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Santacruz Silver (SCZM) lifts Q2 2026 silver and zinc production

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6-K

Rhea-AI Filing Summary

Santacruz Silver Mining Ltd. reported Q2 2026 consolidated production of 1,573,100 ounces of silver, 23,240 tonnes of zinc, 3,165 tonnes of lead and 337 tonnes of copper from its Bolivian operations and the Zimapan mine in Mexico. Tonnes milled rose to 521,956, up 7% quarter-over-quarter and 9% year-over-year, lifting silver output 17% versus Q1 2026 and 11% versus Q2 2025.

Silver-equivalent production reached 2,814,489 ounces and zinc-equivalent output 59,680 tonnes. Bolivar led growth with a 32% quarter-over-quarter silver increase as rehabilitation from the May 2025 flooding advanced, while Zimapan improved recoveries and the San Lucas ore processing business increased tonnes milled 22%. Management noted these results were achieved despite more than 50 days of road blockades in Bolivia.

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Filing Explained

Q2 output is reported, but equivalent-metal figures now use quarterly prices and Bolivar/Porco tables show 100% production against Santacruz’s 45% interest.

As a Form 6-K, this July 28, 2026 filing furnishes interim information from a foreign private issuer. Santacruz Silver reports completed Q2 2026 production of 1,573,100 ounces of silver, 23,240 tonnes of zinc, 3,165 tonnes of lead and 337 tonnes of copper; the structural effect is updated operating information for holders, not a reported financing or ownership transaction.

The company presents silver-equivalent and zinc-equivalent output as supplemental measures rather than substitutes for metal-by-metal production. It says these figures now use actual quarterly LME prices, replacing budgeted prices updated annually, and that previously reported silver-equivalent figures were updated under the new method.

A key scope distinction is that the Bolivar and Porco tables show production at 100%, while Santacruz records only its 45% interest in the Illapa business in its consolidated financial statements. The production tables therefore describe total asset output, not the company’s consolidated economic interest on that basis.

Future interpretation should distinguish actual metal production from the price-sensitive equivalent figures and check subsequent financial reporting for how the 45% Illapa interest is reflected.

Silver production 1,573,100 ounces Consolidated Q2 2026 silver production; 17% above Q1 2026 and 11% above Q2 2025
Zinc production 23,240 tonnes Consolidated Q2 2026 zinc production; 7% above Q1 2026 and 10% above Q2 2025
Tonnes milled 521,956 tonnes Consolidated Q2 2026 tonnes milled; up 7% quarter-over-quarter and 9% year-over-year
Silver-equivalent production 2,814,489 silver equivalent ounces Q2 2026 AgEq production calculated using average quarterly LME metal prices
Zinc-equivalent production 59,680 zinc equivalent tonnes Q2 2026 ZnEq production based on quarterly average LME prices
Bolivar silver production 343,522 ounces Q2 2026 Bolivar mine silver output; 32% higher than Q1 2026
Zimapan silver recovery 72 % Silver recovery at Zimapan in Q2 2026, up from 65% in Q1 2026
San Lucas tonnes milled 115,424 tonnes Q2 2026 ore processed by San Lucas Group; 22% increase versus Q1 2026
silver-equivalent financial
"silver-equivalent (“AgEq”) production for Q2 2026 totaled 2,814,489 ounces"
A silver-equivalent figure converts production or resources of various metals into a single silver ounce number by using current price ratios, so different metals can be summed as if they were all silver. For investors, it simplifies comparison of a mining operation’s total output or value the way converting multiple currencies into dollars makes a portfolio easier to view, but it can hide differences in extraction cost, market risk and long-term price outlook for each metal.
zinc-equivalent financial
"zinc-equivalent (“ZnEq”) production reached 59,680 tonnes"
tonnes milled financial
"consolidated tonnes milled increasing 7% to 521,956 tonnes"
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 grade technical
"higher silver head grades at Bolivar and Porco"
The head grade is the concentration of the valuable metal or mineral in the rock delivered to a mine’s processing plant, expressed as a percentage or grams per tonne. It matters to investors because higher head grades generally mean more metal recovered per tonne of rock, boosting revenue and lowering processing costs—think of it as the sweetness of fruit sent to a juice factory: the sweeter the fruit, the more juice you get per batch.
metal recovery technical
"a marked improvement in silver recovery at Zimapan"
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.
ore sourcing and trading business financial
"San Lucas is the Company’s ore sourcing and trading business in Bolivia"

AI-generated analysis. How Rhea-AI works. Not financial advice.

