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.

GREY:VITFF - Post by User

Victoria Gold Corp > Artemis Phase 2 NPV released, can VGCX do the same.

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Comment by MVargason Feb 24, 2024 3:50pm

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Post# 35897382

RE:RE:RE:RE:RE:RE:RE:Artemis Phase 2 NPV released, can VGCX do the same.

If HB77 is not being paid by Victoria then he should be! LOL!

On the flip side:

Of the 166,670 ozs produced in 2023, 16,000 came from Inventory.

Interest payments in 2023 were 2 times debt repayment. Total debt declined from $247 million at year-end 2022 to $235 million at year-end 2023. Scheduled debt patments in 2024 = $46 million and $172 million in 2025. Conference call stated goal for 2024 is to pay off the $33 million remaining on the term facility and any surplus would go to the revolver.

Liquidity: $15 million cash and $5 million available in the revolver. If gold prices had averaged less than $1850 in 2023, then additional debt or an equity raise would have been required to make the term facility debt payments. $18 million was raised through the exercise of warrants and options. The company is extremely vulnerable to an unexpected major expense from equipment failure, environmental disaster, drop in the POG, etc.

The company's 2024 production forecast is 5,000 ounces higher than last year, but $100/oz higher AISC costs to $1550. However Q4 AISC was $1592. GDX average AISC is just over $1300. The April 2023 Technical Report is based on an AISC of $1114.

2023 was touted by management as a turnaround year, but considering the 16,000 oz taken from inventory they actually produced only about 150,000 oz from 2023 operations and over 8,000 oz are paid to Osisko. EPS decilined to $0.38/share from $0.54 in 2022. Mine life per the Technical Report declines to 9 year with production peak in 2025. And no, extending the mine life by going deeper is not a viable option as the cost of pushing back the pit walls is prohibitive.

One can only conclude that the delays on issuing an update on Raven can only mean that it is not looking as rosy as previously speculated. But just as damaging is the continued stringing along of the company's shareholders.

OK, just wanted to provide some balance to the hype. Back to lurking and no additional plans to make further posts.

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