Victoria Gold earns $31.61-million in Q3 2021, Yukon
Victoria Gold Corp. [VGCX-TSX; VITFF-OTC] released its third quarter and year to date 2021 summary financial and operating results from its 100%-owned Dublin Gulch gold property in central Yukon Territory, Canada, approximately 375 km north of Whitehorse, and approximately 85 km from the town of Mayo. The property is accessible by road year round, and is located within Yukon Energy’s electrical grid.
Financial highlights third quarter 2021
Gold sold was 53,248 ounces, at an average realized price of $2,239 (US$1,777) per oz. Recognized revenue was $119.5-million based on sales of 53,248 ounces of gold. Operating earnings were $52.1-million with net income of $31.6-million, or 51 cents per share outstanding.
Cash costs of $892 (US$708) per oz and all-in sustaining costs (AISC) of $1,211 (US$961) per oz of gold sold. Earnings before interest, taxes, depreciation and amortization of $68.4-million with free cash flow of $32.2-million, or 52 cents per share. Cash and cash equivalents were $14.8-million at September 30, 2021, after net principal repayments of $40.3-million against the company’s debt facilities.
John McConnell, president and CEO, commented: “In October, we pre-released our record breaking quarterly gold production of 55,827 ounces. This has resulted in record breaking quarterly numbers across our third quarter financial statements including Revenue, Gross Profit, Net Income, EBITDA and Free Cash Flow. I would like to express gratitude to our women and men with boots on the ground at the Eagle Gold Mine who have worked tirelessly during this prolonged and challenging health environment.”
Operational highlights third quarter 2021 were mine production of 3.1 million tonnes of ore. Ore stacked on the heap leach pad was 3.3 million tonnes at an average grade of 0.90 g/t gold. During the three months ended September 30, 2021, the Eagle Gold Mine produced 55,827 ounces of gold, compared to 35,312 ounces of gold production in Q3 2020. The 58% increase in gold production is attributed to the increase in ore mined and stacked, along with higher ore grades.
The company produced 114,726 ounces of gold during the nine months ended September 30, 2021.
The Dublin Gulch property covers an area of approximately 555 km2 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 g/t gold.