Santacruz Silver Mining Ltd. (SCZ:TSXV)
Santacruz is a multi-asset Canadian mining company focused on silver with assets in Latin America.
In 2024, the Company refinanced its debt with Glencore and in early 2025, announced an accelerated pay down plan.
SCZ is now printing cash given the higher silver price, generating $96M in OCF in 2024.
SCZ is trading at just 2x 2025E CF compared to small/mid-cap silver producers at 7x.
Investment Summary
Company Description
Santacruz Silver is engaged in the operation, acquisition, exploration, and development of mineral properties in Latin America. The Bolivian operations are comprised of three operating mines, the Bolivar, Porco, and Caballo Blanco Group. The Soracaya exploration project and San Lucas ore sourcing and trading business are also in Bolivia. The Zimapan mine is in Mexico.
Research
Santacruz Silver Mining:
Management Interview
June 18, 2025
Santacruz Silver Mining:
Research Note
June 12, 2025
Santacruz Silver Mining:
Research Note
June 9, 2025
Santacruz Silver Mining:
Research Note
May 29, 2025
Santacruz Silver Mining:
Research Flash
March 21, 2025
Santacruz Silver Mining:
Research Note
January 30, 2025
Santacruz Silver Mining:
Initiation Report
January 21, 2025