Santacruz Silver Mining (SCZ) Q4 2024 earnings summary

Executive summary

• Revenues reached $283 million, up 13% year-over-year, with net income of $165 million, a 1594% increase year-over-year.

• Adjusted EBITDA rose 200% to $53 million, and gross profit surged 1670% to $57 million year-over-year.

• Cash and cash equivalents increased 622% to $36 million, with working capital at $46 million at year-end.

• Operational improvements and favorable silver prices drove financial performance, supporting long-term growth initiatives.

Financial highlights

• Silver equivalent ounces produced totaled 18,651,701, a 1% decrease year-over-year.

• Cash cost per silver equivalent ounce sold rose 16% to $21.90, and AISC per ounce increased 15% to $26.01 year-over-year.

• Average realized price per silver equivalent ounce sold was $28.74, up 25% year-over-year.

• Material processed increased 4% to 1,955,904 tonnes, with silver ounces produced down 4% and zinc production up 3%.

Outlook and guidance

• Strategic capital investments in 2024, especially at Zimapán and Bolivian assets, are expected to reduce costs and enhance metallurgical recovery in 2025.

• Management anticipates continued operational improvements and value creation for shareholders.