(TheNewswire)
Vancouver, British Columbia – May 23, 2024 – TheNewswire – Majestic Gold Corp. (“Majestic” or the “Company”) (TSX.V: MJS, FSE: A0BK1D)reports its financial and operational results for the three monthsended March 31, 2024. The following financial results are expressed inUS dollars unless otherwise stated.
Three months endedMarch 31, 2024
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Revenue was $15.6 million, compared to $14million for FY2023 comparative period. The 11.4% increase in revenuefor the current period can be attributed to the higher realized goldprice;
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Grossprofit from mining operations increased by 17.5%to $8.3 million, from $7.1 million for FY2023 comparativeperiod;
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Netincome was a $5.1 million, an increase of 27.6%from $4 million for FY2023 comparative period
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Goldproduction was 7,942 ounces, a decrease of 2.3%from 8,127 ounces produced for FY2023 comparative period;
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Cash flow fromoperating activities decreased by 78% to $1.4million, from $6.3 million for FY2023 comparative period. The decreasefor the current period is primarily due to an increase of paymentamounts for income tax and accounts payable over the FY2023comparative period;
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Strong financial position at March 31, 2024. The Company hadcash of $97.5 million (December 31, 2023 - $98 million) and workingcapital of $81.2 million (December 31, 2023 - $76.5 million);
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Total cash costsand all-in sustaining costs (“AISC”) for the first quarter of FY2024were $743 per ounce and $920 per ounce, compared to $730 per ounce and$845 per ounce for FY2023 comparative period. For AISC computationdetails, refer to pages 15-17 of the MDA for this Non-IFRS financialmeasure;
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AdjustedEBITDA for the first quarter of FY2024 was $8.6million, compared to $7.5 million for FY2023 comparative period. ForEBITDA computation details, refer to pages 15-17 of the MDA for thisNon-IFRS financial measure.
SELECTED FINANCIAL AND OPERATINGRESULTS
Three months ended March 31, 2024 | Three months ended March 31, 2023 | |||
Operating data | ||||
Gold produced (ozs) | 7,942 | 8,127 | ||
Gold realized net of smelting fees (ozs) | 7,087 | 7,415 | ||
Gold sold (ozs) | 7,301 | 7,429 | ||
Average realized gold price ($/oz sold) | $ | 2,107 | $ | 1,858 |
Total cash costs ($/oz sold) (1) | 743 | 730 | ||
All-in sustaining costs ($/oz sold) (1) | 920 | 845 | ||
Financial data | ||||
Gold revenue | $ | 15,563,660 | $ | 13,967,828 |
Gross profit (2) | 8,286,017 | 7,050,277 | ||
Adjusted EBITDA (1) | 8,632,579 | 7,477,661 | ||
Net income | 5,140,843 | 4,028,362 | ||
Net income attributable to shareholders | 2,640,441 | 2,656,250 | ||
Basic and diluted income per share | 0.00 | 0.00 | ||
Balance Sheet | March 31, 2024 | December 31,2023 | ||
Cash | $ | 97,490,273 | $ | 97,971,465 |
Other current assets | 6,177,381 | 4,358,471 | ||
Non-current assets | 84,647,338 | 84,900,667 | ||
Total assets | $ | 188,314,992 | $ | 187,230,603 |
Current liabilities | $ | 22,438,755 | $ | 25,873,002 |
Non-current liabilities | 9,007,354 | 9,056,236 | ||
Total liabilities | $ | 31,446,109 | $ | 34,929,238 |
Total equity | 156,868,883 | 152,301,365 | ||
Total liabilities and equity | $ | 188,314,992 | $ |
1) See “Additional FinancialMeasures” in the Company’s MD&A on pages 15-17.
2) “Gross profit” representstotal revenues, net of cost of goods sold.
About Majestic Gold
Currently focused in China, Majestic Gold Corp. is a BritishColumbia based company engaged in commercial gold production at theSongjiagou Gold Mine in eastern Shandong Province, China, withexploration properties located in Australia, and Canada. Additionalinformation on the Company and its projects is available at www.sedarplus.ca and on theCompany’s website at www.majesticgold.com .
Forfurther information, please contact:
James Mackie, CFO and CorporateSecretary
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?lookingstatements are statements which relate to future events. Suchstatements include estimates, forecasts, and statements as tomanagement'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 directionof our business, actual results will almost always vary, sometimesmaterially, from any estimates, predictions, projections, assumptions,or 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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