Santacruz Silver

Santacruz Silver Reports First Quarter 2024 Results
May 31, 2024

Vancouver, B.C. – Santacruz Silver Mining Ltd. (TSX.V:SCZ) ("Santacruz" or "the Company”) reports its financial and operating results for the first quarter (“Q1”) of 2024. The full version of the financial statements and accompanying Management’s Discussion and Analysis (the “MD&A”) can be viewed on the Company’s website at www.santacruzsilver.com or on SEDAR+ at www.sedarplus.ca.

Q1 2024 Highlights

   Processed 470,749 tonnes of material and produced 4,478,122 silver equivalent ounces, including:
       1,581,949 ounces of silver
       22,847 tonnes of zinc
       2,953 tonnes of lead
       256 tonnes of copper

   Cash cost per silver equivalent ounce sold of $21.19
   AISC per silver equivalent ounce sold of $24.12
   Revenue of $52,589,000
   Adjusted EBITDA of ($215,000)

Arturo Préstamo, Executive Chairman and CEO of Santacruz, commented, “Santacruz has successfully restructured its debt with Glencore, resulting in enhanced financial flexibility and a more robust balance sheet.  This strategic move has bolstered the Company´s financial position and should allow for better optimization of Santacruz’s core business activities and the pursuit of long-term growth initiatives.”

Mr. Préstamo continued, “During the first quarter, production at our Bolivian mines faced several disruptions due to various events, including national holidays, and the national population census. Caballo Blanco experienced a challenging quarter due to additional production disruptions caused by safety training and mining in areas with lower silver grades. However, the preparation of new areas is progressing well, thanks to the integration ramp. Caballo Blanco is expected to mine areas with higher silver grades in the coming months and together with less operational disruptions, the Company expects a better performance. Our AISC per silver equivalent ounces sold increased due to the decrease in silver equivalent ounce sold, with the most impact being from Caballo Blanco. However, our Zimapan mine in Mexico experienced no production variances during the quarter, with the efficiency strategies implemented in late 2023 continuing to deliver improvements.”

Selected consolidated financial and operating information for the quarter ended March 31, 2024 are presented below. All financial information is prepared in accordance with International Financial Reporting Standards (“IFRS”), and all dollar amounts are expressed in thousands of US dollars, except per unit amounts, unless otherwise indicated.

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