Starcore Reports Q2 Results
(firmenpresse) -
Vancouver, B.C. - Starcore International Mines Ltd. (TSX: SAM) (Starcore or the Company) has filed the results for the second quarter ended October 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 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.
We continue to show excellent cash flow from our mining operations and report our second quarter of $0.03 per share earnings bringing us to $0.06 per share for the 6 month period reported Robert Eadie, CEO and President of the Company. We expect this trend to continue into the new year as we continue to develop the mine to deliver consistent production tonnage to the plant.
Financial Highlights for the three-month period ended October 31, 2020 (unaudited):
- Cash and short-term investments on hand is $2.7 million at October 31, 2020;
- Gold and silver sales of $7.0 million;
- Earnings from mining operations of $2.2;
- Net Income of $1.5 million, or $0.03 per share;
- EBITDA(1) of $5.1 million for the six month period ended October 31, 2020.
The following table contains selected highlights from the Companys unaudited consolidated statement of operations for the three and six months ended October 31, 2020 and 2019:
(in thousands of Canadian Three Months Six Months ended
dollars ended October 31,
) October
(Unaudited) 31,
2020 2019 2020 2019
Revenues $-6,97$-5,804$-15,06$-12,193
2 2
Cost of Sales -(4,74-(6,024-(9,911-(12,363)
7 ) )
)
Earnings (Loss) from mining -2,225-(220) -5,151 -(170)
operations
and toll processing
Administrative expenses, intere -(865)-(939) -(2,180-(2,028)
st )
and foreign exchange
Sale of Altiplano -- -(3) -- -(39)
Income tax recovery -92 -100 -145 -344
Net income (Loss) $-1,45$-(1,06$-3,116$-(1,893)
2 2)
(i) Income (Loss) $-0.03$-(0.02$-0.06-$-(0.04)-
per share - )
basic
(ii) Income (Loss) $-0.03$-(0.02$-0.06-$-(0.04)-
per share - )
diluted
Reconciliation of Net income to EBITDA(1)
For the six months ended October 31, 2020 2019
Net income (loss) $-3,116 $-(1,89
3)
Sale of Altiplano -- -39
Income tax expense (recovery) -(145) -(344)
Interest -24 -173
Depreciation and depletion -2,107 -1,683
EBITDA $-5,102 $-(342)
EBITDA MARGIN(2) (
33.9 2.
% 8)%
(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 October 31, 2020:
- Equivalent gold production of 2,867 ounces;
- Mine operating cash cost of US$1,048/EqOz;
- All-in sustaining costs of US$1,276/EqOz for the six months ended October 31, 2020.
The following table is a summary of mine production statistics for the San Martin mine for the three and six months ended October 31, 2020 and for the previous year ended April 30, 2020:
Actual Results for
Unit of 3 months 6 months 12
measure ended ended months
ended
October 3October 3
1, 1 April 30,
2020 , 2020 20
20
Mine Production of thousand 2.6 5.5 11.8
Gold in ounces
Dore
Mine Production of thousand 22.9 55.4 121.8
Silver in ounces
Dore
Gold equivalent ounces thousand 2.9 6.1 13.1
ounces
Silver to Gold 75.1 86.6 90.3
equivalency
ratio
Mine Gold grade grams/tonn1.59 1.66 1.82
e
Mine Silver grade grams/tonn22.0 26.3 30.5
e
Mine Gold recovery percent 88.5% 88.6% 87.7%
Mine Silver recovery percent 57.0% 56.6% 54.4%
Milled thousands 56.7 115.8 229.8
of
tonnes
Mine operating cash US dollars53 52 66
cost per /
tonne
tonne milled
Mine operating cash US dollars1,048 985 1,149
cost per equivalent /ounce
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 203
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: 16.12.2020 - 00:38 Uhr
Sprache: Deutsch
News-ID 1563183
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