Santacruz Silver (NASDAQ: SCZM) unit raises Bs 70M in oversubscribed Bolivian notes

Rhea-AI Filing Summary

Santacruz Silver Mining Ltd. reports that its wholly owned Bolivian subsidiary, San Lucas, has completed an oversubscribed Bs 70 million unsecured promissory note Offering in the Bolivian capital markets. The notes bear annual interest of 10.8168% and mature on March 22, 2027.

This is the third Offering under San Lucas’ promissory note Program, which has a maximum authorized amount of Bs 140 million. After a prior Bs 70 million tranche was fully repaid on February 18, 2026 and a second Bs 70 million tranche was placed on August 11, 2025, the Program is now fully placed again at Bs 140 million.

The Offering was priced above par, oversubscribed by approximately 40%, and fully placed in about 15 minutes through the Bolsa Boliviana de Valores, highlighting strong demand from Bolivian investors and confidence in San Lucas’ ore sourcing and trading business and Santacruz’s broader operating platform in Bolivia.

Insights

Mining credit and capital markets analyst

Subsidiary completes oversubscribed Bs 70M note issue at 10.8%.

Santacruz, via its Bolivian subsidiary San Lucas, has issued unsecured promissory notes for Bs 70 million at a 10.8168% annual rate, maturing on March 22, 2027. This is the third tranche under a Bs 140 million Program.

The Program is now fully placed, after the first Bs 70 million was repaid on February 18, 2026 and a second Bs 70 million offering on August 11, 2025. The notes are unsecured, so investors rely on San Lucas’ credit quality and Santacruz’s broader platform.

The Offering was oversubscribed by about 40%, priced above par, and completed in roughly 15 minutes on the Bolsa Boliviana de Valores. That pace and pricing indicate strong local investor appetite for the company’s credit, though the impact depends on how effectively the proceeds advance the transition from the prior facility.

Key Figures

Third offering size: Bs 70 million Note interest rate: 10.8168% per year Note maturity date: March 22, 2027 +5 more

8 metrics

Third offering size Bs 70 million Gross proceeds from San Lucas promissory note Offering

Note interest rate 10.8168% per year Annual interest on San Lucas promissory notes

Note maturity date March 22, 2027 Maturity of San Lucas promissory notes

Program capacity Bs 140 million Maximum authorized amount of San Lucas promissory note Program

Oversubscription level Approximately 40% Extent to which the Offering was oversubscribed

First offering repayment date February 18, 2026 Date first Bs 70 million offering was fully repaid

Second offering completion date August 11, 2025 Date second Bs 70 million offering was completed

Official exchange rate BOB 6.96 per US$1 Official exchange rate in Bolivia mentioned in the release

Key Terms

promissory note program, oversubscribed, priced above par, ore sourcing and trading business, +2 more

6 terms

promissory note program financial

"the third offering under its promissory note program (the “Program”)"

oversubscribed financial

"The Offering was oversubscribed by approximately 40%, priced above par"

When a financial offering, such as a sale of shares or bonds, is described as "oversubscribed," it means that more investors want to buy than there are available units to sell. This often indicates high demand and strong interest from investors, similar to a popular concert ticket selling out quickly and more people wanting to buy than there are tickets. It can signal confidence in the offering and may lead to favorable terms for the issuer.

priced above par financial

"The Offering was oversubscribed by approximately 40%, priced above par"

ore sourcing and trading business financial

"confidence in San Lucas’ ore sourcing and trading business"

Bolsa Boliviana de Valores financial

"The Offering was executed through the Bolsa Boliviana de Valores"

unsecured financial

"The notes have an annual interest rate of 10.8168%, mature on March 22, 2027, and are unsecured."

Unsecured describes a loan, bond, or claim that is not backed by specific assets or collateral; if the borrower fails to pay, creditors must rely on the borrower’s general promise rather than seizing a pledged asset. For investors this usually means higher risk and potentially higher yield, because unsecured holders stand behind secured creditors in repayment priority—think of lending money to someone without a pledged item to repossess if they don’t pay.

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

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FAQ

What financing did Santacruz Silver Mining (SCZM) announce in this 6-K?

Santacruz Silver Mining announced that its Bolivian subsidiary San Lucas completed an unsecured promissory note Offering of Bs 70 million. This was the third Offering under its promissory note Program in the Bolivian capital markets, executed through the Bolsa Boliviana de Valores.

