Vancouver, B.C. – Santacruz Silver Mining Ltd. (TSX.V:SCZ) ("Santacruz" or "the Company") produced 5,644,383 silver equivalent ounces from its Bolivar, Porco, and Caballo Blanco Group of Mines and the San Lucas Ore Sourcing and Trading company (“the Bolivian Operations”) and the Zimapan Mine in Mexico (“the Mexican Operations”) in the first quarter of 2023. Production results from Bolivar and Porco are reported at a 100%, while the Company has a 45% net profit interest in these mines. The Caballo Blanco Group of Mines consists of the Tres Amigos, Reserva and Colquechaquita mines.

Consolidated First Quarter 2023 Production Highlights:

Silver equivalent production of 5,644,383 ounces
Silver produced 1,769,519 ounces;
Zinc produced 22,463 tonnes;
Lead produced 3,044 tonnes;
Copper produced 415 tonnes.

Carlos Silva, Santacruz’s CEO stated, “We started the year with solid production from all of our assets and are committed to improving operational efficiencies at all our mines, the San Lucas trading company and supporting areas. We are also working closely with JDS Engineering & Mining to complete NI 43-101 compliant Resource and Reserve Estimates for all our producing mines in Mexico and Bolivia, which will provide us with additional life of mine planning information. These reports are expected to be released during the third quarter of this year.”


Production Details Table


First Quarter 2023 Mine by Mine Production Table



Bolivian Operations General Overview
Production at the Bolivian operations has been steady over the past two quarters, with production flexibility at each operation contributing to consistent output. The San Lucas ore sourcing and trading business continues to perform well and provides feed for each of the process plants at Bolivar, Porco, and the Don Diego plant, which processed Caballo Blanco feed. This third-party feed source allows each plant to operate efficiently and provides additional ore for blending, as necessary.

Bolivar Mine
First quarter 2023 production included material from the newly developed Rosario section, which help offset delays in mining the Central section. These delays were caused by the extension of services for pumping and ventilation as this section descends. Rosario stopes were larger and contained higher grade silver than expected, which offset lower grade toll feeds from San Lucas Ore sourcing and trading business. Zinc and lead production were lower than expected, but silver production was great than anticipated.

Porco Mine
Production was down slightly, and metal grades were lower than expected because of operational challenges. Equipment downtime in the trackless Hundumiento zone and stope sequencing had an impact on timing of higher-grade ore feed, which also affected metal recoveries. This was partially offset by toll feed tonnage from the San Lucas ore sourcing and trading business being greater and higher grade than anticipated, which resulted in total metal production for the quarter being higher than anticipated.

Caballo Blanco Group of Mines
Production and total development metres was as expected for this group of mines (Colquechaquita, Tres Amigos and Reserva mines). At the Don Diego milling facility, the toll feed from San Lucas ore sourcing and trading business was lower grade than anticipated, but in the first quarter of 2023, this was offset by mined grades.

Zimapan Mine (Mexico)
Two separate mines (Monte and Carrizal mines) are linked by a trackless haulage drift leading to the process plant. Production from the complex is stable at current tonnage and grade with improvements to the metal output largely driven by metallurgical performance. Issues in the first quarter of 2023 with process water shortages resulting from a regional drought provided opportunities for planned plant maintenance but have also impacted total tonnes processed. The flexible mine plan allows production from different zones based on metal values and blending requirements. During the first quarter of 2023 the Zimapan complex experienced a considerable increase in copper recoveries.

Corporate Update
The Company is pleased to announce the appointment of Sabina Srubiski as Manager of Investor Relations. Sabina is an investor relations professional that has spent almost 15 years in the mining industry. Her career has covered the spectrum of mining companies, from exploration, through development and into production. Prior to Santacruz she worked with a mid-tier gold producer and before that she was with a developer that brought a Tier 1 gold asset into production. Sabina will be based in the Company’s Vancouver Office.

Qualified Person
Wayne Corso, Chief Operating Officer of the Company is a qualified person under NI 43-101, and has approved the scientific and technical information related to operational matters contained in this news release.

About Santacruz Silver Mining Ltd.
The Company is engaged in the operation, acquisition, exploration, and development of mineral properties in Latin America, with a primary focus on silver and zinc, but also including lead and copper. The Company currently has six producing projects, the Zimapan, Bolivar, Porco, Tres Amigos, Reserva and Colquechaquita Mines and holds two exploration properties in its mineral property portfolio, the La Pechuga Property and the Santa Gorgonia Prospect, and one development project, the Soracaya Project in addition to the San Lucas ore sourcing and trading business.

Arturo Préstamo Elizondo,
Executive Chairman

For further information please contact: https://santacruzsilver.com/news/2023/

Arturo Préstamo Elizondo
Santacruz Silver Mining Ltd.
Email: info@santacruzsilver.com
Telephone: (528) 183 785707

Sabina Srubisk
Manager, Investor Relations
Email: ssrubiski@santacruzsilver.com