Santacruz Silver Mining (SCZ) investor relations material

Executive summary

• Q2 2025 revenues reached $73.3 million, up 4% year-over-year, with EBITDA around $27 million and net profit of $21 million, reflecting strong financial health and reduced debt.

• Net income surged 1,348% year-over-year, driven by external metal prices and internal cost optimization and production improvements.

• Cash and investments totaled $57.8 million, a 691% increase year-over-year, and working capital rose 303% to $60.3 million.

• Production was down 15% year-over-year due to water inflow at Bolivar, but remediation is underway and full production is expected by Q4.

Financial highlights

• Revenue grew 4% year-over-year to $73.3 million; EBITDA consistent with Q1 at $27 million; net profit $21 million.

• Net income increase mainly due to a one-time deferred income tax expense adjustment in Q1, not recurring operational changes.

• Cash and investments at quarter-end were $57.8 million; working capital at $60.3 million.

• Additional $7.5 million Glencore debt repayment made in Q2; remaining payments to be completed by October.

• Cash cost per silver equivalent ounce sold decreased 10% year-over-year to $19.48; AISC per ounce down 8% to $22.95.

Outlook and guidance

• Management expects EBITDA of $110 million and operating cash flow of $80 million for the year.

• All-in sustaining costs projected to remain in the $20–$22/oz range for mining operations.

• Remediation at Bolivar mine underway after water inflow event; production expected to normalize by Q4 2025.

• No material cost changes anticipated in H2, except minor increases in Bolivia due to currency devaluation.

• CapEx for the next 18 months estimated at $45 million.