- Victoria Gold (GCX) released its Q2 2022 results, mostly stemming from its Eagle Gold Mine in Yukon
- The Toronto-based exploration company produced 32,055 ounces of gold in the quarter
- With an average price of US$1,901 per ounce of gold over the period, it generated US$54,353,838 in revenue
- $17,913,052 with a net income of $17.1 million, resulting in a profit of $0.17 per share
- Victoria Gold (GCX) is up 4.82 percent, trading at $10.43 at 4:10 pm ET
Victoria Gold (GCX) released its Q2 2022 results, mostly stemming from its Eagle Gold Mine in Yukon.
The Toronto-based exploration company produced 32,055 ounces of gold in the quarter.
With an average price of US$1,901 per ounce of gold over the period, it generated US$54,353,838 in revenue.
Gross profit ended up being $17,913,052 with a net income of $17.1 million, resulting in a profit of $0.17 per share.
“Similar to 2021, daily gold production at the Eagle Mine has increased substantially over the 2022 spring season. This is expected to result in materially higher gold production and revenues during the third and fourth quarters of 2022.” said President and CEO John McConnell.
During the quarter, the company’s Eagle Gold Mine produced 32,055 ounces of gold, compared to 24,358 ounces of gold production in the last quarter. Gold sold was 28,580 ounces, at an average realized price1 of $2,427 (US$1,901) per ounce.
Production at the Eagle Gold Mine for 2022 is expected to be close to the lower end of original guidance, of between 165,000 and 190,000 ounces.
Cost of goods sold was $30.3 million for the three months ended June 30, 2022, compared to $27.7 million for the previous year’s comparable period. The increase in cost of goods sold is primarily attributed to the change in inventory.
Production at the Eagle Gold Mine for 2022 is expected to be close to the lower end of original Guidance, of between 165,000 and 190,000 ounces.
Victoria Gold Corp. (GCX) is engaged in the acquisition, evaluation, and exploration of mineral properties. Its mining project includes The Eagle Gold Project in Yukon Canada.
Victoria Gold (GCX) is up 4.82 percent, trading at $10.43 at 4:10 pm ET.
