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Victoria Gold Corp.

VITFF / Other OTC / $9.15

March 3, 2021


Business Overview



Victoria Gold Corp. (the Company) owns 100% of the Eagle Gold Mine (the Mine) in central Yukon, Canada. It is approximately 375 kilometers north of Whitehorse, accessible by road year-round, and connected to Yukon Energy’s electrical grid. This open pit Mine poured its first gold in September 2019 and began commercial production on July 1, 2020. The pre-production capital cost was $487.2 million.


On March 1, 2021, management estimated that gold production for 2021 would be between 180,000 and 200,000 ounces at an all-in sustaining cost (AISC) of US$1,050 to US$1,175 per ounce. The estimated mineral reserve for the property is 3.3 million ounces of gold (0.65 g/t), the waste-to-ore ratio is less than 1:1, and the metallurgical characteristics are favorable to heap leach processing. The mine life is 11 years, which can be significantly extended by higher gold prices.


The Mine is located within the traditional territory of the First Nation of Na-Cho Nyak Dun (FNNND), with which the Company has a long-standing Comprehensive Cooperation and Benefits Agreement. At full production, the Mine will employ 350-400 people.


The 100%-owned Dublin Gulch property (approximately 35,000 hectares) within which the Mine is located, contains other areas of gold occurrence. The Olive Zone (approximately 2.5 km northeast of the Eagle Zone) has had sufficient drilling to be defined as a mineral reserve showing an estimated 200,000 ounces of gold (0.67 g/t) using an assumed gold price of US$1,275 per ounce. Production (open pit) is planned to commence in 2028.


The Company has staked 1,012 quartz mining claims covering 20,500 hectares of FNNND lands immediately to the west of the Dublin Gulch Property. Victoria holds an agreement with FNNND to conduct



2021 Focus



Gold production for Q4 2020 was 42,174 ounces, and ore placement on the heap leach pad increased by more than 20% quarter over quarter. Management hopes to quickly scale up the production rate and focus on early debt repayment.


Management will strive to achieve year-round stacking, a reduction or elimination of re-handling of ore on the leach pad, refinement of water management and water treatment, reduction of other operating costs, and improvement on production targets.


The exploration program has high-potential targets.



Management and Directors



The backgrounds of the management and directors are outlined on the Victoria website and investor deck. John McConnell, President, CEO & a Director, has 35 years in the mining industry, including operations, permitting, engineering, project management, and executive positions. Other executives have extensive backgrounds in the mining industry.


The seven BoD members have a broad range of relevant experience, including mining, permitting, Aboriginal law in northern Canada, and investment banking.






Income Statement (9 months through 09/30/20 vs. 08/31/19) (C$)


Revenue: 80,526,228 vs. 0

Gross profit: 33,155,437 vs. 0

G&A expense: 6,003,452 vs. 5,547,576

Operating income (expense): 27,151,985 vs. (5,547,576)

Change in fair value of derivative instruments: (57,801,569) vs (27,868,521)

Pretax income (loss): (34,131,565) vs. (32,127,947)

Net income (loss): (39,959,228) vs. (30,082,242)



Balance Sheet (09/30/20) (C$)


Cash & equivalents: 39,972,714

Other assets: 716,396,144

Total assets: 756,368,858

Long-term debt: 229,944,777

Total long-term liabilities: 308,057,429



On December 18, 2020, the Company announced that it had entered into a credit agreement with a syndicate of banks in connection with a secured US$200 million debt facility, comprised of a US$100 million term loan and a US$100 million revolving facility. The Company has drawn down the full amount of the debt facility and approximately US$75 million of the revolver.


On September 30, 2020, the Company closed a bought deal secondary offering of 3,383,300 common shares at C$17 apiece for gross proceeds of C$57,516,100.



Valuation Considerations



The Eagle Gold Mine is a sizable, high-margin project in a favorable jurisdiction, and higher gold prices would extend the mine life significantly.


Commercial production commenced in mid-year 2020. Production data to date is in close agreement with the reserve block model.


The post-tax NPV (5%) of the Mine is estimated to be approximately $1.0 billion at $1300/ounce gold, and the large land package offers additional upside potential.


The impact from COVID-19 remains an uncertainly. In addition, the Company website and SEDAR filings list a number of risks and are hereby incorporated by reference.






Website: vgcx.com


Executive offices: 80 Richmond Street West, Suite 303, Toronto, ON M5H 2A4; 416.866.8800


Investor contact: John McConnell, President & CEO; president@vitgoldcorp.com; 604.696.6605



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