Vancouver, British Columbia – TheMarch 25, 2022 - Majestic Gold Corp. (“Majestic” or the “Company”) (TSX.V: MJS, FSE: MJT) announces its financial and operational results for the year ended December 31, 2021. The following financial results are expressed in US dollars unless otherwise stated.

This release should be read in conjunction with the Company’s audited consolidated financial statements for the years ended December 31, 2021 and 2020 and associated Management Discussion and Analysis (“MD&A”) which are available on SEDAR www.sedar.com and on the Company’s website www.majesticgold.com.         

PERFORMANCE HIGHLIGHTS

Three months ended December 31, 2021

• Gold production decreased by 6% to 8,543 ounces, from 9,089 ounces produced forthe FY2020 comparative period; 

• Gold revenue was $14 million, a decrease of 6% from $15 million for the FY2020 comparative period; 

• Gross profitfrom mining operations decreased by 2% to $9 million, from $9.2 million for the FY2020 comparative period 

• Net losswas $146,728, compared to a net income of $3.8 million forthe same period in FY2020;  

• Total cash costs and all-in sustaining costs (“AISC”) were $607 per ounce and $924 per ounce, compared to $592 per ounce and $744 per ounce for the same period in FY2020; For AISC computation details, refer to pages 15-17 of the MDA for this Non-IFRS financial measure;  

• Adjusted EBITDA was $6.6 million, compared to $8.7 million for the same period in FY2020. For EBITDA computation details, refer to pages 15-17 of the MDA for this Non-IFRS financial measure. 

Year ended December 31, 2021

• Net incomewas $7.7 million for FY2021, a decline of 49% from $15 million for FY2020 The decrease in net income is due to the impact of the temporary suspension of all mining operations in the Shandong Province, including the SJG Project, during 2021, pending the completion of governmental safety inspections throughout the industry. The SJG Open-Pit Mine resumed operations on August 12, 2021 

• Gold production decreased by 42% to 19,955 ounces for FY2021, from 34,236 ounces produced forFY2020. The decrease in production is due to the temporary suspension of mining operations for the period during 2021; 

• Gold revenue was $38.5 million, a decrease of 27% from $52.4 million for FY2020. The decline in revenue is primarily due to the decrease in gold available for sale as result of the curtailment of the mining operations in 2021; 

• Gross profitfrom mining operations decreased by 23% to $21.7 million, from $28.2 million for FY2020 due to the curtailment of the mining operations since January 27, 2021 

• Cash flow from operating activities decreased by 58% to $15.5 million, from $36.8 million for FY2020 

• Total cash costs and all-in sustaining costs (“AISC”) for FY2021, were $677 per ounce and $972 per ounce, compared to $588 per ounce and $716 per ounce for FY2020. For AISC computation details, refer to pages 15-17 of the MDA for this Non-IFRS financial measure;  

• Adjusted EBITDA for FY2021, was $17.3 million, compared to $29.8 million for FY2020. For EBITDA computation details, refer to pages 15-17 of the MDA for this Non-IFRS financial measure; 

• On June 15, 2021, the Company entered into a letter of intent (“LOI”) with Western Explorers PTY Ltd. (“Western Explorers”), a private Australian corporation, to acquire a 65% interest in four separate tenements located in Western Australia, an area with demonstrated potential for the discovery of lithium oxide mineralization; 

• As mining operations have resumed at the SJG Project, the Company expects gold production levels to return to those achieved prior to the suspension of its operations, and with the Company resuming its focus on the expansion of the SJG Open-Pit Mine. 

FINANCIAL INFORMATION

1. (1)See “Additional Financial Measures” in the Company’s MDA on pages 15-17.  

2. (2)“Gross profit” represents total revenues, net of cost of goods sold.  

About Majestic Gold

Currently focused 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, with exploration properties located in Australia, and Canada. Additional information on the Company and its projects is available at www.sedar.com and on the Company’s website at www.majesticgold.com.

For further information, please contact:

Stephen Kenwood, P.Geo., President and CEO

Telephone: (604) 560-9060

Email: info@majesticgold.com

Website: www.majesticgold.com

Cautionary Notes

Certain statements contained herein may constitute forward‐looking 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. Forward‐looking 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 forward‐looking 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 forward‐looking statements.

While these forward‐looking 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 forward‐looking statements to conform these statements to actual results