RE:RE:RE:RE:RE:RE:RE:RE:RE:RE:RE:RE:Convertible Debt Presentation - German Gold ShowIn rechecking my earlier calcluations, I see I mistakenly used the 2022 Q1 stacked ore grade of .72 gpt with 2023 Q1 production of 37,619 ozs. instead of the 2023 Q1 stacked ore grade of .86 gpt which actually takes the Q1 2023 recovery rate down to 65% from the incorrect 77.4% rate I used.
Using the correct 2023 Q1 figures with 2,094,741 tons of stacked ore x .86 gpt divided by 31.1 grams = 57,925 ozs. x
65% recovery rate = ~ 37,619 ozs (2023 Q1 reported production).
For 2023 Q2 I used 2,512,798 tons of stacked ore x .74 gpt divided by 31.1 grams = 59,790 ozs. x
76.2% recovery rate = ~ 45,568 ozs (2023 Q2 reported production). In one link the stacked ore gpt for Q2 is listed as .74 and in another it's listed as .77 (I used the .74 gpt figure since it coincides with actual stacked ore tons and not rounded numbers as per the second link).
Victoria Gold Corp. | Victoria Gold: 2023 Second Quarter Results (vgcx.com) Victoria Gold Corp. | Victoria Gold: Eagle Gold Mine Q2 & H1 2023 Operational Highlights (vgcx.com) For Q3 I used 2,321,719 tons of stacked ore x .65 gpt divided by 31.1 grams = 48,525 ozs x
85.7% recovery rate = ~ 41,561 ozs (2023 Q3 reported production).
So to recap, VGCX we had a recovery rate of 65% in Q1 2023, 76.2% in Q2 2023, and 85.7% in Q3 2023. That's quite the spread in recovery rates quarter over quarter but at least they seem to be going upward. I will concede that some of Q3 production came from inventory but not sure it was 8,000 ounces. At 500 ounces per day, 8,000 ounces equates to 16 days of 500 oz inventory draws and therefore 16 days with no ore stacking. JM indicated they planned to try and make up the lost stacking difference in the remainder of Q3 (which I suspect they did) so if they did, we should see those ozs in Q4 or at the very least back in inventory.
Either way at 500 ounces per day and about 90 days in Q3, VGCX Q3 production should have been about 45,000 ounces had no interruptions occurred and production came in at 41,561 ozs so about 3,500 ozs below the 45,000 oz figure. If they did draw 8,000 ounces from inventory and you subtract that from the 41,561 reported ounces, that means actual production was 33,561 for the remaining 74 days or 454 ozs a day in Q3.
In the end you could be right MVargas, you've proved me wrong before.... Lol. If they'd stack a consistent amount of tons on the pad at a consistent ore grade this would be much easier to estimate that's for sure. Looking forward to seeing those Q4 numbers and the 2024 Q1 numbers even more! From the calculations we're doing, once they increase their stacked ore to 11.5 million tons in 2024 and beyond, they should be able to meet their 200K production target barring any other future unforseen disasters.
HB77