Victoria Gold Corp Producing from Canada's Largest Gold Mine in Yukon History

• Victoria Gold is a gold mining company operating the Eagle Gold Mine in Yukon, Canada. It has been in production since 2019.
• In 2022, Eagle Gold produced 150,000 ounces of gold, below the original guidance of 160,000-180,000 ounces.
• The issues with lower production are being addressed, including more preventative maintenance, training operators, and addressing supply chain challenges.
• Exploration drilling has expanded resources and led to a new 1 million-ounce discovery at Raven, 2.5 times the grade of the Eagle deposit.
• The company is focused on increasing production each year, targeting over 200,000 ounces in 2023 and 2024.

Victoria Gold Corp (TSX:VGCX) is a gold mining company operating the flagship Eagle Gold Mine, the largest gold mine in Yukon's history, located in central Yukon, Canada. The mine achieved commercial production in 2019 and features strong production growth, high margins, and significant exploration potential.

In 2022, the Eagle Gold Mine produced 150,000 ounces of gold, slightly below their guidance of 160,000-180,000 ounces. “We had a disappointing year for us we were projecting roughly between 160 and 180 so we fell short,” said Victoria Gold President and CEO John McConnell.

The issues impacting production have been identified and are being addressed. This includes more preventative maintenance on crushing and materials handling equipment, enhanced training of operators, and resolving supply chain challenges. McConnell stated, “I can tell you that April was a banner month for us we stacked and produced about 15% more gold than was in our budget.”

Mine life is estimated at 12 years based on current reserves, with significant potential from exploration. Recent drilling has confirmed mineralization at depths up to 850 meters, more than double previous depths. “We’re seeing a continuous deposit that is still open at depth,” noted McConnell.

A new discovery called Raven, 30 kilometers from Eagle, contains an initial 1 million ounce gold resource at a grade 2.5 times higher than Eagle. 25,000 meters of drilling is planned at Raven in 2022. “I think we’ll see a significant increase in that resource and probably get it out sometime in the fourth quarter of this year,” said McConnell.

The company targets increasing production each year, with guidance of 180,000-200,000 ounces in 2022 growing to 218,000 ounces in 2024. The Eagle Mine benefits from year-round road access, availability of grid power, and local infrastructure.

McConnell emphasized the company’s commitment to sustainable and responsible mining, including strong community relationships and engagement with First Nations. “We invest heavily in the community we work in. I certainly don’t want to screw up my own backyard,” he stated.

With its operating cash flows funding exploration and growth, Victoria Gold represents an attractive investment opportunity. It combines near-term production and cash flow, exploration upside, and district-scale potential in a top-tier mining jurisdiction.

The Investment Thesis for Victoria Gold

• Producing gold mine in Canada with exploration upside
• 150,000 oz produced in 2022, guidance of 180,000-200,000 oz in 2023
• Exploration success expanding resources at Eagle and new discovery at Raven
• Year-round operations & infrastructure in mining-friendly Yukon jurisdiction
• Strong shareholder base & institutional ownership
• Focus on safe, sustainable and responsible mining
• Cash flows funding aggressive exploration & growth