Business
Majestic Gold Corp. Reports 2020 Q1 Results
VANCOUVER, BC / ACCESSWIRE / July 27, 2020 / Majestic Gold Corp. ("Majestic" or the "Com...
About this update from Majestic Gold Corp.
[{"type":"text","content":"Majestic Gold Corp. Reports 2020 Q1 ResultsVANCOUVER, BC / ACCESSWIRE / July 27, 2020 / Majestic Gold Corp. (\"Majestic\" or the \"Company\") (TSXV:MJS) (FSE:A0BK1D) reports its financial and operational results for the first quarter ended March 31, 2020. 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 OVERVIEWGold sales revenue for the first quarter of fiscal 2020 was $10.3 million, from the sale of 6,755 ounces, at an average realized gold price of $1,527 per ounce, compared to gold sales revenue of $11.1 million from the sale of 8,612 ounces, at an average realized gold price of $1,281 per ounce, for the 2019 comparative period;Net income for the first quarter of 2020 was $2.2 million, compared to $2.2 million for the 2019 comparative period;Adjusted EBITDA was $4.8 million for the first quarter of 2020, compared to $4.7 million for the comparative period of fiscal 2019. Refer to pages 14-16 of the MD&A for the computation of this Non-IFRS financial measure;Gold production decreased by 5% to 6,878 ounces for the first quarter of 2020, compared to 7,276 ounces for the 2019 comparative period. The decrease was primarily due to a lower overall head grade achieved at the Songjiagou Gold Mine. The average grade was 0.60 g/t for the current period compared to 0.73 g/t for the comparative period. The Company expects the average grade to improve as higher grade areas become accessible in the open pit; andTotal cash costs and all-in sustaining costs (\"AISC\") for the first quarter of fiscal 2020 were $693 per ounce and $819 per ounce, compared to $659 per ounce and $741 per ounce for the comparative period of fiscal 2019. Refer to pages 14-16 for the MD&A for the computation of this Non-IFRS financial measure.FINANCIAL INFORMATION Three months endedMarch 31, 2020 Three months endedMarch 31, 2019Operating data Gold produced (ozs) 6,878 7,276Gold realized net of smelting fees (ozs) 6,360 6,664Gold sold (ozs) 6,755 8,612Average realized gold price ($/oz sold)$1,527$1,281Total cash costs ($/oz sold) (1) 693 659...