Santacruz Silver Mining (SCZM)
Market Price (8/30/2026): $9.53 | Market Cap: $883.1 MilSector: Materials | Industry: Diversified Metals & Mining
Santacruz Silver Mining (SCZM)
Market Price (8/30/2026): $9.53Market Cap: $883.1 MilSector: MaterialsIndustry: Diversified Metals & Mining
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 15% Megatrend and thematic driversMegatrends include Global Mineral Resources. Themes include Precious Metals Production, Industrial Silver Supply, and Metals for Energy Transition. | Weak multi-year price returns2Y Excs Rtn is -46%, 3Y Excs Rtn is -83% | Key risksSCZM key risks include [1] limited production visibility stemming from short remaining mine lives at its core assets, Show more. |
| Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 15% |
| Megatrend and thematic driversMegatrends include Global Mineral Resources. Themes include Precious Metals Production, Industrial Silver Supply, and Metals for Energy Transition. |
| Weak multi-year price returns2Y Excs Rtn is -46%, 3Y Excs Rtn is -83% |
| Key risksSCZM key risks include [1] limited production visibility stemming from short remaining mine lives at its core assets, Show more. |
Qualitative Assessment
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Santacruz Silver Mining (SCZM) stock has gained about 20% since 4/30/2026 because of the following key factors:
1. Robust Operational and Financial Performance in Fiscal Q2 2026. Santacruz Silver Mining Ltd. reported strong operational and financial results for the fiscal second quarter ended June 30, 2026. While Q2 2026 earnings per share ($0.02) and revenue ($113.46 million) missed analyst consensus estimates, the company achieved significant year-over-year growth. Revenue increased by 55%, and Adjusted EBITDA rose by 74% to $46.7 million. Consolidated silver production also saw a 17% increase quarter-over-quarter, and the realized mining margin per silver ounce sold substantially improved to $50.30 from $15.63.
2. Strong Fiscal Q1 2026 Financial Results. The company reported impressive financial results for fiscal Q1 2026 on May 15, 2026. Revenue for the quarter surged 81% from Q1 2025 to US$127.5 million, and net income increased by 201% from Q1 2025 to US$28.5 million. These results, reported early in the specified period, contributed to positive investor sentiment.
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Santacruz Silver Mining (SCZM) stock has gained about 20% since 4/30/2026 because of the following key factors:
1. Robust Operational and Financial Performance in Fiscal Q2 2026. Santacruz Silver Mining Ltd. reported strong operational and financial results for the fiscal second quarter ended June 30, 2026. While Q2 2026 earnings per share ($0.02) and revenue ($113.46 million) missed analyst consensus estimates, the company achieved significant year-over-year growth. Revenue increased by 55%, and Adjusted EBITDA rose by 74% to $46.7 million. Consolidated silver production also saw a 17% increase quarter-over-quarter, and the realized mining margin per silver ounce sold substantially improved to $50.30 from $15.63.
2. Strong Fiscal Q1 2026 Financial Results. The company reported impressive financial results for fiscal Q1 2026 on May 15, 2026. Revenue for the quarter surged 81% from Q1 2025 to US$127.5 million, and net income increased by 201% from Q1 2025 to US$28.5 million. These results, reported early in the specified period, contributed to positive investor sentiment.
3. Sustained High Silver Prices and Industrial Demand. The price of silver experienced significant upward momentum throughout 2025 and into early 2026, reaching an all-time high of approximately $121.62 per ounce in January 2026. Although the price has fluctuated, industrial demand, driven by growth in solar installations, electric vehicles, and other electronics, remains robust, underpinning strong consumption for the metal. This macroeconomic factor positively impacts silver mining companies like Santacruz.
4. Positive Analyst Sentiment and Price Targets. Santacruz Silver Mining maintains a "Moderate Buy" consensus rating from analysts. The average 12-month price target stands at $14.75, with a high forecast of $19.49, indicating a potential upside of over 50% from recent prices. Several analysts reiterated "Buy" ratings and favorable price targets in August 2026, signaling continued confidence in the company's prospects.
