Mr. Arturo Prestamo reports

SANTACRUZ SILVER'S WHOLLY OWNED BOLIVIAN SUBSIDIARY, SAN LUCAS, SUCCESSFULLY COMPLETES OVERSUBSCRIBED BS 70M PROMISSORY NOTE ISSUANCE UNDER NEW PROGRAM, ADVANCING TRANSITION FROM PRIOR FACILITY

Santacruz Silver Mining Ltd.'s wholly owned Bolivian subsidiary, Empresa Minera San Lucas SA, completed the third offering under its promissory note program in the Bolivian capital markets on April 8, 2026.

The offering was completed for gross proceeds of 70 million Bolivian bolivianos. The notes have an annual interest rate of 10.8168 per cent, mature on March 22, 2027, and are unsecured. The offering was oversubscribed by approximately 40 per cent, priced above par, and was fully placed in approximately 15 minutes, underscoring strong investor demand.

The program has a maximum authorized amount of 140 million Bolivian bolivianos. The first offering of 70 million Bolivian bolivianos was fully repaid on Feb. 18, 2026, restoring capacity under the program. The second offering of 70 million Bolivian bolivianos was completed on Aug. 11, 2025. With this third offering of 70 million Bolivian bolivianos, the program is once again fully placed at 140 million Bolivian bolivianos.

The offering was executed through the Bolsa Boliviana de Valores, and attracted strong participation from the Bolivian investor community. The results reflect continued confidence in San Lucas's ore sourcing and trading business, as well as in Santacruz's broader operating platform, financial profile and long-term strategy in Bolivia.

Arturo Prestamo, executive chairman and chief executive officer of Santacruz, commented: "The speed of execution, the above-par pricing and the strong oversubscription of this offering clearly reflect the confidence that the Bolivian capital markets continue to place in San Lucas, as well as in Santacruz's broader business platform. With this offering, we have once again fully utilized the full 140-million-boliviano program, reinforcing our disciplined approach to capital management and our ability to access funding efficiently."

Mr. Prestamo continued: "This offering is also a strong endorsement of the quality and credibility of our business model. San Lucas plays an important strategic role within Santacruz, strengthening our operating platform in Bolivia and supporting long-term value creation for our shareholders."

Please refer to the company's news releases dated Feb. 27, 2025, and Aug. 11, 2025, for details of the first and second offerings, 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.