Santacruz Reports Q1 2026 Production of 1,341,499 Ounces of Silver and 21,640 Tonnes of Zinc, with Continued Recovery of Production at Bolivar Mine
Original announcement by tmx on
- Company
- Santacruz Silver Mining Ltd.
- Ticker
- SCZ
- Exchange
- TSX
- Region
- Unavailable
- Primary commodity
- Silver
- Secondary commodities
- Zinc, Lead, Copper
- Document categories
- Metallurgy, Production
- Extracted
- 2026-09-14 22:49:42 UTC
Analysis by Minestarters Atlas
Minestarters Atlas analysis
Summary
Santacruz Silver Mining Ltd. reported Q1 2026 production of 1,341,499 ounces of silver and 21,640 tonnes of zinc, alongside 2,686 tonnes of lead and 308 tonnes of copper. The Bolivar mine showed a 28% quarter-over-quarter increase in silver production, driven by recovery efforts following a May 2025 flooding event. However, the Zimapan mine experienced production decreases in silver, zinc, and lead due to ventilation issues and power supply interruptions, contributing to a mixed consolidated performance for the quarter.
Reasoning: Q1 2026 production showed mixed results, with strong recovery at Bolivar and increased copper production offset by operational challenges at Zimapan and overall QoQ declines in zinc and lead.
Positive factors
- Bolivar silver production increased 28% QoQ
- Bolivar mine recovery from May 2025 flooding event
- Caballo Blanco remained a steady contributor
- San Lucas continued to enhance plant utilization
- Consolidated copper production increased 7% QoQ
Negative factors
- Zimapan production decreased due to reduced ventilated mining areas and power supply interruptions
- Consolidated zinc production decreased 9% QoQ
- Consolidated lead production decreased 10% QoQ
- Consolidated silver production decreased 16% YoY
- Fewer operating days in Bolivia due to Carnival holiday period
Low confidence — this extraction should be reviewed alongside the original source.
Facts used in scoring: 25
Classification and evidence
Production Increasepositive · Story-specific tag
No canonical definition is currently available.
Why it applies: Bolivar Mine's silver production increased 28% quarter-over-quarter to 259,635 ounces.
Evidence · text
“silver production increased 28% quarter-over-quarter to 259,635 ounces”
Operational Recoverypositive · Story-specific tag
No canonical definition is currently available.
Why it applies: Bolivar Mine's silver production increase was driven by ongoing recovery efforts made in the areas affected by the localized flooding event that occurred in May 2025.
Evidence · text
“driven by ongoing recovery efforts made in the areas affected by the localized flooding event that occurred in May 2025”
Production Decreasenegative · Story-specific tag
No canonical definition is currently available.
Why it applies: Zimapan's silver production decreased 10% to 362,863 ounces from 403,321 ounces, while zinc production decreased 19% to 4,040 tonnes from 5,008 tonnes. Lead production decreased 19% to 1,005 tonnes from 1,237 tonnes.
Evidence · text
“Zimapan's silver production decreased 10% to 362,863 ounces from 403,321 ounces, while zinc production decreased 19% to 4,040 tonnes from 5,008 tonnes. Lead production decreased 19% to 1,005 tonnes from 1,237 tonnes”
Operational Issuesnegative · Story-specific tag
No canonical definition is currently available.
Why it applies: The lower production at Zimapan was primarily driven by reduced ventilated mining areas, including limited ventilation in higher-grade zones at Level 960, following a contractor delay in the completion of a ventilation Robbins incline shaft. In addition, there were intermittent operating days at the milling facility due to power supply interruptions by the Comisión Federal de Electricidad (CFE), the national power company.
Evidence · text
“The lower production was primarily driven by reduced ventilated mining areas, including limited ventilation in higher-grade zones at Level 960, following a contractor delay in the completion of a ventilation Robbins incline shaft. In addition, there were intermittent operating days at the milling facility due to power supply interruptions by the Comisión Federal de Electricidad (CFE), the national power company.”
QP/CP Signedpositive · Story-specific tag
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: Garth Kirkham, P.Geo., an independent consultant to the Company, is a qualified person under NI 43-101 and has approved the scientific and technical information contained within this news release.
Evidence · text
“Garth Kirkham, P.Geo., an independent consultant to the Company, is a qualified person under NI 43-101 and has approved the scientific and technical information contained within this news release.”
Mill Routeneutral
Processing via mill or concentrator (CIL, CIP, tank leach, flotation).
