Starcore International Mine (SAM) AI Stock Analysis

• Market Cap: C$106.04M
• Dividend Yield: N/A
• Average Volume (3M): 261.58K
• Price to Earnings (P/E): 27.8
• Beta (1Y): 2.13
• Revenue Growth: 26.16%
• EPS Growth: -8.73%
• Country: CA
• Employees: 53
• Sector: Basic Materials
• Sector Strength: 58
• Industry: Industrial Materials
• EPS (TTM): 0.01
• Shares Outstanding: 89,863,520
• 10 Day Avg. Volume: 223,982
• 30 Day Avg. Volume: 261,582
• PEG Ratio: -0.94
• Price to Book (P/B): 0.44
• Price to Sales (P/S): 0.56
• P/FCF Ratio: -9.47
• Enterprise Value/Market Cap: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: N/A
• Price Target Upside: N/A
• Rating Consensus: N/A
• Number of Analyst Covering: 0
• EPS Forecast (FY): -0.1
• Revenue Forecast (FY): C$26.02M

• Rating: 71 Outperform
• Price Target: C$1.50 ▲(66.67% Upside)
• Action: Upgraded Date: 03/03/26
• Date: Action: Upgraded 03/03/26

The score is driven primarily by improving financial performance backed by an exceptionally low-debt balance sheet and better TTM cash generation. Technicals add support as the stock trades above key moving averages with healthy (not overextended) momentum. These positives are tempered by a higher P/E and a history of volatile profitability and cash flow consistency.

Positive Factors

Very low leverage / strong balance sheet

Extremely low leverage gives durable financial flexibility: the company can fund sustaining capital, endure metal-price downturns and pursue opportunistic investments without heavy refinancing. This reduces solvency risk and supports multi-month operational continuity and strategy execution.

TTM cash-flow turnaround to positive FCF

A material turnaround to positive free cash flow in the trailing twelve months enhances the firm's ability to self-fund operations and sustaining capex. Over the medium term this lowers dependence on external capital and supports reinvestment in productivity, exploration, or mine upkeep.

Return to profitability and revenue growth

Re-establishing operating profit and growing revenue demonstrates improved operational execution and higher throughput or realizations. Sustained revenue expansion with positive net income raises the probability that margins and cash generation will stabilize across the next several quarters.

Negative Factors

Thin, volatile profitability

Mid-single-digit net margins and low operating margins leave little buffer against lower metal prices or rising costs. Narrow, volatile profitability reduces the firm's capacity to consistently generate internally funded growth, heightening earnings and cash-flow vulnerability over commodity cycles.

Inconsistent cash conversion historically

Historical swings into negative free cash flow indicate cash generation is cyclical and sensitive to working capital and capex timing. That pattern means the company may need external funding in downturns, constraining strategic investments or forcing delays to sustaining projects.

Returns remain moderate

Moderate returns imply limited capital efficiency: the business generates positive but not high returns on equity or assets. Over time this can limit reinvestment yields and shareholder value creation unless margins or asset productivity improve materially.

Starcore International Mine Business Overview & Revenue Model

Company Description

Starcore International Mine (SAM) is a mining company focused on the exploration and production of precious and base metals. Operating primarily in Mexico, SAM engages in the extraction of gold, silver, and other minerals through its various mining properties. The company aims to enhance shareholder value by leveraging its assets and expanding its mining operations while adhering to sustainable practices.

How the Company Makes Money

Starcore International Mine generates revenue primarily through the sale of precious metals, particularly gold and silver, extracted from its mining operations. The company operates on a model that includes both direct sales of mined metals to wholesalers and refiners, as well as potential partnerships with other mining companies for joint ventures or collaborations in exploration. Key revenue streams include the direct sale of bullion, which is influenced by global market prices, as well as any additional revenue from by-products or royalties from mineral rights. Furthermore, the company may benefit from strategic partnerships that enhance operational efficiency and market access, contributing to its overall earnings.

