Santacruz Silver Reports Third Quarter 2025 Results
Santacruz Silver Reports Third Quarter 2025
Results
Vancouver, British Columbia--(Newsfile Corp. - November 27, 2025) -
Santacruz Silver Mining Ltd.
(TSXV: SCZ) (OTCQX: SCZMF) (FSE: 1SZ)
("Santacruz" or the "Company") reports its financial and
operating results for the quarter ended September 30, 2025 ("Q3 2025"). The full version of the
unaudited Q3 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+ at
www.sedarplus.ca
. All amounts are expressed in U.S.
dollars, unless otherwise stated.
Q3 2025 Highlights
Revenues
of $79.99 million, a 2% increase year-over-year.
Gross Profit
of $20.17 million, a 28% increase year-over-year.
Net Income
of $16.34 million, a 7% decrease year-over-year.
Adjusted EBITDA
of $19.51 million, a 67% increase year-over-year.
Cash & Marketable securities
of $59.23 million, a 225% increase year-over-year.
Working Capital
of $69.20 million, a 186% increase year-over-year.
Cash cost per silver equivalent ounce sold ($/oz)
of $28.62, a 28% increase year-over-year.
AISC per silver equivalent ounce sold
of $35.62, a 30% increase year-over-year.
Silver Equivalent Ounces produced
of 3,424,817, a 30% increase year-over-year
1
.
1.
The Full Q3 2025 production results were released in a news release dated November 3, 2025.
Arturo Préstamo, Executive Chairman and CEO of Santacruz, commented: "Q3 2025 was a
transformative quarter for Santacruz. We paid off the final installment payment to Glencore for the
acquisition of our Bolivian assets, extinguishing the Base Purchase Price obligation. This eliminated a
significant liability and materially strengthened our balance sheet. Even after completing this payoff, we
closed the quarter with $69.20 million in working capital. This quarter, we also continued our trend of
year-over-year gains in profitability and cash generation, highlighted by robust growth in gross profit and
adjusted EBITDA. This performance is a testament to the strength of our business, complimented by
favorable silver prices."
Mr. Préstamo continued: "Operationally, consolidated production remained steady this quarter,
supported by strong performance at Caballo Blanco, Zimapán and San Lucas. These operations helped
offset lower silver output at the Bolívar mine, where a water inflow event in May 2025 impacted two key
production veins, Pomabamba and Nané. Remediation activities are well underway, and recovery work
in both veins is progressing in line with our formal restoration plan. Under this plan, progressive access
and production from Pomabamba and Nané are expected to resume beginning in February 2026, with
volumes increasing throughout the year and full recovery anticipated by the fourth quarter of 2026. On the
costs front, AISC for the quarter increased due to three main drivers: higher ore purchase costs at San
Lucas, related to a stronger metal-price environment, remediation-related expenditures at Bolívar due to
the flooding event, and plant improvement initiatives at Zimapán to enhance metallurgical performance.
Additionally, the appreciation of the Bolivian boliviano, supported by positive market sentiment toward
the newly elected government, contributed to increased costs across our Bolivian operations.
Nevertheless, year-to-date AISC remains in the mid-20s, consistent with our expectations. Looking
ahead, Santacruz remains focused on operational efficiency, maintaining a strong balance sheet, and
delivering sustainable long-term value for our shareholders."
