13 %)

Metal Recovery

Silver (%)

4 %

Zinc (%)

0 %

(1 %)

Lead (%)

3 %

(1)

Silver Equivalent Produced (ounces) have been calculated using prices of $23.85/oz, $2,775.53/ton, $2,085.90/ton and $9,762.69/ton for silver, zinc, lead and copper

respectively applied to the metal production divided by the silver price as stated here.

Q1 2025 vs. Q4 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. In

Q1 2025, the operation processed 6% less material than in Q4 2024, reflecting the typical seasonal

pattern and normal variations in third-party ore supply. Silver equivalent production decreased by

14%, mainly due to an 8% decline in head grades. Silver output was down 11%, with a 3%

improvement in recoveries helping to offset part of the impact. Zinc production fell 15%, driven by a

10% reduction in head grades, while recoveries remained steady.

San Lucas

continues to play a

strategic role in maintaining high mill utilization and stable margins through its flexible and responsive

sourcing strategy.

Q1-2025 vs Q1-2024

San Lucas

operates under a margin-based business model, whereby lower ore grades are balanced

by lower ore purchase costs, ensuring stable contribution margins. In Q1 2025, tonnes processed

increased by 25% compared to Q1 2024, driven by the integration of ore from the Reserva mine.

Despite a 23% decline in silver head grades, silver output remained stable (-0%), supported by a

3% improvement in recoveries and optimized blending. Silver equivalent production declined

marginally by 2%. Zinc output was down 4%, mainly due to a 23% reduction in head grades, while

recoveries were unchanged (-1%).

Zimapan Mine

Zimapan Production Table

2025 Q1

2024 Q4

Change

Q1 vs Q4

2025-YTD

2024-YTD

Change

'25-YTD vs

'24-YTD

Material Processed (tonnes milled)

223,573

216,883

3 %

223,573

205,404

9 %

Silver Equivalent Produced (ounces)

(1)

1,016,585

961,401

6 %

1,016,585

891,057

14 %

Production

Silver (ounces)

440,199

426,141

3 %

440,199

399,950

10 %

Zinc (tonnes)

4,498

4,219

7 %

4,498

3,643

23 %

Lead (tonnes)

1,389

1,287

8 %

1,389

1,352

3 %

Copper (tonnes)

279

248

13 %

279

256

9 %

Average Grade

Silver (g/t)

(2 %)

Zinc (%)

2.56

2.50

2 %

2.56

2.29

12 %

Lead (%)

0.72

0.69

4 %

0.72

0.83

(13 %)

Copper (%)

0.26

0.28

(7 %)

0.26

0.29

(10 %)

Metal Recovery

Silver (%)

4 %

Zinc (%)

1 %

3 %

Lead (%)

0 %

9 %

Copper (%)

17 %

12 %

(1)

Silver Equivalent Produced (ounces) have been calculated using prices of $23.85/oz, $2,775.53/ton, $,2085.90/ton and $9,762.69/ton for silver, zinc, lead and copper

respectively applied to the metal production divided by the silver price as stated here.

Q1 2025 vs. Q4 2024

Compared to Q4 2024, Zimapán processed 3% more mineralized material and increased silver

equivalent production by 6%, reflecting sustained processing efficiency. Silver production rose by

3%, supported by a 3% increase in recoveries, while silver head grades declined slightly (-3%). Zinc

output grew by 7%, driven by a 2% increase in head grades and a 1% improvement in recoveries.

These quarter-over-quarter improvements demonstrate the operation's consistency and capacity to

deliver incremental growth through continuous optimization.

Q1-2025 vs Q1-2024

Zimapán delivered a strong first quarter, with mineralized material processed increasing by 9% year-

over-year, which resulted in a 14% increase in silver equivalent production. Silver output rose by

10%, despite a 3% decline in head grades, supported by a 4% improvement in recoveries. Zinc

production increased by 23%, driven by a 12% rise in head grades and a 2% gain in recoveries.

These results reflect the successful execution of mine planning and a consistent processing

environment, with head grades aligned with scheduled stopes.

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/June2025/09/c8590.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 07:00e 09-JUN-25

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