Santacruz Silver Produces 3,739,019 Silver Equivalent Ounces in Q4 2025, Comprised of 1,343,607 Ounces of Silver, 23,846 Tonnes of Zinc, 3,000 Tonnes of Lead, and 287 Tonnes of Copper

Original announcement by tmx on

Company
Santacruz Silver Mining Ltd.
Ticker
SCZ
Exchange
TSX
Region
Bolivia
Primary commodity
Silver
Secondary commodities
Zinc, Lead, Copper
Document categories
Production, Metallurgy
Extracted
2026-09-14 23:02:41 UTC

Analysis by Minestarters Atlas

Minestarters Atlas analysis

Summary

Santacruz Silver reported a solid Q4 2025, with consolidated silver equivalent production increasing 9% quarter-over-quarter to 3,739,019 ounces. This was driven by a significant recovery at the Bolívar mine, which saw a 34% QoQ increase in silver equivalent production and a 53% QoQ increase in silver production, following a May 2025 flooding event. Despite these strong quarterly gains, year-over-year consolidated silver equivalent production was down 11%, and some operations experienced commodity-specific declines or low recoveries.

Reasoning: Santacruz Silver reported strong quarter-over-quarter production growth, particularly at the Bolívar mine which is recovering from a flooding event, leading to increased silver equivalent ounces, silver, zinc, and lead production. However, year-over-year production was down due to the prior flooding, and some mines experienced commodity-specific declines or low recoveries.

Positive factors

  • Consolidated silver equivalent production increased 9% QoQ
  • Bolívar mine silver equivalent production increased 34% QoQ
  • Bolívar mine silver production increased 53% QoQ
  • Bolívar mine silver head grades increased 22% QoQ
  • Bolívar mine silver recovery improved 3% QoQ
  • Caballo Blanco Group zinc and lead production increased 7% QoQ
  • San Lucas Group silver equivalent production increased 11% QoQ
  • Zimapán mine zinc production increased 6% QoQ
  • QP/CP Signed

Negative factors

  • Year-over-year consolidated silver equivalent production decreased 11%
  • Bolívar mine year-over-year silver equivalent production decreased 35%
  • Access to highest-grade areas at Bolívar remained partially constrained
  • Porco mine silver production declined QoQ due to focus on zinc-rich zones
  • Zimapán mine copper recovery is 50%, which is low for copper
  • Zimapán mine year-over-year silver equivalent production declined slightly

Low confidence — this extraction should be reviewed alongside the original source.

Facts used in scoring: 58

Classification and evidence

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.”

Recovery Improvingpositive · Story-specific tag

Recovery improved versus a like-for-like prior test program on the same domain and route.

Why it applies: Bolívar mine silver recovery improved 3% QoQ from 89% to 92%.

Evidence · table

“92”

Context: Silver (%)

Low Recoverynegative · Story-specific tag

Recovery below the weak band for the commodity and processing route.

Why it applies: Zimapán mine copper recovery of 50% is below the weak band (80%) for copper.

Evidence · table

“50”

Context: Copper (%)

Byproduct Commodityneutral · Story-specific tag

The tested commodity is a byproduct rather than the primary economic driver.

Why it applies: Zinc, Lead, and Copper are reported alongside Silver, which is the primary commodity for silver equivalent ounces.

Evidence · text

“Santacruz Silver Produces 3,739,019 Silver Equivalent Ounces in Q4 2025, Comprised of 1,343,607 Ounces of Silver, 23,846 Tonnes of Zinc, 3,000 Tonnes of Lead, and 287 Tonnes of Copper”

Extracted facts

Stored fact records: 16. Some facts used in scoring do not have a stored record.

Metallurgical Results (16)

Fact 1Bolívar mine · silverRecovery: 92 %View all details
Link to this fact

Identity

Project
Bolívar mine
Commodity
silver
Ticker
SCZ

Recovery

Recovery
92 %

Review

Needs Review
No
Historical
No

Dates

Event date
2026-01-26T00:00:00.000Z

Reasoning: Bolívar mine's silver recovery improved quarter-over-quarter, indicating better processing efficiency, but was slightly lower year-over-year.

Positive factors

  • Bolívar mine silver recovery improved 3% QoQ

Negative factors

  • Bolívar mine year-over-year silver recovery decreased 2%

Evidence · table

“92”

Context: Silver (%)

Tags used in scoring

High Recoverypositive

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 2Bolívar mine · zincRecovery: 93 %View all details
Link to this fact

Identity

Project
Bolívar mine
Commodity
zinc
Ticker
SCZ

Recovery

Recovery
93 %

Review

Needs Review
No
Historical
No

Dates

Event date
2026-01-26T00:00:00.000Z

Reasoning: Bolívar mine's zinc recovery remained stable quarter-over-quarter and showed a slight year-over-year improvement.

