Business
Majestic Gold Corp. Reports 2024 Q2 Results
(TheNewswire) Vancouver, British Columbia – TheNewswire - August 29, 202...
About this update from Majestic Gold Corp.
[{"type":"text","content":"Majestic Gold Corp. Reports 2024 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, 2024 - Majestic Gold\nCorp.\n \n\n (“Majestic” or the “Company”)\n(TSX.V: MJS, FSE: A0BK1D) reports its financial and operational\nresults for the six months ended June 30, 2024. The following\nfinancial results are expressed in US dollars unless otherwise\nstated.\n \n\n\n\n OPERATIONAL HIGHLIGHTS\n \n\n\n\n Six months ended\nJune 30, 2024 and post period\n \n\n\n\n\n\n Revenue\n \n\n increased by 17.7% to $33.6 million,\ncompared to $28.6 million for the FY2023\n \n\n comparative period\n \n\n . The increase in\nrevenue for the current period was primarily due to the higher average\nrealized gold price;\n \n\n\n\n\n\n Gross\nprofit\n \n\n from mining operations increased by 32.9%\nto $18.1 million, compared to $13.6 million for the\n \n\n FY2023\n \n\n comparative period\n \n\n\n\n\n\n Net\nincome\n \n\n increased by 52.1%\n \n\n to\n$11.1 million\n \n\n , a $3.8 million increase\n \n\n over the\n \n\n FY2023\n \n\n comparative period\n \n\n\n\n\n\n Gold\nproduction\n \n\n was 16,207 ounces\n \n\n , a\n \n\n decrease of 2.2% from 16,575 ounces\nproduced for\n \n\n the\n \n\n FY2023\ncomparative period;\n \n\n\n\n\n\n Net earnings\nattributable to shareholders from continuing operations\n \n\n increased by 17.5% to $5.5 million compared to $4.7 million\nfor the FY2023 comparative period;\n \n\n\n\n\n\n Net cash generated\nfrom operating activities from continuing operations\n \n\n decreased by 23.5% to $11.6 million, from $15.2 million for\nthe\n \n\n FY2023\n \n\n comparative\nperiod. The decrease for the current period is primarily due to an\nincrease of income tax payments and accounts payable over the FY2023\ncomparative period\n \n\n\n\n\n\n Strong financial\nposition\n \n\n at June 30, 2024. The Company had a cash\nbalance of $103.9 million (December 31, 2023 - $98 million) and\nworking capital of $86.3 million (December 31, 2023 - $76.5\nmillion);\n \n\n\n\n\n\n Total cash costs\nand all-in sustaining costs\n \n\n (“AISC”)\n \n\n for\n \n\n the six\nmonths ended June 30, 2024\n \n\n were $787 per ounce\nand $957 per ounce respectively, compared to $774 per ounce and $886\nper ounce for the FY2023\n \n\n ...