Vancouver, B.C. – Starcore International Mines Ltd. (TSX: SAM) (“Starcore” or the “Company”) has filed the results for the second quarter ended October 31, 2023 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.sedar.com. All financial information is prepared in accordance with IFRS and all dollar amounts are expressed in thousands of Canadian dollars unless otherwise indicated.

“These past two months have seen a turnaround in our production and we are exceeding our budgeted production once again,” reported Robert Eadie, CEO of the Company.

Financial Highlights for the three-month period ended October 31, 2023 (unaudited):

• Cash and short-term investments on hand is $4.7 million at October 31, 2023;
• Gold and silver sales of $6.0 million;
• Earnings from mining operations of $0.2 million;
• Loss of $1.0 million, or ($0.02) per share;
• EBITDA⁽¹⁾ of ($01.1) million for the six month period ended October 31, 2023.

The following table contains selected highlights from the Company’s unaudited consolidated statement of operations for the three and six months ended October 31, 2023 and 2022:

(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 October 31, 2023:

• Equivalent gold production of 2,420 ounces;
• Mine operating cash cost of US$1,690/EqOz;
• All-in sustaining costs of US$2,247/EqOz for the six months ended October 31, 2023.

The following table is a summary of mine production statistics for the San Martin mine for the three and six months ended October 31, 2023 and for the previous year ended April 30, 2023:

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. While this base of producing assets is complemented by exploration and development projects throughout North America, Starcore is driven to expand its reach internationally. 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

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