Santacruz Silver Reports Third Quarter 2025 Results
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)
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Working capital: $69.20 M (↑186% YoY)
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Cost Metrics
- Cash cost per silver‑equivalent ounce sold: $28.62 (↑28% YoY)
- All‑in sustaining cash cost (AISC): $35.62 (↑30% YoY)
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Average realized price per ounce of silver‑equivalent sold: $40.13 (↑24% YoY)
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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)
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Copper tonnes produced: 331 (↑45% YoY)
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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.
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Caballo Blanco, San Lucas, Zimapán: Delivered stable or increased output, offsetting Bolívar shortfall.
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Balance‑Sheet Impact
- Final installment to Glencore for Bolivian assets paid off, extinguishing the Base Purchase Price obligation.
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Working capital increase driven by higher cash balances and reduced liabilities.
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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.