Santacruz Silver Mining reports its financial and operating results for the three and nine months ended of Q3 2024. Arturo Préstamo, Executive Chairman and CEO of Santacruz, commented, “Following the successful restructuring of the Share Purchase Agreement (SPA) with Glencore, the Company has significantly enhanced its financial position.
This achievement, coupled with strong operational performance and solid revenue growth, led to a successful third quarter, highlighted by $78 million in revenue, $16 million in EBITDA, and $18 million in cash and cash equivalents. These results reflect our continued focus on improving the productivity of our mines and milling facilities, aiming to enhance the quality of our concentrates while optimizing costs.”
Préstamo continued; “In addition to our solid financial performance, we successfully maintained a stable All-In Sustaining Cost (AISC) and remain committed to disciplined cost optimization initiatives. Furthermore, significant investments were made in underground equipment in Mexico to support the growth momentum achieved over the past quarters. This strategic focus not only strengthens our operational and financial stability but also positions us to create sustained long-term value for our shareholders.”
According to the Q3 2024 Highlights revenues increased 21% or $13,836 to $78,244 in Q3 2024, compared to $64,408 in Q3 2023, primarily due from: An increase of $13,453 in revenues from the Bolivia Operating Mines due to a 22% increase in the average realized price per ounce of silver equivalent ounces sold and further impacted by a 10% increase in the volume of silver equivalent ounces sold from Q3 2023.
An increase of $3,345 in revenues from the Zimapan Mine due to a 7% increase in the average realized price per ounce of silver equivalent ounces sold and further impacted by a 6% increase in the volume of silver equivalent ounces sold from Q3 2023.
Adjusted EBITDA increased 242% or $11,181 to $15,810 in Q3 2024, compared to $4,628 in Q3 2023. The increase was primarily due to higher silver production, improvements in milling facilities to increase silver recovery in the lead concentrate, and the rise in silver prices.
Cash and Cash Equivalent increased 505% or $15,238 to $18,242 in Q3 2024, compared to $3,014 in Q3 2023. The increase was primarily due to higher revenue from increased silver production and favorable silver and zinc prices. Working Capital was $24,191 at the end of Q3 2024, improving from a deficit of $43,168 as of December 31, 2023.
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