The Gold Report

Expert Comments:

Firm's 2018 Yukon Exploration Work to Target Four Areas (7/19/18) The campaign aims to build upon recent findings at this Yukon property. read more >
Canadian Miner's Yukon Gold Project in 'Full Construction' (7/3/18) Analyst Andrew Mikitchook with BMO Capital Markets reported his findings from a recent site visit to the Yukon's likely next operating gold mine. read more >
Andrew Mikitchook, BMO Capital Markets (6/26/18) "We recently attended a site visit to Victoria Gold Corp.'s Eagle gold project. . .we are encouraged by construction progress to date, which is primarily advancing major earthworks. In the near term, we can expect construction milestones to include completion of crusher facility foundations."
Gary Sidhu, PI Financial (5/24/18) "Construction at Victoria Gold Corp.'s Eagle project is proceeding on schedule with first gold pour expected in Q4/19. . .the company is currently preparing an amendment to the water license as required by the water board, and management expects no delays in construction as a result."
Gold Miner Firms Up Financial Agreements (5/17/18) The news flow for this company includes initiation of a gold hedge program and filing paperwork with the TSX Venture Exchange for a new royalty agreement. read more >
	Byron King, Gold Speculator (5/15/18) "With funding in place and construction already begun, Victoria Gold Corp.'s Eagle is a project that will get built; the proposed output, over 200 Koz/year gold with as much as 300 Koz possible, is more than enough to attract a major buyer. The company is doing all the right things."
RBC Capital Markets (3/26/18) "Victoria Gold Corp. is currently planning to stack for only nine months of the year and will evaluate ability to stack year-round once the asset, the Eagle gold project, is in operation. The company completed a CA$500M financing package including $225M in debt, CA$98M royalty financing and CA$125M private placement."
Gary Sidhu, PI Financial (3/12/18) "Victoria Gold Corp. has tabled a CA$505M funding package, consisting of debt, an equity financing, a royalty agreement and an equipment financing facility to fund construction and working capex requirements for its Eagle project. . .we see the terms as favorable for shareholders. . .on the positive, we now see the company as fully financed to develop Eagle to production."
Don Blyth, Paradigm Capital (3/9/18) "Victoria Gold Corp. announced details of a ~$500M financing package for the construction of the Eagle gold project in the Yukon. . .the closing of the financing is expected by the end of March. . .this is a complex financing package. . .our initial impressions are favorable."

More Expert Comments

	Ryan Walker, Echelon Wealth Partners (3/8/18) "Victoria Gold Corp. reports that it has arranged a financing package worth up to as much as $505M. . .the company notes that the package would fully fund the development of the Eagle gold project through to commercial production. . .the parties expect to close the financing by the end of March 2018."
	Thibaut Lepouttre, Caesars Report (11/23/17) "The share price of Victoria Gold Corp. has been under a lot of pressure lately as it has been sliding all the way down to the lower $0.40 range, a surprise because its main Eagle gold project remains one of the most appealing permitted but undeveloped gold projects. . .with an NPV of CA$508M, the current enterprise value of approximately CA$210M seems to be too low, especially when you are taking the potential to add more ounces to the mine plan into consideration."
	Ryan Walker, Echelon Wealth Partners (11/7/17) "Victoria Gold Corp. reports that the $40M, phase 1 development program at its Eagle gold project is substantively complete, further derisking the project. . .the phase 1 program also included high-value contracts with the First Nation of Nacho Nyak Dun Development Corp., and all site earthworks are being completed by Yukon-based contractors."
	Derek Macpherson, Red Cloud Klondike Strike Inc. (11/7/17) "Victoria Gold Corp. has reported an update on its Eagle project phase 1 derisking program. . .the objective of the $40M 2017 program was to derisk the earthwork areas of the capital budget and prepare the construction site for phase 2. . .management stated that phase 1 was successful in derisking the project."
Richard Gray, Cormark Securities (10/31/17) "Deep drilling at Victoria Gold Corp.'s Eagle has indicated consistent mineralization to depths greater than 600m, including grades greater than 1.25 g/t below the current reserve pit shell. These potential ounces demonstrate potential for future pit expansion and extending mine life, making the project more attractive to prospective acquirers."
