STARCORE Reports Second Quarter Production Results

Starcore International Mines Ltd. (SAM) released a production update on November 13, 2026, covering the San Martin mine for the fiscal second quarter of 2027, which ended on October 30, 2026. The company reported that its carbonaceous ore circuit achieved its target throughput of 100 tonnes per day, operating against grade targets of 3 g/t gold and 20 g/t silver, with expected recoveries of 80% for gold and 70% for silver.

Final results for the carbonaceous circuit in the last month of the quarter processed 2,564 dry tons at grades of 4.82 g/t gold and 25.3 g/t silver. Recovery rates reached 80.7% for gold and 74.2% for silver, yielding 170 ounces of gold equivalent and leaving 120 ounces of gold equivalent in process inventory. The update did not disclose total ore milled, total gold-equivalent production, cash costs, all-in sustaining costs (AISC), revenue, cash flow, or other mine-level financials for the quarter.

In addition to operational data, the release announced the grant of 7,900,000 incentive stock options at an exercise price of C$0.30 per share. These options are exercisable for five years, with 50% vesting after four months and one day and the remaining balance after the first anniversary. Chief Operating Officer Salvador Garcia stated, “These actions and achievements give us great confidence that we will soon see improved results for our operation, company and our stakeholders.”

Starcore International Mines Ltd. (SAM) reported that its carbonaceous circuit achieved its 100 tonnes per day target, with final-month grades and recoveries exceeding stated goals. This operational result stands in contrast to the company’s broader Q2 performance, for which the release omitted total gold-equivalent ounces, total ore milled, cash cost, AISC, revenue, and cash flow. Without these figures, the company’s prior commitment to “continually improve” cannot be validated.

The previous earnings release was issued on September 14, 2026. On that day, the stock closed at C$0.45, falling to C$0.27 by November 13, 2026, a decline of approximately 40%. The market had already priced in disappointment leading up to this print. The release followed the November 13 close, so the provided price data does not reflect the market’s reaction to the announcement.

Additionally, the company granted 7.9 million options, representing approximately 8.2% of the 96.4 million shares outstanding. The options carry an exercise price of C$0.30, which is about 11% above the C$0.27 closing price.

Starcore International Mines Ltd. (TSX: SAM, OTCQX: SHVLF, Frankfurt: V4JA) is a Mexico-focused precious metals producer. Its flagship asset is the San Martin mine, an epithermal high-sulphidation gold-silver system located approximately 50 km east of Queretaro, Mexico. San Martin has been in production since 1993 and operates at a rate of 650 tonnes per day on a 13,077-hectare land package.

The company also holds the La Tortilla project, a past-producing high-grade silver deposit situated about 40 km from the San Martin mill. La Tortilla is under a 10-year lease with a 2% net smelter return (NSR) and includes a US$2 million buyout option. Production targets for the project are set at 100 tonnes per day initially, increasing to 200 tonnes per day in 2027.

Starcore’s portfolio includes the El Creston molybdenum project in Sonora, which is currently under technical review. The company has divested other assets, selling the Ajax property in British Columbia to Korestar Exploration and spinning out its Cote d’Ivoire assets into EU Gold Mines.

Management consists of Robert Eadie as CEO and President, Salvador Garcia as COO and director, and Gary Arca as CFO and director. The company highlights Garcia’s 39 years of mining experience in Mexico, including prior roles with First Majestic and Goldcorp.