# Starcore Reports Q2 Results Canonical Atlas analysis: https://atlas-extractions.minestarters.com/news/starcore-reports-q2-results--04684307-5705-42a1-8680-caa76e13d6c2 Original source: https://money.tmx.com/en/quote/SAM/news/5558709095920411/starcore-reports-q2-results Publisher: tmx Original announcement: 2025-12-15T07:30:00.000Z Analysis by Minestarters Atlas Atlas analysis published: Unknown date Atlas analysis updated: Unknown date - Company: Starcore International Mines Ltd. - Ticker: SAM - Exchange: TSX - Region: Mexico - Primary commodity: Gold - Secondary commodities: Silver - Document categories: Metallurgy, Production - Extracted: 2026-09-12 23:07:46 UTC Narrative sentiment: -0.10 · Bearish ## Minestarters Atlas 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 factor: Positive income from mining operations - Positive factor: Management actively addressing production issues - Positive factor: Expectation of improved recoveries - Negative factor: Net loss for the quarter - Negative factor: Low gold and silver recoveries - Negative factor: High operating cash costs per equivalent ounce Facts used in scoring: 6 ## Classification and evidence **Low Recovery** Polarity: negative Definition: 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 Recovery** Polarity: negative Definition: 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 Issues** Polarity: negative Story-specific tag Definition: 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 1 [Link to this fact](https://atlas-extractions.minestarters.com/news/starcore-reports-q2-results--04684307-5705-42a1-8680-caa76e13d6c2#fact-metallurgical-facts-0) San Martin mine · gold #### 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 factor: Low recovery percentage Evidence · table > 1.7 Context: Mine Production of Gold in Dore #### Tags used in scoring **Low Recovery** Polarity: negative Definition: Recovery below the weak band for the commodity and processing route. Why it applies: 77.2% is below the weak band \(80%\) ### Fact 2 [Link to this fact](https://atlas-extractions.minestarters.com/news/starcore-reports-q2-results--04684307-5705-42a1-8680-caa76e13d6c2#fact-metallurgical-facts-1) San Martin mine · silver #### 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 factor: Very low recovery percentage Evidence · table > 11.9 Context: Mine Production of Silver in Dore #### Tags used in scoring **Low Recovery** Polarity: negative Definition: Recovery below the weak band for the commodity and processing route. Why it applies: 49.3% is below the weak band \(75%\) ### Fact 3 [Link to this fact](https://atlas-extractions.minestarters.com/news/starcore-reports-q2-results--04684307-5705-42a1-8680-caa76e13d6c2#fact-metallurgical-facts-3) San Martin mine · gold #### 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 factor: Low recovery percentage Evidence · table > 3.7 Context: Mine Production of Gold in Dore #### Tags used in scoring **Low Recovery** Polarity: negative Definition: Recovery below the weak band for the commodity and processing route. Why it applies: 77.3% is below the weak band \(80%\) ### Fact 4 [Link to this fact](https://atlas-extractions.minestarters.com/news/starcore-reports-q2-results--04684307-5705-42a1-8680-caa76e13d6c2#fact-metallurgical-facts-4) San Martin mine · silver #### 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 factor: Very low recovery percentage Evidence · table > 24.2 Context: Mine Production of Silver in Dore #### Tags used in scoring **Low Recovery** Polarity: negative Definition: 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.