TSX. VGCX OTC: VITFF Corporate Presentation November 2020 - Victoria Gold Corp.
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TSX. VGCX OTC: VITFF
Corporate Presentation
November 2020
Forward-Looking Statements
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
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
VGCX.com
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 lookingstatements.
“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
TSX : VGCX OTC: VITFF
“forecasts”, “intends”, “anticipates”, or “does not difficulties in connection with the properties of the
A copy of our NI 43-101 Feasibility Study Technical
anticipate”, or “believes”, or variations of such company; employee relations; risks associated with
Report For The Eagle Gold Project, Yukon dated
words and phrases or statements that certain obtaining any necessary licenses or permits. Many of
September 12, 2016 prepared by JDS Energy &
actions “may”, “could”, “would”, “might” or “will be these uncertainties and contingencies can affect the
Mining, Inc. can be found on Sedar.com and our
taken”, “occur” or “be achieved” and similar company’s actual results and could cause actual
website at 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 Paul Gray, P.Geo the
uncertainties and contingencies. The estimates and in such statements. All of the forward- looking Company’s Qualified Persons as defined by National
assumptions contained in this presentation, which statements made in this presentation are qualified 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 fromthose disclaims any intention or obligation to
2
Victoria Gold
“A large open pit mine with a long reserve life in Canada is just about the best asset
to own in this current high gold price, low oil price, low exchange rate environment”
BMO Research, 200731
STRENGTHS OPPORTUNITIES
Restated H2 Guidance: Increased production with year-round
72,000 – 77,000 ounces Au stacking
VGCX.com
AISC – US$1,175 – 1,275 per ounce Extended mine life – deep drilling has shown
LOM average annual production of 210,000 mineralization extends to +650m
oz/year at AISC cost of
Location
Year‐round road access
Grid hydro power
Airport at Mayo
VGCX: Eagle Gold Proximity to major commercial
VGCX.com
hubs:
• Six hours by road to
Whitehorse
TSX : VGCX OTC: VITFF
• Eight hours by road to Port of
Skagway, Alaska
4
Updated Technical Report
Resource Measured & Indicated Au Ounces 4.4 M
Reserve Proven & Probable Au Ounces 3.3 M
Grade g/t 0.65
Annual Production Au Ounces +210,000
Cash Cost LOM $/Au Ounce US$ 577
VGCX.com
All-in Sustaining Cost LOM $/Au Ounce US$ 774
Post Tax NPV5% @ $1300/Au Ounce + $1.0 B
TSX : VGCX OTC: VITFF
5
Eagle Optimization
Mining 100% Q3 YTD
Primary Crushing 100% Hours Without a LTI 302,148 772,176
Ore Mined (000’s tonnes) 2,077 5,282
Sec-Ter Crushing 90%
Waste Mined (000’s tonnes) 4,330 9,285
Overland Conveyor 95%
Ore Stacked (000’s tonnes) 1,913 4,954
Stacking Conveyors 90%
VGCX.com
Grade (gold grams per tonne) 0.86 0.86
ADR 100% Gold produced (ounces) 35,312 74,355
People 85%
TSX : VGCX OTC: VITFF
6
Grade and Recovery Reconciliation
Grade:
• We are finding ore where we expect it and at grades we expect
• 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:
VGCX.com
There has been good correlation with the model, but it is early days
TSX : VGCX OTC: VITFF
7
Dublin Gulch: Exploration
8
TSX : VGCX OTC: VITFF VGCX.com
Raven Target Hole ID From (m) To (m) Length* Gold Silver
(m) (g/t) (g/t)
NG20-036C 115.6 128.0 12.4 0.59 1.23
NG20-037C 35.7 209.9 174.2 0.76 2.33
including 90.4 109.4 19.0 3.95 2.63
2,162 samples representing 13 new drillholes including
and
96.9
153.7
97.9
157.0
1.0
3.3
61.10
12.00
10.00
45.05
NG20-038C 141.0 267.0 126.0 0.68 4.31
750 metres in strike length including
which includes
166.1
175.1
253.0
215.4
86.9
40.3
0.93
1.39
5.59
9.58
