The Zimapan Mine, located in Hidalgo, Mexico, was acquired by Santacruz Silver in 2021 and is a 100%-owned underground silver, zinc, lead, and copper polymetallic mine with a long history of mining activity in the district dating back more than four centuries. The Zimapan mining district was originally discovered by Spanish miners in 1575. Between 1632 and 1920, more than 18 mines were brought into production, including the historic Lomo de Toro, El Monte and Carrizal mines.

The Zimapan operation consists of underground mining areas and associated surface infrastructure, supported by a processing facility with a milling capacity of approximately 3,200 tonnes per day. The operation exploits skarn-hosted polymetallic mineralization through underground mining methods designed to access multiple mineralized zones across the district.

Mineralization is characterized by skarn ore bodies, massive sulfides, and stratiform sulfide replacement systems, averaging approximately 78 g/t silver, 2.74% zinc, 0.73% lead, and 0.26% copper, with head grades reflecting 2025 operating average grades.

In Q1 2026, Zimapan received new underground mining equipment and infrastructure upgrades to support development toward Level 960, which the Company plans to reach during 2026.