Santacruz Silver Reports Third Quarter 2025 Results

Core Viewpoint - Q3 2025 was a transformative quarter for Santacruz Silver Mining Ltd., marked by the payoff of the final installment to Glencore for Bolivian assets, significantly strengthening the balance sheet and resulting in a working capital of $69.20 million. The company reported year-over-year gains in profitability and cash generation, driven by favorable silver prices and operational stability despite challenges at the Bolívar mine [4][6]. Financial Highlights - Revenues reached $79.99 million, a 2% increase year-over-year [6]. - Gross profit was $20.17 million, reflecting a 28% increase year-over-year [6]. - Net income stood at $16.34 million, a 7% decrease year-over-year [6]. - Adjusted EBITDA was $19.51 million, a 67% increase year-over-year [6]. - Cash and marketable securities totaled $59.23 million, a 225% increase year-over-year [6]. - Working capital increased by 186% to $69.20 million year-over-year [6]. Production and Operational Performance - Silver equivalent ounces produced were 3,424,817, a 30% increase year-over-year [6]. - Material processed was 486,585 tonnes, a 1% increase from Q2 2025 but a 1% decrease from Q3 2024 [5]. - The Bolívar mine faced challenges due to a water inflow event, impacting production, but remediation efforts are underway with recovery expected to resume in February 2026 [4][14]. Cost Analysis - All-in sustaining cost (AISC) per silver equivalent ounce sold was $35.62, a 30% increase year-over-year [6][22]. - Cash cost per silver equivalent ounce sold was $28.62, a 28% increase year-over-year [6][22]. - The appreciation of the Bolivian boliviano contributed to increased costs across Bolivian operations, reflecting positive market sentiment towards the new government [19][22]. Year-to-Date Summary - For the nine months ended September 30, 2025, the company processed 1,439,221 tonnes of ore, producing 10,660,000 silver equivalent ounces, including 4,255,073 ounces of silver [13]. - The operational performance across other mines, such as Caballo Blanco and Zimapán, remained stable, helping to offset the impact from Bolívar [15][17].