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Victoria Gold Corp.


Victoria Gold Corp. is a leading gold exploration and development company. Its Eagle gold project in the Yukon hosts an NI-43-101-compliant reserve of 2.3 Moz gold. The Eagle gold project is shovel-ready and will produce 200+ Koz/year gold at an operation cost of approximately $600/oz. The project is permitted for construction. As the market turns around, Victoria's shareholders are well positioned to participate in a highly leveraged gold play and the construction of the largest gold mine in Yukon history.

The information provided below is from analysts, newsletters and other contributors. Please contact the company and visit its website before making an investment decision.

Expert Comments:

Andrew Randell, Geology for Investors (12/11/14) "Victoria Gold Corp. has significantly advanced the Eagle gold project. . .Eagle, and the larger Dublin Gulch property, will be interesting to watch over the next few years, either as a study in mine permitting and construction or as an investment opportunity. At the time of writing, the company is trading at $0.11 and so is relatively cheap for such an advanced stage project."

The Gold Report Interview with Douglass Loud and Jeffrey Mosseri (12/3/14) "I love Victoria Gold Corp. I have been there and like what it has been doing. It has 2.3 Moz gold at Eagle and will produce it at $600/oz." More >

Tom Hayes, Edison Investment Research (11/28/14) "Victoria Gold Corp.'s 2014 phase 1 Olive exploration program drilled 20 holes into this higher-grade target. The assays returned support the view that Olive could supply higher-grade ore to a future Eagle project processing plant, enhancing economics for the first few years of operation."

The Gold Report Interview with Florian Siegfried (11/24/14) "Victoria Gold Corp.'s share price is down to $0.10. Nevertheless, its strategy is the right one. The Eagle project in the Yukon is permitted to mine, but Victoria is not willing to accept any kind of financing from, let's say, hungry private equity groups at disadvantageous terms. So the company continues to drill and find new zones, like Olive, and it has the cash to do just that. It's not in a rush to develop Eagle in this market. From a valuation standpoint, Victoria is trading almost at cash. It's in the Yukon so that's a safe jurisdiction, too. . .the grade at Olive is almost double that of Eagle. In my opinion, Victoria should define a resource at Olive. Then when Eagle is three to five years into production and the grade in the mine plan drops, Victoria fills that gap with higher-grade ore from Olive. That would increase the internal rate of return because the company would likely to need limited additional capital to bring Olive on-line. If Victoria demonstrates it can go that route, Olive could bring investors back. Victoria is like an option on gold without an expiry date. . .the management and board have experience in building mines. The other question is: Does Victoria have the operating team in place? It doesn't yet, but it doesn't need to. If it came to a production decision, which I don't see any time soon given its share price and the market conditions, it would have to beef up the operational team." More >

Ben Kramer-Miller, Seeking Alpha (11/5/14) "Victoria Gold Corp. reported the results of its summer exploration program at the Olive target adjacent to its Eagle project in the Yukon. . .highlights from the drill program include a drill hole that is 69.7m long at 2.29 g/t gold, which is very high grade. The company also found 99.8m at 1.02 g/t. Such results indicate that there could be another very large deposit on Victoria Gold's property. . .when the gold market turns, Victoria Gold will be one of the top beneficiaries, and I think this is a great optionality play for those willing to take the risk of owning a gold mine in the Yukon."

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Jamie Keech, CEO.CA (10/22/14) "A quick review of the facts shows Victoria Gold Corp. in an enviable position among juniors. . .with a feasibility study completed (February 2012), an environmental assessment completed (February 2013), a construction license granted (September 2013) and a water license pending (2015), the company is poised for construction."

Tom Hayes, Edison Investment Research (9/24/14) "Recent and ongoing exploration drilling at Victoria Gold Corp.'s Olive project, located only about 4 km from Eagle, has returned very favorable gold assays. Assay results announced so far suggest that Olive could potentially yield ore of around 1 g/t gold after recovery. . .Olive could therefore enhance the economics of the early years of Eagle's operation with little to no extra construction capital needed."

The Gold Report Interview with Eric Coffin (9/17/14) "I visited Victoria Gold Corp.'s Eagle project. Its reserve is about 2.3 Moz at about 0.78 g/t. It's basically granodiorite with small sheeted veins in it without a huge amount of wall-rock alteration. The strip ratio is very low, and it's leachable. Management realizes it needs to bring the grade up, and that's what it is working on with exploration of its new Olive zone. Its target for Olive is about 400,000–500,000 oz at about 1.25 g/t, which could make a fair amount of difference to the project NPV and IRR. The company hopes to find two or three zones like Olive that can be slotted into the mine plan to bring costs down and the internal rate of return up. [Victoria is currently projecting a production cost of $600/oz.] The feasibility study is not bad, but the company faces a common problem. Victoria has a $50M market cap, and the project's capital cost is in the order of $400–450M. The equity portion of that would be around $100–150M, so the implied dilution to current shareholders would be pretty big. I think Victoria will redo the feasibility study to reflect the addition of Olive and possibly other new zones and then probably try to bring in a partner. Victoria has $20M, so it's good until the end of 2015." More >

Richard Gray, Cormark Securities (9/9/14) "Recent exploration success at the satellite Olive zone may improve the economics and make Victoria Gold Corp.'s Eagle project more appealing to investors and, ultimately, corporate acquirers. . .the company recently completed 20 drill holes as part of a phase 1 program this year at Olive, with results including 69.7m of 2.29 g/t, 31.5m of 2.19 g/t, 42.5m of 2.36 g/t and 15.5m of 2.62 g/t. . .and showing that the target may be larger than originally anticipated. . .Victoria Gold will aim to use Olive material to augment the feed grade in the early years of the project, thus increasing its IRR and payback."

