Santacruz Silver Mining Achieves Strong Q2 2024 Financial Results, Despite Non-Cash Charge Impact

Proactive - Interviews for investors

Arturo Prestamo, Executive Chairman and CEO of Santacruz Silver Mining, provided an in-depth update on the company's financial and operational performance during the second quarter of 2024. Speaking with Steve Darling from Proactive, Prestamo highlighted the company’s solid financial results, which were driven by strong production and revenue figures. Santacruz Silver Mining reported $70 million in revenue for Q2 2024, contributing to a total of $123 million in revenue for the first half of the year. The company also achieved nearly $16 million in gross profit during the quarter, underscoring the robust operational performance of its mining activities. However, Prestamo noted that the company's net income was affected by a non-cash charge of $6.9 million in the quarter. This charge was related to fair value changes on the contingent value rights, a financial instrument that was impacted by the rise in zinc prices from March to June. Despite this, the company maintained strong financial metrics, including an Adjusted EBITDA of $8.9 million for Q2 2024 and $8.6 million for the first half of the year. On the production side, Santacruz Silver Mining processed a total of 500,755 tonnes of material during the second quarter, contributing to a total of 971,504 tonnes processed in the first half of 2024. This led to the production of 4.8 million silver equivalent ounces in Q2, with a total of 9.3 million silver equivalent ounces produced in the first half of the year. Prestamo emphasized the company's commitment to maintaining strong operational performance while navigating the challenges posed by market fluctuations, such as the changes in zinc prices. Santacruz Silver Mining remains focused on optimizing its production processes and financial management to continue delivering value to its shareholders. As the company looks ahead to the remainder of 2024, it is poised to build on its successes from the first half of the year, with a continued focus on maximizing production efficiency and financial performance. #proactiveinvestors #santacruzsilverminingltd #tsxv #scz #mining #MiningIndustry #Q2Results #ArturoPréstamo #SilverAndZinc #CommodityPrices #ProactiveInvestors #MiningNews #Glencore #FinancialGrowth #MexicoMining#invest #investing #investment #investor #stockmarket #stocks #stock #stockmarketnews