Northwire Canada EditionFriday, July 10, 2026
Sign inSubscribe
Northwire
⌕
TLO 5.37 +5.7% BNKR 4.88 +1.7% GG 2.25 +3.2% MJS 0.100 +5.3% PAAS 62.54 +3.6% PE 0.230 +0.0% SGML 17.19 +4.8% LAR 10.34 −1.1% NED 0.025 +0.0% GEN 0.080 +0.0% TVI 0.060 +0.0% SKYG 0.025 −37.5% WRLG 0.660 +6.5% FFU 0.120 −7.7% LOD 0.310 +3.3% CBI 0.110 +0.0% TLO 5.37 +5.7% BNKR 4.88 +1.7% GG 2.25 +3.2% MJS 0.100 +5.3% PAAS 62.54 +3.6% PE 0.230 +0.0% SGML 17.19 +4.8% LAR 10.34 −1.1% NED 0.025 +0.0% GEN 0.080 +0.0% TVI 0.060 +0.0% SKYG 0.025 −37.5% WRLG 0.660 +6.5% FFU 0.120 −7.7% LOD 0.310 +3.3% CBI 0.110 +0.0%
Production / Operations Routine +

Santacruz Reports Q1 2026 Production of 1,341,499 Ounces of Silver and 21,640 Tonnes of Zinc, with Continued Recovery of Production at Bolivar Mine

Santacruz Silver Confirms Bolivar Recovery Trajectory Amidst Operational Headwinds at Zimapan

By The Northwire Desk — AI Analysis Apr 16, 2026 · 18:01 SCZ · 12.43 Santacruz Silver Mining Ltd.
Executive Summary
  • Santacruz Silver Mining Ltd. reported Q1 2026 production totals of 1,341,499 ounces of silver and 21,640 tonnes of zinc.
  • Consolidated silver production was down 16% year-over-year compared to Q1 2025 but remained stable quarter-over-quarter versus Q4 2025.
  • Bolivar Mine showed significant operational progress with a 28% quarter-over-quarter increase in silver production, driven by recovery efforts following the May 2025 flooding event. However, Bolivar silver output remains down 38% year-over-year.
  • The San Lucas Ore Sourcing Business demonstrated resilience with silver production up 16% year-over-year and zinc up 19%.
  • Zimapan Mine performance was weaker, with silver production down 10% quarter-over-quarter and 18% year-over-year due to contractor delays and power supply interruptions.
  • The company implemented enhanced production disclosure metrics starting Q1 2026, emphasizing actual metal production and using LME quarterly average prices for equivalent calculations.
Material Impact
  • Operational Recovery Validated: The news confirms the management's guidance regarding Bolivar Mine recovery is on track (+28% QoQ), mitigating the risk of permanent damage from the May 2025 flooding. This reduces downside risk associated with asset impairment or extended downtime.
  • Offsetting Weaknesses: Growth in the San Lucas ore-sourcing business (up 16% YoY) partially offsets production declines at Zimapan and Bolivar, demonstrating the diversification benefit of their multi-metal portfolio.
  • No Surprise Upside: The stabilization of consolidated silver production quarter-over-quarter is expected given previous guidance for a gradual recovery through Q4 2026. It does not represent an acceleration beyond expectations that would warrant a re-rating to "Material - Positive".
  • Risk Mitigation: Continued focus on cost discipline and the absence of new financing needs (following the April 2026 note issuance) suggests financial stability, though Zimapan's operational issues require monitoring.
SCZ · Price
Company Overview
  • Business Model: Operates a diversified multi-metal portfolio across Bolivia and Mexico, including producing mines (Bolivar, Porco, Caballo Blanco, Zimapan) and an ore-sourcing business (San Lucas).
  • Flagship Project: The Bolivar Mine in Bolivia is the core asset, historically high-grade but currently recovering from a May 2025 water inflow event. Management expects full recovery of high-grade veins by Q4 2026.
  • Growth Projects: The Soracaya project in Bolivia has initiated development activities and permitting processes with a preliminary mine plan completed, targeting future production expansion.
  • Operational Strategy: Focus on cost discipline, metallurgical improvements (specifically at Zimapan), and leveraging the San Lucas ore-sourcing business to maintain mill utilization during mine-specific disruptions.
Read the original news release →

More from Santacruz Silver Mining Ltd.

Jun 29, 2026 · 17:31

Santacruz reports an isolated fatality at its Reserva mine that halted localized operations, while strong first-quarter margins and the Bolivar recovery trajectory remain intact.

Production / Operations Jun 09, 2026 · 07:31

Santacruz Silver Announces Publication of 2025 Sustainability Report for Mexican Operations

Other May 15, 2026 · 19:46

Silver price windfall delivers a 221% margin surge; Bolivar recovery and cost discipline set the stage for a cash‑rich 2026.

Earnings May 04, 2026 · 07:01

Santacruz Silver ESG Report Confirms Operational Stability Amidst Bolivar Recovery

Other Apr 09, 2026 · 17:01

Santacruz Silver Secures Local Liquidity Amidst Production Recovery and Nasdaq Integration

Financings Mar 31, 2026 · 23:55

Santacruz Silver Reports Year End 2025 Financial Results

Earnings