Starcore Reports Year End 2019 Results
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Suite 750 – 580 Hornby Street, Box 113, Vancouver, British Columbia, Canada V6C 3B6
Telephone: (604) 602-4935 e-mail. [email protected] website: www.starcore.com
July 29, 2019 TSX: SAM
Starcore Reports Year End 2019 Results
Vancouver, B.C. – Starcore International Mines Ltd. (TSX: SAM) (“Starcore” or the “Company”) has filed the
results for the year end dated April 30, 2019 for the Company a nd its mining operations in Queretaro, Mexico and
toll processing operations in Matehuala, Mexico. The full versi on of the Company's Financial Statements and
Management's Discussion and Analysis can be viewed on the Compa ny'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 year ending April 30, 2019 (audited):
Cash on hand is $2.5 million at April 30, 2019;
Gold and silver sales of $32.8 million, including $5.7 million of purchased concentrate processing
revenue;
Net loss of $11.8 million, or $0.24 per share, which includes a non-cash impairment charge of $4.8
million against mining assets;
EBITDA(1) of $(24);
The following table contains selected highlights from the Company’s audited consolidated statement of operations
for the year ended April 30, 2019 and April 30, 2018:
(in thousands of Canadian dollars) (audited) Year Ended
April 30,
2019
Year Ended
April 30,
2018
Revenues $ 32,795 $ 27,807
Cost of Sales ( 3 2 , 7 5 9 ) ( 3 2 , 7 3 5 )
Earnings (Loss) from mining operations 3 6 (4,928)
Administrative Expenses (4,284) (5,291)
Impairment of Mining Interest, plant and equipment (4,804) (6,713)
Allowance for receivables (441) -
Disposal of Exploration and Evaluation Asset ( 8 2 ) (1,013)
Income tax recovery (expense) (2,229) 5,945
Net Loss $ (11,804) $ (12,000)
(i) Income (Loss) per share – basic $ (0.24) $ (0.24)
(ii) Income (Loss) per share – diluted $ (0.24) $ (0.24)
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Reconciliation of Net income to EBITDA(1)
(in thousands of Canadian dollars) (Unaudited)
Year Ended
April 30,
2019
Year Ended
April 30,
2018
Net Loss $ (11,804) $ (12,000)
Allowance for receivable 441 -
Disposal of Exploration and Evaluation Asset 8 2 1,013
Impairment of Mining Interest, plant and equipment 4,804 6,713
Income tax expense (recovery) 2,229 (5,945)
Interest 325 8 3
Depreciation and depletion 3,899 4,913
EBITDA $ (24) $ (5,223)
EBITDA MARGIN(2) (0.1%) (18.8%)
(1) EBITDA (“Earnings before Interest, Taxes, Depreciation and Amortization”) is a non-GAAP financial performance measure wit h no standard
definition under IFRS. It is ther efore possible that this measu re could not be comparable with a similar measure of another Co rporation. The
Corporation uses this non-GAAP meas ure which can also be helpfu l to investors as it provides a result which can be compared wi th the
Corporation’s market share price.
(2) EBITDA MARGIN is a measurement of a company’s operating pro fitability calculated as EBITDA di vided by total revenue. EBITD A
MARGIN is a non-GAAP financial performance measure with no stan dard definition under IFRS. It is therefore possible that this measure
could not be comparable with a similar measure of another Corpo ration. The Corporation uses thi s non-GAAP measure which can al so be
helpful to investors as it provides a result which can be compared with the Corporation’s market share price.
Production Highlights for the year ended April 30, 2019:
Equivalent gold production of 16,392 ounces;
Mine operating cash cost of US$1,061/EqOz;
All-in sustaining costs of US$1,336/EqOz;
The following table is a summary of mine production statistics for the San Martin mine three and twelve months
ended April 30, 2019 and for the previous twelve months ended April 30, 2018:
Unit of measure
Actual results for
3 months ended
April 30, 2019
Actual results for
12 months ended
April 30, 2019
Actual results for
12 months ended
April 30, 2018
Production of Gold in Dore thousand ounces 3.6 13.7 11.9
Production of Silver in Dore thousand ounces 37.7 224.5 102.1
Equivalent ounces of Gold thousand ounces 4.1 16.4 13.2
Silver to Gold equivalency ratio 84.9 81.9 78.2
Gold grade grams/tonne 1.83 1.63 1.62
Silver grade grams/tonne 29.9 39.6 21.3
Gold recovery percent 86.0% 86.2% 84.5%
Silver recovery percent 54.4% 58.4% 55.2%
Milled thousands of tonnes 72.0 301.9 269.6
Operating Cost per tonne milled US dollars/tonne 61 58 61
Operating Cost per Equivalent ounce US dollars/ounces 1,081 1,061 1,237
About Starcore
Starcore International Mines is engaged in precious metals prod uction with focus and experience in Mexico. This
base of producing assets is complemented by exploration and dev elopment projects throughout North America.
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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 informa tion 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
Facsimile: 1-604-602-4936
The Toronto Stock Exchange has not reviewed nor does it accept responsibility
for the adequacy or accuracy of this press release.