Evidence · table

“93”

Context: Zinc (%)

Fact 3Bolívar mine · leadRecovery: 74 %View all details
Link to this fact

Identity

Project
Bolívar mine
Commodity
lead
Ticker
SCZ

Recovery

Recovery
74 %

Review

Needs Review
No
Historical
No

Dates

Event date
2026-01-26T00:00:00.000Z

Reasoning: Bolívar mine's lead recovery improved significantly quarter-over-quarter, indicating better processing, but was slightly lower year-over-year.

Positive factors

  • Bolívar mine lead recovery improved 16% QoQ

Negative factors

  • Bolívar mine year-over-year lead recovery decreased 3%

Evidence · table

“74”

Context: Lead (%)

Fact 4Porco mine · silverRecovery: 81 %View all details
Link to this fact

Identity

Project
Porco mine
Commodity
silver
Ticker
SCZ

Recovery

Recovery
81 %

Review

Needs Review
No
Historical
No

Dates

Event date
2026-01-26T00:00:00.000Z

Reasoning: Porco mine's silver recovery showed a slight decline both quarter-over-quarter and year-over-year.

Negative factors

  • Porco mine silver recovery decreased 1% QoQ
  • Porco mine year-over-year silver recovery decreased 2%

Evidence · table

“81”

Context: Silver (%)

Fact 5Porco mine · zincRecovery: 94 %View all details
Link to this fact

Identity

Project
Porco mine
Commodity
zinc
Ticker
SCZ

Recovery

Recovery
94 %

Review

Needs Review
No
Historical
No

Dates

Event date
2026-01-26T00:00:00.000Z

Reasoning: Porco mine's zinc recovery remained strong and stable quarter-over-quarter, indicating consistent metallurgical performance.

Positive factors

  • Porco mine zinc recovery remained strong at 94%

Evidence · table

“94”

Context: Zinc (%)

Fact 6Porco mine · leadRecovery: 74 %View all details
Link to this fact

Identity

Project
Porco mine
Commodity
lead
Ticker
SCZ

Recovery

Recovery
74 %

Review

Needs Review
No
Historical
No

Dates

Event date
2026-01-26T00:00:00.000Z

Reasoning: Porco mine's lead recovery improved quarter-over-quarter, but was lower year-over-year.

Positive factors

  • Porco mine lead recovery improved 7% QoQ

Negative factors

  • Porco mine year-over-year lead recovery decreased 8%

Evidence · table

“74”

Context: Lead (%)

Fact 7Caballo Blanco Group · silverRecovery: 91 %View all details
Link to this fact

Identity

Project
Caballo Blanco Group
Commodity
silver
Ticker
SCZ

Recovery

Recovery
91 %

Review

Needs Review
No
Historical
No

Dates

Event date
2026-01-26T00:00:00.000Z

Reasoning: Caballo Blanco Group's silver recovery showed a slight quarter-over-quarter decrease but a positive year-over-year improvement.

Positive factors

  • Caballo Blanco Group year-over-year silver recovery improved 3%

Negative factors

  • Caballo Blanco Group silver recovery decreased 1% QoQ

Evidence · table

“91”

Context: Silver (%)

Tags used in scoring

High Recoverypositive

Recovery at or above the exceptional band for the commodity and processing route.

Why it applies: 91% is at or above the exceptional band (90%)

Fact 8Caballo Blanco Group · zincRecovery: 95 %View all details
Link to this fact

Identity

Project
Caballo Blanco Group
Commodity
zinc
Ticker
SCZ

Recovery

Recovery
95 %

Review

Needs Review
No
Historical
No

Dates

Event date
2026-01-26T00:00:00.000Z

Reasoning: Caballo Blanco Group's zinc recovery improved both quarter-over-quarter and year-over-year, indicating consistent processing efficiency.

Positive factors

  • Caballo Blanco Group zinc recovery improved 2% QoQ
  • Caballo Blanco Group year-over-year zinc recovery improved 2%

Evidence · table

“95”

Context: Zinc (%)

Fact 9Caballo Blanco Group · leadRecovery: 81 %View all details
Link to this fact

Identity

Project
Caballo Blanco Group
Commodity
lead
Ticker
SCZ

Recovery

Recovery
81 %

Review

Needs Review
No
Historical
No

Dates

Event date
2026-01-26T00:00:00.000Z

Reasoning: Caballo Blanco Group's lead recovery improved both quarter-over-quarter and significantly year-over-year, indicating enhanced processing.

