Starcore International Mines reported net income of $3.1 million, or $0.03 per share, for the first fiscal quarter ended July 31, 2026, marking a substantial increase from the $0.9 million, or $0.01 per share, recorded in the prior-year period.

The company operates the San Martin gold and silver mine and holds the La Tortilla silver project, both located in the state of Queretaro, Mexico. During the three-month period, Starcore generated gold and silver sales of $10.5 million and recorded income from mining operations of $2.2 million. The balance sheet closed with $8.0 million in cash on hand, $11.3 million in working capital, metal inventory of 1,000 kilograms of silver, and an EBITDA of $3.7 million, yielding an EBITDA margin of 35.1%.

Production at San Martin reached 2,008 equivalent ounces of gold during the quarter. Mine operating cash costs stood at US$3,180 per equivalent ounce, with all-in sustaining costs reaching US$3,940 per equivalent ounce. Operational efficiency improved over the period, notably with mine gold recovery climbing to 85.5%, compared with 77.4% in the corresponding period of fiscal 2025.

“We continue to increase our income from mining operations and achieved a net income of $0.03 per share for the quarter,” stated Robert Eadie, CEO of the Company . “With our carbon ore processing getting better and more consistent results, and with success in developing newer ore zones, the mine is showing excellent potential. We expect production to continually improve over the next quarters.”

Building on these operational results, Starcore plans to advance the permitting and mining of the La Tortilla silver mine project over the year following July 2026. Elsewhere in the Queretaro district, Silverco Mining Ltd. provided an operations update for its La Negra mine in August 2026, launching a 15,000-metre exploration program and targeting nameplate capacity of 2,500 tonnes per day in the first half of 2027.

Read the full announcement: Starcore Reports Q1 Results