Victoria Gold reports Q3 net income of C$5.6 million, reaffirms 2023 guidance
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(Kitco News) - Victoria Gold (TSXV: VGCX.TO) announced on Thursday that the company produced 41,561 ounces of gold in Q3 2023, down 17% compared to Q3 2022 (50,028 ounces), primarily due to interruptions to stacking related to evacuations caused by wildfires in July and August.
The company said it recognized revenue of C$105.1 million in Q3 2023 compared to C$100.7 million in Q3 2022, adding that the increase in revenue is attributed to a higher average realized price, and a higher C$/US$ exchange rate, partially offset by a lower number of gold oz sold.
Victoria Gold also reported net income of C$5.6 million in Q3 2023 compared to net loss of C$8.6 million in Q3 2022.
The company noted that its 2023 production guidance remains unchanged and is estimated to be between 160,000 and 180,000 ounces of gold. All-in sustaining cost (AISC) guidance is also unchanged at US$1,350 and US$1,550 per oz of gold sold.
President and CEO John McConnell stated, “The Eagle mine was able to produce approximately 125,000 ozs through the first 9 months of 2023. We continue to expect to achieve both 2023 production and cost guidance. The mine also generated significant earnings, EBITDA and free cash flow which was used to repay debt.”
Victoria Gold's 100%-owned Dublin Gulch gold 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 covers an area of approximately 555 square kilometers and is the site of the company's Eagle and Olive gold deposits. As at December 31, 2022, the Eagle and Olive deposits include proven and probable reserves of 2.6 million ounces of gold and 4.7 million ounces of gold in the measured and indicated category, inclusive of proven and probable reserves.
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