Victoria Gold Corp VITFF

Only three analyst reports in Pres.Any others, please share

[phoenix_trader]

Analyst Coverage

PI Financial (11May20) – We see VGCX trading at a 0.53x Adj. P/NAV multiple vs. junior gold producer peers trading in a wide range but averaging at ~0.67x NAV multiple. As such, we see VGCX trading at a discount to peers which reflects potential for a re-rating should Eagle achieve and/or surpass expectations. We maintain our BUY rating but increase our target to C$16.25 (previously C$14.00) derived by applying a 0.9x multiple on our NAV estimate at US$1,650/oz Au.

BMO Capital Markets (06Jan21) – Victoria Gold (VGCX): Notable in the press release is the strong stacking performance in December of over 1mm tonnes, which approached half of the tonnes stacked in thequarter – this suggests materials handling challenges from earlier parts of 2020 have been at least partially resolved. Institutional Firm Analyst Target Price PI Financial Chris Thompson $23.00 BMO Capital Markets Andrew Mikitchook $21.00 Cormark Richard Gray $22.00 Paradigm Don Blyth $17.00 17

Cormark (17May21) – With Coeur Mining recently acquiring a 17.8% stake in Victoria from Orion, takeover speculation has increased. We believe assets like Eagle, which will produce over 200,000 oz/yr for at least the next ten years and is located in a geopolitically safe jurisdiction, are scarce and as such tend to get acquired near or above the NAV, which we currently estimate at $20.00. We are increasing our target price to C$22.00 (from C$20.00) to reflect the potential for a takeover.