Starcore International Mine Financial Statement Overview

Summary

Financials are improving in the latest TTM, supported by a very strong balance sheet (extremely low leverage) and a material cash flow turnaround to positive free cash flow. Offsetting this, profitability is still relatively thin and results have been volatile across recent annual periods, reducing confidence in durability.

Income Statement

TTM (Trailing-Twelve-Months) shows a clear profitability rebound with positive operating profit and net income, alongside solid revenue growth (~12%). However, profitability remains relatively thin (mid-single-digit net margin and low operating margin), and results have been volatile across recent annual periods (including a sharp loss year and a very low-profit year), which lowers confidence in durability.

Balance Sheet

The balance sheet is a major strength: debt is extremely low relative to equity (very low leverage), providing financial flexibility and reducing solvency risk. Equity has also grown versus prior annual periods, and returns on equity have improved back to positive levels in TTM (Trailing-Twelve-Months). The main weakness is that returns are still only moderate, reflecting a business that is profitable but not yet consistently high-return.

Cash Flow

Cash generation improved materially in TTM (Trailing-Twelve-Months), with strong operating cash flow and solidly positive free cash flow, a sharp turnaround from the prior annual period’s negative free cash flow. That said, cash flow conversion is not consistently strong across the cycle (prior years include negative free cash flow and weak coverage), and TTM free cash flow is still meaningfully below net income, suggesting some sensitivity to working capital and/or capital spending needs.

Breakdown	TTM	Apr 2025	Apr 2023	Apr 2022	Apr 2021	Apr 2020
Income Statement
Total Revenue	42.23M	32.16M	28.33M	25.68M	26.80M	24.82M
Gross Profit	7.48M	9.63M	5.19M	5.31M	6.40M	1.98M
EBITDA	4.49M	2.82M	901.00K	6.36M	6.05M	2.00M
Net Income	3.13M	215.00K	1.63M	2.40M	2.89M	-3.63M
Balance Sheet
Total Assets	65.96M	56.00M	51.97M	52.04M	46.47M	54.41M
Cash, Cash Equivalents and Short-Term Investments	12.88M	3.50M	5.66M	9.31M	5.17M	2.10M
Total Debt	719.00K	733.00K	758.00K	898.00K	947.00K	4.90M
Total Liabilities	18.59M	15.13M	11.37M	11.99M	10.19M	17.11M
Stockholders Equity	47.37M	40.87M	40.60M	40.05M	36.28M	37.30M
Cash Flow
Free Cash Flow	6.71M	-1.90M	-854.00K	3.08M	6.15M	-375.00K
Operating Cash Flow	9.66M	2.35M	1.89M	5.83M	7.73M	2.74M
Investing Cash Flow	-3.98M	-4.25M	-2.19M	-1.02M	-1.12M	-1.28M
Financing Cash Flow	5.00M	-243.00K	-390.00K	-611.00K	-3.96M	-2.45M

Starcore International Mine Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 0.90
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Positive
• MACD: Negative
• RSI: Neutral
• STOCH: Negative

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For TSE:SAM, the sentiment is Positive. The current price of 0.9 is below the 20-day moving average (MA) of 1.09, below the 50-day MA of 1.08, and above the 200-day MA of 0.58, indicating a bullish trend. The MACD of 0.01 indicates Negative momentum. The RSI at 54.26 is Neutral, neither overbought nor oversold. The STOCH value of 83.44 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for TSE:SAM.

Starcore International Mine Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
SAM	71 Outperform	C$106.04M	27.83	1.79%	―	26.16%	-8.73%
Sector *	61 Neutral	$10.43B	7.12	-0.05%	2.87%	2.86%	-36.73%
NKG	50 Neutral	C$112.39M	-8.15	-74.18%	―	―	42.92%
FSY	50 Neutral	C$113.80M	-40.43	-9.83%	―	―	49.12%
AZM	44 Neutral	C$81.59M	-41.97	-4.67%	―	―	-5360.00%
CRI	41 Neutral	C$40.61M	-7.99	-127.83%	―	―	72.34%

Starcore International Mine Corporate Events

Starcore Returns to Full Production at San Martin, Lifts Q3 Earnings and Cash Flow

Starcore International Mines reported a strong third quarter to January 31, 2026, marking a return to full production at its San Martin mine in Mexico and driving significantly improved earnings from mining operations of $6.2 million for the quarter and $10.4 million for the nine-month period. The company generated gold and silver sales of $13.5 million, income of $1.3 million, and positive cash flow of over $8.4 million, supported by equivalent gold production of 2,162 ounces and ongoing processing upgrades for higher-grade carbonaceous ore, which signal potential for further production gains and bolstered financial resilience.

