Victoria Gold Corp VITFF

Question asked if this will affect the Casino Mines approval

[mdjbrown]

Looking at their HLF, it might be difficult as it looks like a carbon copy of Eagle


https://casinomining.com/wp-content/uploads/2024/03/230501_Casino-HLF-Handout_Final-low-res.pdf

[HuskySW]

First I think EMR review is going to be very critical and I can't say I blame them.  In fact after VG Eagle I heard they were already putting things in motion of a different system of rules and regulations. It is also in the territory of the "The proposed Casino Project mine site and a portion of the access road are located within the traditional territory of Selkirk First Nation

[HuskySW]

As these calls for mining halts increase I could see the YUKON lookiing for emergency funds from the Feds.  It's not exactly a weathy territory a lot of the revenue leaves.  Mining is one of the very few things it really has. https://www.yukon-news.com/news/carcross-tagish-first-nation-adds-call-for-mining-halt-following-victoria-gold-landslide-7458408 in my opinion Best

[HuskySW]

jbrown, If this is to scale and it has the "unlikely event" of loss of containment, it will be the same "unlikely event" disaster, phrase as in the Eagle disaster plan documentation. This thing is already a "leach" that give one nightmares. It might even has the same verbage about ICMC rules and standards. YTG, EMR, First Nations need to have a close look at this.

[mdjbrown]

Husky, it is a bit jaw dropping that Casino’s HLF is designed to hold 210 million tonnes of ore with approximately 25,000 tonnes of ore stacked everyday More than twice the size and by the looks of it, it may very well have been modeled after the Eagle HLF "The HLF will be developed in stages by loading in successive lifts, upslope from the base platform developed within the in-heap water

[Sooner]

obviously Victoria fiasco is impacting every other miner in Yukon. Yeah...thanks. Over at WRN we don't appreciate the incompentence.....dragging us down with you. Seriously, if i was on any board permitting mines in Yukon,kindergarteners would no longer be permitted....but i would require someone with the means to develop correctly. More importantly, i'd require the company building the

[HoneyBadger77]

Interesting statement Sooner,  "Yukon's problem isn't mining...it's letting all these little mom and pops develop mines rather than the big guys who have the means to do it correctly!" And by this then you must mean that the 'Big Guys' should also do all the work and pay for all the exploration and thousands of drill holes, etc to prove up the resources too then

[HuskySW]

badger, Well spoken, thank you To even write such piece in light of what is unfolding to me defied comprehension. Best in my opinion only

[givemeabreak1]

I guess I am somewhat confused about the whole 'big guy' scenario.  I thought the big guy was Joe Biden but am saddened to learn he is a different big guy.  On a serious not I am not sure there are too many big guys that have not had spills both reported and un-reported.  Mining is a dirty nasty but necessary business. On a more serious and sad note.  The latest stock

[OCB1234]

It split @ $7.50 ($.50), so down 95% post-split. 

[HuskySW]

break, Thank you. It appears there are so many investors here that have a lot more patience than I ever had.  Sorry for the investors.  I'm in and then I'm out at the first wiff of a smell because very shortly thereafter there's a stink.  If I had been folowing VG, people here would have hated me because I'm pretty vocal about smells. ;)  So what!  I

[Sooner]

Where in my comments do you see anything stating that majors are perfect? Where did you see that I state they don't have to follow the same rules as juniors?  you are totally missing my point. I'm trying to say those with deep pockets (in general) are going to take less risk, are going to do things in a more methodical manner, etc. most importantly, what is Rio's net income

[HuskySW]

Please read some history on the company history. Thank you Best

[Sooner]

Thanks. I'll pass. Don't want to see history on this failure...aside from using it for key learnings going forward for future more successful mining projects!  

[HoneyBadger77]

This post has been removed in accordance with Community Policy

[HoneyBadger77]

And you're missing my point Sooner.  The Big Guys get rich on the backs of retail which is mostly supported by small retail investors, then once the risk is laregly reduced they swoop in.  They use to offer higher take out premiums, often 80 to 100% or more, now it's more like 20 to 30%. Just stop and think about all the hurdles VG has had to clear and the 10 to 15 years to even

[OCB1234]

 "......VG can very likely raise the money quickly to fix this......" I'm afraid the finance train let the station on June 24th. 