	Ryan Walker, Echelon Wealth Partners (10/30/17) "Highlights from Victoria Gold Corp.'s latest pair of holes include hole DG17-930C: 607.8m at 0.56 g/t Au from 47.2m, including 120m of 0.95 g/t (from 50m) and 40.2m at 1.33 g/t from 362.3m. . .in addition to demonstrating continuity of mineralization beyond planned pit boundaries, the drilling also cut in-pit gold mineralization not currently included in the mine block model."
Gary Sidhu, PI Financial (10/30/17) "Victoria Gold Corp. announced the remaining two drill results of its four-hole, 2,558m program. . .results verify the continuity of mineralization at depth and have increased the strike length of the Eagle Deep target by an additional 400m as compared to the previous two holes. The resulting grades are well above the Eagle deposit resource cutoff of 0.15 g/t Au."
Gary Sidhu, PI Financial (10/23/17) "Results from Victoria Gold Corp.'s DG17-922C are 624.1m at 0.5 g/t Au over the entire length of the hole. . .DG17-922C shows that mineralized intervals (above the resource cutoff grade of 0.15 g/t Au at the Eagle deposit) extend ~100–150m below the current interpreted resource shell outline and ~100m west of the previous Eagle Deep hole as seen in cross-section."
	Derek Macpherson, Red Cloud Klondike Strike Inc. (10/23/17) "Victoria Gold Corp. currently trades at a discount on a per-ounce basis, or at CA$33/oz versus peers at CA$50/oz, which we believe does not take into account the exploration potential of the Dublin Gulch property or that the project has just transitioned from shovel ready to under construction. Ongoing exploration should be an important catalyst for the company, as it highlights the potential to expand the resource base on the Dublin Gulch property."
	Ryan Walker, Echelon Wealth Partners (10/23/17) "Victoria Gold Corp. reported positive assay results from another deep hole aimed at demonstrating the upside at the Eagle gold deposit by targeting untested areas adjacent to and below the 2016 Eagle gold mine updated feasibility study pit boundary. . .highlights from hole DG17-922C include: 624.1m (from surface) of 0.5 g/t Au, including 371.1m (185.9m) at 0.65 g/t, which in turn includes 37.2m (249.8m) at 1.27 g/t and 38.8m (468.3m) at 1.2 g/t."
	Derek Macpherson, Red Cloud Klondike Strike Inc. (10/17/17) "Victoria Gold Corp. reported 11 exploration drill holes from the Catto zone with exceptional results including 24.4m of 1.64 g/t in drill hole DG17-867C at a depth of 33.5m. . .these drill results continue to indicate the exploration potential of the company's land package and indicate the potential extension of the Olive-Shamrock deposit to the recently drilled Catto zone."
Gary Sidhu, PI Financial (10/17/17) "Victoria Gold Corp. announced today results from 11 exploration drill holes for 1,900m at the Catto zone located between the Eagle deposit and Olive deposit. . .these results indicate the potential to expand the deposit to the southwest and further explore the overall economic potential with additional drilling. This is also another indication of the upside exploration potential at the property."
	Ryan Walker, Echelon Wealth Partners (10/17/17) "Victoria Gold Corp. reported assay results from 11 exploration holes (1,900m) on the Catto zone on the Dublin Gulch project. . .highlights from the latest holes include 24.4 m of 1.64 g/t Au (from 33.5m) including 1.9m at 14.65 g/t and 21.4 m of 0.99 g/t Au (138m) including 1.5m at 11.6 g/t. . .we view the results as directionally positive."
Chris Thompson, Raymond James (10/11/17) "We visited Victoria Gold Corp.'s Eagle gold mine in Yukon last week; we note that the company's phase 1 construction program focusing on critical path items and access upgrades is well underway, with exploration and earthworks activities taking advantage of recent unseasonably warm weather. The CA$40M phase 1 program is expected to be completed by early 2018 and should put Victoria on a strong footing to close its funding gap."
Gary Sidhu, PI Financial (10/10/17) "Victoria Gold Corp. announced results today for its first of four drill holes testing below the pit. . .drilling proves the potential for delineating an increased gold resource over the longer term. These results indicate mineralization has been intersected at a depth of greater than 600m and ~300m below the resource pit."
