# Starcore Reports First Quarter Production Results Canonical Atlas analysis: https://atlas-extractions.minestarters.com/news/starcore-reports-first-quarter-production-results--171b0520-a613-434a-873d-9cad193d4ae9 Original source: https://money.tmx.com/en/quote/SAM/news/6703218001778499/starcore-reports-first-quarter-production-results Publisher: tmx Original announcement: 2025-08-18T06:30:00.000Z Analysis by Minestarters Atlas Atlas analysis published: Unknown date Atlas analysis updated: Unknown date - Company: Starcore International Mines Ltd. - Ticker: SAM - Exchange: TSX - Region: Queretaro, Mexico - Primary commodity: Gold - Secondary commodities: Silver - Document categories: Metallurgy, Production - Extracted: 2026-09-12 23:17:25 UTC Narrative sentiment: -0.40 · Bearish ## Minestarters Atlas summary Starcore reported Q1 2026 production results for the San Martin Mine, noting a decline in gold and silver grades and recoveries compared to the previous quarter. The company attributed lower recoveries to preg-robbing effects from carbonaceous clays in the oxide ore and is implementing a new CIL plant to optimize processing. Reasoning: Production results show declining grades and recoveries compared to Q4 2025, specifically attributed to preg-robbing carbonaceous shales in the oxide ore. - Positive factor: ramping up production of carbon ore with better grades - Negative factor: lower gold and silver recoveries due to preg-robbing clays - Negative factor: gold grade and silver grade declined quarter-over-quarter - Negative factor: gold recovery declined quarter-over-quarter Facts used in scoring: 4 ## Classification and evidence **Refractory Ore** Polarity: negative Story-specific tag Definition: Ore requires oxidation/pressure treatment before recovery — a processing and recovery risk. Why it applies: The release notes that carbonaceous shales have a preg-robbing effect, absorbing gold and silver during processing. Evidence · text > clays - composed of carbonaceous shales - have a preg-robbing effect, absorbing gold and silver **QA/QC Disclosed** Polarity: positive Story-specific tag Definition: Release includes QA/QC disclosure — certified lab, QP sign-off, or stated methods \(blanks, standards, duplicates\). Why it applies: The release includes a sign-off by a Qualified Person \(Salvador García\) as required under NI 43-101. Evidence · text > 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 43-101 **Mill Route** Polarity: neutral Definition: Processing via mill or concentrator \(CIL, CIP, tank leach, flotation\). Why it applies: the document describes a mill\_cil route \("CIL"\) **Multi-Domain Tested** Polarity: positive Definition: Variability across ore domains \(oxide, transition, fresh\) has been addressed. Why it applies: 2 distinct composites were tested ## Extracted facts Stored fact records: 4. Some facts used in scoring do not have a stored record. ## Metallurgical Results (4) ### CIL [Link to this fact](https://atlas-extractions.minestarters.com/news/starcore-reports-first-quarter-production-results--171b0520-a613-434a-873d-9cad193d4ae9#fact-metallurgical-facts-0) San Martin · gold #### Identity - Project: San Martin - Commodity: gold - Region: mexico - Reported Region: Queretaro, Mexico - Ticker: SAM #### Test Work - Program Status: optimization - Test Type: CIL - Processing Route: CIL \(carbon-in-leach\) - Sample: 5,370 tons of stockpiled ore #### Recovery - Recovery: 75 % - Recovery Basis: actual\_test - Head Grade: 1.91 - Head Grade Unit: g/t #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2025-08-18T00:00:00.000Z Reasoning: Stockpile processing results provided as part of quarterly production update. Evidence · text > 166 equivalent gold ounces were produced in the quarter from a milling of 5,370 tons of stockpiled ore grading 1.91 g/t of gold #### Tags used in scoring **Mill Route** Polarity: neutral Definition: Processing via mill or concentrator \(CIL, CIP, tank leach, flotation\). Why it applies: processing\_route matches the mill\_cil signal **Low Recovery** Polarity: negative Definition: Recovery below the weak band for the commodity and processing route. Why it applies: 75% is below the weak band \(80%\) ### CIL [Link to this fact](https://atlas-extractions.minestarters.com/news/starcore-reports-first-quarter-production-results--171b0520-a613-434a-873d-9cad193d4ae9#fact-metallurgical-facts-1) San Martin · silver #### Identity - Project: San Martin - Commodity: silver - Region: mexico - Reported Region: Queretaro, Mexico - Ticker: SAM #### Test Work - Program Status: optimization - Test Type: CIL - Processing Route: CIL \(carbon-in-leach\) - Sample: 5,370 tons of stockpiled ore #### Recovery - Recovery: 65 % - Recovery Basis: actual\_test - Head Grade: 17.5 - Head Grade Unit: g/t #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2025-08-18T00:00:00.000Z Reasoning: Stockpile processing results provided as part of quarterly production update. Evidence · text > 17.5 g/t of silver and with recoveries of 75% for gold and 65% for silver #### Tags used in scoring **Mill Route** Polarity: neutral Definition: Processing via mill or concentrator \(CIL, CIP, tank leach, flotation\). Why it applies: processing\_route matches the mill\_cil signal **Low Recovery** Polarity: negative Definition: Recovery below the weak band for the commodity and processing route. Why it applies: 65% is below the weak band \(75%\) ### Fact 3 [Link to this fact](https://atlas-extractions.minestarters.com/news/starcore-reports-first-quarter-production-results--171b0520-a613-434a-873d-9cad193d4ae9#fact-metallurgical-facts-2) San Martin · gold #### Identity - Project: San Martin - Commodity: gold - Region: mexico - Reported Region: Queretaro, Mexico - Ticker: SAM #### Test Work - Sample: San Martin Production Q1 2026 #### Recovery - Recovery: 77.42 % - Head Grade: 1.47 - Head Grade Unit: g/t #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2025-08-18T00:00:00.000Z Reasoning: Quarterly production grade and recovery reported via table. - Negative factor: grade decline vs Q4 2025 Evidence · table > 1.47 Context: 54,247 #### Tags used in scoring **Low Recovery** Polarity: negative Definition: Recovery below the weak band for the commodity and processing route. Why it applies: 77.42% is below the weak band \(80%\) ### Fact 4 [Link to this fact](https://atlas-extractions.minestarters.com/news/starcore-reports-first-quarter-production-results--171b0520-a613-434a-873d-9cad193d4ae9#fact-metallurgical-facts-3) San Martin · silver #### Identity - Project: San Martin - Commodity: silver - Region: mexico - Reported Region: Queretaro, Mexico - Ticker: SAM #### Test Work - Sample: San Martin Production Q1 2026 #### Recovery - Recovery: 54.78 % - Head Grade: 12.88 - Head Grade Unit: g/t #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2025-08-18T00:00:00.000Z Reasoning: Quarterly production grade and recovery reported via table. - Negative factor: grade decline vs Q4 2025 Evidence · table > 12.88 Context: 54,247 #### Tags used in scoring **Low Recovery** Polarity: negative Definition: Recovery below the weak band for the commodity and processing route. Why it applies: 54.78% is below the weak band \(75%\) ## How Atlas produces this analysis Minestarters Atlas uses automated extraction to summarize mining announcements, identify reported measurements, and classify supporting evidence. Sentiment reflects the extracted narrative and classification rules; it is an interpretation, not a reported measurement. Evidence quotes and context are provided where available. Missing data, low-confidence results, and review flags indicate limitations. Check the original publisher announcement before relying on an interpretation.