What are the key terms of Santacruz Silver’s new Bs 70M promissory notes?

The new San Lucas promissory notes total Bs 70 million, carry an annual interest rate of 10.8168%, and mature on March 22, 2027. The notes are unsecured, meaning they are not backed by specific collateral from Santacruz or San Lucas.

How large is Santacruz Silver’s San Lucas promissory note program in Bolivia?

San Lucas’ promissory note Program has a maximum authorized size of Bs 140 million. With this third Bs 70 million Offering, and after earlier tranches in 2025 and early 2026, the Program is once again fully placed at the full Bs 140 million capacity.

Was the Santacruz Silver (SCZM) Bs 70M note Offering well received by investors?

Yes. The San Lucas promissory note Offering was oversubscribed by approximately 40%, priced above par, and fully placed in about 15 minutes. This rapid, oversubscribed placement highlights strong demand from the Bolivian investor community for the company’s credit.

How does this Bs 70M issuance relate to prior offerings under the San Lucas program?

The Program’s first Bs 70 million Offering was fully repaid on February 18, 2026, restoring capacity. A second Bs 70 million Offering closed on August 11, 2025. This third Bs 70 million issuance again fully utilizes the Bs 140 million Program.

What mining assets support Santacruz Silver’s operations connected to San Lucas?

Santacruz Silver operates the Bolivar, Porco, and Caballo Blanco mining complexes in Bolivia, plus the Reserva mine, which supplies ore to the San Lucas ore sourcing and trading business. It also oversees the Soracaya exploration project and operates the Zimapan mine in Mexico.

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 April 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 April 9, 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: April 10, 2026	By:	/s/ Andres Bedregal
	Name:	Andres Bedregal
	Title:	Chief Financial Officer

Exhibit 99.1

News Release April 9^th, 2026

Santacruz Silver’s Wholly Owned Bolivian Subsidiary, San Lucas, Successfully Completes Oversubscribed Bs 70M Promissory Note Issuance Under New Program, Advancing Transition from Prior Facility

Vancouver, B.C. – Santacruz Silver Mining Ltd. (NASDAQ: SCZM) (TSX.V: SCZ) (“Santacruz” or the “Company”) is pleased to announce that its wholly owned Bolivian subsidiary, Empresa Minera San Lucas S.A. (“San Lucas”), has successfully completed the third offering (the “Offering”) under its promissory note program (the “Program”), “Pagarés Bursátiles San Lucas – Emisión 3,” in the Bolivian capital markets on April 8, 2026.

The Offering was completed for gross proceeds of Bs 70 million. The notes have an annual interest rate of 10.8168%, mature on March 22, 2027, and are unsecured. The Offering was oversubscribed by approximately 40%, priced above par, and was fully placed in approximately 15 minutes, underscoring strong investor demand.

The Program has a maximum authorized amount of BS 140 million. The first offering of Bs 70 million was fully repaid on February 18, 2026, restoring capacity under the Program. The second offering of Bs 70 million was completed on August 11, 2025. With this third offering of Bs 70 million, the Program is once again fully placed at Bs 140 million.

The Offering was executed through the Bolsa Boliviana de Valores, and attracted strong participation from the Bolivian investor community. The results reflect continued confidence in San Lucas’ ore sourcing and trading business, as well as in Santacruz’s broader operating platform, financial profile, and long-term strategy in Bolivia.

Arturo Préstamo, Executive Chairman and CEO of Santacruz, commented: “The speed of execution, the above-par pricing, and the strong oversubscription of this Offering clearly reflect the confidence that the Bolivian capital markets continue to place in San Lucas, as well as in Santacruz’s broader business platform. With this Offering, we have once again fully utilized the full Bs 140 million Program, reinforcing our disciplined approach to capital management and our ability to access funding efficiently.”

Mr. Préstamo continued: “This Offering is also a strong endorsement of the quality and credibility of our business model. San Lucas plays an important strategic role within Santacruz, strengthening our operating platform in Bolivia and supporting long-term value creation for our shareholders.”

Please refer to the Company’s news releases dated February 27, 2025 and August 11, 2025, for details of the first and second offerings, respectively.

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.

* Bs refers to the Bolivian boliviano (BOB). The official Exchange Rate in Bolivia is BOB 6.96 per US$1.

‘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.

Filing Exhibits & Attachments

2 documents

Press Releases

• EX-99.1 EX-99.1 15.4 KB
• EX-99 GRAPHIC 4.1 KB