SCZM

Interested in Santacruz Silver Mining? Here are five stocks we like better. Operational performance improved: Q2 consolidated silver production rose 17% quarter over quarter and zinc production increased 7%, while silver all-in sustaining costs fell 24% to $21.87 per ounce. Bolivar’s dewatering and rehabilitation program remains on schedule, with full recovery targeted for Q4. Exports delayed sales but largely recovered: Bolivia’s 53-day road blockades left more than 7,800 tons of concentrate in inventory, temporarily reducing recognized sales. About 97% of the inventory had been sold by the webinar, generating nearly $23 million and helping lift treasury holdings above $100 million. Growth initiatives remain on track: Santacruz expects Soracaya permits in Q3 and plans to begin small-scale production by the end of Q4, with potential annual output of up to 3 million silver-equivalent ounces. Management is also pursuing renewal of the Illapa joint operation through 2043 and evaluating acquisitions of producing mines. Santacruz Silver Mining (NASDAQ:SCZM) said its second-quarter operating performance improved across its portfolio, with higher silver and zinc output, while temporary export constraints in Bolivia delayed some sales into subsequent periods. During the company’s Q2 results webinar, Executive Chairman and CEO Arturo Préstamo Elizondo said consolidated silver production rose 17% quarter over quarter and zinc production increased 7%. He attributed the silver increase primarily to the Bolivar mine, where production rose by 84,000 ounces as tons milled increased 11% and silver head grades improved 17%. → Datavault AI Locks Down CyberCatch in $94M Security Rollup Bolivar’s recovery remains tied to a dewatering program that Préstamo said is proceeding on schedule and on budget. The company continues to rehabilitate the main ramp toward lower levels and prepare stopes for mining, with full recovery still targeted for the fourth quarter. Santacruz has also identified two high-grade areas that had previously been left behind and incorporated them into its mining plans for next year. Management said operating improvements extended beyond Bolivar. At Zimapán, silver recoveries improved 10%, while zinc head grades and recoveries each increased 9%. Caballo Blanco increased silver production by 6%, supported by a 5% improvement in silver head grades. Porco processed 15% more tons and reported a 21% rise in silver head grades. → Michael Burry Is Betting Against Palantir Again—Should Investors Care? San Lucas processed 22% more tons than in the prior quarter and increased silver production by 20%, according to Préstamo. Consolidated mining throughput rose 7% during the quarter. Préstamo also pointed to the impact of capital investments at Zimapán, including flotation and flash-cell circuits. He said the investments are beginning to support improved recoveries for zinc, copper and silver. Management said Zimapán reached level 960 and that some stopes planned for the coming quarter are already in production. → Home Depot Analysts See a Path to $375 and Beyond Santacruz reported silver all-in sustaining costs of $21.87 per ounce, down 24% from the prior quarter. Préstamo said the reduction was driven mainly by better silver head grades, higher recoveries and a 7% increase in material processed across the company’s five operations. Higher copper and lead production also provided stronger byproduct credits, while lower sustaining capital and general costs reduced the all-in figure further. CFO Andrés Bedregal said the company generated strong underlying financial results despite a mismatch between production and sales caused by road blockades in Bolivia. The blockades lasted approximately 53 days, constraining concentrate exports while operations continued. Bedregal said revenue rose 55% year over year, gross profit nearly doubled, adjusted EBITDA increased 74%, and realized mining margin per silver ounce sold climbed to just over $50 from about $16 a year earlier. Santacruz ended the quarter with $73 million in cash and highly liquid marketable securities. However, sales volumes fell below production volumes because concentrate remained in inventory rather than being sold and recognized in revenue during the quarter. Préstamo said the affected inventory totaled more than 7,800 tons, including about 6,000 tons of zinc concentrate and 1,700 tons of lead concentrate. He valued the inventory at approximately $24 million. As of the webinar, 97% of that inventory had been sold, recovering nearly $23 million, with the remaining roughly $1.5 million expected to be sold in the third quarter. Préstamo said concentrate inventory was returning to a normal range of approximately 2,500 to 3,000 tons. He also said final settlements related to Mexican shipments brought in more than $22 million that week, lifting the company’s treasury above $100 million. Reported net income was about $2 million in Q2, compared with approximately $28 million in the first quarter. Bedregal said the decline was largely due to a $15.8 million non-cash fair-value loss on contingent value rights held by Glencore and a $36.1 million income-tax expense. The Glencore contingent value rights require payment only in months when average London Metal Exchange zinc prices exceed $3,850 per ton. Zinc averaged about $3,400 per ton in Q2, Bedregal said. Under IFRS accounting rules, however, the company must remeasure the potential obligation at each reporting date. At quarter-end, Santacruz had about $35 million recorded as a CVR liability. Monthly contractual payments are capped at roughly $1.33 million. Bedregal said higher zinc prices that would trigger CVR payments would also result in materially higher zinc revenue and margins for Santacruz. The tax expense included an impact from Bolivia’s shift away from a fixed official exchange rate. The official rate moved from 6.96 bolivianos per U.S. dollar to approximately 9.77 at quarter-end, creating taxable foreign-exchange gains in the local statutory financial statements of Santacruz’s Bolivian subsidiaries. Bedregal characterized the impact as a one-time event, noting that the new exchange-rate reference point has now been reset. Préstamo said Santacruz expects to receive permits for the Soracaya project during the third quarter and plans to begin small-scale production of approximately 300 tons per day by the end of the fourth quarter. Underground equipment has arrived at the site, while the company evaluates the optimal mine design and ramp configuration. Full production is targeted for next year, potentially by year-end, though management said the timeline remains subject to further planning. Under the current mine plan, Soracaya could produce up to 3 million silver-equivalent ounces annually, with most of that output expected to be silver, Préstamo said. The company also said it expects the Illapa joint operation agreement in Bolivia to be renewed through July 2043, subject to completion of Bolivia’s legislative and executive approval process. Management said the amended contract had cleared initial approvals and was moving through the remaining administrative steps. Looking ahead, Santacruz plans to focus on Bolivar’s Q4 recovery, sustained cost control, continued growth at San Lucas and Soracaya development. Management also said it is evaluating accretive acquisition opportunities, with a preference for producing mines in familiar jurisdictions that generate more than 4 million to 5 million silver-equivalent ounces annually. Santacruz Silver Mining Inc (Nasdaq: SCZM) is a precious metals company focused on the exploration, development and production of silver and gold resources. The company's business centers on acquiring and advancing mineral properties, conducting exploration programs to expand resources, and operating or re‑starting mines to produce payable metal. As a publicly traded issuer, Santacruz reports results and project updates through routine regulatory filings and investor communications. Operationally, Santacruz is primarily involved in the full cycle of mining activities that include drilling and resource definition, mine development and production, on‑site ore processing or concentrate production, and the sale of metal production to smelters and concentrate buyers. This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to [email protected]. The article "Santacruz Silver Mining Q2 Earnings Call Highlights" was originally published by MarketBeat. View MarketBeat's top stocks for August 2026.