	Ryan Walker, Echelon Wealth Partners (10/10/17) "Victoria Gold Corp. reported positive assay results from the first hole of a four-hole, 2,557m drill program aimed at demonstrating the upside at the Eagle gold deposit. . .we view the results positively in that they demonstrate the continuity of mineralization beyond the currently envisaged pit walls."
Gary Sidhu, PI Financial (9/25/17) "Victoria Gold Corp. announced results today for 14 drill holes and a 104m trench at the Eagle extension zone. . .encouraging results adjacent to the main deposit area allow for the potential of relatively simple mine life additions in the future due to the proximity and near surface occurrence of mineralization (beginning at ~30–50m in drill hole). . .a trench was excavated on scorodite veins that outcropped at surface returning 104m of 0.41 g/t Au."
	Derek Macpherson, Red Cloud Klondike Strike Inc. (9/19/17) "Victoria Gold Corp. reported initial results from the newly discovered Bluto target, northeast of Eagle. . .trenching returned 0.67 g/t Au over 146m including 2.44 g/t Au over 30m (TR17-16). . .initial results are positive and open up a new area on the property."
Chris Thompson, Raymond James (9/19/17) "Victoria Gold Corp. has also begun a CA$40M, phase 1 construction program at the Eagle gold mine, focusing on early works, camp and road improvements, and detailed engineering. . .we believe that the company's continued exploration success demonstrates potential upside for Eagle, providing possible satellite deposits which could extend the planned mine life beyond the current 10 years."
	Ryan Walker, Echelon Wealth Partners (9/19/17) "Victoria Gold Corp.'s Bluto trench sample returned 146m at 0.67 g/t Au from 0–146m, including 30m at 2.44 g/t Au from 80–110m, which included an interval of 14m at 4.87 g/t Au from 86–100m. . .strong results from Spinach and Bluto confirm the substantial exploration potential remaining along the 18 km long Potato Hills trend at Dublin Gulch."
Gary Sidhu, PI Financial (9/19/17) "Trenching at Victoria Gold Corp.'s Bluto target returned significant intervals of near-surface gold mineralization from the company's first major trench (TR17-16) this season at this target. . .the trenching program has proved effective in expanding the overall footprint of mineralization and continues to highlight the potential for further discoveries along the Potato Hills trend."
	Derek Macpherson, Red Cloud Klondike Strike Inc. (9/18/17) "Victoria Gold Corp. reported initial results from the Spinach target. . .results included 1.04 g/t Au over 14.3m (DG17-866C), 1.19 g/t Au over 9.1m (DG17-862C) and 2.38 g/t Au over 6.1m (DG17-860C) within wider intervals, indicating the opportunity for further growth north of Olive-Shamrock."
Gary Sidhu, PI Financial (9/18/17) "The first 11 drill assay results have been released for Victoria Gold Corp.'s Spinach zone, a target with no previous drill holes. . .results indicate high-grade Au mineralization over narrow widths with the potential to add to the Shamrock-Olive deposit. . .we are maintaining a Buy rating."
	Ryan Walker, Echelon Wealth Partners (9/18/17) "Victoria Gold Corp. reported the first 11 holes of a 22-hole, 6,256m drill program at the Spinach target. . .the results are [a] positive first step in outlining a potential new resource at Dublin Gulch. . .results were characterized by relatively shallow intercepts (mostly within 100m downhole), averaging 12.3m overall and returning an average grade of 0.78 g/t Au and 12.82 g/t Ag."
Richard Gray, Cormark Securities (9/12/17) "Yesterday, Victoria Gold Corp. announced seven new drill holes from the Olive target area. . .these results include 33.3m grading 1.54 g/t, 9.1m grading 3.14 g/t and 13.9m grading 1.56 g/t and further validate the company's mineralization model at Dublin Gulch and the ability to identify new areas of mineralization. . .we reiterate our Buy rating."
	Thibaut Lepouttre, Caesars Report (9/11/17) "With almost 40m containing 1.04 g/t gold and several intercepts with gold values of in excess of 2 g/t gold, Victoria Gold Corp. can be very happy with its exploration program. . .it's even doubling the size of the 2017 exploration budget from CA$6.2M to CA$12.5M which should see it complete in excess of 10,000m of additional drilling. . .we wouldn't be surprised to see Victoria Gold being acquired by a large player within the next 18 months."
