Starcore Reports Q1 Results
Original announcement by tmx on
- 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 23:18:52 UTC
Analysis by Minestarters Atlas
Minestarters Atlas analysis
Summary
Starcore International Mines Ltd. reported its Q1 2025 results, highlighting operational and recovery challenges that led to slight declines in gold and silver production recoveries compared to the prior quarter. Despite these issues, the company's CEO expressed confidence that adjustments have resolved the problems and production will continue as projected. The report also noted a Qualified Person's sign-off on the technical information.
Reasoning: Starcore International Mines Ltd. reported Q1 2025 results with operational and recovery challenges leading to slight declines in gold and silver production recoveries compared to the prior quarter. While the CEO expressed confidence in resolved issues, silver recovery remains significantly below prior testwork, and both gold and silver recoveries are below typical weak bands for CIL processing.
Positive factors
- CEO confident issues resolved
- QP/CP signed
Negative factors
- Operational and recovery challenges
- Gold and silver production recoveries slightly declined compared to prior quarter
- Silver recovery significantly lower than prior CIL testwork
- Gold and silver recoveries are below typical weak bands for CIL
Low confidence — this extraction should be reviewed alongside the original source.
Facts used in scoring: 2
Classification and evidence
QP/CP Signedpositive · Story-specific tag
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: Salvador Garcia, B. Eng., is stated as the Company's qualified person for the project as required under NI 43-101 and prepared the technical information.
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 43-101and has prepared the technical information contained in this press release.”
Recovery Stagnantnegative
No improvement across multiple test programs on comparable material.
Why it applies: Mine gold recovery of 77.4% is slightly lower than the previous quarter's 77.42%.
Evidence · table
“77.4%”
Context: Mine Gold recovery
Low Recoverynegative
Recovery below the weak band for the commodity and processing route.
Why it applies: Mine gold recovery of 77.4% is below the weak band for gold CIL recovery (80%).
Evidence · table
“77.4%”
Context: Mine Gold recovery
Low Recoverynegative
Recovery below the weak band for the commodity and processing route.
Why it applies: Mine silver recovery of 54.8% is below the weak band for silver recovery (75%) and significantly lower than prior CIL testwork of 65%.
Evidence · table
“54.8%”
Context: Mine Silver recovery
Recovery Stagnantnegative
No improvement across multiple test programs on comparable material.
Why it applies: Mine silver recovery of 54.8% is slightly lower than the previous quarter's 56.9%.
Evidence · table
“54.8%”
Context: Mine Silver recovery
Single Domain Onlynegative
Testing limited to one composite or domain — representativeness not established.
Why it applies: only one composite was tested
Extracted facts
Stored fact records: 2. Some facts used in scoring do not have a stored record.
Metallurgical Results (2)
mine_productionSan Martin · goldRecovery: 77.4 %Head Grade: 1.47Head Grade Unit: g/tView all detailsHide details
Identity
- Project
- San Martin
- Commodity
- gold
- Region
- mexico
- Reported Region
- Queretaro, Mexico
- Ticker
- SAM
Test Work
- Program Status
- detailed
- Test Type
- mine_production
- Processing Route
- CIL (carbon-in-leach)
- Sample
- Mine Production
Recovery
- Recovery
- 77.4 %
- Recovery Basis
- actual_test
- Head Grade
- 1.47
- Head Grade Unit
- g/t
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2025-09-15T00:00:00.000Z
Reasoning: Mine gold recovery of 77.4% is slightly lower than the previous quarter's 77.42% but shows an improvement over prior CIL testwork of 75%, though it remains below the typical weak band for CIL processing.
Positive factors
- QP/CP signed
- Recovery improved compared to prior CIL testwork
Negative factors
- Recovery slightly declined compared to prior production
- Recovery is below typical weak band for CIL
Evidence · table
“77.4%”
Context: Mine Gold recovery
Tags used in scoring
Mill Routeneutral
Processing via mill or concentrator (CIL, CIP, tank leach, flotation).
Why it applies: processing_route matches the mill_cil signal
Low Recoverynegative
Recovery below the weak band for the commodity and processing route.
Why it applies: 77.4% is below the weak band (80%)
mine_productionSan Martin · silverRecovery: 54.8 %Head Grade: 12.88Head Grade Unit: g/tView all detailsHide details
Identity
- Project
- San Martin
- Commodity
- silver
- Region
- mexico
- Reported Region
- Queretaro, Mexico
- Ticker
- SAM
Test Work
- Program Status
- detailed
- Test Type
- mine_production
- Processing Route
- CIL (carbon-in-leach)
- Sample
- Mine Production
Recovery
- Recovery
- 54.8 %
- Recovery Basis
- actual_test
- Head Grade
- 12.88
- Head Grade Unit
- g/t
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2025-09-15T00:00:00.000Z
Reasoning: Mine silver recovery of 54.8% is lower than the previous quarter's 56.9% and significantly below the prior CIL testwork of 65%, falling below the typical weak band for CIL processing.
Positive factors
- QP/CP signed
Negative factors
- Recovery declined compared to prior production
- Recovery is significantly lower than prior CIL testwork
- Recovery is below typical weak band for CIL
Evidence · table
“54.8%”
Context: Mine Silver recovery
Tags used in scoring
Mill Routeneutral
Processing via mill or concentrator (CIL, CIP, tank leach, flotation).
Why it applies: processing_route matches the mill_cil signal
Low Recoverynegative
Recovery below the weak band for the commodity and processing route.
Why it applies: 54.8% 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.