Analyst Presentation

December 2018

T S X .V V I T | V I T G O L D C O R P. C O M
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Agenda

TSX-V: VIT
1. HS&E (Ayranto) 4. Eagle Operations (Rouleau)
Org Chart & Team To-date

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2. Eagle Construction (George) Systems
Infrastructure Ramp-up
Crushing System Open Pit Mining
Leach Facility
Gold Recovery Plant 5. Resource Update (Gray/Ayranto)
Schedule
CAPEX 6. Exploration Update (Gray)

3. Eagle Commissioning (Ayranto)

Team
Schedule

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 HS&E

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HS&E

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Through the end of Oct H&S states:

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Current project hours: exceed 950,000 hrs
Over 600,000 hrs without a LTI
No major environmental infractions

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Eagle Construction

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Project Progress

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Overall project is 60% complete

Schedule is on track to deliver First

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Gold in H2 2019

Engineering is effectively complete

Earthworks are substantively

complete

Concrete is 93% complete

Structural steel is 32% complete

Mechanical contractors are mobilized

to site and equipment is being placed

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 Site Layout

TSX-V: VIT
Secondary &
Gold HLF Tertiary Crushers

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Recovery
Plant Primary
Crusher

Camp Warehouses

Waste Handling
and Incinerator Power Plant &
Sub-Station

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 Infrastructure

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Site Infrastructure 69kV Powerline

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Communications
tower
450 person camp (220 for
operations)

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45km 69kV powerline
5MW Power plant (Q1 2019)
Warehousing & Workshops
Warehouses &
Waste facilities including and Workshop
incinerator
Water management facilities
McQuesten sub-station
Upgraded access road

Camp

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Crushing System

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Primary & Secondary / Tertiary Crushing

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Tertiary Crusher
Stockpile Primary Crusher

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Secondary & Tertiary
Crusher Facility

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Primary Crusher

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Primary crusher concrete tower complete Steel erection and mechanical
Design ….. to ……Realisation installations commence
December

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Course Ore Stockpile & Reclaim

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Secondary & Tertiary Crusher Frame Installation

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 Overland Conveyor & Ore Preparation

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Crushing facilities

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HLF

Location of ore preparation facilities:

• Transfer from overland conveyor
to HLF feed conveyor
• Lime addition
• Belt sampler

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Heap Leach Facility

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Heap Leach Facility
Gold Recovery Plant

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Gold Recovery Plant
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Gold Recovery Plant
 Commissioning

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Commissioning
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Commissioning
 Commissioning

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Key Commissioning Milestones
2018 2019
Activity J F M A M J J A S

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YEC McQuesten upgrades complete

69kV Transmission line inspection and testing

69kV Substation testing
Wajax genset testing
YEC Energization
YEC/Wajax Integration and testing
Energization of on-site distribution network
ADR Plant testing
Pregnant Solution pump testing
Primary Crusher testing
Coarse Ore handling
Secondary/Tertiary Crusher testing
Secondary/Tertiary Screen testing
Overland Conveyance testing

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 Operations

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Organizational Readiness

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Operations Leadership Team
General
Manager
Dave Rouleau

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Mine Process Technical Maintenance Health & Site Services Human
Supply Chain Safety Manager Resources
Operations Operations Services Manager
Manager Manage
Manager Manager Manager Doug Manager Mike Gunn
Kirk McLellan Eileen Olivier
Kelly Parker Barry Carlson Steve Tang Desaulniers Vacant

Senior leadership team in place

Organizational Chart established
Next level of support staff currently
being on-boarded, which includes
general foremen, shift supervisors,
operators, engineers, planners,
millwrights, electricians, welders
Manpower ramp-up schedule
finalized
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Primary Equipment Fleet

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Function No Type
Loading 2 CAT 6040 Excavators
2 CAT 993 Loaders

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Drilling 2 CAT 6290 Drill
1 SmartROC D65 Drill
Hauling 11 CAT 785 Haul Trucks
Support 4 CAT D10 Dozers
2 CAT 16M Graders
1 CAT 390 Backhoe

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Open Pit and Waste Dump Layout

