Mr. Stephen Kenwood reports
MAJESTIC GOLD CORP. REPORTS 2023 Q1 RESULTS
Majestic Gold Corp.
has released its financial and operational results for the first quarter ended March 31, 2023. The following financial results are expressed in U.S. dollars unless otherwise stated.
Operational highlights
Three months ended March 31, 2023:
-
Gold production
was 8,127 ounces,
compared with
10,071 ounces produced for
the
fiscal 2022
comparative period.
-
Revenue
was $14-million, compared with $17-million for the FY 2022
comparative period.
-
Gross profit
from mining operations was $7-million, compared with $9.7-million for the
FY 2022
comparative period.
-
Net income
was $4-million, compared with
$5.4-million for
the
FY 2022
comparative period.
-
Cash flow from operating activities, excluding changes in non-cash working capital,
was $7.2-million, compared with $7.7-million for the
FY 2022
comparative period.
For computation details, refer to pages 13 to 15 of management's discussion and analysis for this non-international financial reporting standard measure.
-
Strong financial position
at
March 31, 2023: The company
had cash and short-term investments of $58.2-million (Dec. 31, 2022: $52.7-million) and working capital of $41.3-million (Dec. 31, 2022: $36.4-million).
-
Total cash costs and all-in sustaining costs
(AISC)
for
the first quarter of FY 2023 were $730 per ounce and $845 per ounce, compared with $659 per ounce and $763 per ounce for
the
FY 2022
comparative period. For AISC computation details, refer to pages 13 to 15 of the MD&A for this non-IFRS measure.
-
Adjusted EBITDA
(earnings before interest, taxes, depreciation and amortization) for
the first quarter of FY 2023
was $7.5-million, compared with $9.9-million for
the
FY 2022
comparative period.
For EBITDA computation details, refer to pages 13 to 15 of the MD&A for this non-IFRS measure.
-
On May 22, 2023,
the company's subsidiary Persistence Resources Group Ltd. (PRG) filed its renewal application to the Stock Exchange of Hong Kong Ltd. for listing of its shares on the main board of the HKEX. PRG, together with its sponsor and legal advisers, is progressing through the HKEX listing application process and is responding to queries from both the HKEX and Hong Kong Securities and Futures Commission to complete the proposed initial public offering of the shares of Persistence. The HKEX renewal application document can be found at
the Majestic website.
About Majestic Gold Corp.
Currently focused on China, Majestic Gold 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, China and Canada.
We seek Safe Harbor.
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