Santacruz Silver Announces Intention to List on the NASDAQ and Provides Details for Upcoming Annual General & Special Meeting

On October 28, 2025, Santacruz Silver announced its intention to list its common shares on the NASDAQ stock exchange. To meet the NASDAQ's minimum bid price requirement of US$4.00 per share, the company is proposing a share consolidation (reverse split) at a ratio of up to 10-for-1. The final ratio will be determined by the board of directors.

This proposal will be presented to shareholders for approval at the upcoming Annual General and Special Meeting scheduled for November 25, 2025. Management states the listing is intended to increase transparency, liquidity, expand the shareholder base, and enhance visibility within U.S. capital markets.

This announcement is material and net positive for the company. While a share consolidation can carry a negative stigma, its purpose here is to facilitate an uplisting to a major U.S. exchange, not to avoid delisting from its current exchange. This is a crucial distinction.

• Positive Impact: A successful NASDAQ listing would expose Santacruz to a much larger pool of institutional and retail investors in the United States, many of whom are restricted from trading on the TSX Venture or OTC markets. This could significantly improve trading liquidity and potentially lead to a valuation re-rating more in line with U.S.-listed silver producer peers. The move signals management's confidence and ambition following a period of significant financial and operational turnaround.

• Negative Considerations: Share consolidations are often met with skepticism by the market, as they don't create fundamental value and are sometimes followed by share price weakness. However, this risk is mitigated by the strategic rationale of the uplisting and the company's strong performance over the past year.

• Contextual Analysis: This news does not happen in a vacuum. Over the past year, Santacruz has systematically de-risked its balance sheet by completing the accelerated $40 million payment to Glencore for its Bolivian assets (announced September 4, 2025), significantly improved profitability (Q2 2025 Net Income of $21M), built a strong cash position (~$58M in cash and investments), and initiated development on its Soracaya growth project (announced October 7, 2025). The NASDAQ application is a logical next step to gain broader market recognition for these achievements. The company has followed through on its promises (e.g., paying Glencore), which lends credibility to this new strategic initiative.

The decision to pursue this listing now, from a position of financial strength, makes the consolidation a necessary procedural step towards a larger strategic goal. Therefore, the long-term benefits are assessed to outweigh the short-term risks associated with a reverse split.

Santacruz Silver is a silver-focused mining company with producing assets in two jurisdictions: Bolivia and Mexico. The company's primary operations were transformed by the 2022 acquisition of several Bolivian assets from Glencore, including the Bolivar, Porco, and Caballo Blanco mines, along with the San Lucas ore sourcing business. It also operates the Zimapán mine in Mexico.

The company's flagship growth project is now the Soracaya Project in Potosí, Bolivia. On October 7, 2025, the company announced it had initiated development activities and was pursuing full production permitting. Soracaya is a high-grade, silver-rich deposit that Santacruz is positioning as a cornerstone growth asset to add a new producing mine to its portfolio and expand its Bolivian production base.