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Mine Development Sequence

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Mine Development 2019 Main Pit Access Road
• Construction of main pit access road to
open pit will commence early January
• Pre-strip of starter pit will start in March

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• Ore available mid Q2 in advance of
commissioning crushing and
conveyance systems

Mine Pit Access Road

• Single lane access road to be developed
in collaboration between Contractor
and Victoria Gold’s resources
• Haul road will be widened to double
lane once pre-stripping commences

Development of Starter Pit

• Clearing and grubbing will be
completed in Q1
• Production benches and access to ore
will be ready by end of Q2
• Gradual production profile developed
for early operations

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Operating Systems

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Engineering Planning /Survey Systems
• Mine design and planning system in place (MineSight)
• High precision guidance system planned to implemented starting
in 2020

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Production Support Systems
• Establish a wireless network access in 2019 in support for
implementations for a light fleet management system
• Other production/continuous improvement systems will be
evaluated for implementation over the first 3 years of operation

Slope Monitoring Systems

• A combination of Prism/total station and pit monitoring radars to
be implemented as waste dumps, heap leach pad, and final pit
walls are established

ERP System
• Integrate management of core business processes
• Maintenance planning, purchasing, inventory, finance and human
resources main focus
• Implement and execute ERP system Q1 2019

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Resource Update

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 2018 Eagle Resource Update - Overview

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Eagle Geologic Model –
Eagle Resource Model and Local Drill hole Locations Perspective View Looking Northeast

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Resource Comparison – 2016 FS to 2018 Update

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Following the Feasibility study, additional holes were drilled during Victoria Gold’s 2017 Dublin
Gulch Exploration campaign, with 58 new holes located within and around the area of the Eagle
Zone

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Measured + Indicated Inferred
Avg Au Avg Au
Tonnage Content Tonnage Content
Zone Grade Grade
tonnes oz tonnes oz
g/t g/t
2016
180,720,000 0.625 3,631,000 17,430,000 0.492 276,000
Feasibility
2018 Update 198,720,267 0.639 4,082,573 12,780,597 0.490 204,631

Difference +10.0% +2.4% +12.4% -26.7% +1.6% -25.9%

~18,000,000 Tonnes added to M+I

Increase in M+I Gold grades – conformational of well behaved Eagle Deposit
~450,000 Ounces of Gold Content Increase in M+I

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Resource Comparison – 2016 FS to 2018 Update
Discussion

TSX-V: VIT
The new Eagle drillholes have indicated a continuation of the mineralization in Eagle and
defined mineralization within the margins of the Resource Pit; the updated model is slightly
wider on the periphery and to depth.

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A completely unbiased, new interpretation of the mineralized zone at the Eagle Deposit was
carried out from first principals. Excellent agreement with original model, well behaved,
consistently mineralized deposit.
The overall shape of two mineralized lobes on the western portion joining in the central area
and forming a single orebody in the eastern half was maintained.
Slightly Smaller composite length (1.52m instead of 2.5m) was used.
The capping (18.0 g/t Au) was carried out on the composites, compared to the capping of the
original samples performed for the Feasibility study (16.0 g/t) – negligible differences.
Ordinary Kriging with a different set of parameters based on strict variography statistical
approach was used in the updated estimation with less restrictions applied to the sample
selection strategy (no octant or maximum of holes restrictions).
The classification scheme for the resource update was based on the average sample distance
away from the block center. A set of 2 distances based on the variogram range were utilized
to separate measured, indicated, and inferred resources

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Section 459,280E

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October 2018 Update - MII 2016 Feasibility - MII

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Section 459,280E

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2018 Additional Estimates in Measured+Indicated (>= 0.15 g/t Au)

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Section 459,680E

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October 2018 Update - MII 2016 Feasibility - MII

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Section 459,680E

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2018 Additional Estimates in Measured+Indicated (>= 0.15 g/t Au)

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Section 459,880E

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October 2018 Update - MII 2016 Feasibility - MII

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Section 459,880E

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2018 Additional Estimates in Measured+Indicated (>= 0.15 g/t Au)

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Section 460,280E

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October 2018 Update - MII 2016 Feasibility - MII