with 183.1 193.6 10.5 2.13 24.80
NG20-033C, a 250m step out hole to the east returned including
and including
192.1
210.4
193.6
215.4
1.5
5.0
7.56
3.44
100.00
13.54
and including 248.5 253.0 4.5 3.75 5.43
2.77 g/t Au over 65.7 metres NG20-039C
including
48.0
81.6
105.0
105.0
57.0
23.5
0.32
0.46
2.31
2.12
including 81.6 83.3 1.8 3.57 16.00
Raven remains open in all directions and at depth NG20-040C
and including
5.2
44.2
194.2
45.7
189.0
1.5
0.31
6.26
9.46
2.00
also including 146.1 171.1 25.0 0.45 58.47
Multiple, long intersections NG20-041C 111.3 169.3 58.0 0.37 2.65
VGCX.com
including 111.3 127.2 16.0 0.98 5.44
of gold, typical of Raven-style NG20-042C
including
167.9
206.7
332.0
241.4
164.1
34.7
0.40
0.81
3.40
3.31
mineralization, including: also including
including
219.2
289.8
221.0
332.0
1.8
42.3
6.16
0.59
1.00
5.67
• 3.95 g/t Au over 19.0 m including
NG20-043C
299.8
45.9
306.5
185.9
6.7
140.0
1.70
0.40
26.21
4.48
TSX : VGCX OTC: VITFF
• 3.05 g/t Au over 13.2 m including 45.0 53.9 9.0 2.78 3.84
including 45.9 46.8 0.9 19.40 26.00
• 2.13 g/t Au over 10.5 m including 106.3 149.4 43.1 0.58 10.60
• 4.48 g/t Au over 13.7 m including
NG20-044C
144.8
191.4
149.4
317.6
4.5
126.2
2.87
0.32
59.30
2.19
• 1.63 g/t Au over 50.8 m including
and including
191.4
239.4
192.2
240.3
0.8
0.9
13.20
8.29
11.00
8.00
including 295.7 317.6 21.9 0.45 4.33
NG20-045C 113.5 220.8 107.2 0.92 3.13
Other notable high-grade including 121.5 172.2 50.8 1.63 3.66
including 132.7 146.4 13.7 4.48 10.64
intercepts of gold including 143.1 144.4 1.3 42.80 68.00
including 157.2 159.2 2.0 5.37 2.00
mineralization from this suite including 209.1 220.8 11.7 0.92 2.10
of holes include: NG20-047C
including
75.9
130.1
217.1
152.7
141.3
22.7
0.47
1.23
2.95
5.83
• 19.40 g/t Au over 0.9 m including
and including
130.1
149.6
130.7
150.2
0.6
0.6
14.30
12.40
36.00
7.00
• 25.10 g/t Au over 1.0 m and 216.1 217.1 1.0 25.10 66.00
NG20-048C 35.8 94.5 58.7 0.70 3.50
• 15.20 g/t Au over 1.3 m including 55.9 64.2 8.2 1.75 6.72
including 63.1 64.2 1.1 9.71 28.00
including 93.2 94.5 1.3 15.20 74.00
9
Shareholders
Shares Percentage of
One Year Share Price
Holder Owned Shares Issued
(000’s) (%)
Orion Mine Finance 22,520 36.4%
Fidelity 2,000 3.2%
Banque de Luxembourg 1,500 2.4%
VGCX Officers & Directors 1,525 2.4%
Sprott 1,010 1.6%
Sun Valley 925 1.5%
Sentry 882 1.4%
Valuestone 704 1.1%
VGCX.com
John McConnell 567 0.9%
SSI Asset Mgmt 540 0.9%
Gabelli Funds 485 0.8%
Capitalization
TSX : VGCX OTC: VITFF
ALPS 420 0.7%
BlackRock 375 0.6% Share Price (at Nov.17, 2020) $12.00
Sean Harvey 330 0.5%
Basic Shares O/S 61.8M
CI Investments 302 0.5%
Polar 225 0.4% Warrants & Options 3.2M
AIMCo 225 0.4% Market Cap $741M
Millennium Source: Company filings, FactSet, 200
SEDI, Holdings may change overtime0.3%
Vestcor 200 0.3% Cash (Sept. 30, 2020) $40.0M
Swedbank 189 0.3% Debt (Sept. 30, 2020) $282.2M
Airain 175 0.3%
Ixios AM 150 0.2% Enterprise Value (MC-Cash+Debt) $983.2M
Invenomic 127 0.2%
TD AM 127 0.2% 10Investment Thesis
Analyst Coverage
Institutional Firm Analyst Target Price
Cormark Richard Gray $25.00
PI Financial Chris Thompson $23.00
BMO Capital Markets Andrew Mikitchook $21.00
Paradigm Don Blyth $15.00
Echelon Ryan Walker $13.50
VGCX.com
RESEARCH THEMES:
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
TSX : VGCX OTC: VITFF
significant blue-sky upside on that front. Paradigm Capital (08Jun20)
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)
Victoria Gold (VGCX): Victoria Gold’s pre-commercial production in June highlighted 13,828oz produced during the month, a significant increase
from the 7,756oz in May. Management commentary indicated that gold production continues to accelerate. In our view, Eagle appears to be on the
right trajectory to deliver a strong first quarter of commercial production in Q3 to begin building a solid operating track record.
