Majestic Gold Corp. · TSXV:MJS
Majestic Gold — Investor Presentation (June 2025)
36 slides from Majestic Gold's investor presentation, Jun 25, 2025
Slide 1: June 2025
June 2025 TSX-V:MJS www.majesticgold.com
Slide 2: Disclaimer
Disclaimer The information on this presentation includes certain “Forward-Looking Statements” within the meaning of securities exchange regulation. Forward-looking statements are made to provide information about management’s current expectations and plans. Forward-looking statements are generally i
Slide 3: Contents
1 COMPANY OVERVIEW 2 SONGJIAGOU GOLD PROJECT CONTENTS 3 MUJIN GOLD PROJECT 4 GALLERY
Slide 4: Company Overview
COMPANY OVERVIEW 1 • Overview • Financial and Operational Performance • Capital Structure • Directors and Management Team PART
Slide 5: Valuation Disconnect – Undervalued Opportunity
Valuation Disconnect – Undervalued Opportunity • Current Market Capitalization (June 2025): ~CAD $166.8M • Cash Position FY2025 Q1: USD $107.6 million (~CAD $155M) • Total NI 43-101 Mineral Reserves: ~1.2 Moz; Mineral Resources: ~3.1 Moz • Special Dividend Paid in FY2024: CAD$7.3M (~$0.007 per share
Slide 6: Gold Reserves + Production Upside
Gold Reserves + Production Upside • Total NI 43-101 Mineral Reserves: ~1.2 Moz; Mineral Resources: ~3.1 Moz • Average Realized Gold Price (FY2025 Q1): US$2,767/oz • Cash Cost (FY2025 Q1): US$992/oz • Highly profitable operations with FY2025 Q1 gross margin of ~53% Gold Production Economics FY2025 Q1
Slide 7: Why Invest in Majestic Gold Corp.?
Why Invest in Majestic Gold Corp.? • Trading at a substantial discount to its liquid asset value (~40%) • Strong balance sheet with US$107.6M cash • Growing low-cost producer • High-margin gold production with Q1 gross margin of ~53% • Ongoing growth via SJG Phase 2 Open-Pit expansion and Mujin inte
Slide 8: Current Overview
Current Overview • Seeking growth opportunities through the acquisition of High-Value Projects with Proven Mineral Reserves and Resources • FY2025 Q1, Majestic acquired a 52% (36.66% net) interest and management of the Mujin Gold Project, which holds three gold mining licenses of which the Denggezhu
Slide 9: Historical Profitable Production Performance
Historical Profitable Production Performance Gold production Avg. realized gold price Cash cost (1) AISC (1) 40,000 $3,000 37,641 35,099 35,000 34,236 31,949 $2,500 30,837 30,000 29,160 $1,938 $2,390 25,363 $1,853 $2,000 25,000 $1,775 22,975 Au Ounces $1,650 19,955 20,000 $1,500 $1,269 $1,308 $1,286
Slide 10: Four Year Financial Performance Summary
Four Year Financial Performance Summary FINANCIAL RESULTS YEAR END 2022 2023 2024 2025(2) Total Revenue $63,474,357 $55,025,192 $70,952,304 $19,480,955 Gross Profit $33,881,688 $26,572,295 $36,363,078 $10,330,971 Net Income $17,422,560 $12,229,398 $20,545,152 $6,107,794 Adjusted EBITDA $34,909,463 $
Slide 11: Four Year Operational Performance Summary
Four Year Operational Performance Summary OPERATIONAL RESULTS YEAR END 2022 2023 2024 2025(2) Tonnes mined – SJG Project 1,989,184 1,830,682 1,989,278 425,009 Tonnes processed – SJG Project 1,990,900 1,925,736 1,989,470 459,881 Head grade (Au g/t) - SJG Project 0.62 0.53 0.53 0.55 Mill recovery – SJ
Slide 12: MJS Stock & Capital Structure
MJS Stock & Capital Structure Snapshot ( a s o f J u n e 2 5 , 2 0 2 5 ) ( 1) Shares Issued: 1,042,664,381 TSX Venture Exchange: MJS Options outstanding: Nil Share Price CAD$ 0.16 Warrants outstanding: Nil 52-week low-high CAD$ 0.055-0.20 Market Cap.: CAD$166.8M Frankfurt Stock Exchange MJT Cash Pos
Slide 13: Directors and Management Team
Directors and Management Team STEPHEN KENWOOD, P.GEO – President., CEO and Director JOHN CAMPBELL – Lead Director • Mr. Kenwood is a Professional Geoscientist with over 30 years experience working in • Mr. Campbell holds a law degree from the University of British Columbia Canada, United States, Pan
Slide 14: Songjiagou Gold Project
SONGJIAGOU GOLD PROJECT • Songjiagou Gold Mines • Geology of Area 2 • SJG Project Milestones • SJG Open-Pit expansion • Mineral Reserves and status Resources • SJG Underground Mine • Mineral Licenses • SJG Gold Project Analysis PART
Slide 15: Songjiagou Gold Mines
Songjiagou Gold Mines • Majestic’s Songjiagou Gold Mines (“SJG Gold Project”) is located in Muping County on the Jiaodong Peninsula, Shandong Province • Songjiagou Gold Mine is comprised of two operating mines – SJG Open-Pit Mine and SJG Underground Mine • Shandong is the historic heartland of China
Slide 16: Songjiagou Gold Project Milestones
Songjiagou Gold Project Milestones 2004 - Present • 2004 - Signed JV contract with Muping Gold Mine • 2005 - Obtained approval from MOC • 2010 - Revised ownership from 60% to 75% (70.5% net) • 2011 - Wardrop completed NI 43-101 PEA • 2010 / 2011 - US$70M processing plant/facilities • 2011 - 6,000 tp
Slide 17: Songjiagou Gold Project Milestones
