Santacruz Silver Mining Ltd. (TSX-V: SCZ) reports production of 4,850,949 silver equivalent ounces from the Zimapan Mine in Mexico and its Sinchi Wayra, Illapa and San Lucas companies which consists of a 45% interest in the Bolivar and Porco Mines, a 100% interest in the Tres Amigos, Reserva and Colquechaquita Mines, in addition to a 100% interest in the San Lucas ore sourcing and trading company.

Consolidated Third Quarter 2022 Production Highlights:

• Silver equivalent produced of 4,850,949 ounces (+19.8% vs Q2 2022 and +455.7% vs Q3 2021);
• Silver Production of 1,924,973 ounces (+36.5% vs Q2 2022 and +509.1% vs Q3 2021);
• Lead production of 3,509 tonnes (+5.7% vs Q2 2022 and +246.7% vs Q3 2021);
• Zinc production of 23,441 tonnes (+12.0% vs Q2 2022 and +522.3% vs Q3 2021);
• Copper production of 609 tonnes (+7.2% vs Q2 2022 and +22.5% vs Q3 2021);
• Average head grade (silver equivalent) 351 g/t (+5.4% vs Q2 2022 and +86.7% vs Q3 2021).

Wayne Corso, Santacruz’s COO stated, “During the third quarter we saw strong performance from the Zimapan and Bolivar mines, as well as our San Lucas trading Company. The Zimapan mine has continued to increase total ore production while maintaining head grade, whilst at our Bolivian operations, the Bolivar mine impacted total silver production with significantly increased production from lower levels of the high grade Pomabamba and Bolivar Norte veins. It is also important to note that the commercial strategy intended to increase the silver grades implemented at our San Lucas trading Company is starting to show positive results.”

Carlos Silva, Santacruz’s CEO stated, “This positive production trend confirms a successful transition process and solidifies our path forward to become a significant player in our industry.” Mr. Silva continued, “Over recent quarters the Zimapan mine has seen continued production growth arising from improved mine planning and operating efficiencies. The same approach is being implemented at our Bolivian operations.”

Consolidated Production Results – (Mexican and Bolivian Operations)

Q2 2022 Mine by Mine Production Table

* The Caballo Blanco Mines consist of the Tres Amigos, Reserva and Colquechaquita Mines.

⁽¹⁾2022 Ag Eq was calculated using metal prices of: Ag $25.60/oz, Au $1,792/oz, Pb $0.94/lb, Zn $1.20/lb and Cu $4.01/lb.
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.

Qualified Person

Wayne Corso, Chief Operating Officer of the Company, holds a B.Sc., Mining Engineering, from the Colorado School of Mines at Golden Colorado with over 35 years of experience in the industry. Scientific and technical information in this news release related to production results from Santacruz managed assets has been reviewed and approved by Wayne Corso, a Qualified Person as defined by National Instrument 43-101 – Standards of Disclosure for Mineral Projects.

About Santacruz Silver Mining Ltd.

The Company is engaged in the operation, acquisition, exploration and development of mineral properties in Latin America, with a primary focus on silver and zinc, but also including lead and copper. The Company currently has six producing projects, the Zimapan Bolivar, Porco, Tres Amigos, Reserva and Colquechaquita Mines and holds two exploration properties in its mineral property portfolio, the La Pechuga Property and the Santa Gorgonia Prospect, and one development project, the Soracaya Project in addition to the San Lucas ore sourcing and trading business.