BMO Capital Markets (08Jul20)
While Victoria is a single asset producer with a levered balance sheet, the stock remains exceptionally cheap (0.68x spot NAV) and if they can
successfully ramp up production over the next couple of quarters, we believe a significant multiple rerate, or takeover, is on the cards. In 2021, a full
year of production would translate to FCF of approximately C$160 MM at spot gold, which would represent an FCF yield of 19%. Cormark (08Jul20) 11Is VGCX An Attractive Takeover Target?
Features of a Desirable Gold Target
>50% of NAV in Avg. Prod Per Mine
Company Low Cost (AISC)(1) Long Life (2) Americas Canada >200koz AuEq
Victoria is a rare company
Pretivm
that ticks all the boxes
Alamos
defining high quality in IAMGOLD
VGCX.com
the gold sector: low cost, Lundin Gold
New Gold
long life, low risk, with
TSX : VGCX OTC: VITFF
Torex
scale. Centamin
Hecla
Companies like Victoria Wesdome
Eldorado
have a high scarcity
Centerra
value. Equinox
Coeur
12Environmental, Social, & Governance
Health & Safety Community Environmental Yukoners
24/7 Investment Stewardship at Work
>3.0 million
VGCX.com
CBA with First Zero Largest private
work hours with Nation significant environmental sector employer
incidents
only two Comprehensive Cooperative in Yukon
Benefits Agreement with First
LTI incidents Nation of Na-Cho Nyak Dun
TSX : VGCX OTC: VITFF
signed in 2011 Independent 350-400
~$200,000,000 environmental Workforce comprised of
Safety 24/7
contracts with Yukon monitors 50%
ERT Team companies from partner First Nation Yukoners
Emergency Response Team
with men & women members >$1,000,000 Rigorous
raised since 2012 25%
JOHSC to improve student Environmental Women
Joint Occupational Health & attendance throughout the Review
Safety Committee territory
and permitting process 25%
completed collaboratively
Safety Message with regulators, First Nations, First Nations
at every meeting & community.
13Why Invest in Victoria?
H2 Guidance: Restated to 72,000 – 77,000 ounces Au;
All key equipment working well;
Focused on early debt repayment;
Share price rerate as we move to full production;
210,000 oz/year* with high margins in Canada;
VGCX.com
High potential exploration targets, Raven & Lynx;
Production increase with year-round stacking;
Mine life significantly extended at current gold price.
TSX : VGCX OTC: VITFF
* Per 2019 Technical Report
14For more information, please contact:
VGCX.com
JOHN MCCONNELL,
TSX : VGCX OTC: VITFF
VICTORIA GOLD CORP
PRESIDENT & CEO
604-696-6605
ceo@vgcx.com
VGCX.com
15Appendix
November 2020
TSX: VGCX OTC: VITFF VGCX.com
16APPENDIX
Recent Coverage & Press
Nov.16, 2020 Cdn Mining Journal – VGCX Reports Long Gold Intercepts from Raven Target
Nov.16, 2020 VGCX Press Release - Intercepts 3.95 g/t Au over 19.0 meters and 4.48 g/t Au over 13.7
meters at Raven, Dublin Gulch, YT
VGCX Open TSX
Nov.16, 2020 Cormark – VGCX Guidance Reduced due to Eagle Teething Issues
Nov.13, 2020 VGCX Press Release – Reports 3rd Quarter Operating and Financial Results
Oct.29, 2020 Resource World – Video - VR Tour of Eagle Gold Mine
Oct 23, 2020 Mining News North of 60 – VGCX Grows Raven Gold Mineralization
Oct 23, 2020 Commodity TV – VGCX featured in Mining Newsflash SF Live
Oct 22, 2020 Invest Yukon – Webcast: VGCX Virtual Property Tour of Eagle Gold Mine
VGCX.com
Oct 19,2020 BMO – VGCX Expending Raven Mineralization
Oct 19, 2020 VGCX Press Release – VGCX Drills High Grade; 2.77 g/t Au over 65.7 m and Expands Raven
to over 750 m in Strike Length
TSX : VGCX OTC: VITFF
Oct.13, 2020 VGCX Press Release – VGCX Eagle Gold Mine Q3 Production Results
Oct.05, 2020 BTV/BNN – VGCX News Alert on BNN Oct. 5-12 Up Here Business
Sep.30, 2020 VGCX Press Release – VGCX Announce that Orion Mine Finance has Completed its $57.5M
Bought Deal Secondary Offering
Sep.15, 2020 VGCX Press Release – VGCX/Orion Mine Finance Announce $50M Bought Deal Secondary
Offering
