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

(via TheNewswire)

Vancouver, British Columbia –TheNewswire –March 28, 2024 – Majestic Gold Corp.(“Majestic” or the “Company”) (TSX.V: MJS, FSE: A0BK1D) announces its financial and operational results for the year ended December 31, 2023. 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 $55 million for FY2023, compared to $63.5 million 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 $26.6 million in FY2023, from $33.9 million forFY2022 

• Net incomewas a $12.2 million for FY2023, a decrease of 30%from $17.4 million forFY2022; 

• Cash flow from operating activitiesdecreased by 19% to $24.5 million, from $30.3 million forFY2022 

• Strong financial positionatDecember 31, 2023. The Company had cash of $98 million (FY2022 cash and short-term investments – $52.7 million) and working capital of $76.5 million (FY2022 – $36.4 million); 

• Total cash costs and all-in sustaining costs(“AISC”)forFY2023were $793 per ounce and $947 per ounce, compared to $657 per ounce and $751 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 $25.4 million, compared to $35 million for FY2022.For EBITDA computation details, refer to pages 16-18 of the MDA for this Non-IFRS financial measure;and 

• On December 22, 2023, 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 Stock Exchange of Hong Kong Limited (the “HKEX”). 

FOURTH QUARTER HIGHLIGHTS

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

• Revenuewas $14.2 million, an increase of 9% from $13 million for the FY2022 comparative quarter; 

• Gross profitfrom mining operations increased by 32% to $7.4 million, from $5.6 million forthe FY2022 comparative quarter 

• Net incomewas $1.9 million, an increase from $1 millionfor the FY2022 comparative quarter; 

• Total cash costs and all-in sustaining costs(“AISC”)were $787 per ounce and $1,018per 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 $5.5 million, compared to $5.2 million 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

	Three months ended December 31,					Year ended December 31,
	2023			2022		2023		2022
Operating data								Majestic Gold Corp. Announces 2023 Annual Results -March 28, 2024 at 09:32 am AnnouncesAnnualCorpGoldMajesticMarchMarketsResults 0 15 Share FacebookFacebook MessengerTwitterReddItPinterestWhatsAppEmailTelegramStumbleUponViber admin 13713 posts 0 comments We strive to produce competitive media products that meet the needs of readers and advertisers, to make the company profitable, and to meet the expectations of the owners and employees of the publishing house. The mission of is based on two main strategies shared by each employee: continuous professional growth and compliance with the standards of quality journalism Prev Post Energy stocks lead March gains in sign of broadening market rally Next Post Coinbase, the white label of the American state? You might also like More from author Gold White Gold Corp. Files Technical Report Demonstrating Significant… Gold White Gold Files Technical Report Demonstrating Significant 44%… Gold The US dollar fell below the 97 integer mark, with metals… Gold US dollar continues to fall, crude oil plunges over 6%, metals… Gold US dollar fell on weekly chart, crude oil surged over 7%, metals… Gold US dollar slumps to new low in over three years; metal futures… Gold Crude oil falls, metals show mixed performance, LME tin and LME… Gold US dollar continues to weaken, metals generally rise, with LME… Gold US dollar falls, most metals prices fall, with LME aluminum and… Gold US retail sales growth slowed down in April, US dollar fell,… Gold US dollar declines, metals see domestic market outperforms… Gold Base metal: domestic market outperforms overseas market;… Prev Next Subscribe Login Notify of new follow-up comments new replies to my comments Label {} [+] Name* Email* Website Label {} [+] Name* Email* Website 0 Comments Oldest Newest Most Voted Inline Feedbacks View all comments Get more stuff like this in your inbox Subscribe to our mailing list and get interesting stuff and updates to your email inbox. Thank you for subscribing. Something went wrong. We respect your privacy and take protecting it seriously wpDiscuz Insert