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Section 460,280E

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2018 Additional Estimates in Measured+Indicated (>= 0.15 g/t Au)

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Longitudinal Section Looking North – Northern Lobe

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October 2018 Update - MII 2016 Feasibility - MII

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Longitudinal Section Looking North – Northern Lobe

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2018 Additional Estimates in Measured+Indicated (>= 0.15 g/t Au)

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Exploration Update

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 Dublin Gulch Exploration - 2018
2018 Targets & Programs

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Dublin Gulch Block

1. Olive-Shamrock – Au 4

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1,921.31m in 10 holes
1,007m Trenches + Access

2. Bluto – Au
1,940.21m in 11 holes
2,004m Trenches/Access
1,730 Soils

3. Nugget – Au + Ag-Pb
1,524.16m DDH
1,363m Trenches
2,553 Soils
IP, VLF-EM and Downhole Geophysical Surveys
>3 km Access Construction
2 3
1
Regional Work

4. VBW-Falcon + Hawk- Au 5. Hawk – Au +Base Metals

2,150 Soil Samples 2,037 Soils
Mapping and Rock Sampling Recon and Assessment
Access Assessment Mapping and Chip Sampling
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2018 Work Areas – Dublin Gulch

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 Dublin Gulch Infrastructure Upgrades

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Bluto

Mag Low

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Olive-Shamrock

Nugget
Eagle

Lynx

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Olive-Shamrock-Spinach

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 Olive-Shamrock-Spinach 2018 Planned/Completed

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2018
Planned • 14.3m of 1.04 g/t Au from 85.3m DG17-866C
DDH • 9.1m of 1.19 g/t Au from 33.5m DG17-862C
• 6.1m of 2.38 g/t Au from 24.4m DG17-860C
• 5.0m of 4.26 g/t Au from 81.9m DG17-857C
• 32.0m of 0.78 g/t Au from 22.9m DG17-853C

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2016 F.S.

• 2018 DDH Defined Targets Through Updated Resource Review

– Focused on O-S NE - Expanded O-S Mineralized Zone from
2016 Study by ~600m on Strike and Defined Structural Controls

• Increased Confidence Within O-S Deposit

• Preliminary Internal Resource Estimation >25%

Increase to Tonnage
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 Bluto

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 Bluto 2018 Planned and Executed Program
Pervasive

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Sericitization
with Later
Silicification

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Folioform
Arsenopyrite
Within Clear
Structural
2018 Planned Associations
DDH

• Adjusted Program After First Hole (Epithermal

Signatures and Dominant Structural Controls)

• Targeted Gold+Base Metals Anomalous Zone Neglected

in 2017 After Initial 2018 Trenches

• Have Tested ~600m of New Strike Length

• Visible Gold and Extensive Associated Arsenopyrite

Mineralization

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Bluto 2018 – Drill and Trench Program

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14 m at 4.87 g/t Au from 86 to 100 metres

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2018 Dublin Gulch Soils Geochemical Programs

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2018 Dublin Gulch Soils Geochemical Results
As

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Au

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 Nugget

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Nugget

Eagle

VBW
2017 LiDAR and Structural Interpretation

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Outcropping
Silver-Galena
Veins

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Mag Anomalies

Nugget
Stock

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Nugget – 2018 Exploration – DDH + Trenches

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NG18-001C

NG18-002C
NG18-003C

NG18-004C VG
NG18-005C

NG18-007C
NG18-006C

NG18-008C
Nugget – 2018 Exploration – Updated Geology Map

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 Nugget – 2018 Exploration – DG18-006C

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A’

A Looking West A’
Hole ID From (m) To (m) Length (m) Gold (g/t) Silver (g/t) NOTES
NG18- Entire
006C 3.4 207.6 204.2 0.32 1.44 Hole
From
including 3.4 104.9 101.5 0.57 2.27
surface
and with 39.6 41.0 1.4 9.60 48
and
61.8 94.8 33.0 1.03 3.46
including
with 61.8 78.0 16.2 1.76 1.54
or 61.8 71.9 10.1 2.79 8.6
including 61.8 63.0 1.1 12.10 28.8
and 93.8 104.9 11.1 0.64 2.57
including 93.8 94.8 1.0 4.95 22.0
and
180.1 191.3 11.2 0.49 4.91
including
with 180.1 180.9 0.8 4.43 35.1
Nugget As-In-Soils Results

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Nugget As-In-Soils Results

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Nugget Au-In-Soils Results

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Nugget Au-In-Soils Results

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 Falcon

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Falcon Target

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SUMMARY

Hosted within Tombstone Suite granodiorite and

tourmaline-altered Hyland Group sediments.

