Valuation Update With 7 Day Price Move • Jun 05
Investor sentiment deteriorates as stock falls 22% After last week's 22% share price decline to CA$8.85, the stock trades at a forward P/E ratio of 5x. Average forward P/E is 5x in the Metals and Mining industry in Canada. Total returns to shareholders of 453% over the past three years. Live News • May 24
Santacruz Silver Posts 81% Revenue Growth as Bolivar Recovery and New Reporting Take Shape Santacruz Silver Mining reported Q1 2026 revenue up 81% year over year, with net income rising 201% and earnings per share up 45%.
Management highlighted operational stability and recovery efforts at the Bolivar mine following a 2025 water inflow event, as well as improved metallurgical recovery at the Zimapan mine.
The company recorded about US$13m of unusual, non-recurring expenses that affected reported profits and introduced a new reporting format to present silver and zinc as co-products.
The core message is that underlying operations and earnings quality appeared solid in Q1 2026, even though one-off items weighed on the bottom line.
For investors tracking the stock, it may be useful to monitor how quickly Bolivar operations return to normal levels and how consistently the new co-product reporting clarifies the contribution from both silver and zinc. Reported Earnings • May 18
First quarter 2026 earnings: EPS and revenues miss analyst expectations First quarter 2026 results: EPS: US$0.31 (up from US$0.11 in 1Q 2025). Revenue: US$127.5m (up 81% from 1Q 2025). Net income: US$28.5m (up 201% from 1Q 2025). Profit margin: 22% (up from 13% in 1Q 2025). The increase in margin was driven by higher revenue. Revenue missed analyst estimates by 2.1%. Earnings per share (EPS) also missed analyst estimates by 1.5%. Revenue is forecast to grow 17% p.a. on average during the next 2 years, compared to a 17% growth forecast for the Metals and Mining industry in Canada. Over the last 3 years on average, earnings per share has increased by 38% per year but the company’s share price has increased by 96% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • May 11
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to CA$12.33, the stock trades at a forward P/E ratio of 7x. Average forward P/E is 5x in the Metals and Mining industry in Canada. Total returns to shareholders of 671% over the past three years. Reported Earnings • Apr 04
Full year 2025 earnings released: EPS: US$0.47 (vs US$1.86 in FY 2024) Full year 2025 results: EPS: US$0.47 (down from US$1.86 in FY 2024). Revenue: US$326.4m (up 15% from FY 2024). Net income: US$42.2m (down 74% from FY 2024). Profit margin: 13% (down from 58% in FY 2024). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 15% p.a. on average during the next 2 years, compared to a 17% growth forecast for the Metals and Mining industry in Canada. Over the last 3 years on average, earnings per share has increased by 55% per year but the company’s share price has increased by 80% per year, which means it is tracking significantly ahead of earnings growth. Buy Or Sell Opportunity • Mar 20
Now 22% undervalued after recent price drop Over the last 90 days, the stock has fallen 18% to CA$9.59. The fair value is estimated to be CA$12.27, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 5.3% over the last 3 years. Meanwhile, the company has become profitable. Valuation Update With 7 Day Price Move • Mar 17
Investor sentiment deteriorates as stock falls 17% After last week's 17% share price decline to CA$11.88, the stock trades at a forward P/E ratio of 5x. Average forward P/E is 6x in the Metals and Mining industry in Canada. Total returns to shareholders of 616% over the past three years. Recent Insider Transactions • Mar 10
Independent Director recently sold CA$372k worth of stock On the 6th of March, W. Girling sold around 26k shares on-market at roughly CA$14.59 per share. This transaction amounted to 5.0% of their direct individual holding at the time of the trade. In the last 3 months, they made an even bigger sale worth CA$417k. Insiders have been net sellers, collectively disposing of CA$8.3m more than they bought in the last 12 months. Recent Insider Transactions • Feb 23
Independent Director recently sold CA$291k worth of stock On the 20th of February, W. Girling sold around 22k shares on-market at roughly CA$13.54 per share. This transaction amounted to 3.9% of their direct individual holding at the time of the trade. In the last 3 months, they made an even bigger sale worth CA$397k. Insiders have been net sellers, collectively disposing of CA$7.6m more than they bought in the last 12 months. Valuation Update With 7 Day Price Move • Feb 17
