Santacruz Silver Mining Ltd. (SCZ:TSXV)

  • Santacruz is a multi-asset Canadian mining company focused on silver with assets in Latin America.

  • In April, the Company refinanced its debt with Glencore, reducing net debt from $176M in Q4/23 to $46M in Q3/24.

  • SCZ is now printing cash, generating $30M in OCF in Q3 and is on pace to generate $79M in 2024E.

  • SCZ is trading at just 2x 2025E CF compared to small/mid-cap silver producers at 7x.

Investment Summary

Company Description

Santacruz Silver is engaged in the operation, acquisition, exploration, and development of mineral properties in Latin America. The Bolivian operations are comprised of three operating mines, the Bolivar, Porco, and Caballo Blanco Group. The Soracaya exploration project and San Lucas ore sourcing and trading business are also in Bolivia. The Zimapan mine is in Mexico.

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