Vancouver, British Columbia--(Newsfile Corp. - August 17, 2026) - Santacruz Silver Mining Ltd. (NASDAQ: SCZM) (TSXV: SCZ) ("Santacruz" or the "Company") reports its financial and operating results for the quarter ended June 30, 2026 ("Q2 2026"). The full version of the unaudited Q2 2026 financial statements (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. All amounts are expressed in U.S. dollars, unless otherwise stated. Q2 2026 Highlights Revenues of $113.5 million, a 55% increase year-over-year. Gross profit of $51.1 million, a 102% increase year-over-year. Adjusted EBITDA(1) of $46.7 million, a 74% increase year-over-year. Cash and highly-liquid marketable securities(2) of $72.8 million, an 82% increase year-over-year. Working capital of $86.1 million, a 43% increase year-over-year. Net income of $2.0 million, a 90% decrease year-over-year, reflecting the impact of the non-recurring tax event and non-cash CVR revaluation discussed below. Average realized price per silver ounce sold(1) of $72.17, a 118% increase year-over-year. AISC per silver ounce sold(1) of $21.87, a 25% increase year-over-year. Realized mining margin per silver ounce sold(1) of $50.30, a 222% increase year-over-year. Average realized price per zinc tonne sold(1) of $3,302, a 12% increase year-over year. AISC per zinc tonne sold(1) of $2,219, a 46% increase year-over-year. Realized mining margin per zinc tonne sold(1) of $1,083, a 24% decrease year-over-year. The Company reports non-GAAP measures, which includes: adjusted EBITDA, average realized price per silver ounce and zinc tonne sold, all-in sustaining cost per ounce of silver and zinc tonne sold (AISC) and realized mining margin per silver ounce and zinc tonne sold. These measures are widely used in the mining industry as a benchmark for performance, but do not have a standardized meaning and may differ from methods used by other companies even though the metrics have the same or similar names. Refer to the section titled "Non-GAAP Measures" in the MD&A for more information. Cash includes $50.4 million and highly-liquid marketable securities includes $22.4 million, consisting of US treasury notes and bills, of which $15.8 million serves as collateral for short-term borrowings. Arturo Préstamo, Executive Chairman and Chief Executive Officer of Santacruz, commented: "Santacruz delivered strong operating and financial performance in Q2 2026, with revenue up 55% year-over-year to $113.5 million, Adjusted EBITDA up 74% to $46.7 million, and realized mining margin per silver ounce sold rising to $50.30 from $15.63. The Company ended the quarter with $72.8 million in cash and highly liquid marketable securities. Our cash position was affected by the $7.7 million repayment of San Lucas promissory notes in June, which have been reissued in Q3 2026. In addition, we further expect to grow our cash reserves from the reduction of our unusually high trade receivables balance at the current quarter end." Andrés Bedregal, CFO of Santacruz, stated: "It's important to note that our net income for the quarter was significantly impacted by two non-recurring tax events associated with changes in Bolivia's exchange rate and inflation assumptions, as well as a non-cash fair value adjustment related to the Glencore contingent value rights (CVRs). These items obscure the underlying strength of our operating performance this quarter." Mr. Bedregal added: "The largest impact on net income was an unusually high $36.1 million income tax expense caused by two non-recurring events. One event was the result of the revaluation of the Boliviano following the change in the official exchange rate from 6.96 to 9.77 Bolivianos per U.S. dollar, a 40% decrease. The change resulted in a taxable foreign exchange gain, despite not representing a cash gain. In future quarters, we expect the impact of foreign exchange revaluation to be significantly lower, as any future changes will be measured from the new closing rate of 9.77 rather than the previous rate of 6.96. Income tax expense was also impacted by a non-recurring taxable gain related to a reduction in our decommissioning and restoration provision which was driven by forecasted lower inflation over the lives of our mining operations in Bolivia." Mr. Bedregal concluded: "Our net income was further affected by a $15.8 million non-cash fair value adjustment to the consideration payable balance arising from the CVRs granted to Glencore. The consideration payable balance does not represent a cash payment currently owed to Glencore. The value of the CVR liability is a valuation of the payouts that could occur up to the end of 2032. The payments are only triggered when the month's average LME zinc price exceeds $3,850 per tonne, a threshold that has not been exceeded since the inception of the agreement in 2024. Its important to consider that any payments triggered by higher zinc prices would be accompanied by increased sales revenues from the higher price. Excluding the loss from the change in fair value of the CVR, net income for the quarter would have been $17.8 million." The following table reconciles net income as reported in the Interim Consolidated Financial Statements to show the net income excluding the non-cash CVR adjustment for the three months ended June 30, 2026 (US$ thousands): Note: (1) "Adjusted net income for non-cash CVR loss" is a non-GAAP measure which excludes the loss on change in fair value of consideration payable reported in the Interim consolidated statement of comprehensive income. refer to note 9 - Consideration payable in the Condensed Interim Consolidated Financial Statements for the Three and Six Months ended June 30, 2026 and 2025 for details. Arturo Préstamo, Executive Chairman and Chief Executive Officer of Santacruz, added: "During Q2 2026, some parts of Bolivia experienced road blockades that disrupted logistics for approximately 53 days. Operationally, our production was not affected by the blockades, which is a testament to the strength of our operations and the dedication of our teams. Production increased quarter-over-quarter at all five of Santacruz's operations, consolidated silver production increased 17% year-over-year, and notably, silver production at Bolivar increased 32% quarter-over-quarter. The blockades did, however, temporarily constrain concentrate exports — particularly lead concentrate, which contains the majority of our silver production. As a result, sales were below production volumes during the quarter, contributing to an approximately $17.0 million increase in inventories. The blockades were resolved at the end of Q2 2026 and exports have normalized during Q3 2026. We have since been drawing down the inventory accumulated during Q2 2026, with the related revenue expected to be recognized as those shipments are completed." Mr. Prestamo concluded: "Looking ahead to the second half of 2026, we are focused on our operations, which we expect will provide strong financial performance, including realizing the benefit of the concentrate sales that were deferred from Q2 2026. At the Bolivar mine, we are on track to achieve full operational recovery and return to full production by Q4 2026, with continued quarter-over-quarter improvement expected in Q3 2026. Across our broader portfolio, we continue to evaluate opportunities to increase production and improve operating performance, including initiatives to strengthen San Lucas. As we optimize our existing operations and bring new production online, we are building scale across our portfolio and advancing our goal of becoming a leading silver and base metals producer in Latin America — a trajectory we believe positions us to create meaningful long-term value for our shareholders." Selected consolidated financial and operating information for Q2 2026, Q1 2026 and Q2 2025 is 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. Update to Non-GAAP Performance Measures and Silver/Zinc Equivalent Ounces Metrics Commencing in Q1 2026, the Company updated its non-GAAP performance measures to provide management and readers with useful information to evaluate the performance of the Company. Refer to the Non-GAAP measures section in the Company's Q2 2026 MD&A for a detailed explanation of the metrics and methodology used to determine them. 2026 Second Quarter Operational Highlights Notes: (1) Mining operations includes only production from Bolivar, Porco, Caballo Blanco and Zimapan. Ore processing operations includes only production from San Lucas ore processing business. 