Starcore Reports Year End 2026 Results

Starcore International Mines Ltd. (SAM) reported audited fiscal year 2026 results for the period ended April 30, 2026. The company’s revenue surged to $44.3 million, up from $32.2 million in the prior year, while net income reached $7.0 million, or $0.08 per share. EBITDA came in at $7.5 million, representing a 17.0% margin.

Despite the revenue growth, equivalent gold production declined to 7,874 ounces, a 12% drop from the 8,900 ounces produced in FY2025. Cost pressures were evident, with mine operating cash costs rising to US$2,662 per equivalent ounce, compared to US$1,936 in FY2025. All-in sustaining costs (AISC) reached US$3,698 per equivalent ounce. In the fourth quarter alone, production was limited to 1,722 ounces at a cash cost of US$3,241 per equivalent ounce.

The company’s balance sheet shows cash holdings of $12.3 million and working capital of $9.7 million, offset by long-term liabilities of $8.1 million. Management highlighted a strong finish to the fiscal year and outlined growth plans centered on the La Tortilla project and carbonaceous ore.

Starcore International Mines Ltd. (SAM) reported a headline net income of $7.0M, a significant increase from $0.2M last year. However, this result appears driven by realized metal prices rather than underlying operational strength. Revenue grew 38%, while equivalent ounces produced fell 25% and cash costs surged 39%.

The All-In Sustaining Cost (AISC) of US$3,698/EqOz leaves free cash flow generation fragile, with a thin margin of safety relative to gold at $2,400/oz. The stock had already declined approximately 70% from its January highs. Today’s release confirms deteriorating operational trends and a clear miss on management’s own production guidance, reinforcing that the core San Martin mine is struggling and the growth narrative is disconnected from reality.

Starcore International Mines Ltd. (SAM) is a Mexico-focused gold and silver producer. Its primary asset is the 100%-owned San Martin mine in Querétaro, a high-sulphidation epithermal system that has been in operation since 1993. The company also holds the high-grade La Tortilla silver project under a 10-year lease, which carries a 2% NSR and includes a buyout option, as well as the El Creston porphyry project. A West African portfolio was previously spun out into EU Gold Mining. The company is led by CEO Robert Eadie and COO Salvador Garcia, supported by a highly experienced board.