Positive factors

  • Caballo Blanco Group lead recovery improved 1% QoQ
  • Caballo Blanco Group year-over-year lead recovery improved 7%

Evidence · table

“81”

Context: Lead (%)

Fact 10San Lucas Group · silverRecovery: 80 %View all details
Link to this fact

Identity

Project
San Lucas Group
Commodity
silver
Ticker
SCZ

Recovery

Recovery
80 %

Review

Needs Review
No
Historical
No

Dates

Event date
2026-01-26T00:00:00.000Z

Reasoning: San Lucas Group's silver recovery remained stable quarter-over-quarter but showed a slight year-over-year decrease.

Negative factors

  • San Lucas Group silver recovery remained stable QoQ
  • San Lucas Group year-over-year silver recovery decreased 1%

Evidence · table

“80”

Context: Silver (%)

Fact 11San Lucas Group · zincRecovery: 89 %View all details
Link to this fact

Identity

Project
San Lucas Group
Commodity
zinc
Ticker
SCZ

Recovery

Recovery
89 %

Review

Needs Review
No
Historical
No

Dates

Event date
2026-01-26T00:00:00.000Z

Reasoning: San Lucas Group's zinc recovery remained stable quarter-over-quarter but showed a slight year-over-year decrease.

Negative factors

  • San Lucas Group zinc recovery remained stable QoQ
  • San Lucas Group year-over-year zinc recovery decreased 2%

Evidence · table

“89”

Context: Zinc (%)

Fact 12San Lucas Group · leadRecovery: 63 %View all details
Link to this fact

Identity

Project
San Lucas Group
Commodity
lead
Ticker
SCZ

Recovery

Recovery
63 %

Review

Needs Review
No
Historical
No

Dates

Event date
2026-01-26T00:00:00.000Z

Reasoning: San Lucas Group's lead recovery improved quarter-over-quarter and slightly year-over-year.

Positive factors

  • San Lucas Group lead recovery improved 8% QoQ
  • San Lucas Group year-over-year lead recovery improved 1%

Evidence · table

“63”

Context: Lead (%)

Fact 13Zimapán mine · silverRecovery: 70 %View all details
Link to this fact

Identity

Project
Zimapán mine
Commodity
silver
Ticker
SCZ

Recovery

Recovery
70 %

Review

Needs Review
No
Historical
No

Dates

Event date
2026-01-26T00:00:00.000Z

Reasoning: Zimapán mine's silver recovery declined both quarter-over-quarter and year-over-year.

Negative factors

  • Zimapán mine silver recovery decreased 3% QoQ
  • Zimapán mine year-over-year silver recovery decreased 4%

Evidence · table

“70”

Context: Silver (%)

Tags used in scoring

Low Recoverynegative

Recovery below the weak band for the commodity and processing route.

Why it applies: 70% is below the weak band (75%)

Fact 14Zimapán mine · zincRecovery: 78 %View all details
Link to this fact

Identity

Project
Zimapán mine
Commodity
zinc
Ticker
SCZ

Recovery

Recovery
78 %

Review

Needs Review
No
Historical
No

Dates

Event date
2026-01-26T00:00:00.000Z

Reasoning: Zimapán mine's zinc recovery improved quarter-over-quarter, but showed a slight year-over-year decrease.

Positive factors

  • Zimapán mine zinc recovery improved 6% QoQ

Negative factors

  • Zimapán mine year-over-year zinc recovery decreased 2%

Evidence · table

“78”

Context: Zinc (%)

Fact 15Zimapán mine · leadRecovery: 78 %View all details
Link to this fact

Identity

Project
Zimapán mine
Commodity
lead
Ticker
SCZ

Recovery

Recovery
78 %

Review

Needs Review
No
Historical
No

Dates

Event date
2026-01-26T00:00:00.000Z

Reasoning: Zimapán mine's lead recovery improved quarter-over-quarter, but showed a notable year-over-year decrease.

Positive factors

  • Zimapán mine lead recovery improved 5% QoQ

Negative factors

  • Zimapán mine year-over-year lead recovery decreased 8%

Evidence · table

“78”

Context: Lead (%)

Fact 16Zimapán mine · copperRecovery: 50 %View all details
Link to this fact

Identity

Project
Zimapán mine
Commodity
copper
Ticker
SCZ

Recovery

Recovery
50 %

Review

Needs Review
No
Historical
No

Dates

Event date
2026-01-26T00:00:00.000Z

Reasoning: Zimapán mine's copper recovery is low for the commodity, despite a year-over-year improvement, and declined quarter-over-quarter.

Positive factors

  • Zimapán mine year-over-year copper recovery improved 14%

Negative factors

  • Zimapán mine copper recovery decreased 3% QoQ
  • Copper recovery of 50% is low for copper

Evidence · table

“50”

Context: Copper (%)

Tags used in scoring

Low Recoverynegative

Recovery below the weak band for the commodity and processing route.

Why it applies: 50% 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.