Santacruz Silver Produces 3,739,019 Silver Equivalent Ounces in Q4 2025, Comprised of 1,343,607 Ounces of Silver, 23,846 Tonnes of Zinc, 3,000 Tonnes of Lead, and 287 Tonnes of Copper

The news release dated January 26, 2026, reports Santacruz Silver's Q4 2025 production results. The company produced 3,739,019 silver equivalent ounces (AgEq oz), a 9% increase quarter-over-quarter (QoQ). This was comprised of 1,343,607 oz of silver, 23,846 tonnes of zinc, 3,000 tonnes of lead, and 287 tonnes of copper. The improvement was led by a 34% QoQ increase in AgEq production at the Bolívar mine in Bolivia, which is recovering from a May 2025 flooding event that restricted access to high-grade veins. Management notes recovery efforts are progressing on schedule, with access to the highest-grade areas still partially constrained, and maintains the expectation of a full recovery by Q4 2026.

The news is routine and positive, but not a game-changer. The reported production increase, particularly at Bolívar, confirms the company's prior guidance and remediation plans outlined in Q3 2025 results (Nov 27, 2025). The 9% consolidated QoQ growth is solid, yet it follows a period of operational disruption and must be viewed in the context of a share price that has appreciated over 400% in the last 12 months, driven by strong financial results, debt elimination, and the recent Nasdaq listing. The news validates the ongoing recovery narrative but does not accelerate the timeline; the market had already priced in a progressive recovery. The most material recent corporate development was the Nasdaq listing on January 21, 2026, which preceded this production update.

• Overview: Santacruz Silver is a mid-tier silver producer with a portfolio of five producing assets across Bolivia (Bolívar, Porco, Caballo Blanco Group, San Lucas Group) and Mexico (Zimapán). It has transitioned to a debt-free, cash-generating producer following the 2025 payoff of the Glencore obligation for the Bolivian assets.
• Flagship Development: The Bolívar mine in Bolivia is a key contributor but has been hampered by a flooding event in May 2025. The company's primary growth project is the Soracaya project in Bolivia, a high-grade, silver-rich deposit for which a preliminary mine plan and permitting process were initiated in October 2025.