Mr. James Mackie reports

MAJESTIC GOLD CORP. REPORTS 2024 Q1 RESULTS

Majestic Gold Corp. has released its financial and operational results for the three months ended March 31, 2024. The financial results in this news release are expressed in U.S. dollars unless otherwise stated.

Operational highlights -- three months ended March 31, 2024:

• Revenue was $15.6-million, compared with $14-million for the FY (fiscal year) 2023 comparative period. The 11.4-per-cent increase in revenue for the current period can be attributed to the higher realized gold price.
• Gross profit from mining operations increased by 17.5 per cent to $8.3-million, from $7.1-million for the FY 2023 comparative period.
• Net income was $5.1-million, an increase of 27.6 per cent from $4-million for the FY 2023 comparative period.
• Gold production was 7,942 ounces, a decrease of 2.3 per cent from 8,127 ounces produced for the FY 2023 comparative period.
• Cash flow from operating activities decreased by 78 per cent to $1.4-million, from $6.3-million for the FY 2023 comparative period. The decrease for the current period is primarily due to an increase of payment amounts for income tax and accounts payable over the FY 2023 comparative period.
• The company had a strong financial position at March 31, 2024. It had cash of $97.5-million (Dec. 31, 2023 -- $98-million) and working capital of $81.2-million (Dec. 31, 2023 -- $76.5-million).
• Total cash costs and all-in sustaining costs (AISC) for the first quarter of FY 2024 were $743 per ounce and $920 per ounce, compared with $730 per ounce and $845 per ounce, respectively, for the FY 2023 comparative period. For AISC computation details (non-IFRS (international financial reporting standards) financial), refer to pages 15 to 17 of the management's discussion and analysis (MD&A).
• Adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) for the first quarter of FY 2024 were $8.6-million, compared with $7.5-million for the FY 2023 comparative period. For EBITDA computation details (non-IFRS), refer to pages 15 to 17 of the MD&A.

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

We seek Safe Harbor.