Starcore Reports Q2 Results
Original announcement by tmx on
- Company
- Starcore International Mines Ltd.
- Ticker
- SAM
- Exchange
- TSX
- Region
- Mexico
- Primary commodity
- Gold
- Secondary commodities
- Silver
- Document categories
- Metallurgy, Production
- Extracted
- 2026-09-12 23:07:46 UTC
Analysis by Minestarters Atlas
Minestarters Atlas analysis
Summary
Starcore International Mines Ltd. reported its Q2 results for the period ended October 31, 2025, showing a net loss of $0.7 million but income from mining operations of $2.4 million. The company produced 1.7 thousand ounces of gold and 11.9 thousand ounces of silver, with management indicating ongoing efforts to improve plant processes and recoveries, which are currently low.
Reasoning: The company reported Q2 financial and production results, including a net loss but positive income from mining operations, with management addressing past production issues and expecting improvements. However, gold and silver recoveries remain low.
Positive factors
- Positive income from mining operations
- Management actively addressing production issues
- Expectation of improved recoveries
Negative factors
- Net loss for the quarter
- Low gold and silver recoveries
- High operating cash costs per equivalent ounce
Facts used in scoring: 6
Classification and evidence
Low Recoverynegative
Recovery below the weak band for the commodity and processing route.
Why it applies: Gold recovery of 77.2% for the quarter is below the typical weak threshold (80%) for mill processing.
Evidence · table
“77.2%”
Context: Mine Gold recovery
Low Recoverynegative
Recovery below the weak band for the commodity and processing route.
Why it applies: Silver recovery of 49.3% for the quarter is significantly below typical weak thresholds (75%).
Evidence · table
“49.3%”
Context: Mine Silver recovery
Production Issuesnegative · Story-specific tag
No canonical definition is currently available.
Why it applies: Management explicitly stated they have been addressing production issues over the past quarter with modifications to the plant process.
Evidence · text
“We have been addressing the production issues over this past quarter with modifications to our plant process”
Extracted facts
Stored fact records: 4. Some facts used in scoring do not have a stored record.
Metallurgical Results (4)
Fact 1San Martin mine · goldRecovery: 77.2 %View all detailsHide details
Identity
- Project
- San Martin mine
- Commodity
- gold
- Region
- mexico
- Reported Region
- Mexico
- Ticker
- SAM
Recovery
- Recovery
- 77.2 %
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2025-12-15T00:00:00.000Z
Reasoning: Gold production for the quarter was 1.7 thousand ounces with a low recovery of 77.2%.
Negative factors
- Low recovery percentage
Evidence · table
“1.7”
Context: Mine Production of Gold in Dore
Tags used in scoring
Low Recoverynegative
Recovery below the weak band for the commodity and processing route.
Why it applies: 77.2% is below the weak band (80%)
Fact 2San Martin mine · silverRecovery: 49.3 %View all detailsHide details
Identity
- Project
- San Martin mine
- Commodity
- silver
- Region
- mexico
- Reported Region
- Mexico
- Ticker
- SAM
Recovery
- Recovery
- 49.3 %
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2025-12-15T00:00:00.000Z
Reasoning: Silver production for the quarter was 11.9 thousand ounces with a very low recovery of 49.3%.
Negative factors
- Very low recovery percentage
Evidence · table
“11.9”
Context: Mine Production of Silver in Dore
Tags used in scoring
Low Recoverynegative
Recovery below the weak band for the commodity and processing route.
Why it applies: 49.3% is below the weak band (75%)
Fact 3San Martin mine · goldRecovery: 77.3 %View all detailsHide details
Identity
- Project
- San Martin mine
- Commodity
- gold
- Region
- mexico
- Reported Region
- Mexico
- Ticker
- SAM
Recovery
- Recovery
- 77.3 %
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2025-12-15T00:00:00.000Z
Reasoning: Half-yearly gold production was 3.7 thousand ounces with a low recovery of 77.3%.
Negative factors
- Low recovery percentage
Evidence · table
“3.7”
Context: Mine Production of Gold in Dore
Tags used in scoring
Low Recoverynegative
Recovery below the weak band for the commodity and processing route.
Why it applies: 77.3% is below the weak band (80%)
Fact 4San Martin mine · silverRecovery: 51.9 %View all detailsHide details
Identity
- Project
- San Martin mine
- Commodity
- silver
- Region
- mexico
- Reported Region
- Mexico
- Ticker
- SAM
Recovery
- Recovery
- 51.9 %
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2025-12-15T00:00:00.000Z
Reasoning: Half-yearly silver production was 24.2 thousand ounces with a very low recovery of 51.9%.
Negative factors
- Very low recovery percentage
Evidence · table
“24.2”
Context: Mine Production of Silver in Dore
Tags used in scoring
Low Recoverynegative
Recovery below the weak band for the commodity and processing route.
Why it applies: 51.9% 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.