Santacruz Silver Reports First Quarter 2021 Financial Results
Vancouver, B.C. – Santacruz Silver Mining Ltd. (TSX.V:SCZ) (the “Company” or “Santacruz”) reports on its financial and operating results for the first quarter (“Q1”) of 2021. The full version of the financial statements and accompanying management discussion and analysis can be viewed on the Company’s website at www.santacruzsilver.com or on SEDAR at www.sedar.com. All financial information is prepared in accordance with IFRS and all dollar amounts are expressed in thousands of US dollars, except per unit amounts, unless otherwise indicated.
Revenues increased by 43 per cent to $11.1-million during Q1 2021 ($7.8-million in Q1 2020);
Gross profit improved by $4-million to $2.2-million during Q1 2021 (Q1 2020 -- loss of $1.9-million);
Cash and marketable securities increased by 1,580 per cent to $6.8-million at March 31, 2021 (Dec. 31, 2020 - $0.4-million);
Subsequent to Q1 2021 the Company closed a private placement for CAD$14-million.
Carlos Silva, CEO of Santacruz, stated; “The first quarter of 2021 has been a pivotal quarter for Santacruz as we started to see the results of our efforts to increase production at Zimapan both as to throughput tonnage and head grades as we ramp up production from the Lomo del Toro mineralized zone. We expect further improvements during the second quarter which we anticipate will lead to stronger cash flow generation.” Mr. Silva continued; “Our working capital has significantly improved during Q1 2021 and should further improve as a result of our investment in Zacatecas Silver Corp and our successful private placement completed on April 13, 2021.”
Selected financial information for the three-month periods ended March 31, 2021 and December 31 and March 31, 2020 is presented below:
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