Majestic Gold Corp. Declared 2020 Annual Results

SEATTLE (Scrap Monster): Vancouver, B.C.-based Majestic Gold Corp. announced its financial and operational results for the year ended December 31, 2020.

During Q4 2020, the company reported 88% year-on-year surge in gold revenue from $7.9 million to $15 million. The gross profits from mining operations registered multi-fold jump from $1.6 million to $9.2 million over the previous year. It reported net income of $3.8 million, as compared with net loss of $1.3 million during the same quarter a year before. The adjusted EBITDA too surged higher from $1.8 million to $8.7 million.

ALSO READ:

Record-High Gold Prices Steered Centamin's Profits Substantially

Equinox Gold Operating Cash Flow Witnessed Four-Fold Surge

The quarterly gold production increased 36% from 6,704 ounces to 9,089 ounces. The all-in sustaining costs (AISC) dropped from $924 per ounce to $744 per ounce.

For the full-year ended 31^st December, 2020, gold revenue increased by y 30% to $52.4 million. The gross profit from mining operations increased by 127% to $28.2 million from $12.4 million. The net income increased to $15.1 million in 2020. The yearly gold production declined year-on-year from 35,099 ounces to 34,236 ounces. The cash flow from operating activities increased to $37 million. The AISC for the year stood at $716 per ounce, said the company news release.

The company is engaged in commercial gold production at the Songjiagou Gold Mine in eastern Shandong Province, China. It also carries out exploration activities at properties located in Australia, China and Canada.