Victoria Gold reports 'record breaking' quarterly net income as production jumps 58% in Q3
(Kitco News) - Today, Victoria Gold (TSX-VGCX) announced that during the three months ended September 30, 2021, the Eagle Gold Mine produced 55,827 ounces of gold, compared to 35,312 ounces of gold production in Q3 2020.
The 58% increase in gold production is attributed to the increase in ore mined and stacked, along with higher ore grades, the company said in a statement.
For the third quarter, the company recognized revenue of $119.5 million compared to $80.5 million for the previous year's comparable period. The increase in revenue is attributed to a higher number of gold ounces sold, partially offset by a lower average realized price.
The company also reported net income of $31.6 million in Q3 2021, an increase of 56% compared to net income of $20.3 million in Q3 2020.
President and CEO John McConnell commented, "In October, we pre-released our record breaking quarterly gold production of 55,827 ounces. This has resulted in record breaking quarterly numbers across our third quarter financial statements including revenue, gross profit, net income, EBITDA and free cash flow."
Importantly, the company said that its 2021 production and financial guidance remain intact assuming there is no unforeseen significant impact on operations at the Eagle Gold Mine.
Based on actual production over the first nine months, current stacking rates and forecasted gold production, the company anticipates full year 2021 production to be close to the lower end of the guidance range of 180,000 ounces.
Victoria Gold's 100%-owned Dublin Gulch gold property is situated in central Yukon Territory, Canada, approximately 375 kilometers north of the capital city of Whitehorse. 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.
By Vladimir BasovFor Kitco News
Follow kitconewsnow
vbasov@kitco.comwww.kitco.com