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).(2) 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 "Non-GAAP Measures" for further information.(3) Silver ounces sold and zinc tonnes sold may be lower or higher than the volumes produced in the period due to two effects: (i) timing - concentrates produced in a quarter may be shipped and invoiced in a subsequent period or have been produced in a prior period; and (ii) commercial terms - payable ounces under offtake agreements are lower than produced ounces due to standard treatment and quality deductions applied by the customer.(4) The Company reports non-GAAP measures, which include: cash cost of production per tonne milled, cash cost per silver ounce and zinc tonne sold, average realized price per silver ounce and zinc tonne sold, all-in sustaining cost per silver ounce, zinc tonne sold, realized mining margin per silver ounce or zinc tonne sold and realized ore processing margin per silver ounce or zinc tonne sold. These measures are widely used in the mining industry as a benchmark for performance, but do not have a standardized meaning and may differ from methods used by other companies even though the metrics have the same or similar names. Refer to the section titled "Non-GAAP Measures" in this MD&A. 2026 Second Quarter Financial Highlights Notes: (1) On December 10, 2025 the Company consolidated its issued and outstanding common shares on the basis of one post-consolidated common share for every four pre-consolidated common shares. The number of issued and outstanding shares and any per share amounts have been retrospectively restated.(2) The Company reports non-GAAP measures, which includes Adjusted EBITDA, these measures are widely used in the mining industry as a benchmark for performance, but do not have a standardized meaning and may differ from methods used by other companies even though the metrics have the same or similar names. Refer to the section titled "Non-GAAP Measures" in the MD&A. Summary Q2 2026 vs Q1 2026 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. Sales volumes did not rise to the same degree as production. During the quarter, road blockades in certain parts of Bolivia extended for approximately 53 days, disrupting supply chains across many sectors of the Bolivian economy. The blockades temporarily disrupted the export of the Company's concentrates but did not affect production, which continued without interruption at all operations. Silver ounces sold from mining operations of 894,167 increased 3% from 871,752 in Q1 2026, lagging the 16% increase in mining silver production, and silver ounces sold at San Lucas declined 47% to 333,899, as concentrate produced during the blockade period could not be shipped and was accumulated as inventory; first-quarter San Lucas sales had also been elevated by the shipment of previously accumulated concentrate. Consolidated inventories increased to $71,876 at June 30, 2026 from $57,517 at December 31, 2025, driven by higher concentrate inventory ($36,445 compared with $30,172) and higher ore stockpiles ($19,493 compared with $11,983). The Company expects this inventory to be sold in the subsequent quarter as export logistics have normalized. Zinc tonnes sold increased quarter over quarter at both mining operations (14,419 tonnes, up 3%) and San Lucas (8,796 tonnes, up 19%). The average realized price per silver ounce sold from mining operations decreased 10% to $72.17 from $80.61 in Q1 2026, in line with lower average silver prices during the quarter (the average LME silver price declined 13% to $73.44 per ounce). This was largely offset by lower unit costs: cash cost per silver ounce sold decreased 15% to $15.54 from $18.34, and all-in sustaining cost per silver ounce sold decreased 24% to $21.87 from $28.90, leaving the realized mining margin per silver ounce sold broadly stable at $50.30 (Q1 2026 — $51.71). Cash cost of production per tonne milled was also stable at $86.83 (Q1 2026 — $87.19). For zinc, the average realized price per tonne sold of $3,302 was 1% higher, while all-in sustaining cost per zinc tonne sold decreased 13% to $2,219, and the realized mining margin per zinc tonne sold increased 48% to $1,083 from $731. At San Lucas, the realized ore processing margin per silver ounce sold more than doubled to $33.42 from $16.49, and the realized ore processing margin per zinc tonne sold increased 23% to $819. Consolidated revenues of $113,458 were 11% lower than the $127,529 recorded in Q1 2026, as the lower silver prices and the blockade-related reduction in silver ounces sold at San Lucas more than offset the higher zinc volumes sold; Adjusted EBITDA nonetheless increased 10% quarter over quarter to $46,663 on the stronger unit margins. Q2 2026 vs Q2 2025 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 releases dated July 29, 2025 and August 21, 2025 for more information. The average realized price per silver ounce sold from mining operations increased 118% to $72.17 from $33.13 in Q2 2025, and the average realized price per zinc tonne sold increased 12% to $3,302 from $2,938. Silver ounces sold from mining operations decreased 30% year over year, with the largest reductions at Bolivar (down 46%) and Caballo Blanco (down 48%), reflecting the blockade-related timing of concentrate exports, while Zimapan, tons sold were broadly in line with its production. Zinc tonnes sold increased 18% from mining operations and 35% at San Lucas. Unit costs increased against the prior-year quarter, cash cost per silver ounce sold of $15.54 (Q2 2025 — $13.17) and all-in sustaining cost per silver ounce sold of $21.87 (Q2 2025 — $17.50), with cash cost of production per tonne milled of $86.83 (Q2 2025 — $69.92). The substantially higher realized silver price more than offset the cost increases, and the realized mining margin per silver ounce sold expanded 222% to $50.30 from $15.63. For zinc, all-in sustaining cost per tonne sold increased 46% to $2,219 (Q2 2025 — $1,517), and the realized mining margin per zinc tonne sold was $1,083, compared with $1,421 in Q2 2025. The combination of substantially higher realized prices and higher zinc volumes sold more than offset the lower silver volumes, and consolidated revenues increased 55% year over year to $113,458, with gross profit increasing 102% to $51,139 and Adjusted EBITDA increasing 74% to $46,663. Webinar Details CEO Arturo Préstamo and CFO Andrés Bedregal will discuss the Company's financial results in a webinar hosted by Adelaide Capital on Thursday, August 20th at 2:00 pm ET. Investors and shareholders are invited to participate in the webinar. Registration Link: https://us02web.zoom.us/webinar/register/WN_45DXDP6HTR2IqjauiLFlaw. The webinar will also be live-streamed on the Adelaide Capital YouTube Channel, where a replay will be available after the event: https://bit.ly/adcap-youtube. Questions can be submitted during the session or in advance to [email protected]. Non-GAAP Measures The financial results in this news release include references to non-GAAP measures which include: Adjusted EBITDA, cash cost of production per tonne milled, cash cost per silver ounce and zinc tonne sold, Average realized price per silver ounce and zinc tonne sold, All-in sustaining cost per silver ounce, zinc tonne sold, realized mining margin per silver ounce or zinc tonne sold and realized ore processing margin per silver ounce or zinc tonne sold. These measures are widely used in the mining industry as a benchmark for performance, but do not have a standardized meaning and may differ from methods used by other companies even though the metrics have the same or similar names. The data is intended to provide additional information and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with GAAP. For a reconciliation of non-GAAP and GAAP measures, please refer to the "Non-GAAP Measures" section in the Company's Q2 2026 MD&A, which is available on SEDAR+ at www.sedarplus.ca. Qualified Person Garth Kirkham P.Geo., an independent consultant to the Company and a Qualified Person as defined under NI 43-101, 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: [email protected] Telephone: +52 81 83 785707 Andrés BedregalSantacruz Silver Mining Ltd.Email: [email protected]: +591 22444849 Eduardo TorrecillasSantacruz Silver Mining Ltd.Email: [email protected]: +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 reflect the expectations or beliefs of the 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. This information and these statements, referred to herein as "forward-looking statements", are not historical facts, are made as of the date of this news release. 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 SEDAR+ (www.sedarplus.ca). 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/309844

