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Santacruz Silver Reports First Quarter 2024 Results
Santacruz Silver Mining Ltd. (TSX-V: SCZ) reports its financial and operating results for the first quarter of 2024. The full version of the financial statements and accompanying Management’s Discussion and Analysis can be viewed on the Company’s website at www.santacruzsilver.com or on SEDAR+ at www.sedarplus.ca.
Q1 2024 Highlights
- Processed 470,749 tonnes of material and produced 4,478,122 silver equivalent ounces, including:
-
- 1,581,949 ounces of silver
- 22,847 tonnes of zinc
- 2,953 tonnes of lead
- 256 tonnes of copper
- Cash cost per silver equivalent ounce sold of $21.19
- AISC per silver equivalent ounce sold of $24.12
- Revenue of $52,589,000
- Adjusted EBITDA of ($215,000)
Arturo Préstamo, Executive Chairman and CEO of Santacruz, commented, “Santacruz has successfully restructured its debt with Glencore, resulting in enhanced financial flexibility and a more robust balance sheet. This strategic move has bolstered the Company´s financial position and should allow for better optimization of Santacruz’s core business activities and the pursuit of long-term growth initiatives.”
Mr. Préstamo continued, “During the first quarter, production at our Bolivian mines faced several disruptions due to various events, including national holidays, and the national population census. Caballo Blanco experienced a challenging quarter due to additional production disruptions caused by safety training and mining in areas with lower silver grades. However, the preparation of new areas is progressing well, thanks to the integration ramp. Caballo Blanco is expected to mine areas with higher silver grades in the coming months and together with less operational disruptions, the Company expects a better performance. Our AISC per silver equivalent ounces sold increased due to the decrease in silver equivalent ounce sold, with the most impact being from Caballo Blanco. However, our Zimapan mine in Mexico experienced no production variances during the quarter, with the efficiency strategies implemented in late 2023 continuing to deliver improvements.”
Selected consolidated financial and operating information for the quarter ended March 31, 2024 are presented below. All financial information is prepared in accordance with International Financial Reporting Standards, and all dollar amounts are expressed in thousands of US dollars, except per unit amounts, unless otherwise indicated.
2024 First Quarter Highlights
| 2024-Q1 | 2023-Q4 | Change
Q1 vs Q4 |
2023-Q1 | Change
Q1 vs Q1 |
|
Operational |
|||||
| Material Processed (tonnes milled) | 470,749 | 489,417 | (4 %) | 482,497 | (2 %) |
| Silver Equivalent Produced (ounces) (1) | 4,478,122 | 4,788,318 | (6 %) | 4,727,882 | (5 %) |
| Silver Ounces Produced | 1,581,949 | 1,719,737 | (8 %) | 1,769,520 | (11 %) |
| Zinc Tonnes Produced | 22,847 | 23,777 | (4 %) | 22,463 | 2 % |
| Lead Tonnes Produced | 2,953 | 3,130 | (6 %) | 3,043 | (3 %) |
| Copper Tonnes Produced | 256 | 290 | (12 %) | 415 | (38 %) |
| Silver Equivalent Sold (payable ounces) (2) | 3,632,938 | 3,813,863 | (5 %) | 4,380,895 | (17 %) |
| Cash Cost of Production per Tonne (3) | 93.18 | 94.87 | (2 %) | 84.11 | 11 % |
| Cash Cost per Silver Equivalent Ounce Sold ($/oz) (3) | 21.19 | 17.74 | 19 % | 17.29 | 23 % |
| All-in Sustaining Cash Cost per Silver Equivalent Ounce Sold ($/oz) (3) | 24.12 | 21.37 | 13 % | 20.77 | 16 % |
| Average Realized Price per Ounce of Silver Equivalent Sold ($/oz) (2) (3) (4) | 23.18 | 22.47 | 3 % | 22.03 | 5 % |
Financial |
|||||
| Revenues | 52,589 | 57,616 | (9 %) | 65,378 | (20 %) |
| Gross Profit | 463 | 1,550 | (70 %) | 14,680 | (97 %) |