Starcore ended the quarter with cash and cash equivalents of $12.4 million and reported EBITDA of $4.0 million for the nine-month period, underscoring improved operational performance despite relatively high mine operating cash costs and all-in sustaining costs. Management highlighted the completion of equipment installations to handle more complex ore as a key operational milestone that could enhance metal output going forward, reinforcing the company’s position as an established mid-tier precious metals producer in the Mexican mining landscape and offering a constructive outlook for stakeholders focused on profitability and operational stability.

The most recent analyst rating on (TSE:SAM) stock is a Hold with a C$1.50 price target. To see the full list of analyst forecasts on Starcore International Mine stock, see the TSE:SAM Stock Forecast page.

Starcore boosts San Martin output as high-grade zones and recoveries improve

Starcore International Mines reported significantly improved third-quarter production at its San Martin mine in Mexico, following the resolution of earlier preg-robbing issues that had affected gold recoveries. Gold recoveries returned to normal levels, silver grades increased, and production met budgeted targets in the last two months of the quarter, with gold-equivalent output rising 16% quarter-on-quarter despite lower year-to-date gold grades.

Exploration over the past six months successfully extended high-grade ore bodies in the northern zone of San Martin, and the company has begun mining these new zones, which are averaging about 5 grams of gold and 80 grams of silver per tonne. Starcore is also preparing a new geophysical survey over historic anomalies in the northern part of its concession, as it shifts operational focus to higher-grade extensions to boost metal output and profitability, underscoring a more stable and potentially more profitable production profile for stakeholders.

The most recent analyst rating on (TSE:SAM) stock is a Hold with a C$1.00 price target. To see the full list of analyst forecasts on Starcore International Mine stock, see the TSE:SAM Stock Forecast page.

Starcore Spins Out African Assets to EU Gold, Refocuses on Mexican Mines

Starcore International Mines has secured court approval to complete the spin-out of its African mineral property assets into its wholly owned subsidiary, EU Gold Mining Inc., with the transaction becoming effective on February 6, 2026. Under the plan, Starcore shareholders of record on that date will receive one EU Gold share for every two Starcore shares as a return of capital, while EU Gold assumes all liabilities related to the African properties and pursues a separate Canadian stock exchange listing; the restructuring is intended to allow Starcore to concentrate on its Mexican gold and silver operations while establishing EU Gold as an independent vehicle focused on developing assets in Côte d’Ivoire.

The most recent analyst rating on (TSE:SAM) stock is a Hold with a C$1.00 price target. To see the full list of analyst forecasts on Starcore International Mine stock, see the TSE:SAM Stock Forecast page.

Starcore International Mines Reports Q2 2025 Results Amid Production Challenges

Starcore International Mines Ltd. reported its second-quarter results for the period ending October 31, 2025, highlighting a loss of $0.7 million despite gold and silver sales totaling $10.7 million. The company has been addressing production issues and expects improvements in the coming quarter. Financial highlights include a cash reserve of $9.8 million and working capital of $7.0 million. The company’s EBITDA for the six-month period was $1.7 million, reflecting an EBITDA margin of 8.9%. Production highlights for the quarter included equivalent gold production of 1,860 ounces, with mine operating cash costs of US$2,625 per equivalent ounce.

The most recent analyst rating on (TSE:SAM) stock is a Hold with a C$0.70 price target. To see the full list of analyst forecasts on Starcore International Mine stock, see the TSE:SAM Stock Forecast page.