Santacruz Silver Reports Second Quarter 2025 Results
Santacruz Silver Reports Second Quarter 2025
Results
VANCOUVER, BC
,
Aug. 21, 2025
/CNW/ -
Santacruz Silver Mining Ltd.
(TSXV: SCZ) (OTCQX:
SCZMF) (FSE: 1SZ) ("Santacruz" or the "Company") reports its financial and operating results for
the quarter ended
June 30, 2025
("Q2 2025"). The full version of the unaudited Q2 2025 financial
statements ("Financial Statements") and accompanying Management's Discussion and Analysis (the
"MD&A") can be viewed on the Company's website at
www.santacruzsilver.com
or on SEDAR+ a
t
www.sedarplus.ca
.
All amounts are expressed in U.S. dollars, unless otherwise stated.
Q2 2025 Highlights
Revenues
of
$73.3 million
, a 4% increase year-over-year.
Gross Profit
of
$25.3 million
, a 59% increase year-over-year.
Net Income
of
$21.0 million
, a 1,348% increase year-over-year.
Adjusted EBITDA
of
$26.8 million
, a 68% increase year-over-year.
Cash and short- and long-term investments
of
$57.8 million
, a 691% increase year-over-
year.
Working Capital
of
$60.3 million
, a 303% increase year-over-year.
Cash cost per silver equivalent ounce sold ($/oz)
of
$19.48
, a 10% decrease year-over-
year.
AISC per silver equivalent ounce sold
of
$22.95
, a 8% decrease year-over-year.
Silver Equivalent Ounces produced
of 3,547,054, a 15% decrease year-over-year
1
.
_____________________
1. The Full Q2 2025 production results were released in a news release dated July 29, 2025.
Arturo Préstamo, Executive Chairman and CEO of Santacruz, commented: "Our second quarter
results reflect the strength and stability of Santacruz's business model. We achieved solid revenue
growth and significantly improved profitability, with net income and adjusted EBITDA both showing
substantial gains. At the same time, we strengthened our balance sheet, ending the quarter with
nearly
$58 million
in liquidity, which includes
$40 million
in cash and investments of
$17.8 million
. This
strong position is after paying Glencore an additional
$7.5 million
under the acceleration payment
plan while also achieving a 303% increase in working capital and lowering our costs year-over-year
this quarter."
Mr. Préstamo continued, "Whilst we faced challenges at our Bolivar mine that temporarily halted
mining at the high-grade Pomabamba and Nane veins, our
San Lucas
ore sourcing business helped
offset part of the impact. Remediation efforts are underway, and we expect production at Bolivar to
normalize by Q4 2025. Our second quarter results highlight the resilience of our operations and our
commitment to delivering value. We remain focused on operational efficiency, balance sheet
strength, and sustainable long-term growth."
Selected consolidated financial and operating information for Q2 2025, Q1 2025 and Q2 2024 is
presented below. All financial information is prepared in accordance with International Financial
Reporting Standards ("IFRS"), and all dollar amounts are expressed in thousands of US dollars,
except per unit amounts, unless otherwise noted.
2025 Second Quarter Highlights
2025 Q2
2025 Q1
Change
Q2 vs Q1
2024 Q2
Restated
(6)
Change
'25 Q2
vs '24 Q2
2025 YTD
2024 YTD
Restated
(6)
Change
'25 YTD
vs '24
YTD
Operational
Material Processed (tonnes milled)
480,863
471,773
2 %
500,755
(4 %)
952,637
971,503
(2 %)
Silver Equivalent Produced (ounces)
(1)
3,547,054
3,688,129
(4 %)
4,166,364
(15 %)
7,235,184
8,042,752
(10 %)
Silver Ounces Produced
1,423,081
1,590,063
(11 %)
1,671,359
(15 %)
3,013,144
3,253,308
(7 %)
Zinc Tonnes Produced
21,148
20,719
2 %
25,052
(16 %)
41,868
47,899
(13 %)
Lead Tonnes Produced
2,773
2,718
2 %
2,908
(5 %)
5,492
5,861
(6 %)
Copper Tonnes Produced
229
279
(18 %)
284
(19 %)
507
539
(6 %)