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FAQ

What were Santacruz Silver (SCZM) consolidated production volumes in Q2 2026?
Santacruz Silver produced 1,573,100 oz of silver, 23,240 t of zinc, 3,165 t of lead and 337 t of copper in Q2 2026, based on 521,956 t milled across its Bolivian mines and the Zimapan operation in Mexico.

How did SCZM’s Q2 2026 production compare with Q1 2026?
Q2 2026 consolidated silver output was 17% higher than Q1 2026, at 1,573,100 oz. Tonnes milled increased 7% to 521,956, zinc production rose 7% to 23,240 t, lead grew 18% to 3,165 t and copper increased 9% to 337 t.

How did Santacruz Silver’s Bolivar mine perform in Q2 2026?
At Bolivar, Q2 2026 silver production rose 32% quarter-over-quarter to 343,522 oz on an 11% increase in tonnes milled and a 17% higher silver head grade. Zinc output was 3,684 t and lead production 233 t, supported by improved recoveries as rehabilitation progressed.

What were Q2 2026 production results at the Zimapan mine for SCZM?
Zimapan produced 391,121 oz of silver, 4,764 t of zinc, 1,159 t of lead and 337 t of copper in Q2 2026. Silver output rose 8% versus Q1 2026, driven mainly by silver recovery improving to 72% from 65%, with higher zinc grades also supporting metal production.

What is the San Lucas Group business and its Q2 2026 contribution for SCZM?
San Lucas is an ore sourcing and trading business in Bolivia that processes mainly third-party ore. In Q2 2026 it milled 115,424 t and produced 411,367 oz silver, 7,692 t zinc and 872 t lead, up 22%, 20%, 8% and 45% quarter-over-quarter respectively.

How does Santacruz Silver (SCZM) calculate silver-equivalent and zinc-equivalent production?
Santacruz converts zinc, lead and copper values into silver-equivalent ounces (AgEq) and zinc-equivalent tonnes (ZnEq) using quarterly average LME metal prices. Each non-reference metal’s in-situ value is divided by silver or zinc prices to express multi-metal output in common units.

 

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM 6-K

 

Report of Foreign Private Issuer

Pursuant to Rule 13a-16 or 15d-16

UNDER the Securities Exchange Act of 1934

 

For the month of July 2026

 

Commission File No.: 001-43051

 

Santacruz Silver Mining Ltd.

(Translation of registrant’s name into English)

 

480 – 1140 West Pender Street

Vancouver, British Columbia

Canada V6E 4G1

(Address of principal executive office)

 

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F: Form 20-F ☐ Form 40-F ☒

 

 

 

 

 

 

EXHIBIT INDEX

 

Exhibit   Description
99.1   Press Release dated July 28, 2026

 

 

 

 

SIGNATURE

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

 

  Santacruz Silver Mining Ltd.
   
Date: July 28, 2026 By: /s/ Andres Bedregal
  Name:  Andres Bedregal
  Title: Chief Financial Officer

 

 

 

 

Exhibit 99.1

 

 

News Release

July 28, 2026

 

Santacruz Silver Achieves Strong Q2 2026 Production Results, Producing 1,573,100 Ounces of Silver and 23,240 Tonnes of Zinc

 

Santacruz also produced 3,165 Tonnes of Lead and 337 Tonnes of Copper in Q2 2026

Silver Production at Bolivar Increased by 32% QoQ

 

Vancouver, B.C. – Santacruz Silver Mining Ltd. (NASDAQ:SCZM) (TSX.V:SCZ) (“Santacruz” or the “Company”) announces that total production in the second quarter of 2026 (“Q2 2026”) was 1,573,100 ounces of silver, 23,240 tonnes of zinc, 3,165 tonnes of lead, and 337 tonnes of copper. This production was generated across the Company’s operations in Bolivia, including the Bolivar mine, the Porco mine, the Caballo Blanco Group of mines (“Caballo Blanco”), and the San Lucas Ore Sourcing Business, which includes the Reserva Mine (“San Lucas”), as well as the Zimapan mine in Mexico.