Selected consolidated financial and operating information for Q3 2025, Q2 2025 and Q3 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 Third Quarter Highlights
2025 Q3
2025 Q2
Change
Q3 vs Q2
2024 Q3
Restated
(7)
Change
'25 Q3
vs '24 Q3
2025 YTD
2024 YTD
Restated
(7)
Change
'25 YTD
vs
'24 YTD
Operational
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%)
Silver Ounces Produced
1,241,929
1,423,081
(13%)
1,703,387
(27%)
4,255,073
4,956,694
(14%)
Zinc Tonnes Produced
21,581
21,148
2%
23,143
(7%)
63,449
71,042
(11%)
Lead Tonnes Produced
2,603
2,773
(6%)
3,027
(14%)
8,094
8,888
(9%)
Copper Tonnes Produced
331
229
45%
270
23%
839
809
4%
Silver Equivalent Sold (payable ounces)
(2)
2,474,103
2,993,136
(17%)
3,601,754
(31%)
8,526,795
10,636,832
(20%)
Cash Cost of Production per Tonne
(3)
100.11
81.95
22%
110.50
(9%)
85.23
99.66
(14%)
Cash Cost per Silver Equivalent Ounce
Sold ($/oz)
(3)
28.62
19.48
47%
22.38
(28%)
21.54
21.74
(1%)
All-in Sustaining Cash Cost per Silver
Equivalent Ounce Sold ($/oz)
(3)
35.62
22.95
55%
27.40
(30%)
26.41
25.53
3%
Average Realized Price per Ounce of Silver
Equivalent Sold ($/oz)
(2) (3) (4)
40.13
32.37
24%
29.86
34%
34.43
27.75
24%
Financial
Revenues
79,989
73,295
9%
78,244
2%
223,598
201,318
11%
Gross Profit
20,166
25,288
(20%)
15,721
28%
73,313
31,976
129%
Net Income
(5)
16,344
20,977
(22%)
17,534
(7%)
46,772
151,642
(69%)
Net Earnings) Per Share - Basic ($/share)
0.05
0.06
(17%)
0.03
67%
0.13
0.41
(68%)
Adjusted EBITDA
(3)
19,509
26,770
(27%)
14,960
30%
73,795
29,608
149%
Cash and Cash Equivalent
40,018
39,997
0%
18,242
119%
40,018
18,242
119%
Working Capital
69,208
60,295
15%
24,191
186%
69,208
24,191
186%
Year to Date Production Summary - By Mine
Bolivar
(6)
Porco
(6)
Caballo Blanco
Group
San Lucas
Group
Zimapán
Total
Material Processed (tonnes milled)
169,181
143,815
171,642
282,218
670,364
1,439,221
Silver Equivalent Produced (ounces)
(1)
1,808,427
1,047,058
2,052,152
2,785,374
2,966,990
10,660,000
Silver Ounces Produced
857,653
318,439
902,576
941,528
1,234,877
4,255,073
Zinc Tonnes Produced
10,394
7,948
11,654
19,690
13,763
63,449
Lead Tonnes Produced
487
396
1,804
1,565
3,843
8,094
Copper Tonnes Produced
N/A
N/A
N/A
N/A
839
839
Average head grades per mine:
Silver (g/t)
176
82
176
124
78
111
Zinc (%)
6.72
5.82
7.24
7.78
2.69
5.02
Lead (%)
0.42
0.39
1.28
0.88
0.73
0.75
Copper (%)
N/A
N/A
N/A
N/A
0.26
0.26
Metal recovery per mine:
Silver (%)
89
83
93
83
74
81
Zinc (%)
91
94
94
90
76
85
Lead (%)
70
69
82
63
79
74
Copper (%)
N/A
N/A
N/A
N/A
47
48
Silver Equivalent Sold (payable ounces)
(2)
1,604,966
850,689
1,643,070
2,106,449
2,321,622
8,526,795
Notes for both tables above:
(1)
Silver Equivalent Produced (ounces) for Q3 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)
2024 YTD Net Income includes a one-time gain on the adjustment to consideration payable of $133,255 recorded in Q1 2024.
(6)
Bolivar and Porco are presented at 100% whereas the Company records 45% of revenues and expenses in its consolidated financial statements.
(7)
The revenues, gross profit, net loss, net loss per share, Adjusted EBITDA, and working capital deficiency were restated as a result of
corrections made to the 2023 comparatives. Refer to Note 5 in the Q3 2025 financial statements for further details and impacts of the restatement.
Production Results
In the nine months ended 2025, the Company processed 1,439,221 tonnes of ore, producing
10,660,000 silver equivalent ounces. This total includes 4,255,073 ounces of silver and 63,449 tonnes of
zinc. Full Q3 2025 production results were released in a news release dated November 3, 2025.
