San Lucas, acquired by Santacruz Silver in 2022, is a wholly owned Bolivian ore sourcing and processing business built around a margin-driven model with operations in Oruro and Potosí, Bolivia. Established in 2017, the business supports the broader operating platform by sourcing third-party material and processing it through the Santacruz’s existing plants.

The margin-based business model, with feed priced on metal content and value, supports consistent profitability while helping maintain high milling facility utilization, enhancing fixed-cost absorption, and adding operating flexibility across the Bolivian platform. San Lucas is supported by long-term relationships, operational integration, and deep local market knowledge, creating a scalable and difficult-to-replicate processing platform.