Victoria Gold Corp VITFF

RE:Physical mine site inspection report signed off Nov 2023 as

[HoneyBadger77]

And the report conclusion from page 59:

CONCLUSION

The structures reviewed in this inspection generally show little evidence of movement or risk indicators. Where risk of movement was identified, the risk is typically low and the consequence of a small instability is managed by minimizing exposure to workers, infrastructure or high value natural resources. Slopes reviewed meet the recommendations for slope angles in most locations.

VGC representatives have noted that they have surveys and monitoring programs for infrastructure where a risk of failure would have significant consequences (i.e. the Open Pit, Platinum Gulch Dump, HLF) but review of that survey data was not included as a part of this inspection. Comparisons to inspection reports from previous years have been noted where relevant.

There are some minor erosional and stability concerns within the project, that can be addressed with some minor planning and maintenance as mining operations continue in order to moderate or eliminate the associated risks.

___________________________________________________________

I'm sure not seeing any major red flags in this report so yes the 3rd party independent investigation report is going to be interesting indeed!

The only item I see that may be of interest is this recommendation:

23.5 Heap Leach Overburden Stockpile

1. Continue to monitor pile for further movement.

However, this is further explained on Pages 19 thru 21 and states:

"1. Overburden from clearing and grading of the HLF expansions has been placed along the North-West back slope of the HLF. Site representatives stated that the HLF overburden pile had shifted and partially collapsed some time in the late summer of 2021, roughly 4 – 5 weeks prior to the 2021 inspection (Figure 23).

Since the 2021 inspection the collapsed area has been re-sloped (Figure 24, Figure 25). Some minor cracking was noted on the re-sloped surface (Figure 26). The area had also been seeded with grass by helicopter and the grass was starting to sprout at the time of this inspection."

So it would seem that stacked material shifting somewhat is not that uncommon and can be managed through monitoring and re-sloping where required.   The engineer that conducted this review sure didn't see it as major find or I'm sure it would have been flagged as such.  The small 14,000 ton January slide is just another example that ore can shift or slide and may be a more common event than most here realize.  The January slide event wasn't publicly reported because it was deemed a non-material event.  And I realize 14,000 tons sounds like a lot of material but it's really not so I can see how the company would see that as a non-material event.

My opinion only, please DYODD

HB77