Starcore Reports Q1 2018 Results


Starcore Reports Q1 2018 Results
  1. Starcore Reports Q1 2018 Results
    cbj.ca
    VANCOUVER, British Columbia, Sept. 13, 2017 (GLOBE NEWSWIRE) — Starcore International Mines Ltd. (the “Company”) (TSX:SAM) has filed the results for the first quarter ended July 31, 2017 for the Company and its mining operations in Queretaro, Mexico and toll processing operations in Matehuala, Mexico. The full version of the Company’s Financial Statements and Management’s…
    Business

VANCOUVER, British Columbia, Sept. 13, 2017 (GLOBE NEWSWIRE) — Starcore International Mines Ltd. (the “Company”) (TSX:SAM) has filed the results for the first quarter ended July 31, 2017 for the Company and its mining operations in Queretaro, Mexico and toll processing operations in Matehuala, 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.

Financial Highlights for the three-month period ended July 31, 2017 (unaudited):

  • Cash and short-term investments on hand is $7.4 million at July 31, 2017;
  • Gold and silver sales of $8.1 million;
  • Loss of $0.3 million, or $(0.01) per share;
  • EBITDA(1) of $443;

The following table contains selected highlights from the Company’s unaudited consolidated statement of operations for the quarters ended July 31, 2017 and 2016:

(in thousands of Canadian dollars)(unaudited)       Quarter endedJuly 31,
          2017       2016  
Revenues       $   8,095   $   7,188  
Cost of Sales           (8,474 )     (6,040 )
Earnings (loss) from mining and toll processing operations                                   (379 )     1,148  
Administrative Expenses        (600 )  (857 )
Income tax recovery (expense)       685   195  
Net income       $    (294 ) $   486  
  (i)  Income (loss) per share – basic       $   (0.01 ) $   0.01  
  (ii)  Income (loss) per share – diluted       $   (0.01 ) $   0.01  
Reconciliation of Net income to EBITDA(1)                                                          
For the three months ended July 31,  2017     2016  
Net income   $   (294 )         $    486  
Income tax recovery   (685 )   (195 )
Interest   26   212  
Depreciation and depletion   1,396     1,361  
EBITDA       $    443        $ 1,864  
EBITDA MARGIN(2)   5.5 %     25.9 %
(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 July 31, 2017:

  • Equivalent gold production of 3,888 ounces;
  • Mine operating cash cost of US$1,052/EqOz;
  • All-in sustaining costs of US$1,244/EqOz;

The following table is a summary of mine production statistics for the San Martin mine for the periods ended July 31, 2017 and 2016 and for the previous year ended April 30, 2017:

    Actual Results for
  Unit of measure 3 months ended July 31, 2017 3 months ended July 31, 2016 12 months endedApril 30, 2017
Mine Production of Gold in Dore thousand ounces 3.7   4.0   14.2  
Minie Production of Silver in Dore thousand ounces 15.2   15.8   66.1  
Gold equivalent ounces thousand ounces 3.9   4.2   15.2  
         
Silver to Gold equivalency ratio   74.9   71.6   70.2  
Mine Gold grade grams/tonne
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