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, British Columbia--(Newsfile Corp. - July 28, 2026) - Santacruz Silver Mining Ltd. (NASDAQ: SCZM) (TSXV: 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." Consolidated Production Summary – Mining & Ore Processing Operations Consolidated Production Summary – Mining Operations(2) Consolidated Production Summary – Ore Processing Operations(2) (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. 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 (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 2026Compared 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. Q2 2026 vs Q2 2025Compared 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 (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 2026Porco 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 2025Compared 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. Caballo Blanco Group(1) Production Summary (1) The Caballo Blanco Group consists of the Colquechaquita and Tres Amigos mines. Q2 2026 vs Q1 2026Compared 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 2025Compared 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 Q2 2026 vs Q1 2026Compared 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 2025Compared 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 (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 2026Compared 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 2025Compared 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. 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. 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"). 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: [email protected] Telephone: +52 81 83 785707 Andrés Bedregal Santacruz Silver Mining Ltd. Email: [email protected] Telephone: +591 22444849 Eduardo Torrecillas Santacruz Silver Mining Ltd. Email: [email protected] 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, 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. To view the source version of this press release, please visit https://www.newsfilecorp.com/release/306882

Never miss an important update on your stock portfolio and cut through the noise. Over 7 million investors trust Simply Wall St to stay informed where it matters for FREE. Santacruz Silver Mining (TSXV:SCZ) is back on investor radar after first quarter 2026 results showed sales of US$127.53 million and net income of US$28.47 million, each above the figures reported a year earlier. See our latest analysis for Santacruz Silver Mining. The share price is at CA$11.03 after pulling back over the past week and quarter. However, the very large 1 year and 3 year total shareholder returns suggest longer term momentum has been strong even as near term sentiment cools. If strong earnings from Santacruz have you rethinking silver exposure, it could be a good moment to broaden your watchlist with 9 top silver producer stocks With Santacruz posting higher quarterly sales and earnings, yet the share price sitting at CA$11.03 after recent declines, investors may wonder whether the stock is still undervalued or if the market is already pricing in future growth. According to the most followed narrative, Santacruz Silver Mining's fair value of CA$240 sits far above the last close at CA$11.03, which puts a spotlight on how the business model is expected to work. Read the complete narrative. Curious what underpins such a large gap between price and fair value? The narrative leans heavily on polymetal production, margin assumptions, and future cash flow torque across several operating mines. Result: Fair Value of CA$240 (UNDERVALUED) Have a read of the narrative in full and understand what's behind the forecasts. However, this hinges on smooth operations, and issues such as balance sheet pressure or setbacks at Bolivian and Mexican mines could quickly challenge that undervalued story. Find out about the key risks to this Santacruz Silver Mining narrative. Given the mix of excitement around potential upside and concern about real risks, it makes sense to move quickly and test the numbers for yourself, starting with 4 key rewards and 1 important warning sign. If you stop with just one stock, you miss out on fresh angles, smarter diversification, and potential opportunities that better match your risk and income goals. Target strong fundamentals by scanning companies on our solid balance sheet and fundamentals stocks screener (9 results) and focus your time on businesses with sturdier financial footing. Hunt for potential mispricings using the 9 high quality undervalued stocks so you can quickly spot stocks where the current price sits below their assessed quality. Strengthen your income focus with the 6 dividend fortresses and zero in on companies offering higher yields backed by more resilient payouts. This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned. Companies discussed in this article include SCZ.V. Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email [email protected]

Santacruz Silver Mining Ltd.'s (CVE:SCZ) earnings announcement last week was disappointing for investors, despite the decent profit numbers. We have done some analysis and have found some comforting factors beneath the profit numbers. We've found 21 US stocks that are forecast to pay a dividend yield of over 6% next year. See the full list for free. To properly understand Santacruz Silver Mining's profit results, we need to consider the US$13m expense attributed to unusual items. While deductions due to unusual items are disappointing in the first instance, there is a silver lining. When we analysed the vast majority of listed companies worldwide, we found that significant unusual items are often not repeated. And, after all, that's exactly what the accounting terminology implies. If Santacruz Silver Mining doesn't see those unusual expenses repeat, then all else being equal we'd expect its profit to increase over the coming year. That might leave you wondering what analysts are forecasting in terms of future profitability. Luckily, you can click here to see an interactive graph depicting future profitability, based on their estimates. Because unusual items detracted from Santacruz Silver Mining's earnings over the last year, you could argue that we can expect an improved result in the current quarter. Based on this observation, we consider it likely that Santacruz Silver Mining's statutory profit actually understates its earnings potential! And the EPS is up 45% over the last twelve months. At the end of the day, it's essential to consider more than just the factors above, if you want to understand the company properly. So if you'd like to dive deeper into this stock, it's crucial to consider any risks it's facing. In terms of investment risks, we've identified 1 warning sign with Santacruz Silver Mining, and understanding it should be part of your investment process. This note has only looked at a single factor that sheds light on the nature of Santacruz Silver Mining's profit. But there is always more to discover if you are capable of focussing your mind on minutiae. Some people consider a high return on equity to be a good sign of a quality business. So you may wish to see this free collection of companies boasting high return on equity, or this list of stocks with high insider ownership. Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team (at) simplywallst.com.This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.

