# 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 Canonical Atlas analysis: https://atlas-extractions.minestarters.com/news/santacruz-reports-q1-2026-production-of-1-341-499-ounces-of-silver-and-21-640-to--aea00b43-f216-445e-b3df-cf7d1679fdee Original source: https://money.tmx.com/en/quote/SCZ/news/8228854050888139/santacruz-reports-q1-2026-production-of-1-341-499-ounces-of-silver-and-21-640-to Publisher: tmx Original announcement: 2026-04-16T22:00:00.000Z Analysis by Minestarters Atlas Atlas analysis published: Unknown date Atlas analysis updated: Unknown date - 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 Narrative sentiment: 0.10 · Bullish ## Minestarters Atlas 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 factor: Bolivar silver production increased 28% QoQ - Positive factor: Bolivar mine recovery from May 2025 flooding event - Positive factor: Caballo Blanco remained a steady contributor - Positive factor: San Lucas continued to enhance plant utilization - Positive factor: Consolidated copper production increased 7% QoQ - Negative factor: Zimapan production decreased due to reduced ventilated mining areas and power supply interruptions - Negative factor: Consolidated zinc production decreased 9% QoQ - Negative factor: Consolidated lead production decreased 10% QoQ - Negative factor: Consolidated silver production decreased 16% YoY - Negative factor: 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 Increase** Polarity: positive Story-specific tag Definition: 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 Recovery** Polarity: positive Story-specific tag Definition: 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 Decrease** Polarity: negative Story-specific tag Definition: 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 Issues** Polarity: negative Story-specific tag Definition: 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 Signed** Polarity: positive Story-specific tag Definition: 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 Route** Polarity: neutral Definition: 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 1 [Link to this fact](https://atlas-extractions.minestarters.com/news/santacruz-reports-q1-2026-production-of-1-341-499-ounces-of-silver-and-21-640-to--aea00b43-f216-445e-b3df-cf7d1679fdee#fact-metallurgical-facts-5) Bolivar Mine · silver #### 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 factor: Silver production increased 28% QoQ - Positive factor: Silver head grades increased 30% QoQ - Positive factor: Continued recovery efforts from May 2025 flooding event - Negative factor: Silver production decreased 38% YoY Evidence · table > 259,635 Context: Silver \(ounces\) ### Fact 2 [Link to this fact](https://atlas-extractions.minestarters.com/news/santacruz-reports-q1-2026-production-of-1-341-499-ounces-of-silver-and-21-640-to--aea00b43-f216-445e-b3df-cf7d1679fdee#fact-metallurgical-facts-6) Bolivar Mine · zinc #### 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 factor: Zinc production decreased 8% QoQ - Negative factor: Zinc head grades decreased 10% QoQ - Negative factor: Zinc production decreased 8% YoY Evidence · table > 3,656 Context: Zinc \(tonnes\) ### Fact 3 [Link to this fact](https://atlas-extractions.minestarters.com/news/santacruz-reports-q1-2026-production-of-1-341-499-ounces-of-silver-and-21-640-to--aea00b43-f216-445e-b3df-cf7d1679fdee#fact-metallurgical-facts-7) Bolivar Mine · lead #### 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 factor: Lead production increased 6% QoQ - Positive factor: Lead head grades increased 8% QoQ Evidence · table > 198 Context: Lead \(tonnes\) ### Fact 4 [Link to this fact](https://atlas-extractions.minestarters.com/news/santacruz-reports-q1-2026-production-of-1-341-499-ounces-of-silver-and-21-640-to--aea00b43-f216-445e-b3df-cf7d1679fdee#fact-metallurgical-facts-9) Porco Mine · silver #### 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 factor: Silver production decreased 14% QoQ - Negative factor: Silver production decreased 41% YoY - Negative factor: Silver head grades decreased 3% QoQ and 39% YoY Evidence · table > 70,708 Context: Silver \(ounces\) ### Fact 5 [Link to this fact](https://atlas-extractions.minestarters.com/news/santacruz-reports-q1-2026-production-of-1-341-499-ounces-of-silver-and-21-640-to--aea00b43-f216-445e-b3df-cf7d1679fdee#fact-metallurgical-facts-10) Porco Mine · zinc #### 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 factor: Zinc production increased 4% QoQ - Positive factor: Zinc production increased 6% YoY - Positive factor: Zinc head grades increased 17% QoQ and 10% YoY Evidence · table > 2,833 Context: Zinc \(tonnes\) ### Fact 6 [Link to this fact](https://atlas-extractions.minestarters.com/news/santacruz-reports-q1-2026-production-of-1-341-499-ounces-of-silver-and-21-640-to--aea00b43-f216-445e-b3df-cf7d1679fdee#fact-metallurgical-facts-11) Porco Mine · lead #### 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 factor: Lead production increased 6% QoQ - Positive factor: Lead head grades increased 21% QoQ - Negative factor: Lead production decreased 29% YoY Evidence · table > 114 Context: Lead \(tonnes\) ### Fact 7 [Link to this fact](https://atlas-extractions.minestarters.com/news/santacruz-reports-q1-2026-production-of-1-341-499-ounces-of-silver-and-21-640-to--aea00b43-f216-445e-b3df-cf7d1679fdee#fact-metallurgical-facts-13) Caballo