Victoria Gold Corp.

Receivership

^{Page last updated: April 29, 2026}

This page is for information purposes only and you should consult your professional adviser if you have any questions or are uncertain as to your rights or obligations.

Status of File as of April 23, 2026

The sale process for the Eagle Gold Mine began in June 2025. After completing the first phase in September 2025, the Receiver selected a shortlist of qualified buyers to move into a more intensive second phase, which included additional due diligence and a site visit to the mine in Yukon. Those qualified buyers were then asked to submit updated proposals in early December 2025.

After reviewing those proposals, the Receiver, on the advice of its financial advisor, invited certain qualified buyers to meet with the Government of Yukon (in its role as regulator) and non-technical representatives of the First Nation of Na-Cho Nyäk Dun. The purpose of these meetings, held in person in early February 2026, was for each buyer to present their preliminary plans for acquiring the mine and restarting operations.

Following those presentations and further discussions, on April 23, 2026, the Receiver, with input from its financial advisor and the consent of the Yukon Government, entered into an exclusivity agreement with Boroo Pte Ltd, a Singapore-based private mining company that operates, develops, and acquires mining assets around the world, and is recognized as a specialist in operational turnarounds and responsible mine development. Under this agreement, Boroo is now the sole party negotiating a potential purchase of the Eagle Gold Mine and related assets.

The exclusivity period runs for an initial 90 days. During this time, Boroo will:

• Complete further due diligence at the mine site;
• Negotiate the terms of a potential definitive purchase agreement with the Receiver; and
• Begin early discussions with the Yukon Government and the First Nation of Na-Cho Nyäk Dun about the key agreements that would need to be in place for the transaction to proceed and for mining operations to restart.

It is important to note that no agreements have yet been reached with the Yukon Government or the First Nation of Na-Cho Nyäk Dun. The exclusivity period is intended to be used to advance those conversations.

Boroo can request a single extension of up to an additional 90 days (for a maximum of 180 days total), provided it gives written notice at least 30 days before the initial period expires and meets the conditions set out in the agreement.

Next steps

The due diligence work during this period will be essential to shaping the key supporting agreements, including a comprehensive plan for restarting mine operations. If, before the exclusivity period ends, the parties reach agreement on the terms of a formal purchase agreement and the main elements of those supporting agreements, the Receiver will ask the Court to approve signing the purchase agreement. If the Court approves, there will then be a closing period during which the parties work to satisfy all remaining conditions, including finalizing the supporting agreements and obtaining a Court order formally transferring the assets.

The Receiver will continue to update the Court and stakeholders as the process moves forward.

Status of File as of November 20, 2025

On November 20, 2025, the Receiver filed its Seventh Report with the Court (the “Seventh Report”) to provide the Court with the information concerning:

1. The Receiver’s activities since the Fifth Report;
2. The Eagle Mine Sale Process;
3. The ongoing monetization of certain non-core assets of the Company;
4. A process initiated by the Receiver to facilitate the sale of certain royalty assets of the Company (the “Royalty Sale Process”);
5. An overview of the cumulative receipts and disbursements in the Receivership Proceedings from March 15, 2025 to October 31, 2025; and
6. Details regarding the extension of the Second A&R Receivership Credit Agreement and the Phase 3 Budget (as defined in the Seventh Report).

Status of File as of August 12, 2025

On August 12, 2025, the Receiver filed its Sixth Report with the Court (the “Sixth Report”) to provide the Court with the information concerning:

1. The Aurex Option Agreement, the McQuesten Option Agreement and the McQuesten Option Consideration Agreement (each defined in the Sixth Report);
2. The Arrangement and Separation Agreement between Banyan Gold Corp. (“Banyan”) and the Receiver, dated July 23, 2025, with respect to the acceleration of the Option Agreements; and
3. The Receiver’s motion for an Approval and Vesting Order with respect to the AurMac Properties (the “AurMac AVO”).

On the same day, the Receiver filed its motion for the AurMac AVO to, among other things:

1.  Approve the transactions contemplated by the Arrangement and Separation Agreement between the Receiver and Banyan (the “Banyan Agreement”); and

2. Vesting in Banyan all right, title and interest in and to the AurMac Properties.

Status of File as of April 4, 2025

On April 1, 2025, the Court issued the Second Amended and Restated Receivership Order which, among other things:

1. Approve the Second Amended and Restated Receivership Interim Financing Term Sheet;
2. Approved the increase the Receiver's borrowings from $105 million to $220 million; 
3. Extended certain protections under the Amended and Restated Receivership Order to Gavia Consulting Ltd.; and
4. Approved the Third Report and the activities of the Receiver, described therein.

Status of File as of March 25, 2025

On March 25, 2025, the Receiver filed its motion with the Court for an order (the "Second Amended and Restated Receivership Order") to among other things:

1. increase the Receiver's borrowings from $105 million to $220 million; 
2. extend certain protections under the Amended and Restated Receivership Order to certain of the Receiver's Representatives;
3. approve the Second Amended and Restated Receivership Interim Financing Term Sheet; and
4. approve the Third Report and the activities of the Receiver, described therein.

