Santacruz Silver Mining

Santacruz Silver Mining Ltd. is a multi-asset, multi-metal mining company operating in Latin America, with a strategic presence in Bolivia and Mexico. The company has transformed into a profitable, scalable mid-tier producer following its acquisition of a portfolio of Bolivian assets from Glencore in 2022. Santacruz operates four producing mines—Bolivar, Porco, Caballo Blanco, and Zimapan—along with the San Lucas ore feed sourcing business and the Soracaya exploration development asset. 

In YTD 2025, the company produced 10.66 million silver equivalent ounces, demonstrating robust operational performance across its diversified asset base. With a strong balance sheet featuring no long-term debt, $59.2 million in cash on hand, and $62 million in operating cash flow, Santacruz is well-positioned to deliver long-term value. 

The company is listed on the TSX.V (SCZ), OTCQX (SCZMF), and Frankfurt Stock Exchange (FSE: 1SZ), and is committed to sustainable mining practices aligned with UN Sustainable Development Goals.

Santacruz Silver Mining offers a compelling investment opportunity through its diversified production base and exposure to silver, zinc, lead, and copper. The company's YTD 2025 consolidated all-in sustaining cost of $26.41 per silver equivalent ounce sold positions it competitively within the sector, with mine-level AISC ranging from $17.00 at Caballo Blanco to $32.72 at Zimapan. The Bolivian operations benefit from the Illapa Joint Operation with COMIBOL, where Santacruz receives 45% of profits while the government receives 55%, providing a stable operating framework through 2028. 

The company's average realized silver price of $34.43 per ounce sold in YTD 2025, combined with strong base metals production of 63,449 tonnes of zinc and 8,094 tonnes of lead, creates multiple revenue streams. With significant exploration upside across its 8,325-hectare Soracaya land package and untapped potential in under-explored underground targets, Santacruz offers leveraged exposure to rising precious and base metals demand driven by green technology applications.

Santacruz Silver Mining is led by a seasoned management team with extensive underground mining experience across Latin America. Arturo Préstamo Elizondo serves as Executive Chairman and CEO, bringing over 20 years of precious metals mining experience, a C.P.A. from the University of Monterrey, and active membership in Mexico's Mining Chamber. 

Andres Bedregal, CFO, provides expertise in financial planning and investment analysis as a Level III CFA Candidate with degrees from the University of Kansas and advanced finance qualifications from Bolivian universities. 

Eduardo Torrecillas, COO, oversees operations with 18 years of senior leadership experience, including 12 years at Minera San Cristóbal S.A. and current presidency of Bolivia's National Association of Mid-Tier Miners. 

The board includes Larry Okada (43+ years in financial management for public mineral companies), Federico Villaseñor (40 years at major firms like Peñoles and Goldcorp), W. Barry Girling (mineral exploration since 1977, founder of multiple TSX.V companies), and Bruce Wolfson (40 years in international finance and law with Bear Stearns and Bank of America experience).

Santacruz is executing a disciplined growth strategy focused on operational excellence, cost reduction, and resource expansion across its Latin American portfolio. The company is driving sustained efficiency gains in Bolivia through improved recovery rates and reduced costs while enhancing concentrate quality and optimizing processing operations at the Zimapan mine in Mexico. Exploration remains a key priority, with the Soracaya asset showing initial inferred resources of 4.14 million tonnes grading 260 g/t silver, 1.23% zinc, and 7.23% lead, representing a high-quality silver project with a preliminary mine plan finalized in October 2025. 

The company leverages its San Lucas ore sourcing business to maintain milling utilization near 100% capacity across Bolivian plants, creating stable cash flow independent of grade. Strategic priorities include extending mine lives at Bolivar (4-year life), Porco (2-year life), and Caballo Blanco (4-year life) through aggressive underground exploration, while maintaining financial discipline and identifying operational synergies between Mexican and Bolivian operations to maximize shareholder value.

Santacruz Silver Mining demonstrates strong financial performance with YTD 2025 revenues of $223.6 million, adjusted EBITDA of $73.8 million, and operating cash flow of $62 million, representing 149% EBITDA growth versus YTD 2024. The company maintains a robust balance sheet with $59.2 million in cash and marketable securities as of September 30, 2025, and has achieved a remarkable 230% increase in cash position year-over-year. With no long-term debt and total assets of $399 million against liabilities of $215 million, Santacruz exhibits exceptional financial health. The consolidated AISC of $26.41 per silver equivalent ounce sold reflects competitive cost management, with individual mine performance showing Caballo Blanco at $17.00 AISC and Porco at $26.09 AISC. 

The company recorded net income of $46.8 million in YTD 2025, a 69% improvement from the prior year. The successful completion of the Bolivian asset acquisition acceleration plan in September 2025, reducing total consideration from $163 million to $30.3 million, demonstrates management's ability to create substantial shareholder value through strategic financial restructuring.

Santacruz Silver Mining Ltd. has established itself as a leading mid-tier precious and base metals producer in Latin America, delivering exceptional operational and financial results while maintaining a pristine balance sheet. With YTD 2025 production of 10.66 million silver equivalent ounces, $73.8 million in adjusted EBITDA, and a transformative Bolivian asset acquisition completed on highly favorable terms, the company demonstrates its ability to create substantial shareholder value. The diversified asset portfolio across two top mining jurisdictions, combined with competitive AISC, strong cash generation, and significant exploration upside at Soracaya, positions Santacruz for sustained growth. 

Management's deep regional expertise, commitment to sustainable mining practices, and disciplined financial approach provide a solid foundation for executing the growth strategy. As global demand for silver and base metals accelerates driven by green technology and infrastructure development, Santacruz Silver Mining offers investors a unique combination of current production, exploration potential, and financial strength, making it an attractive opportunity for those seeking exposure to a well-managed, multi-asset mining company with a clear path to delivering long-term value.