| Net Income (loss) | 129,025 | 16,271 | 693 % | (176) | 73,410 % |
| Net Earnings (Loss) Per Share – Basic ($/share) | 0.37 | 0.05 | 640 % | 0.00 | 100 % |
| Adjusted EBITDA (3) | (215) | 24,612 | (101 %) | 12,603 | (102 %) |
| Cash and Cash Equivalent | 4,035 | 4,947 | (18 %) | 11,988 | (66 %) |
| Working Capital (Deficiency) | 7,150 | (43,168) | 117 % | (78,906) | 109 % |
First Quarter 2024 Production Summary – By Mine
| Bolivar (5) | Porco (5) | Caballo Blanco Group |
San Lucas | Zimapan | Total | ||
| Material Processed (tonnes milled) | 72,801 | 50,862 | 72,462 | 69,220 | 205,404000 | 470,749 | |
| Silver Equivalent Produced (ounces) (1) | 1,024,492 | 543,414 | 862,142 | 1,032,085 | 1,015,989 | 4,478,122 | |
| Silver Ounces Produced | 425,756 | 176,436 | 284,809 | 294,998 | 399,950 | 1,581,949 | |
| Zinc Tonnes Produced | 5,063 | 3,160 | 4,702 | 6,279 | 3,643 | 22,847 | |
| Lead Tonnes Produced | 395 | 169 | 611 | 427 | 1,352 | 2,953 | |
| Copper Tonnes Produced | N/A | N/A | N/A | N/A | 256 | 256 | |
| Average head grades per mine: | |||||||
| Silver (g/t) | 199 | 130 | 136 | 159 | 82 | 125 | |
| Zinc (%) | 7.68 | 6.72 | 7.04 | 9.90 | 2.29 | 5.45 | |
| Lead (%) | 0.74 | 0.46 | 1.10 | 0.96 | 0.83 | 0.84 | |
| Copper (%) | N/A | N/A | N/A | N/A | 0.29 | 0.29 | |
| Metal recovery per mine: | |||||||
| Silver (%) | 91 | 83 | 90 | 83 | 74 | 81 | |
| Zinc (%) | 91 | 92 | 92 | 92 | 77 | 84 | |
| Lead (%) | 74 | 72 | 76 | 64 | 79 | 75 | |
| Copper (%) | N/A | N/A | N/A | N/A | 43 | 43 | |
| Silver Equivalent Sold (payable ounces) (2) | 1,014,743 | 419,230 | 573,347 | 754,910 | 870,708 | 3,632,938 | |
Notes for both tables above:
| (1) | Silver Equivalent Produced (ounces) have been calculated using prices of $23.62/oz, $1.21/lb, $0.95/lb and $3.91/lb for silver, zinc, lead and copper respectively applied to the metal production divided by the silver price as stated here. |
| (2) | Silver Equivalent Sold (payable ounces) have been calculated using the Average Realized Price per Ounce of Silver Equivalent Sold stated in the table above, applied to the payable metal content of the concentrates sold from Bolivar, Porco, the Caballo Blanco Group, San Lucas and Zimapan. |
| (3) | The Company reports non-GAAP measures, which include Cash Cost of Production per Tonne, Cash Cost per Silver Equivalent Ounce Sold, All-in Sustaining Cash Cost per Silver Equivalent Ounce Sold, Average Realized Price per Ounce of Silver Equivalent Sold, and Adjusted EBITDA. These measures are widely used in the mining industry as a benchmark for performance, but do not have a standardized meaning and may differ from methods used by other companies with similar descriptions. See ”Non-GAAP Measures” section below for definitions. |
| (4) | Average Realized Price per Ounce of Silver Equivalent Sold is prior to all treatment, smelting and refining charges. |
| (5) | Bolivar and Porco are presented at 100% whereas the Company records 45% of revenues and expenses in its consolidated financial statements. |
Silver Equivalent Ounces Produced
Q1 2024 vs Q1 2023
In Q1 2024, the Company processed 470,749 tonnes of material and produced 4,478,112 silver equivalent ounces including 1,581,949 ounces of silver, 22,847 tonnes of zinc, 2,953 tonnes of lead and 256 tonnes of copper. When compared to Q1 2023, total material processed was slightly less, however silver equivalent ounce production decreased 5% due primarily to lower production, silver grade and plant recovery at Caballo Blanco.
Q1 2024 vs Q4 2023
When compared to the previous quarter total material processed was slightly less. Silver equivalent ounce production decreased 6% quarter-over-quarter as a result of less material processed, along with lower silver grades from the Bolivar and Caballo Blanco mines in Bolivia.
