Corporate Presentation - January 2022 Corporate Presentation - Victoria Gold Corp.
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Corporate Presentation
January 2022
Corporate Presentation
Forward-Looking Statements
All statements, other than statements of historical projected in the forward-looking statements. Such update or revise any forward-looking statements
fact, contained in this presentation constitute factors include, but are not limited to potential whether as a result of new information, future
“forward-looking statements” and are based on the conflicts of interest of officers or directors involved events or otherwise, or to explain any material
reasonable expectations, estimates and projections in the company’s future business, or conflicts of difference between subsequent actual events and
as of the date of this presentation. Forward-looking interests related to approving a potential acquisition such forward-looking statements, except to the
statements include, without limitation, possible transaction; success in obtaining any required extent required by applicable law. The forward-
events, trends and opportunities and statements additional financing to make an acquisition or looking statements set forth herein are for the
with respect to possible events, trends and develop and acquire business; a limited pool of purposes of providing potential investors with
opportunities, including with respect to, among prospective acquisition targets; potential change in information concerning the company’s future
other things, the growth of the gold market, global control if the company acquired one or more target business plans in order to assist potential investors
market trends, expected industry demands, costs businesses for stock; successful performance of any in determining whether or not to invest in
VGCX.com
and timing of business acquisitions, capital acquired business going forward, fluctuations in the subscription receipts of the company and may not
expenditures, successful development of potential currency markets; changes in national and local be appropriate for other purposes. The reader is
acquisitions, currency fluctuations, government government legislation, taxation, controls, cautioned not to place undue reliance on forward-
regulation and environmental regulation. The words regulations and political or economic developments lookingstatements.
“plans”, “expects” or “does not expect”, “is in jurisdictions in which the company does or
expected”, “budget”, “scheduled”, “estimates”, expects to do business; operating or technical NATIONAL INSTRUMENT 43-101
TSX : VGCX OTC: VITFF
“forecasts”, “intends”, “anticipates”, or “does not difficulties in connection with the properties of the
A copy of our NI 43-101 Feasibility Study Technical
anticipate”, or “believes”, or variations of such company; employee relations; risks associated with
Report For The Eagle Gold Project, Yukon dated
words and phrases or statements that certain obtaining any necessary licenses or permits. Many of
September 12, 2016 prepared by JDS Energy &
actions “may”, “could”, “would”, “might” or “will be these uncertainties and contingencies can affect the
Mining, Inc. can be found on Sedar.com and our
taken”, “occur” or “be achieved” and similar company’s actual results and could cause actual
website at www.vitgoldcorp.com.
expressions identify forward-looking statements. results to differ materially from those expressed or
Forward looking statements are necessarily based implied in any forward-looking statements made by,
upon a number of estimates and assumptions that, or on behalf of, the company. There can be no
while considered reasonable by the company as of assurance that forward-looking statements will QUALIFIED PERSON
the date of such statements, are inherently subject prove to be accurate, as actual results and future The Technical content of this presentation has been
to significant business, economic and competitive events could differ materially from those anticipated reviewed and approved by Paul Gray, P.Geo the
uncertainties and contingencies. The estimates and in such statements. All of the forward- looking Company’s Qualified Persons as defined by National
assumptions contained in this presentation, which statements made in this presentation are qualified Instrument 43-101.
may prove to be incorrect, include, but are not by these cautionary statements. These factors are
limited to, the various assumptions of the company not intended to represent a complete list of the
set forth herein. Known and unknown factors could factors that could affect the company. The company
cause actual results to differ materially from those disclaims any intention or obligation to
2
Investment Highlights
Targeting 20% production growth in each of 2022 and 2023 to reach
1 production of 250,000 ounces/year
Achieved over 40% production growth in 2021
Best-in-class Heap Leach Operations Globally
2 Higher grade and lower strip ratio compared to average oxide heap leach projects in
production
VGCX.com
Expected to Generate Significant Free Cash Flow
3 Repaid $61 million of debt in 2021
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District Scale Potential has Resulted in Great Exploration Success
4 Multiple satellite deposits, led by the Raven target, exist with mineralization
potential above and beyond the current reserve estimates.
