Mr. John McConnell reports:
TORONTO, May 11, 2023 (GLOBE NEWSWIRE) -- Victoria Gold Corp. (TSX-VGCX) (“Victoria” or the “Company”) is pleased to announce its first quarter 2023 summary financial and operating results.
The Company uses certain non-IFRS performance measures throughout this news release. Please refer to the “Non-IFRS Performance Measures” section of this news release for more information. All currency figures are in Canadian $ unless otherwise indicated.
This release should be read in conjunction with the Company’s Financial Statements and Management’s Discussion and Analysis (“MD&A”) for the three months ended March 31, 2023 and 2022, available on the Company’s website or on SEDAR.
First Quarter 2023 Highlights
Gold produced 37,619 ounces
Average gold price realized $ 2,526 per ounce
Revenue (000s) $ 96,549
Gross Profit (000s) $ 20,984
Net Income (000s) $ 983
Earnings per share – Basic $ 0.02
EBITDA (000s) $ 26,380
“2023 is off to a very good start at the Eagle Gold Mine,” noted Mr. John McConnell, President and CEO. “During previous years, the Mine underwent a period during the winter where no ore was stacked on the heap leach pad. We have now proven that year-round stacking is feasible and this has resulted in record first quarter production, including ore tonnes mined and stacked on the heap leach pad as well as gold production. As we look forward, we expect production improvements to continue resulting in a 10 – 20% annual increase in gold production and sales in 2023 versus 2022.”
Operational highlights – First Quarter 2023
Mine production was 2.2 million tonnes (“t”) of ore in the quarter.
Ore stacked on the heap leach facility (“HLF”) in the quarter was 2.1 million t at an average grade of 0.86 grams per tonne (“g/t”).
Gold production was 37,619 ounces (“oz”) in the quarter.
Financial highlights – First Quarter 2023
Gold sold in the quarter was 38,201 oz, at an average realized price1 of $2,526 (US$1,867) per oz.
Recognized revenue was $96.5 million based on sales of 38,201 oz of gold in the quarter.
Operating earnings were $17.8 million in the quarter.
Net income was $1.0 million, or $0.02 per share on a basic basis and $0.02 per share on a diluted basis for the quarter.
Cash costs1 were $1,508 (US$1,115) per oz of gold sold in the quarter.
All-in sustaining costs (“AISC”)1 were $1,921 (US$1,420) per oz of gold sold in the quarter.
EBITDA1 were $26.4 million in the quarter, or $0.41 per share1 in the quarter.
Free cash flow1 deficiency was $15.1 million, or $0.23 per share1 in the quarter.
Cash and cash equivalents were $23.6 million at March 31, 2023 after net draw of $11.3 million against the Company’s debt facilities for the year.
First Quarter 2023 Operating Results
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