Investor sentiment deteriorates as stock falls 22% After last week's 22% share price decline to CA$12.19, the stock trades at a forward P/E ratio of 5x. Average forward P/E is 7x in the Metals and Mining industry in Canada. Total returns to shareholders of 838% over the past three years. Recent Insider Transactions • Feb 09
Independent Director recently sold CA$335k worth of stock On the 6th of February, W. Girling sold around 21k shares on-market at roughly CA$16.01 per share. This transaction amounted to 5.0% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Insiders have been net sellers, collectively disposing of CA$6.5m more than they bought in the last 12 months. Buy Or Sell Opportunity • Feb 06
Now 22% overvalued after recent price rise Over the last 90 days, the stock has risen 109% to CA$15.05. The fair value is estimated to be CA$12.30, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 5.3% over the last 3 years. Meanwhile, the company has become profitable. Valuation Update With 7 Day Price Move • Jan 27
Investor sentiment improves as stock rises 31% After last week's 31% share price gain to CA$21.41, the stock trades at a forward P/E ratio of 18x. Average forward P/E is 9x in the Metals and Mining industry in Canada. Total returns to shareholders of 1,238% over the past three years. Valuation Update With 7 Day Price Move • Jan 13
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to CA$16.00, the stock trades at a forward P/E ratio of 13x. Average forward P/E is 8x in the Metals and Mining industry in Canada. Total returns to shareholders of 918% over the past three years. Valuation Update With 7 Day Price Move • Dec 15
Investor sentiment improves as stock rises 25% After last week's 25% share price gain to CA$14.01, the stock trades at a forward P/E ratio of 12x. Average forward P/E is 7x in the Metals and Mining industry in Canada. Total returns to shareholders of 787% over the past three years. Recent Insider Transactions • Dec 13
Independent Director recently sold CA$300k worth of stock On the 9th of December, Larry Okada sold around 25k shares on-market at roughly CA$12.00 per share. This transaction amounted to 3.0% of their direct individual holding at the time of the trade. In the last 3 months, they made an even bigger sale worth CA$577k. Insiders have been net sellers, collectively disposing of CA$5.2m more than they bought in the last 12 months. Reported Earnings • Nov 28
Third quarter 2025 earnings: EPS and revenues exceed analyst expectations Third quarter 2025 results: EPS: US$0.045 (up from US$0.011 in 3Q 2024). Revenue: US$80.0m (up 2.2% from 3Q 2024). Net income: US$16.3m (up 302% from 3Q 2024). Profit margin: 20% (up from 5.2% in 3Q 2024). The increase in margin was primarily driven by lower expenses. Revenue exceeded analyst estimates by 1.5%. Earnings per share (EPS) also surpassed analyst estimates by 34%. Revenue is forecast to grow 12% p.a. on average during the next 3 years, compared to a 18% growth forecast for the Metals and Mining industry in Canada. Over the last 3 years on average, earnings per share has increased by 77% per year whereas the company’s share price has increased by 74% per year. Valuation Update With 7 Day Price Move • Nov 26
Investor sentiment improves as stock rises 28% After last week's 28% share price gain to CA$2.39, the stock trades at a forward P/E ratio of 8x. Average forward P/E is 6x in the Metals and Mining industry in Canada. Total returns to shareholders of 443% over the past three years. Announcement • Nov 18
Santacruz Silver Mining Ltd. Appoints Bruce Wolfson to its Board of Directors, Effective November 17, 2025 Santacruz Silver Mining Ltd. announced the appointment of Bruce Wolfson to the company's board of directors effective November 17, 2025. Mr. Wolfson brings over 40 years of experience in international finance, law, and investment management, with a distinguished career spanning emerging markets across Latin America and Asia. Throughout his career, Mr. Wolfson has been actively involved in structuring, placing, investing, and divesting public and private equity on behalf of both issuers and fund investors, as well as financing and restructuring emerging market debt. From 2015 to 2021, Mr. Wolfson served as General Counsel and, at times, Chief Compliance Officer of Jaguar Growth Partners, LLC. Prior to Jaguar, he was a member of the Corporate and Latin America Practice Groups at the global law firm Bingham McCutchen LLP
