Q1 2024 Highlights
- Processed 470,749 tonnes of material and produced 4,478,122 silver equivalent ounces, including:
- 1,581,949 ounces of silver
- 22,847 tonnes of zinc
- 2,953 tonnes of lead
- 256 tonnes of copper
- Cash cost per silver equivalent ounce sold of
$21.19 - AISC per silver equivalent ounce sold of
$24.12 - Revenue of
$52,589,000 - Adjusted EBITDA of (
$215,000 )
Arturo Préstamo, Executive Chairman and CEO of Santacruz, commented, "Santacruz has successfully restructured its debt with Glencore, resulting in enhanced financial flexibility and a more robust balance sheet. This strategic move has bolstered the Company´s financial position and should allow for better optimization of Santacruz's core business activities and the pursuit of long-term growth initiatives."
Mr. Préstamo continued, "During the first quarter, production at our Bolivian mines faced several disruptions due to various events, including national holidays, and the national population census. Caballo
Selected consolidated financial and operating information for the quarter ended
2024 First Quarter Highlights
2024-Q1 | 2023-Q4 | Change Q1 vs Q4 | 2023-Q1 | Change Q1 vs Q1 | |
| |||||
Material Processed (tonnes milled) | 470,749 | 489,417 | (4 %) | 482,497 | (2 %) |
Silver Equivalent Produced (ounces) (1) | 4,478,122 | 4,788,318 | (6 %) | 4,727,882 | (5 %) |
Silver Ounces Produced | 1,581,949 | 1,719,737 | (8 %) | 1,769,520 | (11 %) |
Zinc Tonnes Produced | 22,847 | 23,777 | (4 %) | 22,463 | 2 % |
Lead Tonnes Produced | 2,953 | 3,130 | (6 %) | 3,043 | (3 %) |
Copper Tonnes Produced | 256 | 290 | (12 %) | 415 | (38 %) |
Silver Equivalent Sold (payable ounces) (2) | 3,632,938 | 3,813,863 | (5 %) | 4,380,895 | (17 %) |
Cash Cost of Production per Tonne (3) | 93.18 | 94.87 | (2 %) | 84.11 | 11 % |
Cash Cost per Silver Equivalent Ounce Sold ($/oz) (3) | 21.19 | 17.74 | 19 % | 17.29 | 23 % |
All-in Sustaining Cash Cost per Silver Equivalent Ounce Sold ($/oz) (3) | 24.12 | 21.37 | 13 % | 20.77 | 16 % |
Average Realized Price per Ounce of Silver Equivalent Sold ($/oz) (2) (3) (4) | 23.18 | 22.47 | 3 % | 22.03 | 5 % |
| |||||
Revenues | 52,589 | 57,616 | (9 %) | 65,378 | (20 %) |
Gross Profit | 463 | 1,550 | (70 %) | 14,680 | (97 %) |
Net Income (loss) | 129,025 | 16,271 | 693 % | (176) | 73,410 % |
Net Earnings (Loss) Per Share - Basic ($/share) | 0.37 | 0.05 | 640 % | 0.00 | 100 % |
Adjusted EBITDA (3) | (215) | 24,612 | (101 %) | 12,603 | (102 %) |
Cash and Cash Equivalent | 4,035 | 4,947 | (18 %) | 11,988 | (66 %) |
Working Capital (Deficiency) | 7,150 | (43,168) | 117 % | (78,906) | 109 % |
First Quarter 2024 Production Summary - By Mine
Bolivar (5) | Porco (5) | Caballo | Total | ||||
Material Processed (tonnes milled) | 72,801 | 50,862 | 72,462 | 69,220 | 205,404000 | 470,749 | |
Silver Equivalent Produced (ounces) (1) | 1,024,492 | 543,414 | 862,142 | 1,032,085 | 1,015,989 | 4,478,122 | |
Silver Ounces Produced | 425,756 | 176,436 | 284,809 | 294,998 | 399,950 | 1,581,949 | |
Zinc Tonnes Produced | 5,063 | 3,160 | 4,702 | 6,279 | 3,643 | 22,847 | |
Lead Tonnes Produced | 395 | 169 | 611 | 427 | 1,352 | 2,953 | |
Copper Tonnes Produced | N/A | N/A | N/A | N/A | 256 | 256 | |
Average head grades per mine: | |||||||
Silver (g/t) | 199 | 130 | 136 | 159 | 82 | 125 | |
Zinc (%) | 7.68 | 6.72 | 7.04 | 9.90 | 2.29 | 5.45 | |
Lead (%) | 0.74 | 0.46 | 1.10 | 0.96 | 0.83 | 0.84 | |
Copper (%) | N/A | N/A | N/A | N/A | 0.29 | 0.29 | |
Metal recovery per mine: | |||||||
Silver (%) | 91 | 83 | 90 | 83 | 74 | 81 | |
Zinc (%) | 91 | 92 | 92 | 92 | 77 | 84 | |
Lead (%) | 74 | 72 | 76 | 64 | 79 | 75 | |
Copper (%) | N/A | N/A | N/A | N/A | 43 | 43 | |
Silver Equivalent Sold (payable ounces) (2) | 1,014,743 | 419,230 | 573,347 | 754,910 | 870,708 | 3,632,938 | |
Notes for both tables above:
(1) | Silver Equivalent Produced (ounces) have been calculated using prices of |
(2) | Silver Equivalent Sold (payable ounces) have been calculated using the Average Realized Price per Ounce of Silver Equivalent Sold stated in the table above, applied to the payable metal content of the concentrates sold from Bolivar, Porco, the |
(3) | The Company reports non-GAAP measures, which include Cash Cost of Production per Tonne, Cash Cost per Silver Equivalent Ounce Sold, All-in Sustaining Cash Cost per Silver Equivalent Ounce Sold, Average Realized Price per Ounce of Silver Equivalent Sold, and Adjusted EBITDA. These measures are widely used in the mining industry as a benchmark for performance, but do not have a standardized meaning and may differ from methods used by other companies with similar descriptions. See ''Non-GAAP Measures'' section below for definitions. |
(4) | Average Realized Price per Ounce of Silver Equivalent Sold is prior to all treatment, smelting and refining charges. |