Sep.10, 2020 Commodity TV – Interview with VGCX/John McConnell
CEO Clips
Sep.10, 2020 Northern Miner – Global Gold Snapshot – Players to Watch: VGCX
Sep,10, 2020 BMO – VGCX Target Price increased to $21.00
Sep.01, 2020 Commodity TV – VGCX is Latest Gold Producer in Yukon Canada
Aug.31, 2020 Resource World – Canada’s Yukon – An Underexplored World Class Gold District
17
Aug 28, 2020 PI Financial – Mining Sector Update – VGCX Target price raised to $23APPENDIX
“Grade Is King” – But Smart Investors Will Delve Deeper
Head Grade (g/t)
VGCX.com
Goldcorp
(Coffee Gold)
McConnell Index – Recovered Gold/ Material Moved (g/t)
TSX : VGCX OTC: VITFF
Goldcorp
(Coffee Gold)
18APPENDIX
Debt Information
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
• No penalty for early repayment
Subordinated Credit Facility = US$75M
VGCX.com
• Orion
• Interest = Libor + 6.7%
• Interest payments accrue until May 31, 2020, then are paid quarterly
TSX : VGCX OTC: VITFF
• 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) 19APPENDIX
Hedging Information
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)
• 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
VGCX.com
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.
TSX : VGCX OTC: VITFF
• 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$4 million, which put a roof in place and made it
zero-cost up front.
20What Might a Producer Re-rate Look Like
Market Value per Average Annual Production (US$/oz)
VGCX.com
TSX : VGCX OTC: VITFF
Based on Jan. 17, 2020
*Acquired on Jul. 19, 2019
21Eagle Gold Project – Geology
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;
• Hyland Group intruded by Cretaceous age rocks of the Tombstone Suite.
Intrusion and Hornfelsing(baking)
VGCX.com
of surroundingmetasediments
TSX : VGCX OTC: VITFF
• Intrusion of Dublin Gulch GranodioritePluton
• Cretaceous age (94 Ma) – similar to Vogt Pluton
at FortKnox
• Outer carapace cools andfractures
• Quartz veins and sulfidesemplaced
• 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
22APPENDIX
Reserves
Ore Diluted Grade Contained Gold
Type
(M t) (g/t) (K oz)
Eagle Proven 30 0.71 694
Eagle Probable 118 0.63 2,366
Total Eagle 148 0.64 3,061
VGCX.com
Olive Proven 2 1.02 58
Olive Probable 5 0.93 142
Total Olive 7 0.95 200
TSX : VGCX OTC: VITFF
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.
23APPENDIX
Metallurgy Recovery
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
LOM Quantity
Parameter Au Recovery (% Au) LOM Quantity (Mt)
(%)
Eagle Crushed Ore
Type 1 – oxide granodiorite 86 33.7 22
VGCX.com
Type 2 – altered granodiorite 75 9.6 6
Tonnes of solution/ore vs Recovery
Type 3 –100%
unaltered granodiorite 73 62.8 41
90%
Type 4 –80%
oxide metasediments 73 5.4 3
TSX : VGCX OTC: VITFF
Gold Recovery (%)
70%
Type 5 –60%
unaltered metasediments 68 1.3 1
50%
Eagle ROM
40% Ore
30%
All 20% 55 35 23
10%
Olive Crushed Ore 0%
0.0 0.5 1.0 1.5 2.0 2.5 3.0
Oxide Tonnes of Solution / Tonne of Ore
66 1.4 1
Mixed 55 3.6 2
Sulfide 52 1.5 1
24APPENDIX
LOM Mine Production Schedule
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
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
VGCX.com
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
TSX : VGCX OTC: VITFF
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
25APPENDIX
Operating Costs
2019 43-101 Update
Area C$/t mined C$/t leached US$/pay oz
Mine 2.45 4.19 225
Process/leach 4.86 226
G&A 2.73 127
VGCX.com
Total Operating 12.43 578
Refining & Taxes 72
TSX : VGCX OTC: VITFF
Smelt & Transport 10
Corp. G&A 26
Reclamation 11
Exploration 22
Capital Ex. 54
Total AISC* 774
26APPENDIX
Oxide Heap Leach Projects Currently in Production
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
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
VGCX.com
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)
TSX : VGCX OTC: VITFF
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.