(now Morgan Lewis &Bockius LLP). Before that, he was a partner and general counsel at The Rohatyn Group and earlier held the position of Senior Managing
Director in the legal department at Bear, Stearns &Co. Inc., where he oversaw all legal work related to trading, sales, capital markets, and investment banking activities in the developing world. Earlier in his career, Mr. Wolfson served as Bank of America's resident counsel in Mexico from 1982 to 1986, where he was responsible for the legal aspects of restructuring the bank's Mexican loan portfolio. He has advised regulators in Latin America and Asia concerning foreign investment regulations and served on the Board of Directors of EMTA (the trade association of the emerging market trading and investment community) from 1994 to 2015. Valuation Update With 7 Day Price Move • Oct 27
Investor sentiment deteriorates as stock falls 19% After last week's 19% share price decline to CA$1.86, the stock trades at a forward P/E ratio of 6x. Average forward P/E is 7x in the Metals and Mining industry in Canada. Total returns to shareholders of 300% over the past three years. Recent Insider Transactions Derivative • Oct 09
CEO & Executive Chairman exercised options to buy CA$1.5m worth of stock. On the 6th of October, Arturo Prestamo Elizondo exercised options to buy 596k shares at a strike price of around CA$0.47, costing a total of CA$280k. This transaction amounted to 3.4% of their direct individual holding at the time of the trade. Since December 2024, Arturo's direct individual holding has increased from 15.76m shares to 18.00m. Company insiders have collectively sold CA$2.5m more than they bought, via options and on-market transactions in the last 12 months. Recent Insider Transactions • Oct 07
Independent Director recently sold CA$135k worth of stock On the 3rd of October, Roland Lohner sold around 50k shares on-market at roughly CA$2.69 per share. This transaction amounted to 9.4% of their direct individual holding at the time of the trade. In the last 3 months, there was an even bigger sale from another insider worth CA$733k. Insiders have been net sellers, collectively disposing of CA$4.8m more than they bought in the last 12 months. Recent Insider Transactions • Oct 06
Independent Director recently sold CA$135k worth of stock On the 3rd of October, Roland Lohner sold around 50k shares on-market at roughly CA$2.69 per share. This transaction amounted to 9.4% of their direct individual holding at the time of the trade. In the last 3 months, there was an even bigger sale from another insider worth CA$733k. Insiders have been net sellers, collectively disposing of CA$4.8m more than they bought in the last 12 months. Valuation Update With 7 Day Price Move • Sep 26
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to CA$2.58, the stock trades at a forward P/E ratio of 9x. Average forward P/E is 8x in the Metals and Mining industry in Canada. Total returns to shareholders of 682% over the past three years. Announcement • Sep 23
Santacruz Silver Mining Ltd., Annual General Meeting, Nov 20, 2025 Santacruz Silver Mining Ltd., Annual General Meeting, Nov 20, 2025. Location: british columbia, vancouver Canada Recent Insider Transactions Derivative • Sep 23
Independent Director exercised options to buy CA$514k worth of stock. On the 19th of September, W. Girling exercised options to buy 200k shares at a strike price of around CA$0.47, costing a total of CA$94k. This transaction amounted to 18% of their direct individual holding at the time of the trade. Since December 2024, Girling's direct individual holding has increased from 1.25m shares to 1.33m. Company insiders have collectively sold CA$3.6m more than they bought, via options and on-market transactions in the last 12 months. Recent Insider Transactions Derivative • Sep 22
Independent Director exercised options to buy CA$470k worth of stock. On the 19th of September, W. Girling exercised options to buy 200k shares at a strike price of around CA$0.47, costing a total of CA$94k. This transaction amounted to 18% of their direct individual holding at the time of the trade. Since December 2024, Girling's direct individual holding has increased from 1.25m shares to 1.51m. Company insiders have collectively sold CA$3.6m more than they bought, via options and on-market transactions in the last 12 months. Valuation Update With 7 Day Price Move • Sep 11
