Santacruz Silver Achieves Q3 2025 Growth Amid Challenges

Santacruz Silver Mining Ltd. has reported its financial and operational results for the quarter ending September 30, 2025. The company achieved revenues of $79.99 million, marking a 2% increase year-over-year. Despite facing challenges at certain mining operations, Santacruz demonstrated resilience, particularly in gross profit, which rose to $20.17 million, reflecting a significant 28% increase compared to the previous year.

In addition to revenue growth, Santacruz reported a net income of $16.34 million, although this represented a 7% decline from the same period in 2024. The company’s adjusted EBITDA surged to $19.51 million, a remarkable 67% increase year-over-year. Notably, cash and marketable securities reached $59.23 million, a substantial 225% increase, while working capital increased to $69.20 million, up 186% from the previous year.

Operational Performance and Production Challenges

During the third quarter, Santacruz produced 3,424,817 silver equivalent ounces, a 30% increase compared to Q3 2024. This production was bolstered by strong performances at the Caballo Blanco, Zimapán, and San Lucas mines. However, the company faced operational difficulties at the Bolívar mine, where a water inflow incident in May 2025 impacted the output from two key production veins, Pomabamba and Nané.

Arturo Préstamo, Executive Chairman and CEO of Santacruz, emphasized the significance of Q3 2025, stating, “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.” Préstamo also noted that the company closed the quarter with robust working capital, highlighting a continued trend of profitability and cash generation.

Remediation activities at the Bolívar mine are progressing, with a formal restoration plan in place. The company anticipates that production from the affected veins will resume in February 2026, with a full recovery expected by the fourth quarter of 2026.

Cost Management and Future Outlook

The all-in sustaining cost (AISC) per silver equivalent ounce sold increased to $35.62, a 30% rise year-over-year, driven primarily by higher ore purchase costs at San Lucas, remediation expenditures at Bolívar, and plant improvement initiatives at Zimapán. Additionally, the appreciation of the Bolivian boliviano contributed to increased costs across the company’s operations in Bolivia.

Despite these challenges, Santacruz maintains a positive outlook for the future. The company continues to focus on operational efficiency and ensuring a strong balance sheet to deliver sustainable long-term value for its shareholders.

Investors and stakeholders are encouraged to join a webinar on December 5, 2025, hosted by Adelaide Capital, where Préstamo and CFO Andrés Bedregal will discuss the company’s performance and outlook. Registration details can be found on the Adelaide Capital website.

Overall, Santacruz Silver Mining Ltd. has shown a commendable ability to navigate operational challenges while achieving significant financial growth in Q3 2025, setting the stage for future expansions and recovery efforts.