Vancouver, British Columbia--(Newsfile Corp. - March 17, 2023) - Starcore International Mines Ltd. (TSX: SAM) ("Starcore" or the "Company") has filed the results for the third quarter ended January 31, 2023 for the Company and its mining operations in Queretaro, Mexico. The full version of the Company's Financial Statements and Management's Discussion and Analysis can be viewed on the Company's website at www.starcore.com, or SEDAR at www.sedar.com. All financial information is prepared in accordance with IFRS and all dollar amounts are expressed in thousands of Canadian dollars unless otherwise indicated.
"As reported in our production news release last month, we expect the new geological model to define the exploration targets that we will use to continue underground exploration. While we are currently showing positive cash flow from mining operations, we continue to implement cost reductions in all areas of mine and administration, including management, to compensate for lower production," reported Robert Eadie, CEO of the Company.
Financial Highlights for the three-month period ended January 31, 2023 (unaudited):
The following table contains selected highlights from the Company's unaudited consolidated statement of operations for the three and nine months ended January 31, 2023 and 2022:
|(in thousands of Canadian dollars)(Unaudited)||Three Months endedJanuary 31,||Nine Months endedJanuary 31,|
|Cost of Sales||(6,715||)||(4,967||)||(17,362||)||(14,870||)|
|Earnings from mining operations||(553||)||420||362||3,350|
|Administrative expenses, interest and foreign exchange||(1,520||)||(880||)||(4,290||)||(2,630||)|
|Unrealized loss on investment||(41||)||(41||)||(164||)||(246||)|
|Loss on sale of Toiyabe||-||(1||)||-||(40||)|
|Income tax - (expense) recovery||252||111||(202||)||(208||)|
|Net income (Loss)||$||(1,862||)||$||(391||)||$||(4,294||)||$||226|
|(i) Income (Loss) per share – basic||$||(0.03||)||$||(0.01||)||$||(0.08||)||$||0.00|
|(ii) Income (Loss) per share – diluted||$||(0.03||)||$||(0.01||)||$||(0.08||)||$||0.00|
|Reconciliation of Net income to EBITDA(1)|
|For the nine months ended January 31,||2023||2022|
|Net income (loss)||$||(4,294||)||$||226|
|Loss on sale of exploration property||-||40|
|Unrealized loss on investment||164||246|
|Income tax expense (recovery)||(242||)||208|
|Depreciation and depletion||2,929||2,515|
(1) EBITDA ("Earnings before Interest, Taxes, Depreciation and Amortization") is a non-GAAP financial performance measure with no standard definition under IFRS. It is therefore possible that this measure could not be comparable with a similar measure of another Corporation. The Corporation uses this non-GAAP measure which can also be helpful to investors as it provides a result which can be compared with the Corporation's market share price.(2) EBITDA MARGIN is a measurement of a company's operating profitability calculated as EBITDA divided by total revenue. EBITDA MARGIN is a non-GAAP financial performance measure with no standard definition under IFRS. It is therefore possible that this measure could not be comparable with a similar measure of another Corporation. The Corporation uses this non-GAAP measure which can also be helpful to investors as it provides a result which can be compared with the Corporation's market share price.
Production Highlights for the three month period ended January 31, 2023:
The following table is a summary of mine production statistics for the San Martin mine for the three and nine months ended January 31, 2023 and for the previous year ended April 30, 2022:
|Actual Results for|
|Unit of measure||3 months endedJanuary 31, 2023||9 months endedJanuary 31, 2023||12 months endedApril 30, 2022|
|Mine Production of Gold in Dore||thousand ounces||2.1||7.1||10.0|
|Mine Production of Silver in Dore||thousand ounces||8.1||38.1||85.4|
|Gold equivalent ounces||thousand ounces||2.2||7.6||11.2|
|Silver to Gold equivalency ratio||80.1||85.4||75.0|
|Mine Gold grade||grams/tonne||1.30||1.48||1.58|
|Mine Silver grade||grams/tonne||8.8||14.2||23.0|
|Mine Gold recovery||percent||85.2%||87.4%||88.2%|
|Mine Silver recovery||percent||48.9%||48.7%||51.4%|
|Milled||thousands of tonnes||58.6||171.0||224.4|
|Mine operating cash cost per tonne milled||US dollars/tonne||67||67||62|
|Mine operating cash cost per equivalent ounce||US dollars/ounce||1,793||1,511||1,239|
Salvador Garcia, P. Eng., a director of the Company and Chief Operating Officer, is the Company's qualified person on the project as required under NI 43-101and has prepared the technical information contained in this press release.
Starcore International Mines is engaged in precious metals production with focus and experience in Mexico. This base of producing assets is complemented by exploration and development projects throughout North America. 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 "Gary Arca"Gary Arca, Chief Financial Officer and Director
FOR FURTHER INFORMATION PLEASE CONTACT:
Telephone: (604) 602-4935 ext. 214Email: [email protected]
The Toronto Stock Exchange has not reviewed nor does it accept responsibilityfor the adequacy or accuracy of this press release.
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