Santacruz Silver Initiates Development and Permitting at Soracaya Project in Bolivia

• Development activities and full production permitting have commenced at the wholly owned Soracaya Project in Bolivia's Potosí Department.
• The project contains inferred mineral resources of 4.14 million tonnes at 31.62% zinc equivalent, including 259.76 grams per tonne silver, supported by over 29.6 kilometres of drilling across 90 holes since 1999.
• Soracaya features mineralisation along reactivated faults with replacement and brecciated sulphides.
• Executive Chairman and CEO Arturo Préstamo stated the project represents a commitment to the company's growth and expansion in Bolivia.
• The company has engaged Atrium Research Corporation for analyst coverage beginning December 2025 for 24 months at C$3,500 per month.

Santacruz Silver Mining Ltd. (TSXV:SCZ) is a Latin American mining company focused on the operation, acquisition, exploration, and development of mineral properties. 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 supplies the San Lucas ore sourcing and trading business, also located in Bolivia. The company oversees the Soracaya exploration project in Bolivia and operates the Zimapán mine in Mexico.

Santacruz maintains multiple producing assets across historically significant mining districts in Bolivia and Mexico. The company's operational presence in Bolivia includes several mining complexes and an exploration project pipeline designed to expand production capacity.

Development Activities and Production Permitting

Santacruz Silver has initiated development activities at Soracaya and is pursuing full production permitting with regulatory authorities in Bolivia. The company has completed a preliminary mine plan for the project. According to management, these activities represent a step towards advancing the project to a production decision, though details regarding the full construction decision will be shared at a later stage.

The permitting process in Bolivia requires environmental and social impact assessments, community engagement programmes, and operational safety protocols. Santacruz currently operates multiple producing mines in Bolivia, which provides operational experience in the jurisdiction. The company has not disclosed a timeline for completing the permitting process or making a construction decision.

Arturo Préstamo, Executive Chairman and CEO, commented that

"by advancing the Project and preparing for future construction, we are laying the foundation to add another producing mine to our portfolio while we keep a disciplined approach to cost control and operations improvements."

Mineral Resources and Project Characteristics

Soracaya contains inferred mineral resources of 4.14 million tonnes grading 31.62% zinc equivalent at a 10% zinc equivalent cut-off grade. The resource estimate includes 259.76 grams per tonne silver, 7.23% zinc, 1.23% lead, and 0.09% copper. The estimate was prepared by Garth Kirkham, P.Geo., of Kirkham Geosystems Ltd. in accordance with Canadian Institute of Mining and Metallurgy and Petroleum definitions as required under National Instrument 43-101.

Since 1999, the project has been explored through more than 29.6 kilometres of drilling across over 90 drill holes. This drilling has provided geological data supporting the resource modelling and preliminary mine planning. The deposit features mineralisation along reactivated faults with replacement and brecciated sulphides, which are geological characteristics found in various silver deposits globally.

The project is located in the Potosí Department of Bolivia. Management has stated that the project's location provides synergies with existing operations. The cut-off grade used in the resource estimate was based on metal prices of $3.65 per pound copper, $21.00 per ounce silver, $1.15 per pound zinc, and $1.00 per pound lead, with operational cost assumptions of $156.00 per tonne derived from 2023 data from the Porco mine.

Analyst Coverage Arrangement

Santacruz has engaged Atrium Research Corporation to provide analyst coverage for a 24-month period beginning December 1, 2025. Atrium will publish research reports on the company based on publicly available information, industry data, and discussions with management. Atrium will also host recorded interviews with the company's management team. The company will pay Atrium C$3,500 per month for these services.

Atrium and Santacruz are arm's length parties. Neither Atrium nor its insiders hold shares or options to purchase shares in the company. The research reports will cover the company's operations, financial performance, and strategic initiatives. The recorded interviews will present information in an interview format accessible to investors.

This arrangement follows a common practice among junior mining companies to increase visibility among institutional and retail investors. The engagement provides regular research coverage during the period when Soracaya is advancing through development and permitting stages. The company has not disclosed specific metrics or objectives for the analyst coverage programme.

Next Steps

Santacruz is focused on completing the permitting process and advancing Soracaya towards a construction decision. The company stated that details regarding the full construction decision will be shared at a later stage. Immediate priorities include progressing through the regulatory approval process in Bolivia whilst completing technical and economic assessments.

The company has a preliminary mine plan in place and extensive geological data from over two decades of drilling. The timing for a construction decision will depend on completion of permitting requirements and final project economics. Investors should monitor forthcoming announcements regarding permitting progress, detailed studies, and construction timelines as the project advances through development stages.

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