Santacruz Silver Mining (TSXV: SCZ) reported Q2 2025 revenue of $73.3 million, up 4% year-over-year from $70.5 million.
Cost of sales fell 11% to $42.6 million, lifting gross profit 59% to $25.3 million. This leads the gross margin to expand to 34.5% from 22.5%.
Average realized price per silver equivalent ounce sold improved 6% to $32.37 from $30.40. Cash cost per ounce decreased 10% to $19.48 from $21.66 while AISC fell 8% to $22.95 per ounce from $24.91 per ounce.
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Thanks to a drop of general and administrative expense to $4.0 million from $6.8 million last year, a huge decline in finance costs to $1.1 million from $7.1 million, and a further drop of income tax expense to $1.1 million from $6.8 million, net income jumped to $21.0 million from $1.45 million last year. This translates to EPS of $0.06.
Year-to-date, perspective is more tempered: net income of $30.4 million is down 77% YoY from $134.1 million in comparable period, which included a large non-recurring gain.
Adjusted EBITDA was $26.8 million, up 68% YoY from $16.0 million, implying a 36.5% margin vs 22.7% from prior year.
Operating cash flow rose sharply to $32.2 million from $6.1 million YoY. Notably, operating cash flow before working capital was $21.7 million, below last year’s $30.0 million, so the headline cash flow strength hinged on favorable working-capital movements this quarter.
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At end of Q2, cash balance was $40.0 million from $7.3 million in the comparable period last year. Working capital was $60.3 million, up 303% YoY.
On production, the firm yielded 3,547,054 silver equivalent ounces, down 15% YoY while payable ounces sold were 2,993,136, also down 12% YoY. Metal mix weakened: silver dropped 15% to 1,423,081 ounces, zinc dropped 16% to 21,148 tonnes, lead dropped 5% to 2,773 tonnes, and copper dropped 19% to 229 tonnes.
Management attributed the production shortfall to a mid-May water inflow at Bolívar that restricted access to high-grade zones, while ore sourcing at San Lucas and efficiency gains at Caballo Blanco mitigated the impact. The company expects Bolívar to normalize by Q4 2025.
Santacruz Silver last traded at $1.29 on the TSX Venture.
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