Analyst Ben Pirie of Atrium Research maintained a Buy rating on Santacruz Silver Mining, with a price target of C$34.20.
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Ben Pirie has given his Buy rating due to a combination of factors relating to Santacruz Silver Mining’s strong recent performance and positioning. The company delivered solid 2025 results, with double‑digit revenue growth and nearly doubled adjusted EBITDA, largely supported by a significantly higher realized silver price that more than compensated for lower silver‑equivalent volumes.
Despite fourth‑quarter costs running higher than forecast because of ore purchase expenses at San Lucas and plant upgrades at Zimapan, improved silver pricing still drove meaningful profitability. Entering 2026 with a robust cash balance and a faster‑than‑expected operational recovery at Bolivar, Santacruz appears well placed to expand margins further, underpinning Pirie’s decision to reiterate a Buy rating and maintain a C$34.20 per share target price.
Based on the recent corporate insider activity of 16 insiders, corporate insider sentiment is negative on the stock. This means that over the past quarter there has been an increase of insiders selling their shares of SCZ in relation to earlier this year.