Santacruz Silver Mining Ltd.
Santacruz Silver operates four producing mines plus an ore-sourcing business -- Bolivar and Porco in Bolivia (held through a net-profits agreement with the state miner COMIBOL, under which Santacruz receives 45% of the profits), the 100%-owned Caballo Blanco Group in Bolivia, the Reserva Mine feeding its San Lucas ore-processing business (also Bolivia), and the Zimapan mine in Mexico. Q2 2026 production totaled 1,573,100 oz silver, plus 23,240t zinc, 3,165t lead, and 337t copper. Silver is its leading metal by value, about 60% of its attributable mine output in the first half of 2026 at realised prices.
Notable vs. Peers
- Jurisdiction risk score of 3/10 is meaningfully riskier than the peer average of 6.9/10.
- All-in sustaining cost of $25.34/oz Ag, co-product is 30% lower than the peer producer average of $36.41/oz Ag, co-product.
Lifecycle Milestones
Construction Milestones
1 of 5 reached- Not yet reached · Recorded, but disputed: not counted as reached · Source
- Not yet reached · Recorded, but disputed: not counted as reached · Source
- Not yet reached · Recorded, but disputed: not counted as reached · Source
- Not yet reached · Recorded, but disputed: not counted as reached · Source
- Reached — date not disclosed · Source
Milestones are recorded only from a company's own dated disclosure. A milestone with no date shown is one we can confirm was reached but for which no date was disclosed — we don't estimate one. "Not yet reached" means exactly that, not that a date is missing. An "Expected" line likewise only ever reflects the company's own guidance (e.g. a study or permit decision targeted for a stated quarter) — most not-yet-reached milestones have none, and that absence means no such guidance has been disclosed, not that one is overdue.
Combined view across 4 projects. Figures below are only combined where the underlying basis genuinely matches -- see the notes under each.
Jurisdiction (40%)3/10
Santacruz's Bolivian mines are Bolivar and Porco, run under the Illapa joint operation with the state miner COMIBOL (Santacruz receives 45% of net profits; the agreement expires in 2028), and the 100%-owned Caballo Blanco Group and Soracaya project. Bolivia has a documented history of resource nationalism and recent political and economic instability. Santacruz also runs the Zimapán mine in Mexico.
Infrastructure (40%)10/10
A confirmed mill, confirmed road access, confirmed grid power, and a confirmed tailings facility at Bolivar Mine, Bolivia.
Nearby producing mine (20%)10/10
Huanuni (Corporacion Minera de Bolivia) is 18 km away -- within shared-mill trucking range.
Acquisition Susceptibility
A relative ranking of how closely this company matches the profile of juniors that have actually been acquired — not a probability, and not a reason to buy. Acquisitions are rare: only a few dozen significant deals happen a year across a universe of thousands of juniors, so even a high score here describes a long shot. The strongest signal in the research, a producer that already owns part of the company, is scored from its disclosed strategic shareholders. A producer that is a joint-venture or earn-in partner on the project, rather than a shareholder, isn't captured yet.
How this score is built
- Disclosed pending dealSub-score: Not scored
No pending acquisition or merger disclosed (checked)
Not scored: having no deal in flight isn't held against a company.
Weight 26.25% - Producer's strategic stakeSub-score: Not scored
No producer holds a disclosed stake on file (holder register researched) See holders
Not scored: most juniors that do get bought had no prior toehold, so a missing stake says little either way.
Weight 25% - Distance to a producing mineSub-score:8.2/10
Nearest producing mine: Huanuni (Corporacion Minera de Bolivia), 18 km
10 next to a producing mine, 8 at 20 km, 5 at 50 km, 0 beyond 200 km.
Weight 22.5% · 46% here - Lifecycle stageSub-score:5.5/10
Stage: Production
Feasibility and permitting score 10, where deals cluster, and production 5.5; earlier stages score less, down to 1 at grassroots.
Weight 15% · 31% here - JurisdictionSub-score:3/10
Bolivia: jurisdiction score 3/10
Our jurisdiction score, used as is: higher means lower political and permitting risk.
Weight 6.75% · 14% here - CommoditySub-score:5/10
Primary commodity: Silver
Gold 10, copper 8, silver 5, nickel and uranium 4, others 2: most majors' deals are for gold.
Weight 4.5% · 9% here
Weight is each input's share of the full score. “Here” is its share of this company's score: inputs that aren't scored are left out and the rest re-weighted, never counted as zero.
Your Rankings
Management Team
Executive Chairman and Chief Executive Officer of Santacruz Silver Mining Ltd. C.P.A. from the University of Monterrey, holds a Master's degree from EGADE University and a professional degree from I.P.A.D.E. Business School. Over 20 years of executive and operational experience in the precious metals mining sector. Previously Director of Planning, Corporate Finance and Investor Relations at public companies. A member of Mexico's Mining Chamber (CAMIMEX).
Chief Financial Officer of Santacruz Silver Mining Ltd. Expertise in financial planning, investment analysis, mergers and acquisitions and risk assessment. Holds a BA in Economics and Political Science from the University of Kansas, a Master's in Finance from Universidad Católica Boliviana and an MBA from Universidad Privada Boliviana (La Paz); a CFA Program Level III Candidate.
Chief Operating Officer of Santacruz Silver Mining Ltd. Over 18 years of senior mining leadership experience. Career: over 12 years in key leadership roles (incl. Director of Occupational Health & Safety and General Services) at Minera San Cristobal S.A., a major silver-lead-zinc mine in Bolivia and a Sumitomo Corporation subsidiary; Executive Chairman/President of the company's Bolivian operations (Grupo Minero Sinchi Wayra) since Mar 2022, before becoming COO of the parent company. President of Bolivia's National Association of Mid-Tier Miners since 2022, re-elected in 2024.
Insiders, Investors & Smart Money
Notable shareholders and insiders whose involvement is worth knowing about, plus what we're seeing from institutional/large-investor activity.
Global commodities trader Glencore's relationship with Santacruz Silver is deferred vendor payments from an asset acquisition, not an equity stake -- the shareholder register is otherwise empty of strategic or specialist backing.
No notable insiders tracked for this miner yet.
Reports, Presentations & Documents
Santacruz Silver Mining's leading metal by value is silver: in the first half of 2026 silver was about 60% of its attributable mine production at realised prices (US$76.33/oz silver, US$3,289/t zinc) and zinc about 34%. It produces silver, zinc, lead and copper from the Bolivar, Porco and Caballo Blanco operations in Bolivia, the San Lucas ore-sourcing business fed by the Reserva mine, and the Zimapan mine in Mexico. Bolivar and Porco are held through a 45% profit-share association with the state miner COMIBOL, while Caballo Blanco and the Soracaya project are 100% owned. On that attributable basis, measured and indicated resources contain 21,026,500 oz of silver (13,184,750 oz measured, 7,841,750 oz indicated) plus 74,927,950 oz inferred, from estimates effective 1 January 2023 (Soracaya, inferred only, 1 January 2024); Zimapan has no current resource estimate. Q2 2026 production was 1,573,100 oz of silver, 23,240 t of zinc, 3,165 t of lead and 337 t of copper, and revenue rose 55% to US$113.5M. No economic study has been published for any of the operations.