Why it applies: the document describes a flotation route ("concentrate")
Extracted facts
Stored fact records: 16. Some facts used in scoring do not have a stored record.
Metallurgical Results (16)
Fact 1Bolivar Mine · silverRecovery: 88 %Head Grade: 141Head Grade Unit: g/tView all detailsHide details
Identity
- Project
- Bolivar Mine
- Commodity
- silver
- Region
- bolivia
- Reported Region
- Bolivia
- Ticker
- SCZ
Recovery
- Recovery
- 88 %
- Head Grade
- 141
- Head Grade Unit
- g/t
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-04-16T00:00:00.000Z
Reasoning: Bolivar Mine's silver production significantly increased QoQ due to higher grades and ongoing recovery from flooding, despite a YoY decrease.
Positive factors
- Silver production increased 28% QoQ
- Silver head grades increased 30% QoQ
- Continued recovery efforts from May 2025 flooding event
Negative factors
- Silver production decreased 38% YoY
Evidence · table
“259,635”
Context: Silver (ounces)
Fact 2Bolivar Mine · zincRecovery: 93 %Head Grade: 6.06Head Grade Unit: %View all detailsHide details
Identity
- Project
- Bolivar Mine
- Commodity
- zinc
- Region
- bolivia
- Reported Region
- Bolivia
- Ticker
- SCZ
Recovery
- Recovery
- 93 %
- Head Grade
- 6.06
- Head Grade Unit
- %
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-04-16T00:00:00.000Z
Reasoning: Bolivar Mine's zinc production decreased QoQ and YoY due to lower zinc grades, though recoveries remained stable.
Negative factors
- Zinc production decreased 8% QoQ
- Zinc head grades decreased 10% QoQ
- Zinc production decreased 8% YoY
Evidence · table
“3,656”
Context: Zinc (tonnes)
Fact 3Bolivar Mine · leadRecovery: 70 %Head Grade: 0.43Head Grade Unit: %View all detailsHide details
Identity
- Project
- Bolivar Mine
- Commodity
- lead
- Region
- bolivia
- Reported Region
- Bolivia
- Ticker
- SCZ
Recovery
- Recovery
- 70 %
- Head Grade
- 0.43
- Head Grade Unit
- %
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-04-16T00:00:00.000Z
Reasoning: Bolivar Mine's lead production increased modestly QoQ and was broadly stable YoY.
Positive factors
- Lead production increased 6% QoQ
- Lead head grades increased 8% QoQ
Evidence · table
“198”
Context: Lead (tonnes)
Fact 4Porco Mine · silverRecovery: 82 %Head Grade: 59Head Grade Unit: g/tView all detailsHide details
Identity
- Project
- Porco Mine
- Commodity
- silver
- Region
- bolivia
- Reported Region
- Bolivia
- Ticker
- SCZ
Recovery
- Recovery
- 82 %
- Head Grade
- 59
- Head Grade Unit
- g/t
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-04-16T00:00:00.000Z
Reasoning: Porco Mine's silver production significantly decreased QoQ and YoY due to lower silver grades, consistent with a focus on zinc-rich areas.
Negative factors
- Silver production decreased 14% QoQ
- Silver production decreased 41% YoY
- Silver head grades decreased 3% QoQ and 39% YoY
Evidence · table
“70,708”
Context: Silver (ounces)
Fact 5Porco Mine · zincRecovery: 95 %Head Grade: 6.61Head Grade Unit: %View all detailsHide details
Identity
- Project
- Porco Mine
- Commodity
- zinc
- Region
- bolivia
- Reported Region
- Bolivia
- Ticker
- SCZ
Recovery
- Recovery
- 95 %
- Head Grade
- 6.61
- Head Grade Unit
- %
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-04-16T00:00:00.000Z
Reasoning: Porco Mine's zinc production increased QoQ and YoY, supported by stronger zinc grades and recoveries, aligning with its zinc-oriented operation.
Positive factors
- Zinc production increased 4% QoQ
- Zinc production increased 6% YoY
- Zinc head grades increased 17% QoQ and 10% YoY
Evidence · table
“2,833”
Context: Zinc (tonnes)
Fact 6Porco Mine · leadRecovery: 74 %Head Grade: 0.34Head Grade Unit: %View all detailsHide details
Identity
- Project
- Porco Mine
- Commodity
- lead
- Region
- bolivia
- Reported Region
- Bolivia
- Ticker
- SCZ
Recovery
- Recovery
- 74 %
- Head Grade
- 0.34
- Head Grade Unit
- %
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-04-16T00:00:00.000Z
Reasoning: Porco Mine's lead production increased QoQ but decreased YoY, with higher grades QoQ.
