Santacruz Silver Mining : 2026 First Quarter Report FS

Published on 05/15/2026 at 08:03 pm EDT

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‌Condensed Interim Consolidated Financial Statements For the Three Months ended March 31, 2026 and 2025 (Expressed in thousands of US dollars)

(Unaudited)

‌TABLE OF CONTENTS

Notice of no auditor review of Condensed Interim Consolidated Financial Statements 3

Condensed Interim Consolidated Statements of Financial Position 4

Condensed Interim Consolidated Statements of Comprehensive Income 5

Condensed Interim Consolidated Statements of Cash Flows 6

Condensed Interim Consolidated Statements of Changes in Shareholders' Equity 7

Notes to the Condensed Interim Consolidated Financial Statements 8

Notice of no auditor review of condensed interim consolidated financial statements

Pursuant to National Instrument 51-102, Part 4, subsection 4.3(3)(a), if an auditor has not performed a review of the interim financial statements, they must be accompanied by a notice indicating that the financial statements have not been reviewed by an auditor.

The accompanying unaudited condensed interim consolidated financial statements of Santacruz Silver Mining Ltd. for the three months ended March 31, 2026, have been prepared by and are the responsibility of the Company's management.

The Company's independent auditor has not performed a review of these financial statements in accordance with the standards established by the Chartered Professional Accountants of Canada for a review of interim financial statements by an entity's auditor.

May 14, 2026

	Note	March 31, 2026	December 31, 2025
		$	$
ASSETS
Current
Cash and cash equivalents	4	42,651	44,267
Marketable securities	20	16,432	16,662
Trade and other receivables	5	94,260	88,399
Inventories	6	54,823	57,517
Prepaid expenses and deposits		7,806	14,055
		215,972	220,900
Marketable securities	20	5,800	5,800
Trade and other receivables	5	41,624	36,249
Mineral properties, plant and equipment	7	159,672	160,558
Goodwill	7	15,466	15,466
Deferred income tax asset	19	8,456	6,798
Total assets		446,990	445,771
LIABILITIES
Current
Trade payables and accrued liabilities	8	42,714	47,402
Loans payable	10	48,627	50,642
Current income taxes payable	18	35,767	49,470
Other liabilities	11	12,234	8,876
Decommissioning and restoration provision	12	729	822
		140,071	157,212
Trade payables and accrued liabilities	8	6,606	7,167
Consideration payable	9	19,278	20,243
Loans payable	10	215	1,344
Other liabilities	11	16,290	20,541
Decommissioning and restoration provision	12	29,947	35,194
Deferred income tax liability	18	25,279	25,012
Total liabilities		237,686	266,713
SHAREHOLDERS' EQUITY
Share capital	13	147,394	146,166
Equity reserves	13	7,225	6,677
Retained earnings		54,685	26,215
Total shareholders' equity		209,304	179,058
Total liabilities and shareholders' equity		446,990	445,771

‌Subsequent event (note 10(d))

Approved and authorized for issue on behalf of the Board of Directors on May 14, 2026:

"Arturo Préstamo Elizondo"	"Larry Okada"
Director	Director

The accompanying notes are an integral part of the condensed interim consolidated financial statements.

‌Three months ended March 31,
	Note	2026	2025
		$	$
Revenues	14	127,529	70,314
Mine operating costs
Cost of sales	15	(77,363)	(37,878)
Depreciation, depletion and amortization	7	(7,297)	(4,577)
Gross profit		42,869	27,859
General and administrative expenses	16	(7,598)	(4,920)
Share-based compensation expense	13	(529)	(159)
Operating income		34,742	22,780
Other income	17	3,125	143
Foreign exchange gain		7,042	6,234
Income before tax		44,909	29,157
Income tax expense	18	(16,439)	(19,706)
Net income for the period		28,470	9,451
Other comprehensive income that may be reclassified subsequently to net income or loss: Unrealized gain (loss) on marketable securities		(230)	-
Currency translation differences		850	321
Comprehensive income for the period		29,090	9,772
Net income per share:
Basic	23	0.31	0.11
Diluted	23	0.30	0.11
Weighted average number of common shares:
Basic	23	92,176,513	88,963,885
Diluted	23	94,092,385	88,963,885

The accompanying notes are an integral part of the condensed interim consolidated financial statements.

Three months ended March 31,
	Note	2026	2025
		$	$
Net income for the period		28,470	9,451
Items not affecting cash:
Depreciation, depletion and amortization	7	7,297	4,577
Other income	24	265	2,260
Share-based compensation expense	21	529	159
Foreign exchange gain		(5,537)	(22,245)
Income tax expense	18	16,439	19,706
Operating cash flows before non-cash working capital		47,463	13,908
Changes in non-cash working capital:
Trade and other receivables	5	(10,720)	49,970
Inventories	6	2,694	(4,209)
Prepaid expenses and deposits		6,249	1,022
Trade payables and accrued liabilities	8	(5,249)	(9,098)
Current income taxes payable	18	(31,533)	(31,818)
Other liabilities	11	(87)	(17,148)
Decommissioning and restoration provision	12	(43)	3,662
Net cash generated by operating activities		8,774	6,289
Investing activities: Expenditures on mineral properties, plant and equipment	7	(9,858)	(7,275)
Proceeds on disposition of mineral properties, plant and equipment	7	-	430
Purchases of marketable securities	20	(7,050)	-
Proceeds from maturities of marketable securities	20	7,050	-
Payment of consideration payable for acquisition of Sinchi Wayra	9	-	(10,000)
Net cash used in investing activities		(9,858)	(16,845)
Financing activities: Proceeds from exercise of options	13	627	-
Proceeds from loans payable	10	24,347	33,555
Repayments of loans payable	10	(24,611)	(25,352)
Lease payments on plant and equipment	11	(834)	(837)
Net cash used in financing activities		(471)	7,366
Effect of exchange rate on changes in cash		(61)	(4)
Net change in cash and cash equivalents		(1,616)	(3,194)
Cash and cash equivalents - beginning of the period	4	44,267	35,721
Cash and cash equivalents - end of the period		42,651	32,527
Cash paid during the period for:
Interest expense		487	213
Income taxes		36,031	19,237
Supplemental cash flow information (Note 24)

‌Operating activities:

The accompanying notes are an integral part of the condensed interim consolidated financial statements.

SANTACRUZ SILVER MINING LTD. Condensed Interim Consolidated Statements of Changes in Shareholders' Equity For the Three Months ended March 31, 2026 and 2025 (Unaudited)

(Expressed in thousands of US dollars, except number of shares)

	Share Capital		Equity reserves
	Shares	Amount	Share-based compensation reserve	Contributed surplus	Accumulated other comprehensive loss	Total equity reserves	Retained earnings (deficit)	Total shareholders' equity
	#	$	$	$	$	$	$	$
Balance, December 31, 2024	88,963,885	139,080	9,269	1,949	(2,944)	8,274	(16,007)	131,347
Share-based compensation expense	-	-	159	-	-	159	-	159
Comprehensive income	-	-	-	-	322	322	9,451	9,773
Balance, March 31, 2025	88,963,885	139,080	9,428	1,949	(2,622)	8,755	(6,556)	141,279
Balance, December 31, 2025	91,962,128	146,166	7,946	1,949	(3,218)	6,677	26,215	179,058
Shares issued from exercise of options	459,820	1,159	(532)	-	-	(532)	-	627
Shares issued from vesting of RSUs	68,751	69	(69)	-	-	(69)	-	-
Share-based compensation expense	-	-	529	-	-	529	-	529
Comprehensive income	-	-	-	-	620	620	28,470	29,090
Balance, March 31, 2026	92,490,699	147,394	7,874	1,949	(2,598)	7,225	54,685	209,304

‌The accompanying notes are an integral part of the condensed interim consolidated financial statements.

‌NATURE OF OPERATIONS
Santacruz Silver Mining Ltd. (the "Company" or "Santacruz") was incorporated pursuant to the Business Corporations Act of British Columbia on January 24, 2011. The Company's registered office is located at 1111 West Hastings Street, 15th Floor, Vancouver, British Columbia, Canada V6E 2J3. The Company is listed for trading on the TSX Venture Exchange ("TSX-V") under the symbol "SCZ" and on the Nasdaq Capital Market ("NASDAQ") under the symbol "SCZM".
The Company is engaged in the operation, acquisition, exploration and development of mineral properties in Latin America, with a primary focus on silver and zinc, but also including lead and copper. The company also generates sales revenue from ore processing that come from the sale of metal concentrates obtained from processing ore purchased from third-party miners in Bolivia.
As at March 31, 2026, the Company had interests in, including mining concession rights, to the following:
- Sinchi Wayra S.A. ("Sinchi Wayra"), Sociedad Minero Metalurgico Reserva Ltda. and Sociedad Minera Illapa S.A. ("Illapa") which consist of the following mineral properties and businesses located in Bolivia: the producing Tres Amigos and Colquechaquita mines, collectively the ("Caballo Blanco Group"); the producing Bolivar and Porco mines held under a net operating cash flow interest agreement with Corporación Minera de Bolivia ("COMIBOL"), a Bolivian state-owned entity; the Soracaya exploration project ("Soracaya Project"); the Reserva mine and the San Lucas ore sourcing and trading business ("San Lucas Group");
- The producing Zimapan mine located in Mexico held by Compañía Minera Zilar Mendi SA de C.V ("Zilar Mendi").
‌BASIS OF PRESENTATION
These unaudited condensed consolidated interim financial statements have been prepared in accordance with International Accounting Standard ("IAS") 34, "Interim Financial Reporting" which is part of IFRS Accounting Standards ("IFRS® Accounting Standards") as issued by the International Accounting Standards Board ("IASB"). Because these statements have been prepared in accordance with IAS 34, certain disclosures included in the annual financial statements have been condensed or omitted. These unaudited condensed consolidated interim financial statements should be read in conjunction with the audited annual consolidated financial statements for the year ended December 31, 2025.
These unaudited condensed interim consolidated financial statements were approved by the Board of Directors of the Company on May 14, 2026.
References made throughout the consolidated financial statements to "US dollar" or "USD" are to United States dollars, "C$" or "CAD" are to Canadian dollars, "MXN" are to Mexican pesos, "BOB" are to Bolivian bolivianos. All references are in thousands, unless otherwise noted.
On December 10, 2025 the Company consolidated its issued and outstanding common shares on the basis of one post-consolidated common share for every four pre-consolidated common shares. The number of issued and outstanding shares, options, warrants, DSUs, RSUs and PSUs, and any per share amounts in these financial statements have been retrospectively restated in notes 10, 13, and 23 for all periods presented unless otherwise stated.
‌MATERIAL ACCOUNTING POLICIES

