0001564590-21-013764.txt : 20210317 0001564590-21-013764.hdr.sgml : 20210317 20210317114002 ACCESSION NUMBER: 0001564590-21-013764 CONFORMED SUBMISSION TYPE: 6-K PUBLIC DOCUMENT COUNT: 4 CONFORMED PERIOD OF REPORT: 20210317 FILED AS OF DATE: 20210317 DATE AS OF CHANGE: 20210317 FILER: COMPANY DATA: COMPANY CONFORMED NAME: STARCORE INTERNATIONAL MINES LTD. CENTRAL INDEX KEY: 0001301713 STANDARD INDUSTRIAL CLASSIFICATION: MINING, QUARRYING OF NONMETALLIC MINERALS (NO FUELS) [1400] IRS NUMBER: 000000000 STATE OF INCORPORATION: A1 FISCAL YEAR END: 0430 FILING VALUES: FORM TYPE: 6-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-50922 FILM NUMBER: 21749506 BUSINESS ADDRESS: STREET 1: 580 HORNBY, SUITE 750 CITY: VANCOUVER STATE: A1 ZIP: V6C 3B6 BUSINESS PHONE: 604-602-4935 MAIL ADDRESS: STREET 1: 580 HORNBY, SUITE 750 CITY: VANCOUVER STATE: A1 ZIP: V6C 3B6 FORMER COMPANY: FORMER CONFORMED NAME: Starcore International Ventures Ltd. DATE OF NAME CHANGE: 20040827 6-K 1 sam-6k_20210317.htm 6-K sam-6k_20210317.htm

 

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

Form 6-K

 

REPORT OF FOREIGN PRIVATE ISSUER
PURSUANT TO RULE 13a-16 OR 15d-16 UNDER
THE SECURITIES EXCHANGE ACT OF 1934

 

For the month of March, 2021

 

Commission File Number 000-50922

 

STARCORE INTERNATIONAL MINES LTD.

(Translation of registrant’s name into English)

 

Suite 750 – 580 Hornby Street, Vancouver, B.C., Canada V6C 3B6

(Address of principal executive office)

 

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.

 

Form 20-F [X] Form 40-F [  ]

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): [  ]

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): [  ]



 

EXHIBITS

 

Exhibit No.

Description

99.1

News Release dated March 17, 2021

 

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

 

 

STARCORE INTERNATIONAL MINES LTD.

 

Date: March 17, 2021

By:

 

/s/ Gary Arca
Gary Arca
Chief Financial Officer


 

 

EX-99.1 2 sam-ex991_6.htm EX-99.1 sam-ex991_6.htm

March 17, 2021TSX: SAM

 

Starcore Reports Q3 Results

 

Vancouver, B.C. – Starcore International Mines Ltd. (TSX: SAM) (“Starcore” or the “Company”) has filed the results for the third quarter ended January 31, 2021 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.

“Our operational excellence programs continue to yield positive results in our efforts to produce profitable ounces and build the company’s cash position” reported Robert Eadie, President and C.E.O “The recently announced sale of our non-core asset, the Toiyabe property in Nevada, will provide further working capital to explore and develop our Mexican properties in order to find new opportunities and continue to extend the San Martin mine life.”

Financial Highlights for the three-month period ended January 31, 2021 (unaudited):

 

Cash and short-term investments on hand is $4.0 million at January 31, 2021;

 

Gold and silver sales of $6.6 million;

 

Earnings from mining operations of $1.24;

 

Net Income of $0.7 million, or $0.01 per share;

 

EBITDA(1) of $6.5 million for the nine month period ended January 31, 2021.

 

The following table contains selected highlights from the Company’s unaudited consolidated statement of operations for the three and nine months ended January 31, 2021 and 2020:

(in thousands of Canadian dollars)

(Unaudited)

 

Three Months ended January 31,

Nine Months ended

January 31,

 

 

2021

2020

2021

2020

Revenues

 

$6,614

$6,275

$21,676

$18,468

Cost of Sales

 

(5,378)

(5,006)

(15,289)

(17,369)

Earnings from mining operations and toll processing

 

1,236

1,269

6,387

1,099

Administrative expenses, interest and foreign exchange

 

(703)

(1,251)

(2,883)

(3,279)

Sale of Altiplano

 

-

-

-

(39)

Income tax recovery

 

118

4

263

348

Net income (Loss)

 

$651

$22

$3,767

$(1,871)

        (i)   Income (Loss) per share – basic

 

$0.01

$0.00

$0.08

$(0.04)

        (ii)  Income (Loss) per share – diluted

 

$0.01

$0.00

$0.08

$(0.04)

 


Suite 750 – 580 Hornby Street, Box 113, Vancouver, British Columbia, Canada V6C 3B6

Telephone:  (604) 602-4935   Fax:  (604) 602-4936    e-mail. info@starcore.com    website:  www.starcore.com

 


- 2 -

 

Reconciliation of Net income to EBITDA(1)

 

 

For the nine months ended January 31,  

2021

2020

Net income (loss)

$3,767

$(1,871)

Sale of Altiplano

-

39

Income tax expense (recovery)

(263)

(348)

Interest

24

259

Depreciation and depletion

2,942

2,541

EBITDA

$6,470

$620

EBITDA MARGIN(2)

        29.8%

      3.4%

 

(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 three month period ended January 31, 2021:

 

Equivalent gold production of 3,063 ounces;

 

Mine operating cash cost of US$1,042/EqOz;

 

All-in sustaining costs of US$1,361/EqOz for the nine months ended January 31, 2021.

 

The following table is a summary of mine production statistics for the San Martin mine for the three and nine months ended January 31, 2021 and for the previous year ended April 30, 2020:

 

 

Actual Results for

 

Unit of measure

3 months ended
January 31, 2021

9 months ended
January 31, 2021

12 months ended
April 30, 2020

Mine Production of Gold in Dore

thousand ounces

2.7

8.2

11.8

Mine Production of Silver in Dore

thousand ounces

23.8

79.3

121.8

Gold equivalent ounces

thousand ounces

3.1

9.2

13.1

 

 

 

 

 

Silver to Gold equivalency ratio

 

74.2

82.5

90.3

Mine Gold grade

grams/tonne

1.66

1.66

1.82

Mine Silver grade

grams/tonne

22.9

24.7

30.5

Mine Gold recovery

percent

88.8%

88.7%

87.7%

Mine Silver recovery

percent

57.1%

56.8%

54.4%

Milled

thousands of tonnes

57.3

173.1

229.8

Mine operating cash cost per tonne milled

US dollars/tonne

55

53

66

Mine operating cash cost per equivalent ounce

US dollars/ounce

1,042

1,004

1,149

 

Salvador Garcia, P. Eng., a director of the Company and Chief Operating Officer, is the Company’s qualified person on the project as required under NI 43-101and 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. This base of producing assets is complemented by exploration and development projects throughout North America. 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.

 


- 3 -

,

ON BEHALF OF STARCORE INTERNATIONAL
MINES LTD.

Signed “Gary Arca”
Gary Arca, Chief Financial Officer and Director

FOR FURTHER INFORMATION PLEASE CONTACT:

 

GARY ARCA

EVAN EADIE

Telephone: (604) 602-4935 Investor Relations
Facsimile: 1-604-602-4936Telephone: (604) 602-4935 x 203

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.

 

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