Starcore Reports Q1 Results
Starcore grew revenue, net income and EBITDA in Q1 2026, but reported higher unit cash costs and slightly lower equivalent gold output.
Rhea-AI Summary
Starcore International Mines (SHVLF) reported higher revenue and earnings for the first quarter ended July 31, 2026, from its Mexican mining operations.
Revenue rose to $10.5 million from $8.6 million a year earlier, generating income from mining operations of $2.2 million versus $1.9 million. Net income increased to $3.1 million, or $0.03 per share, up from $0.01 per share, supported by a swing in administrative items to a $415 thousand recovery from a $1.5 million expense. EBITDA grew to $3.7 million from $1.5 million, with EBITDA margin improving to 35.1% from 17.6%. Cash on hand was $8.0 million, working capital was $11.3 million, and total assets were $73.5 million.
Equivalent gold production was 2,008 ounces, with mine operating cash costs of US$3,180 per equivalent ounce and all‑in sustaining costs of US$3,940 per equivalent ounce.
Positive
- Revenue $10.5 million vs. $8.6 million in Q1 2025
- Income from mining operations $2.2 million vs. $1.9 million
- Net income $3.1 million vs. $0.9 million; EPS $0.03 vs. $0.01
- EBITDA $3.7 million vs. $1.5 million; margin 35.1% vs. 17.6%
- Cash on hand $8.0 million and working capital $11.3 million
- Gold recovery 85.5% vs. 77.4%; silver recovery 58.1% vs. 54.8%
Negative
- Equivalent gold production 2.0k oz vs. 2.1k oz in Q1 2025
- Tonnage milled 49.6k tonnes vs. 54.2k tonnes
- Cash cost per tonne US$129 vs. US$98; per EqOz US$3,180 vs. US$2,499
- All-in sustaining costs US$3,940 per equivalent ounce (no prior figure given)
AI-generated analysis. How Rhea-AI works. Not financial advice.
Vancouver, British Columbia--(Newsfile Corp. - September 14, 2026) - Starcore International Mines Ltd. (TSX: SAM) ("Starcore" or the "Company") has filed the results for the first quarter ended July 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.
"We continue to increase our income from mining operations and achieved a net income of
Financial Highlights for the three-month period ended July 31, 2026 (unaudited):
- Cash on hand is
$8.0 million and working capital of$11.3 million ; - Metal inventory of 1,000 kilograms of silver
- Gold and silver sales of
$10.5 million ; - Income from mining operations of
$2.2 million ; - Income of
$3.1 million , or$0.03 per share; - EBITDA(1) of
$3.7 million .
The following table contains selected highlights from the Company's unaudited consolidated statement of operations for the quarters ended July 31, 2026 and 2025:
| Three Months Ended (unaudited) | ||||||||
| July 31, 2026 | July 31, 2025 | |||||||
| Revenues | $ | 10,498 | $ | 8,636 | ||||
| Cost of Sales | (8,263 | ) | (6,739 | ) | ||||
| Income from mining operations | 2,235 | 1,897 | ||||||
| Administrative (expenses) recoveries | 415 | (1,502 | ) | |||||
| Total other income (losses) | 148 | 154 | ||||||
| Income tax recovery | 254 | 378 | ||||||
| Income for the year | $ | 3,052 | $ | 927 | ||||
| Income / (loss) per share - basic | $ | 0.03 | $ | 0.01 | ||||
| Income / (loss) per share - diluted | $ | 0.03 | $ | 0.01 | ||||
| Total assets | $ | 73,459 | $ | 57,982 | ||||
| Total long-term liabilities | $ | 8,089 | $ | 7,839 | ||||
| Reconciliation of Net Income to EBITDA(1) | ||||||||
| For the period ended July 31, | 2026 | 2025 | ||||||
| Net income | $ | 3,052 | $ | 927 | ||||
| Depreciation and depletion | 820 | 842 | ||||||
| Rehabilitation and closure cost accretion | 96 | 86 | ||||||
| Interest expense (recovery) | (47 | ) | 6 | |||||
| Accretion expenses | 19 | 34 | ||||||
| Income tax recovery | (254 | ) | (378 | ) | ||||
| EBITDA | $ | 3,686 | $ | 1,517 | ||||
| EBITDA MARGIN(2) | ||||||||
(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 three-month period ended July 31, 2026:
- Equivalent gold production of 2,008 ounces;
- Mine operating cash cost of US
$3,180 /EqOz; - All-in sustaining costs of US
$3,940 /EqOz.
The following table is a summary of mine production statistics for the San Martin mine for the three months ended July 31, 2026 and 2025 and for the previous year ended April 30, 2026:
| (Unaudited) | Unit of measure | Actual results | ||
| 3 months ended | 3 months ended | 12 months ended | ||
| 31-Jul-26 | 31-Jul-25 | 30-Apr-26 | ||
| Mine production of gold in dore | thousand ounces | 1.8 | 2.0 | 7.2 |
| Mine production of silver in dore | thousand ounces | 13.6 | 12.3 | 50.1 |
| Total mine production - equivalent ounces | thousand ounces | 2.0 | 2.1 | 7.9 |
| Silver to Gold equivalency ratio | 63.6 | 94.5 | 72.2 | |
| Mine Gold grade | grams/tonne | 1.35 | 1.47 | 1.35 |
| Mine Silver grade | grams/tonne | 14.70 | 12.88 | 15.67 |
| Mine Gold recovery | percent | |||
| Mine Silver recovery | percent | |||
| Milled | thousands of tonnes | 49.6 | 54.2 | 204.4 |
| Mine development, preparation and exploration | meters | 1,357 | 1,545 | 5,697 |
| Mine operating cash cost per tonne milled | US dollars/tonne | 129 | 98 | 103 |
| Mine operating cash cost per equivalent ounce | US dollars/ounces | 3,180 | 2,499 | 2,662 |
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 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
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.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/314096
FAQ
AI-generated questions and answers. How Rhea-AI works. Not financial advice.
What were Starcore’s key profitability metrics for Q1 2026?
For the quarter ended July 31, 2026, Starcore reported income from mining operations of $2.2 million, net income of $3.1 million (basic and diluted EPS of $0.03), and EBITDA of $3.7 million. EBITDA margin was 35.1%, based on total revenue of $10.5 million.
How did Starcore’s balance sheet look at the end of Q1 2026?
At July 31, 2026, Starcore reported cash on hand of $8.0 million, working capital of $11.3 million, total assets of $73.5 million, and total long‑term liabilities of $8.1 million.
What were the main production and cost metrics at the San Martin mine in Q1 2026?
For the three months ended July 31, 2026, San Martin produced 1.8 thousand ounces of gold and 13.6 thousand ounces of silver, or 2.0 thousand equivalent ounces. Gold and silver recoveries were 85.5% and 58.1%, respectively. Mine operating cash cost was US$129 per tonne milled and US$3,180 per equivalent ounce, and all‑in sustaining costs were US$3,940 per equivalent ounce.
Which operations contributed to Starcore’s Q1 2026 results?
The results reflect precious metals production in Mexico, including the San Martin gold mine and the La Tortilla silver mine, both located in the state of Queretaro.