Delivering Positive ESG Results
5 Very low carbon emissions per ounce of gold. Focus on further improving sound social and
governance practices.
3
Location
Year‐round road access
Grid hydro power
Airport at Mayo
VGCX: Eagle Gold Proximity to major commercial
hubs:
VGCX.com
• Six hours by road to Whitehorse
• Eight hours by road to Port of
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Skagway, Alaska
Stable/Safe Jurisdiction with Good Infrastructure 4
Eagle Gold Mine
VGCX.com
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Compact Efficient Site Layout 5
Leader in Health & Safety
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Highly Ranked Safety Record Amongst Canadian Mining Peers 6
2021 Highlights
2020 2021 Change %
Ore mined millions of tonnes 7.5 9.5 27%
Waste mined millions of tonnes 12.4 15.0 21%
Total mined millions of tonnes 19.9 24.5 23%
Strip Ratio (waste to ore) 1.6 1.6 0
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Mining rate 000’s of tonnes/day 54 67 24%
Ore stacked millions of tonnes 7.3 9.2 26%
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Ore stacked grade grams/tonne Au 0.84 0.85 1%
Gold produced ounces 116,644 164,222 41%
2021 production statistics may be subject to immaterial reconciliation variances.
Significant Year Over Year Improvement 7
Focused on Debt Repayment
Debt reduced $61M in 2021
Other potential uses of FCF:
• Share buy back
• Increased exploration
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• Capital projects to reduce
OPEX
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• Investment in junior
explorers
• Dividend
Balance Sheet and Leverage is Improving Rapidly 8
Blast Hole Model (10x10x10m) Reserve (10x10x10m)
Grade Reconciliation
Ore is where it is expected and at
expected grades
Additional “bonus” ore tonnes have
been continually discovered in Au (g/t)
surrounding metasediments “bleeding
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out” from the hosting granodiorite
Bench maps showing June 2021 to October 2021
The Reserve Block Model is in excellent
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agreement with the Blasthole Model
• All production blast holes are
sampled
• A cross-belt sampler/weightometer
system is used to monitor ore
delivered to the leach pad
You Can Tick the Box on Grade 9
Recovery Reconciliation
Recovery continues to trend up as the
heap leach facility (HLF) placement
increases and available leaching area
increases.
Produced ounces are trending as expected
VGCX.com
relative to ounces placed.
Gold in inventory is >100,000 ounces.
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The recovery model shows excellent
agreement with actual production.
• 6,000 toz (2%) difference EOM December
2021.
Recovery Is As Expected 10Project 250
Increase stacking to 11 months a year
• Upwards of 2M additional tonnes
• Solution temperatures in winter months have
shown to not limit stacking
Scalping of fines from the Secondary
Tertiary Crushing Plant
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• Estimated CAPEX of $17.3M
• Construction to begin in H1 & completed in
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H2 2022.
• Throughput increased by 15-20%
• Increased crushed tonnes by 1 million
Increased tonnes to the pad of up to 3
million tonnes per year
“Project 250” – Increase Production to 250,000 ozs/yr in 2023 11Project 2040
Eagle pit currently planned Eagle Deep Drilling
to 350 meters depth,
mineralization/Resource is
known to extend to depth
continues to +650 meters
VGCX.com
Drilled 6,669m in 12 holes
to test previously
unassessed areas
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Drilling will continue along
periphery of existing pit
walls and along strike
toward 2022 Resource
update
“Project 2040” – Extend Mine Life by 10 Years to 2040 12Exploration – Becoming a District
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Gold, Silver, & Tungsten Deposits 13Exploration – Raven
Development Schedule
60,000 Drilling 2022
Resource/Reserve 2022
PEA 2022
Enter Environment Assessment
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Pre-screening process 2022
Environmental & Geotechnical
Baseline Data Collection 2022
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Feasibility Study 2023
Permitting Process 2023-25
Construction 2026-27
First Gold 2028
Raven – Fastrack to Production 14Shareholders
Shares Percentage of
Share Ownership
Holder Owned Shares Issued
