Highlights

  • SCZ’s Q2 2025 revenues rose 4.0% YoY to USD 73.3 million, driven by higher metal prices.
  • Gross profit surged 59.5% YoY to USD 25.3 million in Q2, supported by cost efficiency and margin gains.
  • Operating income more than doubled to USD 20.0 million, reflecting disciplined expense management.
  • Net income climbed 165.7% YoY to USD 22.0 million despite lower production volumes.
  • The company has initiated development and permitting at its 100%-owned Soracaya Silver Project in Bolivia.

Santacruz Silver Mining Ltd (TSXV:SCZ) is engaged in the operation, acquisition, exploration, and development of mineral properties in Latin America. The company’s primary focus is on silver and zinc, but it also includes lead and copper.

For the second quarter of 2025 (Q2 2025), the company reported revenues of USD 73.3 million, up 4.0% from USD 70.5 million in Q2 2024, driven by steady operational performance and higher realized metal prices. Gross profit for the quarter rose 59.5% YoY to USD 25.3 million, reflecting improved cost efficiency and favourable margins. Operating income more than doubled to USD 20.0 million, supported by disciplined expense management. Net income for the period surged 165.7% YoY to USD 22.0 million, underscoring substantial profitability gains despite lower production volumes.

Recent Business Update

Earlier this month, Santacruz announced the commencement of development activities and the full permitting process at its wholly owned Soracaya Project in Bolivia’s Potosí region. The project is emerging as a potential long-term growth asset, underpinned by a high-grade, silver-rich resource base and strong geological continuity. This milestone aligns with the company’s broader strategy to enhance production capacity within its established Bolivian operations.

Company Outlook

Santacruz continues to focus on strengthening its financial position through ongoing debt reduction, having already made substantial payments toward its Glencore obligation, which is expected to be fully settled at USD 40 million. Operationally, the company remains committed to executing its 2025 mine plan in Bolivia, emphasizing higher-grade silver zones and improved recovery rates to enhance margins. In Mexico, the Zimapán operation aims to leverage previous capital investments by targeting higher-grade areas and driving additional process efficiencies.

Top 10 Shareholders

The top 10 shareholders of SCZ together account for ~15.05% of the total shareholding. Préstamo Elizondo (Arturo) and Mirae Asset Global Investments (USA) LLC hold a maximum stake at ~4.94% and ~3.69%, respectively.

Stock Information

The stock price of SCZ has declined by approximately 0.39% over the past week but gained about 5.37% over the past month. It is currently trading above its 52-week average range, which spans from a low of CAD 0.25 to a high of CAD 2.95.

Note 1: Past performance is not a reliable indicator of future performance.
Note 2: The reference data for all price data, currency, technical indicators, support, and resistance levels is 15 Oct 2025. The reference data in this report has been partly sourced from EODHD/Others.

Technical Indicators Defined

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Resistance: A level at which the stock prices tend to find resistance when they are rising, and an uptrend may take a pause due to profit booking or selling interest. Resistance 1 refers to the nearby resistance level for the stock and if the price surpasses the level, then Resistance 2 may act as the crucial resistance level for the stock.