Vancouver, British Columbia--(Newsfile Corp. - December 13, 2024) - Starcore International Mines Ltd. (TSX: SAM) ("Starcore" or the "Company") reports the results for the second quarter ended October 31, 2024 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.sedarplus.ca.All financial information is prepared in accordance with IFRS and all dollar amounts are expressed in thousands of Canadian dollars unless otherwise indicated.
"This quarter reflects the 2-month closure of mining operations due to the safety standards upgrades that were required by the Mexican Labor Department," stated Robert Eadie, Chief Executive Officer. "Since October 20th, we have returned to our previous robust mining and plant operations which will be reflected in the next quarter."
Financial Highlights for the three-month period ended October 31, 2024 (Unaudited):
Cash on hand is $3.7 million and working capital of $4.1 million at October 31, 2024;
Gold and silver sales of $4.9 million;
Loss from mining operations of $0.4 million;
Loss of $2.1 million, or ($0.03) per share; and
EBITDA(1) of $0.4 million.
The following table contains selected highlights from the Company's unaudited consolidated statement of operations for the three and six months ended October 31, 2024 and 2023:
(in thousands of Canadian dollars) (Unaudited)
Three Months ended October 31,
Six Months ended October 31,
2024
2023
2024
2023
Revenues
$
4,900
$
5,975
$
13,777
$
12,208
Cost of Sales
(5,280
)
(5,776
)
(12,024
)
(12,760
)
Earnings (Loss) from mining operations and toll processing
(380
)
199
1,753
(552
)
Administrative expenses, interest and foreign exchange
(1,592
)
(966
)
(2,974
)
(1,801
)
Unrealized loss on investment
-
(58
)
(39
)
(271
)
Income tax - current and deferred expense
(115
)
(203
)
(431
)
(112
)
Net income (Loss)
$
(2,087
)
$
(1,028
)
$
(1,691
)
$
(2,736
)
(i) Income (Loss) per share - basic
$
(0.03
)
$
(0.02
)
$
(0.02
)
$
(0.05
)
(ii) Income (Loss) per share - diluted
$
(0.03
)
$
(0.02
)
$
(0.02
)
$
(0.05
)
Reconciliation of Net income to EBITDA(1)
For the six months ended October 31,
2024
2023
Net Income (Loss)
$
(1,691
)
$
(2,736
)
Unrealized loss on investment
39
271
Interest revenue, net of interest expense
(101
)
(118
)
Income tax expense
446
112
Depreciation and depletion
1,685
1,239
EBITDA
$
378
$
(1,210
)
EBITDA MARGIN(2)
2.7%
(9.9%)
(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 MARGIN 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 three-month period ended October 31, 2024:
Equivalent gold production of 1,466 ounces;
Mine operating cash cost of US$2,743/EqOz; and
All-in sustaining costs of US$2,479/EqOz for the six months ended October 31, 2024.
The following table is a summary of mine production statistics for the San Martin mine for the three and six months ended October 31, 2024 and for the previous year ended April 30, 2024:
Actual Results for
Unit of measure
3 months ended October 31, 2024
6 months ended October 31, 2024
12 months ended April 30, 2024
Mine Production of Gold in Dore
thousand ounces
1.4
4.0
9.4
Mine Production of Silver in Dore
thousand ounces
7.6
25.8
58.0
Gold equivalent ounces
thousand ounces
1.5
4.3
10.1
Silver to Gold equivalency ratio
85.2
81.2
84.9
Mine Gold grade
grams/tonne
1.10
1.52
1.50
Mine Silver grade
grams/tonne
9.81
14.99
15.82
Mine Gold recovery
percent
80.3%
83.5%
87.0%
Mine Silver recovery
percent
49.2%
54.4%
50.9%
Milled
thousands of tonnes
48.2
97.8
224.3
Mine operating cash cost per tonne milled
US dollars
83
88
76
Mine operating cash cost per equivalent ounce
US dollars
2,743
1,995
1,686
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 has been complemented by exploration and development projects throughout North America, Starcore has expanded its reach internationally with the project in Côte d'Ivoire. 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.
ON BEHALF OF STARCORE INTERNATIONAL MINES LTD.
Signed "Gary Arca" Gary Arca, Chief Financial Officer and Director
The Toronto Stock Exchange has not reviewed nor does it accept responsibility for the adequacy or accuracy of this press release.
This news release contains "forward-looking" statements and information ("forward-looking statements"). All statements, other than statements of historical facts, included herein, including, without limitation, management's expectations and the potential of the Company's projects, are forward looking statements. Forward-looking statements are based on the beliefs of Company management, as well as assumptions made by and information currently available to Company's management and reflect the beliefs, opinions, and projections on the date the statements are made. Forward-looking statements involve various risks and uncertainties and accordingly, readers are advised not to place undue reliance on forward-looking statements. There can be no assurance that such statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements. The Company assumes no obligation to update forward‐looking statements or beliefs, opinions, projections or other factors, except as required by law.
