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Santacruz Silver Reports Third Quarter 2021 Financial Results
Vancouver, British Columbia--(Newsfile Corp. - November 30, 2021) - Santacruz Silver Mining L...
About this update from Santacruz Silver Mining Ltd.
[{"type":"text","content":"Santacruz Silver Reports Third Quarter 2021 Financial ResultsVancouver, British Columbia--(Newsfile Corp. - November 30, 2021) - Santacruz Silver Mining Ltd. (TSXV: SCZ) (\"the Company\" or \"Santacruz\") reports its financial and operating results for the third quarter (\"Q3\") of 2021. The full version of the consolidated financial statements and accompanying management discussion and analysis (\"MD&A\") 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 United States dollars, except per unit amounts, unless otherwise indicated.Revenues increased by 55% to $14.6 million during Q3 2021 (Q3 2020 - $9.4 million).Gross profit increased by 190% to $3.7 million during Q3 2021 (Q3 2020 - $1.3 million).On October 13, 2021, the Company announced it had entered into a definitive share purchase agreement with Glencore plc whereby Santacruz has the right to acquire a portfolio of Bolivian silver-base metal assets from Glencore plc.Carlos Silva, CEO of Santacruz, stated; \"We continue to increase our mine production and revenue for the third and fifth consecutive quarter respectively. Production costs were impacted as a result of a Mexican labour reform that came into effect during the quarter. This labour reform required the Company to recognize certain labour liability accruals for their employees, including but not limited to vacation, holiday bonuses, annual bonuses, savings funds, and seniority departure payments which totaled approximately $1.3 million. In addition, a non-recurring charge to administrative expenses of $0.4 million related to severance payments resulting from the decision to place the Rosario mine on care and maintenance, various non-recurring costs associated with the Zimapan Mine acquisition and other non-cash charges also impacted the quarter-end results.\" Financial Results Selected financial information for the three-month periods ended September 30, June 30 and March 31, 2021 and December 31 and September 30, 2020 is presented below: 20212020Q3 2021 % Change vsQ3Q2Q1Q4Q3Q2 2021Q3 2020Revenue - Mining Operations14,60113,74411,1689,9059,4376%55%Gross Profit (Loss) (1)3,6563,8402,1818071,259-5%190%Ne...