Progress - but backwardssource: https://majesticgold.com/investors/financial-statements/
Q3 FS&MDA are currently from Sedar / will be published soon on majesticgold.com
What a great journey, we started from "we will have higher grade ore in Q4 2022" to "Cash cost will revert to prior (low) levels in Q2 23" to "Cash cost will revert to prior (low) levels in Q1 24" to now, average cash costs below $675 per ounce and anticipates returning to this range in mid FY 2024
hm....because this time we can believe the MGM. THis time, they will deliver. Because they are professionals with the shareholders interes in mind.
The mine expansion is good. The Clownshow failing and failing again and again on delivering their own communicated plans and goals, is not. How They are all not fired, it is beyond my understanding.
Its a shame that AGM participation is so poorly supported from our brokers for most of us.
In my humbe opinion: Its all BS. all discussions BS. The notion of an "push" with this little volume. BS. I dont understand the resoning here behind most post. Until the f**** clowns gang of MGM is not communicating how we MJS shareholders will finally benefit and then actually do it. This investment is a costly watste of time and a nightmare to participate.
Mine Expansion - what is communicated
Q1 MDA
The Company continues work on Phase 2 of the Songjiagou Open-Pit Mine expansion program with the expectation of completion during Q2 of FY2023;
page 2
The decrease in both the gold grade and quantity mined for the current period can be attributed to ongoing work of completing Phase 2 of the open pit expansion and its related stripping. As the pit expansion process has limited accessibility of higher-grade ore as well as mobility within the open-pit, the Company has used lower grade ore from the stockpile and blended it with current mined ore during the current period. The Company anticipates the gold grade and mining volume will revert to previous levels during Q2 of 2023 as it completes Phase 2 of the open-pit expansion.
The Company continues to work in maintaining it average cash costs below $675 per ounce and anticipates cash costs will revert to prior levels in Q2 of FY2023 upon the completion of Phase 2 of the open pit expansion.
page 5 and 6
Q2 MDA
In Q2 FY2023, significant progress was achieved in the Songjiagou (“SJG”) Open-Pit Mine expansion program. Phase 2 of the 2nd bench was successfully completed during the period. Subsequently, the Company moved forward with the completed development of the 3rd bench in July 2023, signaling continued momentum of its expansion efforts. Currently, the Company has initiated development work on the 4th and 5th bench and projects completing Phase 1 of the development by the end of FY2023 and completion of Phase 2 during Q2 FY2024. The Company acknowledges that accessibility to higher-grade ore and overall mobility within the open-pit remains restricted during the expansion work as these constraints are a natural outcome of the expansion activities. Consequently, the Company foresees a continued impact on the mining operations resulting in lower gold grades and mining volume during the expansion program for the remainder of FY2023 and into FY2024;
page 2 and 3
During the current period, there has been a decline in both the gold grade and quantity of ore mined. The decline can be attributed to the ongoing open-pit expansion work, which involved the completion of Phase 2 of the 2nd bench as well as initiating development of the 3rd bench. The current expansion work has restricted accessibility of higher-grade ore as well as the mobility of equipment within the open-pit, and as a result, the Company will continue to blend lower grade ore from both its stockpile and open-pit with current mined higher-grade ore. The Company anticipates the dilution of the gold grade and lower mining volume will continue for the remainder of Fiscal 2023 and into Fiscal 2024 as the Company progresses in the open-pit expansion program. However, the Company continues to make significant progress in its expansion work with having already completed the 3rd bench inJuly 2023 and is currently developing the 4th and 5th bench which the Company anticipates completing Phase 1 in Q4 Fiscal 2023 and Phase 2 during Q2 Fiscal 2024.
The Company continues to work in maintaining it average cash costs below $675 per ounce and anticipates returning to the range in Q1 of Fiscal 2024 as it progresses through the open-pit expansion.
page 5 and 6
Q3 MDA
In Q3 FY2023, the Company completed constructing the 3rd bench and initiated development work on the first phase of the 4th and 5th benches, with a projected completion by the end of FY2023 and completion of Phase 2 during Q2 FY2024. The Company acknowledges that accessibility to higher-grade ore and overall mobility within the open-pit remains restricted during the expansion work as these constraints are a natural outcome of the expansion activities. Consequently, the Company foresees a continued impact on the mining operations resulting in lower gold grades and mining volume during the expansion program for the remainder of FY2023 and into FY2024;
page 2 and 3
During the current period, there was been a decline in both the gold grade and quantity of ore mined. Several factors contributed to the decline including the ongoing open-pit expansion work, involving the completion of the 3rd bench and initiating of development work on the 4th and 5th benches which the Company anticipates completing Phase 1 in Q4 Fiscal 2023 and Phase 2 during Q2 Fiscal 2024.
There was also a pause on mining activities during Q3 for required governmental safety inspections on the newly constructed mine benches and as well repair work on the connecting road from the mine to the processing plant.
The current expansion work has impacted accessibility of higher-grade ore as well as due mobility restrictions of equipment within the open-pit, and as a result, the Company will continue to blend lower grade ore from both its stockpile and open-pit with current mined higher-grade ore. The Company anticipates the dilution of the gold grade and lower mining volume will continue for the remainder of Fiscal 2023 and into Fiscal 2024 as the Company progresses in the open-pit expansion program.
The Company continues to work in reducing its average cash costs below $675 per ounce and anticipates returning to this range in mid FY 2024 as it progresses through its open-pit expansion program and improving accessibility to higher-grade ore.
page 5 and 6