Starcore Reports Q2 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
December 15, 2023 TSX: SAM
Starcore Reports Q2 Results
Vancouver, B.C. – Starcore International Mines Ltd. (TSX: SAM) (“Starcore” or the “Company”) has filed the
results for the second quarter ended October 31, 2023 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.
“These past two months have seen a turnaround in our production and we are exceeding our budgeted production
once again,” reported Robert Eadie, CEO of the Company.
Financial Highlights for the three-month period ended October 31, 2023 (unaudited):
• Cash and short-term investments on hand is $4.7 million at October 31, 2023;
• Gold and silver sales of $6.0 million;
• Earnings from mining operations of $0.2 million;
• Loss of $1.0 million, or ($0.02) per share;
• EBITDA(1) of ($01.1) million for the six month period ended October 31, 2023.
The following table contains selected highlights from the Company’s unaudited consolidated statement of
operations for the three and six months ended October 31, 2023 and 2022:
(in thousands of Canadian dollars)
(Unaudited)
Three Months ended
October 31,
Six Months ended
October 31,
2023 2022 2023 2022
Revenues $ 5,975 $ 4,812 $ 12,208 $ 11,562
Cost of Sales (5,776) (4,944) (12,760) (10,647)
Earnings (Loss) from mining operations and toll processing 199 (132) (552) 915
Administrative expenses, interest and foreign exchange (966) (1,334) (1,801) (2,770)
Unrealized loss on investment (58) (20) (271) (123)
Income tax - deferred expense (203) (288) (112) (454)
Net income (Loss) $ (1,028) $ (1,774) $ (2,736) $ 2,432
(i) Income (Loss) per share – basic $ (0.02) $ (0.03) $ (0.05) $ (0.04)
(ii) Income (Loss) per share – diluted $ (0.02) $ (0.03) $ (0.05) $ (0.04)
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4)
Reconciliation of Net income to EBITDA(1)
For the six months ended October 31, 2023 2022
Net income (loss) $ (2,736) $ (2,432)
Unrealized loss on investment 271 123
Income tax expense (recovery) 112 454
Depreciation and depletion 1,239 1,933
EBITDA $ (1,114) $ 78
EBITDA MARGIN(2) 9.1% 1.6%
(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 measur e 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 October 31, 2023:
• Equivalent gold production of 2,420 ounces;
• Mine operating cash cost of US$1,690/EqOz;
• All-in sustaining costs of US$2,247/EqOz for the six months ended October 31, 2023.
The following table is a summary of mine production statistics for the San Martin mine for the three and six
months ended October 31, 2023 and for the previous year ended April 30, 2023:
Actual Results for
Unit of measure
3 months ended
October 31, 2023
6 months ended
October 31, 2023
12 months ended
April 30, 2023
Mine Production of Gold in Dore thousand ounces 2.3 4.0 9.4
Mine Production of Silver in Dore thousand ounces 13.5 25.8 48.1
Gold equivalent ounces thousand ounces 2.4 4.3 10.0
Silver to Gold equivalency ratio 83.5 82.8 84.8
Mine Gold grade grams/tonne 1.42 1.28 1.47
Mine Silver grade grams/tonne 14.8 14.6 13.5
Mine Gold recovery percent 85.2% 84.7% 87.1%
Mine Silver recovery percent 48.8% 47.4% 48.6%
Milled thousands of tonnes 58.0 115.7 227.8
Mine operating cash cost per tonne milled US dollars/tonne 70 71 67
Mine operating cash cost per equivalent ounce US dollars/ounce 1,690 1,897 1,535
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.
About Starcore
Starcore International Mines is engaged in precious metals production with focus and experience in Mexico.
While this base of producing assets is complemented by exploration and development projects throughout North
America, Starcore is driven to expand its reach internationally. 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.
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ON BEHALF OF STARCORE INTERNATIONAL
MINES LTD.
Signed “Gary Arca”
Gary Arca, Chief Financial Officer and Director
FOR FURTHER INFORMATION PLEASE CONTACT:
GARY ARCA ROBERT EADIE
Telephone: (604) 602-4935 Investor Relations
Telephone: (604) 602-4935
The Toronto Stock Exchange has not reviewed nor does it accept responsibility
for the adequacy or accuracy of this press release.