 

Q2 2026 Production Highlights

 

Primary Production Metrics:

 

●Silver: 1,573,100 ounces
●Zinc: 23,240 tonnes
●Lead: 3,165 tonnes
●Copper: 337 tonnes

 

Supplemental Production Metrics:

 

●Silver Equivalent Production: 2,814,489 silver equivalent ounces
●Zinc Equivalent Production: 59,680 zinc equivalent tonnes

 

Arturo Préstamo, Executive Chairman and CEO of Santacruz, commented: “Q2 2026 was marked by strong operational performance across our portfolio, with silver and zinc production increasing quarter-over-quarter at each of our operations. At Bolivar, silver production increased 32% quarter-over-quarter to 343,522 ounces, driven by ongoing recovery efforts in the areas affected by the localized flooding event that occurred in May 2025. Porco delivered higher silver and zinc production, driven by stronger silver grades and improved metal recoveries, while Caballo Blanco continued to make steady, meaningful contributions. At Zimapan, operations rebounded from the temporary constraints experienced during the first quarter, including limited ventilation in the higher-grade zones at Level 960 due to a contractor delay in completing the ventilation Robbins incline shaft, as well as repeated power interruptions caused by the local service provider’s maintenance of the power grid. As a result, metal recoveries improved across all four payable metals.”

 

Mr. Préstamo added: “This quarter’s solid production results show how the Company’s operations were resilient despite the challenging conditions experienced in Bolivia. During this second quarter, road blockades in Bolivia extended for more than 50 days, disrupting supply chains across many sectors of the economy. Despite these challenges, our teams leveraged their operational expertise and regional experience to keep our mines fully supplied and producing without interruption. I would like to extend my sincere appreciation to our Bolivian team, whose commitment and exceptional execution under difficult circumstances were instrumental in achieving this quarter’s solid production results. Their dedication exemplifies the strength of our organization and the values that define Santacruz. I also want to recognize our team at Zimapan in Mexico for their commitment to continuous improvement. Through innovation, operational discipline, and a continuous focus on optimizing performance, they have continued to enhance our operations. The progress achieved in dewatering the Bolívar mine, the continued advancement of Level 960 at Zimapan, improved metallurgical recoveries, and the operational efficiencies delivered across our business give us confidence that we are entering the second half of 2026 with strong momentum. These initiatives continue to strengthen the foundation of our operations and position us well to create long-term value from our silver and zinc assets for our shareholders.”

 

1

 

 

Consolidated Production Summary – Mining & Ore Processing Operations

 

               Change   Change 
   2026 Q2   2026 Q1   2025 Q2   2026-Q2 vs 2026-Q1   2026-Q2 vs 2025-Q2 
Production Metrics                         
Tonnes milled   521,956    487,777    480,863    7%   9%
Silver (ounces)   1,573,100    1,341,499    1,423,081    17%   11%
Zinc (tonnes)   23,240    21,640    21,149    7%   10%
Lead (tonnes)   3,165    2,686    2,772    18%   14%
Copper (tonnes)   337    308    229    9%   47%
Supplemental Metrics                         
Silver eq. ounces(1)   2,814,489    2,281,465    2,535,803    23%   11%
Zinc eq. tonnes(1)   59,680    59,370    53,771    1%   11%

 

Consolidated Production Summary – Mining Operations(2)

 

               Change   Change 
   2026 Q2   2026 Q1   2025 Q2   2026-Q2 vs 2026-Q1   2026-Q2 vs 2025-Q2 
Material processed(3)                    
Tonnes milled   406,532    393,010    385,890    3%   5%
Metal production(3)                         
Silver (ounces)   1,161,733    1,000,094    1,103,447    16%   5%
Zinc (tonnes)   15,548    14,496    14,506    7%   7%
Lead (tonnes)   2,293    2,084    2,263    10%   1%
Copper (tonnes)   337    308    229    9%   47%

 

Consolidated Production Summary – Ore Processing Operations(2)

 

               Change   Change 
   2026 Q2   2026 Q1   2025 Q2   2026-Q2 vs 2026-Q1   2026-Q2 vs 2025-Q2 
Material processed                         
Tonnes milled   115,424    94,767    94,973    22%   22%
Metal production                         
Silver (ounces)   411,367    341,405    319,634    20%   29%
Zinc (tonnes)   7,692    7,144    6,643    8%   16%
Lead (tonnes)   872    602    509    45%   71%

 

(1) Silver equivalent ounces and zinc equivalent tonnes produced have been calculated using the period’s average metal prices quoted on the London Metal Exchange. The silver and zinc equivalent production is calculated by dividing each metal’s price by the price of Silver or Zinc to arrive at their equivalent. Refer to the section titled “Methodology for the Calculation of Silver Equivalent and Zinc Equivalent Production Figures” below.