	Ryan Walker, Echelon Wealth Partners (9/11/17) "Victoria Gold Corp. reported six Olive target exploration holes, with results including 33.3m of 1.54 g/t Au in hole DG17-849C and 9.1m of 3.14 g/t Au in hole DG17-856C. . .these results continue to support the company's Potato Hills trend model. . .[they] continue to suggest the potential for relatively quick mine-life additions."
Gary Sidhu, PI Financial (9/11/17) "Victoria Gold Corp. has released results for seven drill holes completed in the Olive target area for a total of 2,428m of exploration drilling, testing the Olive shear zone west of the main Olive-Shamrock defined deposit. . .results indicate the potential for additional mineralization adjacent to defined deposits and continue to test and confirm mineralization along the Potato Hills trend."
	Gary Baschuk, PearTree Securities (9/8/17) "Victoria Gold Corp. has defined a multimillion-ounce gold deposit and is moving forward to construction. All construction permits are in place and a financing agreement has been signed. . .in addition, encouraging exploration results have been received, illustrating potential upside in close proximity to the planned pit."
	Derek Macpherson, Red Cloud Klondike Strike Inc. (8/28/17) "Victoria Gold Corp. reported results from 12 holes drilled at its Olive-Shamrock zone from ongoing exploration on its Dublin Gulch property. . .results continue to return high-grade results over good widths, as highlighted by 2.78 g/t Au and 33.15 g/t Ag over 22.5m (DG17-848C) and 2.24 g/t Au and 2.01 g/t Ag over 16.5m (DG17-845C). Notably, due to continued exploration success, the company has increased its exploration budget from CA$6.2 to $12.5M."
	Ryan Walker, Echelon Wealth Partners (8/28/17) "Victoria Gold Corp. reported assays from another 12 additional Shamrock satellite zone drill holes. . .the recent holes include 39.6m of 1.04 g/t Au in hole DG17-818C, 22.5m of 2.78 g/t Au in hole DG17-848C and 16.5m of 2.24 g/t Au in hole DG17-845C. . .the results continue to suggest the potential for relatively quick mine life additions, while demonstrating the substantial exploration potential remaining along the 18 km long Potato Hills trend at Dublin Gulch."
Adam Melnyk, PI Financial (8/28/17) "Results have been reported for 12 additional holes at Victoria Gold Corp.'s Olive-Shamrock target approximately 2.5 km northeast of the main Eagle gold deposit. . .notable mineralization was encountered in six of the 12 holes, further delineating and confirming the northeast trending mineralized structure at Olive-Shamrock."
Adam Melnyk, PI Financial (8/21/17) "Victoria Gold Corp. announced today that it started phase 1 construction at its 100%-owned and fully permitted Eagle gold project. . .this will place the company in a good position to scale up construction in 2018 as some of the construction work is limited to only the warm and dry months of the year. . .we are maintaining our Buy rating."
Mining Journal (8/20/17) "Victoria Gold Corp. has just started early-stage earthworks to further derisk the project. Full mine construction will commence in 2018 with a goal of producing first gold in 2019. . .the company will produce about 200 Koz/year gold from 33.7 Ktpd over a 10-year mine life."
Adam Melnyk, PI Financial (8/3/17) "Victoria Gold Inc.'s initial results from Popeye are early-stage, encouraging results testing the potential of additional targets. . .the 2017 drill program will continue to focus largely on further exploration at the Olive-Shamrock zone, in addition to testing five other regional targets at the project all located within ~5 km of the Eagle Gold deposit target."
Don Blyth, Paradigm Capital (8/1/17) "Victoria Gold Corp. announced the execution of a commitment letter for the $220M project finance facility for the construction of the Eagle gold mine. . .the arrangement of project debt is an important milestone toward a development decision for the Eagle project. . .the project debt financing is proof that the company's management is prepared to build."
Chris Thompson, Raymond James (7/31/17) "Victoria Gold Corp. and BNP Paribas have executed a commitment letter for a $220M senior, secured project debt facility to fund the construction of Victoria's Eagle gold project. . .this is expected to represent the foundation of a financing package to satisfy Eagle's full initial capex requirement and the company's working capex needs through construction and first production."