Positive factors
- Lead production increased 6% QoQ
- Lead head grades increased 21% QoQ
Negative factors
- Lead production decreased 29% YoY
Evidence · table
“114”
Context: Lead (tonnes)
Fact 7Caballo Blanco Group · silverRecovery: 93 %Head Grade: 175Head Grade Unit: g/tView all detailsHide details
Identity
- Project
- Caballo Blanco Group
- Commodity
- silver
- Region
- bolivia
- Reported Region
- Bolivia
- Ticker
- SCZ
Recovery
- Recovery
- 93 %
- Head Grade
- 175
- Head Grade Unit
- g/t
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-04-16T00:00:00.000Z
Reasoning: Caballo Blanco Group's silver production increased QoQ, supported by higher grades and recoveries, and remained broadly stable YoY.
Positive factors
- Silver production increased 6% QoQ
- Silver head grades increased 12% QoQ
- Modestly improved silver recoveries
Evidence · table
“306,888”
Context: Silver (ounces)
Tags used in scoring
High Recoverypositive
Recovery at or above the exceptional band for the commodity and processing route.
Why it applies: 93% is at or above the exceptional band (90%)
Fact 8Caballo Blanco Group · zincRecovery: 94 %Head Grade: 7.15Head Grade Unit: %View all detailsHide details
Identity
- Project
- Caballo Blanco Group
- Commodity
- zinc
- Region
- bolivia
- Reported Region
- Bolivia
- Ticker
- SCZ
Recovery
- Recovery
- 94 %
- Head Grade
- 7.15
- Head Grade Unit
- %
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-04-16T00:00:00.000Z
Reasoning: Caballo Blanco Group's zinc production decreased QoQ but increased YoY, demonstrating solid performance.
Positive factors
- Zinc production increased 12% YoY
Negative factors
- Zinc production decreased 10% QoQ
Evidence · table
“3,967”
Context: Zinc (tonnes)
Fact 9Caballo Blanco Group · leadRecovery: 84 %Head Grade: 1.54Head Grade Unit: %View all detailsHide details
Identity
- Project
- Caballo Blanco Group
- Commodity
- lead
- Region
- bolivia
- Reported Region
- Bolivia
- Ticker
- SCZ
Recovery
- Recovery
- 84 %
- Head Grade
- 1.54
- Head Grade Unit
- %
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-04-16T00:00:00.000Z
Reasoning: Caballo Blanco Group's lead production was broadly stable QoQ and significantly increased YoY, showing strong operating consistency.
Positive factors
- Lead production increased 58% YoY
- Lead head grades increased 34% YoY
Evidence · table
“767”
Context: Lead (tonnes)
Fact 10Zimapan Mine · silverRecovery: 65 %Head Grade: 78Head Grade Unit: g/tView all detailsHide details
Identity
- Project
- Zimapan Mine
- Commodity
- silver
- Region
- mexico
- Reported Region
- Mexico
- Ticker
- SCZ
Recovery
- Recovery
- 65 %
- Head Grade
- 78
- Head Grade Unit
- g/t
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-04-16T00:00:00.000Z
Reasoning: Zimapan Mine's silver production decreased significantly QoQ and YoY due to operational issues and lower grades/recoveries.
Negative factors
- Silver production decreased 10% QoQ and 18% YoY
- Lower grades and recoveries in silver
- Reduced ventilated mining areas and power supply interruptions
Evidence · table
“362,863”
Context: Silver (ounces)
Tags used in scoring
Low Recoverynegative
Recovery below the weak band for the commodity and processing route.
Why it applies: 65% is below the weak band (75%)
Fact 11Zimapan Mine · zincRecovery: 71 %Head Grade: 2.55Head Grade Unit: %View all detailsHide details
Identity
- Project
- Zimapan Mine
- Commodity
- zinc
- Region
- mexico
- Reported Region
- Mexico
- Ticker
- SCZ
Recovery
- Recovery
- 71 %
- Head Grade
- 2.55
- Head Grade Unit
- %
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-04-16T00:00:00.000Z
Reasoning: Zimapan Mine's zinc production decreased significantly QoQ and YoY due to operational issues and lower grades/recoveries.