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Stock Movement Drivers
Fundamental Drivers
The 21.1% change in SCZM stock from 4/30/2026 to 8/29/2026 was primarily driven by a 75.9% change in the company's P/E Multiple.| (LTM values as of) | 4302026 | 8292026 | Change |
|---|---|---|---|
| Stock Price ($) | 7.86 | 9.52 | 21.1% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 305 | 424 | 38.8% |
| Net Income Margin (%) | 19.5% | 10.0% | -48.9% |
| P/E Multiple | 11.9 | 20.9 | 75.9% |
| Shares Outstanding (Mil) | 90 | 93 | -2.9% |
| Cumulative Contribution | 21.1% |
Market Drivers
4/30/2026 to 8/29/2026| Return | Correlation | |
|---|---|---|
| SCZM | 21.1% | |
| Market (SPY) | 7.1% | 58.2% |
| Sector (XLB) | 3.3% | 52.7% |
Fundamental Drivers
The -21.2% change in SCZM stock from 1/31/2026 to 8/29/2026 was primarily driven by a -48.9% change in the company's Net Income Margin (%).| (LTM values as of) | 1312026 | 8292026 | Change |
|---|---|---|---|
| Stock Price ($) | 12.08 | 9.52 | -21.2% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 305 | 424 | 38.8% |
| Net Income Margin (%) | 19.5% | 10.0% | -48.9% |
| P/E Multiple | 18.2 | 20.9 | 14.4% |
| Shares Outstanding (Mil) | 90 | 93 | -2.9% |
| Cumulative Contribution | -21.2% |
Market Drivers
1/31/2026 to 8/29/2026| Return | Correlation | |
|---|---|---|
| SCZM | -21.2% | |
| Market (SPY) | 11.5% | 52.8% |
| Sector (XLB) | 8.4% | 54.7% |
Fundamental Drivers
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Market Drivers
7/31/2025 to 8/29/2026| Return | Correlation | |
|---|---|---|
| SCZM | ||
| Market (SPY) | 22.7% | 51.0% |
| Sector (XLB) | 23.0% | 53.7% |
Fundamental Drivers
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Market Drivers
7/31/2023 to 8/29/2026| Return | Correlation | |
|---|---|---|
| SCZM | ||
| Market (SPY) | 74.0% | 51.0% |
| Sector (XLB) | 31.0% | 53.7% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| SCZM Return | - | - | - | - | - | -4% | -4% |
| Peers Return | -26% | -16% | -15% | 23% | 188% | 20% | 126% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 13% | 106% |
Monthly Win Rates [3] | |||||||
| SCZM Win Rate | - | - | - | - | - | 50% | |
| Peers Win Rate | 32% | 50% | 43% | 47% | 67% | 45% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 50% | |
Max Drawdowns [4] | |||||||
| SCZM Max Drawdown | - | - | - | - | - | - | |
| Peers Max Drawdown | -52% | -54% | -45% | -37% | -27% | -47% | |
| S&P 500 Max Drawdown | -5% | -25% | -10% | -8% | -19% | -9% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: PAAS, HL, AG, FSM, EXK.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 8/28/2026 (YTD)
How Low Can It Go
SCZM has limited trading history. Below is the Materials sector ETF (XLB) in its place.
| Event | XLB | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -17.0% | -18.8% |
| % Gain to Breakeven | 20.5% | 23.1% |
| Time to Breakeven | 84 days | 79 days |
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -12.5% | -9.5% |
| % Gain to Breakeven | 14.3% | 10.5% |
| Time to Breakeven | 52 days | 24 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -23.5% | -24.5% |
| % Gain to Breakeven | 30.7% | 32.4% |
| Time to Breakeven | 456 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -36.2% | -33.7% |
| % Gain to Breakeven | 56.8% | 50.9% |
| Time to Breakeven | 114 days | 140 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -18.3% | -19.2% |
| % Gain to Breakeven | 22.4% | 23.8% |
| Time to Breakeven | 101 days | 105 days |
| 2015-2016 China Devaluation / Global Growth Scare | ||
| % Loss | -17.9% | -12.2% |
| % Gain to Breakeven | 21.7% | 13.9% |
| Time to Breakeven | 52 days | 62 days |
In The Past
State Street Materials Select Sector SPDR ETF's stock fell -17.0% during the 2025 US Tariff Shock. Such a loss loss requires a 20.5% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
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SCZM has limited trading history. Below is the Materials sector ETF (XLB) in its place.
