Corporate Presentation - OPERATING CANADA'S NEWEST GOLD MINE TSX:VGCX | VITGOLDCORP.COM - Victoria Gold Corp.
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Corporate Presentation OPERATING CANADA’S NEWEST GOLD MINE May 2020 TSX : VGCX | V I T G O L D C O R P. C O M
Forward-Looking Statements
TSX : VGCX
All statements, other than statements of historical projected in the forward-looking statements. Such update or revise any forward-looking statements
fact, contained in this presentation constitute factors include, but are not limited to potential whether as a result of new information, future
“forward-looking statements” and are based on the conflicts of interest of officers or directors involved events or otherwise, or to explain any material
reasonable expectations, estimates and projections in the company’s future business, or conflicts of difference between subsequent actual events and
as of the date of this presentation. Forward-looking interests related to approving a potential acquisition such forward-looking statements, except to the
vitgoldcorp.com
statements include, without limitation, possible transaction; success in obtaining any required extent required by applicable law. The forward-
events, trends and opportunities and statements additional financing to make an acquisition or looking statements set forth herein are for the
with respect to possible events, trends and develop and acquire business; a limited pool of purposes of providing potential investors with
opportunities, including with respect to, among prospective acquisition targets; potential change in information concerning the company’s future
other things, the growth of the gold market, global control if the company acquired one or more target business plans in order to assist potential investors
market trends, expected industry demands, costs businesses for stock; successful performance of any in determining whether or not to invest in
and timing of business acquisitions, capital acquired business going forward, fluctuations in the subscription receipts of the company and may not
expenditures, successful development of potential currency markets; changes in national and local be appropriate for other purposes. The reader is
acquisitions, currency fluctuations, government government legislation, taxation, controls, cautioned not to place undue reliance on forward-
regulation and environmental regulation. The words regulations and political or economic developments looking statements.
“plans”, “expects” or “does not expect”, “is in jurisdictions in which the company does or
expected”, “budget”, “scheduled”, “estimates”, expects to do business; operating or technical NATIONAL INSTRUMENT 43-101
“forecasts”, “intends”, “anticipates”, or “does not difficulties in connection with the properties of the
A copy of our NI 43-101 Technical Report For The
anticipate”, or “believes”, or variations of such company; employee relations; risks associated with
Eagle Gold Project, Yukon dated December 3, 2019
words and phrases or statements that certain obtaining any necessary licenses or permits. Many of
prepared by JDS Energy & Mining, Inc. can be found
actions “may”, “could”, “would”, “might” or “will be these uncertainties and contingencies can affect the
on Sedar.com and our website at
taken”, “occur” or “be achieved” and similar company’s actual results and could cause actual
www.vitgoldcorp.com.
expressions identify forward-looking statements. results to differ materially from those expressed or
Forward looking statements are necessarily based implied in any forward-looking statements made by,
upon a number of estimates and assumptions that, or on behalf of, the company. There can be no
while considered reasonable by the company as of assurance that forward-looking statements will QUALIFIED PERSON
the date of such statements, are inherently subject prove to be accurate, as actual results and future The Technical content of this presentation has been
to significant business, economic and competitive events could differ materially from those anticipated reviewed and approved by Tony George P.Eng, and
uncertainties and contingencies. The estimates and in such statements. All of the forward- looking Paul Gray, P.Geo the Company’s Qualified Persons
assumptions contained in this presentation, which statements made in this presentation are qualified as defined by National Instrument 43-101.
