Vancouver, British Columbia – April 28, 2023 - Majestic Gold Corp. (“Majestic” or the “Company”)
(TSX.V: MJS, FSE: MJT) announces its financial and operational results for the year ended December 31,
2022. The following financial results are expressed in US dollars unless otherwise stated.
FULL YEAR HIGHLIGHTS
• Record gold production of 37,641 ounces for FY2022 (FY2021- 19,955 ounces);
• Record revenue of $63.5 million for FY 2022 (FY2021 - $38.5 million);
• Record gross profit from mining operations of $33.9 million for FY2022 (FY2021 - $21.7 million);
• Record net income of $17.4 million for FY2022 (FY2021 - $7.7 million);
• Record cash flows from operating activities, excluding changes in non-cash working capital of $29.2
million for FY2022 (FY2021 - $16.5 million) For computation details, refer to pages 16-18 of the MD&A
for this Non-IFRS financial measure;
• Record Adjusted EBITDA was $35 million for FY2022 (FY2021 - $17.3 million). For EBITDA
computation details, refer to pages 16-18 of the MD&A for this Non-IFRS financial measure;
• Strong financial position at December 31, 2022. The Company had cash and short-term investments of
$52.7 million (FY2021 - $34.9 million) and working capital of $36.4 million (FY2021 - $14.1 million);
• Total cash costs and all-in sustaining costs (“AISC”) of $657 per ounce and $751 per ounce for FY2022
(FY2021 - $677 per ounce and $972 per ounce respectively). For AISC computation details, refer to pages
16-18 of the MD&A for this Non-IFRS financial measure.
FOURTH QUARTER HIGHLIGHTS
• Gold production of 7,924 ounces for Q4 FY2022 (Q4 FY2021 – 8,543 ounces);
• Gold revenue of $14.3 million for Q4 FY2022 (Q4 FY2021 - $14 million);
• Gross profit of $5.6 million for Q4 FY2022 (Q4 FY2021 - $9 million);
• Net income of $1 million for Q4 FY2022 (Q4 FY2021 - $146,728);
• Adjusted EBITDA was $6.6 million for Q4 FY2022 (Q4 FY2021 - $6.6 million).;
• Total cash costs and all-in sustaining costs (“AISC”) of $757 per ounce and $862 per ounce for Q4
FY2022 (Q4 FY2021 - $607 per ounce and $924 per ounce respectively);
306 - 1688 152nd Street
Surrey, British Columbia
Canada, V4A 4N2
Telephone: 604-560-9060
Facsimile: 604-560-9062
Email: info@majesticgold.com
FINANCIAL INFORMATION
Three months ended December 31, Year ended December 31,
2022 2021 2022 2021
Operating data
Gold produced (ozs) 7,924 8,543 37,641 19,955
Gold realized net of smelting fees (ozs) 7,251 8,188 34,481 18,549
Gold sold (ozs) 7,589 7,617 34,880 20,753
Average realized gold price ($/oz sold) $1,856 $ 1,844 $ 1,775 $ 1,853
Total cash costs ($/oz sold) (1) 757 607 657 677
Total production costs ($/oz sold) (1) 966 657 848 806
All-in sustaining costs ($/oz sold) (1) 862 924 751 972

Financial data
Gold revenue $12,972,456 $ 14,045,604 $ 63,474,357 $ 38,445,273
Gross profit (2) 5,643,433 9,041,628 33,881,688 21,714,245
Adjusted EBITDA (1) 6,580,158 6,627,166 34,909,463 17,280,458
Net income 1,024,694 (146,728) 17,422,560 7,717,662
Net income attributable to shareholders 181,940 (811,045) 11,078,664 4,508,586
Basic and diluted income per share 0.00 (0.00) 0.01 0.01
December 31,
2022
December
31, 2021
Balance Sheet
Cash $45,362,546 $ 34,867,831
Total assets 139,605,949 128,037,022
Total current liabilities 21,059,237 24,764,929
(1) See “Additional Financial Measures” in the Company’s MD&A on pages 16-18.
(2) “Gross profit” represents total revenues, net of cost of goods sold.
This release should be read in conjunction with the Company’s audited consolidated financial statements for
the years ended December 31, 2022 and 2021 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

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