Business
Majestic Gold Corp. Reports 2021 Q3 Results
(TheNewswire) Vancouver, British Columbia – TheNewswire - ...
About this update from Majestic Gold Corp.
[{"type":"text","content":"Majestic Gold Corp. Reports 2021 Q3 Results \n \n \n (TheNewswire)\n \n \n \n \n \n \n \n \n \n \n Vancouver, British\nColumbia –\n \n \n TheNewswire -\n \n \n November 23, 2021 - Majestic Gold Corp.\n \n \n (“Majestic” or the “Company”) (TSXV:MJS\n \n \n )\n \n \n ,\n \n \n (OTC:MJGCF),\n \n \n (\n \n \n FSE:MJT) reports its financial and operational results for\nthe first nine months ended September 30, 2021. The following\nfinancial results are expressed in US dollars unless otherwise\nstated.\n \n \n \n \n This release should be read in conjunction with the\nCompany’s unaudited condensed consolidated interim financial\nstatements for the nine-month period ended September 30, 2021 and\nassociated Management Discussion and Analysis (“MD&A”) which\nare available on SEDAR\n \n \n \n \n www.sedar.com\n \n \n \n \n and on the\nCompany’s website\n \n \n \n \n www.majesticgold.com\n \n \n \n \n .\n \n \n \n \n \n \n OPERATIONAL\nHIGHLIGHTS\n \n \n \n \n Nine months ended September 30, 2021\n \n \n \n \n \n \n Net income\n \n \n was $7.9 million for\nthe nine months ended September 30, 2021\n \n \n , a\ndecline of 30%\n \n \n from\n \n \n the\nFY2020 comparative period.\n \n \n The decrease in net\nincome is due to the impact of the temporary suspension of all mining\noperations in the Shandong Province since January 27, 2021, pending\nthe completion of mandated governmental safety inspections throughout\nthe industry. The Songjiagou Open Pit resumed operations on August 12,\n2021\n \n \n \n \n \n \n Gold production\n \n \n decreased by 55%\nto 11,412 ounces, from 25,147 ounces produced for\n \n \n the FY2020 comparative period. The decrease in production is\ndue to the temporary suspension of mining operations since January 27,\n2021;\n \n \n \n \n \n \n Gold revenue\n \n \n was $24.4 million, a\ndecrease of 35% from $37.4 million for\n \n \n \n \n the FY2020 comparative period.\n \n \n The decline in revenue is primarily due to the\ndecrease in gold available for sale as result of the curtailment of\nthe mining operations since January 27, 2021;\n \n \n \n \n \n \n Gross profit\n \n \n from mining\noperations decreased by 33% to $12.7 million, from $19 million for\n \n \n the FY2020 comparative period due to the\ncurtailment of the mining operations since January 27...