Santacruz Silver Mining reported past first-quarter 2026 results showing an 81% revenue increase and a more than tripling of net income, supported by operational stability and mine recovery efforts. The company also introduced a new reporting format that separates silver and zinc co-product performance, aiming to give investors clearer insight into its production mix and financial health. We’ll now examine how these strong quarterly results and the Bolivar mine’s recovery shape Santacruz Silver Mining’s broader investment narrative. Capitalize on the AI infrastructure supercycle with our selection of the 42 best 'picks and shovels' of the AI gold rush converting record-breaking demand into massive cash flow. To own Santacruz Silver Mining, you need to believe the company can convert its improving operations into durable cash generation in a very cyclical metals space. The latest quarter’s sharp revenue and net income gains, alongside the Bolivar mine’s recovery from the 2025 water inflow, directly reinforce the near term catalyst of stabilizing production after last year’s disruption. The new split reporting of silver and zinc co-products also matters, as it makes it easier to judge how each driver contributes to margins and capital allocation. That said, the share price pullback this year after a very large one year run, the relatively high earnings multiple versus the wider Canadian metals group, and recent insider selling keep valuation and execution risk firmly on the table. However, one operational issue still has the potential to pressure margins and future flexibility. Despite retreating, Santacruz Silver Mining's shares might still be trading above their fair value and there could be some more downside. Discover how much. Five Simply Wall St Community fair value views span roughly US$5 to US$240, underscoring how far apart individual expectations can be. Set those against the recent earnings rebound and mine recovery, and it becomes clear why closely tracking operational progress and balance sheet resilience matters for how the story ultimately plays out. Explore 5 other fair value estimates on Santacruz Silver Mining - why the stock might be worth less than half the current price! Disagree with existing narratives? Extraordinary investment returns rarely come from following the herd, so go with your instincts. A great starting point for your Santacruz Silver Mining research is our analysis highlighting 2 key rewards and 2 important warning signs that could impact your investment decision. Our free Santacruz Silver Mining research report provides a comprehensive fundamental analysis summarized in a single visual - the Snowflake - making it easy to evaluate Santacruz Silver Mining's overall financial health at a glance. Right now could be the best entry point. These picks are fresh from our daily scans. Don't delay: Invest in the nuclear renaissance through our list of 87 elite nuclear energy infrastructure plays powering the global AI revolution. AI is about to change healthcare. These 6 stocks are working on everything from early diagnostics to drug discovery. The best part - they are all under $10b in market cap - there's still time to get in early. The best AI stocks today may lie beyond giants like Nvidia and Microsoft. Find the next big opportunity with these 16 smaller AI-focused companies with strong growth potential through early-stage innovation in machine learning, automation, and data intelligence that could fund your retirement. This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned. Companies discussed in this article include SCZ.V. Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email [email protected]

Vancouver, British Columbia--(Newsfile Corp. - May 15, 2026) - Santacruz Silver Mining Ltd. (NASDAQ: SCZM) (TSXV: SCZ) ("Santacruz" or the "Company") reports its financial and operating results for the quarter ended March 31, 2026 ("Q1 2026"). The full version of the unaudited Q1 2026 financial statements (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. All amounts are expressed in U.S. dollars, unless otherwise stated. Q1 2026 Highlights Revenues of $127.5 million, a 81% increase year-over-year. Gross profit of $42.9 million, a 54% increase year-over-year. Net income of $28.5 million, a 201% increase year-over-year. Adjusted EBITDA(1) of $42.6 million, a 55% increase year-over-year. Cash and highly-liquid marketable securities(2)of $64.9 million, a 100% increase year-over-year. Working capital of $75.9 million, a 47% increase year-over-year. Average realized price per silver ounce sold(1) of $63.30, a 128% increase year-over-year. AISC per silver ounce sold(1)of $31.60, a 76% increase year-over-year. Realized mining margin per silver ounce sold(1)of $31.70, a 221% increase year-over-year. Average realized price per zinc tonne sold(1) of $3,116, a 12% increase year-over year. AISC per zinc tonne sold(1) of $2,729, a 32% increase year-over-year. Realized mining margin per zinc tonne sold(1) of $387, a 46% decrease year-over-year. Arturo Pr￩stamo, Executive Chairman and CEO of Santacruz, commented: "Santacruz delivered a strong start to 2026, with revenue of $127.5 million, gross profit of $42.9 million and Adjusted EBITDA of $42.6 million, representing improvements of 81%, 54%, and 55%, respectively, compared to the same period last year. Combined with our stable AISC this quarter, the stronger silver price environment drove robust margins of $31.70 per silver ounce sold, a 221% increase year-over-year. This reinforces the strength of our cash flow generation across our operations, reflecting both a stronger commodity environment and the operating discipline we have embedded across every asset. It is also important to highlight that after paying $31.5 million in taxes during this first quarter, we ended Q1 2026 with a healthy cash and highly liquid marketable securities position of $64.9 million, providing Santacruz with the financial flexibility to continue funding operational improvements while maintaining a strong treasury position." Mr. Pr￩stamo continued: "During the quarter, we also introduced a more comprehensive reporting format designed to provide investors with a clearer view of our operating performance and the underlying strength of our business model. The new presentation better reflects Santacruz as a silver and zinc co-product producer, while separately highlighting San Lucas as a margin-based ore sourcing and processing business that supports plant utilization, fixed-cost absorption and operating flexibility. We believe this enhanced reporting framework provides a more complete basis for investors to assess production, costs, margins and cash generation across the Company." Mr. Pr￩stamo added: "Operationally, the first quarter demonstrated the strength of our diversified asset base and the benefits of our silver and zinc co-product profile. At Bolivar, the recovery of the areas affected by the May 2025 localized water inflow event continues to advance. We remain focused on restoring production while maintaining operating discipline, with Q4 2026 still targeted for Bolivar's full recovery. Across Bolivia, our priorities remain focused on operational stability, cost control and plant performance, with San Lucas continuing to play a strategic role in supporting plant utilization, fixed-cost absorption and margin contribution through third-party ore sourcing." Mr. Pr￩stamo concluded: "In Mexico, our principal focus remains on improving metallurgical recoveries and concentrate quality at Zimapan, our highest-volume operation. The capital already invested in Zimapan is expected to support continued operating improvements throughout 2026. Across all of our processing plants, we remain focused on improving metallurgical recoveries, generating stronger margins and preserving the flexibility of our integrated operating platform to support long-term value creation for shareholders." Selected consolidated financial and operating information for Q1 2026, Q4 2025 and Q1 2025 is 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. Update to Non-GAAP Performance Measures and Silver/Zinc Equivalent Ounces Metrics In Q1 2026, the Company updated its non-GAAP performances measures to provide management and readers with useful information to evaluate the performance of the Company. The following section provides a summary of the changes made: Segregation of mining operations & ore processing: Operational and cost metrics are now presented as either Mining operations or Ore processing operations because the underlying business processes and profitability drivers each type of operation are fundamentally different. Mining operations include the production metrics, revenues and costs from extracting ore from the Company's mineral