Majestic GOLD Corp. Announces 2023 Annual Results

MAJESTIC GOLD CORP. ANNOUNCES 2023 ANNUAL RESULTS

Vancouver, British Columbia – March 28, 2024 - Majestic Gold Corp. (“Majestic” or the “Company”)

(TSX.V: MJS, FSE: A0BK1D) announces its financial and operational results for the year ended December

31, 2023. The following financial results are expressed in US dollars unless otherwise stated.

FULL YEAR HIGHLIGHTS

• Gold production was 30,837 ounces for FY2023, a decrease of 18% from 37,641 ounces produced for

FY2022. FY2023 gold production was lower due to the expansion work at the SJG open pit, resulting in

both lower gold grades and mining volume for the year. Gold production in FY2022 was a record high as

the Company achieved a new high in mill throughput of 2 million tonnes for the year;

• Revenue was $55 million for FY2023, compared to $63.5 million for FY2022. The decrease in revenue is

primarily attributed to the 20% decrease in gold sales in FY2023;

• Gross profit from mining operations decreased by 22% to $26.6 million in FY2023, from $33.9 million for

FY2022;

• Net income was a $12.2 million for FY2023, a decrease of 30% from $17.4 million for FY2022;

• Cash flow from operating activities decreased by 19% to $24.5 million, from $30.3 million for FY2022;

• Strong financial position at December 31, 2023. The Company had cash of $98 million (FY2022 cash and

short-term investments - $52.7 million) and working capital of $76.5 million (FY2022 - $36.4 million);

• Total cash costs and all -in sustaining costs (“AISC”) for FY2023 were $793 per ounce and $947 per

ounce, compared to $657 per ounce and $751 per ounce for FY2022. For AISC computation details, refer

to pages 16-18 of the MD&A for this Non-IFRS financial measure;

• Adjusted EBITDA for FY2023 was $25.4 million, compared to $35 million for FY2022. For EBITDA

computation details, refer to pages 16-18 of the MD&A for this Non-IFRS financial measure; and

• On December 22, 2023, the Company successfully completed an initial public offering of 25% of the

shares of its subsidiary, Persistence Resources Group Ltd. (“Persistence”), on the Main Board of The Stock

Exchange of Hong Kong Limited (the "HKEX").

FOURTH QUARTER HIGHLIGHTS

• Gold production decreased by 5% to 7,543 ounces, from 7,924 ounces produced for the FY2022

comparative quarter;

• Revenue was $14.2 million, an increase of 9% from $13 million for the FY2022 comparative quarter;

• Gross profit from mining operations increased by 32% to $7.4 million, from $5.6 million for the FY2022

comparative quarter;

• Net income was $1.9 million, an increase from $1 million for the FY2022 comparative quarter;

306 - 1688 152nd Street

Surrey, British Columbia

Canada, V4A 4N2

Telephone: 604-560-9060

Facsimile: 604-560-9062

Email: [email protected]

• Total cash costs and all -in sustaining costs (“AISC”) were $787 per ounce and $1,018 per ounce,

compared to $757 per ounce and $862 per ounce for the same quarter in FY2022; For AISC computation

details, refer to pages 16-18 of the MD&A for this Non-IFRS financial measure; and

• Adjusted EBITDA was $5.5 million, compared to $5.2 million for the same quarter in FY2022. For

EBITDA computation details, refer to pages 16-18 of the MD&A for this Non-IFRS financial measure.

SELECTED QUARTERLY AND FULL YEAR FINANCIAL AND OPERATING RESULTS

Three months ended December 31, Year ended December 31,

2023 2022 2023 2022

Operating data

Gold produced (ozs) 7,543 7,924 30,837

37,641

Gold realized net of smelting fees (ozs) 6,941 7,251 28,366

34,481

Gold sold (ozs) 6,850 7,589 28,044

34,880

Average realized gold price ($/oz sold) $ 2,047 $ 1,680 $ 1,938

$ 1,775

Total cash costs ($/oz sold) (1) 787 757 793

657

All-in sustaining costs ($/oz sold) (1) 1,018 862 947 751

Financial data

Gold revenue $ 14,229,019 $ 12,972,456 $ 55,025,192

$ 63,474,357

Gross profit (2) 7,368,443 5,643,433 26,572,295

33,881,688

Adjusted EBITDA (1) 5,487,055 5,246,464 25,420,701 34,909,463

Net income 1,924,245 1,024,694 12,229,398 17,422,560

Net income attributable to shareholders 822,986 181,940 7,557,829

11,078,664

Basic and diluted income per share 0.00 0.00 0.01

0.01

December 31,

2023

December 31,

2022

Balance Sheet

Cash and short-term investments

$ 97,971,465

$ 52,745,546

Other current assets 4,358,471 4,691,848

Non-current assets

84,900,667

82,168,555

Total assets $ 187,230,603 $ 139,605,949

Current liabilities $ 25,873,002 $ 21,059,237

Non-current liabilities

9,056,236

9,213,308

Total liabilities $ 34,929,238 $ 30,272,545

Total equity 152,301,365 109,333,404

Total liabilities and equity $ 187,230,603 $ 139,605,949

(1) See “Additional Financial Measures” in the Company’s MD&A on pages 16-18.

(2) “Gross profit” represents total revenues, net of cost of goods sold.

This release should be read in conjunction with the Company’s audited consolidated financial statements for

the years ended December 31, 2023 and 2022 and associated Management Discussion and Analysis

(“MD&A”) which are available on SEDAR www.sedarplus.c a and on the Company’s website

www.majesticgold.com.

About Majestic Gold

Currently focused in China, Majestic Gold Corp. is a British Columbia based company engaged in commercial

gold production at the Songjiagou Gold Mine in eastern Shandong Province, China, with exploration properties

located in Australia , and Canada . Additional information on the Company and its projects is available at

www.sedarplus.ca and on the Company’s website at www.majesticgold.com.

For further information, please contact:

James Mackie, CFO and Corporate Secretary

Telephone: (604) 560-9060

Email: [email protected]

Website: www.majesticgold.com

Cautionary Notes

Certain statements contained herein may constitute forward‐looking statements and are made pursuant to the "safe

harbor" provisions of the United States Private Securities Litigation Reform Act of 1995 and Canadian securities laws.

Forward‐looking statemen ts are statements which relate to future events. Such statements include estimates,

forecasts, and statements as to management's expectations with respect to, among other things, business and

financial prospects, financial multiples and accretion estimates , future trends, plans, strategies, objectives, and

expectations, including with respect to production, exploration drilling, reserves and resources, exploitation activities

and events or future operations. Information inferred from the interpretation of drilling results and information

concerning mineral resource estimates may also be deemed to be forward ‐looking statements, as it constitutes a

prediction of what might be found to be present when, and if, a project is actually developed.

In some cases, you can identify forward‐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. These statements are only predictions and involve known and unknown risks, uncertainties

and other factors that may cause our or our industry's actual results, level of activity, performance, or achievements

to be materially different from any future r esults, levels of activity, performance, or achievements expressed or

implied by these forward‐looking statements.

While these forward‐looking statements, and any assumptions upon which they are based, are made in good faith,

and reflect our current judgment regarding the direction of our business, actual results will almost always vary,

sometimes materially, from any estimates, predictions, projections, assumptions, or other future performance

suggestions herein. Except as required by applicable law, Majestic Gold does not intend to update any forward‐

looking statements to conform these statements to actual results