Victoria Gold Reports Record Annual Production of Over 164,000 Ounces

Edward Kim  |

Image source: Victoria Gold

Victoria Gold (Toronto: VGCX) reported record annual gold production in 2021 of 164,222 ounces, an increase of over 40% from 2020.

The record production drove record annual revenues of C$356.5 million (US$284.2 million), up 99.5% over 2020, and record net income of C$110.4 million (US$88.0 million), an increase of 641% over 2020.

For the fourth quarter, the gold miner posted production of 49,496 ounces, revenues of C$110.7 million (US$88.3 million) and net income of C$45.7 million (US$36.4 million.)

Victoria's flagship property is the 100% owned Dublin Gulch, which comprises the Eagle and Olive-Shamrock Gold deposit, covering an area of approximately 555 square km (214 square miles) in central Yukon, Canada.

The bottom line performance for the year is especially notable given that Victoria's "capital expenditures and all-in-sustaining-costs were higher as the company not only dealt with the impacts of COVID-19 and inflation, but continued advancing growth initiatives," said President and CEO John McConnell.

"These growth initiatives, which include Project 250 and exploration at Eagle and Raven, will continue through 2022 and are expected to lead to material increases in production and reduction in unit costs for 2023 and beyond.”


Investment thesis

Click to enlarge

  • Victoria Gold stock has outperformed gold bullion over the past twelve, six, three and one-month periods, and we think the company presents a viable alternative for those investors seeking a growth story that also serves as an inflation hedge.
  • After a record 2021, the company is targeting 20% production growth in each of 2022 and 2023 to reach annual production of 250,000 ounces per year.
  • Victoria's heap leaching projects are higher grade with a lower strip ratio compared to average oxide heap leach projects in
  • production.
  • The company repaid $61 million in debt in 2021 and expects to generate significant free cash flow.
  • The company is focused on maintaining very low carbon emissions in its production processes.

Victoria will hold its earnings conference call on Monday, March 28, 2022, at 11:00 am EDT.

Zoom Meeting:

Meeting ID: 841 0840 7927


Source: Equities News

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