Santacruz Silver Mining Ltd. (TSX-V: SCZ) reports its operating results for the third quarter 2021 from the Zimapan Mine located in Zimapan, Hidalgo, Mexico and the Rosario Project located in Charcas, San Luis Potosi, Mexico.

Production Highlights:

• Consolidated silver equivalent production for Q3 2021 was 872,913 AgEq ounces; an increase of over 9% compared to Q2 2021

• Zimapan silver equivalent production for Q3 2021 was 867,215 AgEq ounces; an increase of over 14% compared to Q2 2021 that arose primarily as the result of a 20% increase in tonnes milled during the respective periods

Carlos Silva, Santacruz’s CEO stated, “The production increase during Q3 arose mainly from the Carrizal and Monte mines as a result of development of new stopes at Lomo del Toro setting the stage for a strong year end.” Mr. Silva added; “All underground equipment from the Rosario project is now working at Lomo de Toro and it is expected that with this additional equipment production will further increase during Q4.”

COVID-19 Update

The Company continues to take all appropriate measures to prevent COVID-19 among the work force and local communities and to monitor the effectiveness of these measures in mitigating any potential impact on business activities. The Company’s actions have been successful to date and the pandemic has not had any material impact on the business.

CONSOLIDATED PRODUCTION RESULTS

ZIMAPAN MINE PRODUCTION RESULTS

ROSARIO MINE PRODUCTION RESULTS**

* In the above tables Ag Eq has been calculated as follows:

2021 Ag Eq was calculated using metal prices of: Ag $25.00/oz, Au $1,925/oz, Pb $0.85/lb, Zn $1.05/lb and Cu $3.00/lb.
2020 Ag Eq was calculated using metal prices of: Ag $17.85/oz, Au $1,480/oz, Pb $0.92/lb, Zn $1.09/lb and Cu $2.80/lb.

* * Rosario Mine was placed on care and maintenance during Q3 2021

Silver Equivalent Comparative Production

As noted in the tables above, there is a significant increase in silver equivalent ounces produced in Q3 2021 as compared to that produced in Q2 2021. This positive change in production is due to increased silver equivalent production from the Zimapan Mine. The increase in silver equivalent ounces produced was primarily due to a 20% increase in tonnes processed at the Zimapan mine over the prior quarter offset by a slight reduction in silver head grade and silver recovery of 13% and 3% respectively. It should also be noted that if the Q3 2021 silver equivalent production had been calculated using the 2020 metal price deck the reported silver equivalent ounces produced from Zimapan would have been 1,103,943 Ag Eq, an increase of 27% over the current reported balance and a 20% increase as compared to Q3 2020. On a comparative basis within any particular fiscal year or between periods in different fiscal years where the metal price decks are relatively equivalent, the computation of silver equivalent is useful for comparing production from one period to another. When the price decks are not relatively equivalent, the usefulness of this production indicator is diminished.

About Santacruz Silver Mining Ltd.

Santacruz is a Mexican focused silver company with two producing silver projects (Zimapan and Rosario) and two exploration properties, the La Pechuga property and Santa Gorgonia prospect. The Company is managed by a technical team of professionals with proven track records in developing, operating and discovering silver mines in Mexico. Our corporate objective is to become a mid-tier silver producer.