What you need to know: • Santacruz reported Q4/25 production of 3.74Moz AgEq, up 9% QoQ and beating our 3.48Moz by 7%, driven by strong recovery at the Bolivar Mine. • Bolivar production of 565.7Koz increased 34% QoQ from 420.6Koz as recovery plans continue to progress. • Q4 production also included strong quarters from Caballo Blanco, San Lucas, and Zimapán, beating our estimates by 10%, 10%, and 14%, and demonstrating the strength of SCZ’s multi-asset portfolio. This morning, Santacruz Silver (SCZ:TSXV, SCZM:NASDAQ) announced Q4/25 production results from its operating mines and San Lucas ore sourcing business, which totalled 3.74Moz AgEq, marking a 9% QoQ increase from 3.42Moz in Q3 as a result of a significant recovery at the Bolivar Mine, combined with strong performances across the portfolio. Silver-equivalent production in the quarter included 1.34Moz Ag, 23.8Kt An, 3.0Kt Pb, and 0.3Kt Cu. In 2025, consolidated production totalled 14.4Moz AgEq versus 16.2Moz in 2024 (-11%) due to Bolivar’s May flood. Sustained QoQ production growth at Bolivar is expected through this year with full recovery by Q4/26. We are maintaining our BUY rating and increasing our target price to C$34.20/share (previously C$12.40/share, or C$3.10/share pre-consolidation) on Santacruz Silver. Production Highlights Bolivar Mine In Q4, the Bolivar Mine processed 63Kt of ore (+22% QoQ, -18% YoY) and produced 565.7Koz AgEq (34% QoQ, -34% YoY), made up of 202.2Koz Ag, 4.0Kt Zn, and 0.2Kt Pb. The strong QoQ improvement resulted in a 16% beat to our 488.7Koz AgEq forecast, which also included a 22% QoQ increase in silver grades to 108 g/t. YoY production was impacted by the May flooding. Recovery plans continued to progress on schedule; however, access to the highest-grade Pomabamba and Nané vein areas remain partially constrained. Full recovery is anticipated from both areas by Q4/26. Porco Mine In Q4, Porco produced 330.2Koz AgEq versus our 440.0Koz forecast (-25%). Porco processed 51.4Kt of ore (+5% QoQ), and zinc production of 2.7Kt increased 10% QoQ as the mine plan continues to focus on zinc-rich zones, with zinc recoveries remaining strong at 94%. Silver production declined 11% QoQ to 82.0Koz. Caballo Blanco Group At Caballo Blanco, Q4 production of 730.1Koz AgEq increased 3% QoQ from 707.5Koz, driven by a 1% QoQ increase in ore processed to 63.1Kt and stronger base metal output. Silver production was largely stable at 289.5Koz (-2% QoQ), while zinc and lead production increased 7% QoQ each, supported by modestly higher grades and solid recoveries. Quarterly results exceeded our 662.3Koz AuEq forecast by 10%.