(000’s) (%)
Coeur Mining 11,068 17.7%
Van Eck 5,783 9.2%
Sprott 3,490 5.5%
Fidelity 2,133 3.4%
VGCX Officers & Directors 1,875 3.0%
Franklin 1,850 2.9%
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Fourth Sail 1,740 2.8%
CI Investments 1,512 2.4%
Bank of Luxembourg 1,500 2.4%
Invesco 902 1.4% Capitalization
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Black Rock 739 1.2% Share Price (at Jan.20, 2021) $15.45
John McConnell 724 1.1%
SSI Asset Mgmt 650 1.0%
Basic Shares O/S 62.6M
Valuestone 500 0.8% Warrants & Options 3.3M
Gabelli Funds 441 0.7% Market Cap $967.2M
Credit Mutuel AM 400 0.6% Balance Sheet
Source: Company filings, FactSet, SEDI, Holdings may change overtime
Sean Harvey 350 0.5%
Vestcor 250 0.4%
Cash (Sept. 30, 2021) $14.8M
MD Financial Mgt 210 0.3% Debt (Sept. 30, 2021) $227.4M
Marty Rendall 208 0.3% Inventory* (Sept. 30, 2021) $125.4M
Other Institutions 1,910 3.1% *valuation based on cost rather than market value
Blue Chip Shareholder Registry 15Analyst Coverage
CIBC (11Jan22) – We are initiating coverage on Victoria Gold Institutional Firm Analyst Target Price
Corp. with an Outperformer rating and a $24.00 price target.
We view this as an attractive entry point and believe Victoria CIBC Allison Carson $24.00
should trade at a premium to peers due to its exploration BMO Capital Markets Andrew Mikitchook $23.00
upside, strong free cash flow generation and M&A potential.
Cormark Richard Gray $23.00
PI Financial (13Jan22) – Purchasing a producing asset is an PI Financial Chris Thompson $20.50
investor’s best defense against capital cost blowouts. Among
our coverage, our top pick for a takeover is Victoria Gold, with Paradigm Don Blyth $17.00
VGCX.com
its Eagle mine now pretty much at its 200Koz/year design, with
plans to increase that to 250Koz/year with significant exploration upside.
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BMO Capital Markets (17Jan22) –We previously did not model Project250 due to lack of guidance; we have now conservatively
estimated the impact of the project and will revisit our assumptions once the technical report is released. Our updated
production estimates are 253,000oz in 2023 (previously 217,000oz) and243,000oz in 2024 (previously 214,000oz), with similar
increases through the rest of the mine life.
Cormark (18Jan22) – We have incorporated the cost and throughput parameters provided by Project 250, and the result is
higher annual production (Figures 1-2) and an increase in our NAV to C$21.40 (from the previous C$20.50). While the mine life
is shortened modestly, we believe an updated reserve and resulting mine plan later this year will reflect more ounces and
longer mine life. We also look forward to a maiden resource from the Raven target that could ultimately be incorporated into
the production profile as well. As a result of the changes made, we are increasing our target price to C$23.00.
Common Theme: VGCX is Undervalued 16Management
JOHN MCCONNELL
DIRECTOR, PRESIDENT & CEO KELLY PARKER
• 35 years in mining industry; operations, permitting, VICE PRESIDENT & GENERAL MANAGER
engineering, project mgt & mining company executive • 36 years in mining industry; pit operations, mine maintenance,
• Nanisivik, Strathcona, Breakwater, De Beers, Western training and development, 30+ years in senior management positions.
Keltic • Teck Coal, Bullmoose, Coal Mountain, Greenhills,
TM Trucking,Taseko, Gibraltar Mines
MARK AYRANTO
JIM DAINARD
CHIEF OPERATING OFFICER
VICE PRESIDENT FINANCE
• 17 years mining, operations, development, permitting
• 20 years in professional accounting & finance. 12+ years in
• StrataGold, Chair of Yukon Mineral Advisory Board to
mining exploration & development with Victoria
the Minister of Energy, Mines & Resources
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• BDO, MCAP, Equitable Life
MARTY RENDALL
CFO HUGH COYLE
• 26 years in mining; base metals, diamonds, gold; VICE PRESIDENT ENVIRONMENT
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exploration, development, operations • 14 years mining industry regulatory affairs, tenure management &
• Breakwater, De Beers environmental compliance
• StrataGold, Victoria Gold
DAVE ROULEAU
VICE PRESIDENT, OPERATIONS
• 30 years operations & management. HELENA KUIKKA
• Taseko, Horizon Oil Sands, Teck Cominco VICE PRESIDENT EXPLORATION
• 12 years in Yukon based mineral exploration on gold, silver, and
lead-zinc projects. 2 years mine grade control development.
