Santacruz Silver reports its financial and operating results for the quarter ended June 30, 2025 (Q2 2025). Arturo Préstamo, Executive Chairman and CEO of Santacruz, commented: “Our second quarter results reflect the strength and stability of Santacruz’s business model. We achieved solid revenue growth and significantly improved profitability, with net income and adjusted EBITDA both showing substantial gains.
At the same time, we strengthened our balance sheet, ending the quarter with nearly $58 million in liquidity, which includes $40 million in cash and investments of $17.8 million. This strong position is after paying Glencore an additional $7.5 million under the acceleration payment plan while also achieving a 303% increase in working capital and lowering our costs year-over-year this quarter.”
Préstamo continued, “Whilst we faced challenges at our Bolivar mine that temporarily halted mining at the high-grade Pomabamba and Nane veins, our San Lucas ore sourcing business helped offset part of the impact. Remediation efforts are underway, and we expect production at Bolivar to normalize by Q4 2025. Our second quarter results highlight the resilience of our operations and our commitment to delivering value. We remain focused on operational efficiency, balance sheet strength, and sustainable long-term growth.”
Selected consolidated financial and operating information for Q2 2025, Q1 2025 and Q2 2024 is 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 noted.
In the six months ended 2025, the Company processed 952,637 tonnes of ore, producing 7,235,184 silver equivalent ounces. This total includes 3,013,144 ounces of silver. Full Q2 2025 production results were released in a news release dated July 29, 2025.
Compared to Q2 2024, consolidated AISC improved 9%, declining to $22.74/oz from $24.91/oz. The most notable year-over-year improvements came from Caballo Blanco in Bolivia, where AISC dropped 47% to $13.87/oz, supported by operational efficiencies and the impact of currency depreciation in Bolivia: starting January 1, 2025.
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