• GOLD:

Victoria Gold: Eagle Gold Mine Annual and Fourth Quarter 2023 Production Results

January 15, 2024

Whitehorse, YT / January 15, 2024 / Victoria Gold Corp. (TSX-VGCX) (“Victoria” or the “Company”) produced 41,982 ounces gold during the period October 1 to December 31, 2023, the fourth quarter (“Q4”) of 2023. Full year 2023 Eagle Gold Mine production was 166,730 ounces of gold.

“The Eagle Gold Mine achieved our 2023 production guidance of 160,000-180,000 ounces of gold,” commented Mr. John McConnell, President and CEO. “This is a record level of production for Eagle and an 11% increase year-over-year. In 2023, we successfully demonstrated the feasibility of year-round stacking on the heap leach facility, resulting in more consistent quarterly gold production and a mitigation of the impacts of seasonality. We intend to continue year-round stacking in 2024 and look forward to increased year-over-year production levels again this year.” Mr. McConnell also noted, “We generated positive free cash flow during the fourth quarter and continued to reduce our net debt position, including a Cdn$11 million payment against our Term Loan Facility, which we expect to fully repay during the 3rd quarter of 2024.”

Eagle Gold Mine Production – 2023 Production Results by Quarter

  Q1 Q2 Q3 Q4 2023
Ore mined millions of tonnes 2.1 2.4 2.0 2.0 8.5
Waste mined millions of tonnes 3.1 2.1 3.1 3.4 11.7
Total mined millions of tonnes 5.2 4.5 5.1 5.4 20.2
Strip Ratio waste to ore 1.4 0.9 1.6 1.7 1.4
Mining rate 000’s of tonnes/day 58 49 55 58 55
Ore stacked on pad millions of tonnes 2.1 2.5 2.3 2.1 9.0
Ore stacked grade grams/tonne Au 0.86 0.74 0.65 0.65 0.72
Gold produced ounces 37,619 45,568 41,561 41,982 166,730

Eagle Gold Mine Production: 2023 versus 2022

Ore mined millions of tonnes 8.5 7.2 1.3 18
Waste mined millions of tonnes 11.7 10.4 1.3 13
Total mined millions of tonnes 20.2 17.6 2.6 15
Strip Ratio waste to ore 1.4 1.6 (0.2) (13)
Mining rate 000’s of tonnes/day 55 48 7 15
Ore stacked on pad millions of tonnes 9.0 6.7 2.3 34
Ore stacked grade grams/tonne Au 0.72 0.85 (0.13) (15)
Gold produced ounces 166,730 150,182 16,548 11

Further commentary regarding quarterly and annual production, as well as commentary regarding financial results, will be included in the Company’s Management Discussion and Analysis (“MD&A”), accompanying press release, and management conference call which will be held later this quarter following the release of the Company’s Annual Financial Statements.

Qualified Person
The technical content of this news release has been reviewed and approved by Paul D. Gray, P.Geo., as the “Qualified Person” as defined in National Instrument 43-101 - Standards of Disclosure for Mineral Projects.

About the Dublin Gulch Property
Victoria Gold's 100%-owned Dublin Gulch gold property (the “Property”) is situated in central Yukon Territory, Canada, approximately 375 kilometers north of the capital city of Whitehorse, and approximately 85 kilometers from the town of Mayo. The Property is accessible by road year-round, and is located within Yukon Energy's electrical grid.

The Property covers an area of approximately 555 square kilometers, and is the site of the Company's Eagle and Olive Gold Deposits. The Eagle Gold Mine is Yukon's newest operating gold mine. The Eagle and Olive deposits include Proven and Probable Reserves of 3.3 million ounces of gold from 155 million tonnes of ore with a grade of 0.65 grams of gold per tonne, as outlined in a National Instrument 43-101 Technical Report for the Eagle Gold Mine dated December 3, 2019. The Mineral Resource under National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43-101”) for the Eagle and Olive deposits has been estimated to host 227 million tonnes averaging 0.67 grams of gold per tonne, containing 4.7 million ounces of gold in the "Measured and Indicated" category, inclusive of Proven and Probable Reserves, and a further 28 million tonnes averaging 0.65 grams of gold per tonne, containing 0.6 million ounces of gold in the "Inferred" category.

Cautionary Language and Forward-Looking Statements
This press release includes certain statements that may be deemed "forward-looking statements". Except for statements of historical fact relating to Victoria, information contained herein constitutes forward-looking information, including any information related to Victoria's strategy, plans or future financial or operating performance. Forward-looking information is characterized by words such as “plan”, “expect”, “budget”, “target”, “project”, “intend”, “believe”, “anticipate”, “estimate” and other similar words, or statements that certain events or conditions “may”, “will”, “could” or “should” occur, and includes any guidance and forecasts set out herein (including, but not limited to, production and operational guidance of the Corporation). In order to give such forward-looking information, the Corporation has made certain assumptions about the its business, operations, the economy and the mineral exploration industry in general, in particular in light of the impact of the novel coronavirus and the COVID-19 disease (“COVID-19”) on each of the foregoing. In this respect, the Corporation has assumed that production levels will remain consistent with management’s expectations, contracted parties provide goods and services on agreed timeframes, equipment works as anticipated, required regulatory approvals are received, no unusual geological or technical problems occur, no material adverse change in the price of gold occurs and no significant events occur outside of the Corporation's normal course of business. Forward-looking information is based on the opinions, assumptions and estimates of management considered reasonable at the date the statements are made, and are inherently subject to a variety of risks and uncertainties and other known and unknown factors that could cause actual events or results to differ materially from those described in, or implied by, the forward-looking information. These factors include the impact of general business and economic conditions, risks related to COVID-19 on the Company, global liquidity and credit availability on the timing of cash flows and the values of assets and liabilities based on projected future conditions, anticipated metal production, fluctuating metal prices, currency exchange rates, estimated ore grades, possible variations in ore grade or recovery rates, changes in accounting policies, changes in Victoria's corporate resources, changes in project parameters as plans continue to be refined, changes in development and production time frames, the possibility of cost overruns or unanticipated costs and expenses, uncertainty of mineral reserve and mineral resource estimates, higher prices for fuel, steel, power, labour and other consumables contributing to higher costs and general risks of the mining industry, failure of plant, equipment or processes to operate as anticipated, final pricing for metal sales, unanticipated results of future studies, seasonality and unanticipated weather changes, costs and timing of the development of new deposits, success of exploration activities, requirements for additional capital, permitting time lines, government regulation of mining operations, environmental risks, unanticipated reclamation expenses, title disputes or claims, limitations on insurance coverage and timing and possible outcomes of pending litigation and labour disputes, risks related to remote operations and the availability of adequate infrastructure, fluctuations in price and availability of energy and other inputs necessary for mining operations. Although Victoria has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in, or implied by, the forward-looking information, there may be other factors that cause actions, events or results not to be anticipated, estimated or intended. There can be no assurance that forward-looking information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. The reader is cautioned not to place undue reliance on forward-looking information. The forward-looking information contained herein is presented for the purpose of assisting investors in understanding Victoria's expected financial and operational performance and Victoria's plans and objectives and may not be appropriate for other purposes. All forward-looking information contained herein is given as of the date hereof, as the case may be, and is based upon the opinions and estimates of management and information available to management of the Corporation as at the date hereof. The Corporation undertakes no obligation to update or revise the forward-looking information contained herein and the documents incorporated by reference herein, whether as a result of new information, future events or otherwise, except as required by applicable laws.

For Further Information Contact:
John McConnell
President & CEO
Victoria Gold Corp
Tel: 604-696-6605


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