PAUL GRAY • Selwyn Chihong, Victoria Gold
VICE PRESIDENT, TECHNICAL SERVICES
• 20 years exploration geologist; precious metals, base
metals, development.
• Doublestar, Bluerock, Selkirk Minerals, Argus Metals
Technical, Operations, Financial, and Northern Expertise 17Board of Directors
JOHN MCCONNELL T. SEAN HARVEY
DIRECTOR, PRESIDENT & CEO NON-EXECUTIVE CHAIRMAN
• 35 years in mining industry; operations, permitting, • 25 years experience; investment banking, mining
engineering, project mgt & mining company executive company executive, corporate director
• Nanisivik, Strathcona, Breakwater, De Beers, Western • BMO, Deutsche Bank, TVX, Perseus, Moto Gold, Andina
Keltic
CHRISTOPHER HILL MICHAEL MCINNIS
DIRECTOR DIRECTOR
• 18 years in the mining industry; construction and • 35 years in the mining industry; exploration, mining
VGCX.com
infrastructure development, mining company executive company executive, corporate director
• Bank of Nova Scotia, Lac Minerals, Barrick, Kinross, Aecon • Gateway, Riverstone, Abacus
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LETHA MACLACHLAN JOE OVSENEK
DIRECTOR DIRECTOR
• 35 years in mining industry law – regulatory, environmental, • 25 years in mining; development, financing
permitting, & Aboriginal law in northern Canada • P2Gold, Pretium, Silver Standard
• Queen’s Council, Environmental & Resource Law, Cda Nuclear
Safety, Bennett Jones
STEPHEN SCOTT
DIRECTOR
• 30 years in mining industry; acquisitions, divestments, financing
• Entrée, Rio Tinto, Atalaya, Nevsun
Diverse Board with Technical, Financial, Capital Markets, Legal, & Environmental Expertise 18Environmental, Social, & Governance
Health & Safety Community Environmental Yukoners
24/7 Investment Stewardship at Work
>4.0 million
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CBA with First Zero Largest private
work hours with Nation significant environmental sector employer
incidents
only 3 Comprehensive Cooperation in Yukon
Benefits Agreement with First
LTI incidents Nation of Na-Cho Nyak Dun
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signed in 2011 Independent 350-400
~$200,000,000 environmental Workforce comprised of
Safety 24/7
contracts with Yukon monitors 50%
ERT Team companies from partner First Nation Yukoners
Emergency Response Team
with men & women members >$1,000,000 Rigorous
raised since 2012 25%
JOHSC to improve student Environmental Women
attendance throughout the
Joint Occupational Health &
Territory
Review
Safety Committee and permitting process 25%
Safety Message completed collaboratively
with regulators, First
First Nations
at every meeting
Nations, & community.
A Canadian Leader 19Mining
VGCX.com
Drilling in Eagle Phase 2 Blasting in Eagle Phase 1
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Loading Ore in Eagle Phase 1 Hauling Waste from Eagle Phase 2 20Crushing/Conveying
VGCX.com
Primary Crushing Tertiary Crusher Feed Belt
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Secondary Crushing and Screening Overland Conveyor Linking Secondary to HLF 21Stacking/Leaching
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Stacking and Leaching on the HLF Retreat Stacking with Mobile Conveyance System
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Installing Drip Emitters with CAT D6 Dozer Area under Leach on the HLF 22ADR Plant
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Carbon Columns Train Stripping Circuit Heat Exchanger
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Filtering/Drying Au Concentrate Pouring Gold 23Why Victoria?