[OCB1234]

HB - I know you are going through a tough time right now and I definitely feel your pain, but there appears to be a lot of longs remaining here that really count on you and your research to give them hope. Saying 'VG can very likely raise the money quickly to fix this' is a statement that has no basis in reality. Who in their right mind would lend JM $$$ after this disaster that has pretty

[HoneyBadger77]

Thanks OCB for your concern but my comment about VG very likely being able to raise money has a condition that I see you left out.   "Just see how fast VG will come up the cash and fix this IF YTG, EMR and FNs all agreed this was in fact an 'Unlikely Event' and for VG to fix this and moving (should say move) forward." Until this happens or an investigation proves

[OCB1234]

HB - Fingers crossed your hopes are realized here. Hey, who knows, maybe I'll end up riding your coattails with a nice re-entry price down the road. :)  

[HuskySW]

badger, I threw 250m$ as number out there earlier.  It's a small amount in the world of mining.  The HLP took about a year to construct, this in the context of a mine buildout is a smallish portion of a lot larger picture. If there is a slight of hand between VG and YTG regards the dore gold smelting then so be it.  It really is a mute point unless JM is hoisting it into the

[Swingandmiss]

HB, I will say this again. VG knows what they did or didn't do in regards to the accident. If they truly thought it was no fault of their own, wouldn't they be acting differently? Wouldn't they be following all of the guidelines as they have been laid out instead of doing the bare minimum? The market is taking cues from them.  You always had a rosy perspective before every

[Singoa58]

Guilty as charged your honor    Throw away the key lol

[HoneyBadger77]

Well Swingandmiss, you ever hear the saying, "Things aren't always what they seem". You say:  VG knows what they did or didn't do in regards to the accident. If they truly thought it was no fault of their own, wouldn't they be acting differently? I say:  Not necessarily, let's just suppose they are certain they didn't do anything wrong or what they

[HuskySW]

badger, I agree there is still  no evidence that the C-Suite and BoD en masse got together and said today we're going to create the biggest sht show The Yukon has seen since the Klondike.  So one morning they just wake up and say we are just a bunch of trouble makers that want to loose our juicy salaries so let's just pretend we have no fudiciary duties and do whatever it takes

[HoneyBadger77]

And You (Swingandmiss) Said:  VG knows what they did or didn't do in regards to the accident. If they truly thought it was no fault of their own, wouldn't they be acting differently? And I Say:  After today's company news release / update, if VG knew the slide event was their fault then why engage multiple 3rd party engineers?  Because they want to help EMR gather

[HoneyBadger77]

Sure glad I took the extra time to put bullets between the comments and space it all for readability so that this Stockhouse app can just jumble the points all together.  Seriously Stockhouse?  How about getting your techs to fix this issue.  Not the first time....rediculous!  Sorry readers. HB77

[HuskySW]

badger no worries, The editor is just plain brutal.   I  key (on a very small screen) as it comes out and rarely go back on typo's.  I now add the quotes for reverence. My stuff is away and a lot of times I'm not near it.  I wear x-large size gloves and I have fat fingers.  Cute, eh! So I second, badger, sorry PS I try to make this very said VG (investors and

[HuskySW]

badger, "One step at a time now until we get more facts.  The 3rd party investigative findings for Root Cause of this 'Unlikely Event' are going to be key as to how the company comes out of all this. I can wait." Nice , so can I. 3rd part investigative findings - Root Cause of this 'Unlikely Event' There's the key.  After all the canoodling we're

[Swingandmiss]

Badger, for your sake I hope I am wrong. I am truly hoping you get out of this ok. The point I was making earlier is that you have always looked at this company with a positive spin. Always estimating both production and earnings before they were announced.  You always gave me hope when my gut told me something different. I found myself ALWAYS disappointed. I'm just saying that you are

[nincompoop]

Honey was in complete denial over the fact that the HLF was unstable... now of course admitted to by EVERYONE. Came up with a completely ridiculous solution to the potential escarpment collapse, wanted to build a 50m high retaining wall of debris rock, on a completely unstable HLF base, where of course no one was allowed to go, for safety reasons. So forgive me if I take all the highly technical..

[HuskySW]

Hmmm, OCB, badger, I think is just trying to make a point.  The investors are adults and can stay or bail at any time it is their choice to make and I bet they are aware of the risk. imo If the residual value is 40m$ on a blowout auction dismemberment sale  of the mine, I can see a deal being struck between YTG and an interested party, just add a Remediation Clause and it's done.

[Freezerburn]

Lol. 

