Majestic GOLD Corp. Reports 2023 Q3 Results
MAJESTIC GOLD CORP. REPORTS 2023 Q3 RESULTS
Vancouver, British Columbia – November 28, 2023 - Majestic Gold Corp. (“Majestic” or the “Company”)
(TSX.V: MJS) reports its financial and operational results for the nine months ended September 30, 2023.
The following financial results are expressed in US dollars unless otherwise stated.
PERFORMANCE HIGHLIGHTS
Nine months ended September 30, 2023
• Gold production was 23,206 ounces, compared to 29,717 ounces produced for the FY2022 comparative
period;
• Revenue was $40.8 million, compared to $50.5 million for the FY2022 comparative period;
• Gross profit from mining operations was $19.2 million, compared to $28.2 million for the FY2022
comparative period;
• Net income was $10.3 million, compared to $16.4 million for the FY2022 comparative period;
• Cash flow from operating activities, excluding changes in non -cash working capital was $19 million,
compared to $25.3 million for the FY2022 comparative period. For computation details, refer to pages 13-
15 of the MD&A for this Non-IFRS financial measure;
• Strong financial position at September 30, 2023. The Company had cash 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);
• Total cash costs and all -in sustaining costs (“AISC”) for the nine-month period ended September 30,
2023, were $794 per ounce and $925 per ounce, compared to $629 per ounce and $720 per ounce for the
FY2022 comparative period. For AISC computation details, refer to pages 13- 15 of the MD&A for this
Non-IFRS financial measure;
• Adjusted EBITDA for the nine-month period ended September 30, 2023, was $19.9 million, compared to
$29.7 million for the FY2022 comparative period. For EBITDA computation details, refer to pages 13-15
of the MD&A for this Non-IFRS financial measure; and
• On November 22, 2023, the Company’s subsidiary Persistence Resources Group Ltd (“PRG”), filed a
renewal application to the Stock Exchange of Hong Kong Limited (the “HKEX”) for listing of its shares
on the Main Board of the HKEX. PRG, together with its sponsor and legal advisors continue progressing
through the HKEX listing application process with the HKEX and Hong Kong Securities and Futures
Commission to complete the proposed initial public offering of the shares of Persistence. The HKEX
renewal application document can be found at www.majesticgold.com/investors/hkex-application.
306 - 1688 152nd Street
Surrey, British Columbia
Canada, V4A 4N2
Telephone: 604-560-9060
Facsimile: 604-560-9062
Email: [email protected]
FINANCIAL INFORMATION
Three months ended September 30, Nine months ended September 30,
2023 2022 2023 2022
Operating data
Gold produced (ozs) 6,631 9,853 23,206 29,717
Gold realized net of smelting fees (ozs) 6,152 9,089 21,343 27,230
Gold sold (ozs) 6,143 9,024 21,194 27,291
Average realized gold price ($/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
(1) See “Additional Financial Measures” in the Company’s MD&A on pages 13-15.
(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 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 req uired by applicable law, Majestic Gold does not intend to update any forward‐
looking statements to conform these statements to actual results.