 

(2) Mining operations includes only production from Bolivar, Porco, Caballo Blanco and Zimapan. Ore processing includes only production from San Lucas ore processing business.

 

(3) Readers are cautioned that Bolivar and Porco production figures are presented at 100% however the Company records only its 45% interest in the assets, liabilities, revenues and expenses of the Illapa business in its consolidated financial statements. The Company reports its segment information on a 100% basis with respect to Bolivar and Porco together with an elimination column representing COMIBOL’s 55% interest (refer to segment information note of the condensed interim consolidated financial statements).

 

Consolidated silver production increased 17% to 1,573,100 ounces in Q2 2026 from 1,341,499 ounces in Q1 2026, with quarter-over-quarter increases at all five operations. The improvement was driven primarily by higher processed volumes, with consolidated tonnes milled increasing 7% to 521,956 tonnes, together with higher silver head grades at Bolivar and Porco and a marked improvement in silver recovery at Zimapan. Bolivar contributed the largest single increase as rehabilitation of the areas affected by the May 2025 flooding event continued to advance, while San Lucas processed 22% more ore than in the prior quarter. Consolidated zinc production increased 7% to 23,240 tonnes, driven principally by higher throughput, which more than offset lower zinc grades at Bolivar and Porco. Lead production increased 18% to 3,165 tonnes and copper production increased 9% to 337 tonnes. Compared with Q2 2025, consolidated silver production increased 11%, and zinc production increased 10%, on 9% higher consolidated tonnes milled. Readers should note that Q2 2025 production was adversely affected by the May 2025 flooding event at Bolivar; refer to the news release dated July 29, 2025, for more information.

 

2

 

 

For additional context, and as a supplement to the Company’s primary metal production disclosure, silver-equivalent (“AgEq”) production for Q2 2026 totaled 2,814,489 ounces, while zinc-equivalent (“ZnEq”) production reached 59,680 tonnes. As both metrics are influenced by relative metal prices, the Company believes the quarter is best assessed based on actual metal production, particularly silver and zinc, with AgEq and ZnEq presented solely as supplemental reference metrics reflecting the Company’s multi-metal production profile. Readers are cautioned that silver-equivalent calculations can become less representative in periods when silver price significantly outperforms or underperforms the prices of other metals, which is particularly applicable when comparing the quarters year-over-year.

 

Bolivar Mine Production Summary

 

               Change   Change 
   2026 Q2   2026 Q1   2025 Q2   2026-Q2 vs 2026-Q1   2026-Q2 vs 2025-Q2 
                     
Material processed(1)                    
Tonnes milled   72,081    65,044    54,803    11%   32%
                          
Metal production(1)                         
Silver (ounces)   343,522    259,635    304,468    32%   13%
Zinc (tonnes)   3,684    3,656    3,225    1%   14%
Lead (tonnes)   233    198    182    18%   28%
                          
Average Grade                         
Silver (g/t)   165    141    190    17%   -13%
Zinc (%)   5.55    6.06    6.52    -8%   -15%
Lead (%)   0.42    0.43    0.44    -2%   -5%
                          
Metal Recovery                         
Silver (%)   90    88    91    2%   -1%
Zinc (%)   92    93    90    -1%   2%
Lead (%)   77    70    75    10%   2%

 

(1) Readers are cautioned that Bolivar and Porco production figures are presented at 100% however the Company records only its 45% interest in the assets, liabilities, revenues and expenses of the Illapa business in its consolidated financial statements. The Company reports its segment information on a 100% basis with respect to Bolivar and Porco together with an elimination column representing COMIBOL’s 55% interest (refer to segment information note of the condensed interim consolidated financial statements).