may prove to be incorrect, include, but are not by these cautionary statements. These factors are
limited to, the various assumptions of the company not intended to represent a complete list of the
set forth herein. Known and unknown factors could factors that could affect the company. The company
cause actual results to differ materially from those disclaims any intention or obligation to
2
COVID-19
TSX : VGCX
TSX : VGCX
The health and safety of our employees is the most important aspect of our business
Measures implemented
vitgoldcorp.com
vitgoldcorp.com
• All non-essential travel curtailed
• Employee rotation schedule changed to four week in, four week out
• Employees returning from outside Yukon will self-isolate in Whitehorse for 14 days prior to
traveling to the Eagle Mine site
• All employees and contractors travelling to Eagle Mine are required to complete flight pre-
screening conducted by a third-party professional occupational health and safety services
provider
• All employees and contractors leaving the Eagle Mine are required to complete the screenings
prior to departure
• All on-site and offsite employees and contractors are instructed to practice social distancing
• Restricted and controlled access for all employees and contractors of Victoria to all Yukon
Communities
3
Victoria Gold
TSX : VGCX
STRENGTHS OPPORTUNITIES
Commercial production Q2 2020 Potential to increase production with year-
Average annual production of round stacking
vitgoldcorp.com
+210,000 oz/year at Deep drilling has shown mineralization
AISC cost of
Location
TSX : VGCX
Year‐round road access
Grid hydro power
vitgoldcorp.com
Airport at Mayo
Proximity to major commercial
Eagle Gold hubs:
• Six hours by road to Whitehorse
• Eight hours by road to Port of
Skagway, Alaska
5
Eagle: Updated Technical Report
TSX : VGCX
Resource Measured & Indicated Au Ounces 4.4 M
Reserve Proven & Probable Au Ounces 3.3 M
vitgoldcorp.com
Grade g/t 0.65
Annual Production Au Ounces +210,000
Cash Cost $/Au Ounce US$ 577
All-in Sustaining Cost $/Au Ounce US$ 774
Post Tax NPV 5% + $1.0 B
6
Eagle Ramp-up: Equipment
TSX : VGCX
Mining 100% April Q1 YTD
Primary Crushing 100% Hours Without A LTI 72,984 213,108 286,092
1,705,606
vitgoldcorp.com
Sec-Ter Crushing 95% Ore mined (tonnes) 759,133 946,479
Overland Conveyor 95% Waste mined (tonnes) 845,295 1,565,964 2,411,259
Stacking Conveyors 70% Ore stacked (tonnes) 786,954 887,700 1,674,645
Grade (gold grams per tonne) 0.86 0.83 0.85
ADR 100%
Gold produced (ounces) 6,768 10,544 17,312
People 95%
7
Eagle Ramp-up: Grade and Recovery Reconciliation
TSX : VGCX
Grade:
• We are finding ore where we expect it and at grades we expect
vitgoldcorp.com
• The only surprise is gold bleeding out from the granodiorite host to surrounding
metasediments adding more ore tonnes
• The reserve block model is in excellent agreement with the production data
Recovery:
There has been good correlation with the model, but it is early days
8
Dublin Gulch: Exploration
TSX : VGCX
vitgoldcorp.com
9
Raven 2019 Summary
TSX : VGCX
Trench Highlights:
0.57 g/t Au over 101.5m
2.79 g/t Au over 10.1m
1.49 g/t Au over 20.6m
vitgoldcorp.com
3.50 g/t Au over 124.0m
4.68 g/t Au over 58.0m
DDH Highlights:
7.72 g/t Au over 2.8m
5.54 g/t Au over 2.1m
4.47 g/t Au over 5.0m
3.93 g/t Au over 4.2m
2.05 g/t Au over 14.8m
2.35 g/t Au over 15.9m
2.04 g/t Au over 8.1m
102020 Exploration Program
TSX : VGCX
Raven – $3.0M Nugget – $2.0M Lynx – 1.0M
• 7,500m DDH Campaign • 5,500m DDH Campaign • Build Access
• Trench/Access Construction • Trench/Access Construction • Trenches/Soil Samples
vitgoldcorp.com
• Extend Mapping / Soil Sampling • Soils and Mapping • 1,000m DDH
• Mapping / Sampling
• 14,000m DDH
• 10,000 Soil samples
• >7,500m Trenches
• >8 km Access Trails
$5.0 Million Budget
11Shareholders
TSX : VGCX
Percentage of
Shares Shares Issued and
Holder
Owned Outstanding
(000’s) (%)
Orion Mine Finance 25,904 42.2%
vitgoldcorp.com
Sun Valley 7,279 11.9%
VGCX Officers & Directors* 1,566 2.6%
Oppenheimer Funds 700 1.1%
Investec Asset Mgmt 333 0.5%
SSI Asset Mgmt 453 0.7%
RBC Global Asset Mgmt 280 0.5%
Gabelli Funds 213 0.3%
Capitalization
* Included in above
John McConnell 564 1.0% Share Price (at May 12, 2020) $10.63