Q3 2025 vs Q2 2025
In Q3 2025, Santacruz maintained stable consolidated operations despite the full-quarter impact of the
mid-May water inflow at the Bolívar mine, which continued to restrict access to the Pomabamba and
Nané high-grade zones. Bolívar's silver equivalent production declined quarter-over-quarter, driven by
materially lower silver head grades (-53%) and reduced silver output (-57%), while dewatering and
rehabilitation advanced with the commissioning of the fourth pumping line in September and the initiation
of a fifth submersible line.
Despite the pressure at Bolívar, the rest of the portfolio delivered consistent results. Caballo Blanco
increased milled tonnes and achieved higher silver equivalent production, San Lucas contributed
additional volume and supported stable plant utilization, and Zimapán delivered modest gains in silver
equivalent output driven by stronger zinc grades. These operations helped absorb part of the temporary
impact from Bolívar and supported overall quarterly performance.
Q3 2025 vs Q3 2024
Compared with Q3 2024, Santacruz's consolidated production reflected the year over year impact of the
Bolivar flooding event, which continued to limit access to silver high grade zones and resulted in lower
silver output (-73%) and reduced silver equivalent production (-54%). Despite this, the company
sustained a broadly resilient operating profile across it diversified asset base.
Outside of Bolívar, the portfolio showed solid year-over-year production. Caballo Blanco delivered higher
production, supported by stronger grades and better recoveries. San Lucas continued to play a key role
in sustaining throughput at the group level, while Zimapán operated consistently, posting higher zinc
production supported by improved stope development and feed quality. These contributions helped
moderate the impact from Bolívar and provided stability in the consolidated results relative to last year.
Cash Cost and All-in Sustaining Cost per Silver Equivalent Ounce Sold
Q3 2025 vs Q2 2025
Consolidated unit costs increased in Q3, mainly due to the ongoing situation at Bolívar mine and the
appreciation of the Bolivian boliviano. The water inflow at Bolívar continued to limit access to high-grade
zones and required sustained pumping and rehabilitation, driving Bolivar's cash cost to $34.51/oz and
AISC to $50.89/oz. At the consolidated level, cash cost rose to $28.62/oz and AISC to $35.62/oz.
The 31% appreciation of the boliviano during the quarter also increased USD-equivalent costs across all
Bolivian operations. This currency movement reflects greater market confidence in the new government,
which is positive for the broader business environment, although it raises operating costs when
translated into USD.
At San Lucas, higher silver and zinc prices increased ore purchase costs in line with its margin-based
sourcing model, where reported cost per ounce rises with metal prices but margins remain stable.
In Mexico, Zimapán recorded only a modest increase in costs quarter-over-quarter, with cash cost up 1%
and AISC up 7%, reflecting scheduled mine and plant investments aimed at improving metallurgical
recoveries.
Q3 2025 vs Q3 2024
Compared to Q3 2024, consolidated AISC increased to $35.62/oz from $24.27/oz, largely driven by
Bolívar, where the impact of the water inflow and ongoing recovery work pushed AISC to $50.89/oz. The
stronger boliviano also elevated USD-equivalent operating costs year-over-year, again reflecting the
improved political outlook following the change in government.
At San Lucas, higher silver and zinc prices increased ore purchase costs in line with its margin-based
sourcing model, where reported cost per ounce rises with metal prices but margins remain stable.
Zimapán posted a more notable year-over-year increase, with cash cost rising 19% and AISC 27%,
consistent with ongoing mine development at level 960 and plant upgrades intended to improve
recoveries.
Webinar Details
CEO Arturo Préstamo and CFO Andrés Bedregal will present at a webinar hosted by Adelaide Capital
on Friday, December 5th at 2:00 pm ET. Investors and shareholders are invited to participate in the
webinar.
Registration Link:
https://us02web.zoom.us/webinar/register/WN_cpNMhvqCQCWQD42uCAiIyw
.
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 Q3 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
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 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.
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.
To view the source version of this press release, please visit
https://www.newsfilecorp.com/release/276218