The accounting policies applied in the preparation of these unaudited condensed consolidated interim financial statements are consistent with those applied and disclosed in the Company's audited consolidated financial statements for the year ended December 31, 2025 and reflect all the adjustments necessary for fair presentation in accordance with IFRS for the interim periods presented.

MATERIAL ACCOUNTING POLICIES (continued) New IFRS accounting standards and pronouncements - not yet adopted IFRS 18: Presentation and Disclosure in Financial Statements
In April 2024, the IASB issued IFRS 18: Presentation and Disclosure of Financial Statements ("IFRS 18"), which replaces
IAS 1: Presentation of Financial Statements. IFRS 18 introduces a specified structure for the income statement by requiring income and expenses to be presented into the three defined categories of operating, investing and financing, and by specifying certain defined totals and subtotals. Where company-specific measures related to the income statement are provided, IFRS 18 requires companies to disclose explanations around these measures, which are referred to as management-defined performance measures. IFRS 18 also provides additional guidance on principles of aggregation and disaggregation which apply to the primary financial statements and the notes. IFRS 18 will not affect the recognition and measurement of items in the financial statements, nor will it affect which items are classified in other comprehensive income and how these items are classified. Some of the requirements in IAS 1 are moved to IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors and IFRS 7 Financial Instruments: Disclosures. The IASB also made minor amendments to IAS 7 Statement of Cash Flows and IAS 33 Earnings per Share in connection with the new standard.
The standard is effective for reporting periods beginning on or after January 1, 2027, including for interim financial statements. Retrospective application is required, and early application is permitted. The Company is currently assessing the effect of this new standard to its financial statements.
New IFRS accounting standards and pronouncements -adopted
Amendments to IFRS 9: Financial Instruments and IFRS 7: Financial Instruments: Disclosures
In May 2024, the IASB issued amendments to update classification and measurement requirements in IFRS 9: Financial Instruments, and related disclosure requirements in IFRS 7: Financial Instruments: Disclosures. The IASB clarified the recognition and derecognition date of certain financial assets and liabilities, and amended the requirements related to settling financial liabilities using an electronic payment system. It also clarified how to assess the contractual cash flow characteristics of financial assets in determining whether they meet the solely payments of principal and interest criterion, including financial assets that have environmental, social and corporate governance (ESG)-linked features and other similar contingent features. The IASB added disclosure requirements for financial instruments with contingent features that do not relate directly to basic lending risks and costs and amended disclosures relating to equity instruments designated at fair value through other comprehensive income. The amendments are effective for annual periods beginning on or after January 1, 2026 with early application permitted. The Company has adopted the amendments with no material impact to the current reporting period.
The preparation of the financial statements in conformity with IFRS requires management to select accounting policies and make estimates and judgments that may have a material impact on the financial statements. Estimates are continuously evaluated and are based on management's experience and expectations of future events that are believed to be reasonable under the circumstances. Actual outcomes may differ from these estimates. The Company's critical accounting judgments and estimates have been consistently applied with those presented in Note 4 of the audited annual consolidated financial statements for the years ended December 31, 2025, and 2024.

‌CASH AND CASH EQUIVALENTS

A summary of the Company's cash and cash equivalents is as follows:

	March 31, 2026	December 31, 2025
	$	$
Cash	41,925	41,607
Cash equivalents	726	2,660
Total	42,651	44,267

‌TRADE AND OTHER RECEIVABLES

A summary of the Company's trade and other receivables is as follows:

	March 31, 2026	December 31, 2025
	$	$
Trade receivables	31,117	20,371
COMIBOL contract prepayment	1,838	1,995
COMIBOL initial investment period CAPEX receivable (note 5(a))	2,341	2,540
Uncertain income tax position receivable (note 18(c))	8,624	9,356
VAT receivable	48,199	51,817
Other receivables	2,141	2,320
Balance, current portion	94,260	88,399
COMIBOL initial investment period CAPEX receivable (note 5(a))	13,084	13,653
VAT receivable	26,071	20,127
Other receivables	2,469	2,469
Balance, non-current portion	41,624	36,249
	135,884	124,648

COMIBOL initial investment period CAPEX receivable
The COMIBOL initial investment period CAPEX receivable is a reimbursement of 22.5% of a pre-defined amount of capital investments made by the Company from 2012 to 2019 in the Illapa Joint Operation. The refundable amount becomes available for the Company to offset against amounts due to COMIBOL for its 55% interest in the operation over seven years from 2020 to 2026. If the joint operation does not produce sufficient positive cash flows, COMIBOL can defer payment until cash flows are positive at which point the amounts receivable can be used to reduce the amount due to COMIBOL for its 55% share of the interest in the operation. If the operation does not generate enough positive cash flows to offset amounts due, the outstanding amount receivable will be paid by COMIBOL at the end of the agreement. The classification between current and non-current has been made based upon management's best estimate of when the receivable will be used to offset future payments to COMIBOL for its 55% interest.
The timing of the cash flows will vary depending on the operational results from the joint operation and how much is payable to COMIBOL for their 55% interest in the operation. Depending on estimates and actual results each period the asset will be revalued to reflect the timing of the expected cash flows and will be discounted using the same effective rate at acquisition resulting in recognizing a gain or loss on the re-estimation of cash flows related the CAPEX receivable.

‌INVENTORIES

A summary of the Company's inventories is as follows:

	March 31, 2026	December 31, 2025
	$	$
Mineralized material stockpiles	17,933	11,983
Concentrate inventory	21,190	30,172
Supplies inventory	15,700	15,362
Total	54,823	57,517

During the three months ended March 31, 2026, the inventory recognized as cost of sales was $77,363 (2025 -$37,878), which includes production costs directly attributable to the inventory production process.

During the three months ended March 31, 2026, the Company recognized through cost of sales a net realizable value write-off of inventory for $nil (2025 - $nil).

‌MINERAL PROPERTIES, PLANT AND EQUIPMENT

A summary of the Company's Mineral Properties, Plant and Equipment is as follows:

	Depletable mineral properties	Exploration and evaluation	Plant and equipment	Total
	$	$	$	$
Cost
Balance, December 31, 2024	115,721	12,189	115,807	243,717
Additions	9,212	-	21,407	30,619
Change in decommissioning and restoration costs (note 12)	3,006	-	-	3,006
Disposals	(3,244)	-	(3,758)	(7,002)
Adjustments	2,071	-	2,017	4,088
Balance, December 31, 2025	126,766	12,189	135,473	274,428
Additions	3,546	-	6,312	9,857
Change in decommissioning and restoration costs (note 12)	(3,467)	-	-	(3,467)
Disposals	-	-	(1,578)	(1,578)
Balance, March 31, 2026	126,845	12,189	140,207	279,240
Accumulated depreciation and impairment
Balance, December 31, 2024	50,013	-	48,971	98,984
Depletion, depreciation and amortization	7,199	-	14,378	21,577
Disposals	(3,245)	-	(3,446)	(6,691)
Adjustments	(513)	-	513	-
Balance, December 31, 2025	53,454	-	60,416	113,870
Depletion, depreciation and amortization	2,500	-	4,797	7,297
Disposals	(20)	-	(1,578)	(1,598)
Balance, March 31, 2026	55,934	-	63,635	119,569

Cost as at December 31, 2025	126,766	12,189	135,473	274,428
Accumulated depreciation and impairment	53,454	-	60,416	113,870
Carrying value - December 31, 2025	73,312	12,189	75,057	160,558

Cost as at March 31, 2026	126,845	12,189	140,207	279,240
Accumulated depreciation and impairment	55,934	-	63,635	119,568
Carrying value - March 31, 2026	70,911	12,189	76,572	159,672

As at March 31, 2026, the Company's plant and equipment included right-of-use assets with a carrying amount of $47 for leased mining equipment (December 31, 2025 - $2,926). Depreciation on the right of use assets for the three months ended March 31, 2026 was $69 (December 31, 2025 - $509).