| Event | XLB | S&P 500 |
|---|---|---|
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -23.5% | -24.5% |
| % Gain to Breakeven | 30.7% | 32.4% |
| Time to Breakeven | 456 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -36.2% | -33.7% |
| % Gain to Breakeven | 56.8% | 50.9% |
| Time to Breakeven | 114 days | 140 days |
| 2014-2016 Oil Price Collapse | ||
| % Loss | -23.8% | -6.8% |
| % Gain to Breakeven | 31.2% | 7.3% |
| Time to Breakeven | 171 days | 15 days |
| 2011 US Debt Ceiling Crisis & European Contagion | ||
| % Loss | -28.2% | -17.9% |
| % Gain to Breakeven | 39.3% | 21.8% |
| Time to Breakeven | 459 days | 123 days |
| 2008-2009 Global Financial Crisis | ||
| % Loss | -56.6% | -53.4% |
| % Gain to Breakeven | 130.3% | 114.4% |
| Time to Breakeven | 701 days | 1085 days |
In The Past
State Street Materials Select Sector SPDR ETF's stock fell -17.0% during the 2025 US Tariff Shock. Such a loss loss requires a 20.5% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
About Santacruz Silver Mining (SCZM)
Santacruz Silver Mining Ltd. (SCZM) is a Canadian-based mining company primarily focused on the acquisition, exploration, development, and operation of mineral properties exclusively within Mexico. The company's core business involves extracting various valuable metals from these properties, managing the full lifecycle from identifying potential deposits to active mining operations.
The main products of Santacruz Silver Mining are the raw metals extracted from its mining projects. While the company places a primary emphasis on silver production, it also significantly explores for and produces gold, zinc, lead, and copper. Its key operational assets include the Rosario project in San Luis Potosi and the Veta Grande project in the Zacatecas Mining District, both strategically located in Mexico's established mining regions.
Santacruz Silver Mining serves the global commodities market. Its primary customers are typically industrial buyers, metal refiners, and commodity traders who purchase the extracted raw silver, gold, zinc, lead, and copper. These metals are then processed and distributed for a wide array of industrial applications, technology manufacturing, and investment purposes worldwide.
```AI Analysis | Feedback
Here are 1-3 brief analogies for Santacruz Silver Mining (SCZM):
- Like an early-stage First Majestic Silver, focused on developing silver and other metal mines in Mexico.
- Think of it as a smaller, Mexico-centric version of Pan American Silver.
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- Silver: The primary precious metal extracted, processed, and sold by the company.
- Gold: A valuable precious metal extracted and sold alongside silver.
- Zinc: A base metal extracted and sold from the company's mineral properties.
- Lead: A base metal extracted and sold from the company's mineral properties.
- Copper: A base metal extracted and sold from the company's mineral properties.
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Santacruz Silver Mining Ltd. (SCZM) is a mining company that extracts and produces silver, gold, zinc, lead, and copper. These are raw materials, typically sold in the form of concentrates or doré bars.
The company primarily sells its products to other companies, specifically to third-party smelters and refiners. These entities process the raw concentrates and doré bars into refined metals.
Santacruz Silver Mining Ltd. does not publicly disclose the specific names of its major customer companies (smelters and refiners) in its financial reports or investor communications. Therefore, it is not possible to list their names or corresponding public company symbols.
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Arturo Préstamo Elizondo, Executive Chairman & CEO
Mr. Préstamo Elizondo holds a C.P.A. degree from the University of Monterrey, a Master Degree from EGADE University and a professional degree from I.P.A.D.E. Business School. He has more than 20 years of executive and operational experience in the precious metals mining industry, having worked for various public companies as Director of Planning, Corporate Finance, and Investor Relations. He is also a member of Mexico's Mining Chamber. He was appointed CEO in August 2023.
Andres Bedregal, Chief Financial Officer
Mr. Bedregal was appointed Chief Financial Officer effective June 16, 2025, after serving as interim CFO since October 15, 2024. He also currently serves as CFO for Sinchi Wayra S.A., a wholly-owned subsidiary of Santacruz Silver Mining, Ltd., a position he has held since joining in 2022. His expertise includes financial planning, investment analysis, mergers and acquisitions (M&A), risk assessment, and the execution of complex financial strategies.
Eduardo Torrecillas, Chief Operating Officer
Mr. Torrecillas has over 18 years of senior leadership experience in mining. Prior to his role as Chief Operating Officer, he served as Executive Chairman and President of Santacruz's Bolivian operations since 2022. He previously spent 12 years at Minera San Cristóbal S.A., where he held key leadership roles. Since 2022, he has been President of the National Association of Mid-Tier Miners, a position to which he was re-elected in 2024.
