Santacruz Silver Mining reports its financial and operating results for the first quarter (Q1) of 2023. According to the Q1 2023 Highlights,
1: Processed 482,497 tonnes of material, in line with the previous quarter;
2: Silver equivalent ounces produced of 5,644,383, a 2% decrease from the previous quarter;
3: Cash cost per silver ounce sold of $17.30, a 9% decrease from the previous quarter.
4: AISC per silver ounce sold of $20.76, a 4% decrease from the previous quarter;
5: Revenue of $65,378,000, a 2% increase from the previous quarter; and
6: Adjusted EBITDA of $12,602,000 a 335% increase from the previous quarter.
Arturo Préstamo, Executive Chairman of Santacruz, commented, “The first quarter has provided us with a strong start to the year. We maintained production levels while considerably improving our cash position, which provides us with a solid base from which we will keep moving forward.”
Préstamo continued, “We also have several projects we are advancing this year, all of which are expected to provide significant value to the Company. The team is preparing updated NI 43-101 technical reports for all the operating mines, and this is anticipated to be completed in Q3 2023.
In addition, we are working towards completing the ‘integration drift’ to connect the Colquechaquita and Tres Amigos mines at Caballo Blanco, which is expected to be completed in Q1 2024, and increasing the dewatering capacity at Bolivar. Both these initiatives are expected to significantly improve operations at each mine.”
Selected consolidated financial and operating information for the quarter ended March 31, 2023 are presented below. The Bolivian Assets have been consolidated from March 18, 2022.
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