Majestic GOLD Corp. Reports 2022 Q1 Results
MAJESTIC GOLD CORP. REPORTS 2022 Q1 RESULTS
Vancouver, British Columbia – May 12, 2022 - Majestic Gold Corp. (“Majestic” or the “Company”)
(TSX.V: MJS) reports its financial and operational results for the first quarter ended March 31, 2022. The
following financial results are expressed in US dollars unless otherwise stated.
This release should be read in conjunction with the Company’s unaudited condensed consolidated interim
financial statements for the quarter end March 31, 2022 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.
PERFORMANCE HIGHLIGHTS
Three months ended March 31, 2022
• Gold production increased by 94% to 10,071 ounces, from 5,203 ounces produced for the FY2021
comparative period;
• Gold revenue was $17 million, an increase of 194% from $5.8 million for the FY2021 comparative period;
• Gross profit from mining operations increased by 194% to $9.3 million, from $3.2 million for the FY2021
comparative period;
• Net income was $5.4 million, an increase of 15% from $4.7 million for the FY2021 comparative period;
• Adjusted EBITDA was $9.5 million, compared to $3.5 million for the same period in FY2021. For
EBITDA computation details, refer to pages 14-16 of the MD&A for this Non-IFRS financial measure;
• Total cash costs and all-in sustaining costs (“AISC”) were $659 per ounce and $813 per ounce, compared
to $450 per ounce and $758 per ounce for the same period in FY2021; For AISC computation details, refer
to pages 14-16 of the MD&A for this Non-IFRS financial measure;
• On March 30, 2022, the Company announced that its 94% owned subsidiary, SINOGOLD Resources
Holdings Group Co., Ltd. ("Sinogold") has submitted its application for listing of shares in the capital of
Sinogold (the "Shares") on the Main Board of The Stock Exchange of Hong Kong Limited (the "HKEX")
concurrent with the proposed initial public offering of newly issued Shares of Sinogold representing 25%
of its total issued and outstanding Shares upon successful listing of the Shares;
• On May 2, 2022, the Company announced results from its geochemical sampling program at its Australian
tenements, confirming a northwest trending lithium anomaly coincident with elevated rubidium and
potassium in the southwestern portion of the grid. The Company intends to follow up this program with a
phase 2 program consisting of closer spaced grid geochemical sampling and a ground magnetometer survey
in order to better define targets for a possible phase one drill program.
306 - 1688 152nd Street
Surrey, British Columbia
Canada, V4A 4N2
Telephone: 604-560-9060
Facsimile: 604-560-9062
Email: [email protected]
FINANCIAL INFORMATION
Three months ended
March 31, 2022
Three months ended
March 31, 2021
Operating data
Gold produced (ozs)
10,071
5,203
Gold realized net of smelting fees (ozs)
9,168
4,802
Gold sold (ozs)
9,185
3,030
Average realized gold price ($/oz sold) $ 1,847 $ 1,904
Total cash costs ($/oz sold) (1)
659
450
Total production costs ($/oz sold) (1) 830 857
All-in sustaining costs per ounce ($/oz sold) (1) 813 758
Financial data
Gold revenues $ 16,966,985 $ 5,770,486
Gross profit (2)
9,343,917
3,174,867
Adjusted EBITDA (1) 9,524,776 3,535,653
Net income 5,417,860 4,706,643
Net income attributable to shareholders
3,477,452
3,272,458
Basic and diluted income per share
0.01
0.00
March 31,
2022
December 31,
2021
Balance Sheet
Cash and cash equivalents $ 42,073,176 $ 34,867,831
Total assets
134,969,306
128,037,022
Total current liabilities 25,456,090
24,764,929
(1) See “Additional Financial Measures” in the Company’s MD&A on pages 14-16.
(2) “Gross profit” represents total revenues, net of cost of goods sold.
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, China 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 operations. Information inferred from the interpretation of drilling results and information
concerning mineral resource estimates may also be deemed to b e 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 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 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