Mr. Robert Eadie reports

STARCORE ANNOUNCES FIRST QUARTER PRODUCTION RESULTS

Starcore International Mines Ltd. has released its production results for the first fiscal quarter ended July, 2023, at its San Martin mine in Queretaro, Mexico.

"The mine experienced a reduction in gold equivalent ounces and gold grades of approximately 20 per cent this quarter over last quarter. The main source of San Martin mine production comes from two primary areas -- being the high-grade area located in the north part of the mine and composed of the stopes contained within areas Cuerpo 28, 29, 30, 31, 32 and 33; and the other area being the main San Martin vein whereby stopes produce higher volume of ore at a lower, but economical, grade. In this quarter, the new stopes being developed in the high-grade area required over 160 metres of development, which was slowed by difficult ground conditions requiring extra support in the ramps to ensure proper safety to our workers and proper development. This delayed the development of higher-grade ore resulting in processing more lower-grade ore to meet the budgeted milled tonnes. In the second quarter, we expect to complete the development to the higher-grade zones and will target the recovery of the ounces missed in the first quarter while continuing to produce profitable ounces over all," stated Salvador Garcia, chief operating officer of the company.

"As stated last quarter, we have been investigating small mines near San Martin to utilize additional unused capacity of our plant. We have identified a potential property for exploration and are currently negotiating terms with the owner."

                                                      12-month YTD
San Martin production     Q1 2024   Q4 2023         2024      2023 
 
Ore milled (tonnes)        57,700    56,821       57,700    55,263 
Gold equivalent ounces      1,918     2,409        1,918     2,925 
Gold grade (grams/tonne)     1.13      1.46         1.13       1.7 
Silver grade (grams/tonne)  14.24     11.35        14.24     21.29     
Gold recovery (%)           83.99     86.12        83.99     89.43     
Silver recovery (%)         45.82     48.72        45.82     49.13     
Gold:silver ratio           81.98     82.92        81.98     85.98            

Salvador Garcia, BEng, a director of the company and chief operating officer, is the company's qualified person on the project as required under NI 43-101 and has prepared the technical information contained in this press release.

About Starcore International Mines Ltd.

Starcore International Mines is engaged in precious-metals production with focus and experience in Mexico. This base of producing assets is complemented by exploration and development projects throughout North America. The company is a leader in corporate social responsibility and advocates value-driven decisions that will increase long-term shareholder value.