Santacruz Silver Produces 3,739,019 Silver Equivalent Ounces in Q4 2025, Comprised of 1,343,607 Ounces of Silver, 23,846 Tonnes of Zinc, 3,000 Tonnes of Lead, and 287 Tonnes of Copper

Rhea-AI Summary

Santacruz Silver (NASDAQ: SCZM) reported Q4 2025 consolidated production of 3,739,019 silver equivalent ounces, including 1,343,607 oz silver, 23,846 t zinc, 3,000 t lead and 287 t copper. Material processed totalled 506,040 tonnes in Q4. Consolidated silver equivalent rose 9% Q4 vs Q3 driven by a 34% Q4 vs Q3 increase at Bolívar after May 2025 flood remediation; Bolívar silver alone increased 53% Q4 vs Q3. Zimapán and Caballo Blanco delivered steady quarter-over-quarter gains while San Lucas raised throughput. Year-to-date 2025 silver equivalent was 14,399,019 oz, down 11% vs 2024, with Bolívar recovery efforts continuing and full recovery expected by Q4 2026.

Positive

• Bolívar silver production +53% Q4 vs Q3 to 202,193 oz
• Bolívar silver equivalent +34% Q4 vs Q3 to 565,694 oz
• Zimapán zinc production +15% YTD vs 2024 to 18,771 t
• Caballo Blanco average silver grade +11% YTD vs 2024 to 170 g/t
• San Lucas material processed +14% YTD vs 2024 to 387,805 t

Negative

• Consolidated silver equivalent -11% YTD 2025 vs 2024 to 14,399,019 oz
• Consolidated silver production -17% YTD 2025 vs 2024 to 5,598,680 oz
• Bolívar silver YTD -42% vs 2024 to 1,059,846 oz
• Porco silver YTD -38% vs 2024 to 400,486 oz
• Consolidated copper -13% Q4 vs Q3 to 287 t

News Market Reaction

-0.70%

18 alerts

-0.70% News Effect

+8.4% Peak Tracked

-14.2% Trough Tracked

-$10M Valuation Impact

$1.44B Market Cap

0.4x Rel. Volume

On the day this news was published, SCZM declined 0.70%, reflecting a mild negative market reaction. Argus tracked a peak move of +8.4% during that session. Argus tracked a trough of -14.2% from its starting point during tracking. Our momentum scanner triggered 18 alerts that day, indicating notable trading interest and price volatility. This price movement removed approximately $10M from the company's valuation, bringing the market cap to $1.44B at that time.

Data tracked by StockTitan Argus on the day of publication.

Key Figures

Q4 2025 silver eq. production: 3,739,019 oz Q4 2025 silver production: 1,343,607 oz Q4 2025 zinc production: 23,846 tonnes +5 more

8 metrics

Q4 2025 silver eq. production 3,739,019 oz Consolidated Q4 2025 production across all mines

Q4 2025 silver production 1,343,607 oz Consolidated Q4 2025 silver output

Q4 2025 zinc production 23,846 tonnes Consolidated Q4 2025 zinc output

Q4 2025 lead production 3,000 tonnes Consolidated Q4 2025 lead output

Q4 2025 copper production 287 tonnes Consolidated Q4 2025 copper output

Q4 2025 material processed 506,040 tonnes milled Total material processed in Q4 2025

2025 YTD silver eq. production 14,399,019 oz Consolidated 2025 year-to-date silver equivalent

Q4 2025 underground development 11,558 meters Underground development work completed in Q4 2025

Market Reality Check

Price: $8.92 Vol: Volume 880,650 vs 20-day ...

normal vol

$8.92 Last Close

Volume Volume 880,650 vs 20-day average 691,097 (relative volume 1.27x). normal

Technical Price at 15.67, trading above 200-day MA at 14.16 and 3.69% below 52-week high 16.27.

Peers on Argus

No peers in the momentum scanner and no peer price data provided, indicating a s...

No peers in the momentum scanner and no peer price data provided, indicating a stock-specific move on this production update.

Market Pulse Summary

This announcement detailed Q4 2025 operational performance, including silver equivalent production o...

