Majestic GOLD Corp. Reports 2024 Q2 Results

MAJESTIC GOLD CORP. REPORTS 2024 Q2 RESULTS

Vancouver, British Columbia – August 29, 2024 - Majestic Gold Corp. (“Majestic” or the “Company”)

(TSX.V: MJS, FSE: A0BK1D) reports its financial and operational results for the six months ended June 30,

2024. The following financial results are expressed in US dollars unless otherwise stated.

OPERATIONAL HIGHLIGHTS

Six months ended June 30, 2024 and post period

• Revenue increased by 17.7% to $33.6 million, compared to $28.6 million for the FY2023 comparative

period. The increase in revenue for the current period was primarily due to the higher average realized gold

price;

• Gross profit from mining operations increased by 32.9% to $18.1 million, compared to $13.6 million for

the FY2023 comparative period;

• Net income increased by 52.1% to $11.1 million, a $3.8 million increase over the FY2023 comparative

period;

• Gold production was 16,207 ounces , a decrease of 2.2% from 16,575 ounces produced for the FY2023

comparative period;

• Net earnings attributable to shareholders from continuing operations increased by 17.5% to $5.5 million

compared to $4.7 million for the FY2023 comparative period;

• Net cash generated from operating activities from continuing operations decreased by 23.5% to $11.6

million, from $15.2 million for the FY2023 comparative period. The decrease for the current period is

primarily due to an increase of income tax payments and accounts payable over the FY2023 comparative

period;

• Strong financial position at June 30, 2024. The Company had a cash balance of $103.9 million (December

31, 2023 - $98 million) and working capital of $86.3 million (December 31, 2023 - $76.5 million);

• Total cash costs and all-in sustaining costs (“AISC”) for the six months ended June 30, 2024 were $787

per ounce and $957 per ounce respectively, compared to $774 per ounce and $886 per ounce for the

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 six months ended June 30, 2024 was $18.9 million, compared to $14.2 million

for FY2023 comparative period. For EBITDA computation details, refer to pages 15-17 of the MD&A for

this Non-IFRS financial measure;

• In August, 2024, the Company’s board approved a special dividend of CAD$0.007 per common share,

payable on October 11, 2024 to the Shareholders of record at the close of business on September 27, 2024.

This special dividend represents an estimated yield of approximately 10.76%.

• Production outlook for 2024 remains consistent with the Company’s 2024 annual production guidance of

34k ounces with production weighted to the second half of FY2024;

• In June 2024, the Company made an equity investment in Allied Critical Metals Corp. of CAD$250,000.

306 - 1688 152nd Street

Surrey, British Columbia

Canada, V4A 4N2

Telephone: 604-560-9060

Facsimile: 604-560-9062

Email: [email protected]

SELECTED QUARTERLY AND FULL YEAR FINANCIAL AND OPERATING RESULTS

Three months ended June 30, Six months ended June 30,

2024 2023 2024 2023

Operating data

Gold produced (ozs) 8,265 8,448 16,207

16,575

Gold realized net of smelting fees (ozs) 7,500 7,776 14,587

15,191

Gold sold (ozs) 7,622 7,622 14,923

15,051

Average realized gold price ($/oz sold) $ 2,342 $ 1,891 $ 2,227

$ 1,875

Total cash costs ($/oz sold) (1) 830 817 787

774

All-in sustaining costs ($/oz sold) (1) 993 926 957 886

Financial data

Gold revenue $ 18,053,618 $ 14,591,796 $ 33,617,278

$ 28,559,624

Gross profit (2) 9,764,514 6,527,144 18,050,531

13,577,421

Adjusted EBITDA (1) 10,257,642 6,739,066 18,890,221 14,216,727

Net income 5,948,405 3,263,943 11,089,248 7,292,305

Net income attributable to shareholders 2,894,223 2,053,805 5,534,664

4,710,055

Basic and diluted income per share 0.00 0.00 0.01

0.00

June 30,

2024

December 31,

2023

Balance Sheet

Cash

$ 103,932,757

$ 97,971,465

Other current assets 5,796,931 4,358,471

Non-current assets

85,376,505

84,900,667

Total assets $ 195,106,193 $ 187,230,603

Current liabilities $ 23,437,646 $ 25,873,002

Non-current liabilities

9,423,689

9,056,236

Total liabilities $ 32,861,335 $ 34,929,238

Total equity 162,244,858 152,301,365

Total liabilities and equity $ 195,106,193 $ 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