 

Q2 2026 vs Q1 2026

 

Compared with Q1 2026, Bolivar’s silver production increased 32% to 343,522 ounces from 259,635 ounces. The increase was driven by an 11% increase in tonnes milled and a 17% higher silver head grade (165 g/t versus 141 g/t), together with a modest improvement in silver recovery, as rehabilitation of the areas affected by the May 2025 flooding event continued to advance. Zinc production of 3,684 tonnes was broadly unchanged quarter over quarter, as higher throughput was largely offset by an 8% lower zinc grade. Lead production increased 18% to 233 tonnes, supported by higher throughput and improved lead recovery.

 

3

 

 

Q2 2026 vs Q2 2025

 

Compared with Q2 2025, Bolivar’s silver production increased 13% from 304,468 ounces and zinc production increased 14% from 3,225 tonnes, driven by a 32% increase in tonnes milled as mining areas continued to be restored. Head grades remained below the prior-year quarter (silver of 165 g/t versus 190 g/t; zinc of 5.55% versus 6.52%), reflecting the areas currently being mined as the operation advances through its recovery plan, with higher processed volumes more than offsetting the lower grades. Lead production increased 28% to 233 tonnes.

 

Porco Mine Production Summary

 

               Change   Change 
   2026 Q2   2026 Q1   2025 Q2   2026-Q2 vs 2026-Q1   2026-Q2 vs 2025-Q2 
                     
Material processed(1)                         
Tonnes milled   52,195    45,297    49,152    15%   6%
                          
Metal production(1)                         
Silver (ounces)   100,875    70,708    105,901    43%   -5%
Zinc (tonnes)   2,974    2,833    2,786    5%   7%
Lead (tonnes)   136    114    132    19%   3%
                          
Average Grade                         
Silver (g/t)   72    59    79    21%   -8%
Zinc (%)   5.95    6.61    6.03    -10%   -1%
Lead (%)   0.33    0.34    0.41    -2%   -19%
                          
Metal Recovery                         
Silver (%)   84    82    85    2%   -2%
Zinc (%)   96    95    94    1%   2%
Lead (%)   79    74    65    7%   21%

 

(1) Readers are cautioned that Bolivar and Porco production figures are presented at 100% however the Company records only its 45% interest in the assets, liabilities, revenues and expenses of the Illapa business in its consolidated financial statements. The Company reports its segment information on a 100% basis with respect to Bolivar and Porco together with an elimination column representing COMIBOL’s 55% interest (refer to segment information note of the condensed interim consolidated financial statements).

 

Q2 2026 vs Q1 2026

 

Porco is a predominantly zinc-oriented underground operation, and its performance is best assessed on zinc output. Compared with Q1 2026, zinc production increased 5% to 2,974 tonnes, as a 15% increase in tonnes milled more than offset a 10% lower zinc grade, with zinc recovery remaining strong at 96%. Silver production increased 43% to 100,875 ounces from 70,708 ounces, and lead production increased 19% to 136 tonnes.

 

Q2 2026 vs Q2 2025

 

Compared with Q2 2025, zinc production increased 7% from 2,786 tonnes on 6% higher tonnes milled and continued strong zinc recoveries. Silver production decreased 5% from 105,901 ounces, primarily reflecting an 8% lower silver head grade. This profile reflects mine sequencing deliberately focused on zinc-rich areas, rather than an operational shortfall, and is consistent with Porco’s role within the Company’s silver-zinc co-product portfolio.

 

4

 

 

Caballo Blanco Group(1) Production Summary

 

               Change   Change 
   2026 Q2   2026 Q1   2025 Q2   2026-Q2 vs 2026-Q1   2026-Q2 vs 2025-Q2 
                     
Material processed                         
Tonnes milled   11,475    12,410    10,561    -8%   9%
                          
Metal production                         
Silver (ounces)   326,215    306,888    294,786    6%   11%
Zinc (tonnes)   4,126    3,967    3,974    4%   4%
Lead (tonnes)   765    767    595    0%   29%
                          
Average Grade                         
Silver (g/t)   183    175    168    5%   9%
Zinc (%)   7.30    7.15    7.32    2%   0%
Lead (%)   1.51    1.54    1.23    -2%   23%
                          
Metal Recovery                         
Silver (%)   92    93    94    0%   -2%
Zinc (%)   94    94    94    0%   0%
Lead (%)   84    84    84    0%   0%

 

(1) The Caballo Blanco Group consists of the Colquechaquita and Tres Amigos mines.

