Santacruz Silver Mining Ltd. reported $113.5 million in revenues for the second quarter ended June 30, 2026, a 55% increase from $73.3 million in Q2 2025. Gross profit reached $51.1 million, up 102% year-over-year, while Adjusted EBITDA rose 74% to $46.7 million.

Financial gains were driven by higher metal prices. The average realized price per silver ounce climbed 118% to $72.17 compared to $33.13 in Q2 2025. Consolidated silver production increased 11% to 1,573,100 ounces, and zinc rose 10% to 23,240 tonnes.

Operational performance remained steady across all five assets despite road blockades in Bolivia that disrupted logistics for 53 days. The blockades constrained concentrate exports, particularly lead concentrate carrying most of the company's silver, causing sales to lag behind production and driving a $17.0 million inventory increase.

“The blockades did, however, temporarily constrain concentrate exports — particularly lead concentrate, which contains the majority of our silver production. As a result, sales were below production volumes during the quarter, contributing to an approximately $17.0 million increase in inventories.” — Arturo Préstamo, Executive Chairman and Chief Executive Officer

The blockades were resolved at the end of the quarter, and export normalization in Q3 has allowed Santacruz to draw down accumulated inventories. At the Bolivar mine, the company is on track to achieve full operational recovery by Q4 2026.

Net income declined 90% year-over-year to $2.0 million, weighed down by non-recurring tax items and a non-cash fair value adjustment.

“It's important to note that our net income for the quarter was significantly impacted by two non-recurring tax events associated with changes in Bolivia's exchange rate and inflation assumptions, as well as a non-cash fair value adjustment related to the Glencore contingent value rights (CVRs). These items obscure the underlying strength of our operating performance this quarter.” — Andrés Bedregal, CFO

“The largest impact on net income was an unusually high $36.1 million income tax expense caused by two non-recurring events. One event was the result of the revaluation of the Boliviano following the change in the official exchange rate from 6.96 to 9.77 Bolivianos per U.S. dollar, a 40% decrease.” — Andrés Bedregal, CFO

Santacruz ended the quarter with $72.8 million in cash and marketable securities, up 82% year-over-year, and working capital of $86.1 million.

Read the full announcement: Santacruz Silver Reports Second Quarter 2026 Financial Results