Santacruz Silver Reports Q3 2026 Production Results Producing 1,500,958 Ounces of Silver and 22,080 Tonnes of Zinc
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.
Santacruz Silver Mining Ltd. (SCZ) reported Q3 2026 production results of 1,500,958 oz silver, 22,080 t zinc, 3,316 t lead, and 355 t copper. Consolidated silver fell 5% QoQ but rose 21% YoY; zinc fell 5% QoQ but rose 2% YoY; lead rose 5% QoQ and 27% YoY; copper rose 5% QoQ and 7% YoY.
Mining operations silver rose 2% QoQ and 30% YoY to 1,186,507 oz; zinc rose 3% QoQ and 10% YoY to 16,018 t. Ore processing at San Lucas saw silver fall 24% QoQ to 314,451 oz and zinc fall 21% QoQ to 6,062 t, deliberately prioritising higher-margin mine ore.
Bolivar silver rose 19% QoQ and 209% YoY to 408,087 oz; silver head grade rose 13% QoQ to 186 g/t; full recovery still expected in Q4 2026. Zimapan silver rose 3% QoQ to 402,067 oz; silver recovery improved to 76% from 72%; lead rose 36% QoQ to 1,574 t. Caballo Blanco silver fell 12% QoQ to 287,219 oz on planned grade decline to 145 g/t from 183 g/t; grades are expected to improve in Q4 2026. Porco silver fell 12% QoQ to 89,134 oz on lower throughput after a 2.5-day unscheduled plant stoppage; zinc was stable at 2,963 t.
The new 500 tpd mill acquisition was finalized at the beginning of Q4 2026, with operations commencing immediately in Q4; it is dedicated to San Lucas ore. Management expects consolidated production to increase in Q4 2026 on Bolivar recovery, the new mill, and higher Caballo Blanco grades.
Santacruz Silver Mining Ltd. (SCZ) issued a production update rather than an earnings release, providing no financials, AISC, cash flow, or balance sheet data. Consolidated silver and zinc production declined 5% quarter-over-quarter, while mining operations silver rose 2% quarter-over-quarter and 30% year-over-year. The company attributed the consolidated decline to lower-margin third-party San Lucas ore and a deliberate reallocation of mill capacity to higher-margin mine ore.
Operational progress continues with Bolivar recovery remaining on track and Zimapan recoveries improving. The new mill remains on schedule for Q4 2026. The company reiterated its expected Q4 production increase without raising the guidance. The market had already seen the stock fade from September highs, and this release does not change the fundamental trajectory on its own.
Santacruz Silver Mining Ltd. is a multi-asset, multi-metal mining company operating in Bolivia and Mexico. Its producing assets include the Bolivar and Porco mines, the Caballo Blanco Group—which encompasses the Tres Amigos and Colquechaquita operations—and the Zimapan mine. The company’s San Lucas ore sourcing and trading business involves the Reserva mine and processes third-party ore through its own plants. Additionally, Santacruz holds exploration and development interests in the Soracaya project in Bolivia.
Ownership structures vary across its portfolio. The Bolivar and Porco mines are operated under the Illapa Joint Operation with COMIBOL, with Santacruz retaining 45% of profits and revenue. In contrast, the Caballo Blanco, Zimapan, San Lucas, and Soracaya assets are 100% owned by the company.
Milling capacity is distributed across its producing operations, with Bolivar processing 1,100 tonnes per day (tpd), Porco 1,200 tpd, and Caballo Blanco 1,300 tpd. A new 500 tpd facility at San Lucas, consisting of two 250 tpd circuits, is scheduled for commissioning in Q4 2026. Santacruz is described in its presentation as the largest underground mining company in Bolivia, with Q3 2026 production generated across all these operations.