Starcore Reports Q1 Results
(firmenpresse) -
Vancouver, B.C. - Starcore International Mines Ltd. (TSX: SAM) (Starcore or the Company) reports the results for the first quarter ended July 31, 2020 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 later today 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.
The current positive Gold and Silver prices, coupled with our staff reductions and cost cutting measures last year have been building momentum for the past three quarters for the Company culminating in the highest earnings from mining operations since fiscal 2014, reported Robert Eadie, CEO and President of the Company. We are continuing to look for new opportunities within our own properties while managing our mine as efficiently as possible.
Financial Highlights for the three-month period ended July 31, 2020 (unaudited):
- Cash and short-term investments on hand is $1.3 million at July 31, 2020 after repayment of $3.24 million of debt in June, 2020;
- Gold and silver sales of $8.1 million;
- Earnings from mining operations of $2.9;
- Net Income of $1.7 million, or $0.03 per share;
- EBITDA(1) of $2.6 million;
The following table contains selected highlights from the Companys unaudited consolidated statement of operations for the quarters ended July 31, 2020 and 2019:
(in thousands of Canadian Quarter ended
dollars July 31,
)
(unaudited)
2020 2019
Revenues $-8,090$-6,389
Cost of Sales -(5,164-(6,339
) )
Earnings (loss) from - -
mining and toll 2,926 50
processing
operations
Administrative Expenses, - -
interest and foreign (1,316 (1,089
exchange ) )
Sale of Altiplano - (36)
Income tax recovery -53 -244
Net income $-1,663$-(831)
-(i) Income (loss) per $-0.03 $-(0.02
share - )
basic
-(ii) Income (loss) per $-0.03 $-(0.02
share - )
diluted
Reconciliation of Net income to EBITDA(1)
For the three months ended July 31, 2020 2019
Net Income (Loss) $-1,663 $-(831)
Sale of Altiplano -- 36
Deferred income tax income (expense) -53 (244)
Interest -24 -90
Depreciation and depletion -868 -863
EBITDA $-2,608 $-(86)
EBITDA MARGIN(2) 32.24% (1.3)%
(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 Corporations market share price.
(2)-EBITDA MARGIN is a measurement of a companys 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 Corporations market share price.
Production Highlights for the three month period ended July 31, 2020:
- Equivalent gold production of 3,259 ounces;
- Mine operating cash cost of US$929/EqOz;
- All-in sustaining costs of US$1,220/EqOz;
The following table is a summary of mine production statistics for the San Martin mine for the periods ended July 31, 2020 and 2019 and for the previous year ended April 30, 2020:
Actual Results for
Unit of 3 months3 months12 months
measure ended ended ended
July 31,July 31,April 30,
20 201 20
20 9 20
Mine Production of thousand 2.9 3.3 11.8
Gold in ounces
Dore
Mine Production of thousand 32.5 36.1 121.8
Silver in ounces
Dore
Gold equivalent ounces thousand 3.3 3.7 13.1
ounces
Silver to Gold 97.2 89.2 90.3
equivalency
ratio
Mine Gold grade grams/tonn1.70 1.99 1.82
e
Mine Silver grade grams/tonn29.2 31.7 30.5
e
Mine Gold recovery percent 88.8% 85.1% 87.7%
Mine Silver recovery percent 56.5% 58.4% 54.4%
Milled thousands 59.1 60.8 229.8
of
tonnes
Mine operating cash US dollars51 75 66
cost per
tonne milled
Mine operating cash US dollars929 1,234 1,149
cost per equivalent
ounce
Salvador Garcia, B. Eng., a director of the Company and Chief Operating Officer, is the Companys qualified person on the project as required under NI 43-101and has prepared the technical information contained in this press release.
About Starcore
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:
GARY ARCA-
Telephone: (604) 602-4935 --
Facsimile: 1-604-602-4936--
EVAN EADIE
Investor Relations
Telephone: (604) 602-4935 x 230
Toll Free: 1-866-602-4935
The Toronto Stock Exchange has not reviewed nor does it accept responsibility for the adequacy or accuracy of this press release.
Themen in dieser Pressemitteilung:
Unternehmensinformation / Kurzprofil:
Starcore konzentriert sich auf die Exploration, Gewinnung und Verarbeitung von Gold- und Silbervorkommen. Das Unternehmen besitzt, erwirbt, fördert, exploriert und bewertet Rohstoffprojekte. Die weitere Bearbeitung dieser Projekte erfolgt entweder über Joint Ventures oder durch das Unternehmen selbst. Das Unternehmen besitzt ausschließlich Beteiligungen an Konzessionsgebieten in Mexiko.
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Datum: 14.09.2020 - 14:40 Uhr
Sprache: Deutsch
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