A summary of the Company's Goodwill and allocation to each CGU is as follows:

	March 31, 2026	December 31, 2025
	$	$
Caballo Blanco Group (Tres Amigos mine)	2,963	2,963
San Lucas Group	12,503	12,503
Goodwill	15,466	15,466

‌TRADE PAYABLES AND ACCRUED LIABILITIES

A summary of the Company's trade payables and accrued liabilities is as follows:

	March 31, 2026	December 31, 2025
	$	$
Trade payables	27,820	34,541
COMIBOL contract obligations (note 8(a))	6,606	7,167
Accrued liabilities	14,894	12,861
Balance, end of period	49,320	54,569
Less: current portion	(42,714)	(47,402)
Non-current portion	6,606	7,167

COMIBOL contract obligations
COMIBOL contract obligations represent the Company's obligation to pay its portion of committed funding related to the investment of inventories and fixed assets made prior to 2013 under the previous contract of $4,322, and COMIBOL's share of the VAT receivable of $2,284 (all of which classified as non-current).

‌CONSIDERATION PAYABLE

On March 18, 2022, the Company acquired 100% ownership of Sinchi Wayra and Illapa (the "Acquisition") from Glencore plc ("Glencore") under the terms and conditions outlined in the Share Purchase Agreement ("SPA"). The SPA was amended on October 3, 2024 by entering into a definitive omnibus agreement.

The following table summarizes the consideration payable to Glencore under the omnibus agreement:

	March 31, 2026	December 31, 2025
	$	$
Contingent value rights (note 9(b))	19,278	20,243
Balance, end of period	19,278	20,243
Less: current portion	-	-
Non-current portion	19,278	20,243

Base purchase price
The base purchase price was to pay up to $80,000 in cash to Glencore in eight equal annual instalments of $10,000 each (the "Base Purchase Price" or "BPP") with the first payment being made on or before November 1, 2025. The base purchase price obligation had an option to accelerate the payment of the outstanding balance reducing it to $40,000 if exercised prior to November 1, 2025. On September 4, 2025 the Company exercised the acceleration option and fully settled the base purchase price liability for $40,000.
Contingent value rights & additional payments

The Company granted a contingent value right (the "CVR") to Glencore whereby the Company will pay Glencore a monthly payment of $1,333 (the "CVR Payment"), subject to a total cap of $77,700 (the "Valuation Cap"), in the event that in any calendar month after the date the parties enter into the Term Sheet, the average London Metal Exchange ("LME") spot price of zinc (or the highest open hedge price if the Hedging Option (as defined below) has been exercised) in the calendar month is at least $3,850 per tonne (the "Base Price"). The CVR Payment will increase by $83 for each increase of $100 per tonne above the Base Price and up to a price of $5,049.99 per tonne.

CONSIDERATION PAYABLE (continued)

In addition to the CVR Payment, in the event the average LME spot price of zinc (or the highest open hedge price if the Hedging Option has been exercised) in a calendar month is at least $5,050 per tonne (the "Additional Payment Price"), the CVR Payment will increase by $83 for each increase of $100 per tonne above the Additional Payment Price and the Company will pay Glencore a monthly payment of $83 as a Bonus Payment that will increase by $83 for each increase of

$100 per tonne above the Additional Payments Price. The Bonus Payment is not considered as part of the CVR Payment.

Upon the occurrence of the monthly average zinc LME spot price exceeding the Base Price, Glencore can require the Company to hedge a limited amount of zinc production from its Bolivian mining operations (so long as the hedging price would exceed the Base Price) subject to certain conditions (the "Hedging Option").

The CVR and Additional Payments will be effective from the date of the omnibus agreement until the earlier of December 31, 2032 and the date the Valuation Cap is reached. The Additional Payments and the Hedging Option will terminate once the Company is no longer obligated to make CVR Payments.

The fair value at the initial recognition of the CVR was calculated using a Monte Carlo Simulation with key inputs and assumptions including the zinc spot price ($2,974 per tonne), the expected price of zinc in each year until December 31, 2032, the market risk-free rate and credit spread and the volatility and variability of historical zinc prices.

The Company performed a valuation exercise as at March 31, 2026 and determined a fair value of the CVR of $19,278 (December 31, 2025 - $20,243). The gain on change in fair value attributed to the CVR was $965 for the three months ended March 31, 2026 (2025 - loss of $359), which is recorded as an other expense (Note 17).

The following table summarizes the details of the consideration payable to Glencore:

	BPP (a)	CVRs (b)	Total
	$	$	$
Balance, December 31, 2024	34,625	10,158	44,783
Loss on change in fair value of consideration payable	5,375	10,085	15,460
Payment of base purchase price obligation	(40,000)	-	(40,000)
Balance, December 31, 2025	-	20,243	20,243
Less: current portion	-	-	-
Non-current portion	-	20,243	20,243
Balance, December 31, 2025	-	20,243	20,243
Gain on change in fair value of consideration payable	-	(965)	(965)
Balance, March 31, 2026	-	19,278	19,278
Less: current portion	-	-	-
Non-current portion	-	19,278	19,278

‌LOANS PAYABLE

A summary of the Company's loans payable is as follows:

	Bank facilities (a)	Trafigura loan facility (b)	Other loans payable (c)	Promissory loan payable (d)	Total
	$	$	$	$	$
Balance, December 31, 2024	14,791	4,034	744	-	19,569
Proceeds advanced	44,279	-	16,993	11,684	72,956
Interest expense	1,223	336	-	569	2,128
Foreign exchange loss or gain	3,797	-	5,270	(160)	8,907
Repayment with cash	(32,595)	(1,848)	(17,131)	-	(51,574)
Balance, December 31, 2025	31,495	2,522	446	17,523	51,986
Less: Current portion	(31,495)	(1,412)	(212)	(17,523)	(50,642)
Non-current portion	-	1,110	234	-	1,344
Balance, December 31, 2025	31,495	2,522	446	17,523	51,986
Proceeds advanced	24,341	-	6	-	24,347
Interest expense	610	47	-	218	875
Foreign exchange gain	(2,588)	-	(35)	(1,132)	(3,755)
Repayment with cash	(13,518)	(2,569)	(52)	(8,472)	(24,611)
Balance, March 31, 2026	40,340	-	365	8,137	48,842
Less: Current portion	(40,340)	-	(150)	(8,137)	(48,627)
Non-current portion	-	-	215	-	215

‌Bank facilities
The Company has a secured credit facility denominated in Bolivian Bolivianos with Banco BISA S.A. of BOB 55,000 ($6,064), which is comprised of 1) a revolving credit facility of BOB 48,800 ($5,380) for the financing of mining operations and working capital with a fixed interest rate between 6.0% and 10.00% per annum; and 2) a "loan guarantee" credit facility of BOB 6,200 ($684) for the purpose of providing collateral to the Bolivian government for VAT refunds collected prior to the completion of the audit process by the Bolivian tax authority. In Bolivia, companies have the option to receive VAT refunds in advance of the audit process being completed if a loan guarantee for the refund amount is provided. The BOB 55,000 ($6,064) total credit facility is secured by certain real estate assets in Bolivia.
The BOB 48,800 ($5,380) revolving credit facility for working capital purposes can be drawn down at BOB 3,480 ($384) increments and automatically rolls over at maturity once fully repaid. As at March 31, 2026, BOB 48,720 ($5,372) (December 31, 2025 - BOB 48,720 ($5,828)), was drawn down from this credit facility.
As at March 31, 2026, BOB 1,377 ($152) of the BOB 6,200 ($684) loan guarantee credit facility was used to provide collateral to the Bolivian government on VAT refunds received (December 31, 2025 - BOB 1,703 ($204)).
On April 24, 2025, Sociedad Minera Illapa S.A. obtained a 360-day bank loan from Banco BISA S.A. with a fixed interest rate of 6.0% per annum. The facility is secured by a standby letter of credit guarantee issued by Stifel Bank where the marketable securities are held as collateral (refer to note 20). As at March 31, 2026, the loan amount outstanding was BOB 90,500 ($9,978) (December 31, 2025 - BOB 90,500 ($10,825)).
The Company also has an unsecured revolving credit facility for working capital requirements and a loan guarantee with Banco de Crédito de Bolivia S.A. for a total of BOB 48,020 ($5,294). The credit facility has a weighted average fixed interest rate of 10.00% per annum and the weighted average interest rate on the loan guarantee facility is 2.0%.
As at March 31, 2026, BOB 50,078 ($5,521) (December 31, 2025 - BOB 50,078 ($5,990)) was drawn down on the credit facility and $208 (December 31, 2025 - $nil) was used on the loan guarantee. The credit facility has varying maturity dates between April and August 2026.
10. LOANS PAYABLE (continued)
The loan guarantee is used for the purpose of providing collateral to the Bolivian government for VAT refunds collected prior to the completion of the audit process by the Bolivian tax authority. All credit facilities are denominated in Bolivian Bolivianos.
On March 31, 2025, Sociedad Minera Illapa S.A. obtained 180-day bank loan outstanding for BOB 45,962 ($5,498) from Banco de Crédito de Bolivia S.A. with a fixed interest rate of 6.00% per annum. The facility is secured by a standby letter of credit guarantee issued by Stifel Bank where the company holds some of its USD cash balances from sales revenues (refer to note 20). On March 16, 2026, the loan rolled over for an additional 180 calendar days for an amount of BOB 45,962 ($5,067) with a fixed interest rate of 10%.
On February 14, 2026 the Company obtained an unsecured 6 month working capital term loan for BOB 17,150 ($1,891) with a fixed interest rate of 10.0% with repayment of interest and principal at the end of the term from Banco Mercantil Santa Cruz S.A.
On March 17, 2026, the Company received a working capital term loan from Banco BISA S.A. for BOB 14,000 ($1,544). The loan term is 180 calendar days and due on September 13, 2026. The loan is unsecured and has a fixed interest rate of 10%.
On March 31, 2026, the Company obtained an additional working capital term loan from Banco BISA S.A. for BOB 69,986 ($7,716). The loan term is 360 calendar days and due on March 26, 2027. The loan is unsecured and has a fixed interest rate of 10%.
‌Trafigura loan facility
On April 23, 2021, in connection with the acquisition of Zimapan, Trafigura Mexico, S.A. de C.V. ("Trafigura") loaned the Company $17,616 under a new loan facility ("Trafigura Loan Facility").
The Trafigura Loan Facility is secured by a first charge over all Zimapan Mine assets and all other material rights and properties owned by Zilar Mendi.
In the third quarter of 2024, the Company entered into a new amended and restated agreement to settle the outstanding principal amount of $4,156. The amended agreement has the same annual interest rate as the original agreement (1-month SOFR + 6.5%) and is for a period of 36 months, ending on October 31, 2027. The loan is repayable in monthly installments of principal plus accrued interest for the respective period.
On January 29, 2026, the Company made an early payment to settle the remaining balance of the loan facility, fully extinguishing the liability.
1. ‌LOANS PAYABLE (continued)
Other loans payable
In the fourth quarter of 2022, the Company entered into contracts to sell trucks and machinery for net proceeds of
$1,310. The Company subsequently leased the trucks and machinery back from the counterparty for a period of five years at a financing charge of 10.0% per annum and is required to make quarterly lease payments plus accrued interest. As the contracts provide the Company the right to repurchase the trucks and machinery at the end of the term for their residual value of 1%, the Company has an irrevocable right to repurchase the assets, and control of the assets did not transfer to the counterparty. Hence, these contracts are accounted for as financing transactions in accordance with IFRS 9 - Financial Instruments, rather than as sale and leaseback transactions under IFRS 16 - Leases. In accordance with IFRS 9, these contracts were recorded as a financial liability at amortized cost using the effective interest rate method. As at March 31, 2026, the financial liability was $362 (December 31, 2025 - $446).
During December 2025, Sociedad Minera Illapa S.A. received BOB 20,000 ($2,392) from Banco BISA S.A. to cover payroll costs. The loan term is 180 calendar days and due on June 15, 2026. The loan is unsecured and has a fixed annual nominal rate of 10%.
‌Promissory notes
The San Lucas Promissory Notes Issuance program allows the Company to issue up to BOB 140,000 ($16,746) in the Bolivian stock market (Bolsa Boliviana de Valores). On February 20, 2025, the Company completed its first offering of BOB 70,000 ($7,718), the notes were denominated in Bolivian Bolivianos and had a 6.50% interest rate and a maturity date of February 15, 2026. On February 27, 2026, the Company repaid the notes settling the liability in full.
On August 8, 2025, the Company completed a second offering of BOB 70,000 ($7,718) in promissory notes under its San Lucas Promissory Notes Issuance program. The notes under the second offering have an interest rate of 7.00% and a maturity date of June 15, 2026 and are unsecured.
On April 8, 2026, the Company completed its third offering of BOB 70,000 ($7,718). The notes have an annual interest rate of 10.8168%, mature on March 22, 2027, and are unsecured.
In accordance with IFRS 9, these contracts were recorded as a financial liability at amortized cost using the effective interest rate method. The promissory notes require that San Lucas maintain a current ratio greater than 1.15, a debt service ratio greater than 1.5, and that the debt to equity ratio not exceed 1.85. The Company is fully compliant with all financial covenants stipulated as at March 31, 2026.
‌Bonds

