Starcore Reports Q1 2017 Results
(firmenpresse) - Starcore Reports Q1 2017 Results
September 14, 2016, Vancouver, B.C. - Starcore International Mines Ltd. (the Company) has filed the results for the first quarter ended July 31, 2016 for the Company and its mining operations. 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.
On May 13, 2016, the Company changed its fiscal year end from July 31 to April 30. With this yearend change, the Company reported a onetime transitional year-end period for the nine months ended April 30, 2016. This is the first quarter of the 2017 fiscal year.
Financial Highlights for the three-month period ended July 31, 2016 (unaudited) compared to the year ended April 30, 2016 (audited) and three-month period ended July 31, 2015 (unaudited):
- Cash and short-term investments on hand is $8 million compared to $10 million at April 30, 2016;
- Gold and silver sales of $7.2 million compared to $6.4 million for the period ended July 31, 2015, an increase of 12%;
- Earnings from mining operations of $1.1 million compared to loss of $0.4 million for the period ended July 31, 2015;
- Net income of $0.5 million compared to net loss of $0.1 million for the period ended July 31, 2015;
- EBITDA(1) of $1,864 compared to $649 for the period ended July 31, 2015.
The following table contains selected highlights from the Companys unaudited consolidated statement of operations for the quarters ended July 31, 2016 and 2015:
(in thousands of Quarter ended
Canadian July 31,
dollars
)
(Unaudited)
2016 2015
Revenues $-7,188$-6,366
Cost of Sales -(6,040-(6,759
) )
Earnings (loss) from -1,148 -(393)
mining
operations
Administrative expenses -(857) -(574)
Income tax recovery -195 -871
Net income (loss) $-486 $-(96)
(i) Income per $-0.01 $-(0.00
share - )
basic
(ii) Income per $-0.01 $-(0.00
share - )
diluted
Reconciliation of Net income to EBITDA(1)
For the three months ending July 31, 2016 2015
Net income (loss) $-486 $-(96)
Income tax recovery -(195)-(871)
Interest -212 -71
Depreciation and depletion -1,361-1,545
EBITDA $-1,86$-649
4
EBITDA MARGIN(2) -25.93-10.19
% %
(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 Corporations market share price.
(2)-EBITDA MARGIN is a measurement of a companys 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 Corporations market share price.
Production Highlights for the three month period ended July 31, 2016 compared to the three month period ended July 31, 2015:
- Equivalent gold production of 4,206 ounces compared to 4,694 ounces in the quarter ended July 31, 2015, a decrease of 10%;
- Mine operating cash cost is US$853/EqOz compared to US$849/EqOz for the quarter ended July 31, 2015, a negligible increase;
- All-in sustaining costs of US$1,036/EqOz compared to US$975/EqOz for the period ended July 31, 2015, an increase of 6%;
The following table is a summary of mine production statistics for the San Martin mine for the periods ended July 31, 2016 and 2015 and for the previous nine month period ended April 30, 2016:
Unit of Actual Actual Actual
measure results results results
for for for
3 months 3 months 9 months
ended ended ended
July 31, July 31, April 30,
2016 2015 2016
Production of thousand 4.2 4.3 18.3
Gold in ounces
Dore
Production of thousand 27.7 27.1 97.1
Silver in ounces
Dore
Equivalent ounces thousand 4.5 4.7 19.6
of ounces
Gold
Silver to Gold 71.6:1 73:1 76.2:1
equivalency
ratio
Gold grade grams/tonn2.17 2.00 1.96
e
Silver grade grams/tonn 16.2 19.0 18.4
e
Gold recovery percent 86.6% 86.9% 84.9%
Silver recovery percent 46.0% 57.4% 51.7%
Milled thousands 66.1 77.3 229.6
of
tonnes
Operating Cost US 54 52 49
per dollars/
tonne
tonne milled
Operating Cost US 853 849 846
per Equivalent dollars/o
unces
ounce
We continue to report positive cash flow, said Robert Eadie, President of the Company, and the improved market for metal prices and our ability to keep costs per ounce low have allowed us to report a profit this quarter despite lower equivalent gold production for the quarter.
About Starcore
Starcore is engaged in exploring, extracting and processing gold and silver through its wholly-owned subsidiary, Compañia Minera Peña de Bernal, S.A. de C.V., which owns the San Martin mine in Queretaro, Mexico. The Company is a public reporting issuer on the Toronto Stock Exchange. The Company is also engaged in owning, acquiring, exploiting, exploring and evaluating mineral properties, and either joint venturing or developing these properties further. The Company has interests in properties which are exclusively located in North America.
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: (416) 640-1936
Toll Free: 1-866-602-4935
Suite 750 - 580 Hornby Street, Box 113, Vancouver, British Columbia, Canada V6C 3B6
Suite 904 - 85 Richmond Street West, Toronto Ontario M5H 2C9
Telephone: (604) 602-4935 Fax: (604) 602-4936 e-mail. info(at)starcore.com website: www.starcore.com
The Toronto Stock Exchange has not reviewed nor does it accept responsibility for the adequacy or accuracy of this press release.
Leseranfragen:
Starcore konzentriert sich auf die Exploration, Gewinnung und Verarbeitung von Gold- und Silbervorkommen. Das Unternehmen besitzt, erwirbt, fördert, exploriert und bewertet Rohstoffprojekte. Die weitere Bearbeitung dieser Projekte erfolgt entweder über Joint Ventures oder durch das Unternehmen selbst. Das Unternehmen besitzt ausschließlich Beteiligungen an Konzessionsgebieten in Mexiko.
Datum: 16.09.2016 - 07:39 Uhr
Sprache: Deutsch
News-ID 495164
Anzahl Zeichen: 8775
contact information:
Town:
Wien
Kategorie:
Business News
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