Starcore International Mine (SAM) AI Stock Analysis

• Market Cap: C$55.99M
• Dividend Yield: N/A
• Average Volume (3M): 261.58K
• Price to Earnings (P/E): 20.3
• Beta (1Y): 2.79
• 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: 91,792,520
• 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: 61 Neutral
• Price Target: C$0.64 ▼(-28.44% Downside)
• Action: Downgraded Date: 03/19/26
• Date: Action: Downgraded 03/19/26

The score is primarily supported by strong financial positioning (very low leverage) and improved recent cash flow, but is held back by weak technicals (below key moving averages with negative MACD) and only moderate valuation support (P/E ~20 with no dividend yield provided).

Positive Factors

Very low leverage

Extremely low debt versus equity gives durable financial flexibility: the company can fund sustaining capital, withstand commodity price swings, and avoid refinancing risk. Over 2–6 months this reduces insolvency risk and preserves optionality for opportunistic investments or asset work.

Improved operating cash flow

A material turnaround to positive operating and free cash flow in the trailing twelve months strengthens self-funding capacity. Durable cash generation supports sustaining capex and working capital, lowering dependence on external financing over the medium term.

Asset-backed production

Revenue stems from tangible, ongoing doré production at operating mines, providing a predictable asset-backed revenue stream tied to metal output. This production base underpins long-term cash flow potential if operating performance and mine life are maintained.

Negative Factors

Thin, volatile profitability

Consistently low margins and historical swings (including a sharp loss year) constrain the company’s ability to build reserves, reinvest for growth, or absorb price/cost shocks. This reduces confidence in sustained returns and increases sensitivity to operational setbacks.

Inconsistent cash conversion

While TTM FCF improved, inconsistent conversion and prior negative FCF indicate exposure to working capital swings and capex variability. This creates execution risk for sustaining operations and limits reliable internal funding for investment or distributions over time.

Concentration and limited scale

Concentrated operations in one country and a small operating scale limit diversification and bargaining power, raising geopolitical, operational, and cost structure risks. Smaller scale also constrains ability to realize economies and adapt to adverse shocks.

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 primarily makes money by producing and selling precious metals derived from its mining operations. Its key revenue stream is the sale of doré containing gold and silver to third-party buyers/refiners, with revenue recognized based on prevailing market prices for the contained metals (net of applicable deductions such as refining, treatment, and transportation charges, where applicable). Earnings are therefore driven by (1) production volumes (ore mined and processed, and resulting metal output), (2) realized gold and silver prices, and (3) operating costs (mining, processing, site administration, and sustaining capital). Secondary or less frequent sources of cash flow can include proceeds from the sale or optioning of mineral properties, if and when such transactions occur, and potential by-product credits depending on the mineralization and payable metals in concentrate/doré; however, specific contributions from these items are null.

Starcore International Mine Financial Statement Overview

Summary

Overall fundamentals are supported by an exceptionally strong balance sheet (very low leverage) and improved cash generation in the latest TTM. However, profitability remains thin and has been volatile across recent years, which reduces 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: Negative
• Last Price: 0.90
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Positive
• RSI: Neutral
• STOCH: Positive

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For TSE:SAM, the sentiment is Negative. The current price of 0.9 is below the 20-day moving average (MA) of 0.94, below the 50-day MA of 1.06, and above the 200-day MA of 0.62, indicating a bearish trend. The MACD of -0.10 indicates Positive momentum. The RSI at 30.99 is Neutral, neither overbought nor oversold. The STOCH value of 15.08 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative 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	61 Neutral	C$55.99M	20.29	7.08%	―	26.16%	-8.73%
FSY	50 Neutral	C$81.98M	-54.82	-9.58%	―	―	49.12%
AZM	44 Neutral	C$68.50M	30.99	-4.67%	―	―	-5360.00%
CRI	42 Neutral	C$30.08M	-5.93	-164.92%	―	―	72.34%
NKG	41 Neutral	$69.98M	-9.42	-74.18%	―	―	42.92%

Starcore International Mine Corporate Events

Starcore Spins Out Côte d’Ivoire Assets to EU Gold and Extends C$1 Million Loan

Starcore International Mines has completed the spin-out of its mineral property interests in Côte d’Ivoire to EU Gold Mines, issuing Starcore shareholders one EU Gold share for every two Starcore shares and valuing the distribution at $0.05 per EU Gold share as a return of capital. EU Gold, now holding the Kimoukro gold project through its subsidiary K Mining, plans to seek a stock exchange listing, while Starcore and SPAM S.R.L. will each provide a C$500,000 secured loan to fund EU Gold’s working capital and exploration, and Starcore has also strengthened its governance by reappointing Tanya Lutzke to its board and audit committee.

The transaction refocuses Starcore on its core Mexican operations while preserving upside exposure to West African exploration through its shareholding and lending relationship with EU Gold, potentially unlocking value for shareholders via a dedicated vehicle for Côte d’Ivoire assets. The addition of Lutzke, with her combined finance and law enforcement background, is expected to bolster board independence, audit oversight, and corporate governance as the company advances its strategic plans.

The most recent analyst rating on (TSE:SAM) stock is a Buy with a C$0.88 price target. To see the full list of analyst forecasts on Starcore International Mine stock, see the TSE:SAM Stock Forecast page.

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.