---
title: "Santacruz Silver Mining: Multi-Asset Operational Recovery Drives Upgraded Target Price and Buy Rating"
description: "Atrium Research has upgraded its target price for Santacruz Silver Mining to C$34.20 and maintained a Buy rating, citing a 9% increase in Q4/25 silver-equivalent production to 3.74Moz AgEq, driven by "
type: "news"
locale: "en"
url: "https://longbridge.com/en/news/273731069.md"
published_at: "2026-01-26T16:55:37.000Z"
---

# Santacruz Silver Mining: Multi-Asset Operational Recovery Drives Upgraded Target Price and Buy Rating

> Atrium Research has upgraded its target price for Santacruz Silver Mining to C$34.20 and maintained a Buy rating, citing a 9% increase in Q4/25 silver-equivalent production to 3.74Moz AgEq, driven by operational improvements at the Bolivar mine and strong performance from other assets. Despite a year-over-year decline in total 2025 production due to flooding, the mine is on a recovery path, with expectations for steady gains and normalization by Q4/26. TipRanks also reiterated a Buy rating with a C$24.00 target.

Atrium Research analyst maintained a Buy rating on Santacruz Silver Mining today and set a price target of C$34.20.

Atrium Research has given his Buy rating due to a combination of factors related to Santacruz Silver Mining’s recent operating performance and outlook. The firm highlights that Q4/25 silver-equivalent production rose 9% quarter-over-quarter to 3.74Moz AgEq, surpassing their forecast, with particularly notable operational improvement at the Bolivar mine. Additionally, several other assets, including Caballo Blanco, San Lucas, and Zimapán, exceeded internal production expectations, underscoring the resilience and diversification benefits of the company’s multi-asset portfolio.

Atrium Research also notes that while total 2025 production declined year-over-year due to the earlier flooding event at Bolivar, the mine is now on a clear recovery trajectory, with management expecting steady quarterly gains and full normalization by Q4/26. The recovery in processed ore and output at Bolivar, combined with consistent performance across the rest of the portfolio, supports a more optimistic medium-term production profile. Reflecting this improved outlook, Atrium substantially raised its target price for Santacruz Silver Mining, reinforcing the view that the shares offer attractive upside potential from current levels and warrant a Buy recommendation.

In another report released on January 24, TipRanks – OpenAI also reiterated a Buy rating on the stock with a C$24.00 price target.

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> **Disclaimer**: This article is for reference only and does not constitute any investment advice.