Majestic Gold Corp. Announces 2023 Annual Results -March 28, 2024 at 09:32 am

(via TheNewswire)

–TheNewswire – – (“Majestic” or the “Company”) (TSX.V: MJS, FSE: A0BK1D) announces its financial and operational results for the year ended . The following financial results are expressed in US dollars unless otherwise stated.

FULL YEAR HIGHLIGHTS

• Gold productionwas 30,837 ouncesfor FY2023, adecrease of 18% from 37,641 ounces produced forFY2022. FY2023 gold production was lower due to the expansion work at the SJG open pit, resulting in both lower gold grades and mining volume for the year. Gold production in FY2022 was a record high as the Company achieved a new high in mill throughput of 2 million tonnes for the year; 

• Revenuewas for FY2023, compared to for FY2022. The decrease in revenue is primarily attributed to the 20% decrease in gold sales in FY2023; 

• Gross profitfrom mining operations decreased by 22% to in FY2023, from forFY2022 

• Net incomewas a for FY2023, a decrease of 30%from forFY2022; 

• Cash flow from operating activitiesdecreased by 19% to , from forFY2022 

• Strong financial positionat. The Company had cash of (FY2022 cash and short-term investments – ) and working capital of (FY2022 – ); 

• Total cash costs and all-in sustaining costs(“AISC”)forFY2023were per ounce and per ounce, compared to per ounce and per ounce for FY2022. For AISC computation details, refer to pages 16-18 of the MDA for this Non-IFRS financial measure; 

• Adjusted EBITDAfor FY2023 was , compared to for FY2022.For EBITDA computation details, refer to pages 16-18 of the MDA for this Non-IFRS financial measure;and 

• On , the Company successfully completed an initial public offering of 25% of the shares of its subsidiary, Persistence Resources Group Ltd. (“Persistence”), on the Main Board of The (the “HKEX”). 

FOURTH QUARTER HIGHLIGHTS

• Gold productiondecreased by 5% to 7,543 ounces, from 7,924 ounces produced forthe FY2022 comparative quarter; 

• Revenuewas , an increase of 9% from for the FY2022 comparative quarter; 

• Gross profitfrom mining operations increased by 32% to , from forthe FY2022 comparative quarter 

• Net incomewas , an increase from $1 millionfor the FY2022 comparative quarter; 

• Total cash costs and all-in sustaining costs(“AISC”)were per ounce and per ounce, compared to $757per ounce and $862per ounce for the same quarter in FY2022; For AISC computation details, refer to pages 16-18 of the MDA for this Non-IFRS financial measure; and 

• Adjusted EBITDAwas , compared to for the same quarter in FY2022. For EBITDA computation details, refer to pages 16-18 of the MDA for this Non-IFRS financial measure. 

SELECTED QUARTERLY AND FULL YEAR FINANCIAL AND OPERATING RESULTS