Mr. Robert Eadie reports

STARCORE REPORTS Q3 RESULTS

Starcore International Mines Ltd. has filed the results for the third quarter ended Jan. 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.

"As reported in our production news release last month, we expect the new geological model to define the exploration targets that we will use to continue underground exploration. While we are currently showing positive cash flow from mining operations, we continue to implement cost reductions in all areas of mine and administration, including management, to compensate for lower production," reported Robert Eadie, chief executive officer of the company.

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

• Cash and short-term investments on hand are $7.1-million at Jan. 31, 2023;
• Gold and silver sales of $6.2-million;
• Loss from mining operations of $600,000;
• Loss of $1.9-million, or three cents per share;
• EBITDA (earnings before interest, taxes, depreciation and amortization) of ($1.4-million) for the nine-month period ended Jan. 31, 2023.

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

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

• Equivalent gold production of 2,182 ounces;
• Mine operating cash cost of $1,793 (U.S.) per equivalent ounce;
• All-in sustaining costs of $1,866 (U.S.) per equivalent ounce for the nine months ended Jan. 31, 2023.

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

Salvador Garcia, PEng, 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 a 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.