Songjiagou Gold Project Milestones 2004 - Present • 2020 - Renewal of SJG Open-Pit mining license until 2031 • 2020 - Completed relocation of two villages proximal to operation to new housing complexes allowing for open-pit expansion • 2021 - Renewed SJG North Underground Mining License until 2031 •
Slide 18: SJG Gold Project - Mineral Reserves and Resources
SJG Gold Project - Mineral Reserves and Resources Mineral Reserve Statement (June 30, 2023) (1) Mineral Resources Statement (June 30, 2023) (1) (2) Tonnes Grade (g/t Gold content Exclusive of Mineral Tonnes Grade Gold content (000’s) Au) (ounces) Reserves (000’s) (g/t Au) (ounces) SJG Open-Pit Mine
Slide 19: Songjiagou Gold Open Pit Mining Licenses
Songjiagou Gold Open Pit Mining Licenses Underground License Boundary Expanded Open Pit Mining License Boundary SJG Open-Pit Mining License valid until May 2031 SJG Open-Pit Mining License increased to 0.594 km2 SJG Underground Mine License valid until February 2031
Slide 20: Geology of Area - Grade Distribution Plots
Geology of Area - Grade Distribution Plots • Songjiagou is a mesothermal deposit hosted in a conglomerate in the Laiyang Group Linsishan formation • Mineralization occurs in thin veins, disseminations, and in stockworks, visually indistinguishable from wall rocks • Modeling indicates higher grade bl
Slide 21: SJG Open-Pit Expansion Plan
SJG Open-Pit Expansion Plan • Phase 1 of the SJG Open-Pit Mine expansion has been completed • Phase 2 expansion work was initiated in FY2024 and progressed through FY2025 with its completion during Q2 FY2025 • Phase 2 expansion work focused on 5 bench levels from +81m ASL down to +33m ASL • Final ex
Slide 22: Songjiagou Underground Mine
Songjiagou Underground Mine • Separate 0.414 sq km mining license adjacent to SJG Open-Pit • 14 mineralized vein structures on trend with main Songjiagou mine geology • Access via a 2,075 m ramp, six levels developed off ramp • Production commenced beginning in 2019. Currently mining the upper 2 lev
Slide 23: SJG Gold Mine Analysis
SJG Gold Mine Analysis Songjiagou-style Gold Deposits Among World’s Largest • Mesothermal deposits such as Songjiagou are known for their large size and depth extent • These type deposits represent a major source of world gold production • Western Australia’s Super Pit (Barrick 50%/Newmont 50% ) ran
Slide 24: Mujin Gold Project
MUJIN GOLD PROJECT • Mineral Reserves and Resources 3 • Geology of Area PART
Slide 25: Mujin Gold Project
Mujin Gold Project • Majestic’s Mujin Gold Project is located in Muping County on the Jiaodong Peninsula, Shandong Province • Mujin Gold Project is comprised of three mineral licenses, including one operating mine – DGZ Mine • Mujin Gold Project holds two additional exploration licenses • Majestic G
Slide 26: Mujin Gold Project - Mineral Reserves and Resources
Mujin Gold Project - Mineral Reserves and Resources Mineral Reserve Statement (June 30, 2024) (1) Mineral Resources Statement (June 30, 2024) (1) (2) Tonnes Grade (g/t Gold content Exclusive of Mineral Tonnes Grade Gold content (000’s) Au) (ounces) Reserves (000’s) (g/t Au) (ounces) DGZ Mine DGZ Min
Slide 27: Geology of Area – DGZ Mine
Geology of Area – DGZ Mine • DGZ Mine situated in the middle part of the Jiaodong Muping-Rushan metallogenic belt. • The surface layer of the mining area is simple and mainly composed of faulted structures. Magmatic rocks are extremely well developed. • The outcrop layer in the area is relatively si
Slide 28: Gallery
Gallery • SJG Open-Pit Mine • Tailing Pond 4 • Processing Plant • Village Relocation • SJG Underground Mine PART
Slide 29: SJG Gold Mine – Open-Pit Operations
SJG Gold Mine – Open-Pit Operations Open-Pit down to +9 m ASL
Slide 30: SJG Gold Mine – Open-Pit Operations
SJG Gold Mine – Open-Pit Operations Open-Pit down to -3m ASL with ongoing expansion work
Slide 31: SJG Gold Mine – Processing Plant
SJG Gold Mine – Processing Plant Processing Plant – 6,000 tpd
Slide 32: SJG Gold Mine – Processing Plant
SJG Gold Mine – Processing Plant Processing Plant – 6,000 tpd
Slide 33: SJG Gold Mine – Tailing Pond
SJG Gold Mine – Tailing Pond water recycling reservoir below tailings dam (zero discharge)
Slide 34: Mujin Gold Project – DGZ Mine
Mujin Gold Project – DGZ Mine DGZ Underground Mine
Slide 35: Mujin Gold Project – DGZ Processing Plant
Mujin Gold Project – DGZ Processing Plant • The current production capacity of the DGZ Processing Plant is 450 tpd. It employs flotation technology to process ore from three gold mines producing gold concentrate as the final product for sale. • The plant is currently undergoing technical upgrades to
Slide 36: Non-IFRS Financial Performance Measures
Non-IFRS Financial Performance Measures “Adjusted EBITDA” represents earnings before interest (including non-cash accretion of financial obligations), income taxes and depreciation and depletion (“EBITDA”), adjusted to exclude impairment charges, allowance for doubtful accounts, gains or losses on a