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Majestic Gold Corp
Symbol MJS
Shares Issued 1,042,664,381
Close 2022-05-12 C$ 0.055
Recent Sedar Documents

Majestic Gold earns $5.41-million (U.S.) in Q1 2022

2022-05-12 18:00 ET - News Release

Mr. Stephen Kenwood reports

MAJESTIC GOLD CORP. REPORTS 2022 Q1 RESULTS

Majestic Gold Corp. has released its financial and operational results for the first quarter-ended March 31, 2022. The financial results displayed herein are expressed in United States dollars unless otherwise stated.

This release should be read in conjunction with the company's unaudited condensed consolidated interim financial statements for the quarter-end March 31, 2022, and associated management discussion and analysis (MD&A) which are available on SEDAR and on the company's website.

Performance highlights

Three months ended March 31, 2022

  • Gold production increased by 94 per cent to 10,071 ounces, from 5,203 ounces produced for the FY2021 comparative period;
  • Gold revenue was $17-million, an increase of 194 per cent from $5.8-million for the FY2021 comparative period;
  • Gross profit from mining operations increased by 194 per cent to $9.3-million, from $3.2-million for the FY2021 comparative period;
  • Net income was $5.4-million, an increase of 15 per cent from $4.7-million for the FY2021 comparative period;
  • Adjusted EBITDA (earnings before interest, taxes, depreciation and amortization) was $9.5-million, compared with $3.5-million for the same period in FY2021.
  • Total cash costs and all-in sustaining costs (AISC) were $659 per ounce and $813 per ounce, compared with $450 per ounce and $758 per ounce for the same period in FY2021;
  • On March 30, 2022, the company announced that its 94-per-cent-owned subsidiary, Sinogold Resources Holdings Group Co. Ltd., has submitted its application for listing of shares in the capital of Sinogold on the Main Board of The Stock Exchange of Hong Kong Ltd. concurrent with the proposed initial public offering of newly issued Shares of Sinogold representing 25 per cent of its total issued and outstanding shares upon successful listing of the shares;
  • On May 2, 2022, the company announced results from its geochemical sampling program at its Australian tenements, confirming a northwest-trending lithium anomaly coincident with elevated rubidium and potassium in the southwestern portion of the grid. The company intends to follow up this program with a phase 2 program consisting of closer spaced grid geochemical sampling and a ground magnetometer survey in order to better define targets for a possible phase 1 drill program.

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.

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