What you need to know: • SCZ reported Q4 and 2024 financial results that beat our estimates due to the increased silver price. • Santacruz reported Q4 revenue of $81.7M (+42% YoY) vs. our estimate of $77.0M and adjusted EBITDA of $23.0M (+300% YoY) beating our estimate of $20.0M. • Despite rallying 150% YTD, SCZ still only trades at 3.3x 2025E OCF and remains set up for another record year in 2025. Yesterday after market close, Santacruz Silver (SCZ:TSXV) announced Q4 and 2024 earnings that beat our expectations due to the increased silver price. Most notably, adjusted EBITDA for 2024 came in at $52.6M compared to our estimate of $44.5M, representing 200% YoY growth. Cash costs and AISC were above our estimates, but the increased silver price more than made up for it. We remain bullish on SCZ as it remains undervalued compared to its cash flow generation. We are maintaining our BUY rating and our target price of C$0.90/share on SCZ. Financial Highlights • Revenue for the quarter came in at $81.7M (+42% YoY) vs. our estimate of $77.0M. Revenue for 2024 was $283.0M (+13% YoY) vs. our $278.3M. • Gross margin for Q4 came in at 31% compared to our estimate of 35%. Gross margin for the full year came in at 20% vs. our expectation of 21%. • Cash cost for the quarter was $22.4/oz vs. our estimate of $19.6/oz. Cash cost for the year was $21.9/oz vs. our estimate of $21.4/oz. • AISC for the quarter was $27.8/oz compared to our estimate of $25.3/oz. AISC for the year came in at $26.1/oz vs our estimate of $25.5/oz. • Adj. EBITDA in Q4 was $23.0M (+300% YoY), beating our estimate of $20.0M. Adj. EBITDA for 2024 was $52.6M (+200% YoY) vs. our $44.5M. • OCF (before WC) was $32.4M for Q4 and $95.8M for 2024. • Net income for Q4 was $21.1M, smashing our estimate of $7.8M due to an FX gain. 2024 net income came in at $164.5M vs. our estimate of $142.5M. • SCZ ended the quarter with $35.7M in cash and $64.4M in debt.