Majestic GOLD Corp. Reports 2024 Q3 Results with USD$52M IN Revenue and USD$16.9M IN Net Income FOR the First NINE Months of 2024
MAJESTIC GOLD CORP. REPORTS 2024 Q3 RESULTS WITH USD$52M IN REVENUE
AND USD$16.9M IN NET INCOME FOR THE FIRST NINE MONTHS OF 2024
Vancouver, British Columbia – November 29, 2024 - Majestic Gold Corp. (“Majestic” or the “Company”)
(TSX.V: MJS) reports its financial and operational results for the nine months ended September 30, 2024. The
following financial results are expressed in US dollars unless otherwise stated.
2024 THIRD QUARTER FINANCIAL AND OPERATIONAL HIGHLIGHTS
• Revenue was $18.3 million for the third quarter of 2024, an increase of 49.9% over the same period in FY2023;
• Gross profit from mining operations was $9.5 million for the third quarter of 2024, an increase of 69.0% over
the same period in FY2023;
• Net income was $5.8 million for the third quarter of 2024, an increase of 91.6% over the same period in FY2023;
• The Company paid its first dividend of CAD$0.007 per share on October 11, 2024, for a total dividend payout
of CAD$7.3 million, representing a yield of approximately 10.76% at the time declared;
• Gold production was 7,963 ounces, an increase of 20.1% from 6,631 ounces produced for the same period in
FY2023;
• As announced on November 25, 2024, the Company, through its subsidiary, Persistence Resources Group Ltd,
entered into a Share Purchase and Capital Increase Agreement to acquire 52% equity interest in Yantai City
Mujin Mining Company Limited and the Muping Gold Project;
• The Company completed phase one of its drill program, for a total of 10 drill holes for approximately 2,000
metres of drilling. The second phase will include up to an additional 17 drill holes for 7,700 metres of drilling,
and is scheduled to be completed by the end of FY2024. Drills results will be used for upgrading the Songjiagou
Gold Mine Mineral Reserves; and
• Persistence Resources Group Ltd (HKEX:02489), the Company’s 70.5% owned subsidiary, had a closing share
price of HKD$0.78(CAD$0.135) for a market capitalization of HKD$1.56B (CAD$271M)
2024 NINE MONTHS FINANCIAL AND OPERATIONAL HIGHLIGHTS
• Revenue was $52 million, an increase of $11.2 million or 27.4%, over the FY2023 comparative period;
• Gross profit from mining operations was $27.6 million, an increase of $8.4 million or 43.5% over the FY2023
comparative period;
• Net income was $16.9 million, an increase of $6.6 million or 63.6% over the FY2023 comparative period;
• Strong financial position at September 30, 2024. The Company had a cash balance of $102.4 million and
working capital of $88.5 million;
• Gold production was 24,170 ounces , an increase of 4.2% from 23,206 ounces produced for the FY2023
comparative period;
• Total cash costs and all-in sustaining costs (“AISC”) for the nine months ended September 30, 2024 were
$841 per ounce and $1,007 per ounce respectively, compared to $794 per ounce and $925 per ounce for the
FY2023 comparative period. For AISC computation details, refer to pages 15-17 of the MD&A for this Non -
IFRS financial measure.
306 - 1688 152nd Street
Surrey, British Columbia
Canada, V4A 4N2
Telephone: 604-560-9060
Facsimile: 604-560-9062
Email: [email protected]
SELECTED THIRD QUARTER AND NINE MONTHS FINANCIAL AND OPERATING RESULTS
Three months ended September 30, Nine months ended September 30,
2024 2023 2024 2023
Operating data
Gold produced (ozs) 7,963 6,631 24,170 23,206
Gold realized net of smelting fees
(ozs) 7,348 6,152 21,935 21,343
Gold sold (ozs) 7,333 6,143 22,256 21,194
Average realized gold price ($/oz sold) $ 2,477 $ 1,971 $ 2,309 $ 1,903
Total cash costs ($/oz sold) (1) 952 845 841 794
All-in sustaining costs ($/oz sold) (1) 1,107 1,019 1,007 925
Financial data
Total revenues $ 18,348,545 $ 12,236,549 $ 51,965,823 $ 40,796,173
Gross profit (2) 9,507,167 5,626,431 27,557,698 19,203,852
Adjusted EBITDA (1) 9,812,228 5,716,919 28,702,449 19,933,646
Net income 5,773,370 3,012,848 16,862,618 10,305,153
Net income attributable to
shareholders 3,049,255 2,024,788 8,583,919 6,743,843
Basic and diluted gain per share 0.00 0.00 0.01 0.01
September 30, December 31,
2024 2023
Balance Sheet
Cash $ 102,365,108 $ 97,971,465
Other current assets 6,343,295 4,358,471
Non-current assets 85,925,304 84,900,667
Total assets $ 194,633,707 $ 187,230,603
Current liabilities $ 20,237,497 $ 25,873,002
Non-current liabilities 9,126,086 9,056,236
Total liabilities $ 29,363,583 $ 34,929,238
Total equity 165,270,124 152,301,365
Total liabilities and equity $ 194,633,707 $ 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
Majestic Gold Corp. , a British Columbia based company , is a low -cost junior gold producer engaged in
commercial gold production at the Songjiagou Gold Mine in eastern Shandong Province, China . 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
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
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 d rilling 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 forwar d‐
looking statements to conform these statements to actual results.