Starcore reports Q1 results

16 September 2024, Vancouver, BC / IRW Press / Starcore International Mines Ltd. (TSX: SAM) (“Starcore” or the “Company”) reports results for the first quarter ended July 31, 2024 for the Company and its operations in Queretaro, Mexico. The full version of the Company’s financial statements and management’s discussion and analysis can be found on the Company’s website at www.starcore.com or on SEDAR+ under www.sedarplus.ca can be viewed. All financial information is prepared in accordance with IFRS and all dollar amounts are in thousands of Canadian dollars, unless otherwise stated.

“Our quarterly production continued the trend of the last two quarters and recorded solid results from operations and improved metal production,” said Robert Eadie, Chief Executive Officer. “We hope to continue this trend while we begin our investments in other projects in Mexico and Côte d’Ivoire.”

Financial highlights for the three-month period ended July 31, 2024 (unaudited):

– Cash on hand is $5.6 million and working capital is $7.1 million as of July 31, 2024;

– Gold and silver sales of $8.88 million;

– Mining revenues of $2.1 million;

– Earnings of $0.4 million, or $0.01 per share; and

– EBITDA(1) of $1.7 million

The following table includes selected highlights from the Company’s unaudited consolidated statements of operations for the quarters ended July 31, 2024 and 2023:

(1) EBITDA (“earnings before interest, taxes, depreciation and amortization”) is a non-GAAP financial performance measure for which there is no standard definition under IFRS. It is therefore possible that this measure is not comparable to a similar measure used by another company. The Company uses this non-GAAP measure, which may also be useful to investors because it provides a result that can be related to the Company’s stock price.

(2) EBITDA MARGIN is a measure of a company’s operating profitability and is reported as EBITDA divided by total revenue. EBITDA MARGIN is a non-GAAP financial performance measure for which there is no standard definition under IFRS. It is therefore possible that this measure is not comparable to a similar measure used by another company. The Company uses this non-GAAP measure, which may also be useful to investors because it provides a result that can be related to the Company’s stock price.

Production highlights for the three-month period ending July 31, 2024:

– Gold equivalent production of 2,841 ounces;

– Mine operating cash costs of US$1,608/eqoz;

– Total cost (AISC) of US$1,866/eqUz

The following table is a summary of mine production statistics for the San Martin Mine for the periods ended July 31, 2024 and 2023 and for the prior year ended April 30, 2024:

Salvador Garcia, B. Eng., a director of the Company and Chief Operating Officer, is the Company’s Qualified Person for the Project as defined by NI 43-101 and has prepared the technical information contained in this news release.

About Starcore

Starcore International Mines is engaged in precious metal production with a focus and experience in Mexico. This base of producing assets has been complemented by exploration and development projects throughout North America. With the Ivory Coast project, Starcore has expanded its reach internationally. The company is managed in the area of ​​corporate social responsibility and is committed to value-based decisions that increase shareholder value over the long term. For more information, please visit the investor-friendly website: www.starcore.com.

FOR 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

LinkedIn

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The Toronto Stock Exchange has not reviewed and does not accept responsibility for the accuracy or adequacy of this release.

This press release contains “forward-looking” statements and information (“forward-looking statements”). All statements included herein that are not based on historical facts, including, but not limited to, statements with respect to management’s expectations and the potential of the Company’s projects, are forward-looking statements. Forward-looking statements are based on the beliefs of the Company’s management, as well as assumptions and information currently available to management, and reflect the beliefs, opinions and projections as of the date the statements are made. Forward-looking statements involve various risks and uncertainties and, accordingly, readers are cautioned 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 undertakes no obligation to update any forward-looking statements or beliefs, opinions, projections or other factors, except as required by law.

The source language (usually English) in which the original text is published is the official, authorized and legally valid version. This translation is provided for better understanding. The German version may be shortened or summarized. No responsibility or liability is assumed for the content, correctness, appropriateness or accuracy of this translation. From the translator’s point of view, the message does not constitute a recommendation to buy or sell! Please note the original English message www.sedarplus.ca, www.sec.gov, www.asx.com.au/ or on the company website!

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At the time of publication of the news, the Starcore International Mines share is valued at +2.08 % and a rate of 0.074EUR traded on Tradegate (September 13, 2024, 10:26 p.m.).

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