properties which is then processed and sold in concentrate form. Santacruz's mining operations consist of the Bolivar, Porco, Caballo Blanco and Zimapan mines. Ore processing operations consist of the San Lucas feed sourcing business and includes the production metrics, revenue and costs from purchasing ore from third-party miners which is then processed and sold in concentrate form. Mining operations generate high margins because the input for the final product, metal concentrates, is from ore that is extracted from the Company's mine properties that it owns. Ore processing operations generate significantly lower margins because the ore is purchased from third-party miners and the amount paid for the purchased ore is based upon the ore's metal content and prevailing metal prices at the time of purchase. Co-product costing methodology: The Company will no longer focus on costs per silver equivalent ounces sold and will now provide costs per actual silver ounce and zinc tonne sold in the period using a co-product cost methodology which allocates costs between each metal. The Santacruz's primary payable metals are silver and zinc, the revenue generated by each metal varies depending on prevailing metal prices but because each metal generates greater than 30% of the total revenues, the Company has concluded that reporting costs as co-products by silver ounce sold and zinc tonne sold is the most appropriate way to assess the performance of its operations. The total tonnes of ore milled in the period generates silver and zinc payable metals for sale, the ratio of payable silver and zinc produced from each tonne milled is used to allocate each period's production costs between silver ounces sold and zinc tonnes sold, which will generate the following metrics: cash cost per silver ounce and zinc tonne sold, all-in sustaining cost ("AISC") per silver ounce and zinc tonne sold and will also provide an average realized price per silver ounce and zinc tonne sold. By-product credits from secondary metal sales: Santacruz's operations are poly-metallic whereby each tonne of ore milled generates primarily payable ounces of silver and tonnes of zinc but also generates payable tonnes of lead and copper. The combined revenues of lead and copper are incidental to the Company's primary metal production of silver and zinc because they generate less than 10% of total revenues. Lead and copper concentrate is produced primarily to obtain the silver contained within, so the Company has adopted the practice of calculating the net cost of producing an ounce of silver, after deducting revenues gained from incidental by-product production of lead and copper. Realized mining margin and realized ore processing margin: Santacruz has created two new non-GAAP measures: the realized mining margin and realized ore processing margin. Management believes the margins are an effective way to evaluate the profitability of the Company's operations. The margin is calculated by subtracting the all-in sustaining cost per silver ounce or zinc tonne sold from the average realized price per silver ounce or zinc tonne sold. Silver equivalent ounces and Zinc equivalent tonnes: Commencing Q1 2026, the Company has modified its production disclosure to include zinc equivalent tonnes produced and has updated the method of calculating silver equivalent ounces produced. The Company considers silver equivalent ("AgEq") ounces and zinc equivalent ("ZnEq") tonnes to be useful production metrics for evaluating its multi-metal production profile, but they should be considered only supplemental to the actual production volumes of silver and zinc produced and sold. The Company will continue to present the silver equivalent ounces produced and zinc equivalent ounces produced for the combined mining and ore processing operations, but will no longer report its costs per silver ounce to focus on the more relevant metrics of cost per payable silver ounce and cost per payable zinc tonne sold instead. As there are no standardized methods of calculating non-GAAP measures, the Company's methods may differ from those used by others and, accordingly, the Company's use of these measures may not be directly comparable to similarly titled measures used by others. Accordingly, these non-GAAP measures are intended to provide additional information and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS. Refer to the Non-GAAP Measures section in the Company's Q1 2026 MD&A for a detailed explanation of the metrics, the methodology used and a reconciliation of these measures to the Company's revenues and operating expenses, as reported in its condensed interim consolidated financial statements which are prepared under IFRS. All the changes made to the non-GAAP measures have been applied retrospectively to comparative periods. 2026 First Quarter Operational Highlights Notes: (1) Mining operations includes only production from Bolivar, Porco, Caballo Blanco and Zimapan. Ore processing includes only production from San Lucas ore processing business. 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). (2) 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 and Zinc Equivalent Production Figures" in the MD&A for further information. (3) Silver ounces sold (payable) and Zinc tonnes sold (payable) are lower than the volumes produced due to two effects: (i) timing - concentrates produced in a quarter may be shipped and invoiced in a subsequent period; and (ii) commercial terms - payable ounces under offtake agreements are lower than produced ounces due to standard treatment and quality deductions applied by the customer. (4) The Company reports non-GAAP measures, which include: cash cost of production per tonne milled, cash cost per silver ounce and zinc tonne sold, average realized price per silver ounce and zinc tonne sold, all-in sustaining cost per silver ounce, zinc tonne sold, realized mining margin per silver ounce or zinc tonne sold and realized ore processing margin per silver ounce or zinc tonne sold. These measures are widely used in the mining industry as a benchmark for performance, but do not have a standardized meaning and may differ from methods used by other companies even though the metrics have the same or similar names. Refer to the section titled "Non-GAAP Measures" below for further information. 2026 First Quarter Financial Highlights Notes: (1) On December 10, 2025, the Company consolidated its issued and outstanding common shares on the basis of one post-consolidated common share for every four pre-consolidated common shares. The number of issued and outstanding shares and any per share amounts have been retrospectively restated. (2) The Company reports non-GAAP measures, which includes: Adjusted EBITDA. These measures are widely used in the mining industry as a benchmark for performance, but do not have a standardized meaning and may differ from methods used by other companies even though the metrics have the same or similar names. Refer to the section titled "Non-GAAP Measures" below for further information. Summary Q1 2026 vs Q4 2025 On a consolidated basis, Santacruz's mining operations produced 1.0 million ounces of silver in Q1 2026, representing a 2% increase compared with Q4 2025. When including San Lucas's ore processing activities, total silver production was broadly unchanged at 1.3 million ounces. This indicates that the Company maintained stable silver output at the consolidated level, supported by improved performance in certain mining operations, including the continued recovery at Bolivar and stronger silver production at Caballo Blanco, which offset lower silver production at Zimapan and Porco. Zinc production from mining operations decreased by 10% to 14,496 tonnes, while total zinc production, including ore processing, decreased by 9% to 21,640 tonnes. The reduction in zinc production mainly reflected lower zinc output at Zimapan and Caballo Blanco, partially offset by the contribution from other operating areas and ore processing activities. From a financial contribution perspective, the margin analysis evaluates how consolidated productive performance translates into unit economics by comparing the Average Realized Price for each metal against its respective AISC. For silver, the Average Realized Price increased to $63.30 per ounce, while AISC decreased to $31.60 per ounce. As a result, the realized mining margin per silver ounce sold increased to $31.70 from $13.56 in Q4 2025. This represents a significant improvement in silver unit margins, driven primarily by stronger realized silver prices and lower AISC. For zinc, the Average Realized Price decreased to $3,116 per tonne, while AISC increased to $2,729 per tonne. The resulting realized mining margin per zinc tonne sold was $387, compared with $704 in Q4 