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Majestic Gold Corp. Reports 2024 Q1 Results

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stockhouse.com

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newsblast@stockhouse.com

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Fri, May 24, 2024 01:45 PM

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Currently focused in China, Majestic Gold Corp. is a British Columbia based company engaged in comme

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 ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌   [Open in your browser](  [News Blast]   [Logo] ---------------------------------------------------------------  [Majestic Gold Corp.]  Press Release - 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 incomewas 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. SELECTED FINANCIAL AND OPERATING RESULTS 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: info@majesticgold.com 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 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 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  Click here to visit the [Majestic Gold Corp.]( website  --------------------------------------------------------------- The Information in a Stockhouse Publishing Ltd. Stockhouse News Blast is a paid advertisement and is for the viewers information only. The corporate information is purely and solely the responsibility of Majestic Gold Corp. and it is neither commented upon, researched, or in any manner the responsibility of Stockhouse Publishing Ltd., whose only function is as a supplier of media facilities. Any information provided by the advertisers of Stockhouse Publishing Ltd., through its media services, is not to be construed as a recommendation or suggestion or offer to buy or sell securities but is provided purely as an informational media service. Stockhouse Publishing Ltd. makes no warranties or undertakings as to the accuracy or completeness of this information. All due diligence should be done by the reader or their financial advisor. Investing in securities is speculative and carries risk. Persons who wish to buy or sell securities should only do so at their own risk and in consultation with their registered securities advisers.  [Join The Conversation]( ---------------------------------------------------------------  [stockhouse]( Stockhouse Publishing Ltd. 1100 – 609 West Hastings Street | Vancouver | BC | V6B 4W4 | CA [Unsubscribe]( | [Manage Preferences]( [Facebook]( [Twitter]( [LinkedIn]( This email was sent to you by Stockhouse Publishing Ltd. because you consented to receive messages from us. You may manage your subscription preferences at any time. You may contact our email compliance officer at compliance@stockhouse.com Â

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