On December 30, 2024, the Financial System Supervisory Authority (ASFI) authorized the San Lucas Bonds Program. The San Lucas Bonds program allows the Company to issue up to $40,000 of unsecured bonds in the Bolivian Stock market (Bolsa Boliviana de Valores), the bonds can be denominated in USD or Bolivian Bolivianos. As at March 31, 2026, no bonds have been issued under the program.

‌OTHER LIABILITIES

A summary of the Company's other liabilities is as follows:

	March 31, 2026	December 31, 2025
	$	$
Post Employment Benefits (note 11(a))	12,283	12,608
Lease liability	61	867
Other taxes payable (note 11(b))	8,738	5,106
Long-term portion of current income taxes payable	541	713
Participation payable to COMIBOL for interest in joint operation (note 11(c))	5,045	8,873
Other liabilities	1,856	1,250
Balance, end of the period	28,524	29,417
Less: current portion	(12,234)	(8,876)
Non-current portion	16,290	20,541

‌Post-employment benefits
‌As at March 31, 2026, the Company recognized a provision of $2,018 ($1,933 as at December 31, 2025) for payments that must be made to employees upon termination of employment which is required by Mexican labour legislation. A provision of $10,265 ($9,694 as at December 31, 2025) has been recognized in Bolivia which entitles employees to receive a payment after five years of employment, if the employee resigns or is terminated before the 5-year period they are entitled to receive the amount accrued at the time of separation. Based on expected employee turnover, these provisions are considered non-current.
Other taxes payable
Other taxes payable includes amounts payable to the Mexican and Bolivian tax authorities for miscellaneous taxes such as payroll taxes, withholding taxes, VAT payables and income taxes from prior periods which are being paid under an installment plan.
‌Participation payable to COMIBOL for interest in joint operation
The net participation payable to COMIBOL is derived from the Illapa Joint Operation. The Company is solely responsible for 100% of certain transactions specified in the agreement and such transactions are recorded as liabilities where there is a net amount payable to COMIBOL.

‌DECOMMISSIONING AND RESTORATION PROVISION

The Company has an obligation to undertake decommissioning, restoration, rehabilitation and environmental work when environmental disturbance is caused by the development and ongoing production of a mining operation. Movements in decommissioning liabilities during the three months ended March 31, 2026 and 2025 are allocated as follows:

	Bolivar	Porco	Caballo Blanco Group	San Lucas Group	Zimapan	Total
	$	$	$	$	$	$
Balance, December 31, 2024	3,666	6,256	7,543	3,006	5,205	25,676
Change in estimate	813	1,113	570	399	111	3,006
Reclamation work performed	(20)	(7)	(72)	(30)	-	(129)
Accretion	250	423	698	286	490	2,147
Foreign exchange gain	443	655	2,445	1,104	669	5,316
Balance, December 31, 2025	5,152	8,440	11,184	4,765	6,475	36,016
Less: current portion	(84)	(15)	(650)	(73)	-	(822)
Non-current portion	5,068	8,425	10,534	4,692	6,475	35,194

Balance, December 31, 2025	5,068	8,425	10,534	4,692	6,475	35,194
Change in estimate	(183)	(296)	(1,846)	(728)	(415)	(3,468)
Reclamation work performed	(1)	(1)	(20)	(20)	-	(42)
Accretion	126	206	261	109	141	843
Foreign exchange gain	(473)	(777)	(1,006)	(429)	12	(2,673)
Balance, March 31, 2026	4,621	7,572	8,573	3,697	6,213	30,676
Less: current portion	(82)	(19)	(565)	(63)	-	(729)
Non-current portion	4,539	7,553	8,008	3,634	6,213	29,947

A provision for decommissioning liabilities is estimated based on current regulatory requirements and is recognized at the present value of such costs. The expected timing of cash flows in respect of the provision is based on the estimated life of the Company's mining operations.

Decommissioning and restoration provisions - March 31, 2026
	Bolivar	Porco	Caballo Blanco Group	San Lucas Group	Zimapan
Undiscounted uninflated estimated cash flow	$4,243	$6,924	$7,747	$3,242	$9,798
Discount rate	10.3%	10.3%	10.7%	10.7%	8.9%
Inflation rate	17.4%	17.4%	17.4%	17.4%	3.6%

Decommissioning and restoration provisions - December 31, 2025
	Bolivar	Porco	Caballo Blanco Group	San Lucas Group	Zimapan
Undiscounted uninflated estimated cash flow	$4,248	$6,925	$7,829	$3,250	$9,791
Discount rate	10.2%	10.2%	9.9%	9.6%	8.7%
Inflation rate	20.2%	20.2%	20.2%	20.2%	3.6%

‌SHARE CAPITAL
1. ‌Authorized share capital
  The Company is authorized to issue an unlimited number of common shares without par value.
2. ‌Issued - share capital
  During the three months ended March 31, 2026, the Company issued 68,751 common shares from the vesting of RSUs and issued 459,820 common shares from the exercise of options for proceeds of $627. During the three months ended March 31, 2025, the Company issued $-nil common shares.
3. ‌Stock options

On November 25, 2025 at the Company's annual general meeting, shareholders re-approved the omnibus equity incentive plan (the "Omnibus Incentive Plan"). Pursuant to the Omnibus Incentive Plan, the Company may grant options, RSUs, PSUs, and DSUs to directors, officers, employees, management company employees, and consultants of the Company and its subsidiaries. The maximum number of shares available for issuance under the Omnibus Incentive Plan is limited to 10% of the issued and outstanding common shares.

Pursuant to the Omnibus Incentive Plan, options granted have a maximum term of ten years and the vesting provisions of options granted are at the discretion of the Board of Directors. Options are non-transferrable and the exercise price of the options shall be determined by the Board of Directors at the time the options are granted but in no event shall be lower than the discounted market price permitted by the TSX-V.

