Starcore Reports Third Quarter Production Results
Starcore Shakes Off Operational Headwinds as Mexican Gold Production Recovers After African Spin-Out
The most recent news release (February 17, 2026) reports Starcore's Q3 production results for the period ended January 31, 2026. The headline data shows a significant operational turnaround at the flagship San Martin mine in Mexico. Key metrics include 2,162 Gold Equivalent Ounces (AuEq) produced, a 16% increase over Q2 2026 (1,860 oz). This improvement follows the resolution of "preg-robbing" issues caused by clay shales that had previously decimated recovery rates. The company notes that budgeted targets were met in the final two months of the quarter and that mining has commenced on new high-grade extensions grading approximately 5 g/t Au and 80 g/t Ag.
This news is Material - Positive as it confirms a successful operational stabilization after more than a year of volatility. - Operational Recovery: The resolution of the carbonaceous clay issues is critical. Previous quarters (notably Q2 2026) saw All-in Sustaining Costs (AISC) skyrocket to an unsustainable $3,537 USD/EqOz due to poor recoveries and plant modifications. Meeting budget targets suggests the cost profile is finally normalizing. - Strategic Focus: This production beat occurs immediately after the February 2, 2026, closing of the African asset spin-out (EU Gold Mining Inc.). Starcore has shed the high-cost exploration burden of Ivory Coast to focus on Mexican cash flow. - Grade Improvement: The move into 5 g/t Au zones is a massive jump from the 1.33 g/t Au average processed in Q3. This suggests Q4 production could see a much larger leap in metal output without increasing tonnage.
Starcore International Mines Ltd. is a producer focused on the San Martin Gold and Silver Mine in Queretaro, Mexico. - Flagship: San Martin has been in production since 2008. It utilizes a CIL (carbon-in-leach) circuit with a capacity of 800 tpd. - Secondary Asset: The San Juan Nepomuceno (Tortilla) Project, a 10-year lease on a past-producing silver mine located 40km from San Martin. - Status: Transitioning from a diversified explorer (Africa/Mexico) to a focused Mexican producer after the 2026 spin-out of EU Gold Mining Inc.