(TheNewswire)
Vancouver, B C - TheNewswire - April 28, 2023- Majestic GoldCorp. (“ Majestic ” or the “ Company ”) (TSX.V:MJS ) ( FSE:MJT) announces its financial and operational results for the yearended December 31, 2022. The following financial results are expressedin US dollars unless otherwise stated.
FULL YEAR HIGHLIGHTS
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Record goldproduction of 37,641 ounces for FY2022 (FY2021-19,955 ounces);
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Recordrevenue of $63.5 million for FY 2022 (FY2021 -$38.5 million);
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Record grossprofit from mining operations of $33.9 millionfor FY2022 (FY2021 - $21.7 million);
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Record net income of $17.4 million for FY2022 (FY2021 - $7.7million)
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Record cash flows from operating activities, excluding changes in non-cash working capital of $29.2 million for FY2022 (FY2021 - $16.5million) For computation details, refer to pages16-18 of the MDA for this Non-IFRS financial measure;
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Record AdjustedEBITDA was $35million for FY2022 (FY2021 - $17.3 million). ForEBITDA computation details, refer to pages 16-18 of the MDA for thisNon-IFRS financial measure;
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Strong financialposition at December 31, 2022. The Company hadcash and short-term investments of $52.7 million (FY2021 - $34.9million) and working capital of $36.4 million (FY2021 - $14.1million);
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Total cash costsand all-in sustaining costs “AISC”) of $657per ounce and $751 per ounce for FY2022 (FY2021 - $677 per ounce and$972 per ounce respectively). For AISC computation details, refer topages 16-18 of the MDA for this Non-IFRS financial measure.
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Goldproduction of 7,924 ounces for Q4 FY2022 (Q4FY2021 – 8,543 ounces);
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Goldrevenue of $14.3 million for Q4 FY2022 (Q4FY2021 - $14 million);
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Grossprofit of $5.6 million forQ4 FY2022 (Q4 FY2021 - $9 million);
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Netincome of $1 million for Q4FY2022 (Q4 FY2021 - $146,728);
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AdjustedEBITDA was $6.6 million for Q4 FY2022 (Q4 FY2021- $6.6 million).;
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Total cash costsand all-in sustaining costs (“AISC”) of $757per ounce and $862 per ounce for Q4 FY2022 (Q4 FY2021 - $607 per ounceand $924 per ounce respectively);
Three months ended December 31, | Year ended December 31, | |||||||
2022 | 2021 | 2022 | 2021 | |||||
Operating data | ||||||||
Gold produced (ozs) | 7,924 | 8,543 | 37,641 | 19,955 | ||||
Gold realized net of smelting fees (ozs) | 7,251 | 8,188 | 34,481 | 18,549 | ||||
Gold sold (ozs) | 7,589 | 7,617 | 34,880 | 20,753 | ||||
Average realized gold price ($/oz sold) | $1,856 | $ 1,844 | $ 1,775 | $ 1,853 | ||||
Total cash costs ($/oz sold) (1) | 757 | 607 | 657 | 677 | ||||
Total production costs ($/oz sold) (1) | 966 | 657 | 848 | 806 | ||||
All-in sustaining costs ($/oz sold) (1) | 862 | 924 | 751 | 972 | ||||
Financial data | ||||||||
Gold revenue | $12,972,456 | $ 14,045,604 | $ 63,474,357 | $ 38,445,273 | ||||
Gross profit (2) | 5,643,433 | 9,041,628 | 33,881,688 | 21,714,245 | ||||
Adjusted EBITDA (1) | 6,580,158 | 6,627,166 | 34,909,463 | 17,280,458 | ||||
Net income | 1,024,694 | (146,728) | 17,422,560 | 7,717,662 | ||||
Net income attributable to shareholders | 181,940 | (811,045) | 11,078,664 | 4,508,586 | ||||
Basic and diluted income per share | 0.00 | (0.00) | 0.01 | 0.01 | ||||
December 31, 2022 | December 31, 2021 | |||||||
Balance Sheet | ||||||||
Cash | $45,362,546 | $ 34,867,831 | ||||||
Total assets | 139,605,949 | 128,037,022 | ||||||
Total current liabilities | 21,059,237 | 24,764,929 |
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(1) See “Additional FinancialMeasures” in the Company’s MDA on pages 16-18.
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(2) “Gross profit” representstotal revenues, net of cost of goods sold.
This release should be read in conjunction with theCompany’s audited consolidated financial statements for the yearsended December 31, 2022 and 2021 and associated Management Discussionand Analysis (“MD&A”) which are available on SEDAR www.sedar.com and on theCompany’s website www.majesticgold.com .
About Majestic Gold
Currently focused inChina, Majestic Gold Corp. is a British Columbia based company engagedin commercial gold production at the Songjiagou Gold Mine in easternShandong Province, China, with exploration properties located inAustralia, and Canada. Additional information on the Company and itsprojects is available at www.sedar.com and on theCompany’s website at www.majesticgold.com .
For further information, pleasecontact:
Stephen Kenwood, P.Geo. , President and CEO
Telephone: (604) 560-9060
Email: info@majesticgold.com
Website: www.majesticgold.com
Cautionary Notes
Certain statements contained hereinmay constitute forward?looking statements and are made pursuant tothe "safe harbor" provisions of the United States PrivateSecurities Litigation Reform Act of 1995 and Canadian securities laws.Forward?looking statements are statements which relate to futureevents. Such statements include estimates, forecasts and statements asto management's expectations with respect to, among other things,business and financial prospects, financial multiples and accretionestimates, future trends, plans, strategies, objectives andexpectations, including with respect to production, explorationdrilling, reserves and resources, exploitation activities and eventsor future operations. Information inferred from the interpretation ofdrilling results and information concerning mineral resource estimatesmay also be deemed to be forward-looking statements, as it constitutesa prediction of what might be found to be present when, and if, aproject is actually developed.
In some cases, you can identifyforward?looking statements by terminology such as "may","should", "expects", "plans,"anticipates", believes", "estimates","predicts", "potential", or "continue"or the negative of these terms or other comparable terminology. Thesestatements are only predictions and involve known and unknown risks,uncertainties and other factors that may cause our or our industry'sactual results, level of activity, performance or achievements to bematerially different from any future results, levels of activity,performance, or achievements expressed or implied by theseforward?looking statements.
While these forward?lookingstatements, and any assumptions upon which they are based, are made ingood faith and reflect our current judgment regarding the direction ofour business, actual results will almost always vary, sometimesmaterially, from any estimates, predictions, projections, assumptionsor other future performance suggestions herein. Except as required byapplicable law, Majestic Gold does not intend to update anyforward?looking statements to conform these statements to actualresults
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