 

Q2 2026 vs Q1 2026

 

Compared with Q1 2026, Caballo Blanco’s silver production increased 6% to 326,215 ounces from 306,888 ounces, driven by a 5% higher silver head grade (183 g/t versus 175 g/t) on modestly higher throughput. Zinc production increased 4% to 4,126 tonnes, and lead production was unchanged at 765 tonnes. Recoveries remained stable across all metals, and the operation continued to perform as one of the Company’s most consistent contributors.

 

Q2 2026 vs Q2 2025

 

Compared with Q2 2025, Caballo Blanco’s silver production increased 11% from 294,786 ounces, on 4% higher tonnes milled and a 9% higher silver head grade, while zinc production increased 4% from 3,974 tonnes. Lead production increased 29% from 595 tonnes, reflecting a 23% higher lead grade in the areas mined during the quarter. Grades and recoveries remained stable across periods, underscoring Caballo Blanco’s operating consistency.

 

Zimapan Production Summary

 

               Change   Change 
   2026 Q2   2026 Q1   2025 Q2   2026-Q2 vs 2026-Q1   2026-Q2 vs 2025-Q2 
                     
Material processed                         
Tonnes milled   222,259    223,670    224,162    -1%   -1%
                          
Metal production                         
Silver (ounces)   391,121    362,863    398,292    8%   -2%
Zinc (tonnes)   4,764    4,040    4,521    18%   5%
Lead (tonnes)   1,159    1,005    1,354    15%   -14%
Copper (tonnes)   337    308    229    9%   47%
                          
Average Grade                         
Silver (g/t)   76    78    77    -3%   -2%
Zinc (%)   2.78    2.55    2.62    9%   6%
Lead (%)   0.68    0.62    0.80    9%   -15%
Copper (%)   0.27    0.25    0.22    7%   22%
                          
Metal Recovery                         
Silver (%)   72    65    71    12%   1%
Zinc (%)   77    71    77    9%   0%
Lead (%)   77    73    76    6%   2%
Copper (%)   57    54    45    4%   25%

 

5

 

 

Q2 2026 vs Q1 2026

 

Compared with Q1 2026, Zimapan’s silver production increased 8% to 391,121 ounces from 362,863 ounces despite broadly unchanged throughput and a slightly lower silver head grade, driven by a significant improvement in silver recovery to 72% from 65%. Zinc production increased 18% to 4,764 tonnes, supported by a 9% higher zinc grade and improved zinc recovery, while lead production increased 15% to 1,159 tonnes and copper production increased 9% to 337 tonnes.

 

Q2 2026 vs Q2 2025

 

Compared with Q2 2025, Zimapan’s silver production was broadly stable, decreasing 2% from 398,292 ounces, while zinc production increased 5% from 4,521 tonnes on a higher zinc grade. Lead production decreased 14% from 1,354 tonnes, primarily reflecting a 15% lower lead grade associated with mine sequencing, while copper production increased 47% from 229 tonnes on materially higher copper grades and recoveries. Zimapan remained an important contributor to consolidated output and continues to be managed with a focus on recoveries and concentrate quality.

 

San Lucas Group(1) Ore Processing Production Summary

 

               Change   Change 
   2026 Q2   2026 Q1   2025 Q2   2026-Q2 vs 2026-Q1   2026-Q2 vs 2025-Q2 
                     
Material processed                         
Tonnes milled   115,424    94,767    94,973    22%   22%
                          
Metal production                         
Silver (ounces)   411,367    341,405    319,634    20%   29%
Zinc (tonnes)   7,692    7,144    6,643    8%   16%
Lead (tonnes)   872    602    509    45%   71%
                          
Metal Recovery                         
Silver (%)   82    81    85    2%   -3%
Zinc (%)   89    89    90    0%   -1%
Lead (%)   67    63    59    5%   12%

 

(1) The San Lucas Group production volumes and results are primarily from purchased ore from third party miners but also includes production from the Company’s wholly owned Reserva mine which makes up a small portion of the total production.