Analysis

This announcement detailed Q4 2025 operational performance, including silver equivalent production of 3,739,019 oz, silver output of 1,343,607 oz, and material processed of 506,040 tonnes across multiple mines. Management emphasized recovery at the Bolívar mine following a May 2025 flooding event and steady quarter-over-quarter production gains. Investors may monitor future updates on recovery progress, production stability across assets, and any shifts in metal grades or recoveries relative to these Q4 benchmarks.

Key Terms

silver equivalent ounces, tonnes milled, head grades, metal recovery, +2 more

6 terms

silver equivalent ounces financial

"Silver Equivalent Production: 3,739,019 silver equivalent ounces"

A measure that converts the production or reserves of various metals (like gold, lead, zinc) into the amount of silver they would be worth at current price ratios, so all metals are reported as ‘silver ounces.’ Think of it like converting different currencies into a single one to make totals easier to compare. Investors use it to get a single, comparable figure for output or value, but the number depends on the price ratios chosen and can change as metal prices move.

tonnes milled technical

"Material Processed (tonnes milled) | | 506,040"

Tonnes milled is the weight of ore that a mining operation has processed through its milling facility over a given period, usually measured in metric tonnes. It matters to investors because the amount of ore treated directly affects how much metal or mineral can be recovered and sold—similar to how the amount of grain put through a mill determines how much flour comes out—so higher tonnes milled typically signal greater potential production and revenue.

head grades technical

"driven by higher throughput, a 22% increase in silver head grades"

The head grade is the concentration of a valuable metal or mineral in ore when it is first mined, before any processing or refining. For investors, it’s like the quality rating on raw ingredients: higher head grades mean more of the target metal per tonne of rock, which usually boosts potential revenue and lowers production cost per unit, while lower grades can reduce profit margins and increase operational risk.

metal recovery technical

"Metal Recovery Silver (%) | | 92 | | 89"

Metal recovery is the proportion of metal a mine or recycling plant actually extracts from the raw material it processes, like how much juice you get after squeezing fruit. It matters to investors because higher recovery means more saleable metal from the same input, boosting revenue and profit, lowering per-unit costs, and affecting reserve life and environmental compliance — all factors that influence a company’s value and risk.

qualified person regulatory

"is a qualified person under NI 43-101 and has approved"

A qualified person is someone with specialized knowledge, experience, and training in a particular field, allowing them to accurately assess and verify information or work. Their expertise helps ensure that reports, evaluations, or decisions are trustworthy and meet required standards. For investors, a qualified person provides confidence that the information they rely on is credible and properly validated.

ni 43-101 regulatory

"Garth Kirkham, P.Geo., an independent consultant to the Company, is a qualified person under NI 43-101"

A Canadian regulatory standard that sets the rules for how mining and exploration companies must report mineral resources and reserves, requiring technical reports prepared or signed off by an independent, certified expert. It matters to investors because it creates a consistent, transparent “inspection report” for mining projects, making it easier to compare prospects, judge the reliability of claims, and assess geological and financial risk before investing.

AI-generated analysis. Not financial advice.

Vancouver, British Columbia--(Newsfile Corp. - January 26, 2026) - Santacruz Silver Mining Ltd. (NASDAQ: SCZM) (TSXV: SCZ) ("Santacruz" or the "Company") reports its Q4 2025 production results from its Bolívar 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 Zimapán mine located in Mexico.

Q4 2025 Production Highlights:
Silver Equivalent Production: 3,739,019 silver equivalent ounces
Silver Production: 1,343,607 ounces 
Zinc Production: 23,846 tonnes 
Lead Production: 3,000 tonnes 
Copper Production: 287 tonnes
Underground Development: 11,558 meters

Arturo Préstamo, Executive Chairman and CEO of Santacruz, commented, "During Q4 2025, Santacruz delivered a solid quarter-over-quarter improvement in consolidated production, led by a meaningful recovery at the Bolívar mine, and supported by strong performance at Caballo Blanco, Zimapán, and San Lucas, reflecting the strength and diversification of our multi-asset operating portfolio. At Bolívar, we are beginning to see the benefits of the recovery efforts at the high silver-grade Pomabamba and Nané veins following the May 2025 flooding event, which resulted in higher production throughput, improved operating conditions, and a 34% increase in silver equivalent production compared to Q3 2025."

