# Santacruz Silver Produces 3,424,817 Silver Equivalent Ounces in Q3 2025, Comprising of 1,241,929 Ounces of Silver, 21,581 Tonnes of Zinc, 2,603 Tonnes of Lead, and 331 Tonnes of Copper Canonical Atlas analysis: https://atlas-extractions.minestarters.com/news/santacruz-silver-produces-3-424-817-silver-equivalent-ounces-in-q3-2025-comprisi--395b2fee-b82c-4491-8f01-788b82b186fc Original source: https://money.tmx.com/en/quote/SCZ/news/7178309891654120/santacruz-silver-produces-3-424-817-silver-equivalent-ounces-in-q3-2025-comprisi Publisher: tmx Original announcement: 2025-11-03T12:00:00.000Z 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 23:07:14 UTC Narrative sentiment: -0.20 · Bearish ## Minestarters Atlas summary Santacruz Silver reported Q3 2025 production of 3,424,817 silver equivalent ounces, a 3% decrease from Q2 2025 and a 15% decrease from Q3 2024. The Bolivar mine experienced significant production declines, particularly in silver, due to a water inflow event that restricted access to high-grade areas. While other operations like Caballo Blanco and San Lucas showed strong performance, the company anticipates production from Bolivar's high-grade zones to resume in February 2026 after ongoing dewatering efforts. Reasoning: Santacruz Silver reported Q3 2025 production results, showing steady consolidated output but significant declines at the Bolivar mine due to a water inflow event, which impacted overall silver equivalent production. Other mines showed mixed performance, with some offsetting the Bolivar issues, and the company expects high-grade production at Bolivar to resume in February 2026. - Positive factor: Steady consolidated production - Positive factor: Strong operational performance from Caballo Blanco and San Lucas - Positive factor: Increased pumping capacity at Bolivar to address water inflow - Positive factor: Expected resumption of high-grade production at Bolivar in February 2026 - Positive factor: Increased copper production at Zimapan - Negative factor: Significant decrease in silver production at Bolivar due to water inflow - Negative factor: Restricted access to high-grade areas at Bolivar - Negative factor: Delay in pumping system installation at Bolivar - Negative factor: Overall decrease in silver equivalent production compared to previous quarter and year-ago quarter - Negative factor: Decline in silver production at Porco due to focus on zinc-rich zones - Negative factor: Decline in silver equivalent production at San Lucas year-on-year Low confidence — this extraction should be reviewed alongside the original source. Facts used in scoring: 26 ## Classification and evidence No classification tags are available. ## 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-silver-produces-3-424-817-silver-equivalent-ounces-in-q3-2025-comprisi--395b2fee-b82c-4491-8f01-788b82b186fc#fact-metallurgical-facts-5) Bolivar Mine · silver #### Identity - Project: Bolivar Mine - Commodity: silver - Ticker: SCZ #### Recovery - Recovery: 89 % #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2025-11-03T00:00:00.000Z Reasoning: Bolivar mine experienced severe declines in silver production and grade due to the water inflow event, significantly impacting overall company performance. - Negative factor: 57% decrease in silver production compared to Q2 2025 - Negative factor: 73% decrease in silver production compared to Q3 2024 - Negative factor: 53% decrease in average silver grade compared to Q2 2025 - Negative factor: 62% decrease in average silver grade compared to Q3 2024 - Negative factor: Ongoing impact of water inflow event restricting access to high-grade areas Evidence · table > 132,146 Context: 52,023 ### Fact 2 [Link to this fact](https://atlas-extractions.minestarters.com/news/santacruz-silver-produces-3-424-817-silver-equivalent-ounces-in-q3-2025-comprisi--395b2fee-b82c-4491-8f01-788b82b186fc#fact-metallurgical-facts-6) Bolivar