STARCORE INTERNATIONAL MINES LTD 6-K, filed Dec 16, 2021

STARCORE INTERNATIONAL MINES LTD. (SHVLF)

6-K 2021-12-16 For: 2021-12-15

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Added on April 06, 2026

About this 6-K

STARCORE INTERNATIONAL MINES LTD filed this 6-K on December 16, 2021.

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Exhibit No.	Description
99.1	Condensed Interim Consolidated Financial Statements for the six months ended October 31, 2021.
99.2	Management Discussion & Analysis for the six months ended October 31, 2021
99.3	Certification of Interim Filings – CEO
99.4	Certification of Interim Filings – CFO
99.5	News Release dated December 15, 2021


	October 31,	April 30,
As at	2021	2021

Assets

Current
Cash and cash equivalents	$5,932	$4,392
Amounts receivable (note 3)	1,670	1,170
Inventory (note 4)	1,752	1,781
Prepaid expenses and advances	448	367
Investment (note 5)	574	779

Total Current Assets	10,376	8,489

Non-Current
Mining interest, plant and equipment (note 6)	29,148	29,404
Right-of-use assets (note 8)	716	979
Exploration and evaluation assets (note 7)	4,536	4,088
Reclamation deposits	-	165
Deferred tax assets	3,121	3,346

Total Non-Current Assets	37,521	37,982

Total Assets	$47,897	$46,471

Liabilities

Current
Trade and other payables	$2,876	$2,213
Current portion of lease liability (note 8)	467	447

Total Current Liabilities	3,343	2,660

Non-Current
Rehabilitation and closure cost provision (note 10)	2,004	1,952
Lease liability (note 8)	265	500
Deferred tax liabilities	5,213	5,079

Total Non-Current Liabilities	7,482	7,531

Total Liabilities	$10,825	$10,191


	October 31,	April 30,
As at	2021	2021

Equity

Share capital (note 11)	$50,725	$50,725
Equity reserve	11,349	11,349
Foreign currency translation reserve	991	816
Accumulated deficit	(25,993)	(26,610)

Total Equity	37,072	36,280

Total Liabilities and Equity	$47,897	$46,471


	For the three months ended October 31,					For the six months ended October 31,
	2021		2020			2021			2020

Revenues
Mined ore	$6,672	$6,972			$12,833		$15,062

Cost of Sales
Mined ore	(4,461)	(3,767)			(8,277)		(7,868)
Depreciation and depletion	(845)	(980)			(1,626)		(2,043)

Total Cost of Sales	(5,306)	(4,747)			(9,903)		(9,911)

Earnings (loss) from mining operations	1,366	2,225			2,930		5,151

Financing costs	(43)	(28)			(87)		(94)
Foreign exchange loss	(441)	(124)			21		(599)
Management fees and salaries	(233)	(322)			(690)		(717)
Office and administration	(38)	(135)			(266)		(291)
Professional and consulting fees	(293)	(146)			(380)		(327)
Pre exploration costs	(15)	(16)			(25)		(16)
Shareholder relations	(159)	(72)			(285)		(92)
Transfer agent and regulatory fees	(18)	(22)			(38)		(44)

Earnings (loss) before taxes and other losses	126	1,360			1,180		2,971

Other Losses
Unrealized loss on investment (note 5)	(205)	-			(205)		-
Loss on Toiyabe (note 6)	-	-			(39)		-

Earnings (loss) before taxes	(79)	1,360			936		2,971

Income taxes
Deferred (expense)/recovery	(239)	92			(319)		145

Earnings (loss) for the period	(318)	1,452			617		3,116

Other comprehensive income (loss)
Foreign currency translation differences	125	(18)			175		(1,376)

Comprehensive income (loss) for the period	$(193)	$1,434			$792		$1,740

Basic earnings (loss) per share (Note 15)	$0.00		$0.03	$0.02				$0.06

Diluted earnings (loss) per share (Note 15)	$0.00		$0.03	$0.02				$0.06



For the six months ended October 31,	2021	2020

Cash provided by
Operating activities
Profit (loss) for the period	$617	$3,116
Unrealized loss on investment	205	-
Items not involving cash:
Depreciation and depletion (note 6 and 8)	1,702	2,107
Discount on long-term debt	-	15
Interest on long-term debt	-	23
Income recovery	319	(145)
Lease accretion (note 8)	36	-
Reclamation deposit write off	31	-
Rehabilitation and closure cost accretion (note 10)	77	42
Share-based payments (note 11)	24	124

