Victoria Gold Corp T.VGCX

I don't remember reading about THIS?

[crazytimes]

As predicted, landslide area likely still shifting - The Yukon Star

excerpt from the above article???Was anyone aware that this had happened? Was there any news release on this? Is this true??? Wow???? Just my opinion. 

Meanwhile, a former mine employee told the Star this week an incident that occurred earlier this year should have served as a wake-up call for the recent landslide.

“They ran everything really well and tried their best to do everything properly,” he said in an interview.

“But when you have a failure on the heap leaching pad in one area, you really should examine the whole thing. It’s like taking a step back and asking, ‘did we do this right?’” the source said.

It cost the company about $30 million to clean up the site, the ex-employee said. The company department the person worked for had the ability to purchase equipment, but after the incident, its budget was cut to save money, he said.

[crazytimes]

I mean isn't a $30 MILLION DOLLAL Issue something that would be reported as material news to shareholders????? DID I MISS THIS? Am I confused or was this going to be disclosed in the upcoming quarter????? Is this what the shorts were holding for?????? Please someone correct me if I am wrong??? This sounds too wild to be true???  This simply must be wrong or ???? ? Just my opinion. 

[Swingandmiss]

None of us were aware of this, and YES it should have been disclosed. This will definitely be part of a class action .

[HoneyBadger77]

Excerpt from the Yukon Star article / link you povided Crayztimes: The government has been saying there is still potential for more movement in the landslide, but hasn’t acknowledged it has and is still happening. "John Thompson, a communications officer with the Department of Energy, Mines and Resources, said this morning. “As we’ve said before, the area is unstable, and that is why we

[[e-mail]]

Very good point!

[HuskySW]

The last two paragraphs made me laugh.  Thank you :) Though I bet what you would see is gophers in the pipes and marmots on the rocks sunning themselves and the occasional fox raiding the camp.  :) As a side note, if I may, there are co's that provide time cost lease camera time and or images of exact locations over the North that will provide you high-res details.  :) Thanks

[HoneyBadger77]

Well, the VG employee (oh I mean source) that provided the Yukon Star with photos obviously photographed more than gophers and marmots.  "A source presented The Yukon Star this morning with photographic evidence clearly showing the slide area where the heap leach pad failed at the mine on June 24 is still on the move." If there's broken pipe, torn liner, visible fissures or a

[crazytimes]

HB... What you are saying makes sense to me but you are talking about the current slide, (SLIDE 2) and it's stability. This is mentioned however unless I am mistaken, the employee is talking about a previous slide (Slide 1). I always assumed slide 1 was very small and therefore not reported? However if it actually did cost $30 million to clean it up is that really small anymore? If this is

[crazytimes]

HB....Do you think the article is true? I am talking about the $30 million???? If there was a previous slide that cost $30 million to clean up shouldn't there of been a disclosure on something of this magnitude????  Isn't $30 million material news for a company this size? Not that it matters now but imagine what impact if true this would have on a normal quarter???? In addition would

[nincompoop]

This post has been removed in accordance with Community Policy

[HoneyBadger77]

Well Nincompoop, Fraud is what is referred to as a 'Specific Intent' section of the Criminal Code which means in order to convict the court has to prove beyond a reasonable doubt that JM intended to criminally defraud shareholders.  Now considering that not only did JM not sell a single VG share of his nearly 900,000 shares, he actually bought more.  His last purchase was 3,500

[HoneyBadger77]

Crazytimes, no I don't think it cost $30 milion to clean up a 14,000 ton slide (if that's what the former employee is referring to).  First of all, if the clean up cost $30 million, the EMR would definitely have been involved and that then leads to the question of, if they knew there was instability issues with the pad and let work continue, then this whole slide issue now becomes a

[kegman]

Any previous slide, regardless of cost, is material news.

[crazytimes]

HB... Thanks for that response. Very informative. Appreciate it. 

[HoneyBadger77]

You're welcome Crazytimes.  And one correction, it was the 2024 Q1 meeting on May10th  that I posed the  lack of any news questions (and a few others), not the Annual Meeting that was held on Feb 10th.  The May 10th meeting was held on Zoom but I can't find a copy of the audio posted on the company website (it seems they only have the Annual Meetings audio). In any

[HoneyBadger77]

Further, I can't find anything in the Q1 MDA or financials that even mentions the January slide event or operational costs associated to such an event and a $30 million expense would need to be shown somewhere. The only mention of $30 million that I can find is on page 16 of the MDA that states: vit_q1_mar24_mda_2024-05-13.pdf (vgcx.com) OPERATING ACTIVITIES During the three months ended

[Swingandmiss]

If it was reported then they couldn't give JM his well deserved bonus. If they were lying to us about injuries (workers sent home to do training) rather than go through workers comp, why would it surprise anyone that they hid a clean up cost in the 2q financials. If true, I definitely think a case can be made for fraudulent accounting. 

[crazytimes]

HB.... thanks. I agree. I mean there was the elevated AISC, but I had assumed that was due to the lower production numbers which were surprisingly low to me and fixed costs. Even then you can maybe squeeze 9 mill out of that?  But then unless I am mistaken, wasn't there also a surprise equity raise that we were posting about with no standard news release???That's why I am questioning

[HoneyBadger77]

I see in VG's balance sheet that their Retained Earnings decreased from $122 million in Q4 2023 to $113 million in Q1 2024.  So perhaps they tapped that $9 million for a portion of the January slide costs and the rest was maybe covered by the $8.5 mil equity raise and the tapped a bit of cash for the rest.  The retained earnings decrease is generally the result of a loss in net

[HoneyBadger77]

OK Crazytimes, I finally found the Audio from the Annual Meeting on May 10th where I posed the questions regarding the lack of news releases and in particular 'Material News". I thought it was during the Q1 meeting but it was at the May 10th meeting as I initially thought. I spent about 25 minutes (in total of the 49 minute meeting) asking questions and receiving responses starting at 06

[kegman]

Yes I was on the call and could not get my mic to work.  The sun is shining on everything now.  JM and the boys ran quite a show.  As I always stated, they were in over their head.  They should have sold to Coeur when they had the chance.  JM has killed BYN now too.  Sorry BYNaholics.  It will never get off the ground thanks to their ties with Victoria. 

[crazytimes]

Thanks HB...Sounds like you did everything right! Just my opinion.