Starcore International is All-In on Precious Metals Production in Mexico

CEO.CA May 28, 2026 8:32

Summary

Eadie says Starcore's Mexico-only focus targets about $165 million in net revenue over six years, with everything running in 18 to 24 months.

Eadie frames three revenue streams: San Martin oxide ore, newly processing carbonaceous ore, and La Tortilla silver near 550 grams per ton.

Eadie says a first-time helicopter aeromagnetic survey over the full 12,992-hectare property should guide drilling from September.

La Tortilla silver ore would truck two hours to San Martin's existing plant, avoiding a new mine build; only an environmental permit is pending.

Eadie credits San Martin's own shops, crews and lab with removing mobilization costs and 12- to 18-hour assay turnaround.

The guest targets about $165 million in net revenue over roughly six years from three Mexican revenue streams — San Martin oxide ore, San Martin carbonaceous ore and La Tortilla — with a stated target of 18 to 24 months from the 28 May 2026 interview date to be fully up and running.
He says the company is 100% focused on its Mexican assets following the completed spin-out of its African assets, with carbonaceous ore from San Martin only beginning to be processed in the month before the interview.
A helicopter aeromagnetic survey was completed across the entire 12,992-hectare San Martin property (roughly 10 by 13 km), described as the first time modern geophysics has been applied property-wide, with results due within weeks and intended to guide new drilling.
The La Tortilla restart is framed as a permitting and shipping exercise rather than a build: an environmental impact study has been filed, and silver ore grading about 550 grams per ton at the start would be trucked roughly two hours by paved road to be processed under San Martin's existing licences.
San Martin has about 12 years left on its current tailings permit plus a further 12 years granted as a dry-stack operation, and management points to September 2026 to start drilling at a site it says is accessible year-round, with results from its on-site lab in 12 to 18 hours.

Top takeaway His central argument is that the near-term case rests on execution rather than discovery: he asserts the processing infrastructure, staff, equipment and ore are already in place and still guides to roughly $165 million in net revenue over six years, explicitly excluding any new mine discoveries.
He makes the case that San Martin's remaining life is longer than assumed, describing it as a hydrothermal deposit he has benchmarked against about five Mexican mines where the shortest comparable ran about 45 years and the oldest is over 100 years old and still in production.
He treats La Tortilla as a permitting and logistics question rather than a capital project — file the environmental impact study, move ore over existing paved roads to already-licensed San Martin facilities, and avoid building a mine, while noting the operation is dry-stack with chemicals recovered and reused.
He positions the company as structurally advantaged against pure exploration peers, arguing that roughly 300 people on site, an on-site lab and a mechanical shop that rebuilds company equipment cut drilling contractor mobilization to about a week instead of a full mobilization cycle.
He commits to drilling at San Martin in September 2026 after working through recently received survey data and taking samples, and argues seasonality is a non-factor because the site is accessible year-round.