Vancouver, B.C. – 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)
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