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Santacruz Silver Mining Ltd.


Santacruz Silver Mining Ltd. is a Mexico-focused silver company with a producing project (Rosario) and two advanced-stage exploration projects (San Felipe and Gavilanes). Santacruz is managed by a team of technical professionals with proven track records in discovering, developing and operating silver mines in Mexico. The company has one of the strongest asset portfolios in the silver industry and will drive growth organically. Its target is to become a mid-tier silver producer and produce +5 Moz Ag eq within the next three years.

The information provided below is from analysts, newsletters and other contributors. Please contact the company and visit its website before making an investment decision.

Expert Comments:

The Gold Report Interview with Oliver Gross (4/2/14) "I am keen on Santacruz Silver Mining Ltd. This could be another First Majestic Silver Corp. Santacruz already achieved production at its Rosario mine in Mexico and has a tremendous portfolio of promising Mexican projects. I think Santacruz has the right people to succeed." More >

The Mining Report Interview with Stephan Bogner (4/1/14) "Santacruz Silver Mining Ltd. has brought Rosario into production with low capex and sound profit margins during bad market conditions, hence Santacruz will prosper nicely when silver prices are on the rise." More >

Jordan Roy-Byrne, The Daily Gold (3/27/14) "Santacruz Silver Mining Ltd. is a growth-oriented producer to watch. . .the company has the assets to grow production considerably and with just an $84M market cap, has minimal downside yet very strong upside potential if it can execute."

The Gold Report Interview with Brien Lundin (3/24/14) "I particularly like Santacruz Silver Mining Ltd. It has three projects at different stages—one in production, one nearing production and one that is defining a resource. Its future is laid out clearly for investors to see. It has great management with a proven ability to bring a project into production on a shoestring budget—and still ahead of budget and ahead of schedule. It's a silver growth story. . .Santacruz has a plan that's realistic and it has management and financial backing to bring it to fruition. The only question is the timing. If you're looking for a silver company that will grow significantly in resource and production over the next three or four years while you ride a rising wave of silver prices, then Santacruz is one of the best bets out there." More >

Chris Thompson, Raymond James (3/18/14) "Santacruz Silver Mining Ltd. released an operational update for its Rosario mine, which was in line with our rampup expectations. . .we are maintaining our Outperform rating and $1.50 target price on the company. We continue to view Santacruz as a compelling junior silver miner that offers significant development upside underpinned by an exceptional property portfolio."

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Raymond James (1/31/14) "We anticipate a slow yet structured ramp-up of production from Santacruz Mining Ltd.'s Rosario mine, driven by increased mine output (100 to 350 tpd from Q4/13 to Q2/14E). We expect the company to be cash flow positive in late Q4/13. . .a 43% return to target justifies our Outperform rating for Santacruz."

The Gold Report Interview with Lawrence Roulston (1/29/14) "First Majestic Silver and Endeavour Silver achieved fantastic success by developing past-producing silver mines and then bringing subsequent mines on with a strong operating team. Santacruz Silver Mining Ltd. fits that trajectory. Santacruz has four silver deposits with past production. The company has now brought the first mine into production. It has started development on the second deposit and the other two are in the pipeline." More >

The Mining Report Interview with Chris Thompson (12/31/13) "One company, Santacruz Silver Mining Ltd. offers production growth, as well as a stellar property portfolio. Our buy rating for Santacruz reflects the potential offered by this portfolio, which is longer term and not directly linked to current cash flow." More >

Chris Thompson, Raymond James (12/2/13) "We rate shares of Santacruz Silver Mining Ltd. Outperform and are maintaining our $1.70 target price. . .we believe the company is reaching an inflection point with the mine nearing break even. . .we are encouraged by the tonnage increases in October (~54 tpd) and November (~120 tpd), and expect a further increase in December (~200 tpd)."

Peter Spina, SilverSeek (11/13/13) "Santacruz Silver Mining Ltd. may well be the fastest growing silver miner in the coming year; 2013 required a lot of hard work to bring the first mine into production and the company is ambitiously moving toward building mine two. It will turn Santacruz Silver quickly into a midtier silver producer yet still relatively unknown since its IPO is just a year and half old. . .SantaCruz Silver has the right combination of property, people and place to build this relatively new company into a successful producer in the years ahead."

Kwong-Mun Achong Low, Jennings Capital (10/9/13) "Santacruz Silver Mining Ltd. reported 11 drill holes in the transversales vein, San Felipe, with highlight hole SCVT-02: 11.8m of 116 g/t Ag eq. . .drilling has traced the strike at transversales to 200m and a depth of 240m and it remains open along strike and at depth. We like the broader exploration potential of San Felipe, in particular the Las Lamas vein that only accounts for 5% of the ~50 Moz Ag eq resource and has averaged silver grades above 140 g/t during this round of drilling."

