Starcore Reports Q1 2018 Results
Suite 750 – 580 Hornby Street, Box 113, Vancouver, British Columbia, Canada V6C 3B6
Suite 904 – 85 Richmond Street West, Toronto Ontario M5H 2C9
Telephone: (604) 602-4935 Fax: (604) 602-4936 e-mail. [email protected] website: www.starcore.com
September 13, 2017 TSX: SAM
Starcore Reports Q1 2018 Results
Vancouver, B.C. – Starcore International Mines Ltd. (the “Company”) 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 fro m the Company’s unaudited consolidated statement of
operations for the quarters ended July 31, 2017 and 2016:
(in thousands of Canadian dollars)
(unaudited)
Quarter ended
July 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
Income tax recovery (expense)
(600)
685
(857)
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
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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 ther efore possible that this measure could not be co mparable with a similar measure of another Cor poration. The
Corporation uses this non-GAAP measure which can also be helpful to investors as it pr ovides a result which can be compared wit h the
Corporation’s market share price.
(2) EBITDA MARGIN is a measurement of a company’s operating pr ofitability calculated as EBITDA divided by total revenue. EBITDA
MARGIN is a non-GAAP financial performance m easure with no standard definition under IF RS. It is therefore possible that this m easure
could not be comparable with a similar measure of another Cor poration. The Corporation uses th is non-GAAP measure which can als o 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 ended
April 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 1.97 2.17 1.97
Mine Silver grade grams/tonne 12.6 16.2 16.1
Mine Gold recovery percent 85.0% 86.6% 81.5%
Mine Silver recovery percent 51.2% 46.0% 46.5%
Milled thousands of tonnes 69.8 66.1 275.1
Mine operating cash cost per tonne milled US dollars 59 54 53
Mine operating cash cost per equivalent ounce US dollars 1,052 853 969
“We are focused on production and additions to management will assist in restoring production to normal
levels,” reported Robert Eadie, President of the Company.
About Starcore
Starcore is engaged in exploring, extracting and processi ng gold and silver through its wholly-owned subsidiaries,
Compañia Minera Peña de Bernal, S.A. de C.V., which owns the San Martin mine in Queretaro, Mexico, and
Altiplano Gold Silver, S.A. de C.V., which operates the newly commissioned Altiplano Concentrate Processing
Plant located in Matehuala, Mexico. The Company is a public reporting issuer on the Toronto Stock Exchange.
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The Company is also engaged in owning, acquiring, exploiting, exploring and evaluating mineral properties, and
either joint venturing or developing these properties fu rther. The Company has interests in properties which are
exclusively located in North America.
ON BEHALF OF STARCORE INTERNATIONAL
MINES LTD.
Signed “Gary Arca”
Gary Arca, Chief Financial Officer and Director
FOR FURTHER INFORMATION PLEASE CONTACT:
GARY ARCA EVAN EADIE
Telephone: (604) 602-4935 Investor Relations
Facsimile: 1-604-602-4936 Te lephone: (416) 640-1936
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.