# 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 Canonical Atlas analysis: https://atlas-extractions.minestarters.com/news/santacruz-silver-produces-3-739-019-silver-equivalent-ounces-in-q4-2025-comprise--842de5d9-8a3f-49e6-a480-cc27b724de22 Original source: https://money.tmx.com/en/quote/SCZ/news/4895236275533019/santacruz-silver-produces-3-739-019-silver-equivalent-ounces-in-q4-2025-comprise Publisher: tmx Original announcement: 2026-01-26T12:00:00.000Z Analysis by Minestarters Atlas Atlas analysis published: Unknown date Atlas analysis updated: Unknown date - Company: Santacruz Silver Mining Ltd. - Ticker: SCZ - Exchange: TSX - Region: Bolivia - Primary commodity: Silver - Secondary commodities: Zinc, Lead, Copper - Document categories: Production, Metallurgy - Extracted: 2026-09-14 23:02:41 UTC Narrative sentiment: 0.70 · Bullish ## Minestarters Atlas 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 factor: Consolidated silver equivalent production increased 9% QoQ - Positive factor: Bolívar mine silver equivalent production increased 34% QoQ - Positive factor: Bolívar mine silver production increased 53% QoQ - Positive factor: Bolívar mine silver head grades increased 22% QoQ - Positive factor: Bolívar mine silver recovery improved 3% QoQ - Positive factor: Caballo Blanco Group zinc and lead production increased 7% QoQ - Positive factor: San Lucas Group silver equivalent production increased 11% QoQ - Positive factor: Zimapán mine zinc production increased 6% QoQ - Positive factor: QP/CP Signed - Negative factor: Year-over-year consolidated silver equivalent production decreased 11% - Negative factor: Bolívar mine year-over-year silver equivalent production decreased 35% - Negative factor: Access to highest-grade areas at Bolívar remained partially constrained - Negative factor: Porco mine silver production declined QoQ due to focus on zinc-rich zones - Negative factor: Zimapán mine copper recovery is 50%, which is low for copper - Negative factor: 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 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. **Recovery Improving** Polarity: positive Story-specific tag Definition: 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 Recovery** Polarity: negative Story-specific tag Definition: 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 Commodity** Polarity: neutral Story-specific tag Definition: 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 1 [Link to this fact](https://atlas-extractions.minestarters.com/news/santacruz-silver-produces-3-739-019-silver-equivalent-ounces-in-q4-2025-comprise--842de5d9-8a3f-49e6-a480-cc27b724de22#fact-metallurgical-facts-12) Bolívar mine · silver #### 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 factor: Bolívar mine silver recovery improved 3% QoQ - Negative factor: Bolívar mine year-over-year silver recovery decreased 2% Evidence · table > 92 Context: Silver \(%\) #### 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 2 [Link to this fact](https://atlas-extractions.minestarters.com/news/santacruz-silver-produces-3-739-019-silver-equivalent-ounces-in-q4-2025-comprise--842de5d9-8a3f-49e6-a480-cc27b724de22#fact-metallurgical-facts-13) Bolívar mine · zinc #### 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 3 [Link to this fact](https://atlas-extractions.minestarters.com/news/santacruz-silver-produces-3-739-019-silver-equivalent-ounces-in-q4-2025-comprise--842de5d9-8a3f-49e6-a480-cc27b724de22#fact-metallurgical-facts-14) Bolívar mine · lead #### 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 factor: Bolívar mine lead recovery improved 16% QoQ - Negative factor: Bolívar mine year-over-year lead recovery decreased 3% Evidence · table > 74 Context: Lead \(%\) ### Fact 4 [Link to this fact](https://atlas-extractions.minestarters.com/news/santacruz-silver-produces-3-739-019-silver-equivalent-ounces-in-q4-2025-comprise--842de5d9-8a3f-49e6-a480-cc27b724de22#fact-metallurgical-facts-22) Porco mine · silver #### 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 factor: Porco mine silver recovery decreased 1% QoQ - Negative factor: Porco mine year-over-year silver recovery decreased 2% Evidence · table > 81 Context: Silver \(%\) ### Fact 5 [Link to this fact](https://atlas-extractions.minestarters.com/news/santacruz-silver-produces-3-739-019-silver-equivalent-ounces-in-q4-2025-comprise--842de5d9-8a3f-49e6-a480-cc27b724de22#fact-metallurgical-facts-23) Porco mine · zinc #### 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 factor: Porco mine zinc recovery remained strong at 94% Evidence · table > 94 Context: Zinc \(%\) ### Fact 6 [Link to this fact](https://atlas-extractions.minestarters.com/news/santacruz-silver-produces-3-739-019-silver-equivalent-ounces-in-q4-2025-comprise--842de5d9-8a3f-49e6-a480-cc27b724de22#fact-metallurgical-facts-24) Porco mine · lead #### 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 factor: Porco mine lead recovery improved 7% QoQ - Negative factor: Porco mine year-over-year lead recovery decreased 8% Evidence · table > 74 Context: Lead \(%\) ### Fact 7 [Link to this fact](https://atlas-extractions.minestarters.com/news/santacruz-silver-produces-3-739-019-silver-equivalent-ounces-in-q4-2025-comprise--842de5d9-8a3f-49e6-a480-cc27b724de22#fact-metallurgical-facts-32) Caballo