Monitor Bolivar mine's continued recovery trajectory and whether improved grades can sustain higher output. Watch for resolution of Zimapan's ventilation and power issues that suppressed production. The shift to actual metal reporting may improve transparency but removes favorable equivalent-ounce metrics that previously masked underlying declines.
Price Chart
Executive Summary
Santacruz Silver Mining reported Q1 2026 production of 1.34M ounces of silver and 21,640 tonnes of zinc, with consolidated silver flat QoQ but down 16% YoY. Bolivar mine silver output rose 28% QoQ due to recovery from 2025 flooding, while Zimapan and Porco saw declines. The company also revised its disclosure to emphasize actual metal production over equivalent metrics.
Key Facts
- Q1 2026 consolidated silver production: 1,341,499 ounces (0% vs Q4 2025, -16% vs Q1 2025)
- Bolivar mine silver production increased 28% QoQ to 259,635 ounces, driven by recovery from May 2025 flooding
- Zimapan mine silver production down 10% QoQ and 18% YoY due to ventilation delays and power interruptions
- Porco mine silver production down 14% QoQ and 41% YoY due to mine sequencing in zinc-rich areas
- Company revised production reporting to emphasize actual metal output over silver/zinc equivalent metrics
Financial Impact
Silver production flat QoQ but down meaningfully YoY; zinc output up 4% YoY but down 9% QoQ. Bolivar recovery progressing but not yet offsetting prior-year losses.
Risk Factors
- Bolivar mine has not yet returned to pre-flood production levels (still down 38% YoY)
- Zimapan faces operational headwinds from infrastructure delays and power supply instability
- Silver production decline at Porco may continue due to zinc-focused mine sequencing
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 5 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 6-K Filing (Primary) | 0001493152-26-017830 |
| Document: form6-k.htm | 0001493152-26-017830 |
| Document: 0001493152-26-017830-index-headers.html | 0001493152-26-017830 |
| Document: 0001493152-26-017830-index.html | 0001493152-26-017830 |
| Document: 0001493152-26-017830.txt | 0001493152-26-017830 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 22, 2026 4d ago | 6-K | $6.95 | awaiting T+20 | — | $7.51 (+8.06%) |
Sep 18, 2026 5w ago | 6-K | $9.03 $8.39 | ▼ −7.09% | ▼ −6.18% | $7.51 (−16.83%) |
Sep 9, 2026 6w ago | 6-K | $10.43 $8.45 | ▼ −18.98% | ▼ −20.93% | $7.51 (−28.00%) |
Aug 17, 2026 10w ago | 6-K | $8.75 $8.64 | ▼ −1.26% | ▲ +0.72% | $7.51 (−14.17%) |
Aug 7, 2026 11w ago | 6-K | $8.98 $9.97 | ▲ +11.02% | ▲ +11.94% | $7.51 (−16.37%) |
Jun 30, 2026 17w ago | 6-K | $6.49 $6.31 | ▲ +2.77% | ▲ +1.75% | $7.51 (−15.72%) |
Jun 9, 2026 20w ago | 6-K | $6.03 $6.67 | ▲ +10.61% | ▲ +6.99% | $7.51 (+24.54%) |
May 4, 2026 25w ago | 6-K | $7.78 $8.33 | ▲ +7.07% | ▲ +2.12% | $7.51 (−3.47%) |
Apr 17, 2026 27w ago | 6-K | $9.10 $8.56 | ▼ −5.93% | ▼ −10.14% | $7.51 (−17.47%) |
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