Sean Harvey 338 0.6% Basic Shares O/S 61.4M
Marty Rendall 156 0.3% Warrants & Options 3.7M
Mark Ayranto 144 0.2%
Mike McInnis 119
Source: Company filings, FactSet, SEDI, Holdings may0.2%
change overtime
Market Cap $652M
Chris Hill 115 0.2% Cash (Dec. 31, 2019) $16.9M
Sean Roosen 67 0.1% Debt (Dec. 31, 2019) $289.6M
* On Feb 28, 2020 John McConnell/Marty Rendall purchased $26,674 of Enterprise Value (MC–Cash+Debt) $924.7M
VGCX shares
* On Jan.7, 2020, Sean Harvey purchased $258,497.25 of VGCX shares
12
* On Jan.2, 2020 John McConnell purchased $500,585.25 of VGCX sharesInvestment Thesis
Analyst Coverage
TSX : VGCX
Institutional Firm Analyst Target Price
BMO Capital Markets Andrew Mikitchook $14.00
Cormark Richard Gray $20.00
vitgoldcorp.com
Echelon Ryan Walker $13.50
Paradigm Don Blyth $15.00
PI Financial Chris Thompson $16.25
RESEARCH THEMES
Our Top Junior Producer Pick:
Victoria Gold (VGCX): The company is in start-up/ramp-up mode at its Eagle gold project in the Yukon. While we tend to shy away during the risky start-
up phase, so far it’s looking pretty good. We are also impressed at the exploration results on the surrounding land package and believe there is significant
blue-sky upside on that front. Paradigm Capital (07Jan20)
We see VGCX trading at a 0.53x Adj. P/NAV multiple vs. junior gold producer peers trading in a wide range but averaging at ~0.67x NAV multiple. As such,
we see VGCX trading at a discount to peers which reflects potential for a re-rating should Eagle achieve and/or surpass expectations. We maintain our
BUY rating but increase our target to C$16.25 (previously C$14.00) derived by applying a 0.9x multiple on our NAV estimate at US$1,650/oz Au.
PI Financial (11May20)
With this note, we are updating our target price to $14.00 from $12.00 to reflect the updated feasibility and ramp-up progress at Eagle. In our view, 2020
is a potential breakout year for Victoria Gold that should drive a re-rating as it aims to achieve commercial production in Q2/20 and graduate to a
producer targeting roughly 205,000oz by year-end 2020. BMO Capital Markets (18Dec19)
While Victoria is a single asset producer with a levered balance sheet, the stock remains exceptionally cheap (0.38x NAV) and if they can successfully ramp
up production over the next couple of quarters, we believe a significant multiple re-rate, or takeover, is on the cards. In 2021, a full year of production
13
would translate to FCF of approximately C$153 MM at a gold price of $1,600/oz, which would represent an FCF yield of 32%. Cormark (12May20)Board & Officers: Experienced Team
T. SEAN HARVEY, NON-EXECUTIVE CHAIRMAN JOHN MCCONNELL
TSX : VGCX
• 25 years experience; investment banking, mining PRESIDENT & CEO, DIRECTOR
company executive, corporate director • 35 years in mining industry; operations, permitting,
• BMO, Deutsche Bank, TVX, Perseus, Moto Gold, Andina engineering, project mgt & mining company executive
• Nanisivik, Strathcona, Breakwater, De Beers, Western Keltic
CHRISTOPHER HILL, DIRECTOR MARTY RENDALL
vitgoldcorp.com
• 18 years in the mining industry; construction and
CFO
infrastructure development, mining company executive
• 20 years in mining; base metals, diamonds, gold;
• Bank of Nova Scotia, Lac Minerals, Barrick, Kinross, Aecon exploration, development, operations
• Breakwater, De Beers
LETHA MACLACHLAN, DIRECTOR MARK AYRANTO
• 35 years in mining industry law – regulatory, environmental, CHIEF OPERATING OFFICER
permitting, & Aboriginal law in northern Canada • 17 years mining, operations, development, permitting
• Queen’s Council, Environmental & Resource Law, Cda Nuclear • StrataGold, Chair of Yukon Mineral Advisory Board to
Safety, Bennett Jones the Minister of Energy, Mines & Resources
MICHAEL MCINNIS, DIRECTOR TONY GEORGE
• 35 years in the mining industry; exploration, mining company VICE PRESIDENT, PROJECT EXECUTION
executive, corporate director • 35 years mining operations, project management, construction
• Gateway, Riverstone, Abacus • Lundin, Lucara, Aura, De Beers Canada, AMEC/MRDI, Rescan,
Iron Ore Co., De Beers
DAVE ROULEAU
SEAN ROOSEN, DIRECTOR VICE PRESIDENT, OPERATIONS & GENERAL MANAGER
• 30 years in mining; discovery, financing, development • 30 years operations & management.
