VITFF - Victoria Gold: A Blowout Quarter In Q3

• Victoria Gold released its preliminary Q3 results earlier this month, reporting record quarterly production of ~55,800 ounces, a 58% increase from the year-ago period.
• This exceptional performance was driven by record tonnes mined, record ore stacked, and continued improvements in grades, with an average ore stacked grade of 0.90 grams per tonne gold.
• With ~114,700 ounces produced year-to-date, Victoria continues to track behind its FY2021 guidance mid-point, but could come in near the low-end of guidance with another record quarter of Q4.
• Given Victoria's scarcity value as a ~225,000-ounce producer with a long mine life in a Tier-1 jurisdiction, I would view any pullbacks below US$11.70 as low-risk buying opportunities.

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