Santacruz Silver Mining Ltd. (SCZM) Q1 2026 Earnings Call

Investor webinar replay

Replay transcript excerpt

Hi everyone, thank you for joining us. Today we have Santa Cruz's Q1 results webinar. I am joined by CEO and Executive Chairman Arturo Prostamo and CFO Andres Bedregal. Management will start off with commentary on the quarter before getting into Q&A. We may be making some forward-looking statements. If you'd like to know more about those, you can find them on the company's website. And with that out of the way, I'll turn it over to Arturo to get us started. Good morning, everyone, and thank you for joining us. Q1 was a strong quarter for Santa Cruz, not only from a financial standpoint, but also in demonstrating the continued evolution and strengthening of our business platform. The quarter highlighted the advantages of our diversified multi-asset, multi-jurisdictional operational model, with Silver and Zinc as our core products and further supported by the stability and flexibility provided by our oil sourcing business. From an operating perspective, consolidated silver production was broadly stable compared with Q4, and zinc production remains above the prior year's quadrant. The Bolivar mine continues its recovery, with silver production up in a meaningful way again, quarter over quarter, this time, as you can see, with a 28% increase this last quarter. Caballo Blanco remains our strongest and most profitable mine. CIMAPAN also, our highest high-volume operation, delivers strong gross profit during the quarter, despite lower recoveries and head grades coming in below budget. These results were primarily impacted by the intermittent operational disruption related to the power grid improvements carried out by the Comisión Federal de Electricidad in Mexico. Mexico's national power supplier, as well as limited access to level 960 due to ventilation constraints in the ...