Victoria Gold Corp.

Receivership

Page last updated: December 5, 2024

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 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. 

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Tammy Muradova

Manager, PwC Canada

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