- Majestic Gold (TSXV:MJS) ends Q3 2024 in the green generating net income of US$5.8 million
- Should the miner end 2024 with positive net income, this would mark its seventh-straight year turning a bottom-line profit
- Majestic Gold is a low-cost junior gold producer from its Songjiagou mine in eastern Shandong Province, China
- Majestic Gold stock is flat year-over-year and has added 60 per cent since 2019
Majestic Gold (TSXV:MJS) ends Q3 2024 in the green generating net income of US$5.8 million.
Q3 2024 financial and operational highlights
- Revenue of US$18.3 million, up by 49.9 per cent year-over-year (YoY).
- Gross profit from mining operations of US$9.5 million, up by 69 per cent YoY.
- Net income of US$5.8 million, up by 91.6 per cent YoY.
- Gold production of 7,963 ounces, up by 20.1 per cent from 6,631 ounces YoY.
- Subsidiary Persistence Resources entered into a share purchase and capital increase agreement to acquire a 52 per cent interest in Yantai City Mujin Mining Company and the Muping gold project.
- Completed phase-one drill program at the Songjiagou gold mine, including 10 drill holes spanning 2,000 metres. Phase-two will include up to 17 drill holes for 7,700 metres and is slated to end by fiscal 2024.
- Majestic paid its first dividend of C$0.007 per share on October 11, 2024, representing a payout of C$7.3 million and a yield of 10.76 per cent.
Financial and operational highlights for the nine months ending September 30, 2024
- Revenue of US$52 million, up by US$11.2 million or 27.4 per cent YoY.
- Gross profit from mining operations of US$27.6 million, up by US$8.4 million or 43.5 per cent YoY.
- Net income of US$16.9 million, up by US$6.6 million or 63.6 per cent YoY.
- Cash position of US$102.4 million and working capital of US$88.5 million as of September 30, 2024.
- Gold production of 24,170 ounces, up by 4.2 per cent from 23,206 ounces YoY.
- Total cash costs and all-in sustaining costs of US$841 per ounce and US$1,007 per ounce, respectively, up from US$794 per ounce and US$925 per ounce YoY.
An established history of profitability
Should Majestic Gold end 2024 with positive net income, this would mark its seventh-straight year turning a bottom-line profit, following US$7.56 million in 2023, US$11.08 million in 2022, US$4.51 million in 2021, US$9.43 million in 2020, US$4.3 million in 2019, US$6.8 million in 2018 and US$3.6 million in 2017.
About Majestic Gold
Majestic Gold is a low-cost junior gold producer from its Songjiagou mine in eastern Shandong Province, China.
Majestic Gold stock (TSXV:MJS) is unchanged trading at C$0.08 per share as of 12:44 pm ET. The stock is flat year-over-year and has added 60 per cent since 2019.
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(Top photo of drilling at Majestic Gold’s Songjiagou mine in China: Majestic Gold)
