Arturo Préstamo Elizondo

Santacruz Silver– Acquisition Of 500 TPD Mill To Unlock Production Growth At San Lucas & Other Mines

• Top takeaway He argues Santacruz is undervalued against mid-tier silver peers and expects its fundamentals — strong cash flow, no royalties or streams, and a treasury near $140 million — to eventually drive a rerating.
• He frames the 500 tpd mill purchase as a long-pursued strategic move that gives San Lucas dedicated milling capacity while removing milling as a constraint on growth at the company's three Bolivian mines.
• He guides to slightly over 10 million ounces silver equivalent in 2026 and expects growth at every operation next year through efficiencies at Bolivar and Zimapan plus the Soracaya ramp-up.
• He expects Soracaya to start producing in December 2026 and reach about 2.5-3 million ounces of silver equivalent a year, mostly silver, lifting the company's silver revenue share toward 60%.
• He says the growing treasury and clean balance sheet position the company to pursue accretive acquisitions as a third growth front alongside mine efficiencies and organic growth.

Santacruz bought a 500 tpd (tonnes per day) mill for about US$14 million, giving San Lucas dedicated capacity and freeing three Bolivian mills. Freed milling capacity at Bolivar, Porco, and Caballo Blanco should lift company-owned production gradually, with a revised mine plan expected by late November. Zimapan drilling keeps extending veins, and a mill upgrade is lifting recoveries and grades, supporting higher output and better costs next year. Soracaya, a silver-dominant development project, targets first production in December 2026 and 2.5-3 million silver-equivalent ounces (all metals counted as silver) at full run-rate. The guest argues Santacruz is undervalued at about a $1.1 billion market cap, with roughly $140 million in treasury and no royalties or streaming.

5th Silver Mine Going Online | Arturo Préstamo - Santacruz Silver

• Top takeaway Préstamo is very bullish on silver, calling for it to move beyond $80 within months of the interview and beyond $100 in the long run.
• He argues the boliviano's devaluation is a long-run benefit since about 85% of costs are in Bolivia, with only a near-term Q2 tax impact on US dollars held abroad.
• He stresses that production never stopped during the 53-day Bolivian blockade and that the stockpiled concentrate backlog was exported in Q3 2026.
• He frames buying ore from a few thousand small miners in Oruro and Potosi as the essence of the company, now supported by a dedicated 500-ton-per-day mill for San Lucas.
• He reports the treasury at around $120 million as of the interview, up from about $75 million at the Q2 2026 close, and says cash is building weekly.

Santacruz's CEO argues silver clears $80 within months and moves beyond $100 long term, framing producer economics around a rising metal price. A dedicated 500-tonne-per-day mill removes San Lucas's milling bottleneck, letting the ore-sourcing operation grow output 8-10% annually. Treasury grew from $75 million to roughly $120 million since Q2, and the boliviano devaluation trims dollar costs since about 85% of spending is local. Mines and mills never missed a day through Bolivia's 53-day blockade; rail concentrate exports flowed while trucked tonnes waited out the disruption. Soracaya targets 300 tonnes per day by December, then ramps toward 2.5-3 million silver-equivalent ounces (output expressed in silver terms) during 2028.

Santacruz Silver – Strong Q2 2026 Financials & Operations and Ongoing Growth Initiatives This Year

• Top takeaway CEO frames Q2 2026 as 'a very strong quarter operationally,' crediting optimization across all mines and the Bolivar dewatering (on track for full production by Q4 2026) as the main drivers.
• Defends the headline net income of ~$2.7M by separating out non-cash items: a $16M fair-value mark on the Glencore CVRs (Monte Carlo run by Ernst & Young) and a $36M tax accrual tied to the Bolivian FX revaluation (BOB moved from 6.9 to 11.9 per USD) — both non-operational and not affecting operating cash flow.
• Argues the underlying quarter was profitable and Q3 should look 'very strong' on the back of delayed concentrate shipments (~95% already cleared) plus $22M in Mexico final settlements and another ~$25M in Bolivian concentrate.
• Promises a maiden NI 43-101 resource estimate at Zimapan plus updated resource estimates for the Bolivian mines, with plans for yearly updates going forward — and flags first drilling in ~15 years at the Monte Mine plus strong intercepts at Caraxal level 960.
• On valuation, the CEO argues Santacruz is 'very undervalued' relative to peers on a per-ounce basis and points to the upcoming TSX uplisting, debt-free balance sheet, and the Soracaya build-out (target 3M oz silver equivalent) as catalysts for a re-rate.

Santacruz Silver posted strong Q2 results — revenue up 55% YoY — but a $36M Bolivian tax hit and $16M non-cash CVR adjustment masked profitability. The CVR pays Glencore only when monthly LME zinc exceeds $3,850/t; at current prices Santacruz nets $7-8M for every $1M paid. Bolivar mine is dewatering toward full production in Q4 2026, while the Soracaya permit should clear in September with first silver by year-end. First NI 43-101 compliant resource estimate at Zimapan is due next month; maiden drilling at the underexplored Monte Mine is underway. Management frames Santacruz as undervalued versus mid-tier silver peers, with cash north of $120M and a TSX uplisting due in September.