Silver Equivalent Sold (payable ounces)
(2)
2,993,136
3,059,556
(2 %)
3,402,139
(12 %)
6,052,692
7,035,077
(14 %)
Cash Cost of Production per Tonne
(3)
81.95
73.22
12 %
95.11
(14 %)
77.63
94.18
(18 %)
Cash Cost per Silver Equivalent Ounce Sold
($/oz)
(3)
19.48
17.84
9 %
21.66
(10 %)
18.65
21.42
(13 %)
All-in Sustaining Cash Cost per Silver
Equivalent Ounce Sold ($/oz)
(3)
22.95
22.34
3 %
24.91
(8 %)
22.64
24.58
(8 %)
Average Realized Price per Ounce of Silver
Equivalent Sold ($/oz)
(2) (3) (4)
32.37
31.85
2 %
30.40
6 %
32.10
26.67
20 %
Financial
Revenues
73,295
70,314
4 %
70,485
4 %
143,609
123,074
17 %
Gross Profit
25,288
27,859
(9 %)
15,856
59 %
53,147
16,255
227 %
Net Income
20,977
9,451
122 %
1,449
1348 %
30,428
134,108
(77 %)
Net Earnings) Per Share - Basic ($/share)
0.06
0.03
100 %
0.00
0 %
0.09
0.38
(76 %)
Adjusted EBITDA
(3)
26,770
27,516
(3 %)
15,971
68 %
54,286
14,662
270 %
Cash and Cash Equivalent
39,997
32,527
23 %
7,308
447 %
39,997
7,308
447 %
Working Capital
60,295
51,733
17 %
14,976
303 %
60,295
14,976
303 %
Year to Date Production Summary – By Mine
Bolivar
(5)
Porco
(5)
Caballo
Blanco
Group
San Lucas
Group
Zimapán
Total
Material Processed (tonnes milled)
117,159
96,653
109,421
181,669
447,735
952,637
Silver Equivalent Produced (ounces)
(1)
1,387,815
728,364
1,344,687
1,798,971
1,975,347
7,235,184
Silver Ounces Produced
725,507
226,438
608,052
614,655
838,492
3,013,144
Zinc Tonnes Produced
7,208
5,460
7,523
12,658
9,019
41,868
Lead Tonnes Produced
383
293
1,082
990
2,744
5,492
Copper Tonnes Produced
N/A
N/A
N/A
N/A
507
507
Average head grades per mine:
Silver (g/t)
215
88
184
123
79
117
Zinc (%)
6.77
6.01
7.30
7.73
2.59
4.97
Lead (%)
0.46
0.44
1.19
0.87
0.76
0.76
Copper (%)
N/A
N/A
N/A
N/A
0.24
0.24
Metal recovery per mine:
Silver (%)
90
83
94
85
74
81
Zinc (%)
91
94
94
90
78
85
Lead (%)
71
69
83
62
81
75
Copper (%)
N/A
N/A
N/A
N/A
47
47
Silver Equivalent Sold (payable ounces)
(2)
1,323,546
607,992
1,112,662
1,386,735
1,621,757
6,052,692
Notes for both tables above:
(1)
Silver Equivalent Produced (ounces) for Q2 2025 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.
(2)
Silver Equivalent Sold (payable ounces) have been calculated using the Average Realized Price per Ounce of Silver Equivalent Sold stated in the table above, applied
to the payable metal content of the concentrates sold from Bolivar, Porco, the Caballo Blanco Group, San Lucas Group and Zimapán.
(3)
The Company reports non-GAAP measures, which include Cash Cost of Production per Tonne, Cash Cost per Silver Equivalent Ounce Sold, All-in Sustaining Cash
Cost per Silver Equivalent Ounce Sold, Average Realized Price per Ounce of Silver Equivalent Sold, and Adjusted EBITDA. These measures are widely used in the
mining industry as a benchmark for performance but do not have a standardized meaning and may differ from methods used by other companies with similar
descriptions. See ''Non-GAAP Measures'' section below for definitions.
(4)
Average Realized Price per Ounce of Silver Equivalent Sold is prior to all treatment, smelting and refining charges.
(5)
Bolivar and Porco are presented at 100% whereas the Company records 45% of revenues and expenses in its consolidated financial statements.
Production Results
In the six months ended 2025, the Company processed 952,637 tonnes of ore, producing 7,235,184
silver equivalent ounces. This total includes 3,013,144 ounces of silver and 41,868 tonnes of zinc.
Full Q2 2025 production results were released in a news release dated
July 29, 2025
.
Q2 2025 vs Q1 2025
In Q2 2025, Santacruz delivered stable operational performance, with growth in throughput and
concentrate production at Caballo Blanco and
San Lucas
, and steady results at Porco and Zimapán.
