Victoria Gold Corp. (TSX:VGCX) produced 43,741 ounces gold during the period October 1 to December 31, 2022; the fourth quarter of 2022. Full year 2022 Eagle gold production was 150,182 ounces.

Eagle Gold Mine Production – 2022 by Quarter

Q4 and full year production statistics may be subject to immaterial reconciliation variances.

Eagle Production: 2022 versus 2021

2022 production statistics may be subject to immaterial reconciliation variances.

“Fourth quarter and full year 2022 operating results were below expectations. Mechanical availability of the crushing and conveying circuit was lower than anticipated. The primary reason for the lower mechanical availability was the failure of the belt on the overland conveyor late in Q3 resulting in almost three weeks of downtime and lower year-over-year gold production,” stated John McConnell, CEO. “Looking forward, we have significantly improved our operational and maintenance staffing and protocols and expect to achieve materially higher gold production in 2023.”

Further commentary regarding quarterly production as well as commentary regarding financial statements will be included in the Company’s Management Discussion and Analysis (“MD&A”), accompanying press release, and management conference call which will be held later this quarter following the release of the Company’s Annual Financial Statements.

Qualified Person

The technical content of this news release has been reviewed and approved by Paul D. Gray, P.Geo., as the “Qualified Person” as defined in National Instrument 43-101 – Standards of Disclosure for Mineral Projects.

About the Dublin Gulch Property

Victoria Gold’s 100%-owned Dublin Gulch gold property (the “Property”) is situated in central Yukon Territory, Canada, approximately 375 kilometers north of the capital city of Whitehorse, and approximately 85 kilometers from the town of Mayo. The Property is accessible by road year-round, and is located within Yukon Energy’s electrical grid.

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. The Eagle and Olive deposits include Proven and Probable Reserves of 3.3 million ounces of gold from 155 million tonnes of ore with a grade of 0.65 grams of gold per tonne, as outlined in a National Instrument 43-101 Technical Report for the Eagle Gold Mine dated December 3, 2019. The Mineral Resource under National Instrument 43-101 – Standards of Disclosure for Mineral Projects for the Eagle and Olive deposits has been estimated to host 227 million tonnes averaging 0.67 grams of gold per tonne, containing 4.7 million ounces of gold in the “Measured and Indicated” category, inclusive of Proven and Probable Reserves, and a further 28 million tonnes averaging 0.65 grams of gold per tonne, containing 0.6 million ounces of gold in the “Inferred” category.