Santacruz Silver Mining Ltd. (SCZ:TSXV)

  • Santacruz reported Q1 results displaying QoQ growth in revenue and adjusted EBITDA driven by higher realized prices and stable costs.

  • The quarter was highlighted by an impressive $31.70/oz silver margin, which has increased 134% QoQ, facilitating strong cash generation.

  • SCZ ended the quarter in a solid position with $64.9M in cash and marketable securities despite paying $31.5M in taxes in Q1.

  • We continue to forecast incremental production growth through 2026 from ongoing operational improvements and full recovery at Bolivar.

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

A large industrial mining facility with several buildings and equipment, surrounded by a desert landscape with hills in the background.

Santacruz Silver Mining: 
Research Note
August 17, 2026

A large industrial mining facility with several buildings and equipment, surrounded by a desert landscape with hills in the background.

Santacruz Silver Mining: 
Research Note
July 28, 2026

A large industrial mining facility with several buildings and equipment, surrounded by a desert landscape with hills in the background.

Santacruz Silver Mining: 
Research Note
May 20, 2026

Aerial view of a construction site in a desert landscape with mountains in the background, showing partially built structures and construction equipment.

Santacruz Silver Mining: 
Management Interview
April 23, 2026

A large industrial mining facility with several buildings and equipment, surrounded by a desert landscape with hills in the background.

Santacruz Silver Mining: 
Research Note
April 17, 2026

A large industrial mining facility with several buildings and equipment, surrounded by a desert landscape with hills in the background.

Santacruz Silver Mining: 
Research Note
April 1, 2026

A large industrial mining facility with several buildings and equipment, surrounded by a desert landscape with hills in the background.

Santacruz Silver Mining: 
Research Note
January 26, 2026

A large industrial mining facility with several buildings and equipment, surrounded by a desert landscape with hills in the background.

Santacruz Silver Mining: 
Research Note
November 28, 2025

A large industrial mining facility with several buildings and equipment, surrounded by a desert landscape with hills in the background.

Santacruz Silver Mining: 
Research Note
November 3, 2025

A large industrial mining facility with several buildings and equipment, surrounded by a desert landscape with hills in the background.

Santacruz Silver Mining: 
Research Note
October 7, 2025

Aerial view of a construction site in a desert landscape with mountains in the background, showing partially built structures and construction equipment.

Santacruz Silver Mining: 
Management Interview
September 25, 2025

A large industrial mining facility with several buildings and equipment, surrounded by a desert landscape with hills in the background.

Santacruz Silver Mining: 
Research Note
September 4, 2025

A large industrial mining facility with several buildings and equipment, surrounded by a desert landscape with hills in the background.

Santacruz Silver Mining: 
Research Note
August 21, 2025

A large industrial mining facility with several buildings and equipment, surrounded by a desert landscape with hills in the background.

Santacruz Silver Mining: 
Research Note
July 30, 2025

Aerial view of a construction site in a desert landscape with mountains in the background, showing partially built structures and construction equipment.

Santacruz Silver Mining: 
Management Interview
June 18, 2025

Construction site with multiple buildings and equipment in a mountainous, semi-arid landscape.

Santacruz Silver Mining: 
Research Note
June 12, 2025

Aerial view of a mining or industrial site with metal buildings, trucks, and large storage tanks, set in a desert landscape with mountains in the background.

Santacruz Silver Mining: 
Research Note
June 9, 2025

A large industrial facility under construction in a semi-arid landscape, with mountains in the background.

Santacruz Silver Mining: 
Research Note
May 29, 2025

Aerial view of an industrial construction site in a desert landscape with mountains in the background, showing various buildings and construction equipment.

Santacruz Silver Mining: 
Research Flash
March 21, 2025

A large industrial mining or processing facility in a desert landscape with mountains in the background.

Santacruz Silver Mining: 
Research Note
January 30, 2025

An aerial view of an industrial mining site with large buildings, tunnels, and equipment in a semi-arid landscape surrounded by hills.

Santacruz Silver Mining: 
Initiation Report
January 21, 2025