Majestic Gold (MJS) Q4 2024 earnings summary

Executive summary

• Net income for FY2024 reached $20.5 million, up 68% year-over-year from $12.2 million in FY2023.

• Gold production increased 3.6% to 31,949 ounces in FY2024, despite ongoing expansion work at the SJG open pit.

• Revenue rose to $71 million for FY2024, a 29% increase from $55 million in FY2023, driven by a 23.3% higher average realized gold price.

• Adjusted EBITDA for FY2024 was $38.3 million, up from $25.4 million in FY2023.

• Cash flow from operating activities increased 16.5% to $28.5 million in FY2024.

Financial highlights

• Gross profit from mining operations rose 36.8% to $36.4 million in FY2024.

• Cash and short-term investments at year-end totaled $100.7 million, with working capital of $86.3 million.

• Dividend of CAD $0.007 per share paid in October 2024, totaling CAD $7.3 million and yielding 10.76%.

• Q4 2024 net income was $3.7 million, up 91.4% from $1.9 million in Q4 2023.

• Q4 2024 revenue was $19 million, a 33.4% increase from $14.2 million in Q4 2023.

Outlook and guidance

• Gold production expected to increase in Q3 2025 and into FY2026 as SJG open-pit expansion completes.

• Consolidation of Mujin Gold Project operations to begin March 1, 2025, following a 52% acquisition.

• Over $100 million in cash and equivalents positions the company for further acquisitions and growth.