Santacruz Silver Mining Ltd (TSX-V:SCZ, OTC:SZSMF) saw a 2% increase in silver production to 1.7 million ounces during its third quarter.
The silver company said it had produced 4.64 million silver equivalent ounces in Q3 2024, driven by the higher silver output and steady performance at its Bolivian and Mexican operations.
Zinc production totaled 23,143 tonnes, with lead and copper production at 3,027 tonnes and 270 tonnes, respectively.
Additionally, Santacruz completed 10,933 meters of underground development.
The Zimapan mine in Mexico processed 217,741 tonnes of material, yielding nearly 1.2 million silver equivalent ounces. Silver production increased by 9% from Q2 2024, reaching 444,634 ounces, while zinc output rose by 5%.
The Bolivar mine yielded just over one million silver equivalent ounces. Silver production surged 13% from Q2 2024 to 483,300 ounces, driven by improved head grades and recoveries. However, zinc production declined by 12% due to lower grades.
At the Porco mine, 48,714 tonnes of ore were processed, producing 482,620 silver equivalent ounces, including 171,972 ounces of silver. Silver production increased by 14% compared to Q2, attributed to access to higher-grade silver zones.
The Caballo Blanco Group underwent operational adjustments, leading to a 30% reduction in processed ore. Despite this, the company noted improvements in mill recovery performance, particularly in silver recoveries into lead concentrates.
San Lucas saw a 15% increase in ore treatment volume in Q3 2024, supported by commercial strategies and purchases from the Reserva mine. This led to a 4% increase in silver recoveries, with logistical challenges being resolved during the quarter.
Arturo Préstamo, CEO of Santacruz, told investors that the improvement in silver production, combined with favorable trends in silver prices, strengthened the company’s revenue-generating capabilities and underscored its ongoing efforts to optimize mining and processing operations.
“We expect these production levels to provide a strong foundation for the remainder of the year,” Préstamo said in a statement.
"All of our operations demonstrated strong results, but in particular, I would like to commend our team in Zimapan, Mexico, for their consistently improved performance, delivering meaningful quarter-over-quarter increases in both throughputs and grades processed."
Shares of Santacruz added 4.9% in early Thursday trading in Toronto.