Mr. Arturo Prestamo Elizondo reports

SANTACRUZ SILVER ANNOUNCES GRANT OF RESTRICTED SHARE UNITS

Santacruz Silver Mining Ltd. has granted 39,000 restricted share units (RSUs) to a director of the company in accordance with the company's omnibus equity incentive plan dated Nov. 17, 2023. The RSUs vest in equal one-third instalments on each anniversary of the grant date. Each vested RSU may be redeemed for one common share of the company.

The grant of RSUs constitutes a related party transaction pursuant to Multilateral Instrument 61-101, Protection of Minority Security Holders in Special Transactions. The company is exempt from the requirements to obtain a formal valuation and minority shareholder approval in connection with the grant of RSUs to related parties in reliance on the exemptions contained in sections 5.5(b) and 5.7(1)(a) of MI 61-101, respectively.

About Santacruz Silver Mining Ltd.

Santacruz Silver is engaged in the operation, acquisition, exploration and development of mineral properties across Latin America. In Bolivia, the company operates the Bolivar, Porco and Caballo Blanco mining complexes, with Caballo Blanco comprising the Tres Amigos and Colquechaquita mines. The Reserva mine, whose production is provided to the San Lucas ore sourcing and trading business, is also located in Bolivia. Additionally, the company oversees the Soracaya exploration project. In Mexico, Santacruz operates the Zimapan mine.