Adam Melnyk, PI Financial (7/31/17) "Victoria Gold Corp. has received commitment from BNP Paribas that it will underwrite 100% of the planned CA$275M ($220M) project finance facility for the construction of the Eagle gold mine. . .our NAV/share has increased from $1.08 to $1.12 based on a 3% decrease of the corporate tax rate announced on June 7 by the Yukon government. . .we are maintaining a Buy rating."
	Derek Macpherson, Red Cloud Klondike Strike Inc. (7/24/17) "Victoria Gold Corp. reported results from 17 holes drilled from the Eagle West zone on its Dublin Gulch property in the Yukon. Results were highlighted by hole DG17-806C which included 0.99 g/t Au over 31.5m and hole DG17-821C which included 1.03 g/t Au over 35.2m. . .we expect continued exploration success to be a positive catalyst for the stock and should help demonstrate the exploration upside that exists."
	Ryan Walker, Echelon Wealth Partners (7/24/17) "Victoria Gold Corp. reported assays from another 17 holes drilled on the Eagle West zone, ~500m northwest of the Dublin Gulch oxide-gold project's planned Eagle open pit. . .the near-surface results continue to suggest the potential for relatively quick mine life additions while also demonstrating the substantial exploration potential remaining along the 18 km long Potato Hills trend at Dublin Gulch."
	Heiko Ihle, Rodman & Renshaw (7/24/17) "We view Victoria Gold Corp.'s Eagle gold project as a low-cost, lower-risk project that should provide leverage to the price of gold. We were impressed with the project's low all-in sustaining cost, along with the fact that all necessary permits are already in hand. . .we expect the company to attract the attention of major producers once the project is fully derisked from a financing perspective."
	Ryan Walker, Echelon Wealth Partners (6/9/17) "Victoria Gold Corp. reported assay results from the first three holes into the Shamrock satellite zone near the main 2.7 Moz Eagle gold deposit. . .the recent holes are highlighted by wide mineralized intervals including 51.02m of 1.08 g/t Au in hole DG-801C and 18.85m of 1.01 g/t in hole DG-790C. . .we view the initial results positively."
Adam Melnyk, PI Financial (6/9/17) "Victoria Gold Corp. has reported results for the first three holes at the Olive-Shamrock target northeast of the main Eagle Gold deposit. . .the results represent a small stepout of current deposit to the northeast. . .we are maintaining a Buy rating."
	Derek Macpherson, Red Cloud Mining Capital (6/5/17) "Victoria Gold Corp. released initial drill results from the 2017 Dublin Gulch exploration program, 22 of the 41 results (3,600m) drilled to date targeted the Eagle West zone, near its Eagle Gold deposit. . .results were highlighted by 2.1 g/t Au over 21.3m from hole DG17-805C, 0.88 g/t Au over 21m from hole DG17-783C and 0.85 g/t Au over 16.2m from hole DG17-779C."
Adam Melnyk, PI Financial (6/5/17) "Victoria Gold Corp. reported results for 22 new holes from the Eagle West zone, a new target area adjacent to main Eagle gold deposit. . .these initial results from Eagle West are encouraging for expansion of the current reserve. . .we are maintaining a Buy rating."
	Ryan Walker, Echelon Wealth Partners (6/5/17) "Victoria Gold Corp. reported the initial results from the first 22 holes into the new Eagle West zone, which is immediately adjacent to the 2.7 Moz Eagle gold deposit. . .the results from Eagle West indicate the potential for relatively quick mine-life additions, while also demonstrating that substantial exploration potential remains at the Dublin Gulch property."
Adam Melnyk, PI Financial (5/11/17) "We are initiating coverage on Victoria Gold Corp. with a Buy rating. . .the company controls what we consider to be a strategic asset: a sizeable gold development project (~200 Koz/year). . .we expect Victoria will garner interest from a variety of gold producers as a mergers and acquisitions target."
	Eric Coffin, Hard Rock Analyst (4/7/17) "Victoria Gold Corp. management has done a good job of adding value and moving Eagle forward; I still think there is a good chance we see a takeover offer, especially if the gold price rises $200–400. In the meantime, advancement through development plus the potential for some drill hole excitement should underpin the company's market value."
	Ryan Walker, ZZZZZ Echelon Growth Partners (4/4/17) "Victoria Gold Corp. plans $6.2M of exploration (including diamond drilling) on the Olive-Shamrock satellite deposit and targets along the plus-13km-long Potato Hills trend on the company's 555 km sq Dublin Gulch gold property. . .work will also focus on the East Potato Hills, Nugget, Rex-Peso, Falcon and Lynx Dome targets, most within 5 km of the project's proposed Eagle gold mine footprint and largely road accessible."
