Victoria Gold Corp. (TSX: VGCX) has announced strong fourth quarter and year ended December 31 2021 financial and operating results.
“2021 saw record annual gold production of 164,222 ounces, an increase of over 40% from 2020. Our increased production led to other record highs for Victoria including revenues of $356 million and net income of $108 million.” President and CEO, John McConnell, said.
“2021 Capital expenditures and all-in-sustaining-costs were higher as the company not only dealt with the impacts of COVID-19 and inflation, but continued advancing growth initiatives.
“These growth initiatives, which include Project 250 and exploration at Eagle and Raven, will continue through 2022 and are expected to lead to material increases in production and reduction in unit costs for 2023 and beyond.”
Operational Summary – Fourth Quarter and Year Ended 2021
Mine production was 2.5 million tonnes of ore in the quarter. Mine production for the year was 9.5 million tonnes of ore.
Ore stacked on the heap leach pad in the quarter was 2.5 million tonnes at an average grade of 0.83 grams per tonne (g/t). Ore stacked for the year was 9.2 million tonnes at an average grade of 0.85 grams per tonne (g/t).
Gold production was 49,496 ounces in the quarter. Gold production for the year was 164,222 ounces.
Financial Summary – Fourth Quarter and Year Ended 2021
Gold sold in the quarter was 49,219 ounces, at an average realised price of $2,251 (US$1,786) per oz. Gold sold for the year was 158,736 ounces, at an average realised price of $2,243 (US$1,790) per oz.
Recognised revenue was $110.6 million based on sales of 49,219 ounces of gold in the quarter. Recognised revenue was $356.5 million based on sales of 158,736 ounces of gold for the year.
Operating earnings were $47.4 million in the quarter. Operating earnings were $142.6 million for the year.
Net income was $45.7 million, or $0.73 per share outstanding in the quarter. Net income of $110.4 million, or $1.77 per share outstanding for the year.
Cash costs were $905 (US$718) per oz and all-in sustaining costs (AISC) were $1,326 (US$1,052) per oz of gold sold in the quarter. Cash costs were $909 (US$725) per oz and AISC(1) were $1,496 (US$1,193) per oz of gold sold for the year.
EBITDA were $66.1 million in the quarter. EBITDA were $220.0 million for the year.
Free cash flow was $31.1 million, or $0.50 per share in the quarter. Free cash flow was $26.8 million, or of $0.43 per share for the year.
Cash and cash equivalents were $31.3 million at December 31, 2021 after net repayment of $63.5 million principal against the Company’s debt facilities for the year.
For further information please visit: https://vgcx.com/
