Mr. Robert Eadie reports

STARCORE REPORTS ON ITS SILVER PROJECT

Starcore International Mines Ltd. has provided further information on its recently announced lease agreement covering six mineral claims and two properties comprising what is commonly known as the San Juan Nepomuceno project (the Tortilla project), located in Queretaro, Mexico (see news release of July 10, 2025).

The Tortilla project includes a historical mine situated 150 kilometres from the capital, Santiago de Queretaro, 40 kilometres northeast of the San Martin mining unit and five kilometres west of the La Negra mine. Mining activity in the area dates back to 1557 with records of continuous operation until 1870 under Spanish control. During this period, the deposit was known as the El Doctor mine. Toward the end of the 19th century, a British company, O.J. Braniff, resumed exploration activities and installed a processing plant to process minerals from the San Juan Nepomuceno and Santo Entierro mines. However, operations only lasted two years. There are no historical production records.

During the due diligence process, the company conducted metallurgical testing at its plant using cyanidation as the testing process. After a 72-hour testing period, the results, shown in the table below, indicated a recovery of 56.25 per cent for gold and 78.23 per cent for silver. Leaching with granular activated carbon significantly enhanced gold recoveries, increasing to 79.85 per cent while silver recoveries rose to 84.75 per cent. This demonstrates that the mineral can be effectively processed using the CIL (carbon-in-leach) process.

The average grades associated with the San Juan Nepomuceno structure are as follows: 0.54 to 0.95 gram per tonne gold and 590 to 1,200 grams per tonne silver. The reported average widths range around 1.20 metres; however, there is physical evidence that the thickness may reach 5.0 or even more metres.

The San Juan Nepomuceno structure has a N290-degree orientation and a dip that varies between 15 degrees and 30 degrees, dipping southwest. The main structure was developed within the old mine, which shows an average geological thickness of five metres. The recorded longitudinal extension is 80 to 120 metres, while, vertically, it has been recognized to a depth of 700 metres, following the dip of the structure. Historical exploitation works were carried out partially and artisanally, leaving the potential and economic values at the extreme and basal parts open as exploration targets.

The mineralized zone is hosted by the Soyatal formation. The main potential of the San Juan Nepomuceno structure lies in the lateral extensions, which could reach up to three kilometres in length. In the deepest part of the workings, the structure continues to show high economic values, indicating a mineralizing system still open at depth. During the development of the main tunnel, a secondary structure parallel to the main vein was identified. This structure presents grades of up to 700 grams per tonne silver and an average thickness of 0.70 metres, reinforcing the interest in the deposit's multiple structural system.

Another area with significant potential is the El Doctor thrust, located 500 metres to the west and a geological, lithological and structurally primed target for mineralization development. A second priority exploration target is also identified in the area known as the La Cabalgadura hangingwall, corresponding to the El Doctor formation. This geological unit is considered more favourable for hosting larger orebodies with economic potential, compared with the Soyatal formation.

The company has a 10-year lease covering the claims and the historical mine comprising the Tortilla project. The lessor will be entitled to a 2-per-cent net smelter return royalty, after all lease payments have been made. During the term of the 10-year lease, the lessor has the option to sell all of the claims and concessions to Starcore at a purchase price of $7-million (U.S.).

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 is complemented by exploration and development projects throughout North America, Starcore has expanded its reach internationally with the 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.

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