Vancouver, B.C. – Starcore International Mines Ltd. (TSX: SAM) (“Starcore” or the “Company”) has filed the results for the second quarter ended October 31, 2022 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.

“The reduced production and lower metal prices have affected our results this quarter; however, we still maintain a healthy cash reserve of over $8.8million,&rdquo reported Robert Eadie, CEO of the Company. “This in spite of actively expanding our exploration at the San Martin mine and completing a mineral resource estimate and NI 43-101 compliant technical report for our El Creston project in Sonora, Mexico.”

Financial Highlights for the three-month period ended October 31, 2022 (unaudited):

Cash and short-term investments on hand is $8.8 million at October 31, 2022;
Gold and silver sales of $4.8 million;
Loss from mining operations of $0.1 million;
Loss of $1.8 million, or ($0.03) per share;
EBITDA(1) of $0.1 million for the six month period ended October 31, 2022.
The following table contains selected highlights from the Company’s unaudited consolidated statement of operations for the three and six months ended October 31, 2022 and 2021:

(IN THOUSANDS OF CANADIAN DOLLARS)
(UNAUDITED)
THREE MONTHS ENDED OCTOBER 31, SIX MONTHS ENDED OCTOBER 31,
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