Majestic Gold (MJS) Q2 2024 earnings summary

Executive summary

• Revenue for the six months ended June 30, 2024, rose 17.7% year-over-year to $33.6 million, driven by higher average realized gold prices.

• Net income increased 52.1% to $11.1 million compared to the same period last year.

• Gold production for the period was 16,207 ounces, a 2.2% decrease year-over-year.

• Adjusted EBITDA reached $18.9 million, up from $14.2 million in the prior year period.

Financial highlights

• Gross profit from mining operations increased 32.9% to $18.1 million year-over-year.

• Net earnings attributable to shareholders from continuing operations rose 17.5% to $5.5 million.

• Net cash from operating activities decreased 23.5% to $11.6 million, mainly due to higher income tax payments and accounts payable.

• Cash balance at June 30, 2024, was $103.9 million, with working capital of $86.3 million.

Outlook and guidance

• 2024 production outlook remains at 34,000 ounces, with production weighted to the second half of the year.