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to CA$2.30, the stock trades at a forward P/E ratio of 8x. Average forward P/E is 8x in the Metals and Mining industry in Canada. Total returns to shareholders of 539% over the past three years. Recent Insider Transactions Derivative • Sep 10
Independent Director exercised options to buy CA$840k worth of stock. On the 3rd of September, W. Girling exercised options to buy 400k shares at a strike price of around CA$0.47, costing a total of CA$188k. This transaction amounted to 33% of their direct individual holding at the time of the trade. Since December 2024, Girling has owned 1.25m shares directly. Company insiders have collectively sold CA$1.4m more than they bought, via options and on-market transactions in the last 12 months. Recent Insider Transactions • Aug 27
Independent Director recently sold CA$168k worth of stock On the 25th of August, Roland Lohner sold around 100k shares on-market at roughly CA$1.68 per share. This transaction amounted to 9.7% of their direct individual holding at the time of the trade. In the last 3 months, they made an even bigger sale worth CA$206k. Insiders have been net sellers, collectively disposing of CA$1.5m more than they bought in the last 12 months. Reported Earnings • Aug 22
Second quarter 2025 earnings: EPS and revenues exceed analyst expectations Second quarter 2025 results: EPS: US$0.059 (up from US$0.004 in 2Q 2024). Revenue: US$73.3m (up 4.0% from 2Q 2024). Net income: US$21.0m (up US$19.5m from 2Q 2024). Profit margin: 29% (up from 2.1% in 2Q 2024). The increase in margin was primarily driven by lower expenses. Revenue exceeded analyst estimates by 1.7%. Earnings per share (EPS) also surpassed analyst estimates by 197%. Revenue is forecast to grow 9.2% p.a. on average during the next 2 years, compared to a 15% growth forecast for the Metals and Mining industry in Canada. Over the last 3 years on average, earnings per share has increased by 90% per year but the company’s share price has only increased by 52% per year, which means it is significantly lagging earnings growth. Recent Insider Transactions Derivative • Aug 18
Independent Director exercised options to buy CA$262k worth of stock. On the 14th of August, W. Girling exercised options to buy 200k shares at a strike price of around CA$0.47, costing a total of CA$94k. This transaction amounted to 17% of their direct individual holding at the time of the trade. Since December 2024, Girling's direct individual holding has increased from 1.25m shares to 1.38m. Company insiders have collectively sold CA$598k more than they bought, via options and on-market transactions in the last 12 months. New Risk • Aug 05
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Canadian stocks, typically moving 14% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Minor Risks Share price has been volatile over the past 3 months (14% average weekly change). Profit margins are more than 30% lower than last year (14% net profit margin). Significant insider selling over the past 3 months (CA$1.2m sold). Recent Insider Transactions Derivative • Aug 04
Independent Director exercised options to buy CA$230k worth of stock. On the 30th of July, W. Girling exercised options to buy 200k shares at a strike price of around CA$0.47, costing a total of CA$94k. This transaction amounted to 17% of their direct individual holding at the time of the trade. Since September 2024, Girling's direct individual holding has decreased from 1.28m shares to 1.18m. Company insiders have collectively sold CA$52k more than they bought, via options and on-market transactions in the last 12 months. Valuation Update With 7 Day Price Move • Jul 30
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to CA$1.17, the stock trades at a forward P/E ratio of 6x. Average forward P/E is 7x in the Metals and Mining industry in Canada. Total returns to shareholders of 193% over the past three years. Valuation Update With 7 Day Price Move • Jul 16
Investor sentiment improves as stock rises 29% After last week's 29% share price gain to CA$1.41, the stock trades at a forward P/E ratio of 7x. Average forward P/E is 7x in the Metals and Mining industry in Canada. Total returns to shareholders of 292% over the past three years. Recent Insider Transactions Derivative • Jul 10
