STARCORE Reports First Quarter Production Results

Starcore International Mines Ltd. (SAM) released production and operations results for its San Martin Mine in Queretaro, Mexico, for the first quarter of fiscal 2027, covering the quarter ended July 2026. The update is limited to production metrics and contains no income statement, cost, cash flow, balance sheet, or reserve and resource figures.

For the period, the company milled 49,555 tons of ore, an increase of 9% quarter-over-quarter but a 9% decline year-over-year. This output yielded 2,008 gold equivalent ounces, up 17% from the previous quarter but down 6% year-over-year. The gold grade averaged 1.35 g/t, up 10% quarter-over-quarter and down 8% year-over-year, while the silver grade was 14.70 g/t, down 15% quarter-over-quarter but up 14% year-over-year.

Recovery rates for the quarter showed gold recovery at 85.49%, up 2% quarter-over-quarter and 10% year-over-year. Silver recovery stood at 58.12%, representing a 30% increase quarter-over-quarter and a 6% increase year-over-year. The gold-to-silver ratio was recorded at 63.64.

Regarding the carbonaceous ore circuit, the company reported a steady grinding rate of 100 tons per day. This circuit produced grades of 2.62 g/t gold and 20.65 g/t silver, with recoveries of 74.11% for gold and 68.58% for silver.

In exploration news, geophysical interpretations have been received for nearly the entire 13,000-hectare San Martin concession. Exploration targets have been identified, and the company is currently tendering contracts for reverse circulation and diamond drilling. Management stated that the exploration phase offers the possibility of continuing mining operations for many more years, though no drilling results are yet available.

Starcore International Mines Ltd. (SAM) released an operational production update rather than an earnings or reserve statement. The company reported a quarter-over-quarter increase of 17% in gold equivalent ounces, a figure that follows an unusually weak fourth quarter of 2026, which saw production of only 1,722 oz.

Despite the recent quarterly gain, year-over-year production remains down 6%. Gold grade has decreased by 8%, and milled tonnage is down 9%. The carbonaceous ore circuit is currently operating, though its specific grades and recoveries are lower than the figures management cited in May 2026.

The release did not provide updated costs, margins, cash flow, or balance sheet data, meaning it cannot confirm an improvement in profitability. The information appears consistent with the expected recovery from a weak fourth quarter and the company's continuing exploration story, rather than representing market-moving new information.

Starcore International Mines Ltd. is a precious metals producer focused on Mexico. Its principal producing asset is the San Martin Mine in Queretaro, an epithermal gold-silver operation. The company also holds the La Tortilla silver project in Queretaro, which is leased under a 10-year agreement.

Other assets and actions include the El Creston project in Sonora, Mexico, which is described as having porphyry potential and is under technical review. The Ajax property in British Columbia was accepted for sale to Korestar Exploration in March 2026. Additionally, West African assets were spun out into EU Gold Mines Inc. effective February 2026. Management named in prior disclosures includes Robert Eadie, President and CEO; Salvador Garcia, COO; and Gary Arca, CFO.