Santacruz Silver Produces 4,710,013 Silver Equivalent Ounces in Q4 2024 Including 1,761,686 ounces of silver and 23,357 tonnes of zinc
Santacruz Silver Produces 4,710,013 Silver
Equivalent Ounces in Q4 2024
Including 1,761,686 ounces of silver and 23,357 tonnes of zinc
VANCOUVER, BC
,
Jan. 30, 2025
/CNW/ -
Santacruz Silver Mining Ltd.
(TSXV: SCZ) (OTCQB:
SCZMF) (FSE: 1SZ) ("Santacruz" or "the Company") reports its Q4 2024 production results from its
Bolivar mine, Porco mine, Caballo Blanco Group of mines ("Caballo Blanco") and the
San Lucas
ore
sourcing business ("San Lucas"), all located in
Bolivia
, and the
Zimapan
mine located in Mexico.
Q4 2024 Production Highlights:
Silver Equivalent Production:
4,710,013 silver equivalent ounces
Silver Production:
1,761,686 ounces
Zinc Production:
23,357 tonnes
Lead Production:
2,932 tonnes
Copper Production:
248 tonnes
Underground Development:
11,168 meters
Arturo Préstamo, Executive Chairman and CEO of Santacruz, commented, "During the fourth quarter
of 2024, Santacruz continued to deliver steady operational performance, processing 493,141 tonnes
of ore and producing 4,710,013 silver equivalent ounces. Silver production rose by 3% compared to
the previous quarter, reaching 1,761,686 ounces. This growth in silver output and favorable market
dynamics in silver prices have significantly strengthened our revenue-generating ability. These results
underscore Santacruz's unwavering focus on optimizing our processes and mining operations across
all our producing assets, a testament to our commitment to operational excellence." Mr. Préstamo
continued; "Looking ahead, we believe that these solid production levels will provide a strong
platform for continued value creation as we move into 2025".
Production Summary – Total
Production Summary – Total (CNW Group/Santacruz Silver Mining Ltd.)
(1)
Silver Equivalent Produced (ounces) have been calculated using prices of $23.85/oz, $1.21/lb, $0.94/lb and $3.91/lb for silver, zinc, lead and copper respectively applied to the
metal production divided by the silver price as stated here.
Bolivar Mine
Bolivar Mine (CNW Group/Santacruz Silver Mining Ltd.)
(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, $1.21/lb, $0.94/lb and $3.91/lb for silver, zinc, lead and copper respectively applied to the
metal production divided by the silver price as stated here.
In Q4 2024, Bolivar processed 69,411 tonnes of ore, yielding 1,033,933 silver equivalent ounces,
comprised of 491,377 ounces of silver and 4,611 tonnes of zinc. Compared to Q3 2024, the ore
processed decreased marginally by 1%, while silver production increased by 2%, driven by
improved silver head grades and slightly higher recovery rates at the mill. This improvement is
particularly notable considering strong silver prices and favorable market conditions. Zinc production
also increased by 1%, contributing to an overall 2% increase in silver equivalent production
compared to the previous quarter.
When comparing Q4 2024 to Q4 2023, ore processed decreased by 7%, primarily due to fewer
working days caused by specific logistical challenges. These issues were addressed effectively,
ensuring a positive operational outcome despite the reduced processing volume.
Porco Mine
Porco Mine (CNW Group/Santacruz Silver Mining Ltd.)
(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 $23.85/oz, $1.21/lb, $0.94/lb and $3.91/lb for silver, zinc, lead and copper respectively applied to the
metal production divided by the silver price as stated here.
In Q4 2024, Porco processed 53,702 tonnes of ore, yielding 496,735 silver equivalent ounces, which
included 145,585 ounces of silver and 2,983 tonnes of zinc. Compared to Q3 2024, the volume of
ore processed increased significantly by 10%, driving a 3% increase in silver-equivalent production.
However, this quarter's silver output decreased by 15% due to lower silver head grades. Despite
this decline, the overall increase in processed material highlights Porco's ability to sustain strong
operational performance and adapt to changing ore characteristics.
When comparing Q4 2024 to Q4 2023, ore processed increased by 14%, demonstrating operational
improvements. Silver production increased by 2%. With current silver prices, this increase in silver
production positions Porco to leverage on today's favorable market conditions.
Caballo Blanco Group
Caballo Blanco Group (CNW Group/Santacruz Silver Mining Ltd.)
(1)
The Caballo Blanco Group consists of the Colquechaquita and Tres Amigos mines.