Cash Cost of Production per Tonne
Q1 2024 vs Q1 2023
Consolidated cash cost of production per tonne of mineralized material processed was $93.18 in Q1 2024 compared to $84.11 in Q1 2023. Increases in unit production costs at the Bolivian operations, a result of lower production rates have driven the consolidated net increase in cash costs of 11% per tonne.
Q1 2024 vs Q4 2023
Consolidated cash cost of production per tonne of mineralized material processed remained stable with a slight decrease of 2% driven mostly by incremental decreases across all operations. Cash cost per tonne at San Lucas increased 12%, which was offset by the 2% decrease at all other Bolivian operations. In Mexico, cash cost of production has decreased from the Q4 2023 high to be relatively in line with the other quarters of 2023.
Cash Cost per Silver Equivalent Ounce Sold
Q1 2024 vs Q1 2023
Cash cost per silver equivalent ounce sold was $21.19 in Q1 2024 compared to $17.29 in Q1 2023. There was an increase in unit costs together with a decrease of silver equivalent ounces sold mainly due to the silver equivalent conversion ratio of base metals to silver, which was higher due to the changes in realized metal prices and resulted in the reduction of silver equivalent ounces sold.
Q1 2024 vs Q4 2023
Consolidated results for Q1 2024 show an 19% increase in cash costs per silver equivalent ounce sold compared to Q4 2023. There was an increase in unit costs together with a decrease of silver equivalent ounces sold.
All-In Sustaining Cash Cost per Silver Equivalent Ounce Sold
Q1 2024 vs Q1 2023
Q1 2024 AISC per silver equivalent ounce sold was $24.12, compared to Q1 2023 of $20.77. This 16% increase in unit cost was due primarily to the 17% decrease in silver equivalent ounces sold.
Q1 2024 vs Q4 2023
Consolidated AISC per silver equivalent ounce sold increased 13% from Q4 2023, mainly a result of higher unit operating costs, partly offset by lower sustaining capital expenditures mostly related to the completion of the integration ramp at Caballo Blanco in Q1 2024.
Corporate Update
On May 13, 2024, the Board of Directors appointed Arturo Préstamo as CEO of the Company.
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.
Posted May 31, 2024
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Table 1 – Moray Summer 2026 Final Drill Results Hole ID Length (m) From (m) To (m) Width (1) (m) Au Grade (2) (g/t) NBR-26-29 322.0 77.3 78.8 1.5 0.42 and 138.0 139.1 1.1 0.38 and 162.5 173.3 10.8 (3) 1.61 and 227.4 229.0 1.6 1.21 and 231.5 232.1 0.6 1.72 NBR-26-30 250.0 37.0 38.0 1.0 0.30 and 102.8 103.5 0.7 0.60 and 121.5 122.5 1.0 0.36 and 124.5 125.5 1.0 0.33 and 128.5 129.0 0.5 0.90 and 131.0 132.0 1.0 0.36 and 169.8 174.0 4.2 2.65 and 178.0 179.5 1.5 0.77 and 183.5 186.6 3.1 1.22 and 190.0 190.5 0.5 1.06 and 191.5 192.5 1.0 1.48 and 196.0 200.5 4.5 2.53 and 203.5 204.0 0.5 2.15 and 206.5 212.0 5.5 1.57 NBR-26-31 274.0 169.0 170.5 1.5 0.37 and 184.5 186.0 1.5 0.51 and 197.0 200.0 3.0 0.94 and 201.5 202.0 0.5 0.50 and 203.5 210.0 6.5 (3) 3.12 NBR-26-32 352.0 73.5 74.0 0.5 0.44 and 174.0 174.6 0.6 0.52 and 194.0 195.0 1.0 0.66 and 199.8 203.3 3.5 2.29 and 227.3 228.0 0.7 0.97 (1) Intervals are drill intersections and do not necessarily represent true widths. (2) All intervals are presented using a cut-off grade of 0.3 g/t Au and internal dilution of no more than 1.0 metres at grades less than 0.3 g/t Au and assays are not capped (see QA/QC Procedures). (3) Drill core photos shown in Appendix B. Figure 1 – Newly Reported Drillholes NBR-26-29, 30 Figure 2 – Newly Reported Drillholes NBR-26-30, 31, 32 Note: The bottom of NBR-26-30 deviated southeast and is represented in both sections. Figure 1: Section B-B1 incorporates drillholes NBR-26-06, 07, 08, 25, 26, 27, 28, 29 and part of 30. Gold mineralization extends southeast into the syenite as exhibited in NBR-26-29. NBR-26-30 is identified in both sections A-A1 and B-B1 as the drillhole was collared along section A-A1 but deviated southeast, intersecting gold mineralization in the mafic volcanics in section B-B1. Figure 2: A-A1 incorporates drillholes NBR-26-03, 04, 