Victoria Gold Corp. (TSX:VGCX) has released strong first quarter 2022 financial and operating results.
Operational Highlights – First Quarter 2022
- Mine production was 1.3 million tonnes of ore in the quarter.
- Ore stacked on the heap leach pad in the quarter was 0.9 million tonnes at an average grade of 0.72 grams per tonne (g/t).
- Gold production was 24,358 ounces in the quarter.
Financial Highlights – First Quarter 2022
- Gold sold in the quarter was 25,518 ounces, at an average realised price of $2,328 (US$1,838) per ounce.
- Recognized revenue was $59.5 million based on sales of 25,518 ounces of gold in the quarter.
- Operating earnings were $23.5 million in the quarter.
- Net income was $16.0 million, or $0.25 per share outstanding in the quarter.
- Cash costs were $783 (US$618) per ounce and all-in sustaining costs (AISC) were $1,904 (US$1,504) per ounce of gold sold in the quarter.
- EBITDA were $38.3 million in the quarter.
- Free cash flow deficiency was $40.0 million, or a deficiency of $0.63 per share1 in the quarter.
- Cash and cash equivalents were $40.7 million at March 31, 2022 after net draw of $20.4 million against the Company’s debt facilities.
“Similar to previous years, the Eagle Mine’s gold production profile during 2022 will continue to be seasonal in nature. As summer approaches in the Yukon and the days get longer, we expect increased ore stacking and gold production to result in greater earnings and cashflows,” President and CEO, John McConnell, said.
For further information please visit: https://vitgoldcorp.com/