Business
Majestic Gold Corp. Reports 2019 Annual Results
VANCOUVER, BC / ACCESSWIRE / July 20, 2020 / Majestic Gold Corp. ("Majestic" or the "Company...
About this update from Majestic Gold Corp.
[{"type":"text","content":"Majestic Gold Corp. Reports 2019 Annual ResultsVANCOUVER, BC / ACCESSWIRE / July 20, 2020 / Majestic Gold Corp. (\"Majestic\" or the \"Company\") (TSXV:MJS)(FSE:MJT) announces its financial and operational results for the year ended December 31, 2019. The following financial results are expressed in US dollars unless otherwise stated.This release should be read in conjunction with the Company's audited consolidated financial statements for the years ended December 31, 2019 and September 30, 2018 and associated Management Discussion and Analysis (\"MD&A\") which are available on SEDAR www.sedar.com and on the Company's website www.majesticgold.com.OVERVIEWGold production was 35,099 ounces for the fifteen-months ended December 31, 2019, compared to 29,160 ounces produced for the twelve-months end September 30, 2018;Gold sales revenue was $40.4 million for the fifteen-months ended December 31, 2019, from the sale of 31,384 ounces, at an average realized gold price of $1,286 per ounce, compared to gold sales revenue of $33.5 million from the sale of 25,584 ounces, at an average realized gold price of $1,308 per ounce, for the twelve-months end September 30, 2018;Total cash costs and all-in sustaining costs (\"AISC\") for the fifteen-months ended December 31, 2019, were $641 per ounce and $786 per ounce, compared to $628 per ounce and $746 per ounce for the twelve-months end September 30, 2018; Refer to pages 17-19 of the MD&A for the computation of this Non-IFRS financial measure;Adjusted EBITDA for the fifteen-months ended December 31, 2019, was $15.8 million, compared to $14.5 million for the twelve-months end September 30, 2018. Refer to pages 17-19 of the MD&A for the computation of this Non-IFRS financial measure;Net income for the fifteen-months ended December 31, 2019 was $4.3 million, compared to $11.9 million for the twelve-months end September 30, 2018; andThe Company's balance sheet benefitted from fiscal 2019's operating and financial performance, increasing its cash to $23.9 million at December 31, 2019 from $18.8 million at September 30, 2018. As of December 31, 2019, the Company had working capital of $5.5 million compared to a working capital deficit of $3.9 million at September 30, 2018.FINANCIAL INFORMATION Fiscal Year endedDecember 31,2019 Fiscal Year endedSeptember 30,2018(restated) Operating data Gol...