Victoria Gold Corp. VIT-TSXV: $0.50 Speculative Buy. Drilling Expands Olive-Shamrock at Dublin Gulch. $0.90 Target
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- Abigayle Poole
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1 September 11, 2017 Precious Metals Victoria Gold Corp. Drilling Expands Olive-Shamrock at Dublin Gulch VIT-TSXV: $0.50 Speculative Buy $0.90 Target Event: Victoria Gold reported six Olive target exploration holes, with results including 33.3m of 1.54g/t Au in hole DG17-849C, and 9.1m of 3.14g/t Au in hole DG17-856C (Exhibit 1), near the main 2.7Moz Eagle Gold deposit on the 100%-owned 555km 2 Dublin Gulch property in the Yukon. These results follow on from recently reported drilling in the Shamrock zone part of the broader Olive-Shamrock zone into which the Olive Shear zone is interpreted to extend. These results continue to support the company s Potato Hills Trend model. As with recently reported Shamrock drill holes, these latest results continue to suggest the potential for relatively quick mine-life additions, while demonstrating the substantial exploration potential remaining along the 18km-long Potato Hills Trend at Dublin Gulch, something we highlighted in our original investment thesis. Olive Drilling Consistent With Recent Shamrock Results: The reported drilling at Olive targeted areas to the south and west of the main Olive-Shamrock Zone, returning an average width and grade of 20.1m at 0.84g/t Au, (similar to results from Shamrock reported on August 28, which averaged 18.7m at 0.87g/t Au). This compares favourably to the overall Eagle Gold deposit s Proven and Probable reserve grade of 0.67g/t Au, which includes the Olive-Shamrock deposit reserve of 200,000oz at 0.95g/t Au. Highlights From The Latest Batch Of Holes Include: Hole DG17-849C 33.3m (from 202.7m down hole) at 1.54g/t Au; Hole DG17-856C 9.1m (279.0m) at 3.14g/t Au; and Hole DG17-889C 13.9m (302.5m) at 1.56g/t Au. VIT notes that where granodiorite was cut, gold mineralization was encountered, and where the host meta-sediments were intersected, sporadic to low-grade gold mineralization was returned, similar to what is exhibited in the Olive gold deposit (Exhibit 2). The latest drill results are part of the 2017 exploration program aimed testing the Olive-Shamrock s expansion potential along the Potato Hills intrusive-sediment contact. Spinach Drill results on the menu: The Spinach target lies north of Shamrock where a faultrelated, high-grade shear zone has been interpreted to exist. Drilling in this area is complete, and assays are pending. Construction at Eagle Underway: Victoria recently began a $40M Phase I Eagle Gold mine construction program, which will focus on preparing the mine site for construction in 2018 (upgrading roads, the camp, and detailed engineering). Following the recently closed US$220M project finance facility, we believe that Victoria will require additional financing to complete construction and commence production. Valuation: We maintain our Speculative Buy rating and $0.90/share price target. Our positive bias towards VIT shares reflects the project s strategically large resource, fully permitted status, district-scale land package with substantial exploration potential near excellent infrastructure, and situation in Canada. VIT trades at 0.63x our adjusted NAV, compared to the Explorer/Developer peer group average of 0.54x. Market Data Projected Return: 80% Discount Rate: 5% Market Capitalization ($M) Net Debt ($M) na Cash & Equivalents ($M) 62.7 Debt ($M) 0.0 Enterprise Value ($M) Basic Shares O/S (M) Fully Diluted Shares O/S (M) Avg. Daily Volume (k) Week Range $ $0.74 Key Asset Eagle Gold Project, Yukon Sep FS Highlights Post-tax Gold Price US$/C$ NPV5% (C$) IRR Payback US$1, % 4 US$1, % 3.4 US$1, % 2.9 US$1, % 2.8 US$1, % 2.6 US$1, % 2.4 US$1, % 2.2 *base case adjusted for lower Yukon tax rate (june 2017). Valuation Discount $ (M) $/shr Eagle Gold Project 5.0% Exploration Upside In Situ Unadjusted NAV Corporate Adjustments (27) (0.04) Cash & Equivalents Options & Warrants Future Equity Finance Proceeds Adjusted NAV P/Adjusted NAV 0.63x Risks Events/Catalysts Financing Risk General Risk Exploration Drilling - Ongoing Project Financing - H217 Development/Operating Risk First Production - CQ119 Company Description Victoria Gold Corp. is a gold exploration and development company. The Company's Eagle Gold Project in Yukon Canada hosts a National Instrument compliant gold Reserve of 2.3Moz. The Eagle Gold Project is shovelready and when in production will produce +200,000oz of gold annually at an operation cost of approximately $600 per ounce. The Project is fully permitted for construction and operations $0.80 $0.60 $0.40 $ $0.00 Sep-16 Dec-16 Mar-17 Volume Jun-17 Price Sep-17 Source: Capital IQ Gabriel Gonzalez, CFA ggonzalez@echelonpartners.com Page 1 of 11
2 Share Price ($) Volume (M shares) Victoria Gold Corp. (TSXV:VIT, $0.50) - Data Sheet SPEC BUY PT: $0.90 Project Description Category Tonnes (M) Gold (g/t) Gold (Moz) Recommendation Name Eagle Gold Eagle & Olive Close Price $0.50 Location Yukon, Canada Proven Target: $0.90 Stage FS Reserves Probable Return: 80.0% Average Resource Grade 65.00% Total Consensus 3 Mo. Ago Current Return Initial Production FQ119 Rating: Outperform Outperform Mine Life 10 years Global M&I Target: $1.01 $ % Avg. Annual Production (LOM) 190,000oz Resources Inferred Median: $1.00 $ % Geography Total High: $1.10 $ % Low: $0.90 $ % Consensus Distribution 6 Sector Outperform/Buy 6 Sector Perform/Hold 0 Sector UnderPerform/Sell 0 Stock Price / Volume Chart $0.80 $0.70 $0.60 $0.50 $0.40 $0.30 $0.20 $0.10 $ Price Target Sensitivity Key Statistics Current Price (C$) $0.50 Long-Term Gold Price (US$/oz) 52-Week Range (C$) $ $ ,100 1,175 1,250 1,325 1,400 1,475 1,550 1,625 1,700 Avg. Vol. (3-Mo, k) % Shares Outstanding (M) % Shares Outstanding (diluted) (M) % Cash $ % Market Cap $ % % Net Debt $ % Net Debt / Total Capital $ % Enterprise Value $ % Comparables Price Performance Enterprise Value/oz $42.6 Discount Rate (%) 1M GPY AGG VIT ORE LYD TSG GQM KOR NCA ATM FYE Sep 30 CEO McConnell, John Employees 14 Website Top Ownership Shares % Held The Electrum Group Llc % Sun Valley Gold Llc % Kinross Gold % Oppenheimerfunds, Inc % Rbc Global Asset Management Inc % Comparables Ticker Share Mkt Cap. EV M&I&I (oz) EV/oz Mackenzie Financial Corporation % African Gold Group, Inc. TSXV:AGG $0.05 $18.0 $ $6 Aganola Ag % Atacama Pacific Gold Corporation TSXV:ATM $0.73 $66.1 $ $11 Company Description NewCastle Gold Ltd. TSX:NCA $0.88 $176.5 $ $45 Corvus Gold Inc. TSX:KOR $0.79 $79.7 $ $45 Gold Standard Ventures Corp TSXV:GSV $2.26 $543.8 $ $241 Golden Queen Mining Co. Ltd. TSX:GQM $0.58 $64.5 $ $156 Golden Predator Mining Corp. TSXV:GPY $0.92 $90.7 $ $70 Lydian International Limited TSX:LYD $0.39 $256.4 $ $57 TriStar Gold, Inc. TSXV:TSG $0.34 $49.8 $ $160 Date Last Financing Price Value Orezone Gold Corporation TSXV:ORE $0.67 $103.2 $ $16 17-v-16 NB FT, PP $0.87 $10.0M West Kirkland Mining Inc. TSXV:WKM $0.08 $25.9 $ $30 17-v-16 FT, PP $0.88 $4.72M Victoria Gold Corp. TSXV:VIT $0.50 $252.2 $ $43 17-Jun-16 Bought Deal PP $0.65 $28.8M Average (Excl. VIT) $81 17-Jun-16 Flow-thru PP $0.65 $2.85M Exploration/Development Company Average $43 * 80M units at $0.30/shr, incl. 40M 3yr warrants at $0.40/shr Source: Consensus data - CapitalIQ, Historical Data Company Filings, Forecasts/estimates Echelon Wealth Partners All items in Millions except per share items NVO WKM -40% -20% 0% 20% 6M WKM TSG GPY GQM KOR AGG VIT ORE LYD NCA ATM NVO -200% 0% 200% 400% 600% 12M VIT WKM LYD TSG GPY GQM KOR AGG ORE NCA ATM NVO -100% 0% 100% 200% Victoria Gold Corp. is a gold exploration and development company. The Company's Eagle Gold Project in Yukon Canada hosts a National Instrument compliant gold Reserve of 2.3Moz. The Eagle Gold Project is shovel-ready and when in production will produce +200,000oz of gold annually at an operation cost of approximately $600 per ounce. The Project is fully permitted for construction and operations.
