Santacruz Silver Mining Ltd reports its financial and operating results for the year ended December 31, 2024 (FY 2024). The full version of the audited financial statements for FY 2024, which includes a restatement of comparative 2023 consolidated financial statements, and accompanying Management’s Discussion and Analysis.
According to the FY 2024 Highlights,
1: Revenues of $283 million a 13% increase year-over-year.
2: Gross Profit of $57 million, a 1670% increase year-over-year.
3: Net Income of $165 million, a 1594% increase year-over-year.
4: Adjusted EBITDA of $53 million, a 200% increase year-over-year.
5: Cash cost per silver equivalent ounce sold of $21.90, a 16% increase year-over-year.
6: AISC per silver equivalent ounce sold of $26.01, a 15% increase year-over-year. 7: Silver Equivalent Ounces (AgEq Oz) produced of 18,651,701, a 1% decrease year-over-year.
Arturo Préstamo, Executive Chairman and CEO of Santacruz, commented, “FY 2024 was a transformative year for the Company, driven by our strong financial and operational results. Santacruz achieved a 13% increase in revenue and a 200% rise in adjusted EBITDA, supported by operational improvements and a favorable silver price environment.
These achievements strengthened the Company’s balance sheet which allowed us to end the year with $36 million in cash, a 622% increase. In addition, we significantly worked on enhancing shareholder value while maintaining a disciplined operational focus and laying the groundwork for long-term growth.”
Préstamo continued, “In preparation for the audit, the accounting team identified a series of non-cash errors booked during the tenure of the former CFO. These non-cash errors caused a significant number of related adjusting entries in the current and prior years creating additional audit work and therefore the subsequent delay in filing the financial statements.
Santacruz’s competitive edge lies in the quality and efficiency of our core Bolivian and Mexican mining assets and the flexibility of our San Lucas ore sourcing model, which enables swift adaptation to market conditions and maximizes the benefits of our leverage to rising metal prices. With this solid foundation and an experienced management team, we are well-positioned to enter a new phase of sustainable growth while continuing to deliver value to our shareholders.”
Selected consolidated financial and operating information for FY 2024 and the financial year ended December 31, 2023 are presented below. All financial information is prepared in accordance with International Financial Reporting Standards (IFRS), and all dollar amounts are expressed in thousands of US dollars, except per unit amounts, unless otherwise indicated.
Silver Equivalent Ounces Produced: In FY 2024, the Company processed 1,955,905 tonnes of ore, producing 18,651,701 silver equivalent ounces. This total includes 6,718,381 ounces of silver.
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