Starcore Reports Q2 Results
December 15, 2025 TSX: SAM
FSE: V4JA
NOT FOR DISTRIBUTION IN THE UNITED STATES
Starcore Reports Q2 Results
Vancouver, B.C. – Starcore International Mines Ltd. (TSX: SAM) (“Starcore” or the “Company”) reports the
results for the second quarter ended October 31, 202 5 for the Company and its mining operations in Queretaro,
Mexico. The full version of the Company's Financial Statements and Management's Discussion and Analysis can
be viewed on the Company's website at www.starcore.com, or SEDAR+ at www.sedarplus.ca. All financial
information is prepared in accordance with IFRS and all dollar amounts are expressed in thousands of Canadian
dollars unless otherwise indicated.
“We have been addressing the production issues over this past quarter with modifications to our plant process, as
outlined in our recent production news release,” stated Robert Eadie, Chief Executive Officer . “We expect that
these changes will improve our recoveries and we will return to our previous robust mining and plant operations
which will be reflected in the next quarter.”
Financial Highlights for the three-month period ended October 31, 2025 (Unaudited):
• Cash on hand is $9.8 million and working capital of $7.0 million at October 31, 2025;
• Gold and silver sales of $10.7 million;
• Income from mining operations of $2.4 million;
• Loss of $0.7 million, or ($0.01) per share; and
• EBITDA(1) of $1.7 million for the six-month period ended October 31, 2025.
The following table contains selected highlights from the Company’s unaudited consolidated statement of
operations for the three and six months ended October 31, 2025 and 2024:
(in thousands of Canadian dollars)
(Unaudited)
Three Months ended
October 31,
Six Months ended
October 31,
2025 2024 2025 2024
Revenues $ 10,698 $ 4,900 $ 19,334 $ 13,777
Cost of Sales (8,335) (5,280) (15,074) (12,024)
Income (loss) from mining operations 2,363 (380) 4,260 1,753
Administrative expenses, interest and foreign exchange (2,487) (1,592) (3,989) (2,974)
Gain on sale of assets - - 38 -
Other income 13 - 13 -
Write-down of exploration and evaluation expenditures (550) - (550) -
Unrealized gain (loss) on investment (19) - 97 (39)
Income tax – current and deferred recovery (expense) (30) (115) 348 (431)
Net income (loss) $ (710) $ (2,087) $ 217 $ (1,691)
Income (Loss) per share – basic & diluted $ (0.01) $ (0.03) $ 0.00 $ (0.02)
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
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Reconciliation of Net income to EBITDA(1)
For the six months ended October 31, 2025 2024
Net Income (loss) $ 217 $ (1,691)
Depreciation and depletion 1,605 1,685
Rehabilitation and closure cost accretion 175 167
Interest expense, net of interest (revenue) 9 (101)
Accretion on share buyback 23 -
Lease accretion 43 28
Income tax expense (recovery) (348) 446
EBITDA $ 1,724 $ 534
EBITDA MARGIN(2) 8.9% 3.9%
(1) EBITDA (“Earnings before Interest, Taxes, Depreciation and Amortization”) is a non -GAAP financial performance measure with no standard
definition under IFRS. It is therefore possible that this measure could not be comparable with a similar measure of another C orporation. The
Corporation uses this non -GAAP measure which can also be helpful to investors as it provides a result which can be compared with the
Corporation’s market share price.
(2) EBITDA MARGIN is a measurement of a company’s operating profitability calculated as EBITDA divided by total revenue. EBITDA MARGIN
is a non -GAAP financial performance measure with no standard definition under IFRS. It is therefore possible that this measure could n ot be
comparable with a similar measure of another Corporation. The Corporation uses this non-GAAP measure which can also be helpful to investors
as it provides a result which can be compared with the Corporation’s market share price.
Production Highlights for the three-month period ended October 31, 2025:
• Equivalent gold production of 1,860 ounces;
• Mine operating cash cost of US$2,625/EqOz; and
• All-in sustaining costs of US$3,537/EqOz for the six months ended October 31, 2025.
The following table is a summary of mine production statistics for the San Martin mine for the three and six months
ended October 31, 2025 and for the previous year ended April 30, 2025:
Actual Results for
Unit of measure
3 months ended
October 31, 2025
6 months ended
October 31, 2025
12 months ended
April 30, 2025
Mine Production of Gold in Dore thousand ounces 1.7 3.7 8.3
Mine Production of Silver in Dore thousand ounces 11.9 24.2 49.3
Gold equivalent ounces thousand ounces 1.9 4.0 8.9
Silver to Gold equivalency ratio 85.2 89.7 82.6
Mine Gold grade grams/tonne 1.33 1.40 1.58
Mine Silver grade grams/tonne 14.48 13.66 14.27
Mine Gold recovery percent 77.2% 77.3% 83.1%
Mine Silver recovery percent 49.3% 51.9% 53.0%
Milled thousands of tonnes 52.0 106.2 197.9
Mine operating cash cost per tonne milled US dollars 94 96 87
Mine operating cash cost per equivalent
ounce
US dollars 2,625 2,558 1,936
Salvador Garcia, B. Eng., a director of the Company and Chief Operating Officer, is the Company’s qualified person
on the project as required under NI 43-101and has prepared the technical information contained in this press release.
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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 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 “Gary Arca”
Gary Arca, Chief Financial Officer and Director
FOR FURTHER INFORMATION PLEASE CONTACT:
GARY ARCA
Telephone: (604) 602-4935 ext 214
ROBERT EADIE
Telephone: (604) 602-4935 ext 205
X
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 o f 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 statements will
prove to be accurate, and actual results and future events could differ materially from those anticipated in suc h statements. The
Company assumes no obligation to update forward‐looking statements or beliefs, opinions, projections or other factors, except as
required by law.