Starcore International Mine (SAM) AI Stock Analysis

• Market Cap: C$111.43M
• Dividend Yield: N/A
• Average Volume (3M): 261.58K
• Price to Earnings (P/E): 38.3
• 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: 58 Neutral
• Price Target: C$1.50 ▲(66.67% Upside)
• Action: Reiterated Date: 02/07/26
• Date: Action: Reiterated 02/07/26

The score is primarily supported by solid financial structure (very low leverage) and strong revenue growth, but held back by weak profitability/operational efficiency (negative EBIT), cash flow pressure, and a relatively high P/E. Technicals add moderate risk due to weak near-term momentum despite a still-positive longer-term trend.

Positive Factors

Low leverage / strong balance sheet

Minimal leverage (debt-to-equity ~0.03) materially reduces refinancing and insolvency risk, giving the company durable financial flexibility. Over 2-6 months this supports continuity of mining operations, funding of sustaining capital from equity/cash and resilience through commodity price volatility.

Consistent revenue growth and healthy gross margin

Sustained top-line expansion (TTM revenue growth ~18%) paired with a near-29% gross margin indicates the core mining and processing operations generate healthy per-unit profitability. This durable combination supports operational sustainability and capacity to absorb input cost swings over months.

Asset-backed, predictable revenue model

A straightforward, asset-backed model—selling doré to refiners—creates predictable cash conversion tied to production volumes and metal recoveries. This structural revenue source supports multi-month planning, steadier working capital cycles, and clear levers (production, recoveries) to manage revenue durability.

Negative Factors

Negative EBIT / weak operational efficiency

A negative EBIT margin signals that core operations before financing and taxes are not generating profit, implying structural cost or scale inefficiencies. Over several months this limits internal reinvestment, raises break-even sensitivity to metal prices, and places persistent pressure on margins and operational planning.

Weak cash generation / negative free cash flow

Low OCF relative to net income and negative free cash flow indicate operations are not reliably converting earnings into spendable cash. This structural liquidity shortfall constrains sustaining capex, limits buffer against price shocks, and increases probability of external financing needs within a 2-6 month horizon.

Low return on equity

An ROE near 1.8% reflects weak returns on invested capital, suggesting capital is not being deployed efficiently relative to peers. Persistently low ROE erodes the company's ability to attract long-term capital, constrains strategic investments, and pressures management to materially improve operating performance.

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

Strong TTM revenue growth (18.17%) and a healthy gross margin (28.96%) are positives. However, profitability is weak (net margin 2.34%, negative EBIT margin) and cash generation is pressured (low operating cash flow to net income at 0.18 and negative free cash flow metrics). Low leverage (debt-to-equity 0.03) supports financial stability but does not offset cash flow concerns.

Income Statement

Starcore International Mine has shown a positive revenue growth rate of 18.17% TTM, indicating strong sales momentum. The gross profit margin is healthy at 28.96%, but the net profit margin is relatively low at 2.34%, suggesting high operational costs. The EBIT margin is negative, indicating challenges in operational efficiency, though the EBITDA margin is slightly positive at 6.96%.

Balance Sheet

The company maintains a strong balance sheet with a low debt-to-equity ratio of 0.03, reflecting minimal leverage and financial risk. The return on equity is modest at 1.84%, indicating limited profitability from shareholders' investments. The equity ratio is robust, highlighting a solid capital structure.

Cash Flow

Cash flow analysis reveals a negative free cash flow growth rate, indicating cash flow challenges. The operating cash flow to net income ratio is low at 0.18, suggesting limited cash generation from operations relative to net income. The free cash flow to net income ratio is negative, highlighting potential liquidity issues.

Breakdown	TTM	Apr 2025	Apr 2023	Apr 2022	Apr 2021	Apr 2020
Income Statement
Total Revenue	37.72M	32.16M	28.33M	25.68M	26.80M	24.82M
Gross Profit	7.89M	9.63M	5.19M	5.31M	6.40M	1.98M
EBITDA	3.63M	2.82M	901.00K	6.36M	6.05M	2.00M
Net Income	2.12M	215.00K	1.63M	2.40M	2.89M	-3.63M
Balance Sheet
Total Assets	64.37M	56.00M	51.97M	52.04M	46.47M	54.41M
Cash, Cash Equivalents and Short-Term Investments	10.28M	3.50M	5.66M	9.31M	5.17M	2.10M
Total Debt	919.00K	733.00K	758.00K	898.00K	947.00K	4.90M
Total Liabilities	17.40M	15.13M	11.37M	11.99M	10.19M	17.11M
Stockholders Equity	46.98M	40.87M	40.60M	40.05M	36.28M	37.30M
Cash Flow
Free Cash Flow	2.06M	-1.90M	-854.00K	3.08M	6.15M	-375.00K
Operating Cash Flow	6.13M	2.35M	1.89M	5.83M	7.73M	2.74M
Investing Cash Flow	-4.43M	-4.25M	-2.19M	-1.02M	-1.12M	-1.28M
Financing Cash Flow	4.99M	-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 0.57, indicating a bullish trend. The MACD of <0.01 indicates Negative momentum. The RSI at 57.78 is Neutral, neither overbought nor oversold. The STOCH value of 83.77 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
Sector *	61 Neutral	$10.43B	7.12	-0.05%	2.87%	2.86%	-36.73%
SAM	58 Neutral	C$111.43M	38.27	1.79%	―	26.16%	-8.73%
NKG	50 Neutral	$108.14M	-7.85	-74.18%	―	―	42.92%
FSY	50 Neutral	C$104.01M	-36.96	-9.83%	―	―	49.12%
AZM	44 Neutral	C$78.57M	-40.41	-4.67%	―	―	-5360.00%
CRI	41 Neutral	C$40.61M	-7.99	-127.83%	―	―	72.34%

Starcore International Mine Corporate Events

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.