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Vancouver, B.C. – Starcore International Mines Ltd. (the “Company”) has filed the results for the adjusted year end dated April 30, 2017 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.comAll financial information is prepared in accordance with IFRS and all dollar amounts are expressed in thousands of Canadian dollars unless otherwise indicated.

Financial Highlights for the year ending April 30, 2017 (audited):

  • Cash and short-term investments on hand is $9.6 million at April 30, 2017;
  • Cash per issued and outstanding share of $0.195;
  • Gold and silver sales of $27.2 million;
  • Net income of $7.2 million, or $0.15 per share;
  • EBITDA(1) of $3,487;

The following table contains selected highlights from the Company’s audited consolidated statement of operations for the year ended April 30, 2017 and nine months ended April 30, 2016:

Reconcilation of Net income to EBITDA1

(in thousands of Canadian dollars)(audited)Year Ended
April 30
2017
Nine months
ended April
30, 2016
Revenues
Cost of Sales
$27,228
(26,402)
$20,326
(18,807)
Earnings from mining operations8261,519
Administrative Expenses
Gain on Sale of San Pedrito 
Income tax recovery (expense)
(3,593)
7,128
2,861
(3,963)

2,639
Net income
(i) Income per share – basic
(ii) Income per share – diluted
$7,222
$0.15
$0.15
$195
$0.00
$0.00
(in thousands of Canadian dollars)(Unaudited)Year Ended
April 30
2017
Nine months
ended April
30, 2016
Net Income
Sale of San Pedrito
Income tax recovery
Interest
Depreciation and depletion
$7,222
(7,128)
(2,861)
626
5,628
$195

(2,639)
387
4,784
EBITDA$3,487$2,727
EBITDA MARGIN212.8%13.4%

(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, 2017:

  • Equivalent gold production of 15,159 ounces;
  • Mine operating cash cost of US$969/EqOz;
  • All-in sustaining costs of US$1,112/EqOz;

The following table is a summary of mine production statistics for the San Martin mine three and twelve months ended April 30, 2017 and for the previous twelve months ended April 30, 2016:

 Unit of measureActual results for
3 months ended
April 30, 2017
Actual results for
12 months ended
April 30, 2017
Actual results for
12 months ended
April 30, 2016
Production of Gold in Dore
Production of Silver in Dore
thousand ounces
thousand ounces
3.2
14.2
 

 

_______________________________________________

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.

Original Article: https://www.starcore.com/news/news-releases/starcore-reports-year-end-2017-results

 

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Layne, A Granite Company, provides sustainable solutions for water resources and mineral exploration. Originally established in 1882, Layne offers a rich history of delivering safe, professional, and reliable water and minerals solutions throughout North and South America. Granite acquired Layne and its subsidiaries in the fall of 2018, to further Granite’s strategy to grow through acquisition and diverse end market expansion.