Majestic Gold Corp. Reports 2018 Q2 Results
(firmenpresse) -
MAJESTIC GOLD CORP. REPORTS 2018 Q2 RESULTS
Vancouver, British Columbia - May 30, 2018 - Majestic Gold Corp. (Majestic or the Company) (TSX.V: MJS, FSE: A0BK1D) reports its financial and operational results for the second quarter ended March 31, 2018. This release should be read in conjunction with the Companys unaudited condensed consolidated interim financial statements and associated management discussion and analysis (MD&A) for the same period that are available on SEDAR (www.sedar.com) and www.majesticgold.com. The following financial results are expressed in US dollars unless otherwise stated.
HIGHLIGHTS
- The Company had record gold production of 8,297 ounces for the second quarter of fiscal 2018, a 43% increase in production over the 2017 comparative quarter. The Company also had record gold production of 15,347 ounces for the six months ended March 31, 2018, a 32% increase over the 2017 comparative period;
- Gold revenue for the second quarter of fiscal 2018, was $8.2 million from sales of 6,030 ounces at an average gold price of $1,354 per ounce, compared to gold revenue of $9.5 million from sales of 7,716 ounces at an average realized gold price of $1,234 per ounce for the 2017 comparative quarter. Gold revenue for the six months ended March 31, 2018 was $16.9 million (2017 - $13.5 million);
- Cash operating costs for the second quarter of fiscal 2018 were a record low of $605 per ounce, $155 per ounce (or 20%) lower compared to the 2017 comparative quarter. Cash operating costs for the six months ended March 31, 2018, were $631 per ounce, $156 per ounce (or 20%) lower compared to the 2017 comparative period;
- All-in sustaining costs (AISC) for the second quarter of fiscal 2018 were a record low of $719 per ounce, $129 per ounce (or 15%) lower compared to the 2017 comparative quarter. AISC for the six months ended March 31, 2018, were a record low $738 per ounce, $169 per ounce (or 19%) lower compared to the 2017 comparative period;
- Cash flow from operating activities was $5,920,218 for the six months ended March 31, 2018, up 116% from $2,743,435 from the 2017 comparative period;
- Gross profit for the second quarter of fiscal 2018 was $3,401,579 (2017 Q2- $2,705,984). Gross profit for the six months ended March 31, 2018, was $6,910,272 (2017 - $3,639,173);
- Net income for the second quarter of 2018 was $1,628,257 (2017 Q2 - $1,385,856). Net income for the six months ended March 31, 2018, was $3,965,462 (2017 - $1,705,556);
- Majestics adjusted EBITDA was $3,969,970 for the second quarter of 2018 (2017 Q2 - $3,071,795). Refer to pages 13-15 for the computation of this Non-IFRS financial measure;
- Tonnes milled for the second quarter of fiscal 2018 were 410,703 tonnes (2017 Q2 - 413,214) with an average head grade of 0.64 g/t (2017 Q2 - 0.54 g/t) and recovery rate of 96% (2017 Q2 - 92%) and
- On February 14, 2018, the Company issued 64,724,919 common shares at CAD$0.15 per common share for total proceeds of CAD$9,708,738 (USD $7,729,126) pursuant non-brokered private placement.
FINANCIAL INFORMATION
Three months Six months ended
ended March March
31, 31,
20 2017
1 201
8 7 2018
Operating data
Gold produced (ozs) 8,297 5,811 15,347 11,653
Gold realized net of 7,487 5,363 13,985 10,771
smelting fees
(ozs)
Gold sold (ozs) 6,030 7,716 12,753 10,835
Average realized gold $ 1,354 $ 1,234 $ 1,325 $ 1,247
price ($/oz
sold)
Total cash costs ($/oz 605 760 631 787
sold)
(1)
Total production costs 804 894 797 927
($/
oz sold) (1)
All-in sustaining 719 848 738 907
costs
($/
oz sold) (1)
Financial data
Total revenues $ 8,250,$ 9,602,$ 17,069,6$ 13,681,4
650 677 68 97
Gross profit (2) 3,401, 2,705, 6,910,27 3,639,17
579 984 2 3
Adjusted EBITDA (1) 3,969, 3,071, 7,763,50 3,883,49
970 795 8 8
Net income 1,628, 1,385, 3,965,46 1,705,55
257 856 2 6
Net income attributabl 1,011, 887,23 2,573,96 1,033,72
e to 750 5 3 6
shareholders
Basic and diluted gain 0.00 0.00 0.00 0.00
per
share
March Septemb
31, er
30,
2018 2017
Cash and cash $18,273, $10,227,
equivalents 311 054
Total assets 122,172, 105,726,
977 421
Total debt 31,549,8 29,040,0
73 99
(1) See Additional Non-IFRS Financial Measures on pages 13-14 in the Companys MD&A.
(2) Gross profit represents total revenues, net of cost of goods sold.
About Majestic Gold
Currently focused solely in China, Majestic Gold Corp. is a British Columbia based company engaged in commercial gold production at the Songjiagou Gold Mine in eastern Shandong Province, China. Additional information on the Company and its projects is available at www.sedar.com and on the Companys website at www.majesticgold.com.
For further information, please contact:
Stephen Kenwood, P.Geo., President and CEO
Telephone: (604) 560-9060
Email: info(at)majesticgold.com
Website: www.majesticgold.com
306 - 1688 152nd Street
Surrey, British Columbia
Canada, V4A 4N2
Telephone: 604-560-9060
Facsimile: 604-560-9062
Email: info(at)majesticgold.com
Cautionary Notes
Certain statements contained herein may constitute forwardlooking statements and are made pursuant to the "safe harbor" provisions of the United States Private Securities Litigation Reform Act of 1995 and Canadian securities laws. Forwardlooking statements are statements which relate to future events. Such statements include estimates, forecasts and statements as to management's expectations with respect to, among other things, business and financial prospects, financial multiples and accretion estimates, future trends, plans, strategies, objectives and expectations, including with respect to production, exploration drilling, reserves and resources, exploitation activities and events or future operations. Information inferred from the interpretation of drilling results and information concerning mineral resource estimates may also be deemed to be forward-looking statements, as it constitutes a prediction of what might be found to be present when, and if, a project is actually developed.
In some cases, you can identify forwardlooking statements by terminology such as "may", "should", "expects", "plans, "anticipates", believes", "estimates", "predicts", "potential", or "continue" or the negative of these terms or other comparable terminology. These statements are only predictions and involve known and unknown risks, uncertainties and other factors that may cause our or our industry's actual results, level of activity, performance or achievements to be materially different from any future results, levels of activity, performance, or achievements expressed or implied by these forwardlooking statements.
While these forwardlooking statements, and any assumptions upon which they are based, are made in good faith and reflect our current judgment regarding the direction of our business, actual results will almost always vary, sometimes materially, from any estimates, predictions, projections, assumptions or other future performance suggestions herein. Except as required by applicable law, Majestic Gold does not intend to update any forwardlooking statements to conform these statements to actual results.
Leseranfragen:
Majestic Gold Corp. ist ein Unternehmen mit Sitz in Vancouver (British Columbia), das sich mit der kommerziellen Goldproduktion beschäftigt.
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Datum: 30.05.2018 - 15:02 Uhr
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