[Sooner]

For what it's worth, I do feel bad for all who have lost money. I totally get your point and I'm too frustrated with casino not moving forward fast enough because we have to wait for a major. WRN management has said all along it needs to be a major...there is no way for casino to go about developing in any other way. And agree...premiums paid by majors just isn't good these days

[HuskySW]

sooner, Please this imo is not about mining (I Love mining) but in the case of Casino this is not about Rio, Mits or any other major, it's about Casino MIne and the HLP in the LOOP..  OK IMO The HLP is the issue, after VG Eagle I doubt if anyone wants it, no matter who backs it major, senior, tween or whatever. Right now "The Yukon" is dealing with documented  "the

[Singoa58]

Casino wont happen... dead money 

[Sooner]

You're probably short selling Donald at same time as Harris... short gold, silver, copper, UST, biitcoin, and likely everything. You long anything???

[HuskySW]

Wrong board.

[Stratocheif]

Ur delusional  The courts don't order a buyer to pay "fair value, and besides what exactly is fair value of a mine that may never reopen?:. In a liquidation, the liquidator takes the best offer that is presented. A sale is an agreement between a buyer and a seller. Whatever they agree on is the implied fair value. If VG runs out of money before cleaning up the mess, they will be

[HuskySW]

Strato, Just thoughts no offence, I see all your points. So as per my usual typo ridden, no spellcheck style (it has purpose lol). Here's a light hearted scenario, for a laugh.  :) Way to serious around here. LoL :) As an aside note to the senario I think another chance of an HLP diapered or not is off the table.  Nobody like them any more unless they are NOT in a Valley on top

[Zibo510]

Bankers are owed 230 million and have liens on all of VG'S assets, nothing gets done without their approval.  VG has no control over anything at this point, unless they come up with financial backing, which is highly unlikely. 

[HoneyBadger77]

You're kidding right Zib0510?  So far the lenders have only filed a Notice of Default (that I'm aware of) so until further action is taken by the lenders that is the status and VG is still i/c of their finances or they wouldn't still be paying their bills (confirmed by Lauren Haney at last Thursday's briefing).  In fact they currently only owe $11 million as June 30th and

[Zibo510]

My point was, the bankers have a lein on VG'S assets, and nothing can be disposed of without the lender's consent.  Now that VG is in default of the loan, the lender's filed a notice of default.  Just like a homeowner who doesn't make their mortgage payment, the bank has to file proper legal notice in order to enforce their rights before they can proceed with any

[HoneyBadger77]

So "nothing can be disposed of without the lender's consent. "  Really? and you have the documentation to prove that every single VG asset is frozen....could you share that comprehensive list with us all? And "Just like a homeowner who doesn't make their mortgage payment, the bank has to file proper legal notice in order to enforce their rights before they can proceed

[HuskySW]

badger, Thank you, I also commented on the mortgage nonsese post.  I thought how can people post such nonsense. Like the eviction fairy is going to come crashing down your doors one day after a missed payment. Maybe in other countries, not sure. ;) BTW These rules can and may apply to all sorts of loan instruments. Best

[HuskySW]

badger, So "nothing can be disposed of without the lender's consent. "  Really? and you have the documentation to prove that every single VG asset is frozen....could you share that comprehensive list with us all? well said best

[givemeabreak1]

I have to agree with Husky to this point all there is so far is a notice of default on loans!  As such, that does not freeze up or change anything as far as operations of the company.  That said,  things can change rather rapidly.  I have participated in a number of filings and they can differ greatly.  For example, some companies just have no chance of recovery others are

[HuskySW]

break, "that said,  you might have no reaction time so for that reason this is not for me!" To bet on VG requires on the scale of Zalls, it's a 5 Zalls one.  There are big players that can swing this thing faster that your can say "Nooooooooooooooooooooooo". badger said "Because don't yah know, that's what hedge funds do!"  https

[givemeabreak1]

Husky I like it even though it is utterly ridiculous.  First Big J cannot sell the company for 40 million lol.  The company unless it goes into CCAA or Bankruptsy would have to be sold for likely 300 to 500 million dollars.  Any buyer would have to pay market cap plus secured and unsecure debt plus payables plus assume any liablility from the collapse. However, if they file under

[HuskySW]

break, Of course it's ridiculous, I drop my king sideways.  The whole idea was to just get a what if scenario. But I now have a number 300m$ to play with for a VG Eagle "normal" sale as a guesstimate with a broken mine.  Fair?. Might be a lot less if bankers settle for less.  Done Deal. BUt for VG there is still of course the insurance not just what VG carries