Santacruz Silver Mining Ltd. (TSX-V: SCZ) reports its Q3 2023 production results from its Bolivar mine , Porco mine, Caballo Blanco Group of mines and the San Lucas feed sourcing business, all located in Bolivia, and the Zimapan mine located in Mexico.

Highlights:

• Q3 2023 metals production included:
  • 1,728,863 ounces of silver;
  • 3,370 tonnes of lead;
  • 23,095 tonnes of zinc;
  • 252 tonnes of copper;
  • For silver equivalent production of 5,669,905 ounces.
• Bolivar mine processed 77,298 tonnes of mineralized material and produced 1,343,000 silver equivalent ounces in Q3 2023, a 16% and 40% increase, respectively, when compared to Q2 2023.
• Zimapan mine processed 192,158 tonnes of mineralized material and produced 1,183,606 silver equivalent ounces in Q3 2023, a 12% and 35% increase, respectively, when compared to Q2 2023.

Arturo Préstamo, Executive Chairman and Interim CEO of Santacruz, commented, “Our multi-asset portfolio has been able to deliver consistent production so far this year, and in total we have produced almost 17 million silver equivalent ounces, including just over 5 million ounces of silver. While we do expect operations to vary by asset quarter to quarter, our objective is to deliver stable production throughout the year, while at the same time reviewing and streamlining operations to achieve efficiencies and reduce costs.”

Santacruz processed 467,563 tonnes of material in Q3 2023, a slight increase from the previous quarter. Silver equivalent ounces produced of 5,669,905 included 1,728,863 ounces of silver, 3,370 tonnes of lead, 23,095 tonnes of zinc and 252 tonnes of copper.  The positive impact of a slight increase in material processed combined with an increase in metal production from the Zimapan and Bolivar mines resulted in stable silver equivalent ounce production overall.

The upgraded water handling infrastructure servicing the higher-grade Central Zone of the Bolivar mine installed last quarter helped stabilize production from this area, and the mine processed 77,298 tonnes of mineralized material, a 16% increase when compared to the 66,689 tonnes processed in Q2 2023. This resulted in 1,343,000 silver equivalent ounces being produced in Q3 2023, a 40% increase when compared to the 961,580 silver equivalent ounces produced in Q2 2023.

The Zimapan mine is realizing benefits from a shift in mining strategy to higher grade areas, which is part of the ongoing optimization of the mine plan in response to metals prices. In Q3 2023 the mine processed 192,158 tonnes of mineralized material, a 12% increase when compared to the 171,668 tonnes processed during Q2 2023. Zimapan also produced 1,183,606 silver equivalent ounces during Q3 2023, a 35% increase when compared to the 878,854 silver equivalent ounces produced in Q2 2023.

The integration ramp connecting the Tres Amigos and Colquechaquita mines at the Caballo Blanco Group of mines continues to progress well and is now 73% complete. The integration ramp consists of approximately 1,177 meters of development including primary ramp and auxiliary drives and it is designed to facilitate increased productivity from Colquechaquita and total production from the Caballo Blanco Group of mines. This project is expected to be completed by the end of Q1 2024.

In Q3 2022, 500,956 tonnes of material was processed, and 5,832,882 silver equivalent ounces was produced. While total material processed in Q3 2023 was 7% less compared to Q3 2022, total silver equivalent ounce production was down only 3%. This was a result of higher grades mined and an increase in metal recoveries at Bolivar and Zimapan.

Third Quarter 2023 Production Summary – Consolidated

Third Quarter 2023 Production Summary – By Mine

Qualified Person

Wayne Corso, Chief Operating Officer of the Company is a qualified person under NI 43-101 and has approved the scientific and technical information related to operational matters contained in this news release.

About Santacruz Silver Mining Ltd.

Santacruz Silver is engaged in the operation, acquisition, exploration, and development of mineral properties in Latin America. The Bolivian operations are comprised of the Bolivar, Porco and the Caballo Blanco Group, which consists of the Tres Amigos, Reserva and Colquechaquita mines. The Soracaya exploration project and San Lucas ore sourcing and trading business are also in Bolivia. The Zimapan mine is in Mexico.