2025. Zinc therefore remained positive on a unit-margin basis, although the margin narrowed as the decrease in realized zinc price and the increase in AISC reduced the spread between realized price and cost. Overall, both silver and zinc generated positive consolidated unit margins in Q1 2026, with silver providing the stronger financial contribution based on the spread between realized price and AISC. Q1 2026 vs Q1 2025 Compared with Q1 2025, consolidated mining operations produced 1.0 million ounces of silver, a decrease of 23%. Including San Lucas's ore processing activities, total silver production decreased by 16% to 1.3 million ounces. The year-over-year decline was mainly attributable to lower silver production from mining operations, including the effect of lower silver output at Bolivar following the water inflow event that affected that operation toward the end of Q2 2025, as well as lower silver production at Zimapan and Caballo Blanco. This was partially mitigated by operational execution and ore processing activities, which continued to support consolidated metal production. Zinc production from mining operations was broadly stable, decreasing by 1% to 14,496 tonnes, while total zinc production, including ore processing, increased by 4% to 21,640 tonnes. This indicates that zinc output remained comparatively resilient at the consolidated level, supported by the broader contribution of the Company's operating platform. From a financial contribution perspective, Santacruz generated positive unit margins for both silver and zinc in Q1 2026. The Average Realized Silver Price increased to $63.30 per ounce from $27.80 per ounce in Q1 2025, while silver AISC increased to $31.60 per ounce from $17.91 per ounce. As a result, the realized mining margin per silver ounce sold increased to $31.70 from $9.89, reflecting the strong increase in realized silver prices, which more than offset higher unit costs. For zinc, the Average Realized Price increased to $3,116 per tonne, while AISC increased to $2,729 per tonne. The resulting realized mining margin was $387 per tonne, compared with $718 per tonne in Q1 2025. Zinc therefore remained positive on a unit-margin basis, although the margin contracted year over year due to the increase in AISC. Overall, silver was the primary driver of improved consolidated unit-margin performance in Q1 2026, while zinc continued to contribute positively but at a lower margin than in the prior-year period. Webinar Details CEO Arturo Pr￩stamo and CFO Andr￩s Bedregal will discuss the Company's financial results in a webinar hosted by Adelaide Capital on Tuesday, May 19th at 3:00 pm ET. Investors and shareholders are invited to participate in the webinar. Registration Link: https://us02web.zoom.us/webinar/register/WN_pkr1gJCkT-2GxhAik3gStg. The webinar will also be live-streamed on the Adelaide Capital YouTube Channel, where a replay will be available after the event: https://bit.ly/adcap-youtube. Questions can be submitted during the session or in advance to [email protected]. Non-GAAP Measures The financial results in this news release include references to non-GAAP measures which include: Adjusted EBITDA, cash cost of production per tonne milled, cash cost per silver ounce and zinc tonne sold, Average realized price per silver ounce and zinc tonne sold, All-in sustaining cost per silver ounce, zinc tonne sold, realized mining margin per silver ounce or zinc tonne sold and realized ore processing margin per silver ounce or zinc tonne sold. These measures are widely used in the mining industry as a benchmark for performance, but do not have a standardized meaning and may differ from methods used by other companies even though the metrics have the same or similar names. The data is intended to provide additional information and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with GAAP. For a reconciliation of non-GAAP and GAAP measures, please refer to the "Non-GAAP Measures" section in the Company's Q1 2026 Management Discussion and Analysis, which is available on SEDAR+ at www.sedarplus.ca. Qualified Person Garth Kirkham P.Geo., an independent consultant to the Company and a Qualified Person as defined under NI 43-101, 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 Pr￩stamo Elizondo, Executive Chairman and CEO For further information, please contact: Arturo Pr￩stamo Santacruz Silver Mining Ltd. Email: [email protected] Telephone: +52 81 83 785707 Andr￩s Bedregal Santacruz Silver Mining Ltd. Email: [email protected] Telephone: +591 22444849 Eduardo Torrecillas Santacruz Silver Mining Ltd. Email: [email protected] 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 reflect the expectations or beliefs of the 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. This information and these statements, referred to herein as "forward-looking statements", are not historical facts, are made as of the date of this news release. 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 SEDAR+ (www.sedarplus.ca). 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/297731

Vancouver, British Columbia--(Newsfile Corp. - March 31, 2026) - Santacruz Silver Mining Ltd. (NASDAQ: SCZM) (TSXV: SCZ) ("Santacruz" or the "Company") reports its financial and operating results for the year ended December 31, 2025 ("FY 2025"). The full version of the audited consolidated financial statements for FY 2025 (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. All amounts are expressed in U.S. dollars, unless otherwise stated. FY 2025 Highlights Revenues of $326.4 million, a 15% increase year-over-year. Gross Profit of $109.4 million, a 91% increase year-over-year. Net Income of $42.2 million, a 74% decrease year-over-year1. Adjusted EBITDA of $104.6 million, a 99% increase year-over-year. Cash and Highly-Liquid Marketable Securities of $66.7 million, a 87% increase year-over-year2. Working Capital of $63.7 million, a 38% increase year-over-year. Average Realized Price per Ounce of Silver Equivalent Sold of $39.00, a 36% increase year-over-year. AISC per Silver Equivalent Ounce Sold of $30.81, a 18% increase year-over-year. Realized Margin per Silver Equivalent Ounce Sold of $8.19, a 209% increase year-over-year. 1. Net Income for the period of FY 2024 includes a significant non-recurring, non-cash gain arising from the restructuring of the Company's prior agreement with Glencore in connection with the acquisition of the Bolivian assets. 2. Cash includes $44.3 million and Highly-Liquid Marketable Securities includes $22.5 million, consisting of US treasury notes and bills, of which $15.8 million serves as collateral for short-term borrowings. Arturo Pr￩stamo, Executive Chairman and CEO of Santacruz, commented: "Last year was a milestone year for Santacruz, highlighted by our full debt repayment to Glencore, materially strengthened balance sheet, and growing treasury position, while continuing to strengthen our presence as a leading silver producer in Latin America. Strong silver prices throughout the year, supported by robust demand, contributed to a revenue increase of 15%. Additionally, the margin between the average realized price of silver and AISC improved by 209% due to operational efficiencies and cost optimization initiatives across our operations. While total production was down 11% due to Bolivar's May 2025 flooding event, the strength and diversification of our multi-asset operating portfolio helped offset the impact, with operations remaining cash-generative and profitable. We continue to expect Bolivar's full recovery by Q4 2026, with the dewatering program progressing ahead of plan and driving consistent quarter-over-quarter improvements throughout the year." Mr. Pr￩stamo continued: "Looking at our priorities for 2026, in Bolivia, we remain focused on operational strength, cost discipline and processing plant efficiencies at our three producing mines and ore feed sourcing company, while advancing Soracaya towards production. In Mexico, we are improving metallurgical recoveries and concentrate quality at Zimapan, which is our highest-volume operation. With key capital already invested in Zimapan, these initiatives are expected to support continued operating improvements this year. Across all of our processing plants, our strategy continues to focus on lowering mining costs, improving recovery rates, and maintaining the flexibility of our integrated operations to support long-term value for our shareholders." Selected consolidated financial and operating information for FY 2025 and the financial year ended December 31, 2024 ("FY 2024") is 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. 