Kwong-Mun Achong Low, Jennings Capital (10/2/13) "SantaCruz Silver Mining Ltd. released 10 drill holes at its San Felipe project, Sonora, Mexico. Notably, the Las Lamas vein has been extended 450m along strike and 100m at depth with highlight hole SCLL- 15 returning 7m of 355 g/t Ag eq (93 g/t Ag, 8% Zn, 0.22% Cu, 0.24% Pb). . .we expect the silver grade of the overall resource to increase at the next update due late this year or early next. . .and expect long-hole stoping could be applied as the mining technique of choice, a usually more efficient and cheaper mining method, in our view."

Nicholas Campbell, Canaccord Genuity (10/2/13) "Drilling at Santacruz Silver Mining Ltd.'s San Felipe project continues to demonstrate the potential to add high grade mineralization and develop a high margin operation. . .given the company's growth, low associated capex and relatively high-margin assets, the company continues to be one of our preferred junior silver producers."

Morning Coffee (9/16/13) "Santacruz Silver Mining Ltd. provided a development update for the Rosario mine. . .development of the main access ramp continues to advance toward the Rosario II vein, which it is expected to intercept by mid-October. . .the Rosario mine remains on track to increase throughput to 500 tpd by the end of Q1/14; with positive cash flow expected over the next six months and low capex growth associated with the development of San Felipe and Gavilanes projects, Santacruz remains one of our preferred emerging producers in the junior silver space."

The Gold Report Interview with Brien Lundin (9/9/13) "Santacruz Silver Mining Ltd. is a new recommendation of ours. . .Santacruz made it into production at an incredibly low cost. It has laid out production plans for its three projects over the next few years. It's a great growth story." More >

Kwong-Mun Achong Low, Jennings Capital (9/3/13) "Santacruz Silver Mining Ltd.'s management expects Rosario to be cash flow positive by Q4/13. We model enough cash in the till to get Rosario up and running and for San Felipe property payments to be paid from operating cash flow. . .we maintain our Buy rating. . .though falling out of commercial production is disappointing, we believe management has the ramp-up efforts under control now."

Brien Lundin, Gold Newsletter (Jefferson Financial) (8/29/13) "I see Santacruz Silver Mining Ltd. as a great way to take another bite at the apple on Mexican silver plays. With a producing asset in Rosario and a high-potential target like San Felipe, this is a company that could take off like a rocket when silver spikes again."

Brien Lundin, Gold Newsletter (Jefferson Financial) (7/29/13) "I see Santacruz Silver Mining Ltd. as a great way for us to take a second bite at the apple on Mexican silver plays. . .the company has most of its upside still ahead of it. With a producing asset in Rosario and a high-potential target like San Felipe, Santacruz Silver could take off like a rocket if and when silver spikes again. It’s a Buy at current levels."

The Gold Report Interview with Stephan Bogner (7/15/13) "A Mexican silver producer that meets all my criteria, and is a prime example of how to do it right in today's difficult mining environment, is Santacruz Silver Mining Ltd., which has succeeded in bringing into production a mine during the period of low metal prices in Q2/13. Average mill throughput currently stands at around 120 tpd, ramping up to 200 tpd in Q4/13 and 500 tpd in 2014 to achieve an output of around 2 Moz Aq eq per year. When Rosario starts running at full capacity in 2014, silver prices may have recovered to higher levels. This could provide huge leverage on the share price because the company is currently producing relatively few ounces during this period of low silver prices, an estimated 2013 output of around 400–500 Koz Ag eq. Normally, a comparable 2 Moz per year silver mine requires $60–80M in capex, but Santacruz only spent $10M to construct Rosario, and Santacruz is ready to do it again with its San Felipe project, for which a capex of only around $20M is anticipated.

"San Felipe will be at feasibility stage by late 2013; three rigs are drilling as we speak. The initial drilling exceeds all expectations, exhibiting higher grades than historic drill results and superb core recoveries of around 95%. . .we expect San Felipe to start production in 2014, and it being much larger in scale than Rosario because Santacruz plans a 700 tpd mill throughput for its second mine. The third mine on Santacruz's agenda is Gavilanes, which is even higher grade than the average 200–250 g/t silver at Rosario and San Felipe. . .Santacruz has already successfully identified six other veins on Gavilanes with the Descubridora vein being the most promising one right now. . .Santacruz is set to achieve all-in production costs of an estimated $11/oz by 2014 with its Rosario mine, and its two other silver deposits are ready to follow an even larger path into highly profitable and low-risk silver mining." More >

Kwong-Mun Achong Low, Jennings Capital (7/2/13) "We see an opportunity for SantaCruz Silver Mining Ltd., trading at 0.33x, to receive a rerating as it continues to ramp up its production and remains securely financed with $17M in the bank as of the end of Q1/13. . .companies with higher-margin (lower-cost) projects have the greatest resilience to lower gold prices, and SantaCruz is one. . .it represents good relative value."

The Gold Report Interview with Roger Wiegand (6/24/13) "At Trader Tracks, we like Santacruz Silver Mining Ltd. at CA$1.15/share. We are looking for a 50% retracement back to CA$1.75/share." More >

Nicholas Campbell, Canaccord Genuity (6/14/13) "Santacruz Silver Mining Ltd. reported results from the initial six holes from the phase 2, 16,000m drill program at the Gavilanes silver project in Mexico. Drilling intercepted 191–1,741 g/t silver equivalent over 1–7.3m true widths. . .the results continue to demonstrate the potential to delineate a robust resource at the Gavilanes project with a high-grade zone developing at the GSA vein and a wider zone of mineralization firming up at the El Hundida stockwork zone."

