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Starcore Reports Year End 2021 Results

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Vancouver, British Columbia--(Newsfile Corp. - July 29, 2021) - 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)

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 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 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.

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

EVAN EADIE
Investor Relations
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.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/91514

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