12:09 PM EDT, 08/21/2025 (MT Newswires) -- (Updates shares.)

Santacruz Silver Mining ( SCZMF ) , up 12% at last look on Thursday, reported a 1,348% rise in net income for the second quarter as it remains focused on "operational efficiency, balance sheet strength, and sustainable long-term growth".

The miner earned US$21 million, or US$0.06 per share, in the three months ended June 30, rising from a restated US$1.45 million, or nil per share.

Revenue rose 4% to US$73.3 million while adjusted EBITDA climbed 68% to US$26.8 million.

Among other highlights, silver equivalent production fell 15% to 3.55-million ounces; cash cost per silver equivalent ounce sold was $19.48, a 10% drop year-over-year; and AISC per silver equivalent ounce sold was $22.95, down 8% year-over-year.

"Our second quarter results reflect the strength and stability of Santacruz's business model," Executive Chairman Arthur Prestamo said. "We achieved solid revenue growth and significantly improved profitability, with net income and adjusted EBITDA both showing substantial gains. At the same time, we strengthened our balance sheet, ending the quarter with nearly $58 million in liquidity, which includes $40 million in cash and investments of $17.8 million. This strong position is after paying Glencore an additional $7.5 million under the acceleration payment plan while also achieving a 303% increase in working capital and lowering our costs year over year this quarter."

He added, "Whilst we faced challenges at our Bolivar mine that temporarily halted mining at the high-grade Pomabamba and Nane veins, our San Lucas ore sourcing business helped offset part of the impact. Remediation efforts are underway, and we expect production at Bolivar to normalize by Q4 2025. Our second quarter results highlight the resilience of our operations and our commitment to delivering value. We remain focused on operational efficiency, balance sheet strength, and sustainable long term growth."

The company's shares were last seen up $0.15 to $1.44 on the TSX Venture Exchange.

Price: 1.45, Change: +0.16, Percent Change: +12.02