Kwong-Mun Achong Low, Jennings Capital (6/13/13) "Santacruz Silver Mining Ltd. reported the first six holes of its phase 2 drill program at its Gavilanes project, Durango, Mexico; headline hole SCHN-12 was the best intercept released by Santacruz at Gavilanes to date, it returned 1,740 g/t Ag eq over 4.6m, which we view as very impressive, as the grade seems to hold up well across the entire width. . .management also reports that operations at Rosario were better than expected during April and May and that production continues to ramp up well during June."

The Gold Report Interview with Sean Rakhimov (5/31/13) "Santacruz Silver Mining Ltd. is a new producer this year. Santacruz just went into production at its Rosario property in Mexico. I like the management there. I like the pipeline of projects that will be coming down the pike, too. . .the company has a track record of frugal management that does good planning and estimates. The reason I like the company is the management. Its top two people are Mexican nationals who have been in the mining industry for some time. The chief technical person, Francisco Ramos, built a number of mines that have been successful. Because it's a Mexican company, it doesn't have a lot of issues with locals, permits and costs that a lot of companies operating in Mexico have had." More >

The Gold Report Interview with Tobias Tretter (5/29/13) "Santacruz Silver Mining Ltd. is a new silver producer out of Mexico. We are quite happy with the share performance so far. We took part in the initial public offering at $0.90/share, the shares traded up to a high of $2.50 and now the share price is at about $1.25. Santacruz recently did another $40M financing at $1.85/share, so the company is very well financed and it is a strong signal that the company was able do the financing without a warrant and the financing was oversubscribed immediately.

It's just the beginning; there's still a lot of potential. . .Santacruz is a unique company. It has been well funded from the beginning. The company also has no warrants outstanding so there is no big overhang. It is starting production at Rosario and declared commercial production one month ago. For just $10M capex Santacruz will produce 2 Moz silver annually. That's a very good start for the company. There's still some exploration upside there. Santacruz will start with 500 tpd, should be able to raise that to 700 tpd and may increase it again. Once Rosario is up and running, the company will focus more on San Felipe. The company has scheduled production at San Felipe for the first quarter of 2015. After that, the biggest upside will be Gavilanes, which should go into production in the first quarter in 2016. Santacruz has a very good production pipeline. It will go up to 5–6 Moz of production in the next couple of years." More >

Rockstone, Seeking Alpha (4/25/13) "Among our favorite stocks for short- and long-term recoveries is the new silver producer Santacruz Silver Mining Ltd., which announced the start of commercial production of its 100%-owned Rosario Mine. . .management achieved the tremendous work of becoming a producer in only eight months. For 2013, a production of around 500 Koz silver equivalent is expected. . .what makes Santacruz so special and valuable for today's shareholders is the fact that current and future development of resources and mines is to be financed with the cash flow generated from the Rosario Mine. . .the management of Santacruz has a compelling track record."

Nicholas Campbell, Canaccord Genuity (4/18/13) "Santacruz Silver Mining Ltd. announced commercial production at its 100%-owned Rosario project in San Luis Potosi, Mexico. . .we believe the company remains on track to start generating cash flow in H2/13, even at spot prices. . .Santacruz Silver is on the Canaccord Genuity Canadian Focus List."

Kwong-Mun Achong Low, Jennings Capital (4/16/13) "Santacruz Silver Mining Ltd. announced commercial production at Rosario. . .we view this as a significant milestone, as the company has placed its first mine into production under budget and on schedule. . .Santacruz successfully passes our commodity prices stress test: Using our downside case of $20/oz silver, $1,200/oz gold, $0.75/lb zinc and $0.85/lb lead, the projects remain economical. . .we maintain our Buy rating."

Lawrence Roulston, Resource Opportunities (2/25/13) "Santacruz Silver Mining Inc. has a busy year ahead of it, including the ramp-up to full production at Rosario as well as three aggressive exploration programs. Assuming those programs go as planned, the company would end the year with annualized silver production of 2 Moz. That production level is set to double over the following year. . .Santacruz shares are still undervalued relative to other Mexican silver producers and emerging producers."

Simon Russel, SilverSeek (9/18/12) "Santacruz Silver Mining Ltd. is led by experienced management with a history of making discoveries and building new mines. It is well poised for outstanding growth over the coming months and years. . .Santacruz's management has established a good relationship with the local community association, and earned their social license to operate here, as the company has signed a 30 year land-use lease agreement."

Lawrence Roulston, Resource Opportunities (7/25/12) "We are initiating coverage of Santacruz Silver Mining Ltd. . Santacruz, as a new public company, has so far gained little investor recognition. With silver production imminent and a clear path to a multimillion-ounce production level, the company offers tremendous upside potential."

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