On the same date, March 25, 2025, the Receiver filed its Third Report with the Court (the "Third Report"), dated March 24, 2025, to provide the Court with information on the:

1. activities at the Eagle Gold Mine site, including a status update on the remediation steps;
2. activities of the Receiver since the Second Report;
3. receipts and disbursements in the Receivership Proceedings; 
4. phase 3 budget prepared in connection with the remediation activities; and
5. Receiver's overview of the Receiver's motion for the Second Amended and Restated Receivership Order.

The Receiver has prepared a Summary on the Third Report which is available on the Receiver's Reports subpage of this website. The motion will be heard on April 1, 2025. 

Status of File as of January 7, 2025

On January 7, 2025, the Receiver provided an update with respect of site, remediation and regulatory matters. A copy of the update can be found under the "Notices and Site Progress Update" header above.

Status of File as of December 11, 2024

On December 9, 2024, the Court issued the orders:

1. the Amended and Restated Receivership Order which, among other things:
   1. Approved the increase the Receiver’s borrowing to $105 million;
   2. Approved the increase the permitted sale limits currently in place to $1 million for a single transaction and to $5 million in aggregate;
   3. Authorized the appointment of NewFields Canada Mining and Environment ULC, Stantec Consulting Ltd. and WSP Global Inc. as Technical Advisors to serve alongside Parsons Inc., the Lead Environmental Consultant to the Receiver;
   4. Extended the stay of proceeding to the members of the IRB, or their respective legal counsel, members or advisors, except with the written consent of the Receiver or with leave of the Court;
   5. Approved the amendment of the form of order as per commentary received from the Ontario Securities Commission; and
   6. Approved the First Report and activities of the Receiver, described therein.
2. the Approval and Vesting Order which, among other things, approved a sale mechanism to allow the Receiver to sell the Specified Assets without further order of the Court.

Status of File as of November 29, 2024

On November 28, 2024, the Receiver filed its motion with the Court for

1. an order (the “Amended and Restated Receivership Order”) to among other things:
   1. increase the Receiver’s borrowing from $50 million to $105 million;
   2. increase the permitted sale limits currently in place from $500,000 to $1 million for a single transaction and from $2 million to $5 million in aggregate;
   3. appoint NewFields Canada Mining and Environment ULC, Stantec Consulting Ltd. and WSP Global Inc. (collectively, the “Technical Advisors”) to serve alongside Parsons Inc., the Lead Environmental Consultant (“LEC”) to the Receiver;
   4. extend the stay to the members of the Independent Review Board (the “IRB”) established to conduct an independent review of the major heap leach event that occurred on June 24, 2024 (the “Failure Event”);
   5. amend the form of order as per commentary received from the Ontario Securities Commission; and
   6. approve the First Report and activities of the Receiver, described therein.
2. an order (the “Approval and Vesting Order”) to among other things, to approve a sale mechanism to allow the Receiver to sell certain non-core assets of the Company, subject to obtaining the consent of YG and Bank of Montreal (“BMO” or the “Agent”) on behalf of the syndicate of secured lender of VGC.

On the same date, November 28, 2024, the Receiver filed its Second Report with the Court (the “Second Report”) to provide the Court with information on the:

1. Activities at the Eagle Gold Mine site, including status update on the immediate remediation steps;
2. Activities of the Receiver since the First Report;
3. Receipts and disbursements in the Receivership Proceeding;
4. Mid-term budget prepared in connection with the remediation activities;
5. Receiver’s overview of the Receiver’s motion for the Amended and Restated Receivership Order and the Approval and Vesting Order.

The Receiver prepared a Summary on the Second Report which is available on the Receiver’s Reports subpage of this website.

The motion will be heard on December 9, 2024.

Status of File as of October 1, 2024

On October 1, 2024, the Receiver filed its First Report to Court to provide an update on the Receivership Proceedings. A copy of the Report, and a summary of the same can be found under the "Receiver's Reports" header above.

Status of File as of August 14, 2024

On August 14, 2024, on application by the Government of Yukon (the “Applicant”), pursuant to an order (the “Receivership Order”) of the Ontario Superior Court of Justice (Commercial List) (the “Court”), and section 101 of the Courts of Justice Act, R.S.O. 1990, c. C.43, as amended and section 243 (2)(b)(ii) of the Bankruptcy and Insolvency Act, R.S.C. 1985, c.B-3, as amended (the “BIA”), PricewaterhouseCoopers Inc., LIT (“PwC”) was appointed as receiver and manager (the “Receiver”), without security, of all of the assets, undertakings and properties of Victoria Gold Corp. (the “Company”), including, without limitation, all property, assets and undertakings in which the Company has an interest, including the real property as more particularly described in Schedule “A” attached to the Receivership Order, which property includes but is not limited to the Eagle Gold Mine (“Eagle Mine”) located in Dublin Gulch, Yukon, Canada (collectively the “Property”). 

The Receivership Order, among other things, appointed Parsons Inc. as Lead Environmental Consultant in respect of the Property.

On August 26, 2024, in accordance with the provisions of the BIA, a Notice and Statement of the Receiver (the “Notice”) was sent to all known creditors of the Company. A copy of the Notice will be posted on the “Notices” page of this website.