Victoria Gold Corp. (TSX:VGCX) has unveiled positive third quarter and year to date 2021 summary financial and operating results in the Yukon.
Financial Highlights – Third Quarter 2021
- Gold sold was 53,248 ounces, at an average realized price of $2,239 (US$1,777) per oz.
- Recognised revenue of $119.5 million based on sales of 53,248 ounces of gold.
- Operating earnings were $52.1 million.
- Net income of $31.6 million, or $0.51 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.
- EBITDA of $68.4 million.
- Free cash flow1 of $32.2 million, or $0.52 per share.
- Cash and cash equivalents of $14.8 million at September 30, 2021 after net principal repayments of $40.3 million against the Company’s debt facilities.
“In October, we pre-released our record-breaking quarterly gold production of 55,827 ounces,” President and CEO, John McConnell, said.
“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
- Mine production was 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 grams per tonne (g/t).
- Gold production was 55,827 ounces.
- Gold production and sales
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. - During the three months ended September 30, 2021, the Company sold 53,248 ounces of gold, compared with 32,029 gold ounces sold in Q3 2020. The 66% increase in gold sold is primarily attributed to the increase in gold produced.
Mining
During the three months ended September 30, 2021, a total of 3.1 million tonnes of ore were mined, at a strip ratio of 1.2:1 with a total of 6.9 million tonnes of material mined. In comparison, a total of 2.1 million tonnes of ore were mined, at a strip ratio of 2.1:1 with a total of 6.5 million tonnes of material mined for the prior comparable period in 2020.
Total tonnes mined were six per cent higher during the three months ended September 30, 2021 due to overall operation improvement.
Revenue
For the third quarter, the company recognised revenue of $119.5 million compared to $80.5 million for the previous year’s comparable period. The increase in revenue is attributed to a higher number of gold ounces sold, partially offset by a lower average realized price.
Revenue is net of treatment and refining charges, which were $0.2 million for the quarter.
The company sold 53,248 ounces of gold at an average realised price of $2,239 (US$1,777), compared to 32,029 ounces at an averagerealised price of $2,512 (US$1,886), in the third quarter of 2020.
For further information please visit: https://vitgoldcorp.com/