Mr. Préstamo continued, "In Q4 2025, the recovery plan at Bolívar remained focused on restoring access to the affected mining areas, and continued to progress on schedule. Improvements achieved this quarter contributed to enhanced operational stability and stronger production performance. However, access to the highest-grade areas remained partially constrained, and recovery activities continued throughout Q4 2025. Our team at Bolívar is making steady progress each day, and we expect their efforts to drive a sustained quarter-over-quarter increase in silver production from these two veins this year. We continue to expect a full recovery from both areas by Q4 2026."

Production Summary - Total

Production Table		2025 Q4			2025 Q3			Change Q4 vs Q3			2025 YTD			2024 YTD			Change '25 vs '24
Material Processed (tonnes milled)		506,040			486,585			4%			1,945,261			1,955,905			(1%)
Silver Equivalent Produced (ounces) (1)		3,739,019			3,424,817			9%			14,399,019			16,173,293			(11%)
Production
Silver (ounces)		1,343,607			1,241,929			8%			5,598,680			6,718,380			(17%)
Zinc (tonnes)		23,846			21,581			10%			87,295			94,399			(8%)
Lead (tonnes)		3,000			2,603			15%			11,094			11,820			(6%)
Copper (tonnes)		287			331			(13%)			1,126			1,057			7%

 

(1) Silver Equivalent Produced (ounces) have been calculated using prices of $31.41/oz, $2,775.53/t, $2,085.90/t and $9,762.69/t for silver, zinc, lead and copper respectively applied to the metal production divided by the silver price as stated here.

Year-over-year production (2025 vs 2024) was impacted by Bolívar's May 2025 flooding event, which temporarily restricted access to certain mining areas and limited throughput from Q2 2025 to Q4 2025. Remediation measures have been implemented since the event in May 2025 and continued to advance as planned throughout Q4 2025, placing the Bolívar's operation on a clear path toward resolution. As access has steadily improved, silver production has begun to recover. In addition, Santacruz experienced consistent quarter-over-quarter improvements in 2025, a trend the Company expects to continue as conditions normalize.

Bolívar Mine

Bolivar Production Table (1)		2025 Q4			2025 Q3			Change Q4 vs Q3			2025 YTD			2024 YTD			Change '25 vs '24
Material Processed (tonnes milled)		63,267			52,023			22%			232,448			284,634			(18%)
Silver Equivalent Produced (ounces) (2)		565,694			420,612			34%			2,374,121			3,630,036			(35%)
Production
Silver (ounces)		202,193			132,146			53%			1,059,846			1,828,028			(42%)
Zinc (tonnes)		3,973			3,186			25%			14,367			19,395			(26%)
Lead (tonnes)		187			104			80%			674			1,326			(49%)
Average Grade
Silver (g/t)		108			89			22%			158			218			(28%)
Zinc (%)		6.75			6.61			2%			6.73			7.48			(10%)
Lead (%)		0.40			0.31			28%			0.41			0.64			(36%)
Metal Recovery
Silver (%)		92			89			3%			89			92			(2%)
Zinc (%)		93			93			(0%)			92			91			1%
Lead (%)		74			64			16%			71			73			(3%)

 

⁽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 $31.41/oz, $2,775.53/t and $2,085.90/t for silver, zinc and lead respectively applied to the metal production divided by the silver price as stated here.

Q4 2025 vs Q3 2025

In Q4 2025, ore processed at Bolívar increased by 22% compared to Q3 2025, reflecting improved access and operating conditions as recovery activities advanced at the Pomabamba and Nané areas. Silver equivalent production increased by 34%, driven by higher throughput, a 22% increase in silver head grades and a 3% improvement in silver recoveries. Silver production increased by 53% quarter over quarter, while zinc and lead production rose by 25% and 80%, respectively, consistent with improved stope availability and the mining sequence.