CEO & Executive Chairman exercised options to buy CA$702k worth of stock. On the 9th of July, Arturo Prestamo Elizondo exercised options to buy 600k shares at a strike price of around CA$0.47, costing a total of CA$282k. This transaction amounted to 3.6% of their direct individual holding at the time of the trade. Since September 2024, Arturo's direct individual holding has increased from 15.58m shares to 16.81m. Company insiders have collectively bought CA$562k more than they sold, via options and on-market transactions, in the last 12 months. Recent Insider Transactions • Jul 06
Independent Director recently sold CA$89k worth of stock On the 3rd of July, W. Girling sold around 85k shares on-market at roughly CA$1.04 per share. This transaction amounted to 6.4% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Despite this recent sale, insiders have collectively bought CA$277k more than they sold in the last 12 months. Valuation Update With 7 Day Price Move • Jul 02
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to CA$1.10, the stock trades at a forward P/E ratio of 5x. Average forward P/E is 7x in the Metals and Mining industry in Canada. Total returns to shareholders of 315% over the past three years. Recent Insider Transactions Derivative • Jul 02
Independent Director exercised options to buy CA$206k worth of stock. On the 27th of June, W. Girling exercised options to buy 200k shares at a strike price of around CA$0.47, costing a total of CA$94k. This transaction amounted to 18% of their direct individual holding at the time of the trade. Since September 2024, Girling's direct individual holding has decreased from 1.28m shares to 1.17m. Company insiders have collectively bought CA$608k more than they sold, via options and on-market transactions, in the last 12 months. Recent Insider Transactions • Jun 29
Independent Director recently sold CA$68k worth of stock On the 24th of June, W. Girling sold around 70k shares on-market at roughly CA$0.97 per share. This transaction amounted to 5.6% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Despite this recent sale, insiders have collectively bought CA$373k more than they sold in the last 12 months. Recent Insider Transactions • Jun 26
Independent Director recently sold CA$68k worth of stock On the 24th of June, W. Girling sold around 70k shares on-market at roughly CA$0.97 per share. This transaction amounted to 5.6% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Despite this recent sale, insiders have collectively bought CA$373k more than they sold in the last 12 months. New Risk • Jun 13
New minor risk - Profit margin trend The company's profit margins are lower than last year and have reduced by more than 30%. Net profit margin: 14% Last year net profit margin: 61% This is considered a minor risk. A large drop in profit margin could indicate the company does not have strong competitive advantages or it is yet to establish itself and its core business. Even if it is a well established business, this may make it a much riskier investment than one that has a combination of proven competitive advantages and a stable or growing profit margin. Currently, the following risks have been identified for the company: Minor Risks Share price has been volatile over the past 3 months (14% average weekly change). Profit margins are more than 30% lower than last year (14% net profit margin). Reported Earnings • May 29
Full year 2024 earnings released: EPS: US$0.47 (vs US$0.046 in FY 2023) Full year 2024 results: EPS: US$0.47 (up from US$0.046 in FY 2023). Revenue: US$283.0m (up 13% from FY 2023). Net income: US$164.5m (up US$148.3m from FY 2023). Profit margin: 58% (up from 6.4% in FY 2023). Over the last 3 years on average, earnings per share has increased by 119% per year but the company’s share price has only increased by 19% per year, which means it is significantly lagging earnings growth. New Risk • May 20
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Canadian stocks, typically moving 14% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risk High level of non-cash earnings (176% accrual ratio). Minor Risk Share price has been volatile over the past 3 months (14% average weekly change). New Risk • Apr 07
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: CA$142.3m (US$99.9m) This is considered a minor risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risk High level of non-cash earnings (176% accrual ratio). Minor Risk Market cap is less than US$100m (CA$142.3m market cap, or US$99.9m). Announcement • Mar 03