Cash inflow from operating activities before working capital changes	3,011	5,282

Change in non-cash working capital items
Amounts receivable	(508)	(7)
Inventory	17	(50)
Prepaid expenses and advances	(82)	(77)
Trade and other payables	662	(15)

Cash inflow from operating activities	3,100	5,133

Financing activities
Loan payment (note 9)	-	(2,999)
Interest paid (note 9)	-	(235)
Lease payment and accretion (note 8)	(256)	(347)

Cash outflow from financing activities	(256)	(3,581)

Investing activities
Investment in exploration and evaluation assets (note 7)	(399)	(162)
Proceeds from reclamation deposit	134	-
Purchase of mining interest, plant and equipment (note 6)	(941)	(511)
Proceeds from sale of Altiplano (note 6)	-	269

Cash outflow from investing activities	(1,206)	(404)

Total increase in cash	1,638	1,148

Effect of foreign exchange rate changes on cash	(98)	(533)

Cash, beginning of period	4,392	2,105

Cash, end of period	$5,932	$2,720


				Foreign
	Number of			Currency
	Shares	Share	Equity	Translation		Accumulated
	Outstanding	Capital	Reserve	Reserve		Deficit		Total

Balance, April 30, 2020	49,646,851	$50,725	$11,349	$4,732	$(29,502)		$37,304

Foreign currency translation differences	-	-	-	(1,376)	-		(1,376)
Loss for the period	-	-	-	-	3,116		3,116

Balance, October 31, 2020	49,646,851	50,725	11,349	3,356	(26,386)		39,044

Foreign currency translation differences	-	-	-	(2,540)	-		(2,540)
Loss for the period	-	-	-	-	(224)		(224)

Balance, April 30, 2021	49,646,851	50,725	11,349	816	(26,610)		36,280

Foreign currency translation differences	-	-	-	175	-		175
Loss for the period	-	-	-	-	617		617

Balance, October 31, 2021	49,464,851	$50,725	$11,349	$991	$(25,993)		$37,072


	October 31, 2021	April 30, 2021

Taxes receivable	$1,073	$660
Trades receivable	426	380
Other	171	130
	$1,670	$1,170


	October 31, 2021	April 30, 2021

Carrying value of inventory:
Doré	$744	$889
Goods in transit	75	-
Work-in-process	79	85
Stockpile	21	49
Supplies	833	758
	$1,752	$1,781


	Mining Interest	Plant and Equipment Mining	Corporate Office Equipment		Total

Cost
Balance, April 30, 2020	$72,776	$26,603	$725	$100,104
Increase in ARO provision	871	-	-	871
Additions	491	483	-	974
Effect of foreign exchange	(8,637)	(3,129)	-	(11,766)

Balance, April 30, 2021	$65,501	$23,957	$725	$90,183
Additions	269	668	4	941
Effect of foreign exchange	289	454	-	743
Balance, October 31, 2021	$66,059	$25,079	$729	$91,867
Depreciation

Balance, April 30, 2020	$(47,124)	$(16,987)	$(691)	$(64,802)
Depreciation for the year	(1,188)	(2,532)	(17)	(3,737)
Effect of foreign exchange	5,648	2,112	-	7,760

Balance, April 30, 2021	(42,664)	(17,407)	(708)	(60,779)
Depreciation for the period	(552)	(875)	(5)	(1,432)
Effect of foreign exchange	(362)	(146)	-	(508)
Balance, October 31, 2021	$(43,578)	$(18,428)	$(713)	$(62,719)

Carrying amounts
Balance, April 30, 2020	$25,652	$9,616	$34	$35,302
Balance, April 30, 2021	$22,837	$6,550	$17	$29,404
Balance, October 31, 2021	$22,481	$6,651	$16	$29,148


