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Earnings

Santacruz Silver Reports Third Quarter 2025 Results

By The Northwire Desk — AI Analysis Nov 27, 2025 · 18:16 SCZ · 2.36 Santacruz Silver Mining Ltd.
SCZ · Price

Executive Summary

  • Santacruz Silver reported Q3 2025 revenue of $79.99 M (↑2% YoY) and adjusted EBITDA of $19.51 M (↑67% YoY), reflecting strong cash generation despite a 7% decline in net income.
  • The company eliminated its final installment payment to Glencore for the Bolivian asset acquisition, removing a significant liability and boosting working capital to $69.2 M (+186% YoY).
  • Production remained robust overall (3.42 M silver‑equivalent ounces, ↑30% YoY), though Bolívar mine output was depressed by a water‑inflow event; recovery is planned to resume in early 2026.

Key Details

  • Financial Highlights
  • Revenue: $79.99 M (↑2% YoY)
  • Gross profit: $20.17 M (↑28% YoY)
  • Net income: $16.34 M (↓7% YoY)
  • Adjusted EBITDA: $19.51 M (↑67% YoY)
  • Cash & marketable securities: $59.23 M (↑225% YoY)

  • Working capital: $69.20 M (↑186% YoY)

  • Cost Metrics

  • Cash cost per silver‑equivalent ounce sold: $28.62 (↑28% YoY)
  • All‑in sustaining cash cost (AISC): $35.62 (↑30% YoY)

  • Average realized price per ounce of silver‑equivalent sold: $40.13 (↑24% YoY)

  • Production Metrics – Q3 2025 vs. Q3 2024

  • Silver‑equivalent ounces produced: 3,424,817 (↑30% YoY)
  • Silver ounces produced: 1,241,929 (↓13% YoY)
  • Zinc tonnes produced: 21,581 (↑2% YoY)
  • Lead tonnes produced: 2,603 (↓6% YoY)

  • Copper tonnes produced: 331 (↑45% YoY)

  • Mine‑by‑Mine Performance

  • Bolívar: Production down due to water inflow; remediation underway with expected restart of Pomabamba & Nané veins in Feb 2026, full recovery by Q4 2026.

  • Caballo Blanco, San Lucas, Zimapán: Delivered stable or increased output, offsetting Bolívar shortfall.

  • Balance‑Sheet Impact

  • Final installment to Glencore for Bolivian assets paid off, extinguishing the Base Purchase Price obligation.

  • Working capital increase driven by higher cash balances and reduced liabilities.

  • Forward‑Looking Statements

  • Management expects progressive access and production recovery at Bolívar beginning Feb 2026, with volumes increasing throughout 2026.
  • Continued focus on operational efficiency, cost management, and maintaining a strong balance sheet.

Notable Quotes

“Q3 2025 was a transformative quarter for Santacruz… we paid off the final installment payment to Glencore… eliminating a significant liability and materially strengthening our balance sheet.” – Arturo Préstamo, Executive Chairman & CEO

“Operationally, consolidated production remained steady this quarter… remediation activities at Bolívar are well underway…” – Arturo Préstamo

All amounts are in U.S. dollars unless otherwise noted.

Read the original news release →

More from Santacruz Silver Mining Ltd.

Oct 29, 2026 · 08:53

Santacruz’s Bolivar mine sees Q3 output dip due to planned grade sequencing and strategic ore prioritization, though recovery remains on track.

Drill Results Oct 21, 2026 · 17:01

Santacruz reported a five percent quarterly decline in silver production alongside a two percent increase in mining operations, with the Bolivar project recovery on track.

Production / Operations Sep 18, 2026 · 07:01

Santacruz buys a $14 million mill to unlock processing bottlenecks at its Bolivian operations.

M&A / Property Sep 08, 2026 · 07:01

Santacruz’s TSX listing marks a liquidity milestone, though rising AISC and FX risks persist for the company.

Regulatory Aug 17, 2026 · 07:01

Santacruz reports a tripled year-over-year silver margin, though blockades defer sales and non-cash CVR and tax items mask net income.

Earnings Aug 05, 2026 · 07:01

Santacruz refinances Bolivian debt at 11% as the Bolivar recovery stalls and the stock halves from highs.

Financings