VITFF - Victoria Gold: A Disappointing Start To The Year

• Victoria Gold released its Q4 results last month with underwhelming guidance, and followed this up with a much softer Q1 report than I expected.
• This was evidenced by guidance that forecasts limited production growth year-over-year at the low end (165,000 to 190,000 ounces), as well as higher costs year-over-year.
• While guidance appeared overly conservative, the lower Q1 production suggests that this may not be the case, with low single-digit production growth looking to be the case this year.
• Having said that, the company's future is very bright, and much of this negativity looks priced into the stock, so I would view any pullbacks below US$10.55 as buying opportunities.

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