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The key risks to Santacruz Silver Mining (SCZM) are primarily related to its operational jurisdictions, ongoing operational challenges, and issues concerning transparency and financial volatility.
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Jurisdictional and Security Risks in Mexico and Bolivia
Santacruz Silver Mining faces significant jurisdictional and security risks, particularly in Mexico and Bolivia, where its primary operations are located. In Bolivia, the company holds only a 45% economic interest in its key Bolívar and Porco mines through a joint venture with the state mining company COMIBOL, with the venture agreement set to expire in 2028, adding considerable uncertainty and risk to future upside. Furthermore, Bolivia is noted for its low policy attractiveness rating by the Fraser Institute, indicating a challenging operating environment. In Mexico, the company's operations, including the Veta Grande project in the Zacatecas Mining District, are exposed to escalating security concerns, with organized crime groups systematically exploiting mining operations through extortion and other criminal activities. Zacatecas, specifically, faces the highest security risk level due to the presence of multiple criminal cartels, leading to unpredictable security conditions and operational uncertainty. Recent incidents in the broader Mexican mining sector, such as the abduction and killing of mine workers, underscore the heightened risks in the region.
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Operational Challenges and Production Volatility
The company has experienced significant operational challenges, leading to production volatility and increased costs. A notable incident in May 2025 involved severe flooding at the Bolívar mine, which restricted access to high-grade zones, causing a substantial drop in silver production and a sharp increase in all-in sustaining cash costs (AISC). This event contributed to an overall production decrease from 18.65 million AgEq ounces in 2024 to 14.40 million ounces in 2025. Such operational setbacks and the associated remediation costs have compressed the company's margins. Additionally, Santacruz faces risks related to the limited visibility of future production and short mine lives at some core assets, requiring continuous exploration and development to maintain output.
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Transparency and Financial Performance Volatility
Santacruz Silver Mining has demonstrated issues with transparency and experienced volatility in its financial performance. The company has a history of repeated trading suspensions, including in 2023 and spring 2025, due to late annual financial reports, which has been identified as a "red flag" signaling potentially loose internal controls or audit problems. The company's profit margins have also seen significant contraction, falling from 54.4% to 19.5% in recent periods. This financial volatility is further compounded by the inherent commodity price volatility for silver and other metals, which can cause profitability to "evaporate" if prices drop, exerting pressure on the share price. The company's share price has also been characterized as volatile compared to the broader market.
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Santacruz Silver Mining Ltd. primarily engages in the acquisition, exploration, development, and operation of mineral properties in Mexico, focusing on silver, gold, zinc, lead, and copper deposits.
Product: Silver
- Global Market Size: The global silver market size was valued at USD 87.12 billion in 2024 and is projected to grow to USD 202.07 billion by 2033, exhibiting a compound annual growth rate (CAGR) of 9.86%. Another estimate indicates the global silver market size was USD 21.21 billion in 2024 and is anticipated to reach USD 28.43 billion by 2033, growing at a CAGR of 3.31% from 2025 to 2033.
- Regional Market Size (Mexico): The precious metal market in Mexico, which includes silver and gold, generated a revenue of USD 91,855.6 million in 2024 and is expected to reach USD 167,696.8 million by 2030, growing at a CAGR of 11.2% from 2025 to 2030. Mexico is recognized as the leading silver mine-producing country globally and accounts for 22% of the world's silver market. In 2024, Mexico exported $3.09 billion of silver.
Product: Gold
- Global Market Size: The global gold market was valued at USD 291.68 billion in 2024 and is projected to reach USD 400 billion by the end of 2030, with a CAGR of 6.51% from 2025-2030. The market size was 4,890.0 tons in 2025 and is expected to reach 7,424.4 tons by 2034, with a CAGR of 4.70%.
- Regional Market Size (Mexico): The precious metal market in Mexico, which includes gold and silver, generated a revenue of USD 91,855.6 million in 2024 and is expected to reach USD 167,696.8 million by 2030, growing at a CAGR of 11.2% from 2025 to 2030. Mexican exports of raw, semi-finished, and powdered gold reached US$3.4 billion between January and July 2025. In 2024, Mexico exported $7.37 billion of gold.
