- Victoria Gold (GCX) is releasing first-quarter results, mostly stemming from its Eagle Gold Mine in Yukon
- The Toronto-based exploration company produced 24,358 ounces of gold in the quarter
- With an average price of US$1,838 per ounce of gold over the period, it generated US$46,950,612 in revenue
- Gross profit was $20,766,149 with a net profit of $12,672,645
- Victoria Gold is down 3.15 percent, trading at $13.23 at 2:46 p.m. ET
Victoria Gold (GCX) is releasing first-quarter results, mostly stemming from its Eagle Gold Mine in Yukon.
The Toronto-based exploration company produced 24,358 ounces of gold in the quarter.
With an average price of US$1,838 per ounce of gold over the period, it generated US$46,950,612 in revenue.
Gross profit ended up being $20,766,149 with a net profit of $12,672,645, resulting in a profit of $0.20 per share.
“Similar to previous years, the Eagle Mine’s gold production profile during 2022 will continue to be seasonal in nature. As summer approaches in the Yukon and the days get longer, we expect increased ore stacking and gold production to result in greater earnings and cashflows,” said President and CEO John McConnell.
During the quarter, the company’s Eagle Gold Mine produced 24,358 ounces of gold, compared to 26,759 ounces of gold production in the same quarter in 2021. The nine-percent decrease is attributed to the decrease in ore mined and stacked during the current quarter as well as the fourth quarter of 2021.
The company’s production and cost guidance remain unchanged from the original estimate.
The cost of goods sold was C$20.1 million for the three months ended March 31, 2022, compared to $25.3 million for the previous year’s comparable period.
Production at the Eagle Gold Mine for 2022 is estimated to be between 165,000 and 190,000 ounces.
Victoria Gold is down 3.15 percent, trading at $13.23 at 2:46 p.m. ET.