Mine · zinc #### Identity - Project: Bolivar Mine - Commodity: zinc - Ticker: SCZ #### Recovery - Recovery: 93 % #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2025-11-03T00:00:00.000Z Reasoning: Bolivar mine's zinc production declined year-on-year, though average grade and recovery showed some stability or improvement quarter-on-quarter. - Positive factor: 1% increase in average zinc grade compared to Q2 2025 - Positive factor: 3% increase in zinc recovery compared to Q2 2025 - Positive factor: 3% increase in zinc recovery compared to Q3 2024 - Negative factor: 1% decrease in zinc production compared to Q2 2025 - Negative factor: 30% decrease in zinc production compared to Q3 2024 - Negative factor: 8% decrease in average zinc grade compared to Q3 2024 Evidence · table > 3,186 Context: 52,023 ### Fact 3 [Link to this fact](https://atlas-extractions.minestarters.com/news/santacruz-silver-produces-3-424-817-silver-equivalent-ounces-in-q3-2025-comprisi--395b2fee-b82c-4491-8f01-788b82b186fc#fact-metallurgical-facts-7) Bolivar Mine · lead #### Identity - Project: Bolivar Mine - Commodity: lead - Ticker: SCZ #### Recovery - Recovery: 64 % #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2025-11-03T00:00:00.000Z Reasoning: Bolivar mine's lead production, grade, and recovery all saw significant declines, indicating severe operational challenges for this commodity. - Negative factor: 43% decrease in lead production compared to Q2 2025 - Negative factor: 66% decrease in lead production compared to Q3 2024 - Negative factor: 29% decrease in average lead grade compared to Q2 2025 - Negative factor: 49% decrease in average lead grade compared to Q3 2024 - Negative factor: 15% decrease in lead recovery compared to Q2 2025 - Negative factor: 10% decrease in lead recovery compared to Q3 2024 Evidence · table > 104 Context: 52,023 ### Fact 4 [Link to this fact](https://atlas-extractions.minestarters.com/news/santacruz-silver-produces-3-424-817-silver-equivalent-ounces-in-q3-2025-comprisi--395b2fee-b82c-4491-8f01-788b82b186fc#fact-metallurgical-facts-9) Porco Mine · silver #### Identity - Project: Porco Mine - Commodity: silver - Ticker: SCZ #### Recovery - Recovery: 82 % #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2025-11-03T00:00:00.000Z Reasoning: Porco mine's silver production and grade declined significantly as operations prioritized zinc-rich zones, aligning with its production focus. - Negative factor: 13% decrease in silver production compared to Q2 2025 - Negative factor: 47% decrease in silver production compared to Q3 2024 - Negative factor: 10% decrease in average silver grade compared to Q2 2025 - Negative factor: 47% decrease in average silver grade compared to Q3 2024 - Negative factor: Operations continued to target zinc-rich zones Evidence · table > 92,001 Context: 49,161 ### Fact 5 [Link to this fact](https://atlas-extractions.minestarters.com/news/santacruz-silver-produces-3-424-817-silver-equivalent-ounces-in-q3-2025-comprisi--395b2fee-b82c-4491-8f01-788b82b186fc#fact-metallurgical-facts-10) Porco Mine · zinc #### Identity - Project: Porco Mine - Commodity: zinc - Ticker: SCZ #### Recovery - Recovery: 93 % #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2025-11-03T00:00:00.000Z Reasoning: Porco mine's zinc production and grade decreased both quarter-on-quarter and year-on-year, despite stable recoveries, indicating challenges in feed quality. - Positive factor: Stable zinc recoveries at 93% - Negative factor: 11% decrease in zinc production compared to Q2 2025 - Negative factor: 5% decrease in zinc production compared to Q3 2024 - Negative factor: 10% decrease in average zinc grade compared to Q2 2025 - Negative factor: 5% decrease in average zinc grade compared to Q3 2024 Evidence · table > 2,488 Context: 49,161 ### Fact 6 [Link to this