Santacruz Silver Mining (SCZ) Metals Investor Forum 2026 summary

Strategic positioning and market sentiment

• Company is undervalued compared to peers, with significant growth potential in silver mining.

• Operations span Bolivia and Mexico, both considered favorable jurisdictions for mining.

• Recent political changes in Bolivia have improved the investment climate for mining.

Operational performance and assets

• Four producing mines and one ore sourcing company yielded 14.6 million ounces of silver equivalent last year.

• Zimapán mine in Mexico is expanding, with production expected to reach 80,000 tons per month by Q3.

• All-in sustaining costs at Zimapán are currently high due to infrastructure investments but are expected to decrease.

Financial highlights and capital structure

• Reported $73–$74 million EBITDA and ended the year with nearly $80 million in treasury and no debt.

• Working capital stands at $70 million, with current assets of $188 million and liabilities of $119 million.

• Enterprise value to EBITDA ratio is 9.6–9.7, with a growing institutional investor base.