(TheNewswire)
Vancouver, British Columbia - TheNewswire - November 28, 2023 - Majestic Gold Corp. (“ Majestic ” or the“ Company ”) (TSX.V:MJS) reports itsfinancial and operational results for the nine months ended September30, 2023. The following financial results are expressed in USdollars unless otherwise stated.
Nine months ended September 30, 2023
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Gold production was 23,206ounces, compared to 29,717 ounces produced for the FY2022 comparativeperiod;
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Revenue was $40.8 million,compared to $50.5 million for the FY2022 comparative period
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Gross profit from miningoperations was $19.2 million, compared to $28.2 million for the FY2022comparative period
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Net income was $10.3 million,compared to $16.4 million for the FY2022 comparative period
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Cash flow from operating activities, excluding changesin non-cash working capital was $19 million,compared to $25.3 million for the FY2022 comparative period For computation details, referto pages 13-15 of the MDA for this Non-IFRS financialmeasure;
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Strong financial position at September 30, 2023. The Company hadcash and short-term investments of $63.3 million (December 31, 2022 -$52.7 million) and working capital of $43.8 million (December 31, 2022- $36.4 million);
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Total cash costs and all-in sustainingcosts (“AISC”) for the nine-month period ended September 30,2023, were $794 per ounce and $925 per ounce, compared to $629 perounce and $720 per ounce for the FY2022 comparative period . For AISC computation details,refer to pages 13-15 of the MDA for this Non-IFRS financial measure;
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Adjusted EBITDA for the nine-month period ended September 30, 2023, was $19.9million, compared to $29.7 million for the FY2022comparative period . For EBITDAcomputation details, refer to pages 13-15 of the MDA for this Non-IFRSfinancial measure; an
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On November 22, 2023, the Company’s subsidiaryPersistence Resources Group Ltd (“PRG”), filed a renewalapplication to the Stock Exchange of Hong Kong Limited (the“HKEX”) for listing of its shares on the Main Board of the HKEX.PRG, together with its sponsor and legal advisors continue progressingthrough the HKEX listing application process with the HKEX and HongKong Securities and Futures Commission to complete the proposedinitial public offering of the shares of Persistence. The HKEX renewalapplication document can be found at www.majesticgold.com/investors/hkex-application .
Three months ended September 30, | Nine months ended September 30, | |||||||
2023 | 2022 | 2023 | 2022 | |||||
Operating data | ||||||||
Gold produced (ozs) | 6,631 | 9,853 | 23,206 | 29,717 | ||||
Gold realized net of smelting fees (ozs) | 6,152 | 9,089 | 21,343 | 27,230 | ||||
Gold sold (ozs) | 6,143 | 9,024 | 21,194 | 27,291 | ||||
Average realized gold price ($/oz sold) | $ | 1,971 | $ | 1,747 | $ | 1,903 | $ | 1,802 |
Total cash costs ($/oz sold) (1) | 845 | 580 | 794 | 629 | ||||
Total production costs ($/oz sold) (1) | 1,076 | 763 | 1,019 | 816 | ||||
All-in sustaining costs ($/oz sold) (1) | 1,019 | 672 | 925 | 720 | ||||
Financial data | ||||||||
Total revenues | $ | 12,236,549 | $ | 16,044,230 | $ | 40,796,173 | $ | 50,501,901 |
Gross profit (2) | 5,626,431 | 9,158,949 | 19,203,852 | 28,238,255 | ||||
Adjusted EBITDA (1) | 5,716,919 | 9,681,212 | 19,933,646 | 29,662,999 | ||||
Net income | 3,012,848 | 5,135,207 | 10,305,153 | 16,397,866 | ||||
Net income attributable to shareholders | 2,024,788 | 3,394,308 | 6,734,843 | 10,896,724 | ||||
Basic and diluted gain per share | 0.00 | 0.00 | 0.01 | 0.01 | ||||
September 30, | December 31, | |||||||
2023 | 2022 | |||||||
Balance Sheet | ||||||||
Cash | $ | 55,865,802 | $ | 45,362,546 | ||||
Total assets | 150,114,924 | 139,605,949 | ||||||
Total current liabilities | 23,673,961 | 21,059,237 |
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(1) See “Additional FinancialMeasures” in the Company’s MDA on pages 13-15.
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(2) “Gross profit” representstotal revenues, net of cost of goods sold.
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, China, and Canada. Additional information on the Companyand its projects is available at www.sedar.com and on theCompany’s website at www.majesticgold.com .
For further information, please contact:
Stephen Kenwood, P.Geo. , President, and CEO
Telephone: (604) 560-9060
Email: info@majesticgold.com
Website: www.majesticgold.com
Cautionary Notes
Certain statements contained herein may constituteforward?looking statements and are made pursuant to the "safeharbor" provisions of the United States Private SecuritiesLitigation Reform Act of 1995 and Canadian securities laws.Forward?looking statements are statements which relate to futureevents. Such statements include estimates, forecasts, and statementsas to 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 identify forward?lookingstatements by terminology such as "may", "should","expects", "plans, "anticipates",believes", "estimates", "predicts","potential", or "continue" or the negative ofthese terms or other comparable terminology. These statements are onlypredictions and involve known and unknown risks, uncertainties andother factors that may cause our or our industry's actual results,level of activity, performance, or achievements to be materiallydifferent from any future results, levels of activity, performance, orachievements expressed or implied by these forward?lookingstatements.
While these forward?looking statements, and anyassumptions upon which they are based, are made in good faith, andreflect our current judgment regarding the direction of our business,actual results will almost always vary, sometimes materially, from anyestimates, predictions, projections, assumptions or other futureperformance suggestions herein. Except as required by applicable law,Majestic Gold does not intend to update any forward?lookingstatements to conform these statements to actual results.
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