fact](https://atlas-extractions.minestarters.com/news/santacruz-silver-produces-3-424-817-silver-equivalent-ounces-in-q3-2025-comprisi--395b2fee-b82c-4491-8f01-788b82b186fc#fact-metallurgical-facts-11) Porco Mine · lead #### Identity - Project: Porco Mine - Commodity: lead - Ticker: SCZ #### Recovery - Recovery: 69 % #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2025-11-03T00:00:00.000Z Reasoning: Porco mine's lead production and grade saw substantial declines, indicating a negative trend for this byproduct metal. - Positive factor: 6% increase in lead recovery compared to Q2 2025 - Negative factor: 22% decrease in lead production compared to Q2 2025 - Negative factor: 50% decrease in lead production compared to Q3 2024 - Negative factor: 27% decrease in average lead grade compared to Q2 2025 - Negative factor: 45% decrease in average lead grade compared to Q3 2024 - Negative factor: 11% decrease in lead recovery compared to Q3 2024 Evidence · table > 103 Context: 49,161 ### Fact 7 [Link to this fact](https://atlas-extractions.minestarters.com/news/santacruz-silver-produces-3-424-817-silver-equivalent-ounces-in-q3-2025-comprisi--395b2fee-b82c-4491-8f01-788b82b186fc#fact-metallurgical-facts-13) Caballo Blanco Group · silver #### Identity - Project: Caballo Blanco Group - Commodity: silver - Ticker: SCZ #### Recovery - Recovery: 92 % #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2025-11-03T00:00:00.000Z Reasoning: Caballo Blanco Group showed strong year-on-year growth in silver production, grade, and recovery, indicating operational improvements, despite slight quarter-on-quarter dips in grade and recovery. - Positive factor: 18% increase in silver production compared to Q3 2024 - Positive factor: 8% increase in average silver grade compared to Q3 2024 - Positive factor: 3% increase in silver recovery compared to Q3 2024 - Negative factor: 5% decrease in average silver grade compared to Q2 2025 - Negative factor: 2% decrease in silver recovery compared to Q2 2025 Evidence · table > 294,524 Context: 62,221 #### 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: 92% is at or above the exceptional band \(90%\) ### Fact 8 [Link to this fact](https://atlas-extractions.minestarters.com/news/santacruz-silver-produces-3-424-817-silver-equivalent-ounces-in-q3-2025-comprisi--395b2fee-b82c-4491-8f01-788b82b186fc#fact-metallurgical-facts-14) Caballo Blanco Group · zinc #### Identity - Project: Caballo Blanco Group - Commodity: zinc - Ticker: SCZ #### Recovery - Recovery: 93 % #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2025-11-03T00:00:00.000Z Reasoning: Caballo Blanco Group's zinc production increased quarter-on-quarter and remained stable year-on-year, despite slight declines in average grade. - Positive factor: 4% increase in zinc production compared to Q2 2025 - Positive factor: Stable zinc production compared to Q3 2024 - Negative factor: 2% decrease in average zinc grade compared to Q2 2025 - Negative factor: 6% decrease in average zinc grade compared to Q3 2024 Evidence · table > 4,131 Context: 62,221 ### Fact 9 [Link to this fact](https://atlas-extractions.minestarters.com/news/santacruz-silver-produces-3-424-817-silver-equivalent-ounces-in-q3-2025-comprisi--395b2fee-b82c-4491-8f01-788b82b186fc#fact-metallurgical-facts-15) Caballo Blanco Group · lead #### Identity - Project: Caballo Blanco Group - Commodity: lead - Ticker: SCZ #### Recovery - Recovery: 80 % #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2025-11-03T00:00:00.000Z Reasoning: Caballo Blanco Group showed strong growth in lead production and grade both quarter-on-quarter and year-on-year, indicating positive performance for this commodity. - Positive factor: 21% increase in lead production compared to Q2 2025 - Positive factor: 40% increase in lead production compared to Q3 2024 - Positive factor: 18% increase in average lead grade compared to Q2 2025 - Positive factor: 25% increase in average lead