Santacruz Silver Mining Ltd. Announces Appointment of Eduardo Torrecillas as Chief Operating Officer Santacruz Silver Mining Ltd. announced the appointment of Mr. Eduardo Torrecillas as Chief Operating Officer. With over 18 years of experience in senior leadership roles, prior to his appointment as Chief Operating Officer, Mr. Torrecillas served as Executive Chairman and President of Santacruz's Bolivian operations since March 2022. Before joining Grupo Minero Sinchi Wayra, Mr. Torrecillas spent more than 12 years at Minera San Cristóbal S.A., a subsidiary of Sumitomo Corporation, where he held key leadership roles, including Director of Occupational Health and Safety (OHS) and General Services. In addition to his corporate roles, Mr. Torrecillas has been President of the National Association of Mid-Tier Miners (ANMM) since April 2022. He was unanimously re-elected in March 2024 for a new two-year term (established in 1939, the ANMM has long represented private mining companies in Bolivia). In his new role, Mr. Torrecillas will oversee all operational functions across the Company's mines and exploration projects in Mexico and Bolivia. Announcement • Feb 28
Santacruz Silver Mining Ltd. announced that it has received BOB 70 million in funding Santacruz Silver Mining Ltd. announced that it has received BOB 70 million in a round of funding on February 27, 2025. The round is raised through promissory notes. The promissory notes bear interest at a rate of 6.25% per annum and will mature on February 15, 2026. Recent Insider Transactions • Feb 20
CEO & Executive Chairman recently bought CA$420k worth of stock On the 18th of February, Arturo Prestamo Elizondo bought around 1m shares on-market at roughly CA$0.40 per share. This transaction amounted to 6.7% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. Arturo has been a buyer over the last 12 months, purchasing a net total of CA$533k worth in shares. Reported Earnings • Nov 26
Third quarter 2024 earnings released: EPS: US$0.011 (vs US$0.012 loss in 3Q 2023) Third quarter 2024 results: EPS: US$0.011 (up from US$0.012 loss in 3Q 2023). Revenue: US$78.2m (up 22% from 3Q 2023). Net income: US$4.06m (up US$8.36m from 3Q 2023). Profit margin: 5.2% (up from net loss in 3Q 2023). Over the last 3 years on average, earnings per share has increased by 120% per year but the company’s share price has fallen by 1% per year, which means it is significantly lagging earnings. Buy Or Sell Opportunity • Nov 12
Now 22% undervalued Over the last 90 days, the stock has risen 18% to CA$0.33. The fair value is estimated to be CA$0.42, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 43% over the last 3 years. Meanwhile, the company has become profitable. Announcement • Oct 16
Santacruz Silver Announces Chief Financial Officer Changes Santacruz Silver Mining Ltd. announced that Mr. Gregg Orr, Chief Financial Officer of the Company, has resigned and Mr. Andres Bedregal, a seasoned finance executive with proven success in business development and strategic finance, has been appointed as the Interim Chief Financial Officer of the Company to replace Mr. Orr Mr. Bedregal is the current CFO for Sinchi Wayra S.A., a wholly-owned subsidiary of Santacruz Silver Mining Ltd. Since joining Sinchy Wayra S.A. in 2022 he has successfully led the Bolivian finance group's upgrading of the financial and management reporting systems as well as contributing to strategic business decisions these past three years. Buy Or Sell Opportunity • Sep 17
Now 24% undervalued after recent price drop Over the last 90 days, the stock has fallen 13% to CA$0.32. The fair value is estimated to be CA$0.42, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 43% over the last 3 years. Meanwhile, the company has become profitable. Buy Or Sell Opportunity • Aug 28
Now 22% undervalued after recent price drop Over the last 90 days, the stock has fallen 33% to CA$0.32. The fair value is estimated to be CA$0.41, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 43% over the last 3 years. Meanwhile, the company has become profitable. Reported Earnings • Aug 16
Second quarter 2024 earnings released: EPS: US$0.004 (vs US$0.015 in 2Q 2023) Second quarter 2024 results: EPS: US$0.004 (down from US$0.015 in 2Q 2023). Revenue: US$70.5m (up 10% from 2Q 2023). Net income: US$1.54m (down 70% from 2Q 2023). Profit margin: 2.2% (down from 8.0% in 2Q 2023). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 113% per year but the company’s share price has only increased by 5% per year, which means it is significantly lagging earnings growth. Announcement • Jul 16
Santacruz Silver Mining Ltd., Annual General Meeting, Sep 16, 2024 Santacruz Silver Mining Ltd., Annual General Meeting, Sep 16, 2024. Location: british columbia, vancouver Canada Recent Insider Transactions Derivative • Jul 14