27APPENDIX
Board & Officers: Experienced Team
T. SEAN HARVEY, NON-EXECUTIVECHAIRMAN STEPHEN SCOTT, DIRECTOR
• 25 years experience; investment banking, mining • 30 years in mining industry; acquisitions, divestments, financing
company executive, corporate director • Entrée, Rio Tinto, Atalaya, Nevsun
• BMO, Deutsche Bank, TVX, Perseus, Moto Gold, Andina
JOHN MCCONNELL
CHRISTOPHER HILL, DIRECTOR DIRECTOR, PRESIDENT & CEO
• 18 years in the mining industry; construction and • 35 years in mining industry; operations, permitting,
infrastructure development, mining company executive engineering, project mgt & mining company executive
• Bank of Nova Scotia, Lac Minerals, Barrick, Kinross, Aecon • Nanisivik, Strathcona, Breakwater, De Beers, Western Keltic
MARTY RENDALL
VGCX.com
MICHAEL MCINNIS, DIRECTOR CFO
• 35 years in the mining industry; exploration, mining company • 26 years in mining; base metals, diamonds, gold;
executive, corporate director exploration, development, operations
• Gateway, Riverstone, Abacus • Breakwater, De Beers
TSX : VGCX OTC: VITFF
MARK AYRANTO
SEAN ROOSEN, DIRECTOR CHIEF OPERATING OFFICER
• 30 years in mining; discovery, financing, development • 17 years mining, operations, development, permitting
• Osisko Mining, Osisko Gold Royalties, EurAsia Holding • StrataGold, Chair of Yukon Mineral Advisory Board to
the Minister of Energy, Mines & Resources
DAVE ROULEAU
LETHA MACLACHLAN, DIRECTOR VICE PRESIDENT, OPERATIONS & GENERAL MANAGER
• 35 years in mining industry law – regulatory, environmental,
• 30 years operations & management.
permitting, & Aboriginal law in northern Canada
• Taseko, Horizon Oil Sands, Teck Cominco
• Queen’s Council, Environmental & Resource Law, Cda Nuclear
Safety, Bennett Jones
PAUL GRAY
JOE OVSENEK, DIRECTOR
VICE PRESIDENT, TECHNICAL SERVICES
• 25 years in mining; development, financing
• 20 years exploration geologist; precious metals, base
• P2Gold, Pretium, Silver Standard
metals, development.
• Doublestar, Bluerock, Selkirk Minerals, Argus Metals 28APPENDIX
Management Team
KELLY PARKER, MINE MANAGER CORY STINSON, MAINTENANCE SUPERINTENT
• 36 years in mining industry; pit operations, mine • 21 years in mining industry, process plant, maintenance,
maintenance, training and development, 30+ years in senior construction, shaft sinking, millwright. 16 years in leadership.
management positions. • De Beers, Redpath, Cementation, Kinross
• Teck Coal, Bullmoose, Coal Mountain, Greenhills,
TM Trucking,Taseko, Gibraltar Mines
BRUCE CORBIERE, GENERAL FOREMAN FIX PLANT
ANDREW BALLANCE, MINE GENERAL FOREMAN MAINTENANCE
• 11 years in copper and gold mining, operations & engineering • 40 years mining experience, maintenance
• Teseko Gibraltar, Guyana Goldfields, First Quantum Cobre • McIntyre Mine, Falconbridge, De Beers – Victor Mine, Detour
Panama Gold
MATT MOCK, PROCESS MANAGER TREVOR DUNN, GENERAL FOREMAN MOBILE MAINTENANCE
• 20+ years in the Heavy equip industry. Maintenance
VGCX.com
• 20 years in the Gold Mining industry, Ore Processing,
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.
KIRK McLELLAN, SUPPLY CHAIN MANAGER
TSX : VGCX OTC: VITFF
MIKE GUNN, SITE SERVICES MANAGER
• 35+ years of mining experience in both open pit and • 30+ years working in the resource sector: Exploration,
underground. 25+ years of management experience in construction, operations
logistics and supply chain (procurement/warehousing) • Myra falls, Quinsum, Panfish.
• Echo Bay, Kinross, Guyana Goldfields
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.
• AngloAmerican
29APPENDIX
Infrastructure
Road to Dublin Gulch
Mayo
VGCX.com
Klondike Highway
TSX : VGCX OTC: VITFF
Power at Mayo B
Whitehorse Eagle Power Line
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