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Santacruz Silver Reports Second Quarter 2021 Financial Results
Vancouver, British Columbia--(Newsfile Corp. - August 31, 2021) - Santacruz Silver Mining Ltd...
About this update from Santacruz Silver Mining Ltd.
[{"type":"text","content":"Santacruz Silver Reports Second Quarter 2021 Financial ResultsVancouver, British Columbia--(Newsfile Corp. - August 31, 2021) - Santacruz Silver Mining Ltd. (TSXV: SCZ) (the \"Company\" or \"Santacruz\") reports on its financial and operating results for the second quarter (\"Q2\") of 2021. 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 IFRS and all dollar amounts are expressed in thousands of US dollars, except per unit amounts, unless otherwise indicated.Revenues increased by 131 per cent to $13.7 million during Q2 2021 ($5.9 million in Q2 2020);Gross profit improved by $3.0 million to $3.8 million during Q2 2021 (Q2 2020 - $0.8 million);Subsequent to Q2 2021 the Company completed a shares-for-debt settlement in the amount of $3.1 million. Carlos Silva, CEO of Santacruz, stated, \"The second quarter of 2021 has confirmed our positive trend towards strong cash flow generation at Zimapan where, as expected, increased production tonnage arising from the continued development of the Lomo del Toro zone has resulted not only in an increased total amount of material processed through the mill but importantly has also resulted in a higher average silver head grade.\" Mr. Silva continued, \"Development work at Lomo del Toro continues to yield positive results and management anticipates an increase in production from the current rate of 15,000 tonnes/month to 20,000 tonnes/month by the end of Q3 with a concurrent increase of 5,000 tonnes/month in overall production tonnage aiming to reach 70,000 tonnes/month by the end of Q4 suggesting a continued positive trend of cash flows through the rest of the year.\"Financial Results Selected financial information for the three-month periods ended June 30 and March 31, 2021 and June 30, 2020 is presented below:Q2Q1Q2Q2 2021 % Change vs202120212020Q1 2021Q2 2020Revenue - Mining Operations13,74411,1685,93923%131%Gross Profit (Loss) (1) 3,8402,181 79676%382%Net Income (Loss) (3784)6,518 (636)-158%497%Net Income (Loss) Per Share - Basic ($/share) (0.01) 0.02 (0.00)-150%-100%Adjusted EBITDA (1) 1,1841,006 8818%1,245%Working Capital Deficiency (at period end)(11,665) (16,478) (30,801) -29% -62%
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