SCZM

MKT CAP:$780M

Santacruz Silver Mining Ltd. Common Shares

Market Cap

$780M

Basic Materials·Other Precious Metals·🇨🇦 Canada·NASDAQ

Materials·Other·🇨🇦·NASDAQ

Stock Price

$8.86-$0.54 (-5.80%)

Apr 20, 2026

Company Details

Santacruz Silver Mining Ltd. engages in the acquisition, exploration, and development of mineral properties. It operates through the following segments: Bolivar, Porco, Caballo Blanco Group, San Lucas Group, Zimapan, and Corporate and Other...

CEO

Arturo Prestamo Elizondo

IPO Date

Oct 2, 2012

Website

www.santacruzsilver.com

Key Metrics TTM

Revenue

$303M

+16.2% YoY

Net Income

$76M

EPS (Diluted)

$0.84

Free Cash Flow

$59M

Revenue / Share

$3.25

Gross Margin

32.2%

Operating Margin

25.2%

Net Margin

25.1%

FCF Margin

19.4%

P/S

2.6x

P/E

10.3x

Earnings Reports

Q4 2025

May 6, 2026

PENDING

Q3 2025

Sep 29, 2025

$79M+0.3%EPS $0.17

Q2 2025

Jun 29, 2025

$75M+5.7%EPS $0.23

Q1 2025

Mar 30, 2025

$70M+33.9%EPS $0.11

FY 2024

Dec 30, 2024

$269M+5.3%EPS $1.76

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q3 21	$15M	$3M	$239.4K
Q4 21	$14M	$452.5K	-$7M
Q1 22	$33M	$8M	$5M
Q2 22	$127M	$27M	$19M
Q3 22	$51M	-$19M	-$27M
Q1 23	$65M	$14M	$7M
Q2 23	$65M	$12M	$4M
Q3 23	$64M	$7M	-$703.9K
Q4 23	$59M	$9M	$7M
Q1 24	$52M	-$81.6K	-$4M
Q2 24	$70M	$16M	$10M
Q3 24	$79M	$15M	$9M
Q4 24	$79M	$25M	$21M
Q1 25	$70M	$27M	$23M
Q2 25	$75M	$26M	$20M
Q3 25	$79M	$19M	$12M

Valuation

Quarter	P/S	P/E
Q3 21	28.3x	—
Q4 21	26.3x	—
Q1 22	18.8x	—
Q2 22	7.4x	—
Q3 22	6.2x	—
Q1 23	5.1x	—
Q2 23	4.5x	—
Q3 23	5.7x	—
Q4 23	5.5x	83.8x
Q1 24	5.8x	9.4x
Q2 24	5.7x	9.6x
Q3 24	5.4x	8.3x
Q4 24	5.0x	7.8x
Q1 25	4.7x	24.3x
Q2 25	4.6x	18.1x
Q3 25	4.6x	18.4x

Operating Cash Flow

Quarter	Operating CF	Free CF
Q3 21	$995.5K	-$4M
Q4 21	$1M	$328.9K
Q1 22	$94.1K	-$5M
Q2 22	$25M	$19M
Q3 22	$819.6K	$835.4K
Q1 23	$12M	$6M
Q2 23	$7M	$2M
Q3 23	$2M	-$4M
Q4 23	$10M	$4M
Q1 24	$3M	-$1M
Q2 24	$6M	$3M
Q3 24	$20M	$13M
Q4 24	$22M	$14M
Q1 25	$6M	-$983.0K
Q2 25	$33M	$29M
Q3 25	$25M	$17M

Capital Expenditures

Quarter	CapEx
Q3 21	$5M
Q4 21	$978.8K
Q1 22	$5M
Q2 22	$6M
Q3 22	$15.8K
Q1 23	$5M
Q2 23	$5M
Q3 23	$5M
Q4 23	$6M
Q1 24	$4M
Q2 24	$3M
Q3 24	$6M
Q4 24	$8M
Q1 25	$7M
Q2 25	$4M
Q3 25	$8M

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q3 21	+54.0%	+52.8%
Q4 21	+36.0%	+58.8%
Q1 22	+191.3%	+139.0%
Q2 22	+834.1%	+664.4%
Q3 22	+248.3%	+445.9%
Q1 23	+374.7%	+182.0%
Q2 23	+97.4%	+120.1%
Q3 23	-50.0%	-40.5%
Q4 23	+17.2%	-32.6%
Q1 24	-19.9%	-2.9%
Q2 24	+8.9%	+0.6%
Q3 24	+24.0%	+9.1%
Q4 24	+34.0%	+11.2%
Q1 25	+33.9%	-16.4%
Q2 25	+5.7%	-10.7%
Q3 25	+0.3%	-5.0%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q3 21	$0	0.0%
Q4 21	$0	0.0%
Q1 22	$0	0.0%
Q2 22	$0	0.0%
Q3 22	$0	0.0%
Q1 23	$0	0.0%
Q2 23	$0	0.0%
Q3 23	$0	0.0%
Q4 23	$0	0.0%
Q1 24	$0	0.0%
Q2 24	$0	0.0%
Q3 24	$0	0.0%
Q4 24	$0	0.0%
Q1 25	$0	0.0%
Q2 25	$0	0.0%
Q3 25	$0	0.0%

OpEx Breakdown

Quarter	G&A	SG&A
Q3 21	—	$3M
Q4 21	—	$7M
Q1 22	—	$2M
Q2 22	—	$6M
Q3 22	—	$8M
Q1 23	—	$6M
Q2 23	—	$7M
Q3 23	—	$6M
Q4 23	—	$5M
Q1 24	—	$4M
Q2 24	—	$5M
Q3 24	$6M	—
Q4 24	$5M	—
Q1 25	$3M	—
Q2 25	$4M	—
Q3 25	$5M	—

War Chest

Quarter	Cash	Short-term Investments	Total
Q3 21	$3M	$3M	$5M
Q4 21	$936.7K	$4M	$5M
Q1 22	$10M	$5M	$14M
Q2 22	$6M	$3M	$8M
Q3 22	$5M	$1M	$6M
Q1 23	$12M	$2M	$14M
Q2 23	$8M	$1M	$9M
Q3 23	$3M	$171.2K	$3M
Q4 23	$5M	$59.7K	$5M
Q1 24	$4M	$0	$4M
Q2 24	$7M	$0	$7M
Q3 24	$18M	$0	$18M
Q4 24	$36M	$0	$36M
Q1 25	$33M	$0	$33M
Q2 25	$40M	$12M	$52M
Q3 25	$40M	$13M	$53M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q3 21	82M	+6.3%	+55.4%
Q4 21	83M	+0.5%	+37.4%
Q1 22	83M	+0.1%	+18.7%
Q2 22	86M	+3.9%	+11.2%
Q3 22	85M	-0.7%	+3.9%
Q1 23	87M	+1.6%	+5.0%
Q2 23	90M	+3.9%	+9.0%
Q3 23	88M	-2.6%	+2.1%
Q4 23	88M	+0.3%	+3.1%
Q1 24	88M	-0.0%	+1.5%
Q2 24	88M	+0.3%	-2.0%
Q3 24	90M	+1.5%	+2.1%
Q4 24	89M	-0.7%	+1.1%
Q1 25	89M	0.0%	+1.1%
Q2 25	93M	+5.0%	+5.9%
Q3 25	93M	-0.2%	+4.1%

Shares Outstanding