Including 1,590,063 ounces of silver and 20,719 tonnes of zinc
VANCOUVER, BC, June 9, 2025 /CNW/ - Santacruz Silver Mining Ltd. (TSXV: SCZ) (OTCQB: SCZMF) (FSE: 1SZ) ("Santacruz" or the "Company") reports its Q1 2025 production results from its Bolivar mine, Porco mine, Caballo Blanco Group of mines ("Caballo Blanco") and the San Lucas Group which includes the Reserva Mina and the San Lucas feed sourcing business ("San Lucas"), all located in Bolivia, and the Zimapan mine located in Mexico.
Q1 2025 Production Highlights:
Silver Equivalent Production: 3,688,129 silver equivalent ounces
Silver Production: 1,590,063 ounces
Zinc Production: 20,719 tonnes
Lead Production: 2,718 tonnes
Copper Production: 279 tonnes
Underground Development: 10,135 meters
Arturo Préstamo, Executive Chairman and CEO of Santacruz, commented, "Santacruz started 2025 with strong contributions from its Mexican operations, driven by steady production growth, solid mill throughput, and disciplined mine execution. Whilst in Bolivia, at our San Lucas ore sourcing business, our margin-based model supported profitability through flexible ore sourcing and cost flexibility, despite normal head grade variability."
Mr. Préstamo continued, "Operations at Bolívar, Porco, and Caballo Blanco remained firmly focused on maximizing silver production and metallurgical recoveries, aligned with this year's mine plan. Our strategic focus on silver production has proven especially beneficial, considering the favorable silver price environment, and we are reaffirming our commitment to prioritizing silver production across our portfolio of assets. Lower throughput from our Bolivian operations in Q1 reflects the typical seasonal slowdown experienced during the first quarter of the year."
Production Summary -- Total
Production Table 2025 Q1 2024 Q4 ChangeQ1 2025-YTD 2024-YTD Change'25-YTD
vs Q4 vs'24-YTD
Material
Processed
(tonnes milled) 471,773 493,141 (4 %) 471,773 470,749 0 %
Silver
Equivalent
Produced
(ounces) (1) 3,688,129 4,097,327 (10 %) 3,688,129 3,876,388 (5 %)
Production
Silver (ounces) 1,590,063 1,761,686 (10 %) 1,590,063 1,581,949 1 %
Zinc (tonnes) 20,719 23,357 (11 %) 20,719 22,847 (9 %)
Lead (tonnes) 2,718 2,932 (7 %) 2,718 2,953 (8 %)
Copper (tonnes) 279 248 13 % 279 256 9 %
(1) Silver Equivalent Produced (ounces) have been calculated
using prices of $23.85/oz, $2,775.53/ton, $2,085.90/ton
and $9,762.69/ton for silver, zinc, lead and copper
respectively applied to the metal production divided
by the silver price as stated here.
Bolivar Mine
Bolivar 2025 2024 Q4 ChangeQ1 2025-YTD 2024-YTD Change'25-YTD
Production Table Q1 vs Q4 vs'24-YTD
(1)
Material
Processed
(tonnes milled) 62,356 69,411 (10 %) 62,356 72,801 (14 %)
Silver
Equivalent
Produced
(ounces) (2) 786,299 920,614 (15 %) 786,299 899,355 (13 %)
Production
Silver (ounces) 421,039 491,377 (14 %) 421,039 425,756 (1 %)
Zinc (tonnes) 3,983 4,611 (14 %) 3,983 5,063 (21 %)
Lead (tonnes) 201 327 (39 %) 201 395 (49 %)
Average Grade
Silver (g/t) 237 236 0 % 237 199 19 %
Zinc (%) 7.00 7.19 (3 %) 7.00 7.68 (9 %)
Lead (%) 0.47 0.64 (27 %) 0.47 0.74 (36 %)
Metal Recovery
Silver (%) 89 93 (4 %) 89 91 (2 %)
Zinc (%) 91 92 (1 %) 91 91 0 %
Lead (%) 68 74 (8 %) 68 74 (8 %)
(1) Bolivar is presented at 100% whereas the Company records
45% of revenues and expenses in its consolidated financial
statements.
(2) Silver Equivalent Produced (ounces) have been calculated
using prices of $23.85/oz, $2,775.53/ton, $2,085.90/ton
and $9,762.69/ton for silver, zinc, lead and copper
respectively applied to the metal production divided
by the silver price as stated here.
Q1-2025 vs Q4-2024
Compared to Q4 2024, Bolívar processed 10% less ore in Q1 2025, reflecting the typical seasonality of first-quarter operations and temporary operational constraints that have been resolved. Silver equivalent production decreased by 15%, slightly more than the reduction in ore processed. Silver output declined 14%, primarily due to an 8% drop in recoveries, while head grades remained stable. Zinc production was down 14%, consistent with marginal decreases in head grades (-3%) and recoveries (-1%).
