Finance
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
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Revenues of $283 million a 13% increase year-over-year.
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Gross Profit of $57 million, a 1670% increase year-over-year.
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Net Income of $165 million, a 1594% increase year-over-year.
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Adjusted EBITDA of $53 million, a 200% increase year-over-year.
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Cash and cash equivalents of $36 million, a 622% increase year-over-year.
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Working Capital was $46 million at the end of FY 2024.
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Cash cost per silver equivalent ounce sold of $21.90, a 16% increase year-over-year.
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AISC per silver equivalent ounce sold of $26.01, a 15% increase year-over-year.
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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.”
REDMOND, Wash. — When should kids start learning about money, and preparing for adult expenses like rent, car payments, and insurance?
It’s a question asked recently by an ARC Seattle viewer.
We took the question to Adam Powell, Financial Advisor at Private Advisory Group in Redmond. Powell talked with ARC Seattle co-anchor Steve McCarron to share insights on the right age to form money habits, common financial mistakes parents unknowingly pass down to their children, and practical tips to set kids up for long-term financial success.
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Finance
Soft-saving era? Gen-Z embraces new financial trend that puts experiences over long-term planning
LOS ANGELES (KABC) — Many Gen-Zers are adopting a financial approach that prioritizes quality of life in the present, a trend that’s being called “soft saving.”
Bob Wheeler, a CPA, described the mindset as a shift in how young adults balance their current lifestyle with longterm planning.
“It’s really a financial approach of ‘I want to make sure I have a good quality of life, and I’m thinking about the future,’ but not as much as the present,” Wheeler said.
For many Gen Z consumers, that can mean spending more on experiences – like vacations or concerts – rather than saving for major purchases like a car or home.
Wheeler said the approach can offer emotional benefits.
“I think there are definitely benefits, I mean, less anxiety, feeling like life is what you want it to be, fulfillment, versus saving for later on,” he said.
Still, financial experts caution against ignoring longterm stability. Wheeler encouraged young workers to take advantage of employer-sponsored retirement plans.
“They’re not going to do the max. They’re going to do enough to make sure they’re getting the match from your employer, so maybe they’re doing 3% or 5%. Maybe they’re not maxing out their IRAs. Maybe they’re doing $2,500,” he said.
He also stressed the importance of building an emergency fund, typically enough to cover six months of expenses.
“I want people to enjoy their life now because tomorrow is not promised,” Wheeler said. “I also just really reiterate to them ‘and you need to have some money set aside because we don’t know.’”
But saving for a home may not be practical for everyone. In some places, renting can be cheaper, and tenants avoid maintenance costs.
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Finance
Local M&A advisory firm Matrix acquired by banking giant Citizens Financial – Richmond BizSense
Matri x Capital Markets Group is now a division of Citizens Financial Group. (Image Courtesy Citizens Financial Group)
Matrix Capital Markets Group is used to helping businesses line up mergers and acquisitions.
For its latest transaction, the Richmond-based M&A advisory and investment banking firm was itself the subject of the deal.
Matrix was acquired last week by Rhode Island-based banking giant Citizens Financial Group.
Matrix, along with its nearly three dozen employees, including 20 in Richmond, are now operating as a division of Citizens, within the $226 billion bank’s investment banking arm, Citizens JMP Securities.
Financial terms of the deal were not disclosed. It involved an asset purchase that bought out Matrix’s 15 shareholders.
The deal ends Matrix’s 38-year run as an independent firm, a notable streak in an industry where consolidation of smaller firms into larger ones is common.
Matrix was founded in Richmond in 1988 by Scott Frayser and Jeff Moore and has since hit its stride by building a niche in handling deals for companies in the downstream energy and convenience retail sector.
The firm has been run in recent years by president Spencer Cavalier and Cedric Fortemps, co-head of the firm’s largest investment banking team.
Fortemps said Matrix began to search for a larger acquirer last year.
Cedric Fortemps
“The board decided to see if we could find a partner and a transaction that could build on what we’ve built thus far,” Fortemps said.
Matrix enlisted investment banking firm Houlihan Lokey to help in the search and negotiate on its behalf, along with the law firm Calfee as its legal advisor.
Fortemps said Citizen rose to the top of the pack of suitors in part due to JMP Securities’ track record of acquiring smaller firms like Matrix.
“They have acquired four other firms very similar to ours. Seeing the successes they had with those groups… the playbook is really to let the firms continue to operate the way they had,” Fortemps said.
Matrix’s Richmond office in the Gateway Plaza building downtown will continue to operate, as will its second office in Baltimore.
The Matrix brand will continue to be used for the time being but will eventually be phased out.
Fortemps said the firm’s success and particularly its growth in recent years has been fueled by its expertise in working deals for downstream energy clients – such as wholesale fuels distributors, propane and heating oil distributors – and convenience store and gas station chains.
Matrix’s rise in that sector began in 1997, when it hired Tom Kelso, who lived in Baltimore and owned a heating oil fuels distribution business. Kelso, who would eventually serve as the firm’s president prior to Cavalier, had a vision to launch an M&A firm for that industry.
“It took seven to eight years to grow it but eventually we were able to get a reputation of really high quality work and those successes on smaller transactions resulted in us being considered for larger deals,” Fortemps said.
Today, 21of the firm’s 26 investment bankers work on the team that handles deals for those industries. It controls about 40% market share for the M&A market for those sectors, Fortemps said.
The firm closes nearly two dozen transactions a year over the last five years and has closed 500 deals since its inception.
The typical value of its deals is more than $20 million, though the transactions it has closed over the last three years in the energy and convenience retail sectors have grown to $140 million per deal, Matrix said.
Its largest deal to date was closed last year, involving the $1.6 billion acquisition of convenience store chain Giant Eagle.
Matrix also works deals in other industries such as lubricants distribution, automotive after-market suppliers and car washes, as well as outdoor recreation and the marine industry.
After decades of representing buyers and sellers in M&A, Fortemps said the Citizens deal was a new experience for the Matrix team: being the target of the transaction, rather than the ones facilitating it.
“It certainly made me appreciate everything our clients have to go through on the other side of the table,” he said.
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