Starcore International Mines Ltd. (TSX: SAM | OTCQX: SHVLF | FSE: V4JA) has closed its strongest fiscal year on record, reporting revenue of $44.3 million, income from mining operations of $13.6 million, and net income of $7.0 million for the year ended April 30, 2026. For investors tracking natural resource stocks, the Vancouver-based, Mexico-focused gold and silver producer has quietly become one of the more compelling small-cap precious metals stocks to watch heading into 2027. Below is our complete breakdown of the numbers, the production data, and what management’s growth roadmap means for the stock.
All dollar amounts are in thousands of Canadian dollars and prepared in accordance with IFRS unless otherwise indicated. Figures are sourced from the company’s audited fiscal 2026 news release.
Key Takeaways for SAM Stock Investors
- Revenue surged 38% to $44.3 million for fiscal 2026, up from $32.2 million a year earlier.
- Net income jumped to $7.0 million ($0.08 basic EPS) from just $0.2 million in fiscal 2025.
- Income from mining operations more than doubled to $13.6 million from $6.3 million.
- EBITDA reached $7.5 million with an EBITDA margin of 17.0%, up from 8.3%.
- A strong balance sheet with $12.3 million cash on hand and $9.7 million working capital.
- Clear growth catalysts: the La Tortilla silver project, a carbonaceous ore circuit, and new geophysical survey data at San Martin.
Fiscal 2026 Financial Highlights
The headline story for this gold mining stock is operating leverage: revenue climbed while costs rose more slowly, driving profitability sharply higher across every line of the income statement. “The Company reported income of $3.2 million from mining operations in the fourth quarter, finishing strong at $13.6 million for the year,” said Robert Eadie, Chief Executive Officer.
Highlights for the year ending April 30, 2026 (audited) and the fourth quarter ended April 30, 2026 (unaudited) include:
- Cash on hand of $12.3 million and working capital of $9.7 million at April 30, 2026;
- Gold and silver sales of $44.3 million;
- Income from mining operations of $13.6 million for the year and $3.2 million in the fourth quarter;
- Income for the year of $7.0 million, or basic earnings per share of $0.08, and $5.5 million, or $0.06 per share, for the quarter;
- EBITDA of $7.5 million.
Consolidated Statement of Profit (in thousands of CAD)
Q4 FY2026 (3 mo., unaudited) | Q4 FY2025 (3 mo.) | FY2026 (12 mo., audited) | FY2025 (12 mo.) | |
Revenues | $11,435 | $9,368 | $44,297 | $32,159 |
Cost of Sales | (8,224) | (6,914) | (30,658) | (25,827) |
Income from mining operations | 3,211 | 2,454 | 13,639 | 6,332 |
Administrative (expenses) recoveries | (75) | (2,473) | (8,782) | (7,204) |
Total other income (losses) | (207) | 57 | (636) | 57 |
Income tax (expense) recovery | 3,000 | 1,808 | 3,227 | 1,331 |
Income from continuing operations | 5,929 | 1,846 | 7,448 | 516 |
Loss from discontinued operations | (439) | (234) | (439) | (301) |
Income for the year | 5,490 | 1,612 | 7,009 | 215 |
Income (loss) per share – basic | $0.06 | $0.02 | $0.08 | $0.00 |
Income (loss) per share – diluted | $0.05 | $0.02 | $0.08 | $0.00 |
Total assets | $68,738 | $55,998 | $68,738 | $55,998 |
Total long-term liabilities | $8,131 | $8,041 | $8,131 | $8,041 |
Perhaps the most telling figure for anyone screening junior mining stocks is the swing in bottom-line income: net income of $7.0 million in fiscal 2026 versus a razor-thin $0.2 million in fiscal 2025. Total assets also grew to $68.7 million from $56.0 million, strengthening the company’s financial footing as it funds its expansion pipeline.
Reconciliation of Net Income to EBITDA (in thousands of CAD)
For the year ended April 30 | 2026 | 2025 |
Net income | $7,009 | $215 |
Depreciation and depletion | 3,347 | 3,453 |
Rehabilitation and closure cost accretion | 339 | 331 |
Interest (revenue), net of interest expense | (74) | (72) |
Accretion on share buyback | 40 | 27 |
Lease accretion | 75 | 52 |
Income tax expense (recovery) | (3,227) | (1,331) |
EBITDA | $7,509 | $2,675 |
EBITDA Margin | 17.0% | 8.3% |
EBITDA and EBITDA margin are non-IFRS financial performance measures with no standardized definition under IFRS and may not be comparable to similar measures reported by other issuers.
Production Highlights: The San Martin Mine
Starcore’s cash flow engine is the San Martin gold mine in Queretaro, Mexico. For the year and quarter ended April 30, 2026, the company reported:
- Equivalent gold production of 7,874 ounces for the year and 1,722 ounces for the fourth quarter;
- Mine operating cash cost of US$2,662/EqOz for the year and US$3,241/EqOz for the fourth quarter;
- All-in sustaining costs (AISC) of US$3,698/EqOz for the year.
