Business
Starcore Reports Year End 2023 Results
Vancouver, British Columbia--(Newsfile Corp. - July 28, 2023) - Starcore International Mines Ltd...
About this update from Starcore International Mines Ltd.
[{"type":"text","content":"Starcore Reports Year End 2023 ResultsVancouver, British Columbia--(Newsfile Corp. - July 28, 2023) - Starcore International Mines Ltd. (TSX: SAM) (\"Starcore\" or the \"Company\") has filed the results for the year end dated April 30, 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.\"We had a challenging year which is reflected in lower earnings from mining operations, net income and cash flow,\" reported Robert Eadie, Chief Executive Officer. \"We continue to invest into San Martin, El Creston and Ajax to build shareholder value from existing assets held by the company. Through diligent geological & scientific research, we will continue to build upon our efforts and improve production.\"Financial Highlights for the year ending April 30, 2023 (audited):Cash on hand is $6.4 million and working capital of $8.5 million at April 30, 2023; Gold and silver sales of $22.9 million;Earnings from mining operations of $0.8 million;Loss for the year of $5.3 million, or ($0.10) per share;EBITDA(1) of ($1.3) million; The following table contains selected highlights from the Company's audited consolidated statement of operations for the years ended April 30, 2023 and April 30, 2022:(in thousands of Canadian dollars) (audited)Year Ended April 30, 2023Year Ended April 30, 2022Revenues $ 22,907 $ 25,679Cost of Sales(22,154)(20,373)Earnings from mining operations7535,306  Administrative Expenses(5,148)(3,878)Loss on sale of property-(40)Unrealized gain (loss) on investments197(287)Loss on sale of investment(10)-Gain on sale of assets25-Royalty sale-1,600Income tax expense - current and deferred(1,073)(296)Net Income$ (5,256)$ 2,405 (i) (Loss)/Income per share - basic$ (0.10)$ 0.05 (ii) (Loss)/Income per share - diluted$ (0.10)$ 0.05  Reconciliation of Net Income to EBITDA(1)     For the year ended April 30, 2023 2022 Net income (loss)      $ (5,256)    $ 2,405 Loss on Toiyabe -  40 Unrealized (gain) loss on investment...