Starcore Reports Year End 2025 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
July 29, 2025 TSX: SAM
FSE: V4JA
NOT FOR DISTRIBUTION IN THE UNITED STATES
Starcore Reports Year End 2025 Results
Vancouver, B.C. – Starcore International Mines Ltd. (TSX: SAM) (“Starcore” or the “Company”) has filed the
results for the year end dated April 30, 2025 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.
“The Company reported income of $2.5 million from mining operations in the fourth quarter, finishing strong at $6.3
million for the year,” reported Robert Eadie, Chief Executive Officer. “With the carbon circuit testing being completed
and recently announced acquisitions, we are looking forward to the coming fiscal year.”
Financial Highlights for the year ending April 30, 2025 (audited) and quarter ended April 30, 2025
(unaudited):
• Cash on hand is $3.1 million and working capital of $2.5 million at April 30, 2025;
• Gold and silver sales of $32.2 million;
• Income from mining operations of $6.3 million for the year and $2.5 million in the 4th quarter ended April 30,
2025;
• Income for the year of $0.2 million, or $0.00 per share and $1.6 million, or $0.02 per share, for the quarter
ended April 30, 2025;
• EBITDA(1) of $2.8 million;
The following table contains selected highlights from the Company’s audited Consolidated Statements of Profit for the
three months and years ended April 30, 2025 and April 30, 2024:
- 2 -
Three Months Ended Twelve Months Ended
April 30, 2025 April 30, 2024 April 30, 2025 April 30, 2024
Revenues $ 9,368 $ 9,335 $ 32,159 $ 28,327
Cost of Sales (6,914) (7,173) (25,827) (25,922)
Income from mining operations 2,454 2,162 6,332 2,405
Administrative Expenses (2,707) (1,295) (7,505) (4,100)
Gain (loss) on investment 97 19 97 (310)
Gain (loss) on sale of assets (40) - (40) 37
Income tax (expense)/ recovery 1,808 3,637 1,331 3,601
Total income / (loss)
(i) Total income/ (loss) $ 1,612 $ 4,523 $ 215 $ 1,633
(ii) Income/(loss) per share - basic & diluted $ 0.02 $ 0.06 $ 0.00 $ 0.03
Total assets $ 55,998 $ 51,973 $ 55,998 $ 51,973
Total long-term liabilities $ 8,041 $ 7,186 $ 8,041 $ 7,186
Reconciliation of Net Income to EBITDA(1)
For the year ended April 30, 2025 2024
Net income $ 215 $ 1,633
Depreciation and depletion 3,453 2,828
Rehabilitation and closure cost accretion 331 235
Interest expense 6 2
Accretion on share buyback 27 -
Lease accretion 52 56
Income tax expense (recovery) (1,331) (3,601)
Depreciation and depletion $ 2,753 $ 1,153
EBITDA MARGIN(2) 8.6% 4.1%
(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 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 measure 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 year and quarter ended April 30, 2025:
• Equivalent gold production of 8,916 ounces for the year and 2,342 ounces for the 4th quarter;
• Mine operating cash cost of US$1,936/EqOz for the year and US$1,888/EqOz for the 4th quarter;
• All-in sustaining costs of US$2,662/EqOz for the year.
The following table is a summary of mine production statistics for the San Martin mine for the three and twelve
months ended April 30, 2025 and April 30, 2024:
- 3 -
(Unaudited) Unit of measure
Actual results Actual results Actual results Actual results
3 months
ended
3 months
ended
12 months
ended
12 months
ended
30-Apr-25 30-Apr-24 30-Apr-25 30-Apr-24
Mine production of Gold in Dore thousand ounces 2.2 3.0 8.3 9.4
Mine production of Silver in Dore thousand ounces 15.2 19.7 49.3 58.0
Total mine production – equivalent ounces thousand ounces 2.3 3.2 8.9 10.1
Silver to Gold equivalency ratio 93.0 87.1 82.6 84.9
Mine Gold grade grams/tonne 1.57 1.91 1.58 1.50
Mine Silver grade grams/tonne 15.77 19.59 14.27 15.82
Mine Gold recovery percent 81.7% 88.6% 83.1% 87.0%
Mine Silver recovery percent 56.7% 56.9% 53.0% 50.9%
Milled thousands of
tonnes 53.4 55.9 197.9 224.3
Mine operating cash cost per tonne milled US dollars/tonne 83 82 87 76
Mine operating cash cost per equivalent ounce US dollars/ounces 1,888 1,411 1,936 1,686
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 43-101 and 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. While
this base of producing assets is 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
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 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 statements 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 fa ctors, except as
required by law.