Santacruz Silver Reports Fourth Quarter and Year End 2022 Financial Results

Santacruz Silver Mining Ltd. (TSXV: SCZ) ('Santacruz' or 'the Company') reports its financial and operating results for the fourth quarter ('Q4') and year end 2022.

The full version of the financial statements and accompanying management discussion and analysis can be viewed on the Company's website at www.santacruzsilver.com or on SEDAR at www.sedar.com. All financial information is prepared in accordance with International Financial Reporting Standards ('IFRS') and all dollar amounts are expressed in thousands of US dollars, except per unit amounts, unless otherwise indicated.

2022 Highlights

Processed 1,646,272 tonnes of material, a 125% increase year-over-year

Silver equivalent ounces sold of 19,612,692, a 562% increase year-over-year

Cash cost per silver ounce sold of $17.58, a 10% decrease year-over-year

AISC per silver ounce sold of $20.05, an 18% decrease year-over-year

Revenue of $278,594,000, an increase of 422% year-over-year

Adjusted EBITDA of $11,385,000, a 1,497% increase year-over-year

Arturo Prestamo, Executive Chairman of Santacruz, commented, 'Santacruz is building a mid-tier precious and base metals producer, and the acquisition of the Bolivian assets transformed us into a multi-million-ounce silver equivalent producer, with year-over-year production increasing four times. In addition, we have strengthened our management team with seasoned professionals both on the operational and financial sides of the business. While our significant growth came with its challenges, the team's determination has been vital in establishing a solid platform from which to grow the Company.'

Mr. Prestamo emphasized, 'With our next consideration payment to Glencore now not due till March 2024, we have near-term financial flexibility which will enable us to strengthen our balance sheet and re-invest in the Company. This strategic approach will fuel sustainable growth and going forward, we will look for opportunities to further streamline and identify synergies among all mining operations in order to maximize value from each of our assets and for our shareholders.'

Selected consolidated financial and operating information for the year ended 2022 and 2021 are presented below. The Bolivian Assets have been consolidated from March 18, 2022.

About Santacruz Silver Mining Ltd.

Santacruz Silver is engaged in the operation, acquisition, exploration, and development of mineral properties in Latin America. The Bolivian operations are comprised of the Bolivar, Porco and the Caballo Blanco Group, which consists of the Tres Amigos, Reserva and Colquechaquita mines. The Soracaya exploration project and San Lucas ore sourcing and trading business are also in Bolivia. The Zimapan mine is in Mexico.

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This news release includes certain statements and information that may constitute forward-looking information within the meaning of applicable Canadian securities laws. Forward-looking statements relate to future events or future performance and reflect the expectations or beliefs of management of the Company regarding future events. Generally, forward-looking statements and information can be identified by the use of forward-looking terminology such as 'intends', 'expects' or 'anticipates', or variations of such words and phrases or statements that certain actions, events or results 'may', 'could', 'should', 'would' or will 'potentially' or 'likely' occur. This information and these statements, referred to herein as 'forward-looking statements', are not historical facts, are made as of the date of this news release and include without limitation, statements regarding the financial flexibility of the Company at its impact on investment in the Company, growth strategies of the Company, and the timing of Santacruz's shares resuming trading on the TSX Venture Exchange (the 'TSXV').

These forward-looking statements involve numerous risks and uncertainties and actual results might differ materially from results suggested in any forward-looking statements. These risks and uncertainties include, among other things, risks that the near-term financial flexibility of Company will not translate into sustainable growth, that the Company will be unsuccessful in streamlining or synergizing its mining operation, that the Company's shares will not resume trading on the TSXV soon, if at all, risks related to changes in general economic, business and political conditions, including changes in the financial markets, changes in applicable laws, and compliance with extensive government regulation, as well as those risk factors discussed or referred to in the Company's disclosure documents filed with the securities regulatory authorities in certain provinces of Canada and available at www.sedar.com.

In making the forward-looking statements in this news release, the Company has applied several material assumptions, including without limitation, the assumption that near-term investment in the Company will translate into sustainable growth, that streamlining and synergizing the Company's mining operations will lead to increase in value for the Company's assets and for Santacruz's shareholders, and that the Company's shares will resume trading on the TSXV soon.

There can be no assurance that any forward-looking information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, the reader should not place any undue reliance on forward-looking information or statements. The Company undertakes no obligation to update forward-looking information or statements, other than as required by applicable law.

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