Santacruz Silver Mining Ltd (TSX-V:SCZ, OTC:SZSMF) reported that it enhanced its financial position during the third quarter ending September 30, 2024.
This was highlighted by a 21% increase in revenue to $78.2 million.
It saw a 242% surge in adjusted EBITDA to $15.8 million compared to the same period in 2023, reflecting improved silver production, enhanced milling efficiencies, and higher silver prices.
Cash and cash equivalents rose sharply by 505% to $18.2 million,
The company credited its progress to operational improvements and the restructuring of its Share Purchase Agreement with Glencore, which strengthened its financial position.
“This achievement, coupled with strong operational performance and solid revenue growth, led to a successful third quarter,” Santacruz CEO Arturo Préstamo said in a statement.
“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 also highlighted that the company maintained a stable all-in sustaining cost (AISC) of $27.40 per ounce of silver during the quarter.
“Furthermore, significant investments were made in underground equipment in Mexico to support the growth momentum achieved over the past quarters,” the CEO said. “This strategic focus not only strengthens our operational and financial stability but also positions us to create sustained long-term value for our shareholders."
Despite a slight 1% year-over-year decline in silver equivalent production, Santacruz processed 491,260 tonnes of material, producing 4.6 million silver equivalent ounces.
This included 1.7 million ounces of silver and 23,143 tonnes of zinc, with increased silver recoveries through optimized processing at the Don Diego mill.