Santacruz Silver – Review Of Improved Q2 2026 Operations and Ongoing Growth Initiatives

• Top takeaway The guest credits Q2 2026 production gains to Bolivar's recovery and a 1,000-ton-per-month tonnage ramp at Zimapan, targets full Bolivar output by Q4 2026, and frames the high-grade Bolivar veins plus Zimapan level 960 as the central drivers of Q4 silver grades, recoveries and throughputs.
• He argues the head-grade bump from Q1 is unlikely to repeat on a like-for-like basis, with silver grades expected to stay steady and add only a slight increase next quarter as more Bolivar ore is fed into the plant.
• He pushes back on the base-metals narrative by reporting revenue at about 60% silver and 35% zinc, and highlights Caballo Blanco as the most profitable mine with all-in sustaining cash costs below $20.
• On growth, he points to Soracaya (full permitting expected by late August/early September 2026, initial production by mid-Q4 2026), a planned dedicated mill for the San Lucas ore-sourcing business, and active M&A targeting Americas assets producing north of 3 million ounces of silver.
• On financing and valuation, he cites treasury north of $75-80 million after about $30 million in 2026 tax payments, efficient working-capital financing in Bolivia (latest promissory note at about 10% versus about 15% inflation), no material debt, and expects the TSX up-listing to close in early September 2026.

Santacruz's Q2 2026 silver output jumped 17% QoQ to 1.57M oz, lifted by Bolivar's post-flood recovery and Zimapan's faster throughput. By Q4, Bolivar's high-grade Bamba and Nanae veins and Zimapan's Level 960 zone should lift head grades (the silver content of mined ore) further. The Soracaya silver mine, already partially developed, is set for Q4 initial ramp-up, shifting the production mix further toward silver. Management is scouting Americas acquisitions producing more than 3M oz silver annually, funded by a $75M-$80M treasury and clean balance sheet. Bolivian promissory notes at 10% versus 15% local inflation fund San Lucas working capital at a real negative rate.

Santacruz Silver – Visual Review of Q1 2026 Financials/Operations & Ongoing 2026 Growth Initiatives

Santacruz Silver delivered exceptional Q1 2026 financials with $127.5M revenue and $28.5M net income, driven by a 128% YoY increase in realized silver prices. The Bolivar Mine is recovering from a May 2025 water inflow event, with full production expected by Q4 2026 as high-grade silver veins are re-accessed. Key 2026 growth initiatives include ramping up the Soracaya project by Q4 and increasing throughput at the high-volume Zimapán Mine in Mexico.

Silver Is Strong Again, and This Producer Is Ramping Up | Arturo Prestamo - Santacruz Silver

Santacruz Silver is positioned for a stronger second half as Bolivar recovers from flooding and Sorakaya approaches production. CEO Arturo Préstamo highlights the company's financial differentiation with positive cash flow, retained earnings, and a growing treasury. Rising silver and zinc prices are significantly improving the company's business economics and prompting a change in reporting metrics.

Santacruz Silver – Review of 2025 Financials and Operations, and Ongoing 2026 Growth Initiatives

Santacruz Silver achieved record 2025 financials with $326.4M revenue and $104.6M adjusted EBITDA, while completely eliminating debt and adding $70M to treasury. Bolivar mine recovery from May 2025 flooding is progressing ahead of schedule with full recovery expected Q4 2026, while multiple growth initiatives advance across portfolio. Company is positioned for accretive acquisitions in the Americas, targeting producing or development-stage underground mining assets that can unlock shareholder value.

Arturo Préstamo Elizondo of Santacruz Silver Mining Ltd. talks to Don Durrett | MIF | February 2026

Santacruz Silver CEO discusses company operations across four producing mines in Bolivia and Mexico, focusing on disciplined growth and operational optimization. Interview highlights Santacruz's strategy for increasing silver and base metals production while improving operational efficiencies across its Latin American portfolio. Metals Investor Forum provides investors direct access to vetted junior mining management teams with excellent financials and promising properties.

Arturo Préstamo Elizondo of Santacruz Silver Mining Ltd. at MIF in Toronto | February 2026

Arturo Préstamo Elizondo, CEO of Santacruz Silver Mining, presents at the Metals Investor Forum in Toronto. The forum features vetted junior mining companies with excellent management, strong financials, and promising properties. Investors gain direct access to assess management teams through face-to-face interactions and critical Q&A sessions.

Santacruz Silver – Nasdaq Uplisting, Q4 Operations Review, and 2026 Growth Initiatives

• Top takeaway Frames 2026 as an execution year on multiple growth levers — Bolivar recovery, Esperanza coming online at Caballo Blanco, Zimapon efficiency upgrades, and Sorocaya permitting — layered on a constructive silver-price backdrop that he says materially strengthens cash flow.
• Argues the stock still has 'room to go' on the basis of three fundamentals he returns to repeatedly: a clean balance sheet (no debt, streams, or royalties), growing production, and ~55% of revenue coming from silver (rising as Sorocaya ramps).
• Positions Santacruz as willing and able to make accretive acquisitions in the Americas, including the US and Canada, prioritizing synergies with current underground operations and management capability over jurisdiction, and explicitly rejecting value-destructive deals.
• For Sorocaya, he expects full permitted capacity (~12 months after permits) of roughly 850-900 tons per day, producing around 3 million silver-equivalent ounces per year — mostly silver — at all-in sustaining costs comparable to Caballo Blanco (~$17-20/oz silver equivalent).
• Pitches the no-stream/no-royalty structure as the reason 'every penny' of the step-change in Q1 2026 realized prices (vs. Q4 2025) flows directly to shareholders.

Santacruz Silver uplisted to NASDAQ in January 2026, citing growth-stage visibility over the NYSE. Q4 2025 production hit 3.74M silver-equivalent ounces, up 34% sequentially; full-year 2025 around 14M oz. Treasury reached ~$80M with no debt, streaming, or royalties — full upside on silver at $114. 2026 growth comes from Esperanza (zinc) by late February, Zimapán's high-grade Level 960, and Soracaya in Q4. Management is evaluating accretive underground acquisitions across the Americas beyond current Bolivia and Mexico footprint.