Victoria Gold Corp.

So hello, everyone, and welcome to the Victoria Global video and conference call to discuss the company's third quarter 2022 financial results. So listeners are encouraged to read the Victoria's third quarter audited financial results report and the MD&A, both available on the company's website and on CDAR. Joining us on the call today are John McConnell, President and CEO, Marty Rendolph, Chief Financial Officer, and Mark Aranto, Chief Operating Officer. Please note that listeners and viewers will be muted while management gives a short review of the results. And after the review, there will be an opportunity to ask questions. To register a question during the presentation, please do so in the chat function, and the question will be addressed during the Q&A session. Also note that this video call will be recorded and available for playback on the company's website. We will be making forward-looking statements on this call and encourage all participants to see our disclosure documents, including our corporate presentation, AIF and MD&A, and the cautionary notes therein, which can be found on CEDAW and the company's website. I will now turn the meeting over to John McConnell, Director, President, and CEO.

Thanks, Lenora. Good morning, afternoon, or evening, everyone. I'll provide a brief summary of the quarter, then pass the call to Marty and Mark to provide more details. First and foremost, the Eagle Mine continued its strong safety record with no lost time injuries again this quarter. At September 30th, our team had worked 2.7 million hours lost time incident free. Operationally, the third quarter of 2022 was a challenging one for the Eagle operation. Due to a combination of factors, including an unplanned shutdown for localized forest fires in Yukon early in the quarter, and higher than expected unplanned maintenance downtime of our crusher and conveying circuit due to both supply chain and labor challenges, we stacked less tons on the leach pad than we had planned in the quarter. Despite the lower stacking rates in the third quarter, our gold production was within our expectations at approximately 50,000 ounces. This production level is attributable to strong heat bleach performance in the quarter, as recoveries continue to trend in line with our expectations. As previously announced in late September, the overland conveyor that delivers ore from the crushing plant to the heap leach facility at Eagle experienced a failure. This belt was replaced within our initially estimated timeframe and stacking operations resumed in the third week of October. As a result of the conveyor belt failure and subsequent repairs, we withdrew our production guidance for 2022. Clearly, not meeting our production guidance is disappointing to us and our investors. We will update the market on final 2022 production results in January. We also look forward to releasing an updated mine plan and technical report for Eagle in the first quarter of 2023. On the exploration front, we achieved a major milestone in the quarter, releasing a maiden resource for the Raven discovery at the Dublin Gulch project. We were pleased to report an initial 1.1 million ounce resource at an average grade of 1.7 grams per ton on only three field seasons and 18,000 meters of drilling. This discovery is located approximately 15 kilometers east of Eagle. We plan to update the maiden resource in the first half of 2023 and look forward to sharing with you the results of our 2022 exploration drilling at Raven in the coming months. I will now turn the call over to Marty Rendell, our Chief Financial Officer.

Hi, everyone. I will briefly discuss our financials. before passing it over to Mark to discuss operations. Currency will be in Canadian dollars unless specifically mentioned otherwise. During the quarter, we produced about 50,000 ounces of gold and sold about 45,000 ounces, resulting in revenue of approximately 100 million. That is about 16% lower than the 120 million in revenue generated during the third quarter of 2021. The revenue difference is the result of reduced ounces sold. The gold price during the quarter in US dollars was also lower than the previous year. However, this was predominantly offset by a more favorable Canadian US dollar exchange rate. So in Canadian dollars, the gold price was similar to the previous year. Cost of goods sold was 65 million during the quarter compared to 48 million in the third quarter of the previous year. The increase is due to inflation and working capital changes in inventory, specifically gold inventory. The lower gold sales and revenue combined with higher costs year over year certainly reduced profit margins. However, both gross profit at $16 million and operating earnings at $12 million remain positive. The strengthening US dollar resulted in a foreign exchange loss on our US denominated debt of 15 million for the quarter, contributing to a net loss of 9 million or 13 cents per share. At the end of September, 2022, the company held cash and equivalents of 36 million compared to 31 million at the end of December, 2021. I'd like to remind the listeners that we use our revolving credit facility to manage our treasury. Therefore our cash balance generally stays fairly consistent while debt will fluctuate to match liquidity needs. Working capital at the end of September, 2022 was 103 million compared to 63 million at the end of December, 2021. The increase is primarily attributable to higher gold inventory, primarily on the heap leach pad. During the most recent quarter, total capital expenditures were 29 million, while nine months year to date, total capital expenditures were 88 million. This is comprised of sustaining capital, capitalized stripping, and growth capital and exploration. A detailed breakdown is shared within our MD&A. I'll now review our non-IFRS performance measures. Once again, the detailed numerical breakdown along with commentary on the calculation of the non-IFRS measures can be found within our MD&A. During this section, I will use US dollars for unit-based numbers to allow for uniform comparison with our peers. The average realized price per ounce of gold sold during the most recent quarter was 1,717 US dollars. This compares with the third quarter of 2021, where the average realized price was 1,806 US dollars per ounce. Cash costs per ounce of gold sold during the most recent quarter was $1,116 US dollars compared to the third quarter of 21 where cash costs were $708 US per ounce. All in sustaining costs per ounce of gold sold during the most recent quarter were $1,489 US dollars. This compares to the third quarter of 21 where all in sustaining costs were 961 US dollars per ounce. Free cash flow during the most recent quarter was negative 9 million Canadian. This compares to the third quarter of 21, where free cash flow was positive 32 million Canadian. EBITDA, or earnings before interest taxes and depreciation and amortization, during the most recent quarter was positive 21 million Canadian. This compares to the third quarter of 21, where EBITDA was positive 68 million Canadian. I'll now turn the call over to Mark Aranto, our Chief Operating Officer.