Highlights

  • Starcore records USD 10.7M in gold and silver sales during Q2 2025.
  • The company reports a net loss of USD 0.7M, while six-month EBITDA reaches USD 1.7M.
  • San Martin mine produces 1,860 gold equivalent ounces with mine operating cash cost at USD 2,625/EqOz.

Starcore International Mines Ltd (TSX:SAM) announced its financial results for the second quarter ended October 31, 2025. During this period, the company generated total gold and silver sales of USD 10.7M, with income from mining operations reaching USD 2.4M. The net loss for the quarter was USD 0.7M, or 0.01 per share. For the six-month period ended October 31, 2025, EBITDA was USD 1.7M, representing an EBITDA margin of 8.9%. At the end of the quarter, the company held USD 9.8M in cash and USD 7.0M in working capital.

Production Performance
The San Martin mine in Queretaro, Mexico, produced 1,860 gold equivalent ounces during the quarter. Mine operating cash costs were USD 2,625 per equivalent ounce, while all-in sustaining costs were USD 3,537 per equivalent ounce for the first six months. Gold recovery was 77.3% and silver recovery reached 51.9%. Over the three months, gold production in dore totaled 1.7k ounces and silver production was 11.9k ounces. For the six-month period, gold and silver production reached 3.7k ounces and 24.2k ounces, respectively. Milled material amounted to 52k tonnes for the quarter and 106.2k tonnes for six months.

Cost and Operational Metrics
Mine operating cash cost per tonne milled was USD 94 for the quarter and USD 96 for six months. The silver-to-gold equivalency ratio was 85.2 for the quarter and 89.7 for six months. Gold grades averaged 1.33 g/t and silver grades 14.48 g/t for the period. These figures provide insight into the operational efficiency of the mine during the reporting period.

EBITDA and Non-GAAP Measures
EBITDA, which represents earnings before interest, taxes, depreciation, and amortization, is a non-GAAP measure used to evaluate operating performance. For the six months ended October 31, 2025, EBITDA increased to USD 1.7M from USD 0.53M in the same period of 2024, reflecting changes in revenues, operating costs, and other non-cash items.

Share Price Snapshot
SAM was trading at CAD 0.87 per share as of 15 December 2025.