Majestic GOLD Corp. Announces Record 2022 Annual Results
MAJESTIC GOLD CORP. ANNOUNCES RECORD 2022 ANNUAL RESULTS
Vancouver, British Columbia – April 28, 2023 - Majestic Gold Corp. (“Majestic” or the “Company”)
(TSX.V: MJS, FSE: MJT ) announces its financial and operational results for the year ended December 31 ,
2022. The following financial results are expressed in US dollars unless otherwise stated.
FULL YEAR HIGHLIGHTS
• Record gold production of 37,641 ounces for FY2022 (FY2021- 19,955 ounces);
• Record revenue of $63.5 million for FY 2022 (FY2021 - $38.5 million);
• Record gross profit from mining operations of $33.9 million for FY2022 (FY2021 - $21.7 million);
• Record net income of $17.4 million for FY2022 (FY2021 - $7.7 million);
• Record cash flows from operating activities , excluding changes in non- cash working capital of $29.2
million for FY2022 (FY2021 - $16.5 million) For computation details, refer to pages 16-18 of the MD&A
for this Non-IFRS financial measure;
• Record Adjusted EBITDA was $ 35 million for FY2022 (FY2021 - $17.3 million) . For EBITDA
computation details, refer to pages 16-18 of the MD&A for this Non-IFRS financial measure;
• Strong financial position at December 31, 2022. The Company had cash and short -term investments of
$52.7 million (FY2021 - $34.9 million) and working capital of $36.4 million (FY2021 - $14.1 million);
• Total cash costs and all-in sustaining costs (“AISC”) of $657 per ounce and $751 per ounce for FY2022
(FY2021 - $677 per ounce and $972 per ounce respectively). For AISC computation details, refer to pages
16-18 of the MD&A for this Non-IFRS financial measure.
FOURTH QUARTER HIGHLIGHTS
• Gold production of 7,924 ounces for Q4 FY2022 (Q4 FY2021 – 8,543 ounces);
• Gold revenue of $14.3 million for Q4 FY2022 (Q4 FY2021 - $14 million);
• Gross profit of $5.6 million for Q4 FY2022 (Q4 FY2021 - $9 million);
• Net income of $1 million for Q4 FY2022 (Q4 FY2021 - $146,728);
• Adjusted EBITDA was $6.6 million for Q4 FY2022 (Q4 FY2021 - $6.6 million).;
• Total cash costs and all -in sustaining costs (“AISC”) of $ 757 per ounce and $862 per ounce for Q4
FY2022 (Q4 FY2021 - $607 per ounce and $924 per ounce respectively);
306 - 1688 152nd Street
Surrey, British Columbia
Canada, V4A 4N2
Telephone: 604-560-9060
Facsimile: 604-560-9062
Email: [email protected]
FINANCIAL INFORMATION
Three months ended December 31, Year ended December 31,
2022 2021 2022 2021
Operating data
Gold produced (ozs) 7,924 8,543 37,641
19,955
Gold realized net of smelting fees (ozs) 7,251 8,188 34,481
18,549
Gold sold (ozs) 7,589 7,617 34,880
20,753
Average realized gold price ($/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
(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, 2022 and 2021 and associated Management Discussion and Analysis
(“MD&A”) which are available on SEDAR www.sedar.com 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.sedar.com and on the Company’s website at www.majesticgold.com.
For further information, please contact:
Stephen Kenwood, P.Geo., President and CEO
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 statements 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 oper ations. 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 t hese 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 results, 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 go od 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. Excep t as required by applicable law, Majestic Gold does not intend to update any forward‐
looking statements to conform these statements to actual results