Mr. Arturo Prestamo reports

SANTACRUZ SILVER REPORTS FIRST QUARTER FINANCIAL RESULTS

Santacruz Silver Mining Ltd. has released its financial and operating results for the first quarter (Q1) of 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 or on SEDAR. All financial information is prepared in accordance with international financial reporting standards (IFRS), and all dollar amounts are expressed in thousands of U.S. dollars, except per-unit amounts, unless otherwise indicated.

Q1 2023 highlights:

• Processed 482,497 tonnes of material, in line with the previous quarter;
• Silver equivalent ounces produced of 5,644,383, a 2-per-cent decrease from the previous quarter;
• Cash cost per silver ounce sold of $17.30, a 9-per-cent decrease from the previous quarter;
• AISC (all-in sustaining cash) per silver ounce sold of $20.76, a 4-per-cent decrease from the previous quarter;
• Revenue of $65,378,000, a 2-per-cent increase from the previous quarter; and
• Adjusted EBITDA (earnings before interest, taxes, depreciation and amortization) of $12,602,000, a 335-per-cent increase from the previous quarter.

Arturo Prestamo, executive chairman of Santacruz, commented: "The first quarter has provided us with a strong start to the year. We maintained production levels while considerably improving our cash position, which provides us with a solid base from which we will keep moving forward."

Mr. Prestamo continued: "We also have several projects we are advancing this year, all of which are expected to provide significant value to the company. The team is preparing updated [National Instrument] 43-101 technical reports for all the operating mines, and this is anticipated to be completed in Q3 2023. In addition, we are working towards completing the 'integration drift' to connect the Colquechaquita and Tres Amigos mines at Caballo Blanco, which is expected to be completed in Q1 2024, and increasing the dewatering capacity at Bolivar. Both these initiatives are expected to significantly improve operations at each mine."

Cease trade order update

Further to the company's news release dated May 8, 2023, the company has notified the British Columbia Securities Commission that it has filed its audited annual financial statements and corresponding management's discussion and analysis for the year ended Dec. 31, 2022, and its unaudited financial statements and corresponding management's discussion and analysis for the three months ended March 31, 2023, including the respective chief executive officer and chief financial officer certificates. The company expects the cease trade order (CTO) to be lifted after market close on Friday, June 9, 2023, followed shortly by the resumption of trading of the company's shares on the TSX Venture Exchange early next week.

About Santacruz Silver Mining Ltd.

Santacruz Silver is engaged in the operation, acquisition, exploration and development of mineral properties in Latin America. The Bolivian operations comprise the Bolivar, Porco and the Caballo Blanco group, which consists of the Tres Amigos, Reserva and Colquechaquita mines. The Soracaya exploration project and San Lucas ore sourcing and trading business are also in Bolivia. The Zimapan mine is in Mexico.

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