Finance

Santacruz Silver Reports Year End 2024 Financial Results

Published

2 months ago

May 28, 2025

Santacruz Silver Reports Year End 2024 Financial Results

VANCOUVER, BC, May 28, 2025 /CNW/ – Santacruz Silver Mining Ltd. (TSXV: SCZ) (OTCQB: SCZMF) (FSE: 1SZ) (“Santacruz” or the “Company”) reports its financial and operating results for the year ended December 31, 2024 (“FY 2024”). The full version of the audited financial statements for FY 2024 (the “Financial Statements”), which includes a restatement of comparative 2023 consolidated financial statements, and accompanying Management’s Discussion and Analysis (the “MD&A”), can be viewed on the Company’s website at www.santacruzsilver.com or on SEDAR+ at www.sedarplus.ca. All amounts are expressed in U.S. dollars, unless otherwise stated.

FY 2024 Highlights

Revenues of $283 million a 13% increase year-over-year.
Gross Profit of $57 million, a 1670% increase year-over-year.
Net Income of $165 million, a 1594% increase year-over-year.
Adjusted EBITDA of $53 million, a 200% increase year-over-year.
Cash and cash equivalents of $36 million, a 622% increase year-over-year.
Working Capital was $46 million at the end of FY 2024.
Cash cost per silver equivalent ounce sold of $21.90, a 16% increase year-over-year.
AISC per silver equivalent ounce sold of $26.01, a 15% increase year-over-year.
Silver Equivalent Ounces produced of 18,651,701, a 1% decrease year-over-year.

Arturo Préstamo, Executive Chairman and CEO of Santacruz, commented, “FY 2024 was a transformative year for the Company, driven by our strong financial and operational results. Santacruz achieved a 13% increase in revenue and a 200% rise in adjusted EBITDA, supported by operational improvements and a favorable silver price environment. These achievements strengthened the Company’s balance sheet which allowed us to end the year with $36 million in cash, a 622% increase. In addition, we significantly worked on enhancing shareholder value while maintaining a disciplined operational focus and laying the groundwork for long-term growth.”

Mr. Préstamo continued, ” In preparation for the audit, the accounting team identified a series of non-cash errors booked during the tenure of the former CFO. These non-cash errors caused a significant number of related adjusting entries in the current and prior years creating additional audit work and therefore the subsequent delay in filing the financial statements. Santacruz’s competitive edge lies in the quality and efficiency of our core Bolivian and Mexican mining assets and the flexibility of our San Lucas ore sourcing model, which enables swift adaptation to market conditions and maximizes the benefits of our leverage to rising metal prices. With this solid foundation and an experienced management team, we are well-positioned to enter a new phase of sustainable growth while continuing to deliver value to our shareholders.”

Selected consolidated financial and operating information for FY 2024 and the financial year ended December 31, 2023 (restated) are presented below. All financial information is prepared in accordance with International Financial Reporting Standards (“IFRS”), and all dollar amounts are expressed in thousands of US dollars, except per unit amounts, unless otherwise indicated.

2024 Annual Highlights

2024 Annual Highlights (CNW Group/Santacruz Silver Mining Ltd.)

Notes for both tables above:
⁽¹⁾	Silver Equivalent Produced (ounces) have been calculated using prices of $23.85/oz, $1.21/lb, $0.94/lb and $3.91/lb for silver, zinc, lead and copper respectively applied to the metal production divided by the silver price as stated here. Advertisement
⁽²⁾	Silver Equivalent Sold (payable ounces) have been calculated using the Average Realized Price per Ounce of Silver Equivalent Sold stated in the table above, applied to the payable metal content of the concentrates sold from Bolivar, Porco, the Caballo Blanco Group, San Lucas and Zimapan.
⁽³⁾	The Company reports non-GAAP measures, which include Cash Cost of Production per Tonne, Cash Cost per Silver Equivalent Ounce Sold, All-in Sustaining Cash Cost per Silver Equivalent Ounce Sold, Average Realized Price per Ounce of Silver Equivalent Sold, and Adjusted EBITDA. These measures are widely used in the mining industry as a benchmark for performance but do not have a standardized meaning and may differ from methods used by other companies with similar descriptions. See ”Non-GAAP Measures” section in the Company’s Q4 and FY 2024 Management Discussion and Analysis for definitions.
⁽⁴⁾ Advertisement	Average Realized Price per Ounce of Silver Equivalent Sold is prior to all treatment, smelting and refining charges.
⁽⁵⁾	Bolivar and Porco are presented at 100% whereas the Company records 45% of revenues and expenses in its consolidated financial statements.
⁽⁶⁾	The revenues, gross profit, net loss, net loss per share, Adjusted EBITDA, and working capital deficiency were restated as a result of corrections made to the 2023 comparatives. Refer to Note 3 of the consolidated financial statements for further details and impacts of the restatement. Advertisement

