Starcore Reports Year End 2021 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
July 29, 2021 TSX: SAM
Starcore Reports Year End 2021 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, 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.
“We end the year with strong earnings from mining operations of $6.4million and net income of $0.06 per share ,
thanks to the cost savings measures implemented 6 quarters ago and to our steady production” reported Robert
Eadie, President and C.E.O. “We start the next fiscal year with strong cash reserves and are looking to expand our
resources through exploration and acquisitions.”
Financial Highlights for the year ending April 30, 2021 (audited):
• Cash on hand is $4.4 million at April 30, 2021;
• Gold and silver sales of $26.8 million;
• Earnings from mining operations of $6.4 million;
• Net Income of $2.9 million, or $0.06 per share, after loss on sale of Toiyabe of $1.1 million;
• EBITDA(1) of $6.9 million;
The following table contains selected highlights from the Company’s audited consolidated statement of operations
for the years ended April 30, 2021 and April 30, 2020:
(in thousands of Canadian dollars) (audited) Year Ended
April 30,
2021
Year Ended
April 30,
2020
Revenues $ 26,799 $ 24,820
Cost of Sales (20,397) (22,836)
Earnings from mining operations 6,402 1,984
Administrative Expenses (3,843) (4,396)
Loss on Sale of Property (1,116) (39)
Income tax recovery (expense) - deferred 1,449 (1,178)
Net Loss $ 2,892 $ (3,629)
(i) Loss per share – basic $ 0.06 $ (0.07)
(ii) Loss per share – diluted $ 0.06 $ (0.07)
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Reconciliation of Net Income to EBITDA(1)
For the period ended April 30, 2021 2020
Net income (loss) $ 2,892 $ (3,629)
Sale of Altiplano - 39
Loss on Toiyabe 1,116 -
Income tax expense (recovery) (1,449) 1,178
Interest 23 349
Depreciation and depletion 4,307 3,738
EBITDA $ 6,889 $ 1,675
(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 C orporation. 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 year ended April 30, 2021:
• Equivalent gold production of 11,797 ounces;
• Mine operating cash cost of US$1,056/EqOz;
• All-in sustaining costs of US$1,380/EqOz.
The following table is a summary of mine production statistics for the San Martin mine three and twelve months
ended April 30, 2021 and for the previous year ended April 30, 2020:
Actual Results for
Unit of measure
3 months ended
April 30, 2021
12 months ended
April 30, 2021
12 months ended
April 30, 2020
Mine Production of Gold in Dore thousand ounces 2.2 10.5 11.8
Mine Production of Silver in Dore thousand ounces 24.2 103.4 121.8
Gold equivalent ounces thousand ounces 2.6 11.8 13.1
Silver to Gold equivalency ratio 67.1 78.3 90.3
Mine Gold grade grams/tonne 1.52 1.63 1.82
Mine Silver grade grams/tonne 24.6 24.7 30.5
Mine Gold recovery percent 87.3% 88.4% 87.7%
Mine Silver recovery percent 57.5% 57.0% 54.4%
Milled thousands of tonnes 52.4 225.5 229.8
Mine operating cash cost per tonne milled US dollars/tonne 62 55 66
Mine operating cash cost per equivalent ounce US dollars/ounce 1,242 1,056 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.