NOT FOR DISTRIBUTION IN THE UNITED STATES

Vancouver, B.C. – Starcore International Mines Ltd. (TSX: SAM) (“Starcore” or the “Company”) has filed the results for the third quarter ended January 31, 2024 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.sedarplus.ca. 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 results showed a great improvement in earnings from mining operations as a result of increased production of metal and, of course, the better metal prices overall,” reported Robert Eadie, CEO of the Company. “We expect the metal production to show further increases into the next quarters as we benefit from our exploration initiatives.”

Financial Highlights for the three-month period ended January 31, 2024 (unaudited):

• Cash and short-term investments on hand is $3.6 million at January 31, 2024;
• Gold and silver sales of $6.8 million;
• Earnings from mining operations of $0.8 million;
• Loss of $0.2 million, or ($0.00) per share;
• EBITDA(1) of ($0.7) million for the nine month period ended January 31, 2024.

The following table contains selected highlights from the Company’s unaudited consolidated statement of operations for the three and nine months ended January 31, 2024 and 2023:

(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 January 31, 2024:

• Equivalent gold production of 2,514 ounces;
• Mine operating cash cost of US$1,674/EqOz;
• All-in sustaining costs of US$2,156/EqOz for the nine months ended January 31, 2024.

The following table is a summary of mine production statistics for the San Martin mine for the three and nine months ended January 31, 2024 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 has been complemented by exploration and development projects throughout North America, Starcore has expanded its reach internationally with the recently acquired project in Côte d’Ivoire. 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

FOR FURTHER INFORMATION PLEASE CONTACT:

GARY ARCA
Telephone: (604) 602-4935

The Toronto Stock Exchange has not reviewed nor does it accept responsibility for the adequacy or accuracy of this press release.

This news release contains “forward-looking” statements and information (“forward-looking statements”). All statements, other than statements of historical facts, included herein, including, without limitation, statements relating to the terms of the share exchange, the participation of certain insiders, future work plans, the use of funds, and the potential of the Company’s projects, are forward looking statements. Forward-looking statements are based on the beliefs of Company management, as well as assumptions made by and information currently available to Company management and reflect the beliefs, opinions, and projections on the date the statements are made. Forward-looking statements involve various risks and uncertainties and accordingly, readers are advised not to place undue reliance on forward-looking statements. There can be no assurance that such statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements. The Company assumes no obligation to update forward‐looking statements or beliefs, opinions, projections or other factors, except as required by law.