Independent Director exercised options to buy CA$410k worth of stock. On the 10th of July, Larry Okada exercised options to buy 1m shares at a strike price of around CA$0.18, costing a total of CA$180k. This transaction amounted to 100% of their direct individual holding at the time of the trade. Since December 2023, Larry's direct individual holding has increased from 1.00m shares to 2.00m. Company insiders have collectively bought CA$415k more than they sold, via options and on-market transactions, in the last 12 months. Reported Earnings • Jun 04
First quarter 2024 earnings released: EPS: US$0.37 (vs US$0.003 loss in 1Q 2023) First quarter 2024 results: EPS: US$0.37 (up from US$0.003 loss in 1Q 2023). Revenue: US$52.6m (down 20% from 1Q 2023). Net income: US$129.0m (up US$130.0m from 1Q 2023). Over the last 3 years on average, earnings per share has increased by 74% per year but the company’s share price has fallen by 5% per year, which means it is significantly lagging earnings. Recent Insider Transactions Derivative • May 28
Interim CEO & Executive Chairman exercised options to buy CA$414k worth of stock. On the 24th of May, Arturo Prestamo Elizondo exercised options to buy 900k shares at a strike price of around CA$0.18, costing a total of CA$162k. This transaction amounted to 6.1% of their direct individual holding at the time of the trade. Since June 2023, Arturo's direct individual holding has increased from 13.79m shares to 14.68m. Company insiders have collectively bought CA$520k more than they sold, via options and on-market transactions, in the last 12 months. Recent Insider Transactions Derivative • May 17
Independent Director exercised options to buy CA$296k worth of stock. On the 15th of May, W. Girling exercised options to buy 750k shares at a strike price of around CA$0.18, costing a total of CA$135k. This transaction amounted to 852% of their direct individual holding at the time of the trade. Girling currently holds less than 1% of total shares outstanding. Company insiders have collectively bought CA$314k more than they sold, via options and on-market transactions, in the last 12 months. Recent Insider Transactions • May 14
Independent Director recently sold CA$53k worth of stock On the 10th of May, W. Girling sold around 150k shares on-market at roughly CA$0.35 per share. This transaction amounted to 24% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Despite this recent sale, insiders have collectively bought CA$334k more than they sold in the last 12 months. Reported Earnings • May 03
Full year 2023 earnings released: EPS: US$0.046 (vs US$0.066 loss in FY 2022) Full year 2023 results: EPS: US$0.046 (up from US$0.066 loss in FY 2022). Revenue: US$251.3m (down 9.8% from FY 2022). Net income: US$16.1m (up US$38.4m from FY 2022). Profit margin: 6.4% (up from net loss in FY 2022). Over the last 3 years on average, earnings per share has fallen by 26% per year but the company’s share price has only fallen by 16% per year, which means it has not declined as severely as earnings. New Risk • Apr 15
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of Canadian stocks, typically moving 19% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (19% average weekly change). Negative equity (-US$12m). Earnings have declined by 15% per year over the past 5 years. Minor Risk Market cap is less than US$100m (CA$121.1m market cap, or US$87.9m). New Risk • Feb 01
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of Canadian stocks, typically moving 19% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (19% average weekly change). Negative equity (-US$12m). Earnings have declined by 15% per year over the past 5 years. Minor Risk Market cap is less than US$100m (CA$112.3m market cap, or US$83.6m). Announcement • Dec 19
An unknown private Mexican group acquired Impulsora Minera Santacruz S.A. de C.V. from Santacruz Silver Mining Ltd. (TSXV:SCZ). An unknown private Mexican group acquired Impulsora Minera Santacruz S.A. de C.V. from Santacruz Silver Mining Ltd. (TSXV:SCZ) on December 18, 2023. Santacruz Silver Mining will receive a nominal cash consideration in addition to the Buyer agreeing to accept certain obligations and liabilities from Santacruz Silver Mining as consideration for the sale of Impulsora Minera Santacruz. Wayne Corso, Chief Operating Officer of Santacruz Silver Mining, will work as a consultant for seamless transition.