	AJC Properties	Creston Properties	AJAX Properties	Total
Acquisition costs:
Balance, April 30, 2020	$36	$2,001	$-	$2,037
Property disposition	(36)	-	-	(36)
Balance, April 30, 2021, October 31, 2021	$-	$2,001	-	$2,001
Exploration costs:
Balance, April 30, 2020	$2,008	$1,931	$-	$3,939
Maintenance	38	260	-	298
Property Disposition	(2,046)	-	-	(2,046)
Foreign Exchange	-	(104)	-	(104)
Balance, April 30, 2021	$-	$2,087	$-	$2,087
Maintenance	-	351	-	351
Exploration	-	-	48	48
Foreign Exchange	-	49	-	49
Balance, October 31, 2021	$-	$2,487	48	$2,535
Total Exploration and evaluation assets
Balance, April 30, 2021	$-	$4,088	$-	$4,088
Balance, October 31, 2021	$-	$4,488	$48	$4,536


	Starcore	Bernal	Total
Opening balance, April 30, 2020	$269	$1,431	$1,700
Lease accretion	20	85	105
Move to short term liability	(49)	(398)	(447)
Payments	(66)	(658)	(724)
Foreign exchange	-	(134)	(134)
Long term lease liabilities, April 30, 2021	$174	$326	$500
Lease accretion	9	26	35
Move from short term liability	(1)	(21)	(22)
Payments	(33)	(223)	(256)
Foreign exchange	-	8	8
Long term lease liability, October 31, 2021	$149	$116	$265


	Office	Mining Equipment	Total
Lease asset, April 30, 2020	$260	$1,584	$1,844
Amortization	(52)	(667)	(719)
Foreign exchange	-	(146)	(146)
Lease asset, April 30, 2021	$208	$771	$979
Amortization	(26)	(244)	(270)
Foreign exchange	-	7	7
Lease asset, October 31, 2021	$182	$534	$716


	Principal	Interest	Discount	Total

Balance, April 30, 2020	$2,999	$212	$(15)	$3,196

Discount	-	-	15	15
Loan repayment	(2,999)	-	-	(2,999)
Interest paid on bond	-	(235)	-	(235)
Interest accrual	-	23	-	23

Balance, April 30, 2021 and October 31, 2021	$-	$-	$-	$-


	October 31, 2021	April 30, 2021

Balance, beginning of period	$1,952	$1,014
Accretion expense	77	85
Increase in provision	-	871
Foreign exchange fluctuation	(25)	(18)

Balance, end of period	$2,004	$1,952


	Number of warrants	Weighted average exercise price

Outstanding at April 30, 2020 and April 30, 2021	3,250,000	$0.21
Expired	(3,000,000)	0.20

Outstanding at October 31, 2021	250,000	0.30


Number of	Exercise
Warrants	Price	Expiry Date
250,000	$0.30	March 7, 2022


	Units
Outstanding at April 30, 2020		330,000
Expired		(220,000)
Expired		(110,000)

Outstanding at April 30, 2021 and October 31, 2021		-


			Units
Outstanding at April 30, 2019 & 2020 Exercised			1,010,000 (210,000)
Outstanding at April 30, 2021 and October 31, 2021			800,000


Obligations due within twelve months of October 31,	2021	2022	2023	2024 and beyond
Trade and other payables	$2,876	$-	$-	$ -
Reclamation and closure obligations	$-	$-	$-	$3,011


Reconciliation of Net Income to EBITDA⁽¹⁾
For the period ended October 31,	2021	2020
Net income (loss)	$617	$3,116
Loss on sale of exploration property	39	-
Unrealized loss on investment	205	-
Income tax expense (recovery)	319	(145)
Interest	-	24
Depreciation and depletion	1,702	2,107
EBITDA	$2,882	$5,102
EBITDA MARGIN⁽²⁾	22.5%	33.9%


# Targets	Target	Claim	Recognized surface length (mt)	Economic length (mt) Surface	Economic width (mt) Surface	Au g/t	Ag g/t
1	Mana System	Meztli 4	2100	300	1.07	0.52	250
2	Karla System NW		1815	280	0.53	3.52	13
3	Nom		520	200	0.55	4.19	43
4	El Guerigo		1800	110	0.98	0.11	162
5	San Gerónimo		196	100	0.40	0.40	120
6	Midas Vein	New claims acquired	580	190	0.73	0.20	160
7	La Aurora - La Espinada Vein		old Dumps			0.21	241
8	La Última		Old mining non visited
9	El Oro	Other claim	500	70	0.53	10.30	5