(2)
Silver Equivalent Produced (ounces) have been calculated using prices of $23.85/oz, $1.21/lb, $0.94/lb and $3.91/lb for silver, zinc, lead and copper respectively applied to the
metal production divided by the silver price as stated here.
In Q4 2024, the Caballo Blanco Group processed 60,776 tonnes of ore, achieving a production of
913,243 silver equivalent ounces, comprised of 368,822 ounces of silver and 4,455 tonnes of zinc.
Compared to Q3 2024, ore processing increased by 3%, while silver production significantly
increased by 48%, driven by higher silver head grades and improved recovery rates at the mill. Zinc
production also grew by 8%, resulting in an overall 21% increase in silver equivalent production
compared to the previous quarter. These results highlight the substantial impact of the operational
enhancements implemented during Q3 2024. These improvements in production metrics underscore
Santacruz's ability to optimize quality processes across its mines and milling facilities. This progress
reflects our commitment to continuous improvement initiatives implemented across all our assets.
When comparing Q4 2024 to Q4 2023, ore processed at Caballo Blanco decreased by 24%.
However, this reduction is not directly comparable, as Caballo Blanco processed ore from three
mines in Q4 2023, whereas in Q4 2024, it only processed ore from two mines (Colquechaquita and
Tres Amigos). Reserva now supplies its ore to
San Lucas's
ore source business. This operational
adjustment has proven to be a positive strategic decision, improving mill performance and overall
operational efficiency.
San Lucas Feed Sourcing
San Lucas Feed Sourcing (CNW Group/Santacruz Silver Mining Ltd.)
(1)
Silver Equivalent Produced (ounces) have been calculated using prices of $23.85/oz, $1.21/lb, $0.94/lb and $3.91/lb for silver, zinc, lead and copper respectively applied to the
metal production divided by the silver price as stated here.
In Q4 2024,
San Lucas
experienced a 4% decrease in ore processed volume compared to Q3
2024. This reduction is attributed to the increased ore processing activities from the Porco and
Caballo Blanco mines, which utilized more capacity at the milling facilities. Consequently, less
processing capacity was allocated to
San Lucas
. This highlights the effectiveness of
San Lucas's
role in ensuring that milling facilities operate at full capacity and adapt to the specific needs of the
Bolivian assets. By prioritizing the processing of ore from other operations,
San Lucas
has
demonstrated its flexibility and alignment with the Company's broader commercial strategies, which
include supporting the optimization of resources.
When comparing Q4 2024 to Q4 2023, the ore processed as
San Lucas
increased by 11%. This
increase is primarily attributed to including ore from the Reserva mine into
San Lucas
, starting in Q3
2024, as part of the ongoing optimization initiatives.
Zimapan Mine
Zimapan Mine (CNW Group/Santacruz Silver Mining Ltd.)
(1)
Silver Equivalent Produced (ounces) have been calculated using prices of $23.85/oz, $1.21/lb, $0.94/lb and $3.91/lb for silver, zinc, lead and copper respectively applied to the
metal production divided by the silver price as stated here.
In Q4 2024, Zimapán processed 216,883 tonnes of mineralized material, producing 1,097,919 silver
equivalent ounces. This included 426,141 ounces of silver and 4,219 tonnes of zinc. Compared to Q3
2024, the volume of processed material remained consistent; however, silver equivalent production
decreased by 5%. This decline was primarily driven by a 4% reduction in silver production, attributed
to lower recovery rates, and a 2% decrease in zinc production, resulting from lower head grades.
Zimapán continues with steady processing levels, underscoring its operational reliability and ability to
maintain consistent performance.
When comparing Q4 2024 to Q4 2023, mineralized material and silver production increased by 6%
and 10%, respectively. With current silver prices, this increase in silver production positions Zimapán
to leverage on today's favorable market conditions.
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 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. 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.
Risks Factors:
include the fluctuations in silver, zinc, lead and copper prices; fluctuations in prices
for energy inputs; fluctuations in currency markets (such as the MXN, BOL and CAD versus the
USD); risks related to the technological and operational nature of the Company's business;
required regulatory approvals; changes in national and local government, legislation, taxation,
controls or regulations and political, legal or economic developments in
Canada
,
the United States
,
Mexico
and
Bolivia
.
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 that future quarterly production result will be in line
with past quarterly production results, mining and processing rates at Caballo Blanco will be
consistent for the rest of the year, the improved dewatering system upgrades will provide dry
working areas for the rest of the year at the Bolivar mine, the reconfigured mine plan will enable
better productivity at the Porco mine, mining will occur in areas with similar silver grades mined in
the first half of 2024 for the remainder of the year at the Caballo Blanco Group of mines, 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
.
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, 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 30-JAN-25