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EPH

South-west extension of Potato Hills Trend

5km long gold-in-soil anomaly of 40-1017 ppb

2013 Drilling first results:

59.2m @ 0.58 g/t Au
Including 14m @ 0.98 g/t Au

Au Soil Anomaly

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VBW 2017 Soils Grids on 2017 Airborne Magnetics

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All Soils Grids Results: Gold-in-soils

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Hawk Recon Program

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~30km
Location Map
Hawk Target
• 900 claims covering 180km2 located

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approximately 30km north of the Dublin Gulch
claim block.
• Gossanous outcrops along a 12 km NW trend.

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• Identified from newly available satellite imagery
(2015).
• Geochemical data indicate anomalous gold and
base metal responses in the creeks that drain the
area.
• Potential for gold-bearing stratabound,
structurally-controlled Carbonate Replacement
(Tiger Deposit), Manto Style (Ocelot Showing), or
structurally hosted vein-fault (McKay Hill)
mineralization.
• 2018 YMEP funding for $40k

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Hawk Geology
Hawk 2018 Ridge and Spur Soils - As

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Hawk 2018 Ridge and Spur Soils - Au

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Structural Evolution

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Structural Evolution Summary

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1. Thrusting (NW directed)
Intrusive uplift and emplacement
(Wolf Tungsten,

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Bluto camp IRGS style of mineralization)
2. Normal Faulting NE directed)
Shamrock
3. Shallow Angle detachments (NW directed)
Wolf
Olive
4. Normal Faulting E directed)
5. Dilation Jog (WSW directed
extension), subvolcanic intrusions.
alkalic epithermal style of
Eagle
mineralization
6. Listric faults (SSE directed)
(reactivation of Thrust faults as normal faults)
Reactivated stacked thrust
faults as normal faults

Reactivated thrust fault as detachment fault

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Structural Movement

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Bluto
Potato Hills Wolf

Shamrock
Olive
Eagle Mine

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Structural Evolution

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Thrusting (NW directed)
Intrusive uplift and emplacement
(IRGS style of mineralization)

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Eagle Mine
Normal Faulting NE directed)
Shallow Angle detachments (NW directed) Wolf

Normal Faulting E directed)

Olive-Shamrock
Dilation Jog (WSW directed extension),
subvolcanic intrusions.
alkalic epithermal style of mineralization Bluto

Listric faults (SSE directed)

(reactivation of Thrust faults as normal faults)

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Structural Reconstruction

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Dublin Gulch Structural Analysis

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Reconstruction

Olive-Shamrock

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Eagle Mine
Wolf
Tungsten

Resistivity 200K

Olive-Shamrock Shamrock
Olive
Eagle Mine
Wolf
Wolf
Tungsten

Eagle

Resistivity 200K Resistivity 200K

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 Structural Reconstruction

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Reconstruction
AFTER RECONSTRUCTION…

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Olive-Shamrock are a continuous deposit

“Olive can extend to Eagle West (known

mineralization in between)
Eagle can be extended to the North East under
the down faulted eastern block as a blind “near
surface” target

Where is the top of the Eagle?

Eroded or transposed?
Resistivity 200K

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Detachment Evidence

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Upper block displaced northwesterly

Eagle Olive Shamrock

Wolf

Flattened surfaces (sliding planes) at mountain tops Bluto

exposing the basal detachment planes.

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New Eagle Target

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Resistivity 200K

Placer
X

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mine

Placer
mine

X
Slide block with 90 degree counter
clockwise rotation
Same resistivity signature as the other
block matching same position
Same basement folding axis closure and direction

Possible granodiorite-schist contact

Placer mine operations on all area drainages

No Modern Gold Exploration in this area

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