Starcore Reports Q1 Results
(firmenpresse) -
Starcore Reports Q1 Results
Vancouver, B.C. - Starcore International Mines Ltd. (TSX :SAM) (the Company or Starcore) has filed the results for the first quarter ended July 31, 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.
This quarter we have seen the results of our mine development efforts returning to positive earnings from mining operations, reported Robert Eadie, President of the Company. We will continue to improve our operating income by improving grade and being vigilant on controlling costs.
Financial Highlights for the three-month period ended July 31, 2018 (unaudited):
- Cash and short-term investments on hand is $3.2 million at July 31, 2018;
- Gold and silver sales of $10.6 million;
- Loss of $0.4 million, or $(0.00) per share;
- EBITDA(1) of $749;
The following table contains selected highlights from the Companys unaudited consolidated statement of operations for the quarters ended July 31, 2018 and 2017:
(in thousands of Canadian Quarter ended
dollars) July 31,
(unaudited)
2018 2017
Revenues $ 10,62$ 8,095
3
Cost of Sales (9,950)(8,474)
Earnings (loss) from 673 (379)
mining and toll
processing
operations
Administrative Expenses, (1,065)(600)
interest and foreign
exchange
Income tax recovery 11 685
Net income $ (381)$ (294)
-(i) Income (loss) per $ (0.00$ (0.01
share - ) )
basic
-(ii) Income (loss) per $ (0.00$ (0.01
share - ) )
diluted
Reconciliation of Net income to EBITDA(1)
For the three months ended July 31, 2018 2017
Net Loss $ (381) $ (294)
Income tax recovery (11) (685)
Interest 88 26
Depreciation and depletion 1,053 1,396
EBITDA $ 749 $ 443
EBITDA MARGIN(2) 7.0% 5.5%
(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, 2018:
- Equivalent gold production of 4,268 ounces;
- Mine operating cash cost of US$997/EqOz;
- All-in sustaining costs of US$1,215/EqOz;
The following table is a summary of mine production statistics for the San Martin mine for the periods ended July 31, 2018 and 2017 and for the previous year ended April 30, 2018:
Actual Results for
Unit of 3 3 12 months
measure months months ended
ended ended
April 30,
July 31,July 31, 2018
2018 2017
Mine Production of thousand 3.3 3.7 11.9
Gold in ounces
Dore
Mine Production of thousand 72.7 15.2 102.1
Silver in ounces
Dore
Gold equivalent ounces thousand 4.3 3.9 13.2
ounces
Silver to Gold 78.5 74.9 78.2
equivalency
ratio
Mine Gold grade grams/tonn1.53 1.97 1.62
e
Mine Silver grade grams/tonn49.0 12.6 21.3
e
Mine Gold recovery percent 88.1% 85.0% 84.5%
Mine Silver recovery percent 59.6% 51.2% 55.2%
Milled thousands 77.4 69.8 269.6
of
tonnes
Mine operating cash US dollars55 59 61
cost per
tonne milled
Mine operating cash US dollars997 1,052 1,237
cost per equivalent
ounce
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 230
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: 17.09.2018 - 07:33 Uhr
Sprache: Deutsch
News-ID 581053
Anzahl Zeichen: 7146
contact information:
Town:
Wien
Kategorie:
Business News
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