Mr. Stephen Kenwood reports

MAJESTIC GOLD CORP. REPORTS 2023 Q2 RESULTS

Majestic Gold Corp. has released its financial and operational results for the six months ended June 30, 2023. The financial results included in this news release are expressed in U.S. dollars unless otherwise stated.

Performance highlights

Six months ended June 30, 2023:

• Gold production was 16,575 ounces, compared with 19,864 ounces produced for the fiscal year (FY) 2022 comparative period.
• Revenue was $28.6-million, compared with $34.5-million for the FY 2022 comparative period.
• Gross profit from mining operations was $13.6-million, compared with $19.1-million for the FY 2022 comparative period.
• Net income was $7.3-million, compared with $11.3-million for the FY 2022 comparative period.
• Cash flow from operating activities, excluding changes in non-cash working capital, was $13.4-million, compared with $18.7-million for the FY 2022 comparative period. For computation details, refer to pages 13 to 15 of the management's discussion and analysis (MD&A) for this non-IFRS (international financial reporting standards) financial measure.
• The company had a strong financial position at June 30, 2023, with cash and short-term investments of $60.5-million (Dec. 31, 2022 -- $52.7-million) and working capital of $41.1-million (Dec. 31, 2022 -- $36.4 million).
• Total cash costs and all-in sustaining costs (AISC) for the six-month period ended June 30, 2023, were $774 per ounce and $886 per ounce, compared with $654 per ounce and $743 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 financial measure.
• Adjusted EBITDA (earnings before interest, taxes, depreciation and amortization) for the six-month period ended June 30, 2023, was $14.2-million, compared with $20-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 financial 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. (HKEX) for listing of its shares on the main board of the HKEX. PRG, together with its sponsor and legal advisers, continues progressing through the HKEX listing application process and is responding to queries from both the HKEX and the 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 on the company's website.

About Majestic Gold Corp.

Currently focused in 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. Additional information on the company and its projects is available on SEDAR+ and on the company's website.

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