Business
MAJESTIC GOLD CORP. Reports 2022 Q2 Results
(TheNewswire) Vancouver, British Columbia – TheNewswire - August 2...
About this update from Majestic Gold Corp.
[{"type":"text","content":"MAJESTIC GOLD CORP. Reports 2022 Q2 Results \n \n \n (TheNewswire)\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Vancouver, British Columbia –\n \n \n TheNewswire -\n \n \n August 29, 2022\n \n \n - Majestic Gold Corp.\n \n \n (“Majestic” or the “Company”) (TSXV:MJS) reports its financial\nand operational results for the six months ended June 30, 2022.  The\nfollowing financial results are expressed in US dollars unless\notherwise stated.\n \n \n \n \n This release should be read in conjunction with the\nCompany’s unaudited condensed consolidated interim financial\nstatements for the six months ended June 30, 2022 and associated\nManagement Discussion and Analysis (“MD&A”) which are\navailable 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 PERFORMANCE HIGHLIGHTS\n \n \n \n \n Six months ended June 30,\n2022\n \n \n \n \n \n \n Gold\nrevenue\n \n \n was $33.4 million, an increase of 127%\nfrom $14.7 million for the FY2021 comparative period;\n \n \n \n \n \n \n Gross\nprofit\n \n \n from mining operations increased by 163%\nto $18 million, from $6.9 million for\n \n \n the FY2021\ncomparative period\n \n \n \n \n \n \n Gold\nproduction\n \n \n increased by 173% to 19,864 ounces,\nfrom 7,287 ounces produced for\n \n \n the FY2021\ncomparative period;\n \n \n \n \n \n \n Net\nincome\n \n \n was $11.3 million\n \n \n ,\nan increase of 87% from $6 million for the FY2021 comparative period;\n \n \n \n \n \n \n Adjusted\nEBITDA\n \n \n was $18.9 million, compared to $7.2\nmillion for the same period in FY2021. For EBITDA computation details,\nrefer to pages 14-16 of the MDA for this Non-IFRS financial\nmeasure;\n \n \n \n \n \n \n Total cash costs\nand all-in sustaining costs\n \n \n (“AISC”)\n \n \n were $654 per ounce and $799 per\nounce, compared to $732 per ounce and $965 per ounce for the same\nperiod in FY2021; For AISC computation details, refer to pages 14-16\nof the MDA for this Non-IFRS financial measure;\n \n \n \n \n \n \n On March 30, 2022, the Company announced that its 94%\nowned subsidiary, Persistence Resources Group Ltd. (“PRG”)\n(formerly known as SINOGOLD Resources Holdings Group Co., Ltd., has\nsubmitted its a...