Starcore Identifies Four Priority Geophysical Exploration Targets at San Martin and Makes Progress on the Structural Model to Define Drilling Targets

Starcore International Mines Ltd. released an exploration update on October 7, 2026, detailing results from its 2026 geophysical program at the San Martin Mine in Querétaro, Mexico. Airborne MobileMT and ground-based IP/resistivity surveys covered nearly all mining lots and infrastructure areas.

Four priority anomalies were identified: Anomaly I, II, III, and IV. Anomaly I and Anomaly IV have been selected as short-term drilling targets, with preliminary programs totaling approximately 6,700 meters of diamond drilling planned for the remainder of 2026. Anomaly I is located near mine infrastructure, projected to extend 300-500 meters, with a planned ~4,200-meter drill program. Anomaly IV is located in the southern sector, ~600 meters long, with a planned 2,500-meter drill program.

Anomaly II and III require additional 3D modeling, historical data integration, and geological constraint before drilling targets can be finalized. The company is refining its 3D geological and structural model to guide interpretation of pre-fault geometry and low-angle shear zones. Qualified Person Dr. Riccardo Aquè verified the data and QA/QC procedures, noting that geophysical anomalies do not establish mineralization continuity.

Starcore International Mines Ltd. (SAM) released a standard exploration update following previously announced geophysical surveys. The planned 6,700 meters of drilling is incremental and expected to run through year-end 2026, with results unlikely to impact FY2027 guidance. The release does not alter near-term production, cost, or cash flow expectations.

The stock has already declined approximately 74% from its January 2026 peak, pricing in production volatility and cost creep.

Starcore International Mines Ltd. (SAM) is a precious metals producer focused on gold and silver in Mexico. Its flagship asset is the San Martin Mine in Querétaro, an epithermal Ag-Au system operating at approximately 100 tpd milling capacity, which processes both oxide and carbonaceous ore. The company’s growth asset is the La Tortilla silver project, also in Querétaro. This historic high-grade silver mine is under a 10-year lease, with community agreements secured and permitting underway.

Regarding its corporate strategy, Starcore is focusing on Mexican producing assets, leveraging existing infrastructure, and unlocking district-scale growth through exploration and La Tortilla development. The company has divested or spun out other assets, including the Ajax property in British Columbia, which was sold to Korestar, and African assets in Côte d'Ivoire, which were spun out to EU Gold Mines Inc.