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Majestic Gold Corp. Reports 2024 Q3 Results with USD$52M in Revenue and USD$16.9M in Net Income for the First Nine Months of 2024
(TheNewswire) Vancouver, British Columbia – November 29, 2024 – TheNe...
About this update from Majestic Gold Corp.
[{"type":"text","content":"Majestic Gold Corp. Reports 2024 Q3 Results with USD$52M in Revenue and USD$16.9M in Net Income for the First Nine Months of 2024\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\nColumbia – November 29, 2024 –\n \n\n TheNewswire -\n \n\n Majestic Gold Corp.\n \n\n (“Majestic” or the “Company”) (TSX.V: MJS) reports its\nfinancial and operational results for the nine months ended September\n30, 2024. The following financial results are expressed in US dollars\nunless otherwise stated.\n \n\n\n\n\n\n\n\n 2024 THIRD QUARTER FINANCIAL AND OPERATIONAL\nHIGHLIGHTS\n \n\n\n\n\n\n Revenue\n \n\n was $18.3 million for the\nthird quarter of 2024,\n \n\n\n\n an increase of 49.9% over the same period in FY2023;\n \n\n\n\n\n\n Gross profit\n \n\n from mining\noperations was $9.5 million for the third quarter of 2024,\n \n\n\n\n an increase of 69.0% over\nthe same period in FY2023;\n \n\n\n\n\n\n Net income\n \n\n was $5.8 million for\nthe third quarter of 2024\n \n\n an increase of 91.6%\nover the same period in FY2023\n \n\n\n\n\n\n The Company paid its first dividend of CAD$0.007 per\nshare on October 11, 2024,\n \n\n for a total dividend\npayout of CAD$7.3 million, representing a yield of approximately\n10.76% at the time declared;\n \n\n\n\n\n\n Gold production\n \n\n was 7,963 ounces,\nan increase of 20.1% from 6,631 ounces produced for the same period in\nFY2023;\n \n\n\n\n\n\n As announced on November 25, 2024,\n \n\n the Company, through its subsidiary, Persistence Resources\nGroup Ltd,  entered into a Share Purchase and Capital Increase\nAgreement to acquire 52% equity interest in\n \n\n Yantai City Mujin Mining Company Limited and the Muping Gold\nProject\n \n\n ;\n \n\n\n\n\n\n The Company\n \n\n completed phase one\nof its drill program, for a total of 10 drill holes for approximately\n2,000 metres of drilling.\n \n\n The second phase will\ninclude up to an additional 17 drill holes for 7,700 metres of\ndrilling, and is scheduled to be completed by the end of FY2024.\nDrills results will be used for upgrading the Songjiagou Gold Mine\nMineral Reserves; and\n \n\n\n\n\n\n Persistence Resources Group Ltd\n \n\n (HKEX:02489), the Company’s 70.5% owned subsidiary, had a closing\nshare price of HKD$0.78(CAD$0.135) for a market capitalization of\nHKD$1.5...