Starcore International Mine (SAM) AI Stock Analysis

• Market Cap: C$97.95M
• Dividend Yield: N/A
• Average Volume (3M): 261.58K
• Price to Earnings (P/E): 33.6
• Beta (1Y): 2.18
• 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): N/A
• Revenue Forecast (FY): N/A

• Rating: 63 Neutral
• Price Target: C$1.50 ▲(66.67% Upside)

The score is primarily supported by strong revenue growth and a very low-leverage balance sheet, along with positive price trend signals. Offsetting these positives are weak cash flow quality/liquidity indicators and a high P/E valuation, which materially reduce the overall score.

Positive Factors

Revenue Growth

Consistent TTM revenue growth of ~18% indicates expanding production or realized sales volumes and supports longer-term top-line momentum. For a miner, sustained revenue gains improve ability to fund operations and capital expenditures through cycles when commodity prices are stable or rising.

Very Low Leverage

A near-zero debt-to-equity ratio provides material financial flexibility for a capital-intensive mining operation. Low interest burden and strong equity base reduce default risk, allowing management to prioritize sustaining capital or opportunistic investments without urgent refinancing needs.

Healthy Gross & EBITDA Margins

A ~29% gross margin shows the core processing of doré retains value after direct costs; positive EBITDA indicates operations cover operating expenses before depreciation. These margins support reinvestment capacity and suggest room to improve operating leverage as volumes scale.

Negative Factors

Weak Cash Generation

Very low cash conversion (OCF only ~18% of net income) and negative free cash flow growth constrain internal funding for sustaining capex, exploration or expansion. Over months this raises reliance on external financing and reduces resilience to price or operational shocks.

Thin Net Profit & Negative EBIT

A very slim net margin and negative EBIT point to elevated operating costs or depreciation that eat into profits. Structurally weak operating profitability limits retained earnings, reduces the cushion against lower metal prices, and hampers long-term reinvestment capacity.

Low Return on Equity

ROE near 1.8% signals limited effectiveness in converting shareholder capital into profits. Over a multi-month horizon this can deter new equity capital, constrain growth funding, and indicate structural challenges in generating attractive shareholder returns relative to peers.

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

Revenue growth is strong (18.17% TTM) and leverage is very low (debt-to-equity 0.03), supporting stability. However, profitability is thin (2.34% net margin) with negative EBIT margin, and cash generation is weak (operating cash flow to net income 0.18 and negative free cash flow metrics), which limits the score.

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	Dec 2025	Dec 2023	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	32.16M	22.91M	28.33M	25.68M	26.80M
Gross Profit	9.63M	-1.50M	5.19M	5.31M	6.40M
EBITDA	2.82M	-637.00K	901.00K	6.36M	6.05M
Net Income	215.00K	-5.26M	1.63M	2.40M	2.89M
Balance Sheet
Total Assets	56.00M	50.91M	51.97M	52.04M	46.47M
Cash, Cash Equivalents and Short-Term Investments	3.50M	7.08M	5.66M	9.31M	5.17M
Total Debt	733.00K	384.00K	758.00K	898.00K	947.00K
Total Liabilities	15.13M	12.13M	11.37M	11.99M	10.19M
Stockholders Equity	40.87M	38.78M	40.60M	40.05M	36.28M
Cash Flow
Free Cash Flow	-1.90M	-3.83M	-854.00K	3.08M	6.15M
Operating Cash Flow	2.35M	-2.32M	1.89M	5.83M	7.73M
Investing Cash Flow	-4.25M	-1.47M	-2.19M	-1.02M	-1.12M
Financing Cash Flow	-243.00K	553.00K	-390.00K	-611.00K	-3.96M

Starcore International Mine Technical Analysis

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

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For TSE:SAM, the sentiment is Neutral. The current price of 0.9 is below the 20-day moving average (MA) of 1.19, below the 50-day MA of 0.96, and above the 200-day MA of 0.51, indicating a neutral trend. The MACD of 0.07 indicates Positive momentum. The RSI at 47.97 is Neutral, neither overbought nor oversold. The STOCH value of 24.18 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral 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	63 Neutral	C$97.95M	33.64	1.79%	―	26.16%	-8.73%
Sector *	61 Neutral	$10.43B	7.12	-0.05%	2.87%	2.86%	-36.73%
AZM	52 Neutral	C$94.69M	-48.70	-4.67%	―	―	-5360.00%
NKG	50 Neutral	C$78.46M	-5.04	-74.18%	―	―	42.92%
FSY	50 Neutral	C$99.11M	-35.22	-9.83%	―	―	49.12%
CRI	41 Neutral	C$45.13M	-8.88	-127.83%	―	―	72.34%

Starcore International Mine Corporate Events

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.

Starcore International Mines Reports Second Quarter Production Challenges and Solutions

Starcore International Mines reported a decrease in metal production for the second quarter of fiscal 2026 at its San Martin Mine in Mexico, primarily due to clay presence causing a ‘preg-robbing’ effect and carbon fines absorbing gold and silver. To address these issues, the company optimized its CIL plant, installed filter presses, and began separating processing circuits. These improvements, along with a new cyanide destruction module, are expected to enhance recovery rates and allow processing of stockpiled ore, potentially stabilizing production and maintaining profitability.

The most recent analyst rating on (TSE:SAM) stock is a Hold with a C$0.50 price target. To see the full list of analyst forecasts on Starcore International Mine stock, see the TSE:SAM Stock Forecast page.