Product: Zinc
- Global Market Size: The global zinc market is projected to grow from USD 38.14 billion in 2025 to USD 55.11 billion by 2032, at a CAGR of 5.39%. Another estimate indicates the global zinc market size was valued at USD 27.2 billion in 2024 and is poised to grow from USD 29.24 billion in 2025 to USD 52.14 billion by 2033, growing at a CAGR of 7.5% during the forecast period (2026–2033). In terms of volume, the zinc market size was valued at 13.78 million tons in 2025 and is estimated to grow to 15.06 million tons by 2031, at a CAGR of 1.57%.
- Regional Market Size (Mexico): While a specific overall market size in monetary terms for zinc in Mexico is not readily available, Mexico was the world's sixth-largest producer of zinc in 2023, accounting for 5% of global production.
Product: Lead
- Global Market Size: The global lead market size was valued at USD 23.55 billion in 2025 and is expected to reach USD 39.26 billion by 2034, projected to grow at a CAGR of 5.84%. Another report states the global lead market was valued at USD 29.9 billion in 2025 and is projected to grow to approximately USD 47.1 billion by 2036, at a CAGR of 4.2%.
- Regional Market Size (Mexico): The lead mining market in Mexico is expected to reach a projected revenue of US$ 1,306.5 million by 2030, growing at a CAGR of 1.9% from 2023 to 2030. In 2024, Mexico exported $1.12 billion of Lead Ore, making it the largest exporter of Lead Ore in the world.
Product: Copper
- Global Market Size: The global copper market size was calculated at USD 349.14 billion in 2025 and is expected to reach around USD 573.24 billion by 2035, expanding at a CAGR of 5.08% from 2026 to 2035. Another source indicates the global copper market was valued at USD 291.12 billion in 2025 and is anticipated to reach USD 442.04 billion by 2034, growing at a CAGR of 4.75%.
- Regional Market Size (Mexico): The Mexico copper market size was valued at USD 2.97 billion in 2025 and is expected to grow at a CAGR of 5.70% during the forecast period of 2026-2035 to reach a value of USD 5.17 billion by 2035. The copper mining market in Mexico is expected to reach a projected revenue of US$ 12,075.6 million by 2030.
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Santacruz Silver Mining Ltd. (SCZM) is expected to drive its future revenue growth over the next 2-3 years through several key initiatives and market factors:
- Increased Production from Existing Operations: A significant driver will be the anticipated full recovery of the Bolivar mine from the May 2025 flooding event, with management expecting a complete return to normal production levels by Q4 2026. This recovery is projected to lead to higher silver equivalent ounce production. Additionally, efforts such as increased ore mining from Level 960 at the Zimapan mine and the planned resumption of production at the Esperanza Mine, part of the Caballo Blanco group, are expected to contribute to overall output growth.
- Development and Commencement of Production at the Soracaya Project: The Soracaya project in Bolivia is identified as a key catalyst for future growth. Santacruz Silver is targeting permitting for this project by Q3 2026 and aims for initial production by Q4 2026, which is expected to meaningfully boost the company's overall output.
- Favorable Commodity Prices: Santacruz Silver is well-positioned to benefit from strong silver prices and anticipated robust demand. A sustained rise in silver prices is expected to have a significant positive impact on the company's earnings and, consequently, its revenue. The company also produces zinc, lead, and copper, so favorable market prices for these base metals would further support revenue growth.
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Share Issuance
- As of December 17, 2025, Santacruz Silver Mining had 91,502,478 shares issued and outstanding.
- The company announced the issuance of stock options on February 27, 2026.
- Santacruz Silver also granted Restricted Share Units on January 5, 2026.
Outbound Investments
- Trailing twelve months (TTM) as of September 30, 2025, cash acquisitions amounted to -$40 million.
- The company reported -$18.92 million in investment in securities for the TTM ended September 30, 2025.
- In fiscal year 2022, cash acquisitions were $11.67 million.
Capital Expenditures
- Capital expenditures for the trailing twelve months (TTM) ended September 30, 2025, were $27.9 million.
- In 2024, the company's capital expenditures were $22.619 million, followed by $22.135 million in 2023.
- A primary focus of capital expenditures in 2024 included significant investments in operations, particularly at the Zimapán mine and milling facility, and strategic one-time capital expenditures across key assets.
