Victoria Gold Corp VITFF

The Elephant in the Room

[Oregonduck]

This morning's briefing appears not to be market-moving news. The leach pad is unstable.

FNNND holds the whip hand.  Moratorium on all mining on their "bread basket" heritage lands where they trap, fish and hunt for thousands of years. Mining could be suspended for a long time.

[HoneyBadger77]

The leach pad is unstable is it Oregonduck?  The whole pad or just a portion of it?  And if a portion which portion? You make it sound like the whole Phase 1 area of the pad is unstable and I highly doubt that.  Unstable near where the slide occurred that moved 4 million tons of ore, 2 millions tons of which is believed to have left containment, that's a reasonable conclusion

[Zibo510]

Nobody seems concerned about insolvency.  VG had somewhere around 30 to 40 million cash. I don't know what the burn rate is and now with the work orders they have to comply with how long can they last before the well runs dry.  The lender's who hold the 200m loans would have liens against VG'S assets. So what does VG have to offer as collateral for any new financing

[HuskySW]

70m owed to ppl in Whitehorse/Yukon ?  It's sort of a number floating around but it's just a number? For sure the cash runway is short.  Burn rate? any ones guess, but it won't be cheap.  In these situations sometimes the burn rate is 3x normal due to the type of work and expediency required. The real issue is a of of the "asset" is in the gulch as pregnant

[Human7]

Yes let's not forget about the financials. IMHO I think the lenders would much rather this be an unfortunate mishap from which they make even more money than had the loans been paid off as was planned by end of next year if I recall. That is their collateral i think... future gold worth more than the trouble of changing things. Lenders just get another year or more of interest payments on

[widrig]

Not sure there's room for a second pad, though, pretty tight 

[Zibo510]

"The Yukon's energy, mines and resources minister has committed to an investigation into what caused a heap leach failure at Victoria Gold " This will take a while, who will they hire to lead the investigation, how long will a site inspection take, how long to prepare a report and reach a conclusion.  This will take time because it will determine the cause of the failure

[steve55]

can someone post todays video here?Can't find it on youtube.

[mdjbrown]

Here ya go steve55  https://www.cbc.ca/news/canada/north/victoria-gold-update-july-11-2024-1.7260539

[HuskySW]

Thank you . Happy to see that "Streicker said the government has sought out "external expertise" as its investigation will seek to determine the "root causes" of the accident." Need to understand before remediation. Best

[HuskySW]

Thank you Sire I missed the meeting this morning.  Best

[HuskySW]

Judging by previous studys and reports perhaps 6 months to gather data another 3 if over winter.  4 months to compile and then send out for review. No consultant/engineer would just cobble something together and say lets rock.  I believe what the market, FN, YTG is looking for is ideas based on experience by experts as to what can be done to remediate. Best

[Zibo510]

VG's cash will be finished before the report is. 

[HuskySW]

Totally. Untill stabilization is complete and HLP  remediated or rejuvinated there is nothing to operate.  Judging by the escaped HLP ore in the gulch it contains the pregnant solution or its escaped.  So far its conficting stories on where the pregnant solution is.   The HLP was the inventory. Now partly in the gulch and the rest just hanging around and relaxing