Business
Majestic Gold Corp. Reports 2020 Q3 Results
VANCOUVER, BC / ACCESSWIRE / November 9, 2020 / Majestic Gold Corp. ("Majestic" or the...
About this update from Majestic Gold Corp.
[{"type":"text","content":"Majestic Gold Corp. Reports 2020 Q3 ResultsVANCOUVER, BC / ACCESSWIRE / November 9, 2020 / Majestic Gold Corp. (\"Majestic\" or the \"Company\") (TSXV: MJS)(FRA:MJT) reports its financial and operational results for the third quarter ended September 30, 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.THIRD QUARTER HIGHLIGHTSRevenue for the third quarter of 2020 was $13.9 million, from the sale of 8,301 ounces, at an average realized gold price of $1,677 per ounce, an 97% increase compared to $7.1 million in revenue for the 2019 comparative fiscal quarter, from the sale of 5,524 ounces, at an average realized gold price of $1,280 per ounce;Gold production increased by 47% to 9,235 ounces for the third quarter of 2020, from 406,395 tonnes of ore at an average grade of 0.74 g/t, compared to 6,273 ounces from 325,182 tonnes of ore at an average grade of 0.62 g/t for the 2019 comparative fiscal quarter. The significant improvement in gold production was due primarily to a 20% increase in the average grade combined with a 25% increase in ore processed;Net income increased by 26% to $4.7 million for the third quarter of 2020, compared to $1.8 million for the 2019 comparative fiscal quarter;Adjusted EBITDA was $8.5 million for the third quarter of fiscal 2020, compared to $3.0 million for the 2019 comparative fiscal period. Refer to pages 14-15 of the MD&A for the computation of this Non-IFRS financial measure;Total cash costs and all-in sustaining costs (\"AISC\") for the third quarter of fiscal 2020 were $549 per ounce and $650 per ounce, compared to $593 per ounce and $838 per ounce for the comparative period of fiscal 2019. Refer to pages 14-15 for the MD&A for the computation of this Non-IFRS financial measure; andIn October 2020, the Company extended its Memorandum of Understanding with Moshan Fanda Mining Co. Ltd., allowing the Company an additional 12-month exclusivity period to complete its due diligence on the Moshan project.FINANCIAL INFORMATION Three months ended September 30, Nine months ended Septemb...