SAM.TO · 2024-04-30 12:00:00

Starcore Announces Increase in Mineral Reserves and Mineral Resources

Resource Estimates

S e p t e m b e r 2 3 , 2 0 2 4 TSX: SAM

FSE: V4JA

NOT FOR DISTRIBUTION IN THE UNITED STATES

as of April 30, 2024

Vancouver, B.C . - Starcore Mines International Ltd. (TSX:S AM) (“Starcore” or the “Company”) reports its

estimated mineral reserves and mineral resources as at April 30, 2024 for its San Martin Mine, located in Queretaro

State, Mexico. The report has been filed on SEDAR+ and is also available on the Company’s website

www.starcore.com.

Proven and Probable mineral reserves are estimated to contain approximately 96,298 ounces of gold and 710,435

ounces of silver for a total of 104,962 ounces of Au e quivalent. Measured and indi cated mineral resources are

estimated to total approximately 97,396 ounces of gold and 720,623 ounces of silver for a total of 106,185 ounces

of gold equivalent. Inferred mineral resources are esti mated to total approximatel y 47,972 ounces of gold and

355,856 ounces of silver giving a total of 52,312 oun ces of gold equivalent. The updated mineral reserves and

mineral resources estimates are reported net of the production from the San Martin property (see Tables below).

Salvador Garcia, Starcore’s COO of the Company, commented: “I am extremely pleased to announce our year-

end Reserve and Resource estimate. With this updated estimate, Starcore has increased San Martin’s Mineral

Reserves since operations began in 2008, adding approxim ately (to date) 286,112 oz before mining depletion.

Our 2023 conversion drilling program has enabled us to grow our Reserve s and Measured and Indicated

Resources. Based on planned conversion and exploration pr ograms for 2024, I am very excited for the potential

to add more ounces over the coming year.”

For 2024, 104,962 ounces of gold equivalent are reported in mineral reserves, an increase of 27 % in reserves

compared to the estimate for 2022, where 82,562 ounces of gold equivalent were reporte d. In this update, a

carbonaceous mineral (as referred to in previous press releases) is reported that corresponds to 49,539 of the total

reserves included. The metallurgical research and test ing completed over the past year by Kappes Cassiday and

Associates of Reno, Nevada USA, have been very positive and has achieved recoveries of approximately 70% for

Gold and 55% for Silver. With this strong technical support, we believe we are able to include this carbonaceous

ore, which contains a gold grade of approximately 3.1 gr/ton and 20 gr/ton of Silver, as an economic ore.

This type of material is significant as it is an indica tion of the existence of e normous potential and supports

exploration at depth and in lateral extensions to increase resources and reserves in the short and medium term.

In 2024, Starcore plans to complete over 6,000 metres of drilling across its main mine of San Martin, focused on

near-mine exploration for mineral reserve replacement.

Mineral Reserves as of April 30, 2024

Mineral Resources as of April 30, 2024

1. The effective date of the mineral resources estimate is April 30, 2024.

2. Estimation and reporting of mineral resources were carried out in accordance with Canadian Institute of Mining,

Metallurgy and Petroleum (“CIM”) guidelines.

3. Mineral resources have been classified into measured, indicated and inferred confidence categories.

4. Inferred Mineral Resources are considered too speculative geologically to have economic considerations applied to

them to enable them to be categorized as Mineral Reserves.

5. Mineral resources have reasonable prospects for eventual economic extraction demonstrating sufficient spatial

continuity of mineralization constrained within a potentially mineable shape. Mineral resources that are not

mineral reserves do not have demonstrated economic viability.

6. Prices used to report mineral resources were: $1,891 per ounce of gold and $23.06 per ounce of silver.

7. Resource and reserve cut‐off grades are based on a 1.29 g/t gold equivalent.

8. This mineral resource and reserve estimate was prepared under the supervision of, or was reviewed by, Erme

Enriquez, MSc, CPG, independent consultant, who is a Qualified Person as that term is defined in NI 43‐101.

9. Grades are shown as contained metal before mill recoveries are applied. The Company has undertaken a verification

process with respect to the data disclosed in this news release.

10. A total of 441 diamond drill holes with a total length of 52,605 metres and 5,427 channel samples were used in the

geological interpretation and resource estimate. Several old historic drill holes were included in the modeling.

Au Ag Au ‐Eq Au Ag Au ‐Eq

(g/t) (g/t) (g/t) (Oz) (Oz) (Oz)

Proven 545,373 2.39 19 2.61 41,845 325,003 45,809

Probable 712,987 2.38 17 2.58 54,453 385,432 59,154

Proven + Probable 1,258,360 2.38 18 2.59 96,298 710,435 104,962

Category Tonnage

Grade Contained Metal

Au Ag Au ‐Eq Au Ag Au ‐Eq

(g/t) (g/t) (g/t) (Oz) (Oz) (Oz)

Measured 510,754 2.60 20 2.85 42,731 329,724 46,752

Indicated 646,559 2.63 19 2.86 54,665 390,899 59,432

Measured + Indicated 1,157,312 2.62 19 2.85 97,396 720,623 106,185

Inferred 728,433 2.05 15 2.23 47,972 355,856 52,312

Category Tonnage

Grade Metal Content

About Starcore

Starcore International Mines is engaged in precious metals production with focus and experience in Mexico. While

this base of producing assets has been complemented by exploration and development projects throughout North

America, Starcore has expanded its reach internationally with the project in Côte d’Ivoire. The company is a

leader in Corporate Social Respons ibility and advocates value driven deci sions that will increase long term

shareholder value. You can find more information on the investor friendly website here: www.starcore.com.

ON BEHALF OF STARCORE INTERNATIONAL

MINES LTD.

(sgd.) “Robert Eadie”

President & Chief Executive Officer

FOR FURTHER INFORMATION PLEASE CONTACT:

ROBERT EADIE

Telephone: (604) 602-4935 ext. 205

The Toronto Stock Exchange has not reviewed, nor does it accept responsibility

for the adequacy or accuracy of this press release.

This news release contains “forward-looking” statements and information (“forward-looking statements”). All statements,

other than statements of historical facts, included herein, including, without limitation, management’s expectations and the

potential of the Company’s projects, are forward looking statements. Forward-looking statements are based on the beliefs of

Company management, as well as assumptions made by and information currently available to Company’s management and

reflect the beliefs, opinions, and projections on the date the statements are made. Forward-looking statements involve various

risks and uncertainties and accordingly, readers are advised not to place undue reliance on forward-looking statements.

There can be no assurance that such stat ements will prove to be accurate, and actu al results and future events could differ

materially from those anticipated in such statements. The Company assumes no obligation to update forward ‐looking

statements or beliefs, opinions, projections or other factors, except as required by law.

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