Chris Thompson, Raymond James (3/28/17) "A timely reminder of the value proposition offered by Victoria Gold Corp.'s Eagle project is today's announcement of the proposed acquisition of Exeter by Goldcorp in an all-share transaction worth CA$247M for Exeter's Caspiche project. . .looking solely at heap-leach operating plans (based on the standalone Caspiche heap-leach operation envisioned in a 2014 PEA), we believe VIT is attractively valued relative to Exeter's proposed transition price and Lindero's transaction price (paid by Fortuna last year), on a price:NAV value basis, assuming base case AU$1,300/oz."
	Byron King, Gold Speculator (3/28/17) "Victoria Gold Corp. has funds in the bank and a plan to advance its Eagle project; Eagle is fully permitted and entirely doable. With the company, the big payday is just a question of time and patience."
Don Blyth, Paradigm Capital (2/16/17) "Victoria Gold Corp. has appointed Tony George as vice president, project execution. . .George has been involved in several successful mine builds, having managed the development of Lucara Diamond's Karowe mine and De Beers' Victor mine. . .strengthening the project development team with the new hire helps demonstrate that the project is clearly advancing toward development."
	Byron King, Gold Speculator (1/31/17) "Victoria Gold Corp. just announced a new drilling program to confirm additional resources on its claims, and further to de-risk the overall resource. . .Victoria is ready to get bought; all we need is a buyer. It's a bulldozer-ready gold mining projects; it's fully permitted, de-risked and ready to go with a substantial resource confirmed. Sooner or later, something will happen: A third party will move in and snap up a superb asset."
Richard Gray, Cormark Securities (1/26/17) "Once in production, Victoria Gold Corp.'s fully-permitted flagship Eagle project is expected to produce approximately 200,000 oz/yr at AISC of $638/oz. . .we are increasing our target price to C$1.00 (from C$0.95), which is based on a target P/NAV multiple of 1.00x. . .we believe Victoria is an ideal opportunity for risk tolerant, long-term gold investors looking for a de-risked gold developer with assets located Canada. The shares currently trade at only 0.60x NAV, indicating significant upside on a re-rating or a takeout. We maintain our Buy (S) rating."
	Derek Macpherson, Red Cloud Klondike Strike Inc. (1/25/17) "Victoria Gold Corp.announced it has signed an engagement letter with BNP Paribas to arrange a US$220 million project debt facility. . .this is an important de-risking step for Victoria to progress the fully permitted Eagle project towards production. . .Victoria currently trades at a premium to peers, while trading at a discount on a per ounce basis, or C$37/oz versus peers at C$55/oz. We believe Victoria’s premium valuation versus peers is warranted given the project’s scale, jurisdiction and permits. . .the company’s 2017 exploration program in conjunction with closing of the project financing has potential to be positive catalysts for the stock."
Chris Thompson, Raymond James (1/25/17) "Victoria Gold Corp. has appointed BNP Paribas to arrange up to $220 mln of senior, secured project debt to fund the construction of its Eagle Gold Project in Yukon, Canada. . .Eagle is shovel-ready, fully permitted and enjoys the support of local First Nations. . .with a global resource of 4.4 mln in-situ oz (2.7 mln oz in reserve), Eagle is capable of delivering a +200 koz/year production profile +11 year mine–attractive to potential acquirers(we think)looking to add low cost North American production ounces."
	Byron King, Gold Speculator (1/10/17) "Victoria Gold Corp. is among the most advanced, bulldozer-ready gold mining projects anywhere in the world. . .it’s fully permited, de-risked and ready to go with a substantial resource confirmed. . .sooner or later, something will happen. . .a third party will move in and snap up a superb asset. . .with Victoria, the big payday is just a question of time and patience. . .maintain buy on VITFF, up to $0.60 per share."
	James Kwantes, Resource Opportunities (1/5/17) "Victoria Gold Corp.'s Eagle gold project is shovel-ready, with all permits in hand and an agreement with the local First Nations; Victoria has a mineral reserve of 2.7 million ounces and the potential to produce 200,000 ounces annually at low costs. It's a lower-grade operation (0.73 g/t Au), but a low strip ratio and the addition of richer satellite deposits sweeten the economics."