 

San Lucas is the Company’s ore sourcing and trading business in Bolivia and should be regarded as a strategic component of the broader Bolivian production portfolio. By procuring mineralized material from third-party suppliers and processing it through the Company’s existing plants, San Lucas supports higher plant utilization, enhances fixed-cost absorption, and increases overall operating flexibility. Given its margin-based structure, purchase prices are aligned to contained metal value. San Lucas is best evaluated on the basis of margin generation and its contribution to overall operating efficiency, rather than on average feed grade alone.

 

Q2 2026 vs Q1 2026

 

Compared with Q1 2026, San Lucas processed 115,424 tonnes, a 22% increase, and produced 411,367 ounces of silver (up 20%), 7,692 tonnes of zinc (up 8%), and 872 tonnes of lead (up 45%). The increase was driven primarily by higher volumes of purchased ore delivered by third-party suppliers, with recoveries broadly stable to modestly improved. The higher volumes directly supported plant utilization and fixed-cost absorption across the Company’s Bolivian processing facilities.

 

Q2 2026 vs Q2 2025

 

Compared with Q2 2025, San Lucas increased silver production by 29% from 319,634 ounces, zinc production by 16% from 6,643 tonnes, and lead production by 71% from 509 tonnes, on 22% higher processed tonnes. The year-over-year growth underscores the flexibility of the San Lucas model, which allows the Company to scale third-party feed sourcing in response to plant availability and market conditions.

 

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Methodology for the Calculation of Silver Equivalent and Zinc Equivalent Production Figures

 

Commencing Q1 2026, the Company has improved its production disclosure by reporting Zinc Equivalent tonnes produced and has changed the method of calculating Silver Equivalent Ounces produced. The Company considers silver equivalent (“AgEq”) ounces and zinc equivalent (“ZnEq”) tonnes to be useful supplemental production metrics for evaluating its multi-metal production profile. These measures are commonly used in the mining industry as reference metrics to facilitate period-over-period comparisons and, where relevant, benchmarking against industry peers. They should be viewed as supplemental to, and not a substitute for, the actual metal production volumes disclosed on a metal-by-metal basis.

 

AgEq ounces and ZnEq tonnes are calculated by applying conversion factors that normalize the value of each non-reference metal to the selected reference metal. For AgEq ounces, the values of zinc, lead, and copper are converted into silver equivalent ounces. For ZnEq tonnes, the values of silver, lead, and copper are converted into zinc equivalent tonnes. Each conversion factor is derived from the ratio of the in-situ metal value of the contained fine metal to the price of the reference metal used in the equivalency calculation. The denominator used to calculate silver equivalent ounces is the silver price, while the denominator used to calculate zinc equivalent tonnes is the zinc price. This methodology expresses multi-metal production in a common unit of measure. Since the silver price and zinc price are the denominators in each metric, price variations of these metals can significantly affect the result, especially when one metal price changes significantly relative to the other metal prices.

 

The metal prices used in the calculation of AgEq and ZnEq are based on the average quarterly prices quoted on the London Metal Exchange (“LME”). Previously, the Company used budgeted metal prices which were only updated annually. The Company considers that it is more appropriate to use the quarter’s actual prices to determine the period’s AgEq and ZnEq production volumes to better reflect production results in the context of volatile market prices. Previously reported AgEq ounces produced have been updated using the period’s corresponding quarterly average LME prices instead of the budgeted prices which were previously used.

 

Monthly Average Prices  Zinc   Lead   Silver   Copper 
Average Q2 LME/2026   3,463    1,955    73.44    13,324 
Average Q1 LME/2026   3,243    1,931    84.39    12,852 
Average Q4 LME/2025   3,165    1,971    54.83    11,100 
Average Q3 LME/2025   2,824    1,965    39.39    9,792 
Average Q2 LME/2025   2,641    1,947    33.63    9,519 
Average Q1 LME/2025   2,838    1,970    31.91    9,346 

 

The methods used by the Company to calculate these equivalencies may differ from those used by other companies reporting similar metrics and therefore may not be directly comparable. These measures are intended to provide additional information and should not be considered in isolation or as a substitute for performance measures prepared in accordance with International Financial Reporting Standards (“IFRS”).

 

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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 Zimapan 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.

 

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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, that operations will continue as planned and that production, recoveries and operating performance will be consistent with management’s expectations.

 

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.

 

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Source: View Original Filing on SEC EDGAR

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