# Starcore Reports Q1 Results Canonical Atlas analysis: https://atlas-extractions.minestarters.com/news/starcore-reports-q1-results--0fbd2c44-f7b9-41c3-b967-480c1b8c11b3 Original source: https://money.tmx.com/en/quote/SAM/news/6633977520629196/starcore-reports-q1-results Publisher: tmx Original announcement: 2025-09-15T06:30:00.000Z 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 23:18:52 UTC Narrative sentiment: -0.30 · Bearish ## Minestarters Atlas 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 factor: CEO confident issues resolved - Positive factor: QP/CP signed - Negative factor: Operational and recovery challenges - Negative factor: Gold and silver production recoveries slightly declined compared to prior quarter - Negative factor: Silver recovery significantly lower than prior CIL testwork - Negative factor: 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 Signed** Polarity: positive Story-specific tag Definition: 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 Stagnant** Polarity: negative Definition: 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 Recovery** Polarity: negative Definition: 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 Recovery** Polarity: negative Definition: 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 Stagnant** Polarity: negative Definition: 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 Only** Polarity: negative Definition: 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\_production [Link to this fact](https://atlas-extractions.minestarters.com/news/starcore-reports-q1-results--0fbd2c44-f7b9-41c3-b967-480c1b8c11b3#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: 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 factor: QP/CP signed - Positive factor: Recovery improved compared to prior CIL testwork - Negative factor: Recovery slightly declined compared to prior production - Negative factor: Recovery is below typical weak band for CIL Evidence · table > 77.4% Context: Mine Gold recovery #### 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: 77.4% is below the weak band \(80%\) ### mine\_production [Link to this fact](https://atlas-extractions.minestarters.com/news/starcore-reports-q1-results--0fbd2c44-f7b9-41c3-b967-480c1b8c11b3#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: 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 factor: QP/CP signed - Negative factor: Recovery declined compared to prior production - Negative factor: Recovery is significantly lower than prior CIL testwork - Negative factor: Recovery is below typical weak band for CIL Evidence · table > 54.8% Context: Mine Silver recovery #### 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: 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.