Vancouver, British Columbia – May 29, 2023 - Majestic Gold Corp. (“Majestic” or the “Company”)
(TSX.V: MJS, FSE: MJT) reports its financial and operational results for the first quarter ended March 31,
2023. The following financial results are expressed in US dollars unless otherwise stated.
OPERATIONAL HIGHLIGHTS
Three months ended March 31, 2023
• Gold production was 8,127 ounces, compared to 10,071 ounces produced for the FY2022 comparative
period;
• Revenue was $14 million, compared to $17 million for the FY2022 comparative period;
• Gross profit from mining operations was $7 million, compared to $9.7 million for the FY2022 comparative
period;
• Net income was $4 million, compared to $5.4 million for the FY2022 comparative period;
• Cash flow from operating activities, excluding changes in non-cash working capital was $7.2 million,
compared to $7.7 million for the FY2022 comparative period. For computation details, refer to pages 13-
15 of the MD&A for this Non-IFRS financial measure;
• Strong financial position at March 31, 2023. The Company had cash and short-term investments of $58.2
million (December 31, 2022 - $52.7 million) and working capital of $41.3 million (December 31, 2022 -
$36.4 million);
• Total cash costs and all-in sustaining costs (“AISC”) for the first quarter of FY2023, were $730 per ounce and $845 per ounce, compared to $659 per ounce and $763 per ounce for the FY2022 comparative period.
For AISC computation details, refer to pages 13-15 of the MD&A for this Non-IFRS financial measure;
• Adjusted EBITDA for the first quarter of FY2023, was $7.5 million, compared to $9.9 million for the FY2022 comparative period. For EBITDA computation details, refer to pages 13-15 of the MD&A for this Non-IFRS financial measure; and
• On May 22, 2023, the Company’s subsidiary Persistence Resources Group Ltd (“PRG”), filed its renewal application to the Stock Exchange of Hong Kong Limited (the “HKEX”) for listing of its shares on the Main Board of the HKEX. PRG, together with its sponsor and legal advisors are progressing through the HKEX listing application process and are responding to queries from both the HKEX and Hong Kong
Securities and Futures Commission to complete the proposed initial public offering of the shares of Persistence. The HKEX renewal application document can be found at
www.majesticgold.com/investors/hkex-application
see & read more on
https://majesticgold.com/site/assets/files/4503/nr_20230529_fy2023_q1.pdf |
