Business
Santacruz Silver Reports Fourth Quarter and Year End 2022 Financial Results
Vancouver, British Columbia--(Newsfile Corp. - June 5, 2023) - Santacruz Silver Mining Ltd. (TSX...
About this update from Santacruz Silver Mining Ltd.
[{"type":"text","content":"Santacruz Silver Reports Fourth Quarter and Year End 2022 Financial ResultsVancouver, British Columbia--(Newsfile Corp. - June 5, 2023) - 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-yearSilver equivalent ounces sold of 19,612,692, a 562% increase year-over-yearCash cost per silver ounce sold of $17.58, a 10% decrease year-over-yearAISC per silver ounce sold of $20.05, an 18% decrease year-over-yearRevenue of $278,594,000, an increase of 422% year-over-yearAdjusted EBITDA of $11,385,000, a 1,497% increase year-over-yearArturo Préstamo, 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. Préstamo 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 Boliv...