The following is a summary of the Company's stock options granted, exercised and cancelled for the three months ended March 31, 2026 and for the year ended December 31, 2025:

	Number of stock options	Weighted average exercise price
	#	C$
Balance, December 31, 2024	3,612,500	1.84
Granted	862,500	4.40
Exercised	(2,663,544)	1.94
Cancelled	(54,166)	3.54
Balance, December 31, 2025	1,757,290	2.89
Granted	45,000	17.18
Exercised	(470,834)	2.17
Balance, March 31, 2026	1,331,456	3.63

As at March 31, 2026, the Company had the following stock options outstanding:

Options outstanding					Options exercisable
Grant Date	Date of expiry	Number of options	Weighted average exercise price	Weighted average remaining years	Number of options	Weighted average exercise price	Weighted average remaining years
			C$			C$
May 07, 2021	May 7, 2026	250,000	1.88	0.10	250,000	1.88	0.10
August 1, 2024	August 01, 2029	327,083	1.60	3.34	181,250	1.60	3.34
October 16, 2024	October 16, 2029	18,750	1.64	3.55	18,750	1.64	3.55
June 26, 2025	June 26, 2030	690,623	4.40	4.24	140,628	4.40	4.24
February 27, 2026	February 27, 2031	45,000	17.18	4.92	-	-	-
Balance, March 31, 2026		1,331,456	3.63	3.26	590,628	2.39	2.19

During the three months ended March 31, 2026, the Company recognized share-based compensation expense of $292 (2025

- $50) based on the fair value of the options granted in the current and prior years.

13. SHARE CAPITAL (continued)

The weighted average assumptions used in the Black-Scholes option pricing model were as follows:

Assumption	Based on	2026	2025
Risk-free rate (%)	Yield curves on Canadian government zero-coupon bonds with a remaining term equal to the stock options' expected life	2.62%	2.83%
Expected life (years)	Expiry term of the options	5 years	5 years
Expected volatility (%)	Historical volatility of the Company's share price	91.86%	89.86%
Dividend yield (%)	Annualized dividend rate as of the date of grant	Nil	nil

The weighted average closing share price on the date of the option exercises for the three months ended March 31, 2026 was $14.12 per share (year ended December 31, 2025 - C$8.58).

‌Restricted Share Units (RSU)

RSUs are non-transferrable awards for service which upon vesting and settlement entitle the recipient to receive cash or common shares of equivalent value at the discretion of the Company. The choice of settlement method is at the Company's sole discretion and the RSUs have been accounted for assuming they will be settled through equity. Vesting conditions for RSUs are set by the Board of Directors.

The following is a summary of the Company's RSUs for the three months ended March 31, 2026 and for the years ended December 31, 2025 and December 31, 2024:

	Number of RSUs outstanding	Weighted average fair value
	C$
Balance, December 31, 2024	206,250	1.38
Granted	238,750	3.92
Vested	(148,334)	2.74
Balance, December 31, 2025	296,666	2.74
Granted	39,000	13.55
Vested	(68,751)	1.38
Balance, March 31, 2026	266,915	4.67

As at March 31, 2026, the Company had the following RSUs outstanding:

Grant Date	Vesting Date	Number of RSUs outstanding	Weighted average fair value	Weighted average years until vesting
			C$
August 1, 2024	March 31, 2027	68,749	1.38	1.00
June 26, 2025	June 26, 2026	79,586	3.92	0.24
June 26, 2025	June 26, 2027	79,580	3.92	1.24
January 05, 2026	January 05, 2027	13,000	13.55	0.77
January 05, 2026	January 05, 2028	13,000	13.55	1.77
January 05, 2026	January 05, 2029	13,000	13.55	2.77
Balance, March 31, 2026		266,915	4.67	0.96

During the three months ended March 31, 2026, the Company recognized share-based compensation expense of $148 (2025 - $73) related to RSUs.

13. SHARE CAPITAL (continued)

‌Deferred Share Units (DSU)

DSUs are non-transferrable awards that become payable upon termination of service of the participant. Vesting conditions for DSUs are set by the Board of Directors. Upon settlement, DSUs entitle the recipient to receive cash or common shares of an equivalent value at the discretion of the Company. Timing of settlement after vesting occurs at the discretion of the participant and communicated to the Company by the participant in writing at least fifteen days prior to the designated day, or an earlier date as the participant and the Company pay agree. If no notice is given by the participant for a designated day, the DSUs shall be payable on the first anniversary of the date on which the participant's termination of service, or any earlier period on which the DSUs vest, at the sole discretion of the participant.

The following is a summary of the Company's DSUs for the three months ended March 31, 2026 and year ended December 31, 2025:

	Number of DSUs outstanding	Weighted average fair value
	C$
Balance, December 31, 2024	-	-
Granted	168,750	1.38
Balance, December 31, 2025	168,750	1.38
Balance, March 31, 2026	168,750	1.38

As at March 31, 2026, the Company had the following DSUs outstanding:

Grant Date	Vesting Date	Number of DSUs outstanding	Weighted average fair value	Weighted average years until vesting
		#	C$	years
August 1, 2024	August 1, 2025	168,750	1.38	0.00
Balance, March 31, 2026		168,750	1.38	0.00

During the three months ended March 31, 2026, the Company recognized share-based compensation expense of $nil (2025 - $41) related to DSUs.

‌Performance Share Units (PSU)

PSUs are non-transferrable awards that will vest and become payable upon the attainment of performance criteria within a certain period, the criteria and the evaluation of performance in relation to the criteria is determined by the Board of Directors. PSUs are settled through cash or the issuance of common shares of equivalent value at the discretion of the Company. The choice of settlement method is at the Company's sole discretion.

The following is a summary of the Company's PSUs for the three months ended March 31, 2026 and the years ended December 31, 2025 and December 31, 2024:

	Number of PSUs outstanding	Weighted average fair value
	C$
Balance, December 31, 2024	250,000	1.38
Granted	125,000	3.92
Vested	(200,000)	1.38
Cancelled	(50,000)	1.38
Balance, December 31, 2025	125,000	3.92
Granted	125,000	3.92
Balance, March 31, 2026	125,000	3.92

SHARE CAPITAL (continued)

As at March 31, 2026, the Company had the following PSUs outstanding:

Grant Date	Vesting Date	Number of PSUs outstanding	Weighted average fair value	Weighted average years until vesting
			C$
June 26, 2025	June 26, 2026	125,000	3.92	0.24
Balance, March 31, 2026		125,000	3.92	0.24

During the three months ended March 31, 2026, the Company recognized share-based compensation expense of $89 (2025 - $36) related to PSUs.

‌REVENUES

The Company's sales revenue is generated from the following significant components:

Three months ended March 31,
	2026	2025
	$	$
Sales revenue from mining operations (note 14(a))	68,601	52,491
Sales revenue from ore processing (note 14(b))	58,928	17,823
	127,529	70,314

Sales revenue from mining operations
Sales revenue comes from the sale of metal concentrates which primarily contain silver and zinc but also includes lead and copper. All sales revenue from mining operations is generated from concentrate sales derived from ore that was extracted from the Company's mineral properties. To generate revenues from the Company's mineral properties, the Company is responsible and incurs costs for the operation, acquisition, exploration and development of those properties.
Sales revenue from ore processing
Sales revenue from ore processing comes from the San Lucas feed sourcing business located in Bolivia. The feed sourcing business generates revenue from the sale of metal concentrates derived from ore purchased from third-party miners. Third-party miners are paid based upon the metal content of the ore provided and the prevailing metal prices at the time of purchase. After purchasing the ore, the Company assumes full ownership of the ore and is responsible for the processing and sale of the final product which is metal concentrates. The San Lucas ore sourcing and trading business operates under a margin-based business model that maintains contribution margins by aligning ore purchase costs with its metallurgical content and optimizes mill capacity utilization.

‌COST OF SALES

Cost of sales excluding depletion, depreciation and amortization are costs that directly relate to production and generation of revenues at the operating segments. Significant components of cost of sales are comprised of the following:

Three months ended March 31,
	2026	2025
	$	$
Consumables and materials	4,045	2,367
Energy	1,054	716
Insurance	955	825
Mining and plant maintenance costs	23,044	16,828
Other costs	(939)	(258)
Production costs	28,159	22,278
Transportation and other selling costs	3,645	3,936
Mining royalty expense(1)	3,162	1,348
Finished goods inventory changes	(290)	1,262
Cost of sales - mining operations	34,676	28,824

Purchased ore costs	42,839	5,950
Ore processing costs(2)	9,571	3,468
Finished goods inventory changes	(9,723)	(364)
Cost of sales - ore processing	42,687	9,054
	77,363	37,878

(1) Mining royalty expense includes a 1% royalty on silver revenue payable to the Mexican government and mining royalties payable to the Bolivian government based upon 5% zinc and 6% silver gross sales revenue from Bolivian mining operations.

‌(2) Purchased ore costs are the amounts paid to third-party miners for the purchase of ore from mineral properties not owned by the Company which is then processed and sold by the Company to generate sales revenue (refer to note 14(b)). The amount paid to third-party miners is based upon the ore's metal content and prevailing metal prices at the time of purchase.