Santacruz's overall silver equivalent output was temporarily affected by a mid-May water inflow at
Bolívar, which restricted access to high-grade areas and reduced both volumes and grades. This
impact was partially offset by
San Lucas'
strategic contribution, increasing material supply and
sustaining mill utilization, along with positive throughput gains at other operations. While Bolívar's
temporary disruption moderated consolidated silver equivalent production, the Company´s diversified
asset base and flexible ore sourcing model supported overall operational continuity and revenue
resilience.
Q2 2025 vs Q2 2024
In Q2 2025, Santacruz delivered a broadly resilient performance compared to Q2 2024, supported
by operational efficiencies, flexible sourcing strategies, and diversified asset contributions. While
Bolívar and Porco faced year-over-year declines in production due to lower throughput and grades,
partly impacted by the water inflow event at Bolívar, these effects were mitigated by the strategic
role of
San Lucas
and efficiency gains at Caballo Blanco, where higher grades and improved
recoveries helped offset reduced volumes. Zimapán posted stable silver equivalent output, benefiting
from stronger zinc head grades, and
San Lucas
maintained its margins, ensuring steady contribution
to the Group´s throughput.
Cash Cost and All-in Sustaining Cost per Silver Equivalent Ounce Sold
Q2 2025 vs Q1 2025
On a consolidated basis, AISC remained broadly stable, moving slightly higher to
$22.74
/oz in Q2
2025 from
$22.34
/oz in Q1 2025. At the operational level, Bolivar´s AISC increased 5% to
$17.55
/oz, while Porco rose 14% to
$22.35
/oz, both impacted by lower production volumes.
San
Lucas
reported an increase of 24% to 23.69/oz; however, this is consistent with its margin-based
sourcing model, where ore costs adjust in line with market prices of metals. On the other hand,
Caballo Blanco achieved a 6% reduction to
$13.87
/oz, reflecting efficiency gains at the operation.
Zimápan reported an increase to
$32.35
/oz as a significant portion of its capital expenditure
("CapEx") for the year was executed earlier in the year.
Q2 2025 vs Q2 2024
Compared to Q2 2024, consolidated AISC improved 9%, declining to
$22.74
/oz from
$24.91
/oz. The
most notable year-over-year improvements came from Caballo Blanco in
Bolivia
, where AISC
dropped 47% to
$13.87
/oz, supported by operational efficiencies and the impact of currency
depreciation in
Bolivia
: starting
January 1, 2025
, the Company started recording transactions
denominated in Bolivian Bolivianos using a market-based spot rate (average 13.44 BOB/USD)
instead of using the official rate (6.96 BOB/USD). Recording BOB denominated transactions in USD
using the market-based rate provides a more accurate representation of the economic reality of the
underlying transactions. Comparative figures have not been restated because it is a change in
estimate.
Webinar Details
CEO
Arturo Préstamo
and CFO Andrés Bedregal will present at a webinar hosted by Adelaide
Capital on
Wednesday, August 27
th
at
2:00 pm ET
. Investors and shareholders are invited to
participate in the webinar.
Registration Link:
https://us02web.zoom.us/webinar/register/WN_VcSuCMywS8idIv91d_2SwA
.
The webinar will also be live-streamed on the Adelaide Capital YouTube Channel, where a replay
will be available after the event:
https://bit.ly/adcap-youtube
.
Questions can be submitted during the session or in advance to
.
Non-GAAP Measures
The financial results in this news release include references to non-GAAP measures, which include
Cash Cost of Production per Tonne, Cash Cost per Silver Equivalent Ounce Sold, All-in Sustaining
Cash Cost per Silver Equivalent Ounce Sold, Average Realized Price per Ounce of Silver Equivalent
Sold, and Adjusted EBITDA. These measures are widely used in the mining industry as a benchmark
for performance but do not have a standardized meaning and may differ from methods used by
other companies with similar descriptions. The data is intended to provide additional information and
should not be considered in isolation or as a substitute for measures of performance prepared in
accordance with GAAP. For a reconciliation of non-GAAP and GAAP measures, please refer to the
"Non-GAAP Measures" section in the Company's Q2 2025 Management Discussion and Analysis,
which is available on SEDAR+ at
www.sedarplus.ca
.
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 the
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 Company's payment of the Acceleration Option.
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
.
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 21-AUG-25