Santacruz Silver announces allocation of Restricted Share Units

Santacruz Silver Mining Ltd. (TSXV: SCZ,OTC:SCZMF) (“Santacruz” or the “Company”) announces that the Company has granted 39,000 restricted share units (“RSUs”) to a director of the Company pursuant to the Company’s Omnibus Equity Incentive Plan dated November 17, 2023. The RSUs will vest in equal one-third installments on each anniversary of the grant date. Each vested RSU may be exchanged 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 (“MI 61-101“). 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 based on the exemptions contained in Sections 5.5(b) and 5.7(1)(a) of MI 61-101, respectively.

About Santacruz Zilvermijn Ltd.

Santacruz Silver engages in the exploitation, acquisition, exploration and development of mineral properties throughout Latin America. In Bolivia, the company operates the Bolivar, Porco and Caballo Blanco mining complexes, with Caballo Blanco including the Tres Amigos and Colquechaquita mines. The Reserva mine, whose production is supplied to San Lucas’ ore purchasing and trading activities, is also located in Bolivia. In addition, the company oversees the Soracaya exploration project. In Mexico, Santacruz operates the Zimapán mine.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

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