Business
Starcore Reports Year End 2022 Results
Vancouver, British Columbia--(Newsfile Corp. - July 29, 2022) - Starcore International Mines ...
About this update from Starcore International Mines Ltd.
[{"type":"text","content":"Starcore Reports Year End 2022 ResultsVancouver, British Columbia--(Newsfile Corp. - July 29, 2022) - Starcore International Mines Ltd. (TSX: SAM) (\"Starcore\" or the \"Company\") has filed the results for the year end dated April 30, 2022 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.\"We report another strong year of earnings from mining operations of $5.3million and net income of $0.05 per share. In addition, we have accumulated over $8.8million in cash at April 30,2022, which does not account for the $1.2 million private placement completed this month which is slated for additional exploration on our properties,\" reported Robert Eadie, Chief Executive Officer. \"We will continue to expand our resources through exploration and acquisitions using our cash reserves and our experienced management and operational team in Mexico.\"Financial Highlights for the year ending April 30, 2022 (audited):Cash on hand is $8.8 million and working capital of $9.1 million at April 30, 2022; Gold and silver sales of $25.7 million;Earnings from mining operations of $5.3 million;Net Income of $2.4 million, or $0.05 per share, including a $1.6 million gain on sale of royalties;EBITDA(1) of $4.8 million; The following table contains selected highlights from the Company's audited consolidated statement of operations for the years ended April 30, 2022 and April 30, 2021:(in thousands of Canadian dollars) (audited)Year Ended April 30, 2022Year Ended April 30, 2021 Revenues$25,679$26,799Cost of Sales(20,373)(20,397)Earnings from mining operations5,3066,402  Administrative Expenses(3,878)(3,843)Loss on Sale of Property(40)(1,116)Loss on investment(287)-Royalty sale1,600-Income tax recovery (expense) - deferred(296)1,449 Net Income$2,405$2,892  (i) Net Income per share - basic$0.05$0.06  (ii) Net Income per share - diluted $0.05$0.06  Reconciliation of Net Income to EBITDA(1) For the year ended April 30,20222021 Net income$2,405$2,892Loss on Toiyabe4...