Recovery efforts at the affected mining areas continued throughout Q4 2025 and advanced in line with the established recovery plan. While operating conditions improved materially compared to Q3 2025, access to the highest-grade portions of the Pomabamba and Nané veins remained partially restricted during Q4 2025. Notwithstanding these constraints, production from the Pomabamba and Nané veins increased month-over- month during Q4 2025, reflecting improved grades and silver recoveries, as a growing proportion of ore was sourced from these higher-silver-grade structures.

Q4 2025 vs Q4 2024

The high-grade areas at Pomabamba and Nane veins began to show solid progress toward the end of Q3 2025; however, their contribution to silver recoveries became more meaningful only during Q4 2025, which also affected the year-over-year comparison.

Porco Mine

Porco Production Table (1)		2025 Q4			2025 Q3			Change Q4 vs Q3			2025 YTD			2024 YTD			Change '25 vs '24
Material Processed (tonnes milled)		51,416			49,161			5%			197,231			204,585			(4%)
Silver Equivalent Produced (ounces) (2)		330,176			318,694			4%			1,377,234			1,762,341			(22%)
Production
Silver (ounces)		82,047			92,001			(11%)			400,486			645,250			(38%)
Zinc (tonnes)		2,727			2,488			10%			10,675			12,044			(11%)
Lead (tonnes)		108			103			5%			504			795			(37%)
Average Grade
Silver (g/t)		61			71			(14%)			77			117			(34%)
Zinc (%)		5.66			5.43			4%			5.77			6.28			(8%)
Lead (%)		0.28			0.30			(6%)			0.36			0.51			(29%)
Metal Recovery
Silver (%)		81			82			(1%)			82			84			(2%)
Zinc (%)		94			93			1%			94			94			(0%)
Lead (%)		74			69			7%			70			76			(8%)

 

⁽¹⁾ Porco 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 $31.41/oz, $2,775.53/t and $2,085.90/t for silver, zinc and lead respectively applied to the metal production divided by the silver price as stated here.

Q4 2025 vs Q3 2025

Porco reported a 10% increase in zinc production compared to the previous quarter, driven by higher head grades and stable throughput. Zinc recoveries remained strong at 94%, reflecting consistent metallurgical performance. Silver production declined as mining continued to focus on zinc-rich zones, consistent with the mine plan and Porco's role as a predominantly zinc-producing underground operation.

Q4 2025 vs Q4 2024

On a year-over-year basis, Porco recorded a modest decrease in zinc production, reflecting slightly lower zinc grades while maintaining stable throughput and strong recoveries. The mine plan during 2025 prioritized zinc-dominant zones with lower silver content, resulting in lower silver output compared to the prior year. Porco continues to operate as a reliable zinc-producing asset with consistent operating performance.

Caballo Blanco Group

Caballo Blanco Group Production Table (1)		2025 Q4			2025 Q3			Change Q4 vs Q3			2025 YTD			2024 YTD			Change '25 vs '24
Material Processed (tonnes milled)		63,067			62,221			1%			234,709			275,273			(15%)
Silver Equivalent Produced (ounces) (2)		730,108			707,465			3%			2,782,260			3,018,705			(8%)
Production
Silver (ounces)		289,446			294,524			(2%)			1,192,022			1,220,757			(2%)
Zinc (tonnes)		4,409			4,131			7%			16,063			18,606			(14%)
Lead (tonnes)		769			722			7%			2,573			2,316			11%
Average Grade
Silver (g/t)		156			160			(2%)			170			153			11%
Zinc (%)		7.39			7.14			4%			7.28			7.30			(0%)
Lead (%)		1.51			1.45			4%			1.34			1.11			21%
Metal Recovery
Silver (%)		91			92			(1%)			93			90			3%
Zinc (%)		95			93			2%			94			93			2%
Lead (%)		81			80			1%			82			76			7%

 

⁽³⁾ The Caballo Blanco Group consists of the Colquechaquita and Tres Amigos mines.
⁽¹⁾ Silver Equivalent Produced (ounces) have been calculated using prices of $31.41/oz, $2,775.53/t and $2,085.90/t for silver, zinc and lead respectively applied to the metal production divided by the silver price as stated here.