GENERAL AND ADMINISTRATIVE EXPENSES

A summary of the Company's general and administrative expenses is as follows:

Three months ended March 31,
	2026	2025
	$	$
Corporate administration	1,204	812
Professional fees	901	703
Salaries and benefits	3,226	1,760
Tax penalties and inflation charges	2,267	1,645
	7,598	4,920

‌OTHER INCOME

A summary of the Company's other income is as follows:

Three months ended March 31,
	2026	2025
	$	$
Accretion of decommissioning provisions (note 12)	(843)	(381)
Accretion of receivable from COMIBOL (note 5(a))	516	452
Financing charge on leases	(28)	(134)
Gain (loss) on change in fair value of consideration payable	965	(1,945)
Interest expense, carrying and finance charges	(875)	(251)
Interest income	377	316
Other income	3,013	2,086
	3,125	143

‌INCOME TAX

‌Income tax expense

A summary of the Company's income tax expense is as follows:

Three months ended March 31,
	2026	2025
		$
Current tax expense	17,867	8,042
Deferred tax (recovery)	(1,428)	11,664
Income tax expense	16,439	19,706

A summary of the Company's reconciliation of income taxes at statutory rates for the three months ended March 31, 2026 and 2025, is as follows:

Three months ended March 31,
	2026	2025
	$	$
Income before income taxes	44,909	29,157
Combined federal and provincial statutory income tax rates	27%	27%
Income tax expense (recovery) at statutory rates	12,125	7,872
Permanent differences	(1,652)	(12,798)
Change due to differences in tax rates	3,748	10,734
Inflation adjustment	(416)	(17)
Change due to foreign translation	1,898	12,716
Deferred tax assets not recognized	631	(261)
Mexico mining royalty tax	1,898	187
Tax effect of investment in subsidiaries	(255)	1,273
Impact of change in accounting estimate	(979)	-
Other	(559)	-
Income tax expense (recovery)	16,439	19,706

18. INCOME TAX EXPENSE (continued)

‌Deferred taxes

The significant components of the Company's deferred tax assets are as follows:

	March 31, 2026	December 31, 2025
	$	$
Trade and other receivables	2,438	1,916
Other liabilities	7,595	5,871
Mineral properties, plant and equipment	1,654	12
Decommissioning and restoration provision	2,391	2,671
Non-capital losses	1,776	2,706
Mining tax	2,147	616
Other	524	187
Deferred tax assets	18,525	13,979

The significant components of the Company's deferred tax liabilities are as follows:

	March 31, 2026	December 31, 2025
	$	$
Mineral properties, plant and equipment	(22,279)	(22,570)
Investment in subsidiaries	(1,661)	(1,916)
Inventories	(2,493)	(1,444)
Trade payables and accrued liabilities	(2,735)	(22)
COMIBOL initial investment period CAPEX receivable	(3,277)	(3,565)
Mining tax	(322)	-
Other	(2,581)	(2,676)
Deferred tax liabilities	(35,348)	(32,193)

The following table reconciles the deferred tax assets and liabilities to the Consolidated Statements of Financial Position:

	March 31, 2026	December 31, 2025
	$	$
Deferred tax assets	8,456	6,798
Deferred tax liabilities	(25,279)	(25,012)
	(16,823)	(18,214)

Deferred tax assets and liabilities that are probable to be utilized are offset if they relate to the same taxable entity and same taxation authority. Future potential tax deductions that do not offset deferred tax liabilities are considered to be deferred tax assets.

As at March 31, 2026, the Company had unrecognized capital losses of approximately $49,321 (December 31, 2025 - $48,424) that arose in Canada, the capital losses can be carried forward indefinitely.

As at March 31, 2026, the Company had unrecognized inflationary adjustments on its investments in subsidiaries of $26,141 (December 31, 2025 - $21,315) that arose in Bolivia, the amount can be utilize upon sale of subsidiaries.

As at March 31, 2026 the Company has unrecognized taxable temporary differences of $85,300 (December 31, 2025 -

$87,100) for taxes that would be payable on the unremitted earnings of certain subsidiaries of the Company.

INCOME TAX EXPENSE (continued)

‌Bolivia uncertain income tax position relating to tax year 2017

As part of the acquisition of the Bolivian operations, the Company assumed potential pre-acquisition income tax liabilities related to Bolivia's 2017 tax year. The potential liability is from different tax positions regarding the deductibility of decommissioning and restoration provisions, depreciation of mineral properties, plant and equipment, undeclared income, and non-deductible expenses in the determination of the Bolivian current income tax.

As the matter relates to income tax, and there was uncertainty over whether the relevant authorities will accept the current tax treatment under the Bolivian tax law, management concluded that it meets the definition of an uncertain tax treatment within the scope of IAS 12 - Income Taxes and IFRIC 23 - Uncertainty over Income Tax Treatments. In accordance with IFRIC 23, an entity shall consider whether it is probable (more likely than not) that a taxation authority will accept an uncertain tax treatment. If an entity concludes it is probable that a taxation authority will accept an uncertain tax treatment, the entity shall determine the taxable income or loss consistent with the tax treatment applied in its income tax filings.

In 2023, the Bolivian tax authorities issued the tax reassessment of 132,559 BOB ($14,615), which included tax interest and penalties. The Company and the Bolivian tax authorities agreed on a financing arrangement ("financing arrangement") by making an initial deposit of 40,479 BOB ($4,462) (which represented 35% of the total balance) in the second quarter of 2023, and monthly instalments for the remaining balance of 75,175 BOB ($8,288) were payable over five years until June 2028.

The Company successfully challenged the Bolivian tax authorities' decision through legal proceedings with the Supreme Court of Justice and the Constitutional Court in Bolivia. On January 7, 2025 the Supreme Court of Justice ruled in favor of the Company by issuing sentence 188/2025 which nullified the previous rulings in favor of the tax authority and requires the tax authority issue a new assessment that is legally compliant. The tax authority appealed the decision during the second quarter of 2025, but the appeal was denied in October 2025. When the tax authority issues a new assessment updated for the items addressed by the court ruling management will determine whether or not to accept the new assessment or challenge it again. Management has concluded that the matter has been resolved, accordingly, the Company believes there is no current tax liability and has not recognized an expense or any liability related to this matter as at March 31, 2026.

Pursuant to the Sinchi Wayra and Illapa acquisition agreements, Glencore has agreed to indemnify the Company for up to a maximum of $25,000, in aggregate, for all claims and liabilities arising from the acquisition. Such indemnification would, subject to such cap and certain conditions, extend to income tax liabilities. In the unlikely event that the Company exhausts all avenues and receives an unfavourable ruling, the Company is indemnified by the acquisition agreements and would not be liable for any income tax liability up to $25,000.

As at March 31, 2026, the Company has remitted tax instalments totaling $8,624 inclusive of interest and penalties to the Bolivian tax authorities based on the financing arrangement mentioned in the third paragraph above. As the Company believes the current tax owing related to this matter is $nil and the amounts paid will ultimately be refunded to the Company, the total payment made to date of $8,624 has been recognized as "trade and other receivables" (Note 5). On February 27, 2026, the Company filed a formal refund request with the tax authority requesting the refund of the amounts paid. Due to the current legal status of the proceedings, management expects to receive the full amount and no valuation allowance has been recognized.

‌CAPITAL MANAGEMENT
The Company's objective when managing its capital is to maintain its ability to continue as a going concern while at the same time maximizing the growth of its business and providing returns to its shareholders. The Company's capital structure consists of shareholders' equity (comprising issued capital plus equity reserves plus retained earnings) with a shareholders' equity of
$209,304 as at March 31, 2026 (December 31, 2025 - $179,058).
The Company manages its capital structure and makes adjustments based on changes to its economic environment and the risk characteristics of the Company's assets. The Company's capital requirements are effectively managed based on the Company having a thorough reporting, planning and forecasting process to help identify the funds required to ensure the Company is able to meet its operating and growth objectives.
The Company is not subject to any externally imposed capital requirements with the exception of compliance with covenants for the San Lucas Promissory Notes Issuance program (note 10(d)).
‌FINANCIAL INSTRUMENTS AND RISK MANAGEMENT

The carrying amounts of the Company's financial assets and financial liabilities by category are as follows:

March 31, 2026	Amortized cost	FVTPL	FVTOCI	Total
	$	$	$	$
Financial assets
Cash and cash equivalents	42,651	-	-	42,651
Marketable securities	-	-	22,232	22,232
Trade and other receivables	21,872	31,117	-	52,989
	64,523	31,117	22,232	117,872
Financial liabilities
Trade payables and accrued liabilities	49,320	-	-	49,320
Consideration payable	-	19,278	-	19,278
Loans payable	48,842	-	-	48,842
Other liabilities	19,245	-	-	19,245
	117,407	19,278	-	136,685

December 31, 2025
Financial assets
Cash and cash equivalents	44,267	-	-	44,267
Marketable securities	-	-	22,462	22,462
Trade and other receivables	22,977	20,371	-	43,348
	67,244	20,371	22,462	110,077
Financial liabilities
Trade payables and accrued liabilities	54,569	-	-	54,569
Consideration payable	-	20,243	-	20,243
Loans payable	51,986	-	-	51,986
Other liabilities	23,598	-	-	23,598
	130,153	20,243	-	150,396

The categories of the fair value hierarchy that reflect the inputs to valuation techniques used to measure fair value are as follows:

Level 1: Quoted prices in active markets for identical assets or liabilities; Level 2: Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly; and Level 3: Inputs for the asset or liability based on unobservable market data.

The carrying values of cash and cash equivalents, other receivables, and trade payables and accrued liabilities approximate their fair values because of their short-term nature.

20. FINANCIAL INSTRUMENTS AND RISK MANAGEMENT (continued)

Marketable securities consist of US treasury notes and US treasury bills which are held as part of the Company's cash position and liquidity management strategy. The marketable securities are measured at fair value using level 1 inputs, the unrealized gain/loss is recorded as other comprehensive income and once the securities are sold or mature the corresponding gain/loss is recorded as other income/expense.

The securities are held with Stifel which uses a portion of the holdings as collateral for the Standby Letters of Credit that were issued to Banco BISA and Banco Credito de Bolivia (see note 10(a)). Although the securities held can be readily converted to cash, they are restricted to the extent that the amounts serve as collateral. The Standby Letter of credit issued to Banco BISA is for $10,000 and expires on May 26, 2026. The standby letter of credit issued to Banco Credito de Bolivia is for $5,800 and expires on March 26, 2026, and automatically renews each year. Since the standby letter of credit to Banco Credito de Bolivia will renew indefinitely, the amount held as collateral has been classified as non-current.

