07:36 AM EDT, 06/13/2025 (MT Newswires) -- Santacruz Silver Mining ( SCZMF ) overnight Thursday said first-quarter profit fell even as revenue climbed.

Net income fell 93% to US$9.4 million, compared to US$132.6 million in the year-ago quarter. The company noted that the decrease in net income is related to an extraordinary gain recorded in the first quarter of 2024.

The company's first-quarter revenue rose by a third to US$70.3 million from US$52.5 million in the corresponding year-ago quarter. The company stated that the climb in revenue is primarily due to an increase in the average realized price of silver to US$31.88 in the quarter, compared to US$23.35 in the year-ago quarter.

The company's all-in sustaining cash cost per silver equivalent ounce sold fell about 8% to US$22.34 from US$24.27in the first quarter of 2024.

"We maintained a strong liquidity position at quarter-end, closing with $33 million in cash and cash equivalents," said Santacruz Silver Mining ( SCZMF ) Executive Chairman and Chief Executive Arturo Prestamo. "This was achieved despite a $10 million payment under the voluntary acceleration plan and the settlement of more than $19 million of 2024 current income tax."