Majestic Gold Corp. Reports 2021 Q3 Results

2021-11-23 15:05:31

Vancouver, British Columbia – TheNewswire – November 23, 2021 – Majestic Gold Corp. (“Majestic” or the “Company”) (TSXV:MJS), (OTC:MJGCF), (FSE:MJT) reports its financial and operational results for the first nine months ended September 30, 2021. The following financial results are expressed in US dollars unless otherwise stated.

This release should be read in conjunction with the Company’s unaudited condensed consolidated interim financial statements for the nine-month period ended September 30, 2021 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

OPERATIONAL HIGHLIGHTS

Nine months ended September 30, 2021

FINANCIAL INFORMATION

























 

Three months ended September 30,

Nine months ended September 30,

   

    2021

 

      2020

 

         2021

 

2020

Operating data

               

Gold produced (ozs)

 

 4,125

 

 9,235

 

 11,412

 

 25,147

Gold realized net of smelting fees (ozs)

 

 3,611

 

 8,635

 

 10,361

 

 23,351

Gold sold (ozs)

 

 5,206

 

 8,301

 

 13,136

 

 23,354

Average realized gold price ($/oz sold)

$

 1,854

$

1,677

$

1,857

$

1,601

Total cash costs ($/oz sold) (1)

 

 693

 

 549

 

 717

 

 587

Total production costs ($/oz sold) (1)

 

 737

 

 741

 

 893

 

 788

All-in sustaining costs ($/oz sold) (1)

 

 872

 

 650

 

 928

 

 706

Financial data

               

Total revenues

$

 9,653,844

$

13,919,283

$

 24,399,669

$

 37,400,555

Gross profit (2)

 

 5,815,156

 

7,772,322

 

 12,672,617

 

 18,994,913

Adjusted EBITDA (1)

 

 3,494,801

 

8,544,158

 

 10,653,292

 

 21,068,226

Net income

 

 1,841,962

 

4,726,768

 

 7,864,390

 

 11,273,105

Net income attributable to shareholders

 

 1,240,834

 

3,193,175

 

 5,319,631

 

 7,545,311

Basic and diluted gain per share

 

 0.00

 

0.01

 

 0.01

 

 0.01

           

September 30,

 

 December 31,

           

2021

 

2020

Cash

       

$

 39,068,514

$

   33,774,231

Total assets

         

134,620,977

 

126,715,193

Total current liabilities

         

 34,624,983

 

31,920,104

  1. See “Additional Financial Measures” in the Company’s MDA on pages 15-17.  

  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.

For further information, please contact:

Stephen Kenwood, P.Geo., President and CEO

Telephone: (604) 560-9060

Email: This email address is being protected from spambots. You need JavaScript enabled to view it.

Website: www.majesticgold.com

Cautionary Notes

Certain statements contained herein may constitute forward‐looking statements and are made pursuant to the “safe harbor” provisions of the United States Private Securities Litigation Reform Act of 1995 and Canadian securities laws. Forward‐looking statements are statements which relate to future events. Such statements include estimates, forecasts and statements as to management’s expectations with respect to, among other things, business and financial prospects, financial multiples and accretion estimates, future trends, plans, strategies, objectives and expectations, including with respect to production, exploration drilling, reserves and resources, exploitation activities and events or future operations. Information inferred from the interpretation of drilling results and information concerning mineral resource estimates may also be deemed to be forward-looking statements, as it constitutes a prediction of what might be found to be present when, and if, a project is actually developed.

In some cases, you can identify forward‐looking statements by terminology such as “may”, “should”, “expects”, “plans, “anticipates”, believes”, “estimates”, “predicts”, “potential”, or “continue” or the negative of these terms or other comparable terminology. These statements are only predictions and involve known and unknown risks, uncertainties and other factors that may cause our or our industry’s actual results, level of activity, performance or achievements to be materially different from any future results, levels of activity, performance, or achievements expressed or implied by these forward‐looking statements.

While these forward‐looking statements, and any assumptions upon which they are based, are made in good faith and reflect our current judgment regarding the direction of our business, actual results will almost always vary, sometimes materially, from any estimates, predictions, projections, assumptions or other future performance suggestions herein. Except as required by applicable law, Majestic Gold does not intend to update any forward‐looking statements to conform these statements to actual results


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