Silver Equivalent Ounces Produced

In FY 2024, the Company processed 1,955,905 tonnes of ore, producing 18,651,701 silver equivalent ounces. This total includes 6,718,381 ounces of silver and 94,399 tonnes of zinc. Full Q4 and FY 2024 production results were released in a news release dated January 30, 2025.

2024 YTD vs 2023 YTD

Compared to 2023, the tonnes of processed material increased by 4%. The increase was driven by increases in tonnes milled from the San Lucas Group 9%, Porco 7% and Zimapan 10% operations that were offset by decreases in Bolivar (3%) and Caballo Blanco Group’s (13%) operations. The 13% decrease in Caballo Blanco Group is due to the results of the Reserva mine being reported in the San Lucas Group starting in Q3 2024. This highlights the stability and diversification of the Company’s asset base, enabling us to offset declines in production at certain operations with increased production from others. This strategic balance is essential for maintaining overall production stability and ensuring consistent performance across our operations.

Cash Cost of Production per Tonne

2024 YTD vs 2023 YTD

The Company’s cash cost of production per tonne increased to $103.35 in 2024 from $93.10 in 2023 (restated), primarily due to the expected impact of higher ore purchases from small-scale miners at San Lucas. As a margin-based business, San Lucas adjusts its acquisition costs in line with metal prices, which rose during the period. These higher costs are fully offset by proportional increases in revenue, thereby preserving income margins and ensuring no negative impact on the Company’s financial performance. Additionally, the increase reflects minor operational cost upticks across the portfolio, consistent with normal variability in mining activities.

Cash Cost per Silver Equivalent Ounce Sold

2024 YTD vs 2023 YTD

Cash cost per silver equivalent ounce sold rose to $21.90 in 2024 from $18.96 in 2023 (restated). This increase is largely attributable to the same factors that impacted production costs, namely higher ore purchase costs at San Lucas due to stronger silver pricing. Additionally, this metric includes transportation and other site-level costs, which remained relatively stable year-over-year and had a limited impact on the overall increase.

All-In Sustaining Cash Cost (“AISC”) per Silver Equivalent Ounce Sold

2024 YTD vs 2023 YTD

All-in sustaining cash cost per silver equivalent ounce sold increased to $26.01 in 2024, compared to $22.69 in 2023. This increase is largely attributable to the same factors that impacted production costs, namely higher ore purchase costs at San Lucas due to stronger silver pricing and strategic one-time capital expenditures across key assets. In 2024, the Company leveraged improved revenues and cash flow to make significant investments in its operations, most notably at the Zimapán mine and milling facility. These investments delivered tangible results, including higher output and improved concentrate quality. In Bolivia, capital investments were also advanced, focusing on cost reduction and enhanced metallurgical recovery, particularly of silver. These initiatives are expected to yield benefits starting in 2025.

Qualified Person

Garth Kirkham P.Geo. an independent consultant to the Company, is a qualified person under NI 43-101 and has approved the scientific and technical information contained within this news release.

About Santacruz Silver Mining Ltd.

