Santacruz Silver Mining (SCZ) AI Stock Analysis

• Market Cap: C$1.17B
• Dividend Yield: N/A
• Average Volume (3M): 1.74M
• Price to Earnings (P/E): 10.9
• Beta (1Y): 3.59
• Revenue Growth: 21.03%
• EPS Growth: -48.39%
• Country: CA
• Employees: 455
• Sector: Basic Materials
• Sector Strength: 58
• Industry: Silver
• EPS (TTM): 0.28
• Shares Outstanding: 91,497,185
• 10 Day Avg. Volume: 1,827,079
• 30 Day Avg. Volume: 1,735,448
• PEG Ratio: <0.01
• Price to Book (P/B): 0.52
• Price to Sales (P/S): 0.24
• P/FCF Ratio: 2.15
• Enterprise Value/Market Cap: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: C$34.20
• Price Target Upside: 80.00% Upside
• Rating Consensus: Moderate Buy
• Number of Analyst Covering: 1
• EPS Forecast (FY): 0.88
• Revenue Forecast (FY): C$375.30M

• Rating: 73 Outperform
• Price Target: C$19.00 ▲(0.00% Upside)
• Action: Reiterated Date: 01/24/26
• Date: Action: Reiterated 01/24/26

The score is driven primarily by strong financial performance (rapid revenue growth, high profitability, solid cash conversion, and low leverage). Technicals support an uptrend, but overbought momentum signals raise near-term risk. Valuation is moderate (P/E ~18) with no dividend data to enhance the profile.

Positive Factors

Strong revenue growth & margins

Sustained high revenue growth alongside strong gross, EBIT and net margins indicates the company is scaling productive underground operations while controlling costs. Durable margin expansion improves cash generation and funds reinvestment, lowering reliance on external financing across cycles.

Conservative leverage and high ROE

Very low leverage combined with a high return on equity gives financial flexibility to fund capex or exploration without heavy borrowing. This balance-sheet strength supports resilience through commodity cycles and preserves strategic optionality for long-term development.

Solid cash conversion and FCF growth

Strong operating cash conversion and positive FCF growth demonstrate the business can translate reported profits into spendable cash. Reliable cash generation underpins sustaining capex, exploration budgets and reduces dependence on dilutive equity or costly debt over multi‑quarter horizons.

Negative Factors

Historical volatility in metrics

The firm's past variability in revenue, cash flow and capital structure signals operational and market sensitivity—common in mining. Such volatility complicates multi‑period planning, increases forecasting risk for capital projects, and can strain liquidity during downturns.

Declining EPS growth

A near‑50% drop in EPS despite revenue gains suggests profit per share pressure from dilution, non‑recurring charges, or higher costs. Persistent EPS weakness undermines per‑share returns and can constrain investor confidence and the company’s ability to attract capital on favorable terms.

Geographic concentration & commodity exposure

Concentration in Latin America exposes operations to country‑specific permitting, political and logistic risks, while reliance on silver and by‑product metals ties cash flow to commodity cycles. These structural exposures increase operational and revenue volatility over medium terms.

Santacruz Silver Mining Business Overview & Revenue Model

Company Description

Santacruz Silver Mining Ltd., together with its subsidiaries, engages in the acquisition, exploration, development, and operation of mineral properties in Mexico. The company primarily explores for silver and zinc, as well as lead and copper deposits. It holds interests in the Zimapan Mine that consists of 34 mining concessions covering an area of 5,139 hectares located in Hidalgo, Mexico; and two exploration properties, which include the La Pechuga Property and the Santa Gorgonia Prospect. The company was formerly known as Forte Resources Inc. and changed its name to Santacruz Silver Mining Ltd. in April 2012. Santacruz Silver Mining Ltd. was incorporated in 2011 and is based in Vancouver, Canada.

How the Company Makes Money

Santacruz Silver Mining generates revenue primarily through the extraction and sale of silver and other metals from its mining projects in Mexico. The company operates several properties, including the Rosario project and the Veta Grande project, where it extracts valuable minerals and sells them to metal purchasers and refiners. Key revenue streams include the direct sale of silver, gold, and other by-products obtained during the mining process. Additionally, Santacruz may enter into strategic partnerships or joint ventures with other mining companies or stakeholders to enhance its operational capabilities and expand its market reach. Fluctuations in the global prices of silver and other metals, as well as the efficiency of its mining operations, play significant roles in the company's overall earnings.

