Starcore International Mines

What Starcore International Mines does

Starcore International Mines Ltd. is a Vancouver-headquartered, TSX-listed (SAM) precious metals producer and explorer focused on gold and silver mining in Mexico. The company operates two producing assets — the San Martin gold mine in Querétaro, the primary asset on a 13,000-hectare concession with 30-plus years of continuous production, and the La Tortilla silver mine in the same jurisdiction. Starcore sells gold and silver dore bars directly to refiners and commodity buyers at spot market prices, making it a price-taker on precious-metals markets with no control over realized pricing; revenue is reported in Canadian dollars (Q3 FY2026 sales of C$13.5M, net margin 7.41%, mine operating cash cost of US$2,394/EqOz, all-in sustaining cost of US$3,554/EqOz).

Technically, Starcore runs conventional underground mining and milling processing, including a recently stabilized carbonaceous-ore circuit at ~80% recovery addressing prior preg-robbing issues. Exploration targeting relies on advanced geophysical methods, notably airborne Mobile Magnetotelluric (MobileMT, ~711 line-km) and Induced Polarization (IP, 5.2 sq km) surveys covering approximately 70% of the San Martin concession, with reserve and resource base reported at 175,652 AuEq ounces (5+ years of mine life as of April 2022). Dry-stacked tailings management is in use at San Martin, and the company was granted a 10-year tailings permit extension by Mexican environmental authority DGIRA.

The company completed a strategic restructuring in 2026, spinning out its Côte d'Ivoire African assets into EU Gold Mining Inc. and divesting the dormant Ajax Property in British Columbia to Korestar Exploration Inc., while upgrading to the OTCQX Best Market in June 2026 for U.S. investor access. It employs 280+ people at San Martin, has received the Mexican Mining Chamber's Silver Helmet safety award four times, and was capitalized at approximately C$68.66M with C$12.4M in cash as of late FY2026.

Name

Starcore International Mines

Legal name

Starcore International Mines Ltd.

Website

https://starcore.com

Company type

Public

Founded year

1980

Operating status

Operating

Headcount range

11–50 employees

Ownership category

akta.pro rank

Product category

Precious Metals Mining

NAICS

Gold Ore and Silver Ore Mining (212220)

SIC

Gold And Silver Ores (1040)

akta.pro primary industry

Gold Mining (IMAKAEAA)

akta.pro secondary industry

Silver Mining (IMAKAEAB)

Keywords

• Gold mining
• Silver mining
• Precious metals production
• Mineral exploration
• Mining operations

Headquarters

HQ city

Vancouver

HQ country

Canada

HQ region

North America

Offices4 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Operations, Personnel, Supply Chain, Infrastructure, Technology or R&D, Marketing or Sales

Revenue model

1. Gold and Silver Production and Sales: Starcore generates revenue primarily through the production and sale of gold and silver dore bars from its San Martin Mine in Querétaro, Mexico. The company sells its precious metals to refiners/commercial buyers. Revenue is commodity price-driven and exposure to gold and silver price volatility is a key risk factor. Q3 FY2026 gold and silver sales were $13.5 million.

Go-to-market motion1 record

Distribution channels1 record

Marketing channels7 records

Core offering

Starcore International Mines is a precious metals producer and explorer focused on the extraction, milling, and sale of gold and silver dore bars from its San Martin gold mine and La Tortilla silver mine in Querétaro, Mexico. The company supplements production with exploration activities (including airborne MobileMT and IP geophysical surveys) targeting reserve replacement and mine life extension across its 13,000-hectare San Martin concession and the Opodepe Project in Sonora, Mexico.

Product overview

Starcore International Mines is a Precious Metals Producer and Explorer operating in Mexico. The company operates two producing mines: the San Martin gold mine and the La Tortilla silver mine, both located in Querétaro, Mexico. The company conducts exploration activities through its Opodepe Project in Sonora, Mexico, and previously held exploration assets in British Columbia (Ajax Property) and Côte d'Ivoire (now spun out to EU Gold Mining Inc.). The company integrates exploration technologies including airborne MobileMT geophysical surveys for resource expansion and mine life extension.

Differentiator

Problem solved

Functional benefit

Products and services

• Gold dore bars from the San Martin Mine

Quantifiable outcome

• Gold equivalent production increased 16% quarter-over-quarter to 2,162 ounces in Q3 FY2026 following resolution of preg-robbing issues and new high-grade ore discovery.
• +4 more outcomes

Segments1 record

Ideal customer profiles1 record

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature3 records

Partnerships

Four partnerships are on record, tiered minor and core.

