Santacruz Silver Reports Year End 2025 Financial Results

Executive Summary
- Santacruz Silver Mining reported FY 2025 revenue of $326.4 M (+15% YoY) and adjusted EBITDA of $104.6 M (+99% YoY).
- Net income fell to $42.2 M, a 74% decline versus FY 2024, driven by the absence of a non‑recurring gain recorded in the prior year.
- Silver production decreased 11% to 14.4 M AgEq oz (5.6 M silver oz) due to flooding at Bolivar; however, cash position improved to $66.7 M (+87%).
Key Details
- Financial Highlights
- Revenues: $326.4 M (↑15%)
- Gross profit: $109.4 M (↑91%)
- Net income: $42.2 M (↓74%) – FY 2024 net included a non‑cash restructuring gain with Glencore.
- Adjusted EBITDA: $104.6 M (↑99%)
- Cash & highly‑liquid marketable securities: $66.7 M (↑87%); cash $44.3 M, securities $22.5 M (incl. $15.8 M collateral).
-
Working capital: $63.7 M (↑38%).
-
Operating Highlights
- Material processed: 1,945,261 t (‑1% YoY)
- Silver equivalent produced: 14,399,019 oz (‑11%) – decline linked to May 2025 water inflow at Bolivar.
- Silver ounces produced: 5,598,680 oz (‑17%).
-
Zinc production: 87,295 t (‑8%); Lead 11,094 t (‑6%); Copper 1,126 t (+7%).
-
Cost & Pricing
- Cash cost per AgEq oz sold: $24.93 (↑14%) vs $21.90 FY 2024.
- All‑in sustaining cost (AISC) per AgEq oz sold: $30.81 (↑18%) vs $26.09 FY 2024.
-
Average realized price per AgEq oz sold: $39.00 (↑36%) vs $28.74 FY 2024, generating a margin of $8.19/oz (↑209%).
-
Quarterly Production
- Q4 2025 processed 506,040 t (+4% QoQ) and produced 3,739,019 AgEq oz (+9% QoQ).
-
Consolidated silver production rose 8% QoQ; zinc +10%; lead +15%.
-
Operational Commentary
- CEO Arturo Préstamo highlighted full debt repayment to Glencore, a stronger balance sheet, and ongoing de‑watering at Bolivar with expected full recovery by Q4 2026.
-
Focus for 2026: cost discipline and plant efficiencies in Bolivia; metallurgical improvements at Zimapan (Mexico); advancing Soracaya project.
-
Webinar – CEO and CFO to present results on April 7, 2026 (3:00 pm ET).
Notable Quotes
“Last year was a milestone year… full debt repayment to Glencore, materially strengthened balance sheet… we expect Bolivar’s full recovery by Q4 2026.” – Arturo Préstamo, Executive Chairman & CEO
Materiality Assessment: Material – Neutral (the release contains comprehensive FY 2025 financial and operational results that are material to investors, though net income declined.)