DDH SCHEDULE 2021
Target	Company	Claim	Holes	Category	Meters
Mana System	Contractor	Meztli 4	8	Greenfield	620
Nom		Meztli 4	7	Greenfield	630
El Guerigo		Meztli 4	7	Greenfield	450
Karlas		Meztli 4	3	Greenfield	500
Midas		Teocuitla	2	Greenfield	300
Total			27		2500


Twelve Months Ended	April 30, 2021		April 30, 2020	April 30, 2019
Revenues	$26,799	$24,820			$32,795
Cost of Sales	(20,397)	(22,836)			(32,759)
Earnings from mining operations	6,402	1,984			36
Administrative Expenses	(3,843)	(4,396)			(4,284)
Loss on Toiyabe	(1,116)	-			-
Allowance for receivables	-	-			(441)
Impairment of Mining Interest, plant and equipment	-	-			(4,804)
Loss on disposal of E&E asset	-	-			(82)
Write off Altiplano	-	(39)			-
Income tax (expense)/ recovery	1,449	(1,178)			(2,229)
Total income/ (loss)
(i) Total income/ (loss)	$2,892	$(3,629)			$(11,804)
(ii) Income/ (loss) per share – basic	$0.06	$(0.07)			$(0.24)
(iii) Income/ (loss) per share – diluted	$0.06	$(0.07)			$(0.24)
Total assets	$46,471	$54,413			$57,005
Total long-term liabilities	$7,531	$10,855			$13,063


(Unaudited)	Unit of measure	Actual results	Actual results	Actual results
		3 months ended	6 months ended	12 months ended
		31-Oct-21	31-Oct-21	30-Apr-21
Mine production of gold in dore	thousand ounces	2.5	5.1	10.5
Mine production of silver in dore	thousand ounces	22.6	42.3	103.4
Total mine production – equivalent ounces	thousand ounces	2.8	5.7	11.8

Silver to Gold equivalency ratio		75.2	71.7	78.3

Mine Gold grade	grams/tonne	1.58	1.61	1.63
Mine Silver grade	grams/tonne	22.7	21.8	24.7
Mine Gold recovery	percent	87.8%	88.1%	88.4%
Mine Silver recovery	percent	52.9%	52.6%	57.0%

Milled	thousands of tonnes	56.0	112.3	225.5
Mine development, preparation and exploration	meters	2,005	3,843	7,426

Mine operating cash cost per tonne milled	US dollars/tonne	61	61	55
Mine operating cash cost per equivalent ounce	US dollars/ounces	1,225	1,200	1,056

Number of employees/contractors at minesite		244	244	244


San Martin Production Q2 2022 Q1 2022Q/Q Change YTD 2022YTD 2021Y/Y Change Ore Milled (Tonnes)56,06156,278 0%112,347115,830 -3%Gold Equivalent Ounces2,7822,895-4%5,6766,126 -7%Gold Grade (Grams/Ton)1.561.64-5%1.601.65 -3%Silver Grade (Grams/Ton)22.9020.8410%21.8725.65 -15%Gold Recovery (%)87.8188.34-1%88.0888.63 1%Silver Recovery (%)54.8352.115%53.5356.72 -6%Gold: Silver Ratio75.6868.5572.1786.64


Starcore International Mines Ltd.

