Business
Majestic Gold Corp. Reports 2021 Q1 Results
VANCOUVER, BC / ACCESSWIRE / May 17, 2021 / Majestic Gold Corp. ("Majestic" or the "Company"...
About this update from Majestic Gold Corp.
[{"type":"text","content":"Majestic Gold Corp. Reports 2021 Q1 ResultsVANCOUVER, BC / ACCESSWIRE / May 17, 2021 / Majestic Gold Corp. (\"Majestic\" or the \"Company\") (TSXV:MJS)(FSE:MJT) reports its financial and operational results for the first quarter ended March 31, 2021. The following financial results are expressed in US dollars unless otherwise stated.This release should be read in conjunction with the Company's unaudited condensed consolidated interim financial statements for the quarter end March 31, 2021 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 March 31, 2021Gold revenue decreased by 44% to $5.8 million, from $10.3 million for the comparative period in FY2020;Gross profit from mining operations decreased by 20% to $3.2 million, from $4 million for the comparative period in FY2020;Net income increased by $2.5 million to $4.7 million, from $2.2 million for the comparative period in FY2020. The increase is due primarily to $2.5 million in income tax recovery from a retrospective change in the Company's corporate tax rate from 25% to 15%;Gold production decreased to 5,203 ounces, from 6,878 ounces produced for the comparative period in FY2020;Total cash costs and all-in sustaining costs (\"AISC\") the first quarter of FY2021, were $450 per ounce and $758 per ounce, compared to $693 per ounce and $819 per ounce for the comparative period in FY2020; Refer to pages 15-17 of the MD&A for the computation of this Non-IFRS financial measure;Adjusted EBITDA for the first quarter of FY2021, was $3.5 million, compared to $4.8 million for the comparative period in FY2020. Refer to pages 15-17 of the MD&A for the computation of this Non-IFRS financial measure;On March 17, 2021, the Company reported results from its recently completed drill program at the Fair Adelaide Project. The drill program consisted of a total of 21 holes drilled with 1,144 meters of aircore drilling, testing two gold targets and one nickel-cobalt target identified in previous exploration programs on the property;On April 1, 2021, the Company reported the renewal of the Songjiagou North Underground mining license with the Shandong Natural Resource Bureau until February of 2031; andOn May 14, 2021, reported that it had receive...