Research from Atrium Research, Atrium Research Corporation

Atrium Research

Research from Atrium Research

Atrium Research Corporation

Atrium Research provides institutional quality issuer paid research on public equities in North America. Our investment philosophy takes a 3-5 year view on equities currently being overlooked by the market. Our research process emphasizes understanding the key performance metrics for each specific company, trustworthy management teams, unit economics, and an in-depth valuation analysis. 

Our research product includes in-depth initiation reports, research notes, thematic research pieces, and company fact sheets.

Equity Bottom-Up

Santacruz Silver Mining / Equity Bottom-Up

<ul><li>What you need to know: • SCZ has acquired a new 500tpd mill in Bolivia that will be utilized to continue expanding the San Lucas ore-sourcing business.</li><li>• The additional capacity will also remove processing constraints to grow SCZ’s other three Bolivian mine operations, which deliver higher margins.</li><li>• Commercial production at the new mill is expected in Q4, and SCZ anticipates higher consolidated production in 2027.</li></ul>

What you need to know: • SCZ has acquired a new 500tpd mill in Bolivia that will be utilized to continue expanding the San Lucas ore-sourcing business.• The additional capacity will also remove processing constraints to grow SCZ’s other three Bolivian mine operations, which deliver higher margins.• Commercial production at the new mill is expected in Q4, and SCZ anticipates higher consolidated production in 2027.

SCZ: Acquires 500tpd Mill in Bolivia; Uplisting on Monday

<ul>
<li>Q2 financial results were impacted by non-recurring tax events and a non-cash CVR revaluation.</li>
<li>In addition, revenue was affected by concentrate export constraints due to now resolved blockades in Bolivia, resulting in sales below production.</li>
<li>Operational performance remained strong with mining operations displaying declining costs, and ore processing delivering higher margins.</li>
</ul>


Q2 financial results were impacted by non-recurring tax events and a non-cash CVR revaluation.
In addition, revenue was affected by concentrate export constraints due to now resolved blockades in Bolivia, resulting in sales below production.
Operational performance remained strong with mining operations displaying declining costs, and ore processing delivering higher margins.


SCZ: Q2 Impacted by Non-Recurring Items; Costs Declined QoQ

<ul>
<li>Santacruz reported Q2 production of 2.81Moz AgEq beating our 2.68Moz forecast by ~5%, with solid QoQ increases across all assets.</li>
<li>Consolidated production included 1.57Moz Ag, 23.2Kt Zn, 3.2Kt Pb, and 0.3Kt Cu, marking QoQ increases for all payable metals.</li>
<li>SCZ achieved this strong growth despite supply chain challenges in Bolivia, highlighting the team’s ability to execute.</li>
</ul>


Santacruz reported Q2 production of 2.81Moz AgEq beating our 2.68Moz forecast by ~5%, with solid QoQ increases across all assets.
Consolidated production included 1.57Moz Ag, 23.2Kt Zn, 3.2Kt Pb, and 0.3Kt Cu, marking QoQ increases for all payable metals.
SCZ achieved this strong growth despite supply chain challenges in Bolivia, highlighting the team’s ability to execute.


SCZ: Q2 Displays Strong QoQ Growth; ~5% Beat vs. Our Estimates

<ul>
<li>Santacruz reported Q1 results displaying QoQ growth in revenue and adjusted EBITDA driven by higher realized prices and stable costs.</li>
<li>The quarter was highlighted by an impressive $31.70/oz silver margin, which has increased 134% QoQ, facilitating strong cash generation.</li>
<li>SCZ ended the quarter in a solid position with $64.9M in cash and marketable securities despite paying $31.5M in taxes in Q1.</li>
</ul>


Santacruz reported Q1 results displaying QoQ growth in revenue and adjusted EBITDA driven by higher realized prices and stable costs.
The quarter was highlighted by an impressive $31.70/oz silver margin, which has increased 134% QoQ, facilitating strong cash generation.
SCZ ended the quarter in a solid position with $64.9M in cash and marketable securities despite paying $31.5M in taxes in Q1.


SCZ: Q1 Displays 134% QoQ Increase in Silver Margins

<ul><li>What you need to know: • Santacruz posted Q1 production results including AgEq production of 2.3Moz vs. our estimate of 2.6Moz.</li><li>The miss was driven by lower than anticipated production at Zimapan and San Lucas.</li><li>• The highlight of the quarter was Bolivar which showed 28% QoQ silver production growth, beginning to bounce back from the 2025 flood.</li></ul>

What you need to know: • Santacruz posted Q1 production results including AgEq production of 2.3Moz vs. our estimate of 2.6Moz.The miss was driven by lower than anticipated production at Zimapan and San Lucas.• The highlight of the quarter was Bolivar which showed 28% QoQ silver production growth, beginning to bounce back from the 2025 flood.

SCZ: Q1 Production Results; Bolivar Improving QoQ

Canada

Santacruz Silver Mining Ltd. explores and mines for silver ores. The Company develops, operates and discovers silver mining assets throughout Mexico.

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Santacruz Silver Mining (SCZ CN)

SCZ: Acquires 500tpd Mill in Bolivia; Uplisting on Monday

What you need to know: • SCZ has acquired a new 500tpd mill in Bolivia that will be utilized to continue expanding the San Lucas ore-sourcing...

Atrium Research

SCZ: Q2 Impacted by Non-Recurring Items; Costs Declined QoQ

In addition, revenue was affected by concentrate export constraints due to now resolved blockades in Bolivia, resulting in sales below production.

Atrium Research

SCZ: Q2 Displays Strong QoQ Growth; ~5% Beat vs. Our Estimates

Santacruz reported Q2 production of 2.81Moz AgEq beating our 2.68Moz forecast by ~5%, with solid QoQ increases across all assets.

Atrium Research

SCZ: Q1 Displays 134% QoQ Increase in Silver Margins

Santacruz reported Q1 results displaying QoQ growth in revenue and adjusted EBITDA driven by higher realized prices and stable costs.

Atrium Research

SCZ: Q1 Production Results; Bolivar Improving QoQ

What you need to know: • Santacruz posted Q1 production results including AgEq production of 2.3Moz vs. our estimate of 2.6Moz. The miss was...

Atrium Research

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