Business
Majestic Gold Corp. Reports 2019 Q1 Results
VANCOUVER, BC / ACCESSWIRE / March 1, 2019 / Majestic Gold Corp. ("Majestic" or the "Com...
About this update from Majestic Gold Corp.
[{"type":"text","content":"Majestic Gold Corp. Reports 2019 Q1 ResultsVANCOUVER, BC / ACCESSWIRE / March 1, 2019 / Majestic Gold Corp. (\"Majestic\" or the \"Company\") (TSX.V: MJS, FSE: A0BK1D) reports its financial and operational results for the first quarter ended December 31, 2018. This release should be read in conjunction with the Company's unaudited condensed consolidated interim financial statements and associated management discussion and analysis (MD&A) for the same period that are available on SEDAR (www.sedar.com) and www.majesticgold.com. The following financial results are expressed in US dollars unless otherwise stated.FIRST QUARTER HIGHLIGHTS Gold production increased by 14% to 8,043 ounces for the first quarter of 2019, compared to 7,050 ounces for the 2018 comparative quarter. Gold production for the first quarter of fiscal 2019, was from 339,835 tonnes milled with an average head grade of 0.74 g/t and a 96% recovery rate, compared to 381,911 tonnes milled, with an average head grade of 0.61 g/t, and a 95% recovery rate for 2018 comparative quarter. Gold production for the first quarter of 2019, included 1,231 ounces from the underground development from the 15,202 tonnes milled at an average head grade of 2.52 g/t; Gold sales revenue for the first quarter of fiscal 2019 was $7.2 million, from the sale of 5,807 ounces, at an average realized gold price of $1,238 per ounce, compared to gold sales revenue of $8.7 million from the sale of 6,722 ounces, at an average realized gold price of $1,299 per ounce, for the 2018 comparative quarter. The 18% decrease in revenue for the current period is primarily due to a 14% decrease in ounces sold and a lower average realized gold price; Total cash costs and all-in sustaining costs (\"AISC\") for the first quarter of fiscal 2019 were $549 per ounce and $669 per ounce, compared to $654 per ounce and $756 per ounce for the first quarter of fiscal 2018. An increase in the average head grade has contributed to an improved total cash cost per ounce for the first quarter of 2019 over the 2018 comparative period. Refer to pages 13-15 for the MD&A for the computation of this Non-IFRS financial measure; Adjusted EBITDA was $3,422,012 for the first quarter of 2019, compared to $3,793,538 for the comparative quarter of fiscal 2018. Refer to pages 13-15 of the MD&A for the computation of this Non-I...