Starcore International Mines Ltd.
Condensed Interim Consolidated Financial Statements
For the nine months ended January 31, 2023
(Unaudited)
1
NOTICE TO READER OF THE UNAUDITED CONDENSED INTERIM CONSOLIDATED
FINANCIAL STATEMENTS
The unaudited condensed interim consolidated financial statements for the nine months ended January 31, 2023 have been prepared by and are the responsibility of the Company's management. These financial statements have not been reviewed or audited by the Company's auditors.
The accompanying notes form an integral part of these condensed interim consolidated financial statements.
2
Starcore International Mines Ltd.
Condensed Interim Consolidated Statements of Financial Position (in thousands of Canadian dollars) - (Unaudited)
January 31, | April 30, | |||
As at | 2023 | 2022 | ||
Assets | ||||
Current | ||||
Cash and cash equivalents | $ | 7,131 | $ | 8,818 |
Amounts receivable (note 3) | 1,718 | 1,580 | ||
Inventory (note 4) | 1,565 | 1,535 | ||
Investment (note 5) | 328 | 492 | ||
Prepaid expenses and advances | 340 | 472 | ||
Total Current Assets | 11,082 | 12,897 | ||
Non-Current | ||||
Mining interest, plant and equipment (note 6) | 28,950 | 29,820 | ||
Right-of-use assets (note 8) | 429 | 894 | ||
Exploration and evaluation assets (note 7) | 5,625 | 5,082 | ||
Deferred tax assets | 3,513 | 3,348 | ||
Total Non-Current Assets | 38,517 | 39,144 | ||
Total Assets | $ | 49,599 | $ | 52,041 |
Liabilities | ||||
Current | ||||
Trade and other payables | $ | 2,443 | $ | 3,126 |
Current portion of lease liability (note 8) | 208 | 636 | ||
Total Current Liabilities | 2,651 | 3,762 | ||
Non-Current | ||||
Rehabilitation and closure cost provision (note 9) | 2,590 | 2,353 | ||
Lease liability (note 8) | 220 | 262 | ||
Deferred tax liabilities | 5,750 | 5,610 | ||
Total Non-Current Liabilities | 8,560 | 8,225 | ||
Total Liabilities | $ | 11,211 | $ | 11,987 |
The accompanying notes form an integral part of these condensed interim consolidated financial statements.
3
Starcore International Mines Ltd.
Condensed Interim Consolidated Statements of Financial Position (in thousands of Canadian dollars) - (Unaudited)
January 31, | April 30, | ||||||
As at | 2023 | 2022 | |||||
Equity | |||||||
Share capital (note 10) | $ | 51,878 | $ | 50,725 | |||
Equity reserve | 11,349 | 11,349 | |||||
Foreign currency translation reserve | 3,660 | 2,185 | |||||
Accumulated deficit | (28,499) | (24,205) | |||||
Total Equity | 38,388 | 40,054 | |||||
Total Liabilities and Equity | $ | 49,599 | $ | 52,041 | |||
Commitments (note 12) | |||||||
Subsequent Event (note 12) | |||||||
Approved by the Directors: | |||||||
"Robert Eadie" | Director | "Gary Arca" | Director |
The accompanying notes form an integral part of these condensed interim consolidated financial statements.
4
Starcore International Mines Ltd.
Condensed Interim Consolidated Statements of Operations and Comprehensive Income (in thousands of Canadian dollars except per share amounts) - (Unaudited)
For the three months ended | For the nine months ended | |||||||
January 31, | January 31, | |||||||
2023 | 2022 | 2023 | 2022 | |||||
Revenues | ||||||||
Mined ore | $ | 6,162 | $ | 5,387 | $ | 17,724 | $ | 18,220 |
Cost of Sales | ||||||||
Mined ore | (5,806) | (4,117) | (14,520) | (12,394) | ||||
Depreciation and depletion | (909) | (850) | (2,842) | (2,476) | ||||
Total Cost of Sales | (6,715) | (4,967) | (17,362) | (14,870) | ||||
Earnings (loss) from mining operations | (553) | 420 | 362 | 3,350 | ||||
Financing costs | (31) | (47) | (120) | (134) | ||||
Foreign exchange gain (loss) | 86 | 72 | 183 | 93 | ||||
Management fees and salaries | (496) | (226) | (1,467) | (916) | ||||
Office and administration | (545) | (310) | (1,261) | (576) | ||||
Professional and consulting fees | (253) | (174) | (856) | (554) | ||||
Pre exploration costs | (14) | - | (65) | (25) | ||||
Shareholder relations | (241) | (176) | (606) | (461) | ||||
Transfer agent and regulatory fees | (26) | (19) | (98) | (57) | ||||
Earnings (loss) before other losses and taxes | (2,073) | (460) | (3,928) | 720 | ||||
Other Losses | ||||||||
Unrealized loss on investment (note 5) | (41) | (41) | (164) | (246) | ||||
Loss on Toiyabe (note 7) | - | (1) | - | (40) | ||||
Total Other Losses | (41) | (42) | (164) | (286) | ||||
Earnings (loss) before taxes | (2,114) | (502) | (4,092) | 434 | ||||
Income taxes | ||||||||
Current (expense)/recovery | (4) | - | (444) | - | ||||
Deferred (expense)/recovery | 256 | 111 | 242 | (208) | ||||
Earnings (loss) for the period | (1,862) | (391) | (4,294) | 226 | ||||
Other comprehensive income (loss) | ||||||||
Foreign currency translation differences | (959) | 755 | 1,475 | 930 | ||||
Comprehensive income (loss) for the period | $ | (2,821) | $ | 364 | $ | (2,819) | $ | 1,156 |
Basic earnings (loss) per share (Note 14) | $ | (0.03) | $ | (0.01) | $ | (0.08) | $ | 0.00 |
Diluted earnings (loss) per share (Note 14) | $ | (0.03) | $ | (0.01) | $ | (0.08) | $ | 0.00 |
The accompanying notes form an integral part of these condensed interim consolidated financial statements.
5
Attachments
- Original Link
- Original Document
- Permalink
Disclaimer
Starcore International Mines Ltd. published this content on 17 March 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 17 March 2023 23:56:07 UTC.