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Majestic Gold eyes seventh profitable year in a row

 Trevor Abes Trevor Abes , The Market Online
0 Comments| 13 days ago

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  • Majestic Gold (TSXV:MJS) ends Q3 2024 in the green generating net income of US$5.8 million
  • Should the miner end 2024 with positive net income, this would mark its seventh-straight year turning a bottom-line profit
  • Majestic Gold is a low-cost junior gold producer from its Songjiagou mine in eastern Shandong Province, China
  • Majestic Gold stock is flat year-over-year and has added 60 per cent since 2019

Majestic Gold (TSXV:MJS) ends Q3 2024 in the green generating net income of US$5.8 million.

Q3 2024 financial and operational highlights

  • Revenue of US$18.3 million, up by 49.9 per cent year-over-year (YoY).
  • Gross profit from mining operations of US$9.5 million, up by 69 per cent YoY.
  • Net income of US$5.8 million, up by 91.6 per cent YoY.
  • Gold production of 7,963 ounces, up by 20.1 per cent from 6,631 ounces YoY.
  • Subsidiary Persistence Resources entered into a share purchase and capital increase agreement to acquire a 52 per cent interest in Yantai City Mujin Mining Company and the Muping gold project.
  • Completed phase-one drill program at the Songjiagou gold mine, including 10 drill holes spanning 2,000 metres. Phase-two will include up to 17 drill holes for 7,700 metres and is slated to end by fiscal 2024.
  • Majestic paid its first dividend of C$0.007 per share on October 11, 2024, representing a payout of C$7.3 million and a yield of 10.76 per cent.

Financial and operational highlights for the nine months ending September 30, 2024

  • Revenue of US$52 million, up by US$11.2 million or 27.4 per cent YoY.
  • Gross profit from mining operations of US$27.6 million, up by US$8.4 million or 43.5 per cent YoY.
  • Net income of US$16.9 million, up by US$6.6 million or 63.6 per cent YoY.
  • Cash position of US$102.4 million and working capital of US$88.5 million as of September 30, 2024.
  • Gold production of 24,170 ounces, up by 4.2 per cent from 23,206 ounces YoY.
  • Total cash costs and all-in sustaining costs of US$841 per ounce and US$1,007 per ounce, respectively, up from US$794 per ounce and US$925 per ounce YoY.

An established history of profitability

Should Majestic Gold end 2024 with positive net income, this would mark its seventh-straight year turning a bottom-line profit, following US$7.56 million in 2023, US$11.08 million in 2022, US$4.51 million in 2021, US$9.43 million in 2020, US$4.3 million in 2019, US$6.8 million in 2018 and US$3.6 million in 2017.

About Majestic Gold

Majestic Gold is a low-cost junior gold producer from its Songjiagou mine in eastern Shandong Province, China.

Majestic Gold stock (TSXV:MJS) is unchanged trading at C$0.08 per share as of 12:44 pm ET. The stock is flat year-over-year and has added 60 per cent since 2019.

Join the discussion: Find out what everybody’s saying about this gold stock on the Majestic Gold Corp. Bullboard and check out Stockhouse’s stock forums and message boards.

The material provided in this article is for information only and should not be treated as investment advice. For full disclaimer information, please click here.

(Top photo of drilling at Majestic Gold’s Songjiagou mine in China: Majestic Gold)



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