Trade receivables are measured at fair value using Level 2 inputs. The fair value of trade receivables is measured based on inputs other than quoted prices for the underlying commodity prices (silver, lead, zinc, copper) to which the receivable relates as the trade receivables are provisionally priced at the time of sale.

The fair value of the loans payable for disclosure purposes is determined using discounted cash flows based on the expected amounts and timing of future cash flows discounted using a market rate of interest adjusted for appropriate credit risk.

Consideration payable, comprised of contingent value rights (see note 9(b)), is measured at fair value using Level 3 inputs. The fair value is calculated using a Monte Carlo Simulation with key inputs and assumptions including the zinc spot price, the expected price of zinc in each year until December 31, 2032, the market risk-free rate and credit spread and the volatility and variability of historical zinc prices.

The levels in the fair value hierarchy into which the Company's financial assets and liabilities that are measured and recognized on the consolidated statements of financial position at fair value on a recurring basis were categorized as follows:

March 31, 2026				December 31, 2025
	Level 1	Level 2	Level 3	Level 1	Level 2	Level 3
	$	$	$	$	$	$
Assets
Marketable securities	22,232	-	-	22,462	-	-
Trade and other receivables	-	31,117	-	-	20,371	-
	22,232	31,117	-	22,462	20,371	-
Liabilities
Consideration payable	-	-	19,278	-	-	20,243
	-	-	19,278	-	-	20,243

The Company's trade receivables arose from provisional concentrate sales and are valued using quoted market prices based on the forward London Metal Exchange for silver, zinc and lead and the London Bullion Market Association P.M. fix for silver.

The methodology and assessment of inputs for determining the fair value of financial assets and liabilities as well as the levels of hierarchy for the Company's financial assets and liabilities measured at fair value remains unchanged from that at December 31, 2025.

The Company has exposure to risks of varying degrees of significance which could affect its ability to achieve its strategic objectives for growth and shareholder returns. The Company's Board of Directors has overall responsibility for the establishment and oversight of the Company's risk management framework and reviews the Company's policies on an ongoing basis.

20. FINANCIAL INSTRUMENTS AND RISK MANAGEMENT (continued)

Credit risk

Credit risk is the risk of financial loss to the Company if a customer or counterparty to a financial instrument fails to meet its contractual obligations and arises principally from the Company's trade receivables.

The Company has concentrate contracts to sell the zinc, lead and copper concentrates produced by all of the Company's mines. Concentrate contracts are a common business practice in the mining industry. The terms of the concentrate contracts may require the Company to deliver concentrate that has a value greater than the payment received at the time of delivery, thereby introducing the Company to credit risk of the buyers of concentrates. Should any of these counterparties not honour purchase arrangements, or should any of them become insolvent, the Company may incur losses for products already shipped and be forced to sell its concentrates on the spot market or it may not have a market for its concentrates and therefore its future operating results may be materially adversely impacted. At March 31, 2026, the Company had receivable balances associated with buyers of its concentrates of $31,117 (December 31, 2025 - $20,371). The Company's concentrate is sold to well-known and well-established international concentrate buyers.

The following financial assets represent the maximum credit risk to the Company:

	March 31, 2026	December 31, 2025
	$	$
Cash and cash equivalents	42,651	44,267
Marketable securities	22,232	22,462
Trade and other receivables	52,990	43,348

Management constantly monitors and assesses the credit risk resulting from its concentrate sales, trading counterparties and customers. With the exception to the above, the Company believes it is not exposed to significant credit risk.

Liquidity risk

Liquidity risk is the risk that the Company will not be able to meet its financial obligations as they come due. The Company manages its liquidity risk by continuously monitoring forecasted and actual cash flows. The Company has in place a rigorous planning and budgeting process to help determine the funds required to support the Company's normal operating requirements on an ongoing basis and its expansion plans. The Company strives to maintain sufficient liquidity to meet its short-term business requirements, taking into account its anticipated cash flows from operations, its holdings of cash and marketable securities, and its committed loan facilities.

In the normal course of business, the Company enters into contracts that give rise to commitments for future minimum payments. The following tables summarize the remaining contractual maturities of the Company's financial liabilities and operating and capital commitments on an undiscounted basis at March 31, 2026:

	<1 year	1 - 2 years	2 - 5 years	>5 years	Total
	$	$	$	$	$
Trade payables and accrued liabilities	42,714	6,606	-	-	49,320
Consideration payable - CVR & additional payments	2,319	5,372	11,927	6,840	26,458
Loans payable	48,627	215	-	-	48,842
Lease payments	39	35	35	-	109
	93,699	12,228	11,962	6,840	124,729

FINANCIAL INSTRUMENTS AND RISK MANAGEMENT (continued)

Currency risk

The Company reports its financial statements in USD; however, the Company operates in jurisdictions that utilize other currencies. As a consequence, the financial results of the Company's operations as reported in USD are subject to changes in the value of the USD relative to local currencies. Since the Company's sales are denominated in USD and a portion of the Company's operating costs and capital spending are in local currencies, the Company is negatively impacted by strengthening local currencies relative to the USD and positively impacted by the inverse.

The sensitivity of the Company's net income to changes in the exchange rate between the US dollar and the Bolivian boliviano, the Mexican peso and the Canadian dollar, would be as follows: a 1% change in the US dollar exchange rate relative to the Bolivian boliviano would change the Company's net income by approximately $178, a 1% change in the US dollar exchange rate relative to the Mexican peso would change the Company's net income by approximately $146, and a 1% change in the US dollar exchange rate relative to the Canadian dollar would change the Company's net Income by approximately ($37).

The Company's financial assets and liabilities as at March 31, 2026 are denominated in Canadian dollars, US dollars, Bolivian bolivianos and Mexican pesos and translated to US dollars as follows:

CAD		BOB	USD	MXN	Total
	$	$	$	$	$
Financial assets
Cash and cash equivalents	1,486	24,181	15,866	1,118	42,651
Marketable securities	-	-	22,232	-	22,232
Trade and other receivables	34	20,752	32,110	93	52,989
	1,520	44,933	70,208	1,211	117,872
Financial liabilities
Trade payables and accrued liabilities	254	29,566	3,769	15,731	49,320
Consideration payable	-	-	19,278	-	19,278
Loans payable	-	48,842	-	-	48,842
Other liabilities	-	10,265	6,901	2,079	19,245
	254	88,673	29,948	17,810	136,685
Net financial assets (liabilities)	1,266	(43,740)	40,260	(16,599)	(18,813)

Interest rate risk

Interest rate risk is the risk that the fair values and future cash flows of the Company will fluctuate because of changes in market interest rates. The Company monitors its exposure to interest rates and has not entered into any derivative contracts to manage this risk. As at March 31, 2026, the Company's exposure to interest rate risk on interest bearing liabilities is limited to its consideration payable, debt facilities and lease liabilities. Based on the Company's interest rate exposure at March 31, 2026, a change of 1% increase or decrease of market interest rate would impact the Company's income or loss by approximately $489.

Price risk

Metal price risk is the risk that changes in metal prices will affect the Company's income or the value of its related financial instruments. The Company derives its revenue from the sale of silver, zinc, lead and copper. The Company's sales are directly dependent on metal prices that have shown significant volatility and are beyond the Company's control. Consistent with the Company's mission to provide equity investors with exposure to changes in precious metal prices, the Company's current policy is to not hedge the price of precious metal.

‌RELATED PARTY TRANSACTIONS AND KEY MANAGEMENT COMPENSATION

The Company's related parties include its subsidiaries, joint arrangements and key management personnel. During its normal course of operation, the Company enters into transactions with its related parties for goods and services. All related party transactions for the three months ended March 31, 2026 and 2025, have been disclosed in these consolidated financial statements.

These transactions are in the normal course of operations and are measured at the exchange amount, which is the amount of consideration established and agreed to by the parties.

Remuneration of key management personnel

Key management includes directors of the Company, the COO, the CFO, the CEO and Executive Chairman, and other members of key management. Compensation to key management personnel was as follows:

Three months ended March 31,
	2026	2025
	$	$
Management and consulting fees	695	682
Share-based compensation	395	149
	1,090	831

Of the $695 in management and consulting fees incurred with related parties during the three months ended March 31, 2026,

‌$57 (2025 - $56) was related to directors' fees and $638 (2025 - $626) was related to management fees.

SEGMENT INFORMATION

The Company has identified its operating segments based on the internal reports that are reviewed and used by the chief executive officer and the executive management team, collectively the chief operating decision maker ("CODM"), in assessing performance and in determining the allocation of resources. The Company primarily manages its business by looking at individual producing and developing resource projects as well as the aggregate of the exploration and evaluation properties and typically segregate these projects between production, development, and exploration.

Operating segments

Management has identified 5 reportable operating segments: the Bolivar mine and processing plant, the Porco mine and processing plant, the Caballo Blanco Group which includes the Tres Amigos, Colquechaquita mines and the Don Diego processing plant, the San Lucas Group which includes the Reserva mine and San Lucas feed sourcing business, Zimapan mine and processing plant, and Corporate and Other activities.

The Bolivar and Porco segment revenues, cost of sales, capital expenditures, total assets and total liabilities are presented on 100% basis even though the assets, liabilities, sales and expenses are recorded at 45% in the consolidated balance sheet and statement of comprehensive income because the Company's interest meets the definition of a joint operation in accordance with IFRS 11 Joint Arrangements. The Illapa Joint Operations elimination column in the tables below shows the removal of COMIBOL's 55% interest in Illapa's operating results and assets and liabilities.

