Vancouver, British Columbia – April 6, 2021 - Majestic Gold Corp. (“Majestic” or the “Company”) (TSX.V: MJS, FSE: A0BK1D) announces its financial and operational results for the year ended December 31, 2020. The following financial results are expressed in US dollars unless otherwise stated.
This release should be read in conjunction with the Company’s audited consolidated financial statements for the years ended December 31, 2020 and 2019 and associated Management Discussion and Analysis (“MD&A”) which are available on SEDAR www.sedar.com and on the Company’s website www.majesticgold.com.

PERFORMANCE HIGHLIGHTS
Three months ended December 31, 2020
• Gold revenue increased by 88% to $15 million from $7.9 million for the same period in FY2019.
• Gross profit from mining operations increased to $9.2 million, compared to $1.6 million for the same period in FY2019.
• Net income was $3.8 million, an increase of $5.1 million over a net loss of $1.3 million for the same period for FY2019.
• Gold production increased by 36% to 9,089 ounces from 6,704 ounces produced for the same in FY2019.
• Total cash costs and all-in sustaining costs (“AISC”) were $592 per ounce and $744 per ounce, compared to $758 per ounce and $924 per ounce for the same period in FY2019; Refer to pages 17-19 of the MD&A for the computation of this Non-IFRS financial measure.
• Adjusted EBITDA was $8.7 million, compared to $1.8 million for the same period in FY2019. Refer to pages 17-19 of the MD&A for the computation of this Non-IFRS financial measure.

Year ended December 31, 2020
• Gold revenue increased by 30% to $52.4 million for FY2020 from $40.4 million for FY2019;
• Gross profit from mining operations increased by 127% to $28.2 million from $12.4 million for FY2019;
• Net income increased to $15.1 million for FY2020 from $4.3 million for FY2019;
• Gold production decreased to 34,236 ounces for FY2020, compared to 35,099 ounces produced for FY2019;
• Cash flow from operating activities increased to $37 million for FY 2020 from $8.1 million from FY2019;
• Total cash costs and all-in sustaining costs (“AISC”) for FY2020, were $588 per ounce and $716 per ounce, compared to $641 per ounce and $786 per ounce for FY2019; Refer to pages 17-19 of the MD&A for the computation of this Non-IFRS financial measure;
• Adjusted EBITDA for FY2020, was $29.8 million, compared to $15.8 million for FY2019. Refer to pages 17-19 of the MD&A for the computation of this Non-IFRS financial measure;

FINANCIAL INFORMATION
Three months ended December 31, 2020 Three months ended
December 31, 2019 Twelve months ended December 31, 2020 Fifteen months ended December 31, 2019 Operating data
Gold produced (ozs) 9,089 6,704 34,326 35,099
Gold realized net of smelting fees (ozs) 8,524 6,041 31,875 32,179
Gold sold (ozs) 8,391 6,140 31,745 31,384
Average realized gold price ($/oz sold) $ 1,783 $ 1,293 $ 1,650 $ 1,286
Total cash costs ($/oz sold) (1) 592 758 588 641
Total production costs ($/oz sold) (1) 688 994 762 891
All-in sustaining costs per ounce ($/oz sold) (1) 744 924 716 786
Financial data
Total revenues $ 14,962,881 $ 7,941,403 $ 52,363,436 $ 40,373,301
Gross profit (2) 9,189,154 1,572,004 28,184,067 12,406,586
Adjusted EBITDA (1) 8,743,230 1,753,291 29,811,456 15,816,519
Net income 3,789,196 (1,330,157) 15,062,301 4,265,482
Net income attributable to shareholders 1,884,881 (2,682,850) 9,430,192 2,365,181
Basic and diluted income per share 0.00 (0.00) 0.01 0.00
Balance Sheet
Cash and cash equivalents $ 33,774,231 $ 23,918,724
Total assets 126,715,193 98,682,737
Total current liabilities 31,920,104 24,395,468

(1) See “Additional Financial Measures” in the Company’s MD&A on pages 17-19.
(2) “Gross profit” represents total revenues, net of cost of goods sold.

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, China and Canada. Additional information on the Company and its projects is available
at www.sedar.com and on the Company’s website at www.majesticgold.com