Starcore International Mines Ltd. (TSX: SAM) has released second fiscal quarter production results for the period ended October 30, 2026, highlighting key milestones at its San Martin Mine in Queretaro, Mexico. The company announced it reached its target of processing 100 tons per day through its carbonaceous ore processing circuit, with strong gold and silver grades recorded in the final month of the quarter. Separately, Starcore disclosed the grant of 7,900,000 incentive stock options to insiders and consultants. Investors may be watching these developments as indicators of operational momentum at the company's flagship producing asset.

Key Points

  • Starcore International Mines Ltd. (TSX: SAM) reported second fiscal quarter 2027 production results
  • The San Martin Mine carbonaceous ore circuit reached 100 tons per day processing target, with final-month grades of 4.82 g/t gold and 25.3 g/t silver
  • Final month of the quarter produced 170 ounces of gold equivalent, with 120 ounces of gold equivalent in-process inventory yet to be recovered
  • 7,900,000 stock options granted at $0.30 per share, expiring November 13, 2031

San Martin Carbonaceous Circuit Hits 100 Tons Per Day Processing Target

The most significant operational development disclosed in Starcore's quarterly update was the optimisation of the carbonaceous ore processing circuit at San Martin. The company states it achieved its target throughput of 100 tons per day, maintaining a grade of 3 grams of gold and 20 grams of silver per ton, with recovery rates of 80% for gold and 70% for silver across the quarter. The release describes this as a notable achievement and suggests the milestone reflects progress in improving processing efficiency at the Mexico-based mine.

Final-Month Results Show Grade and Recovery Improvement at San Martin

In the final month of the quarter, Starcore reported stronger performance, with 2,564 dry tons processed at a grade of 4.82 g/t gold and 25.3 g/t silver. Recovery rates reached 80.7% for gold and 74.2% for silver during that period, resulting in production of 170 ounces of gold equivalent. The company also disclosed an in-process inventory of 120 ounces of gold equivalent yet to be recovered, a figure investors may consider when assessing near-term output potential from the operation.

Starcore Grants 7.9 Million Incentive Stock Options at $0.30 Per Share

Alongside its production update, Starcore announced the grant of an aggregate of 7,900,000 incentive stock options to directors, officers, employees, and consultants. The options carry an exercise price of $0.30 per share and are exercisable for five years, expiring November 13, 2031. The vesting schedule provides that 50% of the options become fully vested after four months and one day from the date of grant, with the balance vesting on the first anniversary of the grant date. The options are subject to Toronto Stock Exchange requirements.