Ramping Up to +200,000 oz/year
Generate Significant Free Cash Flow
Focused on Debt Repayment
Production Increase to 250k by 2023
Mine Life Extension to 2040
VGCX.com
Grade and Recovery Reconciling
Robust Exploration Program
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Blue Chip Shareholder Registry
ESG Leader
24For more information, please contact:
VGCX.com
JOHN MCCONNELL,
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VICTORIA GOLD CORP
PRESIDENT & CEO
604-696-6605
ceo@vgcx.com
VGCX.com
25APPENDIX
Appendix – General
January 2022
TSX: VGCX OTC: VITFF VGCX.com
26APPENDIX
Recent Coverage & Press
Jan.18, 2022 Cormark – Project 250 to Deliver Higher Production Levels. Target increased to $23.
Jan.17, 2022 BMO – Project 250 to Drive Eagle Production Increase. Target increased to $23.
Jan.17, 2022 Press Release – VGCX Provides Update on Project 250K
Jan.13, 2022 Commodity TV – News Flash – VGCX Strong 2021 Results and Debt Terms Improved BNN Investor Alert
Jan.13, 2022 Paradigm Capital – Gold Sector: VGCX top pick for takeover
Jan.11, 2022 CIBC – Initiating coverage of VGCX. Target $24.
Jan.11, 2022 BMO – VGCX Debt Terms Improved
Jan.10, 2022 Press Release – VGCX Amends Credit Facilities Including Reduced Interest Rates
Commodity TV
Jan.07, 2022 Cormark – VGCX Q4/21 Production Slightly Beats Revised Guidance
Jan.06, 2022 Press Release – VGCX EGM Q4 and Annual 2021 Production Results
Dec.17, 2021 PI Financial – Not Out of the Weeds Yet
Dec.17, 2021 Mining News North of 60 – Supply Chain Disruptions Slow Eagle Gold
Dec.17, 2021 Cormark – VGCX Revises Guidance Lower on Supply Chain Disruptions
Dec.16, 2021 Wall Street Online – VGCX Issues Revised Guidance Up Here Business
Dec.16, 2021 Press Release – VGCX Provides 2021 Revised Guidance
Dec.9, 2021 Paradigm – Intraday Comment: VGCX - Producer Takeover Target
Dec.7, 2021 AMEBC – John McConnell & VGCX Team Recognized with 2021 E.A. Scholz Award for Excellence
in Mine Development
Nov.24, 2021 Commodity TV – VGCX Record Q3/21, Reducing Debt & Working Towards 2nd Mine B-TV CEO Clips
Nov.15, 2021 Cormark – VGCX Strong Q3/21 Financials
Nov.14, 2021 Globe and Mail – After NewCrest Scoops Up Pretium, Gold Sector Focus to Next Deal
Nov.12, 2021 Press Release – VGCX Reports 2021 Q3 Results
Nov.03, 2021 Press Release – VGCX Q3 2021 Financial Results & Video Conference on Friday, Nov.12, 2021
Crux Investor 27
Oct.13, 2021 Cormark – VGCX Record Production in Q3/21; More on the wayAPPENDIX
Loan Facility – BMO, CIBC, BNP, CAT - refinanced in Dec. 2020
Term Facility
• Approximately US$83M outstanding (Q2 2021)
• Interest = Libor + 3.0-4.0%
̶ Rate dependent upon Leverage Ratio
• 12 quarterly principal and interest payments from March 2021 – December
2023
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Revolving Credit Facility
• Approximately US$78M outstanding (Q2 2021)
• Interest = Libor + 3.0-4.0%
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̶ Rate dependent upon Leverage Ratio
• Interest paid quarterly
• Any remaining Principal repaid at maturity in December 2023
Cat Equipment Lease Facility
• Approximately US$34M outstanding (Q2 2021)
• Interest = Libor + 3.5%
• Quarterly principal and interest started from drawdown (over 4-6 years)
Combined quarterly payments are approximately US$11M (C$14M) 28APPENDIX
Gold Hedging Information
1. Put Options
• 5,000 ozs per month through March 2022
• Strike price of US$1,700 per ounce
• Provides downside gold price protection while retaining 100% of gold price upside
2. Collar (established in May 2018)
• 15,000 ozs on Sept. 30, 2021
VGCX.com
• 15,000 ozs on Dec. 31, 2021
Floor price is C$1,500 per oz (purchased put options)
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• If gold price falls below this price, a payment is received by VGCX
• Payment = C$1,500 less actual price multiplied by # of hedged ozs
Roof price is C$1,936 per oz (sold call options)
• If gold price goes above this price, a payment is made by VGCX
• Payment = actual price less C$1,936 multiplied by # of hedged ozs
No Future Hedging is Anticipated 29APPENDIX
Reserves
Ore Diluted Grade Contained Gold
Type
(M t) (g/t) (K oz)
Eagle Proven 30 0.71 694
Eagle Probable 118 0.63 2,366
VGCX.com
Total Eagle 148 0.64 3,061
Olive Proven 2 1.02 58
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Olive Probable 5 0.93 142
Total Olive 7 0.95 200
Total Eagle + Olive 155 0.65 3,261
Notes to Table:
