Santacruz Silver Reports Second Quarter 2025 Results
Executive Summary
- Santacruz Silver reported Q2 2025 revenues of $73.3 M (+4% YoY) and net income of $21.0 M, a 1,348% increase year‑over‑year.
- Adjusted EBITDA rose to $26.8 M (+68% YoY) while cash and short‑/long‑term investments grew to $57.8 M (+691% YoY).
- Operational highlights include production of 3.55 M silver‑equivalent ounces (down 15% YoY) and a reduction in cash cost per silver‑equivalent ounce to $19.48 (−10% YoY).
Key Details
- Financial Highlights
- Revenues: $73,295 k (↑4% QoQ, ↑4% YoY)
- Gross Profit: $25,288 k (↓9% QoQ, ↑59% YoY)
- Net Income: $20,977 k (↑122% QoQ, ↑1,348% YoY)
- Adjusted EBITDA: $26,770 k (↓3% QoQ, ↑68% YoY)
- Cash & cash equivalents: $39,997 k (↑23% QoQ, ↑447% YoY)
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Working Capital: $60,295 k (↑17% QoQ, ↑303% YoY)
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Operating Metrics – Q2 2025 vs. Q1 2025 / Q2 2024
- Material processed: 480,863 t (+2% QoQ, −4% YoY)
- Silver‑equivalent produced: 3,547,054 oz (−4% QoQ, −15% YoY)
- Silver ounces produced: 1,423,081 oz (−11% QoQ, −15% YoY)
- Zinc tonnes produced: 21,148 t (+2% QoQ, −16% YoY)
- Lead tonnes produced: 2,773 t (+2% QoQ, −5% YoY)
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Copper tonnes produced: 229 t (−18% QoQ, −19% YoY)
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Cost & Pricing
- Cash cost per silver‑equivalent ounce sold: $19.48/oz (↑9% QoQ, ↓10% YoY)
- All‑in sustaining cash cost (AISC): $22.95/oz (↑3% QoQ, ↓8% YoY)
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Average realized price per silver‑equivalent ounce sold: $32.37/oz (↑2% QoQ, ↑20% YoY)
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Mine‑Level Production Summary (YTD)
- Bolivar: 1,387,815 oz SE produced; 117,159 t milled
- Porco: 728,364 oz SE produced; 96,653 t milled
- Caballo Blanco Group: 1,344,687 oz SE produced; 109,421 t milled
- San Lucas Group: 1,798,971 oz SE produced; 181,669 t milled
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Zimapán: 1,975,347 oz SE produced; 447,735 t milled
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Operational Commentary
- Temporary water inflow at Bolivar in mid‑May reduced access to high‑grade veins, lowering production volumes and grades.
- San Lucas ore‑sourcing business offset part of the impact, maintaining mill utilization.
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Caballo Blanco achieved a 6% reduction in AISC to $13.87/oz due to efficiency gains; Zimapán’s AISC rose to $32.35/oz reflecting early‑year capex execution.
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Forward‑Looking Statements
- Management expects Bolivar production to normalize by Q4 2025.
- CEO Arturo Préstamo highlighted continued focus on operational efficiency, balance‑sheet strength, and sustainable growth.
Notable Quotes
“Our second quarter results reflect the strength and stability of Santacruz's business model… we strengthened our balance sheet, ending the quarter with nearly $58 million in liquidity…” – Arturo Préstamo, Executive Chairman & CEO
“Whilst we faced challenges at our Bolivar mine that temporarily halted mining… remediation efforts are underway, and we expect production at Bolivar to normalize by Q4 2025.” – Arturo Préstamo
All figures are presented in U.S. dollars unless otherwise noted.