Whitehorse, YT / January 6, 2022 / Victoria Gold Corp. (TSX-VGCX) ("Victoria" or the "Company")

Q4 2021 production was 49,497 ounces gold. Full year 2021 gold production was 164,222 ounces versus revised guidance of 162,000 ounces. (see Company news release dated December 16, 2021)

Eagle Production - 2021 by Quarter
Q1 Q2 Q3 Q4 2021
Ore mined millions of tonnes 1.6 2.3 3.1 2.5 9.5
Waste mined millions of tonnes 4.7 3.3 3.8 3.2 15.0

Total mined millions of tonnes 6.2 5.6 7.0 5.7 24.5

Strip Ratio waste to ore 2.9 1.5 1.2 1.3 1.6
Mining rate 000’s of tonnes/day 69 62 76 62 67
Ore stacked on pad millions of tonnes 0.9 2.4 3.3 2.5 9.2
Ore stacked grade grams/tonne Au 0.87 0.81 0.90 0.83 0.85

Gold produced ounces 26,759 32,140 55,827 49,497 164,222
Q4 and full year production statistics may be subject to immaterial reconciliation variances.

Eagle Production: 2021 versus 2020
Year 2021 Year 2020 Year Variance Year % Variance

Ore mined millions of tonnes 9.5 7.5 2.0 27%
Waste mined millions of tonnes 15 12.4 2.6 21%
Total mined millions of tonnes 24.5 19.9 4.6 23%

Strip Ratio waste to ore 1.6 1.6 0 -

Mining rate 000’s of tonnes/day 67 54 13 24%
Ore stacked on pad millions of tonnes 9.2 7.3 1.9 26%
Ore stacked grade grams/tonne Au 0.85 0.84 0.01 1%

Gold produced ounces 164,222 116,644 47,578 41%

2021 production statistics may be subject to immaterial reconciliation variances.

"COVID-19 has had a significant impact on Eagle operations in 2021, but our team has been very innovative adjusting to conditions and we achieved record annual gold production in 2021; increasing by over 40% from 2020.", stated John McConnell, CEO. "2022 will undoubtedly present new challenges and I look forward to working with our team to continue the steady growth we have realized since Eagle began operations."

In the future, we plan to release quarterly production highlights, such as this news release, within two weeks of the end of each quarter. The quarterly production news releases will highlight production for the most recent quarter and year to date and compare results to the previous year. Theses quarterly production news releases will include minimal commentary on the results. Commentary regarding quarterly production as well as commentary regarding financial statements will be included in the Company's Management Discussion and Analysis ("MD&A") and the accompanying management conference calls. The Company's annual MD&A and Financial Statements are due to be filed within 90 days of Victoria's December 31 year-end while quarterly MD&A and Financial Statements are due within 45 days of each calendar quarter end. Management conference calls will be held upon filing of year-end, 2nd quarter and 3rd quarter Financing Statements and MD&A.

Qualified Person
The technical content of this news release has been reviewed and approved by Paul D. Gray, P.Geo., as the "Qualified Person" as defined in National Instrument 43-101 - Standards of Disclosure for Mineral Projects.

About the Dublin Gulch Property
Victoria Gold's 100%-owned Dublin Gulch gold property (the "Property") is situated in central Yukon Territory, Canada, approximately 375 kilometers north of the capital city of Whitehorse, and approximately 85 kilometers from the town of Mayo. The Property is accessible by road year round, and is located within Yukon Energy's electrical grid.

The Property covers an area of approximately 555 square kilometers, and is the site of the Company's Eagle and Olive Gold Deposits. The Eagle Gold Mine is Yukon's newest operating gold mine. The Eagle and Olive deposits include Proven and Probable Reserves of 3.3 million ounces of gold from 155 million tonnes of ore with a grade of 0.65 grams of gold per tonne, as outlined in a National Instrument 43-101 Technical Report for the Eagle Gold Mine dated December 3, 2019. The Mineral Resource under National Instrument 43-101 – Standards of Disclosure for Mineral Projects ("NI 43-101") for the Eagle and Olive deposits has been estimated to host 227 million tonnes averaging 0.67 grams of gold per tonne, containing 4.7 million ounces of gold in the "Measured and Indicated" category, inclusive of Proven and Probable Reserves, and a further 28 million tonnes averaging 0.65 grams of gold per tonne, containing 0.6 million ounces of gold in the "Inferred" category.