• Osisko Mining, Osisko Gold Royalties, EurAsia Holding • Taseko, Horizon Oil Sands, Teck Cominco
JACQUES PERRON, DIRECTOR PAUL GRAY
• 30 years in the mining industry; technical & operations VICE PRESIDENT, EXPLORATION
• TMAC Resources, Centerra Gold, Thompson Creek Metals, St. • 20 years exploration geologist; precious metals, base metals,
Andrew Goldfields, IAMGOLD, Cambior, Cameco, Placer Dome, development.
• Doublestar, Bluerock, Selkirk Minerals, Argus Metals 14
Breakwater Resources.Environmental, Social, & Governance
TSX : VGCX
Health & Safety Community Environmental Yukoners
24/7 Investment Stewardship at Work
vitgoldcorp.com
>2 million CBA with First Zero Largest private
work hours Nation significant environmental sector employer
incidents
LTI free Comprehensive Cooperative in Yukon
Benefits Agreement with First
Nation of Na-Cho Nyak Dun
signed in 2011 Independent 350-400
Safety 24/7 environmental Workforce comprised of
~$200M
ERT Team contracts with Yukon monitors 50%
Emergency Response Team companies from partner First Nation Yukoners
with men & women members
>$650,000 Rigorous
JOHSC raised since 2012 25%
Joint Occupational Health & to improve student Environmental Women
Safety Committee attendance throughout the Review
territory
and permitting process 25%
Safety Message completed collaboratively
at every meeting with regulators, First Nations, First Nations
& community.
15Why Invest in Victoria?
TSX : VGCX
Commercial production Q2 2020;
Project validated by Osisko & Orion;
vitgoldcorp.com
Share price rerate as we move to full production;
TSX : VGCX
210,000 oz/year with high margins in Canada;
High priority exploration targets, Nugget;
Production increase with year-round stacking;
Mine life significantly extended with higher gold price.
16For more information, please contact:
TSX : VGCX
vitgoldcorp.com
JOHN MCCONNELL, LENORA HOBBIS
PRESIDENT & CEO EXECUTIVE AFFAIRS MANAGER
604-696-6605 604-696-6610
president@vitgoldcorp.com lhobbis@vitgoldcorp.com
vitgoldcorp.com
17Appendix
May 2020
TSX : VGCX vitgoldcorp.com
18APPENDIX
Recent Coverage & Press
TSX : VGCX
May 12, 2020 Cormark – VGCX April Production Trending in Right Direction
May 11, 2020 GASPro – VGCX in top 10 Stock in Canada’s Yukon
May 11, 2020 PI Financial – VGCX Corporate Update – Target increase to $16.25 TSX Venture 50
May 11, 2020 BMO – April Shows Eagle Ramp-Up Gaining Momentum
vitgoldcorp.com
May 11, 2020 VGCX Press Release – VGCX Provides Operations Update
May 8, 2020 VGCX Press Release – VGCX Completes Previously Announced $23M public offering
Apr. 22, 2020 VGCX Press Release – VGCX Announces $20M Bought Deal Financing
Apr. 20, 2020 Cormark – Gold Makes its Move – VGCX Target $20
Apr. 8, 2020 Cormark – VGCX Ramping Up at Eagle
Up Here Business
Apr. 7, 2020 Cormark – VGCX in Quantitative/Technical Top 10
Apr. 7, 2020 BMO – Winter is Over at Eagle; Production Ramp-up Expected to Increase
Apr. 7, 2020 VGCX Press Release – VGCX Provides COVID-19 and Operational Update
Mar. 24, 2020 VGCX Press Release – VGCX Proactively Responds to COVID-19 and Remains Operational
Feb. 27, 2020 VGCX Press Release – VGCX Completes $7M Flow Through Financing
CEO Clips
Feb. 18, 2020 VGCX Press Release – VGCX Graduates to the Toronto Stock Exchange
Feb. 7, 2020 VIT Press Release – VIT Announces $5M Flow-Through Financing
Jan. 10, 2020 PI Financial – VIT: Laying out our 2020 Expectations for Canada’s Newest Gold Mine
Jan. 7, 2020 Paradigm – VIT in Top Gold Equity picks for 2020 – VIT top and only junior producer
Dec. 18, 2019 BMO – Eagle Flying Towards Commercial Production Proactive Investors
Dec. 13, 2019 North of 60 Mining News – VIT expands high-grade Raven
Dec. 12, 2019 B-TV – YMA Property Tour video interview displayed on Westjet seatbacks all Dec.
