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Starcore International Mines is a Mexico-focused precious-metals producer operating the San Martin underground gold-silver mine, and it recently acquired the La Tortilla silver project (about two hours away) with a plan to truck ore to San Martin for processing. This interview covered operational consistency and costs at San Martin, the near-term plan to bring La Tortilla into production, capital allocation, and what optionality exists across other assets (BC, Mexico moly/copper, Côte d’Ivoire).

TL;DR

The focus for Starcore is production and cash flow over the next 18 to 24 months rather than buybacks, with dividends only considered again if cash becomes meaningfully higher. CEO Eadie told me San Martin’s recent metallurgical issue is fixed and recoveries are back to ~85%, but grade consistency remains the key swing factor. He referenced about $10M available and an approach of keeping ~$5M as a buffer while spending ~$1.75M at San Martin and ~$3.25M at La Tortilla. La Tortilla is positioned as a fast-start feed source with a targeted 3 to 6 month ramp and an expected average grade around ~550 g/t silver. The targeted AISC is ~2,100 and expect improvement into December/January. Ither assets (El Creston, Ajax, Côte d’Ivoire) are seen as optionality with limited near-term specifics except an implied near-term Côte d’Ivoire development (in roughly four weeks from the date of recording, which was December 23, 2025).

1. What have they done for shareholders lately?
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   Robert told me they’ve resolved the recent metallurgical disruption at San Martin caused by carbon fines in “dirty” water that led to preg-robbing, and he said recoveries are back to ~85% after about six weeks of issues. He also emphasized progress on La Tortilla planning, including tunnel rehab and a safety “insert” concept, with the intention to start shipping bulk samples and generating cash flow quickly once access is rehabilitated.
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2. What has changed since the last major update?
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   Starcore recently acquired La Tortilla and is targeting initial ramp-up in roughly 3 to 6 months, which CEO Eadie sees as a fast-start silver feed source for the existing San Martin mill. He also said San Martin’s metallurgical problems are resolved and that December and January should show a marked improvement versus the prior quarter, with a cost target of roughly ~2,100 AISC, as they return to steadier grade and recovery performance.
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3. How much money do they have and what are they spending it on?
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   Robert said they have $10 million and described keeping roughly $5 million as a contingency buffer while deploying the remainder primarily into drilling and geophysics, including an upcoming IP survey at San Martin, additional drilling (often from underground due to overburden), and La Tortilla work such as aerial IP, tunnel rehab, and shipping bulk samples. He is targetting a split of about $1.75 million toward San Martin and about $3.25 million toward La Tortilla. The equity raise this year was intended to accelerate La Tortilla rather than develop it more slowly through internal cash flow.
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4. Upcoming catalysts
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   Near-term items include La Tortilla tunnel rehabilitation and installation of a used tunnel support structure followed by bulk sample shipments and a production ramp targeted in roughly 3 to 6 months, San Martin IP geophysics and additional drilling to better define targets under overburden, operational improvement through December and January with Q3 ending January 30 and fiscal year-end April 30, and a Côte d’Ivoire milestone CEO Beadie implied could occur within about four weeks but did not detail. Beyond that, Ajax (BC) hinges on pending BC Geological Survey resampling results and potential summer work or a JV, while El Creston’s moly project and the possible copper porphyry concept are seen as JV/sale candidates without a specific timeline.
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5. Risks
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   The main near-term risks are continued grade consistency challenges at San Martin (which Rober tied to recovery, costs, and AISC), metallurgical variability from processing both oxide and carbonaceous ores and the possibility of further process disruptions, underground geotechnical and fault-related ground stability risks (with safety and access constraints), and execution risk at La Tortilla including rehab timing, logistics of trucking and processing, and the fact they have bench tests but have not yet done a bulk sample. In the interview, we also discussed the size of the jurisdictional risk, and their plans for communicating the story in 2026.

Starcore International Mines CEO Interview With Robert Eadie

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