Santacruz Silver Mining Ltd. reported production results for the fourth quarter and full year 2023. For the quarter, the company reported Santacruz processed 489,417 tons of material in Fourth Quarter 2023, a 5% increase from the previous quarter. Silver equivalent ounce production increased 2% to 5,757,228 including 1,719,737 ounces of silver, 23,777 tons of zinc, 3,129 tons of lead, and 290 tons of copper. While average throughputs, head grades and recoveries varied slightly across all operations, the increase in material processed at Zimapan, and increases in mineralized material purchased by San Lucas drove consistent metal production quarter-on-quarter. At Zimapan major maintenance to the grinding circuit allowed for increased plant throughput. In addition, two new underground loaders arrived at the mine in September, which enabled more efficient mining operations. As a result, the mine processed 204,507 tons of material, a 6% increase when compared to the previous quarter. In mid-October, the SAG mill motor at Porco was removed to be rebuilt. A 25-day period of approximately 50% grinding capacity followed as the Company was able to feed the ball mills directly with fine material until the rebuilt motor was reinstalled and full production was attained on November 14, 2023. While the Company expected production at Porco to be reduced during the quarter, increased throughput in December was able to significantly offset the reductions experienced in October and November as result of the SAG mill maintenance. When compared to Fourth Quarter 2022 material processed was in line with the previous year. This resulted in silver equivalent ounce and all metal production being in line quarter-over-quarter, with the exception of copper. Average copper head grades in Fourth Quarter 2023 were 25% lower and as a result copper production decreased.

For the year, the company reported Material Processed was 1,883,446 tons against 1,646,271 tons a year ago. Silver Equivalent Produced was 22,641,051 ounces against 18,112,725 ounces a year ago. Silver Produced was 7,004,582 ounces against 5,599,223 ounces a year ago. Zinc Produced was 91,616 ounces against 72,533 ounces a year ago. Lead Produced was 12,366 tons against 10,065 tons a year ago.
Copper Produced was 1,254 tons against 1,287 tons a year ago.