Dec. 9, 2019 Mining.com – VIT Expands Raven Target at Eagle 19
Dec. 9, 2019 PI Financial – VIT: Released Exploration ResultsAPPENDIX
“Grade Is King” – But Smart Investors Will Delve Deeper
Head Grade (g/t)
TSX : VGCX
vitgoldcorp.com
Goldcorp
(Coffee Gold)
McConnell Index – Recovered Gold/ Material Moved (g/t)
Goldcorp
(Coffee Gold)
20APPENDIX
Debt Information
TSX : VGCX
Senior Credit Facility = US$100M
• Socgen (37.5%), Macquarie (37.5%), Cat Finance (25%)
• Interest = Libor + 5.0%
• 15 quarterly principal and interest payments from May 31, 2020 - Nov. 30, 2023
vitgoldcorp.com
• No penalty for early repayment
Subordinated Credit Facility = US$75M
• Orion
• Interest = Libor + 6.7%
• Interest payments accrue until May 31, 2020, then are paid quarterly
• Principal repaid with a bullet payment on May 31, 2024
• No penalty for early repayment
Cat Lease Facility = US$50M
• Interest = Libor + 4.25%
• Quarterly principal and interest payments started
from drawdown (over 4 years)
• First quarterly payment was Nov 2018
Combined quarterly payments are approximately US$11M (C$14M) 21APPENDIX
Hedging Information
TSX : VGCX
100,000 ounce zero-cost collar
• 40,000 ozs in 2020, 60,000 ozs in 2021
Floor price is C$1,500 per ounce. (purchased put options)
vitgoldcorp.com
• If gold price falls below this price, we will receive a payment from Macquarie.
• Payment = C$1,500 less actual price multiplied by # of hedged ounces
Roof price is C$1,936 per ounce. (sold call options)
• If gold price goes above this price, we will have to make a payment to Macquarie.
• Payment = actual price less C$1,936 multiplied by # of hedged ounces
To place the floor, we purchased put options. Cost of buying these put options
was about C$4 million.
Instead of paying the C$4 million in cash, we sold call options for a value of
C$4 million, which put a roof in place and made it
zero-cost up front.
22APPENDIX
What Might a Producer Re-rate Look Like
Market Value per Average Annual Production (US$/oz)
TSX : VGCX
vitgoldcorp.com
Based on Jan. 17, 2020
23
*Acquired on Jul. 19, 2019APPENDIX
Eagle Gold Project – Geology
TSX : VGCX
Eagle is Located within the Tintina Mineral Belt:
• North of the Tintina Fault within the mineral-richSelwyn Basin;
• Tectonically thickened package due to NNE compression;
• Area underlain by Late Proterozoic-Early Cambrian Hyland Group
metasedimentary rocks;
vitgoldcorp.com
• Hyland Group intruded by Cretaceous age rocks of the Tombstone Suite.
Intrusion and Hornfelsing(baking)
of surrounding metasediments
• Intrusion of Dublin Gulch GranodioritePluton
• Cretaceous age (94 Ma) – similar to Vogt Pluton
at Fort Knox
• Outer carapace cools and fractures
• Quartz veins and sulfides emplaced
• Late stage cooling with hairline fractures – gold event
Quartz Veining & Alteration
• Quartz-sulfide veining
• K-Feldspar alteration
• Hairline fractures with oxidized sulfides and gold • Sericite-carbonate-chlorite Mineralization - Free Gold on Fractures
24APPENDIX
Reserves
TSX : VGCX
Ore Diluted Grade Contained Gold
Type
(M t) (g/t) (K oz)
vitgoldcorp.com
Eagle Proven 30 0.71 694
Eagle Probable 118 0.63 2,366
Total Eagle 148 0.64 3,061
Olive Proven 2 1.02 58
Olive Probable 5 0.93 142
Total Olive 7 0.95 200
Total Eagle + Olive 155 0.65 3,261
Notes to Table:
