Starcore Reports Year End 2018 Results
(firmenpresse) - Starcore Reports Year End 2018 Results
July 30, 2018, Vancouver, B.C. - Starcore International Mines Ltd. (the Company) has filed the results for the year end dated April 30, 2018 for the Company and its mining operations in Queretaro, Mexico and toll processing operations in Matehuala, 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.
The recent release of our 43-101 updating resources to over 267,306 AuEq ounces and 3.1 million tonnes of ore coupled with the improved production in recent months from both the mine and Altiplano represent a turning point for the Company reported Robert Eadie, President of the company. We have a renewed optimism and look forward to advancing our operating results.
Financial Highlights for the year ending April 30, 2018 (audited):
- Cash on hand is $2.3 million at April 30, 2018;
- Gold and silver sales of $27.8 million, including $6.8 million of purchased concentrate processing revenue;
- Net loss of $12.0 million, or $0.24 per share, which includes a non-cash impairment charge of $6.7 million against mining assets;
- EBITDA(1) of $(5,223);
The following table contains selected highlights from the Companys audited consolidated statement of operations for the year ended April 30, 2018 and ended April 30, 2017:
(in thousands of Canadian Year Year
dollars) Ended Ended
(audited) April April
30 30
2018 2017
Revenues $ $
-27,807-27,228
Cost of Sales -(32,73-(26,40
5) 2)
Earnings (Loss) from mining -(4,928-826
operations )
Administrative Expenses - (5,2- (3,5
91) 93)
Impairment of Mining Interest, -(6,713--
plant and )
equipment
Gain on sale of San Pedrito -- -7,128
Loss on disposal of E&E asset -(1,013--
)
Income tax recovery -5,945 -2,861
Net income (loss) $ $
-(12,0 7,
00) 222
(i) Income per share - $ $
basic -(0.24)
0.15
-
(ii) Income per share - $ $
diluted -(0.24)
0.15
-
Reconciliation of Net income to EBITDA(1)
Year Year
(in thousands of Canadian dollars) Ended Ended
(Unaudited) April April
30 30
2018 2017
Net Income (loss) $ $-7,222
-(12,000
)
Sale of San Pedrito -- -(7,128
)
Loss on disposal of E&E asset -1,013 --
Impairment of Mining Interest, plant and -6,713 --
equipment
Income tax recovery -(5,945)-(2,861
)
Interest -83 -626
Depreciation and depletion -4,913 -5,628
EBITDA $ $-3,487
-(5,223)
EBITDA MARGIN(2) (18. 1
8%) 2.8%
(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 year ended April 30, 2018:
- Equivalent gold production of 13,189 ounces;
- Mine operating cash cost of US$1,237/EqOz;
- All-in sustaining costs of US$1,782/EqOz;
The following table is a summary of mine production statistics for the San Martin mine three and twelve months ended April 30, 2018 and for the previous twelve months ended April 30, 2017:
Unit of Actual Actual Actual
measure results results results
for for for
3 months 12 months 12 months
ended ended ended
April 30, April 30, April 30,
2018 2018 2017
Production of thousand 3.5 11.9 14.2
Gold in ounces
Dore
Production of thousand 53.9 102.1 66.1
Silver in ounces
Dore
Equivalent ounces thousand 4.1 13.2 15.2
of ounces
Gold
Silver to Gold 80.2 78.2 70.2
equivalency
ratio
Gold grade grams/tonn1.69 1.62 1.97
e
Silver grade grams/tonn40.6 21.3 16.1
e
Gold recovery percent 88.4% 84.5% 81.5%
Silver recovery percent 57.4% 55.2% 46.5%
Milled thousands 71.9 269.6 275.1
of
tonnes
Operating Cost US 59 61 53
per tonne dollars/t
milled onne
Operating Cost US 1,019 1,237 969
per Equivalent dollars/o
ounce unces
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: (416) 640-1936
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.
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.
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Datum: 31.07.2018 - 12:05 Uhr
Sprache: Deutsch
News-ID 578939
Anzahl Zeichen: 9064
contact information:
Town:
Wien
Kategorie:
Business News
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