Q4 2025 vs Q3 2025

Caballo Blanco increased ore processed compared to Q3 2025, resulting in a 3% increase in silver equivalent production. Silver production remained stable, while zinc and lead output increased by 7% each, supported by higher head grades and strong recoveries. Results reflect solid operational performance and continued adherence to the mine plan.

Q4 2025 vs Q4 2024

Compared with Q4 2024, Caballo Blanco's silver equivalent production increased, supported by higher head grades and improved recoveries. These results reflect ongoing operational optimization and continued focus on mining higher-quality zones within the mine plan.

San Lucas Group

San Lucas Group Production Table		2025 Q4			2025 Q3			Change Q4 vs Q3			2025 YTD			2024 YTD			Change '25 vs '24
Material Processed (tonnes milled)		105,587			100,550			5%			387,805			341,649			14%
Silver Equivalent Produced (ounces) (1)		1,095,945			986,403			11%			3,881,319			3,949,992			(2%)
Production
Silver (ounces)		366,600			326,873			12%			1,308,128			1,344,242			(3%)
Zinc (tonnes)		7,729			7,032			10%			27,419			28,042			(2%)
Lead (tonnes)		699			575			22%			2,264			1,924			18%
Average Grade
Silver (g/t)		135			126			7%			127			147			(13%)
Zinc (%)		8.20			7.86			4%			7.89			9.01			(12%)
Lead (%)		0.97			0.90			8%			0.91			0.88			3%
Metal Recovery
Silver (%)		80			80			(0%)			83			83			(1%)
Zinc (%)		89			89			(0%)			90			91			(2%)
Lead (%)		63			63			8%			64			64			1%

 

(1) Silver Equivalent Produced (ounces) have been calculated using prices of $31.41/oz, $2,775.53/t and $2,085.90/t for silver, zinc and lead respectively applied to the metal production divided by the silver price as stated here.

Q4 2025 vs Q3 2025

San Lucas continued to play a strategic role in Q4 2025, with ore processed up 5% from the prior quarter. Silver equivalent production increased by 11%, driven by higher throughput and improved head grades, while recoveries remained stable. The operation's flexible, margin-based sourcing model continued to support group-level mill utilization.

Q4 2025 vs Q4 2024

On a year-over-year basis, San Lucas processed higher volumes, while silver equivalent production declined modestly due to lower head grades. Operational flexibility remained a key factor in supporting overall performance across the Bolivian operations.

Zimapán Mine

Zimapán Production Table		2025 Q4			2025 Q3			Change Q4 vs Q3			2025 YTD			2024 YTD			Change '25 vs '24
Material Processed (tonnes milled)		222,703			222,629			(0%)			893,067			849,764			5%
Silver Equivalent Produced (ounces) (1)		1,017,096			991,643			3%			3,984,086			3,812,220			5%
Production
Silver (ounces)		403,321			396,385			2%			1,638,198			1,680,033			(2%)
Zinc (tonnes)		5,008			4,744			6%			18,771			16,311			15%
Lead (tonnes)		1,237			1,099			13%			5,080			5,458			(7%)
Copper (tonnes)		287			331			(13%)			1,126			1,057			7%
Average Grade
Silver (g/t)		80			77			4%			78			82			(4%)
Zinc (%)		2.89			2.90			(0%)			2.74			2.46			11%
Lead (%)		0.72			0.67			8%			0.73			0.75			(4%)
Copper (%)		0.26			0.29			(10%)			0.26			0.29			(11%)
Metal Recovery
Silver (%)		70			72			(3%)			73			75			(4%)
Zinc (%)		78			73			6%			77			78			(2%)
Lead (%)		78			74			5%			78			85			(8%)
Copper (%)		50			52			(3%)			49			43			14%

 

(1) Silver Equivalent Produced (ounces) have been calculated using prices of $31.41/oz, $2,775.53/t, $2,085.90/t and $9,762.69/t for silver, zinc, lead and copper respectively applied to the metal production divided by the silver price as stated here.

Q4 2025 vs Q3 2025

Zimapán delivered strong results throughput in Q4 2025, with silver equivalent production increasing by 3% from Q3 2025. Zinc production increased by 6%, supported by higher head grades and improved recoveries. Silver production remained stable, reflecting consistent plant performance.