05, 23, 24, 30, 31 and 32. NBR-26-31 exhibits gold mineralization both within the syenite (at the contact) and within a "flow breccia" within the hematite altered mafic volcanic at the contact. NBR-26-32 is typified by blocky faulted ground with lamprophyre dykes and gold mineralization in the hematite altered mafic volcanics in a brecciated quartz vein with angular syenitic fragments. William Love, Chief Executive Officer of New Break commented, "Ongoing drilling this summer in the Zavitz gold zone continues to deliver significant gold values, with gold mineralization intercepted in every drillhole. As depicted in Figures 1 and 2, gold mineralization has been encountered predominantly within the mafic volcanics. Importantly, drillholes NR-26-29 and NR-26-32, the deepest drilled to date, demonstrate that gold mineralization extends into the syenite to the southeast at the contact with the mafic volcanics." 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QA/QC Procedures QA/QC procedures were executed to ensure all work is conducted in accordance with best practices. All drill core was sawn in half with one half of the core prepared for shipment and the other half retained for future verification. All core is under watch from the drill site to the core processing facility. Drill core is BQTK size and sample intervals range from 0.5 metres to 1.0 metres in length. Commercially prepared certified reference material ("CRM") standards and blanks were inserted with each shipment at a rate of 1 QAQC sample in every 12 core samples. Samples from New Break's 2026 Moray drilling program were analyzed at Activation Laboratories in Timmins, Ontario, which is ISO 17025 certified, by 30-gram fire assay with atomic absorption finish. Any sample assaying greater than 10.0 g/t Au was re-assayed with fire assay gravimetric analysis. Grade composite intervals over core lengths are calculated using a weighted average grade with a cut-off grade of 0.3 g/t Au. Up to 1.0 m of internal dilution (consecutive interval below cut-off grade) are included within specific geologic domains and alteration assemblages, except as otherwise noted. The composites are constrained geologically by metasomatic alteration processes sourcing from the Fiset syenite intrusion and contact mafic volcanic rocks. Elevated gold values are coincident with hematite, silica, sericite and pyrite mineralization within structurally prepared brecciated corridors flanking the intrusion. Intervals are not true widths and no top cutting has been applied to the higher gold values. About New Break Resources Ltd. New Break is a Canadian mineral exploration company focused on its Moray gold project located 49 km southeast of Timmins, Ontario, in a well-established mining camp within proximity to existing infrastructure, and 32 km northwest of the Young-Davidson gold mine, operated by Alamos Gold Inc. Shareholders are also leveraged to exploration success in Nunavut, Canada, through New Break's 20% carried interest in the Sundog gold project and ownership of 6.0 million shares of Guardian Exploration Inc. (TSXV: GX). The Company is supported by a highly experienced team of mining professionals. Appendix A – Drillhole Data and Locations Table 2 – Moray Summer 2026 Drillhole Collar Locations Hole ID Length (m) UTM Easting UTM Northing UTM Elevation Azimuth (degrees) Dip (degrees) NBR-26-29 322.0 492703 5320285 363 220 -70 NBR-26-30 250.0 492708 5320329 363 220 -47 NBR-26-31 274.0 492708 5320329 363 220 -60 NBR-26-32 352.0 492708 5320329 363 220 -70 Total 1,198.0 Coordinates are reported in UTM Zone 17 North, with units in metres. Figure 4 – Zavitz Gold Zone – Surface Traces of 2025 and 2026 Drillholes. All of the drilling at Moray has been completed by Enviro North Exploration Inc. out of Sturgeon Falls, Ontario. Drilling in the Zavitz gold zone is shown in figure 4, with the 1,996 metres in 10 holes drilled this summer depicted in red, the 2,807 metres in 20 holes drilled from January to April 2026 shown in blue and the 1,817 metres in 8 holes drilled in 2025 shown in black. 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