1. The effective date for the Mineral Resource is November 15th, 2019
2. Mineral Reserves are included within Minerals Resources.
Update Planned In 2022 30APPENDIX 1
Primary Crusher & Coarse Ore Transfer
PRIMARY CRUSHER – AERIAL VIEW
VGCX.com
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31APPENDIX 1
Primary Crusher: Metso Superior MK-II 50-65
PRIMARY CRUSHER CROSS-SECTIONAL VIEW SPECIFICATIONS
1st stage of crushing
Metso Superior MK-II 50-65
Product size – 4.5”
VGCX.com
200 TON
CAPACITY
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32APPENDIX 1
Coarse Ore Stockpile (2,000 Ton Live Capacity)
COARSE ORE STOCKPILE SYSTEM
VIBRATING FEEDERS
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CSP TUNNEL SECONDARY CRUSHER FEED
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CONVEYOR
VIBRATING PLAN FEEDERS (2)
33APPENDIX 2
Secondary & Tertiary Crushing Plant
CONVEYOR SYSTEM – AERIAL VIEW SPECIFICATIONS
Secondary crushing
• 1 - Metso MP 1250 Standard Head Crusher
• Product size = 25 mm
Tertiary crushing
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• 3 - Metso MP 1250 Short Head Crusher
• Product size = 15 mm
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CRUSHING PLANT
34APPENDIX 2
Secondary & Tertiary Crushing Plant
SECONDARY & TERTIARY CRUSHING PLANT SCHEMATIC
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TERTIARY SCREENS
SECONDARY SCREEN
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1 METSO MP 1250
3 METSO MP 1250 SECONDARY
TERTIARY CRUSHERS CRUSHER
35APPENDIX
ADR Plant: 8 Ton Carbon Plant (2,000 m3/hr)
ADR PLANT – CROSS SECTIONAL VIEW COMMENTARY
• Refinements to kiln operation have increased carbon activity
and recovery in the ADR plant
• Ongoing trial to reduce the quantity of acid and caustic soda
in the acid washing and neutralization processes
Ongoing Initiatives:
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• Optimizing the elution and electrowinning circuit
• Reviewing the short-term model for better forecasting
• Collecting more samples for geo-metallurgical testing
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ADR PLANT – PLAN VIEW ADR PLANT
36APPENDIX
Infrastructure: Truck Shop and Water Treatment Plant
TRUCK SHOP AND WATER TREATMENT DESIGN COMMENTARY
Four bay truck shop is under
construction and will be available
by October 2021
Water treatment plant is in the
final stages of engineering for
layout; major mechanical
VGCX.com
equipment has been ordered
• Expected completion in May 2022
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37APPENDIX
Commitment to the Yukon and First Nations
Largest private sector employer in the Yukon
Employment Workforce of ~600 employees and contractors
and Training ~25% women
~25% First Nations
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Comprehensive Cooperation Benefits
Agreement with First Nation of Na-Cho-Nyak
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Dun (signed in 2011)
~$200 mm in contracts with Yukon-based
companies
Investment in
the >$1 mm raised since 2012 to improve student
Community attendance
Focused on “Every Student, Every Day”
Actively supported Yukon community
organizations to support fundraising initiatives
during COVID-19
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