Starcore International Mines Ltd. (TSX: SAM) is a producing gold-silver operator through its wholly-owned Mexican subsidiary Compania Minera Pena de Bernal, which owns the San Martin Mine (Queretaro State, Mexico -- 13,077 hectares, seven underground mining units, four under exploration). Starcore purchased San Martin for US$26 million in Feb 2007 from Goldcorp Mexico; the mine had already been operated continuously since 1993 by Luismin, an unrelated prior owner. For the fiscal year ended 30 Apr 2026, Starcore reported gold+silver sales of US$44.3 million, income from mining operations of US$13.6 million (roughly double the prior year), net income of US$7.0 million, EBITDA of US$7.5 million (17.0% margin), and closed the year with US$12.3 million in cash; production totaled 7,874 AuEq oz for the year. In May 2026, Starcore's subsidiary reached a social-license agreement with the El Doctor Agrarian Community for its adjacent La Tortilla silver development project, and management has outlined plans to bring La Tortilla into production, commission a carbonaceous-ore processing circuit, and expand San Martin based on recent geophysical surveys.
Notable vs. Peers
- Financials score of 10/10 is stronger than the peer average of 6.5/10.
- Jurisdiction risk score of 6/10 is meaningfully riskier than the peer average of 7.8/10.
- Trading within 1% of its 52-week low — weak recent price momentum.
Lifecycle Milestones
Construction Milestones
5 of 5 reached- Reached — date not disclosed · Source
- Reached — date not disclosed · Source
- Reached — date not disclosed · Source
- Reached — date not disclosed · Source
- Feb 2007 · Source
Milestones are recorded only from a company's own dated disclosure. A milestone with no date shown is one we can confirm was reached but for which no date was disclosed — we don't estimate one. "Not yet reached" means exactly that, not that a date is missing. An "Expected" line likewise only ever reflects the company's own guidance (e.g. a study or permit decision targeted for a stated quarter) — most not-yet-reached milestones have none, and that absence means no such guidance has been disclosed, not that one is overdue.
Jurisdiction (40%)6/10
The San Martin mine is in Queretaro State, Mexico, and has operated continuously since 1993.
Infrastructure (40%)10/10
A confirmed mill, confirmed road access, confirmed grid power, and a confirmed tailings facility at San Martin Gold-Silver Mine, Queretaro State, Mexico.
Nearby producing mine (20%)Not yet researched
No producing mine within 50 km in our reference list (nearest listed: Guanajuato Mine Complex (El Cubo / Valenciana) (Guanajuato Silver Company Ltd.), 136 km). That list doesn't cover every mining district yet, so a longer distance isn't scored as remote.
Acquisition Susceptibility
A relative ranking of how closely this company matches the profile of juniors that have actually been acquired — not a probability, and not a reason to buy. Acquisitions are rare: only a few dozen significant deals happen a year across a universe of thousands of juniors, so even a high score here describes a long shot. The strongest signal in the research, a producer that already owns part of the company, is scored from its disclosed strategic shareholders. A producer that is a joint-venture or earn-in partner on the project, rather than a shareholder, isn't captured yet.
How this score is built
- Disclosed pending dealSub-score: Not scored
No pending acquisition or merger disclosed (checked)
Not scored: having no deal in flight isn't held against a company.
Weight 26.25% - Producer's strategic stakeSub-score: Not scored
No producer holds a disclosed stake on file (holder register researched) See holders
Not scored: most juniors that do get bought had no prior toehold, so a missing stake says little either way.
Weight 25% - Distance to a producing mineSub-score:2.1/10
Nearest producing mine: Guanajuato Mine Complex (El Cubo / Valenciana) (Guanajuato Silver Company Ltd.), 136 km
10 next to a producing mine, 8 at 20 km, 5 at 50 km, 0 beyond 200 km.
Weight 22.5% · 46% here - Lifecycle stageSub-score:5.5/10
Stage: Production
Feasibility and permitting score 10, where deals cluster, and production 5.5; earlier stages score less, down to 1 at grassroots.
Weight 15% · 31% here - JurisdictionSub-score:6/10
Mexico: jurisdiction score 6/10
Our jurisdiction score, used as is: higher means lower political and permitting risk.
Weight 6.75% · 14% here - CommoditySub-score:10/10
Primary commodity: Gold
Gold 10, copper 8, silver 5, nickel and uranium 4, others 2: most majors' deals are for gold.
Weight 4.5% · 9% here
Weight is each input's share of the full score. “Here” is its share of this company's score: inputs that aren't scored are left out and the rest re-weighted, never counted as zero.
Your Rankings
Management Team
President, CEO and Director of Starcore International Mines Ltd. since 2004. Entrepreneur with 30+ years in public markets, having raised over $250 million for resource enterprises. Received an Honorary Doctorate from the University of North Tamaulipas (2023).
Chief Financial Officer of Providence Gold Mines Inc., CA; also Chief Financial Officer, Director of Starcore International Mines Ltd.
COO and Director of Starcore International Mines Ltd. Mining-industry veteran with 46 years' experience in Mexico; Country Manager in Mexico for First Majestic Silver Corp (2013-2017); previously held senior roles at Goldcorp overseeing multiple mine operations. BSc, Mining Engineering, Guanajuato University.
Director of Starcore International Mines Ltd. 40+ years in finance and strategic planning; currently head of Mining Investment Banking and Managing Director of Boustead Securities LLC (since 2019). Graduated with distinction from Babson College and Columbia University Graduate School of Business.
Director of Starcore International Mines Ltd. Mining consultant for major companies including Goldcorp Mexico (2007-2014). BSc, Mining Engineering and Metallurgy; MS, Columbia University; Finance degree, Instituto Tecnologico de Mexico.
Director and Corporate Secretary of Starcore International Mines Ltd. Over 21 years in law enforcement, with a background in banking and finance as a licensed stock broker.
Insiders, Investors & Smart Money
Notable shareholders and insiders whose involvement is worth knowing about, plus what we're seeing from institutional/large-investor activity.
No smart-money tracking (institutional/large-investor activity) for this miner yet — this is a planned feature, not live data.
No notable insiders tracked for this miner yet.
Reports, Presentations & Documents
Starcore International owns and operates the underground San Martin gold-silver mine in Querétaro State, Mexico, through its wholly owned subsidiary Compañía Minera Peña de Bernal; it bought the mine, which had operated since 1993, from Goldcorp Mexico for US$26M in February 2007. For the fiscal year to 30 April 2026 Starcore reported gold and silver sales of US$44.3M, income from mining operations of US$13.6M and net income of US$7.0M, with 7,874 oz of gold equivalent produced and US$12.3M of cash at year-end. Measured and indicated resources at San Martin, as of 30 April 2024, contain 97,396 oz of gold (42,731 oz measured and 54,665 oz indicated) and 720,623 oz of silver, plus 47,972 oz of gold inferred. In May 2026 its subsidiary reached a social-licence agreement with the El Doctor agrarian community for the adjacent La Tortilla silver development project, which management plans to bring into production.