1. The effective date for the Mineral Resource is November 15th, 2019
2. Mineral Reserves are included within Minerals Resources.
25APPENDIX
Metallurgy Recovery
TSX : VGCX
LOM recovery – Eagle: 77%, ROM: 60%, Olive: 56.8%, Total: 76%
All recoveries used in the 2016 FS are de-rated 2-3% from lab results
vitgoldcorp.com
LOM Quantity
Parameter Au Recovery (% Au) LOM Quantity (Mt)
(%)
Eagle Crushed Ore
Type 1 – oxide granodiorite 86 33.7 22
Tonnes of solution/ore vs Recovery
Type 2 – altered granodiorite 75 9.6 6
100%
Type 3 –90%
unaltered granodiorite 73 62.8 41
80%
Gold Recovery (%)
Type 4 –70%
oxide metasediments 73 5.4 3
60%
Type 5 –50%
unaltered metasediments 68 1.3 1
40%
Eagle ROM
30% Ore
20%
All 10% 55 35 23
0%
Olive Crushed
0.0 Ore0.5 1.0 1.5 2.0 2.5 3.0
Tonnes of Solution / Tonne of Ore
Oxide 66 1.4 1
Mixed 55 3.6 2
Sulfide 52 1.5 1
26APPENDIX
LOM Mine Production Schedule
TSX : VGCX
Description Unit Total 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031
EAGLE
Crush Ore Mt 110.4 9.9 9.2 10.6 10.6 10.6 10.6 10.6 10.7 10.4 8.6 8.8
vitgoldcorp.com
Crush Gold Grade g/t 0.77 0.85 0.87 0.83 0.76 0.77 0.80 0.73 0.69 0.67 0.74 0.75 -
ROM Ore Mt 32.1 1.0 1.8 2.2 3.1 2.6 3.1 3.1 3.3 3.9 4.1 3.8 -
ROM Gold Grade g/t 0.22 0.21 0.22 0.21 0.21 0.21 0.22 0.22 0.21 0.21 0.22 0.22 -
OLIVE
Crush Ore Mt 6.5 - - - - - - - - 0.4 2.2 2.0 1.9
Crush Gold Grade g/t 0.95 - - - - - - - - 1.18 1.07 0.92 0.81
TOTAL MINE
Crush Ore Mt 116.9 9.9 9.2 10.6 10.6 10.6 10.6 10.6 10.7 10.8 10.8 10.8 1.9
Crush Gold Grade g/t 0.78 0.85 0.87 0.83 0.76 0.77 0.80 0.73 0.69 0.69 0.80 0.78 0.81
ROM Ore Mt 32.1 1.0 1.8 2.2 3.1 2.6 3.1 3.1 3.3 3.9 4.1 3.8 -
ROM Gold Grade g/t 0.22 0.21 0.22 0.21 0.21 0.21 0.22 0.22 0.21 0.21 0.22 0.22 -
Total Ore Mt 149.0 10.9 11.0 12.8 13.7 13.2 13.7 13.7 14.0 14.6 14.9 14.6 1.9
Total Gold Grade g/t 0.66 0.79 0.77 0.72 0.64 0.66 0.67 0.61 0.58 0.56 0.64 0.63 0.81
Total Contained Gold k oz 3,149 279 272 296 281 278 294 270 261 265 307 296 50
Total Recovered Gold K oz 2,392 205 226 218 188 213 216 216 193 196 213 205 104
Waste Mt 144.9 13.5 17.2 15.9 14.9 12.9 8.0 8.7 9.9 13.3 16.8 11.7 2.1
Strip Ratio wt:ot 0.97 1.23 1.56 1.24 1.09 0.98 0.58 0.64 0.70 0.91 1.13 0.80 1.08
Total Mined kt/day 67 78 79 78 71 59 61 65 67 66 54 44
27APPENDIX
Operating Costs
TSX : VGCX
2019 43-101 Update
Area C$/t mined C$/t leached US$/pay oz
vitgoldcorp.com
Mine 2.45 4.19 225
Process/leach 4.86 226
G&A 2.73 127
Total Operating 12.43 578
Refining & Taxes 72
Smelt & Transport 10
Corp. G&A 26
Reclamation 11
Exploration 22
Capital Ex. 54
Total AISC* 774
28APPENDIX
Oxide Heap Leach Projects Currently in Production
TSX : VGCX
Victoria Gold Alamos Pan American Equinox Silver Standard Argonaut Gold Eldorado
Project Average
Eagle * Mulatos La Arena Mesquite Marigold El Castillo Kisladag
Location Yukon, Canada Mexico Peru California, USA Nevada, USA Mexico Turkey
Ore (P&P) 155 Mt 91 Mt 46 Mt 37 Mt 60 Mt 201 Mt 86 Mt 116 Mt
vitgoldcorp.com
Grade 0.65 g/t 0.62 g/t 1.16 g/t 0.34 g/t 0.57 g/t 0.47 g/t 0.35 g/t 0.81 g/t
Gold (P&P) 3.2 Moz 1.7 Moz 1.7 Moz 0.4 Moz 1.0 Moz 3.3 Moz 1.0 Moz 3.0 Moz
