Starcore Reports Q3 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
March 17, 2021 TSX: SAM
Starcore Reports Q3 Results
Vancouver, B.C. – Starcore International Mines Ltd. (TSX: SAM) (“Starcore” or the “Company”) has filed the
results for the third quarter ended January 31, 2021 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.
“Our operational excellence programs continue to yield positive results in our efforts to produce profitable ounces
and build the company’s cash position” reported Robert Eadie, President and C.E.O “The recently announced sale
of our non-core asset, the Toiyabe property in Nevada, will provide further working capital to explore and develop
our Mexican properties in order to find new opportunities and continue to extend the San Martin mine life.”
Financial Highlights for the three-month period ended January 31, 2021 (unaudited):
• Cash and short-term investments on hand is $4.0 million at January 31, 2021;
• Gold and silver sales of $6.6 million;
• Earnings from mining operations of $1.24;
• Net Income of $0.7 million, or $0.01 per share;
• EBITDA(1) of $6.5 million for the nine month period ended January 31, 2021.
The following table contains selected highlights from the Company’s unaudited consolidated statement of
operations for the three and nine months ended January 31, 2021 and 2020:
(in thousands of Canadian dollars)
(Unaudited)
Three Months ended
January 31,
Nine Months ended
January 31,
2021 2020 2021 2020
Revenues $ 6,614 $ 6,275 $ 21,676 $ 18,468
Cost of Sales (5,378) (5,006) (15,289) (17,369)
Earnings from mining operations and toll processing 1,236 1,269 6,387 1,099
Administrative expenses, interest and foreign exchange (703) (1,251) (2,883) (3,279)
Sale of Altiplano - - - (39)
Income tax recovery 118 4 263 348
Net income (Loss) $ 651 $ 22 $ 3,767 $ (1,871)
(i) Income (Loss) per share – basic $ 0.01 $ 0.00 $ 0.08 $ (0.04)
(ii) Income (Loss) per share – diluted $ 0.01 $ 0.00 $ 0.08 $ (0.04)
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Reconciliation of Net income to EBITDA(1)
For the nine months ended January 31, 2021 2020
Net income (loss) $ 3,767 $ (1,871)
Sale of Altiplano - 39
Income tax expense (recovery) (263) (348)
Interest 24 259
Depreciation and depletion 2,942 2,541
EBITDA $ 6,470 $ 620
EBITDA MARGIN(2) 29.8% 3.4%
(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 n ot 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 January 31, 2021:
• Equivalent gold production of 3,063 ounces;
• Mine operating cash cost of US$1,042/EqOz;
• All-in sustaining costs of US$1,361/EqOz for the nine months ended January 31, 2021.
The following table is a summary of mine production statistics for the San Martin mine for the three and nine
months ended January 31, 2021 and for the previous year ended April 30, 2020:
Actual Results for
Unit of measure
3 months ended
January 31, 2021
9 months ended
January 31, 2021
12 months ended
April 30, 2020
Mine Production of Gold in Dore thousand ounces 2.7 8.2 11.8
Mine Production of Silver in Dore thousand ounces 23.8 79.3 121.8
Gold equivalent ounces thousand ounces 3.1 9.2 13.1
Silver to Gold equivalency ratio 74.2 82.5 90.3
Mine Gold grade grams/tonne 1.66 1.66 1.82
Mine Silver grade grams/tonne 22.9 24.7 30.5
Mine Gold recovery percent 88.8% 88.7% 87.7%
Mine Silver recovery percent 57.1% 56.8% 54.4%
Milled thousands of tonnes 57.3 173.1 229.8
Mine operating cash cost per tonne milled US dollars/tonne 55 53 66
Mine operating cash cost per equivalent ounce US dollars/ounce 1,042 1,004 1,149
Salvador Garcia, P. 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. 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.
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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 EVAN EADIE
Telephone: (604) 602-4935 Investor Relations
Facsimile: 1-604-602-4936 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.