Vancouver, B.C. – Starcore International Mines Ltd. (TSX: SAM) (“Starcore” or the “Company”) reports the results for the first quarter ended July 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.

“Our quarterly production reflects our recent difficulties in reaching our higher-grade ore bodies or stopes.” stated Robert Eadie, Chief Executive Officer. “We expect to achieve our targets over the remainder of the year as we are currently completing the development to the high-grade zones”.

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

Cash on hand is $5.7 million and working capital of $6.2 million at July 31, 2023;
Gold and silver sales of $6.23 million;
Loss from mining operations of $0.75 million;
Loss of $1.7 million, or $0.03 per share;
EBITDA(1) loss of ($0.8) million;
The following table contains selected highlights from the Company’s unaudited consolidated statement of operations for the quarters ended July 31, 2023 and 2022:

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