Mr. Robert Eadie reports

STARCORE REPORTS Q1 RESULTS

Starcore International Mines Ltd. has released the results for the first quarter ended July 31, 2023, for the company and its mining operations in Queretaro, Mexico. The full version of the company's financial statements and management's discussion and analysis can be viewed on the company's website or SEDAR+. All financial information is prepared in accordance with international financial reporting standards, and all dollar amounts are expressed in thousands of dollars unless otherwise indicated.

"Our quarterly production reflects our recent difficulties in reaching our higher-grade orebodies or stopes," stated Robert Eadie, chief executive officer. "We expect to achieve our targets over the remainder of the year as we are currently completing the development to the high-grade zones."

Financial highlights for the three-month period ended July 31, 2023 (unaudited):

• Cash on hand is $5.7-million and working capital of $6.2-million at July 31, 2023;
• Gold and silver sales of $6.23-million;
• Loss from mining operations of $750,000;
• Loss of $1.7-million, or three cents per share;
• EBITDA (earnings before interest, taxes, depreciation and amortization) loss of ($800,000).

The attached financial highlights table contains selected highlights from the company's unaudited consolidated statement of operations for the quarters ended July 31, 2023, and 2022.

Production highlights for the three-month period ended July 31, 2023:

• Equivalent gold production of 1,918 ounces;
• Mine operating cash cost of $2,158 (U.S.) per equivalent ounce;
• All-in sustaining costs of $2,234 (U.S.) per equivalent ounce.

The attached production highlights table is a summary of mine production statistics for the San Martin mine for the periods ended July 31, 2023, and 2022, and for the previous year ended April 30, 2023.

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

About Starcore International Mines Ltd.

Starcore is engaged in precious metal production with focus and experience in Mexico. While this base of producing assets is complemented by exploration and development projects throughout North America, Starcore is driven to expand its reach internationally. The company is a leader in corporate social responsibility and advocates value-driven decisions that will increase long-term shareholder value.

We seek Safe Harbor.