Blanco Group · silver #### 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 factor: Silver production increased 6% QoQ - Positive factor: Silver head grades increased 12% QoQ - Positive factor: Modestly improved silver recoveries Evidence · table > 306,888 Context: Silver \(ounces\) #### Tags used in scoring **High Recovery** Polarity: positive Definition: 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 8 [Link to this fact](https://atlas-extractions.minestarters.com/news/santacruz-reports-q1-2026-production-of-1-341-499-ounces-of-silver-and-21-640-to--aea00b43-f216-445e-b3df-cf7d1679fdee#fact-metallurgical-facts-14) Caballo Blanco Group · zinc #### 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 factor: Zinc production increased 12% YoY - Negative factor: Zinc production decreased 10% QoQ Evidence · table > 3,967 Context: Zinc \(tonnes\) ### Fact 9 [Link to this fact](https://atlas-extractions.minestarters.com/news/santacruz-reports-q1-2026-production-of-1-341-499-ounces-of-silver-and-21-640-to--aea00b43-f216-445e-b3df-cf7d1679fdee#fact-metallurgical-facts-15) Caballo Blanco Group · lead #### 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 factor: Lead production increased 58% YoY - Positive factor: Lead head grades increased 34% YoY Evidence · table > 767 Context: Lead \(tonnes\) ### Fact 10 [Link to this fact](https://atlas-extractions.minestarters.com/news/santacruz-reports-q1-2026-production-of-1-341-499-ounces-of-silver-and-21-640-to--aea00b43-f216-445e-b3df-cf7d1679fdee#fact-metallurgical-facts-17) Zimapan Mine · silver #### 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 factor: Silver production decreased 10% QoQ and 18% YoY - Negative factor: Lower grades and recoveries in silver - Negative factor: Reduced ventilated mining areas and power supply interruptions Evidence · table > 362,863 Context: Silver \(ounces\) #### Tags used in scoring **Low Recovery** Polarity: negative Definition: Recovery below the weak band for the commodity and processing route. Why it applies: 65% is below the weak band \(75%\) ### Fact 11 [Link to this fact](https://atlas-extractions.minestarters.com/news/santacruz-reports-q1-2026-production-of-1-341-499-ounces-of-silver-and-21-640-to--aea00b43-f216-445e-b3df-cf7d1679fdee#fact-metallurgical-facts-18) Zimapan Mine · zinc #### 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 factor: Zinc production decreased 19% QoQ and 10% YoY - Negative factor: Lower grades and recoveries in zinc - Negative factor: Reduced ventilated mining areas and power supply interruptions Evidence · table > 4,040 Context: Zinc \(tonnes\) ### Fact 12 [Link to this fact](https://atlas-extractions.minestarters.com/news/santacruz-reports-q1-2026-production-of-1-341-499-ounces-of-silver-and-21-640-to--aea00b43-f216-445e-b3df-cf7d1679fdee#fact-metallurgical-facts-19) Zimapan Mine · lead #### 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 factor: Lead production decreased 19% QoQ and 28% YoY - Negative factor: Lower grades and recoveries in lead - Negative factor: Reduced ventilated mining areas and power supply interruptions Evidence · table > 1,005 Context: Lead \(tonnes\) ### Fact 13 [Link to this fact](https://atlas-extractions.minestarters.com/news/santacruz-reports-q1-2026-production-of-1-341-499-ounces-of-silver-and-21-640-to--aea00b43-f216-445e-b3df-cf7d1679fdee#fact-metallurgical-facts-20) Zimapan Mine · copper #### 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 factor: Copper production increased 7% QoQ and 10% YoY - Positive factor: Copper performance improved Evidence · table > 308 Context: Copper \(tonnes\) #### Tags used in scoring **Low Recovery** Polarity: negative Definition: Recovery below the weak band for the commodity and processing route. Why it applies: 54% is below the weak band \(80%\) ### Fact 14 [Link to this fact](https://atlas-extractions.minestarters.com/news/santacruz-reports-q1-2026-production-of-1-341-499-ounces-of-silver-and-21-640-to--aea00b43-f216-445e-b3df-cf7d1679fdee#fact-metallurgical-facts-22) San Lucas Ore Sourcing Business · silver #### 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 factor: Silver production increased 16% YoY - Positive factor: Silver head grades increased 3% QoQ and 13% YoY - Negative factor: Silver production decreased 7% QoQ Evidence · table > 341,405 Context: Silver \(ounces\) ### Fact 15 [Link to this fact](https://atlas-extractions.minestarters.com/news/santacruz-reports-q1-2026-production-of-1-341-499-ounces-of-silver-and-21-640-to--aea00b43-f216-445e-b3df-cf7d1679fdee#fact-metallurgical-facts-23) San Lucas Ore Sourcing Business · zinc #### 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 factor: Zinc production increased 19% YoY - Positive factor: Zinc head grades increased 3% QoQ and 11% YoY - Negative factor: Zinc production decreased 8% QoQ Evidence · table > 7,144 Context: Zinc \(tonnes\) ### Fact 16 [Link to this fact](https://atlas-extractions.minestarters.com/news/santacruz-reports-q1-2026-production-of-1-341-499-ounces-of-silver-and-21-640-to--aea00b43-f216-445e-b3df-cf7d1679fdee#fact-metallurgical-facts-24) San Lucas Ore Sourcing Business · lead #### 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 factor: Lead production increased 25% YoY - Positive factor: Lead head grades increased 3% QoQ and 19% YoY - Negative factor: 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.