(5) | Bolivar and Porco are presented at 100% whereas the Company records 45% of revenues and expenses in its consolidated financial statements. |
Silver Equivalent Ounces Produced
Q1 2024 vs Q1 2023
In Q1 2024, the Company processed 470,749 tonnes of material and produced 4,478,112 silver equivalent ounces including 1,581,949 ounces of silver, 22,847 tonnes of zinc, 2,953 tonnes of lead and 256 tonnes of copper. When compared to Q1 2023, total material processed was slightly less, however silver equivalent ounce production decreased 5% due primarily to lower production, silver grade and plant recovery at Caballo Blanco.
Q1 2024 vs Q4 2023
When compared to the previous quarter total material processed was slightly less. Silver equivalent ounce production decreased 6% quarter-over-quarter as a result of less material processed, along with lower silver grades from the Bolivar and Caballo Blanco mines in
Cash Cost of Production per Tonne
Q1 2024 vs Q1 2023
Consolidated cash cost of production per tonne of mineralized material processed was
Q1 2024 vs Q4 2023
Consolidated cash cost of production per tonne of mineralized material processed remained stable with a slight decrease of 2% driven mostly by incremental decreases across all operations. Cash cost per tonne at
Cash Cost per Silver Equivalent Ounce Sold
Q1 2024 vs Q1 2023
Cash cost per silver equivalent ounce sold was
Q1 2024 vs Q4 2023
Consolidated results for Q1 2024 show an 19% increase in cash costs per silver equivalent ounce sold compared to Q4 2023. There was an increase in unit costs together with a decrease of silver equivalent ounces sold.
All-In Sustaining Cash Cost ("AISC") per Silver Equivalent Ounce Sold
Q1 2024 vs Q1 2023
Q1 2024 AISC per silver equivalent ounce sold was
Q1 2024 vs Q4 2023
Consolidated AISC per silver equivalent ounce sold increased 13% from Q4 2023, mainly a result of higher unit operating costs, partly offset by lower sustaining capital expenditures mostly related to the completion of the integration ramp at Caballo Blanco in Q1 2024.
Corporate Update
On
Santacruz Silver is engaged in the operation, acquisition, exploration, and development of mineral properties in
'signed'
Arturo Préstamo Elizondo,
Executive Chairman and CEO
Neither the
Forward looking information
This news release includes certain statements and information that may constitute forward-looking information within the meaning of applicable Canadian securities laws. Forward-looking statements relate to future events or future performance and reflect the expectations or beliefs of management of the Company regarding future events. Generally, forward-looking statements and information can be identified by the use of forward-looking terminology such as "intends", "expects" or "anticipates", or variations of such words and phrases or statements that certain actions, events or results "may", "could", "should", "would" or will "potentially" or "likely" occur. This information and these statements, referred to herein as "forward‐looking statements", are not historical facts, are made as of the date of this news release and include without limitation, statements regarding the benefits the Company expects to derive from restructuring its debt with Glencore, and that Caballo Blanco will achieve improved performance in the coming months. These forward‐looking statements involve numerous risks and uncertainties and actual results might differ materially from results suggested in any forward-looking statements. These risks and uncertainties include, among other things, risks that the restructured debt with Glencore will not allow for better optimization of the Company's core business activities and the pursuit of its long-term growth initiatives, that Caballo Blanco will be unable mine areas with higher silver grades in the coming months, that there will not be fewer operational disruptions at Caballo
In making the forward-looking statements in this news release, the Company has applied several material assumptions, including without limitation, the assumption that the restructured debt with Glencore will allow the Company to better optimize its core business activities and pursuit of long-term growth initiatives, and that Caballo Blanco will be able to mine areas with higher silver grades in the coming months and together with less operational disruptions will achieve improved performance.
There can be no assurance that any forward-looking information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, the reader should not place any undue reliance on forward-looking information or statements. The Company undertakes no obligation to update forward-looking information or statements, other than as required by applicable law.
SOURCE
© Canada Newswire, source