3 Exhibit 1 Olive Drill Intersections Est. True Widths ~70% to 80%% of Reported Intervals Hole ID From To Length Gold Silver m m m g/t g/t DG17-839C and including DG17-849C including and including and including and including and including and including DG17-856C and and including or Including and including and DG17-865C including DG17-883C including and including and and DG17-889C and and including and including and
4 Exhibit 2 View of Eagle, Olive deposits and Shamrock Zone, Showing Exploration Target Areas
5 Exhibit 3 Olive Target Plan View
6 Exhibit 4 Olive Target Cross Sections
7 Exhibit 4 Olive Target Cross Sections, cont d
8 Exhibit 4 Olive Target Cross Sections, cont d
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The contents hereof are intended solely for the use of, and may only be issued or passed onto persons described in part VI of the Financial Services and Markets Act 2000 (Financial Promotion) Order This report does not constitute an offer to sell or the solicitation of an offer to buy any of the securities discussed herein. Copyright: This report may not be reproduced in whole or in part, or further distributed or published or referred to in any manner whatsoever, nor may the information, opinions or conclusions contained in it be referred to without in each case the prior express written consent of Echelon Wealth Partners. ANALYST CERTIFICATION Company: Victoria Gold Corp. VIT:TSXV I, Ryan Walker, hereby certify that the views expressed in this report accurately reflect my personal views about the subject securities or issuers. I also certify that I have not, am not, and will not receive, directly or indirectly, compensation in exchange for expressing the specific recommendations or views in this report. IMPORTANT DISCLOSURES Is this an issuer related or industry related publication? Does the Analyst or any member of the Analyst s household have a financial interest in the securities of the subject issuer? If Yes: 1) Is it a long or short position? position; and, 2) What type of security is it? ne Does the Analyst or household member serve as a Director or Officer or Advisory Board Member of the issuer? Does Echelon Wealth Partners Inc. or the Analyst have any actual material conflicts of interest with the issuer? Does Echelon Wealth Partners Inc. and/or one or more entities affiliated with Echelon Wealth Partners Inc. beneficially own common shares (or any other class of common equity securities) of this issuer which constitutes more than 1% of the presently issued and outstanding shares of the issuer? 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10 RATING DEFINITIONS Buy Speculative Buy Hold Sell Under Review Tender Dropped Coverage The security represents attractive relative value and is expected to appreciate significantly from the current price over the next 12 month time horizon. The security is considered a BUY but in the analyst s opinion possesses certain operational and/or financial risks that are higher than average. The security represents fair value and no material appreciation is expected over the next month time horizon. The security represents poor value and is expected to depreciate over the next 12 month time horizon. While not a rating, this designates the existing rating and/or forecasts are subject to specific review usually due to a material event or share price move. Echelon Wealth Partners recommends that investors tender to an existing public offer for the securities in the absence of a superior competing offer. Applies to former coverage names where a current analyst has dropped coverage. Echelon Wealth Partners will provide notice to investors whenever coverage of an issuer is dropped. RATINGS DISTRIBUTION Recommendation Hierarchy Buy Speculative Buy Hold Sell Under Review Restricted Tender Number of recommendations % of Total (excluding Restricted) 44% 44% 10% 0% 2% Number of investment banking relationships % of Total (excluding Restricted) 36% 66% 0% 0% 0% PRICE CHART, RATING & PRICE TARGET HISTORY Victoria Gold Corp. (TSXV:VIT) $1.00 $0.90 $0.80 $0.70 $0.60 $0.50 $0.40 $0.30 $0.20 $0.10 $0.00 v 14 Mar 15 Jul 15 v 15 Mar 16 Jul 16 v 16 Mar 17 Jul 17 Price PT revision Date Target (C$) Rating 18 Jul 2016 $0.90 Spec. Buy Coverage Initiated: Jul 18, 2016 Data sourced from: Capital IQ
11 Toronto Wealth Management 1 Adelaide Street East, Suite 2000 Toronto, ON M5C 2V Ottawa Wealth Management 360 Albert Street, Suite 800 Ottawa, ON K1R 7X Victoria Wealth Management 730 View Street, Suite 210 Victoria, BC V8W 3Y Saskatoon Wealth Management First Avenue rth Saskatoon, SK S7K 1X Toronto Capital Markets 130 King Street West, Suite 2500 Toronto, Ontario M5X 2A Calgary Wealth Management 350-7th Avenue SW, 19th Floor Calgary, AB T2P 3N Oakville Wealth Management 1275 rth Service Road, Suite 612 Oakville, ON L6M 3G Tokyo Capital Markets Holland Hills Mori Tower; RoP # Toranomon, Minato-Ku, Tokyo, , Japan Montreal Wealth Management and Capital Markets 1000 De La Gauchetière St. W., Suite 1130 Montréal, QC H3B 4W Vancouver Wealth Management and Capital Markets 1055 Dunsmuir St. Suite 3424; P.O Box Vancouver, BC V7X 1K London Wealth Management 495 Richmond St., Suite 830 London, ON N6A 5A9 V8W 3Y
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