08:08 AM EDT, 05/29/2025 (MT Newswires) -- Santacruz Silver Mining ( SCZMF ) overnight Wednesday swung to a profit in the 2024 financial year from a year-ago loss.

The company reported net income of US$164.5 million, or net earnings per basic share of US$0.46 for the year ended Dec. 31, 2024, compared with net loss of US$11 million, or net loss per basic share of US$0.03, the previous year.

Revenue increased to US$283 million from US$251.3 million a year earlier.

"Santacruz achieved a 13% increase in revenue and a 200% rise in adjusted EBITDA, supported by operational improvements and a favorable silver price environment," said Santacruz Chief Executive Arturo Prestamo. "These achievements strengthened the Company's balance sheet which allowed us to end the year with $36 million in cash, a 622% increase."

"In preparation for the audit, the accounting team identified a series of non-cash errors booked during the tenure of the former CFO. These non-cash errors caused a significant number of related adjusting entries in the current and prior years creating additional audit work and therefore the subsequent delay in filing the financial statements," continued Prestamo.

The company processed almost 2 million tonnes of ore, producing 18.7 million silver equivalent ounces in 2024.

Shares of the company closed up 4.5% to $0.7 on Wednesday on the TSX Venture Exchange.