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OPERATIONAL HIGHLIGHTS
Three months ended
Revenuewas
$15.6 million , compared to$14 million for FY2023 comparative period. The 11.4% increase in revenue for the current period can be attributed to the higher realized gold price;Gross profitfrom mining operations increased by 17.5% to
$8.3 million , from$7.1 million for FY2023 comparative period;Net incomewas a
$5.1 million , an increase of 27.6% from$4 million for FY2023 comparative periodGold productionwas 7,942 ounces, a decrease of 2.3% from 8,127 ounces produced for FY2023 comparative period;
Cash flow from operating activitiesdecreased by 78% to
$1.4 million , from$6.3 million for FY2023 comparative period. The decrease for the current period is primarily due to an increase of payment amounts for income tax and accounts payable over the FY2023 comparative period;Strong financial position at
March 31, 2024 . The Company had cash of$97.5 million (December 31, 2023 -$98 million ) and working capital of$81.2 million (December 31, 2023 -$76.5 million );Total cash costs and all-in sustaining costs(“AISC”)for the first quarter of FY2024 were
$743 per ounce and$920 per ounce, compared to$730 per ounce and$845 per ounce for FY2023 comparative period. For AISC computation details, refer to pages 15-17 of the MDA for this Non-IFRS financial measure;Adjusted EBITDAfor the first quarter of FY2024 was
$8.6 million , compared to$7.5 million for FY2023 comparative period. For EBITDA computation details, refer to pages 15-17 of the MDA for this Non-IFRS financial measure.
SELECTED FINANCIAL AND OPERATING RESULTS
Three months ended | Three months ended | |||
Operating data | ||||
Gold produced (ozs) | 7,942 | 8,127 | ||
Gold realized net of smelting fees (ozs) | 7,087 | 7,415 | ||
Gold sold (ozs) | 7,301 | 7,429 | ||
Average realized gold price ($/oz sold) | $ | 2,107 | $ | 1,858 |
Total cash costs ($/oz sold)(1) | 743 | 730 | ||
All-in sustaining costs ($/oz sold)(1) | 920 | 845 | ||
Financial data | ||||
Gold revenue | $ | 15,563,660 | $ | 13,967,828 |
Gross profit(2) | 8,286,017 | 7,050,277 | ||
Adjusted EBITDA(1) | 8,632,579 | 7,477,661 | ||
Net income | 5,140,843 | 4,028,362 | ||
Net income attributable to shareholders | 2,640,441 | 2,656,250 | ||
Basic and diluted income per share | 0.00 | 0.00 | ||
Balance Sheet | | |||
Cash | $ | 97,490,273 | $ | 97,971,465 |
Other current assets | 6,177,381 | 4,358,471 | ||
Non-current assets | 84,647,338 | 84,900,667 | ||
Total assets | $ | 188,314,992 | $ | 187,230,603 |
Current liabilities | $ | 22,438,755 | $ | 25,873,002 |
Non-current liabilities | 9,007,354 | 9,056,236 | ||
Total liabilities | $ | 31,446,109 | $ | 34,929,238 |
Total equity | 156,868,883 | 152,301,365 | ||
Total liabilities and equity | $ | 188,314,992 | $ | 187,230,603 |
1)See “Additional Financial Measures” in the Company’s MD&A on pages 15-17.
2)“Gross profit” represents total revenues, net of cost of goods sold.
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For further information, please contact:
Telephone: (604) 560-9060
Email:info@majesticgold.com
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 Canadiansecurities 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,
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