Starcore Reports Q3 Results
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
March 2, 2026 TSX: SAM
FSE: V4JA
NOT FOR DISTRIBUTION IN THE UNITED STATES
Starcore Reports Q3 Results
Vancouver, B.C. – Starcore International Mines Ltd. (TSX: SAM) (“Starcore” or the “Company”) has filed the
results for the third quarter ended January 31, 2026 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.
“This quarter represents a return to full production at San Martin mine and it is reflected in significantly improved
earnings from mining operations of $6.2 million, and $10.4 million over the entire period, with positive cash flow
of over $8.4 million over the same period,” reported Robert Eadie, CEO of the Company. “With the finalization of
the equipment installations to process the higher grade carbonaceous ore, we expect further increase in monthly
metal production going forward.”
Financial Highlights for the three-month period ended January 31, 2026 (unaudited):
• Cash and cash equivalents on hand is $12.4 million at January 31, 2026;
• Gold and silver sales of $13.5 million;
• Earnings from mining operations of $6.2 million;
• Income of $1.3 million, or $0.01 per share;
• EBITDA(1) of $4.0 million for the nine month period ended January 31, 2026.
The following table contains selected highlights from the Company’s unaudited consolidated statement of
operations for the three and nine months ended January 31, 2026 and 2025:
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(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 anoth er 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.
(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 measur e could not 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 January 31, 2026:
• Equivalent gold production of 2,162 ounces;
• Mine operating cash cost of US$2,394/EqOz;
• All-in sustaining costs of US$3,554/EqOz for the nine months ended January 31, 2026.
The following table is a summary of mine production statistics for the San Martin mine for the three and nine
months ended January 31, 2026 and for the previous year ended April 30, 2025:
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.
About Starcore
Starcore International Mines is engaged in precious metals production with focus and experience in Mexico. The
Company’s base of producing assets includes its gold producing San Martin Mine and the La Tortilla silver mine,
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both in the state of Queretaro, Mexico. 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, opinion s, 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 s tatements will
prove to be accurate, and actual 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 f actors, except as
required by law.