	Byron King, Gold Speculator (12/20/16) "Victoria Gold Corp. is among the most advanced, bulldozer-ready gold mining projects anywhere in the world. It's fully permited, de-risked and ready to go with a substantial resource confirmed. . .sooner or later, something will happen, it's just a question of time and patience. . .maintain Buy on VITFF, up to $0.60 per share."
	Ryan Walker, ZZZZZ Echelon Growth Partners (11/22/16) "Victoria Gold Corp. reported assays from 16 holes drilled as part of Phase 2 exploration designed to test for extensions to the Olive-Shamrock deposit; the results showed mineralization near-surface and at depth extending north-east along the Olive deposit, and from a parallel zone approximately 250m to the south-east of Olive. . .we maintain our Speculative Buy rating, $0.90/share price target, and Top Pick H2/16 status, which reflects the Eagle project's strategic size, fully permitted status, district scale land package with substantial exploration potential, and situation in geopolitically stable Canada."
	Thibaut Lepouttre, Caesars Report (11/9/16) "The initial capex of Victoria Gold Corp's Eagle Gold has been estimated at C$370M, which should allow the company to produce an average of 190,000 oz gold during the entire 10 year mine life . . .This results in an after-tax NPV5 of C$508M and IRR of 29.5% using the base case scenario with a gold price of US$1250/oz. . . keep in mind this is based on just 2 million ounces . . .with a robust feasibility study which has been filed at the end of October, Victoria is now more than ever a valid buyout candidate."
	Tom Hayes, Edison Investment Research (10/27/16) "Victoria Gold Corp. released an updated feasibility study which includes run-of-mine ore from Eagle, higher-grade Olive ore, and accounts for the lower mine construction costs in Canada. . .these new inputs have positively influenced operating costs and shortened construction from two years to one, while maintaining environmental standards. . .Eagle's economics have been positively affected by a devalued Canadian dollar against the greenback. . ."
Chris Thompson, Raymond James (10/12/16) "We are initiating coverage on Victoria Gold Corp. with an Outperform rating and C$1.00/share target price; we view Victoria as an attractively priced emerging gold developer capable of delivering a +200 koz/year production profile at low quartile operating costs, from its 100% owned Eagle Gold Project, located in central Yukon, Canada. We feel that Victoria is primed to transition from developer to producer (or be acquired), given the fully permitted and shovel ready status of the Eagle Project; funding remains the next milestone on Eagle's development track, which is anticipated by mid-2017."
	Tom Hayes, Edison Investment Research (9/29/16) "Victoria Gold Corp. released an updated feasibility study for the Eagle Gold Project in the Yukon, which includes run-of-mine ore from Eagle, higher-grade Olive ore, and accounts for the lower mine construction costs in Canada and the current prices for materials and process reagents. These new inputs have positively influenced operating costs (C1 estimated at US$539/oz, AISC at US$638/oz) and shortened construction from two years to one, while maintaining environmental standards; further, Eagle's economics have been positively affected by a devalued Canadian dollar against the greenback. . .as well as a resurgent gold price."
	Byron King, Gold Speculator (9/20/16) "Victoria Gold Corp.'s property in Yukon has road access and is fully permitted. . .construction can begin tomorrow morning. In fact, the company is performing preliminary engineering work to expedite other construction with roads, power lines, etc. . .considering what Goldcorp paid for Kaminak last May, I'm looking at Victoria as a near-term takeover play. . .maintain buy on VITFF, up to $0.60 per share."
	Tom Hayes, Edison Investment Research (9/20/16) "Victoria Gold Corp. released an updated feasibility study for the Eagle Gold Project in the Yukon, which includes run-of-mine ore from Eagle, higher-grade Olive ore, and accounts for the lower mine construction costs in Canada. . .these new inputs have positively influenced operating costs (AISC at US$638/oz) and shortened construction from two years to one. . .Further, Eagle's economics have been positively affected by a devalued Canadian dollar against the greenback over the period since the previous 2012 FS, as well as a resurgent gold price."
