Starcore Reports Year End 2023 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 28, 2023 TSX: SAM
Starcore Reports Year End 2023 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, 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.
“We had a challenging year which is reflected in lower earnings from mining operations, net income and cash
flow,” reported Robert Eadie, Chief Executive Officer. “We continue to invest into San Martin, El Creston and Ajax
to build shareholder value from existing assets held by the company. Through diligent geological & scientific
research, we will continue to build upon our efforts and improve production.”
Financial Highlights for the year ending April 30, 2023 (audited):
• Cash on hand is $6.4 million and working capital of $8.5 million at April 30, 2023;
• Gold and silver sales of $22.9 million;
• Earnings from mining operations of $0.8 million;
• Loss for the year of $5.3 million, or ($0.10) per share;
• EBITDA(1) of ($1.3) million;
The following table contains selected highlights from the Company’s audited consolidated statement of operations
for the years ended April 30, 2023 and April 30, 2022:
(in thousands of Canadian dollars) (audited) Year Ended
April 30,
2023
Year Ended
April 30,
2022
Revenues $ 22,907 $ 25,679
Cost of Sales (22,154) (20,373)
Earnings from mining operations 753 5,306
Administrative Expenses (5,148) (3,878)
Loss on sale of property - (40)
Unrealized gain (loss) on investments 197 (287)
Loss on sale of investment (10) -
Gain on sale of assets 25 -
Royalty sale - 1,600
Income tax expense – current and deferred (1,073) (296)
Net Income $ (5,256) $ 2,405
(i) (Loss)/Income per share – basic $ (0.10) $ 0.05
(ii) (Loss)/Income per share – diluted $ (0.10) $ 0.05
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Reconciliation of Net Income to EBITDA(1)
For the year ended April 30, 2023 2022
Net income (loss) $ (5,256) $ 2,405
Loss on Toiyabe - 40
Unrealized (gain) loss on investment (197) 287
Sale of royalties - (1,600)
Loss on sale of investments 10 -
Gain on sale of assets (25) -
Income tax expense (recovery) 1,073 296
Interest - -
Depreciation and depletion 3,120 3,413
EBITDA $ (1,275) $ 4,841
EBITDA MARGIN(2) (5.6%) 18.9%
(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 MAR GIN
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 year ended April 30, 2023:
• Equivalent gold production of 9,968 ounces;
• Mine operating cash cost of US$1,535/EqOz;
• All-in sustaining costs of US$1,947/EqOz.
The following table is a summary of mine production statistics for the San Martin mine for the three and twelve
months ended April 30, 2023 and for the previous year ended April 30, 2022:
Actual Results for
Unit of measure
3 months ended
April 30, 2023
12 months ended
April 30, 2023
12 months ended
April 30, 2022
Mine Production of Gold in Dore thousand ounces 2.3 9.4 10.0
Mine Production of Silver in Dore thousand ounces 10.0 48.1 85.4
Gold equivalent ounces thousand ounces 2.4 10.0 11.2
Silver to Gold equivalency ratio 82.9 84.8 75.0
Mine Gold grade grams/tonne 1.45 1.47 1.58
Mine Silver grade grams/tonne 11.2 13.5 23.0
Mine Gold recovery percent 86.1% 87.1% 88.2%
Mine Silver recovery percent 48.3% 48.6% 51.4%
Milled thousands of tonnes 56.8 227.8 224.4
Mine operating cash cost per tonne milled US dollars/tonne 68 67 62
Mine operating cash cost per equivalent ounce US dollars/ounce 1,611 1,535 1,239
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. 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 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.