Peer Outperformance in Diversified Metals & Mining
null| Industry | Names | 1Y med | 3Y med | 5Y med | Top 3 by 5Y |
|---|---|---|---|---|---|
| Copper | 7 | 113.8% | 88.9% | 310.3% | COPR 1027% · TGB 422% · HBM 384% |
| Silver | 6 | 152.1% | 306.7% | 170.3% | AYA 251% · HL 247% · SVM 206% |
| Gold | 32 | 47.6% | 192.9% | 158.3% | IAG 791% · CNL 533% · KGC 474% |
| Steel | 13 | 26.1% | 48.1% | 122.9% | AMR 511% · HCC 444% · NWPX 332% |
| Aluminum | 3 | 105.5% | 128.5% | 51.3% | CENX 276% · KALU 51% · AA 20% |
| Diversified Metals & Mining ← | 24 | 4.6% | -8.2% | 46.1% | ATLX 224900% · USAR 60269% · FMST 949% |
| Construction Materials | 7 | -14.0% | 27.7% | 43.1% | USLM 314% · CRH 91% · VMC 54% |
| Metal, Glass & Plastic Containers | 11 | -3.1% | 4.0% | 5.0% | KRT 169% · MYE 67% · GEF 58% |
| Paper & Plastic Packaging Products & Materials | 7 | 9.7% | 12.7% | -6.8% | PKG 84% · CCK 14% · SON 4% |
| Precious Metals & Minerals | 9 | 45.0% | 151.9% | -7.6% | ASM 632% · PPTA 406% · ELE 110% |
| Specialty Chemicals | 40 | 10.5% | -2.2% | -13.3% | LWLG 758% · ODC 483% · NEU 193% |
| Commodity Chemicals | 13 | 25.6% | 12.3% | -13.5% | HWKN 234% · MEOH 73% · LXU 67% |
| Diversified Chemicals | 4 | 4.3% | -28.9% | -25.8% | CBT 72% · ASH -6% · CC -46% |
| Fertilizers & Agricultural Chemicals | 10 | -6.1% | -6.0% | -35.6% | CF 212% · CTVA 102% · NTR 44% |
| Paper Products | 3 | -12.3% | -51.1% | -95.4% | CLW -36% · ITP -95% · MERC -96% |
Research & Analysis
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Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 16.32 |
| Mkt Cap | 7.0 |
| Rev LTM | 1,393 |
| Op Inc LTM | 649 |
| FCF LTM | 548 |
| FCF 3Y Avg | 194 |
| CFO LTM | 777 |
| CFO 3Y Avg | 387 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 60.9% |
| Rev Chg 3Y Avg | 34.6% |
| Rev Chg Q | 53.6% |
| QoQ Delta Rev Chg LTM | 9.0% |
| Op Inc Chg LTM | 198.7% |
| Op Inc Chg 3Y Avg | 278.9% |
| Op Mgn LTM | 41.5% |
| Op Mgn 3Y Avg | 19.0% |
| QoQ Delta Op Mgn LTM | 3.4% |
| CFO/Rev LTM | 42.5% |
| CFO/Rev 3Y Avg | 30.7% |
| FCF/Rev LTM | 30.2% |
| FCF/Rev 3Y Avg | 11.6% |
Segment Financials
Revenue by Segment| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Zimapan | 102 | 82 | 54 | 54 | 52 |
| San Lucas Group | 99 | 81 | 109 | 107 | 0 |
| Caballo Blanco Group | 79 | 68 | 74 | 95 | 0 |
| Bolivar | 72 | 84 | 59 | 67 | 0 |
| Porco | 36 | 40 | 27 | 44 | 0 |
| Corporate and Other | 0 | 0 | 0 | 0 | 2 |
| Inter-company eliminations | -4 | -5 | -29 | -35 | 0 |
| Illapa Joint Operation eliminations | -59 | -67 | -42 | -54 | 0 |
| Total | 326 | 283 | 251 | 279 | 53 |
| $ Mil | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|
| Zimapan | 12 | 3 | 0 | ||
| Other | -2 | -2 | |||
| Corporate | -17 | -7 | -17 | 1 | -2 |
| Mine Services | 2 | 7 | 1 | ||
| Rosario Project | -1 | -6 | -18 | ||
| Veta Grande Project | -3 | -6 | -3 | ||
| Exploration and evaluation | -5 | ||||
| Total | -7 | -6 | -19 | -4 | -28 |
| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Bolivar | 138 | 119 | 99 | 108 | 0 |