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

Non-GAAP Measures

The financial results in this news release include references to non-GAAP measures, which include Cash Cost of Production per Tonne, Cash Cost per Silver Equivalent Ounce Sold, All-in Sustaining Cash Cost per Silver Equivalent Ounce Sold, Average Realized Price per Ounce of Silver Equivalent Sold, and Adjusted EBITDA. These measures are widely used in the mining industry as a benchmark for performance but do not have a standardized meaning and may differ from methods used by other companies with similar descriptions. The data is intended to provide additional information and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with GAAP. For a reconciliation of non-GAAP and GAAP measures, please refer to the “Non-GAAP Measures” section in the Company’s FY 2024 Management Discussion and Analysis, which is available on SEDAR+ at www.sedarplus.ca.

‘signed’
Arturo Préstamo Elizondo,
Executive Chairman and CEO

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Forward Looking Information

This news release includes certain statements and information that may constitute forward-looking information within the meaning of applicable Canadian securities laws. Forward-looking statements relate to future events or future performance and reflect the expectations or beliefs of management of the Company regarding future events. Generally, forward-looking statements and information can be identified by the use of forward-looking terminology such as “intends”, “expects” or “anticipates”, or variations of such words and phrases or statements that certain actions, events or results “may”, “could”, “should”, “would” or will “potentially” or “likely” occur. This information and these statements, referred to herein as “forward-looking statements”, are not historical facts, are made as of the date of this news release and include without limitation, cost reduction and enhanced metallurgical recovery (particularly of silver) in 2025.

These forward-looking statements involve numerous risks and uncertainties and actual results might differ materially from results suggested in any forward-looking statements. These risks and uncertainties include, among other things, risks related to changes in general economic, business and political conditions, including changes in the financial markets, changes in applicable laws, and compliance with extensive government regulation, as well as those risk factors discussed or referred to in the Company’s disclosure documents filed with the securities regulatory authorities in certain provinces of Canada and available at www.sedarplus.ca.

In making the forward-looking statements in this news release, the Company has applied several material assumptions, including without limitation, the assumption that the Company’s capital investments will result in reduced costs and enhanced metallurgical recovery.

There can be no assurance that any forward-looking information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, the reader should not place any undue reliance on forward-looking information or statements. The Company undertakes no obligation to update forward-looking information or statements, other than as required by applicable law.

Santacruz Silver Mining Ltd. (CNW Group/Santacruz Silver Mining Ltd.)

SOURCE Santacruz Silver Mining Ltd.

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Finance

Fulton Financial’s (NASDAQ:FULT) Q2: Strong Sales

Published

8 hours ago

July 15, 2025

Press Room

Fulton Financial’s (NASDAQ:FULT) Q2: Strong Sales

Regional banking company Fulton Financial (NASDAQ:FULT) reported Q2 CY2025 results topping the market’s revenue expectations , but sales fell by 1.9% year on year to $328.4 million. Its GAAP profit of $0.53 per share was 24.7% above analysts’ consensus estimates.

Is now the time to buy Fulton Financial? Find out in our full research report.

Net Interest Income: $254.9 million vs analyst estimates of $255.1 million (5.5% year-on-year growth, in line)
Net Interest Margin: 3.5% vs analyst estimates of 3.4% (6.2 basis point beat)
Revenue: $328.4 million vs analyst estimates of $318 million (1.9% year-on-year decline, 3.3% beat)
Efficiency Ratio: 57.1% vs analyst estimates of 61% (3.9 percentage point beat)
EPS (GAAP): $0.53 vs analyst estimates of $0.43 (24.7% beat)
Market Capitalization: $3.56 billion

“I’m proud that our team has delivered a new company record, with operating net income of $100.6 million, or $0.55 per diluted share, this past quarter,” said Curt Myers, Chairman and CEO of Fulton.

Tracing its roots back to 1882 in the heart of Pennsylvania, Fulton Financial (NASDAQ:FULT) is a financial holding company that provides banking, lending, and wealth management services to consumers and businesses across five Mid-Atlantic states.

In general, banks make money from two primary sources. The first is net interest income, which is interest earned on loans, mortgages, and investments in securities minus interest paid out on deposits. The second source is non-interest income, which can come from bank account, credit card, wealth management, investing banking, and trading fees.