2025 Annual Highlights 2025 Annual Production Summary - By Mine Notes for both tables above: (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. (2) Silver Equivalent Sold (payable ounces) have been calculated using the Average Realized Price per Ounce of Silver Equivalent Sold stated in the table above, applied to the payable metal content of the concentrates sold from Bolivar, Porco, the Caballo Blanco Group, San Lucas Group and Zimapan. (3) The Company reports non-GAAP measures, which include Cash Cost of Production per Tonne, Cash Cost per Silver Equivalent Ounce Sold, All-in Sustaining Cash Cost per Silver Equivalent Ounce Sold, Average Realized Price per Ounce of Silver Equivalent Sold, and Adjusted EBITDA. These measures are widely used in the mining industry as a benchmark for performance but do not have a standardized meaning and may differ from methods used by other companies with similar descriptions. See ''Non-GAAP Measures'' section below for definitions. (4) Average Realized Price per Ounce of Silver Equivalent Sold is prior to all treatment, smelting and refining charges. (5) Bolivar and Porco are presented at 100% whereas the Company records 45% of revenues and expenses in its consolidated financial statements. Production Results For the year ended December 31, 2025, the Company processed 1,945,261 tonnes of ore, producing 14,399,019 silver equivalent (AgEq) ounces. This total includes 5,598,680 ounces of silver and 87,295 tonnes of zinc. In the fourth quarter of 2025, the Company reported 3,739,019 silver equivalent ounces produced. The complete annual and Q4 2025 production results were released in a news release dated January 26, 2026. 2025 YTD vs 2024 YTD For the year ended December 31, 2025, Santacruz processed 1,945,261 tonnes of ore, broadly in line with 2024, while silver equivalent production decreased 11% to 14.4 million ounces. The reduction was driven primarily by the mid-May 2025 water inflow at Bolivar, which restricted access to the Pomabamba and Nan￩ higher-silver-grade areas for a significant portion of the year, materially reducing consolidated silver output. As a result, silver production declined 17% year over year, while zinc production decreased 8%. Outside of Bolivar, the portfolio remained comparatively stable and continued to demonstrate the benefit of the Company's diversified operating base. San Lucas increased tonnes processed by 14% and continued to support plant utilization and fixed-cost absorption across the group, while Zimapan increased silver equivalent production by 5% on higher zinc output. Caballo Blanco remained a consistent contributor, although year-over-year comparability is affected by the 2024 reclassification of Reserva ore to San Lucas. Overall, the strength of the broader portfolio moderated, but did not fully offset, the impact of the disruption at Bolivar. The Company expects a gradual quarter-over-quarter recovery in the affected areas through 2026, with a return to full production anticipated in Q4 2026, consistent with the mine plan and based on progress achieved to date. Q4 2025 vs Q3 2025 In Q4 2025, Santacruz processed 506,040 tonnes of ore, 4% more than in Q3 2025, and produced 3,739,019 silver equivalent ounces, up 9% quarter over quarter. The improvement was led by Bolivar, where throughput increased 22%, and silver equivalent production increased 34% as access and operating conditions improved in the affected areas. The quarter was also supported by higher silver equivalent production from San Lucas (+11%), Caballo Blanco (+3%), Zimapan (+3%), and Porco (+4%). Consolidated silver production increased 8% quarter over quarter, zinc production increased 10%, and lead production increased 15%. Cash Cost and All-in Sustaining Cost per Silver Equivalent Ounce Sold FY 2025 vs FY 2024 For the year ended December 31, 2025, consolidated cash cost per silver equivalent ounce sold increased from $21.90 in FY 2024 to $24.93 in FY 2025, and the consolidated all in sustaining cost ("AISC") increased from $26.09 in FY 2024 to $30.81 in FY 2025. The year-over-year increase was driven primarily by less silver-equivalent ounces sold in the year due to the operating disruption at Bolivar following the May 2025 water inflow, and higher ore purchase costs at San Lucas under its margin-based sourcing model as metal prices increased. The cash cost of production per tonne significantly favourably decreased from $101.35 to $95.80 in FY 2025, which demonstrates that the principal driver of the increase in the per-ounce cost came from the production mix and the decrease in AgEq ounces sold due to a lower conversion ratio applied to by-product revenues as opposed to being caused by actual increases in site operating costs per tonne. From an economic perspective, higher realized prices more than offset the increase in AISC per ounce. Average realized price per ounce of silver equivalent sold increased to $39.00 in FY 2025 from $28.74 in FY 2024, compared against an AISC of $30.81 per ounce, which implies a margin of $8.19 per AgEq ounce sold as compared to $2.65/AgEq ounce sold in FY 2024. Reported AISC is presented on a silver-equivalent ounce sold basis and is sensitive to the changes in metal prices that would affect the AgEq conversion ratio when silver price changes disproportionately relative to the by-product metal prices. Q4 2025 vs Q3 2025 In Q4 2025, consolidated cash cost per silver equivalent ounce sold increased from $28.62 in Q3 2025 to $36.92 in Q4 2025, and consolidated AISC increased from $35.62 in Q3 2025 to $46.42 in Q4 2025. The increase occurred despite higher production, as silver equivalent ounces sold decreased 3% quarter over quarter and several operations reported higher unit costs. San Lucas and Zimapan were the main contributors to the increase: at San Lucas, ore purchase costs rose in line with higher silver and zinc prices under its margin-based sourcing model, while at Zimapan, both cash cost and AISC increased as the operation continued mine development and plant improvement work focused on improving recoveries and concentrate quality. Porco and Caballo Blanco also reported a higher cost per ounce as less ounces were sold and the operating mix outweighed otherwise stable production. The Bolivar operation's costs had favourable results, cash cost per silver equivalent ounce sold decreased by 9% and AISC decreased 6% due to improved throughput, grades and recoveries quarter over quarter. Even with the higher consolidated cost profile, Q4 2025 remained economically better than in Q3 2025 as the average realized price per ounce of silver equivalent sold increased to $55.19, compared with AISC of $46.42, implying an average margin of $8.77 per silver equivalent ounce sold versus $4.51 in Q3 2025. Webinar Details CEO Arturo Pr￩stamo and CFO Andr￩s Bedregal will present at a webinar hosted by Adelaide Capital on Tuesday, April 7th at 3:00 pm ET. Investors and shareholders are invited to participate in the webinar. Registration Link: https://us02web.zoom.us/webinar/register/WN_huyhKk5NQVGlMUzqbZw3lQ. The webinar will also be live-streamed on the Adelaide Capital YouTube Channel, where a replay will be available after the event: https://bit.ly/adcap-youtube. Questions can be submitted during the session or in advance to [email protected]. Non-GAAP Measures The financial results in this news release include references to non-GAAP measures, which include Cash Cost of Production per Tonne, Cash Cost per Silver Equivalent Ounce Sold, All-in Sustaining Cash Cost per Silver Equivalent Ounce Sold, Average Realized Price per Ounce of Silver Equivalent Sold, and Adjusted EBITDA. These measures are widely used in the mining industry as a benchmark for performance, but do not have a standardized meaning and may differ from methods used by other companies with similar descriptions. The data is intended to provide additional information and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with GAAP. For a reconciliation of non-GAAP and GAAP measures, please refer to the "Non-GAAP Measures" section in the Company's FY 2025 Management Discussion and Analysis, which is available on SEDAR+ at www.sedarplus.ca. 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 Pr￩stamo Elizondo, Executive Chairman and CEO For further information, please contact: Arturo Pr￩stamo Santacruz Silver Mining Ltd. Email: [email protected] Telephone: +52 81 83 785707 Andr￩s Bedregal Santacruz Silver Mining Ltd. Email: [email protected] 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 reflect the expectations or beliefs of the 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. This information and these statements, referred to herein as "forward-looking statements", are not historical facts, are made as of the date of this news release. 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 SEDAR+ (www.sedarplus.ca). 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/290815