Throughput 36,640 tpd 61,000 tpd 18,900 tpd 36,000 tpd 54,500 tpd 200,000 tpd 23,500 tpd 33,000 tpd
Crush Size 6.3 mm n/a 10 mm ROM ROM ROM ROM and Crush 6.3 mm
LOM Strip
0.97 :1 1.73 : 1 2.13 :1 1.90:1 2.52 :1 1.60 :1 0.96 :1 1.29 :1
Ratio (W:O)
LOM
72% 71% 73% 86% 64% 73% 64% 65%
Recovery
2020 205,000 oz
140,800 oz 150,000 -160,000oz 125,000-135,000oz 125,000-145,000oz 200,000-220,000oz 70,000-90,000 oz 125,000-145,000 oz
Production (2020)
2019 US$774/oz
US$984/oz US$867/oz US1397/oz US$955/oz US$974/oz US$1135/oz US$580/oz
AISC (LOM)
Source: Company Filings and Select Street Research
Eagle Gold Mine enjoys higher grade and a lower strip ratio in a
superior jurisdiction than many heap leach peers.
29APPENDIX
Management Team
KELLY PARKER, MINE MANAGER DOUGLAS DESAULNIERS. MAINTENANCE MANAGER
TSX : VGCX
• 36 years in mining industry; pit operations, mine • 20+ years mining operations, construction, management,
maintenance, training and development, 30+ years in senior engineering & reliability
management positions. • BHP Billiton, De Beers, Nyrstar, New Gold, Agnico Eagle,
• Teck Coal, Bullmoose, Coal Mountain, Greenhills, Barrick
TM Trucking,Taseko, Gibraltar Mines
ANDREW BALLANCE, MINE GENERAL FOREMAN BRUCE CORBIERE, GENERAL FOREMAN FIX PLANT
vitgoldcorp.com
• 11 years in copper and gold mining, operations & engineering MAINTENANCE
• Teseko Gibraltar, Guyana Goldfields, First Quantum Cobre • 40 years mining experience, maintenance
Panama • McIntyre Mine, Falconbridge, De Beers – Victor Mine, Detour
Gold
MATT MOCK, PROCESS MANAGER TREVOR DUNN, GENERAL FOREMAN MOBILE MAINTENANCE
• 20 years in the Gold Mining industry, Ore Processing, • 20+ years in the Heavy equip industry. Maintenance
Continuous Improvement, Project Management, Exploration operations, continuous product improvements project.
Projects, and Reclamation. Project development machine rebuilding
• Kinross • North American Palladium, Finning, Ledcor, SMS, Kiewit.
CLINT WILLIS, PROCESS OPERATIONS SUPERINTENDENT MIKE GUNN, SITE SERVICES MANAGER
• 16 years mining experience in ore processing, heap leach, • 30+ years working in the resource sector: Exploration,
refining, project execution, and training construction, operations
• Kinross • Myra falls, Quinsum, Panfish.
DAVID CROTTEY, HEALTH, SAFETY & SECURITY MANAGER HUGH COYLE, MANAGER, LANDS & PERMITTING
• 10 years health safety and emergency response within the • 14 years mining industry regulatory affairs, tenure
mining operations. 20 years coastal forestry operations management & environmental compliance
• Capstone • StrataGold, Victoria Gold
LINDSAY REAR, ENVIRONMENTAL MANAGER BEN LACASSE, MANAGER, IT
• 14 years in environmental consulting & assessments, • 22+ years of IT in mining industry
environmental management in construction & industry, • BHP Billiton, Rio Tinto, De Beers, Endeavour
indigenous collaborations.
30
• AngloAmericanAPPENDIX
Infrastructure
TSX : VGCX
vitgoldcorp.com
Road to Dublin Gulch
Mayo
Klondike Highway
Power at Mayo B
Whitehorse Eagle Power Line
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