Starcore Announces Spin-Out of African Properties
July 08, 2025 2:30 AM EDT | Source: Starcore International Mines Ltd.
Vancouver, British Columbia--(Newsfile Corp. - July 8, 2025) - Starcore International Mines Ltd. (TSX: SAM) ("Starcore" or the "Company") announces its intention to spin out its exploration interests in various permit and permit applications in a highly prospective region of Cote d'Ivoire, West Africa. Through its wholly-owned subsidiary, Starcore currently has interests over land holdings covering an aggregate area of 1,393 km2 which includes the exploration permit granted to its Kimoukro Gold Project.
Starcore intends to advance the African exploration interests by spinning out the Côte d'Ivoire projects to its wholly-owned subsidiary, EU Gold Mining Inc., ("EU Gold") that will then seek a separate listing in Canada. Through a Plan of Arrangement, Starcore will transfer and assign to EU Gold all of Starcore's right, title and interest in its mineral property assets in Africa. This will allow Starcore's management to focus on its Mexican gold and silver producing assets, while EU Gold will focus on developing the mineral properties in Africa.
In consideration for the spin-out, EU Gold will assume all of the liabilities related to the African properties and will issue one common share of EU Gold for every two issued and outstanding shares of Starcore. It is expected that Starcore would receive 33,431,758 shares of EU Gold, which Starcore intends to distribute to its shareholders on a pro-rata basis. "The goal is to maximize shareholder value, while allowing each company to focus and develop its major asset," said Robert Eadie, President and CEO of Starcore. It is intended that EU Gold would attract new management, well-versed in African diplomacy and culture, with the expertise to work closely with the African team in place at Côte d'Ivoire.
The Plan of Arrangement will be subject to shareholder and regulatory approvals.
About Starcore
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 project in Côte d'Ivoire. The Company is a leader in Corporate Social Responsibility and advocates value driven decisions that will increase long term shareholder value. You can find more information on the investor friendly website here: www.starcore.com.
ON BEHALF OF STARCORE INTERNATIONAL MINES LTD.
(Signed) "Robert Eadie"
Robert Eadie, President and Chief Executive Officer
The Toronto Stock Exchange has not reviewed nor does it accept responsibility
for the adequacy or accuracy of this press release.
This news release contains "forward-looking" statements and information ("forward-looking statements"). All statements, other than statements of historical facts, included herein, including, without limitation, management's expectations and the potential of the Company's projects, are forward-looking statements. Forward-looking statements are based on the beliefs of Company management, as well as assumptions made by and information currently available to Company's management and reflect the beliefs, opinions, and projections on the date the statements are made. Forward-looking statements involve various risks and uncertainties and accordingly, readers are advised not to place undue reliance on forward-looking statements. There can be no assurance that such statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements. In particular, there is no assurance (i) the spin out of the African interests will occur as described above, or at all, (ii) that EU Gold will be able to attract new management, or (iii) that such corporate reorganization will benefit shareholders in the near or long term. The Company assumes no obligation to update forward‐looking statements or beliefs, opinions, projections or other factors, except as required by law.
NOT FOR DISTRIBUTION IN THE UNITED STATES
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