Santacruz Silver Mining Ltd (TSX-V:SCZ, OTC:SZSMF) posted a net income of $165 million for 2024, up more than 15-fold from the prior year, as higher metal prices and operational efficiencies bolstered the Canadian miner’s financial performance.
Revenue rose 13% to $283 million, while gross profit surged 1,670% to $57 million. Adjusted EBITDA jumped 200% to $53 million, the company said in a statement on Wednesday.
"FY 2024 was a transformative year for the company," said CEO Arturo Préstamo. "These achievements strengthened the company's balance sheet… while maintaining a disciplined operational focus and laying the groundwork for long-term growth."
Annual production totaled 18.65 million silver equivalent ounces, a slight 1% decline from the previous year, as gains at key operations including Zimapán and Porco offset lower output at Bolivar and the Caballo Blanco Group. Ore processed increased 4% to nearly 2 million tonnes.
Despite the operational progress, the company reported higher production costs. Cash cost per silver equivalent ounce sold climbed 16% to $21.90, while all-in sustaining cost (AISC) rose 15% to $26.01, reflecting increased ore purchases from small-scale miners at the San Lucas operation and capital investments at its Bolivian and Mexican assets.
Santacruz said it used improved revenues to fund upgrades at the Zimapán mine and mill, as well as efficiency-focused investments in Bolivia aimed at boosting metallurgical recovery, particularly for silver.
"Santacruz's competitive edge lies in the quality and efficiency of our core Bolivian and Mexican mining assets and the flexibility of our San Lucas ore sourcing model," Préstamo added, pointing to the company's leverage to metal price increases.
Cash and cash equivalents at year-end increased 622% to $36 million, contributing to a working capital position of $46 million.