Victoria Gold Corp. (TSX: VGCX) announced this morning its operational and financial results for Q1 2021, recording gold production of 26,759 ounces. This is a notable increase from Q1 2020’s gold production of 10,544 ounces.
The company also earned $62.7 million in revenue this quarter as a result of selling 27,538 ounces of gold at an average realized price of C$2,274 per ounce. Subsequently, Victoria Gold earned $31.8 million in net income which translates to $0.51 earnings per share. The company’s Eagle Gold mine only achieved commercial production on July 1, 2021, so no comparative financials for last year were presented.
Victoria Gold ended the quarter with $21.6 million in cash and cash equivalents, a drop from last quarter’s $56.1 million. The decrease is being attributed to capital expenditures at the Eagle Gold mine and principal and interest repayments made to credit facilities.
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The company maintains its full-year 2021 gold production guidance of 180,000 – 200,000 ounces. It expects to increase its gold production in the second half of the year due to the seasonal stacking of ore on the site’s leach pad.
Victoria Gold Corp. last traded at $0.21 on the TSX Venture.
Information for this briefing was found via Sedar and the companies mentioned. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.
