07:34 AM EDT, 07/30/2024 (MT Newswires) -- Starcore International Mines ( SHVLF ) swung to net profit in its fiscal fourth quarter.

The company reported income of $4.5 million, or $0.06 per share in the quarter ended April 30, improving from a loss of $963,000, or a loss of $0.02 per share.

Revenue jumped to $9.3 million from $5.2 million as gold equivalent production increased to 3,200 ounces from 2,400 ounces.

"Our mining operations at San Martin reported healthy profits from mining operations in this period due to improved grades and, of course, metal prices," CEO Robert Eadie said. "We continue to invest in San Martin and other projects in Mexico to complement our operations and build shareholder value."

Starcore's share price slumped 39% on Monday to $0.085.