No.	LOTE	SURFACE (Ha)
1	MEZTLI	89.000
2	MEZTLI 1	8.0000
3	LORENIA	138.0000
4	ALMA	359.000
5	LETTY	391.5093
6	MEZTLI 2	1,455.9816
7	MEZTLI 6	0.0032
8	MEZTLI 4	8,465.0445
9	MEZTLI 3	457.0564
	TOTAL PREVIOUS CLAIMS HELD	11,363.5950
No.	NEW CLAIMS ACQUIRED
1	TEOCUITLA	1,476.1874
2	TEOCUITLA 2	925.9102
3	ANGEL	185.6715
4	TLALOC 2	500.0000
	TOTAL NEW CLAIMS	3,087.7691
	TOTAL CLAIMS EL CRESTON PROJECT	14,451.3641


(In Canadian Dollars unless indicated)	Sustaining Costs (in 000’s)		Sustaining Costs Per Ounce (in $/oz)
For the period ended October 31,	2021	2020	2021	2020

Total cost of sales cash costs¹	$8,277	$7,868	$1,508	$1,292
Total corporate and administration cash costs^1,2	1,607	1,424	293	234
Foreign exchange (gain)/loss	(21)	597	(5)	98
Reclamation and closure accretion	(19)	42	(3)	7
Sustaining capital expenditures and exploration	937	511	171	84

All-in sustaining cash costs	10,781	10,442	1,964	1,715
Foreign exchange adjustment	(2,106)	(2,673)	(384)	(439)

All-in sustaining USD cash costs	$8,675	$7,769	$1,580	$1,276

Total equivalent ounces sold	5,488	6,088


	Q2 31-Oct-21	Q1 31-Jul-21	Q4 30-Apr-21	Q3 31-Jan-21
Total Revenue	$6,672	$6,161	$5,123	$6,614
Earnings from mining operations	$1,366	$1,564	$15	$1,236
Earnings (loss) for period	$(318)	$935	$(875)	$652
Per share – basic and diluted	$0.00	$0.02	$(0.02)	$0.01


	Q2 31-Oct-20	Q1 31-Jul-20	Q4 30-Apr-20	Q3 31-Jan-20
Total Revenue	$6,972	$8,090	$6,352	$6,275
Earnings from mining operations	$2,225	$2,926	$885	$1,269
Earnings (loss) for period	$1,452	$1,663	$(1,758)	$22
Per share – basic and diluted	$0.03	$0.03	$(0.03)	$0.00


Obligations due within twelve months of October 31,	2021	2022	2023	2024and beyond

Trade and other payables	$2,876	$-	$-	$-
Reclamation and closure obligations	$-	$-	$-	$3,011


In ‘000 of	CAD$	MXN$

Cash	$392	MP 5,358
Other working capital amounts – net	$(141)	MP 5,378


(in thousands of Canadian dollars) (Unaudited)	Three Months ended October 31,		Six Months ended October 31,
	2021	2020	2021	2020
Revenues	$6,672	$6,972	$12,833	$15,062
Cost of Sales	(5,306)	(4,747)	(9,903)	(9,911)
Earnings (Loss) from mining operations and toll processing	1,366	2,225	2,930	5,151
Administrative expenses, interest and foreign exchange	(1,240)	(865)	(1,750)	(2,180)
Unrealized loss on investment	(205)	-	(205)	-
Loss on Toiyabe	-	-	(39)	-
Income tax - deferred (expense) recovery	(239)	92	(319)	145
Net income (Loss)	$(318)	$1,452	$617	$3,116
(i) Income (Loss) per share – basic	$(0.00)	$0.03	$0.02	$0.06
(ii) Income (Loss) per share – diluted	$(0.00)	$0.03	$0.02	$0.06


		Actual Results for
	Unit of measure	3 months ended October 31, 2021	6 months ended October 31, 2021	12 months ended April 30, 2021
Mine Production of Gold in Dore	thousand ounces	2.5	5.1	10.5
Mine Production of Silver in Dore	thousand ounces	22.6	42.3	103.4
Gold equivalent ounces	thousand ounces	2.8	5.7	11.8

Silver to Gold equivalency ratio		75.2	71.7	78.3
Mine Gold grade	grams/tonne	1.58	1.61	1.63
Mine Silver grade	grams/tonne	22.7	21.8	24.7
Mine Gold recovery	percent	87.8%	88.1%	88.4%
Mine Silver recovery	percent	52.9%	52.6%	57.0%
Milled	thousands of tonnes	56.0	112.3	225.5
Mine operating cash cost per tonne milled	US dollars/tonne	61	61	55
Mine operating cash cost per equivalent ounce	US dollars/ounce	1,225	1,200	1,056