Santacruz Silver Mining Ltd. (SCZ:TSX.V; SCZMF:OTC; 1SZ:FSE) reported its Q1 2026 production results on April 16, 2026, with huge amounts of silver, zinc, lead, and copper mined and produced.
The total metrics for Q1 across the company's operating properties are:
- Silver: 1,341,499 ounces
- Zinc: 21,640 tonnes
- Lead: 2,686 tonnes
- Copper: 308 tonnes
Overall, Santacruz reported consolidated silver production of 1,341,499 ounces in Q1 2026, compared to 1,343,607 ounces in Q4 2025. Consolidated zinc production was 21,640 tonnes, down 9% from 23,846 tonnes in the prior quarter, while lead production decreased 10% to 2,686 tonnes and copper production increased 7% to 308 tonnes. Compared with Q1 2025, consolidated silver production decreased 16%, while consolidated zinc production increased 4%. Lead production was broadly unchanged year over year, and copper production increased 10%.
Silver equivalent production came in at 2,281,465 ounces, and zinc equivalent production came in at 59,370 ounces.
Arturo Préstamo, Executive Chairman and CEO of Santacruz, said in the release: "Q1 2026 was marked by strong operational progress at our Bolivar mine, where silver production increased 28% quarter-over-quarter to 259,635 ounces, driven by ongoing recovery efforts made in the areas affected by the localized flooding event that occurred in May 2025. Looking at our other assets in Bolivia, Caballo Blanco remained a steady contributor, while San Lucas continued to enhance plant utilization and operational flexibility. In Mexico, Zimapan consistently contributed to our consolidated production performance. It's important to mention that, as the Carnival holiday period in Bolivia occurs in Q1, the number of operating days is reduced as compared with other quarters. With fewer operating days, a reduction in production is expected. It's important to note that Bolivar's production increased in Q1 despite fewer operating days."
He continued, saying, "In response to the recent increased volatility in silver prices, and to better reflect the strength, resilience, and breadth of our silver-zinc co-product business model, we are enhancing our production disclosure beginning with Q1 2026. Our enhanced production disclosures will place greater emphasis on actual metal production, with silver equivalent and zinc equivalent metrics presented as supplemental production metrics only. We believe this new approach provides investors with a clearer, transparent, and more balanced view of operating performance across our diversified production portfolio. In addition, the new production disclosures will more appropriately reflect San Lucas's contribution, which differs from traditional mining operations, while remaining strategically important to our portfolio in Bolivia."
A Canadian company headquartered in British Columbia, Santacruz Silver Mining Ltd., is the largest underground mining company in Bolivia and also owns projects in Mexico.
Shaky Silver Market Actually Steady
Investing.com reported on the market the morning of April 21, 2026, quoting analysts at Vital Knowledge. They said, "[S]tocks traded very well considering the (ostensible) setback over the weekend in the U.S.-Iran negotiations (or lack thereof), but investors are starting to ignore the daily noise and nonsense and focus instead on the bigger picture."
Among the constant questions surrounding the trajectory of the U.S.-Iran War, other factors have begun to affect the market.
"Alongside geopolitical developments, investor focus has shifted to domestic factors, particularly the Senate confirmation hearing of Federal Reserve Chair nominee Kevin Warsh, whose relatively hawkish stance on monetary policy and preference for a leaner balance sheet have previously weighed on bullion," reported The Times of India on April 21. "Investors will parse his views on monetary policy, especially given his stance to favor a rate cut on AI-led productivity. A cautious view on inflation in light of the surge in oil prices due to the Iran war will weigh on commodities."
Silver's future looks bright despite these uncertainties. On April 19, Rich Duprey reported on the silver market for 247WallSt.com. Duprey wrote, "Silver enters 2026 facing its sixth straight annual structural deficit. The Silver Institute’s World Silver Survey 2026 projects a 46.3 million-ounce shortfall — 15% wider than the 40.3 million ounces recorded in 2025. Total supply is seen slipping 2% while demand eases only modestly."
Demand for silver may not be going anywhere, especially with President Trump's Section 123 Agreement, which allows other nations to access American nuclear reactor designs, fuel, and nuclear infrastructure. Silver is the most powerful conductor in the world and is necessary for building and maintaining these reactors. With interest from much of the world, silver's demand is unlikely to decline. On April 21, 2026, Wealth Daily wrote, "Silver-intensive components cycle out and must be replaced, meaning nuclear demand isn't a one-time construction cost — it's a continuing draw on supply."
Expert "Happy to Be a Shareholder"
According to Factset:
- On April 7, 2026, Maxim Group analyst Tate Sullivan gave the company a 'Buy' rating with a target price of CA$16.69.
- On April 16, 2026, Atrium Research Ben Pirie gave the company a 'Buy' rating with a target price of CA$34.20.
Streetwise Ownership Overview*Santacruz Silver Mining Ltd. (SCZ:TSX.V; SCZMF:OTC;1SZ:FSE)
*Share Structure as of 4/20/2026
Peter Krauth of The Gold Advisor responded to Arturo Prestamo's statement on the findings on April 20, writing, "This is great news, especially since San Lucas represents 27% of the company's AgEq production at about US$27 per ounce AgEq all-in sustaining cost (AISC). And with the Soracaya mine expected to start producing in Q4, I am happy to be a shareholder as I watch for growth and progress."
Permitting on the Horizon
The company's investor presentation lists upcoming catalysts, including permitting for the Soracaya Asset in Bolivia by Q3 2026, with initial production in Q4 2026.
Ownership & Share Information1
Santacruz Silver Mining Ltd. has a market cap of CA$1.7 billion, with 92.49 million shares outstanding. The company's 52-week range is CA$1.86-CA$23.90.
Institutions own 12.06% of shares, while Management & Insiders own 7.19%. The remaining 80.75% of shares are held by Retail.
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Important Disclosures:
- Cori Fisher wrote this article for Streetwise Reports LLC and provides services to Streetwise Reports as an employee.
- This article does not constitute investment advice and is not a solicitation for any investment. Streetwise Reports does not render general or specific investment advice and the information on Streetwise Reports should not be considered a recommendation to buy or sell any security. Each reader is encouraged to consult with his or her personal financial adviser and perform their own comprehensive investment research. By opening this page, each reader accepts and agrees to Streetwise Reports' terms of use and full legal disclaimer. Streetwise Reports does not endorse or recommend the business, products, services or securities of any company.
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1. Ownership and Share Structure Information
The information listed above was updated on the date this article was published and was compiled from information from the company and various other data providers.