Santacruz Silver Mining Financial Statement Overview

Summary

Strong fundamentals overall: Income Statement score (85) reflects rapid TTM revenue growth (+57.5%) and robust margins (net 21.20%, EBIT 34.84%). Balance Sheet (75) shows conservative leverage (debt-to-equity 0.14) and strong ROE (44.18%), while Cash Flow (78) indicates solid cash conversion (OCF/net income 0.85) and positive FCF growth (+16.37%). Historical volatility across metrics remains a key risk.

Income Statement

Santacruz Silver Mining has shown impressive revenue growth with a TTM (Trailing-Twelve-Months) increase of 57.5%, reflecting strong market demand. The gross profit margin improved to 31.04%, indicating better cost management. The net profit margin at 21.20% and EBIT margin at 34.84% are robust, showcasing operational efficiency. However, past volatility in revenue growth and profitability should be monitored.

Balance Sheet

The company's debt-to-equity ratio is low at 0.14, suggesting a conservative leverage approach. Return on equity is strong at 44.18%, indicating effective use of equity to generate profits. The equity ratio of 45.98% shows a solid equity base. However, historical fluctuations in equity and debt levels pose potential risks.

Cash Flow

Operating cash flow to net income ratio is healthy at 0.85, indicating good cash conversion. Free cash flow growth of 16.37% in the TTM period is a positive sign. The free cash flow to net income ratio of 0.67 suggests efficient cash generation relative to profits. Past inconsistencies in cash flow growth warrant attention.

Breakdown	TTM	Mar 2025	Mar 2024	Mar 2023	Mar 2022	Mar 2021
Income Statement
Total Revenue	305.27M	282.99M	251.26M	278.59M	53.33M	33.10M
Gross Profit	99.62M	76.93M	63.98M	22.87M	10.30M	988.00K
EBITDA	123.78M	52.52M	50.70M	4.91M	-815.00K	111.00K
Net Income	76.63M	164.48M	16.15M	-18.51M	-11.56M	-1.49M
Balance Sheet
Total Assets	398.54M	374.02M	339.04M	337.52M	60.91M	32.83M
Cash, Cash Equivalents and Short-Term Investments	53.43M	35.72M	5.01M	7.38M	5.04M	430.00K
Total Debt	34.20M	3.35M	17.77M	22.21M	12.34M	6.76M
Total Liabilities	215.30M	242.68M	333.62M	350.56M	58.18M	42.25M
Stockholders Equity	183.24M	131.35M	5.42M	-13.04M	2.74M	-9.42M
Cash Flow
Free Cash Flow	66.07M	31.81M	8.10M	13.60M	-25.07M	-6.45M
Operating Cash Flow	97.81M	54.43M	29.77M	29.37M	-1.47M	-4.81M
Investing Cash Flow	-100.17M	-20.92M	-23.13M	-2.34M	-21.10M	-2.63M
Financing Cash Flow	25.11M	-2.55M	-6.30M	-23.34M	22.90M	7.76M

Santacruz Silver Mining Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 19.00
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Positive
• MACD: Positive
• RSI: Neutral
• STOCH: Positive

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For TSE:SCZ, the sentiment is Negative. The current price of 19 is above the 20-day moving average (MA) of 14.62, above the 50-day MA of 15.74, and above the 200-day MA of 9.62, indicating a neutral trend. The MACD of -0.62 indicates Positive momentum. The RSI at 38.51 is Neutral, neither overbought nor oversold. The STOCH value of 16.61 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for TSE:SCZ.

Santacruz Silver Mining Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
APM	78 Outperform	C$1.17B	5.08	42.17%	―	33.21%	47.22%
SCZ	73 Outperform	C$1.17B	10.91	49.53%	―	21.03%	-48.39%
Sector *	61 Neutral	$10.43B	7.12	-0.05%	2.87%	2.86%	-36.73%
DV	56 Neutral	C$483.22M	-11.00	-25.60%	―	―	-5.25%
SVRS	49 Neutral	C$402.12M	-43.68	-43.69%	―	―	-175.76%
GSVR	46 Neutral	C$435.49M	-8.58	-108.87%	―	5.58%	50.96%
APGO	44 Neutral	C$218.30M	-25.41	-130.74%	―	―	-135.80%

Santacruz Silver Mining Corporate Events

Santacruz Silver Lifts Q4 Output as Bolívar Mine Recovery Gains Traction

Santacruz Silver reported fourth-quarter 2025 production of 3,739,019 silver-equivalent ounces, including 1,343,607 ounces of silver, 23,846 tonnes of zinc, 3,000 tonnes of lead and 287 tonnes of copper, representing a 9% quarter-on-quarter increase in silver-equivalent output on slightly higher mill throughput. The improvement was driven largely by a 34% rebound in silver-equivalent production at the Bolívar mine as access and operating conditions improved at the high-grade Pomabamba and Nané veins after a May 2025 flooding event, while Caballo Blanco, Zimapán and San Lucas delivered consistently strong performance; year-on-year production remained lower due to the earlier disruption at Bolívar, but management highlighted steady quarter-over-quarter gains and ongoing remediation as placing the operation on a defined path to full recovery, underscoring the importance of Bolívar to the group’s production profile and operational stability.