Over the last five years, Fulton Financial grew its revenue at a solid 8.4% compounded annual growth rate. Its growth beat the average bank company and shows its offerings resonate with customers.

Fulton Financial Quarterly Revenue

We at StockStory place the most emphasis on long-term growth, but within financials, a half-decade historical view may miss recent interest rate changes, market returns, and industry trends. Fulton Financial’s annualized revenue growth of 8.3% over the last two years aligns with its five-year trend, suggesting its demand was predictably strong.

Fulton Financial Year-On-Year Revenue Growth

Note: Quarters not shown were determined to be outliers, impacted by outsized investment gains/losses that are not indicative of the recurring fundamentals of the business.

This quarter, Fulton Financial’s revenue fell by 1.9% year on year to $328.4 million but beat Wall Street’s estimates by 3.3%.

Net interest income made up 76.1% of the company’s total revenue during the last five years, meaning lending operations are Fulton Financial’s largest source of revenue.

Fulton Financial Quarterly Net Interest Income as % of Revenue

Our experience and research show the market cares primarily about a bank’s net interest income growth as non-interest income is considered a lower-quality and non-recurring revenue source.

Here at StockStory, we certainly understand the potential of thematic investing. Diverse winners from Microsoft (MSFT) to Alphabet (GOOG), Coca-Cola (KO) to Monster Beverage (MNST) could all have been identified as promising growth stories with a megatrend driving the growth. So, in that spirit, we’ve identified a relatively under-the-radar profitable growth stock benefiting from the rise of AI, available to you FREE via this link.

Fulton Financial’s net interest income has grown at a 10.1% annualized rate over the last five years, a step above the broader bank industry and faster than its total revenue.

When analyzing Fulton Financial’s net interest income over the last two years, we can see that growth decelerated to 8.2% annually.

Fulton Financial Quarterly Net Interest Income

In Q2, Fulton Financial produced $254.9 million of net interest income, up 5.5% year on year and in line with Wall Street Consensus estimates. Net interest margin was 3.5%, beating sell-side expectations by 1.8%.

Looking ahead, sell-side analysts expect net interest income to grow 1.9% over the next 12 months, a deceleration versus the last two years.

We were impressed by how Fulton Financial blew past analysts’ revenue, net interest margin, efficiency ratio, and EPS expectations this quarter. Zooming out, we think this was a solid print. The stock remained flat at $19.11 immediately after reporting.

Sure, Fulton Financial had a solid quarter, but if we look at the bigger picture, is this stock a buy? What happened in the latest quarter matters, but not as much as longer-term business quality and valuation, when deciding whether to invest in this stock. We cover that in our actionable full research report which you can read here, it’s free.

Finance

Reeves hails ‘instant impact’ for aspiring homeowners as red tape is cut

Published

1 day ago

July 14, 2025

Press Room

Reeves hails ‘instant impact’ for aspiring homeowners as red tape is cut

First-time buyers are set to see an “instant impact” from the drive to kickstart economic growth, Chancellor Rachel Reeves is expected to say.

More mortgages will be available at more than 4.5 times a buyer’s income following recent Bank of England recommendations that some lenders can offer more high loan-to-income mortgages if they choose to.

This will create up to 36,000 additional mortgages for first-time buyers over the first year, the Government said.

Britain’s biggest building society – Nationwide – announced last week that it is aiming to increase its high loan-to-income lending limit.

From Wednesday, eligible first-time buyers can apply for Nationwide’s Helping Hand mortgage with a £30,000 salary, down from £35,000, and joint applicants with a £50,000 combined salary – down from £55,000.

It is estimated this will support an additional 10,000 first-time buyers each year.

The changes will sit alongside the creation of a permanent mortgage guarantee scheme, delivering on a manifesto commitment, and a review of Financial Conduct Authority (FCA) lending rules that could allow prospective buyers’ records of paying rent on time to be used to show they can afford mortgage repayments.

Reforms will be outlined in Leeds ahead of Ms Reeves’s Mansion House speech on Tuesday evening.

