Research, Charts & Company Announcements
Research Tree provides access to ongoing research coverage, media content and regulatory news on VICTORIA GOLD CORP. We currently have 5 research reports from 1 professional analysts.
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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.
Strong trading leads to upgrades
22 Mar 17
On the back of today’s positive trading update and slightly upgraded profit forecasts for FY2017, FY2018 and FY2019 we have reviewed our DCF analysis. This has led to an increased DCF valuation per share of 1500p (from 1200p) which we have made our new target price (from 1200p). Both TFP and JC Paper have contributed to the upgrades shown in the table below as have favourable currency movements. With the potential for further upgrades due to capitalising 3DP costs to come we maintain our Add recommendation.
Small Cap Breakfast
21 Mar 17
First Sentinel—Investment company expecting NEX admission/introduction on 24 March. £636k raised pre-IPO. BioPharma Credit—Expected Gross Initial Acquisition Proceeds now c.$338m. Gross Cash Proceeds capped at $423m with placing and open offer. Results expected 23 March with admission now due 30 march. Tufton Oceanic Assets- The Company intends to invest in a diversified portfolio of second hand commercial sea-going vessels where the Investment Manager believes that an attractive opportunity exists in shipping. $150m raise. Admission 3 April.
Bang to rights
21 Mar 17
Tullow unexpectedly announced a US$750m rights issue on Friday at a 45.2% discount to the previous close. While this step confirms our investment thesis, the scale of the discount and the timing look like a slap in the face for investors and/or indicative of a weaker financial position than we are modelling. We publish revised estimates to reflect the impact of the issue and cut our Target Price to 215p per share (from 245p). We maintain our Hold recommendation.
Panmure Morning Note 22-03-2017
22 Mar 17
Acacia Mining and Endeavour Mining confirmed merger talks have now ended with Endeavour claiming an inability to “create adequate value for Endeavour shareholders”, most likely, we believe, given the disappointing ruling from the Tanzanian government on copper-gold concentrate sales. We were positive on the merger and believed a credible London listed Pan-African producer capable of challenging Randgold, would have been established. We make no change to our Hold recommendation today, and expect the shares to be marked lower in early trade.