Santacruz Silver Mining Ltd (TSX-V:SCZ, OTC:SZSMF) reported stable second-quarter production, supported by higher throughput at several of its operations.
The company produced 3.55 million silver equivalent ounces in Q2 2025, with silver output totaling 1.42 million ounces and zinc production steady at 21,148 tonnes.
Overall throughput rose 2% quarter-over-quarter to 480,863 tonnes, underpinned by improved performance from the San Lucas and Caballo Blanco operations and despite localized challenges at its Bolivar mine.
"Santacruz maintained robust and stable production levels during the second quarter of 2025, and, notably, San Lucas reaffirmed its strategic importance within the company this quarter, successfully compensating for the slower production from the Bolivar mine,” said CEO Arturo Préstamo.
“Looking at the second half of the year, we remain focused on maximizing silver production and metallurgical recoveries across all our operations, an approach that is especially important in today’s favorable silver price environment.”
The San Lucas Group—comprised of ore sourcing and toll milling operations—delivered a 10% quarter-on-quarter increase in silver equivalent production, helping to mitigate the impact of a temporary water inflow at Bolivar. The company has since resolved the issue and resumed work at high-grade stopes in the Pomabamba and Nané zones.
Meanwhile, the Caballo Blanco Group posted a 12% rise in tonnes milled and a 4% increase in silver equivalent production versus the previous quarter. Zinc and lead output rose 12% and 22%, respectively, aided by stronger grades and recoveries.
In Mexico, the Zimapan mine processed 224,162 tonnes—unchanged from Q1—and delivered 958,761 silver equivalent ounces, down 6% sequentially due to lower silver recoveries. However, zinc production at the mine increased 10% year-over-year, supported by higher head grades.
While consolidated silver equivalent production declined 4% from Q1, primarily due to disruptions at Bolivar, the mine’s performance is expected to rebound in the second half now that the water inflow has been addressed and access to high-grade zones is being restored.
The company also highlighted a favorable market backdrop as it enters the latter half of 2025.
Year-to-date, Santacruz has produced 7.24 million silver equivalent ounces, positioning the company to meet its full-year guidance.