grade compared to Q3 2024 - Positive factor: 5% increase in lead recovery compared to Q3 2024 - Negative factor: 4% decrease in lead recovery compared to Q2 2025 Evidence · table > 722 Context: 62,221 ### Fact 10 [Link to this fact](https://atlas-extractions.minestarters.com/news/santacruz-silver-produces-3-424-817-silver-equivalent-ounces-in-q3-2025-comprisi--395b2fee-b82c-4491-8f01-788b82b186fc#fact-metallurgical-facts-17) San Lucas Group · silver #### Identity - Project: San Lucas Group - Commodity: silver - Ticker: SCZ #### Recovery - Recovery: 80 % #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2025-11-03T00:00:00.000Z Reasoning: San Lucas Group showed quarter-on-quarter growth in silver production and grade, but year-on-year declines and reduced recoveries, indicating mixed performance. - Positive factor: 2% increase in silver output compared to Q2 2025 - Positive factor: 2% increase in average silver grade compared to Q2 2025 - Negative factor: 8% decrease in silver output compared to Q3 2024 - Negative factor: 6% decrease in average silver grade compared to Q3 2024 - Negative factor: 6% decrease in silver recovery compared to Q2 2025 - Negative factor: 6% decrease in silver recovery compared to Q3 2024 Evidence · table > 326,873 Context: 100,550 ### Fact 11 [Link to this fact](https://atlas-extractions.minestarters.com/news/santacruz-silver-produces-3-424-817-silver-equivalent-ounces-in-q3-2025-comprisi--395b2fee-b82c-4491-8f01-788b82b186fc#fact-metallurgical-facts-18) San Lucas Group · zinc #### Identity - Project: San Lucas Group - Commodity: zinc - Ticker: SCZ #### Recovery - Recovery: 89 % #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2025-11-03T00:00:00.000Z Reasoning: San Lucas Group's zinc production and grade increased quarter-on-quarter but declined year-on-year, with slight decreases in recovery. - Positive factor: 6% increase in zinc production compared to Q2 2025 - Positive factor: 1% increase in average zinc grade compared to Q2 2025 - Negative factor: 7% decrease in zinc production compared to Q3 2024 - Negative factor: 9% decrease in average zinc grade compared to Q3 2024 - Negative factor: 1% decrease in zinc recovery compared to Q2 2025 - Negative factor: 2% decrease in zinc recovery compared to Q3 2024 Evidence · table > 7,032 Context: 100,550 ### Fact 12 [Link to this fact](https://atlas-extractions.minestarters.com/news/santacruz-silver-produces-3-424-817-silver-equivalent-ounces-in-q3-2025-comprisi--395b2fee-b82c-4491-8f01-788b82b186fc#fact-metallurgical-facts-19) San Lucas Group · lead #### Identity - Project: San Lucas Group - Commodity: lead - Ticker: SCZ #### Recovery - Recovery: 63 % #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2025-11-03T00:00:00.000Z Reasoning: San Lucas Group showed strong growth in lead production both quarter-on-quarter and year-on-year, with stable grade and improved recovery quarter-on-quarter. - Positive factor: 13% increase in lead production compared to Q2 2025 - Positive factor: 17% increase in lead production compared to Q3 2024 - Positive factor: 13% increase in average lead grade compared to Q3 2024 - Positive factor: 7% increase in lead recovery compared to Q2 2025 Evidence · table > 575 Context: 100,550 ### Fact 13 [Link to this fact](https://atlas-extractions.minestarters.com/news/santacruz-silver-produces-3-424-817-silver-equivalent-ounces-in-q3-2025-comprisi--395b2fee-b82c-4491-8f01-788b82b186fc#fact-metallurgical-facts-21) Zimapan Mine · silver #### Identity - Project: Zimapan Mine - Commodity: silver - Ticker: SCZ #### Recovery - Recovery: 72 % #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2025-11-03T00:00:00.000Z Reasoning: Zimapan mine's silver production, grade, and recovery declined year-on-year, indicating challenges for this commodity despite stable quarter-on-quarter performance. - Positive factor: 1% increase in silver recovery