Santacruz Silver Reports Q4 2025 Production of 3.7 Million Silver Equivalent Ounces

• Q4 2025 production totalled 3,739,019 silver equivalent ounces, up 9% from Q3 2025
• Bolivar mine produced 565,694 silver equivalent ounces, representing a 34% increase from the previous quarter
• Silver production reached 1,343,607 ounces, an 8% increase compared to Q3 2025
• Zinc production increased 10% to 23,846 tonnes while lead production rose 15% to 3,000 tonnes
• Company expects full recovery at Bolivar mine by Q4 2026

Santacruz Silver Mining Ltd. (TSX.V: SCZ, NASDAQ: SCZM) is a Vancouver-based, Latin American-focused mining company engaged in the acquisition, development, and operation of silver, zinc, lead, and copper assets. The company's Bolivian operations include the Bolivar, Porco, and Caballo Blanco mining complexes (comprising the Tres Amigos and Colquechaquita mines), the San Lucas ore sourcing and trading business (including the Reserva mine), and the Soracaya exploration project. In Mexico, the company operates the Zimapan mine.

Q4 2025 Production Results Show Sequential Improvement Across Operations

Santacruz Silver processed 506,040 tonnes of material across its operations in Q4 2025, a 4% increase from the previous quarter. Production totalled 3,739,019 silver equivalent ounces, up 9% from Q3 2025. Zinc production reached 23,846 tonnes (up 10%) and lead production totalled 3,000 tonnes (up 15%). Silver production was 1,343,607 ounces, an 8% increase from the prior quarter. The company completed 11,558 metres of underground development during the quarter.

Production increased quarter over quarter throughout 2025 as the company continued recovery efforts at its Bolivar mine. The production mix included silver, zinc, lead, and copper across the company's five operating units in Bolivia and Mexico.

Year-over-year production (2025 versus 2024) was affected by the May 2025 flooding event at Bolivar, which temporarily restricted access to certain mining areas and limited throughput from Q2 2025 to Q4 2025. The company has implemented remediation measures since May 2025.

Bolivar Mine Production Increases 34% Quarter Over Quarter

The Bolivar mine produced 565,694 silver equivalent ounces in Q4 2025, a 34% increase from Q3 2025. Ore processed increased 22% to 63,267 tonnes, while silver production rose 53% to 202,193 ounces. Silver head grades increased 22% to 108 grams per tonne, and silver recoveries improved to 92% from 89% in the previous quarter. Zinc and lead production increased 25% and 80% respectively.

Recovery efforts at the Pomabamba and Nane veins continued throughout Q4 2025 following the May 2025 flooding event.

CEO Arturo Prestamo stated:

"At Bolivar, we are beginning to see the benefits of the recovery efforts at the high silver-grade Pomabamba and Nane veins following the May 2025 flooding event, which resulted in higher production throughput, improved operating conditions, and a 34% increase in silver equivalent production compared to Q3 2025."

Access to the highest-grade portions of the Pomabamba and Nane veins remained partially restricted during Q4 2025. Production from these veins increased month over month during the quarter. Management stated the company continues to expect full recovery from both areas by Q4 2026.

Production Performance Across Multi-Asset Portfolio

Caballo Blanco produced 730,108 silver equivalent ounces in Q4 2025, a 3% increase from the previous quarter. Zinc and lead production each increased 7%. Metal recoveries remained above 90% for silver, zinc, and lead. San Lucas produced 1,095,945 silver equivalent ounces, an 11% increase from Q3 2025, with ore processed up 5% to 105,587 tonnes.

The Zimapan mine in Mexico contributed 1,017,096 silver equivalent ounces, up 3% from the previous quarter. The operation processed 222,703 tonnes during the quarter. Zinc production increased 6% to 5,008 tonnes. Porco mine produced 330,176 silver equivalent ounces, with zinc production up 10% to 2,727 tonnes and zinc recoveries at 94%.

CEO Arturo Prestamo commented:

"During Q4 2025, Santacruz delivered a solid quarter-over-quarter improvement in consolidated production, led by a meaningful recovery at the Bolivar mine, and supported by strong performance at Caballo Blanco, Zimapan, and San Lucas, reflecting the strength and diversification of our multi-asset operating portfolio."

Outlook and Next Steps

Recovery efforts at Bolivar are scheduled to continue through 2026, with full recovery expected by Q4 2026. CEO Prestamo stated, "Our team at Bolivar is making steady progress each day, and we expect their efforts to drive a sustained quarter-over-quarter increase in silver production from these two veins this year."

The company reported consistent quarter-over-quarter production increases throughout 2025 as remediation work at Bolivar advanced. The Pomabamba and Nane veins at Bolivar showed month-over-month production increases during Q4 2025 as access improved. The company operates five producing assets across Bolivia and Mexico.

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