Business
Majestic Gold Corp. Reports 2020 Annual Results
VANCOUVER, BC / ACCESSWIRE / April 6, 2021 / Majestic Gold Corp. ("Majestic" or the "Company...
About this update from Majestic Gold Corp.
[{"type":"text","content":"Majestic Gold Corp. Reports 2020 Annual ResultsVANCOUVER, BC / ACCESSWIRE / April 6, 2021 / Majestic Gold Corp. (\"Majestic\" or the \"Company\") (TSXV:MJS)(FSE:MJT) announces its financial and operational results for the year ended December 31, 2020. 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, 2020 and 2019 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.PERFORMANCE HIGHLIGHTSThree months ended December 31, 2020Gold revenue increased by 88% to $15 million from $7.9 million for the same period in FY2019.Gross profit from mining operations increased to $9.2 million, compared to $1.6 million for the same period in FY2019.Net income was $3.8 million, an increase of $5.1 million over a net loss of $1.3 million for the same period for FY2019.Gold production increased by 36% to 9,089 ounces from 6,704 ounces produced for the same in FY2019.Total cash costs and all-in sustaining costs (\"AISC\") were $592 per ounce and $744 per ounce, compared to $758 per ounce and $924 per ounce for the same period in FY2019; Refer to pages 17-19 of the MD&A for the computation of this Non-IFRS financial measure.Adjusted EBITDA was $8.7 million, compared to $1.8 million for the same period in FY2019. Refer to pages 17-19 of the MD&A for the computation of this Non-IFRS financial measure.Year ended December 31, 2020Gold revenue increased by 30% to $52.4 million for FY2020 from $40.4 million for FY2019;Gross profit from mining operations increased by 127% to $28.2 million from $12.4 million for FY2019;Net income increased to $15.1 million for FY2020 from $4.3 million for FY2019;Gold production decreased to 34,236 ounces for FY2020, compared to 35,099 ounces produced for FY2019;Cash flow from operating activities increased to $37 million for FY 2020 from $8.1 million from FY2019;Total cash costs and all-in sustaining costs (\"AISC\") for FY2020, were $588 per ounce and $716 per ounce, compared to $641 per ounce and $786 per ounce for FY2019; Refer to pages 17-19 of the MD&A for the computation of this Non-IFRS financial measure;Adjusted EBITDA for FY2020, was $...