Vancouver, B.C. – Santacruz Silver Mining Ltd. (TSX.V:SCZ) ("Santacruz" or "the Company”) reports its financial and
operating results for the second quarter (“Q2”) of 2023. The full version of the financial statements and accompanying
Management’s Discussion and Analysis (the “MD&A”) can be viewed on the Company’s website at
www.santacruzsilver.com or on SEDAR+ at www.sedarplus.ca.
Q2 2023 Highlights
• Processed 443,969 tonnes of material in the quarter: 926,466 tonnes in the first half 2023;
• Produced of 5,569,535 silver equivalent ounces in the quarter: 11,213,918 silver equivalent ounces in the first half
of 2023;
• Cash cost per silver ounce sold of $19.34 in the quarter: $18.29 in the first half of 2023;
• AISC per silver ounce sold of $22.89: $21.80 in the first half of 2023;
• Revenue of $63,854,000 in the quarter: $129,232,000 in the first half of 2023;
• Adjusted EBITDA of $9,138,000 in the quarter: $21,740,000 in the first half of 2023.
Arturo Préstamo, Executive Chairman and Interim CEO of Santacruz, commented, “The Company had another solid
performance during the second quarter with production, costs, and sales relatively in line with the previous quarter.
Mr. Préstamo continued, “We believe there is potential to upgrade our operations and are currently focusing on areas
where we see opportunities for further improvement. By doing this, we aim to make processes more efficient, reduce
costs, and get the most out of each of our valuable assets.”
Selected consolidated financial and operating information for the quarter ended June 30, 2023 are presented below.
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.
2
2023 Second Quarter Highlights
Second Quarter 2023 Production Summary – By Mine
Bolivar
(6)
Porco
(6)

Caballo
Blanco Group San Lucas Zimapan Consolidated
Material Processed (tonnes milled) 66,689 46,085 74,268 85,258 171,668 443,969
Silver Equivalent Produced (ounces) (2) 961,580 689,902 1,211,475 1,827,724 878,854 5,569,535
Silver Ounces Produced 424,664 195,509 399,811 495,344 271,133 1,786,461
Lead Tonnes Produced 302 214 825 635 849 2,824
Zinc Tonnes Produced 3,323 3,098 4,804 8,315 2,741 22,281
Copper Tonnes Produced N/A N/A N/A N/A 297 297
Average head grades per mine:
Silver (g/t) 217 154 182 216 69 147
Zinc (%) 5.57 7.15 6.98 10.69 2.25 5.66
Lead (%) 0.62 0.58 1.44 1.21 0.67 0.88
Copper (%) N/A N/A N/A N/A 0.33 0.33
Silver Equivalent Sold (payable ounces) (3) 408,571 351,919 762,023 1,978,767 586,507 4,087,787
Notes for both tables above:
(1) On March 18, 2022 the Company closed the acquisition of all Bolivian assets from Glencore and the results of the Bolivian Operations are included in the consolidated
results of the Company from that date.
(2) Silver Equivalent Produced (ounces) have been calculated using prices of $21.86/oz, $0.91/lb, $1.52/lb and $3.67/lb for silver, lead, zinc and copper respectively applied to
the metal production divided by the silver price.
(3) Silver Equivalent Sold (payable ounces) have been calculated using the Average Realized Price per Ounce of Silver Equivalent Sold stated in the table above, applied to the
payable metal content of the concentrates sold from Zimapan, Bolivar, Porco, the Caballo Blanco Group, and San Lucas.
(4) The Company reports non-GAAP measures, which include Cash Cost of Production per Tonne, Cash Cost per Silver Equivalent Ounce Sold, All-in Sustaining Cash Cost per Silver
Equivalent Ounce Sold, Average Realized Price per Ounce of Silver Equivalent Sold, Adjusted EBITDA. These measures are widely used in the mining industry as a benchmark
for performance, but do not have a standardized meaning and may differ from methods used by other companies with similar descriptions. See ''Non-GAAP Measures'' section
below for definitions.
(5) Average Realized Price per Ounce of Silver Equivalent Sold is prior to all treatment, smelting and refining charges.
(6) Bolivar and Porco are presented at 100% whereas the Company records 45% of revenues and expenses in its consolidated financial statements.

2023-Q2 2023-Q1 Change
see & read more on
https://santacruzsilver.com/site/assets/files/1943/21_august_2023_scz_reports_second_quarter_financial_res.pdf