compared to Q2 2025 - Negative factor: 11% decrease in silver production compared to Q3 2024 - Negative factor: 6% decrease in average silver grade compared to Q3 2024 - Negative factor: 7% decrease in silver recovery compared to Q3 2024 Evidence · table > 396,385 Context: 222,629 #### Tags used in scoring **Low Recovery** Polarity: negative Definition: Recovery below the weak band for the commodity and processing route. Why it applies: 72% is below the weak band \(75%\) ### Fact 14 [Link to this fact](https://atlas-extractions.minestarters.com/news/santacruz-silver-produces-3-424-817-silver-equivalent-ounces-in-q3-2025-comprisi--395b2fee-b82c-4491-8f01-788b82b186fc#fact-metallurgical-facts-22) Zimapan Mine · zinc #### Identity - Project: Zimapan Mine - Commodity: zinc - Ticker: SCZ #### Recovery - Recovery: 73 % #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2025-11-03T00:00:00.000Z Reasoning: Zimapan mine showed strong growth in zinc production and grade both quarter-on-quarter and year-on-year, driven by higher grades, despite a slight dip in recovery. - Positive factor: 5% increase in zinc production compared to Q2 2025 - Positive factor: 10% increase in zinc production compared to Q3 2024 - Positive factor: 11% increase in average zinc grade compared to Q2 2025 - Positive factor: 12% increase in average zinc grade compared to Q3 2024 - Positive factor: Production gains driven by higher grades - Negative factor: 5% decrease in zinc recovery compared to Q2 2025 - Negative factor: 5% decrease in zinc recovery compared to Q3 2024 Evidence · table > 4,744 Context: 222,629 ### Fact 15 [Link to this fact](https://atlas-extractions.minestarters.com/news/santacruz-silver-produces-3-424-817-silver-equivalent-ounces-in-q3-2025-comprisi--395b2fee-b82c-4491-8f01-788b82b186fc#fact-metallurgical-facts-23) Zimapan Mine · lead #### Identity - Project: Zimapan Mine - Commodity: lead - Ticker: SCZ #### Recovery - Recovery: 74 % #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2025-11-03T00:00:00.000Z Reasoning: Zimapan mine's lead production, grade, and recovery all saw significant declines, indicating a negative trend for this commodity. - Negative factor: 19% decrease in lead production compared to Q2 2025 - Negative factor: 27% decrease in lead production compared to Q3 2024 - Negative factor: 17% decrease in average lead grade compared to Q2 2025 - Negative factor: 13% decrease in average lead grade compared to Q3 2024 - Negative factor: 2% decrease in lead recovery compared to Q2 2025 - Negative factor: 18% decrease in lead recovery compared to Q3 2024 Evidence · table > 1,099 Context: 222,629 ### Fact 16 [Link to this fact](https://atlas-extractions.minestarters.com/news/santacruz-silver-produces-3-424-817-silver-equivalent-ounces-in-q3-2025-comprisi--395b2fee-b82c-4491-8f01-788b82b186fc#fact-metallurgical-facts-24) Zimapan Mine · copper #### Identity - Project: Zimapan Mine - Commodity: copper - Ticker: SCZ #### Recovery - Recovery: 52 % #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2025-11-03T00:00:00.000Z Reasoning: Zimapan mine showed strong growth in copper production, grade, and recovery both quarter-on-quarter and year-on-year, indicating excellent performance for this commodity. - Positive factor: 45% increase in copper production compared to Q2 2025 - Positive factor: 23% increase in copper production compared to Q3 2024 - Positive factor: 27% increase in average copper grade compared to Q2 2025 - Positive factor: 15% increase in copper recovery compared to Q2 2025 - Positive factor: 22% increase in copper recovery compared to Q3 2024 Evidence · table > 331 Context: 222,629 #### Tags used in scoring **Low Recovery** Polarity: negative Definition: Recovery below the weak band for the commodity and processing route. Why it applies: 52% is below the weak band \(80%\) ## 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.