• Korestar Exploration Inc.minorStrategic or Co-development Partner · 24 March 2026Starcore accepted an offer from Korestar Exploration Inc. to acquire its 100%-owned Ajax Property located 12 km north of Alice Arm in northwestern British Columbia. The transaction involves 2.5 million Korestar shares, Cdn$300,000 in cash and work commitments over 36 months, and a 2.5% NSR with a buyback option. This is classified as a non-arm's length related party transaction. Starcore views the sale as an opportunity to have the dormant property advanced while retaining an interest.
• EU Gold Mining Inc.coreStrategic or Co-development Partner · 17 March 2026Starcore completed a spin-out of its African mineral property assets into EU Gold Mining Inc., a newly formed subsidiary. Starcore shareholders received one EU Gold common share for every two Starcore shares owned, with distribution on or about March 5, 2026. Starcore also extended a Cdn$500,000 loan to EU Gold (along with Spam S.R.L.) for working capital and exploration. EU Gold will pursue development of properties in Côte d'Ivoire and seek a listing on a Canadian stock exchange.
• Spam S.R.L.minorStrategic or Co-development Partner · 17 March 2026Spam S.R.L. (former shareholder of K Mining Inc.) co-extended a Cdn$500,000 loan to EU Gold Mining Inc. alongside Starcore, for EU Gold's working capital and exploration programs on properties in Côte d'Ivoire.
• Scottie Resources Corp.minorStrategic or Co-development Partner · 2 May 2022Scottie Resources acquired the 3% NSR held by Starcore's wholly-owned subsidiary Tenajon Resources Corp. in the Summit Lake Property in British Columbia's Golden Triangle, for consideration of $1.6 million. The Summit Lake claims are contiguous with Scottie's Gold Mine property.

Scale indicators13 records

Recent moves10 records

Expansion highlights5 records

Direct peers

• SilverCrest Metals: SilverCrest Metals is a Canadian precious metals developer focused on the Las Chispas mine in Sonora, Mexico, producing silver and gold doré. Comparable as a small-cap Mexico-focused silver/gold producer in a similar price band and stage of operations.
• Endeavour Silver: Endeavour Silver is a mid-tier silver and gold producer operating multiple underground mines in Mexico (Guanaceví, Bolañitos, El Compas). Directly comparable as a Mexico-focused precious metals producer with parallel exploration and underground mining operations selling dore to refiners.
• Argonaut Gold: Argonaut Gold produces gold and silver from operating mines in Mexico (including the El Castillo complex and La Colorada in Chihuahua) and other jurisdictions. Directly comparable as a mid-tier precious metals producer focused on North American operations selling doré to refiners.
• MAG Silver: MAG Silver is a silver-focused mining company with the Juanicipio project in Zacatecas, Mexico, operated jointly with Fresnillo. Comparable as a silver-focused producer/explorer operating in Mexico, selling silver and gold concentrates, with similar operational footprint.
• First Majestic Silver: First Majestic Silver is a publicly traded silver and gold producer operating multiple mines in Mexico (San Dimas, Santa Elena, La Encantada). Closely comparable to Starcore in silver primary focus, Mexico geography, underground mining approach, and dore sales business model.
• Alamos Gold: Alamos Gold is a gold producer with significant operations in Mexico (Mulatos and Cerro Pelon mines in Sonora) producing gold doré from open-pit and underground operations. Directly comparable to Starcore in product (gold doré), geography (Mexico), and business model (precious metals producer selling to refiners).

Broad incumbents

• Pan American Silver: Pan American Silver is a major silver and gold producer with multiple Mexican operating mines (La Colorada, Dolores) plus other Americas assets. Comparable as a precious metals producer in Mexico but at significantly larger scale and broader portfolio diversity.
• Agnico Eagle Mines: Agnico Eagle Mines is a major senior Canadian gold producer with significant Mexican operations including Pinos Altos and La India. Broader incumbent offering gold and silver exposure across multiple jurisdictions and asset types; competes in the same Mexican mining space but operates at much larger scale.
• Coeur Mining: Coeur Mining is a U.S.-listed precious metals producer with Mexican operations (Palmarejo) producing silver and gold. Broader incumbent comparable as a silver/gold producer with North American focus, though operating across multiple jurisdictions.
• Newmont Corporation: Newmont is the world's largest gold mining company with diverse global operations including Mexican assets prior to recent divestitures. Industry incumbent that competes for capital and talent in the precious metals space, comparable as a benchmark for institutional investors evaluating Starcore.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xx.com/starcoreir
• Facebookfacebook.com/StarcoreInternationalMines
• LinkedInlinkedin.com/company/starcore-international-mines-ltd

Revenue estimate

Valuation estimate

Number of profiles

Profiles9 records

Subsidiaries2 records

Funding overview

Funding rounds1 record

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A2 records

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Starcore International Mines