SAM - Starcore Reports Q2 Results

December, 15 2023 06:15 PM Boston Beer Company Inc.

Vancouver, British Columbia--(Newsfile Corp. - December 15, 2023) - Starcore International Mines Ltd. (TSX: SAM) ("Starcore" or the "Company") has filed the results for the second quarter ended October 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.

"These past two months have seen a turnaround in our production and we are exceeding our budgeted production once again," reported Robert Eadie, CEO of the Company.

Financial Highlights for the three-month period ended October 31, 2023 (unaudited):

Cash and short-term investments on hand is $4.7 million at October 31, 2023;
Gold and silver sales of $6.0 million;
Earnings from mining operations of $0.2 million;
Loss of $1.0 million, or ($0.02) per share;
EBITDA⁽¹⁾ of ($01.1) million for the six month period ended October 31, 2023.

The following table contains selected highlights from the Company's unaudited consolidated statement of operations for the three and six months ended October 31, 2023 and 2022:

(in thousands of Canadian dollars) (Unaudited)

Three Months ended October 31,


Six Months ended October 31,



2023


2022


2023


2022

Revenues
$
5,975

$
4,812

$
12,208

$
11,562

Cost of Sales

(5,776
)

(4,944
)

(12,760
)

(10,647
)
Earnings (Loss) from mining operations and toll processing

199


(132
)

(552
)

915

Administrative expenses, interest and foreign exchange

(966
)

(1,334
)

(1,801
)

(2,770
)
Unrealized loss on investment

(58
)

(20
)

(271
)

(123
)
Income tax - deferred expense

(203
)

(288
)

(112
)

(454
)
Net income (Loss)
$
(1,028
)
$
(1,774
)
$
(2,736
)
$
2,432

(i) Income (Loss) per share - basic
$
(0.02
)
$
(0.03
)
$
(0.05
)
$
(0.04
)
(ii) Income (Loss) per share - diluted
$
(0.02
)
$
(0.03
)
$
(0.05
)
$
(0.04
)

Reconciliation of Net income to EBITDA⁽¹⁾
For the six months ended October 31,

2023


2022

Net income (loss)
$
(2,736
)
$
(2,432
)
Unrealized loss on investment

271


123

Income tax expense (recovery)

112


454

Depreciation and depletion

1,239


1,933

EBITDA
$
(1,114
)
$
78

EBITDA MARGIN⁽²⁾

9.1%


1.6%

(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 October 31, 2023:

Equivalent gold production of 2,420 ounces;
Mine operating cash cost of US$1,690/EqOz;
All-in sustaining costs of US$2,247/EqOz for the six months ended October 31, 2023.

The following table is a summary of mine production statistics for the San Martin mine for the three and six months ended October 31, 2023 and for the previous year ended April 30, 2023:



Actual Results for

Unit of measure
3 months ended October 31, 2023
6 months ended October 31, 2023
12 months ended April 30, 2023
Mine Production of Gold in Dore
thousand ounces
2.3
4.0
9.4
Mine Production of Silver in Dore
thousand ounces
13.5
25.8
48.1
Gold equivalent ounces
thousand ounces
2.4
4.3
10.0





Silver to Gold equivalency ratio

83.5
82.8
84.8
Mine Gold grade
grams/tonne
1.42
1.28
1.47
Mine Silver grade
grams/tonne
14.8
14.6
13.5
Mine Gold recovery
percent
85.2%
84.7%
87.1%
Mine Silver recovery
percent
48.8%
47.4%
48.6%
Milled
thousands of tonnes
58.0
115.7
227.8
Mine operating cash cost per tonne milled
US dollars/tonne
70
71
67
Mine operating cash cost per equivalent ounce
US dollars/ounce
1,690
1,897
1,535

Salvador Garcia, B. Eng., a director of the Company and Chief Operating Officer, is the Company's qualified person on the project as required under NI 43-101 and has prepared the technical information contained in this press release.

About Starcore

Starcore International Mines is engaged in precious metals production with focus and experience in Mexico. While this base of producing assets is complemented by exploration and development projects throughout North America, Starcore is driven to expand its reach internationally. 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

ROBERT EADIE
Investor Relations
Telephone: (604) 602-4935

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To view the source version of this press release, please visit https://www.newsfilecorp.com/release/191314

Company Name:	Boston Beer Company Inc.
Stock Symbol:	SAM
Market:	NYSE
Website:	bostonbeer.com