From GlobeNewswire:

Victoria Gold Corp. announced its Q4 and year-end summary financial and operating results, with record gold production at Eagle Gold Mine in 2023. The company’s earnings before taxes for the year were C$43.4 million, with an average gold price realized of C$2,603 per ounce. The mine produced 166,730 ounces of gold, an 11% increase from the previous year. Victoria Gold will host a video conference call to discuss these results on February 21st.

The company’s operational highlights for the fourth quarter and the year ended 2023 include mine production of 2.0 million tonnes of ore in the quarter and 8.5 million tonnes of ore for the year. Gold production was 41,982 ounces in the quarter, with 166,730 ounces produced for the year. Revenue for the year was C$416.9 million based on sales of 160,135 ounces of gold. Total debt decreased by $10.8 million during the year.

Good news for investors: Victoria Gold Corp. has achieved its 2023 guidance and is optimistic about increasing gold production and reducing unit costs for 2024 and 2025. The company anticipates gold production between 165,000 and 185,000 ounces for 2024, with all-in sustaining costs between US$1,450 and US$1,650 per ounce of gold sold. Waste stripping and sustaining capital are also part of the company’s forecast for 2024.

During the last quarter of 2023, the Eagle Gold Mine produced 41,982 ounces of gold, a 4% decrease from the previous year due to interruptions to stacking from wildfires. However, the year-end results showed an 11% increase in gold production compared to the previous year, reaching 166,730 ounces. The company sold 160,135 ounces of gold in the year 2023, experiencing a 15% increase compared to the prior comparable period. In total, 8.5 million tonnes of ore were mined for the year, of which 9.0 million tonnes were stacked for processing.



Read more: 2023 Fourth Quarter and Full Year Results