Research, Charts & Company Announcements
Research Tree provides access to ongoing research coverage, media content and regulatory news on VICTORIA GOLD CORP. We currently have 6 research reports from 1 professional analysts.
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Research reports on
VICTORIA GOLD CORP
VICTORIA GOLD CORP
Eagle: A very robust, large, low-cost gold project
20 Sep 16
Victoria Gold (VIT) has released an updated feasibility study (FS) 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 over the period since the previous 2012 FS, as well as a resurgent gold price.
Drilling underway, consultants appointed
07 Apr 16
Victoria Gold has appointed consultants and project engineers to update its 2012 Eagle feasibility study (FS). The results are due to be included in a new FS, expected during Q316. The update will also include new drilling results being completed over the potential satellite ore feed deposits of Shamrock and Olive, both situated within 5km of the future Eagle plant. This 8,000m drill programme will run to mid-/end-June. Both the FS update and drill programmes are fully funded.
Defining Shamrock and Olive to enhance Eagle
24 Feb 16
In April 2016 Victoria Gold will initiate an exploration and resource definition programme over its Shamrock-Olive target area, 2km from the proposed Eagle mine. On completion, the company will have a far greater understanding of how the Shamrock-Olive area could complement and enhance Eagle’s economics, which will be published in an updated feasibility study (FS) by year end. Victoria Gold completed a C$3.6m flowthrough share financing in December; funds will be used to complete the upcoming work programme.
Eagle receives its final permit
17 Dec 15
Victoria Gold (VIT) has received the final (water) permit it requires to develop the Eagle Gold Project into a working mine, after a considerable two years of work for the company. Eagle is a shovel-ready, fully permitted, pre-financed gold project (ie all permits received with First Nation support in place), which has robust economics at current (and lower) gold prices. VIT is to complete further satellite deposit drilling with the aim of delineating new resources that will then refine Eagle’s production profile. VIT intends to publish a revised Eagle feasibility study by end 2016.
Olive met results support heap leaching
12 Aug 15
Metallurgical test results for the Olive satellite (to Eagle) deposit back up initial test results published in February and support Olive as a worthwhile potential higher-grade ore feed to the future Eagle processing plant. Additional testing at the Shamrock deposit is also anticipated, with early indications of potentially greater gold recoveries. Victoria Gold (VIT) had C$14.8m in cash at end February 2015 which, at current cash burn rates, should last well beyond end CY17.
20 Feb 17
Hayward Tyler Group* (HAYT): Trading update and financial position (CORP) | Petra Diamonds (PDL): Interim results (BUY) | Gemfields* (GEM): Interim results (CORP) | Premaitha Health* (NIPT): Middle East momentum (CORP) | Sound Energy (SOU): Acquisition update and TE-8 well spud (HOLD) | Proactis* (PHD): Interim trading on track (CORP) | 7digital* (7DIG): Automotive contract win (CORP)
The Slide Rule
12 Jan 17
What is The Slide Rule? The Slide Rule has been designed to dramatically simplify the identification of the best companies in the UK small/mid-cap sector by making a quantitative assessment of the relative potential of each company. At its core, The Slide Rule aims to identify those companies that create genuine shareholder value through strong returns on capital and solid growth, but also present a value opportunity with the potential tailwind of earnings momentum. Companies are assessed within a Quality, Value, Growth and Momentum (QVGM) framework.
Opuama production restarts
21 Feb 17
Eland has confirmed the successful restart of exports from OML 40 through the new shipping alternative that it has implemented. Sales from the export terminal are expected imminently, re-establishing cash generation for Eland. Cash at YE16 was US$11.1m which has since reduced to US$5.9m, mainly reflecting initial operating expenses for the shipping alternative. While it is early days, Eland has demonstrated its ability to restart exports and production from OML 40 following the shut-down of the Forcados terminal a year ago. Production to date is averaging around 7kbd and we expect that to ramp up as Opuama operational performance improves. At US$55/bbl Brent, we estimate Eland is generating a net cash margin of around US$25/bbl. We reiterate our Buy recommendation and 95p per share Target Price.
Small Cap Breakfast
24 Feb 17
GBGI—Schedule One update from integrated provider of international benefits insurance. Raising £32m at 150p. Admission expected tomorrow. Anglo African Oil & Gas— Admission expected early March. Acquiring stake in producing near offshore field in the Republic of the Congo. Guinness Oil & Gas Exploration—Publication of prospectus. Seeking to raise £50m and invest in 15 exploration companies at launch, with plans to grow the portfolio to 30 positions during its lifetime. Issue closing 23 Feb.
Operating update and shareholder activism
15 Feb 17
December and January have seen the emergence of shareholder activism at Bowleven (BLVN), bringing its strategy and management into greater focus. Its largest shareholder (Crown Ocean Capital, COC) evolved from being a supportive shareholder to voting against a number of resolutions at the December AGM, to recently calling for the widespread removal of the board and a radically different company structure. Operationally, the company reports that a new development concept is under review by the stakeholders in Etinde, where production would be piped to existing gas processing facilities in Equatorial Guinea. Such a solution would (if approved) require significantly less capex and could be brought online relatively quickly vs other solutions (fertiliser, FLNG, gas to power). We leave our valuation largely unchanged, save for a revision to cash holding to reflect the recent operational update. Our new core NAV is 49p/share.