Majestic Gold Reports Strong Financial Growth in 2024
Vancouver, British Columbia -- March 28, 2025 -- NewsGenie -- Majestic Gold Corp. (TSX.V: MJS, FSE: A0BK1D) has released its financial and operational results for the year ended December 31, 2024, showcasing significant growth. Gold production reached 31,949 ounces, a 3.6% increase from 2023.
Revenue surged to $71 million, driven by a 23.3% increase in the average realized gold sales price. Gross profit from mining operations rose by 36.8% to $36.4 million, and net income increased by 68.0% to $20.5 million. Cash flow from operating activities also saw a 16.5% increase to $28.5 million.
The company's financial position remains strong, with cash reserves of $100.7 million and working capital of $86.3 million as of December 31, 2024. A dividend of CAD$0.007 per share was paid, totaling CAD$7.3 million.
Total cash costs and all-in sustaining costs (AISC) were $856 and $1,061 per ounce, respectively. Adjusted EBITDA for the year was $38.3 million. Additionally, Majestic Gold acquired a 52% equity holding in Yantai City Mujin Mining Company Limited and the Muping Gold Project.
Fourth-quarter highlights included a 3.2% increase in gold production to 7,782 ounces and a 33.4% increase in revenue to $19 million. Net income for the quarter increased by 91.4% to $3.7 million.
Stephen Kenwood, CEO of Majestic Gold Corp., anticipates increased gold production in 2025, driven by the completion of the SJG open-pit expansion and the recent acquisition in the Mujin Gold Project. He noted the company's strong cash position, enabling continued growth and property acquisitions.
Majestic Gold Corp. is a junior gold producer with operations in eastern Shandong Province, China, including the Songjiagou Gold Mines and the Mujin Gold Project.