Mr. James Mackie reports
MAJESTIC GOLD CORP. ANNOUNCES 2023 ANNUAL RESULTS
Majestic Gold Corp. has released its financial and operational results for the year ended Dec. 31, 2023. The following financial results are expressed in US dollars unless otherwise stated.
FULL YEAR HIGHLIGHTS
Gold production
was 30,837 ounces
for FY2023, a
decrease of 18% from 37,641 ounces produced for
FY2022. 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;
Revenue
was $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 profit
from mining operations decreased by 22% to $26.6 million in FY2023, from $33.9 million for
FY2022
Net income
was a $12.2 million for FY2023
, a decrease of 30%
from $17.4 million for
FY2022;
Cash flow from operating activities
decreased by 19% to $24.5 million, from $30.3 million for
FY2022
Strong financial position
at
December 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")
for
FY2023
were $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 EBITDA
for 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 production
decreased by 5% to 7,543 ounces, from 7,924 ounces produced for
the FY2022 comparative quarter;
Revenue
was $14.2 million, an increase of 9% from $13 million for the FY2022 comparative quarter;
Gross profit
from mining operations increased by 32% to $7.4 million, from $5.6 million for
the FY2022 comparative quarter
Net income
was $1.9 million
, an increase from $
1 million
for the FY2022 comparative quarter;
Total cash costs and all-in sustaining costs
("AISC")
were $787 per ounce and $1,018
per ounce, compared to $
757
per ounce and $
862
per 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 EBITDA
was $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.
This release should be read in conjunction with the Company's audited consolidated financial statements for the years ended December 31, 2023 and 2022 and associated Management Discussion and Analysis ("MD&A") which are available on SEDAR
www.sedarplus.c
a
and on the Company's website
www.majesticgold.com
.
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
.
We seek Safe Harbor.
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