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+ at 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-year1.
|
_____________________ |
|
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 |
Change ’25 Q2 vs ’24 Q2 |
2025 YTD |
2024 YTD Restated |
Change ’25 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 |
19.48 |
17.84 |
9 % |
|