Santacruz Silver Mining is a Latin American silver and zinc miner with producing operations in Bolivia and Mexico. The Bolivian operations are the core of the business and include the Caballo Blanco Mining Complex (the Tres Amigos and Colquechaquita mines, 100% owned), the Bolivar and Porco mines (operated under a profit-sharing agreement with COMIBOL, Bolivia's state mining entity, where Santacruz receives 45% of profits), and the San Lucas Group (the Reserva mine plus an ore sourcing and trading business). The Mexican operation is the wholly-owned Zimapan mine. Santacruz also holds the Soracaya exploration project in Bolivia. The company sells all production in concentrate form to two international buyers — Bolivian output is exported to Chile, and Mexican output is exported from Mexico. Silver and zinc are the primary revenue drivers, with lead and copper contributing a smaller share. As a commodity producer, Santacruz's profitability is driven by metal prices, production volumes, and operating costs. The Bolivar and Porco profit-sharing structure caps Santacruz's upside on those assets at 45% relative to wholly-owned mines. Both Bolivia and Mexico carry political and operational risk, and the COMIBOL joint structure adds further political exposure to the Bolivian assets specifically.