Santacruz Silver Mining (SCZ) Q2 2024 earnings summary

Executive summary

• Processed 500,755 tonnes in Q2 2024, producing 4,819,552 silver equivalent ounces, including 1,671,359 ounces of silver and 25,052 tonnes of zinc.

• Revenue reached $70.5 million in Q2 2024, with adjusted EBITDA of $8.85 million and gross profit of nearly $16 million.

• Strong metal prices and robust production contributed to solid financial performance, though net income was impacted by a $6.9 million non-cash charge related to contingent value rights.

Financial highlights

• Revenue increased 10% year-over-year to $70.5 million in Q2 2024; gross profit rose to $15.7 million.

• Net income for Q2 2024 was $1.54 million, down 65% from Q2 2023, mainly due to a non-cash charge.

• Adjusted EBITDA was $8.85 million, a significant turnaround from a negative $0.22 million in Q1 2024.

• Cash and cash equivalents stood at $7.3 million, with working capital of $18 million at quarter-end.

Outlook and guidance

• Management emphasizes disciplined cost management and aims for long-term financial stability to continue creating shareholder value.

• Forward-looking statements highlight expectations for continued operational improvements and capital project execution, subject to market and regulatory risks.