Speaking in the City of London, the Chancellor is expected to say: “I welcome the recent changes the (Bank of England) Financial Policy Committee has announced to the loan-to-income limit on mortgage lending, which the PRA (Prudential Regulation Authority) and FCA are implementing immediately.

“With an instant impact for consumers, such as Nationwide offering its Helping Hand mortgage to more first-time buyers – supporting an additional 10,000 each year.”

Ms Reeves is expected to add: “Today, I have placed financial services at the heart of the Government’s growth mission.

“Recognising that Britain cannot succeed and meet its growth ambitions without a financial services sector that is fighting fit and thriving.

“And I have been clear on the benefits that that will drive.

“With a ripple effect that will drive investment in all sectors of our economy and put pounds in the pockets of working people.”

Nicholas Mendes, mortgage technical manager at broker John Charcol, said: “The decision to widen access to Nationwide’s Helping Hand mortgage by lowering the income thresholds will offer an immediate and practical benefit to a group of people who have often found themselves just on the wrong side of affordability criteria.

“For someone earning £30,000 on their own, or couples on a combined income of £50,000, this change could be the difference between continuing to rent and finally being able to move into a home of their own.

“It acknowledges the gap between headline figures and real life, and it shows a willingness to make the system better reflect the pressures people are actually under.

“It will also bring particular value to those in stable, lower-paid roles that are so essential to society but are often overlooked by traditional lending models.

“People working in care, education, retail, and public service are typically in long-term employment and manage their finances carefully, yet they are the very people who have found the doors to homeownership closed to them.

“This reform suggests that financial discipline is being recognised more broadly than by salary alone, and that is a very welcome shift.

“Equally, the recognition that a person’s history of paying rent should be considered when assessing their ability to repay a mortgage is something many in the industry have been calling for over many years.

“If someone has shown, consistently and over time, that they can manage rental payments at a level equal to or even above the mortgage they are applying for, then it stands to reason that this should be considered a reliable indicator of affordability.”

Paula Higgins, chief executive of the HomeOwners Alliance, said the Government should “turn its attention to fixing the Lifetime Isa (Lisa)”.

She said: “Right now, anyone forced to withdraw their savings early faces an unfair penalty.”

Ms Higgins added: “And the £450,000 property price cap hasn’t moved since Lisas launched in 2017, despite soaring house prices, particularly in the South East.

“Reforming Lisas would make a real, practical difference to those trying to get on the ladder.”

Henry Jordan, Nationwide’s director of home said: “Our changes mean more people, particularly those on lower incomes, could become eligible for a mortgage.

“We also hope our commitment to further lending provides a boost to the UK’s housebuilding ambitions as well as encouraging other lenders to increase support for those looking for a home of their own.”

Finance

Fulton Financial Earnings: What To Look For From FULT

Published

2 days ago

July 14, 2025

Press Room

Regional banking company Fulton Financial (NASDAQ:FULT) will be announcing earnings results this Tuesday after the bell. Here’s what to expect.

Fulton Financial beat analysts’ revenue expectations by 1.8% last quarter, reporting revenues of $318.4 million, up 20.6% year on year. It was a very strong quarter for the company, with an impressive beat of analysts’ EPS estimates and a decent beat of analysts’ tangible book value per share estimates.

Is Fulton Financial a buy or sell going into earnings? Read our full analysis here, it’s free.

This quarter, analysts are expecting Fulton Financial’s revenue to decline 5% year on year to $318 million, a reversal from the 22.4% increase it recorded in the same quarter last year. Adjusted earnings are expected to come in at $0.45 per share.

Fulton Financial Total Revenue

Analysts covering the company have generally reconfirmed their estimates over the last 30 days, suggesting they anticipate the business to stay the course heading into earnings. Fulton Financial has missed Wall Street’s revenue estimates twice over the last two years.

With Fulton Financial being the first among its peers to report earnings this season, we don’t have anywhere else to look to get a hint at how this quarter will unravel for banks stocks. However, there has been positive investor sentiment in the segment, with share prices up 10.3% on average over the last month. Fulton Financial is up 11.2% during the same time and is heading into earnings with an average analyst price target of $19.80 (compared to the current share price of $19.11).

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