Mr. James Mackie reports

MAJESTIC PROVIDES UPDATE ON SHARE PURCHASE AND CAPITAL INCREASE AGREEMENT

Majestic Gold Corp. has provided an update to its Nov. 25, 2024, news release announcing its share purchase and capital increase agreement to acquire 52 per cent of the target company and the Muping gold project, through its 70.5-per-cent-owned subsidiary, Persistence Resources Group Ltd.

All the conditions precedent to the share purchase have been fulfilled, and the completion of the Zhaojin equity transfer and Yihui equity transfer has taken place as at the date of this announcement in accordance with the terms of the agreement.

Further, the capital increase as per the agreement is in progress, and the company will issue a further update regarding its completion as and when applicable.

About Majestic Gold Corp.

Majestic, a British Columbia-based company, is a low-cost junior gold producer engaged in commercial gold production at the Songjiagou gold mine in eastern Shandong province, China.

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