Q3 Another Profitable Quarter..cash of $85 m cad
Majestic Gold earns $3.01-million (U.S.) in Q3
2023-11-28 19:06 ET - News Release
Mr. Stephen Kenwood reports
MAJESTIC GOLD CORP. REPORTS 2023 Q3 RESULTS
Majestic Gold Corp. has released its financial and operational results for the nine months ended Sept. 30, 2023. The following financial results are expressed in US dollars unless otherwise stated.
PERFORMANCE HIGHLIGHTS
Nine months ended September 30, 2023
- -- Gold production was 23,206 ounces, compared to 29,717 ounces produced for the FY2022 comparative period;
- -- Revenue was $40.8 million, compared to $50.5 million for the FY2022 comparative period
- -- Gross profit from mining operations was $19.2 million, compared to $28.2 million for the FY2022 comparative period -- Net income was $10.3 million, compared to $16.4 million for the FY2022 comparative period
- -- Cash flow from operating activities, excluding changes in non-cash working capital was $19 million, compared to $25.3 million for the FY2022 comparative period For computation details, refer to pages 13-15 of the MDA for this Non-IFRS financial measure;
- -- Strong financial position at September 30, 2023. The Company had cash and short-term investments of $63.3 million (December 31, 2022 - $52.7 million) and working capital of $43.8 million (December 31, 2022 - $36.4 million);
- -- Total cash costs and all-in sustaining costs ("AISC") for the nine-month period ended September 30, 2023, were $794 per ounce and $925 per ounce, compared to $629 per ounce and $720 per ounce for the FY2022 comparative period . For AISC computation details, refer to pages 13-15 of the MDA for this Non-IFRS financial measure;
- -- Adjusted EBITDA for the nine-month period ended September 30, 2023, was $19.9 million, compared to $29.7 million for the FY2022 comparative period . For EBITDA computation details, refer to pages 13-15 of the MDA for this Non-IFRS financial measure; an
- -- On November 22, 2023, the Company's subsidiary Persistence Resources Group Ltd ("PRG"), filed a 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 continue progressing through the HKEX listing application process with 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 .