Majestic GOLD Corp. Reports 2024 Q1 Results
MAJESTIC GOLD CORP. REPORTS 2024 Q1 RESULTS
Vancouver, British Columbia – May 23, 2024 - Majestic Gold Corp. (“Majestic” or the “Company”)
(TSX.V: MJS, FSE: A0BK1D) reports its financial and operational results for the three months ended March
31, 2024. The following financial results are expressed in US dollars unless otherwise stated.
OPERATIONAL HIGHLIGHTS
Three months ended March 31, 2024
• Revenue was $15.6 million, compared to $14 million for FY2023 comparative period. The 11.4% increase
in revenue for the current period can be attributed to the higher realized gold price;
• Gross profit from mining operations increased by 17.5% to $8.3 million, from $7.1 million for FY2023
comparative period;
• Net income was a $5.1 million, an increase of 27.6% from $4 million for FY2023 comparative period;
• Gold production was 7,942 ounces, a decrease of 2.3% from 8,127 ounces produced for FY2023
comparative period;
• Cash flow from operating activities decreased by 78% to $1.4 million, from $6.3 million for FY2023
comparative period. The decrease for the current period is primarily due to an increase of payment amounts
for income tax and accounts payable over the FY2023 comparative period;
• Strong financial position at March 31, 2024. The Company had cash of $97.5 million (December 31, 2023
- $98 million) and working capital of $81.2 million (December 31, 2023 - $76.5 million);
• Total cash costs and all-in sustaining costs (“AISC”) for the first quarter of FY2024 were $743 per ounce
and $920 per ounce, compared to $730 per ounce and $845 per ounce for FY2023 comparative period. For
AISC computation details, refer to pages 15-17 of the MD&A for this Non-IFRS financial measure;
• Adjusted EBITDA for the first quarter of FY2024 was $8.6 million, compared to $7.5 million for FY2023
comparative period. For EBITDA computation details, refer to pages 15- 17 of the MD&A for this Non-
IFRS financial measure.
306 - 1688 152nd Street
Surrey, British Columbia
Canada, V4A 4N2
Telephone: 604-560-9060
Facsimile: 604-560-9062
Email: [email protected]
SELECTED FINANCIAL AND OPERATING RESULTS
Three months ended
March 31, 2024
Three months ended
March 31, 2023
Operating data
Gold produced (ozs) 7,942 8,127
Gold realized net of smelting fees (ozs) 7,087 7,415
Gold sold (ozs) 7,301 7,429
Average realized gold price ($/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 $ 187,230,603
(1) See “Additional Financial Measures” in the Company’s MD&A on pages 15-17.
(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 , 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