Majestic Gold (MJS) Q3 2023 earnings summary

Executive summary

• Revenue for Q3 2024 reached $18.3M, up 49.9% year-over-year; nine-month revenue totaled $52M, up 27.4% from 2023.

• Net income for Q3 2024 was $5.8M, a 91.6% increase year-over-year; nine-month net income was $16.9M, up 63.6%.

• Gold production for Q3 was 7,963 oz (up 20.1%); nine-month production was 24,170 oz (up 4.2%).

• First dividend of CAD $0.007/share paid in October 2024, totaling CAD $7.3M (10.76% yield at declaration).

• Acquisition of 52% equity in Yantai City Mujin Mining and Muping Gold Project announced.

Financial highlights

• Gross profit for Q3 2024 was $9.5M, up 69.0% year-over-year; nine-month gross profit was $27.6M, up 43.5%.

• Adjusted EBITDA for Q3 was $9.8M (vs $5.7M in 2023); nine-month adjusted EBITDA was $28.7M (vs $19.9M).

• Cash balance at September 30, 2024 was $102.4M; working capital was $88.5M.

• Total equity increased to $165.3M from $152.3M at year-end 2023.

Outlook and guidance

• Second phase of drilling at Songjiagou Gold Mine to include up to 17 holes (7,700m), scheduled for completion by year-end 2024.

• Drill results will be used to upgrade mineral reserves.