Negative factors
- Zinc production decreased 19% QoQ and 10% YoY
- Lower grades and recoveries in zinc
- Reduced ventilated mining areas and power supply interruptions
Evidence · table
“4,040”
Context: Zinc (tonnes)
Fact 12Zimapan Mine · leadRecovery: 73 %Head Grade: 0.62Head Grade Unit: %View all detailsHide details
Identity
- Project
- Zimapan Mine
- Commodity
- lead
- Region
- mexico
- Reported Region
- Mexico
- Ticker
- SCZ
Recovery
- Recovery
- 73 %
- Head Grade
- 0.62
- Head Grade Unit
- %
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-04-16T00:00:00.000Z
Reasoning: Zimapan Mine's lead production decreased significantly QoQ and YoY due to operational issues and lower grades/recoveries.
Negative factors
- Lead production decreased 19% QoQ and 28% YoY
- Lower grades and recoveries in lead
- Reduced ventilated mining areas and power supply interruptions
Evidence · table
“1,005”
Context: Lead (tonnes)
Fact 13Zimapan Mine · copperRecovery: 54 %Head Grade: 0.25Head Grade Unit: %View all detailsHide details
Identity
- Project
- Zimapan Mine
- Commodity
- copper
- Region
- mexico
- Reported Region
- Mexico
- Ticker
- SCZ
Recovery
- Recovery
- 54 %
- Head Grade
- 0.25
- Head Grade Unit
- %
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-04-16T00:00:00.000Z
Reasoning: Zimapan Mine's copper production increased QoQ and YoY, showing improved performance despite other operational challenges.
Positive factors
- Copper production increased 7% QoQ and 10% YoY
- Copper performance improved
Evidence · table
“308”
Context: Copper (tonnes)
Tags used in scoring
Low Recoverynegative
Recovery below the weak band for the commodity and processing route.
Why it applies: 54% is below the weak band (80%)
Fact 14San Lucas Ore Sourcing Business · silverRecovery: 81 %Head Grade: 139Head Grade Unit: g/tView all detailsHide details
Identity
- Project
- San Lucas Ore Sourcing Business
- Commodity
- silver
- Region
- bolivia
- Reported Region
- Bolivia
- Ticker
- SCZ
Recovery
- Recovery
- 81 %
- Head Grade
- 139
- Head Grade Unit
- g/t
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-04-16T00:00:00.000Z
Reasoning: San Lucas's silver production decreased QoQ but showed strong YoY growth, supported by increased grades.
Positive factors
- Silver production increased 16% YoY
- Silver head grades increased 3% QoQ and 13% YoY
Negative factors
- Silver production decreased 7% QoQ
Evidence · table
“341,405”
Context: Silver (ounces)
Fact 15San Lucas Ore Sourcing Business · zincRecovery: 89 %Head Grade: 8.47Head Grade Unit: %View all detailsHide details
Identity
- Project
- San Lucas Ore Sourcing Business
- Commodity
- zinc
- Region
- bolivia
- Reported Region
- Bolivia
- Ticker
- SCZ
Recovery
- Recovery
- 89 %
- Head Grade
- 8.47
- Head Grade Unit
- %
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-04-16T00:00:00.000Z
Reasoning: San Lucas's zinc production decreased QoQ but showed strong YoY growth, supported by increased grades.
Positive factors
- Zinc production increased 19% YoY
- Zinc head grades increased 3% QoQ and 11% YoY
Negative factors
- Zinc production decreased 8% QoQ
Evidence · table
“7,144”
Context: Zinc (tonnes)
Fact 16San Lucas Ore Sourcing Business · leadRecovery: 63 %Head Grade: 1Head Grade Unit: %View all detailsHide details
Identity
- Project
- San Lucas Ore Sourcing Business
- Commodity
- lead
- Region
- bolivia
- Reported Region
- Bolivia
- Ticker
- SCZ
Recovery
- Recovery
- 63 %
- Head Grade
- 1
- Head Grade Unit
- %
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-04-16T00:00:00.000Z
Reasoning: San Lucas's lead production decreased QoQ but showed strong YoY growth, supported by increased grades.
Positive factors
- Lead production increased 25% YoY
- Lead head grades increased 3% QoQ and 19% YoY
Negative factors
- Lead production decreased 14% QoQ
Evidence · table
“602”
Context: Lead (tonnes)
How Atlas produces this analysis
Minestarters Atlas uses automated extraction to summarize mining announcements, identify reported measurements, and classify supporting evidence. Sentiment reflects the extracted narrative and classification rules; it is an interpretation, not a reported measurement. Evidence quotes and context are provided where available. Missing data, low-confidence results, and review flags indicate limitations. Check the original publisher announcement before relying on an interpretation.