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Starcore International Mines Ltd. (TSX: SAM,OTC:SHVLF) ("Starcore" or "the Company") announces production results for the fourth fiscal quarter ended April 2026 at its San Martin Mine ("San Martin") in Querétaro, Mexico.
In this quarter we encountered lower grades and tonnage processed. This was due mainly to the fact that the high-grade Manto reserves, which were detected using diamond drilling in the previous quarter, were found to be located between a fault at the top of the Manto and very soft material at the bottom. This makes mining very difficult and is subject to higher dilution. We quickly adjusted to prepare a new high-grade ore body in another area of the mine to counteract this effect, and this new ore body was reached by the end of the quarter.
The geophysical survey announced in the previous quarter was carried out consisting of two surveys: a mobile MT (Magneto Telluric) geophysical survey conducted by Expert Geophysics, covering a total of 91.5 square kilometers, and an IP (Induced Polarization) geophysical survey by Geotem, covering a total of 5.2 square kilometers. The results of the surveys are expected to be known by the end of May. With this, we have practically covered 70% of the 13,000-hectare concession.
"At this time we are focused on increasing the production of ounces in both the oxide ore and the carbonaceous ore, which was producing results from the second half of April. The Carbonaceous ore being processed through the plant is averaging 3 g/t of gold and 25 g/t of silver at a recovery of approximately 80% with milling reaching 100 tons per day by quarter end," stated Salvador García, the Company's Chief Operating Officer.
| 12 Month YTD | ||||||
| San Martin Production | Q4 2026 | Q3 2026 | Q/Q Change | 2026 | 2025 | Y/Y Change |
| Ore Milled (Tonnes) | 45,550 | 52,609 | -13% | 204,366 | 197,880 | 3 % |
| Gold Equivalent Ounces | 1,722 | 2,162 | -20% | 7,874 | 8,916 | -12% |
| Gold Grade (Grams/Ton) | 1.23 | 1.33 | -8% | 1.35 | 1.58 | -15% |
| Silver Grade (Grams/Ton) | 17.33 | 18.29 | -5% | 15.67 | 14.27 | 10% |
| Gold Recovery (%) | 84.17 | 85.72 | -2% | 80.84 | 82.73 | -2% |
| Silver Recovery (%) | 44.85 | 46.37 | -3% | 48.52 | 54.09 | -10% |
| Gold: Silver Ratio | 61.71 | 60.42 | 72.15 | 85.57 | ||
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, both in the state of Querétaro, 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 "Robert Eadie"
Robert Eadie, Chief Executive Officer
FOR FURTHER INFORMATION PLEASE CONTACT:
ROBERT EADIE
Telephone: (604) 602-4935
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 factors, except as required by law.
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