Santacruz Silver Mining Ltd Dossier
Qualitative Analysis
Business overview
Santacruz Silver Mining Ltd. is a mid-tier precious and base metals producer operating a diversified portfolio of mining assets across Latin America, primarily in Bolivia and Mexico. The company's operations include four producing mines (the Bolivar and Porco mines operated under an NPI agreement with COMIBOL, and the 100%-owned Caballo Blanco Group in Bolivia and Zimapan mine in Mexico), alongside an integrated ore-sourcing and trading business known as San Lucas. Santacruz is focused on the extraction and development of silver, zinc, lead, and copper.
Research as of 24 Jul 2026
Strategic Initiatives
Growth programs, investments, and their expected impact
Implementing a comprehensive dewatering program at the Bolivar mine in Bolivia to recover flooded veins.
Expected impact: Restoration of full capacity, recovering approximately 600,000 to 660,000 ounces of silver equivalent production.
Operational optimization and infrastructure upgrades at the Zimapan mine in Mexico, including increasing mining activity at Level 960.
Expected impact: Expected to improve silver head grades to 80-85 g/ton and lower overall all-in sustaining costs (AISC).
Pursuing graduation from the TSX Venture Exchange to the TSX main board to launch a formal share buyback program.
Expected impact: Aims to improve investor transparency, enhance liquidity, and signal management's conviction in the company's intrinsic value.
Mergers, Acquisitions & Partnerships
Recent deals and strategic collaborations
Recent Acquisitions
Acquisition of a critical portfolio of producing silver-zinc-lead mines in Bolivia, transforming Santacruz into a mid-tier silver producer.
Financial impact: The transaction was restructured via an Acceleration Option, reducing the outstanding consideration to Glencore from $80 million to $40 million, which was fully satisfied by September 2025.
Strategic Partnerships
Enables the San Lucas ore sourcing and trading business to access efficient local-currency funding through a Bs 140 million promissory note program [1.4.3].
Terms: Fully placed Bs 140 million program, with the third offering of Bs 70 million completed in April 2026 following the full repayment of the first offering