Starcore Reports Q1 Results
Suite 750 – 580 Hornby Street, Box 113, Vancouver, British Columbia, Canada V6C 3B6
Telephone: (604) 602-4935 Fax: (604) 602-4936 e-mail. [email protected] website: www.starcore.com
September 16, 2024 TSX: SAM
FSE: V4JA
NOT FOR DISTRIBUTION IN THE UNITED STATES
Starcore Reports Q1 Results
Vancouver, B.C. – Starcore International Mines Ltd. (TSX: SAM) (“Starcore” or the “Company”) reports the
results for the first quarter ended July 31, 2024, 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.sedarplus.ca. All financial information is
prepared in accordance with IFRS and all dollar amounts are expressed in thousands of Canadian dollars unless
otherwise indicated.
“Our quarterly production continued the trend of the previous 2 quarters reporting a healthy income from mining
operations and improved metal production,” stated Robert Eadie, Chief Executive Officer . “We hope to continue
this trend while also beginning our investment in other projects within Mexico and Cote d’Ivoire”.
Financial Highlights for the three-month period ended July 31, 2024 (Unaudited):
Cash on hand is $5.6 million and working capital of $7.1 million at July 31, 2024;
Gold and silver sales of $8.88 million;
Income from mining operations of $2.1 million;
Income of $0.4 million, or $0.01 per share; and
EBITDA(1) of $1.7 million.
The following table contains selected highlights from the Company’s unaudited consolidated statement of
operations for the quarters ended July 31, 2024 and 2023:
(in thousands of Canadian dollars)
(unaudited)
Quarter ended
July 31,
2024 2023
Revenues $ 8,877 $ 6,233
Cost of Sales (6,744) (6,984)
Income from mining operations 2,133 (751)
Administrative Expenses, interest and foreign
exchange
(1,382)
(835)
Loss on investment (39) (213)
Deferred Income tax (expense) recovery (316) 91
Net income (loss) $ 396 $ (1,708)
(i) Income (loss) per share – basic $ 0.01 $ (0.03)
(ii) Income (loss) per share – diluted $ 0.01 $ (0.03)
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Reconciliation of Net income to EBITDA (1)
For the three months ended July 31, 2024 2023
Net Income (Loss) $ 396 $ (1,708)
Unrealized loss on investment 39 213
Income tax expense 316 (91)
Depreciation and depletion 967 775
EBITDA $ 1,718 $ (811)
EBITDA MARGIN(2) 19.4% (13.0%)
(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, 2024:
Equivalent gold production of 2,841 ounces;
Mine operating cash cost of US$1,608/EqOz; and
All-in sustaining costs of US$1,866/EqOz.
The following table is a summary of mine production statistics for the San Martin mine for the periods ended July 31,
2024 and 2023 and for the previous year ended April 30, 2024:
Actual Results for
Unit of measure
3 months ended
July 31, 2024
3 months ended
July 31, 2023
12 months ended
April 30, 2024
Mine Production of Gold in Dore thousand ounces 2.6 1.8 9.4
Mine Production of Silver in Dore thousand ounces 18.3 12.3 58.0
Gold equivalent ounces thousand ounces 2.8 1.9 10.1
Silver to Gold equivalency ratio 78.7 82.0 84.9
Mine Gold grade grams/tonne 1.92 1.14 1.50
Mine Silver grade grams/tonne 20.03 14.4 15.82
Mine Gold recovery percent 85.2% 84.0% 87.0%
Mine Silver recovery percent 56.9% 45.8% 50.9%
Milled thousands of tonnes 49.5 57.7 224.3
Mine operating cash cost per tonne milled US dollars 92 72 76
Mine operating cash cost per equivalent ounce US dollars 1,608 2,158 1,686
Salvador Garcia, B. 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.
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About Starcore
Starcore International Mines is engaged in precious metals production with focus and experience in Mexico. While
this base of producing assets has been complemented by exploration and development projects throughout North
America, Starcore has expanded its reach internationally with the project in Côte d’Ivoire. 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 ext 214
ROBERT EADIE
Telephone: (604) 602-4935 ext 205
The Toronto Stock Exchange has not reviewed nor does it accept responsibility
for the adequacy or accuracy of this press release.
This news release contains “forward-looking” statements and information (“forward-looking statements”). All statements, other than
statements of historical facts, included herein, including, without limitation, management’s expectations and the potential of the
Company’s projects, are forward looking statements. Forward-looking statements are based on the beliefs of Company management,
as well as assumptions made by and information currently available to Company’s management and reflect the beliefs, opinions, and
projections on the date the statements are made. Forward-looking statements involve various risks and uncertainties and accordingly,
readers are advised not to place undue reliance on forward-looking statements. There can be no assurance that such statements will
prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements. The
Company assumes no obligation to update forward‐looking statements or beliefs, opinions, projections or other factors, except as
required by law.