Starcore Reports Q3 Results

Vancouver, British Columbia–(Newsfile Corp. – March 17, 2023) – Starcore International Mines Ltd. (TSX: SAM) (“Starcore” or the “Company”) has filed the results for the third quarter ended January 31, 2023 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.”As reported in our production news release last month, we expect the new geological model to define the exploration targets that we will use to continue underground exploration. While we are currently showing positive cash flow from mining operations, we continue to implement cost reductions in all areas of mine and administration, including management, to compensate for lower production,” reported Robert Eadie, CEO of the Company.Financial Highlights for the three-month period ended January 31, 2023 (unaudited):Cash and short-term investments on hand is $7.1 million at January 31, 2023; Gold and silver sales of $6.2 million;Loss from mining operations of $0.6 million;Loss of $1.9 million, or ($0.03) per share;EBITDA(1) of ($1.4) million for the nine month period ended January 31, 2023.The following table contains selected highlights from the Company’s unaudited consolidated statement of operations for the three and nine months ended January 31, 2023 and 2022:(in thousands of Canadian dollars)(Unaudited)Three Months endedJanuary 31,Nine Months endedJanuary 31, 2023202220232022Revenues$6,162$5,387$17,724$18,220Cost of Sales(6,715)(4,967)(17,362)(14,870)Earnings from mining operations(553)4203623,350Administrative expenses, interest and foreign exchange(1,520)(880)(4,290)(2,630)Unrealized loss on investment(41)(41)(164)(246)Loss on sale of Toiyabe-(1)-(40)Income tax – (expense) recovery252111(202)(208)Net income (Loss)$(1,862)$(391)$(4,294)$226     (i) Income (Loss) per share – basic$(0.03)$(0.01)$(0.08)$0.00     (ii) Income (Loss) per share – diluted$(0.03)$(0.01)$(0.08)$0.00 Reconciliation of Net income to EBITDA(1) For the nine months ended January 31, 20232022Net income (loss)$(4,294)$226Loss on sale of exploration property-40Unrealized loss on investment164246Income tax expense (recovery)(242)208Depreciation and depletion2,9292,515EBITDA$(1,443)$3,235EBITDA MARGIN(2) (8.1%)   17.8% (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 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 three month period ended January 31, 2023:Equivalent gold production of 2,182 ounces; Mine operating cash cost of US$1,793/EqOz; All-in sustaining costs of US$1,866/EqOz for the nine months ended January 31, 2023.The following table is a summary of mine production statistics for the San Martin mine for the three and nine months ended January 31, 2023 and for the previous year ended April 30, 2022:Actual Results forUnit of measure3 months endedJanuary 31, 20239 months endedJanuary 31, 202312 months endedApril 30, 2022Mine Production of Gold in Dorethousand ounces2.17.110.0Mine Production of Silver in Dorethousand ounces8.138.185.4Gold equivalent ouncesthousand ounces2.27.611.2    Silver to Gold equivalency ratio 80.185.475.0Mine Gold gradegrams/tonne1.301.481.58Mine Silver gradegrams/tonne8.814.223.0Mine Gold recoverypercent85.2%87.4%88.2%Mine Silver recoverypercent48.9%48.7%51.4%Milledthousands of tonnes58.6171.0224.4Mine operating cash cost per tonne milledUS dollars/tonne676762Mine operating cash cost per equivalent ounceUS dollars/ounce1,7931,5111,239 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 StarcoreStarcore 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 DirectorFOR FURTHER INFORMATION PLEASE CONTACT:GARY ARCATelephone: (604) 602-4935 ext. 214Email: garca@starcore.comThe Toronto Stock Exchange has not reviewed nor does it accept responsibilityfor the adequacy or accuracy of this press release. To view the source version of this press release, please visit https://www.newsfilecorp.com/release/158949