Majestic Gold Corp. Reports 2019 Q4 Results

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Algemeen advies 30/11/2019 11:41
VANCOUVER, BC / ACCESSWIRE / November 29, 2019 / Majestic Gold Corp. ("Majestic" or the "Company") (TSXV:MJS)(FSE:A0BK1D) reports its financial and operational results for the fourth quarter ended September 30, 2019. This release should be read in conjunction with the Company's unaudited condensed consolidated interim financial statements and associated management discussion and analysis ("MD&A") for the same period that are available on SEDAR (www.sedar.com) and www.majesticgold.com. The following financial results are expressed in US dollars unless otherwise stated.

FOURTH QUARTER 2019 HIGHLIGHTS

Gold production was 6,273 ounces for the fourth quarter of 2019, compared to 6,123 ounces produced for the 2018 comparative quarter;
Gold sales revenue reached $7.1 million for the fourth quarter of fiscal 2019, from the sale of 5,524 ounces, at an average realized gold price of $1,280 per ounce, compared to gold sales revenue of $6.1 million from the sale of 5,102 ounces, at an average realized gold price of $1,203 per ounce, for the 2018 comparative quarter. The 15% increase in gold sales revenue for the current quarter is primarily due to an 8% increase in ounces sold and 6% increase in average realized price;
Total cash costs and all-in sustaining costs ("AISC") for the fourth quarter of fiscal 2019 were $593 per ounce and $838 per ounce, compared to $658 per ounce and $826 per ounce for the 2018 comparative quarter. The cash costs and all-in sustaining costs for the first twelve months of fiscal 2019 were $613 per ounce and $752 per ounce, compared to $651 per ounce and $774 per ounce for the 2018 comparative period. The Company continues to work in maintaining its cash costs and AISC averages below $675 per ounce and $775 per ounce, respectively. Refer to pages 13-15 for the MD&A for the computation of this Non-IFRS financial measure;
Adjusted EBITDA was $3,036,643 for the fourth quarter of 2019, compared to $2,030,064 for the comparative quarter of fiscal 2018. Adjusted EBITDA for the first twelve months of 2019 was $14,063,228, compared to $14,244,144 for the comparative period of fiscal 2018. Refer to pages 13-15 of the MD&A for the computation of this Non-IFRS financial measure;
Net income for the fourth quarter of 2019 was $2,222,525, compared to $569,384 for the 2018 comparative quarter;
The Company's balance sheet benefitted from the fourth quarter of 2019's operating and financial performance, increasing its cash to $21.8 million at September 30, 2019 from $18.8 million at September 30, 2018. As of September 30, 2019, the Company had working capital of $6.4 million compared to a working capital deficit of $2.2 million at September 30, 2018; and
On October 23, 2019, the Company announced it had entered into three separate non-binding Memorandums of Understanding ("MOUs") with three different groups on four gold projects located in the Muping-Rushan gold belt in eastern Shandong Province, China.

FINANCIAL INFORMATION
Three months ended
September 30, Twelve months ended September 30,
2019 2018 2019 2018
Operating data
Gold produced (ozs) 6,273 6,123 28,395 29,160
Gold realized net of smelting fees (ozs) 5,870 5,729 26,138 26,645
Gold sold (ozs) 5,524 5,102 25,244 25,584
Average realized gold price ($/oz sold $1,280 $1,203 $1,274 $1,308
Total cash costs ($/oz sold) (1) 593 658 613 651
Total production costs ($/oz sold) (1) 785 834 784 811
All-in sustaining costs ($/oz sold) (1) 838 826 752 774

Financial data
Total revenues $7,119,195 $6,214,381 $32,431,989 $33,804,198
Gross profit (2) 2,779,777 1,957,951 12,632,357 13,046,333
Adjusted EBITDA (1) 3,036,643 2,030,064 14,063,228 14,244,144
Net income 2,222,525 569,384 7,393,414 6,876,418
Net income attributable to shareholders 1,680,720 297,724 5,048,031 4,397,090
Basic and diluted gain per share 0.00 0.00 0.01 0.01

September 30, September 30,

2019 2018
Cash 21,814,635 $ 18,842,863
Total assets $120,077,016 123,643,469
Total current liabilities 23,683,232 29,182,046

(1) See "Additional Non-IFRS Financial Measures" on pages 13-15 in the Company's MD&A.
(2) "Gross profit" represents total revenues, net of cost of goods sold.

About Majestic Gold

Currently focused solely 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. Additional information on the Company and its projects is available at www.sedar.com and on the Company's website at www.majesticgold.com



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