San Martin Mine Production Statistics
Metric | Unit | Q4 FY2026 | Q4 FY2025 | FY2026 | FY2025 |
My production of Gold in Doré | 000 oz | 1.5 | 2.2 | 7.2 | 8.3 |
My production of Silver in Doré | 000 oz | 11.6 | 15.2 | 50.1 | 49.3 |
Total mine production – equivalent ounces | 000 oz | 1.7 | 2.3 | 7.9 | 8.9 |
Silver to Gold equivalency ratio | 61.7 | 93.0 | 72.2 | 82.6 | |
Mine Gold grade | g/t | 1.23 | 1.57 | 1.35 | 1.58 |
Mine Silver grade | g/t | 17.33 | 15.77 | 15.67 | 14.27 |
Mine Gold recovery | % | 84.2% | 81.7% | 80.8% | 83.1% |
Mine Silver recovery | % | 44.9% | 56.7% | 48.5% | 53.0% |
Milled | 000 tonnes | 45.6 | 53.4 | 204.4 | 197.9 |
Mine operating cash cost per tonne milled | US$/t | 123 | 83 | 103 | 87 |
Mine operating cash cost per equivalent ounce | US$/oz | 3,241 | 1,888 | 2,662 | 1,936 |
It is worth noting the nuance behind the record revenue. Equivalent gold production actually eased to 7.9 thousand ounces from 8.9 thousand a year earlier, and per-ounce cash costs rose to US$2,662 from US$1,936. In other words, fiscal 2026’s profitability was driven far more by stronger realized gold and silver prices than by higher output — a dynamic common across the precious metals sector during the current bull market. That framing matters for investors modeling forward earnings: sustaining these results depends on both metal prices holding up and management delivering on its production-growth plans.
Management Commentary & Growth Roadmap
CEO Robert Eadie framed fiscal 2026 as a launch pad rather than a peak: “We are well underway in meeting our goals over the next year to significantly increase metal production, including the permitting and mining of the La Tortilla silver mine project, the full operation of the carbonaceous ore circuit and completion of related plant upgrades and the analysis of recent IP and Airborne Geophysical survey data further to expand our existing operations at the San Martin mine.”
For silver stock investors in particular, three catalysts stand out:
- The La Tortilla silver project — permitting and mining of this Queretaro silver asset could add a meaningful second production stream and increase Starcore’s silver leverage.
- The carbonaceous ore circuit — bringing it into full operation, together with related plant upgrades — is aimed at unlocking previously difficult-to-process ore and lifting recoveries.
- IP and Airborne Geophysical survey data — new exploration data is being analyzed to expand the resource base and mine life at the flagship San Martin operation.
Salvador Garcia, B.Eng., a director and Chief Operating Officer, is the company’s qualified person under NI 43-101 and prepared the technical information in the underlying release.
What This Means for Natural Resource Stock Investors
Starcore checks several boxes that value-oriented natural resource stock investors look for: it is cash-flow positive, carries a clean balance sheet with $12.3 million in cash against only $8.1 million in long-term liabilities, and trades with exposure to both gold and silver. Unlike development-stage junior mining stocks that burn capital for years before first pour, SAM is a producing miner generating real earnings today.
The counter-balancing risks are equally clear. Production and grades declined year-over-year, unit costs are rising, and a US$3,698/EqOz all-in sustaining cost leaves the company sensitive to any pullback in the gold price. The bullish thesis, therefore, rests squarely on execution — converting the La Tortilla, carbonaceous-circuit, and exploration catalysts into higher, lower-cost ounces. As always with small-cap mining stocks, position sizing and a long time horizon matter.
Frequently Asked Questions
What were Starcore International Mines’ fiscal 2026 results?
For the year ended April 30, 2026, Starcore reported revenue of $44.3 million, income from mining operations of $13.6 million, net income of $7.0 million ($0.08 basic EPS), and EBITDA of $7.5 million (all in Canadian dollars) — a substantial improvement over fiscal 2025.
Where does Starcore International Mines operate?
Starcore is a Vancouver, B.C.-based precious metals producer with operations in the state of Queretaro, Mexico. Its asset base includes the producing San Martin gold mine and the La Tortilla silver project.
What ticker symbols does Starcore trade under?
Starcore International Mines trades as SAM on the Toronto Stock Exchange, SHVLF on the OTCQX in the U.S., and V4JA on the Frankfurt Stock Exchange.
Is Starcore a gold stock or a silver stock?
Both. Starcore produces gold and silver doré from the San Martin mine and reports output on a gold-equivalent basis. Its La Tortilla project is a dedicated silver development asset, giving the stock exposure to both metals.
About Starcore International Mines
Starcore International Mines is a precious metals producer whose operating experience is concentrated in Mexico. Its production base is anchored by two Queretaro-state assets — the gold-producing San Martin Mine and the La Tortilla silver mine, still in development. The company positions itself at the forefront of corporate social responsibility and steers its decisions toward building lasting shareholder value. Full financial statements and the Management’s Discussion & Analysis are available on the company website at www.starcore.com and on SEDAR+ at www.sedarplus.ca.