Blanco Group · silver #### 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 factor: Caballo Blanco Group year-over-year silver recovery improved 3% - Negative factor: Caballo Blanco Group silver recovery decreased 1% QoQ Evidence · table > 91 Context: Silver \(%\) #### 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: 91% is at or above the exceptional band \(90%\) ### Fact 8 [Link to this fact](https://atlas-extractions.minestarters.com/news/santacruz-silver-produces-3-739-019-silver-equivalent-ounces-in-q4-2025-comprise--842de5d9-8a3f-49e6-a480-cc27b724de22#fact-metallurgical-facts-33) Caballo Blanco Group · zinc #### 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 factor: Caballo Blanco Group zinc recovery improved 2% QoQ - Positive factor: Caballo Blanco Group year-over-year zinc recovery improved 2% Evidence · table > 95 Context: Zinc \(%\) ### Fact 9 [Link to this fact](https://atlas-extractions.minestarters.com/news/santacruz-silver-produces-3-739-019-silver-equivalent-ounces-in-q4-2025-comprise--842de5d9-8a3f-49e6-a480-cc27b724de22#fact-metallurgical-facts-34) Caballo Blanco Group · lead #### 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 factor: Caballo Blanco Group lead recovery improved 1% QoQ - Positive factor: Caballo Blanco Group year-over-year lead recovery improved 7% Evidence · table > 81 Context: Lead \(%\) ### Fact 10 [Link to this fact](https://atlas-extractions.minestarters.com/news/santacruz-silver-produces-3-739-019-silver-equivalent-ounces-in-q4-2025-comprise--842de5d9-8a3f-49e6-a480-cc27b724de22#fact-metallurgical-facts-42) 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: 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 factor: San Lucas Group silver recovery remained stable QoQ - Negative factor: San Lucas Group year-over-year silver recovery decreased 1% Evidence · table > 80 Context: Silver \(%\) ### Fact 11 [Link to this fact](https://atlas-extractions.minestarters.com/news/santacruz-silver-produces-3-739-019-silver-equivalent-ounces-in-q4-2025-comprise--842de5d9-8a3f-49e6-a480-cc27b724de22#fact-metallurgical-facts-43) 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: 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 factor: San Lucas Group zinc recovery remained stable QoQ - Negative factor: San Lucas Group year-over-year zinc recovery decreased 2% Evidence · table > 89 Context: Zinc \(%\) ### Fact 12 [Link to this fact](https://atlas-extractions.minestarters.com/news/santacruz-silver-produces-3-739-019-silver-equivalent-ounces-in-q4-2025-comprise--842de5d9-8a3f-49e6-a480-cc27b724de22#fact-metallurgical-facts-44) 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: 2026-01-26T00:00:00.000Z Reasoning: San Lucas Group's lead recovery improved quarter-over-quarter and slightly year-over-year. - Positive factor: San Lucas Group lead recovery improved 8% QoQ - Positive factor: San Lucas Group year-over-year lead recovery improved 1% Evidence · table > 63 Context: Lead \(%\) ### Fact 13 [Link to this fact](https://atlas-extractions.minestarters.com/news/santacruz-silver-produces-3-739-019-silver-equivalent-ounces-in-q4-2025-comprise--842de5d9-8a3f-49e6-a480-cc27b724de22#fact-metallurgical-facts-54) Zimapán mine · silver #### 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 factor: Zimapán mine silver recovery decreased 3% QoQ - Negative factor: Zimapán mine year-over-year silver recovery decreased 4% Evidence · table > 70 Context: Silver \(%\) #### Tags used in scoring **Low Recovery** Polarity: negative Definition: Recovery below the weak band for the commodity and processing route. Why it applies: 70% is below the weak band \(75%\) ### Fact 14 [Link to this fact](https://atlas-extractions.minestarters.com/news/santacruz-silver-produces-3-739-019-silver-equivalent-ounces-in-q4-2025-comprise--842de5d9-8a3f-49e6-a480-cc27b724de22#fact-metallurgical-facts-55) Zimapán mine · zinc #### 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 factor: Zimapán mine zinc recovery improved 6% QoQ - Negative factor: Zimapán mine year-over-year zinc recovery decreased 2% Evidence · table > 78 Context: Zinc \(%\) ### Fact 15 [Link to this fact](https://atlas-extractions.minestarters.com/news/santacruz-silver-produces-3-739-019-silver-equivalent-ounces-in-q4-2025-comprise--842de5d9-8a3f-49e6-a480-cc27b724de22#fact-metallurgical-facts-56) Zimapán mine · lead #### 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 factor: Zimapán mine lead recovery improved 5% QoQ - Negative factor: Zimapán mine year-over-year lead recovery decreased 8% Evidence · table > 78 Context: Lead \(%\) ### Fact 16 [Link to this fact](https://atlas-extractions.minestarters.com/news/santacruz-silver-produces-3-739-019-silver-equivalent-ounces-in-q4-2025-comprise--842de5d9-8a3f-49e6-a480-cc27b724de22#fact-metallurgical-facts-57) Zimapán mine · copper #### 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 factor: Zimapán mine year-over-year copper recovery improved 14% - Negative factor: Zimapán mine copper recovery decreased 3% QoQ - Negative factor: Copper recovery of 50% is low for copper Evidence · table > 50 Context: Copper \(%\) #### Tags used in scoring **Low Recovery** Polarity: negative Definition: 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.