Vancouver, B.C. – Santacruz Silver Mining Ltd. (TSX.V:SCZ) ("Santacruz" or "the Company”) reports its financial and operating results for the fourth quarter (“Q4”) and year end 2022. 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 International Financial Reporting Standards (“IFRS”) and all dollar amounts are expressed in thousands of US dollars, except per unit amounts, unless otherwise indicated. 2022 Highlights • Processed 1,646,272 tonnes of material, a 125% increase year-over-year • Silver equivalent ounces sold of 19,612,692, a 562% increase year-over-year • Cash cost per silver ounce sold of $17.58, a 10% decrease year-over-year • AISC per silver ounce sold of $20.05, an 18% decrease year-over-year • Revenue of $278,594,000, an increase of 422% year-over-year • Adjusted EBITDA of $11,385,000, a 1,497% increase year-over-year Arturo Préstamo, Executive Chairman of Santacruz, commented, “Santacruz is building a mid-tier precious and base metals producer, and the acquisition of the Bolivian assets transformed us into a multi-million-ounce silver equivalent producer, with year-over-year production increasing four times. In addition, we have strengthened our management team with seasoned professionals both on the operational and financial sides of the business. While our significant growth came with its challenges, the team's determination has been vital in establishing a solid platform from which to grow the Company.”

Mr. Préstamo emphasized, “With our next consideration payment to Glencore now not due till March 2024, we have near-term financial flexibility which will enable us to strengthen our balance sheet and re-invest in the Company. This strategic approach will fuel sustainable growth and going forward, we will look for opportunities to further streamline and identify synergies among all mining operations in order to maximize value from each of our assets and for our shareholders." Selected consolidated financial and operating information for the year ended 2022 and 2021 are presented below. The Bolivian Assets have been consolidated from March 18, 2022.

Cease Trade Order Update The Company has notified the British Columbia Securities Commission that its 2022 financial documents have been filed and they are in the process or reviewing Santacruz’s continuous disclosure record to ensure all is in order before trading recommences. We anticipate trading of our shares resuming on the TSX.V soon. Refiling of Third Quarter Financial Results The Company refiled its 2022 third quarter financial results and these documents are available the Company’s website at www.santacruzsilver.com or on SEDAR at www.sedar.com. About Santacruz Silver Mining Ltd. Santacruz Silver is engaged in the operation, acquisition, exploration, and development of mineral properties in Latin America. The Bolivian operations are comprised of the Bolivar, Porco and the Caballo Blanco Group, which consists of the Tres Amigos, Reserva and Colquechaquita mines. The Soracaya exploration project and San Lucas ore sourcing and trading business are also in Bolivia. The Zimapan mine is in Mexico.


Arturo Préstamo Elizondo,
Executive Chairman

For further information please contact:

Arturo Préstamo Elizondo
Santacruz Silver Mining Ltd.
Email: info@santacruzsilver.com