| Caballo Blanco Group | 137 | 105 | 74 | 68 | 0 |
| Porco | 88 | 73 | 55 | 62 | 0 |
| San Lucas Group | 74 | 77 | 55 | 39 | 0 |
| Zimapan | 67 | 60 | 42 | 38 | 46 |
| Corporate and Other | 27 | 17 | 57 | 69 | 15 |
| Inter-company eliminations | 0 | 0 | 0 | 0 | 0 |
| Illapa Joint Operation eliminations | -85 | -77 | -65 | -35 | 0 |
| Total | 446 | 374 | 317 | 348 | 61 |
Price Behavior
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 3.61 | 3.68 | 3.81 | 3.38 | 0.93 | -0.07 |
| Up Beta | 5.13 | 3.80 | 4.11 | 3.95 | -0.27 | -1.13 |
| Down Beta | 3.79 | 4.45 | 4.79 | 3.98 | 0.40 | 1.35 |
| Up Capture | 325% | 313% | 315% | 249% | 229% | 22% |
| Bmk +ve Days | 11 | 22 | 35 | 67 | 138 | 427 |
| Stock +ve Days | 11 | 19 | 29 | 57 | 61 | 61 |
| Down Capture | 292% | 318% | 317% | 247% | 170% | 96% |
| Bmk -ve Days | 11 | 21 | 28 | 59 | 114 | 326 |
| Stock -ve Days | 11 | 24 | 34 | 69 | 74 | 74 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with SCZM | |
|---|---|---|---|---|
| SCZM | -27.6% | 91.1% | -0.17 | - |
| Sector ETF (XLB) | 17.2% | 17.8% | 0.74 | 52.5% |
| Equity (SPY) | 20.1% | 12.8% | 1.16 | 50.8% |
| Gold (GLD) | 30.9% | 29.0% | 0.92 | 71.6% |
| Commodities (DBC) | 39.9% | 20.3% | 1.54 | 11.9% |
| Real Estate (VNQ) | 9.9% | 13.7% | 0.44 | 7.4% |
| Bitcoin (BTCUSD) | -27.5% | 43.6% | -0.61 | 37.7% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with SCZM | |
|---|---|---|---|---|
| SCZM | -6.2% | 91.1% | -0.17 | - |
| Sector ETF (XLB) | 6.9% | 19.1% | 0.25 | 52.5% |
| Equity (SPY) | 13.1% | 17.2% | 0.59 | 50.8% |
| Gold (GLD) | 19.7% | 18.7% | 0.85 | 71.6% |
| Commodities (DBC) | 11.5% | 19.6% | 0.46 | 11.9% |
| Real Estate (VNQ) | 2.0% | 18.9% | 0.00 | 7.4% |
| Bitcoin (BTCUSD) | 10.4% | 52.6% | 0.38 | 37.7% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with SCZM | |
|---|---|---|---|---|
| SCZM | -3.2% | 91.1% | -0.17 | - |
| Sector ETF (XLB) | 10.2% | 20.7% | 0.44 | 52.5% |
| Equity (SPY) | 15.2% | 17.9% | 0.72 | 50.8% |
| Gold (GLD) | 12.2% | 16.3% | 0.61 | 71.6% |
| Commodities (DBC) | 7.3% | 18.0% | 0.33 | 11.9% |
| Real Estate (VNQ) | 5.0% | 20.7% | 0.20 | 7.4% |
| Bitcoin (BTCUSD) | 64.0% | 66.1% | 1.04 | 37.7% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Earnings Returns History
Updated 6/2/2026| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| SUMMARY STATS | |||
| # Positive | 0 | 0 | 0 |
| # Negative | 0 | 0 | 0 |
| Median Positive | |||
| Median Negative | |||
| Max Positive | |||
| Max Negative | |||
| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| SUMMARY STATS | |||
| # Positive | 0 | 0 | 0 |
| # Negative | 0 | 0 | 0 |
| Median Positive | |||
| Median Negative | |||
| Max Positive | |||
| Max Negative | |||
Industry Resources
| Materials Resources |
| Chemical & Engineering News (C&EN) |
| Mining.com |
| Plastics News |
| Diversified Metals & Mining Resources |
| Mining Technology |
| International Mining |
| Northern Miner |
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
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