VANCOUVER, BC, May 2, 2024 /CNW/ - Santacruz Silver Mining Ltd. (TSXV:SCZ) ("Santacruz" or "the Company") reports its financial and operating results for the fourth quarter ("Q4") and year end 2023. The full version of the 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. 2023 Highlights Processed 1,883,446 tonnes of material, a 14% increase year-over-year Produced of 22,641,052 silver equivalent ounces, a 25% increase year-over-year, including: 7,004,582 ounces of silver, a 25% increase year-over-year 91,616 tonnes of zinc, a 26% increase year-over-year 12,369 tonnes of lead, a 23% increase year-over-year 1,254 tonnes of copper, a 3% decrease year-over-year Cash cost per silver equivalent ounce sold of $18.96, an 8% increase year-over-year AISC per silver equivalent ounce sold of $22.69, a 13% increase year-over-year Revenue of $251,256,000, a 10% decrease year-over-year Adjusted EBITDA of $50,980,000, a 237% increase year-over-year Arturo Préstamo, Executive Chairman and Interim CEO of Santacruz, commented, "In 2023, Santacruz continued to build a mid-tier silver and base metals producer. The Company completed several mine optimization initiatives including the integration ramp that connects the Tres Amigos and Colquechaquita underground mines at Caballo Blanco in Bolivia. And in Mexico, the operational restructuring at the Zimapan mine has already resulted in cost savings." Mr. Préstamo continued, "The Company has also made significant progress on improving its financial position, and recently announced amended terms of sale with Glencore for the Bolivian assets. This is expected to further strengthen our balance sheet by significantly reducing the value of the consideration payable that will be recorded on our balance sheet, which will be reflected in the next quarterly financial results." Selected consolidated financial and operating information for the year ended 2023, 2022 and 2021 are presented below. All financial information is prepared in accordance with International Financial Reporting Standards ("IFRS"), and all dollar amounts are expressed in thousands of US dollars, except per unit amounts, unless otherwise indicated. 2023 Annual Highlights 2023 2022(1)(2)(8) 2021 Change '23 vs '22 Operational Material Processed (tonnes milled)  1,883,446 1,646,272 730,411 14 % Silver Equivalent Produced (ounces) (3) 22,641,052 18,112,725 3,170,053 25 % Silver Ounces Produced 7,004,582 5,599,223 1,289,171 25 % Zinc Tonnes Produced 91,616 72,533 12,003 26 % Lead Tonnes Produced 12,369 10,065 3,204 23 % Copper Tonnes Produced 1,254 1,287 1,073 (3 %) Silver Equivalent Sold (payable ounces) (4) 16,105,327 19,612,692 2,931,535 (18 %) Cash Cost of Production per Tonne (5) 93.10 117.99 53.16 (21 %) Cash Cost per Silver Equivalent Ounce Sold ($/oz) (5) 18.96 17.58 19.62 8 % All-in Sustaining Cash Cost per Silver Equivalent Ounce Sold ($/oz) (5) 22.69 20.05 24.53 13 % Average Realized Price per Ounce of Silver Equivalent Sold ($/oz) (5) (6) 22.90 20.93 23.89 9 % Financial Revenues 251,256 278,594 53,334 (10 %) Gross Profit 34,600 22,874 8,526 51 % Net Income (loss) 16,148 (18,506) (11,565)