Richard Gray, Cormark Securities (9/13/16) "Victoria Gold Corp. is developing its flagship Eagle project located in the Yukon. . .the updated study for this shovel-ready project in Canada outlined an operation that can produce 200,000 oz/yr and generate a post-tax IRR of over 30% using current gold/C$ pricing and over 20% using a gold price as low as $1,100/oz. . . as one of the very few shovel-ready projects in Canada that can allow a larger company to benefit from the tax synergies of a Canadian development project, we believe a takeover is still a realistic possibility for Victoria Gold."
Don Blyth, Paradigm Capital (9/13/16) "We are optimistic that Victoria Gold Corp.'s Eagle project has more resource upside than that assumed in the Feasibility Study, but we have a number of tweaks to make to our model and we generally take a more conservative view about costing than company studies assume. . . We are confident that after making the changes to our valuation Eagle will remain a strong project. . .We also expect Victoria to remain one of our favourite Developers. . .It offers many advantages to the acquirer and investors over and above an attractive valuation: a shovel-ready; permitted project with a robust IRR being just one. . .We maintain our Speculative Buy recommendation."
	Ryan Walker, Echelon Wealth Partners (9/13/16) "Victoria Gold Corp. has reported a summary of robust results of an updated Feasibility Study (FS) of its 100%-owned Eagle gold project in the Yukon. . .The latest FS yielded an after-tax NPV5% of $508M and IRR of 29.5%, based on an initial capex estimate of $370M, base-case gold price of US$1,250/oz, and CAD/USD exchange rate of 0.78. . .We reiterate our Speculative Buy rating, $0.90/shr price target, and Top Pick H216 status, whichreflects the Eagle project’s strategic size, fully permitted status, district-scale land package with substantial exploration potential, and situation in geopolitically stable Canada."
Adam Melnyk, National Bank Financial (9/12/16) "Victoria Gold Corp. released an updated DFS for the 100%-owned Eagle heap leach project in the Yukon. . .on an after-tax basis, the headline IRR for Eagle is 29.5%, which is a significant increase from 18.1% in the previous DFS update. The updated DFS now incorporates mining of the satellite Olive-Shamrock deposit (~2km from the main Eagle deposit). . .in our view, the new study confirms the economic attractiveness (and leverage) of Eagle. . .We believe that VIT's valuation is well-deserved and reflects Eagle's solid economics, exploration upside, fully permitted status and location in Canada."
	Derek Macpherson, Red Cloud Mining Capital (9/12/16) "Victoria Gold Corp.'s updated feasibility study for its Eagle project highlighted improved economics driven primarily by lower operating costs and aided by reduced pre-construction capital costs. . .In our view the benefits of this update have not yet been fully reflected in Victoria’s valuation and that these results should be a positive catalyst for the stock. . .Based on consensus estimates Victoria currently trades at 1.06x NAV and C$43/oz versus peers at 0.90x and C$61/oz, respectively. . .This valuation is based on a consensus NAVPS estimate of C$0.63 and we would expect this number to increase as analysts update estimates."
	Byron King, Gold Speculator (8/16/16) "Overall, Victoria Gold Corp’s bought deal strengthens the company’s position in the takeover market. This fresh cash demonstrates how Victoria is in no way desperate to do a deal. . .I want to restate the geologic and mineralogical similarities between Victoria’s gold deposit in Yukon and the Kinross-owned Fort Knox deposit, near Fairbanks, Alaska. . .if—when—Victoria adopts Kinross' technology and learning curve, it dramatically improves the economics of Victoria's deposit."

Experts Following This Company

	Ralph Aldis, Portfolio Manager, Gold and Natural Resources – U.S. Global Investors
	Gary Baschuk – Raymond James
Don Blyth, Analyst – Paradigm Capital
Richard Gray, Analyst – Cormark Securities
	Byron King, Editor – Agora Financial
	Thibaut Lepouttre, Editor – Caesars Report
	Derek Macpherson, VP Mining Analysis – Red Cloud Klondike Strike Inc.
Adam Melnyk – Desjardins Securities
Andrew Mikitchook, Analyst – M Partners
Gary Sidhu, Analyst – PI Financial
	Ron Struthers, Editor – Struthers Resource Stock Report
Chris Thompson, Mining Analyst – Raymond James
	Ryan Walker, Analyst – Echelon Wealth Partners

The information provided above is from analysts, newsletters, the company and other contributors.

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