RE:RE:RE:RE:One year agohcahoon, it's hard to say as the earnings multiple depends on a lot of factors. The GDXJ that includes 98 junior gold and silver mining companies has a P/E of 19.52 as I write. VGCX currently has a P/E of 15.3 based on TTM (trailing 12 mos) earnings of $0.55.
If it were to maintain that P/E, then just a doubling of earnings in the next 12 months would double the share price. So imagine what earnings of $2 would do to the share price.
In 2021 VGCX had earnings of US$1.41/share. So the decline in earnings in 2022 predictably led to a similar decline in share price. If they can back to similar earnings in 2023, the share price should correspondingly react.
However, although earnings of $2 is possible, I don't really expect that to happen this year and at this point neither does the market. But even earnings of C$1.50 would lead to a share price of $15 with only a P/E of 10.
A reasonable of P/E for Victoria should be around 10 IMO because it currently only has an 11-year mine life. Certainly that could change by adding ore from Raven/Lynx.
The gold price should help - currently at C$2,718 which I believe is at or close to an all-time high in Canadian dollars.