Santacruz Silver Mining reports its financial and operating results for the second quarter (Q2) of 2024. Key take away from the report said that they have processed 500,755 tonnes of material in the quarter: 971,504 tonnes in the first half 2024 & produced of 4,819,552 silver equivalent ounces in the quarter: 9,297,674 silver equivalent ounces in the first half of 2024.
The 1H 2024, 9,297,674 silver equivalent ounces including, 1: 1,671,359 ounces of silver in the quarter: 3,253,308 in the first half of 2024; 2: 25,052 tonnes of zinc in the quarter: 47,899 tonnes in the first half of 2024. Revenue of $70,485,000 in the quarter: $123,074,000 in the first half of 2024 and Adjusted EBITDA of $8,852,000 in the quarter: $8,637,000 in the first half of 2024.
Arturo Préstamo, Executive Chairman and CEO of Santacruz, commented, “Strong metal prices significantly bolstered our average realized price per silver equivalent ounce sold. Coupled with robust production, Santacruz delivered a solid financial performance in Q2 2024, achieving $70 million in revenue and nearly $16 million in gross profit.
This stable financial outcome underscores our ability to capitalize on favourable market conditions. However, our net income was impacted by a non-cash charge of $6.9 million in the quarter, related to the fair value changes on the contingent value rights due to the increase in zinc prices from March to June.”
Préstamo continued; “In addition to our strong financial performance, we maintained a stable AISC and will continue with a disciplined approach on cost management initiatives in order to achieve long-term financial stability, which puts us in a position to continue creating value for our shareholders.”
Selected consolidated financial and operating information for the quarter ended June 30, 2024 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.
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