Q4 2025 vs Q4 2024

Year-over-year, Zimapán's silver equivalent production declined slightly, primarily due to lower silver head grades and recoveries. This was partially offset by higher zinc production, reflecting the execution of the mine plan and improved feed quality from zinc-dominant stopes.

Qualified Person

Garth Kirkham, P.Geo., an independent consultant to the Company, is a qualified person under NI 43-101 and has approved the scientific and technical information contained within this news release.

About Santacruz Silver Mining Ltd.

Santacruz Silver is engaged in the operation, acquisition, exploration, and development of mineral properties across Latin America. In Bolivia, the Company operates the Bolivar, Porco, and Caballo Blanco mining complexes, with Caballo Blanco comprising the Tres Amigos and Colquechaquita mines. The Reserva mine, whose production is provided to the San Lucas ore sourcing and trading business, is also located in Bolivia. Additionally, the Company oversees the Soracaya exploration project. In Mexico, Santacruz operates the Zimapán mine.

'signed'
Arturo Préstamo 
Elizondo, Executive Chairman and CEO

For further information please contact:

Arturo Préstamo
Santacruz Silver Mining Ltd. 
Email: info@santacruzsilver.com 
Telephone: +52 81 83 785707

Andrés Bedregal
Santacruz Silver Mining Ltd. 
Email: info@santacruzsilver.com 
Telephone: +591 22444849

Eduardo Torrecillas
Santacruz Silver Mining Ltd. 
Email: info@santacruzsilver.com 
Telephone: +591 22444849

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) nor the Nasdaq Capital Market LLC accepts responsibility for the adequacy or accuracy of this news release. No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein.

Forward Looking Information

This news release includes certain statements and information that may constitute forward-looking information within the meaning of applicable Canadian securities laws. Forward-looking statements relate to future events or future performance and reflect the expectations or beliefs of management of the Company regarding future events. Generally, forward-looking statements and information can be identified by the use of forward-looking terminology such as "intends", "expects" or "anticipates", or variations of such words and phrases or statements that certain actions, events or results "may", "could", "should", "would" or will "potentially" or "likely" occur.

These forward-looking statements involve numerous risks and uncertainties and actual results might differ materially from results suggested in any forward-looking statements. These risks and uncertainties include, among other things, risks related to changes in general economic, business and political conditions, including changes in the financial markets, changes in applicable laws, and compliance with extensive government regulation, as well as those risk factors discussed or referred to in the Company's disclosure documents filed with the securities regulatory authorities in certain provinces of Canada and available at www.sedarplus.ca.

In making the forward-looking statements in this news release, the Company has applied several material assumptions, including without limitation, the assumption that the Company's capital investments will result in reduced costs and enhanced metallurgical recovery.

There can be no assurance that any forward-looking information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, the reader should not place any undue reliance on forward-looking information or statements. The Company undertakes no obligation to update forward-looking information or statements, other than as required by applicable law.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/281567

FAQ

What were Santacruz Silver (SCZM) consolidated production totals for Q4 2025?

Santacruz reported 3,739,019 silver equivalent ounces in Q4 2025 and 1,343,607 oz silver produced.

How did Bolívar mine production change in Q4 2025 for SCZM?

Bolívar silver production rose 53% Q4 vs Q3 to 202,193 oz and silver equivalent rose 34% Q4 vs Q3 to 565,694 oz.

What caused the year-over-year decline in SCZM 2025 production versus 2024?

Year-over-year declines were mainly due to the May 2025 flooding at Bolívar, which limited access and throughput through Q4 2025.

When does Santacruz expect a full recovery at Bolívar after the May 2025 flood?

Management expects a full recovery from the affected Bolívar areas by Q4 2026.

How did Zimapán and Caballo Blanco perform in Q4 2025 for SCZM?

Zimapán delivered a 3% Q4 vs Q3 increase in silver equivalent ounces and higher zinc; Caballo Blanco saw a 3% Q4 vs Q3 silver equivalent rise with improved grades.