The most recent analyst rating on (TSE:SCZ) stock is a Hold with a C$23.50 price target. To see the full list of analyst forecasts on Santacruz Silver Mining stock, see the TSE:SCZ Stock Forecast page.

Santacruz Silver Grants RSUs to Director Under Equity Incentive Plan

Santacruz Silver Mining has granted 39,000 restricted share units to one of its directors under its Omnibus Equity Incentive Plan, with the awards vesting in equal thirds on each anniversary of the grant and each vested unit convertible into one common share. The RSU issuance, classified as a related-party transaction under Canadian securities rules, proceeds under available exemptions from formal valuation and minority shareholder approval, underscoring the company’s continued use of equity-based compensation to align insider interests with long-term shareholder value as it advances its silver mining operations in Latin America.

The most recent analyst rating on (TSE:SCZ) stock is a Buy with a C$14.00 price target. To see the full list of analyst forecasts on Santacruz Silver Mining stock, see the TSE:SCZ Stock Forecast page.

Santacruz Silver Prepares for Nasdaq Listing with Share Consolidation

Santacruz Silver Mining Ltd. has announced a share consolidation as part of its plan to list on the Nasdaq Capital Market. The consolidation, which will convert four pre-consolidated shares into one post-consolidation share, aims to meet Nasdaq’s listing requirements by increasing the share price. This move is expected to take effect on December 10, 2025, pending final approval from the TSX Venture Exchange. The consolidation is a strategic step to enhance the company’s market presence and potentially attract more investors.

The most recent analyst rating on (TSE:SCZ) stock is a Buy with a C$3.50 price target. To see the full list of analyst forecasts on Santacruz Silver Mining stock, see the TSE:SCZ Stock Forecast page.

Santacruz Silver Mining Reports Transformative Q3 2025 Results

Santacruz Silver Mining Ltd. reported its financial results for the third quarter of 2025, highlighting a transformative period with significant financial improvements. The company achieved a 2% increase in revenue and a 28% rise in gross profit year-over-year, despite a 7% decrease in net income. The quarter was marked by the final payment for the acquisition of Bolivian assets, eliminating a major liability and strengthening the balance sheet. Operationally, production remained steady, with challenges at the Bolívar mine being addressed through remediation efforts. The company is focused on operational efficiency and long-term value creation, despite increased costs due to various factors.

The most recent analyst rating on (TSE:SCZ) stock is a Buy with a C$2.00 price target. To see the full list of analyst forecasts on Santacruz Silver Mining stock, see the TSE:SCZ Stock Forecast page.

Santacruz Silver Mining Announces 2025 AGM Results and Nasdaq Listing Plans

Santacruz Silver Mining Ltd. announced the results of its 2025 Annual General and Special Meeting, where shareholders approved all matters, including the re-election of directors and a proposed consolidation of common shares. This consolidation is aimed at meeting Nasdaq’s listing requirements, signaling a strategic move to enhance the company’s market positioning.

The most recent analyst rating on (TSE:SCZ) stock is a Buy with a C$2.00 price target. To see the full list of analyst forecasts on Santacruz Silver Mining stock, see the TSE:SCZ Stock Forecast page.

Santacruz Silver Mining Appoints Bruce Wolfson to Board Amid Leadership Transition

Santacruz Silver Mining Ltd. has announced the appointment of Bruce Wolfson to its board of directors. With over 40 years of experience in international finance and emerging markets, Wolfson is expected to bring valuable insights as Santacruz positions itself for long-term growth. His expertise in Latin America and global investment will be instrumental in advancing the company’s strategic objectives. Concurrently, Roland Löhner will step down from the board after over a decade of service, during which he provided significant guidance and support through transformative periods for the company.

The most recent analyst rating on (TSE:SCZ) stock is a Buy with a C$2.00 price target. To see the full list of analyst forecasts on Santacruz Silver Mining stock, see the TSE:SCZ Stock Forecast page.