$VITFF : Victoria Gold — Updated Economic Analysis

Long-Term Price Case$1,700/oz.
Flagship ProjectEagle Gold Project
Resource Base (M&I, Inclusive of Reserves)4,082,573 ozs.
Resource Base (Proven & Probable) 2,663,000 ozs.
Fully-Diluted Shares57,226,296
Fully-Diluted Market Cap$295,430,000
Average Annual Production188,400 ozs.
LoM10 Years
Payable Product1,884,000 ozs.
True All-in Cost (TAIC) $1,127/oz.
Gross Revenue$3,202,800,000
Refining Charge($18,745,800)
Third-Party Royalties($22,740,000)
Total Operating Costs($981,610,000)
Operating Profit($2,179,704,200)
Income Taxes($653,911,260)
Total Capital Costs($445,704,000)
Net Income$1,080,088,940
Net Profit Margin34%
Absolute Cost Structure (ACS)66%
True Value$18.87/sh.
Cash Flow Multiple10x
Annual Cash Flow$108,000,000
Future Market Cap$1,080,000,000
Future Market Cap Growth265%

Notes: All Values in U.S. Dollars.

Eagle is a premium gold project with an excellent Net Profit Margin and Absolute Cost Structure that we believe will be awarded a Market Cap valuation as high as 10x cash flow.

Update, 10 November 2019

We have revised our analysis to reflect Victoria’s 15-1 share consolidation. We have also boosted our stake in the miner by 22%

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