Company Overview:

Santacruz Silver Mining Ltd. (TSXV: SCZ) is engaged in the operation, acquisition, exploration, and development of mineral properties across Latin America. In Bolivia, the Company operates the Bolivar, Porco, and Caballo Blanco mining complexes, with Caballo Blanco comprising the Tres Amigos and Colquechaquita mines. 

This Report covers the Price Action, Technical Indicators Analysis along with the Support Levels, Resistance Levels, and Recommendations on this stock.

Fundamental Highlights:

Strengthened Balance Sheet and Clear Path to Operational Recovery: Santacruz delivered a transformative quarter by fully retiring its Glencore acquisition obligation, materially strengthening the balance sheet and ending Q3 with USD 69 million in working capital. Profitability and cash flow continued to improve year over year, while remediation at Bolívar is on track for phased production recovery beginning in early 2026, supporting sustainable long-term value creation.

SCZ’s Technical Observation:

The daily price chart shows a constructive technical setup despite the recent pullback. Santacruz Silver remains in a clear medium-term uptrend, with price still well above its rising 14-day simple moving average, indicating underlying bullish momentum. The recent decline appears corrective after a strong rally to new highs rather than a trend reversal. RSI has cooled from near-overbought levels and is holding in 50s, suggesting momentum is resetting while remaining healthy.

SCZ’s Daily Price Chart

As per the above-mentioned price action and technical indicators analysis, a ‘Speculative Buy’ rating has been given Santacruz Silver Mining Ltd. (TSXV: SCZ) at the closing market price of CAD 11.97, as of 16^th December 2025. Individuals can evaluate the stock based on the support and resistance levels provided in the report in case of keen interest taking into consideration the risk-reward scenario.

Markets are trading in a highly volatile zone currently due to certain Macro & Micro-economic data and prevailing geopolitical tensions. Therefore, it is prudent to follow a cautious approach while investing.

Note 1: Past performance is not a reliable indicator of future performance.

Note 2: The reference date for all price data, currency, technical indicators, support, and resistance levels as on December 16, 2025. The reference data in this report has been partly sourced from REFINITIV.

Note 3: Investment decisions should be made depending on an individual's appetite for upside potential, risks, holding duration, and any previous holdings. An 'Exit' from the stock can be considered if the Target Price mentioned as per the Valuation and or the technical levels provided has been achieved and is subject to the factors discussed above.

Note 4: Dividend Yield may vary as per the stock price movement. 

Note 5: Kalkine reports are prepared based on the stock prices captured either from REFINITIV or Trading View. Typically, REFINITIV or Trading View may reflect stock prices with a delay which could be a lag of 25-30 minutes. There can be no assurance that future results or events will be consistent with the information provided in the report. The information is subject to change without any prior notice.

Technical Indicators Defined: -

Support: A level at which the stock prices tend to find support if they are falling, and a downtrend may take a pause backed by demand or buying interest.

Resistance: A level at which the stock prices tend to find resistance when they are rising, and the uptrend may take a pause due to profit booking or selling interest.

Stop-loss: In general, it is a level to protect further losses in case of any unfavourable movement in the stock prices.