(Kitco News) - On Monday, Victoria Gold (TSX: VGCX) announced that in Q3 2022, the company produced 50,028 ounces of gold at its Eagle Gold Mine in Yukon, down 10% compared to Q3 2021 (55,827 ounces).
For the three months ended September 30, 2022, the company recognized revenue of C$100.7 million compared to C$119.5 million for the previous year’s comparable period.
The company said that the decrease in revenue is attributed to a lower average US$ realized gold price and lower number of gold oz sold, partially offset by higher C$/US$ exchange rate.
Cost of goods sold was C$65.5 million for the three months ended September 30, 2022 compared to C$48.0 million for the previous year’s comparable period. The increase in cost of goods sold is attributed to increased costs due to inflation and change in inventory, it added.
The company also reported net loss of C$8.6 million in Q3 2022, compared to net income of C$31.6 million in Q3 2021.
Earlier in October 2022, the company announced it retracted its 2022 guidance as the result of a failure of the overland conveyor belt which halted stacking of ore on the heap leach pad for approximately 3 weeks.
The company said that actual gold production for 2022 will be released in early January 2023 while actual AISC for 2022 will be included within year-end financial statements to be released by March 2023.
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. The property covers an area of approximately 555 square kilometers, and is the site of the company's Eagle and Olive gold deposits.
|
| Osisko to acquire royalty on SolGold's Cascabel copper-gold project in Ecuador for $50M |