Under the Association Agreement, Illapa S.A. is the designated operator and holds exclusive, comprehensive responsibility for all technical, financial, labor, legal, and commercial aspects of the operations. The Agreement grants Illapa full control over the mining production chain, including the exclusive right to commercialize concentrates in both domestic and international markets and to manage all related commercial processes. Because the Company is responsible for overseeing all of the operations, the CODM evaluates the performance of the segment on a 100% gross basis.

SEGMENT INFORMATION (continued)

Three months ended March 31, 2025	Bolivar	Porco	Caballo Blanco Group	Zimapan	San Lucas Group	Illapa Joint Operation eliminations(1)	Total
Country	Bolivia	Bolivia	Bolivia	Mexico	Bolivia	Bolivia
	$	$	$	$	$	$	$
Revenues from mining operations	21,319	10,186	15,107	23,206	-	(17,327)	52,491
Mine operating costs
Production costs	(8,247)	(5,401)	(5,660)	(16,807)	-	6,895	(29,220)
Depletion and amortization	(2,323)	(1,341)	(1,957)	(1,117)	-	2,633	(4,105)
	(10,570)	(6,742)	(7,617)	(17,924)	-	9,528	33,325
Gross profit - mining operations	10,749	3,444	7,490	5,282	-	(7,799)	19,166
Revenues from ore processing	-	-	-	-	17,823	-	17,823
Ore processing operating costs
Purchased ore & conc. costs	-	-	-	-	(5,586)	-	(5,586)
Ore processing costs	-	-	-	-	(3,072)	-	(3,072)
Depletion and amortization	-	-	-	-	(472)	-	(472)
	-	-	-	-	(9,130)	-	(9,130)
Gross profit - ore processing	-	-	-	-	8,693	-	8,693

Total revenues	21,319	10,186	15,107	23,206	17,823	(17,327)	70,314
Total cost of sales	(8,247)	(5,401)	(5,660)	(16,807)	(8,658)	6,895	(37,878)
Total depletion and amortization	(2,323)	(1,341)	(1,957)	(1,117)	(472)	2,633	(4,577)
Gross profit - total	10,749	3,444	7,490	5,282	8,693	(7,799)	27,859

‌Revenues, operating costs and gross profit mining operations and ore processing:

Three months ended March 31, 2026	Bolivar	Porco	Caballo Blanco Group	Zimapan	San Lucas Group	Illapa Joint Operation eliminations(1)	Total
Country	Bolivia	Bolivia	Bolivia	Mexico	Bolivia	Bolivia
	$	$	$	$	$	$	$
Revenues from mining operations	21,029	10,003	24,487	38,766	-	(17,068)	77,217
Mine operating costs
Production costs	(12,709)	(6,090)	(9,358)	(16,819)	-	9,604	(35,372)
Depletion and amortization	(4,409)	(1,507)	(2,035)	(2,437)	-	3,698	(6,690)
	(17,118)	(7,597)	(11,393)	(19,256)	-	13,302	(42,062)
Gross profit - mining operations	3,911	2,406	13,094	19,510	-	(3,766)	35,155
Revenues from ore processing	-	-	-	-	50,312	-	50,312
Ore processing operating costs
Purchased ore & conc. costs	-	-	-	-	(33,116)	-	(33,116)
Ore processing costs	-	-	-	-	(8,875)	-	(8,875)
Depletion and amortization	-	-	-	-	(607)	-	(607)
	-	-	-	-	(42,598)	-	(42,598)
Gross profit - ore processing	-	-	-	-	7,714	-	7,714

Total revenues	21,029	10,003	24,487	38,766	50,312	(17,068)	127,529
Total cost of sales	(12,709)	(6,090)	(9,358)	(16,819)	(41,991)	9,604	(77,363)
Total depletion and amortization	(4,409)	(1,507)	(2,035)	(2,437)	(607)	3,698	(7,297)
Gross profit - total	3,911	2,406	13,094	19,510	7,714	(3,766)	42,869

SEGMENT INFORMATION (continued)

			Caballo Blanco		San Lucas	Corporate	Illapa Joint Operation
As at December 31, 2025	Bolivar	Porco	Group	Zimapan	Group	and other	eliminations(1)	Total
Country	Bolivia	Bolivia	Bolivia	Mexico	Bolivia		Bolivia
	$	7$	$	$	$	$	$	$
Capital expenditures	11,184	1,887	5,097	15,602	3,895	-	(7,046)	30,619
Total assets	138,287	88,393	136,936	66,534	74,026	26,687	(85,092)	445,771
Total liabilities	(56,573)	(39,876)	(133,428)	(42,714)	(4,405)	(20,502)	30,785	(266,713)

‌Capital expenditures, total assets and total liabilities by operating segment:

As at March 31, 2026	Bolivar	Porco	Caballo Blanco Group	Zimapan	San Lucas Group	Corporate and other	Illapa Joint Operation eliminations(1)	Total
Country	Bolivia	Bolivia	Bolivia	Mexico	Bolivia		Bolivia
	$	$	$	$	$	$	$	$
Capital expenditures	3,843	509	2,177	5,275	447	-	(2,393)	9,858
Total assets	142,200	84,370	115,603	85,193	77,944	25,408	(83,728)	446,990
Total liabilities	(54,954)	(35,390)	(103,706)	(46,951)	(6,531)	(19,339)	29,185	(237,686)

‌c) Revenues by operating segment,	product and ma	jor custome	rs
Three months ended March 31, 2026	Bolivar	Porco	Caballo Blanco Group	San Lucas Group	Zimapan	Total
Country	Bolivia	Bolivia	Bolivia	Bolivia	Mexico
	$	$	$	$	$	$
Silver	11,238	3,347	14,953	32,572	24,071	86,181
Zinc	9,946	7,278	9,811	19,392	10,166	56,593
Lead	225	93	1,130	2,555	2,034	6,037
Copper	-	-	-	-	3,839	3,839
Illapa joint operation 55% interest	(11,566)	(5,502)	-	-	-	(17,068)
Provisional pricing adjustments	629	(11)	(380)	(1,350)	2,760	1,648
Smelting and refining costs	(1,009)	(704)	(1,027)	(2,857)	(4,104)	(9,701)
Sales to external customers	9,463	4,501	24,487	50,312	38,766	127,529

Three months ended March 31, 2025	Bolivar	Porco	Caballo Blanco Group	San Lucas Group	Zimapan	Total
Country	Bolivia	Bolivia	Bolivia	Bolivia	Mexico
	$	$	$	$	$	$
Silver	12,076	4,696	6,585	6,612	11,520	41,489
Zinc	10,516	5,891	9,313	11,015	10,281	47,016
Lead	490	518	693	865	2,355	4,921
Copper	-	-	-	-	2,228	2,228
Illapa joint operation 55% interest	(11,725)	(5,602)	-	-	-	(17,327)
Provisional pricing adjustments	169	87	10	(100)	1,615	1,781
Smelting and refining costs	(1,932)	(1,006)	(1,494)	(569)	(4,793)	(9,794)
Sales to external customers	9,594	4,584	15,107	17,823	23,206	70,314

During the three months ended March 31, 2026 and 2025, the Company had two customers. One customer in Bolivia accounted for 70% of the total sales revenue for the three months ended March 31, 2026 (2025 - 67%). The other customer in Mexico accounted for 30% of the total sales revenue for the three months ended March 31, 2026 (2025 - 33%).

‌EARNINGS PER SHARE

Earnings per share for the Company was calculated based on the following:

Three months ended March 31,
	2026	2025
	$	$
Net income for the period	28,470	9,451
Weighted average number of shares outstanding	92,176,513	88,963,885
Earnings per share - basic	0.31	0.11

Three months ended March 31,
	2026	2025
	$	$
Net income for the period	28,470	9,451
Weighted average number of shares outstanding	92,176,513	88,963,885
Incremental shares from options, RSUs, DSUs, and PSUs	1,915,872	-
Earnings per share - diluted	0.30	0.11

Earnings per share is based on the weighted average number of common shares of the Company outstanding during the period. The diluted earnings per share reflects the potential dilution of common share equivalents, such as outstanding share options, RSUs, DSUs and PSUs in the weighted average number of common shares outstanding during the period, if dilutive.

The following securities could potentially dilute basic earnings per share in the future, but were not included in the computation of diluted earnings per share because they were anti-dilutive:

	2026	2025
Stock options	45,000	-
	45,000	-

‌SUPPLEMENTAL CASH FLOW INFORMATION

A summary of the Company's non-cash other income is as follows:

Three months ended March 31,
	2026	2025
	$	$
Accretion of decommissioning provision (note 12)	843	381
Accretion of COMIBOL initial investment CAPEX receivable (note 5(a))	(516)	(452)
Finance charges on leases	28	134
(Gain) loss on change in fair value of consideration payable	(965)	1,945
Interest expense, carrying and finance charges (note 10)	875	252
	265	2,260

Other non-cash transactions not included in the table above are disclosed elsewhere in the notes to the consolidated financial statements.

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Santacruz Silver Mining Ltd. published this content on May 16, 2026, and is solely responsible for the information contained herein. Distributed via Public Technologies (PUBT), unedited and unaltered, on May 16, 2026 at 00:02 UTC.

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Jun. 29	Santacruz Silver Mining Ltd. Announces Temporary Suspension of Operations At Reserva Mine Due to Fatal Incident	CI
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