Q1-2025 vs Q1-2024
In Q1 2025, Bolívar processed 14% less ore compared to Q1 2024, primarily due to temporary operational constraints that reduced the number of available shifts. Silver equivalent production declined by 13%, in line with the lower throughput tonnage. Silver production remained stable (-1% YoY), supported by a 19% increase in silver head grades, which offset a slight decline in recoveries (-3%). The head grades processed during the quarter are consistent with the mineralization profile anticipated in the mine plan. Zinc production decreased 21%, resulting from a 9% decline in head grades, while recoveries held steady (+1%).
Porco Mine
Porco Production 2025 2024 Q4 ChangeQ1 2025-YTD 2024-YTD Change'25-YTD
Table (1) Q1 vs Q4 vs'24-YTD
Material
Processed
(tonnes milled) 47,501 53,702 (12 %) 47,501 50,862 (7 %)
Silver
Equivalent
Produced
(ounces) (2) 367,523 423,387 (13 %) 367,523 466,900 (21 %)
Production
Silver (ounces) 120,537 145,585 (17 %) 120,537 176,436 (32 %)
Zinc (tonnes) 2,674 2,983 (10 %) 2,674 3,160 (15 %)
Lead (tonnes) 161 215 (25 %) 161 169 (5 %)
Average Grade
Silver (g/t) 98 102 (4 %) 98 130 (25 %)
Zinc (%) 5.99 5.89 2 % 5.99 6.72 (11 %)
Lead (%) 0.46 0.51 (10 %) 0.46 0.46 0 %
Metal Recovery
Silver (%) 81 82 (1 %) 81 83 (2 %)
Zinc (%) 94 94 0 % 94 92 2 %
Lead (%) 73 78 (6 %) 73 72 1 %
(3) Porco is presented at 100% whereas the Company records
45% of revenues and expenses in its consolidated financial
statements.
(1) Silver Equivalent Produced (ounces) have been calculated
using prices of $23.85/oz, $2,775.53/ton, $2,085.90/ton
and $9,762.69/ton for silver, zinc, lead and copper
respectively applied to the metal production divided
by the silver price as stated here.
Q1-2025 vs Q4-2024
Porco processed 12% less ore in Q1 2025 compared to Q4 2024, consistent with the seasonal production pattern typical of first quarters. Silver equivalent production decreased by 13%, in line with the reduction in tonnes processed. Silver output was down 17%, resulting from a 5% decrease in silver head grades and a 2% drop in recoveries. Zinc production fell 10%, with a 2% increase in head grades offset by stable recoveries. These results reflect the scheduled mining sequence and expected ore characteristics for the quarter.
Q1-2025 vs Q1-2024
Ore processed at Porco declined by 7% versus Q1 2024 due to temporary equipment availability issues, which have been fully resolved. Silver equivalent production fell 21%, driven by lower head grades from the zones mined during the period. Silver output dropped 32%, caused by a 25% decrease in silver head grades and a 3% reduction in recoveries. Zinc production declined 15%, due to an 11% drop in head grades, while recoveries improved by 2%. The temporary decrease in head grades are within expectations because of the ore body characteristics and are in line with the mine plan.
Caballo Blanco Group
Caballo Blanco 2025 2024 Q4 ChangeQ1 2025-YTD 2024-YTD Change'25-YTD
Group Production Q1 vs Q4 vs'24-YTD
Table (1)
Material
Processed
(tonnes milled) 51,648 60,776 (15 %) 51,648 72,462 (29 %)
Silver
Equivalent
Produced
(ounces) (2) 659,208 798,976 (17 %) 659,208 740,895 (11 %)
Production
Silver (ounces) 313,266 368,822 (15 %) 313,266 284,809 10 %
Zinc (tonnes) 3,549 4,455 (20 %) 3,549 4,702 (25 %)
Lead (tonnes) 486 549 (11 %) 486 611 (20 %)
Average Grade
Silver (g/t) 202 205 (1 %) 202 136 49 %
Zinc (%) 7.28 7.84 (7 %) 7.28 7.04 3 %
Lead (%) 1.15 1.17 (2 %) 1.15 1.10 5 %
Metal Recovery
Silver (%) 93 92 1 % 93 90 3 %
Zinc (%) 94 93 1 % 94 92 2 %
Lead (%) 82 77 6 % 82 76 8 %
(4) The Caballo Blanco Group consists of the Colquechaquita
and Tres Amigos mines.
(1) Silver Equivalent Produced (ounces) have been calculated
using prices of $23.85/oz, $2,775.53/ton, $2,085.90/ton
and $9,762.69/ton for silver, zinc, lead and copper
respectively applied to the metal production divided
by the silver price as stated here.
Q1 2025 vs. Q4 2024
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June 09, 2025 07:00 ET (11:00 GMT)