Victoria Gold Corp VITFF

Metals & Mining Gold

Victoria Gold Corp. is a gold mining company. The Company’s flagship asset is its 100% owned Dublin Gulch property, which hosts the Eagle, Olive and Raven gold deposits along with numerous targets along the Potato Hills Trend including Nugget, Lynx and Rex Peso. Dublin Gulch is situated in the central Yukon, Canada, approximately 375 kilometers (km) north of the capital city of Whitehorse. The property covers an area of approximately 555 square kilometers and is the site of the Company's Eagle and Olive Gold Deposits. It also holds a suite of other development and exploration properties in the Yukon, including Brewery Creek, Clear Creek, Gold Dome and Grew Creek. The Eagle West target area lies as close as 500 meters northwest of the main Eagle Gold Deposit and hosts the exposures of the granodiorite. The Raven target is located at the contact zone at the extreme southeastern portion of the Nugget Stock. The Brewery Creek Project is a past producing heap leach gold mining operation.

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Victoria Gold Corp > AGM Meeting Minutes

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Comment by HoneyBadger77on May 11, 2023 11:35pm

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Post# 35444678

RE:RE:RE:RE:RE:RE:AGM Meeting Minutes

Actually, considering they booked $16.9 million in Capital expenditures in Q1 and also booked a multi million dollar loss on their Forward Gold Sales Contract at $1435 (that finally expired on April 13th after being in place for a few years), I'd say they did quite well to end up with a 2 cent a share net profit! The new Forward Gold Sales contracts being considerably higher will take a lot smaller bites out of our net profits going forward. Without all the added Capital expenses and deriatives losses they would have come out with net earnings of about 27 cents.

Q2 production results and earnings should prove very interesting along with the remainder of the year!

EBITDA1 were $26.4 million in the quarter, or $0.41 per share1 in the quarter.

Capital

The Company incurred a total of $16.9 million in capital expenditures during the three months ended March 31, 2023:

(1) sustaining capital of $6.3 million, including:

scheduled capital component rebuilds on mobile mining fleet of $3.2 million,
upgrades and capital component rebuilds on material handling system of $1.3 million,
construction of the water treatment facility of $1.0 million, and
other ongoing sustaining capital initiatives of $0.8 million;

(2) capitalized stripping activities of $7.6 million;
(3) $4.0 million spend on growth capital expenditures and;
(4) $1.0 million adjustment to the Company’s asset retirement obligation during the quarter.

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Mining companies take action on reconciliation with First Nations