Business
Majestic Gold Corp. Announces 2024 Annual Results with Net Income of US$20.5 Million
(TheNewswire) Vancouver, British Columbia – TheNewswire - March 28, 2025...
About this update from Majestic Gold Corp.
[{"type":"text","content":"Majestic Gold Corp. Announces 2024 Annual Results with Net Income of US$20.5 Million\n\n\n (TheNewswire)\n \n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n Vancouver, British Columbia –\n \n\n TheNewswire -\n \n\n March 28, 2025 - Majestic Gold\nCorp.\n \n\n (“Majestic” or the “Company”)\n(TSX.V: MJS, FSE: A0BK1D) announces its financial and operational\nresults for the year ended December 31, 2024. The following financial\nresults are expressed in US dollars unless otherwise stated.\n \n\n\n\n FULL YEAR HIGHLIGHTS\n \n\n\n\n\n\n Gold\nproduction\n \n\n was 31,949 ounces\n \n\n for FY2024, a\n \n\n 3.6% increase over the\n30,837 ounces produced for\n \n\n FY2023. FY2024 and\nFY2023 gold production have been impacted by the ongoing expansion\nwork at the SJG open pit, resulting in lower gold grades and mining\nvolume for the two years. The Company expects the Phase 2 expansion\nwork to be completed by end of Q2 FY2025;\n \n\n\n\n\n\n Revenue\n \n\n was $71 million for FY2024, compared\nto $55 million for FY2023. The increase in revenue can be primarily\nattributed to the 23.3% increase in average realized gold sales price\nin FY2024;\n \n\n\n\n\n\n Gross\nprofit\n \n\n from mining operations increased by 36.8%\nto $36.4 million in FY2024, from $26.6 million for\n \n\n FY2023\n \n\n\n\n\n\n Net\nincome\n \n\n was a $20.5 million for FY2024\n \n\n , an increase of 68.0%\n \n\n from $12.2\nmillion for\n \n\n FY2023;\n \n\n\n\n\n\n Cash flow from\noperating activities\n \n\n increased by 16.5% to $28.5\nmillion in FY2024, from $24.5 million for\n \n\n FY2023\n \n\n\n\n\n\n\n Strong financial position\n \n\n\n\n at\n \n\n\n December 31, 2024. The Company had cash of $100.7 million\n(FY2023 cash and cash equivalents - $98 million) and working capital\nof $86.3 million (FY2023 - $76.5 million);\n \n\n\n\n\n\n\n\n Dividend of\nCAD$0.007 per share was paid on October 11, 2024,\n \n\n to the shareholders for a total amount of CAD$7.3 million,\nrepresenting a yield of approximately 10.76% at the time\ndeclared;\n \n\n\n\n\n\n Total cash costs\nand all-in sustaining costs\n \n\n (“AISC”)\n \n\n for\n \n\n FY2024\n \n\n were $856 per ounce and $1,061 per ounce,\ncompared to $793 per ounce and $947 per ounce for FY2023. For AISC\ncomputation details, refer to pages 17-19 of the MDA for this Non-IFRS\nfinanc...