Santacruz Silver Announces Management Change

VANCOUVER, Aug. 10, 2023 - Santacruz Silver Mining Ltd. (TSXV: SCZ) ("Santacruz" or "the Company") ("the Company" or "Santacruz") is announcing that effective immediately, Carlos Silva Ramos, is stepping down from his role as CEO and Director of Santacruz, due to personal reasons. Executive Chairman Arturo Préstamo has assumed the role of Interim CEO while the Company conducts its search for a new CEO.

Arturo Préstamo, Executive Chairman and Interim CEO of Santacruz commented, "On behalf of the Board, I would like to thank Carlos for his years of service to Santacruz. He has been an integral part of the Company's growth into a multi-asset producer. We wish him all the best."

Santacruz Silver is engaged in the operation, acquisition, exploration, and development of mineral properties in Latin America. The Bolivian operations are comprised of the Bolivar, Porco and the Caballo Blanco Group, which consists of the Tres Amigos, Reserva and Colquechaquita mines. The Soracaya exploration project and San Lucas ore sourcing and trading business are also in Bolivia. The Zimapan mine is in Mexico.

'signed'

Arturo Préstamo Elizondo,
Executive Chairman

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.

This news release includes certain statements and information that may constitute forward-looking information within the meaning of applicable Canadian securities laws. Forward-looking statements relate to future events or future performance and reflect the expectations or beliefs of management of the Company regarding future events. Generally, forward-looking statements and information can be identified by the use of forward-looking terminology such as "intends", "expects" or "anticipates", or variations of such words and phrases or statements that certain actions, events or results "may", "could", "should", "would" or will "potentially" or "likely" occur. This information and these statements, referred to herein as "forward?looking statements", are not historical facts, are made as of the date of this news release and include without limitation, statements regarding the Company's search for a new CEO.

These forward?looking statements involve numerous risks and uncertainties and actual results might differ materially from results suggested in any forward-looking statements. These risks and uncertainties include, among other things, risks related to the Company's search for a new CEO.

In making the forward-looking statements in this news release, the Company has applied several material assumptions, including without limitation, the assumption that the Company will continue to conduct its search for a new CEO.

There can be no assurance that any forward-looking information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, the reader should not place any undue reliance on forward-looking information or statements. The Company undertakes no obligation to update forward-looking information or statements, other than as required by applicable law.

SOURCE Santacruz Silver Mining Ltd.