An unknown private Mexican group completed the acquisition of Impulsora Minera Santacruz S.A. de C.V. from Santacruz Silver Mining Ltd. (TSXV:SCZ) on December 18, 2023. Reported Earnings • Dec 01
Third quarter 2023 earnings released: US$0.012 loss per share (vs US$0.055 loss in 3Q 2022) Third quarter 2023 results: US$0.012 loss per share (improved from US$0.055 loss in 3Q 2022). Revenue: US$64.4m (up 20% from 3Q 2022). Net loss: US$4.30m (loss narrowed 77% from 3Q 2022). Over the last 3 years on average, earnings per share has fallen by 37% per year but the company’s share price has only fallen by 7% per year, which means it has not declined as severely as earnings. Announcement • Oct 20
Santacruz Silver Mining Ltd., Annual General Meeting, Dec 20, 2023 Santacruz Silver Mining Ltd., Annual General Meeting, Dec 20, 2023. Board Change • Oct 01
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 2 experienced directors. 4 highly experienced directors. Advisor to the Board Rob McMorran was the last director to join the board, commencing their role in 2020. The following issues are considered to be risks according to the Simply Wall St Risk Model: Insufficient board refreshment. Recent Insider Transactions • Sep 22
Interim CEO & Executive Chairman recently bought CA$134k worth of stock On the 19th of September, Arturo Prestamo Elizondo bought around 788k shares on-market at roughly CA$0.17 per share. This transaction amounted to 5.7% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. Arturo has been a buyer over the last 12 months, purchasing a net total of CA$1.2m worth in shares. Reported Earnings • Aug 22
Second quarter 2023 earnings released: EPS: US$0.004 (vs US$0.007 loss in 2Q 2022) Second quarter 2023 results: EPS: US$0.004 (up from US$0.007 loss in 2Q 2022). Revenue: US$63.9m (down 46% from 2Q 2022). Net income: US$1.35m (up US$3.87m from 2Q 2022). Profit margin: 2.1% (up from net loss in 2Q 2022). Over the last 3 years on average, earnings per share has fallen by 21% per year but the company’s share price has only fallen by 10% per year, which means it has not declined as severely as earnings. Recent Insider Transactions • Jun 23
Executive Chairman recently bought CA$130k worth of stock On the 16th of June, Arturo Prestamo Elizondo bought around 394k shares on-market at roughly CA$0.33 per share. This transaction amounted to 3.0% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. Arturo has been a buyer over the last 12 months, purchasing a net total of CA$1.1m worth in shares. New Risk • Jun 20
New major risk - Revenue and earnings growth Earnings have declined by 0.9% per year over the past 5 years. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Negative equity (-US$14m). Earnings have declined by 0.9% per year over the past 5 years. Minor Risks Share price has been volatile over the past 3 months (16% average weekly change). Shareholders have been diluted in the past year (3.0% increase in shares outstanding). Market cap is less than US$100m (CA$105.3m market cap, or US$79.7m). New Risk • Jun 18
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: CA$110.6m (US$83.8m) This is considered a minor risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risk Negative equity (-US$14m). Minor Risks Share price has been volatile over the past 3 months (16% average weekly change). Shareholders have been diluted in the past year (3.0% increase in shares outstanding). Market cap is less than US$100m (CA$110.6m market cap, or US$83.8m). 
