Mr. Robert Eadie reports

STARCORE REPORTS Q3 RESULTS

Starcore International Mines Ltd. has filed the results for the third quarter ended Jan. 31, 2024, 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 at SEDAR+. All financial information is prepared in accordance with IFRS (international financial reporting standards) and all dollar amounts are expressed in thousands of Canadian dollars unless otherwise indicated.

"Our quarterly results showed a great improvement in earnings from mining operations as a result of increased production of metal and, of course, the better metal prices overall," reported Robert Eadie, chief executive officer of the company. "We expect the metal production to show further increases into the next quarters as we benefit from our exploration initiatives."

Financial highlights for the three-month period ended Jan. 31, 2024 (unaudited):

• Cash and short-term investments on hand is $3.6-million at Jan. 31, 2024;
• Gold and silver sales of $6.8-million;
• Earnings from mining operations of $800,000;
• Loss of $200,000, or nil per share;
• EBITDA (earnings before interest, taxes, depreciation and amortization) of negative $700,000 for the nine-month period ended Jan. 31, 2024.

The associated table contains selected highlights from the company's unaudited consolidated statement of operations for the three and nine months ended Jan. 31, 2024, and 2023.

Production highlights for the three-month period ended Jan. 31, 2024:

• Equivalent gold production of 2,514 ounces;
• Mine operating cash cost of $1,674 (U.S.)/AuEq (gold equivalent) ounce (oz);
• All-in sustaining costs of $2,156(U.S.)/AuEq oz for the nine months ended Jan. 31, 2024.

The associated table is a summary of mine production statistics for the San Martin mine for the three and nine months ended Jan. 31, 2024, 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 International Mines is engaged in precious metals production with focus and experience in Mexico. While this base of producing assets has been complemented by exploration and development projects throughout North America, Starcore has expanded its reach internationally with the recently acquired project in Ivory Coast. 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.