Starcore Closes Private Placement

Suite 750 – 580 Hornby Street, Box 113 Vancouver, British Columbia, Canada V6C 3B6

Telephone: (604) 602-4935 Fax: (604) 602-4936 e-mail. [email protected] website: www.starcore.com

July 15, 2022 TSX: SAM

STARCORE CLOSES PRIVATE PLACEMENT

Vancouver, B.C. Starcore International Mines Ltd. (the “Company”) is pleased to announce that it has

closed its non-brokered private placement (the “Financing”), raising $1,200,000 in gross proceeds through the

issuance of 6,000,000 units (the “Units”) at a price of $0.20 per Unit. Each Unit is comprised of one common

share of Starcore and one -half of one transferable common share purchase warrant (the “Warrants”), each

whole Warrant exercisable for a period of four years from the date of issue to purchase one common share of

Starcore at a price of $0.30 per share, provided that, if after the expiry of all resale restrictions, the closing

price of the Company’s shares is equal to or greater than $0.40 per share for 20 consecutive trading days, the

Company may, by notice to the Warrant holders (which notice may be by way of general news release), reduce

the remaining exercise period of the Warrants to not less than 30 days following the date of such notice.

Aggregate compensation of $48,000 was paid by the Company to Rodea GmbH as finders’ fees for the portion

of the Financing attributable to their efforts.

All of the securities issued pursuant to this Financing are subject to a hold period of four months plus one day.

The Company has now 55,646,851 common shares issued and outstanding.

About Starcore

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

This base of producing assets is complemented by exploration and development projects throughout North

America. The Company is a leader in Corporate Social Responsibility and advocates value driven decisions

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.

Signed “Robert Eadie”

Robert Eadie, Chief Executive Officer

FOR FURTHER INFORMATION PLEASE CONTACT:

ROBERT EADIE

Telephone: (604) 602-4935 x 205

Toll Free: 1-866-602-4935

Email: [email protected]

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

for the adequacy or accuracy of this press release.