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Vancouver, British Columbia--(Newsfile Corp. - March 18, 2024) - Starcore International Mines Ltd. (TSX: SAM) ("Starcore" or the "Company") has filed the results for the third quarter ended January 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.
"Our quarterly results showed a great improvement in earnings from mining operations as a result of increased production of metal and, of course, the better metal prices overall," reported Robert Eadie, CEO of the Company. "We expect the metal production to show further increases into the next quarters as we benefit from our exploration initiatives."
Financial Highlights for the three-month period ended January 31, 2024 (unaudited):
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Cash and short-term investments on hand is $3.6 million at January 31, 2024;
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Gold and silver sales of $6.8 million;
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Earnings from mining operations of $0.8 million;
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Loss of $0.2 million, or ($0.00) per share;
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EBITDA(1) of ($0.7) million for the nine month period ended January 31, 2024.
The following table contains selected highlights from the Company's unaudited consolidated statement of operations for the three and nine months ended January 31, 2024 and 2023:
| (in thousands of Canadian dollars) | Three Months ended | Nine Months ended | ||||||||||
| 2024 | 2023 | 2024 | 2023 | |||||||||
| Revenues | $ | 6,784 | $ | 6,162 | $ | 18,992 | $ | 17,724 | ||||
| Cost of Sales | (5,989 | ) | (6,715 | ) | (18,749 | ) | (17,362 | ) | ||||
| Earnings (Loss) from mining operations and toll processing | 795 | (553 | ) | 243 | 362 | |||||||
| Administrative expenses, interest and foreign exchange | (1,004 | ) | (1,520 | ) | (2,805 | ) | (4,290 | ) | ||||
| Unrealized loss on investment | (58 | ) | (41 | ) | (329 | ) | (164 | ) | ||||
| Gain on sale of assets | 37 | - | 37 | - | ||||||||
| Income tax - deferred expense | 76 | 252 | (36 | ) | (202 | ) | ||||||
| Net income (Loss) | $ | (154 | ) | $ | (1,862 | ) | $ | (2,890 | ) | $ | (4,294 | ) |
| (i) Income (Loss) per share - basic | $ | (0.00 | ) | $ | (0.03 | ) | $ | (0.05 | ) | $ | (0.08 | ) |
| (ii) Income (Loss) per share - diluted | $ | (0.00 | ) | $ | (0.03 | ) | $ | (0.05 | ) | $ | (0.08 | ) |
| Reconciliation of Net income to EBITDA(1) | |||||||
| For the nine months ended January 31, | 2024 | 2023 | |||||
| Net income (loss) | $ | (2,890 | ) | $ | (4,294 | ) | |
| Gain on sale of assets | (37 | ) | - | ||||
| Unrealized loss on investment | 329 | 164 | |||||
| Income tax expense (recovery) | 36 | 202 | |||||
| Depreciation and depletion | 1,889 | 2,929 | |||||
| EBITDA | $ | (673 | ) | $ | (999 | ) | |
| EBITDA MARGIN(2) |
| (3.5% | ) |
| (5.6% | ) | |
(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.