Rose Ragsdale, Petroleum News (8/31/14) "On initial metallurgical testing on Victoria Gold Corp.'s Olive samples, gold recovery exceeded management's expectations and averaged 61% on the oxide samples at a P80 6.3 ml crush size. . .while the average oxide recovery is less than at Eagle, the higher grade mineralization targeted at Olive is anticipated to result in materially higher recovered gold grade."

Ben Kramer-Miller, Seeking Alpha (8/25/14) "Victoria Gold Corp.'s shares have enormous upside potential even in this gold price environment from $0.13/share. We also see that the stock has substantial leverage to a rising gold price. . .the company is undervalued, and it is a compelling stock for gold bulls to own at the current depressed valuation."

The Gold Report Interview with Florian Siegfried (8/20/14) "One name that has a good deposit is Victoria Gold Corp. Victoria has the Eagle gold project in the Yukon, which is probably one of the world's safest mining jurisdictions. It has an NI-43-101-compliant resource of 2.3 Moz gold. The grade is 0.78 g/t. Victoria continues to drill and make higher-grade discoveries in its Olive zone, which is only 2 kilometers away from the fully permitted Eagle project. If the Olive resource continues to grow, it could turn into a game changer and will most certainly have positive implications on the economics of Eagle. Victoria could start to build Eagle as a standalone mine tomorrow but it needs about $400M in working capital to fund the project. It has around $25M in cash.

TGR: The feasibility study says Eagle has an net present value of $1.2B but the market cap is about $50M. Is it going to get financing?

FS: At these share prices, no. But Victoria's project is quite leveraged to the gold price. If gold moves higher, that makes it much more attractive to lenders. The company will probably need $400M. To dilute at $0.15/share is basically not an option for shareholders." More >

Don Blyth, Paradigm Capital (7/28/14) "Victoria Gold Corp. announced additional encouraging drill results from the Olive zone; a phase 2 program has been approved. . .the best results from the batch of results from Phase 1 drilling include 31.5m of 2.19 g/t gold and 35.3m of 1.67 g/t gold. . .these results indicate a strong potential to increase gold production for the Eagle project; given the close proximity of the Olive zone (~2.5km from Eagle), this should be able to be developed as a satellite deposit."

The Gold Report Interview with Philip Richards (6/16/14) "One of our main holdings is Victoria Gold Corp., which has a deposit called Dublin Gulch. The main drilled-out portion of Dublin Gulch is the Eagle deposit—the most advanced gold project in the Yukon. It has reserves of 2.3 Moz and a resource close to 5 Moz. In our view, the Dublin Gulch area could easily hold in excess of 10 Moz. The company has a full bankable feasibility study for a project with an NPV of about $1.2B and a strong internal rate of return. For this to succeed, one needs a rising gold price. For people who expect gold to remain at current levels, this might not be a compelling story. But for those who believe in higher gold prices—as we do over the next couple of years—Victoria Gold is very cheap now. The company is at the end of the predevelopment process. While it needs to get financing in place, a rising gold price would facilitate that. The current market capitalization is only $42M. It has nearly that same amount in cash. That puts the enterprise value at around $10M. Once the financing is in place, I expect this story to do very well. . . The company sold some properties in Nevada, so it is sitting on a cash pile and can afford to wait several years before building, if necessary. Victoria Gold will get a partner or it will self-finance. It can afford to choose its time." More >

Tom Hayes, Edison Investment Research (5/21/14) "Victoria Gold Corp.'s 100%-owned Eagle gold project benefits from year-round, all-weather roads and the company plans to tie in to nearby grid power. Significant milestones have already been completed, notably the feasibility study, the environmental assessment process, a favorable agreement signed with its First Nation partners in October, 2011 and receipt of a construction license in September, 2013. With continuing uncertainty surrounding Chinese and global economic growth, Victoria provides an enticing opportunity to invest in a sizeable, low-cost gold project, with robust economics geared to a recovering gold price."

Jeff Desjardins, Tickerscores (3/13/14) "Victoria Gold Corp.'s Eagle project is permitted and, when in production, will produce 200 Koz/year gold. The economics on the project are some of the best in the Yukon. . .and the company is well positioned financially with $32M in cash, investments and receivables."

John Hayes, BMO Capital Markets (2/26/14) "Victoria Gold Corp. is pursuing M&A opportunities with a focus on near-term cash flow and consolidating its land position in the Yukon. The company is continuing its exploration and drilling activities at its Yukon properties. . .Victoria is on track to receive a water license for the Eagle operation before year-end. . .and the company's cash and receivables is CA$27M, with cash burn of less than CA$500K per month."

Joe Mazumdar, Canaccord Genuity (6/5/13) "Victoria Gold Corp.'s Eagle project is among our upper quartile projects (Q4/13 under US$1,000/oz). . .the company is one of a few leveraged non-producers that hold significant gold resources with working capital positions relative to their minimum burn rates, which should allow it to weather the current market conditions over the next few years."

John Hayes, BMO Capital Markets (2/19/13) "The Yukon Environmental Assessment Board issued a final screening report on Victoria Gold Corp.'s Eagle gold project recommending to the government of Canada and the Yukon government that the project proceed. The company expects the positive screening report will result in decision documents from both levels of government, leading to the issuance of a quartz mining license for the project, which would permit construction to begin."

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